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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Monday, September 26, 1994 


No. 34.”03 


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A U.S. Marine apprehending Haitians after tbe gunbattie outside the police station in Cap-Hsutien. 

Kohl’s Partners Keep Hold of Bavaria 


Compiled by Our Staff From Dupaidia 

BERLIN — The conservative Christian 
Social Union, the Bavarian branch of 
a Chancellor Helmut Kohl's Christian Deni' 
yocrats, fended off the Social Democrats on 
Sunday to keep its political hold on Ger- 
many's largest state, early voting results 
showed. 

The big losers three weeks before na- 
tional elections were the Free Democrats, 
coalition partners in the Bonn govern- 
ment. They did not achieve the 5 percent 
threshold needed io stay in Bavaria’s Par- 
liament. . . 

The party, led by Foreign Minister 
Klaus Kinkel, has failed in all five state 
elections this year to win seats' in the state 
Parliaments. 


The Social Democrats’ top candidate in 
Bavaria, Ren ate Schmidt, said Sunday's 
outcome indicated that every vote for the 
Free Democrats in Ocu 16 nationwide 
elections would be “a vote thrown away.” 

If the Free Democrats fail to return to 
the federal Parliament, Mr. Kohl could be 
hard pressed to continue his 12-year reign 
as chancellor unless his alliance with the 
Christian Social Union — the sole exclu- 
sively state party that plays a role in Bonn, 
as a member of the coalition — wins a clear 
majority. 

On the federal level, Mr. Kohl's Chris- 
tian Democratic Union and the Christian 
Social Union are backed by about 43 per- 
cent of the electorate, according to the 
latest polls. 


Swiss Approve Anti-Discrimiiration Law 


Complied by Our Staff Fran Dispatches 

ZURICH — Swiss voters on Sunday 
approved a government proposal making 
racial discrimination, racist propaganda 
and denial of the Nazi Holocaust illegal, 
the government's information office said. 

Final results showed 1,132^26 voters* or 
54.6 percent of the total, said, “Yes,” to the 
law, while 939,738, or 45.4 percent said, 
“No”. . 

Slightly more than 45 percent of those 
entitled to vote took part. 

The law is based on a 1965 United 

t 'Nations convention on racial discrimina- 
ion and was passed by Parliament in June 
1993, infuriating rightists. They quickly 


Kiosk 

Giscard Censures 
Mitterrand Acts 

PARIS (Reuters) — Valfery Giscard 
d’Estaing accused his successor as 
president of France, Frawpis Mitter- 
rand, on Sunday of meddling with 
justice by slowing legal proceedings 
a gains t former Nazi collaborators. 

“What 1 don’t accept is intervention 
in judicial procedures,” Mr. Giscard 
d'Estaing, of the center-right Union 
for French Democracy, told RTL ra- 
dio. 

Swedes Upset U.S. 

In Davis Cup Tennis 

Magnus Larsson defeated Todd 
Martin on Sunday, 5-7, 6-2, 6-2, 64, 
in the last match of a Davis Cup tennis 
semifinal that started with American 
confidence and ended in Swedish cele- 
bration. But' the Swedes’ improbable 
3-2 victory had more io do with an 
American ‘breakdown than a Swedish 

breakthrough. Page 21. 


collected the 50,000 signatures needed to 
force a referendum on the issue. 

The result came as a big relief for the 
government, which bad seen its advice ig- 
nored in four other recent major referen- 
dums and feared another defeat 
Supporters of the ban said tbe high 
number of “no" votes dampened their 
pleasure over the results. 

*Tm satisfied, but not happy," said Ros- 
marie Dormann, a member of Parliament 
and president of the Yes to the Anti- 
Radsm Law Committee. She said oppo- 
nents held a range of views, with xenopho- 
bia makin g up only a smal l part. 
Supporters bad feared a rgection that 


would embarrass Switzerland, reinforcing 
a series of isolationist votes in recent years 
that have impeded closer links with the 
European Union and the United Nations. 

The government said the changes in 
Swiss law were needed to dose a loophole 
to ban discrimination against any individ- 
ual on the basis of race, national origin or 
religion. 

It also would forbid public attempts to 
indte or spread hatred or discrimination, 
ban public expressions that injure hu m a n 
dignity and make it a crime tojustify, deny 
or TTYimTnv7g acts of genocide, such as play- 
ing down Nazi attempts to exterminate the 
Jews. 


Chic Conspiracy in Italy? 

Hig h Fashion Spies Plot in New Inquiry 


By Alan Cowell 

,Vw York Times Senior 

ROME — First came the clothes and the 
label that made Giorgio Armani a byword 
for “‘bella figure, ” the defining master of 
chic. 

Then came the fall. Mr. Armani became 
the latest of Italy’s high-ticket, high-profile 
fashion designers to go before Milan's 
graft-busting magistrates and, according 
to his lawyer, admitted Saturday to paying 
a kickback to tax inspectors in 1990. 

Now it is time for the conspiracy, or at 
least the conspiracy theories that are as 
much a part of Italy < as pasta, or corruption 
inquiries, or Mr. Armani’s suits. 

“The timing was just too perfect,” said 


but I do believe the fact that the news 
broke right now is part of a propaganda 
campaign against Italian fashion.” 

He is not the only one to ponder a link 
between the flurry of inquiries into the 
finances of Italy’s high fashion and tbe fact 
that Italy’s annual ready-to-wear shows 
are about to spring onto the runways of 
Milan. 

“Why the designers and not the pastry 
makers?" said Phillipe Daverio, a senior 
offidal of Milan’s city council. “Why did 
they start the investigations now. just a few 
days before the international shop- window 
opens in Milan?” 

On Saturday, Gianfranco Ferre, another 


w top-level designer, was interrogated bvMi- 
“Tbe tiirnog was just too perfect, said (an’s best-known anti-corruption investi- 
Giuseppe Della Schiava, head of Italy s gator, Amonio Di Pietro. -And, over the 
National Chamber of Fashion. I cant ^ D . 

point my Finger at anyone in particular. aee 1 1 , rage 3 


Chaos in Haitian City 
After Marines Kill 10 


That compares with 38 percent for the 
Social Democrats. 

The Free Democrats won just 3.9 per- 
cent of the vote in Bavaria on Sunday, 
down from 5.2 percent in the last state 
balloting, in 1990, according to unofficial 
early results. 

The far-right Republican Party failed 
once again to get into the Parliament that 
sits in Munich, dropping to 3.9 percent 
from 4.9 percent four years ago. according 
to projections. 

Bavaria’s premier. Edmund Stoibcr. saw 
his Christian Socialists win 52.8 percent oi 
the vote, down from 54.9 percent, while the 
Social Democrats improved to 30 percent 

See BAVARIA, Page 5 


Compiled fy Our Steff From Dispatches 

CAP-HATTIEN, Haiti — Policemen 
and soldiers abandoned their posts on 
Sunday as the junta’s authority collapsed 
in Haiti’s second-largest city only hours 
after 10 Haitians identified as military po- 
licemen were killed in a confrontation with 
U.S. Marines. 

The Haitian military leader. Lieutenant 
General Raoul C&dras, accused U.S. 
troops in Haiti of atrocities Sunday. 

“Cedras accused us of atrocities and 
demanded my transfer and court-martial.” 
Colonel Tom Jones of the U.S. Marines 
told reporters in this northern coastal city 
after a visit by General C6dras and Lieu- 
tenant General Hugh Shelton, commander 
of the U.S. forces in Haiti. 

Colonel Jones said Sunday that U.S. 
troops had fired first in the shootout at the 
police headquarters in Cap-Haitien. 

Word of the Haitian police and soldiers’ 
departure spread quickly to tbe streets, 
bringing hundreds of Haitians out to trash 
the property of those who had ruled over 
them. The crowd carried off beds, mat- 
tresses, tables, desks, electric fans and 
stacks of papers. People also showed off 
identification cards left behind by the po- 
lice and their dreaded civilian auxiliaries 
known as “attaches." 

In Washington, the exiled Haitian presi- 
dent, the Reverend Jean-Bertrand Aris- 
tide, announced Sunday that the Haitian 
Parliament would convene Wednesday to 
consider granting an amnesty to the mili- 
tary junta that deposed him three years 
ago. 

To accelerate the “process of full resto- 
ration of constitutional order,” a parlia- 
mentary session has been scheduled to 
study a draft of the amnesty law. Father 
Aristide said in a statement sent to news 
organizations. 

The firefight outside a Cap-Haitien po- 
lice station on Saturday night was the first 
deadly clash between Haitians and Ameri- 
can troops sent to restore the elected gov- 
ernment of Father Aristide. 

Afterward, policemen and soldiers 
abandoned the city’s main military bar- 
racks, police station and about a dozen 
smaller posts. 

At the main military barracks. Haitians 




took everything they could get their hands 
on. Some people fired guns into the air, but 
many appeared to be handing the weapons 
over to some of the 1 .900 U.S. Marines in 
Cap-Haitien. 

A U.S. military spokesman identified 
the 10 Haitians killed in the firefight Satur- 

Haiti is likely to receive op to $550 million in 
aid from international donors. Page 5. 

day as “Haitian military police" but gave 
no other details. 

In New York, President Bill Clinton 
said in a statement Sunday that U.S. 
troops were authorized to use force to 
defend themselves. 

“We regret any loss of life in connection 
with our mission in Haiti, but it must be 
clear that U.S. forces are prepared to re- 
spond to hostile action against them and 
will do so," Mr. Clinton said. 


Given the misfortune U.S. troops had in 
Somalia last year and evidence that tile 
American public is not entirely convinced 
of the necessity of intervention here, the 
firefight raised ’worries of another unpopu- 
lar U.S. entanglement in the domestic af- 
fairs of a developing country. Congressio- 
nal critics were gearing up Sunday for an 
attempt to legislate an early withdrawal 
from Haiti. 

The ransackings in Cap-Haitien. about 
260 kilometers (160 miles) north of the 
capital, Port-au-Prince, took place in the 
friendly atmosphere of a street fair with 
many in the crowd pausing to thank the 
Americans for coming. 

But near police headquarters, a group of 
Haitians grabbed a man and dragged him 
into a house, apparently believing he was 
an “attache." 

After the buildings were ransacked, U.S. 
Marines occupied them without incident. 

See HAITI, Page S 


Firefight Opens a New Debate 
Over Risk and Role for Forces 


Compiled by Our Staff From Dispatches 

WASHINGTON — With the flash of 
gunfire ending a week of relative calm, 
senior American officials warned Sun- 
day that the firefight that took 10 Hai- 
tian lives may be a forerunner of more 
violence. 

“This is the first bad incident we've 
had involving, directly, American troops, 
but it won’t be the last," said the chair- 
man of the Senate Armed Services Com- 
mittee. Sam Nunn, the Georgia Demo- 
crat who was a member of the delegation 
that brokered the deal with the Haitian 
military on the entry of U.S. forces. 

U.S. Marines killed 10 armed men 
Saturday evening outside a police station 
in the northern coastal city of Cap-HaJ- 
tien. 

It was the first violent incident involv- 


ing Americans after a surprisingly peace- 
ful first week of U.S. occupation, and it 
drew quick comparisons to hostile at- 
tacks against U.S. troops in Somalia. 

While administration officials re- 
sponded by reassuring the American 
public, congressional critics geared up 
for an attempt to legislate an early with- 
drawal from Haiti. 

President Bill Clinton, in New York 
for a meeting with United Nations Secre- 
tary-General Bulros Butros Ghali, issued 
a statement expressing regret for the loss 
of life and saying: “Jt must be clear that 
U.S, forces are prepared to respond to 
hostile action against them and will do 
so." 

Speaking later in a Harlem cnurch, 
Mr. Clinton lamented the difficulty of 
See FIGHT, Page 5 



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GIFT TIME — Yasser Arafat the Palestinian leader, presenting a Torah scroll to Prime Minister Yitzhak Rabin of 
Israel Sunday as they met in Ezer, in the Gaza Strip. They agreed to start negotiations next week on elections. 

Asia Talks Founder in a Stormy Sea 


By T. R. Reid 

Washington Past Semen 

SEOUL — Although the negotiating na- 
tions have not been fast friends in the past, 
things seemed to be going well this month 
when delegates from China, Russia. Japan 
and South Korea met here to discuss a plan 
for pollution control in the Sea of Japan. 

Then the South Korean press got wind 
of the meeting, and the negotiators were 
suddenly engulfed in a tsunami of public 
protest that threatened to sink the project 

It wasn't that people here were upset 
about the environmental plan’s technical 


details. Rather, the outrage was directed at 
three words at the top of the document: 
"Sea of Japan." 

Around the world, virtually all maps 
and all international geographic organiza- 
tions agree that the body of water between 
Japan and the Asian mainland is the Sea of 
Japan. But in Korea, those words evoke 
angry memories of Japan’s 40-year occu- 
pation of Korea in the first half of this 
century. 

Since ancient times, the Koreans have 
referred to tbe sea off their east coast as tbe 
Tonghae, or the East Sea. 


Across the sea, in Japan, the same body 
of water is known as Nihon Kai, or the Sea 
of Japan. 

This name was apparently picked by 
European navigators during the age of 
exploration, according to Takehide Hi- 
shiyama of Japan’s Geographic Survey In- 
stitute. The oldest known map of East 
Asia, drawn by the Jesuit missionary Mat- 
teo Ricci in 1602, uses Sea of Japan. 

When the Japanese colonized Korea in 
this century, they outlawed the Korean 

See SEA, Page 5 


Cru des Ptolemees Has an Image Problem: All Its Years Are Lousy 


Books 

Bridge 

? Crossword 


Paged. 
Page A 
Page 21. 


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Newsstand Prices 

Andorra 9.00 FF Luxembourg 60 L. Fr 

Antilles..... 11. 20 FF Morocco..,. .™12 Ob 
Comemon..l^»CFA Qatar S.OORiate 

Egypt E.P. 5000 R*iMn«..11 .KM F F 

Prance 9.00 F F Soudi Arabia ..9.Q0R. 

Gabon WO CFA Senegal ....MM CFA 

Greece ....300 Or. Spam 2QQPTAS 

2^00 Lire Tunisia ....1.000 Din 
ivory Coast .1.120 CFA Turicev ..T .L. 35,000 

jSBoSS IJD U.A.E. ... JS.5Q Dirb 

Lebanon ...ussi Jo U.S. mu. (gur.) si.it) 


By Chris Hedges 

.Yew York Tima Semce 

TAFTISH AL-BAHARY. Egypt — 
Said Ibrahim never met a bottle of wine 
he didn’t tike. 

“No matter what happens, we can al- 
ways Fix it,” said Mr. Ibrahim, an official 
at Egypt’s only winery. "We don't throw 
anything away.” 

Bui despite 23 years of making and 
doctoring Egyptian wines like Cru des 
Ptotemtes. Ntfertiti, Omar Khayyam 
and Reine Cltopdtre, Mr. Ibrahim has 
no stomach for his own product. 

“I don’t let it in my house.” he said, 
seated in his office at the Gianaclis win- 
ery in this village northwest of Cairo. “I 


have to taste it here. That's enough." 

Some of the first wines in the world 
came from ancient Egypt. Today, the 
country offers some of the worst. 

The U.S. Embassy has warned tourists 
and foreign residents to avoid local alco- 
hol, which it says can cause blindness 
and even death. Those who do drink it 
complain of gargantuan hangovers. 

“I mix the rose with Seven-Up to give 
it some taste," said John Rees. 2S, a 
teacher of English, a$ he sat in a bar in 
Cairo, “but even then I get terrible head- 
aches and diarrhea. The wine tastes and 
smells like vinegar. It is often a musty, 
brown color and the corks are dirty. We 
throw a lot away." 


But in a country that severely limits 
imports of foreign alcohol and taxes it so 
heavily that a bottle of French table wine 
costs S40, many have no choice if they 
want to drink wine. Egyptian wine costs 
$4.50 and tourists often order it — once. 

Egyptian Vineyards Co., which says it 
sells 240,000 bottles a month, has a mo- 
nopoly on wane production in EgypL It is 
one of 10 state companies that the gov- 
ernment has agreed to privatize as pan 
of a long-delayed economic program 
backed by the World Bank. 

But after four months, the company, 
which the government hopes to sell for 
S67 million, has yet to receive a bid. 

The Gianaclis winery, founded by 


Nestor Gianaclis in 1903 and national- 
ized in 1969, is situated along a canal in a 
remote areajust east of the desert road to 
Alexandria. 

Its 10.000 acres of vineyards are un- 
kempL Peeling yellow stucco buildings 
surround mounds of discarded green 
bottles, rotten grapes, old wooden bar- 
rels and a dirty bottling plant. 

“We lay out bottles and see dirt float- 
ing around in them,” said Heba al-Sayid, 
a Cairo restaurant owner. But m the 
winery they said they had given up long 
ago tin die local market. 

“Egyptians won't drink our wine," ac- 
knowledged Abdel Moti Abdel Salaam, 
who. like most workers at the winery 


does not drink wbat he makes, “and 
there seems no way we can get them to 
Stan. We target the tourists." 

The managers of the company say 
their image problem is unfair. ’They 
blame bootleggers, saying they pour 
their own concoctions into old bottles 
and sell them under the brand names. 

“People drink this stuff that has our 
label on it and get poisoned." said Raoul 
Abu Kila, a manager at the winery. 

“Things were especially bad after 
President Mubarak’s pilot drank our 
whiskey and went blind. But the truth is. 
Egyptian wine is better than French 
wine. After all, the French don’t have the 
Nile.” 


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Mass Producer of Ad Music Subsidizes His Serious Side 


By Steven Brull 

International Herald Tribune 

TOKYO — There probably 
is no one in Japan who has not 
heard one of his tunes like an 
endless tape-loop made the 
brain, but few can recognize 
his name or face. 

At 36, Jim Miyake has al- 
ready written music for more 
than 1,500 television commer- 
cials, including ones for Sony, 
Toyota, Kirin beer and Coca- 
Cola. At the peak of Japan’s 
bubble economy a few years 
ago, he was writing the music 
for more than 200 commer- 
cials a year. He was in such 
demand that at one point, Ja- 
pan’s five major department 
stores were simultaneously air- 
ing commercials using his mu- 
sic. 

Today, although he contin- 
ues to write jingles, albeit at a 
slower pace, his heart lies in 
music that is decidedly uncom- 
mercial. Last year, he put up 
$250,000 of his own money to 
produce an album that was not 
constrained by practical aims. 

Released by Sony Records 
in Japan, “Eauopathy” is an 
elaborate yet immaculately re- 
corded production that 
achieves a surreal sensibility 
by linking a series of musical 
vignettes ranging in style from 
traditional Japanese to Carib- 
bean island to Rudy Vallee. It 
was co-produced by Hal 
Wiliner, who is known for hir- 
ing arris is as disparate as Tom 
Waits, Sun Ra and Keith 
Richards to record tributes to 


Thelonkms Monk, Kurt Weill, 
Walt Disney and others. 

"Everything in art is satu- 
rated," Mr. Miyake says. “The 
quick way to get out of the 
struggle is to keep mixing until 
you find something totally 
new. 

The record has sold reason- 
ably well for alternative music, 
but so far his subsidy is still 
much higher per disk than the 
list price. He doesn’t seem to 
mind. He still hopes to sell the 
rights overseas. 

Besides, “Entropathy” rep- 
resents a hill circle for a trum- 
peter who became disillu- 
sioned with Tokyo's 
corporatist jazz scene and 
whose creative drives are in- 
creasingly frustrated by execu- 
tives. 

"I was afraid of being con- 
trolled by the record compa- 
nies, so 1 went alone,” he says, 
explaining why he put up the 
money before he landed a con- 
tract and why he haggled with 
Sony for more than a year to 
secure overseas rights to the 
recording. 

In Japan, composers for 
television commercials are 
paid one-time fees, unlike the 
United States and other coun- 
tries where writers receive re- 
siduals. As a result, Mr. 
Miyake has earned just a frac- 
tion of what he would have for 
similar work elsewhoe. Still, 
he has done well enough to 
rent a sprawling apartment in 
the fashionable Daikanyama 
district of Tokyo for his wife 


and 7-year-old daughter, and 
to be chauffeured about town 
in a Saab. 

Far from ostentatious, 
though, be has the deep-seated 
calm of someone who swims 
and practices trumpet daily 
and likes to take long midnight 
strolls, notebook in hand. 
“Doing the same thing every 
day is my method,” he ex- 

S M Tnai way I find a de- 
part of myself every 

day.” 

Mr. Miyake’s self-discovery 
got into gear when he defied 
the wishes of his parents and 
enrolled as a performance ma- 
jor at the Berklee College of 
Music in Boston in 1976. Like 
many students there, he 
learned more outside the class- 
room than in. He spent more 
time in New York than in Bos- 
ton, much of it playing trum- 
pet and hanging out with Ter- 
umasa Hino, the dean of 
Japanese jazz trumpeters, who 
had taken Mr. Miyake under 
his wing several years earlier. 

After graduating in 1980, he 
moved to New York, support- 
ing himself by working at a 
Japanese restaurant and stay- 



■Tun Miyake: “Everything in art is saturated." 


school But with gigs scarce, he 
returned to Japan. 

"After returning I felt hope- 
less,” he recalls. "The feeling 
was missing, and the music 
wasn’t natural to the city or 
the people. It sounded artifi- 
cial. Jazz society here is in be- 
, tween the apprentice system 


and the hierarchical system. 
It’s almost like a Japanese 
company.” The small things 
bothered him, he said, such as 
the time he saw an older bass 
player poke his bow into a 
younger player. 

Mr. Miyake had a stroke of 
luck in 1983, when TDK, the 
tape manufacturer, offered 
him a generous budget to pro- 
duce a record that also would 
be used for the company's tele- 
vision commercials. That re- 
cording, along With a similar 
one the next year, enabled him 
to record with Ron Carter, Mi- 
chad Breaker, David Sanborn 
and other prominent jazz per- 
formers. 

From then on, he slowly 
built up his name as a writer. 


The offers became a flood af- 
ter his third album, which be- 
came a bible of music for TV 
commercials in Japan. 

"People started asking me to 
imitate myself, but after a 
while I refused,” he says. 
“Most composers are yes-men 
to the concept, but I have a 
hard attitude. In commercials, 
the film always comes first. 
But sometimes I tell them to 
change the edits. Sometimes 
they do; sometimes 1 lose the 
job. It’s always on the edge. 
But this is what you have to do 
to keep youi creativity in Ja- 
pan.” 

Fortunately for him. as Ja- 
pan’s economy inflated in the 
late 1980$ the tolerance for 
fresh ideas was at its zenith. 


"Most products were sell- 
ing,” he said, "so the commer- 
cials were all about image, 
which is about imagination.” 

Mr. Miyake was allowed to 
indulge his fascination for mu- 
sical juxtaposition in spots 
that combined spaghetti West- 
ern melodies with reggae back 
beats and Debussian harmoni- 
zation, or Japanese popular 
melodies sung by Africans 
with Indian percussion. His 
work won Clio, Dentsu Adver- 
tising and Cannes Internation- 
al Advertising and Film Festi- 
val awards, among others. 

"I was getting really high by 
writing all the time,” he said. 
"To make people feel an im- 
pact in 15 or 30 seconds, you 
have to be really intense.” 

He also managed to find 
time to be music director at 
Boh emia, a now-defunct jazz 
bar that was an oasis for un- 
derground artists in Tokyo. He 
stretched local imaginations 
by booking acts such as a solo 
accordion player and by strip- 
ping singers of their usual 
back-up bonds, creating un- 
cluttered performance con- 
texts. He also led his own 
band, which was on a crusade 
against fusion. 

Although he is quite com- 
fortable at a pace of fewer than 
100 commercials a year — he 
can put together a demo in just 
a few hours — he says he feels 
a nagging discomfort here. His 
goal is to write music for films 
and to live and perform half 
the year overseas. 



Q & A: Belt-Tightening Inside the World Bank 




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The annual meeting of the 
World Bank and the Internation- 
al Monetary Fund gets under 
m vxy later this week in Madrid. 
Lewis Prestem, who became the 
World Bank president m 1991 
after a 40-year career at J. P. 
Morgan, discussed budget cuts 
and other issues with Alan Fried- 
man of the International Herald 
Tribune. 

Q. President Bill Clinton and 
other leaders at the recent 
Group of Seven summit meet- 
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to study what reforms were 
needed at the World Bank and 



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other Bretton Woods institu- 
tions as we approach the 21st 
century. What do you think 
needs to be done? 

A. The most important issues 
for the bank are selectivity and 
cost effectiveness. Until a year 
ago the bank did not even have 
a cost accounting system. We 
should not be in every case the 
instrument chosen by the G-7. 
And we should not try to be all 
things to all people. At the Ma- 
drid meeting, Kuwait’s Abdul 
Latif Mohammed will chair a 
new committee that looks at 
cost effectiveness. 

Q. Since you took ova as 
president in 1991 the World 
Bank’s administrative budget 
has risen by 44 parent, to $1.4 
billion, and there is now a staff 
of 8,338, including 2,000 out- 
side consultants. You recently 
directed World Bank vice presi- 
dents to seek real budget cuts of 
between 4 and 6 percent over 
the next two years. Tell me 
about your plans to cut costs. 

A The budget has been rising 
since the days when Robert Mc- 
Namara ran the bank. I think 
Bob was quite rightly trying to 
stimulate lending activity in the 
1970s, and he built an incentive 


system into the budget. The 
challenge was to initiate loans 
and nobody worried much 
about implementation. So the 
bank got stuck with a budget 
system that kind of distorted 


Now, we have the obligation 
to be cost effective, especially 
since our donor countries are 
going through serious fiscal 
constraints. To give the operat- 
ing people a sense of the plain 
and simple wish to raise cost 
consciousness we have set down 
these new parameters for the 
next couple of years. But this 
should not affect our service to 
our clients. 

• 

Q. Will that mean also cut- 
ting the staff numbers? 

A. Clearly, if we are going to 
be cost effective we should took 
at how we do things, and if 
there are too many people we 
wall have to exercise some judg- 
ment There is a significant 
number of consultants. 

Q. Critics of the bank and the 
IMF say there are too many 
boondoggle projects, and that 
structural adjustment programs 
are hurting the poorest people 
in developing countries, and 


thus f ailing precisely the people 
they are supposed to help. What 
is your response to this criti- 
cism? 

A The bank is trying to be 
more transparent I think the 
critics don’t realize that when 
the fund and the bank are called 
in, the situation in these coun- 
tries is in extremis, with infla- 
tion out of controL The people 
hurt by that are the poor. Tnis 
institution should be •very sensi- 
tive to the impact on disadvan- 
taged people. But until you get 
economic growth you are cot 
going to alleviate poverty. 
When you are sick with cancer 
you need chemotherapy — and 
it is no fun, but you need iL 

Q. In your last fiscal year the 
bank reduced total new com- 
mitments to S20.S billion from 
$23.7 billion. Was that a delib- 
erate move? 

A Yes, and it was a conse- 
quence of the enormous private 
sector flows which are going to 
these countries. It is important 
that the bank gets out of the 
way of the private flows. 

• 

Q. The World Bank and IMF 
have been criticized for being 


Turbulence Tied to U.S . Crash , 

Limnnel lunnel 

By Don Phillips looking into the possibility that A board member, Carl W. to T 

Washington Post Serna the turbulence, which burbled Vogt, confirmed that wake tur- "Coigueu. UJ 


By Don Phillips 

Washington Foot Serna 

WASHINGTON — Federal 
investigators have determined 
that the USAir Boeing 737 that 
crashed near Pittsburgh two 
weeks ago, killing 132 people, 
probably entered turbulent air 




looking into the possibility that 
the turbulence, which burbled 
into the 737 six to eight seconds 
before it began its dive, might 
be one link in a chain of events 
leading to disaster. 

Sources dose to the investi- 
tton said one theory was that 


about four miles ahead, accord- 
ing to officials. 

"Wake turbulence” from the 
Boeing 727 flying ahead would 
not have beat enough by itself 
to have caused Flight 427 to 
spiral from a dear sky almost 
5,000 feet (1,500 meters) into 
the ground. The two airplanes 
were within required separation 
limits, and experienced 737 pi- 
lots generally fly through such 
turbulence hundreds of times. 

But National Transportation 
Safety Board investigators were 


pensated in taking control of 
the plane from the autopilot af- 
ter the turbulence hit But they 
emphasized that it was only one 
of many theories about a crash 
that has defied explanation. 

Sources also said tests on the 
plane's rudder system bad 
turned up no problems so far. 
In the past, 737 pilots have re- 
ported sudden uncommanded 
rudder movements, which had 
to be controlled with their rud- 
der pedals. The Federal Avia- 
tion Administration ordered in- 
spections of the rudder 

1- j A' i-r*_ 




A board member, Carl W. 
Vogt, confirmed that wake tur- 
bulence was an issue in the in- 
quiry but said numerous other 
issues were on the table and still 
others might emerge. 

Mr. Vogt said the board 
knew early that the other airlin- 


— about 70 seconds — ahead of 
the 737, but now has learned 
that the altitude difference be- 
tween the two was such that the 
wake would have hit Flight 427. 

AD aircraft create wakes, spi- 
rals of air that churn off wings 
in flight, moving back and 
somewhat downward from the 
plane. Such wakes can be dan- 
gerous for small planes and oc- 
casionally cause problems for 
jetliners that venture too close. 
For that reason, U.S. regula- 
tions set minimum distances for 
following planes. Flight 427 




UNIVERSITY DFfiBFjF I a * rcra ^ t been inspected. mile separation. 


BACHROfl’S ■ MASTER'S* DOCTORATE 
FcrWorK UfosnJAcadsnfcBtperierxB 
TUwsfi ConvBnbnfHome Study 
C31 0)471-0306 ext 23 

® Fac <310)471-6456 
Fax iy3aTd^^diK^reata Tiefor 

Pacific Western Un i vers i ty 

2875 S. King Street, Dept 23 
HonoluL.HI 35820 


ask the buder.. 




Vrbnt imm , 


S-l-N- G ■ A • P • O • B ■ E 


Reuters 

LONDON — The Channel 
Tunnel between Britain and 
France is leaking, but the own- 
ers are not worried. 

Eurotunnel, which is sched- 
uled to open the railway tunnel 
to passengers from mid-No- 
vember, confirmed press re- 
ports of salt water accumulat- 
ing in some parts of the tunnel 
but said this was not serious. 

“The tunnel is designed to 
leak and will continue to leak 
for the next 50 years,” a spokes- 
man said. He said that for every 
kilometer of tunnel, there are 
600 joins in the lining of the 
wall and in four places the tube 
designed to take water to the 
drains had become clogged with 

“We didn’t expect the clog 




sue, the spokesman added. 
"We are talking about a bucket 
or two of water over a matter of 
weeks.” 

The tunnel was officially 
opened in May by Queen Eliza- 
beth II and President Francois 
Mitterrand. The twin tunnels 
are to cany trucks and cars on a 
train under the channel in just 
35 minutes between Folke- 
stone, England, and Calais, 
France. 


too slow with aid that was 
promised to Russia. What is 
your comment on Russia and 
on prospects for the transition 
to market economies elsewhere 
in Eastern Europe? 

A I don’t agree with the criti- 
cism. In Russia we have $3 bil- 
lion committed, and a third has 
been disbursed, largely because 
they have not met the require- 
ments on conditionality. Else- 
where the situation is uneven. 
There has been terrific progress 
in places like the Czech Repub- 
lic and Poland, a little slipping 
in Hungary but it’s O.K. there. 
The Baltics are doing well, and 
particularly Estonia. 

Q. The recent population 
conference in Cairo got bogged 
down because of the Vatican's 
violent opposition to abortion. 
What is your view? 

A I think the Vatican’s early 
intention on abortion was re- 
grettable. but I think the con- 
sensus that emerged on wom- 
en’s education and gender 
issues and the rights of women ~ 
in economic life is really terrif- 
ic. It mil give those politicians 
who are reluctant to do some- 
thing an impetus. 


WORLD BRIEFS 


Swedish Support for EU Entry Grows 

STOCKHOLM (Reuters) — Swedish supporters of European 
Union membership outnumber opponents for the first time since 
early 1992, a poll published Sunday showed. 

The Sifo poll in the daily Goieborgs-Postra showed that 40 
percent would vote to join the EU in a referendum on Nov. 13 
while 38 percent would say "no” and 22 percent were undecided. 

Sweden’s government hopes to gain the country's entry into the 
European Union along with Norway. Finland and Austria on Jan. 

1. 1995. 

Pope Is Subdued at Sunday Prayers 

ROME (Reuters) — A subdued-looking Pope John Paul II held 
his regular prayers on Sunday, ending a week marked by rising 
worries about his health. 

The Pope was helped as he took his place at the lectern at a 
window of his residence of Castelgandolfo from where prayers 
were led. The Pope, who called off ms trip to the United States to 
speed his recovery from a broken leg, spoke for about 20 minutes 
in a monotone to several hundred faithful at Castelgandolfo. He 
made none of the spontaneous comments and jokes that are the 
frequent hallmarks of his Sunday ceremonies. 

Toll Mounts in Philippine Mudflows 

FORAC, Philippines (Reuters) — Philippine Army helicopters 
on Sunday plucked scores of people from tree tops and rooftops as 
mudflows from Mount Pin a tu bo buried more than 1.000 houses 
and tolled at least 23 people. 

President Fidel V. Ramos flew ova devastated areas in Pam- 
panga Province and ordered relief operations stepped up after 
seeing rivers of steaming mud flowing down the volcano lOC^f 
kilometers (60 miles) north of Manila. 

Officials threatened to forcibly evacuate thousands of residents 
who refused to abandon their homes in areas lying in the path of 
the avalanche of mud that has submerged almost 1 ,400 houses and 
ravaged 15 villages in Porac and Bacolor districts in three days. 
Flows of up to four meters (13 feeQ in some places, have burst 
dikes set up by villagers around their communities. 

China Shoots 64 in Mass Executions 

HONG KONG (AP) — Authorities in two Chinese cities have 
executed 64 people in two days on charges of murder, rape and 
robbery, a pro-Beijing newspaper here reported Sunday. 

A total of 45 people were executed after mass sentencings on 
Friday in Wuhan, capital of Hubei province, in the biggest 
executions in that city since 1983, the newspaper, Ta Kung Pao. 
said. 

Those executed included Xu Wurong. who strangled her hus- 
band because she was having an affair with another man, the 
papa said. The newspaper also reported that 19 people were 
executed Saturday in Guangzhou. Executions are carried out in 
China by a bullet through the back of the head. 

Russia to Discuss Rehabilitating Czar 

MOSCOW (Reuters) — Russia's Parliament is to take a new 
look at bow to rehabilitate Czar Nicholas II, tolled in 1 918 on the 
orders of Lenin, a top parliamentary official said Sunday. 

A news statement from the State Duma, the lower house, said 
the parliamentary chairman, Ivan Rybkin. promised to do so to 
Grand Duchess Leooida Georgievna, a relative of the last czar's 
by marriage. She was in Russia for a reburial ceremony for Grand 
Duke Georgi, Czar Nicholas's younger brother, who died of 
tuberculosis in 1898. 

"During the meeting she requested that the remains of former 
Emperor Nicholas EL his wife and children and those who died# 
with hhn be reburied according to Orthodox Church traditions.” 
the statement said. "Rybkin listened to the request with under- 
standing and told ha that Duma deputies intended to consider 
the question.” 

For the Record 

A flash flood roared down a mountainside into a stream in 
Thailand on Sunday, killing at least 17 vacationers and leaving 1 1 
missing at Wang Takrai park, 90 kilometers (55 miles) northeast 
of Bangkok. (AP) 

At least 18 people died on Saturday in clashes between Muslim 
militants ana Indian security forces in the Kashmir Valley of 
India, the police and hospital sources said in Srinagar. (Reuters) 


TRAVEL UPDATE 

A Timely New Rule for U.S. Airlines 

WASHINGTON (AP) — Travelers will be able to get more 
accurate reports of airlines' on-time performance and may be 
eligible for more money when their baggage is lost under new US. 
Transportation Department rules. 

The new rule for on-time performance takes effect Jan. 1, 
requiring that airlines include delays caused by mechanical prob- 
lems in their monthly reports. Currently the largest carriers are 
required to report the share of departures and arrivals that take 
place within 15 minutes of schedule. That is considered to be on 
time. But the rules exempt flights delayed by me chanical prob- 
lems. That exemption will be eliminated. 

The department also proposed to increase the limi t on coxnpen 
satton to people whose baggage is mishandled to $I,8S0. Thi 
current limit, set a decade ago, is $1,250. The department said it 
would seek comment on the proposed limi t and whether it should 
be increased to $2,000 or tied to the inflation rate. 

The former C h ina Beach base in Vietnam used by American 
servicemen as a rest and recreation center during the Vietnam War 
is to become the country’s biggest tourist complex under a $250 
m i l li o n joint venture involving BBI Investment Group of the 
United States and a Vietnamese tourism group, press reports said 
Sunday. (AFP) 

More than 170 people bare been hospitalized with dysentery in 
Russia — 112 near Kemerovo, in Siberia, and 60 in Orenburg, 
near the K a zak h s tan border, the Itar-Tass news agency said 
Sunday- (Reuters) 

The Italian Health Ministry sought Sunday to wlm fears (hat 
Alba n ia n immigrants were bringing cholera to Italy, saying that 
laboratory tests era food, drains, water supplies and arriving 


r-tfur-w-v.iai.T3 


This Week’s Holidays 

Ba nking and government offices wifi be closed or services 
curtailed in the following countries and their dependencies tins 
week because of national and religions holidays: 

MONDAY: y™. 

TUESDAY: Belgium, Ethiopia, fcra^i 
WEDNESDAY: Taiwan. 

FRIDAY: Botswana, i«Hn 

SATURDAY: Botswana. Burma. China, Cyprus. Macao, Nigeria. 

Sources: J.P. Morgan, Reuters. 


Encourage 
Talks Between 
Countries 


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


Antigua 

(Available from public card phones only.) #2 
Argentina* 001-800-333-1111 

AustrlaiCCt* 022-803-012 

Behame* 7 -800-62 4,1000 

Bahrain 800-002 

BdghnniCCl* 0800-10012 

Bennude+ 1-800-623-0484 

Bolivia* 0-800-2222 

Brass 000-8012 

CaitftMCC) 1-800-888-8000 

Cayman bland* 1-800-624-1000 

CMkKCO O0V-C316 

CotomWwcci* 980-18-0001 

Carte Rian 182 

Cypni** 080-90000 

Cmeh BepuUaccy 00-42-000112 


Denmark! CQ* 
Dominican RapubBc 
Ecuador* 

Egypt CO* 

(Outside of Cairo, dial 
£1 Salvador* 
Rnbndtco* 
Franewccj* 

Gambia* 

Germany) cci 
(Limited availability in 
GraaertCtt* 

Grenada* 

Guatemala* 

HattkCCH 

Honduras*- 
Hungary! CO* 


8001-0022 

1-800-751-6824 

170 

02 drat.) 355-5770 

195 

9800-102-80 
19V-00-1B 
00-1-89 
- 0130-0012 
eastern Germany.) 

00-800-1211 

1-800-624-8721 

189 

001-800-444-1234 
001-800-674-7000 
00* -900-01411 


Iceland* 089-002 

Iran* (Special Phone* Only) 

iratandrcc) 1-800-55-1001 

fcMOUCQ 177-160-2727 

ttatytCO* 172-1022 

800-674-7000 

Kenya 

(Available from most major cities.) 090011 
Kuwait 800-MCH800-624) 

Lafeanonico 600-624 

(Outside of Beirut, dial 0T firsLI 425-036* 


LiednenstahKCO 

Luxembourg 

Mexico* 

Monaco! CO* 
Nethaiiandsico* 

Nethai lands AntiHasKCM- 


155-0222 

0800-0112 

95-800-874-7000 

19T-00-19 

06-022-91-22 

001-800-950-1022 



ttfJPSL 110 Card '* tocal tBl8 P ho '* card or call collect-all at the same low rates. 

May not he ovsilabta utfrom all International locations. Certain 
nMrfettan* apply. + Limited avaaablllty. ▼ Wait for second dial tone. A Available from LADATEL public 
ph ony only. Rata depends on caB origin In Mexico, t International communication* carder. * N« 
available from public pay phones. ♦ Public phones may inquire deposit of coin or phone cant for dial tone. 


Nicaragua! CCl 
I Outside of Managua, 
Norway! CCl* 

Panama 
Mintaiy Bases 
Paraguay -l- 

Pom (Outside of Lima, 

Poland! cci 

PortugaliCC! 

Puerto Rkofcci 
Qatancrv* 
RomanlaiccM- 
RusomiCCH- 
San Marinated* 

Saudi Arabia 
Slovak Repubfiaco 
South Africa! CCi 


. dial 02 first) IBS 

300-19912 
108 

2810-108 
008-11-800 
dirt 190 first.) 001-190 

Ov-01-04-800-222 
05-017-1234 
1-800-888-8000 
0800-012-77 
01-800-1800 
8V1 0- BOO-497 -7222 
172-1022 
1-800-11 
00-42-000112 
0800-99-0011 


WiqA 


SpoiniCCi 900-99-0014 

Swadenrco* 020-795-922 

Switzerland* CO* 155-0222 

Syria! CQ 0800 

Trinidad & Tobago (Special Phones Only) 
Turkey* 00-8001-1177 

Ukraine* 8*10-013 

■United Arab EmlratM 800-111 

United (OngdnmiCO 

To call the U.S. using BT 0800-89-02221 

To caU the U.S.uring MERCURY 0500-89-Q222t 
To call anywhere other 
then the U.S. 0500-800-800 

Uruguay (Co) lea not available.) 00Q-412 

US. Virgin Islands! CQ 1-800888-8000 

Vatican GtyiCO 172-1022 

Vonameta-f* BOO-11144 


VNT 


Let It Take You Around The World 


From MCI 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, SEPTEMBER 26, 1994 


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SIIPORT 

Probe Finds New Spy Damage 

Report Faults Top CLA Supervisors for Ames 





Stephen Sevau/Tbe A&uditcd Picu 

Gerry Adams, left, being escorted to a news conference in Boston by Mr. Kennedy. 

IRA Chief in U.S. to Raise Support 


The Associated Pros 

BOSTON — Sinn Fein’s leader, Gerry Ad- 
ams, has begun a two-week U.S. tour aimed at 
building American support for a peace settle- 
ment in Northern Ireland palatable to Irish 
republicans. 

Mr. Adams said Sinn Fein, the Irish Re- 
publican Army’s political organization, 
would consider a coalition government with 
the British, who rule Northern Ireland. 

But the Irish “have the intelligence and the 


wit and the right to govern ourselves, whatev- 
er we decide,” be said. 

Senator Edward M. Kennedy, Democrat of 
Massachusetts, joined Mr. Adams at a press 
conference when the Sinn Fein leader arrived 
Saturday in Boston, 

Mr. Adams and Mr. Kennedy urged Prime 
Minister John Major of Britain not to get 
bogged down in seeking a permanent cease- 
fire from the IRA but to begin negotiating 
with the group. 


Clifford Rejects Fraud Charge 


By Sharon Walsh 
and Kim Masters 

Washington Post Service 

WASHINGTON — The 
missing milli ons from the estate 
of W. Aver ell Harriman might 
be attributable to bad business 
judgment but not to fraud, ac- 
cording to Clark M. Clifford. 

Recalling that he served with 
Mr. Harriman as far back as the 
Truman administration. Mr. 
Clifford called his service as a 
trustee for the estate “an ac- 
commodation,” something 
“you do for old friends.” . . .. 

‘What bothers me here is the 
charge of fraud,” he said in an 
interview. ‘There’s no fraud 
here. That’s an awfully ugly 
charge that's not sustainable.” 
He added that “somebody has a 
perfect right to criticize us for 


having bad business judgment.” 

Mr. Clifford said that, in any 
event, no one could hold him 
financially responsible in the 
case, since Mr. Harriman had 
agreed that Mr. Clifford would 
not be liable for any losses in- 
curred in his role as trustee. The 
agreement was renewed after 
Mr. Harriman died, he said. 

Mr. Clifford’s was respond- 
ing to a lawsuit filed by Mr. 
Harriman's heirs against his 
widow, Pamela Harriman. now 
the U.S. ambassador to France, 
and Mr. Clifford and other ad- 
visers. The suit, filed last week 
in federal court in New York, 
paints a picture of trustees who 
poured more than $30 million 
in trust funds into transparently 
bad investments without taking 
the most rudimentary precau- 
tions to' protect the interests of 


AMERICAN 

TOPICS 


When Parents Don’t Show, Baby Sitter Stays 

When a Pittsburgh couple failed to return home to their 
four children, a 14-year-old baby sitter organized her friends 
into shifts. The girls didn’t tell anyone until their money ran 
out after two weeks. 

The police praised Angela Morris and her friends Saturday 
for caring for the children. Bonnie Railing, 28, and James 
Fignar, 37, were bong sought on charges of child endanger- 
menL Their children, ages 2,3, 9 and 10, were placed in foster 

care. ^ le went to 

NewJerscv because Mr. Fignar had found a job in stalli n g tile 
there. She was to be paid $75 for three days of care. 

But the couple didn’t come home. Angela skipped school 
for a few days. Then she called an emergency meeting of her 
friends at a pizza parlor and organized a round-the-clock 
network to dress, feed and supervise the children. 

The absent couple telephoned Angela three times in the 
second week, each time saying they would be back later that 
day, the police said. ■ .... 

Angela sai d she and her friends finally told their parents 
about the children because the/ ran out of money for food. 

“I really love those kids and didn’t want them split up in 
foster homes,*’ Angela said. “I fed relieved that it's all over, 
but I feel like crying, too.” 

Short Takes 

It’s not easy getting a parking ticket in Lansing, Michigan, 
these days. Tbe state capital ran out of tickets and a fresh 
batch is not expected for two to three weeks. Meter maids are 
n«ing old tickets, writing the new rates thereon, scratching out 
the old address of the parking violations bureau and writing 
in the new one. The ola tickets cannot be fed into a computer 
but must be processed by hand. Mayor David Hollister was 
not amused. “We need to have more long-term planning, he 
said. 

The New Yotk publishing house Charles Scribner’s Sons 
has been calling itself just Scribner’s in recent years. But 
people were just as likely to misplace the apostrophe and call 
«Sciibners\ A spokeswoman said, “We finally decided to 
make it just plain ‘Scribner.’ ” 

Letters were originally scrambled on typewriter keyboards 
to keep typists from going too fast and jamming the keys. 
Keys .can't be jammed on the new electric and electronic 
typewriters, but efforts to junk the so-called QWERTY sys- 
tSi, named for the first six letters of the top line of the 
keyboard, have come to nought. The New York Times says: 
Tbe explanation seems to be simple inertia: If 99.44 percent 
of touch typists learn the QWERTY system they encounter 
on 99.44 percent of all machines, 99 percent of them don’t 
want to learn a second system. The wide use of the computer 
keyboard has apparently only helped maintain the inertia. 

The US. Postal Service has issued a stamp honoring the 
Woes guitarist Robert Johnson. The artist who designed the 
Stamp from a photograph of Mr. Johnson painted out the 
cigarette dangling from his mouth. An advisory committee 
had recommended the deletion “because they didrft want the 
Stamps to be perceived as promoting cigarettes, a postal 
service spokeswoman said. Bui a spokesman for the National 
Smokers Alliance complained the derision was “an affront to 
the more than 50 million Americans who choose to smoke. 

International Herald Tribune 


By Walter Pincus 

Washmgott Post Serf ice 

WASHINGTON — The 
CIA inspector general's investi- 
gation of the confessed spy Al- 
drich H. Ames has found that 
the veteran counterintelligence 
officer exposed 55 clandestine 
U.S. and allied operations over 
nine years, far more damage 
than previously acknowledged, 
according to 'sources fanuliar 
with a draft of the findings. 

The 400-page classified docu- 
ment. prepared under the direc- 
tion of Inspector General Fred- 
erick P. Hitz, attempts to 
explain what happened as a re- 
sult of Mr. Ames’s duplicity 
and how the longtime officer 
was able to avoid detection 
while supplying highly sensitive 
information to Moscow, includ- 
ing the identities of more than 
34 secret U.S. and allied agents, 
these sources said. 

The inspector general’s re- 
port puts the blame initially on 
the “almost complete indiffer- 
ence of senior CIA supervisors” 
who, beginning in 1986, failed 
to recognize the importance of 
their losses and did not put “ad- 
equate resources” into the inter- 
nal search for a Soviet mole. 


This broad criticism of the 
agency’s highest ranks comes 
when its future is uncertain. It is 
wracked by internal turmoil 
caused by budget cuts, uncer- 
tainty about its post-CoJd War 

There is a cry 
from Capitol Hill 
for 'heads to roll 9 
as a result of the 
Ames debacle. 

mission and allegations of ra- 
cial and sexual discrimination. 

Congressional critics have 
become increasingly restive, 
some calling for reorganization 
and a few for abolition of the 
agency. There also is a cry from 
Capitol Hill for “heads to roll” 
as a result of the Ames debacle. 

A senior CIA official said 
that the inspector general’s re- 
port represented “the end- 
game” in a scandal that has 
“shaken this organization bad- 
ly.” The 55 clandestine opera- 
tions exposed by Mr. Ames, ac- 
cording to the report, is about 
double the number that the 


CIA previously has publicly ac- 
knowledged. 

Sources said that the report 
could lead to the reprimanding, 
early retirement or even dis- 
missal of a number of impor- 
tant agency officials. Such per- 
sonnel actions in response to 
internal crises have been ex- 
tremely rare at the CIA which 
has always prided itself on a 
powerful sense of team loyalty. 

According to the findings in 
the draft report, that institu- 
tional loyalty and indifference 
helped protect Mr. Ames, par- 
ticularly inside the directorate 
of operations, the largest ele- 
ment of tbe CLA whose roughly 
6.000 officers manage and con- 
duct clandestine activities. 

For example, after a poor 
performance in Mexico, where 
he showed bouts of alcoholism 
and complained about needing 
money. Mr. Ames was rejected 
by tbe Latin American Divirion 
as deputy chief of station in 
Bogota. Nonetheless, when he 
returned to CIA headquarters 
he was given a highly sensitive 
post as chief of the counterin- 
telligence branch of the Soviet 
Division, where he had access 
to the identities of U.S. agents. 


Yeltsin Ready to Make a Pitch 

He 9 s Aiming to Woo Businessmen During Visit to U,S. 


By Alessandra Stanley 

New York Tunes Service 


en the Russians’ mood, he 
signed a declaration last week 


Mr. Harriman’s children and 
grandchildren. 

“This case is about faithless 
fiduciaries who betrayed a trust 
and squandered a family’s in- 
heritance;’’ the suit says. 

The trustees and others, in a 
series of interviews, deny they 
were negligent, and they say 
that the investments still have 
great value and that the heirs’ 
motives in suing are based on a 
long-standing animosity to- 
ward Pamela Harriman. 

“The heirs were deeply disap- 
pointed when their grandfather 
married at age 80,” Mr. Clifford 
aaid..- 

Not in dispute is that a sub- 
stantial part of one of Ameri- 
ca’s great fortunes — Mr. Har- 
riman was the son of the 
railroad magnate E. H. Harri- 
man — has, at least for the 
moment, been lost. 


Jury Phase 
Opening for 
Simpson 


Reuters 

LOS ANGELES — A little 
more than 100 days after his 
former wife was stabbed to 
death, O J. Simpson was to go 
on trial Monday in what has 
become one of the most highly 
publicized murder cases in u.S. 
history. 

Prosecutors and defense at- 
torneys will face off in a Los 
Angeles courtroom to begin the 
process of picking the 12 jurors 
who will deride Mr. Simpson’s 
fate. 

Overshadowing the start of 
jury selection is the presiding 
judge’s threat to pull the plug 
on television coverage of the 
trial because of what he called 
false and prejudicial news re- 
ports. 

Mr. Simpson, 47. is charged 
with the June 12 slayings of his 
former wife, Nicole Brown 
Simpson, 35, and a friend, Ron- 
ald L. Goldman, 25. who were 
found stabbed to death outride 
her Brentwood town house. He 
has pleaded “absolutely 100 
percent not guilty.” 

Both rides have been accused 
of trying the former football 
star in the press, using a steady 
flow of leaks to taint the views 
of prospective jurors. 

Infuriated by what he called 
“fabricated” news reports, 
Judge Lance A. Ito of Superior 
Court said Friday he would 
convene a special hearing this 
week on whether to bar one 
local television station, KNBC. 

Despite a denial by the prose- 
cution, KNBC stood firmly be- 
hind the story that angered the 
judge — an anonymous report 
that DNA tests of blood found 
on socks in Simpson’s mansion 
had tested positive for his for- 
mer wife’s blood. 

Legal experts said that while 
Judge Ito. who has already 
barred TV coverage of jury' se- 
lection, has the power to make 
good on his threat, his probable 
intention was to prod news or- 
ganizations into acting with 
greater restraint. 

Given the crush of pretrial 
publicity, legal scholars say jury 
selection will take up to a 
month. 


MOSCOW— When Boris N. freeing Russia from the Jack- 
Yeltsin visits the United Stales son- Vanik amendment, a law 
this week, America will witness passed 20 years ago to link the 
the return of a sa lesman. Soviet Union’s trade privileges 
The Russian president aims to its han d l i n g of emigration, 
to do states manl v thing*, of Mr. Yeltsin considers the 
course. He will address the UN amendment obsolete and deep- 
General Assembly. He will hold ty humiliating and has com- 
a summit meeting with Presi- plained bitterly about it. 
doit Bill Clinton. During the visit, Mr. Yelstin 

But mostly, in business meet- will probably also be watched 
mgs in New York, Washington more closely than usual in Rus- 
and Seattle, Mr. Yeltsin hopes sia after his p uzzlin g behavior 
to persuade American execu- last month in Germany during 
rives that Russia is a blue-chip the final withdrawal of Russian 
inves tmen t troops. 

“His personal charm can do a Russian television showed 

lot,” said Georgi A. Satarov, a Mr. Yeltsin stumbling on the 


investment. troops. 

“His personal charm can do a Russian television showed 
lot,” said Georgi A. Satarov, a Mr. Yeltsin stumbling on the 
senior aide to Mr. Yeltsin. “The steps of the Berlin City Hall 
American businessmen will tell after a champagne lunch and 
him what are the necessary con- grabbing the conductor s baton 


Russia say that the investment 
climate in Russia has improved 
over the last four months. “I’ve 
noticed a pretty significant up- 
swing on fact-finding mis- 
sions,” said Peter A. Charow, 
the president of the American 
Chamber of Commerce in Mos- 
cow. 

He cited exorbitant tax rates 
and constantly changing regu- 
lations as some of the major 
roadblocks to greater American 
investment, issues which are on 
the summit meeting agenda. 

■ Talks With British Leader 

Mr. Yeltsin spent the week- 
end with Prime Minister John 
Major of Britain in informal 
talks touching on Bosnia, the 
Commonwealth of Indepen- 
dent Stales and Queen Eliza- 


ditions for investment, and our for an antic try at conducting beth IPs visit to Moscow next 


president will explain that such i 
changes are already happen- 
ing.” ’ __ 

Moscow hopes that recent 
signs of greater economic and , 
political stability, and particu- \ 
larly its success in reducing in- 
flation to 5 percent a month, I 
wflJ stimulate trade and help J 
overcome Americans’ fears of ; 
doing business in Russia. 

That hope is shared by the • 
U.S. government, which re- j 
duced aid for Russia to $850 j 
million this year from $2-5 bil- j 
lion in 1993. (Stability, howev- • 
er. is relative: On Thursday, the 
ruble dropped 5 percent against . 
the dollar, its steepest dive in | 
right months, then bounced ■ 
back 2 percent the next day.) 

“We are encouraged by signs i 
of stabilization and vigor in the 1 
Russian economy,” said a high- 1 
ranking American official in- 
volved in preparations fro the ; 
talks. “We would like to use the : 
summit to emphasize private- ■ 
sector investment.” : 

To sweeten the pot. Washing- ; 
ton is reserving nearly 580 mil- 
lion of its 1994 Russian aid for : 
programs like the Overseas Pri- ; 
vate Investment Corp.. which 
offers government guarantees i 
to American companies that in- 1 
vest abroad. 

The American official also | 
said the administration expect- j 
ed that nearly SI billion in new | 
American investment in Russia [ 
would be announced during the j 
summit talks. 

Mr. Clinton will try to per- 1 
suade Mr. Yeltsin of die need to 
lower tariffs and to draft stron- , 
ger commercial legislation to ; 
lure investment. .And to bright- 


the orchestra himself. 
American businessmen in 


month, Agence France-Presse 
reported. 


APOLITICAL NOTES A 


Republicans Pine for a Sign From Powell 

WASHINGTON — His peacemaking exploits in Haiti 
have reminded Republicans that Colin Powell is a hot politi- 
cal property. 

To tell the truth, they needed no reminding. They can read 
the polls. Not that they expect an early statement of interest in 
the 1996 campaign from the retired general. What they long 
for, what they think they deserve, is some sign, however 
encoded, that* he actually is a Republican. General Powell 
refuses to give it to them! 

George Bush, his former commander in chief, his colleague 
in the successful prosecution of the war in the Gulf, the man 
he served as chairman of the Joint Chiefs of Staff, asked him. 
No answer. Former Senator Paul Lax alt of Nevada, whom he 
has known well since the Reagan era, asked him, too. Again 
there was no answer. 

He has made two contributions of 51,000 in the fierce 
Senate campaign in Virginia, but there is no clue there, either. 
He gave only to the two independents: J. Marshall Coleman, 
who lives in General Powell’s neighborhood, and former 
Governor L. Douglas Wilder, who has since withdrawn. 

“People ask me. ‘What about Powell?’ ’’ said Charles Black, 
a Republican campaign consultant “Great idea, I tell them, 
but 1 have a question, too: *Do you have any evidence that he 
belongs to cither party?’ ” 

The widespread assumption in Washington that General 
Powell is a Republican stems from his associations with 
Republican presidents and the vague conservatism of his 
public statements, such as his emphasis on family values. In a 
speech last week in Ashland, Ohio, he called Mr. Bush “my 
beloved friend” and termed Ronald Reagan “a genius.” 

But there are almost as many reasons to assume the 57- 
year-old general is a Democrat As a black man. he is 
presumed to admire the Democrats' record on civil rights, and 
he has close though less well-known links to President Bill 
Clinton. 

Some hopeful Democrats even mention him as a possible 
secretary of state in the seemingly endless speculation about 
the departure of Warren M. Christopher. f.VJT) 

Tamer Ted Kennedy Faces a Tough Race 

BOSTON — An exuberant Edward M. Kennedy was on 
the campaign trail, telling the crowd about the new woman at 
his side. 

“I want you to meet the love of my life — Victoria Reggie 
Kennedy!” bellowed the 62-year-old senior senator from 
Massachusetts, whose penchant for partying in the decade 
between his divorce from Joan Bennett Kennedy and his 
remarriage two years ago has been lampooned on late-night 
television. 

Then, standing on a picnic bench, he leaned over and kissed 
his wife. The crowd roared. There were approving murmurs 
about Mrs. Kennedy’s youth — she is 40 — her dark-haired 
good looks, her megawatt smile. 

Mr. Kennedy is facing what may be his most difficult 
Senate race in 32 years — recent polls show him in a virtual 
dead heat with Mitt Romney, 47. a Republican millionaire. 

Susan Stuart, a beautician, declared: “She’s brought him 
right down to earth. Finally he said. ‘This is what it’s all 
about.’ I’m a Republican, but I’m going to have to vote for 
him.” (NYT) 

Quote/ Unquote 

Kevin Chandler, a spokesman for the Minnesota Demo- 
cratic Senate nominee, Ann Wynia, as President Clinton 
campaigned for her over the weekend: “1 doubt he’s much of a 
help, nor does he do any harm, but he helps raise money and 
that’s what we need.” (AP) 


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• Six Alaska native corpo- 
rations and the Kodiak Is- 
land Borough municipal] c>' 
were awarded S7.9 million 
by an Alaska Superior 
Court jury in compensation 
for land and archaeological 
damages caused by the 
1989 Exxon Valdez oil spill. 
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Page 4 


North Korea Warm 
U.S. on Maneuvers 
But Stays at Talks 


Reuters 

GENEVA — United States 
and North Korea held another 
round of talks Sunday on 
Pyongyang’s nuclear activities 
despite threats from North Ko- 
rea to withdraw because of U.S. 
naval exercises off its shores. 

Officials from the two na- 
tions met for a third day of 
negotiations in Geneva, hours 
after North Korea's Commu- 


Defying His King, 
Buthelezi Holds 
2d Bally for Zulus 

Rouen 

KWAMASHU, South Africa 
— South Africa’s top Zulu poli- 
tician, Chief Mangosuthu Buth- 
clezi, defied his king’s ban on 
Shaka Day celebrations Sunday 
to address a second rally mark- 
ing the birth of their Zulu na- 
tion. 

But the rally in this battle- 
weary black township, like one 
addressed by Chief Buthelezi 
on Saturday in the rural town of 
Stanger, went off peacefully de- 
spite widespread fears of fac- 
tional violence. 

Glossing over the fact that 
King Goodwill Zwelithini had 
canceled this year’s festivities 
commemorating the 19th-cen- 
tury founder of the Zulu nation. 
Chief Buthelezi told 15,000 sup- 
porters he would fight to en- 
shrine the Zulu monarchy in 
South Africa's post-apartheid 
constitution. 

The king canceled the cele- 
brations, saying he feared for 
his life after supporters of Chief 
Buthelezi's Inlratha Freedom 
Party stormed the royal resi- 
dence during a visit by Mr. 
Mandela, the leader of the rival 
African National Congress. 


nist government denounced the 
United States for what it called 
“undisguised military provoca- 
tions.” 

A North Korean official said 
that the talks were continuing 
normally but that the Pyong- 
yang delegation told the Ameri- 
cans at the start of the session 
that it was unhappy about the 
naval exercises. 

“The delegation expressed its 
opposition to the maneuvers 
because talks and military pres- 
sure do not go together," the 
official said. 

Diplomatic sources dose to 
the talks said they doubted that 
the North Koreans would walk 
out of the discussions. 

The two countries began the 
current round of meetings 
pledging to work to reach an 
accord on North Korea’s nucle- 
ar power program. 

But both sides indicated in 
briefings Saturday that there 
were several hurdles to be 
cleared before they could agree 
on a final document 

A North Korean Foreign 
Ministry spokesman said the 
deployment of a U.S. naval 
force in the Sea of Japan could 
wreck the negotiations and 
force Pyongyang to end its 
freeze on most of its nudear 
power program. 

“We have no intention to 
hold talks exposed to military 
threats," the spokesman said in 
an official Korean Central 
News Agency dispatch moni- 
tored in Tokyo. 

Diplomats said such lan- 
guage was to be expected be- 
cause a UJS. admiral had said 
the naval presence could be 
compared to pressure put on 
Haiti’s military leaders to step 
aside. 

Sunday’s first meeting of 
technical experts adjourned af- 
ter three hours. 



Two UN Agencies 
At Odds on Report 
Of Rwanda Killing 


Snout Crasto/Tbe Awutrri Prctt 

Passenge rs covering their faces Sunday as their train passed through Surat, site of the pneumonic plague outbreak. 


Pneumonic Plague Under Control 
In Gujarat Area, New Delhi Asserts 


Agence France- Prase 

SURAT, India — The Indian 
government said Sunday that 
an outbreak of pneumonic 
plague in die western city of 
Surat was under control and it 
appealed to residents to return. 

But a health alert remained in 
force in seven of India’s 25 
states and in New Delhi as au- 
thorities moved to prevent the 
disease from spreading beyond 
Gujarat state. 

The government said it had 
ample medicine to handle the 
epidemic, and dismiss ed de- 
mands that it seal off Surat or 
deploy the army to stem an exo- 
dus as “neither feasible nor ad- 
visable.” 

“I can now say the situation 
in Surat is under control,’’ 
Health Secretary M.S. Dayal 
said at a press conference in 
New Delhi 

Municipal officials here ech- 
oed his assertion, saying the 
outbreak of plague, which has 


struck in India for the first time 
in 28 years, had been checked. 

The Surat chief administra- 
tor, Kundan f-al, said that al- 
though some new cases were 
trickling into the state-run Gvil 
Hospital, the number of fatali- 
ties had fallen dramatically. 

The Indian government has 
put the plague death toll at 44 
but doctors and residents here 
say several dozen more may 
have died. 

New Delhi on Sunday asked 
Surat to set aside a 750-bed city 
hospital as a quarantined facili- 
ty for 407 suspected plague pa- 
tients and ordered a hunt for 
100 victims who left the clinic 
without authorization. 

“No uncured people will now 
leave the hospital," Mr. Dayal 
said, appealing to the hundreds 
of thousands of people who 
have fled Surat to return home. 

“This fear psychosis has to be 
contained,” he said. 

Some 400,000 people have 


Bosnian Serbs Press Threats Agaimt UN 


d by Ow Stiff Frtm Dispatches 

AJEVO. Bosnia-Herze- 
' — Bosnian Serbs 
up their campaign of 
— • — against United 


Nations forces on Sunday in 
response to a NATO air strike 
and the imposition of tighter 
sanctions by the Security Coun- 
cil. 


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The commander of the Bos- 
nian Serbian Army, General 
Ratko Mladic, in a veiled threat 
to the UN peacekeeping force, 
said he could not take responsi- 
bility for the safety of UN oper- 
ations on his territory. 

The main UN relief agency 
said stocks of food in Sarajevo, 
where Serbian action has cut off 
aid convoys and forced the UN 
to suspend its air bridge, would 
run out in two weeks. 

General Mladic’s warning, in 
a letter to the UN military com- 
mander in the former Yugosla- 
via, General Bertrand de La- 
presle, was the latest in a series 
of threats after the North At- 
lantic Treaty Organization air 
strike on a Bosnian Serbian 
tank last Thursday. 

The Bosnian Serbian Army, 
besides halting UN military 
and aid convoys, has forced the 
closure of Sarajevo airport and 
prevented UN troops from try- 
ing to check that Serbs had re- 
moved banned guns from a 
heavy weapons exclusion zone 
around the city. 

In a further move to pressure 
the United Nations, the Serbs 
have rescinded permission for 
UN helicopter flights over their 
soil and warned that they could 
not guarantee the safety of 
flights to Sarajevo airport, UN 
spokesmen said. 


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fled this industrial city of 2 mil- 
lion, triggering fears that some 
of them could be carrying the 
pneumonic plague germs. 

An alert was in force in the 
states of Andhra Pradesh, Kar- 
nataka, Maharashtra, Orissa, 
Rajasthan. Uttar Pradesh and 
West Bengal and the Indian 
capital as fleeing Surat resi- 
dents arrived. 

Trains from Gujarat, where 
the epidemic has spread to a 
150 kilometer (90 mDe) radius 
around Surat, are bring fumi- 

S ited and travelers given anti- 
otics. 

Preventive steps have been 
taken in Bombay, some 270 ki- 
lometers (170 miles) south of 
Surat, amid reports of panic- 
buying of antibiotics. 

In Surat, people are walking 
on the streets with noses and 
mouths covered with handker- 
chiefs. 


U.S. on Alert 
ForthePlague 

New York Tima Service 

NEW YORK — As part 
of an effort to prevent the 
spread Of plague, federal 
health officials plan to in- 
crease surveillance at air- 
ports in the United States 
to identify any cases among 
passengers coming from in- 
fected areas of India. 

Travelers will not be pre- 
vented from entering the 
United States, even if they 
are ilL but officials are 
working out plans on where 
to hospitalize such people if 
the need arises. 

Cards will be given to 
travelers from the infected 
areas to alert them to call a 
doctor if they develop a fe- 
ver or become ill, said Dr. 
Duane J. Gubler, a federal 
expert on plague. He em- 
phasized that plague is easi- 
ly treated with antibiotics if 
the infection is detected 
early. 


Reuters 

KIGALI, Rwanda — Two 
United Nations agencies were 
at loggerheads on Sunday over 
a report by the UN refugee 
agency that Tutsi soldiers of the 
new Rwandan government 
were systematically killing 
Hutu. 

The UN Rwanda Emergency 
Office, which is coordinating 
UN operations in the central 
African country, said the report 
lacked evidence and was based 
on rumors. 

The report, by the office of 
the UN High Commissioner for 
Refugees, “gave no physical or 
forensic evidence of its claims,” 
a UN Emergency Office 
spokesman said. 

“We certainly want to sup- 
port this government, not un- 
dermine it with uninvestigated 
rumors,” the spokesman said. 
“These are sensitive allegations 
made without proof.” 

The office of the UN High 
Commissioner for Refugees 
said in a report issued Friday in 
Geneva mat a consultant it 
hired had found a “consistent 
pattern” showing that Rwanda 
Patriotic Front soldiers, who 
are mostly Tutsi, had harassed, 
intimidated and killed members 
of the majority Hutu tribe. 

The Front came to power in 
July after a three-month civil 
war during which hundreds of 
thousands of Tutsi were massa- 
cred by the Hutu-dominated 
government army and militia. 

The High Commissioner for 
Refugees said Sunday that it 
stood by its report. 

■ Peacekeepers’ Qiaos 

For seven minutes — the 
length of their visit to the Mu- 
gun ga Refugee Camp — the 


Japanese defense minister and 
his Zairian counterpart turned 
t ranquili ty to chaos, The Asso- 
ciated Press reported from 
Goma, Zaire. 

Tokuichiro Tamazawa flew 
to Goma to get a firsthand look 
at the stan of the first ever de- 
ployment of Japanese troops 
since World War II under Japa- 
nese command — and to see the 
camps where 1 2 million Rwan- 
dan refugees are living. 

What be got was a fleeting 
glimpse of the Mugunga camp, 
about 20 kilometers from the 
Rwandan frontier, where de- 
feated Hutu soldiers live side- 
by-side with civilians. But that 
seemed enough to satisfy him. 

“The life of refugees is peace- 
ful, calm and stable,” Mr. Ta- 
mazawa said after touring the 
area. 

The situation was anything 
but peaceful when the motor- 
cade suddenly slopped in the 
middle of the road bordering 
the camp, blocking traffic in 
both directions. 

Dozens of Zairian soldiers 
spilled out of their vehicles, 
waving rifles at the few refugees 
who dared to tty to cross the 
road. Japanese journalists and 
cameramen sprinted down the 
road to catch up to the two 

minis ters. 

The bewildered refugees, 
some carrying firewood and 
water containers on their heads, 
crowded together trying to fig- 
ure out what was happening. 
“Who is that man? Is he Kore- 
an, Japanese or Chinese?” one 
refugee asked. 

Seven minutes after they ar- 
rived, the ministers were on the 
road back to Goma, leaving the 
refugees still wondering who 
they were, and why they had 
come. 


BOOKS 


In his letter. Genera] Mladic 
said the air raid had destroyed 
private houses and damaged a 
school. The United Nations 
said an unoccupied Serbian 
tank was hit in what it de- 
scribed as an appropriate re- 
sponse to Serbian attacks that 
wounded two of its peace keep-’ 
ers. 

General Mladic said the 
United Nations should not plan 
any operations on the territory 
of the self-styled Bosnian Serbi- 
an republic until it bad made 
clear it was a neutral force. 

Bosnian Serbs restored gas 
supplies to Sarajevo on Sunday 
more than a week after shutting 
them off, a UN spokesman 
said. 

Electricity and water supplies 

10 the mostly Muslim city re- 
mained cut off, he said. 

■ UN Moves on Sanctions 

Barbara Crossette of The New 
York Times reported earlier 
from the United Nations in New 
York : 

The Security Council has vot- 
ed to ease sanctions on Yugo- 
slavia for 100 days in response 
to a pledge by the president of 
Serbia to support a peace plan 
for Bosnia- Herzegovina, halt 
the shipment of war supplies to 
the Bosnian Serbs and accept 
civilian monitoring of the Serbi- 
an-Bosnian border. 

At the same time, the council 
approved two additional reso- 
lutions intended to punish the 
Bosnian Serbs for continuing to 
cany out a “persistent and sys- 
tematic campaign of tenor” 
while interfering with UN relief 
and peacekeeping operations. 

Financial and commercial 
activity as well as all political 
talks with Bosnian Serbs would 
be frozen until they agreed to a 
peace accord reached on July 6 
and backed by Russia. Europe 
and the United Slates. 

The Security Council voted, 

11 to 2, with 2 abstentions, on 
the resolution easing sanctions 
on the Yugoslav federation, 
made up of Serbia and Monte- 
negro. Approval of the resolu- 
tion was unexpected because 
there have been reports of war 
material being femed into Bos- 
nian Serbian territory from Ser- 
bia, in some cases by helicopter. 


ANDERSONVILLE: The 
Last Depot 

By William Marvel 337 pages. 
529.95. University of North Car- 
olina Press. 

Reviewed by 
Jonathan Yardley 

T HE image of the Confeder- 
ate prison at Andersonviiie 
in southwestern Georgia has 
been fixed in the public mind 
by two influences: theposl-Civ- 
il War trial and hanging of its 
commandant, Henry Wire. on 
charges of war crimes, and the 
publication four decades ago of 
, Andersonviiie,” a hugely pop- 
ular novel by MacKiniay Kan- 
tor. Both the trial and the novel 
depicted the prison not merely 
as hell on Earth, which in fact it 
seems to have been, but also as 
a bell deliberately created by 
Wirz and his collaborators for 
the extermination of Union sol- 
diers, which seems not to have 
been the case at alL 
Surprisingly, William Mar- 
vel’s “Andersonviiie: The Last 
Depot” appears to be the first 
history of the prison to take a 
genuinely objective approach to 
the question of how and to what 
ends Confederate authorities 
established and operated the 
prison. Marvel’s own objectiv- 
ity seems unimpeachable; he is 
a resident of New Hampshire 
who presumably has no hidden 
agenda in defense of the Rebel 
cause, and his previous bocks 
on the Civil War have been en- 
thusiastically received. 

Andersonviiie was estab- 
lished, Marvel writes, in large 
measure as a direct conse- 


quence of Union policy. Until 
mid- 1 863. the combatants had 
maintained an “exchange car- 
tel” under which “both sides 
had regularly paroled all pris- 
oners and released them, pend- 
ing exchange, and once Lhat for- 
mal accounting had taken place 
the men were free to fight 
again.” But in 1863 the Union 
withdrew from the cartel. The 
ostensible reason was the Con- 
federate refusal to exchange 
black Union soldiers, but the 
deeper explanation appears to 
have been a reluctance on the 
part of Lincoln and his generals 
to prolong the war (and atten- 
dant Union casualties) by free- 
ing prisoners to return to the 
ranks of the Confederacy. 

The result was that Rebel 
prisons rapidly overflowed, es- 
pecially in Virginia; the Con- 
federacy concluded that it 
needed to build “a stockade 
prison in some isolated but pro- 
ductive region, somewhere near 
a railroad, and preferably in a 
wanner climate." So far as Mar- 
vel has been able to determine, 
the chief motive of the Confed- 
eracy was not to exterminate 
Yankee prisoners but to meet at 

least minimal h umanitarian Qb- 

ligations to them. 

Instead it sent them to An- 
dersonville. It sent them in 
great numbers before the prison 
was ready. From the hour he 
assumed command of the pris- 
on, Wire fought a losing battle 
against problems of sanitation, 
hospitalization and rationing. 
To be sure, the mortality rate of 
the 41,000 men whose misfor- 
tune it was to be sent to Ander- 
sonviiie was around 35 percent, 
but this was in spite of, rather 


than as a result of. Wire's poli- 
cies and labors. 

This is in no way to minimize 
the horror that was Anderson- 
viiie. Indeed “It’s horrible" was 
all lhat an early prisoner had in 
him to enter in his diary upon 
first entering the prison, and in 
the ensuing months scarcely 
anything improved, because 
whatever gains were made were 
immediately canceled out by 
the ever-increasing prison pop- 
ulation. The stench of the place 
was unbearable to those unin- 
ured to it, trash was everywhere, 
the hospital was mobbed and 
filthy. 

Few wartime prisons have 
been celebrated for cleanliness 
or charity. There is little reason 
to believe that Andersonviiie 
was si gnifican tly worse than its 
counterparts in the North, only 
that its statistics were more 
shocking because its numbers 
were so much larger. In quoting 


BRIDGE 


WHAT THEY'RE READING 


• Pat Laini, special educa- 
tional needs coordinator at the 
Charlottenburg School in Ber- 
lin, is reading “ Paddy Clarke 
Ha Ha Ha ” by - Roddy Doyle. 

“My own sons’ lives seem very 
tame compared to the terrors 
and thrills experienced in this 
book. But it manages to strike a 
chord with childhood memories 
and I wonder whether today’s 
children have enough freedom.” 

(Michael Kalienbach, 1HT) 



By Alan Tmscott 

O N the diagramed deal 
South reached an optimis- 
tic four-spade contract when 
hex partner jumped to three 
spades on the second round 
with a hand on which a less 
ebullient player would bid two. 

East took to opening lead 
and led a heart to the ace fol- 
lowed by a diamond to the jack 
and king. 

Once East had produced the 
club ace and the diamond king 
he could not have the A -Q of 
spades since he had failed to 
open the bidding. East led a 
second heart and South ruffed. 
She ruffed a club and led the 
spade nine. East covered with 
the ten, an error, as South 
would have played low. The 
jack was played, forcing the ace. 

This was the moment of truth 
for West. He should have 
played the king of hearts, forc- 
ing a ruff and promoting East's 
queen as the setting trick. This 
was the only real chance for a 
fourth defensive trick, but West 
feared to establish dummy’s 
heart queen. He returned his 
remaining trump, won in dum- 
my when East refused to cover 
with the queen. 


Luckily for South, East held 
two more diamonds and there 
were two entries to the dosed 
band. South crossed to the dia- 
mond ten, ruffed a club with 
dummy’s last trump, and led 
another low diamond anxious- 
ly. When East had to follow. 
South won with the queen, 
cashed the spade king, and had 
the club king and the diamond 
ace for the last two tricks. She 
had made an unlikely contract, 
and decided not to criticize her 
partner’s three-spade bid. 

NORTH 

• 9873 
VQ843 
o A J7« 

• 10 


WEST 

• A2 
OK972 
054 

• Q J 883 


EAST (D) 

• Q105 
O J 10 8 5 
0 K 9 8 

• A 9 5 


SOUTH 

♦ K J84 

PA 

O Q 10 3 2 

• K 7 4 2 

Both sides were vulnerable. The 
bidding: 

East 
Pass 
Pass 
Pass 
Pass 

West led- the dub queen. 


South 

West 

North 

1 0 

Pass 

1 O 

1 4 

Pass 

34 

44 

Pass 

Pass 


i l 


Gany Wills’s observation that 
“only the winners decide what 
were war crimes.” Marvel 
makes the obvious but neces- 
sary point that in the trial of 
Wirz, as in the trials at Nurem- 
buig, the victors arrogated to 
themselves the power to impose 
versions of justice that would 
have been quite different had 
tbty been on the losing side. 
Wire, an imperfect man, went 
to the gallows for crimes he did 
not commit. 

Marvel makes a persuasive if 
not irrefutable case for this in- 
terpretation, and he presents it 
in a fluid narrative. The pity is 
that far more than a century 
after Andersonviiie went out of 
business, passions still run so 
high that in some quarters he 
will have no chance of a fair 
hearing. 

Jonathan Yardley is on the 
staff of The Washington 'Post. 


A. 

V 





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on Haiti Could Get $550 Million 

l]J ‘ ^ Aid Is Contingent on Aristide 's Return 



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By Alan Friedman 

ftuemationa/ Herald Tribune 

9 PARIS — Haiti is likely to 
'receive a total of up to S550 
million in financial aid from the 
United States, the World Bank 
and other international donors 
in the next 22 to 15 months, 
American and World Bank offi- 
cials said Sunday. 

The aid will only be available 
once the exiled president, the 
Reverend Jean-Bcrtfand Aris- 
tide, is returned to power and 
teams of economists have been 
sent to Haiti to make a detailed 
study, the officials said. 

Lewis Preston, president of 
the World Bank, disclosed in an 
interview that a special consul- 
tative group had met in August 
and concluded that $550 mil- 
lion was the amount Haiti 
would need to rebuild its econo- 
my. 

The group, which met in an- 
ticipation of the eventual resto- 
ration of Father Aristide's gov- 
ernment, included officials 
from the U.S. government’s 
JVgency for International De- 
velopment, the World Bank, the 
International Monetary Fund, 
the Inter-American Develop- 
ment Bank and aides to Father 
Aristide. 

The largest component of the 
$550 million of expected loans 
and grants was expected to be 
about $200 milli on from the 
Clinton administration. U.S. 
officials said. The remaining 
$350 million will come from the 
World Bank, the IMF, the In- 
ter-American Development 
Bank and individual countries. 


Although Father Aristide’s 
advisers say they believe as 
much as $770 million may be 
needed over the next year or so, 
Mr. Preston noted that “the 
sum of $550 million is a pretty 
significant amount in propor- 
tion to Haiti's population of 6.7 
million.'* 

He said the first step would 
be to obtain a total of about S20 
million in aid from the United 
States and other wealthy donor 
countries to help Haiti pay off 
its arrears on outstanding debt 
owed to the World Bank, the 
IMF and the Inter-American 
Development Bank, Haiti has 
fallen behind on repayment of 
its debts to these institutions 
since the 1991 coup that forced 
Father Aristide from power. 

Mr. Preston said that once 
the arrears were settled, Haiti 
would become eligible for new 
funds, the first of which would 
probably be a $25 million “re- 
habilitation loan” from the 
World Bank to finance basic 
imports of food, medical sup- 
plies, spare parts and other 
goods that have been held back 
because of the embargo on Hai- 
ti. 

The World Bank is prepared 
to move quickly to provide Hai- 
ti with about $100 million of 
interest-free credits for projects 
already approved by its Inter- 
national Development Associa- 
tion. Mr. Preston said World 
Bank officials would be sent to 
Haiti as soon as Father Aristide 
returned to power in order to 
review the projects and then 
disburse the funds. 


A further $130 million of aid 
would come from the Inter- 
American Development Bank. 
The balance of the overall Haiti 
aid package was expected to 
come from Japan and other al- 
lies of the United States. 

Jan Piercy. the U.S. executive 
director for the World Bank, 
praised the bank for having 
worked “very closely and very 
effectively with U.S. bilaieral 
assistance." 

Ms. Piercy said in an inter- 
view that providing funds for 
Haiti was “the really critical re- 
quirement for any hope of sta- 
bility in that country." 

Ms. Piercy also said she 
hoped the World Bank would 
become the coordinator and 
“lead player" in helping to re- 
build the Haitian economy in 
ibe same way that the bank' has 
played a central role in arrang- 
ing aid to the newly autono- 
mous Palestinian authorities in 
Jericho and the Gaza Strip. 

The most immediate aid to 
Haiti, which is the poorest 
country in the region, is in the 
form of more than one million 
meals a day being provided by 
the Agency for International 
Development The U.S. agency 
is also expected to start hiring 
thousands of Haitians for pub- 
lic works projects. 

The Clinton a dminis tration 
is also expected to unfreeze 
Haiti's U.S.-based assets, al- 
though for the time being it will 
keep frozen those belonging to 
the military officials who led 
the coup against Father Aristi- 
de's government. 



— ■* 

FIGHT: New Debate Over Risk and Role for Troops Follows First Combat HAITI: 


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winning support for sending troops to Haiti. 

“It has been so hard for me to convince 
some people that our interests are at stake 
there,” he said, though he stressed that a 
growing number of people see it as impor- 
tant to support democracy throughout the 
Americas. 

“It helps to end human rights violations 
that we find intolerable everywhere but are 
unconscionable on our doorstep,” he said. 

Mr. Clinton did not* mention at the 
church the violence in Cap-Haltien. But 
the chairman of the Joint Chiefs of Staff, 
-General John M. ShaJikashvili, said that 
%e Haitian military leader. Lieutenant 
General Raoul Cedras, had been flown 
there Sunday and that the U.S. side was 
making it “abundantly dear” what the 
consequences would be if there were fur- 
ther threats to U.S. troops. 

They now know, he said in an interview 
with CBS, “what the cost to the Haitians is 
forpidting a fight with the Marines.” . . . 

Other officials also feought to remind the 1 
American public that no military opera- 
tion of this sort can be risk-free. 

Defense Secretary William J. Perry, who 
visited Haiti on Saturday, said Sunday that 
he had told U.S. troops that “they have to 
stand tall for that mission and that they 
would have difficulties.'' 


“We fully expected difficulties, and the 
inddent we saw yesterday, I think, is just 
typical of what we expected to see.” he told 
NBC 

But the House minority whip. Newt 
Gingrich, said the inddent underscored 
Haiti’s similarity to Somalia. He said he 
would press for a resolution this week 
demanding U.S. withdrawal from Haiti 
“at the most rapid possible speed." 

The Georgia Republican, speaking on 
CBS, said that after the firelight the Amer- 
ican public does not “want to wait around 
for ambushes and for booby traps and for 
all the things that can go wrong.” 

American troops left Somalia, another 
peacekeeping mission that began well, af- 
ter the loss of 44 American lives. 

Mr. Nunn said he thought the Senate 
also would vote this week on setting a 
"date certain” for U.S. withdrawal. 

He said he opposed setting a date but 
also warned against a broad mission of 
restoring democracy to a land that has had 
six coups in the last seven years. 

“They’ve not had the ability to have 
dissent without violence," he said. “They 
have had a very violent history, and they 
have not had democracy.” 

Mr. Nunn urged the deposed Haitian 
president, the Reverend Jean-Bertrand 
Aristide, to seek an immediate end to the 



Guantanamo Bay 
naval base 


Atlantic Ocean 


Cap-HaTlien 



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Goav® 

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HAITI 


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Haiti 


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moo 


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Dominican 

Republic 


urr 


UN embargo on Haiti so that the frustra- 
tions of impoverished Haitians would not 
be turned on U.S. troops. 

Later Sunday, Father Aristide said he 
was asking the Security Council and indi- 
vidual nations to remove some sanctions. 

(AP. AFP) 


ITALY: Fashion Industry Sees a Conspiracy in Timing of New Inquiry 


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Continued from Page 1 

last week, other figures to have 
paraded before the magistrate 
include Kxyria — whose real 
name is Mariucda Mandelli — 
Gianmaria Buccellati and San- 
to Versace, the brother of 
Gianni Versace. 

Of all of them, though. Mr. 
Armani’s name seemed likely to 
strike the loudest chord, 
f “Giorgio Armani is the single 
most famous designer of ready- 
to-wear clothes sold at 2,000 
outlets across the globe,” La 
Repubblica newspaper said. 

“They call him the king.” 
said the Corriere Della Sera, 
“the quintessence of elegance.” 

Yet, according to Mr. Ar- 
mani's lawyer, Oreste Domin- 
ioni, the designer “bad to give 


in to the demands of the audi- 
tors to pay a sum of money." 
which Italian newspaper re- 
ports put at around $66,000. 

The payment was part of the 
latest phase of Italy’s long-run- 
ning corruption scandal, in- 
volving payments made by 
businessmen to the govern- 
ment’s tax inspectors in return 
for favorable audits. 

The practice was apparently 
widespread. In recent months a 
host of business people, includ- 
ing Paolo Berlusconi, the broth- 
er of Prime Minister Silvio Ber- 
lusconi, have been caught up in 
the inquiry. 

Most of those implicated 
have said they were forced to 
pay by corrupt officials. 

That the spotlight of the in- 
quiry has now turned to the 


fashion designers — custodians 
of some national pride — 
seems, though, to nave pro- 
duced some questions about 
how and why the magistrates 
strike where they do. 

"I'm very’ worried that people 
are going to use the probes as an 
excuse to slam the industry and 
stop buying Italian,” said Mr. 
Ddla Schiava at the National 
Chamber of Fashion. 

Such concerns seem to have 
put some of the Milanese mag- 
istrates on the defensive. 

“We don’t just go and see 
what’s happening in the world 
of fashion, or the world of foot- 
ball, or whether barbers are giv- 
ing out proper receipts,” said 
Francesco Saverio Borrelli. the 
head of the investigative team 
in Milan. 


“We don't move that way,” 
he said in a published interview. 
“We move because of precise 
inputs. If our curiosity leads the 
inquiry beyond a single epi- 
sode, that’s another matter. The 
important thing is that we don’t 
set out to poke our noses into 
unexplored territory just to see 
if there are crimes or criminals 
there" 

Not eveiyone is convinced, 
particularly about the timing of 
the latest inquiries just before 
the models take to the runways 
to win the hearts and orders of 
the 40,000 people who flock to 
Milan for the October shows. 

“The investigations could 
have started a couple of weeks 
later,” said Mr. Daverio. “No 
one would have run away." 


With More Violence Feared, 
Uncertainties Mount for U.S 


%UntM Gircitr Reuters 


General Cedras, rear, talking Sunday with General Shelton. 


10 Die in Fight 

Continued from Page 1 

General Cedras later flew to 
Cap-Haltien with top U.S. offi- 
cials aboard an American mili- 
tary helicopter. 

The shootout was ignited 
when a Haitian military police- 
man raised a Uzi automatic 
weapon as he was taunted by 
demonstrators. Colonel Jones 
said. 

Colonel Jones gave the first 
official account of the incident, 
which he said started during a 
demonstration Saturday in 
which an anti-Cedras crowd be- 
gan taunting men inside a po- 
lice station. 

The Haitian military police- 
man became increasingly agi- 
tated and began to raise his sub- 
machine gun, Colonel Jones 
said. At that point the Marines 
fired, he said. 

Colonel Jones said the fire 
was returned from inside the 
police station and from the 
crowd. 

He added that it was impossi- 
ble to say who fired the first 
shot but that Marines are 
taught to act when they see a 
threat. 

“I hope our lieutenant fired 
first." he said. 

The gunbattle followed an es- 
calation in tension between 
Marines and Haitian security 
forces. Marine patrols had been 
increased and units were given 
more latitude to take action 
against Haitian forces follow- 
ing intelligence reports that “at- 
taches” were planning to attack 
Marines, the Marines said. 

Earlier Saturday in Port-au- 
Prince, Haitian soldiers fired 
tear gas and reportedly arrested 
several people at police head- 
quarters as demonstrators de- 
manded the ouster of the mili- 
tary leadership. 

The incident came after thou- 
sands of Haitians roared ap- 
proval of the U.S. intervention 
in a carnival-like demonstration . 

(AP. Reuters. AFP) 


By Douglas Farah 

H aifa rrglo’i Pas: Sen it c 

PORT-AU-PRINCE. Haiti 
—The involvement of U.S. sol- 
diers in a firefight that left 10 
Haitians dead has renewed 
doubts and uncertainties about 
the ill-defined nature of what 
American forces can and 
should do in Haiti. 

The shoot-out and subse- 
quent looting that took place 
Saturday and Sunday in Cap 
Haitien are by far the most seri- 
ous, but not the only incidents, 
that have raised tensions here, 
one week after U.S. troops be- 
gan the occupation of Haiti, 

The stated goal of the mis- 
sion is to prepare the way for 
the military leaders to leave and 
for the ousted, democratically 
elected president, the Reverend 
Jean-Bertrand Aristide, to re- 
turn. 

“We bought into a lot on this 
thing, more than many people 
realized, although they were 
warned.” an American official 
said. “This is not fooling 
around time anymore. Things 
could get nasty now." 

The streets of the capital 
were calm on Sunday, but the 
U.S. troops visibly increased 
their presence, patrolling the 
main arteries of the city. 

At the heart of the American 
dilemma is what role U.S. 
troops should play in the deeply 
polarized society, where the po- 
lice and the army, allied with a 
tiny minority, have stymied 
democratic and economic re- 
forms for decades and have 
ruled with brutality and guns- 

In response, many in this na- 
tion are likely to seek revenge 
for the years of abuse. The 
question is. What should the 
united States do about it now 
that its forces are on the 
ground? 

“Our mission is still not 
clearly defined, and the rules of 
engagement keep being rede- 
fined,” one American official 
said. “Now the Haitian Army 
and police are furious, and what 
are they likely to do. confront 
us directly? Not likely. They 
will renew their efforts' against 
Aristide supporters, and what 
will happen then?” 

Privately. American officials 
express their dismay that Fa- 
ther Aristide, who is still im- 
mensely popular here and re- 
tains great moral authority, has 
not broadcast messages into 
Haiti asking his followers to re- 
main calm and refrain from 
taking vengeance. Although Fa- 
ther Aristide has assured Amer- 
ican officials in Washington 
that there will be no retaliation, 
he has not broadcast Lhe mes- 


sage io Haiti in Creole, the lan- 
guage spoken by the huge ma- 
jority of Haitians. 

“He should be repeating the 
message so often that there 
could be virtually no one any- 
where in the country that did 
not at least hear the message.” 
said one Haitian analyst who 
supports Father Aristide’s re- 
turn. “The broadcast should 
start, and they should start yes- 
terday." 

Adding to the confusion is 
the fact that the United States 

IVEWS ANALYSIS 

has continued to allow the de 
facto government, noi recog- 
nized by any member of the 
United Nations, to continue to 
function and broadcast strong- 
ly anti-American messages on 
national television and radio. 

"There is stiU some reluc- 
tance to take over those facili- 
ties and shut that stuff off,” an 
American official said. “I don't 
understand why we tolerate 
people going directly against 
U.S. interests once we have U.S. 
forces here." 

There have been numerous 
other incidents where American 
officials have had to intervene 
that did not result in deaths. 

An army spokesman. Colonel 
Barry Willey, said that in the 
city of Gonaives, 100 kilome- 


ters (60 miles) north of the capi- 
tal. a group of about I'/iAk- 
Aristide supporters gathered 
outside the un army headquar- 
ters. He said two men. armed 
with rifles, “displayed ho>tsic 
intent" toward U.S. soldiers 
and were disarmed. .After the 
disarming, he said, the crowd 
surged forward and attacked 
the two. who ended up being 
rescued by American troop* 
and escorted from the area. 

In another incident, an angry 
group of civilians in u riuin 
east of the capital attacked a 
prominent pro-army man ac- 
cused of brutality. The crowd 
dragged him to an outdoor la- 
trine and threw him in. Covered 
with excrement, he was hauled 
out by the police, who had to 
use tear gas io disperse the an- 
gry croud. 

As the crowds grow more and 
more emboldened, especial !v 
without an appeal by Father 
Aristide to remain cairn, mar.y 
American officials fear site :ic\*. 
victims of the tiolence i’- he 
protesters seeking retenge, noi 
armed soldiers or policemen 
like in Cap-Haiiien. 

One official said, “it uiii be 
difficult to explain :o the Amer- 
ican people why we are '-hi str- 
ing at the people ue .ire sup- 
posed to defend, or why ue arc 
defending the people we arc 
here to expell.” 


BAVARIA: Conservatives Win 


Continued from Page 1 

from 26 percent in 1990. The 
environmentalist Alliance 90- 
Greens — a potential national 
coalition partner for the Social 
Democrats — barely stayed in 
Bavaria's Parliament, winning 
6.3 percent of the vote. 

Mr. Stoiber took office in 
May 1993 after Max Streibl re- 
signed over an influence-ped- 
dling scandal. 

Sunday's showing was the 
worst in 20 years for the Chris- 
tian Social Union, which has 
governed Bavaria Tor 32 years. 

Bavaria, with 11.8 million 
people, has a large farming pop- 
ulation, thriving high-tech in- 
dustries and an abiding conser- 
vatism. 

Mr. Stoiber is a foe of bind- 
ing Germany loo closely to the 
European Union, and his party 
was an early advocate of police 
surveillance of the reconstruct- 
ed Communist Party in Eastern 
Germany, the Party of Demo- 
cratic Socialism. 

The leaders of that parly, a 
force in Eastern Germany, have 


said they would support a So- 
cial Democrat-led coalition ;f 
they succeeded in gaining Neats 
in the federal Parliament next 
month. 

Such a possibility would de- 
pend on the Free Democrats’ 
failing to return to Parliament 
and on a strong showing by the 
.Alliance 90-Green.- party. 

(AF. Ki :ticr.\ ) 

■ Neo-Nazi Is Uprooted 

A house in southern Den- 
mark that had been bought k>r 
a leading German neo-Nazi wa* 
abandoned Sunday, the day af- 
ter some 2.000 demonstrators 
protested against his presence. 
The Associated Press reported 
from Copenhagen. 

Policemen protected the in- 
habitants of the house while the 
iwo-story building, bought ear- 
lier this’ year by the head of 
Germany's banned Nationalist 
Front. Meinhof Schonborn. 
was being emptied. 

Earlier, some 2.WKJ local in- 
habitants had demonstrated 
along with Danish and German 
leftists near Mr. Schonhorn’s 
house. 


SEA: Talks on Pollution Founder Over Stormy Waters 


Continued from Page 1 

language and imposed their 
own nomenclature, subjecting 
Koreans to appellation without 
representation. 

In 1928, Japan petitioned the 
International Hydrographic 
Organization to make Sea of 
Japan the official name of the 
sea. Since then, that has been 
the accepted international term. 
Even the English-language 
maps used by South Korea's 
Transportation Ministry' call it 
the Sea of Japan. 

But all ivorean-language 
maps use East Sea. In a sense, 
South Korea’s rejection of the 
Japanese name crystallizes de- 
cades of hostility" and resent- 
ment between the two cultures. 

For South Korean politi- 
cians, Japan-bashing remains a 
sure way to build support. Pres- 
ident Korn Young Sam saw his 
ratings climb last fall when be 
announced plans to demolish 


the handsome Blue House. 
Seoul’s equivalent of the White 
House. The problem: It had 
been built by the Japanese to 
house their colonial governor. 

A South Korean television 
reporter. Chon Yo Ok. hit best- 
seller lists here this year with a 
book titled “Japan is Nothing," 
which argues that Japan's cul- 
ture is "infantile." In Japan, 
meanwhile, an author using a 
Korean pseudonym has replied 
with a nonfiction book called 
"The Ugly Korean." 

For all that. South Korea and 
Japan have normalized diplo- 
matic relations, working togeth- 
er on international issues such 
as the North Korean nuclear 
threat. A key step toward better 
relations was Japan’s formal 
apology last year for forcing 
Korean women to serve as sex 
slaves during World War U. 

Given this warming trend, of- 
ficials here say. South Korea's 


Foreign Ministry did not fore- 
see any political’ problem when 
the four nations sat down to 
negotiate the Northwest Pacific 
Action Plan, an environmental 
protection effort proposed by 
the United Nations Environ- 
mental Program. 

But the revelation that the 
document under discussion 
used the term Sea of Japan ig- 
nited a storm of criticism. “Hu- 
miliating," fumed one national 
magazine. “A major diplomatic 
blunder,” agreed the newspaper 
Dong-A llbo. “Have the South 
Korean negotiators forgouen 
the words of their own naTiona! 
anthem?" 

Evidently not. Suddenly. Ko- 
rea's negotiators said they could 
not discuss the UN plan until 
all reference io Sea of Japan 
was removed. In the end. ihe 
four nations agreed to describe 
the affected waters only by iheir 
latitude and longitude. 




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Rethinking Nuclear Arms 


His prepared text said that, with the 
passing of Soviet power, nuclear weapons 
play a “greatly changed" role in Ameri- 
can strategy. Bui in presenting the results 
of a major' Clinton administration nucle- 
ar policy review in a speech last week. 
Defence Sec re tar}’ of Defense William 
Perry got holder and said the nuclear role 
is “dramatically reduced.” It's so. The 
threat now centers on potential rogue 
bombs, not on real Soviet ones. The sense 
of c;v?li£aiionoi and global endangerment 
is gone. Cold War nuclear diplomacy is 
only a memory. The array and Marine 
Corps have been shorn of these arms and 
the navy and air force clipped way back. 

To us anyway, it is inconceivable that 
the United Slates would actually use or 
brandish the :.‘.il! very large total of 3,000- 
plus weapons it intends to have on hand 
in a decade, according to a schedule of 
reductions planned by the Bush adminis- 
tration and now confirmed by President 
Bill Clinton. Certainly it is not possible to 
imagine that the United States plans to 
use the hundreds of weapons it means to 
keep in Europe. Nor is it conceivable that 
nuclear arms would be employed against 
conventional attack, a theoretical option 
the administration retains. Bui for an 
indefinite period. Mr. Perry' made clear, 
nuclear weapons will remain a factor, 
diminished but undeniable, in American 
strategy. Essentially, the Clinton review 
embraces the Bush policy*. 

This is a disappointment to those who 


feel that the times allow an ever fuller 
denuclearization of the American arsenal 
and of American thinking. At a time 
when the United Slates is pressing a glob- 
al campaign to discourage other nations 
from acquiring or keeping nuclear weap- 
ons, for instance, it eannoi help for 
Washington to be reaffirming the value 
and continuity of its own nuclear arsenal. 

At the same time, however, the United 
States still has not merely the nuclear 
habit but the responsibilities of a global 
power. The administration has reasons of 
prudence not only to call on a lagging 
Russia to catch up to its earlier disarma- 
ment pledges but also to hedge against 
what Mr. Perry calls the “small but real” 
risk that Russia, currently with 25.000 
nuclear weapons (against 1 5.000 in Ameri- 
can hands), might again become hostile. 

Meanwhile, the administration fore- 
sees further steps in arms control and 
disarmament. Whether there will be 
much of an emphasis on the further re- 
duction of force levels and reinforcement 
erf mutual deterrence in a “START-3” 
agreement may become clearer in the 
CUnton-Yeltsin summit. In any event, 
there definitely will be an emphasis on 
the new strategic mantra of “MAS," or 
Mutual Assured Safety: nonprolifera- 
tion, controls on fissionable materials, 
safety and security of weapons (“loose 
nukes") and the like. This new agenda is 
urgent and laudable in its own right. 

— the Washington post. 


North’s Divisive Talents 


Oliver North has two talents rarely, if 
ever, combined in the same political candi- 
date. He can squirt water through the gap 
in his Trent teeth and strike a target 10 feet 
away. He also has a rare gift for splitting a 
political party that normally tolerates al- 
most anyone identified as a Republican. 
Mr. North is the Republican official sena- 
torial candidate in Virginia. He faces the 
Democratic incumbent. Charles Robb, 
and J. Marshall Coleman, another Repub- 
lican who is running as an independent. 
But much of Republican firmament can- 
not abide Mr. North, including one former 
president, largely because he misled Con- 
gress about the Iran-contra affair. 

Ronald Reagan, who seldom ventures 
into intra-party politics, called Mr. North 
a liar for asserting that he had directed him 
to mislead Congress during the Iran-con- 
tra investigation. Rather than support the 
party's nomine. Senators John Warner of 
Virginia. Jol :' Danforth of Missouri and 
John Chafee ;f Rhode Island have come 
out for Mr. Cowman. Robert McFarlane. 
Mr. North’s old boss at the National Secu- 


rity Council, said of him: “He lies to me, to 
the Congress, to the president. This is not 
somebody you want in public life.” 

Now along comes former President 
George Bush, with a positively chirpy 
note in which he offers to endorse Mr. 
North and help him in any way he can. 
No reservations from Mr. Bush. 

Bob Dole, the Senate minority leader, is 
plainly conflicted, voting both “yes" and 
“no.” First he described Mr. North as “a 
loose cannon" who had overstepped his 
authority when he helped divert arms to 
Iran to fund the contras in Nicaragua. 
Then, visions of a Senate majority dancing 
in his head, Mr. Dole set aside his con- 
tempt and campaigned for Mr. North. 
Never a good actor, he did so tepidly. 

Ask the folks at Republican Central 
what all this means and they'll tell you that 
the Republican Party is “a big lent.” Per- 
haps. But in the year of North, that tent is 
too small to accommodate both those who 
wish to consort with him and those who 
wish he had never appeared on the scene. 

— THE NEW YORK TIMES. 


An Immigration Disservice 


The Immigration and Naturalization 
Service is an agency in disarray, serving 
neither its clients nor the taxpayers well. 
The Clinton administration is trying to 
make changes, starting with the basics of 
better management. But this is an agency 
that needs a radical makeover. 

The dual mission of the INS is a big 
problem. It is a law enforcement agency 
charged with catching and deporting ille- 
gal aliens. It is also a service agency that 
helps foreigners who come to America 
legally become eligible for work and citi- 
zenship. As a recent New York Times 
series showed, the agency performs poor- 
ly. It leaves revenues uncollected. It al- 
lows illegal aliens with criminal records 
to move about the country with impunity. 
It thwarts the efforts of immigrants seek- 
ing basic information. It looks the other 
way when its own officials engage in 
corruption. Its inadequate computer sys- 
tems fail to accurately record or ade- 
quately maintain and update data. 

i hough an arm of the Justice Depart- 
ment. the INS has long been treated like 
an orphan. During the 1980s particular- 
ly. the agency became a dumping 


ground for political hacks. Immigration 
is considered such a losing issue that 
members of Congress do not want to 
serve on the committees that are sup- 
posed to supervise the agency. 

The Clinton administration is trying 
to make some changes. Its new commis- 
sioner, Doris Meissner, has started to 
reorganize the agency to make field op- 
erations more accountable to headquar- 
ters. At the same time, she is giving 
career officials more responsibility 
while trying to strengthen border con- 
trols and deport more criminal aliens. 

Congress has increased the agency's 
budget for the 1995 fiscal year, in hopes' 
that it will use the money to reform itself. 
But rehabilitating the INS may take long- 
er than public patience will allow'. Several 
border states are suing the federal govern- 
ment, insisting that illegal aliens are drain- 
ing their resources. At die same time, legal 
immigrants deserve fair and efficient treat- 
ment It is time for an outside commission 
to take a hard look at the agency, with an 
eye toward separating its enforcement 
from its service functions. 

— THE NEW YORK TIMES 


Other Comment 


Tasks for Clinton and Yeltsin 

Russia is becoming, if never quite a 
“normal” power, at least a more calcula- 
ble one. So President Bill Clinton will 
want to dwell [at this week’s summitl on 
those areas — stemming nuclear prolif- 
eration. for example — where Russia 
and America can now cooperate rather 
than compete. President Boris Yeltsin 
will be keen to do the same. 

Frictions over Bosnia, and the 
“friendly" invasion of Haiti, make it 
harder for Mr. Clinton to take up anoth- 
er issue; Russia’s bullying of its neigh- 
bors'. Nonetheless he must do so. Russia 
has legitimate concerns about the secu- 
rity of its borders and the fate of the 25 
million or so ethnic Russians who live 


beyond them. But legitimate interests do 
not excuse illegitimate means — includ- 
ing force — that Russia has used to 
defend diem. Having barged into his 
neighbor's affairs, Mr. Yeltsin claims to 
be looking for ways to settle local con- 
flicts, not stir them up (let alone rebuild 
a Russian empire). In one place — the 
disputed territory of Nagorno-Kara- 
bakh — he could demonstrate these 
good intentions, but so far bas not. 

Thankfully, the time is past when 
rows between Russia and America 
shook the world — but getting policy 
toward Russia right still matters a great 
deal. If his recent performance is any 
guide, Mr. Clinton is anything but well- 
equipped for the task. 

— The Economist (London). 


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U.S. -Russian Summitry: Oil and Gas Fields Loom Large 


WASHINGTON — The issues of war 


and peace, and oil and gas, on the 
larat 


By Jim Hoagland 


shores of the Caspian Sea loom large on the 
agenda that President Bill Qinton will dis- 
cuss with President Boris Yeltsin at the 
White House on Tuesday. On no other issues 
are Ru$$ian-U.S- differences so clear-cut 
U.S. officials expect Mr. Yeltsin to re- 
spond positively to Mr. Clintons proposals 
on voluntary nuclear weapons reductions, 
limiting security problems in Central Eu- 
rope and improving the conditions for U.S. 
investment and trade with Russia. 

But the United States has become open- 
ly suspicious of Moscow's meddling in the 
war between the former Soviet republics of 
Armenia and Azerbaijan. And Mr. Clinton 
will now be pressing Mr. Yeltsin not to 
interfere with the hopes of American com- 
panies to play a major role in turning the 
Caspian into an oil-producing region with 
the potential to be another Kuwait. 

The oil and gas reserves add allure to 
the Transcaucasia region, long a strategic 
prize for outside powers. Russia and Tur- 
key, joined in the 19th century by Britain, 
have waged a political and military strug- 

g e for influence that was christened “the 
real Game” because of the grand 
stakes, and tactics, involved. 

“This has been a century-long game and 
now we are back in it,” Sergei Karaganov. 


head of a foreign policy advisory board 
appointed by Mr. Yeltsin, says of the de- 
veloping contest between Russia and Tur- 
key for allies and clients in the Central 
Asian area both powers neighbor. 

The Caspian oil. located in Azerbaijan. 
Turkmenistan and Kazakhstan, must be 
pumped out by pipeline to tankers for trans- 
port to Western markets. Deciding whether 
new pipelines go through Russia or Turkey, 


or perhaps even Iran, is likely todepend on 
rfldC 


politics as much as economics. That is what 
makes the Caspian oil question a proper 
matter for the summit meeting. 

Azerbaijan, which has suffered heavy- 
losses of men and territory in the fighting 
with Armenia over the disputed territory 
of Nagorno-Karabakh, signed contracts 
worth 5S billion with a consortium or 
Western firms last Tuesday. The consor- 
tium, which includes Amoco, Pennzoil, 
Unocal and British Petroleum, will pro- 
vide 80 percent of the financing. 

But Russia immediately denounced the 
agreement, which does not specify the 
pipeline route. Mr. Karaganov, in Wash- 
ington to help prepare Mr. Yeltsin’s visit, 
stated flatly that there was “no chance that 
the deal will stick if the pipeline goes 


south” through Turkey. “Russia is inter- 
ested that we control the pipeline.” 

This presents Mr. Clinton with a delicate 
mission in trying to bridge the gap between 
U.S. companies, a war-shattered Azerbaijan 
and a Russia that is still economically unsta- 
ble. White House officials point to the pres- 
ence of Russian energy minister at the con- 
tract signing and the fact that a Russian oil 
company has a 10 percent interest in the 
consortium as promising signs that Mr. 
Yeltsin can be talked into, or bargained 
into, not opposing the deal now. 

The White House formally does not take 
a position on where the pipeline should go. 
Informally, officials acknowledge they 
would rather see no deal than a deal that 
awarded the pipeline, the revenues it will 
generate and the control it will convey over 
the region's economic life to Iran. 

“Pan of the reason of developing the 
Caspian oil reserves will be to develop an 
alternative to relying so heavily on oil from 
the Persian Gulf.” said a White House 
official. “If Iran controls the pipeline, we 
haven't improved things at all.” 

There is no clear consensus in the ad- 
ministration whether U.S. interests are 
best served by supporting a pipeline 
through Russia, which is eager to main- 
tain the economic links that tied the re- 
publics of the south to Moscow, or through 




walk a fine line as be attempts ^ 


walk a hoc aa 

Yeltsin into letting te£*t**2*g*' 




by disagreement 

Moscow over war brt»«a Arania, 
which Russia supports. 

refused to host Russian troops its sotL 
Russia is encouraging Anncma, wmea is 
winning tbc war. to hold om for Russian 
oeacekeeping forces rather than to accept 
peacekeeping units and observers that 
would report to the Conference cm Sec urity 
and Cooperation in Europe, as Washington 
wants. OS- officials openly queshon Mos- 
cow's intentions in Azerbaijan aim accuse 
the Russians of prolonging the figh ting- 
America's political and ecoacmnc inter- 
ests crane together in the Azerbaijan case m 
a way that demands presidential involve- 
ment. Mr. Clinton deserves recognition for 
the preparation he has devoted to this case 
and for putting the economics and politics 

of Azerbaijan on the summit agenda. 

The Washington Post. 0 


Plan Now for Yeltsin’s Bitter Legacy 


N EW YORK — Boris Yeltsin. 

Russia's First popularly elect- 
ed president but unabashed ad- 
mirer of Peter the GreaL comes to 
Washington this week to visit his 
own most exalted enthusiast. If 
their previous summit meetings 
are any precedent President BUI 
Clinton win again embrace “my 
friend Boris” and his claim to be 
the indispensable father of a “new 
democratic and civilized Russia.” 

Not many influential Russians 
see Mr. Yeltsin that way any long- 
er, nor are future historians Likdy 
to do so. The “irreconcilable oppo- 
sition,” as ultranationalists and 
defiant Communists are called, 
still views him as a c rimin al agent 
of Western powers who plotted Lhe 
breakup of the Soviet Union and 
are now plundering Russia's econ- 
omy. But, more significantly, few- 
er and fewer Russian democrats, 
once Mr. Yeltsin's hopeful sup- 
porters, see him as one of their 
own. Most regard him as an in- 
stinctively authoritarian leader 
who has enabled the former Soviet 
ruling class to preserve its position, 
even to enrich and legalize it under 
the cover of “privatization.” 

Nor is Mr. Yeltsin's standing 
with ordinary Russians what it 
once was. In last December's 
elections for a new Parliament, 
the Slate Duma, various anti-gov- 
ernment parties took about 85 
percent of the vote, even though 
Mr. Yeltsin wrote the roles, and 
controlled television. In recent 
presidential polls, he is preferred 
by no more than 20 percent of 
those surveyed. Not surprisingly, 
Russian newspapers have begun 
speculating about the “death ago- 
ny of the Yeltsin regime.” 

It may be too early to write Mr. 
Yeltsin's political obituary. But 
already we can understand the 
dangerous consequences of his 
policies, particularly those in 
which the United States has been 
deeply involved. My view is that 
Mr. Yeltsin's legacy will not be 
the promised transition to a dem- 


By Stephen F. Cohen 


ocratic, free-market system, or 
even a popular consensus for 
moving in that direction, but a 
bitterly divided nation. 

Three traumatic policies have 
characterized Mr. Yeltsin's use of 
power and shaped Russia today. 
In December 1991, his sudden and 
surreptitious abolition of the Sovi- 
et Union shattered an exceptional- 
ly integrated economy while de- 
priving 1 50 million Russians of the 
only nationhood they had known. 

In 1992. his attempt to impose a 
Western-style market economy on 
Russia by “shock therapy” took 
away the life savings of most peo- 


Russion newspapers have 
begun speculating about 
the ‘death agony of 
the Yeltsin regime. ' 


pie. Largely as a result, while per- 
haps 5 percent to 8 percent of 
Russians have profited fabulously, 
industrial production has dropped 
up to 50 percent, at least half the 
country now lives in poverty or on 
the brink of it, and general health 
and life expectancy have declined 
so severely that even a pro- Yeltsin 
newspaper calls the situation an 
“unfolding catastrophe.” 

His third decision, the unlawful 
overthrew of an elected Parlia- 
ment and constitutional order in 
1993, then dealt a heavy blow to 
popular democratic expectations 
initiated by President Mikhail 
Gorbachev 'in the late 1980s. 

The political fallout from those 
excessive policies was predictable 
and has been confirmed by opin- 
ion polls and other sources. In 
response to Mr. Yeltsin’s brand 
of extremism, “irreconcilable" 
views, including anti-American- 
ism and the charge that post-com- 


munist Russia is ruled by a “crim- 
inal state,” have crept across the 
spectrum. Most Russians no long- 
er believe in democratic, free-mar- 
ket or other Western-sponsored 
solutions; they look back ou the 
breakup of the Soviet Union as a 
mistake or a conspiracy and want 
some kind of regrouping of for- 
mer Soviet republics. 

Fear and loathing are spread- 
ing like a cancer in this long tor- 
mented. ethnically diverse coun- 
try, where the question “What is 
to be done?” has too often been 
answered with “Who is guilty?” 
Millions of ordinary citizens 
loathe what has happened to their 
nation at home and abroad, and 
ask who “betrayed" them. Un- 
derstandably. the ruling elite has 
begun to fear its own people. The 
escalating anxiety rises like a 
specter from recent developments 
reported in the Russian press. 

Three are especially revealing. 
Having broken his promise to hold 
a presidential election in 1994, Mr. 
Yeltsin has begun looking for 
ways to cancel the one now sched- 
uled for 19%. Publicly, his asso- 
ciates are offering to do it in con- 
junction with the State Duma, 
which is also up for re-election 
soon, but privately they arc explor- 
ing “harder” variants as wdl. 

Second, credible reports sug- 
gest Mr. Yeltsin is suppressing 
evidence that the new authoritar- 
ian constitution he put to the 
country last December — the 
Cinton administration called it a 
“great democratic breakthrough” 
— did not actually get the re- 
quired 50 percent of eligible 
votes. If true, everything Mr. 
Yeltsin has done as president in 
1994 also has been unlawful. 

Third, a popular young gener- 
al, Alexander Lebed, recently 
called for a new political leader- 
ship, dismissing Mr. Yeltsin as 
“a minus.” When the president's 
few remaining military loyalists 
tried to remove General Lebed 
from his command, the general 


A New Era for Ireland Opens at Last 


L ondon — with the an- 

j nouncement of a cessation 
of military activities by the 
Irish Republican Army and the 
commitment of their political 
voice, Sinn Fein, to peaceful 
and democratic means to reach 
an agreement between the peo- 
ple of Ireland that can earn the 
allegiance of all our traditions, 
we are now at the beginning of 
a new era in Ireland. 

That was the clearly stated 
objective of my dialogue with 
Gerry Adams. Since five British 
governments and 20,000 troops 
failed to stop the violence, I 
took the view that if the killing 
of human beings on our streets 
could be ended by direct dia- 
logue, then it was my duty to do 
so. I am naturally pleased that 
we have achieved this first ma- 
jor step toward lasting stability. 

Now we must move on to our 
next major challenge: to reach 
agreement on how we share our 
piece erf earth together. The 
challenge b to find common 
ground between two fundamen- 
tally different mind-sets, the 
unionist and lhe nationalist 
The unionist mind-set, based 
largely in the Protestant popula- 
tion of Northern Ireland, b akin 
to that of the Afrikaner who 
believes that, surrounded by 
hostility that is real or apparent 
the only way to protect ms peo- 
ple is to concentrate power in 
their own hands to the exclusion 
of all others. That approach is 
not only doomed to encourage 
widespread discrimination and 
conflict but b unsustainable. 

Nor does it do justice to the 
unionist tradition. The union- 
ists of Northern Ireland are 
justly proud of their heritage 
and their contribution to the 
world. As many as 1 1 American 
presidents came of their slock. 
They number captains of indus- 
try and colonial governors 
among their great men. They see 
themselves as a pragmatic, 
hardheaded, straight-talking, 
skeptical, robust people and 


By John Hume 


there is much in their hbtory to 
justify their view. 

But the negative impact of 
their laager mentality has tend- 


ed to dry up their creativity and 
tale 


paralyze their political talents. 
The time has come for them to 
believe in themselves as their 
own best guarantors in a future 
shared with the rest of the peo- 
ple of Ireland. They must realize 
that because of their geography 
and their numbers, the problem 
cannot be solved without them. 
Their true interest depends pre- 
cisely on the exercise of their 
traditional gifts of self-confi- 
dence and sdf-retiance. Let them 
exercise those gifts now by en- 
gaging in the political process of 
dialogue and consensus budding. 

The nationalist mind-set has 
traditionally relied less on the 
discipline of its people and more 
on its commitment to the territo- 
ry of Ireland. “This is our land, 
and you unionists are a minority 
and you cannot stop us taking it 
over” can fairly well sum it up. 
But Irish nationalism has grown 
in its complexity, and it accepts 
that unity b not a territorial ob- 
jective but one that involves peo- 
ple. It is people who have rights 
and not territory. A divided peo- 
ple can only be brought together 
by agreement If coercion en- 
trenches those divisions, only di- 
alogue can bridge them. 

In my whole approach to this 
process, ! have been strongly 
inspired by both my European 
experience and my contact with 
the United States. The Europe- 
an Union is the greatest testa- 
ment to the resolution of con- 
flict. After one of the bloodiest 
conflicts in hbtory, which left 
35 million dead across our con- 
tinent a mere 50 years ago, Eu- 
ropeans are engaged in a level of 
cooperation so intense it has 
blurred the traditional bounds 
of sovereignty. The political sys- 
tem of the United States com- 


mands the loyalty of citizens de- 
spite the diversity of their ethnic 
makeup and experiences. And 
each U.S. citizen carries in the 
small change in his or her pock- 
et the maxim that holds the 
country together: e pluribus 
unuro, from many we are one. 

We in Ireland are engaged in 
a process that seeks to give reali- 
ty to thb most profound truth. 
We must create by agreement, 
as was done in postwar Europe, 
institutions that respect our di- 
versity but allow us also to work 
our substantial economic 
ground together — and by spill- 
ing our sweat and not our blood 
to begin our healing process. If 
that happens, a new Ireland will 
evolve, and the model that 
emerges may be very different 
from the models of the past. It 
will be based on agreement and 
can earn the allegiance of peo- 
ple from ail our traditions. 

While we work for political 
agreement, we should also work 
together to build our country 
economically, concentrating on 
areas of higher unemployment 
in the North so that the positive 
results of (he peace process can 
be visible to young people. We 
must give them hope and belief 
in the constitutional process. 
We must plan to give them the 
opportunity to earn a living in 
the land of their birth and to 
contribute to its development 


My hope, and it is a confident 
Dpe, is that 


hope, is that the fast approach- 
ing 21st century will be the first 
century in our bland history in 
which the evil genius of mistrust 
and violence will be finally laid 
lo rest, and politics alone — in 
all its dynamism and rigor — 
will direct the affairs of all of 
the people of Ireland. 


the 


The writer. , a member of, 
British Parliament and the Euro- 
pean Parliament, is leader of the 
Social Democratic and Labor 
Patty of Northern Ireland. He 
contributed this comment to The 
Washington Post. 



hinted that he might inspire a 
mutiny or undertake a personal 
bid for the leadership. Mr. Yelt- 
sin immediately retreated, prais- 
ing the general's “great role” in 
keeping things “under control.” 

All three episodes reflect a 
growing dread of powerlessness 
and retribution in the Yeltsin 
camp. No Russian or Soviet lead- 
er has ever left power voluntarily. 
Given the traumas he has inflict- 
ed on the country, it is easy to 
understand why Mr. Yeltsin may 
not want to be the first. Haring 
ruled mostly by decree (some 
2,300 in 1993 alone), without or 
in open defiance of parliaments, 
constitutions and laws, having set 
the precedent of a political trial 
against the Communist Party in 
1992 and then used tanks to im- 
prison his own former allies last 
year, and having tolerated finan- 
cial scams that victimized mil- 
lions of small investors while em- 
bracing high-level associates 
widely suspected of corruption, a 
powerless Yeltsin would risk be- 
coming the target of any vengeful 
politics that ensued. 

Alarmed and divided, Mr. 
Yeltsin’s inner circle is giving him 
conflicting advice. One faction is 
urging an early presidential elec- 
tion before the economic crisis 
gets even worse and the opposi- 
tion finally finds a candidate who 
can at least ecjual Mr. Yeltsin's 
lowly ratings in the polls. The 
other group wants him to shed oil 
such remnants erf democratic “ro- 
manticism" and become a fully 
authoritarian leaden a “Russian 
Pinochet,” as General Lebed and 
even many pro- Yeltsin “demo- 
crats” are calling for. 

Some Russian analysts doubt 
that anyone involved in the deci- 
sions to abolish the Soviet Union, 
launch shock therapy or assault 


the Parliament could be re-elect- 
ed. If that is correct, truly demo- 
cratic elections would oust most 
Ydtsinites from power. But their 
hard-line rivals also are unpopu- 
lar and tmeonfident, partly be- 
cause several of them initially 
supported Mr. Yeltsin's breakup 
of the union. Moreover, many 
anti- Yeltsin oppositionists who 
won seats in the State Duma have 
shown little interest in investigat- 
ing the suspect voting results and 
may go along with his offer to 
caned both scheduled elections. 
They too fear the country’s anti- 
establishment mood. 

The Pinochet solution that so 
clearly tempts Mr. Yeltsin may be 
even riskier. Russia’s aspiring cap- 
italist dass is still too small to 
support such a regime and few 
army officers could be counted on 
to do Mr. Ydtsin's bidding; they 
would more likely turn to their ■ 
own pretenders. Ether way, Rusf* 
sia’s historic experiment with de- 
mocracy would oe over. 

Will anyone ask Mr. Ydtsin 
about these retrograde machina-' 
tions when he visits Washington? 
Wffl the Clinton administration 
change its policy toward Russia 
before it is too late? That policy, a 
“strategic partnership ana friend- 
ship” based on a crusade to trans- 
form Russia along American lines, 
has failed, becoming little more 
than zealous cheerieading for a 
leader whose polarizing legacy 
may far outweigh any good he has 
done. Without a more ecumenical 
approach, America will have few 
friends or partners in postrYdt- 
sin Russia. Or does America pre- 
fer a Russian Pinochet? 


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The writer, a professor of politics 
and Russian studies at Princeton 
University, contributed this to the 
International Herald Tribune. 


c- 

T • 1 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: Zola the Unholy 

LOURDES — M. Zola's last 
novel has been placed on the In- 
dex Expurgatorius: which means 
that according to canon law the 
work ought to be withdrawn from 
circulation by the author, copies 
of it destroyed by those who have 
any, and the edition torn up. The 
author may be excommunicated if 

Hi* rl/vc nnt rnkmit u 


cnee another was called by 
Prime Minister Lloyd George, at 
which were present m anag ers of 
the various railway companies. • 



1944: British Advance 


LONDON — [From our New 
York edition:] The 


J — British para- 
troopers cut off for eight days in 
the vicinity of Arnhem, 


auuuji ui*y oc excomni umcated u r"" ui rvnuu , . 

be does not submiL Henceforth all waged one of the 
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K ~' 1 ’ — ; * • make it possible for Lieutenant * 4 

General 


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book are m a state of mortal sin. 

1919: Rafl Strike Talks 

LONDON — The strike situa- 
tion on the British railways has 
cleared up somewhat during the 
past twenty-four hours, and the 
imminence of a tie-up of trans- 


C DerapSQfto 

him the comer of the Siegfried 
line. The American paratroopers 
who started landing a week ago 
Sunday [S«>L 17] at the same 
time as the British have had a Jess 
spectacular pan in making possi- 
ble the advance of the British 2nd 


. “ “'- “i' wi trans- me tne advance of the British 2nd V 

portation is not so apparenL Army, yet a part which is in no v 

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Inl emotional Herald Tribune, Monday, September 26, 1994 


Page 7 


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CAPITAL MARKETS 


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New Floating-Rate Bond 
Shows German Flexibility 

By Carl Gewirtz, 

International Herald Tribune 

ARiS — For the first time since unification four years ago. 
the German government this week will offer investors long- 
term bonds with a floating interest rate rather than a fixed 
coupon. Analysts agreed that it was a smart move aimed at 
breaching the mismatch between investor preferences for 
• short-term exposure with the government's need for long-term 
funds. They also see it designed to calm fears about an imminent 
- increase in interest rates. 

Even more reassuring was last week’s announcement of Germa- 
ny’s borrowing requirement for the fourth quarter: about 45 billion' 
■ Deutsche marks ($29 billion), significantly below the levels that had 
been rumored to be potentially destabilizing 

The details of the financing ■■ - ■.■ 


P 



Germany’s offer of 
Boating-rale bonds is a 
pragmatic solution to 
a financing problem. 


calendar — specifying type of 
"instrument, maturity as well as 
expected size — was new and 
1 welcomed as providing a needed 
transparency for the market 

Hie unusual decision to sell 
floating-rate paper, expected to 
be a 10-year issue of 10 billion 
DM with interest most likely at a quarter-point below the Frankfurt 
interbank offered rate, “should not be interpreted as a sign of 
weakness," said Richard Reid of Union Bank of Switzerland. "It’s a 
pragmatic solution to a financing problem. 

"There is no shortage of savings in Germany." he said, “but there 
is a mismatch between the high-liquidity preference of savers and 
the government’s need." 

With the coupon regularly recalculated in line with money-market 
rates, investors get an asset that incorporates the essential features of 
a short-term instrument, while the government gels Its money for 10 
years. Money-market funds, which were authorized to begin operat- 
ing in August, are expected to be large buyers of such paper. 

Guido Barthels at J. P. Morgan & Co. said the move demonstrat- 
ed the government's conviction that long-term rates were headed 
lower. "If bond yields were expected to stabilize or go on rising, the 
government obviously would sell fixed-coupon paper now. I inter- 
, pret the decision to issue floating-rate paper as an indication that 

• the Finance Ministry thinks yields will be declining and that fixed- 
rate paper can be sold later at lower cost," 

A fixed-coupon, 10-year bond would be difficult to sell in the 

• current market environment, analysts said. This goes for all curren- 
i cy sectors, apart from the yen. 

The World Bank last week sold SI J billion of five-year global 
bonds. Lead managers were reported to have bought back almost a 
quarter of the issue to hold the yield steady at the offering spread of 
9 basis points over comparably dated U.S. government paper. 

This week, Korea Development Bank is expected to sell $500 
million of five-year global bonds. Not only is the size smaller, but 

See BONDS, Page 9 


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THE TRIB INDEX 


International Herald Tribune 119 
World Slock Index, composed 
of 280 internationally investable ns 
slocks from 25 counkies, 
compiled by Bloomberg 117 
Business News. 

116 

Weekending September 23, 
daily dosings. 

Jan. 1992= 100. 115 


World Index 



131 

130 

129 

128 

127 

98 

87 

96 

95 

9*1 



Industrial Sectors/Weekend dose 


wn W OTHH % 
ctov dOM awn* 


023194 on GW 
ctaM doae 


% 

eMngt 


En ergy 112.16 11610 -3.48 Capital Goods 11729 117.98 -0.SB 
Utilities 131.30 130.18 +0 S6 Raw Materials 134.83 137.75 -2-12 


Finance 115.48 1 15.07 +0.36 
Sendees 120.95 121.97 -0.84 


Consumer Goods 103.17 10433 -1.11 
Miscellaneous 134.1813697 -2.04 


The Mox tracks US. dollar wriufs cf stocks Hr Tokyo, Now Yort^London, ami 
Argentina. Ainrtralta, Austria. Botgtum, Brazil, Conoda, ChHe, PjHw nM*. 
Flnund. Francs, Gsmurny. Nona KOftft Italy. Mwcl co. 

Zootand. Norway, Sfaisapora, Spun. Swsdsn, Switzerland and Venezuela. For 
To ino. New VOrti and London. in® Wax Is composed of tfw20 top Issues In terms 
of market capoakiation, othorwisa dm ten ftp stocks are tracked 


O International Herald Tribune 


CURRENCY RATES 



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Downbeat 
Outlook 
For Dollar 
This Week 

International Herald Tribune 

PARIS — This week promises 
to be a difficult one for the dollar 
and bond markets in the United 
Slates and in Europe, which 
takes its cue from New York. 

The main event will be the 
meeting Tuesday of the Federal 
Reserve Board's policymaking 
panel, who will be looking a Tt 
the need to raise U.S. interest 
rates for the sixth time this year. 

Whatever the outcome, it 
looks to be a no-win situation 
for the dollar. 

Analysts agreed that an ab- 
sence of Fed action this week 
would fail to soothe fears that a 
tight enin g of monetary policy 
was immin ent. Look for “a fur- 
ther bout of weakness for the 
dollar and U.S. bonds if the Fed 
fails to act," said Joanne Perez 
at Banque Indosuez. 

But raising rates so soon after 
last month's half-point increase 
"carries some risk of conveying 
the mistaken notion that' the 
Fed is trying to torpedo growth 
or that officials fear a worse 
inflation threat than in fact ap- 
pears likely,” said analysts at 
Salomon Brothers Inc. in New 
York. They were convinced 
U.S. interest rates would rise in 
coining months. 

The Friday deadline for U.S.- 
Japanese trade talks also will be 
an important day for the cur- 
rency market. Washington has 
threatened to impose trade 
sanctions if the talks fail. 
"While markets may have little 
expectation of dramatic conces- 
sion from ihe Japanese, there is 
still scope for them to be disap- 

See DOLLAR, Page 9 


Market Discounts Soros Property Fund 


By Leslie Eaton 

Sew York Tima Sere tee 

NEW YORK — When George Soros 
and Paul Reichmann teamed up last year 
to run a real estate fund, they raised 
some eyebrows — and a Jot of hopes. 

Mr. Soros, after all, was the man with 
the golden touch, the trader who in 1992 
made more than SI billion by betting 
against Europe's central banks. 

Mr. Reichmann, on the other hand, 
was the visionary who led Olympia & 
York Developments Ltd. into bankrupt- 
cy, the real estate mogul whose empire 
collapsed under the weight of London’s 
Canary Wharf development. Wits joked 
that next Mr. Soros would hire Michael 
Milken to run a bond fund. 

But the partnership was also widely 
hailed as a sign that commercial real 
estate might be recovering from the bru- 
tal bear market that followed the over- 
building of the 1980s. 

if an investor as canny as Mr. Soros 
was swooping in to snap up office build- 
ings, maybe there was hope even for all 
those glass- walled structures that have 
□ever attracted tenants. 

Recently, however, there have been 
signs that sailing has not been smooth 
for the $525 milli on Quantum Realty 


Trust, named after Mr. Soros’s flagship 
Quantum Fund. 

Mr. Reichmann is no longer involved 
in Quantum Realty's daily operations, 
though he remains nonexecutive chair- 
man of the fund's manager. Reichmann 
International, which has had three chief 
executives in as many months. "Every- 
body's buzzing about it." said one real 
estate executive. 

Investors may have soured on the fund. 
Ils share price, "which is set by a dealer in 
London, has tumbled more than 22 per- 
cent from its peak in early January, far 
more than the British stock market's 12 
percent decline in the same stretch. 

Mr. Soros's funds are not listed on 
stock exchanges, but are bought and sold 
by a small group of friendly dealers. 

Even more surprising, perhaps, is that 
Quantum Realty^ London dealer. Edgar 
Astaire & Co., is bidding Jess for the 
shares than Quantum Realty says they 
are worth based on the value " of the 
fund's holdings. Last week, the fund's 
net-asset value was reported as about 
5135 a share, but the dealer bid just $121. 
a 10 percent discount. 

Matthew Wilson, head of finance and 
administration for Edgar Astaire, said 
that Quantum Realty was trading at a 
discount "because it is in real estate: 


most real estate companies trade at a 
discount to their net assets.” 

But Mr. Soros’s funds are famous for 
trading at a steep premium to the value of 
their holdings; the flagship Quantum 
Fund itself, which takes big bets in stocks, 
bonds, and currencies, maintained a dou- 
ble-digit premium even after Mr. Soros 
acknowledged he lost $600 million on 
Feb. 14 because of a bad bet on the yen. 

Until recently. Quantum Realty bad 
followed that pattern, generally trading 
at a premium, sometimes a large one" 

At worst, in September 1993. the deal- 
er’s bid had briefly hovered just below 
net-asset value. But since May, the bid 
has been sinking steadily, while the net 
asset value has remained fairly steady. 

Quantum Realty^ recent discount ""is 
a significant event in the way the whole 
empire functions." said the head of a 
large money management firm. 

The new head of Quantum Realty's 
manager, Vernon Schwartz, acknowledg- 
ed that Reischmaxm International might 
have looked like it was in some turmoil 
but he said the succession of executives 
"was not as disorganized as it appeared." 

As for the rumors that Mr. Soros and 
Mr. Rei chmann have had a falling out. 
Mr. Schwartz said he had heard them but 
refused to comment. 


Germany Wary of Plans for IMF Aid 


Bloomberg Business S’etvs 

FRANKFURT — Germany, 
which has long urged other 
countries to help former Com- 
munist countries onto their feet, 
now finds itself complaining 
that such assistance could be 
uncomfortably inflationary. 

In particular, the German 
central bank is worried by a plan 
by senior International Mone- 
tary Fund member slates to pro- 
vide increased capital to the for- 
mer Communist bloc in the form 
of Special Drawing Rights. 

SDRs, a type of currency 
based on credit with the fund, 
have long occupied an incon- 


spicuous comer of the financial 
world. But the looming debate 
between the Bundesbank and its 
major counterparts promises to 
thrust SDRs into the spotlight at 
the IMF annual meeting, which 
is to start Wednesday in Madrid. 

At issue for the Bundesbank 
is the inflationary impact of a 
large injection of marks into the 
world monetary system. 

Although the Bundesbank 
may well force other countries 
to compromise on how many 
SDRs will be issued, the pro- 
posed increase, amounting to 
about 36 billion SDRs, would 


equal roughly 82 billion Deut- 
sche marks <553.66 billion). 

Only a portion of this 
amount would actually be con- 
verted into marks, but many in 
the Bundesbank worry about 
the consequences. 

"In view of the abundance of 
international liquidity. I see no 
point in taking artificial mea- 
sures to add even more to global 
liquidity." Bundesbank Presi- 
dent Hans Ti elm ever said earli- 
er this month. 

Economists said that two in- 
terrelated factors are leaving the 
Bundesbank unhappy about the 
prospect of new SDRs. 


First is Lhe notion that the 
Bundesbank does not favor 
greater world liquidity- The 
bank feels there is enough mon- 
ey to meet the world’s needs 
and fears an increase would 
lead to higher global inflation 
that no countryrincluding Ger- 
many, could avoid. 

A second aspect of SDR cre- 
ation is that many of those 
SDRs could be converted to 
marks, making it hard for the 
Bundesbank to keep a grip on 
its money supply. Some econo- 
mists say the mark share could 
total more than 20 percent of 
the SDR issue. 


Frankfurt Notebook 


Why Is This Man Missing? 


Was Jurgen Schneider, the German develop- 
er whose disappearance left banks holding 5 
billion Deutsche marks <$3.23 billion) in bad 
debt, himself the victim of foul play? 

In the latest twist of this mystery. Mr. 
Schneider's lawyers have asked federal investi- 
gators to conduct a handwriting analysis of 
letters that entrusted them with control of his 
affairs before he disappeared around Easter. 

Rumors suggest Mr. Schneider could be 
either dead or lhe unwilling accomplice of 
organized crime or terrorist interests set on 
getting hold of money he transferred abroad. 

Mr. Schneider’s lawyers say they have had 
no contact with their client in months. 

A spokesman for the Frankfurt prosecutor's 
office, however, which is coordinating the 
search, said Mr. Schneider had “left a track” a 
few weeks back. Iranian opposition figures in 
Bonn have suggested he was holed up in Iran. 

The developer has been charged with credit 
fraud, document falsification, looting his com- 
panies when he knew they were aboui to go 
bankrupt and tax evasion. 

People’s Stock Missing Its Market 

Germans are perplexed at the advent of the 
Volksaktie, or people's stock, the nominal val- 
ue of which is 5 DM rather than the usual 50. 

Such inexpensive shares in Fielxnann AG. 
Europe's largest optician and the first to test 
the took were originally offered only in blocks 
of 50 or 100 shares, making it unappealing for 
small investors. Although Fielxnann stock can 
now be bought and sold individually at a daily 
Fixed price, most banks and brokers refuse to 
trade it in small lots at variable prices. 

Martin Kohlhaussen. chairman of Com- 
merzbank AG. said banks would lose money 


if they traded popular stock in small I ms. "1 
don’t think the 5- DM share will contribute to 
the popularization of equities, but I'd wel- 
come it if it did,” he said. 

But as trade in Volksaklien stumbles, com- 
panies are lining up to issue the discount 
shares. Daimler-Benz AG. Allianz AG Hold- 
ing. Bayer AG and Deutsche Bank AG are 
considering the issue of 5 DM share* and 
Schering AG. the pharmaceuticals company, 
plans to convert all of its outstanding shares 
to Volksaktien at its next annual meeting. 

Missing Out on Money Funds 

Rolf Breuer, chairman of the supervisory 
board of Deutsche Bdrse AG, recently ac- 
cused the Bundesbank of undermining Ger- 
many’s financial attractiveness to foreign in- 
vestors. 

Mr. Breuer said the Bundesbank has done 
Frankfurt a disservice by seeking to limit the 
expected success of money market funds, 
which became legal on Aug. I. The Bundes- 
bank recently announced it would discontin- 
ue a kind of short-term government security 
in which the funds were expected to invest 
heavily in order to avoid encouraging a trend 
to short-term maturities. 

The result is that German money market 
funds “will buy the short-term debt of the 
French government, the Belgian government, 
the Dutch government and every other govern- 
ment of this world, ultimately financing our 
European friends,” he said. 

There is "no rational reason" the Finance 
Ministiy and Bundesbank should not help the 
short ehd of the German government debt 
market to develop, he said. 

Brandon Mitchener 


U.S. Seeks f Social Contract 9 
To Upgrade Worker SMUs 


By Frank Swoboda 

Washington Past Serritv 

WASHINGTON — Labor 
Secretary Robert B. Reich won- 
ders if the cost of being economi- 
cally competitive is too high if it 
means a reduced standard of liv- 
ing for middle-class Americans. 

“The core meaning of com- 
petitiveness has got to be im- 
proved living standards for 
Americans,” he said in a week- 
end interview.“If we have eco- 
nomic growth and most Ameri- 
cans don’t enjoy it, we’re not 
succeeding as ah economy." 

Mr. Reich is beginning a 
campaign for what he calls a 
“new social contract” between 
business, government and citi- 
zens to help millioiis of Ameri- 
cans in the "anxious class” sur- 
vive in today’s economic order 
of downsizing, re-engineering 
and global competidon. 


Mr. Reich plans to outline the 
government’s position in three 
speeches, beginning with an ad- 
dress on the proper role of busi- 
ness to the Nadonal Alliance of 
Business in Dallas on Tuesday. 

Certainly, not everyone is do- 
ing poorly in the current recov- 
ery. More than 2 million jobs 
have been created during the 
past two years, but 8 million are 
unemployed and 4 million oth- 
ers are working pan-time but 
want full-time jobs. 

Mr. Reich noted the paradox 
of an economy that has so many 
people unemployed while WaU 
Street frets about the possibility 
of inflation rising because of 
tight labor markets and a short- 
age of skilled labor. 

He said the government 
would like to see companies 
within various industries share 
the costs of basic-skill training. 


Singapore 

To Shift 

Savings 

Foreign Markets 
Become Eligible 
For Investments 


By Michael Richardson 

International Herald Tribune 

SINGAPORE — in a move 
to strengthen its position as an 
Asian financial center and in- 
vest more of its surplus savings 
overseas. Singapore w ill take a 
series of steps over the next few 
years to encourage develop- 
ment of fund management and 
investment banking. 

The measures, announced ov- 
er the weekend by Lee Kuan 
Yew, Singapore's senior minist- 
er. will greatly enlarge the am- 
ount of Singapore capital avail- 
able for foreign investment and 
attract international financial in- 
stitutions, bankers said Sunday. 

Mr. Lee indicated the pool of 
money available by the end of 
the decade for private-sector 
management as a result of the 
reforms could be 80 billion Sin- 
gapore dollars ($54.1 billion). 

The money will come from 
the country’s compulsory sav- 
ings plan, known as the Central 
Provident Fund, and from state 
agencies, utilities and govern- 
ment-linked companies. 

Largely as a result of the 
fund. Singapore has a national 
savings rate of about 46 percent 
of its gross national product, 
one of the highest levels in the 
world. 

Government-controlled stat- 
utory boards have accumulated 
significant financial surpluses 
and have not had to turn to the 
private sector for capital in a 
major way. 

However, Mr. Lee said Satur- 
day that “comfortable in-house 
loan arrangements” would not 
help government officials and 
executives of government- 
linked firms “sharpen their 
sense for opportunities and in- 
novation, which is necessary for 
a successful financial center." 

For some time, members of 
the central fund have been al- 
lowed to buy shares in certain 
Singapore companies. Startin 
in January, rules will be alter© 
to allow them to invest in foreign 
stocks and bonds through ap- 
proved unit trusts and fund 
management accounts. 

Initially, investments will be 
confined to foreign shares and 
bonds traded on the Singapore 
stock exchange and to selected 
regional markets, such as Ma- 
laysia. Thailand, Hong Kong. 
South Korea and Taiwan. 

But Mr. Lee said that begin- 
ning in January 1999. the scope 
would be widened to include 
capital markets outside Asia, 
such as the United States. Ger- 
many and Japan. 

Limits on investments de- 
nominated in foreign currencies, 
which will be set at 20 percent of 
the value of a fund are to be 
raised to 50 percent by 1999. 


L'O R EAL 

EXTRAORDINARY GENERAL MEETING 

Further to the Board of Directors' press release of 18 August 1994, an Extraordi- 
nary General Meeting of Shareholders cf L'OREAL S A was held at Cfichy on 
Thursday, 22 September 1994, chaired by Mr Lindsay OWEN- JONES. Chair- 
man and Chief Executive Officer. 

Having exceeded the quorum of a third of the shares with voting rights, the 
Meeting was able to vote on the proposed resolutions on the agenda. 

The shareholders widely approved the proposed transfer by GESPARAL to 
L'OREAL of shares representing 51. 16% of lhe issued capital of COSMAIR inc 
USA and 29.63% of the issued capita) of COSMAIR CANADA Inc. 

NESTLE will now sell to L'OREAL. for cash, its remaining shares in COSMAIR 
Inc. USA and COSMAIR CANADA Inc., together with as shares in LORSA- 
FAGEL (Switzerland) and PROCASA (Spain). 

L’OREAL will therefore own 100% of COSMAIR Inc. USA and LORSA-FAGEL 
72.63 % of COSMAIR CANADA Inc. and 49 % or PROCASA 

These acquisitions will provide a stronger basis (or the Group's international 
development by reinforcing ns positions in two of the major markets in the world, 
North America and Western Europe. 

For further information, please consult your bank, stockbroker or financial 
institution as well as your usual newspapers. More details can be obtained by 
writing to the Business Information and Investor Relations Director, L 'ORiAL, 
41 rue Martre, 92177 Clichy, Ranee. Fax. (33-1 ) 47 56 80 02. 



THE LINK BETWEEN THE PAST AND THE FUTURE 


Omega Seamasier. Self-winding 

chronometer in 18 k gold and seed, 
water- resistant to 120 iti/h00 ft. 
Swiss made since 184S. 



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OMEGA 

The sign of excellence 











Page 8 


INTERNATIONAL HERALD TRIBUNE. MONDAY, SEPTEMBER 26, 1994 


WEEKLY INTERNATIONAL BOND PRICES 


Provided by CS Firs* Boston 
Limited, London, Tel: (071) 
516 40 25. Prices may vary 
according to market conditions 
and other factors. Sept 23. 


DoHar Straights 


See 

Cm Mot Price YWTriy 


Governments/ 

Supranationals 

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AsnmFaa 7ft 02 vim 7x1 +39 

AutrtaFab 7* 97 t01% 7JB 433 

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Austria Jun t ft mu tM -2 

Austria Jan 8ft » 10m 742 +28 

Austria Jan m oa 103% 743 +29 

Austria Mr 7» n ¥*4 749+38 

Austria Mr 8fc 03 TO* 7X +J7 

Belgium ACT Ri R IN 740 +3S 

Betatom Feb 8 97 1014 704 +34 

MBhimJim 54 98 944 7.74 +8 

Belgium Jul 94 98 1044 7*4 +35 

BslOlumJui 7 99 974 7-54 +28 

Belgium Nov 5ft S3 os* 8.14 +ii 

Belgium Oct (ft oi 1B1U 7J7 +40 

B r Col mo J on 74 rn 984 7.94 +«2 

Cod Wheat F*o« 97 954 7M +37 

CdoFeb 9 94 1034 6*1 -7 

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CM Aar 6% Ui 87ft 803 +33 

Coe Jun i » 9Sft 4J* +34 

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EdfMr 9ft 99 107ft 753 +30 

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Elb Feb 6ft 00 fcft 757 +3 

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EtaJun Oft 99 90ft 7*9 +30 

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Ibrd Nov 9ft 98 106ft 7*3 +34 

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Bov Lend Sec 7 99 

Boy Unties Feb A 98 
BovVer Os So»«% 97 
Bk Greece Jui Bft 97 
Eng Bk Mr 5 97 

Bno Bk May a DO 
BnpSeo A 97 
Ba Paribas Feb7ft 74 

CncnMav 7ft 96 
Com banc Jut 5ft 96 
CombancMay 7ft 77 
Cr Fonder Jan B 03 
Cr Load Apt 6ft 99 
Cr Local Feb 7VV 02 

Cr Local Nov 
Cr Local Od 
Cr Local Od 
CrLvamJul 
CrLvtmnJun _ 

Cr Suisse Jan 4ft 97 
CSLdnBr&CP Aft 03 
DfiRnJul Aft 96 
Db Fin Juf 5 98 

Db Fin Jun 9ft 99 
Druid Nov £ 08 

DribkAor 7Vi It 
Oslbk Feb Jft 97 
DslbkJul Bft 94 
Oslbk Jun 7 99 

DU Ok Mr 6ft 96 
GcMmonAor eft X 
Goldman Aua 5 96 

Halifax Bs Act 48k 96 
HalUaxBsJul 414 97 
I IMa ba Nov 6ft 08 
tnlaoascp 8 95 

HeiabalidFebAft 94 
Jpm Inc Jun «ft 97 
KJwlntl Feb 

Khvlntl Feb 

Kbrlntl Jun 

Klw lnlt Jan 

Klw ln» Mr 
Kh* Inti Od 
Klw lanSeo _ 
LbRheMdDc 5ft 98 
LbRbelnWSenift 97 
LbStfl Lux Apr 4ft 96 
Lb Scb Lux Jun Aft 95 
Lb Scb Lux Jan 4ft 97 
LbSchLuxJul 6ft 97 
LkbFlnDc Aft 97 
LkbFtn Jul 
Lkb Fin Mr 
LkbFInOd 
Word Ora Mr 
NvBAAug 
NvBkSep 
Rabat* Aug 


7*7 +J7 
819 +59 
885 +44 
7.10 +57 


7.17 

UI 

7*9 

89» 


97*86 
99ft 
95ft 
89ft 
94ft 
93ft 
91ft 
99ft 
94V 
(•ft 
BOfe 
95ft 
92ft 
94V) 

100ft 
100ft 
97ft 
110ft 
99ft 
9Sft 
187ft 
92ft 
95ft 
MS% 
icaft 
HBft 
94ft __ 

88ft 7*8 +25 


17*8 1065 
8B4 +11 
738 +22 
7*6 +44 
7*5 +72 
892 450 


8*7 -62 

7-25 +8 

873 +19 
7*1 +28 
7*0 +74 
7J7 +70 
732 +84 


4 98 

7ft B7 
7 99 

5% 00 
Bft 98 
BVV 01 
5* 97 


6 V. 03 
5ft 91 
6ft 02 
tft a 

7 99 
Aft 97 
6ft 97 


99ft 

101ft 

106ft 

79ft 

101 

94ft 

182ft 

97ft 

99ft 

93V 

96ft 

97*14 

raft 

82ft 

raiv 

99ft 

98ft 

97ft 

94ft 

98ft 

92V 

102ft 

101ft 

Nib 

92ft 

989V 

97*02 

99ft 

94ft 

99*44 

98ft 

89*87 

94V 

92V 

92*51 

97V 

98ft 

101ft 


6*2 +17 
7*7 +37 
7*3 +]6 
830 +76 
6J7 +37 
7*4 +33 
882 +34 
7*4 +25 
857 +22 
8.17 481 
7*7 +57 
877 +38 
7.1* +20 
8*0 +66 
899 +44 
846 +12 
A95 +10 
893 -8 

122 +59 
7J7 +8 

7*5 +0 

7*6 +21 
7*0 +n 
AM +3 
7*1 +26 
7.11 +21 
8A6 427 
871 +21 
7JB +36 
899 +13 
6*0 -9 

8*1 +41 
7.10 +7 

7*a +33 
628 +63 
7*7 +25 
691 +7 

397 *3 


luuer 


Cpn Mot face Ykl 


Spd 

Tny 


Robot* Moy 6 97 

RftbobfcOd 4ft 96 
SBC Cron Jun 6ft 97 
SBCCmnMr IV 96 
SBC Cron Sen 7V 95 
SBC Jersey JonW. 0* 
SbtfltOb. JUfl 7ft 97 
UbnMtoN $ft Si 
UbAFfalFM 9ft 02 
ZlanAtfltOCI 5ft 96 


101ft 

182ft 

97ft 
101 ft 
101ft 
88*14 
101*40 
J1V 
106ft 
»ft 


5*3 -138 
UI -3B 
871 -A 
7*9 +71 
499 +45 
113 +48 
7*3 +1* 
7*2 +7S 
7.9S +45 
7*0 +51 


Global Corporates 


AbbFlAJufl Aft 
AbBtectstk Jwi 7 
Allied Fin Aug Aft 
AtnoCMSen 7u 
Amo Co Mr 9ft 

88 8 . 

AIT Com Jim 6ft 96 

BBST 

SSS L 

&M 

smwUsCcMr Aft 04 

Bno Sen a 

Beeh Pic Jon 9 

BP oner Mr H 
BPomcrMr 9V 
Boca Fin Apr Oft 
Br Gas lot Jul 6U 
Sr Gas lid Sep Bft 
Be Gat P>C Mr 6% 

Bt Fin Aug Aft 
Bt Fin Aua sv 
BlRn Nov «ft 
Bt PfriSeo 7ft 
CoHowiruDc Aft 
CMuna FlnSepSft 


□tubuElJon 9 
OwbuEIMr 7 
OWIWEI5CC Oft 
awaoEl Feb 7 
ChugoEiMov 10 
Cbuoa El Nov Bft 
Oba Carp Dc Aft 
OtoConiMr Sft 
CStaCnrpOd 5ft 


DoknNocOd 8 
DaUnlvAsr jg 


□wont El Apr a 


El COM2 Jut 

Ell Lilly Jut 
Emerson 
EneroleBeju 
ErlcssonOcl 


Aft 


Exxon May 
Exxon Mr 
ExxmOti 

Exxon Sep 
Fac Nov 

Fort Aug . . 
Fort Jua 9V 
Fart M Cr Feb Aft 
Fart MO- Jun AV 

Fonts Fm Nov 7ft 

Gee Apr 7ft 

GcccAug Aft 
GeccApr 3ft 
GeccAvO Aft 
Gear Feb Aft 
GeccFub 
GerxFeb 
GeccJat 
GeccJun 
GeccJun 
Goes Mr 
Geccw 
GaccMr 
GeccMr 
GeccMT 
GeccOd 
GeccSop 
GeccSeo 
Gccc Drag Nov 4ft 
GuoeTrcA Jun Aft 
GMAC Aft 

GMACJul 9 

Grata fnv Jun 7 
H J Heinz Oct 7ft 
HAndFlnDc 4 
Hitachi Cr Dc 7ft 
HltocMCrJul 7ft 
Hitachi Cr Jul 5ft 
HoodntMT Sft 
HoocbslAug 6 
Hakkol EleSepTft 
Hokurlk El NavOft 
Hakurlk El Oct Aft 


Intelsat Aug 
latetsatJan 


Aft 


t 

6 

4V 

nk 

6ft 

4ft 

5 

Sft 


Bft 


97 

98% 

7.10 +2S 

n 

97% 

7(6 +86 

97 

97ft 

7*1 +« 

11 

95ft 

7.98 +44 

H 

108% 

677 +*l 

*73 

nv 

6-67 -10 

98 

95ft 

7.77 +13 

99 

73% 

7 39 +8 

f ' N 

99ft 

6-59 +16 

pi 

9J% 

7J3 +45 

111 

97ft 

737 +35 

Ij 

74V 

8.10 467 

| *1 


7.14 4*2 

98 

95ft 

731 +47 

03 

87% 

83* 4+3 

96 

181% 

7*2 +91 

98 

94ft 

735 -2 




1 

108% 

7.13 +53 

rfl 

89% 

(51 465 




i 

102ft 

7*8 4(3 

lfl 

108% 

177 -257 




98 

102ft 

737 +52 

03 

89% 

(00 +39 


182% 

7J2 +40 

97 

mi 

7J9 +37 

97 

T9ft 

678 -13 

99 

104ft 

737 +35 




M 

101ft 

655 +41 

03 

87% 

IFK'i 




04 

66% 

837 +116 

03 

83ft 

(37 +123 

m 

88% 

8.14 452 

97 

103% 

7.13 445 


ram 


98 

M2% 

755 +41 








102V 

698 +36 


98% 

696 -2 

80 

92** 

735 +30 

98 

93% 

7 JO +14 


100% 

7.15 +45 

96 

101% 

696 +55 


101% 


99 

787% 

793 «7 

96 

184ft 

42 422 

02 

wo% 

791 +48 

98 

103% 

7*9 +41 


99% 

737 +31 

98 

104% 

634 +37 




98 

101% 

730 +C 

« 

91ft 

735 +28 



7J» +43 

l J 

89ft 

1 ■ K. j 

rl 

WEI 

1 1 K 1 

rl 

96% 

633 +23 

03 

89% 

731 +22 


101% 

7*3 +29 

on 

82% 

(16 +2 

a 

17ft 

&*0 +76 


194% 



105ft 

7*4 4*1 

98 

96% 

756 +55 




96 

99ft 

V* +114 

97 

100ft 

496 401 

97 

98 

99ft 

94ft 

» +i? 

oa 

64% 

U* +2 

96 

99ft 

E l KaJ 


97% 

■ ' ■rl 

84 

87337 

1 WT J 

96 

96% 

1B7 -US 

96 

103% 

633 +40 

1 

99ft 

676 -6 

tl 

*n% 

3J4 .301 

97 

ra% 

7J9 +30 


103% 


99 

97% 

7*4 +21 

99 

95% 

7JT +8 




96 

95% 

t\m: 1 

98 

92% 

tam 

96 

95ft 

IT 1 



630 44 

n 

95% 

73B +59 


102% 



Mft 


96 

100ft 

Ert^g*yi 

911 

93ft 

ay j 

96 

99% 

B V- | 

97 

99% 

7*6 461 

98 

93ft 

7*6 +36 

97 

«n% 

7.13 +38 

00 

91H 


96 

9* 

KO% 

103% 


97 

96% 


77 



97 



07 



DO 




luuer 


Cc" Mai P»<e fld 


imisa/Mr B*» 0 * 
InvafTABJon Aft 99 
JaJCoJul Aft 03 
Konoal EleMr 10 9A 
Konsal EleSeo9ft « 
Kfftitk'.Aor 7ft 97 

Korea El DC Aft 03 

Korea El sjv 4ft 9 a 
K yuftluEIA Jul Aft 03 
KyoshuEp II 96 
Kyushu EnU7 (ft 94 
MnfWta Xm i 96 
Matsu £l Aug 7ft 02 
Merck Cb Dc Sft $8 
MetffleKdOd 7V 96 
Mino830to Jun Aft 97 
MinubEstJun9ft 97 
MBSiOEstSepSft 01 
MS Fin Ju] 8ft 94 
M] Sis Tet May 7ft *6 
Natl Rawer Dc 4ft 01 
Nettle HtaXiy 4 98 

Nestle Hid Am Aft 97 
NesneHteFebAVb 97 
NttltB Hid Feb 5 97 

Nestle Hid j«i 5ft 91 
Nestle Hkf Nov 7ft 94 

NasiteHMOd Sft 99 

Norsk Hvd Aar 8ft 97 
Norsk HydOaSV 01 

- H 

98 


NlTDe 
NT T Feb 

NIT Jul 
Nt T Jul 
NITMr 
NtTNev 
NIT No* 
HtTNOV 
OfcbMte 


8V, 

4 

9>4 

9 

Aft 

7V 

Aft 


9ft 98 
Bft 99 


Osaka Gas MaySV 98 
PBIimaCoApr 7ft 97 
PblimoCoJut Bft 96 
Pblkno Cp Feb AV 97 
RblknaCPSep Aft 99 
ProcterPeb 9ft 98 
Pradurjon 9ft 01 
PruFlnOd (ft D1 
RAObnta Us Jul 7ft 97 
Reed Pam Jul 9 ft 
Reed Publ Jul 9ft 97 
RocbeXw 2V X 
RoctwMsy Sft 01 
RrCoplncJul 7ft x 
Sababury May Bft 94 
Salnsburv mm Sft 98 
SaAutxirvOct 9ft 94 
SandaxO/SMr tV X 
Sanaa, 0/3Sep4 ft 
Sccl Jul 9ft *7 
ScherlngMay 7V 94 
Sears Aetr Apr sv « 
SNkekAuo Aft 03 
SIXkokuEl 10ft » 
Stamen C pXw 8 02 

SneaMr 7V 97 
Settle May 8 96 

Scny Copt I Jul 5 96 

Sookl Nov 7ft ft 
SicpdOO 7ft 97 
Mg Drug Mr Bft 94 
Sun Hung Ncv 5ft ft 
Swtssni us X*> 3V ft 
TtpAue sv 96 
TsPAua AV ft 
Tip Jut Aft 03 

TTTynenAug 7VS 99 
TMCCDc 
TMCCFeO 
TMCCJan 
TMOCMr 
Toficku Ele ABT7V 97 
Tokyo Gas Jul Sft ft 
Toyota Fin De 4’ v 94 
Tovota Ffn Jun 4V 96 

Toyota Me Jun Aft 97 

Toyota AM Mr Sft ft 
UM lev Jul 7V « 
Uni lev May I 94 
imnevMr Sft ft 

Uni lev Mr ?■- CO 

uswest Jul Sft ft 
Vattenfall Jim 6 98 

Vw Inti Aug 3 oi 
VWIfftlOcr 9V 98 
Wot-Mnjun Aft 99 

WbJ-MrtOct 5 ft ft 

Warner L Apr Sft 96 


7ft 96 
Aft 97 
SV 94 
S 97 


* Oft 
91ft 
88V 
108ft 
103V 
1 00ft 
8 9*1 

Mft 

89ft 

M4VS 

103ft 

93ft 

95ft 

93V 

101*17 

91ft 

104V 

141ft 

107V 

103ft 

57V, 

94ft 

99ft 

98V 

95ft 

95ft 

100ft 

43ft 

181ft 

102ft 

182ft 

97*43 

1WV 

103*94 

79ft 

‘88 

106ft 

144*57 

94ft 

100ft 

102ft 

98ft 

95ft 

105ft 

109ft 

HOft 

103ft 

SSS 

XMV 

101ft 

106ft 

B3ft 

104V 

97ft 

100ft 

101V 

97ft 

99ft 

101ft 

102ft 

%% 

103ft 

104V 

119k 

97* 

’SR 

98ft 

95ft 

WOft 

93ft 

95ft 

97*74 

Wft 

95V 

75JJ14 

102*50 

104ft 

106ft 

93ft 

73*37 

73ft 

106ft 

97*63 

92ft 

104ft 


«» +48 
8*2 +81 
8*8 +87 
AU -234 
7*5 +51 
7*7 +81 
8*9 +12S 
7*4 +« 
8.14 +S3 
6*2 +14 
6.97 +36 
7*8 +104 

8.11 +59 
7*1 -16 

7.18 +44 

6*1 -4 

726 +41 
U +02 
4J7 +32 
521 -113 
524 +60 
730 +10 
6J5 -IS 
493 +23 
4*3 +9 
734 +19 
479 +19 
7*7 +25 
7*7 +71 
SJZ +83 
7*3 +19 
&99 .2 

7*0 +42 
7*7 +37 
4*3 +19 

6*4 +4 

L8S -11 
7*1 +34 
7*3 +S3 
7*6 +39 
7*8 +63 
7*0 +74 
7*7 +58 
7 JO +4* 
7*0 +60 
7*9 +27 

8.14 +AA 
7*8 +62 
7*2 +66 
7-36 +W 
7*4 +48 
7*5 +41 
8*6 +85 
4*5 -144 
7*7 +55 

7.11 +56 
7*1 +18 
7*8 +W 
7*8 +92 
474 +33 
4*4 -194 

8.15 +53 

493 +54 
4*4 +52 
7 JO +58 
6*2 +*0 
421 -25 

7*4 +47 
7*9 +42 
6JB 463 
439 +122 
7*9 +35 
4*2 +32 
7*6 +34 
8.M +« 
LK +79 
497 +34 
496 -m 
438 46 

7JW 431 
7J1 453 
7*7 +37 
6*2 +19 
6*2 +20 
7JX +20 
7*1 +18 
7*9 +31 
4*2 *a 
131 +36 
7JB +25 
7*0 441 
7*7 +49 

8.18 +73 
7.93 +74 
7*2 +12 
738 +13 
474 -163 


Dollar Zeros 


AHh AiJQ 

Amer Hasp Aug 
Amer inn Ara 
AmexbkDc 
Ami Inti Usd 

Austria Jul 

BP Cap Jun 
Br Gas Pic Nov 
CceeMov 
Ccce May 
OectMay 
Ccce May 
CcarP 
diem Ny Feb 
ChemNyFeb 
CberoNyFrt 
diem Kv Feb 
Own Ny Feb 
Own Ny Fes 
Own Ny Feb 


06 

46ft 

8J6 44 

00 

82ft 

UI 481 

•4 

45% 

Ui +48 

08 

*m 

BJD +49 

97 

73ft 

11*1 +4*4 

95 

95099 

6J7 +75 

95 

95% 

665 +118 

71 

10ft 

132 +18 

95 

96V 

592 453 

01 

60% 

7*4 +25 

2 

56 

793 +23 

07 

36 

fl*5 427 

09 

29% 

1*1 +19 

95 

97V 

6U +100 

9* 

91V 

696 +80 

97 

B4H 

7*2 +77 

98 

Tim 

U0 +98 

9* 

71% 

109 +71 

■1 

59* 

8J9 +62 

82 

55ft 

8*0 +77 


Own Ny Feb 
Cr Nall Sen 
Db Fin Jan 
Den Mr* Aug 
EkMorHOel 
Exxon Nay 
FjfFedFes 
GetxMr 
GeceJui 
Gen Mills Aug 
Gen Mil’s Aug 
I BOB Jun 
lodbDc 
ladbjun 
ladbJun 
lodbDC 
ladbjun 
lodbDc 
la® Dc 
htabPDc 
Ibrd Oct 
isecMr 
Italy mt 
M crtkCaAuo 
Mktatatown Jid 
Mrub Carp Jul 
NErBftxtFeb 
Pru Realty Jan 
Safe Nev 

SBC Cron Nov 

(Mi'OJSJdl 

SltwesJun 

vkPuMSen 

Wtiltmn FinAtov 


Mol 

faea 

VU ?-r, 

03 

so 

6*1 ta 

8% 

97 

7J5 +3B 

95 

263% 

TLQ. 

91 

76% 

7.18 -3 

94 

99% 

49J7 4486 

M 

4SH 

SJB +1 

OS 

42ft 

834 ■*€! 

95 

taTta 

6(0 +157 

96 

89 

6J* +36 

04 

44ft 

(*7 +50 

13 

7« 

9.19 +76 

96 

89% 

637 +31 

»6 

86058 

m +43 

98 

76* 

7J4 +19 

01 

60% 

7*5 +26 

ID 

STi 

8*3 +45 

03 

5M* 

8.19 +35 

03 

49ft 

6W +10 

h 

36ft 

U3 +48 

08 

31V 

8*3 +13 

82 

54 

7.95 +20 

97 

S3 

7*4 +tl* 

99 

71V 

777 +46 

97 

83ft 

654 +10 

10 

305 

2*2 -SB 

95 

«V 

6*4 +183 

99 

99 

fa 

9J17 +J77 
172 +43 

*J 

99*50 

6*1 +19 

97 

tt% 

172 +29 

98 

71050 

7*6 +6* 

01 

60ft 

7*1 +20 

ta 

68* 

77* +41 

94 

98 

ao. 


Floating Rato Notes 


Crt. 

IfMW 4 Mot Price Con. 


Ecus 


Besot Bom Apr 97 
Belgium Aor 00 
Belgium mov 99 
Bk Greece Apr 97 
SrtACTM 
Bra Aug 96 
CAg Jon 93 
Coe Fee 06 
Cr Fonder Apt 96 
Cr Holla Jul 97 
Eft Feb 22 
Eta Aug 01 
■bsoTmJun Jun 97 
isvMmer Nav95 
IlDtyOctM 
PiX>ncP»(r5eo97 
St-eobainAPerp 


991* 

99 

99V, 

98V 


99V 

98V 

99ft 

99ft 

95ft 

97ft 

99ft 

99 

95ft 

98ft 

91ft 


1142 

U0 

0.19 

1*2 

022 

U 

uo 

0.15 

a m 

0*4 

au 

Q.U 

8*4 

IDS 

ajg 

a*7 

092 


U.S. Dollars 


Abbey Tsy Mar 99 
Abe Mar « Mar ft 
Abdll 1 St Act 03 
Abdni5tsep02 
Abo Amro Act 05 
Abn Amro Aua 82 
Abn Amra Re JollS 

Advance Bk Junta 
A»Pen>Pen> 

Alb Pic Nov 4? 
AtaPIc Jul 49 
Alaska Hm Jul oi 
AlhaFtoJunOO 
AmexBkFeoOi 
A« BkgGpAorX 
An* Bkg Go Dee 99 

AntBkgGpoctn 

An*BksGpOct49 

An* Bks Go Feb 96 
An* Bka Go Mar 95 
Arab Bkng Jun® 
Asllnog Jul 97 
Astuxagasepn 
Altk-cger Jal® 

Austria Jan X 

Austria Oct 07 

Austria AU8 97 
AuxHCMFtbfO 
Aaal CHSeoOS 
Baa»a/s3eo77 

Bacob O/S Nov 94 
BanestalsMarM 
Barclay 0« Nor 49 
BortSavsl Jid«t 
Banrioys3F»49 
Barings Bv Jan 01 
Barings Bv Mar 81 
Batttsa MarM 
Borer Hypo Aua 03 
Boyar Land Aua 05 
Bayer Lend May 03 
Sever Vere Aug 05 
Bayer vereJanra 
Bayer Vere Aug 02 
BW < Bus) Jan Jan 91 
BtH Inti Jun 01 
Sbl I nil ACT 99 
Bebop Lon Dec 96 
Be Nan Ldn Feb 99 

Be Nap Ldn Dec 98 

Ben Dl Rom Jim 01 
BCD Dl Ron Dec 99 
Bco Dl Ptxn Aug 97 

Ben Dl Rom Jut 97 

Bd Jun 95 

BdJunft 

BdJulW 

Bca Nan HX Sen 03 

Bco Nop In Aug 97 

B*lgTr:aOclM 


tali. 

99 

89V 

93 

KV 

93V 

HSft 

99ft 

91 

83ft 

82 

»ft 

«ft 

Hk 

TOO 

ISO 

99ft 

51ft 

100ft 

WO 


97ft 

97 

91V 

92V 

97ft 

91ft 

93ft 

99ft 


0.10 

0*4 

1*7 

1.16 

127 

0*7 

023 
OJA 
0*2 
1*0 
1*4 

024 
035 
0*7 

0*9 

4*7 

8*3 

1*7 

013 

0.13 

000 

0.14 

087 

OH 


84 

■4ft 

SSH 

9SV 


86ft 

87 


0*0 
0*7 
1.18 
124 
020 
05T 
022 
121 
127 
L27 
0*9 
050 
1*3 
120 
1*9 
121 
8A 1J* 

91ft 123 
91 078 

7 2S7JJ 

97ft aso 

98ft 0*2 
taV 0.44 
98ft 0.44 
97ft 0.41 
7SV 0*9 
99ft OJE 
99V 0.09 

MO 030 

97ft 0*5 
98ft 0*4 
(9ft 056 
It 1*7 

taft 02* 
99ft 090 


BetatumJaita 
Betskim Dec (9 
Be«UimOetf4 
Bergen Bk Aug 97 

Bergen Bk Aug 49 

BW^S^Margg 
BikabAflSeaOe 
Bilbao inti a Aug 01 

BkCmnaOcJta 

Bk China JulM 
Bk Fur Ar Mar 00 
Bk Greece 30d Dec 14 
Bk Greece Feb 97 
Bk GreeoDecH 
Bk Greece Mct 19 
Bk Greece Dec 98 

Bk I refund Sea 4* 

Bk IrtfeflODecta 
Bk Montri Jul 98 
Bk NevoScAag49 
Bk Seat Nov 49 
Bk ScotiBDd vPtro 
BkcommuniOcfin 
Bat Aua 97 
BallHkl NOV 01 

BM (HkjOetaj 
Biu 1 Ldn I Aug ta 
BnpFebO 
BnaOct02 
Bra Jul 97 
Bra Sw 69 
Boo Caro Jun ID 
Boa Carp Mar 99 
Boa Carp Mov 10 
Sot Hide Nw 97 
Ba Paribas Nov 05 

so Pori eta 5ec 4? 

Br Cahimb FAS BJ 
Broadway Od ta 
BtnrtScpO 
Btavc Act 05 
CnrUXa Jul?7 
Cor Wo Feb (B 

cariataAerta 
Cass Vena Feata 
CoaJulta 
cbaFtbta 

anJuffT 

CbaFeblf 

ctaJuiw 

Cat Mar 77 
CclAuaOS 
CdMarDI 
Cd MOV 03 
Cram* junta 
CWFeOID . _ 
OaeMtsiScnD 

awncoraACTlO 

Cheung F«t Jbn 81 
China Ts; act 9A 
Chrisi Oa OeS 97 
Christ Oo Sra 01 
Christ Op Nov 49 
CM Aua 41 
CISC Jul 49 
atle RedeemeACTta 
ctacry NaSraOS 
CJBcrv Na Junes 
Cilery No Aua03 
Combenc Sep 02 
Com it Fin Nov 05 
CoromzABSeBO 
Corrubk D/3 Nov05 
Comzbk a/S Aug 05 
CcaabkoSsNotfll 
Conn Bk Aua 18 
Cr Do Nora Od 97 
Cr FooctarOdlQ 
Cr Itcdla Jim 03 
Ci Italia Aug 00 
CrlfnliaFebOO 
aitaltaJun97 
Cr Local act 05 
Cr Local Feb 03 
Cr Local Dec 02 
Cr LOO* AUB 32 
a Local Dec 97 
aLvarnSenOS 
Cr Lycra Mar 03 
Cr Lronn Aug97 
Cruyctm Jun 95 
CrLKxmJWOC 
CrLyamOecta 
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CrLyenaMtrM 
Cr Nall Od 05 
Crl+afl Feb97 
Crtti ItHkSepm 
OedtonOj Marta 
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CrwXianstAuglH 
Owfl ton M AnrP 
Creoem Fin May 03 
CsfbBv 21 Septa 
CdbBv22Seota 
Csfi)BvAug03 
Cjfb Bw May 03 
CsfbBv Marta 
CsfbGrtOdSS 
Csfb Grp Ml Feb CD 
CsfbliKMarOt 
Crib Inc Feb 04 
DoevraaAaaK 
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DenDamkeNovta 
Den Dansk* Fr Jun 00 
DenDansheFrjunOO 
DenDcnskeTr JunOQ 
Den Norsk* N* Aug ta 
Den Norsk* OI Nov ta 
Dg Bonk Sep 02 
Dkb JnmSecOO 
DraaTuse588sFeO03 
Dr esd As Aug 05 

DrcsdAsMarOt 

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Edl Jun 94 
EdcFeora 
EdfNa*n 
EtifFebta 
ifibancoMtarK 
Earn Thai Mar 05 
Elb Jana 
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EkmxIflnSepOl 
Elders Res DecfA 
Euralhna Jon 93 
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F Aua 97 
F*jtoa« _ 
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mnocAusat 

Fin CJc Sa»f< 

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Fin Clc May 96 

Fin Real Aug 9S 
Finland May 99 
Finland Jd 97 
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Gccc Feb 03 
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Gees Dec 02 
GJJ (LI3I A® 9* 

GJi(bnn) Septa 

GlreCr As DacQ 
GattiwiLn Naves 
GaUtman LoOd IS 
GaSnan Lp Aug 83 

Gokjtnar LnMay 03 

GoMOMOLpFfbW 
Gotabankensencn 
Great Lakes Dec 97 
Gl Western Mar IS 

Bxsaa* 

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HIU Samuel Jul I* 

HID Samuel Peep 

HIM Samuel Feb 94 
Htapara Amer Data 
Kafcurttu Sen 00 
Hlt)CSDec49 

ES3 EL m 

Hyundai Motor Od 98 

Ibrt Huv02 

lord Pert 
Ibrd Mar 98 
IbSONass Nov 05 
(bsa Atom Seri 00 
IbraNass Julia 
IBSO Turin JuJ OB 
I too Turin Jd 01 
l bra Turin Feb 91 
I mi Skint May ta 
I ml Inti Dec 98 
Iml lotf Jun 98 
i ml inti Sap 97 

Indian on nov m 
I ndonesia Feb 01 
indosuezOdlB 
lndasuezNov97 

lndasaAiAug97 
me May 03 
lag BkOdlB 
IMBkSeplB 
Inlaid Junta 
Isis L» Dec 9S_ 
IUCrOflDec97 

IsvelmerMarM 

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ISWknerNovW 

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inly Junta 
1 taty llsd Jul ta 
mint Bk Jun 94 
JpmlncACTOS 

Jpm Inc Nov 82 

Jpm lac Aug 02 
Kb rama April 
XdbAprta 
K® Jul 97 
KJem Ben Junta 
NMBPMkW Jul 18 
Kup21/2 Mt FebTA 
KOP 3 1/5 MOV 96 
KaplVMavta 
Kop2i-May 96 
Kcp29/Mavta 
JCap Jot 97 
Kra5ep43 
KapMoy 96 
Korea Exdi Mar 97 
Lavaroo/s Septa 
Lb Rhetald Dec 05 
Lb RMinM Marta 
Lkb Feb 03 
LkBOd02 
Lkb Aua 02 
Lkb Fin Nv Nov 98 
Lloyds si Junta 
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Ontario Pr Aug 99 

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Quebec act R 

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Quebec Hvd Qdta 
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RbcJunta 
RtaGrtNCVta 
Rente. Nov« 
RbonePoul Decta 
RlbwaMorta 
Rama Mar 99 
RoOFiem Nev ta 
Rome* Jan is 
RamcfSanta 
Royal Tst Santa 
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SattomaSepQO 
Scriom Inc Feb 04 _ 
San Poole Usd Jul 97 

Santander Sra 49 
scab Od 02 

SbabSfPiS 
Sbab Junta 
scot inti Jan 94 
SeBankee Junta 


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Wtastpac. Septa 

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1.70 


Aden*? 
AdDOTCS 
Adingtn 
Addon It . 

AdtaSv .16 

AOOOeSV .20 

Adtran 

AdvHtt 

AdvRass 

AdvOr 

AdvLog 

AdMkSv 

AONMP. 

AdvPolv 
AdvPra 
ArtvSem 
AdvTLb 
AdvTctl 
AdvTisS 
Advanlas 30 
AOvanlB s 3* 
AdvEKP 
Aeauim 
Acravx 
Actrium 
Afymax 
AaSvcss 
Agnicae 

Aaoum 

AgriDvn 
Air Exp 
AffNiotn 
AirSen wt 
AlrScn 
A.rSy. 

Airirwi 
ah ora 
Akzo 
AlanoGu 
AKjntec 
Aleton 

Albank 

Aicidc 
AkHla s 
AlevSId 
AlcxEng 
AlioCp 
AHosR 
Alien 
Aikcrm 
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AUCilV 
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Alan orf 
AlPLcc 
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Abais 
Alteon 
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Aitron 
Amber 
AmbrStr 
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AmrLmk 
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Amcroc 
AFFF 
AmFPr 
AFT*E 
AFTxEJ 
AmerOn 
AmSvcg 

AmBcp j 
ABnkr 
Am&Kxm 
AmBkta 
AmBuvn 

AmCity s 

AClairn 
ACkisVay .16 
ACdlOid 74 
ACansu 
AmEoaie 


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AmHuifl 99 lft. Ift, 1ft. 

AHomPot ' _ 210 17ft 17 17ft 

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Amserv _ 324 lft 

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Amrrol JO t.l 259 18V 

AmvuiTF _ 1096 10 

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AllCri Air 

AilGull 

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Autcoms 

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Dtv Yld lOOsWatt 


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JO 3J 8* 24 V 
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23 1060 25ft 
13 2331 34 M, 
10 2ft 


24ft 25V, > I’i 
23ft 24ft —ft 
I Oft 12ft lift 
9ft 9ft lft 
4ft 5 <ft 
20ft 20ft— Ift 
3V 3ft —ft 
42’,. 42’-,— JV 
15 15 V, -3’-, 

ll>V« 12 
Ift 1V K 
4V. 4 V m • »u 

V„ 

’ft. I ft 
77ft 27*. —ft 
28 28V — V 

2ft Sft . ft 
3ft 4 i ft 
17ft 17ft —ft 
lift lift —ft 
2V 3% —ft 
10V. 10V, -ft 
It lift _ 
Sft 6V. I ft 

14V, 14/. —ft 
14 14ft I ft 

12% 


Sw £5? 


2SW 27 *1% 

24ft 25V — V 
15 15 — V 

23% 24 *| 

lift 18ft -ft 



M 9* 


_ nBrt 
BsTnA 
BcuPTrS 


BofTecfi 


JO 


BoyVw 
Boy Bks 


BeduCtl 

BedBqth 

BedfrdBc 


417 1% 
498 4% 
2574 17 
112517 
66 7 

__ = _. 302 12ft 

BorotRs - I960 19V. 

BsTnBrt - «l 3V 

- 1449 9ft 

_ 1011ft 

_ 3062 11V 
X0 244628V, 

- Mil 3 

- 135314% 

23 94825ft 
22 5795®% 

- 1487 4ft 
2.9 177615% 

-44345 27% 
_ 324 12ft 

- 211 4 

- 942 TV 

- 606 13ft 
13 114 19 
1.1 2308 29% 

- 9773 25 

- 277314V 
-32225 23ft 
_ 996 Sft 

- 84714V 

- 191 4% 

- 416 4ft 

BentOG _ 7405 7V* 

Barkley *4 1 JX4741 36ft 
BerkGv I.IO 6S 3077 , 

Bertud - 51611V, 

BrSPw _ 1412 14 

BariPd _ 3370 7ft 

BesTOP - 270 10% 

.16 iJ isn 12V. 


BeWBfk 


BelIBCP* 

BellCabl 

BeUMta 

BellSpt 

Behwets 

BenJerrv 

B Franks 


BtaOTlf 
BiaRck _ 
Brotav_ JX 
BkJLaoiC 


BkOent 
BiaMWri _ 
BklMWwtB 


BiomaQ 

BiamoS 


Biocph 
BfeJYV 
BtoTTrtJ 
BlaTeG 
BioTG 95 
BirtCP JO 
BfnMM 
Birtcnr 
BkkBX* 
BMHwhG 
BBcHGwtA 
BRHGwtS 
BBmples J»I 
BOsLau 
BlocDv 

Bk*D Ij04b 
Biytti 

BartSns IJ6 

Bae&m 33 

BocaRs 

BdHnsw 

BonTon 

BookMs 


BaofTUwn __ 
Barai 1 J9e 

Bor+xs 

Bonor __ 

B«tAc M 
SatfSc 76 

isss; 

BaxEn A 
BoxEnB 
Ba/dBres 

Brocffftn 
BrtPwtA 
BraFwte 
BrdPwlD 
Bradvw JU> 
Brontre 3A 
BmkSv 
Brauns 
Brfcwio 
Branco J4 
vIBrend 
Bren+Bs OA 
Bnb^ JO 
BrftaV 
BroadN 
BrrtxfTc 
Bdcttki 
BrdPorl 

.16 

Brack CS 

BrocOf 

BklynSc 

Brookrin 

Bridrw 

Brokfrf 

BraOaur 


JOS 1.1 


24916% 

- 349 14ft 

3 1743 14ft 

_ 172 3ft 

— 11261* 

- 999 4% 

- 2355 2V, 

_ 118 '/I , 

_ 200 9ft 

- 38 3 

_ 599 10ft 

_ 1918 lHi 
_ 1615 SV 
-33757 55V 

- 1503 4ft 

- 1927 1% 
_ I27S Sft 

- 18*0512% 

- 1329 5V 

- 358 3ft 

- 42606 3V a 

- 49 Aft 

_ 1028 4ft 

- I" %» 
-16346 2% 

- 775 Vu 
23 217 8 

- 46* * 

_ 6287 IV 

- 129312% 

- 113512V 
_ 439 IV.. 

- 136 1 

J 1057 8ft 

2 SV 
_ 5345 IV 
3* 3776 31 

- 477 5 
4* 21254 34 
I* 384922 

- 1344 7 

- 323 13V. 
_ 29+110% 

- 354314ft 

- 94 31 
-1476920ft 

6* 21 20V 

-2246813% 

- 353 6V 
2.6 X41316V. 
7,1 116337 

_ 17607 20% 
— 14696 UV 

- 18 lift 

- 6391 9V 

_ 355 13V 
_ 33103*, 
_ 542 3 

_ 596 I 
_ 2271 IV, 
13 130748% 
10 9314V 

_ 1200 Wp 

- 1423 4ft 

£3 £4I812& 
_ 301 1% 

23 376 20% 
23 463 BV 
1474 14% 
... 163 8ft 

- 470318% 

_ 658 4% 

- 1740 15% 

- 1250 15 
J 1261 19% 

- 247010 
-12803 56V 

- 6662 35 ft 

- 250 16 

- 4120 9 

- 1880 12 
- 990 14% 


27 27% -ft 

27V 28 +’A 

l»ft 16% .ft 
6% 6% 

9ft 9ft — ft 
Sft 9 .ft 
14V 17V 43V 
18V 19 — V 

23 23V— lft 

ft ft .% 

16 16%, — Vu 

16ft 16V — V 
6n 6% —V 
lift lift — 4k 
18% 19% —ft 
2<Vu 3 V + ft 
Bft 8ft — % 
lift UV — V 
10ft lift _ 
26ft 26»«— lVu 
2W 21%, +Vu 
14 14% — V 

23% 24ft — % 
55ft SSH— 2V 
3% 4 4% 

14ft 14ft —ft 
23% 23V — m 
lift 12 +V« 

Sft 3ft — V 
6ft 6V —ft 
12% 12V - 

18ft 18V 4% 

26V 26V— 2% 

23 74 4 V 

13 13V 

20% 23 4 3ft 

5% 5% — % 
13V 14ft _ 
4% 4% — % 
4ft 4% —ft 
6% *% — V M 
35V 35 ly —r, u 
U 14 — % 

11 11% 4ft 

13% 13V, —ft 
7% 7% — % 
9V 10 — ' ft 

4 4ft 
11V 12 
15ft 16 
13V 1SV — % 
13% 13% — V 
2V 2V 4% 
16 .ft 
4% —ft 

ik +>■ 
9% ” 

10 ^V* 

. 52ft— 2V 

3% TV., — V* 
lft IV, * V, 
An SV 44? 
lift 11% — % 
5*V„ 5% 

TV, 3 

2 3. . —2ft 

6 6ft 
3V 4% —ft 

P 


15 

37s 

2 

8^ 

2V 

9V 

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V, Vu 4 Vu 
7V 7<^—1 
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1% 1“/u — Vu 

11% 11% —ft 
10*. 10V— IV. 

,* 

8 B% *ft 

5 SV *V 
1 lift 4 V, 
30 Vi 30% —V 
4% 4ft —ft 
30% 30V— 3ft 

70% —T 
6% Sft —ft 
12ft 13% —ft 
10ft 10% _ 

13V 14 4% 

29% 29V —ft 
17ft 17% —lft 
19ft 20 V + 1 
10% II —lft 

6 6% —ft 

14ft 15% .ft 
35% 36% —2 
19 19% —ft 

12ft 13% — Y, 
9% UV t% 
Bft 9ft .ft 
UV 13 — W 

a ft -s 

47 47 —lft 

13% 14 —ft 
9s ft — V, 
3% 3ft — V 
*n Vp _ 
12% 12ft —ft 
1 1 1 % —ft 

19V 19ft —V. 
TV fl _ 

12ft 12ft —V 
7ft 7 Vi —V 
17 17ft _1 
3ft 4ft 
13ft 14ft —V 

14 Uft — % 
19% 19ft —V, 

9 9% 

52V 54% —ft 
35V 36V. 4 IV* 

15 15 —ft 

7 Sft .IV 
10V lift 4 V . 
13% 13 V — V, 


Soles 

Civ Yld lOOsHwti Low 


Che Owe Stockt 


Oh, YU lOto Hwt, Low Che CNM 


_ 2921 13V 17V 
i9 19785 9% 1% 
13 1733 31V 

... 198 9 8V 

_ 197 14’i 13V 

_ 79457 19 15 

. 939 13V, 13 
_ 1275 17% 11% 
_ 1176 I'-'n 1% 
_ 1332 11% 10V 
_ 2*777 30% 77V, 
_ 8234 33 

1032 A’ . SV 

■ J 374 37% 31% 
.. 3740 B% 7’., 





ill? 15* 


1J0 3.7 1635% 14% 35 l% 

“ 30 7 43V 43% 43 V <V 

_ 1414 4ft 4ft 4’-, — ' ft 
1 J* XI 1181 *4% 42V 43”, —V, 
_ 342039% 34% 39% ’3% 

_ 1404 8% 8% 1% i % 

_ 511129% 25V 27V — % 

i !S,y faff* 
t &?£ T JS 

3^!^ ,,A 



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1.118 43 1 28 

■ 23e1 ' S 
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jer 
Bnc 

_taan _ 

CaWmax _ 

CabcSM 1*1125* 
Cocrie _ 

CACi _ 

CodbvS 1.17 ■ 19 
Cadeln 
OkCz 
C a»ryjs 
Caere 
Qalrn 




130 29ft 29ft - 

_ Jh «, ft 

20 


- 17 


GatAmp 


Zliwiov P* 
- l 5 . 


36 3.1 18818% „ 

CoOfCul - 548 ift 6ft, ift 4ft 

CatFnd *4b2J 25717 I5V 15ft— lft 

CalMD _ 5821 1SV 13ft 13ft —ft 

CalMic _ 1605 25 22% 23V— IV 

CdSBfc *0 3* 1811 11% loft 11 - 

cmiNta - 20 a a a .ft 

CaOonP _ 36413% 12% 13 _ 

Catownv - 65 lft 1 1 — V, 

Calomel - 24838% 37% 37ft -ft 

CcmNta - 2983 5H 4V 5’A 4ft 

Comdex _ 891 At 4 6ft .ft 

CambNe 1851 5 3ft 5 .ft 

CambSnd _ 450 8% ,7ft 7ft —ft 

CambTch _ 998 15V 15 lS’A —V 

CammAsti _ 57714ft 13% 13ft — V 

ccenpos - 1381 lift 10 101. —V 

CWIneA _ 4719 33 V 37V, 32% — V 

Caodata _ 296 3ft 3ft 3% +ft 

Oxides _ 4262 2% lft 3ft +V4 

ConnExo - 109 12 11% 12 +% 

CormExB _ 3811ft 10% 11% — V 

Canon I Jle * 23888% 86 87ft +1% 

COnanie _ 565 6 . 5ft Sft —’A 

Can war SO - 101 lift fl’A 11*A —ft 

Cantab _ 112 6% 5ft 5% —1 

Cantel _ 110 6% 6 6ft 4ft 

Cantbrv _ 1151 3% 2ft 3 —ft 

CanyRs _ 3884 2ft 2% 2Vu 4ft, 

OT1 rWt .158 3 3 S»ii 29^ »* — li 

Sane *8 23 7&i 5?, +V 

CapBnpl 135 90 34 71% 70% 20% —ft 

CooSwos JM* 3 27314ft 14 14ft — V, 

COPSW *0elJ 15 40% 39% 39% —ft 

CootlBc 3B 2.9 56 9% 9 9% *9V 

CaoTms J2a 18 7218?/, 18 II —ft 

carnustr J6 1.9 2981 70 18V 18% —V 

CoroBnc 30 23 . -H 31 29% 30 ♦ V, 

CV1S „ 5453 9V, 9 9Vi, 

CaroGri _ 5896 “ — 

CareerHz _ 2939 .. . 

CaraefStt _ 137514ft _ . ... .. 

Caroline _ 1511 6% 5% 5ft— lft 

Crenwk _ 176? iov, in ioft — v» 

062rA2SV M 16 —I** 


i rn r y+u — V, 
I 3% 2V T* h —ft, 
1 17V 1*% 17 .ft 

i 14ft 13ft 13V —ft 


CarfCm SlelS 
CameoSc _ 

CornBwt 

CaroFri JOblJ 


CarsPir 

Cervar 

CascCort 

Cqyrft 

Cosev»» 

CnsnCrd 

CasnCwt 

CaxAms 

CarinaOS 

CasMogic 

CasRswl 


CostlES 

CotatSem 
Cotatyr 
com bcd 
C ams ir 


> in on .TO 

J? %. ft, —ft 


-1« 

CedarGo 

CriScJ 

CrfScwt 

Cetodan 
Gekminc 
cetasnai 
ceiexs 
Gstaom 
ColtGen* 
CeltPra 
Cel tax 
censor 
CMCmA 
CeUinfls 
CefCmPR 
C8»TC9 
CMtrx 
C6f»tad 
canbBcp J6 
CcnflBc 
centCei 
QrQnfc 
Cenrrbk 
Centarm 


31 


Cento- wt 
CtrCOp 
CFWBk 1.12 
CenGonM 
OrllNBc 
CJerBc 
CJerFfi a 
CfrMtoe 
CPaRn 
CRsLV 
CnSprn 
CHSou 
CntyBc 
OrySa 
CectUn 
Cerdvr 
cartxn 
earner 
Cerpiex 


232 . 

29315ft 15 

* a \J . 26 2?V 38 SPA 4V 

- 7599 22% ?0% 21 —ft 

- 77 3% 2ft 3ft +H 

— 13747 52 44V 51% 46ft 

30 2* 102 25 24 25 4ft 

38 3 4648 12 lift 71ft —ft 

_ 485 Bft 7H 7% —ft 

_ 819 1ft 1H 1% _ 

- W 12V 11V 11V— 1 

„ 1640 25% 23 23V —ft 

-27163 8ft 7% 8ft +%. 

I 1305 

- 109B.. 

_ 171* 2% 2 Tft — % 

- *61 <% 4 4% 4ft 

*0 43 713 12 13 —I 

- 317211ft 10% 10% — V 
1312778 12ft 10% 10%— lft 

V 7 ft 2$ 

Z 3781 A 13%, 18ft +\S 

- 773,?* 4H 5 .ft 

- K2S1S., *S9« 18 +1% 

- 1697 19% 16% 19% 42% 

- SSZJfc 7 7% —Vu 

■- _?2I9« ,Vi ,0 % 

- 3 lS¥J/‘ 21% 2T%— TV 

- *8 ** 3% Sft - 

- »g14 14% 15ft _ 

- 1734 53% 51 53ft ] 

- Ilf* W% 32ft 33ft .ft 
_ « 2 35% 33V 34V —V 
_ 3014 13% lift 12ft — *%, 

- 730 7 H 6ft 7 . % 

JO 13 $)1Z1 19 19 -1% 

J6 IJ 349 26V 25V 26V 

1-57'MJ «” 10% 11 

- 9903 17V 16 14ft— 1 ft 

^ 1961W 12% 12% -1 

- .7395 15V, 13ft 13ft —lft 
-1117916% 14V 14ft— 1H 
-4218217% 16ft 17% .ft 

- 3SjV 12ft ,oft 12 ft .ft 

- IjM 17% 15% 15ft— 1% 

14 *Wi 31 —2 

- 1»1 4% «% -ft 

... 1.9 232 2B 26% 26V +% 

35 2.4 615 32% 31H 31% _ 

*Qb 2.0 5522 20% 20% _ 

*8 2* 251621V., ,8 20ft *Jft 
*4 1.9 2422V 22% 22V _ 

44 U .S,*,’? 8! * SVt 

_ IBS lift ID l, 4 1 

- 25 7 6V, 7 .ft 

.10 13 10 Bft 6V 6H — ft 

31 M ^lav. 11% nv -% 

- 17® 12 10V 11 — V 

- 117 ay. 1% 2% _ 

- 62 3ft 3 3 — Vu 

- 3679 42% 37ft 37%— 4 
_ 4235 12V, I, ,J% 4ft 



Cervecer X3r 13 3870 25 V 23V 23V —ft 
,Ta _ 194 3ft 3ft 3ft ■ ’n 

„ *43 6’, 6 6’-. — V 

JO 3 725 24 73 74 • L 

_ 702 4ft 4ft 4 V • ft 

Champps _ 338 6’ > 5ft Sr * — ft, 

Chonln _ J9 Sft 4’v,, s i ft 

.09 1.1 54524 9ft Bft Bft —ft 
30a 2* 19733ft 37’ . 33ft ’ft 

_ 77 12ft lift lift _ 

60 2.9 6430 73 ft 70ft 70V— 2% 
_ 77* r*. AV 6ft —ft 
_ 2010 5ft 5 5V ’ ft 

- 8027 5 4ft 4>Yu — Vi, 

_ 1560 9ft 7% 7ft —Ift 
_ 1312 17ft 14 V 17 — V 

_ 1756 6 Sft Sft -ft 
_ 37 13 miB .ft 

44 1.1 *39 39 39 -1% 

_ 255 4ft 3V 4ft l % 

- 4316 16V, ISft 15V —ft 

- 587 16 14V 16 > 1 

_ 3541 27 t»ft 21% i 1% 

Chews J2b 1.6 919V 19ft I9H '% 

34 4 237 1 Oh. 10 10 —ft 

- 64«6 9ft Sft 9 ’ft 
_ 1789 3ft 7ft Wo iVp 
_ »l 17% lift 11% -% 
_ 1317 7ft lft. 1"V — % 

z'JBSS?** s? :S 

-42338 74’ i 66% 67ft- 
32 24 776 22 21V. 21% _ 

- 1164 Jft 3Vu 3 Yu — Vi, 

A , w ^ 
z B5 155-ifi 

e I: § 

^ J wife & JLS 
,, ;|rkiai 

* t 

- 2947 10ft 9V 10% 4 1%, 

_ lg 14% 15V 15V -V 
_ 6278 23% 71% 22% *% 
33 343 3QV 29% 30 

- 1532% 32 32% — I 

23 1*9 26% 25 V, 2S% _ 

50 5«%, 5% 5>1V +%, 
223 37% 31 32V 4% 

243 5V 5% 5V - 
471 9% B% 9% +V 
IMS M A % +'Vi, 

3 2 2V — V 
ZV 2V 2ft —Vs 
13% 12ft 12% 

27 26% 27 .% 

3Dft 19 V. 1»%— 1V» 

4 3% 4 +% 

8% 7% 7ft ♦ >3 
4% 4% 4% * % 
17 15% 16 +% 

18% 17% 17%— Wu 
19 17% 18% +H 

. 74ft 24 V 24% _ 

231333 31V 32% — % 

1.9 79 27% 27% 27% _ 

- 396 3 2% 2V —ft 

cobra -I3BK55 51ft S2%— 1% 

CocnBtl 130 33 39329 27% 28% — % 

COcensys _ 2436 5% S 5% *% 

CDdaEn _ 2444 6% 6% 6% — % 

CodeAl - 983 12 11% 11% —ft 

Coflexlp Jle 1* 729 23% 22% 22V — % 

Otanexs _ 3«I20 lTft 18%— 1% 

Cognosg - 446 12th, Uft 71ft —V 

CDfiaSet J2e 1* 9215Wu15ft15ft _ 


138 

34 


34 23 


oath 


cotxmci 32 



CoherCm - 886 B 7% 8 

Cohemt - 2341 14% 13% 14% 4% 

CoNoEn - 692 5 4% +J% 

Cohtf J4 1.1 736 21% 19 21 41% 

CTpvlnr JO 1.1 3*91 IBV 18 18% — % 

.T0e J 1934 22% 21% 22 — % 

40 2J 5716 21% 20ft 70V, — % 

— 10*3 2ft 2 2 — 

30 3* 2142 34 23V 23% —ft 

1J6 63 16B22 21 2) —ft 

40 23 354 30% 78V 29ft +% 

_ 271 II 10V II +H 

— 223 61 ft 40 40 — 3 

13 3957 24V 23V 24% — % 

— 272 5% SV 5V — 
4 1B3D2 16V ISVISWm— %, 
42692216V 15% 15ft — % 
-86*5*17% 15% 16% 

, _ 7513% 13% 13 W — V 

QrtdHd i _ 3011 8% TV 8ft —ft 

ComtSol - 1743 ru 2% 2ft 

QwnefStf - 463Z6 5% 5ft +» 



Camalr 3A 

Carnr^ 
Comes, I 39 

Ccrncoa 


cmntJSc 


_ 1047 3V 


CmcBNJ 45 23 4715 23V 23 __ 

SricBMO 48 2J 1189 33% 31% 31%- 



3% 

2 TA —ft 

4b b I J jo 36% 36% 36W^2ft 
30 19 375 18% 17% 18 — % 

30 3.9 604 18ft 17% 17ft —ft 

30 1 J 2274 17% 16% 16% — 1 
30b 13 5516% 15V 16% +% 

JO 3J 467 9% 9% Wj, —ft, 
_ 386 14% 13% 13V —ft 

- 3419 26% 239 1, Wt- 2 

CWttSOV .188 IJ S22 16% 15% 15% — % 

CmaXNC .92t 63 4143 15V 14 14ft + V 

CamEra - 1053 dh, % % — v„ 

CBrnEnA - 33 V -w 

Comarl - 1206 13% 12% 13 +ft 

CamSvs J4 2*x12761D% 10 10 _ 

CmBcNY 40 13 *3318% 17 18ft +ft 

CBNYpt 73 5J *2513% 13 13% +ft 

CmtySS 1 JO 18 14921% 31 31% 

CBfcPa 30 23 1933% 32 32% —ft 

OntySn *6 33 7516ft 15% 16 *% 

arSyFBFUJOt 94 2111% 10% lift +ft 

CtimFTB* 44 19 1143 16ft 14% ISft— I 
CwrLFBpMJS 63 !*M% OTi 27H - 

ComHItti 


CamcBnc 37 

CrnpnL. 

Qiipun 

OmSSab .10 

OlritHi 

cmptti 

- 

ancxits 

QnpPr 

Comriir 

Cemvers 


Cn^5f 


canc+iwT 


Condor 


f££ii 

cpntnea 

Canrivw 


_ 201 2% 2 2ft .. 
_ 2197 26% 25% 35% — V 
_ 4211 10 10 

19 1471 25V 23 23%—]% 

- 5954 IOV 9% 9V —ft 

_ 1447 4 Ik n 

_ 2 7*Vu Mu Wu — 

S JMim JWkJISft, +V- 

- 196812 lOVUhto + iYs 

_ *19 IV lVu 1V» — Vu 

44 1(87 8% 7V Sft 

_ 6930 Bft TV 7'Vu +Y tt 

_. 1171 4% 3^, 4% .ft 

- 1214 3ft 3 3%, —Vs 

-5128045 42% 44ft -ft 

- 10412% lift lift— lft 

- 2211 3H -Jh 

- 1495 4% 4 4ft 1 

_ 421711% 9% 10% — «%, 

- 2173 4% 3% 3% —ft 

- 272819ft 18ft 19ft tV 

- 4763 6 5% 5tV» —IV 

- 2362 Ift Ift 1ft +ft 

6% 7 

1% 1ft —ft 

2ft 3ft —ft 

4% 4% —ft 

13 13 -ft 

4% 4% —ft 

17V 17V —V 

24 24 —1 

3% 3V _ 

12 — V 

Sft . V 


sssaa =4is 

- 70 In 

_ 3a s% 

- 117114 

- T12B4V 
14Q* 18 

i34 64 jaa 

*• ■" ? JDfi ?v 


CansoPd 

CBnsGPh 

ConPti 


- 71 13% 13 13ft _ 
_ 337722% 18% 19ft— 2V 
43 1 74 72011% 10% 10% — V 
_ 1404 7ft 5ft 7 % +1 
_ 254 lift 10V lift *ft 

4S 23 2 2% 2 3 —ft 


Sdti 

□hr YU IDIhl+eh Low die Chae 


Dlv YM lORftgh Law Che due Stadu 


Sam 

DN YM nOiHtah Low Che Owe 


45 104 
1.18 *4 


CnsFnpf 

ConWal 

ContlCl 
OiCCare 

c twite ao 4j 
cnsavpl .72 38* 
CtrlDt 
CnvSol 

Comma J4 _ 

CoOOrD — 

CooorL — 

CoapBkS 
Coots B 
Coocrt 

Cap ley n, 

Coe rid 
CorTTwr 

CorGabF 
Corcom 
Cores', 

CoretCPk 
Cm+n 
Carlmog 
CoruE»e 
CorctCo 
CorCowt 
Cortcch 

Corvra 
Carvel 
CihCttA 
CosCNB 
Catt Cd 
O nSLfln 
Coorar 
Cvntrv i 
CrkrBri 

Crttmde 
CrayCm 
CrBioMal 
CrTchLs 
CredSys 
CrdAcps 
CreeR»h 
CrhAr 
CresArwt 
Ortticre 
CrooG . 

CraoGpf 
CraoGrw 
CrosCom 
Oro5sman 
CrwnAn 
CvtnBk 
CrwnRs 
CryencO 
Cryomie 

Crvomon 

CMlnFr 

aitos 

CupNBk 
Cur Tch 
CustCh 
CyWOpt 

Cvric 
CVIei 
CvtRdun 
CyfcxT* 

CytoCTi 
Cvtoinr 
CytRx 


14 sy, ov ov, ■ i 

372 10 17 17ft —ft 

4903 23% 23% 23 V — ’.V 

518 « 5ft Sft —V 

101 14% U 14 _ 

152 2‘.k IV IV — V 

1673 7% 7 7 —ft 

109 1»%. UV, I 1 Vi. — V 

*41BJYp 18V, IB»/p i V B 
_ S 3’/, 3W 3 V - 

_ 149 11 10% IOV, — V. 

_ 39 70V 19% 20V. — % 

30 23 7677 20% 18ft I8ft-1% 

- 465 14ft 14% Uft 

-14375 2* >9V 21ft— «V 

- 3000 Sft 4ft Sift ■ Vu 
.. 834 14ft ISft 13ft —ft 
_. 6715 21% 19ft 19ft— 1% 

- 98 3 Tfa, 3 ■% 

_ 17347 54ft Sift 52ft — V 
-10792 20’A lBftirVu— I’ft 

- 356 6V 5% 4V ■ % 

- 3*24 22V Uft 22 ’7ft 

_ 50259 23 70V 70V 

_ 1290 17V 16% 1641 —'A 

_ 6S7 9% 9 9% ■ ft 

_ 27*6 2'%, 2V 2ft —ft 

_ 8*6 2V 2% 2V, 

_ 248 23ft 22ft 22% —ft 




21 

19V 

18. IBV 





2B6 

19 

irv iav 

1 % 

.10 

— 41102 

15% 

I4H Uft 

— % 

.14 

1* 

775 

9V 

8% 9ft 

■1 

30 

U 

_l 

168 

I« 

15% ISV 

—ft 


2551 

23 

>1 22 

—ft 

.02 

.1 12268 

24 

22V 22V- 

-IV. 

JO* 

* 

4BB 

10V 

10*1, 10ft 

• % 


_ 7997 IV lft, Ift. —ft. 

- 915 3% 3 3 —V 

-26579 I9V 17V 17%— IV 
-13589 26 23ft M% ♦ V 

- 1305 35V 32V 33V— 1% 

- 545 10 9 9 — V 

_ 5822 TV % IV —lft 
_ 2789 !% ft V — 7b 

- 537 TV 2ft, 2ft, *%• 
_ 4170 IV 1% IV — V 

.951263 213 3ft 3% 3V +V 
._ 121013V lift 13% *1V 

- 6478 1DV 8V 9ft — V 

- 698 7% 6V 6ft — % 

- 726 7ft 6V TV +% 

_ 1417ft 16V 14V— IV 

_ 2106 5V« 4V 5% +V 
_ 190 4V 3V 3V —V 

_ 3093 8 TV 7V +W 

- 7030 4V 3V 4W +%, 

40 14 599439 30 30V —ft 

-10 1.1 1635 9V Oft BV —V 
331 93 53 9V 9.9V- 

_ 1074 3% 2V 3 
_ 3837 18ft 17% 10V +V 

- 390 6% 6V 6V —V 

- 58 4V 3ft 4 —ft 

_ 1890 25% 23 23% — 2V 

- 1785 7V 6V 6V — % 
-14449 47% 43% 44V— 3% 

- 336931 29% 29% —V 

_ 2110 2% 2V 2V — ft 
_ 697 4V 4ft 4V +V 

- 1064 4ft 5V +V 

-11892 3V 3 3V +%, 
_ 907 »V 7% 7V —V 

-29921 4 V 2V 2% —lft. 


- 115511% 11% 11V —ft 

- 410 35% 34ft 35 — % 

.. 8201 30% lift 19V - 

JO 2* 1205 9 BV 8 ", —ft 
20 4 5859 74 23V 24V— lft 

J6 24 50 14% 13ft 13ft - 

._ 109824 71»Vu2l>yu— 2ft, 
*8 5.1 7B013V 13 UV - 

- I cm 18 V 17V 17% — Vu 
-X2458 «% IV 9 — V 

- SB 1% lft, 1V« - 

(102 19% IB .10 — (ft 

*0 ! J 308 10% 16% 17% — % 

- 7*94 36 21 25V 13V 

,10e - 1511 Ift TVu !■%, .ft, 

- 133 9V 9 Nk Ik 

.. 7394 10% 9% 9% — V 

t 948 9 8V SV —V 

494 4V 4ft “ 


FLIR 

FMPtop 

S£ 

FRPPr 

Favwtn 


2504 SV 4V 

’12% II 


4ft — ' V 

_ 42912% 11% II%— I 
_ 1564 11V 10V II <V 
1507 12% 12 12% i V 

- 7240 34 29 31V— 1 

_ 119 IIV 17% 17% — V 

-410114 10% 15ft < 4% 

*2 24 4344 16ft 15ft 16V l ft 

- 179 4% 4V «Vu —ft, 

-4DI12J 49 3% 3V 3V — V 

- 62522% 21 21V— IV 



_ 1214V 3H » 

_ 1198 10V 9ft 10W _ 

- 137 3 2ft 3 •% 

411090 18W 14V 17 —IV 
_ 408 1% IV, IV 
_ 848511 9V. 10V 

— 700 6 5V SV „ 

32 54 19 9V BV 9V 

a 


I40b 43 


EZOxn - 

EZEMA 20b 33 
EZEM B JOb XB 
ErateBcp 36a 1.9 
Epfflri, 48 33 


D&NFn 
D&TS- wt 
DlYHme 

OBA 

D6PA 

8 PSr b 

DHTch 

DMW 

□NAP1 

DMA pf 

ONXQi 

DRHort 

DSSnc 

DSC S 

DSGInt 

DSPGP 

DSP 

DTind* 

DUSA 
BVI wt 

EHSr* 

DtXryB 

DdryA 

□aka 

Detatoh 

DMdran 

Damark 

Dankag 


Dari Its 
DCT tCa 


Dtp (O 


_ 1666 9ft Bft » —V 

- 103 4W 4 dft, * Vu 

_ 316 10V 9% 10 +% 

_ 137 4W 3V *% 

_ 403 3% 3 3V +V 

_ 63 3V 3ft 3ft —V 

- 2226 37 M 26V —V 

- 653 22% 21ft 21V — % 

_ 166 9V 8V 9 —V 

-25033 4 2ft 4 +1V 

2JS 10J 283 21V 19 21ft 42V 

- i» 5M 4V 4V — V 

J4( 64 OlSlSV 12 12V —ft 

- 1134 28% 26 26V— 3% 

-71640 31V 28% 28 Vi -3ft 

J5e 14 41627V 26 26 —ft 

- 3724 23% 20V 21 Vi— IV 

- 274 4% 3ft 3ft —V 

42# .1 33 ISft 15 15% —ft 

- 143 3ft 3V 3ft —ft 

_ 411 1V|» ,v ,g, _ 

_ 588 15V 14V 15V +V 

- 20 18 18 18 — 1 

- 9 Sft 3ft 3ft ♦% 
_ 2131 3ft 2%, Zft —V 
_ 1991 15V 14ft 15ft +ft 
_ 355 4% 4V 4ft —V 

- 645 7% 7 7% + V 

- 6971 12V. 10% 11 —1% 

_ 7249 19V 18ft 18ft,— Wu 
_ 1328 3V 3 3W +V 

- £77 13 UV 13 +lft 

.13 J 99 82 79 87 +2 

- 1690 3W 4ft 4V —ft 

z +% 

_ 57 1 0 9V 10 - 

- 1271 2M 3ft 2ft 

— SOI 7% 6V 6W —V 

- 114 15W 14% 14V + V 

DTTrNw - 924 21 19% 19<Vu— W« 

Dattt* _ 463 7% 6V 7% +ft 

Darkey _ 110 3% 3 3 —ft 

Datmar - 31010V 9V io - 

1813 15ft ISV 15V — % 

193 4ft 4ft 4V —ft 

_ 583613V 12V 13 +ft 

DTOWtCh — 509 lft, lft IV —Vu 

- 2942 6% SV IV —V 

Datran - 1S1 10% 9% iov +V 

Datum - 1497 7ft 6% 6V +V 

Douptui 32 33 x164227V 2Sft 26% —Vi 

Davca _ 366 17 l*% 16V +V 

Dowel _ 107 11V, IOV 10ft — V 

DoyrimA _ 4710 23 20V, 21% +% 

Dauo* — 389 3% Tfts 3% +1 

DowTCIl _ 1572 6 Sft 5V +V 

Dawson - 1255 13V IIV 13 +2 

OcyRun _ 1113 20% 19% 20% +1 

OeVry - 1625 27’% 76 76 —IV 

DeWotfe _ s» 3% 3V 3ft 

DtbShp 30 M 1144 6V pft, 6 V -ft 

DeeMOut - 1580 17 15% 16 +% 

DhTIkH .. _ 267710% 9V 10 +V 

Dwrtxrk 30a IJ 1638 3S 35V— IV 

Detmnc - 732 7ft 7 7ft + ft 

DeflcShd - 1423 B% 7V 7V — V 

_ _ 136316V 15% 16ft +ft 

OMbGn M 27 82031% 29% 30 -(ft 

DeklOts -10b 3 4610V 10V iov _ 

OBtavn *4 2.1 326 21% 20% 31V —V 

MIQW -7573139% 3* 38ft +1 

- 144 21V 20ft 20ft— 1 

- 537 1% ft 1 —ft 

338 12% 12*» 12% —ft 

2H 10% 17ft 18ft - 

, 65U% 17% 17V _ 

1720 37 34ft 34ft— 2 

334 32% 31V 32V. - 

U. B6 4ft 4ft ift 

- 18069 BV 7ft 7V — I 

- 383 6% B B -ft 

- 107 13 12ft 12ft —V 

P9VB«4 I 1M9 Uk lft Hk I 

^ 

- IBM 16V 15V ISV — % 

Dtangtre _ 722 6V SV sft + V 

» 1292 5 4% 4V * v 

- 1419 5V 5V 5%, +V H 

30 A0 2493 20V 18% 30ft *lft 

■* » 9ft -ft 

_ IQ2 15V 15'A 15% 

- - 342*22 19% 20'A— 1% 

giggsta _ 935 BV 6V 6V —lft 

Dgtnk - 5006 1* 13% 13% —2ft 

: HtB * 1 14 %" 1 ^ -, _ 


..Ini _ 

□euma - 

DattPuk* .16 9 

DefiNG 1.12 6J 
Dcmspty Mg 3 
Depcay 1.12 33 
Osgntrn 
Designs 
DatSy* 

Detntc 


DioUltr 
Obeli 
DOork 
Dig) Inti 


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... Mt 9V* 

_ . 10H 9% 9% —ft 

_ 1298 low 9V 9V — 1 
_ 700 9V Ift «K — 

1 22ft 22V 22 W — IV 
1614V 14V 14V +% 
12813% 12V Uft— lft 
766 5V 4V 5V - 
1 5V> 5U Sft _ 
31 31 % 29% 29%— IV 

= JS»Rr :» 

- 8374 13ft 12% 12ft— lft 

- 1791 low,* 10ft 10ft —ft 
_ 3369 4% 4 4ft —ft 

.16 A 486 21% 20 20 —IV 

& Sri* 

_ 1355 4% 4 4 — Vu 

30 13 ,733 32’A 30% 31V —ft 

- 1869 3ft 2V 3% + Yu 
-20 631 7 6ft Sft «%,— INu 

- 5708 lft 7, irf ^ft 

- 192 5ft 4** Bft +ft 

- 3833 21V 18% 20ft +lft 
_ 2taBllft 9ft I Oft .-ft 

«7 6 5% Sft + ft 


* * 


-n 




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- 62 6ft Sft 6% 

_ 2680 7 W 6% 7% +Vu 

- 18011% 10V 10V — Sft 

^ .-s MSfVW 1ft lVu — ft 
37b 1j 0 2B9 27% 25V 26 —1% 
30 33 69417 15V 15ft —ft 

_ 1633 2% 2 2ft +%i 

- ?S ,0ft 7ft 7ft ‘ VS 

- J2S 1SW 14V 14V —ft 

. _ 425516V 14ft 14ft— IV 

.10 23 I 3ft 3ft 3ft 


Jle u 


, 4(68 49V 45V 46%— 2V 
50ft 4BV 48ft— 2V 


Engynm 130 6* 






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gss, 

Eskimo 

tsmor 

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EwpSut 


Bsar 

EvprtAed 
EvgriW PI 330 
EvoniRs 
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Excnfta 
ExctTeti 
ExcITwt 

ExcfTcpt 
Execn 
EXTON 
ExkJe 
Etariita .10 
ExprAm 

IS ? 5 

Ezcorry 

Excon, 


_ 401 Bft 0V BV — V 
-46316 ISV 17V 17ft — % 

- 230 9 Bft Bft 

- 54 7V Sft Sft — % 

.12 23 28 5 4 4ft +1% 

- B307 24 25 25% +V 

„ - 561 10% 9ft 9ft 

3BO 3 20615ft 15 15 —ft 

_ W7 lift ,0ft 10ft — V 
_ 2060 17% 14ft 15%—1 

- 1561 6V Sft Sft —ft 

- 801 1, Wt, ft +%, 

- 02 6% Sft 6ft +V 

- 2726 4V 3ft 4%, +%, 

- WISH Uft 15%, +%, 

- 241710% 9% 9% _ 

-,76M19V 17% 19%+ IV 

- 13290 4ft Shft 4ft +Yu 

- UtalBV 16V 17V— 1 

_ 251 7ft 7 7 — % 

640 B’A 7Vu 7% Z 

5918 17 17 — V 

_ 003 12% Uft 11V *% 

■35 W fJI.BV 8V BV — % 
JD 13 113 12V 12% 12% — % 

- 189 4 3W 3ft 

.16 13 337 11 ,0 TO — i ft 

Z 9CT 2% IV 2% +% 

Ijfgfrf??,* z 

SM 

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- Jew* ,sw ♦% 

- ?Z3 aov * i9v — 

- ®75 ZV 2% 2ft *% 

- 5685 » 24% 24ft— 1ft 

- 11-^ 
•ta* BJ 3381 12 10ft itShJl 1 * 

- 4% 3ft 4 +V 

30* I J 26 06 54ft 53ft L — % 

jo'ij 

= i»«4*Sa-* 

- n 2 % 2 ft 2 % »Yu 

3 Sir if- ,% 

73 '^asissgs.-s 

- “» «; 5% Sft +5 


- 471 2% lft lft 

- P »* 

- 12* 7 5 5 —2 

- 180 4ft 3ft 4V „ 

- 501 13V* 12% 12% Z 




F8JW( 


300 23 218 21 V 31% 21H _ V 

Mb 13 81 30% 29% 29V 72 

M “ I 

30b 16 X21017V 5% lj% 2$ 

* " ^ l&T-r 


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FfrMDiS 
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BK" 

^p 

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gLCfie 

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FHP 

FHPpfA 


36 b 17 
AO 23 
J4 13 


IS* ff 1 ^ 


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242 17V 12 12V • V 

- 4720 3% 7ft 3% 

224 24 24 1 2 

2.9 I 24% 24% 74% • 1 

- JOO 7 Sft Aft —ft 

- 107 18ft 17 V 17ft— I 
-1006421% 19** 21ft ' ft 

- 7632 71% 19 19%, -TVu 

567 Sft Sft 6% —ft 

47 4% 6% 6ft -• » 
69 4ft 4V. 4% — Vu 

is? 3 r ?ft •Jv. 
Y&uV-ft 

i ft 




FBOftS 1.00 19 
FtBSoGA *5e2* 
FriOkapf JJ5 18 

Fstaksta .me a 
FriCrii 


:pfi*i 

FOhcCps 72 £) 
FJEsex J2 33 

a 13 

FFSLOH *36 23 

ZZ&s 

FFSvFD 
R=ncOHsl3B 
PlFflBkS 1.12 


3 


FJFnO-* -E 19 m 13ft 13% 13% 
FIEnS, *0 2* 139516% 16 16% 

EEMHF -S4 13 110 34% 32V 32V- 


ii 

13 

IJ 


FFnWMl *0 
RPnHd* *8 
FlFmk 30 
FtGiMd* 

FHcxSs *0 
FtHow 1.11 
FtHmSvx *0 
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F+ittlSB 
FtOaks 
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FriPalm _ 

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%g 


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7614V 13V UV +% 
424811V 11 11% - 

17 33V 32% 33V +1 V 
(14 23ft 23 23 — % 


2 A xlM28% 2L. 28 


Me 


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322 4ft 4ft 4V 
3313 12 V 12V —% 

379 21V 20% 20%—) 
933V 32V 32V - 

300 IS 13% 14% +% 
,14120% ?9V T9V _% 
6453 7V «V 49k +ft 
161019% 18 V 18% —ft 
95 7 4% 494 4ft 

704 19W IBV, 19 
559331V 28 28 —3 

32 UV 14 V 14 V —ft 
216 26% 25ft 25ft —V 
42816V 15V 16 +V 
221 29V. 28V 29 


16814% 13V 1«% - 

516 8% 7% B% *Uu 
241015V 14 15ft * V 


—■ft 


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SU " 

guta J6 u 14R! 

FJUWCs M 23 fl 17 ~ 1M lAfa— lii 

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449 BV 8% 8V +% 
45838V 37V 37V —ft 
174 93% 22V »% +ft 
TO4V 4ft 4ft + V 
408922V 21% 91V— 1 
X64 ]0 9V 10 

2917 TV 8% Bft + % 

538 20ft 19ft 3DV +% 

147 18% 10 18 —ft 

72 4% 4H 4ft —% 

12S 12% 11 V |1%— lft 

- 20X315 12ft IJ — 2 

-. 270 Sft 5ft j% +ft 

- I2S 7ft 6ft BUS, -V. 

- 1487 7V 7 7ft — 

- mi 3ft 2ft 3ft -ft 

- 5368 17V 11V lift - 

- 2783 7 »% 6ft +»k 

J3 7661 6% Sft 5% — % 


FWUM& 
FstbkUl 
FrirckRc 
Fteum 

RlCTw 

FtaoFn s jo 


Flomri 

FUxati 

Fioxtm 

FlOFll 

FJowlrtf 

FJUrtSa, 

Ruroswt 


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*$'"1 
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f££s£ ' 40b < 7 .JI‘ B% BW W 

2SS> ,J » 


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3* 706632% — 


35 


Fernowl 
PamOp* 

tjjni 
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P auR 
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■tfJSoft 

iju 

FramTc 

PramSv 

WJ 


-- 

3.9 32m } 3* IJ% im —ft 

e lisSRg e3 

7% 


.12 


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- 9057 Sft 6 AV 

- 962615ft Uft ISV 

- 437 3ft 3V 3ft 

W Ml- 9ft 9 9ft 
« 27212ft 19 12 

1.0 107 32% 30% 3M 
13 ISO UV 13% 13V 

- 624 9ft Bft Ift —ft 

- »«»% aift 99 % tjft 

.. 233 «V 4 4 — *V 

.. 100 4ft Sft 4V - 

... 32115 14% 14>Vi* — fti 

.. 716 2% IV IV— 1 

- 11034% 33V 34% 

3 15917 14% lift —ft 

- 344 12 V lift lift —ft 


—V 


% i 


ts: 

... 

. JH 59, —V 

i.hK fSjj ftj-s 

247 11% 10% 10% — 1 
117 Uft 14% 14% —ft 

^ft 27% 27% ... 

ft Sift 53ft -ft 

_V 4ft 4ft —ft 

« bv sa 7 ? 

gas, ^ i? 

RnancSd _ 86* 4ft 4V 

sss r z im* i"* p 

□~1M n a Ml 

Rra«CT* J* J 107 34 32% 32%— 1% 

FAtxm JOb 2* 87 7ft 4V 7% +ft 

FjtAtert -1328432% 25 II »5% 

RATn 34 2-6 263535 32ft 32H— 2ft 
FT6NC _*4 33 41 19ft 18ft 18% — 1 

- 377 27 25V 25ft— 1% 

as 19% u% ip — % 

4* TAW 75% 25% —V 

5212% 12ft 12ft —ft 
_ 941 4 3ft Uft, — Vu 

RgjrlBk _ 701 5ft 4% 5W+1 

HOtfl 32 2.7 X194 20 19ft 19% — % 
FO?BA JO a 13 42545% 44ft 45ft - 

FrtCtzF 39T 33 561 17% 16% 16V — % 

PCatan 30 2J 3273 23% 21V 21ft— lft 
PQ8BWT 1.75 $3 9832 , 31V 3lH — V 

tab 3J 1 ISft 11% 18% —ft 
130 4* 3315 2BV 26ft 27 -IV 
S3 998 33% 32% —lft 

il 7»U% 23V MV -ft 
16 1649 9ft 9 9 —ft 

2.9 191 18% 17V 10ft +ft 

23 7532 31 31 —1% 

2J 121825ft 24ft 24% —ft 
“ 73616% 15% 15V —V 

331 15V 15% 15% *ft 
12 30 28 30 +2 

3325V 24V 25V - 

150710V 10% 10% - 

180 39 38V 38ft -V 

3930 28 28 —1 

—V 

]Vl 

304 25ft 24V 24V — % 
414 17ft Uft Uft —V 
4130 27% 27V— TV 

93 6 5% 6 •"% 

20431% 2BV 31% +2V 
119929% 28V 29ft +% 
313V 13V 13V 
14019 10 lfl —ft 


■ 6 


■*r'; 


\ 

l. 


: ri(- 

" ,y tl 


(Continued oa page U) 

















New International Bond Issues 


£ :■ 


f 




f- 
**% . 



-r been eat 
xibe and ^ 
^ our new 


'•A. i 


'06 service, 


US TOGQv 

543; 


U ■S/ 

' w. ; 


+ • 

»• •• - 


-«• : 




■tt** 


Compiled by Paul Horen 






Issuer 

Amount 

(mltUons) 

Mat 

Couo. 

% Price 

nj 

rTICc 

e*td Term* 

week 

Floating Rate Notes 

Nordbonken 

$100 

2004 

0.45 

100 

— 

Ow«r 3- month Libor unni 1^99, when sue n ecHtobta ot par, 
thereafrer t.95 o«r P«5#*r«l v 99M. Fees 067%. IW 
nations 510,000. (Chewcal Investment Bank.) 

Yosuda Trust Asia 
Pacific 

$100 

2004 

Yi 

102 

— 

Oiw 3-mamh Libor. Ma/irnum intern) 1 0%. Fees 2% Denom- 
i nations $100,000 (Nomura Im'l.} 

■ Alliance & Leicester 
Building Society 

.. £100 

1999 

1/16 

100 

— 

Over 3-month Lbor. NoncaUabfa Feet not dtefosed (J.P. 
Morgan Sacvnnet.) 

Leeds Permanent 
Building Society 

£100 

1999 

1/16 

100 

— 

CW 3-monrh bbw. t kmcolbbte. Fees nert ditcfoKd, Denomi- 
nations £100,000. {HSBC Markers.) 

Fbcod- Coupon* 

GMAC 

$200 

1997 

TA 

101.075 

99.65 

Reoffered Cfl 99.95. NoncaBobta. Fees IH%. [Swiss Bon* 
Corp.) 

Household Affinity 
Credit Card Master 
Trust 1 

$870 

1999 

7 

99.28 

— 

Aweroge life 36 monihi. Feos nor disclosed. (Goldman Sachs 
Co.) 

Toyota Motor Credit 
Corp. 

$300 

1996 


100.95 

100.05 

1 Beofferod at 99.95. Noncalbbta. Feci 1 (CS first Boston.) 

Trinidad & Tobago 

$150 

2004 

11% 

99J34 

— 

Semianniicillv Noncanabta. Feos t*,. Denommations 510X00. 
(Cmbonk Inr l.J 

World Bank 

$1,500 

1999 

7V6 

99.471 

9? JO 

Semi annua By. r+oncaftable. Fees 025%. (Unfor Bank ot 5wit- 
jerkind.} 

European investment 
Bank 

£100 

1998 

8J4 

101 

— 

Eeofferod of 99jS5. Nonoaltabte. Fees not disclosed. (HSBC 
Markets.) 

Halifax Building 
Society 

£250 

1997 

8% 

100.515 

— 

Proffered al 99.3d. NoncalWe. Fees 1H%. (S.G. Warburg.) 

Kobe Gty 

£200 

2004 

916 

99.45 

— 

Noncaflabfe. Fees 0325%- (Uruon Bank Switzerland.) 

Nestle Holdings 

£75 

1997 

8%L 

101.057 

— 

Iteoffered of 99.90. Noncaflabfe. Fees 'taki. (J.P. Atergafl 
Secvrines.) 

Argentina 

m. 300,000 

1997 

13.45 

100 

99.13 

Reoffered at 99V*. Noncofloble. Fees 1 ta%. (Chase Manhattan) 

European investment 
Bank 

m. 200,000 

1997 

11.45 

102 

100.95 

Noncallabte. Fungible with outsronding issue, rasing roiaf 
amount to 700 biUton ire. Fees 114%. (Banco tk RomaJ 

European Investment 
Bank 

ECU 300 

1999 

av. 

100.985 

99.40 

Rerrffered at 9986. Noncalloble. Fees 1%%. (Swiss Bank 
Carp.) 

Philip Morris Capital 

ECU 150 

1998 

8V6 

101.35 

100.10 

Reoffered at 100. NoncolabJe. Fees 1H%. (Porrbas Capnal 
Markets.) 

Australian Industry 
Development Corp. 

AutSlOO 

1997 

9 

100% 

99.05 

NoncaDable. Fees 1 ta%. (Hambros Bonk.) 

Commerzbank 
Overseas Finance 

AmS 125 

1999 

10 

101 .90 

99.85 

Ncmcdtabie. Fees 7% [Horn bras Bank.) 

Daiwa Int'l Finance 
(Cayman) 

Y 7,500 

2004 

5 

100 

— 

Noncafiabie. Fees not disclosed. (Morgan Stanley Int'l.) 

Daiwa Int'l Finance 
(Cayman) 

Y 10,000 

2004 

5 

100 

— 

Interest win be 5% until 2000, when issue is cokable at 100, 
thereafter 5-30%. Fees not disclosed. Denominations 100 
in bon yen. [Merrill Lynch Int'l.) 

Daiwa int'l Finance 
(Cayman) 

Y 8,000 

2005 

5 

100 

“ 

Semanmnl interest will be 5% until 1999, thereafter 5.23% 
Fees not disclosed. Abo 2J bJfion yen paying 5% until 1999. 
thereafter 5 1 £% Denominations 100 mJion yen. (Satomon 
Brothers Int'J.J 

Dorwa Inf 1 Finance 
(Cayman) 

Y 15,500 

2005 

5 

100 

— 

Interest will be 5% until 2000. when issue a callable at 100. 
thereafter 5'4%. Fees not disclosed. Denominations 100 million 
yen. [Nomura Inti.) 

Mrsteria 

y 10,000 

1999 

— 

100 JO 

— 

Coupon not disdeud. NoncalaWe. Fees not doefased De- 
nominations 100 million. (Daiwa Europe.) 

Equtty-Unkod 

Telekom Malaysia 

$350 

2004 

4 

100 

— 

Senuonnudly. Callable at par in 1999. Convertible at 23.40 
rmggtt per share, a 10% premium, and al 2.5553 ringgin per 
do8<*. Fees 2'.t% [CS first Boston.) 

Yang Mirtg Marine 
Transport 

$160 

2001 

open 

100 

— 

Coupon indoated at 1 Vi to 2U% Redeemable in 1999 to yteld 
COX) lo 6.40%. CdnverdbJe at an expected i to 6% premum. 
Fees 21*% Terms to be sel Sept. 26. {Baring Brothers Int'l | 

Untden 

Y 10,000 

1998 

H 

100 


SernkmouaTly. NoncdlabJe. Convertible at 7^73 yen per 
share. Fees 2'rjV [Dorwa Europe ) 


Raise Rates 


By Louis Uchi telle 

New York Tunes Service 

WASHINGTON — U.S. 
manufacturers, declaring that 
their businesses are prospering 
and their hiring is up, have 
urged the Federal Reserve 
Board not to raise interest rates 


Orders Soar 
In August 
For U.S. Took 


Bloomberg Business News 

WASHINGTON — U.S. 
machine tool orders soared 80. 5 
percent in August from a year 
earlier, reflecting increased de- 
mand from major auto manu- 
facturers to small and midsized 
factories, the Association of 
Manufacturing Technology 
said Sundav. 


"The 1994 order total con Lin 
ues to move ahead of 1993, 
said Albert Moore, president of 
the association. 


But orders declined 7.6 per- 
cent in August from July, the 
second monthly de decline, as 
manufacturers shut down for 
s umm er vacation, the associa- 
tion said. 


August machine tool orders 
decreased to $327.45 million af- 
ter declining 12 2 percent to 
$354.25 million in July. 

Economists mom tor machine 
tool orders and shipments to 
gauge industrial output, con 
sumer demand and business in 
vestment. 


SHORT COVER DOLLAR: A Tough Week Ahead 


Israel Lifts Interest Rales 


JERUSALEM (Combined Dispatches) — The central bank of 
Israel said Sunday it was raising its interest rates 1.5 percentage 
points to battle double-digit inflation. 

For the second consecutive month, the government raised the 
basic lending rate to commercial banks by 1.5 percentage points, 
bringing the rate it will charge at monetary tenders in October to 

15.5 percent. 

"It was necessary to raise interest rates because we have a heated 
economy," said Jacob Frenkel, a governor of the Bank of Israel. 

But some analysts said that monetary policy alone would not be 
enough to lower inflation, which is running at an annual rate of 

14.5 percent (Reuters, Bloomberg) 


Mi 


Con tinned from Page 7 
limed," said Mark Cliffe at 
idland Bank in London. 


“A further decline in both 
U.S. bonds and the dollar could 
not be more badly limed from 
the perspective of Japanese in- 
vestors,” Mr. Cliffe said. 


October is the start of the sec- 
ond half of Japan's financial 
year and is traditionally a busy 
month for buying foreign bonds, 
he said. 


No Progress in Trade Talks 

TOKYO (Reuters) — Japanese trade negotiators are privately 
pessimistic about the framework trade talks with the United 
States and think Washington will move toward sanctions, the 
Kyodo news agency reported Sunday. 

The agency said it had obtained internal Japanese government 
papers that said officials thought the two countries were a Long 
way apart on basic issues, making it hard to reach an agreement by 

* , : i j jt: 


Joe Prendergast, an analyst at 
Paribas Ltd. in London, said 
that even a trade agreement was 
unlikely Lo lift the dollar. 

The United States said last 
week that its trade deficit with 
Japan widened to S5.67 billion 
in July from $5 jS2 billion in June 


and accounted for half of Lhe 
overall deficit. 

Noting the expansion of the 
U.S. trade defich with Japan, 
Mr. Prendergast said that "until 
there is some clear indication 
that the trade balance is actually 
turning, there will be limited 
confidence in the dollar's upside 
potential against the yen. As 
such, the sustainability of any 
dollar rally on a partial trade 
deal will be questionable." 

His advice is to sell the dollar 
on any rally against the yen or 
the Deutsche mark. "The risk 
remains for a further blowout 
to the downside for the dollar 
versus the mark, though this 
will most likely have to wail 
until after the German elections 
on OcL 16.” 

— CARL GEWIRTZ 


a U.Si-imposed deadline Friday. 
Yashingtc 


In Washington, Mickey Kantor, the U.S. trade representative, 
and Foreign Minister Yohei Kono of Japan announced no agree- 
ment after talks Saturday on access to Japanese markets. But 
negotiators agreed to make a midweek attempt to resolve the 
dispute, even though few of them expected a breakthrough until 
closer to the deadline. 


BONDS: A Pragmatic Solution 


OPEC Aims for $18 to $22 Oil Price 

DOHA, Qatar (AFP) — Members of the Organization of 

1 - - — f*T nii-ial ir •s'm fnr o i n ii % j> nf 1 1 ft fA 


Petr oleum' Exporting Countries should aim for^ajmee of $ I S to 
$22 a barrel over the ° '* 


next three years, the OPEC president. 

Abdullah Badri, said Sunday. 

Mr. Badri, who is also the oil minster of Libya, did not explain 
why the price target differed from OPECs benchmark price of 521. 
set in 1990 but never reached because of the weak oil market. 

**OPEC countries respect their production quotas but the bench- 
mark price is a long way from being reached," Mr. Badri said after a 
meeting with Abdallah Attia, the energy minister of Qatar. 


Continued from Pape 7 
the spread over the U.S. bench- 
mark is likely to be 85 basis 
points — a level expected to 
attract yield-hungry investors. 

Lebanon will offer its first 
issue this week. Its three-year 
paper, expected to total at least 
$200 million, will be priced to 
yield at least 325 basis points 
over benchmark rates. 


Argentina, in its first appear- 
ance in the lira market, in- 
creased its three-year issue to 
300 billion lire from the initially 
indicated 250 billion lire thanks 
to the 13.83 percent yield. Ar- 
gentina is preparing to tap the 
dollar market with a S500 mil- 
lion global issue. 


Coles Myer Wants to Cancel Stake 

SYDNEY (Bloomberg) — Peter Bartels, chief executive of Coles 
Myers Lid. said Sunday he wanted the company to cancel all the 
276 million shares in his company formerly held by Kmart Corp. 

Mr. Bartels told the Nine Network's Business Sunday program 
that his preference was “is to cancel the stock, have the debt on the 
balance sheet and make sure everyone is focussed on working for 
the good of the shareholders." Shareholders voted last week to 
improve a buyback of the 276 million shares, equivalent to 21.45 
percent of the company’s equity, formerly held by the U.S. retailer. 

Coles Myers will cancel almost half the newly acquired stake. It 
said last week that ii was looking for buyers Tor the re m ai n i n g 147 
million shares. However, the company has said repeatedly that if it 
does not find any takers, it could cancel those shares too. Coles 
bought the 11.45 percent stake after Barclays De Zoete Wedd 
Australia was unable to find buyers prepared to pay 4.55 Australian 
dollars (S3.36) each for the shares, which is what Coles paid Kmart- 

Pakistan Buys U.S. Power Plants 

ISLAMABAD (Reuters) — U.S. businessmen signed agree- 
ments on Saturday for energy deals amounting to a $4 billion 
investment in Pakistan. 

The deals, signed during a visit by U5. Energy Secretary Hazel R. 
O’ Leary, included two power plants with a combined value of $1 .73 
billion. Mrs. O'Leary, who headed a delegation of more than 80 
business leaders, said the energy deals were a recognition of Islam- 
abad's "revolutionary and profoundly deep" economic reforms. 


U.S. Fund Says 
Swedish Debts 
Pose Default Risk 


For the Record 

British TdeeomnninicBtions PLC and Tde Danmark are ex- 
pected to announce a “significant international cooperation 
agreement at a press conference on Monday. (B/oomfargj 
Wharf Cable LrtL, the cable-television unit of Wharf (Holdings) 
Ltd. is to launch a 24-hour financial news channel in Hong Kong 
on Monday. [Reuters) 


Bloomberg Business Nn-s 

STOCKHOLM — Moore 
Capital, a hedge-fund manager, 
has said Sweden's high state debt 
made it the most likely western 
European country to be unable 
to meet its debt payments. 

“Sweden is the country in 
Europe that is running the 
greatest risk to being forced to 
stop its payments." Moore Cap- 
ital wrote' in an internal study 
on the Swedish economy, which 
was published in the daily 
newspaper Dagens Indus tri. 

The budget deficit for the year 
ended June 30 was 181 billion 
kronor ($24 billion). 1 1 percent 
of economic output. State debt 
is 1.29 trillion, kronor, projected 
by the government to grow to 1.9 
trillion by J999. Moore said 23 
trillion was likely. 

In July, Skandia Forsakrings 
AB said'it had would not buy 
state bonds until the government 
did something to tackle the debt. 
This month, the Vontobel fund 
of Switzerland said it was selling 
its Swedish bonds on concerns 
they would be downgraded. 


Euromarls 
At a Glance 


Eurobond Yields 



SceSJSeni W 

Yr Web Yr lew 

Uj.S.hKN rerm 

7.»2 

7.90 

7.95 

CJ1 

U j.S, mdm term 

7J1 

7.23 

7 Si 

5*> 

UJkS, short term 

6.»1 

tre 

652 

ue 

Pounds sterilise 


9.15 

9JS 

6J6 

Frencffl francs 

US 

9.16 

W 

5^7 

Itrrflaa lire 

1125 

1127 

1IJJ 

7J1 

Da nlsb krona 

169 

5.71 

97* 


SwedlsakroM 

ms* 

10.91 

IU 

7JJ* 

ECU, long term 

a.7i 

Bisfi 

171 

6.18 

ECU.mdm term 

u* 

6LI7 

8.3* 

521 

Can. S 

9.14 

9J3 


&J9 

A US. 5 

M* 

M2 

9 M 

t3f 

Nil 



911 

5W 

Ym 

tSl 


w 

CJJ 


Sou re*.- Lu*emOovrg Stock E.cnanoc- 


Weekly Sales 


Sep:. 22 


Wgantfwnm 

Cede! Eurodear 

i Nobs s Nobs 
S 7SJ 153 m V77J0 MOMS 
— - 9110 

100 7 90 MOO UfcS.10 

4J71J0 t&r-V) ItMWJO S.«i2t 


Strata It is 

Caoven. 

FUNS 

ECP 

Tew 


W31J0 ‘.ARCS 11,1053 8J*3J» 


scauKuasaa 

Cede: Erodrar 

i NanS $ Nob] 
7J37.1D 20.1B7J0 244)1 00 27.503) 
i5&.'0 565-50 IJffiLlO 1JI4J0 

55V2JG 2*2920 3USJ0 K7«fl 
4522.90 9,95*90 10.WM0 S6J7120 
29.71040 22,7<*J0 6249&70 ML8I050 


StralBbta 
toewrf. 

FRN* 

ECP 
Total 

Source: Euroetoor, Cede). 


Libor Rates 


Sept. 23 


BuaiiwM Meuoa* Cantor 

every Wedrsesday 


U*l 

itoMm 

J-montn 

6-mDfHh 

Sine 

5V, 

511/16 

Deutsche murk 

5 

51116 

55/16 

Psundstenuig 

57M6 

sant 

6 7.1s 

French franc 

17-ns 

SH 

S lirii 

ECU 

5A. 

S 15/16 

Sta 

Yen 

37.14 


J7H6 

Scuroes.- Uoytfs Bank. 

Reuters. 



nies ranging from giants as 
Boeing Co. and the Big Three 
automakers to small machine 
shops. 

But the executives opposed a 
rise in rates in a poll taken at 
the meeting, part of the associa- 


again this year. They said bigh- 
idai 


er rates would endanger their 
prosperity. 

In taking this position on 
Saturday, shortly before Fed 
policymakers meet Tuesday to 
consider a sixth rate increase 
this year, the National Associa- 
tion of Manufacturers directly 
challenged a basic tenet of the 
central bank's policy. 

While most Fed officials in- 
sist that rising inflation poses 
the greatest danger to the econ- 
omy and should be prevented, 
even at the cost of an economic 
slowdown, the manufacturers 
take the opposite view. They 
prefer a liule inflation, which 
gives them leeway to raise 
prices. 

The association did not pass 
a formal resolution at a three- 
day meeting here, attended by 
1 15 chief executives of compa- 


U.S. CREDIT MARKETS 


tion's effort to prevent a rate 
increase that might slow the 


economy and dampen its mem- 
' safes. 


hers’ 

Su mmarizin g the results of 
the poll, the president of the 
association. Jerry Jasinowski, 
said Saturday, “The over- 
whelming majority believe that 
the Fed should hold interest 
rates at current levels or delay 
any further action until late this 
year or next year." 

Stanley C. Gault, chairman 
of Goodyear Tire & Rubber Co. 
and a former chairman of the 
manufacturers' group, said: 
“We have to be particularly 
careful about what we do now. 
It is as hard or harder to reverse 
a slowdown in the economy as 
it is to reverse rising inflation.” 

The manufacturers rarely 


come out so publicly or bluntly 
against a rate increase. But this 
time, they said, an interest rate 
rise would catch them just as 
their sales are expanding, most- 
ly from the ripple effects of 
strong home construction and 
surging auto and truck sales. 

“Higher rates can create un- 
certainty, and this can get trans- 
lated into procrastination and 
delay in making purchases.'’ 
Mr. Gault said. 

But even executives of com- 
panies removed from the auto 
and construction industries ex- 
pressed concern about rates. 

Lawrence W. Garkson, a se- 
nior vice president of Boeing, 
for example, said higher rates 
might discourage people from 
buying airline tickets on credit, 
just as air travel was rising and 
airlines might be ready to order 
more new planes. "Leisure trav- 
el is very interest-rate sensi- 
tive,” he said. 

In their poll, the manufactur- 
ers rejected a main argument 
for a rate increase intended to 
reduce consumer demand, and 
with it economic activity, by 


discouraging borrowing in a na- 
tion that runs on credit. 

The argument is that short- 
ages of labor and of production 
capacity mil force manufactur- 
ers to raise wages to obtain 
skilled workers and that the 
higher wages will force busi- 
nesses to raise prices sharply. 

“We have no strains on ca- 
pacity, and there is certainly'* 
no strong demand for wage in- 
creases, said Tracy O'Rourke, 
the newly elected chairman of 
the association. 

For bis company, Varian As- 
sociates Inc., which makes ma- 
chineiy for semiconductor man- 
ufacturing, he said, "Our orders 
for this machinery will be up 1 00 
percent this year, but every order 
is a dogfight over prices." 

Expectations on Wall Street 


of a rate increase have played a 
role in the steady decline of 
stock prices in recent days and 
in the upward pressure on inter- 
est rates in the bond market. 

The yield on the benchmark 
30-year Treasury bond closed at 
7.79 percent on Friday, up from 
7.78 percent, as the price fell 
4/32 point. 

Pressure on bond prices also 
stemmed from the rising gold 
prices, which touched S400 an 
ounce on Friday in New York, 
fueling inflation and rate con- 
cerns. 

Citing surprising strength in 
the U.S. industrial sector, ana- 
lysts on Friday said the Fed 
needed to deal with inflation 
pressures without delay and 
would raise the funds and dis- 
count rates by 50 basis points. 



This week’s topics: 

o The Global Battle For Capital 
o A Talk With George Soros 
o Is Brazil's Recovery For Real? 
o Apple Needs Market Gains To Keep Up 
o Facing Slow Growth, Glaxo Seeks Alliances 


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- M:niYTijm:wT fimmii i.tki Rtunvtn swiss hum: binw b*r*me« 
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- suwvmmxr n mi-hi itiu rrkiycy rnhsai mm: bond become* 
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Miwnm.sTHiviMn i.tki nttna Btirtn thru* 


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suwrrmsT h tvo-w i.tki drkm t boisu tct 


- SCOJSmSKST H ISIMII LTICI RRKISCl HtKISUI StIS BOND brromr* 

st juntbsitw niMMnincnutKYin boiww 

l)i-Kpiir iliia rhangi- uf iiiiim*. tin- iiivolmriK [»uliry of 
iuToiiuiiuvriiii'niioni'ii • , iini[iiirffiii-iite miiaiiis um-hsingi-it. 

l-'iirilicrniiin*. llir im rtf m fill policy nf SC0NTINVK5T F|INI>- 
MIH/riUlRIiKlMCY a Kl'KOVA I.” : KUHOPK4N KQIUTY and 
SCOKl'INNKSr riiNlM'ACinr. Koum U ri'woTilril n* fotlowp: 


- SCONTBSTTST R IS D-MlLTtaTUtFJSCS IX KOVAL" - ELK0PE.W EQITTV 
(dnonlnlrd la ECl) - CMfirUnril IbuiN ta uttarrn and othrr 
traasTimUr mnride* of «uar natarr from Enropran Imwih (ftwtrrtiWf 
bond*, warrant* and oIIut rajdtal «nnriflw; ibr warrant* u p tw i d for (br 
imHor a bigfcrr iU (tun ordinary IrutTmUr wnrilln due to theta - 
tolafillh), FWrd on (far Enropran market* EEC or non EEC: 


- SCONTDNVEST FlAD-P.SaRC F.QVTTY (denominated la VS Dollan) - 
eoraparlment IiinIhI ia chares, other (raarfenfale imrlliN of unr 
natarr aad romnitUehondii or wUhnarrmita fcword by kmm of (W Haw 
or puradml far gaarantoni of fir4 Haw of conalHe* from (far Piriflr 
men, except Japan. 


However, (hii* new descripiiorj dor? not rhange in fact the 
investment policy of thnji- compartment. 

UptlaLoil pro«pei-lincs cnnljining these amendments arc arailatdc at 
the registered office of the management company as well us the 
registered office of (hr custodian hank. 


Be order (hr Board of Directors 
Lnxemboing, Angnd 24th 1994. 


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Mezzanine Capital Corporation 
Limited 


Notice to the holders of the Bearer Depositary Receipts f ■ BDRs' ") 
evidencing Participating Redeemable Preference Shares of US 1 
cent each ("Shares") of Mezzanine Capital Corporation Limited 
(the "Company") 


Notice of Annual General Meeting 

NOTICE IS HEREBY GIVEN io (he holders o< the BDRs lhai Chemical 
Bank (Guernsey) Limited ("the Depositary") has received notice from the 
Company that the Annual General Meeting ot the members ol the 
Company will be held at Capital House Building. Bath Street, St. Helier. 
Jersey. Charmed Islands on Wednesday. 19th October. 1994 at 11 00a.m. tor 
the purpose ot considennp and voting on the hallowing matters.- 

1. To receive and consider the Accounts and Balance Sheet and Reports 
ot (he Directors and Auditors tor the year ended 31st May. 1994 

2. 1b re-appomt Messrs. Price Waterhouse as Auditors of the Company 
and to authorise the Directors to fix their remuneralion 

a To transact any other ordinary business which may properly be 
transacted at an Annual General Meeting. 

BDR holders have the right lo attend and speak at the Annual General 
Meeting but not themselves to vote thereat. BDR holders may however 
instruct the Depositary as to the exercise on their behalf ol the voting rights 
atlnbutabfe to the shares evidenced by the BDRs which they hold. 

Instructions as lo voting must be given either to the Depositary or to a 
Paving Agent. Cedtrl or Eurodear {a "Paying Agent") in writing nor later 
than Friday, 14th Goober. 1994 and must be accompanied by the BDR m 
respect ot the Shares for which such instructions 3 re given. The Depositary 
or relevant Paying Agent must be satisfied that such BDR is held m a 
Mocked account to ns order until after Wednesday. I9ih October, 1994. 
\toiing instruction forms may be obtained from any Faying Agent. 

On deposit of 3 BDR with ono the order of a Paying Agent the holder 
thereof may obtain a receipt which will entitle him to attend arid speak at the 
Annual General Meeting. 

BDRs deposited with or to the order ol a Paying Agent will not be 
released until the firat to occur ol (A) the conclusion of the above-mentioned 
meeting or any adjournment thereof or (B) the surrender to the Paying 
Agent, not less than 48 hours before the time for which such meeting or any 
adjournment thereof is convened, of the receipt issued by the Paying Agent 
in respect of each such deposited BDR which is to be released or the BDR 
or BDRs ceasing with its agreement to be held lo its order. The Paying 
Agent shall promptly give notice to the Depositary of such surrender or 
release. 


Copies of the Company's Annual Report may be obtained from any of 
the Paying Agents listed below and Eurodear and Cedei. 


Depositary and Principal Paying Agent 
Chemical Bank (Guernsey) Limited. 
Albert House, PO Box 92, South Esplanade, 
Sl Peter Port. Guernsey, 

Channel Islands GYl 4BU 


Paying Agents 

Bankers Tina Luxembourg 5.A.. 

PO Box 807, 14 Boulevard FD Roosevelt, 
Luxembourg, Grand Duchy of Luxembourg 
Morgan Guaranty Trust Company of New York, 
14 Place Vsndfime, 75001 Paris. France 


SL Pater Port. Guernsey 
Dated 26 th September, 1994 


by: Chemical Bank (Guernsey) Limited 
Depositary 


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Plage 10 

MUTUAL funds 


INTERNATIONAL HERALD TRIBUNE, MONDAY, SEPTEMBER 26, 1994 


fc»Nmw WMr ftp Nome WMyj Grp Nome Witty I Gro Name WUy |GfPNWnt , "My Gro w™ Wihr GwName WtoyGroNom* WMyjCcpIpme W I^RgL ■ Q* t | " INm U * tq ' # * 

RtNonw Lot On FdNcme Last Owl RJ Noma Lot dsal Fdftane ta*» Chgel Fd Ntsne Lust Cbse Fd Nome Log Owe i Fd Nome Lost Choc i FSNome Lbu &#•; Fd Name Lori Owe FdNome w ™*| | 


Q«« oF trading Friday, Sept. 23. 


Grp Name WM y 

FdNome Last One 


WWy[ Grp Nome Wkhr 

Om FdNome Last Gw 


_ _ WWk Gn> Nome widy 

FdNOTO UttQm FdNome Lost am 


lncx9X6 — Hi DeonWHar. m m 

ml 1009 —4* Arrived t . 2123 —6? 


JW-*. 

in&as +.12 


JVM223 —04 

HOT 114* — 2B I 
rtx ioj 9 —.13 
hi 17.1& — SS 


AAL. Mutual: gimq<ia p 965 — m ] 

S55 aWaSj np9Ai z^g 

COGr 0 1467 —23 GwigaC no 965 D5 

-45 GvScAp 95l_42 
5mCoSlK 9 73 —32 GvSeS p 942 —4 2 


dncn *X7 —sn 
rnp 1023 — 43 
Mnp VA + 35 
an iS - 


I 17.14 —S3 kxSflp 11JW — 

PIM £# P 4 $“ 


Dtvlntx 9 M — ,01 
Euro I 1199— .10 


asriS^i sm ffb.a - nuita-4 I gs r , a=s 


rxFj 9.96 — J14 PofiVt 21J4 —.IQ HYTFp 1069 —A! Growth n 935—35' UTEInst 9.77 _ CA Mun s 9.84 — J72 BcfTAn 1061 —70 PoriflcGrrh 9J6 —33 . ' UflWtoS 

m rSSVTS^i »p b1 ^tS as fi gg-p 3#=s»: 88»3 113? =3? i-SgP ’g fr -» ‘pESK* 

^iLe” Ohs tycr 5 I=1 8sl r Ai§S=s ! sags? *a-is §&&. umr emu w=*! flBe 

rw p* lira —72 Tech r 3974— un StsTfp lixs— 42 JSrwffldniOi — Ji i VdEqiftstlUJJ —76 NY Mun p 965 —42 • EmGTA 116* — j7i CoroBa le.ei — 43 'Pmvlnva 

Si 1244-23 TdSomr»33 -J& NYWrhmHMa -0* mSvT 1547 -.18 XMHt -« 924 -42 1 

WHIP 7X4—27 Tirrtsr TIM —32 mtlEop 1377 —33 HorocMr n 2ttS7 — ** . CusBlt Irf? —-S '" ,05 iSPHft 3?XZ ~ jj iMcffica Frts_ I msjGrtn 

Basp 7 S3— S3 UTHGrr 3418 —JO KYTFp 1133 — JB HumanCdPl3JU — .18 LusS2t 1S.11 —.03 Macfceniie Im • fqjnTA 1160 —32 APresrrt IDjM _ _SmCapGf 

Sp 11 Jw —3a RaMnSpomib LATFp 10.76 JS Humrriertrtdi^? — J31 ClA&tt <66 — 0J OlincA r 1&J9 — .le ElrxJTA 9 13 — 76 Ewuervre 11.79 —.14 PrvflSOC fw 

nfel 961 — J}2 ' aSwwr 963 — 212 1 MD TFo 074 ID H uiili rirG 2167 —.72 ! CusKI t 978 — .16 Chln^ 10.19 — .U, RointM 10J4 — !oi CATF 10,46—73 Frudentiai 

'syp 54W +JW CAHYm MassTFp 39 — JQ. HypSD 8.91 —.04 ‘ CusK2f !S"f? A JJ- 5 S ’ &*jlTAn 1H27 — JJ1 EqVd 12J8 — 74 EurGfB 

EatD rS — S CTHTnr 1061 —H iSSfrFp <n U n HypSD2 j.u —j]3 1 CusSlt 22J8 — 61 GrthA P 1573— v43> GvtTAn 9.44 —.03 Govlnco 9.56 —B3 OobGrtA 

^vt 1065 — 72 GSJntmin 9J8 — K MNtn* 74 — JJ2 WATrGr 1462 —3* CuSS3» 90? —77 GrtnAD 53T — M GvHNt 964 —03 _5T CA.n. 9 .97 — J1 ! SSiA 

olrrvp M0 —.13 R_Mu m 1037 — J1 MOTFp 79 -JJ7 lAlFunds • CusStt JJf — . 23 MAP —37 "MuTAn 966 ^02 Ponw Wefiber: NO* 

<JToflP76? +J4 GNWAn 967 — J3 NJTF .15— .02 Bdm on 10.07 — .H Inf] t 7.68 -.05 <WB _79J4— J7. niEqlnf 12S -.07 AsslAp 1037 — JS Adi A. 


Hraiflpa! p Hi lip 

rate? V «4 — 07 ! uSvL?. I? . 




.-"I - 77 ! 


6^Bn 1472 —.14 
CjBgrn 3164 —.94 
^wn U74 —JU 

MUn 1564 —M 

.Txted!] 1498-35 
AST Funds 
Bnsmp 13.15 —65 


ttp” 8.1B — JM Bmdywrin 2454 —64 HWlSCI 10J7 — 76 
iBp 8.19 —03 flrlnsoii Fwjfa; MlncpP 97! — J7 

i c p p 1®=8 SSSfm-Z ffiB. 18 3 


Bruce n 9464—1.15 immdt 9J9 — jb 
B rvndgS n 10.15 — >02 LtdMui; ?J0 — 03 


L 10JQ3 — xa HiYldBp 411 


ixJgSIn 10.TS -OB 
i&BotGp: 
Iblncnp 133 - 


n 9S0 -. 03 

1 9J1 — JM 

, r . 18 =* 


UWIncp 1064 —.11 
AFLoCapn 961 — 32 


Babin 1160 —.17 

FW« 937 -jn 


967 -23 Gddlnvnpl833 +68 MlJNJt 9.99 —06 USGovA 9 

HSfA^E @ rn 8 


Bail no n tM —13 invGrfld n 9J3 — 62 OtikSTF □ 174 —.72 &inc d ijm — J2 1 Keystone Amir A: Crpsat <74 -jn mdita 1065 —61 CopAAp 1267 — 34 1 CAmAp hum —aw 

ffflEflt ItW -JO L«v 9^— « ORTFp IrilFdn 13J4 1 4 1 TUlIncpt 8.98 -.12 ; EflUtt 1407 -34. MBS TAn 6.15 — M CmTeA 9JJ — ,15 EqutAp 1 194 -31 

Ealr» n 11.16 — 30 LTun 1031 *61 pqeGfwttl 1469 —32 insJBO 9 0S —.01 CAPIr 961 _ GtOblt 1149 —.12 Mu In T A 1035 — 06 , OvGrAp 196o — J3 I EqlncAx 1197 —32 

FLTxEA 1064 —65 MOAAum 964 — JM PATTp 068 01 MldCOBn 1191 —60 1 FfxA 10.1 T —61 Gdvff 7-94 —05 MurHAp 1035 —.06 EurOrAp 8.B1 —.17 GNMA A 1274 —34 

w TtCI n 1 064 j« Muninr 967— JJ3l PlWYlRTD 633 —j* RSfllonnp2060 — JO: FOAA 1067 -.13 NtHsGcHdflUM ».15 SIGvlAp 199 — 61 GfEnAt 1132 — 37 GtotlAP 1462—31 

MblSn 930 _ NJHYr 1033 PRTFp 1U0 ^ RHrvan - ■ »OA 1964 -.13 ' TxFB t 9^ -XI SCvtCt 199-01 GdnAp 1067 *61 gESa T60 - 

Smtoln 967 —35 NYHYm 1068 — ReESecp 1035 _ Value n 1161 —34' GvSA 930 — 62 TofRJT 14.98 —32 . SiSvTAn 199—61. GIGtAp 11.13—62 GbUNdtA 1138 +64 

OSGavA 9% —S3 NYlrtern 938 — 62 Si Gov 1063 — 62 OeXGrWJB 1 HrEGA 7134 —34 VaT 15.91 —36 ■ STlnTAn 960—62 1 GrtnAP 19.70 —38 GIUtAx 1338 —43 


1462— 34. MBS TAn 5.15 —JU CmTeA 93J -.15 EqutAp 1194 —31 1 infigindY fl9.98 —<ai wndTm pli.19 - 

11-4? —.12 MutnTA 1035 --66 OvGrA p 19S —53 I EqlncA x 13.97 — J2 ; _ S'2 “T? ■ ^SewS* 1 1 65 — 35 . Vtm KanilMaMer. 

764 -61 MunlA p 1035 —.06 EuiGrAp 8.B1 —.17 GNMA A 1174 -64 j rrG^inP 9.H -61 | *11.21 _5T 1 AdRtGvB»9^- 

rlJ.04+.!5 SIGwtAp 199—61 GfEnAt 1132 — 37 Gto&AP 1462—31 oGflly p ljyp -1 937 —.03 CATFApI4Ji- 


*“■ 


ArSGvp 9^5 — 6t 
Agrsvp 2468—65 


VP 2468—65 

P 

V 18^=^ 


PpceAP 1135-31 NWncp 1455 -68 MjJtPAT lujj 
PnroAp 1115—30 OtiaJGtIlPlUl —63 NYTxF t 1130 —67 

f i 937— .14 SpEbp 1969— JI NtRst 1161—.^ 

^^^tt 3143 - 84 assg^^B sggriS 
■as Hb-m=ss iSa ^ ■* 

831 —62 Reoityn 9J7 —.10 TaxEx 1131 —.06 
S|»as: CdmosPX 1264 —42 USGvM B^3 —03 

Amwip 1114 — ,11 atOAopGr 62.12 +69 UTflrK 1263-30 


>p 3061 —.90 R 

S 'ifiJI 


Bua -s mmiiid 

— 6 i ; gJSRffi-rS 


>n 19.18—36 USGovd 450 -62 2GriWt:p1449 
Stmt: Uiiliiiesg 8.14 +65 SfaxEst 11.10 


Fxdlncn 10.19— ,10 STUSp 9E —64 SmCo 4« —.12 RnHorGy} 
NUffln 2469—68 Strattx 1436—35 jTElncp J532 —63 giij qrNUii 
Reoityn 777 —.IQ TaxEx 1131 —.06 Everween Rm* FMAmer 
dmospx 1264 — 62 USGVM BJ3 —03 Evrwpn 1454 —61 AstAllPX 

SoAanGr 62.12 +69 UTflnx 1263—30 Foundn 1262 —34 Baton p 

ATFln 1069 -^61 VolAdt 20.14 —69 GloRen J4M —,17 iguKYPX 

aUtomtoTnat: WVVlncx B69 —03 Groincn 15J1 — 32 jqldxpx 

Call Tic n lSi — 04 WWWdt 19.12—12 LMMKn 2164 —2? FxdinCDj 


latCopn 19,18—36 USGovd 4J0 — 62 2&OwC p 1669 — 65 ' StcA 738 — 62 SnortGvn 17.10 -62 SjFTAn 969 —61 

tvSmeefc UiuateP 414+65! ffaSc 1U0 —62 , TxFA 967 -jn intMton 1410—17. TXfTAn 9.90-61 

EureEq 3062 J2 1 VATPp 1130 — ^ 2k«piAp 9.78 - 1 TarRetA 726S —37 SI Bond 1967 — 67 Vatuelnt 1332 —60 

S^-J4 FirmufpMod Tr: fdSj MJ1 — 34 , WrfdBA 8JS +61. GtoCtestrtl934 -JB ; VotuelA o 1135 -60 

1167 Zj3 r ^aj5p2178 - .04 , ^xlnA p 8.91 =04 ! Kpghxie Aim & eortor 19.93 -62 j VaUrTA 1335 -61 

Txl-SJ 1CL13 +61 InvGradepBJI +61 liDSCroup; I CPI2B1 963 InTlEan 3830 —.10. VAl TA n Ioja — ,Q1 

IrMrGvt 1423 —67 RfeOlvp T4J7 — 39 H^po 433 — 30 1 FtxBt 1065 —07 Mariner Funds VAIlAp 1034—61 

3rJ&ML»rlQ31 Z® Frmkttn TarnS I BoSp IS — 61 , FOABt 1061 -.13. FxOJrrc 969-62 NrtfonwIcJe Ms 

trst Amer Fds A: GermGvT pl2^1 — ,M ; CATEp ilO —62 I fflOPflt 19^ —.12 NYJF _ i06g — 65 : NtBonfl 861—02 


iP lftjg -.071 MultiAp 1365 -,19 Srf«pFWIdS 
,p 18.18— 64 MllHiA 1060 —JU CalTFrn II, 


Vdmd p 10.86 —32 

fflffirtUi-* 


— s hiTFfll 1411—13 

MuflblA P 1469 — 68 
— MuntnBI 1467 — Qi 


I n 19.93 —in : 


B0UP181 -61 i 

swS .^1 

Gvtplifl — . 08 ; 


19.93 —02 : VaSyeTA 1335 —61 1 
3830 —.10 : VAl TAn 1034 —.01 


;• CATEp 110—621 


463 — 30' FtXBr 1065 —0? Mariner Funds VAIlAp 1034 —61 1 

A 83 —61 . FOABt 1061 -.13. FxCBne 969 — 62 Ntaomride Hi 
110 — J32 1 GlOpflt 1933 —12 NYTF 1060 —65 : NtBond 441—02 


AB3 61 , FOABt 1061 -.13. FxfflrTC 969 — 62 NaMonwfc 

110 — J32 1 GlOPflt 1933 —12 NYTF 1060 —65 : Ntecnfl 


t 1933 —12 NY 


SrjjlD - 1033 — ^ ArriSiftplfin — iS S^Er3oTr^ 

i-i Sil gBlr.aa=a gBt «^=3 

irrtfcp 1332 ,15 COPWGrplfl62 67 SSPMjd 1 134 —33 TClncpx 1066 — 19 Muni Nat n 938 — 67 ntTxpx 1038 — 66 IntXJrn 9.42 

UrSlAp 9.91—02 Eupocp ?7 32 CmrertGrowR TCLflft 1AM - Hrfrjn — .13 TS,® 1 532 — 65 CAIrrt 1038 

MuBp 863 — 63 Frimvp \&M —42 GlobEq 866 —34 TOtof px 1M — M _TotR »n. 18S —.16 Lidlncx 965 —63 FundTniSt 

sgft i§^zs & as=s 0 Sffi* M, ^ , »gR| 5 *‘; sarm 

Jgf ]§i-iT Bgassp=fl Behiri }&=% 7 | - ? f£*a£tF ggOf ’IS 

Utile t 1263 —.12 Ir^p ip? — 63 jocg- d 1560 —64 Djcpl 25^ —M |S^X 7,19 —17 ASJ46ratl ?^34— 17 v SfTR pJ1135 

ArilMfa 9JBI -^Al 5m?nW a 71 AS TxFLnfl 16.14 — iJS VqUjGB RL21 — JJ GfDWttit 13X5 ntlncnx 9£I _ — ao Pmik TV? 


PSSFp p 


—651 Grwmn 1165 


— 13 GlaiBdP 573 - TxFBt 963 —61 ■ Muni ,9.90 — 03 . Genesis 410—301 GftnBt 19.19 —07 

—31 GtoGrp 705 —67 ' TorRerB 1406—37 fcgxetWotcfa Fds: Guaronn 1838 — 5B | GlEnBt 11 J7 —37 


6Rsnt 12.98 

i/lnBtfn 445—63 


MflSip 5.18 —63 I t 9J1 


-.13 'MarauB Fundv S4 

-41 ; GvtSecA 964 -41 Ul 


__ 

CA SI n 962 —61 , 
catfp 1030— .!J 


t i?|=s «piei=^ oSi « 

BUS . Spl56.23 Tj£rUdC1065 - Trend p 12.14 


ttB 941 —01 
run 939 —61 
Iq n 1049 —61 
BC^IOJl -.07 

irn 1069 —38 


WSllMut P1/6B —34 9 


TxFLnU 1A14 —65 VoUjUP 2021 — 
tSfvT 1534—66 DetoOPP 2568 — i 
17 —63 p*dnp 1631 — - 


NYMunnp 
US Gov n ' 


iria>n 1069— 13 AmGwm 963 —JM 


Income 965 — 61 AHertton U_ . . „„ _ 

ASM Fd n 946 —34 Amer Natl Funds MutncA^ 1A44 — 6B 
AVESTA: _ Growth A30 — .10 CrwGrBt 1AA6 —61 

Balanced 17.16 — 33 Income 2139 — 31 GlobB 1431 — 30 


8 S 

%£& ]^S=^ ffi 

MufncA 1466 —68 Tie 


[ p p !^zS 

p 1260 —30 
Ip 639— 03 I 


Growth t 1365 + 64 ntlncnx 947 pSSgYv" ' ' any 

(-CGrBdl 946 -61 mWrnxl 038 -66 ^rfnJXsn 94a —17 ProwSo A9I 


NTaxBf 11.10— 06 IntGII 
NYTxBt taiO — 66 WGill 
RjgFB t Q 1 7 M —66 UWB 1 

STTKlapB 1 g-40 — __ ™gj| 


HlYkiant 7.98 —.01 
IntGII 7J7 +61 


BSSIKTI! 
I SzS ^^^- 01 ; IS Uf ~l : 
,f ■ 1 ?£ Z 5 I " l 8 S =» ’ig =| 

io«b:s=b m* «3 

748 +61 1000 r 12.47 —32 InvTfC 8.43 — 3. 


S=| ; M 3 

iXCftFd |W9 96—6.65 ..r — — 1 


hittlndx ' 
NTfTFBn . 


s&t ’in 

invYrAp 661 


748 + 61 lOOOr 

12 , 12 — 3 ? I SITS 


■X 14137—3,91 
id I244BZSU 


Mcpiffdt 1135—64 LKHnciix 


1XM —19 
1478 —.14 
842 —01 
1132 —27 
1168 —05 


gSBf 

awwtiv 


MJoSecnx 971 
1136 —38 ReoEql nxl261 - 
944 _ SpecEqrtxl734 — 

949 _ Stack nx 1642- 

pll.96— .14 First Amer Muff A: 
nllJS —IS DivrGrpx 8.98- 


Batcxiced 17.16 —33 
EqGra 1841 —44 
Eqlncore 1745 —SO 
income 1534 
ACCTyf y Funds: 

" TritFxIn n 1133 —61 
AccMortoll J8 —62 
SMIrrinc llE —62 
Acamln 1662 —06 


JiiLli=l S’, 


O APlGrpnf 12.72 —32 GwttlBt 1A34 —46 
_ Am Perform! IncGrB t 1535 —33 

Band 9.19 —63 MuIncBt I4L66 —67 
II Equity 1162 —33 QacMkidx nll63 —37 


SfKAp 9.19 —62 


1147 —33 Anop 1A16 — .05 MuGot 1034—07 

17.14 —63 | CapAD 1147 —34 MunHYBUDAO — O* 

i 733 —61 CemTeCP 9.17 —IS MulhsA 1047 —05 

1463 —60 DvGOp 1964 —53 Munhlt 1047 —04 


1 Kytf? {B=S 


FFBEq 1032 —26 
FFBN J 1037 — 63 

fftw Funds _ 


=S 


MTS* USoaJ 


T5Sf — 33 wAv^&n 9 JO I 


Eqlncopx ?J7 JO 

ManofncpxSJl — 66 j iSSS^rwiOTa Z:!? KinlS^ * UJ ~~ ■“ ! GvtAt 1169 — 62 Laureef srt062 —13 imEaAp 1632 —63 KiricDp 746 — 

Amw-Mjtf C; <t?nt^JiD^i^]3 wCJrtS lain intRA 1167 — 63 M^laSstFunds: , LtdTrmAB.73 —63 IrrvGD 941 — i 

DiVrQwm n960 — 2> Itl piJPJSj? 3- 04 SsSJifS on m KPE! 2361 — 46 : MDMuimlQ32 — 64 /VtossT A pi 567 — ,<M NYTYOp 10.10 — J 

E«v1na>rut?37 — M &WPMn3648 “•« ?-S ’- 01 , MunlBdA 1037 -63 ■ StOCkltn 1134 -65 : STOrAp 1X19-33 MHIDo 9.92—1 

UdTMTTl nx9j?5 — 62 337fl B7 InrXVi^T 9« ns SmCapA 1047 —37 StodcTn 1134 —65 : TxExAp 7.15 -63 STGvtDo 238 +J 

MnadlncortkSl -M 3170 KS2SSL 24Lzr m 1 XMl lash • LBGOvT n 945 — 62 ■ VaUieAp 747 —28 SmCaPD 1060 — 


as wi=Bi sn 


; sa 

j iSJii 


MuMdl 1064 — 65 GtoUn 2A98— 21 I.Ctee gnan.1 , 
MunMAt 11.15 —OS GJSmCD '6 0? —.14 I Sl^n B09RlE 


IntRA 1167 — 63 M^laSst Funds: 


, LtdTirn AM.73 —63 InvGD 


□IvECp 1164— 30 FsfflosIG 9.11—61 — 

& isss=s gSM»=B 


Trusts n 3X70 —82 indOneGT 944 -62 


LBGovTn 945 —62 


ninRA n IntTmBdn 1 49 _! USGvtlTn 945—62 

P '“69 — ■ CSTMUn.nl 99 HI: l/AVll.Tn TOTS m 


= p 1036 ^8? 
: 1 1036 —41 


AuVeSt ACS mil: 

Govt np 848 — 63 
Gwthnp 14 62 —65 


nplOJ3 — 33 Gvtlnc 685 


1B34 — 48 I Cantn_ 1532—39 Cast 


Gwthnp 1662 — 65 AZTF 1X12—41 radnd 1036 —W ^FARIEstl062 —30 Newinc 10J4 —64 Govrp ® ■ e |t S l ^l5. 'AM — 61 OutfSrk 

$£^ 20 ^=^ ffiSTH-n w ISIS !SS^p p ^A n niSisz 5 J 

SS^=* SsT’i^ S&?S=ffl Sc ^3^6# . aw. iiitrsi^igsy ,«-!■ .aaeai 

Striot 1X44—19 Aquinas Fund: CcriJCax 1X96 —.18 f^ClSm^ 1833 +67 Armln JM - Ml TFp 1161—62 AmerB 19.75 —J4 hryesco: 


iwwp i.is — JJJ iiwruo +uo\ rvm rui iu^a — mo fmui rnn./a — .ui mw*-"*' r tu frvvit o ia qi 
V olueAp 7R7 — +28 I SmC COP 10^10 —.19 NTMunt 14J4 — M l MATxn 12J» — JB7 \ I {"rHEm LlS iZffl 

Bdonar 1142 —231 Strop 8.93 - Structp 11.19—63 MedTFn 1XM -.03 1 Pr^T*iq nl4Ai— ; LTCorp n 833 — B2 

BdincBp 11.14 .. USGOp 831—63 Sfruafil 11.19—02 MMB 830 —.03 1 Spedn &3* HYCorpn 7^ — ui 

CcpGrB t 1433 —60 1 UUDp 836 > USGvtlW 936—04 1 NY&n 10.13 — M fl g38 — -5B 


Pan Glob n 1060—08 UtTlBt 9.tt 
PpppSrX 1434 —62 j Prudential Instt 


P S 3 T P,! 153 3 - 65 j §ST' 


4 39 ~ 19 I tnhlE 12J9 -67 MerrS Lynch A: fficholas Group: torBd 934—03 GttiStkn 11.91—63; gfBondnll3B —62 ; 

' NYTF rrpxl 068 —67 AmertflAt 9.13 -66 . Nlchoi P 5075—1.18 i LATF 1034 — 62 income n 960 —62 . STGMfl 1043 + 62 


GnricomllDJ , 6 —39 Eqlnc 


n w=$i \sassss 


Aetna Sate 
Aetna n 
AsianGr 

Bondn 

Govt 

Mo 

IrrtKJrn 


■^^ 159-28 

FedSInCn 9.90 —.02 


I USGvnx 964 —05 A C5 RAP 967 -61 Ndilln 2637 -J4 STGv 9.96-41 InttStkn 1565 -.10 TxFHYn 1162 — 05 Grjapx 13.99 —51 i Wxtot nx u ai — 

I Laurel Investor A2MA 1X16 -.07 1 Nctoncn 337 . VorEq 1164-32 Stkktxn 11.19—38 VoKe.n 1363 -33 mtsdx 960 —.06 1 W»Gron«10.'9 

—Jl , BdA 1139 —33 NchLdn 17.91—23 VqIGr 14J6 —33 Putnam Funds 2er2&»n 11J3 — 63 LWkJovAnH —6l i WxVaJnx 1 1 35 -M 

-63 BCSV1A 2269 — 69 Nichotos ApplMOte: IpurHstonelntt AdjAp 10.19 - Senfirst tRA: _ .VbMo mwlSiSl -60 

—48 CAIMA 934 —45 1 BalGthB 1334 — 2B BctancO nli68 — 12 AmGvAp X2I —01 AartA 1155 —23 «rartonFun»: j dxEMktntXIO — JD 

—61 : CalMnA 1169—06, CoreGttiA 1X90 — 39 Bonan 930—41 AStoAP 1442 „ BSCh 1764—30 Dfvtdendn23M— 14 , axEurn 12.18 —u 

-64 CapFdA 2735—63 CoreGrthB 1760— 39 : Equity n 1X95—39 AaSSap 839 -49 Bond 1034 —01 Growth n 3°-^ --J4 dxFacn ll.»t + M 

—42 Cortsult P 13.93 —07 ■ CoreGrtnstlX38— 37 GvtlncC 939 -411 AACnAp 832 —44 Security Funds .. _&nCqpn jA Ol —30 ) ldxlnstl«ttJ2— 1^ 

. CeHiA 768 -41' EmoGrA 1117-31 HiYEqn 1159 — 35 1 AAGfhAP X38 —11 Bondp 642 — 01 i SttOMFUIKte j MuHiYd/llO.14 -66 

—22 ClrrvGdA 1040 -43 1 EmoGrS 12.11 —30 IntIDte 1X45-68 BIGvAp 467 . Equity ,530—731 AdAn 1044 . . MWhMn 1XM — A2 

—01 CoTTA 1032— .04; ErroGrfnsll.48— 38 IntGvtn 935 _ AZTE 869 — 63 1 EaGIA 1X98 — M AnM68n 9.63 — .12 . WuUan 10M - 


ox 1X99 —51 i ktxTarnx 1131 —33 

&,.»=»! 

omei13c51 — 60 1 IdASmC 15.76 —34 

ma^&O— .M ta^rn 12.18 —M 
inn 3657 —34 I idxRacn H.*t +.14 


an 9.63 —.12 i Mutran 10 


incGrr 1168 
MidCaGrlll42 


Alhmcep 6.73 — 36 NaMunIA 1069 — 06 ... ... ,.. 

Baton px 1X16 —31 BBATFundS GJbEqA 1155 -31 Dreyfus 1230 —37 

BcdanB t 1463—13 B«Trn 9J* — .11 GrwfhA p 1X61 — 65 Eteirto 1X94 +68 

BondAp 1232 —65 Gro4ncTnll32 —31 WYldA 668 —01 FUnfn 1X97 —01 

Cnstvlnv 1034 — 11 IrrtGcjvTn 934 —JU IncomeA p 646 — 01 GNMA np 14.12 — 63 

CpBdBp 1231 — 65 NCjntTB n 9.79 —62 InlGrA 1067 +62 GnCA 1232 — S 


—05 ArtodGro n 9.98 —10 LtdMGv 967—01 LdlAmGB 26.98 +36 TotRtr. 

—37 Mgdlncn 9.92—63 First LWore Poctfp RB4 — 35 U5Govtnp649 

+68 MaxCtB 1135 — xa BaTTn 1137 — 30 PocifB 1469 — 35 UlSln 

—01 Mlnicnpnll39— 28 Baictn 1138 —20 StruTA Px 10.92 -.05 1 VoiEa 


:p 1X92 —04 SIGovTn 963 — 62 

P 1765 — 34 BEA Funds _ 


BinTerm io.i3 — ai 
JSGOvfn 963 — 62 


BOBO 1137 — 30 Strata X 1 0.93 — 64 | InvTrGvtB 
FLMuntC 9.16—06 Telecsm 1736 — 24 IlstflFdnp 


iTSSPIO. 13— 01 FXInBp 9J1 — 41 TeJflB 1733 — 3i JPM 


TxFrlntp 1448 


LatAmAf 1XS0 -JO ■ I; 


nll.M +64 Nifty 50 1745 —37 MoTxll X89 — .0 


Ml TEA 632 — ,03 1 GNYP 1937—12 SBFAn 1648— 22 FXInTn 931-41 


W^So 73oZ^ sSton 932 -01' TotRet np 1X57 -30 MnlnsA 740 —04 SelEqn 9.97 — 36 PaxWorldnl331 — 20 MITxllp B32 
7^ n KurtntP Z'lii Verrrnp 1938— 63' MunLtdA 945 _. SmCpGrn 9.93 — 31 PavsonBJ n 11.65 — 18 I MuniAP 860 

JSSoRmcte. fSSmS 5?J7 LMiman Brottiers MutnTrA 930 — 02 ! TxExpfn 9.B3 — 64 PeochTBd 9 J6 — 021 MnTxtlp 863 


GbiEmryA134 — 13 SunAmerlcn Fds 
SferngO 1162— 1? BalAietA pi 46? —38 
GtobTecnA863 —62 BalAsetBp1d38 — 3B 
SrSwrhA 567 —15 BtoeChJprBlXM— 67 
IncomeAxlXSO— 28 DfvlrtcBp 431 
lnawne0xU67— 26 FedScBp 945 —.02 


Weamnx 1949 —32 

wndsrn 1811 — JS 
w nasi i 1X91 —62 


MNcmA 9.98 —05. USGavin 939 —02 1 PeochTEa x 946 —29 NTRsAp 1431 — 32 LATxA 
NJMA I0.4S — .05 Norwest Funds: (Pelican 12.15 —.23 1 NJTxAP 868 —02 MnuT> 


Bar°w=R 5 ^p p ?S=s 

Inn D 17.27—11 WlnOSp 7.19—04 


NJMA 10.45 —65 Nomest Funds: 
NYMnA 10.90 -.06 AdfUST 9.X 
POCA 2231 -.15 Aal&avA 9.5: 


9.54 — 43)PwiCopA X61 — 11 | NwOpA p 2432 — 35 , 

9.54 —62 I PAMunl P 10.75 —64 NYTxAp 863 —63 ! MITxA 


2035—52 USCFxIn 1460 — 01 TxExAp 1X90 -63 MA Inf n 1241 —63 HIMuAp 1131 —03 UtflilyCt 9.10-44 GKrtCPn 1069 — . 13 Jodcson Notionrt 

p 2474 — 62 BFMShOun931 . TxInsAp 746 —02 MA Tax n 1X67 —48 HTYktApnlUO —62 VahMBp 1731 — 37 GlCorvn 1066 -63 1 Growth 1145 —27: 

S t 20.94 — 32 BJBGiAp 1143—61 USGrA 1149 —38 MunBdn 1X13 —66 IncGfp 1438 —02 ValueC tn 1732 — J7 GfTelP 1038—15. Income 9.60 —61 1 

px 228 — 07 BJSIEqAp 1131 — 34 USGvA 636 —01 NJIrrtn 1X00 —62 LtdTERA p 965 — .02 ValueTn 1730 — 37 Growth np22J0 —_5B TaxEx 1X12 —01 i 

1161 — 17 BNYHandtUR UlliAp 1130 +.01 NJMunn 1242 — 07 LMTBRA 1034 — 41 Flag Investors SmCnpG 17.16 —JO I TatRtn 10.72—15 

HdC x 966 — 34 Eqlnc 1043—20 CA TEBt 635 -.01 NwLdr 3336 —44 LfdTEl 945 —42 ErnGthp 1224 — 25 Value o 1X31 —15 ; Janus Fund: I 


Luxinftqn Grp: PocA 2X91 -.15 Aaf&avA 9.5i — 62 I PAMunl p 10.75—44 

CnvSecn 1X94 —20 PAMA ia79 -.05 COTFA 9 J3 -43 ! Performance Fds: 

CL dr 1074 -38 PhnxA 1X51—21. GvtlncTr 8.73 —04' EcConP 1124 —JO 


LATxA 7.96 —6 
MOUTXA 767 —6 
MDTXA 7.74 — 0 


1043—20 CA ■ 


iSSfp ?i 

mttcp 182 


i —63 IntGowt 936 —63 
i —03 NY TE 9.89—01 
i — 63 BT: 

! +.10 Ox>AppnllJ6 — JO 
I +.10 InstAstMn 931 —14 
+.10 InsEahc nl0J5 — 25 
I —03 InvtnfTFn 938 — 61 

BSlN 


CTTEBt 7.15— 03 NYTTxmJ 1160 — DO 
FedScBl 1047 —65 NY Tax n 1464 — DO 
FLTxBt 7.15+42 NYTEp 1769—05 
FyndB t 7.95 —.17 Peoplnd 1 1X95 -60 
GtoEcB 1230 —21 PWMidml6J7 — 48 
GwitlBt 1X54 —45 SlInGvn 1037 —43 
HYAAuB t 969 -42 STIncpn 1139 —42 
KYSecBt 668 —.01 ShlnTp 1X93—41 
mcomeB 646 —41 ThdCntrn 774 —35 
InlGrB 1061 +42 USTInt 1265—03 


8J0—03I 

NYOoAp 830—42' MinnTXA 734 —02 I 
pTCEo 10 97 —35 MQTxA 763 — 64 1 


jjiaj i 3 =S 


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USGvA X16— 4] AflsrGr 939 

USGvBp lit— 41 Carped 9.14 

ARGKT: Equlry 1064 


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1CLT3 Zm ; GJobatn 1464 —.10 StrDvA 1268 -39, Incomes Ik 930 -21 i InFICp 9.66 —031 OvS&Ap 1226 —.06 1 NJTxA 762 -65 I TARGET: _ 

10 73 IS 1 Gctotfln 731 -64 STGIAD XI2 .. InepmeTr 934—43' InFlln 9.66 —63 1 PAYE B.90 —.C2 NYTxA 769 — .06 J InterBdn 9.74 — JU 

10.72—15, Cmlncn 16.10—38. TechA X76— 16 IncomeA 9.25 —63 MCpGrl n 9.73 —.26 1 TxExAp 837 —04 NCTxA 7^—441 IntBondn 9.90 +* 

nil. 05-31, > Kin 11.18 -43: TX MA 1027—46 TFIncA 963 -65 1 STFtCpn 933 —41 j TRnAP 1469 —04 OhioTxA 755-64 1 S ltgqw MJ5 — 12 

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an? m Shnv 337 - 60' AdjRB 967 —02 VoluGrT 1738— 63 1 PWmPtn 1X94 — 09 UTflAPX 847 —18 CAHyTxA X31 — 62 MtSkftn 9A5 —.02 


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^ i =i ^ ‘ : IF- issTg: ^ ,g?=x s^Ef ffisauraa ssa, a= | S. 

lonld ,'lnc Fundn" i.ifi -ii TTEMn iOE AneMnB r ^1 d! NuranFondK 8 ^ TBi'rT' " £6M +jn vstaAp 1X1 — . IS C^aqUa" mi —M smcwG 1 11^3 — 37 iTSmPKIM&R 

iSo," ‘uJ =3 I 3 i T ?"’S .Hi™ SS!" n+ 8 =S' «TOn n i!S^gipSSn B — S USA' IS =it ’IS 

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:p 961 —01 InvEolx n 1034 —26 { NotResBtlX13 — 42 USTShn 1447 

P 7.98+41 PocBosEqnlXQ5 _ NYTxBt X78 -.03 OreylUsCamsIoc 
It 738 +41 Bahson Group: OHTxBt 761 —01 CapValA 1135 

D 934—03 BandLn 1JD _ SmrfilkB 1741 —34 CopVoIBntllJ, 

Bp 934 —03 Bond Sri 9.63—02 1 StrtftlBt 630 —61 PStOAP 933 

Cp *34 —43 Enterp2 n 1XJ 


I 1065 —01 Ftoashto Group: Inffid 935 —62 Mercury 1X42 —17 ; 

Invest: aAtSjp ih4C — 66 , irdEatn uoo —62 1 Overseas niat4— 66 


USTInt 1X45—03 AoCT^rri 1135 —63 AATEC p 106* —64 I LuraeConl443 — 36 1 ShTmBdnXS9 .. ! 

PfgSfO i=Ii ISSS li=^- 

Teyftis Comstock: AMprtnn 1068 — 04 COTEp 96* -65 NY Mu n 1X19 — 42 * 

CopValA 1135 +67 Bdcnc 1269 -42 FLTEp 10.17-JM STBdn 9.78-61 

COPValB ntll76 +J6 BlueCh 2549 —70 GATEAp 1062 —06 SfnaHConl734 — 66 


CA1MB 964 —05 
CacFaa 126.91 —63 


Rn 944 —64 
In 935 —63! 


Cp *34 —63 
:o 130 —61 


TxExSt 1230 —43 


MullovB 1X24 —04 
MINBP 971 — 03 
MuOHCp 9.08 —01 


in 1261 -63 
1741 —05 
town 9.99—05 


—34 TEInsflt 746 -42 


933 +.1B 
1x933 +.18 


klnsn 930 —43 GJdRbp X99 — 21 , .... 

kTFn 1145 —63 irrlTEp 061—63 TE 

on 1765 —.08 KYilAp 066 —05 US 


JJBP 9.11 — JQ To 
UCp 9.11 —63 Ufl 

lYCp 9.06 —04 UA 

» p 0 f^B.ai 

UiCP 931 —03 Oh 
TAP 1240 —.18 Int 


n 9.99 —05 UfflBt 11J0 +41 
n 10J9 —41 Qdumiiia Funds 
n 868—01 Balance m 7 J8 —63 
n 1067— 03 CcmStk n 1560 —35 
in *68 —10 fixed n 1267—03 


Mn 968 —10 
tn 1538 — 32 
7W nll.M —69 
PC 2539 —40 


|40— 28 CAMunAlj66— 05 Cop7 

7J8 — 23 FLMutlA 463 —SM Cnv5 
560 — 65 GtolnvAnl566 — 20 Desfi 

» 7 —03 GblnvB t 1568 —20 Desti 
I —02 GnmaA 1X82 -65 DilE 
1X15—77 GnmaBt 1X83 — 66 Dtvo 
329 + 41 MAMunA1167 —64 DivG 
137 —03 MDMUIIA1X33 —45 Emg 
134 —20 Ml MunA 1X09 —67 Emr, 
978 —42 MN MunA 1463 —05 EquT 


-. CoHiBt 7.68—01 Ml ValR n 9.87 — 44 1 

HilnSdCt 10J7 . OnvGdB 1C7* -64 MuniBd 849 —67 

InriEnn 1963—10 COtTBt 10.92 -44: MMunRnl048 -66 
intllnc 1025 —62 DvCOPBt 1748 NJVpIRn 9.7B —63 

MrSc 1033 -63 DrooBp 17J5 — 23 NY InsR n 935 -45 


ITxEp 1238 - 05 


AABofBt BJ7— 491 


—.051 AACnBt 820 —0* 
-67 1 AAGthBf 864 —121 


BcaancSdffis 


^SfkPxaSfZ^i sn 

<mGrp 569— lSlIbn* 


m =1 


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i 1748—14 KSTEp 960 -48 Utflty 971—10 DiscvSt 862 — 62 

» nr 9.07 -64 LATEAp 1038 —08 GtwylndxPt 1X12 — 16 Growth P 1575 — J7 

rfl £167— 1.86 LfdTEp 10J0 — 62 GtwyStndx n9.96 - IIAcore 12J8 -JB 

3065 —62 MITE A p 11.14 —64 GnSecn 1X73 -69 LTGvAp BJ0 — 41 

n 1535 — 11 MOTEA p 1028 —05 Ohrtel Group: MATE 1162—06 

In 1766 —67 Ml TEC P 11.1 3 — 64 Erfsanp 2460 -J7 MgTEB 1168 -65 

- 1XS— »: NYl ' 


nyl n 1766 —67 Ml TE C Pi 1.13 —64 
nyll 112869 -75 NCTEA p 948 —64 
qn 1867 -62 NMTEP 9.47-66 


\ -04 Bagpunds™ 2 - C 2SSk?!?§-19 SSSSAMIS^S 

ip 864 —43 AJjlnc 9.10—62 A80p2BnpX19 — .19 MurtBdA 1X59 — 66 

: 8X5 — 44 BIQnp p 1948 —39 Govt 1069 —63 NCMuA 1363 —67 

ApllJB— 57 COCOevp2367 —30 Grolnc 561 —.40 NCMuBt 1262 —47 

B Pll4f — J5 BoronAstn 2262 — 83 Growth 434 — 61 NY MunA 1168 —47 
p 2X31 -6? Bartlett Fbnds~ GrllAp 1X2-60 NYMuBtlX89 —47 

ip 872 +41 BasCVIn 15X1— 28 GrllBp 1J9 -29 OH MuA 12J5 —.05 

it 8.72 +41 Fixed! n . 9£7 —.02 MunB _1X15 — 04 OHMuBt 1265 —06 


=qn 1867 —62 NMTEp 9.47 —46 CJenrr 
ertnt1nl2J6— 07 NYTEp 10.15—47 Eflui 
Gthn 1226 —29 OKTEApll40— 06 IntG- 
gGrerlXJO — 55 OHTECo 1140 — 05 Into 
rMkt 20.16 +.10 PATEAp 9.90 —65 Mun 
ItlhC 3234 —65 TnTEAo 10X0 —44 SmC 
In 1969 —36 UtilAD 962 — 03 OtreeJ 
dx 1X98 —61 VATEA p 1814 —45 Gotoei 
ipAppllaO— . 21 Pta Funds Gotdrr 

ape 2064 —18 Bond lip 1926 - Asia 

hFdrl 0266 —146 Gfetn pn 9J4 +41 Cap C 


i j'gz&j 

d 1169—3; 


1064 —22 
1025 —41 
ion —oi 


—51 j RS&t’fS-S: 55 VrtR n'SiSd —45 I S&l? 961 ^18 j 

-H; Hno'l 1199 Z^! VAViSlRn 978 Z64 | wfilFIA p 1 x1b Z 43 I 
: _ FdGrfit 9X5 — 21 ;ONE ftltt 1X18 -.04 ; MUFlBp 1X15 — 02 


ex 766 —.15 CATxBt 848 -JB GvSea px 968 -47 AmerTrr 1334 — » 

20X1—41 CorrvBtx 1836 — 42 Growth p 1X29 —37 I CaaAcc 1536 — 22 

X X25 — 44 DvrEqBt 842 —131 PATFpx 1178 — 06 1 DevMMPlSJO +.01 


p «p w 1 ISz^ 

it 12J4 — 19 SentryFdn 1X14 — 29 




It 1340 —48' OVB Funds 


*vn 1144 

DVn 1AU 
Inin 9.99 


t 9.13 —.01 | 
t 1073 —05 
t 1620 —46 1 
lB » 931 —49 • 
t 1X38—15:1 



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Jt 170 — 01 seouoton 5X96—124 IncomPX — - - 

It 1363— 16 l Se*un seal Suites REstp 1368—14 
She 1326—44 1 EmaMWnlXM +.10 SftxdCop 816—12 
0t 9X2—06 Grtncmn 10.16— 22 • WWUP 1630.— 36 


— ' ii J SVfi5=r Wl Ju 

—12 USGovt 844 —04 


9X2 —08 Grtncm n 1016 —22 
1136 — 29 Matrix n 11X3 ^J1 
2963 — 27 SW>Mldnll68— 31 


060 —44 SmCopn 1461 —27 STNncA 
962 —03 OtreeinTA 969 —.02 I StrlncB 
814—45 GokJenookEOaa — J7I TaxEx 1 


iFmha I UtilsB 7.87 
J* —08 J Hancock Freedm: 


n >069 —25 ; 
in 9X1—02 
n 9.98 —41 


it HTYldBf 11.9* —42 SPSOOn >069 —25 

___ „ - KSSaStt** ^n n ?;§iz 5 ? 

E^StlqloX? MATXBT 849 Z^ ’ CTTClKn9.90 — 42 

EquTryn 1867—46 MuniBt 869 —03 GavMed 9.22—43 

- 19 1 NtResB 1*64 —20 Grolncn 10x6 —26 

a | NjTxBt 8X8—02; Incnmen 9.E — 43 


& m 


Med 9.22 • 
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164—42 1 NJTXBT 8X8—02' Incnmen 9.E — 43 Hi HA 1107+46 
H99 -42! NwOpoBt242* —34 I MATEtnn 9X3 —42 QparA 2815 —Hi 


A 1144 —16 

tt" 

BGr 3240 —32 

Uttvpnl 231 —3 

nine 1037 —01 
Inc 2931 —30 
Wshp MJ7 —55 


>t 872+41 Fixed! n 9X7—02 MunB 1115—04 

1 2941 —69 SMTmBdn?39 —41 CcxnpossCapdat 

:p 148 _ VllnJI 1X94—48 Eatvlncn 1198 — 27 

(VB4042 —04 BascamBOIKj3 —14 Rxdln 1041 —41 

ft Funds Bay Funds Instt Growth 11.19—24 

X 11X8—19 ST Yield 964 +41 InlEq 1*27 — 09 

1034 —02 Bondn 965 —42 InflR 1028 —41 


—47 FkkrtFdnl868 — 44 Growth rx» 111 5 
—47 FWv 1140 — Offl Muirfdpnf 568 
— 45 GNMn 1812 —03 Fontaine n 1149 


PA 

—27 PA 


—44 Growth twins +41 Gfc 
—28 Muirfdpnf 568 - Grl 

—TO Antrim n 1146 +.13 Inbl 
+ 42 Forta Funds My 


964 + 41 CapGre 1567—1.07 AvTech 9.93 -Jl 

HIS *41 GftKnc 1365 +43 EnvmAp 862 —18 Kfgi 1 , 

568 - Gflncx 16J9 -67 GlInBt 876 —44 


1 1032 —45 I 

n 962+4*! 


10.1* — .03 OtoDomin 19.16 —39 PHarintGrte : NYTxBt 8X1—03 TExMed n 939 —02 PrcMtA 1*22 +.91 

f 739 — OSlOhrmpleTTlisl: ARSIII 648 —03; OTCBt 1046 -65 StwwmuT Fdv^rvest TwpetA 1343 —47 

t 945 -41: Briancednl623 — 20 ARSIV X99 -43 1 OHTxBt 8X5—01 Fxdlncpx 960 — 05 USGvA S.71 —43 


PAMuBt 1538 —08 
TXMUA 2819—11 
VAMuA 1531 —08 
VAMuBt 1531 —08 


+ 42 AstAllp 1647—23 
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GibGrth p 1461 - 


34.*fl—JS IntBdn ?.% —01 
4063 +X2 InterGvtn 961 —42 


P 2660 —67 STCm 
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BalncF 9X3 —19 
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income p 1349 -43 IrtltGrtn 1764 —SO TF MN 10.10-44 GvtEarvn 2245— 67! RoBkBI 2227 — 64 

HtvA. 20.12—41 InvGBn 743 —41 I TF Nat 1062 — 45 Gcnrett Rusts: | J Hancock Saveron: 


Growth n 1260 —37 _ 

WxStkn 11X7 —29 DivGrAn 1021 — 27 
bTTBondn 9J1 —02 EqklxAn 1876 —26 
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SmCoGrnl3X8 —66 InilBdAn 2817 +49 


d 964 +41 IrdtEq 1*27 -49 VAMuBt 1531 —08 HIYld 1139—44 GibGrth P 1461 —24 

965 —42 InflR 1028—41 Dreyfus Strategic InsMunn 1145 —03 GcvTRp 744—03 

. 1063—30 MunSd 1060 . Gferp 3468 —55 IntBdn 9.95—01 Grwthp 26.10 —47 

Is Unrest NJ Mun 1040 —41 Growth p 4063 +X2 InterGvtn 961 —02 HTYldp 7.98—04 

In 964+41 Shrhnt 1817 —41 income p 1349 -43 IrrtfGrtn 1764 —TO 7FMN laiO -44 

■?-S —42 _SmC apyoni46— 35 HtvA 2812—41 InvGBn 7.03—41 TFNat 1062—45 

n 1063—30 composite Group: IrrvB* 1947 —61 Japan rr 14. IB +.16 USGvt 841—43 

I 3862 —31 BdStkAo 11 jT — 1 16 OuflPEnRn 9.99 —41 LatAmr 17.19 +25 Fortress tnvsh 
lb] 8.98 +43 GwthAp 1265 —34 Dupree Mutual: LtdMun 927—01 AdiRtt 961+41 

vfcFtads: IrvFdAp 864 —03 IntGovn 966—43 LowPrr 16X5—15 Bondr 921 

ed 11939 —18 NW5QAP 1460 —58 KYTFn 722—03 MJTFn 1120 —02 EalncFSt 1127 —.19 

n 18X5—44 TxExAp 7^—0* KYSMfh 5.16—01 MNTFn 1062 —43 GISIm 861—41 

in 1021 —27 USGvA p 939 —M BB1 Funds: Moae&cn 6745— 262 Munlnct 106* —42 

kn 1876 — 26 CWwbaaanimb: .. BxUtvp 4064— 1.16 MtolrSrrr 34.13 — B* NYMunit 944 — 07 


+ .13 IrrtlEq 14 
MynUnc 13 

—M SmcCM seli 
—63 Goldman Sod 
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n GttSk P 1178—7 Growth n 1262 -63: 

05 Gtewf 3 llsi - 6 >^-67: 


z^ gSJ* 0 SS 

i —72 GfabRx 1660 —16 . SSSS?J“L - ' 28 ; 

gar BSTSiS^S^R 1 


Bt 945 -41 : 0dancednl623— 20 
I 940 -42: Ed I nan 15X7—44 
It 9.9B-45; Infln 1808 —30 
It 10.45 -45 LowOur n 9.93 —41 


AUS1-A 466 —43 PA TEBt 849 -42 
AtSUSIV 6,71 —03 TxExBt 857 — 0* 
AR5 I 636 —03 TFHYBt 1198 -45 


tnflfcqA 1119 —07 
NYTF 11.14 —42 
STBdp 9.96 _ 

TFIncm 1169—42 


-42 GrEriiifyjM^l — 24 J EatnBx 1262 -28 Vatomet 14X7-67 
—0* GfinEq pxl043 —25' GrwlhBt 2169 —58 VayapewAte 
-45 InfGvlnln p8*2 — 45 IncomeBt 763 — 02 AZIns 1830—04 


lBt 1891 — 45 One Group; „ ARS -A 6,79 -42 TFHlBt M60 -.04 SmCPBn #042 — 18 hxflBt 1221+46 COTF 9.97 —05 

lr 9.94 —45 Aset AO P 946—11 ARS II 892—42 USGvBt 1262 —0! ShawrTXItFS-Yrust: OparBt 2765 —82 Cpftf A 94* —04 

SI] 032 — 4? BloeCEa 1240 -63 AdjJS 854 -42 UtilBCX 884—16 Fxdlncnx 960 —05 PreCMemilfi *49 fillnsd 945—04 


-48 DSCVol 12J4 —29 


664-42 UtilBrx 884—16 Fxdujd iix 960 — 05 1 PreCMemiXfa +49 fi_lrad 9.95 

6X6 — 42 VistaBt 7.16—23 GrEatTr 1020— 271 ShlGvB 9.38 —.01 GroStkP 1742 

6X6 -.03 Voyat._llXl — 60 Grin Ed roc 1043 —26 TaxExBt 1123 -43 IATI 943 


GwthAp 1265 —34 Du 
InFdAp 866 — 03 Ir 


1—02 EqlncFStllJ7 —.19 PtcSta 1812 + 


BdA p 1808 —37 
BalBp 10 06 —18 
BondAp 1812 -44 


Gilncp 811—43! WldlncBt 8*3—411 IrrtlEq n 1346 —04 EoGrAn 1065 —32 

Govgecp 2X5 —01 i M enjmonFds | LvCoGr 1143 —23 EqinA 1065—28 

ToxFrp 10X5-44 AstAJInf 1162 +41 1 LyCoVd 11X2 —28 FxdlnA 9X3 ZJ5 


CpIncAp 9X8—02 LtdMlXl p 1320 — 02 
EmGrA p 143* —30 NM Irt 1235 -42 
FUnsAp 964 .. Tocouev 1X92—29 


GroStkP 1742 -27 
IATI 9.03 -45 
MNMs 1040 —04 
MinnM 10X8 -JB 
MinmF 1128 —04 
MO ms 9X7 —44 
PtaOTF 930—04 
NMTFA 10.11 —46 
ND TF 1025 -44 


5mCoGrnl3X8 —66 imtBdAn 
Ambassador Urn IrttIGrA n 

Bondn 924 —03 ShtOurn 
EslCoGr nl537 —51 SIBdAn 
Grwth n 1268 —67 SmCoiA 
IncoBdn 948 —41 USGvA n 
IntBondn 961 —42 USTldxA 
Irttttkn 1X15—05 Bonham G 
MITFBd n 9.13 -42 AcSGov n 
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XMaTCDii*u<nBE. ur — MIM Funds IncGrB n 1046 —16 intgvrS* 9X5—45 Pmdpi presv. 

A MSTERDA M’ DREAMS "ESCORT Bdincn 920—15 MutttA *65 —42 InffBdl* 946 -46 Dlvfih 1X32 — 60 

Kmerdota 4 peoond cuds ad Stklncn 1021 — 22 NYLhBtffRta . IntGovrt x 9X5 — 45 GovtPrr 9.08 — 43 


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NASDAQ NATIONAL MARKET 


INTERNATIONAL HERALD TRIBUNE. MONDAY. SEPTEMBER 26, 1994 


Page l: 


Consolidated trading t 
ended Friday, Sept 23. 
(Continued) 


Sam 

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FulwMIS 

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Futmdwr 


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1.9 5485 32’* TV-i 
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830 17V. 14V« 
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i6ta— iv*, 
17% 
384,-3 
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«4 — ta 

I vj _ 


GAKb 
CBC Be 
GBCTch 
GflAIS 
GNI 

CPFnd 

GTI 

CTsonic 

G- 111 
GZA 
Gahry 
Gauto 




IdWpfl rfc 

^ 10429 17& Mil iV* tJ5 

JO at* 

_ 1937 16*4 14ft IS 

- JS 3fji 3ta 344 -'A 

- BMU 3U _ta 

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JMJOVl 194, 30 +IA 
Gamore* .17 0 1J 495 11 'A % vt* Ij2 

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GcmWVrt _ 763 I iVu <*u 

... 5W Ita* *9 — ijl 

- junto 11 V, 12& ,iS 

™ »4 m 2H 2H —4, 

- 03010 9tt 9» —4, 

- - 341 3J4 3V. 3'A 

G«tows .. 391539 34 5Bta -3ta 

41131444 13 14V. 

_ >51438 19% 1Ata19Vw * I’M* 

GIWBCP .05 r A 1711% 70% 11’/« * >.« 

Cjfwyln s _ 204 4V» JU JV, — ita, 

taWfWti > 1535 12% U% 12% -V5 

- ?74 iV, 5ta J% _ 

- 4943 AAV* 45V. 45% —Vk 

> 107313 10 12*4*2 

_ - tV .. > 21157 % aw, sv» *v» 


NorcnBk 

Homo* 

Herjha 

Hdsoo# 

HufKoo 

HuaorEn 

HumGtfl 

Humblrd 

HurrfJB 

Hurxco 

HuniBns 

Hum 

HufehT 

HvaiPfw 

HyCOr 

HydeArn 

HydaAtB 

HvtfcTgh 


.330 2.4 440 Id 
„ 2795 13% 

-M t 2.4 309 44. 

._ 539 8 >V h 

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> 581 17V 

JO l'i 5S»i7ta 
.10 A I Ml 27V 
A 0 4 J 22093 20'k 
>13 344 
_ 441 1 XV 

- 1038 4 Vi 

- 450 3 
448 4 Vi 

_ 489 5V 

- *51 4H 


GamWwt 

GondHa 

Ganaer 

vcamos 

Gomoen 

Ccmd 

Gwtnars 

Gosonlcs 


Clwyln# 

GMfWd 
Gem 
GnCrHIt 
Gencor 

GonaCTC 

G*noM«a .„4l«e»V4 344 Ot^^SOn, 

GnAIMeS _ 147 14 1SV 15U —W 

GnBna AO 3.1 11520 19 19 — li, 

GnCom _ 389 4V 4Vi 4H — Vu 

GnCnl 41512V 11V 11V — V 

CnMag .12 e U 30 dta 3V, Vft — % 
OnJJufTi _ 8347 S4 21V 21'4 — M. 

GflPora J4 14J 227 1 144 144 —V. 

GcnesCa 1J0O3.1 >1)5 41 MV 3814 —14 

GaneThr „. 97* ?v 8V« BV —V 

Ganettwl — 5414V4 14'« 14V —V 

Genatlnst „ 350 4144 41 41V> ~'h 


GaneTlv 
Genet! wt 
Gerwtlnst 
Gentom 
Getil vie 
Genome 

CrfTOlO 

Gonsla wt 
Gemo 
Gente: 
Gam# 
Genzym 
Gem wi 
Genzvnn 

SfSY'Tr 

S& 

Grtnd 

GeoTk 


- JSH 3* 0* *'4 

... 10)1 5ta 5 S’A *44 

-.591 2Vu 2¥u 2V4 . 44 

>32441 9 VI BVu 8 Vi — U-h 

- « 2L J 2V. —'A 

> 50V OV 7>A 7<A —Hi 

- wai 24 Vi 20 Vj 27 —GW 

> 1991 S'A 47u 4V —V 

- 1B438MW 35V 37t« — V. 

- 1401 19V 15V 17V —V 
... 1048 lOW 9V4 94. — '1 

_ 343 4 Vi 314 3 Vi -VS 

M AA 527 6W t 4V, *44 

A0el.9 11321V4 20W 3144 —W 

> 1M6 SV 4 * 4» 

>11087 10*4 SV, 99, | 

> 174 7W 7 7V» * W 


> 174 7Vi 7 TV. * W 

-. 1281 2V. 2 2VL — V4 

■40 1 A 1401 4lta 61 41 — V4 

_ ns 7V Mi 7 

> 20* 1m ii n _v 

M 2A tn\ 1714 law 1444 — ■* 
.12 jna775 19’A17 17VS— 1W 

24 5*4 4*4 «V — U 

- 3114 I3'A 12V USl * V* 

■BO 57 280 1«V4 14 14 —5, 

... 3045 12’A lOVi 11*4 +1 

249 544 5 51% + V* 

Ma2J 401BV 17V 17V 
Gtenovrs — £27460 HU 57V— 144 

r r » :a 

gSvow r « » jb £ 

Glyoxnd _ 2282 2Vi 2V4 244 *Vu 

&>WGn A6 4.4 220 7W 1*4 7 * V 

GfdPom .04b J 151 714 7 794 *W 

Gl*6yst _ 2847 TV lVi IV —Vi 

GMnBKs AOolJ »40<i 38 40 W *2 

GoHEnt _ 349 13V 12V. 12V *V, 

GoodGv .. 531513V 11W 12W— 1V4 

Goodm# .12 .9 341 14V4 13Vi 13Vi— 1 

GdvFom _ IDS* 11 Vi 11 11 — V4 

GOthem - 237 4V4 3V. 4'A * V 

GoukJP JO 14 3599 22V SI 23 V —V 
GvYTch _ 847 1214 12V. 12V + VS 

Govuft 1.146 4J 217 2414 Z3Wm 24V. _ 

Grata) _ 1736 3V4 2V 2'*u — Vu 

GroHPnv _ 4734 8V. 714 8 * Vi 

GranBd 1270 49. 4*4 4V _ 

GranBO pi 1.94 h& 32 2BV 28 2BW — *4 

510 .9 2428TIV 70V 71 ta +V4 

J2 27 *206 131% 11% 12 — V4 

... 2227 2V 2V4 2% — Vi, 
._ 95 13V 13 13 —V. 

JJ7 7 4341014 10% 30% —V 

-14344 V,, % Vu *Vi. 

JO 2.7 323 18V* 16*4 lflft _ 

_ 641 2V4 2% 2W — *4 

GrtFnd >. MHO l rs> 14V 17 

GILkeAv _. 684 7V SV Sta —IV 

GtLKBc 1JB41 7.1 B730 27 25% 24 — % 

GJLIcwt > 3571 5 4W 4U —V 

GrLkpt ! _ 149 1014 9% 10W +W 

GtSoBcs M 13 94 18V 17 1814 *W 

GTVSNdU 23b 3.9 *07 5W SV 5% +V.. 


1214 I3U 

12% 13Vk 
4*4 4 '4 

6^u- 

7V B 
11% 12 
16'A 17V 
13% 14% 
14% 14 V:- 
261l Z7V 
18V 19 
3 3 Vh 
MV 27 V- 
3% 4 
4V 4V) 
51i AW 

5 V SV 

6 6Vt 


14'A .. 

J*u — W 

MW — % 
4V —'ft 
11W * *4 
8*1 — *4 
2W —'4 
29W —V 
6W — V, 
2lj -V 
13% -Vi 
6W 

4W — W 

4*4 — V 

77' A — 1 'M 

5% -% 
AW 

8 V. — •* 

34 W " -W 

10% *1% 

Vu -Vs 


Klmnn 

Klemn 

Knqpev 

Knwlw 

Kama 

Koiims 

KolIRE 
KOIIRI at 
Kwtiob 

Kouln 

Kcks 

Kronas 

5 «va 

gss 

Kunrnreil 

KuihU- 

Kuvuxuvt 


_ sates 

llfl HOjHMEI Low CiK Owe stock* 

-. 344 10*4 10W IU-i *«. 

t - 1 l*Vi > 

.44b 3.4 45 20V, 19% 19% —V 

- T374 3% 3V 3 V 

1140 7'.! 7'.. 7W _H 

_ 13 15V 15% 15% > 

-. 704 % — Ve 

_ 217 '’• V, V. 

- 975B 24 23 23V. — 7' , 

... 1744 |4'j 13V 14 — !S 

- 1570 12% 9 10V - IV 

> 749 IB 17 17% —14 

.177 A3 111 4 344 4 

- 854 9 B'i 8V4 — V 

... 5814 17% 15*4 14*4 — *. 

_ 2049 SW 4W 4% — >,. 

- 7323 1> I 1 — 

t .. 447 % >f E ! .'jj — •/„ 


444 6' 4 5V 5V — 


LG int at 175 4J 1884 30% 27 27% -Kj 

LCS .10 1J IB 7% 7 7V. -Vj 

LDDSs >41776 22% 21 21*,'„— iy,, 

LDI Co .16 13 321 5** S 5V -*% 

LFS Ben J5e 3 2^ 1 17V» 17 17 —V 

LSBNC3 M 2.3 3121 19 19 — % 

LSI In-; ,10b .9 661 I2’u 11W 11V 

LTX >13748 4% 4% 4% -Vn 

CV««s lj»r*3 144 XV 33V> 32V _ 

1 LXE > 1B7 13"< 12V, 1214 — % 

LUOIIPn >34953 4*4 2 3W — IV 

l-OJolP wt ... 4989 »Vu U , . < r — "/jj 

LaCrose > 651 13*. 13" , 13 - V 

, LObOtw A U «1 W4 IBVu 16V —'it, 
LodedeSI > 94 13W ijii 13*4—11', 

LaddFr .12 1J 7361 7 *w aw — w 

UQOvLudk > 5S3B « 3’» 3Vi, — Hr,, 

LolABl > 1149 oti 6*4 614 - 

LtfclaFl .ton 2J 127 24Vi 23 3*V - IV. 

Ltdceina _ 143* 314 4V4 


> 107 13'i 12V, 1214 — 'i 

>34953 4V 3 3W— IV 

... 4989 Wu U — "/n 

> 851 13'.j 13% 13 -V 

.12 15 441 W4 IBVu 16V — ' A, 

> 94 13W 12U Tl'i-ll, 

.12 lift 7341 7 6% 6'/> — W 

> 553S 4V 2’» JVi, — *V„ 

> 1149 6«, 4*4 614 - 

.tOn 2J 127 34V. 23 3*S - IV. 

_ 143* 4>, 314 4V4 


GINYSv 

Greens 3A l A 
Grenfid JS 3 
Greensm - 


W 5V. 5% +W|, 
Vi 9*4 9% —W 
17V, 17*4 — W 
Vi 21% 33 *W 


« 4 5V. 5% * V4 

, .% Vp ->h i 


Greens wt _ 2163 1% 1% IV +W 

GmwAJr > 1590 5% 5V, 5% *Vk 

r SSSSta » J3 l% 

Z 4355 13% ipi ml — *5 
_> 2800 9 J»A *% — V 


^48 1J 2m 


Wu 14 15 — 

mm 


15% 14% 14V. — V 

3 ??;: Isis 


P*. ... 

I 


„ 453 6ta 

■" fSS* 

U 0 |1 

M 2,7 34123 
.IBe 3 5772V. 

.16 1.1 B5 15 
... 438 714 
JO J 1*85 20'/, 
_ 113 15% 


6% —li 

33 "1% 

mw-iw 

& 

W -% 

12% — *4 


Intm wtB 
■rapine 


2 

4*4 _ 

h , +v * 

19 — 1 % 

1V„ — V 4 
9*<» —Vi 
7*4 — V 
13% *!% 

i’fe =5 

2V * V 
L's4 * Vi 
10% * V 
4% 

7*4 — *4 
)3Vu— <V,t 
13W— 1W 
4% — V 
I*. - W 

17V, — V 
11*4 — % 
»W — % 
2% t* H 
9 

14%— IV. 

I'm * V 
la *•>. 
a * v 

6% —Vi 
2Z*i —Vi 
13% _ 

, 1'Vii *Vu 

i 17W — % 

i 23 Vi *1 
, 17% — % 
1* — 
2*» - 
i 23*4 *1% 
S 

29*4— 15ft, 
26*4—1 
3W *V4 
1014 — % 
10% *% 
12 — 1% 
24'/, *3 
3% *W 
IVj 

11*4 > 

9% — % 
A +% 
25 

fif 

5% -V 

*4 > 

6% — % 
10W — *4 
1W — Vu 
12V — % 
23 Vi —1 % 
17% — W 
24% — V 


uakBtfwF JS 1J 11Ba 17*4 14% 17 — V 

LomRsai ... 35548 40% 37% 39*4—1% 

Lanes r s .48 1J 2395 35% 34% 35 

Lance .96 5.2 1374 19 18V. 1BV. — *4 

Land! > 931 15ta la*. IS — % 

L-nnaatr ... 2598 22W 20 22 -2 

LdmkBc f _ 42 9% 9Vj 9% -Vs 


_ LanaBne .05 b .4 1 044 11*4 11 


:: 2i74 11% 

.18, 3412V, 

_ 541 4% 
>1344 29% 

> 1210 AW 

> 198 7% 
.92 3J 41 29*4 


T-\ 

TV —Vi 

27% — *i 

15 — % 

12 % ,% 
24% — % 
2 % 

11 


_ BBS 9*4 
_. 571412% 

> 424 12*4 
J9P1.2 510 »v. 

> 372 6% 

M 2.B 1*824% 

3*0 2J 93J9W 
Jfle A 2344 21V 
JO % 1«. 

■ W *“ 

_ 299917V 
■22e 6J 537 3V 
1444 A*6 
241016V, 
J6b3J 1217% 
.28 2J 1991 13% 
36 ZO 38 12*4 
JS2 2J 17)321% 
.146 2.0 24 7 

.„ ao 7V, 
._ 2324 12V 
_ 954 MVi 

_. 51712V, 

„ 1906 6W 
... 534 5V 
_ 4726 2Vp 
„ 334 IV. 

> 22*20 29% 

... 5924 B 

_ 45211% 
912 29 

>.20329 24% 
. 574 32% 

... 582 15 
M A 101 is;a 
. 14 1.1 7603 15% 
... 9 7*«*j 

> 120814% 

jaezo lS »llta 

> 401 6V 

.as 1J 2S0?M% 


5*9 

— ta 

39 

— ta 

5% 

♦ *A 

7‘U 

♦Vu 

28 Vi 


8ta 

>'j 

l?Vi 

•*2Vi 

12 

-ta 


19 — % 

5V, — % 

24% — % 

28 w — y, 
20% —Vi 
14% — Vu 
51. tli 
16% »W 
10 —1 
16% — % 
3% »W 

6v — y. 

14% —IV. 

17% 

12% — IV 
12V — W 
20V — % 
7 ,% 

7 » V, 

11W — V 
25V + V 

la 1 -, —v. 
aw > 
s% —v. 

Ha — % 
IV _ 
a — iy. 

7*4 — W 
11% *1V» 
26% *1 
26% ♦ l!i 
MVS— IV 
13% — % 

14 —1 

r ^ 

I?'" =% 

14V —V 
6% * V 

32% f2V 



Homeoc 

HmowG 

ssss. 

Honlnd 

HonflCB 


•" .‘IsSraTV 3V *; -3W 

j? 4J2oS* z\'* T 

3 1J 28 22*4 21 21 — % 

1 *7918% Aw Aw - 

> 2187 8 % 7% TV — V 

> 131 1 V 1 ■*% 

244 8 % 7*5 TV. 

.14 !J 44811V. 10V 11 ~ 

79 34*. 14 24% - % 

A3 1 4J 235 9V S>« 9W > 

Z. 301 lb 3 3 V **i 

_ 157 10 9% 9 Vi *W 

.10013 2071 4% 4» 4W — % 

.17« 3J 1R67 7 *v 4% - 

_ 1328 IV IvYn 1W ~ 

jo - 43Qiovioiy5igw»-Jtai 

> 1492 7V AW 7% — J* 

.. 7425 27 24 3*ta ♦ jj 

19*5 22% MW MU —1 W 
70 3>T 1918% 18% 1BV - 

.. 9223 la% 12, JJta— 2V 
... 4*519 lavs 18Vi — w 
„ 111 4% A 6 - 

n 3,9 7 20% 20Va 20V, — % 

jo 1.1 9»» KTiMli+lWi 

> 491 SV 5% 5% — w 

J3D 1,9 34 IS'*, 17 17 — 1* 

m a 101 11% 11 11% — w 

JS J.1K1730 1A% 14 14V *W 

... s59 14% 13W I3ta — ta 

Z W* *■■««» 4ta -Jfa 

„ 2238 W '*1* -rWt 

-. 307* 15W 13V IS .IV 

ans wwuw - 

M > 251 12ta 13% Wu -tVu 
10331 12% 10 10W— 1W 

44 1.8 2074 25 M M —1 
M 3J 38 39% 28 29% *V 


i 12V 12% +7u 
SVi SVs — V, 
l'i. IV —V, 
38% 38 VS — 1% 
1% IV — W 
i 11 V, 11V, —V 
24% 26V — Vu 
5W 5V — % 
8% 8% —2% 
7 7% *W 

12% 12V — V 

13% 14% ♦% 
TVS 8 _ 

2V 2V — V 
6% IPVe .V K 
% IV +1W 
8*4 BV — % 
36 34% — I 

13% 14% *V 
31V, 21 W — V 
16 17 . Ita 

16% 14% —Vi 
20V, 21 %—»'/„ 
7% 8% 

6W 6% 

•Vu IVu — V„ 
24% 34% — % 
26V, 36% .V 
14 I4W — V 


17% 17% — % 

1BV 19% -*» 

4W 4% —V, 

12 13% *% 


KevTm 

KevFn 

KCV3HT1 

Klirawl 

Kota- WT 

KiKtrLr 

Kirwwe 

Kinnnni 

Kinross 


M J 1035 94% 
>. 4 4V, 

> 1BTO aw 

>24237 52% 
„ 374 30 

_ 13 9% 

.081 A 21914% 
_ 229 8% 
.44 4.5 754 9 V 

_ 43519% 

> 3315 A V, 

1*2 9.7 333 27 

.72 2.4 2034 31% 
.72 2 A 2 39% 
_ 315430% 
JS 1J 4 19% 
_ 5014 14% 

,jsr “ fiW 

J58 7 » ? % 

> 2047)9% 

> 270 2V 

> 32 3% 

> 499 4% 

. «li 

.. 2591 10W 

1 JB 4 J 447 29V. 
1.0# 13 7 33% 

* 

Ids' 16 
.15 2710530 A 
.10 47 410 2% 

> 3036 5% 


22 24 *2 

4 1 ., 4V* ♦% 
5V 5% — 3V, 
47 49%—: 

18 19 * % 

9% 9% —V 
13V, 13% —V 
7% 8 » V. 

9% 9W 
lBVlBW,, +V» 
5 V 6% -W 
26 27. *% 

2 B 28W— 3% 
29% 29% —Vi 

19 +1W 

19 19 — % 

13% 14 — 1 Vi 

18 IB 

11 W 11% +w 
31 Vi 31*4—1% 
6 % 4W — Vu 
IB 1B% —% 
IV4 2*>j, — V« 
3% 3ta - 

3% 4 » W 

SV, 5W -ta 
9% low -W 
SB TS^u-^Vu 
31 Vi 31 W— Ita 
23% 74 — 1 
6 % AW,— 

14 Vs 14V —V 
4% 5W *ta 
3ta IV 
SV 5W *Vu 


Last Week’s Markets 


an asaicb&cfirritoB Friday 

Stock Indexes 

UBUM S WW8 S8Pt. 23 Sepl. 1 CW» 

DJ Indus. 363175 393U$ — 


OJ «HU WU* 

DJ Trans. M9M1 

S & P 100 4*655 

58.P500 *S9A* 

5 & P Ind 50.99 

NY5 E Cb 25161 

ftse i» 3a»70 


OiD* 
— 256* 
— ai9% 
-« 7% 

—241V 
— 230 ta 
—129% 

-U0% 

—173% 


^Mid225 19633J7 1PT9429 +0W% 

5 aX 2089.0 211873 

Hew Knna 

HanaSWifl 9602.47 9W6JT -M7% 


iScJp 42&B0 «4^0 -173% 

Per kt loot* From wenwi cartW wn - 


Money Rates 

Urriltil Shite# 5< 

Diseouni rote 

Prime rate 

Federal funds rote 

Japan 

Discount 

Coll money 

>moiiHi Intertian* 

Germw 

Lombard 

CaH money 

3- month Interbank 

BriWlp 

Banh base rote 
Call money 

3 -mentn kiierbank 
Cara Seat- 23 

London bjtv tWJ 39570 


Lavne 

LazerTm 

LeoOrFn 

LmgCa 

H-Oicwnv 

LSOSolu 

Leewc 

Lecmers 


5% — v u 

14 V,— 2% 
4Vi. 

J% -% 

18% — V, 


mmLGon „ 4000 34 2W» 31 —2% 

Ujnoin > 2833 24 21%21Vu— l'Vu 

Lonifctr > 1804 33% 33 XV ' % 

Lannef „ 12M 9% 9 9V _ 

LancpMc > 243 9% BV, 8V — W 

LOSPWd _. 61 W W -W, 

LmerPr _. 242 A 5V SW — Vu 

LasrmTc >112201* 14 «%— 2% 

Lcancp _ 4724 5Vi 4 4V., 

LatACas > 37A 3% 2% 2% -% 

Lanice . 36*519% IB's 18% — % 

Laurel Be .40 13 2 12% 12% 12% > 

LawrSB _ 321 4% 3 V AW — W 

Lawsn M 1.9 1559 25% 25 25 — % 

LwyrTill .12 1.1 1438 11% 1D% Wi — V 

Lavne Am A% AW AW - 

LOWTm 372 9% B% 9 — % 

LeoOrFn _ 1774 77% 27V 2Wu — 'V, 

LmoCo _. 4184 19% 18% 1 9** ~tm 

Ltoiowav _ 11M 10% 10 10VS -% 

LseSoli/ _ 1707 8% 7% 8% -'■« 

Lecwc A61 4.1 1SJ J% 7 7W 
Lacmers > 617816% 14V 15V -1 

LeeasFdl .12* 1.0 am 12'/S 12% 12% — V, 

Leaenl _. 205-55 14 34 74% — V 

lSsOt _ 223 4% 3V 4% 


LHCa 39 J 1334 16% 15% 16% tV 

LesPol J7t 4J 6*2 13V 12% 12% — % 

LflvelOrtS _ 4384 29% 36% 29% -V, 

LexInoS M 23 1042 19% 18 1SW — % 

LtrtY&c j&0aZ2 244 27V, 27 27W 

UbBcOK .400 1J 685 33% 31% 33% ,*, 

LDtvHA 78 29 5*9W„ 9V 9% 

UtavTc _ 77a 5% 5 5% ,% 

LiW _ 91 2V 3 2% "W 

LKJofc _ 5424 2% 2Vu 2V 

Lidck wtC >3 1% _ 

LteTcn JO 1.1 400 19 W 18% 18V — V 
LfeUSA _ 804311% 10% m„ -Vu 

Llecore _ 734 SV 5V 5*4 — W 

LfeQst ... 124 9 7% 8 —I 

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LfHoons _ 350 12% 12'-, 13% > 

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Unfird > 6429139% 138 139% -Vi 

Uncares - 5289 24% 24ta 24% _ 

UncSB 1*0 2.9 7354% 55% 55% — ta 

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UnaH _ 9 4 3W 3% — V 

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LodoEnt _. 8114 10% 9V 10V> xta 

L08W1 0 J>4 > 193924%, 23% 24%, +'/* 

Loewnstn _ 2BB 9 Bta 9 * ta 


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> 28B 9 8ta 9 + ta 

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_ 167810% 10 10 

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.13 J 147230% 19'i 1992—1’. 

... 12815 7ta 6% 6>Vi. 

> 28 3% 3% 3% . .. 

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416 14V. 13% 13'4'u — a„ 
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Medaph 
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2.9 17593 21 

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1.76 5 7 383 31 30 »*i ... 


3 3% 3% 3% _ 


Continued on Page 12 


■ NOTICE OF REDEMPTION’ 

U.S3150, 000.000 

Retractable Notes Due October SO, 1996 

Citicorp® 

NOTICE IS HEREBY GIVEN that Cricoip has eleewd to redeem s,r. Qdefcer 31. 1994 
(the 'Redemption Doie'l all ei ifs oahranoina Retrocrable Notn* Due Ccisraer 30. 199i 
(riw 'Notes") et o redemption prica equd ra ihe prin dp al anount ihereor plus ineresi 
ocaued la Ine Red&npfon Date. On and cfer trw aedemptior Da*, interest en the 
Notes will «e» te ocerue. _ ... 

■n* Nates are to be redeemed tt tfwmam ohiematGiibcnk. NA in lender., annoeb. 
Pom. Frankfurt ran Mam. Amsterdam, at die main office c! Cii&anl fLKembcsu/g) S A 
in liixflmbaura, or at the main office or Citibank (SwiSednnd) m 2ur««, and c'» of the 
main office a Qeiitiania Batik og Kreeit Kasse in Oslo 

pgyrnerrh on the Notes wifl be made uoon presentaftor. W »tTend*r_of me Note 
together with off mteresi coupons maturing subsequent to said dote ai the arias set rarM 

ni P.—J k. w. - *, 

t nuol manner. 

^ CITIBANK*, 


The Week Ahead: World Economic Calendar, Sept. 26 - Sept. 30 


A sGhetiule ot this week's Koacmc ana 
financial events, compiled tor tno Interna- 
tional Herald Tritvne by Bloomberg Busi- 
ness nows. 

AofaHPacHlc 

• Sept. 38 Hong Kong July retail 
sales. 

Jakarta Con tore nee on "Legal. Finan- 
cial and Management Issues cl Joint Ven- 
tures in Indonesia." Through Tuesday, 
Hilton Hotel. 

e Sept. 27 Hong Kong Jardine Math- 
e»n Holdings and Jardlne Strategic 
Holdings to hold technical Dneflng on (tie 
trading and sacrament procedures tor 
irwr snares once they delist trom the 
Hong Kong stock exchange. 

Hong Kong The Vietnam Business As- 
sociation us hold a panel discussion on 
the subject “Project Finance. Whar is 
really happening In Vietnam." 

Wellington August Now Zealand mer- 
chandise trade. 

• Sept. 28 Hong Kong Seminar on 
Introduction 10 Chinese tax manning or- 
ganized by the American Chamber of 
Commerce in Hong Kong. 

Hong Kong ABC Fladlo Partners Inter- 
national Cruet Executive Pew SttOmoutst 
and Hong Kong Commercial Broadcast- 
ing Director of Planning A Strategy Man 
Hacked talk to an American Chamber ol 
Commerce in HOng Kong lunch about 
radio advertising. 

Kuala Lumpur Uon Land Bhd. to hold 
special share hoi Cere meeting 10 discuss 
proposed land acquisition. 

Selangor Daryl Ehaan. Maiayala- 
Country Heights Holdings Bhd. to hold 
special shareholders meeting 10 discuss 
proposed land acquisition. 

• Sept. » Sydney August Current 

account Forecast Narrow 10 l.bS bitltor 
Australian aohare from 1 .04 Billion In July. 
Hong Kong August provisional mer- 
chandise trade. 


Hong Kong MKlCOrp. and iS associate 
Chester! lew now annual meetings. MKl'a 
snares have been suspended from trad- 
ing for three months Because regulators 
are concerned that investors have not 
been properly m termed about the compa- 
ny's plans. 

* Sa p* . 30 Tokyo Tokyo 3epiembe> 
consumer price index and naoonwwe Au- 
gust Cpi. 

Tokyo August unemployment ran and 
lob-TMpjWicam ratio. 


Europe 

• Expactod this srask Frankfurt- 

sepnmber com at mnng. Forecast Up 

0.1 percent In month, up 3.0 percent in 
year. 

Hotel rtU August trade balance. 

• Iept.36 Amsterdam Augusi Indus- 
trial orders. 

Copen ha gen Tele Denmark press con* 
f&renca to announce news ol internation- 
al cooperation. 

Earnlnga expected Sooeta Generals de 
B&nque 3A. inches pe. 
a 3«pt. 2T Stockholm August pro- 
ducer prices. 

Earning* expected Sears PLC. Tarmac, 
Sooote Generate, Lafarge Coppee. 

• Sep*- SB Brussels September corv 
Sumer prica Index. Forecast: No change 
In month, up 2.G percent in year. 

Helsinki August current account. 
Zurich September consumer prices. 
Forecast: Up 0.1 percent >n month, up 0.7 
percent In year. 

Earnings expected Beazer Homes, Jef- 
larson SmurfiL 

e Sept. 29 Frankfurt German 
Bundesbank centra) coundl meeting. 
Oslo September unemployment. 
Earnings expected Forte, Redtend, Par- 
toss, Flat. 

Paris August unemployment Forecast 
12-5 percent In month. 


A me ter de a* KLM Royal Dutch Airtime 
press conference marking me amine’s 
75lh anniversary. 



America* 

• Earnlnga expected title Week- 

Great Atlantic & Partite Tea Co., Quick 
& Reilly 

a Sept. 2Q Washington The Nation si 
Association at Resnore reteem existing 
home sales for August. 

Washington vice President Al Gore de- 
livers keynote address at Communica- 
uornweek magazine's two-day confer- 
ence on computers, software and 
camrmirtieaticms. featuring AT&T Coro 's 
CEO Robert Alton. TGI International inc-'s 
CEO John Malone. Intel Cocp-'s Andrew 
Grove and FCC Chairman Reed HundL 
Calgary, Alberta Canadian Energy Re- 
search Institute hosts 13th annual Inter- 
national oil and gas markets conference. 
Washington The Natural Gas SuDpfy 
Association holds a luncheon to discuss 
transportation rates. 

Tampa, Florida The results ol a von by 
creditors ol Walter Industnes Inc. on nvo 


bankruptcy plate expected to Be re- 
leased. It Apofio AdvOors LFs plan wins, 
bondholders could taka control of the 
company from Kahiberg, Kravis, Roberts. 
Son Joe*. Cetitortite IntoWorkTs Stew- 
an Alaop, Ethernet inventor Robert Met- 
ealle and Oracle System* Corp. - * Andrew 
ueursen speak at mree-osy cmterancc 
on ma tnfonnatton highway aponaored by 
Howtett-Peckard Co.. Sun Microsystems 
Inc. end others. 

• Safrt.27 Haw Toik The Conference 
Beam reteases its index of consumer 
confidence tar S e ptember . 

Waahlngtan Federal Open Market Com- 
mittee meeting, 

Toronto The Information Technology 
Association of Canada aponsores A con- 
ference on me &k!&) and opportunities 
teeing me Information Industry, 
Washington The Canter for Strategic 
end international Studies hosts a confer- 
ence on U.S.-Chlns business cooperation. 
eSopt 20 Washington August dura- 
ble goods ontara. 

Haw York Bankruptcy court to hoWcon- 
ti rotation nearing on JWP inc.'t proposed 
reorganization plan. 

e Sapt. 29 Washington Gross do- 
mestic product growth tor tits second 
Quarter. 

a Sapt. SO Washing ton August per- 
sona) income and spending. 

Chicago The Chicago National Associa- 
tion of Purchasing Management releases 
ns indexes tor September. 

Ann Arbor, Michigan The University of 
Michigan releases, Its revised consumer 
sentiment Index tor September. 
Washington Deadline lor U.S. to deter- 
mine whether to take passible punitive 
measures against Japan under tne ao- 
cafled Super-301 bade reautettona. 

Lima Peru's government » scheduled 
to auction the concession to operate the 
Cnao industrial complex. 


INTRODUCTION OF SYNCHRONOUS DIGITAL 
HIERARCHY EQUIPMENT IN HUNGARY 
Prequalification Notice to Prospective Suppliers 
The Hungarian Telecommunications Co. Ltd. (HTC) is to introduce Synchronous Digital Hierarchy 
(SDH] equipment families in the Hungarian telecommunications network. Suppliers will be selected 
from among qualified bidders invited by HTC to participate in 2 tenders planned to be issued in the near 
future. 

The tenders will cover two projects, to be implemented in 1995 and 1996. 

- SDH Development of the Budapest Trunk Network (with approximately 30 nodes), and 

- SDH Development of the Hungarian Backbone Network (with approximately 50 nodes, and all major 
international links] 

Both projects will cover complete, integrated SDH networks, consisting of 

- cioss-connect equipment. 

- point-to-point transmission links, and 

- self healing optical rings. 

Suppliers' responsibilities will include the 

implementation design, manufacture, supply, delivery, installation, commissioning, 
and system integration of the equipment of the SDH network 
and will exclude the existing infrastructure, such as installation of optical cables, microwave 
towers, power supplies, etc. 

At network nodes the following equipment shah he installed for the individual projects: 

SDH Development of the Budapest Trunk Network SDH Development of the Hungarian Backbone Network 


- STM-1, and STM-4 add f drop and terminal 
multiplexers. 

STM - U> optical line systems {line multiplexers!, 

• STM-1 microwave systems. 

- DXC4H cross-o meets 


NE management sofwarc 


- STM-1, and STM-4 add/drop and terminal 
multiplexers 

- STM- 16 optical line systems (line multiplexers 
regenerators}. 

- STM-1 microwave systems. 

- DXC4/1 cross-connects 

- DXC4/4 cross-connects. 

- NE management software 


Original equipment manufacturers who wish to be considered for prequalification for any of the above 
explained tenders are invited to suhmit a capability statement, addressing the questions below. In case of 

- a main contractor with sub-contractors, or 

- a consortium, 

all companies (including sub-contractors or consortium members) shall submit the applicable statements 
and evidences according to their planned responsibilities in frame of the project targeted. 

Applicants shall acknowledge that in case of successful qualification they are supposed to participate in 
the tender with the same sub-contractors or consortium members qualified by HTC for the relevant 
project. Although at the time of tendering bidders will be allowed to make minor changes concerning 
their actual partners and their responsibilities, HTC shall have the right to refuse any sub-supplier, sub- 
contractor or consortium member not approved in the course of the prequalification. 


Documentary Evidences 

Company profile including type and size of the minimum annual turnover: 

company, and consolidated financial statements (balance - in case of a single supplier, main contractor or consortium 
sheets and statements of income! for the last 3 years. leader: an equivalent ot 50 million USS 

- in case of equipment sub-suppliers or consortium members: 
an equivalent of 15 million USS 

- in case of sub-contractors {for installation, etc. I an 

equivalent of 5 million USS 

- each project shall be described, and reference letters signed 
by the customers shall be attached (with a certified English 

Details of at least 3 similar SDH projects completed or translation, if necessary) 

currently being implemented - each project value shall be at least 3 million USS. 

- the value of the bidder's own SDH equipment shall 
represent at least 1.0 million USS for each project fin case of 
other companies participating under the bidder's control) 

- all companies involved shall submit a statement that they 
are capable of arranging a \isit by HTC to any site of the 

documented reference projects 

List of telecommunications authorities which have approval certificates from at least 2 (two) authorities for each 
already approved the offered SDH equipment equipment category • shall be submitted, with certified English 

translation, if necessary 

List of other vendors, if any, whose devices the bidder {as ■ authorisation by the vendors, 

a main contractor or the leading party of a consortium] - attachment of the vendors' capability’ statement in response 
intends to integrate with his own equipment for the t0 oH die applicable requirements stipulated in this table 
relevant tender ■ ^ realistic allocation of responsibilities among the partners 

_ . . , , . „ , , demonstrated ability to efficiently and reasonably manage. 

Description ot the prom management methods and monitoI ^d administer all activities, including the contrdof 
tools sub-contractors or consortium members. 

- compl/oncV with the relevant European standards and 
recommendations 

Technical brochures . a pp l0va ] fry the Hungarian Telecommunications 

Inspectorate, dr willingness to obtain the same in case of 
contract award 

a declaration stating that as soon as the relevant 
Description of the current network management system international standards are set up, the company will develop 
applied for the SDH equipment a centralised network management system, capable of 

interworkmg with other SDH equipment 

Development history and planned future developments a well thought out development strategy, targeting totally 
of t he SDH equipment own manufacture of ail equipment in the near future. 

Only those companies and/or groups of companies will be qualified to participate in the coming tender who have 
met' the above minimum criteria. Separate prequalification materials shall be submitted for the two tenders. 
Prequalification materials shall be received, before 4:00 pun. on 18th October 1994, at the following address: 

Inteitrade Co. Ltd, Mr. Zoltdn Kecskes, Deputy Head of Procurement Dept. Budapest, Medve u. 25-29. 1027 Hungary 
Tel.: +36 1-20 1-0045 .,-0054 ^ Fax: +361-201-0017, -0008 

Prequalification materials shall be submitted in 5 (five) copies in English for each of the targeted projects. In case 
of reference letters or other attachments written in other languages a certified English translation shall also be 
enclosed. 


Minimum Criteria 


Iiers or consortium members: 


Details of at least 3 similar SDH projects completed or 
currently being implemented 


List of telecommunications authorities which have 
already approved the offered SDH equipment 

List of other vendors, if any, whose devices the bidder {as 
a main contractor or the leading party of a consortium] 
intends to integrate with his own equipment for the 
relevant tender 

Description of the project management methods and 
tools 


Technical brochures 










Page 12 


INTERNATIONAL HERALD TRIBUNE, MONDAY, SEPTEMBER 26, 1994 


O N D A Y 


SPORTS 


Miracle Pass 


r. • :3e: 





Bams Stun Chiefs, 16-0, 


tinches Victory 
For Colorado 


• 1 • 


E-' 1 




The Associated frets 

Kordell Stewart put himself 
in a class with Doug Flutie, hit- 
ting Michael Westbrook with a 
64-yard touchdown pass after a 
cluster of Michigan defenders 


and Colorado players tipped it 
into Westbrook's outstretched 


into Westbrook's outstretched 
arms. 

ft was the final play of the 
game in Ann Arbor, Michigan, 
on Saturday, and it gave the 


COLLEGE FOOTBALL 


Buffaloes, seventh in the Asso- 
ciated Press college football 
rankings, a 27-26 upset of 
fourth-ranked Michigan. 

“I figured it’s 50-50," Stewart 
said. “1 just heaved it up." 

Not since Flu tie's incredible 
last-second 48-yard pass that 
lifted Boston College over Mi- 
ami in 1984 has a Division I 
college game been decided in 
such dramatic fashion. 

“I haven’t seen it, but that’s 
sweet," Flutie said Saturday 
night after his four touchdown 
passes helped Calgary beat Sac- 
ramento, 39-25, in the Canadi- 
an Football League- *TU have 
to go and see all- the replays 
tomorrow." 

Leading Colorado 26-14, 
Michigan looked firmly in con- 
trol. But Colorado scored twice 
in the final 2: 16 for the victory. 

First, Rashaan Salaam's one- 
yard touchdown run made it 26- 
21 . The Buffaloes tried an onside 
kick that Michigan recovered, 
buL Colorado held the Wolver- 
ines and regained possession at 
its own 15 with 14 seconds left. 

Then, with 6 seconds remain- 
ing and Colorado on its own 36, 
Stewart dropped back and 
heaved a long pass toward the 
Michigan goal line. Westbrook 
grabbed it over the shoulder of 
a Michigan defender. 

No. 2 Nebraska 70, Pacific 
21: Brook Beninger, the backup 
quarterback, threw for three 
touchdowns and ran for another 
against Pacific in Lincoln, Ne- 


braska. Takin g over after Tom- 
mie Frazier led the Comhuskers’ 
first two scoring drives, Ber- 
ringer ran six yarns for a touch- 
down, then threw scoring passes 
of 15, 46 and 18 yards. 

No. 3 Florida State 31, North 
Carolina 18: In Tallahassee, 
Florida, Danny Kaneli threw 
three touchdown passes and 
Warrick Dunn rushed for 121 
yards as Honda State won its 
20 th straight Atlantic Coast 
Conference game. 

The Seminoles led, 31-7, mid- 
way through the third quarter. 
The Tar Heels narrowed the 
gap in the fourth period, but 
lost their chance to get closer 
when they lost the Ball on a 
contested fumble calk 

No. 5 Penn State 55, Rutgers 
27: Ki-Jana Carter ran for three 
touchdowns and Kerry Collins 
threw for two more in State Col- 
lege, Pennsylvania. Carter had 
122 yards on IS carries, and Col- 
lins was 14-of-I6 for 328 yards. 

Rutgers gave the Nittany Li- 
ons a dose game after three 
blowouts, pulling wi thin one 
touchdown late in the first half. 

No. 17 Washington 38, No. 6 
Miami 20: Miami Jed, 14-3, at 
halftime before the visiting Hus- 
kies scored on Damon Huard's 
75-yard screen pass to Richard 
Thomas, Russell Hairston's 34- 
yard interception return and a 
fumble recovery in the first five 
minutes of the second half. The 
loss snapped Miami's NCAA re- 
cord 58-game winning streak at 
the Orange BowL 

No. 8 Arizona 34, Stanford 
10: In Stanford, California, the 
Wildcats sacked Stanford's 
quarterback, Steve Stenstrom. 
six times and forced two inter- 
ceptions and a fumble that led 
to 21 points. Ontiwaun Carter 
ran for touchdowns of 10 and 3 
yards for Arizona. 

No. 9 Notre Dame 39, Purdue 
21: In South Bead, Indiana, 
Randy Kinder and Ray Zellers 
had career-high rushing days 
for the Irish. Kinder gained 143 












■ ■ - 
Vr**:! 


The Associated Press 

The Kansas City Chiefs are 
die best team in the National 
Football League, Coach Chuck 
Knox had said. But with Willie 
Anderson scoring on a wild 72- 
yard play and an under-the- 
weather Joe Montana playing 
his worst game of the season, the 

rwo- touchdown underdogs Los 

Angeles Rams stunned the pre- 
viously unbeaten Chiefs, 16-0, 
on Sunday on their home 
ground. 

It was the Chiefs' first shutout 
at home since the same team 


\<aC''S'! /* 



M 


NFL ROUNDUP 











Michigan’s Tyrone Wheatley (6) ran for a touchdown, but Colorado prevailed, 27-26. 


yards and scored twice, and 
Zellers added 156 yards, includ- 
ing a 62-yard touchdown run. 

No. 10 Auburn 38, East Ten- 
nessee State 0: In Auburn, Ala- 
bama, the Tigers extended the 
longesL Division I winning 
streak to 15 games at the ex- 
pense of the Division I-AA 
Buccaneers. 

No. 11 Alabama 20, Tnlane 
10: Tulane held the Crimson 
Tide without a touchdown until 
late in die third quarter, when 
Brian Steger scored on a 16- 
yard to break's 10-10 tie in 
Bi rmingham, Alabama 

No. 12 Texas A&M 41, 
Southern Mississippi 17: In 
College Station, Texas. Led and 
McELroy returned the opening 
kickoff 100 yards, and the Ag- 
gies won their 22d consecutive 
game at Kyle Field, now the 
longest home streak. 


No. 15 Texas 34, Texas 
Christian 18: In Fort Worth, 
Lovell Pinkney returned from a 
two-game suspension and made 
a spectacular touchdown catch 
to ignite Texas over TCU. 

No. 16 Wisconsin 62, No. 25 
Indiana 13: Darrell Bevel! 


opened the game 13-of-13 and 
Wisconsin, playing at home. 


passed for 364 yards and one 
touchdown for the Trojans. 

No. 20 Ohio State 52. Hous- 
ton <h The Buckeyes, playing at 
home in Columbus, blanked 
Houston for the Cougars' sec- 
ond consecutive shutout The 
Cougars have scored 20 points 
in four losses this season while 


Wisconsin, playing at home, 
scored on its first seven posses- 
sions. 


giving up 135 points. 

Mississippi State 24, No. 23 
Tennessee 21: Eric Moulds 
caught three passes from Der- 
rick Taite during the winning 
drive, including a leaping 22- 
yard grab on fourth-and-12 in 
Starkville. Mississippi 

No. 24 North Carolina State 
38, Western Carolina 13: In Ra- 
leigh. North Carolina. Brian 
Fitzgerald rushed for a career- 
high 114 yards and two first- 
quarter touchdowns for the 
Wolfpack. to defeat the Division 
I-AA Catamounts. 


No. 22 Washington Stare 21, 
No. 18 UCLA <k In Pasadena, 
the Cougars shut out UCLA for 
only the second time in 23 
years, limiting the Bruins to 226 
yards. UCLA entered the game 
averaging 432.3 on offense. 

No. 19 Southern California 
37, Baylor 27: In Los Angeles. 
Shawn Walters ran for 207 yards 
and scored three touchdowns for 
Southern Cal. Rob Johnson 


beat them by the same score nine 
years earlier. Montana, who was 
fighting a viral infection, hit 18 
of 37 passes for 175 yards and 
threw three interceptions. 

Jerome Bettis picked up 132 
yards on 35 carries, going over 
100 yards for the third straight 
game. 

The Rams got rolling on their 
first possession behind second- 
team quarterback Chris Chan- 
dler, who was subbing for an 
injured Chris Miller. 

Tony Zendgas hit a 29-yard 
field goal for a 3-0 lead, and a 
few minutes later Louis Aguiar's 
45-yard punt put the Rams on 
their own 28- 

Chandler dropped back and 
fired over the middle to Jessie 
Hester, but the pass was high 
and Hester leaped and tipped 
the ball higher. 

It flew squarely into Ander- 
son’s arms at the 45, and he 
romped untouched for a 72-yard 
touchdown play, silencing the 
sellout crowd and giving the 
Rams an improbable 10-0 lead 
with more than three minutes 
left in the first quarter. 

Less than a minute later Mon- 
tana. under pressure all day, ap- 
parently tried to throw the ball 
away. But Roman Phifer made a 
diving interception as be fell out 
of bounds at the Kansas City 20. 
Anderson went 1 1 yards on an 
end-around, but Chandler 
missed twice from the 5 and 
Zendq'as came in to kick a 23- 
yarder with 1:17 still to go in the 
first period. 


The half ended with the 
Rams feeling red-faced over 
terrible clock management. 
Driving from their own 29, they 
had a second and goal from the 
Chiefs 2 with :09 left. But 
Chandler was sacked on third 
down, and with :05 left, the 
R aims tried a TD pass instead of 
a field goals and got nothing. 

Falcons 27, Redskins 20: The 
Atlanta Falcons capitalized on 
two interceptions and a fumble 
by John Fnesz to score 20 un- 
answered points in the second 
half. Hearn Shuler led Wash- 
ington to a touchdown in the 
fourth quarter, but his last- 
ditch bomb was picked off with 
one second left and Atlanta 
won for the first time in 11 tries 
at RFK Stadium. 

The game changed early in 
the second half as Atlanta 
turned a 13-7 halftime deficit 
into a 27-13 lead. Jeff George 
was 22-of-35 for 270 yards and 
two touchdowns, helping the 
Falcons overcome six sacks and 
seven punts. 

Browns 21, Colts 14: In Indi- 
anapolis, Vinny Testaverde 
threw for three touchdowns, in- 
cluding a 57-yarder to Eric 
Metcalf and a 65 -yard er to Le- 


the Vikings, was the quarter- 
back who helped the Houston 
Oilers take a 35-3 lead over the 
Buffalo Bills in the playoffs af- 
ter the 1992 season. But Moon 


and the Oilers did nothing the 
rest of the game and Buffalo 
rallied for a 41-38 victory. 


Packers 30, Buccaneers 3 : 
Brett Favre was 30-of-39 for 
306 yards and three touch- 
downs and Chris Jacke kicked 
three field goals as Green Bay 
routed Tampa Bay, spoiling the 
return of ex- Packers Jackie 
Harris, Vince Workman and 


Charles Wilson. 


UOiXtXI TTUOVU. 

Sixty former Green Bay play- 
s, including four Hall of 


roy Hoard. 

Testaverde hit 16 of 28 passes 
for 257 yards and was sacked 


Famers and six who played on 
the 1944 championship team, 
were at Lambeau Field for the 
reunion. They got to sec the 
Packers, who had scored just 37 
points all season, finally find 
their offensive touch. 


Next: NBA Labor Problems 


The Associated Press 

CHICAGO — The National Basketball Association, a 
leader in marketing and development strategies for a decade, 
may follow the leads of Major League Baseball and the 
National Hockey League by having work-stopping labor 
problems this season. 

NBA players have been without a collective-bargaining 
agreement since the end of last season, and no talks have been 
held. The season is scheduled to begin on Nov. 4. 

M Our plan is to open training camps, but if ultimately the 
union won't talk to you, it's tough to rule out any possibilities 
you might have to consider down the road,’* Deputy Comrms- 
sioner Russ Granik was quoted as saying by The Chicago 
Tribune. 

The Tribune, quoting a source, said the league was consid- 
ering a lockout, “probably around Thanksgiving, if no agree- 
ment is reached by then. Thanksgiving is the last Thursday 
in November. 


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JO IJ 397 19V. 18V, 18ft „ Sptaee! s 

JO 2.1 1155 10% 8% 9ft — % Spire 

-28 1 J OT )/% )*% J 7 — % S&Cnalt 

Me J 320 9% 8*'. 9% ♦ vi I sprtirrt 

- 7ft 7% 7ft t ft I SaorteL 

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“ SS 8ft — ift, sorackel 

- 2591 5 3ft 4ft — % StoarSur 

- ] iP* l3V; «> —ft StacElec 

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~ 1I8S4V] 3ft 4... .ft 5MBU 

222 ft % % -V, SMFind 

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_ I1M27V4 25% 26 — IV, StdMfc 


J56 J 1287 lift 15ft 16 _ TSIlllCS 

- 413 5% 4ft 5 _ TSR 

- 373915ft 13ft 15 »1 TaCbCab S 

_ 32511V* 9ft 9ft— 1 Tandy Br 

_ 1174 4% 4% 4% —ft Tanuov 

_ 1113 Vu % ft — Vu TwWm 

- 5656 21% 17V. 30% —ft Tac5s»wt 

- 151 3 V, 2% 2% —Vi ToroTch 

_ 14870 15 12ft 13ft — % TaroeTT 

„ 5790 2 1ft lift, —ft, TamGene 

_ 154* 6 5V. 5% —ft TaruPti 

_ 609 ift 6 6% - Tatham 

JO IJ 16277 16ft 15% 16 —Vi TeamRn 

_ 48 4% 3% 3ft - TchDol s 

- 179 4 3ft 3ft —Vi Tchoal 

_ 155117ft 16% 17 —V, Techno 

_ 2556 % ft Vu - TchCOm 

- 2261 1ft 1% 1ft _ Tech Sal 

_ 157 Sft Bft Sft - TrcndM 

_ 3584 6ft 51% 6 —ft Tecnmtx 


- 1993 5Vu 4 4ft —ft 

J7 Uxl0144 25% 22 24 —1ft 

_ 3519 7 6ft 6% .ft 

7450 16ft 15ft 1S%— 'V„ 

_ 1018 Sft 5 Sft —ft 

2491 Bft 7 7% —ft 

_ 2687 ■¥„ ^ ft, — Vr 

.12 IJ 103 9ft 8ft 9% .% 

119 4ft 4 4 .% 

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- 478 16% 14%15Vu— l’Vu 

_ 2772 3ft 3 3 - 

_ 388 3ft 2% Sft - 
_ 504 *6, % ft. 

_ 2969 7ft 7 7 — % 


- 2715 27ft 35ft 27 .1 

- 971 5ft 4ft 5ft +1% 

- 1157 6% Sft 6% .ft 


_ 966 12 11’/. 11% — % 

_ 7854 19% 18% 18ft —ft 

-54 5.1 »![% 7 1 ll _ 

_ 577 10 9% 9% 

_ 141 8 7ft 7ft - 

_ 452 7 6% 6% . ft 

_ 1389 15% 14% 15% +ft 

_ 276 6 V. 5ft 6 —Vs 


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- *51 "'5 "ft — kr TeeCmn - rai 7ft 2ft 2nft **■ 


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JO 1.1 3433 38ft 27i/. 27% — I ft Sfaodyn 

34 I J 617 19ft J9 I? — V, SMndvwf 

“ 15986 9 6ft 8ft ►!?. Staples I 

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_ 6030 l 6ft 6ft _ StarcffAw 

JO 1-9 176 12ft 10ft 1 Ok i—l SKu-Tel 


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-17555 21% 19% 20ft— 1% Telvid 

M 14 2B27 21ft 20ft 20V.— 1 TelCniA 

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_ 288 9ft 9 9% —ft Tetdbil 

JO J 768 16ft 15% 16 _ Tfltedto 

- 1328 2% 1% 2ft + ft Teltes 

_ 2M V. ft ft —ft Trha-.wl 

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_ 748 ft ft % - TefrOnh 

-43347 27 % 23 23ft— ift Telular 

- 793 7 6 ift —ft TeJxan 

- 2624 14% 13W U *V» Temtex 

JO IJ 78514% 14 Uft —>4 Tencar 


- 781 7% 2ft 2n% .'u 

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_ 2754 9 8% 8ft —ft 

_ 353413ft lift 12ft— 1 

A 2%k rS 

_ 5274 22% 23 — % 
-25646 6V. S'* Sft +ft 

- 1012 10% 9V. 10 — % 

_ 1515 7ft 2ft 2ft _ 

- 404 Ift % ft - 

-2651445ft 41ft 41ft— 2ft 

- 744 5% 4% 4ft * V. 

- 1557 10ft 9ft 9Vi —ft 
.01 .1 931 15% 14% 15 — % 

- 261 IO% iaft 10ft —V. 
-29338 36ft 33 35ft +2 


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— Wajbnj JO 17 9?0 24% 22ft 23 —Ift 

27% ZB ♦% Walk Inf _ 6520 7% 6 % 7% 

32% 33 .ft Woo Data -11664 32 % 29ft 29% —2 

5% 4% »% Wall SOI _. 79814ft 13% 14 

*« J +% WObhr J4 2,0 104512% 11% 11% 

»% 37% — % WaidGir . _ 2413 12 ft lift 12 Vk — % 

IVVulSft— 1 % WaneLab - 24*26 14% Wu 12Tk — ft 

5 5 —2ft WqngL wt - 297 4ft ift 4% 

3 2 —ft WarnfC _ 2797 5Vi, Sft *V-u 

5ft 6 .ft Warren _ 263 Sft B% 8 % 

’% PVu .Vu WFSL J4 4J 3496 21ft 20% 20% -1ft 
1ft 3ft - WshFDC - 4751 5 4 4% *ft 

7ft Bft +1 WM5B 72 3J 6592 21ft 20% 21 — % 

18ft lift— 1. WMSBpfC7/a BJ 44 26 % 25ft 24 -% 

Wu ,2ft *ft WMSBDf5iui0 6 J 99 96% 93ft 9Sft —V, 

12ft 12% —ft WMSfl pfEl PO BJ 62 23% 32% 23% ♦% 

7ft 7ft —ft WotldW _ 36 9ft 9ft 9V, 

*ft —ft Wnlrln — ISO 2% 2% 2% *ft 

15,, TS —ft wataiPn *557 73 ft 34 34V, —ft 

31ft Mft _ WatTsln j .22 .9 279525ft 24ft 24% —ft 

4ft — *it WausPs J4 IJ 5394 23ft 23ft 23ft— 1% 

.2 — 1128 SVu 5 5% +% 

?Vu - WoveTee _ 444 6% 6% 4% — V* 

Sft *}k wavefrnr _ *37 nii iaM 11 —ft 

3 J% *V, Wawor M 15 421 15 >7% 17ft *% 

30% 30ft _ WUxatad 1220 8 7ft 7ft — % 

23% 23ft— 1 WbstFn J2 2.1 1194 24ft 23ft 34<4 - 

«, » -3 W*da> 1J0I16J 321101/u 9% 9% -% 
VA. ,T BMWv 2458 3% 21%. 3ft *Wu 


7ft 7ft _ wettek .. “ 

33% 33 — % WdbiB - 

17ft 17% —ft WelcomH 

10% 10% —ft WellMBT 

«• 3W —ft Wellfll* - 58028 22% 20% 20Vu— rs 

21m. 2m. — 5i Werner .10 J 2*91 26ft 25% 76 — V, 

26% 26% —ft WBOanc J8 3J 1425 27% 26ft 26% —ft 

IS?* ISJ* WstCjICA — US Vu Vi* Vu _ 

M% 33ft— 2% WWCilFL JO 1 J 144 12% 12 12 

13% 14% .ft WjlCSlOR .16 IJ 427 9ft 8ft 9 —ft 


- 504 24V. 23ft 24 * ", 

-1047312% lift 12 _ 

- 1790 72 »% 20ft —ft 

-58028 22ft 20% 20V»— 1% 


40 *0 —1. ] WstMar — 322 23ft 23 33 —I 

7ft 8 — ft WNewtn JO 1.6 186 24% 24ft 24ft — 

SJ? ?'$ -T2 1-5 B2aS% 29ft 29ft-2% 


lift Uft »% WAmBC J8 2.1 777 33 32 33ft ♦ % 

S,. * T . I JO 2J 48 21 30V, 20% 


16ft 16% — V* WstCOt 5 


-22583 15% 13ft 13%— Ift 


-15761 7 Sft 6V, — *’u StafeBsh .40 23 519 18ft I7ft 18 +% I Tennanr IJ8 2J 139 45ft 44ft 45%— Ift 


. -_75 7 1ft 1% — ft StFnd 

32 2J ^38 33% 31ft 21ft— 1ft SleAn 


- 429B 4ft 4 % 4ft —ft StdSffiOS JO 1 J 17485 38% 34ft 3«*— 7ft Teva 


JO 3J « 11% 11% 11% siotnCa* 

- 3317 16 15ft TF /11 — V„ SlCCkVn 


- 1216 20ft 17% 18ft — % 
_ 7104 9ft Tft BV 11 — *>, 
.26 e .9 7958 30ft 37ft 28 —1% 


- 10 e 24 1785 S 4ft 4% —ft SfecfTch J 8 A 2040 19 T7ft 18% .ft ThemTx 
J 8 2.5 14319ft 19ft 19% —ft SllWVa - 33613 17% 12 V, _v, Thrwen 

I JO 3J 7/3 7ft 36V. 36ft —ft SRinMrt - 6591 17 Uft 13ft— 3ft TherDur 

— 42216 249. 23ft 23ft— 1 % Starts - 3296 26% 25% 2 Sft —Vi Thrmadv 

■46 3.0 428 15% 14% 15% +% swlBnc JO 2 J 15918 17i-i 17V, —ft ThanasC 

- 102 17W 16% 1/ ♦ % SWFnWA _ 407 U% 13% IJft —ft ThamMA 


_ 6839 13% 12% 13ft —ft T«*R*ol J2 2J S60 13% 13% 13% 

-13137 9 6"ft 7ft —ift ThrTch _ 144 13% 12ft 13% +% 

J8 A 2040 19 T7ft 18ft .ft ThemTx _ 32S9 16ft (5"ft lift .ft 

_ 336 13 12% 12% —k. Thrown _ BTI 3ft 3ft 3% —ft 

- 6591 17. Uft 13ft— 3ft TherDon - 96 Sft 5ft 5ft 

_ 3296 26ft 25% ZSft —Vi Thrmadv _ 64/12 lift 12 _ 

JO 2J 159 IB ITVi 17V, _v, ThcniasG _ 4731 13% Bft 9ft —3ft 

_ 407 U% 13ft Uft —ft ThomMA J8 1.7 SO 18 16 % 14 % _ 


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I* JS* .r SES9* Mr ^ 35 15V, 14% MV, —V. 

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- in 18ft 1 n, 18% - 

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9% 9% —ft WsIpSc 

51. Sift— Ift WshnOn 

18% 19% *1 WefSeal 

20'4 22ft .% Weva, 

26ft 36ft— 1 Wharf 

47ft 47ft — ft WMM2IT 


- 7632 UV H 13ft 14V|, .Vu 

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— 3W » 314 3% .ft 
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^ * — S SSffiS 11 * M 14 6TO3 Sft 26ft -% 


Sft 6 % * ft WhlFd 1 — 3692 | 1 H 13 % 1366 ft 

6ft 7% _ WhOtOHI “ m 7% 7 7 % 

3 3ft *Vk WhoiHly I 26U1S U 13% —Ift 

6ft 6% —ft WckLU _ 1340 14ft 13 (J IlS 

3% Its -J! E&iS* a 3-5 ‘ra lift ^% . % 

3% 3ft — ft WMamt ,96 1,9 8174 31 % soft ajas. + % 

7ft Bft -ft WmSani 1 13*77 *6% ilft 

34 37ft . Iku WDniTr 1J8 4J tuvzeft 25k2 n> —ft 
16% 16% -1 WlndRivr - 2317 Bft 7% 3^ 2ft 

££. tis ssasr. K.i-^ 


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- 543*20 17 18 ft _ StrlWlI _ 149 2ft 1% 2 ThmAV 

J6 3J 9 9% 9% 9% _ 5(wSIV JS J 16761 40ft 37% 33v„— 2Vu 3Com s 

983 3ft Ift JV_ .ft] SfewEns M 2 171924. 23. 53 —V. 3DSV* 

.96 3J 43 31% 30ft 32V, _ Stamen - 624 12V, lift TP/i ._ 3DOQa 

TJO 5J 8 29 27 29 .1ft Stakdy _ 16*010 9ft 9% — Vu TidOWsl 


I Tift TP-, 25ft— 1% 


•54 SA 465 19ft 18ft 19ft .ft SfonCmk 
J4 2.8 308 14ft 15% 14 —ft SMI 

— 1546 48ft 471.1 47". —ft ssraicra 
_ - *11 3% 2% 2% — % 5frafCp 


- 624 12V. Tift T7ft ._ 300 Ca 

_ 1640 10 9ft 9% — Vu Til»Wsl 

- .TO Uft 10ft 10ft —v, TideMrk 

_ 341 30% 19ft 70 ft * ft Tloena 

-22305 44'/, 37% 3T%— 6% TimtlSf 
J 446 4ft 4ft 4% .ft TodavM 


_. ThmAV JB I J. 166 24% 23% 23% — W . . _ . 

-'44*49 J? 1 * 36ft 37% * 1 Vu Si o 1 
- 3730 3% 3 3ft — »U XtS 1 


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4 4^ % 2S£T S •» 41% 41% — 2 % 

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■ SSSJlSjr M n* «!?»* 21 21'i— 1% 

~ i ^ “ StT s'* 

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- 4209 Sft 4% 5 ♦ % VOS? 


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.121 3J 24 4% 4 4 _ ars*a 1.10 4J 872 23% 23 23V. +% Tcdtiuntr 


- 1345 *r s Vu "u + Vn Varrecft 
_ 586 7% 6% 7 — % XSESL 

431414% U 14V. *% VahrSY 


-26243 4% 7ft 3% .ft I 

_ 791 12 10% lift . ft 

25? ft ?ft ;% — % XOMA 


44M 3ft 3 


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RenhaO 

Rexon 

Revwks 

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PoeSw . 1361 u 13", I3v, 

p Teton 1 J3 SJ 863 26 23 24ft 


. 23*1 Sft 4% S —ft 
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_. 5171 39% 38V, 29V„— •%, 


.. 430 3 2V. 3 

- 1316 16% 16% 16% • % 


... 4343 77ft 74”. 75 — Mi PmtRefl 1.18 6J 554 189118 18% _ 

„ .. 1971 73ft 70'.-. 70ft— 3ft PrmRltDl 2.12 8 7 643 24% 24% 24ft ■ % 

40 4.4 7608 9ft 8% 9 ■ V. Prmdex _ 5099 TV, V, ft — Vu 

■ - 874 7ft 4ft 6ft ■ ft PrlmeSfC 45 4.2 204 11% 10ft 10% -% 

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PtwTcn . 7235 9 U 9V, 9'/u — Vu prtronx 

Palle d ... 934 9‘. 9 9ft —ft Pronct 

Pomroos 50 7* 513 19ft 18ft 19 • ft I Proceed 

Ponoco . 1848 Jft 1ft 3 ft -ft I Rrocvf 

Panich 34 Ji, V; 3 ft • % ProdOo 

Pan CM* J4 2.7 375 9V. 8% 8ft —ft ProSeod 

Pawushn 2648 39V, 74ft 26ft— I", ! ProffW 


- 1646 19 16 lift— 2% 

... 3598 17% 15% 16ft ■ % 

..19274 5% 2>/u 3% —19k 
... 3020 10 9% 9V, —ft 

24 9 356 36% 35% 25% —V, 

7917 9% 8 8% 

. 1505 71% 10% 30ft— J Vi 


RoaiO JB 3J 
RaanCHi 1.00 Sj 
R abMvr JO IJ 
Robee 

Roberds 


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_ 135 7% 7% 7% —ft 

- 589 SVk 4% 4% 1 % 

_. 56 5 4% 4% 

_ 40 19k 1% 1% — % 

- 3891 4 % 3% 4%. —Vi 

.16 15 73 5 4H 4% — % 
.10 J 212916 15% 16 

- 849 7ft 2ft 2% — % 

_ 813711% IDVu 10% — % 
_ 119725 22% 27% — 1 ft 

- 259 3% 3% 3% —ft 

_ 156 6% 5% Sft —ft 

_ «4 Jft 1% 1ft 1 Vu 

- 3871 13ft 12% 17ft— 1 

.16 .7 1905 71% 31% 51% - 

JO U k69 3SVi 34’u 34% - 

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- 63 7V. 6ft 7 ft 1 % 

- 175 8% 8 8 % ift 

1.40 14 10044 60% « 59ft— I 

JB U 75 15V, 14% l«6 — % 
1.00 SJ ID 17% 17% 17% ■ V. 
JO IJ 9730 IBft 18% -tft 

- 445 3 Ift 1ft —ft 

_ 478 10 »% 9% • % 


Sequnt 
Seauoi 
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SvFnQuad 

SevEnv 

Shaman 

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SnoeCors. 
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_ 2444 1 Vi 1ft |ft — f/ a SfrucO -35839 5ft 4ft 4% -V u TakosMd 

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1.12 4 J 361 26% 25% 25%— Tft SlUTtEn - 9/ 5ft 4% 5ft *% Tompkn 

- S A. .■*!? 4Vu — % SlurlDS - 4048 ft J* % f '/to Toacs . 

•too — 72 11ft 10ft iaft — Wto SubAflftT — 2W6ft Sft Sft _ Tap*Aa< 

- 94 23ft 23ft 33ft ... SubBcP 1.00 1*4 32 70 69% 69% — V, TortWv 

5 -ft SubBncp JO IJ 131 17ft 16V. 16V. -ft TofCQfrt 


- 2US4 18% liv, 17ft —ft Sudbury 


- 2207 7% tHu Vu *% ToHTel 1J7111J I38M i4tv„15ft — ft Varteni JO 1 J 57823 a 


- 1809 5 4ft 4"/ u — *u j SuffBnc J2 2A IDS 36 25ft 25ft _ TowrAJr J8e J 


- H8 » 6 6V U —ft. SuBDnl -. 54D 14 13 13 —1 TwTAun 

- 90110 Oft 10 _ Sumffo JO 3J 323% a% 3% —Ift Tracorwt _ 

- ?25.1ft *'*» 4"u *'/» Sum Dart 2JO 16 «9 23% 23% 23V, — U Trocar _ 

_ 18618 17ft 17V, —ft SunvwF - TCT 16 17% 1 3ft— 7 TracSuo _ 

J5e J .17519% 17% 17ft— 1ft Summas - ,251 «-• 5ft 6 -'A TfrikAu .. 

. - 7ft 6V* 7ft -ft Sumsph - Ug -Vu TrreFln 36 3J 

M XO 7379 28ft 27ft 27ft —ft SumSWA .14 IJ TON 10ft 11 _ TrnLW _ 

_ 1009 5ft 4ft 4ft —ft SumltB J4 3.9 9754 23ft 2Tft 31ft— 1% TmWBtt 

- K2J& 4% tft - SWTOBTX 36 1.7 921 71 21 - Trnnln _ 

- 50013% lift lift — 1 sumtera — 402624 22% 24 -1 TmsWst _ 

_ 477 lift 11 lift -% sSnirT? 53fflMft 32ft 33%-lH TmMw 

JO 3J 6819% 18ft 18ft —ft Sunenai 1-00 32 M3M' 1 ' 31 ft— ift Tnwmt _ 

_ 325 7% 7ft 7 % -V, Sun inti _ 1525ft 23% 25Jk -1ft Tmmeds J2e .1 


10ft 9% 9ft —ft VarSMI 


_ 3102 UVu lift 12 —ift vouann 

- 130 6 5% 5% —ft Veers*. 

- 779 8% 7% 8 —ft VecJroTc 

- 16SB 271/4 36ft 26ft —ft Venootd 
620 19 18ft 18% —ft Ventritx 

V7 M0 16 lSi/* 151 * — Vu venCTv 


- 57 14 15% 15% - 

- 665 6ft iVl ift —ft 

- 378 Uft 13% 12% _ 

- S41 4 Jft 3 % —ft 


- 1675 271* 27% 27% — 


a®. 1 SS~* ¥22£: " “ 


- 1 551 10* 10% —ft SunMic 
~ 432 7W i« 1 *ft SuflSe! 
1030 :i ft 70', k 20ft .ft sun TV 
JA 3J 718 17% IB i ft Sunsett 

_ 082 Oft 30ft 20 %— 1ft SunSav 


- ", TrnsWsf _ 571 1ft 1W 1% _ VIBn 

._ 5353 35ft 32ft 33ft— Ift TmNfw 1567 U Uft lift —ft VTTedav 

U 23 31 Vl 30ft 31ft -1 ft Trmmr J M 3ft 3ft 3ft -ft V6rta 

S5 SJ! ^15* ■“* 1 107313% 12 13V, . 1 vesor 

-9577030ft 27% 29ft -1% TmReCp - 644422ft 20% 21% —ft VertexC 


- jgf’fft 'ift 3% ♦it Ventoii jb 09 ”0 7V, Ift 7ft *'2 Yau^r 

- 20112 11 11 —1 VartftH ..11446 34 21 V, 23 — T% 

- 5 1% IV, ift +ft Veritas _ 630 lift 11 lift u *— » — 

_ 571 Ift Ift 1% - Vifin jo oi 138623 jlft 21 ft ^1 ft 1 

_. 1567 U 13ft 13ft — 14 VTTedav _ 601 / a ” 7 " 1 


- ,724 4ft 3% 4% —ft 

- 419119% IB 19% * Hi 


•7 I I J 3S5“ ^ Aft * ft Tmsrfi 647 2</u Wu Wu —ft venxPh 

J4 A 5268 10V, 9% low _ TroutxGs „ 112811% lift lift -% VelCTAm 
-■ 5ft L * ft TTwlBc J9t 4J 7 16 15ft 16 _ Vtooene 


Shurgardl 

SiaroOfil 

SlerSm I 

StorTah 

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_. 23f* 8% 7% 8 _ SurtSvpI 1.20 BJ Ig Id 13ft 13ft — % Twk^yd _ 727 4 3% 3ft —ft Vittr 

-.1719 8% r 7ft— 1% SundHmc - *g 4% W ; *'* 1™?* .. 6 2ft 2ft Sft —ft Vlcoro 

- 6541 14ft 12 13ft. 1ft SunCrd ... 4438 37ft 13% 3T« <3 TrBOdTO .16 J.i 71 15% 14% 15ft *% ViCtHn 

„ tt« »U fft, Jft ,% Sunglass „ 1003236ft Mft Wft— Ift T rendU n 10013 12ft 13 +ft V-cJFTm 

J8e2.s 239731IJ 20Vu 21 SunBCA .151 6J 25 2ft 2% 2% _ Tmwdk 1JW 2.7 1600 3»>A Mft 37ft— 1% VWOsn 

- 1S5JJ 2 "' IO** 1 20%— 1ft SunBcNY 5»a JriRjty la _ 516529 27% 27% —1 VhtaoL 

_ 6397 13% 13 l3Vi % SunLsa ... 151 5Vk 4ft 4% — ft Trtcare — 60S 2% 2ft 2ft —ft VieaeFr 

9310% 9ft VS? z IS Ft? ::: »* m 2 % Tr^ciy ~ 15 % u% u% ♦% v!SX r 

~ gl 4 3% 3 % Ift SunMnwt - **5 IS* W? !S ift *» S 4% 4ft _ VBUfXjs, 

- ~ «ft —ft Sundm® 8? tft t% tft ‘ft TrionBc .04a J *A 11% 10ft lift ♦'• VHSaM 

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j Advanced Chips Play Important Industrial Role 

| Chips are the essential element in a wide range of products, from the computers of industry to the biosensors of medical technology. 


T^oday, any story about 
growth in European industry 
starts and ends with micro- 
electronics. In 1993, the 
Continent’s production of 
microelectronics compo- 
nents amounted to a reported 
SI 5.4 billion. 

The European producers' 
25 percent rate of growth al- 
lowed them to maintain 
their 20 percent overall 
share of the explosively ex- 
panding world market, ac- 
cording to Der Spiegel mag- 
azine. 

The Europeans’ growth 
was strongest in sales of 
such high-end, high-margin 
items as megabit memory 
chips and ASICs (applica- 
tion specific integrated cir- 
cuits). which meant that 
profits kept pace with 
turnover growth. 

Advanced chips play an 
increasingly important role 
in the Continent's leading 
products: telecommunica- 
tion devices, consumer 
equipment, automobiles, 
production facilities and en- 
vironmental protection sys- 
tems, which feature Eu- 
rope's fastest rates of 
turnover and market share 
growth. 

Telecommunications is on 
course to become the 
world's largest industry and 
the world's largest 'con- 
sumer of chips hy 1998. 
With a 30 percent share. Eu- 
rope is the world's largest 
producer of telecommunica- 
tion devices and systems. 


Microelectronics now ac- 
count for 12.6 percent of the 
total value of the average 
telecommunication device 
produced in Europe, up 25 
percent over three years. 

More cordless telephones 

This rise has been caused by 
the proliferation of such ad- 
vanced items as mobile 
telecommunication systems. 
Europe’s production of 
cordless and cellular tele- 
phones has been rising at an 
annual rate of 60 percent. 
The amount of microelec- 
tronics going into these de- 


vices has also been rising 
and now stands at 33 percent 
of total product value. 

The growing consumption 
of chips by these leading- 
edge sectors will have direct 
consequences for Europe's 
microelectronics sector. 
Sales by Europe's chip mak- 
ers are forecast to nse be- 
tween 50 percent and 65 per- 
cent over the next few years. 

Europe’s automobile, 
chemical and steel-making 
industries are also very 
much part of this rush into 
microelectronics. In 1994, 
the average amount of mi- 


croelectronics in a Euro- 
pean-made car was 200 per- 
cent more than it was four 
years ago, and the projection 
for 1 997 is for another 33 
percent increase. 

Close working relationship 
The statistics tell a clear and 
compelling story. One item 
they do not detail, however, 
is die change in the way mi- 
croelectronics are incorpo- 
rated into products. 

“Today," says Jean- 
Philippe Dauvin. chairman 
of the World Semiconductor 
Trade Statistics organiza- 


tion. “Europe's chip manu- 
facturers design and produce 
with the particular needs of 
Europe's industrial compa- 
nies in mind. In turn, these 
chip manufacturers are in- 
volved in Europe's industri- 
al planning process from the 
stan." 

This hand-in-hand work- 
ing relationship is a far cry 
from the situation a decade 
ago. In those days, any story 
about European industrial 
growth would have men- 
tioned microelectronics in 

Continued on page 18 


Research: Academic and Marketable 


Universities and nonindustrial organizations play a key 

■Research and development in microelectronics is conduct- 
ed both by manufacturers (strongly focused on marketable 
end-product applications) and by universities and institutes 
sponsored by the European Union (favoring basic research, 
but also targeting the needs of small businesses with specific 
requirements). 

The strategy of a company like Siemens AG reflects this 
general trend. “R&D in our company is very much oriented 
toward mainstream technology," says Hartwig Bierhenke. 
deputy director of Microelectronics Technology Research at 
Siemens Corporate R&D. “Each step forward is a process of 
evolution, not of revolution. Advances in technology have to 
he related to the last generation of research and” develop- 
ment.” 

Mr. Bierhenke adds: 'Tire semiconductor industry’ has to 
assume responsibility for progress in mainstream technology 
architecture because usually universities and other nonprofit 
organizations do not p*>ssess the resources to pnxJuce chips 
in volume." Nonetheless, ihe nonindustrial research organi- 
zations have a key role to play in experimenting with alter- 
native chip production processes. “They can also work at the 


role in experimenting with new processes. 

front-end of physical principles, on simulation and on device 
physics,” says Mr. Bierhenke. 

The institutes can also fill a gap for small businesses. Lack- 
ing their own microelectronics resources, they need help in 
developing new working tools that require microelectronics. 

Funding for microelectronics research in industry mostly 
comes from internal sources, but it also comes from Eunv- 
pean and national programs like JESSL ESPRIT and so on. 
“But at Siemens, we accept outside funding only for topics 
(hat are positioned in our mainstream technology and only 
where we can identify an application. After all. we are a 
profit-making organization." says Mr. Bierhenke. 

He stresses that at Siemens, as at other microelectronics 
manufacturers. R&D today is increasingly oriented toward 
marketable applications. "That is particularly true for semi- 
conductors " he says, “where we have to itxik at the ini medi- 
ate potential use. Our priorities are the broadest range of in- 
tegrated circuits for telecoms, computer, medical and con- 
sumer applications. With quantum field effect devices, for 
example, we are dealing with products that will be mar- 
ketable after the year 2(xil," Jack M. Gee 


SIEMENS 


The Future in Focus 
with Europe in Mind 



It was not so long ago that Europe 
had been written off. The Old World 
was outdated. The future seemed 
to be happening elsewhere. 

We have always believed in Europe. 
Europe will emerge as a winner 
against international competition 
if it recalls its strengths and accepts 
this challenge with vision and 
courage. 

From this conviction our new 
Microelectronics Center in Dresden 
has come into being - an 
integrated development and 
production facility e. g. for 
64- and 256 Mbit-DRAMs. 



In Dresden, Siemens 
is establishing a "Center 
of Competence" where 
Quarter Micron Chips 
will be manufactured well 
Into the next millenium. 


With the completion of this 
project - today the first one of 
its kind in Europe - we will 
exceed current boundaries in 
technology and in production, 
in cooperation with our 
partners, our suppliers and 
customers, not to mention our 
financial commitment. This is a 
unique challenge, and our objective 
is a major one: to guarantee the 
supply of advanced memory- and 
logic ICs - from Europe for Europe - 
well into the next millenium. 

And, just as important, thereby 
safeguarding a piece of the future 
for Europe. 

Global PartnerChip 
for Systems on Silicon. 

Siemens 



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Page 14 



INTERNATIONAL HERALD TRIBUNE, MONDAY, SEPTEMBER 26, 1994 


SilSSiSIS™ 


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O N I C S 


Creating More Cooperation in Europe 


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About 190 companies and research institutions run more than 70 projects. 





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The birth of a chip: a silicon Ingot about to be sliced into wafers. 


J ESSI’s objective has al- 
ways been ambitious: to es- 
tablish and intensify the syn- 
ergy between Europe's vari- 
ous microelectronics pro- 
ducers. While working to- 
ward this goal through the 
implementation of common 
strategies, it has generated 
advances in microelectronic 
manufacturing and equip- 
ment technologies, and user 
applications and interfaces. 

JESSI has attracted a 
growing amount of corpo- 
rate support. Currently, 
some 190 European and Eu- 
rope-based companies and 
research institutes are pro- 
viding JESSI’s projects with 
personnel, research capaci- 
ties and financial resources, 
all on a voluntary basis. This 
is 20 more than in 1993 and 
120 more than in 1990. the 
first full year of operations 
for JESSI. 

In a display of program 


momentum, this increase in 
company numbers has been 
matched by that of JESSI's 
projects themselves. At the 
end of 1990, JESSI had 22 
active projects and 1,300 
man-years had been devoted 
to them during the year. By 
the end of 1 994, the compar- 
able figures will be 72 pro- 
jects and 3.100 man-years. 




Record of results 
The bottom line on any joint 
program is not the number 
of its participants and activi- 
ties, however, but its results. 
This is where JESSI has es- 
pecially distinguished itself. 
Nearly 90 percent of its pro- 
ject groups have achieved 
their objectives. They are 
now pursuing follow-up and 
spin-off technologies in the 
time remaining unril Decem- 
ber 31. 1996, when the pro- 
ject will come to its official 
end. 


Heinz Hagmeister, chairman of 
the JESSI board. 


Views From toe Boardroom 


Pasquale Pistorio is CEO ofSGS Thomson Microelectronics. 

No advanced industrial European resources, shar- electron] 
society can exist without ing know-how and creol- reach of 


controlled access to an ad- 
vanced electronics indus- 
try. And an advanced 
electronics industry can- 
not exist without con- 
trolled access to an ad- 
vanced semiconductor in- 
dustry. 


Innovation is a common 
priority in Europe. JESSI 
addresses that need. JESSI 
has produced results that 
have been immediately 
perceived. These results 
are so outstanding that 
there cannot be any debate 
about JESSI’s success. 


European resources, shar- 
ing know-how and creat- 
ing confidence between 
partners. However, a sin- 
gle Japanese company has 
been spending at least 20 
percent more on semicon- 
ductor research than JES- 
SI in the entire microelec- 
tronics sector. Through 
public support. JESSI 
helps European compa- 
nies carry out costly, high- 
risk, collaborative re- 
search whose benefits trill 
not be limited to the com- 
panies taking pan in the 
program. 


electronics is beyond the 
reach of most individual 
companies in this sector. 
We must persevere in cre- 
ating strategic alliances, 
preferably, tart not exclu- 
sively with European part- 
ners. Horizontal alliances 
between semiconductor 
manufacturers allow re- 
sources to be used more 
efficiently and provide 
economies of scale. 



Each month, these groups 
produce another spate of in- 
novations bearing such 
names as “high precision op- 
tical wafer stepper." "com- 
mon frames for CAE appli- 
cations," “advanced thin 
film measurement systems 
for quality control." “multi- 
ple source 0.5 micron 
CMOS logic processes." and 
“automatic mixed signal 
VLSI testers.” Nearly all of 
these have been quickly in- 
corporated into standard cor- 
porate environments. 


were well aware of the 
threats from without, from 
their rapidly developing 
competitors in Japan and the 
United States,” says Mr. 
Hagmeister. who became 
the organization's chairman 
in 1993. capping a 35-year- 
long career in the semicon- 
ductor business. ’They were 
not aware of their strengths 
from within, of the collec- 
tive breadth and depth of 
Europe's microelectronic 
expertise - at least not until 
they all sat down together 
and started exchanging find- 
ings and plans. And this ex- 
ploration got an extra di- 
mension when the JESSI 
process began." 




JESSI is not a cure-all 
remedy. It plays an essen- 
tial role in pulling together 


With the enormous in- 
crease in R&D costs and 
investment needed for 
competitive industrial pro- 
duction. control of rnicro- 


To realize semiconduc- 
tors for new and complex 
systems calls for a com- 
pletely new way of look- 
ing at the design of semi- 
conductor devices. To 
achieve this, we have to 
learn to work alongside 
our customers. We have 
to go beyond the tradition- 


al customer-supplier rela- 
tionship achieved in Ap- 
plication Specific Inte- 
grated Circuits. The de- 
sign cycle has to be a joint 
venture from the word go. 
Users have to be willing 
to say where they are 
heading not just today, but 
tomorrow and the day af- 
ter. And that same level of 
trust will also be required 
from the semiconductor 
manufacturer. 


Radical perception change 
AH of these achievements, in 
turn, have emanated from 
JESSI's first and most im- 
portant accomplishment. 
Under its auspices, for the 
first time, Europe's micro- 
electronics industry’ came to- 
gether and took stock of it- 
self as an entity. 

This took place in the late 
1980s. As JESSI Chairman 
Heinz Hagmeister remem- 
bers. it helped bring about a 
radical change in the indus- 
try's self-perception and op- 
erating procedures. 

“Before European cooper- 
ation in multi partner pro- 
jects such as ESPRIT got off 
the floor, the Continent's 
microelectronics companies 


Agenda for action 
Issuing from this initial peri- 
od of consultation was a 
1 .000 page agenda for tech- 
nological action in Europe's 
semiconductor sector, pub- 
lished as JESSI’s “Green 
Book.” In addition to finan- 
cial support supplied by the 
companies themselves, 
funding for the implementa- 
tion of this agenda came 
from the European Union 
and the governments of Ger- 
many. France and other 
countries, using the transna- 
tional EUREKA research 
framework. JESSI became 
EUREKA project 127. 

The real benefits to Eu- 
rope's microelectronic man- 
ufacturers started manifest- 
ing themselves once the pro- 
gram partners got down to 
work in their laboratories 
and development centers. 

It proved to be a highly 
productive entente. “Before 
JESSI. Siemens. SGS- 
Thomson. Philips and JES- 
Sl's other companies, as be- 
fits competitors, kept jeal- 
ously guarded innovations 
and secrets from each oih- 


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er," Mr. Hagmeister says. 
“Their new day-to-day 
working contacts have not 
only generated the synergies 
and developments making 
JESSI a success, but have 
also engendered a new at- 
mosphere of trust and an ap- 
preciation of the sometime 
competitor's capabilities.” 


first in Europe, at its JESSI 
partners, and that’s an im- 
portant difference.” 

JESSI's success has made it 
something of a role model 


for other European pro- 
grams, says Guy Dumas, the 
organization's vice chair- 
man. “JESSI is sort of a 
mini-EU,” be says. “ It's a 
perfect democracy. Decision 
making is, by consensus. De- 
spite this Jack of centralized 
authority; the -program is 
progressing welt, and scien- 
tists and executives from so 
many different national and 
corpora cultures are work- 
ing so efficiently' together, 
which bodes well for other 
organizations of this sco^ 


Role model in Europe 
“Among the results of all 
this,” says Hans R. Meyer. 
JESSI's office director, 
“have been a slew of intra- 
European alliances, technol- 
ogy partnerships and suppli- 
er-purchaser arrangements. 
Today, when a European 
chip-munufaciurcr is look- 
ing for a partner, it looks 




‘-MUHllKUITHnlNUN" 

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Wnriras: Steven tkinlell timlJtie i M. tier me Imsedm Pans. Tern SuiuKhery in Miinieh mnl James deary in Aitislmjrtut. 

I’lMMJK VM IHRMTur: Hill Maluler. 



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Technology Moves Further Into Everyday Life 

houtulurit x cm disappearing between cubit', satellite ami comme trial hnmdcnsting - atul between office computers and television sets 

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Unions speak louder than 
hu//.word,s in the. inicruelee- 
trouics industry. but coining 
an entirely- new term re- 
mains the best way to ex- 
pats what lies ahead. 

"Next year we will proba- 
bly overtake the Japanese." 
says Jean-Philippe Dauvin. 
chairman of the World 
Semiconductor Trade Statis- 
tics organization, citing the 
European electronic equip- 
ment industries' SI 70 billion 
total output. At present, 
most of this equipment is 
loosely linked to a distinct 
marker segment, such as the 
computer, telecom or con- 
sumer businesses. The tradi- 
tional division between per- 
sonal and professional appli- 
cations has practically van- 
ished. A new jargon is need- 
ed to describe tne develop- 
ments now under way. 

During the early part of 
the 1980s. microelectronics 
was still primarily associat- 
ed with mainframes, robots, 
personal computers, aero- 
space. defense and other es- 


sentially professional appli- 
cations. The major excep- 
tions to this rule - the con- 
sumer color television and 
the VCR - accounted for 
around^ 20 percent of the in- 
dustry’s production. But if 
current trends hold, around 
60 percent of the industry's 
production will soon he des- 
tined for the general con- 
sumer. 

Terms such as "informa- 
tion superhighway" not only 
dramatize the convergence 
of telecom and computer 
technology, but also reflect 
the breakdown of traditional 
divisions elsewhere: be- 
tween cable, satellite and 
commercial broadcasting: 
between the many other 
types of information net- 
works available to business 
and private subscribers: and 
between the office computer 
and domestic television. 

Nomadic means smaller 
With mobile communica- 
tions. consumers have also 
entered the age of the no- 



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madic application. Like the 
hand-held phone, the per- 
sonal digital assistant proves 
the microelectronics indus- 
try's golden rule: things get 
smaller Fifteen years ago. 
(he pocket calculator was 
considered to be a break- 
through. Today's state-of- 
the-art equipment crams a 
screen, computer and com- 
munications link into the 
same space. As multimedia 
takes off. the makers will 
probably add a television 
and mini CD players as well. 

The automotive industry 
provides an example of the 
way a once distinct niche 
has appropriated a more 
generalized microelectron- 
ics-based future. Between 
1990 and 1995. because of a 
clutch of new applications — 
some essential for the per- 
formance of the car - the 
value of the semiconductor 
content of new vehicles will 
have climbed from £40 to 
around SI 00. 

The smart card - a small 1 
plastic card with a micro- 
processor embedded in its 
surface - is also getting 
smarter. New applications 
range from the German bid 
to use it as an identity card to 
the mobile phone operators' 
initiative to use it for storing 
subscriber information. By 
1998. Europe will probably 
account for 80 percent of the 
cards' SI. 2 billion market. 

Anton Sauer of Siemens 
Nixdorf AG, who is chair- 
man of the JESSI Subpro- 
gram Board on Applica- 
tions, points out that even 
the term microelectronics is 
no longer strictly applicable. 
In 1991, when the state of 
the art was 1 micron, Jessi 
went submicron with its pro- 
gram for 0.7- micron tech- 
nology, and it plans to halve 
the size again, down to a 
0.3-micron scale, by 1997. 
“We are seeing the emer- 
gence of a whole array of 
new products and applica- 
tions that will determine the 
industry’s future over the the 
next five to 10 years.” says 


Jim Eu.st lake, senior 
Dataqucsi analyst. “In- 
creased miniaturization is 
making them feasible, and 
the system-on-a-chip con- 
cept is making them afford- 
able" 

Affordable is always a rel- 
ative term, in general, us the 
rate of new-produci bunch- 
es increases, so the life ex- 
pectancy - und price - of the 
products comes down. This 
trend risks locking the com- 
peting vendors into an inex- 
orable cycle of escalating 
development and marketing 
costs. 

As a result, the triangular 
relationship between Tech- 
nology, industry and market 
has undergone a fundamen- 
tal shift 

"The equipment makers 
are still the experts in pack- 
aging and distribution, but 
now that the industry has 
moved forward from build- 
ing bricks to creating com- 
plete systems on a chip, the 
technology is getting closer 
and closer to the finished 
product," says Douglas 
Dunn of Philips Internation- 
al Semiconductors. 

Largest in manufacturing 
In 1993, semiconductors ac- 
counted for an estimared 1 1 
percent of equipment value. 
In the early 1980s, the figure 
was between 6 percent and 7 
percent By the year 2000, it 
will probably exceed 15 per- 
cent, making electronics the 
largest single manufacturing 
industry in Europe. 

Trend spotters highlight 
the importance of relative 
equipment values by com- 
paring the semiconductor- 
content cost and market 
growth rates in the color 
television category (which 
scores 5 percent on both 
counts) and the fast-growing 
multimedia or cellular radio 
markets (where the figures 
run between 35 percent and 
40 percent). 

Market projections are 
perhaps a less reliable guide. 
But there is no denying the 


connection between .semi- 
conductor technology and 
the $2(X) million market lor 
portable computers, a spe- 
cialized niche that is expect- 
ed to grow more than 50 per- 
cent by 1997; or the $400 
million market for video 
conferencing, which the 
pundits predict will top SI 
billion by 1997; or high- 
speed networks, a market 
with $1 billion potential. 

Microelectronics, howev- 
er, is all-pervasive. It has 
made possible the medical 
scanner, personal computer, 
electronic notebook and 
compact disc, but it has also 
spawned the singing birth- 
day card, electronic door 
lock and talking doll. Some- 
where berween these two ex- 
tremes, the digital watch, 
electronic keyboard, reflex 
camera and pocket calcula- 
tor are now taken for granted 
by an entire generation. 

"The market is infinite, 
but unpredictable,” says Mr. 
Dauvin. "All we really know 


Cordless 
communication - 
thanks to 
microelectronics. 



is that so far our forecasts 
have been wrong. The 
failing costs of semiconduc- 
tor functions, at over 30 per- 
cent per annum, combined 
with a continuous increase 
in their performance levels. 


produces unimaginable con- 
sequences." 

Still the industry grows, 
and the product size shrinks. 

“Things will continue to 
get smaller and smaller until 
we reach the size of atoms 


and run into the limits of 
physics," says Jim Eastlake, 
recalling the’industry’s gold- 
en rule. The term to’ remem- 
ber: nanometers, or the 
1 000th pan of a micron. 

Steven Bartlett 


Views From the Boardroom 

Jorgen Knorr is chairman of Siemens AC 's semiconductor group. 


JESSI was created by 
Europe's microelectronics 
industry to solve two inter- 
related problems specific 
to tfae industry. It bad fall- 
en behind in technologies 
applied and volumes of 
components produced. 
JESSI has alleviated these 
problems. In doing so, it 
has helped give its major 
participant companies in- 
ternational technological 
credibility. What this- 
means for Siemens: we’ve 
been accepted ns an equal 
in the “club of global play- 
ers.” 

As -a result, we’ve been 
able to enter into partner- 
ships with otto- major in- 
ternational companies in 
such leachrtg-edge projects 


as the development of the 
64 megabit chip. 

• 

It’s been often said that, 
since the microelectronics 
business is increasingly ap- 
plication-driven, chip end- 
users have to be an integral 
past of the pan-European 
R&D planning process. I 
subscribe to that view. But 
another factor, of equal im- 
portance, has to be consid- 
ered. Communication net- 
works, for instance, are as- 
suming an increasingly 
large share of the market 
for microelectronics com- 
ponents. These networks, 
by their very nature, link 
large numbers of partici- 
pants and devices. For that 
reason, these markets - for 


data communications, 
voice telephony, interac- 
tive television, whatever - 
can’t “make” themselves 
alone. 

What I mean is this: 
strong demand for certain 
products and services is 
one important prerequisite 
of these emerging markets. 
The other is the presence 
of common standards, cer- 
tification procedures, spec- 
ifications and regulations. 
These are created through 
negotiation and develop- 
ment on die official and in- 
dustry-wide levels and in- 
volve such participants as 
federal ministries, national 
telecommunication author- 
ities and die like. In addi- 
tion, the setting up of these 



systems often involves 
large quantities of capital 
expenditure and creates 
quite a few jobs. 

For these reasons and in 
view of these stakes, it is 
essential that the govern- 
mental sector - the “man- 
agers” of these markets - 
be included in the micro- 
electronics research plan- 
ning process. 












Page 16 


INTERNATIONAL HERALD TRIBUNE, MONDAY, SEPTEMBER 26, 1994. 


SP«NSO«MI> SECTION 


KPOft SO RE \> -SK CT 1 ON 




Chipping Away 


Though the \ 
^ making of integrated 
’ circuits varies fmm wie 
producer to another dnd 
from one application to 
another, nearly att IQ's 
involve the following y 
eighlsteps. / 


WAFERS 

Silicon is the basis for most integrated 
circuit technologies. Atoms of high-purtty 
molten silicon attach to small seed crystal, 
forming a single crystal ingot Each ingot 
is then sliced into wafers of uniform 
thickness. 






~1 THIN OXIDE LAYER 

l - s.licoii dioxide ;s thermally grown on the 
' wafer. This layer, which dees not concoct 



•tiiiimminiim* 


<1111111111 
UlllBlllllY 
lUlUtllll 
hiiiiiiuv 


PH OTOLITHOGRAPH Y 
A photosensitive material (photoresist) is 
spread evenly over the wafer surface. A 
wafer stepper projects a pattern of circuit 
components and their interconnections 
through a mask onto the wafer. The exposed 
pattern is “developed" in a chemical reaction. 




ETCHING ^ 

Reactive gases etch away the exposed arras to cmawa 
dimensional pattern on the wafer surface. The 
raphy and etching stages are repeated up to 20 times sq m 
to define the patterns of the various layer 8 of conducting 
and norHxmducdng materials. - •• . • 



ttl PLANTATION 

High-energy ions are driven into the 
exposed areas of the patterned 
wafer to create electronically conduc- 
tive regions. / ~7 


Market 


Integrated circuits based on leading-edge research are combined with advanced, high-volume manufacturing methods. 


Xn 1993. the globaJ market for inte- 
grated circuits grew by some 30 per- 
cent to a total volume of S70 billion. 
Of this figure, CMOS technology de- 
vices comprised 77 percent of the inte- 
grated-circuit product range. (CMOS is 
short for Complementary Metal Oxide 
Semiconductor.) These statistics indi- 
cate the strategic importance of this 
technology to the future of the Euro- 
pean microelectronics industry. 

To capitalize on this burgeoning 
market, the JESS I Technology Subpro- 
gram focuses on the development of 
basic technology, advanced products 
and flexible manufacturing methods 
for the cost-efFective. high-volume pro- 
duction of advanced integrated circuits. 
To this end, the Technology Subpro- 
gram is concentrating on two major ar- 
eas: technology for the production of 
highly integrated CMOS logic circuits 
and competitive, high-volume manu- 
facturing methods. 

Joint logic technology 
As minimum integrated-circuit feature 
sizes continue to dwindle, existing pro- 
cessing techniques will be pushed to 
their physical limits. At some point, 
new technological breakthroughs will 
be required to realize the next genera- 
tion of microelectronic devices. JES- 
SVs advanced CMOS duster is busy 
preparing the basic know-how neces- 
sary to achieve these breakthroughs. 

CMOS technology, the method of 
choice for the production of integrated 
circuits with a high complexity and/or 


low power consumption, is currently 
being developed for processes with 
several options, such as low supply 
voltage, embedded memories and ana- 
logue functions. As part of the JESSI 
Joint Logic project, this program aims 
to provide European manufacturers 
with leading-edge CMOS technology 
for the design ana manufacture of inno- 
vative microelectronic systems. 

The Joint Logic project has brought 
together the resources of two interna- 
tionally renowned research institutes 
and seven major European integrated 
circuit manufacturers, with the latter 
group collectively representing some 
10 percent of global semiconductor 
production. In this way, JESSI hopes to 
speed up development by facilitating 
close cooperation between partners, 
thus shortening the R&D learning 
curve. Together, the project collabora- 
tors have developed new generations of 
CMOS logic processes characterized 
by ever smaller dimensions, larger di- 
ameter silicon wafers and advanced 
manufacturing techniques. 

The Embedded Memories project 
deals with data storage, the most fre- 
quently used function in modern elec- 
tronics. 

The objective of these JESSI projects 
is to enhance Europe's ability to incor- 
porate high complexity functions in ad- 
vanced silicon integrated-circuit de- 
signs. 

The technology developed will serve 
as a basis for the development of logic 
and analogue CMOS devices for a 


broad spectrum of industrial applica- 
tions. 

Technology for volume production 
The project objective is to develop and 
master CMOS technology with fea- 
tures sizes down to 0.35 microns, 
which is needed for the production of 
high-complexity memories. 

Memories are the most frequently 
used integrated circuits. The worldwide 
IC product catalogue has about 40,000 
product types, and a couple of hundred 
memory types serve more than 25 per- 
cent of the total IC market. These are 
high-volume items, made in the most 
advanced processes. 

The activity includes new circuit de- 
velopment, reliability testing, mask 
making and packaging technology. 
These new memory types will be pro- 
duced on 200-millimeter wafers, the 
largest wafer size available today. 

JESSI deals with development as- 
pects of both volatile memories, in the 
form of DRAMs (dynamic random ac- 
cess memories), and non-volatile mem- 
ories, in the form of EPROMs (electri- 
cally programmable read-only memo- 
ries) and EEPROMS (erasable electri- 
cally programmable read-only memo- 
ries). The volatile memories lose their 
information when the power supply is 
switched off. 

DRAMs 

In DRAMs, the information is stored in 
the form of a tiny charge sitting on a 
capacitor. This charge leaks away, and 


the memory must be refreshed several 
times per second, an action which up- 
dates the information. The capacitor 
design is a crucial aspect in DRAM de- 
velopmenL 

DRAMs are the workhorses of the 
industry. The main memories of most 
computers are made with DRAMs. 

EEPROMs 

Since their introduction in the late 
1970s; EPROMs and EEPROMs have 
become essential pans of almost all 
electronic equipment EEPROMs are 
more complex than EPROMs and can 
be found in consumer, automotive and 
telecommunications applications. 

Flash EEPROMs have recently 
emerged as the new stars in the field of 
advanced memories. Highly applica- 
tion-driven, Flash EEPROM develop- 
ment is expected to suppon a diverse 
range of new dedicated high-volume 
applications in computers, peripherals, 
automotive control systems and 
telecommunications. For participants 
in this JESSI program. Flash memories 
present both significant market oppor- 
tunities and major technological chal- 
lenges. Some of the results achieved in 
the field of high-complexity EPROMs 
and Flash EEPROMs have already 
reached the market. 

Manufacturing science 
The manufacturing competitiveness of 
the European semiconductor industry 
in the 1990s is based on high-volume 
subraicron production. The JESSI 


manufacturing engineering projects are 
therefore geared to developing practi- 
cal solutions for the efficient produc- 
tion of integrated circuits with submi- 
cron feature sizes. In this way. JESSI 
will enable integrated-circuit manufac- 
turers to meet the often conflicting re- 
quirements of process performance, 
manufacturing flexibility and cost-ef- 
fectiveness. These objectives can only 
be achieved by closely integrating pro- 
duction factors such as technology, 
equipment facilities, materials handling 
and automation. 

The integrated circuits of the future 
will be characterized by increasing 
complexity, higher power consumption 
and larger chip surface areas. But in- 
creased electronic systems performance 
is supported by improvements in chip 
packaging technology. Packaging has 
thus become an essential strategic 
part of all advanced electronic sys- 
tems. The objective of this JESSI 
program is the development of the 
mounting, interconnection and 
packaging techniques necessary 
to meet the needs of future chip 
generations. Project activities 
are directed toward the develop- 
ment of a silicon substrate to ac- 
commodate several chips and the 
refinement of existing technologies 
for the packaging of single chips. By 
pioneering advances such as these, the 
JESSI Technology Subprogram has 
been instrumental in bringing the right 
technology to the market at the right 
time. J.G 


METALLIZATION 

Thin rastat layers toterctmoect 
the ttansistoes to form the chip. 




BUSINESS DIVISION SEMICONDUCTORS 


Dataprocessing 
Telecommunication 
Consumer electronics 
Industrial electronics 
Transportation 

Examples for the pervasive power of microelectronics 

Silicon 

is the indispensable base element for all these applications. 

A growing worldwide market for electonic equipment, 
amounting to 700 Billion US$ in 1 993, owes its existence 
to the availability of semiconductor devices built on 
hyperpure silicon wafers. 



is the world's largest manufacturer of hyperpure 
polycrystalline silicon, the base material for silicon wafers. 

WACKER is also one of the leading suppliers of wafers to 
the world's semiconductor industry. 

Convinced that alliances represent an excellent way of 
implementing development results into mutually beneficial 
supplier-user relationships, WACKER contributes to the 
JESSI program in the field of silicon materials. 


WACKER-CHEMIE 

Munchen/Germany 

Business Division Semiconductors 

Burghausen-Wasserburg-Portland-Tokyo 


r DIN ISO 9 00T 


REG Jill 0896-1 




Schlumberger provides 
the Semiconductor Industry 
with global solutions. 


Schlumberger cooperates 
with its European partners to 
develop today's and tomorrow's 
most cost effective 
test solutions. 





Automatic Test Equipment Tel: +33 77430600 












* 



.SPON-rOKfcl) SVi -T 


INTERNATIONAL HERALD TRIBUNE, MONDAY, SEPTEMBER 26, 1994 




E C 


Building Expertise 
Into an Industry 
Able to Compete 

Crucial role played by equipment and materials. 


A 





broader and technologi- 
cally more advanced equip- 
ment and materials sector is 
necessary if the competitive- 
ness of the European elec- 
tronics industrv is to be ad- 
vanced. JESSf has therefore 
devoted a significant part of 
its attention and budget to 
the European E&M indus- 
try. 

Silicon wafers 
Semiconductors are etched 
onto thin disks made of sili- 
con - silicon wafers - and 
then cut into chips that are 
mounted in a package to 
make the well-known “inte- 
grated circuit,” or iC. Silicon 
is the basis for all emerging 
integrated circuit technolo- 
gies and is of crucial strate- 
gic importance to the micro- 
electronics industry. 

As silicon is made of sand, 
the basic material is abun- 
dant The problem is to put 
more transistors onto one 
wafer. Wafer size has gone 
up from less than I inch at 
die start, to 8 inches now and 
to probably 12 inches in the 
ftiture. And transistors have 
become smaller, from 40 
microns at the beginning to 
LI micron now. This 
tremendous increase in pro- 
ductivity means that the ma- 
terial used and the produc- 
tion techniques must be of 
ever-higher quality. 


different phases to increase 
pattern contrast on a silicon 
wafer. Phase shift masks ap- 
plied during wafer exposure 
achieve maximum edge def- 
inition and resolution en- 
hancement. 

This technology can dou- 
ble the resolution for line- 
space structures, improve 
process latitude by 40 per- 
cent and extend the lower 
limits of optical lithography. 
This postpones the need for 
expensive alternative tech- 
nologies. 

In order to ensure ihe 
availability of phase shift 
masks, this JESSI project is 
creating a European capabil- 
ity for the commercial pro- 
duction of these devices. 

The deep-UV stepper 
As optical lithography tech- 
nology continues to ad- 
vance, it has become clear 
that current i-line techniques 
for some processing will 
eventually have to be com- 
pletely replaced by deep-ul- 
traviolet lithography. To 
pave the way for this transi- 
tion, this JESSI project has 
initiated significant changes 
throughout the entire optical 
path. DUV lithography is 
now able to improve the 
quality and overall accuracy 
of the micro- image, reduce 
the number of defects, and 
speed turnaround times. 




Testing, one of the last steps in making an integrated circuit. 


TV Receivers 

r * 

m r. The European Telecommunications Standards btsti- 
j lute (ET53) has established a common standard for d&j- 
television broadcasting throughout Europe. Begin- 
ning m 1996, It wB) increase competition between c* 
bfe, satellite andt«T©strial television services. 

Over 110 organizations are supporting the European 
ta&sitMrig Grotip - Digital Video Broadcasting, which 
hss as its task the defining of specifications for the 
transmission of digital services via satellite, cable and 
tenestialtinks. 

Theprojeet’a role iscomptex but vftaL On one side, it 
Is helping the key players to translate a standard Into 
precise component specifications for transmission 
and reception. On Hie other, It helps feed information 
back into the standardization process. Most important 
for the viewer, it Is enabling Europe’s companies to re~ 
-aftae economies of scale in the development of a new 
tetevisiongeneraforr. 

The partners in the JESS! Digital Television Receiver 
protect are developing a set of integrated circuits and 
other, components for consumer receivers of digital au- 
dio and video transmissions. S.B. 




ft 



Protective clothing is for the chip as much as toe chap. 


The i-Iine stepper 
I-line steppers (using a par- 
ticular line from the light 
mercury-spectrum) are used 
to meet the increasingly 
stricter demands made'by 
advanced integrated-circuit 
processes. (Deep ultraviolet 
wavelengths are used in the 
next generation.) 

Emphasis is placed on the 
mechanical positioning and 
optical performance of the 
stepper (a type of precise 
projector that projects im- 
ages of the chip layers onto 
the wafer). 

A JESSI project has de- 
veloped a new generation of 
i-line steppers designed to 
improve off-axis illumina- 
tion, reduce distortion, in- 
crease reliability and en- 
hance productivity. Further 
improvements will facilitate 
the use of optical lithogra- 
phy for processes requiring 
more critical details. 

Phase shift masks 
Phase shift technology 
makes use of the interfer- 
ence between light waves of 


E-Beam metrology 
The overall objective of the 
JESSI Electron beam (E- 
beam) Metrology program is 
to provide the European mi- 
croelectronics industry with 
a scanning electron micro- 
scope metrology station ca- 
pable of monitoring struc- 
tures in the factoiy environ- 
ment. 

This system will have a 
throughput factor three 
times that of equipment cur- 
rently in use, and it will re- 
duce contamination and pro- 
vide technological spin-offs 
into related areas. 

Cluster tools 

The Cluster Tools program 
concerns the physical com- 
bination of several process 
modules into a single piece 
of equipment. 

Taken together, these JES- 
SI E&M projects build upon 
existing European expertise 
to ensure the viable and eco- 
nomical production of semi- 
conductors into the 21st cen- 
tury. 

James Geary 


Commori 

Framework 


The JESSI Goiwnon Framework project cuts across 
Awtionai and Jrafctifcytfivfcteta provide Europe’ssys- 



for computer-eWed wgktewteg^^ications. 
like -JESSI ttseff, the common framework enables 


jbtmly, By using as; concurrent 

engineering, they can reduce the sweraB development 
cost* of a product end get It oh to the market faster. 

“ft’s unique," says Anton Sauer, who. lias been In- 
voted with privet since Its inception. “Wfth dCF, 
JESS Is integrati ng aft the Various: steps toward inte- 


Over 100 people from 1? companies in seven Etro- 
; poan countries confrftuted to the software's first i*- 
lease hi July ISS&Beybrid use In an engineering envf* 
ronment (such as board layouts, drip design and cir- 
cuit measurement), The platform ateo offers conskter- 
abte potential for further application in maintenance, 
sates and other information management environ- 
ments. S.5- 



Fast- growing markets demand innovative 
products. Innovative products need sophisticated 
semiconductors. 

Which is why Philips Semiconductors is 
continuing its drive to create advanced submicron 
devices and chipsets for the coming generations 
of products in the multimedia, wireless personal 


Philips 

Semiconductors 


fhSipt JESStt. - 

Fh'liJffs: S.entftanductor* .Has. bessn . 

fESStfrom'fes itwepficwiL - 
' Major ftjcajnptes'of oj^l«wot*emonjf 
■ . f*» the TerfweiJogjf Si^rograjtf are:, ' 

T20 Joint Logic - Submicron CMOS. 

T22 Embedded Memory- SRAM, 
v DRAM, NYH options for CMOS. 

T24 TIBIA — (Technology initiative 
for BiCMOS in Application) - 
Submicron BiCMOS. 

• T30 MST (Manufacturing Science r: r 
and Technology)- l '.' 

Low cost manufacturing. * 




communication, and consumer markets. 

As Europe’s leading indigenous semiconductor 
supplier, we have strong design and manufacturing 
resources serving these markets. In addition, we’re 
proud to be working with JESSI, sharing their 
vision and commitment. Together we will push 
the boundaries of microelectronics even further. 









Page 18 


INTERNATIONAL HERALD TRIBUNE, MONDAY. SEPTEMBER 26. 1994 


SPONSORED SECTION 


M I C 




i E 


N I C 



Experience Points the Way 
To Next International Step 

Moving from market-defining projects to market-fiirthering cooperation. 


Digital audio broadcasting, which may replace FM In the car radios of the future, fs gtven a mobile test 


In the early days of inte- 
grated circuits during the 
1960s. one factor reduced 
the complexity of microelec- 
tronics research: It was all 
primarily focused on one set 
of purchasers, the world’s 
computer manufacturers. 
Now this factor is gone. 

Worldwide, only 40 per- 
cent of all microelectronic 
components currently go 
into personal computers and 
mainframes. Telecommuni- 
cations, industrial systems 
and consumer electronics 
have become microelectron- 
ics markets of comparable 
magnitude. 

Increasing intricacy 
One factor all these diver- 
gent markets have in com- 
mon is that they are continu- 
ally generating products of 
increasing individuality and 
intricacy. 

The upshot of this prolif- 
eration of areas of applica- 
tion is that developing all of 
(hem is no longer feasible 
from a scientific point of 
view, nor desirable in terms 
of costs and benefits. 

A preselection of micro- 
electronic research topics is 
necessary and is best left to 
the companies that will pur- 
chase them. 


At least, that is the operat- 
ing procedure chosen by a 
group of European execu- 
tives, research officials and 
governmental representa- 
tives engaged in roundtable 
discussions. 

Their subject is the future 
of the semiconductor indus- 
try and how the Continent 
can best prepare itself for iL 
Their ranks include a large 
contingent of industrial chip 
consumers. 

Similar structure 
This is not the first time such 
a roundtable has been con- 
vened. Eight years ago. sim- 
ilar deliberations led to the 
founding of JESS1. 

In fact, the organization 
emerging from these delib- 
erations - given the working 
name MEDEA - will proba- 
bly share one key feature 
with its predecessor: its 
structure. 

“JESSI's method of using 
projects and clusters to verti- 
cally and horizontally inte- 
grate Europe's variegated 
microelectronics industry 
has proven its merits,” says 
Heinz Hagmeister, the pro- 
gram's chairman. “It would 
be ill-advised not to capital- 
ize upon this successful ex- 
perience and the wealth of 


working relationships it has 
engendered.” 

According to Mr. Hag- 
meister. the creation of a 
market-driven organization 
would represent building on 
the past's accomplishments 
rather than a radical break 

with it. 

Market-oriented 
“JESSI has always had a 
strong applications, market- 
oriented component," he 
says. “This orientation has 
been getting stronger over 
the past few years as the 
growing number of applica- 
tion-related projects show's. 
And. as no one ever designs 
and produces a chip without 
having a potential customer 
in mind, chip-manufacturing 
has always been market-dri- 
ven.” 

The scenario emerging 
from the roundtable is that 
JESSI’s completion, sched- 
uled for Dec. 31, 1996. will 
be smoothly and immediate- 
ly followed by the start-up 
of the new organization. 

“A transition from JESSI 
and its market-defining pro- 
jects to MEDEA and its 
market-furthering ones” is 
how Mr. Hagmeister de- 
scribes iL 

T.S. 


TEMIC. The newest kids 
in the neighborhood have 
been around for years. 



. ; ■ • * ■■ v' * . 


'• • ‘ *».v 



b _ ■ • 



Time passes. 

Companies evolve. 

And so does the marketplace. 
Much like when new kids 
move into the neighborhood. 


Yet some of these new' 
entrants are very experienced. 
Take, for example, TEMIC 
Semiconductors, a powerful 
creation of Daimler-Benz 
unifying Telefunken Semicon- 
ductors, Siliconix, Matra 
MHS, Dialog Semiconductor, 
and Eurosil into a single 
international organization. 

One backed by worldwide 
manufacturing capability and 
98 cumulative years of service 
to the semiconductor industry. 


TEMIC Semiconductors is a 
world leader in signal process- 
ing, submicron CMOS, power 
management, and mixed-signal 
ASIC technologies. Capabilities 
particularly well suited to 
providing leading-edge solutions 
for the computer, communica- 
tions, and automotive markets. 

What else is new? Call us and 
find out (33) 1 30 60 70 00. 






, \ „* " *• • 




V 


V..V v -: 


Temic 


A. Company of AEG Daimler-Benz Industrie 


•• * • * • >* . N • — • V. •* ■ 

1 , ..’Vyr - V' '*.*%*• / 




Members of the TEMIC Semiconductor Division : Telefunken Semiconductors, Siliconix. Matra MHS. Dialog Semiconductor 

TEMIC Sales Offices : FRANCE : Tel. (33) 1-30 60 70 00. GERMANY : Tel. (4v) 7131 67-0. ITALY : Tel. (3V) 2-332 121. 
SCANDINAVIA : Tel. (46) 8-733-0000. UNITED KINGDOM : Tel. (44) 344-185757. HONG KONG ; TeL (852) 378-0780. 
JAPAN : Tel. (81) 3-5562-3321. USA ; Tel. (]> 408-748-0362. Fa.\. (1) 408-748-0430. 


_.C • . V 





Digital Audio 
Broadcasting 


r r urns recently, mww ™ ,, A 

b*tfe«0htheCO player., For 
especially in a moving vstnete, *• 
audio sound quality used to be tar superior. Now it iws 

met fts match. 


Europe’s FM rath a network. Wttwi me n m 

15 years, industry pwk«a preeft* ft ****. 

technology not only boo»te »^ 
sound quafityfor listeners, but also ewblra more 
Hons to be crammed Into the same bandwidth ana 
opens up intriguing irew 

mu aUttte added data, tor examftejhe radio cajjbj 
persuaded to visually tSspiay song titles, news nasneo 

or short messages. . 

DAB w9.be taking to the airwaves 
which has been involved In the project dnee -1990, ^8 ■ 
be tfegvering firefrgenwatlon chfp sets for 
field trials of the system at the end of *2°“ 

ond generation for mass production is scheduled to 
tow. . ...” 


Long-Term Ideas 
Put Into Focus 

Program combines Europe s research skills . 

T 


he link between ad- 
vanced technology and the 
quality and quantity of basic 
research is nowhere more 
spectacularly demonstrated 
than in foe semiconductor 
industry. 

“Innovation lies at the 
heart of the semiconductor 
industry,” says Professor 
R.A Lawes of the Ruther- 
ford Appleton Laboratory in 
Oxfordshire, England, who 
is chairman of the JESSI 
Subprogram Board on Basic 
and Long-Term Research. 
“In Europe, these innovative 
skills are present in both in- 
dustry and academia, partic- 
ularly in the large national 
research centers such as 
IMEC in Belgium, LETI 
and CNET in France, the 
Fraunhofer Institutes in Ger- 
many and DIMES in the 
Netherlands. It’s important 
to JESSI - and hence to the 
European semiconductor in- 
dustry as a whole - that 
these human and technologi- 
cal resources are focused on 
problems relevant to the fu- 
ture competitiveness of the 
European industry.” 

The JESSI Basic and 
Long-term Research Sub- 
program was set up to pro- 
vide the multidisciplinary 
R&D framework necessary 
to pave the way for future 
CMOS logic process gener- 
ations. The project consor- 


tium combines the skills and 
expertise of the leading Eu- 
ropean R&D centers with 
the market and product 
awareness of the Continent’s 
major TC manufacturers 
(Philips. SGS Thomson and 
Siemens). 

“The real strength of JES- 
SI for basic and long-term 
research.” says Mr. Lawes, 
“is that it provides a focus 
for ideas originating in acad- 
emia and a management 
structure whereby the best 
ideas can be chosen for . in- 
vestigation. evaluation and 
funding." 

According to Mr. Lawes. 
the major challenge facing 
the basic and long-term re- 
search community is how to 
manufacture semiconductor 
devices with dimensions of 
less than 0.15 microns. He 
cites the held of optical lith- 
ography as a case in point. 
“At dimensions of less than 
0.2 microns,” Mr. Lawes ex- 
plains. “conventional optical 
lithography reaches its limits 
due to the basic laws of 
physics. A technological 
revolution - instead of an 
evolution - may then be nec- 
essary to take the next step. 
This is just one example -of 
how basic and long-term re- 
search today is essential to 
maintaining and increasing 
Europe's market share to- 
morrow.” J.G. 


Advanced Chips 


Continued from page 13 

an apologetic aside, if at all. 

Then came a renewed 
commitment to research and 
development by Siemens. 
Philips. Daimler-Benz, Ma- 
tra, SGS-Thomson and Eu- 
rope’s other manufacturers 
of semiconductor compo- 
nents, all of whose micro- 
electronic-related R&D ex- 
penditures reached new 
highs in the late '80s. 

JESSI’s role 

JESSI played an important 
role in this rapprochement 
between chip and industrial 
manufacturers, particularly 
with its “applications” sub- 
program. according to Guy 
Dumas, the program’s vice 
chairman of the board. 

“In this sub-program's pro- 
jects, some of the Conti- 
nent’s largest industrial 
manufacturers - including 
Daimler Benz. Alcatel ana 
GEC - have been articulat- 
ing their needs and wishes, 
and microelectronics manu- 


facturers have been respond- 

• «• 

mg. 

The impact of microelec- 
tronics has not been restrict- 
ed to boosting Europe’s ex- 
isting industries. Chip-based 
and -related technologies 
have been creating such 
spin-off sectors as “tele- 
maintenance” and “biosen- 
sors.” 

Long-distance repairs 
Both these spin-offs have 
been developed and market- 
ed by young European com- 
panies. and both feature an 
“implanted chip” linked on- 
line to a central computing 
unit. 

In the first case, the chip is 
placed in a machine tool or 
production line and moni- 
tors facility performance, 
“calling" for long-distance 
repair sendees when needed. 
Biosensors are embedded in 
lakes and marshlands or 
even in human tissue and 
use “bioreactors” to. report 
on levels of industrial conta- 
minants. Terry Swartzberg 



BMC Workbench 




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INTERNATIONAL HERALD TRIBUNE, MONDAY, SEPTEMBER 26, 1994 


Page 19 


£ 








The European Dimension 




-V. ^ Many roots sustain what has become a big tree. 


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f JESSI were a chip, it 
would be a hybrid. 

“It is a typical Eureka pn> 
: ject in terms of its top-down 
: elemenL In other ways, it is 
• completely atypical,” says 
; Reinhard Loosch of dhe Eu- 
| ropean Union’s Eureka sec- 
' retariaL 

■ “The European Union de- 
; serves the credit for our 
. broad outlook, but the 
, Dutch, German and French 
governments merit thanks 
for having supported us 
from the start." says JESSI 
Vice Chairman Guy Dumas. 
‘The result may be a strange 
animal politically speaking, 
but it is European, with 
ready access for widespread 
cooperation with other na- 
tional research institutes and 
smaller businesses.” 

T “fts a big tree with many 
roots,” says Charles Henri 
Domine', a senior civil ser- 
vant who has been involved 
in JESSl’s development 
since the start in 1988. “One 
key was the German govern- 
ment’s recognition that it 
had become impossible for a 
single country to adequately 
fund all microelectronics re- 
search alone. The European 
Commission played a key 
part by responding positive- 
ly when approached for 
funding - but only on condi- 
tion that a framework for co- 
operation was established 
within the industry.” 


JESSI was described as 
“an important step toward 
securing the availability of 
world competitive micro- 
electronics tor the European 
industry" by die IX Confer- 
ence of European ministers 
in Hague in June 1991, cit- 
ing the timely set-up of the 
organization and the realiza- 
tion of technical milestones. 

"A Europe of men, not in- 
stitutions,** says Charles 
Henri Domine. capturing the 
essence of JESSI. 

Developed as an ad hoc 
arrangement and confirmed 
by a simple exchange of 
ministerial letters in 3 988, 
JESSI is all about Europeans 
working together. From the 
beginning, industry and pub- 
lic authorities have worked 
closely in parallel, with each 
side mirroring the other’s 
two-tier structure For dealing 
with executive and opera- 
tional issues. 

The civil servants and 
technocrats brought the cold 
eye of reason to bear and 
helped check the deadly race 
for development at any cost 
that was bleeding the Euro- 
pean industry's key players 
white. At the same time, 
through common goals and 
common projects, they 
helped impose a common 
basis for longer-term nation- 
al planning within the EU’s 
four-year frameworks. 

The industry brought a 


shareholder-driven approach 
to getting results, global 
market experience and a 
commitment to developing 
the type of alliances and 
strategic relationships need- 
ed, sector by sector. 

None of this would have 
been attainable without a de- 
gree of government funding 
and, above all, central coor- 
dination. How else could an 
industry coordinate the ef- 
forts of more than 2,500 sci- 
entists and engineers at work 
in 14 countries? In retro- 
spect, some insiders argue 
that dialogue not only com- 
pelled the key players to 
agree on program content, 
but also was instrumental in 
sustaining a viable electron- 
ic industry in Europe. 

S.B. 




SMI Support 
Program 


Only industry giants can afford to underwrite the 
enormous costs Of leading-edge mterotecftnology de- 
velopment Without small and meefium-saed industries 
(SMte) r however, there would be far less industry to 


Twelve designs from one water- the Multi Project Wafer Service finds a way of delivering microchips at 
greatiy reduced cost 


By promoting closer cooperation between the two 
sides, JESSTs Support Program is securing the fu- 
ture of the European microelectronics sector as a 
whole. 

In a bki to spread the potential benefits of microelec- 
tronics technology more widely, JESSI has already 
passed the halfway stage of an ambitious program to 
establish by 1398 contact with 25,000 European small 
and medium-sized companies and potential users of 
JESSt technology. 

The initiative, which was launched in 1990, under’ 

scores the vital pal that Europe’s smaller businesses 
p&y as bod> industry suppliers mid market innovators. 
To provide them with direct practical support, JESSl’s 
10-nation network of Competence Centers offers a full 
range of design, prototyping, testing, training, feasibili- 
ty study and other services. S.B. 


Industry Briefs 






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More cards 

Just over 40 million “smart 
cards” are in circulation to- 
day, and the forecast is that 
well over 300 million will be 
on sale in Europe in two and 
a half years. Germany’s VDI 
Nachrichten reports that the 
• prime causes of this boom 
are the rapid proliferation of 
mobile telephones, pay-TV 
stations and “remote” bank- 
ing transactions (those not 
carried out on bank premis- 
es), plus the Continent-wide 
introduction of these cards 
as health care system IDs 
and mass transit tickets. As 
the cards’ “intelligence" 
comes from microcon- 
trollers (a form of high-end 
chip), further expansion of 
the Continent’s microelec- 
tronics sector is certain. 

Research on the frontier 
"Nanocircuits” - referring to 
their tiny nanometric size - 
have a “bump” and a 
“plain.” The bump means 
“I” and the plain “0.” The 
bump is exactly one tung- 
sten di-selenide molecule 
high.The chips to be made 
out of these circuits will 
have capacities roughly 1 
million times higher than 
conventional ones. 

These circuits were devel- 
oped by Harald Fuchs and 
%Thomas Schimmel. two 
■ German researchers. 
Although their wide-scale 
practical use in chips is still 
at least a generation away, 
the technology is already 
being employed to create 
nanometric yardsticks: cali- 
bration devices capable of 
measuring the dimensions 
of microsystem devices. 

Competition for these 
nanochips will come from 
photonics-based systems, 
which use as their media 
photons, the components of 
light. Photons can carry 
vastly greater amounts of 
information than electrons 
and occupy much less 
space. They are already at 
work transmitting telephone 
conversations and streams 
of data through glass-fiber 
cables. 

European triumph 
Once the power has been 
turned off, conventional 
DRAMs (dynamic random 
access memory) lose infor- 
mation. Not so Flash 
EPROMs (erasable pro- 
grammable read-only mem- 
ories). The ability of these 
chips to secure data instanta- 
neously has made them the 
fastest-growing product in 
the microelectronics sector. 

In 1992, according to 
Dataqucst. satire $300 mil- 
l lion wonh of Flash EPROM 
chips were sold worldwide. 
In 1997. the figure is pro- 
jected to be $3 billion. SGS- 
Thomson has become one of 
the world's three leading 
manufacturers of Flash 
EPROMs. Twc+thirds of the 
company’s chips are pro- 
duced in Europe; and more 
than 50 percent of its pro- 
duction is exported. 


Dutch expansion 
Philips Electronics of Eind- 
hoven, the Netherlands an- 
nounced in August that it 
will invest some 500 million 
guilders ($287 million) in 
the manufacture of integrat- 
ed circuits at its facility in 
Nijmegen, the Netherlands. 
This will lead to an addition- 
al production capacity of 
more than 10.000 submicron 
wafers a month, creating 
about 300 new jobs. 


Views From the 
Boardroom 

Doug Dunn is chairman and CEO of Philips Semi- 
conductors. 


: pace of growth 
the 


The 
within the electronics in- 
dustry is still quickening. 
There are still many fluid, 
ill-defined potential mar- 
kets. The task at hand is to 
define winning products 
for die future. Since the fi- 
nancial stakes are high, 
corporations are forming 
alliances - including 
transcontinental alliances. - 
to create the best chance of 
identifying successful new 
products. But it's the quali- 
ty and not the quantity of 
alliances that matters. Al- 
liances are most effective 
when companies serving 
different links in the value 
chain - from basic silicon 
chips to finished electronic 
devices - come together to 
enrich the final product. 

In any joint venture or 


alliance, a balance must be 
struck between the com- 
petitive issues and the ulti- 
mate benefits. For the Eu- 
ropean industry, the bene- 
fits of mutual cooperation 
are great. Given the 
strength of foreign compe- 
tition, healthy individual 
semiconductor manufac- 
turers are not enough. The 
European industry as a 
whole has to be healthy in 
order to stand shoulder to 
shoulder with Japanese, 
Korean and American 
firms. The European in- 
dustry should therefore 
concentrate cm collectively 
creating products with 
added value rather than 
merely swapping knowl- 
edge. It may be time for 
JESSI to consider more 
competitive forms of col- 



laboration closer to the fi- 
nal product 

Silicon technology is a 
key enabling technology 
for all types of industries, 
from coal mining to auto- 
mobile manufacturing to 
shipbuilding. Without ac- 
cess to electronics, many 
industries would simply 
grind to a halt By focusing 
on submicron silicon tech- 
nology. JESSI provides an 
important stepping stone to 
a healthy European elec- 
tronics industry. And a 
healthy European electron- 
ics industry means that Eu- 
ropean industry as a whole 
will thrive. J.G. 





IIS-B 

Institut fur 
Integrierte 
Schaltungen 

ISiT 

Institut fur 

Silizium- 

technologie 

IZM 

Einrichtung fOr 
Zuverlassigkeit 
•und Mikro- 
integration 


These Fraunhofer Institutes are 
participating in various JESSI - 
projects in the field of: 

- Technology 

- Lithography 

- Etching and Deposition 

- Interconnection and Packaging 

- Equipment and Materials 

- Simulation 



Electrostatic Micromotor developed at IZM 


IVIS Fraunhofer 
Research Cluster for 
Integrated Systems 

MS (Fraunhofer - Institutsverbund 
Integrierte Systeme) is a research 
cluster containing three institutes. 

We are focused on advanced silicon 
technology and system integration 
techniques including ecological aspects 
of microsystem technologies. 

The scope ranges from highly integrated 
circuits to integration techniques for 
multifunctional systems - either 
integrated monolithically or with high 
performance hybrid techniques in a 
solid-state device. 

MS solves this problem by providing a 
basis for effective labor-sharing. Thus 
the facility offers a highly competitive 
capacity for important research tasks. 
MS acts as one unit without being 
located in one place. 

This type of organisation gives enough 
flexibility to allow close cooperation with 
local industry and to make the facility a 
strong partner for industry as well as for 
international research cooperations. 

For further information 
please contact: 

Mrs Susanne Jakob 
Fraunhofer-lnstitut fur 
Siliziumtechnologie 

Dillenburger Strasse 53 
D-14199 Berlin 

+ 49 30 829 98 102 
+ 49 30 829 98199 

FhG IIS-B: Tel + 49 9131 761 101 
FhG IZM: Tel + 49 30 314 72 882 



Alliances Add Value 

a 


liuseppe Zocchi, director 
of R&D Technology at SGS 
Thomson Microelectronics, 
emphasizes JESSI's impor- 
tance in producing added 
value for Europe's chip 
manufacturers through 
strategic alliances, often 
with competitors. 

“JESSI has been an im- 
portant stimulus.” says the 
Italian engineer. “The gener- 
al requirements of our Indus- 
try have brought all semi- 
conductor companies closer 
together than before. We 
have a clearer idea of each 
other’s objectives. In fact, 
we have very few secrets 
from each other " 


With product develop- 
ment costs spiraling, chip 
manufacturers now appreci- 
ate the advantages of sharing 
information, according to 
Dr. Zocchi. 

“An excellent example of 
how this type of partnership 
functions is SGS Thomson's 
partnership with Philips at 
our own company’s facility 
in Crolles, France, where we 
are developing process tech- 
nology for chips with feature 
widths of 0.5 microns and 
below.” says Dr. Zocchi. 

He adds: “That marks a big 
step forward from the early 
times of JESSI. when com- 
panies were already cooper- 


ating. but each at his own fa- 
cility. Now, working togeth- 
er as we do at Crolfes, there 
is more synergy. France’s 
Centre National dei» Etudes 
de Telecommunications is 
associated with the venture." 

The Franco-Italian and 
Dutch chip manufacturers 
decided to work together on 
the same site in order to ac- 
celerate the development of 
new processes. 

SGS Thomson and Philips 
began cooperating at Crolles 
Iasi year, as soon as 8-inch 
wafer fabrication was be- 
gun. The 0.5 micron process 
is now being worked on. 

J.M.G. 



Silicon solutions 


JLP: 


Putting JESSI R&D 
into your product 

Advanced CMOS process development: 
0.5 to 0.35 micron, low-voltage option 


MCM: Silicon substrates for hybrid module 
assembly 

MST: High-performance assembly and 
packaging solutions 

STS: Advanced 1C manufacturing techniques for 
maximum production efficiency 

TIBIA: Low-cost, high-performance 0.7 to 0.5 
micron BiCMOS technology for data 
communications applications 

Tel: (+33) 42 33 40 00 
Fax: (+33) 42 33 40 01 


Cleanroom Systems for Submicron Applications 



MElSSNERtWURST offers a process-oriented approach and 
wide scope of services: 


In tbe Cause nancy 

The extensive experience of the MEISSNER 
+WURST specialists guarantees individual 
consultancy for complex system solutions. 

In Ite Design 

Exact cost calculations are the basis for adhering 
to the client's budgeted investment with particular 
regard to complex projects in the high-tech field. 
Such challenging projects require overall concepts 
and coordination of the different technologies, 
thus providing single source responsibility. Air 
handling, cleanroom technology, electrical and 
control systems, supply and disposal systems, 
facility engineering, environmental control and 
automation are substantial parts of integrated 
system solutions. 

In Research ami Development 
Technological innovations need an appropriate 
infrastructure. This is guaranteed by MEISSNS* 
+WURST5 optimally equipped research and 
development center where scientists and expert 
engineers work hand in hand on new system 
solutions. 


In toe Production 

State-of-the-Art production technology allows 
flexible and economic solutions for a great variety 
of tasks. High-quality products are manufactured 
using CNC-controlled sheet metal machining 
centers thus enabling short-term deliveries. 


MEISSNER+WURST has got subsidiaries lor 
instance in: 

France, Korea, Singapore. Spain, Taiwan, U.S A, 
China, India 


Gas: 


SNER+WURST 

GmbH+Co. 
integrated Clean Systems 
Facility Engineering 
General Contractor 

Rossbachsbasse 38 
D-70499 Stuttgart 
Germany 
Tel. +49-711-88 04-0 
Fax +49-711-88 04-309 



Page 20 


INTERNATIONAL HERALD TRIBUNE, MONDAY, SEPTEMBER 26, 1994 


O N 


A Y 


'9 


SPORTS 


N * 

()I 


Hill Closes In 
On Schumacher 


McCall Snatches Title From Lewis With 2 drRound KO 


,,fdo 


The Associated Press 

ESTORIL, Portugal — Da- 
mon Hill of Britain won the 
Portuguese Grand Prix on Sun- 
day, heading a Williams- Re- 
nault sweep to close to within 
one point of the suspended For- 
mula One championship leader, 
Michael Schumacher. 

In a textbook race, the blue- 
and- white cars of Hill and his 
Scottish teammate David 
Coulthard headed the field al- 
most constantly from the eighth 
lap, when the leading Ferrari of 
Gerhard Berger of Austria rolled 
to a halt trailing gray smoke. 

Hill completed the 71 laps of 
the 436-kilometer (2.725-mile) 
Fernando Fires da SOva circuit 
in one hour, 41 minutes and 
10.163 seconds at an average 
speed of 183.589 kph. Coulth- 
ard was second, just 0.603 sec- 
onds behind- 

“We had 100 percent reliabil- 
ity from the car,” Hill said after 
toasting his victory on the podi- 
um. “And I’m absolutely de- 
lighted with the result. Winning 
the 10 points gives us a terrific 
platform to finish off the sea- 
son.” 

The triumph gave Hill a total 
of 75 points in the drivers' 
championship tables, just one 
behind Schumacher, who com- 


pleted a two-race ban on Sun- 
day for ignoring a black flag 
earlier this season. The German 
Beneuon-Ford driver, domi- 
. nant in the first part of this 
■season, is to return, with three 
races to go, at the OcL 16 race at 
Jerez, Spain. 

Hill predicted that Schu- 
macher would be “fired up” af- 
ter his forced absence and said 
he expected “a real ding-dong” 
for the rest of the season. 

Mika Hakklnen of Finland 
was third on Sunday in a 
McLaren-Peugeot, 20.193 sec- 
onds behind Hill and 7.8 sec- 
onds ahead of tbe Jordan -Hart 
of Rubens Barrichello of Brazil. 

Jos Verstappen of the Neth- 
erlands was fifth in his Benet- 
ton- Ford, and Martin Brundle 
of Britain, in the second 
McLaren-Peugeot, placed sixth. 

The one-two by Hill and 
Coulthard gave Wflliams-Re- 
nault 16 points for a total of 89 
points and the lead in the cham- 


pionship tables, two points 
ahead of Benetton-Ford 


ahead of Benetton-Ford 
Race stewards penalized Da- 
vid Brabham of Australia with 
a one-race ban after a collision 
with Jean Alesi. Berger’s team- 
mate. The ban will be suspend- 
ed for three races. Brabham's 
Siroxek-Ford team said. 



By James F. Garity 

New York Tima Service 

LONDON — Within 20 
minutes of his underdog 
fighter’s stunning knockout 
victory in a heavyweight 
championship match early 
Sunday, Don King was per- 


forming, flamboyant in the 
way that makes him boxing’s 
ineffable presence. He at- 
tacked HBO, which had tele- 
vised the fight in America; he 
paraphrased Winston S. Chur- 
chill and Rudyard Kipling 
and dashed off a version of 
“Yankee Doodle Dandy.” 

For King the new Yankee 
Doodle Dandy is the winner 
of the fight, Oliver McCall, 
whose quick right-hand coun- 
terpunch knocked out Len- 
nox Lewis, the World Boxing 
Council champion, after 31 
seconds of the second round 
at Wembley Arena. McCall, 
29, an American mostly 
known as Mike Tyson’s spar- 
ring partner, with a previous 
record of 24-3 against undis- 
tinguished opponents, was 
hard pressed at the post-fight 
news conference to make 
hims elf heard over the unre- 
strained gloating of King. 

While no direct charges of 
unethical or illegal tricks were 
attributed to King, there were 
suggestions that he and 
McCall, if they had not some- 


The referee restrained Lennox Lewis as Oliver MccaU celebrated his victory Sunday. 


how stolen the fight, had in- 
deed taken something that 
did not belong to them. 

The return of King and a 
rush of controversy about the 
fight sprung from McCall's 
punch to the face of Lewis, 
who had never lost a fight, 
nor been knocked down. 

The punch knocked Lewis 
to the seat of his shiny black 
shorts. His back touched the 
floor, he rolled over and got up 
shakily as the referee, Jose 
Guadalupe Garcia of Mexico, 
was counting. Lewis said later 
be first beard the count when 
it readied six. By seven he 


stood up and stepped back un- 
certainly, wobbled to tbe side, 
then toward the referee. 

“I was getting my feet 
straight," he said. “He asked 
me fif I was O. K. I nodded 


“Lennox Lewis was knodsed 
out, gone. To allow more 
punches to Lennox Lewis 
could have had fatal conse- 
quences. It is my doty to pro- 
tect the health of the boxer.” 

But boxing .experts noted 
immediately that Garcia 
comes from Mexico City, 

where the WBC is based, and; 
its president, Josi Suleiman,, 
is known to be friendly to - 
King Lewis camp officials' 
said the WBC had at Tirst 
wanted to name two Mexican; 
officials to the fight, but that. 
British officials reduced the; 
number to one. 

At the news canfereuce. 


Frank Delaney, Lewis's man-’ 
ger, was clearly angry as he 

ann ounced that be tvould 
protest the result on the" 
grounds that a fast count was 


with my head yes. He asked 
me again. I nodded yes. Then 


me again. I nodded yes. Then 
he waved off the fight It was 
an awfully fast count I was 
totally robbed." 

“I think as heavyweight 
champion I should have been 
allowed to continue," he said. 

Garcia raised 10 fingers in 
Lewis's face, then blocked 
him from moving toward 
McCall, and wrapped his 
arms around the defeated 
champion. 

T am absolutely sure of 
what I did,” the referee said. 


grounds that a fast count was 
delivered by a referee whty.: 
had never Wore worked a ‘ 


heavyweight championship. ' * 
But Sulaiman said, ““Len- 
nox Lewis was very hurt.” He; 
said the referee had handled! 
12 champioudiip fights, But 
none heavyweight 
“He is one Of the best in 
Latin America,” Sulaiman 1 
said. He added that the WBC 
would consider the protest at 
its meeting in Spain next' 
month, and had the power to 
order a rematch, but said that; 
this seemed unlikely. 




Top 25 College Results 


How the loo 25 teams In me Associated 
Press' college football pod tarefl mis week: 

I, Florida (Ml did ned play. Next: at Missis- 
sippi. Saturday: 2, Nebraska (4-0} beat Pgdt- 
Ic 70-31. Next: vs. Wyoming. Saturday ; XFlor- 
Ida Slate (Ml beat No. 13 North Carolina 31- 
18. Next: at No. 6 Miami, Oct. 8; 4,MlcMgai 12- 
1 Most fa No. 7 Colorado 27-24. Next: at Iowa 
Saturday; 3> Peon State (4-0) beat Rutgers 55- 
37. Next: at Temple, Saturday. 

6 Miami (3-1) lost to Na. 17 Washington 38- 
2a Next: at Rutgerx Saturday; 7, Colorado (3- 
0) beat No. 4 Michigan 27-24. Next: at No. IS 
Texas. Saturday; 8. Arizona (3-01 beat Stan- 
ford 34-10. Next: vs. Oregon State^aturdav;*, 
Metre Dame (3-1) teat Purdue 3041. Next: vs. 
Stanford. Saturday; Ml Auburn (4-0) beat 
East Tennessee State 28-0. Next: vs. Ken- 
tucky. Thursday. 

lb Alabama 1 4-0) boat Tukme 20-m Next: 
Georgia, Saturday; T2, Texas ABM (Ml beat 
Southern Mississippi 41 -T7. Next: vs. Texas 
Tech, Saturday; a North Carolina (2-1) Iasi 
to Na.3 Florida State 31-la, Next: at Southern 
Methodist. Saturday; It Virginia Tech (44) 
beat West Virginia 34-4. Thursday. Next: a! 
Syracuse. Saturday ; U, Texas 130) Deo* Tex- 
as Christian 34-18. Next: vs. No. 7 Colorado. 
Saturday. 

1 A Wisconsin (2-D beat No. 25 Indiana 62-13. 
Next: at Michigan State. Saturday; 17, Wash- 
ington (2-1) beat Na 6 Miami 38-28. Next: vs. 
Mo. 18 UCLA, Saturday; IB. UCLA (2-2) last to 
Na 22 Washington State 21-8. Next: at Na 17 
Washington. Saturday; If. Southern Cal (2-1) 
beat Baylor 37-27. Next: vs Oregon. Satur- 
day; M, Ohio Slate (3-t) beat Houston 52-0. 
Next: at Northwestern. Saturday. 

31. Oklahoma 13-1) dM not play. Next: vs. 
Iowa State. Saturday; 22, Washington State 
(3-0) beat Na 18 UCLA 21-0. Next: at Na 23 
Tennessee. Saturday; 23. Tennessee (1-3) lost 
Id Mississippi State 34-31. Next: vs. Na 22 
Woshlnaton Slala Saturday ;2V Norm Cami- 
lla State (M) beat Western Carotlna 38-11 
Next: vs. Georgia Tech. Saturday. -31 Indiana 
(3-1) last to Na .18 Wisconsin 63-11 Next: vs. 
Minnesota. Saturday. 


CW. Post 42. Cent. Connecticut St. 14 
Contain 28. Siena 7 
Cornell 11 Fordham 6 
Delaware 58. west Chester 55 
Duauesne 4a Sf. Peter's 21 
Hofstra 27. Lafayette 6 
Iona 31. Georgetown. D.C. 28 
Lehigh 28. Columbia 21 tie 
Massachusetts 20, Maine 14 
New Hampshire 20. Connecticut n 
Penn 11 Dartmouth 11 
Princeton 29, Colgate 3 


W. Michigan If. Akron 6 
Youngstown St 52, Slippery Reck 17 
SOUTHWEST 

Air Farce 47. Texas- El Paso 7 
Montana 21. North Texas 17 
Oklahoma St. 17. Tulsa 10 
SW Texas St. m CS Northrldge 23 
Sam Houston St. 48. A town St. 23 
Texas Tech 35. Southern Mefh. 7 
FAR WEST 
Boise St. 35, Liberty 7 
Brigham Young 49, New Mexico 47 


Hiroshima 

65 

61 

0 

JI6 

Yokohama 

60 

64 

0 

.484 

Hatnhln 

60 

65 

0 

XBD 

Yakult 

56 

65 

0 

-4*3 


Hart, 30; 6, Tyrrell- Yamaha, U; 7, Ltotar- 
Renouit, 11; 1 Sauber-Mercedes. 10; 9, 
Footwork* Ford. 9; 10, MlnardVFord. 5 


Saturday's Results 
Chuniehl 1 Hiroshima l 
Yakult 6. Hcmshbi 3 
Yokohama vs. YomlurL ppcL roin 
Seodayto Resorts 
Yokohama 1 Yamiurf I 
Chuniehl 6, Hiroshi mo l 

Pactnc League 


Lancome Trophy 


Fined leading scores Sandoy of the $948400 
Lancome Trophy golf tourname at on the par 
70. 4,164-meter C4J«l-vanJ) Safnt-Hom 


Richmond 21 Northeastern 11 

Cal Polv-SLO 64, Sonoma 51. 30 


w 

L 

T 

pa. 

OB 

Robert Morris 28. Gannon 0 

California 25, Arizona St. 21 

Selbu 

73 

50 

1 

-593 


SL Francis. Pa 45, Bethany.W.Va. 20 

Colorado SL 19, San Diego SL 17 

Kintetsu 

66 

55 

2 

5*5 

6 

Temple 23. Arrnv 20 

E. Washington 24. Weber St. 6 

Dale! 

67 

57 

1 

5*0 

616 

Wagner 3a Morfet 8 

Fresno St. 31, Hawaii 16 

Orix 

66 

58 

2 

sa 

7Y, 

Yale 47. Hoty Crass 22 

Idaho 58. Stephen F Austin 26 


50 

69 

1 

421 

21 


N. Arizona 47, Montana St. 30 

Nippon Ham 

43 

76 

5 

J67 

28 


Appalachian St. 56. Citadel 14 
Cent. Florida 59. W. Kentucky 45 
Davton 32. Georgetown. Kv. 29 
Duke 27, Georgia Teat 12 
E. Kentucky 27. Austin Peav 14 
E. Texas St. 2t NW Louisiana 24 
Emory & Henry 3L Davidson 7 
Florida A&M 29, Howard U- 2 
Georgia 17, Mississippi 14 
Georgia Southern 56, Tn.-Chottanooea 20 
Grambllng St. 32. Hampton U. 29 
Jacksonville St 24, N. Carolina AM 17 
Knoxville 22. Morgan St 13 
Marshall 48. W. Virginia SI. 0 - 
Maryland 31. Wake Forest 7 
Memphis 16. Arkansas 15 
Middle Term. 23. Murray St. 21 
Miss, valley 51. 1& Jackson St 16 
N.C Central 24. Bcltiune-Cookmmi 5 
South Carolina 23, Kentucky f 
Syracuse 71, East Carolina 18 
Te nn e ss ee St 32 & Carolina St 29 
Tennessee Teat 56. Morehead St. u 
Texas Southern 10. Tusfcegee 7 
Towson St 51. Char lesion Southern 0 
Troy St 49, Alabama St 27 
William & Mary 45, VMl 7 


Nevada 34, NE Louisiana 22 
New Mexico St 24. Arkansas St 17 
Oregon 40. Iowa IB 
S. Utah 24. E. Now Mexico 10 
Sacramento SI. 43. CSU-CWco 7 
San Diego 29. Cal Lutheran 24 
San Jose St 3). SW Louisiana 28 
UC Davis 11 St. Mary's. Cot 0 
UNLV 21 Utah 51. 21 
Uloh 41. Wyoming 7 


Saturday's Results 

Selbu 5. Nippon Ham 5. 12 Imlnos. tie 
Dalel 10. Orix 9 
Lotte vs. Kintetsu; dmL rain 
Sunday's Resalts 
SeSxi 8. Nlnpan Ham 5 
Klnfetw 9. Latte 3 
Orix 7, Dale! 3 


VI lay Singh, Fill 6543-4946-261 

Miguel Glmenez. Spain 67444647-2*4. 
Severiano Salle ter os. Spain 6549-6445—265 
Colin Montgomerie, Scotland 69-644748— 218. 
Jose-Marla OtOZObat Spain 6848-7145-271 
Barry Lane. England 71-684447—271 
Nick Faldo. England 68-714648—271 
Mark Davis. England 694647-71-271 
Frank N obi la. New Zealand 6848-70-47—271 
1 an Woasnam. Wales 4845-70-71—274. 


Davis Cup 


CFL Standings 


Winnipeg 

Baltimore 

Ottawa 

Toronto 

Hamilton 

Shreveport 


Eastern Dtvtatea 
W L T PF 

8 4 0 435 

7 4 0 328 

4 7 0 332 

4 7 0 304 

3 9 0 272 

0 12 0 198 

western Division 
10 2 0 478 


Portuguese Grand Pitx 


Calgary 10 2 0 

BritCaiumbla 8 3 1 

Edmo n t on 8 3 0 

Saskatchewan 7 5 0 

Sac ra me nt o 5 * 1 

Las Vegas 5 7 0 


Other Major College Scores 


EAST 

Boston College 71, Pittsburgh 9 
Boston U. 31 Vllhmown 15 
Brawn 31 Rhode Island 29 
Bucfcneil 41 Harvard 23 
Buffalo 36. Cheynev 10 


MIDWEST 
Ball St. Zl, Ohio U. 14 
Bawling Green 31 E. Michigan 13 
Butter 28. Wta.-Stevens Pt. 16 
Cant. Michigan 41 Kent 0 
Drake 26. Aurora 0 
Indiana 3L 12. Illinois St. 7 
Kansas 71 Akvfllrmlnehom 0 
Kansas St 35. Mi nnes ota 0 
McNecse St. 34, n. Iowa 24 
Michigan SI. 45, Miami, Ohio ID 
N. Illinois 49, E. Illinois T7 
Rico 21 lowa St. 18 


Las Vegas 5 7 0 353 

Fidart Game 

Winnipeg 3% British Columbia 18 
S<rfurdcv*s Games 
Saskatchewan 29, Shreveport 11 
Calgary 39. Sa cra mento 25 
Las Vegas 25. Hamilton 21 


n.— - '• ■GT T- - T -gg?T7 , - ~~ 


Central League 


SE Missouri ID, Terni. -Martin 0 


w 

L 

T 

Pet 

Valparaiso 45, Kalamazoo 10 

Yamlur] 

66 

SB 

0 

SB 

W. Illinois 31, 3W Missouri St. 3*. 2DT 

Chun tab! 

65 

59 

0 

324 


Results Sandoy In the 71-lap Portogeest 
Grand Prfx aMbn 4 j6-kllometer (2725-mBe) 
Estoril drcult with d riNi * t name, country, 
make of cor. Hate and winner** a verage 
speed: 

L Daman Hilt Britain, Williams- Renault, 
one hour. 41 minutes. 1DJ65 seconds, or 181589 
kph 1114740 m«hl; 1 David Coutlhard. Brit- 
ain, W1 II lams- Renault, 1:41:10768; 1 MUca 
Hakklnen, Finland. McLaren- Peugeot. 
1:41:30358; 4. Rubens Barrtehella. Brazil. 
J or dan- H ar t 1:41:38.168; & Jos Verstappen, 
Netherlands. B enetton-Ford. 1:41:39.550. 

6. Marlin Brundle. Britain. McLarm-Peu* 
geot.l :42:02J67;7. Eddie lrvkw.Bt1tata.Jor- 
darvHart.llapbehind; 8. Christian FhtipakJL 
Brazil, Footwork-Ford, 1 lap; 9, Olivier Panto, 
France. Ugter-Renault.l k»; llGlamlMor- 
bkMlL Italy, Foatwork-Fard. I tap. 

Drivers' Standings: 1, Michael Schu- 
macher, Germany, 76 points; 1 Daman Hilt 
Britain. 75; 1 Gerhard Barger, Austria, 33; 4, 
Mika Hakklnen, Finland, 22; 1 Jean Alesi 
France, 19; a Rubens Barrtehella, Brazil, 16; 
7, David Coulthard, Britain, 14; B, Martin 
Brundle. Britain, 12, 9, Jos Verstappen. Hol- 
land, 10; in Mark BlundetL Britain. 8. 

Constructors' Stand ta g s: 1, Williams- Re- 
nault 89 paints; % Benetton-Ford. 87; 1 Fer- 
rari 58; 4, McLaren-Peugeot 34; 5. Jordon- 


WORLD GROUP SEMIFINALS 
Sweden 1 United Slates 2 
Stogies 

Stefan Edberg. Sweden. aet Pete Samaras. 
UL 6-1 retired. Magnus Larsson, Sweden, 
del. Todd Martin, U.S. 5-7. 6-2. 6-1 64. 
Doodles 

Jan Aaell and Janas Btartcman. Sweden, 
del. Jared Polmerand Jonathon Stork, U.S-6- 
4,6-4,36,6-1 
Rossla 4. Germany 1 

Singles 

Yevgeny Kafelnikov. Russia, dot. Michael 
Sttcft, Germany. 7-S. 4-1 Bom d Karbacher, 
Germany. del. Alexander Volkov. Russia. 6-4, 
6 - 1 . 

Doubles 

Yevgeny Kafelnikov and Andrei Olhovskty, 
Russia, det Michael StfcJi and Karsten 
BrnasOJ. Germany, 6-4, 7-6 (7-1), 36, 6-7 (3-71. 
188. 

PROMOTION-RELEGATION PLAYOFFS 
Aestrafla 4, New Zealand 1 
Singles 

Roh-lck Ratter, Austral la, det. Bren Steven 
New Zealand. 7-5, 6-4, 6-1. Mark WMdtarde. 
Australia dtf. James Greenhatoh. New Zea- 
Iona 36. 6-1, 4-1 

Doubles 

Todd WooMxIdga and Mark Woodford*. 
Australia det Brett Steven ond Kelly Evem- 
den. New Zea tana 4-1 4-4, 6-1. 

Soatb Africa 1 India 2 
Slagles 

Leander Poes. India det. Grant Stafford. 


South Africa. 6-L 64, 5-2, retired. Wayne Feb- 
rlera. South Africa det. Aslil smalt l ndta.6-4, 
6 -2. 6-2. 

Doubles 

WOvne Ferrlera and Piet Nerval, South Af- 
rica det. Leander Poes and Gaurav Natekar, 
India 46 46 6-1. 

Switzerland *, Indonesia 1 
Singles 

Benny wilara rndonesia det. Patrick 
Mohr. Switzerland, 6-1, 6-1 Jacob Hlasefc. 
Switzerland. del. Suwandt Indonesia 6-1 36 
6-1 

Doubles 

Jakob Hlasek and Marc Rossat, Switzer- 
Iona det. Band Wlryawan and Donnv Susetyo. 
Indonesia 43. 76 (7-51. 6-2. 

Betalem 3, Israel 2 

Singles 

Filip Dewull.BeKHum, dot. Amos Mansdart 
I sroet 16. 46 26 7-5, 1-0, retired. Gllod Bloom. 
Israel det. Cnrtstotf vangarsse, Belgium. 6-1. 
16 4-2. 

Doubles 

FllbtDewulf and Ubor PI mek. Beta turn. det. 
AmosManedort ant Eyot Er/ltn Israel. 665- 
7. 61 67 (67) 64. 

Austria 1 Uruguay 1 

Singles 

Gilbert Scnaller, Austria del. Marceta F1- 
llpplnt Uruguay. 46 4-7. 60. 46 66 Thomas 
Muster. Austria del. Marcalo FlliPOtnl. Uru- 
guay. 7-5, 61. 6U 

Doubles 

Marceia Fitipptm and Diego Peru. Uni* 
auav. del. Horst Skoff and Alex Antoni tsch. 
Austria 7-S. 7-4 36, 44. 

Italy 4. Hungary 1 


Doubles 

Kenneth Ccrtsen and Morten Christensen. 
Denmark. deL Jaime Yzoga and Jase-Luto 
Nartega Peru, 466167 (7-9). 76 (7-51. 66 
EURO-AFRICAN ZONE 
Groan 2 

Morocco 6 Latvia I 

Singles 

Armand Sfronbach. Latvia det Mahdl To- 
WrL Morocco. 16 66 61 Htehom Arart Mo- 
rocco. det Girts Dzekte. Latvia 62. 46 
Doubles 

Hicham Arm) ond Younes El Aynoou(.Mo- 
raccadet. GVrts Dzekte and Andris Fhnlman- 
ovs. Latvia 6-1 16 16 46. 

Sioveeia 3, Ghana 2 

Sing tee 

Frank OtorL Ghana dot Uztafc Baric. Slove- 
nia 61 76 (76) 26 7-5. 1 woe Donkor v. Btaz 
TruMt 76 26 67, I68L 76 (74) (match 
suspended). 

Doebtas 

Uztafc Bask: and Bios Trupei. Stoventa, dot 
Isaac Donkor ond Frank Ofart Ghana 76(7- 
3). 61 6< 




SI notes 

Andrea Gaudenzt ItMy.def. Sandor Noszo- 
ly.Hunoary,6l.4-l Jazsef Krocsko, Hungary, 
det Renzo FUrton, Italy, 26 76. 6). 

D onates 

Chrtsttai Brandi and Stetano Pescasoitaa 
Italy, del. Loszio Markov Its and Gabor 
Kooves. Hungary, 61 46 64, 67 (67), 67. 
Croatia 6 Portugal 0 

Singles 

Goran ivanbevlc, Croatia dot. Nuno Mar- 
ques. Portugal, 61 76 

Doubles 

Goran Ivanbevlc and Saw Hlrszon. Cro- 
atla det Nuno Marques and Joao Sllvae Cu- 
nha Portugal. 66 61 64. 

Denmark 6 Peru 1 

Slagles 

Jaime Yzoga Peru, det Fredertk Fatter- 
tain. Denmark. 76 46 76 (74). 36 1 16. Ken- 
neth Carteaa Denmark, def. Jose-Luls Nor- 
iega Peru. 61 61 46 Kenneth Co risen. 
Denmark, det Jaime Yzoga Peru. 63, 67 (6 
7) 66 64. Fredertk Fetterteta. Denmark, art. 
Jcso-Lub Noriega Peru, 76 (74), 61 


SPANISH FIRST DIVISION 
Valladolid 0. Real Zaragoza 2 
Barcelona 4. Compostela 0 
Oepartlvo de la Coruna I. Emanoi l 
Real Madrid 4. Athletic de Bilbao 0 
Log runes 1, Aibocate 1 
Tenerife- 1 Sevilla a 
Real Sodedad 1 Valencia 2 
Oviedo 1. Artel ico de Madrid 0 
Celia 1 Radon de Santander 1 
Bctb S. Seortlng de Gilon a 
Standings: Real Madrid 7 paint* Ogportlvo 
La Coruna 7. Espanol 6 Valencia 4, Betb 5. 
Baraetana 5. Cetta 6 Zaragoza X Sevilla 1 
Tenerife < Oviedo 1 Aiboarte 1 ValladolM 1 
Sporting de Gilon 1 Campostetol Athletic do 
Bilbao 1 Real SectedadlAllet (code Madrid 
1 Lagranes 1 Racing de Santander 1. 

ENGLISH PREMIER LEAGUE 
Blackburn l Aston VI Ba ] 

Coventry 1. Southampton I 
Crystal Palace & Chelsea 1 
Evertan 1, Leicester l 
Ipswich 1 Manchester United 2 
Manchester city i Norwich 0 
Newcastle I, Liverpool 1 
Queens Park Rangers 1 Wimbledon 1 
Tottenham 1, Nottingham Forest 4 
West Ham 0, Arsenal 2 
Standings: Newcastle 19, Blackburn 17, Nch 
ttngham Forest 17, Manchester United 11 
Chetoca 11 Liverpool 11. Manchester City 11, 
bseds 10, Aston Villa 9. Wimbtedon 9, Norwich 
9, Tottenham 9, So u thamp to n 9, Arsenal B. 
Ipswich 7. Queens Park Rangers 6 Sheffield 


*r Uertflngen S. FC Cologne 4. Elnt««hi 
Frankfurt 4. byrwroo Dresden 3 MSV Dub- 
barg 1 VfL Bochum 1 1860 Munich I. : 

FRENCH FIRST DIVISION £ 
Satn6Eltenne I, LVan I ; 

Berdeaux i Strasbourg 8 
to Havre 1 Sochaux 8 • 'g.' 

Lena 0, Cannes 2 

LHIe 1. Can 1 

Ports SG i; Auxemt l . 

Nice 1, Norms 3 . >. . 

Rennes I, Metz 3 
Mortlgues 1 Bastta.2 
Standtags: Nantes 3* points, Lyon *i, 
Cannes 19, Marttgaes U, Bordeaux 17, SL 
E Hen no 6 Lens te, Strasbourg 15. Paris St. 
Gormate is^Mwerre 14. tarasll Nitte H U 
Havre ll flossta 11, Sortxn w FKL M ona w 9, 
AMD 1 LUta 9. Montpoltter 7. Coen 6 • 


DUTCH PIR5T DIVISION 
Ataac A m s t erda m 1 Dordradd *90 0 
Vitesse Arnhem 1 Sparta Rotterdam 0 ’ 
Twente En s chede 4, li e ere n veen 3 
MAC Breda 1 Roda JC Kcrfcrade 4 
IWW Maastricht 1 Utrecht T 
Fevenoord Rotterdom 0. wifftm It Tilburg 2 
Fc Vblendom 1. FC Groningen l 
RKC Woatwtnc 1. NEC Nflmeocn 3 nk 
S te ndtegi: Twente Enschede N Points. 
MW Maa s tr icht S. Utrecht 8. Ate*. Amster- 
dam 7. PSV Eindhoven 7, Fevenoord Rotter- 
dam6RodaJCKortcrodo6WUtam H Tilburg 
h. NEC N I Imtfgen 5. Vitesse Arnhem 5 Votfn- 
dexn 4. RKC Woohvflk 4, HoereirveonA NAC 
Breda 1 GA Eagles Deventer l Groningen 1 
Dordrecht 90 1 Soarta Rotterdam 1 
ITALIAN FIRST DIVISION 
Cagliari 1 Brescia 0 
Crwnarwse 1, AC Milan 0 
Fogola a Torino 2 
Genoa 1 Napoli 3 

Infemoztanute Milan 1 Ttorshltaa 1 . 
Juventus L So mn derta 0 
Padova fc. Bari 2 
Resglano 1, AS Roma 4 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 


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to subscribe and save 
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MSV Dutebura A Wenter Bremen 2 
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^SPORTS 



nderdogs Both, Russia and Sweden Will Meet in Davis Cup Final 

Sampras Injury Brings a Surprise Ending 


Germany 
Overpowered 


«*Mr. 

iViU.-. 
1i 

i 


■*- 1 


Compiled bp Our Staff From DispatAa 

HAMBURG — Germany’s 
future as a Davis Cup power 
looked bleak Sunday after it 
was eliminated in the semifinals 
by Russia, which reached the 
final for the first time. 

Russia completed a 4-1 vic- 
tory over the defending cham- 
pion, as Yevgeni Kafelnikov 
beat Michael Such, 7-5, 6-3. 
Bemd Karbacher scored Ger- 
many's only point, beating Al- 
exander Volkov, 6-4, 6-1. 

Russia, had already made 
sure of reaching its first Davis 
Cup final by sweeping the 
opening singles and w inning 


^aturday’s doubles. 


rtwv- 

• 

£<• : 

w 4 : . : 

i ■ 


With Stich and Boris Becker, 
Germany would have one of the 
strongest teams in the world. 
Becker, however, has refused to 
play for Germany the last two 
years and Stich now says he, 
loo, may quit. 

“I will give the German Ten- 
nis Federation a list of things 
that have to be fulfilled, other- 
wise I won’t play any more,” 
Stich said 

M I like playing Davis Cup but 
we’ll have to wait and see what 
happens,” he added. 

After a meeting Sunday with 
''Stich, federation officials said 
he would play next year. 

Stich masted the federation 
for what he said were inadequate 
r> security measures following a 
" ’ death threat he received before 
’’Uh the match against Russia. 

V.” 'Hie threat turned out to be a 
• * hoax. Stich said the man. who 
introduced himself as a Becker 
. \ fan, called him back a day later 
to apologize, saying the threat 
was a joke. 

The threat cast a cloud over 
- .'.the semifinal match at the 
*' : ■ Rothenbaum club, where Mon- 



Sirfan HclX^AgCM FTOCC'PTESSe 

There was nothing Michael Stich could say Sunday after be lost to Yevgeni Kafelnikov in the Davis Cup semifinal. 


ica Seles was stabbed in the 
back in April 1993 by a specta- 
tor who jumped from the 
stands. Seles, who was then the 
top-ranked woman player in 
the world, has not played since. 

Stich accused the German 
federation of not taking the 
threat seriously and of failing to 
deal with the problem in a pro- 
fessional manner. 

The federation defended its 
security measures, and said 
Stich was not aware of the 17 
plainclothes policemen who 
were on duty at the court. 

“We have to admit things did 
not run without mistakes,” said 
the federation’s general secre- 
tary. Gtinter Sanders. “It was a 
communication problem. We 


should have told him what was 
being done." 

Sanders said, however, that 
the 30-minute discussion with 
Stich had been amiable. 

Claus Stauder, the federa- 
tion’s president, said after 
meeting with Stich that “noth- 
ing stands in the way of him 
playing next year.” 

Even if the dispute over the 
threat is quickly forgotten, 
there are other problems. 

For the first time in a decade, 
a Davis Cup match in Germany 
was not sold out 

The German ca ptain JsJfld 
Pilic, and the players had want- 
ed to play in an indoor hall on a 
fast carpet. 

But die federation, which is 


based in Hamburg, picked its 
home arena at Rothenbaum 
and installed a new hard court 
over the usual day surface. The 
hard court was similar to the 
surface on which Stich reached 


in 1988 and 1989, and Stich led 
the team to the title last year. 

Becker’s return seems uncer- 
tain. Stich, who has feuded with 
Becker in the past, and Pilic say 
be is welcome back, but only if 


the final of the U.S. Open ear Li- he plays the entire year and not 


er this month. 

It did not help. Stich was up- 
set by Volkov on Friday, before 
he learned that the death threat 
was a hoax. 

“I don’t want to look for ex- 
cuses, but tins was the first time 
in 12 years that my team did not 
play on the surface that I want- 
ed,” said Pilic, whose team lost 
at home for the first time since 
the 3-2 defeat bv Sweden in the 
1985 final. 

Germany, led by Becker, won 


only in the later rounds. 

Federation chiefs, aware that 
Becker remains the biggest 
drawing card for German fans, 
want Becker to return, even if 
he plays only one or two 
rounds. They have publicly 
chided Pilic for his uncompro- 
mising position. 

“With Becker we are perhaps 
the strongest team in the 
world.” Stauder said. “We must 
continue efforts to bring this 
team together.” (A P, Reuters) 


By Christopher Clarey 

Special to the Herald Tribune 

GOTHENBURG. Sweden 
— Magnus Larsson leaped over 
the net on Sunday with his long 
arm extended, eager to shake 
Todd Martin’s hand as quickly 
as possible and get started with 
the celebration. 

It was a celebration few of 
Larsson’s fellow Swedes could 
have hoped for on Friday, when 
this Davis Cup semifinal got off 
to a decidedly pro-Am eric an 
start. But that was before Jan 
Apell and Jonas Bjorkman 
dominated Saturday’s doubles, 
before the ever-fragile Pete 
Sampras was forced to retire 
after only one set against Stefan 
Ed berg because of an acute 
strain in his right hamstring, 
and before Larsson imperiously 
shrugged off Martin’s higher 
ranking and served Sweden 
straight into its ninth final with 
a 5-7, 6-2, 6-2, 6-4 victory. 

M I think this one might get a 
good place in the history 
books, said Ed berg. 

Just as in 1984 for the Davis 
Cup find, the Americans rolled 
into Gothenburg as solid favor- 
ites. Just as in 1984, they got 
bushwhacked. Only this rime, 
the Swedes’ improbable 3-2 vic- 
tory had more to do with an 
American breakdown than a 
Swedish breakthrough. 

“Our trainer and doctor did a 
great job keeping Humpty 
Dumpty up, but eventually we 
fell off the wall.” said the Amer- 
ican captain, Tom Gullikson. 

Sampras, the world’s No. I 
player, took the roughest tum- 
ble. He arrived in Sweden pain- 
free but in mediocre physical 
condition, having played only 
four matches in the last two 
months because of tendinitis in 
his left ankle. After performing 
well in his opening singles vic- 
tory against Larsson, he woke 


up on Saturday and had diffi- 
culty sitting down because of 
pain in an entirely new area: 
behind his right knee. 

According to the team physi- 
cian, George Farced, Sampras 
had severely strained the semi- 
tendinosus muscle in his right 
hamstring, a muscle that ex- 
tends below the knee joint 
“I must have strained it in my 
match against Larsson and not 
have known it because of the 
adrenaline and heat of the bat- 
tle.” said Sampras, who has 
struggled with leg injuries 
throughout his glittering, six- 
year professional career. 

Sampras was able to practice 
for only about 20 minutes with 
Martin on Saturday morning. 
But after receiving treatment 
for the next 24 hours — treat- 
that included 


ment 


massages 


and wrapping his leg in ban- 
dages soaked in anti-inflamma- 
tory medication — be declared 
himself fit enough to play 
against Edberg. 

Gullikson, who could have 
used Jonathan Stark or Jared 
Palmer in Sampras’s place, ap- 
parently took his young star at 
his word. 

“He thought he would be fine 
to play: I went with his feel- 
ings,” said Gullikson. whose 
team needed only one victoiy in 
Sunday’s two reverse singles 
matches to clinch a spot in the 
final against Russia. 

From the start of the match, 
it was clear that Sampras had 
overestimated his powers of re- 
cuperation. Even during war- 
mup, he was sluggish, and as 
Edberg roared out of the 
blocks, winning the first three 
games and looking supremely 
confident, Sampras began to 
move as gingerly as a novice 
skier the morning after his first 
day on the slopes. 

“I knew 1 was in bad shape 


from the first three or four 
games on,” Sampras said. “I 
knew in a long five-set match. I 
wasn’t going to win. It felt like 
whenever I lifted my leg, some- 
one was tugging at my ham- 
suing." 

Sampras, who had taken Ty- 
lenol before the match, took 
two anti-inflammatory tablets 
on the changeover at 4-1 , and 
proceeded to hobble his way 
back to 4-3. But after having his 
right knee wrapped by trainer 
Bob Russo, he limped out and 
lost the set, 6-3. 

That would be all of Sampras 
the small and understandably 
delighted Swedish crowd 
would get to see. After confer- 
ring with Gullikson and Russo, 
Sampras told referee Stephen 
Winyard he could not continue, 
thereby becoming the sixth 
American player to default 
from a Davis Cup match. 

“It didn’t make any sense to 
play on one leg and risk further 
injury.” said Sampras, who has 
won five Grand Slam singles 
titles but is only 5-5 in Davis 
Cup singles play. “I feel bad 
putting Todd in this situation.” 

Martin appeared set to make 
the best of it when he broke 
Larsson's booming serve in the 
12th game to win the opening 
seL But then in the first game of 
the second, Martin jumped out 
to a 30-0 lead and proceeded to 
lose the next four points and his 
serve. From that moment on, 
the mercurial Larsson was in 
control of the match. 

The lanky, round-shouldered 
Swede, whose overall singles re- 
cord in 1994 was 18-18 entering 
the match, would finish with 16 
aces and at least that many ser- 
vice winners, most of them 
coming wide in the deuce court. 
He also dominated play from 
the baseline with his powerful 
forehand. 


a - 


® Singh Rallies 
To Win French 
GolfbyaShot 

Reuters 

SAINT-NOM-LA-BRE- 
TECHE, Fran ce (R euters) 
Vijay Singh of FyThcId off 
Miguel Angd Jimenez and 
Seve Ballesteros of Spain to 
win the Lancftme Trophy 
golf tournament on Sunday. 

Singh shot a final round 
of 66 to finish with a 17- 
under-par tournament re- 
cord total of 263, beating 
Jimenez (67 for 264) by one 
shot and Ballesteros (65 for 
265) by two. 

Singh was one shot be- 
hind his rivals after 13 
holes but drew level with a 
birdie at the 14th hole. 

The match came to a 
thrilling climax with all 
three at 16 under after 16 
boles. But Singh, who had 
birdied the 16th, holed a 15- 
foot putt for a birdie three at 
the 1 7th where Jimenez 
could gain only a par and 
Ballesteros had a bogey five. 

On the final hole, Jimenez 
and Ballesteros both hit the 
green, with Singh in a bun- 
ker, but the Fijian played a 
magnificent sand shot, 
which hit the hole and left 
him a tap-in putt for victory. • 


7th British Athlete Fails Drug Test 

LONDON (Reuters) — The English javelin thrower Colin 
Mackenzie proclaimed his innocence Sunday after becoming the 
seventh British athlete to fail a drug test this season. 

The 31 -year-old Mackenzie, who took a painkiller containing a 
banned substance for an ankle injury, declared: “If it did anything 
to boost my performance, then I’m a monkey.” Mackenzie tested 
positive for the stimulant dexiropropoxphene at a meet in Italy on 
July 24. He now faces a three-month suspension. 

Australia Extends Horse-Racing Ban 

BRISBANE, Australia (AP) — An order banning racing in 
southern Queensland state was extended Sunday in an effort to 
prevent the spread of an illness that has killed 13 horses. 

Die order, introduced on Friday, was renewed after patholo- 
gists failed to identify the fllness. AU racing, including trotting 
meetings, has now been banned until next weekend. 

China Official Won’t Go to Japan 

TOKYO (Reuters) — Li TSeying. a Chinese official, has can- 
celed a visit to Japan for the Asian Games to protest plans for the 
Taiwanese deputy prime minister to attend, Japanese news media 
reported on Sunday. 

The cancellation is China's latest expression of anger in a 
dispute that developed after the Olympic Council of Asia invited 
President Lee Teng-hui to the games, which begin next Sunday. 

For the Record 

The Phoenix Suns sent forward Cedric Ceballos to the Los 
Angeles Lakers for a future first-round draft pick. ( Reuters ) 

Die WBA flyweight champion, Saen Sor Ploenchit of Thailand, 
retained his title on Sunday with a unanimous decision over Kim 
Yong Kang of South Korea in Kanchanaburi, Thailand. (Reuters) 

The unbeaten Kerin Kelley retained his WBC featherweight title 
on Saturday in a second-round knockout of Josfc Vida Ramos in 
Altantic City, New Jersey. (Reuters) 

Regilio Turn of the Netherlands defeated Eugene Speed of the 
United States in a unanimous decision in Rotterdam for the WBO 
super-featherweight title. ( Reuters ) 


EggMcMuffin 
As Breakfast 
Of Champions? 

Hew York Timer Service 

NEW YORK. — Given 
the galloping commercial- 
ism of the Olympics, it was 
perhaps inevitable that the 
training table would come 
equipped with a drive- 
through window. 

McDonald’s recently an- 
nounced that it will operate 
six fast-food restaurants at 
the Olympic Village during 
the 1996 Summer Olympics 
in Atlanta, feeding 15,000 
athletes, coaches and offi- 
cials free of charge, if not 
free of fatty, fried foods. 

Some athletes are con- 
cerned that fast food may 
fuel their racing engines 
with an empty tank. 

Ninety-pound gymnasts 
wolfing down Big Macs is 
likely to be as rare a sigh t as 
the Dream Team losing a 
basketball game. Still, the 
McDonald's restaurants in 
the Olympic Village figure 
to be full, serving 7,500 
meals a day. 

For those who want to 
skip fast food, a cafeteria- 
style restaurant service wflj 
provide the bulk of food to 
Olympians. Atlanta offi- 
cials said. 


CROSSWORD 


ACROSS 

i Extreme point in 
an orbit 
' g -Hogan’s 
Heroes' extra 


10 Cote 

i« Hayes's 
predecessor 

is Arabian 
sultanate 





> t 


JAL 

offers onward flights 
from Osaka 
to 21 destinations 
in Japan and Asia. 


. < 
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Japan JUrtlne* 


% 

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epic, with 'The' 

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oasis? 

21 Pilgrim John 

22 What a ring 
lacks 

2a "Finally!' 

34 On ship 

2 i Plate scrapings 
29 In a moment 
» Peculiar 
32 Fast plane 
as English-French 
conflict 

beginning 1337 
39 Greek vowel 
«o Bay window 

41 Prefix with pilot 

42 'Scratn!' 

43 Went in a hurry 
45 South American 

plains 
4* Shock 
so — acid 
31 Jerk 

95 What 1 7- Across 
had 

saTooih pain 
» Los Angeles 11 
«o Skater's figure 
ei ‘The the 

hmit' 

ea Relative ot the 
heckelphone 
63 Teacher's 
charge 

DOWN 

1 io -percenters: 
Anbf. 

2 Get ready, 
informally 

a Of sound mind 
♦ Native Peruvian 


s -Drecula" 
author Bram 

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nor Dem 

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Dee 

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McCartneys 

12 Opening bets 

13 Jimmy Dorsey's 

It You 9 * 

16 Repair 

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difference 

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24 Late tennis 
V.I.P. 

23 Title- — 

26 Mrs. Chaplin 

27 Also 

26 pitcher 

Hershlser 

3Q Revise copy 

ai Potato feature 

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33 SuHeit 

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as Florid 

37 Times to write 
about 

38 Pauto. 

Brazil 

42 Treats with 
malice 

43 Bantu people 

«4 "Just a moment 
• 

43 Drug-yielding 
plants 

46 ‘Alas and ' 

47 Netted 

48 Sad sack 


Puzzle by Skfiwy L PtabBtoe 

© ,\eu< York Times! Edited bv Will Short z. 


Solution to Puzzle of Sept- 23 


49 The ones over 
there 

51 Knife 

52 Drop in a letter 
box 

53 Actress 
Swenson 

54 Old English 
letters 

55 Beach- storming 
vessels. Abbr. 

57 To and 



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Page 22 


ESTERNATIONAL HERALD TRIBUNE, MONDAY, SEPTEMBER 26, 1994 


LANGUAGE 


The Clank of Falsity and of Marley 


Chasing Zero: The Hi 


By Wiiliam Safi re 

W ASHINGTON — In a political harangue 
far from the nonpartisan coniines of this 
space, I disparaged some action of the First Lady 
with this metaphor “The clank of falsity goes to 
the top.” 

This criticism elicited a spirited response, which 
I enjoyed reading, from the Clintons’ private at- 
torney, David Kendall of Williams & Connolly. 
Then, a few days later, in an interview with The 
Wall Street Journal, Kendall denied another 
accusation from another source, charging it had 
“the unmistakable and clanging ring of falsity.” 

A clang is not a clank. Kendall, said to charge 
clients 5400 an hour, is meticulous in his choice 
of words. I called him. quickly dispensed with 
the nonlinguistic matters covered in his response 
to me as the horrendous Mr. Hyde, then assumed 
my natural Dr. JekyiJ identity: Why did he 


has the quality of a 'clang.' but is abruptly 
shortened like a ‘clink.’ " 


By Bairy James 

Imemanonal Herald Tribune 

ARTS — In the course of its historv. 


change the k in clank to the g of clang"] 
“I had in mind a counterfeit coin,” 


“I had in mind a counterfeit coin,” Kendall 
said. “In my aural sense, gongs and cymbals 
clang, while chains — the ghost of Marley comes 
to mind — clank. To me, the false ring of a fake 
coin is a clang. " 

His carefully considered change of my clank 
deserves examination. 

Clang is rooted in the Latin clangere, “to 
resound,” and was used in ancient times to 
describe the reverberating sound of a trumpet. 
Some etymologists think it is akin to the Greek 
klazein, “to scream or bark.” and the Old English 
hliehhan, “laugh.” In modem English, the verb 
made its debut in 1576 in "A Panoplie of Epis- 
tles” by Abraham Fleming: “By the clanging 
trump of swift report, proclaimed." It became a 
noun 20 years later, defined as “a loud ringing 
metallic sound” with a second sense of “a harsh 
cry of a bird (as a crane or goose).” 

Contrariwise, clank can claim no proud Latin 
lineage. First sighted in 1656 (when the poet 
Abr aham Cowley wrote, “No clanck of Chains 
was known”), it is probably imitative in origin, like 
the onomatopoeic zap or the echoic hiss. An Ox- 
ford English Dictionary lexicographer anticipated 
the contretemps I would have with Kendall, defin- 
ing clank in contradistinction to clang. According 
to the O.E.D., clank, is “a sharp, abrupt sound, <ts 
of heavy pieces of metal (e.g.. links of a heavy 
chain) struck together; differing from clang in 
ending abruptly with the effect of a knock." 

Kendall's reference to Jacob Marley. who 
wore chains in his ghostly visit to Ebenezer 
Scrooge in M A Christinas Carol” by Charles 
Dickens, is therefore correct: those chains 
clanked. The O.E.D. also suggests that clank is 
the offspring of clang crossed with clink, “to 
express a sound intermediate to the two, which 


However, the sound of a counterfeit coin's 
being tested by being dropped on a hard surface 
would not be the pure, bell-like ring of silver or 
gold, but would be brief and off-key — closer to 
clink than clang. Therefore, in using a metaphor 
of a metal with a false or discordant ring, I prefer 
clank — the clank of falsity. 

“O. J. was so graceful so ingratiating,” Robert 
Lipsyte wrote in The New York Times this 
summer, “that it was easy to forget how he got 
there, a ghetto gang leader, a high school, junior 
college, major college Alpha male who had 
learned to knock down anything in his way." 

Gary Muldoon writes from Rochester:’ “Al- 
pha? The reference is unclear to me. First thought 
— fraternity — nah. In ‘Brave New World.’ there 
are different strata of people, with the Alphas on 
top — could be.” 

Nah. The fairly frequent phrase A Ipha male — 
1 35 uses in Nexis, 1 34 in Dialog — though not in 
dictionaries yet. nor even in The Barnhart New- 
Words Concordance, Is from ethology. 

No, not ethnology, the branch of anthropology 
that compares cultures; ethology, the study of 
animal behavior. In two words, an Alpha male is 
“top dog"; to ethologists, it is “the dog at the top 
of a troop's dominance hierarchy.” 

“An Alpha male." says Dr. Katherine Houpt, 
director of the Animal Behavior Clinic at Cornell 
University, a high human among ethologists, “is 
the top rank in the hierarchy. From Alpha as the 
first letter in the Greek alphabet, lius term is 
usually used of the top male in wolf packs, the 
one that gets to breed and to aggress and has first 
access to scarce resources like food and the best 
place to sleep.” 

Alpha mate is the second contribution of ethol- 
ogy to pop psychology and politics. The first was 
pecking order, a discovery of the Norwegian 
zoologist Thorleif Schjelderup-Ebbe, who called 
it hackordning, “peck order." In the social order 
of chickens, the one at the top is the hen that 
pecks but is never pecked in return. 

I was the owner, though not the master, of a 
wonderful Bernese mountain dog named James 
who was an Alpha male. Had he been a chicken, 
he would have been at the head of the pecking 
order, but he was no chicken. The trainer said 
James had “great character,” which meant he 


P ARIS — In the course of its history. 

mankind has come up with some 
bizarre ways of calculating, but until 
now no one had counted the w-avs. 

Enter Georges Ifrah, whose monu- 
mental “Universal History of Fig- 
ures” fills the gap by describing count- 
ing methods and numerology all the 
way back to Cro-Magnon man. 

The more than 2,000-page, two-vol- 
ume encyclopedia is a Dublishmg sen- 
sation iiTfrance. At 29$ francs ('$56) it 
has sold 1 20,000 copies in less than four 
months and has been high on the best- 
seller list for several weeks. 

Ifrah caught the nation’s imagina- 
tion when he appeared on a television 


show and held up a school report card 
that stave him a zero in mathematics. 


that gave him a zero in mathematics. 

This touched a nerve among the Car- 
tesian French, who have a love-hate 
relationship with math. On the one 
hand, they are told that it is the royal 
road to success. On the other hand, 
Ifrah said, they are turned off by the 
unimaginative way it is taught. 

Ifrah, who exudes passionate en- 
thusiasm for his subject, makes math 
sound like fun. His book, which is in 
the grand tradition of 18th-century 
encyclopedists, amazes and fascinates 
by the scope of its scholarship. It is no 
less than the story of humanity, told 
through figures. 

Ifrah repaired his early deficiency 
in math after a friend showed him 
some of the tricks that one can play 
with figures. He went on to become a 
high school teacher of math and wrote 
three conventional textbooks. 






V *- n&. f ':' C ■ ‘.sv .*:•- : 

*«' : t v* 


Georges Ifrah tells of counting, all the way back to Cro-Magnon man. 


Then, 20 years ago, a pupil asked 
him how was it possible to calculate 
using Roman numerals and whence 
came the zero. 

“I was incapable of replying, and 
shattered by my own ignorance," he 
said. 


resented being told what to do. We finally taught 
him to sit How does an Alpha male responato 
the “sit" command? He waits for you to say it the 
third time, then sits in the most begrudging way, 
but to show he’s not being submissive, barks, as 
if to say, *Tm sitting only because I feel like it." 


Since he could find no book that 
dealt with the subject, Ifrah decided he 
would write it. He gave up his job and 
emigrated to Las Vegas. Nevada, in 
1974, where he worked as a taxi driver, 
waiter and night clerk to finance his 
search. 

With his earnings, plus $1 0,000 he 
won on the slot machines, he traveled 


Nov York Times Service 


from Mayan pyramids in central 
America to Inca ruins in Peru and 
Hindu temples in India. He pored 
over books in dozens of libraries. He 
sought the help of anthropologists, 
historians, archaeologists, ethnolo- 
gists, mathematicians and people of 
many other disciplines. 

The result was the first edition of 
“Universal History of Figures,” 
which appeared in 1981. sold a re- 
spectable 50,000 copies and was trans- 
lated into 14 languages. But it was not 
the book he wanted to write, which 
was the story of human intelligence 
across civilizations. 

So, financing himself through sav- 
ings and supported by a wife who 
believed in him, Ifrah' again set off 
around the world in search of die 
material that he has poured into the 
new book. The only thing it shares 
with the first edition is me title. It 
contains hundreds of illustrations 


drawn by Ifrah. He said he did poorly 
in art at school as wdL 

Zero was the Holy GraiL When, 
why and how did men first use it? The 
ancient Chinese used black and white 
sticks to stand for negative and posi- 
tive numbers, but could not conoeive 
of zero. The Babylonians pondered 
the problem, but never found the an- 
swer. “Twenty minus twenty," a 
scribe scratched on a day table. 
“You’ll see.” 

Ifrah believes zero was discovered 
by Indian mystics seeking to notate 
the age of Brahma and the extent of 
the universe. They needed to manipu- 
late very large figures, since Brahma 
was thought to be three trillion years 
old. The Indians also had highly de- 
veloped abstract notions of infinity 
and nonsubstantiality. 

The first known use of zero in a 
modem text, Ifrah discovered, was in 
an Indian text describing the position 


of thcptaet$$&d*{ftzs, which enables 
ittobeptbdsc^d^dloAug.25, 438 
on the Julian calendar. 

“It was noccssaxy to have a dvilgg. 
tion that was famitiw with the void in 
afl its aspects to’tum nothingness lato 
a number," Ifrah said. “The zero is 
one of the most brilliant manifesta- 
tions of human intelligence, almost as 
important as the discovery of foe.” 

Zero opened the way to algebra and 
modem calculus. It freed men from 
the need u> count on their fingers, or 
toes, or with wooden tallies,: knotted 
strings and piles of pebbles. 

The Arabs quiddy adopted Indian 
notation, but it took a thousand years 
for it to be adopted in Europe. Ger- 
bert d* Aurillac, who became Pope Syl- 
vester II, brought Arab notation hack 
from Spain is the 10th century. He 
thereby gained a reputation as a sor- 
cerer ana alchemist. In 1643, the Vati- . 
can opened up las tomb to make sure 
no devils were hiding inside. 

The priests were not only suspicious 
of non-Christian symbols, but were 
also eager to keep their monopoly on 
knowledge of counting. As Ifrah dis- 
covered, it is impossible to calculate 
using Roman numerals. The dcrics 
kept accounts by shuffling p ie ces on a 
checker board, which is tray the Brit- 
ish minister erf finance is still known as 
the Chancellor of the Exchequer. It 
was not until the wave of learning 
known as the Renaissance that Indi- 
an-Arab notation entered Europe. 

Calculate, incidentally, comes from 
the Latin for “stone,” recalling the 
piles of pebbles that people used to 
count 

Ifrah says be was fortunate to grow 
up at the crossroads of three civiliza- 
tions in Marrakech, Morocco. From bis 
Jewish family, he knew about the caba- 
la, the ancient system of mystic numer- 
ology. He was aware of the vital contri- 
bucon of the Arabs to scientific and 
mathematical culture. And his studies 
in French introduced him to the inquir- 
ing minds of the Fnfighten meri t. 

Working on the b6ok has made him 
a profound humanist. Man has the 
same natural counting ability as a crow. 
“What sets us apart,” Ifrah said, “is the 
culture which we transmit from genera- 
tion to generation. We all possess the 
same potential for intelligence.” 


pi » : 

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WEATHER 


POSTCARD 


Europe 


Forecast for Tuesday through Thursday, as provided by Accu-Weaiher. Asia 


Mgaiva 
AnMandun 
Ark an 


CcfNnhsQM 
Carta M So 


Smbouu 

TaSm 


CIF OF 
21/70 15*1 
16/91 13/65 
23/73 11Q2 
3046 20*8 
24/79 18/68 
30/86 1702 
21/70 1305 
16/81 1102 
2602 1601 
1601 12Q3 
24/78 1608 
1601 7/44 

1407 1000 
2700 18/64 
22/71 14/67 
1006 12/83 
14/57 8/48 

2700 1804 
24/79 1804 
1BM6 1601 
1509 B« 
21/70 11/52 
25/77 1702 
21/70 10/90 
21/70 13/95 
25/77 1804 
12/53 8/46 

24/73 1806 
1702 1203 
22/71 13/55 
8/48 6/41 

2602 1604 
| 1702 B/48 

14/57 B/48 

IBOB 12/53 
13/55 1102 
27/80 2008 
21/70 1407 
23/73 13/55 
22/71 1407 



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Africa 


The Plaza: A Glittering New Life to Match the Old One 


By Enid Nemy 

.Vfw York Times Serrnc 


N EW YORK — There must have been 
a serious shortage of gilt and brocade 


North America 
The Great Lakes mil have 
chiDy weather at midwoek. 
Boston to Portend will have 


locally heavy rains while 
sunshine will prevail from 


sunshine will prevail from 
New Orleans to Chicago. 


San Lake C«y to Denver will 
have swiny. hot weather. A 
slow-moving storm wll bring 
a few showers to San Fran- 
cisco 


Europe 

Scandravia through north- 
ern Germany wfl have cool 
wet weather much of this 
week. London to Paris will 
have brisk cool weather with 
no more than e passing 
shower. A storm near 
Casablanca wIR bring locally 
heavy rains to southern 
Spain. Athens and Istanbul 
will be sunny and warm. 


Asia 

Cooler weather wilt plunge 
southward through eastern 
China and Korea eariy this 
week. Typhoon Orchid may 
approach southern Japan 
later this week. Manila and 
Hong Kang will have warm 
weather with a few stray 
afternoon showers. South 
central China will have 
sunny, warm weather. 


AW«a 

OrtaTown 


26/79 23/73 ah 26/82 2T/7D’pe 
21/70-13/56 pc 1B/B« 8/46 pc 

21/70 19/98 pc- am 15/59 pc 
20/«e 8M8 pc 22/71 11/52 pc 

20/84 23/73 pc 29/84 24/75 pc 
21 TO 1H52 lh WTO 11(52 pc 
34/93 22/71 ■ 33/91 21/70 pc. 


North America 


Middle East 


Latin America 


Today Tomorrow 

High Low W High Law W 


28/82 23.73 s 294« 22/71 ■ 
29/B4 M.w B 31/86 1844 I 


27/60 13/55 a 29/84 11/52 ■ 
Z4/7S 17*2 a 28/79 15159 a 


Oceania 


34/93 23/73 c 38/10017/82 s 
35/95 19*0 ■ 37/90 19/68 a 


Today Ttanontw 

Wgh Low W High Low W 
CT OF CIF OF 

Buerva Aires 17/62 8/43 a 19/86 12/53 a 

Caracea 27/80 2040 pc 27/60 20/68 pc 

uma 1644 1641 a 16464 15/58 pc 

MauoGqr 34/75 150* pc 24/75 14/57 pc 

nodaJMMfco 26/79 1B46 a 24/75 1844 c 

8arrtago WTO 12/63 a 26/79 1203 pc 


1841 8/46 c 16/61 8/48 pc 
1742 7/4* c 1742 a MO ah 


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svwww. Mca. w-weamar. Alt maps, forecasts and data provided by Aecu-Weather.lnc.0t9M 


8/48 0/32 

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2040 15/59 
1742 6/46 

2740 8/46 

1946 11/52 
2944 23/73 
3148 1540 
3049 1046 
3249 23/73 
1641 6/43 

1644 4/39 

3146 24/75 
23/73 1742 
38/100 24TO 
tt/TT 1407 
84/79 1203 
21/70 4/3) 
24 TO 1742 


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a 28/79 14/57 pc 
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a 2944 9/48 1 
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pc 2944 1644 pc 
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1 y a serious shortage of gilt and brocade 
throughout Manhattan after the Plaza Ho- 
tel’s face-lift was completed. The rejuve- 
nated 87-year-old glitters almost as blind- 
ingly as it did originally, when some of the 
gold leaf had to be toned down with 
bronze varnish. 

There are still nips and tucks to be 
made, but no matter. Donald J. Trump 
modestly calls it “the finest hotel in the 
country.” but then Trump son of owns it. 
with a few banks. 

Finest or not, it is something to see, 
especially the refurbished suites that are 


usually open only to hefty bank accounts 
(53,500 and 55,000 a night). 

The Astor. the Vanderbilt, the Presiden- 
tial and the Frank Lloyd Wright suites 
were among those open" for viewing at a 
S75-a-person fund-raiser for the New York 
Landmarks Conservancy. Although the 
As tors and the Vanderbilts never lived in 
those suites, Frank Lloyd Wright did occu- 


py his namesake rooms. Still. Astors, Van- 
derbilts. Goulds, Wanamakers and Harri- 
mans stayed at the Plaza, as did legends 
like Diamond Jim Brady. Lillian Russell, 
Mark Twain and the Beatles. 

Cary Grant, a frugal man, couldn’t figure 
out why he was constantly getting only 
three English muffin halves with his tea and 
marched down to the kitchen to demand an 
answer. He was told that the hotel saved the 
fourth half for orders of eggs Benedict, but 
from then on he got his mi sang half. 

The most famous of them all, Boise, the 
spoiled 6-year-old who checked in in 1955, 
poured water down the mail chute and 
ordered room service to send up a raisin 
and seven spoons. Fortunately she was 
fictitious, dreamed up by Kay Thompson, 
a singer and comedian. 

The Frank Lloyd Wright suite costs 
53,500 a night. (To think that the Plaza 
rooms were once 5250 — 54 with bath — 
and suites S25.) It overlooks both Central 
Park and Fifth Avenue and Wright lived in 
it for five years in the 1950s. while he was 
designing the G ug genh eim Museum. 


A good deal of the current decor in the 
rooms is as it was originally, and the aus- 
tere, verging on monastic, setting is some- 


i.Tii'lltCI 

iltoll Kl*l! 


a of an anomaly in an establishment as 
and voluptuous as the Pla 2 a. Wright 


plush and voluptuous as the Plaza. Wright 
furniture, much of it reproductions ob- 


tained through the Wright Foundation, is 
in every room: tall, vertical slat-back 
chairs, curved slatted chairs, a rosy pink 
wrought-iron table and chairs that might 
have been plucked from a garden. 

The Vanderbilt suite, with three bed- 
rooms and a dining area at one end of the 
living room (55,000 a night, or 5325 for a 
single bedroom that can be closed off), is 
distinctive in its fashion: pretty rather than 
opulent, with a brass chandelier and cream 
walls detailed with painted floral designs. 

The Astor suite is one of many awash in 
crystal, gold and brocade — pink, cream 
and rose. There’s a fancy bathroom here 
with a whirlpool bath (with a park viewV 
decorative columns and gold fixtures, in- 
cluding a swan-shaped faucet and. over- 
looking it, a mural of a little angel floating 
in a blue and white sky. 





You r si o m ach’s gro wiing. 


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Mother Mature s calling. 



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