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INTERNATIONAL 



Sri bun e 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


The World’s Daily Newspaper 


R 


Paris, Satur day-Sun day, April 19-20, 1997 



No. 35,500 



$100 Million Haul of Amphetamines 
Reinforces Regime’s ‘Criminal’ Image 


By Mary Jordan 
ana Kevin Sullivan 

Washington Post Service 


TOKYO — Japanese police seized 
almost $100 million worth of illegal 
drugs from a North Korean cargo ghrp 
Friday, the latest sign that the . fan 
nation is using illegal means to raise 
sorely needed cash. 

‘ The seizure of Che amphetamines, 
which had been labeled as hooey, comes 
as the Japanese government is weighing 
whether to give North Korea food aid 
and as the United States tries to draw the 
r yell-armed nation into peace talks. 

• Japanese police discovered 70 kilo- 
grams (155 pounds) of the illegal stim- 


Iran Radicals 
Warn Germany 
Of Retaliation 


l By William Drozdiak 

' . . Washington Po st Service 

BERLIN — The leader of an ex- 
tremist Shiite Muslim fundamentalist 
group in Iran threatened Germany an 
Friday with suicide bombings if it (fid 
not apologize for a court ruling that 
blamed Iran's leadership for ordering 
the assassination of Kurdish d is sid ent s 
here in 1992. 

It was the first explicit warning of 
violent retribution in the wake of last 
week’s verdict by a Bohn court, which 
convicted an I ranian and three Lebanese 
of murdering the Kurds at a local res- 
taurant The court said the killers were 
acting on instructions from Iran’s 
highest authorities. .. ... ... 

European Union nations withdrew 
then* envoys from Iran after the ruling. 

Germany bas Tfffcp ped up anti-terror 
vigilance at international airports and 
around government buildings n? the last 
few days, officials said. Italy also has 
moved to a high alert after its intel- 
ligence agency warned of possible al- 
ia^ by Islamic extremists. 

• “We will confront insults to Islam 
tuid our religious leadership wherever in 
the world they occur," Hossein Allah 
Karam, head of the Ansar’e Hezbollah 
“group, told a crowd outside the German 
Embassy in Tehran. “We. are even 
ready to strap a bomb around our waists 


nlants in the bold of the freighter Ji 
Song-2 in the Pacific Coast prat of 
Hososhuna. The freighter hart left 
Nanpo, North Korea, rat April 5. Two 
men, apparently ethnic Korean resi- 
dents of Osaka, were arrested, and the 
crew was being questioned. 

A $200 mBhon cache of illegal drugs 
is big anywhere, but especially so in 


Relief 
aid to 


scramble to 
North. 


food 

S. 


Japan, which has some of the world’s 
toughest drug laws aid lowest levels of 
abuse. 

“The' image of a criminal North 
Korea will increase" after the must, 
said Yasunari Sone, a political science 
professor at Keio University. 

He said Japanese were divided over 
whether to provide food aid to North 
Korea, with some people arguing that 
Starvi^ children should be fed regardless 
of their country’s politics or military. 

. But the amphetamines semire, Mr. 
Sone said, will strengthen the argument 
of those who say North Korea cannot be 
rewarded fra spending its money on 
missiles instead of rice. These people 
argue chat North Korea cannot be trus- 
ted even to feed die hungry because it 
promotes “kidnapping, chugs, forgery 
and other crimes/’ he said. 

TamotsuShitosuka, who writes about 
North Korea frequently for the national 
newspaper Sankei Shimbun, said North 
Koreans had bought sophisticated ma- 
chines in Japan that are used to detect 
fake banknotes, as they seek to upgrade 
their counterfeiting techniques. 

- North Koreans nave been anested in 
Cambodia and other countries for 
passing bogus $100 bills. Some of those 
anested were carrying diplomatic pass- 
ports. leading law enforcement author- 
ities to believe that Pyongyang bad ap- 
proved counterfeiting. 

Washington has criticized Pyongy- 
ang fra seeking to sell ballistic missiles 
foSjvia, Iras and other countries. 

“Ttas -ig their national policy to do 
o^^l>T3clu£ng~%lGiig tfEgS or 
arms, to get foreign currency.’ ’ Mr. 
Shitosuka said. ’ • 

As North Korean te et ers on the brink 
of famine, it has engaged in an ag- 
gressive attempt at repairing its inter- 
national imag e.- - . 

- But mindfol of strong public anger 
over , accusations that Pyongyang kid- 
napped Japanese in the 1970s to help 
tram spies. Prime Minister Ryntaro 
Hashimoto has so far refused to provide 
new food aid to Pyongyang. 



KsraknL Lcvino/Reabn 


EXCHANGE — Benjamin Netanyahu, right, the Israeli leader, speaking with the U.S. special envoy, Dennis 
Ross, during the funeral Friday in Jerusalem for former President Chaim Herzog. Israeli television 
speculated that Mr. Netanyahu may escape indictment for fraud. The background of file scandal. Page 2. 


The Euro Moves to Center Stage 

Common Currency a Fetish in Britain, France and Germany 


By Craig R- Whitney 

Ww York Tima Service 

PARIS — The increasing likelihood 
that die European Union wall go ahead 
cm schedule with a common currency in 
1999 has made it the defining issue of 
domestic politics across the 15-nation 
group. 

The euro has become an obsession 
not only in Britain's election May I but 
also in France. 

Thiv weekend, officials say. Presi- 
dent Jacques Chirac is mullmg over 
whether to dissolve Parliament and call 
elections this spring to win a mandate to 
extend the pamful government spend- 
ing cuts needed to qualify France to join 
the new currency in a year. (Page 2) 

Chancellor Helmut Kohl 's recent de- 
cision to run for another four-year term 
next year in Germany was widely seen 
there as a sign of his determination to 
see die euro through even though Ger- 
many, which insisted on strict fiscal 


criteria in the first place, will also have 
trouble meeting them. 

Spain and Italy worry that they might 
not get in. Rime Minister John Major's 
Conservatives don’t know whether they 
want in or out. and many European 
officials on the continent expect that the 
British elections will resolve the issue 
with a clear victory by the opposition 
Labour Party. 

Worry about the euro has also pushed 
broader European issues off center 
stage. Formerly Communist countries 
in central Europe that once hoped to join 
the European Union by 2000 are now 
being told that they have no chance 
before 2002, 2003 or 2004, according to 
officials in Brussels. 

The distraction of the euro has also 
made it impossible for the European 
Union to decide how to streamline the 
group's dizzyingly complex decision- 
making procedures before new mem- 
bers come in and make the process still 
more unmanageable. 


An intergovernmental conference 
that started in Rome in early 1996 was 
supposed to resolve the issues last year 
and allow complicated negotiations 
with prospective new members to be- 
gin. 

But even the participants agree that 
the conference, which has since moved 
to Brussels, made little progress on 
modifying the European Union treaty to 
get ready for expansion. 

Hoping to bring the conference to 
completion by a planned European sum- 
mit in Amsterdam in mid-June, the 15 
foreign ministers recently agreed to try 
to kickstart the stalled talks with a spe- 
cial meeting in Luxembourg at the end 
of this month. If that fails, they may call 
an emergency pre -summit meeting of 
heads of state and government in the 
Netherlands on May 23, according to 
officials in The Hague. 

“■When you have a major task like 

See EUROPE, Page 5 


Spain Firm 
Switches 
Sides in Deal 
On Phones 


AT&T Loses Out 
In Latin America 
To British-MCI Link 


By Mitchell Martin 

IrtierruTiowl Herald Tribune 

NEW YORK — Spain’s telecom- 
munications company switched inter- 
national alliances Friday, favoring the 
British-American combine of British 
Telecommunications and MCI Com- 
munications over a rival confederation 
led by AT&T and taking with it a large 
presence in the growing Latin American 
market. 

Telefonica de Espana announced a 
string of concrete and potential areas of 
cooperation with BT and with MCI, 
which the British company is in the 
process of acquiring. 

The most important, analysts said, 
was the creation of a 50-50 joint venture 
between Telefonica Intemacional SA. 
the Spanish company’s international 
unit, and MCI. 

This new venture, to be called Tele- 
fonica Panamerica-MCI, the partners 
said, will “pursue opportunities’’ in the 
Latin American conun uni cations mar- 
ket, which is worth $36 billion a year 
and could grow to $60 billion by the 
year 2000. 

Telefonica already is the largest for- 
eign communications company oper- 
ating in Latin America, with presences 
in Argentina, Brazil, Chile, Peru and 
Puerto Rico. MCI has expanded from its 
U.S. base into Mexico. 

Telefonica’s decision to join with BT 
and MCI was seen as a victory for their 
alliance, but the Spanish company was 
unclear about whether it was withdraw- 
ing from AT&T Corp.’s Unisource 
group. AH of the substantive measures 
announced Friday concern Latin Amer- 
ica. 

“It's interesting how it was struc- 
tured like this," said Iain Johnston, a 
telecommunications analyst ai J.P. 
Morgan Securities Ltd. in London. “It 
looks like they were trying to create a 
structure dial would give Telefonica the 
possibility of remaining a part of Uni- 
source." 

Unisource is a confederation of 
phone companies led by AT&T that also 
includes Sw iss T elecom, the Dutch 
Koninklijke PTT Nederland NV and 

See ALLIANCE, Page 5 


See IRAN, Page 5 


AO E N DA 

State Department 
To Be Revamped 


President Bill Clinton has ap- 



spurred 

art by the need to accommodate 
epuWicans in Congress. _ 

He also has selected David Aaron, 
nbassador to die OECD, to be- 
jme undersecretary of commerce 
nr international trade. Page 3. 


Books Page 6- 

Crossword Page 4. 


Opinion Page 10. 

Sport s — Pages 20-21. 

Internationa] Ctassmeei Page 15. 


[The IHT on-line hUp://wivw.jnt^£^ 
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Children Race a Deadline 

Smugglers Profit From Runs to Hong Kong 
As Residents Try to Unite Families by July 1 


By Keith B. Richburg 

Washington Past Service 

HONG KONG — Kok Man-sing is 
only 8 years old but has already ex- 
perienced a lifetime’s wrath of trauma 
— separation, flight, refuge and now the 
constant fear of apprehension and de- 
portation. He is a pint-size illegal im- 
migrant from China, brought brae on a 
motorboat in the dead of night by 
“snakeheads/* or local smugglers. 

“I was scared the policemen would 
come," Man-sing said, describing his 
flight here with his 7-year-old sister, 
Kok Man-kok, crammed on a motorized 
sampan with about 50 other illegal im- 
migrants. When they arrived, near dawn, 

he and Man-kok, with rally as address 
rar a piece of paper, found their way to 
their parents’ noose, and the family was 
reunited after nearly two years. 

‘Tin afraid to go hack to China." 
said Man-sing, sporting a new Chicago 
Bolls baseball cap and a gray warm-up 
suit “I like Hong Kong a lot I want to 


get my idennty card so I can stay longer. 
I like the television, and I like playing. 
Even though I don’t have any frreDds, if 
I stay longer I’ll be happier. I never want 
to go back to China." 

As he spoke, a boy next to him 
quickly agreed. “The Chinese govern- 
ment is rotten,’ * said Yong Dong-chuen , 
12, who also is feeing repatriation. * ‘I’m 
not afraid. I won’t go back, even if they 
matey, me.** 

These boys are part of a wave of 
hundreds of illegal immigrant children 
who have been flooding over the border 
from southern China in record numbers 
in recent weeks, sparking a budding hu- 
manitarian crisis and prompting social 
workers to warn of a larger human 
swarm to come. So far this year, about 
1,500 children are believed to have 
crossed the border illegally, about double 
die number who crossed m all of 1996. 

The human flood is also raising fears 
fra the safety of die children, most of 

See CHINESE, Page 5 



Thr 0 „hinfl 1 '-fi 


A young couple seeking advice on obtaining Hong Kong residency for the child they brought in illegally. 


Descendants of an Old Lug Find a Twist to the Universe 

Skepticism Greets a Big Ancestor of Apes and Man Findings May Flip Einstein’s Theory Upside Down 


ByCurtSuplee 

Washington Past Service 

WASHINGTON — Fossils unearthed from, an- 
cient rock in Uganda have revealed what scientists 
$ay is by far the oldest known common ancestor of 
both men and apes: a shockingly big, tree-dwelling 
lug that could hang around comfortably in an up- 
right position but walked awkwardly on all fours. 

The finding, reported by a diverse international 
team in the Friday issue of the journal Science, 
fluted fee remains to 2 0 l 6 million years ago. That is 
about 10 milli on years older than fee next oldest 
viable fossil candidate for a common ancestor. 

And it is roughly fee period in which some 
scientists have presumed feat a great evolutionary 
split occurred, producing one lineage that would go 
on to become various kinds oflaner-day monkeys 
and another group, called bominoids, feat would 
become modemapes and humans. 


If fee team's analysis is confirmed — and some 
experts are skeptical — the heretofore uncategor- 
ized creature, which fee researchers have named 
Morotopithecus bishopi , will shatter the wide- 
spread assumption feat the common ancestors of 
modem apes and humans in feat era were probably 
as small as modem gibbons. 

The find "really pushes fee time scale a long 
way back," said Terry Harrison of New York 
University, a scholar of fossils from fee Miocene 
epoch, as the period from 25 million to 5 million 
years ago is known. 

“What it means," said Mr. Harrison, who was 
not involved in fee work, “is that hominoids had 
already diverged by 20 million years ago," a 
development feat had remained frustratingly ab- 
sent from the fossil record. 

The Ugandan fossils, which include cranial ma- 

See ANCESTOR, Page 5 


By John Noble Wilford 

Rev Yorit Tima Service 

NEW YORK — Measurements by scientists 
have suggested for the first time feat fee universe 
has an "up" and a “down.” 

The observation, if correct, would be one of the 
most surprising and fundamental new insights 
about the universe to emerge in recent years. The 
notion feat sjace is uniform, featit is fee same in all 
directions, wife no north and south or up and down, 
is a major tenet of modem cosmology, backed by 
Einstein’s theory of relativity. 

The findings could force scientists to reconsider 
aspects of Einstein's theory, rethink some ideas 
abont the birth of fee universe and the possible 
existence of other universes. They also raise ques- 
tions about the speed of tight, especially whether h 
may not be always precisely the same. 

In an analysis of radio waves from 160 distant 


galaxies, physicists at fee University of Rochester 
and fee University of Kansas made fee startling 
discovery that the radiations rotate as they move 
through space, in a subtle corkscrew pattern unlike 
anything observed before. 

A complete turn of the corkscrew appeared to 
occur every one billion miles the radio waves 
travel. These effects are in addition to what is 
known as the Faraday effect, a polarization of light 
caused by intergalactic magnetic fields. 

Even more surprisingly, the magnitude of these 
newly observed rotations appear to depend on the 
angle at which the radio waves move in relation to a 
kind of axis of orientation running through space. 

The more parallel the direction of travel of the 
wave is with the axis, fee greater fee rotation. The 
reason for this remains unknown. 

TTiis axis of orientation is not a physical entity. 

See UNIVERSE, Page 5 








PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, APRIL 19-20, 1997 


Israel’s Coalition Politics Paved Why for Netanyahu’s Troubles 


.m 


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, run , 


. IJniUP* 




By Barton Gellman 

Ha»//My/t.« Pm? Scr rice 


JERUSALEM — At 10:30 AJvL on 
Jan. 1 0. lo the consternation of assembled 
ministers. Prime Minister Benjamin Net- 
anyahu sprang the announcement that he 
was ready to fill the vacant attorney 
general's post. He insisted there must be 
cabinet confirmation on the spot. 

Most of the ministers said ihey had 
never heard of the candidate, a criminal 
lawyer named Roni Bar-On. Those who 
said they did know him, according to a 
leaked transcript of the cabinet meeting 
and interviews with five of those in the 
room, voted against the appointment or 
abstained. 

Within rwo days, before he could be 
sworn in. Mr. Bar-On had withdrawn 
from the post in the wake of public 


criticism that he was unqualified. But 
the story behind the failed appointment, 
full of hardball bargaining and alleged 
deals, has brou gh t Mr. Netanyahu to the 
brink of downfall. 

(Israel's state prosecutor. Edna Ar- 
bel. said Friday she has already decided 
on whether to press corruption charges 
against Mr. Netanyahu. Agence France- 
Presse reported from Jerusalem. 

[* ‘The prosecutor's office has enough 
proof to reach a conclusion and we do 
not need any more investigation." she 
said. The decision is to be announced on 
Sunday night.] 

The story has its roots in Israel’s 
complex coalition politics. 


seats. To reach his working majority of 
66. he recruited 34 votes from Five other 
parties in an alliance of ideology and 
convenience. 

Mr. Netanyahu found his largest ad- 
ditional bloc in the 10 seats controlled 
by Aryeh Deri's Shas, an ultra-Ortho- 
dox Jewish party with special appeal to 
Israelis of North African and Middle 
Eastern descent. Mr. Deri, sometimes 
called "the indispensable man" of Is- 
raeli politics because of his shifting al- 


liances, acquired the power to make or 
break Mr. Netanyahu by depriving him 
of a working majority at will. 

Mr. Deri also had severe legal prob- 
lems. having been under investigation 
or trial for seven years on corruption 
charges that have yet to be resolved. The 
central accusations of the current scan- 
dal revolve around Mr. Deri's relation- 


Although Mr. Netanyahu was elected 
? direct ballot, he cannot govern with- 


by direct ballot, he cannot govern with- 
out a majority in the 120-seat Parlia- 
ment. His owti Likud Party controls 32 


ship to the appointment of Mr. Bar-On 
as attorney general. 

Mr. Deri, when asked soon after by 
reporters, denied at first that he even 
knew Mr. Bar-On. 

But according to witnesses emerging 
in a three-month police inquiry. Mr. 
Deri was intimately involved in die ap- 
pointment. The investigation began 
shortly after Israel Television reported 
on Jan. 22 thar Mr. Deri pushed for Mr. 
Bar-On as part of a deal to bring him 
lenience in his trial 

Before Mr. Deri could put Mr. Bar- 
On in the job, he had to quash the 
candidate whom Mr. Netanyahu has de- 
scribed as his first choice: Dan Avi- 
Yitzhak. one of Israel ’ s leading criminal 
lawyers, who happened ro be Mr. Deri’s 
own chief counsel in the corruption trial. 
Mr. Deri has acknowledged he 


threatened Mr. Netanyahu's chief of 


staff. Avigdor Lieberman. that '‘you'll 
have to deal with me” if Mr. Avi- 


have to deal with me” if Mr. Avt- 
Yitzhak got the post. 

Mr. Avi-Yitzhak. who then had a 
bitter falling out with Mr. Deri, has 
since accused him of attempting to force 
the appointment of Mr. Bar-On. 

Mr. Avi-Yitzhak has told investiga- 
tors, Israeli news reports say, that Mr. 
Deri issued political ultimatums to Mr- 
Netanyahu's chief of staff and to Justice 
Minister Tzahi Hanegbi in an effort to 
install Mr. Bar-On. 

Mr. Hanegbi. in turn, took the lead in 
promoting Mr. Bar-On in the cabinet He 
described him as “for decades one of 
Israel’s foremost criminal lawyers' ' and 
implied that the Supreme Court’s chief 
justice, who had objected strongly to Mr. 
Bar-On ’s candidacy in a private meet- 


infi “welcomed the appoinnnenL" ^ 

S The police have proposed mdiclmens 
JSfoPT men. Mr. Den jrorfd be 
ehareed with extortion, while Air. 
SSi and Mr. Lieberman, the chief of 

5 L,welias Mr. Netanyshu wouW 
Se charges of fend and brcachoftna 
The police have acknowledged thai their 
case relies heavily on one ’ central wit- 
SS.” identified by. kraeh news or- 
ganizations as Mr. Avi-Yitzhak. 

6 The nature of the charges, according 

to Israeli legal analysts, suggests police 
. rhev can Drove Mr. 


Vtv.Tr 
.... Si? 




MajjcEtn — l v • 

Mr. Bar-Qn’s appointment on the hasis 
of Mr. Deri's threats. The proposed m- ■ 
dictment of Mr. Netanyahu, they said, ^ 
suceesxs the police believe Mr. Net- 
anyahu was aware of die threats and the 
motives behind them. 


^ t -t’ 
-V =. 


it' . 

_ . ■ ■ HM 


BRIEFLY 


Bulgaria Opposition Is Favored 


NATO-Deal Talk Puzzles U.S. 




X. 




SOFIA — Opinion polls Friday showed Bulgaria’s anti- 
communist Union of Democratic Forces cruising toward 
overwhelming victory on the eve of early elections forced 
by a wave of unrest the party led three months ago. 

Two polls gave the Union of Democratic Forces about 
half of public support, enough to secure an absolute 
majority in a new Parliament and a mandate to press 
ahead with marker reforms demanded by international 
lenders as a condition of aid 10 rescue the devastated 
economy. 

Gallup International gave the Union of Democratic 
Forces 54 percent, compared with 24 for the former Com- 
munists' Socialist Party, which banded power to an interim 
government after a midwinter explosion of discontent over 
rocketing inflation and mass poverty. (Reuters) 


Russian Workers Strike for Pay 


MOSCOW — Strikes continued in different parts of 
Russia on Friday, with workers demanding wages 
delayed for months, the Itar-Tass press agency reported. 

The strike of 400 employees at one of Russia's biggest 
hydropower plants in the remote Siberian city of 
Gusinoozersk, 4.500 kilometers (2.800 miles) east of 
Moscow, was in its eighth day. Itar-Tass said. 

The employees were demanding 30 billion rubles (S5.2 
million) in back pay delayed since July, the report said. 

Meanwhile in Yekaterinburg, a city in the Ural moun- 
tains. 300 workers were staying underground for the 12th 
day in the subway tunnels they had been building, to press 
their demands for back wages. Itar-Tass reported. (AP) 


Italian Panel Rejects Budget 


ROME — The budget commission of the lower house 
of Parliament voted Friday against the government's 
proposed 1997 supplementary budget, said a senior op- 
position politician. Giuseppe Pisanu. 

The vote of 25 to 24 was a severe embarrassment for 
the center-left government of Prime Minister Romano 
Prodi. 

The proposed budget will now go ro the Chamber of 
Deputies for a vote. The supplementary budget aims to 
reduce the 1997 budget deficit by 15.5 trillion lire ($9.1 


Reuters 

WASHINGTON — U.S. of- 
ficials insist that a NATO-Russia 
security’ agreement is anything 
but concluded and have ex- 
pressed puzzlement that Presi- 
dent Boris Yeltsin of Russia has 
publicly acted as if a signing ce- 
remony May 27 was certain. 

The* U.S. officials spoke after 
Mr. Yeltsin, apparently gambling 
on the support of his mend and 
ally Chancellor Helmut Kohl, 
said Thursday that Russia would 
clinch an elusive deal with 
NATO next month. After a day of 
talks in the German spa resort of 
Baden-Baden, Mr. Yeltsin and 
Mr. Kohl said Bonn's influence 
could break a deadlock between 
Moscow and the alliance over 
NATO's eastward expansion. 

But the State Department 
spokesman. Nicholas Bums, in- 
sisted: ‘ ‘Negotiations have nor yet 
been completed, and so we can’t 
cite a victory before we have it.” 

“We certainly have the hope” 
of reaching agreement on a 
NATO-Russia charter, Mr. 
Bums said, but he added, ‘ T can *r 
point you to any dramatic pro- 
gress recently.” 

A key German official was 
more upbeat Friday that NATO 


could strike a deal. Karlheinz 
Homhues, chairman of a parlia- 
mentary foreign affairs commit- 
tee. said the Baden-Baden sum- 
mit meeting had shown thar 
Moscow no longer saw NATO’s 
plans as a challenge to Russia. 

Mr. Homhues, a member of 
Mr. Kohl's Christian Democratic 
Union, said Mr. Yeltsin had com- 
mitted himself to finding a solu- 
tion in time. 

“If one side says, ‘We’ll get 
there on time,’ then it is putting 
itself under pressure.” he told 
German radio. “When you set a 
deadline, it applies to yourself as 
well as to your partner. So I think 
this announcement that they'll 
make it by then gives reason for 
optimism.” 

But U.S. officials remained 
puzzled. “The Russians are, for 
some reason I don't entirely un- 
derstand, talking about this as if it 
were agreed," one said. “We’re 
not there yet.” 

“It's agreed nationally and 
provisionally that if we nave a 
NATO-Russia document we'd be 
prepared to sign it on the 27th. “ 
the official added. “But there's a 
lot of work to be done.” 

The proposed Russia-NATO 
charter is aimed at easing Mo- 


scow's concerns about the alli- 
ance's plans to decide its first 
new post-Cold War members at a 
summit meeting July in Madrid. 
Top contenders ore Poland, the 
Czech Republic and Hungary. 

Moscow has demanded that 
NATO not position nuclear and 
other weapons in new member 
states and insisted on a say in 
alliance planning that is based on 
consensus decisions. NATO has 
refused to grant Russia treaty-like 
guarantees that would require rat- 
ification by member parliaments. 

“I don’t see that NATO is 
going to deviate from its position 
at all Mr. Bums said, “on 
either nuclear weapons or the sta- 
tioning of conventional forces.” 

The other U.S. official said 
differences remained over details 
for a joint Russia-aUiance coun- 
cil in which Moscow would have 
a voice but no veto in matters 
related to European security. 

But he said: “The big issues 
are on the military side and in 
reconciling what may be irrecon- 
cilable in the end: NATO’s ab- 
solutely rock-solid position that 
whether the alliance has 1 6 mem- 
bers, 19 members or 25 mem- 
bers, all members are equal and 
the alliance is sovereign. ’ 






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The ad showing a tiny Blair sitting on the German chancellor's knee. 


French Await Election Decision Anti-Blair Ad Is a Dummy 


billion) in order ro keep Italy on track for meeting deficit 
criteria needed to join Europe's planned single currency. 


criteria needed to join Europe's planned single currency. 

Mauro Paissan, a senior member of the Greens' party 
which is part of Mr. Prodi’s center-left coalition, said the 
result of the commission vote was essentially a challenge 
to the government to put the supplementary budget to a 
confidence test in the full chamber. (Reuters) 


Reuters 

PARIS — French politicians 
hastened Friday to prepare for a 
possible election campaign as the 
government let rumors spread 
that President Jacques Chirac 
may call a snap parliamentary 
vote for early June. 

Education Minister Francois 


21 Chosen for Home of Lords 


Bayrou. commenting on wide- 
spread reports that Mr. Chirac 


LONDON — Douglas Hurd, the British foreign sec- 
retary from 1989 to 1995, is to become a lord, allowing 
him to sit in the upper house of Parliament after the May 
1 election. Prime Minister John Major's office said in a 
statement for release Saturday. 

On Mr. Major's recommendation, Mr. Hurd is among 
21 mostly elderly politicians retiring from the House of 
Commons who will be ennobled by Queen Elizabeth II. 
The outgoing Northern Ireland secretary. Sir Patrick 
Mayhew, wfll also be among the 10 Conservatives 
honored. 

The seven new peers from the opposition Labour Party 


include Roy Hattersley. the party's deputv leader from 
1983 to 1992. 


1983to 1992. 

Also to be honored are Sir David Steel, who led the 
minority Liberal Party until 1988. and Sir James Mo- 
lyneaux, former leader of the Ulster Unionists, the main 
pro-British party in Northern Ireland. { Reuters ) 


spread reports that Mr. Chirac 
was thinking of bringing forward 
the election from March 1998 or 
reshuffling the cabinet, said that 
the president could announce a 
decision Thursday, following the 
weekly Wednesday cabinet 
meeting. 

Dissolving Parliament “looks 
the most likely possibility, but 
nothing is ruled out," said 
Michel Pericard, head of Mr. 
Chirac's Gauilist party in the Na- 
tional Assembly. “The president 
faces a difficult decision that he 
has to make on his own. * ' 

The assembly, discussing a bill 
on poverty, was much emptier 
than usual Friday as most deputies 
hurried back to their constituen- 
cies for a weekend of work 


The rumors unsettled French 
financial markets, where the 
benchmark CAC 40 Index 
tumbled 2.6 percent to 2,547.56. 
The franc also slipped, losing 
nearly half a centime to 3.3690 
francs against the Deutsche 
mark. 

The afternoon daily newspa- 
per Le Monde said that Prime 
Minister Alain Juppe and allies 
believed they had convinced Mr. 
Chirac to risk a snap election to 
secure a renewed center-right 
majority for the rest of his seven- 
year term. 

Recent opinion polls predicted 
a close battle but differed on 
whether the center-right or the 
left would win. 

The government won 80 per- 
cent of the seats in the assembly 


four years ago. but its public sup- 
port has slumped over the last 16 


port has slumped over the last 16 
months because of budget aus- 
terity ro qualify for the single 
European currency and persistent 
record unemployment. 

Analysts said Mr. Chirac may 
be tempted to seize on a slight 
brightening of economic pros- 


pects to try to catch the Left un- 
prepared. 

An early vote would also en- 
sure that campaigning does not 
coincide with European Union 
debate early next year on which 
countries make the grade for a 
single currency, starting in 1999. 

Finance Minister Jean Arthuis 
denied reports that the govern- 
ment was facing problems in 
meeting single-currency budget 
criteria — a reason cited for a 
snap vote before imposing a new 
bout of austerity. 

"I'd like to say 10 you. and 
repeal to you. thai public spending 
is under control and the govern- 
ment will meet die 3 percent tar- 
get,” Mr. Arthuis said, adding 
teat he had confidence in tee gov- 
ernment’s growth and forecasts of 
its deficit. It must be no larger than 
3 percent of gross national product 
to qualify for the single currency. 

Commentators singled out 
June 1 and 8 as tee most likely 
dates for a two-stage election, 
which bas to be held between 20 
and 40 days after tee assembly is 
dissolved. 


Tories Defend Belittling Him in Montage With Kohl 




Reuters 

LONDON — A Conservative elec- 
tion advertisement showing the La- 
bour leader. Tony Blair, as a vent- 
riloquist’s dummy on tee knee of 


Germany’s Helmut Kohl provoked 
outrage Friday. 


outrage Friday. 

But Prime Minister John Major said 
the advertisement pointed to the will- 
ingness of the Labour leader to sur- 
render British national interests in 
European Union negotiations, and 
was not meant to deride the German 
chancellor. 

The advertisement appeared full- 
page in national newspapers 13 days 
before the May 1 election. 

The advertisement contained a huge 
portrait of a smiling Mr. Kohl sitting rn 
an armchair with a diminutive Mr. 
Blair on his lap under tee caption: 
“Labour’s Position on Europe." 

Referring to June talks on reform of 
EU decision-making and a planned 
single currency, it said: ' ‘The next few 
weeks and months are going to call for 
tee most skilled negotiators Britain 
can muster. Don't send a boy to do a 


man's job." The Labour campaign 
coordinator. Gordon Brown, reacted 
quickly. 

“This is a measure of how tee 
Conservative campaign has degener- 
ated,” he said, adding that, “such 
personalized smears reveal the bank- 
ruptcy and desperation of tee Con- 
servative campaign.” 

Britain’s Advertising Standards 
Authority said it had received tele- 


.Ajtfd v, ■? 

v* im 

est-.&ih' 

■ >MI te v 


phone complaints about tee adver- 
tisement ana would look into them if 


tisement ana would look into them if 
people put their objections down on 
paper. 

■ Germany Shrugs 

The German government on Friday 
passed up tee chance to take a swipe az 
Mr. Major’s Conservatives over the 
advertisement, Reuters reported from 
Bonn. 

“The German government will not 
do anything to judge or pass comment 
on election campaign events.” Peter 
Hausmarm, a spokesman, said. 
“Something like that can easily be 
interpreted as interference." 


k* 


* 


& I M M ft u 


RfejMtl 

sa*'- tl 

mkWi 
m 


RELIGIOUS SERVICES 


AMSTERDAM 


SWITZERLAND 


BRUSSELS/WATERLOO 


NICE -FRANCE 


CROSSROADS INTERNATIONAL 
CHURCH InlsPtenomlnational & 
Evangefcal Sunday Sendee ittOO am & 
11 -.30 a.mJ Kids Welcome. De 
Cussrstraai a S. Amsterdam Into. 020- 
&11 6812 or 0206451 663 


BASEL CHRISTIAN FELLOWSHIP 
English-Speaking nan-denominational. 
TeJ. +41 61 302 1674. Sundays 1030 
Mfflere Strasse 13. OM056 Basel 


ZURICH-SWrtZERLAND 


FRANCE/TOULOUSE 


HOPE INTERNATIONAL CHURCH 
(BrangefcaJJ. 4. M. de Pttac. Cotomter. 
Sunday service. 6:30 p.m.Tel.: 
056274 11 55. 


ENGLISH-SPEAKING CATHOLIC 
MISSION; St. Anton Church. 
MtnervastraBe 63 Sunday Mass: 8:30 
am & 11:30 am Services held in the 
crypt at SL Anion Ouch. 


ALL SAINTS' CHURCH, 1st Sun. 9 & 
11:15 am Hdy Eucharist w«h Chiton's 
Chapel an 1:15. Al other Sundfys 11:15 
am Holy Eucharist and Sunday School. 
563 Chauss6e de Louvain. Ohain. 
BelgunTd. 328 3840556. 


LB.C. 13 rue Vernier. English service, 
Suiday evenna 1&30. pastor Roy Mks - 
Tel- (04 93) 32 05 96 


PRAGUE 


fn the article "Home-Grown 
Builders Set Hiah Goals" 

£ Built for Business: 

angladesh’ Sponsored 
Section. March 26, 1997), 
the turnover for the Concord 
Group of Companies was 
incorrectly stated. The 


TRAVEL UPDATE 




Strikes Cut French Flights 


PARIS l AFP) — The TAT and Air Liberte 
airlines, French-based subsidiaries of British 


flights co Morocco. Most charter flights would 
also be maintained. 


WIESBADEN 


LB. FELLOWSHIP. Vinohradska 4 68. 
PraSMS 3. Sun. 11:00. TaL (OB) 311 7974. 


group's average annual 
turnover Is more than S50 


FRENCH RIVIERA/COTE D'AZUR 


THE EPISCOPAL CHURCHES 
OF EUROPE (Angficxm) 


THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Family Eucharist Frankfurter Strasse 3, 
Wiesbaden. Germany. Tel.: 
49611^X68.74. 


WATERLOO 


WATERLOO BAPTIST FELLOWSHIP 
Sun. 19:00 at Swedish Church, across 
bom MadDonaldS. TeL- (02) 353 1565. 


turnover Is more than $50 
minion, and its turnover last 
year was more than $60 
mllGon. 


Airways, said Friday that they would operate 
about 65 percent of their normal flights during 


about 65 percent of their normal flights during 
tee weekend because of strikes. 

The companies said that all long-distance 
flights to the French overseas departments 
and territories would be operated; along with 


ich airport, giant yeUowagns*^4n. .j y 
sngers against suitcase thieves mu I.J tik l. 

>ted at high-risk areas after 429 ^ H K. 1 1 oUftT 


At the Zurich airport giant yellow signs 
warning passengers against suitcase thieves 
have been posted at high-risk areas after 429 
such thefts were reported last year. The signs, 
in tee form of arrows, say, "Beware Thieves: 
A Passenger's Suitcase Was Stolen Here," in 
four languages. (AFP) 




ZURICH - SWITZERLAND 


NICE: Holy Trinity (Anglican). It rue 
Bute. Sun. 11: VBMCE: Si Hugh’s, 22, av. 
H^sjEtanoe. 9 am- Tet 33 04 93 87 19 83. 


PARIS and SUBURBS 


EUROPEAN 

BAPTIST CONVENTION 


LB.C of Zurich. Ghelslrasse 31, 8803 
RuschRhon, Worship Services Sunday 
momngs 1030. TeL 1-1810018. 


WEATHER 


■ *■.*- t-f 

•v: r--^vcM 


MONTE CARLO 


MONACO CHRISTIAN FELLOWSHIP 
Worship Service, Sundays: il a.m. 
9. rue Louis Notary. Monte Carlo. 
TeL 37792 10 5647. 


THE AMERICAN CATHEDRAL OF THE 
HOLYTRNTY, Sun. 9 & 11 am. 10:45 
a.m. Sunday School lor children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. Z3. avenue George V, 
Parts 75008. Tel.: 33-01 53 23 84 00. 
Metro: Geonje V or Alma Maroeaa 


I.B.C.. BERLIN. Rothenburg Sir. 13, 
(Steglitz). Sunday, BHa study 10.46. 
warship Service 12.00 noon. Charles 
Wartad, pastor. TeL 030-774-1670. 


ASSOC OF INTI 

CHURCHES 


Europe 


Forecast lor Sunday through Tuesday, as provided by AccuWeather. 


FLORENCE 


BREMEN 


PARIS and SUBURBS 


EMMANUEL BAPTIST CHURCH - An 
evangeScd chute r Ihe western suburbs, 
all are welcome. 9:45 Firsi Service 
ooncurrerrr with Sunday School. 11:00 
Second Service with Children's Church. 
French Service 6:30 p.m. 56. rue des 
Bons-Haisns. 92500 Rued-Malmaison. 
For into. caflOl 47 51 29 63. 


ST. JAMES' CHURCH Sun 9 am Hie I 
& 11 am. Rte IL Via Bernardo Ruceflai 9. 
50123, Florence, Itaty. TeL 3955 29 -u 17. 


LB.IL, Hohentehestr. HeimanrvBos&Sr. 
Worshi p Sun . 17:00, Pastor telephone: 
04791 '12677. 


AMERICAN CHURCH M BERLIN, cor. 
ct Ctey ADee & Potsdamer Str, &S. 930 
am. Worstip 11 am. TeL 03M132021. 


Mgarn 

Amsterdam 

Ankara 

Altana 


■ - ty) 




FRANKFURT 


FRANKFURT 


BUCHAREST 


HOPE INTERNATIONAL CHURCH 

Hotel Orion ai Rartsrta-«ter*w. a 0d.de 
Neufly. Worship Sundays 930 am Rev. 
Dougles Miner. Pastor. Tel.: 
01 43 33 04 06. M6tro 1 to to Defense 
Esplanade. 


CHURCH OF CHRIST THE KING 
(Eplscopal/Anglican) Sun. Holy 
Communion 9 A 11 am Sunday School 
and Nursery 10.45 am Sebastian Ptnz 
Sl 22, 60323 Ranfdurt Geimaiy, Ui. Z, 
3 Mqu* Alee. Tet 4SM39 55 01 84. 

GENEVA 


Lac., Strada Popa Rusu 22. 3:00 p.m. 
Gened Pastor Mte Kemper, TeL 3123960. 


TRINITY LUTHERAN CHURCH, 
Nbeiungenalee 54, Sen. Worsen 1 1 am. 
TeL 00^631 066 or 512552. 


Coparnagen 
Com Dai Sal 
Dutfm 
Eomeuige 






.O. 

. >.-:4 '♦ v' 


I UtaaaaoMbiy I 
Cdd I 


Hanoi 

HaCHUHi 

Honglfena 


GENEVA 


BUDAPEST 


meets at Mories Zsigmond 
Gimnazium. Torohvesz ut 46-54, Sun. 

1M». Tel. 250-3932. 


EV. LUTHERAN CHURCH 20 rue 
VadSna SuxJay^ worship 930. h German 
1 lOOto Engfeh. Trt 3105089. 


JERUSALEM 


Kav 

LB Palma* 

U5DW1 

London 


EMMANUEL CHURCH, 1st A 3rd Sun. 
10am Eucharist 2nd & 4#l Sto Morrang 
Prayer. 3 me deMonlhoux. 1201 Geneva. 

Swtesrtend. TdL 41/22 732 80 78. 


BULGARIA 


LB.C.. World Trade Center, 36, Drahan 
Tzankov Hvd. Worship 1 1SO. James 
Outre, Pastor. TeL: 669666. 


LUTHERAN CHURCH of Hie Redeemer. 
Old C&y. fAjrtsen Fkl Engieh worship Sun. 
9 am Al are tvekame. Tel: (02)6261-049. 


North America 

Some sun end near-normal 
temperatures will return to 
the Northeast Sunday and 
Monday, but there may be 
some rain Tuesday. Heav- 
ier rohiB are likely across 
the south from Texas Into 
Alabama and Tenneseee. 
Continued warm end dry 
acroes Nevada, Arizona 
and Southern CaBomia. 


Europe 

Cold weather will continue 
across central and eastern 
Europe Sunday through 
Tussday. Snow will fall 
across central and north- 


wnh showsm Hkely In 


Karachi 
K. Luma* 
K. Kinabalu 


Beipng Sunday and Mon- 
day. then mrfdar with some 
sun Tuesday. Tokyo on 
north to Hokkaido will be 
Oamp and cool through the 
period, while southern 
Japen will be mild and 
humid wtth ahowara. 
Heavy rains ere likely in 
northern Thailand and 
eastern Myanmar. 


em pens at of Norway and 
Sweden, while a cold rain 
will reach from southern 
Germany lo the Balkan 
elates. England and 
France will be mild with 


SAINT JOSEPH'S CHURCH (Roman 
Catfxfcl.MASSlNBJGUSrtSaL&Xpjn: 
Sun. 9:45. 11:00 a.m.. 12:15. 6:30 p.m. 
50. avenue Hoche. Paris 8th. Tel.: 
01 <22728 56. MflOtt Gates da GSbllfl-ao*e. 


MUNICH 


THE CHURCH OF THE ASCENSION, 
Sun. 11:45 a.m. Holy Eucharist and 
Sunday School. Nwsay Care provided. 
Saytjothstrasse 4. 81545 Munich (Har- 
bering). Gemary. TeL 4989 64 81 85. 


TOKYO 


ST. PAUL MTEANAHONAL LUTHERAN 
CHURCH near lidabash Sin. Ttf .: 3261- 
3740. VfashipServtaE 930am Sundays. 


TOKYO UM0N CHURCH, n» OrroBsaido 
aiway S®. TeL 340CWM7. WodKJ Services 
Sunday - &30 8 111J0 am.. SS a 9:45 am 


ST. PAUL'S WTTHW-THE-WALUS, Stll 
830 am Holy Eudharia File l; 1030 am. 
Choral Eucharist Rue li; 10:30 a.m. 
Church School fcrehtoen & Nutsaycara 
provided; 1 pm. Spanish Eucharist Via 
Napof 58. 00184 Roma. TaL; 3»6 4 88 
3339 or 398 474 3589. 


FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHBP, Ev.-Fraidncltfche Gemande, 
Sodenostr. 11-18. 83150 Bad Hombug. 
Sunday Worship, Nursery & SS: 
1120 AM. Midweek minbtnas, Pastor 
MLsvay, Cal/ftoc 0617MZ72a 
BETHEL I.B.C. Am Dachsherg 92 
(&rfahl, Wtashjp Sun. IWO am and 
&00 pm TeL O09649SS9. 


AMERICAN CHURCH IN PARIS. 
Worship 11:00 am. 85. Qua tfOrsay, 
Pans 7. Bus 63 ai door. Metro Akng- 
Manxau or InvaSdss. 


VIENNA 


VIENNA COMMUNITY CHURCH. 
Sunday worship in English 11:30 AM.. 
Sunday sc hool nursery, wemarional. afi 
denomnalois wstoome. Doroataergasse 
Jfi. Vienna 1. 


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THmYNTERNATCWU-irriteSyouto 

a Christ centered fellowship. Services: 
MO (sxi 1030 am Btoemcanpban 54, 
vi^waa-07Wl7-fl034nus8iypiDv. 


ZURICH 


Middle East 


INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service, Sunday School £ Nursery, 
Sundays 1130 am, Schanzenaosse 25. 
TeL-{01)afi2S52SL ^ 


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PAGE 3 



a Diminished Future 

Loan From Dole Brings Breathing Space, but Not Rehabilitation 


POLITICAL NO II 


By Dan Balz 

Washington Post Stnice 


WASHINGTON — With an tine*. 

hand from Bob Dole, 
Newt Gi ngric h has restored his grip on 

J*2S“** & **» Bouse tfW 
resentanves, bur he still faces a longSd 
Jmcertam road to political rehabilitation. 

Mr. Gingnch s announcement that he 
would useaS300,000 loan frorahis one- 

■tme nemesis to reimburse the House 
■ethics conmuttee broke the tension that 
had been building among Republicans 
J for the past four months. Failure to 
repay the committee with personal 
•fun* likely would have cost Mr. Gin- 
gnch the speaker’s post, according to 
many of his Republican colleagues, and 
sent him into political oblivion. 

But Stabilization is a far cry from 
rehabilitation. Even with Thursday's 
announcement, many Republicans our 
side the House still see Mr. “ 


mains even more negative and is not 
likdy to change soon. ' 

What Mr. Gingrich got through Mr. 
Dole’s surp risin g act of friendship — 
and his own decision to accept it rather 
than set up a legal-defense fund — was 
breathing room, the first he has had 
since late December when the ethics 
committee found he violated House 
rules. 

"It's a political tourniquet," John 
Pitney of dareraont-McKexina College 

" NEWS^ ANALYSIS 



liability for their party. The pul 
ew, judging from recent polk. 


a 

view 


Gingrich as 
tblic 
re- 


ingrich’s prob- 
lems, but it keeps them from gening 
worse.” 

Kenneth Duberstein, a White House 
chief of staff in the Reagan admin- 
istration and a friend and adviser to 


Mr. Gingrich and his wife Marianne, 
put it differently. "He bought himself 
some time to demonstrate his leadership 


President Backs Overhaul 
Of Foreign Affairs Units 


By John F. Harris 


and Thomas W. Lippman 

Washington Post Senice 


WASHINGTON — President Bill 
Clinton has approved a broad reorgan- 
ization of die State Department and 
three other foreign affairs agencies, a . 
move that administration officials said 
was spurred in part by the need to ac- 
commodate congressional Republicans 
and keep them from thwarting Mr. Clin- 
ton’s foreign policy agenda. 

Under a plan drafted by Vice Pres- 
ident A1 Gore and endorsed by the pres- 
ident Thursday, two agencies — the 
Arms Control and Disarmament 
Agency and the U.S. Information 
Agency — would lose their autonomy 
and be folded into the State Department, 
officials involved in the decision said. 

The Agency for International Devel- 
opment would remain a separate 
agency, but its director would report to 
the secretary of state rather than to the 
president, the officials said. 

Envoy Chosen 
For Trade Post 


By Paul Biustein 

Washington Post Service 


WASHINGTON — David Aaron, a 
diplomat based in Paris, is President Bill 
Canton’s choice to become undersec- 
retary of commerce for international 
trade, according to U.S. officials. 

A deputy national security adviser in 
the Carter administration, Mr. Aaron, 
58, has served since 1993 as ambassador 
to the Organization for Economic Co- 
operation and Development, which 
helps coordinate policy among the 
world’s industrialized nations. 

The current undersecretary, Stuart 
Eizenstat, has been picked to become 
undersecretary of state for economic 
affairs. 

If confirmed by the Senate. Mr. 
Aaron would head the International 
Trade Administration, the part of Com- 
merce that has been most deeply em- 
broiled in the campaign fund-raising 
dispute plaguing the administration. 

In November, Mr. Clinton signed an 
executive order that moved the authority 
for approving encryption products from 
the State Department to Commerce, 
which the government contended would 

that time, Mr. Aaron was also appointed 
special envoy for cryptography. 


Senator Jesse Helms of North Carolina, 
the Foreign Relations Committee chair- 
man, and the president's decision came 
on the same day the administration won 
Mr. Helms's consent to allow a treaty 
banning chemical weapons to come to 
the Senate floor next week. 

Reshuffling the nation’s foreign 
policy bureaucracy and persuading Mr. 
Helms not to unilaterally torpedo a 
treaty that he adamantly opposes was 
not pan of an explicit bargain, admin- 
istration officials said. 

But White House aides, speaking on 
condition of anonymity, readily ac- 
knowledged that Mr. Helms’s insist- 
ence oo reorganizing the State Depart- 
ment helped propel the changes. 

The Chemical Weapons Convention, 
already ratified by 72 other countries, 
takes effect on April 29, and admin- 
istration officials are lobbying frantic- 
ally to ensure Senate passage before 
then. Failure would subject the United 
. States to sanctions, administration of- 
ficials said, as well as being a humi- 
liating repudiation of Mr. Clinton. 

Mr. Helms is still opposed to the 
treaty, but on administration official 
said that Mr. Clinton’s decision to take 
into account Republican criticisms 
would help create "an environment in 
which more people will be favorably 
inclined" to support the treaty. 

. In any case, the official saia. “Helms 
has nude it absolutely clear that this was 
a 9 uid pro quo" and that unless Mr. 
Clinton moved to reorganize, he would 
try to trip the administration at every 
turn on afrroad range of issues. 

"This is a huge victory, and we’ve 
conceded nothing on chemical 
weapons." said Marc Thiessen, a 
spokesman for Mr. Helms. 

White House officials made clear the 
view that there are sound policy reasons 
for the reorganization regardless of Mr. 
Helms’s views. As a practical matter, 
however, the plan Mr. Gore ultimately 
unveiled strongly resembled one 
offered by Mr. Helms two years ago. 

■ Senate Sets Terms for Debate 

With the assent of Mr. Helms, the 
Senate unanimously approved Thurs- 
day an agreement setting terms far de- 
bate on the global treaty to ban pro- 
duction and use of chemical weapons. 
The Washington Post reported. 

It foresees separate votes on five major 
amendments, most of which have been 
dubbed treaty "killers” by the admin- 
istration. Principal among them is a pro- 
posal tp delay ratification until the treaty 
is approved by Russia and by "rogue 
states" such as Iraq. Iran and Libya. 


and his ability to govern," be said. 

The loan from Mr. Dole drew fire 
from some Democrats, who suggested 
that beyond the Beltway the arrange- 
ment may be judged by the public as 
another example of one politician taking 
care of another. 

But for die past few months, Mr. 
Gingrich has been focused on the polit- 
ical precinct be values and needs the 
most right now, his Republican col- 
leagues. who oily a few weeks ago were 
threatening mutiny. Mr. Gingnch was 
mid he needed a solution that unified the 
Republicans, and the Dole loan 
provided that option. 

Representative John Shadegg, a Re- 
publican of Arizona who succeed Mr. 
Gingrich as bead of GOPAC, the polit- 
ical action committee that Mr. Gingrich 
ran during his rise to power, said the 
reaction among House Republicans had 
been 4 ‘universally positive." 

Having bought himself time to re- 
assert himself, however, Mr. Gingrich 
and his allies know that he is forever 
changed by the experiences of the past 
two years, both the ethics fight and his 
missteps in leading die Republicans 
during the 104th Congress. 

David Rohde, a political scientist at 
Michigan State University, said the 
speaker’s political travails had left him 
diminished in two ways. 

The first is with the public. Opinion 
polls show Mr. Gingrich, who was nev- 
er wildly popular when he burst onto the 
public stage after the 1994 Republican 
victory, now has a favorable rating of 
about 25 percent 

* ‘It’s hard for any politician to fall far 
in the esteem of the public and then 
recover." Mr. Rohde said. 

The second is with Mr. Gingrich’s 
colleagues, however relieved they may 
be wife his decision Thursday. After the 
1994 elections, Mr. Rohde said, Mr. 
Gingrich’s colleagues' "felt they owed 
him’’ both for their majority and for 
chairmanships and assign- 

ments. Now, after defending him in the 
ethics fight, he said, ‘ ‘The relationship is 
reversed — they fed he owes them/’ 

The great irony in the resolution of the 
ethics penalty is that Mr. Dole provided 
the solution and the financing. Mr. Gin- 
grich was reminded recently that he mice 
called Mr. Dole “ the tax collector for the 
welfare state" and it took die shotgun 
marriage between the two — brought 
about by the Republican victory in 1994 
— to force each to re-evaluate the other. 
Bofe men now call fee other a friend and 
profess genuine mutual admiration. 

Mr. Dole's "unselfish act," as Mr. 
Rohde called it, may reflect die former 
Senate majority leader’s self-image as a 
party elder. But he also has put his 
onetime adversary permanently in his 
debt. 


Away From Politics 

• Fifty-five years after a Japanese 
torpedo destroyed the U.S. cruiser Jun- 
eau and most of its crew, die navy is 
commissioning a destroyer in honor of 
the five Sullivan brothers of Waterloo, 
Iowa, who perished in the Battle of 
Guadalcanal attack. The Sullivans' 
deaths led to a role against brothers 
serving together on U.S. warships. (AP) 

• Accused of jeopardizing the na- 

tion’s storm warning system, the Com- 
merce Department has backed off from 
a proposal to cut staff at die National 
Hurricane Center and three other weath- 
er centers. (AP) 

• No fingerprints of value have been 

found on die gun that the Los Angeles 
police say was used to kill Ennis Cosby, 
, a defense lawyer said. (AP) 

• A man who antagonized his neigh- 
bors and was gunned down got what 
was coming to him. Judge William 
Mudd said as he set aside a San Diego 
jury’s murder conviction for his killer. 
The retired navy commander instead 
was convicted of manslaughter. (APJ 


How the Rich Stay That Way; By Raying No Tax 


By David Cay Johnston 

New York Times Service 

NEW YORK — Nearly 
2,400 of the Americans with 
the highest incomes paid no 
federal income taxes in 1993. 
up from just 85 individuals 
and couples in 3 977, the latest 
available information from 
the Internal Revalue Service 
shows. , , 

While the number of 
Americans who make 
5200,000 or more per year 
grew more than 15 -fold from 
1977 to 1993, the number of 
people in that income cat- 
egory who paid no federal 
income taxes grew 28-foldor 
nearly twice as fast, accord- 
ing to a quarterly statistical 
bulletin issued by the IRS. 

The report also shows thar 


18,000 other Americans with 
high incomes paid less than 5 
percent of their income in 
taxes. Moreover, it cast doubt 
cm die effectiveness of the 
Alternative Minimum Tax, 
which was designed to insure 
that the wealthy paid at least 
some income taxes. 

Tax lawyers and other tax 
experts said that die number 
of Americans with incomes 
over $200,000 who pay little 
or no income taxes nad cer- 
tainly grown since 1993. 

The IRS did not specify 
how the 2,392 individuals 
and couples were able to 
avoid paying income taxes, 
but figures it made public in- 
dicated that three-fourths of 
them received tax-exempt in- 
terest from municipal bonds. 

On. one-fourth of the re- 


turns, a combination of in- 
terest deductions and taxes 
paid to states and local gov- 
ernments was the most fre- 
it reason for eliminating 
' income taxes. 

Income taxes pud to for- 
eign governments, which 
generally are offset dollar for 
dollar against U.S. income 
taxes, were'ihe primary rea- 
son no taxes were due in 


about one-fifth of the cases. 

Economists and other ex- 
said they also believed 
audit rates were a 
factor in explaining how 
people making 5200,000 or 
more could pay little or no 
income taxes. Audits of those 
malting more than 5100,000, 
have fallen to less than 3 per- 
cent in 1995 from nearly 12 
percent in 1988. 





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DEDICATED — Former President Ford, with former Presidents Bush, left, Carter, right, and John 
Carlin, U.S. archivist, at the rededication of the Gerald Ford Museum in Grand Rapids, Michigan. 


Desperately Seeking Testimony 

WASHINGTON — The apparent intention of some of 
the most prominent figures in the campaign-finance in- 
vestigation to assert their Fifth Amendment rights and 
reftise to testify at public hearings later this year poses a 
dilemma for the congressional investigators. 

Without witnesses like Webster Hubbell and John 
Huang, who have told the House and Senate comminees 
that they will not cooperate, the televised hearings would be 
incomplete and certainly less compelling. 

So the investigators have begun to explore the possibility 
of requiring important witnesses to testify by offering them 
immunity from prosecution based on their testimony. But 
that could mean thar crimes would go unpunished. 

Immunity was granted to get important testimony in the 
most notable congressional investigations in the last 
quarter-century: the Watergate hearings in 1973 and the 
Iran-contra hearings in 19S7. 

But fee state of fee law now is that congressional grants 
of immunity may make criminal prosecutions impossible. 
That is fee result of judicial opinions overturning the 
criminal convictions of fee two main witnesses in the Iran- 
contra investigation. Oliver North and John Poindexter. 

Comminees in the House and Senate are expected to 
begin public hearings in late May or June. 

Mr. Hubbell. the former Clinton confidant and associate 
attorney general, is seen by many of the Republican in- 
vestigators in Congress as fee critical link between Pres- 
ident Bill Clinton's personal financial dealings as rep- 
resented by the Whitewater case and what they see as his 
abusive campaign-finance practices. 

Mr. Huang, who moved from a position in the Commerce 
Department to be a Democratic fund-raiser last year, may 
have been responsible for many of the political donations 
feat the committees intend to investigate. 

Representative Dan Burton, the Indiana Republican who 
is chairman of fee House investigating committee, said thar 
fee assertion of Fifth Amendment privileges by witnesses 
had "already hampered the progress of the investigation. " 

The Fifth Amendment permits witnesses to refuse to give 


testimony feat might be self-incriminaring, but the courts 
have long recognized fee right of Congress to compel 
testimony by granting immunity from prosecution. (NYT) 

FBI at Fault in Ames Spy Case 

WASHINGTON — A two-year, highly classified in- 
ternal Justice Department inquiry has concluded feat the 
FBI was derelict in failin g to aggressively pursue fee case 
that ultimately led ro Aldrich Ames, fee most damaging spy 
in fee history of fee CIA. 

A report on fee Justice Department' s inquiry, officials said, 
blamed the FBI for reacting slowly after two Soviet officials 
working in Washington, who had been recruited as spies try 
fee FBI, were inexplicably recalled to Moscow in 1985. 

The report, the officials sard, found feat fee loss of fee 
agents should have been an alarming tip-off feat someone 
inside U.S. intelligence had compromised the two men. But 
fee question of who was behind fee losses remained an 
unsolved espionage puzzle for nearly eight years until FBI 
agents arrested Mr. Ames in 1994. 

In fee intervening years, Mr. Ames rose through fee 
ranks of fee CIA while accepting more than SI .5 million in 
exchange for the identities of more than a dozen East bloc 
officials working secretly for fee United Stares. (NYT) 


Quote/ Unquote 


Representative Lloyd Doggett. Democrat of Texas, on 
the loan of $300,000 to the House speaker. Newt Gingrich, 
from fonner Senator Bob Dole to pay an ethics penalty: 
"Don’t expect the American people to accept a sweetheart 
deal in which you defer all your payments until the next 
century.” (AP) 

Representative Bill Paxon. Republican of New York: 
"A number of Democrats in fee House are suffering from 
what I term obsessive Gingrichism. They are obsessed with 
getting Newt Gingrich out of office. If he would have gotten 
a loan from a bank, they would have said feat was a 
sweetheart deal." (AP) 


Clinton Picks Woman 
As Envoy to Vatican 


Washington Post Sen ice 

WASHINGTON — Pres- 
ident Bill Clinton has nom- 
inated former Representative 
Lindy Boggs, a leader in 
women’s rights legislation 
during her 18 years in the 
House, as fee first woman to 
be U.S. ambassador to fee 
Vatican. 

The Louisiana Democrat. 
81, took over the seat held by 
her husband. Hale Boggs, after 
the House majority leader and 
others disappeared in a small 
plane over Alaska in 1972. 

Among other positions she 
during her political career 
was secretary of fee Congres- 
sional’ Caucus for Women's 
Issues. 

She is fee mother of a 

g jwerful lobbyist, Tommy 
oggs. and fee ABC-TV and 
National Public Radio report- 
er Cokie Roberts. 

Mrs. Boggs was one of a 
handful of women in Con- 
gress when she was first elect- 
ed in 1973, and if confirmed 
she would be one of a handful 
of women serving as ambas- 
sador to fee Vatican. 

The embassy there serves 
as a key listening post related 
to other areas of interest to 
Washington, especially such 
Roman Catholic regions as 
Latin America and Eastern 
Europe. 


The outgoing ambassador 
to fee Vatican, Raymond 
Flynn, sought to expand the 
profile of fee posting. The 
former Boston mayor, a 
Democrat also named by Mr. 
Clinton, described the ambas- 
sadorship in 1993 as 
"uniquely situated to ad- 
vance fee’ president’s agenda 
for human dignity.” 


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PAGE 4 


BRIEFLY 


■Beijing Strikes Back at UN Vote 


beuing — China is re taliating against smaller 
European nations for backing an attempt in the United 
Nations to censure its human rights record, but has spared 
the United States, diplomats said Friday. 

23m Rongji, a deputy prime minister and China's 
economic czar, has called off a visit later this month to the 
Netherlands and three other European nations in re- 
taliation at die failed attempt this week by Western 
nations to censure China over human rights abuses. 

China has already postponed visits by two ministers 
from Denmark, the leading co-sponsor with the United 
States of the resolution in the UN Human Rights Com- 
mission to criticize China for its human rights record and 
treatment of Tibet. But the United States has so far 
emerged unscathed from the commission's action. 

Vice President A1 Gore came to China last month, the 
most senior U.S. official to visit since the brutal crack- 
down on student demonstrations in 1 989. and Beijing is 
reluctant to alienate Washington so soon. 

A specialist on U.S. affairs at die Chinese Academy of 
Social Sciences said, “ Since Gore’s visit to China. Smo- 
U.S. relations have improved ’ ' t Reuters ) 


Manila Ponders Defector’s Trip 


MANILA — Philippine officials said Friday that they 
were so fearful for the safety of a North Korean detector. 
Hwang Jang Yop, that he might have to take a detour to 
reach Seoul and what promises to be a fanfare welcome. 

"The timing and the preparations are still being dis- 
cussed for the exit of Hwang from the Philippines,*' 
Foreign Affairs Secretary Domingo Siazon said. "Per- 
haps we are going to announce die transfer after Hwang 
arrives in South Korea," he added. "We want to make 
sure he has landed there." 

Mr. Hwang, North Korea’s top ideologue, defected 
Feb. 12 in Beijing and has been in the Philippines since 
March 18. (Reuters) 


Japan Studies Power Company 


TOKYO — The Japanese government told a panel of 
experts Friday to spare no effort in proposing changes in 
the state-run company accused of misre porting and cov- 
ering up a succession of nuclear accidents. 

"We ask you to conduct a fundamental review of the 
corporation, and this includes the possibility of a com- 
plete disbandment," Science and Technology Minister 
Riichiro Chifcaoka said at the first meeting of the panel. 

The series of misreported accidents and cover-ups by 
the Power Reactor ana Nuclear Fuel Development Corp. 
shocked Japan. Last week, company officials acknowl- 
edged that they had covered up details of the accident, and 
the police have begun an investigation. [Reuters) 


India Coalition Finds an Ally 


NEW DELHI — A center-left Indian coalition toppled a 
week ago vowed Friday to return to power by Monday after 
making up with an estranged ally, the Congress (T) party. 

The United Front coalition said it hoped to elect a 
successor to the caretaker prime minister. H. D. Deve 
Gowda, late Friday or early Saturday. 

There was no immediate reaction from the office of 
India’s president. Shankar Dayal Sharma, who urged the 
country s major parties Thursday to end the political 
t April 21. (AFP) 


turmoil by April 


VOICES From Asia 


Jiang Zemin, president of China, who is scheduled to 
start a fiv 


ive-day visit to Moscow on Tuesday: “No matter 
how the world changes. China will not turn away from its 
policy of ‘good-neighborliness, equality and mutual crust. 


mutual beneficial cooperation, and common develop- 


ment’ toward Russia." 


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Stawta CtaWTho AsMdaud Pim 

AN APPEAL TO ALLAH — Sheikh Ibrahim praying Friday in Bombay for 
the safe return of his daughter and son-in-law from their pilgrimage to 
Mecca. A fire on Tuesday near Islam's holiest shrine killed 343 pilgrims. 


Australia Updating Forces 

Need Is Seen to Match Neighbors Progress 


a 


By Michael Richardson 

International Herald Tribune 


SYDNEY — Australia 
will soon launch a sweeping 
overhaul of its defense forces 


to improve their combat ca- professionally capable ana 
□ability and prevent diem better-trained and equipped 


ness," said Charles Morris- 
on, a specialist on Asian se- 
curity at the Easi-West Center 
in Hawaii. "There is a de- 
cided trend in the region to- 
ward small-sized, but more 
capable and 


□ability and prevent 
from being overtaken as Asi- 


an nations with booming 
economies increase their mil- 
itary strength. 

Analysts say that the re- 
structuring. to start inJuIy, is 
part of a wider pattern of 
change in Asia and die Pa- 
cific, where many nations are 
cutting the size of their mil- 
itary forces but acquiring new 
weapons to give them alonger 
and more powerful reach. 

“Most countries are sub- 
stituting technology for man- 
power, reducing the sheer 
numbers of defense personnel 
and increasing spending on 
advanced weapons systems, 
salaries, training and readi- 


military forces.” 

Countries that have cut the 
dae of their armed forces in 
recent years include China, 
japan. Russia, Thailand and 
Vietnam. 

The Australian govern- 
ment decided recently to re- 
duce the country's full-time 
mili tary force of 57,000 by 


4,700 over the next four years 

as part of a plan to save up to put on raigcu 

i£on Australian dollars primitive way ^m^proachm- 


Critics say that Australia's 
defense reforms could 
prompt other Asi^-Pacific 
countries to intensify their 
military modernization pro- 
grams. contributing to an 
arms race in the region. 

“What will our neighbors 
think of this?" asked Greg 
Austin, an analyst in die Re- 
search School of Pacific and 
Asian Studies at the Australi- 
an National University in Can- 
berra. "The minister is no^ 
willing to credit die possibility* 
that Australia’s region will re- 
main notthreatening. He will 
only feel secure if there are 
more bombs and missiles to 
put on target This is a very 

r ■ __ mm. e w iirveAh in. 


17 U.S. Firms Ban Land-Mine Work 


By Philip Shenon 

Nn Korifc Times Service 


WASHINGTON — A prominent hu- 
man rights group has identified dozens of 
American companies that have produced 
components used to make land mines, 
and said it had obtained promises from 
17 of them that they would not allow 
their products to be used in the future. 

The group. Human Rights Watch, 
said companies that refused to make a 
similar pledge, including General Elec- 
tric. Lockheed Martin and Raytheon, 
would become the targets of a campaign 
that might include consumer boycotts. 

The production of land mines ended in 
the United States last year, although Hu- 
man Rights Watch cited examples that 
suggest that U.S. components have been 
used to make mines in other countries. 

"U.S. companies should acknowl- 
edge the humanitarian crisis created by 
anti-personnel mines and make the mor- 
al decision to get out of the business 
now." said Andrew Cooper, author of 
the report. 


Several of the companies that were 
criticized responded angrily to the al- 
legation that they are involved in the 
production of land mines, insisting that 
they had no way of controlling how the 
simple electrical parts and raw materials 
that they produce were eventually used. 

“Most emphatically, we are not in the 
anti-personnel land-mine business, and 
Human Rights Watch knows that." said 
Robert McWade, a spokesman for Ray- 
theon, for example. 

He said that while the company’s tran- 
sistors had been used in the manufacture 
of land mines, ‘ ‘these generic transistors 
— much like wires and chemicals and 
alu minum and plastic — go into an 
infinite number of commercial, con- 
sumer and military applications." 

The Clinton administration has been 


criticized by human rights groups for 
i vide ii 


having failed to provide international 
leadership in seeking a ban on the pro- 
duction and use of land mines, which kill 
and maim tens of thousands of people 
each year. 

While the administration has said that 


it would seek to negotiate a worldwide 
ban, die United States stockpiles mil- 
lions of mines. 

The movement to force American 
manufacturers to stop malting land-mine 
components began in earnest in July 
with an announcement by the electronics 
company Motorola that it would "do 
everything reasonably possible to make 
sure that Motorola does not knowingly 
sell any component part that is intended 
far use in an anti-personnel mine." 

Human Rights Watch acknowledged 
in the report that many components 
made by the companies "can also be 
used in any number of consumer ap- 
pliances and products, from pagers to 
refrigerators." 

The group said that after compiling a 
list of 47 companies involved, it got in 
touch with each of them to request that 
they issue statements pledging “to en- 
sure that their products are not used in 
anti-personnel mines." 

Seventeen did issue such a statement, 
including Motorola and Hughes Air- 
craft. 


($780 million) and spend it on 
new and upgraded weapons 
and better training. 

Another 3, 100 jobs will be 

sliced from die civilian de- 
fense bureaucracy by 2001 
and a further 13,000 jobs re- 
viewed to see whether they 
can be contracted out to the 
private sector. 

About 6 billion dollars of 
the annual 10 billion dollar 
defense budget goes to the 
army, navy and jut force, 
while the remainder is spent 
on administration. 

Australia’s military budget 
has fallen to 1.8 percent of 
gross domestic product, from 
2.6 percent 10 years ago. 

Defense Minister lan 
McLachian said that die de- 
fense bureaucracy had to be 
made leaner and more effi- 
cient so feat fee fighting 
forces could be better 
equipped and trained. 

Citing greater strategic un- 
certainty m Asia since fee end 
of fee Cold War, he said that 
although Australia had no re- 
gional enemies, it had to re- 
spond to other countries' im- 
proving military capabilities 
rather than their intentions, 
which could change quickly. 

Mr. McLachian said that 
Australia’s defease forces 
needed the extra money for 
airbome-eariy-waming radar 
aircraft, better weapons and 
sensors for warships, more 


helicopters and ground trans- 
fox 


Matzo Bread (Price) Rise Investigated 


By Donald P. Baker 

Washington Post Senice 




MIAMI — Something 
isn’t kosher with the price of 
matzo this Passover. 

The cost of fee unleavened 
bread, a staple at Jewish tables 
during the eight-day holiday 
feat begins Monday night, 
mysteriously begins to rise this 
time of year. Prices vary so 
much throughout fee United 
States that a Florida congress- 
man. Representative Robert 
Wexler, a Democrat, has 
asked for an investigation. 

Publix, one of Florida’s 
two largest supermarket 
chains, sells a five-pound box 
of matzo for $12, while fee 
same brand at Ralph’s super- 
markets in Los Angeles goes 
for just S3. At a Giant market 
in Bethesda. Maryland, fee 
price is $10. 

Florida's attorney general. 
Bob Bunerworth. has sub- 
poenaed records from two 
manufacturers and seven dis- 
tributors of matzo. but they 
are not required to respond 
until next month, after fee 
holiday is past 

“Its fee biggest thing 
since fee Pharaoh let us out of 
Egypt,” said Mr. Wexler, 
who added that his office had 
received more than 200 com- 
plaints from residents of his 


South Florida district While 
there is “some Lightness to 
the situation.” Mr. Wexler 
said, it was also “very up- 
setting. because there seems 
to be no rationale" to the 
prices. 

One of Mr. Wexler’s con- 
stituents, Sylvia Confino of 
Boca Raton, sued two major 
manufacturers Tuesday, ac- 
cusing them of price-fixing. 

Ms. Confino was one of 
several consumers who con- 
tacted a law firm in West 
Palm Beach that specializes 
in class-action suits. 

“We think fee manufac- 
turers are taking advantage of 
people who have no choice.” 
said Paul Geller, Ms. Con- 
fino's lawyer. “ They have to 
eat matzo as part of their re- 
ligion and tradition. It's a cap- 
tive audience.” 

The manufacturers are not 
to blame, said Mel Gross, vice 
president of Aron Strait Inc., 
the nation's second-largest 
manufacturer of matzo after 
B. Manischewitz Co. He said 
matzo was sold to distributors 
throughout the United States 
“at one price.” 

Mr. Gross, who would not 
say what that price was, said 
“certain retailers are using 
matzo as a marketing tool," 
choosing to use fee product as 
a loss-leader. At least two 


New York-area chains were 
giving matzo away to attract 
customers, he noted. 

Jennifer Bush, spokes- 
woman for Publix, said fee 
chain was selling matzo at 
cost “We are not making a 
profit on matzo," she said. 

When asked why Publix ’s 
stores in the Atlanta area can 
sell fee same matzo for $9, 
Ms. Bush pointed to compet- 
itive pressures. “It's still 
costing us the same,” she 
said. ‘ ‘We’re just losing $3 on 


each sale." 

In New York City, the cost 
of matzo is down 22 percent 
from last year. But even there, 
prices fluctuate widely in the 
boroughs. In fee Bronx, fee 
average price is just $3.99, 
while in Manhattan the same 
product is $834. 

‘ ‘Some women completely 
fainted when they heard 
about fee price in Manhat- 
tan," said Shonna Keegan of 
New York’s office of con- 
sumer affairs. 


port for fee army, and im- 
proved striking power for fee 
fleet of over 100 of F/A-18 
fighters and F-l 1 1 bombers. 

The first major acquisition 
is expected to be an arsenal of 
‘ ‘stand-off” missiles feat can 
hit targets from long range. 
U.S: and European aerospace 
companies are competingfor 
an Australian Air Force order 
of such missiles wrath up to 
660 million dollars. 

Defense officials said that a 
small number had been 
ordered fra training purposes 
and feat the next step was to 
acquire a so-called war stock 
of about 100 and have them 
operational by July 1998. Re- 
uters reported from Canberra. 


temarional relations. 

Arch Be vis. fee Labor op- 
position spokesman on de- 
fense, said that the govern- 
ment should not have made a 
decision on defense reorgan- 
ization before areview of Aus- 
tralia’s strategic outlook was 
completed and a list of equip- 
ment priorities estaMishea 

‘ ‘This is the classic cart be- 
fore the horse." he said. 

But Bronwyn Bishop, the 
minister for defense industry , 
science and personnel, said 
that Australia had close re- 
lations wife Southeast Asian 
nations and would be able to 
carry out more efficient and 
effective defense tr ain i ng ex- 
ercises wife them as a result 
of fee reforms. 

Malcolm McIntosh, a 
former British armed forces 
procurement chief who re- 
commended the defense re- 
forms to fee government, said 
that Australia needed to 
strengthen its military front 
line as Asian countries wife 
rapidly growing economies 
modernized their forces. j 

"Not long ago, we were t 
mini-superpower in our re- 
gion,” ne said. "Our econ- 
omy was substantially larger 
and the amount we bought for 
our defense dollar was sub- 
stantially larger than anyone 
else around our region. That’s 
chang ing, and changing very 
quickly." 

Although Australia’s aimed 
forces are still rated by military 
experts as fee most powerful 
south of China and east of In- 
dia, many of its neighbors in 
Southeast Asia now operate 
fee kind of advanced equip- 
ment, including fighters, war- 
ships and missiles, which it 
once monopolized. 

-“Australia’s comfortable 
margin of military capability 
is being rapidly eroded," said 
Paul Dibb, bead of the Stra- 
tegic and Defense Studies 
Center at the Australian Na- 
tional University in Canberra. 
"We will need to build an 
increasingly technology-in- 
tensive defense force that will 
have to operate as a single 
joint force.’’ if 


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BAR NONE, By Charles M. Deber 


ACROSS 
1 Appears 
6 Tackle 
9 Certain 
apartment 

IS Flyout of a 
jungle 

19 Implied 

20 Like a bairn 

21 ‘Are you 

out?" 

22 Terrigenous 
rocks 

23 Balkt dancer's 
cookout? 

26 Sublet 

27 Polaris, in Paris 

28 Bonie contents, 
perhaps 

30 Lao 

31 Not dorsal 

34 Applications 

35 Feather's 
partner 

36 Rations 

39 Litter’s littlest 

40 Most like 
sphagnum 

43 Hitman 

44 B&Ucal no-no 


46 Special-interest 

gn»- 

48 The Day the 
Earth Stood 
Still’ star 
Michael 

49 Tuneline 
division 

50 X years before 
Hastings 

51 Wash. Sq. 
campus 

52 Quiescent 

53 Showman’s 
good buys? 

56 Certain skirts 


58 Finds an easy 
chair 


61 Where 
basketball and 
volleyball were 
first played 

62 -Yerdam r 

64 Position 

65 Envelope abbr. 

68 Sir Charles's pet 
fish? 

71 V-neck garment 

72 Unmlyhair 

74 The *A” of A&M 
Records 




Est. 1911, Paris 

‘Sank JRoo Doe Noo” 


A Space for Thought. 


75 Its pitch is high 

77 Orange 

78 Provokes 

79 Silent screen 
star's drink 
makers? 

84 Oxford's skyline 

86 Mather of 
Zepbyrus 

88 *B.C. a cartoonist 

89 Stadium sound 

90 GIVceroi-based 
solvent 

91 Congenial song 
ending 

92 Apr. addressee 

93 Single out for 
praise 

94 Beat against 

96 Wood stack 

98 Spiked staffs 

99 Camera type, for 
short 

100 Bjg name is 
games 
L61 Kind of 
shopping 

103 Exclamation of 
surprise 

104 Scrapes 
107 Codeine, for 

one 
111 Ten 


113 French 
sculptor's 
weather- front 
detectors? 
116 It’safouit's 

fault 




rw , 

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****** 

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®Neie York Times/Edited by IfVl Shorts. 


117 High water 
alternative 


1 18 Avenge fellow? 

119 Day to 
remember 

126* Fables' . 

121 Drifting 

122 Ogle 

123 Acdivity 
DOWN 

1 Palpebral 
swelling 

2 Howthe 
Amazon flows 

3 Effect in the 
recording studio 

4 Cheevy of Edwin 
Arlington 
Robinson verse 

5 Old rural sights 

6 Ta 

numt 


13 Simpson 
attorney? 

14 Nickname for a 
big dog 

15 Canal site 

16 Quotation 
compiler’s 
singer? 

17 Feeling 


52 Hokkaido native 

54 Phonetic 
contractions 

55 Pens and 
needles 

57 Pronounce- 
ments 


87 Silver category 

90 Like the gang, in 
song 

91 Stores 


93 Lawmaking 
locale 


59 Desktop pub. 
Items 


18 Benzocaine, for 80 Matchmaker? 

63 Fish hawk 

24 This guy’s a doli g4 Warmongers 

25 “How Can We rente them 

®L L £r m ' “ 

23 Favorite game of ^ ^ artide 
President 67 nunganan 

Gimon 


95 Hereule’s 
creator 

97 Behind the line 
of scrimmage 

98 Power bikes 

99 Rather, 
informally 


102 Tabby's mate 

104 On 

105 Malden loved by 
. Hercules - 

106 Pueblo pM f 

108 Dynamic 
introduction 

109 Junket 

110 To be, to Brutus 

112 Tote ■* 

114 Tofu base 

115 Have markers 
out 




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‘(fee 


7 Prepare to drag 

8 Rubber stamp 

3 Played fa stand 
loose with die 
facts 

10 As soon as 

11 Boners 

12 Braid, to Brigtne 


32 Nugatory 

33 Tiff 

36 Manner 

37 Beige hue 

38 Pair with a plow 

41 Bumbling 

42 Bound 
44 Pams 


46 Noted acting 

family's 

noblohan? 


47 Fandango 


composer’s boat 
songs? 

68 Chow 
70 Senile ones 
73 The-K'ofRKO 

76 Neighbor of 
Mfon. 

78 Transmitter 

80 Queen's county 

81 

maven! 

82 Interest level 

83 “ a Woman” 

(Beatles tune) 


Solution to Puzzle of April 12-13 




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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, .APRIL 19-20- 1997 


PAGE 5 


Rebel Aide Denies Plans 
To Share Power in Zaire 


Zaire - Zaire's 
■■ retal foreign minister, Bizima Karaha. 
said Friday that there would be no talk of 
power-sharing and no cease-fire in *e 
civil war until President Mobutu Sese 

• **5. (elmqmshed power without ore- 

y conditions. r 

, “y* d °?’ s wam any suspension of 
J ' hostilities, be said. “We want the end 

• of die war and that can only come about 

.* if the man who brought the war is kicked 
/ out- "ben Mobutu leaves, that will be 
1 .• the end of the war." 

7 Mr Karaha said speculation that 
’ I*™* negotiations in South Africa 
j ■ would deal with some form of tra nsitional 
~ power-sharing was incomsct He said the 
- nego tiations concerned ,4 the mode of de- 
'parture of Mobutu” and “tbe modalities 
for the end of the dictatorial regime.” 
Mr. Karaha said it would be a “cost- 

• • effective option” if Marshal Mobutu 
'* agreed to £o and thereby save lives in die 
’ capital. Kinshasa. 

Earlier Friday, the Zairian rebel lead- 
" er, Laurent Kabila, ruled out protracted 
talks with Marshal Mobutu and said that , 
his forces would march on gintha^ if 


the president declined to give up 
power. 

“There will be no protracted nego- 
tiations with Mobutu, never, never,’' 
Mr. Kabila added “Maybe we have 
been misunderstood.” 

Marshal Mobutu's son and spokes- 
man. Nzanga Mobutu, cast doubt, 
however, on any prospect of his father 
stepping aside, saying Marshal Mobutu's 
departure would bring chaos to Zaire. 

The rebel alliance has taken control of 
about half of the vast central African 
country in six months. Mr. Kabila, an 
opponent since Marshal Mobutu took 
power in 196S, is currently in Zaire's 
second- largesitown, tjihiimh^shi , which 
his rebels seized earlier this month. 

U.S., French, Belgian and British 
forces based in nearby Brazzaville, 
Congo, have stepped up training ma- 
neuvers to prepare for an eventual evac- 
uation of their nationals from Zaire. 

In Kisangani, hundreds of angry 
Zairians threatened foreign aid workers 
and looted food warehouses, stalling aid 
efforts and the United Nations’ plans to 
start returning 100,000 refugees to 
Rwanda. (Reuters. API 


Aid Drive for North Korea 


By Velisarios Kattoulas 

Imernarional Herald Tribune 

SEOUL — The Red Cross and . the 
United Nations food agency scrambled 
Friday to arrange emergency food aid 
for NorthKorea as fears mounted that a 
major famine could soon spread 
through the country. 

The appeals coincided with repents 
that South Korea would next week 
announce a fresh $ 1 0 million aid pack- 
age for North Korea. 

The Red Cross in Seoul contacted its 
counterpart in Pyongyang to urge it to 
help arrange the shipment of food and 
other aid to the Norm. The head of the 
South Korean Red Cross, the only au- 
thorized window in the South for aid to 
the North, asked his Northern coun- 
terpart in a telephone message to help 


deliver a shipment of aid approved by 
the government in Seoul on March 31. 

The United Nations World Food 
Program in Geneva said it had raised 
only $34 million after an appeal for 
$95 million and char this fell rar short 
of meeting emergency needs. 

“We are on the brink of famin e” in 
North Korea, Christiane Berthiaume, 
a spokeswoman, said. “We need 
funds as quickly as possible if we want 
to avoid a catastrophe. ” 

■ 3-Way Talks Pot on Hold 

North Korea delayed indefinitely 
on Friday the resumption of talks with 
U.S. and South Korean officials after 
the spokesman for Pyongyang said he 
still had not received instructions from 
his government, Agence France- 
Presse reported from New York. 



iVili” fjaJVti'i Thr A -■vuied Mrc-** 


CHECKING THE DISPATCHES — Albanians reading newspapers in VIora. A contingent of 120 Greek 
troops bound for tbe rebel-held southern town stopped about 35 kilometers north Friday and made camp. 


Spain Lifts Secrecy on Its ‘Dirty War’ 


Agence France-Prcsse 

MADRID — The Spanish cabinet of- 
ficially approved Friday the lifting of 
secrecy orders on documents relating to 
the “dirty war” waged against the 
Basque separatist movement. Defense 
Minister Eduardo Sena announced. 

The decision is in line with a ruling by 
the Supreme Court, which last month 
ordered the lifting of secrecy on 13ofthe 
18 documents compiled by the defense 
.ministry's intelligence * department. 
Magistrates want to include the doc- 
uments in tfieir investigation of the Anti- 
Terrorist Liberation Groups. 

Although their content is widely 
known after leaks to the press, the doc- 
uments could not be considered legal 
evidence if the top secret classification 
was not officially removed. 


The current conservative govern- 
ment, like its Socialist predecessor, has 
several times invoked “reasons of suite 
security” to refuse to hand over the 
papers to magistrates seeking to estab- 
lish who was responsible for setting up 
the notorious death squads. 

Its members, funded by the govern- 
ment, murdered at least 22 Basque ac- 
tivists between 19S3 and 1987. 

In December, the Madrid daily news- 
papers El Pais and El Mundo published 
parts of these documents, which left no 
doubt that security forces were heavily- 
involved in the “dirty war." 

I German Is Charged 

Prosecutors in Wiesbaden, Germany, 
filed conspiracy and other charges Fri- 
day against a German who was allegedly 


recruited by the Basque separatist group 
ETA to carry out attacks in Spain. The 
Associated Press reported. 

Fritz Gan Siemund. who surrendered 
to the police’ this week, was charged with 
conspiring to cam out a bombing and 
with violating weapons laws. 

His alleged accomplice. Heifce Schub- 
beru remains at large. 

The Spanish police said Mr. Siemund, 
33. was seen leaving an ETA safehouse 
in Madrid last Saturday, along with three 
other suspected members of the group, 
after a detonator accidentally exploded 
in their apartment. 

Inside, the police found two pressure 
cookers filled with plastic explosives as 
well as firearms and press clippings 
about prominent politicians, business 
people and military officials. 


CHINESE: A Rush to Reunite Before the Hong Kong Deadline IRAN: Radicals Threatening Germany 


Continued from Page 1 

- whom arrive at night on over- 
i. crowded high-speed boats 

- without lights. Last week, the 

- crew of a snakebead boat be- 
■j ing pursued by Hong Kong 

- police threw two bundles 
overboard. A search of the 

- murky waters turned up only 
a bundle of straw, which po- 

- lice said may have been 
. meant as a diversion. 

Almost all die migrant 
• children are from Guangdong 
Province, bom to Hong Kang 

- men who went back to China 
.. to marry and start families. In 

most cases, the men returned 

- to Hong Kong but the chil- 
•• then had to vie for places on a 

long waiting list for tbe right 
1 to move here. 

When Hong Kong reverts 

- to Chinese control on July 1, 
these Chinese children of 
Hong Kong parents are guar- 
anteed the right to reside here 
under the Basic Law. Many 


feel their best chance is to 
come in before July 1, be- 
cause they fear the border will 
be even more controlled once 
China takes over. 

The Guangdong public se- 
curity bureau and Hong Kong 
social workers estimate dint 
130,000 children are waiting 
to be reunited with their fam- 
ilies here. Under a quota sys- 
tem. Hong Kong allows only 
150 permits a day for one- 
way border crossings, with 66 
slots set aside for children re- 
uniting with parents. 

‘ ‘This is a very critical mo- 
ment," said Ho Hei-wah, di- 
rector of the Society for Com- 
munity Organization, which 
is assisting the families. “If 
they can stay in Hong Kong 
until the first of July, they 
automatically have the right 
of abode” because of the Ba- 
sic Law. 

The incoming government 
of Tung Chee-hwa, China’s 
future chief executive for 


Hong Kong, recognizes that 
the influx of children, and the 
130,000 more waiting to 
cross, is one of the most press- 
ing issues it will face. 

Most of die parents, 
though, are not interested in 
waiting. Many say they have 
waited long enough and have 
had to endure not only the 
grinding bureaucracy in 
China, but also corrupt local 
officials who demand huge 
bribes to give children higher 
places on the waiting lists. 

Tbe government here has 
announced that those children 
entering illegally will be sent 
back to China and forced to 
wait their turn. To allow them 
to stay, officials have said, 
would lead to a rush of illegal 
immigrants. A general am- 
nesty also would be unfair to 
those who have waited then- 
turn. officials say. 

Other illegal immigrants 
here have told of Guangdong 
officials demanding bribes in 


exchange for favorable places 
on tbe waiting list. 

“Tbe Chinese government 
doesn’t have enough control 
over its local officials,” said 
Yun Shat-man, who chairs a 
support group for illegal im- 
migrants. 

While the officials charge 
the equivalent of $25,000 for 
favorable treatment, the 
snakeheads offer immediate 
results at lower prices. One 
young woman said she paid a 
snakebead S12J500 for three 
persons — herself, a sister 
and her 6-year-old brother. 

But some parents here say 
they would rather wail than 
put their children’s lives in 
die hands of tbe snakeheads. 
Choi Waj-kwan, a Hong 
Kong wholesaler who mar- 
ried in Guangdong in 1985 
and has been waiting ever 
since to bring his wife and 
four children here, sai± ‘ ‘The 
parents are too impatient, and 
too anxious.” 


ANCESTOR: Scientists Find Possible Forebear of Man and Apes 


Continued from Page 1 

erial, remnants of a thigh 
jone and parts of the spine 
ind shoulder socket, be- 
onged to an animal about 4 
ieet tall (.122 centimeters), 
veighing 90 to 110 pounds 
40 to 50 kilograms), that was 
i “cautious climber,'’ ac- 
:ording to the researchers. 

M. Bishopi’s capacity to 
iang by its arms while brows- 
ng through the heavy forests 
hat covered central Africa 
hen may have given it a com- 
jetitive advantage in dining. 

David Pilbeam of Harvard 
Jniversity, one of the insti- 
utions that made up the in- 
emational team, said the con- 
ensus among scientists is that 
irm suspension allows an an- 
mal of substantial weight “to 
ret into parts of trees that oth- 
ers can’t because it can dis- 
ribute its weight better than 
mimals that place all their 


weight on top of the branch.” 
• The creature likely walked 
on' its palms when traveling 
on the ground; knuckle- walk- 
ing, scientists say, was a later 
development. 

Before M. Bishopi. tbe best 
fossil evidence of early Mio- 
cene ape-like creatures was 
much more monkey-like. 

“Very few of the re- 
mains,” said Bill KimbeJL 
science director . of the Insti- 
tute of Human Origins in 
Berkeley, California, “ap- 
proached the anatomy that 
would have been expected.” 

Specifically, three features 
that are logically necessary to 
the eventual development of 
modern apes and humans 
were conspicuously missing. 

Any annual that is going to 
spend an appreciable amount 
of time in an up righ t posture 
needs a fairly stiff lower back. 
Tbat entails broad, short 
lumbar vertebrae with bony 


outcroppings to anchor the 
spine in muscle, reducing flex- 
ibility. In addition, an arboreal 
creature that often has its 
backbone in a vertical positioa 
— an essential anatomical 
prerequisite Co walking on two 
legs — would probably need a 
thigh bone thick enough to ab- 
sorb a lot of vertical stress and 
a shoulder socket that permits 
ample swiveling movement, 
especially for raising the arms 
directly over the brad to pull 
up. (Monkeys cannot do tins. 
They climb like cats.) 

Until the report Friday, 
none of the leading candi- 
dates for a common hominoid 
ancestor, including the dozen 
species of ape-like creatures 
known to have existed 1 8 mil- 
lion or 20 million years ago, 
have quite fit the bill. Those 
species that did dated from 
nearly 10 million years later. 

With one possible excep- 
tion: A group digging in 


EUROPE: Plan for Common Currency Moves to Center Stage 

Continued from Page 1 


onion ahead of you, you can’t 
concentrate on institutional 
said Juan Roldan Ros, a 
Union spokesman. “Now 
ie earliest possible date, and 
s going to be very difficult.’ * 
it new members from central 
e likely to be the Czech Re- 
mgary. Poland and possibly 
the same countries that hope 
first to join the 16-member 
iance. 

; -led alliance looks set to ap- 
awn post-Cold War nrorgan- 
n and name prospective new 

4 a summit meeting m Madna 

i it expects to let the first ones 
, well Wore any of *em will 
J members. 

3n y is that much of me 
Union’s disarray is coast* by 
iat Mr. Kohl and other leaden 
after communism collapsed 
ed the reunification of Ger- 


many at tbe beginning of tbe decade. 

They intended the common currency 
to be a compelling symbol of continued 
German commitment to European unity, 
even if it meant die sacrifice of the 
Deutsche mark, the Germans’ own sym- 
bol of postwar prosperity. 

But at the insistence of the German 
central bank, they also set down tough 
fiscal and budgetary criteria to deter- 
mine which countries qualified to be- 
come members. 

Because unifying die two parts of 
Germany cost hundreds of billions of 
dollars and unemployment has risen 
sharply to more than 12 percent, Ger- 
many now seems likely to meet only by 
the skin of its teeth the toughest re- 
quirement — whittling its pubtic-sector 
deficit down to no more than 3 percent of 
gross domestic product by the end of this 
year. 

Mr. Kohl has repeatedly vowed to 
make tbe goal and Finance Minister 
TheoWaigdinsistedformortofthepast 
year that it had to be strictly observed to 


make the euro as strong as the mark. 

Mr. Chirac, whose country, along 
with Germany, would have to make the 
target to get the common currency off to 
a credible start, undertook spending 
freezes, incurred die wrath of labor un- 
ions and saw his popularity sink even 
further than Mr. Kohl’s, with only 38 
pe rcen t of the French supporting him, 
according to a recent poll published in 
Le Figaro magazine. 

The difficulties led to talk of delay in 
putting the currency plan into effect. 

But that stopped earlier this mouth 
after Mr. Waigel said, “I have never 
nailed myself to the cross of 3 percent,” 
indicating that Mr. Kohl and other 
European leaders could decide next year 
to go ahead with the common currency if 
they simply come close to the criteria. 

If the changeover to die euro does start 
on schedule on Jan. 1, 1999, making it 
work will take until 200 2. which is when 
the new currency would start replacing 
francs, marks and the money of other 
countries that join. . 


Continued from Page 1 

and go for martyrdom. Woe to you if you 
do not apologize for your actions.” 

As he spoke, dozens of people signed 
up on die spot to become suicide 
bombers, according to an Associated 
Press report from Tehran. Mr. Allah 
Karam declared that hundreds of others 
had already volunteered for suicide at- 
tacks against Germany. 

“Right now our government won't 
allow such actions, but we are nego- 
tiating with it,” he said. 


Uganda in the 1960s turned up 
the remains of a c reature that 
seemed to satisfy many of the 
criteria. But scientists were 
baffled by its seemingly con- 
tradictory features. The skull, 
jaw and teeth appeared appro- 
priately primitive. Yet its stiff 
back seemed a bit too much 
like that of modem apes. 

In 1994 and 1995, the sci- 
entists whose work was pub- 
lished Friday revisited the 
site. They dug up many new 
skeletal samples apparently of 
the same species and then sub- 
jected their find to geochem- 
ical dating methods not avail- 
able in the 1960s. The result 
showed that the creature was 
nearly 21 million years old 

But several top scientists 
said they were unconvinced 
“Hie material, although im- 
portant and interesting, is very 
scrappy,” said David Begun 
of University of Toronto. "It's 
very difficult to interpret." 


Colony Democrat 
Meets U.S. Leader 

Reuters 

WASHINGTON — President 
BQl Clinton assured a Hong Kong 
democracy advocate on Friday that 
the United States was pressing 
China to honor the colony's demo- 
cratic freedoms when it resumes 
sovereignty on July 1. 

Martin Lee. the leader of the 
Democratic Party in Hong Kong, 
met at the White House with Vice 
President A1 Gore, with the pres- 
ident joining the 45-minute meeting 
for about 25 minutes. Afterward, 
the. White House spokesman. Mi- 
chael McCuny, said: 

“The president said China 
should not only uphold the eco- 
nomic freedoms that have been so 
important to the people of Hong 
Kong but should also continue to 
extend civil and political freedoms 
to the people of Hong Kong. 

“The president strongly shared 
the view, expressed also by’Mr. Lee, 
that support for the rule of law. that 
press freedoms, that freedom of 
speech, freedom of assembly and the 
liberties that have been associated 
with the people of Hong Kong 
should and must continue.” 


“Once our deadline passes, then Ger- 
many will be confronted with the ex- 
plosion of the Hezbollah." he added, 
without specifying when the deadline 
would expire. 

Hundreds of policemen in riot gear 
were arrayed in four human walls to 
shield the embassy, as protesters shouted 
“Revenge. Revenge!" Disabled war 
veterans also joined the demonstration 
after the government said it would press 
charges against 24 German firms ac- 
cused of supplying Iraq with chemical 
weapons used on Iranian soldiers during 
the 1980-88 war. 

Mr. Allah Karam ‘s group is not be- 
lieved to be linked to the Iranian-backed 
Hezbollah group in Lebanon that carried 
out kidnappings of Westerners there. It 
is mainly a pressure group representing 
poor people who seek to prevent Iran's 
ruling Shiite clergy from straying from 
the hard-line values of the 1979 Islamic 
revolution that toppled the shah. 

Until now, the Iranian government 
has expressed outrage but reacted with 
caution against the German court ruling. 
Germany is Iran's leading trading part- 
ner and has long acted as a special in- 
termediary during rimes of tension with 
other Western countries. After with- 
drawing Lheir ambassadors in tit-for-tat 
protests, both Iran and Germany de- 
clared they did not wish to see the dis- 
pute escalate to open hostility. 

But with Iran heading into the final 
stage of campaigning for its presidential 
election next month, the anti-Western 
fervor in the wake of the German verdict 
has been exploited by radical groups that 
want to purge moderate voices from 
government. 

After keeping a low profile imme- 
diately after the verdict, leading Iranian 
politicians reacted angrily when the 
Iow’er house of Germany's Parliament 
approved a resolution this week con- 
demning Iran for ordering the assas- 
sinations. Tensions could rise further if 
German prosecutors decide to prolong 
their investigations into the role played 
by Iranian leaders in the w'ork of Iranian 
hit squads in Europe. 


UNIVERSE: Upending Age-Old Theories 


Continued from Page I 

but rather defines a direction of space 
that somehow determines how light 
travels through the universe. As ob- 
served from Earth, the discoverers said, 
the axis runs one way toward the con- 
stellation Sextans and the other toward 
the constellation Aquila. Which way is 
up and which way down, whether to- 
ward Sextans or Aquila. would be a 
matter of arbitrary choice. 

The discovery was made by Boige 
Nodland of Rochester and John Ralston 
of Kansas, using radio-wave observations 
made by different astronomers around the 
world. In a report to be published on 
Monday in Physical Review Letters, the 
two physicists concluded on a note of 
excitement tempered with caution. 

“Barring hidden systematic bios in 
the data," they wrote, the behavior of 
electromagnetic radiation propagating 
over vast distances “indicates a new 
cosmological effect” 

In an announcement by the University 
of Rochester on Thursday. Mr. Nodland 
said: “The big news is that perhaps not 
all space is equal, for as far back as we 
can peer in time. This work defies the 
notion that there is no 'up' or 'down' in 
space." Mr. Ralston said, “Our obser- 
vational data suggest that there is a mys- 
terious axis, a kind of cosmological 
north star that orients the universe.” 

Few other physicists and cosmolo- 


gists have had a chance to read the 
journal report, but they agreed that the 
research must be tested thoroughly be- 
fore the conclusions can be accepted. "It 
would be a really profound change in 
physics, if it is true.' ' said James Peebles, 
a Princeton University astrophysicist. 

Stephen Maran. an astronomer at the 
Goddard Space Right Center in Green- 
belt. Maryland, said: * ‘Anytime you find 
a new effect globally in the sky, the 
crucial issue is always whether you have 
correctly taken account of systematic 
errors in the observations. And any re- 
sult of this potential magnitude is going 
to be viewed with considerable skep- 
ticism until new experiments can be 
done to verify iL" 

In their report. Mr. Nodland and Mr. 
Ralston constructed a mathematical the- 
ory that could explain the observations. 
The data indicate that light actually 
travels through .space at two slightly 
different speeds. 

The physicists say the axis of ori- 
entation they have inferred would afH 
pear to be dong different lines in dif- 
ferent parts of the universe, but they 
would be parallel to the one observed 
from Earth. 

The implications of the research could 
be enormous. For example, scientists 
might have to reconsider rhe concept that 
the Big Bang, the theorized moment of 
cosmic origin, was completely symmet- 
ric. 


IRA Blamed 
As Two Blasts 
And Warnings 
Snarl Traffic 

/tenters 

LEEDS. England — Two blasts and a 
series of suspected Irish Republican 
Army bomb warnings paralyzed rail and 
road traffic in northern England on Fri- 
day in what appeared to be the latest 
attempi by the guerrillas to disrupt the 
election campaign. 

There were small explosions at rail- 
way stations in Doncaster and Leeds. 
The police also said they carried out a 
controlled explosion on a package they 
suspected could be a bomb at the Stoke 
station in the northwest. 

in Leeds, a large pan of the ciiy center 
was sealed off after the explosion, for 
which there had been no warning. “It 
was a loud but relatively small explosion 
along the trackside in an equipment cab- 
inet." a fire brigade spokesman said. 

A passenger told the BBC, “As our 
train went past there was a big bang and 
everyone started screaming." There 
were no reports of injuries. 

The Stoke. Doncaster and Crewe rail- 
way stations were closed Friday after the 
police were told of telephoned bomb 
warnings in which the caller gave a code 
word known to be used by the IRA. 

A long section of the main M6 mo- 
torway. linking southern Britain with the 
northwest, was closed after a phone call. 

Houses and businesses around the 
threatened areas were evacuated. 

Prime Minister John Major pinned the 
incidents on the IRA. which is battling to 
end Britain's rule of Northern Ireland 
and had acknowledged causing rail and 
road disruption earlier in the campaign 
for the May 1 general elections. 

“This looks very much at the moment 
as though this is the work of the IRA 
showing their usual contempt for people's 
lives and for property.” he said. 

The attacks were a typical IRA tactic, 
causing huge disruption but avoiding 
loss of life that could threaten any sym- 
pathy for their cause. 

■ Ulster Suspect Taken to London 

A man arrested in Northern Ireland 
last week has been flown to London for 
questioning by the police about the 1 996 
bombing in the capital that ended the 
IRA’s 17-month cease-fire. The Asso- 
ciated Press reported from London. 

Scotland Yard refused to disclose his 
name but The Times of London reported 
Friday that he is James McArdle. It said 
he was flown to London from Belfast 
under armed police guard Thursday. 

The truck bomb m London's Dock- 
lands business district Feb. 9, 1996, 
killed two newspaper vendors, injured 
scores of other people and wreckwl of- 
fice buildings. Taking responsibility, the 
IRA said it was protesting British gov- 
ernment intransigence that it said was 
the cause for lack of progress in the 
Northern Ireland peace talks process. 

Another man, Patrick McKinley of 
Northern Ireland, was arrested and 
charged in June in the bombing and is 
being held in London awaiting trial. 


ALLIANCE: 

A Telecom Switch 

Continued from Page 1 

Telia of Sweden. It also includes Tele- 
fonica de Espana, although the deal with 
BT and MCI. which are to be known as 
Concert after they are merged, is likely 
to end the Spanish company's partic- 
ipation. 

Unisource, Concert and Global One, 
an alliance of Deutsche Telekom, France 
Telecom and Sprint Corp.. are vying to 
supply long-distance and other telecom- 
munications services to the world mar- 
ket, mostly for multinational corpora- 
tions. 

Telefonica de Espana made conflicting 
statements about its exact future with 
Uni source. In the announcement with the 
Concert partners, the company's chair- 
man, Juan Villalonga, said: “We are ini- 
tiating steps to withdraw from Unisource, 
i have informed our current partners of 
this intention and have begun discussions 
on the conclusion of our arrangement. “ 

Later in the day. however. Fernando 
Panizo, the chief operating officer of 
Telefonica InfemarionaJ, said that the 
deal with the Concert partners was “fo- 
cusing on the Americas” and that Uni- 
source was viewed as a European al- 
liance. He said, “We have decided to 
stan the conversation with our partners 
in Europe” about the company's future 
role in that grouping. 

Bloomberg News quoted Mr. Vil- 
lalonga as saying; “The agreement 
doesn't negate or contradict the agree- 
ment with Uni source, which is a strictly 
European alliance. We have been in con - 
tact with die other Unisource members to 
talk about the impact of whai we are 
signing today and to discuss our future in 
Unisource in the medium term.” 

Although Unisource is a European 
grouping. AT&T noted that it is also parr 
of the WorldPartners Association, which 
includes Singapore Telecom and Kok- 
uisai Denshun Denwa Co. of Japan. 
AT&T said it “regrets Telefonica’s de- 
cision to pursue their own interests at the 
expense of their partnership with AT&T 
and Unisource.' ’ 

Whatever the resolution of the Uni- 
source question, analysts said the agree- 
ment was a positive development for 
BT. “It is clear that Concert is on a roll.” 
said Jeffrey Kagan, an industry analyst 
in Atlanta- He said people would be 
“very shortsighted” to think that the 
Unisource members were not ‘ ‘reassess- 
ing their position right now.” 

Unisource is structured as a confed- 
eration of independent companies, noted 
Sim Hall, who follows the communi- 
cations industry at Action Information 
Services in Falls Church, Virginia, while 
Concert and Global One provide for 
cross-shareholdings. 




ART 


INTERNATIONAL HERA T.!) TRIBUNE 
SATURDAV-SUNDAY, APRIL 19-20, 1997 
PAGE 6 


A Reflected Glory? 

Byzantium: A Name of Many Cultures 

tnrernarioHul Herald Tribune Serres, represents the early by the Louvre, considered to 

N EW YORK — Few 12th-century style, revealing be earlier by half a century, 
art shows can be as the close connection between one hesitates. The shadow of 
dazzling, yet as mosaics and painting. The a smile hovers on the face of 
baffling as "The trompe I'oeil relief effect an inscrutable Jesus standing 


IrtreraarioHul Herald Tribune 

N EW YORK — Few 
art shows can be as 
dazzling, yet as 
baffling as "The 
Glory of Byzantium.” on 
view at the Metropolitan Mu- 
seum until July 6 . As the 
viewer walks from one beau- 
tifully designed room into the 
next, with a clever distribu- 
tion of monumental remains, 
of which there are few, and 
small works of an that are the 
true glory of the exhibition, 
he or she soon wonders 
whether Byzantium describes 
a reality or a myth. Behind 
that deceptively simple label 
there was not one culture, but 
several. 

The show begins in 
Greece, or to be accurate. 
Constantinople, the capital. 
which the Turks overran in 
1453, called Istanbul and vir- 
tually emptied of its Greek 
population. 

Of monumental painting, 
remarkably little is to be seen. 
One might have hoped that an 
exhibition thar begins in 843. 
when the ban on figuraJ im- 
ages was lifted, and ends in 
1 261 would show some of the 
new art But few murals sur- 
vive from the 10 th or 11 th 
centuries. The reader of the 
important book edited by the 
two organizers. Helen Evans 
and William Whom, will 
wistfully gaze at the color 
plate showing the Church of 
the Holy Apostles in Athens, 
covered with frescoes in the 
! 1 th century, of which some 
are visible in the upper areas. 
The show merely offers a tew 
fragments from Episkopi. In 
one. dating from the early 
1 Irh century, seized figures 
throw dark, vivid stares. How 
the transition was bridged be- 
tween this powerful Primitive 
phase and the Expressionist 
manner of the early 1 2 th cen- 
tury. represented by wo frag- 
ments from some monastic 
ruins on Mount Papikion. es- 
capes us. 


M osaics did not 

fare much better 
than frescoes. Of 
the famous revet- 
ments that decorated the ninth- 
century Stoudios Monastery 
in Constantinople, only the 
head of a Virgin survives, dis- 
figured by restoration that in- 
volved resetting the tesserae. 

A single figure of a saint, 
rescued from the fire that 
burned down a sanctuary at 


Serres, represents the early 
12 th-century style, revealing 
the close connection between 
mosaics and painting. The 
trompe I'oeil relief effect 
through the play of stylized 
light and the rippling move- 
ment in the hair resembles 
those in the head of Saint 
Mark from Mount Papikion. 
How the jump was made from 
this visionary style to a more 
worldly art illustrated by two 
fragments that turned up in 
Switzerland may never be 
known — the intermediary 
links are missing. 

Sculpture is about as scarce 
as painting. One can only 

SOUREN MELIKIAN 

marvel at the grandeur of the 
mid-1 Ith-ceonuy Mother of 
God carved in low relief and 
wonder, here too. what itin- 
erary took Greek artists from 
there to the two low reliefs 
from the Monastery of the 
Virgin Peribleptos represent- 
ing Mary and die Archangel 
Gabriel. These are given late 
12th-century dates. But their 
faces. filled with very human 
emotion, seem so close to 
early Gothic French sculpture 
that one suspects some inter- 
action. presumably during the 
Crusader occupation of Con- 
stantinople. from 1204 to 
1261. 

If Greek art in the Byz- 
antine age is ever to yield its 
secrets, this should be 
through the smaller works of 
art. the ivories, the 
manuscripts, the cloisonn£ 
enamels, which together ac- 
count for die magnificence of 
the show. Unfortunately, 
each category represents an 
art-historical maze. 

The ivories scattered 
across the world raise the 
most intriguing questions. 
These begin with geograph- 
ical provenance and. there- 
fore. ■ cultural identity. Just 
what comes from Con- 
stantinople. or more broadly, 
from Greece? Few would 
question the attribution of the 
panels with the Apostles 
standing in twos preserved in 
the Kunsthistorisches Mu- 
seum. Vienna, and the Museo 
Archeologico in Venice. 
These offer striking examples 
of the survival of the Hel- 
lenistic tradition into the 1 1 th 
century. 

But when it comes to the 
wonderful icon with Christ’s 
Mission to the Apostles, lent 



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ms 

& ANTIQUES 

APPEARING TODAY 
ON PAGES 7 - 8 & 9 


by the Louvre, considered to 
be earlier by half a century, 
one hesitates. The shadow of 
a smile hovers on the face of 
an inscrutable Jesus standing 
between the Apostles in rows 
six deep on each side, bend- 
ing deeply forward- The 
theme, "Christ’s Mission to 
the Apostles." is known in 
the Latin West. Could this by 
any chance be the work of a 
Byzantine artist passing 
through Germanic lands, per- 
haps Metz or Strasbourg? 

A greater enigma is posed 
by the "Veroli casket’ pur- 
chased by the English dealer 
John Webb in 1861 from the 
treasury of the cathedral in 
Veroli. Italy. Decorated with 
scenes in the late Antique 
taste, its high-relief technique 
finds no parallel in work as- 
sociated with Constantinople. 
It is supposed to date from the 
mid- 10th century. Are we 
sure that this is not Italian 
work? 

That such interaction be- 
tween eastern and western 
Christendom did exist is es- 
tablished in a fascinating, but 
confusing, section that deals 
with the contacts between 
Byzantium and the West 
There, one can see ivories ac- 
knowledged to be German, 
albeit influenced by Byz- 
antine art. such as the Cleve- 
land panel illustrating 
Christ’s Mission to die 
Apostles. Other ivories are 
credited to Italian workshops. 
Such is a marvelous panel 
with Christological scenes — 
bought. like the Veroli casket, 
by Webb. 

Most enigmatic is a panel 
from Copenhagen with a Cru- 
cifixion. in which Jesus is 
named in runic characters on 
die tablet that supports his 
feet. A Romanesque sketch 
proves that the panel was in 
the West at an early date. Re- 
cently. an attribution to Scan- 
dinavia was suggested. Char- 



Inspired by Europe, 
Japan’s Cubist Master 


Icon with Christ's Mission to the Aposrles. 


les T. Little, curator of 
medieval art at die Met, re- 
jects it Yet the aesthetic feel 
is so far removed from the 
10 th-century ivories plausi- 
bly ascribed to Constan- 
tinople that an alternative at- 
tribution is tempting. The 
extremely elongated figures 
that have an early Roman- 
esque feel make a Byzantine 
provenance open to question 
at the very least This is one 
among several masterpieces 
that make this beautiful show 
so disconcerting. 


A DD the section 
"Byzantium and 
the Islamic East” 
and its many works 
of art that raise problems of 
cultural history as yet unre- 
solved. such as the 13th-cen- 
tury, possibly Syrian, bronzes 
decorated with Christian 


scenes or characters. Add oth- 
er sections in which the art of 
Georgia and the an of Ar- 
menia, far removed from the 
art of Byzantium, are expe- 
dited in allusive fashion. 

Throw in a brief excursus 
into the Russia of Kiev and 
into Bulgaria, and the least 
experienced visitor begins to 
sense dial the exhibition suf- 
fers from overload. 

Five distinct shows have 
been jammed into one. The 
first deals with the an of 
Christian Greece, die second 
with its extensions into East- 
ern Europe, the third with die 
Byzantine impact on Western 
Europe, the fourth touches on 
Georgia and Armenia, and the 
fifth on the interaction be- 
tween Islam and Christianity. 
One. the first, is brilliant. Re- 
garding the others, the job has 
yet to be done. 


By Velisarios Kartoulas 

International Herald Tribune 


T OKYO — The laiesr retrospective of 
Tetsugoro Yorozu ’s paintings is worth 
a visit just for a glimpse of his earthy 
"Leaning Woman,” die first Cubist 
masterpiece by a Japanese painter. Hung be- 
hind a dividing wall midway through the ex- 
hibition. it xsmoden from visitors until they are 
close enough almost to touch it. It has such 
power that it appears much larger than it is. 

Yorozu is best known as one of the first 
Japanese artists to find inspiration in die 
works of European painters such as van Gogh, 
Ce zanne . Gauguin and Matisse. Indeed, Ja- 
panese critics attacked his early paintings for 
simply replicating the works of Europe^s 
Post-impressiomsts. Yet at times before bis 
dead) in 1927, he also incorporated into his 
paintings elements of Japanese shamanism 
and of Nan-ga paintings from southern China, 
developing several styles of his own. 

Yorozu, the son of a wealthy merchant, was 
bom in 1885 in the village of Tsuchizawa in 
northwestern Iwate Prefecture. He practiced 
traditional Japanese painting from an early 
age and fim experimented with Western 
styles of painting around 1901 after buying 
Tohjiro Ohshitaa’s "A Guide to Watercol- 
ors," which sparked a watercolor boom 
among teenagers a cross Japan. 

He began to attend a Zen seminary in 
Tokyo around 1904, and in 1905 joined a 
priest on a trip to die United States to set up a 
seminary there as well. When the plan fell 
through, Yorozu moved in with a family in 
Berkeley, California, as their houseboy. He 
wanted to attend an school in the United 
States, but his aunt, who took care of him, 
refused lo pay for his studies and he returned 
to Japan in late 1905. 

His contemporaries and biographers attrib- 
uted the strong self-possessed and introspect- 
ive traits of Yorozu’s work to his exper- 
imentation with Zen meditation and to his 
setbacks in the United States. 

I N April 1907. Yorozu began attending the 
Tokyo Art ScbooL In an autobiography 
published in 1925, he wrote: "When I 
look back, what I enjoyed most was the 
five years at art school. It seems as if die sun 
was shining brightly just on those five years.” 

It was at art school where he first en- 
countered Post-Impressionism. That influ- 
ence is apparent in "Nude Beanty,” which 
Yorozu painted as a graduation project in 



Yorozu s " Leaning Woman” 1917. 

1911. The painting is of a semi-nude woman 
lying on a patch of grass with a red cloth 
wrapped around her waist. In it. Yorozu bor- 
rowed heavily from Matisse and van Gogh, 
and possibly Gauguin. And although the 
painting created a stir among academics at the 
Tokyo Art SchooL it is today considered the 
first Japanese painting indicating an under- 
standing of Fauvism. 

The following year, Yorozu rook part in an 
exhibition organized by the FY uz a nkai . a 
group of young artists who shared in common 
an interest in Post-Impressionism. The open- 
ing of their exhibition coincided with that of a 
government-backed exhibition of more era- 4 
ditional works and foe Fyuzankai’s exhibition 
was branded anti-government and lambasted 
by newspaper critics. 

In response to foe criticism and to discard 
w ithin the Fyuzankai, Yorozu volunteered for 
short-term military service in 1913 and was 
ren t to northern Hokkaido. But his stint away 
from Tokyo failed to ease his frustration with 
Japanese artistic circles and the following 
year he returned to his hometown, where in 
1917 he painted "Leaning Woman.” 

The show, at the National Museum of Mod- 
em Art in Tokyo, continues until May II. . 


Louise Erdrich Tells of Dorris’s Troubled Life 


By Rick Lyman 

Ne h - York Tunes Service 

M INNEAPOLIS — Louise Er- 
drich got the word that Michael 
Dorris, her estranged husband 
and fellow author, had suffo- 
cated himself last Friday in a New Hamp- 
shire motel room when a mutual friend called 
from foe scene. She was not surprised. 

For one thing, she knew that Dorris had 
attempted suicide two weeks earlier. But 
there was more than that, Erdrich said, things 
that few people knew, some things that only 
they knew. “I knew thai Michael was sui- 
cidal from foe second year of our marriage, * * 
Erdrich said during a long. emotioDal in- 
terview on a lakeside park bench not far from 
downtown Minneapolis. He talked about it 
often, she said. 

"Suicide,” Erdrich said. "It’s a very 
tangled road, a tangle of paths and dead ends 
ana dear places and it’s gone. He descended 
inch by inch, fighting all the way.” 

Now. Erdrich said, she wanted to talk about 
tbeir lives and about the circumstances sur- 
rounding his death — to correct some mis- 
conceptions that "seem to be floating around 
in foe media” and to help shift the emphasis 
from foe "grotesque details” of Dorris’s 
death and ‘ ‘morbid fascination” with foe most 
intimate details of their private troubles. 

"He deserves, in his death, some self- 
respect and dignity.” she said. 

Erdrich spoke softly, paused often to hold 
back tears and seemed tired. She clutched a 
yellow legal pad covered with doodles and a 
few lines she had written "during periods 
when my thoughts have been clear." 


AUCTIONS 


It was true, she said, that what had begun 
as an honest effort by both to divorce am- 
icably had turned acrimonious in recent 
months, but, she said, there was never any 
custody dispute. And rumors that she left 
Dorris a year ago for another man or, as one 
rumor has it. another woman, are not true, 
she said. 

"There was no one reason, there were 
many reasons,” she said about the divorce. 
In part, it had to do with the burden she felt 
she carried, supporting Dorris in his de- 
pression and sleeplessness. 

Erdrich and Dorris, both award-winning 
writers, had a remarkably close literary un- 
ion, writing some books together, often edit- 
ing and rewriting each other’s work. They 
met in 1976, and had three children of their 
own and three adopted children, one of 
whom died in 1991. They have lived here 
since 1993. 

Friends and colleagues who have ex- 
pressed shock since Dorris’s death did not 
really know his "private suffering,” foe 
said. Dorris only presented pan of himself to 
the world, Erdrich added. * ‘That was only the 
third floor of a building with a very deep 
basement His friends would be very hard 
pressed to believe the amount of pain he was 
in at times.” 

Did he keep these troubles to himself? No, 
foe said, “he kept them to me.” Indeed, 
close friends of Dorris have said in recent 
interviews that they found it difficult to 
believe that foe generous, brilliant and 
gregarious man they knew was secretly tor- 
mented by depression and thoughts of sui- 
cide. 

"He may have had his dark moments, but 


to say that he was fixated on suicide. I didn't 
see it,” said Doug Foster, a former editor of 
Mother Jones magazine and close friend of 
Dorris. 

That came only at foe end, Foster said, 
when Doris became aware he was being 
investigated for the possible sexual abuse of 
one or more children. On the day of his first 
suicide attempt, Dorris told Fester he had 
received word that criminal charges could 
very well be filed against him. “The Michael 
I spoke with in foe final weeks was bewildered 
and anguished,” Foster said. “He could see 
no way out and said he couldn't bear the 
thought of being charged with such crimes. 
He was concerned about the effect on his 
children, his mother, Louise and his work.” 


T HE files of the investigation, by 
Minneapolis police, have not been 
made public, and Erdrich declined 
to talk about foe details or to say who 
filed the charges or whether her own children 
were involved. 

"It was always intended to be a private, 
family matter, and it is still a private matter,” 
she said. ‘ T don ’t agree ia trying a mao in the 
press after he is dead and judging him guilty 
or innocent.” 

Besides, foe said, other people might be 
hurt if foe investigative files are made public. 
Lawyers for her and for Dorris’s estate are 
asking a Minnesota judge to keep those files 
closed; normally, a case is declared closed 
when foe person being investigated dies and 
foe file becomes public. 

But Erdrich said Dorris’s suicide should 
not be blamed on foe investigation. 

During their marriage, Erdrich said, the 


subject of suicide came up often, sometimes 
over seemingly trivial issues. “It was just 
part of our marriage,’ ’ she said. 

Dorris’s final descent "started happening 
a year ago, when I left him.” she said That 
night as she walked away from their house, 
she took with her Dorris’s copy of a book on 
committing suicide because she feared he 
would use it 

When he made a serious suicide attempt 
March 29, in a cottage on their New Hamp- 
shire farm, Erdrich said she felt that now 
others would share foe burden with her. "At 
last, everyone would know how purposeful it 
was, and someone would stop it,” she said 
She added, "Ido not think he slept in the last 
year of his life.” 

Now, Erdrich said, she is concerned about 
her three daughters — and about an adopted 
son and daughter who had been estranged 
from the family in recent years. 

"We took it all on foe chin when this came 
out,” Erdrich said "Front-page newspaper 
story. It’s ugly, and the kids had to take it 
right in foe race and they’re still taking it.” 

Earlier this week, Erdrich visited each of 
her daughters' classes so foe could answer 
questions about foe suicide from foe chil- 


"I think people want to know, axe his 
daughters going to be O.K.?” she said 
‘ ’They are going to be OJC.” 

Already, there has been healing. The two 
adopted children, now young adults, have 
recontacted the family. “I think that by foe 
time a year goes by, 1 t hink a great deal of 
healing will have taken place m all of our 
lives,” she said “AD of Michael’s children 
will be able to embrace one another.” 


BOOKS 


auction sales KOADSTOSAmiAGO 


IN FRANCE 


B DROUOT RICHELIEU 


9, rue Drouot 75009 Paris -TeL: 01 48002020 


Monday, 28 - Tuesday, April 29, 1997 

Room 1 at 2:30 p.m. COLLECTORS COINS. Greek. 
Roman. Byzentine, Celt. Merovingian. Carolingian. 
Imperial, French, Contemporary, foreign, medaillon. 
Erode TAJAN, 37, rue des Mathurins “*>008 Paris, td.: 
01 53 30 30 30 - fax: 01 53 30 30 31. 

In NEW YORK please contact Retry Maisonrouge & Co. 
Inc. 16 East 65th Street, fifth floor. N.Y. 10021. Phone: 
(212i 737 35 97 / 737 38 13 - Fax: (212) 861 U 34. 

fff DROUOT MONTAIGNE 

15, avenue Montaigne. 75008 Parte -Tak: (01 )48 0Q2Q 

Tuesday, Apd 29, 1997 

AiS pm ABSTRACT and CONTEMPORARY ART. Etude 
TAJAN, 37, rue des Mathurins 75008 Paris, tel.: 
01 53 30 30 30 - fax: 01 53 30 30 31. 

In NEW YORK please contact Keny Maisonrouge & Co. 
Inc. Iti' East 65tn Street, fifth floor. N.Y. 10021. Phone 
(212) 737 35 97 t 737 3S 33 - Fax: U12) 80 1 13 34 . 


By Cees Nooteboom. 
Translated from Dutch by Ina 
Rilke. 352 pages. $25. 
Harcourt Brace. 

Reviewed by 
Colm Toibin 

C EES Nooteboom writes 
about a journey to foe 
Basque country: “I read my 
paper and look at the palm 
trees all tied up for winter, and 
the empty Sunday morning 
pavements and wish that my 
entire life were a provincial 
Spanish Sunday morning, and 
I the son of man who be- 
longed there.” This is an ex- 
emplary travel book, foe re- 
sult of 40 years wandering in 
provincial Spain, looking at 
buildings, especially Roman- 
esque churches, searching for 
dullness and emptiness and 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authois worid-wWe invttwj 
Writs or send your manuscript to 
WNERVA PRESS 
20U1 BOSTON HD. LONDON SW73DQ 


quietness. Nooteboom, bom 
in 1933, is a distinguished 
Dutch novelist who had an 
early vocation to be aTrappist 
monk, and this may explain 
the book's contemplative 
tone. 

The destination is foe holy 
site of Santiago de Com- 
postela, but it is the getting 
there that counts. Tourism 
here becomes a form of holy 
pilgrimage. 

He loves die simplicity of 
Romanesque architecture: 
“This is the first great 
European an movement since 
the classical period, and as 
such it expresses a character 
and world view all of its own: 
it is so totally enmeshed with 
what people thought and be- 
lieved — which amounted to 
the same thing in those days 
— that it is fair to say that 
Romanesque art is a world 
view expressed in stone.” In 
Spain, there is something 
humble, almost vulnerable 
about the Romanesque 
churches: they lack the fin- 
ished, majestic awe-inspiring 
style of foe Gothic. They 
stand in out-of-foe-way 
places, they are graceful and 
understated, built at a time 


when Spain was an unstabl e 
set of regions and shifting 
power structures. It is this hu- 
mility, grace and understate- 
ment that clearly attracts 
Nooteboom; his own {rose 
has a similar style. If novelists 
were churches, Nooteboom 
would be Romanesque. 

Nooteboom attributes his 
love for Spain, which fills 
every page of this book, to a 
"chaotic streak in my own' 
character.” But it is a very 
orderly, rather Dutch chaotic 
streak. He is appalled by 
Basque violence and unwill- 
ing to explore or, indeed, en- 
tertain Basque or Catala n 
separatism. He has, however, 
steeped himself in the history 
of Spain from the clash be- 
tween the Arab and Christian 
worlds to the Spanish Empire 
to foe civil war. As a Dutch 
writer, he envies Spain its 
vast linguistic spread. Daring 
his travels, he notes the 
deaths of Borges and Coita- 
zar, he wishes that his own 
language possessed such far- 
flung heroes. He likes to be 
precise about the names for 
tilings, and is sad that Dutch 
is not a world language, like 
Spanish or English 


Nooteboom dwells on foe 
echoing emptiness of mon- 
astic buildings, on being the 
lone visitor out-of-season. He 
contemplates the. life and 
work of certain painters and 
writers; he is especially good 
on Zurbaran and Velasquez 
and Cervantes. There are no jf 
bullfights in his book, or 
crowded beaches. "I find it 
infuriating.” he writes, “that, 
just 440 kilometersfrom Bar- 
celona, there should be a 
completely unknown world 
which millions of sun-wor- 
shipers race past — or fly 
over — each year. Ever heard 
of Siguenza, Buigo de Osraa, 
Albarracin. Santa Maria de la 
Huerta? It doesn’t reek of 
suntan lotion there, but of 
wild rosemary. . . . People 
always go on about peace and 
quiet and that, there isn’t 
enough of it Well, there’s 
plenty of it, megatons of 
“npriness, aeons of rest, 
hectoliters of sOence.' ’ 

. Colm Toibin, whose books f 
include “ Homage to Bar- 
celona" and the forthcoming 
" The Story of .the 
NigAr,” wrote this for The 
Washington Post. 





: v*. ■--*** 
















International Herald Tribune 








Lift 


A Special Report 


SATURDAy-SUNDAI, 
APRIL 19-20 1997 
PAGE 7 


Arts & Antiques 



t 


For Asian Art, 
Market Shifts 
To New York 

Despite Eastern Ties, 
j London Loses Ascendancy 


Sodfcbyt 


A fine Nepalese gilt-bronze figure 
of a bodhisattva sold for $277,500. 


By Souren Melikian 

N EW YORK — Every 30 years or so, jjraj 

a watershed is reached in die art - nZSfl 
market Such was the case when 
New York was consecrated as the 
.world capital of Asian an last month with the 
| five-day Asian Fair as the central event at the 
! Armory on Park Avenue. / 

No one viewing the archaic Chinese b ronzes M 
‘brought by Gisele Croes of Brussels, the Tr yp an . 

, sculpture displayed by. John Esfcenari of London, 
or the spectacular assortment of Japanese wood wflpll 
cuts covering the walls of the stand put up by ^KllP 
AnisabeUe Banes of Paris could doubt that the 
European dealers had readied that condu- / 

•saon. /. jg™§ 

The Asians were thinking along similar M. \ 
.lines. Grace Bruce Wu of Hong Kong was 
'exhibiting her Ming and early .Qing for- mm,' 
niture in America for the first time. That 
-the very aristocratic Brinsh-edncatcd col- ImwV 
lector turned dealer who is married to a 
Briton should have made that choice says - Wf9P5&WB' 
all about the decline of London, seen by J§EBsBB8W 
.most professionals as irreversible. •. 

This is the more extraordinary as Lon- 
don seemed to bold all the trumps. The ' 

-English capital still has its fantastic & 

, museums, a tradition in Asian stud- J| l 
ies that goes back three centuries 

and an even longer collecting ^ mSf jp|P 
tradition as witness die Blue i ' Pv? : 

■and White ceramics with afmp \ ( 

Elizabethan silver mounts. J Wffijm f 
Not least, London had a M i 
seemingly indestructible mf /mmU/r ' | 

■network of Far Eastern 

connections in which , I \ * T \ 

•two Anglo-Chinese ■Bgidp.- Ji 

cities, Hoag Kong 

and Singapore, flHran&B 

played a key AJBKgi H wV-‘ 

role. Its links tWEsSfflM = 

with the Indian ■RhnH 
subcontinent 

appeared to be IttN PSW 
even more dur- J-T BB 
able. jaBafiF*- ■ 

* All that has- WV 

been allowed . to w ^Ep*g||| 

wither away. Succeeding Conservative govern- ^P§f ;%3 
ments have cut off grants to museums, to academic Vkjfl 
institutions aDd to students. And political events are 
backfiring. The auction outpost m Hong Kong that IflMvjj 
Sotheby’s, led by its then chairman Julian Thompson 
and his U.S. colleague James Lally. set up in 1972 Wgl 
seemed impregnable. It is now declining. Lally has Vpg 
become a shining light in the American trade in Mf 

Chinese art — in New York, of course. 

What made New York’s “Asian Week” such a re- 
sounding success was the synergy between the fair, now in 
its second year, and the booming New Ycric trade; hugely 
reinforced by European newcomers. Giuseppe Eskeoazi of 
London (not to be confused with his cousin John), a world 
x>wer in Chinese art onto himself, came over from London to 
stage a solo show. F.skenari. who in a 35-year career had 
always sworn that be would never take part in a fair, was 
convinced by his son Daniel that they simply had to be present 
u New York. He hired premises at 28 East 78th Street, where 
Daniel put together an elegant display of early Han and middle 
Tang pottery sculpture. The Esbenazt show which opened on 
March 18 instantly became the talk of the town and served as 
fantastic overture to the fair. - - 

Continued on Page 9 


CHRISTIE’S 


SUB 


AUCTION : DROUOT RICHELIEU - PARIS 

9. n* Drouor 75003 Paris -Td 0148 00 20 OS -0148 00 2D 06 


MONDAY 2 J APRIL at 2.30p.m. 


rooms 5 «ad 6 



GE0K &EGEI nfes-fSJs 

sa Jfe »«i Bdd nmee. bowl eroded but. 

MtrodomadonilnjiwBC 

WnMIHri'iUiitai 


CEH1* wi, 
LtBcoudchno. 1587 


tadyftxiKl~i.noi.fla.tn. 


CZAAe ofoAn ant/ . STmA 

including Highly Important 
Impressionist and Posr-Impressionist Works by 
Toulouse-Lautrec - Manet ~ Degas.- Renoir - Cezanne ~ Tissot 


OLD MSB* rAMMGS-. KAKL BE50EY. rertt BN3JT. OfTMAR HUGE* LE VHflt CtOOG 
ELECtL FRANCOS MAJ3U& CKANET, BASENt) VAN DCKMEER. ABSOK MDHXL UN ALB03SZ. 
ROOTS. PHD! SHAVERS. SOASIENVRANCX 

MOOBW, CONRMKNMIV PAMMG5 AM> SCUIBSi ARMAN. EAN-MEHCL AtLAN. 
LOiH5 CANE- OSAR. SALVADOR DAU, HEDE8CK GOODALL FERNAND LEGE*. {EAJA4APHSTI 

□L/vt soon iwmori Atwrrsmtw. ossp zamm 




Pnmertr fitan die Cotoctioo of John and frames L. Lock 
Henri dcT^owe-Lmwec /1864-1901). 

Dimuvct Joist bix left T-LuMrer' 

^JI'o»»*lN»rd.2to slB!<iii.(56.5s{48J on.) 
MffldN l»»fch*es«J0W00-il0J#WM 

AUCTION: New York, t 2 May 1997 
VLE wing: 8-12 May 1997 

ENQ ui*m: New York, Franck Giraud on (1212) 546 1172 
New York, Michael Findlay on (1212) 546 1027 
London. Josm Pv’lkkaneo on (44271) 389 24a2 
CATAtOGUES: London, (44171) 3S92S20 

502 Park Avenue, New York, New York 10022. 

Tel: ( 1212 ) 546 1000 Fax: (Ul 2 > 9 S 0 $163 

hrtriwrc http://vsww.christies.com 


Seventeen Centuty Netherlandish School 
young girl with a fan 
Panel: 48 r 35 in / 122 x 89.4 cm 

. .Exhibiting at 
Hie International Fine Art Fair 
Seventh Regiment Armory, New York 

9 - 14th May 1997. Stand number El 
33 New Bond Street Wl Y 9HD 
Telephone; 0171-499 5553 , Fax: 0171-499 8509 


New World Is Luring Old Masters 

U.S. Buyers Are Ready to Pay Much More Than Europeans 



concerned. 

Regarding drawings, this is a fail 
accompli. Zn December, as in the pre- 
vious year, there were no late autumn 
sales of Old Master drawings in 
Christie’s main London rooms, nor ax 
Sotheby's. But late in January, the tra- 
ditional time reserved for Old Master 
sales in New York, both Sotheby’s and 
Christie’s were ready, with two thick 
catalogues. 

The recent history of several draw- 
ings was an equally telling symbol of 
the transfer from London to New York. 
Sotheby’s ran on its catalogue cover the 
study sheet of a young Christ child in red 
chalk which served as a model for die 
Kunsthistorisches Museum's “Holy 
Family.’’ The painting is believed to 
have been painted in Raphael's studio. 
The drawing, however, is accepted by 
specialists as an original Raphael and 
the man who first identified the master's 
hand two decades ago is Philip Pouncey. 
After years spear in the prints and draw- 
ings department at the British Museum, 
Pouncey went over to Sotheby’s where 
he became the ultimate arbiter, uni- 
versally admired for his profound con- 
noisseurship and his sharp eye. That 
“his” drawing should end up in New 
York must be a bitter pill to swallow for 
bis disciples. 

The other most desirable drawing, 
which was arguably Parmigianino's 
“Mary Magdalene Anointing die Feet 
of Christ,” had been in England for two 
centuries when it was sola as a part of 
die famous Gatbome-Hardy collection 
at Sotheby's, London, in April 1976. In 
January this year, die Parmigianino, 
consigned to Sotheby's. New York, 
made S51.750. 

Then came die ultimate rarities in the 
sale, six gouaches on vellum of flowers 
painted by one of the most adventurous 
characters in 16th-century Europe, the 
French Protestant Jacques Le Moyne de 
Morgues. The illustrator who accom- 
panied the ill-fated French expedition to 
Florida in 1564 was one of only 15 
survivors to return to Europe. He was in 
London by 1581. There he specialized 
in flower and plant painting of which the 
most famous group is in the British 
Museum album dated 1585. 


Two decades ago, the six gouaches, 
which were among the great discoveries 
of die late Eric Korner, would have been 
earmarked for a London sale. The sur- 
real appeal and startling modernity of 
miniatures, such as “A Thistle and 
Caterpillar' ’ sold far Sll 2,500 or “Hol- 
lyhocks” which climbed to 5115,000, 
would have had nonconformist 
European collectors scrambling to get 
these works, which would have sold at 
least as well in Europe. But, there agjain. 
New York was the consignor's choice. 

Will Old Master paintings go the 



full by the Flemish Mannerist Joachim 
Wtewael and dated 1608 sent all the 
European professionals attending into 
ecstasy. The picture came from a French 
consignor who. 10 years ago, would 
probably have chosen to send it to Lon- 
don. It climbed to an extravagant 
$2,587,500, a price which would prob- 
ably not have been reached in London. 

Nor would the record S1.432J00 
paid for a very minor master. Barto- 
lomeo Schedoni. The “Holy Family.” 
of which Schedoni produced a number 
of variants, had one huge virtue in 
American eyes — the Farnese red wax 
seal on the back and an inventory num- 
ber which dated it between 1607-1608, 
when Schedoni returned to Parma, and 
1615, the year of his death. That gave it 
a princely cachet of historicity. 

There were a few truly astonishing 
masterpieces. A Frans Post view 
painted in Brazil of extraordinary 
beauty and boldness which anticipates 
some 19th-century developments set 
the latest record for the 17th-century 
Dutch artist at 54.5 million. 


B Y THE time the sale reached 
the “Plague in an Ancient 
City” by Michael Sweerts 
which the Los Angeles County 
Museum of An acquired for 
$3,852,500, another record price, pro- 
fessionals knew in their heart of hearts 
that they had just been witnesses to a 
victory for New York. In a market of 
shrinking supplies this means a defeat 
for London. 

A day later, Christie's sale confirmed 
the trend. It was highly symbolical to 
see a still life by Juan de Zurbaran, the 
son of the great Francisco, which had 
belonged to Denys Sutton, the late Eng- 
lish an critic, selling in New York, not 
London. Here again a world record was 
set for the artist, at 52.85 million. By 
European standards, the price is stu- 
pendous, however admirable the still 
life may be. It virtually equals what 
might have been paid for tire incom- 
parably more famous father. 

That, in a nutshell, is one of the two 
reasons for die transfer of the market 
from London to New York. The first one 
is what seems to have been a policy on 
the part of one of the two auction houses 
which led the other to follow suit. 

Continued on Page 9 


“The Holy Family " by Schedoni 
was sold for a record $1 ,432 J500. 

same way as drawings? For the time 
being, there are still wonderful pictures 
in London auctions. Sotheby’s scored 
brilliantly in July 1996. and Christie’s 
took over in December with a few re- 
markable pictures, including Michele 
Marieschi's £1.54 million (5154 mil- 
lion) “Courtyard of the Doge’s Palace” 
with a monumental quality that places it 
far above the exalted picture postcard 
category in which so many Venetian 
Vedutisti belong. 

But late in January, the New York 
sessions were more impressive. So- 
theby’s bad a dazzling catalogue, start- 
ing from lot 1 witii two panels on gold 
ground of die Archangel Gabriel and 
Mary, once pan of a large altarpiece 
painted in the 14th century by Aretino 
Spinello. These were inexpensive at 
5145500. Further down, a very rare 
miniature painting on copper signed in 



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at Phillips 

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Viewing of highlights from PIASA’s forthcoming Paris auctions of 
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PAGE 8 


ARTS & ANTIQUES /A SPECIAL REPORT 


Time for a Facelift for Venice’s Clock Tower 


By Roderick 
Conway Morris 


V ENICE — Having 
chimed die hours 
almost without 
break for nearly 
half a millennium, the clock 
tower in Piazza San Marco, 
with its glittering gilded and 
enameled faces looking on 
one side toward the sea. and 
on the other toward the 
crowded commercial districts 
of the Mercerie and Rialto, is 
about to fall silent and dis- 
appear beneath a shroud of 
scaffolding. 

"‘The spur for undertaking 
this complete overhaul now 
has been the approach of the 
500th anniversary of the 
clock tower's inauguration on 
Feb. 1. 1499.” said Giando- 
menico RomaneUi. director 
of Venice's civic museums. 
"But. frankly, without rad- 
ical repairs, the clock, some 
parts of which are severely 
wom, could not go on work- 
ing for much longer. The 
building has also been show- 
ing signs of instability, and 
modem fire and security 
alarms need to be installed in 
it.” 

Another pressing concern 
is the fixing of the feet of "the 
Moore” — the two Her- 
culean bronze figures, whose 
lions kin-clad mechanic. I tor- 
sos swing round every hour, 
their giant long-handled ham- 
mers striking the hour on the 
bell atop the tower. (One of 
the Moors was responsible 
for perhaps the first recorded 



of the total estimated sum for 
refurbishing the clock and 
tower. The bulk of the cost is 
to be bom by die Venice mu- 
nicipality, 

Piaget is, however, to carry 
out a computerized record of 
the clock and its parts before 
it is dismantled, which could 
prove important in gening Che 
clock started again. 

The overhaul of the clock 
has brought to light a fact 
little known by even most 
Venetians: the clock tower 
still has a live-in custodian 
resident He is Alberto 
Peratoner, grandson of 
Emilio Peratoner. a Ladin 
from Val Gardena in die 
Dolomites, who took over the 
care of the machine in 1916. 


The clock tower in Piazza San Marco will soon be undergoing major repair work. 


killing by robot in the early 
17th century, when a work- 
man was caught unawares by 
its hammer, sending him 
plummeting to his death). 

The restoration will also 
return some other ingenious 
functions of the clock which 


Sldley & Austin 


Our firm has experience handling all aspects of art law, 
including international sales agreements, auction and private 
sale consignment agreements and litigation. In addition, we 
advise art collectors and artists on tax and esrate planning, 
and have extensive experience with the Internal Revenue 
Service on an valuation issues. 


Our partner, Ralph E. Leaner, is co-author of Art Lzu* - 
The Guide for Collectors, Investors. Dealers j nd Artists, 
is Chair of the Fine Arts Committee, New York Sure Bar 
Association, and is Chair of the Visual Arcs Division, 
American Bar Association. He is general counsel fen the 

' r-'- : 

irt,* •• i. ■ .*■ 



have long been limited or sus- 
pended. The amusing painted 
and articulated wooden fig- 
ures of the three kings and an 
angel that trundle in and out 
of doors on either side of the 
tower — the angel raising its 
trumpet to its lips and the 
kings bowing as they pass the 
Virgin and child in the niche 
above the clock face — will 
afterwards be in a condition to 
perform more frequently. 
Presently they only operate at 
the Ascension and Epiphany. 

The concealed h amm er be- 
hind the bell that used to 
strike 144 times every day ar 
noon and midnight will be 
reconnected, too. though for 
the sake of the neighbors, its 
full potential will tie reserved 
for special occasions. 


The clock's enormous 
mechanism — the measured 
thunk-thunk of whose giant 
pendulum is punctuated 
every few minutes by a frenzy 
of whirling and crashing fly- 
wheel s and ratchets — which 
simultaneously drives the 
faces on the front and back of 
the tower, will be completely 
dismantled and taken to a spe- 
cialized workshop on the 
mainland near Mantua. 

The Swiss watchmakers 
Piaget are contributing 500 
million lire ($294,000) to- 
ward the restoration of the 
mechanism, a fairly modest 
sum for associating its name 
with not only one of the most 
venerable, bur surely the most 
artistically stylish timepiece 
in the world, or about one fifth 


A lthough liter- 
ally raised in the 
clock. Alberto 
Peratoner, a philo- 
sophy graduate and expert on 
Pascal, did not expect to fol- 
low in his forbears' footsteps 
until he was asked to do so on 
the sudden death of his father 
in 1986. 

Since then Peratoner has 
combined his academic stud- 
ies with keeping the mech- 
anism going — mere are four 
different c ranks that have to 
be kept primed, at least one of 
which has to be rewound 
about every six hours. Ibis 
means he not only has to un- 
derstand the complex struc- 
ture of the machine and the 
effects of climactic variations 
on its workings, but also to be 
able to handle its peculiar- 
ities. 

Peratoner and his wife Rita 
will baveto vacate their home 
during the restoration and, ac- 
cording to die municipality , it 
is not certain that a resident 
guardian will be required in 
the future. Buz whether this 
machine can really be kept 
running smoothly without the 
constant attention of a sym- 
pathetic keeper like its cur- 
rent one remains to be seen. 



Gerome’s retreat of Bonaparte 's army in Egypt fetched $1 £97 J 00 in February. 


For Salon Art, a ‘Comeback 9 


By Souren Melilrian 


RODERICK COmfAY MOR- 
RIS is based in Venice. 


HARRY FANE 
wishes to purchase old 

CARTIER 


objects: 

docks, cigarettes cj«s, powder boxes, 
desk accessories, photo frame,, etc. 

Please contact: 


OBSIDIAN, London 
Tet 0171-93(3 0606 Fan 01714139 $834 


HeralbS&ribunc 


itauuap wire im «■ rw **»i w 

THE WORLD’S D\IU NEWSRIPER 


If you would like to receive further information on the advertisers who 
appeared in our Arts & Antiques Special Report, please complete this 
coupon & send it to: 

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Job Title: 
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19-04-97 


72e4,C<pK Style, 


FURNITURE BY CARLO MOLLINO 
AND CARLO GRAFFI 


ITALIAN GLASS OF THE 1950s 

tin collaboration with Usha SubramaniamJ 


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HOURS: MON-FRl: 10-6, SAT: 10-5 


N EW YORK — They should have 
thought about it in Paris or Loudon. 
But it was left to Christie’s, New 
York, to review in auction form the 
art recognized by French officialdom in the 
days of Corot, Monet and Renoir. It appeared 
in the “Salon,” a yearly show where pat- 
ronage, rather than genius, was cruciaL 
Salon art has had a bad name ever since 
1863, when some angry young men called 
Bazille. Manet, and others, furious to be left 
out in the cold, held a “ Salon des Refusis." 
something like “The Refuseniks’ Road- 
show." The future would vindicate the Re- 
fuseniks so much so that few of us would be 
able to pin a name to the work of those they 
envied so much. 

Yet, Salon art was a lot more diverse than is 
often thought. There was undoubtedly a vast 
chunk of kitsch — the British equivalent of 
which is currently praised to high heaven 
under labels ranging from “the Pre-Raphael- 
ites” to “the Victorians.” Charles Girand's 
vision of an idyll in Brittany, possibly sent to 
the 1873 Salon under the title "Ftieuses" 
(“Women Spinning"), should be fascinating 
to historians of the Breton costume or eth- 
nographers studying the types of wine flasks 
found in farmhouses. Perhaps ethnographers 
were not sufficiently canvassed by Christie's. 
The picture fell unsold at $9,000. 

The attraction of kitsch appears to be great- 
er when backed by refreshing optimism. 
Theophile Louis DeyroQe dispatched Iris 
composition of peasant women resting in an 
orchard after cutting down hay to the 189 8 
Salon. The daughters of the earth look up with 
hopeful smiles that provide an astonishing 
anticipation of rural workers extolled by Stal- 
in’s artists and later by Mao’s proletarian 
C hina. Did a soupcon of subversive Impres- 
sionism detected in the handling of grass and 
yellow flowers in the distance enhance its 
appeal to the modem eye? The 1 898 Deyrolle 
ended up at $32,200. 

Peanuts compared to the hero’s welcome 
which greeted Jean-Leon Gerome. Few des- 
tinies are as curious as that of this supremely 
skilled artist. Privately. Gerome was capable 
of sketching in a few quick strokes landscapes 
as terse, and sometiimes almost as powerful, 
as a Rembrandt vision in pen ana ink. For 
official consumption. Gerome, alas, painted 
labored affairs such as the retreat of General 
Bonaparte’s army through the desert back to 
Egypt The painter knew his public. This was 
much admired when it appeared at the Brook- 


lyn Art Association in December 1872 and in ’ 
September of the following year at the Met- , 
ropolitan Museum of Art Gerome’s kitsch* 
still has warm supporters judging from the . 
$1,597,500 it fetched in February. 

Or was it perhaps a tribute to the history of* 
American c onn oiss e urship as it stood 120* 
years ago? No such factor boosted a painting J 
attributed to William Adolphe Bouguereau,, 
the French king of kitsch. Bouguereau, pres- * 
ideni of the Academie des Beaux Arts from ‘ 
1881 until his death in 1905. held a tight grp ; 
over the Salon. American patrons were so' 
keen to acquire his work that they would wait . 
years to receive their commissions. 
Unfortunately, the portrait of a woman 


standing by a wail wearing an Ancient Greek 
drape, which typifies the Bout 


_ rfr jourguereau ideal,. 

carried a nam e that was declared on closer 
inspection not to be from the master’s own 
han/i A kitsch painting, not even redeemed ' 
by a genuine signature, gets a lukewarm re- 
ception. The would-be Bourguereau sold for 
$46,000 instead of the $300,000 or $400,000 * 
thar might have been hoped for. 


T HE great man had many eager pupils.; 
Emil e Munier was one. “Le 
Sauvetage" (“The Rescue”) sent to . 
tile 1894 Salon could almost be a 
Bouguereau. Two putti are painted like chil- ; 
dren with bird wings sticking out of their' 
sfaoulderblades. One of them dtps his bow in - 
the water to recover his quiver. Their mealy- 
mouthed expressions border on parody. Mu- 
nier was not incompetent, but, with nothing to ’ 
say, he said what others wanted to hear. “Le . 
Sauvetage’ ’ made $225,000. 

Not all of Salon entries were of that ilk by ' 
the end of the last century. But few today - 
would easily pnt a name on the more in- 
teresting contributions. Even specialists 
barely know how to spell the name of the t 
Brooklyn-bom Sydney Mortimer Laurence 
who sent “Une Knave” (“A Shipwreck”) to 
the 1890 Salon. He painted it at St. Ives in . 
Britain, where he was to return in 1901 to 
spend the rest of his life until 1940. 

Remarkable for its composition, bold and 
spare, its sense of intense ii^ht perhaps ac- 
quired during Laurence's earlier stay in 
Alaska, and its brushwork in short criss-cross ’ 
strokes, (he seaside landscape is atypical, 
according to Polly Sartori. Christie's senior 
director,of 19th-century European paintings. ' g 
If there is one thing that does not cost much, it • 
is an atypical work by a forgotten artist. For' 
anyone who really loves painting bat has little - 
money to spend on it, “Une Epave" was the ’ 
year’s bargain at $20,700. 



The Fifth Animal 
Exposition of ,- 
I nternationai Galleries 
Featuring Modem and 
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Information 

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230 West Huron. Chicago, JL 60610 
312 587 3300 phone 
312 5B7 3304 fan 
mfoeartchicago.com e-maiL 
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ARTS & ANTIQUES i A SPECIAL REPORT 




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* “ Calla Lily — 


The Gcaqp> 0*KocOe Mm 

White With Black an O'Keeffe 1927 oil painting. 


Lasting Legacy for O’Keeffe 

Museum Dedicated to Work ofU.S. Abstract Artist 


By Dana Micucci 

S ANTA FE, New Mexico — Soma Fe, 
the cultural capital of the U.S. South- 
west, is as much associated with 
majestic desert vistas and Native 
American history as with the noted American 
modeniist artist Georgia O’Keeffe (1887- 
1986). who adopted New Mexico as her 
home for the last four decades of her life. 

In a tribute to her legacy as one of the most 
popular and original 20th-century American 
artists, the Georgia O'Keeffe Museum will 
open in Santa Fe on July 17. Situated in a 
renovated adobe building near the city’s his- 
toric square, it is America's first art museum 
devoted to the work of a woman artist of 
international stature. 

The world’s largest repository of 
O’Keeffe’s work will showcase more than 
80 paintings, watercolors, pastels, drawings 
ana sculpture representing all phases of her 
c ar e er . Subjects range from the artist's 
bleached desert skulls and iconic flowers to 
still lifes. nudes, landscapes and cityscapes, 
dating between 1914 and 1982. 

The philanthropist Anne and John Marion, 
part-time residents of Santa Fe. founded the 
museum in 1995. after years of negotiation 
with foe Georgia O’Keeffe foundation and 
O’Keeffe herself before she died. 

“It's been alongtime dream for us,'* says 
John Marion, honorary chairman of So- 
theby’s North America. “We thought that an 
artist as significant as O'Keeffe should have 
a major venue for the exhibition of her art in 
die region that inspired her.’’ 

Thirty-three of O’Keeffe’s works, pur- 
' chased from foe O’Keeffe Foundation by the 
Burnett Foundation of Fort Worth, Texas, 
beaded by Anne Marion, form the core of foe 
new museum's permanent collection. Pro- 
ceeds from that sale will help to maintain the 


artist’s folly preserved home and studio in 
Abiquiu, north of Santa Fe. 

Other donations have come from Anne 
Marion, a longtime collector of O’Keeffe's 
an, as well as foe collector Eugene Thau- and 
foe Santa Fe an dealer Gerald Peters, who 
represented the artist for 20 years. 

Highlights from the collection include 
“Jimson Weed” <1952). a signature large- 
scale, abstract flower painting representing 
one of O’Keeffe's favorite flowers; “Nude 
Series (Seated Red),” circa 1917, one of the 
artist’s rare early watercolors; "Autumn 
Trees — The Maple” (1924), painted during 
one of O’Keeffe ’s frequent visits to foe courf- 
try home of her husband, foe photographer 
Alfred Stieglitz, in Lake George, New York: 
and “Abstraction, White Rose D” (1927). 

“O'Keeffe was a pioneer of American 
abstraction,' ' says Peter Hassrick. director of 
the O’Keeffe Museum. ‘ 'Her uniqueness lies 
in her ability to translate American themes 
and the landscape into exciting, emotionally 
charged images. Her reductive, close-up ren- 
dering of simple things like flowers and 
skulls challenges us to seethe world in a new 
way.” 

The new museum will organize traveling 
exhibitions, lecture series, readings, perfor- 
mances and educational programs for chil- 
dren on O'Keeffe’s an and that of her mod- 
ernist contemporaries such as Arthur Dove. 
Marsden Hanley and Charles Demufo. It will 
also support new scholarships on O'Keeffe 
with the establishment of a study center hous- 
ing archival material related io her work. 

The O’Keeffe Museum, a private insti- 
tution, has formed a partnership with the 
Museum of New Mexico which will provide 
for foe sharing of collections, as well as staff- 
ing, membership and information programs. 

DANA MICUCC1 is a journalist hast'd in 
New York. 








mtsr* 

■ ■ ■ 




:i . 

■k. 


The Ccorpj O'JCedlr Shram 

“Nude Series ( Seared Red}." one of O'Keeffe's early watercolors. 


New York Gains Ascendancy Over London as the Capital of Asian Art Market 


Continued from Page 7 

“I sold 22 objects in 3 
days” said Giuseppe 
Eskenazi, 

From March 18 to March 
22, the day foe fair opened, 
foe auctions held daily at So- 
theby’s and Christie’s added 
up to just over $30 million. 

On March 18, Christie's 
sold $1.94 million worth of 
Chinese paintings and calli- 
graphy. There are no such 
sales in London because the . 
buyers are American (right at 
foe top) and Chinese, some 


from Taiwan, Hong Kong and 
the Sooth Seas, others from 
North America. Until re- 
cently, the Chinese used to 
come to London. They are 
less inclined to. do so these 
days. British reluctance to 
grant, residency rights to 
Hong Kong citizens bolding 
British passports has left 
scars in foe rar East where 
public slurs are not lightly 
forgotten. . 

That same day, Sotheby’s 
held its $1.76 million auction 
of Korean art. The high point 
was a Buddhist hanging scroll 
of the “Four Assemblies of 


Old Masters Go West 


Continued from Page 7 

The second reason is that 
America, where art holdings 
do not remotely compare with 
what can be seen in Europe 
(think, precisely, of francisoo 
de Zurbaran) is prepared to 
pay three times what 
Europeans are willing to give 
for the best of what remains 
available. The Europeans of- 


ten are not, even if they can 
afford it, because they are ac- 
customed to seeing the 
greatest of the greatest, now 
locked up in their museums. 
The market infrastructure 
was bound, sooner or later, to 
be transferred, en masse, 
where foe money is ready to 
be spent. 

Souren Melikian 


the Bnddha” dedicated in 
1362 to the temple of 
Sangw’on-sa in Hamch’ang. 
At $717,500, the work of his- 
toric importance .vastly ex- 
ceeded foe estimate. As with 
Chinese painting. New York 
bas become foe exclusive 
venue for Korean art of any 
importance for a simple rea- 
son: Korean collectors hardly 
come to Europe but occasion- 
ally go to. New York. 

On March 20. two other 
sales each symbolized the 
rising fortunes of New York. 
Christie's was selling the so- 
called * Tmgg uantang Collec- 
tion Part H” As revealed by 
foe IHT (March 22- 23). this 
was in effect part of foe enor- 
mous art holdings of the Hong 
Kong busin essman Tsmg 
Tong Tsui. A decade ago, 
Hong Kong consignors who ( 


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waited to sell in the West 
settled for London. But Tsui, 
while a Hong Kong resident 
by adoption, does not enjoy 
real fluency in En glish and 
must have felt more at home 
talking to the Singapore-bom 
head of foe Christie’s Chinese 
department in New York. 
Theow Huang-tow, who. like 
Tsui, speaks Cantonese. 
Tsui's sale netted $6,283,425. 

On that same day, So- 
theby’s was holding an auc- 
tion of Indian and Southeast 
Asian art The quality of the 
objects left for behind any- 
thing seen in London, where 
Indian and Southeast Asian 
ait are no longer dealt with as 
a separate category because 
there is not enough. The total 
sold was $3.7 minion, even if 


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nearly a third of the lots found 
no takers. The most expens- 
ive lot, an outstanding gilt 
bronze figure of a bodhisanva 
from Nepal probably of the 
13th or 14th century, sold for 
$277300 to an American col- 
lector. Not one of the 10 top 
lots is headed for Europe. 

The primacy of New York 
in the Asian art field can only 
assert itself further. In order 
to keep in tune with European 
■ Union regulations, a 2.5 per- 
cent entry tax on art imported 
from outside the EU now hits 
all works of an sold in Lon- 
don. That guarantees that any 
consignor of Asian art at 
liberty to choose will give 
prefe ren ce to New York. 
When the tax is raised to 53 
percent in 1999. things will 


get worse. For now, London 
retains the serious advantage 
of being home to several of 
foe world’s leading dealers. 
Giuseppe Eskenazi. a long- 
time Anglophile, is moder- 
ately optimistic. While talk- 
ing of having "a presence in 
New York,” he adds in foe 
same breath that you do not 
transfer a gallery as you pack 
a suitcase. 

There is a complex, fragile | 
infrastructure, a network of 
relationships with experts, re- 
storers. packers and small- 
time runners sometimes 
bringing or drawing attention 
to important objects. Old cli- 
ents are used to dropping in or 
consigning objects when 
these have to be disposed of. 
Giuseppe Eskenazi is not 


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1 7;h io eariy century 

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But allow foe museum situ- 
ation to deter further, schol- 
arship to keep shrinking be- 
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collectors to keep their new 
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ening of border controls with- 


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dealers to conduct an increas- 
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much will be left for London 
in a decade. 

SOUREN MELIKIAN is art 
editor of the International 
Herald Tribune. 


Contemporary Master prints 

AND WORKS ON PAPER 


Jim 

Kempner 

Fine 

Art 


225 Lafayette Street 
(at Spring St) Suite 811 
NYC, NY 10012 
Tel; (212) 966-2688 
Fax: (212) 966-2595 
jkfa@interport.net 


Visit our Website: http://www.aTtoet.rom/kempner.htm] 


19th & 20th century European drawings - Redon, Ensor, 
Surrealists. German Expressionists, Beckmann, Corinth 
by appointment 

ALLAN FRUMKIN 

1185 Park Ave- New York, 212-427-1664 Fax 212-860-3360 






Ftf/VGtfistk 

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ANTfQMES 

Private owner sales 
Entire Collection 

Provence, France 
Tel.- + 33 10} 6 1 1 89 08 89 



Pablo Picasso 

24 April - 5 July 1997 


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PAINTINGS and DRAWINGS LIMITED EDITIONS 

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PAGE 10 


SATURDAY-SUNDAX, APRIL 19T.: 


EDITORIALS/OPINION 


Heralb 


INTERNATIONAL 



PVBLISHEO WITH THE IW» iURft. TlWJi THE W*SHI>GTON POST 


(EribuitC British Election Without a Vision for Britain 


Stand By Hong Kong 


President Bill Clinton's meeting so far has provoked fears that it will 
with Hong Kong’s leading democrat, violate its treaty commitments to grant 
Martin Lee. should open an unabashed Hong Kong substantial autonomy and 
American campaign to defend Hong not interfere with its freer way of life. 


Kong’s endangered liberties. Until 
now the administration has seemed re- 
luctant to give high-level attention to 
the Hong Kong issue, presumably to 
avoid controversy with Beijing. Vice 
President Al Gore unwisely omitted 


During the last year or so. China has 
moved clumsily and menacingly 
against Hong Kong's future freedoms. 
It designated a handpicked assembly of 
Beijing loyalists to replace Hong 
Kong's elected legislature. Its ap- 


Hong Kong from his itinerary when he pointee as chief executive. Tung Chee- 
visited China last month. Mr. Lee’s nwa, has said he will discard the 


Friday meeting with the president was 
scheduled only this past week, after 
considerable last-minute pressure on 
his behalf from Congress. 

The administration's low-key ap- 
proach has been a mistake. The fate of 
this prosperous and freewheeling so- 
ciety of 6 million people as it comes 
under the authority of one of the 
world's last hard-line Communist dic- 
tatorships is a compelling human 
drama. Mr. Clinton's ability to influ- 
ence it constructively will be a measure 
of his international leadership. 

When Margaret Thatcher and Deng 
Xiaoping worked out the terms of Hong 
Kong's transfer in a treaty signed 13 
years ago. there were good reasons to be 
optimistic. China appeared to be open- 
ing to a period of political and economic 
reform. It seemed reasonable that its 
interest in maintaining Hong Kong's 
prosperity would lead it to abide by its 
word to respect the freedoms on which 
that prosperity is based. 

But the crushing of the Tiananmen 
Square democracy movement in 1989 
changed all that. Political reform in 
China halted abruptly. Hong Kong's 
huge demonstrations of support for the 
Tiananmen demonstrators led Beijing 
to see the colony as a potential seedbed 
of democratic subversion. China's 
eagerness to enforce political control 


colony's bill of rights and reinsdcute 
tight restrictions on speech, demon- 
strations and political party activity. 
Chinese statements have also created 
doubts about the continued indepen- 
dence of the civil service. Weakening 
that independence would compromise 
Hong Kong's defenses against comipt 
dealings by politically well-connected 
main landers. 

Not ail the recent signs have been 


bad. China has agreed to keep the rop 
echelon of civil servants in their 


echelon of civil servants in their 
present jobs. Some of those elected 
legislators who have not identified 
themselves with Mr. Lee’s Democratic 
Party have been appointed ro the new 
assembly. 

It is not clear what America can or 
will do if China proves determined to 
crush Hong Kong's freedoms. But one 
thing it should be doing in the crucial 
weeks and months ahead is speaking 
out plainly in defense of Hong Kona's 


treaty-protected rights and standing 
behind the efforts of people like Mr. 
Lee who try to exercise them. 

Beijing's leaders are particularly 
sensitive to high-level expressions of 
American concern over Hong Kong. 


American concern over Hong Kong. 


That is why the president's words on 
Friday, and the language used by Sec- 
retary’ of State Madeleine Albright 


seemed to gain priority over its desire 
to assure Hong Kong's continued eco- 


to assure Hong Kong's continued eco- 
nomic dynamism. 

China soli desperately wants the 
transition to go smoothly and unevent- 
fully. with no rude jolts to business 
confidence or Chinese relations with 
other countries. But Chinese behavior 


when she attends the handover cere- 
monies this summer, are especially Im- 
portant. Both should make clear that 
they see the question of Hong Kong's 
future freedoms not as an internal 
Chinese affair but as a test of China's 
intentions to honor its treaty commit- 
ments under international law. 

— THE NEW YORK TIMES. 


The Choice for Israelis 


The prime minister of Israel, at a 
crucial moment in his country’s quest 
for peace, now faces possible indict- 
ment and loss of office in a suddenly 


mushrooming domestic influence-ped- 
dling scandal. Such a turn, promising 


dung scandal. Such a turn, promising 
all kinds of political embarrassment 
and policy confusion, could only hap- 
pen in a few other democracies. The 
resiliency of Israel's own democracy 
has long been established, and there is 
no reason to believe it will buckle 
under its current testing. Still, you have 
to respect the Israelis for being pre- 
pared to play out this earthquake se- 
quence. regardless of where it leads. 

It came about this way. Early on. 
Prime Minister Benjamin Netanyahu 
appointed as attorney general — in 
Israel, a career prosecutor’s position — 
a nonentity whose alleged instruction 
was to fashion a favorable plea bargain 
for the head of the Shas Party, a Likud 
coalition partner, who had been accused 
of corruption. The unfortunate ap- 
pointee left office in a matter of hours, 
but public tumult lingered and even 
expanded, and soon a besieged prime 
minister launched a police investiga- 
tion. It is this investigation that now has 
produced fraud and breach-of-trust 
charges against Mr. Netanyahu, who 
vehemently denies them all. A decision 
on whether to indict him is expected 
shortly from the two civil servants — 
the attorney general, Elyakim Rubin- 
stein, and the similarly nonpolitical 
state attorney. Edna Arbel — in whose 
hands this volatile matter rests. 

This is. as many in Israel and else- 
where say. an internal matter. But it is 
an internal matter fraught with external 
consequences, and foreigners need 
make no apology for affording it the 
closest scrutiny. The chief interest it 
bolds for most of these foreigners is 
bound to be whether or not it leaves 
Mr. Netanyahu in office. He has spent 
less than a year as prime minister and 
was hip-deep in controversy even be- 
fore the current scandal arose. If he is 
formally charged with a crime, some 
of the parties supporting his coalition 
and even some members of his own 
Likud Party would be under heavy- 
pressure to jump ship. Meanwhile, the 
very prospect of his indictment is 
enough to sour the opposition Labor 
Party’s taste for forming a “national 
unity government" with Likud. 

This scarcely exhausts the possib- 


ilities of a labyrinthine Israeli political 
system, and the prudent expectation 
must be that Mr. Netanyahu will some- 
how come through, as he insisted on 
Thursday he would. But whether or not 
he falters. Israelis cannot escape se- 
rious deliberation on their country’s 
urgent policy concerns. 

Voters do not have to guess, after all. 


about what his leadership means. They 
know from experience that it means a 


know from experience that it means a 
stalemate in peace talks with the 
Palestinians and an incipient crisis of 
confidence with the United States. The 
choice that lies before Israelis is wheth- 
er to treat this state of affairs as a 


necessary and perhaps transient and 
reducible price to pay for hanging tough 


reducible price to pay for hanging tough 
on territory and Jerusalem, or whether 
to consider other approaches to the twin 
Israeli goals of peace and security. 

— THE WASHINGTON POST. 


Other Comment 


How Best to Punish Tehran 


Iran, run by multifarious forces, with 
shadowy security services to the fore, 
has a huge underused capacity as 
troublemaker. The leadership is split 
between those who favor a Western 
link and those who believe their Islamic 
Republic would be better off without 
one. Hostile action by the West, unless 
carefully prepared for, would bring aid 
and comfort to the latter group- Armed 
action by America could strengthen 
Iran’s men of violence. 

Newt Gingrich has called for air 
strikes were die administration to con- 
clude that Iran had a hand in the bomb- 
ing of a military compound in Saudi 
Arabia that last year killed 19 Amer- 
icans. This plausible theory has been 
taken a step further by a Washington 
Post report that a senior Iranian in- 
telligence officer had contacts with a 
Saudi now held in Canada in con- 
nection with the bombing. 

An armed response, were this 
proved true, would be understandable 
— America cannot let its servicemen 
be blown up with impunity. But a 
better first step would be economic 
punishments — provided they really 
bite, and are joined by Europeans and 
Americans alike. 

— The Economist i London I. 


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L ONDON — Whichever of the 
parties wins the British national 
election on May i , the question has to be 
asked, win for what? Win for the sake of 
winning is all that is discernible now; 
this is a campaign with few serious 
promises made, and without a vision. 

Labour and the Liberal Democrats 
make proposals for constitutional 
change, devolution of power to Scot- 
tish and Welsh assemblies in Labour's 
case, a move toward proportional rep- 
resentation in voting should the Liberal 
Democrats do well enough, or Labour 
poorly enough, to force the latter to 
make concessions to the former in or- 
der to govern. But beyond that? 

The Conservatives had seemed at the 
end of the line even before this election 
was called. They offer nothing much 
for the future other than more unwanted 
privatizations of public services in the 
name of Thatcherite ideology. 

Some advisers call for totally privat- 
ized health and education, and an end to 
nearly all social allocations. But that 
has been heard before, and is more 
likely to prove an explanation for why 
the Tories lose on May 1. rather than 
for why they might win. 

Labour makes the inoffensive claim 
that it will manage a Tory policy better 
than the Tories have done. Only the 


By William Pfaff 


Liberal Democrats of Paddy Ashdown bias. In many American high schools ot 
promise actually to spend money to the time, including the Southern public 
improve education and the deteriorating high school that this writer attended m 
health service, impudently declaring . the 1940s, the study of England’s his- 


ycars of English history and none of to 

bias. In many Amencan high schools of n fe^ B riti^do notwmt to bepaitof 
the time, including the Southern public IitheBn . clearly they 

high school thattls writer attended m the SS 


that to do that they would raise taxes. 

All politics is supposed to be local 
but I do not chink this is true. People are 
moved by conceptions of national role 
and mission. What is Britain for today? 

People believed they knew die an- 
swer to that in the past, and acted 
accordingly. The British Empire was 


tory was given at least as much time 
and attention as American history, on 


created by traders, adventurers, people 
looking out for themselves, but also by 
missionaries, visionaries, men and 
women who believed that they were 
conveying civilization to the back- 
ward, creating institutions of a better 
international society, spreading truth 
andenh'ghtenmetzt. 

From today’s perspective the im- 
perialists are held to have been arrogant 
and wrong. But such were their mo- 
tives. and it was nor that long ago that 
the British Empire was thought by 
many Americans to be a model of in- 
ternational responsibility. 

At some leading East Coast prep- 
aratory schools, such as Groton before 
World War n. students were taught five 


the assumption that the latter was 
simply a continuation of the former. 

Britain seemed to represent civilized 
political values, and m important re- 
spects to have done so since its sup- 
pression of the slave trade in die early 
19th century. Thai was the belief of the 
World Warn interventionists in Amer- 
ica, headed by Franklin Roosevelt. 

Today Britain seems no longer to 
have an international role, nor to want 
one. This cannot be the result of lost 
power; all the former imperial powers 
in Europe have suffered a relative 
power loss. There has been an apparent 
collapse of ambition in Britain. 

The British could have taken the lead 


do not, and if unlike the i-renen ana 
Spanish they have chosen to renounce 
the pursuit of international influence m 
or through their former empire, whai 
national future do they see for them- 
selves? What future role do Britain s 


leaders envisage for their country? 

It is striking thai virtually nothing is 


being said about Britain’s place rnany- 
thine other titan Europe. The only m- 

® . « - Wav *1 ia nOTtiAr 


in Europe in the postwar decade, but 
had a plausible notion of a different 


had a plausible notion of a different 
destiny, at first of reconstituted empire 
or Commonwealth, then of Atlantic 
aiiianrp. or union. Neither cazne true. 

Britain since has deliberately shed 
what was left of imperial responsi- 


Europe ’spoliocaj mrtuence wmie ex- 
ploiting Europe's markets. 

This fundamentally sterile. 

Yet, paradoxically, it expresses a na- 
tionalism which could be very power- 
ful if it found a positive outlet. 

Not even the academics or political 
commentators have much to say about 
all this. Surely Britain’s place in con- 
temporary history, not to speak of the 
future, is worth thought? 

What do the British wot? The ques- 
tion has not been posed in this election. 

International Herald Tribune. 

O Los Angeles Times Syndicate. 



We Hear a Worrying Drumbeat of English Xenophobia 




r .. .. f 


L ONDON — Imagine the 
Conservative Pam - , histor- 


ic Conservative Pam', histor- 
ically a stabilizing force, turn- 
ing to ultranationalism as its 
basic theme. Imagine it as a 
Little England party- defined 
by contempt for foreigners. 

That is the possibility - thai 
could be seen in recent days — 
extraordinary days — of the 
British election campaign. 


By Anthony Lewis 


then deciding whether the 
single currency would be good 
for Britain. But more and more 
Tory members of Parliament 
and even some ministers have 
been saying that joining should 
be absolutely ruled out. 

The prime minister came to 


Atlantic. Mr. Major is more 
popular than his party, and 
here he was trying to make his 
policy — his person, really — 
the election issue. 

But die drama broke on a 
hard reality. Anti-Europeans in 
the party were not in the least 


f undamental question. A left- 
right split hurt Labour for 
years. Mr. Major’s words put 
Conservative division on ais- 


What happened may have 
made a Labour victory on May 


the daily campaign press con- 
ference on Wednesday and 


made a Labour victory on May 
I even more likely. But the 
impact on this election is not as 
important as the implications 
for a xenophobic future. 

The issue that provoked all 
this was the one that has 
haunted British political life 
for nearly 50 years: Europe. 
More specifically, it was 
whether Britain should take 
part in the single European cur- 
rency proposed by its partners 
in the European Union. 

John Major has had a wait- 
and-see policy — or, as he 
prefers to say, a policy of tak- 
ing part in the negotiations and 


ference on Wednesday and 
tore into his party critics. 
Speaking for 20 minutes with- 
out notes, he dazzled the re- 
porters. usually a hard-bitten 
lot Like me or loathe me, he 
said, but “do not bind my 
hands when I’m negotiating on 
behalf of the British nation.'' 

If a single currency worked 
in Europe, he said. Britain 
could be economically dam- 
aged by staying out. * T have to 
answer to my conscience and 
my nation and history for what 
I actually decide to do.” 

It was as dramatic a moment 
as I remember in any recent 
election on either side of the 


moved by Mr. Major’s de- 
marche. After he spoke, more 


marche. After he spoke, more 
said they were unalterably op- 


posed to taking part in a 
European currency. And Mr. 
Major did nothing to punish 
diem or dismiss those with jobs 
in his government. 

The disabling fact is that Mr. 
Major long ago lost his ability 
to discipline his party on Eu- 
ropean issues. He is- widely re- 
garded as a nice man. On this 
matter he has been too nice, 
allowing so much dissent that 
he does not have the authority 
that a party leader must have in 
a parliamentary system. 

Voters have usually been 
wary of a party divided on a 


Conservative division on dis- 
play so starkly that analysts 
who had been predicting a La- 
bour victory with a margin of 
80 seats began talking of 100 . 

But the more profound point 
was the seemingly irresistible 
movement of the Conservative 
Party, which took Britain into 
the European Community in 
1973, toward antagonism. Pro- 
fessor John Gray of Oxford, 
writing in The Guardian, said: 
“Europe has replaced Social- 
ism as the enemy from which 
the Conservative Party now 
derives its identity." 

Mr. Major himself played to 
the anti-European mood. A 
day after insisting that the op- 
tion to join a single currency 
must remain open, he de- 
nounced “centralism, federal- 
ism, more decisions taken by 
the bureaucrats in Brussels." 

Right-wing newspapers are 
filled with jabs at the European 


Union. A Daily Mail editorial 
said, “British courts are already 
subservient to an alien Con- 
tinental jurisdiction.’’ That is to 
say, in joining the Community 
Britain accepted its rules ana 
foe power of foe European 
Court of Justice to apply them. 

A poll by Mori, a leading 
survey firm, shows the British 
public evenly divided on 
whether to stay in the European 
Union: 40 percent for, 40 per- 
cent against, the rest don't 
know. The trend is negative. 

There is one way for that 
trend to be reversed, for this 
country to be saved from foe 
self-destructive isolation that 
xenophobia would bring. That 
is to nave a prime minister who 
makes die argument for Eu- 
rope and holds up a larger vi- 
sion for Britain again. 

It is dear now, given what 
has happened to his party, that 
John Major cannot do that. 
Whether Ton)' Blair and La- 
bour can remains to be seen. 

The New York Times. 


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W ASHINGTON — The 
“CNN effect," meaning 


▼ V “CNN effect,” meaning 
that no one pays attention to an 
event until CNN starts running 
it live, has produced effusive 
self-congrarulaiion among us 
media types. 

In Somalia and elsewhere in 
foe “complex humanitarian 
emergencies" — failed states 
— that dot the post-Cold War 
landscape, journalism has 
sought credit for bringing pic- 
tures of unspeakable suffering 
and thus precipitating a lifesav- 
ing official response. 

Except that it's not really so, 
or not to anywhere near the 
point often claimed. 

The television folks have 
their humanitarian moments but 
are much less pertinent to the 
timely alerting of the relief folks 
than are the~ordmary bureau- 
cracies of governments and non- 
governmental organizations. 

It was not television that 


By Stephen S. Rosenfeld 


headed off a massive southern 
African famine in late 1991 and 
early 1992. it was foe profes- 
sionals. In sub-Saharan Africa, 
foe U.S. Agency for Internation- 
al Development runs a ‘ ‘Famine 
Early Warning System” assem- 
bling biophysical and social- 
economic information of a sort 
dial no news organization could 
possibly match. 

So if you want to be effective 
in providing care, don’t just 
wait until the starving and dying 
have begun, and call in foe cam- 
eras. Instead, work to save gov- 
ernment relief budgets from 
funding cuts, and to empower 
the people in the business 
whose responsibility is to act 
early in order to prevent loom- 
ing disasters from getting up a 
fatal momentum. 

I borrow most of these con- 
siderations from “U.S. Foreign 


Policy and foe Poor Horsemen of 
the Apocalypse,” an absorbing 
study published by foe Center 
for Strategic and International 
Studies and written by Andrew 
S. Natsios. He ran disaster relief 
for the Bush administration in 
USAID and now works for foe 
evangelical Protestant agency. 
World Vision U.S. 

A former Republican pol 
from Massachusetts, Mr. Nat- 
sios is smart, incisive and not 
afraid to rattle the china. 

Here is his view of foe trou- 
bles that befell the Clinton ad- 
ministration's bright idea of a 
special bureau, labeled impen- 
etrably as USAID's Office of 
Transition Initiatives, to go be- 
yond disaster relief and "bring 
fast, direct and overt assistance 
to priority countries emerging 
from conflict": 

“The USAID and State bur- 


Brilliant , Young and Gracious 


Bv Charles Krauthammer 


W ASHINGTON — Why 
is evervbodv in America 


pulling for Tiger Woods? 
There are dozens of other great 
sportsmen in foe country, and 
golf is generally not a sport that 
quickens America's pulse. 

Yes. he's young. 21. But we 
have had 17-year-old tennis 
champions 1 Becker. Chang. 
Seles. Graf). We have gym- 
nastics champions barely out 
of infancy. 

Of course, there is race. An 
African- and Asian -American 
Masters champion is as rare as 
April snow in Augusta. 

Excellence, youth and eth- 
nicity account for much of the 
Tiger Woods mania. But all 
that is not quite enough 10 
explain the remarkable wave 
of adulation. What then? 

Mr. Woods is more than 
just good, young, black and 
Asian. He is gracious. 

In an age of the commer- 
cially hyped, trash-talking, in- 
your-face sports star, here is 
someone who combines great 
athleticism with decency and 
respectfulness, poise and 
manners and simple soft- 
spoken politeness. 

He has not just the old-fash- 
ioned virtues of respect for his 
parents, his elders, his com- 
petitors. He has a deep respect 
for the difficulty of his own 
craft. He knows its history - . He 
speaks with genuine gratitude 


of his debt ro the black golfers 
who preceded him. 

What so impresses about 
Mr. Woods is that, for all of 
bis greatness, he is so situated, 
so anchored in the history and 
mystery of his game. 

This is not exactly humility. 


One does not expect humility 
from someone who drives 350 


from someone who drives 350 
yards with accuracy and wins 
the Masters with an ail-time 
record score. But his pride in 
his game does nor extend to 
the braggart denigration of the 
competition and foe naked 
promotion of self over sport 
that you find in so many 
young stars today. 

This, after all. is foe age of 
the athlete with attitude. Total 
self-regard and self-promo- 
tion are hip. Andre Agassi and 
Deion Sanders have mastered 
this very lucrative pose of 
chest-beating, almost parodic 
individualism. Dennis Rod- 
man has taken it to its logical 
grinning conclusion with his 
groin-kicking, body-piercing, 
barely literate anarchism. 

The bad boys, by foe way, 
did not start, as is often as- 
sumed. with young black bas- 
ketballers. they began with 
young white tennis players 
like Jimmy Connors and. es- 
pecially. John McEnroe. 

Mr. Rodman's pose has 
taken him far beyond basket- 
ball, Just two weeks before 


Mr. Woods’s miraculous 
Masters, we reached a kind 
apogee of Rodmanism: his el- 
evation to movie star — the 
highest rung in our hierarchy 
of celebrity — with the release 
of "Double Team," an action 
flick in which he co-stars with 
Jean -Claude Van Damme. 

Mercifully, the film tanked. 
Meanwhile, Mr. Woods’s fi- 
nal-round Masters perfor- 
mance. despite being devoid 
of any competition, earned the 
highest ratings in golf history. 


eaucraries have tried to emas- 
. culale this badly needed inno- 
vation of USAID administrator 
J. Brian Atwood. The American 
Foreign Service Officers union 
strenuously opposed tire concept 
as an invasion of State Depart- 
ment and regional USAID bu- 
reau turf, its original budget was 
significantly cut, its mandate 
was cncumscribed — ” 

You could consider Mr. Nat- 
sios not only, as I do, a good 
guide to the political and bu- 
reaucratic wars but also a par- 
ticipant. But he sounds to me 
very savvy as he traverses the 
elbowing (and cooperation) 
among foe heavyweight official 
American and European relief 
offices, the weak and unco- 
ordinated United Nations, the 
focused (on victims) Swiss-run 
International Committee of foe 
Red Cross and the busy NGOs. 

Generosity is important but, 
Mr. Natsios says, timeliness is 
evexything: 

“The longer the response is 
delayed, the more people die ... 
The absence of a USAID mis- 
sion in a country inevitably 
reduces foe force of embassy 
reporting on early warning in- 
dicators of complex emergen- 
cies. Budget cuts tty Congress 
requiring the mass closing of 
USAID missions around the 
world will have a ... disastrous 
impact on both foe early warn- 
ing and emergency response 
capacity of the international 
system ... 

“Embassies generally do not 
ignore warning signs, particu- 


larly since foe Ethiopian famine 
of 1984-1985. which resulted in 
a million deaths and caused a 
political explosion in Washing- 
ton. Ignoring famine can be un- 
healthy for a diplomat’s career. 

“Beyond career considera- 
tions, ambassadors specifically 
and Americans generally are in- m 
tellectually unaccustomed and* 
emotionally unp r epared for foe 
apocalyptic scenes of starvation 
that accompany f amine ." 

Unprepared for the apoca- 
lypse — few people thought 
that apocalypse was what we 
had to prepare for when the dis- 
cipline of the Cold War yielded 
to foe disorder of the new day. 

But that is how we come to be 
considering foe news play given 
to humanitarian disasters, and 
foe work of organized societies 
in actually dealing with them. 

The Washington Post. . 






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LETTER 


... 


Editor Is Editor 


Your front-page headline '* 
(April 18) “New Hong Kong 
Editor He Edits What, Ex- 
actly?’’ might lead readers to 
conclude that the consultant 
who is the subject of the story is 
becoming editor, or an editor, of 
Hie South China Morning Post 
He is not He is joining, the 
paper as a consultant. l am the 
editor. End of story. 

JONATHAN FENBY. 

Hong Kong. 


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simply overcome with relief 
to find, rising out of this 
swamp of bad-boy athletes, a 
mensch like Woods. 

A paragon in sports is easy 
to define: Someone you would 
be pleased to have your child 
emulate. One of foe mam rea- 
sons baseball is dying is that, 
with foe exception of Cal Rip- 
ken and but a handful of oth- 
ers. foe best players are re- 
pulsive louts. .Who can 
possibly care about foe for- 
tunes of a sport populated by 
growling freebooters with 
contempt not just for their fol- 
lowers but for their game? 

FnteT Tiger. It is not that we 
tuned in to see possibly the 
best golfer ever, although see- 
ing any craft executed so bril- 
liantly is beautiful and satis- 
fying. More than anything we 
tuned in to see a good man 
excel. A gentleman athlete. 

ft(zsAin$(c»i Post Writers Group. 


1897: War Declared 


CONSTANTINOPLE — Iq 

consequence of foe invasion by 
Greek troops of Macedonia and 
Epirus at five different points 
and foe attack upon foe Port 
Santa Quaranta opposite Corfu, 
foe Ottoman Government de- 
clared war last night [April 18], 
Delicti Pasha immediately 
notified foe declaration of war 
to the Ambassadors. The Turks 
crossed foe frontier at day- 
break. The greater part of foe 
Greek population in Con- 
stantinople have placed them- 
selves under French protection, 
the rest under American. 


real wealth, foe wallet contain- 
ing a hundred German marics, a . 
thousand Polish mar ks, a thou- W 
sand Austrian crowns and one 
hundred thousand mixed 
roubles, the pre-war value of the 
entire sum being about $55,000. 
The innovation is called the 
“Genoa pocketbook,” and is 
finding plenty of speculators. 


CURIUM! 


'■* " LM ». 


1947: Tiso Executed ^ 


1922: ‘Genoa Wallet 9 


PRAGUE — Reaction to the 
execution of Father JozefTiso in . 
Bratislava ranged from satisfac- 
tion to dismay, but no disturb- 
ances were reported among the 
"jtowers of foe parish priest 


. 1 


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PARIS — The Genoa Confer- 
ence has inspired foe latest 
Parian novelty in foe form of a 
waDet packed to overflowing 
with various European bank 
notes. For 25fr. foe purchaser 
may feel all foe sensations of 



, “ : . aim aiuvoR. au- 

“oniies were prepared to pre- 
ony incident, which mig ht 
ta *6 foe form of anti-Semitic 
^recsses.^ Tiso’s trial empha- 
anti-Semitism as a char- 
spteiistic of his followers among 
foe outlawed Hlinka Guard. 


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BUSINESS/FINANCE 


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SATURDAY-SUNDAY, APRIL 19-20, 1997 


PAGE 11 


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li Joe Camel or cigarette billboards disappeared, the tobacco giants might not automatically feel the p ain. 


Cigarette Ad Ban? No Problem 


Experts Predict a Shift to New Marketing Tactics 


By Dana Cagtedy 

New York Times Service 


NEW YORK — If wide-ranging 
bans on cigarette advertising axe even- 
tually enacted as part of a deal with 
tobacco companies, it will by no means 
be the end or cig ar ett e marketing, ad- 
vertising and tobacco industry experts 
say. Instead, they predict, consumers 
will simply be confronted with a whole 
new set of marketing initiatives. 

Cigarette makers might flex their 
creative muscles by, say, sponsoring 
more apparel featuring cigarette-brand 
label 5 ot paying millions to sports stars 
to puff away dining to urnament s. 

You could have some promotion 
where you can win amiHian dollars for 
finding the cigarette pack that has the 
picture of Bill Clinton on the bottom or 
something Hire that.*' said Emanu el 
Goldman, an analyst with Paine- 
Webber in San Francisco who follows. 
the tobacco iacfastn^, v** «. .j 

Philip Mfrririi Cos. anfltoR Nabisca 
Holdings Corp. are reportedly discuss- 
ing a settlement with the government 
that would protect them from liability 
suits in exchange for their consent to a 
sharp curb on advertising. 

The possible restrictions are said to 
include bans an billboard advertising, 
sponsorship of sporting events and the 


use of human and cartoon figures in 
promotions, as well as a limit on vend- 
ing-machine sales. 

Not that this, would automatically 
hurt the tobacco giants. The bans, ex- 
perts say, would have tittle impact on 
the big cigarette makers but would be a 
hardship for emaller companies trying 
OUt new products and ad agwirips ann 
sporting events organizers that depend 
on tobacco contracts. 

“It would have an adverse effect on 
competition but not on consumption,’ 1 
John Maxwell Jr„ a tobacco analyst 
with Wheat First Butcher Singer, said. 
“There is a ban on radio and television 
and life has continued, so taking down 
billboards is not a big deal, and taking 
out vending machin es is a none vent.” 

Mr. Goldman pointed oat that of die 
estimated $457 million spent on ad- 
vertising last year by the top cigarette 
makers, only athiid was for billboards. 
Vending machines, he said, account 


For doing away mth human char- 
acters and cartoons, there are serious 
doubts that this could happen. “That is 
a deal breaker,” he said “No matter 
how good the financial agreement is. 
there is-no chance in the world Philip 
Morris would agree to do away with 
the Marlboro Man.” 

■ If characters and cartoons 


were 


banned though, the experts are split on 
the impact it would have. 

“If voluntarily the industry were to 
say, *' We will not use cartoons or human 
figures,' they will find other ways to 

imiqiM* ancPdififrent and stand apart 
from each other,” Hal Shoup, executive 
vice president of die American Asso- 
ciation of Advertising Agencies, said 

Mr. Shoup noted though, that well- 
known personalities and popular car- 
toon characters are used to promote 
everything from insurance to hotels, 
none of which has anything to do with 
marketing to children, and diat their 
voluntary ban by liquor makers has not 
hurt that industry. 

Other experts, though, say that ab- 
olishing characters so strongly iden- 
tified with smoking could have an im- 
pact. 

Eliminating sports sponsorship, like 
promotions at auto racing events, 
could hurt the industry at least a little 
by eliminating one avenue it uses to 
create brand loyalty, Mr. Goldman 
said 

Collectively, though, the proposed 
marketing bans would simply mean 
more spending on magazine advert- 
ising, more product giveaways and an 
increase in movie stars lighting up on 
screen, the experts predict 


AirTouch to Buy Wireless Business 


Acquisition of US West Unit Will Raise Company's Global Status 


ENGLEWOOD, Colorado — Air- 
Touch Communications Inc. said Fri- 
day it would buy U S West Media 
Group's U.S. wireless unit for $5 billion 
in stock and assumed debt; a step that 
strengthens AirTouch ’s position as one 
of the fastest-growing wireless phone 
companies in the world 

The acquisition gives AirTouch 1.9 
million more customers, 34 million po- 
tential customers and $300 mUli on in 
annual cash flow. It would make it the . 
second-biggest U.S. wireless company, 
after AT&T Corp. 

“It's a continuation of Airioucn s 
belief that wireless will replace wire,” 
said Jeffrey Hines, an analyst at Natwest 
Securities. 

AirTouch shares rose $1 to close at 
$24.50. while U S West’s stock rose was 
up 37.50 cents to $17,625. 

AirTouch will take over U S West 
Media Group’s NewVector wireless 
phone business and its interest m 
PrimeCo Personal CommunicatioiK, a 
wireless joint venture owned by Bell 
Atlantic Corp.. Nynex Corp., U S West 


and AirTouch. PrimeCo provides wire- 
less voice and data services. 

The deal does not include U S West’s 
overseas wireless operations. 

U S West, based in Englewood is one 
of the regional phone companies formed 
whoa AT&T Corp. was broken up in 
1984. AirTouch was spun off from Pa- 
cific Telesis Group, another regional 
phone company, in 19 94. 

The agreement calls for AirTouch to 
issue 93.3 millio n shares to U S West 
Media Group shareholders if AirTouch 
stock is trading at $30 or lower. In 
addition, AirTouch will assume $2_2 
billion of U S West's debt. 

But. the companies said that they 
would pursue the transaction only if 
Congress preserves federal roles that 
make it tax-free. 

A hurdle to the transaction could be 
legislation introduced in Congress oo 
Thursday related to “Morris Trust” 
transactions, which attempt to close 
loopholes used by corporations to avoid 
paying taxes. 

In such transactions, a company can 
split off part of its operations, then ar- 


range for a “merger” of either the par- 
ent or the spun-off unit with the cor- 
poration that purchased it. Those 
transactions are tax-free under a court 
ruling. In the event the legislation in- 
troduced Thursday passes in its current 
form and the sale falls through, U S 
West and AirTouch said they would 
continue with their existing joint ven- 
ture agreement. (AP, Bloomberg ) 

■ Qwest Plana to File for IPO 

Qwest Communications Internation- 
al foe., a telecommunications company 
led by a former AT&T Corp. executive, 
Joseph Nacchio, plans to sell stock in a 
first-time offering that could raise as 
much as $287 J million, Bloomberg 
News reported from Washington. 

The Denver, Colorado-based com- 
pany filed Friday with the Securities and 
Exchange Commission for the stock 
sale, although it did not disclose how 
many shares were to be sold or provide a 
proposed share {nice. 

Qwest is expanding a fiber-optic 
long-distance telecommunications net- 
work and has not yet been profitable. 


CURRENCY & INTEREST RATES 


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Red Faces Over a Ton of Red Ink 


$1.2 Billion Error Crept Into U.S. Trade Statistics 


The Azsntnorcd Press 

WASHINGTON — Cheer up, Amer- 
ica. The trade deficit is bad, but it is not 
that bad. 

Red-faced, one of the government's 
chief bean -c owners announced late 
Thursday a rather monumental blunder. 

The trade deficit for February was 
actually $1.2 billion smaller than had 
been reported eight hours earlier. In- 
stead of a deficit of SI 1.6 billion, the 
deficit was $10.4 billion, down 18 per- 
cent from $12.7 billion in January. 

“The error is large and it is unprece- 
dented.” said Undersecretary of Com- 
merce Everett Ehrlich. 

He blamed die mistake on a classic 
case of the left hand of government not 
knowing what the right hand was doing. 

Ironically, it was a Customs Service 
effort to improve the accuracy of the 
data that resulted in the big mistake. 

Customs, which collects the raw data 
on trade flows — gathered at hundreds 
of ports, airports and border check- 
points — had ordered its agents to make 
a special effort to track down over- 
looked shipping data on crude oil im- 
ports from previous months. 

This was in response to a growing and 
unexplained discrepancy between the 


r 


the American 


formation collected by 
Petroleum Institute. 

The only problem. Mr. Ehrlich said, 
was that the Customs Service forgot to 
alert tabulators at the Census Bureau, 
the Commerce Department agency 
which prepares the monthly reports, that 
they would be gening oil import data for 
months before February. 

The data-punchers entered all the oil 
import information as if the crude had 
come into the country in February — 
resulting in an overstatement of oil im- 
ports of S 1 .2 billion. 

“We were surprised by what Cus- 
toms had done,” Mr. Ehrlich said. 
“Had we known that the old decla- 
rations would be mixed in with the 
current month's reports, the error would 
not have occurred. 

Private economists said they began 
calling the Census Bureau to raise ques- 
tions about the trade report within an 
hour after its 8:30 A^M. release. 

Officials at the Census Bureau said 
that even before the first calls came in 
they had begun making their own 
checks when statisticians preparing a 
more detailed item-by-item report start- 
ed noticing problems. 


Census officials said they delayed 
announcing the error for eight hours 
because it took that long to determine 
the size of the mistake. 

•‘The government is lucky that trade 
isn't a big marker mover right now. 
given the size of this error." said Mi- 
chael Penzer, an economist ar Bank of 
America in San Francisco. 

The trade mix-up comes at a time 
when a number of government statistics 
have been criticized by private econ- 
omists. 

An advisory commission of prom- 
inent economists said in December that 
the Consumer Price Index was over- 
stating inflation by 1.1 percentage 
points a year. More recently, the Na- 
tional Association of Business Econ- 
omists called for consolidating the gov- 
ernment's far-flung statistical gathering 
operations into one agency to improve 
die accuracy of the data. 

Lynn Reaser. economist at Barnett 
Banks, said the mix-up underscored the 
concerns being raised about the quality 
of government data. 

“This shows the need to ensure the 
quality of these numbers, especially at a 
time when financial markets have a 
tendency to overreact,” she said. 


EMU Concerns Give a Lift to the Mark 


C»*7» led by Otr SttfFrtm Oapaches 

NEW YORK — The Deutsche mark 
rose against ocher European currencies 
and the dollar on Friday amid fresh 
doubts about monetary union and signs 
of political instability m France. 

“There's been a resurgence of the 
Deutsche mark, driven by turbulence in 
Europe.’' said Vicki Schmelzer Alicea, 
a corporate currency sales representa- 
tive at Westdeutsche Landesbank 
Girozentrale. 

Tim Fox, an economist at Standard 
Chartered, said: “European concerns 
are driving the currency markets. There 
is a lot of concern about Italy getting 
behind on the single-currency 
timetable, and this is helping the mark.” 
he said. “People are also worried about 


the threat of an election in France.” 

Weakness in the yen, meanwhile, 
came despite remarks from a top Ja- 
panese Ministry of Finance official who 
suggested interest rates there might rise 
over the next year, traders said. 

In 4 P.M. trading, the dollar was 
quoted at 1 .7 1 1 8 Deutsche marks, down 
from 1 .7288 DM. But it was at 125 .885 
yen. up from 125.775 yen. 

The dollar was also at 1.4560 Swiss 
francs, down from 1 .4720 francs, and at 
5.7668 French francs, down from 
5.8120 francs. The pound was at 
$1.6330, up from $1.6248. 

Traders bought marks for French 
francs after reports that President 
Jacques Chirac would dissolve Parlia- 
ment by Thursday and call for new 


elections. 

Traders speculated such a move 
could erode the support in Parliament 
for budget-cutting measures aimed ai 
bringing the deficit in line with the 
requirements for Europe’s single cur- 
rency, the euro. 

The marie also jumped against the lira 
on a report that France had withdrawn 
its support for Italy’s drive to become a 
charter member of European economic 
and monetary union, traders said. 

A report from Market News service 
quoted unnamed officials in Germany’s 
ruling Christian Democratic Union as 
saying Mr. Chirac had told Chancellor 
Helmut Kohl of Germany that France had 


See DOLLAR, Page 12 


ECONOMIC SCENE 


Should U.S. Fret About Trade Deficit? 


By Peter Passell 

New York Tunes Service 


NEW YORK — It's 1985 
all over again. America’s 
trade deficit is ballooning, 
thanks mostly to the huge im- 
balance with Asia. Only this 
time the “culprit” is China 
rather than Japan. And even 
Newt Gingrich, a stalwart 
free-trader, is warning the 
Chinese to shape up or sell 
their teddy bears and miming 
shoes somewhere else. 

Is this deficit worth wor- 
rying about? Well, yes, no 
and maybe. 

Yes, because it reflects re- 
latively low U.S. savings 
rales in a rich nation with an 
aging population that makes 
it necessary to borrow huge 
amounts of capital from 
abroad. 

But no, few economists are 
losing sleep over last year's 
near-record $165 billion def- 
icit on the most comprehen- 
sive measure of international 
financial exchange, the cur- 
rent account. Indeed, in some 
ways, it is a sign of success. 

Robert Lawrence of the 
Kennedy School of Govern- 
ment at Harvard University 
Dotes that the doubling of the 
deficit since 1992 has been 
driven by a steady economic 
advance in America — and 
stagnation in Japan and 
Europe. 

Toe deficit also gives 
American business a political 
weapon to beat back foreign 
competition. 

Even the record $39 billion 
deficit with China amounts to 
less than meets the eye. In 
part, it follows from Beijing's 
desire to amass foreign cur- 
rency reserves on the eve of 
the takeover of Hong Kong. 

Mae important, suggests 
Nicholas Lardy of the Brook- 
ings Institution, it comes when 
China is inheriting export 
markets from the more pro- 
ductive, higher-wage econo- 


mies of Taiwan, Hong Kong. 
South Korea and Singapore. 

“Taken as a group.” he 
said, “China and the four ti- 
gers had a smaller share of 
world exports in key labor- 
intensive industries in 1994 
than they did in 1984.” 

To most people, trade def- 
icits mean jobs lost to peas- 
ants vailing to work for a 
bowl of rice a day. But to 
economists, jobs are just not 
part of the trade equation: the 
Federal Reserve largely de- 
termines employment. 

Indeed, die Fed has just 
nudged interest rates higher, 
serving notice that it wants to 
restrain further reductions in 
joblessness, no matter how 
successful exporters are, out 
of fear dial excessively tight 
labor markets will lead to 
higher inflation. 

For better or worse, the cur- 
rent account deficit is simply 
the other side of an immutable 
accounting identity — the dif- 
ference between domestic in- 
vestment and savings. 

Countries like Japan that 
save more than they invest 
automatically run surpluses. 
The black ink shows up as 
added holdings of foreign se- 
curities and property. Chronic 
deficit economies, like Amer- 
ica, are in effect selling assets 
to finance foreign purchases. 

Deficits are bad if individu- 
als are consuming the pro- 
ceeds of the asset sales when 
they ought to be worrying 
about how they will get by 
when they retire. But it is good 
news when it reflects a surfeit 
of investment opportunities. 

By this reckoning, the 
United States rates a B- 
minus. Private savings are 
low. but Washington has 
taken decisive action to curb 
the government's dissavings 
by reducing the budget def- 
icit 

Note, too, that the current 
account deficit shrank from a 
peak of 3.6 percent of na- 


tional output in 1987 to 2.1 
percent in 1996. It will prob- 
ably fall much further when 
Japanese and European poli- 
cymakers crank up growth 
and foreigners stop throwing 
money at American financial 
markets. 

“Nobody worries these 
days that the American cur- 
rent account deficit is unsus- 
tainable.” Mr. Lawrence 
said. 

But what about China? 
Economists have never 
shared the popular fear of bi- 
lateral imbalances. Robert 
Solow, the Nobel economist, 
is fond of explaining that he 
has been running deficits with 


his barber for 40 years 
straight, buying haircuts for 
cash and never selling him a 
single economics lesson. 

By the same token, global 
trading pane ms driven by 
fundamental economic real- 


ities — wages, resources, 
product demand — virtually 
guarantee that the United 
States will run a big trade 
deficit with Asia for the fore- 
seeable future. Mr. Lardy pre- 
dicts that retaliation against 
Chinese import restrictions 
— or human rights abuses — 
would merely reshuffle U.S. 
deficits with individual Asian 
countries rather than chan- 
ging the- overall imbalance. 


MONTEREY TRUST 

Sociutt d Im eslisscxncnt a Capita] Variable 
Registered office: 50. Avenue J.F Kennedy. L-18S5 Luxembourg 
Commercial Register: Section B 7553 


NOTICE TO 

THE ANNUAL GENERAL MEETING OF SHAREHOLDERS 


The Annual General Meeting of shareholders of Monterey 
Trust. SICAV will be held at its registered office in 
Luxembourg, 50. Avenue J.F. Kennedy, on 29 April 1 997 
at 3.00 p.m. for the purpose of considering and voting 
upon the following matters: 

Agenda 

1 . Presentation of the management report ot the Directors 
and the report of the Auditor. 

2. To approve the statement of net assets and the 
statement of changes in net assets for the year ended 
31st December 1996. 

3. To discharge the Directors with respect of their 
performance of duties during the year ended 
31st December 1996. 

4. To elect the Directors and the Auditor to serve until the 
next Annual General Meeting of shareholders. 

5. Any other business. 


The shareholders are advised that no quorum for the 
statutory general meeting is required and that decisions 
will be taken by the majority of the shares present or 
represented at the meeting. 


In order to take part at the statutory meeting of 29 April 1 997, 
the owners of bearer shares will have to deposit their shares 
five clear days before the meeting at the offices of 
BANQUE GENERALE DU LUXEMBOURG S.A.. Luxembourg. 


The Board of Directors 


CURRENCY AND CAPITAL MARKET SERVICES 



International Foreign Exchange Corporation 


YOUR GOAL IS OUR GOAL 
Margin 3 - 5% - 24 hour trading desk 
MARKET UPDATES ON NBC TEXT PAGES 355 & 356 
and INTER NET: WWW.IFEXCO.CH 
Call for information package & free daily newsletter 


86 bis route da Frontarwe- 1206 Geneva- Swtaertand 
Tal (41) 82 848 7411 - 24hr (41)228497440 - Fax (41) 22700 1913 


For further details 
an bow to place your listing contact 
Julian STAPLES in London 
Tel: (44) 171 836 4802 
Fax: (44) 171 240 3417 


TOSWPftUTSPUgWE»SHU^R 


t ,r: * 







PAGE 12 


The Dow 


...... JL'.;. .. ; .. . 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, APRIL 19-20, 1997 

THE AMERICAS 

Bankers Trust’s New Sheriff 

CEO Cleans House and Gambles on Investment Banking 


Microsoft Earnings 
Recharge Wall Street 




Bill II 
•cling 


Dollar m Deutsche marks j 


1.70 


120 



1-50 iV ND _ j F M A"- . 110 N D 
1996 1897 1996 

Exchange - -Magi' ’• • „ : Frktejr ' 

HYSE .',-W oby; v< - smss 
MYSE - S&P 500 -I-- ; 76&34~~ 

wise • loo ~ 748#r~ 

NYSE Cornftbsae^’" ""l!QSLSA~' 

OJ5. ■ • Nasdaq Con^psto-' 12225? ■ 

MEK . 

Toronto .. . rir^jtrfgx ; .sms®' 
Sflo Panto Sovesp a * . 9 422*20 

Mexico City Bofaa , S7W.77 

Buenos Afros Mered T~~ 'mai ; 

Santiago IPS A General - . S368.89 

Caracas Capital General' 6313JJ7 
Source: Bfoomberg. Reuters i 

Very brief lys 


Dow Jones Attacks Libel Award 

HOUSTON (API — The publisher of The Wall Street 
Journal has asked a judge to throw out a record $222.7 million 
libel award, arguing that a securities firm never proved that a 
1993 article ruined its business. 

MMAR Group Inc. routinely recorded clients' phone calls 
but could not produce one conversation dial showed it lost a 
client because of the article, David Donaldson, on attorney for 
Dow Jones & Co., said Thursday. A jury found March 20 that 
five sentences in an article were false and defamatory. 


1 J F M A 
1997 

. piw! %. .. 

Close ■ ■ Change 

■6658.60 +0.68 
761.78 +0.60 : 

742L21 +0.63 

4G0J35 +050 

~ 1237.07 40.45 

. 555.52 .-tOte 
581820 ,+o.ia 

B41Q63 *0-04. 

3796.31-; -Oaj 
: 709 X& ~-Oi82 
536450 ' *XZ7 . 
630151 +0.20 

llfternalioiul Herald Tribune 


By Saul Hansell 

iVov York Times Service 

NEW YORK — When Frank 
Newman took over Bankers Trust 
early last year, nobody was sur- 
prised that he acted like a sheriff in 
a Wild West town. He had to re- 
store order after some of the boys 
were caught cheating in derivat- 
ives trading. And he tamed the 
cowboy culture fostered by his pre- 
decessor, Charles Sanford Jr. 

Then came the hard part. To 
prevent Bankers Trust New York 
Corp. from declining into die equi- 
valent of a ghost town, Mr. New- 
man had to find ways to make 
more money. He quickly decided 
that the way to go was investment 
banking, a business built on the 
notion of long-lasting relation- 
ships. Yet that field was more 
crowded and less lucrative than 
Mr. Sanford's mainstays — trad- 
ing and orchestrating high-margin 
deals for customers. Not only that. 
Bankers Trust lagged far behind its 
big Wall Street competitors. 

But Mr. Newman has surprised 
just about everybody. During a 
year of consolidation in which 
many Wall Street firms have iden- 
tified themselves either as pred- 
ators or prey, be made two trail- 
blazing acquisitions that have 
positioned Bankers Trust as a full- 
service investment bank for me- 
dium-sized companies. 

“As I talked with people inside 


the bank and with clients.'' Mr. 
Newman said last week, he dis- 
covered that “we had done a tre- 
mendous transformation from a 
fairly traditional commercial bank 
to more of an investment bank, but 
we did not have breadth and 
strength in two areas: merger and 
acquisition advisory work and 
equity underwriting." 

So, last summer, just six months 
after Mr. Newman was named 
chief executive. Bankers Trust 

In two recent trail- 
blazing acquisitions, 
Mr. Newman did the 
negotiating himself. 

bought Wolfensohn & Co., a small 
merger boutique, for $200 million. 
The takeover expanded the bank’s 
merger-advisory ability and, per- 
haps more important, brought Paul 
Volcker, the former Federal Re- 
serve chairman who was the chair- 
man of Wolfensohn. onto the 
board of Bankers Trust It was a 
much-needed infusion of integrity 
for a company rocked by a de- 
rivatives scandal that had saddled 
it with expensive lawsuits and 
government sanctions. 

Then last week came Mr. New- 
man's big coup: the purchase of 
Alex. Brown & Co. for $1.7 billion 
in stock. The acquisition added the 


stock-trading and underwriting 
prowess of America’s oldest se- 
curities firm to Bankets Trust’s 
huge bond and loan businesses. 

Both deals were all the more 
impressive because Mr. Newman 
dia the negotiating himself, with- 
out help from investment bankers. 

Moreover, he snapped up his 
prizes after both had proclaimed 
that they were unavailable. 

“We were not for sale per se," 
said Jeffery Goldstein. 
Wolfensohn ’s i vice chairman. “We 
made as significant a decision as 
we could make, and we did it in 
large part cm Frank Newman.'’ 

To be sure, Mr. Newman has yet 
to prove that he can merge the 
three companies into a synergistic 
whole. While Bankers Trust is 
already as much a broker as a bank, 
Mr. Newman has never worked as 
a trader or an investment banker. 

And Mr. Newman may have 
hopped on the roller coaster just 
before the big dip. Alex. Brown 
said Thursday that its profits in the 
fiist quarter were down 26 percent, 
to $75 million, because of lower 
underwriting and merger business. 

For its part. Bankers Trust said 
Thursday that its profits were up 
nearly 25 percent for the quarter, to 
$169 milli on. Tim company's 
profitability, measured by return 
on equity, increased to 14.3 per- 
cent, from 11.9 percent, but is still 
far below its levels of a couple of 
years ago. 


Advanta Ends Credit Card Bonus DOLLAR: Single Currency Concerns Give the Mark a Lift 


WASHINGTON (Reuters) — Advanta Corp. has agreed to 
stop its “Rewards Accelerator” program, settling legal dis- 
putes with MasterCard International and Visa U.S.A. 

The two credit card companies had sued Advanta to stop the 
program, which gave user points on American Express Co.'s 
membership rewards program for purchases made with Visa 
or MasterCard. Advanta said Thursday that all suits sur- 
rounding the issue had been dropped. 

• Sony Corp. of America has named Howard Stringer, the 
former president of CBS Inc.'s broadcast group and CBS 
News, as president as of May 5. 

• Hershey Foods Corp.'s first-quarter net profit rose 16 
percent from a year go, to $68.9 million, as higher sales of new 
candies helped raise revenue 7 percent, to $1 billion. 

• Viacom Inc. plans to buy an additional 5 percent of the 
shares outstanding of Spelling Entertainment Group Inc. by 
the end of the year, bringing to 80 percent its ownership of the 
producer of such television shows as “Melrose Place." 

• The New York Stock Exchange will have trading for 16 to 

20 hours a day eventually. Chairman Richard Grasso said, to 
accommodate an expected increase in listed foreign compa- 
nies. Bloomberg. Reuters 

AMEX " ” 


Friday’s 4 P.M. Close 

The top 300 most pdJiie shares, 
up to Ihe dostog on Wall Street 
The Associated Press. 

* Sea High la* upbI am 


Continued from Page 11 

withdrawn its support for Italy to 
become a founding member of 
EMU. 

But a spokesman for Mr. Chirac 
denied there was an attempt to keep 
Italy out of EMU. 

Still, the mark held its gains as 
“people tend to feel there is an 
unwritten agenda," Mr. Fox said. 

The mark typically benefits from 
expectations that it will be replaced 
by the single European currency, 
which traders speculate could be less 
stable and weaker than the mark. 

Meanwhile, amid persistent talk 
of French budget worries and a pos- 
sible snap election. Finance Min- 
ister Jean Arthuissaid Friday he was 
confident that France would make 
the grade this year to join a 
European single currency. 


The dollar recouped gains against 
the yen even though a top Japanese 
finance official, Eisuke Sakakibara, 
said that currencies did not conform 
with economic reality. He sounded a 
warning that Japan's era of record- 
low interest rates may be drawing to 
a close. 

Mr. Sakakibara, one of the 
world's most closely watched 
policy-makers, also put markets on 

FOREIGN EXCHANGE 

notice that they could face a burst of 
intervention to prop up the yen if 
Japanese authorities judge it has 
fallen too far. 

The man dubbed “Mr. Yen“ for 
his power over financial markets, 
said that it would be dangerous to 
assume that Japanese interest rates 
would be dinging to their record- 


low levels over the coming year. 

His comments hinting at possible 
intervention in foreign exchange 
markets knocked the dollar lower in 
Tokyo trading. 

Few in the market t hink other 
central banks would join with the 
Bank of Japan in selling dollars, 
despite recent remarks by Robert 
Rubin, the U.S. Treasury secretary, 
hinting at U.S. concerns over the 
dollar’s current level. 

“In 1995, it was dear that the 
weak dollar was not good for the 
whole world," Akira Kurihara, 
chief dealer at Norinch ukm Bank 
said. “But now the U.S. is more 
concerned with controlling infla- 
tion. and even though there have 
been some complaints about the dol- 
lar from exporters, this is not 
enough of an incentive.'* (Reuters, 
Bloomberg, Market News) 


CtmrM Ik Our SoffFtnoDapeUiia 

NEW YORK.— Slocks rose Fri- 
day as unexpectedly strong earn- 
ings from Microsoft convinced in- 
vestors that shares in America's 
biggest companies were good bets. 

“Companies are delivering, ’ said 
Philip Schettewi a money manager 
atLoomis.Sayles&Co. "There are 
no huge disappointments. Corpo- 
rations are generating the earnings, 
and you need higher earnings to 
drive stock prices higher." 

The 30-stock Dow Jones indus- 
trial average closed 44.96 points 
higher ai 6,703.55. 

The Standard & Poor's 500 Index 
gained 4 51 points to 766.34. The 
Nasdaq composite index gained 
5.49 points to 1 .22 2-56. 

The benchmark 30-year Treas- 
ury bond was priced at 94 23/32, up 
6/32, taking the yield down to 7.05 
percent from 7.10 percent 

Microsoft, the world's largest in- 
dependent software company, rose 
to an all-time high of 107% and 
was the most-active stock. 

“Even though Microsoft said 
that its earnings can’t stay this 
good, the market is ignoring that 
and buying it" said Alfred E. 

Goldman, vice president at A.G. 
Edwards & Sons Inc. in St Louis. 

Microsoft said after the close of 
trading Thursday that third-quarter 
net income grew a greater-rhan-ex- 
pected 85 percent to $1.04 billion, 
from $562 million in the compa- 
rable period a year earlier. The soft- 
ware maker said revenue rose 45 
percent to $3.21 billion. Sales were 
strong across the board, it said, and 
the updated Office 97, Windows 
NT and Windows 95 software were 
standouts. 

“Microsoft is a bellwether tech- 
nology company," said Greg Place, 
senior listed trader at Rodman & 
Renshaw Inc. “You have investors 
who look at Microsoft, Intel and 
IBM in the same vein. These earn- 
ings say the turnaround in tech- 
nology is complete." 

Despite the bullish news from 
Microsoft, many computer-related 
shares declined. 

Intel fell % to 13m 

EMC. a maker of information 
storage products, slid after report- 
ing first-quarter profit that only 
matched analyst expectations. 

Silicon Graphics shares fell 416 
to 12% after the company an- 
nounced earnings below expecta- 
tions and said it was still suffering 
from the transition to new computer 
workstations. 

Silicon Graphics said late 
Thursday that third-quarter net in- 


come fell to $10 .5 million from $53 
million. Excluding cos* for 
$740 million purchase of Cray Re- 
search, profit from operations m the 
Sorter Vnded March 31 amounted 
S>9 cents ashare, the company said. 
Revenue rose 34 
million, held back by the strong 
dollar, which reduced the value of 
overseas sales, and the transition to 

U.S. STOCKS 

a new series of computer work- 
stations, the company said. 

Remedy fell on concern that oth- 
er help-desk software companies 
could encounter the same drop in 
sales that hurt Clarify. Clarify feu 
58 percent Wednesday, after saying 
it would show little or no sales 
growth in revenue in the second 
quarter from the first. 

Black & Decker gained even 
though it said fust-quarter earnmgs 
had fallen by 24 percent on lower 
sales of its SnakeLight flexible 
flashlights. 

The world’s largest power-tool 
maker said net income fell to $26-3 
mini on from $34.6 million before a 
gain and a charge in the year-earlier 
period. 

Revenue feU 4.7 percent, to 
$1 .02 billion, from $1 .07 billion, m 
part because of the rising dollar. 

In the year-ago quarter, a gain of 
$70.4 million, or 79 cents a share, 
for the sale of PRC Inc. and a re- 
structuring charge of $67 million, 
or 75 cents a share, related to its 
European businesses, made net in- 
come $38 million, or 39 cents a 
share. 

Reebok International shares 
tumbled after the athletic shoe 
maker's earnings declined 17 per- 
cent as expenses climbed and the 
strong dollar ate into revenue. 

Shares of Reebok and other ath- 
letic shoe and clothing makers also 
dropped on worries that sales 
growth is easing at U.S. specialty 
stores such as Foot Locker and 
Foo taction, analysts said. Rival 
Nike Inc. also slid 

Hershey Foods rose 1 to 52i£ 
after the consumer foods maker said 
it earned 45 cents a share in the first 

quarter, up from 38 cents in the 
year-ago period 

Desktop Data Inc. shares fell 
after the real-time news and inf or- 
matron service said it expected rev- 
enue to rise 23 percent to 25 percent 
this year. Revenue at the company , 
rose 46 percent in 1996. The com- ; 
pany said first-quarter net income 
was 10 cents a share, unchanged 
from a year ago. (Bloomberg, AP) ' 


■•‘' he 



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36' r 

-3. 

250 

ft 

*1 

*1 

_ 

4M 

ft 


49a 

.V. 

71 

lw 

T‘l 

l-i 

■Vl 

17 

KA 

K 

10ft 

-ft 

196 

11 

16*1 

17 

•h 

101 

ll>, 

ir. 

lift 


197 

2T> 

SH 

77ft 



life 

12ft 

n 

re 

*4 

9 , 9 

ffi 

9 

-■» 

419 

V, 

2T-: 

3*1 

•'•9 

10* 

n 

II 

11 

■ft 

75 

6 

Sfe 

5*4 

•+4 

410 

Oft 

Oft 

9ft 


ID 

lift 

11*1 

lift 

•R 

423 

0 

1*. 

ffv. 

-*4 

545 

a 

7ft 

B 


247 

un 

18ft 

KM 

*R 

135 

lift 

IT. 

IT* 


97 

» 

lift 

I9*S 

re 

ID 

ift 

1ft 



197 

J 

Ift 

in 

-re 

no 

0ft 

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a io 

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K 

rt 

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245 

lift 

lift 

ire 

re 

HI 

urea 

lift 

lift 

in* 

ns 

.re 

» 

w 

w 


f 1 . 

206 

16ft 

16ft 

16ft 

re 

101 

29ft 

28ft 

77- 

+ 31 

121 

17 

irt 

17 

♦re 

m 

ift 

4 

4 

_ 

127 


ft 

*ft 

ft 

•Vfe 

vs 

(ft 

4ft 

• Ik 

«n 

43ft 

4 

Or* 

•re 

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lift 

lift 

lift 

re 

■0 

n 

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2ft 

re 

m 

934 

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34ft 

73*1 

23ft 

re 

146 

1234 

12ft 

12ft 

re 

MO 

lift 

S3 

lift 

.ft 

K57 

32ft 

Jl> 

33ft 

.34 

1071 

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1 

• ft. 

149 

12ft 

ere 

ire 

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303 

16fe 

IMb 

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110 

33. 

rite 

VO 

• ft 

IS 

lift 

17*: 

life 



m 

Hh 

«fe 

«• 

re 

417 

16 

life 

15ft 

11*4 

lift 

♦ ft 

•n 

3494 

1* 

to 

ft 

•hi 


Most Actives 


Dow Jones 

Opm HI* Law 1st n». 
Indus 666&XS 6711.96 4467.40 47B15S ♦ 44.95 
Titan 2491 At 2504.11 749034 2SJ1J33 +7J0 
UK 21134 21339 211 AS 213.18 +0.W 
Como 2I02J9 211442 210032 711240 -IMS 

Standard & Poors 

PravtNB T«4a» 

HI* Low am 44* 
Industrials 90X75 89403 89542 90X59 

Tramp. 55440 55504 55248 55X14 

UtBflos 18-00 18X55 182.96 184.19 

Ftnonce 8540 84J7 B5J7 85J7 

SP 500 75855 75049 761 J7 76634 

SP100 748.70 74055 74221 74585 


4IZI.lt 40055 40254 
51043 50435 51023 
37003 367 JB 36940 
25240 25144 23J.W 
34543 361)5 36X3? 


Nasdaq 


Nasdaq 


1 03 as 141135 141135 
1664JD 1661. II 1661.74 
077 JB 171.99 171.99 


S5654 55X09 55501 t049 


r, Dow Jones Band 


20 Bands 
lOlMBHes 
10 hNbistrtab 


10145 -020 

9X54 *851 

104J6 — -0.T1 


139964 45 
91537 1416 
60755 54»i 
53690 38M 
49679 36b 
44269 

42230 HM 

41300 7 

SSK5 

39095 1811 
361*4 1411 
3483a 74H 


VOL Hlffe 
2BM82 10719 
137917 1409% 
107M0 5014 
01787 11 

m*A rrt 

74333 2S’> 
60947 25'u 
66808 «U> 
5KO 371. 
SJ29B 23V, 
52067 Wm 
4<CM ir-1 
0051 1*4 
*1121 106* 
40760 15»* 


AMEX 

VOL Hlpti 

5PDR 16g5 76=t 

AnoKlB 7738 7 1 ! 

itaxn 7660 rwt 

EO06Q7 6*59 t'.v 

BAT Ind 4195 IT* 

Tm&os 4026 IT* 

WEBBa TO 14 

FAusPr 5326 9-i 

NTNCM 5311 Tl 

Xaones 4270 u. 


421* 44’* 
1219 12* 
51M 521% 
35* 36 

341* 34M 
333% OT* 
3D 301* 
519 4.1 
36H 3619 
35 35V, 
I7»» 1719 
14 1419 
71V9 72 

51** 53V, 
43V: 44* 


IQ 107H 

137 T37V1 
4719 48H 
9V, 9W 
321% 32* 
26* 27V» 
23-9 241% 
40 *0* 
36 % 37*1 
2214 22* 
76 7619 
II* 110* 

BW 9 

a u* 


April 18,1997 

HIsH Law Latest Chge ap*tt 


CORN (CBOT) 

SUOO bo mwmum- cents p«r uM 
MOV 97 m 296V, 300 «. +3* 96444 

Jul97 an 296% 30092 *m 125,939 

Sw 97 20 204% 2S7M, +1* 21^59 

Dec 97 284 280 V, 201% *« 99.137 

Mo-98 288* 285V, 20 v* 9J02 

EsLlCte HA. Thu ’5. Mies 74J19 
Thu's open Int 3557 41 off 13107 

5QYBEA HMEA L 1CBOT) 
m ions- doUarsoer Ion 

Mav 97 Z7750 Z725D 2750 —040 34,177 

JUI97 27450 269 JO 7BM +OJO 36464 

AU097 26450 26050 2620 —070 10660 

Sep 97 24BOO 24550 246J0 -40 6JW 

0097 23650 23430 225.90 -490 65M 

Dec 97 21&00 21550 2T7J0 -430 13,944 

Est.sato ha. Thu'S. Stria 21512 
Thu's open int 111565 up 90 

SOYBEAN ML K80TI 
6DJD00 ns- cents pert) 

Mov 97 2455 2410 1451 *032 25.933 

JUl 97 3495 2451 24J2 *051 36.971 

Aug 97 2S.10 2473 2453 *426 9576 

Sep 97 2558 2482 2SJB *426 W29 

0097 an5 2475 2SJ05 *420 5541 

Dec 77 2527 2455 25.18 *410 16.IS9 

Estsries NA Thu's, sales 15075 
Thu'saaenint 10437B up 225 

SOYBEANS tCBOT) 

SU00bumWmirai-t»e»ii «i HUM 
MOT 97 80 833 144 -S* NL89I 

JUI97 636 845* -J* 74276 

Aug 97 830 819 826* 1X277 

Sep 97 74V 740 JB *1 6813 

Nov 77 690 <81 <86* -2* 39811 

ESUStriH NA. Thu's. series 64879 
Thu's open W 187570 up 616 


Htotl Law Latest Chge Opht 

ORANGE JUICE INCII0 
1 SHOO Bn. -cents per lb. 

May 97 7620 7SJ0 7550 -020 9525 

Jut 97 79.10 7750 7850 -005 14737 

Sep 97 8180 1465 8120 -410 4891 

Nov 97 8580 8195 8355 -410 1127 

Est sties NA Thu's, stries 1863 
Thu's open W 28590 off 70 


Trading Activity 


Mwad 
DKSnso 
UlBWSM 
Tow issues 
NnKiote 


AAoncnt 
Deawetl 
UiKKangad 
TcMteuec 
New Hlqns 
New Lows 


Dividends 

Cora pony Per Anf Rec Pay 

IRREGULAR 

HartaaDR - .02 4-30 S-15 

MattecoADR b 5597 5-2 5-16 

Peoples Pst Cora _ .19 s-i s-15 

STOCK SPUT 
ASJVl Lithography 2«orl spot. 

Nod Crauu BtfiritJaSon tfishlbutkin ot 
.1838631 shroi of HwWiPlon Sves tor eodi 
shoe held. 

Suncor Inc 2 lor 1 split. 

WarttwMe Wld 3 far 2 spffl. 

INCREASED 

Rustling Hnd 0 M 6+ 6-30 

Great Fma 0 .15 5-1 5-22 

LedattnnGos Q 425 4.30 5-15 

Savannah Foods 0 .0373 6-6 6-27 

Webster Find 0 Zt 5-2 5-15 

YEAKCMO 


o~ Nasdaq 

1520 1285 

955 1210 fisES 15 

vn nos 

37 3* ffM teues 

MarVet Scries 

an* Pus 

260 227 

236 256 

200 216 iuv'ce 

69* en NYSE 

9 10 Ames 

18 21 Nasdaq 

InmBSaa. 


Company 

OtyNaSCora 
Dean wneralscrv 
Donnelly Cap 
FsT NMm Catrital 
Fstviewia 
Gorman Rupp 
HeltaTecn 
ImflanaFeta 
Le« Mason 

Magna Bocp 


GrupolmsadeCV h 8503 4-34 5-4 

INITIAL 

KlmbeHyCkrtn . J4 64 7-2 

Suncor men ► .17 6-13 6-23 

WOh+ftneWdn - J332S 7-1 B-l 

REGULAR 

ARilledindusa a .16 S-15 s-30 


NaoSeearGrp 
Pertdn Ebner 
Plnnacie Banc 
Pdarfelnd 
Price Enterprise 
Realty Income 
SJWCorp 
ScWumbergerLW 
SMFeatBtKO 
SunTrust Efts 
S usqueha nna Bnc 
T ransom fnco 
LIMB Find 
united Canriina 

woteForgoB 


1649 1969 

1567 1W 

233 Iftil 

5746 5749 

So « 

162 193 


47X36 5925D 
17.17 2089 
544-35 60081 


Per Ami Rec Pay 

a .11 5*5 5-15 
Q .14 5-27 7-1 

O .10 6-16 7-1 

O .16 +30 5-15 
0 .16 +24 5-8 

O .14 5-9 +10 

O 85 5-1 5-15 

Q .18 5-15 5-31 
Q .13 +12 7-8 
O .15 +20 +13 
a -42 +29 +15 
a .17 +4 +30 
Q .17 +2 7-1 

O 23 68 51 

. .16 400 +15 

a jo +1 +15 

M .1575 +1 +15 

Q St +1 +1 

a J75 +2 7-11 
Q JO +30 +30 
O .225 +1 +16 
0 JO +29 +30 
M .16 +30 +15 
0 JJJ +13 7-1 

Q .18 +30 M 
.8875 +30 +15 


WHEAT lawn 

MOO Bu nrineiwm. arts per bushel 
Mcv77 438 418 fO *11* 10037 

JUJ97 447 426 444 Vi *Ofe 51454 

5*997 « 430 40 *12 Vi 11,188 

Dec 97 *59 Vj 4J9to 45716 *WA 0825 

Est.stdes NA Hu's. sales 27.208 
Thu’sdPen int 85J9B UP 1157 


Livestock 

CATTLE fCMER) 


Apr 97 49 JD 6BJS 6905 *ftW X83B 

Jun97 6455 6422 6U7 *020 34441 

Aug 97 6402 CUB 6195 *007 74473 

OCt97 67J82 <740 BjB ULdO 

Dec 97 <982 (S£t 4945 -085 8J20 

Feb 93 7DJD 7055 7065 *0.15 SJ8D 

Est stries 9415 Thu's, arid* 1X428 
Thu's open M 91.911 oil 2110 

Fmm CATTLE (CMER) 

SQjQQQ QL'CBdhNrlL 

Aor 97 71 JO 71.10 7U7 *020 UN 

/Way 97 71 JO 7QAS 7890 *0JS US4 

Aug 77 7440 7X97 7422 * 031 MBS 

5eP 97 7420 7400 7415 * 020 1 JOS 

00 97 7440 7425 7447 *0.15 X5M 

Nov 97 76.10 75.95 7405 *027 LW1 

Es*. stries 1375 Thu's, stries X92S 
Thu'scpenint 19J78 up 200 

HOCS-Lim (CMHU 
40AOO bf.- cem per 81. 

Jim 97 85J0 5455 8LH — fl.12 1+493 

AH 97 85.45 8455 9437 *OJO +189 

Aug 97 8240 8123 8235 *110 4279 

00 77 7545 7455 7187 *112 XM 

Dec 97 7145 TUB 71.95 -112 13U 

Feb 98 7180 7130 7175 *102 5C 

Est stries 11257 TTeTS-Bries 11075 
Thu'soppnht 31.993 up 1785 

PORK 8ELUE5 (CMOS} 

AMloa Bol- eants per b 


gold mafia 

100 hmm- (Mors per tray tat 
Apr 97 343. H 34168 341 JO —060 363 

MoyV7 31280 —060 2 

Jun97 345J0 34X00 34340 —ISO 74296 

Aug 97 34760 34400 34190 -ISO 14190 

Oct 97 34960 3070 34BJ0 -190 4144 

Dec 97 35250 351J8 351 JO -090 21616 

Feb 98 355J0 35500 35410 —UN 4704 

Apr 98 356J0 -400 3035 

Est. stries NA. Thu'i stries 34818 
Thu's open ini 161784 off 008 

HI6RADECDPPH4 (MODO 
2SJ0B *xl- amis per b. 

Apr 97 108OQ 10425 107J0 tlJB 1,900 

MOT 97 109 JO NB.10 10480 *1JS 19681 

Jun97 WTO NS70 10420 +1.10 U03 

Jd 97 10660 T04J5 10560 +19S 9667 

Aug 97 10460 +473 835 

5ep97 10430 MU5 103JO +OJO 4262 

0097 10X00 +130 749 

Nov 97 10205 +0J5 851 

DCC 77 tlOJa Hn.W taus *140 4829 

Est. stries NA. TliHs. stries 1212 
Thu’s open int 49,910 up 1Z1 

SILVER CNCMXJ 

S600 Uw own* Per troy «. 

Apr97 47070 *2.10 3 

May 97 47150 46780 471 JO *18® 49.920 

Jim 97 473J9 *180 2 

JUl 97 48080 47100 47430 *180 30J34 

Sea 97 «2J0 480 JO 481.10 *180 3J41 

Dec 97 49280 48450 488150 *180 4011 

Jan 90 491.10 +180 V 

MOT96 49450 49450 49400 +130 1911 

Est writs NA. Thu's, stries 38618 
Thu's aicnM 1D2JZ3 an t32S 

FLATWUM (NMERJ 
SBftawH.- tMaiavkeif at. 

Apr 97 37533 — 1J0 8 

May 97 38450 

Jim 97 153480 IS24UD0 1S40JN +5260 

Jul97 379 JO J74J0 377 jg —Up 12360 

0097 37880 37780 3K4D -1.10 2BS3 

Jan 98 38080 —1.10 1,174 

Est sales NA. nil's, stries 71J50 
Thu's open W 14*4 up <B 

□use Previous 

LONDON METALS CLMEJ 
Dollers per metric ton 
Atouriana (HMi Crntfed 
Spat lttStt 152AU 1515% 1516% 

Forward 15593)0 15603)0 15503)0 1550% 


High Low Ltriea Chge OpM 

10-YEAR FRENCH CO V. BONDS (MAT1F) . 
FF500800 - ptS Of 100 pet 
Jim 97 12888 12882 12X72 —0.18161,178 
Sep n 12780 12782 127.12—0.16 5848 
Dec 97 96J0 9470 9472—0.18 0 

Est vohnne: 151,754 . Opm int: 164536 off 

266X 

ITALIAN GOVERNMENT BOND tLIFFEJ 

tTL 200 mHsn - iris af 100 pd 

Jurff7 12826 12760 127J6 —061 101802 

Sep97 12828 12X00 12784 - 060 4628 

EsLsate 59.991 Pnw. stries; 57J23 

Pre*. open M; 1Q4930 off 4624 


tflgh Low Latest Oge Optat 

Industrials 
cotton 2 oteno 
S4000 8w.-ceiri» peril. 

May 97 71.15 7070 7086 *011 17819 

Jiri97 7280 7230 7252 +087 308« 

Oct 97 74JS 7X80 7487 +007 2.183 

DK97 7520 7485 75.10 +L17 22860 

Mar 98 7415 7400 7421 +088 2JW 

Mov 98 7475 450 

Est stries NA. Thu's, strips WB9 
Thu's open irt 74756 off 1392 


Iil!v:i! K M XKKEISi ‘ 


'•alri’3 


EUROOOUJWS (CNBI] 
SlnMon-tristriWODCt. 

May 97 9411 9109 9411 

Jim 97 9(81 9401 9481 

Jut 97 9193 9191 7194 

Sep 97 9178 9174 8177 

Dec 97 9XS KU7 9362 
Mar 98 9328 9131 9X37 

Jun98 9326 9320 9324 
Sep 98 9X14 9X11 9114 

Dec 98 9106 9381 9386 

Mtv99 93JH 933H 9386 

Jut) 99 9383 9298 BUB 

Sop 99 9299 9285 9250 
Est. sates NA. ThU% series 
Thu's ohbiM 2JB28Q3 off 


+081 34600 
+X01 400800 
♦082 5659 
+U3C 402668 
+085 301641 
+086 RP3UW 
+005 204832 
+086 154823 
+088 18,190 
+086 98650 
+085 KL804 
+03N 41,151 

66X716 . 

1198 


SPOl 426to 427to 43480 43580 

Forward 63480 63C4 63980 64000 

Nickel 

SpcJ 723100 724580 716080 717000 

Forward 735080 735580 727580 728080 


548580 5495X0 561580 542080 
573000 574000 567080 567100 
ddHM Grade) 


Mar 97 

9045 

S7JS 

aw s 

+ZriO 

3LSM 

J0I97 


BUD 

89.12 

+2J0 

JAM 

Aug <n 

86.10 

noj 

BSJD 

+?« 

US 

F«P 98 

TUB 

HID 

7X12 

*1J7 

178 

M«r 9| 

76J0 

7440 

7A» 

+I.W 

9 


rfritrt /ADR j g-mmririe Ic C an ud tei fun ds ; 
■HOwfiMft +QU w‘ ttr lf; i s e m i — d 


Stock TaUes Explained 

Soles Agues m wiamdai Ytety Hglts and tows Kfled Hie piwious 52 snets ptin #e current 

weefc But not tfeluteVliut*tgitaT.WfiOTa spa orstortaiddaxlg^^ 

hos been paid. t» pai Wgtwcw range and dirideid tie shown ter he new dodo erty. Unless 
otterwise noted, raftsotiMdends m mnuta tfistxnseinerts besetf 91 ire less; dedanAn 
a - dividend aba extra is), b • annual into of dhfldend phis stock tiridend. c - liquidating 
tfMdand. cc - re exaeds 99.e« - col led. d - new yonty low. a - less In Ite las) J2 mantte. 
e - tfivktond dedaied or paid m preceding 12 monttis. I - armuat rcte, increased on last 
dectaraiton. g - dJvbtond In Canadkm hmds. sublet to 1 5% norMesbience Sax. I * tflvidmf 
dedowd after spM-up or stock dhrtdend. l-tSvIdond paM this y§ar.ommeit deferred, or no 
adton taken at kriest dividend meeting, k - dividend declared tr pad this yea& an 
gocurnukirtK isswvrtlti (SvWonds In reieare. ra - atnutri rate, reduced on last dederafton. 
n - new Issw to titepasi 52 weoki The highJow range begins with the Kart of trading. 
ito-noddaydBfivory.p-lnilWldM*«toiinualnileufiluiown.PyE.prfce-eaniTnSi fitto. 
q - closed-d nd mutiKd fund, t ■ tfividend dedned or paid in preceding 1 2 months, pins Mock 
dMdentLs -stock spffl. Dividend begin* »» dale of spW.sb-adeot-tflvfctendpaH In 
stock In pieced Eng 12 monlhi esttoldtod cos* on eswIivMond or oHSstiSndlon date, 

n- new »eorty WbO v-tradtog hrtted. to- to bantoriptoror receivwsMpor befag reotgonbed 
under the Bankruptcy AO. or stcuiffies assumed oyatOicooiuu h to. wd- when dbtrfautcd. 
vet . when Issued/ am * wltti warrants, k » eK-wvidOHd or et-righto xdb - eMfistilbvflan. 
xw - wiftmut warrants. + e*- 4 ltvldHid ond sales to ft* IfA - yle«. z - sales In 5utt. 


Mot 98 6541 —451 

ESC sales 4033 Thu's, stries 4jt9 
Thu's open int 7898 off 119 


COCOA (MSS 
10 rrwMe tgn+ 1 per Iwi 


MOV 97 

UO 

M28 

1437 

+19 

1833 

JU 97 

W3 

Ml 

1463 

+12 

3482/ 

Sop 97 

un 

US 

Ml 

+ 10 

13,126 

Dec 97 

1515 

TS B 

1506 

+10 

13.917 

Mar J* 

m 

m 

1527 

+ H 



EP-sates NA. Ws. soles 7,988 
ThU'SOOBlM W630 UP SS 

CDFTSCMC5E) 

37 JWBL- arts perm. 

MOT97 71080 21280 21455 +475 <671 

Jul77 843 18980 17415 +665 12807 

S4P97 17495 1725) 17475 * 580 7639 

Dec 97 15780 15425 15458 +3S5 4t43 

Est. sates NA. Thu'S, stries 9JM 
Thu'scpenint 32.115 us 774 

SUGAR-WORLD 11 (NC3E) 

112800 Bn.-cens per to. 

MOV 97 tut NL9I 1129 +0J3 3MW 

JUIV7 11.11 NLB7 1189 +421 41598 

Od97 l(M lU UM *4.15 3X361 

Mar 98 1080 WJ* +112 

Est. sales NA Thu's, stries 22754 
ThUsaaenM 161629 off 2382 


Soot 1227% 1228V, 122980 123080 

faward 126980 1249% 124780 1248.00 

HDgtt law Oase Chge Ocriai 


Financial 
US T. BILLS (CMSU 
SlmBSorv-pnormpa. 

Am 97 9460 8460 9440 4657 

Sen 97 9433 8433 9435 +0JQ X®JJ 

Dec 97 9468 147 

EsJ. sates na. Tim's, series UP 
Thu’s oeeiiiri HUM off US 

S VTL TREASURY tCBOTJ 
U00880 nrtr*- pts& onhs of TOO per 
JW 97 HW-q 10+32 1H49 +05 H5712 

Sep 97 1D+U 10+18 10+12 +01 1JQ2 

Dec 97 104-01 ID 

Esi. sales NA Tti/s-Bries 58.984 
Thu's ouen lot 239811 (to 7683 

II Y& TREASURY (CBOf) 

ilOLM prtn- triB& UatboT 100 pa 

Jim 97 164-05 10+28 106-03 *0S 331.706 

Sep 77 105-71 10+14 u+71 +05 2293 

Dee 97 185-G6 10+06 10+06 +02 1800 

Est. sates NA Thu's scries 91888 

Hrirtotwiht 357819 DP 760 

US TREASURY BONDS IOOT1 
a PC+siDM(lo-pts+ rads of no pen 
Jun97 M8-8S 107-24 HMD *05 4S9J31 
SfP 97 107-21 107-10 107-19 +06 2SO» 

Dec 97 107-10 107*10 KJ7-00 5801 

MOTH MM3 1,955 

Est. safes NA TNTs. safes 473616 
Thu's open inf 511823 up 8843 
UNMOLTIUmD 
CSMOO-Bhi, 32ndstoI«Kf 
JUI97 110-03 10+22 10+74 — +13 174424 
50097 NT. NX 109-19 -M3 2714 
Estsafes: 3X735. Pm.Kritx: 74600 
Prw. span Ha 171331 up 2429 

OERMAH COVCTNMBKT BUND AIFn] 
DM2*. 80 -na on M pa 

irnfi W80 tern 10082 ->211 24X587 
S*p97 NT. NT. 9961 —0.11 7634 

EUSteet: 13402 tow. sateK 2S4J10 
FT«.0P*nfcfc 271,1 13 BP 42*9 


BRITISH POUND (CMBt) 

42600 Bounds, i per pound 
JWT97 L433B 16270 16300 34362 

SeP 97 16380 16314 1630C BS7 

Dec 97 16244 101 

Estsafes NA Ws. scries 7670 
Thu's men int 37830 up 1202 

CANADIAN DOLLAR (CMER) 

100800 doner*. 1 Per CQn. OT 
Jun97 7180 Jl«8 J174 78892 

Sep 97 -771B JYTJ JJT4 4 &B 

Dec 97 nm nut na 1JB9 

MOT98 _ J270 782 

St.sates NA Hu's. scries 4745 
Thu^opentet B5J44 up ucq 

GERMAN MJUQC (CMER) 

GS800 rata, t per mark 
Jim 97 6864 JB17 6864 14748 

SJP97 6HB 6888 688* X18S 

DecW JS9OT 319 

Mar 98 6951 17 

Estsafes NA Hit's. stries 21682 
neTsapenH 90,787 up 3155 

JAPANESE YSN (CMER) 
liSmWonvwv susr fee yen 
Aril 97 8074 J992 8009 84382 

SW 97 8134 8109 81T7 1644 

Dec 97 8237 8227 8237 <23 

Est sates NA. Thu'S.sdes 22630 
Thu's open tot 82641 off 1074 

SITBS FRANC (CMBt) 

124000 Ina, » per Wane 
Aril 97 8907 6645 89)7 C623 

Sen 97 8970 6950 6983 2.135 

Dec 97 7tD6 381 

».90tes NA Thu's. soles 0840 
Thu^ooraw 45,389 tril 178 

3-MO NTH STERLING fUPFH 
aoaooo - PB a( IDS 

«6a 9362 — IUM114819 

Ss£ S-I! 2-U S-Ji —M4 91305 

Dk97 9287 9282 9192 -Mi 72898 

Mart* 9281 92J< 92Jt -086 

Juan 9267 9264 9264 —085 4V126 

WJ 9284 9284 -085 Z7JOT 

DmSB 9269 92JU 928S —087 21807 

MoW 9263 9238 9238 — fW 1X545 

JunW 923B 9135 9134 -085 Vff 

S*p99 9233 9128 9229 — 084 4323 

Estsafes; 41,181. Prev.Bries: 1BZ.710 
Pit*, am ML: 464974 off 1856 

9-MONTH BUROMARK OJFFE) 

SBrwrjsr^, ^ ^ 

jSw «J4 96J4 

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German Bill Hailed 
As Pioneering Effort 
To Tame the Internet 



Reuters 

BONN — The government 
presented Friday multimedia legis- 
lation to Parliament, hailing it as a 
pioneering effort to tame the wild 
... electronic frontier of the Internet. 

. The. parliamentary debate, which 
kicked off the final leg of a process 


, T poanagc Dime 

intonnadon and Co nnnnm ca tion s 
Services Bill, opens in a week over- 
shadowed by the surprise indict- 
ment of the on-line service Com- 
puServe Corp. in Bavaria. 

Defending the government's ef- 
forts to * ‘protea the weakest” in 
society with tough laws to fight il- 
legal misuse of the Internet, Re- 
search and Technology Minister 
Juergen Ruettgers said at the same 
nme that the problem should not be 
exaggerated. 


V 


Deutsche Bank 
To Trim Office 
In Luxembourg 


Reuters 

LUXEMBOURG — 
Deutsche Bank AG has an- 
nounced it would scale back 
operations in Luxembourg, 
moving part of its euro market 
loans business to Ireland and its 
proprietary trading to London. 

The bank, Germany's 
largest, said in remarks pub- 
lished Friday that the moves 
reflected a new group structure, 
but also growing competitive 
pressures both in die industry 
and among financial centers. 

"There is a new structure in 
Deutsche Bank, we are concen- 
trating business in a few places, 
thus investment banking is now 
in London,' 1 said Ekkehard 
Srorck, managing director of 
Deutsche Bank Luxembourg, a 
subsidiary of Deutsche Bank. 

“We are moving proprietary 
trading to have a better overview 
and more transparency,” he 
said. He said the operations 
could be moved to headquarters 
in Frankfurt, but would most 
likely be traraferred to London. 

“It is a logical development 
in the course of globalization, 
Mr. Storck said. - 


Germany has acted to stop neo- 
Nazi electronic magazines on die 
World Wide Web, usually located 
abroad but viewable by Germans 
oyer the Internet, from distributing 
diatribes which doxy the Nazis 
killed Jews in concentration camp 
gas chambers — the so-called 
“Auschwitz Lie,” which is illegal 
in Germany. 

“We must con tin ue to forbid che 
Auschwitz Lie, regardless of wheth- 
er h is spread in black and white or in 
bit and byte,” Mr. Ruettgers told the 
sparsely attended debate. 

Bonn has stepped up efforts to 
fight pornographic images, easily 
viewable by children on Web sites 
around the world. Certain hard-core 
images are illegal in Germany. 

“The Internet must not become a 
legal vacuum. This cocmtry is not 
prepared to tolerate certain things 
that appear there,” he said. 

'. Bavarian prosecutors earlier this 
week indicted Felix Somm, the head 
of CompuServe’s German unit, on 
charges of aiding the exchange of 
child porn and extremist propa- 
ganda through its on-line service. 

Mr. Ruettgers said, however, that 
the issue of Internet smut should not 
be blown out of proportion. 

“We are talking here about just 
one percent of the total content 
available on the Internet, so I don’t 
want discussion of these things to 
get die upper hand,” be said. “But it 
is still important that we have some 
rules and guidelines.” 

While the new law would set 
standards for child protection in cy- 
berspace, it mainly seeks to define 
which -activities require regulation 
and which can be operated without 
any formal license or regulatory 
oversight. 

To do this, it distinguishes be- 
tween traditional media forms dial 
use the Internet and should therefore 
fall under media regulations and 
new services such as electronic 
mail, which the government says 
should not be classified as media. 

Speaking fra the opposition So- 
cial Democrats, Wolfgang Thierse, 
the deputy chairman, said that ef- 
forts to censor the Internet would 
fail, but he called for the police to set 
up a national coordination center to 
monitor illegal on-line activities. 

Mr. Thierse said die bill ignored 
the convergence of traditional media, 
television and computing. It would 
have been better to expand existing 
media laws than to create* new. legal 
framework that has no teeth. 


Allies Press Japan Trade Case 

EU Supports U.S. in Complaint Over Photo Film Market 


By Tom Buerkle 

International Herald Tribune 

BRUSSELS — The European 
Union on Friday gave full support 
to the United Stales in its trade 
complaint against Japan over pho- 
tographic film, demonstrating that 
the state of trans- Atlantic trade re- 
lations is better than the recent 
dispute over Cuba might suggest. 

The so-called Kodak-Fujicase, 
named after the two corporate 
protagonists involved in the dis- 
pute at (he World Trade Orga- 
nization, is being watched closely 
by trade specialists because of its 
potential for setting precedents on 
ami-competitive trade practices 
such as exclusive distribution 
rights. 

European companies have long 
shared U.S. complaints that cozy 
relationships between Japanese 
manufacturers and distributors 
work to curb market access for 
foreign companies, but Europe tra- 
ditionally has pressed its com- 
plaints mainly through negotiation 
with the Japanese. 

On Friday, however, European 


officials backed up U.S. claims at 
the opening hearing in the case at 
WTO headquarters m Geneva, al- 
leging that Japanese regulations on 
distribution and pricing have 
worked to deny market access to 
foreign companies. 

Government measures “have 
guided the distribution sector of 
Japan to strengthen the links be- 
tween domestic producers and the 
main distribution channels.” said 
the European Commission, the ex- 
ecutive agency that handles trade 
matters for the lS-nation EU. 

“Having the EU come out and 
say, ‘Yes, there is a market access 
problem in Japan* will be very 
helpful to the panel.” one U.S. 
official said. 

The EU support largely reflects 
European satisfaction that the 
United States decided to attack the 
Japanese measures multilaterally, 
through the WTO. rather than uni- 
laterally via a provision of U.S. trade 
law, EU and U.S. officials said. 

The U.S. case alleges that the 
government worked with industry 
to lock up the film marker through 
three types of regulatory mea- 


sures: rules for consolidating the 
distribution system, a law limiting 
the number of large-scale retailers 
— outlets that tend to stock more 
foreign goods — and rules pro- 
scribing certain price-cuning and 
other promotional efforts. 

Japan dismissed the complaint, 
saying lhai many of the regulations 
pre-date the global trading com- 
mitments that Washington claims 
they nullify and have no bearing on 
whether retailers stock domestic or 
imported goods. The real issue, in 
Tokyo’s eyes, is Eastman Kodak 
Co.'s failure to work hard enough 
to penetrate the Japanese market. 

Kodak's Japanese investment 
has lagged behind Fuji Crap., 
which has poured S2 billion into the 
U.S. market in the past decade. 

Edward Graham, a trade spe- 
cialist at the Institute for Inter- 
national Economics in Washing- 
ton, said Fuji’s own corporate 
practices have much more impact 
on the Japanese market than gov- 
ernmental measures. 

Fuji's dominance in Japan is 
simply a mirror image of Kodak's 
position in the United States. 


Anglo to Recast Stake in Lonrho 


Confdrd by Ow Satf Fran Dbp&ches 

JOHANNESBURG — Anglo 
American Corp. of South Africa 
agreed to reduce its voting power in 
Lonrho PLC as part of a settlement 
with die European Commission, an 
Anglo American executive said on 
Friday. 

Anglo American agreed to put 
about 17.4 percent of Lonrho into a 
voting trust, leaving it with voting 
rights of less than 10 percent, a 
company executive said. 


The commission had threatened 
to block on Wednesday Anglo 
American's purchase of a Lonrho 
stake of about 28 percent, on the 
grounds that it would cut compe- 
tition in the global platinum in- 
dustry. 

By agreeing to place most of the 
stake in the voting trust, Anglo 
American gains flexibility to pursue 
its interests, the executive said. 

Last April the commission 
blocked a planned $1 .9 billion roer- 


Swissair Predicts an Uptrend in Profit 


CcmpSed by Our Se&Frmn Dapattjia 

ZURICH — SAirGroup, the operator of the Swiss 
national airline Swissair AG, said Friday it expected 
rising operating profit as it reorganized this year, after 
die figure for 1996 rose more than expected. 

The company said it expected “a further improve- 
ment” as it streamlines its operations. 

The company did not give a net earnings outlook. 
Last year it had a record net loss of 497 million Swiss 
francs ($339.6 million), compared with a restated net 
loss of 161 million francs, as it took charges of 300 
million francs to reorganize and 267 million francs to 
write down a 49.5 percent stake in Sabena SA. 


investor’s Europe 


Frankfurt 

DAX 


Paris 

CAC40 



dj p 

1996 

lonn V 

M A N D J 

1997 1996 

Sign 

F M A - M D J 

1997 1996 

F M A 
1997 

Exchange 

index 

Friday 

Close 

Prev. 

Close 

Vo 

Change 

Amsterdam 

AEX 

741.79 

739.63 

+0.29 

Brussels 

BEL-20 

2,171.71 

2,147.34 

+1.13 

Frankfurt 

DAX 

3344^9 

3,383.25 

-1.15 

Copenhagen 

Slock Market 

533.00 

530.72 

+0.43 

Helsinki 

HEX General 

2^33.83 

2,807.36 

+0.94 

Oslo 

OBX 

596.46 

594.05 

+0.41 

London 

FTSE 100 

4,31050 

4,298.90 

+0J27 

Madrid 

Stock Exchange 

491.16 

490.63 

+0.11 

MHan 

M1BTEL 

12248 

12332 

-0.68 

Paris 

CAC40 

2^47^6 

2.615.18 

-2.59 

Stockholm 

SXlS 

2^26.60 

2 r 844.89 

-0.64 

Vienna 

ATX 

1,191 S3 

1,179.48 

+1.06 

Zurich 

SPi 

2JXSL22 

2.952.25 

+0.57 

Source: Tetokurs 


InlvRuniiHu] Hi.-raUl T nhum; 


Very briefly: 


ger between the platinum units of 
Lonrho and Gencor Lid. on com- 
petition grounds. Competition 
Commissioner Karel Van Mien said 
then that any attempt by Anglo 
American to control Lonrho would 
create a “similar problem.” 

The commission can block or de- 
mand changes to planned mergers or 
buy-outs involving companies with 
revenue of more than 250 million 
ecus (S284 million') on the European 
market. (Bloomberg. AFP) 


Operating profit last year rose to 344 million francs 
from 247 million francs’ a year earlier. 

Swissair shares rose 53 francs on Friday, to 1 349 
francs. 

SAirGroup said it had taken precautionary pro- 
visions of 300 million Swiss francs in its 1996 accounts 
to cover various possible measures. 

Philippe Bruggisser. chief executive of SAirGroup, 
said that the provisions could be used to give SAir- 
Group room to maneuver in Europe's liberalized avi- 
ation market. “We want to — we have to — positively 
improve our costs in a decisive manner,” he said. 

(Bloomberg. AFX, Reuters) 


• Electrafina SA, a Belgian holding company controlled by 
the financier Albert Frere. has bought a 3.05 percent slake in 
France's Compagnie de Suez S A from Banque Nationale de 
Paris SA. The purchase lifted Electrafina's stake in Suez to 
1 1.35 percent. 

• Jean Arthuis. France's finance minister, said Banque 
Hervel, a state-owned bank, could be sold in a public offering 
by this summer. 

• Istituto Nazionale detle Assicurazioni SpA set up a joint 
venture with Banca Nazionale del Lavoro SpA to acquire a 
60 percent stake in Banco di Napoli SpA, as planned. 

• South Africa's budget deficit reached 5.3 percent of gross 
domestic product in the last fiscal year, overshooting a target 
of 5.1 percent. 

• Volvo AB's truck division wii] set up a subsidiary in South 
Korea. Volvo Truck Korea Ltd., to establish a sales and 
service network. 

• Dyno Indus trier ASA, a Norwegian explosives and chem- 
icals company, said first-quarter pretax profit rose a less-th un- 
expected 8 percent, to 93 million kroner ($13.1 million), as 
higher raw-material prices partly offset an increase in sales. 

• Chemring Group PLC will shed its fireworks and leisure- 
clothing business as reorganization costs and delays in de- 
fense orders force the company to post a loss of £2 million 
($3.3 million) in the first half of the year. 

• PTT Nederland NV, the Dutch post and telecommuni- 
cations group, has agreed with labor unions to give 92,000 of 
its workers pay raises of 3 percent in 1997 and 1998. 

• Liberty PLC, a British retailer, announced a pretax profit of 
£4.4 million for the year ended in February and said it planned 
a major redevelopment of its flagship London store. 

• The European Union's 15 member states showed a 0.2 
percent increase in industrial production in November. 
December and January, compared with the previous three 
months, according to Eurostat, the EU’s statistical office. 

• Germany's federal budget deficit reached 39.7 billion 

Deutsche marks ($22.98 billion) in the first three months of the 
year, equal to nearly three quarters of the level allotted for the 
full year, an opposition Social Democrat parliamentarian 
said. Reuters. Bloomberg 


WORLD STOCK MARKETS 


High Lam Owe Pmr. 


Friday, April 18 

Prices in toad currencies. 

Tektkms 

High lam das* Pm. 


if 


Amsterdam 


AEXtadec 74179 
P rev ta e * 739X3 


ABN-AMRO 
Aegon 
AhoM 
asm Hotel 
Bowl Ca 
Bob Vtfejscva 
CSMcva 
DwotsehePei 
DSM 
Elsmler 
Fonts Amev 
Getronks 
G- Brecon 
Honemeyer 

Hoogovens cwr B5M 
HuntDougkn 153 
ING Group 
IXM 
KNPB7 
KPN 


129.10 
13# 
134J0 
M1A0 
9 WO 
37 

in so 

361 
186/0 
31 SO 
71 JO 
59 JO 
5130 
161.40 
31 


No . 
OceGrinten 
prunes Elec 


i hub 

Refeeco 
Rodamco 
RMnco 
ftorento 
Royal Dutch 
llnlmr cm 
Vendairtt 
VNU 


74 
57 JO 
39 M 
70JO 
4*J0 
2B6J0 
229 
9150 
97 JO 
170 
161 
59.90 
16130 
10930 
339.10 
3A4J0 
96 
39 JO 


.. (Motets K1 eva 23SJD 


13670 

132J0 

132J0 

25650 

90.10 
36 

107 JO 
mm 
18420 
30J0 
»AQ 

saro 

62X0 
157 JO 
31450 
8450 
15250 
72J0 
5*5.® 
3870 
6850 
4420 
283 
222 
99-90 
95 
167 
160J® 
5V JO 

163.10 
109 

33450 
359 JO 
92J0 
39.10 
229 JO 


12BJ0 128.60 
13SJ0 134 

133J0 13430 
259 JO US 

92 92A0 
367)0 36.10 
109 JO 109 JO 
35870 3S&20 
185 IK 
31J0 31160 
71 JO 69 JO 
59 JO 59.40 
63.10 £L2D 
160.40 160JO 
318J0 316 

85J0 8550 
152J0 151 JO 
73J0 7130 
57 JO 57 

39 36.90 
69 JO 69 JO 
4440 44JD 
28550 286 

22A40 223 

90.90 WLB0 

9560 9540 

16850 17050 
16050 16040 
5980 5950 
163.10 163 

109 109 JO 
33870 33540 
362.90 363 

95J0 93 

3960 39 JO 
231 231 JO 


Bangkok 


ArtvInteSvc 

Bangkok BkF 

Kruno Thai Bk 
PTTExplor 
Skim Cement F 
Siam Com Bk F 
Tatecwnasla 
Thai Akvmrs 
Thai Farm BkF 
UidComsn 


Brussels 


Atmmfl 
BaaiJnd 
. BBL 
\L raR 
■ .. 
MhufzaUon 
ElearaMi 
ElectmfHW 
Forts AG 

Gmoert 

GBL 

Gen Banque 
Kitdlettank 
Pwreflna 


RoroteEWflC 
Soc Gen Brig 


UCB 


13700 

om 

8180 

3385 

14250 

1800 

7980 

3520 

6150 

2600 

5100 

14800 

12900 

12700 

4960 

9200 

3040 

30300 

15000 

96000 


Copenhagen 


BGBOtk 
COrtoetrB 
Codon Fore 
□anted) 
OerrDondjeBJ 

DflSwendbigB 

ft-! 1912 B 
rLStadB 
iTeOUifltnmf 

VwNortJfckB 


294 

3» 


54555 


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TfwBntWii , 
Umdonmor* A 


199000 

90080 

646 

658J5 

805 

M) 

365 

330 


ankfurt 


os 

nzHdg 


wm 

BaytrHypoBk 53 
BaiAftranbonk 68J0 
Bayer 69.05 

Befettdort 91 

Bewaa 43.10 

BMW 14BB 

aUGCOtonfet 162 
Commaabaik 45J5 
OoMerBm vaJS 
Da®tissa 777 

OerisdeBank 89 
DeulTfitofcam 3685 
DresdnerBank 54» 
Fitaentus 391 

RneriusMed 158X0 
Fried. Knipp 34850 
Geto 11250' 

Hridribg Zmt 141 JO 
Henkelpfd 9430 
HEW 4K 

HodJW 6950 

Huectot 6470 

Kazkxfl 519 JO 
Unde 1150 

LufflK*HO 2245 

MAN 49653 

Momesnraim 651 
MHaHgeKlsct)Ddl36A5 
MOM 16150 

MoodiRueckR 4000 
Praurang 447 

RheMttta rva 
KWE 6755 

§8Efi iSS 

SGL Carbon 232 

Stamens BBJ8 

SprtnoatAttO 1420 
Somlzucfcer BIO 
TKmsan 395J0 

VEW M0 

Vtad 75450 

VOrenragen 1085 


Leer Claw hw. 

5235 5140 5345 
6740 67 JO 66J0 
6870 6855 70.15 
89 JO 89 JO 91 JO 
42J0 4250 43 

1382138250 1431 

161 161 161 JD 

4530 44 « 4545 
13L50 131 JO 13330 
769 770 776 

8860 8860 89J0 
3640 36J5 3735 
5455 5455 55.10 
306 390 38850 

157.10 157 JO 158 
'3® 340 342 

' 110 11250 112J0 

140JQ 141 141 

92J0 9220 9250 
4 495 492 

67.18 6850 £7 JO 
643S (■*1* m45 
51SJD 516 52450 
1135 1142 1160 

22 22 2250 

493 49558 494 

647 JO 649 JO 65250 
36 3645 3 6 7 5 
15850 199 162J0 

3930 3970 4000 

443 44423 447 

aa. IUL HA 
67.25 6750 67J5 
279 WJO 20470 
163 16550 16550 
230 23150 238 

8750 8865 8840 
VCO 1380 
820 005 

390 39480 
9330 9345 9SLK 
500 500 49950 

754 76450 
1065109850 


1400 

810 

390 


749 

1065 


SET Mac 78823 
P m te us: 78U* 

232 2X 230 230 

276 264 266 278 

37 3425 36J5 3625 

330 326 328 334 

748 740 740 732 

165 157 158 166 

46 4475 4475 46 

43J0 4250 43 4250 

179 179 17| W 

175 170 175 170 


Helsinki hex 


Markets Closed 

Stock markets in Bombay, 
Jakarta, Kuala Lumpur and 
Singapore were closed Friday 
for a holiday. 


EltSO A 
HuMnmoUl 
Knrafra 
Kesko 
Marta A 
Melra B 
Metw-SartoB 
Nesta 
Nokia A 
Orion- YWyraae 
Outokumpu A 
UPMKwmm 
Vriraet 


42 41 JO 
233 230 

Ml 51OT 
72JD 71 
16J0 16 

144 141 

36JD 36 
123 121 

30850 296J0 
196 193 

91 JO 90 

11*50 mjM 
88 87 JO 


BEU8todqeg71-n 

prfVtom: 2 M 7 J 4 

1305 137W 

3970 SS SS 

t®® £32 

33)0 3310 3350 

14025 14150 14250 

17 “ IS i5S 

7B50 7930 7890 

M35 35» 3460 

5990 6150 6000 

2MS 2600 2S45 

SOU 5090 5100 

13575 14000 13575 
12S75 12980 

« V ™ 

mo 9UO 9160 
2940 3040 2985 

JOIH 20275 MBS 
UB50 15000 14875 
92800 95150 93500 


Ptwterc 53872 

3 S3 
g 8 | 

m 545 538 

9MB00 285000 2832B3 

^000199000175100 

899 JO 899 JO 900 
g 657 654 

ns «» n»g 

317 340 345 

B4 341 ^ 

326 329.17 329 


Hong Kong 


WSBL 

Camay PwWc 
atlnWEtroct 

DaaHeuBk 

FMPacfiic 

sgasar 

HwStisoiiliw 
HauWonU 
HKCMnaGas 
HK Electric 

HKTeto 9!!£. 

iSBSS? 

HuicMnnWh 

BK£S h« 

SfiSU 

sss® 

SHKPraa 

SHunTakHdgs 
Stno Land Go. 
SfliOitoa Past 
SrirtPacA 
Wltarf Mgs 
Whf ri ac* 


7J0 
26J0 
1U5 
67 J5 
22J5 
3480 
39 
3630 
9 JO 
1415 
B 3 J 0 
7.90 

65 

12JS 
27.10 
1145 
405 
167 
5775 
2145 
19 JO 
1770 
39 JO 
3.10 
198 
7825 
493 
7 JO 
675 
59 JS 
3810 
1640 


7 AS 770 
26.10 2630 
1U5 11 JS 
6425 S7J5 
2115 2225 
3448 3460 
38J0 3BJ0 
36 36.1® 
975 975 

14 1415 
8275 83 

6325 6473 
1145 1255 
2685 27J6 
1140 1140 

d 1 

490 493 

7.10 7J0 

6/5 675 

5850 5915 


Nedcar 
RmbraacDGp 
RWMBWIt 
RntPtolnure 
SABwnwIes 
Samancor 
8a«at 

sue 

Hoar Onto 


19 18J0 
87 86 

47.10 4625 
6325 61 

72 TO 
13150 13250 
50 49 

5150 5250 
195 193 

7775 7725 


1840 

86 

4625 

6075 

6975 

13250 

5850 

53JS 

192 

7775 


18/0 

86 

4625 

6875 

6975 

132J0 

50J0 

5225 

192 

7775 


London 


D 


f Mnft 
IDomecq 
AngflonWator 

AsSa Group 
Assoc Br Foods 
BAA 
Brectors 

HATind 
BankScoSand 
BhtCbde 
BOC Group 
Bool* 

BPBInd 

BiSABOIp 

BriAkways 

BG 

Brit Land 

BmPribn 


Brtti 
BiflTriecore 
BTR 


BJI 7J9 
4J2 425 

653 647 

6J7 640 

112 TJ1 

523 S18 

527 529 

1414 lOJOl 
7J9 7J7 

5JI 535 

326 116 

417 411 

9.10 698 

7 691 

330 323 

1322 13JB 
6JB 678 
U9 US 
643 633 

686 674 

534 513 

121 1J7 

450 443 

225 249 


BuanabCarirol 1610 9J5 
BwknGp 
OAtaWfiriess 
QrtbwySOW 
Carlton Comm 
Conml Untan 


PlWtaOE 2807J6 


42 42 

231 233 

54 54 

7170 7050 
1620 15 J 0 
VC 14220 
36 J>S 3 S 
123 122 

299 297 

196 19458 
91 JD 89 
11450 11320 
87 JO 88 


Hhb Sen*: 12541.18 
PmUMEB 1251627 


725 

22 J 0 

3480 

3690 

35 J 0 

9 fs 

j 

12 J 5 

%s 

I860 

17 JO 
3920 
323 

278 

7650 

493 

M 


Johannesburg «. 


ow'-'SSHS 

Picvtoae 338125 
1335 1320 JJB ’S? 

WINS'S 3M 

fiSlg 
SJi ss ss ss 


AnoigoDitdBls 

AuptoAmCpd 

JSSSSS! 

axiom 

De Beers 
Drfetoririn 
Fit Mat! Bk 
G«*W 
GFSA 

irnpetWHto 

ingweCoal 

lscar 

Jriwriecinfl 

Ltoerly 

MMDS 


xss 
282 
28125 
304 
18OJ0 
1775 
49 
25/a 
15150 
4650 
31 
1BJ5 
111 
56 
27JB 
335 
59 JO 
319 
11775 
UJ0 
103 


2925 
281 JO 
279 
303 
18625 
1675 
4775 
2525 
160 
3610 
2925 
1615 
108 
5875 
2725 
ZSf 
5675 
317 
117 
1520 
T0650 


2925 2925 

282 m 

279 JO 276M 
303 303 

18025 18625 
1660 16/0 
4775 4775 
2520 2520 
16150 16158 
imen mart 
2975 2975 
1825 1825 
108 MB 

5575 5575 
27 JO 27 JO 
601 101 
5650 5650 
319 319 

11725 11725 
U40 lbtf 
10650 10650 


U1 1J9 
487 era 
824 5.17 

5 J 4 576 

659 640 

672 6JB 

. 326 134 

D ton &11 607 

EtoctoK w nponant » 415 405 
EMJ Group 1Z01 TL87 

Energy Group £03 492 

ErtererissOf 612 60S 

Fomtotontnl 1.52 LSI 

GeMAahttrt 600 7.97 

GEC 181 669 

GKN 9 JO 943 

GtaxDWsBeame 1L40 1128 

GRmadaGp 9JS« 885 

Grand Md 103 49B 

GRE 276 270 

GieenalsGp £15 £08 

Gannas £21 JUB 

GUS O 433 

HM £21 £14 

HSBCMdBS 1487 1470 

ia 7M 695 

Iropl Tobacco 425 4JB 

anWier 675 668 

Lmbnfce 237 Z33 

UwdSec 7J3 77B 

Ldbud 229 123 

Legal Girt Grp 370 3JS 

LtoydsTSBGp £53 £20 

LmnfVMv 1.96 1.92 

Marts Spencer 497 492 

MEPC 440 4S5 

Mercury Asms 1275 1240 

NatonalGrid 624 61B 

£28 £18 
682 6/3 

652 645 

Orengu 615 612 

P&O 615 686 

Ptoxsao 720 7.17 

Ptefeigtan 121 1.18 

PSS^nril 13 ts 

PredenM 574 £67 

RoBlroCkPP 4 M 438 

RbUc Group 431 425 

RacWCUm UQ 7.98 

141 133 

1120 11J7 
40S 4 

£86 £80 

372 £18 

9 Jtt 9/0 
2J0 246 
533 539 

9/1 641 

4M 421 
146 143 
321 121 
1S26 15.10 
677 665 
320 373 
2J7 235 
SewmTiKl 7J2 7/3 

5hrilTmBpR 1072 1025 

Shbe 9AS 928 

SnflbNepBev 178 T75 

SreOtdOne 921 923 

Safin ted 773 7/2 

SheraSK 627 430 

StaBMMKh 609 £9) 

Stanf Charter ass 8 45 

Tale&Uito 443 440 

Taxs 361 153 

Themes Wd» 673 667 

X Group £01 495 

T) Group 5J1 £53 

TarnUa 27D 2/5 

Urihwt 1523 15/5 

UHASRRKB 471 4S5 

UtdNMS 722 724 

WdlMBtaS 6/6 655 

VandaroeUidi £18 £14 

669 665 

770 -7/5 
VRDbifiHdBS £U 112 


RmaHO^I 




Htgb Low Cton Pnv. 

Woteetoy 497 489 494 490 

WPP Group 649 2/6 2/9 647 

Zeneca 18/1 1778 1 U 4 17 J 2 


FT/E 1 DO: 0104# 
Pimsas 429690 


& 8 T 7/1 

432 47 B 

649 652 

650 6 J 9 

i.n i.n 

£19 £30 

£30 522 

10.14 1610 

7.98 7 J 6 

522 $39 

122 117 

412 414 

9-05 9-03 

7 697 

320 £20 

1152 1141 
6 BB 683 
1/6 1 J 9 

£37 £41 

686 684 

£89 5 J 0 

1 J 0 1/9 

446 442 

255 251 

10.10 nun 

1/9 1 JO 

457 483 

520 £22 

£32 539 

650 656 

670 669 

136 £35 

£10 £09 

414 408 

11 J 7 11/9 

S 4 D 496 
610 611 
1/2 1 J 1 

a 02 BJ! 
£72 372 

9/4 9/0 

11.40 11 J 4 
£93 £89 

£03 499 

6 76 271 

£14 £16 

5.15 SM5 
623 638 

£20 £19 

1476 14 J 1 
7/1 7/5 

4 Z 1 420 

67 B 670 

225 236 

778 7/1 
224 229 

£86 3/8 

£35 £19 

LW 1/3 

497 495 

457 453 

12/7 1172 
220 733 

527 £29 

680 670 

646 648 

£14 215 

612 609 

727 720 

1 . 1 B 1.19 

641 642 

496 £01 

£74 £69 

443 451 

43A 4M J 

7.99 8 

S » 

4 404 

5/6 525 

£18 322 

9/3 9/5 

147 147 

532 £30 

9/7 9/6 
439 441 

3/3 3/4 
,131 ,121 
1523 1525 
673 (/I 
373 379 
2/7 283 

7/8 7/8 
10 J 1 1039 
9/3 9/4 
178 176 
9/8 9.19 
772 770 
430 436 
SM 610 
£95 825 

4/2 442 
3/3 154 

671 672 

498 £01 
5/0 £55 
2/9 2/6 
1£§3 1573 

455 446 

728 725 
. 658 6/7 

£15 £18 
168 270 

7/6 7/1 
113 113 


Madrid 

Acerinox 

ACESA 

AguasBaRXton 

Aroentorto 

BBV 

BonastD 

BoriMw 

Bco Centro Htsp 

BeoExkrtor 

Boo Popular 

Bcd Santander 

CEPSA 

Conltnente 

FECSA 

GasHalurol 

tbeidrota 

Pryca 

Repeal 

SMHanaEkc 
Tabocntaro 
Triefanica 
Union Fenosa 
WakncCemeid 


Baba Indoc 491.16 
ProvtoaE 49071 


71290 

166 

5480 

6370 

9000 

1130 

19040 

4020 

0000 

27400 

10020 

4855 

2535 

7300 

9450 

1195 

32410 

1615 

2560 

6300 

1280 

7270 

3605 

11B0 

1770 


21020 

1610 

5400 

6308 

8900 

1110 

19500 

3960 

0000 

27200 

9850 

4450 

2490 

7150 

9340 

1160 

31630 

1585 

2305 

6200 

1255 

7110 

3555 

1155 

1730 


21050 21300 
1640 1645 
5480 5480 
6310 6380 
8990 9010 
1125 1125 
19800 19830 
4020 3995 
0Q0O 0000 
27250 27400 
9990 9990 

4770 4475 
2515 2550 

7230 7310 

9450 9400 

1165 1195 
32350 32100 
1595 1625 

2535 253 O 
6300 6270 

1265 1275 

7250 7260 

3595 3565 

1180 1180 
1750 1750 


Manila 


P 5 E Mac 29*438 


Preritto: 2927 J 7 

AyctaB 

24 JD 

23/0 

2375 

24 

Ante Land 
BkPNBpW 

36 

25 


26 

164 

162 

162 

164 

3 tPHacae» 

11/5 

II 

11 

1074 

SScrfiflEtoCA 

120 

lie 

119 

119 


£35 

620 

625 

620 


1025 

930 

10 

970 

POBank 

379 

345 

360 

340 

PUB Long DU 

15 M 

1545 

1560 

1545 

San Miguel B 

8 £ 

83 

8450 

83/0 

SM Prime Hdg 

7/0 

/M 

740 

/JO 

Mexico 


BrisabMac 3804.12 


PnftoUK 379837 

Alfa A 

45 J 0 

4430 

4460 

45 X 0 


17 JD 

17/8 

17/8 

I/J 0 

cememCPO 

2745 

2735 

27.45 

2 A 44 

SreC 

1132 

1132 

1132 

11.20 

Emp Modem 

4085 

4 U» 

4080 

3970 

SfloCaasAl 

47 JB 

4 /A 

4785 

4/M 

SfloFBconer 

1 J9 

1./6 

l./ti 

179 

GpaFtolnbtirta 

KtoiCtorkMoc 

2730 

27 X 0 


2730 

XUS 

3000 

3000 

Trta-.a CPO 

10330 

1(030 10230 102/0 

TelMwL 

I &64 

\6M 

I 6 J 0 

1458 

Milan 

MtBTltemaflcKl 2248 J» 


Pimaas: 1 Z 232 J 0 

Altoanza Aisle 

1 MU 

12190 

12400 

12375 


3595 

3500 

3500 


BoaFUeoram 

4490 

4405 

4420 

4500 

tea ri Room 

1385 

1265 

1 276 

12/4 

aowiton 

22300 

21500 

21400 

72100 

CreritaltoSom 

Edison 

ENI 

2345 

2325 

3340 

2360 

9145 

BH/O 

9074 

B 925 

8860 

B 7 M 

HfiSO 

HUM 

FM • 

5795 

5650 

.5660 

5000 

SeoeroD Asale 

30550 

smoo 

30250 

30550 


15140 

14780 

14845 

15100 

INA 

2305 

23 S 5 

2300 

2795 

iXSE- 

5900 

7170 

5795 

7040 

5000 

7050 

4 V 4 D 

7155 

MaiSeSianca 

11040 

10700 

10700 

10990 

HMtofsan 

1162 

1136 

1140 

1140 

SBveH 

510 

491 

491 

507 


2560 

75011 

2430 

2555 

Plrsffl 

3825 

3740 

3825 

3790 

MS 

15005 

14745 

14755 

14960 

Rato Banco 

17300 

16*50 

16950 

16900 

5 Pnrio Torino 

11850 

11700 

lino 

11/10 

Met 

7825 

7690 

7690 

7830 

Teteamlfedto 

4415 

rmo 

43 W 

«J 4 

TIM 

5175 

SON 

SON 

5140 

Montreal 

tedastriris hrtur 782175 


Rimkas 2 « 2 ue 

Bee Mob con 

41/5 

43 

43 K 

4214 

MnTteA 

2480 

7470 

M 7 n 

24.65 

MnWa 

32 U 

32 

32.10 

31 M 

□TFW 1 SW 

nr. 

N.l. 

N.I. 

32 M 

SmAMBB 

16 J 5 

16.90 

1495 

1495 

SFWsa'Ufcco 

23 U 

73 

J 3 U 

3115 

Unasca 

3644 

U 2 ) 

9445 

36 M 

westoroGro 

ms, 

M.I 0 

7415 

2410 

UtetowCos 

DM 

U* 

1/16 

l/tt 

MttBOCmua 

75/0 

H» 

14 

34 


27 M 

3630 

27 to 

25 % 

27/4 

M.n 

27/5 

25 

tabecorB 

2420 

74.05 

2485 

2420 

togereCffisitoa 

730 

7.15 

/.It 

/.I 4 

RoyriBkCda 

£130 

BK 

52.95 

43 


Oslo 


Aker A 


Den nods Bk 

Elton 

HdWundA 

KvaemerAso 

N«k Hydro 

NOffiteSsagA 

NyauedA 

OrttoASD A 

PefltoGeoSvc 

Saga Paltai A 


172 171 

144 143 

2X90 2170 
27.10 26/0 
129 126/0 
46 4£50 
352 347 

332 329 

235 232 

108 101 
575/0 569 

279 276/0 
117 MS 


171 170 

144 142 

23J0 2370 
S.10 27 

129 128 

46 45 

351 345 

332 328/D 
233 231 

108 104/0 
573 575 

279 280 

116/0 115 


High Low Cknc Prw. 


SdfltSttd 127 127 127 127 

Transocean Off 442 430 442 440 

Storebrand Asa 44/0 44.10 44/0 44/0 


Paris CAG-40: 2547/6 

Previous: 2615.18 

Accor 877 856 8S7 888 

AGF 196.90 191.10 194J0 199/0 

AtaLlliulde 864 840 842 B70 

AtooW Alslti 696 676 684 694 

Am-UAP 357 J0 35X50 35£20 35650 

Bancoue 757 731 731 769 

me 892 853 867 899 

BNP 231 22150 22350 23180 

Canal Plus 1110 1067 1105 1124 

Calriur 3513 3433 3449 3553 

Croton 262 25750 260 257 

CCF 255 247 248 258 

COM am 668 633 633 674 

Christian Dtor 855 831 846 857 

CLF-Dado Firm 566 542 542 564 

credit Aorta* 1266 1256 1256 1255 

Danone B75 850 859 898 

BFAQuBrine 553 543 547 561 

Ertttanta BS B57 821 843 850 

Euroauner 1005 9/5 10/5 1005 

EuraHinnd 6/5 6SS &M 

Gen. E DUX 762 747 754 771 

Havas 415/0 402® 405 415 

I metal 798 7B2 787 802 

Lafnqje 389 374 375.10 384/0 

Learond 995 956 965 1010 

LOreal 1951 1904 1915 1978 

LViMH 1355 1335 1347 1363 

Lyon. Eauc 531 525 529 532 

MkfteJhiB 32690 321 JO 324 330 

ParfllasA 365 357 JD 3S7J0 364J0 

Pernod RIcurd 30670 3013B 301/0 31250 

Peugeot at 600 585 5B6 611 

PtacuB-PlM 2399 2315 2336 2448 

Pranodes 1927 1B90 1903 1948 

Rama 136/0 129 IX 1 37 JO 

Rote) 1640 1570 1/85 1617 

Rh-PnilencA 18150 178 179/0 184.10 

SanoU 529 513 522 530 

Scnnelder 320 312J0 31250 324.90 

SEB 995 969 969 1004 

SG5 Thomson 394J0 385 38660 389.10 

Ste Generate 636 616 616 647 

Sodexho 2761 2701 37B'i 2770 

SIGobdn 772 744 745 774 

Eaez 281 i® 279.10 280.40 28260 

SvnthetobO 685 669 671 682 

TnaaisonCSF 18610 183/0 1B37D 187 

TOWB 467 461 JO 462/0 473.W 

lisbnr 99/0 89 JO 89 JO 9080 

Valeo 357.90 351.10 35420 356 


5 §o Paulo 



Seoul 

Doom 

Daewoo Heavy 

WES* 

RortpEIPwr 
Korea Each Bk 
Korea Mob Tel 

!Sf 


OBX lades 596/8 

Previous; 594/5 


AGAB 

ABBA 

AsdDoman 

Astro A 

Altos Copco A 

Autott 

ElearoluxB 

EifcssonB 

HennesB 

bntenHyeA 

imcaorB 

MoDoB 

NorobanKen 

PtnmVpMto 

SandvtkB 

Scania B 

SCAB 

S-EBflrfknA 

SkreuflaFore 

SkansnB 

SKFB 

SparbankenA 

StSbhypatekA 

StoiaA 

Sv Handles A 
VotxgS 


107 105 

873 857 

194 1» 

348 342 SO 

197 195 

29S 288 

489 484 

251 248/0 
1089 1077 
501 496 

349 341/0 

218 Zl4 

277/0 254 

280 274 

192 190 

IBS 38150 
170/0 16650 
81 80 

219 21 £50 

336/0 330 


167/0 

137 

190 

101 

227 

195/0 


165 

136 

190 

9fl 

220 

193 


10650 107 

848 B72 

191 19150 
342 JO 347/0 
196/0 196/0 
289 295 

484 487 

20 251/0 
1088 1080 
496 511 

341/0 
218 
2SU0 
278 

191/0 \ 
185/0 
167 
80 

215/0 217JS0 
mso 332 
1« 167 

13650 13U0 
190 190 

101 97/0 
221 223/0 
193 194 



High 

La* 

Close 

Prw. 

Sydney 

AS OnOnariK; 2442.ee 

Previous: 241 330 

Amcor 

8J6 

B.14 

B.14 

£23 

ANZBktog 

B.U 

7J9 

£10 

7JB 

BHP 

17.17 

1490 

17.16 

1490 

Bora/ 

3J3 

373 

no 

1/4 

Sremijtes Ind. 

22.10 

21.90 

22 

22.1/ 

CBA 

1150 

1124 

1350 

1126 

ccAman 

1435 

14X9 

l4j4 

14.15 

Coles Myer 

630 

6X/ 

423 

£09 


425 

415 

£20 

634 

CRA 

19.10 

IlUb 

19X3 

1890 

CSR 

475 

4.44 

473 

4 J>l 


2*8 

240 

247 

251 

GaoiteanFM 

775 

172 

173 

l./i 

ta 

11.90 

11.73 

11J9 

1174 

Lend Lease 

74J0 

24 JO 

24X0 

2430 

MIMKdm 

Net AostBanK 

175 

1460 

148 

1633 

T.74 

16/1 

1/4 

1428 

Nat Mutual Hdg 

1.91 

1J9 

1.90 

150 

MfKiCoip 

6X3 

£80 

t 

£86 

Pacific Du utoo 

£33 

119 

£33 

333 

Pkweerlnrt 

430 

434 

436 

438 

PubBrtmScoa 

£77 

£43 

675 

£67 

SI GeonjeBanK 

7.W 

7.75 

i.n 

737 

WMC 

7.75 

/4S 

US 

IAS 

WeBpocBtung 

£81 

649 

£/H 

£70 

WaodsklBPCt 

9-82 

VJI 

WO 

9/5 

Waohvortha 

180 

174 

1/8 

178 

Taipei 

Stack Mortal tadec B326J3 
Prevtous: B49110 

Camay Lite Ins 

163 

160 

160 

161 

Chang Haa Bk 

113 

73/0 

110 

72 

III 

72 

11050 

73 

China Dewtomt 117/0 

114 

114 

116 

OitoaS4eel 

29.90 

29 

29.10 

29/0 

HrstBank 

113 

110 

11050 

110 


70 

60 

66 

70 

Hires Nan Bk 

103 

10050 

UB 

101 


71 JD 

» 

ra 

7050 

NanYa Ptasto 

71 

6850 

6950 

70 

SWn Kang LHe 
Tohran Serai 

102 

99 

99/0 

100 

90J0 

8450 

Bl$0 

9050 

Tatung 

5450 

7050 

S 

66 

<6 

56 

7050 

Utd World Chin 

72 

70/0 

/I/O 

71 


The Trib Index 


Prews as U 3 00 P ML Ateiv Va* «ne 


Jan. 1. ISB2 * 100 

Level 

Own go 

%dwnge 

year ra dare 
% change 

World Index 
Region* Indexee 

149.87 

+1.10 

+0.74 

+0.49 

AsraPaafk: 

108.41 

+1.50 

+1.40 

-1217 

Europe 

159.49 

+0.94 

+0.59 

-1.06 

N. America 

173.21 

*1/7 

+0.80 

+6.98 

S. America 
bidurarto! Indexes 

139.77 

-0.62 

-0.44 

+22.14 

Capital goods 

177.77 

*2.15 

+ 1.22 

+4.01 

Consumer goods 

172.14 

+0.99 

*0/8 

+6.63 

Energy 

175.64 

*1.43 

+0/2 

+2.89 

Finance 

108.64 

*1.68 

+1.57 

-6.71 

Miscellaneous 

153.44 

+0.62 

+0.41 

-5.16 

Raw Materials 

178.28 

+0.09 

+0.05 

+1.65 

Service 

141.25 

-0.15 

-0.11 

+2.86 

UtlUbes 

130.34 

+0.10 

+0.08 

-9.15 


The Intomoilonal H&ald TntMrte World Stock Index O Backs the US doBai values cl 
230 vuemMonaBy mvestabie stocks hams countries. For more mtomtaUcn. olree 
OocMe 1 a avaJar* by writing to Tfn? Tnt tntiex. 181 Avenue Charles do Gaulle. 

92521 NeuBy Codex. France. Ccmptoa try BloonXierg Nows. 


Tokyo 

Aflnorooro 

All Nippon Air 

Aatwoy 

AsaH Bank 

AsriiiChen 

AsaMGtofS 

Bk Tokyo MBsu 

BkYofertoano 

BridfleBane 

Canon 

amtwEkc 

Chooolaj Elec 

Dal Nipp Prim 

Dotal 

DahlcH Kang 
DahtaBank 
Dalwa House 
OrtniSec 
D« 

Denso 

Easr Japan Ry 
Eteri 
Fanuc 
' IBank 
I Photo 


HUei 225:183*2.14 
PTFrioW: I8D9X41 


Coreposlto tadex: 69547 
PrevfauK 69476 

104006 100000 1D2000 102000 
4400 4390 4390 4400 

18500 17900 18300 18000 
17100 15600 16300 16000 
27000 36300 26900 27000 
5450 5340 5390 5450 

4B800 450000 455000 *48000 
28800 27500 27800 28200 
53000 51800 53000 S200D 
41 BOO 40700 41200 41S» 
61700 59500 60200 61000 
10500 10300 10300 10300 


Stockholm “ilSSEffiS 

Prestos 2MU9 


HocHjuriflk 

Hitachi 

Honda Motor 

1SJ 

IHI 

Itochu 

Ito-Yokndo 

JAL 

Jupan Tobacco 

Juaco 

KOtona 

KriBOlEtoC 

Kao 

KaMOStiMHvy 
KamSted 
KJnUNIpp Ry 
IQrtn Brewery 
Kate Steel 
Komatsu 
Kubota 
Kyocera 
KpiSftuEtec 

Marubeni 

Morel 

Matsu Coatm 

Mristi Elected 
McdSuEtacWk 
MRSU&KId 
WieaoblsniQi 
MBsobWiIEi 
Mltsuhfahl Est 
MBsubteW Hvy 
Mitsubishi Mri 
Mitsubishi Ti 
MJJSU 

MflsolFudasn 

Mitsui Tract 

MarataMfg 

NEC 

(Aon 

NHuSee 

Ntotonda 

NIppEwmss 

NtopanOV 

N teflon Steel 

Nissan Motor 

NKK 

Nomura Sec 
NTT 


995 975 

720 707 

3450 1*0 

795 759 

683 653 

1180 1100 
I960 1930 

579 519 

7470 2440 

7810 2750 

2090 2060 

2080 2040 

7220 2100 

604 590 

1370 1310 

426 399 

1410 1390 
799 778 

0600a BS40a 
2563 
5470a 5390a 
2200 2170 

424 4160 
1«0 1400 

4340 4280 

1290 1270 

1140 ira 
1140 1131 

3720 3640 

1270 1210 
472 459 

553 519 

6200 5940 

475 466 

B220O 8120a 
3640 3600 

541 518 

2200 2170 

1310 1300 


975 985 

tib 7in 
3430 3450 

782 757 

671 660 

1110 1110 
1970 1930 

525 519 

24a0 2470 

2750 2740 

2000 2040 

2000 2070 

2210 2190 

5M 590 
1350 1300 

415 397 

1400 1410 
785 775 

BSTlJg 6529a 
2590 2580 

5460a 5390a 
2190 2200 

4200 42411 

1480 140*1 

4310 4268 

1280 1270 

1140 1120 
1130 1130 
3650 3680 

1270 1220 



Nigh 

Law 

dose 

Prev. 

NTT Data 

351UI 

3470b 

3500b 

3480b 

□p Paper 

604 

506 

600 

588 

OsakoGas 

297 

287 

297 

290 

Pjcob 

1470 

1430 

1450 

1430 

Reran 

9100 

9070 

9100 

9020 

Scfcura Bk 

700 

674 

690 

£71 

Sanfeya 

3280 

3220 

3260 

3200 

Sanwa Bank 

1370 

1300 

7350 

1290 

Sanyo Elec 

454 

440 

452 

436 

Seconi 

7260 

7300 

7250 

7240 

SdbuRwy 
SeWsul Chain 

5850 

5800 

5850 

5780 

1140 

1110 

1140 

1120 

SekbulHauBt 

mo 

1090 

1110 

1090 

Seven-Eleven 

7900 

7760 

7760 

7890 

Sharp 

1540 

1510 

ISM 

1510 

SWfcdai ElPwr 

1920 

1900 

1920 

1928 

SMmiTu 

566 

543 

550 

536 

SJrtrwteu cn 

2440 

2*00 

2630 

2450 

SMsridD 

1610 

1590 

1600 

1600 

SntoKrta Bk 

1120 

1090 

mo 

mo 

Sefloaru 

7940 

7790 

7830 

7600 

Sony 

8920 

8050 

8850 

8810 

Sumitomo 

642 

811 

B40 

830 

Sumitomo Bk 

1470 

1370 

1460 

1360 

SumBChem 

512 

505 

509 

506 

Suratono Elec 

1710 

1690 

1710 

1690 

Sumil Metal 

K] 

290 

290 

295 

Sumil Trust 

■livl 

949 

1010 

957 

Taisha Pharm 

2990 

2910 

2960 

2890 

TnkMtoChem 

2790 

2750 

2790 

2750 

TDK 

0730 

2630 

8680 

8630 

Tonolui El Pwr 

1970 

1940 

1970 

1970 

Trial Bank 

922 

879 

910 

873 

Tri* Marine 

1220 

1190 

122) 

1200 

Tokyo El Pwr 

2200 

2170 

2200 

2200 

Tokyo Electron 

4540 

4470 

*940 

4490 

Tokyo Gro 

391 

!V 

397 

296 

Toityu Corp. 

630 

613 

627 

624 

Tonen 

1210 

11W 

1200 

119B 

Toopan Print 

1610 

1590 

isw 

1580 

Torayind 

Tiditoa 

769 

712 

754 

703 

767 

703 

753 

706 

TtBttm 

2730 

2*90 

2710 

3660 

ToyaTrasi 

766 

721 

766 

716 

Toyota Mow 

3390 

£40 

3350 

3340 

Ymrwnouchl 

2640 

2600 

2640 

2640 


art mtrrxl.OU) 


sta 

371 

714 

984 

216 

886 

552 


495 

365 

710 

975 

710 

874 

545 


7380 7320 

1990 1960 
387 358 

470 464 

1960 1900 
3140 3080 
2000 1970 
1190 1170 
1140 1100 

417 400 

70B 695 

1510 1470 
811 799 

910 899 

1310 1210 
927 921 

1400 1370 

68 6 435 

4480 4470 
1510 1480 
1790 1740 
649 632 

9030 B98Q 
833 818 

543 533 

361 3S6 

745 735 

260 255 

1300 1250 
8910b 8800b 


472 

467 






549 

6060 

473 

550 

6150 

460 

Toronto 

T5E IpdastrWs: 582473 
PreMaus: 5828A2 

BlVOa 

6120a 

Abmu Price 

22 

214 

21 JO 

21M 

3610 

3610 

Alberto Energy 

29 10 

28.9® 

79.10 

7HW) 

Mn 

520 

A lam Alum 

J5J0 

45.15 

45J0 

44J5 

22011 

2180 

Anderecn Efil 

IIM 

16H 

IM* 

16/5 

1310 

1310 

Bk Montreal 

A-to 

48.10 

» 

48J0 

501 

500 

Bk Nova Scotia 

51 ve 

51.10 

5140 

51 ‘4 

371 

364 

Barrie* Gold 

3345 

32J5 

3195 

3£20 

/13 

713 

BCE 

63J0 

63X5 

6110 

6115 

979 

972 

BC Telecomm 

291* 

29 J5 

29 £5 

29X0 

216 

ill 

Bianem Plwrm 

2711 

2£95 

25.95 

2£60 

an 

874 

BcmboidJerB 

2/.I0 

2£BI 


26ta 

547 

545 

BresanA 

XUO 

3020 

.W* 

3040 

7350 

7380 

Bie-x Minerals 

2^44 

232 

143 

2JU 

iwn 

1960 

Cameco 

5020 

47 

48^ 

4A.95 

375 

355 

QBC 

31 ta 

31.15 

31.30 

31.60 

467 

465 

CdnNatlRnfl 

49.70 

49.10 

4960 

4V.60 

two 

1910 

CdnNol Res 

34.10 

3140 

34 

31/0 

3100 

30VU 

CdnOccldPei 

7/J5 

2/.US 

2/JO 

73.10 

1V70 

IW 

CdnPodflc 

Wi 

31.111 

33.14 

33.10 

II9II 

1160 

ComfiKo 

3SJD 

3<*a 

1U5 

36 

U60 

1130 

DotmcD 

24 

n in 

73.95 

7190 

<10 

m 

Doronr 

11 

invn 

1090 

11.10 

695 

657 

DanohueA 

25/5 

25.10 

25/5 


1500 

14M 

DuPonICdaA 

33 

32 

33 

32 

mo 

/VS 

Edper Group 

•ii 

‘OJR, 

23 

73.10 

«U 

910 

EuraNevMng 

41 Ml 

41 

41 Ml 

41 AS 

IVM 

1220 

FaklinFlni 

m 

296tt 

79712 

79/ 

S27 

924 


29 

37J5 

27.R5 

37.90 

1390 

1370 

Fletchn-OialA 

!lta 

21.60 

2)ta 

21 ta 

662 

63V 

Franco Newsdo 

O'* 

67 

6/.20 

6714 

4430 

449B 

Gulf Ota Res 

9'i 

915 

9.45 

9b 

15m 

1480 


£140 

6105 

6*4 

63-15 

1770 

1740 

Inca 

4360 

et on 

43/0 

43.45 

M3 

win 

636 

8960 

IPLEwray 

LoidtowB 

41 

1825 

40/0 

1810 

40X5 

1£70 

40 JO 
18ta 


815 

Loereen Group 

40 

39«1 

40 

40 

sa 

526 

MopnHBM 

I9J5 

1W 

I9h 

IVJ0 

M 

357 

732 

Magna IrdlA 
Methane* 

7t»k 

12'* 

flUS 

12.10 

/a/o 

12.15 

69.90 

1270 

2SB 

256 

Moore 

2B''i 

28.10 

78 15 

28.70 

1290 

1260 

Newbridge Ncl 
Norandolnc 

42/5 

41 W 

4114 

41.70 

awto 

IWk 

29 JO 

2&80 

291b 

2£85 



High 

Low 

ClOH 

Prey. 

Namn Energy 

27.95 

27 

77Vi 

27.95 

MihernTetearm 

9316 

92ta 

92ta 

92X0 


1135 

11.15 

I1J0 

1115 


23J0 

23.15 

2£2tl 

23J0 

Panaln Penra 

56J5 

56 

56 

55ta 


21.60 

21J0 

21. 'IS 

21.60 


2£95 

23L40 

2X55 

23ta 

Poca Petim 

1316 

I3VJ 

13V, 

13X5 


I44.SO 

105J5 

105J5 

10 vs 


40<6 

4035 

4140 

40W 


34JO 

32 '.9 

34J0 

3219 

Foflero Cartel B 

2£20 

2£20 

2£20 

2130 

Seagram Ca 

Snefi CdoA 

S3 

52.40 

53 

52J1I 

54.95 

54 

54'<i 

54ta 

S»ne Corcc!!! 

22 

21M 

21 Ji 

21 JO 


t£bb5 

62JW 

63M 

62ta 


41 

40Vl 

40X5 

ASS 

Ted. B 

29.10 

2£90 

28.95 

28.95 

Tetegtabe 

3919 

39 JO 

3912 

39ta 

Teho 

19'H 

19J5 

19Vi 

1915 

Tbomson 

2005 

28 

2BJ0 

28U 

TorDom Btmk 

37 JO 

37X0 

37ta 

37X0 


1560 

15J5 

15.45 

15AS 

Tin nsCda Pipe 

2£10 

25.90 

it. nq 

26.05 

Til mark FW 

42 

41J0 

42 

41.80 

Trlrec Hriin 

29.95 

79X5 

29 J5 

29ta 

TVXGrid 

9X5 

£95 

9 

8.95 

westaxist Eny 

74.45 

Z4<4 

24.45 

24'., 

Weston 

74 

74 

74 

74^ 

Vienna 

Beehler-uadeh 

CredHanstPM 

EA-Generai 

EVN 

ATX Index: 119103 
Previous: 1I79A8 

850 S32J5 837 JO 85045 
463 459.90 46) 464.60 

3)50 3B95 3139 3070 

1579 1543 1579 1556.90 


Flugttafen men 
OMV 1322 12801319.90 12B3 

OeSEtekUto 847 84460 045.20 846 

VA S»nl *96/5 484/5 492 489/0 

VATedi 1824 17B0 18241782J0 

Wtarterbere Bau 2189 2130 7189 31*5 


AU N Zeald B 
Briefly invr 
Carter Hoi) aid 
Retch Qi Bldg 
FtetehChEny 
FtetahCtiFaw 
FJettfiCb Paper 
Lion Homan 
Telecom NZ 
wason Horton 


) NZSE^Otadet: 2257J1 
PrevtouK 2252X1 

4JD 

4.00 

4X2 

4X0 

1J9 

1/7 

1/9 

1/8 

119 

114 

£19 

113 

4.13 

4X6 

4X8 

415 

£26 

420 

4J2 

427 

188 

185 

188 

187 

191 

190 

191 

190 

148 

£44 

148 

3A5 

636 

632 

6/6 

634 

11.45 

11X0 

11A0 

11X5 


Zurich 


SPI to** 2969 31 



Prevtoos; 295 X 25 

AfiBB 

1722 

1704 

1709 

1721 

AteccaB 

477 

471 

47 S 472/0 

AimulsseR 

1196 

1179 

1185 

1190 

Aies-S«onoB 

1844 

1825 

1835 

1840 

AtelR 

866 

866 

066 

VM 

Baer Hdg B 

S /18 

1 / 0 / 

ms 

l/l« 

Baloise fids R 

2905 

2880 

28 W 

7895 

BK vision 

H 75 

K 65 

8/4 

870 

Oorttoi R 

m 

795 

80 / 

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OU Suisse GgR 

164 S 0 

163 

165 165/0 

EieUnmatlB 

.533 

js: 

533 

533 


5910 

5830 

5005 

5910 

ESECHdg 

4250 

4090 

4250 

4060 

HaldeTOonkB 

1167 

1139 

1163 

1144 

bectrtoraLBB 

474 

470 

4 /a 

471 

NestlOR 

1770 

1738 

1749 

1745 


1892 

1 B 34 

1 R 95 I 

1835 


149.25 

146/0 

140 

I 4 BJ 0 

PervesoHUB 

1739 

1700 

1/39 

1705 

prawn VisnB 

/on 

68 V 

695 

H 17 

RidwroortA 

2060 

2030 

2051 

2005 

PbeBIPC 

Ml 

m 

329 

737 

RodieHdflPC 

11565 

11470 

I 15 U 5 

11745 

5 BCR 

All 

297 299/0 

798 

SdilndlerPC 

IKIH 

1830 

1832 

1877 

5 GSB 

am 

SMS 

aw 

saw 

SMHB 

8 U 5 

799 

199 

ms 

timer R 

1013 

989 

1017 

994 

Swiss Reins R 

1555 

1541 

1552 

1549 

SvJttffiirR 

1.150 

1285 

134 ? 

12 W. 

UBSB 

1334 

1314 

1333 

1378 

Winterthur R 

1024 

985 

imi 

m 

Zurich Asur R 

457 

449/0 

455 

453 


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FACE 14 


EVTEKNA3I0NAL HERALD TRIBUNE, SATURVAY-SUNDAX, APRIL 19-20, 1997 


got HUr um la m ogt 


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EGYPT 


LIBERALIZATION. DEREGULATION. PRIVATIZATION. 

Egypt enters the 21st century with 
an economy in sustainable 
financial balance, with a budget 
deficit of just 1 % of GDP, low inflation, 
and an increasing growth rate in 
our national income. Free markets 
are now the main arbiter for the 
allocation of resources in Eqypt. 

- President Mohamad Hosm Mubarak 

Kryiulr ixdtireia at |/m> Wvrld Economic Forum 

Dorm- February 2 . 1997 

WONDER OF THE PAST. 
YOUR INVESTMENT FOR 
THE FUTURE 

For farther cmpricB plmr rantaru 
Pre* aod Momatioa DejurtoaU, Mmislrj of Foreign Afhn, 

Cwnicbr EH8 Stmt. Hupm. Cbtol Td: 20iS74-78M Fn 2&&574-734S. 


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JAMIES 


& DOMEST. 






<*** 


























































INTERNATIONAL HERALD TRIBUNE, SATURDAY- S UNDAY, APRIL 19-20, 1997 


PAGE 15 


ASIA/PAQFIC 


S&PCuts 
Rating at 
Korea First 
Over Loans 


C.nj*lrd br Our Siaff Fronj DupMdtn 

SEOUL — Standard & 
Poor's Corp. lowered its credit 
rating on Korea First Bank to 
one notcb above junk status Fri- 
day because of the bank's ex- 
posure to Hanbo Group and 
Sammi Group, two major re- 
cent bankruptcies. 

“This rating action reflects 
the significant deterioration of 
KFB’s asset quality following 
the bankruptcies of rwo major 
customers, the agency said ' 

Korea Fust's exposure to 
Hanbo of about 1.1 trillion won 
(SI ,23 billion) “roughly e grinTa 
the value of the tank’s consol- 
idated equity,” the agency said 

Last month, Sammi Group, 
another major customer of 
Korea First, went b ankr upt with 
52.2 billion of debt. 

The rating agency lowered 
Korea First Bank’s long-term 
debt and counterparty ratings to 
BBB-minus from BBB-plus 
and cut its short-term debt and 
counterparty ratings to A-3 
from A-2. 

The agency also said the out- 
look for the bank’s long-term 
.debt was negative. 

S&P’ s move will lift borrow- 
ing costs at Korea First, which 
was South Korea's most prof- 
itable bank until 1994. when its 
loan portfolio started to turn 
sour. Shanes in Korea First 
Bank fell 30 won, to 3340. 

(AFP. Bloomberg ) 


China’s Quarterly Growth Slips a Notch 


OmftSrdtyOarSag'FnmDapaldia 

BEDING— China announced on 
Friday a lower-than-expected eco- 
nomic growth of 9.4 percent year- 
on-year in the first quarter of 1997, 
compared with 103 percent in the 
same period a year ago, but officials 
swiftly dismissed fears of any se- 
rious downturn. 

The country’s gross domestic 
product totaled 1.468 trillion yuan 
($176.32 billion) in the first three 
months of the year, the State Stat- 
istics Bureau said. Economic 
growth in- last year’s fourth quarter 
was 9.9 percent ■ 

However, die statistics bureau's 


chief economist Qia Xisobua, 
denied any suggestion the national 
economy was m difficulty. 

“The growth race was a Hate lower 
than last year, butit is still higher than 
the national target for 1997. which is 
S percent,'’ Mr. Qiu said 

The rate was lower than previous 
government estimates, which had 
ranged from 10 to 1 1 percent. 

Some of the downmrn was at- 
tributed to companies reducing 
bloated inventories that were built 
up in 1 996. If de-stocking is braking 
growth, however, companies could 
emerge with less money tied up in 
warehoused goods, more cash on 


hand, and higher profit*. 

‘‘This is an inventory-adjustment 
period’ ’ said Chen Xingdong. a 
Beijing-based economist with 
Crosby Securities. "I expect it will 
continue to hold back growth until 
the ihird quarter.” 

The de-stocking kept markets 
brimming with commodities and o 
helped tame the inflation rate. The 
consumer price index stood at 5.2 
percent for the first quarter, down 
from 9.6 percent a year ago. 

The Chinese economy grew 9.7 
percent in the whole of 1996. 

A statistics bureau spokesman. 
Ye Zhen. also pointed to what he 


described as “encouraging" capital 
flow figures for the Hirst quarter, 
including direct foreign investment 
of S4.55 billion — an increase of 
0.37 percent over the first three 
months of 1996. 

The country 's foreign trade per- 
formance was marked by a signif- 
icant export surge of 25.7 percent 
over the first quarter of 1996. white 
imports were down l.S percent to 
leave a trade surplus for the quarter 
of $6.7 billion. 

That performance is likely to re- 
sult in increased international pres- 
sure on China to open its markets 
wider. (AFP. Rearers. Bloomberg » 


Korea’s New Star Moves to Block Hostile Bid 


Reuters 

SEOUL — New Star Trading Co. 
said Friday it was seeking friendly 
bids to try to thwart a hostile 
takeover by the Savoy Hotel. 

New Star's reaction followed the 
announcement by the Seoul-based 
Savoy Hotel that it would make a bid 
for 5] percent of the gannent man- 
ufacturer. A hotel executive said Sa- 
voy would soon apply for tender 
offers. If Savoy Hotel’s bid were to 
succeed, New Star would become 


South Korea’s first listed company 
to be acquired in a hostile takeover. 

But Kim Hong Kun. president of 
New Star Trading, said the company 
was safe from any hostile takeover 
bid and would make every effort to 
defend Itself. 

“I’m very optimistic we will be 
able to secure more than a 50 percent 
stake in our company, taking into 
account the 40 percent stake 
friendly to us and the additional 5 
percent from a buy-back scheme." 


Mr. Kim said. He did not elaborate 
on the friendly 40 percent stake. 

New Star said it would buy back 5 
percent of its own common shares 
between April 21 and July 20. 

“The buy-back decision is aimed 
ar protecting our management from 
a corporate raider," said Kim Hong 
Gil, an executive of New Star. 

The company earlier offered a 1- 
for-100 bonus issue on May 2 to try’ 
to raise the existing owner's stake 
and to seek a chance to analyze the 


shareholding structure. 

Savoy startled tile Seoul stock 
marker Tuesday when it announced 
that the hotel had raised its holding 
in New Star to 24.7 percent from 
13.59 percent from purchases in the 
open market. The company said it 
would buy an additional 26.3 per- 
cent stake soon. 

New Star’s share price, which hit 
a low of 18.700 <S2Q.9?) earlier this 
year, closed at a 1 997 high of 66300 
won Friday, up from 61 .600 won. 


Ex-Nomura Chief Denies Role in Gang Payment 


Cmptied by (hr SuffPrea Dapaxhts 

- TOKYO — A former president of Nomura 
Securities Co. denied Friday that either he or 
other top executives had any personal involve- 
ment in alleged illegal payments made to the 
racketeers known as sokaiya. 

“As the president givesauthority to operating 
officers ana does not receive daily transaction 
reports, I have no knowledge,’' the former of- 


ficial, Hideo Sakamaki, told a parliamentary 
committee. 

Mr. Sakamaki, who resigned from Nomura on 
March 14, said he did not know until a month 
before he stepped down dial Nomura employees 
had improperly channeled profits to a client's 
account “I am deeply sorry for defiling the 
sacred market” he said. 

Nomura disclosed March 6 that two executives 


had apparently entered into illegal trades to gen- 
erate profits to pay off sokaiya. gangsters who 
blackmail companies with threats to disrupt 
shareholder meetings. The two executives 
resigned Iasi month. 

Nomura is suspected of having channeled 38 
million yen l $302,067) in profit from illegal 
trading to a real -estate firm owned by the brother 
of a former sokaiya racketeer.f.A/'F. Bloomberg J 


Investor’s Asia 


Hong Kong - 
Hang Seng 

140K? - — 


Singapore 
Straits Times 


Tokyo 

Nikkei 225 



'N D 4 F M A 
1996 1997 


2M0 N D J F M A 


1996 


Exchange 


Index 


1997 

Friday 

Close 


17500 N D J ”F" HA 

1996 1997 

Piev. % 

Close Change! 


Hong Kong 

HangSet^ 

12^41.18 12^16.23 +0^0 

Singapore 

Strafts Tunes 

Closed 

Z043.2O 

. ” 

Sydney 

AllbrtSnanes 

2,442.40 

241320 

+1.21 

Tokyo 


18^52.14 

18.093.41 

+1.43 

Kiiaia Lumpur Composite 

Closed 

'1,104.58 

- 

Bangkok 

SET 

70023 

701.76 


Seoul 

Composite Index 

695.67 

694.76 

+0.13 

Taipei 

Stock Market index 8,326.53 

8,492.10 

-1.95 

Manila 

pse 

2^4498 

2,927.87 

+0.58 

Jakarta 

Composrte index 

Closed 

637.53 

- 

Wellington 

NZSE-40 

2^57^1 

2.252.01 

+0.24 

Bombay 

Sensitive Index 

Closed 

3,696.52 

- 

Source: Tetekurs 


lnk-mj|[«ijl HerjIJ T.i'iunc 

Very briefly: 


•Japan said it would ask the World Trade Organization on 
April 30 to establish a panel on its complaint that Indonesia's 
national car policy is incompatible with the most-favored- 
nation principle and other WTO rules. 

• Mitsukoshi Ltd. and Takashimaya Co.. Japan's two 
largest department-store operators, posted sharp increases in 
annual profit, with Mitsukoshi parent pretax profit up 92.4 
percent, at 10.7 billion yen (S84.9 million), and Takashi- 
maya's up 55 percent, at 15.941 billion yen. 

China Light & Power Co. said net profit for the six months 
ended March 31 rose 7.3 percent from a year ago, to 2.64 
billion Hong Kong dollars (S340.7 million). 

• Telstra Corp. will pay a special dividend of 3 billion 
Australian dollars ($2.32 billion) to the Australian govern- 
ment as one feature of its partial privatization. 

• Carpenter Pacific Resources NL said drilling at the Mt. 

Kare gold prospecting site in Papua New Guinea showed 
similarities to the deposit at Porgera, the country’s largest gold 
mine. AFP. Bloomberg. Reuters 


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Todays 

Special Report on 

ART 

and 

ANTIQUES 

Appears on Pages 7 through 9 


INT'L MEETING POINT 


Meeting Point 


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Identifying the Winners in Corporate Japan 


Th e graphic shows how stocks with low price-to-eamings ratios generally outperformed other equities listed on . 
the first section* of the Tokyo Stock Exchange in 1996. The shares were divided into 10 groups ranging from 
those with the highest P/E ratios to the lowest (right-hand scale, with the lowest P/E stocks at the rear). The front 
sca/e shows the first 11 months of 1996, and the left-hand scale shows the difference between the rate of return 
for each P/E class and the average market ' ‘financial-sector stocks not-induded 


6.0% 




Source: Yamaichi Research Institute 




High 

P/E Ratio 


□ Higher-than 
average return 

18 Below average 

^ -1.0% or lower 

lntenmianal Herald Tribune 


A Market No Longer in Lockstep 

‘Senbetsuka’ Strategy Focuses on the Winners and Losers 


J APAN has had little to offer in- 
ternational investors of late. The 
country is beset by a triple-threat 
combination of a fragile stock 
market, rock-bottom interest rates and 
a wobbling currency. 

But the equity market is undergoing a 
change drat oners hope to investors 
who choose die tight stocks at the right 
time. It is called senbetsuka, or growing 
gaps in performance between winners 
and losers, and the phenomenon is 

bringing dyna mism to a rnarkwf that 

traditionally moved-iikea-siBgle mass . - 
At a sectoral level, emerging tri- 
umphant are industries with proven 
credentials in international competi- 
tion, such as electronics and automo- 
biles. Those moving down die hill, 
including banking and construction, 
represent sectors that basked in gov- 
ernment protectionism that ensured 
the survival of the weak. 

The senbetsuka phenomenon is de- 
. v eloping at a more micro level, as well. 
Af When the Nikkei average began sinking 
in early January, Shubri Abe^nresident 
of Sparx Asset Management Co„ could 
not help notice advancers that defied all 
odds and sprinted ahead when relevant 
sector indexes edged down. Sony 
Corp.’s shares, and those of Honda 
Motor Co. and Toyota Motor Coro., 
rose to record or near-record levels, 
while their industry peers lost ground. 

‘‘In die past, we have never seen 
certain players in a sector renew their 
highs while the rest wallowed,” Mr. Abe 
said. “It shows that senbetsuka is pro- 
gressing even at a micro dim e nsio n. ’ 
This win-loss market dynamism is 
ubiquitous. Sankyo Co. and Takeda 
Co., have proven star players in the 
pharmaceutical world while Shin-Etsu 
Chemical Co. has widened its lead in 
the chemical industry. Jusco emerged 


as a stellar performer in the 
market industry while TDK 
dwarfed its rivals in die electric-parts 
field when its shares rose 43 percent 
last year. 

“The known trend of companies 
going up and down in step with the rest 
of die sector will disintegrate,” said 
Kunihiko Nakade, an analyst at Daiwa 
Securities. “That means, people are 
no longer going to say, ‘Honda stock is 
bad because the automobile industry is 
bad* or ‘Daiwa issues are no good 
-because- the-securi ties industry is in a- 
slump.’ ” 

An important factor in the new mar- 
ket efficiencies is the dissolution of 
cross shareholdings among corpora- 
tions, which is accelerating in part 
because companies are selling invest- 
ments to help finance their debts. 

Polarization in company perfor- 
mances also coincides with acceler- 
ating government efforts to reduce in- 
dustry regulations, which had tended 
to hold bade competition. As the gov- 
ernment unleashes laissez-faire prin- 
ciples into the market, observers said, 
the win-loss contrast will become even 
more apparent 

Precisely what defines a winner, 
then? Analysts have recently identi- 
fied a breed of high-performing shares 
known as international blue chips. 

To qualify as one, a company must 
possess superior technology honed by 
international competition, a world- 
wide revenue base, and high disclos- 
ure standards equivalent to those in the 
United States. 

Shares of these companies, analysts 
said, have outperformed others chiefly 
on their strength to win in a world- 
wide competition and to generate large 
and steady cash flows. Their stocks 
well, so the argument goes, 


simply because investors rewarded in- 
dividual corporate efforts by giving 
them fair marks. The market had not 
been efficient enough to allow this to 
happen in the past Additionally, those 
companies that release information 
clearly and promptly are drawing in- 
vestor attention. 

“Good disclosure these days often 
translates into higher valuation,” said 
Mitsuhiro Nakano, general manager 
of investment research at Daiwa Re- 
search Institute. Mr. Nakano said that 
even - among such - poor-performing 
sectors as banking, institutions that 
adopt stricter criteria in disclosure of- 
ten gain investors’ trust “An. insti- 
tution with good disclosure, for ex- 
ample, would see its stock price fall 10 
percent where a poor discloser would 
suffer a 20 percent loss." 

Id an increasingly vibrant market 
that demands enhanced investor 
prudence, Yamaichi Research Insti- 
tute, an affiliate of Yamaichi Secu- 
rities Co., suggests that investors look 
for companies with low price/earnings 
ratios. Among them, buy international 
blue chips with good prospects during 
market dips or hunt for companies that 
could evolve into international blue 
chips. 

Many of the international blue- 
chips whose share prices soared re- 



ana steady 
performed ’ 


highs scare you off, says Hiioshi 
Ishiyama, a strategist at Yamaichi Re- 
search, because many of the these 
high-performing stocks, such as Sony 
and Honda, are sustained by profits at 
historic levels. 

What about would-be international 
Continued on Page 19 


Few Bottom Fishers Bite in Seoul 


By Judith Rehak 


F OR a textbook case of the pros 
and cons of investing in times of 
political risk, look no further 
than South Korea. Looming 
over the country is the threat of North 
Korea, its economy collapsing, its pop- 
ulation starving — and its constant pos- 
sibility of political upheaval. 

On the domestic front, the financial 
rollapses of Hanbo Steel Co. and 
Sammi Steel Co. amid charges of 
bribery of government officials have 
underscored South Korea’s political 
problems, and its economic woes, such 
is its soaring trade deficit. 

Tensions are simmering between 
workers, who expect lifetime employ- 
ment, and company management, who 
ire losing valuable export markets to 
:oun tries with lower labor costs. A new 
law that allows companies more firee- 
lom to lay off workers, although 
watered down, exploded into nation- 
wide strikes in February. Presidential 
-lections, a possible flashpoint for civil 
inrest, are scheduled for this year- 
Unsurprisingly, many foreign in- 
vestors have concluded their money is 
afer elsewhere. A survey of 87 Asian 
■egional equity funds by Micropai Ltd. 
iisclosed that South Korea allocations 
u mb led 43 percent last year. In the last 
nianer of 1996. $160 million fled the 
rountry’s slock market, compared with 
;37 million in the third quarter. 

But it is also an axiom of emergmg- 
narkel investing that times of political 
unnoil can spell major buying oppor- 
unities. “There are pattomi you can 
oliow." observed Frank Onang, man- 


ager of the $30 million Emerging Asia 
Fund fra 1 Montgomery Asset Manage- 
ment in San Francisco. He cited two 
such opportunities since within the past 
year, when riots in Jakarta caused In- 
donesia’s market to temporarily lose 
about IS percent of its Value; and when 
China fired missiles in the Strait of 
Taiwan in February 1996 in an effort to 
influence Taiwan's elections the fol- 
lowing month. * ‘There was a significant 
group of people who were saying China 
was really going to invade, and got 
every single penny out of the market,” 
Mr. Chiang recalled, “but the Amer- 
icans stepped up and sent an aircraft 
carrier in, and right after the election, 
the market recovered” with the mam 
index rising to 6,000 from 5,000 in one 
week. It closed Friday at 8 .326 .53. 

To be sure, the comebacks from these 
events were fairly rapid. But in South 
Korea, where politics and economics 
are closely intertwined, as the govern- 
ment has controlled an ascent to become 
the llth-largest economy in the world, 
many observers believe that recuper- 
ation could be long and painful. 

Nevertheless, when the Seoul stock 
market fell to a 12-month low of 61 1 in 
January, Mr. Chiang, who avoided 
South Korea all last year, decided to do 
some selective bargain hunting. He now 
has 5 percent of Ms fund in picks like 
Pahang Iron & Steel Co„ the country’s 
largest steelmaker. An integrated mill 
operating on a much larger scale than the 
failed Hanbo and Sammi groups, Posco 
is die cheapest steel stock in the region. 
“At this price, the risk is low,” said Mr. 

~ ,a 



Another fond manager who declares 
hims elf “moderately optimistic” on 
South Korea is Michael Winter, the 
Hong-Kong based manager of the Asia 
New Horizon fond for the Union Bank 
of-Switzerland. He has 27percent of his 
$700 million fund invested there, and 
like Mr. Chiang, is attracted by the 
bargain prices. “You just don't find 
such low valuations anywhere else in 
Aria right now,” he said. 

Recently he bought Samsung Elec- 
tronics Carp., whose shares have been 
battered by plummeting' world com- 
puter chip prices. “We did an analysis 
when it was around 50,000 won, and 
even excluding their chip business, we 
thought it could stand on its consumer 
electronics and telecom equipment 
products, and its stakes in other compa- 
nies,” he said. “Most foreign investors 
think of it only as a chipmaker.” The 
stock currently trades around 60,200 
won. Mr. Winter also owns Korea Elec- 
tric Power Corp., the state-run utility, 
and Korea Mobile Telecom. 

Still, the negative camp on South Korea 
has for more adherents. “Our house view 
is to be underweight,” said David Kada- 
ranch. chief of research for Jardine Flem- 
ing Securities in Seoul. The most im- 
portant question for investors, in his view, 
is whether die first signs of badly needed 
economic reform will remain on track. 

“The real risk,” he said, is that Korea, 

whose economy is modeled on Japan's, 
ends up like Japan was in 1990 and is 
about to eater five to seven years of 
minimal growth or recession. You could 
caQ -it a political risk, because if die 
government doesn't have the inclination 
or ability to reform the system to deal 
with that, it could happen,” he said. 


Shopping for Bargains in Tokyo 

A Stock-Picker’s Market Emerges From the Burst Bubble 


By Miki T anika wa 


A RE TOKYO STOCKS forever 
banished from your mind as 
potential investments? Should 
they be? Despite the miserable 
performance of the Japanese stock mar- 
ket for the 1990s so far, those are ques- 
tions many analysts in Tokyo would 
answer in the negative, thanks to the 
senbetsuka phenomenon, in which all 
Japanese stocks are not treated as equals. 
Heeding senbetsuka means listening to 
individual stories rather than chasing 
after broad market trends. 

Two companies that have been 
standout financial performers and 
whose stocks merit close review, ob- 
servers said, are Sony Corp. and Honda 
Motor Co. Analysts praised them for 
their bottom-line-on euted manage- 
ments and concern for shareholders’ in- 
terests — a rarity in Japan — and made 
a case for further stock-price gains. 

Sony, perhaps the most readily rec- 
ognized Japanese brand, has cemented a 
superior position in the global market for 
audiovisual and other electronic 
iucts. The company and its subsi- 
ies reported a hefty year-on-year rise 
in net profit of 138 percent for the nine 
months ended in December 1996, and 
the company is expected to post a record 
profit for the year ended in March. 

The shares climbed 22.6 percent in 
1996, far outdoing the Topix index's 
annual decline of 6.8 percent and a 
lackluster 1.9 percent for the overall 
electronics sector. 

In a boon to people who belatedly 
wish to share in Sony’s prosperity, die 
issues still trade at attractively low valu- 
ations. Morgan Stanley & Co. has set a 
target price of 10,000 yen for-Sony 
shares, which values the equity at 29 
times estimated per-share earnings, 
above the current multiple of 25.5, with 
the stock at 8,850. 

It is not without risk. Sony's prof- 
itability, like many Japanese manufac- 
turers, often depends on foreign-ex- 
change rates, which have recently moved 
in its favor. If the yen were to strengthen, 
Sony’s results would be pressured. 

Another constraint on the company's 
stock is that it has issued convertible 


bonds , which could bring significant 
□umbers of new shares onto the market. 
Two issues in particular loom as prob- 
lems: each was a 300 billion yen deal, 
one floated in February 1990, die other 
six years later. The first issue carries a 
conversion price of 7,990 yen per share, 
while the second is only 6,519 yen. 

These factors notwithstanding, Sony 
is often a preferred choice for long-term 
ownership because of what is perceived 
as a wise, innovative and far-sighted 
management Among other trailblazing 
moves in Japan, Sony was the 
first company with a New York 
Stock Exchange fisting, one of 
the first big coiporations to in- 
vite a foreigner onto its board, a 
pioneer in stimulating internal 
competition by creating inde- 
pendent profit centers and the 
first to offer executive bonuses 
in the form of stock warrants. 

“Sony prospects well because of the 
quality of its management.” said 
Hitoshi Ishiyama, a strategist at Ya- 
maichi Research Intitule. “It's a model 
company that other Japanese companies 
would do well to emulate." 

Honda enjoys a similarly rosy profit 
oudook and a low valuation. The third- 
biggest Japanese carmaker saw its net profit 
surge nearly fourfold during the nine- 
month period ended in December, sending 
share prices up 55 percent during 1996. The 
stock currently tracks at 3.650 yen. 

Despite the run-up. Honda's stock is 
attractively priced from a valuation per- 
spective, with the price-to-expected- 
eamings multiple at 13, which repre- 
sents a 30 percent discount to the stock's 
20-year average multiple, said Takaki 
Nakani&hi, auto analyst ai Merrill 
Lynch Japan Inc. Mr. Nakanishi 
reckoned that Honda's shares should 
trade at 4,500, a level where its multiple 
settles back to its traditional level. 

Stephen Volkmann, an analyst at 
Morgan Stanley, said Honda’s strength 
is in its limited stable of high-quality car 
platforms, which allows it to cater to 
diverse consumer tastes with relatively 
slim development costs. Mr. Volkmann 
said he saw a measure of flexibility in 
Honda's management that allows the 
company to design and introduce con- 
sumer-sensitive products at precisely 


INDUSTRIAL ASIA 



the right moment. “It is a young-think- 
ing company with little bureaucracy.” 

Alexander Kinmont, a Morgan Stanley 
strategist, offered a macro explanation of 
why shares like Sony and Honda likely 
will appreciate: Given an investment en- 
vironment where people do not expect 
long-term interest rates to rise much be- 
yond 4 percent, “it is very easy to come up 
with arguments that these shares should 
trade, based on Japanese interest rates, in 
the high 20s multiples of earnings," be- 
cause the companies offer average earn- 
ings growth rates in the neigh- 
borhood of 10 percent to 15 
percent 

Along similar lines, consider 
another global brand, TDK Corp., 
a high-tech manufacturer mat 
carved a special niche in the world 
marketplace for electronic parts 
like recording devices fa* hard- 
disk drives, microcomponenls for tele- 
communication products and high-dens- 
ity data- storage media. 

Electronics parts, such as resistors and 
condensors, is one area in which Japanese 
companies hold an edge, said Fumihide 
Goto, an analyst at Daiwa Reseach In- 
stitute. “Western communication gear 
makers like Motorola and Nokia cannot 
produce their terminals without the ben- 
efit of Japanese-made electronic parts.” 
be said. TDK, Mr. Goto said. leads this 
area of Japanese industry on the strength 
of shrewd management. 

The numbers support that view: The 
27.7 billion yen net profit for the year 
ended in March 1996 was twice that of 
die previous year, and the company has 
predicted the figure would reach 50 bil- 
lion for the year ended in March 1997. 
This number is inflated partly by the sales 
of its American subsidiary, Silicon Sys- 
tems Inc. But even without it, the 1997 
net profit likely exceded 32 billion. 

Among the factors that brightens its 
prospects is TDK’s early move and the 
resulting technological upper hand in 
the production and refinement of mag- 
neto-resistance heads. These high-dens- 
ity computer reading and recording 
devices are expected to replace con- 
ventional magnetic heads, which now 
account for 70 percent of the market. 

Continued on Page 19 



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INTERNATIONAL HERALD TRIBUNE, SATURDA3f-SDNDAX, APRIL 19-20, 1997 


Advertisement INTERNATIONAL FUNDS April 18,1997 

available on Internet: http://www.iht.com/IHT/FUN/funds.html 


OmXaBort* RUppfloC by HsiC yx>up» to I 
For Wonnattonofi how to Bst your fand, fax Ka*y Hourly (33-1) 
Quotations for your funds mb &mai : o-fundS©#itOOin 


■BonvMiPDnxMixi-i W7880O8, serrice sponsorea By 

1 41 43 92 12 or &naB : fundsOBitcocn ^ imixi 



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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUIVDAY, APRIL 19-20, 1997 


PAGE 19 




THE MONEY REPORT 


h 


South Korea’s Industrial Giants Are Not Geared Toward Investors . . . 


By Conrad de Aenlle 

F EW mar kets are as friendless as Korea's 
expiessed in dollars it is down about 40 
percent from its 1995 peak — and few 
. t , c 2E fl P a ™ es feen? are as unloved as tte 

dec py m tetei critically dependent on the eco- 
cycle and more interested in expansion than 

The taiggest and best known of the chaebol — 
Samsung Corp., LG International, Hyundai 
Cotp. and Daewoo Coro. — suffered share-price 
'5 percent, far more than 


t-u Mixiiug uic liisi. tew monms. 

They got afurther boost in late March when the 
government raised the ceiling an foreign, own- 
ership of corporate equity to 23 percent from 20 
percent. The chaebol are the most liquid Korean 
companies, making them prime targets for 


money managers wno allocate assets to countries 
based on each, one's weighting in a stock index. 

Looking at them strictly as businesses and not 
as wedges in an indexer's pie chart, there are 
sound reasons why investors remain skeptical 
about prospects for the chaebol and believe that 
further price gains wHl be hard to achieve. 

“They never run out of ambitious expansion 
plans,” said Shahreza YusoL who manages Asian 
portfolios for Abstrust Fund Managers in Singa- 
pore. “The chaebol are in all sorts of businesses. 
The main complaint we would haw with Korea is 
that companies expand without fully considering 
profitability. They focus on sales and market share 
and less on profits. When they make money, 
shareholders never see a cent of ft." 

Samsung Electronics Coro., which like many 
other subsidiaries of Korea's largest chaebol is 
publicly listed, is one of the best semiconductor 
companies in the world, be acknowledged. Many 
other Samsung entities are mediocre, however, 
so the benefits to investors in Samsung Corp. are 
dilated. Even investors in the chip-making com- 
pany get shortchanged, he said, because its 


profits “axe used to subsidize bad businesses, not 
shareholders in Samsung Electronics.” 

That's largely a moot point now. Samsung 
Electronics's earnings fell 90 percent last year. 

A swift decline in Korean exports and slower 
economic growth — gross domestic product is 
forecast by a consensus of investment houses to 
expand 5.S percent this year, slowing from 6.9 
percent last year and 9 percent in 1995 — reflects 
die deterioration in sales of chips and in the other 
cyclical industries the chaebol favor, cars, ship- 
building, chemicals, steel and so forth. 

In such industries anywhere, when things go 
bad, they go very bad. For the chaebol, it is worse 
because of the extraordinary debts they carry, a 
remnant of the days when the government ensured 
cheap credit went to the chaebol. 

“As a result of government policy to support big 
business, ihe ministries of finance and industry had 
a concerted effort to divert the savings of the people 
to government-run banks and then to the chaebol.” 
said Mark Mobius, a fund manager at Templeton 
Investment Management “Thai helped them to 
spend on capita) equipment and expand in a big 


way. Now they have ro pay ihe price. " 

Some companies, he said have debt that is up 
to seven times the value of their equity. 

The authorities suddenly ended the party, re- 
forming the system of easy credit and introducing 
other measures to restrict chaebol activities as 
part of an effort to open the economy. 

The result has been a rapid expansion of man- 
ufacturing abroad, to other parts of Asia and to 
Eastern Europe, where labor is cheaper and there 
is less regulation. 

As their country opens its markets, unless the 
chaebol develop business out of Korea and glob- 
alize their operations, * ‘they'll meet the same fate 
as companies did in Taiwan.” said Barry Will- 
more, managing director of LG Electronics U.K. 
“A lot went out of business when they let in 
foreign competitors. The cash cow that was 
Korea's domestic market is not to be forever. The 
ambitions of the chaebol to become global op- 
erators is such that investing in foreign markets is 
essential.” 

Such ambition may pay off in the end.- Simon 
Nicholson, head of Far East investing for the 


Gartroore fund -management company, said rap- 
id chaebol expansion, first ai home, then glob- 
ally, has given the companies valuable brand 
recognition among consumers. 

“They've concentrated huge amounts of fi- 
nancial firepower on certain industries, so 
they've carved themselves a niche,” he said. 
“Ask anybody on die street and they can prob- 
ably name three or four Korean companies. Ask 
them to do that with Taiwan, and you'll get a 
blank stare.” 

Many investors, however, are unconvinced that 
it is time to move into South Korea. James Han- 
cock, a fend manager at Guinness Flight, described 
his company as “neutral to underweight in 
Korea.” ft owns shares in some chaebol sub- 
sidiaries, but not in the parent companies. 

“Margins are very small," he observed. 

John Kira, who follows Korean companies for 
CS First Boston, was more favorable, at least 
about Samsung. “Profitability will pick up sub- 
stantially.” he predicted. He also pointed out that 
the company was trading at a deep discount to the 
value of its assets. 


. . . But Japan’s Behemoths Get Better Why to Seek Safety in Foreign Stocks 


By Aline Sullivan 


losses from new ventures against tax. That The trading companies could receive 
means trading companies, which are coo- a further boost if the government carries 

ClQjpnth/ VnVMfino in ra-nlnotr mi* v+e nUn t/% /inniAnmati fn aam 


X the world's biggest companies may 
be among the most overlooked. 
Shares in the Japanese trading be- 
hemoths Mitsubishi Corp., Mitsui Corp.. 
Itochu Corp., Marubeni Carp, and Sum- 
itomo Corp. are surprisingly cheap, par- 
ticularly for dollar-oased investors. 

That these shares -are cheap is nothing 
new — they have languished since the 
early 1970s — but it is nevertheless 
remarkable given all the factors in their 
favor, some analysts said. The trading 
companies should profit from proposed 
changes in Japanese legislation to allow 


exchange rules, while gains from rising 
commodity prices and favorable cur- 
rency movements already are being felt 
The shares are overlooked partly be- 
cause these groups, which all rank 
among the world's 10 biggest concerns 
by revenues, are arguably the least un- 
derstood by investors. Few analysts cov- 
er them and even fewer journalists write 
about them, even in Japan. 

There are reasons for this inattention. 
Until recently, these companies have 
looked pretty unexciting. They owe theft- 
revenue to high business turnover rather 
than authentic sales: none is a leader in 
profitability. For example, a multimil- 
iion-dollar deal to explore for energy 
resources In Indonesia may sound Im- 
pressive, but the trading group’s net in- 
come from it is tiny. 

Just as significantly, the c om p an ies' 
unwillingness to divulge much financial 
information has not helped instill con- 
fidence, nor has their convoluted structure 

and myriad holdings. Japanese companies 
generally value assets at their prochase 

S ees, no matter bow old. Worse for the 
lance sheet is their inability to write off 


sistently investing m long-term projects, 
often in developing countries, almost in- 
evitably record low earnings. 

“It is impossible to cover the trading 
companies as any normal stock because 
they are so big and so diverse and have 
such poor disclosure,” said Mike Good- 


out its plan to allow companies to con- 
duct their own foreign-exchange trans- 
actions without using a bank as an in- 
termediary , he said. 

The bill to eliminate the prohibition 
against bolding companies was intro- 
duced in tire Diet in March and is ex- 


such poor disclosure, said Mike Good- duced in tire Diet in March and is ex- 
son, Japanese strategist at Smith Barney peered to be approved next month, ana- 

in New Ynrif “Rut a« rfwc To- luctccniri Thnf win martr pnH 


in New York. “But as the Ja- 
panese stock market becomes 


lysts said. That win mark the end 
of the postwar era in Japan. The 


> T-Tt ■ > »7 J \ »» > > f W-y: 1 


more efficient and more open to ikdubtrialabia powerful holding co mpanie s, or 
Western investment ideas, these zaibatsu, were forced to dissolve 

companies should become more x j\Xtfl 3L “ by die American oc- 
accessible.” eupation authorities. That 

Some of these sleepy giants c= — “caused such a stock to the Ja- 
appear to be stirring. They are panese economy that for the next 

divesting themselves of unprofitable op- 50 years business and the bureaucracy 


growth areas as telecommunications, pact,” accroding to a recent issue of the 
Better still, they are shedding some light New York-based publication Grant's 
on their workings as part of in effort to Asia Observer, 
make themselves more appealing to in- The analysts added: “Through pro 
vestors and better regulate their own ductioa cartels, regulated pricing schemes 
management. and oiher, similar techniques, the public 

“Ihe trading companies have be- and private sectors have, in effect, created 
come more transparent since the Sum- a system that works as if the zaibatsu had 
homo disaster,” said Yushiro Hcuyo, a been left whole. The result is a domestic 
banking analyst at Smith Barney Inc. in economy that is notoriously rigid, cum- 
Tokyo. “That makes them more attract- beisome and opaque.” 
rve.” Unauthorized copper trading re- With the “renaissance” of holding 
suitedinalossofS1.9bmioufbrthe first companies, tire publication added, die 
half of this year, tire first loss in Sum- trading concerns should become leaner, 
homo's 77 years of operation. . . more open and mate competitive ver- 

Mike Goodson, Japan strategist at sions of their current selves. 

Smith Barney in New York, asserted that 1 ‘For years their mission was to make 
the trading companies will be tire “ul- sure thar Japan Inc. never ran out of oil 
titrate winners' 1 if the Japanese gov- and other commodities," said William 
emmenl passes legislation to allow the Arah. a director of the fund manager 
creation of holding companies. “This Marathon Asset Management in Lon- 
wiil make the trading companies tire don. 

ullftnate vcnture capitalists.” he said. "But now you should think of them as 

Mr. Iknyo agreed: “The trading investment houses,” he said. "We don’t 
companies will be the- major beneficiary know yet how big they are and how big 
of the creation of holding companies in their assets are but if you have a 10-year 
Japan. The new law, if it passes, will help view you will probably find yourself 
them restructure and smart financing.” owning some pretty interesting stocks.'' 


I S THE correction overt That’s the 
question everyone seems to be 
asking. My answer is, “I don't 
know, and you shouldn't care.” 
The prices of stocks, in concert or 
individually, bounce up and down in 
the short run. but in the long run they 
produce annual returns of 8 percent in 

real terms, or about 1 1 per- 

cent with today's inflation. 'V- c 
In fact, stocks are such a ****** 5 
great deal that, for years, 
economists have been trying to explain 
something they call the “equity premi- 
um puzzle.” In plain English, they 
wonder why it is that stocks return so 
much, compared with investments like 
Treasury bUls. 

Hie best explanation seems to be 
that investors are extremely — indeed, 
irrationally — risk-averse. A century 
of history shows that if you can hold 
onto your stocks for ai least 10 years, 
even in the free of some big price 
drops, you’ll end up making very good 
money. But many investors can’t stand 
that kind of volatility, so, in economic 
terms, they demand higher returns to 
compensate. 

Risk aversion is simply a fact, and 
when it comes to stocks, nearly every- 
one is scared. And that fear causes 
investors to do some stupid things, 
such as selling a perfectly good stock 
because it has dropped. For that reason, 
it’s vital to invest in a way that protects 
you from yourself. 

In simple terms, this means a less 
risky portfolio — one that’s not so 
susceptible to the extremes of the mar- 


ket’s ups and (especially) downs. You 
can buy bonds or money-market funds, 
of course, but then you'll sacrifice 
profits. What's surprising is that 
there’s a way to lower risk while rais- 
ing your returns. 

The answer is a carefully balanced 
combination of foreign and U.S. 


GLASSMAN ON INVESTING 

stocks. “Diversifying Overseas," an 
excellent new publication from T. 
Rowe Price, the Baltimore-based mu- 
tual-fund house (1-800-638-5660), ex- 
plains the phenomenon by examining 
returns and risk of international equit- 
ies over the past 20 years. 

A portfolio consisting of only U.5. 
stocks “had an average annualized re- 
turn of about 14.5% . . . and a standard 
deviation of 14. meaning that two- 
thirds of the time, the annual return was 
within a range of 0% to 28%.” 

Bui as more foreign stocks were 
added to the mix, “the portfolio's re- 
turns increased, but the degree or volat- 
ility, or risk, actually declined.” 

.Return up. risk down! You can't 
beat that combination. But ft doesn't 
last forever. If you keep adding foreign 
stocks to your portfolio, return will 
rise, but so will risk. Price researchers 
found that the optimal risk/reward al- 
location “was about 30% foreign and 
70% U.S. stocks." 

That ideal ratio produced a 14.75 

P ercent return at a standard deviation of 
2.95. A portfolio that's 60 percent for- 


eign and 40 percent American had the 
same deviation as an all-American port- 
folio but returned nearly 15 percent. A 
portfolio that's 100 percent foreign had 
a return of 1 5.25 percent but with a very 
high standard deviation of IS. 

As you can see. foreign stocks by 
themselves are riskier than U.S. stocks. 

So why does overall risk 

decline when you add ris- 

kier foreign stocks to your 

U.S. holdings? Because the 
two kinds of stocks don’t move in 
tandem. When American stocks fall 
sharply in a year, foreign stocks may 
rise, or at least not fall so much, so they 
provide ballast for your portfolio. 

Let’s look at the last four years, 
during which foreign stocks have been 
underperforming domestic. A 70-30 
mix of U.S. -foreign stocks produced an 
average annual return of 17.0 percent 
vs. 17.8 percent for an ail-U.S. port- 
folio. But the 70-30 mix was less risky. 
Its annual returns went from a low of 3 
percent to a high of 30 percent, com- 
pared to range of 1 percent to 37 per- 
cent for the all-U.S. portfolio. 

Will foreign stocks continue to lag. 
especially with the U.S. economy so 
far ahead of those in Europe and Japan? 
Don’t count on iL In fact, with un- 
employment high {11.3 percent for 
Germany) and growth low (0.8 percent 
for France), many countries may be 
hitting bottom, their stocks ripe for 
purchase. 

Ger diversified into foreign stocks. 
In a rocky market like this, it can save 
you from your own worst instincts. 


A Market No Longer in Lockstep 


In Tokyo, Standing Out From the Crowd 


In the past decade the 20 blue-chfrs fisted below outperformed 
the broad Tokyo market as measured by the Topix Index. 


Toray 

Kao 

TakedaCo. 

Fuji Film 
Bridgestone 
Sumitomo Electric 
NEC 

Panasonic 

Sony 

TDK 


Denso 

Mitsubishi Heavy Ind. 
Toyota Motors 
Honda Motors 
Hoya 

Canon J 

Ricoh A 

Mitsui & Co. 
Mitsubishi Corp. ’ 
Jusco 



Jand! ■^juima 


— 100 i 


Continued from Page 17 

blue chips? Yoshio Watanabe, 
automobile analyst at Yamai- 
chi" Research, finds one. Fuji 
Heavy Industries Ltd., the 
maker of Subaru cars, meets 
all the criteria as an interna- 
tional blue drip, except that its 
share price has not yet seen a 
major jump, according to Mr. 
Watanabe. Fuji Heavy, with its 
exports booming as the yen 
slides, is expected to post 44 
percent growth in consolidated 
profit lor the year ended 


Source: Daiwa ftowrefi fnatituto 


International Herald Tribune 


I j j Stock Picker’s Market Emerges in Tokyo 


i 


Continued from Page 17 

If budding enterprises with a solid 
growth potential intrigue you, ponder some 
of the favorites of Shuhei Abe, president of 
Span Asset Management Co., and a spe- 
cialist in Japan's over-the-ccmnier market. 
Mr. Abe. a grassroot researcher, seeks to 
dig out new, consumer-oriented compa- 
nies with an inherent mec hanism that trig- 
gers vigorous growth. _ 

Take Yamsda Denki, a chain dis- 
counter of home electronics, for ex- 
ample. The Jasdaq-lisred company was 
one of the big chain stores that unleashed 
a price-cutting drama in the Northern 
Kamo region over such items as com- 
puters, refrigerators and television sett. 

Mr. Abe said that Yamada Denki, 
which is adding stores around the nation 
and rapidly expanding profit, is better 
placed than others to survive in an in- 


dustry with scant growth at a time that 
consumers are increasingly price-con- 
cious. The reason: Yamada Denki oper- 
ates at a much lower cost than most of its 
rivals. Its ratio of expenses to sales, at 
12.9 percent, is nearly half the level of 
competing stores, enabling the company 
to earn high profits even when it slashes 
retail prices to unbeatable levels. The 
company's 1994 net profit of 25 million 
yen had jumped to 1 billion by 1996 and 
even better results are expected for the 
year ended in March. 

Yamada Denki's store price has fol- 
lowed a downward curve since the 
middle of last year, when it peaked at 
3,460 yen. because of weak prospects for 
the overall electronics market and be- 
cause of dilution fears that were kindled 
when the company sold a 70 million 
Swiss franc ($47.6 million) convertible 
bond issue. Not to worry, said Mr. Abe, 


because the industry revenue valued at 7 
trillion yen annually is so massive that 
there is plenty of room for a low-cost 
operator like Yamada Denki to grow by 
increasing its market share. In ract, the 
money raised from the convertible bond 
sale will be used to finance new stores. 

The company currently trades at 1 ,950 
yen, above the 1,815 yen price at which 
the Swiss franc bonds can be converted. 

Doutor Coffee Co., another of Mr. 
Abe's. selection, is a chain of 500 fran- 
chised coffee shops. According to a 
study by Nomura Securities Co., each 
unit of Doutor Coffee on average nets 
four times as much profit as a regular 
coffee shop on double the sales. 

Doutor has an ambitious agenda to 
deploy 500 additional stores in strategic 
locations across the nation by the turn of 
the century in a supposedly no-growth 
industry. 


March 31. Yamaichi pre- 
dicted, with enough mo- 
mentum to carry the boom into 
the following year. 

Like other international 
blue chips, Fuji Heavy is sup- 
ported by strong contribu- 
tions from its overseas units, 
said Mr. Watanabe, espe- 
cially from the United States. 
Even as its shares trade near 
record highs, Fuji Heavy’s 
consolidated P/E multiple has 
stayed at 12 times earnings. 
the lowest among stocks lis- 
ted on the Tokyo exchange- 

For those with a longer- 
term interest in Japan, it may 
be useful to observe that sen- 
betsuka also means that 
powerful players could sur- 
face within weak sectors. Ex- 
perts often name Bank of 
Tokyo-Mitsubishi and No- 
mura Securities Co. as hope- 
fuls in hanking and brokerage 
fields, respectively. Scandals 
at Nomura have analysts di- | 
vided over its oear-to-mid- 1 
term well- being, but most 
agree that the brokerage in- 
dustry has no serious chal- 


lenger to the biggest Japanese 
brokerage house as the entity 
best prepared to face the ad- 
vancing waves of deregula- 
tion ana globalization. 

Analysts discuss zanzon . or 
hang-around, merit, a benefit 
stemming from surviving 
long enough in an ailing sec- 
tor until a mass number of 
“unfit” players exit the mar- 
ket under intense competi- 
tion. Financial industries, 
which will be heavily dereg- 
ulated. could well follow that 
scenario, they said. 

In the same vein, a steel- 
maker like NKK is well- 
placed to emerge as a victor in 
the reconfiguring steel in- 
dustry. Mr. Ishiyama said. 

Finally, a Japan investor 
might do well to heed this ad- 


vice: Listen to what analysts 
say. In a parallel development 
to senbetsuka, analysts here 
perceive the market's growing 
susceptibility to their own 
views. "Analyst's comments, 
these days, often serve as a 
trigger to sell or buy stocks.” 
said Mr. Nakano of Daiwa Re- 
search. attributing the trend in 
part to improved technical 
methods used by the stock re - 1 
searchers. 

Investors are growing 
choosy over the quality of 
analyses professionals pro- 
vide. Mr. Nakano added. 
“Good analysts will be 
praised accordingly and poor 
ones will be weeded out,” 
just like what senbetsuka did 
ro the stocks. 

— MIK1 TAN1KAWA 


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PAGE 20 


FIFA Extends Ban 
On Accused Referee 

SOCCER World soccer's govern- 
ing body, FIFA, on Friday extended 
a European ban on a former World 
Cup referee accused of bribery and 
said it would conduct further in- 
vestigations into match-fixing ac- 
cusations. 

FIFA said that Kurt RoeihlLs- 
berger would be "permanently 
banned from all official activity 
within FIFA or any of its member 
associations." It also said it would 
look into accusations of bribery at a 
World Cup qualifying match be- 
tween Switzerland andNorway Last 
November. 

UEFA banned Roethlisberger 
earlier this month in connection 
with an alleged match-fixing in- 
cident before a Champions Cup 
match last fall between a Swiss 
team, Grasshoppers, and Auxerre 
of France. (API 

Irabu Free to Negotiate 

BASEBALL Hideki Irabu, the Ja- 
panese pitcher who has insisted he 
will play only for the New York 
Yankees, may finally get his wish. 

The Lotte Marines' general man- 
ager, Mitsumasa Mirsuno. told the 
Kyodo news agency Friday that he 
was willing to allow talks between 
Japan's 27-year-old ERA leader 
and any U.S. major league club. 

Previously, Mitsuno had said Ir- 
abu's only choice was to sign with 
the San Diego Padres, who won 
exciusive negotiating rights to Ir- 
abu from Lotte in January. Mitsuno 
acknowledged there was no "prac- 
tical solution" to the Irabu prob- 
lem. 

This week, the San Diego 
Padres' president, Lany Lucchino, 
met with the owners of die New 
York Yankees and the New York 
Mets — two teams among four that 
have made offers for Irabu, a right- 
hander with a fastball that has been 
clocked at 100 miles per hour (160 
kilometers per hour). 

But Mitsuno added that Lotte 
planned to ask the Japanese base- 
ball commissioner's office for an 
investigation into what it suspected 
were negotiations between Irabu 
and the Yankees in violation of a 
bilateral baseball accord. 

The Japanese commissioner 
ruled last week that the Padres had 
rights to Irabu for this season and 
next season. (AP) 

Rain Dampens Test 

CRICKET Heavy overnight and 
morning rain threatened die second 
day’s play in the fifth and final 
cricket test between the West Indies 
and India in Georgetown, Guyana, 
on Friday. 

Play before lunch was ruled out 
with the outfield left sodden, in 
some areas by showers. 

India, after winning the toss, 
crawled to 194 for two on the open- 
ing day Thursday. Rahul Dravid, 
the 24-year-old Karnataka bats- 
man, was unbeaten on 71. in the 
process crossing 1,000 runs in his 
14th test. His captain, Sachin Ten- 
dulkar, was 62 not out. (AP) 


^ ScraiitSSrUmnc 

Sports 


A’ 


SAITJRDAY-SIJNDAX, APRIL 19-20, 1997^ ; 


NFL’s College Draft: Search for the Dominating Rookie 


By Timothy W. Smith 

Sew York Times Service 

Shawn Springs, the gifted comerback 
from Ohio State, was asked what his 
expectations were once he was in the 
National Football League. 

"I think I should moke an impact 
right away." Springs said. "I plan on 
coming into the league and dominating. 
I can be that kind of player." 

Every NFL team with a choice in the 
top 10 of this weekend's college draft is 
hoping the player it selects will have an 
impact or dominate the way Springs 
expects to do. 

Last year, there were- several rookies 
who were of immediate help to their 
teams. Terry Glenn set rookie receiving 
records all the way to the Super Bowl 
with New England. Linebacker Ray 
Lewis and offensive tackle Jonathan 
Ogden were prominent players for Bal- 
timore. Running back Eddie George, the 
Heisman Trophy winner, gave Houston 
another dimension on offense. 

Besides Springs, there are several 
players in this year’s draft who can play 
well immediately. The most notable 
ones are offensive tackle Orlando Pace, 
defensive tackle Darrell Russell, de- 
fensive end Peter Boulware and line- 
backer Dwayne Rudd. 

Pace will likely be taken by the St. 
Louis Rams, who on Thursday night 
made a deal with the New England 
Patriots to acquire the draft's No. 1 
overall pick. Sl Louis sent its No. 6 
overall pick, as well as its third-, fourth- 


and seventh-round selections to New 
England. 

Springs’s abundance of confidence 
about playing in the NFL comes from 
the knowledge that several of the former 
Buckeye teammates he practiced 
against are now doing well in the NFL, 
namely Glenn, George, and receivers 
Chris Sanders of Houston and Joey Gal- 
loway of Seattle. 

Boulware is just as confident as 
Springs about his impact in the league. 

"I don't think anyone ever domi- 
nated our defensive front," Boulware 
said at the scouting combine at Indi- 
anapolis in February, referring to his 
experience at Honda State. 

At Seminoles practices. Boulware 
went up against tackle Walter Jones, 
who is expecied to be drafted in the top 
10 and should be the second tackle 
taken, behind Pace. "Walter Jones is the 
best I've ever played against." Boul- 
ware said. 

Players who do well in their rookie 
seasons typically have great instincts for 
the game, have advanced knowledge of 
offenses and defenses and are phys- 
ically gifted athletes. However, some- 
times it is not the physical skills or 
abilities of the players that determine 
the impact they will have. Often, it is the 
offensive or defensive system the player 
is asked to be part of. And many times it 
depends on the coach. Some coaches 
believe that rookies need to be slowly 
brought along and some like to toss 
them right into the fray. 

Miami Coach Jimmv Johnson is one 


A Goal for the Goalie 

Brodeur Turns to Offense in Devils’ Victory 


By Aiex Yannis 

AW fort Times Service 

EAST RUTHERFORD. New Jersey 
— The Devils scored two goals on re- 
bounds en route to a momentous 5-2 
playoff-opening victory over Montreal 
at the Continental Arena. 

But the goal that was heard around 
the National Hockey League, and par- 
ticularly in the province of Quebec on 

Thursday night, was an unimpeded one 
that came from the stick of Martin 
Brodeur, the Devils' goaltender, who is 
a native of Montreal. That goal is one 
the Canadiens might never rebound 
from. 

Brodeur scored into an empty net 
with 44.6 seconds left in the game, after 
Montreal had pulled Jocelyn Thibault 
for an extra skater in an attempt to wipe 
out a 4-2 deficit. 

"Unbelievable," Brodeur said of his 
goal afterward. "To get one in a game 
Gke this is great.” 

Great, but hardly a surprise to his 
coach. "Martin is good with the puck." 
Coach Jacques Lemaire said. "It’s a 
great asset he has. He can shoot the puck 
over guys when we kill penalties." 

The goal by Brodeur was only the 
second by a goalie in the history of the 
Stanley Cup playoffs (Ron Hextall of 
the Philadelphia Flyers has the other, 
against Washington in 1989). Brodeur’s 
teammates, aware of his rare feat. 


mobbed their goaltender the momenr his 
shot slid inside the left post. 

Aside from allowing goals into un- 
guarded nets, Montreal’s glaring weak- 
ness is yielding rebounds in front of its 
goal, something the Devils were well 
aware of. So New Jersey kept lurking in 
the Montreal slot near Thibault every 
time there was a shot from anywhere. 

Eventually, it paid off — twice. Brian 
Rolston in the first period and Bill Guerin 
in the third scored goals from rebounds, 
both after shots by Scott Stevens. 

Another goal by Rolston. this one 
short-handed in the third, and a power- 
play goal by Shawn Chambers accoun- 
ted for the other goals for the Devils, 
who overcame two short-handed scores 
by the Canadiens in the second period, 
perhaps the worst 20-minute display of 
the season by the Devils. 

In other games. The Associated Press 
reported: 

Panthers a, Rangers O John Vanbies- 
brouck earned his fourth career playoff 
shutout as host Florida bear New York. 

Johan Garpenlov, Kirk Muller and 
Rob Niedennayer scored for Florida in a 
nine-minute span in the second period to 
begin their defense of the Eastern Con- 
ference title. 

Vanbiesbrouck picked up where he 
left off last postseason, when he back- 
stopped the Panthers to a triple-over- 
time 1-0 loss to the Colorado Avalanche 
in Game 4 of the Stanley Cup finals. 

Flysrs 5, Penguins 1 Garth Snow 
made 27 saves in his first playoff start 
and Eric Lindros had a goal and three 


who likes to use rookies immediately, in die seven rounds * he knew? 

Last season, Johnson started linebacker c!udingwomthes«radn)und.RA pmeni them to un- 

Zach Thomas and running back Karim Coach Ted Marchibroda is looking for a muon concepts 0 f the defensive 

, r, ■__! ■ .v. — X SSSf'n/* have to rat buvs and offensive systems. Bur Marchtbroda 


Abdul-Jabbar, and used fullback Stan- 
ley Pritchett prominently in the of- 
fense. 

Last year. Jets Coach Rich Korire 
delayed getting receiver Keyshawn 
Johnson, the No. 1 pick over all, into the 
starting lineup, even though he came 
into the league with game-breaking 
skills. The new Jets coach. Bill Parcells, 
probably will not make the same mis- 
take with his No. 6 overall pick this year. 
At New England last season, Parcells 
did an outstanding job of incoiporating 
Glenn into (he offense and melding 
safety Lawyer Milloy (a second-round 
pick) and linebacker Tedy Bruschi (a 
third-round selection) into the defense. 

Parcells seemed pleased with 
Thursday's deal, saying it "gives us 
some ability’ to acquire young, fixed- 
cost players. 

"The salary constraints on our team 
are so great, we have to get our costs 
fixed. I jusr felt that one player is not 
going to help us as much as multiple 
players — and also we’re able to recoup 
the players we lost. It would have been a 
very long wait from the second round to 
the fifth round." 

Parcells is interested in another of- 
fensive tackle, perhaps Jones, but only if 
a more compelling defensive player — 
the Virginia outside linebacker James 
Farrior or the Nebraska comerback Mi- 
chael Booker — is not available. 

The Baltimore Ravens have 11 picks 


“With our team we have to get guys 
who can play right away," Marchibroda 
said. ‘ ‘Three of the first four players we 
select will have to start. The first two 
will definitely have to start." 

Baltimore has the No. 4 pick in the 
first round of the draft, which means that 
if the Ravens keep the selection, they 
will definitely get a player who can help 
them right away. There has been tauc 
that they might trade down in the draft, 
because they do not have the money to 
pay such a high draft pick. 

Last year, the Ravens took Ogden 
(No. 4 over all) and Lewis (No. 26 over 
all) in the first round of the draft Both 
players turned out to be very productive. 
“Ogden was an easy choice," 
Marchibroda said. "He's blessed with 
everything. There were no ‘ifs’ with 
him. He had the complete package. Size, 
skills and a great football temperament. 
Ray is the same. He loves to practice and 
he loves the games. Those are the things 
you look for in players that you expect to 
play right away." 

Some coaches take it easy on rookies. 
For example, if they have a tackle that 
they want to play, they might line np a 
tight end next to him to help him handle 
his blo ckin g duties. They may not ask a 
rookie linebacker to make all the de- 
fensive calls. 

Marchibroda said he did not scale 
back his offense or defense for either 


and offensive systems. But Marchibroda 
said he did not spoon-feed them. 

Gerald Eskenazi of The New York 
Times contributed to mis report. 

■ Redskins Ttade Shuler t 

Heath Shuler’s brief and disappoint- 





r J|P 


when die quarterback was traded totne 
New Orleans Saints for a pair of draft 
choices — a fifth-rounder this year and 

a third-rounder in 1998. Richard Justice 

of The Washington Post reported from 
Washington. , 

Shuler agreed to a four-year, S7.6 
milli on contract with the Saints three 
weeks ago, but because he was a re- 
stricted free agent, he had remained the 
prop e rty of the Redskins until tibe teams 
could agree on compensation. 

Redskins' General Manager Charley 
Casserly had been holding out for a 
third-round draft choice; the Saints had 
been offering a pair of fifth-rounders. In 
the end, the sides compromised. The 
Redskins did get the higher draft choice d> ■ 

— in 1998. 

And the Saints, who badly need 
young get to keep their 1997 

third-rounder. The Redskins can also 
enter Saturday’s NFL draft with 
something — albeit a fifth-rounder—— to 
show for Shuler, their highest draft 
choice in history. 




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Colin Bnlff/Rmim 

Panthers' goalie John Vanbiesbrouck reaching for the puck as the Rangers’ Adam Graves tries to flip it into the net 


Game 2 set for Saturday night m Phil- scored one goal and set up another to in the final 25:30 of the game in winning 
adelphia. Pat Falloon had two goals and lead host Buffalo to victory over Ot- their first playoff game in two years. 


Bullpen Anemia Costs Yankees Fifth in a Row 


The Associated Press 

The New York Yankees’ bullpen 
failed again as the team lost its fifth 
straight game. 5-4. to the Milwaukee 
Brewers when reliever David Weathers 
walked John Jaha with the bases loaded 
in the bottom of the ninth. 

Andy Pettine. trying to become the 
majors' first four-game winner, left 
with a 4-3 lead after seven innings 
Thursday nighL Bui the Brewers rallied, 

B aiis all Roundup 

tying it in the eighth with a run off Brian 
Boenringer and winning in the ninth 
with the help of an error by reliever 
Graeme Lloyd. 

Uarbws 8, Tigers 8 Ken Griffey Jr. 
hit his league-leading eighth homer and 
Alex Rodriguez had three RBIs at frigid 
and snowy Tiger Stadium. 

Griffey’s second homer in as many 
days highlighted a four-run fifth inning 
that gave the Mariners a 4-3 lead. 
Rodriguez's RBI single in the sixth 
broke a 44 tic and he added a two-run 
single in a three-run seventh. 

Tony Clark hit a homer in his third 
straight game, his sixth of the season. 
Jeff Fassero (3-0) pitched the first five 
innings for the win. 

biuo jays s, Athterios 4 Otis Nixon 
had another big game against Oakland 
with three hits and two RBIs, including 
the winning single with two outs in the 
seventh inning. 

Paul Quantrill (1-1). who replaced 
Erik Hanson in the sixth, pitched three 
scoreless innings and Mike Timlin re- 
tired the side in the ninth for the save. 

Twin* 4, Ang*£s 3 In Minneapolis, 
Denny Hocking’ s two-out, run-scoring 
single in the bottom of the 10th inning 
capped a three-hit. three-RBI day. 

In the 10th, Angels reliever Mike 
James walked Greg Myers. Todd Walk- 
er then doubled to left, sending pinch 
runner Chris Latham to third. Hocking 
followed with his game-winning hit. 

Oriole* i, white Sox o Mike Mussina 
pitched eight sharp innings and Cal Rip- 
ken hit an RBI single as visiting Bal- 
timore beat Chicago. Mussina (2-1} 


gave up only three hits, walked none and 
struck out six. 

Danny Darwin pitched his first com- 
plete game for Chicago, but with two 
outs in the third, Roberto Alomar 
walked and Rafael Palmeiro and Ripken 
followed with singles. 

Rong«rs 5, Royals i Outfielder Marc 
Sagmoen's first major league hit was an 
inside-the-park home run, helping 
Texas beat the Royals for its first-ever 
series sweep at Kansas City. 

Sagmoen lifted a towering shot to 
right in the fifth inning. It hit the wall on 
a fly and Joe Vitiello let the ball get past 
him as it rolled back toward the in- 
field. 

Indians 4, Rod Sox 3 Jose Mesa earned 
a save as the Cleveland Indians played 
through the rain to beat Boston. 


Mesa pitched a scoreless ninth in- 
ning, striking out pinch hitler Reggie 
Jefferson with runners on second and 
third to finish it. The Indians snapped a 
four-game losing streak while stopping 
Boston's four-game winning streak. 

Julio Franco led off the Indians' sev- 
enth with a single. Marquis Grissom 
drew a rwo-our walk and Omar Vizquel 
lined a tie-breaking single off Rick Tr- 
licek (2-3). Jim Thome hit a sinking 
liner to right that Troy O'Leary grabbed 
with a diving catch to end rhe*mriing. 

In the National League : 

Pirates 3, Rod* 3 Jermaine Allens- 
worth grounded a three- run double 
down the left-field line in the fifth in- 
ning and Pittsburgh ran Cincinnati's 
road losing streak to eight. 

Esteban Loaiza (2-0) shook off 


wintry weather and a run-scoring triple 
by pitcher Mike Morgan (0-1), limiting 
the Reds to six hits in seven innings. 

The Reds scored on catcher Jason 
Kendall's wild throw on a double steal, 
but Barry Larkin lined out to with run- 
ners at first and third to end the game. 

Marlin* Z, Cardinals 1 Pinch hitter Jeff 
Conine's solo homer with one out in the 
bottom of the ninth inning lifted Florida 
over St. Louis. 

Florida tied the game in the eighth 
against Todd Stottlemyre on a two-out 
RBI single by Edgar Renteria. 

Conine’s third homer of the season, 
against Mark Petkovsek, was jusr inside 
the left-field foul pole. Mark Hutton 
with two scoreless innings, got the win. 

The Expos- Phi Hies game in Phil- 
adelphia was rained out. 



Cup Bidding Turns Ugly 

England Accused of Reneging on 2006 Pact 


By Rob Hughes 

International Herald Tribune 

GENEVA — English soccer on 
Friday gained an outside chance of 
staging the World Cup in 2006, from 
which it would profit handsomely. 

But it risked damaging not fust its 
own reputation, but the credibility of 
the English gentleman’s word in the 
world & exceeding sport. 

The English and the Germans, foes 
on the sporting field, were locked in 
controversy at a UEFA meeting here. 
The European authority for soccer had 
earlier declared the German bid for the 
far-off tournament to be its single can- 
didacy. Germany, after all, had out- 
lined its intention more than four years 
ago, and the English had been party to 
an agreement to support that bid. 

But a couple of months ago, tasting 
the glory and 20 million Swiss francs 
(SI 3. 6 million) in proceeds from the 






AUfT.' V® 

Oakland's Damon Mashore diving safely into first base in Toronto as Carlos Delgado takes the pickoff throw. 


last summer, England de- 
cided that honor was not die equi- 
valent of future income. 

UEFA had to concede, for the time 
being, that legally it could do nothing 
to prevent the kind of bidding war that 
recently cost South Korea and Japan 
so dearly before the world soccer au- 
thority, FIFA, decided both countries 
could share the tournament in 2002. 

No one is suggesting that Germany 
share with England Indeed, said 
UEFA, "having listened to the del- 
egations of both associations, the ex- 
ecutive committee noted with surprise 
that, in spite of being represented in 
the committee, the Football Associ- 
ation' * of England "apparently bad no 
knowledge of thegenueman's agree- 
ment within the UEFA executive con- 
cerning Germany’s candidature to 
hoa the 2006 World Cup." 

Lennart Johansson, the Swedish 
president of UEFA and the lone can- 
didate to become FIFA’s president in 


1998, was embarrassed and incensed. 
"Each of us knows there was such a 
gentleman’s agreement — ■ I myself 
was aware and a party to that agree- 
ment. I always thought an English- 
man’s honor, his bond, was given with 
his word. I am not sure X can think th at 
anymore." 

Franz Beckenbauer, die former 
West German captain and manager of 
a World Cup- winning German team, 
had been a catalyst for his country's 
bid. He said Friday that, in his many 
contests against England, he had 
shaken the hand of an En g li sh 
the late and honorable Bobby Moore. 

‘Like President Johansson," said 
Beckenbauer. "I am sadder today. I 
too believed in the integrity of English 
sportsmen. 

'I think it is bad for Europe that 
two major nations will now spend 
tune and money in competition to 
stage the 2006 World Cup. All that has 


responsibility to FIFA. And generally 
when two parties are in disagreement 
a nurd party, in this case perhaps a 
country form another eontinentTusu- 
ally benefits." 

island and 


Mcianon, and Egidius Braun, i 
leader of die German soccerfed 
ation. But England has done aw 
with ns former chairman. He is 1 
The new English leadership said th 

be^said four yei 
H? # J;® 8^8 forward with c 

0Ur n 5 ht t0 do SO.” 

ote for England on anything. 









PAGE 21 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX APRIL 19-20, 1997 

_ SPORTS 


•> 



L.A. Is 3-0 Since O’Neal’s Return 


The Associated Press 

Finally, the Los Angeles Lakers have 
their full complement of players. And 
none too soon, since the playoffs begin 
this week. 

Shaquille O’Neal scored a season- 

high 42 points and grabbed 12 rebounds, 

and Elden Campbell, hampered by a 


> bruised buttock the last few weeks, had 
21 points Thursday night as the host 
Lakers beat the Sacramento Kings, I OS- 
99. “If we can just stay focused and 
keepplaying hard, the sky’s the limit for 
this team,” O'Neal said, “ft’s playoff 
time, and I like to raise my level came 
playoff time.” 

The Lakers remained a half-game be- 
hind the Pacific Division-leading Seattle 
SuperSonics, who won at Denver. : 

Since O’Neal returned after missing 
28 games because of an injured left 
knee, the Lakers are 3-0. They have won 
10 of their last 12 games. 

O’Neal, averaging 35 points and 12 
rebounds since his return, was 15 for 31 
from the field and a surprising 12 for 14 
from the foul line. 

Normally, a poor foul shooter, O'Neal 
made all 10 of his free throws in the 
> second half. Entering the game, he had 
'• made 46.9 percent ofnis free throws this 
season. 

Mitch Richmond led Sacramento 
with 23 points. Brian Grant had 19 
points ana 10 rebounds and Olden Poly- 
nice had 14 points and 1 1 rebounds for 
the Kings, who lost for just the second 
time in six games after they blew their 
playoff chances by losing 13 of 14. 

bad 27 points an<??2rebounds as Seattle 
handed host Denver its 10th successive 
loss. Gary Payton added 24 points for die 
Sonics, who swept all four of their games 


with the Nuggets this season. 

Antonio McDyess had 29 points and 
Dale Ellis 27 for the Nuggets, who 
finished with a franchise-worst 12-29 
home record. 

Auk 106 , M hmoi» 03 At Salt Lake 
City, reserve Chris Moms scared 15 
points, including three 3-pointers in die 
fourth quarter, as Utah beat Golden 
State. Karl Malone scored 20 points in 
26 minutes, but it was the Utah reserves 
who helped die Jazz pull away to their 
17th victory in 18 games. The Jazz 
. swept (heir series with the Warriors for 
the first time since 1977-78. Chris Mul- 
lin led Golden State with 19 points. 

■ft*n Masers 106 , OrkxRm-73 The 
host Grizzlies lost their 68th game, one 
more than they lost daring their in- 
augural season. Rasheed Wallace 
scored 21 of his 25 points in the first half 
for the Blazers, who have already 
locked up the No. 5 seed in the Western 
Conference playoffs. The Grizzlies, 
who posted an NBA-worst 15-67 record 
last year, fell to 13-68 with one game 

■ Iverson Honor Upsets Malone 

Karl Malone, the veteran star of the 
Utah Jazz, is appalled at the NBA's 
choice of player of die week — Allen 
Iverson, a rookie with the Philadelphia 
76ers, according to The Associated 
Press. 

Iverson averaged 44.5 points during a 
four-game stretch, scoring 40 or more 
points in five successive games. Buz his 
team was 0-5 last week. 

“It’s a mockery of the game,” 
Malone said. “Obsmd-five and you 
score 40? So what? In this game, the 
name erf - the game is to win with pride, or 
to lose with pride.” The coach of the 
Vancouver Grizzlies, Stu Jackson, 
questioned the 76ers’ tactics. 

“To do what they did, running up and 



down, letting him go, just take 23-30 
shots a night, I don't know if that’s the 
right way to go about it,' ' said Jackson, 
who also has a star rookie in Shareef 
Abdur-Rahim. 

“Shareef could probably score 40 as 
well, but we’re trying to continue to 
develop our team and stay within the 
confines of the integrity of the game. 
And I don't know whether they ne- 


cessarily did that in Philly.” 

Malone’s indignation is nothing new. 
Earlier in the season, he dubbed certain 
young players “knuckleheads'* for 
their approach to the game. 

Charles Barkley and Michael Jordan 
also have decried the antics — espe- 
cially the arrogance — of some new 
players, with Iverson’s name most 
prominently mentioned. 


A Breeze for Krajicek 
At Windy Japan Open 


The Associated Press 

TOKYO — Top-seeded Richard 
Krajicek, yielding only nine points on 
his own serve, cruised past David Prin- 
osil of Germany, 6-4, 6-3. on Friday and 
into the semifinals of the Japan Open. 

Krajicek served nine aces and said 
later, “Any time I needed a big serve I 
got it.” His only complaint was about 
die second set: “I wasn't aggressive 
enough. I think I could have broken him 
a few more times.” 

Krajicek, of the Netherlands, next 
faces tire No. 6 seed. Patrick Rafter, who 
outplayed fellow Australian Todd 
Woodbridge, the fourth seed, 6-4, 7-6 
(7-3) in gusty winds. 

The No. 5 seed, Thomas Johansson of 
Sweden, who has a 16-2 match record 
and two tournament titles since March 
10, beat No. 13 Mark Woodforde of 
Australia, 6-3, 6-4. His semifinal op- 
ponent will be No. 16 Lionel Roux of 
France, who beat an injured Boris Beck- 
er in the round of 16 and then drubbed 
No. 7 Martin Damm of the Czech Re- 
public, 6-3, 6-1, in the quarterfinals. 

Krajicek, who is 13-4 in singles play 
this year with one tournament title, 
broke Prinosil in the first game of each 
set On his own serve, he lost the first 
tint and did not lose another until the 
: set's last game, when he was passed 
once and double faulted once. But he 
also served three aces in that game, at 
speeds of 1 89 to 2 1 1 kilometers per hour 
(118 to 132 miles per hour). 

“If I keep playing like this. 1 think I 
have a very good chance of winning 
here," said Krajicek, the 1996 Wimble- 
don champion who is ranked 6th in the 
world by the ATP. 

The wind worsened later fa* the 
Rafter- Woodbridge match. R after came 
back from 40-0 to break Woodbridge in 
the second set’s first game and took a 2-0 
lead. But after a time-out to fix one of the 


singles poles and chase down the ball 
boys' kneeling mats, blown away by the 
wind, he lost nine straight points and was 
even at 2-2. He broke again in the fifth 
game but was broken back in the 10th. In 
the tiebreaker, he won four straight points 
from 3-3 cm errors by Woodbridge. 

Johansson started and ended by 
serving love games. Scoring points with 
a big forehand, he broke Woodforde once 
in ibe first set and twice in the second and 
was broken once in the second. 

Roux broke Damm once in the first 
set and three times in the second as the 
Czech player had Double with his first 
serve and missed volleys. 

The frustrations continued later for 
Woodbridge and Woodforde, the world's 
top-ranked doubles pair. In a quarterfinal, 
they lost. 6-3, 6-7 (5-7), 7-6 (7-2), to 
Rafter and Justin Gimelstob of the United 
States. 

In a women’s semifinal, Amy Frazier 
of the United States advanced to her 
fourth straight Japan Open final by over- 
powering Annabel £11 wood of Australia, 
6-2. 6-3. On Sunday, Frazier, seeded 
third, will meet the winner of Saturday’s 
.s emifinal benveen No. 2 Kimberly Po of 
the United States and No. 4 Ai Sugiyama 
of Japan. 

■ Costa Moving to World Top 10 

Albert Costa of Spain will move into 
world top 1 0 for the first time next week 
after reaching the semifinals of the Bar- 
celona Open with a convincing 6-4. 6-2. 
victory over Cedric Pioline of France on 
Friday, Reuters reported from Bar- 
celona. 

Costa, who suffered two singles de- 
feats in his country's recent Davis Cup 
debacle in Italy, coped better in difficult 
conditions after a stoppage for rain at 5- 
3 in die first set. 

Pioline had beaten the top seed. 
Thomas Muster, in the previous round. 


Scoreboard 


BASEBALL 


Major League Stamhmqs 



EAST HVISHJfl 



W 

L 

Pet 

GB 

Boitirnare 

10 

3 

J69 

— 

Boston 

8 

7 

£33 

3 

Toronto 

6 

6 

SOD 

3% 

Derrtat 

7 

9 

A 38 

4% 

New York 

5 

io- 

.333 

6 - 


cnmtAL annsKM 



AWwoukee 

7 

4 

.636 

■ — 

Minnesota 


7 

X33 

1 

Kansas CHy 

6 

7 

.462 

2 

Cleveland 

6 

8 

AS 

2% 

CMcugo 

4 

10 

a »6 

4% 


wtBravwoN 



Seattle 

10 

5 

667 

— 

Tears 

7 

5 

JSI3 

1% 

Oakland 

7 

8 

467 

3 

Anohehn 

6 

8 

AS 

3% 

• TuaMmMii inim 

■ 



EASTUViaWN 




w 

L 

Pet 

GB 

Aitanto 

11 

3 

-786 

— 

FJortOO 

10 

•4 

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1 

Monreal 

5 

7 

617 

5 

New York 

4 

10 

-286 

7 

PhliodBlpMa 

3 

10 

-231 

7% 

CENTRAL DIVUHON 



HOUSton 

9 

6 

400 

— 

Pittsburgh 

6 

7 

462 

2 

□ndnnofl 

5 

10 

-333 

4 

St. Loub 

4 

10 

.286 

4% 

Chicago 

0 

12 

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7% 


WI8TDIVBKSN 



•Cotorodo 

10 

3 

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— 

| Son Fiandsca 10 

3 

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— 

LosAngeiea 

9 

4 

692 

1 . 

San Otago 

B 

5 

615 

2 


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Oakland 830 «!« OHM T 3 

Taranto 011 182 1«*-S U.l 

PiWaA.SmoH(6),Gfoo« OJ.R. Leads £7) 
and MoBnoi Hamm OuanMD tfi, TUnfln to 
and ©Men. W-Quartr* l-l . L-Grwm. 0- 
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Mtaesata 100 2M 080 1— » 11 1 


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(10); Rafts, SvrtmMi (A and G. Myers. 
: W-MraML 1-0. L-Jaron. 1-1. 

Santo* ON Ml 308-8 14 1 

Detroit 810 210 XM 11 1 

Frasara. Hurtado (M. McCarty (St B-WWs 
(0), Chariton (91 aid. Da-WOscnr Uni, 
Bantfdo <5L J. CWrmJnc* (73 and B. 
Johnson. W— Fcssen* 3-6. L— Bautista, 0-1. 
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00. Defreft TcXJort Tiamrart 03. 
JUwYo* 010 3N 000-4 0 2 

MOwtnfcs* 100 ON ZI1 — 8 12 0 

PaffltA, Nctsoo (7), Stanton (8), 
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GkartL-McAirtmtVnoneCQ. Miranda (7), 
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■ m a t ooi on ooo—i » o 

Chicago ON ON 000-0 4 0 

Manta, RoJOyan 01 <md Modes. 

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Japanese Lcaques 
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W 

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GB 

YokuB 

11 


w 

646 



Yamlort 



to- 

SOD 

45 

Churdchl 

6 


A— 

500 

45 

Hboetibna 

5 


— 

-455 

56 

Hanshbi 

4 




333 

65 

Yakahoma 

4 


to. 

633 

65 


FUMY'S 

mni 



Yakut! 3l Honshln 0 





MCmCIOfH 




w 

L 

T 

Pet 

GB 

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6 

3 

1 

667 



DoW 

7 

4 



636 

— 

Seftu 

7- 

4 

— 

636 

— 

Lotto 

5 

6 

1 

655 

10 

Ortx . 

4 

6 

— 

600 

25 


Nippon Haro 

RBar’suMis 
DaWALanad 
Selbu & KMastul 
-Nippon Ham IZOrtxS 


BASKETBALL 


NBA Stanunos 


BumNcawan 

ATLANTTC DrVHDOM 



W 

L 

Pet 

y-Mhaol 

60 

2D 

750 

*New York 

55 

25 

6B8 

x-Oftando 

45 

35 

563 

WbsMngtan 

42 

38 

52S 

NewJmsey 

24 

56 

-300 

PWknWphto 

22 

58 

-275 

Boston 

14 

66 

.175 

CENTRAL DWIBXNI 


X-QliCDBO 

69 

12 

.852 

*-Attonta 

55 

25 

680 

K-CbtHtolte 

54 

26 

675 

x-Deboir 

53 

27 

663 

□evetand 

47 

39 

673 

ttKfano 

39 

41 

■488 

Mftraukee 

32 

48 

600 

Taranto 

28 

52 

650 

WBBVUNCOa 

MRB1 

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IN 

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Pet 

z-Utaft 

62 

IB 

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o-Houston 

55 

25 

688 


39 

41 

688 

DokB 

24 

56 

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Son Antonio 

20 

60 

.250 


Denver 

20 

61 

647 

42% 

Vancouver 

13 

68 

.160 

49% 

manconraroN 



x-Sentrte 

56 

25 

691 

— 

x-L-A. Lcfceo 

55 

25 

688 

% 

x-Porttind 

48 

33 

693 

8 

x-Phaerfix 

39 

41 

688 

16% 

x-L-A. aippers 

36 

44 

650 

19% 

Soavnanta 

33 

47 

613 

22% 

Gddan state 

30 

51 

J70 

26 


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y-dlnched dhriston Oita 
x-dlnched playoff bath 

noNMQtn tsswui 
Seattle N 29 25 21— IN 

Denar 26 21 20 22-104 

S: Kemp 10-197427, Payton 9-185-5 SWD; 
McDyess 11-22 7-9 29. Elds 10-21 1-4 27. 
Reboaods— -Seattle 44 (Kemp 12), Denver 46 
{ Johnson 157. Assists-- Seattle 18 (Paytoa 
HawWns 4), Denver 21 (Smith 7). 

Getdep State 25 26 20 22- 93 

Utah 20 20 23 27-106 

G6c Mute 7-9 5-5 19. FlAir 6-7 2-2 14. 
Sprawl 4-11 4-t U: Malone 74 6-7 2a 
Monts 5-10 1-1 15. Jtabqouds-Gclden State 
48 (Spencer ICO. Waft 42-CMtdorm Fort* 
Monts. Howard 41. AsMsti Out dm State 18 
(Booker 5). Utah 26 (Homacefc, Bstey, 
Stockton*). 

Parttand 27 23 19 36-105 

GB Vhneowrer 20 19 19 IS- 73 

_ P-.WaJtac8l0-155-72S,Sabanfc6-92-215; 

5 V; Peeler 5-12 M 16 Mayberry 4-7 34 14. 
15 Retains T*nrttimd58 (Safaonh, Dudley 7), 
18 Vancouver 40 (Abdur-Rohtai, Reeves 9). 
36 Assists— Portland 25 OLRntrinsoa 7). 
38 Vancouver 17 CAbdur-RaMm 6). 

46 Sacra m ento 23 24 23 29- 99 

ULlnkm 27 23 35 23—108 

— 5: FBdvnond 8-165-62% Grant 8-173-3 19; 

13% LA: O'Neal 15-31 12-1442, CarapbeB 7-9 7-8 
14% 21. Rebounds— Soanraento 48 (Potyn kail), 
15% Los Angeles 49 COHenl 12). 

27% Assists — Sacramento 25 (Hotter SI. Lot 
29% Angeles 29 (Van Exd 7). 


36% 



40% 

1 HOCKEY 

131 

GS 

NHL Playoffs 


23 

Mootnoi 0 

2 0-2 

38 

New Jersey 2 

8 3-5 

42 

First Period: NJrRaWort 1 i 

(Stevens, 


Guerin) 2. N-L-Chamben I (Hotlk. 
Nledermoyet) (pp). Second Peri od: M- 
Comon 1 (Reccht, GuIntnO (sh). A M-flrunet 
1. WO. Third Parted: NJ.-Guertn 1 (Stevens. 
GCmour) 6, NJ.-RaJston 2 (Gflroour) (sh). 7, 
NJL^ Biudeur 1, ien). Shots on gee L- M- 13- 
10-7-30. KJ.- 164-15—35. GooBeK M- 
TMhoutt NJ.-BTOdeur. 

(Near Jenay leads series 149 
Ottawa 0 0 t— 1 

BuMo 0 1 2— J 

First Period: None. Second Period: B- 
HcUnger 1 (Wort) (sh). TNrt Ported: o- 
Alfrafison l (YasWn. Duchesne) (pp). 3. B- 
Plante l (May, Grasek) A EH. Burridge 1 
(Hotringer, GaOty) (pp). Shots oo goat O- 8- 
5-10-23. B- 9-124-26. Goodes: O-Tugnutt 
B-Hasek. 

(Buffalo Mods series 14) 
Pmsbergh 0 0 1—1 

PMadsIpbta 1 2 2-6 

Ftas period— 1, P-FaBoon 1 (BrindAmaur, 
Dykhuls) Second period— Z P-LeOak 1 
(Undros. Renbetg). 3. P-BrirarAmour 1 
(DestanAu. Ltadras) (pp). TUrd Period: P- 
Jogr 1 (Medved, Woolley] 5, P-Undros 1 
(Praspot Nlnimoa) {pp). t> P-Faitoon 2 
(Undras) Shots on Book P- 6-10-13—28. P- 
15-11-12-38. GoaBos: P-WreggeL P-Snow. 

IPfcfladetpWa leads series 14) 

SLY. Rnogis 0 6 0-0 

Florida 0 3 0-3 

Rrat Period: None. Second Ported: F- 
GarpenJov ) (Svehkv Mellanby) (pp). 2 F- 
MuBer 1. (Murphy. SvehhO (pp). X F- 
Ntedemayor 1, (Medonby, Svehta) Third 
Period: None. Shots an goofc N.Y.- 13-16- 
5-34. F- 10-13-5-28. GaNtC: K.Y.- Richter. 
F-Vanblesbiauck. 

morido leads series 14D 


TENNIS 


Japan Open 


mkis hu i 

QUAPTER FINALS 

Rlchofri Krancek a). KouiertandA deC 
David Prhwrt (8). Germany. 64, 6-a Potridi 
Rotter (6), Australia, del. Todd iMmttiridge 
(4), AustraOa 6-4.74 (7-3). 

Thomas Johansson (5), Sweden, det Marie 
Woodforde (13). Australia 6-3. 6-4i Lionel 
Roux (10, France, del. Martin Damm (7). 
Czech Republfc 6a 6-1. 


woouM's nous 

SGWFWALS 

Amy Frazier (3), United States, det 
Annabel gllwood (9), AiMtndta. 6163. 

Barcelona Open 


mat's ssmus 

OUAftllRFMALS 

After! Costa (7), Sprda det Cedric Ptaflne 
(16), Franca 64 62. Cartos Mayo U), Spain, 
del. Andrei Medvedev, Ukraine, 64, 6-2. 

Alberto Berasategul Spain, det. Fernando 
Meflgenl BrazA 6-z 7-5. 



Hcerenveen 5, Helmond Sport (ID D 

raom NUT DtVtHON 

LEel. Cannes 2 

SPAMIM n>ST DmsieN 

Oviedo 1, Racing Santander5 
Espan ft AN dca Madrid 0 


RUGBY UNION 


Super 12 


Australan Capital Territory 1& Otago 9 


TRANSITIONS 


UMMIL 

MAJOR LEAQUC BASEBALL 
AMERICAN LEAGUE 

CLEVELAND— Staled RHP BIB Wertz to iT*- 
nor-ieoguecortracL 

kamsas cmr—Put OF Jermtfne Dye on 15- 
day dbabled Dst. RecaOad C Mfte Sweeney 
tram Omaha AA. 

MINNESOTA— Pul DH Paul MoOtoron 15- 
day dbabled Bst retroodlw to April 14. Re- 
aped OF Brent Brede tram Salt Luke Oty, 
PCL 

Oakland— C alled up C Brunt Moyne tram 
E down ta a PCL. Put C George wnams an 
t64ay dsaUed Bit retraacffva to April la 

Seattle— P romoted RHP Chris Beck from 
Lancaster, CL to Memphis. SL 

tosonto— O pOoned RHP Robert Person 
and RHP Luts AntMorta Syrociaa IL 
BJUK8IBA U 

NATIONAL BASKETBALL ASSOCIATION 

CLEVEUNO-Adtvated G Bobby PhiUt 


ham in|ured Hst Pin G Cat Thomas on In- 
(wedDst. 

WASirrNGTON-Acttvated C Lorenzo 
WHBams from injured list. Waived F Ashrof 
Amaya. 

FOOIMU 

NATIONAL FOOTBALL LEAGUE 
aiiaNNATt— Signed FB Scuttle Graham to 
2-veoramtn>cL 

OENVEB-SIgned OT Hany Swayne and 
OB John Roberts. 

MINNESOTA viwN&s-Agreed to terms wtiti 
RB Robert Smith on 1 -yew contract 
N.Y. jets— T raded Rrs-round draft pkta 
first overall, id St. Loub for Rams Bret-round 
pick, No.6overalL and thelrthlrd-. tourth-and 
sevettVhrouml pKJts. 
pmsBUECH— Signed LB Eric Rcrvatll. 
tam PA SAY— Signed 06 Sieve Walsh aid K 
B|om Mttmo to 2-year contracts. Re-signed S 
Todd Scott to 2-year contract. 

HOCKEY 

NATIONAL HOCKEY LEAQUE 
Florida— R ecalled C Craig Ferguson, C 
Ryot Johnson. D FBIp Kvba and G Kevin 
Weekes tram Coroflna AHL. 

los anceles —Sent RW Nathan Lafayette 
to Syracuse AHL 


The Week Ahead 


Saturday, April 1 9 


SOCCER. Guatemala City — CONCACAF, 
Copo UNCAF, through Aortl 27; Dubai UtW- 
ed Arab Emirates — FIFA. AFC World Cup 
goo Wring, Asia, first round. Group X second 
phase, through April 26- 

KOTBALLNewYori— NFL Draft, ihrough 
April 20. 

6CLF, Cannes. France — PGA European 
Tour, Comes Operb through April 20. 

RUGBY UNION. Vartous dies — Super H 
New South Wales vs. Queensiana; Northern 
Transvaal vs. Waikato; Super 12, ConferbutY 
vs. Natafc Wellington vs. Free State; AueWand 
vs. Gauteng (Transvaal). 

StfMDAY, AfHIL 20 


soccer. Phnom Penh, Cambodia — FIFA. 
AFC World Cup quaMVIng. Asia, flrs round. 
Group 5, Co mborfio -Yemen; FIFA. CONCA- 
CAF, World Cup quantyino. CONCACAF fi- 
nals. United States vs. Medea Lusaka, Zmiv 
bta— eKWbMoa Zambia vs. Malawi 


cycling, Uege. Belgium — World Cup, 
Uege-Bastagne-Uege Cktsslc 
BASKETBALL New Ytxk — NBA regular 
season ends. 

Monday, April 21 


tennis. Monte Coda Monocu — ATP 
Tour, Manta Carla Open, through April 27; 
Oitanda Florida - ATP Tour. U.S. Men's 
Clay Court Championships, through April 27; 
Jakarta. Indonesia — WTA Tour. Donomon 
Open, ihrough April 27; Budapest Hungary 
— WTA Tour. Budapest Ladles Open, 
through April 27. 

soccer. Yerevan, Armenia — exhibition. 
Annenki vs. Kazakstan. 

ATHLETICS, Bosun — Boston Marathon. 

Tuesday, April 22 


basketball Rome — European Final 
Four, through April 24. 

soccer. Vartous sties — UEFA Cup. SemV 
finals. Second Leg: AS Monaco (France) vs. 
Inter MBan (Italy}; Schalke 04 (Germany) vs. 
Tenerife (Spain). 

Wednesday, April 23 

soccer. Various sites — European Cham- 
pions Cup, Semifinals. Second Leg: Juventus 
(Italy} vs. Ajax Amsterdam (Netherlands): 
Manchester United (England) vs. Bonrssia 
Dortmund (Germany). 

Thursday, April 24 


soccer. Various sites — European Cup 
Winners' Cup, SemJflnots, Second Leg: 
Fkxemtna (Italy) vs. Barcelona (Spain); Liv- 
erpool (England! vs. Parls-St. Germain 
(France). 

basketball Various sites — NBA Play- 
offs begin. 

colb MocWd, Spain — PGA European 
Tour. Spanish Open, ihrough April 2 7; 
Greensboro, North Carolina — U-5. PGA 
Tour, Greater Greensboro Chrysler Classic 
through AprB 27: Tsukuba Japan — Japan 
PGA ratal Open, through April 27. 

Friday, April 25 


autdraonu I mot a, naly— Formula one. 
Grand Prtx of San Marina pracace. 

Rugby league. Sydney. Australia — Su- 
per Leopue AvdroSa vs. New Zealand. 


DENNIS THE MENACE 



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trnstm-nmjmsKKX 


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.\ppefflT evny Tuesday. 

To idwrtise contact 

KhnberfrGumaad-Betraricouii 
TeL: + 33^Ul«W7S 
Fas: +33(0)141 43 93 70 
or your nearest JUT office 

orpepreseowtire. 


PEANUTS 


fjJST CHECKIN^ 
^ VN,MANA6ERj 

JUST LETTING YOU KNOW 


f 1 absolutely refuse^ 

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OF OUT IN RIGHT HELP.. 

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PONT COME OUT HERE, M0U6E.1 
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BLONDIE 



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WIZARD of ID 



NON SEQUITUR DOONESBURY 






















PAGE 22 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, APRIL 19-20, 1997 


DAVE BARRY 


Doing My Public Service 


M IAMI — I recently received some 
very exciting mail. And I'm not 
talking about a sleazy letter from some 
magazine-selling outfit claiming I won 
a sweepstakes. I'm talking about a 
sleazy letter from the Majority Leader 
of the U.S. Senate. Trent Lott. 

Trent — I call him ’‘Trent'’; he calls 
me "David" — informs me that I 
"have been nominated as one of Flor- 
ida’s 15 representatives on the Repub- 
lican Presidential Roundtable." Trent 
explains that the roundtable is "a 
unique group of onJy 400 Americans." 
and that "recently, a vacancy oc- 
curred"; he's hoping I will "consider 
stepping forward to fill it" 

" It ’s not often in life that one is called 
upon to lead." notes Trent. 

This is true. The last time 2 was called 
upon to lead was when I was a counselor 
at Camp Sharparoon, 
and I led a cabin of 12- 
year-olds on a nature 
hike directly into the 
heart of what had to be 
North America's largest 
bee colony. That was in 
1966. and the swelling 
is just now subsiding on 
some of those campers. 

Of course the Repub- 
lican Presidential Roundtable is not in- 
terested in a nature hike. It is interested, 
according to Trent’s letter, in obtaining 
my "personal help and assistance in 
shaping and driving our Republican na- 
tional agenda." 

I do have some thoughts on that. I 
think that Item No. 1 on the Republican 
national agenda would be to introduce a 
bill that would enable (be Senare ma- 
jority' leader to change his first name 
from "Trent" to something that makes 
him sound more like the kind of strong 
legislative stud we want running our 
Senate, such as “Dirk." or "Buck,” or 
— this would make me very proud to be 
an American — "Mojo." 

□ 

My other suggestion for the national 
agenda occurred to me recently when I 
read about a plan by the federal gov- 
ernment to pay hospitals NOT to train 
doctors. According to a New York Times 
article that I swear I am not making up. 
the federal government is going to pay 41 
teaching hospitals in New York State 
S400 million of your tax dollars to stop 
training so many doctors, thereby stem- 
ming "a growing surplus of doctors." 

Perhaps your reaction to this program 
is; “Hey. if there’s such a surplus of 
docrors.’how come whenever I try to see 
one. I have to sit in the waiting room 
long enough to watch ‘Rocky’ and all 14 
sequels?" This shows why you are an 
ordinary dirtball taxpayer, as opposed to 
a health-care expert. 

My own reaction to the plan is that it 
would be perfect with one minor modi- 
fication: Instead of paying the $4 00 


My personal help 
in ‘shaping and 
driving our 
Republican 
national agenda/ 


million to leaching hospitals, we should 
pay it to law schools, on the condition 
that they promise to stop producing law- 
yers. which already outnumber humans 
in some cities. Naturally, because this is 
a free country, any given law school 
would always have the option not to 
participate, in which case Army tanks 
would reduce it to smoking rubble. 

So those are my feelings on the na- 
tional agenda. Unfortunately. I may not 
be sharing them with Senator Mojo Lott 
and the other members of the Repub- 
lican Presidential Roundtable, because 
when you get to page two of Trent’s 
letter it turns out that, in addition to my 
personal help and assistance in shaping 
and driving the national agenda, they 
want 5.000 of ray personal dollars. And 
before 2 spend that kind of money. I 
want to consider what kind of deal I can 
get from the Demo- 
crats. 

As I understand it. 
the Democrats have a 
whole menu of options 
for contributors. If you 
pay so much, you get 
coffee with the presi- 
dent; if you pay more, 
you get to stay 
overnight in the Lin- 
coln Bedroom; if you pay still more, you 
get to use the Jefferson Bidet; and so on 
up the donor scale until you reach the 
level of your major supporters such as 
Indonesia or Barbra Streisand: at this 
level, you get the Executive Package, in 
which you get to appoint an ambas- 
sador. veto a bill ana launch a nuclear 
attack against the city of your choice. 

Another plus with the Democrats is. it 
will probably turn out that your dona- 
tion is illegal, which means they have to 
give it back. 

The downside is. if you give money to 
the Democrats, reporters will snoop 
around and eventually link you to 
"Whitewater' ’ — there is no activity on 
Earth, including erosion, that is not ul- 
timately connected to “Whitewater” — 
and President Clinton will issue a state- 
ment about you making these points; 

1. He doesn't know you. 

2. Well. O.K.. he DOES know you. 
but he didn't promise you anything. 

3. Well. O.K.. he DID promise you 
something, but it was not technically 
illegal. 

4. But if it WAS illegal, the Re- 
publicans do the same thing all the time, 
and we need to put a stop to iL 

5. It was Chelsea’s idea. 

I don't need that kind of hassle. So 
I'm frankly thinking that maybe I won't 
be donating to either political party. Bill 
and Dirk will just have to call on some- 
body else to help them lead, somebody 
more in tune with the ethical concepts 
involved in modem political fund rais- 
ing. I hear O J. is available. 

©7997 The Miami Herald 

Distributed 6v Tribune Media Services Inc. 


Taking the Door Off Ibsen’s ‘Doll’s House 


International Herald Tribune 

P ARIS — The audience at "Une Mai son de Pou- 
pee" at the Odeon-Theatre de 1’ Europe gasps at 
Torvald’s obtuse weakness and cheers his wife Nora’s 
strength and resolution as Ibsen's heroine leaves her 
doll's house for freedom. The stage direction has 
become a feminist metaphor Nora slams the door. 

Except that in this production she doesn't. "No, 1 
hate that door business." says Deborah Warner, the 
English director who is working in French for the first 
time. Nor does she think Nora Is headed for freedom. 

"I think it is a terrible end. I think she'll be very 
unhappy whatever she does because she has left bar 
three children. She can't come back, that's for sure. 

MARYBLUME 

and may never want to come back but she wouldn't 
not want to have her children. She will be forever 
unhappy. The irony of this play having been hijacked 
by the feminist movement "is v«y real isn’t it. 
because it's a terrible finish." If Paris audiences go 
along with the familiar reading of the text rather than 
what Warner thinks it says this is because Ibsen is less 
played in France than in England and because she is 
still working on the end. I For the press opening, she 
had Nora come back for a final embrace bur discanfed 
that as sentimental.) She is also still working on the 
play's beginning and. for that matter, its middle. This 
may be a production best seen well into its Paris 
nin.which ends on May 11. 

Originally. Warner 'wanted to direct "A Doll’s 
House” because Paris audiences have been so wel- 
coming to her English productions, most recently 
"Richard IL" and because she wanted to work with 
Isabelle Huppen. When rehearsals began Huppert 
said she was pregnant which Warner thought was fine 
as Nora could well be pregnant too. but an immense 
role in which she is hanliy offstage proved too much 
and Dominique Blanc, a respected film and stage 
actress who played in Patrice Cnereau ’ s ‘ ‘Peer Gynt.’ ’ 
stepped in and learned the part in two weeks. 

This meant the cast only had about four weeks of 
rehearsal. Warner is moved by their courage and trust 
in her but. she adds. "Theater shouldn't be made in 
four weeks and that’s the truth." This is especially 
true of her sort of directing which is based on 
indirection and patience and not on giving orders. 

"I will wait forever because I absolutely believe 
that if the impulse comes from the actor it is true and 
not corrupt and you can do anything with it because 
it’s theirs and it will be alive." If the impulse comes 
from somewhere else it’s adopted ana extremely 
difficult to make true. The moment there’s a sniff of 
the direction in which they're going, then you can 
start to direct. But to start to direct before you know 
where they’re going I think is puppetry and there lies 
artifice and all die Things I hate." 

Right now the production, she says, is like a foal 
struggling to its feet "We opened while we were still 
learning the necessary energy to play it. It's a ques- 
tion of voltage which is not the same thing as speed. 
It's shocking how hard it is to get it up there because 
somehow the audience perhaps conspire to think that 
plays in rooms are gentle plays." 

Plays in rooms or on conventional proscenium 
stages are not Warner's style and the last such pro- 
duction she did was also Ibsen. "Hedda Gabler" in 
Dublin with Fiona Shaw and Stephen Rea. She had to 
be talked into it, and is very glad right now that she did 
it because she regards Hedda as Nora’s big sister. 

"I think Hedda realizes her mistake and thus 
acknowledges her depression while Nora has no 





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Warner: “The irony of this play having been hijacked by the feminist movement is very reaL 

chances of freedom within a marriage and the dif- 
ficulty of that and dial both parties have to move, to 
develop a nd the marriage has to move with that. It is a 
portrait of a maniage for roe, rather than a portrait of a 
woman wi thin a marriage.’’ 

The view of a finally emancipated Nora storming to 
a brighter future doesn't make sense, Warner sots. 
“It’s an ap palling thin g, you can't pay that price for 
your own enlightenment. She doesn t gain power by 
speaking those words in the third act but appears to 
lose power. She should hardly be able to walk by the 
end, I rhinir She’s going into a world that she’s so 
unready for where everyone will behave as badly as 
her husband did." 

Warner is still playing with the notion of Nora 
making a fleeting return. “I know that there’s a strong 
idea in her returning for a moment after having gone 
because it’s such a shock. And we haven’t found the 
truth in dial, maybe there isn’t one for these two actors, 
but I’m still curious about that. Even if she forgot 
something — a very painful parting with someone and 
then you forger your air ticket! It's that, isn’t it? I th i n k 
the last scene is all the partings that any actors who 
play these two roles have ever had, they should roll 
fntn it, the painful territory of human parting.’’ 

By the 12th performance Warner felt her actors had 
grasped the freedom which she says is righdy theirs. “It 
was tremendously moving to watch them take their 
rights and make the piece their own. I was really 
knocked out. We have truly begun our journey now." 

Her next journey may be hardier still: a per- 
formance version with Fiona Shaw of Milton's 
"Paradise Lost." And maybe one day more Ibsen 
because she likes digging for lost clues to his work. 
"I don’t know whiduwould do. The one I dislike the 
most is ‘The Lady From die Sea,' " she said, "and I 


realization until the incredible moment in the third act 
when she sees she is living a lie. She doesn't know that 
until her hope that her husband will save her is dashed. 
I think she’s frightened and then very slowly begins to 
find the language to express iL But I don't think it’s 
simmering away all the time. 

"She spent her life making Torvald comfortable, 
eclipsing any chance of getting hold of the truth by 
always trying to be happy . Or. as she says at the end, 
she's never really been happy, just gay.' ' 

What Warner had not suspected until doing 
“Hedda Gabler" is that Ibsen’s are deeply emotional 
plays and are not always seen as such. One reason, she 
thinks, is that they are pretty awful to read and are 
lumbered by Ibsen's stage directions which give a 
fustian conventionality that the text does not really 
have. Once Warner had freed herself of the stage 
directions in "Hedda Gabler’’ she was struck by how 
radical the plays are. 

’ ‘I think he’s pushing the characters’ experience to 
quite an extreme point and I think if we approach 
them as domestic plays they are dismal failures. That 
is what radical is: He was giving us ‘Electra’ or 
‘Medea' or whoever in a drawing room which is a 
fantastic idea because it's true once or twice in 
people's lives. Happily not every day." 

To Warner. Torvald's awakening, when he returns 
his wedding ring and recognizes that there is an 3byss 
between them, is as terrible as Nora's. Ibsen, once the 
cobwebby stage instructions have been erased and 
the embedded clues discovered, is. she says, a play- 
wright for the 21st century. 

' ‘Through the '50s and die '60s and the '70s and the 
'80s ‘A Doll's House’ has had such a stamp on it 
because it has been the language of the female move- 
ment and that'snot why it’s a good play and it's not the 
play he was writing. He wasn't writing a play about the 
freedom of women. I think he was writing about the 


think I’d probably do that one day because 1 am sure 
it's not as bad as it reads." 



PEOPLE 


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T HE Canadian singer Celine Dion 
and the American group the Fugees 
were among the winners at the 1997 
Worid Music Awards, which have only 
one .measure of performance: record 
sales. In an award ceremony in Monaco 
hosted by Princess Stephanie, the sing- 
er Jon Bon Jovi and actress Halle 
Berry, Dion wot for best-selling pop 
artist and the Fugees for best-selling pop 
group. In the rock category, winners 
were Alanis Morissette and Oasis. Both 
also won in the alternative category. Li- 
onel Richie and the Bee Gees won “le- 
gend" awards. The ceremony was i 
for worldwide broadcast on June 2. ! 
the proceeds go to the Princess Grace 
Foundation, which aids young artists, the 
elderly, orphans and underprivileged 
children. The rest will go toward con- 
structing a hospital in Madagascar. 

□ 

Geneva's opera and ballet announced 
that its 1997-98 season would be staged 
in the city’s former power-generating 
station, which has been remodeled into a 
theater. Renee Auphan. the director, 
said the yearlong transfer would allow 
for a rejuvenation of the company’s 
nearby home, the Grand Theatre. "We 
considered closing down for a year, but 
rejected the idea." she said. "We have to 
keep faith with our public, and keep our 
team together." City authorities took 
over the” disused station two years ago 
and reshaped half of it into a theater that 
can seat around 1.000 people, about 500 
fewer than the Grand Theatre. 

□ 

Australian actors, directors and pro- 
ducers joined forces Friday to attack 
government plans to drastically cut film 
funding. In a letter to Prime Minister 
John Howard, they said theproposed 
cuts would have a crippling effect on the 
industry and lead to a brain drain to 
Hollywood. The government is expec- 
ted to almost halve the annual funding 
of 140 million Australian dollars (SI 08 
million) to Australia's film and tele- 
vision industry. "In a year in which the 
Australia film industry has garnered 
huge international respect with the suc- 
cess of ‘Shine’ ... and two Oscar 
winners in Geoffrey Rush and John 
Seale, it seems quite incomprehensible 
why Treasury and Finance 
are pushing for such draconi- 
an cuts." the letter said. Rush 
won the best actor Oscar for 
"Shine" and Seale the best 
cinematography award for 
"The English Patient." The 
letter was signed by 19 
people, including Rush and 
Scott Hicks* the director of 
"Shine"; the actors Nicole 
Kidman. Judv Davis, Greta 
Scacchi and Sam Neill, and 
George Miller and Chris 
Noonan, the producer and di- 
rector of "Babe." 







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Lionel Richie, now a “legend. 


Jirquet Miro+i/RiHBrt- 

after receiving his award in Monaco. 


protests by Hindus that the jacket den- 
igrated the deity Krishna, a Hindu group 
in New Delhi said Friday. The World 
Hindu Forum said the company had 
expressed apologies for die "distorted 
and offensive" depiction of Krishna on 
the cover of "Nine Lives." The design 
showed a cat surrounded by snakes. 
Sony Music's India chief, Vijay Singh, 
said. "There have been protests and the 
album has been withdrawn from the 
market. Please let us forget all this." 


Fart ha Kitt received more than a 
welcome from a college dance troupe — 
she got some personal history back. Stu- 
dents at Benedict College in Columbia, 
South Carolina, found lrer lost birth cer- 
tificate showing that she was bom in the 
small town of North in 1927, the daugh- 



vondering 

until now had been unable to find any 


□ 

Sony Music and Entertain- 
ment has withdrawn the latest 
album by Aerosmith after 


A Rebuke on Masako Rumors 

J APAN’S Imperial Household Agency on Friday ex- 
pressed ib displeasure at local media speculation that 
Princess Masako is pregnant. “Such speculations are 
being spread without any grounds, creating a heated 
situation Rivosbi Furukawa of the agency said at a 
news conference. “This has become considerable pres- 
swe on the princess, and as someone who is assigned to 
take care of the princess, I feel very sorry " Princea* 
Masako, the33-year-cld wife ^ C^wn IW 
Naruhito. had been absent from the public eve for two 

W, '“K U S?l Tl ? 5day ' She d ! d .noi attend the Lnerte 
week held by Emperor Akihito in honor of President 
Roman Herzog of Germany. Officially, the princess was 

f Sf er J he agency m dreary also 
aemea rumors mat Masako was expecting. 


information on her immediate family 
* T had no idea bo w I would feel coming 
home." Her father disappeared a few 
years after she was born and her mother 
died when She was 6. Kitt then lived with 
neighbors, until an aunt in New York 
sent for her two years later. The singer 
was in Columbia preparing for a pro- 
duction with the student dancers. 

□ 

To some people, Lionel Hampton 
seems larger than life, and now he will 
appear that way at the National Portrait 
i a Gallery m Washington. Frederick 
— Brown, a painter, has done an 8-by-6- 

portrait of the 
vibraphonist and will present it to Car- 
olyn Carr, the gallery’s deputy direc- 
tar, at a party at Brown’s home in New 
York. About five years ago, he gave 
me a photograph of himself, and I de- 
Clded *° use it Fot a series of jazz por- 
traits, Brown said. “Thank goodness I 
nadn t given it back when he had that 

awful fire in his home.” 

Hampton escaped with only 
me c lothes he was wearing 
from the Jan. 7 fire in his New 
Yoik apartment that des- 
troyed all his memorabilia. 

RCA wiU issue 77 unre- 
jeased recordings by Elvis 
Presley to marie the20than- 

mverwry of his death an Aug. 
16, 1977. The fbur-CD set 
includes Bob Dylan’s 
Blowm in the Wind" and 
songs recorded when Presley 
the anny in Germany. 
RCA said the songs were on 
tapes discovered in a cabinet 
had belonged to Elvis’s 
father, Vernon, 


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