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Barter Now Replacing the Ruble 

Paid in Glass or Shoes, Russians Trade and Sell Them 


By David Hoffman 

^'aifungion Post Service 

GUS-KHRUSTALNY, Russia — 
Wrapped tightly against chilling winds, 

Valentina Novikova, a pensioner, stood 

expectantly at a lonely crossroads out- 
side this old glass- and crystal-making 
town, her champagne flutes tucked 
neatly into cardboard boxes, stacked on 
makeshift birch tables. 

Doo t have money for champagne," 
she said sheepishly, displaying the 
glasses to passers by under gray skies, 
hoping to earn a few dollars a week to 
feed her grandchildren. In felt boots and 
a padded coat, she often walks miles to 
the crossroads with a tote bag of cry stal 
“1 don’t have much,” she sighed 
It is a poignant tableau from a little- 
understood yet pervasive phenomenon 
in Russia's disorderly transition to free 


markets. The glass and crystal sold on 
the roadside here are the lifeblood of fee 
local economy. Workers are paid in 
glass, receive their social benefits in 
glass and must sell the glass to stay 
alive. The glass has become a kind of 
substitute money. 

The workers and their glass factory 
are part of a vast transactional web of 
barter, trading and ’debt -r- all using 
surrogates for the ruble — that by some 
estimates now accounts for more than 
haifof the Russian economy. - 

Virtually every sector, every factory 
and every worker in the country has 
been touched by tire flood of surrogate 
money. What began a few years ago at a 
time of runaway inflati on has persisted 
and become even more widespread as 
inflati on has cooled yet industry re- 
mained moribund. 

From sheet metal to finished cars. 


from champag ne glasses to shoes, 
goods are traded around Russia in lieu 
of money. 

fit Volgograd, workers at the Annina 
factory decided to go on strike this 
month, according to the newspaper 
Izvestia. The reason: Their monthly 
wage of about $50 is paid in brassi- 
eres. 

“All our relatives and friends have 
got them already and we do not know 
what to do with the rest,” a worker 
lamented. “See for yourself. We are 
paid in bras at 18,000 rubles each. That 
makes seven to nine bras a month. Thai 
is too many for one woman.” 

Movie theaters in the Siberian city of 
Altai started charging two eggs for ad- 
mission because people bad no cash to 
spare. But the theaters bit a problem in 

See BARTER, Page 7 




AGENDA 


Juror in Simpson Case Dismissed 


The Associated Press 

SANTA MONICA, raHfnmia — 
The only black woman on the jury of the 
O. J. Simpson civil trial was dismissed 
Friday for conce aling the fact that her 
daughter worked for the office dial pro- 
secuted Mr. Simpson two years ago. 

Deliberations were ordered to start 
from the be ginning with anew juror, an 
Asian man in his 30s. 

Superior Court Judge Hiroshi Fuji- 
saki gave no reason for the dismissal, 
which came after a 90-minute closed- 
door meeting with attorneys. 

But sources said the juror was dis- 


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previous doss 

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THE AMERICAS Pag«3. 

; "BI Lab Worker* Told on Bosses 
Ak ’ 

My^eries of Ancient Sudan 

BUSINESS/!! NANCE P*0«B. 

US and China Close to Textile Fact 


missed for allegedly failing to disclose 
during jury selection that her daughter 
worked or works as a legal secretary 
for the district attorney’s office, 
sources said. They said the matter 
came to the judge’s attention in a type- 
written letter from the office. 

Hie new panel consists of six wo- 
men and six men and includes nine 
whites, one Hispanic, one Asian and a 
Jamaican-born man of mixed black 
and Asian parentage. 

Meanwhile, attorneys were prepar- 
ing to scrutinize Mr. Simpson’s fin- 
ances. Page 3. 

European Leaders Set 
S ummi t With Clinton 

WASHINGTON . (Combined dis- 
patches) — President Bill Clinton will 
meet with European leaders in The 
Hague an May 28 and 29. the White 
House announced Friday. 

On the agenda will be the Helms- 
Burton law that seeks to regulate other 
countries' trade wife Cuba, Irarrand 
Libya as. well asr toe - woKawiaSTlgRr 
against ter ro ris m and trade issues, the 
European Union said in Brussels. 

(AP.AFP) 


Books. 


Crossword. 
Opinion — 


Sports. 


Page 7- 

Page 3. 

— — Page 6. 
Pages 18-19. 


PwO*4. 


• CfctagScmgJtnt/Agcocr Pmcr-Prcnc 

ARRESTED — Chung Tae Soo, center, chairman of file Hanbo Group, 
one of Sooth Korea's largest conglomerates, was charged by prosecutors 
Friday in connection with the bankruptcy of a subsidiary. Page 13. 


Questions Are Raised Over Saudi Interest in U.S. Jets 


By John Mintz 

Washington Post Service 

WASHINGTON — The Saudi Ar- 
abian military is preparing a request to 
buy 102 F-I6 jet fighters from the 
United States in a deal worth up to $15 
billion, according to industry and dip- 
lomatic officials. • 

Some industry executives and dip- 
lomatic officials speculated that the 
Saudis had timed the purchase appli- 
cation to calm administration and con- 
gressional anger over what the Justice 


Department has called the kingdom's qualitative edge in military hardware help preserve domestic stability, 
lack of cooperation in the investigation over its Arab neighbors, according to And some officials at the Pentagon 
into the track bombing that killed 19 American sources familiar with Israel’s argue that the Saudis should modernize 
American airmen there in. June. views. their army rather than spend billions 

Attorney General Janet Reno and the “We woe informed about a possible more on their already potent air force, 

director of the Federal Bureau of In- future deal,” Gadi Baltiansky, an of- Buying more U.S. weapons also leads 
vestigation, Louis Freeh, complained fidal at the Israeli Embassy in Wash-- to more American contractors and mil- 
last week dot Saudi officials had not mgtpn* said Thursday. “We’re learning itary personnel working in Saudi Ar- 
been sharing results of their investi- the .possible implications of such a abia. which stirs up anger among fun- 
gation into tite Khobar To w«s bombing deal*’ . damentalist Muslims and could threaten 

mDhahran. • Other objections may come from the government. 

Israel may object to such a sale, ar- some American officials, who contend The deal, if consummated, would be a 

going that it violates the U.S. com- that such Saudi purchases divert re- 

mitment to maintain tiie Jewish nation’s sources from social programs needed to See SAUDIS, Page 7 


Low U.S. Inflation 
Fuels Market Hopes 

Growth Exceeds Forecasts 
As Expansion Starts 7th Year 


By Mitchell Martin 

humtanottal Herald Tribune 

NEW YORK — The American econ- 
omy is entering its seventh fax year with 
few worries that inflation will threaten 
what is seen as sustainable growth of 2 
percent to 3 percent a year, data released. 
Friday showed. 

The government issued its fourth- 
quarter gross domestic product report, 
which showed faster-than-expecied 
growth of 4.7 percent in the final three 
months of 1996. 

But many analysts said the figure was 
an aberration, and they concentrated 
instead on the weak inflation data that 
were released along with the GDP fig- 
ures. 

The implicit price deflator, a measure 
of inflation, rose 1.4 percent in the 
fourth quarter, compared with the 1 .7 
percent in the previous period. 

For all of 1996, the GDP. which mea- 
sures goods and services produced in 
toe United States, rose 2.5 percent, up 
from 2 percent in 1995. 

The news was warmly greeted by the 
bond market, and prices of most stocks 
advanced as well. The low inflation 
numbers helped confirm the widespread 
view on Wall Street dial the Federal 
Reserve Board would not raise short- 


term interest rates when its policy-set- 
ting Federal Open Market Committee 
met next week. 

Analysts at Merrill Lynch & Co. said 
2.2 percentage points of the fourth- 
quarter's 4.7 percent GDP growth had 
resulted from a “huge and unlikely-to- 
be-repeated" jump in net exports.’ 

They added, “We expect 1997 GDP 
growth to be in a 2-to-2.5 percent range, 
around what the Fed considers the econ- 
omy's noninflationary growth potential 
to be.” 

Samuel Kahan, who runs A.S.K. Fi- 
nancial Research Ltd. in Chicago, said 
that although there were a few surprises 
in the GDP report, he thought the econ- 
omy was on track to grow 2 percent to 3 
percent a year. 

He said exports and a spun in con- 
sumer spending were behind the high 
economic growth in the quarter, but 
with so linle evidence of inflation, there 
was no threat to investors. 

“Earing isn’t bad for you.” he said by 
way of analogy, but “eating too much is 
bad for you.” 

If the economy can grow quickly 
without producing the kind of infla- 
tionary pressures that would lead to a 
boom-and-bust cycle, he said, then there 

See ECONOMY, Page 7 


In Davos , U.S. Officials 
Preach the New Gospel 

Economic Data Give Them Reason to Boast 


By Alan Friedman 
and Jonathan Gage * 

buematwnal Herald Tribune ’ 

DAVOS, Switzerland — Not too 
many years ago. when much of the 
industrialized world’s political and fi- 
nancial elite gathered here to collect 
their thoughts and count their blessings, 
the American economic model was cri- 
ticized as faded, out of dare, even im- 
potent. 

The conventional wisdom then was 
that Europe and Japan had set in motion 
promising models of long-term invest- 
ment, based on the engine of exports and 
generous social benefits, while U.S. 
corporations were guilty of short-ter- 
mism and ungenerous treatment of 
workers. 

But on Friday, as word reached del- 
egates attending this year’s annual eco- 
nomic conference in this cosseted 
Alpine enclave that U.S. growth is soar- 
ing and inflation has dropped to vir- 
tually negligible levels, three of the 
Clinton administration’s leading eco- 
nomic gurus fanned out to spread toe 
gospel of the UJS. model. They also 
acknowledged some shortcomings. 

President Bill Clinton's top econom- 
ic adviser lauded toe latest gross do- 
mestic product numbers and forecast 
five more years of strong growth while 
saying there was no inflation threat in 
sight. Smart Eizenstat, a rising star in 
the administration who is expected to 
move from, toe Commerce Department 


to the top economic job at the State 
Department, urged Europe to adopt new 
pro-growth policies and to introduce 
sweeping reforms. 

“It’s fantastic,” said Joseph Stiglitz. 
chairman of Mr. Clinton’s Council of 
Economic Advisers. 

“We have the lowest inflation in a 
decade.” he noted, saying that with low 
consumer price rises, solid investment 
trends and a very modest increase in 
employee costs, “for the next year at 
least there are absolutely no clouds on 
the horizon.” 

Mr. Stiglitz. while careful to stress 
that he was not seeking to influence toe 
Federal Reserve's decision on whether 
to raise interest rates, nonetheless said 
there was no reason the U.S. business 
expansion could not continue for an- 
other five years. 

“There is no inevitable economic 
cycle, and we have found in a recent 
study by toe Council of Economic Ad- 
visers that cycles don’t die of old age,” 
be said, adding that the study also 
showed that many past recoven es had 
ended when monetary authorities had 
“stepped on the brake too hard as a 
result of an inflationary episode. 

Meanwhile, Mr. Eizenstat, undersec- 
retary of commerce for international 
trade, said that ‘ 'Europe’s problems will 
not be solved alone by reducing budget 
deficits.” 

He said toe fiscal tightening linked 
See MODEL, Page 10 


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Ex- Wife Is Held in Gucci Murder 


By John Tagliabue 

Mnr York Times Sendee 


MILAN — This elegant gray lady of a city may be 
e fashion capital of Italy, but the Ctacoswere 
orentmes. a family of such power and refinement 
at they were often compared to toe Florentine dy- 

faSly feuding brought downfegrstt 

mstv whose pamarch. Gacao Gucci, founded die 
mily^leaiher-gOTds and fashion house in die Tuscan 

ipiol in the eaily years of this emo^y. 

The cruel epilogue came m March 1950. when 
taufcJE &n of Guc«°G>^and g. 
st family member to sell out aa.^mtmst m tne 
shot to outside his office here. 

■BSSS: d?££ -Em* dwi they had solved 



^ detain^ Giuseppina 

vn near Naples. ™ L^vmer and a woman who 


a medium. She was said to have occasionally advised 
Mr. Gucd and later Ms. Rgggiani. 

Police officials told reporters tint when Ms. Reg- 

gjam — whom toe Italian papers often liken to Eliza- 
be* Taylor for her dark, vivid eyes — was asked 
whether she knew why they had come, she replied 
calmly, “Yes. For the deato of my husband.” 

Angered over Mr. Gucci’s failure to compfy with 
agreements on support payments, the police said, Ms. 
Rgg giani in late 1994 used Ms. Acriemma to contact a 
man who was also arrested Friday — a Milan hotel 
porter with a criminal record named Ivano Savioni, 
40. 

Mr. Savioni was accused of engagmg two acquaint- 
ances, Benedetto Ceranlo, 35, who was likewise ar- 
rested Friday; and Orazio Cicala, 58, who is in jail in 
nearbyMbhza on drag charges. 

In the early hours of March 28, 1995, while Mr. 
Cicala waited in a car, Mr. Ceraalo shot Mr. Good 
twice from behind, then twice in toe face at dose 
range, the police said. 

Bee their services, Ms. Reggjam is smdto have paid 
See GUCCI, Page 7 



In Syria’s Long Shadow, 
Lebanon’s Liberties Fade 


By John Lancaster 

Washington Post Service 


Sagfo taMtanflkB Aaodmri Rat 

Patrizia Reggiani Martmelli leaving police 
headquarters on Friday after she was charged. 


BEIRUT — Rene Atallah, 35, is an 

experienced newspaper reporter who 

has covered conflicts from southern Le- 
banon to Nagorno-Karabakh. Some- 
where along toe way, he made some 
powerful enemies. One night last 
month, as Atallah was arranging his 
book collection, Lebanese intelligence 
agents showed up on his doorstep and 
told him be was under arrest 

“I asked them for an order from fee 
government,” Mr. Atallah recalled in 
an interview. “They said they didn’t 
have one.” 

Shuttled between jail cells for 15 
days, be eventually was charged with 
the distribution of leaflets opposing the 


Syrian military presence in Lebanon 
and conducting an interview with toe 
leader of a pro- Israeli militia in southern 
Lebanon. He faces up to 10 years in 
prison if convicted. 

In much of the Arab world, where 
police states are toe norm, the arrest of a 
journalist on sedition charges would 
hardly raise an eyebrow. But Lebanon, 
with its famously outspoken press and 
tradition of relative openness, is dif- 
ferent At least, it used to be. 

Lebanon now is dominated by Syria 
and eager to nurture good relations wife 
oil-rich Gulf states, which are viewed as 
critical to rebuilding the war-ravaged na- 
tion. Hence, it is curbing many of toe 
freedoms that once distinguished it from 

See LEBANON, Page 7 


Lebanon — ■■■■^.OOOj 
Morocco — 

Mar 1000 Rials 

Munfan. 1230 FF 

fiwidi Arabh-IOOO R. 

Senaosl— -1-taOCFA 

S^L......iaooDWi 

J.5. Mil (Eur).— S 1 -^ 0 


$4 Billion Later, IRS Admits Its New Computer System Is a Mess 





By David Cay Johnston 

Sew York Tltrxs Service 

WASHINGTON — The. Internal Revenue Ser^- 
vicehascoucededtoatfcspran$4l^ondevelqpbg 
modern computer, systems feat a tc^ official says 
“do not work in tfe real wodd/’andit is proposing 

to contract out toe processing of papertax returns 
fifed by individuals. That woedri all crW Don gov- 
ftinn i fiDt. workers, to. see c onfidentia l i i ii OiTOa t m o 
about the incomes of individual Americans. ; 


Arthur Gross,, an assis tant commissioner of in- 
temalrevenne appointed 10 months ago to rescue fee 
agency’s efforts, said Thursday feat customer ser- ' 
vice representatives must use as many as nine dif- 
fered conmute terminals, each of which connects to 
seversd toftcrent databases, to resolve problems. . 

“Dysfunctional as some of these systems may 
be today,” Mr. Gross said, fee IRS “is wholly 
dependent on them" to bring in the S3.4 trillion of 
taxes that finance the government. He expressed, 
doubt feat toe agency was capable of developing 


modem computer systems, saying it lacked the 
“intellectual capital" for the job. 

The proposal to contract out tire processing of 
paper tax returns would save little money, as it 
.costs only $34 nriOjon for clerks to extract in- 
formation from 200 millio n paper tax returns and 
enter it into IRS computers. But such a move is sure 
to arouse protests from taxpayers. 

Tbe Government Accounting Office has sharply 
criririy rri the IRS’s administration of the mod- 
ernization project, but Mr. Gross’s comments 


marked the fust time feat toe agency said it would 
have to scrap toe project altogether and start over. 

His admission that the Tax Systems Modern- 
ization effort had failed came in testimony before 
the National Commission on Restructuring toe IRS, 
a bipartisan panel. The panel is expected to press for 
a different approach and to recommend innovative 
ways to persuade more Americans to file their 
returns electronically. 

See IRS, Page 7 


* 





PAGE 2 


INTERNATIONAL ttkr-M .d TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 1-2, 1997 


Not Working but Not Fired: In Spain, the Unemployment Limbo 




By Craig R. Whitney 

Nw tort Times Sen-ice 

ALCORCON, Spain — Last Septem- 
ber, the electrical-equipment company 
wbere Jose Tabanera had worked for 24 
years gave him his last pay envelope. 

The company neither dismissed him 
n °r disappeared into bankruptcy. In- 
stead, it consigned Mr. Tabanera and 60 
other employees, most of them in their 
oud-SQs, to a peculiarly Spanish kind of 
Umbo where nobody knows for sure 
how many people are unemployed, but 
everybody knows it's too many. 

With either 2 1 .8 percent or 1 3.8 per- 
cent of the labor force unemployed, 
depending on which set of official fig- 
ures is used, Spain has more jobless 
people than any other Western Euro- 


pean country. The conservative minor- 
ity government says the strict labor laws 
that the country has as a legacy of about 
35 years of fascist dictatorship and more 
than a decade of subsequent socialist 
governments discourage employers 
from taking on new workers. 

Prime Minister Jose Maria Aznar's 
government argues that Spain cannot 
function in a competitive global econ- 
omy or take full advantage of the com- 
mon European currency that is planned 
for 1999 without labor legislation that 
gives employers and foreign investors 
more flexibility. 

It is hoping that talks under way be- 
tween labor unions and employers will 
produce suggestions for acceptable 
cbange. 

‘ ‘The government will probably wait 


two or three months before deciding 
what to do,” said Jordi Pujol, the 
Catalan regional leader. 

He said he agreed that change was as 
necessary as the budget-deficit cuts and 
lower interest rates that the government 
is encouraging to permit Spain to take 
part in the common European cur- 
rency. 

American -style layoffs and job- 
switching do not appear to be in the 
cards for Spain, said Nicolas Franco, a 
businessman and a nephew of the late 
dictator Francisco Franco. 

He said longer temporary contracts 
that gave small, mobile companies more 
freedom to lay off employees for two 
years or so would help, and would “give 
young people more security.” 

In more turbulent times, Generalis- 


By David Hoffman 

Was Jungion Past S oriw 

MOSCOW — President 
Boris Yeltsin on Friday 
poured cold water on die idea 
of amending the 1993 Rus- 
sian Constitution after several 
weeks of speculation about 
changes, spurred by his pro- 
longed health problems. 

Mr. Yeltsin, who will be 66 
on Saturday, relayed his 
views through his press sec- 
retary. Sergei Yastrzhemb- 
sky, who said the president 

IN MEMORIA 

To Peter Paul Graff 

We say goodbye with tears to 
our Father. Friend. Uncle. Lover 
and Comrade. 

When my beloved died, 
all the monsters came out 

[from somewhere, 
I stopped them with a gesture 

[of mv hand., 

“Not yet," I said. 

“I cannot die yet - 
leave me time to mourn." 

My holy grief kept them 

[at a distance. 
They formed a aide all 

[around me. 

Together we knelt down, 
they folded their paws and 

[daws in prayer 
and entangled their tails. 

While I was weeping biller 

[streams, 

every monster shed a tear 
for you, my dearest dear. 

Finally exliausted, 

I laid my body down - 
longing for death, my" 

[soothing friend, 
when a kind and poisonous 

[snake 


"cannot agree to such pro- 
posals” ana believes the con- 
stitution "has proved its 
workability and played a sta- 
bilizing role.” 

Although the chances of 
amending the constitution 
seem remote, the discussion 
about it is a sign of the con- 
tinuing worry in political 
circles here about Mr. Yelt- 
sin's lengthy absence. Mr. 
Yeltsin, now recovering from 
pneumonia, has effectively 
not begun his second term, to 
which he was elected last 
year, because of illness. 

[President Bill Ginton will 
meet Prime Minister Viktor 
Chernomyrdin of Russia next 
Friday to discuss plans for the 
U.S.-Russian summit meet- 
ing scheduled for March, a 
White House official said Fri- 
day, Agence France-Presse 
reported from Washington. 

[The official, speaking an- 
onymously, also said the 
White House was confident 
that Mr. Yeltsin was well on 
the way to recovery and could 
attend a meeting in die next 
few weeks. 

["All indications are that 
his recovery continues,” the 


official said, noting that "we 
don't see a problem” if the 
summit meeting Is pushed 
back to early April.] 

The constitution, written 
after the October 1993 con- 
frontation between Mr. Yelt- 
sin and parliamentary hard- 
liners, gives the president 
broad powers. 

In addition, Mr. Yeltsin’s 
critics, and some of his allies, 
have suggested amending the 
constitution to better define 
the process of succession. 
The document leaves open 
the question of how to remove 
an incapacitated president 
Nor is there a second-in-com- 
mand tike a vice president 
The document simply calls 
for the prime minister to be- 
come president for three 
months, and new elections to 
be held. 

Much of the recent spec- 
ulation has overtly political 
motives. Mr. Yeltsin's ab- 
sence has raised the specter of 
another power struggle and 
possible election this year. 
Polls show that the most pop- 
ular politician in the country 
today is the charismatic, au- 
thoritarian Alexander Lebed, 


Congressman Frank Tejeda Dies 


crept towards me 
and bit mv neck te 


and bit my neck tenderly. 

I tainted and had no pain. 

They aU nibbled to clear my 

[corpse away, 
and then the soul was free. 

I got up, leaving my earthly 

[prison here. 

1 must go now to the lower 

[fields. 

to find the pure black river 
and knoei by the edge of the 

[stagnant water 
Within it's magic mirror, 
at long last, 

I will find you again. 

We will stay together 
forever, my love- forever . . . 

Eflce Pnfwer, Astrid Frank 
Corin Pnlwer Graff 
Yamuna Devi Sharma 
Nandlni Wafa 
Saraswathy Fey 


The Associated Press 

SAN ANTONIO — Rep- 
resentative Frank Tejeda, a 
Texas high school dropout 
who later earned distinction 
on the battlefields of Vietnam 
and on Ivy League campuses, 
died Thursday night at his 
home. He was 51. 

The Democrat, a former 
Marine, died of pneumonia, 
his office said, a complication 
from die surgery, radiation 
and chemotherapy treatments 
he had undergone in battling a 
brain tumor since 1995. 

After Mr. Tejeda earned a 


* ■■ ■ 

l&vvupA&aA® 

Eat. 1911 PARIS 
"the angina]’ 

5. rue Daunou, Paris (Opera] 
Tc L: 01 42.61.71. 14. 

BERLIN 

l. Grand Hotel Esplanade 


high school equivalency cer- 
tificate in the military, he 
graduated from St Mary’s 
University in San Antonio and 
earned graduate degrees from 
the University of California at 
Berkeley, from Harvard and 
from Yale. 

He served in the Texas 
Legislature, then breezed to 
victory in 1992 in a Hispanic- 
majority congressional dis- 
trict that runs from San Ant- 
onio to the Rio Grande. 

He established a reputation 
in Congress as a staunch de- 
fender of veterans, active- 


Correction 

An article Friday gave an 
incorrect date for an agree- 
ment in which NATO de- 
clared that the existence of 
nuclear weapons in tbe 
United States. Britain and 
France added credibility to 
Western deterrence. The year 
was 1974. 


duty personnel and military 
installations. 

MoUie Panter-Downs, 90, 
London Correspondent 

Mollie Panter-Downs, 90, 
whose wartime reports in the 
“Letter From London" 
column in The New Yorker 
were known to American 
readers, died Jan. 22 in a nurs- 
ing home near Godaiming, 
England, near her home at 
Haslemere. 

She had a 47-year career 
with tbe magazine. Her first 
Letter Rom London appeared 
SepL 9, 1939, eight days after 
World War II broke aaL Her 
letters coveted political, social 
and day-to-day activities from 
egg shortages to the war over 
the Falkland Islands in 1982. 

Dr. Josef Svejcar, 99, a 
Czech pediatrician who wrote 
extensively cm childhood ill- 
ness, has died of natural 
causes, according to a CTK 
news agency report Friday. 


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Second Service wth CWdren’s Church. 
French Service 6:30 p.m. 56, rue des 
Bons-flatens, 92500 RueV-Matma&orv 
For into, cai 01 47 51 29 63. 

HOPE INTERNATIONAL CHURCH 
Hotel Orion at ParisJa-Ofitaroe. 8 bd. de 
Neuty. Vttnhp Sundays 930 am Rev. 
Douglas Miller. Pasior. Tei.: 
01 43 33 04 06. M&io 1 to ts Defense 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
Engfch-Speaiting rmtfenaminaiiofial. 
Tel. +41 61 302 1674. Sundays 1030 
WiSere Strasse ia CH-4056 Basal 

ZURICH- SWITZERLAND 

ENGLISH-SPEAKING CATHOLIC 
MISSION; Sl. Anton Church. 
Minervastrafle 63. near Krauzplatz. 
Services conducted In English. Sunday 
Mass: 830 e.m. & 1 130 am. Services 
held In Tie aypt of SL Anton Church. 


THE B>fSCOPAL CHURCHES 
OF EUROPE (AngBcan) 

PARIS and SUBURBS 

THE AMERCAN CATHEDRAL OF THE 
HOLV TRWTY, Sun. 9 i 11 am. 10:45 
a.m. Sunday School tor children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23. avenue George V, 
Paris 75008. Tel.: 33-01 53 23 64 00. 
Mefro: George Vtr Alma Marceau. 

FLORENCE 

ST. JAMES’ CHURCH, Sun. 9 am. Fte I 
& 11 am File IL Via Bemaido Rucdlai 9, 
50121 Florence. Italy TeL- 3955 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
(Episcopal/Anglican) Sun. Holy 
COrrmnon 9 & ii am Sunday Sdxrf 
and N ursery 10:45 am. Sebastian Rnz 
a 22. 60323 Fraridurt. Germany, U1, a 
3 MqueWUee. Tet 49/69 55 01 84. 


BRUSSELS/WATERLOO 

ALL SAINTS- CHURCH, 1st Sun. 9 & 
11:15 am. Holy Eucharisl with CWdetfs 
Chapel at 1 1:15. Al other Sundays 11:15 
am Holy Eucharist and Smday School 
563 Chaussde de Louvain, Ohafri. 
Belgium. TeL 32£2 384-3556. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Famfy EucharisL Frankfurter Strasse 3. 
Wiesbaden, Germany. Tel.: 
4961130.66.74. 


PRAGUE 

La FELLOWSHIP, WwhracBca # 68, 
Prague 3. Sun. 11 30. TeL: (02) 311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHP 
Sin. 1930 at Swedsh Church, across 
hJrii MacDonalds, TeL’ (02) 383 1585. 

ZURICH - SWTTZBdAND 
LB.C of ZOrtch, Ghetstrasse 31 , 8803 
Ruschfihon, Worship Services Sunday 
mornings 1030. TeL 1-4810018. 


SAINT JOSEPH’S CHURCH (Roman 
Ca»ick4 MASS IN ENGLISH: Sa. 630 pm: 
Sun. 9:45, 11:00 am., 12.15. 6:30 pm 
50. avenue Hoehe. Pans 8th. Tel.. 
01 42 2728 56 Mew. Qories de Gate ■ Elate 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near iKttasM Sm. TeL. 3261 
3740. Wknto Service: 930 am Sundays. 

TOKYO UtfON CHURCH, near Ormesanto 
Subwy Sa Ti 3400-OW7. Woshp Sences: 
Suday ■ 530 & 11 DO am. SS ai 945 am 


EMMANUEL CHURCH, 1 SI A 3rd Sun. 
10 am Eucharist 2nd & 4th Sun. Mormg 
Prayer. 3 rue deMorttuux. 1201 Geneva, 
Switzerland. TeL 4M22 732 80 7a 

MUNICH 

THE CHURCH OF THE ASCENSION, 
Sun. 1 1:45 a.m. Holy Eucharist and 


Sunday School. Nursery Care provided. BETHEL LB.C. Am Di 
Sayboihstrasse 4, 81545 Munich (Har- (Engfeh), Worst* Sun. 1 
tachtog). Germany. TeL 40896481 65. 630pm. TeL 069549559. 


bchhg). Germany. TeL 43896481 65. 

ROME 

ST. PAUL'S WTTHW-7HE-WALLS. Stir 
830 am. Holy Euftangr Rue 1 1030am 
Choral Euchansl Rile II: 10:30 a m. 


Nape* 58. 00184 Rai 
3339 or 3» 474 3563 


EUROPEAN 

BAPTIST CONVBfflON 

BERLIN 

LB.C., BERLIN. Rottienburg Str. 13. 
(Stagfitz). Sunday. Bible study 10.45. 
worship Service 12.00 noon. Charles 
warlord, pastor. TeL 030-774-4670 

BREMEN 

LHC, Hohenlohestr. Hermam-Bose-Str. 
Worah p Sun . 1730. Pastor telephone: 
04791-12877. 

BUCHAREST 

i .BX., Strada Papa Rusu 22. 3:00 pm 
Cofted Pastor KAe Kemper, Td. 31 2 3860 

BUDAPEST 

I.B.C., meets at Morics Zsigmond 
Qimnazjum. Torokvesz ut 48-54. Sun. 
1030 Tel. 2503932. 

BULGARIA 

I.B.C, World Trade Career. 36, Drahai 
Tzankov BML worship 11:00. James 
Dtice. Paaor. TeL 869 6BB. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOW5H**, Sodenesr 11-ia 63150 Bad 
Hamburg. A friendly, Christ-centered, 
church serving Ihe English-speaking 
community. Sunday Worship, S.S. & 
Nursery 0845 Wee' ' “ “ ' 

WLP. Levey. Cal 061 

bethel LB.C. Am Dachsbern 92 
(Endfeh), Womhto Sun. 1130 am aid 
WXTpm. TeL 069-649559. 

HOLLAND 

TWNTTY mERNAIKMAL Invites you to 
a Chris centered teflowshfp. Services: 
900 ana 1030 am Btoemanplaan 54, 
Wassenaar 070617-8024 nursery prov. 

NICE - FRANCE 

LB.C. 13 rue Vernier, Englsh service, 


ASSOC. Of WH. 
CHURCHES 

BERUN 

AirattCAN CHURCH N BBttJN, cor. 
of Clay Alee & Pobtfanar Str n Su& 930 
am, WortHp n am Td: 0308139021. 

FRANKFURT 

TRINITY LUTHERAN CHURCH. 
Ntoefaiganatee 54, Sul Worship 11 am. 
Tit 06935631 006 or 51 2552. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
V&tttna Smiay meUp 030 h German 
1 100 In Engtoh. Tel (022} 3105089. 

JERUSALEM 

LUTHERAN CHURCH at tie Redeemer. 
OH Cty. Mrtstan Ri Engfetfi worship Sun. 

9 am Alans uckxiniaTd: (02}62B1-049. 

PAMS 

AMERICAN CHURCH IN PARIS. 
Worship 11:0a am 65. Oust cfOrsay. 
Paris 7. Bus 63 at door, Metre Akna- 

M arceauorlnvaUe& 

ViasiNA 

VIENNA COMMUNITY CHURCH, 
Sunday worship ki Engfen iiao AM... 
Dwfcy achopi. nursery, intemafonat, al 
denaiviatons wgfcotm. DaRMbeergasse 
l&Vtamal. 

ZURICH 

INTERNATIONAL PROTESTANT ! 
CHURCH Engteh spoaWng. worship I 
service. Sunday School & Nursery, 
SurvteBfi ii-rm o^««ManX 


simo Franco’s government decreed that 
workers would basically have their jobs 
for life. After his death in 1975, demo- 
cratic Spain, like most of its Continental 
European counterparts, wrote job se- 
curity into social legislation. 

Mr. Aznar’s predecessor as prime 
minister, the Socialist Felipe Gonzalez, 
modified the law to allow companies to 
bypass severance-pay requirements by 
hiring younger workers on short-term 
contracts. Companies do not have to 
give these workers severance pay when 
the contracts expire. 

One result has been the creation of 
short-term jobs, about 250.000 last year 
alone. 

But insecurity about how long they 
will last adds to die confusion in tin 
labor markets, economists say. 


"The official unemployment figures 
are higher than the real ones.” said 
Professor A man do de Miguel, a so- 
ciologist who does consulting in market 
research. 

One of Spain's official unemploy- 
ment figures — the higher one — is 
based on answers to questions asked of a 
sample of job applicants at government 
employment offices. 

"People-lie,” said Carmen Alcaide, 
an economist for the Banco Bilbao Viz- 
caya. 

The government also reports the 
number of people actually registered 
and collecting unemployment benefits 
— 2.2 million people in December, or 
13.8 percent, a figure not so far wit of 
line with the European Union average of 
1 1 percent, she said. 


Yeltsin Resists Changes to Constitution 

Russian President's Illness Raises Questions About His Broad Powers 



a retired general, and the 
prospect that he could win an 
election has unsettled the 
leadership. 

Thus, some of Mr. Yel tsin ’s 
allies have suggested trying to 
head off an election by 
amending the constitution so 
that the prime minister, now 
Mr. Chernomyrdin, would 
serve out Mr. Yeltsin’s term if 
the president could noL The 
Communists have also 
pondered creating a vice pres- 
idency, in hopes that they 
might win the spot. 

The unspoken assumption 
is that Mr. Yeltsin is too sick 
to serve out his four-year 
term. Since Mr. Yeltsin is so 
all -powerful, at least on paper, 
his absence has led to an acute 
sense of drift and structural 
reforms have all but stopped. 

But amending the consti- 
tution is not a simple process. 
It would require approval by 
all 89 regions and both houses 
of Parliament. 

"It's easier to teach cro- 
codiles to fly than to change 
this constitution," Grigori 
Yavlinsky, head of the 
Yabloko bloc in Parliament, 
said recently. 



Lnn CtoBjUrctTn 

DARKENING STALEMATE — Policemen guarding the Japanese 
ambassador's residence in Lima on Friday; 72 hostages were still 
being held by rebels as President Alberto Fujimori left for Toronto 
for talks with Prime Minister Ryu taro Hashimoto of Japan. 


TRAVEL UPDATE 


U.S. Issues Warning 
On Hamas Bombings 

JERUSALEM (WPj — The U.S. 
State Department has warned that the 
militant Islamic group Hamas could re- 
sume bombings in Israel and possibly 
include Americans among its targets, 
following the decision by a senior leader 
of the organization to drop his fight 
against extradition to Israel from the 
United States. 

The State Department said its dip- 
lomats were "taking appropriate secu- 
rity precautions.” and it advised Amer- 
icans abroad "to exercise greater than 
usual caution in their activities.” 

"We cannot discount tbe possibility 
of random acts of anti-American vi- 
olence," it said. 

The Islamic Resistance Movement, 
known as Hamas, has issued new threats 
against Israel and against "all the 
Americans who have interests in the 
Arab and Muslim world.'* 

India Urged to Create 
Aviation Regulator 

NEW DELHI (AFP) — Leading In- 
dian avjatiqn experts warned Friday of 
more air disasters unless the govern- 
ment acts quickly following a midair 
collision here last year that killed 349 
people. 

The experts called for an independent 
body to regulate air traffic, upgrade 
flight safety and enforce guidelines for 
"zero-error skill” in die industry. 

A Saudi 747 airliner collided with a 
K azaksfani plane in November near 
New Delhi. There were no survivors. 


Air Marshall A. M. Sahul. a former 
chairman of the National Airports Au- 
thority. said at a meeting organized by. 
an aviation industry forum that India's 
aviation policy was flawed. 

"Development of Indian airports has 
been absolutely haphazard until re- 
cently," he said. A former civil aviation 
secretary, S. S. Sidftu. said Indian air 
traffic controllers were under too much 
pressure. 

He said there had been "four very 
near-misses in the sky” since the 
November tragedy. "This should make 
us sit up and take notice.” he added. 

Tokyo-Haneda Airport 
To Stay Open 24 Hours 

TOKYO (AFP) — One of three run- 
ways at Tokyo-Haneda airport will soon 
be open 24 horns a day for charter flights 
and business jets, the Transport Min- 
istry said Friday, according to Asahi 
Shimbun. 

The airport, principally used for 
flights within Japan, is now open from 6 
A.M. to 1 1 P_M‘ 

Foreign companies have asked the 
Japanese aviation authorities to allow 
business jets to land at the airport, which 
is closer to the capital than tbe main 
airport. Narita International. 

Train services were disrupted in 
Portugal on Friday by a one-day strike 
by workers who were protesting the 
restructu ring of the money-losing state 
railway. CP-Caminhos de Ferro Por- 
tugueses. The -union said about 5,000 
workers, including some engineers, had 
joined the strike, representing 70 per- 
cent of the membership. (Reuters) 

WEATHER 



Almost everybody these davs has •. 
relative who rs out of work or looking 
for it. Jobless students, such 
Tabanera's daughter, often live with 

their parents into their Ute 20s. : 

One of Mr. Tabanera’s two daueh 
ters. Ana Tabanera Mambri tfa 
believed that her father’s aS* 
Conymon 2000 SA. was trying to prec’ 
sure him into quitting so iL wouldW 
have to make the legally required 
e ranee payments. 

"Then they could hire younger work- 
ers on short-term contract and mJ 
them less,” die said. ^ 

• 'If companies can dismiss old people 
and pay young people nothing! Wfw 
have we been working f«T ‘ asked Mr 
Tabanera. 55. an electrical^quipmen; 
inst aller. 


BRIEFLY 


Belgian Soldier 
Killed in Croatia 

ZAGREB. Croatia — A Belgian 
corporal was fatally shot Friday and 
a Jordanian soldier and a UN of- 
ficial were wounded near UN 
headquarters in the last Serb-held 
area in Croatia. 

An unidentified suspect was ar- 
rested after the shooting in Vuko* 
var. a UN spokesman. Philip 
Arnold, said. The injured were 
taken to a hospital, he said. Officials 
declined to give any more details. 

The Belgian is the first member 
of the UN international force to be 
shot to death in Serb-held eastern 
Slavonia since January' 1996, when 
the United Nations began super- 
vising the restoration of Croatian 
rale there. (AP) 

UJL Defense Firms 
Hit a Sales Record 

LONDON — Tbe British de- 
fense industry captured aquarter of 
the world arms market in 1996 with 
record sales of £5.1 biUkm ($82 
billion), second only to the United 
States, the government said Fri- 
day. 

Defense Procurement Minister 
James Arbuthnoi termed the figure 
a "remarkable achievement for 
British industry,” (me that would 
bolster the country's share of the 
world market to a record 25 per- 
cent. up from 16 percent in 1994 
and!9perc<mtin 1995. 

The rise in the value of sales 
between 1995 and 1996 was only 
about £100 million; die greater 
market share resulted in part from a 
shrinking world market. (AFP) 


To Seek Re-Election 

ZAGREB, Croatia — President 
FranjoTudjman, reported to be suf- 
fering from incurable stomach can- 
cer, said Friday dial he planned to 
run in the country's next presiden- 
tial election due this year. 

"If you ask me if I will nm for 
another presidential term, die an- 
swer is yes,” Mr. Tudjman. 74, said 
in a televised interview with CNN. 
He said speculation about his health 
had been exaggerated. 

"My state of health is satisfac- 
tory, and it is improving very 
well,” Mr. Tudjman said. “I can 
not only perform my presidential 
duties without difficulties, but I 
also enjoy playing tennis." 

Political analysts and diplomats 
in Zagreb have speculated that Mr. 
Tudjman will step down before tbe 
election, due in June or July. He 
was treated in a U.S. military hos- 
pital near Washington in Novem- 
ber for what U.S. diplomats said 
was terminal stomach cancer. 

(Reiners) 

For the Record 

A complaint filed by Gerry 
Adams, the leader of the Irish Re- 
publican Army’s political wing 
Sinn Fein, against London s refusal 
to allow him into Britain m 
was rejected by the European Com- 
mission on Human Rights in Stras- 
bourg. (Heaters) 


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North America 


Europe 

Cold air win cover south- 
eastern Europe and Turkey 
through Monday, than 
some moderation Tuosday. 
Northwestern Europe win 
have gradual moderation, 
bui the wanning w« come 

eiower in soma areas, such 
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bi* at the stormy weather 
wi tie confined to Scoiuft- 


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Northeastern CNna. both 
Kersas and southern 
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season Into early next 
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wfl average mur to below 
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! Stephanie Simon and Hemy Weinstein 

— -- A*g*la Times 

Q~J T jL°™!° eyS 

*- a poaibt 

ISS™”* new documeaB about^fc Simp^sfi^ 

Tf®* souras Close to Mr. 
fees havc g° bbl « i 1=1= pieces Of 

I retam sotae substantial assets, the 
T ludm S pension funds wc*th£L5 

2S^i arSCly P" 3 ^ 1 ^ fr 0 ® oeditms, and 
- 222* f Sot be is also in debt to 

m2 ? chubn ¥ *“* attorneys, 

c- “^L 15 ®ej d f* ab, e for the deaths of Nicole Brown 
l Goldman and ordered to pay 

1, . nonages, Mr. Simpson could be forced to sellBs 

f€ ii* bo S ei even his football trophies 

I I y=T. Eves if jurors slap a multhnilUon dollar iud*menr 

Simpson will never be forcedonto 
skidrow. Califoniialaw protects him fiomfoat &te_But 
™c ma n wbo embodied the rags-to-riches American 
would have to auction off his Bentley, rive aphis 
TO^conmandadjimtoamorenMXJestlifeTjie. ‘ 
Mr. Simpson would be able to tap his pension funds 


son s 


only for reasonable, everyday expenses, such as gro- 
cery frills or rent payments or off-fo^-rack clothes, 
according to business lawyers. If he used his re- 
tirement money to boy anything a judge deemed a 
luxury — or even if he deposited the funds in a bank 
account — his cretfitocs could go after it 
ffhe used irtobuy a $20,000 Honda, for example, that 
Honda would be subject to levy -ty creditors, said 
Richard Brunette Jr., a Los Angeles attorney who spe- 
cializes in finance law. The creators would rodude the 
plaintiffs, if they win a judgment against Mr. Simpson. 

Although the court would not ^‘permit him to uvea 
luxurious Hfestyle,” Mr. Brunette said, Mr. Simpson 
would sot “be required to seD pencils on die street.” 
Mr. Simpson's current financ ial state will become 
public record only if jurors find him liable. 

hi its current round of deliberations, which began 
Tuesday, the jury is weighing one immediate money 
issue: Whether Mr. Simpson should compensate Mr. 
Goldman’s parents forme loss of their son, and if so, 
how much he should pay. But foe court has ordered the 
jurors to decide that issue without considering Mr. 
Simpson’s finances. 


lithe verdict goes against Mr. Simpson, the trial wiD 
move into a second phase, dedicated to testimony 
about Mr. Simpson's financial assets. Jurors wifi then 
determine . how modi Mr. Simpson should pay foe 


victims’ relatives in punitive damages, which are 
designed to punish a wrongdoer for his misdeed. 

Under California law, jurors must take three factors 
into consideration when calculating punitive damages: 
bow reprehensible the defendant's misconduct was; 
how much economic damage it caused; and how 
wealthy the defendant is. 

: J£foe jury holds Mr. Simpson liable, there would be 
little debate about the brutal nature of the murders. The 
economic loss is also uncontesied; lawyers on both 
sides agreed that Mr. Goldman's mined clothes were 
worth about $100 and Mrs. Simpson’sdresscost $250. 
So, the main point of content 
wealth. • 

“If someone’s net worth is zero, it only takes a $1 
judgment to punish him,” said' a Beveriy Hills at- 
torney, Paul KieseU who handles many wrongful death 
lawsuits. * l O. J. is going to attempt, without question, 
to represent to the jury that he is penniless.” 

The sources familiar with Mr. Simpson's finances 
say he has been scrambling to pay off his legal debts. 
But they acknowledged Mr. Simpson may have more 
assets t han they are aware of. 

If they win a big judgment, foe plaintiffs could 
bound Mr. Simpson until they collect every last penny 
he owes them. A civil attorney, Brian Lysaght, said 
“They will grind Mr. Simpson, no doubt about it'’ 



llnmtUa/\pni» hnw 1V»» 

A man and woman arguing over the Simpson trial near the courthouse. 


POLITICAL 


Hey 9 Who Was the Guy 
In the Ugly Golf Shirt? 

WASHINGTON — For President Bill 
Clinton, the 19th hole of a golf course often 
involves a wedding. The First Duffer fie-, 
qiiently finds himself at country chibs 
" where weddings are in progress and,- erven 
when sweaty, poses for photos with foe 
happy families. People wia garmp docu- 
- meats this next week with pictures. 

'T think the temperature was approach- 
ing 100 that day, he puthis arm around me, 
and I said, ‘Oh, my God,’ ” said a Wash- 
ington engineering, executive (and Repub- 
lican), Michael Kappaz. His daughter’s Ju- 
ly wedding at Maryland’s Congressional 
Country Club was attended by 300 guests, 
and Mr. Clinton dropped right in. 

“He’s a very rfiarniigg, very magnetic 
fellow,” Mr. Kappaz said of Mr. Cfoxton. 
“One of my daughters came up to him and 
said, ‘Most offoe people here didn’t vote for 
you, but yon put your arm around them or 
. embrace them. I voted for you. How about a 
kiss for me?’ Of course, he did.” (WP) 

Parties Fight on Money 
For Campaign Inquiry 

WASHINGTON - — Republicans and 
Democrats have readied agreement on a. 
broad seme far foe Senate Governmental 
Affairs Committee’s investigation into 

Away From Politics 

A polio vaccine given through drops and 
sugar cubes was responsible for almost 
every case of polio in the United States/ 
between 1 98G andT994, according to die 
Centers for Disease Ctioirol and* Pleven-" 
turnout the government expects a new 
vaccine regime® that starts this moaafo taunt 
the risk- Tne risk of contracting polio firm 
foeoraIvacdDeisonecaseper2-4miHion 
doses, the centos said. The new policy is 
expected to cut that risk in half. . (AP) 

•The Marine Corps has opened an fe- 
vestigation of two hazing incidents known 
as ‘“Wood pinoings” in which elite para- 


campaign financing abuses but remain di- 
vided over a Republican proposal to budget 
$6.5 million for tire inquiry. The agreement 
restored the cominrttee’s fragile harmony 
for foe timebemg but petintedtoa potential 
dispute for foe Senatetf a co mp romise is not 
reached in the next few weeks on the in- 
vestigation’ s financing »nri duration. 

On Thursday, when foe committee voted 
alongpaity lines to approve foe Republicans’ 
$6 5 million proposal and reject foe Demo- 
crats’ cxnmtarprqposal to authorize only $1.8 
million, foe two patties were “very, very far 
apart,” as Senator Alien Specter, Repub- 
lican of Pennsylvania, put it 

Under pressure fiom Democrats, foepan- 
el agreed unanimously to a detailed state- 
mem making clear that the inquiry would go 
into areas where Democrats wanted it to, 
such as congressional campaign abuses and 
foe misuse of tax-exempt organizations for 
political purposes. (WP ) 

Quote/llnquote: 

N icholas Bums, die State Department 
spokesman, on plans for Madeleine Al- 
bright to visit Europe and Asia during her. 
first trip abroad as secretary of stale: “This 
argument about whether Europe or the Pa- 
cific is more important is- really not an 
argument worth having, because they’re 
both important, and there's noneedforusto 
choose. We’re going to be operating under 
her leadership very aggressively in both 
areas.” (AP) 


troopers have golden jump pins beaten into 
their chests. The incidents, in 1991 and 1 993, 
were videotaped by participants- (AP) 

• Alabama prisons should not be allowed 

a^^fa'fod^^magjstrate in^Montgomery 
has ruled. Prisoners testified font they have 
Stood chadded for as long as seven hours to 
'foe~ch£gt-high horizontal bars, which they 
call the ‘Tutoring post.’’ (NYT) 

• A Mexican drug lord, Juan Garcia 

Agrego, 52, convicted of smuggling tons of 
cocaine ipto the United States and laun- 
dering millions of dollars, has been sen- 
toicedtoll life terms in prison and fined 
$128 million. (AP) 


FBI Lab Workers Blew Whistle on Bosses 


By David Johnston 

Sew York Tows Srrvicr 

WASHINGTON —An in- 
ternal Justice Department in- 
vestigation into the FBI crime 
laboratory has uncovered nu- 
merous complaints by labo- 
ratory employees about foe 
handling of forensic evidence 
in the case against foe two 
men charged with the bomb- 
ing of foe Oklahoma City fed- 
eral building on April 19, 
1995, in which 168 people 
were killed. 

The criticism of foe FBI lab 
emerged in interviews con- 
ducted by investigators from 
the inspector general’s office, 
hi the interviews, some of the 
laboratory workers said that 
their superiors engaged in 
sloppy, im proper or un- 
sdentificpractices in the Ok- 
lahoma City case. 

Laboratory examiners in 
Oklahoma shipped critical 
items to the lab, such as the 
faded black jeans worn by foe 
suspect Timothy McVeigh 
when he was arrested, in a 
brown paper sack instead of a 
sealed plastic evidence bag, 
one employee said. A gun and 
a knife purported to belong to 
Mr. McVeigh were sent to foe 
laboratory sealed only in a 
maud a envelope, the employ- 
ee added. 

At onejxrini, visitors to the 
“laboratory placed travefcase^ 
that were potentially contam- 
inated with explosive residue 
in an area where bomb debris 
had been stored awaiting test- 
ing, another employee said. 

As a result, none of the 
material could be tested. J 

In another instance, & lab- 
oratory worker reported that a 
technician testing maxerial- 
from Mr. McVeigh’s car 
found foe presence of cocaine 


on a sample, a false reading 
that may have resulted from 
using improperly cleaned 
equipment. The sample, foe 
worker said, was discarded. 

The interviews were con- 
ducted over foe last two years 
as part of a lengthy review 
into accusations of lax pro- 
cedures at the laboratory. A 
draft of die inspector gener- 
al’s report was turned over to 
officials of the FBI last week, 
but it has not been made pub- 
lic, and it remains unclear 
how many of the complaints 
to the inspector general were 
sustained in the report’s find- 
ings. 

Partial transcripts and por- 
tions of internal summaries of 
the interviews wereprovided 
to The New York Times by 
people outside foe govern- 
ment who are critical of the 
laboratory's performance in 
the Oklahoma City bombing 
case. 

Deputy Attorney General 
Jamie Gorelick expressed 
hope that foe government’s 
prosecutions would not be 
damaged by problems at the 
laboratory. 

“We have taken appropri- 
ate steps to preserve foe in- 
tegrity of our case,” Ms. 
Gorelick said Thursday, “and 
we have every confidence 


that in the end everyone will 
get a fair trial.” But she said 
that the impact would nor be 
frilly understood until the 
courts assessed how prob- 
lems at the laboratory could 
affect each case. 

The information from the 
inspector general ’s investiga- 
tion has .surfaced at an awk- 
ward time for the govern- 
ment. Lawyers for Mr. 
McVeigh and a second sus- 
pect , Terry Nichols, have 
suggested that they will chal- 
lenge the government’s 
forensic evidence in trials 
scheduled to begin this 
spring. 

Legal experts said similar 
challenges could complicate 
foe prosecution of other cases 
in which the laboratory 
played a role in evaluating 
evidence. 

The transcripts and sum- 
maries suggest that the FBI’s 
procedures for testing explo- 
sive material were lax and 
that nonscientisrs who man- 
aged the laboratory appeared 
to be casual in their approach 
to handling evidence. ’Hie cri- 
ticism closely parallels that of 
Frederic Whitehurst, an FBI 
chemist who has been critical 
of the laboratory. 

The criticism suggests that 
the procedures in specific 


cases like the Oklahoma City 
bombing illustrate wider 
problems at a laboratory that 
bas had a reputation as one the 
country’s premier forensic 
science institutions. 

In response to the inspector 
general’s findings, agency of- 
ficials reassigned three lab- 
oratory employees who 
worked on (he Oklahoma 
City bombing case. 

Bureau officials, who ac- 
knowledged problems in han- 
dling evidence from foe Ok- 
lahoma City bombing, said no 
agent had been accused of de- 
liberate wrongdoing. They 
said that they did not expect 
that any mistakes would se- 
riously undermine foe gov- 
ernment’s case and they ex- 
pressed confidence that there 
was sufficient evidence to 
convict the two defendants. 

The officials said that par- 
tial transcripts and summaries 
were in some cases incorrect 
and reflected exaggerated re- 
collections of a few employees 
who were interviewed by in- 
vestigators from the inspector 
general's office. The officials 
said that some complaints 
raised by employees were in- 
vestigated and dismissed in 
preparation of the report by foe 


relating to (he Oklahoma City 
bombing quoted an employee 
in the laboratory’s explosive 
unit, LaToya Gadson, as 
telling investigators that “foe 
evidence was a ‘mess’ when it 
came in because it had not 
been collected in an ‘orderly 
fashion.’ “ 



MW WO KID'S KATES TO THE «LS. 


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IDEAL FOR HOME / OFFICE / CEUUUiR 

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e interview summary 


Patricia Wells 
At Home i\ Provence 

Recipes Inspired by Her Farmhouse in France 


Ml 

(he 

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h.-- 
V '•■!:« 

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: i : across 

I Spanish poet 
V ' fcderfco Garcfa 

fiaotzzluser - 
tt took 

everywhere in 
CTlMbposed 
l< Make ft big 
ZU Popular porters 
» WdtyVOne 
Writer's 

Beginnings.” e.g. 

23. Stretched one's 
neck 

M Mexican state or 

-aproduathu 
i originated there 
itt Whole-grain 
—food 

tT Specialist in a 
• dock blind 

n Where My 

Money Goes* 

.. . taarty 1900's 


30 Chuck 

j^mhemalive 


- ■* ■” “ 
• *• 


. .. 


COLLEGE CATALOG llE, By Richard Silvestri 


33 G.P.gfp. 

34 Highest honor 

35 Colorful dumps 
of grass 

'40 Trimming too! 

42 Platitudes 

44 Army leader? 

45 Province in 
Italy’s Northern 
League 

46 Blue Eagle 
initials 

47 Adult 

48 Locate 

49 Conviction 

52 Kingdom of 
Minos 

53 Lies limply 

56 Drink for Drac 

57 Nurse 

58 Sired of 
mystery 

60 Go cold turkey 

62 Columbia - ' 
athlete 

63 FBI the hold 

04 F!yirtg/Ib.<^ 



T i‘; '» <•* 

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... I* * I* 


***** 


t frrELMETROPOLl 

• GENEVE 
jab:. ^-FJwww.mtlropol*^ — 


65 Pun strings? 

66 Gei fresh with 

67 Moreihan 
miffed 

68 Toiling 

70 Christmas 

71 Advanced 
course 

73 Whiz 

75 * — -a Moon _ 
Oat Tonight* 

{7961 hit) 

76 * Three 

lives* 

77 Missouri, fcg- 
. .78 East end 

79 Jelly ingredient 

82 Secretary, at 
times 

83 Crime statistics 

87 Western airline 
name * 

88 Emma Lazarus 
90 Muscle-building 

nnir 

92 Pmup 

93 Tbbe.toBenita 

94 Word is a 
promise ' 

85 Hoi issue? * 

96 Area near the- 
crown 

162- One who teaMS* s 
a nobleman 

105 Squeaking 
lOC-’SttHglTstar . 

106 Inherent 
character 

109.Theyre 

dfepensedm - 
litres ‘ 

HO Ancient 
‘111 'School of 
painting.. 

' 112 Marsh ptant ' 

113 Break 

114 Cobbler’s stock 

DOWN 

1 Kind of particle 

2 “Saw the ah’* 00 
mudiwhbyour 
hand,* in 

• Shakespeare* 
wonts’ 

3 Like Uranus 

’ vis-*- vis Jupiter 

4 A cock does h 

5 Spelfer*pbrase 

’ 6 God Of wine 

7 Unpaid debt 

8 Smg4-long 
; syllable 

- 9 posterior 
16 In any way 
' li Thescarte letter 
' -ii.BygbneWap -- 

• 13 Philippine 
...island 


' - 

"T-* 

n 

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xt 

u 


a 


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CISew York Times/Edited by WiU Short*.- 


14 QtyWNWof. 
Mascara - 

15 Overshadow 

16 Ftoww dusters _ 
18 Noil* perfect 

20 Changesback 

21 Guy Lombardo 
. hit of 1937 or 

■ Jimmy Dorsey 
Wt of 1957 , 

26 S0o occupant 
28 . ftanktfn’s flier 
31 GralM 
55 Hung out to dry 

36 Bomber Initials- 

37 Bring (out) 

38 Single 

39 Codpiece? 

« ^-Peacb" 

(Allman 

..Brothers album) 
41 GotJuckyat - 
. poker ' 

43 General Grant's 
boraeshoer 
45 Ukeihe'nu - 

47 Hail 

48 Alley chaKengc . 
'49 BeerhoWws: 

Abbr, 


50 Walt Disne/s 
-middle name 
5 J Unbound - 
32 Chest UWrteriaJ 

53 Donein . : 

54 tike some , 
Excursions 

55 Go furtive^. 

57 Unit of 

ca pad lance . 

59 Dotlllmion 
' product' 
MOMck - 
63 Oosei contents 
68 “South Pacafic' 

. -here 
68 Fends ott 

76 Make confetti 
72 Triyan princess 

. of a Mozart 
opera - 

74 Maintain 

75 AJasL,onre 

77 Costa. . 

. anatomically 

79 Get ready to . 

■ leave. ... 

80 Renowned 
Manhattan 

. 

81 Suggest 
82-Concern . 


83 Overflows 
« Captain, eg. 

.85 Slander - 

88 A fistful 

88 Homeof 

. - England's Opera 
North 

89 Off-peak calls? 

' 91 { ). informally 

93 Marker 


96 loose-limbed 

87 PrenanSor 

action 

. 98 Toil wearily 
99 -- — lap" (1983 
fttmj . 

180 Bateony section 
101 ■ Engr.'s specialty 

103 Bandy's sum 

104 DeviV may-care 
107 Bambrsaunt 


Solution to Rnzzle of Jan. 25-26 


I ianaa nnann nsnn anonl 
riiinna annnn oaon nnool 
anaan nnaa n naan rhqeiI 
□aaao anonnnnannoQan 
□□□□iinana non onnn 
aana nnaao nanani 
nnonnngn naaaDBonnnnnI 
nnan naana noaaoB nnal 
annn nnnn oaDD ncjonl 
aan nnnnnnn Qasn 
eannnnnnnnDaDODDo 

I nnna oannana onni 
nnnn nmnn riGnn GDcml 
r^no nnnnnn aanon neoal 
nn^nrinMnonDn nannnanDl 
nnRGa nnnnn nnnn 
annn nan nnQQannnni 
, nnannnnrwinnoQ ognnnl 
Innnn anon aonno ontannl 
[nnrin nnnra nnnna anonol 
Firin n nnnn nnnnn nnoo 





Hardback 384 pages. 75 fotnH»tor photographs. 


fflTSKMTVKVAL 


For the past thirteen years, 
Patricia Wells has been canning on a 
love affair not with an individual but 
with a region of France, a centuries-old 
stone farmhouse, and a cuisine. Now. 
in a cookbook that captures the soul of 
modem regional French cooking, the 
award-winning Journaltel and author 
invites readers to share the passion, 
the joy. and. best of all. the cooking of 
her adopted home. 

Provence is uniquely Messed with 
natural beauty as well as some of the 
world’s most appealing foods and liveli- 
est wines. Patricia’s cutinary skills hove 
transformed the signature ingredients 
of this quintessential Flench country- 
side into recipes so satisfying and 
exciting they will instantly become part 
of your dally repertoire. 

Here are 1 75 recipes from 
Patricia’s farmhouse kitchen. .As you 
read and cook from this book, gener- 
ously illustrated with the captivating 
color pictures of famed photographer 
Robert Freson, you will feel as if you 
have actually joined Patricia Wells In 
her beloved stone farmhouse, and her 
passion for the foods, flavors, and peo- 
ple of Provence will become yours. 

Patricia Wells has lived In France 
since 1980. where she is the restaurant 
critic for Uie International Herald 
7 tribune. She is the author of five best- 
selling books: Tbe Food Lmvrs Guide 
to Paris. The Food Lover s Guide to 
France, Bistro Cooking. Simply French, 
and Patricia WeM Trattoria. 


THE WORLD’S DAILY NEWSPAPER 


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PAGE 4 


INTERNAHONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 1-2, 1997 


Q&A/P o#ar Stoyanov 


Only Reforms Can Solve Crisis , Bulgarian Says 


Petar Stovanov. who was elected 
president of Bulgaria Nov. 3, h as in 
Brussels this week to press the 
European Union and NATO for aid ; 
and eventual membership for his 
country. He spoke with Tom 
Buerkle of the International Herald 
Tribune. 

Q. Hie street protests appear to 
signal a crisis both in economic 
terms and in terms of die faith of 
Bulgarians in the democratic pro- 
cess. How serious is this crisis? 

A. Bulgarians have gone out into 
die streets because over die past 
four years there has been not re- 
form, but a simulation of reform 
combined with corruption and a 
flagrant disregard for public opin- 
ion. We will have to start the re- 
frain, and this radical reform will 
demand a very high social price. On 
the other hand, what I find reas- 
suring is that despite this drastic 
slump in the economy, the morale 
of the Bulgarians is going up. P 



Q. Why has reform proved so ion is clear about what is to be done 
difficult for Bulgaria? lx is now from now on. 
more than seven years since the fall • 

of the Berlin Wall, and countries Q. What can be done in the short 
like Poland and the Czech Republic term to defuse the crisis in Bul- 
bave succeeded in reforms and are garia? 

growing quickly. A. What we need is an immediate 

A. Reforms took off and sue- minimum of consensus between the 
ceeded at a fast pace in countries opposition and the majority on 
where the former Communist three counts: an anti-crisis pro- 
parties succeeded in reforming and gram; the legislation that will en- 
be coming social democratic able the installation of the currency 

parties. This is die case with Poland board [which will peg the Bulgarian 
and Hungary, where the former lev to the dollar], and radical, struc- 
Communist parties and die right- rural economic reform. 


A. Reforms took off and suc- 
ceeded at a fast pace in countries 
where the former Communist 
parties succeeded in reforming and 
becoming social democratic 


ung 

s. This is 


wing parties have no differences on 
the major priorities of each country 
— the economic reforms. EU and 
NATO membership. Here in Bul- 
garia, there is no clarity yet about 
die need to proceed. The Bulgarian 


Q. What are the risks if the So- 
cialists continue to reject your pro- 
posal for a caretaker government 
and early elections, and insist on 
forming a new government? 

A. The risk is thai public unrest, 
the street disturbances, strikes and 


Iti-rraan/Hniie 


President Stoyanov in Brussels. 


Socialist Party was looking for its the street disturbances, strikes and 
own specific way of tackling the social sentiment at large will de- 
problems. Their experiment has pose this government in a few 
failed, and the only positive out- months. This will be sheer wasted 
come of this is that the public opin- time once again. Bulgaria is due to 


make a major payment cm its ex- 
ternal debt in July. The implication 
is that in May and June, Bulgaria 
must have a g o v e rnm ent which will 
have a dear mandate to negotiate 
with international financial insti- 
tutions. 

Q. There are increasing indica- 
tions char the Union would like to 
imitate the NATO formula and 
have a first round of enlargement 
with a small number of countries. 
Do you see Bulgaria being releg- 
ated to some second-class group of 
candidates, and what would the 
consequences of that be? 

A. Ira dearly aware that Bulgaria 
cannot be among the first group of 
countries to accede to the European 
Union or NATO. What I pleaded 
with the European Parliament for is a 
simultaneous jyitfarTrai of negoti- 
ations of aH associa^EU members. 

Anything else would discourage 
Bulgarian society today. This is viral 
for us in the present circumstances. 


Bulgaria Leader Urges Socialists to Quit Bid for Government 


CempUfd bv Oar Staff Fnn Dupatc&a 

SOFIA — With strikes and street protests 
raising tensions. President Petar Stoyanov on 
Friday urged the Socialists to face reality and 
give up their bid to keep governing. 

His call came as the head of die Inter- 
national Monetary Fund. Michel Camdessus, 
urged Bulgaria to form an “effective” gov- 
ernment quickly. 

Mr. Camdessus wrote to Mr. Stoyanov to 
say the international community was “ready 
to provide aid” but that Bulgaria must resolve 
the political problems that have led to daily 
street protests and delayed the formation of a 
new government 

Mr. Camdessus said in the letter, which was 


distributed Friday by the presidential press 
service, that the new government should set 
up a currency board that would peg the Bul- 
garian currency, the lev, to a convertible cur- 
rency and rein in government spending. 

As protests continued for a 25th day Friday, 
public transport stopped in the second-largest 
city, Plovdiv, while the main highway to 
Greece was blocked for a third day. 

People waited for hours at banks to retrieve 
their savings and convert what money they 
have into other currencies because of inflation 
and the rapid drop of tire lev. 

Hundreds of striking miners from the in- 
dustrial town of Pemik, about 20 kilometers 
(12 miles) southwest of Sofia, came to Ok 


capital, chanting anti-government slogans 
outside the Energy Ministry. On their way 
back to Pemik. they blocked the highway. 

The protesters want new parliamentary 
elections so they can vote out the Socialists, 
the former Communists, who are seen as 
failing to carry out moves that could bave 
prevented the startling economic decline. The 


Socialist-led government resigned in Decem- 
ber amid public anger over the problems. 

But the Socialists, as the largest party in 
Parliament are entitled to try to form another 
government. Mr. Stoyanov gave the mandate 
to Interior Minister Nikolai Dobrev on Tues- 
day, but then proposed that Mr. Dobrev turn 
down the offer so the president could appoint 


a caretaker government to push through eco- 
nomic measures and call elections for May. 

Returning from his first official visit 
abroad, to Brussels, on Friday with an ex- 
pression of European support for his pro- 
posals. Mr. Stoyanov said Mr. Dobrev had 
diminishing chances to form a broad coalition 
and should stop trying. The opposition has 
repeatedly refused Socialist mvitatioos to 
form a coalition. 

Mr. Dobrev said Friday that he would be 
willing to give up the mandate if that would 
help form a coalition. But be canceled a 
planned meeting with Mr. Stoyanov after 
party colleagues insisted the government be 
formed under the Socialists. (AP, AFP ) 


Mandela’s Surprise 

He Names Rival Acting President 




By Suzanne Daley 

■Vw’ fork Time* Seme* 

JOHANNESBURG — In 
an artful gesture of political 
reconciliation. President Nel- 
son Mandela on Friday ap- 
pointed Chief Mangosuthu 
Buthelezi. his arch-nvai, to 
stand in as acting-president 
when he leaves ute country 
this weekend. 

The announcement pro- 
voked uncertain laughter in 
the Senaie. as if members 
were not sure whether Mr. 
Mandela was joking. But the 
president said be had chosen 
Chief Buthelezi because he 
was a “highly competent and 
experienced leader.” 

Chief Buthelezi. the fiery 
leader of the Zulu-based 
lnkatha Freedom Party, said 
he was filled wizh awe by the 
president's gesture and hoped 
nothing happened to “show 
that he did not deserve such 
trust” 

The move was die latest in a 
mooch full of political twists 
and turns among South Africa's 
major political parties. 

Political analysts say that 
recent changes at lnkatha are 
Mr. Buthelezi 's reaction to 
his parly's poor showing in 
last year’s local elections and 
reflect disagreements over 
how to broker a peace agree- 
ment with Mr. Mandela's Af- 
rican National Congress. 

Three top lnkatha party 
leaders, including Frank Md- 
bdose, the chairman of die 
party, have resigned citing 
health reasons and business 
interests for their departures. 

But most analysts say the 
resignations were feared. 


^me say the nany is in total 

tfisairay over losing so many 
party stalwarts at once. Bin 

others say that QnefBothelezi 

fshrewd choice in 
picking Mr. MtSalose's ic- 
pfaceraew. Ben Ngubane. a 
mm who is considered a mod- 
erase. 8 good adrainisnator 
andskdlfttf ncgotiMo*\ 

Ex-Ruler Wins 
In Madagascar 

Renters 

ANTANANARIVO, 
Madagascar — Mada- ' 
gascar’s fanner military 
ruler, Didier Ratsiraka, 
made* comeback Friday 
when he was declared 
president four years after 
the islanders drammed 
hhn out of office. 

The High Constitu- 
tional Court declared the 
60-year-otd retired ad- 
miral the .winner of last 
year's elections by the ’ 
narrowest of ma rgins 

Ending weeks of sus- 
pense. the court said Mr. 
Ratsiraka won 50.7 per- . 
cent of the vote against 
49J percent for Albert , * 
Zafy, the professor who 
trounced him in 1993. 

The army wanted 
Thursday that it would 
not tolerate violence by 
supporters of the beaten i 
candidate. It moved ar- 1 
mored cars onto the 
streets of this capital late 
Thursday, but the city re- 
mained calm. 



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By Kenneth J. Cooper 

^ ash ’ n 8ton Post Service 

nahwial cncket team, has learned a 
tot about politics since he formed a 
party Iasi year and presented himself 
as a candidate for prime minister in 
up elections next week. 

^P?5 9f ^ biggest discoveries 
*as the need to provide transpor- 
tanwi to ferry supporters to the polls 

on election day. 

< “ I never had a clue about this and 
it costs a hell of a lot of money ” Mr. 
^Chnn said. “That’s probably our 
biggest stumbling block right now, 
because we don't have the money 
■>; required to hire cars and buses.” 
% The novice candidate’s diffi- 
r £ulties in building a strong cam- 
raign organization help explain why 
rus Movement for Justice has not 
mounted^ a strong challenge to 
fakistan'stwo main parties, rfe- gpi t r 
Mr. Khan’s celebrity status' and the 
popular appeal of his party’s anti- 
corruption platform. 

‘ As Monday’s election ap- 
proaches, the polls show the zeform- 

Hiinded party attracting a smair 
glare of the vote. Analysts say Mr. 
Khan will be lucky to win one of the 
nine parliamentary districts where 
be is a candidate. 

‘ Most polls indicate that the 
Pakistan Muslim League, which is 
fed by Mian Nawaz Sharif, a former 
■jjf prime minister, could win almost 



PfcaotaJ fttat 

Imran Khan and his wife, Jemima, during a visit to London. 


majority, followed by the Pakistan 
People’s Party of Benazir Bhutto, 
. another former prime minister. 

The election was called after 
President Farooq Leghari dismissed 
Miss Bhutto’s government in 
November for alleged corruption 
and abuse of power. 


Mr. Khan, 44, was a classmate of 
Miss Bhutto’s at Oxford University 
and captain of the national cricket 
team that won the 1992 World 




Jntfl his retirement after that 
championship, Mr. Khan spent half 
of each year, playing professional 


cricket in’ England. His marriage Jo 
" Jemima Goldsmith, the daughter of 
Tames Goldsmith, one of Europe’s 
most successful businessmen, has 
become a campaign issue for Pak- 
istani voters fearful of a “Jewish 
conspiracy’’ to indirectly take over 
the Islamic republic with campaign 
funding from her family. 

Mr. Khan denied that he had re- 
ceived political donations from re- 
latives of his wife — who converted 
to Islam after their wedding — but 
acknowledged that the issue had 
hurt his campaign. 

Before last year, Mr* Khan 
showed no interest in politics and 
turned down cabinet posts in two 
interim governments. He has never 
voted, be said, because his travels as 
a cricket player took him out of the 
country on election day. 

IBs Movement for Justice was 
formed last September. 

“We are untested. We are in- 
- experienced,” Mr. Khan conceded 
in an interview this week at his 
stately brick home in Lahore. “We 
don’t really know the modalities of 
fighting elections." 

Many Pakistanis disillusioned 
with recent governments have been 
attracted to his party, particularly 
urban middle-class voters. But oth- 
ers have questioned whether he 
knows enough to govern, a devel- 
oping nation of 130 million. 

And some rural voters without 
access to television and radio do not 
even know his name. 

Mr. Khan has condemned as cor- 


t all previous governments of 
dstan, which has been ruled by 
the military for 24 of the 50 years it 
has been independent- Last year. 
Transparency International, a pub- 
lic-interest group based in Berlin, 
rated Pakistan as -fee second most 
corrupt country in the world after 
Nigena. 

“There has never been a respon- 
sible government” in Pakistan, his 
party’s manifesto declares. 

‘There have never been clean 
leaders, barring' a few in the early 
days of Pakistan. There has never 
been a true democracy in 
Pakistan.” 

Since the last military regime re- 
stored free national elections in 
1988, Mr. Khan charged, the two 
largest parties have been “taking 
turns plundering the country.” 

He has proposed a stronger -ac- 
countability commission and a new 
law to hang corrupt officials who 
foil to make restitution — even if 
they included Miss Bhutto and her 
husband, Asif Ali Zardari, the focus 
of corruption allegations against her 
government. 

Mr. Khan acknowledged that it 
would take a miracle for his party to 
win these elections and give him a 
chance to i«td an unstable nation. 

Already, he has begun to look to 
future elections. 

“It was always going to be a long- 
term game,” be said. “Both major 
parties are losing credibility. 1 know 
we will — God willing — overtake 
them.” 


Tokyo Rejects Bid to Outlaw Sect Accused of Gas Attack 


By Nicholas D. Kristof 

New York Times Service 



1 i 

VI 

i nmnu.v 

*»i : ?n?iR\ 

i.iSI'l* 


. TOKYO — The religious sect accused of 
carrying out the nerve gas attack on the Tokyo 
subway system in 1995 won a new lease on 
life Friday when the Public Security Com- 
missioo rejected a governmentproposal that it 
be outlawed. 

The commissioa ruled unanimously that 
. AumShiruikyo, the group that is said to have 
V planned a virtual war against the Japanese 
government, no longer posed a serious 
enough threat that it should be banned. 

I “We were tremendously relieved when we 
received the commission report,” said an 
Sum spokeswoman, Tatsuko Murpoka. 
“With this repeat, we think that our religious 
faith has been saved." 

* To be sure, fee group today is only the 
faintest shadow of fee powerful, well-mined 
organization feat once had brandies in New 
Yoric and other cities around fee wodd. 

’ It has lost its legal status as a religious 
entity, it has been declared bankrupt and its 
Overseas branches have dissolved. Almost all 


of its leaders are in prison on multiple murder 
charges, and most of the others are the subject 
of an intensive manhunt 

Aum and its guru, a bearded, half-blind 
yoga maste r named Sboko Asahara. are ac- 
cused of organizing fee release of sarin nerve 
gas on five rush-hour subway trains as they 
approached stations in the Kasmnigaseki dis- 
trict,, where government ministries are lo- 
cated. 

The attack killed 12 people and injured 
thousands. Mr. Asahara and his disciples are 
also accused of mounting a smaller nerve gas 
attack feat killed seven people a year earlier, 
as well as of murdering critics, running guns, 
manufacturing narcotics and experimenting 
with biological weapons. 

The Public Security Commission, whose 
decision is final, said that Aum had been a 
menace and still embraced dangerous doc- 
trines, but that it had been so eviscerated by 
bankruptcy and arrests that it no longerposed 
a major danger for the immediate future. The 
c ommis sion suggested, nonetheless, that the 
authorities continue to keep an eye an the 
group’s activities. 


‘ The commission’s findings were a bit of a 
rebuff to the Justice Ministry, which had 
requested that the sect be outlawed. But the 
government on Friday took the commission's 
findings in stride and did not seem alarmed, 
perhaps because Aum has almost withered 
away over fee last couple of years. 

’‘The report does not say feat tire danger 
posed by Aum has disappeared,” Justice Min- 
ister Isao Mfusuura said Friday, “and it does 
say feat fee Public Security Investigative 
Agency should continue monitoring it very 
carefully." 

He added, “I think the report is quite mod- 
erate and accords wife common sense.” 


to use to outlaw Aum is cmtfrowrKifO and has 
never before been applied to an organiza- 
tion. 

The Subversive Activities Prevention Law, 
as it is called, was passed in 1952 with the idea 
feat it might be used against leftists, but from 
fee beginning it has been attacked as a re- 
incarnation of a 1925 law that was used to 
destroy opposition groups in the run-up to 
World War EL 


' While one public opinion survey suggested 
that back in 1995, nearly 80 percent of the 
public wanted to see Aum outlawed, many 
scholars and newspapers have been critical of 


the proposal to ban 1 
“The Subversive 


group. 

Activities 


Prevention 

Law is a kind of poison,” Asahi Shimbun. 
perhaps Japan’s most influential newspaper, 
editorialized this month- “Any forcible ap- 
plication of the law would constitute an as- 
sault on the principle of safeguarding fun- 
damental human rights, and would lead to 
serious problems later." 

The newspaper added, “It should be pat- 
ently obvious to most people that the menace 
of Aum Shinrikyo has dissipated over 
rime." 

The organization stOl has about 450 mem- 
bers, almost all of whom are believed to have 
been purely innocent followers with no know- 
ledge of any illicit activities. 

Many of these members still believe that 
Mr. Asahara is innocent and see him as their 
savior, but they mostly meditate quietly or go 
about their jobs and engage in few group 
activities. 


*en! 



\ttieW 


•*-» • i -■ »/ 



Reuters 


* $ ml A 

HANOI — A court in Vietnam -on Friday sentenced 
four people to death after a major trial intended to demcm- 
' strate Hanoi’s determination fe stamp out cont^tiori: ' 
Officials and load journalists who attended the trial 
said Pham Huy Fhuoc, framer director of aHo CUMinh 
City trading company called Tamexco, was found gufity 
of ccnruprion charges, including bribery, embezzlement 
and gambling, and would face a firing squad along wife- 

two company executives and a state official. 

The remaining 16 defendants received a 
punishments, including one life term in prison 
' suspended sentences. • 

Witnesses said Mr. Fhuoc ’s girlfriend was sentenced to 
eight years in jail. „ ; • ... 

The verdicts marked fee end of Vietnam s biggest 
coemption trial, but whether the case will now be dosed is 
unclear. The prosecution and fee defense aj^ealed during 
’tite eight-day trial for a further inquhy. 

The state-controlled news media, which gave extens- 
ive coverage to fee case, noted feat details revealed m 
court represented wily the tip of an iceberg. 

The trial centered on charges that hfr. Fhiroc and otfaep 
used their positions to siphon off millions of dollars in 
state funds, leading to fee collapse Of Tamexco. ■ 

But the political shock waves go much further: 
Tamexco was affiliated wife the Communist Party, and 
several of those implicated have ties to some of fee most 


of. 

ro 



which corrupti^ had been allowed to fkxnish- 

“The Tamexco case would never have happened with- 
out an -environment where weak state management and 
ineqwosibility reaife to fee peak, state news media 
* quoted one attorney as saying. . . . 

?- Under Vietnamese law, Mr. Phuoc and his co-de- 

fendqnts will have 15 days to appeal to 
"tojudge from government statements made dunng fee 


Major Tries Top Capitalism 9 as Vote Gambit 

HeJSees More Britons Becoming Shareholders, but New Pott Has Labour Far Ahead 


Roam 

' LONDON — Prime Min- 
ister John Major, shrugging 
off grim opinion poll news, is 
putting a plan to make it easi- 
er for people jto own stock 
shares at the heart of his Con- 
servative Party's program far 
the coming election, 
j. He unveiled detailed pro- 
posals Friday to create a 
“popular capitalism for the 
;21st century” by eneour- 
broader share owner- 


m various companies 
;and more flexible private 
-pensions. 

“In the 1980s and 1990s 
weset fee economy free. Now 
we must offer people more 
-freedom over decisions feat 
affect their lives. It will be a 
new era of more opportunity, 
wider choice and more per- 
sonal ownership of assets,” 
Mr. Major declared. ' 

. An opinion poll in The 
Times of London on Friday 
suggested that Mr.. Major 
would not get the chance to 
implement what he called an 
ambitious agenda that would 


be “radical in improving 
lives, but offer sta- 
te fee nation. ’* 

The MORI poll showed 
that the main opposition La- 
bour Party’s lead had risen by 
4 percentage prams since 
eany December, to 55 per- 
cent. The government’s sup- 
port stayed static at 30 per- 
cent. 

The gap is now 25 per- 
centage points. No British 
party has ever reversed alead 
of feat size in less than four 
months, the time to the last 
foie date for fee election, 
y 22. But Mr. Major, in a 
confident mood, dismissed 
the survey as “complete rub- 
bish.” 

In the 1992 election, Mr- 
Major won an overall major- 
ity of 21 in fee 651-seat 
House of Commons and a ma- 
jority over Labour of 64. 

The number of Britons 
who own shares has tripled to 
around 10 million since fee 
Conservatives came to power 
in 1979- 

Millions more will become 


shareholders for fee first time 
in 1997, when a number of big 
building societies, which 
provide the bulk of Britain’s 
home loans, become publicly 
quoted companies and hand 
.out free shares to their savers 
and borrowers. 

Mr. Major said he wanted 
to reinforce the trend by 
changing tax rules so big 
companies have an incentive 
to give free shares to workers 
who invest in employee share 


He said he hoped feat by 


fee turn of fee century more 
than half of the employees of 
Britain’s largest companies 
would own shares or options 
in their companies. 

“It’s a way of building a 
people's share in the coun- 
try’s future as our economy 
grows,” he said. 

He also announced plans to 
make personal pension plans 
more flexible and to cut the 
local taxes paid by small busi- 
nessmen, whom the Conser- 
vatives see as their natural 
allies. 


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BRIEFLY 


Korean Talks Put in Jeopardy 

SEOUL (Combined Dispatches) — North Korea could 
further delay a briefing in New York on proposed Korean 
Peninsula peace talks, throwing into question fee future of 
the four-nation peace negotiations, U.S. Ambassador 
James Laney said on Friday. 

“Latest reports are that unless North Korea receives 
more grain or gels grain for the Cargill dal" 1 they have no 
intention of going to the briefing, Mr, Laney said at a news 
conference after a three-year a s si gnm ent in Seoul “That 
puts a great deal of doubt on the four-party talks.” 

North Korea earlier this week delayed (he briefing 
where details for fee peace talks were to be thrashed out. 
The talks, including the. United States, China and the two 
Koreas, were proposed by Washington and Seoul last 
April. The briefing was originally set fear Wednesday, but 
Pyongyang, seeking a barter deal for 500,000 tons of 



Cfcoo Ym KaagMacncr Hiacc-Plenr 

South Korean schoolchildren protesting Taiwan’s 
plans to dispose of nuclear waste in North Korea, 

grain wife the U.S. trader Cargill Inc., asked that the 
meeting be delayed a week. 

In Seoul, meanwhile. Prime Minister Lee Soon Sung of 
South Korea said fee North’s plan to store Taiwan's 
nuclear waste could jeopardize a deal to build replacement 
nuclear reactors in the Communist country. His comments 
were the first from South Korea publicly linking fee two 
reactors to Taiwan Power’s contract to ship up to 200,000 
barrels of nuclear waste to North Korea. ( Reuters , AP) 

Unrest Spreads in Indonesia 

JAKARTA — Mounting ethnic tension spread to two 
mare Indonesian cities rriday, wife the head of fee 
military threatening tough measures to stop unrest. 

Troops remained on the streets of Rengasdengklok, 
east of Jakarta, where thousands of Muslims rioted Thurs- 
day. There were also troubles in Bandung and in Pon- 
tianak. the capital of West Kalimantan province. 

Shops closed in Pontianak at midday as news spread of 
a demonstration by public-transport drivers, residents 
said, in Bandung, a city of 3 million southeast of the 
capital, vendors pelted officials attempting to clamp 
down on downtown street hawkers. ( AFP ) 

Jakarta Rebuffs EU Aid Bid 

DAVOS, Switzerland — Indonesia on Friday firmly 
rejected any attempt by fee European Union, underpres- 
sure from Portugal to take a stronger line on East Timor, 
to provide humanitarian help directly to fee territory. 

Foreign Minister Ali Alatas said at fee World Eco- 
nomic Forum that such a move would be unacceptable, 
because the former Portuguese colony was a part of 
Indonesia and any aid programs would have to go through 
Jakarta. The EU proposed last month to send aid to Timor 
for such projects as building primary schools. (Reuters) 


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THE WORLD’S DAILY NEWSPAPER 




'I'-"— - • 



f.'. V •'■vb.fii&T-.leT.'X: 





PAGE 6 


SATURDAY-SUND AY, FEBRUARY 1-2, 1997 

EDITORIALS /OPINION 


Ileralb 


INTERNATIONAL 


{tribune 


Pl'BUSHEU wfTII THE )ORK TINES \>D Till' YI*SailNCTI «v P*KT 


Engaging With Beijing 


The salient chapter in the State De- 
partment's latest human rights report is 
about China, and it makes grim read- 
ing. The Communist authorities have 
done nothing less than silence all pub- 
lic dissent. Some of this was done no 
doubt to keep control in choppy polit- 
ical waters. Another likely consider- 
ation was to show American critics that 
China does not shrink from sticking a 
finger in their eye. The “internation- 
ally accepted norms" that the United 
States calls on Beijing to stop violating 
are spumed by the Chinese. 

The report led President Bill Clinton 
to acknowledge that his policy of ‘ 'con- 
structive engagement’ * had so far failed 
to bring progress on human rights. He 
was quick to add that social impulses, 
economic change and the availability 
of foreign information would “inev- 
itably - ’ increase the spirit of liberty 
over time. This is a reassuring theory, 
but it will take years to prove out. It 
carries the implication that outsiders 
can meanwhile back off from pressing 
human rights. This would be a mistake. 
The results of either engaging or re- 
treating are hard to predict No matter. 
Americans must be true to themselves. 
That need not mean neglecting every 
other consideration, but it does mean 
speaking out on things that matter. It is 
presumably what China-bound Secre- 
tary of State Madeleine Albright means 
when she says she will tell it like it is. 


For the focus on Chinese cruelties 
that the authorities depict as unwar- 
ranted interference, it would be foolish 
of Americans not to expect to pay some 
price, at least in the tone of the re- 
lationship. But it would be even more 
foolish of the Chinese not to expect to 
pay a price at least as high. After all. 
what is for the United States an issue of 
stability in a remote region is for China 
the core of its national interests. 

With American cooperation. China 
can reap the full benefits of working 
with the world system. Without it, 
China inevitably lags. Mrs. Albright 
says the overall connection is too im- 
portant to be held hostage to any single 
issue. True, but within specific cat- 
egories — say. contacts, trade or 
strategy — Beijing as well as Wash- 
ington will suffer if China stiffs the 
international rules. 

China is said to be confronting a 
harsh choice between suffering pen- 
alties for its authoritarian ways and 
opening up political space for in- 
ternal challenge. But this is precisely 
the dilemma that friends of demo- 
cracy ought to be pleased to see China 
face. The current illiberal leader- 
ship may not be happy about it, 
but over time the Chinese people 
ought to benefit from even ragged 
movement toward fairness and the 
rule of law. 

— THE WASHINGTON POST. 


Chechen Progress 


The healing powers of the ballot box 
were at work in Chechnya this past 
week. In a land still staggering from a 
punishing war that ended last summer, 
hundreds of thousands of citizens 
turned out to choose a president They 
elected Aslan Maskhadov, a moderate 
leader who seems capable of handling 
the difficult work of sealing some form 
of separation from Russia. 

Just holding an election was a con- 
siderable accomplishment Less than 
six months ago, Chechnya was a 
ghastly killing zone where Russian 
troops and Chechen fighters engaged 
in a war that was devastating Chechnya 
and destabilizing Russia. The fight- 
ing ended only after the daring in- 
tervention of Alexander Lebed, the 
former Russian general and presi- 
dential candidate. He brokered a 
cease-fire and tentative political 
agreement with Mr. Maskhadov, 
the chief of staff of the Chechen forces. 
That led to the withdrawal of Rus- 
sian troops and the scheduling of 
Monday’s election. 

But the end of the wardid not end the 
deadlock over Chechnya's political 
status. Moscow went to war to sup- 
press a secessionist rebellion in 
Chechnya, then essentially conceded 
military defeat while refusing to ac- 
cept Chechen independence. Mr. 
Maskhadov is now in the tricky po- 


sition of trying to sever all official links 
with Moscow without provoking the 
Russians into another military cam- 
paign or some kind of economic pun- 
ishment. Though there is Little sen- 
timent in Moscow to resume the war. 
the desire for some form of revenge 
should not be underestimated after 
Russia's humiliating losses in last 
spring's decisive rebel offensive. 

All 13 Chechen presidential can- 
didates favored full independence, and 
even Mr. Maskhadov, among the most 
moderate, said freedom should not be 
delayed for the five-year period 
provided for in the Lebed peace deal. 
But having gained independence in 
nearly everything but name, the 
Chechens can afford to be patient. 
Conditions for productive negotiation 
now exist. The Kremlin can no longer 
contend that illegitimate leaders are 
misrepresenting the will of the 
Chechen people. 

There ought to be a way for re- 
sponsible leaders on both sides to work 
out an accommodation that secures 
Chechnya’s near-independence. 

Chechen leaders are more likely to 
consolidate their gains now through 
negotiation and patience than confron- 
tation. Russia's influence in Chechnya 
is not going to increase as time 
passes. 

— THE NEW YORK TIMES. 


Put That in Your Pipe 


The New’ England Journal of Medi 
cine endorsed the medical use of 
marijuana this past week, thus increas- 
ing the pressure on the Clinton ad- 
■ ministration to accelerate a fair and 
reasoned re-examination of the 
drug’s medical properties. When a 
leading medical journal finds thera- 
peutic value in marijuana, it may be 
hard for drug officials to continue 
blocking medical uses pending con- 
clusive clinical studies showing 
marijuana to be beneficial. 

The journal acknowledges that 
marijuana use may cause long-term 
adverse effects and lead to serious ad- 
diction. But it argues that these distant 
risks are not relevant issues when the 
drug is prescribed to combat intract- 
able nausea and pain in seriously ill 
patients with AIDS, cancer and other 
diseases. U does not make sense to 
prohibit physicians from prescribing 
marijuana when they are allowed to 
prescribe morphine and meperidine, 
wrong dosages of which may hasten 
death, when there is no risk of im- 
mediate death with marijuana. While a 
synthetic form of a key ingredient of 
marijuana is available by prescrip- 
tion, the journal said, smoking 
marijuana provides rapid and more 
effective relief. 

Although top drug officials are call- 
ing for rigorous clinical trials, the jour- 
nal notes that nausea and pain are ex- 
tremely difficult to quantify in 
controlled clinical tests, and that what 
counts for a therapy in these circum- 
stances is whether patients feel relief. 

Thousands of patients report re- 


lief from smoking marijuana, it noted. 

The journal’s voice is a welcome 
addition to the widening national de- 
bate over marijuana as medicine. It Is 
rooted in compassion for the seriously 
ill who may be suffering needlessly 
because of broader concerns about so- 
ciety's drug problem. 

— THE NEW YORK TIMES. 

Other Comment 

The Price of Exports 

The reason why government export 
promotion is wrong in principle begins 
with a simple observation: Everything 
has a price. Whenever a minister jets 
off to Indonesia, or China or Saudi 
Arabia to secure a contract for a private 
firm, the question that should be asked, 
but almost never is. is what price the 
minister is paying. It is in the minister's 
interest only to emphasize the benefit 
of his venture, usually in terms of jobs 
created or income earned. But buyers 
of exports are rarely fools, swayed 
merely by a minister’s flattery. They 
extract a price. After all, there are 
plenty of other minister-salesmen 
clamoring for the buyer's attention. 

Are not exports the modem holy 
grail, proof of a country's compet- 
itiveness? This is just a new form of the 
oldest mercantilist myth. There is 
nothing magic about exports: they are 
simply a necessary means to pay for 
imports. 

— The Economist (London). 


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The West Must Stop Ignoring the Balkan Wound 


D AVOS. Switzerland — As of five 
o'clock Friday, there was no war 
in the Balkans. 

Violent street protests — yes; elec- 
toral fraud — yes; currency collapse — 
yes; terrorism — yes; grand larceny — 
yes; ethnic clashes — yes; mass strike 
action — yes; but war — no! 

And as long as there is no actual war 
in the region, why should the West 
cease its policy of ignoring the gaping 
wound mat southeastern Europe has 
become? 

After all, as conventional wisdom in 
the West so often has it, instability in 
the Balkans is the product of the in- 
corrigible nature of Balkan peoples and 
their politicians. They are corrupt, 
ready to manipulate and indefatigably 
violent. They have made their ex- 
tremely uncomfortable bad and thus 
should be condemned to sleeplessness. 

The time has come to bury this his- 
tory of cliches, which is informed by the 
of “ancient Balkan 
The rash of crises currently 
afflicting the Balkans is bom of many 
economic and political causes whose 
origins lie primarily in a century of 
myopic Western policy in the region. 

If the West continues to ignore its 
responsibility in the Balkans, war may 
well break out again — especially if the 
political and economic situation con- 
tinues to deteriorate at the alarming rate 
of the last few weeks. 

Since the Dayton accords, Bosnia, 
which is far from stable, has received 
the bulk of Western diplomatic and 
financial resources. But serious in- 
stability now threatens to spread south- 
ward to Albania and Kosovo, the Al- 
banian-dominated province in southern 
Serbia, as well as to Bulgaria. 

Serbia remains at the vortex of this 
instability. Slobodan Milosevic’s con- 
tinuing refusal to accept the result of the 


By Misha Gienny 

Nov. 17 local elections is a disaster that 
has provoked deep splits in Serbian 
society. 

Montenegro. Serbia's partner ra the 
rump Yugoslavia, is issuing veiled 
threats that it will break from the fed- 
eration because Mr. Milosevic’s in- 
transigence is proving so damaging to 
its relations with the outside world. As 
anyone from the region will tell you. 
there arc few bloodier scenarios than a 
Serbinn-Montenegnn conflict. 

More alarming is the impact of the 
Serbian instability on Kosovo. 

Belgrade continues its systematic vi- 
olation of Albanian human rights in the 
province, and in the past year ethnically 
motivated killings and terrorism have 
been on the increase. Some ethnic Al- 
banian politicians in Kosovo are ad- 
vocating more radical forms of resis- 
tance to Belgrade’s rule. 

The situation in the Balkans is made 
yet more opaque by the dramatic eco- 
nomic crisis. In Albania, hundreds of 
thousands of people have been ren de r ed 
penniless overnight by the collapse of 
shady investment schemes. As the gov- 
ernment looks for ways to divert at- 
tention from the crisis’. President Saii 
Berisha may be tempted to increase his 
support for the more uncompromising 
Albanians in Kosovo to the north. 

The crisis in Albania is but one cata- 
strophic consequence of the economic 
discrimination practiced by the West 
since 1989. The main perpetrators have 
been the European Union and the In- 
ternational Monetary Fund. 

After the collapse of communism, 
the European Union in particular did 
little to disguise its opinion that the 
former socialist suites in the Balkans 
were economic backwaters, which 


.should wait in line as the European 
Union snuggled up to less turbulent 
countries like Poland, the Czech Re- 
public and Hungary. 

As a result, investment in the region 
has lagged well behind that for its more 
favored northern counterparts. Yet the 
strains imposed by the transition to a 
market economy have been far greater 
in the Balkans than in northeastern 
Europe. Romania. Bulgaria, Macedonia 
ami Albania have lost billions upon bil- 
lions of dollars by adhering to the sanc- 
tions imposed on Serbia, even though 
their most important transit route and 
trading partner disappeared. Their pleas 
for compensation fell on deaf ears. 

Nowhere have the effects been more 
distressing than m Bulgaria, where 
hyperinflation has contributed to a near 
economic breakdown. The IMF has in- 
sisted on maintaining a punishing 
schedule for the repayment of the coun- 
try's debt, even as successive govern- 
ments in Sofia have struggled to in- 
troduce market reforms. 

On Wednesday, the new Bulgarian 
president. Petar Stoyanov, made an im- 
passioned appeal to the EU. While ad- 
mitting that Bulgaria had made mis- 
takes, he warned that if the country did 
not receive immediate financial help, it 
would either have to default on its $12 
billion debt or face “unpredictable so- 
cial consequences." 

The problems in the Balkans are not 
the sole responsibility of the West. But 
the West cannot continue to blame 
50 years of Communist rule for 
everything. Ever since the Congress of 
Berlin in 1878. when the Great Powers 
first carved up Ottoman Europe with- 
out the slightest reference to the Balkan 
peoples themselves. Western Europe 
and Russia have been drawing borders, 
shifting populations and squeezing the 
local economies. 


In the 20ih century, Britain must 
shoulder much of the responsibility for 
the appalling relations; between Greeks 
and Turks, and Germany fin- the 
astuiicm of the enure reason durine 
World War II. These crimes of com- 
mission haw been compounded since 
1989 by the sins of omission. 

Even if the argument, of historical 
responsibility cuts no tee with hard- 
• nosed defenders of the national interest, 
money should talk. It has cost the West 
billions of dollars to rectify its miser- 
ably slow- diplomatic response to the 
Croatian an u Bosnian crises. These 

warx also threatened the unify of NATO 

and did serious damage to the repu- 
tation of the United Natrons. To sort out 
this tangled mess eventually required a 
huge troop deployment Would a new 
war in the Balkans be any different? 

The decay in the Balkans is now so 
advanced that it will be difficult to come 
up with any easy solutions. 

But if the current crises ever subside . 
there will be a pressing need for an 
economic program for the region. 
Richard Shifter, an American diplomat 
at the National Security Council, is 
trying to establish the Southeastern 
Europe Cooperation Initiative, which 
would encourage the region to work 
together economically, uf given suf- 
ficient support by the UN. it should go 
far in providing a rational plan for 
economic development. 

The West has been reacting to crises 
in the Balkans after they have spun out 
of control. To prevent war in this re- 
gion. the Balkans must be made to feci 
part of an integrated Europe and not 
some irredeemable mutant 


The writer, author of. “The Fall of 
Yugoslavia." is wiling a history of 
Balkan nationalism. He contributed 
this comment to The New fork Tunes. 


B EIJING — There is a wide- 
spread assumption in the 
West that the human rights situ- 
ation in China is steadily de- 
teriorating. It is easy to see why 
people should hold this view, 
with media reports of the arrest 
and sentencing of figures such 
as Wang Dan and Wei Jingshen 
for their political views and die 
crackdown on certain religious 
activities. 

Yet this is only part of a com- 
plex picture that includes a 
steady improvement in the gen- 
eral situation, with most Chinese 
enjoying greater personal free- 
dom than ever before. 

The reform program of the 
last 20 years has created a so- 
ciety that is trying to cope with 
change on a scale few of us have 
experienced It also makes for a 
situation that is almost im- 
possible to characterize suc- 
cinctly. While tens of millions 
in China’s poor, rural areas 
strive to reach the poverty line, 
a smaller urban, educated elite 
is concerned about gaining 
greater influence in the policy- 
making process. 

This is not to say all Chinese 
should not enjoy the same in- 
alienable rights, but it does 
mean their daily concerns and 
how they can exercise their 
rights vary greatly. 

I was first a student in China 
in the 1970s in the latter years of 
the Cultural Revolution. It is 
clear to anyone who was in the 


Bv Tony Saich 


country then that the realm of 
individual liberty has expanded 
enormously. In those days. 
Communist Party control pen- 
etrated every aspect of life. The 
blue uniform of Maoism was 
mandatory, a casual comment 
to a foreigner would most likely 
result in interrogation, and 
Western classical music and 
flowers were outlawed as mani- 
festations of a bourgeois life- 
style. The courts had been ab- 
olished there were virtually no 
Laws and the only legal frame- 
work was provided by very 
simple state and part)- consti- 
tutions. In practice, this meant 
that law was the whim of the 
Local Communist official. Ar- 
bitrary arrest and sentencing 
were commonplace- 

For most urban Chinese, the 
changes have been significant 
in terms of choice of work and 
lifestyle. Anyone under 35 has 
known only a time of discussion 
about reform and increasing 
contact with the outside world. 
Despite restrictions, there has 
been a steady advance toward 
increased individual liberty for 
a majority of urban Chinese. 

There have also been ad- 
vances in rural areas. Farmers, 
despite unpredictable local gov- 
ernment interference, have a 
greater say over wbat to grow 
and where to sell their produce 
than in the old days of state fiat 


and almost complete control 
over purchase and distribution. 
Rural duellers enjoy increased 
freedom of movement to find 
work in the burgeoning small- 
scale industries of the coun- 
tryside or in the urban centers. 
And move they do: some 70 
million of them by most ac- 
counts. 

Also, in the last feur years, 
villagers throughout China 
have been taking port in an un- 
precedented experi m ent in local 
self-governance through vil- 
lage elections. While there have 
been many reports of electoral 
malpractice and manipulation, 
there have also been many cases 
of genuinely free and fair elec- 
tions. 

Many laws have been en- 
acted in China. The main prob- 
lems now lie not with the lack of 
legislation but with its honest 
implementation and informing 
ordinary' citizens of what their 
actual rights are. While the size 
of the task is daunting, serious 
programs are under way, with 
high-level political support, to 
professionalize the judiciary 
and to raise judicial standards. 

Perhaps the most telling fact 
is that the words “human 
rights" are no longer taboo. 
Many Chinese have developed 
a feel for their rights, and this 
has become a part of private and 
official discourse. One of the 


most interesting statistics in- 
volves the increasing number of 
citizens who arc willing to bring 
lawsuits against government 
agencies and officials. In 1995. 
the most recent year for which 
statistics ore available, the num- 
ber of suits filed reached an all- 
time high of 70,000. 

Of course, serious problems 
remain in a country with a 
u lari on of more than 1 2 bil 


ipop- 

illion. 


Media reports on 
human rights 
abuses are just part 
of the picture. 

The psychological and emo- 
tional stress of living in such a 
fast-moving society has taken 
its toll. Women’s suicide rates 
are up. divorce is on the rise and 
elderly citizens are worried 
about the move from cradle-to- 
grave welfare to a more com- 
mercialized system of benefits. 
Unemployment and corruption 
prey on the minds of some urb- 
an dwellers, while many farm- 
ers are concerned about illegal 
levies foisted on them by local 
officials. 

But new groups, supported 
by the government, are emerg- 
ing to deal with these prob- 
lems. Traditional organiza- 
tions, such as trade unions 
and the women's federation. 


The writer. China represen- 
tative for the Ford Foundation, 
contributed this comment to the 
International Herald Tribune. 


Europe Provides a Guide to Shr inking World’s Rich-Poor Gap 


N EW YORK — The other 
day, I opened my news- 
paper and thought I must 
be dreaming. A front-page 
headline read: "Gap Closes 
Between Rich and Poor 
Nations." 

On closer examination, I 
found the article addressed rich 
and poor nations within the 
European Union. The world- 
wide reality is quite different. 
The income disparity between 
the richest 20 percent and the 
poorest 20 percent of the world's 
people has more than doubled in 
the last 30 years, going from 30 
to 1 to 61 to 1. While 15 coun- 
tries have seen a surge in eco- 
nomic growth over the past three 
decades. 1.6 billion people live 
in more than 100 countries that 
are worse off today than they 
were 15 years ago. Between 
1960 and 1993, the per capita 
income gap between industrial 
and developing countries al- 
most tripled, from $5,700 to 
$15,400. 

Perhaps there are lessons to 
be learned from the conver- 
gence process at work in the 
European Union. The front- 
page article that struck my ima- 
gination was referring to a 10- 
year assessment of the so-called 
“Cohesion Fund" program, the 
EU’s internal aid policy. It 
found that a convergence pro- 
cess was under way; the "Four 
Poor" — Greece, Portugal. 
Spain and Ireland — have 
raised average per capita in- 
come from 66 percent of the EU 
average in 1983 to 76 percent in 
1995. The program, having 
been so successful, will pos- 
sibly be scaled down — a great 
example of "aid to end aid." 

What can we. at the UN and 
in the development community, 
learn from this success story? 
Can these results help us iden- 


By James Gustave Speth 


tify under what conditions aid 
"works," and how developed 
nations can most efficiently 
spend their scarce public 
monies? 

Consider these facts about 
the EU's regional aid. and how 
they may be applied to global 
aid policy: 

• EU aid represents a very 
substantial commitment — al- 
most one-third of the EU budget 
comprising programs such as 
the Community Structural 
Funds and the European Re- 
gional Development Fund. In- 
tra-European aid targeted at 
specific regions amounts to a 
projected budget of 117 billion 
European currency units for 
1994-199 9. the equivalent of 
$182 billion. 

As parliaments in rich coun- 
tries are more and more tempted 
to cut back on official devel- 
opment assistance, it is worth 
remembering that the scale of 
aid funds often conditions the 
visibility of the results — as 
was apparent in another aid suc- 
cess story, the Marshall Plan. 
The Marshall Plan transferred 
some 3 percent of U.S. income 
to Europe between 1948 and 
1952. This was enough to com- 
plete the task. 

Granted, the EU success sto- 
ry has been possible because a 
majorify of "rich" states in the 
Union are helping a minority of 
“poor" states. £ is more dif- 
ficult for the world's 30 or so 
rich countries to draw enough 
resources to help the world’s 
poor 150 countries on a massive 
scale. Yet the world’s “rich 
minority" still represents a 
hefty 78 percent of global gross 
domestic product And cur- 
rently, the global rich spend 
only an average of 29 percent 


of their national income on of- 
ficial development aid. So a 
commitment to development 
must be maintained for progress 
to be visible. A condition of 
this continued effort is political 
supporL 

• Intra-EU aid is justified by a 
sense of shared community. 
This has made it possible for 
European countries to commit 
significant resources with sup- 
port from their electorates. This 
sense of common destiny is also 
increasingly present at die glob- 
al level. American presidents are 
constantly being asked by the 
electorate to “do something" 
about human tragedies all over 
the world — whether in Bosnia, 
Haiti or the Middle East. Sixty- 
five percent of Americans want 
the United States to take an ac- 
tive part in world affairs. 

International trade grew by 
10.2 percent in 1994, more than 
four times as much as world 
growth, and an increasing share 
of investment is transnational. 
Multilateral institutions such as 
the United Nations bring the 
world’s leaders and their aides 
into daily contact with each oth- 
er. Nongovernmental organiza- 
tions are increasingly reaching 
out to partners in other countries. 
A web of trade, investment, dip- 
lomacy, grassroots action and 
telecommunications is forging a 
global village, from which our 
sense of commitment to "the 
other half" is strengthened. 

The need for support and 
awareness in donor countries is 
matched by a need to ensure 
the national implementation of 
projects in the developing 
countries themselves. Half 
the cost of EU projects is 
provided by the recipient coun- 
tries. This underscores the im- 


portance of accountability and 
good institutions. 

• All the EU recipient coun- 
tries are stable, open societies 
where the rule of law prevails. 
Their built-in public account- 
ability helps sustain donor con- 
fidence that they can ensure aid 
will not be diverted to special 
interests. Their systems also 
provide external investors with 
some guarantee of long-term 
continuity, and guarantees dut 
the institutions are legitimate and 
that any future changes will take 
place in a peaceful manner. 

This final point shows that 
effective aid does not depend 
solely on its being substantial 


and supported by an interna- 
tional cornmitmenL Recipient 
countries also have a role to 
play in aid's success, by 
strengthening the legitimacy', 
transparency and accountabil- 
ity of their institutions. 

If we take these lessons to 
heart, we may read; one day. 
front-page reports showing that 
the gap between the rich and 
poor nations of the world is fi- 
nally narrowing. 

The writer, administrator of 
the United Nations Develop- 
ment Program, contributed this 
comment to the International 
Herald Tribune. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 

old-fashioned, dirt-collecnng 
skirts and ironclad corsets. "1 
know of nothing," she says. 

"prettier than die calf of a young 
woman. I’m concerned about 
the freedom of the knees." 


1897: Russian Reserve 

ST. PETERSBURG — The 
Glasnost , which seems to have 
been inspired about the "little 
Eastern question.* ’ as the Turk- 
ish question is called, says that 
Russia cannot descend into the 
pillage of Turkey with her other 
creditors. Russia has given Tur- 
key a hundred years to pay three 
millions. Russia always shows 
the same traditional policy — 
not to interfere with the internal 
affairs of other countries. 

1922: Corsets Taboo 

NEW- YORK — Young women 
of America have been urged to 
wear short skirts and to taboo 

corsets by well-known feminine 
educators. Dr. Mary G. 
McEwen, of Northwestern Uni- 
versity. urged girls to wear short- 
er skirts and to roll down their 
woollen stockings. Dr. Elizabeth 
Thelberg, physician at Vassar, 
protests against any return to the 


1947: Algerian Vote 

PARIS — Fraud and intimi- 
dation in the recent Algerian 
elections were charged by Left- 
ist Deputies in a spirited session 
of the French National As- 
sembly. Before die Assembly 
had finished validating the elec- 
tion of five Moslem Algerian 
Deputies to sit in the Pans 
Chamber. Deputies had split in- 
to two hostile camps and sev- 
eral speakers nearly exchanged 
blows. The split was not merely 
between Frenchmen and 
Moslems but between Moslem 
and Moslem as well- Dur- 
ing the elections, ballot boxes 
were overturned and scattered, 
and in many regions Arab 
voters had been intimated. 


Jj 


Most Chinese Enjoy More Personal Freedom Than Ever Before 


are changing their practices to 
become more service-oriented. 

In urban areas, walk-in legal 
clinics aad telephone hot lines 
are now available to provide 
advice on issues from the law to 
domestic violence. In rural 
areas, die women's federation 
and other groups are providing 
legal awareness programs for 
women, and plans are in the 
works to bring farmers and local 
officials together to plan pro- 
duction and planting cycles so 
as to remove tensions and con- 
flict between them. 

Naturally, in a nation so large 
and diverse as China, many ab- 
uses remain, and many of these 
initiatives are at ad early stage. 
But they demonstrate that many 
Chinese are willing to try new 
ideas and practices. 

For foreign organizations 
and governments interested in 
improving human rights in 
China, tins means the potential 
for cooperation exists. Such co- 
operation will not be easy, and 
both sides will require substan- 
tial interaction to better under- 
stand each other. 

With a country that has one- 
fifth of the world's population 
and rapidly growing interna- 
tional influence, it is an effort 
worth making. 


il: 











i** 


INTERNATIONAL HERALD TRIBUNE, SATUBDAY-SUNDAX, FEBRUARY 1-2,1997 



PAGE 7 


&E7 


Swiss Assures Israeli Prime Minister 


Cm ^^OwSkffF,m,Di^ad la 

Ss J3P% ] 

“m J tIH Netariyahu of Isr ael forte 

"***” of 

“We’re serious when we sav we 
milb ,^ 0 the troub- 
lm S °®® °f our history,” Mr. Kotier 
said after meeting with Mr. Netan- 
yahu. 

“I also expressed to Mr. Netanyahu 
me deep regret of the Swiss government 
°y^^strous,unspea&blt wrong 
J 0 oca “ st »’' Kollcr said 
We Strictly reject every foam of anti- 
semitism in this co untr y/* 

1 ^‘i^ oUer ’s predecessor, Jean-Pas- 
cal Delamuraz, created an international 
^ 0 ^ .°f Potest on Jan. 1 by rejecting as 

MacKmail Jewish suggestions that 
S® .Swiss sea up a $250 tmSion fund for 
Holocaust victims pending the outcome 
of an investigation into Swiss use of 
Nazi treasure during and after Worid 

war ii* 

Mr. Delamuraz later apologized, but 
only after an increased show of anti- 


Semitism in die countr y. 

Swiss banks and Jewish organizar 
tions have formed a joint commission to 
look for unclaimed assets, and the 
Swiss government has appointed a 
com mission of Swiss and foreign his- 
torians to look at die country's role 
before, during and after die war. 

Earlier Friday, a senior U.S. official 
toned down Washington’s criticism of a 
memo that led to the resignation of the 
Swiss amb a&sarfo rip the 1 hifted 'St ate s 
Carlo Jagmezti, on Monday. 

Stuart Fizenstat, U.S. undersecretary 

of commerce, said that. Mr. JagmettTs 
memo, which encouraged Switzerland 
to “w age war” with American Jewish 
organizations and others over its han- 
dling of Holocaust assets, did contain 
some “very strong, unfortunate word- . 


tut a study of the full memo found no 
signs of anti-Semitism, Mr. Fiwngm » 
said in Davos. 

Mr. Jagmetti, who has .denied harbor- 
ing anti-Semitic feelings, said Friday in 
Washington that while some expressions 
in his memo were harsh, “my words were 
and are a call for die Swiss to get our act 


together" on tins issue. 

“We owe this truth to the memory of 
all those wbo were persecuted and per- 
ished daring the war,” he said. 

Mr. Eizenstai also said he reassured 
the Swiss foreign minuter, Flavio Cotti, 
on Frirtoy that no one “wants to damage 
the strength of the Swiss banking sys- 
asm, which is central to the whole eco- 
nomic viaM^ of the wedd.” 

Switzerland's central bank, mean- 
while, said it was unclear whether it 
knew in 1943 that gold received from 
die Nazis was looted by the' German 
Army in Belgium. 

• AspokestMaftM-tfaeSwissNarkmal 
Bank said, however, that it was clear, 
from its tiles that Sweden received gold 
from the Nazis dming Worid War fi. 

The comments were aresponse to the 
release by Senator Alfbnse D’ Amato, 
Republican of New York, of a newly 
declassified document that said 
Switzerland accepted 100 tons of gold 
looted from Belgium. The memo said 
that after Sweden refused the gold, the 
Swiss agreed to hold it for the Germans 
despite a warning by the Allies not to 
accept such loot. (AP. Reuters) 



Algerian Rebels 
Murder 8 More 


Reuters 

PARIS — Suspected Muslim fun- 
damentalists killed eight people, includ- 
ing a baby, in the latest night attack on 
an isolated community, Algerian se- 
curity forces said Friday. 

The reported killings coincided with 
threats from Algeria's most ruthless 
rebel movement, the Armed Islamic 
Group, of more attacks soon. 

Security officials said Friday that 
eight people in the hunting community 


... Joyce Nahcfcqno/AfeaceFiaKc^leac 

Carlo Jaginetti at the National Press Club in Washington on Friday. He 
said Switzerland must “get its act together” on the issue of Nazi gold. 


Kaddottr, just south of the cap- 
ital. were “assassinated in a cowardly 
way” — the term toe government uses 
when victims’ throats are cul 

* ‘This barbarous act did not exclude a 
baby of 13 months, who was 
strangled,” added the statement, which 
was carried on the official Algerian 
press agency. APS. 

Algiers residents said Friday that the 
Armed Islamic Group had distributed 
new warnings in the past few days 
‘ ‘threatening soon to attack all Algerian 
personalities, journalists, filmmakers 
and senior executives.” 


* 


a«tBA 




* 


IRS: 

The $4 Billion Mess 

Continued from Page 1 

Mr. Gross said die IRS had already 
killed one modernization project, a plan 
to turn paper tax returns into electronic 
images, after paying $284 million to 
Lockheed Martin, tbe nation’s largest 
defense contractor. 

A spokesman for the commission said 
die cost of shutting down tbe project 
“will be astronomicaL” He said 12 oth- 
er systems were under review to deter- 
mine if they should also be killed. 

“We are making a systematic effort to 
review every major system under de- 
velopment to determine if it is worth- 
while," he said. 

“And if it is not, in our judgment, a 
prudent investment, we will recognize 
that and stop development” 

Tbe failure of die modernization wffl 
mean years of frustration for taxpayers, 
who get into a dispute with the IRS, 
especially one that involves records kept 
on two or more of its computer systems. 

Several witnesses criticized tbe IRS 
for not actively marketin g die filing of 
tax returns electronically. 

Last year only 180,000 people filed 
their returns through intermediaries 
after preparing them with software on 
personal computers, and overall only 10 
percent of tax returns were filed elec- 
tronically or by telephone. 

In Australia 70 percent of (axretnzns 
are filed electronically. 

- Tax returns prepared with commer- 
cial software and then filed electron- 
ically are virtually error-free, the com- 
missi on was toWL. . 

-In contrast, when IRS <derics e xtra c t - 
data from paper tax returns and enter the 
information into the agency's com- ’ 
puters, the error rare is 22 percent, with 
the clerks , causing about half of the 
errors. 

The IRS, wonied about ha c k e r s, re- 
tires that all electronic returns be filed 
I intermediaries. 


ECONOMY: Growth Exceeds-Forecosts and Price News Is Called Positive as U.S . Expansion Starts Its 7th Year 


Continued from Page 1 

was no need far financial markets or die 
government to fear the data. • 

“We have good, sotid growth in die 
United Stares in a nocunflationaty en- 
vironment,’’ he said. “I don't think die 
Fed will tighten at its February meet- 
ing.” 

He said tbalinflatioo was low and that 
the Fed, in looking at die strong GDP 
numbers, was probably not gang to look 
for that level of growth to continue. , 
Mr. Kahan said that only if mod- 
eration in economic growth did not take 
place and if there were tangible signs of 
inflation would the central bankers con- 
sider raising interest rates. 

. “We need to remember that this is the 


seventh year of an economic recovery 
he said, adding, “Pent-up demand for 
business investment is relatively filled 
unless we get some land of Dew burst of 
spending.” 

hi this environment, be continued, “I 
can make a good case for why the fixed- 
income market is undervalued.” 

“With' yield levels where they are 
now, and given die likely level of in- 
flation, you're being paid to boyhoods,” 
he said. 

The credit-market benchmark, the 30- 
year Treasury bond finished at 6.78 per- 
cent, down from 6.87 percent an 
Thursday and moving away from (he 7 
percent level that analysts have said 
would ityfirate danger for investors in 
stocks. 


Tbe price of the 30-year issue, due in 
November 2026, was 96 11/32, up 1 
point. 

. Stock prices generally rose, although 
the Dow Jones indurtrial average fell to 
6,813.09, down 10.77 points. 

The equity market has been jittery in 
the past two weeks, following a two-year 
rally that saw tbe Dow rise from 
3,834.44 at the start of 1995, a gain of 
nearly 79 percent. 

Mr. Kahan said that, at die market’s 
current level, he was ‘’petrified” of 
stocks, although be and other analysts 
said there was no sign of a significant 
correction. 

Among the broader equity gauges, die 
Standard & Poor’s 500-stock index was 
up 1 -99, to 786.1 6. The Nasdaq composite 


index, reflecting a rise in technology 
stocks, rose to 1 38020, up 937. 

Mr. Kahan said international in- 
vestors would do well to move into 
dollar-based fixed-income assets, even 
though the U.S. currency has appre- 
ciated in recent weeks. He said ir had 
room to advance, noting weakness in the 
economies of Japan and many of Amer- 
ica’s major European trading partners. 

Indeed, even though the Fed has not 
moved interest rates in more than a year, 
short-term American rates are higher 
than those of many industrial countries. 
In die London interbank market, one- 
month dollar rates are more than 5 per- 
cent, while the Deutsche mark yields 
about 3 percent, the Swiss franc 1.75 
percent and the yen less than 03 percent. 


Those weak overseas economies and the 
strong dollar explain why the strong 
export growth in the fourth quarter is not 
expected to persist, analysts said. 

Adding to the tame inflation picture 
was a report from the Purchasing Man- 
agement Association of Chicago, which 
said its regional index of manufacturing 
activity fell to 55.9 percent in January 
from 57.2 percent a month earlier; t he 
December number was revised from an 
originally reported 57.4. A reading above 
50 indicates an expanding economy. 

The Chicago-area index is considered 
a good indicator of toe National As- 
sociation of Purchasing Management’s 
overall U.S. index, which is scheduled to 
be released Monday. 


BARTER: Paid in Shoes, Glass and Bras, Ruble-Less Russians Are Forced to Trade Their Goods to Survive 


Continued from Page I - 

the winter, when hens lay fewer eggs and audiences 
began to dwindle. So now the movie houses are 
taking empty bottles as payment, returning them to 
tbe bottlers for cash. 

Tbe state also is caught in the web and cannot 
seem ro extricate itself, (fee reason ihe government 

was that 
gave away, 
andpolit- 

ical favors. . . ~ . 

Nikolai Bekh, presidentof tbe giant Kamaz track 
factory, told the newspaper Moscow News that the 
government ordered 8 , 000 trucks for the army from 
the hazd-pressed factory. “But eventually the gov- 
ernment backtracked and bought only 600 trucks,” 
he said, “not for money, but in exchange for tax 
exemptions.” ■ ' •' ' . * 

1 he government also handed out lucrative tax 



to refineries in exchange for oU and 
fuel that was provided to collective farms. Still 
more exemptions from import and export taxes 
were given to social and political groups. The 
National Sports Fund, then run by cronies of Pres- 
ident Boris Yeltsin, was given the right to import 
liquor and cigarettes duty-free. 

The result was that die government created a 
paper blizzard of promissory notes aqd tax ex- 
emptions. When revenues collapsed last fan. the 
government began to crack down, threatening firms 
such as Kamaz with bankruptcy if they did not pay 
taxes with real money. Often, however, the firms 
complained dial they were cash-poor because the 
government had left them with lOUs and exemp- 
tions instead of money. 

Regional governments have started to issue their 
own kinds of surrogate money. For example, toe . 
governor of the Sverdlovsk region, Eduard RosseL 
has suggested creating a “Urals franc” as a sep- 


arate regional currency. 

Instead, a more limited idea has been put into 
play there — a local “quasi-money” was issued 
carrying a watermark and a picture of a local 
czarist-era industrialist. Nikolai Demidov. The 
coupons are being used for child welfare payments 
to parents. 

In the depressed Kuzbass basin coal mining 
region, the authorities recently decided to issue 
plastic cards to the poor. Tbe cards can be redeemed 
at special shops stocked with goods seized from 
bankrupt enterprises in lieu of taxes. Tbe circle of 
transactions will take place without money. 

Tbe surrogate money is a result of the huge 
economic shocks that Russia experienced in the last 
few years. The early years of hyper-inflation after 
price controls were eased in 1 992 led to backlogs in 
debts among businesses and tbe state. Tbe debts 
were often not settled for along time, since it was 
cheaper to pay later, in devalued rubles. 


Some companies and factories that were not 
receiving cam began trying to cover their ob- 
ligations with goods and paying their workers in 
goods as well. 

To quell runaway inflation, the government put 
into place a tight monetary and fiscal policy at the 
behest of the International Monetary Fund, winch 
offered assistance. This policy has helped stabilize 
the ruble over toe last year and a half but has not 
revived the industrial sector. 

So factories often become the hub of barter, as is 
starkly evident at toe Gus-Khrustalny glass and 
crystal works here. 180 kilometers (1 10 miles) east 
of Moscow. 

The factory dates back to Imperial Russia and 
soon win be celebrating its 240th anniversary. But 
this is a grim time in its history. Only seven of the 17 
furnaces are in operation, and fewer than 4,000 
people are working, compared with more than 6,000 
two decades ago, said the technical director. 


SAUDIS: Potential Purchase ofF-16s Worth $16 Billion Surfaces Amid U.S. Rancor Over Inquiry Into Bombing 







\.r 






GUCCI: 

Former Wife Arrested 

: Continued from Page 1 

tbe men the equivalent of $300,000. . 

All of these details were supplied to 
the police over the last several weeks fry 
Mr. S&vioni, an oo-and-ofF companion 
of Ms. Auriemma’s, and were substan- 
tiated in conversa ti o n s that were taped 
k with toe help of microphones planted in 
Mr. Savioni’s car, according to the po- 
lice. - 

Italian journalists with close contacts 
to the prosecutor’s office were being 

■ told torn Ms. Reggiani, white acknow- 
ledging that she occasionally expressed 

• a wish that her husband should die, 

insisted she never gave orders for him to 

be murdered. 

By all accounts, the story of Maunzio 
Gucci and Patrizia Reggjani was a fairy 
. tale gone sour. _ • 4 

The couple married in October 1972, 
much against toe will of Mr. Gucci s. 
imp erious father, Rodolfo Gaea. He 
accused toe bride, toe daughter of a 
Milanese shipping magnate, of being 
after tbe Gucci fortune. 

. According to rumor, Rodolfo Gucci 
.. went all the way to the archbishop of 
Milan and begged him to forbid the 

marriage. , 

Ms. Reggiani was once quoted as 
' having said that relations between toe 
families were, “like those _b«w«m thc 

* Canuleti and toe Moniecchi, tbe clans 

' ofRomeo and Juliet. j-hnrw 

By the eariy 1990s, Mtoao Gura 

■ was becoming betrerknown for lawsuits 
: than feloafors- and toe family empale 

In 1993. Ite agreed to con- 

trol to Investcorp, an 
based in Bahrein, m a deal tom 
sweetened by assurances of generous 
annual consultancy fees. 

Under lnvestcorps aegis, Gucci 
‘ made a starting cornel^ 

house, and its towboMme 

darting of Wall Sfre«niv«tOT|_ 

A. decade earlier, m 19W, Mr. 

... Gucci’s father died, 
after his marriage is said mhave begun 


Continued from Page 1 

triumph for tbe ma ker of the F-16, Lock- 
heed Martin, which has never sold fight- 
ers to Saudi Aiabuji would be a setback 
for McDonnell DcargJaa, which has sold 
168F-I5 jets there and had hoped for 
‘ more sales. . 

Tbe Saadis were in no financial shape 
to make such a big purchase as little as a 
year ago. For several years the kingdom 
had been ratcheting back investment in 
jetliners sod other hardware because of a 
drop in worid wide oil prices and a severe 
cam shortage. 

But anboundin oB prices in 1996 and 
a jump in the value of die dollar, the 
currency used in global oil trading, have 
revived the Santo economy. 


The royal family has heatedly debated 
what to do with the resulting windfall in 
revenue. 

One faction, led by the defense min- 
ister, Prince Sultan ton Abdulaaz. has 
pushed for more military purchases. An- 
other wants increased spending on hous- 
ing, education and jobs. It wants to ad- 
dress serious social problems that have 
given birth to Muslim fundamentalist 
unrest, which, in turn, seems to have led 
to ihe bombings of U.S. military fa- 
cilities there. 

“This deal isn’t going to ease Saudi 
Arabia’s real problems,” said Anthony 
Cordesman, director of Middle Bast 
studies at tbe Center for Strategic and 
international Studies, “ft Has better 
things to do with tote money. There are. 


deep divisions in Saudi society on how 
to deal with their difficulties.” 

The Saudis are expected to sound out 
the administration on the sale late next 
month, when Prince Sultan visits Wash- 
ington and speaks with toe new defense 
secretary, William Cohen. 

Industry officials said the Saudis ap- 
parently had anticipated that American 
officials would express bitterness about 
the Khobar Towers investigation and 
wanted to offer toe Americans a 
sweetener. 

When news of the deal broke, several 
industry officiate expressed concern that 
tbe leak would complicate the sale, say- 
ing toe Saudis demand control over con- 
tract announcements. 

Several years ago tbe kingdom can- 


celed a $5 billion deal to buy jetliners 
from the European consortium Airbus 
Industrie after jubilant French officials 
prematurely announced the deal on re- 
turning from Riyadh. 

Administration officials responded 
cautiously, saying no formal deal has 
been readied. 

“There is a lot of enthusiasm in a lot 
of places for toe idea, but we have re- 
ceived no official request or contract for 
that land of sale from toe Kingdom of 
Saudi Arabia,” the White House 
spokesman, Michael McCurry. said. 

And tbe Pentagon spokesman, Ken- 
neth Bacon, said: “We do not have a 
formal request from toe government of 
Saudi Arabia about purchasing F-16s, 
and therefore I can’t go beyond that. 


They asked us some time ago about 
pricing information, which we 
provided.” 

An F-I 6 sells for about $30 million, 
which would peg the deal at about $3 
bQlioo. But toe Saudis typically strike 
long-term deals for spare parts, main- 
tenance, crew training and missiles. That 
could raise toe price as high as $15 
billion. 

It is not certain Israel would object, 
pro-Israel lobbyists here said, although it 
has opposed other weapons deals with 
toe Saudis. One industry official said 
Washington was considering easing ob- 
jections by offering to sell Israel F-22s. 
It would Se toe first “stealthy,” radar- 
evading American jet ever sold abroad, 
and Israel is eager to get the plane. 


LEBANON: Under Syria’s Influence 9 Lebanon’s Traditional Civil Liberties Are Becoming a Thing of the Past 


Continued from Page 1 ■ 

au t ho ri t a rian neighbors. In tbe last three 
mnnthu, the government has dosed most 
opposition television stations — pur- 
portedly fw technical reasons — restric- 
ted tbe content of Lebanese news pro- 
grams beamed abroad and, in December. 


deemed hostile to Syria. 

“It's always embarrassing to have an 
Arab Country with so much political 
freedom,” said Gfcassan Moukheiber, a 
Harvard-trained lawyer who serves as 
human rights rapporteur for toe Le- 
banese Bar Association. “After toe end 
of tbe Lebanese civil war, we were hop- 
ing that Closeness between Lebanon and 
Syria would move Syria more toward 
democracy. However, we’ve seen the 
opposite happen.” 

Government officiate denied any ef- 
fort to stifle internal dissent “We may 
be tbe only country in the Middle East 
that is really democratic,” said Nasri 
Lahbud, chief judge of tbemfficary court 
toattriesmany security cases, “We have 
a Parliament ,’ 1 • 

Bat he added, “Our press has too 

much, freedom-” 

“Democracy Is a very lovely thing 
for a developed people,” he said. “We 
arc developed, but 80 percent of the 
people are living day to day. ” . . . 

With close ties to Europe and toe 
United States, Lebanon has long been 
more hospitable to Westem-styfc notions 
of dvd liberties than otoer Arab countries. 
That traditiou,however, is notsbared with 
Syria, wfoore amborirarim regone sent 
troopsiire Letew® shortly aite toe out- 
breakof the_ 1975-90 civil war. 

— fA* CtMon iMiniknt H&feZ 


■ l ° ufRcggiani thfin obtained custody 

vJomol book about the Cocc clan. . 


.. Jers arriving ax 

airport Lebanese 

politicians do not even pretend to be 
independent, relymg on Damascus to 
referee such arcane internal disputes as a 
recent fracas over army promotions. 

“ft’s not so much meddling by Syria in 
X fhan eg ? affairs 1 — ’ it’s toe Lebanese 


inviting them to help,” said a former 
prime minister, Salim Hoss, just back 
from a private dinner in Damascus with 
Bashar Assato toe president's son and heir 
apparent. “The two countries are very 
close. We think they are complement- 
ary.” 

. The presence of an estimated 35,000 
Syrian troops in Lebanon is widely cred- 
ited with maintaining a fragile peace 
among- the country’s S unni Muslims, 
ShfizeMuslims an d Christians . But Syrian 
influence also has contributed to an 
erosion of civil liberties, according to 

^^InaiiOct. 11 letter io^me^touster 
Rafik Hariri of Lebanon, New Yotk- 
based Human Rights Watch protested 
toe “abduction and interrogation of Le- 
banese citizens and Palestinian refugees 
by Syrian security forces in Lebanon, 
followed by transfer to Syria for im- 
prisonment without charge or any form 
of due process.” 

‘Inquiries about disappearances are 
met with di s i n terest and inaction by Le- 
banese authorities, who reportedly refuse 
even to write down complaints,'' toe 
letter continued. 

“The problem is compounded be- 
cause most Lebanese lawyers and fca- 
mmrights o rganiz ations shy away from 
any advocacy that coaid be perceived as 
critical of toe Syrian role.” 

Even more disturbing to some is the 
comphdty of Lebanese security forces 
in enforcing Syrian role. Lebanese se- 
curity forces, for example, carried out 
last month's arrests of Lebanese Chris- 
tians, most of whom were suspected of 
involvemenl in political groups that- op- 
pose Syria’s role in Lebanon. The 
xoimdi^wasiriggered by sevoal attacks 
on Synan interests in Lebanon, includ- 
ing die ™«^in*- gi]nning of a' Syrian 
minibus uearBeinn that killed the driver 
and wounded a passenger on Dee. 18. 

Among those caught up in toe sweep 
was Mr. Atellah, toe journalist, who 
writes-fbr the daily newspaper An Na- 
har, “They got to toe point where they 


were fed up with me,” said Mr. Atallah, 
who denies distributing anti-Syria leaf- 
lets tot acknowledges that he inter- 
viewed the pro-Israeli militia chief. 

The country’s new broadcasting re- 
gime also has set off alarm bells among 
opposition groups and democracy ad- 
vocates in Lebanon. 

Following toe civil war, few people 
questioned toe need to impose order on 
Lebanon’s anarchic airwaves, jammed 
with toe transmissions of roughly 60 un- 


licensed television stations. The govern- 
ment required broadcasters to apply for 
licenses with Che staled aim of paring toe 
number. 

In the end. the government granted 
licenses to just five stations, all of them 
pillars of toe regime or sympathetic to il 
T he government made an exception for 
toe station owned by Hezbollah, or Party 
of God, which provides coverage of toe 
group's guerrilla campaign against Is- 
raeli troops in southern Lebanon. 


All toe others were ordered off toe ab- 
as of the end of November, although the 
government has extended toe deadline 
For applications, which could permit a 
more independent channel. 

A related law regulates die content of 
Lebanese news programs beamed 
abroad via satellite. Banned topics in- 
clude Lebanese drug cultivation, toe 
Syrian military presence In Lebanon or 
anything deemed harmful to a friendly 
Arab country. 


BOOKS 


SPORTING WITH 
AMARYLLIS 

By Paul West. 158 pages. 

$ 1995. Overlook. 

Reviewed by Carolyn See 

T HINK of John Milton be- 
fore .he became John 
Milton, just a weedy kid of 17 
swotting along at Cambridge, 
too snarl for his own good, 
too shy for his own good, a 
virgin still, obsessing about 
women and just beginning 
shyly, grandiosely, to enter- 
tain the thought that be might 
devote his life to poetry. 

Imagine, then, that his tutor 
sends him home for a while, 
to “nisticate,” except that 
young John lives with his 
family in London, so he gets 
citified instead. Imagine toe 
foul, interesting city, with 
everyone in the I7th century 
nervous as a cat about the 
prospect of toe plague. Ima- 
gine the Thames, dank as. a 
sewer. Imagine women 
tramping through mud, fend- 
ing off the gropings and 
grabbings of homy young 
men, the homiest among 


them young John Milton. 

Imagine thttl that a lumin- 
ous Negress hires toe young 
poet-to-be back to a stinking 
den draped with still-bloody 
animal hides, and there, in the 
company of a mysterious, cas- 
trated companion, she seduces 
John, lectures him on mor- 
tality, toe nature of women and 
toe elements of txietry. She 
announces herself as his muse 
and warns that he has a choice 
ahead of him: He can become 
a mere scribbler, a hack, in 
which case the gods will prob- 
ably let him alone, or he can 
aspire to genius, m which case 
— her cart rated companion 
informs him — “harsh lives 
and almost constant humili- 
ation. hunger and scabs, drear 
loss and chronic insomnia” 

are sure to be his Jol 

Her name, she says, is Am- 
aryllis, and. though she is 
“Ethiopian” in hue, she’s a 
muse, Milton’s muse, though 
she comes from Virgil, who 
has written of her. “A sad 
thing is a wolf in the fold, rain 
on ripe com, wind in toe trees, 
the anger of Amaryllis.” 
John’s brain is befuddled 


with Seaming and thoughts of 
sex : He can’t separate toe two 

— why should he? How 
should he? The worid of un- 
washed flesh is all around him, 
pungent and bold, and death is 
always right around the comer 

— in fact, EngUsh poets keep 
dropping tike flies, and Am- 
aryllis has her lands full just 
keeping toe English poetic tra- 
dition going. The plague may 
be a metaphor for mortality, 
but it’s also toe genuine 
plague — filthy, devastating, 
immediate and terrible. 

Amaryllis takes John on a 
barge, shows him shelves and 
shoves of corpses, and com- 
mands him to breathe into and 
from their dead mouths — be- 
cause they used the language 
before him, and a poet owes a 
debt to the dead. Flinching, 
gagging, be does so. His love 
for Amaryllis, in just one day. 
changes from a gnmgy sexual 
connection to a loftier, more 
complex, spiritual emotion. 

Together on a gondola they 
whisper, and love each other, 
and floar down toe Thames. 
Then, as part of toe old tra- 
dition, Amaryllis and her mys- 


terious companion leave 
MU ton marooned on a deser- 
ted shore, from whence, 
changed forever, he heads 
batik to Cambridge and his fu- 
ture as a great English poet To 
anyone who says, “Isn’t John 
Milton that ‘Paradise Lost' 
guy?” — or to people who 
deplore die idea of women as 
muses and think they ought to 
be able to write stuff of their 
own, or to people who couldn ’t 
c are less about how English 
poetry has continued through 
the centuries — I’d say avoid 
this novel like toe plague. But 
the learned, toe witty, the 
homy, toe goofy just might be 
charmed by this tittle book. 

Carolyn See reviews books 
regularly for The Washington 
Past. 


NEW AUTHORS 

publish your work 
AIL SUBJECTS CONSIDERED 
Autnois worio-wide invited 
Write or send your manuscript to 
HtNBtVA PRESS 
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international herald tribune 
SATURDAY-SUNDA y, FEBRUARY 1-2, 1997 
PAGE 8 


Arts of Ancient Sudan: More Mysteries Than Revelations 

figure of a young girl hotting out in W 

International Herald Tnbune irregularity sought after by Zen tea ce- palm the hronzr statuette of 

P ARIS — Few of us can remain remony masters for its natural teei- - ‘ just "A cut" as atcbieoli 

indifferent to the lure of the Here, too, bold incised patterns give without giving snenrid# to 

deeper layers of mankind's bur- 20 th-century avant garde touch. ^ vT : - expressiveness, the eyesfal 

ied past. When it concerns the A second group of Al-Kadadaponer> *T77. Vr- : r_ >.. ^ an archaisttc di s p ro portion 


Inter natiund! Herald Tribune 

P ARIS — Few of us can remain 
indifferent to the lure of the 
deeper layers of mankind's bur- 
ied past. When it concerns the 
heritage, hitherto unknown, of a culture 
that grew at the meeting point of black 
Africa and the Eastern Mediterranean 
world, the fascination becomes irres- 
istible. 

“Soudan, Royaumes sur le Nil" (Su- 
dan. Kingdoms on the Nile), at the Ins ti tin 

SOUREN MEUKIAN 

du Monde Arabe from Feb. 5 to Aug. 31 , 
is the second leg of a journey that began 
in Munich in October and continues 
from Sept 30 through Feb. 1, 1998. at 
De Nieuwe Kerfc in Amsterdam. 

Confusing as the show may be — with 
its crowded presentation of pottery mix- 
ing the greatest and the banal, its in- 
sensitive lighting and its pedestrian cata- 
loguing ( who on earth, except academics, 
wants to be told about “Group-C Ceram- 
ics" when that jargon conceals ignorance 
on crucial points: Who were the people 
who made these? What language did they 
speak? How did it ah begin and end?) — 
it brings one visual revelation after the 
other. The information concerning the 
culture (cultures?) to be credited with 
these revelations in early times, alas, 
amounts to nil. 

At AJ-Kadada, in central Sudan, 
some of the most sophisticated wares 
ever were molded some time in the first 
half of the fourth millennium B.C.. prior 
to the invention of the potter's wheel. 

A hemispherical bowl from which a 
grip rises like a pointed prow has a 
delicate brown burnish, toned by the 
incised hatching of its geometrical pat- 
terns. Its boldness has a startling mod- 
entity. A bowl from the same tomb, with 
a shape calling to mind the Japanese 
“chawans." displays that light touch of 


irregularity sought after by Zen tea ce- 
remony masters for its natural reel. 
Here, too. bold incised patterns give it a 
20th-century avant garde touch. 

A second group of Al-Kadada potter} 
includes some real world masterpieces. 
An oval container has a carefully con- 
trived asymmetry that gives it the ap- 
pearance of some exercise in advanced 
solid geometry. Form and construction 
reach an apex with a spherical vase very 
slightly stretched upwards. Festoons of 
incised quarter circles arranged in 
staggered rows give the pot a dizzying 
rhythm. , 

Was there any continuity from the Al- 
Kadada culture to that revealed by the 
finds made at Aruba? If so. the tran- 
sitional wares have yet to be discovered. 
The beautiful rounded bowls with geo- 
metrical motifs engraved and colored on 
a deep black ground herald some pat- 
terns on painted wood elements and 
textiles in African art barely older than 
die turn of this century. 

One wonders whether the same people 
really created the bowls and some small 
terra-cotta heads also recovered from 
Aruba. There is no artistic link of any 
kind One of the heads, 5.5 centimeters 
(about two inches) high, is a miniature 
gem ofworid sculpture. The sleek round- 
ed volume has long slits for the eyes, 
topped by lightly molded bars for the 
eyebrows. The nose and tiny lips are 
similarly indicated in light relief. If there 
is the faintest whiff of Egyptian influence 
in the hairdo, utterly disguised by the 
extreme stylization, die Aniba heads and 
Egyptian sculpture stand light-years 
apart on the artistic spectrum. 

Yet the heads were molded around 
2000-1750 B.C., when the policy of 
systematic conquest inaugurated by the 
Pharaoh Mentuhotep II brought the Su- 
danese area under Egyptian rale. The 
roots of the native culture must have 
been deep and uncommonly strong to 






Ute r 


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fl- Ifi* ' 1 




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* 1? 


^ ' m i mm i 

King Senkamaniskens ushabtis (643-623 B.C.). Their grim facial expressions bear [he imprint of Nubian art. 


withstand the crushing weight of the 
conqueror’s own powerful culture. In 
the event, the people or peoples of an- 
cient Sudan — the Nubians, as his- 
torians call them using the anglicized 
form of the Greek name — adhered to 
the Egyptian model. In what circum- 
stances and over what period of time has 
yet to be determined- It must have been 
a complex process. There are indica- 
tions that it may not have been just the 
result of brutal oppression. 


A WONDERFUL fragmentary 
bas relief hacked out by deal- 
ers in antiquities from the 
walls of the temple erected by 
Mentuhotep II at Deir al-Bahari around 
2000 B.C. shows a rare scene in Egyp- 
tian art The king’s arm passes behind 
his spouse’s neck and comes down over 
her chest to clutch four fingers of her 
outstretched hand. The woman gently 


presses her thumb against the pharaoh's 
hand. Rarely was human emotion so 
directly suggested in the hieratic sculp- 
ture of the Old Kingdom. What makes « 
doubly remar kable is that the woman's 
curly hair unmistakably shows her to be 
Nubian. 

Several enigmas must be solved be- 
fore we begin to understand the intric- 
acies of the Nubian Egyptian relation- 
ship. One concerns die kingdom that 
arose in upper Nubia around present-day 
Kerma ana was wiped out by Egypt 
around 1500 B.C. Yet as early as circa 
2000 B.C., works of art bercaying Egyp- 
tian influence appear in the kingdom. On 
a sandstone slab from Buhen carved in 
sunken relief, an archer who stands na- 
ked wears the tiara of Egyptian rulers. 
Aesthetically, it is closer to prehistoric 
paintings in the Sahara than to dynastic 
Egypt 

During the final phase of the Kerma 


expressiveness, the cyesfcdl of laughter 
an arduustic disproportion, conjure 
Nubia rather than Egvre, and so do ite 

scarifications on ihe tntgfes. 

A greater mystery Surronrak ix. 


Hebrew sources. It somehow anpeareih* 
the 1 1 ih century B.C. lathe interval, tfc.* 
Nubians had thoroughly adooted 
Egyptian faith. 

selves to be more truly pious. TowanT r 

the end. the KushitesffrreEKypt its 25& 1 

dynasty (712-656 B.C). \ 


A FTER tite Kudtites whbihew ' 
from Egypt. &eorigjaality of 1 
the Nubian remake of Egyp- 
tian came ok more vig- , 
orously than ever. The ushabtis (faience 
figures) retrieved from King Sen. 
kamanisken’s pyramid betray a type- i 
ally Nubian concern for expressiveness. 

As Egypt was conquered In succession 
by the Persians, the Greeks and the.. 
Romans, and lost its cultural identity, 1 - 
Nubia survived. \ 

The mysterious kingdom of Men>„ ’ 
arose, leaving texts in a alphabet thtt' 
can be deciphered- Alas, the language is' 
not understood. Some of its art wju 
remarkable. The sandstone head of the ' 
Meroitic deity Sebiumeker carved at the 
outset of the Christian em sands in- / "~ 
relationship to Egyptian art as 
Romanesque sculpture does to its An- ltl 
cicnt Roman ascendants. . 

Pottery' remained remarkable. A* q 
grayish earthenware jar dug up with the 


kingdom, from 1650 to 1570 B.C.. its 
artists achieved consummate mastery in 
Egyptian-derived sculpture. The frag- 
mentary head of a ram at one time 
covered in a blue glaze is as subtiy 
molded as any animal Figure from 
Egypt. But the searching quizzical look 
of the ram is hardly Egyptian. Express- 
iveness peppered with humor remained 
a recurring mature in Nubia as late as die 
Roman period. 

Indeed, as (me travels down the cen- 
turies, indications multiply of a far great- 
er Nubian input than previously suspec- 
ted into the works dubbed “Egyptian” 
found in Sudan. A shallow bronze bowl 
on an openwork stand dug up from a 
tomb at Aniba. and considered to date 
from about 1 450 B.C.. has a lithenuss and 
linear quality to its stylized animal fig- 
ures that barely suggest Egypt 

The same question arises about the 
bronze mirror supported by the slender 


shape as it is for the stylized frieze of. 
Miro-Iike bulls. Thus did die perennial 
Nubian temperament endure through , 
the avatars of a chaotic history. 


Secrecy and Paranoia 
Czarist Jewelry Show 



A Triumph of Diplomacy! 


By Roberta Smith 

i\W York Tunes Sen-ice 

W ASHINGTON — Few blockbuster exhibitions 
have popped into view as suddenly as ‘ ’Jewels of 
the Romanovs: Treasures of the Russian Im- 
perial Court." the gem-studded display of art 
and artifacts that opened here Wednesday at the Corcoran 
Gallery of Art 

Exhibitions of this kind usually involve at least two years of 
preparation and months of dramrolls. publicity and ticket 
sales. In contrast, the arrival, even the existence, of the 
Romanov exhibition was unknown to the public and most 
museum professionals until late November, when the Corcor- 
an sent out a brief news release. 

The secrecy and paranoia surrounding this exhibition may 
be standard for Russian-American collaborations, even in 
these post-perestroika times. Add precious gemstones that are 
considered central to the Russian patrimony, not to mention 
other objects that have never left the country before, and 
anxiety levels can zoom off the charts. 

That’s where they seemed to be in last few weeks and days, 
especially last weekend, when Russian and American cur- 
ators Und their translators) worked around the clock, and the 
show's installation went down to the wire. 

Most objects in the exhibition — including royal portraits, 
letters and photographs, examples of court gowns and military 
dress and numerous ecclesiastical objects in gold, gems and 
mother-of-pearl — had arrived more or less on schedule. 

But die imperial jewels from the Russian State Diamond 
Fund that formed the heart of the show were another matter. 
After all. they include a 19th-century brooch incorporating 
the world's largest sapphire and a bracelet in which the largest 
table-cut diamond in the world serves as a pane of glass, and 
a blue diamond stickpin whose stone is rumored to have come 
from the Hope Diamond, just a few blocks away at the 
Smithsonian's National Museum of Natural History. 

Established by Peter the Great in 1719 to separate the 
Romanov family wealth from the s tate ’s, fire Diamond Fund 
was reestablished in the early 1920s by die Communist 
government (which then proceeded to auction off more than 
half of its inventory between 1927 and 1936). Since its 
opening to limited public viewing in 1967. the fund had never 
allowed more than 5 or 10 jewels at a rime to be lent from its 
vaultiike galleries beneath the Kremlin. Now it was lending 


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more than 1 15 pieces, a 
sizable percentage of its 
holdings. 

At first the director 
and curators of the fund 
were reluctant to transfer 
the jewels from the Rus- 
sian Embassy to the mu- 
seum, which meant that 
when they finally ar- 
rived. Corcoran staffers 
had to rush to make the 
brass mounts to hold 
them upright in their 
cases. The installation 
was further delayed 
when the Russians de- 
cided that the cases them- 
selves needed thicker 

glass. Anyone who saw 

die state of the galleries 0 ^* 0 ^ or m 

late Monday would not Diamond and sapphire 
have believed that the earring, circa 1755. 
show would be ready for 

Tuesday’s press preview. But ready it was, at least ready 
enough to see what all the fuss was abouL At the preview of tile 
show, which runs through April 13. James Symington, chair- 
man of the Ameri can-Russian Cultural Cooperation Found- 
ation. an exhibition sponsor, spoke not inaccurately of “a 
miracle on 1 7th Street” (referring to the Corcoran’s location. 
500 17th Sl. N.W.). 

David Levy, the Corcoran’s director, euphemistically men- 
tioned “complicated logistical issues." And Nick Nicholson, 
the exhausted American art historian who oversaw the show's 
organization, gave English a certain Russian lilt when he called 
his team’s efforts “a consistently growing dramatic event." 

L JKE most blockbusters, “Jewels of the Romanovs’’ 
is as much about history, personality and power as 
art. But the jewels and die ecclesiastical objects in 
particular do not disappoint, and die rest of the show 
— the handsome portraits of Catherine the Great and her 
descendants, die elaborately embroidered court gowns from 
the last Romanov family — swirls around them like gorgeous 
footnotes. (The. elaborate hair ornaments called aigrettes, for 
example, are present both in the show and in Alexander 
Roslin’s full-length 1 770 portrait of the Grand Duchess Maria 
Feodorovna.) 

And like some blockbusters, “Jewels” has what might be 
called a layered agenda. Symington's foundation first con- 
ceived of die show as a celebration of the 125th anniversary of 
the American tour of Grand Duke Alexei, fourth son of 
Alexander II, the “Czar-Liberator.” Thus the exhibition 
begins with a small display of memorabilia pertaining to the 
duke’s tour, in 1871. 

Similarly, the Russian curators who actually selected the 
show wanted to highlight jewelry making in Russia today. 
Thus near the show's finish is an anomalous vi trine con- 
taining several contemporary brooches, earrings and neck- 
laces, none of which has die visual presence or historic 
credentials of the earlier pieces. 


ART EXHIBITIONS 


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196. bd. St Germain 7S007 parts - Tel. 33 1 42 22 77 57 

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Museum Tests Meaning of Modern' 


By Herbert Muschamp 

Sew York Tones Service 


N EW YORK — And the win- 
ner is — modem architecture! 
That's the announcement the 
Museum of Modem Art 
would like to make when it finall y se- 
lects an architect to design its expanded 
Manhattan campus. 

No big names. No razzle-dazzle 
designs in instantly recognizable sig- 
nature style. No prizes for best song, 
most congenial contestant, wizard spe- 
cial effects. Rather, museum officials 
hope that the process of redesigning one 
of the world’s most vital cultural in- 
stitutions will itself be the lead per- 
former. 

The museum has announced an in- 
ternational list of architects invited to 
compete for the commission, a project 
that is not just an addition or expansion 
but of another order of magnitude. 

The architects have been encouraged 
to rethink the configuration of the entire 
campus, which now includes the Dorset 
Hotel on West 54th Street, bordering the 
rear of the sculpture garden, which was 
acquired last February. 

The architects are Wiel Arets and 
Rem Koolhaas of the Netherlands; Toyo 
I to and Yoshio Taniguchi of Japan; die 
French architect Dominique Peirault; 
the Swiss team of Jacques Herzog and 
Pierce de Meuron, and four New York 
firms: Steven Holl. Bernard Tschuxni, 
Rafael Vinoly and the office of Tod 
Williams and Billie Tsien. By May, the 
list will be narrowed to three finalists. 
The commission will be awarded by the 
end of the year. 

Speaking on behalf of the museum *s 
trustees, Glenn Lowry, the director, said 
that the selection process itself would 
help to “conceptualize a modem mu- 
seum in the context of the future.” 

The architects on die list are rel- 
atively youthful; most are in their 50s. 
Some architects who were not invited to 
compete have expressed surprise, 
bafflement, even anger, at this emphasis 
— as if the museum had deliberately 
chosen to rake a slap at more established 
architects like Norman Foster, Richard 
Meier and Charles Gwathroey. 

Actually, the Modem’s tilt toward 
youth makes perfect sense. The archi- 
tects on the list represent a generation 
that has felt compelled to reinvent the 
idea of modernism for itself. 

The generation preceding theirs in- 
cludes a number of distinguished ar- 
chitects — like Foster, Meier and 
Gwathmey — whose work is strongly 
rooted in the values of the modern 
movement. Still, at a pivotal moment, 
the work of these designers was less 
influential than that of Robert Venturi 
Charles Moore. Michael Graves and 
others who chose to promote tire post- 
modern cause. 

Younger architects, especially in the 
United States, grew up having to reckon 
with the repudiation by their elders of 
20th-century history. They were edu- 
cated in a climate that subjected mod- 
ernism to constant criticism and ri- 
dicule. The sterility of modern 
architecture. The anti-urbanism of mod- 
ern architecture. The indifference of 
modem architects to popular needs and 
tastes. 


T HE Museum of Modem Art, 
meanwhile, was undergoing its 
own identity crisis. In the 1 wOs 
and 80s, the museum stood at a 
crossroad. How could a modem mu- 
seum survive in what was widely 
labeled a postmodern world? Had mod- 
ernism become a closed historical 
chapter? Should the museum simply 
devote itself to filling out the record is 
a story that had reached the end? Or 
did modernism represent a set of 







MIC SCENE 

<lfLait‘<t Main* 





flora* OrirflfaK** Ycrt Tm 

The Museum of Modern Art campus consists of the original building 
designed in 1 939, the sculpture garden of 1964 , the Museum Tower 
added in 1985, and, at right, the Dorset Hotel with its stepped roof line. 

values that could feed into the future? Bom well after the pioneering days of 

The Modem itself had helped to pre- tire modem movement, this gpnpatron 


values that could feed into the future? 

The Modem itself had helped to pre- 
cipitate this crisis. In 1966. the museum 
published Robert Venturi’s ' ‘Complex- 
ity and Contradiction in Architecture,” 
a book that instantly became the bible of 
postmodernism, the text that encour- 
aged architects to repudiate die aesthetic 
values on which the museum had been 
founded. 

Later, Philip Johnson, who was a 
founding director of the museum's ar- 
chitecture and design department as 
well as a prominent museum trustee, 
further complicated matters when he 
began crusading against the modem 
movement he turn once championed. 

Arthur Drexler, the museum's long- 
time architecture curator, didn’t help 
matters by basically sitting on his hands 
throughout this period, committing his 
department to what seemed like an end- 
less recycling of shows on the great 
modem masters. 

In 1984. Drexler commented to me 
that die only contemporary designed 
objects he judged adequate to the mu- 
seum’s aesthetic standards were pieces 
of military hardware, like die Stealth 
bomber. As one contemplated the Bell 
helicopter that still hovers at the en- 
trance to the design galleries, one gained 
an image of Drexler as an embattled 
figure sitting atop a stockpile of 
weapons, manning die barricades 
against postmodern incursions. 

The 1985 expansion by Cesar PeUi is 
an enduring symbol of chat crisis. Here 
the museum entrusted its redesign to an 
architect whose adherence to modem 
p rin c ipl e, never particularly firm, soon 
lapsed into a purely commercial prac- 
tice dedicated to. producing decorative 
building skins. 

PeUi was the perfect architect for a 
moment when the museum hoped to 
insure its future not by aesthetic but 
economic means, erecting a profit-mak- 


accepts as a matter of course that the 
“modern movement'* and the polem- 
ical struggles of that movement are a 
matter of history. But they also perceive 
modernism as an ongoing way of re- 
lating to die present. 

J OHN Suramerson, the British crit- 
ic and historian, was referring to 
the modem movement when he 
wrote in 1947 of the need to ‘‘sort 
out those aging ideas that get OTCrusl *~ 
round past creative achievement ana 
clog tire pro p er working of the ima- 
gination in clanging times.” 

For Suramerson, in other worro. 
modernism had already grown stale 
years ago, a decade before .tire Seagram 
Building went up. But far many er- 
chitects today, especially the generation 
represented by the list, the sorting outot 
ag in g ideas could serve as an excellent 
definition of modernism itself- 
The museum's trustees sre wise to 
view die process of selecting an architect 

as a creative venture in its own right. It is 

an opportunity for die museum to sort 
out some aging ideas that got encrusted 
round (he institution itself. 

Like the idea that there is some in- 
herent conflict between the traditional 
and the modem, when the second pew 
organically out of the first. Or dial his- 
torically there was only one correct, 
canonical “modernism' 'rather than Fu- 
turism. Constructivism. Baiihaus, de 
Stijl, Expressionism and many other 
modernisms. 

We value die Modem as 8 place 
where this sorting-out goes on, where 
modernism is presented withio a frame- 
work of changing awareness. Many of 
the architects on the museum's list have 

embraced that framework as the essence 

of contemporary architecture. 

Pioneer modernists spoke of trans- 


its economic means, erecung a prom-max- rioneer modernists spoke 01 uana- 

r 0s ing condominium tower on its property forming entire cities, of remaking the 


and refashioning the museum itself in 
the image of a suburban mall. 

Since then there has been achanging of 
the guard; a new president, a new di- 
rector, new curators, a rejuvenated de- 
partment of architecture arid design. This 
group, mostly under 50, is of a generation 
lhat regards the modem, and the Modem, 
from quite a different perspective. 


world. Modem architects today are 
more likely to speak of heightening our 
consciousness of the modern world. The 
function they see for architecture is 
much like the museum’s own historical 
goal. . , . 

I hope they won't forget dial n s also 
one of the world's great spots for dat- 
ing. 


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BUSINESS/FINANCE 


SATURDAY-SXINDAX, FEBRUARY 1-2, 1997 


PAGE 9 


Firm Drops CM 


By Jolm Schmid 

International Herald Tribune 



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- Piy^KFmT — Metaflgesellschaft AG, back on 
•' . inn fating after a near-collapse in 1993 will dr on its 

■ iSi-P®?. 1,5 Deutsche marks ($9144 

m an oui-of-couxt settlement amoved Friday 
company s superviscay board.^ y 

c 7?“ 8C S? rd 5 e P re s e ° ts a partial victory for Heinz 
^huninellHisch, the former drier executive. 

• WtaahgKellschaft withdraw a lawsuit that 

- ^barges Afr. Schimmelbusch with breach of duty in the 
...' company s $1 billion oil-trading scandal and the sub- 

. sequent financial crisis that nearly destroyed the blue- 
chip company. J 

te ™ ; which must be approved by 
' MetallgeseUschaft’s shareholders, fah s/gnificantlv 

- ‘ ?r 9^ Schimmclbusch had sought. Mr. 

Schunmelbusch, who is believed to have demanded 
v compensation of 3 million to4 million DM, had fought 
« to be absolved of responsibility and had complained 
: that he was being used as a scapegoat. 

Instead, Mr. Schimmelbusch and his former ffna«» 
director, Meinhard jFOrstea - . '‘explicitly accept full car- 

• 'panne res|» nsibility,’’ according to MetallgesellschafL 

Forster, who was widely seen as having greater 
: : involvement in the scandal than Mr. Schimmelbusch, 
will receive a one-time payment of 160,000 DM. 

It is the first time that Mr. Schimmelbusch has 


admitted responsibility in the affair, a companyspokes- 
man said. The parties also agreed, however, that they 
had divergent opinions aboui the events that 1«1 co huge 
losses on risky oil H«iig in the United States, the 
company said. 

Metallgesellschflft said it planned no severance pay- 
. meat for Mr. Schimmclbusts. hwawa d, the fee is based 
on what Mr. Schimmelbusch would have received 
he fulfilled his contract until it expired, June 30, 1994. 

In a setback for Mr. SrhirumelbusciL, the company 
refused to fink the settlement to a pre-approvea ex- 
tension ofhis contract until June 1999, evra though fee 
extension had been finalized amonth before he was fired 
in late 1 ,993. The payment would have been significantly 
bigfaer if linked to the lengthened contract. 

Mr. Scfaazmielbusch vriD also be entitled to annual 
pension payments of 330,000 DM, a level also pegged 
to the contract that expired in 1994. 

Each of die sides will pay its own attorney’s costs 
and will split the court costs. This was another dis- 
appointment for Mr. Schimmelbusch, who had filed a 
countersuit against MG and separately filed another 
suit in New York against Deutsche Bank AG, a major 
MetaUgeseUscbaft creditor and shareholder, and 
against a senior Deutsche Bank director, Ronaldo 
Schmitz. The latter soil had alleged that Deutsche 
Bank and Mr. Schmitz had contrived to profit from the 
calamity and accused Mr. Schmitz of waging a cam- 
paign of defamation. Both sides win drop their lit- 
igation and refrain from future charges. 



U.S. and China Strive 
To Iron Out Problems 
la New Textile Deal 


, . Agcocc tace-fttat 

Heinz Schmunelbiiscb, who was dismissed as 
chief executive of MetallgeseUschaft in 1993. 


Japan Without Reform: Tassengers on the Titanic’ 


By Alan Friedman 

International Herald Tribune 


1/ 





DAVOS. Switzerland — Japan will be 
left behind in the global economy and 
unable to maintain its standard of living if 
it does not push ahead quickly with rad- 
ical reforms including deregulating heav- 
. tiy protected industrial sectors and with- 
drawing tlte hand of government from the 
overall economy, Japan’s most prom- 
inent business leader said here Friday. 

In an interview, Masaya Myoshi, 
president of the Keidanren, Japan’s 
most influential confederation of indus- 
trial companies, accused many of his 
compatriots of being “pretty compla- 
cent’ ’ and said he was increasingly wor- 
ried about die Japanese economy. 

“The current state of our economy is 
very bad,” said Mr. Myoshi, who is 
attending the annual meetings of the 
World Economic Forum in this Swiss 
rid resort. “Many people in Japan have 
been pretty complacent They are like 


passengers on the Titanic, wining and 
dining until the last moment” 

He said Japan was at a historical 
crossroads in political, social and cul- 
tural as well as economic terms. Its 
economy, he said, had operated for too 
long as “government-sponsored cap- 
italism, ” with too much direction from 
the state. 

“We have to change our system.” 
Mr. Myoshi said. “Unless we change 
our system, we cannot expect to even 
achieve 2 percent annual growth be- 
tween now and the end of the century 
and into the next century/’ 

What that means, he said, is that 
Japanese business needs more dereg- 
ulation, less government intervention 
and a more decentralized system. 

The Keidanren chief stressed in par- 
ticular the need for government cor- 
porations to operate on market prin- • 
tiples. 

“They have to be privatized or even 
eliminated because they are spending 


taxpayers’ money, and their disclosure 
is not sufficient, so they are adding to 
the general deficit,” he said. Mr. My- 
oshi was not afraid to name names, 
citing as examples Japan Development 
Bank, Japan Housing Finance Corp., 
Small Business Finance Corp. and re- 
gional development corporations. 

So preponderant is the hand of the > 
state, he said, that Japan's economy is 
effectively divided into two segments, 
the “more highly efficient segment of 
well -known companies in sectors such 
as cars, electronics and precision in- 
struments and the highly protected and 
inefficient segment of companies in sec- 
tors such as agriculture, telecommu- 
nications, financial services and dis- 
tribution.” 

The latest chapter in the yeais-long 
plunge in Tokyo stock prices, Mr. My- 
oshi said, showed that “the market is 
speaking” and is punishing die inef- 
ficient companies. The message, he ad- 
ded, “is thar these companies are not 


internationally competitive, and unless 
they rationalize they will be out.” 

Commenting on the weakness of the 
yea against the dollar. Mr. Myoshi said 
that for manufacturing companies in the 
Keidanren, a value of 120 to 12S yen to 
the dollar was “comfortable,” He ad- 
ded that “if the rate stabilizes and stops 
being volatile, this will strengthen their 
competitiveness, .but only if this is 
coupled with deregulation and other re- 
forms.” In late trading in New York, the 
dollar was at 121375 yen. 

Mr. Myoshi said the Keidanren fully 
locked the program of reforms that was 
being proposed by die government of 
Prime Minister Ryutaro Hashimoto. 

“We must go ahead with adminis- 
trative reforms, fiscal reforms, the re- 
form of our social security system, a 
financial ‘big bang,’ economic recon- 
struction and economic reforms,” he 
said. “We have to change our system 
totally.” 


Cmpdoi In Chr Sstf Fnra DuraHtrj 

BEIJING — Negotiators from China 
and the United States wrangled late into 
Friday to tty to hammer out a textile 
accord hours before the deadline for 
unleashing a potential cross -Pacific 
trade war, officials said. 

The chief U.S. negotiator. Rita 
Hayes, held talks through Thursday 
night and far into Friday with Chinese 
officials aimed at renewing a 1994 tex- 
tile accord and resolving a dispute over 
U.S. penalties on Chinese expruts. 

U.S. officials said they expected no 
agreement before early Saturday but 
hoped to smooth over differences before 
the deadline at midnight Friday. 

Disagreement over access to the mar- 
ket in China appeared to be the chief 
stumbling block, industry representa- 
tives said. 

“I expect the reason fcrlhe talks not 
wrapping up is market access.” said 
Robert Hall, vice president of a U.S. 
group, the National Retail Federation. 
“This is an issue that is not traditionally 
pan of apparel bilaterals.” 

But officials said hopes for a deal 
were high, with Ms. Hayes and her team 
believed to be putting the finishing 
touches on the text of an agreement 

“We fully expect they will reach an 
agreement,” one U.S. industry repre- 
sentative said. 

According to another member of the 
U.S. industry delegation, the key ques- 
tion of market access for U.S. textile 
manufacturers exporting to China has 
been solved. 

Ms. Hayes had been upbeat about 
progress in the talks Thursday, citing 
significant headway on the issue of mar- 
ket access and saying she hoped for a 
deal by the end of the day, but the accord 
failed to materialize. 

Chinese officials warned Friday 
morning that there was still no guar- 
antee ox a final agreement and stressed 
that China would not sacrifice its prin- 
ciples to secure an accord. 

But both sides have made it clear they 
want to avoid a trade war. 

Washington could make significant 
cuts in China's textile quotas if agree- 
ment could not be reached before the 
deadline, Ms. Hayes said earlier. She 


added that the United Sates would not 
give China another extension of the 
deadline. 

The Chinese-U.S. textile pact had 
been scheduled to expire Dec. 31 but 
was extended by one month to give both 
sides time to work out a compromise. 

Washington and Beijing were also 
seeking to ease tensions in a dispute 
over Chinese exports of textiles via thin] 
countries. 

The United States has threatened 
multimil li on-dollar penalties and raised 
the specter of a cross-pacific trade war 
over the issue. 

Washington slapped $19 million of 
penalties on imports of Chinese textiles 
in September, saying Beijing was ship- 
ping textiles through third countries to 
evade quota restrictions. 

China threatened to retaliate by tem- 
porarily banning imports of some U.S. 
textiles, farm goods and alcoholic 
drinks, but it has delayed such action to 
allow time for further talks. 

Textiles are just one of a range of 
issues dogging a U.S. -Chinese relation- 
ship that has long been strained by dis- 
putes over topics ranging from trade to 
human rights to Taiwan. 

A U.S. delegation left Beijing on Fri- 
day after talks on human rights with 
Chinese officials. 

A U.S. report made public by the 
State Department Thursday said that all 
the members of China's tiny pro-demo- 
cracy movement had been either im- 
prisoned or drives into exile by gov- 
ernment repression. 

A U.S. trade official, Lee Sands, 
wrapped up two days of talks in Beijing 
on Friday to discuss China's delayed 
accession to the World Trade Orga- 
nization. long a source of cross-pacific 
friction. 

Beijing, which wants to join the glob- 
al trade club on the favorable terms 
accorded to developing countries, has 
accused Washington of blocking its 
entry. 

The current textile talks in Beijing 
have already run one day beyond sched- 
ule and have involved all-night mara- 
thon sessions at the Chinese Ministry of 
Foreign Trade and Economic Cooper- 
ation. (Reuters, AFP) 


% 


1 : 

i ■ 


ECONOMIC SCENE^ 


Mr 




The Latest Magic Word Is ‘Indexing’ 


By Peter Passell 

New York Times Service 


.HEW YORK— WbUetite inflation- 
indexed bonds issued Wednesday by 
the U.S. Treasury are seen by Wall 
Streer as just another opportunity to 
nMkg a buck, economists' pulses are 
rating over other potential uses of the 
new financial instruments. 

_ For like the mythical schmoo in AI 
Crop’s Li T Abner comics (the lovable 
wmte tasted like c h icken when 

fried and sirloin when grilled), indexed 
bonds may work a variety of wonders 
— everything from helping die Federal 
Reserve Board detect inflation on the 
horizon to providing a lower-risk way 
for states and cities to finance new 
infrastructure. 

The new bonds represent something 
of a triumph for academic economists, 
who have spent decades promoting in- 
dexing. “Milton Friedman and James 
Tobin don’t agree about much, but they 
both agree about indexed bonds,’ 
noted Lawrence Summers, the deputy 
Treasury secretary and a big fen of 
indexing. 

The yield on an ordinary Treasury 
bond can be broken down into two key 
components — the reward for lending 


monin', plus compensation for me ex- 
pected loss of purchasing power when 
0 k bond matures and the principal is 
returned to the lender. 

Indexing eliminates *e swon? by 
WnViftg the government s liability to 
inflation: Ifr for example, the pnee 


levethas tripled between fee issue and 
redemption dates, investors get back 
$3,000 for every $1,000 originally 
loaned to Uncle Sant So die yield, 
determined by competitive bidding in 
fee market, represents fee “real” re- 
turn to caphaL . ' 

It doesn't take a PhJX in finance to 
see fee significance of fee information 
provided by fee bonds. If the yield on: 
ordinary Treasuries is, say, 7 percent, 
and the yield an indexed bonds of fee 
same maturity is 3 percent, the market 
must expect that inflation will average 
4 percent aver fee period. 

Well, not quite. Other factors, notably 
fee relative liquidity of fee market for 
fee two types of bonds, not to mention 
the “risk premium” above and beyend 
the expect inflation rate heeded to 
induce investors to bold onfinaiy bonds, 
should also influence fee differential. 

But Bruce Steinberg, an economist 
at Merrill Lynch, notes that changes in 
die difference in yields between the 
two kinds of securities could prove a 
useful indicator of inflation expecta- 
tions. A sudden widening of fee gap. 
for example, would be a more direct — 
and probably more accurate — indic- 
ator Of expectations than, say, the price 
of gold or other commodities feat have 
been widely used to predict i nfl ation. 1 

Indexing may also provea good way 
for the Treasury to reduce borrowing 
costs. Investors, it is assumed, will 
accept a lower field in return for what 
amounts to insurance against unexpec- 
tedly high inflation. 


And while indexing does not elim- 
. inateiisk — it merely transfers it from 
investors to taxpayers, who would have 
to come up wife extra cash if inflation 
exceeded expected rates — indexing 
does allow markets to apportion risk to 
those most wilting to bear il 

In the end, the most important gains 
from, indexed Treasuries may be in- 
direct. For one tiling, indexed bonds 
could .be used by “defined benefit” 
pensionplans to hedge against inflation, 
thereby permitting them to offer in- 
dexed benefits — no small advantage in 
1 a world where pensions must routinely 
support retirees into their 80s. 

And once the market for indexed 
Treasuries was well established, it 
would open the door to other issuers. 
Indexed municipal bonds hacked by 
revenues from, say. toll bridges orair- 
' port landing fees would match inflation 
risk cm the asset and liability sides of 
- the financing equation. 

By the same token, indexed home 
mortgages would effectively link fi- 
nancing costs to bousing prices, be- 
cause both would tend to rise and fall 
'wife inflation. 

The big puzzle is why it took so long 
for Washtington to try indexing. Critics 
have .always been able to summon 
plausible objections, like the risk that 
the indexing of interest will lead to the 
indexing of wages, which will under- 
mine fee public’s resistance to infla- 
tionary policies. 

But fee real reason, cue suspects, is 
bureaucratic inertia. 


Air France and Alitalia Sign a Pact 


Renters 

PARIS — The state airlines Air 
France and Alitalia said Friday they had 
signed a deal under which they would 
cooperate oh code-sharing and in other 
areas to tiy to expand and cut costs in the 
face of tough private competition. 

Air France said its chairman, Chris- 
tian Blanc, signed a letter of intent 

chi^^cutive of Alitalia Air^ne& Al- 
italia later confirmed the agreement 

The move was also aimed at bol- 
stering the two airlines’ competitiveness 
and is the 'sort of alliance more airlines 
wQl probably make in fee future, ana- 
lysts said. 

“The role of the global alliance in the 
airline business is going to be an in- 
creasing one,” an analyst in London 
said. 

The news came less than a month after 
European skies were deregulated Jan. 1, 
amove that freed national airlines to fly 
between almost any two cities in Europe. 


It also is set in a context of large, far- 
reaching alliances between private air- 
lines in fee United Stales and other Euro- 
pean countries. 

Air France already cooperates in such 
an agreement wife Delta Air Lines Inc., 
among others. 

The two airlines said in identical state- 
ments that they would try to find new 
ways to expand and deepen their co- 
operation but that for fee time being fee 
accord concerned only code-sharing on 
flights between France and Italy. 

“With the will to reinforce and extend 
their partnership, this agreement will 
allow Air France and Alitalia to explore 
and optimize all possible synergies be- 
tween the two companies in France, in 
Italy and other countries, notably in the 
fields erf assistance and frequent-flier 
programs,” they said. 

The deal, the first steps of which 
would go into effect April 1, would 
preserve independent operations and 
policy decisions by both airlines. 


“The agreement, leaving both 
companies their independence for com- 
mercial policy and operating costs, in- 
volves various essential elements which 
will be put in place progressively from 
April 1, 1997,” they said in their joint 
statement 

Air France and Alitalia flights would 
be operated under a code-sharing agree- 
ment feat would lead to the possibility of 
reservations on an Air France flight be- 
ing made at an Alitalia counter in an 
airport, or vice versa. 

The airlines said this was most likely 
at fee start of the accord to be possible on 
flights between Paris and Bologna, Tur- 
in or Venice. 

Links between French and Italian air- 
ports other than the two countries' 
largest ones also would be developed, 
for instance wife code-fearing on Al- 
italia flights between Lyon and Milan or 
Air France flights between Strasbourg or 
Lyon and Rome, the airlines said. 


2 Bank Mergers Fail in Malaysia 


CURRENCY & INTEREST RATES 


Cross Rates 


Jan. 31 Ubld-Llbor Rates 


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Bloomberg News 

SINGAPORE — Malaysia’s campaign to 
encourage the country’s banks to join up hit a 
snag Friday when two proposed consolid- 
ations were called off within a half-hour of 
each other. 

Oversea-Chinese Banking Corp. of Singa- 
pore said its Malaysian subsidiary had called 
off talks wife Pacific Bank Bbd., while 
Malaysian Industrial Development Finance 
Bhd. said it would not sell its controlling stake 
in Oriental Bank Bbd. to Sime Darby Bhd. 

“This clearly shows fee difficulties in the 
meager process,” said Phuah Eng Chye of 
Klemwort Benson Research. 

The breakdown of talks is a blow to Malay- 
sian officials who have said they are eager to 
whittle down the 37 commercial banks to a 
handful capable of feeing global competition. 

Sime Darby, which has interests in real 


estate, banking and plantations, said Dec. 11 
that it had approval from the central bank to 
enter talks to acquire Malaysian Industrial De- 
velopment Finance's stake in Oriental Bank. 

“It all boils down to everyone getting too 
greedy,” said Angie Ang of Caspian Re- 
search (M) Sdn. 

Oversea-Chinese Banking said the pro- 
posed consolidation with Pacific had col- 
lapsed because “complex issues regarding 
legal, accounting and regulatory require- 
ments were difficult to resolve.” 

The deal would have created a bank with 
combined assets of 17 billion ringgit {,$6.84 
billion) at fee end of 1995 and given fee 
Singaporean subsidiary the ability to open 
new branches, which foreign-comrolled 
banks are not allowed to do. 

OCBC said the collapse of the talks would 
not affect its Malaysian operations. 


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PAGE 2 


PAGE 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 1-2, 1997 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY; FEBRUARY 1-2, 1997 




THE AMERICAS 




NYSE 


The Dow 



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Source: Bloomberg. Reuters 

[■uemsuotaJ HcrakJ Tritwae 

Very briefly: 


Global Sales Lift Coke Profit 18% 

ATLANTA (Bloomberg) — Coca-Cola Co. said Friday that 
fourth-quarter net profit rose 18 percent, to $762 million, against 
the fourth quarter of 1995 as sales outside America surged. 
Total revenue rose 3, percent, to $4.44 billion. 

Shipments rose a better-th an -expected 1 1 percent as new 
products and heavy advertising spending helped Coke gain 
market share around the globe, particularly in Europe, Asia 
and Latin America. 

“All those international numbers are a little stronger than 
expected," said Marc Cohen of Goldman, Sachs & Co. 

• Texas Instruments Inc. will unveil a digital sound pro- 
cessor Monday that it said can process 1 .6 billion instructions 
a second, 40 times the rate of current chips, making it easier to 
connect with wireless phones and to the Internet 

• Apple Computer Inc. cut prices on its home computers, 
servers and high-end PowerMacs by as much as 27 percent as 
the PC maker continued to struggle to shore up sales. 

• Kellogg Co. said its profit from operations in the fourth 
; quarter fell 2.2 percent to S 1 63. 1 million, as sales declined 63 
percent, to $1 .56 billion. 

• Hilton Hotels Corp. filed a tender offer for half of ITT 
Corp.'s shares as pan of its unsolicited $10.5 billion bid for 
the hotel and casino company. 

• Mobil Corp.'s board voted to split its common stock 2-fcrr-l 
and raise its quarterly dividend to $1.06 a share from $1.00. 

• Tyco International Ltd. tiled with the Securities and 
Exchange Commission to sell as much as $900 million of 
securities. 

• Mexico has taken a 24.5 percent stake, valued at $200 
million, in Transportation Ferro viaria Mexicana, a joint 
venture between Transportation Mari tuna Mexicana and 
Kansas City Southern Industries that won die concession 
for Mexico’s Pacific Northeast Railway with a $1.4 billion' 

bid. Bloomberg , AFX, Bridge News 


Tax Changes Target Wall Street 

New Clinton Budget Also Aims at Big Business 


By Clay Chandler 

Washington float Service 


curtail some 
used by individu- 


WASH3NGTON — President 
Bill Clinton's fiscal 1998 budget 
will propose a pack age of tax 
changes aimed primarily at big 
corporations and Wall Street firms 
that would raise the Treasury’s 
revenue by $39 billion over the 
next five years, according to ad- 
ministration officials. 

The measures are largely a re- 
prise of the corporate tax proposals 
that Mr. Clinton included m last 
year’s budget, along with the 
handful of revenue-raisers he ad- 
ded during the campaign to fi- 
nance education programs and 
other initiatives. 

Administration officials touted 
them Thursday as a measure of Mr. 
Clinton's willingness to force big 
business and powerful interest 
groups to share the pain of fiscal 
austerity with recipients of Medi- 
care, welfare and other federal pro- 
grams. 

The package, they noted, in- 
cluded more than three times the 
revenue that would be gained from 
alistofcutsm ‘‘corporate welfare” 
proposed by a politically diverse 
coalition of House and Senate 
members and political activists 
from both parties earlier this week. 

The proposed budget would ef- 
fectively kill many of Wall 
Street's most popular provisions 
for minimizin g tax payments — 


and, in the 
strategies 
als as well. 

For example, it would eliminate a 
technique called “selling short 
against the box," which allows in- 
vestors to lock in profits while push- 
ing their capital gains into the fu- 
ture. 

Selling shore involves borrow- 
ing stock and then selling it, hop- 
ing torepl ace the shares at a cheap- 
er faice later. Selling short against 
the box entails selling borrowed 
shares, but instead of buying 
shares to replace them later, the 
investor uses shares already 
owned. That locks in profits and 
defers taxes. 

Another provision in the Clin- 
ton plan would force buyers of 
such assets as stocks and mutual 
fund shares to use “average cost 
basis” in calculating taxable 
profits when they selL Under cur- 
rent law, an investor who owns 
shares purchased at different 
prices can use any of three meth- 
ods to compute profits. 

The plan also would make it less 

a ttr ac t ive to financial institutions 

and Wall Street firms to own tax- 
exempt municipal bonds. 

Under current law, such insti- 
tutions get a break not given to 
individuals or other corporations 
when they deduct their own in- 
terest payments on their debt at die 
same tune drat they get tax-exempt 
interest income from their bonds. 


“While there has been a lot of 
bipartisan support fra 1 the notion of 
dosing corporate loopholes and 
unwarranted subsidies, the pres- 
ident’s balanced budget plan is the 
only one that has called for sig- 
nificant savings,” a senior admin- 
istration official said. 

In the search for budget balance 
“we are as willing to look at un- 
warranted subsidies as we are at 
entitlements and other federal 
sp ending .” 

Many of the measures are aimed 
at eliminating or restricting the 
ability of companies to deduct 
various kinds of interest, to escape 
tax on dividends and to avoid UJS. 
taxes by deducting tax payments to 
foreign governments. 

A similar list of tax proposals 
drew harsh criticism last year from 
congressional Republicans who de- 
cried the provisions as harmful tax 
increases on business. 

Although officials on both ends 
of Pennsylvania Avenue have 
softened their rhetoric this year 
and say they expea to work out 
budget differences, the adminis- 
tration's tax package seems certain 
to rekindle some Republican op- 
position. 

In a speech in Dallas earlier this 
month, the chairman of die House 


resentative Bill Archer, Reput 
can of Texas, vowed to block any 
effort to raise taxes on companies 
that generate new jobs. 


Rosy GDP Data Keep ' ^ 
Wall Street Rally Alive 


CaepKedbyOw SHfFi*nDap*H*s 

NEW YORK — Prices of most 
stocks advanced fora third day Fri- 
day after a report on economic 
growth in the fourth quarter showed 

the economy was steaming ahead 
with few signs of inflation. 

"The fourth quarter of 1996 was 
exceptional,” said Alan Krai, a fund 
r parregir at Trevor Stewart Burton & 
Jacobsen. 

“We think: die economy is suf- 
ficiently strong to provide earnings 
growth going forward.” 

Although a late decline in Gen- 
eral Electric, General Motors and ml 
shares sent the Dow Jones industrial 
average 10.77 points lower to 
6,813.09, the 30-stock average 
ended the mouth with a gain of 365 
points, or 5.7 percent 
Broader measures ended higher, 
though they also gave back much of 
their early advance, which had been 
spurred by a large drop in interest 
rates in the bond market 
The broader market was able u 
bold part of the day’s gains with 
some help from Coca-Cola, which 
said fourth-quarter earnings grew 
18 percent Tne stock rose % to 58. 

The Standard & Poor’s 500- 
stock index rose 1.99 point to 
786.1 6, coming within a point of its 
Jan. 22 all-time high ana bringing 
its gain for the month to 6.1 percent 
The Nasdaq composite index 
climbed 8.83 points to 1,379.85, up 
6.9 percent for the month. 

Advancing stocks outnumbered 
declining waies by a 14-1 1 ratio on 
die New York Stock Exchange, 


A**, 

ii'j"" 

.u-' 


where volume reached 579.4 mil- 
lion shares. 

More than 12.6 billion shares 
changed bands this month on the 
Big Board, eclipsing the October 
record of 9.7 billion. 

Stocks got a boost most of the day 
as yields on the benchmark 30-year 

US. STOCKS 


Treasury bond slumped to 6.78 per- < 
cent from 6.87 percent The mice 
surged to close at 96 1 1/32, up mmini 

95H/32. frr 

The Commerce Department said ' • 
the economy grew at a 4.7 percent 
annual rate in the final three months 
of 1996. An inflation measure in the 
report showed prices had advanced 
at the lowest quarterly rate since 
1967. 

Falling yields helped banks, 
which make more loans as rates 
decline. Chase Manhattan, the 
U.S. bank, rose % to 9216. 
that the best-of-all- 
worids scenario might not last much 
longer also drove investors toward 
investing in familiar names such as 
Johnson & Johnson, which rose % 
to 5734. 

Computer-industry companies 
extended their previous day's rally# 1 
amid hopes for continued growth. 

Intel rose 21& to a record 16214, 
bringing the No. 1 chipmaker's 
three-day gain to 1114. 

Aoadigics soared 7)4 to 53V4. The 
maker of integrated circuits almost 
tripled its profit estimate for the 
fourth quarter. (Bloomberg, AP) 



MODEL: American Economic Gurus Grasp the Opportunity to Preach the Gospel ofU.S. Rebirth 


Continued from Page 1 

to the race by European govern- 
ments to prepare for monetary union 
would be effective “only when ac- 
companied by structural reforms in- 
cluding a more flexible labor mar- 
ket, more deregulation, more 
investment in research and devel- 
opment, and other measures that free 
up Europe's capacity to grow.” 

“What we are urging is that they 
adopt pro-growth policies," Mr. 
Eizenstat said in an interview. 

He singled out for criticism what 
he called the “lack of competition in 
major European industries such as 
energy, aviation and telecommuni- 
cations," saying this had proved a 
“major deterrent” to growth and 
job creation. 

Lawrence Summers, the U.S. 


deputy Treasury secretary, pro- 
nounced toe U.S. economic perfor- 
mance “super,” although he also 
sought to warn against “hubris' ’ or 
complacency. 

“We have low inflation, high in- 
vestment and no financial strains,” 
he said. Mr. Summers warned, 
however, that analysts of the U.S. 
economy who contend that it had 
escaped the ups and downs of tra- 
ditional business cycles onto a plat- 
eau of long-lasting prosperity would 


be moved wrong. 
The Am 


i American system also has its 
social costs, he emphasized, citing 
toe statistic that U.S. jails and pris- 
ons hold 2 percent of American 
adult males. 

The European model, by contrast, 
is coming under harsh scrutiny at 
this year's meetings. 


“The world has changed, yet in 
Europe people want to hold onto toe 
status quo.” said Horst Siebert, a 
German economist who is president 
of the Kiel Institute of World Eco- 
nomics. ‘ ‘The majority of the Euro- 
pean countries have not succeeded 
in adjusting their labor market in- 
stitutions and their social security 
systems to the needs of the glob- 
alized world,” he said. 

Europe's insistence on maintain- 
ing expensive forms of job guar- 
antees and other labor benefits had 
cost it die ability to create jobs, Mr. 
Siebert said. 

Jacques Barrot, Ranee’s minister 
of social and labor affairs, said 
Europe needed to adapt its econ- 
omies and social institutions “with- 
out losing our sense of social solid- 
arity.” He said France was struggling 


to increase toe mobility of workers 
and to further open its financial sys- 
tem to the global economy while still 
providing security. In this endeavor, 
he said, “fear is toe enemy.” 

John Sweeney, president of the 
AFL-CXO, toe largest U.S. labor or- 
ganization, provided a trenchant cri- 
tique of American capitalism, which 
he called a “highly costly toxic ex- 
port." Across the globe, he said, "the 
effort to compete by cutting back on 
basic rights is meeting growing re- 
sistance among working people.” 

■ Dollar Meets Resistance 

The dollar fell for a second day 
against the yen and was little changed 
against the Deutsche mark after Ger- 
man officials hinted die U.S. cur- 
rency may have risen far enough, 
Bloomberg; News reported from 


re- 


New York. A Bundesbank official 
Guntram Palm, said the dollar's rise 
would be a “major" matter of dis- 
cussion at next week’s meeting of the 
Group of Seven nations in Bolin. 

Earlier, Chancellor Helmut Kohl V 
said the mark had “mostly” 
versed its surge of 1995, su& 
that Germany may not favor ai 
slide by toe mark. 

The comments increased concern 
dial leaders of the G-7 nations may 
signal that they do not want toe 
dollar to keep climbing. 

The dollar ended in New York at 
1.6386 DM, up from 1.6363 DM on 
Thursday. It was also at 121 .425 yen, 
dowQ from 121.855 yen, at 1.4239 
Swiss francs, up from 1.4233 francs, 
and at 5.5293 francs, up from 5.5230 
francs. The pound fell to $1.6030 
from $1,613! 


r 


AMEX 


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Ml «l» >l 


Ut |». .h. 


1031 

S*s 

*'■ 

5V, 




• A. 

ID 

•'ft 



4k 


10311 

ft 


1 












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Wt 



t'| 



i.« 


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2 t 










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iiH 

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9 

9 

















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ir. 

ip* 






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M 

WL 

18* 

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ff’ 


12 

IT*# 




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*4*. 


417 

1 ■ 

ft 

3L 

•.ft 


wnr 

MWIM 

ftlKM 

wiser 

wflUTt 
w EMlH. 
W SCO's 
WEBFnn 
WEBG** 
WEB Mi'll 
WEBSdb 

SfSS." 

WEBSWg. 
H BSazn 
W BUKo 

LAI 

*jwn 


ITS 

l** 

ID 

111 

mo 

ina 


tvj 

in 


ft 

m 


on 

DU 

.*1 


sit 


list 

IM 

‘3l 


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Ira im 
» ft 


nt 

s 

Ilk 

ill 

13 

1IU 


m 

n 

9*. 

in 

UM 


ha m 

T* St 


3*. ft 
17H 17W 


lft 

l» 

ft 

12k* 


Ski 


ft 

» 

»k 


3ft 2ft 
Ilk. Ift 
lift W 
ft ft 

n* n» 


ft 

Ih 

1M 

lft 


ft 

im 

■iu 

n 

IV. 


1ft 

Ift 

ft 


7?1 

I2h 


ft ft 
JW ft 
m w. 

1 ft lit. 


» m 
■ft te 
ft ft 
ft ft 
JW. 7Wi 


Jft 

**k 


13* 

% 


IS 


IW 

«3 

WU 


MO 

l" 

2D 

m 

mu 


6lk 

ft 

IMk 

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l» U. lft 


is* 

04 ft 

r* ^ 

!xi -5 

2 » .2 

a 

»S 

M ft 

.5 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Soft Hfcl Low LM One 


ft 

-ft 

ft 


.ft 

.ft 

♦ft 

ft 

♦ft 

♦ft 

ft 


l 

ISft 

lift 

a 


Uft 

5ft 

17ft 

3ft 


7ft 

lft 

Aft 

& 

im 

3 

M 

lift 


ft -ft* 

28 .ft 

171t -ft 

Wft .kft 

12ft +M 

It -ft 

M -Vk 

17ft -ft 

Uft -ft 

(ft -ft 

ft* .lft 

I An »lft 

in .ft 

35ft ft 

24ft .ft 

4ft .ft 

41ft .ft 

10 -ft 

Uft M 

4M .W 

6ft 
Uft 

5*ft ♦«* 

24ft -ft 

3 *» -ft 

17ft 

*ft 4ft 

lft .ft 

24ft .ft 

J» 

lft .ft 

3ft -It 

lift -ft 

It ft -ft 

rvft -kft 


7ft -ft 

12ft -It 

lft .ft 
2ft 4a 

■ft 

kill . -ft 

19 .1* 

xn. *u 

171. .16 

lft -ft 

3 

rat ->« 

32 -ft 

23ft -I 

ft .ft 
(M .ft 

in -u 

,3ft 

III. 

lift 46 

IS -Vk 

7ft . U 


71ft 

B5 

14ft 

■ft 
14ft -ft 
13ft Mi 
Wk .ft 
Vft .ft 
38ft .ft 
,4ft -ft 
Uft 4« 
l*ft 


Indexes 
Dow Jones 

Open Mflk Low Look □». 

Mo <849 M 687X89 HOMS HIM? — WL77 
Tims 23SU8 2347.37 2339121 2234.1 D -US 
uni ma oua 232 . 1 s 22233 —us 

Qnp 212975 2130.44 7IKL54 711233 —195 


Most Actives 
NYSE 

M HH 14* W 


^ Standard & Poors 


Nigh Law am chg. 


Mwtfti 

TrtoanHn 

WoiMart 

MknfT 

FMDtrfas 

FmkUs 

L»amCn 

Toxlmi 

Cbcnas 

ATlTl 


414154 2% 
77172 1* 
57031 24ft 
57013 35ft 
SD41 37ft 


Tftl 

15ft 

23ft 

34ft 

35ft 


2 -42ft 

17ft 

23ft .ft 
34ft -ft 


Industrials 

Transp. 

utnrnes 

Ftaanoe 

SPSOO 

5P100 

929 AS 921.13 92X99 
56634 556.45 55833 
20050 19936 19931 
88.90 B7J3 8830 
79186 784.17 786.16 
778.15 76986 77180 

+ 1.86 
— XB4 
-028 
+ 0J7 
+189 
+ X14 

NYSE 

Ms* 

Law Last 

dm. 

Cumsasna 

mduxetab 

Tmp. 

UWTy 

Fhnnce 

Nasdaq 

41444 

J2U4 

34BJ6 

256.98 

37585 

411J0 411.90 
51852 518.90 
36423 34X41 
2(862 2083 
37186 37X46 

.071 

• 041 

-a« 

.131 

• 180 


Hteh 

Law Last 

are. 

CUrraxaffe 

Indutertate 

Banlu 

■nsunra 

Ftaonce 

Tram. 

1301.0 137780 13903? *957 
115843 115535 115042 -7JS 
134L15 133X31 13*2.15 *1X92 
14S34M U4M0 144660 —664 
1677 80 167122 1674.14 *623 
879j0 0669 0825 .<U6 

AMEX 

Hteh 

Law Last 

are. 


59038 

58843 56877 

♦811 

Daw Jones Bond 



20 Bonds 
10 UPMai 
lOtadushtab 


□we 

10X24 

10021 

1062A 

Chg. 

+085 

-am 

♦0.12 


GnMotr 

Merc* 

HmcDw> 

PNIMr 


£22 *5* 34ft ♦« 

225 55 ^ T2J* 12ft —3ft 

flaw Hft 57ft 5B .ft 
41359 39ft 3? 39ft 
39M9 32ft 31ft 32ft 4lft 
37441 Uft 9ft SI -lft 
UU5 92ft 90ft TOft 4ft 


VOL Kgfe 
143999 lift 


3Com 

SupmScs 


951*1 39ft 
ToteOonqA 90270 13ft 
RtfnSItl 00875 35V. 
wnrtdCms 53*73 2Sft 
Aptavw 51073 49ft 


kM. HU 
390* 794ft 
ISOM ft, 
11747 6ft 
10351 5ft 
10334 lft 
7403 Jft. 
5923 3ftt 
502 6ft 
5703 34ft 
5219 lift 


DcSCptS 

AMEX 


MCLLM 

TWA 

Graynm. 

HaMXr 

Horten 

OortfOg 

BdnBw 

viocB 

AmN 


49*4 

0 U 

—It 

I10V4 

link 

—) 

Law 

Lost 

Cbf. 

11 « 

im 

♦ 9k 

67% 

6946 

♦216 

160*6 

141*6 

+116 

urn 

KB 

+ 1fc 

37V. 

281k 

«1kt 

13V, 

19 

a 

—IS* 
— Ikk 

241k 

2SH 


47H 

491k 

♦1“ 

30k* 

2016 

— Ikk 

M'm 

671k 

+ lkt 

37+k 

3711 

+ 2*6 

31 At 

3114 

• Vk 

23 

Z3M. 

41K 

44H 

HVk 

+ Vk 

Law 

Lost 

an. 

71 Vi 

7BV, 


M 

«w 

♦ Va 

6*6 

4h 

ft 

♦l£ 

W* 

I 

♦ It 

3kS. 

316 

„ 

are* 

3 

M, 

<Vk 

6 Wrr 


341k 

34V, 

— Ik 

UR 

lilt 

+ H 


Trading Activity 
NYSE 


Nasdaq 


MnncM 

Dac&nM 


TtM Issues 
Now Him 
New Lows 

AMEX 


Tool issues 
New Mohs 
New Lows 


1414 

kill 

02 

3337 

193 

23 


793 

250 

xo 

745 

33 

1 


1561 

931 

843 

3335 

114 

l< 


719 

25 

I 


ToM Issues 
New Hohs 
New Lows 

Market Soles 


NYSE 

Amec 

Nasdaq 

mmttfons. 


im 

1033 

1736 

5734 

ns 

<3 


2127 

1062 

170 

5732 

1*5 

<5 


Jan. 31, 1997 

High Low On* Onp» Opbit 

Grains 

corn (awn 

&IM bg minimum- cads ner binhel 
Mar 97 273 20ft 270 -314 119,533 

Mar 97 271 2f7ft 269 -Uft 70053 

-M17 270 246ft 267 —3 AW 

Sep 97 265 282ft 263 -lft 9^1 

Dec 97 265 263ft 2M — 1 41296 

Est sides MA. Thu's, sales «,'45 
IWiapenlnl 3VU12 op im 

SOYBEAN MEAL (CBOTI 
H» ions- daQnpw-kn 

MOT97 Z mo mio 23690 -040 37J73 

May 97 ZELOO 22948 731 JO -070 23JB0 

JM97 230.90 22110 229 JD -040 19.846 

AU097 22100 226.05 227. ?* -ftJO IS® 

Sep 97 22100 221 JO 221 JO —170 2429 

Ddf7 71470 21100 2000 -OM> IJ47 

Ei safes HUL Wl. sates 2096 
Tim's open Inf 90.187 up 370 

SOYBEAN 0E.(CBOn 
HMOts-arimcrb 

Mcr97 21W 2165 2372 —0.15 44J90 

Mar 97 2475 2US 24.15 -0.13 1ASS3 

Al*97 1440 2442 24JD -0.17 14,994 

Au*97 34J0 T*M 2443 -030 3,133 

Sep 97 24JS 2475 2475 —a 15 2J29 

Dd97 24.95 24-5. 24-90 -OI3 807 

EsLsdes ILA. Thu's. sates 149a 
Thu*6 Upon felt 89,160 ad 1372 

SOYBEANS KBOn 
SOat hi mMmum- cents oer burnt 
Mir 97 742ft 
May 97 740 
Jul 97 741 

AU097 731 
Sep 97 707 

Eat.scfcs TLA. Thu's. seta 52.952 
Thu's open kit 171.700 off 865 

I9HEAT (CBOTI 

Laao bu mMrmrrf- eenH Mr buPwl 
Mar 97 350 357 3Hft -lift 2M90 

May 97 366 347 341 -6ft TOJJ5 

All 97 344 335 330 -7ft 36J11 

Sep 97 347 339 361ft -6ft 1J71 

Qs.utos HA. TWS.tdK va 
nwtapmkit 65,100 UP SB 


• III— Ia 

LNDSUKR 


733VS 

739 

-3W 

J5J04 

m 

738 

-ns 

37870 

73J 

737 

-3 It 

34J4I 

TO 

732 

— 1 

5,186 

m 

703 

-OA 

1849 


Nigh Low Close Olga Oplitf 

ORANGE JUCE (NCINJ 
154X10 Ss.- ana peris. 

Mar 97 89J0 B7J5 87 JS -405 16JZ7 

May 97 92.W 9000 90J0 4430 4914 

JUIT7 95J0 9325 9U0 4460 2J43 

Sep 97 97 JO 97* 97-25 +1JS 1095 

EsLsdes NA. Thu's.sctlH 1500 
Thu's open Int I off 28390 


Metals 

GOLD (NCMX) 

IDO irpy ot- deOBn per tesy to. 

Feh97 347 JB 34440 34570 -450 *3443 
Mar 97 346J8 61 

Apr 97 348.70 34SJ0 36400 — 1J0 94170 
Juri97 351 JO 34740 34140 -1J0 22J90 
AW 97 35260 349J0 35450 — 1J0 W79 
0097 S3J0 3S2JD 35150 -090 3JS4 

Dec 97 3SB2D 3HJB 36400 — 7J0 17J27 

Feb91 359130 1870 

EsLsdes MA. Thu's. soles 71 W4 
Thu's open W 191350 op 7875 

MGRAOEOOPPBKNaUQ 

UMBb-aniptra. 

F0h97 106J0 HttOO 10540 +120 2413 

Mar 97 H3J0 KXLS0 11075 .245 23,0* 

Apr 97 101.95 10130 W1JJ «LK 1.3S3 

May 97 10DJ0 9490 10468 +L80 6J56 

Jun97 99 jn 99-00 mm .460 m 

Jut 97 99 JO 9730 9930 +1J0 4582 

Aw 97 9495 610 

Sep 97 9480 9680 9430 .180 2J97 

0£t97 95M 582 

EsLsdes ILA. Thu'isstes U.M5 
Thu's open ini 54463 off 29*7 

9LVBMNCMX) 

&000 irayor^ arts per buy ez- 
FHsW 49400 481 JQ 401 JO —1280 I 

Mur 97 47080 48180 49050 -480 57,127 

Apr 97 49780 

May 97 501-50 48680 49680 -4.10 ailf 

-M97 3>L50 49080 WM —470 8841 

Sep 97 5D6JO 50480 50650 -190 3801 

Dec 97 516J0 50L50 50480 -880 4872 

JaiN 51980 9 

Est sates NA Thu^sdes 22821 
Hu's open ini 90870 up 1273 

PLATVRIM MMBU 


CATTLE (CMER) 

I Mi- ewas per ft. 


Apr 97 35680 35180 3S2J0 -120 201246 

Jut 97 35400 35150 35450 -110 3377 

Ocr 97 36180 35580 35530 -480 2371 

Jan 98 36080 36080 36080 -230 18*0 

EsLsdes HA Thu's. 5tto 2866 
Thu's open »tf 21974 up 71 




Feb 97 

6677 

68ff0 

6873 

♦ 035 

18900 


Pie*. 

Apr 97 

6685 

6630 

6688 

+840 

61.906 


cons. 

ton 97 

6U8 

64J5 

6800 

+0JB 

14J22 



4«0*7 

*475 

6825 

6875 

+050 

16,742 


2870 

Dd97 

085 

6730 

075 

+035 

VtoHB 


65164 

Dec 97 

70.15 


7X15 

+837 

X94B 



Est.sates MA 

Thu's, late* 

71454 



□» 

LONDON METALS OMEJ 
ppSarspermeWcton 


Previous 


Spd 7J84ft ISBSft 

FSwa 162280 1634.00 1609.00 161080 


Dividends 

Co mp any 

UnlmarCa 


Thu'snwiw 104895 all 565 
rrmm cattle <cmbq 


P«r Amt Rec pay Compaq* 
IRREGULAR 

- 84 2-14 3-3 


FsJOakBraak A 
Franchise Rn 


STOCK SPLIT 
AnoOgks Inc 3 for 2 nSL 

BarOsre Group 2 lor IspBh pay date unan- 
nouiMHL: 

I A6C Mfg 2 tor T spW. 

MtSbfl Corp 2 (or 1 spilt. 

REVERSE STOCK SPLIT 
Leak X Environ l far 13 reverse sain 
TelMed Inc 1 for7reiwwsp«. 

INCREASED 

lOHBCDLMg Q 30 78 3-11 

MoWICcrp Q 186 2-10 WO 

REGULAR 

Q .10 2-20 


Fred HaBywaod 

HonaxA rntPf L 
Horizon Fto 
IntenaeTCOm 
Interetnfej Pwr 


Por Amt Roc Pay JJJ*? “"is 


8 82 2-20 3-20 

^125 4-1 4-IS 


6*85 
7080 
7095 
7487 

Sep 97 7585 75.15 7535 
Oct 97 7480 7580 7595 4432 

FM. sates NA Tlart. IISes 3853 
Thu'saper M 23,150 up 125 


1804 


MuiaalRMi 
OrarteamGrp 

Pewried B nd . 
Fenn Enpto eer tog 


»- also an daa A.- 


PohOei 


Sac 
Nugsitt 


035 
080 

O 13 A_Tn May 97 7180 

Q 825 3-14 4-1 

M 896 2-10 2-28 
G 88 W 3-28 
_ 84 3-1 3-31 

HOGS-Uoa (OMBU 

kUMlitrCirtrpi't. __ 

Feb 97 7550 7435 7435 -085 7857 

Apr 97 7581 7425 74.75 -QJ5 IZ921 

Jun 97 1S87 7980 0420 -047 7865 

Jui97 7U1 7787 742S -037 1893 

Aua 97 7520 7427 7330 +020 1804 

§ 97 60.12 6745 S7J5 -015 13*4 

srrts NA Tls/4. sates 8847 
mYiwenH 34.149 all 46 


s 

Load 

gpw ■ 5£80 65680 65780 

Fowresd 67080 67280 66680 66780 


OGW Grade) 

240080 234980 225480 
217580 217780 214980 215080 


NJcfcel 


.12 2-21 4-7 

89 2-7 2-21 
« 

87 2rl4 2-2S 
.10 3-14 4-2 


+035 7347 

;SS mh GS* J 200 * 

US im 7580100 ra 8580 729080 730080 

+0JJS Snot 560580 571580 570080 571000 

Fpn agd 586 580 587080 576580 577580 

110280 11(880 

117280 117380 112580 112580 

High Low dose Chge Oplnt 


High Law daoe aige Oplnt 

10-YEAS FRENCH GOV. BONDS (MATIF) 
FFSOaOOO-ptaoflOOpd 
Mar 9713082 130.10 130-48-086121,243 
JW1 97 129.18 12984 129.16 - 084 1&129 
Sep 97 12744 12738 127.48 -084 784 

DOC 97 N.T N.T. 9638-0.10 0 

EsL yahme: 134452 . Open ML: 137,156 up 
1709. 

jTAUAM GOVE Oil KENT BOND IUPP8) 
ITL20C RdBaA -pH oflOOpd 
Mte97 13063 12940 m58 +0.11101,786 

Jan97 133180 12930 13082 +009 91878 

5op97 12932 12932 12939 UndL 500 

EA sales: 87313. Piey.sWre 64J68 
Prey, open laL- 119,164 off IAS 0 
EURODOLLARS (CMER) 
SlmHkm-pfiaMOapCL 
F*V7 PUB 9443 94-44 +081 14894 

Mar 97 9484 MJO 9L41 +082 39629 

Apr 97 943B 9*34 9437 +0.04 4,122 

30197 9430 9430 9421 +08S 39L777 

Sep 97 9414 9L99 9412 +089 295376 

Dec 97 9335 S3J9 9333 +087 217333 

Me* 98 9354 9172 9353 +087 108 3 

Jun95 7X75 9X62 9373 “+WTn^ 

5ep90 9357 93V 9356 +089 103,921 

Dec* 9X2 9X46 9154 +058 08,973 

Mar 99 813 9143 9351 +058 S2J72 

ton 79 9X47 9X37 9X45 +D5B 63803 

^.Sdes NA Thu's. sokes 325 564 
Thu's open mr 2385564 up 13979 
BRT115H POUND (OHBO 
aUOB mnh, s per paieia 
Mr97 L60M LS964 L5978 34510 

ton 77 1JSS89 15920 13752 2516 

Sep 97 15950 15870 15916 1530 

Dec 97 15180 I 

EsT. safes 2822 Ttlu+L sates Bjn 
Thu's open 2rt 3X172 up 1222 
CANADIAN DOLLAR ICKRI 
M0Hap J rtor».tparQfcnT 
Mo-97 3450 7433 7444 41343 

ton 97 74M 3476 34H 8870 

Sep 97 7530 7522 7527 3318 

Dw97 7566 <75 

Btwte 980 Thu’s, sales 4362 
Thu's open W 54280 up 420 
BBtMAN MARK (OMBQ 
1 14000 merles, s per mark 
Mrsr 9? 5139 51V 5123 1XBB 

Jun97 5178 5146 5160 USS 

SPP 97 5199 5191 5)99 X164 

Dean jta is 

EsLsdes NA Thu's. sries 25329 

Thu's BPoafer 86306 off 3007 
JAPANBEYBMCMBQ 
115 mOfen yea 1 per 100 yen 
Mar 97 JB US Ml 7X162 

ton 97 54M -8355 5387 3800 

Sup »7, 8500 890 8500 729 

Est.salei NA Thu's, mes 1S3B 

Thu's open fetf 77306 off 23 
SWISS FRANC {CMBRJ 
mono feranes. f per tone 
Mar 97 7085 7041 7051 475S6 

JUH97 7150 7115 7123 2711 

Sen 97 7192 2814 

EsLseies NA Thu's, sotel 118T7 

Thu's open ini 5X403 off 54 
MMHtniEUROMAIK 0JFH) 
DMlaiBon^allOOf ‘ 


jssparm 


AFLAC toe 
Arche Cat 
Artesian ResA 
CT Energy 
Gentnl RoelBk 
Coach man tad 
Doan Foods 
Define Carp 
□tognosfle Prod 
Ethan Allen 


86 2-17 M 
33 3-14 3-31 

■S 2r u « 

85 2-13 3-6 

.19 2-14 3-14 
37 2-10 3-3 

■13 2-5 2-19 
84 4-lfl 4-25 


SflittifleMl 
T aniuM on 
GBrinca 
Times MmrA 

USPadMM 

WnekanhiirASA 

WUBmpiauseAir 


32 3-10 4-1 

83 2-18 M 
83 2-13 2-27 
32 2-20 3-4 

86 2-7 2-29 

85 M3 2-28 

.10 2-21 3-10 

86 3-17 3-28 

865 2-17 3-3 

31 2*14 2-28 


Financial 
US T. BOLLS (CMBQ 
si mO Oi ei pa cf TOO pcs. 

Mir 97 9496 7494 9495 +083 4706 

ton 97 9436 9471 9434 +406 1221 

Sep 97 9466 9462 9455 +006 7B4 

Fhb97 7950 .7780 77 JO —ITS 2773 TfcrtOPoitt B7U Off 1 

S7S as JHS S2 JS SYR. TREASURY (COOT) 

SlMOMorkv- pte&«rtBor Woes 


PORK BtalJES ICMERI 


Feh97 

Mor97 *689 94V 

AJX97 9619 9619 

ton97 9688 9686 

Sep97 9681 9676 

Deer/ 9644 9650 

Mm9S 9647 96-42 

JDOM *625 9419 

SepW 9650 9584 

Dnreo 9U2 9556 

*W* SS43 95-40 

JUH99 95.18 95.16 

3TE HJ N S OJFFB] 

Sep*7 93.1* OTJ2 

» ss m? 

Sepw mas 9240 


9609 + 081 X367 

9*89 + 051210879 
968? +081 2888 
9688 +081179.171 
9680 +0JH 134236 
9464 +0JB 134543 
96-46 + 053 13X704 
9625 +083 94623 
9650 + 084 77592 
9571 +004 67570 
W44 + 000 41287 
9118 +003 21491 


MOV97 7980 
tol 97 7040 

Aug 97 7550 


7730 

7685 

705 


77 JO —253 
77 JO —170 
7485 —135 


Est.scw NA Thji"s. softs X364 
Thu's open W 87V up 311 


sssxnssfts ssisr 


> h h 

.. A A, 9, 
10 U Ih M 

un im uh 

I o n w n 

!2 !!S !! v s *iv» 

IP H<| iih u«| 

Zlfi M<4 34 It 

Pit 

IS 
.Kr 

v* 


Food 

cocoa (ncsb 

•SmeWc un- saw ten 
Ma-97 1334 


Stock Tables Explained w 

tows reitoefftaprewhiasaa onehs plus too ainet May 97 1358 iSd — 
hwbBM poll to e yeoBWgtvtowMkuiiMayidetto are shown lorlhe new sssob arty. Unte w gj”, {JJ 


^^?^.^ rtdlMM ^«”w»wc8i«a3urtimg^basWmttel^didat*ire 

ejdhrMwid qo adTB W . k • onnuol rate of dividend plus stock dMttemLc ■ Ito uldartng 

f wf ^S^" ( f^!^^’^- ,:n ^0-newy*a , *ytow.dd- 1 asstolheM12 r nonftB- 

e - dMrnmd detuned or poM fa pftcedino u manths. 1 - omwd rate. Increased on last 


101 

1314 

—6 

2)383 

1340 

1341 

—6 

yilona 

ms 

130 

—5 

1X486 

T3M 

13*4 

—4 

9.IU 

1419 

1419 

—3 

MSI 

Thu 1 *, sates 

8272 


ks« n>f 

5S J^SSTo^IOmT +22 101621 

ton97 186-14 105-61 106-14 + 22 10735 

SBP 97 105-62 105-62 US-61 +22 

Est.sates 49800 Hu's. sales 3SJS5 
Thi'sapBiM 194356 off T35RI 

__ MYR. TREASURY tOOT) 

anaort+msiMitimM 
Mar 77108-28 10-03 1*8-25 +18 324,181 

ton 77 106-09 10-21 108-0 +18 21.162 

SCP0 W-34 10-11 10-22 + 17 1803 

EM. sates 10890 Thu's, sates 6130 
Thu's onanH 3*630 off 3BS3 
US TREASURY BONDS (CXOT) 


«« ?25J 


KM 9231 

ijggtajeaLi 


*354 + 081 102392 
9339 4 001106136 
9X10 +083 66293 

nn +U4 sums 

9256 +084 36517 
V276 ♦ (mi 3X140 

net +086 21881 

9260 +006 10286 


High Lor Close Chge OpM 

DOW 7735 7735 7725 +a05 1883 .. ~* 

OBC97 7780 7785 7780 +4U5 0381 f- - 

Mar9l 78.1B 7&W 7l» +X 10 778 

EsLiolH NA Thu's. sties 7300 

TDu’SOPStM 1 OH OM 

HEATING Oft. {NME30 

ttaa poL ores ner eal 

Rs97 7031 5B25 6X65 -489 98T6 

Mar 77 6886 6520 56.16 —1-90 32894 

Aw 97 MB 6X10 6X49 -482 14825 

May97 622 4070 HIM -127 3833 

ton 97 «2B 5925 5934 -1.17 6,913 

tol 77 5930 5889 5X69 —1.12 3844 

i*u®Kf 5S-J8 S8J0 SXB9 -1.12 1023 

SmW SUB 5934 5934 -187 3J1J 

OQ77 6040 ®JS| 5924 —10 1811 

NW97 6030 60LI9 6119 -182 1325 

EsJ.sdts 54271 H»A. safes 462*6 
Thu's open W 92814 off 3277 
UOIT SWEET CRUDE (9MB0 
1880 ML- Mtere per DM. 

MOT97 3187 34.U 24.15 -171 78.154 

Apr 77 3436 2385 2X71 -064 39861 

May 77 2X80 2X19 2X19 -081 2X71* 

JW197 2320 2275 2X74 -058 32J1* 

tol 97 2275 2237 2237 -055 15207 

Aug 77 2246 2283 TUB -OS3 14,103 

Sen 97 2287 7172 2172 -OS 16.192 

0097 2170 2181 2181 -0.47 10,747 

Nay 97 3181 21.12 21 J 2 -046 7895 

Dec 77 2135 2085 2085 -045 25820 

Join 2180 2061 2081 -044 12869 

R*98 2050 2042 2042 -043 7865 

Mor 98 5230 2834 203* -041 2375 

atsrfa 0376 Thu’s, sates 7973* < 

Thu's open Inf 35270 Off H57 
NATURAL SAS WMBO 
10800 mm OAT'S. S per mm bru 

Mar 97 2302 2380 2385 29850 

Apr 97 2232 2130 2139 1X511 

Moy97 1112 2JM 2JDV 14JS3 

ton 97 2884 Zm 2J» 0766 

tol 97 UOO 2845 284S BAH 

Aug 77 2880 1055 2855 7857 

Sep 77 2885 2865 2865 6882 

OdW 2895 28» 2880 8377 

NW97 1205 1185 XT90 4830 

D*K77 2320 2305 2305 7.743 

ton 98 2360 23J5 II® 6830 

gL sates 21850 Thu's, sties 208*0 

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gw BO*, ranis prruk 

F^97 67 JO 47 JO 6887 — 1JS X993 

Mar97 6970 68.10 5ft26 -139 31,121 

4toT0 71.10 69 JU *974 -1J1 I2.13P 

May 97 7085 031 6731 —1.19 1771 ^ 

ton»7 6930 6881 6881 -TJ9 5 , 991 " 

M97 67 JO 6431 6631 —184 3825 

a:sOI 0 B 33859 Thu's, safes 34,194 
Thu's open rt 71381 off 1034 
5ASOIL DPEJ 

J A donors per metric ton - Ms ofl 00 ions 
fJBW 21535 20680 20935 — 275 20.968 
M«97 205JD 20080 20175-175 14.939 
API 97 19735 19435 19530-035 8L0S1 
May 97 19280 18935 19080 — 0J0 1575 
JwiW 189.00 18780 18735 -0J0 7846 
tol 97 188J0 188J0 18673 -OJO 2^413 
AUfl 97 18880 1S7J0 18650 -IL50 1,117 . 

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Oct 97 1B7JB 187J0 1868O-0JO 994 - . " 

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UA doflan per barrel -Ms of 1800 barrels * 

Mar 97 2331 22J0 2232 —046 5S882 

Apr 77 2289 2285 2286 -057 34.292 

May ?7 2231 2186 2152 -055 17845 
JwteW 7177 2139 2134 -050 17JS1 
■Jufy 97 2132 20.90 2X87 -048 12069 

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4-538 


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Stock Indexes 
»*co*b*. index tamo 

Ma-0 79630 78600 78675 -130 18180 
tong 80X40 79*80 79450 -080 Ijm 

SKL50 80X15 80X15 | iyy 

Dec VI 01X00 81473 B1U0 , 4 . 9 s 1891 

EJ-«Jtes NA Thu’s. sates 7U874 • 
TNTsaowiirt 19489 us 449 

Sft?85»S? 

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to »w N.T N.T 42025 4 08 4.959 

to?7 43125 42928 43WJ . « 0 1 ^ 

pt-snkes: 12,993. Prey, sates: 1 1,939 
Pren, open tat; 6ALS6 off UI7 
CAC40 (MATIFJ 
fra«per UidopoW 

ton 97 28210 2«2J 25193+1630 1X520 
feb 97 252S8 24958 25178 +980 22^4 
Mar 9725303 25068 252X3 +930 19.7M 
ton 97 N.T N.T. 24883 +9 JO U5i 

Sep 97 2 S 143 34973 25003 + 10 J 0 6.796 

Dec 97 N.T N.T. 2S203+10J0 0 

Mar M253B3 25213 253S3 +1230 6.993 
S«P 98 N.T N.T. 25133+1230 710 

^EsL vahime 41,419. Open Int j 70389 up 

Commodity Indexes 


Moody's 

Jtoton 

PA Futures 
CRB 


den 

L464.10 

1,94530 

151.17 

238.19 


Prwtaws 
!r*7X10 
1,951 JO 
150J7 
340J6 



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.^aar: 


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INTERNAXHW^HERALD TRIBUNE, SATUBBAY-SUlSJDAi, FEBRUARY 1-2,1997 

“ " 7 EUROPE 


PAGE 11 


a ».V-4 



•- r - 1 • ’ • , - 1 ' 


' Mo..'"' 2 


i \77 


V, 


• :/> 


H 1 I. 1 

- :.s: 


&^™b(*3Wf)rmOhp*r* a 

V -77. Chancellor Helmut 
kohl said Friday that he expected a 
dowmmi late this spring m the 
number of Germans unemployed, 
despite official predictions that iob- 
lessness would reach record levels 
this year. 

He predicted dial the number of 
unemployed m 1997 would average 
4.1 nulhon after hitting a peak in the 

spnng. An average of just under 4 
raJhat people were unemployed in 
1506, a record 10.8 percent, or 
4.1 muhon, idled in December. 

Mr. Kohl also said he was con- 
fident that growth in Germany 
would accelerate in 1 997. Speaking 
to Parliament, the chancellor con- 
firmed government forecasts that 
gross domestic product would ex- 
pand by 2J percent this year after 
growing 1 .4 percent in 1996. 

He smd expanding world trade and 
a weakening of the Deutsche marit 
would add to growth. 

One of every five jobs in Ger- 
many depends on exports, be said. 


The chancellor reiterated his gov- 
enuncot s goal of cutting unemmoy- 
mepi in half by the end oftbe de- 
cade. 

“Weexpect to have a turnaround 
on the job market this year ” he 
said. ' 

The jobless rate could drop and 
between 100,000 and 200,000. jobs 
be aeared if companies cut overtime 
hours, Mr. Kohl said, also urging the 
creation of more part-time jobs. 

- The 1 .8 billion hours of overtime 
now being worked each year is mo 
much, be .mid. 

“We are talking about the solid- 


U.S. and U.K. Firms 


arity of those wife jobs and 
without jobs,” Mr. Kohl said. 

He predicted 2 million part- time 

jobs could be created 

Mr. Kohl said women had fill^ti 7 
million of the 3 million jobs created 
in Western Germany in the past de- 
cade. The percentage of women 
working in- western Germany iw« 
climbed to 60 percent from 46 per- 
cent in 1970. ■ 

" “The consequences cannot be 


overlooked,” he said. Mr. Kohl said a 
contributing factor tn high, rmem- 
ploymcnt was thermal of 1.1 mil- 
lion immigran ts in Germany in 
1 995. . (Reuters, AFP, AFX) 

■ French Joblessness Steady . 

The unemployment rare in France 
was unchanged in December, re- 
maining ac arecord 12.7 percen t, or 
nearly 3. 1 million people, the Labor 
Mmistry said, according to an As- 
sodated Press report from Paris. 

The number of job-seekers fell 
29,000 in December, reversing a 
. rise of 20,700 in November. 

The National Employment 
Agency also said there had been, a 
decline in the number of jobless 
young people. 

At the end of December, 34.2 per- 
cent of those registered with die 
agency had been on its books for 
more than one year, down (X2^|>er- 

^ll^erestffl were 23 percent more 
people registered than there were a 
year earlier. . 


Frankfurt 
dax . 

3250 

m - — 

2930 

m 

2810 f 
2450 . e „ 


London ■; rmfrn ■ 

FTS& ICO fnctex GAC 40 

4500 2500 


• — 43W 


: 


Holzmann Expects to Break Even 


C**tehOur&4fFnmDbpaK*a 

FRANKFURT — Philipp 
Holzmann AG, Germany's largest 
construction company, said it would 
break even in 1996 after die side of 
assets and property offset an oper ati n g 
loss and wire-ofis totaling a bUikm 
Deutsche marks (SdlOmfflan). 

The company said 1996 output, a 


measure of sales, was “nearly” 14 
bOlicrn DM, down from 14.1 billion 
DM in 1995. New orders rose to 16 
billion DM from 15.6 billion DM. 

"Under a conceivably unfavor- 
able economic climate and compet- 


l *\ Riivl 


it kv ' 

ft f v T 


itive conditions, we were still able to 
turn the trend around,” sod die com 1 
parry's chief executive, Lotbar May- 
er. The c o m p a n y’s dines, however, 
fell against the market trend Friday 
despite the report that ft would break 
even. The shares fell 2 DM. to 42 1 
DM on an otherwise strong ftankfuit 
stock exchange^ - 
Some investors said they were 
skeptical that Holzmann would be 
aide to avoid a loss for 1996 or do 
better in 1997, especially as analysts 
expect German construction to stay 
in a «lwnip imril 1998. Eariiw fhw 


the HDB industry associ- 
ation said construction investment 
in Germany riwniti 1.4 per- 

cent this year. 

Juergen Boeschges, msmagw 

at - mtemafinnalff Ka prffllan - 

mhH, DuSSeldClf 

said he was "st£Q altit doubtful” dnit 
Holzmann could avoid a loss. 

* ‘Even though WnTymami ha« un- 
dertaken ^- s* m epiring ' measures,” 

rar re trnrtinn martfftt ia 
till difficult, Twalring it Kar ri tO im- 
prove margins.” 

(Reuters, Bloomberg) 


Bloomberg News 

LONDON — International 
CableTel Inc., a U.S. cable-tele- 
vision operator, and a separate 
group fanned by Granada Group 
FLC, British Sky Broadcasting 
PLC and Carlton Communica- 
tions FLC said Friday they were 
bidding far licenses to dehver di- 
gitai-TV sendees that could be 
picked up cm regular antennas. 

If successful, the two bidders 

— each' seeking three of the six 
available licenses — would dam - 

mate a system that is due to start in 
mid- 1998 and to gradually replace 
traditional analog television. 

Although companies in Italy, 
-France and Germany began of- 
fering digital satellite pay-TV ser- 
vices last year, the United King- 
dom is expected to be die first 
country to offer digital TV that is 
broadcast from land-based trans- 
mission towers. 

BSkyB has said it will also 
lmmrh 200 channels of satellite- 
delivered subscription TV in the 
United Kingdom this autumn 

- "Going digital is the most im- 
portant development for British 
television since fee introduction 
of color,” Michael Green, chair- 
man of Carlton, said. The service 
wQl offer a better quality of re- 


ception as well as a greater chan- 
nel capacity, he said. 


nel capacity, he said. 

Tnrmmtinnal CableTel, which 
owns several UK. cable-TV fran- 
chises, ‘denied a report feat it 
would be joined in its bid by 


United News & Media PLC Canal 
Plus SA and Merrill Lynch & Co. 

Granada, Carlton and BSkyB 
said they had formed a joint ven- 
ture, British Digital Broadcasting 
PLC to bid for three licenses. The 
venture, owned equally by fee 
three UK. media companies, said 
it would invest £300 million ($484 
million) if it won foe licenses. 

"To get digital terrestrial TV to 
fly , fee companies believe they need 
three licenses — you’ve got to have 
that critical mass,” David Beck, a 
spokesman for BSkyB, said. 

The licenses would give 
BSkyB access to fee 76 percent of 
UK. homes that do not currently 
receive its analog subscription- 
based satellite Tv service in Bri- 
tain via cable or satellite dishes. 

Mr. Beck said BSkyB, Carlton 
and Granada would pool their in- 
vestments in p rogr am ming and 
developing fee digital set-top 
boxes mat will be required to de- 
code digital television before tele- 
vision sets are adapted for it 

Shares in the three companies 
surged Friday. BSkyB closed at 
599 pence, up 19. Carlton gained 
37 to 559. aria Granada rose 18 to 
897. 

The venture intends to offer 
viewers IS subscription channels, 
including two from the BBC and 
three premium movie and sports 
channels. 

British Digital Broadcasting is 
expected to be profitable within 
five years, the companies said. 


a s o N 

1996 


Anwtofdaw 

BtUMrti 

Frankfurt . . 

qppenhagwt- 

Mafafntf . 

Oslo 

London 

Madrid 

man 

Pari* 

SKmHkM 

Vtmna 

Zurich 

Source: Tetekurs 


DJ J ASO N DJ 
1997 1996 1997 . 

Index Friday - 

' CtaMi 

EOS • 575*8 

BEL-20 . 2,051.54 

DAX : .303BL IS 

Stock-Market. S11JS1 


'A S O N D J 
1996 1997 


HEXGeneral 

QBX 

FTSeiOO . 
Stock Exchan g e 
MOTEL 

CAC40 

SX16 

ATX 

SPI 


Friday- Prove % 

Close Close Change 

S7SJ8 675.09 09 

ZjOSUA 2,045.57 -A28 
. 3^35.15 ..3JB1Z32 +0.5S 

511*1 507.15 +0.88 

2,777.13 2J12.73 -0.97 
577.51 S7S.3B +0.74 

4275J0 4.22&4D +1.12 
46Cu5» , 459-48 +1,33 

12*21 M 1&24&CO +1.48 
2JS1BM 2,503.06 +054 
2,71728 2,675.33 +1.57 
1,17462 1,170,16 +0.38 
2,728133 2389^8 +1.45 


luaMmul Herald Tribune 


Very briefly: 


• Scottish Amicable Life Assurance Society rejected an 
offer from Abbey National PLC. Britain's second-largest 
mortgage lender, tivat valued the life insurer at as much as £1.4 
billion (SZ2 billion). 

• AXA-UAP SA, the worid’s second-largest insurer, sold 
minority stakes in Scor SA, a French reinsurer, and Com- 
pagnie de Suez SA, a holding company, for 1.29 billion francs 
($234 million). 

• British utility stocks rose after Southern Electric PLC 
announced plans for a complicated share buy-back valued at 
as much as £156 million. 


• Julius Baer Holding AG, a Swiss private-banking and 
sset-management company, said 1996 net profit rose 16 


H’- 

jrV . • 


SAP AG’s Earnings Soar 40% for Year, Beating Its Forecast 


Reuters 

BONN — The software de- 
veloper SAP AG said Friday that 
foreign sales and a robust fourth 
quarter lifted profit in 1996 by 40 
percent, surprising analysis and 
beating its own forecast 
Refit rose to 567 milli on 
Deutsche marks ($346 million), and 
sales rose 38 percent to 3.72 billion 
DM, helped by a 57 percent rise in 
international revenue and a fourth' 


quarter that saw sales climb 49 per- 
cent, to 135 bfllian DM. 

SAP said its sales could rise by a 
further 25 percent to 30 percent in 
1997; hot a continuation of fee 
strong growth in rite fourth quarter 
"would be too much to hope fra-.” 
Dietmar Hopp, chief executive of- 
ficer, said. . . 

Over the next two to three years, 
expects to outpace the growth of the 
business management software 


market, where sales have boomed as 
companies increased their use of the 
Internet and of "ciieDl/teJver” 
computer systems, Mr. Hopp said. 

He said SAP aimed to keep profit 
rising next year by keeping cost 
increases below the rate of sales 
growth. 

Pretax profit for the year rose 43 
percent, to 996 million DM, while 
per-share earnings rose 37 percent, 
to 548 DM. 


Shares in SAP, which joined Ger- 
many's blue-chip DAX index last 
year, soared 2630 DM to close at 
24230. 


soared 2630 DM to dose at 


■ Bpnthc Earning s Triple 

Porsche AG said net profit in its 
first half more than tripled and said it 
had contracted Valmet Oy of Fin- 
land to help meet demand for its 
Boxster convertibles, Bloomberg 
News reported from Stuttgart. 


The company said net profitrose to 
36 mflti on DM in the six months that 
ended Friday from 1 03 m£Uian DM a 
year earlier. 

Its single plant in Zuffenhausen 
cannot meet demand for its new 
two-seat convertible, Porsche said, 
so it hired Valmet to make 5,000 
Boxsters a year starting this autumn. 
The additional cars should add 200 
million DM to 300 million DM to 
sales, analysts said. 


asset-management company, said 1996 net profit rose 16 
percent as commission and trading income advanced and 
assets under management grew 29 percent. Earnings rose to 
134 million Swiss francs ($94 million) from 116 million 
francs in 1995. 

• L’Oreal SA, the world's largest cosmetics company, said 
revenue in 1996 rose 13 percent, reflecting strong sales growth 
at its cosmetics, pharmaceuticals and skin-care businesses. 
Revenue came to 60.34 billion French francs, up from 5337 
billion francs in 1995. 

• Reed Elsevier Inc. agreed to sell the adult trade division of 
Reed Books to Random House. Terms of the deal were not 
disclosed. The adult trade divirion includes such imprints as 
William Hememann, Mandarin Paperbacks, Methuen, 
Minerva, Seeker & Warburg and Sinclair Stevenson. 

• Finmeccanica SpA, an Italian state-controlled industrial 
concern, paid 382 billion lire ($23.7 million) to acquire 


Breda Costruzioni Ferro viarie SpA, a railway equipment 
company, and other rail units of Efim SpA, a state holding 


company that is in liquidation. Finmeccanica said the deal 
included the assumption of around 180 billion lire of debL 

Bloomberg, Reuters. AFX 


WORLD STOCK MARKETS 


M|k Lot Oh Pray. 


HH h Low Om Pm. 


High Lot dm Pnv. 


K10 Lot Clow Pm 


The Trlb Index 


Ctodngpric w. 


10125 1« 

U2 155 


1UB lUf 

5JB 5J0 


144 143 144 1&5D 
«S 405 ,4M 425 


Print lb focal cunwcta. 
TsMtues 


Datntaraw 11150 lujo ns_58 ill* 

dotmo m ers m mjn 

DtuhdwSWk ttis K4S 81JQ ttfs 

OwrnMDO) 3060 3035 .3UD 30.18 
OmUm O a c k 5230 SU5 SUT 52.18 

■nSSSw «w ; - v! 

MUtgM -i- Mt ; W . T3J 

HenkripW -KUO 8130 «3Jft M.10 

HocMw ; 46 X 4tl0 46JQ 4630 

HoecM »X 4840 jEdO 4U1 

*1 ss 

Lindt 1040 . TO4 WB 1033 

mSo 326M 12540 )26J0 V&X 

mndiRwckR % 

' PlWWOB - 3*3 3§» 3P2JO 

ass a . so «pjo six 
SAP pW 84450 237 24L50 216 

SchWtoB T 14MM38M 139-65 
SlamtSi 9047 79JH B&35 7&82 

Tlmsen 314 31050 3UJ0 310JO 

wba 9070 9048 9060 .0A25 

V£W O?S0 tfSJO 4WJ0 4J9L5D 

Vfao 475 67V 473J0 _JI| 

VdSiMM en 749J0 -745 769 78050 


[b* *». 


Amsterdam 


KOB Man 0548' 
PlMOTflW 


ABN-AMRO 12140 


a tb 


AlmNoM 26120 
: BoanCo 82 J 8 
' BohlMHtCH 35 
- CSMcwo 10250 
» DORWdnPa 342 

•' W* J3 

. EtOTtar 283) 

. . Forth Amev 4820 
.Mnoks 52J0 

; 64ncoo 5B50 

M3SST ^ 


S3SSS“ ^ 

S5T* £3 

; KNPHT 4820 

• KPN 67.20 

. OovQMm 210-90 

. PMmBk 74 

• Robeco 152.10 

' RMotcd - s 

, RbMkd 15B.70 

, menu mno 

5SK5S1 S| 

VCMKM 81^ 

VNU 3440 

. WBAm K1 ora 22740 


121.W 12040 
11240 ns 
TI150 m » 
25850 24040 
8240 TUB 
3450 34.70 
10240 18050 
342 33890 
172 JO 17450 
2830 040 
4750 4730 
5240 52 

57 JO 5831 
144 144 

-290 28800 
75 JO 7240 
124 12480 
4931 4830 
55 55.10 
40J0 40.70 
44JB0 67 

545D : - 56 
244 2600 
21080 208JO 
74 73 

81 8820 
127 JO 129 

.152.10 1SU0 
55 54J0 
15870 157.10 
70740 70740 
322 31 9 JO 
30440 306 

79J0 90 JO 


UMyUO 

Mnorce 

MM* 


MOTom t Ot 


SB1C- • 

hotoot 


11825 120 

lO 10325 
17 JO T725 
6725 4925 
4250 43J0 
42 6225 
-48- 4124 
121 32125 
4925 4925 
50 5225 
■ 183 1B6 

4825 71 


UWUWJle* 

VtartoOTlaidi 


WBMaHdgt 


WPPGtwp 

2aca 


645 424 

425 428 

247 220 

7J8 744 

320 324 

425 447 

223 247 

17J0 1805 


CAC4*25HJf 

P hOTotW 04 


Madrid wpMtWj 


Kuala Lumpur 


GMtag 1720 W20 

MdBonUV- 28 V 
MattntSMpF 645 s.15 

PCteMiGw . 020 825 

ftenona 1 438 4J2 

RamSvMd 020 1148 

SScws Dortw 838 9.10 

ItMOTIftBl - 1940 1«0 


awoertr, • «8 9.io 
itMmnfnl - 1940 1920 
HMD -- 1110 1120 
(MEnMOT; 2220 2120 


1620 17.10 
2740 2725 
625 445 

* 920 

444 441 

1150 1220 
935 9.10 

1948 1920 
1120 12 
2230 31 JO 


ACES4 

Agra Boreatoa 


1BOO 17S40 17730 
7770 1710 7715 
<050 5770 5*50 


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PAGE 2 


PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNDAY, FEBRUARY 1-2, 1997 


IN TERNA TIONAL HERALD TRIBUNE, SATURDAY- SUNDAY, FEBRUARY 1-2, 1997 

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MtSV "I ^ 


ASIA/PACIFIC 


(Report on Jobs Fails 
'To Lift Tokyo Gloom 

Government Sees No Early Upturn 


CinVNferffe' Oar Sag fnm Dupatches 

TOKYO — Japan's unemploy- 
ment rate hit a record high last year 
amid a slow recovery in the econ- 
omy, and no significant improve- 
ment is likely in the near term, the 
government said Friday. 

The unemployment rate rose to 
3.4 percent in 1996 from 3.2 percent 
in 1 995, government data showed, 
v The numbers were consistent 
with the government’s projection of 
a 3.4 percent jobless rate for the 
fiscal year ending in March. 

Although still far below the 
‘ double-digit rates of many other 
countries, it was the highest unem- 
ployment figure for Japan since 
1953, the earliest year for which 
comparative figures are available. 

“it is difficult to expect a sharp 
fall in the unemployment rate/’ a 
government official said. 

He said the rate was falling on a 
month -on -month basis, but only at a 
snail’s pace. 

But Shinpei Nukaya, the Eco- 
nomic Planning Agency’s deputy 
minister, said die job market was 
_ ^showing signs of improving and 
‘ cited a rise m the ratio of job offers 
to applicants in December. 

The Labor Ministry said in a sep- 
arate report that the ratio was 0.76, 
or 76 offers for every 100 job- 
seekers. up from 0.74 in November 
and the third consecutive monthly 
improvement in the figure. 

For 1996. the jobs-to-applicants 
ratio improved to 0.70 from 0.63 in 
the previous year. 

Mr. Nukaya said the higher pro- 
portion of job offers confirmed that 
the economy remained in a modest 
recovery. 

But agency officials said they still 
expected an unemployment rate of 
33 percent for the year ending in 
March 1998. 

Mr. Nukaya said the rate was 
gradually felling on a montb-on- 
month basis, but at a slow pace. 

Monthly data for December, also 
released Friday, showed the jobless 
rate unchanged from November at 
33 peicent.lt has stayed at 33 per- 
cent or 3.4 percent since hitting a 
of 3.5 percent in May and 


peak 

June. 


Economists said a drastic im- 
provement was unlikely, given the 
slow recovery of the economy and a 
planned increase in the consumption 
tax to 5 percent from 3 percent be- 
ginning in April. 

The economy has been struggling 
to recover from tire long slump that 
followed the bursting of the coun- 
try’s 1980s “bubble,’’ and die num- 
ber of bankruptcies remains high. 

An official said there was a strong 


rise in the number of people em- 
ployed in the construction industry in 
December, but he said this was due 
to a sharp increase in construction 
projects ahead of the tax increase. 

The 1996 data showed that the 
15-to-24 age bracket had the highest 
jobless rates, at 6.8 percent for men 
and 6.7 percent fox women. 

Another factor likely to inhibit 
any drastic improvement in the em- 
ployment figures is the relatively 
large number of people classified as 
having voluntarily left their jobs. 

A record 870,000 people were 
jisted as having left jobs voluntarily 
in 1996. These accounted for 38.7 
percent of the total number of un- 
employed. according to the govern- 
ment’s ri ata. 

An official said a high number of 
workers seeking to change jobs to 
help their careers may be the cause 
of the increase. 

The 1996 data also showed that a 
record 8.4 percent of those em- 
ployed wanted to switch jobs. 

(AFP, Reuters ) 

■ Greenspan Helps Lift Stocks 

Tokyo sock prices rose, energized 
by a blue-chip buying spree and 
comments made Thursday in Wash- 
ington by the Federal Reserve Board 
chairman. Alan Greenspan, that Ja- 
pan was unduly pessimistic about its 
economy, Reuters reported. 

The benchmark Nikkei average 
quickly turned around Thursday's 23 
percent decline as Mr. Greenspan's 
remarks set off a wave of buying by 
dealers who had purchase orders to 
fill after Thursday’s sell-off. 

“Bargain-hunting for blue-chips 
set in after die benchmark tumbled 
over 2 percent on Thursday/’ said 
Keiji Arai, a strategist at Sanyo Se- 
curities. 

But brokers said the rally was 
likely to be temporary and did not 
mean that the market had started a 
long-term rising trend. 

The Nikkei average of 225 shares 
rose 465.97 points, or 2.61 percent, 
to close at 18330.01. 

Mr. Greenspan, referring to the 
Japanese economy during his testi- 
mony before the Senate Finance 
Committee, said that Japan’s “his- 
tory suggests that their pessimism at 
this stage is probably being grossly 
overdone/’ 

Traders said Mr. Greenspan’s 
comments had provided the market 
with a psychological boost. 

ButKazuo Sbiogai. deputy branch 
manager at ING Baring Securities 
Ltd,, said the upswing mightbe only ■ 
temporary. “I don’t dunk the trend 
has turned upward, as nothing has 
changed fundamentally,” he said. 


Hanbo’s Fall Roils Seoul 


By Andrew Pollack 

Ww York Times Sen icr 

TOKYO — Eveo as it starts to 
recover from a month of debil- 
itating strikes, die South Korean 
economy is being dealt a new blow 
by die bankruptcy of the nation's 
second-largest steel company. 

The collapse of the company. 
Hanbo Steel & General Construc- 
tion Co., under nearly $6 billion in 
debt, is threatening the health of an 
already fragile banking system and 
the political future of President 
Kim Young Sam. 

More important, the bankruptcy 
is expected to lay bare the collusive 
relationships among the govern- 
ment. the nation’s banks and the 
family-controlled conglomerates, 
called chaebol, that dominate busi- 
ness in South Korea. 

In an effort to spur rapid in- 
dustrialization. banks have been 
essentially controlled by the gov- 
ernment, lending money to offi- 
cially favored heavy industries. 

While the government's influ- 
ence over the banks is now ebbing, 
the system has resulted in weak 
banks with huge amounts of bad 
debt and industries with excess 
capacity as the conglomerates-race 
to outdo one another in size and 
market share. 

The bankruptcy, which was de- 
clared late last week, represents an- 
other crisis far Mr. Kim, who is 
already reeling from public disap- 
proval after the passage of a labor 
law that provoked hundreds of thou- 
sands of workers to walk off their 
jobs for much of die past month. 

Opposition parties say it is in- 
conceivable feat banks would have 
made such huge and risky loans un- 
less ordered toby the government. 

The press has reported suspicions 
that thepresident’s second son, Kim 
Hyon Chul, might have pushed fee 
banks to support Hanbo. 

Still, even a close aide to Kim 
Dae Jung, fee leader of the largest 
opposition party, conceded feat the 
party has ‘ 'not shown any evidence 
at all” to back up such allegations. 
“I think it’s too early to talk about 


Prosecutors 
Hold Chung 

BloomlXrg Hen'S 

SEOUL — Prosecutors on Fri- 
day arrested Chung Tae Soo. chair- 
man of die Hanbo Group, as the 
government released emergency 
funds to contain South Korea’s 
biggest bankruptcy scandal. 

A senior prosecutor said Mr. 
Chung was f ‘accused of writing 
$55 million of bad checks” to keep 
afloat Hanbo Steel & General 
Construction Co., which declared 
bankruptcy last week. 

The government also said it 
would pump $1.2 billion into Hanbo 
to help prevent bankruptcies among 
fee company's subcontractor. 


President Kim and his son’s in- 
volvement in the Hanbo scandal.” 
fee aide said. A special session of 
Parliament is expected to begin 
investigating the affair Monday. 

On Friday, Chung Tae Soo, 
chairman of fee Hanbo Group, was 
arrested by prosecutors in Seoul. 
He was charged with writing $55 
milli on worth of bad checks. He 
could also face charges feat he 
used bribes or political influence to 
obtain fee enormous bank loans for 
Hanbo Steel, fee prosecutors said. 

Mr. Chung, 73, has already been 
convicted twice of bribery. 

Mr. Kim, who was elected late 
in 1992 on an anti-corruption plat- 
form. has denied any involvement 
in the Hanbo affair. He has called 
for a thorough investigation, can- 
celed a state visit to Europe and 
barred executives of Hanbo and its 
banks from leaving the country. 

Still, news reports said Thurs- 
day that three Hanbo executives 
might already have fled and that 
documents relating to the case 
might have been shredded. Inves- 
tigators are said to be looking at 
whether some of the loans to the 
steel company were siphoned off 


to other Hanbo subsidiaries or for 
Mr. Chung’s personal use. 

Mr. Chung, a former tax official, 
stalled Hanbo as a construction 
company in 1 974. Like other chae- 
bol. it has expanded into a group of 
unrelated businesses — steel, phar- 
maceuticals. finance and energy — 
becoming fee nation’s 14fe-iargesi 
conglomerate. The Hanbo group is 
expected to collapse because of the 
problems of Hanbo Steel, since 
many of fee other subsidiaries are 
financially linked. 

The current problems began in 
the late 1980s, when Hanbo em- 
barked on an effort to build a new 
steel mill. The cost of the mill, 
which has yet to be completed, 
jumped to $6.7 billion from an 
initial estimate of $3 billion. 

Hanbo was able to keep bor- 
rowing money well beyond what 
would have seemed prudent for the 
banks. “It’s like pouring money 
■into an empty bane!/’ said An- 
thony Moon, a steel analyst at HG 
Asia Ltd. He said Hanbo Steel’s 
debt of $5.8 billion was 22 times its 
equity, while a typical highly 
leveraged South Korean company 
had debt of 3.5 times equity. 

Mr. Moon said Hanbo Steel could 
probably not have turned a profit 
because it faced interest payments 
of $580 million a year — almost as 
much as the net profit of fee far- 
bigger Pohang Iron & Steel Co„ the 
nation’s largest steel company. 

The five banks feat did most of 
fee lending seemed to give too 
much to one client and without 
sufficient collateral. The roughly 
$13 billion in loans extended to 
Hanbo by fee lead lender. Korea 
First Baltic, is almost equal to the 
bank’s book value, said Kim Chul 
Jung, banking analyst at Ssangy- 
ong Investment & Securities Co. 

Other big lenders to Hanbo were 
Cho Hung Bank, the Korea Ex- 
change Bank, fee Seoul Bank and 
the state-run Korea Development 
Bank. The government has said it 
will inject $7 billion into the bank- 
ing system to prevent a cascade of 
bankruptcies, particularly among 
Hanbo subcontractors. 


Investor’s Asia 


Tokyo 

Nikkei 225 


n 



SONDJ' ®®A'SON“DJ 
1996 1997 1996 1997 

Index . Friday 

Ctosa 


17000 A S ON DJ " 
1996 1997 

Prev. % 

Close - Changa 


Hang Kong 

Hang Sang 

79 13^88.40*025) 

Singapore 

Straits Times 

ZZ16A7 

2^16.71 

*0.01 

Sydney ■ • 

ASOrfenaries 

2,423.70 

2.417.40 

+0.26 

Tokyo 

Nikkei 225 

1*33001 

17,864.04 +2.61 { 

i Kuaia Lumpur Composite ' 

1,216.72 

1.215.03 

+0.14 

Bangkok 

SET 

788.04 

820.18 

-3.92 

Seoul 

Composite Index 

685.84 

67653 

+1.38 

Taipei 

Stock Market index 7J&SAO 

7.221.98 

+0.85 

■». g_ 

Manila 

PSE 

3,421.91 

3,332.76 

+0.66 

Jakarta 

Composite Index 

691.12 

68729 

+0.56 

Woffington 

NZSE-40 

2*86.74 

2,400.50 

-0.57 

Bombay 

Sensitive Index 


3510.05 

-3.53 


Source: Tetekus 


ImcrnaiMoal HmU Tribune 


Very briefly; 


• Daewoo Motor Co., the third-largest South Korean car- 
maker. will bolster worldwide auto production by 2000 to 2.5 
million units, from 1.58 million, in a bid to strengthen its 
presence in the global market. 

• Thailand’s prime minister. Chaovaiit Yongchaiyui. 
pledged to cut spending this year by 1 0 percent — or about $4 
billion — to make up for lower-lb an -expected revenue. The 
government reported a deficit of 53.7 billion baht ($2.1 
billion) for its first quarter. 

• Matsushita Battery Industrial Co., the battery unit of 
Matsushita Electric industrial Co. of Japan, will invest 1 30 
billion yen (51.1 billion) to increase output of lithium and 
other batteries. 

• San Miguel Corp.. the Philippine beer and food group, said 
its brewing capacity in China has hit 500 million liters (130 
million gaUons) a year, making it fee biggest foreign brewer in 
fee country. 

• IP C Corp., a Singapore-based computer maker, said its 
Korean unit. tPC Corp. l Korea), had failed to repay bank 
loans that could cost it 45.5 million Singapore dollars ($32.5 
million), which represents the unit's assets. 

• General Motors Asian & Pacific Operations (Pte.) . based 
in Singapore, said its vehicle sales in fee region grew to 
624300 units in 1996 from 619.100 a year earlier. 

AFP. Bhum/vrp. AP. Reuters 


Samsung’s Modest Bid Is Expected to Win Rest of AST 


Or Staff FtrmDispxdxi 

Hie small premium that Sam- 
sung Electronics Co. has offered 
for the 51 percent of AST Re- 
search Inc. it does not already 
own will probably be enough for 
the offer to succeed, analysts say, 
given the personal -computer 
maker’s history ofproblems. 

The South Korean giant 
offered $5.10 a share, or $162 


million, just 35 cents above 
AST's dosing share price 
Thursday. The offer came after 
the stock market closed. 

In afternoon trading Friday, 
AST shares were up 3135 cents 
at $5.0625. 

AST laic Thursday posted a net 
loss for 1996 of $417.7 million, 
including a $68 million loss for 
the fourth quarter. In fee fourth 


quarter of 1995, it had a loss of 
$128.6 million. 

Samsung's offer includes as- 
suming $307 million of AST’s 
debt. Samsung bought a 40.25 
percent stake in AST for $378 
million in March 1995 and has 
since gradually increased its 
holdings. AST has survived on 
cash infusions from Samsung and 
bank debt. 


AST’s troubles have reflected 
both the increasing competitive- 
ness of the personal-computer 
market and the company’s own 
mistakes, analysts said. As most 
manufacturers slashed prices and 
opted for the cheapest PCs, AST 
clung to a premium-based business 
model. Its machines were known 
for high quality, but customers 
balked at the price difference. 


“AST never made it into the 
’90s,” said Seymour Menin, 
president of Merrin Information 
Services, adding, “They make a 
great machine; so what? 

“Toshiba came in and got a 
beachhead because they had an in- 
novative product at a great price; so 
there is room for Samsung, but they 
will have to do something really 
amazing.” (NYT. Bloomberg) 


LEGAL NOTICE 


IN THE MATTER OF BARRIE MEEKKIN, 
Solicitor, Ho ng Kon g 
and IN THE MATTER OF 
the Legal Practitioners Ordinance 

To: Mr. Barrie Meerkln whose last known addresses axe 

2 Mathoura Road, Toorak. Victoria 3142, Australia, and at 

3 Do? Hoz Street. HenJlya, Israel. 

TAKE NOTICE THAT in the matter of the complaints made 
against you by the Law Society of Hong Kong the SoUotors 
Dfedpiinarv Tribunal wBl pronounce p ^ 

oo2l5tFebni3 ry 1997 at Rooms 1403-1413 Swire House. 
Central, Hong Kong. 

Your attendance will be required at the date, time and place 
aforesaid. 

Dated fee 2*** January 1997. 

Joba Richard Edwards 
Chrrk to fee SoBcton DbcLpBnxry Trfeuoal 

c/o 22nd Floor 
Bank of China Towear 

1 Garden Road, Central. Hong Koog 


To OUR REAPERS 

it* Germany 

It’s never been easier 
to subscribe and save, 
just call our Frankfurt office 
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office 

’ or representative. 

acral!>3^®Sb“nt 


Court Blocks Sale 
Of Manila Utility 

MANILA — The Court of Appeals said Friday it had 
issued orders temporarily halting fee privatization of fee 
Manila water system. 

The Metropolitan Water and Sewerage System awar- 
ded two 25-year contracts to operate the Manila utility to 
two large consortiums last week. The city’s crumbling 
water system is estimated to need $7 billion of investment 
over 25 years for infrastructure improvement and con- 
struction alone. 

But a three-judge appeals panel, responding to a pe- 
tition from a group arguing feat President Fidel Ramos's 
authority to privatize the utility had expired, ordered fee 
sale halted until another ruling could be made. It instructed 
the utility to respond to the petition within 10 days. 

The group, which includes the governor of Rizal 
Province near Manila, as well as a retired politician and 
several business executives, said Mr. Ramos’s authority 
to privatize the utility under the Water Crisis Act lapsed in 
December 1995. 

One of fee two contracts was won by a consortium that 
included the Philippine conglomerate Ayala Corp., 
Bechtel Corp. of the United States and United Utilities of 
Britain. The other winning bid was posted by a local 
company, Benpres Holdings Corp., and its French part- 
ner, Lyonnaise des Eaux SA. 

Earlier on Friday, fee commission said it had endorsed 
the winning bids. 

Politicians have criticized the awarding of the con- 
tracts, which divides Manila into two parts, saying the 
area to be served by the Benpres-Lyoimaise consortium 
will have to pay twice as much for its tap water as the rest 
of Manila, although rates quoted by both consortiums are 
lower than the current average charge. (Reuters, AFP) 


Australian Miner Expands 


Reuters 

MELBOURNE — North Lrd., fee Aus- 
tralian mining company, said Friday feat it 
had bought a majority stake in Canada’s 
biggest producer of iron ore and boasted feat it 


a s 


was now a main supplier of fee world's major 
steel-making commodity. 

North said it paid $230 million for a 59.3 
percent stake in the Iron Ore Co. of Canada. 

“This purchase positions North as a major 
player in fee wrala’s iron ore industry,” said 
North’s managing director, Campbell Ander- 
son. 

North already reaps 14.7 million tons of 
iron ore each year from its majority-owned 
Robe River mine in northwest Australia. Its 
Canadian stake adds about 9 million tons a 
year. 

Iron Ore Co. of Canada, wife its higher 


quality iron ore and presence in U.S. and 
European markets, will expand North’s global 
reach, which has been confined so far to steel- 


hungry Asia, Mr. Anderson said. 

The announcement follows two recent North 
acquisitions in copper and zinc, and is part of a 
strategy to firm up sagging profits and become 


a global player in metal commodities. Weak 
metals prices and a strong Australian dollar 
have sent earnings into a slide in recent years, 
intensifying North’s search for new growth 
oppominities- 

Norfe posted Friday a 55 percent rise on net 
profit for fee six months to Dec. 31, largely 
due to improved performances in its iron ore, 
copper and uranium operations. 

It said fee second half of 1 996-97 (July- 
June) would be even stronger and fee outlook 
for 1997-98 brighter still, wife fee start in 
August of the huge Alumbrera copper-gold 
mine in Argentina. North owns 25 percent of 
feat project 

But some stock analysis sounded a warning 
about North’s latest foray, citing fee Canadian 
company's high production costs and fee un- 
certain outlook for iron ore. 

The stock market barely reacted to news of 
fee acquisition and fee ’interim profit an- 
nouncement. both of which were widely ex- 
pected 

North shares inched two cents higher from 
Thursday’s close to end fee week at 3.94 
Australian dollars ($3). 


CHINA 

JOINT VENTURE 

or 

VENTURE CAPITAL 

50% of Venture is funded 
by P R of China Govt in 
joint venture with one of 
China's largest corpora- 
tions. 

25% of fee project offered 
for $US 23m. 

Capital returned in 3 years 
or less after completion. 

Project is supported by 
Principal Chinese Govern- 
ment Agencies. 

Replies: Principals onft* to 
fee Agent?! Solicitor's 

Simpson Grierson 
Auckland New Zealand 
G Towers 
Client Adviser 
Fax No: 64 9 3070331 
E Mail: gbt@sglaw.co.nz 


On March 18, the international Herald Tribune 
will publish a Sponsored Section on: 

Office Equipment 

Among the topics to be covered are; 

• Intranets - advantages and drawbacks. 

• Multi-function machines. 

• Portable computers - advances in screen 
design and battery technology. 

■ E ssential equipment for the mobile 
executive. 

• A rundown on the features and advantages 
of Sun Microsystem's Java. 

• . » 4,/ * *#**‘i'' ' ■" ‘- * 



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Friday's 4 PM. 

Hie IJOO most-traded Nafiond Market seanffies 
interraofdoiflrinhj&upAiWtwiceaiieor. 
The Associated Prase. 


^™^n[QlUL HEBALD TRIBUNE, SATtXRDAY-SUNDAX, FEBRUARY 1-2, 1997 



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Portrait of an old man, once thought to be a Rembrandt bat now attributed to the 17th-century artist Govaert Flinck; an early experiment in Impressionism executed by Van Gogh in 1887; Degas pastel of a woman after a bath. 

In Art-Market Speculating, What You Don’t Know Will Hurt You 


By Souren Melildan 


•Li 


AST FALL, an American deal- 
er who was viewing tbe Old 
, Masters paintings to be sold at 
auction by Christie's in London 
in December stopped dead in his tracks. 
Tucked away among the lightweights 
scheduled far the afternoon session, a 
1 4th century panel showing Jesus as the 
Salvator Mundi (Savior of the World) 
had caught his eye. 

. The painting was peeling off slighjly 
arotmd the edges. Uhframed, it "had the 
neglected appearance of a panel that had 
been left in an attic fora long time. What 
might have been deemed to be in poor 
condition by a novice was actually well 
preserved. A few scratches could be 
igzKned, given that the paint surface was 
virtually intact, having been spared any 
unnecessary attention fromoveizealotis 
restorers in this century. . 

Beit what really gripped the dealer, 
Peter Silverman, was die catalogue 
entry, which dismissed the. panel in. 
three lines as “a variant of that made by 
. Viyarini (c. 1497-1494) for the 
reliquary in $. Giovanni in Bragora, 
Venice." 

Mr, Silverman was struck by the mas- 




oor^ a P 


in die raised hand. He rushed out to buy 
the standard reference work on the artist, 
which had long been out. of print (“the 
best|90 investment 1 ever made*’). - - - 
.He immediately noted that the mar- 
velous raised band was missing in the 
“drigmai," from which the Christie's 
yernoh Was supposed to be derived, 
and,~ after poring over all the relevant 
reproductions, reached the conclusion 
dial ''Christie's actually had the real ar- 
ticle — the first . version, and not a 
variant painted in the artist's studio by 
iaiemed students. 

Unfortunately, two other dealers were 


•I en* 1 




V.h :■< 

' ‘ ..I: 


■ diRobilani and Richard Berner, a former 
director of Golnagni's. They pooled re- 
sources rather than engage m a mur- 
derous traction battle, which would have 
attracted their competitors* attention to a 
jMctt^ethat few had focused on, and got 


it for £25,500 ($42,000). This is far 
above Christie's high estimate of £8.000, 
but not much more than 5 percent of 
what die painting might sell for as a rare, 
genuine work by the Venetian master. 

If the painting is widely accepted as a 
Vivarini, as seems likely, a frenzy of 
excitement can be expected from in- 
vestors new to the art market They will 
be likely to see tins coup as proof that 
they are on the right trade for huge profits 
while displaying their refined culture. 

It should, however, suggest tbe exact 
ite. 

r. Silverman and Mr. Hemer, apart 
from being professionals of a high or- 
der, belong to the . last generation of 
dealers that had a taste of a market in 
which abundance prevailed, as opposed 
to the current climate of penury. To this 
experience they owe a sharpness of the 
'eye t and broad range of visual infor- 
mation -that- tbe present, younger gen- 
eration carmothope to acquire. 

TOfe older dealers started browsing 
around auction rooms more than two 
. decades ago, at a time when there were 
still sales of good paintings virtually 
every month. Ihey trained their eyes, as 
onemd in those days, by seeing works in 
many saleathat had no catalogues at all, 
as was common practice, for example, 
in Paris at Drooot until tbe early 1990s. 
A dozen pictures would be shoved into 
ananction that then went on to porcelain 
and furniture. Or,if there was a cata- 
logue it was so flimsy that it was not 
worth die rime spent reading it. 

These dealers acquired knowledge 
with their eyes before opening ait 
books. Indeed, when they began their 
careers, what mattered was not so much 
how many times a picture bad been 
included in this .or that exhibition, nor 
the number of ifliisrarions it had re- 
ceived in art pubheatiohs, but what it 
actually looked like. 

Collectors werethesame. Had it been 
suggested to any of those trained in the 
weekly skirmishes fought on the col- 
lecting battlefield that they should con- 
sult an “expert" before trying a given 
work of art, they would have been as 
amusedas if someone had urged them to . 

seek expert advice. before marrying. 


This is not to say that the acquisitions 
made by the collectors of yore invari- 
ably inspire admiration today. 

Our understanding of past masters 
now changes from one decade to the 
next. So, accordingly, do the la- 
bels we give them. On Friday in 
New York, Christie's sold as the 
work of Govaert Flinck a por- 
trait of an old man with white 
straggly hair seen in a dramatic 
contrasted light It made a mod- 
est $167,500 with tbe famous London 
firm Agnews bidding up to $130,000 
($145,000 with the sale premium). 

Yet, from 1882, when it was first 
recorded in the German trade, until 
1957, when the Los Angeles County 
Museum of Art included it in one of its 
ait shows, the portrait was believed to he 
a Rembrandt masterpiece. 

. ft. had been bought as such from a 
famous New York firm, Rosenberg & 



StiebeL by Hans Cohn, a great collector 
bran in Germany and trained is the old 
European way. In retrospect, such a 
price would have been peanuts had the 
portrait pursued its artistic career under 
lectibles ,ts Rembrandt identification. A 
recognized portrait by tbe mas- 
ter would be worth anything 
from $10 million to $20 million 
or even more. 

But in 1969, the Dutch schol- 
ar Horst Gerson published his 
revised edition of the catalogue raisonne 
— a systematic listing and study of all 
recorded works by an artist — of Rem- 
brandt’s oeuvre originally written by the 
art historian A. Bredius. Of the portrait 
he wrote: “an attribution to Rembrandt 
seems doubtful." And that did it 
Over die longterm, nothing is quite as 
chancy as buying Old Masters. Overtire 
short term. Old Masters are fine in- 
vestments, if you know precisely what 


What to Know Before You Buy 


F or investors interested in try- 
ing the art market, here are 
some questions to try to an- 
swer before buying: 

• How safely' established is the 
authorship of tbe picture? Have there 
been many fluctuations of scholarly 
opinion on die subject? 

• How indisputable is the signature, 
if there is one? Most are beyond dis- 
pute, baaing outright forgeries, but 
beware of "traces of a signature.” 
Remember that a "stamped signature” 
is not tire same as a signature, ft means 
that a stamp reproducing the signature 
was cut after the artist's death. 

• How impeccably preserved is the 
work? Only a few Old Masters retain 
their pristine bloom — tbesftimaii for 
example, which give a delicate col- 
oration to the surface varnish, are 
nearly all lost in 17 tb-centuiy . paint- 
ing. Condition can make a huge dif- 
ference to the probable price, which 
can be multipbed three or four times 
in the case of Old Masters. 


• What is the degree of importance 
within tiie master’s oeuvre? 

• Not least, how skillfully painted 
is it? How good are the aims and 
hands? How subtle the lighting? 

• How rare is the waik — m mu- 
seums and in the market? 

• Most important, and not nearly as 
subjective ana ill-defined as the artist- 
ically illiterate would have you be- 
lieve, how beautiful is it? 

• If you buy to resell, know how 
many likely buyers' there are. At $3 
million to $5 million, you may have 
20-30 buyers worldwide for a given 
Old Master, at $10 million to $20 
million, there may be barely a dozen. 
Know which museum has what, 
which collector recently bought a re- 
lated work of comparable quality 
(that rules him out) and who needs 
what to fill a gap in his collection. 
Professionals know or try to know it 
all. Dealing is not just a full-time 
profession; it is a 24-hour-a-day ob- 
session. — SOUREN MELIKIAN 


you are doing — if, in other words, you 
are a professional. So should artistic- 
minded speculators stick to Impression- 
ists and 20th-century masters where, 
with rare exceptions, problems of at- 
tribution do not arise? Nearly every 
picture in these categories is signed, ana 
die oeuvre of most of the well-known 
artists has been recorded in catalogue 
raisonne form. 

Alas, that helps only to a limited 
degree. Then comes the crucial problem 
of assessing tiie quality and defining the 
relative importance within the artist’s 
oeuvre as a whole. One Exxon share 
may equal another Exxon share, but one 
Degas does not equal another Degas. 

A pastel of a woman in the nude, 
standing after having stepped out of her 
bath, sold on Nov. 13 for $7,262,500, 
which was more than tiie highest ex- 
pectations. The modeling of the body 
and the handling of light accounted for 
that success. 

Yet another pastel drawing of a 
young girl sprawled on a low couch 
while g az in g at a large open book sold, 
only just, for $1,212,500, failing to 
match the lower end of tbe estimate by 
$1 10,000. The composition is a bit awk- 
ward and tbe artist badly missed out on 
the raised arm. It dangles over the girl's 
head in a gesture that is more apish than 
charmingly adolescent 

Reading auction catalogues yields no 
clues on such matters. In Christie's Nov. 
13 sale, the entry dealing with a curious 
painting of a woman standing in a 
garden, executed by Van Gogh in Paris 
m 1887, went on and on, but refrained 
from observing that this was done by the 
Dutchman as an experiment in Impres- 
sionism, which he had just discovered. 
The picture does not yet display the 
powerful swirling style that Van Gogh 
was to develop later in the South of 
Ranee. Because the landscape is not 
immune from clumsiness — the skirt of 
the old woman seems to melt down and 
drip into tbe grass — it did well to be 
sold at $3,412,500. 

Looking ai tbe wild estimate of $5 
million to $7 million plus the sale 
charge, a beginner with little visual 
knowledge would have had some ex- 


cuse for believing it to be, on the con- 
trary, quite a bargain. Needless to say, it 
takes an altruistic auction-house expert 
to tell a prospective client that he really 
should lay oft. 

The Impressionist market, now char- 
acterized by extreme penury, is reach- 
ing its tail end. More and more of the 
leftovers of past decades resurface, 
graced with glamorous entries and in- 
creasingly generous estimates. Some 
come unstuck, others find a niche, often 



Jesus panel attributed to Vivarini. 

courtesy of a single bidder. Deftly led by 
the auctioneer to jump the reserve, the 
beginner may count himself lucky be- 
cause the price is below the printed 
estimate. But that is just about the worst 
possible reason for buying anything. 

Tbe only true way to buy, whether for 
the sake of collecting or making money. 



comparing, u you Know wnai you 
want and you find something you want 
desperately, the chances are that some 
day someone else will, too. If you are the 
only contender, without having the ad- 
vantage of immense knowledge, take a 
deep breath and look the other way. 



ieces 



P^Unmd Profits of Collecting Graffiti 


By Digby Lamer 





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/■Sk ’fclNG ON a graffiti-spattered 
$ M l Commuter train, cotrida dus: 
r l\ tTou may be aboard a highly 
A Vgollectible piece of art, created 
by ah ftrffet \yjih n name tike Crash, LA2 
ot FabSJgeddy. . . . 

• Tbts#bames may never have iheir 
~ place bftiide Vermeer or Vdazquea, but 
— :S KfBti boom of the late 1970s, 
(rof artists have been lured into 
t “tionaI and sometimes prof- 

l of fine art. -. . 

Buyi&. Wfiti, however involves 
probteofc that only tiw ®ost detennmea 
wUectofc;iaay try to overco^ espe- 
making a P r ? nt 
. toygMfor a start, 
tnews^cfflatag to terms with the . 

wnttss..tbe wad 8™®“* ' 
pejorative. The form slwidd be called 
graf»Lttt,b «ter, WBd Styte 
Style 

*e B^^rough of Jew YoA m 

late wSJSbS with teenagers pamt- 
versions of 
subway cars. 

SC liw associated with mb- 


^fitesaaBSS 


pot, Jeffrey Dricdh, was so convinced 
ofthecolleccabUity ofgraf writing in the 
1970s that he recommended buying and 
storing a train that had been painted by 
one of the better-known, writers of the 
time. He failed to take his own advice. 

“The trouble now is’that a.lot of that 
work has gone,” he said, “Apart from 
some good photographic documenta- 


tion by Hemy Chalfoni and Martin 
Wong, who collected some of the. more 
prominent writers’ sketchbooks, ihere’s 
little of it around.” 

Although some writers have made the 
move to canvas or other practical media, 
the work collectors want is stffl what has 
been executed on trains and walls. ' 

“It's the kind of thing that’sbestseea 
in context,” said Mir. Deitch. “It's 
something tbat flash^ by quickly.not 
something that galleries sefl."' 

Notsurprismgly,thismakesitatoi^h 
art form to trade. Even so, gaUenes 
eften ealribi! examples bfWld Style aitj 
with prices typically ranging from 
$5,000. m $1 0,000. 

Whether buying graffiti is; a good 
investment is another matter. For the . 
most part, the graffiti movement peaked 
in New' York by the biginHing of tfce 
l980s; Witi) &% of the origmal wojdc 
available and witfr no orujent. artists . 
Bg the cult states of people Eke 
.ttemmtethairemaBQedflaL ' 



A Bull in the Vineyard, 
But Vintage Deals 9 Too 

High Demand Boosts Wine Prices 


By Aline Sullivan 


Untitled work by Keith Haring, an artitst who started by writing graffiti. 


- . The time to get in, said Mr. Deitch, is 
when signs of a revival appear. ' 

“Jthas been qmttforson«tiine,*'he 
said. “Bui now that people are a gen- 
eration removed from the real graffiti 
movement, they may look* work from 
-die late 1970s .and -find it fresh and 
exritmg.’'- 

This, he said* could spark a neo- 
' graffiti period. 

Ax far as most galleries and dealers 
are concerned, whatever promise graf- 
fiti offers to coHectore is stdl a long way 
Off. Suzanne Greaves, of tbe Anthony 
. D’Offay gallery in London, ;said that 
although die had heard of exhibitions 
devoted to ; street eotor music art, which 
includes graffiti, she -had never seen 
such work change hands: - 


The best hope for would-be collectors 
is to find an artist who is set to leap into 
Ae art mainstream. This is much easier 
said than done. Such a move inevitably 
sounds die dead] knell for the artist's 
credibility among fellow graf writers, 
who regard camiwreialism as counter to 
their culture, but can be a huge money 
source for die artist and collectors. 

Several acclaimed contemporary 
artists either started as graf writers or 
have been heavily influenced by die 
movement. The best known to die gen- 
eral public is perhaps Jean Michel 
B asquiat, who died in 1988, said Luca 
Mareazi, a contempor a ry art Specialist 
with Sotheby's in London. 

Continued on Page 17 


F INE WINES have never lacked 
colorful, if ambiguous, descrip- 
tions. Terms such as flinty and 
mushroomy may not be partic- 
ularly enUghtening for prospective buy- 
ers, but two less-fanciful adjectives, 
scarce and expensive, are harder to mis- 
construe. 

Prices for some red Bordeaux, the 
benchmark by which fine wines are 
measured, have almost doubled in the 
past month. Fa example, a 1985 La 
Mission Haut Brion now fetches $120a 
bottle in New York, up from $65 at the 
beginning of the year and just $50a year 
ago. Auctioneers and wine merchants 
attribute such gains to a shortage of 
good wines, caused by the disappoint- 
ing vintages of 1991, 1992 and 1993, 
and to increased consumption in the 
United States and Asia. 

Prospective buyers will discover that 
not every investment opportunity has 
soured, however. Sane of (be wines that 
have shot up in value may be no longer 
be worth buying. But lesser-known 
wines from the less-impressive vintages 
have some catching up to do. 

Fritz Hatton, head of the Christie's 
wine department in New York* pre- 
dicted substantial gains this year for at 


least two vintages. 

“Dramatic increases in the price of 
1982. 1986 and 1990 Bordeaux ore 
causing upward pressure on the '85s and 
’895." he said. “But the 1988 and 1983 
vintages are still being overlooked. The 
1988 in particular could jump as much 
as 30 percent in the next 12 months." 

Jonathan Stephens, a director at tbe 
London wine brokerage Farr Vintners, 
shared that view. 

“The 1989s could show super gains, 
although my top choices are the '86s and 
’90s,” he said.' “There is also a feeling of 
excitement about 1995 Burgundies, 
which are about to hit tbe market-" 

Prospective buyers can also look for- 
ward to even more recent yields: 1996 
wines, which will not be available en 
prime ur~ before bottling — until next 
spring, are expected to be very good. 

Jeff Zacharia, vice president of 
Zachys Wine & Liquor Inc., a wine 
brokerage in Scarsdale, New York, 
points to 1993 Bordeaux as the most 
likely vintage to appreciate this year. 

"It is sometimes difficult to judge a 
wine very early on, and reviews forthe 
’93 vintage were not favorable," he said. 
“But wine writers are rethinking their 
positions now. A 1 993 Haut Brion sells 
for about $80 a bottle in New York. That 

Continued on Page 17 


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PAGE 17 



If You Buy Right, You May Never Have to Sell 


Terrestrial globe, one of a pair made in 1648 by Willem Blaen of Holland. 

Terrestrial Investing: 

A New Spin on Globes 

Antique Spheres in Collecting Limelight 


M Y STANDARD, flippant 
response when someone 
asks what I think of this 
soaring stock market is: 
“Hey, just relax and enjoy it." It’s not a 
particularly useful answer, but, then, it's 
not modi of a question, either. 

So ask me a tough one, like, “Is it time 
to sell Coca-Cola?” Or, tougher, “When 
should I sell stocks in general?” 

This timely question has vexed in- 
vestors almost forever. I have never 
heard a satisfactory answer — not until 
last week, tiiai is, when I bought a book 
that I had heard extolled for years but 
whose existence I bad come to doubt 
The book is Philip A. Fisher's “Com- 
mon Stocks and Uncommon Profits,*’ 
first published in 1958, wbea Mr. Fish- 
er, a California financier and startlingly 
clear thinker, was 51. 

Mr. Fisher’s great strength, according 
to one of his biggest fans, Warren Buf- 
fett, is his ability to figure out which 
stocks to buy — his famous “15 points 
to look for.’ 1 

But Mr. Fisher on selling impresses 
me as much as Mr. Fisher on buying. *T 
believe,” he writes, “there axe three 
reasons, and three reasons only, for the 
sale of any common stock.” Hum None 
applies to Coca-Cola. 

The first is that you made a mistake in 
buying the stock, that is. a factual error 
about a company’s condition. Be honest 
and cut your losses quickly. 

The second is that the company has 
deteriorated, so that it no longer meets 
the original criteria for purchase. For 
Mr. Fisher, die key is usually a decline 
in management: “S mugness , compla- 
cency or inertia replace the former drive 


and integrity,” or, more often, a new 
group of managers takes over that does 
not measure up to the old. 

The third reason to sell is if a prospect 

comes along that is dearly far better 
than a stock you currently own. But, 
having laid down this rule, Mr. Fisher 
immediately backs off it: “A word of 
caution may not be amiss, however, in 
regard to too readily selling a common 
stock in the hope of switching these 
funds into a still better one.” 


borne rite test of time, it is only oc- 
casionally that there is any reason for 
sdling it at all.” 

So, here’s the answer to the vexing 
Question: When to sell? Never. Or, as 
Mr. Fisher puts it, allowing some wiggle 
room for factual mistakes and bad man- 
agers, “almost never.” 

But what about the chance that an 
overvalued market is about to tank? 
Nonsense, says Mr. Fisher. By suc- 
cumbing to worries about the market. 


JAMES GLASSMAN ON INVESTING 


One problem, of course, is capital 
gains taxes. But, more important, Mr. 
Fisher worries that, with the new stock, 
“there is always the risk (hat some major 
element in the picture has been mis- 
judged.” while, with the old, comfort- 
able stock, an investor has already got- 
ten “to know its less desirable as well as 
its more desirable characteristics.' ’ 

In other wards, stick with what you 
know. Mr. fisher is nothing if nor con- 
servative. He takes a long time choosing 
companies. Hie does not worry much 
about their current price because he plans 
to hold them a long time . And he limits 
diversification. Five good stocks can be 
enough- His own postfolios often in- 
cluded fewer than 10, with 75 percenr of 
the assets concentrated in three or four. 

But. most of all, Mr. Fisher is allergic 
to selling. “At this point,” be writes, 
“the critical reader has probably dis- 
cerned a basic investment principle 
which by and large seems to be un- 
derstood by a small minority of suc- 
cessful investors. This is that once a 
stock has been properly selected and has 


“the investor is ignoring a powerful 
influence about which he has positive 
knowledge through fear of a less power- 
ful force about which, in the present 
state of human knowledge, he and 
everyone else is largely guessing.” 

In other words, a smart investor knows 
that Intel Corp. is a magnificent com- 
pany with great, management and great 
products. What the invesior does' not 
know is whether the Dow Jones indus- 
trial average is going to fall 1 .000 points 
in the next month. Does selling Intel 
under those circumstances nuke sense? 

Mr. Fisher also argues that, even if 
you know that a bear market will occur, 
selling is dumb. With the right company, 
tiie stock should hit new highs with the 
next bull market. But if you sell, how can 
you know when to buy the stock back? 

What about “the argument that an 
outstanding stock has become overpriced 
and therefore should be sold”? This, of 
course, is the case of Coca-Cola (which 
has sextupled since 1990), not to mention 
Inte l (tripled in one year) Microsoft 
(quintupkxi in three). Gillette (doubled in 


16 months), and a multitude of others. 

But Mr. fisher, the leading apostle of. 
growth investing, argues mat we can- 
never really know wnal “overpriced' 
means. Since no investor can pinpoint - 
what a company will earn even two years, 
from now, “how can anyone say with 
even moderate precision just what is; 
overpriced for an outstanding company! 
with an unusually rapid growth rate?” 

finally, he addresses what he con- 
sider the argument for selling that’s the 
“most ridiculous of all.” It’s that the 
stock has had a huge run-up in price and 
has somehow used up all its potential.. 
“Outstanding companies, the only type 
which I believe the investor should buy, 
just don’t function that way,’ ' he writes. 
They just keep rising, often through fits 
and starts, but spectacularly over time. 

The best illustration of this is a mutual 
fund called Lexington Corporate Lead-, 
ers. It was started in 1935 with a unique 
premise: find 30 blue-chip companies 
that will prosper for the next 80 years ' 
(later increased to 165 years) and hold 
onto them. The fund management was 
prohibited from selling — unless compa- 
nies were merged out of existence. 

Today, Lexington includes 23 of the 
original stocks (including Mobil, 
Procter & Gamble and AT&T). If you 
had put 510.000 into the fund in 1941 
(when it was reorganized to conform to 
new federal laws), your investment 
would now be worth S3.7 million. 

The fund is a perfect example of Mr. 
Fisher's philosophy: If you make the’ 
right decisions to start with — when you 
buy stocks — then those will be the only 
decisions you will have to make. 

Washington Post Sen-ire 


BRIEFCASE 


By Judith Rehak 


SOME OF THE most extraordinary 
and beautiful images to come from 
space exploration are those of the earth 
hanging' in stany space, shrouded in 
clouds in some places, the familiar 
forms of the continents clearly recog- 
nizable in others. 

But long before humans mastered 
space flight, makers of globes were cre- 
ating then- own renditions of the heav- 
ens and earth. 

In 15th- and 16th-century Europe, 
globes were so valuable that they were 
owned mostly by royalty and princes of 
the church. Globe-making ori- 
ginated in Germany, then collectibles 
moved to Italy and France, 
spreading in the 17th century to 
Holland, during the great age of 
global trading and exploration, 

•ipd then to England as part of 
Is instrument-making in- 
dustry. 

Lately, these antique globes have 
moved into the spotlight from their once- 
obscure comer of the collecting world, 
attracting buyers for a variety of rea- 
sons. 

“Philosophically, some people feel a 
certain affinity with images of die earth, 
moon and stars, and on another level, the 
interest is in historical changes, tikepolit- 
ical subdivision, exploration ana his- 
tory,” said George Glazer, a New York 
specialist in American-made globes. 

Others appreciate their beauty, and 
simply want a single, impressive ex- 
ample to laid an Old "World tone to their 
libraries. Some collectors have specific 


wer peopl 

astronomy. One of Mr. Glazer’ s favor- 
ites is a late 19th-century celestial globe 
by the American Henry Bryant, with 
concentric rings showing the movement 
of the planets. He estimated the value of 
the globe, which is in mint condition and 
still in its original carrying box, at 
$13,500. 

There are a variety of novelty globes, 
as well. Umbrella versions are made of 
fabric and open up to be hung from the 
ceiling. There are wooden jigsaw globes 
from the Victorianperiod. Butall globes 
do not qualify as antique. 

A New York lawyer with offices in 


11.$. Treasury Notes a Hit 
With Investors Abroad 

. The inflation-linked notes sold last 
week by the U.S. Treasury were a hit 
with international investors, and if you 
like the idea of locking in a dollar in- 
terest rase of about 3 3 percent, the se- 
curities can be bought directly from the 
Treasury by overseas investors. 

The 10-year notes, which can be pur- 
chased in denominations of as little as 
$1,000, wereauctianedatayieldof 3.45 
percent on Wednesday and were trading 
at about 335 percent on Friday, com- 
pared with a 6.56 percent return on 
conventional 10-year Treasuries. 

Interest and principal on the new se- 
. rarities will be adjusted to reflect 
changes in the consumer price index. 
Otherwise, they are no different from 
usual T-bills and notes, said a spokes- 
man for the Bureau of Debt, which 


Manhattan’s Rockefeller Center owns a . conducts Treasury auctions. 



r. Glazer sold an 1870 globe, ded- 
icated to Samuel Morse and showing 
global telegraph lines, to an executive in 
cellular and cable communications. 

“He wanted it because it was part of 
the history of his business,” the dealer 


At tire high end of the globe hierarchy 
are those made by masters like the Dutch- 
man Gerardus Mercator and Charles- 
Francois DeUunarche of France. 

An example is a pair made in 1648 by 
Willem Blaeu, a renowned Dutch master, 
currently bein g offered for ale by 
Richard Ark way, a map expert in New 
York, 

. Each sphere is 26 inches (66 cen- 
timeters) in diameter. The terrestrial 
version was the first to include Henry 
Hudson’s 1609 mapping of Nieuw 
Nederland, which is today known as 
New York. 

The celestial partner depicts lions, 
bears and dragons roaming the skies. 
The globes, which formerly belonged to 
a family of Italian aristocrats, are in 
Wtte condition, with their original 
Compasses and stands, and cany a price 
tag of $825,000. 

UT THE good news is that an 
array of antique globes are avail- 
p able for far smaller investments. 
Afeorig the most interesting are pocket 
&obes made in England from the early 
1.700s to tmd-lSOOs. Only 3 to 3% 
1Q ches in diameter, they come in shark- 
cases and are priced anywhere from 
*200 ($320) to £2.000, depending on 
age and condition. „ . 

“They were gentlemen's toys, said 
Tom Lambda globe specialist with the 
f^odon auction house Chnsne s. t he 
“ka.was that they kept them in their 
Pockets and would bring them out in^a 
coffeehouse to discuss world affairs. 
-After pocket size, the next kjg®* ^ 
^gtojesranging L 

JWtes m diameter, usually mtended 

a table or des£ Ater- 

‘ Mbm taa ■**»L , SS^SE 

-^ globes were sail handmade 
.Seed, sells today for 




globe from die 1930s, when die 
complex was built. Illuminated 
by an interior lightbulb and sup- 
ported by an Art Deco statue of 
Atlas, it fits in with the era but is 
not antique. 

Beyond personal prefer- 
ences, one of the most impor- 
tant aspects of globe buying and own- 
ership is condition and care. A globe in 
less-man-ideal condition will cost less, 
but it will also be worth less if you hope 
to sell it someday. 

Early globes, in particular, demand 
special care. Most were made of papier 
mache, with hand-colored paper images 
glued on over a gesso finish. 

“They crack easily, and if you drop 
them, they’re destroyed, or if they get 
damp, they can disintegrate,” warned 
Mr. Lamb. A globe left sitting in die 
sunlight will fade and lose value. 

To learn more aboia the history of 
globes and define an area of interest, 
many experts recommend '‘Globes from 
the Western World,” a book by Elly 
Dekker and Peter van derKrogt (Philip 
Wilson Publishers, London ). For avail- 
ability and current prices, consult map 
and scientific instrument dealers . who 
typically carry globes. Christie's has 
sales of English and continental globes 
twice a year in London, the next on June 
25. Most dealers will mail catalogues 
and price lists upon request. 

On Internet. Paulus Swaen of the Neth- 
erlands auctions globes and other an- 
tiques at Us web site: wwwjwaenjcom. 


Buyers who wani to avoid brokerage 
commissions can bay notes directly 
from Federal Reserve Banks. The next 
auction is in April. For more infor- 
mation, from Asia call the Federal Re- 
serve Bank in San Francisco at 4 15-974- 
2000; from Europe, contact the Fed in 
New York at 21 2-720-7773. (IHT) 

It Isn’t What Firms Know, 
But Where They Know It 

It isn’t what you know, it’s where you 
know it, Morgan Stanley Capital In- 


ternational said in a report on European 
stock investing. According to Morgan's 
research, European equities tend to rise 
and fell based on their home stock mar- 
kets rather than on the industries in 
which the companies specialize. 

In the five-year period from 1991 to 
1995. national stock-market fluctu- 
ations dominated 69.5 percent of stock 
movements, compared with 303 per- 
cent of the time for industry moves. 
Only British and Dutch stocks were 
more responsive to industry shifts than 
to changes in die national markets. In 
Italy, by contrast, the movements of the 
national market were more important 
973 percent of the time. 

In only three industries were nation- 
al-market considerations less important 
than the business of companies: airlines, 
road and rail transport, and energy 
equipment and services. The- effect is 
less striking than it was in the previous 
five-year period, when national factors 
dominated 82.9 percent of the time. 

(IHT) 

For Emerging Investors, 

A Plan From Merrill Lynch 

Right after we put the finishing 
touches on last week's Money Report, 
including the lead article about low-cost 
alternatives for beginning investors, 
Bloomberg News reported that Merrill 
Lynch & Co. was introducing accounts 
for investors aged 25 to 45 who only 
have “hundreds of dollars'* to invest 


The Emerging Investor program will 
offer access to 1,100 funds, investment 
research and financial advice. The ac- 
count charges a $24 annual fee. which is 
waived if customers add at least S100 a 
month to their accounts. (IHT) 

The Best and the Worst 
Of Funds in Australia 

BNP Investment Management first 
State Fund Managers and Tyndall Aus- 
tralia produced the top returns from 
Australian equity funds in 1 996, InTech 
Asset Consulting Ltd. said. 

The three worst-performing fund 
managers out of the 37 surveyed were 
EquitiLink. Legal & General Invest- 
ment Management and Balanced Equity 
Management 

BNP produced a return, including 
dividend payments, of 33.7 percent 
First State 28.1 percent and Tyndall 
25.0 percent. Equitiiink returned 4.1 
percent Legal & General 10.9 percent 
and Balanced Equity Management 11.8 
percent The Australian Stock Ex- 
change’s All Ordinaries Accumulation 
Index, including dividend payments, 
gained 14.6 percent (Bloomberg) 

For Gaming and Lodging, 
Listen to Bankers Thist 

Looking for analysts who seem to 
know what they are talking about? Then 
pay attention to die gaming and lodging 
teams at Bankers Trust Research. 


On Jan. 24, these analysissuggested 
that investors buy shares in ITT Corp.. 
which then were trading at $44375 
each, forecasting a rise in the stock to 
$55 a share over the coming 12 to 18 
months. On Monday. Hilton Hotels 
Corp. obligingly offered $55 a share for 
the rival hotel-and-casino company. 

The BT analysts subsequently re- 
duced their rating on ITT to "market*, 
perform” from “buy," saying the 
stock’s potential price was $60 to $65. 

What do they like now? Thomas Ryan 
said the top gaining pick was Mirage 
Resorts Corp.. which has two casinos, 
scheduled to open in 1998. One is the- 
Bellagio. on the Las Vegas Strip, which! 
Mr. Ryan said would be “the most ex- 
pensive and luxurious hotel in die 
world,” and the otherisa Golden Nugget 
in Biloxi, on Mississippi's Gulf Coast’ 
He said Mirage was “relatively cheap” ! 
at its current price of about $25. 

Bryan Maher, a lodging analyst re-, 
commended Prime Hospitality Corp.,- 
which runs hotels in secondary U.S-! 
markets. He said Prime was worth about* 
$25 a share, compared with its current; 
price of about $1735. It is expanding its > 
AmeriSuites hotels. 

Mr. Maher said BT also likes Host! 
Marriott Corp., which the analysts said- 
was worth $22 a share, up from its! 
current price of about $17. BT cited - 
Host's deal this week to buy the Ritz-. 
Carlton hotel in Marina del Ray, Cali- 
fornia. and expected strong perfoimanc- ; 
es at toe firm’s other hotels. (IHT ) ! 


As Prices Soar, Wine Market Is Still Ripe for Deals 


Continued from Page 15 

compares with $225 a bottle for the 
1990. Certainly 1990 was a great vin- 
tage, but there is no question that the *93 
is undervalued." 

It may be heresy to some wine buffs, 
but a selection of Italian. Californian and 
even Australian wines now make at- 
tractive, if risky, investments. 

“The French wines have the longest 
track record, but they are the most ex- 
pensive," said Mr. Zacharia. “If buyers 
do their research and know what to in- 
vest in they could do better elsewhere." 

According to Mr. Zacharia, prices for 
Italy's Sassicaia are ‘‘skyrocketing" 
die 1985 vintage. 


“This wine went for $425 per bottle at 
auction last month, more than twice 
what it sold for a year ago," be said. He 
added that Do min us from California and 
die Penfold Grange wines from Aus- 
tralia were also attracting interest. 


Pi 


for 


tORT ALSO IS appealing again, 
’after years in the doldrums. The 
heavy, sweet after-dinner wine, 
which is drunk almost exclusively in the 
United Stales and Britain, suffered from 
image problems in recent years as 
people became health-conscious mid 
concerned about drinking before driv- 
ing. Recently, however, the wine has 
regained some of its appeal, due in part 
to a marketing campaign aimed at young 


consumers. The 1994 vintage port is 
now extremely expensive, according to 
Paul Bowker at Christie’s in London. 

At about £400 ($645) a case “it costs 
as much as the 1997 vintage, which was 
a really great vintage," he said. 

investors looking for bargains should 
consider the 1983 and 1985 vintages, 
both of which be believes are still “ri- 
diculously cheap.” 

Like any investment that offers the 
prospect of a 30 percent return in a year, 
wine can be risky. Last year, Le fin 
overtook Petrus as the most expensive 
Bordeaux, climbing to £2300 a bottle in 
London for the 1982 vintage. Now the 
same bottle would fetch just £1300, 
according to Mr. Stephens. 


“It was very much a speculative! 
bubble and now it has bum,’* he said. ; 
“But if someone wanted 10 cases they' 
would still have to pay the high price 
because it is so difficult to find. 

Le fin produces only about 700 cases 
each year. 

All told, however, the outlook for the 
wine market appears rosy. 

“Wine is historically a good invest- ! 
mem. and there are now a lot of new 
consumers of fine wines from emerging 
economies of Southeast Asia," Mr. 
Bowker said. 

“Demand is so strong that buyers can 
stand higher prices. Like Wall Street, the 
wine market may still have some 
mileage in it” 


B 


A Fine Art Form 
Or Urban Scrawl? 

Continued from Page 15 

“I guess he was a graffiti artist in the true 
sense tn that he simply wrote on walls,” be 
said "I doubt if any of his early work has 
survived, but a good Basquiat painting would 
fetch around $200,000. lit fact, we had a 
Basquiat as the top lot in our March col- 
lection.’ ‘ __ _ _ 

Mr. Basquiat was discovered by the New 
York art deajerAnniuaNosei in the 1980s. She 
reportedly put him to work in a basemeni 
studio to recreate his art on canvas. Dealers 

said that his early death from a ding overdose 

in 1988 at age 27 added both to the rarity and 
mystique of his work. 

EITH HARING, who died in 1990ai 
the age of 32, is another artist who is 
often credited with loving started by 

had woik^in^c^aSraSn 1 with LA2. Mr. 

Marenzi said this was overstated. 

“He may have started drawing his figures 
on walls, but in essence he has always been a 
fine artist,” be said. “Very early on, he was 
producing multiples of bis designs on badges 

and T-shirts. r 

No matter how credible graf art becomes, » 
remains vandalism to the authorities whose 
vehicles and walk servers the canvas.London 
Transport said that it spends £10 million (536 
milli on) a year cleaning graffiti off trains and 
buss. Subway cars in many cities are now 
often coated-witii a substance that allows easy 
removal of graf writers’ work. 


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PAGE 2 


international herald tribune, saturday-sunday, Februa ry i» 2 , 1997 

i ■ . . jT.X 



Rmli>S^rtbunc. 


PAGE 18 



SATURDAY-SUNDAY. FEBRUARY 


:imr" 


ill* 




m jVr^ 


World Roundup 


Hing is and Graf Win Easily 

tennis Martina Hingis, the Australian Open Champion, 
and Steffi Graf, the World No. 1, easily advanced Friday to 
the semifinals of the Pan Pacific Open in Tokyo. 

Hingis routed South Africa’s Amanda Coetzer, 6-0. 6- 1 , 
on the Tokyo Metropolitan Gym's fast carpet surface, while 
Graf beat Iva Majoli of Croatia, 6-2, 6-3. 

In the semifinal. Hin- 
gis will play Anke 
Huber of Germany, a 6- 
3 , 4 - 6 , 6_2 winner over 
Lindsay Davenport of 
the United States. 

Graf will play Brenda 
Schultz-McCarthy of 
the Netherlands, a 6-1. 

6-0 winner over third- 
seeded Conchita Mar- 
tinez of Spain. 

• Goran Ivanisevic, 
the No. 1 seed, beat 
Sweden's Thomas Jo- 
hansson 7-6 1 7-1). 6-4 
to advance to the 
quarterfinals of the 
Croatian Indoors. Ivan- 
isevic is a part-owner of 
the tournament. (AP) 



Kuji Sjtofcarc/Tbc Assuewed Prat 

Brenda Schultz-McCarthy 
beating Conchita Martinez. 


NBA Loses in Court Over Scores on Pagers 

basketball Live updates of sports events delivered 
over pagers and computers got the legal green light from 
a federal appeals court that found that the NBA was not 
hurt by microchips and wireless gadgets. 

The U.S. Circuit Court of Appeals in Manhattan rejected 
a lower court decision that found Motorola and statistics 
provider STATS Inc. could not legally transmit live NBA 
game scores and statistics from TV and radio broadcasts. 

The NBA said it planned to appeal either to the full 
appeals court or to the Supreme Court. 

The court said the delivery of facts over beepers and 
on-line computer services differed from a game shown on 
TV or heard on radio because they “reproduce only 
factual information culled from the broadcasts and none 
of the copyrightable expression of the games." 

SportsTrax became available a year ago at a cost of 
about $200. 

It can make updates seconds apart on such facts as the 
score, which team has the ball and time remaining. ( AP) 

• Tom Chambers. 37. one of just two dozen NBA 
players with 20,000 points, came out of retirement. 
Thursday, to play for the Charlotte Hornets. Chambers 
last played in the NBA for Utah in 1 994-95 and spent last 
season in Europe.M/’J 


Raiders Appoint Bugel 


football Joe Bugel became the Oakland Raiders’ 
coach, filling the spot left empty since Mike White was 
fired Dec. 24. Bugel was an assistant coach for the Raiders 
for the last two seasons. He was head coach of the Phoenix 
Cardinals in 1990-93. (AP) 


, Bv maintaining a far-flung network of news -gathering resources, the 
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business and economics, as weJTas science, technology, travel, fashion, arts 
ona sport — all from an international perspective. 

Take advantage of this limited opportunity ta try fre I n temafiond Herald 
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Bowe’s New Training Regimen: Marine Boot Canp 


Caepdoil" OurAtf Fm Otipactta 

NEW YORK — On Panis 
Island, South Carolina, the 
U.S. Marine Corps Reserve 
awaits the arrival Feb. 10 of a 
raw recruit for three months of 
boot camp: Riddick Bowe. 

The recniit is bigger, older 
and more famous than the av- 
erage aspiring leatherneck. 

“I guess he’s a million- 
aire. ‘ ' said Major Rick Long, a 
spokesman for the Marines at 
Parris Island. And no other 
“maggot," as Bowe refers to 
his new status, is a former two- 
rime heavyweight champion. 

"It's no surprise that any- 
one would want to be a Mar- 
ine, for what we are and what 
we stand for.” said Captain 
Dave Steele, a spokesman for 
the Marine Corps Recruiting 
Command in Washington, 
who confirmed Bowe’s en- 
listment. 

Bowe is a boxer in limbo, 
someone whose skills appear 
to be declining. He was 
headed for losses in both re- 
cent fights with Andrew Go- 
lota had Golota not been dis- 
qualified each time for low 
blows. But Bowe insists that 



JrffQnunsfa/Rfimn 

Riddick Bowe posing with his Marine Corps papers. 


he would be relishing the 
thoughts of reveille at 0400 
hours and scrumptious morn- 
ing chow even if he had 
knocked Golota out Dec. 14 
in Atlantic City. 

“It’s slop.” he said, “but 
bey, I eat slop in (raining 
camp.” 


The Marines have been 
Bowe’s big dream for a de- 
cade. 

“I’m financially secure, 
and I want to do something 
different” he said Thursday 
ar the offices ofHBO.theU-S. 
cable television network. 

He signed up with the Mar- 


ines in Baltimore last week 
he brought a snapshot to 
prove it — but the announce- 
ment was delayed until the 
Marines waived the top en- 
listment age of 28 to admit 
Bowe. who is 29. 

Instead of pummeling the 
heavy bag, Bowe’s routine on 
his first day of duty. Long 
said, will include chin-ups, 
sit-ups, weight lifting and 
close-order anils. By day 50, 
for example, be will fire live 
rifle ammo and carry weap- 
ons and packed crates under 
barbed wire and around an 
obstacle course. 

By the end of the camp, one 
of his major feats will be hik- 
ing 10 miles CI6 kilometers) 
with a 53-pound (24-kilo- 
gram) pack on his back. 
When it’s done, the 245- 
pound Bowe may be a cruis- 
er-weight 

“His biggest problem will 
be the drill sergeant in his face 
every day," said his wife, 
Judy. "He’ll find out what 
being a regular person is like 
again.” 

Bowe scoffed at fears of 
any full-throated, vein-pop- 


ping martinet debasing him 
verbally. “ItT| be mind over 
matter." he said. 

To dissuade Bowe. his 
manager. Rock Newman, 
took him to Panis Island to 
watch the regimen that makes 
fight training seem like riding 

a pony. . . 

*‘I was convinced when ne 
saw it," Newman said, “he 

would say. No way I’m go- 
ing to do this. 

But Bowe watched booi 
c am p and said. "I can do 
that." He also thought it 
would improve his appearance 
and make his mother proud. 

“Imagine me in my dress 
blues at attention." he said, 
dressed in a brown suit, crew 
neck sweater and green cap 
with “Marines" stitched in 
red thread. 

Newman said that Bowe s 
interest in serving his country 
became apparent when he 
first recruited him. 

In November 1988. New- 
man said, Bowe told him 
“that he intended to go into 
the U.S. Marines." 

Bowe nevertheless became 
the undisputed heavyweight 


champion in Novembers 
by defeating Evander Uy- ’ 
field in a 1 2 -round derisn. 

Bowe will not be a tull-ne 
Marine for long. Boot enp ■ 
and follow-up training iU 1 
take him through the suranr. '• 
He will attend drills with is 
Washington reserve unit ce 
weekend a month and for a; - 
two-week stretch yearly. 

Bowe said he would r> i 
sume boxing in August an™' 
tight “somebody I ca 
whoop" by year's end. 

Said to have reaped raon‘ • 
than $100 million in win"' 
nings. endorsements and in- 
vestments over an eight-year 
pro career, Bowe will earn 
$1,1 94.90 a month during ini- 
tial entry-level Marine Corps 
training. He has made a three- * 
year commitment to the ac- 
tive reserves, meaning he 
could be called to action in 
time of conflict. 

But if he retires from box- 
ing. he said he may become a 
full-time Marine. 

“If I’ve got to die defer 
ing the country." Bowe sail 
“then what better wav to 
die?" (WP'flim 


It 


.■III - 1 1:1 


I# 




What’s Parcells Worth? 
Jets and Patriots Talking 


By Gerald Eskenazi 

New York Tunes Service 



NEW YORK — The New York Jets have 
made it official: They announced that they 
want Bill Parcells to run their team and that 
they have begun negotiations with the New 
England Patriots over what it will cost them to 
get him. 

The negotiations, between Steve Gutman, 
the president of the Jets, and Robert Kraft, the 
owner of the Patriots, came a day after Paul 
Tagliabue. commissioner of the National 
Football League, ruled that Parcells was le- 
gally bound to the Patriots fortbe 1997 season 
even though the split between Parcells and 
Kraft is so wide that there is no chance he will 
coach there again. 

Parcells confirmed that Friday, announcing 
that he was leaving the Patriots but saying 
little else. 

Tagliabue's ruling gave Kraft the upper 
hand in his talks with the Jets, who have clearly 
made Parcells die man they warn in their efforts 
to rebuild a team that went 1-15 in 1996. 

Kraft is also motivated by his anger ar 
Parcells, who took the Patriots to the Super 
Bowl but then took much of the joy out of it 
because of his continuing contract dispute 
with the team's owner. 

During the week of the Super Bowl, a 
business associate of Kraft's said that the 
owner complained bitterly about Parcells, 
saying. “This should be a great week for us, 
but he's sticking the knife in my bade and 
twisting iL" 

Because of his strong negotiating position 
and his anger at Parcells, Kraft is expected to 
remain firm, for now. in demanding at least 
the Jets’ No. 1 draft pick, which also happens 
to be the league's overall top choice. 

Some people who know Kraft think he will 
ask for even more. 

The situation involving the Jets, Parcells 
and Kraft is an intriguing one. 

How much is a head coach worth? Es- 
pecially one of Parcells’s caliber. He has been 
to the Super Bow] three times and would be in 
charge of the Jets’ personnel decisions on and 
off the field. 


In terms of draft picks, there is believed to 
be only one NFL precedent for the Parcells 
situation. In 1970 Don Sbula quit as coach of 
the Baltimore Colts after allegedly getting 
approval from Steve Rosenbloom, the son of 
the team’s owner, Carroll Rosenbloom. 

Sfaula had three years left on his contract, 
but promptly moved to the Miami Dolphins. 

But Carroll Rosenbloom complained to 
Pete Rozelle, then die NFL commissioner, 
that he had not personally let Shula out of the 
deal, and Rozelle chose to believe him. 

Rozelle then found the Dolphins guilty of 
tampering and awarded the Colts the Dol- 
phins’ first-round pick in 1971. 

Thai turned out to be the 22d pick overall. 
The Colts chose a running back, Don Mc- 
Cauley, who played in Baltimore for 1 1 sea- 
sons but without particular distinction. 

In 1995 the Carolina Panthers yielded 
second- and sixth-round picks, along with 
$150,000. for tampering with the Steelers’ 
defensive coordinator, Dom Capers, who be- 
came the Panthers’ first head coach. 

But the Shula and Capers cases involved 
some form of tampering, and there has been 
no formal suggestion that the Jets have been 
guilty of that. 

Around the league, Gutman and the Jets’ 
owner. Leon Hess, are known and respected 
for their above-board dealings. 

The New York Giants' general manager. 
George Young, noted: ‘ ‘There’s been a value 
assigned to a coach before. Shula was worth 
it” 

Young, who was associated with Shula for 
many years in Baltimore and Miami, added, 

‘ ‘You could assign a figure to a coach just like 
you do with a player.” 

Since Parcells would presumably be the 
Jets’ general manager and oversee die draft, 
he would want to be in on, if not at, the major 
event of the off-season involving collegiate 
talent — the scouting combine. 

It will be held in Indianapolis a week from 
now. Then, on Feb. 15, the Jets and other 
foams can begin talking to free agents. 

The Jets need plenty of help — particularly 
on the defensive line — and free agency is one 
way to get better quickly. 



hoi k- Hurt/ Igmi - hunnr IW 

Minnesota’s Doug West, right, and Dallas’s Sam Cassell tussling for the ball. 

Malone’s Pizzazz Lifts Jazz 

4 , 

Smith’s Career-High Haul Can’t Save the Hawks 


Sanders Dusts Off Baseball Spikes 


By Mark Maske 

Washington Post Service 


Deion Sanders became a two-sport phe- 
nomenon again Thursday, returning to base- 
ball after a one-season absence — with the 
permission of his football team, the Dallas 
Cowboys — by announcing that he’ll play for 
the Cincinnati Reds this year. 

Sanders signed a one-year contract with the 
Reds, ensuring that he’U miss die Cowboys’ 
training camp and exhibition season this sum- 
mer. Precisely how his time will be divided 
once football’s regular season begins is a 
subject for haggling among Sanders and of- 
ficials of the Reds and the Cowboys. 

The Reds' general manager, Jim Bowden, 
said Sanders’s contract guarantees that he will 
be with the Reds as long as they’re in the 
pennant race. The owner of the Cowboys, 
Jerry Jones, said the team expects Sanders to 
play in all of their regular season games next 
season. Sanders hinted perhaps he could play 
weekdays for the Reds and weekends with the 
Cowboys during the overlap of the seasons. 
His Cowboys contract reportedly guarantees 
him his entire football salary if he plays in ai 
least eight regular season games. 

It wul be the 29-year-old Sanders’s second 
stint with the Reds, with whom he spent parts 
of the 1994 and '95 seasons. He became a 
! favorite of Bowden, then-manager Davey 
| Johnson and his teammates, and Sanders said 
; the bonds he formed with people in Cincinnati 

; led to his return to baseball. 

“This is the only team truly in baseball that 
| I have felt like it was family." he said at a 
1 news conference in Cincinnati attended by 
Bowden and the Reds* owner. Marge Scboo. 

Sanders will probably be the Reds’ center 
fielder and leadoff hitter. He's a .264 career 
hitter in seven seasons with the New York 
Yankees, Atlanta Braves, Reds and San Fran- 
cisco Giants. His best season came with the 
Braves in 1992, when he 304 with 26 
stolen bases and a National League-leading 
14 triples in 97 games. He had 38 steals for the 
Braves and Reds in ’94 


“Deion Sanders is not a great baseball 
player," Sanders said. “But he’s a pretty 
good one, and he can get better." He added, 
“I didn’t really miss the game. I missed the 
camaraderie, being there on an everyday basis 
with friends.” 

Bowden said, "I always thought that if he 
played baseball full-time, he’d be the best 
leadoff hitter in the game.” 

Bowden traded Sanders to the Giants during 
the '95 season, after which Sanders agreed to 
play football exclusively. He’s coming off an 
NFL season in which, in addition to bong the 
game's most respected comerback. he spent 
time on offense as a wide receiver, mid caught 
36 passes. He also suffered a broken bone in 
his right eye socket during the Cowboys' loss 
to the Carolina Panthers in the NFC playoffs 
and he said he still is suffering Grom blurred 
vision that probably will keep him from play- 
ing baseball for another month or so. 

Sanders split his time between the Braves 
and NFL’s Atlanta Falcons in the early 1990s, 
and in 1992 he suited up for a football game 
and a baseball playoff game on the same day. 

■ Ex-Players Sue Over Video Game 

Several former major league baseball play- 
ers, some of whom are in nursing homes and 
living on fixed incomes, have sued a company 
that used their likenesses in a video game. The 
Associated Press reported. 

The former players, including Don New- 
combe and other members of die World 
Series-winning 195S Brooklyn Dodgers, 
claim Warner Communications Co. paid the 
league $300,000 and 8 percent of the game's 
gross sales for use of names and likenesses of 
current players and coaches. 

The company didn’t try to obtain rights to 
use the names and depictions of former players 
in “Hardball 5," released in 1995, the lawsuit 
filed Wednesday in Superior Court contends. 

The suit seeks the same deal the active 
coaches and players received, plus money to 
cover lawyers' lees and an unspecified mon- 
etary penalty, said James Yukevich. a lawyer 
for die players. 


The Associated Press 

When time is running out 
and the game is on the line. 
Karl Malone gets selfish. 

“My teammates told me to 
shoot, and I took their ad- 
vice," he said. 

Ten of Malone's 32 points 
came in the final 6:38 
Thursday night, lifting the 
Utah Jazz over the Atlanta 
Hawks, 102-96. 

Atlanta’s Steve Smith 
scored 14 of his career-high 
41 points in the fourth quarter 
of Atlanta’s second loss in 15 

games. Thirteen of those 
points came in an 18-9 run 
that gave the Hawks their 
only lead of the second half 
— 91-90 with 6:38 to play. 
Then came Malone time. He 
also grabbed 15 rebounds. 

After Atlanta went ahead. 
Malone scored Utah's next 10 
points to give die Jazz a de- 
cisive 100-95 lead. 

Bidtslll.Kmss S3 Michael 

Jordan scored nine of his 32 
points during a 13-4 Chicago 
run down the stretch, and 
ScoOie Pippen added 22 as 
visiting Chicago won its fifth 
straight game. 

Mitch Richmond had 28 
points and nine rebounds for 
Sacramento, which led by one 
at the half, but was he Id to five 
points in the final quarter. 

dippers 100, Gri sSm 94 
At Los Angeles, Loy Vaught 
scored 20 of his 28 points in 
the second half and grabbed 
1 1 rebounds to lead the Clip- 
pers to their third victory in 
four games. The loss was the 
seventh straight and 1 2 th in 
1 3 games for Vancouver, 
which is 0-4 since general 
manager Stu Jackson re- 


placed the fired Brian Win- 
ters as head coach last week. 

“It seemed like we were 
just fortunate that die clock 
ran out when it did.” Vaught 
said after the Clippers saw a 
21 -point third-period lead 
shrink to 98-94. 

H o gg e ts 113, Rockets 109 

Ricky Pierce scored 25 points, 
and visiting Denver spoiled 
Hakeem Olajuwon’s second 
straight 40-plus point game. 
Olajuwon. who had 41 points 
Saturday against the Utah 
Jazz, got 48 points and 10 re- 
bounds against the Nuggets. 

ImbarwohiM 92, Maver- 
icks 82 At Dallas, reserve 
Sara Mitchell scored 2 1 
points and Terry Porter had 


five points during a decisive 
run to open the fourth quarter 
as Minnesota extended its 
winning streak against the 
Mavericks to six games. 

Chris Gatling returned from 
a one-game club suspension 
with a 29-point, 18-rebound 
game for the Mavericks, who 
have lost eight of 10 games. 

M«tn 113, Suna 101 Kendall , 
GUI scored 32 points as New . 
Jersey snapped a three-game 
losing streak and a five-game 
slide at home. 

Khaiid Reeves hit six 3- 
po inters and scored 25 points 
as all five Nets starters reached " 
double figures just two nights 
after scoring only 62 points ’ 
against Cleveland. 


r 




\ 



Gloomy, Ohio State * 
Still Defeats Indiana 

The Associated Press 

Ohio State, playing without Jermaine Tate, its center 
sidelined with heart problems, and amid speculation 
about coach Randy Ayers’s future, stopped a four-game 
losing streak Thursday night with a 73-67 victory over 
No. 17 Indiana in Columbus. 

Damon Stringer scored 18 points, including four free 
throws in the final 21 seconds, as Ohio State — coming 

Comae Basketball 

off a 31 -point loss to Northwestern — ended a four-game 
skid against the Hoosiers (17-5 overall. 4-4 Big Ten). 

No. 9 Louisville 81, No. 8 Cincinnati TO At Louisville. 
Eric Johnson scored 10 points during a 20-5 run to push 
the Cardinals (18-2. 5-1) to victory in the Conference 
USA match. 

■ Memphis Coach to Resign 

Coach Larry Finch of the University of Memphis, 
whose team has been plagued by low attendance despite 
averaging 20 victories a season, will resign at the end of 
.the season. The Associated Press reported 




;r. 










SPORTS 


'toi 


yyj£‘C2JiTed Press 

SE^RE, Italy — Al- 
berto 7r“ I s ^benslK 

belongr m I^y. “ the 
IhneZiJ^ inpeak form for 
theft}* 1 *- 

Af# slow start m the 
VorifCup this season, 
rdm# fas sknng more like 
> ‘Ljtoba’ ’ of oW as he pre- 
jaj ^Mdefcnd his slalom and 
navAlom titles at the World 
\hj§S)ri Championships. 

• “tve to congratulate my- 
elsTni back,” Tombasaid 
ftJvinning his first World 
vfceef the season, anight 
fin in Schladming, Aus- 
j%c Thursday. 

1 came back from third 
gb after the first nm to 
Ik a second ran of 48.93 
bods and a total time of 1 
forte, 35.87 seconds, 
fhk was 16 hundredths of a 


second ahead of the first-nm 
toder, .Thomas Stangassiager 
of Austria, who finighwi 
second m 1:36.03. Sebasden 
Amrez of France was third, 32 
hundredths behind the Italian. 

The race in Schladming 
was held ax night under lights 
as practice for the slalom in the 

world championships. For the 
first time in the 60-year history 
of the event, four slaloms will 
be held under floodlights. The 

second beat of the men’s and 
women's slaloms win start at 
9 P-M. local time, prime firm* 
for European TV viewers. 

Tomba had complained dial 
he did not like night racing. 

“I'm usually out dancing 
at that hour,” he said. 

But after his victory, he 
said, “1 like the nighttime. I 
invented it.” 

The two-week champion- 


lining 


ships begin Monday in Ses~ 
triere, a resort, 1 IA miles up in 
Italy’s western Alps, one of 
Tomba's favorite sites. He 
won his first World Cup tace 
in Sestricre in 1987, and has 
won a total of six races there. 

After suffering wrist and 
knee injuries in a training spill 
early in flic season, then oom- 
ingdown with the fin, Tomba 
was mostly a oonfacior on die 
World Cup circuit. 

But he re-established him- 
self by finishing second in the 
Kitzbuehel slalom last week- 
end. His victory ax Schlad- 
ming was his first in the 
Worid Cup in a year. 

Tomba does not race until 
the last few days of the cham- 
pionships, leaving fee spot- 
light to demntnR and super- 
giant slalom specialists in fee 
first week of competition. ' 


few Coach Is Curing Blues’ Blues 


I The Associated Press 

t Since Mike Keenan moved out, fee Sl 
(L ouis Blues have been moving up. 
j With a 5-2 victory at Ottawa on Thursday, 
F tbmUues continued their climb through the 
J'JhL's Central Division. 

- Leading the charge as usual was Brett Hull. 

NHL Roundup 

who scored in his 11th straight game and 
helped St Louis jump over idle Detroit into 
secoudplace in the division. 

“It's so much fun playing for Joel," Hull 
said ofhft new coach, Joel Quenneville. 

■ Hutf had a bitter relationship with Keenan, 
who was fired in December. At that point, the 
Blues woe struggling with a 15-17-1 record. 
Since then they have been 20-6-3 under 
Jimmy Roberts (3-3-3), who was interim 
coach, and Quenneville (7-3-0). The victory 
over Ottawa gave St Louis a dub-record five 
straight on the road. 

j M Bw w a, Brains 1 At Miami, Ray Shep- 
set up fee first two Florida goals, and the 
mthers beat Boston on a night that de- 
fenseman Ray Bourque tied the Brains’ ca- 
reer point record. 

Bourque’s short-handed goal in the second 
period tied John Bucyk’s 30-year-old career 
recordof 1 339 points. Bourque has 352 goals 
and9S7 assists in 18 seasons. 

The Panthers won despite being outshot 38 


to 16. The Florida goalie, John Vanbies- 
broude, stopped 37 shots for his fourth con- 
secutive victory. 

CtermBarm 4, Lightning 1 Martin Rudn&ky 
sewed twice as Montreal snapped a four-game 
losing streak. It was Montreal's first victory at 
Tampa Bay after six losses and two ties. 

Shark* 6, Fiamaa a At Calgary, Andrei 
Nazarov had two goals and two assists and 
goalie Ed Bclfour won his first game for San 
Jose as the Sharks defeated the Flames. 

Both of Nazarov’s goals came in fee first 
period as the Sharks took a 3-0 lead on just 
four shots on Calgary goalie Trevor Kidd. 

Belfour made 30 saves to record the win' 
after losing his first two starts since being 
acquired Saturday from the Chicago Black-' 
hawks in a four-player trade. The two-time 
Vezina Trophy winner was especially sharp 
in the lhird, making 17 saves. 

Canucfc*% Mandat* 1 Jyrid Lumme scored 
at 130 in overtime to lift Vancouver over 
New York. 

The Canucks’ defenseman scored the win- 
ner when he split a pair of Islanders and lifted 
a backhander over goahender Tommy Salo. 

Mike SiUinger also scored for Vancouver. 
MartyMcInnis scored for the Islanders. 

Kk>s« 5, Whafera 3 V ladimir Tsyplakov 
scored twice and Barry Potomski ended a 
personal 16-game goal-scoring drought wife 
his third of the season as Los Angeles beat 
visiting Hartford. 



Albert# Tomba on the way to winning bus first World Cup race of the season. 


Gijon Team Wins by Not Winning 


Sporting Gijon players won 93 million 
pesetas ($68350) by betting that they would 
lose or draw in Sunday's Spanish league game 
sgwirar Oviedo. The match ended 0-6. 

The 27 players are to give up doing the pools 
but are unlikely to for* disciplinary action from 
the dub or the Spanish soccer federation. The 
game was played after 13 of the other 14 games 
on the pods coupon had ended. 

“The bet was decided by dice, ' ’ said Fran- 
cisco Luna, a Sporting forward. 

The players have pointed out that they lost 
500,000 pesetas each in victory bonuses. But 
they would have started fee game knowing 
that they already stood a good chance of 
winning a large sum, though not bow large it 
was likely to be. 

In the state-owned soccer pools, known as 
the quiniela, participants must guess whether 15 
games — fee 11 in the first division phis four 
second-division games chosen at random — 
will finish in a home win, a draw or an away 
win. 

The Spanish federation has no rules pre- 
venting players from talcing pan in (be pools. 

Fernando Garrido, head of press at the 


federation, described the episode Friday as “a 
curiosity, an anecdote.” 

He said: “We certainly don’t imagine that 
this was done deliberately. The federation is 
not considering changing its rules.” 

■ Barcelona Beats Real Madrid 

Barcelona came back from 2-1 down to beat 
arch-rival Real Madrid at home in a Spanish 
Cup fourth-round clash Thursday. 

A -late headed goal from Brazilian mid- 
fielder Giovanni gave Barcelona a 3-2 ad- 
vantage for next week's second leg. 

Ronaldo opened fee scoring in fee 13fe 
minute . Moments later. Croatian striker Davor 
Suker replied, pouncing an a loose ball and 
blasting home the equalizer. Real Madrid took 
the lead in the 66th minute when fcmando 
Hierro rifled a free kick into the roof of the 
goaL 

Three minutes later. Miguel Angel Nadal 
scored with a free kick for Barcelona. Gio- 
vanni came on as a substitute for Luis Figo and 
beaded fee winner from a corner 12 minutes 
from time. 


Parnevik Shines 
In California Mud 


By Thomas Bonk 

Las Angela Times 

PEBBLE BEACH, Cali- 
fornia — Jesper Parnevik of 
Sweden claimed a muddy 
share of fee lead in the first 
round of fee AT&T Pebble 
Beach National Pro-Am. 

Phmevik made a 7-under- 
par 65 Thursday ’in the wet 
grass and the sloppy mud at 
the Poppy Hills course as did 
co-leader David Duval, who 
wound up feeling pretty good 
about how the day went. 

For instance. Duval didn't 
lose his shoe in the mud even 
once, although he came close 
a couple of times when fee 
anklendeep stuff nearly 
sucked it right off his foot. 

Duval had a simple philo- 
sophy on (wening day at the 


rain-soaked courses cm the 
Monterey Peninsula, where 
nearly 20 inches of rain have 
fallen this winter. 

“I tried not to lose fee 
ball,” Duval said. 

Tom Lehman. Billy An- 
drade and Brian Henninger 
were one shot back at 66 and 
nine players were tied at 67. 

Parnevik. felt so bad on the 
practice range before his tee 
time, he told his caddie be 
didn't want to play. 

“1 could not hit one shot 
solid,” he said. “Nor one ball 
went where 1 was aiming.'* 

Then there has to be an 
explanation for his 65. 

“Golf is so strange,” 
Parnevik said. 

Tiger Woods probably 
would agree, especially after 
his slip-and-slide round of 70 
at Spyglass that featured a bo- 
gey, a double bogey and five 
birdies. 

Because of the soggy 
courses, the players were al- 
lowed to clean their golf balls 
and place them within a club 
length of where they stopped. 
Faldo, who missed only one 
green, said feat advantage 
could have been worth as 
many as four shots. 


Andrade said three tees had 
to be moved up at Spyglass, 
shortening the course by 
about 200 yards. 

Add it up and 94 players in 
the field of 180 professionals 
broke par. 

■ Golfer Lost on Purpose 

Michael Campbell of New 
Zealand, who finished third in 
the 1995 British Open, said 

Friday that he stopped trying 
last year and purposely 
missed the 36-hole cut in a 
PGA European Tour event. 
The Associated Press report- 
ed from Perth. Australia. 

“I got to fee point where 1 
was not enjoying the game 
and thinking pretty seriously 
about my future,” Campbell 
said after fee second round of 
the Heineken Classic. 

“I was missing cuts on pur- 
pose and 1 remember at a tour- 
nament I had a 20-footer on fee 
last hole. I knew the cut was 
going to be two over, and I 
three-putiod on purpose be- 
cause 1 didn't want to be 
there.” 

Campbell, 27. couldn’t re- 
call the tournament, but it is 
believed to have been the 
Spanish Open, won by Ire- 
land's Padraig Harrington. 

“I missed out on my tour 
card by about two or’ three 
thousand pounds, and if I’d 
made fee cut in that tourna- 
ment where" 1 deliberately 
three-putted, I could have 
made my card for this year." 
Campbell said. 

“It's not very good, is it?” 
said John Paramor, director of 
European tour operations. “It 
could affect how some of the 
sponsors regard their invita- 
tions. The greatest test is if his 
peers feel he has done a hein- 
ous crime. Tbey will want to 
speak to him themselves.” 

On Friday, Campbell shot a 
4-under-par 68 for a two- 
round total of 137. He was 
four shots behind the leader, 
coincidentally Harrington, 
who shot a course-record 63. 


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^ If. 7^ • 5o»OBe 17 (Canon. Qu6Dan. 3. ALRuctasky 
14 (Dcrapbousse, Bare) 4. T-, Ciden 14 
(Burr) Third Pertoct M4tecsM 24, Shots oa 
iTOta si: Ah godtM-6266— 31. T- 613-1 5—86. GooOsto 
5 17 4 ” 153 m M-TWbtodt-T-SdiWb. 

25 23 4 54 159 161 ? \ , , 

22 17 9 53 144 111 . , ‘ -V? 

■M I iji 130 157 - W Ptftoct HworalC 13 wheppcWr 

« 26 8 44 iS 139 &*!>**») Z J^arehto 9 (SheppanO Ipp). 

19 » 0 W lS 180 Se«*ta Period: F-Hul 6 (Gusltrissotv LouS 

Mcmmwon -4, B-6ewqw 9 (Oofes, DlMato) (sh). Third 

kr L 7 Pts Gf GA Period: N 0 Ml Shots M goal; B- 166-18-38. 

31 12 8 TO 176 120 .£*£*£. ““ B-Tcta P- 

24 22 5 S3 163 151 Voritatowtok. 

24 23 2 50 157 161 l f f - * 

19 24 6 44 138 147 “W ■ * 1 — * 

- 18 26 6 42 126 151 HrtlPllltotSJ^NoBnnirlOCRognfltssna 

S ■ If 27 I 42 139 178 KrikhS. Z SJ.-Krntov 11 (Mtitorieft 

18 26 5 41 130 157 TtaOhWl (pp). X San Jaw Noow 11 

SAT'S enwn (KoiIok, Frleien) Sees*! Pirtods Sj^iolan . 

2 fti SJ--NWioe* 11 OCazfcw, Nazarov) A C- 
2 1 676 IgMo 15 (Wirt, Gowy) 7, SJ.-HoKm 21 
1 1 0 -a CmeserO X C-Sflnwi 3 (MJOen) (pp). Thhd 
-YteSjfcj 23 G>ock»A York) period; C-Gognor 14 (T7tov, RekJwO (pp). 


1. Laris 2 1 i-S 

rttoara 1 1 M2 

mnt tale* O-VtariD 23 B3adaz Vmk) 


Z St Louis, Kn»chuk4 (Turegon. HuB V. Stas an gocfcSJ.- 4-106— 20. C- 6-9-1 B-31 


XL-Hjrgeon IX Secoed Period: O- 
Dvdteant 7 (Docfcefc AteEacftem) X S.L- 
Gonroy5 (CoffipheX Madtoto) TOOd Parted: 


OordesSa-Brttow.omtRotoron. ■ 
M.r.is Jwde« o 8 j B-l 

VOncoowr 8 18 1—2 


First Period: Hone. Second Period: V- 
SUBnger 14 (Joseph, OaurtnoD (pp)- TMrd 
Period: Non Yoth, Mdnrfls 15 (AnnstrenB, 
BertonO Ov er time : X V-LummeS (Mogtaiy) 
Shots os goet New Yort 617-160-35. V- 6 
9-5*3 — 22. 6oe0e» New York. Soto.. V- 
Mdtoto. 

HtoNerd . 2 0 1-3 

Los Asgeles 3 1 l s 

First Parted: LA.- Ferraro 17 CLapentere, 
Norshvn) Z LA.-PotomsU 3 CSmyto. 
Bytsroo) X H-Stmderson 27 (Olneen, 
Cossets) A. H-, Atandervflte 1 (ICBrmm) 5. 
LA.-TSTptofcor 12 (KhristlcM Second 
Period: LA-Yocfirtenev 4 (PetreoulO Thhd 
Potto* LX-Tsyptokov 13 (Blok* Stevens) 
& H-Ronhehn 7 (Burfl fth). Shots os godfc H- 
146-12 — 32. LAj- 161618-43. Cades: H- 
Burke. LA^Oofoe. 


SKIING 


Land r otri e ot rnao'a World Cup hid teriom 
on Thursday, ta BcMiriodng, ausMk 
1, Alberto Tomba. tWy, 1 minute, 3527 sec- 
onds (4X9648.93); X Thomas SlQn- 
grastoger, Austria. 136JJ3 (4672-49 Jl); X 
Sebostten Andes, Fnmce, idd.19 (46J7- 
4942); 4. Thomns Sytcorn, Austria, 13623 
(4751 -4872b X Ktadnobu Khtium, Japan. 
13626 f473848ri»; 6 tooriUB Eberle, Ger- 
many, 13659 (47.95-4664); 7, Oto-Oiristlon 
Funneta. Matvay. 13678 (472X4955); & 
Flnn-Cbrlstton Jogga Noway, 137JB 
(4725-4945): 9. Rene Mtetoa, stewenta. 


13726 (4651-4875); IX Fabrido Tescnrt, 
Italy, 13728 (4855-4873) 

WORLD CUP SLALOM BTJUflIWGS; 1 , Thomas 
Sykon, 666; X Thaaos Stangosstoger, 490; 
X Sebostten Amlez, 32to 6 Alberto Temba, 
292; X Ktoffi-AndmAomodt. Norway, 242; 6 
Ktailnobu Ktirwra, 239; 7, Ton Sttansea 
Norway, 238rXAtartoRefer. Austria, 22Zrft 
RnthCMrilan Jagge, 1H la Ote-Chrfsltor 
Fimrsett,186 


TENNIS 


WOMENS SOICLES OUARTERHNALB 
Steffi GtnffU, Gainany, def. Iw MofoB (5), 
Croatia, 6-X 6-X Bmatto SchutaMcCarthy 
(B), Nrtbtriaodc def. ConcMtn Maritas (33, 
Spain. 6-L 64t Aide Hober M, Genrony, 
del Undsov Davenport (a Unhed States, 6- 
X 4-6 6-X Morttna Hlntfs (2), Switzerland 
dee Amanda Qwfzer, South Africa, 66 6-1. 
nnnw M 

Kristie Boogeri, Kettwrtands, and Irina 
Spnea, Ramoola, del. Usa Raymond UJL 
and Rennoe Stubbs, Austro Da W, 6-X 62. 


QUARTERFINALS 

Leandsr Pans, tmfla, def. Jeff Tarangd 
U5. (A, 6X X6 6-X Brett Steven, New 
Zealand deL Gerard Solves. France, 6-7 (5- 
7), 6-2, 6-2 Jon KffiriaX Slovakia (7). def. 
Jerome Gabmnd, Ranee, 6-X 36 6J. 


CRICKET 


Mjr-iaaHT anuNAiioicAL 

SOUTH AFRICA VS. MDU 
THURSDAY N PETE RMAHnZBURQ 

South Africa A innings 2516 (50 oven) 
India tanlgs: 945 Q42 overs) 
mrtrti abandoned due to rain 


SOCCER 


FOURTH ROUNO, IWT LBQ 

BaroelDno X Real Modrld 2 


TRANSITIONS 


MAJOR LEAGUE BASEBALL 
AMERICAN LEAQUE 

Baltimore -Agreed to terms wffh INF 
Jeff Reboule! on mlnor-tengue contract. 

bostom -Agreed to terms with IB Reggie 
Jefferson on ane-yur antred. 

Kansas aiY -Agreed to terms with LHP 
Chris Honey on ane-yeorantroct. 

NATIONAL LEAOIIE 

□NONNATi -Affieed to terras with OF 
Detoa Sandns an one-year connort. 

cold baro -Agreed to terms with RHP 
Steve Reed on one-year contract 
HOUSTON —Agreed to tenns wttti RHP John 
Hudek on oneveor contract 



























44 - 


PAGE 2 


iMTEnniATiniSAL HERALD TRIBUNE, SATUKDAy-StJNPMt, FEBRUARY 1-2^1997 



DAVE BARRY 


Commercials You Hate Most 


M IAMI — Whew! Do I have a head' 
ache! I think I'll take an Extra 
Strength Buffenn Advil Tylenol with 
proven cavity fighters, containing more 
of the lemon-freshened Borax that is 
recommended by doctors and plaque 
fighters for those days when I am feeling 
“not so fresh” in my personal region! 

The reason I’m feeling this way is 
that I have just spent six straight days 
going through the thousands of letters 
you readers sent in when I asked you to 
tell me which advertisements you don't 
like. It turns out that a lot of you really. 
REALLY haze certain advertisements, 
to the point where you fantasize about 
acts of violence. For example, quite a 
fewpeople expressed a desire to kill the 
stuffed bear in the Snuggle fabric- 
softener commercial. “Die, Snuggle 
Bear! Die!” is how several put it. 

Likewise, there was a great deal of 
hostility expressed, often by older read- 
ers. toward the relentlessly cheerful older 
couples depicted in the competing com- 
mercials for Ensure and Sustacal. These 
commercials strongly suggest that if you 
drink these products, you will feel 
"young,” which, in these commercials, 
means “stupid.” 

□ 

Some other personalities who aroused 
great hostility were Sally Struthens; the 
little boy wlio lectures you incessantly 
about Welch's grape juice; the young 
people in the Mentos commercials (as 
Rob Spore put it, * 'Don ’( you think those 
kids should all be sent to military 
school?”); everybody in all Calvin Klein 
commercials (“I am sure they are what 
hell is really like.” observed Robert E. 
Waller); the little girl in the Shake 'N 
Bake commercial — Southerners 
REALLY hate this little girl — who. for 
what seemed like hundreds of years, said 
“And! helped! "but pronounced it “An 
ah hayulpt! ” (Louise Sigmund, in a typ- 
ically restrained response, wrote, “Your 
mother shakes chickens in hell ”); Kathie 
Lee Gifford (Shannon Saar wrote, “First 
person to push Kathie Lee overboard 
gets an ali-you-can-eat buffet!”); the 
smug man in the Geritol commercial 
who said, “My wife ... I think I’ll keep 
her!" (die wife smiled, but you just 
know that one day she will put Liquid 
Drano in his Ensure); the bad actor pre- 


tending to be Dean Witter in the flag- 
rantly fake “old film” commercial 
that’s supposed to make us want to trust 
them with our money; the woman in the 
Pantene commercial who said, “Please 
don’t hare me because I'm beautiful” (as 
many readers responded, “OJC. bow 
about if we just hare you because you’re 
obnoxious?”); and of course the PiDs~ 
bury Doughboy (“I would sacrifice my 
microwave to watch him inside on high 
for 10 hours," wrote Gene Doerfler). 

Also. I am pleased to report that I am 
not the only person who cannot stand the 
sight of the Infiniti Snot — you know, the 
guy with the dark clothes and the accent, 
talking about Infiniti cars as though they 
were Renaissance art. As Kathleen 
Schon. speaking for many, put it “We 
hate him so much we wouldn ’t buy one of 
those even if we could afford it, which we 
can’t, but we wouldn’t buy one any- 
way." 

Speaking of cm- commercials, here’s 
a bulletin for the Nissan people; Nobody 
likes the creepy old man. OJC? Every- 
body is afraid when the tittle boy winds 
up alone in the barn with him. This ad 
campaign does not make us want to 
purchase a Nissan. It makes us want to 
notify the police. Thank you. 

But the car-related ads that people 
hate the most, judging from my survey, 
are the dealership commercials in which 
the announcer SHOUTS AT YOU AS 
THOUGH YOU ARE AN IDIOT and 
then, in the last three seconds of the ad 
reads, in very muted tones, what sounds 
tike the entire U.S. tax code. Hundreds 
and hundreds of people wrote to say they 
hale these commercials. 1 should note 
that one person defended them: His 
name is George Chapogas. and he is in 
— of all things — the advertising busi- 
ness. Perhaps by examining this actual 
excerpt from his letter, we can appreciate 
the thinking behind the shouting ads: 

“I write, produce and VOICE those 
ads. Make a damn good living doing it, 
too. Maybe more than you even. And 
would you like to know why? Because 
they move metal, buddy.” 

Thanks. George! I understand now. 

Well. I’m out of space. Tune in next 
week, and I'll tell you which commercial 
the readers hated the most. 

©1996 The Miami Herald 

Distributed bv Tribune Media Services Inc. 


Thomas Mallon’s Fourth Dimensioi 


By Francis X. Clines 

Neve York Tima Service 


W ASHINGTON — Thomas Mail on is busy ar- 
ranging a fresh love affair for one of the great 
. philanderers of Washington political life, a big, 
charming man with that power politician’s grin who 
crests scandal with the self-confidence of every 
victor who has ever reigned here. 

“The historical figure that I’m libeling In this 
novel, whose ghost IT1 fear meeting up with, is the 
now completely forgotten figure of Roscoe Gink- 
ting,” said the 45-year-old writer, who diligently 
uses scholarship on this city the way he might apply 
a clam rake to nch muck, then fashions the succulent 
gatherings into fiction. 

“Co aiding was the senator from New York who 
was this great handsome man and a real brute,” said 
Mall on. fresh from another morning at the National 
Archives deep-dredging the recorded Washington 
stuff of a century ago. “He was THE power in the 
Republican Senate and really the boss of New York. 
He owned Chester Arthur. He c (Hi trolled the Custom 
House in New York. He was a great womanizer 
whose most famous affair was with Kate Chase 
Sprague, Salmon P. Chase’s daughter who — ” 

But wait There is so much that is refreshing in 
Mall on a s backward-accounting ability — a reminder 
that there is nothing new, absolutely nothing, in the 
current sensations of this city — that he himself 
deserves a moment of pause in the here and now. 

With his new novel, “Dewey Defeats Truman” 
(Pantheon), which is just out, Mallon is already 
elsewhere than the 1940s setting where his readers 
are luxuriating in that work, a novel about a small- 
town love triangle in Owosso, Michigan, Thomas 
Dewey's birthplace. 

There, the writer has his resident characters, so 
certain of favorite-son triumph, awake from their 
“collective dream” the morning after President 
Hairy Truman’s upset defeat of Dewey. 

“I saw the town sort of shimmering on the edge of 
romance,” said Mallon, who came upon this teasing 
notion in writing a nonfiction magazine article about 
small-town America. “I was enchanted by the place. 
There must have been something both comic and 
poignant the morning after, 1 thought” 

As a writer, Mallon darts across time. He is best 
known for his 1994 novel “Henry and Gara,” a 
work set in Lincoln’s Washington that impressed 
critics with its mix of careful research and fictional 
liberty. In it, he told for the first time the full tragedy 
of the handsome young couple invited by the Lin- 
colns to that Fold’s Theatre box on the infamous 
night of assassination. It is an overlooked tale, sad 
beyond Lincoln, of love withering to madness and 
murder. “I'll probably never find another story like 
that, but it was so doom laden,” the novelist said, in 



Jnmi Unrau/Thr lurk Tin* 

Mallon, author of “Dewey Defeats Truman.” 

explaining how welcome it was afterward to turn to 
the dreamy innocence of Dewey’s Owosso. 

It is the * ‘fullness of history, the amplitude of it,” 
that convinces Mallon he will never suffer writer’s 
block. “Anybody who thinks the federal government 
can't do anything right should go to the National 
Archives. You can spend a morning there stumbling 
around and still come up with half a dozen possible 
novels that you could get up and running very 
quickly.” 

When be bothers to spy upon the present. Mallon 's 
eye for detail stays keen. “Did you watch Dick 
Morris on TV the other night? ’ ’ be asked, referring to 
the former Ginton political tactician who fell lech- 
erously from grace and is now hawking his tell-all 
White House memoir. “At one point, they showed 
him at his desk and you could glimpse behind him 
two framed pictures, both of Time magazine covers 
— one of him with the president, and one after his 
fall, with his wife! 1 couldn't believe it. What sort of 
a guy chooses that display?” 

Mallon has a pretty good answer for such a ques- 
tion but prefers to oner it in some other time frame 


than the present. “History is so much ^ 
one’s own life.” said the writer, who used; Haiw 
Ph.D. in English to teach at Vassar for lZare.tha, 

took a chance on writing as a hying. *Myh spre ^ 

thin erect for fiction.” he said, speaking 
and book columnist for Gentleman’s QuarHy ,, s 0 
many novelists write about things that arc rijtBnfc 
their noses that we have all these novels aSt 
York media life and college life.” 

The way Mallon works, it s not that hi&gg t 
absolutely denied; rather, it s refracted,” tajcooe 
of his favorite words, in various imagined vta m 
time elsewhere. A busy nonfiction writer. £;'f 
specializes in science pieces on astronomy aria*.' 
mology, time and space. “Time is foe greasy*, 
rery.” he said. “Time, more than anything)^ 
More than any emotion. More than love. Tune la* 
essential human mystery.” 

Small wonder that he is lately busying hi: 
here in the IS70s. rummaging in a kind o: 
searcher's nirvana through troves of archival 
and letters for bis Conkling-era noveL 

As he is plotting it, the new book will arch beyqd 
power-lusting to the nation’s early fascination wfo 
astronomy in a highly anxious, uncertain time, and o 
the actual discovery of the moons of Mars (nanxH 
Anxiety and Fear) from the Government NaviaoJ 
servatory built then in Foggy Bottom as one of thi 
wonders of the city. , 

Among the novel’s ingredients collected thus far 
by Mallon: that ordinary citizens sampled the stare gl| 
night at the observatory; that three successive ob-ti 
servatory superintendents developed malaria frutnli 
the mysterious “miasma” (actually from the mos- u 
quitoes of Foggy Bottom); that young female clerk 
called “computers ' ’ aided the observatory scientists; 
that a woman on Sixth Street named Madame Cos- 
tello advertised ’ 'planet readings” that were popular, 
as a seer device in the popuiace'sparallel craving 
astrology. * 

Mallon apologized for these early shards of plot 
•‘Cynthia is my new heroine.” he nevertheless con- 
tinued. trying to show how one writer's work ob- 
session proceeds. “She is in love with this tragic 
malarial astronomer at the observatory. But she's 
also being pursued by the terrible mil magnetic 
Conkling. She consults Madame Costello about her 
love life.” 

The novelist smiled at the past from the present. 
“So she’s involved with the planets every which 
way,” he said, noting that the novel was tentatively 
titled “Two Moons.” 

“This novel is about time.” Mallon said, returning 
to his preferred dimension. “The notions of the speed 
of light and the vast distances of space were just being 
established in that period. Visionary scientists were 
beginning to glimpse the way time and space fold over 
on each other. And to me. dial’s the heart of u." 



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ALL IN THE FAMILY 


The Poet, the Blues and the Firespitters 


By Mike Zwerin 

International Herald T ribun e 

P ARIS — Jayne Cortez is foe sort of 
poet who can get up in the morning 
and write verses before breakfast and 
before going to work out in foe gym or 
jog. Then she does her chores, goes to the 
deli, whatever, and comes back and 
writes some more poetry. 

She prefers to write by hand. Involving 
less words, poetry does not really require 
a machine to process them. Anyway, she 
does not like a machine to get between 
her and her words. 

Her band the Firespitters had just ap- 
peared on a big-time television show m 
Paris during a recent European tour. 
Cortez was relaxed and pleased and had 
the time and the distance to laugh about 
her self-discipline and how she likes to hit 
the ground writing back home in New 
York. She writes poetry, recites it, 
teaches it and sings it 
The Firespitters have released an al- 
bum called “Taking the Blues Back. 
Home” on Ornette Coleman’s label 
Harmolodic (distributed by Verve). 
Coleman’s family is at the core of this 
electro-acoustic swinging poetic en- 
semble. Denardo Coleman, Conez’s 
son with ex-husband Ornette, is the 
drummer, as well as their manager. 
Three members ore veterans of Or- 
nette's influential Prime Time band. 

Making music with one’s progeny can 
produce a sense of creativity akin to birth 
itself. Cortez smiles and says: “It's such 
a pleasure for Denardo and I to be play- 
ing together. He’s a talking drummer. He 
listens, he responds, he can say anything 
lean say and he doesn’t hold back. He’ll 
experiment. Some musicians are intim- 
idated working with a poet. Denardo just 
does iL We are able to play off the 
audience as well as each other.” 

A snow leopard does not know 
it's on the endangered species list. 

She wanted to take the blues, an en- 
dangered species, back home where it 
can thrive. “I’m the owner of the blues,” 
she recites. By “back home” she means 
Africa. Her Afrocentrism is long-stand- 
ing and strong. She put the Firespitters 



Chretus Raw 


Poet Cortez: “You are the text” 

together in 1980 so that she could ex- 
periment with music on an equal level 
with the spoken word, not as back- 
ground. 

The poetry may be the focus, but the 
musicians relate to each poem as part of a 
conversation. No two poformances are 
the same. Whatever comes, she lets it 
stay. She does not memorize, she reads. 
There are too many words to memorize. 
Memorizing, she would be a prisoner of 
words. Reading, she can skip and skim 
and cut-up at will. She rarely reads the 
same way twice, and her images roar any 
way she goes: 

The bishops are not 
forcing themselves to eat bark 
The security exchange commission 
members 
are sick from 

loo many chocolate chip cookies. 

She reads the above accompanied by a 
back-beat and detuned electric guitars 
"full of inlaid shark fins apocalyptic 
blood-stained finger boards,” as sbe 
wrote in her song “The Guitars I Used to 
Know.” 

She grew up with musicians in Los 
Angeles. The Bassist Richard Davis 
was on her first album. She expanded 
musical experimentation with Harold 


Tapscott, Ed Blackwell, Sam Rivers, 
Julius Hemphll and others. 

She ta ug ht literature at Rutgers. She 
performed at “War Against War” poetry 
events for Uhesco in Pirns and Milm, and 
the World Conference on Women in 
Beijing. There was a seven-city poetry 
tour of Brazil. She has performed on four 
continents. Her poems have been trans- 
lated into 28 languages. 

The Firespitters will be in Paris in 
March for the Baolieues blues festivaL 
Accenting Afrocentric consciousness, 
Cortez has played a significant role in 
the current rap-fueled revival of interest 
in poetry-and-jazz: 

u As kids we rapped all the tune. We 
played the dozens, like in any Black 
neighborhood. It was a part of growing 
up. Who’s going to tell the wildest joke? 
Who's going to signify? It's a verbal 
contest You don’t have a text You are 
the text” 

Don't write 
another word 
about wanting 
to write 
another word 
it’s useless 

“Somebody says a word,” she con- 
tinues, “and you make something else 
out of that word. Then somebody else 
makes something else out of what you 
made of it You go on like that We were 
always sounding on each other. 

“The rappers added new technology, 
and a new slot The computer-generated 
sound can get boring and some of their 
messages are questionable, but teenagers 
like it It's teenager music. They're lads. 
Some of them might grow up.” 

In her adult love song to die Prince of 
Silence, his trumpet is “covered in a 
mask of New York hipness & fame” 
with another hairdo 
another change of aspirations . . . 
that trumpet 
has a throat 
which sits outside 
of its body . . . 
the militant mellow melodic 
magical miraculous minimalist Miles 
Davis trumpet 
that trumpet. 


PEOPLE 


N O. that’s NOT the way it was. Wal- 
ter Cron kite says he considered 
suing when he found a fabricated tale 
and “spitting” image of himself on 
Tim Hughes’s “Walter Cronkite Spit 
in My Food” Internet home page. Tne 
former CBS anchor said he was stunned 
several months ago when be spotted the 
page and an accompanying fable about a 
tipsy, cussing Cronkite accosting 
Hughes and his wife at a Florida res- 
taurant. “I punched up Cronkite just to 
see what was on the Internet and 
stumbled on this scurrilous article,’ ’ he 
said. “The whole thing is just so out- 
landish — I don’t think I’ve ever spit in 
my life." It was a joke, said Hughes, 
who has now pulled the page, posting in 
its place a notice saying, “It was never 
my intention to hurt anyone.’ ’ 

□ 

A man who says he lived with Oprah 
Winfrey and did drugs with her for four 
months in 1985 is suing her for al- 
legedly keeping him from celling his 
story, a newspaper reported Friday. 
Randolph Cook of Columbus, Ohio, is 
seeking $20 million in punitive dam- 
ages for slander and emotional distress. 
The Columbus Dispatch said Cook filed 
the suit on Jan. 16 m U.S. District Court 
in Chicago, where Winfrey’s show is 
based. Cook, 39, claims in the lawsuit 
that be and the talk-show host lived 
together in Chicago from January to 
May 1985, and used drugs together dur- 
ing that period. He claims that Winfrey 
blocked him from selling the rights to 
his story. Winfrey denies all of the al- 
legations in the lawsuit. 

□ 

Whoopi Goldberg as Broadway 
diva? Well, sort of. '‘It’s foe last place 
you’d expect to find me,” said Gold- 
berg. after singing — speaking, really 
— her way through two songs from the 
musical, “A Funny Thing Happened on 
foe Way to the Forum." Goldberg per- 
formed before an invited audience at 
Broadway's SL James Theatre, where 
she will replace Nathan Lane on Feb. 1 1 
in foe revival. 

□ 

Annette Bering and Warren Beatty 
are parents again. Isabel Ira Ashley 
was bom Jan. 18 at an undisclosed Los 



Many IflJrffcMrffcr TTK 

Whoopi Goldberg getting ready for “A Funny Thing. . .” on Broadway. 


Angeles hospital, and mother and child 
are doing great. Betting's publicist says. 
The actor and actress have another 
daughter, 4-year-old Kathlyn, and a 
son, 2-year-old Ben. 

□ 

Paula Barbieri, OJ. Simpson’s 
former girlfriend, will reportedly get big 
bucks to write a book. Saying it was 
impressed by Barbieri ’s “honesty and 
sensitivity,” Little, Brown and Co. said 
it would publish her memoir. The pub- 
lisher, which also put out Simpson's 
book ‘ ‘I Want To Tell You,’ * did not say 
how much the former model would be 
paid. But the New York Post reported 
she would get $3 million. 

□ 

Bill Gates will be in Paris next week 
to open an exhibit of Leonardo da 
Vinci’s scientific notebook, which he 
bought a couple of years back for $30.8 
million. Gates, the bead of Microsoft 
Corp., will join foe president of the 


French Senate, Rene Monory, on Wed- 
nesday to inaugurate “Leonardo da 
Vinci, foe Leicester Codex, Art 3j«l 
Science” on Wednesday. The 72-p|§e 
compilation of Inventions will be dis- 
played page by page at the Senate build- 
ing in the Luxembourg Gardens until 
March 16. The Codex was acquired by 
Thomas Coke, First Earl of Leicester, 
in 1717. In 1980 it was purchased by the 
businessman Armand Hammer and re- 
named the Codex Hammer. When Gates 
bought foe manuscript in 1994, he re- 
stored its previous name. 

□ 

Ray Bradbury has some advice 
about foe Internet: “Stay away from it. ’ ' 
The global computer network is great 
for some things, like finding informa- 
tion, the writer admitted. But he scoffed 
at its ability to let people communicate. 
“Who do you want to talk to? All those 
morons who are living across the world 
somewhere?” he said. "Youdon’teven 
want to talk to them at home.” 



eyes are smiling. 

To (W j f«t Wife anl bsKg mow a tftf aMT Accm Nwrt>ci afe lx customer <o 

hotl fckpfuvdut^ bsaiaiHlbio Suits, in Oerter 1 M 5 mrimt# wvkfcshe-, 

c * su,ar¥ -*f<i ,| ia*0 nBOCOBWiofihectMiaf **aU tothc Lis pbnia 


Every country has its own ATCcT Access Number which makes 
calling home or to other countries really easy. Just dial the 
AT&T Access Number for the country you’re in and we’ll take It 
from there. And be sure to charge your calls on your AT&T Calling 
Card. It’ll help you avoid outrageous phone charges on your hotel 
bill and may save you up to 60%* So use AT&T Direo* 1 Service and 
you won’t need foe luck of the Irish to get foe fastest and dearest 
connections home. Check the list for Access Numbers. 

Your True Choice s “ 


dsuccbaniian 


*«»*aiyafiw«Mdeae 


•am pi iHfiDttrtm 

UmuAxuJxaa 



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Stop to foBo* rim calling 
Intanifaaaflr frost overseas: 


1. Just dial the AT&T Access Number for 
the country you are calling from. 

2. Dial the phone number you're caffing 

3. Dial (he calling card number listed 
show ysurnaiw. 


ATlfcr Access Numbers 


BUBOPE 

Austrfaao 

EHghm* 

Ranee . . - - 

Gammy 

Greece* . — . 
Mend- 

Sarin de*\- 

Russia **(Moseaw)B 

Speino 

Sweden . - 

Swttartmd* _ 
(Med Kingdom* . 

022-9O3-O11 

0-800-100-10 

0- 800-99-0011 

0130-0010 

- 00-800-1311 

1- 800-550-000 

172-1011 
.06-022-9111 
.755-5042 
90MMM1 
020-796-811 
.080009-0011 
. 0800-89-0011 

HfMUe BAST 

Egypt* (Cairo) ♦ .. . 

5100200 

(•met-.-. 

177-100-2727 

Saudi Arabia-?-. . . 

1-800-10 

AFRICA 

Ghana . — 

0181 

5 - » - 

0000-10 

Son* Africa . . 

0-800-99-0123 


Caul Bud tbe Access Number for lfae Cttlitty you're caBtnglroin? Joaask any operainr i« 

AT4T Direct" Soifce, or.vtett oar Web jte je In^/Ww'JtLcoffl/trjrelcr l