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INTERNATIONAL 



Sribunl 


iThe World’s Daily Newspaper 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 

** Paris, Saturday-Sunday, January 18-19, 1997 


No. 35.422 


Korean Strike: It’s the Economy 

Global Forces, Not Hyundai, Are the Real Target 


By Andrew Pollack 

New York Times Service ■ 

ULSAN, South Korea — Until four years ago, Le* Soo 
equipment repairman at Hyundai Heavy In- 
dustnes, lived a foreactoare existence with his wife and son 
in a single rented room. - 

Now he owns a two-bedroom apartment. Over the years 
he has also acquired a television, a VCR, a stereo, a car, a 
personal computer. for a son and enough leisure rime to 

indulge hispassion fw hiking. • 

But Mr. Lee!, whose $20,000 salary is nearly triple whai 
w ben he joined the company 15 years ago, 
feels far from secure. Last month, the government enacted 
a aw * at ma ^ es *t easier for companies to dismiss 
workers — an effort to compete with newly industrializing 
nations, where wages are still comparatively low. 

There are reports, Mr. Lee said, that Hyundai might lay 
off 3,000 workers. ■ 7 


And so be is cm strike, joining an increasingly violent and 
bitter labor protest that is now entering its fourth week. His 
immediate aim is repeal of the new law. Bui in a deeper 
sense, be and his co-workers are taking a stand against the 
global economic forces that brought investment and 
prosperity to low-wage Korea and now threaten to lake it 

How the strikes will affect conglomerates. Page 9. 

elsewhere. This round of strikes differs from the labor 
unrest that has convulsed Korea in past years. It is not so 
much about making gains in wages and working conditions 
as about protecting them. 

It signals a shift in labor's emphasis, similar io those felt 
in developed countries, from higher pay to job security. 
There is another difference as well, one that makes Mr. Lee 

See KOREA, Page 7 



BctnJ mannererTTv -y^ccalcd fteu 

A broker Friday at the Frankfurt Stock Exchange, where shares set a 
record as a stronger dollar lifted equities across Europe. (Page 9) 


$300,000 Fine and a Reprimand Proposed for Gingrich 


. Cn^italby Ota Snff frrm Dapatcha . 

"WASHINGTON — a report Friday by the in- 
dependent counsel for the House ethics committee 
was highly critical of Newt Gingrich for his ad- 
mitted ethical- Lapses, recommending a penalty of 
$300.000 and a rep rimand 

The House speaker -agreed in advance to the 
financial levy. 

“Mr. Gingrich has agreed that this is die 1 ap- 
propriate sanction in this matter.” the special 
counsel, James Cole, said in his final report on die 
Gingrich inquiry to the ethics committee. 


The report recommended bat Mr. Gingrich be 
reprimanded far bringing discredit on the House of 
Representatives by filing false information with 
the ethics panel and failing to get proper legal 
advice cm whether his use of charitable foods for a 
college course he taught mi g ht violate tax laws. 

The counsel , concluded that Mr. Gingrich for 
years had shown “a disregard and lack of respect' ’ 
for House rules. 

Mr. Cole also concluded “that a good argument 
coaid be made” that Mr. Gingrich had inten- 
tionally misled the House about the role of his 


political organization in his college course. But it 
“would be difficult xo establish'' that conclusion, 
he said in recommending a reprimand that would 
allow Mr. Gingrich to retain the speakership. 

If the committee approves the penalty recom- 
mendations, as it is expected to, and the foil House 
approves as well in a vote scheduled for Tuesday, 
Mr. Gingrich would become the first incumbent 
speaker to be punished in this way. 

The report indicated that the ethics subcom- 
mittee, which endorsed and transmitted Mr. Cole's 
report to the full panel, felt that Mr. Gingrich's 


violations strained the limits of what could be 
covered by a reprimand rather than by the more 
severe penalty of censure. 

“It is the opinion of the subcommittee that this 
matter fell somewhere in between."* the report 
said. 

The recommendations by Mr. Cole are more 
serious than Republicans expected. Some had con- 
tended that Mr. Gingrich's offenses amounted to 
no more than “jaywalking tickets” and that be 

See GINGRICH, Page 3 


*Whtchman 


SEW?? 




Saved a Bit 


■? •‘S' i-v 






i 


By Edmund Andrews > 

Hew YortTimn Service ~ 

ZURICH — Thar day last week 
began like every other, workday for 
Christoph Meili. a nijfot watchman at 
tile Union Bank of Switzerland. 

But as he made his.routinc pbecks in 
the deserted building on Jah. 9, Mr. 
Meiti was startled at the sight in the 
bank's shredding room of two large bins 
on wheels filled to the brim with books 
aodpapers. 

The contents were unmistakably old 
and they were a jumble: from oversized 
ledger books with entries handwritten in 
fountain pen, to deca d es-old contracts, 
to Uses of mortgaged btriJdizigs in Ger- 
man cities like Beilin and Breslau in the 
1930s and 1940s — the years of Nazi 
rule in Germany. 

“I thought to myself: Wait a minute. 
This is historical material,” Mr. Meili 
recalled in an interview. “There were 
more than 40 pages about real estate and 
they were from 1933, 1934, 1937. 1 saw 
the dates of payments and credits. I saw 
street names and numbers, and I saw 
that some of them were from Berlin.” 

Within the next 15 minutes, Mr. Meili 
made a fateful decision that be knew 
would probably cost trim r bts job: He 
grabbed an. armful of books and p apers , 
took them to a Jewish cultural, orga- 
nization the next day and then went 
public with what he knew. 

Mr. MriJi's action rocked UBS, 
Switzerland's biggest bank, which ac- 
knowledged Tuesday that it had made a 
• J ‘deplorable mistake" and may have 
Violated a new Swiss law created to 
protect material that might shed light on 
the Holocaust period. 

Swiss banks have come under sharp 
criticism in recent months for their com- 
mercial dealings with the Nazis. Fam- 
ilies of Holocaust victims have com- 
plained that the banks are resisting 
efforts to track down what happened to 
the Swiss accounts of Jews killed in die 

Holocaust. , ' . 

Mr. Meili, 28, who has been lionized 
locally as the “document hero/' saidhe 
had given little thought to -the debate 
about Swiss banks and their Nazi ues 
before finding the papers. But as soon as 
he got a close look at the documents, he 
said, he became convinced he had been 
handed a historic duty to act 

“1 knew it wash problem, he said oi 
his decision to take papers out of foe 
bank. “Bui these were documents that 

See SHRED, Page 7 ; 


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SMOOTH TRANSITION — Palestinian policemen arriving Friday at the former Israeli Army compound 
in Hebron to claim control of most of the West Bank city that Israeli forces had occupied for 30 years. Page 7. 

NBA Suspends Rodman Europe page 2- Books Pages. 

l^mrisRodnian of the Oiicago Bulls ‘^fad Gw * Disease Theory Challenged Crossword — .. — . — Page 3. 

aSMs!; «■* D „ ^ 7 - 

irtricwg a photographer. (Page 19) North Korea Spins a Bellicose Web Sports Pages 18-19. 


AGENDA 

Lima Proposes 
Canada in Talks 

The Peruvian authorities have sug- 
gested that Canada participate as an 
observer in negotiations that are being 
arranged between the government and 
foe guerrillas holding hostages at foe 
Japanese ambassador's residence in 
Lima. There was no response from the 
leader of foe Tupac Amaru rebels. 
Canada would be represented by its 
ambassador. Anthony Vincent 

Meanwhile, foe leftists released an- 
other hostage on Friday, bringing foe 
number down ro 73. (Page 3l 

Serbian Government 
Loses Appeal on Vote 

BELGRADE (Reuters) — A Ser- 
bian court rejected an appeal by Pres- 
ident Slobodan Milosevic's Socialist 
Party of a ruling (hat had awarded an 
election victory to opposition forces in 
Nis, foe country's second-largest city, 
an opposition leader said Friday. 

“The court ruled that foe Social isr 
Party’s appeal was unfounded,” said 
Zoran Zivkovic, a leader of the op- 
position coalition Zajedno. The Social- 
ists submitted their appeal Thursday 
and the court turned it down Friday, he 
said, adding that he had received of- 
ficial notification of the ruling. 

‘ ‘The entire legal procedure regarding 
elections in Nis is now over/' he said. 


The Second Time Around, the Thrill Is Nearly Gone 


By Roxanne Roberts 

Washington Past Service 

WASHINGTON — Even President 
Bill Clinton concedes that his second 
inauguration will not be as exciting as 
his first one in 1993. 

“It is true that our first inaugmal was 
a very nnique and exciting time for our 
country/' Mr. Clinton said in a written 
response to questions. “I don’t know if 
we can recapture that same excite- 
ment.” 

A first inauguration is like a wedding: 
filled with promise and a kind of in- 
nocence. The second is more like a 
wedding anniversary a few years later 
You are still together, hopefully in love, 
but you have discovered all those an- 
noying little habits — eating pretzels in 
bed, hoarding piles of old newspapers, 
inviting donors to sleep in the Lincoln 
Bedroom. The honeymoon, as they say, 
is over. - 

“By definition, second inaugurals 
have a lowered anticipation level,’* said 
a special events planner, Carolyn 
Peachey. Yet she explains that pan of 
sblem is a narrow Washington 


maid-seL 


“As a town, Washington is very 
jaded. We view a president’s inaugural 
in political terms. The reality is that 
everyone outside foe Beltway views it 
as a very important, patriotic occa- 
sion.” 

The relentlessly optimistic co-chair- 
man of the Presidential Inaugural Com- 
mittee, Terry McAuliffe, bridles at talk 
of sluggish ticket sales and unreserved 
hotel rooms. “All I can tell you, from 
what people are telling us, there has 
been terrific excitement,” he said. 

Mr. McAuliffe is exactly foe type of 
guy yon want beating foe drums for a 
second inauguration. 

“2 don't think a second inauguration 
should just be about celebrating an elec- 
tion victory/* he continued. “Every- 
body’s entitled to celebrate foe first 
election. The second inaugural is about 
his or her legacy and how that president 
-will be remembered/* 

A successful inauguration, he say s. 
“sets the tone for foe second four 
years.” 

That means smoothing out the rough 
edges of a first term — Whitewater, 

See INAUGURAL, Page 7 



GiFf G3w&tbc Aunruift) Ptm 

TOP HONOR — Bill Clinton awarding Bob Dole the Presidential 
Medal of Freedom on Friday for his service in Congress and for heroism 
in World War EL Mr. Dote said, “I will cherish it as long as I live.” 


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....1250 FF Morocco — • 1 6Dn 

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.2 } *00 Line Tunisia 1-250 Dm 

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Lebed Rattles Washington With an Invitation No One Sent 


By Peter Baker 

tKttfa'nXfori Post Service 



■ WASHINGTON — Now that the mystery of who 
taped Newt Gingrich's phone call has been solved, 
Washington has moved on to a new riddle: Who 
invited this Alexander Lebed fellow to the presidential 

inauguration anyway? . 

Mr. Lrb-d , foe former Russian security chief and 
continuing thorn m the side of the ailing Russian 
president, Boris Yeltsin, adamantly insists he has been 


invited to the ce remony Monday by none other than the 
president. Bill Clinton, through his minions, says he 
doesn't have a clue whai Mr. Lebed is talking about, 
(Mr. Lebed told AP Television in Munich on Fri- 
day: “Yes, I am going. On invitation from the U.S. 
Congress through President Clinton. I am having to 
repeat myself several times."! 

(A spokesman for Senator William Roth, Repub- 
lican of Delaware, said one of his constituents who has 
had contacts with Mr. Lebed had given him a ticket-] 
Washington's diplomacy-minded folks are a bit 


unsettled about how to handle the situation. After all. 
Mr. Yeltsin didn’t get an invitation and could hardly be 
thrilled at seeing his almost certainly future pres- 
idential rival get access to his American counterpart. 

Mr. Lebed challenged Mr. Yeltsin during the election 
last year and finished a surprisingly strong third, 
prompting Mr. Yeltsin to install him in his admin- 
istration. The former general's maverick ways quickly 
soured that, leading Mr. Yeltsin to dismiss him later in 

See GUEST, Page 7 


Dollar Soars 
On Prospect 
For Faster 
U.S. Growth 

As Europe Falters, 
Upbeat Hade Data 
Attract Investment 


By Erik Ipsen 

International Herald Tribune 

LONDON — The dollar soared Fri- 
day to a two- and -a - half- year high against 
the Deutsche mark as rousing U.S, eco- 
nomic data and doubts about Europe's 
prospects led traders to sell Continental 
currencies and buy the dollar. 

The U.S. currency also jumped to a 3 1 - 
month high against the Swiss franc and a 
two-year high against the French franc 
and rose against the pound and the yen. 

The U.S. Treasury secretary, Robert 
Rubin, welcomed the dollar rally, re- 
iterating that a strong dollar would help 
keep inflation in check and U.S. interest 
rates low. 

“A strong dollar has been very much 
in our interest and remains so/’ Mr. 
Rubin told Bloomberg News after a 
speech in Washington. He forecast solid 
growth for the economy “as far in the 
future as I would care to look.” 

The dollar's rally began after foe re- 
lease of U.S. data showing a narrower 
trade deficit in November than many 
economists had expected. The gap was 
$8.4 billion, compared with expecta- 
tions of almost $10 billion. (Page 9) 

The dollar got a second boost from 
news of surprising strength in U.S. in- 
dustrial production. It outstripped pre- 
dictions by expanding 0.8 percent last 
month and in the process raised ex- 
pectations for an increase in interest 
rates, which would make dollars more 
attractive for investors to hold 


U.S. economic growth appears 
“quite strong* ’ and is more likely to 
quicken than to slow, J. Alfred Broad- 
dus. president of foe Federal Reserve 
Bank of Richmond. Virginia, fold 
Bloomberg News. 

Mr. Brooddus is a voting member of 
the Federal Open Markets Committee, 
which decides whether the central bank 
should try to change interest rates in foe 
United States. 

The committee will meet Feb. 4 and 5 
to consider its target for the overnight 
bank lending rate, or federal funds rate, 
a benchmark for U.S. borrowing costs. 
The rate was last cut Jan. 31, 1996, by a 
quarter of a percentage point, to 5-25 
percent. 

Analysts said Friday's economic re- 
ports were unreservedly positive for the 
U.S. currency. “Dollar bulls could not 
really have asked for more from today's 
data than they got," said Paul 
Meggyesi, senior currency economist 

See DOLLAR, Page 30 


The Dollar 


Friday dose 
1.6175 
1.6682 
117.325 
5.4558 


previous clow 
1.5945 
1.6795 
116.625 
5.3795 


change Friday dose previous ctosc 

+6A2 776.17 769.75 


To Get Even, 
New Russia 
Takes U-Turn 


By David Hoffman 

Washington Post Service 

MOSCOW — The lid was blown off 
the latest sensitive Russian security op- 
eration on Friday. It was called “Op- 
eration Foreigner.” and it has sent a 
shiver down foe spine of diplomats and 
expatriates all over foe Russian capital. 

This was no Cold War pot-boiler. No 
secrets were divulged, no samizdat 
manuscripts spirited out of the country, 
no dissidents sent to exile. Not even any 
high-tech bugs were involved. The new 
currency of Russian intrigue is money, 
and getting even. 

The operation was carried out by the 
Moscow branch of Russia's State Auto- 
mobile Inspectorate, a ubiquitous traffic 
police known for their knowledge of 
how many places in Moscow it is for- 
bidden to turn left and a willingness to 
accepi fines in cash on the spot. 

“Operation Foreigner” was appar- 
ently staged in retaliation for a recent 
dust-up in New York between the police 
and a pair of diplomats from Russia and 
Belarus. 

In the New York incident on Dec. 29. 

See MOSCOW, Page 7 


r 






CullO 






PAGE 2 


INTERNATIONAL HERALD TRIBUNE, BATUKDAX-SUNDAY, JANUARY 1 8-19, 1997 


Study of ‘Mad Cow’ Disease Challenges Prevailing Theory 


By Rick Weiss 

Washington Post Service 


WASHINGTON — “Mad cow” dis- 
ease is not caused by rogue brain proteins, 
as many scientists have come to believe, 
but by a more conventional infectious 
agent, such as a virus whose virulence is 
enhanced by the telltale proteins, accord- 
ing to study by french researchers. 

The work could have important im- 
plications for human health, some re- 
searchers said, because recent studies 
have suggested that whatever is causing 
the cattle disease probably also causes a 
deadly brain disease in people. 

Scientists suspect that related diseases 
in sheep, mink and other animals — and 
perhaps other diseases in humans — are 
caused by similar agents, which have 
never been isolated and do not behave 
like any known bacterium or virus. 

A report on the research, which ap- 


peared in Thursday's issue of the journal 
Science, offers no new information about 
what actually may be causing mad cow 
disease. But scientists said it could ben- 
efit the field by directing attention away 
from the abnormal proteins commonly 
seen in the brains of infected animals. 

“It could lead to an alternative way to 
try to fight the disease,” said Corrine 
Lasmezas. a neurovirologist at the 
French Atomic Energy Commission in 
Paris who directed the study. 

Mad cow disease, or bovine spon- 
giform encephalopathy, has killed tens 
of thousands of cows since it was first 
recognized in 1986. Studies of brains 
taken from afflicted cows — and from 
other animals with related diseases — 
typically reveal the presence of peculiar 
proteins called prions that are unusually 
resistant to chemicals and heat. 

No infectious disease has ever been 
shown to be caused by proteins, which 


lack the genetic material considered es- 
sential for biological replication. 

But lacking evidence that a standard 
infectious agent such as a virus or bac- 
terium is behind the disease, more re- 
searchers are coming to the radical con- 
clusion — first proposed by Stanley 
Prusiner at the University of California 
at San Francisco — that mad cow and 
related diseases are caused by prions. 

In the new work. Miss Lasmezas and 
her colleagues injected prion-rich brain 
tissues from cattle infected with mad 
cow disease into the brains of laboratory 
mice. As expected, the mice all became 
ill with the mouse equivalent of the dis- 
ease. But when die researchers analyzed 
the brains of die dead mice, they found 
that fewer than half harbored prions. 

The researchers then injected brain 
tissues from one of those sick, prion- 
free mice into the brains of 13 healthy 
mice. Again, all of the mice became ill 


with the disease. But again only about 
half were found to have abnormal pro- 
teins in their brains. 

“That showed there was a transmiss- 
ible agent in the brains, even though 
there were no abnormal proteins.” Miss 
Lasmezas said. Perhaps, she added, the 
mice that did have prions in their brains 
had manufactured them as part of their 
response to die illness. 

A third round of injections showed 
similar results. In all three experiments, 
however, sick mice with prions in their 
brains became iU faster and had a more 
severe version of the disease than sick 
mice without prions. 

Miss Lasmezas suggested that the 
true cause of mad cow disease may be a 
tiny virus or even a “naked” piece of 
genetic material. She said prions, 
whether transmitted with that agent or 
produced by the sick animal, may make 
the agent especially virulent or better 


able to move Into a new species. 

That could be an important role, she 
and other scientists said, given recent 
studies suggesting that people who eat 
organs from sick cows are at risk of 
getting a human version of the illness 
called Creutzfeldt-Jakob disease. 

Glenn Telling, a prion researcher who 
works with Mr. Prusiner, said the results 
were “interesting” but did not disprove 
the prion hypothesis. He said it was 
possible, for example, that the tests were 
not sensitive enough to detea low levels 
of prions that might have been present. 

Bui others said the work affirmed their 
belief foat prions alone are not deadly. 
“It goes along with die belief that this 
protein is important but is not enough to 
cause this disease.' ’ said Bias Frangione 
of the New York University School of 
Medicine. "There must be something 
else. Some people think it’s a virus, 
others think it's another protein.” 


British Jury 
Bars Trial for 
War Crimes 


CfmpitrJ M Our SuJ Fnn Dap 1 fc-fcrr 

LONDON — Britain's first war 
crimes trial collapsed Friday when a 
jury ruled that Szvmon Serafinowicz. a 
former police commander in Nazi-oc- 
cupied Belorussia, was not mentally fit 
to stand trial. 

The solicitor general. Sir Derek 
Spencer, said the government would not 
proceed against Mr. Serafinowicz, 86. 
who was accused of murdering three 
Jews during the German occupation of 
Belorussia, now Belarus, in 194 1 -42. 

In a rarely used procedure, the ques- 
tion of the defendant's fitness was put to 
the jury after eight days of arguments 
and expert testimony at a pretrial hear- 
ing. 

Mr. Serafinowicz 's defense team 
contended that he was suffering from 
dementia, probably due to Alzheimer's 
disease, and would be unable to com- 
prehend the charges and testimony. 

Dr. Nicholas Stoy. who had been Mr. 
Serafinowicz *s physician from 1979 un- 
til last summer, testified that his mental 
condition had deteriorated markedly be- 
tween 1995 and 1996. 

But the prosecution called its own 





POLLUTION WARNING — Motorists passing a petrochemical complex on France's A6 expressway were 
warned to stay away from the center of the city of Lyon because of dangerous levels of air pollution this week. 


Iraq Warns Paris 
On Leader’s Son 


OxrpSrt bjOwSt&PnmDiqnschtt 

BAGHDAD — The newspaper of the 
Iraqi r uling party said Friday that France 
would be committing a grave error if it 
went ahead with its decision not to allow 
medical treatment on its territory for 
President Saddam Hussein's eldest son, 
Udai Hussein. 

“If the news is true, we will find that 
the French government would be com- 
mitting a big mistake,” the Ba'ath So- 
cialist Party newspaper Alh Thawra said 
in a front-page editorial, adding, ‘This 
may cause harm to it." 

France said Sunday that Mr. Hussein, 
who was wounded in an assassination 
attempt in Baghdad last month, would 
not be given medical treatment mi its 
soiL A Foreign Ministry spokesman did 
not give a reason for the decision. 

Atb Thawra said France made its 


“wrong decision’ ’ because it feared re- 
action from 


the United States and Bri- 


tain. 


‘ ‘It’s not just a simple rejection of a 
request for the treatment of a sick per- 
son," the article said. “This decision is 
based on purely political considera- 
tions.” (Reuters, AFP) 


Canadian 
To Head UN 
Reform Bid 


By John M. Goshko 

Washington Past Senicf 


UNITED NATIONS, New Yoik 
— Maurice Strong, a Canadian 
businessman who has undertaken 
several UN missions, has been 
named senior adviser to the new 
secretary-general. Kofi Annan, to 



$1 a year, is a senior adviser to the 
president of the World Bank in 
Washington. He will be Mr. An- 
nan’s principal aide for dealing 
with reform issues. 

Mr. Atman, who took office Jan. 
1, has said he would make reform 
the top priority of his first year in 
office. He was elected last month 
after the United Stales had blocked 
the re-election of his predecessor. 
Boutros Boutros Gfaali, because the 
Clinton administration believed he 
was not committed enough to 
streamlining the UN bureaucracy. 

The 185 -nation organization has 
been near bankruptcy largely be- 
cause some members have failed to 
pay dues and assessments totaling 
$3 billion. The United States owes 
about $13 billion. 

Aides to Mr. Annan, a G h an ai an 
with more than 30 years in the UN 
bureaucracy, say he plans a two- 
stage attack on the problem during 
19 97. First, people close to the issue 
said, he will seek a consensus 
among members about priorities 
and resources, then plans to begin 
restructuring die bureaucracy. 

Mr. Strong has headed Canadian 
power companies and was chairman 
of the Canada Development Invest- 
ment Carp., a bolding company for 
state enterprises. His was secretary- 
general of the 1970-72 UN Con- 
ference on Human Development 
and die 1992 UN Conference on 
Environment and Development, the 
so-called Earth Summit. 


expert witness. Dr. Philip Joseph, a con- 
sultant psychiatrist, who testified that he 
believed Mr. Serafinowicz was capable 


Irish Court, Anticipating New Law, 
Grants First Divorce to Dying Man 


TRAVEL UPDATE 


BRIEFLY 


of standing trial. He said Mr. Serafinow- 
icz was only “suffering the normal 
memory loss associated with aging.” 

Mr. Serafinowicz. 86, was accused of 
having taken part in a massacre in the 
town of Mir in November 1 94 1 in which 
up to 2.000 Jews — a third of the town's 
population — were killed. He came to 
Britain after the war and worked as a 
carpenter. Mr. Serafinowicz had denied 
the charges. 

He was arrested in July 1995 by a 
special police war crimes unit set up 
under a 1991 law. 

Britain's Crown Prosecution Service 
says it is considering bringing five cases 
to court, but Mr. Serafinowicz ’s was 
believed to have been the one ir thought 
most likely to succeed. (Reuters. AP) 


By James F. Clarity 

New York rimes Sen ice 


DUBLIN — Ireland’s High Court on 
Friday granted the first divorce in the 
history of this overwhelmingly Roman 
Catholic country, whose voters nar- 
rowly approved a constitutional change 
permitting divorce in a November 1995 
referendum. 

That approval, by a margin of 50.3 
percent to 49.7 percent, survived a chal- 
lenge in the Supreme Court and made 
Ireland the last country in Europe ro 
permit divorce. 

But the decision Friday by Justice 
Henry Barron was made in special cir- 
cumstances — involving a husband who 
is critically ill — and does not mean that 
divorces will soon be granted to the tens 


Tutu Has Surgery for Malignancy 


The Associated Press 

CAPETOWN — Archbishop Des- 
mond Tutu, the South African Nobel 
Peace Prize laureate, has had surgery 
to remove a cancerous prostate gland, 
it was announced Friday. 

A statement by the Truth and Re- 
conciliation Commission, which he 
heads, said it was too early to assess if 
the cancer had spread beyond the pro- 
state. 

Archbishop Tutu, 65. later allowed 
journalists into his hospital room and 


said he hoped to return to work on the 
Truth Commission, which is inves- 
tigation apartheid-era political 
crimes, in three weeks. “I hope l 
would be able to be part of that team 
until we finish.” he said. 

A statement issued Thursday an- 
nounced the removal of pan of the 
prostate. In that statement, Archbish- 
op Tutu said he felt fine and that 
doctors found no malignancy. But 
further tests showed there was cancer 
in the prostate, he said Friday. 


of thousands of men and women who 
want them. The vast majority of those 
people, among an estimated 80,000 in 
broken marriages, still face delays in 
having their cases heard. 

The High Court acted under the con- 
stitutional amendment that removed the 
divorce ban. but to do so Justice Barron 
had to waive the official date that the law 
takes effect. Feb. 27. The court: pro- 
ceedings were closed to reporters. The 
names of the divorced couple, and most 
other details were not disclosed. 

Lawyers involved in the case said that 
the husband was a man in his 50s who 
has lived apart from his wife for more 
than the four years stipulated by the new 
law, and that his wife did not oppose the 
action, although she did not want the 
divorce. The man. who was reported to 
be so ill he may not live until the. law 
takes effect, has a permanent relation- 
ship with another woman and they have 
one child. By his first marriage, there 
are three adult children. 

There was no immediate comment 
from Prime Minister John Bruton or his 
government His administration advoc- 
ated the removal of the ban in a bitter 
campaign in which the Roman Catholic 
Church opposed the change, bur did not 
say Catholics voting in favor of it would 
be committing a sin. 

Nor was there any public gloating by 
those who supported the change, or 
complaining by those who insisted that 
divorce would corrupt the fabric of so- 
ciety in this country of 3J million 
people, 93 percent of them Catholics. 


Greek Flights Delayed 

ATHENS (Reuters) — Greek seamen 
defied a court ruling declaring then- 
walkout illegal Friday and civil aviation 


employees joined in strikes that have 
disrupted Greece's air and sea trans- 


portation. 

Ships remained idle in ports for a fifth 


day while_flights were canceled or 
' :1a 


delayed, officials said. 

Air traffic controllers, held .a four- 
hour work stoppage and plan to repeat it 
Sunday afternoon. Airport electrical en- 
gineers are scheduled to begin a three- 
day strike Saturday. 


Midwest Cold Spreads 


MINNEAPOLIS (AP) — Snow 
stranded people in cars and trapped 
them in their homes, and dairy fanners 
were forced to dump their milk because 
trucks could not pick it up. 

Residents of the Upper Midwest and 
Plains continued to be bombarded by 
snow and frigid cold, while parts of the 
East, Southwest and the South were not 
spared the blizzard-like conditions Fri- 
day. 

Cold, snow or freezing rain forced 
many schools to close in Illinois, In- 
diana. Michigan, upstate New York, 
North Carolina, Ohio. Oregon 
Pennsylvania and Wisconsin. 


Yeltsin Recovering 


MOSCOW — President Boris 
Yeltsin is likely to leave the hospital 
in the next few days and attend a 
meeting of leaders of former Soviet 
republics planned later this month, 
the Kremlin said Friday. 

‘ ‘It will be in the next few days, but 


not during the. weekend,” a presi- 
dential spokesman, . Sergei 


The union that represents nearly a 
third of Alitalia flight attendants de- 
clared a 24-hour strike Friday to protest 
a contract package with a lower-cost 
sister carrier. (AP) 


RELIGIOUS SERVICES 


AMSTERDAM 


CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
EvanoeteJ Sunday Service iCOO am. & 
n:30 a . tnJ Kids Welcome. De 
Casersiraat 3. S. Amsterdam Into. 020- 
641 8812 or 0206451 653. 


FRANtt/TOULOUSE 

NOPE INTERNATIONAL CHURCH 
(EvangeOcai). bd da Ptorac, Cotorrter. 
Sunday service. 6:30 p.m.Tel.: 
0562741155. 

FRENCH RMERA/CdTE D’AZUR 


TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, rear lidatashi Stn. TeL: 3261- 
3740. Worship Service. 930 am. Smdays. 

SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English- Speaking non-denominaflonai. 
Tel. +41 61 302 1674. Sundays 10:30 
Mfflere Stra&se 13. CH-1056 Basel. 


BRUSSELS/WATERLOO 


ALL SAINTS' CHURCH, 1st Sun. 9 & 
11:15 am. Hdy Eucharist entn OSdan's 
Chapel a 11:15. M otoer Surlays: 11:15 
am Hdy Eucharist and Sunday School. 
563 Chaussde de Louvain. Otiain. 
Belgium. Tel. 32/2 384-3556. 


HOLLAND 

TRINITY INTERNATIONAL rvtes you Id 
a Christ centered fellowship. Services: 
900 and 1030 am Bloemcarpfaan 54. 


Wassenaar 070-517-8024 nusery prav. 
NICE -FRANCE 

LB.C. 13 rue Vernier. English service. 


WIESBADEN 



NICE: Holy Tnmty (Anglican). II rue 
. 11: VB«E: 9 Hugh’s. 22.au. 


SuffaSun.' 


PARIS and SUBURBS 


THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Family Eucharist Frankfurter Strasse 3. 
Wiesbaden . Germany. Tel.: 
49611.3X68.74. 


i. 9am. Tet 33 04 £38? 1933. 

MONTE CARLO 


MONACO CHRISTIAN FELLOWSHIP 
Worship Service. Sundays' IT a.m. 
9. rue Louis Notary. Monte Carlo. 
TeL: 377 32 16 56 47. 


THE AMERICAN CATHEDRAL OF THE 
HOLY TRWTTY, Son. & & 11 ajn„ 10:45 
a m. Sunday School for children and 
Nursery care. Third Sunday 5 p m. 
Evensong. 23. avenue George V. 
Pans 75016. Tel.: 33-01 53 23 B4 00. 
Metro: George V or Alma Marceeu. 


EUROPEAN 
BAPTIST CONVENTION 


MUNICH 

INTERNATIONAL COMMUNITY 
CHURCH. Evangeficai Bible Betavng 
services m EngS3i 430 p.m. Sundays al 
Ehnuberstr. 10 (LG Theresiensfr.j (089) 
650-0817. 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH - An 
evangefcal church m toe wasian suOuiUs. 
all are welcome. 3.45 First Service 
concurrent with Sunday School. 11-00 
Second service vrth CWdren’s Church. 
French Service 6-30 o.m. 56. rue des 
Bons-Raisms, 92500 Ruai-Maimarson. 
firs*. <2*01 4751 296a 


FLORENCE 


ST. JAMES' CHURCH Sun. 9 am Rte I 
& 11 am. Rite II Va Bernardo Ruceb 9. 
50123. Florence, Italy. Tel. 3955 2944 17. 


BERUN 

BERUN. Rothenburg Str. 13. 
(SiegfitzV Sunday. Bible study 10.45. 
worship Service 12.00 noon. Charles 
Warford, pastor. TeL: 020-774-4670. 

BREMEN 


193)320596. 

PRAGUE 

LB. FELLOWSHIP, VtnohradsJca 4 68. 
Prague 3. Sm. 11:00. TeL: (02) 311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. 1900 at Swedsti ChurtSi. across 
Iron Madkntida. TeL (02) 353 1585. 

ZURICH - SWITZERLAND 
I.B.C 01 Zurich. Ghetetrasse 31. 8803 
Ruschtoon. Worship Services Sunday 
mornings 1030. TNri-4810018. 


assoc of am 
CHURCHES 


FRANKFURT 


CHURCH OF CHRIST THE KING 

I Episcopal/ Anglican) Sun. Holy 
Comuion 9 8 1 1 am. Sunday School 
and Nursery 10:45 am Sebastian Rui2 
SL 22. 60323 Frarttfat. Germany. U1. 2. 
SMqueMlee. Tel: 4959 55 OJ 84. 


LELtX, Hdtwntohesr. hermann-flase-ar. 
Worship Sun. 17:00. Pasior telephone: 
04791-12877. 


BUCHAREST 


LB.C.. Sirada Pops Rusu 22. 100 p.m. 
Cirtact Pastor NS* Kemper. TeL 3123660 

BUDAPEST 


BERUN 

AMERICAN CHURCH IN BERUN, cor. 
of Clay Aflee & Ra s damer Str, SSL 530 
am, Worship 11 am TeL: 03061 32021. 

FRANKFURT 

TRINITY LUTHERAN CHURCH. 
h&»iimen39eeS4.S(nV%rcrtp11 am 
Td 0633X31066 or 512S5&. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 


GENEVA 


HOPE INTERNATIONAL CHURCH 

Orion at Rans-laOStense. 0fcd.de 
NeuBy. WtYShp StnOays 930 am Rev. 
Douglas Miller. Pastor. Tel: 
01 43 33 04 Ofi. M«ro 1 to la Defense 


9AMANUEL CHURCH, 1st & 3rd Sul 
10 am. Euchanst 2nd 8 4#i Sui. Morning 
Prayer 3 iue de Mcnthoux. 1201 Geneva. 
&MtzBtlanl TeL 41027320078. 


I.B.C- . meets at Modes Zsigmond 
Gimnazium. Torohvesz ut 48-54. Sun 
1 (MO. TeL 250-3932. 


Verlaine. Swxtoy MQ/srip £30. in German 
h^di. Tet (022) 


BULGARIA 


MUNICH 


SAINT JOSEPH S CHURCH (Roman 
Cahcfic) MASS N ENGLISH SA 630 pm, 
Sun. 9.45. 11:00 a m , 12-15. B‘30 n.m 
50. avenue Hcche. Pam 8irt. TeL. 
01 42 27 2B 56. Maw Claries de Gad* - Eicte 


THE CHURCH OF THE ASCENSION. 
Sun. 1t:4S a.m. Holy Eucharist and 
Suiday School. Nursery Care provided 
Seytjothslrasse 4. 61545 Munich (Har- 
lading). Germany TeL 41896481 85. 


LB.C., world Trade Center. 36. Drahan 
Tzankov Blvd. Worship 1 1 130. James 
Dike. Pastor. TeL 669 666. 


FRANKFURT 


ROME 


ST. MICHAEL'S CHURCH lewngeftcal 
Anglican) Sundays 10 30 a.m. {with 


chicken's dub and creche) and &3Q pm. 

roups Christ -centered 


Midweek study groups 
fellowship in the heart of Paris. 5 rue 
tJAguesseai, 750G8 Tti.-t)l474Z7D® 
Metro: Concorde. 


ST. PAUL'S WTTHW-TH6-WALLS, Sure 
8 JO am. Holy Euchanst Rde 1: 1030 am 
Choral Eucharist Rile II: 10:30 a.m. 
Cnuch Soxxil tar chldren 5 Nursery care 
Crowded; 1 pm Spanish Eucharist Via 
Nape* 58, 00184 Rome. T«_ 336 486 
3339 or 3964743569 


INTERNATIONAL CHRISTIAN FEL- 
LOWSHIP. Soderwstr 11-18. 63150 Bad 
Homburg. A fnendfy. Chnst-centered. 
church serving the English-speaking 
community. Sunday Worship. S.S. X 
Nursery C9-45, Weekday Crops. Pastor 
M.P. Levey. Cal 0517362728. 


BETHEL I.B.C. Am DachSberg 92 
(English). Worship Sun. 1 1 CO am. and 
600 pm. TeL 0S&5435S9. 


1100 n Eftfsh. Tet (022)3103X89. 

JERUSALEM 
LUTHERAN CHURCH of toe Redeemer, 
Old »/. Miretan fid. Engfctfi wretvp Sun. 
9am Al are webome. TeL (02) 6261-049. 
PARIS 

AMERICAN CHURCH IN PARIS. 
Worsfep 11:00 am. 65, Quai tfOreay. 
Pans 7. Bus 63 ai door, Metro Alma- 
Mareau or tavaSds. 

VIENNA 

VIENNA COMMUNITY CHURCH. 
Stfiday worship in En$eh 11:30 AM.. 
Sunday s ch oo l, nursery, rtem a Po n af. ad 
denonwaDOns welcome. Dorateemasse 
16. Vienna 1. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service. Sunday School & Nursery. 
Suntfcws 1 130 am, Scfcanzengsse 25. 
Tel: (01)2625525. 


Tfamtfd&OX 




Eat. 1911 PARIS 
"the original' 

5, rue Daunou, Fans (Opera) 
Tel.: 01 42.61.71.14. 


* 


MS EUROPA 
at Sea 


Yastrzhembsky. said of Mr. Yeltsin’s 
release date. 

The spokesman said that Mr. 
Yeltsin, who has been hospitalized 
with pneumonia since Jan. 8, was 
recovering well and had taken part in 
an impromptu birthday celebration 
for his daughter Tatiana. Mr. Yeltsin 
is also reported to have worked for 
three hoars Friday preparing his an- 
nual address to Parliament and con- 
sidering decrees. (Reuters) 


most wanted leaders of the Basque 
separatist guerrilla group ETA, call- 
ing it another step toward peace in the 
troubled Basque region. 

The French police arrested Jose 
Luis Urrusolo in Bordeaux on 
Thursday night. One of ETA’s top 
three leaders, he is thought to have 
been involved in the killing of more 
than 16 people. 

• ‘ ‘This is asicmficantmoyqtoward 
peacebocaose Uirusolo played an im- 
portant role within ETA,” said In- 
terior Minister Jaime Mayor Oreja. 
“He is not only the most callous 
terrorist of all but he is also the most 
famous.*’ ( Reuters ) 


Internet Test Gxse 


Standoff in Sofia 


SOFIA — Bulgaria’s ruling So- 
cialists refused to give way Friday to a 
chorus of demands for early elections 
by students, striking workers and an 
exiled king. 

The former Communists, unmoved 
by a 12th day of popular unrest, stuck 
to their insistence on forming a new 
cabinet but stud that talks could re- 
sume when President-elect Petar 
Stoyanov was sworn in Sunday. 

Thousands took to the streets of 
Sofia ag ain to demonstrate against 
economic misery and for general 
elections, which are not constitution- 
ally required for almost two years. 
The opposition is boycotting Parlia- 
ment until its demands are met, but 
has said it will attend the inaugur- 
ation. (Reuters) 


BERLIN — Stepping up a crusade 
to stamp otn extremism in cyber- 
space, German prosecutors said Fri- 
day that they had filed charges against 
a leftist politician in a case that could 
further extend the reach of Internet 
law. 

Prosecutors broke new ground in 
pursuing, in this case, not an extremist 
publication but someone accused of 
leading others to “suspect” Internet 
own home page. 


. prosecutors are investigat- 
ing Angela Marquardt, 25, a deputy 


Basque Is Arrested 


MADRID — Spain on Friday 
cheered France’s arrest of one of the 


leader of Germany’s Party of Demo- 
cratic Socialism, to see if she broke 
the law by putting a “hyperlink” on 
her home page allowing others access 
to Radikat an Internet magazine. The 
magazine has been banned in Ger- 
many from publishing instructions on 
how to sabotage railway lines. 

“It is ille ga l in Germany to 
others how to commit a felony or to 
sanction a felony," said the Bolin 
prosecutor's office. * 'Those who 
committed the initial crime of writing 
the articles in Radikal are as yet 
unidentified, but Ms. Marquardt ap- 
pears to have committed the crime of 
aiding this felony. Press freedom does 
not go that far.” ( Reuters ) 


« 


t 


WEATHER 


Europe 


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INTERNATIONAL HERALD TRIBUNE, SATURDAV-SUNDAY, JANUARY 18-19. 1997 


Peru Proposes 
Canada Sit In 
^On Negotiation 
Over Hostages 

% Gabriel Escobar . 

Ww/tiwgioH Post Serv ice 

in Peruvian government; 

e®« to deal wife fee hos- 
situation here, on Friday suggested 

a observer in the 

negotjanoos and offered to hold the 
so^ons at a neutral site near the Jap- 
an ^se ambassador’s residence. ^ 
m what is now a familiar tactic in the 

.y onss, the government envoy, ' 
Domrngo Palermo, appeared tohave an 
ouve branch in one hand and a dub in' 
After assurances that the Iead- 
« °t the Tupac 'Amaru Revolutionary 
Movement, Nestor Cerpa Cartolin£ 
would l*a v e safe transport to the talks, 
Mr. Palermo said the rally objective of 
the conversations was to provide an 
eventual exit** for the rebels and the 



LaoirD-t illm/'R*uUT» 


A man and child cycling through a barricade of banting tires in the slams of strikebound Port-au-Prince. 


There was no response from Mr. 
Getpa, who over fe© last two days has 
said tbai the fate of the hostages depends 
" °? government responding ^‘feyor-. 
ably'' to its demands, which mr-WtH* 
releasing more than 400 mmrisoned 

Tupac Amaru members. Inins raief com- 
ments Friday, Mr. Palermo pointedly 
said that “conversations do not coo~ 


The Associated Press 

PORT-AU-PRINCE, Haiti — Pro- 


A young man was reported killed 
when security guards fired on a mob 


testers burned tires and threw stones in tbatstonnedafood warehouse in Cap- 
cities across Haiti on Thursday, de- Haitien. The mob then attacked the 
oaandmg government resignations and precinct police station, which they ran- 
ah end to big budget cuts. sacked after the policemen fled. 


In Port-au-Prince, the capital of 2 
million people, shops stayed shut, par- 
ents kept their children home from 
school, and no buses were running in 
the largest of a series of anti-govern- 
ment strikes. 


With both sides maneuvering for po- 
sition and sending conflicting signals, 
the only dearly positive development 
Friday was the release of a hostage, the 
first since Jan. 1. The freed map , iden- 
tified as Luis Valencia, was released for 
medical reasons, reducing the numbej 
of hostages to 73. 

The government’s selection of 
C a nad a for membership in a special' 
commission must be approved by Mr. 
Cerpa, whose request to have Guate- 
mala mediate was rejected Thursday. If 
approved, Canada win be represented 
by its ambassador here, Anthony Vin- 
cent. A career diplomat who has served 
in the Middle cast, Mr. Vincent was 
^initially a hostage but was released less 
$han a day after the takeover. 


Away From 
Politics 

• An unmanned rocket carrying a 
navigation satellite for the air force 
blew op 13 seconds after liftoff from 
Cape Canaveral, Florida. No injuries 
were reported. ; (AP) 

•A small plane whose pilot had ap- 


Testimony Concludes in Simpson Civil Case 


Los Angeles Tina 

SANTA MONICA. California.— 
Testimony has -concluded in 0~J. 
Simpson’s civil trial wife fee promise 
feat jurors win begpn deliberations next 
week on evidence delivered by about 
100 witnesses — from DNA scientists 
to grieving parents, from police detect- 
ives to the defendant himself. 

The jurorewffl weigh more than 2400 
exhibits and 41 days re testimony spread 
out over fee past three months. Tbor job 
is to decide whether Mr. Simpson was 
responsible for fee murders of his 
former wife, Niooile Brown Simpson, 
and h er friend Rona l d QoMman. 

If the jurors find Mr. Simpson liable, 
they must deseoniiie bow much be should 


• Six more Mexicans who illegally 

entered fee United States by trekking 
through fee mo untains into California 
have died of exposure, bringing the 
immigrant death toll to 13 so far tins 
year, officials said. (AP) 

• Perhaps the most for-ranging 
state-by-state comparison of educa- 
tion in America cites West Virginia 
and Kentucky as two states that have 
made great strides and Arizona and 


pay Mr. Goldman’s parents to com- 
pensate them for fee loss of their son's 
love and comp anionshi p. (The Browns 
are not asking for feat kind of compen- 
sation.) They also will be asked to decide 
whether punitive damages are in order. 

Mrs. Simpson’s children wife Mr. 
Simpson are the beneficiaries of her 
estate; Mr. Goldman's parents are his 
legal heirs. If jurors elect to award pu- 
nitive damages, a second phase of the 
trial would begin almost immediately. 
Both sides would present evidence 
about Mr. Simpson’s financial assets, 
and jurors would determine an appro- 
priate dollar figure. 

The two sides were to discuss jury 
instructions wife the judge Biday, and 


will present closing arguments Tuesday 
and Wednesday. 

The plaintiffs concluded their rebut- 
tal case Thursday with two familiar 
faces: Gerald Richards, a photo analyst, 
and William Bodziak, an FBI footwear 
expert who returned to the stand to 
testify about 30 full-length photos of 
Mr. Simpson at a 1993 football game. 

Mr. Richards concluded feat the 
snapshots were authentic; Mr. Bodziak 
testified that in them, Mr. Simpson is 
wearing Bruno Magli shoes — fee same 
Italian brand that left size-12 bloody 
footprints at the murder scene. 

Mr. Simpson's lawyers agree that fee 
shoes in the photos are Bruno MagUs. But 
they contend feat the pictures are phony. 


GINGRICH: 

$300,000 Fine Urged 

Continued from Page 1 

should get only the mildest sanction 
available 10 the ethics committee, a let- 
ter of reproof. 

“No one is above the rales of fee 
House." Representative Nancy John- 
son. Republican of Connecticut and 
chairman of fee House ethics commit- 
tee, declared at the outset of a public 
hearing. She called the recommended 
penalty “‘tough and unprecedented 
compared to past cases." 

Mr. Gingrich’s lawyer. J. Randolph 
Evans, told the committee: “Upon real- 
izing that errors were made. Speaker 
Gingrich has openly and publicly ac- 
cepted responsibility for these errors 
ana has offered his sincere apologies to 
this committee and the House." 

Minutes into the public proceeding, 
Mr. Cole said. “The subcommittee and 
I feel feat we have come up with a fair 
result and a fair resolution of ihi s matter. 
This is evidenced by the fact that Mr. 
Gingrich has agreed feat in fact ibis is an 
appropriate characterization of fee 
charges against him." 

The financial penalty was described 
by congressional officials as a reim- 
bursement for extra work that fee com- 
mittee performed because of inaccurate 
statements submitted under the speak- 
er's name. 

In one of many scathing character- 
izations of Mr. Gingrich's behavior, the 
Cole report said: 

“The violation does not represent 
only a single instance of reckless con- 
duct. Rather, over a number of years and 
in a number of situations, Mr. Gingrich 
showed a disregard and lack of respect 
for the standards of conduct that applied 
to his activities.’’ 

The report said Mr. Gingrich's con- 
duct in me cited transgressions “was 
intentional or it was reckless." It also 
said fee ethics investigative subcom- 
mittee believed that Mr. Gingrich had 
violated a December agreement not to 
have surrogates “sent out to comment" 
on fee committee's findings “and at- 
tempt to mischaracterize it." 

Shortly after Mr. Gingrich acknow- 
ledged his violations on Dec. 21 . he and 
other Republican leaders were heard on 
a phone call — apparently taped il- 
legally — plotting defense strategy. 

The subcommittee decided to take no 
action on that issue. (AP. Reuters } 


patently been overcome by carbon , Louisiana among states near the bot- 
tnononde fumes fle w over parts of tonL But it gives no state consistently 
three' states 'wife VTm&ame& : teenage higffgrades, (NYT) 
giri at the helm before crashing in New 

Ham pshire . Both were killed. (AP) • A baby 'girl believed to have been 

fee youngest U.S. heart transplant re- 
• Explosives exports in Atlanta re- ripient died in Miami, nine weeks and 
suxned their search for dues in fee four days after surgeons gave her a 
wreckage left by two bomb blasts feat new heart when she was barely 90 
wounded half a dozen people outside minutes old. Cheyenne Pyle was bom 


Gosby Son’s Killing Was Quick To p Court to Review 

j 9 Church-State Ruling 

Motive Unclear as Police Prepare a Sketch of Suspect A f f(X . ling ^ Schools 

The Associated Press most popular TV series of fee ’80s, 

LOS ANGELES — The gunman who “The Cosby Show." The Associated Press 

killed Bill Cosby’s son was at the crime The woman who found the body wife WASHINGTON — The Supreme 

scene only momentarily, the Los a gunshot wound to fee head described Court agreed Friday to consider revers- 
Angeles police chief said Friday as in- the attacker as a white man. ing its 1 2-year-old decision barring pub- 

v estimators prepared a composite sketch “The perpetrator was only there for a lie school teachers from offering re- 


The Associated Press 

LOS ANGELES — The gunman who 
killed Bill Cosby’s son was at the crime 
scene only momentarily, the Los 
Angeles police chief said Friday as in- 
vestigators prepared a composite sketch 
of the attacker. 

The police say Ennis William Cosby, 
27, may have been the victim of a road- 
side robbery attempt after be pulled his 
Mercedes-Benz convertible off a free- 
way to fix a flat tire, although nothing 


apparently was taken. 

His father is one of fee world’s richest 
entertainers, a man for whom father- 
hood was the wellspring of his stand-up 
comedy, a best-selling book and fee 


an abortion clinic. 


(Reuters) Nov. 10. 


PRESIDENTIAL PUNDITRY, By Bob KUhn 


ACROSS *» 

, MjSdopiBlof 

5 Pundit 39 Bank deposit 

10 Dead duck « Greatdme 

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“aSS?*" ■ *2 Sniffed stat 

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23 Movie Abort a 47 Spruce' 


87— r RaD 

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1 

Princeton sit 

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a 

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maneuver 

n 

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7t 

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playwright 

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~v~ 


boy's 

Presidential 

a spirati on s? 

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(mother of 
Taxrtus) 

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Minotaur 

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finisher 

fBl Cause of 
inflation? 

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biography by 
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region 


ssr 

w macareoa? 

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■"V connection 

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player, e.g. something big 

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bathtub gin? 87 ueccm 

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—-Dome 0* 1984 Pes 

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« rl k l 

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Hone 


]Gam£’4 

Est. 1911, Paris 
"Sank RooJDoe Noo ’ 


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.. Nobefist 
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author Eleanor 

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deferment 
category 

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wife at the 
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Hall-of-Famer . 

Waite 

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the victorious 

First Cat? - 
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“The Cosby Show." 

The woman who found fee body wife 
a gunshot wound to fee head described 
the attacker as a white man. 

“The perpetrator was only there for a 
few moments or a few seconds, but we 
don’t know what was in his mind," 
Chief Willie Williams told a television 
interviewer. He said the police hoped to 
release the composite sketch later Fri- 
day. 

The woman, Stephanie Crane, told 
the police that Mr. Cosby was on his 
way to see her when he telephoned to 
say he would be delayed because of a 
flat tire, fee Daily News in New York 
reported, citing unidentified police of- 
ficials. 

She drove to Mr. Cosby’s disabled 
car, spoke briefly to him and waited in 
her car to stay warm, the newspaper 
reported- She told the police she became 
nervous and drove away when a sus- 
picious man walked toward Mr. 
Cosby’s car. When she returned a few 
minutes later, she found Mr. Cosby's 
body. 


medial help at parochial schools. 

A new decision, expected by July, 
will probably provide new constitution- 
al guidelines for church-state relations. 
Arguments will be held in April. 

The court, which is now far less de- 
manding than it once was in requiring a 
strict separation of church and state, said 
that it would study appeals by New 
York City school officials and parents 
of parochial school students. 

The Clinton administration suppor- 
ted the appeals in a fti end -of-the -court 
brief feat said feat the 1985 Supreme 
Court ruling was wrong and had re- 
sulted in “hundreds of millions of dol- 
lars" of needless administrative costs. 

By a 5-4 vote in 1985, the nation's 
highest court had ordered New York to 
stop sending public school teachers into 
parochial schools to teach such subjects 
as remedial reading and math. 


Rubin’s Warnings 
On Budget Plan 

WASHINGTON — Treasury 
Secretary Robert Rubin told Con- 
gress on Friday that approval of a 
balanced-budget amendment to the 
Constitution would expose the U.S. 
economy to “unacceptable risks." 
But he admitted that it would be a 
difficult to stop the amendment. 

Mr. Rubin, in testimony before 
the Senate Judiciary Committee, 
said feat 26 years on Wall Street 
had convinced him of the impor- 
tance of fiscal responsibility. But 
he added that a constitutional 
amendment to achieve that aim was 
fee wrong approach to take and 
would have serious consequences. 

“A balanced-budget amendment 
could ram slowdowns into reces- 
sions and recessions into more 
severe recessions or even depres- 
sions." Mr. Rubin said. “It could 
prevent us from dealing expedi- 
tiously with emergencies such as 
natural disasters or military 
threats." 

He complained that any type of 
escape clause to allow for unbal- 
anced budgets during economic 
downturns ~ would be seriously 
flawed because of the time required 
for Congress to reach a consensus 
on the need to use iL 

In an interview Thursday in his 
office. Mr. Rubin acknowledged 
feat sentiment in favor of fee 
amendment, which was defeated by 
one vote in the Senate last year, 
appeared to be building on Capitol 
Hill. 

“This will be an uphill battle," 
said Mr. Rubin, who has been the 
administration's most outspoken 
opponent of the proposed consti- 
tutional limiL 

But he insisted that “those who 
count the votes say fee outcome is 
still uncertain and it is monument- 
ally important that the balanced- 
budget amendment not be put in 
place.” {AP. NYT ) 

Clinton Popularity 
At Highest Level 

WASHINGTON — President 
Clinton will begin his second term 
with the highest approval rating 
since he came to the White House 
in 1993, according to a CNN/USA 
Friday poll. 

The survey, conducted by the 
Gallup Organization for the news 
organizations, showed (hat 62 per- 
cent of those interviewed approved 
of Mr. Clinton’s job performance. 

The numbers were similar to 
those made public earlier this week 
by fee Pew Research Center — Mr. 
Clinton scored a 59 percent ap- 
proval raring, which was called fee 
highest ever recorded by this par- 
ticular survey. 

A pollster, Andrew Kohut. said 
Mr. Clinton was enjoying a hon- 
eymoon wife voters fairly typical 
for second-term presidents at in- 
auguration time. ( Reuters i 

Quote/Unquote 

Haley Barbour, who is stepping 
down as fee Republican National 
chairman: “We are failing today ro 
effectively communicate to many 
women and minorities why our pro- 
posals are fee right policies to solve 
fee problems feat concern them 
most and our failure to connect is 
what creates the opening for Demo- 
crats." (WP) 


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PAGE 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 18-19, 1997 



U.S. Official Sees No Letup in Pyongyang's Hostility 


BRIEFLY 45 


By Kevin Sullivan 

Washington Post Service 


SEOUL — North Korea, the most reclusive 
country on Earth, opened a home page on the 
World Wide Web this week to launch its 
purple propaganda into cyberspace. 

Computer users all over the world can now 
read the Stalinist regime's official pronounce- 
ments about the "fascist outrages" of South 
Korea's "puppet" leaders, about the "crimes" 
of the "U.S. imperialists." and about how 
North Korea's leader, Kim Jong D, recently 
received lovely flora] baskets from Iran, Libya 
and Cuba (at http-J/www Jccna.co.jp). 

While the North's constant stream of in- 
vective seems almost comically absurd. 
James Laney, the departing U.S. ambassador 
to South Korea, who has had to withstand and 
decipher it for more than three years, warns 


that it has serious consequences on the Korean 
Peninsula, one of the most politically unstable 
places in the world. 

* ‘I don't like it when I’m caricatured by the 
North as the governor general of an American 
colony,” said Mr. Laney, who is stepping 
down at the end of this month. “The North 
must realize that this is a cheap adolescent 
form of behavior that may be satisfying emo- 
tionally. but it is certainly detrimental to its 
desire to take its place among other nations. It 
has got to stop that nonsense.” 

There was speculation that North Korea's 
propaganda machine would slow down after 
last month’s apology for a submarine in- 
cursion into South Korea last September. In 
addition to expressing "deep regret,” North 
Korea also agreed to meet with American and 
South Korean officials later this month to 
discuss the possibility of bolding negotiations 


toward a formal end to the 1950-53 Korean 
War. 

But immediately after the apology , a broad- 
caster on North Korea's official state radio 
insisted that it was the South Koreans who bad 
“admitted their crime and apologized" for 
the submarine incident. That line is now being 
continued on the new homepage, which is run 
by a large North Korean residents association 
in Tokyo. 

In an interview. Mr. Laney said that despite 
North Korea'scontinuing propaganda efforts, 
its apology and willingness to consider peace 
talks are signs that Pyongyang understands 
that it needs help to solve its severe food 
shortages and chronic economic failure. 

1 'Those of us wbo live out here see this as a 
good sign; to say that we are encouraged is a 
tittle strong," Mr. Laney said. "I don't think it 
portends a change of heart on the part of the 


North Koreans or that we're breaking out of the 
storm into sunshine and clear sailing. But the 
North Koreans are coming to terms with real- 
ity. North Korea, has got a terrible problem. It 
cannot feed its people adequately, its industry 
is operating at a fraction of its capacity.” 

Mr. Laney said signs of North Korea's 
instability are increasing. He stud a black mar- 
ket has emerged there, which is remarkable 
because of the government’s tight control. Mr. 
Laney said reports from Pyongyang indicate 
that private citizens are now de ma ndi ng that 
visiting foreigners pay in U.S. dollars because 
their own currency is virtually worthless. 

He said North Korean military officers 
have been disciplined for black-market activ- 
ities in the past six months, mainly at posts 
near China, where cross-border trade is boom- 
ing. "They are breaking ranks in order to 
survive,’* be said. 


Taleban Empties Seized City 

Tajik Residents Are Ordered to Evacuate to Kabul 


The Associated Press 

CHARJXAR, Afghanistan — The Taleban 
militia ordered residents to leave this north- 
eastern provincial capital Friday, forcing 
thousands of frightened and cold residents to 
head out on foot for the Afghan capital. 

The ouster came a day after T aleban forced 
former government troops from this city 55 
kilometers (about 35 miles) north of KabuL 
after seizing control of a strategic air base at 
Baghram nearby. 

In Charikar. the capital of Parwan 
Province, Taleban soldiers said the evacu- 
ation was ordered because the militia be- 
lieved riiar most of the 1 00,000 residents were 
loyal to Ahmed Shah Masoud. die military 
chief of the former government who is fight- 
ing the Taleban advance into the north. 

Like Mr. Masoud many in Charikar are 
ethnic Tajiks, different from most Taleban 
soldiers, who belong to Afghanistan's ma- 
jority Pashtun ethnic group. 

“We told them to leave because we are 
afraid of them." said a Taleban soldier, who 
would identify himself only as Mohammed 

Huddled against the bitter winter cold 
people leaving Charikar traveled in large 

§ oups. Many carried young children. 

Id men strapped wooden beds on their 
backs. Women carried heavy loads on their 
heads, and household belongings were 


piled onto donkeys and horse-drawn carts. 
"Taleban told us to leave, but this is not the 
way to do things," said Mohammed Karim, 
who was hunched over from the weight of a 
wooden bed strapped to his back. 

“I'm going to Kabul, but I don’t know 
where I will stay," be said “I have no 
relatives. I don't know what I will do.” 

Taleban, which espouses a strict interpret- 
ation of Islam, now controls roughly two- 
thirds of the country, while the alliance ar- 
rayed against it controls a region to the 
north. 

The offensive was started Thursday after 
Taleban said that UN-sponsored peace talks 
in Pakistan had reached an impasse. 

The militia insists that any future gov- 
ernment must adhere to its version of Islamic 
law, which bans women from work and 
schools and forces men to pray at mosques 
and grow beards. It bans music, photography 
and most games. 

Taleban met only mild resistance from Mr. 
Masoud "s soldiers, wbo were defending both 
Baghram and Charikar. 

The only retaliation came late Thursday 
and Friday, when fighter jets belonging to the 
northern warlord Abdul Rashid Dos tarn bom- 
barded Charikar several times. Mr. Dustam is 
an ally of Mr. Masoud 's. There were no 
reports of casualties. 



RITES FOR UNION CHIEF — Workers bolding roses Friday at 

funeral of Datta Samant, slain by four gunmen. Hundreds of thousands took to the 

streets and a general strike was called. Officials linked his death to interunkm rivalry. 


East Timorese Dissident Hopes, 
To Form ‘Shadow Government 

i leader 



a visu to this Portuguese ^ 

Horta was quoted as saying thatajailed^Uca^Josc 
Xanana Gusmao, has already designated the names or 

some of those to be included in the shadow government 

Mr. Gusniao is servmg a 20-year jafl term in Indtm^a. 

Mr. Ramos-Horta and the Roman C^obc bishopof 
East Timor, Carlos Ximanes Belo, shared the 1996 Nobel 
Peace Prize for their efforts toward, a peaceful settlement 
of the dispute over Indonesia’s invasion and annexation 
of East Timor in } 975. . . 

The news agency said Mr. Ramos-Horta, who lives m 
exile in Australia, declined to disclose tbe names ot those 
who could be included in the shadow government. (AP) 

China Defends Electoral System 

BEIJING — Popular elections in China, limited to 
counties small towns, will not be expanded for no w, 
the be?d of the Chinese Parliament said in an interview 
published Friday. „ 

Qiao Shi, leader of the National People's Congress, sag 
China is too big and too poor, and its people too uneducated, 
to handle democracy beyond the local level. 

“ Along with economic and cultural development and 
the improvement of people’s living standards, democracy 
in China will be constantly developed and foe.electoral 
system will be’ improved,” Mr. Qiao said in. an interview 
that was printed in the People’s Daily and other state-run 
newspapers*. • . 

For i 0 years, tbe party has allowed direct elections for 

village committees and for legislatures in small towns. 
The elections represent little threat to the Co mm u n ist 
Party's hold on power. Almost all of those elected are 
party members, mid in many cases those who are not are 
quickly recruited. (AP) 

UN Committee Chides Burma 

GENEVA — The United Natioha Committee on the 
rof foe Child on Friday urged Banna to end what it 
foe systematic conscription of children and their 
qse as porters for foe army. 

A UN statement said Burmese officials taking part in a 
debate in Geneva had denied foe assertion and insisted that 
reports of conscription had bceafabricated by opponents of 
foe government 

“But committee members: insisted,” the statement 
said, “dial foe reports referred to foe present as well as ithe 
past, and disputed so many allegations coining, 
among other things, from sources such as foe United 
Nations agencies and reputable nongovernmental or- 
ganizations, could all be fabricated." (Reuters) 


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** 


INTERNATIONAL HERALD TRIBUNE, SATURDAY- 


-SUNDAE. JANUARY 18-19, 1994 


PAGE 5 



owe o 

A Bard of Anarchy Fii 



By Chris Hedges 

New York Times Senior 


i V , 


, BELGRADE — - Shortly after mid- r 
night one recent night, with more than 
300,000 people jammed into: Republic 
Square and surrounding streets here, a 
44-year-old rock musician, his left ear- 
lobe adorned with a double-headed Ser- 
bian eagle earring, launched into one of 
the most popular songs of die two- 
month-old protest movement 

“On to chaos and disintegration / ’ 
sang the musician. Bora Djordjevic. his 
voice pumped out for blocks by a . 
powerful sound system set up on a small, 
stage to celebrate the Serbian Orthodox - 
New Year. “We are led by Grandma 
Jula. who uses us all. We dance in a 
vampire ball, run by ■ our decrepit 
Grandma Jula.'* 

At each mention of the name 


Grandma Jala, the crowd, most of whom 
sang along, jeered; set off firecrackers, 
blew whistles, rang bells and clanged 
pots and pans. 

Jt was a reminder that the wife of 
President Slobodan Milosevic, Mirjana 
Markovie, is one of die most hated fig- 
ures in the country. 

She hgmta die Yugoslav United Left 
party, or JUL. from which the song gets 
its name, “Grandma- Jula.” 

“It is the anthem of the protest move- 
ment,” said Momcilo Bajagib, a rock 
musician. “Everyone knows the words 
by heart.” ... 

Mr. Djordjevic has emerged as the 
Bob Dylan of the protest movement that 
has swept Serbia since the government's 

annulm ent of election victories by the 
opposition in 14 of the country’s 18 
largest cities. . 

His cassette “Their Days," which 



features silhouettes of Mr. Milosevic 
and Miss Maikovic on the cover, is 
banned, available only from street 
vendors whorun die risk of being beaten 
or having their stock confiscated. 

“We don’t need children s stones 
about fairy-tale witches," die musician 
told the roaring crowd- “We all have 
Grandma Jula.!’ 

Mr. Djordjevic has made a career out 
of controversy. His band. Fish Soup, mo 
afoul of the Communist authorities al- 
most as soon as it was formed 18 years 
ago. His lyrics, sexually explicit and 
filled with vulgarity, often ridiculed the 
Communist elite. , , 

A decade ago. Mr. Djordjevic s al- 
bums sold half a million copies, rivaled 
only by the band White Button, which 
disintegrated in 1991 along with 
Yugoslavia, its members coming from 
different ethnic groups who were cut off 
by the war. 

In Serbia, religion has become me 
principal symbol of national identity. 
Mr. Djordjevic gave up his petulant 
anarchy, and, with the gusto of the 
newly converted, embraced Serbian na- 
tionalism. His attacks against Mr. Mi- 
losevic are rooted, he said, in the pres- 
ident's “betrayal of the Serbs in Croatia 
and Bosnia .' 1 

Mr. Djordjevic. a heavy drinker and 
smoker with long strands of gray hair, 
hangs out in a small working-class bar a 
block from his home in Belgrade. But 
despite his support for the Serbian 
cause, there remain a few glimmers of 
the old anarchis t. 

“I have founded my own political 
party in Serbia," he said, pouring a can 
of beer into a glass. ‘‘The Party of 
Ordinary Drunkards. We believe all 
people should be allowed to drink in 
peace and all taxes on alcohol and to- 
bacco abolished.'’ 

A swaying elderly man, Solomon 
Gatenjo, clearly affected by a bout of 
early morning drinking, steadied him- 
self as he tried to sit on a chair next to the 

musician. Mr. Djordjevic, wearing an 
olive wood Serin an Orthodox cross 



— — T,7n Mdunawu 'rh- r "*— 

Mr. Djordjevic acknowledging the crowd in Belgrade's Republic Square. 

,. • • c.,. 


“He's one of mv most promment ent radio station B-9-. , . 

“^heLid.-efeo,^ 

he s a Jew. _ . ^ k He be 1 ones to 


The musician refuses to support the 
opposition coalition leading the daily 
street protests, and most of his appear- 
ances are before students, who run a 
parallel protest movement. 

"The opposition leaders have invited 
enemies of the Serbian people to speak 
at the rallies," he said, “but the students 
are pure and uncomrpted.' ’ 

To some, Mr. Djordjevic has become 
a relic of another era. clinging to Serbian 
nationalism because he has run out of 
new ideas and ways to shock his listen- 
ers. 

“When Yugoslavia fell mart, the 
popularity of rock bands like Fish Soup 
began to decline, and the steeper the 
decline the more Djordevic became a 


} , > . 4- >tr, - Kvm 


CanpMbi Ow SuffF'rm Duftachrs 

BELGRADE — The former deputy 
vice president of the Bosnian Serbs, 
NikolaKoljevic, was in a.coma Friday, 
after shooting himself in die head in a 
suicide attempt, the authorities said. 

The speaker of the Bosnian Serb 
Parliament, Dragon Kalinic, said Mr. 
Koljevic was -rushed to a hospital after 
he shot himself. 

Sources said Mr. Koljevic, 60. a 
Shakespearean scholar and a former 
professor at Sarajevo University, shot 


himself Thursday in his office in Pale, 
the Serbian republic’s capital. 

The Tanjug press agency said Mr. 
Koljevic had been transferred from 
Pale to a hospital in Belgrade, where 
“doctors are fighting for his life. 

Mr Koljevic played a promment role 
in the Serbian leadership during the war 
in Bosnia-Herzegovina, but was side- 
lined after the signing of the Dayton 
peace agreement in November 1995. 

He belonged to Bosnia's ill-fated 
collective presidency when war erup- 


here, but his time tepasL He belongs to 
another generation.’ 

But no other musician has yet dared 
to confront Mr. Milosevic wiih the same 
venom. 

“Being a Serb is everything to me 
now." Mr. Djordjevic said. “I have 
become deeply religious. I'd be lost 
without religion. I have to believe there 
is something else, something better. 

The singer called to six Gypsy mu- 
sicians, clutching tarnished and dented 
brass instruments, who were huddled 
near a steam radiator, and asked them to 
play an old folk melody. _ _ 

“If you can hear the pain in the 
music," he said, leaning over the table, 
"you can understand us." 


ted in May 1992, and was a member of 
the ultranationalist Serb Democratic 
Party led by Radovan Karadzic, now 
indicted as a war criminal. _ . 

In his fluent English, Mr. Koljevic 
defended the Serbian siege of Sarajevo 
in interviews with foreign reporters 
and in talks with diplomats. 

At the end of the war Mr. koljevic 
chose to cooperate with President 
Slobodan Milosevic of Serbia, who 
forced Serbs in Bosnia to accept the 
peace agreement. iAP , Reuters) 


Sudan Denies 
Rebels Gain, 
But They Insist 
Town Is Theirs 


Reiners 

CAIRO — Sudan denied Friday thai 
rebels had captured the town of Maban 
in the southern front of the Blue Nile 
region, an area where a relief group 
based in Switzerland said that Sudanese 
troops were bombing and burning to 
drive out the rebels. . 

Sudanese rebels in Asmara and Cairo 
said that their joint force had captured 
the town, which they called a strategic 
bypass for the White Nile sraie. Upper 
Nile and the Blue Nile region. 

The Sudanese information minister 
and government spokesman. Brigadier 
at-Tayeb Ibrahim Mohammed Khair. 
denied the rebel report, saying that the 
situation in the Blue Nile area was quiet 
with no movement on the enemy side. 

A newspaper owned by die Sudanese 
government. A1 Engaz al Watan. quoted 
Brigadier Khair as having said that Su- 
danese forces killed 63 Eritrean soldiers 
and seized a large amount of arms in the 
state of Kassala. He did not say when. 

Sudan says neighboring Enirea and 
Ethiopia are orchestrating the fighting 
but both countries, which are hosts to 
Sudanese rebels, reject the allegations. 

Northern and southern rebels work- 
ing together in their first combined of- 
fensive to overthrow the government 
say they are responsible tor the attacks 
against army units in the east- The drive 
began this week. 

The rebels say their objective is not to 
capture Khartoum but to strangle it and 
provoke an uprising against President 
Omar Hassan Ahmad Bashir's military 

government- 

” Yasser Arman, a spokesman for John 
Garang. head of the Sudan People s 
Liberation Army and chairman of a joint 
military command, said in Asmara that 
980 members of the government militia 
had surrendered after the fall of Maban 
to the rebels, who were now marching 
toward Damazin. 

Damazin is about 480 kilometers 
(300 miles) southeast of Khartoum and 
supplies the capital with up to 80 per- 
cent of its power. 

The rebels say they have already 
seized two towns on the border with 
Ethiopia — Kurmuk and Qeissan. 

The Christian Solidarity International, 
a relief group based in Zurich, said Fri- 
day that Sudan had begun a "scorched 
earth" policy that had left some 50.000 
people on the verge of starvation . 

The organization said a two-member 
team it sent on a covert visit last week 
south of the Blue Nile region reported 
that government forces were “bombing 
and torching" villages across the area. 



NAKED SLEEPER 
By Sign’d Nunez. 235 pages. 

$23. HarperCollins. 

Reviewed by Carolyn See 

N ONA is 40 years old, and 

she can’t sleep. She’s 
been married for a while to a 
nice roan named Roy who 
cooks for her and loves her 
dearly and puts op with her 
bad moods; she should be 
happy, but she's a bit of a 
basket case. Site ’s come to the 
point in her life where she’s 
got to grow up — or take an 
alternate route, become one 
of those perennially adoles- 
cent. whining, self-absorbed, 
narcissistic women who make, 
the people around them grind 
their teeth with exasperation. 

Bui “growing up” 7 - 
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heaven’s sake? Growing up 
means getting rid of child- 
hood grudges and not blaming 
your parents anymore, caring 
more about your own kids 

Than yourself, and —if you re 

a woman — learning to relate 

to men as if we were all human 

beings in the world together, 
instead of tiresome characters 

in a bad daytime soap opera. 

Nona, before we get to 
know her very much as a 

heroine, decides to take an al- 
ternate route. A wealthy 
friend who runs an informal 
retreat center asks her to visit 
for a month, along with sev- 
eral otter friends and ac- 
quaintances. Nona says yes, 
leaving her khutfly husband 
back home in Manhattan. First 
thing you know she’s flirting 
hke mad with a no-goodmk 
named Lyle., (as in "Vile 
Lyle"), orwl this- ill-matched, 
ciiple are soon lolling about 
hugging and kissing in front 
of fireplaces and ont on misty 
docks, even though Lyle is the 
kind of jerk who makes fun of 
woman's thighs, and corrects 
other people's grammar, and 
is so purse-mouthed that no 
one ever sees his teeth. 



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But Nona is so bewildered 
and bemused she can’t think 
very clearly. She’s still smol- 
dering with resentment at her 
mother, Rosalind, who left her 

father when she, Nona, was a 
chad. That father — we find 
out quite laie in the narrative 
— loved men back in the ’50s, 

and Rosalind couldn’t forgive 
the behavior, or him. Worse, 
fliat father, a good-but-not- 
great artist, was tactlessly re- 
lieved when his wife and 
daughter got out of his life. 

She sees herself as the 
abandoned, mistreated child; 
she never wants to have chil- 
dren herself. She says she has 
no talent for it. but of course, if 

she had kids she’d have to give 
up her own Wounded Child 
act at least part of the time. 

So instead of paying atten- 
tion to her good life and her 
good husband, ste soon flies 
off to spend a ‘‘romantic 
weekend” with Vile Lyle, 
where be ccmplains about her 
smell, refuses to laugh at her 
jokes, makes mean remarks 
about fat women in general, 

and performs tike a lox in bed. 
Of course, now that she's with 

him, he can’t stand her. It’s a 


recognizable male-fcmale dy- 
namic, but it certainly doesn’t 
fell under the heading of ma- 
ture behavior. 

After this unfortunate 
weekend, Nona and Roy sep- 
arate. There Nona is. at the 
crossroads. Will she grow up 
or not? “Naked Sleeper" is a 
very laid-back novel where 
little seems to happen for 
pages at a time, so it isn’t ter- 
ribly clear what Nona is up to. 
She’s been working on a book 
about her father. Maybe. if she 
understands his life, she’ll get 

a due about understanding her 
own. She meets one of his old 
lovers, who becomes her real 
friend. 

Several other things hap- 
pen in this grave, somber 
book. Implicit in the narrative 
is the question: What does it 
mean to be a worthy woman? 
Some female readers may not 
agree with Sigrid Nunez s 
conclusions: others may be 
grateful for what turns out to 
be a handbook on how to be 
good. 


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Post. 


Libya to U.S. BalU)on: No Overflight 


Reuters 

CHICAGO — The Amer- 
ican balloonist Steve Fossett. 
was denied permission to fly 
over Libya on Friday, forcing 
him into a detour that coaid 
prevent him from becoming 
the first person to circle the 
dobe'nonstap in a balloon. 

But Mr. Fossett. 52. re- 
fused to give up, telling ms 
control center in Chicago that 
he wanted, to. 4 ‘go for it. . 

His project manager, bo 
-K ero oer, said India looked to 

be the most logical end point 
of tbe journey. He said the 


detour could stall Mr. Fossett’s 
progress and bring the balloon 
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around the .world. 

Libya’s refusal ended days 
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The new route, over Niger 

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favorable wind current that 
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lantic in three days. 

“It doesn’t look good," 
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The record for time spent in 
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Mr. Fossett learned of 
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breaking his own record for 
balloon distance travel when 
he passed 5,435 miles (8,747 
kilometers), over Algeria. He 
set the earlier mark on a voy- 
age from South Korea to 
Canaria. 



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EDITORIALS/OPINION 


Heralfc 


INTERNATIONAL 



eribunc 


PUBLISHED WITH THE 1ST* YORK TIMES AM) THE WASHINGTON POST 


Banking on Switzerland 


CJ 

A month ago, the Swiss Parliament 
passed a law relaxing some of the coun- 
try’s vaunted bank secrecy rules and 
prohibiting the shredding of any ma- 
terial that might bear on the explosive 
issue of bow Swiss banks handled Jew- 
ish assets in World War H. Just a few 
weeks later, however, a bank-hired his- 
torian in Zurich was discovered by a 
guard to be shredding without invent- 
orying documents that had Lain un- 
touched in a vault since 1945. A vig- 
orous round of denials and, Thursday, 
the suspension of the archivist followed. 
But there is no denying that the Swiss 
and international publics' confidence in 
the integrity of the banks' pursuit of the 
facts has been struck a rude blow. 

This was not. unfortunately, the only 
troubling incident. A recent president 
of Switzerland, now the economics 
minisrer. last month publicly labeled as 
“ransom and blackmail" quite com- 
prehensible demands from Jewish 
groups that Swiss b anks compensate 
now-aged Holocaust victims promptly 
for vanished wartime deposits. The re- 
sulting uproar produced an apology. 
But again the impression was left that 
in at least some official as well as 
banking circles there is a lingering re- 
luctance to confront this budding crisis 
of confidence in Swiss institutions. 

The economics minister put his own 


sinister cast on these developments, 
saying he had detected a ' formidable 
political will” to “destabilize" 
Switzerland and to '‘demolish" its fi- 
nancial place. Of such a wild and am- 
bitious plot riiere is no evidence. What 
there is evidence of is a disconcerting ; 
Swiss hesitation to go after the facts. ; 
How is it ft at a professional historian ' 
or archivist, of all people, should not . 
know of and respect the no-shredding ; 
obligation? Why is it that the person 
now being investigated for violating ; 

bank secrecy * aws *s nonc ot ^ er dian • 

the young security guard who hap- 
pened across old documents awaiting 
shredding and turned them over to a 
local Jewish organization? 

This affair is about whether banks let 
deposits of Jews who were later killed 
in the Holocaust remain in their vaults 
without attempting to compensate sur- 
viving relatives. A further question is 
whether neutral Switzerland laundered 
assets looted from Jews and others in ' 
the war. These are somber issues. Even ; 
to raise them is painful for many Swiss. ■ 
But for a country whose signature in- - 
d us cry, banking, is built on trust, these - 
issues touch the national core. 

In opening them to inquiry by for- 
eigners as well as by its own citizens, 
Switzerland is defining itself. 

— THE WASHINGTON POST. 


Just the Facts, Please 


As the Senate considers the nom- 
ination of Anthony Lake to be director 
of central intelligence, it must separate 
the serious questions about Mr. Lake's 
fitness from the frivolous and mali- 
cious. Mr. Lake has served the United 
Slates with distinction in a variety of 
high-level jobs over three decades, in- 
cluding four years as President Bill 
Clinton's national security adviser. His 
suitability to manage America's intel- 
ligence services should be judged on 
his record and the plans he presents at 
Senate hearings next month, not on 
outlandish charges made by ideological 
foes of the Clinton administration. 

The John Birch Society and other 
opponents are busily assembling a 
Lake dossier — widely circulated on 
the Internet — that depicts him as a 
dangerous radical. Among other 
tilings, it breathlessly reports that in 
1 970 Mr. Lake resigned from the White 
House staff to protest the invasion of 
Cambodia, and recently said the ev- 
idence that Alger Hiss had spied for 
the Soviet Union was inconclusive. 

The implication that Mr. Lake is soft 
on communism and cannot be trusted 
to defend American security interests 
is a Fantasy. His exit from the White 
House was an act of principle about a 
war chat bitterly divided Americans, 
and his offhand comment on the Hiss 
case during a television interview is no 
guide to his qualifications. 

The pivotal issue before the Senate 
is whether Mr. Lake has a plan to 
reform America’s intelligence agen- 
cies and the leadership qualities to get 
the job done. John Deutch made a 
gallant effort in his two-year tenure but 
faced, intense resistance, particularly 
from the clandestine service of the 
CIA. He left Washington with the work 
unfinished. 

Five years after the disintegration of 
the Soviet Union, the CIA and other 
intelligence agencies are searching for 
new missions while spending $30 bil- 
lion a year, nearly as much as they 
consumed at the height of the Cold 
War. President Clinton set new intel- 
ligence goals 18 months ago with Mr. 
Lake's assistance. Mr. Lake must now 
outline a workable plan for stream- 
lining these agencies and redirecting 
their work into vital areas like com- 
bating terrorism, preventing the spread 
of nuclear technologies and monitoring 
developments in dangerous nations 
like Iraq, Iran and North Korea. 


He must also show that he has the 
fire and fortitude to enforce rigorous 
professional standards at the CIA, 
where Cold War exigencies often 
served as convenient excuses for il- 
legal and immoral conduct. 

Mr. Lake supported Mr. Deutch ’s 
efforts to make the CIA more account- 
able and to set guidelines for the re- 
cruitment of foreign agents. Mr. Lake 
ought to commit himself publicly to 
expanding on those initiatives, and set 
his own. 

Mr. Lake owes Congress an ironclad 
commitment to keep that body folly 
informed about intelligence activities 
and failures. Candor with Congress is 
not optional. In earlier years the CIA 
repeatedly defied this obligation. Mr. 
Lure's own conduct in one recent in- 
stance is troubling. When Mr. Clinton 
secretly decided in 1994 to let the 
Iranians help arm the Bosnian Army, 
Mr. Lake failed to press colleagues to 
inform Congress. He has since told a 
number of senators that the omission 
was a mistake. It was. 

Senators would better spend their 
time e xamining this matter and Mr. 
Lake's general attitude about secrecy 
than quizzing him about concocted is- 
sues. A public declaration by Mr. Lake 
of his misjudgment in the Iran case 
would be welcome. The Senate also 
deserves an explanation from him on 
why he failed to sell stocks in several 
energy companies when first instructed 
to do so by the White House in 1993. 

As a former policymaker with ex- 
tensive knowledge of international af- 
fairs, Mr. Lake would help CIA ana- 
lysts better understand the needs of 
intelligence consumers in the exec- 
utive branch, provided be resists the 
temptation to make agency . assess- 
ments square with administration 
policies. On this issue, too, he can clear . 
the air with a forthright statement of 
his independence. 

The Senate Intelligence Committee 
and its Qew chairman. Richard Shelby 
of Alabama, have a duty to question 
Mr. Lake closely and to demand public 
commitments from him on the crucial 
issues facing the CIA, 

There are legitimate questions about 
Mr. Lake's intentions, his manage- 
ment skills and his determination to 
make reform stick. But be, the Senate 
and the nation will be ill served if the 
bearings turn into a political circus. 

—THE NEW YORK TIMES. 


Other Comment 


News From Korea 

In Korea, sometimes even the good 
news can be scary. The latest example 
came three weeks ago, when a re- 
luctant North Korea defused a sim- 
mering crisis and put international 
negotiations back on track by apo- 
logizing for an incident last fall, when a 
heavily armed North Korean submar- 
ine ran aground in the South. 

That apology was one of the most 
important foreign policy victories of die 
Clinton adminis tration. Hattf-lmen; in 
North Korea, worried about growing 
ties between North Korea and the 


United States, apparently sent the sub- 
marine south in an effort to derail pro- 
gress toward peace. Firm but patient 
U.S. diplomacy ultimately got the Neath 
Koreans to issue their apology and, 
better still, to agree to attend a meeting 
to leant more about what Washington 
hopes can be a framework for peace 
talks between North and South Korea. 

But North Korea didn't apologize 
because it was sorry; it apologized be- 
cause it is starving — and starvation 
there could destabilize the Korean Pen- 
insula and East Asia as a whole. 

— Walter Russell Mead, 
commenting in the Los Angeles Times. 



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Sole Superpower Status Goes to America’s Head 


P ARIS — A book just published in 
Fiance records the conversations 
and confidences of former President 
Francois Mitterrand during the last 
months of his life, when he was dying 
of cancer. 

One of his comments, in the fall of 
1994. concerned the United States. He 
said: “ France does not realize it, but we 
are at war with America. Yes, per- 
manent war, vital — an economic war. 
... They are hard, those Americans. 
They are voracious. They want un- 
divided power over the world." 

The comment is worth repeating as 
evidence of a factor in America's re- 
lationship to other countries that Amer- 
icans ordinarily do not acknowledge. 
Many who are political and security 
allies of Washington at the same time 
look upon the United States as a threat 
to vital national interests or to their 
national autonomy. 

It is not just the French who do so. In 
Germany a considerable number of 
people see German civilization and 
identity undermined by American in- 
fluences. Some accuse the United 
States of propagating an image of Ger- 
many as permanently untrustworthy, 
thereby perpetuating German subor- 
dination to die United States. 

Asians, particularly in Singapore, 
China and Japan, have been more vocal 
than the Europeans in accusing the 
United States of attempting tp impose 
its ideas, values and interests on them, 
in defiance of “Asian values,-" 


By William Pf&ff 


They and others criticize the United 
States for attempting to enforce Amer- 
ican law abroad in order to make others 

conform to American conceptions of 
commercial and trade practice, or even 
to make them subordinate their in- 
terests to U2>. foreign policies, as in the 
Cuba and bran cases. 

There is, of course, nothing surpris- 
ing in the tendency of the United States 
to aggrandize its power and take ad- 
vantage of it in commerce as well as in 
political relations, ft does so compla- 
cently, since Americans have always 
identified the national interest with uni- 
versal human interests. Confidence in 
national virtue is what makes the 
wheels go round in most democracies. 
However, some recent formulations of 
American policy and purpose go be- 
yond this. 

Early in last year’s presidential race, 
when Bob Dole still seemed to have a 
chance for the presidency, two repu- 
table political commentators. W illiam 
Kristoi and Robert Kagan, published 
their ideas about foreign policy in a 
Dole adminis tration. 

Writing in the most important Amer- 
ican policy journal. Foreign Affairs, 
they said that “the appropriate goal’* 
of American foreign policy is to pre- 
serve its existing world hegemony “as 
far into the future as possible.” To 
achieve that goal, they wrote, the 


United Stans needs a foreign policy 
“of military supremacy and moral 
confidence.” 

With respect to military power, they 
wrote, “the more Washington is able to 
make clear that it is futile to compete 
with American power," the less 
chance there is that others “woD ea- 


In short, the isolated position of^ 
United States as the sole super 

pOTter” ^ tending to go fothe nati?naj 

ESd. Congress has acquired a 
legislating for the worid, 
^Srefoanch expected to see i flat 
those laws are carried out while the 
aKUfcmy explains that global faege- 


textain ideas of upsetting the present moay is manifest destiny, 
world order.” Cooler spirits m WashmgtMjv^ 

A current policy book that has re- 
ceived considerable attention is Joshua 
Muravchik’s “The Imperative of 
American Leadership,” sponsored by 
the American Enterprise Tngfipita in 
Washington. 

The author claims that because of 
America’s unparalleled benevolence 
as well as its power, others will be 
grateful for American hegemony. They 
will “know that they have little to fear 
or distrust from a righteous state.” 

Anticipating President Mitterrand's 


realize that power naturally generates 
counterbalancing power, and that 
however powerful the United Stores 
may be, any dumber of national com- 
binations could become just as power- 
ful, or even more powerful, n suf- 
ficiently motivated. 

One might suggest a rereading or the 
American “realists”: Hans Mor- 
ymhan on the inevitable limits to any 
nation’s power, or George Kenoan, 
when be argues that the permanent in- 
fluence of a nation comes from its qual- 


exceptionalism, Mr. Muravchik adds ity.hs ability “to compel tte re spect a nd 
that “aside from perhaps the French, confidence of a wodd which, despite all 
the only people averse to American its ywwtiiial difficulties, is still more 
leadership are the Americans.” ready to recognize and respect spiritual 


aderstup j 
Daniel E 

Pennsylvania has been malrmg a series 
of presentations in official and unof- 
ficial circles arguing that the Western 
world as a whole is now in the same 
position die Unified States was in dur- 
ing the 1787-88 constitutional debate 
over centralized federal power. The 
time has arrived, he says, for binding 
all the democracies into an American- 
led world federation. 


distinction than material opulence. 

Bur if such sentiments seem too el- 
evated, one could also recomm end M a- 
chiavellL He has an entire chapter in 
“The Prince" on why a leader “Must 
Avoid Being Despised and Hated" — 
and about tte unpleasant things that 
happffl to a leader who fails to take 
the advice. 

International Hendd Tribune. 

© Los Angeles Times Syndicate. 


Let’s Be Serious: There’s No Good Reason to Enlarge NATO 


M OSCOW — I believe that 
expanding NATO — as 
is currently being proposed 
— would violate Russia's 
vital security and geopolitical 
interests. 

It would threaten the way die 
Cold War was concluded with 
the voluntary assent of Russia. 

But regrettably, Russia’s po- 
sition on the enlargement of 
NATO eastward is not being 
taken into account To make 
matters worse, attempts are be- 
ing made to sweeten the pill that 
she is being forced to swallow. 

Some say Russia has no right 
to veto the decisions of others — 
that is, often in the West But 
such a proposition implies that 
Russia is being regarded as the 
“other” in what ought to be 
mutual security issues in a com- 
mon European bouse. 

As for the question of a 
“threat," it is self-evident that 
this is a weak basis for j 
the enlargement of the Nc 
Atlantic Treaty Organization. • 
When the threat really did 
exist — when Europe and the 
world were divided into two 
blocs, with the Soviet Union 
and the United States as op- 
posing superpowers — no one 
thought Austria, Sweden or 
Finland had to enter NATO 
for protection. 

Do people really believe that 
today, with Russia a partner of 
the West’s, the threat is even 
greater than before? 

Come on now, let’s be 
serious! 

It’s true that a number of na- 
tions from Central and Eastern 
Europe are knocking loudly at 
the doors of the Western al- 
liance. And that’s easy to un- 


By Mikhail Gorbachev 


ders tand, given their war-tom 
history. 

In human terms, it makes per- 
fect sense for them to think 
about their own security, ft may 
even be too much to expect wefl- 
cousidered opinions and dispas- 
sionate decisions from these 
places, given the decades of 
domination they had to endure. 

But that is all the more reason 
why their emotions should be 
given a backseat to the need for 
sustaining overall military se- 
curity and a balance of power. 

In short, their hypersensitive 
feelings cannot dictate law for 
all the rest of us. At least no 
more so than Russia’s own hy- 
persensitive feelings, which 
she, too. is entitled to have. 

Some say that the prospect of 
adding new member states to 
NATO does not threaten Russia 
and does not concern her vital 
security interests. 

But, please, doesn’t Russia, 
like every other sovereign state, 
have the right — and the duty — 
to measure her own security 
risks as affected by the actions 
of others? 

Is Russia blind to the political 
and economic turmoil that has 
erupted in certain republics of 
die former Soviet Union — es- 
pecially the discontent that 
erupted so violently in the hor- 
rible Chechen war? 

And I have another question 
for those who have concocted 
the panacea of expanding 
NATO: Have you given foil 
thought to the exceedingly del- 
icate transitional phase Russia 
is going through in terms of her 
own political geography? 


Do you realize, in the West, 
how the idea of extending this 
military anfanop. affects vast 
segments of Russian public 
opinion? 

Many here believe that Rus- 
sia, thanks to efforts of the 
West, is already being deindus- 
trialized, rfwnilifimTuyl and de- 
prived of defensible borders 
and that , all along, the West has 
had a grand design to obliterate 

The West’s actions 
can compromise 
. the fitture of 
Russian democracy. 

Russia forever as a major Euro- 
pean power. 

Does tbe West grasp that its 
actions can co mp ro m ise tbe fu- 
ture of democracy in Russia? 
And that a country so humil- 
iated and thrown cm the defens- 
ive could find itself driven to 
countermeasures that could re- 
verse the course of European 
d&ente? 

There is the risk that all the 
breakthroughs in East-West re- 
lations to date — the end of the 
Cold War, the repudiation of 
opposing military blocs and the 
agreed-upon reductions in mon- 
strous war-making capabilities 
— could be irresponsibly 
frittered away. 

A protective action could be 
provoked in Russian defense, 
arms control and foreign 
policies. Who then would be 
able to say that they are more 
secure today than yesterday? 


Tbe strengt h earing of NATO 
eastward is being justified on 
the grounds of security needs 
— these, in tnm, are based on 
the presumed existence of some 
threat. But then the question 
becomes: Who is threatening 
whom? 

Who, foe example, is cur- 
rently threatening Poland, Hun- 
gary and the Czech Republic — 
the countries now leaning to- 
ward NATO and likely to be the 
first welcomed into tbe group? 

NotRussia. 

Quite obviously these pro- 
posals to expand the alliance are 
not founded on any looming or 
discernible menace from Mos- 
cow toward Poland, Hungary, 
die Czech Republic or Slov- 
akia. 

And if anyone perceives such 
alleged ill will or peril, why 
aren’t they ringing the alarm 
bell? Why aren’t they calling 
for urgent sessions of the 
OSCE, the European Council 
and the UN Seconiy Council? 

We must assume, in feet, that 
collective security is not die 
motive far broadening NATO’s 
ranks and that behind the fix- 
ation — behind all the specious 
political arguments, coming 
particularly from the adminis- 
tration in Washington — other, 
not fully acknowledged consid- 
erations are at play. 

And is it so extravagant to 
assume that some quartern have 
decided — behind a veil of fine 
statements and reassuring ex- 
planations — to exploit Rus- 
sia's weakness, at a tune of our 
own domestic economic and 
political problems? 

As far as Russia's most cur- 
rent leaders are concerned, it 


should be said that they bear no 
small responsibility for confus- 
ing the situation — with their 
wavering, them lack of a foreign 
policy and their little short-term 
schemes. Indeed, the West’s 
more moderate circles have 
been at a loss, utterly unable to 
sustain a reasonable position 
given tbe lack of credible in- 
terlocutors in Moscow. 

It is obvious that under these A 
circumstances the West’s most* 
hawkish, conservative and ag- 
gressive (and also most ignor- 
ant) circles have gained the up- 
per hand — those circles 
following in the philosophical 
tracks of the various Kissingers. 

In these haunts, Russia rep- 
resents — and always will rep- 
resent — no less a danger than 
the Soviet Uniaa did dating tbe 
Cold War. Thus, they feeL Rus- 
sia must be contained and kept 
in a state of weakness. • 

Might the United States' 
claim to a monopolistic “lead- 
ership" erf fife- whole world be 
in play here? 

It would be useful to put a 
halt to all tins nonsensical pa- 
laver about NATO, however 
gussied up with declarations of 
“good intentions." 

This is not the kind of politics 
we need on the threshold of the 
21stcenhny. 


Mikhail Gorbachev, the last 
leader of the Soviet Union and a 
Nobel Peace Prize winner, now 
heads the Gorbachev Founda- 
tion, a political think tank in 
Moscow, and writes a monthly 
column for La Stampa, a news- 
paper in Turin. This column was 
distributed by- The New York 
Times Syndicate. 


1' 


Netanyahu Is Not a Born-Again Dove But a Canny Politician 


W ASHINGTON — Israeli 
doves greeted the Hebron 
agreement signed by Prime 
Minister Benjamin Netanyahu 
with floral bouquets and kind 
words for the Likud leader. 
Hawks in his own party just as 
quickly damned Mr. Netanyahu 
for selling out These initial re- 
actions axe overblown. They 
miss the point of what Mr. Net- 
anyahu has done, and what he 
has refused to yield. 

Mr. Netanyahu deserves 
credit for moving the Israeli- 
Palestinian search for peaceful 
coexistence into a new stage by 
finally accepting the deal on 
Hebron struck by his Labor 
predecessors. He agreed to pull 
Israeli troops out of 80 percent 
of Hebron and turn security of . 
the city’s Arab neighborhoods*, 
over to Palestinian police. ■. 

He has traded West Bank*, 
land for the promise of peace , 
with the Palestinians in Hebron. . 
Likud has always rejected the 
land-for-peace trade in what it 
considers the Land of Israel. 

Surmounting this psycholo- 
gical barrier — at the risk of 
splitting his governing coalition 
and his party — is a states- 
manlike act by Mr. Netanyahu. 

But he did not go to bed a 
hawk on Tuesday and awake as 
a dove on Wednesday when the 
agreement was signed. He 
agreed with Yasser Arafat that 
there would be further with- 
drawals from the West Bank by 
mid- 1 998. But Mr. Netanyahu 
retained control of the extent 
and timing of those withdraw- 
als. He also retained his option 
of emptying a Palestinian state, 
if it comes into being, of full ^ 
sovereignty and meaning. 

This is the new phase: Mr. 
Netanyahu and Mr. Arafat now 
begin a struggle over the future 
and nature o fa Palestinian state. 
This struggle will dwarf the 
battles of the last six months. * 


By Jim Hoagiaztd 


Mr. Arafat scores amoral vic- 
tory by enmeshing Mr. Netan- 
yahu raid I -iiniri in a negotiation 
in which Palestinian statehood is 
not automatically ruled ouL The 
Palestinians have been buoyed 
by recent public statements from 
former Secretary of State Henry 
Kissinger, the New York Times 
col umnis t W illiam Safire and 
other strong American support- 
ers of Israel that a Palestinian 
state is now inevitable. 

The history and outcome of 
the Hebron negotiations suggest 
that Mr. Netanyahu may have 


Central Issue: 
Beal Peace 


IRONICALLY, in order to 
defend Hebron, we have to 
leave Hebron. Only by turning 
tbe majority of the city over to 
the Palestinians and ensuring 
that the 140,000 Palestinians 
there gain control over their 
own lives can weforge a con- 
sensus around Tn.iintflinrng and 
strengthening Hebron's Jewish 
community. 

In a seemingly polarized so- 
ciety. the consensus within Israel 
often appears elusive. But the 
troth is that a center does exist — 
as long as we are p rep a r ed to 
open our eyes to the possibility. 
The Israeli center does want the 
peace process to continue, but 
not on antopOoL ft demands that 
both tides fulfill thezr agree- 
ments in the hope that such re- 
dprociiy will prove the basis of 
cooperation and trust that will 
eventually bring real peace. 

— Natan Sharansky, 
Israel’s minisrer of industry 
and trade, commenting in The 
Washington Post. 


reconciled himself to Mr. Ara- 
fat's creating a fragmented, de- 
militarized entity he will can a 
state, but which in feet will fen 
far short of that status. Mr. Ara- 
fat’s Palestine will not emerge 
from these negotiations with true 
territorial integrity or interna- 
tional boundaries it controls, if 
Mr. Netanyahu prevails. 

Likud has {dims for a massive 
program of building 
that would be protected by Is- 
raeli troops and slash the West 
Bank into a series of Arab-in- 
habited ribbons that have little 
continuity. Likud has modern- 
ized and perfected die old ideaof 
controlling the high ground aeri 
other strategic territory on the 
West Bank while the Palestin- 
ians run their mixrdcxpalities. 

That of course is not where 
Mr. Arafat aims to come out He 
fought tenaciously to get a firm 
timetable for future West Bank 
withdrawals in the Hebron deal. 
But Mr. Netanyahu told his cab- 
inet that future withdrawals 
would be determined by Israelis 
unilaterally, a statement U.S. 
officials privately confirmed. 
Hours after fte Hebron accord 
was signed, the Israelis and Pal- 
estinians were arguing again, 
this time over Palestinian claims 
that Israel had promised tomake 
“significant" withdrawals. 

Such ambiguity makes the 
coming phase challenging and 
deceptive. 

Mr. Arafat and Mr. Netan- 
yahu will be defining what a 
nation actually is and what at- 
tributes constitute statehood. 
The struggle around these ques- 
tions will be slippery, constantly 
changing and decisive for the 
future of the Middle East 

Mr. Arafat can make it more 
difficult For Mr. Netanyahu in- 
ternationally by seizing some 
key attributes of statehood 


offered by the original Oslo 
race agreements. So fer he has 
railed to see bis opportumfies. 

The Palestinians should im- 
mediately honor die extradition 
process that Oslo mandates and 
turn over the two dozen-plus 
criminal suspects Israel has 
asked them to transfer. 

The Israelis will avoid call- 
ing tins act extradition, fort it 
will be just that Acting like a 
state whenever they have a 
chance would advance the Pal- 
estinians* claim to formal state- 
hood. So would moving beyond 
tiie controversy over Che Pal- 
estinian Charter sections that 
call for the destruction of Israel. 
Those sections must be publicly 
and irrevocably buried. 


Mr. Netanyahu, often por- 
trayed as the devil pre-Hebron 
and suddenly discovered as an 
angel in headlines and com- 
mentary post-Hebron, emerges 
in fact as an ambitious, calcu- 
lating politician who moves 
when he, must but delays and 
mi nimizes his cnflr»sgfon s - 
These are not negligible qual- 
ities for an Israeli leader moving 
into an extended endgame, 
where be hopes to check Mr. m 
Arafat’s ambitions for a Pal- P 
estinian state. Mr. Netanyahu 
sacrificed an ideological pawn 
in sig n i n g the Hebron agree- 
ment. Bufhe kept control far tile 
time being of a board whose 
shape is still being dete rmin ed. 

The Washington Post. 


IN OUR PAGES; 100, 75 AND 50 YEARS ACO 


1897: Russia’s Aims - 

PARIS — Sir EUis Ashmead- 
Bartlea returned from a visit to 
several European capitals to as- 
certain the state of affair s at 
Constantinople and help pro- 
mote understanding between 
England and the triple Alli- 
ance. “The concert of Europe is 
a myth. Russia entirely directs 
French policy in Turkey, and 
Russian policy is antagonistic to 
British interests. Russia’s great 
ambition is Constantinople, and 
to let Russia get Constantinople 
and the Straits would be fetal 
for English supremacy in the 
Mediterranean and for the 
British Empire in India.” 

1922: U.S. Popularity 

REVAL — M. Bruckbacher, a 
prominent Swiss Socialist and a 

personal friend of Lenin when 
Latin was an exile in Switzer- 
land, has passed through Reval 
from the Russian femme dis- 


tricts, where be has admir 
istered relief on behalf of ft 
internatio nal Socialist orgar 
isation. He declares that Amej 
leans at present are. the mo: 
popular of all nationalities i 
Russia. Lenin declared that fa 

would rather have an America 

capital in Russia than that c 
any other nationality. 

1947: Crisis in Greece 

ATHENS — Greek left-win, 
stepped up their ol 
te nsive throughput the couotr 

as Premier Constantin Tsaldari 
confronted wife an rnmil' 
demanding &at is 

tS* 5?^ d* betweea 
t *>8*14 which ha 

pbmged Greece into an un 
^flredCTvilwar,orqniLWha 

guttrilUs were active on tb 
fronts, the Gyfl Servant 
Union on the home ^ 
no ™ c ®d feat it would hwrin > 
oahon-wide strike if ■" 





* — % 1#> 




EVTERNATIOIVAL HERALD TREBUIYE, SATURDAl-SCWDAi; JANUARY 18-19, 1997 


As Troops Leave Hebron, Palestinians Gain: i Their Territory i^uguraL' 

/ J Thrill Lt Nvnrl'V fU 


By Douglas Jehl ” 

^ Prunes S*r*r~ 


Isr^L troops and Arab residents. By 
j^dafternoon, as at so many times in 
!^i° n?s recent history, the Israelis 
ordered the closure of a crowded Arab 
rciaricet that abuts a street that is home to 
a small colony of Jewish settlers. 

But while both Israeli and Palestinian 


they expected Yasser Arafat, the Pal- mg orders." Captain Ayadeh said inside 
estinian leader, to make a triumphal visit the cell -he sometimes shared with a 
to the city early next week, although no dozen others. "Now the Palestinian Au- 
such trip has yet been scheduled. thority is in charge, it's hard to describe 

Before first light Friday, hundreds of what I’m feeling — mostly mixed up. ’ ’ 

«- V.J UaAm mrMi&i) A-1-.m A _ aL * T. J V\ I *.* ■_ * 


Palestinian troops had been moved from 
Gaza, Jericho and other posts to positions 


As the uniformed Palestinians began 
to fan out across most of Hebron, it was 


Hebron, jis the last Israeli apparent to most observers that their Who is going to count them?" campaign and inauguration: "Building a 

6 A.M., the numbers exceeded the 400 who were to With a population of 160.000 Pales- Bridge to the 21 si Century." 

y the busload ro be positioned in the city under the terms tinians ana just 450 Jewish settlers. "We wanted it smaller. less elaborate, 
weapons and of the Israeli -Palestinian agreement rhar Hebron had long chafed ar the curfews a little more dignified." said Harold 
made most of was finally sealedthis week after months and patrols that were pan of Israeli rule, lckes, who is coordinating the inaug- 
£ West Bank to of protracted negotiations. and many greeted the Palestinian police- ura ti on from the White House. “There's 

p°i. Some also carried Kalashnikov rifles, men happily as they took up the mundane not the unbridled excitement there was 

tears like Cap- as they are permitted to do in Gaza and business of manning checkpoints and di- in 1993, but I think there is a sense of 
[timeiblloweTS die West Bank, despite language in the reeling traffic on city streets. satisfaction." 

jnLyears inside agreement that explicitly limits the Pal- But the reception carried none of the The centerpiece of any inauguration, 

uarters as pris- estinian armory in Hebron to 200 pistols jubilation seen in Palestinian takeovers of course, is the oath of office and the 


J Thrill Is Nearly Gone 

necessary to maintain order in a city with Continued from Page 1 

a long history of violence. 

"Officially, 400 is the number." Paula Jones, Travelgare and accusations 
Mayor Mustafa Natsheh said of the limit of illegal contributions to Mr. Clinton’s 
on tile number of Palestinian police and re-election campaign — and starting the 
soldiers ro be deployed. "But maybe it second term with an eye to history. Thus 
will be double or triple that to keep order, the inescapable theme of Mr. Clinton's 


from a low-key handovers n opened new vistas for 

dawn, it was a dav of trancfnrrnSri^fr 81 Pjdwtimans who had wondered whether 
Hebron, p *• changeover would ever come, 
onto the grounds of ax , Ever y*™g « possible,” said Halis 

quarters that they had a merchant who siood 

symbol of ODoressinn jmrtehf**** ^L, a ‘“““'S 311 early morning throng inside 
StSSS; gates' or what had been 


^-^odess, afl d it opened new vistas for don uniforms, take up weapons and 


away just after 6 A.M., the numbers exceeded the 400 who were to 
descended by the busload ro be positioned in the city under the terms 
ns. take up weapons and of the Israeli -Palestinian agreement that 


storefronts to 

mark the beginning of a new era. 

Littetense heart of Hebron, where 
tsraeu forces remain in control, imple- 
mentation of the new security arraiSe- 
roents was soured by scuffles between 


tiie Israeli headquarters to marvel ar the 
metamorphosis that put it in Palestinian 
hands. “In all my dreams, 1 never be- 
lieved that the Israelis were leaving/' 
With 80 percent of Hebron now fully 


move into positions that made most of was finally sealed tins week after months 
Hebron the last city in the West Bank to of protracted negotiations, 
fall under Palestinian control. Some also carried Kalashnikov rifles. 

Among them were officers like Cap- as they are permitted to do in Gaza and 
tain Aziz Ayadeh — longtime followers the West Bank, despite language in the 
of Mr. Arafat who had spent-years inside agreement that explicitly limits the Pal- 
fee Israeli military headquarters as pris- estinian armory in Hebron to 200 pistols 


With a population of 160.000 Pales- 
tinians and just 450 Jewish settlers. 
Hebron had long chafed at the curfews 
and patrols that were part of Israeli rule, 
and many greeted the Palestinian police- 
men happily as they took up the mundane 
business of manning checkpoints and di- 
recting traffic on city streets. 

But the reception carried none of the 


oners — and whose first step was to 
revisit the cramped, dank cells that will 
now be within their reign. 

"That door was always closed, with 


in Palestinian bands, local officials said someone saying sit down, shut up, giv- 


and 100 rifles. 

But Palestinian civil authorities in 
Hebron shrugged off the apparent vi- 
olations, saying that their military coun- 
terparts would and should do everything 


of other West Bank cities. With Israeli president's address. Bur that is only the 
forces still in place to oversee part of beginning: Organizers have also 

Hebron, as they are not in any other city planned a free, public exhibition on the 
on the West Bank, many Palestinians Mall this weekend, full of music, in- 
described their happiness as incomplete. teractive technology, children’s enter- 

tainers and "great thinkers" thinking 

- deep thoughts about the future of the 

country. 

There will be a presidential gala, 14 
official balls and a $30 million price tag 
that will be "fully disclosed.” 

"I think the first rule of this inaug- 
uration is no mistakes," Mr. lckes said. 
"Two is to have it less elaborate, if you 
will, than the one in 1993. Three is to 
focus, to the extent possible, on Amer- 
ican families and the future. " 

It is not a coincidence, therefore, that 
the president agreed to play himself in a 
CBS movie. “A Child's Wish,” which 
prominently features the Family and 
Medical Leave Act. Nor is it a coin- 
cidence that Mr. Clinton appears in the 
film comforting a sick child, or that the 
show will air Tuesday, a night after the 
inauguration. 

The president was involved in the 
plans for the inauguration and is said to 
be pleased with the mix of thought- 
fulness and play, of past and future. 

"The major events reflect that bal- 
ance,” Mr. Clinton said. 

"From the gala and events on the Mali 
tbal are more celebratory to the sense of 
seriousness and purpose that surrounds 
the oath of office I will take on 
Monday.” 

Mr. Clinton has been reading past 
second-inauguration addresses, accord- 
ing to the White House press secretary, 
Michael McCurry, "to see how incum- 

bent presidents upon reinauguration 

Uu^suacjiin/xe-nr-iran.v-iv-- have done the rerun — how do you do a 
oul to interview protest leaders. rerun and make it exciting?” 

/* rjTf T TA I ■ Ever-Tighter Security 

JOT JL T U eoaie Sari Horwitz of The Washington Post 

reported: 

Don't plan on buying hot chocolate 
ughi by the government for leading along the inaugural parade route to keep 
bor protests in South Korea for more warm. For the first time, vendors are 
an three weeks. The unions are protest- prohibited from selling hot chocolate — 
g legislation railroaded through Par- or hot dogs or any other hot food — so 
iment that makes it easier for employers close to the action because their propane 
lay off workers while delaying for five tanks pose a security risk, 
are the right to form trade unions. Mr. Do plan on passing through a metal 
won’s federation is considered by the detector if you have bleacher seats in 
ventment to be an illegal organiza- certain blocks on the parade route or will 
m. be in the crowd on the Capitol grounds 

He and six deputies have taken refuge for the swearing-in ceremony, 
a Roman Catholic cathedral in central Hundreds of uniformed and plain- 
»ul. clothes Secret Service agents, anti-ter- 

rorism specialists and bomb-detecting 
| jp _ • r? dogs will mingle with spectators. 

at economic Forces On rooftops along the route, counter- 
snipers from three agencies will be post- 
So many residents have boughi their • ed. Helicopters will fly overhead, and 


General Edwin Sutherland, 
World War II Fighter, Dies 


By Robert McG. Thomas Jr. 

New York Tuna Service 

Brigadier General Edwin Van 
Valkenberg Sutherland, 82, a soldier and 
scholar who was one of the first Amex- 

wfji Jw 51211 the Germans in 

World War n and among the last to quit, 
died Jan. 6 at a hospital in Rodtester 
New York. 

A longtime resident of Amagansett, 


After the war, he also headed an army 
mission to Paraguay and served as 
deputy commander of a mission to Cam- 
bodia 


Salvador Ferlgle, 73; Spaniard 
Established Opus Dei in U.S. 

New York Tunes Service 
The Reverend Doctor Salvador 


a longtime resident of Amagansett, FerigJe, .73, who nearly 50 years ago 
Long Island, he bad ended his 41 -year took the conservative Roman Catholic 
army career after teaching literature to movement Opus Dei to the United Slates 
cadets as head of the English Depart- from bis native Spain, died of a heart 


roent at West Point. 

As an observer with the British 8th 
Army m North Africa in 1942 before the 
United States committed ns own forces. 


attack Jan. 9 at Mourn Auburn Hospital 
in Cambridge. Massachusetts. 

Father FerigJe was a layman in 1949 
when be helped establish an Opus Dei 


General Sutherland, who was known as branch in the United States, near the 
Van, had the dubious distinction of hav- University of Chicago. Opus Dei, a sec- 
ing his unit overrun by the AfrikaKorps. ular. mainly lay organization that ori- 
ginated in Spain in 1928, promotes tra- 


He was cut off from his command and jpnated in Spain in 1928,. promotes tra- 
missing in action for several days. ditkmal Roman Catholic values. 


missing in action for several days. 

But he found his way back, throwing 

himself into the successful effort to drive RWwarri Pflu*«»r Ol- c~t ir^ 
*the Germans out of North Africa, pur- “t PfUieger, 91, Set Up 

"suing them across Sicily and up the s Operation a America 

Italian boot. He then went to England to NEW YORK. (NYT) — Edward 
prepare for the Normandy invasion. Pflueger, 91, who bridged the volatile 
Landing cm Omaha Beach as exec- realm of industrial chemicals and the 
utive officer of the 26th Infantry, part of delicate world of porcelain, died Wed- 



the 1st Infantry Division, be took com- 
mand of the regiment, won distinction in 


nesday at bis home in Manhattan. 

In 1954, Mr. Pflueger, who was bom 


Ounc SuucJun' \*-nr<- liu IW 

A South Korean reporter trying to talk her way past riot police Thursday in Seoul to interview protest leaders. 

Seoul and Strikers Spar on Terms for TV Debate 


the Battle of the Bulge, and eventually ' in Frankfort, established the U.S. op- 
linked up with Russian * troops in crations of Bayer, tire German chemical 
Czechoslovakia on die eve of die Gear- corporation. He was chairman and pres- 
man surrender. idem of the resulting company, ultx- 


After die war, be had the special sal- malely trailed Baychem, until his re- 
is faction as a 3 1 -year-old Heutenant col- rirement in 1975. 


in Frankfort, established the U.S. Op- . The Associated Press 

crations of Bayer, the German chemical SEOUL — A labor group reversed 

corporation. He was chairman and pres- itself Friday and accepted a government 
ident of the resulting company, ulti- offer to debate its grievances on teie- 
maiely railed Baychem, until his re- vision, but the government rejected its 


one! of being put in command of the 
military security forces at Nuremberg. 
The post made, bm tbe deiacto warden. 


hi the 1930s, Mr. Pflueger began to 
collect 17th- and I8fe-centuxy porcelain 
figures. He eventually assembled what is 


demand that its union leader partic- 
ipate. 

Kwon Young Gil, head of the Korean 
Federation of Trade Unions, which is 


of tbe-prisott wherc the Nazi high, com- nowxmsadeted one oftbe largest private directing nationwide strikes, said be 
mand and other war-crimes suspects collections of porcelain dishes, tifes, and would accept the offer if he and the 


were kept during the trials. 


animal and human figurines. 


would accept the otter it he and the 
chairman of the governing New Korea 
Party were selected as panelists, his per- 


sonal safety was guaranteed and the de- sought by the government for leading 
bate was televised live. labor protests in South Korea for more 

The governing party welcomed the than three weeks. The unions are protest- 
labor federation's change of attitude, but rag legislation railroaded through Par- 
said it could not allow Mr. Kwon to take tiament that makes it easier for employers 
part and could not guarantee that the to lay off workers while delaying for five 
debate would be live. years the right to form trade unions. Mr. 

"We can't go on TV with persons on K won’s federation is considered by the 
a government wanted list,” said a government to be an illegal organiza- 
spokesroan for. the governing party, Kim lion. 

ChuL "If they send someone else who is He and six deputies have taken refuge 

free, we’ll agree.” at a Roman Catholic cathedral in central 

Mr. Kwon is among 16 union leaders Seoul. 


* . . JVitoU 

KOREA: In Hyundai’s Base City, the Real Target of the Strike Is Not the Company But Global Economic Forces d 0 S, 


Continued from Page 1 Donald Kirk, a journalist For their part, 

workers also resorted to violence at 
feel a tittle ambivalent about walking off times. 

thejob this time. la the last few years, the number of 

This strike, be says, is not really strikes for higher wages ai Hyundai have 


This strike, be says, is not reaDy strikes for higher wages at Hyundai have 
against Hyundai, the company that has : diminished, wit a bitter legacy remains, 
brought him and his family solidly into .. Because of this history, the right to 
the middle class. "We are not angry at organize is important to the Hyundai 
the company," be said, "just at the unions, and thatis one oftbe issues in the 


government It’s not about money, it’s 
politics.” 


The complex dynaredes at work in the strike replacements. And the law delays 
strike can best be seen in this city of 1 for three years the legal recognition of 


maid Kirk, a journalist For their part, the Hyundai union belongs. Hyundai workers are also entitled to other 

inkers also resorted to violence at But even in Ulsan, many workers are benefits typical of a company town, 
aes. not striking now. Woo Byung Ho, a 40- Workers can get a 50 percent discount 

la die last few years, the number .of year-old welder at Hyundai Heavy In- at the hospital that is owned by Hyundai 
ikes for higher wages at Hyundai have dustries, said he cannot afford to walk .and the company will pay for tuition at a 
Banished, but a bitter legacy remains, away from his job. private school run by Hyundai. 

Because of this history, the righi to "I was in strikes in 1988, 1989 and And they can rent or buy subsidized 
ganize is important to the Hyundai 1990,” be said. "Now I dislike the uni- apartments, like the Ten Thousand 
ions, and that is (me of the issues in the oil During the strikes, I lost a lot of Apartments complex, that have been 
current strike. The new labor law will money." built by Hyundai, 

make it easier for companies to hire One factor behind the diminishing ar- The upward mobility of Mr. Lee and 
ike replacements. And the law delays Air for strikes is Ulsan ’s growing af- his fellow tenants of the Ten Thousand 

Apartments can be glimpsed each morn- 
ing in the building's parking lot, where 
people push cars back and forth by hand 
in what looks like some kind of ritual. 


milli on on the southeastern coast, which the Korean Confederation of Trade Uni- 
has long bran the. hotbed of South ora, an umbrella group that is oiches- 
Korea's labor unrest and a focus of the trading the current strikes and to which 

current strike. ' ’ v. ; ■ ; • 

Here in Ulsan. South Korea’s blue- 

perceived injustice is a matter of honor. MOSCOW: U-Turn in Post-Soviet Intrigue 

Although be had misgivings about 

harming Hyundai, Mr. Lee felt com- Continued from Page 1 

pelled to strike. .• 

“I'm afraid what my son will think diplomats in a parked car were accused 
about me if I drin’t strike,” he said.* 1 ‘My of being drunk ami were taken to a police 
son will think I’m a chicken.” station, although they both had diplo- 

This city was practically built by the matin immunity. The diplomats pro- 
Hyundai Group, one oftbe largest of the tested that they had been harassed and 
giant family-controlled conglomerates, treated with “unacceptable brutality." 
known as chaebol, that dominate the After that, Russia’s chief delegate to 
Korean economy. the United Nations, Sergei Lavrov, pro- 

About 80,000 workers here are em- tested that his limousine had been 
♦ployed by the six Hyundai subsidiaries singled out for a blitz of parking tickets 
that stretch in a rhain along the city's by the New York police while parked in 
waterfront: Hyundai Motor Co„ South : front of the Russian Mission. 

Korea’s largest car manufacturer; Hy- fit Moscow, the traffic police set up 
undai Heavy Industries, the largest their ownlittle “net” for foreigners. In 

>h> ninrld- mp r-iep ttv>v eimnlv wnire/l nntfiirif*. a 


for three years the legal recognition of fluence. The city has department stores 
the Korean Confederation of^ Trade Uni- and boutiques and an airport, none of 


which existed a decade ago. Beside sal- 
aries that have tripled in the last 10 years. 


first cars in recent years that there is now 
a severe shortage of parking spaces. 
People double-park. leaving the brakes 
off and the gears disengaged to allow 
others to shove their cars out of the way. 

About 90 percent of married workers 
at Hyundai Heavy and Hyundai Motor 
own their own apartments or houses, a 
Hyundai spokesman said. 

The government and Korean corpo- 
rations say wa^es. which have risen 15 
percent a year For the last 10 years — 8 
percent after adjustment for inflation — 
are now too high, threatening the com- 
petitiveness of Korean industry. 


Continued from Page 1 

diplomats in a parked car were accused 
of being drunk and were taken to a police 
station, although they both had diplo- 


again relatively quickly — at a price. 

On Thursday, near the American Em- 
bassy, there was a long line of cars on a 
busy street where parents pick up chil- 
dren from school. It is nearly impossible 


marie immunity. The diplomats pro- to make a left turn in Moscow: The 
tested that they had been harassed and traffic engineers decided long ago that 
treated with "unacceptable brutality.” drivers should all make dozens of righi- 
After that, Russia's chief delegate to toms to get anywhere. 


the United Nations. Sergei Lavrov, pro- 
tested that his limousine had been 


A U-turn in Moscow is even more 


ting tickets traffic engineers figured no one would 
sparked in ever need to turn around. So, who else 
was lurking in the line of parents’ cars? 
lice set up A GAI officer in a cruiser, waiting until 
signers. In one of the parents goofed. After one such 


one case, they simply waited outside a illegal U-turn on Thursday, it took a 
parking lot on the wide boulevard run- half-hour for the ticket to be written; the 
ning into the center of the city. Every car fine was $6^0. to be paid at a bank. 


ship-repair center. . . 

Although the strike is large, it i 
centrated amooe relatively few a 


centrated 
nies, and 


us auto- 


that pulled out of the lot wife American 
license plates was ordered to pull over. 

Foreigners know the traffic police by 
their Russian acronym, GAL They come 


On Friday, the GAI unveiled the re- 
sults of Operation Foreigner. According 
to Interfax, the police stopped about 
1,000 cars with foreign plates on Wed- 


mobile subshfiary, is one. Same other equipped with a white stick to wave nesday and Thursday. They discovered 
chaebol, Kke fee Samsung, LG and Dae- people over. 200 violations of traffic rules, confis- 

woo croups, have experienced tiedfiorno There is always an unspoken dance caled 26 license plates, fined 52 drivers 

when a driver is stopped- Tbe officer and drew up 124 "protocols.” • 

This has to do in pan wife Hyundai’s inspects documents. If they are in order. The Americans were the worst, they 


inspects documents. If they are in order. 


history of poor labor relations. In a na- he waits. 

tion of endemic strikes, no company has Often, it is possible to get on one 


tion of endemic strikes, no company has 
had more problems than Hyundai. As a 
result, its unions are militant and primed 
for conflict. ^ • 

Hyundai says h has labor raribtems 
simply because so many blueHrollar 
workers are concentrated in Uton, 
which makes there easy to organize- But 
labor officials say it has to do wih fee 
company's attempts to fight the unions. 

In the interest of rapid economic 


The Americans were the worst, they 
announced, followed by French, British 
and Vietnamese drivers. 



COMMEMORATION — A Japanese woman praying Friday at a 
park near Kobe on the second anniversary of the earthquake there. 


police robots will be available to handle 
suspicious packages feat might contain 
explosives. 

Security is always right on Inaug- 
uration Day, but it will be tighter than 
ever this year, according to law enforce- 
ment officials. 

Since the last inauguration, security 
concerns have been heightened because 
of the bombing of a federal building in 
Oklahoma City, the bombing at fee 
Olympics Games in Atlanta and a recent 
spate of letter bombs delivered this 
month to fee Washington, New York and 
London offices of a Saudi newspaper. 

GUEST: 

Who Invited Lebed? 

Continued from Page 1 

the year. Thar set up Mr. Lebed as a prime 
adversary. 

The White House made it clear feat 
the Lebed visit wasn’t their idea. "We 
had nothing ro do wife it here.” said 
Michael McCuny, the White House 
spokesman. The congressional inaug- 
ural committee denied inviting Mr. 
Lebed. 

Mr. Lebed begged to differ. "I am 
invited to the inauguration of the pres- 
ident of fee United States of America,” he 
said on Russia's NTV commercial tele- 
vision. "I am invited by the president.*’ 

White House denials, he added, must 
be part of a plot hatched by Mr. Clinton 
and Mr. Yeltsin. "It’s possible some 
internal maneuvering has started, linked 
mainly to the friendship between the 
presidents of the United Stares and Rus- 
sia. I don’t rule that out." he said while 
on a visit to Germany. 

Both Mr. McCurry and fee State De- 
partment spokesman. Nicholas Bums, in- 
dicated that if Mr. Lebed turned up, U.S. 
officials would meet wife him because he 
has a major role in Russian life. 


SORED: Night Watchman's Fateful Decision to Recover Documents Puts Him in Harsh Glare of the Spotlight 


Continued from Page 1 found, a spokesman said, fear fee doc- extensive business withGermany during 


were about to be shredded. They were 
about to be destroyed, like garbage, so I 
didn’t think it would be so bad.” 

Mr. Meilt, fee father of two small 


growth, -unions were Oppressed .by Mr. Merit, fee tamer of two swxi 
Korea’s authoritarian leadeisunUl 1987, children, stowed no reget about his 
w^dewxxacy started to take rooLAi decision, and no surprise feat he had lost 
feat began organizing and his job and was under police mves- 

K^onanempts ’ . -he found will telp. unravel tbe financial 

In fee late 2980s there were cases of tangles of fee Nazi era. 
us—* iah«r leaders, and fte bank said this week feat it shred- 


umems had “nothing to do wife fee 
present discussions about fee Holo- 
caust’ ’ The historian, who kept no in- 
ventory of -what was destroyed, was sus- 
pended Thursday from his job. 


the Third Reich. When fee Third Reich 
collapsed, fee bank collapsed along with 
it UBS took over fee remains in 1945. 

"There were several Swiss banks that 
cultivated close connections wife Ger- 


The documents that Mr. Meili rescued many in fee 1930s, and Eidgenoessische 


are in the hands of the the police, and are 
not being shown to the public. But Gian 


was one of them,” Mr. Trepp said. 


refused to do either, and instead con- 
tacted the Israeli Cultural Center, a Jew- 
ish community center in Zurich feat is 
primarily devoted to child care. 

Werner Rom. president of fee Israeli 
Cultural Center, went to Mr. Meili’s 
house last Saturday. 

"We told him to think this over very 


Trepp, a journalist who has written four Nazi Germany. What feat means is that 
books on Swiss banking, including a anything about Eidgenoessische has a 
1 987 history of UBS, said" that Mr. Meili possible relevance to the Holocaust.' ’ 


hired feugs anacldng labor leaders, and 
at least one case in which a union or- 
ganizer was kidnapped arid held for a 
few days, according to "Korean Dy- 
nasty." a 1994 history of Hyundai by 


ded hundreds of pounds of documents 
before Mr. Meili Stopped forward. 

It -said feat the material had been re- 
viewed hy its in-house historian, who 


had made a valuable discovery. 

According to UBS, fee documents 
being shredded came from a subsidiary 
called Eidgenoessische Bank. 

Once one of Switzerland's biggest 
banks. Eidgenoessische had built up an 


"They attached their fate to fee fate of carefully." Mr. Rom said, "that he 
Nazi Germany. What that means is (hat would probably lose his job if he went 
anything about Eidgenoessische has a public and feat he should think about his 
possible relevance to the Holocaust.” wife and children." 

When he found fee information. Mr. But Mr. Meili was determined to go 
Meili says, he knew no Jews and did not public. 

^He SraJh^fee'israeli Embassy in " Praise From ^-S. Jewish Group 
Bern, which brusquely told him either to A major American Jewish group 
drive to Bern or mail fee documents. He praised Mr. Meili as a hero Friday. The 


Associated Press reported from Zurich. 

Abraham Foxman. national director 
of fee New York-based Anti-Defam- 
ation League, said feat the League was 
setting up a 50.000 Swiss francs 
($36,000) fond to help the intrepid night 
watchman in case of legal problems re- 
sulting from his whistle-blowing. Swiss 
law provides for fines or jail sentences 
for people who disclose banking 
secrets. 

Mr. Foxman said that he did not have 
enough facts lo judge fee incident, but 
that he was "disappointed" by the Swiss 
reaction. 

“1 am concerned that there was no 
outrage in the banks or elsewhere.'* Mr. 
Foxman said. 








international herald tribune 

SATURDAY-SUNDAY, JANUARY 18-19, 1997 
PAGES 


Sav ing ’ Art: When the Work Is Fantastic, and So Is the Bill 

vy _ _ _ <■ riuni Imm on 


$1 




International Herald Tribune 

L ONDON — Going through the show “Treasures for 
Everyone: Saved by the National Art Collections 
Fund,’* on view at Christie's until Jan. 26. is some- 
times fascinating but more often puzzling. The works 
of art, all bought over the last IS years with the help of the 
Fund, range from the 2d millennium B.C. to the 20th century - 
A dozen, perhaps, among the three-dimensional pieces could 
be described without exaggeration as masterpieces. Is this 
really all that could be “saved" of the finest and greatest from 

1981 to 1996, leaving paintings aside? 

Antiques should be brilliantly represented in a country that 
led European collecting after inventing the “Grand Tour’ * 
the 18th century. The scarcity of real gems is surprising. 

Part of an admirable Egyptian lintel of the 19th cen 
B.C.. bought in 1995 by the British Museum for £109,1 
($183,000) is one, despite the break that left out the lower half 


in 


SOUREN MEUKIAN 


of a man’s body seen sideways. Of Che stream of metal objects 

— bronzes, gold jewels — dug up by amateurs tunning their 
metal detectors up and down the country and in effect scattering 
to the winds the early history of Britain, few can be seen. 

A small bronze dog in repose, with its muzzle open and a 
laugh in its eye. is labeled “Roman” but is clearly Celtic. 
There is no trace in it of the descriptive realism of Roman art. 
In 1 995, the bronze cost the Ipswich Museum a mere £3,000 of 
which £750 was contributed by the National An Collections 
Fund. A circular brooch in gold cloisonne with red stone insets 

— found, the vendor said, with seven small pendants in the 
same technique — and a Barbaric, possibly Saxon imitation of 
a Roman coin proved to be more costly to the same museum. 
The pendant is fabulous, but so was the bill. Dug up in 1995 
near Boss Hall, not far from Ipswich, the objects described as 
“The Boss Hall Grave Treasures” cost the museum 
£280,000. to which the Fund contributed £60,000. 

More remarkable still, a “Romano-British” bronze stag 
(with its feet broken oft) was bought in 1986 by the Brighton 
Museum and Art Gallery for £304*76. The Celtic genius for 
animal stylization comes out in this so far unique object, 
despite the strong impact of Roman naturalism. The ultimate 
for sheer beauty is perhaps to be sought in the pure abstraction 
of the bronze armlet found at Achayrail, Sutherland, in 1900 



cense was temporarily denied, the Inverness Museum and Art 
Gallery got the masterpiece for £100,000. 

Add a large Bronze Age dirk of the 2d millennium B.C. 
found at Oxborougb, Norfolk, which came up at Christie's on 
July 6, 1994. David Barrie, director of the National Art 
Collections Fund and a Raskin scholar who loves antiquities, 
admire d the object at the viewing. He mentioned it to the 
Norfolk County Museum. Eventually, die British Museum 
bought it for £52,000, the Fund contributing £20,000. Mag- 
nificent as such objects may be, they seem few in number over 
a 15-year period. The reason is partly that some never come 
out into the open and simply vanish unseen by most 


Aachen became available for sale. TTh? tad 
«i.. \rs la iota Part of a group mat now numbers 1 1*. 




the V&A since 1924. Part of a group 


they 
century 



A similar problem bedevils British Medieval art On Dec. 
lozeflj 


plaques can be traced to an tngusn ' 

family, which was selling the three ^ ,om ■> 

them at the time of the Manchester Art Exhibition in 1S57.) 
Some believe that they might even have been execui^ in 
England. As objects, theyare fantastic. Ttacsetwas bought by 
the museum for £840,000 A year later, anofcer 
that group was sold at Sotheby s for £572.000. 
h ad not Had such a baud deal after all. 


# 1! , . 
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t 




IV- 


Nmfcml Are CcHcokxn Fund 


A unique bronze stag from the 1st or 2d century AD. 


and put up for sale at Christie's by descendants of the Duke of 
Sutherland. On July 1 6, 1 986, the London dealer Rainer Zietz 
bou gh t it far above the estimate for £75,600 and sold it shortly 
after to his New York colleague Michael Ward, who has an 
outstanding eye for ratified antiquities. After an export ti- 


ll, 1986. a lozenge-shaped gold pendant serving as a mini- 
ature reliquary turned op at Sotteby's. Engraved with the 
Trinity surmounted by a sapphire inset on one side, and with 
a Nativity on the other side, the jewel was said to have been 
“excavated near Middleham castle. North Yorkshire. 
September 19854' The engraving has a clumsiness not un- 
common in some 15th-century woodcuts. 

When asked about the significance of the Middleham 
jewel, Marian Campbell of the Victoria and Albert Museum, 
and one of Europe's leading scholars in Medieval art; notes 
that while the central scenes point to die impact of German 
iconography, the standing figures of saints engraved around 
the Nativity are very English. Add that tittle English jewelry 
other than rings survives from that period and the unique piece 
can indeed be seen to be of cardinal importance. 

Its fate illustrates the problems that museums encounter 
when trying to go after unique pieces that considerably exceed 
the estimate, in this case £200,000 Co £300,000. By the time it 
jumped the £500,000 barrier, only dealers were left in the 
running. A dealer bought it for £1.43 millio n. Even if the V&A 
had had die resources (it did net), no curator would be in a 
position to pay four times the high estimate. 

Years later, in 1991, the jewel was stopped from leaving the 
country and was bought for £2.5 million for the Yorkshire 
Museum. The National Art Collections Fund came up with 
£180,000. Had it been acquired there and then with a national 
emergency fund, museums would have saved £1 millinn. 

The record brightens slightly on the front of Medieval 
objets d’art preserved above ground. In 1988. three champ- 
leve enamel plaques decorated with Old Testament scenes in 
the style typical of the Mosan area between Lieges and 


Ti 


[HE greatest buy is probably that of the Balfour, 
ciborium made around 1160-1170. The V&A ac 
quired it in 1981 for £1 millioa by pnv^ treaty. 
Most scholars agree that some blossoms in the design 
are found only in English sculpture and manuscript ulu- , 
mutation. As an object, the ciborium ranks among the glones 

of early Medieval ait. . . ... 

The sagq of a champleve enamel cfaasse decorated with - 
farm rh^TUfrity'dnmafThomasaBecket is less glorious. 
Seat from Zurich to London hy its Swiss owner, Ernest Koflfer 
Tnmiger, on Dec. 13, 1979, the chasse, made around USO-- 
1190, sold for £42,000 to the British Rail Pension Fund, pie 
British Museum tried in vain to buy it Curiously, d agreed to 
have it oaa long term loan, instantly raising its value. 

When the Pension Fund let it be known m 1995 that it 

wanted to sell, the British Museum tried to negotiate the pioce. 

For a reason that was never disclosed, tot might have- 
something to do with the threat of dire financial cuts to crane, 
it did not take up the last offer on the table, set, sources close to 
the tr ansa ction say, at £1.6 million. The British media, which ' 
had not uttered a squeak in 1979, became hysterical. The 
possibility of an English origin raised by a French researcher 
two Avwfee ago was suddenl y presented as fact. Amidst an 
explosion of jingoistic cheering, the chasse was bought in July 
by the V&A for £4.18 million. While it is the largest known . 
among the 51 decorated with similar scenes, it hardly qualifies ' 
as the most s ublime example of champleve enamel 
Britain, ir seems, has not quite found the way to salvage its 
threatened treasures. The National Art Collections Fund does 
a fine assistance job, but proper fandi^firora the government , 
marched by genuine museum autonomy is die only solution. 


i -i 

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-'31 


Jesus Raphael Soto’s Experiments With the Possibilities of Illusion 


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By Michael Gibson 

International Herald Tribune 


P ARIS — The Venezuelan artist Jesus 
Raphael Soto, currently enjoying his first 
Paris retrospective since 1969, is widely 
known for his kinetic works. These are 
typically characterized by a number of horizontal 
rods of a single color suspended in front of a grid 
composed of thin black-and-white stripes. 

As one enters the show at the Jeu de Paume (to 
March 9), one is likely to see visitors bobbing up 
and down before them like parrots in a cage. There 
is a good reason for this. As long as both rods and 
viewer remain motionless, a simple optical illusion 
causes die rods themselves to appear striped. But 
one need only move very slightly one way or 
another to dispel this first illusion while at the same 
lime producing anew one that causes the phantom 
stripes to move back and forth along the length of 
the rods. 

Soto first adopted this simple principle in 1955. 
Instead of stripes he sometimes uses nylon thread 
hung vertically in close formation. A part of each 
thread is painted while others remain transparent, 
thus confronting the viewer with, say, the ghostly 
shape of a floating red sphere. 

All this is done with exceptional rigor and crafts- 
manship, and a number of Soto's most recent 
works, while still using die stripes so closely as- 
sociated with his name, experiment with the pos- 
sibilities of a different range of illusions. In these 
works, squares of various colors are placed in front 
of a striped ground. The difference in color creates 
the impression that certain squares stand some 
distance in front of the stripes (which indeed they 
do), while others appear to be embedded in them 
(although they are not). 

The extremely methodical exploitation of such a 
narrow range of shapes and colors is more readily 
associated with the rigors of scientific research than 
with art, and one is naturally interested in dis- 
covering how the artist was led to this orientation of 
his life work. 

Soto was born in Ciudad Bolivar, Venezuela, in 
1923, one of the five children of a violin player. At 



“El cuadrado oltva." acrylic (1992). 


the age of 16 be was out of school and painting 
posters for the local cinemas. 

Three years later he received a giant that allowed 
him to go to Caracas, where be studied at the school 
of fine arts. Most of his fellow students were 
admirers of Impressionism, which Soto himself 
was to find perplexing until he came to Fiance. The 
light in his own country, he felt, was far too violent 
to allow its landscape to be painted in a French 
manner. 

But when Soto finally reached Paris (with a six- 
month government grant), he was less attracted to 
Impressionism or Cezanne than to such artists as 
Jean Dewasne, who worked and taught in the hard- 
edged abstract vein. 

When his grant ran out, Soto decided to stay in 
Paris to work and study, and played the guitar in 
night clubs for 10 years to survive. 

In those times abstraction was the hard-line 
doctrine dominating the art world, though allow- 
ances were made for Soto's “New Realist' ’ friends 
who used ordinary everyday objets in their work. 


Soto was quite close to Yves Klein in those years, 
and even mentions him in the same breath as 
Malevich and Mondrian. 

In 1955 he saw Marcel Duchamp’s “Rotating 
Spiral” at the Denise Rene gallery and began to 
take an interest in movement in art This led his 
work into the new direction to which he would 
remain faithful throughout his career. 

The earlier work places random shapes of twis- 
ted wire in front of a grid of narrow black-and- 
white lines applied on a whole range of surfaces, 
including odd bits of old wood. Only gradually did 
the works take on the hard-edged, industrial pre- 
cision now associated with Soto's name. 

His most recent works are the big quasi-paint- 
ings, done in the ’90s, in which squares of various 
hues are placed before a ground of black-and-white 
lines. While they are also quite subtle optical teas- 
ers, they may nonetheless strike one as being ideal 
works for big halls and broad corridors where 
people only pass. 

This is not intended to be dismissive but results 
from the very nature of the work, which tends to 
function more as a finely crated signal than as a 
painting through which the eye is enticed to wander 
at some length. 

Soto 's elegant work consequently represents one 
of the branches of art that developed, over the past 
decades, in response to an aesthetic imperative, but 
also, surely, to a moral one inherited from (he 
Bauhaus. 

It is highly formal, self-reverential, handsomely 
executed and commanded by niles that the artist 
likens to those governing the composition of 12- 
tone music. 

The most recent work in the exhibition is the 
1995 red sphere already mentioned. It is similar to 
the “penetrable" work through which visitors may 
pass as they enter the exhibition. 

Both of these appear to be a rather apt rep- 
resentation of matter as described by contemporary 
physics, being composed more of vacant space than 
of solid substance. The sphere, especially, stands 
before one like some giant metaphorical atom 
whose shapes constantly shift and shimmer as the 
viewer circles it 



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Soto with one of his works, typically rods before a grid of black-and-white stripes. ■ 


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The Enchanted World of Illuminated Books 


Ufa 


*** 

*3 


By Rita Reif 

New York Times Service 


EW YORK — For 
more than a thou- 
sand years, begin- 
ning around AJD. 


These 


l-glass 

ill umi 


win- 
iiminateri 


This year, {nominated 
manuscripts will be more vis- 
ible in New York than they 
have been in decades.. A 
bizarre world of monsters, 
demons, groveling humans 
and wide-eyed angels is 
vividly depicted in the new 
book “The Illuminated 
Manuscripts of Medieval 
Spain," by MIreHle Mentre, 
published last month by 
Thames and Hudson of Lon- 
don. 

The Metropolitan Museum 
of Art will include 50 books 
of exotic illuminations in 
“The Glory erf Byzantium," 
an exhibition that will run 




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from March 8 through Jnly 6. 
The most ambitious show of 
such art. “Medieval Best 
Seller. The Book of Hours," 
wOl be held at the 
Morgan Library, from, 
tember to January 1998. 
will present 100 books from 
the 13th to the 16th century. 

A prelude to this rich feast 
is currently mi view in 
“Princely Magnificence," an 
exhibition of 50 illuminated 
manuscripts at Ursus Rare 
Books, in the Carlyle Hotel, 
through Feb. 8. 

The show of 13th- to 16th- 
century works is the first of its 
kind at Ursus, which was 
founded 25 years ago by T. 
Peter Kraus. He got started m 
the business 30 years ago, 
in Manhattan for his 


who wear tots shaped like 
frying saucers. 

The boldly rendered illu- 
minations enchant medieval- 
ists because they are so read- 
ily understood. “But what 
appeals even more to collect- 
ors is that most of these books 
come from great collec- 
tions,” Kraus said. “To 
know that an Qlunrinated 
manuscript once belonged to 
a French king, or JJP. Morgan, 
helps them to identify with 
these men of power.” 


Wi 


uncle, Hans P. Kraus, the Vi- 
enna-born dealer in rare 
books who dominated the 
market in illuminated 
man uscripts until his death at 

81 in 1988. 

The Ursus exhibition was 
organized with Jam Gunther 
of Hamburg, a dealer in me- 
dieval manuscripts and early 
printed books. 

The works at Ursus range 
in price from $27,500 for a 


16th-century image of 
depicting the Holy 
Ghost as a dove descending 


tecost,. 


on the apostles and Mary, to 
$5.5 mini cm for a 13th-cen- 
tury psalter from Wuerzburg, 
Germany, containing many 
surrealistic images. Among 
them is a haloed Christ, seat- 
ed in a temple among elders 


P AST owners of books 
in the show include 
many famous people. 
In the 1930s. Heart de 
Rothschild, for example, 
owned a 15th-century Parisi- 
an Book of Hours, a medieval 
book of prayers. And at the 
turn of the century, William 
Waldorf Aster bought anoth- 
er French version of the book, 
made in about 1520. Thai 
book is now called the Astor 
Book of Hows. J J. Morgan, 
the banker, was also toying a 
ago when he ac- 
1 Are Moriendi Treat- 
ise,” a colorfully decorated 
15th-century work about 
death. 

“In France, illuminated 
manuscripts were still is re- 
ligious houses in the 18th cen- 
tury.” Kraus said. “They got 
dispersed during the French 
Revolution.” But these days, 
sales of Hluminated man- 
uscripts are sparked by either 
plummeting .financial mar- 
kets or soaring prices. 



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BUSINESS/FINANCE 


SATURDAX-SUNDAY, JANUARY 18-19, 1997 


PAGE 9 


* Ui: 


g* 4 


*Bonn Denies 

It Will Miss 

Deficit Goal 

Officials Insist Gap 
Will Be 2.5% of GDP 

OwpArf b> o„. 

u^n budget deficit 

will fall below 3 percent of gross do- 
mestic product this year, the limit for 
membership in European economic and 
monetary union, the Finance Ministry 
reiterated Friday. • • 

'We have not changed our deficit 
forecast of 2.5 percent of GDP.'’ a min- 
isny spokeswoman, Barbara Eckrich. 
said. 

Her comments came in response to a 
newspaper report that quoted govern- 
3 ment sources as saying the deficit could 
exceed 3 percent in ] 997. endangering 
the country's chances of joining a single 
currency at its scheduled launching Jan. 

Under the Treaty on European Union, 
countries that want to join the single 
currency, or euro, must meet rules on 
deficit levels as well as total debt, in- 
flation and exchange and interest rates. 
Germany and France, considered crit- 
ical to the planned monetary union, are 
struggling to meet the criteria. 

Finance Minister Theo Waigel will 
freeze spending this month to by to 
meet his 1997 federal deficit target of 

53.30 billion Deutsche marks ($33.43 
billion), German newspapers reported. . 

The daily Handelsblatt reported that 
Mr. Waigel was personally scrutinizing 
all outlays above 500.000 DM to avert a 
financial crisis caused by higher-than- 
predicted unemployment benefits pay- 
ments that are expected to add 6 billion 
DM more to government spending. 

H But Ms. Eckrich said no decision on 
spending would be made before Chan- 
cellor Helmut Kohl’s full cabinet re- 
viewed the government's annual eco- 
nomic report Jan. 28. Ministers directly 
involved in economic policy wifi dis- 
cuss the report’s findings Friday. 

“I will not pre-empt the report," she 
said. "We have to wait and see what it 
says before we talk about a budget 
freeze." 

The Finance Ministry said this week 
that the total deficit for federal, state and 
municipal governments in 1996 amoun- 
ted to 3.9 percent of GDP. • 

It said the 1996 federal deficit rose to 

78.30 biflipn: DM, 18.4a billion DM 
higherthan planned. Tie government 
blamed the higher deficit , on sluggish 
economic growth 3nd tax shortfalls, v 

The tax shortfall was' taken into ac- 
count in the forecast for the 1997 deficit, 
Ms. Eckrich said. In November the gov- 
ernment said 1997 tax revenue would be 
10.70 billion DM below the level fore-, 
cast in May. (Reuters. Bloombe rg , AP) 


Leading U.S. Military Contractors 


Ranking based on new prime contracts awarded in the 1995 federal 
TOcai year, the most recant for which figures are available. Also listed is each 
company’s total revenue for 1995 (based on companies’ financial years). 

1995 PRIME 1835 

' . CONTRACTS TOTAL 

COMPANY AWARDED REVENUE 

Lockheed Martin Si 2.45 billion S28. 33 billion 

Including Loral 

Boeing 9.80 33.84 

Including McDonnell Douglas 


including military businesses of Hughes 
Electronics arid Texas Instruments 

Newport News Shipbuilding 

Spun off fro m Tenneco In December 1 996 

Northr op Grumman 

General Electric 

United Technologies 

General Dynamics 

’Estimated. ' 

Sottftss: Oolansa Department, Bloomberg 


The New Yort. Times 


The New Odd Man Out 
In U.S. Arms Industry 


By John M. Broder 

Nr*' York Tunes Service 

NEW YORK — Raytheon Co.’s 
successful bid for Hughes Elecuxmics 
leaves Northrop Grumman Corp. as 
die wallflower in the military-in- 
dustry discotheque, raising questions 
about its ability to compete with the 
three titans that soon will dominate 
the aerospace business. 

Northrop Grumman — itself the 
product of a multi billion-doUar mer- 
ger in 1994 — now faces die stark 
prospect of finding a suitable partner 
or railing into lire second rank of 
military contractors. 

Industry analysts said there were 
few attractive marriage prospects for 
: the company that could catapult it into 
the same league as Lockheed Martin 
Corp„ the proposed Boeing Co.-Mc- 
Domrefi Douglas Coro, combination 
and, now, Raytheon-Hughes. 

, "We’re looking at three big play- 
ers and a bunch of weenies," said Dan 
Go ure, deputy director for political- 
military studies at the Center for Stra- 
tegic and International Studies in 
Washington and once a senior official 
at tire Pentagon. 

“What happens to the loser In this 
particular exchange? My bet is that 
Northrop Ghmunad is the oiie .that’s- 
going to be dancing a real fast dance 
to figure out what it’s going to do." 

Kent Kresa, chief executive of 
Northrop Grumman, expressed dis- 
appointment at General Motors 
Corp.’s rejection of his company's bid 
for Hughes but said that no one at 


company headquarters in Los Angeles 
was ready to go into mourning. 

“We have been effectively com- 
peting in a world of giants for a long 
time," Mr. Kresa said. "We are a 
live, well and healthy company, and 
we plan to be that.” 

But even before failing in its bid to 
acquire Hughes, Northrop Grumman 
was in a difficult spot after decades 
among tire pillars of tire post-World War 
II weapons and aerospace business. 

The company was one of the losing 
bidders for the U.S. Air Force’s next- 
generation air combat jet, the F-22, and 
for the 2 Ist-ceanoyroultiservice attack 
plane, the Joint Strike Fighter. 
Northrop Grumman has suffered also 
from the U.S. curtailment of its B-2 
stealth bomber program. 

Just a week ago, Raytheon outbid 
Northrop Grumman to buy the mil- 
itary electronics business of Tfcxas 
Instruments Inc. for $2.95 billion. 

Adding to Northrop Gnunman’s 
woes js a heavy debt load taken on last 
March to finance the $3 billion pur- 
chase of the military electronics line 
of Westinghouse Electric Corp. That 
limits its ability to make cash offers 
for potential partners. 

What remains is a relative pygmy 
in a world of behemoths. Company 
officials estimate Northrop Grum- 
man's 1996 sales at $8 billion. By 
contrast, Boeing-McDonnel) Doug- 
las’s projected rales for the year ap- 
proach $48 billion, Lockheed Mar- 
tin 's, $30 billion, and Raytheon’s and 

See NORTHROP, Page 13 


U.S. Trade Gap’s Growth Slows 

Sales in Asia Help to Keep Deficit Below Forecasts 


C"tnpilrdh\ Our Fnwv Di.-xs. K-i 

WASHINGTON — A drop in oil im- 
ports and increased exports to China and 
Japan kept the U.S. trade deficit from 
growing as sharply as expected in 
November, the Commerce Department 
said Friday. 

The nation's overall trade deficit rose 
to $8.4 billion in November from a 
revised 58 billion in October, well be- 
low the $9.8 billion forecast by Wall 
Street economists and the record of 
Si 1.8 billion sex in July. 

Total exports rose 0.3 percent in 
November, to a record $71.97 billion, 
while imports gained 0.8 percent, to 
$80.37 billion. 

“It was substantially better than ex- 
pected,” said Charles Lieberman, man- 
aging director and director of financial 
markets research at Chase Securities 
Inc. “There was only a slight deteri- 
oration in November after the enormous 
improvement in the trade account in 
October." But even with the recent im- 
provement, the deficit for the first ] 1 
months of 1 996 ran at an annual rate of 
$112 billion, wider than the 1995 im- 
balance of $ 105. 1 billion. 

President Bill Clinton, who took of- 
fice in 1993 vowing to make trade a top 
foreign-policy priority, has blamed the 
defiats — which have increased every 
year he has been in office — on weaker 
economies overseas. That has meant de- 
mand in the United Stares for goods, 
locally made as well as imports, has been 
riring more rapidly than international 
demand for U.S. products. 

But there were dramatic improve- 
ments in November in the monthly de- 
ficits with Japan and China. 


The deficit with China plunged 39 
percent, to S3 billion, its first monthly 
decline in seven months, while the 
shortfall with Japan shrank 13 percent, 
to S4.32 billion. 

It was the smallest monthly deficit 
with China since April, when the gap 
was S2.3 billion. The Commerce De- 
partment said the total deficit of 543.4 
billion in U.S. trade with Japan in the 
first 11 months of 1996 was the lowest 
for that part of the year since 1991. 

The smaller deficit with China ap- 
parently refiecied the fact lhai U.S. mer- 
chants already had stocked up for 
Christmas, as imports of toys and cloth- 


Europe’s Stock Markets End 
A Record-Breaking Week 

Ompifnltn Ow Stuff Fnm Chimin 

LONDON — European stock markets 
closed at record levels on Friday as Wall 
Street recovered from an uncertain start 
and the dollar powered to a 30-month 
high against the Deutsche mark. 

Shares in Milan paced the gains, with 
the benchmark Mibtel index rising 1 .91 
percent, to I2J304.00 points, amid 
hopes that industrialists and labor uni- 
ons will sign a wage accord next week, 
paving the way for the Bank of Italy to 
cut interest rates. 

In London, the Financial Times- 
Stock Exchange 100-share index fin- 
ished at a record 4,207.70 as traders 
were cheered by a decision to hold in- 
terest rates steady. In Paris, the CAC-40 
blue-chip index rose 0.72 percent to a 
record 2,425.10. (Bloomberg, Remersi 


ing were down sharply from October. 
But exports to China also were at record 
levels, with the biggest gains in sales of 
soybeans and electrical machinery. 

Oil imports dropped sharply in 
November, possibly reflecting comple- 
tion of a buildup in winter heating-oil 
inventories. The value of crude petro- 
leum imports declined to S4.ll billion 
from $4.81 billion even as the average 
price of a barrel of oil rose io $21.44 
from $21.38. 

As a result, the U.S. deficit with 
members of the Organization of Pet- 
roleum Exporting Countries plunged 27 
percent, to Si. 47 billion in November 
from 52 billion in October. 

The United States typically runs a 
trade surplus in services such as travel 
and tourism that partly offsets its big 
merchandise-trade deficits. 

In November, the merchandise-trade 
deficit rose to $14.7 billion from $14.1 
billion in October, while the surplus in 
services widened to $6.3 billion from 
$6.1 billion. 

The main contributor to the overall rise 
in U.S. imports in November was auto- 
mobiles and parts made in Canada. Im- 
ports slowed in October because of a 
strike at General Motors Corp. plants in 
Canada, but once the strike ended, the 
normal flow resumed. On the export side, 
sales of civilian aircraft fell sharply in 
November, to $1.39 billion from $1.75 
billion in October. 

In another report Friday, the Federal 
Reserve Board said U.S. industrial out- 
put surged 0.8 percent in December, 
matching a similarly strong gain in 
November, partly on gains in produc- 
tion at auto plants. (Reuters. AP) 


Aid Donors Pledge $6.3 Billion to Asia 


By Velisaiios Kacoulas 

International Herald Tribune 

TOKYO — The Asian Development 
Bank said Friday that after seven rounds 
of often testy negotiations its member 
nations had struck a deal promising at 
least $63 billion in aid to Asia's poorest 
countries for road, dam and other in- 
frastructure projects between now and 
2000. 

The bank’s president, Mitsuo Sato, 
said there had been a breakthrough over 
the seventh installment of the Asian De- 
velopment Fund after Washington 
agreed to pay $237 million in arrears and 
some emerging Asian nations bowed to 
Western pressure to give more gener- 
ously. 

Total contributions from the bank’s 23 
donor nations fell to S3 billion from $4.1 
billion for the four-year period that ended 
last year. Bur considering the increased 
fiscal constraints on Western donors, the 


deal represented a "strong commitment" 
to the bank, Mr. Sato said. 

' * As individuals rich and poor, we are 
all in this together." he said. "As na- 
tions, we all need each other and must 
help each other." 

The bank provides interest-free 30- to 
40-year loans for basic infrastructure 
projects in its poorest member coun- 
tries, such as Bangladesh. 

As well as agreeing to pay its arrears 
over the next four years. Washington 
pledged $400 million to the seventh 
installment. That was down from $680 
million pledged four years ago but still 
reflected a U.S. effort to reduce world 
anger over the money it owes to vir- 
tually every global institution. 

The United Stales had thrown ne- 
gotiations over the bank's funding into 
turmoil by threatening to halve its con- 
tribution from the amount pledged four 
years ago unless the wealthier Asian 
countries contributed more. 


European donors, who this year cut 
their initial pledges but vowed to make 
voluntary contributions later, also asked 
wealthier Asian countries to contribute 
more. Mr. Sato said. 

Washington called for the bank to con- 
sider halting loans to countries it deemed 
no longer in need of aid, such as In- 


donesia and the Philippines, shortening 
loan-payment periods and using more of 
the profit generated by the bank's com- 
mercial arm for aid. 

Among Asian countries, Malaysia 
and Thailand made contributions for the 
first time, and South Korea increased its 
contribution to $54.3 million from $15 
million four years ago. Malaysia said it 
would provide $10 million, and Thai- 
land pledged $4 million 
Japan remains the largest contributor, 
but its pledge of $ 1 .02 billion was down 
from $1 .41 billion four years ago. 

The hank increased iis own contri- 
bution to $3.3 billion from $1.9 billion. 


Seoul’s Choice: Control of the Chaebol or Growth 



-ssrer* 

rjl v. ' 

V- r x 

V-t ■ 


By Donald Kiric 

special to the Herald Tribune 

SEOUL. — The labor unrest in 
South Korea will cot slow the growth 
of its chaebol , the country's giant busi- 
ness conglomerates, nor will govern- 
ment actions that are intended to re- 
duce their size and power, analysts and 
business specialists say. 

The strikes against some of the 
country’s biggest manufacturers, 
which seemed to be tailing off Friday, 
may have temporarily slowed produc- 
tion, but they are not likely to reverse 
the growth of the biggest industrial 
groups, they say. 

The new labor law that precipitated 
the strike is designed to spur industrial 
output — which for raw should en- 
hance the chaebol’s share of wealth — 
when leaders of government and busi- 
ness are bemoaning a decline in growth 
in both exports and gross national 
product. 

“We must remedy our high-cost, 
low-efficiency strucrure,” said Lee 
Hahn Koo, president of the Daewoo 


Economic Research Institute, which 
examines such problems for Daewoo 
Carp,, the country's fourth-biggest 
chaebol. -“Otherwise we might fall in- 
to disaster.” 

By giving companies the right to lay 
off workers in times of economic slow- 
down, the government triggered 
walkouts in such key export sectors as 
shipbuilding and motor vehicles. In the 
end, however, government and busi- 
ness leaders say the law is needed to 
streamline industry — and reduce a 
trade deficit that has exceeded $10 
billion in each of the past two years. 

Government officials acknowledge 
that they are caught between recog- 
nition of the role of the chaebol in 
Korea’s economic advance and fear 
that the size of the chaebol is stifling 
real competition and discouraging 
smaller, more innovative companies. 

The question they ask is, what can 
they do to hold the chaebol in check 
without jeopardizing the entire eco- 
nomic structure? 

“The government cannot fully 
monitor and prevent them; there are so 


many different practices," Chee Yoon 
Je. a senior counseloriu the Ministry of 
Finance and Economy, said. Besides, 
he said, ‘ ‘They are the major players in 
the economy, and we don’t want to 
discourage them too much.” 

A new version of South Korea ’s Fair 
Trade Act, passed two weeks before 
the labor law, epitomizes the ambi- 
valence of the government in attempt- 
ing to curb the chaebol while relaxing 
regulations that inhibit them. 

As of 1998, any company in any of 
the 30 largest chaebol will be for- 
bidden from guaranteeing loans to 
companies in the same group totaling 
more than 100 percent of the com- 
pany’s assets. 

That provision represents a seem- 
ingly significant reduction form the 
200 percent ceiling placed previously 
on intra-chaebol loan guarantees. 

The largest chaebol are growing so 
fast, however, that most of the 10 
lai-gest are big enough to be able to 
guarantee almost ail the loans they 
want, according to Kang Hee Bo, an 
adviser to President Kim Young Sam. 


Chaebol leaders, all of them either 
founders or heirs to the founders of the 
groups, fought against the tougher re- 
striction through the Federation of 
Korean Industries, a powerful orga- 
nization of owners. 

"Originally the government sug- 
gested a very radical change.* said 
Gong Byeong Ho. director of the Cen- 
ter for Free Enterprise of the Korean 
Economic Research Institute, an or- 
ganization funded by the owners’ 
group. "The Fair Trade Commission 
suggested the ratio of cross-guarantees 
of credit be reduced to zero percent by 
the year 2001," he said. But the fed- 
eration protested so loudly that the law 
stuck to 100 percent. 

The Fair Trade Commission, a 
watchdog agency that now has the 
status of a government ministry, also 
suggested outlawing the cross-holding 
system under which companies within 
a group, as well as a group's founder 
and heirs, invest in companies in the 
same group. The current ceiling on 

See CHAEBOL, Page. 13 


Conrail Shareholders 
Reject Bid From CSX 


Bloomberg News 

PHILADELPHIA — Conrail Inc. 
shareholders voted down a proposal Fri- 
day that would have allowed CSX Corp. 
to proceed with its takeover of Conrail. 
giving the latest round of a heated 
takeover battle to a rival bidder. Norfolk 
Southern Corp. 

The shareholders rejected a proposal 
that had the support of ConrsuVs board to 
exempt the company from a 
Pennsylvania law banning two-riered of- 
fers such as CSX’s. CSX has offered $93 
billion in cash and stock, while Norfolk 
Southern has made a hostile all-cash bid 
of $10.3 billion. 

At stake is the opportunity to form a 
combination that would dominate rail 
freight traffic in the United States and be 
the largest railroad in North America in 
terms of revenue. 

"This vote is a rejection of the CSX/ 
Conrail deal," said David Goode. Nor- 
folk Southern's chairman and chief ex- 
ecutive. "It is also a strong endorsement 
of Norfolk Southern's better offer." 

But CSX and Conrail said they would 


complete their friendly merger. Con- 
rail’s chairman. David Levan, said 
Conrail planned another shareholder 
vote on the proposed exemption and 
insisted that Conrad's board would not 
accept Norfolk Southern's offer. 

John Snow, chairman of CSX. also 
said the company had no plans to raise 
its bid for Conrail or otherwise alter the 
terms of its agreement. 

“The resolve of the Conrail board 
will not be shaken," Mr. LeVan told 
shareholders at the special meeting. 

Conrail shares closed unchanged at 
$103.50. CSX rose $1.75 to $46.75. 
while Norfolk Southern fell 123 cents, 
to $88,125. 

Conrail did not provide any figures 
on the vote. Mr. Levan speculated that 
shareholders had voted down the ex- 
emption because of a recent offer by 
Norfolk Southern to buy 9.9 percent of 
Conrail Inc.'s shares for $1 15 a share if 
shareholders voted against the proposal. 
That is the maximum amount Norfolk 
Southern can buy without triggering 
Conrad's “poison pill" defenses. 


CURRENCY & INTEREST RATES 


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AOL’s New Prices Lead to Headache 

Flat-Fee, Unlimited-Use Plan Brings Lawsuits and Frustration 


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By Laurence Zuckerman 

New York Tunes Service 

NEW YORK — With its network and 
the patience of its customers strained to 
the limit, America Online has announced 
a series of moves to try to relieve the 
congestion that has led to at least four 
class-action lawsuits and thousands of 
complaints from frustrated consumers. 

The on-line service has been flooded 
with complaints from people around the 
United States who have been unable to 
gain access to the service since it began 
offering unlimited use for $19.95 a 
month in December. 

To help ease the strain. AOL an- 
nounced Thursday that it would suspend 
its television advertising campaign. 
spend an additional $100 million to ex- 
pand the capacity of its network and add 
telephone representatives. 

But even these measures will not re- 
lieve the company’s clogged modems 


until the spring at the earliest, said Bob 
Pittman, the president and chief exec- 
utive of AOL Networks, the unit of 
America Online Inc. that runs the on-line 
service. 

The company has even resorted to ask- 
ing customers not to use the service. In a 
letter posted to subscribers Thursday. 
Sieve Case, the chairman and chief ex- 
ecutive of America Online, said that many 
users were so worried about not being 
able to get on the network that they were 
simply staying on all the time. 

Mr. Pittman said the increase in use 
after the new pricing plan was introduced 
had been greater than expected 

In December, American Online cus- 
tomers logged a record 1 02 million hours 
on line, up from 45 million hours in 
September. 

Many customers use the service as 
pari of their businesses, making the dif- 
ficulty of gaining access to e-mail even 
more critical but also making it harder to 


quit the service. “I’d like to switch, but 
I’ve got my AOL address on my business 
card." said Jean Wyman, an entrepre- 
neur who lives in Los Angeles. 

The company said Thursday that it 
was aware of four class-action suits that 
had been filed against it in California. 
Illinois. New Jersey and New York. 

Last month. America Online reached 
an agreement with 1 9 states promising to 
clarify its new pricing plan and offer 
refunds to consumers who ask to switch 
hack to their old plan before April. 

Despite the many complaints, Amer- 
ica Online said it was still growing. The 
company said it had a net gain of J.2 
million subscribers in the Fourth quarter, 
for a total of more than 8 million. 

A spokesman declined to say how 
many customers the company had been 
losing in recent weeks. 

AOL shares closed at $40.75. down 
62.5 cents. 


V ■*:' -"-"V -V 7 ■ •. ■ 

: V- 1 ; •- • _ 







PAGE 10 


INTERJVATIONAL HERALD TRIBUNE, SATUKBAY-SUNDAY, JANUARY 18 - 19, 1997 


THE AMERICAS 


■ 3V-Year T-Bond Yi&lrf 


Microsoft Earnings Soar 29% 



A S O N O J 
age 1997 


0 A S 0 N D J 

1996 1997 


Exchange fhcfax • 


NYSE . Thepcw 
NYSE S&P500 

NYSE • s&p im 3 
KYSE ■ Composite 
UJS. ' • -v Nasdaq Compos 

AMEX ,- Market Value ' 
Toronto . TSEtndex. -. 
SaoPauto Bovespa 
Mexico Ctly. Balsa 
Buenos Aires Merval 
Santiago- IPSA General 
Caracas ' Capital General 

Source: Bloomberg, Reuters 


Friday' ‘ Prev. & 

does - Close Change 

6833.10 6765.37 , +1.0Q . 

776.17 769.45 40.8? 

762.15 : 754-72 .+Q-S8 

409-31 . 4B&53 ■ ,+093 
im04 “ 1340.09 . +0.67 
586.95 587.36 .+0.44 

6136.80 6103.66 „ *038 
ma3.Bg 76557.00 +1 -26 
3733.68 S7QtM >0:37 
68098 1 686.04. ■ AS.74 
529028 5248.94. .+0.88 

646064 6396.96. +i;i4 


Compile,/ by Qw Staff Fim DSspcoAs 

REDMOND. Washington — 
Microsoft Corp- said Friday that it 
earned a net $741 million in the 
quarter to Dec. 31. up 29 percent 
from a year ago and far exceeding 
analysts' expectations. 

But the company warned of 
slower earnings growth beginning 
in its 1998 financial year. 

Revenue for the quarter, the 
second in die company's fiscal 
year, was $2.68 billion, up from 
$2.2 billion a year ago. 

“The company performed 
solidly in all of our businesses, 
including operating systems, 
desktop applications, enterprise 
software, tools, hardware and con- 
cent," said Mike Brown, chief fi- 
nancial officer. 

But the company said it expec- 
ted earnings growth to slow be- 
ginning in July because of slower 
revenue increases in some of its 
"maturing businesses" and mar- 
gin pressure as it invests in re- 


search and development for the 
Internet and other computer net- 
work products. 

“We are making major invest- 
ments for the future," said Bob 
Herboid, Microsoft's chief oper- 
ating officer 

Microsoft's shares, which 
closed at $87,125 on the Nasdaq 
Stock Market, up $1 . 1 25. fell to as 
low as $85.25 in after-hours trad- 


Revenue in the quarter was lif- 
ted by strong demand for the up- 
dated version of the company's 
Windows NT software and Win- 
dows 95. analysts said. 

Microsoft began shipping in 
August the updated version of 
Windows NT, its network oper- 
ating system software for busi- 
nesses. 

Demand for Windows NT is 
eating into the growing market for 
high-powered computer work sta- 
tions. 

More companies also are turn- 


ing to Windows NT to use with 
computer networks based on In- 
ternet software. Windows NT in- 
cludes free Internet software, atac- 
tic in Microsoft’s battle with 
Netscape Communications Corp. 

Windows 95, a version of the 
Windows operating system intro- 
duced in August 1995, is included 
in nearly all the PCs that are being 
shipped and earns Microsoft rev- 
enue on each new PC sold. 

During the quarter, Microsoft 
also presold 3 million copies of the 
new version of its Office product 
to corporate users. 

Office, a package of database, 
word -processing and spreadsheet 
software, went on sale Thursday in 
stores. 

Microsoft plans to defer about 
30 percent of the revenue from 
Office during the next 12 months, 
which means that the bulk of the 
sales are expected to benefit later 
quarters. (Bloomberg, AP) 


Cheery Profit Reports 
Give Stocks a Big Lift 


InicnuiionaJ Herald Tribune 


Very briefly: 

ADM Settles With Agriculture Dept. 


UAL Employee Ownership Sours 


WASHINGTON (’Bloomberg) — Archer Daniels Midland 
Co. signed an agreement with the Department of Agriculture 
on Friday that allows it to continue doing business with the 
government, under closer supervision, following its guilty 
plea to charges of price fixing charges, the department said. 

The department also announced the suspension of three 
former company executives who face similar price-fixing 
charges from taking part in government contracts. 


The settlement comes after the agribusiness giant pleaded 
guilty in October to charges it fixed prices on lysine, a com- 


ponent of animal feed, and paid a record $100 million, fine. 

• AT&T Corp. has given up hope of re-establishing contact 
with Telstar 401. a satellite that transmitted television pro- 
grams, phone calls and computer data before failing Jan. 1 1. 
Loral Space & Communications Ltd. will likely pay less for 
AT&T Skynet Satellite Services, which the satellite served. 

• Airbus Industrie told US Air Group Inc. it could no longer 
guarantee delivery times for the first of as many as 400 of the 
A-320 airliners the carrier ordered, because it had not yet 
signed 3 firm contract. 

• Equity Residential Properties Trust is buying Wellsford 
Residential Property Trust for $996 million in stock and 
debt 

• The World Trade Organization ruled against Canada's 
bid to protect its magazine industry by taxing Canadian 
editions of U.S. magazines, Canadian newspapers reported. 

• Starwood Lodging Trust and its affiliates will buy the 


New York Times Service 

NEW YORK — When United 
Airlines' pilots led an effort in 1994 
to create one of the nation's largest 
employee-owned companies, the 
buyout was cheered by the Clinton 
administration as a way to preserve 
jobs. 

But rather than establish a new 
model for working together, labor 
and management at United have re- 


verted to a familiar groove. 

On Thursday, United's pilots 


voted down by a 4-to-l margin a 


tentative agreement that called for a 
cumulative wage increase of 10 per- 
cent over four years. The two sides 
will now enter binding arbitration, 
with no possibility of a strike, be- 
cause the pilots’ contract extends 
until 2000. 

Employee ownership arrange- 
ments are often made during a fi- 
nancial crisis at a corporation. But 
once the crucible of crisis gives way 
to recovery, the parties sometimes 
regret concessions they made under 
pressure. 


However the contract vote came 
out, leaders of the Air Line Pilots 
Association at United had warned 
that pilots would no longer try to 
foster a spirit of cooperation at the 
airline. In announcing the vote 
Thursday, union leaders, in a mes- 
sage on a telephone hotline, said the 
results "sent a dear message of 
dissatisfaction. This dissatisfaction 
transcends a mere wage dispute. It is 
also a vote against a business-as- 
usual attitude that has no place in an 
employee-owned company." 


CoapOedbyOurStjffFnrnDhpatdK^ 

NEW YORK — U.S. stocks rose 
Friday, with blue-chips trading in 
record territory, after a spate ofbet- 
ter-than-expected profit reports 
cheered investors. 

“I don't think that there are un- 
realistic earnings expectations in 
general this year," said Graham 
Tanaka, a money manager at Tana- 
ka Capital Management 

The Dow Jones industrial aver- 
age gained 67.73 points to a record 
6,833.10, while gaining issues out- 
numbered decliners by a5-to-3 ratio 
on the New York Stock Exchange. 

The Standard Poor's 500-share 
index rose 6.42 points at 776.17. 

The stability of the bond marke t 
after a batch of strong economic data 
also cheered stock investors. The 
Federal Reserve Board reported that 
industrial production rose 0.8 per- 
cent in December, more than many 
analysts had expected, while the 
overall U.S. trade deficit expanded 
at a slower rate than expected. 

But sentiment that the Bed would 
continue a steady course on interest 
rates helped calm band investors. 
The price of the benchmark 30-year 
issue rose 1/32 point at 95 30/32, 
reducing its yield to 6.82 percent 
from 6.83 percent Thursday. 

“The markets look ahead rather 
than backward," said Alfred E. 
Goldman of A.G. Edwards & Sons. 
“What they think is the economy 
isn’t going to pick up too much 
steam." 

Technology stocks led the mar- 
ket higher after a batch of strong 
earnings reports, led by Ascend 
Communications, which gained 696 
to 75 in very heavy trading. 

The maker of computer-network- 
ing products said it earned 32 emits 


a share in the four* quarter, topping 
analysts’ estimates. Undelivered 
orders were stronger than expected, 
suggesting that, last 
strength will continue m 1997. 

"Ascend’s report knocks down 
the idea that we're going to have 
weak profits this year." said Peter 




US. STOCKS 


DaPuzzo of Cantor, Fitzgerald & 
Co. * ‘Some of the technology stocks 
will probably lead the market up.” 

Electronics for Imaging, a maker 
of connection equipment for digital 
color printing, rose 2!£ 10 91 after 
the company surpassed earnings 
projections for die fourth quarter. 

Cyrix surged 3V4 to 24% after ii 
reported a loss of 23 cents a share for 
the quarter, 8 cents less than die 
consensus forecast. Mellon Bank 
naming s also surpassed forecasts, 
sending its shares up % to 74%. 

Network Qrmputing Devices 
gained 2^: to 12% after the computer 
equipment maker said it would pay 
$1.1 milli on and its insurers $11 *. 
million to settle five securities class- • 
action lawsuits. 

Pepsi was the most actively 
traded stock on the Big Board, 
rising % to 30%, and Coca-Cola 
shop up 1% to 58% as market de- 
mand for soft-drinks companies 
vastly exceeded supply. 

But not all news was good news. 

Uniphase plunged 514 to 4094 after 
the maker of later subsystems and 
other products for telecommunica- 
tions equipmeru reported that sales in 
tiu second quarter fell short of first- 
quarter levels. VLSI Technology fell 
5% to 17% after the chxpmaker re- 
ported a fourth -quarter loss. 

(AP, Reuters, Bloomberg) 


i \ 


DOLLAR: Strong Economic Data and Weak Prospects for Europe Send Currency to New Heights 


Continued from Page 1 


hotel-management concern HEI Hotels LLC and 10 upscale 
hotels that it owns with Prudential Insurance Co. of Amer- 


ica for $439 million in stock, cash and assumed debt. 

• Extended Stay America Inc. agreed to buy Studio Plus 
Hotels Inc. for $290 million in stock. 

• Dayton Hudson Corp. will sell or dose 35 Mervyn’s 
department stores, resulting in a $134 million charge in its 

fourth quarter. Bloomberg, WP. AP. Reuters 


at Deutsche Morgan Grenfell. Help- 
ing to clear a path for the dollar's 
ascent across Europe was pessi- 
mism about the prospects for Ger- 
many, Europe’s biggest economy, 
which faces slowing growth and re- 
cord unemployment 

The dollar closed in New York at 
1.6175 Deutsche marks, up from 
13945 DM on Thursday. 

Analysts said that if anything, the 
Bundesbank now welcomed a 
weaker Deutsche mark for the push 
a cheaper mark could give to Ger- 
man exporters when fiscal policy 
was being tightened. 


"Anything that can deliver growth 
to Europe is welcomed, encouraged 
and desired by European carnal 
banks," said Kit Juckes, currency 
strategist at NatWest Markets. 

Against other major European cur- 
rencies, the picture was similar. The 
dollar finished in New York at 5.4558 


dollars and buying yen whenever the 
dollar currency hit 117 yen. 

Japanese exporters are already 
thriving at these exchange rates, the 
traders noted, and an even cheaper 


French francs, up from 5.3795 francs, 
and at 13996 Swiss francs, un from 


and at 13996 Swiss francs, up from 
13737 francs. The pound was at 
$1.6682. down from $1.6975. 

The dollar closed at 1 17325 yen, 
up from 2 16.625 yen, but traders said 
the yen would have slipped even 
further except for widespread rumors 
that Tokyo had quietly propped up its 
currency in recent days by selling 


FOREIGN EXCHANGE 

rency carries the risk of increas- 


currency carries the risk of increas- 
ing trade tensions with Washington 
while offering relatively tittle in 
economic gains. For the time being, 
market fears chat the Bank of Japan 
will oppose any further slide in the 

S n have checked the dollar's move. 

$200 billion in currency reserves 
makes others reluctant to bet against 
die Japanese central batik. 


The dollar's move against die 
made, on the other hand, comes 
closer to a tool In the first two full 
weeks of this year the dollar has 
risen more than 0.06 DM, or half as 
much as in the previous 12 months. 
The U.S. currency has already 
soared through the 1.60 DM level 
that many forecasters thought was a 
good bet for midyear. 

Some have now notched up their 
dollar expectations to 2.65 DM by 
year-end. Brian Martin, chief cur- 
rency economist at BZW, goes fur- 
ther. He said he thought the dollar 
would test its 1994 highs this year by 
soaring to 1.75 DM. 

Underpinning the doflar’s strength 


is a widening gap between what in- 
vestors are paid for their dollar de- 
posits and what they get for those ^ 
held in other major currencies. Attbe 
beginning of last year. 10-year in- 
terest rates in Germany, for instance, 
stood slightly higher man those in the 
United Stares. By the end of the year. 
U.S. rates had opened a 0.7 per- 
centage point gap — 2 gap that has 
now widened to 0.92 percentage 
point. At the same time, U.S. rates 
me six percentage points above those 
in Japan. 

All things considered, Mr. Juckes 
.said, “It is no surprise that die rest of 
the world is falling over themselves 
to lend money to-the U-S-A..’’ 


ILMih k M WJKfc 


If *ir. ' ’ 


AMEX 

Friday's 4 p.m. Close I »** 

The top 300 mote-active sharec. mem 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


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3 St 11% 11% 11% 

TT: 11 10% 10% -5. 

325 Vn % %, t%, 

X» 48V. 39% 40 * % 

4S2 21* TV,, 2% ♦ % 

383 17 16% 17 

286 9% 9 » * %, 

157 13% 12% 17% - % 

.IfO 14% 16% 16% *% 

1382 4 3% 3% ♦%, 

43« B 21% 71% -% 

(18 6% 8% 1% -% 

■75 8V U 8% a _ 

120 7“ Md 6% _C 

ft/) 39% 38% 39% +% 

1015 471 4% 4% — % 

*7 23% 22% 23% -% 

lB6 7V„ 4% 7 -% 

714 3'4% 3to to 3%,, -% 

Ml 3% W, 2% *% 

647 4%, 4 flu — % 

J'* 

1032 n 72% 23 +'A 

144 TVi, 3% 3% — % 

149 a 2SH 25% 

91 3% »u 3% »V+ 

'3i »% jmI g* -% 

,J63 j 7% 7% — Vu 

1144 5>Vu 8% 8>9u -V„ 

2214 7% 7% 7%, +9„ 

>45 24% 74% M% -% 

154 8% 8% +% 


CbmPosSe 

Irtoutrk+s 

Truss. 


i-noncx 

Nasdaq 


40TAJ *06.12 409J1 +3.19 

517.97 51380 51787 ‘387 
362L70 36082 3SL00 +187 
36145 36785 -184 
36501 361.10 36501 ‘Ml 


Cornposte 

Industrtos 

Banks 

In sutoWB 

Finance 

Trams. 


tot uw Lost On. 
134981 1343-78 134880 ‘784 


115584 US' J* 11K84 
1 307 73 13B3JB 1307J3 ‘1.14 
164169 143489 14*389 *IJ3 
163IW4 7420.92 143044 ‘ 1102 
92(86 91886 921J9 *679 


VLSI 

Wei 

Ascend 

Atonl 

Mtansh* 

SunMics 

Uninhase s 

IniaDv 

Orocwi 

CascOms 

WarMCmi 

ForeSrs s 

Omis 

□seas 

ITS Rabts 


VOL HWi 
190603 22% 
[71135 [45% 
81424 75 , %i 
77242 42 
76909 87% 
74992 ]1% 
72174 42 
70777 12% 
60483 42% 
57X4 60% 
55447 26% 
53657 37% 
53320 17% 
51144 72% 
■CIS! 72% 


Lot a s. 

17% —5% 

144%, +1'%, 
75 ‘4% 

41% -2% 

87% ‘1% 

31% *%• 

40% -5% 

11% -2 
41% ♦% 

60 -■% 
25% -% 

37% -2% 


SOYBEAN WEALICKTO 
100 tors- Option per ion 
Jan 97 544.50 2*JS8 24X40 +IJB 3J96 

Mar 97 237 JO 23180 236J0 9188 38^39 

May 97 0480 23180 133.® +180 *782 

-to 97 Z3340 230.50 233.10 +180 16.957 

Aim 97 236-m 22760 229 JO +180 3865 

Sep 97 723-50 72280 22280 +1.10 2885 

EsJ.soios 20800 Thu's. sales 22J37 
Thu's open int 8X232 off 158 


GOLD (NCMX) 
HOMnitoMlarsPutwa. 
janW isos +140 

t «3 9! 357.10 35580 35640 9140 

Mar 97 357.3B +148 

A« ?7 35980 357J0 35X20 +140 

Jun 97 36180 35940 360J0 +140 

Add 97 3020 36220 36220 +14S 

DtJ 97 36530 +140 

Dec 97 36020 36650 347 JO +140 

Esf.sate* NA Thu's. Ki-s 34851 
Thu'S Open W 201,160 Off 3663 


ekmih 444m. prav.s wee nan 
Prav. open M: 107480 up MM 
EURODOLLARS {CMBiJ 
SI irtMan%4sof IDOact. 

Ml 97 94430 944HJ 94430 +10 12497 

Mu 97 9090 94360 94300 +20 40187) 

Apr 77 94320 94300 943TU +10 1806 

Jun 97 94210 94160 14190 +20 361802 

Morn 93860 93890 91240 +4) 38493 

JimOC S3 Jill 91140 9X180 +40 35,733 

Sep OO 9X150 9X090 9X130 +40 31.154 

Dec 00 91060 938)0 9X050 +40 348» 

Eft. safes 325800 Thu* 6. sales 465432 
Thu'sopffi int 2,184475 off 3*55 

HtfnSN POUND (CMERJ 
48800 pounds, * per pound 
Mar 97 16784 16640 18652 -76 3BJM 

Jun 97 14749 1MB 14664 -76 .1357 

Sep 97 U632 -76 18*7 

Dec 97 1-MOO -76 7 

Etf.s0taf ; KA Thu's. safes 9856 
Thu's open to 41896 up 1229 
CANADIAN DOLLAR (CMSQ 
1M8Q0iMtn.SpsrCdn.dr 
Mar97 J5IB J480 J498 +7 4X110 

jin 97 3548 J530 7541 +7 4002 

5»97 7575 7575 7579 +7 3853 

Dec 97 J6T5 7613 7615 +7 417 

Bt.satss NA Thu'S. sdes 1074Q 
Thu's open to 51,998 off 823 
BERMAN MARK {CMSR} 

12&0BDmert* t per merit 
Mar 97 4299 4215 4223 -74 7X979 

97 4300 4258 4263 -74 5839 

Sm><n 4306 —74 2815 

DSC9T 4350 -74 10 

&L notes NA Thu's, sales 23417 
Thu's atwiht JU51 ip 10(4 
JAPANESE YBI CCMER] 

!X5 irtlkwyaifc * Pd 1 1 Q0 ven 

Mar 97 MM JRaw 8006)1 -49 69857 

Jun 97 808727 JM87IB M®?.* —SO 1.965 

Sep 97 J008S40 ^ «4 

E^sdes NA TWHdo 2MJ9 

Thu's open to 71,983 off 1198 

SIMS FRANC (CMBQ 

UMMOtOAO. 9 per Mie 

Mu 97 7310 7201 721* -101 47818 

JUT 97 7334 TD0 7279 —104 1804 

SW97 _ 7349 -737 1883 

EsLKdn NA Thu'S. SOfe* 1289) 

Thu's open to 51,126 off 2497 

SSf if BE » :asi2i^ 


14% -% 

72% *r4 


SOYBEAN (ML (CBOT) 

40800 *»- iMm nr life Bn. 

JOT 97 3420 2486 24.14 -0.13 2856 

Mur 97 3440 2475 2646 —0.11 49.S4 

Mov 97 3446 2471 2479 -0.12 17431 

JW97 25.15 2583 25.14 -089 U8M 

AU097 2529 25.18 2523 -0.11 2474 

Seft 97 2540 2580 2583 -0.10 2438 

Est safes 19800 Thu*i safes TUB 
Thu's open to 924)2 off 1121 


AMEX 

Hbfe low Last On. 

58929 58445 SW.9S -IS/ 

Daw Jones Bond 


30 Bonds 
10 utffi«es 
10 industrials 


Ouse CDs- 

10X48 +0.18 

10042 +083 

104J3 +082 


XCL Ltd 

A/raM 

SPDR 

HantoB 

Cdnoca* 

Vtatfi 

Audwjx 

Harken 

DirtHd 

FsffadAn 


VsL HWi 
22916 v H 
20517 11% 
14898 77% 
10413 V„ 
non 18% 

8864 34% 
8679 7% 
aiJ? J15. 

7803 9% 

7534 14% 


LOW Lost on. 

% %i +V B 
I»% IH6 — % 
77%, 77Vn +'V 0 

^ +* 

34% 34% 

*«V» 7% —V. 

3% 3% 

8 % I9l +3 
11% 14% -% 


SOYBEANS (Cam 
S400 bu Mnknum- daapn per butnal 
Jan 97 746% 742 746 -081% 1463 

Mar 77 749 743 74816 72473 

Mov 97 7M* 748 748 31481 

JUI97 748% 743% 7M 3M61 

Aug 97 7 43% 740 748 -441 4432 

Est.sdU 45400 Thin. sates 49,957 
Thu'S open to 157.787 up 1162 


10 GRADE COPPER (HOMUQ 
AffWIw.- null mriri 
Jan 97 lWiS 10831 KUO -OJO 

FW97 187 JO 106 Jit HDDS +045 

Mir 97 10740 1053) 10545 +045 

Apr 97 10440 10440 104.18 

Mov 97 UUO 10140 WL65 -045 

Jun 97 10145 — 045 

JUI97 10140 10031 IDO-55 -0.15 

AU097 99 JO 9940 99J5 -0.15 

Sop 97 9180 9X50 98.95 -0.15 

Ea. safes NA Thu'S, safes B41B 
Thu's open to 56499 off 32 


7 % — % 
2S% -% 
3% *V« 


Trading Activity 
NYSE 


Nasdaq 


231 7*i 

238 IJh 
SM t»„ 
301 38 

NS 23te 
7S0 IV,, 

& 

37? 9% 

1433 % 

114* 7% 

*11 17 


170 17'A 

336 8% 

2247 9 

W 

m 11% 

7S34 14% 

188* 32% 
325 3V, 

M *W 
187 15% 
199 15% 
*29 WS 
91 3i»„ 
451 *>U„ 

UO )3ft 
27 SB 39% 
3Q 34 
154 18 

12 * l+i, 
84*1 1% 

43) IS 
493 14 
150 1'V, 
471 1 7% 

171 17% 

4061 5 

106 9% 

187 5% 

159 18 

94 t* 
2049 ‘V, 

UH1] v H 
BIJT 3 -v h 
10*7 J«% 

(76 y.-„ 

113 1% 
7683 rv„ 
i9 yv H 
125 19 

P65 9v- 

ID 16% 
IDO Hi 
l« 7»* 
101 10% 
(110 17% 

40 7% 

731 Vi/,, 
191 TJ’y 
«1 15% 

5+8 *9 
9* 3% 


Hi -V. 
8% -7 

% "± 

17% *% 

-% 

Tm — 

— 1 \ 

'k ^S5 

18% -1? 

TZV — % 
17% -% 

8% -% 

SV, 

**|, -% 
J/% - % 

3V* _ 

». - 

iS -* 

15% 

9% 

1 % -% 

4% 

13% -% 
»% -2% 
34 


17% 

3% -V, 
l’V, -h u 


149. • % 

It -% 


l%i* ‘'fii 
17% -to 


I7+, — % 
4% •■/„ 

9% -W 
5%, —I'm 
17% ■% 

VS : 

39% 

3> 

1% ■%, 


{Hr — % 
UW -% 
9 -V. 

1 6% -’.I 
IV, -V„ 
TV., ■% 


73% ■% 

15% • vi 

49 % % 

Jv., ■ % 


gawnte 

RayrtOa 

SgaaPet* 

5§venn+fB 

VWODl 

SManBk 

S«as 

Servlaa 

snefldMo 

SFMId 

Stamen 

StaMaus 

StFVtoA 

StraOno 

SupSIAttllS 

Sidcus 

S^rmlno 

TenPrd 

T«Dta 

TuOafeh 

Te»Biwt 

TmMar 

Thermeo 

ThrrnBlan 

ThCws 

TmECPS 

ThrCtre 

Thrfiorrt 

Throw 

ThrOrntn 

Thrp,P*r 

TItSpiicj 

mvai* 

Thmnetso 

Thmaa n 

Thnnoni 

TopSt* 

Tbffto 

TownCr» 

TWA W* 
TWA 

Tre«M*dn 

Tftrtfeeh 

TuBMev 

USFGP 

UTlEng 

Uni lab 

Unim' 

USBWwt 

US&OKK 

US Cto 

■Jororn 

Wocff 

VhXMlC 

VrttoCB 

VAtoVC 

WRIT 

Webwrtd 

W1RET 

WhtonEl 

wiwiTc 

WmrtsTi 
WES Bern 
WEBCvix 
WEB nan 
WEB Jon n 
WEB Me, n 
XCL Ud 
X'/tran 


i k $ ,$ ES 

,901 ,S% 4% 4i* u -i*. 

'p ss « ’S% ^ 

s a. r C = 

lion •* 

si 19% 19% 19% _% 

«0 »% 32 32% -% 

« ft ft SS 3; 

w n% a% 2a% -1% 


Advanced 

DedkMd 

IhKJmuM 

TEMbSMB 

NnrHHfes 

New Laws 


One 

Prev. 


Owe 

taw. 

15*9 

1354 

AiMMcad 

2715 

2015 

967 

11 U 

DaCBnM 

ia» 

1985 

BU 

833 

unenmea 

140 

1704 

3364 

3372 

Total Issue* 

5736 

5724 

hi 

770 

NawHlgtre 

221 

231 

M 

19 

New Laws 

9 

48 


WHEAT (CBOT) 

SAOPDu m tom um- dollars per Pushfe 
Mar 97 108% 179% 3J0% -006*2X863 
May 97 370 166 X66V, —004% 8J79 

J0197 155 150% 152% -002% 21357 

Sep 97 3J6% 153% 155% -002% U1B 
Est. sales 11000 Thu's, safes 17455 
Thu’s open to 42.712 up 950 


SR.VB* (NCU9Q 

1000 irsv az.- cants par mv az. 

Jan 97 4743 +13 

Reb«7 47 S3 +12 

Mcr?7 481 J) 4715 4772 +32 

MOV 97 4852 47VJ 4817 +12 

JUST ms 4842 4863 +17 

5«P 97 491 J1 +12 

Dec 97 SXU 4982 498.1 +32 

Jan9f 5007 +12 

safes NA Thu's, sate 11710 
Thu's opan W 91922 up 320 


Live stock 


Market Sales 


Advanced 
Dsdlnea 
Unchanaad 
Tow Hsues 
NawhWv 
New Low* 


305 277 

236 3*2 

194 188 

735 727 

43 34 

3 10 


NYSE 

Arne* 

Nasdaq 

Mmttkm. 


S3&44 63823 

2161 3041 

63129 *12-97 


cattle icmerj 

4(U«W«re.. owifz oar b. 

Fell 97 65J0 6525 6560 -0.12 

Apr 97 6645 66-12 6625 

JVT97 ASM 6143 6372 

Aug 97 64.10 6375 6405 +020 

Od 97 6670 6625 6670 +025 

DecW 6825 68.D0 6U0 ‘023 

Est. solas 8.100 Ttairs. solas 11407 
Thu's open to 95473 off 741 


HATMM (NMER) 

50 am ao.- SMcn pv nw ra. 

Jo»2 3070 +A3P 

AR-97 36620 3*4.10 36520 +170 

MM 3*7.10 3*7.10 3*7 JJ +070 

DctW 3?a» +070 

Jcn98 Sim +070 

Eri.sata* HA Thu's, SOSes 843 
Thu's open to 25471 Up » 


LONDO N METALSUHE) Pw,fau • 

Ootara par metric ton 

Spe4 1579% 1580% 

FOfttWri I6IIJXJ J61ZJJ0 T6T1JM 151100 


JjO *f* 6% 4% '% 

JT% ,7% 1,5 * 

3? }f% ift ‘’i 

«■ i k *s: -p2* 
ft % % Yo5? 

S ,>> 1% m ~'l 

M »1H 11% 11% *% 

*44 J l«u )>U H 

Irt 7V« 7 7vU _ 

™ 6% « 4% 

TO 9% *»■ -v,, 

IB* 35’/. 35% -% 

2539 5»u 4K„ 5 . U, 

,27 ,1 , '».» +V U 

'S ]£• ,4 » — % 

K l»% ‘% 

1L -% 

IO 38% » .Vk 

S 1BI 15 15 '1* -V» 

ISO 9% 9% 9% 

ISO 3 3 3 

1103 33% 31% 33% +% 

W [J'* it** un _* 

20 8+4 8% BVi — M, 

Ite 14% 14% 14% 

I® »» 7216 W* -fe 

1*18 17% 16% 17% .% 

5 JJJ* 14% 14% •% 

139 39% 3B% 78% _% 

157 3Vi, Ji,,. J!/„ „v„ 

ia 10% 10* iW - 

357 Vi, % % _ 

a» 3% 3% 3% - V11 

*« 8’ Vi. 6% 6V„ .% 

I7J 4'V m 4U 4'V„ _tf u 

»u 17% i*% iri .% 

18% 18% 10% .% 

W 34% 33% 33% -* 

m +, -a. v, _% 

M 6% 5% 6 •% 

I9W 17% r*% 14% _% 

123 IT 1 * V 

844 34% n% 34 

MM M+4 M',i ]|% 

154 "z "u v h 

791 1V„ I ■* |V H _ 

704 l"'i» lv„ |v„ . % 

553 19% 11% i|% _% 

84 5% Wu S% ■ Vu 

1313 13% 13% 13% .% 

1(6 5% 5% 5% — % 

504 % U ■ % 

IP 11% 10% II',. .% 

1S>Vu «'>% 15"% -% 
.19 13% ir+u IJVu -V,, 

712 l**V„ 16% l*'V,, 

239 17V* 11% lJVi, 

13* IFV„ 12% 19* v H ■ */„ 

37«r* V» • '<11 

14( 1'%, 1’j 1% -V., 


Dividends 

Company 


Per Anil Rec Pay 


Per Amt Rec Pay 


IRRE10ULAR 

Caldwell Partners - JJ55 

Cascade Bncp - mi 

WrnWo&wIa . J/12S 


3-4 2-14 
1-22 1-29 
1-31 MS 


WtbWoG a* C o m 2)125 1-31 M5 

STOCK SPUT 
HMfehSeutti Cp 2 tor 1 spat. 

Sovereign Bixp 6 tar 5 son. 

INCREASED 

Canwrico Inc Q -43 3-15 4-1 

Now ScoHa Pwro 0 20H 1-31 2-14 

HuyfflBcstllsPAA - -IS 1-3D 2-14 

Royal BestirsPAB. Q .138 1-W 2-1* 

SPECIAL 

BfcSlti Carolina - SO 1-31 2-27 

Comeretaiw BK - -0^ '-31 2-lA 

Mkmwove Filter - as 2-3 2-iB 

Research ine - - 20 M 

REDUCED 

FhttUiy Fea Bncp Q -10 3-3 4-7 

YEAREMD 

FatMeromtlfeg - X«t 1-31 2-T4 

INITIAL 

Freautwt venture - -11 3-3> 3-10 


REGULAR 

Applied industi O ,16 

BuHUipmn Res Q .1375 

CT Wafer 0 M 

CWtfenden Carp O 20 

ComSol Cora a .195 

Dresser JndusJ 0 .17 

German Amer Q 71 

Harbalffe imt 0 .15 

KnepeVOgt K o .165 

TCnopeVogl B, a .15 

Legs Mason Q .13 

Mopnii Boncora 0 .15 


Ohio volley BA 
PIMCO Aavb LP, 0 4 7 

Peoples Bk CT, Q 2} 

Pendn Elmer O .17 

Prime RetflO O 495 

Provldenca Engy O 47 

S« Fed Bancorp Q jo 

Temptewjn Gta Gv M jOS 

Time Warner Jnc Q 

Transom income M .16 

Wilmington Tr o 43 

ywtiFntl O .15 


2- 14 2-28 

3- 14 4-1 

2-28 3-M 

1- 31 2-14 

2- 14 3-10 
30 3-20 

1- 25 1-31 

2- 5 2-12 

2- 14 3-7 

2-14 3-7 

3- 7 4.7 

1-27 2. 11 

1- 27 2-10 
log 2-15 
IO) 2-14 

3-3 4-1 

2-3 2-15 

2- 5 7-14 

2- 14 2-28 
1-31 2-14 

3- 3 3-17 
1-31 2-15 

2-3 2-17 
1O0 2-J4 


FEEDER CATTLE (CMS*) 

SIMM Bw,- eanti Mr to 
Jon 97 69.17 6BA5 0-07 +M2 

Ma-97 W-05 6137 6X97 +037 

ABT97 69-25 6870 0.15 +120 

Mov 97 045 020 .035 +X23 

Aug 77 72.10 71 AS 1 7JJK — MS 

Sep 97 7U& 7I.E3 72-05 -003 

Est. SOfeS UJ43 WlStt 1744 
nu'saeento 17,05 10 TZT 


246100 246700 242200 242700 
2SSZB0 225300 225000 225200 


regb low ooss enga Opint ^ 

pK57 7AB 7647 7*70 -M6 10,143 
Morn VM 7745 7748 -US 511 
Est sates NA TtuTsta 6314 
Thu's opan to 0051 up 336 

HEATING 00. (NMER) 

AUW tod- cents ear ate 
F«b97 035 60>' 6SA0 -133 3X6U 

Mar 97 6BJS 67 JU 67JB -123 2V499 

Apr 77 6130 MJO 6440 -4J3 14753 r 

Mav»7 6745 <1.90 6270 -073 5495 4P‘. 

A*l77 *00 048 60X0 -033 6390 V .■* 

M77 SJO SJO »J0 -ft4J 1593 

AmW 005 SfJO 0 40 +007 1970 

Sep 97 *028 SUB 6020 +S.57 UT2 : 


Oct 97 6U0 <040 *00 +OJ7 1468 

Dec 97 61 JO 60-65 61 JT. +017 4,188 

g.safes NA Thu's. safes 30863 
Thu's open to 104JMB off 383 

U0HT SWEET OHJDE (NMBO 

1 .080 ML- data's per bbL 

Feh 77 2185 2195 7X35 -017 48435 

P'S ,4 5 105 *- wi 

*0 97 2175 220J 21® -4137 36,735 

Mur 97 2X0 2X37 2137 -034 21,067 

Jun 77 2X15 22JD VM ~U7 31®* 

JU197 2262 2240 22.4(3 -ft28 11484 

SwW 21-5 TL® 21 JO -OM MOB 

N»*ff 2148 21 JB 21« -00* 8647 

fW M-M KJ2 MJ0 ‘DJ» HIM 

J®™ ®S B u *044 1L5U 

«9B 38^ 2038 2038 +001 7J65 

gri. sides NA Thu's, sales 111,141 

Thu's open Int 3S3J96 on srs^t 

NATURAL GAS (NMBO 
10008 mm Mu's, S par mm Mi 
SHE 3J0J X0B0 3J20 -121 *5,934 

2« 1820 •-» »J17 

***? 2370 2645 -78 MS79 

M°V” 100 1190 U» -ffl 11,912 

Jun 97 2J00 1130 2J0B —30 060 

un 1115 1165 -40 01U 

AW97 1170 1120 110 _3B 1984 

SOP 97 1180 1120 2150 IS LT79 

Oct 97 1180 1140 1150 7436 

Jtorw 1MJ U« 2J70 -25 4^6 

Oec97 im 2360 2390 -JS 7J9P 

^.steas NA Thj's.Hfes 40,117 
Thu’s open to 160JU up 10 

UNLEADEOeASOUNE (NMBt) 

42004 tod- OBrrts par ate 

FCD97 0JS 67 JO *474 _n*j 2X456 

«j» -okSS 

Apr 97 fBJS S9M TDJi — C_50 U65B 

MOV 97 70S 0JO 040 I«S X0B 

Jun 77 M 0 68JS 040 *048 AT3* 

OfjS JW +8S 1118 . 

EtLsofet NA Thus. sates 2X735 _*. 

Thu's open to 68447 wen 0 

GASOIL OPO 

uj. danan pw metric Ion -ksuof 100 tom 


217-00 21X25 215J5 -340 25,788 


spat 70400 70540 <9940 70040 

Fo r went 7123, 71340 70840 70940 


ii S SS^BnK 


j^wnib 


— OJH M<62d 


soot 725040 726040 732040 733040 

Forwent 736540 735X07 741540 742040 


raw i&nn 1S-S * uu 

KR IKS KSttS^S zm 

Est. safes 1*539. Open InL: 67628 up 136 

BRJOrrOILOPE) 

V"S 7*171 


599040 600040 593040 594040 
604540 605000 598040 599040 


HOGS-Ltaa (CMHU 
4)400 fes* cams parte. 

Feb 97 7625 76*5 7X75 -055 

Apr 77 7X00 7457 7467 -040 

JUn 97 7BJS 7121 7842 -023 

Jut 97 7625 75.90 7620 -115 

Alia 97 7X70 7120 7X62 -tU3 

00*7 <670 6645 6652 -OJS 

EsLstees X7D2 Ws-safes 8426 
Thu's mn to 3<4S* off 01 


1096 % 1097 % 
Fatword 113 X 00 113440 732840 3778 % 


Mflh LOW Close Oiga OpM 


3' ^ ^ If z85 Sm 

W S2 SB Ml 

Mor77 9lffl 9XS7 9141 + 642 


Financial 


ftZ £3 =456 22451 

?■" 21JS 21J3 —030 11915 

S' 64 21 ' 46 2145 IflS 17J04 

21-25 2140 20.95 -JIM 11,760 

a0iS 30J7 —026 1821 

fSS 25^0 20J0 20L22 —043 UU 

]*41 1941 1942 —0.18 1747 

FS*i98 19A5 1VJJ0 1946 —0.18 MS I 


PORK BELLOS (CMBt) 
a*- owes parte. 

Fes 97 7X40 7440 7630 -067 3471 

Mar 97 7X48 7430 7640 —075 I.1U 

MOT 97 76.15 7675 7X17 -043 143* 

JU177 7680 7625 7195 -048 4K 

AuQ97 7X50 7105 7107 -041 371 

EsI. sates 1438 Thu’s, safes Xlfl 
Thu'S open Int 7417 up 7 


UST. B1XJ (CMERJ 
SI mtean- ptaoflBOpO. 

Mar 97 969! 9691 9692 +043 6744 

Jun 97 9676 «/5 967* +40 19* 

Sep 97 9657 ‘OJH 304 

EH. safes HA Thu's, sates 117 
Thu's open M 840 off 010 


Mor97 91C 9161 +64! 

JuteU 9137 9X36 UOto 

H E ^ ^ : P ss 

® e« is sSlSSS 

7.976 




o-anuuto thapomfenati maust par 
MacrADIfc o-poyaUi In CanodMt Amtv 
nMDoalMy; q^oarfertir s^milHnewd 


5 YR. TREASURY (CBOT) 

flMMOprin. pn a xMz or inper 

Mor 97 M6-0? T0W2S 105-07 + MS 121,187 

Jun 77 vu+«o 105.J7 105-305 + 045 7.99S 

easofes na Thu's. stew sww 

Thu’s open bit 179,182 Up 2770 


MBI99 nsa 12J3 nS* uS 

^ W P ^ 

SWW 92M 9ZJ9 9243 * Q m 

WtJ9 Sim 9U4 run ' 


safe* 40,738. Open W-1 56,753 up 




I* »jw i Pw. safes 209,987 

PT9», open SSL’ 421J36 up 1JJ77 


Stock Tables Explained 

Sola figures in unofllctaL Vtoty Wghs and laws refled the previous 53 weeks plus the auwnl 
wertcbt4 twite We st t ta tflngitav- Whema apgt or stack i8vteferdornoun Sng lo TSperori or rnore 
Ms heal pntt the pws high-few empeand dividend are shown far the new slocks any. Unless 
otherwise noted, rales of dWdends ihb anraiol dfchunemenJs based an the kdesJ dedotofen. 
a - aivtdend aba extra (s). 0 - annual rale of oteWend plus sioca dividend, s - liquidating 
dividend, ec ■ PE woeds V>jM - artted. d ■ new yeariy tow. dd ■ loss in Ihe lost 12 months, 
e ■ dividend daaated or paid in preceding 12 monttix f ■ annual rate. Increased on last 
rioclorafian. - dtvfdmd in Canadian fundi sirafect to J S% norwwJd>mee fax. i - dividend 
declared offer spttt-up or stoCh dividend. | - dividend paid tnb war, omitted, deterred, or no 
action taken ot latest dividend meeting, k - dividend declared or paid this year, an 
accumulative issue with dividends In arrears, m - annual rate, reduced on lost deda ration, 
n • mw issue In the posl 52 weeks. The Mgft-low range begins wtm me start of trading, 
nd^ - ne*r day deffvery. o - InWerl dWderrt, annual nr» unknown. P/E - pnaxarr*igs rattt 
q - rdosMhend mutual fund, r - Avidetul dedored or paid m preceding 1 2 months, phn stock 
dividend- s • stock, split. Dividend begins wBn date at split. U* - sales, t- dhridend paid in 
stock in preceding 12 months, estimnted cash vataeonex^kridend orwtflstrimrrion date, 
u - now ywity Ngh. *• trading halted, vl - in bonknipleyw recefverehio or betag reoQonlred 

under Itw Bankntplc/ Act. v securtHffs assumed by such comparfez. ml- when aafribtrteel. 
wi ■ when issued/ wvr . with wommts. x ■ « -dividend at er-rigmv nSs - u-dtstribution 
kw - without warrants, y «■ dividend and safes m hilL ytd - yieta. z - safes in full. 


CO00A (HOB) 


10 mtertc Iona, t otr ion 




MB-97 

1345 

1320 

1338 


3749* 

MOT 97 

1378 

055 

13*4 


19.153 

JUI97 

1 W 

1310 

1305 

+2 

1143* 

50i97 

1408 

140 

1404 

*7 

7231 

DeC 97 

1426 

1417 

1434 

‘4 

M79 


11 YR. TREASURY (COT0 
nggjMprfe. ph xaandste ino net 
MO-97 188*17 10848 108*13 + 05 327438 

Jun 97 1B7-M 10.23 W-27 + 0 * I W0 

Stp97 107*13 IP-10 10-11 * 05 510 

Est. safes 70400 Thu's, soles 11X747 
Thu*sapento 3 *BSM uo 793 


Est. safes 690 Thu's, safes M9i 
Wsa oHito 8X770 vp 26) 


COFPffiCftiCSE) 

jUNto- ctoihptote. 

Mar 97 I26B 12X60 12600 -0J5 21,923 

Mov 97 121 40 12040 U5L45 *X» I4H 

JU97 11X7J 117.99 117J0 -0.70 3427 

Sap 97 11X78 11X00 11135 M.15 2408 

ESLicfes UH Wvstees 9480 
Thu's open tnr 37443 lip M7 


US TREASURY BONOS KBOn 
« aw-siCttOBMHs s. xnaiat r« pcti 
Mir 97 111*06 110*18 1)0-30 t V 4774)6 
Jun 97 119-21 11M3 118-15 + 08 2X390 
5 bp 97UM1 1KMB IKWfl + 08 X47B 
Dec 97 109-17 + 08 3453 

Bf. safes NA Thu’s soles *12.175 
Thu's tsmM 51249* up 14287 


rauNDOiFno 


SUGAR- WORLD II (NCSS) 

1 izjoo tea- tonis pw te. 

Mffl-97 1044 I Oja 1Q5Z -445 47401 

May 97 100 1060 1841 —0.05 3X823 

JU10 1045 1055 1056 — 045 2X984 

Od97 1047 100 10.60 -OBJ 1X15* 

Esr.iteas 11,176 Tlx/s. safes 124V 
Ttzr'sootn W 15149 up 330 


H2? 1S1-S loui —077 mm 

Ju"97 14056 18046 10046 —047 ilW 

tai'SS &1-776 

™,opmhL Z3X901 up 1723 


MHMTHNWR 

Ijslf Sss ass as 

esasss-ftn 

US ♦SSjisSI 

Jwi 99 9548 9X37 9X37-001 SJM 
Sep 99 9X12 9549 9X11 -Ml 
Dec 99 9685 9445 9484 +OQ 0 m 
ME* vahmr. 3840X Open ltd; 247 M up 

2440 NTH EDROURA QJFK9 
1TL1 adfcn- pfepflfepct 
Ato97 B145 OJt 9X£7 + 047 Mac* 
JUI97 9443 9X92 9440 + 044 6ifl? 
Sep97 «l W) Ml +004 30Q4 
Dac97 9646 9440 96*4 t OM 

Attefe 9646 9641 9617 +004 Sffl 
JteM 9644 - 9634 9644 + 045 6*01 


Slock- Indexes 

ayCOMP.lTCXfCMBe) 

aOAktem 

jISSw TtoiS'JSa 25* +14510441 

AinW 788L80 TtOJO Taton ,cat mm* 

WKif ” 




n 


Gl WV 

u “ 




j 5 » 97 itSo 




Est item 2X18X Pm. ufeL 4229* 

Pm.PBaBkfc m+49 up 6*46 

Industrials ' 

CDTTQNKNCTN) 
guuoju.- enm par is. 

AtarJ? 7428 719B 7440 -4LU wa, 

MW *7 7X0 7SA4 7S44 Zjj gS 

JU97 7445 7440 7458 Irm rJj 

Oat 7 Hm 7iM 7478 1^25 [^4 


LONG GILT CUFFS) 

+ 048 141 131 

lun97 I IMS 110-14 110-15 - 049 2W 


Err JOfe* 67271. Prev, Item 130497 
Pfft. 0064 ML 141J5B up 11477 


417 .^' whnn8:a «‘lS2.0pen hit: 40440 up 


CommodRy indexes 


n 

W-Furares 


Prevtous 
, NA- • 1*4740 

1 . 91 MB 
151X52 1*0.93 

24148 24X50 




I 






U\; jJV j- r/.S? 



INTERNATIONAL rat A LP TRIBUNE, SATURDAY- SUNDAY. JANUARY 18 - 19, 1997 

- “ EUROPE 


PAGE 11 


Guinness Buys Back 
2 . 3 % of Its Shares 
As tVMH Cuts Stake 




New Blow at Morgan Grenfell 

Firm’s Top Fund Manager Resigns and Vows to Sue 

cr^ho-Wf™**** 1 " at her home in London. But in ating 90,000 m v esto r sforlosse^s. 

uStr*SI“S: SSSSBBXd S® 

plamwd any^ mass defection from Yclg incident 


Frankfurt 

DAX 

2950 

2850 

2750 , 

■ 2650 '/ 
2550/V 
2450 « cr 


commercial relationship.” The sale fell Asset Management over al- Grenf^ 5 and termed the had not been able to halt a decline in exc&ango 

was announced, a week after LVMH legations that she had med to Morgan comranv since the ^ 


PARIS — LVMH Moet Hen- was announced a week after LVMH legations that she had tried to f ^ company's senior morale at the company since the 

nessy Louis Viritton SA sold one- concluded its purchase of 58,75 per- recruit as many as 20 colleagues to “despicable" dismissals of tire five executives, 

thurdof its stake in Guinness PLC on cent of DFS Group Ltd. a U.S.- move to anote congaty. *** suspension and One of them was Keith Percy, chief 

Friday, and Guinness said a short based operator of duty-free shops Teamed, tta tank said resignation had come only a week executive of Morgan Grenfell Asset 

nme later that it had bought back 2.3 that is the world’s largest distributor ' 35i rSlwS Q^ive of Mor- Management, 

percent of its shares outstanding. of luxuy products. helped douUe Morgsm Gra^U s MtWtm » m? Horlick said she met last 

The two transactions were carried A representative of LVMH said P^ 0 "^ moted her to’try to keep her from week with five fund managers who 

out at a price of 414 pence ($6.93) a the sak would finance pan of die to£18billion ($30billiOT^and™ mow ner ■ u> uy F ^ ^ ^ planned to leave the 

share. LVMH, which owned 19.9 $2.47 billion purchase of the DFS one of the The 8 incident rocked Morgan company unless she was given 

percent of Guinness, raised about stake. She said the decision to sell man ?6“* “ . Grenfell iust as it was recovering more authority. On Friday, she said, 

£560 million, while Guinness spent part ofthe Guinness stake reflected a ^1.. »nd from a scandal involving its top the new chief executive. Mr. Smith, 

£18Z2 million on its share buybS. stoft in UVMH’s outlook. . SSSn SS ftm^iager. It ako sent a 

LVMH said it intended to retain "It's a little more DFS, a little in interview shudder through the £700 billion director and told herwhat her bonus 

its remaining holding in Guinness less Guinness,” she said. FwSinp Standard news- British pension industry by raising for the year would be. 

and tiiat the two companies intended LVMH shares rose 33 percent in iSiS facing questioMaSout the stability of the Ms- Horlick 

to puraue development of tfaeir ^ &J^5SSS3 Janies ft. managed - 


Jcfurt London rm 

FTSE10Q Index QAC40 

/ 4500 2500 

4 W 2390 J 

.4180 J 2280 M 

4020 A i\T • 2170 W 
38 ®/ V 2060 / 

asondj 31 asondj 1950 ?o^ on ? 9 w 

1996 1997 1998 1997 1986 1M7 

anoe index ***** r.JSL 


out at a pnce of 414 pence ($6.93) a the sale would finance part of tire 
share. LVMH, which owned 19.9 $2.47 billion purchase of the DFS 
percent of Guinness, raised about stake. She said the decision to sell 
£560 million, while Guinness spent part ofthe Guinness stake reflected a 
£1822 million on its share buyback, shift in UVMH’s outlook. 

LVMH said it intended to retain “It's a little more DFS, a little 
its remaining holding in G uinness less Guinness," she said, 
and that the two companies intended LVMH shares rose 33 percent in 
to ‘‘pursue development of their Paris to close at 1351 francs 

— — : ($28827), up 49. In London, Guin- 

r ^ ness fell 4 pence to 432. 

Low- Country firms ^ ^ is ^second in a 

•/ year for Guinness, which has said u 

Join Airbus Project 

, W^^hwh^GordM’sgm 

! dadtc . - . f . . and tile dark beer that .bears its name 

PARIS — Airbus lndusme rather ^ ^ dicin g acquisitions, 
signed up its first partners Fnday for of its strategy, the company has 
the European consortium's project isto return rash to shareholders 
to build an aircraft big enough to buybacks and dividends, 

challenge Boeing Co.’s dominance ^ company said it would cancel 

in large-capacity commercial jets, die shares and that the purchase 
Airbus said it had signed memor- wou id enhance earnings, 
andums of understanding with Be- A spokesman for Guinness, Chris 

(airbus of Belgium and Fokker Avi- D av jdson, said that under stodt ex- 
ation, a unit of the Dutch rhan gf- rules, the shares had to be 
engineering company Stork NV, on bought on the market rather than 
die study phase of the A-3XX su- directly from LVMH. 
perjumbo jet project The two companies forged a com- 

The memorandums are expected mercial partnership in the 1980s and 
to lead to an agreement that would followed it up with cross-sharehold- 
total about $2 bQlion in business for fogg that left Guinness with a 34 
Fokker and Belairbus, the censor- percent stake in Moet Hehnessy. 
hum said. The two companies will But the allianc e began to weaken 
be risk-sharing partners, it said. as the gap between the profitability 
Airbus said it was holding talks of the drinks and luxury goods in- 
with other aerospace companies to dustries widened. 


let them beat me.” mt ^s a very difficult situation,” morning, she was told she tad 

dS"? ■= -us 

SSZL*£r 2 T 2 *lS£ Very briefly: 

AMRO, a Dutch bank that has been woisttogfOTMo^Grerfellis ^ conducting an 1 


Amsterdam SOE 
Brussels * BEL-29 

FiaaMurt PAX 
Copenhagen Slock Market 
HgbrinM „■ ,• HEXOaneral . 

S&p- QBX,; ■ ■■ 
London ' s ,yTSE 100 • 
Madrid . Stock Exchange 
j «an • . * WBra. • ~~ 

Paris ' ' CAP 40, - 
s aocktKgm : SX is * 
Vienna . ‘AIX .- • 
■Zurich -' i -SK\ '• 

Source: Tele fairs 


Close Close Change 
$7008 ■ 669.SS +0.08 

2J0Q6.79 1.998.56 

3 jBM 37 a^ 9 S -31 ‘ 
liBG&i 507.99 -d 2 ? 
2.704.78 Z707^3 -OM 
56437 . 564.90 -001 

4,207.70 4,197.50 * 02 * 
474,75 . 46732 , 
12^0430 .19,073.00 
2^4K.1P 2,407.77- 

zps&aa &eaa2a 4040 
■ 1.167JB 1.16734 
2379.16 2,588.85 *&40 

InfenuliHui Herald Tribune 


^ OT In^tolw! , five^ra^ Mcigfln 

SCfSSSS ssass BSSBiisaMB 

to comment on whether it tad ° Mm^GrenfeU who could inspire maceuticals. 

talked with Ms. Horhck. ; Si«^nLssed teamof fund manner s to try 10 • Volvo AB’s truck sales fell 17 percent last year, to 63,682 

A g»kesmgi for Deuecta havinf outperform thefr^n^tors. because of shrinking markets in North and South America. 

Bank, Ftellmut Hartmann, said Ms. m Sq^tartOT^vmg graduating from Oxford c ■„ * »■_ chie f executive. Leif Oestling, said the Euro- 

mror^^fittti^A securities in ffiunds he managed. University in 1984, she spenuev- lnjck market might shrink as much as 5 percent tiUsyear 

DeSscta Bank has spent £400 mil- en years witii Mercury 1996, partly because of a drop in sales in France in the 

iSm* the unliSd securities ageraent before movmg to Morgan of^rikes by truckers. 


anon, a umi 01 uk jl/uiui chance rules, tne snares naa 10 uc i london also aecunea 10 comniau. u .•r 6 , 1 j j " _fp.ii — ’ . . . ^i^cinn mill 

engineering company Stork NV, on bought on the market rather than Ms. Horlick did not answer calls back from the funds and compens- . Mercedes-Benz AG s rammer^- vehicle s rige 

the^Sy^iaserfthe A-3XX su- dkStefiom'LVMH. ■ — — raise production shghtly this j^ir after posting a 9 percent nse 

perjumbo jet project The two companies forged acom- in worldwide umt sales in 1996. . . 

The memorandums are expected mercial partnership in the 1980s and vT t -«m- J • KLM Royal Dutch Airlines NV will cut its basic navei- 

to lead to an agreement that would followed it up with cross-sharehold- T- l - l\[nma l\ QTIAIl VlPtOf VI OTK13.V a 8 ent commission to 73 percent from 9 Apm i , 

total about $2 billion in business for fogs that left Guinness with a 34 I" ffllV TQ 1 icUXlC 1 T IvlUl jJIMAJMMA.+M’j move ^ j^^ng said would save 24 million guilders (5 ■ 

Fokker and Belairbus, the censor- percent gt«kp. in Moet Hennessy. J. million) a year. 

than said. The two companies will But the alliance began to wraken R , New , wifi close a costly chapter in banking and lawsuits accusing former man- .jvaX Corp. of the United Stares ended its joint venture 

be risk-sharing partners, it said. as the gap between the profit^Uity ^TV^trv officials said histOTvLast year, af^Banco di Na- agers of balance-sheet fraud and of ^ AG, a subsidiary of BASF AG, and instead 

Airbus said it was holding talks of the drinks and luxury goods in- ~ SlSd run to 5 trillion lire in losses awarding loans on the basis of polit- conc foded an agreement that granted the German p harm®' 

with other aerospace companies to dustries widened. Fnday the Treasury injected 2 ical connections rather than credit cereal company marketing rights on more than 70 genen 

try to place as much as 40 percentof The champagne ^onSe into hand set up an entity quaUty . and patented drugs in Europe. 

die worie on the A-3XX with risk- on investment is roughly 6 percent, bidding: tor i perce marantee 124 trillion lire of the The bank was present as a lender # CompuServe Corp. will expand its European operations 

sharing partners. It did not name any axnparedwith foaS extender is Isthuto baA’s problem loans. at some of the biggest corporate foto Switzerland. Austria, Swerkn and Belgium. Compute 

Vten& partners. and coonetira and M ^ SSSSnSi^SCa ”1ta«oryof Banco diNapoU is ^ ofthe few years, in- ^y has localized services in Britain, Germany, France and 

Airbus estimates tta development signer lugp^, said^Cednc Magneha, Naa insurer aliened vrith a perfect example of the hangover in c i u ding the near-bankruptcy of the the Netherlands, 

cost of the jet at $8 billion. Many analyst “^^^JS^cbainnan. BualSSnab- del Lsworo SpA, Italian banking from thecotporare, j^ruzzi group of companies. In ad- aLa Caixa's 1996 net profit rose 26 percent, to 70.5 billion 

analysts say it will cottmme. Last ^ bfflion ^ ($38 8 political and of ^ Qn of ±t bank - s business ($5 30 million), lifted by acquisitions. 

“This is a first step for closer Bernard Arnault, put f ^ ^ foe past decade, Marco Tone, a .. . su ffcred from the insurance, the fourth-largest insurer in 

cooperation between the aircraft m- jGuhmess to increase Naples-based bank. banking analyst at Monte Paschi economy fo southern Italy. £ ^ it expected to have double-digit profit growdifcrr 

^? eS , 0 / ^ ^ Va jfe wa 3 “d£ariv disappointed in V&fito CeMral^. a govern- whe«un«nplo^em rose to 21.3 ftRBKpKcf 419.2 million Swill ^tancs (S3M4 

^“ind ^Lus toe (S, percent i, toobe, co mpare d w,th ^Uon) in 1995. * 

r'^Ssu ***»- 7i — un “ r- 


WORLD STOCK MARKETS 


tBgh Low Claw Pm. 


HU* Low daw Pm. 


High Law Clow Pm. 


Friday 17 

Prices In local anrandu. 
Tektkurs 


11740 117 R7 119 U.P» yy 'Si ’IS 5J1 TSmotwr 

171 *4 1 HBSS?"* U6 Lffl 67S Storebrand 

32* 322J5 32* 32150 \M N«B ^ ^ ^ W 


SV'wH'13'ca. a i 1 B 

SS SS s® »” "J ,l 5 i? w W ™ 


i» .j* i» iea - is n is « % 2 Sr A 

128 5.15 iffl Sf 3S 3450 3A30 BedrehKlF 

6.93 676 6*3 475 StorebranOftso mum ErtcssonBF 

473 463 iff WJ ” Hermes BF 


aref- sssugp sS 3«S-«5 SI as a a pans 

Onwia TIE 704 7M-717^ HjdKmont «25 6550 66 66 WflspgY JS rfl M 


69 6BJ0 69 6* WWjbreod 


H,Bh awe Pm. The Trjb Index 

AF 7^5 ’SSio 75S ’SS J*n.1.t*Z*WO. Ur 
f. % rn world Index 151. 

w® ’S 'S 'm nejoo****" 

325 317 322 316 Asia/PaafiC 117. 

jw ™ i9iSo 19^50 Europe 161 


Closing prices. 

Change % change ym to dm 
% change 


■ dSt&S? • Sl3 31.12 fflJS 125LM 1» 17^* *“*» 

a i ■■ .rli>m BDEMkOMB DncdnerEsok S5L2H 5150 52.1D 51 J5 somoncBr 5155 50J5 51 51-Xj 

Amsterdam ■BSSSS - ^ ^ ^ ,S *S ,S iS 

“Sf** issnsffisssss 8 “™' eagSeS-ss -!»°- a B * 

109 jo 107 JO sown T07JO HdMtSnZnil 134 132 134 129 „ Aceflnc 


a iiss’iSSRfflgs si 

sssr taaa“ 

g&«r“ “IHH ass- 

ST*'” ■a- BIS™ 

7&J0 27 JO 27» 27J0 ^ 


_ 5575 5125 55JB 55-50 — 

4530 M4 14470 J4LM sgjc 1B47S 183 1B3H1 1B4JS Madrid BaWa WdOC 47*75 am ” 

« smaer Madnd ,^46772 ^ 

134 131 134 129 ^ ^ AOSflnQK 18400 18160 1B300 1B^0 

H H H 3 Kuala Lumpur | g | B 

^ .s aa®, ss “s tET ™ is ™ ™ 1£L 

22J8 2242 22.1 B SHESsSpF „ 7 7.10 BonW,^ __ 1WB0 1»M 1W90 19010 


243 2J8 2Al IMi 

16.43 1654 165B Accor 

AlrLtauWo 


!STb A f F 1111 

CAQ4fc 2<B.l0 K^F Bf 2» w i9tso Europe 

preriouc 24A777 pngnnfljpjotm 28150 2B| 2&i 28150 N. America 

* « ^ bT SS 14 S uiSS 1 «S S. America 


655 648 651 654 SarahhB __ 

aiMIfl I B£kt d a H n 

r Yi 1:1 Wi Jill ssr^a 

» ..iJ i « jjyi ^ 


CSMCW 

DtMdhdiePal 

□SM 

EhwWf 

Forth Am** 

Getronia 

G^tOCOM 

sssr ’ 


Consumer goods 


22.18 ^02 223B Tm MalMISUpP 
41250 -«7J0 .,412 4M MranosGa 


™ ™ w" » BF 

1105 1100 COF 6X M 

^ m SS 49 S SS .i Sydney 


155 153 153 153 ei nan rM 

no 10750 18850 io»5» Finance 

16750 165 16650 165 Miscellaneous 


Raw Materials 


IMflflpMHnULK iiiJIP iiii m M ! i » 


AlOfdhMvIeK 243550 

PrmiovE 243630 Service 

846 BJ6 645 830 Utilities 


ISO 14770 USX va» SSdiRwdtR ^ ^ TeWtora 


\MGrm 69-90 . 6M; «Ljy «r sdxrtng 
4SJfi 47 JO 48.10 jl Slomm 

ss a so ” ‘ w 

sssssshd. *sa« 


390 38? 38950 38160 IW ^ M tWItam 

69.10 6855 WJi U*Gn&mm » 22 2250 22.10 CwpftoptiP 

3280 227 23250 22580 Enfco 


23280 227 232J0 23MU 

13880 138.95 13850 

WO «S ws w» 


FT^E.iafcqpj; 
piwIauB 419750 

7.92 7J6 77? 753 


OceGflnten 

PrtfijsEtK 

Bnoera 

Ratomco 

Rnflncn 

Ron-rtfo 

R«rd Dutch 

UnMWOM 

VendotW 


a viAlt a & SSb S a a 9 

723 717^1 719 720 63S 634- TOtaaj^ 


JBIS J H - 8,nW “““isassa g 

iSSitrewSiifi g«i W 

se-i ^ 7S m B Sw 


S& B B B IS s« 

U W 'IS 1 ^ KS" 

5^5 4.95 696 i;;U Manila PrertOUK 3298.1 9 ^™“ u 

1 m l-TP Row 

o£ lS U2 1B3 ftunkiB 30 30 V 30 Rh-PwjlencA 

g S3 SS SS 31 >« "« " 

^ its liS lii SKa 126 'Vm rn 'VJ tgr Mr 

5J5 5Jfi S92 5^4 Megg Bonk 675 670 675 673 5G5 1 TTiarson 

IS IS 2J0 224 SSSl 00 ^ 10 950 950 SwewBiato 

H? Mi H? ■ SR raSnk _ .340 ,3M tS D OT50 


W20 2405 2670 2625 

^ ^ 2 % X H 

i i i I w 

1410 1365 1400 1375 

M40 6300 6440 6320 tjojuEaret 

^0 3310 3375 3315 

TSS! TSim vwn 1940 PonttMA 


1270 ™ W TM Amrnr 846 856 145 850 Utilities '~- cu 

n ii el 1 1 1 1 


260S46.M3g^M j« IS 3 S *M Sjn Manila 

« S IS SS SS 


e:- | Ls 


Bangkok g* 

Adv utfa 59C M S ^ IS Si 
BongWinF W » ^ a gS 

SStBStt 5« no ■“ 


Orioit-YMyaj* 

OutataunpuA 


a s.*i r^sr 

W ala BX 68 BOC Group 

JJ “JR "ffl ^ ^-d 

T7 3^ 3550 37 BrttAWWP 

306 304-50 307 307 52*2iL 

- ^7 17450 176 17AM 

82 80.90 81 BO50 BritPeBm 

tJt ^ £ *£§ irtStel 

10m 99 3 2 99.90 100 gSTeM* 


40050 394 400 40080 EumaFUBp 

7W 7B6 789 795 CBA 

-m-ai 31650 321 JO 31850 CC AmoJU 
915 P00 911 9J4 OdBMitr 

1972 1941 1972 1951 Comofcn 

1584 1541 1551 1*2 CRALW 

534 516 534 519 C5R 

290.90 288 29020 393 Fosters Brew 

37830 368 37780 36750 GIOAustnifln 


2.17 2.10 2.15 ,2.18 gzsgi NouOy CoOe*. France. 

1257 1141 12J4 

^ 'S ’S High LOW COW P«V. 


it5 t^s i$S 

^ s s ss ^ 

H? ^ Nippgwmw 


High Low Ciu«i Pm. 
32.70 32Vi 32.70 3280 


3840 3800 3800 3820 Noraratalnc 32.™ a.™ 

^ 1390 1390 1410 Harceti Enertjv ^ ^2 

W9 793 799 793 Nlhem Tetewn 97. 0 WJ0 W* 

7710 im 7600 7410 Now 13 


S30 368 377^1 36/^a GVOAUStraoa ® fo ul NlppCredllW 

310 29160 30750 299.10 Goodman Bd 1*1 1-W .H? .1^ Ktpfl Express 

564 557 560 560 lOAWtiaHo 11TO 11^ 1235 13.D8 N|pfl0n -^ 


13 12.90 12.90 1195 
23 22.95 23 22.95 


2419 2288 2340 2278 John Fnlrta* 
1499 1460 1492 1473 Lend Lease 


180 2.79 281 2.79 

ss =?S B 5 K 


litSo uuo ■SSumo KSwNtSto *5g Ijp ^ 

1710 1680 1697 1«W MIMHdV ,)% Ntesan Motor 

17650 172-30 1700 17650 Not AkBank 16W 1^52 liffl liM N|CK 


30 S 31.4? «s sssra i« igs-i* ® 


! ! ! I Hr | 1 1 

Ills « in; |.J» ii 

1 .1 .1 .1 BSE., y € S tt 


688 674 oJB 6» uSumSec 1610 1570 1600 1578 Rogere Camel B 28^ 

S B B B ET "ssTiTt’s SEL 3 "S 1 % 


169 167 169 169 5anb<l 

15 I4JS 14J5 1475 Sdtneidar 

126 120 123 125 SEB 

SS 6W 675 675 SOS Thomsor 

10 980 980 980 SteGonerela 

M 335 H 33750 Sodetfca 


M5 25010 251 JO 25I™ PoSc&iiilop 3.T0 IM 110 3^ gSypani 

'SaST. 'SJg a s33a 

557 548 553 K? Santa f?! ^ t?. tfl OsatoGas 


?S 7.14 7.14 H isfi 15* 1S75 1540 SlMdn « 21 ffi 217J0 SSS^Tn. W 8^ « SSR“ 

s.vs if. is ap —* 7j ° , -” 1 *" ffiSfisp nS*™ Ss? a s « B !E“ 


436 427.10 430 425.70 PtocwPacUC 

557 548 553 K8 satta 

2908 2815 2840 2895 SoilttlCWp 

TO 788 797 795 Westerner, 

220 217.10 21610 217J0 WtanMInirg 

W 544 545 551 VtattWd Trf 


ui_nnj j j_arei « wm* w - - flC4 2*49 2JI LS2 

BOM *80 82 M . lOW 1083 1071 1077 MexlCO 

T ZT7-TI cS?Wnite5 «1 675 687 ABO 


StaW "S iB3 190 — Burton Gp 

MS|, f »3 I si Hong Kong "BSSitSS 

ThOlFcrm BAF i" 172 m 173 — — ’“■« fSSiiata- 


"pSMSEiiwu. g Swyota 

s. SB SB SB 

iSc 12.10 12 1285 12 COOI& 


480 475 477 477 AdoA 

S30 5J2 5J2 5.14 Banac d B 

787 7.17 7J7 730 CoraexCPO 

j 650 U0 US atraC _ 

SS 378 380 3JJ Emp Modwna 


Total B 

Baba MdK 3733.16 UAP 
PmlHi: 37DIJ3 Ushor 

SI SS SS 83 "" — Taipei sst” 

saoPau, ° “-sse^s S- |S ,s |S T5 ^ 

*■« i5^S *42 BindBwPfd . ..as , J^S Sstta 2610 25.70 H.70 aw siotW 


4nj0 444 447 44/JO WDOdSIWire 

14080 138 14030 140* Wootwortrj 

78 77 7780 7780 _____ 

365 359.10 362 363 . 

Taipei 


IJi IK i ft II isr i i i Ew mi S» *1513-1 Stir BlliS 


« ts t3S SSffBu Wi to WM 1^> tt!?ptd 

|3 151 132 133 TriMaL 1616 1M0 1580 1584 ^ 

630 880 B85 8.19 

M»« n ™ T «SilS88! 


IS f 3 ^s IB gjg« 

HSffi SSS USS SB SSgcp 


Bombay "SSSS^ 1 g » » ^T^ii 1 S ^ « fiS « 

*aais s iii Bfraadast 

*®SbT “ ^w'j 5 ^ as gg 

^ ® “ * g2i ‘— 


3>2 168 370 372 ^ 648 641 645 Stone Coroold 21^ 21 21 2H4 

IS 35 I&- !ii« 

s g s 1 a sss si E, i 1 i 1 

780 7.13 7.15 7.19 S S 440 458 TorDomBonk ,37 3655 36.W 3645 

3jo B 9 3^ s as-,, 88 SIS B S tSSpjou jjm gg m» gw 

§5 Khou* list 11* TIM JIB ESMS MJS J«S 29™ 30 

1^'^ 1540 15» 1*0 15* ^ ^ gg *g£ 

PreriO^T!^ SNm^^ ^ ^3 TO ® 74Vn 73 7» 734i 

rn in “ Bk ^ S 7660 K 

S S3 IS —B. .1 || ■! ig Vienna ‘SSSiiSS 

mm fa r a ci cn ^nmlT DWfH d40 £JU _5v _ _ _ . 


73 73*6 734i 


“■a £3 £* s* SumnomaBl l» 

33^ 32 % %% iSSKta 1« 1*0 1*0 1*0 AustAjnr 

T7V 175 176 177 SumBMetol ai TO Bmirt | nG oea 

44* -110 43.90 SutalTras. g gj S g S3L"Sffl 


ATX Mae 111789 
Previo UK 116734 


AuKAllUnes into 1700 law 1640 

25 SS SS SS 

Bund veaPfd TO ^ -» 


m “ii Tabd to w m «m*Wd to -imi to « gg 

HHHflS SF* s l H I! 3 B i 1 i ET 8BM 


Brussels “'SSSSSS Sjg !- 

sss?« sS“ 

^ 'i'i^ '1 1 ^! 


■ Ahnonfl 
BcnaJRt 
BBL 

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CBR 
CNP 
ObSWO 
Cacktrifl 
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, pmmim 
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Electron™ 
e FoTOAC 
Gewwl 
; G® 

. GBL 

, GreiBanque 

new* 

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Powarfla 

SS.HS 

salwy 
TradcM 
UCB . . - 


T2* fr® 1232 

™ S I** 

.... 7770 

3CM 3110 3090 


4790 S ’JS 'S 

M M g g 

sila 


9 d 8 M BP 1 ? gigg 'SSS '1 ft ft I 

** 48 IS is 11^” 5!° 68 ^ bS "“I ^ ^ ] ^S untancu 

KS'M ss ss K- B ss ss b as”*” ™ $» i™ " mp « 

i«ai^iins--*ss^=r 

n8 sg ^ 1 i a & Li? & 

IbB -ten 4 ! TO To S 4* 469 ^ ESSE 

4 i 3 fS 11 II :B B B » 


14280 14080 14180 14080 ig™?**™ 

1*80 151* 151* 15480 Tdbtng _ 
24789 24080 24680 343.00 

31 * 33 * 33 * 3340 Tokyo 

24B0 2400 2460 24* 


03 &M 462 682 IM1 

** 7* Lfl 244 JNA 

783 786 781 7.92 


157* 15360 15700 1S6H 


sas ?? b jsSST 


S5 ^ 5X* J4 TuKjdBg^ 
Tokyo El Pwf 

"SSIS1SSS sg!“ 

™ ™ '» '}| tSjp™ 

S B .1 .S 


660 620 620 6 * 

271.95 171 273 * 27180 

10 X 101 D iuai ora uinfwMetfihrf 589 561 577 587 

1170 2 «; 2 S? OuJI^ IW imi 346 * 1327 

305 2 ? SI Desl Brou 8 * 780 786 790 * 

TO .SU ,21 ,S 8 OeaEleBitt 877 J 5 81 9 JO B 23 * B» 

1280 1230 1230 1240 1788 1741 1741 1751 


m 2 6 & b ^ gsssahem ’is ws ^ ri&u § b ^ i« asa. s s ^ ^ 

,»5 -SS JS ,S£ KT 1 S 22 »25 1 SS 2 ISIS IffiST 2 ?* to? SS & 2 BF a w M ■ 


a m 1« in Jj£sSS«i 1M6O into ioto iww jS* stwo a* zaro BMoeawe 

3.99 395 38? 3* 12S4 1 270 mS MS TS 94* Colton. . 




469 488 486 ,485 HAS 



20 WJg 1 Sg X65 KSv Atari 1245 12* 1283 1281 gTOBgta 

785 740 745 JgJW TtJ 289 Zll 2* SPpolo Torino 

53^ 5iM 27« N^pSiSr M3 585 M0 586 Stef M 

2165 n O* 32X NrtWWff UJ 7jn jjj 787 TgbtOOT Ittta 


Iff 


a« 2 ig M jStaT S S “ » ^OTlWta ^ ira 

^ SB 557 S7» 5* ™ 4885 4523 •**" 

27* 4m II* pffi 0 ® J* If! 6J5 641 — 

h IBS 5b. .8 8 b b ■»-* 

W M5 ^ ^ ' 784 685 6* ^ BeeMobCoM 

WO 44? ^ 79 S 544 548 542 OktllteA 


B iii BN BES » - - b — 

fl A isis is ggSf ^ 9 s 3^s gr “ SSSS^ 

10440 102* 10310 1«TO sEStaK: 120* 117* 11300 119* DoIrtltatM 


a 'SS a Sr 1 ! l IS v — a a » » 

828 833 B79 TMJlnfl 714 6W 7* 707 - 

ii 1 1 1 is 1 S Wellin 3 ton -“sasiss 

S S a ssss^ a 4 4 4E aas B » s a a 


24® 2420 2420 24* 

t 35 Tin 74i 744 Ytauda Fire 

2280 7230 7260 22* WwdoTWBI 


549 15 ‘S TO £5 S 3* 

4* 4* 405 415 CartwHcltoid jg 5* 5,15 


UCB "SS 'fin ZTO TV 

Union MMkn 378 22711 i* 


« IflJO IB* «« WBraSpP 

S SS 32* 32* tenkGmo 

jjj 38.58 3U0 M getMaC nfai 


WwrfHdgs 2* 2110 22* tetaj 


i50 544 54B 542 ClktUreA 

il2 197 484 4.13 CdnUfflA 

430 4.16 4.18 423 CTFWISvc 

7S1 687 687 689 Gd Metro 

3S 3J1 347 131 GMNtatLHecu 


SMBon bOreL ixwiu ■■■- Oahm Bank 

VgTn 4715 4825 4645 . T D** Hnu* 

&§ 4525 -gw 45* Singapore «"E22£gS5 K 5 * 

- — . _ FoiuiC 

w wg jBffl IB 12* IB B ate 

i ^ S A ft?® 5 ’ B “9 SS B 

J 1 .S sIm 1^ iS iB iB !K 

Win 17 * 1790 1755 HKUjtkT 285 192 193 193 tlocfw 

,7 S1 2W 2« f HOMLStMfti IM 328 130 I* IB-Yokado 

ono m ® «« S?*®?: ^ B 


0 ~ — Bam, 5 JB S.VB 

_. Fisher Porta 5.68 5^5 5^ SA8 

I I I 1 "“BBSH 1111 

li S s a EEgo ^ s i i ^5 

3240 3170 3190 3D0 68* 4690 AMfiCn Prtrtaofc 256635 

s ’! a a sags , g i jg * sss, ,s ,s ,s ,s 

5770 5590 5720 SOT) BanfionflorB S40 25.' 9 , Ares-Se«noB '**5 1440 1465 144? 

nil gn- i 3 » * is is?r'«" a a a a 

» i i § Sa. i b « S Bf, J J a J 


Copenhagen 

. 312 . 3* 300 3M 


Jakarta 


K HdBS 

SScGnw 


KJSl 1 S 1 IMS IMS 1123 HHElKtlBQ) WO MOD Jmd*w«n p 1 W 188 170 170 jus* 

SSlHiattK . 4 J 9 *w 414 4 J 7 ttlKBCO . SS KK W* 11 * Tl .10 1180 ,11 KufUrai 

4M 4.71 679 672 HNUtOBGni 4®? „"3 JrS 1L1 Vtn 1* 132 KunMil 


B flB"* . ' 2 o 395 396 « 6Z» fil» 0J“‘ 4]5S BTOUwco 

fail ms" a a ft . 9 bfF 


S&a J jwrf gf ’i'll | 1 1 1 “ “ “ “ iS*s 

MTO2B WSS? 171 ^ 17 ^ 3* IBWlBOd ^ ^ ,S?S sSSm . 1670 1642 1666 16* 


6S2 671 679 67? mwestotsGip ,W* 3J0 148 3* KonMlElK 

152 3* 145 341 LoMwCOS JUf SS^nriaot U3 U9 1J3 1J0 K» 

957 932 942 9J7 Natl Bk Conoda 1M3 1190 13* 13« Me^neOrient t^ 19 .no 1630 Kmn5M 

annisasg! s H i| g gnu ™ i> « n hb— 

« JS st 5 S ri g 5 SS R S F 

SlnaPtessF 


5P1 Index: 2579.16 
Prtrtaac 256685 

373 367 368 3« 


j»»v a»w *™ r nib 59 ID 59^ 59^5 ABB B 

aflilKc Sits IsL. J-l' 1'1 

307 297 307 CdnNflR* »» j4fl5 EtairowattB 534 515 5M 536 

7630 7590 7600 7570 toOttWPdt SJS 3tl5 35V: FitdWfB 1450 IW2 1450 14M 


FLSMdB 

KabLaMtaM 

NWNOrttJkB 
SaphosBerB 
Teit Oaarekfi 
TfwWta 
UnrtWWWbA 

Frankfurt 


sag is ^«hm m ^ ^ ^ • b a b — 

1 8 a » S i a as s 0s *° 

w S. S » SEEKS* 1635 1037 1030 1631 


1J6 1.74 1.76 1.77 Kobe Steel 

2690 2610 2690 28 KefflOtSU 

3.18 113 11B 114 Kubota 

st 5MB 1-84 1* 1-31 185 Kyocera 

Snraecomm 33* 113 X13 X18 Kyydtu Elec 

OBX 303*56487 SST 4.92 A* 4.92 480 LlCB 

ncSSSs; 5*4.90 LSdtaMWd .IS -HS -IS 


^2 8 SiIPfaoRv jS 711 m 717 CdnPKWC 

8 7J0 fiM f KlnKImppKY 1lin imm lnOA IB7R nwnlnco 

13 1270 13 11* OjflBtemy 1IJD 1070 1090 1070 


228 21B 221 ^ Woo 

039 825 324 336 Domtar 

569 523 544 535 Donohue A 


35 * W 5 W* W»i ^ 'SS m 

JS! SS.W 2194 M HnkJertankB 103 1017 1025 1*0 

1170 1255 12JD 1260 JuL Boer Hdo B j-14 1TO JTO 

mm in, 25V NedteR '478 1470 1475 1468 

** *5 *5 SS nSr 1543 1537 JW ..IS* 


73T0 7^ t3S 7300 SS&A ^31 M ^ % uS U 

«u win viu wm FureNcv Mna 37* J“3 J: iS Xl! U u n nm ton 1« 


2250 2210 2250 2230 §!?W?9“ n 9 

S54 535 535 544 RUrtatFlnl 

S! S <63 459 MconhrtOBe 

1790 17* 17* 1790 BeWwOwOA 


»8 29C 398 m PooeuHIdB 7490 1480 1TO 1*9 

3* 31* 31 u 3120 PtiomVbnB ^ ™ 

i* 211 s 22 * aa Ml ,. 2 S „25 «S 


S j g j Johannesburg -Jg-gStS ft ft ft ft ffiSoV J'1’5 


“ 11 s 58 'Sg*' * ft ft ft ft «S lL & i“ its its 5 £P j£jjj ft ft S !J iL. , 5 S .a .™ 

Wa 3 « 313 'SSL IS a 51 ?| a J I ssa Sto c'* olm “^ss sen a a a a » h is ag * BEl. 1 ft 


{SgSSBkp 1710 16* 1690 1640 Moral J™ 17* 178U l/w 54.1s 5« S9 Roche HUB 

"B iSJS SS. 0 ^ “ “« » - SKIES! 9 3 3 3 SF 3 JS SS U S ' .» 

** -»» ^ jS .S .3 “w «- SM Sft ft!9 5I5SJL 


* PireWB 203 2* ao an 

” SeSeHUBPC 113* nm uo» low 

00 SAT R 250 24880 249,75 .« 

JO sStraHerB l» 'f™ TOO «10 

.10 5G5B 3250 31* 3180 3170 

.10 SMH B 9S2 W 957 902 

.15 !ul»R 8* 850 858 .366 


^SiS^^‘»gS 55 

4MRH 995 *03 , J!S SS£SG5d JMf 1* SndSSw 

*§- . nH E - si 

: 1 Ii h p ^ @ s iw» ?s 

I"**™* 6t* Si* 62* Oencor 


7JU *•** •■n “ u.raihxdiQ 366SU 961 Ml 

473 665 «1 487 J^ftS5 A 193 194 

■*40 167 364 


Us nggs mu 

llaflJIB :.BB'B 8 ss« 


105 112 1* AfiABF 

4* 5M -89 ABB AF 

» »0 271* 

11650 11980 121 ABbjAF 


... SSftSuTr 14* 13* 13* 1420 MgwMBA '?52 JJH, vrtora tIMR 284 279 284 278 

I*£ AH 8® MfcUl 885 873 873 882 mSom* Jffi jJ 3 b 27 JO 28 S&urR 787 774 779 707 

BSldaS ■ SfST ’ill t!S *8 ’JS 2^ -4 44', 43.95 Zurich AsMt R 37180 3« 366* 369 


325 TtaW 33080 6*WlTta** 




‘ '’S'#' 




PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNDAY, JANUARY 18-19, 1997 


Friday’s 4 p.m, Close 


The Assoctewd Press, 


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PAGE 13 


ptTERNAXIO?tAL HERALD TRIBUNE, SATURDAY- SUNDAY, JANUARY 18-19, 1997 



Taipei Finn 



Plastics Maker Cites 
Few of China's Rule 

Bloomberg News 

taw? 6 *. - ■ p * n rf Tran’s 
^^“^tnalconcemwUlmave 

Its bnanesses in 
■namUnd China out of Hong Korns, 

from Bansh to Chinese control set 
for Ju|y 1 could weaken its legal and 
tax systems. 

Tb^move announced Friday by 
fif 8 Elastics Corp;, a unit cef 
Formosa Plastics Group, may speed 
such! moves by other Taiwan 


companies, who are shtftmg reas- 
mituins to areas such as the Canb- 
beantosmy out of Beijing's reach. 

Jw no knows what- will happen to 
the aivironment in Hong Kong after 
it s Controlled by the mainland?” a 
conpany spokesman said. 

Taiwan government bans di- 


7 . — ^Mia uumqnmcB 

companies to set up holding compa- 
ateoad for their China project 
Nevertheless, Taiwan companies 
haje invested about $30 bflfiorT in 
Oina, m a kin g Taiwan die biggest 
ovtrseas investor on the mainland 
as many as 6,000 of the 
30000 Taiwan-owned holding 
cqrooarues in Hong Kong may move 
elsevhere by July 1, said Keye Wu, 
an accountant at the internation al law 
firm Baker & McKenzie in Taipei. 

“More arid more people are say- 
ing, Why take the nsk?* ” he said. 

Lawrence Liu, an attorney with 


Leefe Li, one of Taiwan’s 
law inns, said some feared that the 
stan could become more “inter- 
vemonist,” by ' demanding . in- 
cresed disclosure of company in- 
fomarion, for example, or making 
moe business activities subject to 
government approval. 

^ "aiwan companies also fear it 
4bdd become ntore difficult© trans- 
ferprofit to their Hong Kong holding 
conpanies. which pay no tax, Mr. 
Wisaid. 


Bad News Is No News for China Firms 


By Philip Segal 

Special to ike HerakjTribuac 


KONG — When the corporate news 
out ot Uima IS good, it is usually very good. But 
when it is bad, tt is often jnst not reported. 

A® Hong Kong stocks — which rose 25.72 
points Friday to a record 13.856.40 — were 
jumpmg Thursday in active trading, one lonely 
and formerly favored share 
stood out from the ■ pack; 

Giordano International _LtcL, 

-a clothing retailer and man- 
ufacturer, which plunged 18 
percent in a- single day, to 
5.05 Hong Kong dollars (65 
cents), after falling 5.4 per- 


Sowce: Btoomberg 


cent the day. before. 

- . Not for die first time in the 
past year, this former darling 
of the Hong Kong and China 
consumer sector went into 
free fall amid an information 
yacoinn and rumors that a 
promised joint venture re- 
lated to China's government 
was on the rocks. Giordano shares were sus- 
pended from trading Friday pending a com- 
pany announcement. 

The feU in Gicsdano shares underlines the 
dual risk involved in doing business in China- 
Commercial acumen asMJe, ctmnections on the 
mamland may go bad, and if they do, the com- 
pany will take its time informing shareholders. 

- Last month, a similar , shortage of infor- 
mation pimuneled shares of CITTC Pacific 




CHIC Pacific to Mr. Yung at a 24 percent 
discount, investors sent die stock down by 10 
percent over more than two weeks before the 
company got around to announcing that Mr. 
Yung and other directors would hold their 
shares as a “long-term investment.” 

The stock rose 3 percent on the announce- 
ment, but some analysts have speculated that the 
sale of the stake b y te parent company meant 
CITIC’s valued connections 
in China were weakening. 

In another case, a Chinese 
cable manufacturer, Chengdu 
Telecom Cable Co., waited 
four months last year before 
disclosing that a customer had 
returned defective cables with 
a value of several times the 
company’s earnings die pre- 
vious year. The news had a 
material effect on the com- 
pany's results, but Chengdu 
was not even censured by the 
Hong Kong Stock Exchange 
for the delay in disclosure. 

In Giordano's case, when 
the company in October told analysts it was 
close to concluding a joint venture related to the 
Ministry of Agriculture, many concluded that 
the company’s recent political problems with 
China bad been overcome and upgraded Giord- 
ano to a “buy.'* 

But cm Tuesday, when the Agriculture Min- 
istry’s China Agribusiness Development Trust 
was shut down because of what the central bank 
called * ‘serious” illegalities, rumors began that 
Giordano's joint venture was in trouble. 


WT 


_ president. 

mainland Chinese parent sold 15 percent of 


silence. ‘T have been trying to call the company 
over the last one or two months. 1 always got: 


The key person is out of town,' ’’ said Ye- 
Hsiang Lai. an analyst at CS First Boston. 

Giordano has already had plenty of political 
problems in China. Its founder and former 
major stockholder, the newspaper and 
magazine, publisher Jimmy Lai, is a noted ad- 
vocate of democracy for Hong Kong. Once a 
virtually destitute refugee from China, he foun- 
ded Giordano and made himself a millionaire. 
Today the company has more chan 450 Asian 
outlets in 12 countries. 

After establishing Giordano, Mr. Lai went 
into publishing and, in 1994, wrote a highly 
personal attack on Premier Li Peng of China in 
his Chinese-1 anguage magazine. Next. 

Shortly after the article appeared. Giordano 's 
Beijing store was closed because of what were 
termed “licensing’' problems. It was reopened 
later the same year, and the stock soared anew. 
But in April 1996, a brokerage house leaked a 
report to the Hong Kong media that 25 of the 
company’s stores in China had been closed over 
the previous two months, in addition to the 
closings of 11 stores in Shanghai that the com- 
pany had already disclosed without explaining 
them. The Shanghai stores ate still closed. 

Mr. Lai appears to have removed himself 
from the day-to-day operation of Giordano and 
has sold all his shares in the company. But 
many of the people still running it were hired 
and trained by Mr. Lai, and that may be what is 
upsetting officials in China. 

His privately held Hong Kong tabloid, Apple 
Daily, broke even in June 1996, according to an 
analyst’s estimate, and has moved into die No. 2 
position in the Hong Kong market in less than 
two years. The paper, however, still has a page or 
so of regular pro-democracy commentary, so 
what government advertising it now has can be 
expected to disappear once China takes control. 


Beijing Tries Again to Cut Domestic B-Share Holdings 


' Ratters 

SHANGHAI — Securities authorities are 
trying again to remove domestic investors from 
the market for so-called B shares that is aimed 
at foreign investors, but brokers said Friday the 
drive had little chance of success. 

The posh came as Deputy Prime Minister Zhu 


they diverted funds to the market 

‘ l We wfll vigorously seek to uncover any use 
of funds that arc not m company accounts or the 
use of bank credits for stock-market specula- 
tion,” the economic policymaker was quoted 
Friday as saying at a hanking conference die 


previous day. Financial News, a daily published 
by the central batik, blamed speculation by in- 
stitutional investors for the big rise last year in 
stock prices, especially on die B-share market in 
Shenzhen. 

Brokerage firms in Shanghai and Shenzhen 
began reregistering accounts this week to weed 
out Chinese nationals holding B shares. Do- 
mestic investors with B-share accounts must 
find a foreigner or a citizen with a right of 
residence abroad to certify that the local person 
is entrusted to trade B shares, brokers said. 
Those who do so can still trade B shares in their 
own names, they said, but all others will be 


barred as of April 1 from buying the shares. 

1 ‘This is notiiing more than a compromise.’’ a 
Shanghai broker said. “The overwhelming ma- 
jority of domestic investors will be able to find a 
trustee.” Brokers estimate that domestic in- 
vestors now account for at least half of tire 
trading in B shares, whose prices are generally 
much lower than those of tire A shares aimed at 
domestic investors. 

‘ ‘The China Securities Regulatory Commis- 
sion has the tools if they want to really shut 
down every local B-share investor,” said 
Bruce Richardson of HG Asia in Shanghai, 
“but I don’t flunk they’ll do it” 


investor’s Asia 



'A SONDJ 
1998 1997 


A SONDJ 
1996 1997 


A SONDJ 
1998 1997. 




u : .. 2£44Jri '2,33X36 l N £t-<r?| 


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dafcart# %*.■>; 




feyr ryrfega t fes i 


ZjmSB $434.39 .*1221 


\9jU235 • 


Source: Tetekws 


InienUMttial Herald Tribune 


Very brief lys 


C H A E BOL: Can Seoul Rein In Its Big Corporations Without Stifling Economy? Phone Offer 

In Singapore 


• Sony Display Device (Singapore) Pte. said sales from its 
picture-tube plant would reach 600 million Singapore dollars 
($427.4 million) in the year ending in March, compared with 
550 million dollars the previous year. Executives of Sony 
Corp., meanwhile, predicted that the parent company's move 
into multimedia products such as web televisions would 
generate a huge profit 

■ Kokusai Denshin Denwa Ltd. said it was close to an 
agreement with AT&T Corp. that would substantially cut 
rates the Japanese telephone phone company charged to 
complete calls to Japan from the United States. 

• Commonwealth Bank of Australia said it was confident of 
being repaid funds, believed to be millions of dollars, it had 
loaned to China Agribusiness Development Trust & In- 
vestment Corp., which went into bankruptcy last week. 

• Founder Ltd., China’s largest publishing-software con- 
cern, said an agreement with International Business Ma- 
chines Corp. to break into the Japanese publishing market 
would raise profit this year. 

• Anheuser-Busch Cos. said sales of its Budweiser beer were 
growing at a double-digit pace in China, its fifth-largest 
market, bat that it was still years away from making a profit 
there. 

• Vietnam withdrew a license for ETI, a subsidiary of Oger 
International SA of Ranee, to build a $264 million hotel and 
vacation complex near Ho Chi Mirih City. 

• Placer Dome Inc. rejected Highlands Gold Ltd.’sproposal 
to stave off a takeover attempt by selling Placer its 25 percent 
stake in the Porgera gold mine in Papua New Guinea and 

_ its remaining assets into a new company to be called 
lands Pacific Ltd. Reuters. AP. AFP. Bloomberg 


Continued from Page 9 

ross-holdings is 25 percent, 
oeaning that a company can 
nvest do more than a total of 
25 percent of its assets in all 
the other companies within 
tire same group. 

Like the limit on debt guar- ~ 
an tees, however, that provi- 
sion has tittle practical sig- 
nificance. Hyundai Carp. and.. 
Samsung Co.,; for example, 
tire two laigest chaebol in 
terms of both assets and sales, 
are so big that all the conxpa-" 
. rues within each group still 
-{hold enough shares to guar- 
antee control by the founder 
and his family members, who 
also hold significant numbers 
of shares. 

Hyundai is the most tightly 



controlled of the top .10 chae- 
bol. The chairman, Chung Jn 
Yung, and his family hold 
15.4 percent of the invested 
and Hyundai's 
through cross- 
own an additional 
46 pccccu L according to the 
Fair Trade Commission. 

At Samsung, the chairman, 
Lee Sam Hee, and his, family 
own nearly . 3 percent of tire 
group, but Samsung compa- 
nies control ■ 46 percent 
through cross-holdings. Dae- 
woo’s chairman, Krrri Woo 
Choong, and his family own 
heady 6 peroral of that chae- 
bol, while Daewoo compa- 
nies control 33.9 percent- . 

All told, assets of tire “Big 
Fern*' chaebol — ; Hyundai. 
LG, Daewoo and Samsung— 


it half the total assets 
■The top 30 chaebol, or $367 
billion. 

That figure is up from $223 
billion in 1992 when Kim 
Young Sam was elected amid 
promises to cut the chaebol 
down to size. 

In terms of gross national 
product, representing total 
output of goods and services, 
figures also show the chaebol 
are increasing in importance. 
Goods and services of the top 
30 in 1 995 accounted for 1 6.2 
percent of Korea’s gross na- 
tional product of $451.7 bil- 
lion. flth in tire world, up 
from 14J2 fxsroenr in 1994, 
according to the Korea Eco- 
nomic Research Institute. 

The Fair Trade Commis- 
sion regularly criticizes the 


NORTHROP: Defense Industry’s Odd Man Out 


ContinvtedfromPhge9 . 

Hurfie*’ sales wiH total about $14 btifion. 

‘That puts it in perspective,” said Paul 
Nisbet, a weapons industry analyst who heads 
JSA Research Inc. in Newport, Rhode Island. 

“If you look at just their electronics business. 
Northrop at $4 billion wtU be up against 
Lockheed Martin and Raytheon, each with 
$14 billion- to $15. billion-sized electronics 

organizations.” - • 

Analysts suggested that Northrop Grum- 
man had few palatable choices. One is to seek 
a merger with the new Ray&eoo-Hughes 
powerhouse, adding its airframe capability to 
the combined companies’ dominance in mis- 


siles and radar. Another is co join with the 
hamiMofmocEeraiie-sized military contractors 
that remain as independent entities or to pur- 
chase related units from larger companies. 

Among the potential partners mentioned 
by. industry analysts are TRW Inc., Litton 
Industries orlTT Corp.’s electronics tine. 

Mr. Kresa declined to comment on any 
possible combinations. “We don't speculate 
oq any acquisitions and divestitures, frankly,” 
he said. 

But he added: “That doesn't mean that 
when opportunities come along, major prop- 
erties are for sale, that we don’t take a look at 
them. Some will fit and some won’t, some 
will have synergies and some won't” 


chaebol while conceding it 
can do little to combat their 

rising stren g th. 

“ft is true that large busi- 
Dess groups have their merits, 
such as contribution to the 
rapid development - of the 
Korean economy,” a recent 
report said. “Butthey are also 
tire main culprits of economic 
concentration in Korea, rais- 
ing the question of whether 
their wealth was accumulated 
in a just manner.” 

Despite policies “aimed at 
easing concentration” over 
the past decade, the concen- 
tration of wealth in tire bands 
of the chaebol “is hardly being 
alleviated,” the report said. 

Sa Kong B, an adviser to 
two former presidents and 
now head of the Institute for 
Global Economics, a research 
organization in Seoul, sees 
the transition of chaebol own- 
ership from their founders to 
second- and third-generation 
heirs as a step cm the way to 
breaking down the groups* 
monolithic structure. 

“There will naturally be 
some separation,” be said 
"The old way of doing things 
now is changing.” 

Yet even critics of the 


chaebol acknowledge that 
they provide die cutting edge 
for huge expansion, both at 
home and overseas. 

Samsung is setting up a 
factory to produce cars with 
technology from Nissan Mo- 
tor Co., the No. 2 Japanese 
automaker. 

Hyundai, Korea's leading 
car manufacturer, has opened 
a new plant on Korea’s west 
coast 

In an ironic twist however, 
the government refused re- 
cently to approve Hyundai’s 
bid to build a steel plant in 
Korea. 

Mr. Kang, the adviser to 
President Kuo. explained that 
Hyundai, which already pro- 
duces cars, ships, chips and 
numerous other products, 
could not be allowed to ex- 
pand significantly — espe- 
cially into steel, where it 
would come into competition 
with Pohang Iron & Steel Co., 
in which the government 
owns a large stake. 

Refusal to approve the Hy- 
undai plan, however, meant 
the government was going 
back on an oft-stared prin- 
ciple of noninterference with 
the chaebol. 


Bloomberg News 

SINGAPORE — Compa- 
nies that win licenses to com- 
pete against Singapore Tele- 
communications Ltd. in basic 
telephone services may also 
be allowed to provide mobile 
phone, paging and Internet 
services, the Telecommuni- 
cations Authority of Singa- 
pore said Friday. 

The government plans to 
award one or two basic tele- 
phone licenses by 1998. Win- 
ners of the licenses will be 
allowed to provide the addi- 
tional services if they can 
prove the features “add 
value” to their basic service, 
Director-General Leong Keng 
Thai said, citing “the conver- 
gence of new technology.” 


Malaysia’s Plan a Hit 

Reuters 

PALO ALTO, California — Prime Minister Mahathir 
Inn Mohamad has received support from leading U.S. 
high-technology executives for Malaysia's so-called 
Multimedia Super Corridor. 

Mr. Mahathir said Thursday that he was encouraged by 
early commitments from the executives, several of whom 
voiced enthusiasm for the massive undertaking. 

“There’s tremendous demand for Asia-sensitive new 
media content, and the Multimedia Corridor promises to 
be a hub where a great amount of Asia-sensitive new 
media content will be developed,” said Robert Bishop, 
chairman of Silicon Graphics lnc.'s Silicon Graphics 
World Trade unit 

“No country has brought everything together as much 
as Malaysia has done,” he said. 

In August. Malaysia unveiled plans to build a $2 billion 
high-technology center in a zone south of Kuala Lumpur 
covering about 270 square miles (750 square kilometers) 
and said it would offer foreign investors incentives such as 
tax exemptions and full ownership rights to locate there. 



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PAGE 14 


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NASDAQ 


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SATURDAY-SITNDAi', 
JANUARY 18-19, 1997 

P4GEI5 - 


& 




Best Performing Funds, 1996 


Total return in U.S. dollars. 


With 10 Bets for ’97 

A Bias Toward Value Investing 

tnr * n 8 *® woridng and.says “the ccm 
so * ware Iwsiness is Vray strong.” 


I T IS A SAFE BET feat we will 

never see another two yeare in the 
stock market like 1995 and 1996. 
You just do not make 30 percent 
racK-to-back. But why not try for a 
triple? 

^ 1995, 1 started compiling an an- 
h ** 81 of 10 stocks for & year 
ahead, cuffing selections from the 


percent, compared with 344 percent 
for the Standard & Poor's 500 stock 
mdex. Last year’s list returned 32.0 


taring is working and.says “fee core 
software business is very strong.” 
CuMcmt nm^ Estate Etpritm* Real 
estate investment trusts had a rwrifif 
2996, and fee question is whether that 
will continue. Barry Vinocur, editor of 
Realty Stock Review, named Crescent 
Real Estate Equities as his 1997 top 
pick. Crescent, whose properties are 


that all dividends are reinvested in fee 
stocks, and the year ends, in both 
cases, on Jan. 16.) 

.The 1996 portfolio performed like 
most of similar size: a few trig wirmezs. 


.„ — tgy Tnr. , fee 

hard-drive maker, was up 100 percent; 
Schlumberger Ltd., the oil-service pro- 
vider, rose 75 percent. Losers were 
Eskimo Pie Coni, and Hanson PLC. 
Here is my 1997 list (in alphabetical 


Vinocur estimates feat for 7997 it can 
do another 30 percent 
Rat SpA Kenneth Fisher of Forbes 
expects major foreign stocks to rise 10 
percent to 20 percent this year while 
■US. stocks may drop 5 percent to 10 
percent.** One of his top packs is the 
Italian automaker Hat, whose Amer- 
ican Depositary Receipts trade on fee 
New York Stock Exchange. Its price 


and it sells for 20 percent of revenue 
and 90 percent of book value. 

Lomak Pirnifw Dean Witter 
Reynolds issues a top-12 list at fee 
start of -each year,, and from it, we 
chose Lomak, a small, fast-growing 
oil and gas producer. Lomak, based in 
Fort Worth, Texas, trades at just 5.1 
times Dean Witter’s estimated cash 
flow for this year, and higher natural 
gas prices could boost earnings. 

1H» PH Bay — —■HfrMeefc Jack 
The Value line Investment Survey 

raidring ^Qa^made ft a “selection 
for growth.’’ The Pep Boys is a chain 
of stores offering auto parts and ser- 
vice; it’s expanding rapidly, cutting 
costs and adding new services like fleet 
maintenance- The stock trades at an 
attractive price-to-sales ratio of 1 . 0. 1 

. 1 — Cnutrtww » W., ntrt S The top 
1997 pick of John Buckingham* editor 
ctf The Prudent Speculator of Laguna 
Beach, California, Sea Containersop- 
erates ferries, ports, hotels and trains. 
Based in Bermuda and traded on the 
New York Stock Exchange, it is down 
30 percent from its 1993 high, but it 
yields about 5 percent 

Auto RnuneM Based in 
Ccriumbus, Ohio, this smallish com- 
pany writes property and casualty in- 
suraoce.The Insiders, a newsletter feat 
follows stock purchases by large 
shareholders ana managers, says feat 
State Auto insiders, including fee 
chairman, president, directors and 
largest owner, “con t inue to buy.” 

IIA Wut Stadia Qnv Michael 
Prioe sold his Mutual Series funds to 
Franklin, but he is still picking die 
stocks, and his record of high returns 
at low risk is unmatched. At fee Mu- 
tual shareholders’ meeting, ( he sang 
the praises of U;S. West Media Group, 
a cable TV .and wireless company 
whose stock has languished. But Mr. 
Prioe says it’s a good value stock fora 
value-stock year. 

The Washington Post. 


of revenue 


Here is my 1997 list (in sdphabetical 
order), wife the animal warnings: I do 
not believe in owning stocks for only 
one year, and, while we will examine the 
results next year, they Should be con- 
sidered long-term holdings. Also, these 
^tips are those of analysts, although they 
reflect ray bias for “value” stocks. 

Arrow Etaetramcvlne. Bob Rodrig- 
uez is a value-oriented, buy-and-hold 
manager whose fund, FPA Capital, 
has returned an average of 24 percent 
annually fear the past five years. The 
fund is closed to new investors, but we 
can poach his picks by exa mining the 
top stocks in ms published portfolio. 
Arrow Electronics, a distributor of 
electronic components and computer 
equipment, is the food's fourth- 
largesr bolding. Arrow jumped 47 
• percent last year, but it still trades a 
price-to-eammgs ratio of only 13. 

Aatmnica Cotp. This , tiny company 
■ (market capitalization, $20 million) 
has two businesses: It Is a low-cost 
producer of packaging and maker of 
' electronic components for fee 
aerospace indnsiiy. The stock trades at 
just 11 times earrings even though 


profits are rising at a 33i*rceraclip. It 
is fee selection of Jay Weinstein, who 
runs Oak Forest Investment Manage- 
ment in Bethcsda, Maryland, winch 
specializes in small-cap value invest- 
ing for intfividual and pension clients. 

Caraptfterviaion Corp. The Turn- 
around Letter, which tries to spot 
stocks that are about to come back to 
life, has produced avoage annual re- 

■ turns of 27 percent over the past five 
years. Its latest recommendation is 

■ Computerviskm, - which provides 
CAD/CAM (computer-aided design) 

- systems. The stock is off 40 percent in 
the past year, bat Turnaround is high 

. on the new chairman, t hi n ks restruc- 


In Fund-Picking Game, 
Do the Winners Repeat? 


By Carole Gould 

'NVESTORS WHO buy fee year’s 
. Q . no-load 


mutual fond, hold it for a year and 
then replace it wife the next year’s 
winner usually do well. But not m 1996. 
' Sheldon Jacobs, who edta The No- 
Load Fund Investor in Irvington, New 
York, has been following feat strategy 
since 1992 , and examined Its results back 
to 1976. During fee 21 periods fenwgh 
1996, fee year’s winner outperformed me 
avera ge diversified no-load during fee 
npxt year 15 times; it lagged fee average 
five times and tied it once. 

Early last year, Mr. Jacobs ted re- 
servations about fee 1995 wtmig. 


lot WHO a JO-O — . — , . 

in his newsletter feat Wasaitfe and vir ~ 
Bialiy every other misperforms “Y®" 
sified fund that year were, m tat^ctosa 
technology portfolios. Nonetheless, ne 
recommended the Wasatch f * 0 h 

■ ‘niatprovedtobeami^- 

was one of the worst “ 

ion* — ** a rvrcenL while fee 


bfoad market, as rqjrtsen^a 
Standard & Poor’s 500-stock ntdex, 

WSSTS ^ now 

decide which of a year’s top fonds is 
most likely to keep perforating 

. gain, was Waaburc 
pany Value, whioi he called A, 

son^lechmce.” He mdged the second 




cro Cap, as too speculative. 
choice: fee third-ranked Robertson 
Stephens Fanners. . lOOA 

Up just over 43 percent m 19^ 
febatem Stephens Partners « a m om 
tonseivatiyc choice than fee 
Jacobs sad. WfaDe ft uses a snail-cap 


By comparison, funds investing in 
higher quality long-term corporate 
bonds have returned 8.77 percent ayear 
over the five-year period ended Nov. 30, 


funds’ gam actually outpaced mffima- 
tional stock mutual funds, which av- 
eraged an 11.18 percent Min year. 

Mornings tar nowtrari ks 164 junk- 
bond funds wife $70 billion m assets, 
compared wife $125 billion in all kinds 
of government bond foods. 

Junk-bond issuers have benefited 

from the rise in the stock market, which 
allowed many of them to sell equity as 
well broadening their capital at low cost 


But analysts said the market s outlook 
was not necessarily as favorable as its 
rp^nt results. Rising interest rates m a 
S^^y^oiridhurtlqw-rated 
a tmcessatMi would, increase 


I U.S.-Oomieiled Funds 


Stock Funds 

% return 

Bond Funds 

% return 

SS Research: Gi Res; A 

-.. — 7026 

Strong High Yield Bond 

26.84 

Interact Inv: Tech Val 

0081 

Janus High Yield 

—23.93 

Portico: Microcap; Insti 

56.88 

Summit Hgh YW; HY Shs 

....22.58 
-21 IB 

warn Fmcus SC Val; Com 

56-20 

Northeast Inv Trust.. 

— .20.16 

PBH& Tech & Comm; PBHG 54.42 

Value Line Aggr Income 

19.72 

Pasadena: Sm&Md Cp Gr; A 

.5237 

Fidofity Adv Re/Hi Inc 

16.24 

Needham; Growth .. 

51.56 

Painewbr High Income; A 

17.72 

Fkfefity Set Enrgy Ser 

48.02 

Phoenix High Yield; A 

. — 17.23 

[| U.K.-Domiciled Fu nds 


n 

Stock Funds 

% return 

Bond Funds 

% return 

Johnson Fry Staler Growth 

.7090 

Afed Dunbar Conv & Gflt.„ 

-..34.32 

Gartmore UK Smaller Comp _ 

58.15 

Abtrust Fixed interest 

31.73 

HSBC Hong Kong Growth 5a 10 

Profific Convertible & Gil™. 

.....28.69 

Jupiter F* injman. _ 

..58.02 


?7 6R 

NatWbst UK Smaller Cos 

.56.21 

Edinburgh Preferred High in-. 

—27.53 

GT Orient Acc 

53.33 

ABN AMRO Pembroke High 

— 27.13 

Schroder SmaSor Companies 

52.41 

Ecflnburgh Convertfcte 

—25.92 

Mercury Recovery 

OkJ Mutual European 

51 .05 

.48.75 

Profific Pref & Fixed Interest 

Henderson Preference & Bo ... 

....25.72 

...~2429 

Baring Europe Select. ... . 47.35 

Sovereign Controlled Perfor 

— .23.81 


A Hard Act to Follow 

After Big Gains in 1995 and ’96, 
The Outlook for 1997 Is Cautious 


By Conrad de Aenlle 


French- Domiciled Funds 



Hong Kong Registered Funds 


Stock Funds 

% return 


% return 

CtBOCEF HK Warrant.. 

200.29 

Schroder Asia Ch/HK Ent. — 

.....7331 

CJBC-CEFPacffVfertr- 

140.77 

Barclays ASF-China 

.....71.77 

Mercury Sel-East Eur — 

139.07 

ImPac AP-Hong Kong 

—68.93 

INVESCO Euro Warrant 

100.39 

04 9ft 

Cm GI Net-China Eq 

—65.82 
. 65 35 


R5.B 


61.19 

Fleming FF-East Euro 

81.09 

HSBC GiF-HK Eqdty..l 

—60,46 

Baring WUFTristWtt...- 

-7&87 

ManuReg GFGSx Resc 

—59.54 

ABN Am Fd-E Euro Eq- 

78.17 

Barclays ASF-HK. 

— 58.6 

HSBC GIF-China Eqty„_ 

76.24 

GTPRCB _... 

-.55.82 


European Offshore Funds 


value approach to stock-pciring, its man- 
ager, Ajbny Pilara, has let cash build up to 
nearly 60 percent of fee portfolio. 

•' ‘Partners is a safe dunce which offers 
protection on fee downside, along wife 
potential during up periods,” Mr. Jacobs 
wrote in his latest newsletter. 

New York Times Service 

■ Rewards of Jtmk-Bond Funds 

While stocks have been die big stars 
of fee 1990s bull market on Wall Street, 
any investor in junk-bond mutual funds 
knows they have not been the whole 
story, Chet Currier of The Associated 
Press reports. . 

For fee last six years, funds that mvest 
in high-yielding debt securities have 
been rolling up gains at better than 12 
percent a year. 

That rs not m the same league wife 
U.S. stock funds’ 16 percent-phis re- 
turns; as reported by Momingsm Mu- 
tual Funds in Chicago. But it is still a 


bonds, while a recession wouiu ™ 
SeSiger of defaults by fear issuers. 


‘ Includes Isie of Man. Ctmnnet Islands, Dublin, Luxembourg. 

Stock Funds % return Bond Funds 

US GI Str-Metal&NatR —154*86 Consutta-angMkt Debt 

Mercury SeF East Eur .139.07 LFM Emg Mkts USD Cap-.. 

% return 
55.21 

.53.37 

VontobeFE Euro Eq B 

Fleming FF-East Euro 

.87.91 

81.09 

MorgStan-Emerg Debt 

Emerg Mkts Uq Invst — 

- ^1.92 

.47.09 

ABN Am Fd-E Euro Eq — 
HSBC GIF-CNna Eqty 

78.17 

76.24 

Epic-Emg Mkt Debt A. 

38.21 

.... 37 nn 

Schroder East Europe 

73.04 

GT Emg Mkts Bond 

36.14 

DTT-Dresd GS-OsteuDM— 
CM! Gi Net-China Eq 

... 6957 

65.82 

SBC Em Econ-LatAmBd 
Scudder GO-EmMk fnA2.... 

34.08 

33.39 

Fleming FF-Cttna 

GukiFI Set-China B 

65.44 

6535 

Oariden Lat Amer Bd... — 
Flam Front-EmMk Debt — 

32.19 

31.45 

Central&East Euro Fd— — 
JBaer Coop-Cent EurA — 
Jupiiyn GF-BritUon 

62.43 

._ .62.34 

. RP. no 

Parvest-Ctofi-UT B 

UBS (Lux) Bond-m 

RnnfkyvUTi n 

2824 

27.83 

._..27.75 

61.74 

Baring GUF+fi YW Bd 

27.65 

Pictet TF-East Euro 

HSBC GIF-HK Equity 

ManuReg GKSIbf Resc~. 

RoiWaucARP-Hlf . ... 

—BOJtB 

60.46 

5954 

.. ... «w.fin 

VanKhmp ACN-Emg FxdA . 

CrecSs Bond-Emg Mkts 

Tempi GS-EmMk Fxtn A . — 

J27.65 

26.47 

J26.04 

5fi.QP 


1 Swiss-Domiciled Funds 


HB HI 

Stock Funds 

% return 

Bond Funds 

% return 




18.69 


... SR7B 

UBS Bd Irw-STG...-. 

18.34 

UBS EqlnrMbetta 

31.05 

Bond Vatof-STG 

16.91 

UBS EqlrwsScandi 

-2&91 

. 9R7R 

Bond \telor-USD 

....15.36 

7.95 

Europa-9hfar 

5751 

MLBS Fixed Inc. B ECU 

7.43 

UBS Et^nv-Canada — 

27.00 

56 

UniversaJBondSeiect — 

BSS tntelbond. 

6.85 

_6.65 

UBS Eqinv-Nethertand — 

.25.94 

SVB Bond Irtf — 

— 6.19 

UBS Eqfrrv-Energy 

.. .25.64 

Von Ernst CSF 

ai7 

■ Gormun-Dorniciled Funds 


Stock Funds 

% return 

Bond Funds 

% return 

DWS SkaneSnavten 

42.44 

DVG Fds-Espana Bond — 13.12 

Fondamerfta 

.4255 

DiTEurazins 

-11.52 

DWS EuropaAktTyp O.— 

37.04 

DVG Fds-Europa Bond 

.7.71 

DITIberia 

- 36.93 

Adigtoba! 

-31 

I DeutscherVsmtogenA 34.73 

inti Rentenfbnds 

7.06 

DIT Grossbritarmien 

54.48 

Thesaurent 

-6J50 


..32.15 

Rnnrfitn RfiATinl 

Rg#> 

DWS US Akt TypO 

3156 

Inti Renfenfonds K 

- 5.40 

DWS Iberia. _ 

- 31.00 


5.35 

DVGFds-USA 

„ 2954 

Acfirawa 

820 

| Caribfaean/Pacific Offshore Funds 


Stock Funds 

% return 

Bond Funds 

% return 

CIBC-CEF Padf Vertr 

14058 

ML Americas Inc $ A 

5153 


. _ino.4fl 

Emerg Mkts Fixed fnc 

4056 

CKnaFuid • 

.94-26 

MLMexlncPesoA — 

.38.11 

Eastern Capital 

5959 

77.21 

VistaFund-Fixed Bai. 

.JPPlTlatin ... 

3852 

,31 98 


.76 37 

Ofeit A 

... 29.48 

ftrhn Am n<UV Ent TO SI 


27.41 


K7 8d 

MontpeBer-Suigaria 

19.05 

ImPac AP-Hong Kong 

66.95 

ML Max fnc Deter A 

18.04 

EadftFrt .... 

B3.49 

Commander Fund. 

1754 

Sources: L&w Analytical Santas Ml ( U.S, German and Offshore); 


Eunopatonnance (Prance), ■ HSWCUJtf, SOPP (Swiss) 

urr 


A lthough 3997 has gotten 

off to a profitable start for 
many global securities in- 
vestors, after two years of 
gains in most major markets with the 
exception of Japan, counting on light- 
ening to strike thrice would be unwise, 
investment-industry executives said. 

Shareholders in most types of mutual 
funds ended 1 996 happy, as asset values 
continued to expand, often at an ac- 
celerated rale, through the fourth 
quarter. Stock indexes around much of 
fee world, notably in the United States, 
exceeded levels that even the 
most hopeful and credulous 
forecasters had thought likely MsT 
when prices started to rise two Jr 7 % 
years ago. Only Japan and QijL 
some other Pacific markets ^ 

disappointed investors. Ag 

There have been only three 
other two-year periods since r ~ 
the 1960s with better returns 
than the 56 percent recorded by Amer- 
ican general equity fluids in 1995 and 
1996, according to Upper Analytical 
Services, a research company that com- 
piled the information for this article. In 
each case, the following year or so was 
dismal, with either a loss or a reed-thin 
gain; fee worst performance was a fall 
of nearly 20 percent in 1969 and 1970 
after the average fund bad gained 60 
percent over the two preceding years. 

“Tlie outlook for 1997 is for mildly 
good domestic returns at best," said 
Michael Lipper, president of Lipper 
Analytical. "World equity and mixed 
equity funds, like balanced fluids, could 
well have their day in the sun unless a 
market downturn makes money-market 
and high -quality-bond funds look at- 
tractive." 

Last year's fourth quarter was lovely to 
behold, especially for owners of U.S.- 
invested general stock fluids. The av- 
erage one generated a total return — fee 
gain from share -price appreciation plus 
dividend income — of 5.0 percent, lifting 
the annual total return to 19.5 percent. 

Amoag the 27 varieties of fund tracked 
by Lipper, just three Jost money. Funds 
targeting Japan took the biggest hit, los- 
ing 9.8 percent in the three months 
through December. They dragged down 
Pacific region funds, which fell by 0.3 
percent Gold funds, which had held up 
well through fee year, despite lackluster 
returns for the metal, fell by 4.7 
percent. < — r y 

By far the best group in the j — 

quarter was real estate. Of the ^ j^. 
top 20 equity funds, 18 "" /R 
bought property or shares in "j j-*v 
real -estate-related businesses r||2 
and rose by 15.9 percent. 15 * * 
The list of foil-year leaders * 
was more eclectic, with tech- 
nology, Latin America, smaller compa- 
nies, gold, energy and ordinary growth 
funds represented. The average equity 
fund, including those specializing in 
single industries or foreign markets, 
was up 17.7 percent during fee year and 
4.7percent in the final quarter. 

Toe strongest investment objective 
was natural resources, up 32.7 percent 
for the year, led by State Street Re- 
search's 5125 million Globa] Natural Re- 
sources Fund; it rose by 70 percent, 
making it the best U.S. fund of any sort. 

The fund's manager, Dan Rice, at- 
tributed his success to the fund's con- 
centration on small energy companies. 
Even though their earnings grow faster 
than those of larger firms in the industry, 
they sell at a smaller multiple of the cafe 
flow they generate, meaning fee market 
has a lower opinion of their prospects. 

“They're fighting fee 15-year-old 
fear that oil and gas prices will col- 
lapse.” he explained. “People want li- 
quidity as a result of that fear, but fears 
tend to ebb and flow. This one appears 
to be ebbing.” 

As the smaller companies' 
valuation discounts to their 
larger brethren narrowed, Mr. , § 

Rice's fund soared 

“That was a big chunk of •»/ /\ 
the oitt-perfomiance.” he U\j 

said “Then we got lucky. 

Four out of our top 10 hold- — 
ings were bought out during 
the year.” 

Concentrating on smaller stocks 
helped a second fond run by State Street, 
which is part of Metropolitan Life In- 
surance Co., to make it to fifth place 
among fee year's top funds. Aurora, 
which rose by 57 percent, buys small- 
capitalization value stocks. 

Other types of U.S. stock funds that 
did well for fee year include real estate, 
which rose by 30.8 percent, thanks to 
fee rousing fourth-quarter run; financial 
services. 28.0 percent, and Latin Amer- 
ica, 27.4 percent 

Strong performers in the quarter in- 
cluded financial services, up 1 1.4 per- 
cent; natural resources, 8.9 percent and 
European-invested funds, 8.7 percent 
The next best, and fee best general- 
equity group, were funds feat keep a 
fixed portfolio designed to track fee 
Standard & Poor's 500 index. They 
gained 8,2 percent, reflecting the cost 
advantage they have over actively man- 
aged funds, but more so the fact that fee 


50 were especially nifty. The blue-chip 
issues that make up the index were in 
vogue in a big way during fee quarter, 
pushing fee SAP 500 index 8.3 percent 
higher, comfortably beating the 4.7 per- 
cent gain of fee Russell 2000 index of 
smaller companies. 

That helped some of fee larger U.S. 
mutuals to recapture performance and 
respect feat had dissipated during fee 
year, notably at fee largest. Fidelity 
Magellan, where poor market timing 
and ill-considered asset allocation kept 
returns barely above break-even for 
much of fee year. 

The largest funds, because they have 
so much money, are unwieldy to man- 
age and must concentrate on 

P big stocks. As International 
Business Machines Corp.. 
General Electric Co.. Coca- 
Cola Co. and other venerated 
names moved higher, along 
\ wife some of fee newest and 

} bluest chips, such as Intel 

Coro, and Microsoft Corp.. 
so fed fee large mutuals. Ac- 
cording to Lipper, nine of fee 10 largest 
funds gained more than the average 
U.S.-invested equity fund during the 
fourth quarter. 

Bond-fond performance was more 
muted. Prices of long-terni Treasury 
bonds ended fee year lower than they 
had started as yields rose, owners of 
U.S. bond funds still recorded gains, 
even if they wished they had been in 
stocks. The average U.S. -invested bond 
fund was up 2.8 percent in the quarter 
and 4.7 percent in fee full year. 

Foreign-invested bond fonds did bet- 
ter, gaining 3.5 percent in fee fourth 
period and 8.9 percent in the year. Con- 
fidence feat European economic and 
monetary union would proceed more or 
less on schedule drove down yields 
across Europe, especially in fee markets 
in Europe's economic and geographic 
periphery. 

The best investment of all last year, 
among stocks and bonds, was emerg- 
ing-market debt, as Latin American and 
Russian bonds appreciated substan- 
tially. The average fond rose by 8.5 
percent in the quarter to finish fee year 
42 percent higher. 

The fourth quarter in U.S. mutuals is 
tough to beat, but managers of British 
unit trusts did it handily, thanks to a 
strong pound. When expressed in dol- 
lars, fee average British equity fund rose 
by 8.3 percent and the average bond 
fond was up 10.7 percent, 
- r 1 ■■ Strong domestic stock and 
— L-l/ bond markets produced even 
“Ijy^ higher returns for funds that 
(lu £B invested there exclusively. 
I m Returns for the quarter were 
• r Qf (3.4 percent for stock funds 
ZZ and 12.6 percent for bond 
11 funds. 

For fee full year, average 
returns were 20.7 percent for stock 
funds and 162 percent for bond funds. 
For British-invested funds, fee returns 
were 28.1 percent for equities and 192 
percent for bonds. 

The best funds in the quarter were a 
hodgepodge of growth, income and bal- 
anced funds, three-fourths of which tar- 
geted fee home market. Conspicuous 
among fee leaders were three funds that 
invested in Hong Kong, a marker fear was 
up 13 percent in the period. 

Old Mutual made it to the year’s top 
20 three times with unit trusts targeting 
three places: Europe. North America 
and Hong Kong. 

David Ross, a global portfolio man- 
ager at the management company, cred- 
ited fee strong results to an approach of 
ferreting out “cheap growth stocks.” 
“Last year,” he said, “our stock se- 
lection techniques were good in any 
region we tried them in.” 

The value -oriented strategy gener- 
ated returns of more than 40 percent for 
each flind. 

The Europe and Hong 
jfTSv Kong funds are more actively 
\ managed than fee American 
t YJ vehicle, for which Old Mu- 
\r l \ tual uses a proprietary com- 
Y/ / puter-screening system to do 
« / much of fee stock selection. 

/ “What fee computer 
— screening looks for is compa- 

nies fee market doesn’t like 
for some reason, companies that are 
cheap for fee growth they can deliver,” 
Mr. Ross said. 

"For example, ir got us into tech- 
nology stocks right at fee bottom,” he 


The sector weakened in fee middle of 
last year before staging a recovery. 

Among equity funds domiciled in the 
main European offshore territories — 
Luxembourg, fee Channel Islands and 
fee Isle of Man — almost all of the 20 
best in fee fourth quarter targeted Hong 
Kong or China. 

Asia was fee investment objective for 
several of fee test-performing funds for 
fee foil year, too, with Eastern Europe, 
which dominated in fee first six months, 
also well represented. 

About three quarters of the leading 
bond funds, when performance is meas- 
ured in dollars, invested in British pa- 
per, benefiting from fee pound's rally. 

Continued on Page 17 








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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 18-19, 1997 


PAGE 17 


ussia Glitters Amid a Variable Constellation of Emerging Markets 


^ By Iain Je nkins 

R ussia was the best bet for 

investors in emerging markets 
many analysts 
am in sirS^Kf lctln8 **“* more gains 
filing to gamble 

S ttSS? Y ~ JSSS 

S T “ k for economic improvcL 
, Venezuela and China joined Russia 

^teH*2 h6rB investors «ndd 
^ bled money in dollar terms 
during 1996. South Korea and Thailand 

j a f® in g Asian markets 
^outlook^ this year reS 

•_ A , bet on Mr. Yeltsin was a good 
gamble m 1996. Lifted in part bf ^s 
victoiy m the Russian preri&elS? 

°2L, Reg ^? 1 Pac * fic ' s Bine Tiger In- 
JS?? 1 ' Co - Slivered a remarkable 
JOTipercent m the 12 months to the end 
of November 1996. More typical was 

^rS. samatHcmingRrasia 

Getting it wrong last year was costly. 
Those investors who bought some 
South i Korean. Thai or Indian funds lost 
(QPP to half of their money. 

• The worst performing fund, accord- 
ing to Micropal, the London-based 
me^urer of fund performance, was 
Berkshire Korea Fund, which was down 
61.67 percent. 

Many observers are predicting a more 

widespread recovery of emerging mar- 


7?* theoi y « that the so- 
^ued Tequila hangover, which began 

2™ peso crisis in Decem- 

bw 1 994, has finally worked its way 
through the markets. 

. ‘ Furthermore, a fairly benign global 
interest-rale environment, is ex pected; 
and that would be positive for emerging 
markets, many fund managers 
. There are, -however,- two debates 
among emerging-market fund man- 
agers. The first is about the direction of 
Wail Street after two remarkably prof- 
itable years. The second is whether 
emerging markets will move in tandem 
dumig 1997 or repeat last year’s pattern 
or diverging performances. 

Practically everyone agrees that the 
best-case scenario is that Wall Street 
stops going up. 

“The marginal dollar has been chas- 
ing Wall Street, which has held back 
emerging markets.* said Richard Lamb, 
bead of emerging markets at Morgan 
Grenfell Asset Management. “If Wall 
Street stands still, the marginal dollar 
will flow into emerging markets.” 
There is no doubt that a severe WaQ 
Street darling would ha myn er emer ging 
markets. Many investors are so battle- 
scarred by the various disasters that 
have befallen them in recent years that 
they half expect Wall Street to ruin what 
. should be their party this year. 

But Chris PoH,. a fanner fund man- 
ager and now head of Micropal, was 
more upbeat 

. “Clearly, the steam will start to come 


out of Wall Street,” he said, “but Tra 
not convinced thaiit wfli be more than a 
30 to 15 percent correction, which 
wouldn't hurt emerging markets too 
much. The place to put your money is in 
broad-based emerging-markets funds, 
which stand to benefit from a general 
upturn.” 

Anyone who believes in the “general 
recovery” theory should consider a fund 
like the outstanding Capital Internation- 
al Emerging Markets Growth Fund. Run 
out of Los Angeles and quoted in New 
York, the fund has delivered a 25 per- 
cent growth in die last three difficult 
years, compared with a sector average of 


After the Deluge, Mexico Re-emerges 


By Judith Rehak 

R ecovering from its dis- 
astrous devaluation of die peso 
two years ago, Mexico, like a 
critically ill patient, has expe- 
rienced successes and setbacks, but in- 
vestment managers are increasingly 
bullish on the country. 

The government’s austerity program 
f*ps brought inflation down fro m 52 per- 
<£ntin 1995 to a projected 17 percent for 
this year, but die cost las been devastating 
for average Mexicans, who can barely 
afford to keep food on tire table. The 
fragile recovery has been led by exports, 
but recently the level of imposts has been 
creeping up again, a reminder that a 
spending spree on foreign products was a 
major cause of the devaluation. Even as 
die economy improves, it is subject to 
political risk: In September, the country 
was shaken by a series of rebel attacks. . 
' Still, die overall progress made by 
Mexico in just two years has been re- 
markable, observers said. David Chon, 
Latin America strategist for Bear, Ste- 
ams & Co. in New Yosk, credits tire- 
austerity program and two other factors. 

“They received international finan- 
cial support that stopped the free foil of 
the peso, and there has been a robust 
demand for their exports,” be said. Mr. 
Chon said he expected Mexico’s econ- 
omy to grow about 4 percent this year. 

On Wednesday, Mexico announced 
that it was repaying an of its $125 billion 
fedebt to the United States, three years 
Tahead of schedule, and the remaining-Sl .5 
billion of a $17.8 billion International 
Monetary Fund loan. The government 
said the repayments would be made with 
proceeds from international bond sales. 

Mexico players are also heartened by 
foe fact that fewer nervous investors are 
pulling their cadi our of the country 
whenever there is economic or political 
turbulence. 

“In 1995, it was a vicious circle — the 
economy did badly, and a lot of money 
left, 1 ’ said Robert Meyer, portfolio man- 
ager of the Morgan Stanley Larin Amer- 
ica fund. “Some fled in October 1996, 


but less than before. I think that what is 
happening is that we are beginning to see 
a return of confidence to the country.” 
Another encouraging trend is a tent- 
ative move from exports to domestic 
consumption as the source of growth. 
This has some aggressive investors load- 
ing up on consumer -stacks, like Kim- 
berly Clark de Mexico SA, which makes 
paper products; Cifira SA, die retailing 
giant, and Elektra del Noreste SA, an 
appliances chain that extends credit to 
middle- and low-income purchasers. 

But not everyone is ready to dive 
headlong into such companies. Mr. 
Meyer, who has about 31 percent of his 
fond ’s assets in Mexico, agreed that con- 
sumer spending was slowly improving, 
bat he pat emphasis on “slowly.” He 
said he preferred industrial stocks that 
would benefit from growing domestic 
activity, such as Empresas ICA SA, the 
largest diversified construction com- 
pany in Mexico, and Cemex Inter- 
nacional SA, the top cement maker. 

“Industrials have been leading the re- 
covery and that will continue,” Ire said. 

The cement sector also appeals to 
Veronica Berger-CoUinS, manager of the 
Mexican Investment Co. find for Foreign 
& Colonial Emerging Markets in London. 
She said it was “one of the few things on 
foe domestic scene that is doing well.” 
Mexico's battered banks still leave 
many investors jittery. 

- “I’m uncomfortable with them, “said 
Ms. Berger-Collins. noting that banks 
were still burdened with large numbers 
of nonperforming loans and were gen- 
erating little new business. 

“Banks tuen’t willing to loan, but I 
don’t see people rushing in to get credit, 
eithesr,” she said. 

Mr. Meyer, however, has banking 
stocks in 3ns Morgan Stanley portfolio. 

“The banking sector is recovering, but 
it is. still very weak.” he said. “They 
need another year of rebuilding, so we 
expect that to be more of a 1998 story.” 
Recently, Mr. Meyer also bought stock 
inTelefonos de Mexico S A the country’s 
telecommunications company. Once the 
darling of foreign investors, Telroex fell 
out of favor when competition in Mex- 


Emerging-Market Funds 


Total return in U.S. dollars over one year to Nov. 30, 1996. 


toiy has been delayed by his heart op- 
eration. If his health improves, the econ- 


9.57 percent in the year to mid-Decem- 
ber, it was up 12.66 percent against an 
avenge of 9 percent. 

B UT MOST people expect the 
patchy performance of emerging 
markets to continue. Mare Mo- 
bius, head of the Templeton emerging- 
markets team, said he did not think all 
markets were going to perform well this 
year. He does not think that Asia will 
perform well, but he likes f-atin Amer- 
ica, particularly countries like Argen- 
tina and Brazil. 

Those, tike Mr. Mobius, who believe 
that tire selective rally will continue, 
have different views about which mar- 
kets will do welL Most say that investors 
should stick to those markets that rallied 
or shown signs of recovery in 1996. 

Russia is still many people’s favorite 
in 1997. Bill Browder, who runs Her- 




% return 

Blue Tiger Investment Company... 198 40 
Korea Small Companies Trust ...-.172.01 

Firebird Fund IP (E) 140.00 

White Tiger Investment Co Ltd 137.34 

Mercury ST Eastern European 117-86 

Fleming Russia Securities- >..113.70 

Red Tiger Investment Company. ...113.01 

Russia Value Fund IP 110.94 

Optima Opportunity Fund Ud -.95.60 

Eastern Capital Fund Ltd. 86.66 

Baring Emerging Europe .7923 

Gems Russia Fd Ltd. A 77.75 

Vontobel Eastern Europe Eq A 7691 

Templeton Russia Fund Inc 74.77 

Russia Fund Ltd 73.67 

Fleming FF Eastern European .7190 

AAF Eastern Europe Equity Fd._„_69,19 

FP Russian Equity 95.60 

Schroder Eastern Europe Fund .63.59 

NaiWest/lFC LAIF Venezuela lnx...6393 




Source: Micmpal 

mitage, one of the high-flying Russian 
funds, which returned 1 93 percent in its 
eight months of existence last year, said 
that only a small pan of the good news is 
in Moscow stock prices. 

“As interest rates foil and money 
moves out of fixed-income into equity 


ico’s long-distance telephone service was 
opened to foreign companies, breaking 
the company’s 48-year monopoly. While 
he is not dismissing foreign competition, 
Mr. Meyer said he had changed his neg- 
ative view of Telrnex to neutral because 
its stock had underperformed for so long 
and because k was to receive a rate in- 
crease for local calls. 

As to what could derail Mexico’s re- 
covery, given that the threat of economic 
setbacks appears to he receding, political 
pails loom large. Elections are scheduled 
this summer, and in the past they have 
been marked by unrest, including the 
assassination of a presidential candidate, 
Luis Donaldo Colosio Murrieta, in 1994. 
President Ernesto Zedillo’s promised 
economic and political reforms, which 
would help to dose the huge gap between 
the haves and the have-nots, have met 
with resistance from the conservative 
wing of his governing Institutional Re- 
volutionary Party. 

But specialists in Latin America say 
the outlook for Mexico has improved in 
the past year. To the surprise of many, 
Mexican stocks returned more than 20 
percent in dollar terms in 1 996, and Mr. 
Meyer, for one, expects the rally to con- 
tinue. Even worries about political risk 
may not be entirely negative. 

“It’s putting a cautious discount to the 
market, so it isn’t frothy and exposed to a 
major setback,” said Mr. Chon. 

For information about the U.S -listed 
Morgan Stanley Larin American Fund, 
call 800 282 4404 within the United 
States, or 713 993 0500 from abroad. 
For Morgan Stanley’s Institutional Latin 
America fund , call 800 548 7786 in the 
United States, or 617 557 8000 from 
abroad. For the Luxembourg-listed 
Morgan Stanley Latin America fund, 
call 44 171 425 8700. 

For Foreign & ColomaTs Mexican 
Investment Co. fund, listed in Luxem- 
bourg. call 44 171 628 1234. 

Many Mexican companies, including 
Telmex, Empresas ICA and Cemex, are 
available as American Depositary Re- \ 
ceipts, traded in the United Suites on 
exchanges and over-the-counter, and in 
London on SEAQ. 


mam 


Fidelity Curtails 
Currency Trading 

Fidelity Investments of Boston is to 
stop offering foreign-exchange trading 
to clients outside the company, but will 
continue to offer trading to internal 
business units such as Fidelity Broker- 
age Services and National Financial 
Services Corp. 

Fidelity Forex Inc. was started in 
early 1995 to make currency trades for 
retail and institutional customers. Fi- 
delity said at the time that Fidelity Forex 
was a “key component” of the com- 
pany's plan to expand in the global 
securities markets. 

“We're still committed to the busi- 
ness, but our foreign exchange services 
will have an internal focus,” said Andy 
Trincia, a company spokesman. 

Fidelity, which is best known for 
managing America's biggest mutual 
fund group, was never considered a 
powerhouse in the foreign-exchange 
trading business, which is dominated by 
the world's biggest banks. (Bloomberg! 

Year’s Top Fund Directors 
Selected by Morningstar 

The fund managers Shelby Davis of 
Davis Selected Advisers LJP; Joseph 
Dean of Smith Barney Inc.; Hakan 
Castegran of Harbor Capital Advisors, 
and Nick Adams of Wellington Man- 
agement Co., were named 1996 port- 
folio managers of the year by the re- 
search firm Morningstar Inc. 

“Our annual award isn’t designed to 
highlight short-term performance,” 
said Amy Amott, senior analyst at 
Morningstar in Chicago. “Rather, it re- 
cognizes portfolio managers who 
demonstrate the investment skill, cour- 
age to differ from the consensus, and 
have a commitment to shareholders.” 


Mr. Davis manages the Davis New 
York Venture and Selected American 
Shares funds; Mr. Deane runs the Smith 
Barney Managed Municipals and Smith 
Barney California Municipals binds; 
Mr. Castegren oversees the Harbor In- 
ternational and Ivy International funds, 
and Mr. Adams manages First Finan- 
cial. a closed-end investment fund, 
whose shares trade on the New York 
Stock Exchange. 

Davis New York Venture Fund’s class 
A shares rose 265 percent in 1996; Smith 
Barney Managed Municipals Fund'sdass 
A shares rose 5.6 percent: Harbor In- 
ternational gained 20.1 percent, and First 
Financial rose 255 percent (Bloomberg) 

Michael Price Decides 
To Reprice His Funds 

Seeking to attract assets. Michael 
Price, manager of the Mutual Shares. 
Mutual Beacon and Mutual Qualified 
funds in Short Hills, New Jersey, has 
announced a plan to reduce the share 
price of his funds by issuing new shares 
to current investors’. 

Under the plan, holders of Franklin 
Mutual Shares Fund, for instance, will 
receive five new shares for each share 
they hold on Jan. 31. This means in- 
vestors will own five shares, each worth 
about S 1 8.89. instead of one share worth 
$94.47, at Thursday's close. The value 
of shareholders' accounts will not 
change as a result of the slock split. 

But Mr. Price said a greater number 
of investors might direct assets to his 
funds since the share prices would be 
lower. (Bloomberg) 

Microsoft and Intuit Plan 
Standard Bank Software 

Microsoft Corp. and Intuit Inc., rivals 
in the financial software sector, have 


% return 

Berkshire Korea Fund -61.67 

Thai Asset Fund -.... -59.64 

ThanAsia Fund _ -56.14 

QIC Sm&r Companies Portfolio -46.90 

Thornton New Tiger Pakistan -40.55 

Regent South Asa -38.44 

Nomura Aurora Thailand -37.09 

Senpinyo Seven -36.10 

Sinpinyo Four -36.00 

Barclays ASF Korea. -35.61 

Nakornthon Fund -3535 

Dynamic Eastern One Fund -...-34.93 

Siam City -34.64 

MBf Thailand Fund. -34.64 

Slnchada Fund -34.15 

Oryx (India) Fund Ltd. .-34.08 

Roong Roj One -..-33.99 

Thanan Phum -33£6 

Regent Moghul Fund Ltd. -33.84 

Sub Anan Fund — -33.75 


this year, the stock market should take 
off again,” he said. “I can see smaller 
companies moving up ten times. The 
larger liquid companies will go up 40 
percent or more.’ 

The argument for Russia is that the 
expected upside from Mr. Yeltsin's vic- 


omy is expected to show positive 
growth for tne first time since the col- 
lapse of communism and interest rates 
ate expected to decline, providing con- 
ditions for a stock-market boom. 

F leming Russia Securities 
Fund is still a good option after 
strong results in 19%. It has start- 
ed to move part of its portfolio into 
smaller, second-tier companies that 
should benefit disproportionately from 
the improving economy. 

Those who prefer to buy in markets 
that have suffered a prolonged period of 
poor performance — rather than in 
high-flying markets — should consider 
Asia. But be warned: Many fund man- 
agers are cautious. Fast growth is ex- 
pected to continue in Southeast Asia, 
but with their new wealth these coun- 
tries are turning to consumption and 
away from investment, analysis said. 

Not everybody shared dial view. 
Matthew Merritt, global strategist at 
ING Barings in London, said: “We 
think people are reading Asia incor- 
rectly and predict that the relative un- 
derperformance of Asia will reverse this 
year. We think thai the trade position 
will improve this year and that the 
growth story in Asia is still in place.” 
Yet, Mr. ’Merritt added: “For 1997. 
our fust choice is Eastern Europe, par- 
ticularly Russia and Poland, we then 
prefer Asia over Latin America." 


proposed a unified technical standard 
that they said would make it easier to 
bank via the Internet. 

The proposal, also announced with 
CheckFree Corp.. a processor of Internet 
transactions, is a step toward allowing 
customers to use any available financial 
management software at the bank of 
their choice when banking on-line. 

The proposed standard is called Open 
Financial Exchange. It is as if the tech- 
nology providers were agreeing on a 
standard electrical socket design and 
asking lamp designers to make their 
plugs to fit the standard. The speci- 
fications are being refined and will be 
included in software to be released in 
September, the companies said. 

Microsoft and Intuit have been com- 
peting to get banks to use their respective 
personal-finance software, which allow 
consumers to pay bills, balance check- 
books and perform other financial trans- 
actions over the Internet. (AP) 

Jardine Bullish on Asia 

Conditions are right for a worldwide 
resurgence of investor interest in Asia’s 
emerging markets, according to Jardine 
Fleming Securities in Hong Kong. 

It said that after lagging the de- 
veloped markets of Europe and the 
United States for almost three years. 
Asia’s historically low valuations 
“should prove to be a catalyst sparking 
a resurgence of fond flows from de- 
veloped to developing markets.” 
Jardine Fleming’s regional strategist. 
Colin Bradbury, said investors might be 
tempted to look at profit-taking oppor- 
tunities in last year’s winners, such as 
Hong Kong, Malaysia and the Phil- 
ippines. in order to try to catch the 
bottom in the laggard markets of Thai- 
land and South Korea. 

(Bridge News) 


currency and capital market services 


Market Gains: Hard Act to Follow in ’97 


Continued from Page 15 

But for the full year, all but a couple of 
the 20 best bond funds specialized in 

emerging-market debt 

i The average offshore stock fond 
earned 3.4 percent in the quarter and 14 
Descent during the year, bond funds 
gaumed 2.5 percent m the quarter and 
5.7 percent in the year. 

1 ING Groep NV’s emerging-market 
debt fond gained 53 percent last year as 
bets that it made in T995 paid off. 

■ “We believed in the midst of the 
Mexican peso crisis that the seU^ff was 
overdone,” said Simon Roroijn. who 
manages ING’s emerging-market debt 
biddings. 

• “We decided to take 

its most aggressive stance, be adaea. 

• That meant buying Mexican paper 
wife long maturities, especially B rady 
bonds, which had been havered 
harder than other instnunents during the 


for foe former U.S. Treasury seaeay, 
Nicholas Brady, »*to suggested a debt- 
te&f plan in 1989 between such coun- 
ties and thefr creditors. , 

; Other profitable moves madeby 
included gradually increasing Mkhng? 
for Rusriltdeto and buying 
Such countries as Ec^ 101 ’ 

!WreSSU5SS-E» 

Sas3£SB5t£Sn» 

ISSSSiJSsg 

China dominated the bst of top 

tzasss aa 

with ihe average Eutt^can-do*™ 01160 


offshore fund; at 11 percent for the year, 
the return was three fall points less. 

For die quarter, die average Hong 
Kong-registered stock fund earned 3.5 
percent, apoor result considering the 13 
percent gain in the benchmark Hang 
Seng index. 

Some Asian markets outride of Hong 
Kong, notably Japan, were weak last 
year. 

Much of the outsized per- (7/ 

fonnance in U.S. markets dur- 
ing the last two years has been 
attributed to the sudden desire 
for mutual funds by American M 

investors. In the year through tm 

November, net new equity 
fund investment totaled -** 

$208.9 billion, according to 
the. Investment Company Institute, an 
industry association. Thai is easily a 
record for any year. 

Some anxious observers view this rap- 
id inflow as foe opiate of foe market. It 
feels good but creates a dependency that 
win ultimate ly prove harmful. 

Share prices, driven higher by fond 
managers pnnfoases. are not justified by 
fundamental valuation measures, they in- 
sist. Should the money stop coming in or 


start going out — say, if toe market foils 
or the public justnms out of cash— share 
prices could decline. If that compels 
shareholders to quit their funds whole- 
sale the drop could be precipitous. 

James Stack, editor of the newsletter 
InvesTecb Mutual Fund Advisor, wrote 
to readers that “the fund industry has 

taken great pains to assure foe investing 

public that redemptions won’t intensify 
a future market decline.’ 7 

“Yet,” be added, how ironic that 
mutual funds are currently and qnielly 
taking steps to prepare for a possible ran 

jfe1S!?foai several large fund fam- 
ilies had gained regulatory approval to 
borrow between funds to meet redemp- 
rinns. instead of selling stocks, and that 
had arranged lmes o f 


credit with banks for the same purpose. 

“Clearly, funds are growing 
nervous,” Mr. Stack concluded. “Lever- 
aging against redemptions may borrow 
time, but only if a rebound permits selling 
into a friendlier market. ' ' 

The industry does have one source of 
tranquility in an otherwise nerve-rack- 
ing environment foe 36 percent of as- 
sets, a trillion or so dollars, 
* tied up in individual retire- 

v* meat accounts and other pen- 

sion plans. 

1 ‘there are penalties there 
in case of redemptions.” said 
Collins, an ICI spokes- 
flL JC. man. “That money could be 
shifted around, but I’m not 
convinced that moving 
money around is as likely as people 
slowing investment Historically, in 
equity funds anyway, they seem to re- 
spond to market downturns by slowing 
dbwn buying, rather than reversing foe 
flow.” . 

Just in case, some fund companies, 
notably Scndder and Vanguard, are ur- 
ging caution and warning investors not 
to “have expectations out of line with 
reality,” Mr. Collins said. 

John Bogle, Vanguard's chairman 
and self-appointed friend of foe small- 
fund shareholder, has told investors that 
foe next 10 years ought not to be nearly 
as rewarding as the past 10. 

Even if a large portion of fund assets 
are committed for foe long haul, a sig- 
nificant portion may not be. Rows into 
stock funds began to drop markedly in 
November, foe onset of foe holiday shop- 
ping season, and foe ICI estimates that 
they remained low through December. 

It is easier than ever to switch into, ' 
out of or between funds by telephone, 
and to write checks against accounts. 
Much of foe 1997 outlook for Wall 
Street and beyond depends on whefoer 
American investors decide to turn their 
attention to consumption or to keep sav- 
ing for their old age. 



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PAGE 18 


World Roundup 


Squabble Resolved 

RflSfam It required for more 
wrangling than baseball's team 
owners lad expected, but during a 
nine-hour meeting the owners 
placed die Arizona Diamondbacks 
in the National League and their 
1998 expansion brethren, the 
Tampa Bay Devil Rays, in die 
American League. (W'P) 

Frenchman Injured 

suing A French skier, Adrien 
Duvillard, was seriously injured in 
a crash during training Friday for a 
World Cup downhill. He remained 
in a drug -induced coma but had no 
broken vertebrae, according to 
medical reports. A statement issued 
by doctors at the Bern hospital, 
where Duvillard was flown after his 
accident at Wengen, Switzerland, 
said the 27-year-old skier suffered 
cranial lesions, broken ribs and a 
punctured right lung. (Reuters) 

U.S. -Canada Opener Set 

soccer The United States will 
play host to Canada at Stanford, 
CaUfomia. in its home opener March 
16 for the final round of Concacaf 
World Cup qualifying. (AP) 

Fat Playoff for Rematch 

BOXING Evander Holyfield will 
receive at least a record $35 million 
and as much as $40 million for a 
May 5 rematch with Mike Tyson at 
the MGM Grand hotel, promoters 
said Friday. (AP) 

Cheek-In at Dallas Jail 

Nina Shahravan, who was charg- 
ed with filing a false police report 
implicating two Dallas Cowboys' 
football players in a sexual assault, 
has turned herself in at the Dallas 
County jail, where she posted bond. 
Prosecutors have increased the 
charge against her to perjuiy. which 
carries a suffer penalty than the 
charge filed earlier this week. (AP) 

• Jose Mesa, the Cleveland In- 
dians' relief pitcher, has been in- 
dicted on a charge of raping a 26- 
year-old woman he met at a club. 
Mesa. 30. was also indicted on oth- 
er counts related to a complaint by 
two women Dec. 22. (.AP) 


Sports 




m f 



Wolfgang Rjaay/Rraten 

FLYING LOW — Deborah Campagnoni of Italy dealing a pole and going on to win the giant slalom World Cup 
race Friday in ZuieseJ, Germany. Anita Waehter of Austria was second and Pernifla Wiberg of Sweden third. 

Calcavecchia Ties Rinker in 2d Round 


By Thomas Bonk 

Lcs Angeles Times Senice 

INDIAN WELLS, California— Try- 
ing to convince a golf ball to roll into a 
small hole is not an easy thing to do a lot 
of times, which is why Mark Calcavec- 
chia decided it was time to experiment. 

When he had trouble putting last year. 
Calcavecchia tried everything except dis- 
appearing into the basement, putting on a 
white smock, throwing the power switch 
and hiring anybody named Igor to be his 
caddie. 

It must have worked. After two 
rounds of the Bob Hope Chrysler Clas- 
sic. Calcavecchia finds himself at 13- 
under-par 131 and tied for the lead with 
Larry Rinker in the $1,5 million event, 
which is played on several courses. 

Calcavecchia shot a 67 at Indian Ridge 
on Thursday to catch Rinker, who had a 
68 at Indian Wells. Jay Don Blake had a 
67 at Bermuda Dunes and is one shot 
behind. Paul Goydos could have been 
right there with diem, but back-to-back 
bogeys at Indian Ridge put him two shots 
back at 133. 


Mark O'Meara and Tommy Tolies 
head a group of five at 1 34. There are 1 8 
players within five shots of die lead after 
two rounds. Oddly enough, that's close 
to the same number of experiments Cal- 
cavecchia tried to improve his putting. 

He tried putting cross-handed. He 
tried the long putter. He changed grips. 
He changed putters. He putted with 
everything except a rake. Just as be was 
considering using a pool cue on the 
greens. Calcavecchia started using a 
Scotty Cameron putter in December. 
After it worked all right in Argentina, he 
decided to stick with it for a while. 

As it turned out, Calcavecchia is so 
committed to his new putter that he 
brought only one with him this week, 
which is out of the ordinary. Calcavec- 
chia used to switch putters when he 
changed socks. 

There are new greens at Indian Ridge, 
and Calcavecchia said they played bet- 
ter than they looked. 

* ‘They don't look great, but they sure 
putt good," he said. 

“There is not much grass on them. I 
don’t know if 1 could call them nice. 


fast, smooth dirt or what, but they putt 
veiy nice." 

The greens that were the nicest to 
Calcavecchia were three in a row on the 
back nine, basically because he birdied 
them. It started at the 13th, where he hit 
a wedge to 15 feet and made it. 

On die 14th. Calcavecchia hit a 7-iron 
to 18 feet and made it And on the 530- 
yard 15th, a par-5, he lipped out a 30- 
foot eagle putt and settled for a tap-in 
birdie. 

“You know, I am just trying to birdie 
every hole and forget what I'm shoot- 
ing," he said. “Kind of the best way to 
come into this tournament.’' 

Rinker wasn't as sharp following up 
his first-round 63, but it hardly 
mattered. Instead, Rinker pointed out 
that there still were three trays and 54 
holes to play. 

"We are a long way from the end." 
he said. 

Rinker was i under par on die front 
nine, but he changed his momentum 
when his 3-iron put him to within 20 feet 
of the hole on No. 10. He made the putt 
from there. 


SATURDAY-SUNDAY, JANUARY 18-19, 1997- 

In Australia, Davenport 
Sees Graf on Horizon 

After Victory Over Thai, a High Goal 


By Robin Finn 

Net*- York Times Service 

MELBOURNE — It's not politically 
correct to look ahead to the second week 

of a Grand Slam when you’ve still got 
homework to do in the first, but Lindsay 
Davenport, that experienced - high 
school graduate, has decided a bit of 
forward thinking is exactly what’s been 
lacking in her approach to Grand Sian 
tournaments in the past. 

That’s why, scant minutes after she 
walloped T amarine Tanasugam of 
Thailand, 6-1 , 6-0, in a45 -minute third- 
round excursion, Davenport was scan- 
ning the horizon for her projected 
quarterfinal clash with top-seeded Steffi 
Graf, a four-time Australian Open 
champion despite ber frequent absent- 
eeism at the year's fust Slam. 

‘ 'My goal is to get there, get to Steffi 
and give her a match again; Iknow lean 
compete with her,” said the 6- foot-2- 
inch Davenport, who dwarfed her op- 
ponent Friday but doesn’t take quite the 
same security from her five-inch height 
advantage over the German star. 

“She’s definitely so good she can 
beat anyone as bad as she wants." Dav- 
enport said about Graf, who didn't play 
that way Friday until discovering her- 
self at a 5-2 disadvantage against Ines 
Gorrechategui of Argentina. 

Just as it had in the second round, it 
took a 4-0 first set deficit to rouse the 
German to retributive action, in this 
latest case a 7-5, 6-3 elimination of her 
flustered opponent 

Davenport, last yew's Olympic gold 
medalist in Atlanta, said she exiled 1996 
“fried" but smarter for her unanticip- 
ated August triumph. Not only did it 
give her the confidence to defeat Graf 
two weeks later in Los Angeles, it gave 
her the insight she needs to cope cor- 
rectly with double-week events like 
this, the one where she’s voted herself 
likeliest to succeed among tile four 
Grand Slams still awaiting her imprint. 

“I love the weather here when it’s 
hot, really hoc and stifl,” said Dav- 
enport. who has that to look forward to 
next week, when sauna conditions are 
predicted. “The courts suit my game 
more than the other Grand Sl ams ; the 
bounce is high and the ball sits up for me 
to hopefully nail,” she said 

Then there’s the incentive factor, said 


Davenport, who proved to herself in 
Atlanta "that I can finally win a big 
one.” She said, “The top players like 
Steffi and Arantxa and Monica, they 
live for the second weeks of Granq 
Slams. _ 

‘ To be able to win a Grand Slam you 
have to want the second week more than 
the first, want to be here when no one 
else is still around." 

And for that to happen to Davenport, 
she’ll have to make sure that Graf, win- 
ner of the last six Slams she entered, 
isn't around at the end. 

“I- still have to improve a ton if any- 
thing tike that’s going to happen," Dav- 


enport conceded. 

Last year’s finalist, fifth-seeded 
Ante Huber, will meet 1995's cham- 
pion, the unseeded Mary Pierce, in dfe. 
finfft of baseline belles in tbe Round of 
16. 

Huber fended off Natasha Zvereva,7- 
5, 6-0, and Pierce, apparently on the 
rebound here at the event where she won 
her first and only Slam, easily disposed of 
Marketa Kochta of Germany, 6-0, 6-2. 

On the men’s side, MaliVai Wash- 

nJs°for the* second^ straight year. He 
improved his record against Todd 
Woodbridge to 4-2 with a 4-6, 6-2, 6-3. 
6-1 victory. 

Washington said the experience of 
reaching the Wimbledon final in 1996 
has left him a clear goal in 1997. “You 
want to take it one step further,” said 
Washington, who took Friday's step 
with some inadvertent assistance from 
Woodbridge — the Australian doubles 
specialist double-faulted 10 times and 
made 52 unforced errors. Washington's 
next opponent is 14th -seeded Felix 
Mantilla of Spain. 

Unseeded Carlos Moya, the 24ti& 
ranked Spaniard who stunned the 
fending champion, Boris Becker, in the 
first round, on Friday became the first 
man to reach the fourth round, a career 
first for the 20-year-old slujnjer at this or 
any Slam, with a 6-2, 6-2, 6-2 defeat of 
Bemd Kaibacher of Gennany. 

Marcelo Rios, the ninth-seed from 
Chile, also readied the quarterfinals 
with a 4-6, 7-6 (7-2), 6-1, 6-1 defeat of 
Gilbert Schaller of Germany; like 
Moya, Rios had faltered in the first 
round last year In his only- previous 
appearance here. 



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Chileans Check a Report 
That Yacht Was Found 


Scoreboard 


Agenct France-Pressr 

VALPARAISO. Chile — 
The Chilean Navy was inves- 
tigating a report Friday that 
the lost Canadian yachtsman 
Gerry Roufs bad been found. 

Maritime officials said 
earlier Friday that a Chilean 
naval plane had spotted 
Roufs's yacht late Thursday, 
98 nautical miles northeast of 
Cape Horn. It had been miss- 
ing in the South Pacific since 
Jan. 6. 

The crew of the Chilean 
naval plane “maintained radio 
contact with the yacht for a 
few minutes before poor at- 
mospheric conditions cut them 
off." said a statement from 
maritime officials, and all 
shipping in the area was put on 
alert to help in rescue efforts. 

But a navy official in San- 
tiago said it was not certain 
that the radio contact was ac- 
tually with Roufs. 


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“There are two similar 
yachts” in the area, a navy 
spokesman said, adding that 
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report and that there would be 
a briefing later Friday. 

Montreal -bom Roufs, 43, 
was last heard from when a 
satellite transmitter reported 
his position in the stormy Pa- 
cific 4,000 kilometers (2.500 
miles) from land south of 
Easter Island and west of the 
tip of South America. 

Roufs, skippering Group 
LG2, was competing in a 
round-the-world nonstop solo 
yacht race, the Vendee Globe 
Challenge, which set out in 
November from France. 

In Paris, the director of the 
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was in regular contact with 
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Oeretanrt 28 27 28 13 7— 37 

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I HOCKEY I 

NHL Standinos 
lumceiininm 

ATLANTIC DWI5HJH 

W L T Pto GF 
Pt&uMphfa 27 13 5 59 147 

Florida 22 12 10 54 128 

N.Y. Rangers 23 19 6 52 161 

New Jersey 22 16 5 49 113 

GA 

111 

104 

132 

110 

WasMngtan 

19 21 5 

43 

121 

121 

Tampa Bar 

17 21 t 

40 

128 

130 

NCmTHEACTOWSUM 




W L T 

PH 

OF 

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Pittsburgh 

25 15 5 

55 

167 

136 

Buffalo 

23 17 5 

51 

132 

121 

Montrwd 

17 21 8 

42 

149 

157 

Hartford 

17 20 7 

41 

128 

144 

Boston 

16 22 6 

38 

129 

161 

Ottawa 

14 21 8 

36 

119 

128 

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MM 

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W L T 

PH 

GF 

GA 

Dswicn 

25 17 3 

53 

130 

111 

Detroll 

21 15 B 

50 

137 

101 

St Louts 

20 22 4 

44 

131 

147 

Pta»anix 

19 23 4 

42 

125 

150 

Otfcogo- 

17 22 8 

42 

121 

127 

Toronto 

17 28 0 

34 

138 

159 

PAC1RC WV-.SIOM 




W L T 

PH 

GF 

GA 

Cotorado 

27 10 8 

62 

154 

103 

Edmonton 

21 21 4 

46 

149 

136 

Vancouver 

20 21 2 

42 

137 

146 

AmdKJffl 

17 22 5 

39 

125 

734 

Grigory 

17 23 5 

39 

112 

131 

Lao Angelos 

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AL— E lected Derek liwftiifce president of 

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*a*roii -Agreed fotefizts wfda LHP BuMJ 
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Milwaukee -A greed lemu wOr RNPBab 
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HAnOHAL LEAGUE 

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mohtrcal -Agreed to lams wBh RHP 
Jim Butanger on one-year contract. 

mets— A greed Id terms wtlh 
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-Awwd to term Mth 
RHP Jim Fortugno on ndnor-taague can- 

fracto 

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CVTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 18-19, 1997 


PAGE 19 


SPORTS 



NBA Suspends Rodman for 11 Games 


Like myriad hockey teams across Canada, the Owen Sound Platers take the ice for a practice ' D,VT ‘*“ 

Hockey Scandal Rocks Canada 

Sexual Abuse Cases Undermine the National Image 


The Associated Pms 

MINNEAPOLIS — Dennis Rodman 
of the Chicago Bulls was suspended 
Friday without pay for at least 1 1 games 
and fined $25,000 for kicking a pho- 
tographer during a game against die 
Minnesota Timberwolves. 

It is the second-longest suspension in 
the history of the National Basketball 
Association. The longest was a 26-game 
suspension given to Kermit Washington 
of tile Los Angeles Lakers for punching 
Houston’s Rudy Tomjanovich, now the 
Rockets’ coach, during a 1977 game. 

The Rodman incident occurred dur- 
ing the Bulls’ 112-102 victory Wed- 
nesday night over Minnesota. 

During Rodman's suspension, he will 
be required to meet with a counselor 
designated by the NBA A decision then 
will be made as to whether he can return 
to active status after the All-Star break. 


“Until Dennis can provide meaning- 
ful assurances that he will conform his 
conduct on the playing court to ac- 
ceptable standards — including not pla- 
cing others at physical risk — his sus- 
pension will continue.” said the NBA 
commissioner, David Stem. 

This is his second suspension of the 
season. 

Although the extent of the photo- 
grapher’s injuries were not known, they 
were not believed to be serious. The 
photographer. Eugene Amos, was 
treated at a hospital Wednesday night. 

Clair Cole of the Minneapolis city 
attorney's office said charges would not 
be filed before next week. Amos’s law- 
yer, Gale Pearson, said she and Amos 
would meet with prosecutors Friday. 

Rodman was unavailable for comment 
Friday. He said after the game that he was 
kicking at a camera and complained that 


By Anthony DePalma 

' New York Timet Service 

OWEN SOUND, Ontario — As an- 
other winter storm charges in from 
Georgian Bay, the Owen Sound Platers 
practice on the opaque ioe of the Harry 
Lumly Bayshore Arena, not far fr om the 
water's edge. 

It is a deeply Canadian ritual: die 
blinding snow outside, the sharp scrape 
of steel against ice, the clack of hockey 
sticks s Lamming into pucks. For Adam 
Campbell, 16, and his red-cheeked 
teammates, this is the stuff that dreams 
are maH« of. 

"Sure, I love my parents and I con- 
centrate on school a lot," said Camp- 
bell, the Platers’ hot new rookie. "But 
hockey's my life.” 

Hockey is not just the nati on a l pas- 
time in Canada; in many respects, Ca- 
nadians will tell you, it is Canada. The 
essence of hockey — ruggedness, brute 
"igength and guile on ice - — is some- 
times seen as a macho modem mani- 
festation of Canadians’ long-ago be- 
ginnings as trappers and explorers 
trying to tame their harsh environs. 

Hockey players, from tiie stars of the 
National Hockey League down to the 
junior leaguers like the Platers in this 
working-class town northwest • of 
Toronto, command the rapt attention of 
a vast and knowledgeable legion of Ca- 
nadian fans. 

So it was not only the sporty but also 
Canada itself that has been shaken by 
recent disclosures of sexual abase of 
young hockey . p&ay&s ■ by their - 
coaches. 

The most stunning came earlier this 
month when Graham James; one of the 
most successful juniorleague coaches in 
western Canada, was sentenced to three 
and a half years in prison for sexually 
abusing two of his teenage players hun- 
dreds of times over several years. 

Then a player who has realized the. 
dream of thousands of yotmg hockey 
players by making il to the NHL stepped 
forward and told the story of his sexual 
" abuse by James. 

“When things like that. happen, you 
hide your feelings and you never talk,’ ’ 
the player, Sheldon Kennedy, said in an 
interview with Canadian newspapers. 

Now 27, Kennedy, a forward for the 
Boston Bruins, said other coaches and 
officials in junior hockey must have 
known what his coach was doing but did 
nothing to stop him. He called James "a 


very . smart, manipulative man.” 
. Kennedy’s story moved and outraged 
much of Canada. It also prompted dis- 
closures of other cases of sexual abuse 
in junior hockey and forced sports of- 
ficials and parents to re-examine a sys- 
tem that puts nearly half a million play- 
ers on the ice every year. 

. Farmer junior league officials and 
players have come forward to say that 
Brian Shaw, who was a coach, general 
manager and later chairman of the 
Western Hockey League's board of 
governors, enticed and threatened 
young players into sexual liaisons for 30 
years. Shaw died in 1993. 

The disclosures have focused new 
attention on the cases of a junior league 
coach in Quebec, who was dismissed in 
1990 after being accused of fondling 
two boys, and another Quebec coach 
who was sentenced to five months in 
prison that year. Both pleaded guilty to 
sexual assault on min ors. ' 

While there is no evidence that par- 
ents have polled their sons mid daugh- 
ters out of the local hockey leagues that 
flourish in almost every big city and 
small town in Canada, it is clear that 
what happened to Kennedy has 
heightened parents’ worst fears. 

“When you put your kid in day care, 
you always check this stuff out,” said 
rae father, Fred Procapia, "but not with 
hockey, where the kids even get dressed 
and undressed in front of these guys." 


Captains Named 
For NHL All-Stars 


The Associated Press 

. . SXN JOSE, California — 
Wayne Gretzky of the New York 
Rangers and Chris Chelios of the 
Chicago Blackhawks were named 
as team captains for the National 
Hockey League All-Star game, to 
be played here Saturday night. 

Gretzky, who will be appearing in 
a record 1 6th consecutive All-Star 
Game, is in his first year with the 
Rangers. 

Cbelios, who wiB lead the West- 
ern Conference squad, will be play- 
ing in his sixth straight All-Star 
.Game. 

No regular NHL games were 
scheduled Thursday and Friday. 


Procapia was standing by as his son 
Corey, 9, completed practice at the St. 
Alban's Boys and Girls Club in 
Toronto. Now, he said, be would think 
twice before sending Corey to play 
hockey in another town. 

What especially disturbs many Ca- 
nadians is that the complex system of 
organized hockey succeeded in ful- 
filling Sheldon Kennedy’s dream — 
playing in the NHL — but not in pro- 
tecting him as a youth. 

Hockey is religion, some Canadians 
say, a balm for foe soul of the nation. 
There are 3,000 arenas in the country, 
including the 2,800-seal home of Platers 
here in Owen Sound. 

That gives Canada almost three tunes 
as many arenas as hospitals. 

In a population of 30 million, more 
than 42 million Canadians are involved 
in hockey as players, coaches, officials, 
administrators or volunteers, hi youth 
league play alone, there are more than 
480,000 youngsters, from age 4 to age 
20 . 

The competition is unrelenting. 
Scouts travel all over the country to 
identify the outstanding prospects 
among players as young as 12. By the 
time they are 14, players may have their 
rights assigned to a junior hockey team, 
the highest amateur level, or they may 
be washed up. 

At 16 they can be drafted by the 
Platers or one of the 48 other semi- 
professional junior teams, which are 
privately owned and expected to turn a 
profit About 65 percent of the players 
now in the NHL came through the junior 
league. 

Kurt Walsh, 19, the captain of the 
Platers — who are named for foe elec- 
troplating company that is foe owner’s 
other business — left his home in Kel- 
tigrews, Newfoundland, when he turned 
16 and was drafted by Owen Sound. 

He had never been to Ontario, but be 
agreed to move in with a local family and 
attend the Owen Sound high school while 
practicing every day and playing a 66- 
game season because “it’s one of those 
tilings you always dream of doing." 

For Walsh, who started skating at 3 
and played in bis first league a year later, 
all of the dreaming has worked out He 
has already been drafted by the Buffalo 
Sabres of the NHL. He said what 
happened to Sheldon Kennedy was “a 
tough situation for a kid." 

"It’s a pan of hockey, a bad part 
that’s rarely seen," he said. 



UdirlLulfirUi'ni' iM-fljinllVi- 


The Trail blazers’ Gary Trent driving around the Lakers' Eddie Jones. 

Cincinnati and Xavier Fall 


The Associated Press 

Cincinnati and Xavier have been 
ranked in college basketball's Top IS 
rankings most of this season, but both 
were upset during a doubleheader at 
Riverfront Coliseum in Cincinnati. 

In the opener Thursday night, Jerald 
Honeycutt scored a season-high 38 

C011.C01 Baskitsau 

points and became Tulane’s career scor- 
ing leader as the Green Wave beat No. 
14 Xavier, 87-85. Tulane Q 1-5) has 
won six straight games. 

Honeycutt made 16 of 22 shots, in- 
cluding five of seven from 3-point 
range, before fouling out with 14 
seconds left 

In the second game. Temple snapped 
a four-game losing streak against Cin- 
cinnati by shutting down Danny Fortson 
in a 70-55 victory over the fourth- 
ranked Bearcats. 

Temple’s ability to shut down 
Fortson and Rasheed Broken borough’s 
31 points keyed the Owls’ upset. 

USC 75, No. 6 Arizona 62 In Los 
Angeles, Stais Boseman scored 21 points 
and Southern California’s coach. Henry 
Bibby. woo the showdown against his 
son, Mike, a freshman starter for Ari- 


zona. The Trojans beat the Wildcats for 
the first time since 1992 and snapped 
Arizona’s five-game winning streak. 

No. 9 Utah 74, 5MU 57 In Dallas. Mi- 
chael Doleac had 26 points, and Keith 
Van Horn 23 for the Runnin’ Utes. Utah 
has won seven of eight. Jay Poeraer led 
Southern Methodist with 15 points. 

1Un BO, No. 12 New Mexico 57 In 

Tulsa. Shea Seals scored 21 of his 23 
points in the first half as the Golden 
Hurricane opened a 24-point halftime 
lead and coasted. New Mexico was held 
to 42 percent shooting from the floor and 
never Jed in the game after moving up six 
places in the rankings earlier this week. 

No. 15 Stanford 72, No. 24 Oregon 69 

Tim Young scored 20 points and got a 
career-high 21 rebounds as the Cardinal 
rallied to beat Oregon. Brevin Knight 
scored six of his 14 points in overtime 
for Stanford. Jamaal Lawrence made 
eight of 1 1 3-pointers for a season-high 
29 points for Oregon. 

No. IB Michigan 89, Purdue 65 Jerod 
Ward scored a career-high 19 points for 
the Wolverines in a Big Ten clash at 
Ann Arbor. The Wolverines limited 
Purdue to just 39 percent shooting from 
the field and forced 1 7 turnovers. Brian 
Cardinal led the Boilermakers with 14 
points. 


photographers sit too dose to the court, 
endangering players* safety. Rodman 
said he didn't intend to hurt Amos, but 
doubted the severity of foe injuries. 

Amos, an in-house cameraman, filed 
an assault report Wednesday night after 
talking to foe police at the Hennepin 
County Medical Center, where he was 
examined after being carried off the 
arena floor on a stretcher. 

If a charge is filed, it most likely will 
be fifth-degree assault, a misdemeanor 
punishable by up to a year in jail and a 
S3.000 fine. 

Major Casualties 
As Rockets Top 
The Kings, 89-80 

The Associated Press 

Sacramento Kings guard Tyus Edney 
was the first player to leave the game, and 
he was taken oft on a stretcher. 

By the end of play, Houston's Charles 
Barkley and Mario Elie were also injured, 
and their teammate Hakeem Olajuwon 
was ejected after two technical fouls. 

Despite losing more players than Sac- 
ramento, the Rockets beat the Kings, 
89-80, Thursday night. 

Barkley limped off with a strained 
right article, while Edney was hit in foe 

NBA Roundup 

back of foe head by foe knee of Hou- 
ston’s Otheila Harrington. 

Edney lost feeling in his arms and legs 
after the first-quarter accident The 
game was delayed for about 10 minutes 
while his neck was immobilized. He 
later regained feeling and was hospit- 
alized for X-rays, which were negative. 

Elie was forced to leave in the first 
quarter because of a sore right knee. 

Olajuwon scored 26 points, including 
14 in the third period that brought Hou- 
ston back from a 42-36 halftime deficit. 
But he was ejected with 2:52 left after 
continuing to complain to referee Tony 
Brothers about a pushing foul. 

Hawks 78, Magic 67 Atlanta won its 
eighth in a row overall and 15ih straight at 
home. Dikembe Mutombo blocked five 
shots and had 16 rebounds and 14 points 
for the Hawks. Atlanta's winning streak 
marches Chicago for foe longest active 
string in the NBA. Christian Laetmer 
scored 22 points for foe Hawks. Strong 
and Anfemee Hardaway each had 17 for 
foe Magic. 

Nuggets 88, Cavaliers 87 Ricky 
Pierce made a 10-foot jumper with 2.7 
seconds left as Denver rallied in over- 
time to stop its five-game losing streak. 
LaPhonso Ellis had 27 points, and Bry- 
ant Stith 20 for Denver. The Nuggets 
took only five foul shots, a franchise 
low. making four. 

TraD Blazars 102, Lakers 98 Isaiah 
Rider scored 30 points as Portland ended 
Los Angeles's 1 2-game home winning 
streak. Shaquille O'Neal had 33 points 
and 13 rebounds for the Lakers, who 
trailed by 18 points in foe third quarter. 
Portland won for the seventh time in 
eight games. The Lakers' Eddie Jones 
scored 23 points before fouling out 

Jazz 95, Sims 91 Karl Malone had 28 
points and 1 1 rebounds as Utah im- 
proved to 17-2 at home. Jeff Homacek 
scored 13 points, and John Stockton and 
rookie Reben Nembhard each had 12for 
the Jazz. Kevin Johnson had 21 points 
and 12 assists for Phoenix. 

Heat 102, Celtics 94 Tim Hardaway 
had 22 points and 13 assists, helping 
Miami hold off David Wesley, who 
scored 18 in the fourth quarter. 


CALVIN AND HOBBES 



























PAGE 20 


DVTEBNATIOCVAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 18-19, 1997 


DAVE BARRY 


My Former Life as Mozart 


M IAMI — To be honest. 1 had com- 
pletely forgotten that in a former 
life I was Mozart You know how cer- 
tain things tend to slip your mind, like 
where you left your car keys, or the fact 
that you used to be a brilliant Austrian 
composer who died in 1791? 

1 was reminded of my former life 
recently when I received a book called 
“Spirit at Work," by Lois Grant who 
has had a number of former lives. (I 
realize that some of you may be skeptical 
about the idea of reincarnation but there's 
a lot of evidence that it's real. Exhibit A is 
Vice President A1 Gore, who obviously, 
at some point in his previous existence, 
was a slab of Formica.) 

Besides having been reincarnated, 
Lois Grant is in close personal touch 
with many spiritual entities, including 
her deceased cat Fluffemut and the 
Archangel Michael, who has written a 
nice blurb for the cover of “Spirit ar 
Work," which he calls “a key to the 
rebirth of the planet." 

□ 

Anyway, it turns out that one whole 
chapter of "Spirit at Work" is devoted 
io some correspondence that Lois Grant 
and 1 had back in 1991. It began when 
she wrote me a long letter. In which she 
said that she had been asking herself the 
question “Where is Mozart now?" So 
she decided to contact Joya Pope, who 
serves as a "channeler" for a spiritual 
entity named Michael, who is “a group 
of 1 .050 souls who have completed their 
cycle of lives on the Earth." (Sounds 
like the U.S. Congress!) 

Through Joya — who according to the 
book “is available for channeling by 
telephone" — Lois Gram asked Michael 
about the current whereabouts of Mozart. 
The answer was: “He is a writer living in 
Florida." On a hunch. Lois Grant sent 
Joya a photograph of me from the news- 
paper, and the answer came back that the 
current reincarnation of Wolfgang 
Amadeus Mozart is none other than — 
you guessed it — Wayne Newton. 

No, seriously, according to Lois 
Grant Joya/Michael says that I used to 
be Mozart. 1 was quite surprised to learn 
this, and you would have been. too. if you 
had seen me take piano lessons. This was 
in 1956. when the piano teacher, a wo- 
man named Mrs. Ugly Old Bat used to 


come to my house every Saturday on her 
broom and point out to my mother that I 
apparently had not been practicing. 

This was. of course, true. I was 9 
years old. and I bad better things to do 
with my time than sit around staring at a 
music book filled with tiny inscrutable 
black marks and trying to figure out 
which ones corresponded with which 
specific keys on the piano. As far as I 
was concerned, our piano bad WAY too 
many keys on it anyway. I would have 
much preferred a piano with a total of 
two large keys, one white and one black; 
or maybe even just one really large gray 
key. so you’d never have any doubt 
which one you were supposed ro hit 
But our piano had THOUSANDS of 
keys, stretching out for approximately a 
mile in either direction, and if I didn't hit 
exactly the right one. Mrs. Bat would 
make a federal case out of iL 

In other words, 1 was nor a natural 
piano student, in stark contrast to Mozart, 
a brilliant musical prodigy who by age 9 
had already composed his classic work 
* ‘Porgy and Bess.” f did eventually take 
up the guitar, and I even played in a band 
in college, but we didn't play compli- 
cated music. We played songs like 
'‘Land of 1,000 Dances,” which only 
has one chord, namely. “E. ” In fact, a lot 
of our songs basically consisted of “E.” 
Usually we'd play "E” for an hour or so, 
then we'd take a 1 5-minute break, during 
which we’d change over to "A.” So 
even though Lois Gram seemed to be a 
nice, sincere person, I frankly doubted 
that I had ever been Mozart, and I pretty 
much forgot about our correspondence 
until 1 received my copy of “Spirit at 
Work” and saw the chapter in there 
about me. I began to wonder What if I 
really was the reincarnation of Mozart? I 
mean, I don't want to get too spiritual 
here, but if Joya/Michael is correct — if 1 
really am the embodiment of one of the 
greatest musical minds in history — then 
anytime anybody plays any Mozart mu- 
sic, I should get royalties, right? So just to 
be on the safe side, if you use any of my 
songs — “The Marriage of Figaro." 
"The Magic Flute," "Summertime,” 
"Happy Birthday,” etc. — I'd appre- 
ciate it if you'd send me a check. Make it 
out to Dave “Wolfgang" Barry. 

ti) 1996 The Miami Herald 
Distributed bv Tribune Media Sen-ices Inc. £> 


Hollywood’s Case Against Elia Kazan 


By Bernard Weinraub 

New York Times Senu. c 


L OS ANGELES— The shadow ofElia Kazan still 
hovers over Hollywood. At the age of 87 and in 
uncertain health, the director who was arguably the 
most formidable filmmaker of the 1950s and 1960s 
and has had a powerful impact on many filmmakers 
today has just been rejected again by die American 
Film Institute and the Los Angeles Film Critics 
Association for life achievement awards. 

The reason was simple: Kazan has not been forgiven 
by some film critics and members of the Hollywood 
elite for an appearance before the House Committee on 
Un-American Activities on April 10. 1952. when be 
informed on eight friends who had been fellow mem- 
bers of the Communist Party. Kazan’s testimony took 
place at the height of the McCarthy era. when the 
House panel was zealously looking for evidence of 
Communist influence in Hollywood. 

Deploring the recent decision by the angrily di- 
vided Los Angeles film critics to reject Kazan, Todd 
McCarthy, the chief critic for Variety, wrote last 
week that the director of such classics as “On the 
Waterfront," "A Streetcar Named Desire,” “Viva 
Zapata! " and '‘East of Eden*' remained “an artist 
without honor in his own country, a celebrated film- 
maker whose name cannot be mentioned for fear of 
knee-jerk reactions of scorn and disgust, a two-time 
Oscar winner not only politically incorrect but po- 
litically unacceptable according to fashion and the 
dominant Liberal-left Hollywood establishment” 
Instead of selecting Kazan, the Los Angeles film 
critics decided to honor Roger Gorman, the cult 
director of "Attack of the Crab Monsters” and 
“Swamp Woman,” among others. 

Reached at his home in New York City, Kazan 
spoke with a blend of gruffness and humor about the 
recent controversies. “I've been honored enough; I 
don't need anymore,” he said with a laugh. “What 
more do 1 want? I'm happy.” 

Asked if he was bothered about the level of anger 
against him, Kazan replied: “Yon want to know the 
truth? Not one bit I've had so much praise in my life, 
some of it deserved, some of it not deserved. What 
does it matter?” 

He spoke haltingly but unapologeticaUy about his 
appearance before the House paneL “That whole time 
wasn't very nice.' 1 he said. “People were really hurt by 
what went on. I was part of it. I suppose. I spoke my 
mind, and I had a right to do it’’ 

To his critics, many of whom weren't bom in the 
1950s. Kazan's decision to name names 45 years ago 
was so repugnant that forgiveness seems out of the 
question. His action remains for some a raw wound that 
has not healed and probably never will. 

But to his defenders. Kazan is viewed as a victim of 
Hollywood hypocrisy and trendy politics. After alL 



Angeles Film Critics Association, who distributed 
copies of Kazan’s congressional testimony at a meet- 
ing of the group, strongly disagreed. 

“When you re honoring someone's entire career 
you’re honoring the totality of what he represents, r 
and Kazan’s career, post-1952, was built on the ruin t 
of other people’s careers,” said McBride, author of 
“Frank Capra: The Catastrophe of Success” and a 


ja-Ji MunungSTbr New lot Timet 

At issue is Kazan’s 1952 House testimony. 

they say, organizations like the American Film In- 
stitute and the Academy of Motion Picture Arts and 
Sciences, which ritualistically bestow life achievement 
and humanitarian awards, often honor men and women 
whose tangled personal lives and behavior, while 
perhaps nor political, have wrought more havoc than 
Kazan's. 

Moreover, the movie community has generally 
forgiven top executives and producers who have 
forged checks, beaten up women, abused employees 
and engaged in vicious behavior. 

Citing previous honorees, one high-level movie 
executive who is a member of the board of the Him 
Institute and favors an award to Kazan said, “It 
doesn't matter whether Kazan ratted on his friends. 
Just as it doesn't matter whether Orson Welles and 
John Huston treated their wives badly, or Alfred 
Hitchcock was a misogynist or David Lean was not a 
terribly nice man. It doesn’t matter, finally. 

“ALL that matters is the movies. You're honoring a 
person's body of work.” 

But Joseph McBride, vice president of the Los 


‘Ironically .Kazan's Elms became richer and were 
mare morally complex after be informed,’ ' McBride 
“But to give oar highest award to him would be 
ignoring a serious moral issue. We would be pass- 
ively saying, 'We don’t care if people inform on their 
colleagues. ” _ . 

Kazan’s decision to inform on his friends from his 
days in the Communist Parly in the mid- 1 930s came at 
a tense, heated time when Hollywood studios de- 
manded that their directors and actors cooperate with 
the House panel or be blacklisted. Certainly, his 
testimony if not shattered the careers of his 

former colleagues, Morris Camovsky and Art Smith, 
both actors, and the playwright Clifford Odets. Other 
figures in entertainment also named names, among 
them actors Lee J. Cobb and Burl Ives and the cho- 
reographer Jerome Robbins. But none of them had had 
the success or fame of Kazan, whose movie career 
would have been seriously damaged had be not test- 
ified but whose theatrical career as Broadway’s top 
director would probably have flourished anyway. 

The day after his appearance in Congress, Kazan 
took out a full-page ad in The New Yore Times that 
denounced communism as a “dangerous and alien 
conspiracy” and said that “liberals roast speak out” 
In his autobiography, “A life,” published in 1988. 
Karan said, “I wanted to name everybody, break open 
the secrecy” of the Communist Party. But at the time, 
he was described as an opportunist selling out his 
friends for a lucrative movie career. 

His career flourished after 1 953, with such films as 
“On the Waterfront. ’’ in which tire character played 
by Marlon Brando informs on the mob, “East of 
Eden,” “A Face in the Crowd,” “Wild River,' 1 
“Splendor in the Grass” and "America, America." 
His final film, "The Last Tycoon" in 1976, was a 
box-office disappointment 
Some of Hollywood’s most vocal liberals worked 
with Kazan after his testimony, including Marlon 
Brando, Warren Beatty, Kirk Douglas and the cine- 
matographer Haskell Wexler. Even his critics ac- 
knowledge that Kazan, who started the careers of 
Brando and James Dean, has had a powerful impact 
on contemporary acting. He has influenced many 
directors, too, including Spielberg and Martin 
Scorsese, who is to receive a lifetime achievement 
award next month from the American Film Institute, 

money fi^s^and advance ftimstodies. 





. T — ..l-’-T'i'D# 



j 'lore 


, /-A* 






* 4 




PUBLISHING 


PEOPLE 


A Perfect Day for a New J.D. Salinger Book 


By David Streitfeld 

Washington Post Sen ice 


W ASHINGTON — J.D. Salinger. 

whose life has been one long cam- 
paign to erase himself from the public 
eye, is reversing himself somewhat at the 
age of 78. Next month will see the pub- 
lication of “Hapworth 16, 1934,” die 
first new Salinger book in 34 years. 

Salinger is one of the most enduring 
and influential postwar American 
writers, and any New York publisher 
would have paid a bundle for the rights to 
the stray, which appeared in The New 
Yorker in 1965. But in the literary coupof 
the decade, the book will be issued by 
Orchises Press, a small press in Alex- 
andria. Vuginia, run by a George Mason 
University English professor, Roger 
Lath bury. Phyllis Westberg. Salinger's 
agent, confirmed the deal but would an- 
swer no other questions. Lathbury was 
not much more forthcoming, especially 
on how he had obtained the approval of a 
writer so secretive that he had his agent 
throw away hundreds of letters he wrote, 
and so aloof he had her throw away all his 
fan mail without reading it. 

Nor would Lathbury talk about such 
relatively simple things as how many 
copies he was printing. “This is a book 
meant for readers, not for collectors.' ’ he 
said. ” Part of the reason for not revealing 
a press run is to discourage investing. I 
want people to read the story." 

Until now, that has been possible only 
for those who have sought out the June 
19. 1965, issue of The New Yorker. “I 
read it when it came out,” said the 51- 
year-old Lathbury. “I think it's true.” 
True? 

"The story. What it says. The main 
character is right.” 

That character is the longstanding 
Salinger hero Seymour Glass, whose 
suicide in the story “A Perfect Day for 
Bananafish” is an oft-analyzed Salinger 
moment. Couched in the form of a letter 
from the 7-year-old Seymour to his fam- 
ily, “Hapworth” basically spans the 
whole issue of the magazine, running 
from Page 32 to 1 13. 

In “In Search of J.D. Salinger." Ian 
Hamilton wrote that the story is “a 


weird, exasperating tour de force. . . . 
Take it or leave it’ is Salinger's un- 
mistakable retort to any grumbles from 
the nonamateurs among his audience and 
he seems fairly certain I indeed makes 
certain) that most of them will leave it. 
. . . The Glass family has, in this last story, 
become both Salinger's subject and his 
readership, his creatures and his com- 
panions." 

"Hapworth," said the critic Ron 
Rosenbaum, is “like the Dead Sea 
Scrolls of the Salinger cult, me real- 
fascination is that somewhere buried in 
it you might find the key to Salinger’s 
mysterious silence ever since.” Rosen- 
baum published an essay last week in 
the New York Observer about “Catcher 
in the Rye" and about John Lennon’s 
assassin. Mark David Chapman, who 
said that the answer to his murderous act 
could be found in Salinger’s novel. 

The style of the story is over-the-top 

"Hapworth 16, 1924,’ the 
first new Salinger book in 
34 years, will be 
published next month, 

precocious. “The majority of young 
campers here, you will be glad to know, 
could not possibly be nicer or more 
heartrending from day to day, partic- 
ularly when they are not thriving with 
suspicious bliss in cliques that insure 
popularity or dubious prestige,” writes 
little Seymour. "Few boys, thank God 
with a bursting heart, that we have run 
into here are not the very salt of the earth 
when you can exchange a little con- 
versation with them away from their 
damn intimates. Unfortunately, here as 
elsewhere on this touching planet, im- 
itation is the watchword and prestige the 
highest ambition.” 

Between 1951 and 1963 Salinger 
published four books: “Catcher.” 
“Nine Stories." "Franny and Zooey” 
and “Raise High the Roof Beam. Car- 
penters.” From the start, these fictions 
were dissected, if not worshiped, to a 
degree practically unimaginable today 


for a mere text. Salinger's natural re- 
sponse was to retreat, a reaction that was 
hastened by his basically shy nature. 

He didn’t want review copies of 
“Catcher” sent out, and later removed 
his photograph from the dust jacket. The 
first paperback publisher issued it with a 
gaudy cover, but that edition was soon 
replaced by one that used no art at alL just 
austere type. He never collected the rest 
of his stories, or allowed any of them to be 
z^ninted in anthologies or textbooks. 
Eventually. Salinger stepped publishing 
fiction at ail. "Hapworth 16, 1924” was 
the last story. He has never dropped his 
guard, taking Ian Hamilton and Random 
House to court over a biography that used 
some of his letters and confounding legal 
experts by winning all the way to the 
Supreme Coun. A few months ago, Sa- 
linger. who lives in New Hampshire, had 
his agents pursue the author of a World 
Wide Web page devoted to his work; the 
site was then taken down. 

Lathbury wouldn't confirm that he had 
met with his author, but seems to be 
proceeding in accordance with his strict 
wishes. He’s not sending out any copies 
to reviewers, for instance. * ‘They ’U buy it 
— or better yet, not review iL” 

Among Orchises' other publications 
are reprints of books by Tolstoy, Auden 
and Charlotte Perkins Gilman, along 
with numerous books of original poetry . 
Most sales are through mail order. “My 
philosophy is that books are pushed at 
people for wrong reasons,” the pub- 
lisher said. “There's a marketing men- 
tality that has little to do with the literary 
experience. While I want people to 
know 'Hapworth.' is available, 1 don’t 
want to force it on anyone.” 

Indeed, he had wanted to keep it as 
secret as possible for as long as possible. 
His plans were somewhat foiled when a 
Salinger fan saw a listing for the forth- 
coming book in the online bookstore 
Amazon.com. This fellow told his sister, 
Karen LundegaarcL a reporter at the 
Washington Business Journal, who 
wrote about it in the Nov. 15 issue. That 
led to an item in Hie Washington Post 
last Sunday, which caused other media to 
quiz the agent, who finally owned up to 
the extraordinary publication. 


T HE author Salman Rush- 
die criticized a British 
newspaper Friday for printing 
derogatory statements by his 
former wife, who left him 
months after be drew an Ira- 
nian death sentence in 1989. 
In a letter to The Guardian, 
Rushdie said he wanted to set 
the record straight after his 
ex-wife, Marianne Wiggins, 
described him as self-ob- 
sessed and accused him of 
failing to support other au- 
thors whose lives were 
threatened because of their 
work. “As I have not seen or 
spoken to Ms. Wiggins for 
nearly seven years, and as her 
own heroism ran out land so 
did she) just four months after 
the farwa. she can scarcely be 
thought an expert witness,” 
he wrote. Rushdie said he bad 
devoted “a significant pro- 


portion of my time and 
thought” to other persecuted 
writers, adding, “For many 
years I have been president of 
the International Parliament 
of Writers, whose chief rea- 
son for existence is to help 
writers in trouble.” 

□ 

Michael Jackson fever 
has hit the stately lakeside 
town of Montreux. With a 
black scarf over his nose and 
mouth, black shirt, dark 
slacks and red jacket, the 
megastar was spotted by ad- 
oring fans at the luxury Palace 
hotel, the Swiss mass-circu- 
lation tabloid Blick repons. 
Jackson is being treated at the 
renowned La Prairie clinic in 
Montreux, famous for reju- 
venation treatments and other 
aesthetic and rehabilitating 





/I 







‘V 




Dwid ThuufAi^cr RuoAtag 

COOL — Philip Hughes finishing a penguin in ice in 
London on Friday to mark the start of a Greenpeace 
tour to Antarctica codenamed “Polar Meltdown.” 


cores. There a nurse told the 
newspaper; ‘ ‘Mr. Jadcson has 
a cold. He has been given 
medicine.” There were no 
further details. 

□ 

Woke up, it was a Hall of 
Fame morning — for Jon! 
Mitchell and four others 
elected to the Songwriters 
Hall of Fame. Jooi will be 
joined by Harlan Howard, 
Ernesto Lecuona, Jimmy 
Kennedy and the folk singer 
and record producer PhH 
Spector at induction cere- 
monies June 10, the National 
Academy of Popular Music 
said. Among Mitchell's best- 
known songs are “Chelsea 
Morning,” “Both Sides 
Now” and “Woodstock." 

□ 

Liza Minnelli, dressed as a 
man for her gender-bending 
role in Broadway’s “Victor/ 
Victoria,” serenaded New 
York’s Mayor Rudolph Gi- 
uliani and hopped into his 
lap. Minnelli summoned Gi- 
uliani onto the stage at the 
Marquis Theatre, where she 
told him, “I have a personal 
gift for you. Can I show it to 
you — man to man?" The 
diva then directed the mayor 
to a chair and began mas- 
saging his shoulder while 
singing “It Had To Be You.” 
She later flopped into his lap 
and gave tire mayor a loss. 
"Can we do that again?” the 
mayor asked, after being mo- 
mentarily at a loss for words. 
Minnelli is pinch-hitting for 
vacationing Julie Andrews 
in the show, in which she 
plays a woman who pretends 
to be a man who pretends to 
be a woman. 

□ 

The actor Pierce Brosnan 
and his girlfriend, Keely 
Shaye Smith, are theparents 
of a new baby boy. Thomas 
Brosnan debuted at nine 


pounds (four kilograms) in 
Los Angeles. Brosnan, 43, 
and Smith, 32, of “Unsolved 
Mysteries,” became an item 
after his wife, Cassandra 
Harris, died. 

□ 

“Ridicule," a film comedy 
about wannabees at the court 
of Versailles, was voted best 
picture, and its female lead, 
Fanny Ardant, was chosen 
best actress by foreign cor- 
respondents in Paris. The best 
actor award went to Daniel 
AuteuJL, who starred in “The 
Eighth Day.” 

□ 

The Swedish royal family 
will have to cut down on 
fancy dinners at the palace as 
the royal court faces cutbacks 
of 5.4 million kronor (about 
$780,000) over the next three 
years, the palace announced. 
“The royal court, like all oth- 
er operations in the public 
sector, must cut back on its 
operations," the marshal of 
the court S3id. Despite toe cut- 
backs, King Carf Gustaf and 
Queen Silvia have a packed 
social calendar for the first 
half of this year, including 
trips to South Africa, the 
United States, Switzerland, 
Japan and Norway. 

' □ 

Through the magic of tele- 
vision, Bob Dole came to 
Pittsburg, Texas, to shoot a 
Visa commercial that features 
— his hometown in Kansas. 
Ever ready with a quip, Dole 
said he agreed to do the ad 
“because it looked like a lot 
of fun, it showcases my ■ 
hometown and it's a nie/' 
break from working on my" 
inaugural address.” Dole’s 
hometown is Russell, Kansas, 
not Pittsburg, a poultry -pro- 
ducing town east of Dallas. 
BBDO New York, the ad 
agency producing the ad, de- 
clined to explain. 



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