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INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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To Jap 


anese Gripped by Gloom, ‘ There Is No Future’ 


BySherylWuDunn 


AVu* torfc Tuhct Serviee 


W " As c^:f^ reh6 ^5 r > l ' m jnst terrified.” said 


selling authors, top government officials and 
economists, many of whom feel that drastic 
changes are needed. 

For many Japanese, the 1 1 percent drop in the 
stock market so far this year and the continued 
slide of the yen against the dollar amounts to a 


wished stock prices fell on an electronic se- 

S aul .^"L^just no future.” 

Mrs. Shinya s bleak mood may seem unduly 

T } <±csx countries in the 
world and one where only about 7 percent of the 
population owns stock. But her pessk^m U 
widely shared by business executives, best- 


The yen’s decline is hurting fi 
imports in Japan, especially ears. " 



newspapers are arguing that, like Britain a cen- 
tury ago, Japan may be in an inexorable decline 
in international prestige and economic might 
Headlines blare." “Japan Is Disappearing,” 


“Japan Is in Danger, Starting to Decline,” 
“Japan Is Heading Toward Collapse.** Com- 
mentators argue that Japan will be carried into 
the sea of sclerotic countries burdened by com- 
placency and heavy regulation. 

“Japan stands at a crossroads,” Shoichiro 
Toyooa, the chairman of Toyota Motor Corp. 
and bead of K eidanren, the nation's most in- 
fluential business organization, said in a recent 
speech. “If we take no action and let these 
problems linger on. the Japanese economy will 
be headed for catastrophe and will be left out of 
the world's prosperity in die 21st century.” 

Prime Minister Ryu taro Hashhnoto has 
called for broad changes, from reorganization 
of the bureaucracy to changes in fiscal budget- 
ing, social p rog ram s and education and a drastic 
restructuring of the economy. 


Ten years ago, the Maekawa Reports also 
laid oul a wide-ranging plan for reform, but it 
was never fully pul into place, and so now. 
many voters and investors are skeptical that Mr. 
Hashimoto can bring about real change. 

Since die first trading week of the year, 
stocks have spiraled wav up and way down, the 
yen has further weakened against the dollar, 
offering opportunity for some but serious con- 
cern for many. The index closed Friday at 
17,689.36, down 220.10 points from Thursday. 
The yen closed in New York on Friday at 
1 18.90 to the dollar, after flirting with 120. its 
weakest point in nearly four years. 

Some people, including Japanese financial 
officials, are quietly grateful for the recent stock 



See JAPAN, Page 10 


- ■*t> jn 


By William Drozdiak 

Washington Post Service 




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an 


. c . . ___ prosecutor, Hubert Jobski. had 

■ V>- sought to have Mr. Graf imprisoned for 

■ six yetis' and nine months. He said he 
•j* would appeal tor a higher court against 

1 ' ' fee shorter sentence. . 

4-. But Mr. Grafs attorney, Franz 
Salditt, thanked the judge for handling 
the trial “in perfect manner” and said 
' the court's exoneration of Miss Graf 
' was a crucial victory for die defense. 

. “One. of die most important points 
for us and for the Graf family is that the 
court wants prosecutors to dose the files 
v y in the case of Scefanie Graf," Mr. 
Salditt saicL . . . . 

Miss Graf did not attend any of the 
trial. When fee verdict was announcwl 
Friday, she was recovering in Australia 
_ 5 from heatstroke' and an infected toe that 
: ' she had suffered duringber foordi-^round 

* loss in the Australian Open on Stmday . 

* Later, she boarded a flight to Japan 


See GRAF, Page 24 






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Algeria Leader 
Vows to Crush 
Violent ‘Plot 9 
By Guerrillas 


Responding to Bombings, 
He Says ‘Foreign Forces’ 
Are Behind Terror Wave 


By Charles Trueheart 

Waihini’loii Pen Sen U r 


Sentenced 
In German 
Tax Evasion 


BERLIN — The father of Steffi Graf, 
the world’s top-ranked women’s tennis 
player, was sentenced Friday to three 
years and nine months iff prison after 
bring convicted of evading mote than 
million in taxes on his daughter’s 
income. 

After a four-month trial that por- 
. frayed a remarkable tale of greed and 
exploitation in professional teams, a 
court in the southwestern German city 
of Mannheim pronounced Peter Graf, 
58, guilty on six counts of tax evasion. . 

A former tax adviser for the family, 
Joachim EckhanJt, was sentenced to 30 
months in prison for aaafoting in fee 
crimes. .. 

The presiding judge: in fee - case, 
Joachim. Plass, concluded feat fee tennis, 
star herself “pJayed jro active put*-* in 
tile illirit efforts to sfetifer her wnmings. 
He recommended that investigations m- 
to her irate be dropped • v'-\ . :■* 

''Peter' Graf alone bears most of fee 
responsibility, ’’ fee judge said after 
finding him guilty of evading $731 ; 
million in taxes and attempted evasion 
of 3L8& million. more. Mr. Graf had ' 
beep accused of evading taxes on her 
earnings between 1989 and 1993. 

Mr. Graf left fee co urtro om surroun- 
ded by bodyguards, making no com- 
^ncm about the verdict and giving no 
indication about whether be would file 



Chasm Across Eastern Europe 
Splits Stable Nations From Poor 

While Budapest Blossoms, Bucharest Languishes 


PARIS — Lashing out at Islamic terrorists and 
unnamed “foreign forces” behind them. Pres- 
ident Laraine Zeroual of Algeria underlined on 
Friday night his government's hard line in the 
country's five-year civil war. He showed no sign 
of openness to the political or negotiated solution 


feat his regime's critics have been demanding, 

inn 


By Jane Perlez 

Mm- York Times Srrnce 


SOFIA — Svetlana Raykova should represent 
the hope for the future of this shattered country. 
As generations of her family have done before 
her, she would like to many and settle down. 

But years of misrule by the Communists have 
left Bulgaria’s economy in ruins. Hundreds of 
thousands have fled. For the past two weeks, 
protesters have filled the streets. And Miss 
Raykova now has doubts. She thinks of leaving. 

“I like my country and its traditions," said 
Miss Raykova, 23, a language student at Sofia 
University, as she sat in her parents' cramped 
apartment, where she helps make ends meet by 


nations, already sealed. Their entrance into 
NATO and fee European Union is a matter of 
when, not if. 


Languishing to fee south and east lie much 
poorer Bulgaria, Romania and Albania, where a 
legacy of Communist rule and a reluctance to 


ulgaria, Romania and Albania, where a 


undertake market reforms have left faltering 
economies awash in corruption. Even citizens 


lucky enough to have reliable incomes find 
s barred from visiting Western Europe 


giving English lessons. “But the government 
and fee economic situation often make it im- 


Kal?&8<9iM£AcslBs 

Peter Graf, the father T)f German tennis star Steffi 
Graf, awaiting fee verdict in a Mannheim court. 


possible to see why I should stay.” 

Susan Langi, on the other hand, likes what she 
sees of her future in Hungary. A law student wife 
fluent English, Miss Langi, 27, has a multitude of 
career opportunities at home and abroad. But 
Budapest has blossomed, she has de- 
cided that she will stay and go into banking. 

With fading memories of fee jubilation at the 
collapse of communism seven years ago, there is 
a new divide — some call it fee latter-day Iron 
Curtain — between have and have-not nations of 
Central and Eastern Europe; Only in the former 
does the joy remain. 

Poland, Hungary and fee Czech Republic, 
more p rosperous and stable, are cruising toward 
Western Europe, their membership in the Or- 
ganization for Economic Cooperation and De- 
velopment, the prestigious dub of industrialized 


themselves 1 
because their countries are on the European 
Union's * ‘negative visa' ' list, along wife Zambia 
and Afghanistan, for example. 

A New York University historian. Tony Judt. 
writing about this European division in his recent 
book “A Grand Illusion? An Essay on Europe," 
predicted that fee EU. motivated in part by 
sentiment, would probably extend its “protect- 
ive arm” around the old centers of the Hapsburg 


“1 confirm to the dear Algerian people fee 
determination of the Algerian state to battle 
against the terrorist groups until their final erad- 
ication,” Mr. Zeroual said in a televised address 
to the nation. “It is bands of criminals, traitors 
and mercenaries manipulated by external 
sources who are exploiting their savagery to 
serve foreign interests.' ' 

Mr. Zeroual spoke a day after Islamic ex- 
tremists reportedly slaughtered 15 members of an 
extended family, including 10 women and a tod- 
dler, in a suburb of Algiers, lifting fee estimated 
death toll in fee last two weeks to more than 200. 
According to Agence France-Presse, the radicals 
tortured and mutilated the family. 

Mr. Zeroual. a former general, has been em- 
blematic of fee government's hollow legitimacy 
and military impotence in the face of unchecked 
violence that has left about 50,000 people dead 


and has paralyzed daily life in Algiers, 
fighting be 


empire: Poland, the Czech Republic. Hungary 
andt 


perhaps Slovenia. 

Influenced by Western ideas and religion, and 
by the experience of pre-World War II cap- 
italism, those countries have been the better 
students of reform. They have been protected 
from their worst nationalist instincts, their lead- 
ers assert, by fee lure of Europe and fee promise 
made in the early 1990s that they could join 
NATO if they met certain economic and demo- 
cratic standards. 

These countries will scrape into the fold of 
Europe, Mr. Judt said; the others will not. Thus, 


there will develop ‘ ‘a sort of depressed Eurosub- 
tine Europe’ 


urb beyond which ‘Byzantine Europe’ would be 


The fighting between government forces and 
radical Muslim insurgents broke out in 1992 
after Algeria’s military rulers canceled the coun- 
try’s first democratic, multiparty elections rather 
than lose power, as they were expected to do, to 
the Islamic Salvation Front. 

Since the canceled elections, fee Armed Is- 
lamic Group, a violent wing with tenuous re- 
lations to the Islamic Salvation Front, and other 
radical Muslim guerrillas have carried out tens of 
thousands of murders, from bombings in city 
streets to roadside executions. 

The balance of fee killing, by some estimates 
half of it, has been carried out in reprisals by Mr. 
Zeroual 's security forces and by militias often 
armed by fee government and answerable to no 
known authority. 

For all the worsening violence. Mr. Zeroual 
garnered a round of good publicity and enhanced 


See DIVIDE, Page 6 


See ALGERIA, Page 6 


Football Numbers Say the Big Loser Is the NFL 


By PaulFarfci 

Washington Poa Service 


WASHINGTON While the National Football 

League won't crown its annual champion until after fee 


Super Bowl on Sunday, fee season’s hugest loser has 


already been detenrunedbfee NFL iiseL. 

Pro football. America's favorite TV sport for more 
than two decades,, has been m a tailspin. Ratings for 
regular-season games were down on all five networks 
feat carried NFL games, fee second successive year of 
across-the-board declines. 

Executives at tine Fox network, which will show 
Sunday's game, saw tbeirNielscnnurobersplummet 10 
percent this season* ABC’s "Monday Night Football" 
recorded its lowest ratings ever. 

Together with declining attendance at NFL games, 
the numbers suggest thatpro football's grip on fans may 
be weakening after a long rise. 

Pro games are still the top sporting attraction on 
television — and they still drew 14.5 million spectators 
.to fee stadiums this season, about 500,000 fewer than a 
year ago — but fee downward trend has touched off 
discussion among advertisers, network executives and 
.NFL officials about whether pro football’s best years 
are behind it. 

“You can look at these figures any way you want to, 
but die bottom line is fewer people are watching the 
NFL,” said Jade Lofcus, a spokesman for Nielsen 
Media Research. ... j 

' Officially, the league says it isn’t worried. Pro foot- 
ball still has a lock on male viewers, particularly those 
aged 18 to34, Val Pinchbeck, fee league’s senior vice 



See FOOTBALL, Page 6 


JaoFroJrt/The AoodBed Ptcm 

Two workers lowering a reproduction of tbe Soper Bowl trophy at the Louisiana 
Superdome, where the professional football championship will be played Sunday. 


Summit Put Off 
Renewing Doubt 
On Yeltsin Health 


Ciw,«Wftv Ow SttfFnm i Dapakhn 

MOSCOW — The uncertainty surrounding 
President Boris Yeltsin’s health deepened Fri- 
day when the Kremlin announced that a regional 
summit meeting he was to have led next week 
had been postponed indefinitely. 

The.- report came just an hour after Mr. 
Yeltsin's press secretary acknowledged that the 
president's condition ‘ ‘is not so good as to expect 
an immediate, hurried return to the Kremlin.” 

The meeting Wednesday of leaders of tbe 
Commonwealth of Independent States, an al- 
liance of 12 former Soviet republics, had been 


regarded as a key indication of Mr. Yeltsin's true 
condition. The Russian leader, 65, who is re- 


covering from pneumonia, has not been seen in 
public or photographed since Jan. 6. 


His press secretary. Sergei Yastrzhembsky. 
said at a briefing Friday feat his agenda of 


scheduled events remained unchanged. But an 
hour later, a spokesman for fee president's press 
service, Alexander Solavsky, announced fee 
meeting had been put off. 

“The president clearly has a huge, burning 
desire to return as soon as possible to carrying out 
his duties in full.” he said. 

"But on fee other hand fee president has not 


See YELTSIN, Page 6 


Setting a Price on 6 Women’s Work ? 

A U.S. Divorce Court Must Decide if Being a Corporate Wife Is a Career 


By Judith H. Dohrzynski 

Sew fork Times Service 


NEW YORK — He works at full- 
thnrtfle. She raises fee children and cre- 
ates fee elegant home. Sbeplayshostess 
at business dinner parties, orchestrates 
charity events, relocates on command, 
accompanies him on trips and listens to 
his office woes. She is fee- coiporarc 
wife, and her career, she bdieyes, is 
managing her husband's career. . 

But how much is her contribution 
worth? A divorce case in Connecticut 
involving a General Electric, Co. ex- 
ecutive worth as much as $100 million 
puts* fresh spin 6n feat question — and, 
m fee process, is raiding fee American 
corporate elite. Its resolution, .many 
people say, win be. a verdict on fee 
institution of marriage itself and on fee 
value of the’ supportive duties tradi- 
tionally known as “wonten’s woii” 


The plaintiff, Loma Wendt, turned 
down a $10 million settlement from her 
husband of 31 years, Gary Wendt, fee 
chief executive of GE Capital Corp. 
Invoking economic theory, she is ar- 
guing that her performance as a cor- 
porate wife was an investment, entitling 
her to half fee family fortune. 

"Gary . wanted to buy out my part- 
nership, and I didn't want to be bought 
out,” she said, using language she 
learned in her role. “It's like a hostile 
takeover — be offered me a very small 
percentage, and I said feat’s not the 
price of fee buyout” 

The case breaks new ground because 
in divorce, too, the rich are different. 
While a 50-50 settlement is common 
practice for ordinary people — «' indeed. 


fee law in 11 community property stares 
where gea 


— American courts elsewhere generally 
balk at awarding the wife half when an 
estate is worth more than $10 million or 


$15 million. The wife is awarded what 
she needs to live in fee style to which die 
pair had become accustomed. 

There is little wonder why the ex- 
ecutive set is following fee Wendt case 
closely. As executive pay and stock 
option awards have ballooned in recent 
years, a growing number of top man- 
agers — particularly those in high tech- 
nology, on Wall Street and in the media/ 
entertainment world — have substantial 
assets at risk. 

Most divorce cases, whether fee 
couple are wealthy or not, are settled oat 
of court. So Mrs. Wendt’s persistence is 
unusual. But Mr. Wendt will not quit, 
either. “She was not responsible for my 
success,” he said. “This is about who 
created and preserved the assets.” 

Since repots of tbe Wendt case arose 
in December, it has sparked heated con- 


See PARTNER, Page 6 


AGENDA 


Albright Vows to ‘Tell It Like It Is* 


The new U.S. secretary of state. 


Madeleine Albright, pledged Friday 
to "tell it like it is ' to China on 


human-rights issues and the future of 
Hong Kong but said U.S.-Chinese 
relations could not be held hostage to 
any single issue. 

She also said she would travel to 
Europe and Asia next month to visit 
leaders whom fee met when she was 


chief U.S. representative to the United 
Nations. At a news conference, Mrs. 
Albright assailed the Castro regime in 
Cuba as “an embarrassment to fee 


Western Hemisphere," emphasized 
feat the expansion of NATO was a 


priority but said she understood the 
Russians were nor happy about it and 
that she would try to work with them on 
the issue. Page 3. 


EUROPE PmgaS. 

Bonn and Paris Weigh Nudear Policy 


A Tory ‘Original’ 


THE AMERICAS Page3. 

New Dispute on Mammograms 


MIDDLE EAST Pag»5. 

Is Saddam’s Son Udai Paralysed? 


INTERNATIONAL Pago 6. 

The TV War for Control of Chechnya 


The British Conservative Party has 
welcomed back its most wanton 
former official: Alan Clark, fee man 
who had an affair with the wife of a 
judge and then seduced her two 
daughters. He also gave Commons 
speeches when drunk and helped cov- 
er up tool exporters' contributions to 
Iraq. Prime Minister John Major calls 
him “an original.” Page 6. 


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PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAi', JANUARY 25-26, 1997 


EU’s Carrot Not Good Enough to Heal the Cyprus Split # 


VGRpE - turkey 


By Tom Buerkle 

Iniemanon.il Herald Tribune 


BRUSSELS — Just a few months 
ago, senior European and U.S. officials 
expressed hope that the prospect of 
Cyprus's entering into membership ne- 
gotiations with the European Union 
would provide the carrot to make this 
the year to resolve the island’s bitter 
political divide. 

But far from seeing moderation 
among Greek and Turkish Cypriots and 
their respective backers in Athens and 
Ankara, Western officials find a harden- 
ing of positions on both sides that ap- 
pears to make a settlement more dif- 
ficult. 

Even more worrying, the conflict has 
threatened to rum the West’s major se- 
curity organizations into hostages. 
Greek officials suggest that Athens 
could veto EU membership for Poland 


and other Eastern European countries 
unless Cyprus gets in too, while Turkey 
has hinted at blocking the enlargement 
of NATO unless it gets better treatment 
from the European Union. 

Foreign Minister Tansu Ciller was 
expected to press specifically for the 
release of 375 million European cur- 
rency units ($446 million.) of EU aid, 
currently blocked by Greece, and a 
chance to enter the EU when she meets 
the foreign ministers of Germany. 
France. Britain, Italy and Spain in Rome 
on Wednesday. 

The recent rura of events has 
dampened hopes of a permanent Cyprus 
settlement, notwithstanding the success- 
ful defusing of a crisis over anti-aircraft 
missiles by a special U.S. envoy last 
week. European and U.S. officials say. 

“It’s spoiled the political atmo- 
sphere," a U.S. official said, referring to 
the Cypriot government's purchase of 


missiles from Russia. “And we're see- 
ing rising tensions between Greece and 
Turkey themselves. It’s hand enough to 
solve Cyprus, let alone all the problems 
between Greece and Turkey.” 

The tensions were underscored Fri- 
day when Turkey sent three naval ves- 
sels to visit the breakaway Turkish Cyp- 
riot state in a show of strength. Turkey, 
which maintains some 30.000 troops in 
the north, has threatened a military at- 
tack if the Cypriot government in Nico- 
sia deploys the missiles. 

Despite the recent setback, European 
and U.S. officials say they will keep 
pressing for a Cyprus solution because 
the prospect of EU membership talks 
continues to offer the best hope of a 
breakthrough. 

“This is a year in which an inter- 
national effort can be made in Cyprus.’ ' 
said Carey Cavanaugh, the U.S. envoy 
who last week won guarantees from the 


Bonn and Paris Weigh Atomic Policy 


‘ Inseparable ’ Security Interests Push Joint Defense Strategy 


By Craig R. Whitney 

Nenr York Times Service 


PARIS — France and Germany have 
agreed to open discussions on adding a 
nuclear dimension to European defense 
policy, according to a secret joint 
strategy paper signed by leaders of the 
two countries last month that was pub- 
lished Friday by the newspaper Le 
Monde. 

Chancellor Helmut Kohl of Germany 
and President Jacques Chirac of France 
agreed in the paper that their security 
interests had become “inseparable,” 
according to the document, and agreed 
to open “a dialogue on the role of 
nuclear deterrence in the context of a 
European defense policy.” 

But they agreed that a distinctly Euro- 
pean defense would evolve within, not 
outside, the reconfigured NATO alli- 
ance that is expected to be approved at a 
summit meeting in Madrid early in Ju- 
ly- 

The authenticity of the document was 
confirmed by French officials, who said 
it had been submitted to the French and 
German Parliaments for discussion be- 


fore official publication. 

France and Britain each have national 


was the German support for a French 
demand last year for the United States to 
give up a key NATO command in 
Naples, where the U.S. 6th Fleet is 
based, to a European officer as part of 
the planned renovation of the alliance. 

Mr. Chirac's insistence on that de- 
mand led to a turn for the worse in U.S.- 
French relations. 

He has not formally dropped it, ac- 
cording to French ana American dip- 
lomats here and at NATO headquarters 
in Brussels, but the French tone has 
changed from one of confrontation to 
conciliation. 

Herve de Charette, the French foreign 
minister, this week described the bid for 
Naples as a “proposition” rather than a 
"demand." 

In an interview published by the Fi- 
nancial Times on Thursday, he said: “If 
we succeed. I don’t see the French stag- 
ing a celebration on the Champs Ely sees 
— any more chan, if we fail, they are 
going to march on the Bastille.” 

Defense Minister Charles Mlllon has 
said that, unless France was satisfied on 
the Naples issue, it will not rejoin the 
NATO mill tax y command structure that 
it pulled out of in 1966. despite Mr. 


forgoing it alone for so long. 

There was a world outcry when Mr. 
Chirac resumed French nuclear testing 
in 1995, but before he ended it again a 
year ago. his prime minister. Alain 


nuclear deterrent forces of their own, 
but until now France’s atomic weapons 
have been dedicated solely to deterring 
attack on French territory. Germany and 
the other NATO allies have relied 
largely on the U.S. nuclear deterrent for 
protection from outside attack. 

That threat vanished with the collapse 
of the Soviet Union in 1991. but with 
continuing instability in Russia and oth- 
er countries that it once ruled, the 
French and German leaders agreed, “a 
fundamental change in European se- 
curity conditions cannot be excluded." 

More evidence of closeness in the 
French and German defense positions 


Chirac's pledge a year ago to do so. 

A U.S. diplomat in Brussels said. 


Juppe, made a gesture to Germany by 
ofrerins “concerted deterrence” with 


‘ ‘They are really holding the line on the 
Naples issue, but they’ve started a 
charm offensive.” 

French Foreign Ministry officials 
here said that Mr. de Charette was hop- 
ing to resiore relations with the United 
States to more cordial levels in talks 
with the new secretary of stale, 
Madeleine Albright. 

A NATO official said that the allies 
would soon have to decide whether to 
proceed with the reorganization without 
the French if the Naples issue is not 
quickly resolved. 

The prevailing American view is that 


offering "concerted deterrence” with 
France's European allies. 

Germany forswore nuclear weapons 
of its own after World War II, but, 
according to a recent book by de 
Gaulle’s spokesman, Alain Peyrefitte, it 
reached a secret agreement with a 
Bench government in the 1 950s to pro- 
duce atomic arms jointly. De Gaulle told 
Mr. Peyrefitte that he had rescinded the 
accord when he became president in 
1958. 

More recently, Germany has had 
practical joint control with the United 
States over die American nuclear 
weapons stationed on its soil. 


Fog Takes Deadly Toll in Netherlands 


CmpiU bf Our Stiff Pram Oapjsin 


‘Ilona 


AMSTERDAM — Heavy fog blanketing 
the Netherlands caused traffic chaos Friday 
that left at least three people dead, the au- 
thorities said. 

One chain of collisions, involving up to 100 
cars, took place on the A9 highway, which 
skirts western Amsterdam and carries traffic 
to and from North Sea coastal towns. 

Television images showed the tangled 


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wreckage of cars piled on top of one another 
while dazed and bleeding drivers were helped 


while dazed and bleeding drivers were helped 
away by emergency services. 

“People were driving a bit too fast” in 
thick mist, said Alfred Folgerts. a spokesman 
for the National Police Service Agency. 

“Two motorists were killed outright and 
another later died in the hospital,” he said. 


He added that said 39 people had been hurt. 
15 seriously. 

A string of other pileups in northern and 
central Netherlands involved several hundred 
vehicles, but there were no reports of serious 
injuries, he said. 

The accidents occurred in the morning, but 
the authorities were still clearing away wreck- 
age hours later. 

Thick fog also caused delays at Schipbol 
Airport outside Amsterdam, especially for 
flights to other European capitals, said an 
airport spokeswoman, Ingrid Pouw. 

Six people were killed in a head-on col- 
lision in thick fog near the central city of Stroe 
late Thursday night. A seventh person, injured 
in the accident, was still in serious condition in 
the hospital. (AP, Reuters ) 


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FRANCE /TOULOUSE 


TOKYO UNION CHURCH, near 
OnWesaxto Slwray Sta. TeL- 34000047, 
Worship Services Sunday - 830 & 1130 
am. SS a 9:45 am. 


BRUSSELS/WATERLOO 


ALL SANTS' CHURCH, let Sun. 9 & 


SWITZERLAND 


1 1:15 am Hch> Eucharist H CWttsn's 
Chapel t* 1 1:15. Pi dltier Sundays 11:15 


HOPE INTERNATIONAL CHURCH 
[EvangaEcaQ. 4. bd. de Pfcrac, Cotornor. 
Sunday service. 630 p.m.Tel.: 
0562741155. 

FRENCH RIVIERA/COTE D’AZUR 


BASEL CHRISTIAN FELLOWSHIP 
English-Speaking non-denorninational. 
TeL +41 61 302 1674. Sundays 10:30 
MUere Svasse 13, CH-4056 Basel 


am. Holy Buchanst and Sunday School 
563 Chaussde de Louvain, Oham. 
Belgium. TeL 32/2 384-3556, 


THE OTSCOPAL CHURCHES 
OF EUROPE (Anglican) 


WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
FamSy Eucharist Frankfurter Strasse 3, 
Wiesbaden, Germany. Tel.: 
436113038.74. 


PRAGUE 

La FELLOWSHIP, Vinohradska tf 68 . 
Prague a Sun. 1130. TeL: (02) 311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. TftOO af Swedish Church, across 
tan MacDonalds. TaL: (02) 353 1586. 

ZURICH - SWITZERLAND 
LB.C of Zurich. Gheistrass* 31, 8803 
ROschlikon. Worship Services Sunday 
mornings 1030. TeL 1-481001 a 


NICE: Holy Trinity (Anglican). 11 
Site. Suv 1 1 ; VENC£ 9 Hugh's. 22. 
Resistance. 9 am Tet 33 04 93 87 19 


PARIS cmd SUBURBS 


MONTE CARLO 


MONACO CHRISTIAN FELLOWSHIP 
Worship Service, Sundays: It a.m. 
9. rue Louis Notary, Monte Carlo. 
TeL 37732 165647. 


MUNICH 


THE AMSBCAN CATHEDRAL OF THE 
HOLY TRNTY, Sun. 9 & 11 am. 10:45 
a.m. Sunday School lor children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23. avenue George V. 
Paris 75008. Tel: 33-01 53 23 84 00. 
Metro: Gauge VorAima Marceau. 


EUROPEAN 

BAPTIST CONVENTION 


ASSOC OF NTT. 
CHURCHES 


BERLIN 

I.B.C.. BERLIN. Rothenburg Sir. 13, 
(Steglitz). Sunday, Btofe study 10.45, 
worship Service 12.00 noon. Charles 
Warfcmt pastor. TeL 030-774-4670. 

BREMEN 


INTERNATIONAL COMMUNITY 


FLORENCE 


ST. JAMES* CHURCK Sun 9 am Fite I 
8 11 am Ftte n.VaBemgirta Auostei 9, 
50123. flow ex. Its fy. TeL 33553944 17. 


LB.C, Hohentohastr. Heimann-Bose-Str. 
Worship Sun. 17:00, Pastor telephone: 
04791-12877. 


BUCHAREST 


PARIS and SUBURBS 


FRANKFURT 


EMMANUEL BAPTIST CHURCH - An 
evangefcgl church ft fte w este rn suburbs, 
all are welcome. 9:45 First Service 


LELC-, Strada Papa Rush 22. 3:00 pm. 
Contact Paaor MB* Ifenwr, Tel 3123800. 


concurrent with Sunday School, nan 
Second Semes with Chicken's Church. 
French Service 630 p.m. 56, me des 
Bons-flaisins. 92500 Ruaf-Maimafcon, 
For Ho. caR 01 47 51 2963. 


CHURCH OF CHRIST THE KING 
(Episcopal/ Anglican) Sun. Holy 
Commtubn 9 8 11 am Sunday School 
and Nursery 10:45 am Sebastian Rinz 
St 22, 60323 ftartdurt. Gamany. U1. Z 
3 MqueMlee. Tat 49® 55 01 84. 


Comae Ffaaor Mte Ifenper, TeL 312 

BUDAPEST 


BERLIN 

AMERICAN CHURCH M BSVJN, oor. 
of Oay ABee & Poadamer Str„ SS. 930 
am, Worship 11 am TeL 0306132021. 

FRANKFURT 

TRINITY LUTHERAN CHURCH. 
ftAafcjreenatoe54.Sun. Warship n am 
TeL 06995631066 or 51255JL 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verdana Sunday worst® 930 ft German 
11300 in Engish. Tet (QJ^ 3105039. 

JERUSALEM 

LUTHERAN CHURCH of lha Redeemer. 


I.B.C.. meets at Morics Zsigmond 
Gimnazium, Torokvssz ut 48-54, Sun. 


lOflQ. TeL 2S0-3SQ2. 

■ BULGARIA 


HOPE INTERNATIONAL CHURCH 
Hotel Orion al Partata-tWense. 8 bd. de 
NauBy. Worship Sundays 930 am Rev. 
Douglas Millar. Pastor. Tel: 
01 43 33 04 06. M*ro 1 to fa Defense 
Esplanade. 


GENEVA 


EMMANUEL CHURCH. 1st & 3rd SUL 
10 am Bjcharis; 2nd & 4ft Sun. Morning 
Prayer. 3 rue deMonftogx, 1201 Geneva, 
SwteertancL TSL 41/227328078. 


LB.G, World Trade Center. 36. Diahan 
Tzanfcov BJvd- Worship 11:00. James 
Duke, Pastor. TeL 869 68& 

FRANKFURT 


SAINT JOSEPH'S CHURCH (Roman 
Cam** MASS NQtajEttSaL 630 pm; 


MUNICH 


Sun. 9:45. 11:00 am. 12:15. 6:30 pm 
50, avenue Hoche. Paris 8th. Tel.: 
01 4227 2856 Mare Oiales (feGaM-Bofe 


ST. MICHAEL'S CHURCH {{n/angsteal 
Anrtican). Sundays 10:30 a.m. (with 
crtdraTs dub and creche) and &30 pm 
lufcdwet* Study groups. CririM-COntered 
teftowshlp In the heart Parts. 5 rue 
tfAguageau. 7900& TeL: 01 47.42.7088. 
Mara Concorde. 


THE CHURCH OF THE ASCENSION, 
Sun. 11:45 a.m. Holy Eucharist and 
Suiday School Nuseiy Care provided. 
Seybothsuasse 4, 81545 Munich (Har- 
toftmg), Gamany. TeL 40896481 85. 


INTERNATIONAL CHRISTIAN FEL- 
LOWSMP.Sodarwstr. 11- ia 63150 Bad 
Hamburg. A friendly, Christ-centered, 
church senring the English-speaking 
community. Sunday Worship. S 5. S 
Nuseiy 09:45. Weekday Groups. Pastor 
MJ* Levey. CM 0617348728. 


ST. PAUL NTSWATONAL LUTHERAN 
CHURCH, near IdabasN Stn. TsL 32B1- 
3740 Wbohp Service; 830 am Sundays. 


ST. PAUL'S WnWMHE-WAUS. Sun. 
830 am Holy Eucharel Hte 1: 1020 am 
Choral Eucharist Rite ii; iQ;30 a.m. 
Chuth School for cHttan & Nuseiy carer 
Provided: i pm. Spensh Eucharist Ve 
Napci 58. 00184 Rome. TeL SB 488 
3339 or 396474 3569. 


BETHEL I.B.C. Am Dachsberg 92 
(Erigfehj, worship Sun. ttjQO am and 
oSopmToL 069-540550 

HOLLAND 

TRKITY WTBfcHATIONAL invites you to 
a Christ oacerad fafcwship. Services: 
930 and 1030 am Btowncarnplaan 54. 
Wassenaar 070-51 7-8034 nursery prow. 

NICE - FRANCE 

L3.C. 13 rue Vernier. Engfeh sendee. 
SixUayev«rtng1B30.PB^orRoyMier- 
Tfa; (04 931 32 05 96. 


9 am Al are wefcoma TeL (02)6281-048. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11:00 am. 65. Quai cfOrsay. 
Parts 7. Bus 63 at door, Metro AJma- 
Marceau or invaftfes. 

VIENNA 

VIENNA COMMUNITY CHURCH, 
Sunday warship m Engfeh 11:30 A.M., 
Sunday school, nureeiy. international, d 
denaimaatns wtoma Ocratermsse 
IB, Vienna 1. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service. Sunday School 8 Nursery, 
Sundays tisOam, Scharrzengasse 25. | 
TeL (01)2625525. 


UNITARIAN UNIVERSAUST 


UOTARIAN UMVERSAU5T FELLOW- 
SHff> OF PARS invites you to a Main 
Luther King memorial service "On 
Freedom's Trait.” Jan. 26 th. J2 noon 
Foyer de PAme. 7bfe. rue du Pasteur 
V^yier. 1 le. VT Baste. AS as wetane* 
ReSoous education tor teens and chfttai 


i and spiritual qrowth groups. 
Social adwibes. INFO: 01 308275 33. 


Cypriot government not to import the 
missiles for 16 months. 

EU leaders have committed them- 
selves to include Cyprus with the first 
group of Eastern European countries 
dial are scheduled to open membership 
negotiations early in 1998. 

At the European Commission, the EU 
executive agency that is handling prep- 
arations for enlargement, -officials say 
the commitment is real and shouldexerr 
pressure on both Turkey and Greece. 

The EU will open talks with the 


Greek Cypriot government on behalf of 
the entire island, a worrying prospect for 
Turkey. At the same time, however, EU 
officials are warning Nicosia and 
Athens that die bloc will never admit the 
island as long as it remains divided. 

Foreign Minister Klaus Kinkel of 


who wants to join the £U must know 
that the EU cannot deal with the ac- . 
cession of new members that bring in 
additional external problems." 

U.S. officials, meanwhile, say they 
hope to build on die missile deal with 
other confidence-heightening mea- 
sures, leading to direct talks in coming 
months between President Glavcos 
IGerides of Cyprus and the Turkish 
Cypriot leader, Rauf Denktash- 

Mr. Cavanaugh, who met with EU 
officials in Brussels on his way back to 
Washington, expressed disappointment 


r jftharfs ^ 

4 * 


f — }f SYRIA 
CRETE "tEB. y \ 


UettitmanaMn Sea 


ISRAEL— -i ~ 


' ' Turkish- 
0 Km 80 controIM 

Greek’ . *1®* 

controlled Kyreota I v 

area • . r 


' CYPRUS 



Medi t e rranean 

See 


Germany voiced the growing impa- 
tience at a meeting of EU foreign min- 


tie nee at a meeting of EU foreign min- 
isters here Monday, saying, “Anyone 


itary flights over Cyprus, but he prom- 
ised to continue to seek a ban. 

Washington believes a ban would re- 
solve the underlying security concern 
behind the missile crisis, but the Cypnot 
government said an accord would be an 


unacceptable acknowledgment of Turk- 
ish- control over the island’s airspace. 

The prospects for direct talks also 
appear mixed at best, with Mr. Klerides 
waiting for Turkey to endorse EU mem- 
bership for a united Cyprus and Mr. 
Denktash seeking security guarantees 
for the island's Turkish population. 


BRIEFLY EUR 


the French got themselves into trouble 
by making a patently unacceptable de- 
mand, one that the new U.S. defense 
secretary. William Cohen, again rejec- 
ted in his confirmation hearings this 
week. 

Besides, an American official poin- 
ted out, Mr. Chirac has embarked on a 
10-year reorganization of the French 
militajy that will transform large pans 
of it into rapid-reaction mobile task 
forces dependent on a bigger air trans- 
port capacity than France will then have 
to fly them to trouble spots like former 
French colonies in Africa or Bosnia. 

For this reason, the American think- 
ing goes, France needs NATO, and 
hence a joint French-German approach 
to a clearer European defense identity 
that will command more respect from 
the United Stales in the alliance. 

What form a European nuclear de- 
terrent would take is not clear, though it 
would apparently serve the purpose of 
taking some of the heat off the French 



Serb Agreement 
On Local Media 


BELGRADE — Serbian hard- I 
liners and opposition Leaders from a 1. 
provincial city where political vi- L 
olence has flared struck a com- 
promise deal Friday over the con- 
trol of local media. 

In the industrial city of Kraguje- 
vac, south of Belgrade, opposition 
officials who took control in mu- 
nicipal elections last November 
said they had negotiated a tem- 
porary accord with the Socialist 
Party after it refused to give up 
control of the media. 

But minutes after the deal was 
strode, the governing Socialist 
Party led by President Slobodan 
Milosevic assailed the opposition 
Zajedno coalition, saying it was 
“destabilizing” the country. 

A spokesman for die opposition 
said that, under the agreement, 
which is valid until the country's 
courts deliver a final ruling. Radio 
Kragujevac would broadcast only 
commercial and entertainment pro- 
grams. The Socialists had moved to j 
integrate Kragujevac’s radio an 
television stations into the state- 
controlled national television net- 
work, a move a Bel grade court later 
ruled illegal- 

- TheSerbian network appealed to 
a higher court and sent the police 
into the radio and television build- 
ings Thursday to prevent the op- 
position from taking over, prompt- 
ing thousands of Zajedno 
supporters to surround the station. 
The incidents led to violent incid- 
ents in which riot police clubbed 
protesters. Including a member of 
Parliament: (Reutersi 




NO TROLLEY ZONE — A cyclist riding through Strasbourg on Friday 
as transportation workers heeded a strike in several French cities. 


Austria Appoints 
■New Finance Chief 


TRAVEL UPDATE 


Milan Airport Closed 
For Nearly 3 Hours 


MILAN (API — Escalating protests 
by dairy fanners forced the authorities 
to close one of Italy's busiest airports 
Friday during a peak afternoon travel 
period. 

Dozens of flights from Lin ate Airport 
were canceled and more were diverted 
to nearby airfields during the two-and- 
a-half-hour closure. 

Security officials ordered the airport 
to stop operations at about 4 P.M. after 
protesters blocked all roads leading to 
the airport, airline operators said. Linate 
handles domestic traffic and most 
flights within Europe. 

The airport was reopened when the 
protesters withdrew their blockades. 


Work on the tower will be carried out 
by the .city council, while the clock’s 
workings will be restored by the Swiss 
watchmaker Piaget Costs were not dis- 
closed. 

Tbe tower is the most celebrated of 
the Italian Renaissance. The clock’s dial 
is decorated with the signs of the zodiac, 
and two giant bronze Moors strike the 
hours. 


VIENNA — Austria’s chancd- 
lor-designat, Viktor Klima, on Fri- 
day appointed Vienna’s finance 
chief, Rudolf Edlinger, as finance 
minister, dashing market hopes for 
an expert outsider rather than a ca- 
reer politician. 

Mr. Edlinger, a Social Democrat, 
was the final cabinet appointment. 
President. Thomas Klestil will 
swear it in Tuesday. Mr. Edlinger 
will be in charge of steering Austria 
into Europe's economic and mon- 
etary union. (Reuters) 


U.K. Warns Travelers ^ Faces Censure 


To Greece of Delays Over Mad Cow 9 


Venice Will Refurbish 


15th-Century Tower 

VENICE (Reuters) — The 15th cen- 
tury clock tower in St. Mark's Square in 
Venice, will undergo two years of res- 
toration starting in March, officials said 
Friday. The project is intended to be 
completed by 1 999, when the tower will 
be 500 years old 


ATHENS (Reuters) — Britain has 
warned visitors to Greece that a trans- 
portation backlog from a seamen’s 
strike and the renewed threat, of a road 
blockade by farmers could disrupt fhfeif 
travel plans, the British Consulate in 
Athens said Friday. 

Tbe British consul, Gordon Bernard 
said tbe advisory was not intended to' 
deter people from visiting Greece. “It’s 
making them aware of problems and 
advising them to check the situation 
before they arrive/ ’ he said 


Continental Airlines will start ser- 
vice to Birmingham, England, from its 
hub at Newark International Airport on 
July I. 


BRUSSELS — The European 
Parliament is moving toward a cen- 
sure motion accusing the European 
Commission of mishandling the 
'' “mad 'cow” crisis, .par liamentar y 
sources said Friday. 

• The president of its inquiry, Re- 
nner Boege, a German Christian 
Democrat, now backs a conditional 
censure vote unless the commission 
improves its veterinary services and 
controls within a year, they said 
"The committee is toughening 
its stance,” said a parliamentary 
source, referring to a committee of 
inquiry into bovine spongiform en- 
cephalopathy. ( ReutersTj , 


WEATHER 


Europe 


Forecast for Sunday ttirougfi Tuesday, as provided by AceuWaather. Asia' 


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Madrid 

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CHangMal 

Cdcnte 

Hanoi 

HoCMMnh 
Hang Kong 


North America 

A briaf shea of cold air wtt 
swing from lha Great 
Lakes Ma Die mkjkAtantfc 
and Northeast Sunday Into 
Monday. Thu rest of the 
nation will have near- to 
above-normal tempera- 
tures. A 1*nje storm will 
mow Into the Plata Mon- 
day, while the Northwest 
stays istsetted. 


UMasonstly 

MM 


Europe 

An upper-level dlstufaance 
will keep central Europe 
unseated; otherwise, much 
of Ihe continent wB be dry 
with near- to Bboue-rannel 
temperatures Into next 
week. However, pauta of 
western Europe may be a 
bit on the cok) sfcfe of nor- 
mal. Turning nolieeably 
cooler across Italy and 
southeast Europe. 


Asia 

LteeeasonaWy ooW-acrose 
Manchuria, both Korsas 
and much of Japan Into 
next weak; unsettled In 
Japan. Northeast China, 
Intruding Beijing, will turn 

ntfcMblyeokterwtynext 
week. Seasonable ft Hong 
Kong and Singapore, 
though ahowers could 
affect Hong Kong each 
day. 


JitaiB 

KaraeN 
K. Lumpur 
K. IQrabeu 


Now Dew 
Phoom ftan/i 
Phuket 


Mgh Lon'S 
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TIONAL HERALD TRIBUNE, SATURDAY-SUNDAX JANUARY 25-26, 1997 


PAGE 3 


sMioright China Stance 

To Be ‘Tell [t Like It Is’ 

But She Rules Out One-Issue Policy 

WASHINGTON . *°^Mmoremflesio his four years than 

PiBttissSW “ffirff&Ks...™ 


«> teU it like it is” WttQe Alhrighr said foat -*‘we 
nghls issues and the w “g 313 * 1 are not going to agree ou everything’* 
Kong b* U^ rf H0Dg ^ the a&esT^ added Lt*e 

Nations could not be behi hiS ?™ 5 ? 6 ^ 5^ ovw of HongRoog from Britain to 
single issue. a hostage to any Chin a has to be done in a way that 


Mjfc^Wgfrt announced she would 
toEuropeand Asia next monfo to 
renew -acquaintances with foreign lead- 
she met while she sewed as 
Nations' 5 ' reprcsentative to the United 

She aiso assailed the Castro regime in 
> ^barrassment to the 
Henusphere’’ and emphasized 
nwt the expansion of NATO was a pri- 
only but that she understood foeRns- 
swns were not happy about it and that 
snewould try to work with them cm die 

-» : Sbe she would not try to chal- 
* jenge the travel record of her prede- 
^ ess0r ’ Warren Christopher. who 


U.S. Decision 
To Fault Jidda 


respects the hranan rights Of rite Hong 
KoneneoDle. 


we have made it clear that what 
happens in Hong Koug is very impor- 
tant to the overall relationship,'* she 


She said that she spoke by phone 
Friday withFpreign Secretary Malcolm 
Rifltind of Britain and discussed the 
Hong Kong matter with him. - 

The territory reverts to Chinese sov- 
ereignty on July 1. 

Beijing has moved to toughen police 
laws and dilate legal protection for civil 
liberties in Hong Kong. 

A panel named m Beijing has pro- 
posed reinstating old colonial laws giv- 
ing the police tight control over protests 
and watering down Hong Kong's Bill of 
Rights, stripping it of its supremacy 
ova: other laws. 

* Britain and the United States have 
-condemned the .proposals, which were 
unveiled Sunday by the legal subgroup 
of the Preparatory Committee, a panel 
thal answers to China’s Parliament. 

Mrs. Albright was sworn in Thursday 
as die first female secretary of state, the 
highest official position ever held by an 
American woman. 

Acknowledging that she had been 
muzzled during the Senate confirmation 



jkjr -a t - process, she said that her first-day news 

jW|oi»lf£' WniiV Am conference was evidence of her intent to 
IUcUM OlUlt UU be “open and available.*’ . 

__ Asked about relations with Russia 

T. . . • • given die extended illness of President 

iJl liTl IP lTimiir V Boris Yeltsin, riie said that a high-level 
X J administration visit to Moscow this 


t'lnl UmrEnmilW* Vitk Tun-i 

Mr. Annan with Senator Helms after their meeting in Washington. 

UN Leader Meets Helms 

Eye on US. Arrears 9 Annan Agrees to Consult 
With Senator on Cost and Efficiency Reforms 


By David Johnston 

New fork Tunes Service ■' r 

WASHINGTON — The criticism 
that Attorney General Janet Remo 
. h leveled against Saudi Arabia, faulting 
, {Jidda for foiling to cooperate m die 
investigation into the terrorist bombing ■ 
last June in Dbahran that killed 19 U.S. 
airmen, was an abrupt shift for die Clin- 
ton adminsitration. 

The remarks fay Attorney General 
Reno came after senior administration 
officials had for months praised die 
Saudi monarchy for pledging full co- 
operation in the inquiry. ; . 

Ms. Reno said Thursday that the 
Saudi government had foiled to turn 
over “very important information’’ ; 
from the investigation. Her comments 
followed those of die FBI director, 
Louis Freeh, who complained Wednes- 
day that tbq Saudis had provided little 
more than “hearsay’* that rgade k im- 
posribte to ewriuato.tbe evidence. 

It was unusual for senior U.S. of- 
ficials to openly criticize America’s - 
closest ally in die Gulf. Their remarks 
appeared to reflect an * administration 
judgment that the polite approach had 
failed and was unlikely to produce real 


be “open. and available.*’ . * 

Asked about relations with Russia 
given the extended illness of President 
Boris Yeltsin, riie said that a high-level 
administration visit to Moscow this 
week showed “clearly it is possible for 
ns to do business with the Russian gov- 
ernment” ‘ 

Regarding Moscow’s strong Objec- 
tions to.plahs to expand the NATO 
alliance, Mrs. Albright said, “We un- 
derstand the Russians have some prob- 
lems with thaL 

- ;“What is clear is that both countries 
are committed to working this situation 
but” 

She made it. clear that the American 
tone toward Fidel Castro was not chan- 
ging, saying that Cuba was “an em- 
barrassment to the .Western Hemi- 
sphere” and wanting against taking a 
“romantic view of Fidel Castro.” She 
called him “a dictator who runs his 
country tbe way dictators did in the ’50s 
and the. ’60s.” (Reuters, AP, AFP) 


By John M. Goshko 

Washington Past Service 

WASHINGTON — Tbe new sec- 
retary-general of the United Nations, 
Kofi Annan, has met with its chief 
nemesis in Washington and has agreed 
to consult with Congress on reforms, in 
hopes tbe United States will pay the 
more than SI billion it owes. 

Before meeting Thursday with Sen- 
ator Jesse Helms of North Carolina, 
chairman of the Foreign Relations Com- 
mittee, Mr. Annan said that he did not 
think such direct consultations with 
Congress on UN reforms would be 
proper. Traditionally, he said, the sec- 
retary-general has dealt with member 
nations through their executive 
branches, not their legislatures. 

But Mr. Annan changed his position 
during the talk with Mr. Helms. Pres- 
ident Bill Clinton told him earlier in the 
day that winning the support of the 
senator and other congressional con- 
servatives was essential if tbe United 


States was to pay its back dues and 
assessments, without which the United 
Nations is close to bankruptcy. 

Mr. Helms told Mr. Annan that be 
would introduce legislation setting 
strict benchmarks for such tilings as cost 
cutting and other efficiency measures, 
and a law to authorize installment pay- 
ments of tbe Si 3 billion in U.S. arrears 
only when the reforms are made. 

Mr. Helms urged the secretary-gen- 
eral to cooperate in the process through 
frequent communications. 

UN officiate said (hat Mr. Annan was 
uncomfortable with the idea of bench- 
marks and has not conceded that Wash- 
ington can put conditions on its obligations 
to die United Nations, but that he had 
agreed to the insistence on consultations. 

Mr. Arman has made reform his most 
urgent priority, but has said it must 
include measures acceptable to all 
members, many of whom do not share 
the U.S. preoccupation with downsizing 
and view reform in terms of giving 
smaller countries more power. 


Renewing an Old Battle at Commerce 

WASHINGTON — Tbe pledge by incoming Commerce Secretary William 
Daley to abolish 100 political jobs at the department has renewed an old battle 
over whether federal agencies are stuffed with too many patronage jobs. 

In the first Clinton term, the White House filled more than 3.000 jobs across 
the government with political appointees, most of them bunched at the top of 
each federal agency. The highest-ranking positions pay from $100,000 to 
S 148,000 a year. 

Until Mr. Daley made his pledge Wednesday at his Senate confirmation 
hearing, no senior Ginton administration official had offered such a wholesale 
abolition of political jobs. “This is truly a revolutionary proposal,” said 
University of Wisconsin professor Donald F. Kettl. "Putting the number of 
political appointees on the table is an important issue." 

In the early days of the administration, officials decided not to trim ihe 
political ranks because the 3.000 jobs were insignificant when compared with 
the executive branch's nearly 2 million career employees. 

It seems unlikely that other departments will follow Mr. Daley's lead. The 
department once again is vulnerable to congressional attack and budget cuts 
because of the current investigations into Democratic fund-raising and the role 
of a former Commerce political appointee. John Huang, which come on the 
heels of an effort by Republican House members to dismantle the de- 
partment. 

Federal personnel data suggest that Commerce may have been overstocked 
with political appointees. The data show that Commerce has 32.000 employees 
and 256 political appointees, while the Health and Human Services De- 
partment has SS,000 workers and 140 appointees. (WP) 

Any Volunteers? Clinton's New Program 

WASHINGTON — President Bill Clinton and three of his predecessors are 
planning an April meeting on community service and volumeerism. with Colin 
Powell as its chairman, the White House said Friday. 

In a show of bipartisanship, the three-day "President's Summit on Amer- 
ica’s Future,” was being promoted at the White House by Mr. Clinton, former 
President George Bush and Mr. Powell. The meeting will take place in 
Philadelphia. 

Mr. Bush was Mr, Clinton's 1 992 election foe. Mr. Powell was considered 
a serious threat to Mr. Clinton's re-election but decided not to run for 
president. 

Mr. Bush and former Presidents Jimmy Carter and Gerald Ford are expected 
to attend the April 27-29 event or participate electronically. The meeting will 
involve representatives of 100 American communities. 

Mr. Powell will serve as general chairman. The White House pips 
secretary. Michael McCurry. said the meeting would be designed to remind 
Americans that "service to country and service to community are not 
Democratic ideas, not Republican ideas, but American ideas.” (API 


Quote/Unquote 


Linda Witherspoon, an organizer of a splinter group fighting for power this 
weekend in Ross Perot’s Reform Party: "If it develops into a democratically 
led effort that the people of this country can have confidence in, the potential 
for the impact is unimaginable. But if it remains centered with the leadership 
top down. I believe that will be the death of the entire effort,” (AP) 


New Doubt on Mammograms 

Panel Cannot Recommend Than for All Women in 40s 


Away From Politics 

• Hte nroportion of elderly Americans in nursing homes 
has fallen as people stay healthier and choose alternatives that 
allow them to stay at home, ihe government said. About 41 of 
every 1 ,000 Americans over the age of 65 are now in nursing 
homes, down 18 percent from 1985. (WP) 


failed and was unlikely to produce zeal • A proposed constitutional amendment to ban same-sex 
cooperation from foe Saudis. marriages was approved fay the Hawaii state House, which 

Mr. Freeh!® and Ms. Reioo’s com- ' . '■ 

> menis reflect antagonism within their ■- 

agencies against the Saudi aiahorities. 

From the start of the investigation, the _ TV* 1 • TT J 

Saudis have promised, cooperation but X CfU iOlICC xlCCfl 
operated largely in secret. Lawenfbrce- 

meat officials said, that Saudi security -w-w -» tv 1 

personnel providedFBI agents with few KaH lj*OS 8 1 1 PHI HT1 fl 
specifics and turned over only summary . VIA. VOO I/VIUIUIU 

reporis, like 'tl» one last feU that exmr. w— •. # 1 

eluded that the. plot was foe work of 40 1 Wm JA AAinfiiv Knplr 
S hiit e Muslim Saudi conspirators. ; VrlX -ULVVBJIXliil XJPAA.VJV 
U.S. law enforcement officiate have ^ 

reacted skeptically to the Saudi find- * ■ ■ ■_ 

ings, saying they suspected that the • By Calvin Sims 

Saudis wanted to blame' an OUtSlde ' ■ New York rune* Service 

sponsor like Tran far the blast and may ; • — 7 - 7 : . ~ 

have obtained- statements by torture. LIMA —.Bowing to pressure from the Intel 
FBI officials also said they could not national Committee of the Red Cross, Peru via 
assess the validity of the Saudi con- security farces have agreed to restrict their ma 
elusions without access to information Deuvers outside the Japanese ambassador’s res 

that has been withheld. idencehere while aid workers are providing set 

: Specifically, law enforcement offi- vices to the 73 hostages- being held by Marxu 
ciab said the Saadis had refused to turn guenillas inside. 

over forensic evidence about the ex- Concerned about the safety of its workers and to 

plosion at A1 Khobar Towers, in which a hostages, foe Red Cross scaled back its actmtie 
fruck bomb sheared the face off an inside the Japanese residence Wednesday afte 
butidme housing military personnel. security forces began taunting foe rebels by throw 


Peru Police Heed 


was trying to undo Hawaiian court rulings. If approved, as 
expected, by the state Senate, the proposed amendment would 
go before stare voters in November 1 998. (AP) 

• Sharply higher prices for winter vegetables and fruits 

could result from a freeze last weekend in Florida. The freeze 
caused as much as $250 million in damage. (NYT) 

• Both bombs that exploded outside an Atlanta abortion 
clinic last week were made of dynamite, which is made by 
only one company in foe United States, officials said. (AP) 


By Gina Kolata 

New York Times Service 

BETHESDA. Maryland — In a unan- 
imous decision, a panel of experts con- 
vened by foe National Institutes of 
Health has concluded that it cannot re- 
commend that all women in their 40s 
have mammograms. 

The panel said women in that age 
group must make up their own minds, 
but added that there was as yet no over- 
whelmingly persuasive evidence that 
regular breast X-rays for healthy wo- 
men under 50 would save lives. 

A heated debate over the value of 
mammograms for women in their 40s 
has been going on for years. 

While there is wide agreement that 
screening for breast cancer with mam- 
mograms benefits women over the age 
of 50. when risk of the disease rises and 


cancerous tumors are easiest to detect, 
some experts contend that any benefit 
for those in their 40s is outweighed by 
the risk that false alarms in mammo- 
gram results will lead to unnecessary 
surgery or other treatment. Ail agree 
that regular mammograms are not ap- 
propriate for women under 40. 

The panel was convened to try to 
settle the issue. 

But its decision, after two days of 
hearing evidence from specialists on 
both sides, seemed only to intensify the 
debate. 

Such conferences are a pan of the 
national institutes’ consensus develop- 
ment program. 

Their decisions are also used by 
health insurance companies to set ben- 
efits and by doctors and medical as- 
sociations to determine appropriate 
care. 


By Calvin Sims 

: ■ ' 1 New York Tuna Service 

LIMA —.Bowing to pressure from the Inter- 
national Committee of foe Red Cross, Peruvian 
security fences have agreed to restrict their ma- 
neuvers outside, foe Japanese ambassador's res- 
idence here while aid workers are providing ser- 
vices to foe 73 hostages being held by Marxist 
guerrillas inside. 

Concerned about the safety of its workers and foe 
hostages, foe Red Cross scaled back its activities 
inside the Japanese residence Wednesday after 
security farces began taunting the rebels by throw- 


DEATH NOTICE 

Melvin L Schifter, 78, 
Entrepreneur 

Southampton, N.Y. - Mdvin L 
Schifter, founder and co- 
chairman of LeSportsac, Inc. 
died on January 2 0 ac ins home 
here where tie has lived for 
twenty years. He was 78 and a 
former resident of Manhattan. 

Mr. Schifter was a graduate of | 
the University of Wisconsin at : 
Madison and Erasmus Hall High 
School in Brooklyn, N.Y. 
LeSportsac, which he founded | 
in 1974 with his wife Sandra , 
Stetson Schifter, is a 
manufacturer and marketer of 
luggage and handbags j 
headquartered in New York ! 
with factories in Tennessee and 1 
North Carolina. The company 's 
innovative sailcloth nylon I 
products are sold in ! 
department stores in the 1 
United States and in over 
twenty foreign countries, said a I 


ALCHEMY, By Suzie Elliot 


debris over the compound wall and flying a . company spokesman. 


^Gore Concedes 
Visit to Temple 
Was a Mistake 9 

Renters 

WASHINGTON — Vice President 
A1 Gore admitted Friday that he was 
wrong to have attended aTDemocranc 
Party fimd-raiser at a Buddhist temple in,. 

itvras'ainistake,” he saidin a. 
television interview. r ■ . . 

“I did not know that it was a fund- 
raiser” he said Friday. “But I knew i£ 
was a political event. And I knew that 
there were finance people who were 

fi °^Snd so thSalone should have told 


me tSTis inappropriate - ^ 

mistake — don’t do this. Andl take fo^J^J 

Mftn/wictuiiitv. fhr.thaL proteett workers 


hencopter armed with a machine gun overhead.' 

In response to the police actions, the guerrillas, 
who are members of foe leftist Tupac Amaru 
Revolutionary Movement, began firing shots into 
foe ear. 

Steven Anderson, a spokesman for the Red 
Gross, stud in an interview Thursday that security 
forces had agreed not to cross a Red Cross bound- 
ary to be drawn in foe street in' front of the com- 
pound- waH 

“We will mack off a defined area around the 
entrance to the compound that will be the work area 
of the Red Cross, and the police have agreed not to 
enter during foe time we are inside,” Mr. Anderson 
saii_ .. 

“We simply could not guarantee the safety of 
. oar workers or foe hostages wifo all tbe movements 
that weretakihg place on Wednesday,” he added. 

A . spokesman for Peru’s anti-terrorist police, 
who are coordinating the security operations 
around foe residence, said foe forces would respect 
' foe Red Cross boundary — but only while aid 
workers were inside the cotxrpound. 

After six of its workers were slain in- the se- I 
cessionist Russian region of Chechnya last month, 
foe Red Cross began re-examining the ways it ' 


Prior to founding LeSportsac, i 
Mr. Schifter owned Somersault, 
a boy's clothing design and 
manufacturing company. 

During World War II, he 
served as an army 
correspondent for the Stars & 
Stripes newspaper. 

In addition to his wife, he is 
survived by a sod, Timothy 
Ware Schifter. president of 
LeSportsac and a daughter, Lisa 
Gnxmbeig. both of Manhattan, 
and four graDdchadrcn. 


ACROSS 
1 Alternative to 
orchestra 
5 Indispensable* 

10 Puts in stitches 

14 1965 jazz album 

18 Where 
Innsbruck is 

Z9 Bubbling 

20 One of the 
Baldwin 
brothers 

21 Thwart 

22 CityNNEof 
Tampa 

23 Jefferson's 
portrayer in a 
1995 film 

24 Java neighbor 

25 Kind of collar 

28 Mangles 

27 Dickens novel 
transmuted 

30 Bargain 

32 Hale 

33 Fern 

34 Effort 

35 Boxing tilli&l 
with 57 KO's 


41 More to the 
point 

45 ILS.&hip 
transmuted 

tS Prefix with 
■gram 

49 Music hall 

51 Opening word? 

52 Believer, 
informally 

53 City on the 
Rhein 

54 Eagerly 
expectant 

56 Bandar — 
Begawan 
(Brunei's 
capital) 

57 Addition column 

58 "LA. Law- 
lawyer 

59 Native of the 
Land of the 
Thunder Dragon 

62 Write 

pairtst aktngly 

64 1955 play 
transmuted 

70 School marm's 
hairdos 


37 60’s Secretary of 71 Spread 
the Interior ingredient 


Est. 1911, Paris 

"Sank Roo Doe Noo" 



72 Ottoman 
authority 

75 Bettors bet on 
them 

78 ~ guerre’ 

81 Billionth: Prefix 

82 Drink on the 
drink 

83 Fab competitor 

84 Atheist MadaJyn 
etal. 

86 Rock's opposite, 
often 

89 Fiend 

90 50's TV catch 
phrase 
transmuted 

93 Deer playmate, 
in song 

95 Consummate 

96 Idyllic spots 

97 Twosome 

98 C minor and 
others 

101 -Xanadu" rock 
group 

102 Water-skier's 
need 

107 Caiy Grant 
movie 
transmuted 

111 German poet 
Heinrich 

112 Astronomer's 
sighting 

113 Lounge 

114 Story sub) Hied 
“The Yeshiva 
Boy’ 

115 Tuckered out 

116 Another time 

117 Stylish gent, in 
Britain 

118 Knobby 

119 Like non-oyster 
months? 

120 Ivy League team 



■ 

If 

11 


zT 




5o~ 




©IVew York Timeg/Edited by fftU Short*. 


15 Lounge 

16 Produced 
fiction 

17 maison 

(indoors): Fr. 


responsibility forthaL 
' “It was a mistake. 

The fund-raiser at foe 
temple in foe Los Angeles area became 
an issue in foe presidential 
and was part of a series offos^ted 

> 

focus of wmgrcssronid mvesttg^ons. 

The Justice Dqjartmem is^w «- 
vestiEtmng Democratic ,frmd^«suig 
activtties, includmg money raised-, un- 


i b are in areas of conflict 


■EW noUD'S RATES TO THE VS, 


Since die Tupac Amaru rebels seized the Jap- 
anese residence and hundreds of hostages Dec. 17, 
foe^ Red Cross has provided a Variety of services, 
including daily meals, medicine, clothing, potable 
water, refuse collection mid counseling. Red Cross 
workers are normally inside foe residence between 
10AXLand7RM. 

“Now that we have this agreement, we are 
encouraged from aseenrity standpoint after a peri- 
od of great uncertainty, ” Mr. Anderson said. 

Tfre-Red Cross has staved as an intermediary 
between foe government and the rebels, who are 


property trom rorag* ^ - ^ struggling to reach an agreement to begin 

- TJfc questionable . ne^otiatitm to resoWtitecri&te. President Al^^ 

mllioii.m mpropj Fajimori. said, this week that foe government was 

funds foUc^g^ reports about coSufeg to.s«k a peaceful sohition. 

^buttons by foreigners. 


LOWEST WrtS -6 SECOND BX1»G 
NO MODE* CHARGES 
MEM. FOB HOW / OFFICE / COUIAR 

01 Hans at 44 171 360 5037 
fee 44 171 360 5036 

Or cjf our US. office at (Ml 9D7-6K6 
or Ulffil) 90WM4 
front Wxmeg Orw wo ftte lexiwi 


121 Want ad listings: 18 No longer num 

Abbr - 28 Prepares for 

122 “Holy cow!" action 

123 Storied 29 Not free 

Phoenician port 3( p^iona,* 

DOWN ab™ 1 

1 Ecole 35 Masquerade 

2 Clint's “co-star" I"*®* 1 . 

Clyde, for one 36 Rose bouquet 

3 Cable channel 38 Deuce 

transmuted follower 

4 Adaptable 39 ™i«* 

5 Decreed 40 Amphibmus 

vehicles, for 

6 W.W.JJ menace 

1 41 Dutch tourist 

8 Small reddish an rod ion 

monkey 42 What's all the 

9 Santas load screaming 

10 Throws a about? 


55 Scaler's spike 
57 -Well, well, 
wdir 

59 Furnace 
measure, for 
shon 


60 H jefe 99 Resort east of 

OP?" Sevastopol 

§ ^ I u “ rior 1MPriCT 

^rghen.h.m >02 N.n-b^tor 


87 Exists as an 
activating force 

88 Case for an 
ophthalmologist 

9 1 Chicago suburb 

92 Pain reliever 
94 "Lady Undy' 

99 Resort east of 

Sevastopol 
100 Prier 


monkey wrench 43 Holdover 


WWH-MilH- 


inUllMl 

iKHKB'tt 


A Space for Thought. 


into 

11 Airline name 
drawn from 
Hosea 

12 Joins 

13 Some Asimov 
books 

*4 Eastern 

Dooh-bah 


44 Rope used 10 
hangbandilos 

46 Town m many 
an oater 

47 One of the 
Karamazov 
brothers 

50 Ja 2 z players art 

found here 


68 Cooperof'My 
Fair Lady- 

67 Wine: Prefix 

68 Irish lullaby- 
syllables 

69 1996 Coen 
brothers film 

73 Trail mix 

74 -The Night of 
the Hunter" 
screen ivrrter 

75 Soft drink brand 

78 Lifeless 

77 Singer Marvin 

79 Incidental 

80 Considerations 
pro and con 

82 Blues singer 
transmuted 

84 F.yeballed 

85 Jim-dandy 


103 Rowing team 


104 Dorothy, forthe 
Tin Man 

105 Cordial flavoring 

106 Addition column 

107 Vanished 

108 Where Hansel 
was headed 

109 A penny short of 
a dime 

110 Actor 

Carroll 

112 Drop off for a bn 


Solution to Puzzle of Jan. 18-19 


nnan aanao oanoa dgoq 
anna oanrao naoon nnon 
nrcntjnaorann nnnnn ciHno 
aninnn nnn naotsn nmno 
□no nmanaonanonn onau 
inaana nano □□□ oaBcin 
ironn oonnna nnnn 
iimn mn nnn onoannci 
□na □nnnmnnniPionn dbr 
□□□ nn onn nnmrcn nnnn 
manna atana onmQ oannn 
□mo nnnciBn nnn nmoDQ 
nnn nmnnannnnnnnn nnn 
nnnnnnn nan nan nann 
nnnn anonnra nnnn 
gnnno nnn nnnn ancinom 
nana nnnnngnnnnnn aon 
nnnn rtnaan nan nnnno 
nnnn mnnnn rrannnannnn 
nnnn nnnnn nnnmrc nnnn 
nnnn nnnnn nnnnn nnnn 





k -*• TrmrrrrMB^ 

-■ ' - +\- - -(T 




PAGE 4 


EVTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 25-26, 1997 


Saddam’s Son’s Wounds 
May Have Paralyzed Him 

600 Seised in Roundups Since Dec. 12 Attack 


By Douglas Jefil 

flfav Yo rk Timet Service 

DAMASCUS — More than a month 
after he was shot in an attempted as- 
sassination in Baghdad, the eldest son of 
President Saddam Hussein still has not 
been pictured standing, and there are 
suggestions that he may have been 
wounded more seriously than first re- 
ported. 

At the same time, a leading Iraqi 
opposition figure said Thursday in Syria 
that a subsequent roundup of suspects in 
Iraq has resulted in the arrests of about 
600 people, including 20 high-ranking 
military officials. 

The opposition leader. "Wafiq S am- 
end, a former Iraqi general and intel- 
ligence chief, said the blow to the op- 
position had been as serious as Iraq's 
penetration in June of a network re- 
porting to another opposition group. 

It was the third setback in eight 
months for opposition groups in Iraq. 
Opposition operations in northern Iraq 
were set back in September when Iraq 
sent its forces into the Kurdish region. 

If Mr. Samerai 's account is correct, it 
would be significant that the focus of 
Iraq's response to the attack has been on 
the military leaders and others from the 
Sunni Muslim-dominated central part 
of Iraq that provides the base of support 
for Saddam Hussein, the Iraqi leader. 

In its public statements, Iraq has ap- 
peared to blame the Shiite Muslim op- 
ponents of Mr. Saddam for the attack. 
The Shiites, whose base of operations is 
in neighboring Iran, have claimed re- 
sponsibility for die Dec. 12 shooting. 

Udai Hussein, 33, has been regarded 
by many as a possible heir ro his father. 
Gunmen armed with machine guns 
opened fire on him from close range as 
he sat in his Porsche. 

Interviewed several times from his 
hospital bed by Iraqi television, Udai 
Hussein has said that he is recovering, 
although he has disclosed that bul- 


lets remain lodged in his body. 

In each appearance, the injured Hus- 
sein has remained riningmbed.withhis 
torso and legs covered. Opposition of- 
ficials who have studied the pictures say 
that he may be have partial paralysis. 

■ 2d Group Claims Responsibility 

A little known Iraqi opposition group 
calling itself Nahda, or Renaissance, has 
taken responsibility for the assassina- 
tion attempt against Udai Hussein, 
Agence France-Presse reported from 
Dubai. 

A senior Iraqi opposition official in 
London supported a report in A1 Hayat, 
an Arabic newspaper based there, that 
four members of the group escaped 
from Iraq to Europe after the Dec. 12 
attack in Baghdad against Mr. Hus- 
sein. 

The official said Nahda was behind 
the assassination attempt, and not the 
Shiite Muslim Ad Da‘wa al Islamiya. 
another opposition group that had 
claimed responsibility for the attack. 

'‘Nahda is a group of young nation- 
alists of various Sunni and Shiite back- 
grounds, with different political orient- 
ations.” the ppposition official said. 



tom SMBhf Agence Fimc t - P r m e 

BARTERING POINT — Trucks entering Iraq from Turkey on 
Friday carrying smuggled goods and food destined for markets in 
Baghdad. The goods are exchanged for oil, which is taken to Turkey. 


Talks With Syrians Possible by the Spring, Israel Says 


Reuters 

JERUSALEM — Defense Minister 
Yitzhak Motdechai said in remarks 
broadcast Friday that he expected Is- 
raelis and Syrians to meet in the next 
few mouths to revive their peace talks. 

Such a meeting should occur the 
spring, be said, “after die U.S. admin- 
istration is established.' ’ It would be an 
opportunity, he added, for both sides to 
“look for ways to bridge some of the 

remarks, made Thursday, were 
broadcast on Israel Radio. 

On-again, off-again peace talks rhar 


began in 1991 have been bogged down 
by the issue of the Golan Heights, cap- 
tured by Israel from Syria in 1967. 

President Bill Clinton, just sworn in 
for a second term, has sought to re- 
suscitate the negotiations. 

Secretary of State Madeleine Al- 
bright, in a news conference Friday, said 
achieving a comprehensive peace in the 
Middle East would be a top priority. 

But she did not say when she would 
travel to die region. 

Also Friday, Prime Minister Ben- 
jamin Netanyahu appealed to President 
Hafez Assad of Syria to meet at the 


Pilar Barbosa Dies at 99, 
Puerto Rican Historian 


* t r ■ i 

:/.r' • 


negotiating table. His remarks came in 
an interview with an Arab ic-language 
Israeli newspaper. 

“Since you re an Arab newspaper, I 
call on President Assad to sit together 
and renew the negotiations, for this is 
the only government capable of making 
peace,'’ Mr. Netanyahu told Kul al Ar- 
ab. 

He has rejected Syria’s demand that 
Israel return the Golan Heights. 

Israel's handover last week of most of 
the West Bank town of Hebron to foe 
Palestinians prompted renewed interest 
in the stalled talks with Damascus. 


Ne*! York Times Service 

Dr. Pilar Barbosa de Rosario, 99. a 
revered Puerto Rican historian and 
political authority who served as teach- 
er, mentor and mother confessor to gen- 
erations of Puerto Rican politicians, 
scholars and intellectuals, died Wed- 
nesday at a hospital near her home in 
San Juan. 

She was widely regarded as the con- 
science of the governing New Progress- 
ive Party. 

La a career in which, in 192 1, she 
became foe first woman Co teach at foe 
Univeisity of Puerto Rico and later es- 
tablished the departments of history and 
social studies there. Dr. Barbosa be- 
came such an authority on Puerto Rican 
political history, from the movement for 
autonomy from Spain in foe late 19th 
century to foe drive for U.$. statehood in 
foe 20fo, that she was named foe com- 
monwealth’s official historian in 1993. 

It was a further reflection- of her 
standing that after her death Governor 
Pedro Rosseiio decreed a three-day 
period of mourning and that a half- 
dozen members of foe legislature 
formed an honor guard at her coffin 
during a wake Wednesday night. 

Myfanwy Piper, 85, Art Critic 
And Britten’s Librettist 

LONDON (AP) — Myfanwy Piper, 
85, an ait critic and librettist for three of 
Benjamin Britten’s operas, died at her 
home on Jan. 18, her family said. 

She wrote the librettos for “The Turn 
of the Screw,” which had its premiere in 
1954; “Owen Wingrave” (1970) and 
“Death in Venice” (1973). 

The poet John Betjeman celebrated 
her in “Myfanway at Oxford,’ ’ a poem 
written in 1938: “Willowy figure with 
lips apart, / Strong and. willowy, strong 
to^illow me, / Gold Myfanwy, lasses 

Edith Haisman, 100, 

Oldest Titanic Survivor 

LONDON (NYT) — Edith Haisman, 
1 00, the oldest survivor of the sinking of 
foe Titanic in 1912. has died at a nursing 


home in Southampton. England. 

Karen Kamuda, vice president of foe* 
Titanic Historical Society said in a 
phone interview fiom Indian Orchard. 
Massachusetts, that Mrs. Haisman s 
death left 7 of foe 705 survivors snR 
living — three in foe United States and- 
two each in Britain and France. 

Mrs. Haisman, who was 15-year^kJ 
Edith Brown at foe time of foe sinking^- 
was the last survivor who was a teenager, 
in 1912. 

The survivors who are sail alive, 
ranged in age from 9 weeks to 8 years- 
old at foe time of the disaster, which 
claimed more than 1 ,500 lives. 

Saul Marantz, 85, Pioneer ; 

In Hi-Fi Audio Components 
NEW YORK (NYT) — Saul 
Marantz, 85, a pioneer in foe devel- 
opment of high-fidelity audio compon- 
ents, died Jan. 16 in Somerville, New 

Jersey. . . 

A man of many parts — photograph- 


er, classical guitarist, graphics designer.; 
collector of Chinese and Japanese art — > 
Mr. Marantz was fascinated by elec- 
tronics from his boyhood days. 

In the 1950s and 1960s, the Marantz 

name became synonymous with products 
that were pleasing to look at, easy to use,- 
durable and sonically first rate. 

Richard Berry, the Father 
Of ‘Louie, Louie’ 

LOS ANGELES (AP) — Richard 
Berry, who sold his simple song about 
looking for true love for $500 only to 
''watch “Louie, Louie” become a rock 
’n’ roll anthem, has died at about 60. 
The song, written in the mid-1950s.' 

was about a bartender named Louie and 

a customer intent cm finding true love in 
Jamaica. 

The most wefl-known version — foe 
electric piano pinging out foe three 
simple chords, foe cymbal -heavy drums 
and those unintelligible lyrics — was, 
recorded by The Kingsmen in 1963. ' 
Their version rose to No. 2 on the. 
^ Billboard charts of hit songs in Decem- 
ber 1963. 


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*9. 

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«I 


EVTERNA110NAL HERALD TRIBUNE- SATUTlDAY-SUNDAi'. JANUARY 25-26, 1997 


PAGE 5 


' -5 A 

<z*- 




Ageitce Fraace.Pt 


age 

’ost-Tramfer Council 


• 


—The future chipf nf •p S -? Jpp0lt a recommendation by a 
P°«- 


U '*SG 


body that core pro- 
yisions, including the right to protest 
fflKl form political organi zations 0 f 
H<mg- Kong's bill of rights should be 
voided in the new regime. 

Mr. Tung’s lineup is dominated by 
“J^ress representatives but also in- 
cludes people from pro-China organi- 
zations ana tried-and-tested Beijing 
loyalists, analysts said. The team in- 


business ^ s ^ drawn largely from 
Beijing ^“P® ** support 

u^upoftbett^tory’sSi^S ' i dudeS of the temlray's 

s«creta{y, S3? 1 *“£? P« ^on, tire 

retary of justice, as P™ 0 *™**® P 5 rty ’ 1x01 side- 

members, the 1 1 ex ’ offic, ° bned ftom the political process by 

ntiye of Hong KoneSjSv' c The new council will include Nellie 
British colony £<»&. bead of the Better Hong Kong 

^™istrative RegioT under Foundation, a group of tycoons who 

F*I^^ ef r^ xeCutive has to consult the 
^“bve Council, which is usuX 
*uwn from Hong Kong’s elite, before 
making important policy decisions, in- 


The announcement of the new cab- 
> m ranre a day after Mr. Tung declared 

Unionists Quit 
Seoul Haven as 


■ • *• 3: 


By Kevin Sullivan 

Washington Past Service 


TOKYO — Tensions eased consid- 
erably Friday in South Korea’s month- 
old strikes, as labor leaders abandoned 
their symbolic headquarters in a tent 
outsidea Seoul cathedral' and politicians 
on all sides of fee debate stressed com- 
promise. 

seven 



group of tycoons 

support Beijing and seek to promote the 
investment in the territory. Another 
member is Tam Yiu-chung, vice chair- 
man of the Federation of Trade Unions 
and of the Democratic Alliance for fee 
Beoenneur of Hong Kong, a pro-main- 
land political party. 

Two people who are members of the 
current Executive- Council, Raymond 
Chien and Rosanna Wong, will join the 
post-transfer body. Ms. Wong is head of 
fee housing authority; an important job 
in HongKong. 

Mir. Tung also named three members 
of the Bei jmg-appaiwed Provisional 
Legislature to the Executive Council. 
The Provisional Legislature Will 
fee current, democratically elected', 
when Hong Kong reverts fo Chin a 

“I am pleased to lave such distin- 
guished persons to adviser me in the 
Executive Council,’’ Mr. Tung said in a 
statement "They bring wife them a 
wealth of knowledge and experience 
which cut across a wide spectrum of the 
community.” 

The senior member, or convenor, of 
fee new Executive Council will be 
Chung Sze-yuen, a veteran of fee co- 
lonjal-eracouncil until he stepped down 
after the arrival of Governor Chris Pat- 
fienin 1992. • 

- Mr. Tung named as special adviser 



A Green Light for Burma 
To Join ASEAN ’s Ranks 


__ MM PrykcRnom 

Protesters, in tali caps similar to those worn by people persecuted 
during China's Cultural Revolution, outside Mr. Tung's office Friday. 
The demonstrators oppose moves to scrap civil rights in Hong Kong. 


BRIEFLY ,-A 


By Michael Richardson 

Iw rnjticrta} Herald Tribun e 

SINGAPORE — The Association of 
South East Asian Nations has decided to 
include Burma as a new member this 
year, even though the presence of fee 
Burmese military regime could cause a 
rift in relations with the West and dis- 
rupt plans to hold a summit meeting 
between European and Asian leaders, 
officials and analysts say. 

Wife foreign ministers of ASEAN 
and the European Union scheduled to 
meet in Singapore next month, all 
ASHAN countries have now made it 
clear that they will not be deterred from 
accepting Burma as a member by West- 
ern objections to its record of human 
rights abuses and political repression. 

Thailand and the Philippines — 
which had previously voiced doubts 
about Burma joining ASEAN unless the 
internal situation improved — have 
dropped those reservations to advance 
regional unity. 

As a result, ASEAN will “very 
likely" grant membership to Burma. 
Cambodia and Laos m 1997. Mahathir 
bin Mohamad, the Malaysian prime 
minister, said recently . 

Malaysia will be chairman of 
ASEAN this year. With Indonesia, it is 


The seven key organizers of die ^ m 

strikes, which have cost South Korea ’s . Paul Yip, chairman of thtTHong Kong 
’■ Economy, more than $3 billion, quietly.. PblicyReSearch Institute. ‘ 
fee flimsy plastic tent where they ’. 
had raged at the government for a 



MslMt 

tin 

it>\ ml?! 
I l t !»•?» • 
1 iU:> : 
i! i:r«- * : 



month. Before driving away, Kwon 
oung KiL fee chief organizer, em- 
' the Roman Catholic priests who ■ 
d provided him sanctuary. ' 

Making good on a promise this week 
y President Kim Young Sam; pros- 
tors dropped charees against four 
jjinion leaders who had been arrested at 
^he.HaDa Heavy Industries s hi pyar d . 
(The police then freed them. All arrest 
kvanants issued for Mr. Kwon and other 
labor leaders have now been dropped. • 

1 Top pffcjals from-the National. Con- 
gress for New Politics said; fee mafn 
iopposttib*' , pfirty' Woiild be Wining to 
Accept Mr. Kim’s offer to serid fee new 
Jabor laws that prompted the strikes bade 
jo the National Assembly for reconsid- 
eration. “If fee Epvemment apologizes 

the lawlhrntigb Pa riiamggW, 

we are wilting fo start talks over the 
law,” a puny spokesman told Reuters. 

The moves ended a week in which all 
sides seemed to seek an cad to feesmkes, 
which .have ! damaged some of South 


- Also ootewbrfey in the cabinet is fee 
presence of two S hanghain ese in ad- 
dition to Mr. Tung - — 71 Lung Yang, 
the fanner chief justice who ran against 
Mr. Tung for fee chief executive s job 
last month, arid Mr. Chkn. 

- Shanghainese wield growing influ- 
ence in politics and business in fee 
mainland and in Hong Kong. Mr. Tung, 
a shipping magnate who was educated 
in Britain, is close to President Jiang 
Zemip, dim from S hanghai. . 


Test Ban Stance Hampers India 
On Council Seat, Bonn Asserts 

NEW DELHI — Germany said Friday that India's 
opposition to a global nuclear test ban was hurting its 
chances of becoming a permanent member of fee UN 
Security Council, but India reiterated its opposition to the 
pact 

“We think India is entitled to claim a permanent seat, 
and so India is a candidate we support,” Foreign Minister 
Klaus Kinkel of Germany said at a news conference here. 

Mr. Kinkel said fear in his talks with Indian leaders he 
tried to point out fee relationship between India’s bid to 
become a Security Council member and its stance on the 
Comprehensive Test Ban Treaty. "There is some con- 
nection,” be said through an interpreter. "It would be 
wrong to deny that some connection does exist” 

India’s foreign minister, Inder Kumar GujrBt!, speaking at 
the same news conference, reiterated New Delhi's op- 
position to the treaty, which has been signed by almost 1 40 
nations. {Reuters) 

Hanoi Graft Trial Under Way 

. HANOI — Vietnam’s biggest corruption trial entered its 
second day Friday accompanied by a media onslaught 
against graft and calls for fee judiciary to halt "declining 
confidence" in the Communist government 

Official newspapers splashed coverage of fee first day's 
proceedings across front pages. Photographs showed grim 


defendants wife bowed heads. Several are on trial for their 
lives. The trial centers on allegations that the 20 defendants 
siphoned off millions of dollars from Tamexco — a Ho Chi 
Minh City trading firm wife links to fee ruling Communist 
Party. The company director and a circle of his colleagues, 
relatives and friends are accused along wife state officials and 
senior bankers. (Reuters) 

Political Slayings in Pakistan 

KARACHI. Pakistan — The body of a young man, 
apparently the latest victim of pre-election factional feud- 
ing. was found in a park here Friday, police said. 

They said the 28-year-old man had been kidnapped, 
stripped and hanged. His face was burned beyond re- 
cognition before he was dumped in a small park in the Orangi 
Town district A police officer said that at least three political 
activists had been killed in Karachi in six days. (Reuters) 

Beijing Sees Gains on Taiwan 

BEUING — Foreign Minister Qian Qichen voiced con- 
fidence Friday that China had gained fee upper hand in 
diplomatic efforts to stop Taiwan from raising its in- 
ternational profile. 

"The present international and domestic situation is 
conducive to the curbing of Taiwan authorities’ splitting 
activities,” he was quoted by Xinhua as telling a con- 
ference of department leaders in charge of Taiwan affairs. 

The official press agency said the conference noted 
important headway made against activities promoting an 
independent Taiwan in 1996. (AFP) 


leading fee push to unite Southeast Asia 
by bringing Burma, Cambodia and Laos 
into the group at its annual meeting in 
Kuala Lumpur in July. 

"Wife the ten Southeast Asian coun- 
tries together, we will form a community 
with a combined population of 500 mil- 
lion. bigger in fact than Europe or North 
America,” Mr. Mahathir said. "We 
may not be as rich, but the potential will 
be tremendous. We will be a significant 
player in Asia and in the worldT" 

Just after ASEAN and EU foreign 
ministers meet in Singapore on Feb. 13 
and 14. they will be joined by their coun- 
terparts from China, Japan and South 
Korea to discuss the agenda for a second 
summit of European and Asian heads of 
government in London in 1998. 

The issue of Burma s imminent mem- 
bership in ASEAN threatens to disrupt 
fee London meeting because leaders of 
the Burmese military government are 
banned from visiting Europe under visa 
restrictions imposed as pan of a package 
of sanctions imposed by the EU in 1996 
to protest a crackdown on the democratic 
opposition in Burma. The United States 
imposed similar penalties. 

Membership in ASEAN does not 
confer an automatic right to join the 
Europe-Asia summit conference. But 
ASEAN officials said fear they expec- 
ted all members, including Burma, 
would want ro participate and feat this 
would have ASEAN’s support. 

Wife Rangoon continuing to harass 
fee opposition National League for 
Democracy and refusing to negotiate 
wife its leader. Daw Aung San Suu Kyi. 
fee Nobel Peace laureate, despite re- 
peated calls for dialogue by the Unired 
Nations and fee West, it seems unlikely 
that the EU will ease its sanctions to 
allow the Burmese government to be 
represented at the London meeting. 

“We know feat it would be a very 
negative gesture by the EU to refuse 
Burma membership in fee Asia-Europe 
meeting.” a European diplomat said 
Friday. "But if the summit were to- 
morrow, there would be a visa problem. 
Whether there is still one in 1998 or 
subsequently will be heavily dependent 
on what happens in Burma.” 

ASEAN includes Brunei. Indonesia, 
Malaysia, the Philippines, Singapore. 
Thailand and Vietnam. Burma. Cam- 
bodia and Laos are observers, and all 
three want to become full members 
when fee group gathers in Kuala Lum- 
pur. ASEAN leaders meeting in Jakarta 
last month decided that the three would 
be admitted at fee same time but did not 
give a date. Since then. Thailand and the 
Philippines, which had earlier ex- 
pressed reservations about bringing 
Burma into ASEAN this year, have shif- 
ted feeir position to one of support so 
that the jgroup has a consensus on the 
issue, officials said. 


Ladia Honors Independence Leader 
Who Fought Alongside Japanese 


By John F. Bums 

New York Tima Service 


. , . - c 


' NEW DELHI — Wife elaborate ce- 
remonies marking fee 1 00th an- 
nrvcrsaiy of Ibis birth, India has of- 
ficially rehabilitated an independence 
[Corea's, roost iropdrtant exporr indns- . leader who left India in 1941 to travel . to 
tries and Mr. Kim’s political fortunes. 1 Berim and Tokyo, and became the lead- 
Mr. Kim reversed his hard-lme stance er of an army that fought alongside 

' ridw! “ 





against fee. strikers Tuesday, saying be 
was willing to send the labor laws back 
to the legislature. Those laws, which 
effectively end Sooth Korea’s guaran- 
teed lifetrmeemployment system, were 
rammed through the assembly in a 
secret predawn session Dec. 26 attended 
only by members of Mr. Kim’s gov- 
erning New Korea Party; • 

The laws give employers the right to 
lay off workers, set flexible work sched- 
ules of up to 56 hoars a week and hire 
temporary employees and replacements 
forstri&ere.T^alrocmitiiuieabanon 
multiple unions" in the workplace op til at. 
least 2000. 

- After Mr. Kim announced bis will- 
ingness to reconsicfer the laws, some 
opposition politicians said be was supply 
posturing. Bat the statement Friday by 
opposition leaders suggested a peaceful 
debate on the laws might be possible. 


farIL 


Japanese forces in World 

ceremonies honoring Subhas 


ta^roe: 

Chaqdra Bose came moire than a half- 
century afteran August 1945 crash of a 
Japanese military aircraft in Taiwan in 
wtuchMri Bose was said to have been 
killed. That incident, as well as Mr. 
Bose's political legacy, has been dis- 
puted in India for decades, with some of 
his snppcrieiv contending feat accounts 
of fee crashT three days after Japan's 
sun finder, were fakedrpo ssibly as mut of 
a conspiracy by fee victorious Allies. 

The adulation heaped on Mr: Bose tin 
Thursday, involved doctrinal gym- 
nastics by several of India’s leading 
political parties, which had previously 
condemned his wartime role. 

Not the least of these came from fee 
CongressParty, which ousted Mr. -Bose 
as its president in 1939 in a dispute 
between Mr. Bose and Mohandas 


Gandhi over Gandhi’s insistence on 
nonviolence in the struggle for India's 
independence from Britain. 

The breach widened when Mr. Bose 
slipped out of India to travel to Ger- 
many. where be met Hitler and later 
boarded a German submarine for Ja- 
pan. 

There be became leader of the Indian 
National Army, which fielded three di- 
visions of Indian troops drawn from 
prisoners of war taken by fee Japanese 
when they invaded Southeast Asia in 
1941. 

Unease over Mr. Bose’s involvement 
wife fee Axis powers was swept aside 
Thursday as Prime Minister H. D. Deve 
Gowda led dignitaries in saluting Mr. 
Bose at ceremonies in New Delhi. 

Some Indians have questioned 
whether Mr. Bose deserves fee honors. 

"It is true that he was not a fascist 
himself,” The Statesman, Calcutta's 
main English-language newspaper, said 
in an editorial Thursday. 

"But can it be assumed that he was 
ignorant of what National Socialism 
was about? Could he have been blind to 
the real nature of Japanese imperialism 
in Asia, its atrocities and cruelties? How 
did he hope to reconcile all this with his 
own vision of independent India?” 



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PAGE 6 


INTERNATIONAL HERALD TRIBUNE, 5ATURDAY-SU2VDAY, JANUARY 25-26, 1997 


** 


Britain’s Conservatives Welcome Back a Wayward ‘Dash of Colo 


By Warren Hoge 

to York Times Service 


LONDON — The Conservative Party, be- 
deviled in its attempts to cast itself as the pro- 
tector of family values by a succession of sexual 
scandals, found itself Friday welcoming back 
into the fold its most wanton former official. 

While in Margaret Thatcher’s administration, 
Alan Dark had an affair with the wife of a judge 
and then seduced her two daughters. He also gave 
speeches in the House of Commons when he was 
drunk, expressed his delight in having an inherited 
fortune and living in a 50-room 17th century 
castle, and helped cover up British machine tool 
exporters* contributions to President Saddam 
Hussein's Iraqi war machine. Then he published 
his diary confessing it all with pride and shower- 
ing insults upon his constituents and colleagues. 

The 68-year-old politician has now made an 
improbable comeback. He was selected 
Thursday night as the Tory candidate for Par- 
liament from the park’s safest district, Kens- 
ington and Chelsea, home to some of the plum- 
miest accents in London. 


“I think Alan Clark is an original, and every- 
one in the House of Commons knows he's 3n 
original." Prime Minister John Major said Fri- 
day. “He’ll bring a dash of color." 

That seemed to be a common response among 
Tory voters and commentator? who had been 
finding pre-election politics gray and desultory. 
Mr. Major must call a general election by May. 

Mr. Clark, with Jane, his wife of 38 years by 
his side in double strand pearls, promised to act 
“in a proper and suitable fashion." a possibility 
that The Evening Standard dismissed Friday as 
“thankfully unlikely. " 

Before departing Kensington Town Hall in his 
red Bentley, he said: "lam never flamboyant on 
purpose. 1 am what 1 am." He added that he 
would continue making entries in his diary. 

Sixteen of Mr. Major's ministers and senior 
members of Parliament have left office in dis- 
grace since the 1992 election, and nine of the 
scandals have been sexual. Mr. Clark was not 
among them: he stepped down willingly in 1991 
after his champion Mrs. Thatcher left office. 

Nor does the list count Steven Norris, a former 
transportation minister, who left office voluntarily 


in July and then wrote a book revealing that he had 
had five separate mistresses. 

Mr. Major has been ar pains to portray the party 
as one that prizes “basic" values, but the day 
after he made the latest claim to that title three 
weeks ago. the tabloid News of the World pub- 
lished allegations of a relationship between a 
married Conservative member of Parliament and 
an underage young man who shared the law- 
maker’s lodgings in a Chelsea club. 

The man whom Mr. Clark is replacing as the 
candidate from Kensington is Sir Nicholas Scott, 
an aristocrat who was arrested for drunken driv- 
ing in the summer and then was found lying face 
down in a gutter and incoherent at the Tory 
conference in Bournemouth in October moments 
after he had left a reception given by the Irish 
ambassador. His constituent association re- 
moved him as its candidate. 

At Thursday night’s association meeting, Mr. 
Clark had ready responses to prickly questions. 
“In your ‘Diaries’ you refer to a knock-up.” be 
was asked. “In Kensington and Chelsea, that 
means to knock on doors. In your ‘Dianes’ it 
means something else.” He replied that his was 


the only best-seller that was not devoted ex- 
clusively to murder and sex. 

Opponents had circulated pans of his diary where 
he lad described members of his previous con- 
stituency in Plymouth as “petty, malign, clumsily 
conspiratorial’ * and Kenneth Clarke, the Chancellor 
of the Exchequer as “that podgy life insurance 
risk," He replied that no one minded because 
“everyone suffered that fern in ‘Diaries.’ ” 

Most of the association members appeared 
delighted with the outcome Thursday night 
People spoke of Mr, Clark’s "sparkle", his 
‘ ‘transparent honesty,’ ’ and his ‘ ‘intellectual rig- 
or." One dissenter was Dr. Tanya Bowyer- 
Bower, who said, “With Nick it was the bottle, 
and with Alan it is women." 

An elderiy man said, “I am not at ail worried 
about his previous conquests, but maybe, a bit 
envious.’’ ■ . - 

Another remarked, “We’re a bit snobbish in 
this area. Twenty-seven thousand acres goes 
down well here." . 

His reference was to land in Scotland that Mr. 
Clark inherited along with a fortune of $65 
million and Saltwood, the castle in Kent, from his 


RVnneih Clark, the historian and host of 
^L-CMiation.’; ’He also has a isk> 
chalet in the Swiss resort of Zermatt and a 
collection of open-top old touring cars. The k®* 
ily mmrey corals from a cotton thread business iq 

p 1££ e-y. e 

doesn’t worry me in the slightest, but worse he 

d °Hi! pS^are right Ss 
he is a passionate defender of animal rights, and .he 
pans fiomhis class in opposing huntmg^^c^ 
nomeaL Foreightof his 17 yeapmCommo^he 
served Mrs- Thatcher as a minuter with trade, 
employment and defense portfolios. She was said to 
- temd^d with him, and she fogularly forgave 
his gaffes and effronteries to others. • 

His wife, whom he mamed when she was >16 
and he was 30, has weathered the yens of Sl- 
andering with cheerful stoicism and disdain for 
titeothS women in his life. When the family of 
Judge James Harkess sold the story -of ^its ropfe 
cuckolding to The News of the Worid, Mrs- Clark 
said, “If you bed people of below-stairs classes, 
they go to the papers, don't they?* ’ ; 


Battling in Chechnya Moves to TV 

Order and Stability Are Major Issues in Election on Monday 


By Alessandra Stanley 

AVh Kprt Times Service 

GROZNY, Russia — The war is over, 
and now the battle for control over the 
secessionist republic of Chechnya is be- 
ing waged on the airwaves. 

On one small privately owned chan- 
nel. Aslan Maskhadov, prime minister 
and chief of staff of the Chechen forces 
during the war, stares into the camera 
wearing a civilian pullover and jacket 
and slowly tells the story of his life, 
starting with his birth and youthful ef- 
forts to enter a Soviet military academy 
against his mother's wishes. 

On another, his chief opponent, 
Shamil Basayev, the Chechen com- 
mander who led the deadly hostage raid 
on a Russian hospital in Budyonnovsk in 
June 1995. is showcased in a kind of 
jihad music video against a backdrop of 
martial Chechen folk music. 

After 2 1 months of relentless bombing 
and shelling. Chechnya is a patchwork of 
bumed-out buildings and rubble. There is 
still no running water, and people line up 
for hours to flU buckets from standpipes. 
Bur electricity is back in most places, and 
people who have electricity mostly have 
television sets. The Chechen election, set 
for Monday, is a campaign of the ’90s. set 
against a backdrop of urban destruction 
unequaled since World War II. 

There are 16 presidential candidates 
and all support independence from Rus- 
sia. On leaflets and posters pasted on 
boarded -up windows and bombed-out 
buildings, the five leading candidates all 
vow to restore order. They all say they 
favor an Islamic, society. 

But the backgrounds and tempera- 
ments of the two best known and most 
favored candidates. Mr. Maskhadov and 
Mr. Basayev. provide a stark contrast. 

Mr. Basayev. 32. still public enemy 
No. I in Russia, symbolizes defiance and 
brinksmanship. Mr. Maskhadov, 46. 



VUinu Mi-UUi/Afinct France •Pnev* 

Shamil Basayev was a guerrilla 
leader In the fighting with Russia. 

who negotiated and signed the agreement 
that led to the withdrawal of Russian 
troops, stands for restraint and compro- 
mise. Independence, which Russia re- 
fuses to accept but which most Chechens 
already take as a given, is not the main 
campaign issue. Order and stability are. 

The few Westerners still working in 
Grozny also hope that a democratically 
elected president will be able to establish 
order. '‘These elections won’t change 
anything on the s tarns of Chechnya; the 
deadlock with Russia will remain no mat- 
ter who wins." said Tim Guldimann. the 
head of the Organization for Security and 
Cooperation in Europe mission in 
Grozny, which is helping organize and 
monitor the elections. “But they will give 
the winner legitimacy to sort out stability 
within the republic." 

When 60 observers from the European 
organization start to descend on 


Chechnya this weekend to monitor the 
elections, they will be escorted at every 
step by armed Chechen government 
guards. At a campaign rally in Stariye 
Atagi on Wednesday. Mr. Basayev stood 
on die steps of a mosque and complained 
that the current government, led by Pres- 
ident Zelimkhan Yandirbayev, had done 
nothing to stop crime and corruption. 

Mr. Yandarbiyev, also a leading can- 
didate, is running mainly on the coattails 
of Dzhokar Dudayev, the rebel president 
who was as killed in April but had ap- 
pointed Mr. Yandarbiyev his successor. 

But voters talk about rampant crime 
and tiie lack of government control. 
Since the Russian withdrawal, rival fac- 
tions have been warring for control of 
their territories. Robberies, kidnappings, 
and murders have multiplied. In Decem- 
ber. six International Red Cross workers 
were murdered in their beds by masked 
gunmen, prompting all Other foreign aid 
workers to leave Chechnya. A Russian 
Orthodox priest was abducted two 
weeks ago. Two Russian television jour- 
nalists disappeared last week. 

At Wednesday’s rally, the first ques- 
tion to Mr. Basayev, shouted by a man in 
the crowd, was about stability. 

“If you win." he asked urgently, 
“will those other four candidates obey 
your orders?" 

Mr. Basayev confidently replied: 
“They can't do anything but obey my 
orders." 

The brash and popular Mr. Basayev is 
perhaps the most visible candidate, hold- 
ing rallies and giving speeches all over 
Chechnya. Mr. Maskhadov is perhaps 
the least in evidence. '• • : ■ 

• He stopped ail<»mpaignmg-Jast Week 
and now spends=.his days in a heavily 
guarded house in. a village -outside 
Grozny, receiving visiting delegations 
of village elders. 

His rivals paint Mr. Maskhadov as 
someone who will bend over backward 


R&S; 


L's'^Av-V 



VkdmorWilwifVfra, hwrAnir 

Aslan Maskhadov speaking af a campaign meeting with voters in Grozny. 

. ! .• -.*• ••• -* •• :' L 

Maskhadov, he's educated, he’s chdbzed, 
and he’s for peace — he’s the one who 
signed the peace with the Russians," said 
Leila Kbuchiyeva. a Chechen woman 
who sells bread. “Basayev is a national 
hero, but he’s not a president." 


to please Moscow. Mr. Basayev, in con- 
trast. says he alone can force Russia to 
gram Chechnya true independence. 

But many favor Mr. Maskhadov pre- 
cisely because he is less intransigent, and 
less likely to provoke Moscow. “I*m for 


PARTNER: What Is a Corporate Wife's Contribution to Her Husband’s Career Worth? YELTSIN: 

; and therefore should get equal SlfflWlit Postponed 
' Ms. Strober invoked the hu- ■* 


DIVIDE: 

A New Iron Curtain • 

Continued from Page 2 

made to fend for itself, too close to Russia ^ 
and Russian interests for it to be prudent ^ 
for tire West to make an aggressive show, 
of absorption and engagement." • 

The disparity between the halves is* 
reflected in American aid policy. 

In June, the U.S. Agency for Inter- 
national Development will pull out of 
the Czech Republic, its mission com-; 
pieced and its presence in the more ma-, 
cure economy and democratic political 
scene no longer needed, said Thomas! 
Dine, the agency's director for the re-< 
gion. The agency plans to leave Poland 
and Hungary next year but remain in the 
poorer parts of Eastern Europe. ; 

“The have-nots are almost dysfunc- 
tional,’’ he said. “It is there in the south- 
ern tier that we can make a difference,' 

We have a northern-tier strategy and a 
southern-tier strategy — one to gradu-J 
ally pull out and the other to stay and help 
them set up tire institutions they need." j 
• The 1996 economic data show the 
division clearly. Foreign investment and 
rising buying power have transformed! 
tire larger cities of Hungary, the Czech*: 
Republic and Poland into places with) 
many of tire accoutrements of the West:* 
fast-food restaurants, self-service gas? 
Stations, Benetton stores and apartment 
complexes with satellite dishes. 

More than $15 billion in foreign in-! 
vestment has poured into Hungary since 
1990. In neighboring Romania, which! 
has more than twice the population, only- 
$2 billion has come in, and in Bulgaria,’ 
$700 million. 

The average monthly wage in Poland 
is now well over $300. and people have 
access to and cheap medical 1 

care. In chaotic Bulgaria, the average; 
wage fell to $30- this month, andnutny 
hospitals lack even such basics as X-ray 
film. Inflation in Poland, Hungary and. 
the Czech Republic declined last . year, in' 
Bulgaria and Romania it soared. ! 

Many people in the West “thought ail 
die countries in Eastern Europe started! 
out equal in 1989,” saidNataliaKaneva,* 
the director of a restaurant and property; 


Continued from Page 1 

versations at dinner parties, in bars, on 
commuter trains and in corporate cor- 
ridors all over ihe United States, Mrs. 
Wendt. 53, said she was getting calls and 
letters of encouragement from many wo- 
men. Mr. Wendu 54. can brandish support 
letters from both men and women. 

"The important public policy issue 
here is: What is the nature of the marital 
partnership,” said Martha Fineman, a 
Columbia University law professor who 
testified for Mrs. Wendt. "Is it an equal 
partnership or is a housewife a junior 
partner?” 

A decision against Mrs. Wendt, Ms. 
Fineman said, “would say that our his- 
torically typical contributions to mar- 
riage are not valued, and that women are 
not full partners unless we are equal 
wage earners." The message, women 
say, would be clear: Why stay home? 

Wendt vs. Wendt, unfolding in state 
Superior Court in Stamford. Connecti- 
cut. before Judge Kevin Tierney, is 
scheduled to be back in session on Tues- 
day. Judge Tierney is expected to rule by 
early spring. 

Interviews with more than three dozen 
people, most of whom travel in circles 
like the Wendts', show that their dispute 
is hardly an open-and-shut case. Not aU 
women side with Mis. Wendt, and not all 
men concur with her husband 

Many — women and men alike — 
buy Mr. Wendt's argument that his sin- 
gular financial genius as head of GE 
Capital, which contributes more of Gen- 
eral Electric's profits than any other 
division, created the wealth, not joint 
efforts with his wife. 

But not one of the men who thought 
Mrs. Wendt deserved half would speak 
for the record. 

Other people resist the notion that the 
wife has a lesser role, insisting that mar- 
riage is an equal partnership, for better or 
for worse. 

"If her work is her husband's career, 
of course she should get half." said Toni 
Goodale. whose Manhattan-based Firm 
counsels nonprofit organizations. “Some 
women have devoted their lives to fur- 
thering their husband's career,” he said. 

Sentiments are equally strong at the 
other end of the spectrum. “I know what 
it takes to develop a business and to run a 
business, and i think that has a value over 
and above the supportive relationship," 
argued Harriet Weintraub. a partner in 
Loving and Weintraub, a marketing and 
communications firm in New York City. 

Many people have mixed feelings. “I 
think a woman who worked hard is 
entitled to a fair split, but I don’t know if 
it is 50-50." said John Gutfreund, the 
twice-married former chairman of Sa- 
lomon Inc., the Wall Street firm. "But 


what she needs to live on is not (he way 
to resolve this." 

Most states — like Connecticut — 
instruct judges to divide the spoils in an 
“equitable distribution.” Many start with 
the presumption of an equal split, but then 
consider how long the two were married, 
what each needs to live on and who 
contributed what to the pot. among other 
things. 

" I know of no cases where a wife has 
gotten 50 percent of the assets when they 
are of such substantial nature.” said 
Roben Epstein. Mr. Wendt's lawyer. “If 
you believe that what she did was equal 
to his contribution, then you believe in 
the tooth fairy. We don't deny that she 
acted like a corporate wife, but we say 
that contribution was de minimus." 

That such a debate is taking place 
reflects the surprising endurance of what 
seems an anachronism. After more than 
35 years of the women's movement, 
corporate wives may be scarcer now. but 
they are hardly an endangered species. 

“The most successful executives lead 
totally integrated lives," said Gerard 
Roche, a top executive recruiter. "They 
have corporate breakfasts, corporate va- 


cations, coiporate weddings. The total 
integration is seamless, and the wife can 
be very important." 

The Wendts fit much of that descrip- 
tion. according to their depositions and 
testimony so far. High school sweethearts 
in tiny Rid. Wisconsin, they married in 
1965, after college but before either bad 
visions of striking it rich — and long 
before the age of prenuptial agreements. 

First stop: Harvard Business School, 
where Mr. Wendt earned an' MBA, while 
Mrs. Wendt worked as a public school 
music teacher. He that worked in real 
estate in Texas, Georgia and Florida be- 
fore moving in 1975 to GE Capital, where 
he became chief executive 11 years 
later. 

All along, according to court doc- 
uments. Mrs. Wendt ran the home, 
raised their two daughters and supported 
his career, mostly by entertaining. 

“Here we have a case where- two 
people have invested in a single career." 
said Myra Strober. an economist at Stan- 
ford University who testified on behalf 
of Mrs. Wendt 

“The investments were different in 
kind, but these two people made equal 


sacrifices 
rewards,' 

man capital theory of Gary Becker, the 
Nobel Prize-winning economist, who 
believes that Investments in humans, 
like those in machines or buildings, pay 
a return over their lives. Mrs. Wendt, 
Ms. Strober argued, contributed to Mr. 
Wendt’s career throughout their mar- 
riage and is entitled to her share of the 
assets — even the stock options, de- 
ferred compensation and pension ben- 
efits — accrued during the marriage. 

For a start, the Wendts do not agree on 
how much there is to divvy up. Mrs. 
Wendt's experts say the tally is about 
$100 million. But Mr. Wendt said “the 
amount is about $25 million." In that 
light, he contended, bis settlement offer 
is generous. The offer, according to Mr. 
Epstein, includes $4 million in real es- 
tate. $5 million in cash and $250,000 a 
year in alimony for life. 

But Mrs. Wendt countered, “This is 
not about need I can get along on $10 
million, but why should be get $90 mil- 
lion? I entered into this marriage as a 
partner. I don’t know when he decided 
that it was not a partnership." 



FOOTBALL: Numbers Say the Big Loser Is the League Itself 


Continued from Page 1 

P resident of broadcasting, pointed ouL 
hat dominance makes NFL telecasts a 
hot ticket for advertisers of cars, beer, 
tires, razors and financial services. 

The ratings' declines. Pinchbeck said, 
are largely the result of an expanding 
tide of entertainment competition that 
has affected the ratings of every program 
on television — factors largeiy beyond 
the NFL's control. 

Even so, the decline in fan loyally 
could have profound economic con- 
sequences for the league as it readies to 
renegotiate its television contracts later 
this year. Ultimately, falling ratings 
could have consequences for fans. too. if 
broadcasters and the league decide to cut 
back on the number of games aired. 

The NFL is in the third year of four- 
year deals with Fox. NBC. ABC and rwo 
cable networks, ESPN and TNT. thai 
have collectively generated S4.3 billion 
in license fees for the league. 

Fox, which stunned the broadcasting 
world by bidding NFL rights away from 
CBS in late 1993, has already written off 
losses of $350 million of its $1.6 billion 
package. Moreover, because of this sea- 
son's audience decline, network sources 
estimate that Fox will owe advertisers 
some $50 million in “make goods." the 
industry term for free commercial time 
given to sponsors to compensate them 


when ratings don’t meet a guaranteed 
level. 

These sources estimate ABC's foot- 
ball “make goods" at roughly $25 mil- 
lion and NBC’s at around $9 million. All 
three networks declined to discuss the 
matter. 

Despite the league’s suggestions to 
the contrary, some observers think pro 
football’s problems are self-created — - 
and thus can be fixed. Among possible 


reasons for fan defections, they say is 
that there’s too much NFL on television 
for the league’s own good. Viewers who 
don’t have cable can still get at least four 
pro games on Sundays and Mondays. 
ESPN and TNT televise another on 
Sunday nights and occasionally on 
Thursday nights. And fans with satellite 
television service can now see every 
game every weekend with a season sub- 
scription. 


Continued from Page I . 

fully recovered after his very serious 
illness, double pneumonia. His physical 
condition is not good enough to expect 
him to force his return to the Kremlin." 

Commonwealth leaders asked Mr. 
Yeltsin J;o postpone the meeting because 
of a need to apdale its agenda, Mr. 
Solovsky maintained 
It was the second time in two weeks 
that the meeting has been pushed back. 
The Kremlin said earlier this month that 
the . date was being changed to accom- 
modate Uzbekistan’s president. 

The latest developments should only 
add to die growing political tnrmoO sur- 
rounding Mr. Yeltsin’s health as be re- 
covers from heart surgery in November 
and a bout with pneumonia this month. ■ 
Mr. Yastrzhembsky provided no de- 
tails about the president’s health, as with 
Mr. Yeltsin’s reported trip to die Krem- 
lin on Wednesday to help defuse a par- 
liamentary debate on his fitness to rule, 
he left all key questions unanswered. . - 
‘ ‘The president has preserved his hall- 
mark political will but he has not re- 
covered fully after his very serious Al- 
ness, double pneumonia," Mr. 
Yastrzhembsky said 
The spokesman said Mr. Yeltsin was 
working at bis country borne outside 
Moscow and had an hourioug meeting 
Friday with his chief of staff. Anatoli 
Chubais, discussing Chechnya, relations 
with NATO and regional elections. 

fit another development, the U.S. 
deputy secretary of state, Strobe Talbott, . 
met Prime Minister Viktor Chernomyrdin 
in Moscow to prepare for the prime min, 
ister's trip to the United States next 
month, Russian press agencies said 


Czech Republic was one of the raosr 
industrialized countries in Europe. Bud-! 
apest was a major capital." 

Miss Kaneva said she had stayed be-! 
cause she had fought bureaucracy, ex-* 
to rtf on and failing banks to help build aj 
surviving business. She blames both the 
Socialist government, made op of 
former Communists, and the previou& 
government of so-called anti -Comm u-J 
msts for bringing Bulgaria to its knees, i 

“They’re all the same,” she said with 
disgust after delivering hot tea and sand-! 
wiches as an encouragement to anti-* 
government protesters. \ 

Many, of her friends, she said, are 
ambng the 300,000 to 500,000 people? 
who have left Bulgaria in. the last six! 
years. Tire latest escape trick, she said is* 
to boy a ticket to a Caribbean country tha^’ 
does not require a visa — like foe Demin-* 
ican Republic — and then ask for asylum! 
at a stopover in Western Europe. ’ • 

But Western Europe, straining under its: 
own unemployment, does not welcome, 
visitors from Bulgaria, Romania or A2-* 
bania, who they fear will turn into iBegflt 
immigrants. Nor does the United States. ■ 

In contrast, Czechs who apply at the# 
U.S. Embassy in Prague in the morning 
receive a visa that afternoon; later thi£ 
year, visa requirements for Czechs en- 
tering the United States are expected to 
be abolished 

And in Albania, isolated for mote than 
40 years by the Stalinist government of 
Enver Hoxha, few saw it competing with 
the likes of Poland where, for example; 
land was not collectivized, or withHon-, 
gary, where small businesses cropped uq 
in the Still-Communist 1980s. But even 
so, many Albanians have found it pain- 
f ul to l eam that throw ing off the yoke of 
communism does not mean automatic 
entrance into Europe. 1 


ALGERIA: President fines to Crush Violent ‘Plot’ by Guerrillas 


Continued from Page 1 

credibility — and relief in Paris and 
Washington — when as an incumbent 
installed by the military he won a pres- 
idential election in November 1995. 

Many of tiie Algerian regime's 
toughest critics concede that was a le- 
gitimate victory. It gave a last burst of 
hope. Algerian analysts said to the vi- 
olence-weary Algerian middle class, 
already in despair over economic mis- 
management and unemployment 
But the violence has continued, and 
foe government's claim of having elim- 
inated all but “residual terrorism” is 
cited daily to mock the regime's de- 
tachment from reality. 

Tire presidential address Friday night 


took a more realistic measure of a ter- 
rorist wave without precedent: an 
already grisly daily pattern of random 
death, often involving throats utting or 
disembowelment, and often involving 
women and children. 

Mr. Zeroual’s reference to foreign 
plotters probably refers to opposition 
forces, including exiled leaders of the 
Islamic From, who two years ago signed 
an accord in Rome calling for a ne- 
gotiated solution. 

The crisis in Algeria has worsened 
since November, when Mr. Zeroual 
played another electoral hand and lost. A 
referendum to approve' a new consti- 
tution that preserves the current re- 
gime’s complete authority over the na- 
tion’s political life was passed by a 


nearly unanimous majority of voters, 
according to the official results. 

But witnesses' reports, of the polling 
stations, a general mood of disgust with 
die generals, and other unempirical 
means of verifying the official results 
have discredited the outcome, widely 
acknowledged to have been falsified. 
Legislative elections are scheduled for 
late spring — unless Mr. Zeroual delays 
them again. 

Analysts said a political solution was 
more remote than ever. 

‘ ‘I am leaning toward the view that the 
present government is constitutionally 
incapable of changing its approach and 
fixing the problem," said Graham 
Fuller, author of a recent Rand Corp. 
study of the Algerian situation. 


French Chateau Bun 
Police Say It’s Arson 

Agence France -Pretse 

VERSAILLES, fiance — A hisi 



buildings of their valuables was b 
damaged by a Haze Friday state 
arsonists, officials said. 

'Hie public prosecutor, Yves Co 
gud the fire at the Sully, chaiea 
Rosmy-sur-Seine, west of Fans, wt 
cn nrinfll origin." He said foe p» 
would investigate the possibility foa 
was set by vagrants or school 
dren or was linked to criminal proc 
mgs being brought against a Japa 
ousmesswouian. Kiki Nakahara, 
has been accused of foreety and 
Saniwd fraud and is out of jail on b 






ART 


INTERNATIONAL HERALD TRIBUNE 
SATUIUJAY-SUNDAY, JANUARY 25-26, 1997 

PAGE 7 


Legendary Painter’s Painter 


By Holland Cotter 

_ N *w fort Times 


N ]?Y 7 “ a 8«ws Martin 

HL a ^ e Send in American, art 
spare abstract paintings 
she has produced, over &. 

fieldsnfSw lines through 

_ * *5** gray or washy colS* 

cha^Snf h ^ ly Tever& L and as un- 
c Hanging, as icons, 

TlKcontradicttjry nature of her work 
li^ons but static, meditative but 
^mted — draws both admirers and 
aetj^ctors. But her high reputation witfr- 
n fee art world as a “panto’s painter” 
A ^ ld *£* lon S time residence in 
New Mexico has placed ber in the au- 
gust if eccentric company of American 
amp — Winslow Homer. Al- 
bert Pinkham Ryder and Marsden 
Hartrey among them — who choose to 
stay tar from the mainstream. 

It was no surprise that Martin, who 
tups 85 in March, was not in New York 
when an exhibition of 15 of ho- new 
paintings opened at the F&ceWDdftu- 
stei nGall eiy. In fact, she rarely ventures 
far from Taos, where she lives in a 
retirement community. .. . 

“It’s perfect for me,” she says by 
telephone, her voice high-pitched ana 
clear, her words measured and often 
punctuated by a small laugh. 1 ‘.We each 
have a small house of our own. People 
come to clean and to wash my clothes, 
i don't have to think about anything but 
painting.” 

The act of painting remains the ab- 
solute center of her life, and she ap- 
proaches it with an artisan's industry 
and discipline. Her daily routine sel- 
dom varies. She rises early and drives 
herself to her studio. There she works 
steadily from 830 to 11:30 tun. 

She has made a few concessions to ■ 
age. She no longer -stretches her own 
canvases, and she recently reduced the 
size of her paintings so she could con- 
tinue to move them around herself. But 
she insists on working alone. “I can’t 







A* 4] 

; v. - 

« v ‘ Ap 

■ c 

'* f. 


restaurant. She spends afternoons .readr. “The Greeks 

isg at borne. “I don’t read nonfiction you can draw z 
because it sticks in the mind. Ibaye to. continues, “but 


other. I like Agatha Christie best Fve 
read her .so-many times 1 practically 
know die words by heart.” By 8 PJiA, 
she's usually asleep. 


Constan^andJtwrittoasaiitcidto nothing mystical in mind, and one is 


Martin's art as they are to her daily Hfe. 
Her paintings oftte last 25 years are afl 
made in exactly the same way^Sbe 


prepares her surfaces with two coats of It’s beyond theworld. I paint about 



imagine having a studio assistant,” she Martin in the Taos studio where she produces her spare paintings. 
says. “I don't know what feey’d do.” 

By noon, she's at lunch at a favorite -us aware of perfection in the nrindL'* French 19th-century painting of a 1 
restaurant. She spends afternoons read- “The Greeks knew that in the mind couple praying in a field a g ain 


you can draw a perfect circle?.' she 
continues, “but mat you can’t really 


French 19th-century painting of a farm 
couple praying in a field against a 
sunset sky. 

Before becoming an artist, though. 


perfect home.” . 

Her views are sometimes called vis- 
ionary, but Martin claims that she has 


inclined to believe her. ' When she says, 
“Fm so anxious to, be njMtobjectrve, 
nothing in this world applies to my art 


chalky gesso. ?*Tbat’s all. Any mare 
would take the tooth out of the can- 


vas." Then: she draws the horizontal practical effect 


happiness and innocence and beauty." 
the words sound high-flown but haven 


tines, varying only the interval? be- 
tween. • 


They deflect overly literal readings 
of her paintings (she scorns the often 


thing,” she laughs as if giving away a 
secret. “Aral 1 came to the United 
States to go to college because 1 pre- 
ferred the American form of education; 
it promoted the development of the 
individual.” (She became a citizen in 
1950.) 

S HE studied at Columbia Uni- 
versity Teachers College and 
received her master's degree in 
art education in 1952. But 
teaching, she says, “is fbe worst tiling 


An application of acrylic paint made comparisons to landscapes, for you can do if you're an artist” 


thinned to a wash .with water comes example). And they establish an ideo- 
next (“I stopped using oils in 1964 logical grounding far an art that can 


because titey took threo days to dry"), east! 
leaving the feint but distinct trace of rise. 
brush strokes on the surfaces. Her col- E> 
ors vary freon series to series. " ... urge 


example). And they establish an ideo- “It takes all the emotional energy,” 

logical grounding far an art that can she continues. “Sometimes I've pre- 
easily look like a compulsive exer- fared to wash dishes in a restaurant. 


cokes on the surfaces. Her col- Even so, a sense of insistence, even 
freon series to series. " urgency is never far away when she 

• speaks. “I didn’t like my early work, 
HE paintings at PaceWilden- because it wasn't abstract,” she says, 
stein are in alternating bands 'Tkept asking, what next, what next? I 
of pafe blue and yellow, which would stop painting because I was dis- 


Nobody tells you what to do. Nobody 
bothers you.” 

During the late 40s and early 50s, 
she explored Asian thought, which was 
enjoying a vogue in postwar America. 
She read the Buddhist scholar D.T. 
Suzuki and attended lectures by the 
Indian philosopher Krishnamurti. And 
although die never practiced non- 


of pale blue and yetow.wirich would stop painting because 1 was dis- Suzuki and attended lectures by the 
tend to merge optically to a,-, s atisfied .” Indian philosopher Krishnamurti. And 

fresh-rinsed green. Asked why she The story of Martin’s early life, one although she never practiced non- 
diose these colors, Martin gives an of st ops and starts, moving and settling Western religions, she values their 
answer she has given many timesbe- - only to - move again, has a restless, ideas. 

fore, in the oracular plain style that is unstable, wandering rhythm, though “One thing I like about Zen, it 
her signature. her earliest memories are calm and doesn’t believe in achievement. I don’t 

*T say to my mind, what ami going idyllic. think the way to succeed is by doing 

to paint next? Then 1 wait for the m- She was boro in Macklin, Saskat- something aggressive. Aggression is 
spiration. The painting comes into my 


chewan, the daughter of a wheat farmer weak-minded. 


“One thing 1 like about Zen, it 
doesn't believe in achievement. I don’t 
think the way to succeed is by doing 
something aggressive. Aggression is 


mind and lean see it. You have to wait who died when she was 2. Her parents 
i r , n . inomMMl ■ Vmi PiMhvfRri her eadiefit 


if you're going to be inspired. You 
have to clear out your mind, to have a 
quiet and empty mind.'* . 


were Scottish Pteshylerians; her earliest 
books woe the Bible and John 


Asian philosophy is one of many 
threads that run through Martin's con- 
versation. There is also a strong dose of 


quiet and empty mind.” . Bunyan’s “Pilgrim’s Progress," which, Emersonian transcendentalism (Emer- 

The veryidea of inspiration has a she says, “Fve read over and over." sot's description of Plato — “lover of 
distinctly romantic, 19fe-century ring, . “When I was a child, I was com- limits, loved the illimitable" —- might 
especially today, when art is so often pletely independent,” she recalls, apply to her) and a touch of Calvinist 
regained as an immediate product of or “My mother wasn’t the iwonyingtype. pretetination. . . 


reaction to social and political realities. She renovated and resold old houses. I "1 don't oeueve m mnuence," sue 
But then, Martin's convictions about drew with my older brother. The first says brusquely what asked about her 


predestination. 
“I don’t bell' 


believe in influence,” she 


art’s function also seem to be channeled picture I bought wasa 
from an earlier, more idealistic age. . size of , a big postean 
The goal of art, she says, is “to make Angelos by Millet, 


int about the work in relation to other artists. 
It was ‘The “Everybody grows up to be what they 
the popular were tom to be." 


BOOKS 


the unukely spy 

$y Daniel Silva . 481 pages. 
$25. Villard Books. 

Reviewed by 
Richard Bernstein 
txANIEL SILVA’S “The 
LJ Unlikely Spy” comes 
with the gansh raised letter- 
ing on the dust-jacket that by 
die unwritten rules of book- 
cover semiotics normally 
identifies it as pulp . te this 
case a thriller in which civ- 
ilization as we know it will be 
destroyed unless the hero 
catches the bad guys in tune. 

Thalis, in feci, fbe essential 
idea of “The Unlikely Spy, 
which is about German ef- 
forts in World War U to foil 
the Allied landing in France. 

But Silva's first entry into 
the espionage sweepstakes is 
better than feat. It is a notably 
good example of i&ltind; it is 
briskly saispenseful, tightiy 
Constructed and full of well- 
rounded, believable charac- 
ters. , ■ 

Most important, Suva s 
book included a deception 
within the main mystery re- 
mmiscent of John le Carre s 
classic “The Spy That Came 
In From the Cold." 

Tbe story takes place 


mostly in England, second- 
arily in-Germany and a little 
on Long Island and in Spain. 
A British history professor 
named Alfred Vicary, who 

happens to to a friend of Win- 
ston QmrchflLisputin 
charge of the disinformation 
service of MI5," the British 
spy-catching outfit, 

- : His adversary in Berlin is 
Kurt Vogel, who activates a 
“sleeper* planted in England 
in 1938* a ruthless, cunning, 
resourceful and (of course) 
extremely beautiful woman 
who goes by the name : of 
<7ftrh grine Blake. Her task is 
to find out the time and place 
of fee planned, fending in 

France, a piece of information 
on which tbe war could turn. 

To do so, fee contrives to 
meet a young American en- 
gineer named. Peter Jordan, 
who has- been assigned to 
wor k on fee immense rein- 
forced concrete' 'Structures 
that fee Germans have ob- 
served being built on the Brit- 
ish coast. 

Unknown to tbe Gesnnans, 
fee structures are to.be usedin . 
creating an artificial harbor 
off Normandy. If the Abwehr, 
.fee German Army’s intelli- 
gence searvice,.finds that out, 
fee Nazis w21 be able to guess 


where fee invasion will take 
place and they will have a 
good chance of repulsing it 

Blake, using her tradecraft 
and her sex appeal and a cover 
story of being the bereaved 
widow of a British fighter pi- 
lot, hits no trouble gaining ac- 
cess to Jordan's bed. Her spy- 
master, Vpgel, has even given 
her the combination to the 
safe in Ionian's study and she 
photographs the designs and 
drawings that. Jordan puts 
there before their nightly 
trysts, sending the film via a 
Portuguese courier to Lisbon 
and on to Berlin. 

Meanwhile, alerted to die 
existence of a previously un- 
disclosed spy network, MI5 
orders Vicary to find it and 
roll it up or use it to feed 
“smoke” to fee Germans that 
wjll make them draw erro- 
neous conclusions about fee 
AUies’iuvasion plans. 
v The action moves -cptickly 
back and forth from Vicary ’a 
office : to Jordan’s bedroom, 
from Hitler’s mcmntaxntop 
headquarters at Berchtes- 
gadentoawindswepttownon 
Britten’s east coast 
• ; Silva effectively uses his- 
torical - figures to lend { 
verisimilitude to his story. ! 
Vogel’s boss in Germany is , 


Admiral Wilhelm Caoaris, 
the head of the Abwehr. who. 
in fact, was suspected by 
'Hitler of collaborating wife 
the British and was hanged in 
1945. 

Despite flaws, this is a 
high-grade yam. Silva’s cast 
of secondary characters is es- 
pecially strong, and he has a 
imaA for allowing the un- 
foreseen, fee acridfmtai. tbe 
all-too-human to intrude, 
pushing the plot in an un- 
expected direction. 

We know, of course, who 
won World War H, and that 
gives us a clue about the out- 
come of this story, but the 
route to dial outcome is filled 
with tbe kind of dark and 
twisting passages feat keep 
fans of spy thrillers guessing 
as they eagerly turn fee 


Richard Bernstein is on the 
staff of The New York Times. 


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Ancient Art as History Book 

Does Collecting Imperil Our Cultural Memory? 

International Herald Tribune atore carvings of this type are w .-. -'L* * 

L OS ANGELES — ascribed ro the culture feat I >/ ' 

Should fee buried produced the silver beaker, . 

treasures of fee an- but this is only an educated • 

dent world's greatest euess. 


International Herald Tribune 

L OS ANGELES — 
Should fee buried 
treasures of fee an- 
cient world's greatest 
cultures be quarried indefin- 
itely for the pleasure of col- 
lectors? Or should they be seen 
as primary source material for 
fee unwrinao history of fee dis- 
tant past? 

The question cranes to haunt 
fee visitor as he walks through 
fee show of “Ancient Art firm 
tbe Sfcumei Family Collec- 
tion,” on view at the Los 

SOURENMEUKIAN 

Angeles County Museum of 
Art until Feb. 9 in an ex- 
panded version of the New 
Yoik exhibition held last 
year. 

Few an shows have ever 
displayed side by ride as 
many breathtaking master- 
pieces that no one knew any- 
thing about me or two de- 
cades ago. Wife its double 
focus on ancient China and 
the ancient Iranian world, the 
assemblage itself is an inno- 
vation. 

Chosen wife the most de- 
manding eye for beauty in 
form and design, and a 
marked tilt towards precious 
metal and bronze vessels, it 
brings out affinities in style to 
which attention is rarely 
drawn. That could only be 
done with the freedom of 
choice of fee art lover who 
disregards academic conven- 
tions. 

But there is a downside. 
Looking at the pageant of fee 
earliest objects from the east- 
ern parts of tbe Iranian world, 
in present-day Afghanistan, 
one realizes that virtually 
nothing is known about them. 
The astonishing silver or 
electmm beakers that have 
been tumbling onto tbe mar- 
ket since fee 1980s are still as 
much of an enigma as they 
were when they first ap- 
peared. 

Limited similarities in cos- 
tume call to mind fee artifacts 
of Sumer and account for the 
suggested daring in fee late 3d 
or early 2d millennium B.C 
That, alas, says nothing about 
tbe meaning of fee elaborate 
scenes executed in low relief 
od the sides of an intriguing 
silver beaker, nor, indeed, 
about tiie identity of those 
who made it Prearmed to be 
the predecessors of the Ira- 
nians, they remain an un- 
known quantity. 


store carvings of this type are 
ascribed to fee culture feat 
produced the silver beaker, 
but this is only an educated 
guess. 

Other pieces are shrouded 
in even greater uncertainty. 
Does a gold disk wife a bull 's 
head in low relief, dazzling in 
its stylization, belong to the 
culture credited wife the 
beakers and. possibly, fee 
seated figure? 

This, too, faintly evokes 
faraway Sumer, but that 
yields no clue — certainly 
none to fee cultural identity of 
tbe maker. 

In this generalized hazi- 
ness, defining links or tran- 
sitions from one period to an- 
other is problematic. The gap 
seems huge between these 
early vessels from the eastern 
areas of fee Iranian world and 
the gold and silver beakers 
first revealed in the late 1950s 
by clandestine digs in fee 
highlands between Tehran 
and the Caspian Sea. 

Considered to be of a later 
date, the beakers from North- 
ern Iran, of which the show 
includes three important ex- 
amples, range from archaic to 
nearly “classical” in feel. 
The evolution must have been 
spread over centuries. 

How these early develop- 
ments led to Achaemenid art, 
best known through the 
Fersepolis mins, is, again, 
anyone's guess. Among the 
show's most stunning revel- 
ations are Achaemenid gold 
jewels wife turquoise, lapis 
lazuli and camelian insets of a 
type that has yet to be found in 
proper excavations. 




Jr? Xila*"*' 


T HE later periods of 
Iranian art should be 
better charted. They 
are not. The large 
drinking vessels in the shape 
of a horn terminated wife fee 
foreparts of an animal, called 
by specialists “ihyton” 
(when knowledge is next to 

nil, a Greek name sounds ever 
so scholarly), have virtually 
all come out of so-called ‘ ‘ac- 
cidental" finds. 

One of these is among the 
most sensational revelations 
in the show. The proportions 
of the curving horn-like sec- 
tion, and the naturalism with 
which the foreparts of a lynx 
clutching a shrieking cock are 
rendered, suggest some date 
around the 2d or 1st century 
B.C., when Hellenistic art had 
left a deep imprint on Iran. 

I have recently shown in 
French journals, and in two 
monographs to appear shortly 
in the Bulletin of tbe Asia 
Institute, publisbed by fee 
University of Michigan, feat 
early Persian sources of the 
Islamic period give us the 
names of the drinking horns 
and clues to fee complex sym- 
bolism of a royal wine ritual 
in which they were used. 

The Persian sources show 
that wine was substituted, 
probably in very early times, 
to tbe blood of sacrificial an- 
imals. It was seen as liquid 
sunlight, red or golden. This 
explains the choice of fee an- 
imal shapes and some struc- 
tural features of fee drinking 
boms. Echoes of the solemn 
ritual with esoteric under- 
tones, maintained well into 
Islamic times, ring through- 
out Persian poetry. Unfortu- 
nately, hardly any silver rhyta 
have been found in an archae- 
ological context feat might 
throw light on its setting. 
Archaeology, of course. 


A N admirable large- 
size bull cast in 
lead, fitted with a 
vertical handle 
stuck in fee back (it might be a 
weight) seems to tie m styl- 
istically wife some figures on 
fee beaker, bur tbe difference 
in scale and medium is con- 
siderable. Besides, the bull il- 
lustrates a self-assured art, 
whereas fee beaker has a 
more archaic or primitive 
look. It all remains vague. 

Then there is the question 
of fee small stone statuettes 
which have been coming out 
of Afghanistan. A seated wo- 
man, small in size but mo- 
numental in conception, is 
one of fee greatest examples 
known to this writer. 

The head carved separately 
out of white limestone, which 
contrasts wife fee grayish 
green chlorite, displays stun- 
ning sculptural mastery. The 
expression is fraught wife 
tension and anxiety. Mini- 


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Chinese vessel inlaid with malachite and copper. 


has its limits. Despite four 
decades of proper excavation 
work, the Chinese objects in 
the exhibition also call forth 
questions that cannot be 
answered. 

We still have no inkling 
why the Chinese bronze 
makers left the infinitely 
complex and as yet unde- 
ciphered symbols that cover 
the surface of the 1 2 th century 
B.C. vessels (one of the 
greatest Shang wine vessels is 
in the show.) for the quasi- 
geometrical formal patterns 
of the 5th or 4fe century B.C. 
An admirable vase inlaid with 
malachite and copper bought 
from Eskenazi of Loudon in 
1993 illustrates these at their 
high point 

How China came to adopt 
the very Middle Eastern poly- 
chroray of gold and turquoise 
insets is stiu a matter for con- 
jecture. The masterpiece of 
fee genre is, perhaps, a pair of 
oval bowls (bought, again, 
from Eskenazi in 1991) con- 
sidered to date from the same 
period. 

Even the art of the Han 


dynasty, closer to our time, 
has its enigmas. 

Whatever induced Chinese 
artists to turn away from the 
swirling, highly stylized an- 
imals that preoccupied them 
in the 4th and 5d century B.C. 
in favor of pure figuration 
wife a quasi-classical touch, 
around the 1st or 2nd century 
B.C.? A small bronze horse in 
the show raises the question. 
So do hundreds of warriors 
and animals recovered in ar- 
chaeological excavations 
since fee 1950s. 

I T may be that the doc- 
umentation that would 
have provided fee an- 
swer was lost in one or 
the other of fee innumerable 
commercial digs. 

The havoc goes on. Like 
children tearing off fee 
coveted images of a book they 
are too lazy to read we are 
dilapidating fee common her- 
itage of our global world The 
devastation of our cultural 
ecology is no less than the 
disaster feat destroys tbe 
earth. 


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EDITORIALS/OPINION 


Heralfc 


INTERNATIONAL 



Sribunc. 


musHEa wr™ rut- *ew kjrk times aso the Washington post 


Tough Trade 


( 7 . 5 . and Sudan 

Many people must have been sur- 
prised to learn of the Clinton admin- 
istration’s stealthily granted permis- 
sion for U.S. investment in Sudan, 
despite public U.S. contentions that 
Sudan is a terrorist-supporting state. 
Those interested in the news, reported 
by The Post’s David B. Ottaway (IHT, 
Jan. 24), may have included officials in 
South Africa, who have just withstood 
a U.S. tongue-lashing for considering 
the sale of tank gunsights to Syria, 
another alleged sponsor of terrorism. 
American officials, you may recall, had 
warned South Africa that all U.S. aid 
would be cut off if it went through with 
the sale, because U.S. law required 
such an action — no ifs, ands or buts. 

There is. of course, a world of dif- 
ference between selling weaponry and 
developing oil fields, the economic 
activity in question in Sudan. There can 
be no justification for South Africa’s 
proposed arms sale to Syria, and news 
of reconsideration of the matter is wel- 
come. Yet the elasticity of the law 
when it comes tD U.S. economic in- 
terests — and especially when those 
interests also happen to contribute gen- 
erously to the Democratic National 
Committee — will not go unnoticed in 
Pretoria, or anywhere else in the world. 
It can only undercut America's efforts 
to isolate what it considers — or says it 
considers — rogue state-.. 

The facts related to Sudan remain 
somewhat murity. President Bill C Un- 
ion last April signed the Anti-Terror- 
ism Act. which barred Americans from 
engaging in any financial transactions 
with governments on the U.S. list of 
terrorism sponsors: North Korea. 
Cuba. Syria, Iraq. Iran, Libya and Su- 

Canada and Cuba 

Canada's foreign minister went to 
Havana and bowed to the new Atlantic 
consensus meant to bridge the gap be- 
tween Washington’s support of an em- 
bargo on Cuba and Europe's oppo- 
sition. The connecting structure is 
supposed to be a common concern for 
human rights. Bui the bow seemed 
pretty artificial. Foreign Minister 
Lloyd Axworthy reached agreement 
on joint seminars and academic ex- 
changes in human rights: Canada sup- 
ports several of the nongovernment 
organizations making up Cuha's slight 
civil society. Welcome as they are, 
these gestures pale against the boost 
the Axworthy mission gave to trade 
and other respect-conferring contacts. 

Americans should not kid them- 
selves about the embargo. Whatever it 
was, it is now something that helps 
Fidel Castro more than it hurts him. 
The United States is alone on it and has 
been from the beginning. Washington 
has been even more alone since the 
collapse of the Soviet Union left 
Havana unable to pose any sort of 
strategic or subversive threat to U.S. 
interests. Last year’s Helms-Burton 
Act blindly tightening die embargo did 


dan. In August the administration ex- 
empted. for some transactions, Syria 
— ostensibly to encourage its partici- 
pation in the Mideast peace process — 
and Sudan. The exemption for Sudan 
allowed the California-based Occi- 
dental Petroleum Corp. to open ne- 
gotiations with Sudan on development 
of a 3.5 billion-barrel oil field. Oc- 
cidental had given about $600,000 to 
the two political parlies in the previous 
two years, almost evenly divided be- 
tween Democrats and Republicans, in- 
cluding SI 00,000 to the DNC on 
March 29. 

There is no evidence of a connection 
between those donations and the ex- 
emption for Sudan. But there is also no 
convincing explanation for why the 
exemption was granted. The State De- 
partment spokesman Nicholas Bums 
said Thursday that “there's less here 
than you might think." If investment is 
found "not to have an impact on any 
potential act of terrorism” or "to fund 
any group that supports terrorism," 
then it is permissible, he said. 

"If we were talking here about Iran 
or Libya,' ’ Mr, Bums added, "it would 
be a different scenario." 

But why? As with Iran, it is Sudan’s 
government the United States has ac- 
cused, not a particular organization 
within the country. The United States 
has approved military assistance for 
three of Sudan's neighbors that support 
Sudanese rebels. expelled a Su- 
danese diplomat from New York last 
spring after alleging his involvement in 
a plot to bomb UN headquarters. Su- 
dan. according to the State Department 
itself, serves "as a refuge, nexus and 
training hub" for terrorists. Why then 
allow U.S. companies to bolster Su- 
dan's regime? 

— THE WASHINGTON POST. 

not merely further isolate the United 
States. It solidified the political found- 
ation on which Fidel Castro has 
reached out to U.S. allies to circumvent 
the embargo. His easy exploitation of 
the Canadian foreign minister is a good 
example. 

Recently, the Clinton administration 
got the allies to beef up the human 
rights component of their Cuba policy. 
This is well worth doing. Fidel Castro 
no longer threatens anyone outside his 
borders, but his — the hemisphere's 
only — example of dictatorial rule is 
repugnant The allies, fascinated by the 
commerce, have been slow to reach out 
to oppressed Cubans. They have taken 
shelter in the notion dial "engage- 
ment" by trade will open freedom's 
door. This theory holds some promise, 
but not enough to allow it to be the sole 
guide to policy. 

It is a point the United States must 
make, but with care, for Washington is 
applying in China a policy not unlike 
that being conducted by Canada in 
Cuba. In both cases, free governments 
are rationalizing trade as a long-term 
solvent of dictatorship and are under 
pressure to show they are not abandon- 
ing principle for profit. In both cases, 
the pressure should be kept on. 

— THE WASHINGTON POST. 


No Rush in Russia 


Boris Yeltsin's weakened health has 
understandably preoccupied Russian 
politics for months, but a new surge of 
calls for his resignation as president is 
premature. Mr. Yeltsin may eventually 
prove unable to give his country strong 
and enduring leadership. But unless be 
suffers a sudden decline, it will be 
several months before a sound judg- 
ment about his fitness can be made. 

That is not to belittle the precari- 
ousness of his condition. 

Weakened by heart problems aid 
slowly recovering from bypass surgery 
and pneumonia, Mr. Yeltsin today is a 
frail figure. Despite a brief return to 
work and a flurry of decrees, he dearly 
cannot run the Russian government in 
his current state. 

Mr. Yeltsin’s rivals and opponents 
are eager to push him aside, propelled in 
part by mounting economic problems 
and polls showing growing impatience 
with the government. The Russian econ- 
omy contracted by 6 percent last year, 
and the gap is rapidly growing between 
those who have done well under cap- 
italism and those who have struggled or 
fallen into poverty. Crime and corrup- 
tion remain staggering problems. 

Russia’s Communist-dominated 
Parliament approved a non binding res- 
olution this past week to sack Mr. 
Yeltsin. Alexander Lebed, the former 
genera] who finished a strong third in 
the first round of presidential balloting 


last spring, is impatient to get on with a 
new election he is confident he can win. 
In a visit to New York this past week, 
he warned of coming chaos in Russia if 
problems like uncollected taxes and 
unpaid workers are not addressed. 

Mr. Lebed’s bulldozer approach to 
politics is both refreshing and unnerv- 
ing. There may be a limit to the frus- 
trations Russians will endure, but pre- 
dicting instability only invites unrest. 

Moscow's political leaders should 
not be so quick to talk of discarding a 
president. Mr. Yeltsin won election by 
a wide margin in a fair vote. The in- 
terests of democracy require that he be 
given a reasonable time to recover be- 
fore Russia is asked to face the issue of 
his fitness to serve and die unpredict- 
able consequences of a resignation. 

Mr. Yeltsin has an able team of aides 
who can manage the government while 
be tries to regain his strength. If by 
spring it becomes clear that his recovery 
is faltering, be should not dodge the 
difficult issue of resignation or talk him- 
self into the mistaken belief that he is 
indispensable. Under the Russian Con- 
stitution. new elections would be held 
within three months of a resignation. 

Russia cannot wait indefinitely for its 
president to heaL But pushing him out 
the door now would do more to un- 
dermine democracy than a few more 
months of uncertainty about his health. 

— THE NEW YORK TIMES. 



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Europe Has 17 Months to Get Serious on Bosnia 

■X ... _ n TVnffnn hue 


P ARIS — The first important de- 
cision of the second Clinton ad- 
ministration was made known on Wed- 
nesday. President Bill Clinton’s newly 
confirmed secretary of defense, Wil- 
liam Cohen, said that American forces 
will definitely quit Bosnia in June 
1998. Bosnia thenceforth, according to 
Mr. Cohen, is “a European problem." 

It is very important thai Europeans 
believe this. Washington said once be- 
fore. when war broke out in the former 
Yugoslavia in 1991 , that it was a Euro- 
pean problem. The European govern- 
ments had said that they wanted 
Yugoslavia to be understood as a Euro- 
pean responsibility. The Bush admin- 
istration agreed, seeing no direct Amer- 
ican interest engaged in the Balkans. 

Two years later, it became clear to 
the Clinton administration that the 
Europeans were incapable of exer- 
cising that responsibility in any co- 
herent way. They had settled for man- 
aging the refugee flow and protecting 
the humanitarian agencies’ work with 
the civilian victims of the war. 

They had politically defaulted. Joint 
European- UN proposals for ending the 
war, the Vance-Owen and subsequent 
Sroltenberg-Owen plans, merely rat- 
ified the ethnic partition of Bosnia 
wanted by both Serbian and Croatian 
governments. They also rested on vol- 
unteer compliance, which no one could 
seriously expect. They offended Arner- 


By William Pfaff 

ican opinion, as well as liberal opinion 
in Western Europe. 

Under pressure even from such con- 
gressional conservatives as Bob Dole, 
the Senate majority leader, the Clinton 
administration launched a secret pro- 
gram to arm and train the Bosnian 
government army, the only force whose 
proclaimed goal was to establish a mul- 
tiethnic, democratic state in Bosnia. 

Since Bosnia is landlocked, dds re- 
quired collaboration with the Croatian 
authorities, and the American govern- 
ment saw retraining the Croatian Army 
as a price worth paying for access to 
Bosnia, and as a contribution in itself to 
recreating a power balance in the 
former Yugoslavia. 

This policy was resisted in. both Lon- 
don and, until the election of Jacques 
Chirac as French president, in Paris. 

In the summer of 1995, the forces 
reconstituted under quasi-official U.S. 
auspices bestowed stinging defeats on 
Serbian forces in Croatia and Bosnia, 
emboldening NATO to bring the war to 
a halt This led to the Dayton accords and 
to the political and material reconstruc- 
tion that has followed in Bosnia. 

Authority over that reconstruction has 
been divided among a score of inter- 
national bodies, with the United States 
assuming a limited role, consistent with 


Thus Bosnia since Dayton has in 
fundamental ways proven a repeti tion 
of Bosnia before Dayton. Europe has 


its contention from foe start that its mil- 
itary participation' was fora year only. 

In November, however, Washington .. 

agreed that a reduced American force • had no common policy, 
vfould parietpate for an additional 18 What Washings has wantedh^ 
months in the NATO stabilization farce been done, and what it has 
— SFOR— which on Dec, 20 took foe (trouble about arresting war cranma^ 
r »{ar»- of the original intervention force, for example) has not been (tone. Europe 
Anwirans will remain fhft largest single has followed in Washington S , 


natio nal imitj with 8,500 troops. 

Washington's decision to extend its 
military rale into 1 998 risks misleading 


on even longer, beyond June 1! 
when SFOR’s mandate ends. Mr. Co- 
hen's statement to die Senate that- it 
will not do so must, on the contrary, be 
taken seriously. 

The European Union has for several 
years been talking about its goal of -a 


The issue of a new division of NATO 

responsibility- between the United 
States and Europe — acrimoniously 
but inconclusively debated last year in 
Brussels, Washington and Paris — has 
overshadowed the question of 3D in- 
dependent European foreign pokey. 

Now there is a new deadline for 
Europeans: June 1998. On that date 
Bosnia becomes Europe’s problem. 
Seventeen months remain for the Euro- 
common European foreign and security pean governments and the Commission 
policy, with nothing much tangible to define a common policy on the spe- 
comiog from that talk. There has been dfic and practical problems of what 
highly intelligent debate without prac- should be done in Bosnia and th e 
' former Yugoslavia, and to prepare 

themselves actually to do it. 

Will they accomplish tins, and take 
over responsibility from NATO and the 

United States in 1998? Will they even 
seriously try? The answers will un- 
doubtedly reveal whether Europe will 
be an independent political actor in the 
2lst century, or amply the satellite, or 
the victim, of others. 

International Herald Tribune. 

9 Los Angeles Times Syndicate. 


deal conclusions. 

The fundamental problem is con- 
tinuing, and inevitable, disagreement 
on what the specific objectives should 
be for a European foreign and security 
policy. And so long as the ultimate 
responsibility for Europe's security — 
and, through the mechanisms of the 
Atlantic alliance, even its foreign 
policy — has remained with the United 
States, tit ere has been no urgent need 
for anything to be decided. 


* 


Balanced Budget Amendment Is a Disaster in the Making 


B oston — one thing 
above all led to the undoing 
of the “Republican revolution” 
that Newt Gingrich and his col- 
leagues launched after their 
election victory in 1994. That 
was Mr. Gingrich’s decision to 
shut down (he government at 
the end of 1995 as a way of 
waging the policy conflict with 
President Bill Clinton. 

The shutdown outraged the 
public. Americans, it turned 
out, (fid not agree with the rad- 
ical Republican aim of disem- 
boweling the federal govern- 
ment 

We Americans are now in 
serious danger of repeating on a 
for grander scale foe folly of 
immobilizing the government. 
That would be a likely con- 
sequence of the proposal at the 
top of the Republican congres- 
sional agenda: a constitutional 
amendment to require a bal- 
anced budget. 

One provision of the pro- 
posed amendment, not much 
noticed so for, would require a 


By Anthony Lewis 
three-fifths vote in both houses 


of Congress to raise the limit on 
the U.S. debt Sponsors of the 
amendment say this feature 
would be an automatic way to 
block deficit financing. But just 
think how it would likely work 
in practice. 

As it is. the debt ceiling has 
produced crisis after crisis. 

Getting a simple majority 
vote for an increase in the ceil- 
ing has often proved difficult, 
putting the government at risk 
of being unable to pay its bills. 
It will be far more difficult — 
often impossible — to win 
three-fifths of the votes in both 
houses. 

Moreover. debt-ceiling 
crises tend to occur quickly, 
when budget forecasts have 
slipped. There is an unexpected 
slowdown in the economy, so 
tax revenues are below esti- 
mates. Or a financial crisis like 
tiiat'over savings and loans in- 
creases expenditure. 


Suppose the president has 
presented a balanced budget, as 
the amendment would demand, 
but then events unbalance in- 
come and spending. 

There is no way to raise taxes 
or cut spending quickly enough 
to avoid the need for temporary 
borrowing, so the president 
asks Congress to increase the 
debt limit. 

Forty-one senators, cate more 
than two-fifths, could block die 
increase. Different members of 
that bloc would have different 
prices for relenting: build my 
dam. shift money from Medi- 
caid to Star Wars, whatever. It 
takes no great analytical skill to 
appreciate bow extraordinarily 
bard it would be to work 
through such a crisis. 

Failure is likely, at least tem- 


Thai scenario is not far- 
fetched. It is the logical out- 
come of die balanced budget 
amendment. And it would have 
consequences for graver than 
the overreaching by Newt Gin- 
grich that closed modi of the 
government in 1995. 

For the U.S. government to 
default on its obligations, or even 
to approach a serious possibility 
of default, would be devastating 
to financial markets in the 
United States and everywhere. If 
h happened once, confidence 
would be weakened even if we 
emerged from the first crisis. 

Everyone would understand 
that the system — the new sys- 
tem created by the amendment 
— virtually ensures mote crises 
in future. 

Foreseeable consequences of 
that kind have led a broad spec- 
trum of financial and economic 
thinkers to oppose the amend- 


f. And that would mean 
one of two things: shutting 
down parts of the government 
or having the United States go 
into default 


mem. Alan Greenspan stated 
his opposition this past week. 
• Robert Eisner, past president of 
the American Economic Asso- 


ciation, spoke for 38 econo- 
mists, including nine Nobel 
laureates, in a critical article in 
The Wall Street Journal The 
Center on Budget and Policty 
Priorities, a liberal think tank in 
Washington, has issued formi- 
dable analyses. 

The possibility of a crisis 
over the debt ceihng is only one 
eventuality of marry alarm 
those and other critics of a baT • 
anced budget a mendment. The V 
amendment would effectively 
end majority rule in Congress, 
giving minorities new blocking 
powers and assuring stalemate 
again and again. 

The Republican leaders who 
are pushing the amendm ent must 
be aware of those dangers. They 
have to be going ahead, then, 
either because they are in the iron 
grip of ideology or because they 
see a rhanor. for partisan point- 
scaring. Neither reason justifies 
endangering the system that has 
enabled America to survive and 
prosper over 200 years. • - 
The New York Times. 


Enough Utopian Talk: Clinton Now Must Focus on Specifics 


W ASHINGTON — Presi- 
dent Bill Clinton went 
after the vision thing with a ven- 
geance in his inaugural address, 
a bright kaleidoscope of spark- 
ling but unconnected images 
from Utopia. Now he turns to a 
laundry fist of real tasks he will 
set for Congress and himself in 
his State of the Union message. 

These two speeches and the 
transformation they demand 
serve a mighty purpose: They 
should prod the nation, and the 
president, to move beyond mel- 
low and focus on priorities and 
policies. They get us from here 
to there. 

President Clinton soared off 
on solo flights of rhetorical fancy 
on Jan. 20. On Feb. 4, Congress 
will bring him back to Earth, 
waving the purse and demanding 
to know where the rent money is. 
President and legislature are the 
sitcom married couple of U.S. 


By Jim Hoagland 


federalism: He gets to dream 
grandiose dreams and tell great 
stories, she gets to fret about tire 
cost of the new stove. 

At his second swearing in. 
Mr. Clinton seemed intent on 
answering criticism during the 
campaign that he failed to lay 
out a clear vision of his lead- 
ership of America and of Amer- 
ica’s leadership of the world. 

Racing from big picture to 
big picture, he promised Amer- 
ica's children streets in which 
“no one will try to shoot them 
or sell them drugs any more.’* 
Abroad, America "will lead a 
whole world of democracies.’' 
Details to come. 

The president tipped his 
hand, and his irritation, in a 
television interview a few 
weeks ago when he grumbled 
about critics who were quick to 


carp but never put forward vi- 
sions of their own. Several let- 
ters from readers sounded the 
same theme after I expressed 
mingled hopes and skepticism 
about Clinton H’s ability to 
change the ad hocisra that sur- 
faced in many of the foreign 
policy decisions of Clinton L 

As this inaugural address 
proved, vision-mongering is 
both easy and pointless. Grant 
the president this: The V- ward 
has been used imprecisely and 
profligately by critics. Lack of 
vision is a charge be does not 
need to address again when he 
appears before Congress on 

What is needed is a focus on 
cxrasisteDcy.aixi on principle, in 
dealing with foe rest of the 
world. The backtracking on 
NATO expansion and the j 


Give the Mideast Peace Train a Push 


J ERUSALEM — The long 
wait of foe peace train at the 
gales of Hebron, the yearlong 
suspension of negotiations with 
Syria, the deadly riots in the 
West Bank in September and the 
change of government in Jeru- 
salem have muted the heralds of 
peace in foe Middle East. 

The long standstill in talks be- 
tween Israel and the Palestinian 
Authority — the recent Hebron 
agreement notwithstanding — 
and in Israeli talks with Syria and 
Lebanon have dangerously 
stalled foe peace process. It has 
lost much of its drive. 

Militant declarations have 
aggravated suspicions and anxi- 
eties. As far back as 1956. 
Moshe Sharett, Israel’s first for- 
eign minister, warned that “the 
assumption that we are on the 
verge of war, taking root in the 
mind of foe masses, could ul- 
timately cause such a war. " 

U.S. Secretary of State Dean 
Acbeson was no less explicit 
when he cautioned earlier that 
nothing contributes more to foe 
outbreak of war than the constant 
reiteration of its inevitability. 

In a situation of precarious 
peace and irresponsible war 
rhetoric, an outburst of violence 
can easily trigger a chain re- 
action. The Middle East, rife 
with combustible material, faces 
the constant danger of ignition 
tty a spark, be it the shooting of 
passeisby in Hebron by a Jewish 
fanatic or the massacre of pas- 
sengers on a bus in Jerusalem by 
Arab suicide bombers. 


By Gideon Rafael 

Was it in anticipation of 
things to come or because of his 
deep aversion to the Oslo ac- 
cord that Prime Minister Ben- 
jamin Netanyahu recently 
warned that "the renewal of 
acts of terror, or the mere con- 
sent to it. is liable to cancel the 
Oslo agreements and lead to 
war.” No less alarming were 
recent accusations from Dam- 
ascus that Israel had been in- 
volved in a recent bus bombing 
there — an allegation patently 
false but nonetheless grist for 
the mills of hostility. 

No doubt, the peoples of foe 
Middle East are tired of war and 
bloodshed President Anwar 
Sadat's proclamation in Jeru- 
salem in 1977 — "no more 
war” — expressed the hopes 
and longings of all. However, 
foe people don’t rush into war, 
they are dragged into it by reck- 
less leaders seeking an escape 
from foe ship of state they have 
managed to run aground. 

A new Arab-Israeli war 
would neither eliminate the 
Jewish state nor prevent foe 
em e r g e n ce of a Palestinian 
state. But in a new war, the 
home front might not be spared 
war’s horrors as in foe past, 
since ballistic missiles would 
probably be used not. just 
against military targets. Ana no 
one can guarantee that panicked 
desperados would not resort to 
weapons of mass destruction. 


All past experience has 
shown that there is no other way 
to defuse the time bomb of foe 
Arab-Israeli conflict than the 
energetic and intensive engage- 
ment of the United States, sup- 
ported by its allies. 

But powerful third-party dis- 
suasion alone is not sufficient to 
prevent tensions from degen- 
erating into armed conflict or 
mass uprising. It must be 
coupled with an urgent and sus- 
tained effort to break the dead- 
locks on foe peace front. The 
Israeli-Palestinian contest re- 
mains the central issue of foe 
Arab-Israeli conflict Only the 
sincere and full implementation 
in word and spirit of the Oslo 
agreements can bring about its 
peaceful settlement 

No less important is the swift 
resumption of negotiations be- 
tween Israel and Syria. And last 
but not least — and, in fact as 
soon as possible — Israel must 
terminate its presence in Le- 
banon. It should place the con- 
ditions of its withdrawal high on 
die agenda of talks with Syria. 

Steady progress in these 
three areas is foe safest way to 
keep foe Middle East from de- 
scending into an abyss of chaos, 
devastation and untold human 
suffering. 

The writer, a founding mem- 
ber of the Israeli Foreign Min- 
istry, is a former ambassador to 
the United Nations. He contrib- 
uted this comment to the In- 
ternational Herald Tribune. 


reversals on China, Bosnia and 
Somalia that Clinton I produced 
are awful examples of what not 
to do and how not to do it. The 
president needs to convey a 
sense of considered, sustainable 
direction when he speaks to 
Congress and die nation. 

The part of the State of foe 
Union message devoted to for- 
eign policy should be substan- 
tial and specific this year. The 
president should not be lulled 
into accepting foe argument that 
America is at peace and that he 
need not worry the public with 


He should use this, speech 
above all to refocus attention 
and energy on America's re- 
lations with Russia and the cen- 
tral role that relationship still 
plays in global stability. 

Mr. Clinton and Congress 
have been fairly diligent in as- 
sessing and responding to foe 
confused developments in Mos- 
cow over the past four years. 
But this has not prevented “a 
downward drift toward mnitnal 
alienation" that is now accel- 
erating dangerously. 

The quote and the warning 
come from an important Rand 
Corp. study that has been men- 
tioned in newspaper columns but 
has not yet received the official 
attention it deserves. Entitled 
“Stepping the Decline in U.S.- 
Russian Relations’’ and written 
by former Senator Sam Nunn, 
Robert Blackwill of Harvard and 


Arnold Horelick of UCLA, foe 
paper Jays out a consistent, corn- 
approach to a major 
policy problem only 
fy summarized here: 

The authors — ^ whose views 
have always been on foe hawk- 
ish side — argue that Boris 
Yeltsin’s “precarious hold on 
power” immobilizes Moscow 
and requires Washington to 
take the initiative in finding “a 
soft landing” fox NATO en- 
largement. Washington also 
needs to move quickly to revise 
and consolidate the arms con- 
trol agreements “that have been 
the legal anchors securing the 
port-Cold War peace” if their 
unraveling is to be avoided. 

The Stateof foe Union address 
is the right moment for the pres- 
ident to call on the Republican 
majority in Congress to join him 
in a bold initiative to break foe 
developing deadlock with Rus- 
sia. He could use his speech to 
propose a new era of minimal 
nuclear arsenals and promise to 
negotiate to get each side to cut 
its nuclear warhead total to 
1,000, or less if possible. 

That is the kmd of big, sue- f}9 




moment of rededication de- 
mands, not a laundry list or a 
repetition of generalities about 
e nl a r ging democracy. After 
Jan. 20, the reaction to that kind 
of speech would likely be: Been 
there. Heard tfrar. 

The Washington Post. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: Canal Imbroglio 

NEW YORK — Minister 
Rodriguez* notification that foe 
passage of foe N icaragua Canal 
bill would render the charter of 
the Maritime Canal Company 
completely worthless affords 
another proof of the blind and 
reckless haste which has char- 
acterized the proceedings of 
Congress in tins important mat- 
ter. Congress has been eager to 
vote hundreds of millions of foe 
people’s money for foe vision- 
ary scheme and might have 
done so had not a timely 
deathblow been dealt by ' the 
Central American Minister. 

1922: Egyptian Arrests 

CAIRO — Eight members of 
tite Wafd, who signed a mani- 
festo calling upon the popula- 
tion to cany out a strict boycott 
of British goods, have been 
arrested. Four ne 
which published the 


have been suspended. The 
manifesto recommends non- 

co-operation and the boycott as 
foe most effective weapons 
in the hands of the Egyptians. 
■"God forbid," reads the mani- 
festo, "that your bodies should 
touch English goods and that 
your hands should co-operate 
with any Englishman.” 

1947: french Censors 

PARIS — French authorities ta- 
citly admitted yesterday pan. 
24] the growing seriousness of 
their war against the Viet 
Namese Nationalists by impos- 
ing complete censorship on all 
news co ming from Indo- Chiaa. 
The decision was ann o unced 
from French higher headquar- 
ters in Saigon. The announce- 
ment stated that a joint mili- 
tary and civil censorship board 
had been set up for the “pro- 
venfrve control” of all news 
- - and broadcasts 
Far Eastern theater. 



** 



BUSINESS/FINANCE 


SATURDAY-SUNDAY, JANUARY 25-26, 1997 


PAGE 9 


®y^^osKattonlas7 

— J^ ent ^QBalHeraU Tribut e ‘ 

yerfehTiS T~5'^P ora * e ^®pan has not 
b ? nefils ife pSi of the 

but 5^^ Wng ?S pag ^ I1 ^ do ^ 

olwnrw"^ subsidiaries of foreign 

pinck ^ *** te S*nmng to fe d 

^Araong the most vulnerable have 
miporters of automobiles and lax- 
“ygoods, nrany of which have been 
forced to push up their prices. - 

European and U.S. carmakers are 

SfSSS®® ha ^ st Ut ^ ** weak - 

fy® - ^ ^ to 120 

h?V" . o 1 ^ 0 a* one point Friday, its 
Jugb^ttevei since 1 99 Vbefore slicing 
to close in New York at ] 18.90 vetL 
*‘ or years, foreign carmakers bad 


olts Importers of Cars and Luxury Goods 


been slowly -gaining ground in the Jap- 
anese market by cutting prices. Accord- 
mgto a survey by the Japan Automobile 
Importers Association, the average 
price of imported cars sold in Japan m 
1995 was 12 million yen ($10,000) 
lower than it was in 1992. That partly 
reflected a switch from *«ii*ng only lux- 
ury cars to offering less expensive mod- 
els as well. But the change in the yen's 
value was a more important factor. 

Now that the dollar has risen 50 per- 
cent from its April 1995 low agniogf me 
yen, and major European cu r re nci es 
have generally shown similar gains for- 
eign carmakers 'have been forced to 
abandon their price-cutting offensives. A 
strong yen cuts the cost ofunpoals, while 
a weak yen has the opposite effect. 

On Jan. 1, die German automaker 


Bayerische Motoren Werke AG raised 
the mice of its popular 525i car by 
150,000 yen, to 5.43 million yen, to 
offset the decline in value of toe Jap- 
anese currency. 

"Our costs are denominated in Ger- 
man marks, so when toe yen falls 
against toe mark as it has recently, we 
adjust toe prices we charge in Japan,” a 
BMW representative in Japan said. 

The Nihon Keizai Shimbun, a daily 
business newspaper, said the price in- 
crease for the remodeled 525i only six 
months after its Japanese launch was 
lented” mid illustrated how 
It the weak yen bad made toe 
car market for foreign man- 


Ford Motor Co. also has been hurt by 
the yen’s fall. “Right now we are suf- 


fering,” a Ford spokeswoman. Tomoko 
Kummizawa. said. ”We have not de- 
cided whether to respond to the yen’s 
weataiess by raising prices, but we are 
considering it.” 

Foreign luxury-goods manufactur- 
ers, including the Japanese arm of 
LVMH Moet Hennessy Louis Vuinon 
SA, have also been forced ro raise 
prices. 

“Our policy is to charge customers in 
Japan 1 .45 times what they would pay in 
France,’ * an LVMH representative said. 
“That means that when the yen rises or 
falls against the franc, we have to adjust 
prices.” The company raised prices for 
its ubiquitous leather bags by 6.6 per- 
cent last June and will raise them a 
further 4.5 percent Feb. 1, she said. 

Many foreign companies insist the 


For Pepsi, 

A New Take 
On Profit 

Core-Business Focus 
Brings Market Kudos 


Pepsi’s Latest Challenge 

How PepsiCo’s restaurant business stacks up. The company plans to spin off the cfivlsion to shareholders. 


By Jay Mathews 

Washington Pott Service 


NEW YORK — PepsiCo Inc.’s de- 
cision to spin off to shareholders toe 
company’s restaurant division is the 
latest in a grow in g number of 
transactions aimed at improving' profit 
by focusing on core businesses. 

The value of such spin-offs tripled to 
, $80 billion last year as U.S. investors 
embraced companies that had dis- 
membered themselves hi -hope of rais- 
ing stock prices. 

PepsiCo directors voted Thursday to 
focus on their beverage and snack busi- 
nesses and spun off to shareholders toe- - 
company's nearly 29,000 Pizza Hut, 
Taco Bell and KFC restaurants werid- 
wide. The move wqnldcreate one of toe 
biggest restaurant companies in . toe 
United States, second only to McDan- 
ald’sCorp. 

PepsiCo stock, which gained $225 
Thursday, fell $1,625 to$33.875. Wall 
Street analysts had re c o m mended that 
PepsiCo died foe leaanrasts to rid 
itself of sluggish businesses that bad 
limited profit growth and had drawn 
executive time and capital away from 
foe healthier soft drjnk aod Ento-Lay 



The leading fast-food chains in the United States, based 
on estimated systemwide retail sales in 1 995. 


Net sales by PepsiCo division, for the 36 
weeks ended Sept 7. In billions, 
RESTAURANTS 


McDonald's 

PepsiCo’s 

restaurants 


PEERAGES 



Sources; Company reports? Taj tfm omic Inc. 


. - ,$*37 

SNACK"-' 
POODS 

W.»K » 


Pizza Hut 
Acquired 
in 77 

Taco Bell 
Acquired 
in 78 

-KFC 
Acquired 
in'86 
'International results. 

NYT 


snack-food divisions. “It’s a 
idea,” said Thomas Homs, a senior 
dhedtor at Fitch Investors Service Inc. 
‘‘There comes atone when one area of 
a business interferes with another area 
of a business.” He said both PepsiCo 
and its spin-off would have a better 
chance of raising their stock jprices 
because they could focus on then- core 
businesses: 

The company did not release an im- 
mediate outline of toe terms of toe 
spin-off bat said it expected to com- 
plete toe move, which would be tax- 
free, by the end of the year. It said it 
also would consider selling its PepsiCo 
Food Systems unit, which distributes 
more than. $3 billion of restaurant 
equipment- and supplies annually, 
mostly to' its own restaurants. . - > 

^'Xn >toe T960s~and . 1970s, large in- 
vestor rushed to buy stock in con- 
glomerates, which reduced risk by 
; many kinds ofbosinesses. They 
[ that if one product had a bad 


year, profits from toe conglomerate's 
other products would make up for it. 

By the 1990$, large institutional in- 
vestors bad abandoned toe search for 
security and instead demanded fat re- 
turns on investments. Such investors 
say they can diversify their own port- 
folios to reduce risk and thus do not 
need companies to do it for them 

Analysts now argue that companies 
focusing on fewer product lines are 
more likely to be profitable. Corpo- 
rations such as Westingfroose Electric 
Crap., AT&T Corp. and ITT Corp. have 
seen their stocks soar, at least tem- 
porarily, as a result of restructurings dial 
gave shareholders stock in new compa- 
nies composed of divisions that toe par- 
ent companies consider less , profitable 
or not relevant to toeir core businesses. 

John Maxwell Jr., an analyst who 
follows PepsiCo at Wheat First 
Butcher Singer Inc. in Richmond. Vir- 
ginia, said be did not think the PepsiCo 
spin-off would hurt shareholders but 


was not convinced that it would be of 
great benefit, either. 

Spin-offs, he said, “are a Wall Street 
fadL” All three of PepsiCo’s major fast- 
food chains held substantial shares of 
their markets, he said, and it may prove 
shortsighted to dump them just because 
they woe in a slump compared with the 
soft-drink and snack businesses. 

PepsiCo on Thursday extolled its 
restaurant division, which it said had 
retail sales of 520 billion in 1996 and 
revalue growing at 12 percent annu- 
ally in recent years. 

“Our goal in taking these steps is to 
dramatically sharpen PepsiCo's fo- 
cus,” the company’s chairman and 
chief executive, Roger Enrico, said. 
“Our restaurant business has tremen- 
dous financial strength and a very bright 
future. However, given the distinctly 
different dynamics of restaurants and 
packaged goods, we believe all our 

See PEPSI, Page 13 


fCOMOMIC SCENE 


a 


Rich-Poor Gap in U.S. Appears to Be Shrinking 



By Steven Pearlstein 

Washington Post Service ‘ 

ASH3NGTON — Good 
news from toe inequality: 
front: Spine of toe biggest 
gains in wealth in toe past 
few years have come among working- 
class Americans, who are more likely to 
own a home, maintain a checking ac- 
count, save for retirement and invest in 
mutual funds foap ever before. 

- That’s toe evidence from: toe Federal 
Reserve Board’s latest survey of family 
finances published this month. The 
Fed's survey, taken once every three 
years, survey is toe government’s only 
gauge of family wealth. 

Net worth — the value, of assets 
minus debt — for the typical, or median, 
family in toe United States changed 
little in inflation-adjusted terms from 
1989 to 1995. It went down during the 
1992 recession said by toe end of 1995 
b had regained toe lost ground. 

. But breaking down toe population by 
occupations of beads of households 
yields sonte interesting variations. 

The “winners” over toe. period ap- 
pear to include households headed by 
technical, sales and clerical workers, 
machine operators and laborers, ser- 


vice sector workers, and retirees. 

-Ttefenriliesfoaito 
net wonh are those headed by 
rionals and managers, skilled ; 
workers and toe sdfn 
-'This democratization of wealth, al- 
though slight, is noteworthy in that it 
seam to represent a taming point after 
years in which it seemed that toe rich 
were pulling ahead while the middle 
doss was disappearing and the working 
dass was falling behind. But in terms of 
family wealth .-t what people have 
rather foan what they earn — toe gap 
may actually be closing. 

The data “suggest a lessening in toe 
inequality of wealth,” said Edward 
Wolff, a New York University econ- 
omist who has studied wealth trends. 

The survey, however, does not offer 
explanations for tins trend. 

. As Mr. Wolff says, these wealth data 
are still preliminary and even in final 
form are notoriously difficult to draw 
conclusions from. Data cm the market 
value of autos and houses can be highly 
subjective, and overall net worth. fluc- 
tuates with changes in real-estate and 
stock prices, winch have bounced 
around quite a bit since 1989. . 

The data also are skewed toward 
rising wealth because of toe shift by 


many companies in the past six years 
from define d-benefit pension plans, 
which are not included in toe survey, to 
40l(k) and other defined-contribution 
pension programs, which are included. 

The popularity of retirement accounts 
is one of the bright spots of toe latest Fed 
survey. In the past three years alone, the 
Fed found, the percentage of house- 
holds wi th retirement accounts rose to 
43 percent from 38 percent- The biggest 
jumps in participation rates were re- 
corded by workers underage 44, minor- 
ities, machine operators and laborers. 

But except for those with family in- 
comes above $100,000, the value of 
these funds remains paltry. The average 
retirement account holds only $16,000, 
and even workers over age 55 typically 
have only $33,000 stashed away. 

The Fed survey confirmed that Amer- 
icans were moving more of their savings 
out of bank accounts and direct invest- 
ments in stocks and bonds and into 
mutual funds. Six years ago the funds, 
excluding money-market funds, ac- 
counted for 5 percent of the financial 
assets of families: in 19 95 they accoun- 
tedfbr 13.2 percent. The big growth in 
fund investment seems to have come 
from baby boomer households with an- 
nual incomes above $50,000. 


Overall, the Fed found that 4 1 percent 
of U.S. families have some direct or 
indirect stake in toe stock market, up 
from 32 percent just six years ago, with 
the biggest jumps recorded by families 
headed by younger and less affluent 
workers. 

For most Americans, their home re- 
mains toe hugest element of their net 
worth, and home-ownership rates began 
to rebound in toe past three years among 
those under age 35. They also are rising 
for blue-collar manufacturing and ser- 
vice woikers and among other house- 
■ holds with annual incomes above 
$25,000. 

Overall, the Fed found that the typical 
level of indebtedness for the three-quar- 
ters of families that had any debt was 
$22,500, up from an inflation-adjusted 
$19,500 in 1992, and credit-card bal- 
ances now account for a larger share of 
that indebtedness than ever before. 

The Fed estimates dial about one 
family in nine now faces annual debt 
payments that exceed 40 percent of fam- 
ily income. The rale rises to one family 
in six among those earning less than 
$25,000 a year. 

Along with the democratization of 
assets, it seems, has come a democrat- 
ization of debt 


price rises will not halt a trend of rising 
sales in Japan. But analysts say that, 
together with a planned rise in the con- 
sumption rax in April to 5 percent from 
3 percent, price increases are likely to 
make it difficult for foreign companies 
to sustain sales growth. 

Tokyo's stock market has reflected 
the bleak economic outlook. The bench- 
mark Nikkei 225 stock index, which has 
lost nearly 10 percent since the start of 
the year, fell 220.10 points, or 1.23 
percent, to close Friday at 17.689.36. 

The biggesr winners from the yen's 
fall are Japanese electronics companies 
and carmakers, which make increasing 
portions of their sales overseas. 

Nintendo Co., the video-game maker. 

See YEN, Page 13 


Tumbling Still 

Nikkei 225-stock index 
24,000 


^ 22,000 


Friday close; 
17 , 689.36 


\ 


\ A </\f\ , (A 

w\ ! V V S !f i . 


' * \ A 

20.000 


18.000 


Source. Datastmatn 

’96 


’97 


Jl A I S 1 O 1 N 1 D I J 


NYT 


Interest-Rate Fears 
Drag Stocks Down 

But Analysts Foresee No Big Fall 


By Mitchell Martin 

Irtemaiionai Herat d Tribune 


NEW YORK — Stock prices ended 
the week on a sour note Friday, regis- 
tering a second straight day of losses as 
interest-rate concerns rattled investors. 

Although equity prices remain vul- 
nerable to further declines, analysts said 
the market seemed unlikely to suffer a 
major correction. 

The Dow Jones industrial average 
closed down 59.27 points, or 0.88 per- 
cent, at 6.696.48. The Standard & Poor's 
500-stock index fell 7.04 points, or 0.91 
percent, to 770.52. 

The weakness followed a drop of 
94.28 points Thursday, when New York 
Stock Exchange volume was a record 
683.8 million shares. On Friday. 542.8 
million shares changed hands, 

Friday's weakness was triggered by 
rising bond yields, analysts said, re- 
flecting concern that the Federal Re- 
serve Board would vote in the next 
several weeks to raise short-term in- 
terest rates. 

The central bank last altered interest 
rates a year ago, when it cut them, and 
then stayed its hand even though the 
U.S. economy expanded by about 3 
percenr last year. 

That growth in toe gross domestic 
product was accompanied by modest 
core consumer-price inflation of 2.6 
percent, excluding food and energy 
prices, even though the relatively low 
U.S. unemployment rate of 5.3 percent 
might have been expected to put upward 
pressure on wages. The inflation rate 
including the food and energy com- 
ponents was 3.3 percent last year. 

Although the Fed chairman. Alan 
Greenspan, indicated in congressional 
testimony Tuesday that the central bank 
had not seen concrete evidence of sub- 
stantial inflation in American wage de- 


mands. possibly because workers are 
fearful of losing their jobs if their skills 
become obsolete, comments late 
Thursday by another Fed governor ig- 
nited interest-rate fears. 

Susan Phillips said in an interview 
with Bridge News that the central bank 
was in a “heightened state of alert” 
about inflation, with energy prices and 
wages posing the biggest risk. 

The yield on the 30-year Treasury 
bond rose to 6.89 percent from 6.86 
percent Thursday and 6.82 percent a 
week earlier. Its price fell 12/32 of a 
point, to 95 3/32. 

“Seven percent would be a very cru- 
cial point for equity valuations,” 
Lawrence Rice, head of equity research 
at Josephthal, Lyon & Ross, said of the 
bond yield. A yield of 6.S5 percent on the 
30-year Treasury issue meant investors 
already were positioning themselves for 
a Fed tightening in coming weeks, he 
said, so die added rise was worrisome. 

Part of the reason bond yields were 
rising, he said, was that corporations 
had been hyping the market for funds, 
with $ 1 billion of debt hitting toe market 
Friday. Additionally, the Treasury is 
planning to sell new inflation-indexed 
bonds next week. 

Mr. Rice said that although he did not 
think a bear market was imminent, toe 
rising interest rates were enough to keep 
professional investors from adding to 
their stock holdings. 

“Stocks are not artracti vely valued, " 
he said, but added, “nor are they over- 
valued.” 

Even after its declines Thursday and 
Friday, the Dow is up 3.85 percent so far 
this year, a gain brought about by hopes 
that corporate earnings would grow. 

With the economy expanding at its 
lively pace and fourth -quarter earnings 

See MARKETS, Page 10 


British Telecom Dreams 


By Youssef M. Ibrahim 

New York Tunes Service 

LONDON — Fresh from the acqui- 
sition in November of the long-distance 
telephone company MCI Communica- 
tions Corp. for $23 billion. Sir Pieter 
B onfield, the chief executive of British 
Telecommunication’s PLC, is busy 
charting bow to transform a basic utility 
company into toe world’s fourth-largest 
global telecommunications entity — 
richer than several Third World gov- 
ernments and peopled with almost 
1 80,000 employees. 

In an interview at corporate head- 
quarters here this week, Sir Peter, 52, a 
computer engineer who has worked as an 
executive at Texas Instruments Inc. and 
at 1CL PLC in Britain, said his expe- 
riences in 15 years of living in America 
would help British Telecom transform 
itself from a one -dimensional telephone 
company into amultisexvice, multimedia 


telecommunications “phenomenon.” 

“A few years ago, you had just stan- 
dard telephone services,” Sir Peter said, 
“and now you've got Internet data ser- 
vices. mobility services, multimedia 
services, video on demand — so the 
whole proposition to our customers is 
really quite different, and this overlaps 
into adjacent industries, like film, cable 
and satellite companies. It is a fun- 
damental change. 

Asked to enumerate die hurdles ahead 
for Concert, the company that will 
emerge from the fusion of BT and MCI 
if regulator in Britain and the United 
States approve. Sir Peter stressed the 
deregulation of the communications in- 
dustry worldwide in the next few years. 

“Coming out of that there will be a 
few much larger global companies and 
then a proliferation of niche compa- 
nies,” he said. “It is a far cry from the 

See BT, Page 13 


CURRENCY & INTEREST RATES 


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CtmeM bp Our Staff FnmDkraichai 

SEOUL — South Korea’s central 
bank said Friday it would inject 1 tril- 
lion won ($1.17 billion) into the com- 
mercial banking system to prevent a 
flood of bankruptcies emanating from 
toe collapse of toe country's second- 
biggest steel company. 

“We would have seen interest rates 
soar today if the central bank hadn’t 
injected the money,” Yoon Man Chul 
of Dongsuh Securities said. 

Hanbo Steel & General Construction 
Co. delayed its filing for court receiv- 
ership until Monday to complete its 
paperwork, a spokesman for Hanbo 
Group said. In announcing toe bank- 
ruptcy Thursday, toe chairman of the 
parent company, Chung Bo Keun, said 
the unit would submit toe court ap- 
plication Friday. 

Hanbo Steel defaulted Thursday on 
more than 5 billion won in promissory 
notes after excessive investment in fa- 


cilities, executives at creditor banks 
said, Hanbo officials said the steel- 
maker had debs to banks and other 
financial institutions totaling 5.7 trillion 
won, an amount roughly equivalent to 
toe annual sales of Hanbo Group. 

The collapse will increase debt prob- 
lems at South Korean banks and may be 
mirrored at other chaebol , or conglom- 
erates. damaging an already shaky 
economy that is growing at its slowest 
pace in four years. The combined sales 
of the top five chaebol — Samsung Co., 
LG International Corp., Daewoo Corp., 
Sunkyong Ltd. and Hyundai Corp. — 
are equivalent to half of South Korea's 
gross domestic product. 

“We can easily find Hanbo's case in 
most chaebol, as they have steel units, 
banks and debt-ridden affiliates,’* Lee 
Ki Woong of Daehan Investment Trust 
Co. said. 

One company with similar problems 
is Sammi Steel Co„ a specialty-steel 


maker with debts of more than 1 trillion 
won. Sammi has offered to sell busi- 
nesses that represent about three-quar- 
ters of its sales to Pohang Iron & Steel 
Co., the country’s largest steel company. 
While toe sales would reduce Sammi 's 
debt, analysts said, they also would un- 
dermine toe long-term profitability of its 
parent, Sammi Corp. Sammi Steel ac- 
counted for about 70 percent of toe 
parent company’s sales last year. 

As Hanbo Steel faced receivership, 
toe central bank was quick to shore up 
the banking system to try to prevent a 
surge in interest rates that would dam- 
age other companies. 

“We are providing the money to pre- 
vent a chain reaction that could bank- 
rupt subcontractors,” said Park Chul, a 
genera] manager of toe Finance depart- 
ment at the Bank of Korea. The tank 
entered into repurchase agreements 
with commercial banks valued at 1 tril- 
lion won, he said. (Bloomberg, Reuters) 











INTERNATIONAL HKBAI.O TRIBUNE, SATUHDAY-SUNDAT, JANUARY 25-26, 1997 


THE AMERICAS 


The Dow 


30- Year T-Bond Yield 




U.S. Backs Export Groups 


MARKETS: Rate Fears Spark Drop 


Continued from Page 9 


Dollar in Deutsche marks 


1.56 i- 


A S O N D J 
1996 im 


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By David E. Sanger 

New York Tones Service 


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Source: Bloomberg, Reuters imrnwfofui HcreM Tribune 


Very briefly; 

Mexico to Buy 2 Banks 9 Bad Loans 


WASHINGTON — President 
Bill Clinton’s administration has 
decided that the three government 
agencies that play a major role in 
financing American exports 
should not be merged, concluding 
that while the current system is 
fragmented and awkward, the 
political costs of a reorganization 
would be too high. 

The decision was made at a 
While House meeting Thursday of 
the National Economic Council, 
which coordinates major econom- 
ic decisions for Mr. Clinton much 
as the National Security Council 
reviews foreign-policy decisions. 

While the decision before the 
council was a narrow one, it 
signaled that the administration 
was in no hurry to heed calls from 
b usine ss leaders and a number of 
current and former government of- 
ficials that the system of programs 
to promote ana finance exports 
needed a major overhaul. 

The Office of Management and 
Budget has recommended merging 
the Export-import Bank of the 
United States, which provides low- 


cost financing for American ex- 
porters, with the Overseas Private 
investment Carp., which provides 
political-risk insurance to compa- 
nies trading or investing overseas, 
and the Trade and Development 
Agency, which develops feasibility 
studies of overseas markets for ex- 
ports and investment in emerging 
markets. All three need to be reau- 
thorized by Congress this year. 

In private, even many of the 
advocates of those programs con- 
cede that they are badly organized, 
largely because they were created 
one at a time by Congress, often 
with intersecting or conflicting 
charters. For example, the invest- 
ment corporation is barred from 
operating in China, under legis- 
lation passed after the suppression 
of protesters in Tiananmen Square 
in 1989. but the other agencies are 
free to operate there. 

“If we were starting from 
scratch, we certainly wouldn’t or- 
ganize it this way. ’ one official 
involved in the debate said after 
Thursday's meeting. 

“But the energy and time thar 
would be consumed by reorgan- 
izing was judged not to be worth 
the benefits.” The reauthorization 


seems almost certain to reopen a 
long-simmering argument be- 
tween the administration and the 
Republican majority in Congress 
over whether these agencies sus- 
tain jobs in the United States — as 
the administration argues — or 
whether they are a form of “cor- 
porate welfare.” 

Next week, a coalition of forces 
led by Representative John 


Kasich, Republican of Ohio, who 
heads the House Budget Commit- 


heads the House Budget Commit- 
tee. plans to release a list of gov- 
ernment programs for industry and 
other items thar it wants to elim- 
inate or cut back. That list seems 
likely to include subsidies 
provided by die Agriculture De- 
partment ro help food exporters, 
the Rural Utility Service and the 
U.S. contribution to the Interna- 
tional Monetary Fund. 

Almost every one of the nations 
with which die United Stales com- 
petes — including the IS European 
Union countries as well as Japan — 
helps exporters by offering financ- 
ing or insurance. 

Advocates of these programs 
therefore say that eliminating them 
would give America’s competitors 
a major advantage. 


reports released so far being gen- 
erally at or above expectations, Mr. 
Rice added, there is no fundamental 
reason for a. major decline in stock 
prices. 

Edward Collins, head of stock 
trading at Daiwa Securities Amer- 
ica, said the slide in stocks that 
began Thursday had resulted from a 
confluence of news developments, 
and he said it (fid not necessarily 
signal the start of a major fall. He 
said it was time for the market to 
consolidate after its recent gains, 
and while the Dow - could fall by 
several hundred points, he did not 


pyade released beoer-than-ex- 
pected earnings late Thursday but 
then told analysts that die growth 
outlook was weak for its frW" f 
relay switching products, winch * 
help manage information flowing 
across computer networks. 


ft 




US. STOCKS 


expect a 20 percent correction. 
Mr. Collins urged investors i 


Mr. Collins urged investors with 
long-term outlooks to keep buying 
shares, although both he and Mr. 
Rice said die current market was not 
one in which individuals ought to 
engage in short-tram trading. 

PepsiCo was die most active New 


York Stock Exchange issue Friday, 
slipping 1 % to 33 ft. The company 


slipping 1% to 33ft. The company 
said it would spin off its restaurant 
division to concentrate on its soft- 
. drinks and geiaftlre l vigir»»g , cp« 
Computer-oetwcnking issues 
dominated Nasdaq trading, led by 
Cascade Communications, whose 
stock plunged 23M to 41 after it 
gave analysts a gloomy outlook for 
sales of its products. 


Bloomberg. News quoted Jcba 
Force, a money manager at Pilgrim 
Baxter & Associates, as saying. 

On Friday. Cascade’s chief fi- 
nancial officer said inveslore were 
overreacting to the frame-relay 
problem, but he acknowledge d tha t 
the company’s recent pnee/eam- 
ings ratio of 80 was “unreasonably 
high,” Bloomberg reported 

XL Connect Solutions fell 1 4% to 
8% after the company issaed a profit 
warning. XL helps companies form 
communications networks. Intelli- 
gent Electronics, which owns 80 per- 
cent of XL, sttffered a similar loss. 

Cisco Systems, which also makes 
networking products, fell 3% to 
68%, and 3Com. another company 
in the field, fell 4% to 68%. 

General Motors was among die 10 
Dow stocks that gained, rising % to 
62% on eaqsectations the automaker 
would raise its quarterly dividend 
Monday by 50 percent, or 20 cents a * r 
share, and approve a stock buy-back 

prog ram 


MEXICO CITY (Bloomberg) — Banco National de Mex- 
ico SA and Bancomer SA wtll sell 16 billion pesos ($2.06 
billion) of bad loans to the government this year as Mexico 
continues to bail out its banking industry. 

Bank stocks declined Friday on concern dial the earnings of 
the two commercial banks, the country’s largest, would suffer. 

Defaults on consumer and business loans jumped when 
borrowing rates tripled after the Mexico abruptly devalued the 
peso in December 1994. The government’s Bank Savings 
Protection Fund spent $12 billion bailing out banks last year. 

• Monsanto Co.’s net profit fell 48 percent in the fourth 
quarter, to $385 million, as it took a $500 million charge to 
cover the cost of divesting itself of its chemical businesses and 
eliminating as many as 2.500 jobs. 

• Gian carlo Parretti, the fugitive former owner of Metro- 
Gold wyn-Mayer Inc^ has been given two weeks to show up 
in court or face extradition to Delaware and loss of bail. 

• America Online Inc. was notified by the New York 
attorney general that if negotiations between the company and 
20 states over compensation for delays in on-line service break 
down. New York will sue it for deceptive business practices. 

• Pubiix Super Markets agreed to pay $81.5 million to settle 
a class-action sexual-discrimination lawsuit accusing the 
company of keeping women in dead-end, low-wage jobs. 

• Eastman Kodak Co. will stop producing film for its disk 
cameras by the end of 1998 because of poor sales and new 
technology that makes disk photography obsolete. 

• CSX Corp. said it would consider sharing access to key rail 
routes in the U.S. Northeast with its rival, Norfolk Southern 
Corp-, to win federal approval of its bid for Conrai) Inc. 

• First Media Television LP has sold four television stations 
to Meredith Corp. for $435 million in cash and debt. 

• Fiat Argentine SA closed its month-old $600 million plant 

in Cordoba at least until Monday after striking workers 
smashed windows and damaged machinery. Bloomberg, ap 


JAEAN: Buffeted by Markets, Nation Looks Toward the ‘Japanese Century’ With Pessimism 

Continued from Page 1 many experts predicted that Japan largest in the world, partly powered mg. Japan’ s transportation lobbyists of Yamato Tramp 


market drop because it may jolt the 
nation into taking the extreme steps 
they say are necessary to bring about 
far-reaching change. The market’s 
incremental declines, they argue, 
have brought about only increment- 
al change. 

“I would like to see it go to 
13.000 or so, for thar would cause a 
shock wave,” said Masao 
Miyamoto, author of a best-selling 
book critical of Japan’s bureaucracy 
and society. “Japan has to go 
through some devastating experi- 
ence before people will say, ‘We 
have to start doing something. ’ ’ 

For now, the recent wild fluc- 
tuations in tile markets reflect more 
immediate concerns, such as an an- 
emic economic outlook, tightened 
government spending and a finan- 
cial system plagued by bad bank 
debt and a real-estate crash. 

But the market jiners also expose 
a deeper uneasiness about Japan's 
future and its global economic role 
as it moves into the next century. 

The current pessimism shows 
what a difference a few years can 
make. When the Japanese stock 
market was at its peak, in 1989. 


would capture the global economic 
and industrial leadership from 
America. Japanese companies 
bought up ch unks of Hollywood and 
New York real estate, they talked 
about their nation’s gross national 
product surpassing America’s in the 
next century, and some people here 
felt so rich that they sprinkled gold 
on their food. 

Americans and Japanese alike 
came to believe that Japanese cor- 
porations were simply more effi- 
cient than American ones, that Jap- 
anese products were more durable 
and that the next century belonged 
to the industrialists who had created 
the portable stereo or the virtually 
flawless car. 

Now it is Americans who are see- 
ing their stock market soar and be- 
lieving that their economy is 
blessed. 

“Asian countries are now seek- 
ing their models in the United 
Stales, not Japan,” said Heizo 
Takenaka, an economist at Keio 


University. “Japan was an impor- 
tant model for economic develop- 


tant model for economic develop- 
ment, but from now on. Japan is no 
longer a model.” 

Japan's economy is the second- 


largest in the world, partly powered 
by world-class competitors such as 
Toyota. Canon Inc. and Matsushita 
Electric Industrial Co. But about 
four-fifths of the economy, includ- 
ing the finan cial industry, is 
hindered by heavy regulation, cartel- 
like behavior or a herd mentality. 

Trucking companies, for in- 
stance, agree to charge almost 
identical rates; wholesale prices for 
rice, wheat and barley are controlled 
by the government; the three largest 
daily newspapers charge the same 
price, and a fourth has just joined the 
price club this year. 

What changes have taken place 
have been slow in coming. In a 
country dominated by small shops 
and high prices, large retailers and 
discounters are growing, and mote 
companies backed the trend and 
opened for service during the New 
Year holidays. 

But critics say the pace of change 
is neither fast nor substantial. Prune 
Minister Ryutaro Hashimoto, for 
example, has talked about trans- 
forming Japan’s economy, but the 
government’s latest budget propos- 
als offered little encouragement to 
financial markets. 

While bureaucrats reined in spend- 


ing. Japan’s transportation lobbyists 
ended up with a $10 bUfian bullet- 
train extension. 

Farmers won $85 rzuZ&on in sub- 
sidies to plant less rice, and $2£ 
billion meant for economic restruc- 
turing is going to farmers, construc- 
tion workers and the cal industry. 

Moreover, the status quo still has 
its attractions: At 33 percent, un- 
employment is extremely low by the 
standards of the rest of foe world; 
salaries are still closely tied to seni- 
ority, small store owners benefit from 
regulatory support; inflation is vir- 
tually zero, though it threatens torise; 
and there is a buying boom as people 
try to make large purchases before 
the national sales tax rises to 5 per- 
cent in April from 3 percent now. 

There is a widespread md tacit 
resistance to change, and not only 
from bureaucrats who stand to lose, 
regulatory jnflngpr* The prime 
minister’s grand plans to impose 
greater competition win produce 
winners and losers, even bank- 
ruptcies and probably greater un- 
employment. 

“As a general argument, foe busi- 
nessman says, yes, this is foe trend, 
and deregulation is necessary,” said 
Masao Ogura, foe former chairman 


of Yamato Transport who has battled 
regulatory barriers. 

“Box once you go into specific 
industries, if foe question comes 
down to my company, they say, ‘We 
don’twantiL” - 


■ Sale Reports Depress Doflar 

Reports that the Bank of Japan 
was selling dollars for yen sent the 
dollar lower, Bloomberg News re- 
ported from New York. 

The slide began after NHK tele- 
vision said the Bank of Japan-had 
bought yen for dollars for the first 
time in more than four years to tty to 
slow the yen’s tumble. The bank 
declined to comment. to 

The Bank of Japan, following its 
usual practice, also dedioed to com- 
ment onfoe report; 

A second aay of weakness on 
Wall Street also undermined foe 
dollar, as reduced demand for U-S. 
assets would mean less demand for 


foe dollars needed to biry them. 
The dollar fell to 118.90 yen fi 


The dollar fell to 118.90 yen from 
11935 yen Thursday, to 5.4965 
French femes from 53075 francs, to 
1.6296 Deutsche marks from 1.6324 
DM and to 1.4060 Swiss francs from 
1.4160 francs. But foe pound fell to 
$1.6290 from $1.6314. 


is *! x rJ K ► "I* 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday’s 4 p.m. doss 

The tap 30Q moamcBw shams, 
up to the dosing an WaB Street 
nmAmoaaadPnm 


Sales HM LowLcMst Choe 


Sens HWi LjwUcm Owe 


JI7 lift U 
M * Jus. 

S3 i 


3 7* 

15* 15V. 
12 11* 

1! 
ft ft 

l« 15V, 
Jft 3ft 


j i 

ft r* ,gf 

& ft; R5 


11% —V. 
iftu * 1* 

« .5 

ns —ft 
Uft —ft 

S3 

1IU —Vs 
1314 —ft 
m —ft 


LeMSTcwl 

MW 

safe 


3*4 1*14 

50 31 
BM tSft 
D 26* 
90 4 

170 IBM, 
«* JVV. 
1S1 7 

122 lB'A 
232 9ft 
701 7ft 
2*8 4* 


an 24 Vi 
5* 5* 

IBV* 16ft 
Tft, 214 


77V, 77V, 

m Pi 
7 714 


Indexes 
Daw Jones 

Opto Hfeh Lab Las CHS. 

!"•“ £59.1* 4442J3 4«uB 

Tnra 234104 2349.37 232195 233273 —1401 

OH 23JJ7 30.0 X VjO 217.43 -2* 
Coro 2173.74 211555 2DR9.4* 2097,4 -ILK 

Standard & Poors 


Most Actives 
NYSE 

VoL fM Lmr 


Jan. 24, 1997 


Wflh Lb* Oast CNgi Optnl 


High Low Ckot Out OpM 


4lVi» 6* 
Bft 7V, 

nS i*l! 

MTV 2& 
TV„ IV* 

ft ft 

79 MM 
25*. Mft 


S 5* 

u m 

304 72* 

m i9 
■47 3IM 

n *9* 

155 £4 

ISM H14 
254 11 

220 V„ 
1064 Jft 


27V 19 1BV. 

187 255. 25* 

1B9 30* 3D 

113 431ft CPi. 

470 314 I 

348 414 314 

lffl I ft 

a ?a % 
a ft t* 

in a 4H 

a & gft 

iff m in 

119 Mft, 414 
709 7ft TVu 

139 1414 1414 

W ft I 

691 32 II 

140 21ft 211ft 

114 V„ <4 


71* -ft 
?“ 

ift —ft 

’fit 

g 3 


fi! .a 

1142 4 V* 


aZS 


31ft -ft. 
Ift -ft 
4ft -ft 


707 13ft 
10032 20 Vi 

1370 I 
99 8ft 
2140 39ft 
720 4 Vi 

444 21ft 
577 4Vu 
707 7Dft 

a % 

348 4ft 

'» JK 

141 2414 


lift 72 
18ft 18ft 
lift 31ft 
2*V* 2ft 
4>Uu 4ft 
7H 7"4* 
111* V"*- 
10ft 1 
ft 

2 2ft. 
73ft 75ft 
Ift 3V* 
77ft 17ft 
9 9ft* 
14 14ft 
4 4ft* 
13 13 

lift 18ft 

7ft 


Hlgk Lw Clese Cbg. 
Industrials 91158 901.72 90441 —746 

Tramp- 56X76 55WO 560.11 —131 

Utimes 20434 201.93 20134 —230 

Rncmca 847S 8543 8548 —147 

SP50Q 77831 768.17 77042 — 744 

SP100 763.99 75309 75448 —743 


PtSHiCOS 154464 JSft 33ft 

MtanT 1T0MJ 53ft 31ft 

BM »7BB4 154 149 

ATSTs 72547 38M 37ft 

CaMatr 59715 637* 62ft 

Cocoa* 57026 5714 56ft 

(♦neoeo 4wra 50 481* 

Corrvxn 4200 841* » 

GeiOcc 41005 104ft 101ft 

CmpAscs 34429 44ft Oft 

WM 34455 37V] 34ft 

Tmlnrf 35394 71ft 49ft 

JSTfi 23ft 22ft 
Wotarota 3022 68ft 451* 

Luewn B867 SMI 9ft 


Nasdaq 


31ft —1ft 
32ft -ft 
150ft —1ft 
3fft ♦» 
42ft *ft 
57 —ft 
raw —ift 
nft —3ft 
1019b -3ft 
41ft 4ft 
37 *2ft 
89ft —Ift 
2M 4ft 
44ft —1ft 
SZft —314 


CORNKBOn 

5J00 bu iMrMMn- un acr tawIM 
Mar 97 173 270ft 172ft ♦MBftlZJ.l© 

M0V» 7 171ft 148ft 27014 *002 64.902 
Ju197 178ft 148 149ft tOOIftOATS 

Sep 97 267ft 145ft 144ft KLOOft (414 
Dec 97 248ft 244ft 167ft +081 <2,770 
Est sales NA Ttw’s. sales 37.730 
Thu's seen M 3073B2 in HI 


ORAHQEJUICT fHCTTO 
lUOMMenmarb 
Mm 97 84.10 8240 8191 -Ml 20*1 

Mw»7 87.10 8570 BA* -840 (07 

AH 97 9025 «L75 89JB -Oft 1.931 

s eotr n 40 *oe »zw — cjb \au 

Efcsdes [*A Tin's. Km* (100 
Tin's open M 


Nasdaq 


*9.79 40U2 *151 -044 
51541 509.17 5T0J* — 4J8 
344.13 38199 34407 —147 
3023 24428 245.09 —142 
3ft.1l 34548 31440 —328 


Low Lott O* 


4V, 41* 

21ft 21ft 

9ft, 4 
10ft 10ft 
214 2ft 

ft 

22ft 2T4 
2ft 2ft 
3*ft 34ft 


CcttbwWt 137940 13*223 134645— 1127 

Industrials 1144J9 1151*9 1157* -1094 

Banks 1327.17 132112 1334.99 —4.14 

insurance U61L23 U5027 USD_I7 —1527 

Finance 165441 165544 —449 

Tram. 91721 89548 89577—1740 


••>881 >414 
141281 154ft 
13*94 711* 
7580 40ft 
111844 97ft 
102271 41* 
*125* IP* 
*8423 73ft 
64122 78 
*1943 65% 
6054! 32ft 
58845 47ft 
58441 70ft 
58294 49 


41 —Oft 
a *7 ft 

150V. -1ft 

St -fJS 

*g9u +1*5. 
1ft — Jft 
21ft —1ft 


SOYBEAN MEM. (CB0T) 

100 tons- doom Mr Wn 
Md-97 23(30 8630 8(10 +U0 39471 

AVIV 97 ZUJB 232JK 8420 +(4fl MJ<7 

Mil 23330 23130 233* +230 19.186 

Auo97 23080 229J0 8030 +140 3,191 

Sep 97 22SJ0 223J0 23440 +140 2289 

Oct 97 mao ZliStO 2108 +020 1409 

Est. soles NA Thu's, sales 15.174 
TltfsaPenirt 89*94 off 1071 


77ft +2 

S, 

31ft —114 


67ft 47ft — 11 

44 4414 -3 


SOYBEAN OH. ICBC7T) 

UAOOtB- dolors pv MO (K. 

Mar 97 3121 2112 3121 +(11 46478 

May 97 2146 2431 3438 +(W 17,954 

M17 2199 2185 M.M +(12 J4J?4 

AW97 25.10 KOO 2587 +(10 2J73 

58P97 2520 25.10 25.14 +W7 W75 

OcfTl 2535 2533 2585 +(13 726 

Est- sues NA Tlw's.sfiSes 7,936 
Thu's awn Int 09J82 uo 73 




116 * 

126 14ft 14ft 
VS Kft 35ft 
707 21* 2ft 

159 Ift 2ft 

a 16V. 15ft 
19ft 19ft 
m ft «, 
302 1 5ft 14ft 

98 4»u Oft 

457 24 23ft 
(09 8 ft 8 ft 

842 14ft Uft 
332 IDft 10ft 
1252 1ft. 1 

91 lift lift 
S3 6 5ft 

97 9 Bft 

592 lift lift 
441 Ift lUi, 

tfiS? % 5s 

B a 

928 Ift 1 

£ p a 
3 SS S3 

145 17V) ir* 
M 6 23ft 21 ft 


lift —ft 
+ft, 
1414 *ft 
35ft +ft 

2ft +fi 
2ft — W 
15ft -ft 
19ft +ft 
Aft - 
11V. .ft 
4ft +ft 
23ft -ft 
8ft —ft 
14ft +14 
10 V» —ft 
lift +*M 
lift *ft 
5ft -ft 

ift —ft 

Ift -ft, 
», +ft» 


HOctnl 
RFFw 
RooGcW 
RWBoil 

BBar 

SBronwtM 
SFKon _ 
samn I 

ai«wMd 

SortTEch 

SinffiiiT 


S3 


m uis 
139 17ft 
701 Ift 

iin ift 

47* T'Va 

tR ft 

3? »ft 

iao io . 
in 17 
1351 6 ft 

ft ift 

23* 10ft 
197 Ift. 
653 Ift 
434 TVu 
190 5ft 
38 3M 
1250 I 
358 18ft 
7716 3ft, 
902 23ft 
300 7ft 
139 1ft 
126 22 ft 
386 Jft 
164 7Wn 
714 9*1, 
116 14 

195 6 

ai ,s 3: 

137 314 


lift —ft 
17ft —ft 
8 Vm -ft 


jS Dow Jones Bond 


7ft 

a -v: 

% 7Z 

io .«* 
16ft —ft 

4ft 

14ft —ft 
10 —ft 
114 _ 

Bft +Uu 
71* -ft 
5ft 

Jft +ft 


20 Bonds 

loitannes 

WtnOKtrials 


VOL Mgb Low Lost 
SPUR 2HB0 mtj, 7«iVn 74UA. 

W«g 14817 35ft 3414 5ft 

Notars 10032 20 V, 18ft IBft 

UiBob 9695 'ft* ft* ft 

EctKBav 9441 6 ft 4ft, 4** 

XCLUd 8494 ft, ft ft, 

ForaUJ 6800 37ft Mft 36ft 

Audwn* 5308 Bft 7Vi 7ft 

HsSfti) JIJJ Mi 3ft 3U6, 

. Amaex 49C 80*. (ft Vh, 


SOYBEANS (CBOT) 

SAW bu mIMTuii. daam per tnntftl 
M*97 7A8 7^1 ’ 7X71* -0316ft 74^64 

Moy97 7MN, 7/1 ft 7/7ft +IL05» 34.923 

MV 7/9 7/3 7/8% +QJS% 32^55 

Aug97 7/4 7/1 7/3% +(0414 4449 

Seo»7 7.15 7.12ft 7.15 +M4ft 1447 

Eo-snta HA. Thu'S.5** 43430 
Thu'soucnllt 163492 up 714 


Trading Activity 
NYSE 


Nasdaq 


m 

9661 6 ft 6 ft, 
299 9ft 9ft 
421 fti ft 
1192 7ft 7ft 
1247 1ft 1 
398 .Sft 3ft 
949 II 17ft 

121 Ift 1 ft 
M2 3ft Jft 
IW ft ft 
153 3Sft 3«4 
581 ffft. 8 ft 
35S3 Fft, BCIh 
157 10ft 10ft 
18* Mft M 
4800 17ft 34V. 

124 I 2ft 

125 ift Sft 

123 1714 17ft 

115 IS1* 15ft 
*8 10ft Oft 
871 V'tn ift 

IflSS « 39ft 


12 ft . 
21ft -ft 
74 —ft* 
6ft. -'ft 


lass « 39ft 
a 33ft 

28 17ft 17 
310 12ft 12ft 
347 3ft 3ft 
670 lift Ilk 
1611 14ft 13ft 
18 lift* 11 * 
1341 4>** 45ft 
183 4ft 4ft 
1 D 0 ft ft 


in ft ft 

185 »ft 9 

233 Sft 5ft 

122 4ft, W» 

518 Ik !»* 


519 Ik ft* 
1651 ft* ftn 
5155 3ft 3ft 
M 13S* >295 
0717 40ft 3®ft 
110 3 Vh 3ft 
2123 2ft 2ft 
1*7 17ft 12ft 
KU 19ft 19% 
197 M 15ft 

163 4ft 6«fe 
143 11 10ft 

1587 17ft >7W 
874 10ft 10ft 
M 23ft Sft 
192 13% 13 
395 47ft » 

84 Sft 12ft 
*3 2 Ift 

173 J/h 3ft 
4523 3*Vi, 3ft 
IMS 7 4+i 

216 121k US 

288 4ft 4ft 
954 10ft 10ft 
2»» lift lift 
21 S 3'ft. »« 

155 Ift M, 
IS lift 13ft 
175 Sft 5 


V) _ 
7ft. -»« 
1ft -ft 
Sft —ft 
1714 +ft 
Ift +ft 
3ft 
ft 

Wft -ft 
Ift —ft. 
8ft -ft. 
lift -ft 
14ft 

3ft — 
» 

lift -ft 
ir* —» 
1 0ft -ft 
6ft tVi* 
« »ft 
34ft -ft 
17ft -ft 
12ft —ft 
3ft —ft 
l«M 

lift —ft 
Ift 

4ft 

4ft -ft 
ft -ft. 
9ft 

Sft .Vi, 
6 ft _ 

[ft, —ft 

v nt — V* 
3>Vu —ft, 
Uft —5* 
Sft -ft 
3*4 

7ft _ 
17ft 

1916 

14 —ft 
•ft -ft 
10 ft -Ah 
I7*t >ft 
I Oft —ll, 
23 -ft 
13 -ft 
47ft 

13ft -ft 
114 — Vi* 
Sft, 'ft. 
3*14 -ft 
7 -ft 
lift -ft 
4ft *ft 

10U —ft 
lift —ft 
Sft -ft 
2ft 

13* -ft 
5 -Vi. 


Stance 

SttvtniA 

WSus 

Sul as 

S«WC 
sonoHS 
Ttate 
Teton 
Tetoio 
TwflJaWi 
T fatMw , 
Thcnned 

Thprs 
TrnEcoS 
Tnriat 
TTvaelkn 
Thnnffw 
ThrVollS 
T lumoteg 
Thnnatx 
Tftvnwd 
Ttooerr 
TocSra 
Joraal 
ToBPet 
TownQv 
TWA 
Tmumn 
TmMedn 
TrinitrcJi 
T«8iMn 
TumrC 
U5PBP 
UTlEno 
Unapix 

VnflfD-i 
UnBab 
UrwnOr 
UGnki 
USBiosds 
U5CM 
VKS015 
VKNJV 
VUrsar 
Vpocorn 
ViacS 
VtacwtC 
VtocwtE 
Vican 
VfcfaGu 
WRIT 
WokcbBs 
W eCnl 
wcmsBr 
WKET 
WlhWCs 
WNrhsTs 
WEBCann 
WEBFran 
WEBCa-n 
wawn 
wann 
web Join 
WEB AW n 
WEBMovn 
WEB UK n 
XO.UW 


227 JinC 
lit 10ft 
311 1ft 

M Uft 
90S IW. 
124 2 

204 Ift 

123 4 

84 15ft 

93 Uft 
154 35ft 
558 4ft 
419 15ft 
111 lift 
249 a 

97 15ft 
JO 3416 
151 12 

228 Bft 
204 13ft 

1009 15ft 
244 27ft 

124 lift. 

85 4>V, 

m 

227 Ift 
1160 10 
190 Hit 
3676 69m 

» Uft 

m is* 

94 5ft 
4454 18 

142 14 

754 16* 

157 33ft 
218 416 

II 7H 

van 

294 4iv u 
174 7ft 
3199 15ft 
589 36ft 
84 tnt 
122 12* 
141 3ft 
986 34ft 
MBIT 35ft 
119 fti 
430 2ft 
St 216 
653 Ift 
2S4 1816 
1W 34 
104 3ft 
1* 1* 
S» 13ft 

125 5ft 

937 lift 
12* 12>ft. 
154 14ft, 
144 14ft 
201 15* 

•12 16ft 

466 II* 
JOS 15ft 
247 LJV„ 

1409* 15 
8494 ¥„ 


18* 

1ft -Yu 
z m •* 
7* — v* 

Ift. — U u 
6 +Vu 

T ^ 

3ft 

wyu — «*, 

V’-ac 

I* +9* 
lift -ft 
1ft —ft. 

2* *1* 

^ -5 

Uft —ft 
35V* .16 
41 ft, -ft, 
15ft -V* 
lift -ft 
27 

15ft -ft 
34ft -ft 
12 —ft 
Bft 
12 

15ft -ft 
27 -ft 

13s ^ 

aft - 

4ft| -liS 
14* —ft 
15ft ♦* 


Aomcrd 
Dectnod 
undmgad 
Tonatms 
Non huts 
N ew tows 

AMEX 


300 357 

$ K 

727 759 

12 * 

3 8 


1414 1972 

24a 2070 

IMS 1484 
5727 S726 

1* 293 

55 SO 


WHEAT (CBOT) 

S/00 ta ndnbnum- doBvk nor boM 
Mor97 179ft 334ft 3J5 -000*17/97 

MavV 142 3J7ft 158 H/91 

MV 1 MV, 144 3/414 +M8H3U79 

Sj*f7 X® 3/Aft 146ft HLD0V6 IJ41 

K-sotw NA ■nw's.sdes 14J51 
TftTSapenint 45/51 uo 921 


Livestock 


Market Sales 


Advanced 
Dednqd 
IMOwraued 
ToM Issues 
NawHftta 
N«w Lows 


833 1139 

1722 1*41 

748 749 

3333 33*9 

61 205 

28 21 


NYSE 

Afflec 

ftOMfaq 

InmgSonx 


81S^7 

3X17 

577X6 79(36 


CATTLE (CMERJ 
JM00 «*.- cants pw Bj. 

F6b 97 65.15 6460 <445 

** 97 46.42 65/0 65J2 

A*1 97 6197 4157 4162 

Aug97 63/S 6152 SXS) 

Oct97 4477 4437 6455 

£ftC97 68J» 48/0 USB 

Bt.HUs IMS! Thu's, sates 
Thu'iCMnW Moon up 445 


GOJXNCMX) 

laukoveB.-datenowtiwou. 

Jon 17 353.10 +100 5 

Feb 97 35530 3S2JD 3S3/0 +8J0 fSJQO 

Mtr77 35420 +0« a 

AW 97 3574) 35(50 355.10 +M0 49J37 

Jun97 359 JO 357 JO 357/0 +U» BJ95 

Aug 97 361 JO 36(00 359J0 +1.10 8.186 

0077 3030 36KB 36238 +130 XC32 

OK 97 35(20 364*0 36490 +1JC 1(082 

EsLBrira NA Thu's, sates 74230 
Huftapnw 20(730 Off no 
nsRAoecappst (ncwo 

aUM MHliwrfc 
J»i77 111J0 IB JO 11U00 -030 (917 

Feb 97 10BJD 10490 108.15 -(« 2,936 

*ta-97 107 JO tOSJD 106/5 -(45 34951 

ACT 97 10440 104X0 10425 -(35 1.121 

Mov97 WL40 18U0 1KUS -(20 090 

Jun 97 IttLOO 102X0 WLOB -(25 757 

MV 1(71 JO 99 JO 10U0 +0X5 1991 

97 10(10 +0J5 577 

Ses>»7 99 JO K40 99 JO +020 2J86 

Est. sates NA Ws. sties (3 31 
Thu's open W 549S2 UP 197 
SU.VER (NCMX) 
UOHm'OL-annnrWm. 

Jon 97 491J 49] j 495i +K4 73 

Feb 97 «U +»3 7 

Mk»7 SOX 4B5J «7J +KU 6(272 

MavV 50SJ ^5 SDK *W 11,149 

JU197 51(0 492X 507.1 +18J (892 

Sip 97 5150 5040 5120 +KU 3X45 

Dec 17 571 X 51(5 519/ +106 4448 

J*i98 522J +104 9 

« sales MA TJu^Wn 32.930 
Thu's open hr 93J64 up 49 
PLATINUM OMBU 
SO upr to*- denars oar few at 
Joel 97 35KB +118 11 

torV 36(90 341X8 34(40 +2JD WJW 

JUJ97 36459 36450 364X0 +2J0 3014 

Od97 3(7X0 36(00 347.10 +110 2Jt3 

JoaH. 349,31 +118 W77 

Est sties NA THi's.salas 4538 
Thu's npWlirt 2(330 


High Low Oaee Oge Optet 

1JTEAR FRENCH OOV. BONDS CMAT1R 
FROOOOO-ptsofloOpcI 

13128 1 S0J2 — (46T2&343 
Jwi 97 129.18 12(96 1J89A — (L46 14*96 
S«V97t7JM 127/2 127J8-CU4 7B7 

Dec 97 KT. N.T. 96X4 — 044 0 

^Eg(«atume:T36XX.Opegltel4Wtttup 

ITALlAJt MVEIllfMEKT POND CUFWD 

[TL200 mt£afl -pts at I ODpd 

Ato97 131X5 13L34 131/S - 0X5 112.189 

JOB97 131 JO 13095 13(9* -059 7JB5 

S*p97 131X0 131X0 13(93 —(57 10 

«.sohB fflja PRftKfn: 7WB1 

Ptek. Wtenfel; 11(604 op .5/13 

EURODOLLARS (MBQ 

SI naen-ptsenooncL 

R*97 94420 94408 9UU -38 HZI1 

Mtr97 94J80 94J6Q M37B -48 391X27 

Apr 97 943» MM M318 Z274 

JUT 97 94.190 94UJ 94181 -48 30843 


Jo*l W 93.120 93XS0 93X90 -40 34739 

SwOO 73X70 910U 91M -48 3(749 

Dec 00, 92363 92S3D 92X40 -40 24537 

Ed. softs NA Thu's, sotes 275J20 
Thu's Ml W (2UL754 up 1ZK7 
■HIM POUND (0«Q . 

4t . 4 8Bng i wcte.Spnr pound • _ 

3faV 15350 1X234 1X242 — J 3X461 

Juei97 IXMB LC18 1X234 -8 (341 

Sep 97 LfflM -8 1J3I 

Dec 97 1X174 -8 7 

£d.S0fes NA 7Mris.a*s 14399 
Tteu'sopeiW 37X74 off 911 
CANADIAN DOLLAR (ONES) 


— (25 24X43 
-025 3(093 
— 0J5 12.924 
-(15 K24S 
-4.12 7X43 
HL20 (180 
14X22 


LONDON METALS OMQ 
poBorspnentfrtcton 


SS^TiSSfi,^ 1612ft - 1613ft 
grwinrf 163S00 JS3AJ30 7636X0 7639X0 


Dividends 

Compuuy Per Ant Rec P09 

STOCK 


Corapner Per Ant Rec Pay 

INITIAL 

CmrtatSvos Bnn _ jm 1-31 2-11 

MlicTlnfter . Mas 3-1 3.15 

Sctn/IHoaiesn _ re 2-I4 2-28 

UntsourceYMl _ 20 2-24 J-T0 


Corrotton Bncp _ 5% 2-21 3-1* 

Imperial Bncp _ 10% 2-17 2-24 

MadteanBn<3tn xX75% 2-5 2-20 

WostiJDflton Fed _ 10% 2-7 3-37 


STOCK SPLIT 


ABR Into 2 fori soft. 

Assoc Barra 6 forlspB. 

Integral Svst3<vlspft. 

Sdniff H«mes boanl approves 6tar5 Kfll. 
Scopus Tecti 3 9er 2 satn. 

Zygo Corp 2 ton spot. 


FNCaftnfalCip 

UtmaiBrnsHoM 


17* — * 
Uft -ft 
lift 

33ft -ft 
4ft tUu 
T* +h 


Lohmm Bras Hat 
Massbndc Cara 
MBtonPecS 
Mss Valley 
Nlti Am Sarings 
Polaris Ind 

Prico REIT. 
PrawWentBkshrs 
RoosewnRn 
TRfind 

■41 -Si -A I— X 

TTOOcneca ira 

XtruCans 


2-7 2-14 
2-6 2-20 
2-7 2-21 
2-5 2-28 
2-5 2-M 
2-3 2-14 
3-15 4-1 

2-7 2-28 
24 W7 
3-10 Ml 

1- 27 1-7 

2- 14 2-28 

2-14 3-3 

2-14 2-28 
2-14 2-28 


Aftx&KMurtfl 
AflJnrGtoep 
Assoc Banc 
Astoria HU 
Aunetlnc 
BT Find 

8 k a( Boston 
Bay sue Gas 
BnjwnFw 

H tfSS 1 "" 


REGULAR 


nnw Jl CATTLE (CMER) 
neaoft.cB*iMrte 

Jtn97 7(05 49 MS 4M0 -8X7 1/15 

Mcr97 69X5 6 BM 6(52 -048 7/73 

Apr 97 ffj 0 tUV 0,00 -045 2/47 

Moy77 49J8 ff/5 6977 -428 1908 

Aup*7 7192 72JB 7(72 -825 3/45 

Sep 77 7120 7US 7157 -&U 741 

Est. Kies 3/24 Thu's. Idas 2/B 
Thu's apsnlnt 7U88 UP 244 


2569X0 

2252X0 77*3X0 2278X0 2779X0 


Sp« 689X0 690X0 787X0 708X8 

Fftewanj 698X0 699X0 717X0 718X0 


5p<8 7225X0 7235X0 7255X0 724008 

rowan! 7320X0 7330X0 7355X0 7356X0 


5ES52 «80X0 5995X0 600SX0 
Fjwnard 4020X0 6025X0 6045X0 4050X0 
3k (SptcM Itigfe GroM 

ITIZT 1114ft 1132X0 1131X0 
Frawaed 113100 1134X0 1152ft 1153X0 


a J2 3-ld 3-6 

0 X7 M M7 

Q -29 2-4 2-14 

- .11 2-14 3-3 

Q .15 3-14 4-1 

O 33 2-7 3-1 

G M 2-3 2-28 

Q MS 2-1+ 3-1 

0 .27 3-S 4-1 

Q .75 2-14 3-5 

Q .175 1-31 2-13 


HOG5-LMI (C14SU 


PtbV 77X0 76.17 7655 +151 9,90 

Apr 97 7(47 74-00 76,17 -0X3 1TJ27 

JUT 97 SU0 8OJ0 8050 +115 7M 

MV 7(35 77/5 7135 +(45 1JBB 

Aug 97 7(58 MAS 7*-SJ L397 

W97 BM BM BM -4.15 1X0 

Est. sate 4,919 Tftrt. sates IA421 
Thu'ecpenM 34X18 up Ml 


Htoh Law dan Chge OpU 


F« WasMtrten Rffy Q /875 2-1 717 

Fayttoric Q .16 1-30 2-13 


nut sop 
Kansas OfySthn 


0 JK2S 3-7 >21 
Q .10 2-21 3-18 


•Oeimuoclti Benson M X65 2-4 2-17 

NgwEflMandBus O Jo 2-7 2-21 


OMNafl Bncj 
PteriessMfg 
5 LS Bancorp 


Q 33 3-3 3-17 

Q .125 2-7 2-71 

0 .11 2-4 2-18 


Feb 97 BM 7155 8L1Q +2X8 3,914 

Mar 97 ei-29 TUB 8LM +241 1/49 
May 97 81X0 79-30 8(87 +150 1.959 

Jut 97 80X0 7U8 8(00 +CJ0 Ct 

Aug 97 77/0 74J0 7650 + 0X8 423 

Esbsate W« Thu's.idtt 1RB 
Th/saateiM IX4S ID 31 


wetob ftplgff e— leer 
ShanTADRj g-pafoMe la CaaodoB funds* 
w luutetti h i q-qp»teilH s-s w aHaaraw! 


Financial 

UST.BU5 tCMER) 

SlnSteon-etsotlOOpd, 

MO-97 9452 K91 «U1 -8X1 (674 

ton 97 9474 f<72 W4 -0X1 3/30 

Ssp97 9653 94JU 96S -8X1 549 

Est. sates NA Thu's, sales 277 
Tftrsapsnn mss up sr 

SY1LUSASURT (CBOT) 
sioaxoDprin- an &3>nds of KB ad 
M«r97 106-01 105-24 MHP - 055 172JW 
tonff I6S-ZK MS-K WS-20- 055 (637 
tepJ7 HO-U — OK 

EsLJOteS NA Ttel^sdes 2(583 
Tftrt open Inf 141/56 w ns 


MarV jeo yea jot —33 4(78 7 

Jun77 7505- 7475- J4B -33 8J17 

Ssp97 75* 7515 J521 -33 (457 

DBC97 7564 7590 7SI —33 446 

ai. sate NA Thu'S. Udas 9779 
Thu'MpsnW 53/42 off 182 
GERMAN MARK (OMEK) 
nUtemakslMriiink 
MOT97 JIBB jS130 J156 +35 0021 

JUn«7 jt3H /Ul 419* +25 JX42 

Sep 97 JOB SB6- JBDt +35 (185 

OK 97 _ 4279 +35 1* 

EstMH NA Thu's. Vjte 3MS9 . 

Thu's cpenW 89X93 up 125 

APAUBYBMCIBQ 

TU mteton vwv s par HO ran 

M(rf7 X335T2 MS3S6 XOUtf +49 7(374 

-Lei 97 .048600 J0BS2 X0B74 +51 2/89 

Sep 97 408712 X06585 XB8B98 +51 .459 

EsLsctel NA Thu's. sNes 2(833 

WsmaU 76J33 on low 

5MTS5 HtANC (CMBQ 

n&ooa trance, S partnrae 

War 97 Jl« 7070 7140 +74 48738 

Junf7 TUT 7775 7207- +74 '1472 

Sac 97 73M TUI 7277 +78 1/n 

Est. sate NA TlKrk.BriB 27,143 

Thu's open hr 53.119 up 470 

JMONTN EUROMAKK (UFEC 

DMinMaa-raeoriODpcs 

FteW 9690 96X8 96X8 —8X8 3749 

M8T97 9652 96X8 96X8 -0X3ZI6J9* 

Af*97 KT. KT. 96JB — (ID 1/3* 

{fS, 94X5 -.0X6184X8, 

Jjffi 96X1 9673 9673 

DecOT 96X2 94.55 9653 

Mte98 96/} 96X6 9657 

JltHW 9477 M.M WLI5 —0X6 

S4p98 9554 9S-8B 9SJ9 -0X4 

04(98. 9565 95/9 9SM —8X5 43.TS8 

Ham 95J9 kz 953* —0X5 *L769 

MxOt 95.13 95X6 95X8 —005 23IM 

SepW 94J7 9*X0 94X2 -(05 t(3n 

Derf9 9659 9654 9656 -OM MM 

MOKID 9429 9*29 9421 —(05 a* 

jenOO K.T. NT. 9*X6 —(05 

SepffO NT. NT. 9383 -OXS 

DecOO NT. NT. 9259 — (05 

Mae97 93X5 9141 9142 — 0X3 KEUB6 

MV 9X41 9334 f(J4 — (C7 9U93 

Oec97 9259 92X3 9273 — (IB es.*** 

92X7 9279 9179 -U9 

Ji^B 9277 92/9 92/9 — QJI SffU 

3998 ISM 9242 92/2 —(H 2Q7M 

DK9* 9X63 923* 9 J5 -nU fSffl 

95S 92J8 92/7 —(12 (307 

JwW 72-52 92/4 9241 —(13 (959 

S 2 55 E5-«ue 

04(99 91/4 92X7 9236 — (10 - 2X87 

BL sate: 4(881 Piev.steeE 56399 
Pres, uptn hfc 44X497 up S.W5 


- Htgti Low Oora Oge Octet 
1*0*97 7U4 7SM 7U0 -OBI 17/45 

-U97 7775 7675 77X5 -8X5 (SB 

OOV 3730 HJO 77X5 Lffl 

DlC^ «■ »30 74J8 _(M ujn 

Mteli 7UD 7(00 77X5 —AS 711 

^K4e* NA Wlsoles HU 
Thu's open W iUO off 089 
tCAIMBOLOMBO 
AMed-ateprgd 

F«bT7 on 0 era 4470 +033 31X51 j 

'SZS “ ,5 +8X8 XM fQf . 

**V OJO fflJO 08 — (13 MM3 . 

flWW .£•» £2 fl-M —012 (Ul 

ton 97 9155 59-05 5930 —air 5X14 

MV 25 5(5B SS50 -M7 2M2. 

AUS97 5U0 JAM 3-80-007 3X80 

S?” 25 525 55 ^ ^ 

Jcem «J7 4037 6037 INI 

g* 98 59/7 S9X7 « 

*£■*** Nto Titrate 3(719 
Thu's open ft* 106370 up 75 
UBHTSVKratUDE (NMBD 
IMIH-MmwblL 
Ate 57 34/0 34X3 MAS -01) 86973 

MIT Z3J2 Z151 23XJ — OLU 3(JM 

nxi nxa 23X5 -(14 22.142 

tonf7 22X3 22J9 22X9 — (13 31.TO 

M 97 22X3 22X5 22.19 I(T3 liOT 

2143 —0-13 14X02 

Sep 97 2LSB 21JB 7UD — Q.Q Ti«0 

2? 97 21/8 21X0 21.18 —(12 10/63 

Nov 97 2U0 21X0 Z1X7 —(12 7 JOS 

DK97 2QX4 2075 2(60 — (12 syaa 

tei« 20J7 20 2(37 -(13 nj£ 

5*5 2(19 -M3 7X11 

OtcOO H.li n 11 1315 

Thu's open ft* 35(283 ip 4393 
NATURAL QAS (NMBO 
1 Woo mm 8 Mr nmi Mu 

FN)?7 2XS0 743 2X00 +< mm 

Ate 97 3S70 2A60 Z55B +V OM 

Apr 97 22290 2720 2565 +| few 

1*0*97 21« 2X70 (lS +20 ll.w 

ton97 2.115 1X70 HOJ +H urn 

MV 2715 HWJ ZTK +15 (4H 

Jlto 2XB 2J15 +1S JS 

SJP 97 2.125 2X80 2YK +13 * ,«* * 

K J-S2 “» MS +15 TOT 

nffS H 238 22a +15 4M V 

^ 3 ® + ® mb 


UW FAn m aASOLWE 04MBU 
4/00 not- crate par pal 


S-S i-“» »-•« 
M?V %% S 5 =g g® 

MV 16X5 4470 6(00 Ipn zm 
Thu'sapanft* 73X61 up *34 


CASOILOPE) 

UA dotes perraatrfcton- Jots of TOO tons 


FfbV nxi 199X0 200X0 —8X0 ZL876 
{tarW 2QQ-OT 197X5 197X0 —050 f(*09 


1«4J5 192X5 197J5 -3L3II 6M3 
Mov * 7 !2?-X 32 s - 00 186X3 —5X5 3X73 


'tovyj »9-» 108X0 186X5 —5X5 3X73 
■ton*? 184X0 1B4J0 184X5 —3X5 7JS1 
J W 97 185X0 1B4J0 184XS -1X5 2664 


|97 184275 18625 18411ft — TK 1 J75 

IBiJjO 18(00 IKtfS ^ m 


184X5 184X0 183X5 —3X5 1/01 


fwS 18650 184J0 183X5 5CB 

Dnc97 164X5 184X0 183X0 —3X5 (075 


EH. totes: 15X00. OpmhL8&4Soff22S 
»«NTOtL 0 Pe) 

-I Wsof^ WOO burets 

AnrP7 S55 —0.16 


te S.T0g*»S3l4 

si 

aSm H-J- if T - 30J4 until. Sra 

^ ilsiriisIS 1 


ai ftt sateaLiJB., open tote 1S5»0 Up 

Stock Indexes 


4>V„ *Vh 

i -ft 


15ft — * 
26* - V* 

12ft -ft 


Sft * ft, 

34* >* 


m ♦« 

V H 

21 * 

2 ft *ft 


Ift Ift, 
lBft —ft 


33ft O 
W -ft 

1 * 

lift - 
Sft -ft 
lift 

nwi, —ft 
l«ft -v* 

14ft * Vi, 

15ft, -ft, 
16* -*m 
11* -ft 
15* -ft, 
12 ft —ft 
1416 -ft. 
ft. ’tm 


Stock Tables Explained 

Sdes Bgures are antffldoL Vtasly bl#aari Inn tefletftou praeteu a wstts plus 1t» amt 
w«fcbufiteffelBfcstol(*ig<tor.Whereo5pflor8tock<atjrandoraoim»igto25pacertorraafp 
ta bem pdttffe yeas MgMwt range <nd iMdend are Otown far toe n«v Ms ortr. Unlera 
othenrira noted, tales al dhridente era annual dtatwraenwitj based an toe Utotdedsnagn. 
a - dridend abt e*e [sj. b ■ tatrni nj» of dividend pirn dock aiUemL c - SgMaBOQ 
dhMeiKL cr^ - PE excCtts 99-dd - ctAed. d - nsw yearly law. rid - lass In the last 12 months. 
• • dlvfdend dedSRd or paid >n piecsAlng 12 monltB. 1 - annual rate toaeosed an bst 
dedanrton-B-dhridmd In Canadian fands. subject to 15% noci-ras&sence fax. i*ftri(tend 
dedated alleraaBMiP ar stock dMdend. | • asktend paid tnb year. oriBikl ttolenM, or no 
action taken at Most flvtdwd moetlng. k - dMdead declared or paid tote yes. an 
accumulative issue eefth dividends in a neats, ra - annual ids, reduced on last dedoiatkeL 
■ - new Issue In the pasr 52 weeks. TTte Ngft-k*r tango beaks wtti the stmt of fiadtoB. 
nd - nete day deGvenr- p - Mdot tftridemL awwdt rate mUtnewn. P/E - priOMonrinss nrito. 
a -closed-end mutual tond-r ■ drUend declared or paid In peecedtogl 2 montts. plus stock 
dMdefuL s - stock Spur, Dhridend begfns wfih date of spBT. sb - sates. * - dhrfdend paid In 
stott in pacmflng 12 monlta. esttonted cash value on Cx-dMdBAd or BMSsMbadan dola. 
u- new rMtly high- 1 - trading ha Bed. »1. in bontouptcy or recehrorstilp or being leorgcntzeri 
underlfie BankniplqrAeLorseaiitBes assumed bysudiampanfea. wd- when distributed, 
eel - when issuecV ww • wftfi warrants, x • ex-ifivttend or e»-riqhfc. idb - et-dWribufton. 
ne - wllfieut evanaids- r- ex-dMtieiid and sales to ML yM - ilrid. z - rates in tuff. 


COCOA CNC3E] 
iBmmcMPS-spernn 


1313 

1245 

1388 

+a 

24X48 

□45 

I3D 

1339 

+41 

Z2J79 

1372 

□30 

1314 

+41 

a.m 

1395 

1357 

1321 

+43 

8X69 

1507 

150 

1S07 

+47 

407 


“ ■ — m. im. MB W 

Thu'ssperW 92/27 ap 1474 


COFFSCOKSE) 

37 JOB ML- artiiw fe 
MVW 142X1 13(50 d(« —115 

MOV97 17(45 171X0 01X0 -175 

Jill 97 moo 12750 127/5 -610 

5*P 97 OJ9 12150 msp -420 

&t.sate NA Ito 1 l sates 1(776 
Thu's gp*nW 42/38 up 1194 


MYR. TREASURY (CBOT) 

tiouwprin-pts&aKBanapa 

Mar 97 m-07 157-23 M7-31 - tt 323X44 

ton 97 IC-If MMS 107-13 - K 1(531 

Sap97 .104-29 - TO 441 

Est. soles NA Ttuft-nte 67.TB 

Wsopwiirt 542XZ up 201709 

US TREASURY BONDS COOT) 
n pa-swunM*i A3Msae meat 
Mar 97 1W-3I 70M7 11M0 - 19 464/84 
toll 97 IIS-94 I9-TT W9-B - a 27,965 
Sap 77 109-21 I09/H 199-10 — a £825 
Dec 97 . ioB-a — a 4/s 

Est. rales NA ThUttedes 20603 
Wsopenw az.984 off ass ■ 


Ate?? JOfc? 1B1.W 107.14 — 04422(793 


10(57 10(20 18(22 — (*? 


5UCAR-WDRUJ11 P4CSE5 
iidniBL- eernpcr te. 

Mar 97 1(32 UU0 10X4 +(09 72X42 

Mav 97 MJS MX? 1U1 »0J6 3(311 

Jut 97 1(37 HX5 1(9 +0X1 27.107 

0097 1(40 1030 1(31 +0X1 17X41 

esLSQte NA mu's.sato 31 JM 
Thu^opcnW IS9J44 up 353 




wtraettriuere) 
ffioooo -pte(37nd| l 

'± 00-1 Lino PW 1 - 0 - 2 * «p 

cfi. iuBe 62495. PmttateB 66852 
Pm. apart te: 166*** oH 4334 


MOT 97 9(76 96J2 96J3-UB 74904 
i!5S 9673 96X5-0X4 49.7W 
97 96J5 96M 96X2— (m So*? 
Dec 97 96M 96M 96X3— (U ]uu 
MorW 9451 9447 9451-003 uSl 
Jun 98 9434 96X9 96X3— BX* uhi 

ap 2 9tn 96X9 96.11-SSlWM 

Dec 98 9585 95X3 95X4—0X4 11L9S 

¥“5 SS S - 55 «S36-SS iSS 

Jun 99 95X2 95X9 95L2 9—BM SMi 
S» 99 95X4 95X0 95X3-M7 
Dec 99 908 *4X8 9*78-0X5 Ufl 
j^gtWtontto 61439. O p gfltot : 26MlO , oi 

3-MOirni EUltOURA dVFB 
tnjp«M-B<*uriHpa 
MH97 <nS 93X5 93X1 —001 «I|Q 
Jte mM 9381 9184 —(02 6UU 
5te77 9425 94.17 94.19 -SS SSS 

D8C97 M/1 M32 94X5 — S3 vffS i 

Mari* 9645 9637 94/0 -S3* uSe 
J«« 940 94X5 9436 -UB 

EcLsatte 549A. PlteMeC %M6 ~ ~ 

Pwv.cpw»lBU 25M91 off 157 


wajj-TOta-tB 

fig j£S S3 ss 

|S*J*w wra 7M20 i g 

86X84 u 

‘WUpnflt 197,17? up nog 


fttSteiR 1U4L pSIiSImo^ 0 1JS6 
P*w.«penfct 67.154 ^40“^ 
CAC48CMAT1B 




Bmmmm 

*£* NT 

” N.T. N.T. 2422X— 35X0 710 

1 ^^wriume:2i43S.Openlnt64Z19up 


Industrials 


Conw * 0 dJtylnda»* 


•+ ■'r. 


COTT0N2 CNCtlfl 
ftHUft-r+teMtli. 

Mar 97 75X5 7435 744B -OJ5 22/11 


7/89.90 
ixwjxr jjxjixo 

151X5 isS 

341,11 iftj K 





» r r 




• INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 25-26, 1997 


PAGE 11 


EUROPE 


•• Z* 





German 
AndC 
Dim Rate 





’* 57 , 




r as 
saisssssr-- 

Economists largely agreed that 
Johann Wilhdm CtodS? 
owunem, plus cost-of-living stat- 
.*“■ exceeded predrctions, 
S h y “ a ® any 

.though many said they still exacted 
a rate reduction this year. . ■ • 

Mr. Gaddum said the Bundes- 
bank s injection .Friday of 3.20 bil- 
lion Deutsche marks ($1 .95 billion) 



jnto the banking system meant that 
■ German monetary policy would 
remain unchanged.” 

His comments followed a report 
on consumer prices in -January in 
three. West German states The data 
for 8 adeu- Wuerttemberg, Bavaria 
a mi N orth Rhine- Westphalia^ which 
together make up almas 90 percent 
ot the preliminary inflation report for 
West Germany, pointed to an annual 
inflation rate of around 1.7 percent in 
January, which would be foe highest 

reading since July 1995. 


Profit at Electrolux 
Fell in 4th Quarter 










' >- 


; CampOedb, Oar Staff Fnm Dopacba 

STOCKHOLM — The European 
appliance market fell further in the 
fourth quarter, and there are no signs 
of improvement yet. Electrolux 
AB s chief executive, Leif Johans- 
son, said Friday. . ... 

His remarks came as Electroink, 
Europe’s largest appliance maker, 
said its fourth-quarter pretax profit 
fell 33 percent from a year earlier, to 
832 million kronor ($1 152 million), 
despite an increase in sales to 27-08 
bifooaJoonorfrom^98btifion.T^ 
company blamed foe profit decline 
on lower sales in Europe, higher costs 
and fluctuations in exchange rates.. 

- Earnings were hurt as a strength- 
ening of the Swedish krona and the 
Italian lira made Electrolux 
products manufactured in these 
countries more expensive, 

. Electrolux took one-time chaiges 
of 250 million kronor for its house- 
•hold and commercial-appliances di- - 
^ visions last year, of which 150 mil- 
lion kronor was taken id foe fourth 
.quarter. Full-year operating profit 
for white goods was unchanged, .as 
lower sales in Europe were onset by 
higher earnings in North America, 
■but operating profit in .foe household- 
appliances division, Electrolux’s 
-biggest, fell 5 percent, to 2.46 billion 
kronor. Electrolux’s B shares closed 
•at 426 kronor, down 7. 

(AFX. Bloomberg) 


said import prices rose 0.8 percent in 
December and .were 2.0 percent 
higher than in December 1995. 

“If inflation rates do not foil fur- 
fher, we willlifcefr see a stagnation on 
interest rates,” said JoergKiaemer of 
Merrill Lynch & Co. in Frankfurt, 
adding that Bundesbank officials had 
recently signaled that foe central book 
would prefer stable rates. 

: Investors said the Deutsche mark, 
which is at its lowest point in more 
than two years against foe dollar, 
making imports more expensive, was 
: behind foe unexpected increases. 

“If foe Bundesbank cuts now, it 
could weaken the marie even fur- 
ther,” said Joerg Sihler of DEGEF 
GmbH, “and that is certainly not 
what they want." 

Inflation still will not exceed foe 
Bundesbank’s long-term target limit 
of .2 percent this year, economists 
said, because weak domestic demand 
•leaves little room for retailers to pass 
on higher .costs to their customers. 

- Unions also will find it hard to 
win strong wage increases amid re- 
cord unenrolpyipent and an increas- . 
mg shift of production to lower-cost 
countries, they said. 

‘ • . Only if the mark’s decline con- 
tinues at foe pace that has weakened 
it by 6 percent since foe start of foe 
year could imparted inflation begin 


Outcry Greets Bonn Tax Plan 

Unions Say It Won’t Help Jobs or Economy 


Ctap&dfe Ob- S ug Ftrmi OupuKbn 

BONN — Opposition parties 
and unions Friday rejected major 
tax changes proposed by the gov- 
ernment, criticizing them as unjust 
and not favorable to economic 
growth or employment 
The leader of foe Social Demo- 
cratic Party.called foe proposed tax 
package an “election lie'* and said 
his party would fight some of foe 
proposals. The package, unveiled 


Thursday by a commission led by 

Finance Minis 


ister Theo Waigel, 
calls for sizable cuts in corporate 
and personal income taxes, to be 
financed by reducing exemptions 
and closing loopholes. The mea- 
sures would take effect in 1999. 

Oskar Lafontaine. chairman of 
foe Social Democrats, said the 
package did not go for enough and 
would not create jobs. He reiterated 
his party’s demand foal any tax- 
revision {dan be implemented in 
1998, before foe election scheduled 
for tie autumn of that year. 

"Why delay until 1999? Be- 
cause there is a federal election in 
1998,” he said. “This is simply an 
election lie.” 

Before becoming law, foe tax 
[dan must be approved by both the 
Bundestag, the lower house of Par- 
liament, and the Bundesrat, foe op- 


position-dominared upper house. 

Under foe plan, corporate taxes 
would fell to 35 percent from 47 
percent, and personal income taxes 
would be reduced to a range of 15 
percent 10 39 percent from foe cur- 
rent range of 25.9 percent to 53 
percent The cuts would cost foe 
government 82 billion Deutsche 
marks ($50.04 billion) in revenue 
and would save taxpayers 30 billion 
DM, Mr. Waigel said. 

An opinion survey by the Forsa 
institute for Deutsche Welle radio 
said 64 percent of those asked be- 
lieved the tax changes would 
primarily benefit the more affluent 
taxpayers. Almost as many. 62 per- 
cent, said they believed’ foe pro- 
posals eventually would work to 
their own disadvantage. 

The German Confederation of 
Trade Unions, meanwhile, called 
the proposals unfair. 

“This is a further siep toward an 
unsocial sharing of burdens,” foe 
group said. “Average earners 
come out with nothing several 
times over, while top earners in 
some cases get relief of tens of 
thousands of marks.” 

Pensioners, the jobless, shift 
workers and commuters would be 
further burdened, the union said. 

But the plan is not expected to 


benefit all business segments. 

Shares of Muenchener Rueck- 
versicherung AG and Allianz AG 
fell Friday cm concern that the tax 
package would adversely affect in- 
surers, analysts said. 

Allianz closed at 2.814 DM, 
down 65, and Munich Re fell 90 to 
3,680. Frankfurt’s DAX stock- 
market index closed 35.22 points 
lower at 2,99824. 

Under the proposed lax 
changes, life-insurance holders 
would have a choice of paying a 10 
percent tax on annual interest in- 
come or payrng normal taxes on 
accumulated interest when foe in- 
surance contract matured. 

in addition, company provisions 
against future damage claims 
would have to be evaluated more 
carefully foam before. This is ex- 
pected to hit insurers, who will 
have to repon higher provisions, 
leading to a higher tax bill. 

The new rules would mean that 
holdings of bonds and stocks must 
be re-evaluated when they rose in 
price. Until now. only write-downs 
in value were demanded by law. so 
the value of such holdings tended 
to be understated, said" Michael 
Drepper, analyst at Deutsche Mor- 
gan Grenfell. 

I Bloomberg . AFP. AFX) 


i Investor’s Europe || 

Frankfurt 

London 

Parte 

DAX 

FTSE 100 index CAC40 

3S0 

4500 

250D •. 

230 

4340 

- 2290 / 

2930 

fj 4180 

j m M 

yy/ 

rr 4023 - jH 

i hF m- -yf - - 

2510 

3860 fF 

2060 - / 

a50 ASONDJ ^ASONDJ ®ASONDJ 

1996 

1997 1996 

1997 1996 1997 

Exchange 

index 

Friday Prev. % 

Amsterdam 

EOE 

Close Close Change 

578KB 585.02 -1 2Z 

Brussels 

^L-20 

2,06061 ■ 2,075.06 -0.70 

Aankftat 

DAX 

2^3K24 3,033.4& *1-10 

Cc^enhagen 

Stock Market 

503.17 506.04 -0K7 

Hefeinkf 

HEXGenetal 

2J36.12 2.78SJ5 -V. 79 

Oslo 

OBX 

574K0 578.43 -0.67 

London 

FTSE 100 

44M8 JB0 4 £7120 A3Z 

Matfrid 

Stock Exchange 

464.16 476.35 -i56 

Milan 

MBTEL 

12j417j00 12,653.00 -1.87 

Paris 

CAC40 

2,43QJ34 2,46155 -1.» 

Stockholm 

SX 16 

2.690^3 2.726.90 -1^4 

Vienna 

ATX 

1,18529 1.186K6 -0.06 

Zorich 

SP1 

2^3855 2,660.09 -0.77 

Source : Telekurs 


tmcnulionj Herald Tribune 

Very briefly: 



• Neste Oj of Finland and RAO Gazprom of Russia formed 
a venture to export natural gas within Europe and will design 
and build a pipeline connecting Russia to gas markets in 
Western Europe. 

• Argentaria Corp. Bancaria de Espana’s net profit 


plunged 58 percent in 1996. to 31.20 billion pesetas ($226.7 

ifina 


Telefonica: Are Big Investors Sated? 


er, economists ; 

“You have to remember that the 
economic recovery is stih very 
weak," said Timo Kfem of MMS 
faceraatiopal Ltd. in London, "so it’s 
going to be difficult for the extra costs 
to be passed on to the stopper. But if 
the mark continues to weaken like 
this, we could see inflation picking up 
more.”- (Reuters. Bloomberg) 


Bloomberg News 

MADRID — Retail investors are 
mshing in to grab their share of the 
government's remaining 21 percent 
stake in Telefonica de Espana SA, 
but analysts say they expect a milder 
response from institutional in- 
vestors, many of whom already own 
diestock. 

The Spanish telecommunications 
company is attracting investors to 
Spam's biggest share sale by a 
promise of 15 percent earnings 
growth, fueled by foe company’s 
booming revenue from I-aHn Amer- 
ican business and domestic cellular 
hone sendees. That revenue. will 
lp offset foe increase in domestic 
competition when the European 
Union fully opens its telecommu- 
nications market after 1998, Tele- 
fonica officials said. 


& 


Speaking of profit, Telefonica’s 
chairman, Juan VTUalonga. said, 
“Our growth rate is faster than foe 
rest of Europe’s telecommunica- 
tions companies.” 

During the first three days of the 
share sale, retail investors put in or- 
ders for more than their total en- 
titlement. Half of die 196.7 million 
shares are designated for Spanish re- 
tail investors, and half are for in- 
stitutions. But institutional investors 
may not tike Telefonica’s record 
share price, which has almost 
doubled to around 3,313 pesetas 
($24.14) since foe last share sale in 
September 1995, and many large do- 
mestic funds already have their legal 
limit of 10 percent of their portfolios 
invested in the company. 

“1 tike Telefonica a lot," said 
Hernando Barcas as, who helps man- 


age more than 250 billion pesetas in 
mutual funds for DB Gestion. “IstiU 
say the retail tranche will go very 
well. They're marketing it well, but 
there is already a lot of Telefonica in 
investment funds.” 

Telefonica's finance director. 
Alfonso Pajuelo. said foe company 
was still a growth stock. 

“The doubts about foe share 
price,” he said, "will fade when 
institutional investors have a chance 
to study foe company and realize 
that Telefonica has a very different 
profile from the majority of 
Europe’s telephone operators.” 
Telefonica s diversified invest- 
ments set it apart from its European 
counterparts, particularly in Latin 
America, where its Telefonica In- 
tern acional unit manages more than 
S million phone lines. 


million), as the bank posted a charge to refinance its debt. 
Excluding foe charge of 43 billion pesetas, pretax profit was 
virtually unchanged from 1995. 

• France Telecom shares are likely to be offered on the 
market in May and should raise more than 25 billion francs 
($4.52 billion) for the government, foe company’s president, 
Michel Bon, said. He did not say how much of foe company 
would be sold. 


4XA-UAP sold 2.42 percent of Compagnfe Financiers de 
investors. Two million 


Paribas to institutional investors. Two million of the 3 million 
shares, which sold for 368 JO francs each, were owned by 
Union des Assurances de Paris; the rest were owned by its 
new partner. AXA. 

• Vienna Stock Exchange trading will be extended by one 
hour starting Feb. 3. 

• William Cook PLC shares surged 42.5 pence to 422.5 
($6.88) after the steel-castings company unveiled an £80 
million management buyout that exceeded the value of a 
hostile bid from Triplex Lloyd PLC. 


• J Sainsbury PLC said pretax profit for the year ending in 

£764 


March would fall to £640 million or £650 million from : 
million the previous year, as spending on a restructuring 
aimed at reviving the supermarket chain's declining market 
share was outweighing increased sales. 

• Thyssen AG is selling its 50.1 percent stake in its chalk- 
products unit Rheinische Kalksteinwerke GmbH to Lhoist 
SA of Belgium. It did not disclose teims. 

• Unilever Group formed a $70 million joint venture with 

three Mexican makers of ice cream. Bloomberg. afp 


WORLD STOCK MARKETS 


Friday, Jan. 24 ’ _ _ _ . 

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Udaiga 

Lronwd 

LOreoi 


L\ 

LVMH 
uan-Eoux 
SildieanB 
PortaHA 
Peraori Rfcnnl 
Peu^otOt 
PSWOLPTW 
Proreedes 
Renmitt 


3J1 373 

12.9) 1X86 
197 *95 
274 276 

575 5.18 

771 776 

5*8 581 

1^1 1-53 

475 478 

2*3 2*5 

1025 1033 
1-52 1-55 

*74 *94 

*90 *92 

*90 *90 

704 7X6 

672 6*8 

378 334 

*99 *98 

4*2 4*7 

1153 1270 
677 676 

1- 50 1-54 

8*8 *19 

*04 *08 

ID 9.90 
9*0 955 

L69 B*2 

*59 461 

276 2*0 

570 576 

*42 *45 

6.19 676 

093 092 

158 5*2 

1*05 1*34 
7*7 7*5 

3*8 192 

6*6 648 

278 _X25 
7J6 774 

278 2*3 

in 3*2 

*65 4*8 

2.12 X17 

479 *84 
4*6 465 

1X05 1X78 

2- 10 X14 




PSEtadtt 3332*3 



Previns: 322*38 

AyctaB 

3050 

SJO 

30 

2450 


71*0 

31 

31*9 

31 *a 

BkPhBpW 

180 

1/6 

190 

1/4 

CSP Monies 

1*75 

1*50 

1*50 

I*J0 

Manfla EtacA 

129 

12/ 

128 

IS 

Meta Bank 

690 

AH5 

685 

680 


1075 

ID 

14W 

10*0 

PCIBonSt 

342*0 337*0 

340 

340 

PMUmgDW 

1560 

1500 

1525 

15/0 

SanMIgutiB 

105 

104 

105 

105 

SM Prime Hdg 

7J0 

770 

A40 

/*0 


Rh-PoulencA 

Roasset-Udal 

Stawfll 

Scnnelrter 

5EB 

SGSTtwoWi 
SteGeneroie 
Soriaxho 
StGobobi 
Suez 


TOMB 

UAP 

minor 

Valeo 


CSF 


708 

16580 

862 

465*0 

362 

686 

883 

229*0 

1224 

3305 

239*0 

an jo 

697 
923 
502 
1266 
790 
529 
830 
7*0 
688 
392 
819 
333 
918 
1942 
1500 
52B 
308 
370.10 
30X90 
547 
2362 
1458 
115*0 
1713 
>77 
1528 
54 
245*0 
1115 
379 JO 
627 
2649 
SOI 

226*0 

575 

168 

467 

0000 

73*0 


680 693 

16*40 16570 
844 856 

458*0 44080 
355J0 358 

655 666 

865 875 

22JL5D 226 
1212 1220 
3250 3258 
23*50 239*0 
247 257 

670 690 

911 916 

40. 499 

1240 1246 

773 774 


512 

boa 


512 

815 


7*0 760 

616 <81 


32770 

911 


392 

819 

332 

9>7 


1B8B 1902 
1476 1497 
511 SIT 
29570 306*0 
368 369 JD 
297 299 

533 544 

2319 2352 
1-G8 1432 

m*0 11530 
1650 1640 

174 17630 
1527 1527 

535 542 

26070 262 

1CS1 HIM 
365 365 

588 620 

2601 2414 

773 780 

22170 225 

541 $71 

163 16*30 
460J0 463 

0000 0000 
7X15 7375 
351 358 


691 

166 

868 

472 

35970 

667 

899 

236*0 

1231 

3324 

339*0 

2S4JD 

6S5 

923 

49fl*0 

1360 

796 
533 
831 
7JO 
<97 

392-80 

824 

333 

927 

1958 

1503 

518 

298JQ 

378 

306 

547 

2393 

1-461 

11590 

1713 

178 

1527 

541 

264*0 

1106 

398 

592 

2671 

797 
224 
$54 
MB 
468 
0000 
7280 

361 



Htgri 

lam 

Oosa 

Prev. 

Allas Copco AF 

171*0 

169*0 169*0 

170 


74 

7250 

7350 

73*0 

EtactratuxBF 

448 

424 

<26 

433 

Ericsson BF 

246 

240 

240*0 

249 


1067 

1021 

1033 

1025 

incenttveAF 

510 

506 

506 

512 

fnvw/nrBF 

330 

324 

326 

32/JO 

KlmetikBF 

211 

20/ 

210 

210 

MoDoBF 


203 203*0 

20H 

PtamYUnlohn 

274 269*0 

270 

27/ 

SorttritrBE 

187*0 18*50 18*50 

187 

SCABF 

14450 142*0 14X50 

14*50 

&£BanXCT AF 

73*0 

67*0 

7250 

68 


195 

192 

192 

196*0 

SkonctaBF 

314*0 

308 

310 

312 

SKF BF 

174 

169 

172 

169*0 

SSABBF 

117 

115 

117 

116 

StoraAF 

95 

V2 

73 

95 

SvHmriesAF 

186*0 

184*0 

186 

187*0 

5 yd butt AF 

155 

154 

154 

156 


104*0 

103 

10*50 

10*50 

VotmBF 

IS 

1/6 

177 

110 


Sydney 


AlMtaarin: 24ZS80 
Putin a s. 343*50 


Amcor 

ANZBting 

BHP 


Brambles Ind. 

BwwPMBp 

CBA 

OCAmotii 

GataMyer 

Camoleo 

CRALrt 

CSR 

FosJemBita 
CIO Acatrala 
Gowtemn FM 
IQ Austrarto 
John Fairfax 
Lend Lease 
Moyne Nlddu 


MIMHfles 

HustBonk 


Nat Austi 
Hews Corp 
North Ltd 
PodfieDunJop 
PionMrlnTt 
Placer Poefflc 
Sa ntas 
SouthcDrp 
W ta tewi eis 

Wtei Mining 
Westfield Tn 


i Pa 

Wbot w orttB 


888 

884 

18.12 

3*3 

22*0 

2-30 

1220 

1295 

5-06 

665 

19-30 

*35 

US 

X33 

1*2 

12*1 

284 

2172 

789 

1*6 

15J3 

682 

3.95 

114 

3.7D 

170 

*79 

472 

9 

BJ50 

2*0 

771 

9*1 

119 


8 

7.92 

1751 

378 

22 

277 

1X5S 

12S2 

*99 

655 

1970 

479 

251 

370 

1*9 

1X70 

283 

2370 

7J1 

1-82 

1637 

675 

192 

107 

3*4 

1*7 

*69 

*16 

S93 

816 

277 

774 

975 

11! 


886 616 
802 7.98 

17.96 18.16 
1C 3*2 
2X31 22*7 
270 228 

72*7 1X71 
12*5 1X94 
$84 585 

663 676 

1978 1975 
*34 4X5 

2*5 2*2 

371 133 

1*1 1*2 
1X76 1X90 
283 24D 

2370 2172 
785 7 JO 

US 184 
1678 15*1 
682 6-82 
194 195 

108 115 

3*8 3*8 

1*7 172 

*70 <80 

*19 *22 

& 92 903 

122 130 

279 2.39 

770 778 

972 9*2 

IK 117 


The Trib Index 


Ooemg prices. 


Jan. 1. 1992= 100 

Level 

Change 

%chonge 

year to date 
% change 

World Index 
Regional Indexes 

149.54 

-1.78 

-1.18 

+13.40 

Asa/Padfk: 

112.71 

-1.16 

- 1.02 

-16.05 

Europe 

160.67 

- 2.20 

-1.35 

+15.44 

N. America 

170.10 

-1 63 

-0.95 

+32.60 

S. America 

Industrial tedexen 

125.94 

-2.16 

-1.69 

+41.44 

Capital goods 

175.75 

-Z.03 

-1.14 

+32.26 

Consumer goods 

164 63 

-1.46 

- 0.88 

+19.24 

Energy 

175.12 

-3.09 

-1.73 

+29.13 

Finance 

110.62 

-1.19 

-1.06 

-13.06 

Miscellaneous 

166.49 

-2.75 

-1.62 

+22-59 

Raw Materials 

174.74 

-2.57 

-1.45 

+23-23 

Service 

137.06 

-1.53 

- 1.10 

+14.22 

umes 

142.88 

-2.69 

-1.85 

+12.38 


The International Herald Trixim World Sloe* bide* O tracks the U.S. dollar values erf 
230 tnomahonaBy nveoaote stocks bun 25 countries. For mom otformobor. a boo 
bookltn is availatio by wntmg lo The Trto Index, 181 Avonuo Charles de GauBo. 
92521 NouUyCode* Franco. CompBad by Bloomberg Nows. 


MunnoMtg 

NEC 

NiUnSec 
Nintendo 
Nipp Credit B» 


K credit b> 
Emress 
Nippon oil 


.. i Pope' 
Nippon Steel 
Nippon Yusen 
Nissan Motor 
NKK 

Nomura Sec 
NTT 


Mexico 


P la tin g 369618 


Alfa A 
BanocaB 
Cemex CFO 
CMaC 

Emp Modemn 
GpoCnreoAl 


Goa Fbi ktboreo 

UaftCk&lc 


;M« 

TtietisoCPO 

ToMtoiL 


eijs 
1782 
29 JO 
1884 
4175 
®7S 
2880 
17X90 
10580 
1470 


■080 41*0 477$ 
16*2 16*4 1782 
29.00 29 JO 2975 
1070 law 1190 
41.10 41.1$ 41*5 
48.95 4970 <9.10 
7780 27.90 2880 
171*0 17X90 17X00 
10580 10580 10580 
14JB 14*6 14*4 


Sao Paulo Brae^nta w*iuo 


Taipei 


... sc 724881 
Previses: 7719*5 


BradescoPfd 
BrariawPfd 
CenUflPW 
CE5P Pfd 
Cacti 
EterobraS 
UuvLonco PftJ 
UohJ Senridos 


Milan 


MIB 


C 1241780 
PretitaB 1265388 


S.14 $78 

1J6 792 


5*4 5*3 

289 Xll 


675 626 
7*1 752 


AOeanra Asstc 
BoDCnmnltal 
BcaFUeuiam 
Bead! Romo 
Beoeteo 

OcdteiMane 

EdSM 

EMI 

FtaJ 

6enerasAs9c 

■Ml 

I HA 

ttalaos 

Metfasti 

MedtaboKB 

Montefltcn 

Poroteai 

F%e« 

RA5. 

Hete Banco 
5 Pasta Torino 

sw 

Tetecnrattafa 

TIM 


12680 

3350 


1349 
21 850 
2350 
10700 
9200 
$480 
34300 

16645 

2285 

6940 

7730 

11290 

1346 

2890 

3530 

16130 

17800 

11460 

9000 

4665 

4980 


12205 12240 
3255 3255 

4325 4435 

7310 13 19 

20900 21150 
2230 2250 
10360 10510 
8910 6815 
5320 $360 

33150 33750 
16200 16310 
2250 2265 
6680 6775 

7570 7600 

10770 10790 
1315 1226 
2770 2775 
3450 3500 

15360 15650 
17005 17500 
11720 1)390 
7B40 7890 

4510 4550 
4680 4730 


13640 

3305 

4375 

1310 

21850 

2270 

19610 

9230 

5470 

33600 

16890 

2245 

68S0 

7800 

11220 

1349 

2895 

3500 

15735 

17450 

1WK 

BOOS 

4700 

«90 


iPM 

Tetefcras Pfd 

Tetenlg 

Tetel 

TeteepPta 

Unfltenco 

CVRD Rd 


870 
649.99 
*570 
5185 
1380 
*2380 
47150 
37X00 
277*0 
19181 
89 JO 
1J180 
15680 
24199 
3*89 
2380 


885 112 

41580 4 20 80 
4490 -61*0 
50*5 5180 
13*0 1170 

41680 41680 

46880 

3S980 37X00 
27580 27788 
18779 18880 
88*0 8875 
147.99 14980 
150*0 150*1 
24380 24*00 
3370 3480 
22*0 2X80 


870 

6X80 

44*0 

51.10 

13.73 

42580 

473*0 

37X00 

279.99 
191*0 
90*0 
14880 
15780 

246.99 
3*90 
2370 


Atio cement 
Cntboy Life Ins 
Chang Him Bk 
C7*a Sleet 
C hine Tres t 
Ewruicen 
For East Ten 

RretBor* 
FamwsaCF 
HuantemBk 
H octal TeSron 
ICBC 

PresidnmEnt 
Taiwan Cerat 
TaTaog 


5050 

178 

169 

2580 

53J0 

S4J0 

36 

175 


50 

176 

166 

25*0 

5X50 

53 

34*0 

173 


5D SO 
177 176 

166 166 
25*0 25*0 
5X50 53 

53JD $4 
36 34*0 
173 173 


Tokyo 


Seoul 


CmpateWtie 679*6 

Pimm: 67SJ1 


Doom 

Daewoo Heavy 
Kta MdetS 
Korea BPvrt 
Korea Ericti Bk 
Keren Mob Tel 
LG SemJcon 
PalaiglnJnSf 
Samsung Elec 
StlliiuiMlk 


99000 93100 98000 99000 
5310 51 M 5200 S220 

16000 15200 16000 15700 
23«fl 26703 23000 27300 
8100 7930 77X B61B 
500800 470000 491000 <79500 
19500 19100 19X0 19300 
41000 3P400 <1000 40300 
44600 41900 44000 43600 
11800 10900 11008 U300 


Al NIpOOnAIr 

AsaHBonk 

AsohlChera 

Asa nl Gtoss 

Bk Tokyo Mffsu 

BiVototeno 

Bitigegntt 

Canon 

r Whw AgnL 

Onto Elec 
■ Elec 


QNigoku i 


Singapore 


DtftNKong 
' i Bento 


StratB Drees 2242-71 

Pmtaas2MU4 


1*3 WS 

6*3 6*1 


6J9 6.94 

5J4 577 


Montreal 


UdastHnhlBitecaPJa 
PretintfS 2898-76 


164 383 

*15 -4.1$ 


7JJ 


135 336 
1070 10*8 
4*2 4*6 

691 699 

134 133 
975 9*0 
145 147 
5.92 5*3 
977 9^0 

482 4*1 

3*1 *83 

3*2 192 
16*0 14*5 
6J< 685 

177 126 

152 192 

656 6*8 

10*7 TOO 
HU 9.95 


Bee Mali On 
OlnTteA 
Cun IMA 
CTFfe15i«r 
Ga2 Metre 
Gt-WestUtaen 

hantw, 

mvKUffSGtJ) 
LototiwCDS 
Midi Bk Canada 
PsreerCorp 
Power nm 

QuetoawB 

BagcaComaiB 

RanlBkCdff 


43 4190 
2175 21.10 
32M 311$ 
31*5 31*5 
1670 16*0 
20JO 20*5 
3140 3655 
2616 26 
16 1170 
1470 14 

2070 28*5 
36.15 26.10 
26 2555 
975 9 JO 
5070 m 


4250 4190 
21.10 211* 
3270 3X40 
31*5 31*5 
16*5 16M 
2070 2080 
35 35*5 
26 2SJS 
15J0 1620 
1470 1*05 
2X70 28^ 

26.15 2685 
25*0 2610 
975 970 

49J0 49V 


Asia Pnc Brew 
CretefasPoc 
atrDettts 
Cycle cartage 
liFamiinl* 


DBS foreign 
iLnnfl 


Oslo 


OBX MCE 57460 
Pretiaas 571*9 


AIWA 


1-82 1J0 

U3 &B4 


759 7J6 

7J6 7 JO 


102 7.98 

771 779 


DeonreskeW 

Stem 

HtfStaftdA 

KvaemerAu 


M 648 
3*9 3*7 


NankHjnta 

Hentemg/ 


6*8 653 

*13 576 


MS 5*1 
- X7B 181 


. 1 A 
IA 
i Asa A 
PtitaiGenSvc 
SugoPcitaiA 


Nycomedi 

OtUoAEO. 


165 

147 

22*0 

2620 

10650 

49 

313 

347 

198 

112 

528 

295 

IS 


160 16$ 
145*0 146 

2128 2270 
25J0 2570 
102 103*0 
48 «*0 
303 300 

361*0 362 

192 197 

109 110*0 
515 517*0 
281 290 

126 1Z7J0 


164 

147*0 

22*0 

96m 

105 

48*0 

309*0 

368*8 

193 

11150 

525 

387 

128 


D6SL._ 

For East Loving 

Ftter&Newe 

KKLond* 

JardMamesi* 

JamSBalegic* 

Keppd 

Ke po dBaak 

OOKfbretin 

CS Union MF 

PolrenyHdgs 

S eo a ua ui iB 

5kig Air foreign 

Sins Land 

SMPreoaF 
Stas Tech did 
Stag Ttiecnwn 
StanStaom 
Tot Lee Bonk 
IW W d M B tal 
uuoseaBLF 
WlngTtiKdgs 

»iHU&dntaes, 


U5 

B 

870 

X10 

1070 

10*0 

10l7D 

1070 

1*20 

1170 

1380 

1420 

1ft 

15*0 

15J0 

16.10 

0*1 

080 

080 

Ml 

19 JO 

19*0 

19*0 

1980 

5*5 

*45 

5*0 

5*5 

775 

7.15 

720 

770 

1180 

13*0 

1380 

1190 

X90 

XU 

284 

W 

*25 

195 

620 

685 

142 

340 

340 

X42 

1120 

11 

1X10 

1170 

420 

*U 

420 

*20 

19 JO 

1880 

1880 

1X40 

11.70 

11*1 

11*0 

11*0 

US 

545 

5*0 

150 

8.10 

750 

8 

8 

1180 

1160 

1370 

1390 

X70 

8*5 

8*5 

*70 

28.40 

27.90 

Z7.M 

2840 

374 

UB 

174 

in 

378 

1 2ft 

332 

3*0 

*98 

*88 

*86 

*96 

148 

146 

148 

3*0 

122 

1.19 

1.19 

123 

17.10 

16*0 

16*0 

1370 

*44 

*76 

*44 

*40 


Dorwc L 
Dohra House 
Dates Sec 
Denso 
Frawc 
I Ban* 
FuBPBOta 


Stockholm 


SX 14 redBC 269073 

Prevteus: 2726.9* 


AGABF 10650 lO5*0 106 107*0 

ABB AF „ B93 865 882 873 

AsdDamOftF 184 182 182 18S 

ASiraAF 341*0 339 33650 339*0 


Hitachi 
Honda Motar 
IBJ 
IHI 

itocnu 

no-Vtakafe 

JAL 

Jwa 

K#>w 

(CffitsalEKC 

to 

Kowa steel 
KDD 

KMHdOftf 
Ota Brewery 
toe Steel 
Komatsu 

toon 

Kyocera 

KyastaiElec 

LTCB 

Morabenf 

Moral 

Metso Bee ind 

MasuEiecm 

MSsutnsrt 

MteabbWQt 

Mrisutotsni El 

MtBuMsMEg 

Mitsubishi H»T 

MtseOfaMMar 

MBsubistilTr 

Mttsul 

Mosul Fudasn 
Mbsul Trust 


4X10 
144 
2570 
8*50 
47 JO 
63 
SX50 

4X20 

142 

7*70 

83*0 

4*20 

60*0 

57*0 

42*0 

14! 

35.3C 

83*0 

4*40 

60*0 

5X50 

4X60 

142*0 

2*70 

84 

44*0 

63 

53 


N8*ti22fc J74B9J4 


Pretiaau 1790X46 

1030 

1010 

1020 

1030 

768 

744 

746 

758 

790 

775 

782 

783 

Mi 

627 

632 

647 

1050 

1030 

1040 

1050 

1840 

1810 

1840 

1840 

656 


AM 

M) 

2120 

7070 

2090 

2100 

7570 

7480 

7400 

2500 

730 

770 

no 

731 

7260 

2230 

2250 

2260 

7730 

7190 

7700 

2700 

SO* 

797 

B05 

800 

1300 

1260 

12/0 

1310 

515 

500 

409 

516 

1400 

1370 

1390 

1410 

971 

957 

957 

974 

7470 

2420 

7460 

1450 

3470 

3330 

3420 

1U0 

1X30 

1780 

I3N 

1340 

3610 

3490 

3W0 

3530 

1200 

1180 

1190 

1150 

1030 

1070 

urn 

1030 

1710 

7 160 

3175 

•JB10 

1670 

1100 

1610 

1620 

JBfi 

464 

4/1 

486 

W) 

579 

SM 

540 

wn 

BIO 

53» 

54 n 

493 

480 

490 

494 

1400 

3100 

3190 

3410 

7K1 

707 

m 

m> 


2270 

3«0 

7790 

1710 

1190 

1190 

1190 

790 

787 

285 

790 

7160 

7140 

/1/D 

rtw 

771 

713 

713 

715 

1090 

1050 

10/0 

1120 

714 

210 

712 

7U 

853 

&m 

850 

850 

577 

512 

514 

577 

7050 

4840 

6670 

7090 

7750 

7710 

7220 

7740 

500 

479 

479 

W 

460 

445 

446 

450 

1710 

1650 

1700 

1640 

1/40 

1710 

1730 

1730 

1040 

1070 

1030 

1(00 

1040 

101 0 

1070 

1060 

340 

775 

ms 

Vi 

663 

653 

6W 

658 

1240 

1200 

1220 

1210 

858 

050 

HS4 

856 

903 

m 

596 

886 

1790 

17Y1 

1258 

1300 

880 

071 

B/4 

880 

1130 

1100 

1130 

1110 

739 

770 

739 

735 


_ ElRl 
Ono r 
DkAoCos 
R icoh 
SrftureBK 
Sankro 
Sottmi Bank 
SretyoElec 
S earn 
setau Rwy 
Setisui House 
Seven-Eleven 
Sharp 
SWnfirn 
5hm-etsuCh 
SNnjoin Bi. 

Sony 

Somhamo 
Sumitomo bk 
S umACtem 
SumOomo Elec 
SuraB Metal 
Sumlt Trust 
Ttiset 

Talsho Ptwrm 
Toledo Orem. 
TDK 

Tahofcu El Pm 
lokul Bank 
ToMo Maine 
To»yo El Prrr 
Tokyo Gas 
Tokyu 
Tonen 
Top pan Prinl 
Tomlnd 
Towitao 
ToyoSetaon 
Toyo Trust 
Toyeta Motor 
YannicHSec 
Yamanoucni 
YasudoFke 
Yosu do Trust 


Hlgto Law 

3770 3710 

1400 1570 

795 761 

7650 7580 

243 231 

7i» m 
St! 538 
547 SIS 
295 289 

492 *0 

709 690 

234 229 

1530 15X 

BS30c B460O 

699 670 


□as* Prev. 


432 620 

3490 3*10 


304 298 

1340 1320 


720 691 

3230 3150 


1410 1370 
491 473 


4570 *510 
4120 


1080 1050 
6970 6840 


1480 1450 

732 720 


2180 21*0 
1070 1 040 


7820 774 
909 890 


1370 1330 

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1610 1580 

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942 

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905 

513 


2810 2750 
2380 234 


740 7320 

2170 2120 


961 94 

1020 1010 


2420 2360 

305 297 


565 541 

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134 1300 

491 480 


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2900 M00 


820 804 

3250 3210 


466 453 

2220 2200 


533 

399 


523 

391 


3720 

140 

761 

7630 

232 

700 

539 

517 

293 

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704 

229 

1520 

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676 

625 

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301 

134 

702 

3180 

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480 

6570 

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6970 

1470 

722 

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134 

398 

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256 

918 

516 

2750 

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7320 

2130 

954 

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2300 

300 

556 

1200 

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695 

2810 

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324 

455 

2220 

526 

393 


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1420 

903 

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245 

704 

547 

550 
295 

500 
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232 

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487 

622 

3490 

306 

134 

722 

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2170 

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7720 

912 

1370 

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256 

952 

529 

2790 

2390 

7330 

2180 

974 

1010 

244 

300 

551 
1220 
1330 
499 
701 
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829 

3230 

467 

2220 

528 

400 


Newbridge Net 
Noiandainc 
Nomen Energy 
Nt hern Telecom 
Nova 
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PanaJnPettm 
Petra Cdc 
Placer Dame 
Poco Pettm 
PdtosnSrB* 

Renaissance 

Rio Abort! 
Rogers CcmteB 
Seagram Co 
ShetCda A 
Stone Consold 
Stmcor 
Tcflsman Eny 
Teas 

Teiegiobe 

Telus 
Tttcn&on 
TorDaat Bank 
Transalta 
Tl— Clta Pipe 
Trimark Rnl 


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4*90 4375 
321* 32 

33 32*6 

94V» 92 

121* 12ta 
23.15 2X95 
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2170 20.95 
27Vr 27.10 
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29 28ta 
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2035 2010 
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38ft 38.15 

20.10 1975 
2914 27*0 

36.90 36V, 

1670 16 

2*4 23.95 

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3095 

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45.70 

3210 

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21.10 

26.90 

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4670 4675 
32 32 

29 2885 
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3015 3870 
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28 3B<4 

3680 36J5 
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30*0 

10*5 

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73*4 

30 

1070 

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7X40 

3080 

1075 

2285 

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3030 

10.15 

2370 

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ATX indee 110670 



Pretioec 1186JU 


1BD4 

1804 

1804 

1760 

Brou-UnGoess 

6M 

661 

664 

673 

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403 

403 

403 

403 

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Alt A0 

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430 

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3785 

3160 

3250 

3190 

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1775 

17i5 

1766 

1771 

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1481 

1481 

1481 

1480 

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615 

598 

614 61190 

Leykam 

208 29X10 

296 

293 

Moyr-Mdnhat 

572 56X05 

570 

S71 

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1356 

1338 imio 

1350 

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805 

792 

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795 

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85370 841*0 

846 

854 

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1735 

17091719*0 

1735 

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7191 

7171 

7187 

2190 


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3 Pretirres 241780 


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370 

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279 

125 

235 

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495 

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160 

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343 

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275 

235 

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PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 25 - 26, 1997 


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NYSE 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 23-26. 1997 

ASIA/PACIFIC 


PAGE 13 


AD 


emanding Toy Chicken Takes Over Japan 


With proper care, foe chicken grows. If the 

ijnrZT~~ — o^ Seryice owner forgets to feed it, it sounds a loud 

By dawn Fridav a fma P^peeppeep" ofcomplamLlftbechick- 

ataost ^.,000 peopie stretched aouartS nf l “ P 00 ** 811(1 owner doesn't clean up, it 

mile through the Ginza shon^^r^L* ew ® n louder - The owner can tickle it 

SF^had spent the njSmMdSS: Wl “* e P 1 ^ a button » or take its tem- 
swkwalk m the midwinter Pod on the perature and give it injections of “medi- 
When you want a Tov l,, . ewe" if it seems m. 

CT ®}gb» you Will endure anyhow 1 Ignore the chicken, drop it on the subway, 

t is mv PM ronsibility to nurtu 

ill become Eventually ft will die'dame over. 

en, then it will die," ^cJSTBEStt' wen keep a fake 


It is my responsibilitv forgeut ai home or neglea to tickle it often 

help it grow; if i d Q Dc ?:^ enough, and it will grow sickly and mean- 

vicious and it will hprrv™!* face wU t* 1 " 1 looking. Eventually i 
en , then it whiffle ^ plication: You 

33. explaining why ste tdTA°" s *?• chid ^ *»*. von l 0i 
line to pay $ l| f or a m More than 500,000 'i 


Tamagocchi chickens as a group project; 
meetings stop when the chicken peeps for its 
lunch. An actress being interviewed recently 
on a television ialk show accidentally 
dropped a Tamagocchi out of her pocket; she 
explained with an embarrassed smile that she 
could not pan with the chicken because it 
needed her constant care. 

The buzz on Tamagocchis is so fierce that 
when word leaked out this week that the 
Hakuhinkan Toy Park had a shipment of 
1 ,700 h was putting on sale Friday morning, 
there was pandemonium. 

‘ ‘If one person hasit, everyone has to have 
it; that’s the way it is in Japan," said Nami 
Tanaka. 22, a dental nurse who traveled 90 
minutes from her home, then camped on the 


: have been 

„ two months 

The Tamagocchi” which ago by BandaiCo.. the Japanese toy maker 

“cute little eee " «’ a 35 10081 ^ mous ft* hs Power Rangers. Now sidewalk from 10 P.M. Thursday until she 

game about the size anH COmp H5 r are sold out, and Tamagocchis have finally got her little blue-and-pink Tamagoc- 

Sarae stans wST^So P ^ f 2 ie ^-7 ,e J«ome Japan's answer to foT^TIdde Me chi at 9:30 AM. Friday. 5 

screen hatches and a ;JrLz s 'w y Elmo” fad in America, selling for $500 or Miss Tanaka's friend. Ayami Kanayama, 

owner then uses thref nKwe. • 21, a student, said she had been calling every 

play with, clean un atw y J?!i t 4 i nS - t ?-* ee ^ But ““H 1 ® die giggling Elmo doll, toy store in Tokyo for more than a week, 
unlike most video ^ , d,sci P** D ? 1L Tamagocchis are not just for the young, waiting for word on Tamagocchis. Finally, 
few minutes this nnJT, 111 a Middle-aged business people play with them Hakuhinkan said they would have some Fri- 
can go on for days. on the subway. Some companies are raising day morning, so she and Miss Tanaka spent 


the night on the sidewalk. Several hundred 
people who had not come early enough w ere 
fumed away. 

There are dozens of key-chain video 

f ames available in Japan, "but only the 
amagocchi is causing a frenzy now. * 

"It’s bigger than SMAP.” said Kwon. 
referring to a Japanese singing group that sets 
teen-age girls screaming the way the Beatles 
and the New Kids on the Block did in their 
lime. In this metropolitan area of 50 million, 
there is barely enough room for the people, let 
alone pets. Many people rent pets as weekend 
companions: others buy a dog or cat but leave 
it in the pet shop, stopping b> r now and then to 
take it for a walk. Many people have “vir- 
tual” dogs or cats on their computer they 
care for them with the click of a mouse. 

“Many in the younger generation want to 
have nice, soft pets, but they don’t want to 
clean up after them and do' the other hard 
parts/' Rieko Zanma, an essayist, said. 
‘ ‘The Tamagocchi is not a living creature, so 
it gives them satisfaction on a very 'virtual' 
level, which has been instilled in young 
people today.” 


Investor’s Asia 



A S ON D J 
1996 1997 


Exchange 


Index 


Singapore 
Shafts Times 

Tokyo 

Nikkei 225 

23M 

22Cif 

2240 fi 

1 

m a fv 

20002 * - \ 

2123^1/ \ 1 

’30 53 1 

2060 1/ 

lEOOv Tk 

^'a sondj 

1996 1997 

S 6 N O J _ 
1998 1997 

x Friday 

dose 

Prev. % 

Ctose Change 


Hong Kong Hang Seng 


13,37955 1 3,6 • 0.33 - 1 . 70 - 


South Korea 
Allows Firms 
To Hold Talks 
With North 


Reuters 

SEOUL — South Korea opened 
the door Friday for domestic compa- 
nies to invest in North Korea for the 
first time since a submarine incursion 
by the North in September shut off 
contact between the two Koreas. . 

The Unification Ministry said it 
had authorized seven companies to 
open talks with North Koreans to 
develop joint projects in industries 
including garment manufacturing 
and soft drinks. 

The companies were Lotte 
Group, LG International Carp., Shin 
Won Corp., Korea Green Cross 
Corp.. Taechang Co. and Dong Hae 
Trading Co. 

Such inter-Korean contacts bad 
been frozen since a North Korean 
submarine ferried 26 intruders to a 
landing on a beach in foe South four 
months ago. In a rare move for foe 
North, Pyongyang apologized last 
month for the incident, pro mp t in g, 
new progress toward peace talks in- 
volving the two Koreas, the United 
States and China. 

To initiate commercial talks, _ 
South Korean executives normally 
have bad re meet their North 
Koreans counterparts in third coun- 
tries such as China. Daewoo Carp, is 
the only South Korean company al- 
lowed a permanent presence in 
North Korea, where it runs a joint- 
venture textile factory. 

Company executives .and govern- 
ment officials cautioned Friday that 
progress in economic cooperation 
would remain difficult until the over- 
all inter-Korean relationship im- 
proved, and they ruled out any im- 
mediate rush of investment to the 
North. 

“Today’s approval was just for 
contacts, not for any specific pro- 
ject; our group has no specific pro- 
ject there yet, ’ ’ an executive of Lone 
Group said. 

South Korea approved trade and 
investment with foe North totaling 
$243. 1 million last year, dowo from 
$309.8 million in 1 995, according to 
the Unification Ministry. 


Sony Seeks Access to Digital Broadcasting 

Stake in Japan’s JSkyB Would Provide Outlet for Software and Hardware 


Singapore 

Straits Tunes 

2,242.71 

2248.34 

-0.25 

Sydney 

A3 Ordinaries 

2,423.00 

2.434.50 

-0.47 

Tokyo 

Nikkei 225 

17,689.36 

17,909.46 

-133 

Kuala Lumpur Composite 

1,244,13 

1.241.87 

40.18 

Bangkok 

SET 

H&56 

849.17 

-0.07 

Secvl 

Composite Index 

679 jSB 

676.91 

40.39 

Taipei 

Stock Market index 7.24&01 

7J219.55 

+0.38 

Manila 

PS E 

3J32M3 

3,328.38 

+0.12 

Jakarta 

Composite index 

S7&91 

684.98 

-0.89 

Wellington 

NZSE-40 

2A0Q.27 

2,417.80 

-0.73 

Bombay 

Sensitive Index 

3,435.52 

3.427.09 

+0-25 

Source: Telekurs 


Ir.irrujj-rul Hcr-lj Tribune 

Very briefly: 


CaaeMbyOarSugFtvmDaaauJia 

TOKYO — Sony Corp. is negotiating with 
News Corp. of Australia and Softbank Corp. of 
Japan re take its first leap into broadcasting by 
joining the two companies’ satellite network, Japan 
Sky Broadcasting Co., the companies said Friday. 

.Participating in tire network would advance 
Sony’s effort to become an active participant in 
each stage of the production and distribution of 
ente rtainment using advanced digital techno- 
logy, analysts said. 

"Sony is in every aspect of digital broad- 
casting except the. delivery mechanism,” Alan 
Bell, an analyst at Schroder Securities Japan Ltd., 
said. "This completes the cfrcle." 

The Nihon Keizai business daily reported that 
foe companies had reached an agreement in prin- 

wftich Softbank and tewsTcorp. staitedlast 
month. While foe companies denied they had 
reached agreement, they, confirmed r they had 
held discussions aimed at finding ways for Sony to 
work with them. 

Softbank said Sony’s possible participation in 
JSkyB would ‘ ‘ensure the safety and success of 
the project and boost its value. 

Nihon Keizai also quoted Sony’s president. 
Nobiiyuki Idei, as saying Sony would try to join 
another satellite-TV venture if the negotiations 


wifo Softbank and News Corp. failed. Sony's 
shares rose 40 yen to close at 7.760 (S65.ti4). 
Softbank shares gained 100, to 8,100. in Sydney. 
News Corp. shares were unchanged at 6.82 Aus- 
tralian dollars ($526). 

The move to digital — a technology that 
moves pictures, music and other information 
more quickly than traditional analog systems — 
has huge potential for Sony. 

In broadcasting, for example, it means hun- 
dreds of channels can be delivered easily into 
homes by satellite, which could increase demand 
for Sony products, from digital cameras and 
broadcast hardware that foe company has taken a 
lead in developing to the singers and movie stars 
whose compact discs and films it produces. 

Strengthening digital satellite broadcasting is 
one of Sony’s top three gods for 1997. Mr. Idei 
said Thursday when he announced that foe com- 
pany would set up what it described as a "second 
headquarters” in New York, partly re entrench 
itself mare deeply in foe United States, where the 
latest digital technologies are being developed. 

He also sdd Sony would establish a new 
company this year for its digital business. 

"Growth potential for the digitd satellite 
broadcasting business is extremely big." Mr. 
Idei said. 

Even without moving into broadcasting, Sony 


stands to profit enormously from the growth of 
the satellite television industry. Ii makes equip- 
ment for transmitting broadcast signals to satel- 
lites. for example; it is a leader in manufacturing 
digital cameras used in television studios, it 
makes production and editing equipment, and it 
sells satellite-signal decoders for the consumer 
market. 

Buying a chunk of JSkyB also would give 
Sony an active role in foe marketing and dis- 
tribution of satellite broadcasting — key tasks for 
pushing growth in foe industry — and the more 
rapidly the industry grows, the easier it will be for 
Sony to move itself away from consumer elec- 
tronics devices and their low profit margins. 

"The expansion of this business is going to 
have a substantial impact on Sony's total busi- 
ness,” Masashi Kubota, an analyst at ING Baring 
Securities, said. 

While Sony has invested in broadcasting 
companies before, none of ics moves has been on 
the scale of the discussions with JSkyB. 

Sony owns 5 percent of another Japanese satel- 
lite broadcaster. PerfecTV, a competitor of JSkyB 
controlled by the trading companies Itochu Corp.. 
Mitsui & Co.. Sumitomo Corp. and Nissho Iwai. 

JSkyB is to be launched in April with 12 
channels and is due to expand to 1 50 channels by 
April 1 998. ( Bloomberg. Reuters, AFX I 


• India approved an aviation policy thai will allow foreign 
investors to take equity stakes of as much as 40 percent in 
domestic airlines; analysts said the measure fell short of ex- 
pectations because the cabinet had put off a decision on whether 
to allow foreign airlines or airport companies to invest directly 
in Indian aviation ventures. 

• Ayala Corp/s A shares, reserved for Filipinos, rose 1 peso 
< 3-Si cents) to a record 25 pesos after the company won one of 
two concessions to operate Manila's state-owned water sys- 
tem. Ayala's partners in foe project are Bechtel Group Inc. of 
the United States and United Utilities PLC of Britain. Ben- 
pres Holdings Corp.. which teamed up with Lyonnaise des 
Eaux of France, won the other contract. 

• South Korea's Ministry of Trade, Industry and Energy is 
considering introducing an oil -quota system to curb imports of 
crude oil and reduce the country’s trade deficit to less than S 14 
billion from S20 billion last year. Yonhap news agency said. 

• Indonesia’s textile exports totaled S6.85 billion in 1996, up 
10.5 percent from 1995. helped by the country’s low labor and 
production costs; the sector has grown 1 5 1 percent since 1991, 
the Trade Ministry said. 

• China’s banks will stop giving loans to companies with 
serious pollution problems to uy to combat foe growing 
environmental damage caused by industrialization, according 
to a ruling by the Agricultural Bank and the National En- 
vironmental Protection Agency. 

• Beijing said foe number of Internet subscribers in China had 
reached about 100,000; an analyst said foe number of actual 
users could be 10 times that many. 

• FAI Insurances Ltd. of Australia agreed to acquire 40 

percent of PT Asuransi Hastin Utama. an Indonesian gen- 
eral insurance company. Bloiinbent. Reuters, ap afp 


BT: British Telecom’s Top Executive Sees a Wonderful Future for the Fleet of Foot YEN: Decline Jolts Importers 


-’ Continued from Page 9 

state monopolies as they were in Europe or foe 
U.S. It’s going to be a fascinating industry. ’* 

Sir Peter saw several big challenges: 

• The immediate battle for telecom giants will 
bemEurope. The European Union has set Jan. 1, 
1998, as its deadline to privatize, liberalize and 
deregulate foe industry, and BT is racing to 
obtain licenses and partners to service big mar- 
kets in Germany, Sweden and Holland. The 
strategy, he said, was to be "in at least six big 
countries wifo partners." 

- #BT must contend with the rapid multiplic- 
ation of operators applying for licenses to com- 
pete in Britain. The company was a monopoly 
until privatization in 1984 and continues to hold 
87 percent of die market. But foal situation is 
changing- fast Six months ago there were only 
two companies licensed to handle international 
traffic here; now there are 49. 

• • Streamlining BT with its 120,000 employees 
and absorbing MQ’s 57,000 people is a manager’s 
nightmare. The answeri? ‘ ‘Devolution of authority, 
personal decision-making, trying to get foe ben- 
efits of a large corporation where people feel they 
are working for smaller groups within it” 


• Prying open Asian markets, which he tried 
and failed to do last year by merging wifo Cable & 
Wireless PLC and benefit from its Asian pres- 
ence. "We would like re extend our links wifo 
NTT,* * he said of Nippon Telegraph & Telephone 
Corp., foe world’s largest telecommunications 
company, and he is holding discussions "in 
China, Singapore and Korea." 

As far the united States is concerned, why did 
BT buy all of MCI instead of sticking wifo the 20 
percent share it already had? Sir Peter said the 
acquisition was part of a strategy to expand in 
local U.S. telephone markets. 

" We’ve highlighted about $ 2.5 billion of 
synergy benefits over five years," he said- 

1716 merger, he said, allows a pooling of re- 
sources, broad swapping of information on ac- 
counts, research ana development, and discount 
purchasing from the likes of Microsoft Corp. 

Asked what the joint venture was planning to do 
in foe United States. Sir Peter said it would try to 
invest judiciously to obtain maximum value. 

"The view is that with a judicial investment in 
local switching and high-speed fiber loops, you 
can get a decent-sized market return,” he said. 
"MCI has invested a billion dollars so far. and 
maybe there is another billion dollars to go.” 


Asked whether Concert would retain MCI’s 9 
percent stake in Rupert Murdoch’s News Corp. 
— which it may not be permitted to do by 
regulators here — Sir Peter was noncommittal. 

He said he would like to retain foe connection 
wifo the News Corp.. which he called a mighty 
force in the telecommunications business, but to 
keep ii at some distance. 

“My view is we certainly don’t want to in- 
crease foe stake, but if it is a passive stake then, 
it’s passive,” he said. 

He praised Mr. Murdoch as "brilliant at fig- 
uring out the things people want to buy, like 
sports and movies,” ana adept in the quickly 
unfolding business of interactive applications in 
telecommunications. 

Sir Peter said he had brought the benefit of 1 5 
years of American and Japanese experience in 
management to BT. From America, he took what 
he described as "the work ethic, foe get-down, 
get-on-wifo-it type of attitude.” 

From the Japanese who own ICL. which he 
managed for 10 years before joining BT, he said 
he learned the value of "building 3 track record 
as you go and a very high level of integrity” as 
essential values fordoing business in Asia. "You 
need a blend to make it work." 


Continued from Page 9 

is just one example. “Between September and March, we had 
expected foe yen to average around 1 10 yen against foe dollar, 
so its fall to 1 20 is more than a pleasant surprise.” Mas ah aru 
Matsumoto. Nintendo's finance director, said. He added foar 
for every rise of one yen in the dollar's value. Nintendo’s 
earnings rose 700 million yen. 

For big Japanese importers, however, foe yen’s weakness 
represents a major threat. 

So far. they have felt little pain because most big importers 
buy foreign- exchange contracts to shield them from short- 
term fluctuations in die yen’s value. If foe yen remains weak 
for as little as three more months, however, it will almost 
certainly hit foe balance sheets of trading companies and 
importers of raw materials, including iron, coal and oil. 
because their foreign-exchange contracts will have expired. 

"Large swings in the value of foe yen have happened many 
tiroes in foe past, and we are not panicking.” Nobiiyuki 
Nakahara. honorary chairman of the oil company Tonen 
Corp.. said. 

“The peak in the yen was very short-lived, and its weakness 
could be equally shon-lived.” 

The Bank of Japan decided late Thursday to postpone until 
April the release of its closely waiched quarterly survey of 
business sentiment, which had been scheduled for release at 
the end of February. 


PEPSI: Analysts Applaud Move Away From Noncore Businesses 

Continued from Page 9 


businesses can better flourish 
with two separate and distinct 
managements and corporate 
structures.” 

Analysts said PepsiCo's 
beverage division bad 
_ suffered in competition from 

Coca-Cola Co. when trying to 

sell fountain services to 
chains that competed wifo 
PepsiCo restaurant outlets. 

For example, Coca-Cola 
fountain service executives 

convinced McDonald’s that it 

was wrong to buy Pepsi and 
add revenue to a company 
that owned rivals such as 
Taco Bell, Mr. Hoens said. 

PepsiCo entered foe res- 
taurant business in 1977 by 
purchasing Pizza HulI* 
chased Taco Bell in 1978 and 
KFC (formerly Kentucky 
, Fried Chicken) in 1986. Pej>- 
siCo said last year that it 
wanted to energize the divi- 
sion by selling off many res- 
taurants to independent fran- 
chise owners- 

■ Sales Swell War Chest 

PepsiCo will get a substan- 
tial amount of rends from a 
debt sale planned by the res- 
taurant unit it plans to spin on, 
Bloomberg News report* 1 

.from Purchase. NewYoric. 

* While Pepsi would not say 

" how much it could get from foe 

debt offering, analysts put foe 
figure ai $13 billion to $4J 
. billion. Pepsi 
Thursday it 

selling its restaurant-supply 
business, which an analg ™ 
could fetch another $1 billion. 
Pepsi will use the funds — 

■ and proireeds from the sales o 
other things such a* restaur- 


ants or bottlers — to create a 
war chest it mil use to reduce 
debt, buy back shares and 
fund projects tbat will boost 
profits from operations over- 
seas, analysts said. 

“They didn’t spend rapidly 
enough internationally, and 
they haven’t spent then- 
money wisely cm the inter- 
national side. There are some 

dear issues hereto deal with,” 

said Martin Romm, analyst at 
Credit Suisse First Boston. 

Officials all but rejected 
the possibility of using the 
money feu- acquisitions, such 
as Quaker Oats Co.’s Gat- 
orade anit Tbe sports drink is 
widely believed to be for sale, 
along with Quaker's Snapple 
beverage line. 

“We’re not taking this 
move in anticipation or such a 
tiling,” said Mr. Enrico. 

A number of analysts 
raised their recommendations 


on the company after tbe an- 
nouncements. Skip Car- 
penter. analyst at Donaldson 
Lufkin & Jenrette Securities, 
raised tbe stock to “recom- 
mend list" from “buy.” 

Mr. Enrico, in a call with 
analysts, said the funds from 
the debt sale by its restaurant 
unit would partly offset the 
debt Pepsi would keep when 
it spun off its restaurants. 

tbe exact amount Pepsi 
will get will depend on keep- 
ing foe new company’s debt 
at investment grade, said Pep- 
si’s chief financial officer, 
Karl von der Hey den. 


The restaurants’ verifiable 
assess stand ax about $6 billion. 
Assuming the spun-off com- 
pany takes on a 50 percent debt- 
to-capitalizatioo ratio,- Pepsi 
would be able to reap $3 billion 
in proceeds. Tbat amount could 
rise, analysts said, if the current 
assets such as the value of 
trademarks are undervalued. 
Pepsi also said it planned an 
initial public offering of its 
New Zealand restaurants and 
would continue to sell com- 
pany-owned restaurants to 
franchisees. Friday, for ex- 
ample, Pepsi agreed to sell 122 
Pizza Hills for $53 5 million. 


advekhsemevt 


mans & SPENCER PLC 

(CPUs) 

The undersigned uimnuicn (hoi as 

from 5 February, 1997 at Kaa- 
Aftgoeiaifo N.V, Spulfliraai 17^ 
Amsterdam, div. cpn. no. 48 of the 
OSKn Mtafa * Spencer pfcwill be 
pereabJr whh IHk 2,« per UW. rror. 
25 <d«ro. frt interim diviiknd for uw 
»ea** ending 3 1.03.97; of 3,3p per 
there) Tax-credit P«u OJO .» 
IHU. 0*60 per tJJR. 

SiRKvddrnU of The IWtrd Kingdom 
out niik claim iH* Iw wedil when the 
rrlnani l«a»y «**» «**■ lenity. 

AMSTERDAM DEPOSITARY 
(JOMPANY.ftLV. , 
AnuLenlsfn. January 23, 1997 


On March 13, the International Herald Tribune 
will publish a Sponsored Section on: 

International Business 
Locations 

Among the topics to be covered are: 

• Trade fairs - do they deliver? 

• 24-hour-arday call centers. 

• The Euro - will a single currency make it 
easier to expand wi thin the ED? 

• The shopping mall - a global phenomenon. 

• Britain - the European country most 
favored by foreign investors. 

p • •••• • ■ 



Thii, hrrtinn iiiinc.Idft* with the MII'IM iraHr nhnw in (ianmv. 
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+ 44 ( 0 ) 17 ’ 

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PAGE 14 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 25-26, 1997 




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;e Without Taking a Bath: Low-Cost Fund Options 


By Judith Rehak 
and Philip Segal 


T ^outual-fund industry can 
like an unfriendly place to 
investors. Picking a 
fund fbr the firct tim. s_ _x._ . .. 


1 . . “7“ «*** lUMnciKuy place to 

investors. Picking a 

5? *« isofto a 

and more, seem de*p&& S^ooraS 

^SK? 0111 taid «g 

^ut there is hope. The companies dial 
mutua 1 funds — Sd make 
much of their money based on how 
invested — often seek to 
lure new Clients, and low-cost deals are 
a tune-honored inc entiv e. 

*e low-cost theme 
J5R ^ no OT mintmal 

imual investment, to monthly savings 
PJ™*» to no-load or reduced-load 


f*u- J 

A %1 


m 


Manulife Global Fund in Hong Kong, 
which requires a minimum nvestment of 
$5,000. For investors looking fbr bigger 
families of funds and the ability to 
switch into a wide range of market, the 
cost goes up. The Templeton family, 
whose entrance requirements are among 
die lowest, requires a minimum invest- 
ment of $1,000 but levies a front-end 
sales charge, or load, of 5.5 percent. 

With mutual-fund prospects limited, 
direct investing deserves a look. Al- 
though brokerage accounts in Asia tend 


to be expensive, requiring opening bal- 
ances of $5,000 or more and offering 


Even the U.S. m ar ket, where in recent 
years working-age people have been 
investing m stock funds at an unpre- 
cedented clip, can seem unfriendly in 
the early I9o0s, some money managers 
gladly accepted as little as $250 to open 
a new acc ount, but today mirrirTunns at 
major fund families are likely to be at 
least $2,000 

Nevertheless, there are stiH low-cost 
ways of buying a fund in die United 
States. One of the most popular is to 
open an Individual Retirement Acco unt. 
At Vanguard Group, the second-biggest 
fund family in the country, the mmal 
investment minimum falls from $3,000 
for a mutual fond to only $1,000 for an 
IRA. Janus, a smaller. Denver-based 
money manager, welcomes new IRA 
customers with only $500. 

At T. Rowe Price, the Baltimore no- 
load group, IRA and custodial acco unts 
for children start at $1,000, and mm- 
imams are waived if an investor com- 
mits to a savings plan for as little as $50 
a month. ‘‘We’ve offered a savings plan 
for a long time because we think it - 
should be available for people just start- • 
ing out who don’thave much money, or 


don’t want to invest a'lot,” said Steve 
Norwitz, a spokesman. ' 

. In Britain, where far fewer people 
own funds — an estimated 5 percent of 
households, compared with more than a 
third in die United States — money 
managers are rolling out low- 
cost plans in hopes of paying Aesouni 
individuals away from build- £ 

ing-society accounts, the tradi- M 

tional repository for savings. /%£ 

M&G, the country’s largest 
manager of mutual funds — tB 

caBed umt trusts in Britain — has v 

16 stock and bond plans in wbich in- 
dividuals can invest, up to £6,000 
($9,800) a year without paying taxes on 
dividends and capital gains. 

‘ Under M&GY savings plan, in- 
vestors can put £50 a month into a 
Personal Equity Plan, or PEP. debited 
directly from their bank accounts, or as 
little as £1,000, if a lump suol There is 
no wrmvirrimw irririfti investment, and no 
withdrawal fee after five years. “You - 
should hold it that long anyway, es- 


pecially if you’re in equities,’’ Mr. Jen- 
nings said. 

Although die low monthly minimum 
would seem a draw younger investors, 
so for most of the participants are 45 or 
older. “Younger people just don 't have 
the idea that they might lose 
eweb their job, or that they will want 


Fidelity has introduced a similar no- 
load plan in Germany, where it is called 
Capital Builder. Sold directly to in- 
vestors, it requires an initial investment 
of 4,000 Deutsche marks ($2,400). 


Although German banks sponsor 80 
sreent of the country's fund market 


a better lifestyle when they’re 
retired,” Mr. Jennings said. 
)P\ Fidelity Investments also is 
courting the first-time British 
S' investor, but with a different 

m tactic. Its no-load Money 

Builder plan requires a comparatively 
steep initial investment of £3,000. 

“We think it’s a reasonable 
threshold,” said Paul Kafka, a spokes- 
man. “You have to kick-start it with an 
initial lamp sum.” The program in- 
cludes a cadi fund, and three unit trusts, 
dedicated respectively to income-pro- 
ducing investments such as bonds, the 
leading British stocks in the Financial 
Tnnes-Stock Exchange 100-share index 
and international equities. 


percent of the country's fund market 
and require as little as 500 DM for an 
initial investment. Fidelity is sticking to 
its strategy. “The minimum is less cru- 
cial than questions of performance and 
other fees,' ' said Sven Kohlbrodr. mar- 
keting manager for the Continent. “Our 
target is the other 20 percent who want 
better returns.” 

Another American money manager 
that has sold funds in Germany for 25 
years. Pioneer Group, markets only 
through brokers and independent finan- 
cial advisers, offering a savings plan for 
as little as 300 DM a month. 

Direkt Anlage Bank, a discount 
brokerage owned by Bayerische Hy- 
potbeken- & Wechsel-Bank AG opened 
its doom just rwo-and-a-half years ago, 
and now boasts 25.000 customers. 


Modeled mi the highly successful mu- 
tual fund “supermarket” run by 
Charles Schwab & Co., the U.S. dis- 
count brokerage, it offers nearly 900 no- 
load and reduced-load funds, mostly 
from foreign money managers, plus 
German funds — but no advice. 

Direkt Anlage 's savings program 
does not require an initial investment 
and starts with as little as 250 DM a 
month. “Thai’s what we advertise, but 
we’ll accept a customer who wants to do 
100 DM too,” said Franz Obermeyr. 
Direkt Anlage ’s general manager. To 
participate in the savings plan, a cus- 
tomer must also open a simple deposit 
account with the bank, though Mr. 
Obermeyr said that would cease to be a 


ances of $5,000 or more and offering 
meager interest on uninvested funds, 
banks offer the small investor a rea- 
sonable alternative. 

At HongkongBank, the colony’s 
biggest and best-known depository in- 
stitution. anyone who has a savings ac- 
count can open a brokerage account 
with minimal fees and required depos- 
its. The big problem here is that most 
small investors must physically go to 
the bank to trade stocks. 

For investors outside Hong Kong, fbe 
territory’s lack of capital controls means 
that, from the bank’s perspective at 
least, anyone can open an account and 
trade Hong Kong or foreign shares in 
separate accounts. 

For information about Direkt Anlage 
Bank, call 0180 225-4500 in Germany. 
157-0190 in Switzerland and 0660 8160 


requirement this year. 
Savin es-plan partici 


Savings-plan participants must chose 
their investments from a list of Direkt 
Anlage's 100 best-selling German and 
foreign funds. 

In Asia, no-load mutual-fond invest- 
ing has been slow to catch on. Among 
the few no-load funds that exist is the 


in Austria. 

For information about Fidelity funds, 
coll 44 1732 36 J 144 or check local 
directories. 

To open an account at Hongkong- 
Bank, call 852 2822 3156; for infor- 
mation on foreign-share accounts, call 
852 2822 3140. 

For information about M&G. call 44 
1245390390. 

For information about the Manulife 
Global Fund, call 852 2501-9100. 

For information about T. Rowe Price 
funds, call 1 410 547-2308, or, in the 
United States. 1 800 638 5660. 

For information about Pioneer, call 
494053 89170. 


How Paris Resident Bought U.S. Shares Direct — and Lived 


A growing J number cf . American 
companies ' art allowing mtmhdtidhed 
investors to . bypass b ro kers and bay 
shares directly^ usually with minimal or 
no commissions and fees. . 

About 190 companies have direct- 
purchase programs, up from 90 a.year 
ago. Several thousand companies are 
expected to scR shares of stock direct to 
the public over die next 20 months. 
Combined with dividend-reinvesunent 
programs, offend try 'aromd 900 
companies, this is being promoted as a 
painless and inexpensive way for in- 
dividual investors to buy and sell 
shares. •• ’ 

While many of the tSrectpurchase 
programs are ojpen to non-Americans, 
there are issues in cross-border invest-' 
ing that can make it difficult for people 
overseas to take advantage of- these 
plans. Barbara Wall, who lives in Paris 


and is not an Americancitizcn, spent the 

last several weeks investigating how the 


last several weeks investigating how 
plans work for non-US. investors: 


As a first-time investor I assumed that 
direct investment would move time- 
consuming and complex. In effect the 


buying process was relatively straight- 
rfafwara, thotigfa it did involve a fair 
remount of foxm-filtmg and leg work. 

My first port of call was the National 
Association of Investors Corp. in the 
Detroit suburb of Madison Heights, 
Michigan. NAIC has joined the di- 
vidend-reinvestment p ro g ram s of more 
than ISO corporations. Chib members 
can deposit money in any of these plans 
by completing a form, available from 
the NAIC, and sending it, along with 
their first investment, to the corpora- 
tion’s headquarters. 

My budget was limited to around 
$150, so I chose one share of Ches- 
apeake Utilities Carp, and one share of 
Eastern Utilities Associates. Both offer 
consistently high yields and appeared to 
have reasonable growth prospects. 

The prices of Chesapeake Utilities 
and Eastern Utilities, as quoted in the 
International Herald Tribune on Nov. 6, 
1996,were$17 and $16, respectively. I 
bad to add $10 far each purchase to 
cover price fluctuations and a one-time 
sel-upcharge of $7 per company. As I 
was not a member of foe NAIC, I also 
bad to pay a $68 fee fo joim The total 


cost came to $135. Then came the tricky 
part: finding a suitable means of paying 
for tile purchases. Having spent a thor- 
oughly miserable day trawling the local 
banks with a screaming baby in tow, I 
opted for traveler’s checks, which 
turned out to be by for foe cheapest 
option. 

The local post office charged me a 16- 
franc ($289) commission on foe checks 
and a flat fee of 30 francs to send them by 
registered mail Although I had to buy 
$150 worth of traveler’s checks — they 
were only available in $50 batches — this 
still worked out cheaper than a foreign 
currency .check or bank draft. 

Wxthm two weeks I received descrip- 
tions of my chosen programs, an en- 
rollment number, details of bow to make 
future share purchases, and two autho- 
rization cards, winch I completed and 
sent bade to foe NAIC. On January 6, 
NAIC wrote to confirm that the invest- 
ments bad been made and foe shares 
transferred to my name. 

The whole process took slightly un- 
der two months. The exercise was more 
expensive than I had anticipated be- 
cause of the cost of NAIC membership. 


My main criticism, however, is that 
there was no mention in the NAIC lit- 
erature of the tax implications for for- 
eigners of trading in U.S. shares. 

The United States imposes a with- 
holding tax of 30 percent on dividend 
payments from U.S. companies. This 
tax may be reclaimed if the United 
States has an appropriate tax treaty with 
the investor’s country of residence. To 
reclaim the tax, investors must file a 
U.S. income tax return. They must also 


complete a special form, called a W-7, 
to get a tax ID number. Non-U.S. res- 


to get a tax ID number. Non-U.S. res- 
idents are not normally liable for capital 
gains tax on the sale of U.S. shares. 

Having successfully tackled di- 
vidend-reinvestment programs, my next 
task was to invest in a direct stock- 


purchase program. 1 decided to speak to 
First Chicago Trust, one of several 
American transfer agents retained by 
U.S. companies to administer their 
share-purchase plans. 

I was informed that the Web site for 
NetStock Direct Corp. was the best 
source of information on direct share- 
purchase plans and dividend-reinvest- 
ment plans. On sensing my dismay — I 


have not quite got to grips with the 
Internet — First Chicago Trust prom- 
ised to send the necessary forms by mail 
as a backup. Feeling brave that evening, 
I commandeered a mend’s computer for 
a few hours and set to work. If yoa know 
what you are looking for, NetStock Di- 
rect's home page is a treasure trove for 
direct investors. 

Fbr example, the “direct investor” 
icon provided access to a list of all the 
companies that currently offer direct 
share-purchase programs, while "on- 
line access” showed me how to enroll in 
some of these programs electronically. I 
also visited the direct stock-purchase 
plan clearinghouse, where you can re- 
quest, by e-mail, up to 90 plans. 

Currently, only five companies have 
on-line access. They include Ameritech 
Corp., Amoco Corp., Equitable Cos. 
and Enova Corp. I chose to invest in 
Equitable because of foe financial-ser- 
vices company’s track record and repu- 
tation. Moreover, there were no fees or 
commissions to pay. Some corporations 
charge a nominal fee of between $1 and 
$20 for initial purchases. 

To find out more 3bout Equitable’s 




4> 


direct-purchase plan 1 went to on-line 
access and from there got into the com- 
pany’s home page. I completed and prin- 
ted out the interactive eurbUment form 
and sent it off to the address provided 
with traveler’s checks enclosed for the 


Continued on Page 17 


Prague Stock Market 


For Investment Clubs, Discipline Pays 


Kafka Would Be Proud 


PX50 index, daily 


By Barbara Wall 


1 OTC Maricet Is Complex, and Returns Unsure 


By Peter S. Green 


W HEN foe free-madeet re- 
formers of foe late 

Czechoslovakia conceived 

their vision of mass pri- 
vatization, they saw it as a program 
offering stocks for everyone. And, at 

first, it seemed toliveiq) to foatpram^ 

About 8 milli on people — mote man 8U 
percent of those eligible — became 

shareholders. " ■ . 

To help all these httle guys p lay th e 
market, to: Czechs set up m electronic 
over-foe-coonter nafing .floor 
anyone could come to buy and sell 
shar es. . _ 

had made it fonKWS as foe 

Tubes were legally fleeced “ 


tatkm for opacity and nDenfbrcrf ^ 

nriserabte^utfo quarter, so lastTues- 
lhe Jocal RM Systran tew** 

siSHEXASStSS 


veneer. A small electrraric billboard 
slowly scrolled the day’s fixing. 

Of course, in Kafka's hometown, 1 
could not just boy shares. The process 
all told, torikine less than two hours, but 
it was complex. 

first, a helpful young man behind foe 
counter odd me that as a foreigner I 
would have to register at the local Se- 
curities Center for an kkntifcafcon num- 
ber, as I had no Czech national identity 
card to use. A 1 0-minute trudge through 
the slush took me to a small street-side 
office where a friendly young woman 
named Andrea asked formv passport and 
helped me fiD out foe forms. ■ 

Half an hour later and 454 koruny 
lighter, I had my number. Returning to 
foe RM System office; 1 opened my 
brokerage account Of course tbe.RM 
offices no longer take cash deposits, and 
as checks and credit cards are rare in foe 
Czech Republic, I had to go up to foe 
comer ana deposit my nest egg in an 
rMS account at a neafty bank. 

.. The next day, 1 would be trading. 
Visions of millions in profits from foe 
rising Czech market danced in my head 
as I walked out foe door and into a very 
long fine at the bank. 

My.money finally deposited, 1 hit the 
phones. Broker friends recommended 



W HETHER you are a stock- 
market novice or a 
seasoned investor, forming 
an investment club — a 
sort of do-it-yourself mutual fund — 
can be a useful way to learn more about 
stock selection while having fun and 
seeing your investments grow. Or so 
goes the theory. 

Club members contribute agreed- 

S sums. often monthly, and meet to 
2 what investments to buy and sell. 
Most of the organizations have elements 
of social dubs, which can make them 
fun to belong to although at the risk of 
timi trog profitability. 

The Money Report has profiled sev- 
eral of these elute, and this week we 
check in with three of them. What we 
found was that when a club identifies 
and maintains a sensible strategy, it 
prospers — but those that are more 
relaxed stand to lose money. 

The Victoria Investment Club of 
Cornwall, in England, is celebrating a 
rare coup. Its 17 members recently took 
part in an investment challenge 
sponsored by ProShare (UK), an in- 
dependent body that represents British 
investment chibs. The Victoria club 
beat investors at NatWest Stockbrokers, 
winning a prize of £5,000 ($8,100). 

What makes this achievement ail the 
more remarkable is that until recently the 
club's investments have not been very 
successful. When the club was men- 
tioned in a Money Report article in Oc- 
tober 1995. it was running ata loss. Derek 
Richards, the chairman, acknowledged 
that there was too much chitchat and not 
enough serious work being dote. 

Mr. Richards said investment per- 
formance started to pick up when foe 
members decided to treat the venture 
like a business instead of just a social 


SounxBktcnibmg 


ring my portfolio. 

©koruny.” mused one adviser. 


“1 would split foe portfolio into fends 
imd underiyiqg shares. With funds you 
can. buy the whole market at. a sub- 
stantial discount to net asset value, 
“And you want to stick with blue 
drips, becaose ftey^ . foe only shares 
that are liquid.” be went on. “Small 


companies might look great on paper, 
bat as a small shareholder yoa don’t 
have much protection.” 

“Buy blue chips, but wait two weeks, 
foe market's going down,” said a second 
broker when I asked him how to invest 
“Buy a new suit,” said a third. 

. Combining my pals' tips, I drew up a 
list of the three stocks into which I 
would plow my nest egg: 

■ • Restitution Investment Fund, a 
privately managed vehicle that holds 
state stakes in companies that were re- 
turned to their pre-Communist owners 
and that was trading at about half die 
value of its constituent shares; 

•KS KB Plus, a privatization fund 


Continued on Page 17 


club. “The members agreed on a defin- 
itive Investment strategy and stuck with 
it irrespective of maricet movements. 
Rather than invest piecemeal in a mix- 
ture of blue-chip, medium-sized and 
small companies, we decided to con- 
centrate solely on small companies and 
limit our investment in each stock to 
£1,500,” be said. 

“The club also decided to get rid of 
stocks that were showing a loss. In the 
past we held onto loss-making compa- 
nies in foe hope that their performance 
would eventually improve.” 

The club currently holds eight stocks. 
In 1996, foe club made an overall gain of 
around 30 percent. Members are look- 
ing at several new investment possib- 
ilities for 1997, including Flying 
Flowers Ltd., a British mail-order com- 
pany listed on the London exchange, 
and T.V. Corp., a television production 
services company. 

The Sirens, an all-women invest- 
ment club from Oxford, in England, was 
featured in The Money Report early last 
year becanse it had been awarded the 
ProShare prize fbr foe most promising 
new investment club of 1995. 

The club maintains an ethical invest- 
ing philosophy. It will not. for example, 
invest in any company linked to tobacco 
production, defense and the exploitation 
of animals or Third World resources. 

In recent months, foe club has not been 
doing very well. Profits arc down and 
club morale has suffered as a result 
Beverly Chisnall. the chairman, said the 
club was a victim of its own success. 
“We got carried away with our initial 
good fortune and starred cutting cotneis- 
Reseach was not as thorough as it could 
have been and several poor investment 
decisions were made,” she said. 

The dub decided to get rid of most of 
its recent holdings and more or less start 
from scratch. Rattier than invest hundreds 
of pounds in individual stocks, members 


agreed to save up and invest larger 
amounts, up to £3,000 in some cases. 


The Sirens’ top holding is in National 
Express Group PLC, a British bus com- 


pany. It is also looking to invest a sig- 
nificant sum in Oxford Instruments 


PLC, a medical-equipment manufac- 
turer. ‘ ‘We try to invest in local compa- 
nies as much as possible. Some of our 
members know this Oxford Instruments 
very well and are confident in the man- 
agement team. The balance sheets are 
also encouraging,” Ms. OiisnaH said. 

Few investment dubs that have been 
going for more than five years can claim 
to have had a trouble-free ran. The Taffy 
Investment Club of Kansas is a rare 
exception. The club, which comprises 
fair generations of foe Taylor and An- 
drews families, boasts an average annual 
return of 25 percent Even more remark- 
able, the club has never had an unprof- 
itable year in its decade-long history. 

Robert Taylor, who, at 76, is one of 
the oldest dub members, describes the 
club's investment strategy as “conser- 
vative” and “long-term.” He said: 
“We buy established companies with 
good growth prospects and hang onto 
them through thick and thin.” The 
club's first purchase.. Home Depot Inc,, 
is still in foe portfolio. 

Mr. Taylor admitted to being “pretty 
nervous” about the current state of the 
U.S. stock market. The dub has decided 
to look at defensive stocks in the next 
few months to guard against a likely 
downturn. Topping the list is Exxon 
Corp., the oil and gas giant: “We think 
that the consumption of these commod- 
ities is going to continue to grow.” 

For further information on invest- 
ment clubs, contact the World Feder- 
ation of Investors Corp., S-11389 Stock- 
holm, tel 46 468 457 1500, or ProShare 
Investment Clubs. Library Chambers, 
J3& 14 Basinghatl Street, London 
EC2VSBQ, tel 44 1716000984. 


■intUL - imp»-MB » ii .i . ■ » Miiqa iNUlcro wmoi | 







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a 







INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, JANUARY 25-26. 1997 


RAGE 17 






By Gerard Meuchn 

G ®®BAL. Motors Corn 
called anai 6 ^ one » automaker 

™»lw2taSSSf 

sS* a&®££J& 
spsasrsasS 

er ^eros« 38 points. 

invest °rs had to wait until the 
— when nine analysts cut 
fonjth-quarter earnings estimates — to 

1 rr»l« i° M ^ said fa private? 

companies ranging in 

si^from GM and PhaimacS&Up- 

S?,' l ° ,es ? _kDOWri Pioneer-StaJ£ 
dard Electronics Inc. and Vantive 

wSrtlf. \^ tani ™ vestors and ana- 
‘y 815 mat bad news is coming, giving 
them a chance to bail out & ® 

. is rigged," said Mi- 

chael Lorberblatt, a New York artist 
who owns 126 GM shares. "Fm get- ' 
ting screwed." 5 

GM says it did nothing wrong and 
that its calls to analysts did not give 
anyone an advantage. The antnmSw 
saw no need to issue a news release, a 
spokesman said, because the infor- 
mation was not important enough. 

Mr. Lorberblatt doesn't bay it 
why would they be calling anybody 


en Disclosure’: Wall Street’s Open Secret 


in the first place?” hcsaid 


Thaf is because the night before — 


Investors looking for help when this after the positive earnings were dis- 
happens will be disappointed. The Se- seminaied to t 


curifies and Exchange Commission 
and tiie stock exchanges have no 
power to stop whai one regulator calls 
“uneven disclosure." 

The SEC’s main job, for example, is 
tolook for signs that someone wrongly 
obtained important information that 
could affect a .company’s stock price 
and used it to trade. “Ite SEC sees its 
job as being a cop,” , said Edward 
Heischman, a former SEC commis- 
sioner. 

_ The stock ex change s, meanwhile, 
simply push companies to publicly 
disclose news in some uniform man- 
ner, usually in the form of press re- 
leases or news conferences. 

In fact, doling out timely news to a 
few investors and analysts is perfectly 
legal, experts say. "A conference can 
is the functional equivalent of a press 
release," said Bons Feldman, a se- 
curities lawyer in Palo Alto, Califor- 
nia. 

Uneven disclosure happens so often 
it passes with little notice, particularly 
at smaller companies. 

Consider software developer 
Vantive. On Oct. 17, the company 
repeated third-quarter earnings that 
exceeded forecasts by 50 percent The 
stock closed at $40.75, its second- 
highest ever. 

. The next day, the shares plunged 23 
percent, all in the first hour of trading. 


tiie public : — Vantive 
-told a small group of analysts in a 
conference cati that revenue growth 
would slow. Those on the call passed 
on the warning to their clients, many of 
whom had their sell orders ready to go 
when the market opened. 

Van five’s chief financial officer. 
K athleen Murphy, said she did not 
understand the stock's plunge because 
die company only repeated what it 
disclosed earlier in securities filings. 

While U.S. regulators shrug their 
shoulders at this kind of poor dis- 
closure, officials in other countries are 
getting impatient with it. 

Some Swedish regulators, for in- 
stance, got fed up with this practice 
after Pharmacia & Upjohn on Oct 31 
first publicly issued an uneventful 
earnings report and then cold a small 
group of analysts and investors by 
phone something that was left out of 
that repor t : Wall Street's 1997 profit 
estimates were 10 cents too high. On 
the heels of that call, the diugmaker’s 
shares fell $1.75, to $36, in New 
York. 

The Stockholm Stock Exchange on 
Dec. 4 said it would not take action- 
against the company, but Pharmacia & 
Upjohn promised feat from now on it 
would include news that could affect 
the stock in its press releases. 

Sometimes, loose lips in a one-on- 
one conversation starts the chain D f 


tips that lead to trading advantages for 
just a few. 

Take electronics parts distributor 
Pioneer-Standard. On Sept. 10. the 
company’s stock fell 17 percent in the 
first half hour of trading after Robert 
Damron, an analyst at McDonald & 
Co., told the brokerage's sales force he 
had cut his rating on Pioneer-Standard 
to "hold” from “aggressive buy" be- 
cause of slower sales. 

Mr. Damron, now with Cleary Gull 
Reiland & McDevitt, was on target 
with his rating cut because be 
happened to have a great source for his 
projection. The day before he put out 
his bearish report. Mr. Damron learned 
in a phone call with Chief Executive 
James Bayman that the company was 
going to have a disappointing 
quarter. 

That call was a surprise to even 
Pioneer-Standard’s chief financial of- 
ficer, John Goodger. Minutes after ar- 
riving at his office in tbe morning, with 
the market already open, the National 
Association of Securities Dealers' sur- 
veillance department called Mr. 
Goodger to ask why the stock was 


BRIEFCASE 


dropping. 


. Goodger checked and found out 
about tbe phone call between Mr. Bay- 
man and Mr. Damron. More than four 
hours later. Pioneer publicly an- 
nounced that sales and earnings in the 
second financial quarter would be 
lower than a year earlier. 

Bloomberg Nr* s 


Playing the Czech Republic’s Fledgling OTC Market 


Continued from Page 15 

run by the country's largest bank, 
Komercni B anka; 

• One blue-chip stock, the Czech 
electric utility CEZ. 

Wednesday morning at tbe RM-Sys 
- xtem office, another friendly and helpful 
<fyoung man explained the rules and com-, 
missions. I could pick a bid price and, 
depending on how large a fee I paid, my 
offer could stand for up to 90 days. 

I opted for the simplest method: 1 
would offer tbe average daily price in 
the electronic " midnig ht auction," an 
overnight computer matching of bids 
and oners that operates on a split- 


second, first- come-first-served basis, 
but larger orders are filled first RM also 
offers a real-time trading day from II 
AAL to 3 PAL On Friday. I could crane 
back and see if my bids were accepted in 
the computer anction- 

‘‘Yoq could also trade by yourself, if 
you like,” he said. Then fee friendly and 
helpful young man sent me upstairs to a 
vir tual trading floor, where a half dozen 
computer terminals can be leased for 10 
minutes at a time and 20 koruny a 
minute for investors who want to do 
their own trading. 

The computer cubbyholes were filled 
with young college-age men running 
what appeared to be briefcase broker- 


ages. A mobile phone sat at almost 
every terminal along wife a sheaf of 
scrawled papers and an open copy of Che 
day’s stock table. 

Friday morning, 1 found Td struck 
gold: Td bought RIF at 975.50 koruny 
and it was already up to 1,002 on the 
RM -System. Td bought the KB Plus 
shares at 196.5 koruny and they shot up 
to 20 3. My offer for a single share of 
CV7 still had not been filled. After the 
72.70 konmy in commissions, I had 
already made a massive 3930 konmy. 

Buying stocks through the RM-System 
is a time-consuming business, it cannot 
be done at a distance and it requires a 
working knowledge of Czech. 


Several reliable brokers in Prague 
will handle small accounts. Komero is 
one of the largest Czech brokerages ( tel : 
Robert Stuck or Jan Kvapil at 42-2 2449 
8267/8238: fax : 2 449 5256; e-mail: 
home rc @kom era .a net cz. 

Pioneer offers several local Czech 
funds available either directly (tel: 42 -2 
2440 1424: fax: 2424 8635/8632 ) or 
through other brokers. 

Oesterreicher & Co., is a small 
brokerage with attentive and person- 
alized service. Oesterreicher opens in- 
dividual portfolio accounts starting at 
100.000 koruny (ul: 42 2 2422 8444 ; 
fax: 2422 8442: e-mail: oestco@ 
login.cz). 


Scudder Gets ‘Hands-On’ 
With Fund Advice 

Scudder. Stevens & Clark Inc. is of- 
fering a new financial advisory service 
to mutual fund investors, competing 
against fee likes of Fidelity Investments 
and Vanguard Group, which have sim- 
ilar programs. 

Boston-based Scudder will introduce 
a fee-based program to offer advice to 
mutual fund investors about how they 
should allocate their assets. 

"A growing number of investors are 
consistently asking for more guidance 
and ‘hands-on’ management of their 
mutual fund Investments," said Marie 
Casady, director of Scudder’ s U.S. mu- 
tual fond group. 

The program, called Personal Coun- 
sel. is aimed at investors who can com- 
mit $100,000 or more as an initial in- 
vestment, Scudder said. Investors will 
pay a fee equal to 1 percent or less for a 
portfolio's assets, the company said. 

Vanguard introduced a service in 
May similar to Scudder’ s feat offers 
customers a mix of investment advice, 
estate and retirement analysis, as well as 
trust administration, (Bloomberg 1 

Leaving So Soon? 

That’ll Be 2%, Please 

American Century Investments has a 
new mutual fund that penalizes in- 
vestors who think short-term. 

The Twentieth Century New Oppor- 
tunities Fund will charge extra fees to 
any investor who pulls money within 
five years of buying shares of the fund. 
The fees equal 2 percent, or $20 per 
SI, 000 withdrawn. 

The plan has already drawn criticism 
from analysts who see tbe fees as a form 
of coercion. 

"It's a marketing gimmick designed 
to get people to invest for fee long 
term." said William Dougherty, pres- 
ident of Kanon Bloch Carre, a Boston- 
based industry consulting firm. ' 'But, is 
it fair?" 

"These fees are designed to make 
sure people keep their money inves- 
ted." said Geoff Bobroff, an independ- 
ent industry consultant in East Green- 
wich, Rhode Island. "If tbe markets 
crater, however, people will run for cov- 
er no matter what fee fees are." 

Executives at Kansas City-based 
American Century, which used to be 
called Twentieth Century Mutual 
Funds, said the 2-percent redemption 
fee emphasized fee company's position 


"feat investors should have at least a 
five-year time horizon," said Chris- 
topher Doyle, an American Century 
spokesman. 

The fund, which opened Jan. 1, is 
limited to investors who already have at 
least $90,000 in assets wife the com- 
pany. Mr. Doyle said. The fund also 
requires a minimum initial investment 
of $10,000. which is above average for 
U.S. stock funds. The maximum an in- 
vestor can put in fee fond is S500.000, 
and fee management fee is 1 .5 percent, 
he said. The average management fee 
for a U.S. stock fund is closer to 1.4 
percent. 

The extra fees will protect existing 
investors from untimely redemptions, 
which could hurt the performance of tbe 
fond by forcing fee managers to sell 
securities they many not want to sell. 
Mr. Doyle said. i Bloomberg) 

A One-Fee Program 
For Infrequent Traders 

Merrill Lynch & Co. has started of- 
fering U.S. clients securities trading, 
mutual funds and financial planning for 
one annua) fee. 

The new program, called Merrill 
Lynch Financial Advantage Service, 
was offered to some clients on a trial 
basis three months ago. 

Clients who use the program wall not 
pay brokerage commissions for a lim- 
ited number of trades and will get fi- 
nancial advice and price reductions on 
other services such as margin loans and 
mortgages. 

Smith Barney Inc., fee second- 
biggest U.S. brokerage, began offering 
a service similar to Financial Advantage 
this month. 

The moves come as investors flock to 
so-called fund supermarkets, which of- 
fer the choice of a variety of mutual 
funds. 

Financial Advantage is designed for 
investors who may not trade stock and 
bonds frequently, but have several 
brokerage or mutual fund accounts and 
are interested in financial planning. 

Clients wife between $100,000 and 
$250,000 in their accounts get 12 com- 
mission-free trades a year, a Visa card, 
an analysis of retirement and college 
investments and access to fee broker- 
age's stock and bond research for a fee 
equal to 1.5 percent of assets. 

As clients keep more money in their 
accounts, their fees go down and com- 
mission-free trades and financial plan- 
ning services increase. ( Bloomberg ) 



Information Sources For Investors 

-New York Stock Exchange publications include: 
Understanding Stocks : ' and Bonds: 

Unde manding ■ Financial Cinwary 

of Financial Terms and Getting Help When Yon 
Invest. Cost: 50 cents each, i>ins shipping. Teh 1 
516 454 1822. NYSE. P.O. Box 5020, Fsr min g rial e, 
New York 11734. 

•The London Stock Exchange publishes Art 
Introduction to the Stock Exchange and Bow to 
Boy and Sefl Shares, available free. TO: 44 171 
797 1000. Similar information can be obtained in 
Paris, tel: 33 1 49 27 1000: in Frankfurt, tet 49 69 
21 01 0 and jn Tokyo at 81 33 6660141. 

-The U5. Securities and Exchange Commission 
publishes Invest Wisely. Tel: 1 202 942 4040 . SEC, 
Washington, D.C., 20549. Web site: 

hnp7Avwwjsec.gov 

■American Association of Individual Investors’ 
guide Investing Bancs. Cose SIS (booklet) or 
$129 (video). AAO. 625 North Michigan Avenue. 
Suite 1900 , Chicago, Illinois 60611. TO: 1 800 428 
2244. 

-The toestta&at C omp any. I nstiM ts -ia Waduagfla, 


D.C. publishes a directory of mutual funds winch 
includes a 20-page introduction to the business. 
Cost: $850. ICL 1401 H Street NW. Suite 1200. 
Washington. D.-C- 20005. 

•In Japan, investors can contact the Investment Trust 
Associations of Japan, teL 813 3667 7471. 
•Recently published books include ‘The iO-Mbmte 
Guide to Mutual Funds" by Werner Ren berg 
(Spectnun/Macmillan, U.S., 1996, $10-95) and 
“The Common Sense Guide to Mutual Funds” by 
Maty Rowland (Bloomberg Press, 1996, $19.95). 
•Fidelity’s "Common Sense Guide" series includes 
"Getting to Your Goals”: “Getting Started wife 
Mutual Funds" and “Understanding Bond 
Funds.” U.S.-based investors can contact 1 800 544 
8888. In the UJC call 0800 41 41 71. German 
investors should call another UJK. number: 44 1737 
.838 51 h Investors in Asia can contact Fidelity in 
Hong Kong. Tel: 852 2629 2629. Web site: 
htxpa'Avwwideli ty.com 

•T Rowe Price issues a 20-page personal finance 
guide directed at novice investors. Contact: 1 410 

545 ZX2A, 


Fund Firms and Banks Target the Youth Market 


U.S. Shares Direct From Overseas 

Continued from Page 15 


minimum initial investment of $500. 

< I was advised feat on receipt of my ap- 
plication form andchedc fee plan administrator 

n/niild twrchase shares on my behatf wifem five 



nOaOCaiX-HJ U* Uic uaua».««n*““ - ~ . 

welcome package. Asl have elected to reinvest 
all dividends, I should receive quarterly state- 
ments listing all transactions. 

' Although bofelypes of share-purcrase pro- 
gram are relatively easy to participate m, I was 
but off by thetax hurdle. Ev^ffldog^aU-S 
tax CD number, some tax will still be withheld 
on dividend payments. Transacting business 


in a different currency was also frustrating. 

Tbe spokesman for First Chicago Trust said 
it would become easier for foreigners to par- 
ticipate in these plans toward fee end of this 
year, when companies start accepting payments 
electronically- Better still, why don’t compa- 
nies accept foreign-cnnency checks and offer 
to shoulder the cost of conversion to dollars? 
This would certainly get my support! 

. For more information about direct pur- 
chases cf US. stocks from overseas, contact 
the National Association of Investors Corp. at 
711 W. 13 Mile Road, Madison Heights, 
Michigan 48071. tel: 1 810 583 6242. 

NetStock Direct Corp.'s Web site is: 
netstockdirect.com 


WWW. 


By Digby Lamer 

H ERE is a mutual 
fund you might be 
interested in. In fee 
two-and-a-half 
years since its launch it has 
returned 30 percent, beating 
fee Standard & Poor’s 500- 
stock index in the same period 
by over 6 percent. 

That alone sets it apart 
from many similar funds. But 
what really this fund is 
feat its average investor is 
nine years old. 

Steinroe Mutual Rinds of 
Chicago devised its young- 
investor fund as away of edu- 
cating and involving children 
in fee business of investment, 
said a spokeswoman, Marilyn 
Morrison, 

Kids receive a quarterly 
newsletter called tbe Dollar 
Digest, which gives informa- 
tion about financial topics 
and keeps them up to date on 
fee fund’s performance. 

Officially, investments in 
fee fund are owned by the 
child’s parents, as fee age of 
majority is either 18 or 21 
depending on where in fee 
United States fee child lives. 
Even so, the Steinroe fund 
piques fee interest of its 
young savers by investing in 
businesses they can relate to. 
McDonald’s Coip., Toys ’R* 
Us Inc. and Walt Disney Co. 
are a few of the major busi- 
nesses heading fee list 
Charges and investment 
minim urns are pitched low to 
appeal to fee average kid’s 
savings budget 
The fund has no load, 
though there is an annual man- 
agement charge of 1.25 per- 
cent. Unlike many other mo- 
tual funds, where m ini m u m 
investment is over $2,500, the 
Steinroe fund can be opened 
wife only $100 provided in- 


vestors agree to make regular 
savings of $50 a month until 
they have $1 ,000 saved. 

A handful of other U.S. in- 
vestment companies have 
launched mutual funds aimed 
at kids. Among them are the 
AIG Children's World 2006 
fund, wife others from Amer- 
ican Centary Mutual Funds 
and American Express Co. 

Elsewhere, fund managers 
have yet to make serious for- 
ays into fee first-time invest- 
ment market Of 1,700 mutual 
funds marketed in Britain, 
only a handful offer special 
terms to young investors. 

Mark Dampier, a British 
financial adviser and director 
of Churchill Investment PLC, 
said there ought to be vehicles 
geared for young investors. 

‘Tm sure that at some 
stage in fee future it has to 
happen, and it’s really up to 
mutual fund managers to pro- 
mote a savings culture among 
youngsters, ’ r be said. 


He added that part of tbe 
problem was "fee way many 
funds are structured. Most 
have investment minim urns 
that are way above fee levels 
youngsters can afford."” 

Fidelity Investments is one 
of fee main exceptions. Early 
last year it launched a range of 
funds called Moneybutider 
aimed at first-time investors. 
Tbe fund, however, has a re- 
latively high minimum of 
£3,000. "We have decided 
against offering lots of 
perks,” said Jo Roddan. a Fi- 
delity spokeswoman. "In- 
stead we are hitting fee road 
wife a nationwide seminar 
tour in February to show both 
new and experienced in- 
vestors how to make the most 
of tbeir money." 

In fact, British banks are 
more implanted in fee youth 
market than are mutual fund 
managers, offering first-time 
investors a range of perks. 

National Westminster 


Bank offers 13- to 16-year- 
olds a checking account and 
an investment account. Both 
aim to encourage youngsters 
to get into fee habit of saving 
and pay them a variable in- 
terest rate. At age 16 young 
clients can apply for a check- 
book and eventually graduate 
to a full account. 

Lloyds Bank has a special 
youth account for 16- to 20- 
year-olds. Justyn Smith, a 
spokesman for fee bank, said 
fee bank usually offers spe- 
cial packages at busy periods, 
"when youngsters are either 
graduating or starting uni- 
versity," be said. 

This year youngsters open- 
ing accounts wife the bank 
were given vouchers worth 
£30 ($49) to spend in Bri- 
tain’s Our Price music store 
chain. An interest-free £700 
overdraft was made available 
to students, and accounts in 
credit got a preferential in- 
terest rate of 3 percent. 


Barclays Bank has a num- 
ber of youth accounts. Like 
Lloyds, it places emphasis on 
university students, providing 
them with personal advisers to 
help manage their cash 
through university, and gradu- 
ate business managers to help 
them find their feet financially 
in their first jobs, said Di Skid- 
more, a spokeswoman. 



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International Herald Tribune 



A Special Report 


SATOUDAV-SUNDAY, 
JANUARY 25-26, 1997 
RAGE 19 


Men’s Fashion 


Men Making a Dash 


Fluffy, Hairy, Velvety and Easy 
Replace Hard-Edged Urban Cool 


By Suz y Menkes 

P ARIS — Mille nnium style was 
supposed to be about hard- 
edged urban cool. But after a 
few seasons of trading in wool 
for nylon or vinyl, men’s fashion is 
running for the comfort stations . 

W Fhiffy mohair sweaters in hot colors 
‘ £j«ed Paul Smith’s fall show on 
Thursday; hairy coats in lacquered lake 
mr made a dramatic finale mom Yohji 
Y amamoto. And the French men ’s fash- 
ion season, that nms through die week- 
end, has already shown more velvet than 
you would find oh all the theater seats on 
Broadway. • ; . 

Comfon and ease made the news at 
the early shows, where jersey was used 
for pants and for zipp e re d jackets that 
were as soft as cardigans. Flannel, with 
its soft touch, was preferred over hard, 
dry fabrics like flat wools, For pattern, 
think window-pane checks. 

There is a certain loosening up. too, 
of the silhouette. Although . pants are 
mostly narrow and flat-fronted, jackets 
are literally less buttoned-up, with two 
buttons often replacing the nigh-to-the- 
breastbone two or four- And because die 
suit is now worn for aH seasons and 
reasons — usuaUy with agleanring dark' 
shirt ami shiny tie^ — it has Joist its formal 
to. look. 

^ Paul Smith had reptilian suits to give . 
zest to a well-measured collection, 
based on color and texture. It opened ' 
with zippered shearling or fnny jackets 
in vivid colors — symbolic ofthe soft 
surfaces and bright shades that dom- 
inated the show' - 

You like velvet? Smith had it fine and. 
dandy in peacock colors or ridged and 
wafftedfor a L more rugged effect. Yon : 
will never be a man in a gray flannel - 
soft? Maybe not if it is ovoiaad with 
pink or mange window-pane checks as 
though an artistic child had been at woik 
with crayons and ruler. 

While Smith has a. youthful mend- . 
mehfto bis collections, be keeps to • 
classic proportions far brief coals and 
long jackets. And his paisley or rose- 
pattraned phoits bad just a hint ofinod- 
^itxnapce^TbatmroeakdtotfaeM 
ish, ambassador, Sir Michael Jay, sitting 
in the - front row showing off iris Paul ' 
Smith brocade tie. r . 

Yamamoto unleashed the artist in 
him — so the show took a funky, youih- 
I ful direction not least because aft the 

’ floppy-haired young models looked like 
schoolboys. French pupils maybe, for ; 
they wore jaonty berets, above tbenr - ’ 
loose-ish suits with flared pants — a 
scarf flung nonchalantly around. 

Then POW! Out came suits harte- 
qum-printed ft la Picasso or a coat pat- 
terned in geometric, Piet Mondrian 
squares, with thatching sweater. Those 
shock tactics ushered in more. subtle 
artistic ideas, likening on collars and 


pockets and honeycomb-patterned knits - 
with rolled hems. Jersey tunic tops and 
those hairy coats added to the cuddle 
factor. 

John Rocha hit fashion target with Iris 
tactile show of peat-brown velvets and 
shiny brocade pants, a neat ta W* on the 
cultural background of the Hong Kong-, 
bom, Irish-based designer. His velvets 
were furrowed or even wicker-printed, 
which gave a rugged, rather than a 
dandy, feel to the slim tailored coats and 
pants, worn with Oxford shoes with 
tweed uppers. 

Modem comfort was tee mantra at 
Rykiel Homme, where tee V-ai-the- 
throat sweaters were super-fine, even 
Mien the effect was tweedy. To soften 
tailoring, zippered jackets had knitted 
sleeves or backs, mid knit polo shuts . 
were wean with suits. The designer 
Thomas Maier used stretch fabrics for 
sportswear, but the soul of tee bouse is 
in tee knits — strong with graphic 
blocks of neutral colors. 

At Issey Miyake, designer Naoki 
Talrizawa just tried too hard to impose 
his Fauvist theme. It was fine to take tee 
cobalt blue and orange of A ndrfi De- 
rain’s paintings and use them for simple 
pants or sweaters. But art patterning 
jeans and jacket looks fenced. The show 
scored with its inventive use of fabrics, 
from tee fuzzy patches on sweaters to 
felted coats given a silvered surface. 


O UTERWEAR is a strong story 
for the falL The fur-trimmed 
hood on a parka was the all- 
weather look at Lanvin, 
where designer Dominique Morloto 
also had rugged and hairy sweaters and 
soft zippered cardigans. His conven- 
tional tailoring included c ur re n t trends: 
fly front jackets; tee short car coat; and a 
mid-calf length. 

Conventional is cool — teat was the 
message from UdoEdling, a Romanian 
designer making his debut collection, 
showing a nice color sense in the pea- 
cock blues and cranberry of sharply 
tailored car coals- ; . . 

“Street look is out,” was the defin- 
itive program message from Hugo — 
the frip fine of Hngo Boss. So in its sleek 
show on Friday, nothing was mis- 
matched. Monochrome color stroked 
tee body for short coats with matching 
pants or for ribbed sweaters tucked into 
slim stretch pants. Fabrics included the 
inevitable velvet, in rich colors, and 
ants in loden Much has takes on an 
urban edge. . 

The Fre nch fashion season includes 
tee SEHMrirade fair alongside tee de- 
si goer .runway shows. It kicked off with 
a tour of tec fashion museum at the 
Louvre, hosted by Jean-Louis Dumas of 
Hermfes, the new president of French 
menswear’s ruling body. 

SUZY MENKES is fashion edhor ofthe 
International Herald . Tribune . 



Lacquered fake fur coats with the cuddle factor from Yohji Yamamoto. 


Can One Be Both Modern and a Gentleman? 


By John Morgan 

L ONDON — What makes a 
modern gentleman? To many 
people the words “modem” 
and “gentleman” might ap- 
; pear a contradiction in terms. Describ- 
ing a modem man is confusing enough, 
‘never mind his mote rechercbfi pedigree 
tor chum, the gentleman. 

™ The very word has" an archaic ring to 
it ft bespeaks of sweeter and nobler 
-earlier: times, when qualities such as 
-courage, courtesy, and honor were the 
• apogee of male achievement and tee 
: social order seemed as secure as sunrise 
'and sunset. Surely tee gentleman, and 
' ailhe embodies, has aaeverdaninishing 
[ place in today’s world? 

• The answer to teis is bote yes and no. 

* Certainly, modem life has moved many 
■ ofthe old.sociological goal posts, but to 
' claim they tave been swept away is bote 
i simplistic and mistaken. They are just 
• more difficult to divine. 

T There remain certain abstract ideals, 
often hard to define, but easy to re- 
- cognize, that transcend time ana social 
. rtranrito The tee gentleman 

'is one of *ese- . . . . 

' . But Mutt are the distinguishing tea" 
^tures of this ancient and evolved speaes 

'^Tbe fimdamental point is teat bemga- 
* modem gentleman has as much, » ■«* 

-more,todowithconduathanithaswite 

class. This has always been the case m 
' die Anglo-Saxon world, unlik e tee .more 
‘ inflexible -French system where rank 
<a»d wealth have always been enough io 
* 1 earn thelabelof gentleman. AsMadame 
- "de StaSl noticed when visiting late, 
r Georgian Britain: “You will often bear 
it said,' even by persons of lower class: 
^Though be be a fed, be is not a gen- 
- tleraau-’ ” This altitude remains. 

; ctolylastw^Iovetee^apoiwrat. 

- g distinguished apartment block in Loo- 
‘ don commenting about a visiting peer. 

- <‘He might have a title, but be s an 

* ° ^^amly , much of tee lurid and well 
4 publicized behavior of the aristocracy 




proves that high birth is no guarantee of 
good behavior. 

No, it is in his demeanor teat the 
gentleman both distinguishes and 
defines himself. He may come from 
virtually any walk of life, but be will 
encapsulate, a shared way of behaving 
that is common to other gentlemen. This 
is because the modem gentleman, like 
his forebears, is both the product and tee 
producer of tradition. For him the past 
and its established set of values is his 
guidofor dealing with the present. 

This is not to say tee gentleman is 
imprisraied in tee past, but his under- 
standing of convention makes him con- 
fident enough to rise above some of tee 


more transient and confusing aspects of 
contemporary life. It is thus that the 
gentleman is known for his sangfroid in 
a difficult situation and is characterized 
by a light touch in the everyday business . 
of bis life. 

Thus, for the modern gentleman there 
are few conflicts between ancient codes 
of chivafry and new diktats of fem- 
inism. 

Socially, be still expects to stand up 
for women when they enter the room, 
yet professionally he would refrain from 
doing it every time a woman colleague 
comes into a meeting. 

Sartorially, he knows teat the Savile 
Row suit is the sine qua non of men’s 
dress, yet this does not stop him pat- 
ronizing one ofthe new tailors, who can 
combine traditional craft techniques 
with a contemporary sense of style. This 
being said, he would never buy a suit 
that would appear ’ ‘wide” or flashy and 
better suited to a game show host 

H E understands the appropriate 
accessory: thus would _ not 
wear a winged collar with a 
dinn er jacket and will always 
wear “proper” (i.e. frilly welted leather 
soled) shoes and understands that 
sneakers are just for sport, and nerdy 
crepe-soled numbers have no role what- 

. soever. 

His approach to jewelry is under- 
stated and includes only a watch, cuff 
links, evening studs and perhaps a tiepin 
with formal (e.g. morning) dress. Hats, 
if he wears teem, will be sported with 
aplomb; worn at just tee right angle and 
raised without embarrassment or clum- 
siness. 

In tee everyday conduct of his life, 
the modem gentleman has little need of 
the absurdities of political correctness, 
yet he would be careful not be racist, 
ageist or sexist- He is not xenophobic 
and never patronizing or rude to people 
who might be considered his social in- 
feriors, yet he would probably not ap- 
preciate his. maid or doorman address- 
ing him by his first name. 

At parties tee gentleman remains a 
huge asset Perhaps neither as formal | 


nor as punctilious as in tee past, he will 
still display an ease that leaves the so- 
cially challenged standing. Understand- 
ing teat a good guest has to sing for his 
supper, he will aim to be entertaining 
and amusing, will know how to give 
compliments and make introductions. 
Tbe modem gentleman, as his forebears 
before him, uses charm to delight and 
disarm. He is conversationally agile but 
never drops names. 

Needless to say, he has good manners 
and employs them to make his and other 
people’s lives more agreeable. He says 
please and thank you and is a skilled 
practitioner of the (tying an of the thank 
you letter. 

However, in professional life, al- 
though never as hungry as a yuppie, tbe 
modern gentleman is likely to work a lot 
harder than was previously the case. In 
tee old days, if a gentleman worked, it 
was in only a few limited professions 
and be never made much of a song and 
dance about iL This was because it was 
enough to be a gentleman. Today the 
modem' gentleman, despite his winning 
ways, his undoubted contribution to the 
art of Jiving and his enduring ethos, has 
to “do” as well as “be.” 

JOHN MORGAN is associate editor of 
the British GQ magazine and the au- 
thor of “Debrert’s New Guide to 
Etiquette and Modern Manners." 



Giorgio Armani's velvet shirt and new flat-front narrow pants. 

Sex and Single Guys 
Strut Into Limelight 

A Youthful Look With Attitude 

M ILAN — We have had shirt — it’s not modem life.” 

singles bars, happy hours Milan fashion was about new ge 
and vacations for single eration romantics: Gianni Versace 
folk. And now men’s Harris tweed coats with plaid linii 


M ILAN — We have had 
singles bars, happy hours 
and vacations for single 
folk. And now men’s 
fashion is in on the act. An ines- 
capable theme of last week’s Milan 
shows was sex and the single male. 

The significant trends were all 
about peacock plumage: skinny pants 
gripping tee hips and drainpipe-thin 
on the legs; sweaters that clung to the 
pectorals or were semi-transparent. 

Narrow-cur suits came in stroke- 
able velvets. Short coats emphasized 
tbe male torso. Even when tbe clothes 
had a hip looseness, they were shown 
on fragile young males with attitude. 

You might define such fashion as 
clothes for men who want to signal 
teal they are available. 

“Fashion is all about mating.” 
claimed tee designerTom Ford after a 
Gucci show in which he had loosened 
up the silhouette but still gave his 
models a predatory swagger. They 
wore pants that hugged the hips above 
the flares and shins slopped open in a 
louche way under suits. 

Not since the 1960s — when tee 
silhouette was also sexually provoc- 
ative — has there been such a gen- 
erational divide between clothes for 
men who are prepared to flaunt it — 
and regular guys for whom clothing 
serves as camouflage. 

Even Giorgio Armani, who made 
tee slouchy suit into a grown male’s 
comfort blanket, had re-cut his fall 
silhouette on leaner, meaner lines, 
showing flat-front pants, fitted suits 
with in-built stretch and dashing vel- 
vet shirts. 

“Superficially, looking sexy is 
about muscles and a beautiful body, 
but it is also about a well -cut, care- 
fully honed suit," said Armani. 
“Whai is a bit finished is that tra- 
ditional old England look of relaxed 
man in cashmere sweater and checked 


shirt — it’s not modem life.” 

Milan fashion was about new gen- 
eration romantics: Gianni Versace’s 
Harris tweed coats with plaid lining 
and lapels; Dolce & Gabbana’s cran- 
berry velvet suit outlining the male 
curves: and Valentino’s super-fine 
shirts snaking tee body on the bias. 
Even Prada, in switching from its 
signature techno nylon to natural fab- 
rics. seemed to have gone for the soft 
touch. 

“Romantic is tee wrong word.” 
said Miuccia Prada of her slim-line 
loden suits worn with crisp shirts and 
slithering ties. “It’s about reviving 
male vanity.” 

Think of the strutting glamour of 
those young lieutenants who set Jane 
Austen's prim heroines aflutter. 

Uni/onn looks are still hot. Cerruti 
had a fine twill military shirt tucked 
into matching pants; Dolce & Gab- 
bana’s naval pea coats were thrown a 
curve; and so was tee long slim cler- 
ic's coat, seen at Krizia and in tee 
elongated lines of Donna Karan's col- 
lection. 

Back in fashion too are military 
mainstays like loden and gray flan- 
nel. 


T HOSE granddad fabrics are 
sexy? Yes — if the tradi- 
tional took is cut closer to the 
body and the attitude ironic. 
Classic looks even seem more edgy 
and interesting than the so-called mp 
or streetwise designs, like techno 
sportswear or suits shown with gar- 
ishly colored trainers at Byblos, and 
Moschino's vinyl suits. When Giro 
decided to pitch for youth, with tee 
models turning the runway into a 
rave, the company still used the classy 
traditional fabrics for which it is fa- 
mous. 

Continued on Page 22 


MAURIZIO GALANTE 

MARCH 1997 

PRESENTATION OF THE PRET-A-PORTER COLLECTION AUTUJV1N/WINTER 1997/1998 

FOR INFORMATION CGtfTACT; MAURIZn] GAUTJIE 8. A. 28 RUE DE PALESTRO 75002 PARIS TEL. 01.55.34.34.55 FAX 01 .55.34.55.50 






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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 25-26, 1997 


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A/ /e/?. M rban separates with schoolboy and vintage references from the Belgian designer Ref Simons: at right, jazzy patterned shirt and slim pants from Christophe Lemaire who showed his first fidl men's line onF riday. 

Beyond the Beret and Baguette: Designers Display Contrasting Styles 


1(4 




By Rebecca Voight 

P ARIS — “French men' swear is 
elegant, but relaxed. There is 
always a play of contrast,'’ says 
Jose Levy, die young designer 
whose label Jose' Ldvy & Paris leads the 
pack of boisterous, up-and-coming 
names here. 

Levy illustrates his point in a strict 
hunting green jacket with a scrappy 
sheepskin collar for fall from the col- 
lection he will show on Saturday. “I 
was thinking of an unlucky hunter con- 
demned to resemble his prey,” he says 
with a twinkle in his eye. 

Levy is one of the few in France who 
has been able to give classic menswear a 
humorous punchline and stay entirely 
away from the color black. For next 
winter he has taken a leaf from French 
forest rangers, hunters and imaginary 
animals. His game is in the details, like 
gold blazer buttons with charade mes- 
sages. This is done in established 
tweeds, camels, moss greens and navys. 
It *s only on closer inspection that a prim 
tweed reveals rubber backing and camel 
wool pile. 


The Romanian-German designer 
Udo EdJing who works here and will 
present his third show on Friday is also 
into paradoxical menswear. ”1 like hid- 
den details.” says EdJing, “like invis- 
ible hand stitching on a nylon shirt col- 
lar instead of vulgar topstitching. 1 want 
to put luxury in places you would never 
expect to find it." 

Edling’s quiet luxury generated com- 
parisons to Jil Sander, but he insists his 
style is much more French, closer to the 
body and more tailored. Last fall, his 
black nylon jacket came lined in cozy 
cashmere. “I don't think I could design 
anywhere else but here now. The city 
has a certain magnetism.” he says. 

Good vibrations or not. Paris die fash- 
ion capital has suffered from an identity 
crisis of late. “France cannot sit on its 
style laurels anymore.” says Levy. He 
and six other young French designers 
will be featured in a group presentation 
by Prom as, the international promotion- 
al arm of the F.M.F. Mode Masculine 
Fran^aise (French menswear federa- 
tion) at Paris’s men’s fair SEHM this 
weekend. This is the first show the 
globe-trotting Promas has held in 
France and it will inaugurate SEHM’s 


new fashion show space. Two Paris 
menswear showrooms will debut this 
week as well. Carole de Bona, whose 
Espace. around the comer from Place 
des Victoires, is a hunting ground for 
new talent during Paris’s women's col- 
lections week, will feature seven young 
men's collections, including Udo Ed- 
ling and Beaudoin-Masson, both also 
holding shows there. 

Nearby, at the Bourse de Commerce, 
TranoT. another established women's 
showroom, opens its doors with a dozen 
men’s collections, including the hip 
shoemaker Rodolphe Mdnudier and 
France's Moritz Rogosky. 

Christophe Lemaire, who has a suc- 
cessful women's collection, has been 
showing a limited edition men’s line for 
the past three years and will hold his first 
men’s show this season. Inspired by the 
cooL minimali st style of jazz musicians 
in die ’60s — Serge Gainsbourg, 
Jacques Dutronc and beatniks — 
Lemaire describes his look as “sharp 
dressing with liberty and definitely not 
dandy.” 

On a similar wavelength is fellow 
French women's designer J6r8me 
l'Huillier whose men's collection has 


grown out of his method of designing 
clothes in terms of couples. L'Huillier 
has a Frenchman's fascination for 
American heroes like the filmmaker 
Nick Cassavettes and the Kennedy 
brothers. But he leaves the American 
’60s far behind in his liberal use of 
color. 

Men’s designers here, like their wo- 
men counterparts, are increasingly de- 
pending on Asian orders to bolster their 
fragile businesses. L6vy sells to a score 
of Japanese stores and recently signed 
with a top imp orter there. “The Jap- 
anese are the world's most avid fashion 
consumers,” he says. “They don’t just 
buy labels, they’re interested in new 
style." 


A LTHOUGH he works at home 
in Antwerp, the Belgian de- 
signer Raf Simons is another 
Paris enthusiast who has been 
coming here for the past several seasons 
to promote his collection with video 
presentations at galeries. 1 ‘I like to com- 
bine art and business,” says Simons, 
who will hold his first show with a full 
crew of models which he is busing in 
from Antwerp this season. 


His provocative look is full of vintage 
menswear details, references to English 
schoolboys and most recently ’80s 
punks. Simons shirts are in Swiss cot- 
ton, but he never makes a suit that 
matches and he favors old gray 
“cloc hard" -style wools for coate.Ffis 
hand-assembled, machine-knit sweat- 
ers look like a hybrid of rich and poor. 

“Raf has a very special energy be- 
cause he's still hungry and not pre- 
tentious,” comments Nina Gardnno, 
vice president of menswear at Ron Her- 
man Fred Segal, the Los Angeles spe- 
cialty store that mixes European de- 
signers and casual style. Although the 
collection is only in its third season, 
Gardnno has had it in the store for the 
past two. 

Another marginal mover and shaker 
is Moritz Rogosky who for his fourth 
collection has played with the kind of 
flashy eveningwear favored by magi- 
cians and the heroes of French police 
novels like Arsfcne Lupin. “I was in- 
trigued by die combiiHtion of black and 
purple,’ ’ be explains. A few days before 
the show that he w£Q stage in a 1930s 
restaurant, Rogosky was stiD searching 
for white patent leather shoes. Perhaps 


the best overview of trench menswear 
now isatPanoplie, a small store dose to 
Place des Victoires. Jean-Louis Bea- 
mont sells a great deal of Helmut Lang 
and Dirk Bikkembergs ar Panoplie 
which he mixes wfth : Josti L6vy. Udo 
Edling, Christopher Lemaire, -J&dme 
l’Huillier and ofeer French collections. ' 

4 Tm very cocorico (French slang for 
patriotic),” says Beaumont. The store — 
has a theme for each season anrf this . 
spring it’s the stiff, quietly eccentric \ 
style of the men in the fflro director.^. 
Jacques Tati's surrealist comedies foanv^ 

the 1960s. ■ ■ ... ... 

- Beaumocr offers no precise defrn- . 
itiori of French menswear althougfa he 
says there is a common denominator in 
the French collections. “Perhaps it’s a 
good thing that french men’s style isn’t - 
easy to pin down,” he; ventures. “I 
don’t walk around Paris wearing a beret 
and a baguette under my arm,” says r 
Beaumont, “butthere is something nay 
everyday elegant, bet wary much a part . 
of ihe street that is typkalty French-” . 

REBECCA VOIGfff is a journalise : 
based in Paris who spedaiizes in fash- 


*#*» 


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■ ■ * 


# # i 


French Sportswear 
Can’t Set the Pace 

U.S. Labels Dictate Today’s Style 
For International Youth Market 


P ARIS — If Jules and 
Jim. characters in the 
French filmmaker 
Francois Truffaut’s 
nouvelle vague classic, were 
on their bicycles today, the 
only new clothes they might 
be wearing would probably 
be by Polo Sport, Calvin 
Klein and Tommy Hilfiger. 

American sportswear 
brands, once the followers in 
international youth style, are 
the current cult labels in 
France. Their dominance has 
turned most of what's on offer 
here into a sea of Calvin wan- 
nabees. Tommy takeoffs and 
Polo adaptions. 

An authentic French 
sportswear label, offering 
unique, casual style, is per- 
haps the hardest item to find 
for retailers scouring SEHM 
and the other menswear trade 
fairs held here this weekend. 

Instead of home-grown 
style, young men in Paris go 
out on the town in secondhand 
clothes. At clubs like Respect, 
the weekly house music hap- 
pening on Wednesday nights 
at Paris’s Queen on the 
Champs-EIytees, the dance 
floor offers a retrospective of 
U.S. military issue and work- 
wear from the past. A pair of 
hot sneakers is the sole con- 
cession to new gear. The min- 
imalist look seems to be a 
kind of holding pattern for 
young French men as though 
they are waiting for young 
French designers to make new 
clothes interesting again. 

"The mega bucks fashion 
industry markets casual 
clothes' like detergent these 
days,” says Francois 
Girbaud, who with his wife 
designs the successful 
MantW et Francois Girbaud 
sportswear collection for the 
American giant VF Corpora- 
tion in the United Stales. 
Girbaud who began in France 
where he was one of the first 
to stone-wash jeans, blames 
what he calls “the pacman 
approach” for killing off cre- 
ativity in sportswear. 

“It’s not really what’s 
worn outdoors that counts 
today anyway,” Girbaud cla- 
rifies. “People are spending 
their lives at home — today’s 
sportswear is innerwear that 


can be worn outside too.” 
Accordingly, one of 
Girbaud's latest creations is a 
"lingerie jean," a stretch 
five-pocket pant that reveals 
flesh through net and plays a 
game with tattoos. His goal 
has been to combine all the 
most comfortable aspects of 
jeans and underwear into one 
new generation of pants. 

The indoors/outdoors 
theme runs throughout both 
the American collection and 
the group’s European line 
called “Be” which is 
headquartered in Italy and 
shown in the Girbaud show- 
room in France. 

“France should get to 
work." says Thierry Taine of 
Beach Break in Bordeaux, 
which has retail shops special- 
izing in hip sport brands in the 
area and distributes the Cali- 
fornia brand Stiissy in France. 
“A classic like Lacoste could 
raise Ranee’s sportswear pro- 
file, but they haven't created 
anything in years,'' says 
Taine. “ft's like they don't 
want to be young." 

A second contender on 
Taine’s list is French surf and 
snow brand Oxbox which, de- 
spite U.S. dominance in surf- 
ing and snowboarding, has 
developed its own colorful 
style and sophisticated sport 
shapes that sell worldwide. 

The few French innovators 
on the casual market now 
stand out by their use of color 
and intrepid take on shapes. 
Tony Martin, based in Lyon, 
has become a fixture at 
SEHM’s Nouvel Espace 
where the brand has slowly 
but surely, gained an inter- 
national reputation for off- 
beat, casual men’s style since 
its start in 1988. 

“We’re one of the few 
young brands here which 
isn’t dedicated to surf, or 
skateboarding, so we can't be 
compared to the Americans,” 
explains Serge Martin, the de- 
signer and owner of Tony 
Martin. The urban attitude 
which characterizes Tony 
Martin is, he adds, “an in- 
terpretation of active currents 
for the city.” 

Martin began by opening a 
store when he was 20 in his 
native Lyon to sell rock V 



From Hip-Hop to Cool, the Neighborhood Defines the Lifestyle 


>:;t - 

JH 

fei I?- 


J.C. F*ea»aid 

No-logo cool casuals are popular on Paris club scene. 


roll style English brands and 
his own collection has been 
an offshoot of thaL He 
designs and markets his label 
with a small team. 

Today, Tony Martin ex- 
ports well over half its pro- 
duction, predominantly to Ja- 
pan where the brand is 
considered an affordable 
complement to French de- 
signer labels. 

Far fall, Tony Martin con- 
tinues to work close to the 
body, a French trademark, in 
matte Lycra and kitsch bias 
stripe prints. The ’70s influ- 
ence shows up in tailored 
shirts with epaulettes and 
fancy pockets fora collection 
that is more about clubbing 
than work or school. 

Another name on the 
bright, wacky and original 
side of French sportswear is 
Jean Fixo who mixes bright 
fake for, blaring prints and 
unusual accessories like belts 
with seat belt buckles in his 
fall sportswear collection. 


Kana Beach, designed by a 
community of avid surfers on 
Brittany’s south coast, is one 
of the few French brands with 
an original look selling well at 
home and abroad. Beginning 
with screened T-shirts in 
1988, Kana Beach has de- 
veloped a complete 
sportswear collection. The 
brand’s roots in hippie surf 
style and rasta inspirations 
have given way to a clean take 
on sportswear, at home both 
on and off the beach. 

The owner and designer 
Fred AJegoet credits Kana’s 
success with the group’s lack 
of experience at the start. 
“We were so naive we 
thought we had to maketbeT- 
shiits we printed on instead of 
starting fee collection print- 
ing on Hanes or Fruit of The 
Loom,” he explains. “If we 
had known we could order T- 
shirts, we might never have 
made clothes.” 

Rebecca Voight 


By Pat McColl 

P ARIS — When ft comes to shop- 
ping here, in a sense, the ar- 
rondissement dresses die man. 
As fee menswear designer 
Thomas Maier expresses it “Each 
neighborhood reflects a different life- 
style from those Chesterfield coats feat 
pepper fee 8fe district to the hip-bop 
kids in Les Halles and fee Marais to cool 
St_ Gennain-des-Prfes.” 

Since last autumn, velvet-collared 
Chesterfields have been best-sellers at 
the Francesco Smalto boutique, 44 Rue 
Francois 1 er while at Beckaro, 5 Rue St 
Opportune, and Diesel. 26 Rue de la 
Reynie, in Les Halles, bodyshirts in 
1950s- and 1960s-inspired prims or 
shiny black satin and a wider legged 
jean are current customer favorites. 

“If it’s street fashion, our clientele 
wants it,” said Dominique Mas ini, di- 
rector of fee Beckaro boutique. Part of 
his job is second-guessing where the 
next street fashion will come from. 

4 ‘Dus winter, we were ready for the ’50s 
skiwear influence, but who would have 
guessed that a corduroy carpenter’s pant 
would turn out to be a hot hem?” 

And who would have guessed that the 
ubiquitous CK One T-shirt would fall 
victim to Schott — fee brand name of a 
best-selling motorcycle jacket in the 
United States — sweatshirts. Check 
them out at the newest and biggest — 
1,400 square meters (4,200 feet) — 
Streetwear diop, Manuel de Araujo’s 
Meteor, 131 Rue Sl Denis. The list of 
brands he stocks — Dreaddy, Posse 
Posse, Rip Curl — sound more like rap 
labels than clothes but that’s the image 
De Araujo wants to project 
Among his projects for the boutique 
is a space for skateboarders androller- 
bladers on the lower level. 

Thirty-odd years ago, it was easier. 
There was just one hot menswear look 
and one p latte to buy it the velvet blazer 
wife Bar silver buttons from Renoma at 
129 bis Rue de la Pompe. Everyone 
from Alain Delon to students from the 
Lycde Janson, just across the street from 
the boutique, bad to have one. 

Renoma and that blazer are still there, 
the shop’s 700 square meters filled wife 
one of fee biggest concentrations of 
clothes for rneurn fee city and fee quin- 
tessential exponent of “le look 
seizieme 

“Menswear style has really evolved 
since we opened in 1963.” said Maurice 
Renoma. “Then, the man who bought 
that velvet jacket wore it wife velvet bell 
bottoms. Today, he Is more apt to mix it 
with a pair of jeans and a T-shirt” 

Even Renoma’s perennial classic, the 
three-button suit is presented on in- 
store displays wife a tie-less dark 
ground shirt and a multi-colored knit 
vest 

Wife Renoxna as a hub, fee streets 



.«» * 1 * 




Dior's sportswear, at left, and Francesco Smalto's checked chesterfield, •’ 


leading off it — Rue de Longchamp, 
Rue des Belles Feuilles -— are filled 
wife shops catering to today's Lycde 
Janson students wife a colorful mix of 
shoes, sweats, jeans, parkas, sunglasses, 
leather jackets and lumbeijack shirts. 
One of the biggest, wife fee name SAP, 
is at 106 Rue de Longchamp. 

Still in fee 16th district, Replay, the 
Italian sportswear firm, has just opened 
a two-level store at 1 Place de Eassy . 


T HE colorful sportswear ap- 
proach of shops-like SAP and 
Replay has recently been 
adopted by a house as sophis- 
ticated as Christian Dior where the. de- 
signer Patrick Lavoix, in his summer 
collection, does designer baseball caps 
and T-shirts, yellow suede moccasins 
and plum denim jeans, a casual ap- 
proach destined for Dior's first Left 
Bank boutique which^pens on fee Rue 
de 1’Abbaye later this spring. Obvi- 
ously, those Dim- classic suits, are still 
very much a part of this collection, 
showcased in -Dior's Rue Francois ler 
boutiques, but even here. Lavoix has 
narrowed and elongated fee silhouette; 

With the arrival of a Dior menswear 
boutique just around fee comer and the 
opening of Giorgio Annani's Emporio 
Armani boutique just across fee street 
early this summer, Fapanaable, at 174 
Boulevard Sl Germain, is rethinking its 
ambiance and merchandise content. ' 

The boutique’s previews cosy “Eng- 
lish haberdashery” lode will be re- 
placed with white wood and glass fix- 


<u 7 imjc uu raurourg ou 
HonorS, a favorite wife American shop- 
pas for its choice of shirtings in more 
fern 200 different stripes and . checks, 
remains in feat haberdashery mood. ■ " 
Just around die comer is one of the: 
mreat names in- French menswear; Nino' 
Qaruti, a must stop forHanisonFordJ 
Jack. Nicholson or Clint Eastwood' 
whenever they are in Paris. All choose- 
Cerruti's impeccably cut suits for feeir. 
on-and-off-screen wardrob es. ■ ' 

Unlike Cerruti who added wo- 
nienswear to his well-established 
menswear line. Jean Paul- Gaultier 
(shops at 30 Rue du Faubourg SLAnt- 
ome and 6 Rue Vivienne) started out as 
a womenswear designer before moving' 
into menswear, cross-fertiliW e le-! 
meats for a sometimes androgynous but- 

always witty, approach. 
bands, an otherwise classic pinstripe 
smt can sprout embroidered Suffeor 
skirts— -kilts for men — canhmfo-*^ 

one collection to the other. ! ^ from 
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PAGE 22 



MEN’S FASHION / A SPECIAL REPORT 


Walking a Delicate Line: Men’s Dress Takes a Feminine and Sexy Turn 


By Richard Buckley 


P 


ARIS — There is certainly noth- 
ing unusual about back-combed 
hair, varnished nails, or match- 
ing bags and shoes worn by wo- 
men at a haute couture show. It is an- 
other story when these things are seen 
on male bodybuilders like the models in 
Jean Paul Gaultier’s couture collection 
shown here last Sunday. 

The presentation, the first to bring 
men's and women's fashion together in 
couture, was just one more example of 
how men and women arc not only re- 
defining their roles in society, but how- 
in the "90s. the bridge between the sexes 
dress has become narrower and more 
similar. 

Gaultier has made it his mission to 
break, bend and twist all the traditional 
rules of masculine dress. He introduced 
crouser/skirts. backless sweaters and 
sheer tops for men. and he has tailored 
tuxedos in chiffon or sequins. Gaultier 
has promoted the idea of men as sex 
toys, and his shows play like social 
satires, mocking conventional notions 
of male vanity and behavior. 


While Gaultier has gleefully and sub- 
versive!} 1 waged war on macho stereo- 
types over the past 14 years, there has 
teen a quiet revolution within the in- 
dustry. particularly in the way men and 
women dress and shop. Men are show- 
ing an ever greater interest in fashion, 
while women buy items and pieces 
rather than seasonal outfits. 

Furthermore, it is men who are now 
portrayed in the media as sex objects, 
their barely clothed bodies used to sell 
everything* from microwaves to break- 
fast cereal. Men have become overtly 
sexual in a way that was once exclusive 
to women. 

Although there may be a touch of 
ambiguity in these shifting roles in fash- 
ion, designers reject any notion that this 
look is unisex or androgynous. The mes- 
sage. they say. is freedom of individual 
expression not sameness. 

"You can't do unisex." says Ann 
Demeulemeester. “or you lose 
everything." Demeulemeester. who in- 
troduced men 'swear two seasons ago. 
says she likes to mix feminine elements 
for men and rice versa, but adds it is like 
walking a very delicate line to know the 
correcrproportjon to give each. 


"Every person, man and woman, has 
a percentage inside them that is mas- 
culine and feminine.' ’ states Domenico 
Dolce. "To be able to balance the hu- 
manity in all people is the most beautiful 
thing.” The Dolce & Gabbana fall 1997 
collection shown in Milan last week 
featured "masculine clothes with a hint 
of femininity.” such as the slim-fitting, 
hip-riding trousers, cut without a waist- 
band. ... 

"Everyone today,' states Miuccia 
Prada. * 'is trying to be themselves with- 
out any rules,” and she poetically calls 
the current blurring of the sexes in fash- 
ion a "cultural interchange.” 

Ten years ago — with the notable 
exceptions of Katharine Hamnett and 
Vivienne Westwood — it would have 
been difficult for women designers like 
Prada and Demeulemeester to even 
have a voice in menswear. but today the 
rosier also includes Jtl Sander. Dona- 
tella Versace and Donna Karan, who 
outfits President Bill Clinton more often 
than she does the First Lady. 

Interestingly enough, it is the male 
domain of tailoring that has brought the 
sexes together. This idea visually crys- 
tallized on Gucci's runway last March 


when a male model in a red velvet 
tuxedo, unbuttoned .powder blue shirt 
and scarf tied around the neck was side 
by side with a female model in the exact 
same outfit. On him the color and the 
styling could have been construed as 
femirune, while on her the tailoring was 
decidedly masculine. Separate, but 
equal, and definitely sexy. 

“I have been working for 20 years to 
make tailoring for women attractive and 
sensual,’* says Jil Sander, who is now 
doing the same forme n. For the past two 
years, Sander says, she has been per- 
fecting a men's silhouette that is lighter 
and "fits like a second skin.” The struc- 
ture is evident in the way jackets are cut, 
but on the body they feel as soft as a 
cardigan. Sander explains that in 
designing for men and women, she finds 
that It is easy to share elements but that 
it is the individual personalization that 
makes it modem. 

Similarly, Prada says she follows the 
same vision for men as for women in the 
sense that she finds herself using the 
same fabrics, colors and techniques for 
both. "Aesthetically it is different.” she 
adds, "but through these differences I 
discover more about the other.” 


Over the past few years, changes in 
tailoring and the popularization of al- 
ternatives to classic business attire have 
changed the men's attitudes toward 
suits. New approaches to shape, cutting, 
construction and detailing have not only 
transformed the way tailored garments 
look, but also how they feel. The slim- 
mer silhouette, whether tagged avant 
garde from Helmut Lang or traditional 
from Ralph Lauren, is one example of a 
new category of a fashion suit for men. 

Carol Christian PoeH, an Austrian 
menswear designer living and working 
in Milan, who has a loyal following of 
female customers who like the design 
; and fit of his men's pants, jackets -and 
tops, explains that menswear used to he 
the same items — blue or gray suits for 
work and khakis for the weekend —but 
that is changing. "Young people,” he 
says, “don’t care about the client, they 
buy what they want.” The hip look of 
today’s tailoring, be believes, have 
made the suit fashionable again. ' 

“When I started 10 years ago,” says 
Richard Tyler, "the look in men's tail- 
oring was .boxy and baggy. People 
laughed when I showed up with leaner, 
ntpped-ai-the- waist suits. It’s taken 10 


years for men to accept that slimmer 
silhouette.” The boxy shapes. Tyler 
£Si out, hid the both.’, the : newer 
slender silhouette enhances the bodvl 
and looks sexier. 

"Men have a lot more confidence m 
what they wear today, and how they buy 
it " says Stan Tucker, vice president 
fashion director for Saks Fifth Avenue. 
‘‘They are not afraid of color, tor ex- 
ample, which was not the case 10 years 

non " 

"Men are no longer afraid of fash- 
ion,” says Gene Pressman, co-chairman 
and co-CEO of Baroeys New York, 
**and they are using it ro define in- 
dividual style." Pressman points out that 
when Barneys brought Giorgio Armani 
to America 20 years ago. it took four or 
five years to be accepted. “Menswear 
has always emphasized style and qual- 
ity. while women rally used.to.tiunk.of 
fashion. I see the reverse happening no^ 
and the two are moving together.*- . - . 

As the lyrics of the song byliie Briti^i 

band Blur suggest. "Girls who are boys/ 
who like boys r obe girls." - 

RICHARD BUCKLEY is a fashion and 
lifestyle writer based in Paris. \ 


Making the Image Business Pay Off 


By Hilary Alexander 


L ONDON — When BBC Radio 
] s £1.4 million a year disc 
jockey. Chris Evans, resigned 
amid a barrage of media static 
last week, there was more than a simple 
job dispute going on. 

The walkout supposedly centered on 
Evans's demand for Fridays off: he 
needs that day to record his television 
show. TFI Friday, for Channel 4. But 
media sonars detected an even more 
important reason: the simple but. these 
days, crucial need for change. 

If a week is a long time in politics, 
nearly two years at the same radio sta- 
tion is the equivalent of a New Ice Age 
in the youth market: Cool in all the 
wrong places. 

In a world dominated by a zillion 
images on cable, television, cinema, 
video and the glossies, image is all. But. 
as the marketing men know, that image 
must be constantly redefined, re-inven- 
ted and renewed before it gets within 
even a nanosecond of' its sell -by -date. 

New is more than just different; it’s 
news, the hook for millions of dollars 
worth of free publicity. 

What Chris Evans and others, notably 
Oasis's Gallagher brothers, well under- 
stand about image is its surprise-factor 
value. Madonna is to image manipu- 
lation what Einstein was to energy. 


What makes their media bandwagon run 
and run is, at core level, the fact that no 
one can guess what they are going to do 
next. When they do do it. it provokes a 
media-feeding frenzy. 

Change is a currency well appreci- 
ated by Liam Gallagher. The last time he 
was oh the from pages, he was wearing 
a golfing hat. At the time, it was con- 
sidered that he was perhaps just having a 
Bad Hair day; no matter, it helped sell 
millions for Kongo!, manufacturers of 
the cotton oddity . 

Soon after New Year, he shaved it all 
off. The new-look Gallagher was first 
unveiled when he was taken to Lon- 
don's Mary le bone police station after 
being found in possession of cocaine. 

Just as important to the fans as Liam's 
locks being sheared away, however, 
was the manner in which they were 
shorn, ft did not take long for tabloid 
hacks to discover that Gallagher had not 
gone to one of the trendy Euro es- 
tablishments that have become a bath- 
room-away-from-home for the run-of- 
the-mill celebrity pack. 

Rather, in a gesture as cool as to be 
positively frozen-over, he simply 
slouched" in unannounced to The Tra- 
ditional Barber's (no appointment nec- 
essary i in Macclesfield, a former silk 
mill center in the county of Cheshire. 

The razor was wielded by a teenage 
barber. Scon Minshull. now a minor 
celebrity himself, who took 15 minutes 


Designers Stretch Limits 
With Fabrics and Fibers 

Mixture of Natural and Synthetic Produces 
Best of Both Worlds for the Modem Look 


Bv Roger Tredre 


L ONDON — If the clothes ap- 
pear conventional on the run- 
way. take a closer look. Some 
of the most significant devel- 
opments in men's fashion are all but 
invisible to the eye. They're in the fibers 
and the fabrics. 

Stretch is the key word at the top of 
the designers' shopping lists. Virtually 
every name, from the classic British 
firm DAKS Simpson to the German 
giant Hugo Boss, is using stretch fabrics 
in tailoring lines for next fall. The trend 
is to mix familiar fabrics like flannel and 
tweed with Lycra or other elastic fibers 
to create a thoroughly modem take on 
the suit. 

Lycra is usually utilized in small 
doses — as little as two percent — to 
give stretch and resilience to cloths. "It 
looks like a regular suit, but the stretch 
makes it rather more comfortable." 
says Paul Smith, a British designer, of a 
■suit in his signature collection that has 
been a best-seller for spring. 

Demand soared for stretch fabrics at 
last fall’s Ideabiella. the upmarket Itali- 
an cloth show considered to be a key pit 
stop on the buying circuit. Marzotto. the 
Italian manufacturer, said 20 percent of 
its collection now includes Lycra. 

Hugo Boss is among a host of men's 
fashion houses newly converted to the 
stretch method, adding stretch to classic 
cloths such as gray flannel, herringbone, 
and Donegal tweed “It’s only when 
you put the jacket on thar you realize 
how different they are.” says Lothar 
ReifF, creative director of Hugo Boss. 

In the early ’90s. designers and store 
buyers alike were obsessed with 100 
percent natural-fiber fabrics. Then came 
the synthetic revolution of the mid- ’90s, 
prompted by the success of Prada' s 
nylon clothes and accessories. 

Now the trend is about mixing natural 
and synthetic to mutually beneficial ef- 
fect The Irish designer John Rocha 
approves. "There’s teen an overkill of 
synthetics over the last couple of years. 
Now we have the best of both 
worlds." 

The International Wool Secretariat 
has recognized the phenomenon by 
joining forces with Du Pom to create a 
wool-plus-Ly era knitwear technical and 
marketing program. This season. Italian 
spinners alone have spun more than 1 32 
tons of wool-plus-Lycra yam, equival- 
ent to about 400,000 garments. 

The mix-it-up trend is good news for 
customers: nylon or polyester used in 
excess are no more comfortable to wear 
in the '90s than they were back in the 
drip-dry '60s. Tacte. Du Pont’s version 


of nylon, used by Prada. is being com- 
bined with wool, cotton and linen in 
woven fabrics for a comfort fit. 

Designers approve. "I’m combining 
natural and synthetic all the time. I've 
been using a fabric with a cotton back, 
so it feels pleasant against the skin, and 
a nylon front to give it strength." says 
Jeff Griffin, a young British designer. 

Griffin is rated among the generation 
of streetwise designers using so-called 
"technical" fabrics, the most advanced 
of which are developed by Swiss and 
Italian companies. Many of these fab- 
rics were first used in active sportswear 
for mountaineers, skiers, and snow- 
boarders. 

The "technical" wave is set to nin 
and run as the menswear business looks 
ahead to the next fall. Designers believe 
the time is right to bring active 
sportswear into the fashion main- 
stream. 

Their biggest inspiration is Massimo 
Osti. the pioneering Italian designer 
who first shifted padded, down jackets 
from the ski slopes to the streets in the 
'70s and went on to launch the Stone 
Island label in the early '80s. Osti has 
since moved on -to other projects, 
launching the new labels Massimo Osti 
Production. ST95. and Left Hand, and 
developing new fabrics from protective 
clothing. These include Thermojojnt, a 
fabric said to protect from nuclear ra- 
diation, and “slashproof” fabrics in- 
corporating steel fibers. 

Among the most soughL-after names 
for new fashion fabrics is the Swiss firm 
Schoeller. which began working with 
designers three years ago. Customers 
include DKNY. Polo Ralph Lauren, 
Prada and Karl Lagerfeld. 

"Our designer business splits be- 
tween two categories — sophisticated 
reflective fabrics where a reflective 
thread is woven into the fabric, and the 
stretch market.” says Vice President 
Christine Jenny. 

A luxury feel to the cloth remains 
important to menswear designers, who 
are willing to use fabrics more tradi- 
tionally associated with womenswear. 
Silky-soft Tencel is tipped as a winner 
among the new fibers jostling for busi- 
ness. Tencel. a celiulosic fiber, has been 
used for the past three years by 
jeanswear and womenswear manufac- 
turers, typically to bestow softness and 
strength on denim fabrics. Among the 
latest converts are designers of 
menswear such as the Spanish label 
Arm and Basi and Ireland's John Rocha. 
“It's a great way of softening up den- 
im." notes Rocha. 

Counaulds. the British firm that has 
developed Tencel. is backing it with 
Investment totaling £120 million {$200 


and charged the rock star the standard 
£4.50 for” what is known in the trade as a 
Number Three Cut. slightly longer than 
Demi Moore's close shave for GI Jane. 

Since the story appeared, the barber- 
shop has been inundated with Minshull 
now slaving away at shaving as many as 
70 heads a day. 

“They're coming from everywhere, 
all over the country. Kent, Glasgow, you 
name it All ages, but mainly guys under 
25. 1 used to have long hair Like his, but 
I’ve had mine shaved off too. just like 
Liam did.” Minshull said. 


N! 


1 OT SINCE the footballer Paul 
(Gazzal Gascoigne's brush 
with bleach which turned 
hundreds of young male fans 
onto the joys of the home peroxide jobs, 
has a hair-do provoked such an army of 
imitators. 

The lookalike business means big 
money. Across the country, millions of 
under- 1 0-year-old girls, having first 
persuaded’ their mothers to buy them the 
Spice Girls' 1996 platinum hit single 
“Wannabe,” are now begging for crop 
tops like Mel B. (the dark, sexy, athletic 
one) and baby-dolly dresses of the son 
favored by Emma (the blonde, sexy, 
unathletic one). 

On a recent television show, Vivi- 
enne Westwood labeled the Spice Girls 
as "animals with no style.” Her re- 
marks will only add further desirability 



Sex and the Single Male 


: n 


Warm- SunfBP.’MAXPFP 

Liam Gallagher with his new look. 

to the range of "Spice Girls Designer 
Fashion" which they are arranging to 
market in a £2 million deal. 

HILARY ALEXANDER is fashion 
writer for the Daily Telegraph. 


Continued from Page l9 

How is ah this going to play for The 
generation which has the most to spend 
on designer menswear? 

Forty-somethings associate flannel 
and tweed with the buttoned-down 
world of their fathers, skinny shapes 
with their own' youth and think, that 
baggy shapes are ill-fitting. Both .psy- 
chologically and physicaBy. they may 
find it tough to shape up to Milan 
menswear' s new image. Yet their own 
kids may well be scared off by designer 
prices. 

S - INCE fashion today is about 
multiple choice, there was more 
to Milan than one dominant 
look. There were grownup 
clothes — like the sweeping topcoats 
from Gianfranco Femfi and Armani's 
more classic suits. There were also 
sporty separates and different silhou- 
ettes. with baggy tweed jogging pants at 
Eraporio Armani, cargo pants at 
Valentino and huge rapper pants at 
Byblos. 

The D & G collection, inspired by 
snowboarding, summed up the para- 
meters of current menswear from 
baggy, to skinny. That means rugged 
sweaters, big parkas and military baggy 
pants, as well as slim pants and tiny T- 
shiits like old-fashioned underwear. 


. “U’s (he same man with a different 
attitude who wears easy sport and week- 
end clothes and very tailored things, 1 ' 
says .Domenico Dolce. “Bui I think 
men’s feelings have changed towards 
bodybuilding. It’s not muscles you want 
for these clothes, as much as an athletic 

body.'.: ' I 

-.The super-young models remfOTpe 
the image, that youth is beautifuL. Jjl 
Sandra*, whose collection was based on 
two years of research into fabrics anti 
technique, chose to show her stun. Spam 
clothes on striplings who looked Jike 
schoolboys. - ! 

• ■ So is there now an unbridgeable fash- 
ion efivide — a singles look that dpesrijt 
work for men whose life is estabhsbed 
in a staider pattern? * 

“There are no rules at ^Lv cfanss . 
Katharine Hamnett, who had aban- 
doned her signature tight sexy disco* 
look for more classic-;. and . 
clothes. , \ .i.&j 

But Ford believes that there are de- 
fining characteristics; of a predator^ 
young male. 

■‘‘Think about an IS-yearroki,’ 1 Ite 
says, "And that energy hying 20 
different T -shirts before goxngoot — to 
them it is so i m p q it an t • la -time that 
fades- True fashion obsession is 
■ something to do with sex.” 

■ SuzyMenfoes 






Hermes Ties on a Roll 

Stores Sell a Million Neckties Annually 


By Joseph Fitchett 


P ARIS — When neckties pulled 
ahead of women’s ornate silk 
scarves as Hermfes top-selling 
accessory, it marked a fashion 
revolution — and a global marketing 
coup. 

Id less than five.yeare, the Paris lux- 
ury goods house had zoomed to being a 
market leader in $ 100-plus' neckwear, 
largely thanks to a new line of printed 
silk ties that featured elegantly drawn, 
colorful little animals. Jibes about ‘ ‘an- 
imal cracker' ' ties died in critics* throats 
as the ties suddenly became almost re- 
quired wearing for politicians, business- 
men and wannabees 
In Heralds emporia from Paris to. 
Hong Kong, men around stimip^baped 
brass racks wait for the opportunity to 
pull a trusted sales clerk aside in hopes 
of getting a lead on their pet tie but of the. 
semi-annual collection of 70 or so. A lot 
of businessmen’s international calls 
started to include an exchange of in- 
telligence about what shop might still 
have a tie with blue bears on a white 
background. 

The global frenzy was a marketeer’s 
dream. Today, Hermfes sells more than a 
million neckties a year, bringing in 10 
percent of the French company's rev- 
enue. The animals’ appeal has even 
revived interest in Hermes’s more tra- 
ditional ties,- featuring geometric vari- 
ations, usually on. stirrups and other bits 
of tackle. 

There was nothing preordained about 
Hermds's coup. It had been selling ties 
since the 1950s (and in fact is credited 
with inventing silk- screen printing as a 
decorative alternative to weaving pat- 
terns in silk), but it was a minor Hue. 
Henries only made ties at all because its 
Monte Carlo shop, located next door to 
the Casino, had spotted a small market 
in tie-less gamblers who needed neck- 
wear to meet the dress code imposed at 


From Hugo Boss, a nylon car coat in the Hugo collection. 


the gaming tables. 
Hermes only bi 


million) in a new factory in Grimsby, 
England, that is scheduled to open later 
this year. 

Why this explosion in new fibers and 
new fabric development? Fiber man- 
ufacturers such as Du Pont are enjoying 
the fruits of years of sustained mar- 
keting campaigns to persuade designers 
and, in turn , the broader clothing market 
about the benefits of their products. 
"Having the top designers as your part- 
ners and endorsing you is a very im- 
portant marketing tool,” says Salim 
Ibrahim, a Du Pont director. 

Then again, fabric manufacturers in 


specialist areas are more ready to work 
with mainstream designers, recognizing 
the opportunities for new business. But 
there's something more. In the design 
studios, the looks coming off the draw- 
ing boards are following simple lines 
and simple shapes, with many designers 
favoring the same slim-line silhouette. 

In this crowded marketplace, explor- 
ing the potential of a new fabric is one 
way for a designer to stand out from the 
crowd. 

ROCER TREDRE is a fashion-features 
writer on The Observer. 


_ broke with its horsy 
traditions in the mid-1980s when it left 
behind its grouse and other game birds 
and showed instead stylized, often 
cheeky, wild animals, starting with ele- 
phants spouting water from their raised 
trunks. 

They proved to have wild appeal, so 


who felt obliged to conform in their 
suits and shirts, saw the new ties as an 

mfesCEO feaniouis Dumas^ 

The new Hermds ties caused a frenzy. 
• As collections sold out, businessmen 
combed their mternational contacts go 
locate a sought-after tie. One HenBfcl- 
crazed businessman wanted to be buffi 
in his Hennas ties stitched toge ~ 
shroud, according to Francois 

author of a recent, authoritative 

"The Book of Ties” (Raxnmarioti)*-, 

. ' How did Hennbs come up with sochu 
winner? The laws of fashion 
dictale that ties must be serious 
. of .prosperity and tightbeartedii 
of .crisis, so in the 1990s, En 
designers apparently were looking 'ifiJr 
something a Uttle more playfiiL ;J 
-The. new Hermes tie, with 
workmanship, managed to cany 'off p 
- winy affair with the boyish vernacular 
of novelty ties by alluding . to . 
figures, Santa Claus, flashing messages. 
The risk, obviously, was tharHefinS&)s 
figures would end tip looking lifce the 
Scotties, Johnnie Walkers or Chidfesfet 
parasols that used to turn, up on pteistXi 
swizzle sticks in hotsy-toisy bars. N' ; j 

HEY did not, of course, i 

because Hermes adopted A 
phisticated design, known in.the 
trade as an. “all-over” — 
meaning a repeating pattern in winch 
the small identical motifs recur mia 
regular design covering the entire cjotij. 
“Even St. Exup&y ’s tiny lambs, when 
repeated 200 times at regular intervals, 
can create a very dressy unpressjonT' 
Chaille "says. *. » 

And the new ties had the Hetin& 
touch, including the special mtwWng 
that implants a subtie forward swelj! 
Keeping silk ties from lookingfimp is so 
important that Pierre-Antoine RabemiiL 
tiie top tie salesman in the Paris store, 
does not want: his clients to send tfieir 
HertnSs ties to be cleaned except fc 
artisans who know how to remove the 
interlining and then sew it back in afidr 
the. .envelope of printed silk has beat 
cleaned and pressed. (He recommends 
two places nr Paris, Pressing de "fa 
Madeleine near the store and Anne Maf- 

le s near the Arch of Triumph.) • [ 

In i ts new collection. Hennfcs hfc 
started edging away,from the animal 


V 



ed adorning Hermfcs’s sleekly finished widely imitated. For fans th* ** 

tte: birds, hippos, paudas L koala bears; oaring a 

tem designed to every 
sales point and warehouse in an Sfortto 1 
overlooked specimens of k j 
cuslo roer s favorite animal tie.- • 


even lambs straight out of SL Exupdry's 
tale, “The Little Prince.” 

Animal motifs had been tried in Italy 
by Gucci and especially by Fenagamo, 
but a big international clientele quickly 
started snapping up the snappy new 
Hermes designs. Professional’ people. 




JOS EPH FITCHETT is a reporter (Hr , 
the International Herald Tribune, ! ' 


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PAGE 24 


^ BemlbSSribune. 

Sports 


SATURDAy-SUNDAK, JANUARY 25-26, 199* 


World Roundup 


Superdome Death 

football Producers of ihe Su- 
per Bowl halftime show said Friday 
they had decided to delete a bun- 
gee-jumping routine after one of 
me jumpers was killed while prac- 
ticing in die Louisiana Super- 
dome. 

Laura Patterson, 43. struck her 
head on the Dome's floor during 
the routine late Thursday. She was 
taken to the city’s charity hospital 
where she was pronounced dead of 
massive head injuries. 

It was unknown whether it was 
human or mechanical error that 
caused Patterson to hit the floor. 
Patterson was part of a 16-member 
professional bungee- jumping 

group, which included her husband 
and sister. { AP) 

Disease Sidelines Lomu 

RUGBY The Rugby union super- 
star Jonah Lomu, who captured the 
sporting world's imagination in the 
1995 World Cup, said on Friday 
that he had a serious kidney dis- 
order that would put him out of 
action for at least six months. 

The 21 -year-old New Zealand 
All Black said at a news conference 
in Auckland that he had a rare con- 
dition known as nephrotic syn- 
drome that would require intensive 
medical treatment. The program 
would involve 60 injections and 
tablets a day. and doctors said he 
had a 50 percent chance of a full 
recovery. 

Lomu, named international play- 
er of the year by Britain's Rugby 
World magazine, thrilled fans for 
his barnstorming demolition of 
England in the World Cup semi- 
final in South Africa. (Reuters) 

Arrest of Yankee Pitcher? 

baseball The New York Yan- 
kees pitcher David Wells will be 
arrested for his role in a Jan. 12 
fight that left the left-hander with a 
broken pitching hand. The New 
York Post reported Friday. 

The newspaper, citing a San 
Diego police spokesman, said , 
Wells would be arrested on felony 
battery charges and that matters 
were being worked out with 
Wells's attorney to have the pitcher 
surrender. But the attorney. 
Howard Frank, told the newspaper 
Thursday night that he was un- 
aware of such an agreement 

The fight began when Wells and 
a friend apparently thought two 
men walking away had taken the 
keys to Wells's car. which was 
parked on a street in Ocean Beach. 
California. (AP) 

A Reformed Rodman? 

basketball Dennis Rodman 
apparently has taken some of Pres- 
ident Bill Clinton's advice to heart, 
even vowing to play some games 
for free. 

The president in a television in- 
terview aired Thursday, encour- 
aged Rodman to be a better role 
model, and suggested the Chicago 
Bulls star admit that it was wrong to 
kick a cameraman. Rodman, sus- 
pended without pay for 1 1 games 
after kicking a courtside camera- 
man in Minneapolis on Jan. 1 5, told 
the Chicago Sun-Times on 
Thursday that he was thrilled that 
the president is a fan. 

“It leaves me speechless." Rod- 
man said. “But when I come back, , 
I'm going to do something else that I 
no player has ever done. I’m going 
to play for free. I feel I owe that to i 
the Bulls." (AP) 


Scoreboard 


Sampras Boots Muster’s Computer 

American Wins in Straight Sets to Reach Australian Final 


By Robin Finn 

New York Tunes Service 

MELBOURNE — Thomas Muster 
had his stealth weapon, a computer pro- 
grammed to expose the kinks in Pete 
Sampras’s arsenal, and his kinetic 
weapon, an extra- long racquet to give 
him extra power. But even backed by ail 
the technology that money can buy, the 
Austrian could not finagle a method of 
preventing Sampras from teaching the 
final of die Australian Open. 

The top-ranked Sampras, who counts 
the 1994 Australian Open among his 
eight Grand Slam titles, slammed his 
way into the final against the newcomer 
Carlos Moya with a 6-1. 7-6 (7-3), 6-3 
defeat of the fifth-seeded Muster, who 
grew increasingly contentious as his 
eliminadon grew closer. 

“He’s the No. 1 player, he's con- 
fident, be has the best all-around game, 
and that's it: he's a Grand Slam player." 
Muster said. 

Muster had not been to a semifinal 
here in Australia, where he has ingra- 
tiated himself by purchasing a vacation 
home at Noosa Heads, since 1989, the 
year his hard-court career was put on 
hold after his knee was crushed in a 
freak accident 

“I played as well as I could; I was 
hitting deep, not letting Thomas dic- 
tate." said Sampras, who wanted to 
keep that role for himself. 

Sampras said he needed no computer 
to help him improve his record against 
Muster to 7-1. and he proved it by 
roaring through the opening set in just 
29 minutes. Though Muster broke 
Sampras with a forehand pass to take a 
4-2 lead in the second set. Sampras put 
the set hack on serve by breaking 
Muster in the ninth game with a back- 
hand drop volley. 

Sampras controlled the tie breaker. 


Zurbriggen 
And Kostner 
Tie in Skiing 


CtmfJrrI by Oar Smff from DispascHn 

CORTINA D'AMPEZZO, Italy — In a 
rare first-place tie and in the closest finish of 
the season. Heidi Zurbriggen of Switzerland 
and Isolde Kostner of Italy shared victory 
Friday in a downhill race of the women’s 
Alpine skiing World Cup. 

Zurbriggen and Kostner completed the 
2,490-meter-long Olimpia delle Tofane 
course in the some time of one minute. 30.81 
seconds. 

The Olympic downhill champion, Katja 
Seizinger of Germany, took third place, only 
two hundredths of a second behind the lead- 
ing duo. 

Warwara Zelenskaja of Russia placed 
fourth, with a gap of 0. 15 seconds. 

It was the second consecutive victory this 
season for the 29-year-old Swiss skier, the 
younger sister of die retired ski great Pirmin 
Zurbriggen. 

Kostner, the world super-G champion, 
also captured her third career victory and her 
first this season. 

Sweden’s Pemilla Wiberg held on to first 
place in the overall Cup standings, although 
she finished seventh in the fourth downhill 
race of the season in this Italian resort 

It was the sixth first-place tie in World 
Cup history. The previous tie in a women's 
World Cup race was in 1994, again in Cor- 
tina, when Wiberg and Alenka Dovzan of 
Slovenia shared first place in a super-giant 
slalom. 

In a men's two-run sprint downhill in 
Kitzbuehel, Austria, Luc Alphand of France 
clinched his third victory of the season Fri- 


tftough. and he made Muster work to 
avoid complete annihilation there: even 
when Muster tumbled into the net after 
leaping to intercept a pass, the big point, 
bringing a 3-1 lead, belonged to the 
American. Muster complained about 
ihe forehand volley that glanced off the 
baseline and gave the second set to 
Sampras, but dial did not help, either, 
and inthe third set he simply awaited the 
inevitable. 

“i tried to go to his backhand and 
open up the court, but it's really hard," 
said Muster, who was out-aced, 1 6-3. “I 
tried to get the short ball to come in on, 
but how many do you get?” 

“It's not so much the return of serve 
which caused a loss like this against 
Pete, it's his all-around game: it's the 
pressure he puts on even when I play 
from the baseline.” said Muster, who 
was outaced 16-3. “I tried to get the 
short ball to come in on. but how many 
do you get?” 

Not enough to worry Sampras. 

In the final, Sampras will square off 
against the unseeded Moya of Spain, 
whose juggernaut performance here 
commenced with the first-round de- 
throning of the defending champion, 
Boris Becker, and escalated from there. 
Moya reached his first career Grand 
Slam final with a masterful 7-5, 6-2. 6-4 
disposal of second-ranked Michael 
Chang, last year’s runner-up. 

Moya said that he was eager for a 
rematch with Sampras, who throttled 
him two years ago in Barcelona in an 
exhibition set. and that he unafraid of 
facing the world's best player. “I’m not 
going to the court as a loser,” Moya 
said. 

But. said Sampras, “I feel like I've 
got one more match left in me” despite 
some grueling five-set matches in the 
Australian heat. 

Sampras and Moya have no track 




record, but Muster, who had a clay- 
court winning streak of 38 matches hal- 
ted by Moya last yea r, warned dial 
Sampras ought not take the Spanish 
neophyte lightly: “I wouldn’t say if s a 
one-way street,” he said, “but Pete 
knows be has somebody who’s playing 
his first Slam final.” 

In the women's final on Saturday, 
unseeded Mary Pierce, who won her 
only Grand Slam title here in 1995, will 
face this tournament’s youngest-ever fi- 
nalist, 16-year-old Martina Hingis. 
Pierce, on the rebound here on the Re- 
bound Ace surface that treated her so 
kindly two years ago. leads their rivalry 
3-0, but Hingis has served notice that 
she’s a better player now than the one 
Pierce has three times dealt the dreaded 
6-0 bagel. 

On Friday, Hingis added a second 
Grand Slam doubles crown to a col- 
lection begun last year at Wimbledon: 
after she and her new partner, Natasha 
Zvereva, upset top-seeded Gigi Fernan- 
dez and Arantxa Sanchez Vicario to 
reach the doubles final, they followed 
through by claiming the title with a brisk. 
6-2, 6-2 defeat of Lindsay Davenport 
and Lisa Raymond. 

“I hope to have a good day tomor- 
row, too.” said Hingis, who plans to 
purchase Magic Girl, the feisty local 
mare who earned the tennis prodigy's 
respect by tossing her off the other day, 
if she wins her fust Slam singles title. 

Meanwhile, just as they'd expected, 
the tournament officials received an ir- 
ate petition signed by many of the top 
players protesting the closing of the 
stadium roof on Tuesday because of the 
intense heat. “You're talking about 
elite athletes here; they come down here 
expecting to play in summer Melbourne 
heat, not indoors,” said Cbang. “It's 
almost like taking Wimbledon and put- 
ting a cover over center court.'* 


•* ; = - •• 

. 5 .*■ c 



IJuinl n | \giw tw'IVrw ' 

Pete Sampras cruiangpastTbonuis Muster m their semhTmal on Friday. ; 



Sl Brahunn/Tgrnrr fro nt- I V w 

Luc Alphand en route to victory on Friday In a men’s two-run downhill. 


day. Alphand clocked fastest times in both 
runs on die shortened version of the usually 
dreaded Streif piste for a winning aggregate 
time of two minutes 12.55 seconds. 

Tbe triumph allowed Alphand to snatch 
the lead in the downhill World Cup stand- 
ings from the Kristian Ghedina of Italy, who 
finished 11th in 1:13.89. Alphand has 545 


points to Ghedina’s 489. 

Werner Franz of Austria held on to his 
second place after the first leg with a total 
time of 2:12.95. 

William Besse of Switzerland improved 
on a first-run eighth place for overall third in 
2:13.13. 

(AP, Reuters) 


RussianHits 
Her Stride in 
Paris Skating 

The Associated Press 

PARIS — Defending champion 
Irina Slutskaya of Russia shook off 
some recent sub-par performances 
to take the lead after the women’s 
short program at the European Fig- 
ure Skating championships Biday. 

She heads Into Saturday’s free 
program a clear favorite. Slutskaya 
was just third in her national cham- 
pionships and not looking like die 
skater that took third in the world 
championships last March. 

On Thursday, It took an ex- 
traordinary set of circumstances, 
but when the skating had finished. . 
Alexei Unnanov was the second 
Russian winner in the first two 
completed events. 

Unnanov jumped from sixth to 
first in the final of die men’s pro- 
gram. Most astonishingly, he' 
moved from second to first without 
doing any skating. 

Second was Philippe Canddoro 
of France, with the defending 
champion, Vyacheslav Zagorodni- 
uk of Ukraine, taking the bronze. 
Hya Kulik, who led entering die 
evening, finished fourth overalL 

The standings were so mixedm . 
however, dial the order was Za- 
gorodniuk. Unnanov, Kulik and 
Candeloro before Andrei Vlascenko . 
of Germany skated last. Vlascenko 
finished sixth, but Joggled die pla- 
cings so that Unnanov took first and 
Candeloro from fourth to second. 


BASKETBALL 


NBA Standings 


xnjumc division 



w 

L 

Pci 

GB 

Mkrad 

30 

11 

J32 



NewYofk 

29 

12 

.707 

1 

Washington 

» 

20 

SOO 

9V, 

Oftenda 

IB 

19 

4U 

10 

New Janey 

11 

2B 

_282 

IB 

Boston 

9 

28 

.243 

19 

Pbflodeltihta 

9 

31 

.225 

20 fi 

CENTRAL DIV73IOW 



Chicago 

36 

5 

.878 

_ 

Deoafl 

29 

II 

J2S 

6V, 

Atlanta 

26 

12 

Md 

BV% 

Charlotte 

23 

17 

.575 

1214 

Cleveland 

22 

IB 

-550 

m 

Indiana 

19 

20 

487 

16 

MBwmikee 

19 

21 

.475 

16’A 

Taranto 

14 

26 

J50 

21* 

wum coanatnci 


mweot annsiori 




W 

L 

Pel 

GB 

Houston 

32 

10 

JU 



Utah 

28 

13 

.683 

3* 

Minnesota 

19 

22 

.463 

1216 

Dallas 

13 

25 

M2 

17 

Denver 

12 

29 

292 

19*6 

San Antonio 

10 

28 

M3 

20 

Vancouver 

8 

35 

.186 

2416 


Fume DIVISION 



Seattle 

30 

12 

.714 

_ 

l_A Lakers 

29 

12 

J07 

'A 

Pankrod 

23 

18 

561 

6S 

Sacra merto 

17 

24 

MS 

124 

Golden State 

16 

2J 

MO 

13 

LA CBppere 

75 

24 

-385 

13Vr 

Phoenix 

15 

26 

.366 

144i 


THtmsur'sumis 
Miami 23 O 28 26- 99 

Tonal a 20 23 2! 23-87 

M:Honlo«ny 10-195-5 2&Donilo*ic 6-8 3- 
5 l& T: Wtltans 4-14 13-13 23. Moudomh* 7- 
20 £-6 22. Rebounds. — Miami 57 (Brown. 
Mourning St, Taranto O (Cantof 101. 
Assists— Miami IB (Ho«lownf ■»), Toronto IB 
[Staudamhell). 

MRwmAcw 21 2« 19 32- 92 

OrfHKfo 2S 19 22 »- « 

M: Baker 12-23 6-6 30. Robinson 4-20 5-6 
IB; 0: 54*0* 10-12 3-6 21 Hardaway 8-1 7 7- 
7 21 Rthoawls— Milwaukee 45 (Boner 12). 
Orlando 43 (Slrong 11). AssKts-Mlfwoutee 
15 (Perry 5), OrfOMo 14 (Scott 51. 

Chicago 16 28 16 27- 87 

o ew mwd n 14 19 16-71 

C Jordan 10-24 11-12 3Z PtopaiS-ll 2-2 
II Kuhoc4-9 4-4 11 c- Brandon 10-21 <M 21. 
MBs 6-13 a-6 20. ReftowHb'-Oilcogo 56 


(ptpp-n 12), Cleveland 32 (Hlfl 71. 
Assist*— Chicago 21 (Plppen 81, Cleveland 
19 (P h»s 6). 

Now York 17 25 25 25— 92 

indfcnta IB 27 16 29- 90 

N.Y. Ewing 9-30 5-7 23. CMds*4U 16c I; 
Best 7-12 5-7 22, Milter 6-15 6-6 21. 
Rebounds — New Y<rt 44 (Ewing 9), Indiana 

47 (A.Davte 13). Assists— New York 18 
(CMMs 8). tnafcma 19 (MHfer, Best 4). 

New Jersey 17 23 24 40-104 

Houston 26 30 24 31—111 

N-|J GB 1 1-25 2-3 28. Reeves 7-12 341 19; 
>f. Mack 9-18 0-0 2a Otajuwon 7-77 6-7 2a 
Deader 7-13 4-7 2a Rabaaads— Mew Jersey 

48 (WBBams 12). Houston 55 IWnBs 15). 
Anus— New Jersey 21 (Offles 6), Houston 
J4 (OatwHca. /Trader 8). 

Minnesota 25 24 2* 17-95 

Vtaaooeser 16 17 20 23-76 

M: GugBrtlo 11-22 1 1-1331 Garnett 7-150- 
0 74 V; Reeves 9-17 a-5 22, Peeler 5-13 0-0 
11 .Rebounds— Minnesota 63 (Gugltalta 15). 
Vancouver 38 (Reaves B). 
Assists— Minnesota 27 (Porter 15), 
Vancouver 78 (Anthony 6). 

Seattle 29 28 sn 21-100 

LA. CHppefS * SI 23 26-102 

S: Kemp 7-13 12-17 26, Payton Me 4-6 22; 
LA. CL/PPERSlMOltln 10-21 8-837, Seaiy$- 
13 7-8 21 . Rebounds— Seattle 51 (Kemp 1 W. 
Los Angeles 52 (Wrigpit 123. Assists— Seattle 
IS (Payton 6), Los Angeles 18 (Marlin 9). 
Ottnti 22 26 28 20- « 

Gotten State 22 21 19 17- 79 

D: MIDs 7-15 3-3 22. Hinder 7-13 0-0 1 9t 
GJ j SpreweS 5-13 5-6 11 J jSn«i 7-1 63-4 17. 
MflRfwH 7-10 041 17. teftauaris— Oetajlt 44 
mm 111, Golden State 42 (Spencer, 
Armstrong 7). Assists— Detrott 27 (Dwnars 
8), Golden State 24 (Spnwefi 11). 

EuboLeague 

amuPE 

Alba Berlin. Germany. 68 Sfetamrf Milan. 
Italy, 78 

Otymptokos, Greece. 69, MacaM. Tri-Avtv, 
Israel 60 

suadhea Stefand MHan 23 points, Atoa 
Berth 21. CSKA Moscow 2& atvmptota»2Z 
Maecnbl TeLAvt* 2a Owrterai 73. 

GROUP 1= 

Teonaysn™ Bologna. Italy. 69, Utter Spot 
Tutor, 61 

Ubaoges. France, 85. Obana Zagreb, Croatia, 
61 

PontoMos. Greece, 91, EstudSaates, Spain 
95 

a —w umni Teomsystern Botogna 23 
paras, Esftrdtertes 21, Otona Zagreb 27, 
Uraoges 19, Utter Spar 17, PanionteS 16. 
GROUP G 


« e ». . ra ., >^ PnniMiwB t os 23 potrts, qm*. 
Iona 22. VHeurbanne 22, Seville 19, Peru- 
Oitaez 16 Dynamo Moscow 16. 

CROUP N 

Boyer Leverkusen Germany 7a Patltan 
Bergrada Yugoslavia, 81 
Spflt. Croatia, 68, Kinder Bologna, Italy, 70 
imufcim Etas Ptosn 23 points. Par 
ten Belgrade 21, Saraetane 79, Kinder 
Botogna 19. Sptfl IB. Bayer Leverkusen 14. 


HOCKEY 


NHL Standings 

IUM8MWNR8MCI 

ATIANTIC DIVISION 

« L T Pts CP «A 
WtiO 27 13 7 61 153 116 
23 74 10 56 735 111 

ngers 24 19 7 55 170 139 


PModetowo 
Florida 
N.Y. Ranger* 
New Jersey 
Washington 
Tampa Bay 
N.Y. Istandets 


23 17 5 51 118 114 

30 22 5 45 127 128 

18 21 6 42 731 741 

14 23 9 37 125 138 


NORTHEAST DIVtSKM . 

W L T Pts OP GA 
pnstwrgb 26 76 5 57 774 742 

BUfMO 25 17 S 55 139 123 

HartftW 19 20 7 45 133 14$ 

Montreal 18 22 8 44 154 164 

BOStaR 77 24 « 40 734 749 

Ottawa 14 22 8 36 120 132 

wmaui coMraEMa 

CENTRAL OTVISrON 

W L T Pts GP GA 
Danas 2S 17 4 54 133 114 

Detroit 21 16 9 51 140 107 

SLLouta 22 22 4 48 141 154 

nraenbe 20 23 4 44 1JI 753 

ancogo 17 24 8 42 125 133 

Toronto 18 29 0 36 144 165 

PACmCOrVBHN 

W L T Pts Gp GA 


Coioredo 

Edmonton 

Vancouver 

AnoMm 

San Jose 

Calgary 

Las Angeles 


29 11 8 66 164 111 

21 22 5 47 154 148 

22 22 2 46 150 154 

18 23 5 41 131 141 

17 23 5 39 120 143 

17 25 5 39 117 140 

17 2S 5 39 127 160 


FtorWa 2 1 1-4 

Boston 1 0 o-l 

nrsf Ported: F-Wwmer 1 (Sftepponl 
Lowry) (pp). Z F-Stwppara 19 (Carkner. 
Dvorak] X Bi Bourque 7 (Dotes, StumpeO 

(pp). Second Parted: F-Ovgtwc 11 

(Carpenter, Sheppard) TTiW Period: F- 
Drorak 12 (Sheppard, Gustafcson) Stats ae 

goal: P- 7-1M1-3X B-!l-MD-2?.C«a8e= 


F-UonOJcstvouefc. 8-Taflas. 

Colorado 12 0 1—4 

Ptm&argta 0 0 3 0-3 

Pint Period: C-Deadmacsh 18 

(ttnens6y) (pp). Second periodic- Janes 18 
(Deadmarsh, Knrppl (stil. X COeadntanii 
19 (Kamensky, OmHnsh) (pp). TMrd Period: 
P-Francte 19 (WooOey, Jagr) 5, P-Mufcn 2 
(Dziedzfc. Wright) 6. P-» Driedzta 3 (Barnes, 
Mutton) Overtone: 7, C-Kraneasky 17 
(Lefetrvre, Deodmanht Shots oa goto: C- 11- 
8-11-5—35. p. IO-13-15-5—43. Gar toes C- 
Roy, Bltangton. P-Lofcne. 

VanoMwr 1 0 2—3 

St Laois 1 0 3-4 

Hnt Perte* SJ_.Murphy 11 Z V„ 
Couttnall 5 (SBnger, Bafaycti) Second 
Ported: None. Third Period: S_L-HaH 22 
ICcurtnaZ Modnntal. A V-Bure20 (Geftws. 
Roberts) A V, Roberts 7 fGefaas) 6> S-L- 
RJven 1 (Murptry, Twrgeon) 7, 5JL-Hu8 23 
(Turgeon. CourtnrdD Starts oh god: V- 8-3- 

4- 15. S.L-- 9-11-14-34. GeaSess v-McLean 
1 1-6-1 . S-L-Fuhr. 

Antowtai 12 0-4 

Phoenix 13 W 

First Pete* Phoetrts, Gartner 20 
(Tverdonky, RoeMcu (pp). Z Pnocrfs, 
Jarmey 7 (Shannon, Doan) X A-, Kartya IS 
(Van impe. Mlraaav) (pp). Secaad P erio d: 
PhoenSi Bontong to (Drake. Tnmtevsky). S 
A- Katya 19 (RwCCten, Setame) 6, Pheenta 
AAaduer 3 (Rannhtft Twntorsky) (ppJ.7,A- 
Karfya 20 (Setanne) B. Phoenix. Running 11 
(Shannon. Tverdavshyl (pp). Third Peris* 
Ptwonb. Tkadiuk 30 (Cortiun) (en). Shots 
en gtr* a- 9-11-14-34. pmenm 1M7- 

5— 31 Goaflesr A-Hebcrt ShMenkov. 

Pimrt*. KhoWbuHn. 


SKIING 


WowjpCup 

vmunDoinnu 

FRPMY. IN CORTWA ttAMPeECO, ITALY 

1 equaL Isolde Kostner Utaly) one mfnam 
3081 seconds, tie Hew zutMggen (SwSzer- 
tand) 1JM1, 3. Kotin SeUnger (Germany) 
13083, 4. Wa rworn Zefensknja (Russia) 
IJO.96,5. Renate GoeSdil (Austria) Ifll 23. 
6. Btotona Perez (Kafy) 7 equal. 

Restae Cavugnpud (France) 131 JR tie 
Pendto VWtera (Swateri) 131 JZ 9. Wtary 
Unrta (UJJ I J1A2, HLKathertag Guten- 
sotai (Germany) V3U&. 

Bwtote g f o iHe io - 1. Zurtirtggtei 2M> 


poWv 2. Setting* 266, 3L GoetscM 227, A 
Kostner 196, S. Wiberg 156, 6- Gong 135. 7. 
SdRRter 132. 8. Zetenskafa 121 9. Haeusl 
110, 10 equaUManftzer 109, He Masnada 
709. 

orcnto etmmaea* 1. Wiberg 1,109 
potato, 2. Stoztager 809, 3. Deborah Com- 
pagnart (Italy] 655. 4. G«g 601 S. Wadrter 
521 6. Zurtriggen 469. 7. Kbshier 464, 8-Eitl 
451, 9. Ureka Hravat CStorenlQ) 42& 
ULGato5d4327. 

nt'IBOIMBl 

mOAY. M KITZBUEHEL. AUSTRIA 

1. Lac Atphand (Francs) 2:1255 
UM2Mla06Z9), 2 Werner Franz (Austria) 
zl 1*5 aMJViMtiZ}, 1 wa&m Besse 
(Swtotertand) 2:13.13 n«6J3n«6A0), 4. 
Josef Straw (Austria) 2:1122 
0*6j7/iadiS5). 5. Fritz straw (Austria) 
2:1135 QMJIMMAXI. 6. AM Skaarrial 
(Nanny) Z1 338 a 5)656(1 J06B2), 7, Werner 
Perattianer (My) £1138 nH6A5715)&m 
8- Franca Cavegn (Swttaatand) 2:1155 
UMJtSnm.ltn. 9. Pietro vnnsm (ttafvl 
2:1173 (1M3171M.92). 10. Ed PodMnsky 
(Canada) 2:1343 0fl7.17/lG6jS6). 

BmM Itatonw 1. Alphand 545 
potato. 2. Ghedina 489 Otaty),! Franz 358, 4. 
SteOWto 344 SL Fritz Strott 299. 6. Josef 
Strata 289, 7. Besse 261, a Banco Cowgn 
(Switzerland) 191 9. Pietro VHaSnS (Holy) 
184 Iol Wtaner Perathoner (flaly) 167. 

Own ■toi wBi in . 1. Wetted van G ru- 
enlgen (Swdzeriandl 606 dqIhIs, Z KJeffi An- 
dre Aamodt (Norway) 601,1 Thomas Syksru 
(Austria) 582, 4. Luc Alphand 577, SLKrtsiicn 
Ghersna £39.6. Hraa Known (Austria) 481 
7. Guenther Matter (Austria) 421 8. Josef 
Strohl 418, 9. Werner Fran 405, 10. Alta 
5kMRtaf382. 


TENNIS 


Austrauah Open 

HODAY RESULTS 
MEWS DOUBLES SOWFMAL8 
Mark Woodtarde, Australia, aid Todd 
Woodbridge 0), Australia del Rtck Lead], 
U5- and Jonathan Shale 01), UJL, frZ 7-6 
(7-2). 5-7. 6-1. 

Sebastlen Lareou, Canada, and Atex 
O’Brien (97, U5» tie/.JoecoEiangH Vetoes 
tanto.anttPai4Haaititos(3),Nettieri(inds,4- 
46-16-4,5-7.6-2. 

WOMENS DOUBLES RHAL 
Marttao Htagto, Switzerland, and Natatoia 
Zvetm to), Belarus, del. Lindsay Davenport 
UA, and Ltoa Raymond 01. U.S* 6-Z 6«Z 


Pete Sampras 0). U-S, net Thomas 
Muster (5). Austria, 6-1, 7-6 (7-3), 6-1 

. HOCESDOUBLEBSamULS 
Larisa NeBond, LaMaand John DeJager, 
South Africa doL Anna XflumDwva, Russia, 
and Mari: Knowles, Bahamas, 64 6-1 
Manon Boflegraf, N e Biartaurfc, and Men ■ 
Leach 00, U5. del. Lari MdML UX. and 
Brian MtKPMftU^. 74 (10-816-1. 


CRICKET 


nnumnaa 

1ST DAY MIST Or 3 T£9T MATCHES 
MIW ZEALAND vs. DWSLAND 
FRHUUr, M AUCKLAND 
Hew Zealand: first tantags 233 ter flve 


LMTEDOVSIS MATCH 
SOUTH AFIKAVt.lN DtA 

ntuw. m sLoosPCnfTiaN. south aFNCm 
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GRAF: 

Father Is Guilty 

Continued from Page 1 1 

to play in another toumamenL ; 
She refused to answer report- 1 
era’ questions, saying only: * 
“Haven't you guys “got ' 
enough?” 

The celebrity trial, which de- ; 
picted in detail tbe ascendancy - 
of the biggest aar ia women's ; 

; tennis today and the downfall . 
of her obsessive &tber, cap- ; 
rivaled the German public and ' 
prompted endless ddnte about ■ 
the controversial mix of sports. ] 
money and taxe& 

A high school dropout and ; 
used car salesman, Mr. Graf - 
started nurturing his daugb- ; 
ter’s career when she was 3 . 
years did. He apparently 1 
sawed off the handle of a ! 1 7 
racket and taught her to - 
thump a ball around the living ; 
room, offering pretzels and ■ 
ice cream as re wards for well- ’ 
executed shots. 

Mr. Graf quit his job and ■ 
took conqrfete control of his I 
daughter’s career after she • 
turned professional at 13. ; 

She became a success on- 
the international te nnis circuit 
and was soon making mil- 
lions of dollars a year in prizes 


TRANSITIONS 


MAJON LEAGUE BASEBALL 
AMERICAN LEAGUE . 

cutvg L A N O ■ Pos t flnot w ICSoanMoWgoo 

for assignment 

WOKMAL LEAGUE 

SAN DtECO-Tlmded C Serai MuKgao to 
Oewriaad brcaah. 


Along the way, Mir. Graf 
fell victim to the pitfalls of 
glamour in professional ten- 
nis. He developed whar he 
later caBed an addiction to [ails 
. and cognac, and became in- 
volved in extramarital affairs 
that shattered his marriage and 
embarrassed his daughter. 

In 1987, as his daughter’s 
career was skyrocketing, Mr. 
Graf founded Sun park Sports 
. to serve as a front company 
used to channel her fortune 
into havens far from the Get-/ 
man tax collector. • 

Tournament and corporate 
sponsors were asked to siphon 
her earnings to addresses in 
Amsterdam, Lichtenstein and 
the Dutch Antilles. 

In some cases, Mr. Graf 
would demand payments in, 
cash and walk away from Miss ■ 
Grafs tournament appear- ' 
ances with the money stuffed; 
into plastic bags, according to* 
testimony before the court 
As one of the most suc- 
cessful women 'spiayers of all ; 
thne, with endorsements ran-i 
ging from pasta# deodorants. 
Miss Graf s lifetime earning, 
have smpassed'S 100 million. ■ 
But in August. 1995, the^ 
authorities caught up with her ■ 
-father and arrested him on] 
suspicion of tax violations* 
He was put in a Mannheim' 
jail, where~he was treated for' 
gtig and alcohol addiction. 

He spent 15 months behind 

. During the trial, Mr. Grafs- 
“wyers argued that he was ^ 

- fa ? cause German ' 
anthorihes were well 
rare °f the “tax-saving 
modtei be had adopted far 
hisdaughter’s earnings. 

. officials ac- 

tajowletteed that they had 
known about Mr. Grafs feil- 
u«»pay taxesas eariy as 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, JANUARY 25-26, 1997 


SPORTS 


Super Bowl XXXI on Television 


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A Patriots defensive tackle, Pio SagapoJutele. wearing his helmet backward for Super Bowl photographers. 


’ Cornerback, ‘The Issue Is Respect 5 


By William C. Rhoden * 

• New York Times Serna: 

NEW ORLEANS — The custom- 
ary cat-and-mouse, game tha t taic^ 
place between offense and defense, 
receiver and defender, will be sus- 
pended on Sunday when Green Bay 
and New England face each other in 


Super Bowl XXXL 
There will be a 


There will be no mouse in tins 
game. Instead, this game features two 
aggressive, predatory trams hunting, 
prey. Green Bay's Brett Favre, a two- 
time most valuable player, is die Na- 
-tional Football League’s hot young 
^quarterback with improvisational in- 
stincts. Favre 's two wide receivers, 
Antonio Freeman and Andre Rison, 
boast of being the vanguard of the 


league's new breed of star receives-. 

New England’s young defensive 
backs, maligned earner in the season, 
have become a rough-and-tumble 
wall that cannot be penetrated. 

4 ‘For us, the issue is respect, ” said 
-Ty Law, die Patriots’ starting left 
. comer back. A, heavy-part of die bur- 
den for stopping Favre, and Company 
will fall on the second-year maruirom 
Michigan. 

On alternate plays. Law and die 
right comer, Otis Smith, will be re- 
sponsible far stopping Freeman (56 
receptions, nine touchdowns) and 
Rison (50 receptions, four touch- - 
downs). ' ‘ , - . 

The ftjnnerNCchigan all-American 
has (fefinite ideas ofhow. the deed will 
be dime. Law plays more bump-and- 


nm and man-to-man; Lawyer Milloy, 
die rookie safety, is a ptmishmg tackier; 
Smith likes to gamble. Free safety Wil- 
lie Clay’s nickname is “Big Play.” 

. The key will be a disciplined but 
free-wheeling attitude. 

“When we played conservatively, 
we weren't doing very well.” Law 
said. “We were last in the league 
against die pass because we were 
playing so conservatively.’' 

For Law, the challenge will not be a 
matter of talent, but rather adjusting 
his coverage to two sharply distinctive 
approaches. “I've got to switch it up 
because I*m playing a gainst two dif- 
ferent types of receivers.” he said 
Freeman takes extreme pride in 
running precise pass routes; from cut- 
ting off die correct foot to turning his 


hand die right way, he hies to be text- 
book perfect 

Rison is far less interested in pre- 
cision. 

“He’s just going to End a way to 
get open,” Law said. “He still has 
dial mindset of how he used to do it in 
Atlanta, where he ran any type route 
he wanted to run. When you tell Rison 
to do this route, he might add a tittle 
bit of his own stuff to it. Not only is he 
running routes, but he's reading you; 
he’s going to get free, not necessarily 
stick to the exact route.” 

Law said Ri son’s primary attribute 
won’t show up on stat sheets. 

“The main thing is confidence,” 
Law said “He knows he can play the 
game of football. He doesn't have that 
great speed, but he has quickness.” 


EuroLeague Upset 
Saves Barcelona 


Leads and Daly’s Out 

. Reuters 

HOPE ISLAND, Australia, — Michael Long of New 
Zealand toakatw^-sboH^iat^ 
the EurOpe&nFrofi&Sionaf Golfers * A&bahtiOh TOUr aftra:-’ 
the second round Friday as John .Drily of United States 
missed thecnt by lOahots. 

Long shot a second successive 68far anS-uoder-par 136 
to move cl ear trf Ernie Els<jfSo«diAfiica and PetoXooard 
of Australia at the half-way stage of die Johnnie Walker 
Classic, jointly sanctioned by the Australian PGA Tour. . 


Avalanche Stop Penguins’ Streaks 


to his opening 77 . ^JeamV mde^ ^ de o^ graoce and Paiil 

• Steve Jomes! Whose triunqjh^ the VS. (5perr last 
.year capped his comeback from a 1991 dirt-hike accident, 
shot a 9-under-par 62 fora 2-stroke J^qver Nick Price 


Scottsdale; Arizona. David Duval, Tommy' Tolies, Joe 
Ozaki, Rick Febr, drip Beck, Jesper Pamevik, Rdcco 
Mediate aiul Phil Blackmar had 5 -under 66s in 
Thursday ’splay.. * 


The Associated Press 

Break op the Colorado Avalanche? It 
dpesn’tmatter. They just keep winning games 
—even while losing players. ' 

• Despite the loss of gpallender Patrick Roy 
’Tb a Trand mjury Thursday ! ni^L the Ava : ' 
' landie beat Pittsburgh, 4-3, in overtime and 
stopped two streaks: the P«tgums’ 14-game 

MHHOUWPUf 

^ unbeaten streak and. the 16-game unbeaten 
Streakofrodrie goahender Patrick Lati ro e. 
Roy, who played in last weekend's All-Star 
" game and leads the NHL with six shutouts, 
was forced to leave the game in ftttsburgbal 
" 13:54 of the fim whh a qjrained right thumb. 

< ’■ Teammate Uwe Kmpp appeared to skate over 
Roy’s hand while he attempted to cover the 
:V {Kick, and the goahender was also clipped by 
: Phlsburgb defenseman Joe Dziedzic before 
, .plw was stepped. . , 

ft was another stroke of bad luck for the 


defending Stanley .Ctro cbampii 
-been hit by injuries an season. 


s, who have 


Valeri Kamensky scored at 3:55 of over- 


time to end Pittsburgh's 12-0-2 run as well as 
Lalime’s record streak at 14-0-2. 

Panther* 4, Bruins i In Boston, Radek 
Dvorak had two goals and an assist and John 
Vanbiesbrouck made 28 saves to lead Florida. 
Ray Sheppard added a goal and" two” asriscs as 
Florida snapped a four-game losing streak. 

Bluas 4, cmeta 3 Bren Hull scored his 
second goal of the game with 1:14 to play as 
tiie Blues, after surrendering the lead early in 
tiie third period, rallied to beat visiting Van- 
couver. Jamie Rivers tied it with his first 
career goal with 4:44 to play, and Joe Murpby 
had a goal and an assist for the Blues. Geoff 
Courtnall added two assists and set up the 
game-winner as the Blues outshot the Ca- 
nucks, 34-15. 

The Blues played a lot better than in the 
previous meeting against Vancouver, an 8-0 
loss at home Dec. 15. 

Coyotes 6, Mighty DudM 3 In Phoenix, Cliff 
Ronning scored two goals and Keith Tkach uk 
added his 30th as Phoenix beat Anaheim. 

Craig Janney, Mike Gaxtoer and Norm Mn- 
river also scored and Oleg Tverdovsky added 
four assists for the Coyotes. 


By Ian Thomsen 

huerruUuMtal Herald Tribune 

Barcelona is still alive in 
European basketball, just 
by the hair on Aieksandar 
Djordjevic's shaved head. 

Djordjevic, the point 
guard who helped keep 
Yugoslavia close to the 
U.S .A. for three quarters in 
last summer's Olympic fi- 
nal returned to European 
basketball a few weeks ago 
after a brief, unhappy ex- 
periment with the NBA 
Portland Trail Blazers. 

His free throw with four 
seconds left Wednesday 
finished Barcelona's 69-67 
upset of Efes Pflsen of 
Istanbul. 

The Barcelona fans are 
unhappy with their ever- 
controversial coach, Aito 
Garcia Reneses. 

On the coach’s behalf, it 
should be pointed out that 
his club was one suspicious 
call away from winning the 
European Championship 
last year, when a last- 
second Barcelona layup ap- 
peared to be goal tended il- 
legally by the Panatb- 
inaikos center Stojko 
Vrankovic, who has since 
moved onto the NBA. 

Barcelona (6-7) prob- 
ably needs to win two of its 
last three regular-season 
EuroLeague games to qua! - 
ify for the 16-team playoffs 
that begin in early March. 

With three weeks left in 
EuroLeague 's inaugural 
season, it appears that the 


four divisions have been 
wrapped up by Stefanel 
Milan. Teamsysiem Bo- 
logna. Efes Pilsen of Istan- 
bul and the defending 
champion, Panatiitnaikos 
of Athens. 

Panathinaikos’s success 
testifies to ihe powers of the 
Yugoslav coach Bozidar 
Maljkovic. 

With one strict hand he 
dispatched the American 
forwards John Salley and 
Anthony Avent in mid- 
season: with the other he 
has coaxed a 10-3 record 
from ibe roost culturally di- 
verse team in Europe. 

The most interesting 
battles are happening 
among Alba Berlin (8-51, 
Olympiakos Piraeus (7-6), 
Maccabi Tel Aviv (7-6) 
and CSKA Moscow (7-6). 

All of them could win the 
European Championship. 
One of them will not even 
qualify for the next round. 

All are in the same group 
behind Milan, whose im- 
pressive 78-68 victory 
Thursday at Berlin 
knocked the German team 
closer to the hounding 
pack. 

Next week, Berlin must 
travel to Tel Aviv for a 
game neither team can af- 
ford to lose. 

Under similar circum- 
stances Olympiakos will be 
playing at Moscow. 

Eventually the top four 
European clubs will ad- 
vance to die Final Four in 
Rome on April 22 to 24. 


Big Dunks 
By Jordan 
Put Down 
The Cavs 


The Associated Press 

Something happens to Mi- 
chael Jordan when he plays 
against Cleveland, and it's 
usually something bad for the 
Cavaliers. 

Jordan, who has semed 50 
or more points against the 
Cavs six tunes and knocked 

NBA Roundup 

Cleveland out of the playoffs 
with late -game heroics in 
1 989 and 1 993, had two high- 
light-film dunks Thursday 
night that took the fight out of 
Cleveland in a 87-71 victory. 

Jordan sailed along the 
baseline for a one-handed stuff 
that extended Chicago's lead 
to 64-58 with 10:41 left. Three 
minutes iaier, Jordan got the 
ball on the left wing, glided 
toward the lane and threw 
down another one to make it 
68-58. Jordan hung on the rim 
and glared ai Bob Sura, who 
was sliding on his backside. 

After nis highlight reel 
dunks, Jordan sank five of six 
foul shots and tossed a shot in 
off the glass as the shot clock 
expired during a 17-4 nm that 
gave the Bulls a 79-62 lead. 

Jordan finished with 32 
points, Scottie Pippen and 
Toni Kukoc added 13 each, 
and the Bulls won their 
second in a row despite being 
held below 90 points for the 
third straight game. 

Clippan 102, SupcrSocncs 

ioo In Anaheim, California, 
Danick Martin was fouled by 
Gary Payton on a 3-point at- 
tempt with 16.2 seconds left 
— a call that Payton was ejec- 
ted for arguing — and made 
all three free throws for the 
final points of the game. 

Magic 96, Bucks 92 In Or- 
londo, Honda, Penny 
Hardaway and Rony Seikaly 
each had 23 points for the 
Magic, who won for the sixth 
time in seven games to im- 
prove to 7-2 since Hardaway 
and Nick Anderson returned 
from the injured list Jan. 7. 

Rockets 111, Nets 104 In 

Houston, Hakeem Olajuwon, 
Clyde Drexler and Sam Mack 
each scored 20 points, and the 
Rockets put down a late New 
Jersey charge to stop the Nets 
for the eighth straight time. 

Pistons 94, Wa rrior s 79 In 

San Jose, California, Terry 
Mills had 22 points and Theo 
Ratliff added a season-high 
18 for the Pistons. Mills, who 
hit three of his five 3-pointers 
in the fourth period, added a 
season-high 1 1 rebounds. 

■ No. 2 Clemson Falk 

Wake Forest, ranked No. 4 
and coming off a tough home 
loss to Maryland, withstood a 
second-half rally by second- 
ranked Clemson to defeat the 
Tigers, 65-62, Thursday night 
in a college game. The As- 
sociated Press reported. 


DENNIS THE MENACE PEANUTS ; 

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rroj /V MO IMPORTANCE/] 

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CALVIN AND HOBBES 



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"Well, here we go. another exciting evening at the 
Murdocks, an of us sitting around going, ’Hello, 
my name is so-and-so. ... What’s your name? 

I wanna cracker. Hello, my name is so-and-so.” 


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UOLM/WEAPOHX 
KEBP1WNMNS ABOUT 







PAGE 26 


INTERNATIONAL HER ALP TRIBUNE, SATURDAY-SUNDAY, JANUARY 25-26, 1997 


DAVE BARRY 


Nostalgic Trivial Pursuits 


M IAMI — O.K.. here's a nostalgia 
question: What childhood game 
does this remind you of? 

‘Colonel Mustard in the library with 
a candlestick.*' 

If you answered, “Spin the Bottle," 
then I frankly do noi want to know any 
more about your childhood. What I’m 
referring to is of course the classic board 
game Clue, in which you try to solve a 
murder by using a logical process of 
deduction to narrow down the various 
possibilities until your sister has to go to 
the bathroom, at which point you cheat 
by looking at the answer cards. At least 
that was always my strategy. 

In Monopoly, my strategy was to be 
the car. The car was one of the little 
metal game-board, pieces: die other 
ones, as I recall, were the hat, die dog, 
the shoe, the guy on the horse, and the 
iron. I never wanted to be the shoe, and 
1 definitely did not want to be die iron. 

I wanted to be the car because I could 
make car noises by vibrating my lips — 
bmrmmmmm — and drive the car 
around on the floor to amuse myself 
while waiting my mm. which is mainly 
what you do in Monopoly, which I 
always considered to be one of the most 
boring activities on the planet. 

But 1 had friends who LOVED it; 
when we played, they became insane 
money-grasping capitalist pigs. They'd 
crouch next to the game board, looking 
over the tops of their hotels with greed- 
crazed eyes, watching me throw the 
dice, waiting for the Little car to come 
around the comer, motoring innocently 
along — b r r rm unmmm — until it 
stopped on — HAH! I — Boardwalk, 
and they'd triumphantly announce that L 
owed them some huge amount of pre- 
tend money that they knew to the exact 
pretend dollar. 

□ 

1 will say this about Monopoly: I was 
better at it than ar chess. My problem 
with chess was that all my pieces wanted 
to end the game as soon as possible. 
“Let's get this over with!" was their 
battle cry’. If the rules had allowed it. my 
pieces would all have charged out onto 
the board simultaneously the instant the 
game started. 

Unfortunately, this was not legal, so 
they had to content themselves with 


charging out one at a rime, pretty much 
at random, and immediately getting 
captured Here’s what it they sounded 
like: 

PAWNS: Oh no! They got the 
knight! 

KING: Dam it! 

BISHOP: I’ll go nextl 
KING: Good luck! 

PAWNS : Oh no! They got the bish- 
op! 

KING: Dam it! 

QUEEN: I'll go next! 

KING: Good Tuck! 

PAWNS: Ob no! They got the 
queen! 

KING: Good! I mean, dam ill 

□ 

The one board game that I still play is 
Scrabble. 1 like it because, unlike most 
other board games, which basically are 
pointless time-consumers, in Scrabble 
you can do something mentally stim- 
ulating and worthwhile: Make naughty 
words. 

There is nothing quite like die sense 
of intellectual accomplishment that 
comes from spelling out. say. “b-o-s-o- 
m." knowing that it will be sitting there 
on the board for hours, staring up at your 
opponents. 

The problem with Scrabble is that it 
leads to arguments like this: 

FIRST PLAYER: “G. 1, e, e, L 
There! 

SECOND PLAYER: “Gleet?" 

What the hell is “gleet?'’ 

FIRST PLAYER: I have no idea, but 
if you can use “pood'' I can use 
“gleet." 

The thing is, according to the Amer- 
ican Heritage Dictionary, both “gleet" 
and “pood" really ARE words, as are 
“kloof." “fremitus" and “woomera.” 
It turns out that, if you have a big enough 
dictionary, just about everything is a 
word, which means you can put down 
any old letters you want and claim it's a 
legal move. 

Of course you have to be careful 
whom you're playing with. The number 
of violent Scrabble-related incidents is 
on the rise. I would not be surprised to 
learn that a word like “gleet" had 
something to do with it. 

© 1996 The Miami Herald 

Distributed trv Tribune Media Sen-ices Inc. 


Boulez Celebrates 20 Years of Controversy 


By Alan Riding 

New York Times Service 


P ARIS — Conductor, composer and 
fiery apostle of contemporary music, 
Pierre Boulez at least has a sense of 
humor about what happens to much of 
die serious music being written today. 
“They say thai when a contemporary 
piece is performed, the composer hears ir 
twice in the same concert — the fin t and 
the last time,” he said mischievously, 
‘ 'because it's never performed a ga i n .’* 
Of course, Boulez can afford to joke 
because his compositions have not 
suffered such a fate. Yet the remark is a 
measure of his realistic approach to the 
challenge that, at 71, he continues to 
wrestle with: how to break down the 
resistance of most ordinary music lov- 
ers to contemporary music. How can 
one make tilts music more popular 
without "popularizing" it? 

Today, much contemporary music is 
considered too obscure, too intellectual 
and too un melodic to appeal to wider 
audiences. With the exception of. say, 
Karlheinz Stockhausen, Luciano Berio, 
Gyorgy Ligeti and Boulez himself, few 
contemporary composers are known 
outside tight academic circles. 

And. fearful of audience reactions, 
many major orchestras are reluctant to 
perform late 20th-century works. 

Still, Boulez has never been easily 
discouraged. Two decades ago, with 
French government backing, he foun- 
ded the 31 -member Ensemble Inter- 
contemporain to play 20th-century mu- 
sic. and created die Institute for the 
Research and Coordination of Acous- 
tics and Music, known as Ircam, to 
promote music’s relationship with com- 
puters and other modem technology. 

Now, 20 years later, they are ready to 
be judged. 

' 'I think they have fulfilled the goals 
for which they were created quite 
well," he said during an interview 
shortly before conducting the first of 
two concerts at the new Cite de la 
Musique in northeast Paris to observe 
the ensemble’s 20th anniversary. 

Certainly, if contemporary music is 
alive and kicking here, the ensemble 
and Ircam deserve much credit: With a 
repertory of 1 ,400 pieces, the ensemble 
has so far performed 260 new works. 



116 of which it commissioned itself; 
and to this day Ircam opens its doors to, 
and shares its know-how with. 25 ex- 
perienced composers and 10 young 
composers every year. 

This month, a five-member commit- 
tee formed by the ensemble and Ircam is 
studying the applications of 380 young 
composers from around the world with 
a view to picking 10 Ircam scholars and 
4 others who will be commissioned to 
create works eventually performed by 
Ircam or the ensemble. In March, Phil- 
ippe Manoury, an Ircam composer, will 
present a new opera, “60th Parallel," at 
the Theatre du ChateleL 

At the same time, the ensemble, 
which receives S4 million a year in 
public subsidies compared to $7 mil- 
lion for Ircam, has developed a strategy 
to reach out to new audiences here: 
Depending on the prognmi, it has the 
choice of playing either in an 800-to- 
1.200-seat concert hall or in a more 
intimate 250-seat auditorium. It also 


HfaSBppeGnaanfThe V> YorfcTW* 

Pierre Boulez, right, and Elliot Carter during a rehearsal in Paris. 


tries to create programs that combine 
"difficult" and mere accessible pieces 
or composers. 

For its anniversary concerts before 
full houses Jan. 10 and 11. the ensemble 
performed a lively Concerto for Cla- 
rinet by the veteran America composer 
Elliott Carter, which was commissioned 
for the occasion and performed by Alain 
Damiens. The rest of the program com- 
prised Gyorgy Kurtag’s popular Double 
Concerto for cello and piano, Philippe 
SchoeUer's “Feirillages" and Helmut 
LachenmamTs “MonvemenL" 

Yet as important to Boulez as variety 
is fidelity to certain works. "Pieces have 
to be repeated and repeated and re- 
peated," he said, "not only for the audi- 
ences but also for the musicians." Fur- 
ther, he went on. only by commissioning 
hundreds of works can “masterpieces 
be found. "After 20 years." he said, 
"we now have privileged composers 
who are mere interesting, more adven- 
turous, more in charge of their metier." 


The notion of "privileged com- 
posers" still raises eyebrows here be- 
cause, for a long time, Boulez displayed 
his power and strong opinions by fa- 
voring some composers and ignoring 
others. This frequently plunged him 
into angry debates in France, where his 
most vociferous critics complained that 
the ensemble and Ircam were absorbing 
a di sp roportionate share of the gov- 
ernment’s subsidies for music. 

Over the last five yeare, however, 
Boulez has relaxed his grip, allowing 
two hand-picked successors, David 
Robertson as music director of the en- 
semble and Laurent Bay le as director of 
Ircam, much greater freedom to draw 
up programs and recruit compeers not 
necessarily to the maestro’s tilting. 

Robertson, a 38 -year-old Califomia- 
bora conductor and occasional com- 
poser, has also encouraged the en- 
semble to accompany theater, film and 
dance because he believes strongly that 
live audiences are essential to an ap- 
preciation of contemparary music. 

"The music of the second half of the 
20th century is made to be listened to,” 
he said. "But nowadays, with stereos 
and CDs and Walkmans, people listen 
less and less to music. They hear it all 
the time, but they're not listening.” 

Ircam, in contrast, is introspective. 
Its headquarters opposite the Pompidou 
Center is packed with computers, elec- 
tronic synthesizers and acoustic equip- 
ment designed to create and organize 
new sounds into avant-garde compos- 
itions. These are then performed either 
by the ensemble or by Ircam's own 
contract musicians. 

'There is not one work that we have 
commissioned that has not been 
played,*’ the 4-5-year-old Bayle said. 

Some universities in the United 
States, notably the Massachusetts In- 
stitute of Technology , do work similar 
to Ircam’s, while the ensemble con- 
siders the London Sinfordetta and the 
Frankfurt-based Ensemble Modern to 
be its close cousins. 

But Nicholas Snowman, a former 
artistic director at beam who is now 
chief executive of the South Bank Cen- 
ter in London, believes die ensemble 
and Ircam to be unique because of their 
“unrivaled funding and stability" and 
Boulez’s inspirational role. 


LEGAL FEEDING FRENZY 


PEOPLE 


Briefcase Gridlock: Duke’s Other Heirs 


By Matthew Purdy 

iVen- York Times Senice 


N EW YORK — This was Doris 
Duke's predicament: She was 
worth SI. 2 billion, but had no relatives 
or friends she particularly cared to en- 
rich so massively w hen she died. So she 
decided, with immodesty befitting one 
of the world’s richest women, that her 
estate would go toward “the improve- 
ment of humanity.' ’ as her will said. Her 
money would allow dancers to dance, 
artists to paint, doctors to cure diseases, 
animals to escape the cruelty of people. 

It was a wonderful vision. But it 
overlooked what turned out to be the 
first effect of Duke's largess: It allowed 
lawyers to eat 

The 30-month fight over Duke’s es- 
tate was as full of mystery and intrigue as 
was the life of the reclusive, mistrustful 
tobacco heiress who died in October 
1993 at 80. There was her alcoholic, 
barely literate butler who was named in 
her will as the executor of the estate, and 
one of her many former doctors who 
believed he deserved the job — and the 
Fees. The situation was resolved last year 
when a judge in Manhattan approved the 
creation of the Doris Duke Charitable 
Foundation, one of the United States’s 
best-endowed charitable funds. 

The dispute that played out in Sur- 
rogate’s Court was. in the words of one 
lawyer, "the World Series of litiga- 
tion," with big-name law firms playing 
for big stakes. Now the contest over 
Duke's estate has gone into extra in- 
nings. The prizes this time are legal and 
estate administration fees that already 
amount to $10 million and probably will 
more than double when all of the re- 
quests are filed with the court. 

Lawyers flew across the United States 
charging their hourly rate as they went, 
sometimes as high as S450 an hour. 
They stayed in New York City's finest 
hotels. And in court appearances and 
meetings, clients often were represented 
by multiple lawyers, causing a gridlock 
of expensive suits and large briefcases. 

Consider the lawyers' bonanza of 
January 1996. When the state Court of 
Appeals issued a decision in the case, 14 



\lariu Cvnwf 

A bejevreled Doris Duke in 1 991. 

lawyers from two firms spent a total of 
more than 40 hours reviewing the de- 
cision. and all submitted bills for their 
work, according to court papers. The 
case involved dozens of lawyers in 
some of the United States ’s most prom- 
inent firms. One of the more noteworthy 
lawyers. Legal Services Corp. president 
Alexander D. Forger, has applied for 
$450,000 in fees. He was appointed a 
temporary administrator of the estate, 
but the appointment was stayed nine 
days later, according to legal papers 
filed by New York state Attorney Gen- 
eral Dennis Vacco. Forger, who did not 
return telephone calls, said in court pa- 
pers that his responsibilities lasted for 
months, not days. 

Since the fees will be paid out of the 
charitable money, the lawyers’ requests 
for payment are facing stiff opposition 
from two other sets of lawyers — the 
state attorney general, who represents 
beneficiaries of the charity, and lawyers 
representing the trustees of the charitable 
fund. * ‘This is a feeding frenzy,” sneered 
a lawyer associated with the case. 

But the lawyers insist their fees are 
justified. “This litigation undoubtedly 
was one of the most complicated probate 
matters in ibchistoiy of tbe state of New 


York," said Rodney N. Houghton, one of 
the many lawyers representing Duke's 
former doctor. "Its complexity was 
matched only tty the intensity of the 
litigation, requiring us to work on many 
occasions on an around-the-clock basis to 
meet competing deadlines." 

Even so, there were instances where it 
appears lawyers were stacked up like 
planes over La Guardia Airport When 
the charitable foundation questioned why 
lawyers from three different firms had to 
appear at court hearings on behalf of 
Duke’s former doctor, one of the lawyers 
answered in court papers that it was im- 
portant for them to discuss matters in 
person after the court session and “to 
observe the reaction of the court and co- 
counsel to various factual and legal is- 
sues." Lawyers for the charitable found- 
ation, who are trying to protect the assets 
of the estate, were incredulous. ‘ ‘It would 
plainly be wrong to require the estate to 
foot the bill for multiple attorneys to 
‘observe the reaction of the court,’ " the 
foundation lawyers wrote in an Oct- 21 
'filing. “Presumably, one representative 
of the three firms could have attended 
proceedings to observe reactions and 
passed his or her observations on to other 
attorneys as necessary.” 

In many respects, Duke's will was 
straightforward, especially given the 
size of her fortune. Duke was twice 
married and twice divorced, and her 
closest relative when she died was a 
daughter. Charlene Gail Heffner, 
known as Chandi, whom Duke adopted 
in 1988 when Heffner was 35. Their 
relationship fell apart a few years later 
and Heffner sued, seeking to become the 
beneficiary of Duke's estate. The estate 
settled with Heffner for $65 million last 
year. 

In her final years, Duke was unwaver- 
ing in her decision to give her fortune to 
charity, but she repeatedly re-wrote her 
will, changing the executor of the estate 
— changes that would cany millions of 
dollars in fees. 

"We’re here because of Miss Duke’s 
personalities and eccentricities,” said 
Don Howarfh. a Los Angeles lawyer, 
explaining why the disposition of the 
estate had turned contentious. 


W HAT is die most common 
misconception about 
Woody Allot? “That I'm an 
intellectual,’’ according to the 
d ire ct o r. “People think I’m be- 
ing facetious when I say this, but 
I'm not." ADen said in an in- 
terview with US mag nrinp. “I 
was never a high-culture per- 
son." Really? “I don’t spend 
every night hovering over 
Kierkegaard or arihe opera. I'm 
die guy who comes home from 
work, takes his shirt off, opens a 
bottle of beer and turns on the 
Knicks game. And over the 
years, genuine intellectuals have 
resented it- They feel I'm a pre- 
tender to the throne and get 
angiy with me: 'This guy’s so 
ious.' And it has not 
I me. It keeps people out of 
my movies. I've never had a 
major hit.” 

a 

Korean Abdul-Jabbar 
says he is surprised his ap- 
pearance in a beer commercial 
has upset some of his fellow 
Muslims. The basketball great 
told the Los Angeles Times 
that he’s been featured in beer 
advertisements throughout his 
career, adding that his latest 
spot in a Coots ad does not 
show him holding a beer. Al- 
cohol is prohibited in Islam. don’t 
want to advocate anything that would he 
detrimental to anyone, but I didn't see 
this in that light, he said. The Islamic 
Society of North America has asked 
Abdul-Jabbar to renounce the television 
ad, which began running Jan. I . ft shows 
the former Los Angeles Lakers star 
shooting his patented sky hook in a 
mountain setting, with a hole in the 
clouds as a basketball hoop. An Islamic 
Society official called Aodul-Jabbar’s 
appearance “devastating" — an im- 
plied endorsement of an alcoholic 
beverage. Abdul-Jabbar said he wished 
the group had contacted him privately 
instead. “The prophet said we should 
try discourse first," he said. 

□ 

“The English Patient,” the war 
drama starring Ralph Fiennes and 


love. I truly adore you wife 
all my heart" Jackson 
stayed at the Oberoi Towers 
last November while in Bom- 
bay for a concert The mes- 
sages, which have not been 
authenticated, were written 
with a black pen and found in 
Jackson’s room after he 
checked out 


Itzhak Perlman, the con- 
cert violinist, came to lunch 
at the National Press Club in 
Washington and brought his 
fiddle to show how music 
connects intellect and basket- 
bafl. Music, he said, teaches 
how to express things that 
chfldren conld not otherwise 
give voice to. "In case any of 
you are having a little trouble 
visualizingwhat I mean, " he 
said, *TU demonstrate 
something for you." He 
whipped out Ms Stradi varius. 
"When I first was asked to 
speak. I was very excited," 
he said, and played few bare 
to show it. “But then I was 
nervous", (a few more bars, 
Frsaco^ Mocvnir AtncwcdPnn slow but anxious). “But then 
HAPPY HALLYDAY ■ — Johnny Haliyday and his J was on automatic pilot" (a 
wife, Laetitia, after the French rock star was awarded rapid wittering). “But then 
the Legion of Honor on Friday by President Chirac, when it was over. I was veiy 

; • ■ happy." and he burst out 

Kristin Scott Thomas, topped the list 
of nominations for the Screen Actors’ 

Guild awards. The film, directed by 
Anthony Minghella, picked up four 
nominations, while “The Birdcage," 

“Marvin’s Room," "Jerry Maguire” 
and "Shine” each received three. 

"Evita," the musical starring 
Madonna, which won three Golden 
Globe awards, was shut out. 



D 

The King of Pop is apparently no 
spelling whiz. A hotel that found love 
notes to India apparently scribbled by 
Michael Jackson cur a mir ror, a pil- 
lowcase and a tray plans to auction the 
items and donate the proceeds to a chil- 
dren's charity. The note on the full- 
length mirror included a misspelling: 
"Mia. I love you. fii your children I have 
seen the face of God. You are my special 


with a few exultant measures from 
Beethoven’s only violin concetto. He 
added: "Now, when the Knicks win 
their next championship, I would be 
jubilant," and he exploded with a pas- 
sage to show it. 

□ 

Footage of die only known television 
perfbr mance by Frank Sinatra, Dean 
Martin and Sammy Davis, Jr. together 
has been rediscovered and donated to 
the Museum of Television Sc. Radio. 
Footage erf the 1965 benefit perfor- 
mance for a St. Louis halfway houstr j. 
was found in a secretary’s closet The 
trio performed favorites fike “Fly Me to 
the Moon" and "Luck Be a Lady.”. 
Johnny Carson filled in for the ailing 
comic Joey Bishop. The museum plans 
screenings of the program in New York 
and Los Angeles in ApriL 



eyes are smiling. 


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AT&T Access Numbers 




Austfevo 

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Qhnh 

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900-9940-11 

Smdan .. .. 

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IMMNngdqm* 

. „ 0800-804011 

KIDDIE (AST 

Egypt •(Cairo)' 

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_ 177-100-Z727 

SttfiMfeO— 

1-800-10 

AFRICA ' 

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Kanys a — ^ 

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Soutt Africa 

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