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INTERNATIONAL 


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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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The World’s Daily Newspaper 

Ranariddh 
Concedes 
Defeat in 
Cambodia 


Gmfdnl bf Oir Sutf From DOpaubn 

BANGKOK — Faced with military 
defeat and limited international sup 
port, the deposed first prime minister 
of Cambodia effectively conceded Fri- 
day that he would not be restored to 
power. 

*‘A new civil war in Cambodia 
would mean more destruction and 
more suffering for my already unfor- 
tunate Cambodia,’' Prince Norodom 
Ranariddh said. 

The prince spoke after meeting with 
three foreign ministers from the As- 
sociation of South Easr Asian Nations, 
which has been seeking a solution to 
the crisis caused by Second Prime 
Minister Hun Sen's coup. 

The lead diplomat, Ali Alatas of In- 
donesia, dampened expectations of any 
significant change in Phnom Penh. 

“A very unfortunate and most re- 
grettable turn of events has taken place 
in Cambodia," he said, adding, 
‘ 'There is still a long way to go — or at 
least some way to go. " 

Mr. Alatas said that the t«»m of 
ministers would report back to 
ASEAN after meeting with Mr. Hun 
Sen ahead of the association’s annual 
summit meeting next week in Kuala 
Lumpur. 

Cambodia, previously an observer 


Paris, Saturday-Sunday, July J 9-20, 1997 


No. 35.577 



Sinn Fein Calls For 
An IRA Cease-Fire 

Expected Pledge Would Allow 
Political Wing Into Peace Talks 


Prince Norodom Ranariddh, the ousted first prime minister of Cambodia, center, arriving Friday for talks 
in Bangkok on the political crisis in his country. The talks irritated Hun Sen, who deposed the prince. 


at ASEAN meetings, had been sched- 
uled to become a full member, but 
entry was indefinitely postponed after 
Mr. Hun Sen launched the coup. 

‘ ‘There remains of course the ques- 
tion of the observership," Mr. Aiatas 


said. “We will cross that bridge when 
we are there.” 

Mr. Hun Sen showed clear irritation 
at ASEAN's attempts to mediate, or- 
dering the group to stay out of Cam- 
bodian affairs. 


"I will sit down and listen to them,' ' 
he sai,d of the ministers’ scheduled visit 
to Phnom Penh on Saturday. But, he 
added. “I will ask them to finish the 

See CAMBODIA, Page 7 


‘Tough Brawl’ on Boeing Goes Down to Wire 


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By Tom Buerkle 

Iniemmional Hera ld Tribune 

BRUSSELS — When Boeing Co. and McDonnell 
Douglas Corp. feared losing amultibillion-dollar Saudi 
aircraft order to Europe’s Airbus Industrie in 1993, a 
telephone call from President Bill Qinton to King Fahd 
saved the day and won the $6 billion contract 
Fast-forward to May of this year when President 
- Jacques Chirac, fresh from blocking UN attempts to 
crincize China's human rights record, capped a visit to 
? ^ Beijing by signing a $13 billion aircraft order for 


Airbus. It is that kind of high-level sponsorship that 
makes the aircraft industry like no other on earth. 

Boeing and Airbus provide hundreds of thousands 
of jobs and billions of dollars of sales and exports, but 
that is not alL On both sides of the Atlantic, they are 
proud symbols of technological prowess, veritable 
flagships of their nations' industrial competitiveness. 

The companies’ unique roles explain tne enormous 
political significance of Europe's threat to block the 
Boe ing-McDonnell Douglas merger, and make efforts 
to find a last-minute solution fraught with difficulty, 
government officials and industry executives said. 


“It’s a normal, tough brawl between U.S. Inc. and 
Europe Inc.,' r said a European defense industry ex- 
ecutive, who spoke on condition of anonymity. “As 
Boeing is America’s largest exporter and Airbus is 
Europe’s largest exporter, we're talking about high 
stakes in an industry where there are no saints.” 
Attempts to find a settlement intensified Friday. 
After a three-day break, a Boeing team led by the 
company's executive vice president, Richard Al- 
brecht, resumed talks here with the merger task force 

See BOEING, Page 7 


By Warren Hoge 

Aku K«r< Times Sen-tee 

LONDON — Gerry Adams, the pres- 
ident of Sinn Fein, the political wing of 
the Irish Republican Army, said Friday 
that he had urged the organization to 
resume the cease-fire it abandoned last 
year and that he expected a reply that 
was positive and prompt. 

“I have made it clear over the IS 
months since the collapse of the peace 
process that 1 would only approach the 
IRA to restore their cessation if I was 
confident that their response would be 
positive,” Mr. Adams said in a state- 
ment issued in Dublin. 

At a meeting of the Sinn Fein ex- 
ecutive in the Irish capital, he said. 
“The IRA leadership assured us that 
they would respond without delay to our 
request” 

A resolve by the IRA to halt its vi- 
olence would represent a significant 
diplomatic triumph for Tony Blair, the 
British prime minister. He has moved 
aggressively in his first two and a half 
months in office to obtain a cease-fire 
pledge as a major step toward estab- 
lishing meaningful all-party peace talks 
on the future of Northern Ireland. Sinn 
Fein has been denied entry to the talks 
because the IRA ended its previous 17- 
month cease-fire by bombing London's 
Docklands business complex in Feb- 
ruary 1996. 

Mr. Blair has said that Sinn Fein 
could join those talks only if the IRA 
declared a cease-fire that was both 
“genuine and unequivocal” and 
* ‘matched by word and deed.* * The Brit- 
ish and Irish governments, he said, 
would wait six weeks from the date of 
the IRA's declaration to decide whether 
the cease-fire met those conditions. In a 
phrase much repeated since then, Mr. 
Blair told the House of Commons on 
June 25 that the “peace train” would be 
leaving on Sept 1 5 with or without Sinn 
Fein on board. 

■ The surprise announcement Friday 
shifted attention to another question, 
whether the major party representing 
the majority Protestant population in 






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Cosmonaut 
Fixes Glitch 

» i 

But Spacewalk 
Is Postponed 


By Daniel Williams 

Washington Past Service 

; KOROLYOV, Russia — A night of 
intense labor on Earth and in space re- 
solved critical jpower shortages on the 
Mir space station Friday, but Mission 
Control all but stepped the weary three- 
member crew from malting much needed 
further repairs on the troubled craft 
! A spacewalk to undertake the next set 
of repairs to thedamaged Spektr module 
had been scheduled for next Thursday, 
but Vladimir Solovyov, mission control 
director, postponed the repairs indef- 
initely. They will probably be carried 
out by a new team that is scheduled to 
.. arrive at Mir on Aug. 7, not by the 
' present crew, space officials said. 

“There certainly won’t be a space- 
walk at the time scheduled,” said Mr. 
j Solovyov. "It's most reliable to carry it 
out with a new crew.” 

The Russians have not elaborated on 
the latest mishap to afflict the wounded 
. space station, bnt some details have 
emerged. One space official said that 
while the crew was preparing a pas- 
sageway in advance of me Spektr re- 
t pairs, one of them mis takenly discon- 
nected plugs but of proper sequence — 
including a key computer ping. 

The postponement of the repairs 
- seemed of less concern to Russian space 
. officials than the successful righting of 
-jMir’s angle to the sun, and the restoration 
of power and systems on board. On 
' Thursday, Mr. Solovyov was visibly 
tired and rather grim, ftiday, in contrast, 
he cracked jokes. Asked what be did at 
night, be responded, “We mainly walked 
from comer to comer worrying. ” 

See SPACE, Page 7 
Nawastand Prices 

Andona. 1000 FF Lebanon LL 3,000 

Antilles .1SL50FF Morocco 16 Dh 

Cameroon . _1 £00 CFA Qatar 1000 Rials 

Egypt — £E 5.50 R&mlon 1Z50FF 

France 10.00 FF Saudi Arabia. ..10.00 R. 

Gabon 1100 CFA Senegal 1.100 CFA 

Italy aSOO Lire Spain 225 PTAS 

Ivory Coast. 1250 CFA Tuntta _~.~1.250 Din 

f Jordan 1250 JD UAE 10.00 DM* 

Kuwait 700 Ffe VS. MU. (Eur.}__^120 


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Investors Flee Europe and Buy Dollars 

France and Germany Seen as Failing to Show Economic Leadership 


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Chancellor Helmut Kohl on Fri- 
day: “Not a cause for lament.” 


By Alan Friedman 

International Herald Tribune 

PARIS — International investors, 
fearing that France will raise corporate 
taxes and that Germany will cook its 
books in order to achieve monetary un- 
ion, are bailing our of European cur- 
rencies and embracing the greenback. 

As the dollar gathered strength 
against European currencies this week, 
officials such as the Bundesbank pres- 
ident. Hans Tietmeyer, and Finance 
Minister Tbeo Waigel of Germany tried 
to talk down the U.S. currency by hinting 
at possible coordinated action by Group 
of Seven leading industrial nations. 

But financial markets were not im- 


pressed. The dollar at week’s end had 
barely receded from its recent highs 
against the Deutsche mark, the French 
franc and other European currencies. 

One reason that the jawboning has 
failed is that investors do not believe 

NEWS ANALYSIS 

that the Bundesbank is prepared to dam- 
age the prospects for monetary union 
and an economic recovery by raising 
interest rates to defend the mark. 

But economists say the dollar rally 
goes beryond the market’s short-term 
calculation that, at a time of high un- 
employment, Boon and Paris may be 
unwilling or unable to push through any 


more austerity measures in the name of 
the Maastricht treaty. 

The weakness or European curren- 
cies, experts say, also reflects the belief 
by investors that the two governments 
that are supposed to be the twin pillars of 
European integration have failed to 
provide economic leadership. 

As the U.S. economy powers ahead, 
and as the International Monetary Fund 
in Washington expresses concern at cur- 
rency turmoil in other parts of the world 
as far apart as T hailan d and Poland, 
Europe appears far less global in its 
outlook. It is seen by its critics as a mute 
observer, inwardly focused on its 

See DOLLAR, Page 7 


Amid New Rains, Poles 
And Czechs Fight Flood 



By Christine Spolar 

Washington Post Service 

WROCLAW, Poland — Deadly rain 
that has swollen rivers and wiped out 
whole villages is still falling on this 
southern region of Poland and its neigh- 
boring Czech flatlands, and no one 
knows when it may stop. 

In this cultural center of southwest 
Poland, the worst fears of forecasters 
were confirmed by noon on what was 
deemed a day of national mourning for 
dozens of flood victims and their fam- 
ilies in the Silesian lowlands. 

Mere heavy steady rain pelted city 
streets, where sandbags are up to the 
windowsills, and predictions are for 
more rain this weekend. 

The worst natural disaster in cen- 
turies refused to become a memory. 

“Nature has done us in," said Janusz 
Siennack, an engineer who stood, hands 
creased with mud and pants legs npped 
and flapping in the wind, outside his 
two-story house on Strachocinska 
Street 

Prim his front gate, Mr. Sieimack 
could only count himself lucky . His 60- 
y ear-old neighbor had to navigate his 
way by beach raft to his muddy front 
door. A bright-red tractor, across the 
street and dnpping with raindrops, was 
up to its axles in . a brown swirl of the 
Oder River. 

In Poland, 48 people were lost to the 
path of the fast-moving Oder, which 
grew to monstrous proportions over 10 


deluge has been blamed for at 


least 38 deaths in the Czech Republic. 
Tens of thousands of people have been 
evacuated in both countries. 

Factories, roads, farmlands and an- 
imal stocks appear to have suffered 
heavy damage. 

The agricultural tally alone in Poland, 
where about one-third of all people 
make a living from the land, is daunting: 
about 900,000 chickens and ducks, 
4,825 pigs and hogs, 1 .855 cattle and 90 
sheep drowned, according to estimates 
from the Agricultural Ministry. 

In the Czech Republic, the country’s 
largest steel mills — Nova Hut, 
Vitkovice and Trinecke Zelezaray — 
cut back on production because raw 
materials are unable to reach the plants 
and finished steel couldn't move out 
from the plants. Losses are soaring into 

See FLOOD, Page 7 


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Judd Fnct/Tbe Amacd Pku 

German relief workers unloading supplies Friday at Frankfurt on 
Oder, a region also stricken by the floods devastating much of Europe. 


AGENDA 

Hong Kong Moves to Restrict Protests Freed Islamic Chief 

The government of Hong Kong on The police also will be able to ash Is WaTTWil by /tlgCI W1 
Friday gave the police wide powers to that the registration of a political group 


The government of Hong Kong on 
Friday gave the police wide powers to 
ban protests or political groups on “na- 
tional security' grounds. 

The government of Chief Executive 
Tung Chee-hwa issued guidelines 
clarifying the concept of national se- 
curity to determine whether protests 
can go ahead. 


mat tne registration orapouucai group 
be canceled on national security 
grounds, and they will be allowed to 
intervene during a protest if they con- 
sider that it might cause “an imminent 
breach of the peace.” 

The moves angered pro-democracy 
activists. Page 4. 


ALGIERS (AFP) — Algeria said 
Friday that it had warned the Islamic 
fundamentalist leader Abassi Madani 
against speaking to the press or taldng 
part in politics, saying such acts would 
violate his parole conditions. Mr. 
Madani was freed Tuesday. 


Northern Ireland, the Ulster llnionists. 
would be aboard. 

David Trimble, the leader of the Ul- 
ster Unionist Party’, walked out of the 
talks in Belfast on Wednesday over a 
dispute about arrangements for disarm- 
ing paramilitaries and sought an urgent 
meeting with Mr. Blair. He emerged 
from- that meeting at the British prime 
minister's official residence at No. 10 
Downing Street in London on Thursday 
saying he could not accept the language 
of the joint British-Irish proposal for the 
talks on disarmament that are designed 
to run parallel to the peace talks. 

There is an urgency to this aspect of 
the negotiations because parties to the 
talks are being asked to approve the 
disarmament proposal Wednesday in 
Belfast as a condition for continuing the 
negotiations in September when a sum- 
mer break ends. 

Mo Mowlam. Britain’s secretary for 
Northern Ireland, and Ray Burke, Ire- 
land's foreign minister, met for three 
hours in London on Friday and said 
afterward that the two governments 
stood by the joinr documenL Mr. 
Trimble is expected to see Mr. Blair 
again on Monday to continue discus- 
sions, but Mr. Burke warned Friday that 

See ULSTER, Page 7 


Kenya Arrests 
7 Ex- Officials 
For Rwandan 
War Crimes 


By James C. McKinley Jr. 

New York Times Sen-ice 

NAIROBI — In a dawn raid Friday, 
the Kenyan police arrested seven high- 
ranking officials of the former Rwandan 
government on genocide charges and 
turned them over to investigators from 
the United Nations war crimes tribunal. 

The arrests marked a turning point for 
beleaguered UN investigators, who 
have been accused of not arresting na- 
tional leaders known to have supported 
the crimes. Before a shake-up of the war 
crime tribunal’s top management in 
January, the investigators' work had 
moved at a glacial pace, hampered by 
corruption and mismanagement at their 
headquarters in Arusha, Tanzania. 

Kenya's decision to turn the suspects 
over to the tribunal also appeared to 
signal a thawing in relations between 
President Daniel arap Moi and the new 
government in Rwanda, which has long 
accused him of harboring war criminals. 
It came just two days after Mr. Moi met 
with Rwanda's powerful vice president, 
Paul Kagame, and agreed to re-establish' 
diplomatic ties. 

The people arrested were part of the 
upper echelons of the regime of the late 
Rwandan president, Juvenal Habyari- 
mana. They are accused of being part of 
a hard-line Hutu elite that planned and 
carried out a three-month genocide 
against Tutsi civilians in April 1994 
after General Habyarimana died in a 
suspicious plane crash. At least 500,000 
Tutsi and moderate Hutu were killed in 
the massacres. 

Among those arrested Friday were 
Jean Kambanda, the prime minister of 
the interim government during the gen- 
ocide, and Colonel Gratien Kabiligi, a 
military commander whose elite troops 
allegedly took part in the massacres. 

Bernard Muna, the former Camer- 
oonian judge who took over as deputy 
prosecutor for Rwandan war crimes two 
months ago, said he was employing a 
new legal strategy to make the arrests 
stick. 


Instead of trying to prove individual 
crimes as in the past, Mr. Muna said he 

See ARRESTS, Page 7 


-130.31 


The Dollar 


Friday O 4 PJK. 

1.7915 

1.6603 

115.45 

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Friday dose 
7090.46 


Friday © 4 P.M. 
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prawouB dose 
1.793 
1.6733 
115.975 
6.0565 

pravtoue close 


PUMOUSdOtS 

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Books - Page 9. 

Crossword Page 9. 

Opinion Page 6. 

Sports Pages 20-2L 


The intermarkat 


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£ 








PAGE 2 


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


Sleeping Sickness Rakes War-Tom Sudan 


. By James C. McKinley Jr. 

Nrtf Yitrk Tinrn Smw 


TAMBURA, Sudan — Michaleen 
Richer and her crew set up their lab- 
oratory outside a dilapidated clinic in a 
village of mud huts bathed in the 
forest’s dappled light. 

One by one. Dr. Richer drew blood 
samples from viaJs. mixed them with a 
protein and squeezed them from a drop- 
per onto cards in a rotating machine 
powered by her car battery. More than 
80 ragged people from the Zande vil- 
lage of Baragu watched and waited. 
Some stood sullenly in line to give 
blood. Others sat under trees, waiting 
for the news they dreaded. 

“That ’s another positive, ’ ' Dr. Rich- 
er said, pointing to one of the samples 
on ihe card. “Number ten-thirty-two. ’’ 
For weeks. Dr. Richer, an American, 
and aid workers from CARE Inter- 
national have been trying to determine 
the extent of an outbreak of sleeping 
sickness that is spreading quickly 
through the villages here in the south- 


people in Tambuia County alone. The 
outbreak is among the worst docu- 
mented in this century, they said, and it 
has even been found in villages where it 
has never been seen before. But be- 
cause studies so far have been limited, 
it is impossible to know how wide- 
spread the epidemic might be. 

“It’s catastrophic, actually, to be 
truthful." ' said Dr. Richer, who works 
for the International Medical Corps, a 
relief organization. 

This form of sleeping sickness, or 
African trypanosomiasis, spread by 
tsetse flies*, is only found in Africa 
within 1 Odegrees north and south of the 
equator, a region with 55 million in- 
habitants. The flies cany a parasite, the 
trypanosome, from human to human. 
Within three to six months, this parasite 
multiplies in the blood and lymph 
nodes, causing fever, weakness, sweat- 
ing, pain in the joints and stiffness. 

In two to three years, the parasites 
migrate to the brain. There they cause 
personality changes, madness and 
seizures. If the disease is untreated, the 


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Amateur Czech Spies 
Finally Get Respect 

Belatedly , U.S. Honors Cold War Agents 


.ft* 


western part of Sudan along the border patient eventually slips into a coma and 


of the Central African Republic. 

The preliminary results are fright- 
ening. As the civil war in Sudan grinds 


dies. 

The surging epidemic in Tambura 
County is a case study in the way 


into its 15th year, sleeping sickness, a disease follows war in Africa. By 1 



— known as “Holub,” or pigeon, Mr. 

By Dean E Murphy Molnar's undercover moniker. 

Las Anqetrs Times _ In the name of Czechoslovak pat- 

PRAGUF _ The entrance to rioasm and Western-style freedom, 
PRAtrUE - / ne . fhfiV set out t0 defeat communism. 

Jaroslava Maninkova $ apartm voune spies attem p ted to steal a 

building is difficult to miss. The foggy y S R . vajQi « fiphrgr 

^■aassiSK s*-3Bsa-£-t 


PRAGUE — The entrance to 
Jaroslava Maninkova’s apartment 
building is difficult to miss. The foggy 


parasitic malady that can be fatal but is 
curable, is once again raging through 
Western Equatoria province, doctors 
said, infecting at least one in five 


g j SUDAwOq 
° Khartoum f 


0 Km 250 
Khartoum 


after more than a decade of work, Bel- 
gian doctors had pushed the incidence 
of sleeping sickness down to less than 1 
percent of the population. 

But when Sudanese rebels swarmed 
into Western Equatoria in 1990. the 
Belgian doctors pulled out. along with 
almost all of the Sudanese govern- 
ment’s medical staff. Then the drawn- 
out war severed the main trade routes to 
Khartoum and the rest of East Africa. 

As the region was cut off from the 
outside world, its handful of clinics and 


lariB-.ll llrKhiln Jr/Hir V* 

Dr. Richer treating a 15-year-old at the hospital in Tambura, Sudan. 


hospitals closed down for lack of staff age of medicine, some infected medical 
and medicine. No one received any personnel have nor yet been treated. 


medical treatment until Western char- 


White Nile 


ities re-established a skeletal system of Tambura. it became clear an epidemic 
clinics in 1994. was rising, doctors said. In 1995. the 


CENTRAL 
AFRICAN REP 


WESTERN K 
EOUATOfVA \ 


( E*o“" 

CONGO BaS8lSbiri 


Barngjj*- 



clinics in 1994. 

To make matters worse, tens of thou- 
sands of people fled into the bush to 
escape the fighting, away from the towns 
and main roads. Thousands crossed into 
Congo, formerly Zaire, and the Central 
African Republic. The farther into the 
wild the people pushed, the more they 
were bitten by tsetse flies. 

Now the disease has returned with a 
vengeance. Last August, nurses em- 
ployed by CARE began to see hundreds 
of people suffering from what looked 
like sleeping sickness stumbling into 


the clinic in Ezo, about 65 kilometers Epidemics have periodically swept 
(40 miles) south of the town of Tam- through the region throughout its his- 
bura. More than lOOdied, but the nurses tory. The local authorities say thar at 
had no means to test for the disease. least 200,000 people died of the illness 
“So many people were dying, and in outbreaks between 1915 and 1940. 
we thought it was a different disease, " The disease is curable, but the prob- 

said Francis Dawa, one of the nurses in lem is cost. Two drugs are available that 
Ezo. “Every family is hit. Even myself , can kill the parasite, but the one pre- 
1 am positive, but I’m treating the scribed for die early stages. Pentamidine, 
people.'* Because of the cost and short- has become expensive because it is in 
e of medicine, some infected medical high demand among AIDS patients. The 
rsonnei have nor yet been treated. cost to produce a course of treatment is 
At the main hospital in the town of between SI 70 and S520. The drug used 
tmbura. it became clear an epidemic in the second stage, Melarsoprol. costs 


staff there treated only 18 patients for 
the disease, but so far this year, they 
have admitted more than 100. 

Alarmed. Dr. Richer and Mario Enrile 
of CARE did a survey in Ezo, finding 
that more than a quarter of the residents 
were infected. In April, they persuaded 
the Centers for Disease Control and Pre- 
vention in Atlanta to send in a team to 


help do a more scientific study. 
Of the 8.000 people in Ezo. 


Of the 8,000 people in Ezo. “about 
3,000 are going to die unless we treat 
them,” Dr. Richer said. 


about $100 for a course of treatment. 

To stop the parasite's spread, all 
30.000 residents in Tambura County 
would need to be tested, doctors here 
said. Then drugs would have to be 
administered to those who have the 
parasite, a project the doctors estimated 
could cost more than $1 million. 

But even those measures would not 
be enough. Doctors here have studied 
only villages in Sudan, but it stands to 
reason that the disease is spreading 
rapidly in Congo and the Central Af- 
rican Republic as well. 


tom in a column of 10. 

Yet when a New York lawyer, 
Lawrence Molnar, came searching for 
Mis. Martinkova shortly after the fall of 
communism, he walked by the six-story 
building — blackened by years of chim- 
neys spewing soot into the wintry 
Prague sky — three rimes before ringing 
the bell. 

“It was really a matter of getting up 
enough courage to stop,” Mr. Molnar 
said. “I was expecting the worst pos- 
sible reaction: My best friend’s widow 
crying, ‘You ruined my husband!’ ” 

Mr. Molnar and Mrs. Martinkova met 
again Thursday at the U.S. Embassy, 
just across the river from their anxious 
encounter seven years ago. This time, 
though, Mr. Molnar expected only ap- 
preciation from Mrs. Martinkova — and 
For his part, the easing of the torment of 
nearly half a century of guilt. 

In an unusual private gathering in the 
embassy’s Peach Room, a CIA official 
presented Mrs. Martinkova and three 
other Czechs with medals and SI 0.000 
each for espionage work they, or their 
loved ones, carried out behind the Iron 
Curtain during the coldest vears of the 
Cold War. 

Mr. Molnar, a Czech 6migr6-tumed- 
CIA agent, recruited untold numbers of 
collaborators in the early 1950s, many 
from among friends and classmates in 
an anti-Communist underground orga- 
nization at the Charles University law 
school in Prague. All of them paid 
dearly for their activities, agreed to only 
with a handshake: until now, none had 
received as much as a thank-you. 

“I would be insincere if I didn’t say 
the money will be helpful.” said Milan 
Voldrich, 72. who spent nearly nine 
years in prison and now lives with his 
wife on S350 a month in a one-room 
Prague apartment. ”But the medal is the 
real reward I can hand it down to my 
son, so he will know his father took pan 
in something important.” 

To most of them, their chief was 


West industrial and military secrets by 
means of a clandestine radio network. 4 
Many were hastily trained in the cloak- 
and-dagger techniques of the day, using 
dead-letter boxes, writing with invisible . 
ink, assuming false identities, decipher- 
ing secret codes and finding shelter in 
safe houses. 

“As university students, they wanted 
to change die world, * * said Blanks Libos- 
var, 57, whose lare husband. Cestmir, 
spent six years in prison for arranging 
hide-outs for Mr. Molnar and others. 


ce the pop 

films that glamorized the surreptitious 
world of Cold War intelligence, these 


the surreptitious 


Mars Craft to Get Software Jiggle 


Have you been to PASADENA. California — U.S. space engineers say that riffpl TfiWPr Rpftnpnti 

* the changing of a single line of program code this Saturday 1 ^ tLAC1 AUWC1 


TRAVEL UPDATE 


wig end the resets that have plagued the overloaded computer 
of the Pathfinder on Mars. 


today? 


As they prepared to radio ihe software change, the scientists 
ordered the computer to perform tasks one-at-a-rime to avert 


resets like those that have slowed the flow of pictures and data 
from Mars three times since Pathfinder landed on July 4. 

The source of the software glitch was discovered Wednes- 


ed the overloaded computer PARIS < Reuters > — The Eiffel Tower 

reopened after a two-day strike over the 
ftware change, the scientists dismissal of an employee who was ac- 
tasks one-ai-a-rirae to avert cused by a British tourist of manhand- 


Don’t miss U. \ lot happens there. 


The source of the software glitch was discovered Wednes- 
day. As suspected, the Pathfinder computer, struggling with 
several activities simultaneously, reset itself each time that it 
could noi carry our low -priority tasks involving temperature 
and wind velocity measurements in the allotted time. 


ling her, operators said Friday. 
The tower, one of the world's 


The tower, one of the world’s leading 
tourist attractions, reopened after officials 
promised to find a new job for the fired 
employee, who disputes the circum- 
stances of the incident with the tourist. 

The Eiffel Tower draws 5.5 million 
visitors annuallv. 


local permanent residents and foreign 
passport holders. China does not rec- 
ognize dual citizenship. Chinese-Amer- 
icans in Hong Kong can either keep 
quiet about their foreign citizenship and 
risk being treated as Chinese nationals 
or declare themselves foreigners, losing 
their status as Chinese nationals. 


short-1 ived missions were mostly as am- 
ateurish as they were daring. 

Clint Eastwood escaped across the 
North Pole with a supersonic Soviet 
fighter in the 1982 movie “Firefox." 

But a real-life version in 1952 landed 
Mrs. Martinkova’? husband. Zdenek b.l .. 
Martinek, and others behind bars before r 
they even made contact with the MiG- 
15 pilot they were to win over with 
offers of fame and fortune. 

Indeed, by most measures, Holub’s 
flock failed miserably. While Mr. Mol- 
nar managed to escape to the United 
States, the others were rounded up, con- ] 
vie ted of treason and condemned to 
lives of misery. _ - 

Mr. Molnar says he was sentenced to 
death in absentia, but unlike his friends, 
it was a fate he never had to contem- • 
plate. Take Mr. Marrinek, for example. 

“It was a very difficult life — his 
nerves and. general health were very 
much undermined,” Mrs. Martinkova, 

64, said of her husband, who died in 
1984 after working in heavy cons true- -Y 
tion and perilous uranium mines, where 
he fell ill with leukemia. He spent more 
than nine years in prison before re- 
ceiving amnesty in the early 1 960s. 

“He would wake up with horrible 
nightmares.” she said. “He was afraid 
he was being watched or followed. He 
had his ideals, and didn't give them up. 
but he was terribly bitter that nothing 
came of it all.” 

The CLA was saying nothing publicly I 
about Thursday's ceremony; an official 
at the U.S. Embassy in Prague, ex- 
plaining it was “ not secret but private,' ’ 
also declined to comment But John 


Manes, a Miami lawyer who represents 
the erstwhile spies and their families. 


New Tivoli in Japan 


RELIGIOUS SERVICES 


AMSTERDAM 


SWITZERLAND 


BRUSSELS/WATERLOO 


NICE - FRANCE 


Evangelical Sunday Service 10:00 TeC^ 61 302 ie7^.^^yTl0^0 Sunftyevwwig IB-30, paste* Roy roller • 

am. i ii:30 a-mV Kids Welcome. De AMttefeStrasseiaCH-^ Basel Cnap ?f r ' , 1 ? Tel.iW9Gi32C596. 


Cu&ersiraat 3. S. Amsterdam Into. 
020-641 8812 or 020-6451 653. 


ZURICH-SWnZERLAND 


am. Holy Eueftansl ard Sunday Srtdd 
563 Chaussee de Louvain. Oham. 


FRANKFURT 


ENGLISH-SPEAKING CATHOLIC 322 381-3556 


PRAGUE 


MISSION: 


£-8112? Minervastrafie 63 Sundav Mass 8-3C 

Catholic Parish, St Leonhard, Alte am 8 1130am Se*v~es ha-* ir the 
Ma,n«r Gasse a. 60311 Frankfurt. ** 


WIESBADEN 


I.B. FELLOWSHIP. VmohradSKa » 66 . 
Prague 3. Sun : UP Tel.- (021 31 1 7974 


Germany. Tel/Fax 069-283177 Mass 
schedule: Saturday 5 p m.. Sunday. 10 
a m. Confessors: 12 hour before Mass. 


FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
lEvangettall Sixvjay 630 pm le Grand 
Noble Hotel. 90 av de Comebameu. 
Bbgiac.TeL056274 11 55. 

FRENCH RIVIERA/ COTE D'AZUR 


THE OTSCOPAL CHURCHES 
OF EUROPE (Anglican) 


THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY. Sun. 10 a.m. 
Fanriy Euchartsi FranWutter Strasse 3. 
'•'.'•estaden, Germany. Tel 
496113066.74 


WATERLOO 


Advice on Hong Kong 

HONG KONG (Reuters) — The U.S. 
government has advised Chinese- 
A meric nns in Hong Kong to register as 
foreign nationals if ihey want to be 
eligible for U.S. consular protection. 

It said that if Americans of Chinese 
descent stayed in the new Chinese spe- 
cial administrative region for less than 
30 days, they would gel consular pro- 
tection without having lo declare their 
nationality should they get into trouble. 

Many Hong Kong people arc both 


COPENHAGEN (AFP) — A replica 
of the Tivoli Gardens, Copenhagen's 
famed 154-year-old park, opened in Ja- 
pan on Friday. 

The 12-hectare (30-acre) Kurashiki 
Tivoli Park, a near-replica that includes 
some Japanese additions, opened in the 
southern city of Kurashiki after nine 
years of design work and investment of 
50 billion yen iS430 million). 

A third Tivoli, the Tivoli Freizeitpark 
Berlin, is to be built on the German 
citv’s outskirts bv the vear 2000. 


Manila and Macau signed an agree- 
ment Friday to allow direct flights be- 
tween the Philippines and the Por- 
tuguese enclave. i.AFPi 


the erstwhile spies and rheir ramiJies. 
characterized the event as the most far- 
reaching acknowledgment by the 
agency of botched operations in die East 
Bloc since the 1960 downing of the U-2 
piloi Francis Gary Powers. 

With the Cold War over, and the 
Czech Republic last week invited to join 
NATO. Mr. Mattes said, the CIA can 
confront the issue of Communist-era 
collaborators, most of whom were never 
paid for their services, let aJone given 
any special recognition. 

“For them to face these individuals ( 
personally is an extraordinary step be-' 
cause it is something they have been 
unwilling and unable to do,” said Mr. 
Mattes, who has handled a number of 
highlv publicized cases involving the 
CIA. 

■ ‘It is really a historic moral account- 
ability. a first-time acknowledgment 
ihat clandestine operations were moun- 
ted and people did sacrifice, suffer and 
pay a very great price in the service of 
the United States." 


1:11121 


WATERLOO BAPTIST FELLOWSHIP 

Sun. 19.00 at SwSjh Church, across 
iron LtodDonaMs. Ter iG2i 353 1565 


WEATHER 


PARIS and SUBURBS 


THE AMERICAN CATHEDRAL OF THE 
HOLY TRINITY. Si* 9 & 11 am . ‘045 
a.m. Surcay ScW z^’Crec a-d 


EUROPEAN 
BAPTIST CONVENTION 


ZURICH • SWITZERLAND 


NICE: Horv Trinity lAnclicani. 11 ri 
BuBa-Sun. 11.VnEl«E:SiKiohi.22.i 


MONACO CHRISTIAN FELLOWSHIP 

Worship Service. Sundew Ham 
9. rue Louis Notary. Monte Carle. 
Tel 37792165647. 


. Ecensonq. 23. V. 

Ftefcance. Sam. Tel 330* "ii 87 19 S3. Pans 75008. T e > : 33-7 : 52 Z7- b-i 7? 
MONTE CARLO MemGeageVcrAtnj Varew. 

FLORENCE 


PARIS and SUBURBS 


ST. JAMES' CHURCH. Sur. Jit. »-s ■ 

& 1 1 a. m Pee n. wa ser-anc ?. 

50123. Ffcnrx».ltaN.”e< nUS-WlT 


EMMANUEL BAPTIST CHURCH - 56. 

rue des Bons- Raisins. 92SC0 RueW- 


I.B.C.. 3ERUN Bother ijrg Sv 13. 

Sunday. 5 tie sudy 10-5 
evorsh? Seiv-ce 12.0c noon. Charles 
'.Vjrfwd. pasty 7e> • C30-774-1670. 

BREMEN 

LB£„ Hc*iertohes7. Hennann-BMe-SiT 
ITcrsh-D Sun 1700. ®astor telephone 
G£21-7Bfr>3 

BUCHAREST 


I.B.C ot Zuf'fh. Ghaisnavw? 31 0bC3 
RirscWfton. Worship Senses Sunday 
romerp Tel l-JaiOO’E 


ASSOC OF INTT 
CHURCHES 


'.Episcccai 'Anglican; Sr H 
Worship. 1 1 .00 1 Coffee Hour. For more Corrwnncn 9 &1 1 a t c - hjv s-* 
into call 01 J7 51 29 63 or check ® 1 z — — ^ 


FRANKFURT BUCHAREST 

CHURCH OF CHRIST THE KING £*£*1 ?c & 22 3 CTC_am 


AMERICAN CHURCH IN BERLIN, cor. 
of C6y Aflee & Potsdam Sir . S S 930 
am.. Vtorstvp : 1 a m Td 03W»i32G?i 


Cotmutfson 9 8 1 1 a -■ Sjdiv ScrocJ 
and Nursery KM5 am Secasar 


S j- Hcly '- /xa - Karper. Tel. 317 saso 


BUDAPEST 


ht®;'.YMw.geocoes.corn?arRTyteirt>i362. ftarJdto : z ni ®* :s aT ,A3r,cs z&igmona ev. Lutheran church 20 >jp 

HOPE INTERNATIONAL CHURCH 3 M<*jeWALee Tet 55 01 3i. " T c _' ;kv 6SZ uf ^'S" 1 • Sun VenJane. StreJav v«jt*up 9 3C n German 


Hotel Oran « Pans-la- Defense. 8 bd de 


Neu*y. Worship Sundays. 930 am Rev. 

Dougfas Mfler. Pastor. T.- 01 43330*06 

M6tro 1 lo la Defense Esplanade. EMMANUEL CHURCH. s> & 1 

SAINT JOSEPH'S CHURCH (Roman 

CatfKfc) MASS IN ENGLISH SaL 6^0 pnu eC7» 

Sun 10 am.. 12 midday. 630 p.m 5wcenaria - ■_ 

50 avenue Hoche. Pans 8th. Tel MUNICH 

W « Z72H 56 IMic Chafes deGauK-ESJ- 


3M<*jeWALee Tet 491=95501 34. 

GENEVA 

EMMANUEL CHURCH. ■& & 9rz 3l-i 


1C 00 Ted. 250-3932. 

BULGARIA 

LB.CL. Wbrfd Trade Center. 36. Prahan 


IlflOrEncMfl-Tel r022) 31CS3 B9 


JERUSALEM 


10am EuchansrZnd&cnS^IAwnmg Ttankov BNd. Worship 11*0 James 
Raver. 3 rue de Men ?gjx. 12: • Geneva OuXe. Pas or Tel- 663566 


MUNICH 


FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOVYSHP, Ev -Fre-krcMche Gemewie. 


LUTHERAN CHURCH ol life Rcduoior. 
OW CSy. Mursan Rd Eirfch worrix> Sin 
9 a.m. AB are wefcorr*?. Te< • 'GZi £29KM9. 


d 6 Vanuatu 75006 Parts. AO Welcome. &=Nngl. Germany. TeL J9E3&1 8 1 85. 

433 01 45 48 74 23. 


mv an.. nMnti a^Mua ■ ST. PAUL'S WTTHPi-THE-WALLS, San. 

830 am Htfy Euna. - ^: 3s iCJOam. 


CaM^c «173<2728. Pans f 9lfi 63 a1 

BETHEL I.B.C. Am Dachsberg 92 rjar^au or trr^ides. 

lEnqHh,. Worshc Sun. 1 1730 in and 

S-X' pm Tel: 069-549353. ZUR 


AMERICAN CHURCH ?N PARIS. 

Worehp 11:00 am. 65. Ouai rfOrsav 
Pans 7. Bus 63 at door. Metro Alma- 


CHURCH, near Ixfehashi Stn. TeL 3261 
3740 WOtshp Senice ajn. Sundays. 


ZURICH 

INTERNATIONAL PROTESTANT 


HOUAND INTERNATIONAL PROTESTANT 

GnOffll CUCn3f*5i n/iS It, • «>-■ r J a.m. puntw'u e | i_ 1^ . 

Oiuch School fcr tracer 4 riwv cate TRMnPttBfWATlONALinvaasycuta CHURCH English speaking v.orihv 


TOKYO IN0N CHURCH, near OnptesmdD prcwjed: 1 pm. Scansh EuCharsL Va a ChnsJ centered {etiov.-sh p. July- Aug. 
SlCvcy Sta. 340M047. £en-<ss Napo6 58. 00184 Rome. TeL 396 48S Servce 9:30 a m BJcemramplaan 54. 
Sunday - B.30 & HJC am. SS z 9-5 ar: ‘ 


3339W39647J5SSI 


\’tess£foar 07T-5 r 7-eCT-« rwfsery prev 


service. Sunday School A Nursery. 
Sundays 1130 , ScnanrixnaiV- 25 

Tel 101)2625525. 



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INTERNATIONAL HERALD TRIBUNE* SATURDAY- SI 1 N DAY. JLXY 19-20, 1997 


PAGE 3 



'Pie* 

! pect 

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Peru President 
Is Besieged by 


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w,. » "' It, Resignations 
And Protests 


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lop-of-ihe-iine Snv^ rn w LIMA — Sireei protests and cabinet 
plane, glean classif,^ 1 resignations have put pressure on Pres- 
nuclearinsiallaiiort^ 1 ^^ ic * enI ^terro Fujimori, who is facing 
west industrial a h ^ W ,he mos! serious opposition of his seven 
means of a eland years in power. 

Many were hast | !,rie ra <L* -Around 5,000 \yorkers. teachers and 

and-das^er terk 1 r ' students fought their way through police 

letter bo\ ^ Ue * of ,ines and inarched Thursday toward the 
ink. assuming?’ WTit %ih* presidential palace, chanting “Down 
ino iden^'with the dictatorship. “ 

Demonstrators clashed with the po- 


“I Mem coastnd?"^, 

sate houses. d 


lice as they pushed through side streets 
into the main square opposite the palace. 


to t-h-inJ^u ersit > st udeni, A mio the main square opposite the palace. 
. * ^ e inew°rid/- -V Some fought with sticks and metal wires 

w hose lai e while others tossed rocks and bottles. 

*** m pny^T^C- The protest, one of the largest against 
^-outs tor Mr. Molnv "Mr. Fujimori since he took office in 
But unlit.* t h e - J 


-1990, lasted about two hours. It came in 


X-j me PODlib v ’ _ i7?U| msuuuuvui twvnuuia. ni.niiiviii 

J liras that glamorize/,}/ '*'■ die wake of the resignation of three 
world of Cold War in!^ ^-ministers from Mr. Fujimori's cabinet, 
snon-hved missjo ns u ^ • Foreign Minister Francisco Tudela 

ateunsh asthev w cre j CIT ^ -quit Wednesday. One of the most re- 
, Clint Eastw’ooij eM . ai ' IQ ? 'spected figures in the cabinet, he was 
Sonh Pole with widely believed co have resigned to dis- 

fjghier in the I9<p * UpCT5 <* ' assoc j ate himself from a siring of sean- 
But a real-life \ er "r facing Mr. Fujimori. 

Mrs. Maninkov a * k, de ^ ense minister. General Tomas 

" over al- 

„. ... — security 

15 pilot thev uer Ul1 forces, people close to the government 
,. c , c 10 said. He served as an important link 

Indeed. b\ 



German Donor Is Fined 
For Aiding U.S. Parties 

Businessman Gave More Than $400,000 


Maninek. and oih^r 1 ?^ '.Castillo Meza, also resigned 
thev even made - ,e ° t:d ri 8 hl5, abusei b . v *he 

15 "pilot thev uerc f0 -5 e 

offers of fame and » ■ „ ^ * sa,d ’ 

s. _* ll ’nune. -between the administration and Peru's 




Some of the 5,000 demonstrators protesting in Lima against President Alberto Fujimori's “dictatorship." 


Tlie AiUKiuird Press 

WASHINGTON — The Federal 
Election Commission levied the largest 
penalty ever Friday for individual cam- 
paign-finance violations — $323,000 
against a German businessman who 
made illegal donations to numerous 
U.S. parties and candidates. 

The Honda Republican Party, the 
largest recipient of the donations from 
the" businessman, Thomas Kramer, was 
fined $82,000. 

Other recipients, including the 
Democratic National Committee, the 
National Republican Senatorial Com- 
mittee and Senator Connie Mack, Re- 
publican of Florida, were sent warning 
letters but not fined. 

The election commission alleged that 
Mr. Kramer, a German national who 
runs businesses in Florida, funneled 
more than $400,000 to state, local and 
federal campaigns in 1993 and 1994. 

He is boned from contributing to U.S. 
ies and candidates because he is a 
:ign national. 

The record penalty came as the Sen- 
ate wrapped up its second week of in- 
vestigative hearings into foreign dona- 
tions to the Democratic Party and other 
campaign fund-raising abuses. 


que 

the 


Gingrich Demotes His Protege After a Revolt 

c,,.* °. 'ot. Fujimori’s top adviser. Vladimiro O « / 


c.,.-. ~ ' v:j P e 'o^. Fujimori's top adviser. Vladimiro 

*r v-thers v-ererouafc.-Monresinos. bead of the intelligence 
Jnd Service. 

’ 1 5* 01 Justice Minister Carlos Hermoza also 

rj--, - M< v5 !ar ,eft h ' s P° SL the ensuing cabinet 

aeatn tr. abser.tia. r»ui uaJifV, 'reshuffle, the interior minister. General 

" ■ ri * r,e ‘ ir tad*. -Cesar Saucedo. was appointed defense 
rinte. T.ixe \t M^nincL fix- minister, and the regional military head. 

“It wa« - v-r. Jimcui: i General Jose Villanueva, became in- 
ner- e> arc ger.e-ji hcjJtfc t - 'terior minister, 
much unaem-.ntd " Mrs* Afe Mr. Hermoza replaced by a lawyer, 
6^. soic of ner h-j>f onj. Alfredo Quispe Correa. Completing the 

19S4 jitter :r hc’i-. • reshuffle, Mr. Fojimori named a busi- 

tion and peniou- iiraaVumtDfc nessman ' Ludwig Meier, to the vacant 
he fell ;ii v. iccjienju' He ^ P° st Fisheries minister. The four min- 
thjB nir.e v iii* r -'r « v"‘ sters were swom in Thursday. 

The resignations are said to under- 
ore dissatisfaction with many of Mr. 
ujimori's policies. tReuiers. NYT ) 


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WASHINGTON — Shaken by a coup attempt in 
which his closest lieutenants were implicated, the House 
speaker. Newt Gingrich, has removed a key lieutenant 
from the top appointed post on his leadership team. 

Although Representative Bill Paxon said late 
Thursday that his resignation had not been coerced, 
aides to House leaders said that the speaker had 
encouraged the action. 

The episode, which left House Republicans baffled, 
was the clearest sign yet of the turmoil within the party 
and of Mr. Gingrich's struggle to regain stature. 

Mr. Paxon *s fall from Mr. Gingrich’s grace was 
apparently caused by his role in a bungled effon last 
week by junior House Republicans to overthrow the 


speaker. Several junior members named as having 
taken part in meerings to discuss the ouster of Mr. 
Gingrich said Mr. Paxon had become “the fall guy.” 

The Gingrich prot£e£. who managed the successful 
effort to regain Republican control of the House in 
1994. had served as chairman of the Republican lead- 
ership, a position Mr. Gingrich had invented for him. 

Mr. Paxon is married to Susan Molinari. another New 
York Republican* who is leaving the House on Aug. 1 to 
join CBS News. He is one of the few Republicans with 
enough support among both conservatives and mod- 
erates to be considered as a replacement for Mr. Gin- 
grich. an idea that has been percolating for months. 

“I have always acted in what I believe to be the best 
interesrs of your speakership and our conference,” 
Mr. Paxon wrote in his resignation letter. *‘I gave you 
my trust and my word, but since both have been cast in 


doubt It is clear that I can no longer be an asset to your 
team in this appointed capacity.” 

The three other House leaders who held talks last 
week about the speaker’s status — Dick Armey of 
Texas, the majority leader; Tom DeLay of Texas, the 
majority whip; and John Boehner of Ohio, the chairman 
of the Republican Conference — hold elected positions 
and cannot be forced out by Mr. Gingrich alone. 

But the position that Mr. Paxon held, although a 
senior one, was appointed. As chairman of the House 
Republican Conference, he oversaw conference meet- 
ings, help smoothed over intramural disputes and 
acted as one of the chief spokesmen for the party. 

Representative Jennifer Dunn of Washington, the 
vice chairman of the Republican Conference, said Mr. 
Gingrich had decided not to replace Mr. Paxon and 
would instead run meetings himself. 


The election commission’s file on 
Mr. Kramer provides an unflattering 
picture of American political fund-rais- 
ingpractices. 

For instance, his lawyer told the com- 
mission that no one seeking donations 
from Mr. Kramer bad ever inquired into 
Iris immigration status or refused to ac- 
cept funds from him because he was a 
foreign national. 

Mr. Kramer also said a Democratic 
Party fund-raiser bad advised him to 
disguise a donation to the Democratic 
Senatorial Campaign Committee by 
putting it in the name of a U.S. citizen, 
the tile said. The fund-raiser’s name was 
not given. 

Mr. Kramer has asked to have the 
money he donated returned to him. 

■ Huang Inquiry Deepens 

Edward Walsh and Anne Farris of 
The Washington Post reported earlier: 
Senate Republicans raised more 
uestions in the mystery of John Huang. 
Democratic Party fund-raiser, bur 
were unable to confirm their suspicions 
that he had passed sensitive U.S. in- 
telligence information to the Chinese 
government. 

A central figure in the Senate Gov- 
ernmental Affairs Committee's inves- 
tigation into charges of 1996 campaign- 
finance improprieties said that Mr. 
Huang had access to a telephone, copier 
and fax machine in the offices of Steph- 
ens Inc. 

But the witness, Paula Greene, a 
former employee of the company, was 
unable to confirm Republican suspi- 
cions thaT Mr. Huang was using the 
Arkansas-based investment banking 
company's Washington office as a 
secret base to relay sensitive Commerce 
Department information to his Indone- 
sia-based former employer, Lippo 
Group, and possibly on to the Chinese 
government. 

The committee’s Republicans are at- 
tempting to establish that substantial 
amounts of illegal foreign money 
flowed into Democratic coffers during 
the 1996 campaign through Mr. Huang 
and the Lippo Group and that some of 
the money may have come from 
China. 


POLITICAL NOTES 




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Senate Closes Gap on Air Tax 

WASHINGTON — The Senate has moved toward a 
compromise with the House over a tax provision of keen 
interest to airlines, agreeing to drop its own plan in favor 
of the House’s proposal to increase international de- 
parture and arrival fees. 

The House plan would reduce the current 10 percent 
tax on airline tickets to 7.5 percent, but would add a $2 fee 
for every flight segment, raising it to $3 in 2002. The tax 
on international flights would rise to S3 1 . The Senate had 
proposed a 10 percent tax on the domestic legs of in- 
ternational flights. l N)T) 

Clinton Plan for Welfare Aid 

WASHINGTON — States that want to collect pan of 
$ 1 billion in future federal welfare bonuses would have to 
do more than decrease their welfare rolls. They would 
have to show that recipients have kept jobs and raised 
their earnings, according to a proposal by the Clinton 
administration. 

The proposed rules would redefine the measure that the 
White House and many states have used to gauge success 
of welfare reform — the redaction in caseloads. { WP) 

Wanted: 102 Federal Judges 

WASHINGTON — Blame a Senate Republican stall, a 
weak White House or the natural byproduct of divided 
government, but the result is that 102 federal judgeships 
— one out of every eight — are now vacant. 

This week, leaders of seven national legal groups said 
the vacancies are a “looming crisis” hanging over the 
nation's system of justice. (LATi 

Senators Reject a Raise in '98 

WASHINGTON — The Senate voted to freeze con- 
gressional salaries for the fifth year in a row, prompting 
complaints from senior members lhai low pay was erod- 
ing the caliber of representation on Capitol Hill. 

The Senate accepted an amendment Thursday that bars 
Congress members from receiving the 2.8 percent cost- 
of-living increase that will go to other' government em- 
ployees in fiscal year 1998. f WP) 


Quote/ Unquote 


President Bill Clinton, saying he thought many Cali- 
fornians who voted for the anti-affirmative action Pro- 
position 209 were “shocked” when they learned that the 
measure would severely limit the number of blacks enrolled 
in some top professional schools: “I think the rhetoric 
sounded better than the reality to a lot of voters.’ ’ {LATi 


Suspect in Versace Murder Fits ‘Spree Killer 5 Profile 


By Joel Achenbach 
and Sharon Waxman 

Woshiniiion Post Sen n e 

WASHINGTON — Andrew 
Phillip Cunanan, who the author- 
ities suspect murdered the Italian 
fashion designer Gianni Versace 
and of four other men. appears to 
change his killing technique in the 
same way that he has changed his 
name, his hairstyle and his life his- 
tory, criminologists say. 

Mr. Cunanan. the object of a furi- 
ous manhunt since Mr. Versace’s 
slaying Tuesday in broad daylight in 
Miami Beach, does not fit die stan- 
dard profile of a serial killer. Rather, 
die criminologists said, if he is in- 
deed responsible for the murders, he 
appears to be something more rare: a 
* ‘spree killer. ’ ’ A spree killer tends to 
be unpredictable, perhaps not know- 


ing what his next move will be. 

“There’s no pattern to his 
killings. That's what makes every- 
body so nervous,” said Jack Levin, 
a serial-murder researcherat North?, 
eastern University in Boston. 

If Mr. Cunanan is the killer the 
authorities say he is, he has shown 
no standard modus operand! other 
than leaving a car near his crime 
scenes. The police say he will some- 
times kill savagely, like a standard 
psychopathic serial killer — 
bludgeoning one victim with a claw 
hammer, apparently torturing an- 
other with garden clippers. Yet he 
has also allegedly killed like a com- 
mon thief, just to steal a track. 

On Tuesday, the authorities said, 
he killed like an assassin, shooting 
Mr. Versace twice in the head at 
close range. 

But his motives are a mystery'. 


“He’s just a horrible monster,” 
said Philip Home, a San Francisco 


civil-rights lawyer who said he had 
planned to become roommates with 
Mr. Cunanan this spring. 

Serial-murder experts have taken 
to the airwaves since the Versace 
murder, but there is little consensus 
about what might be driving the 
suspect Personal revenge? Thirst 
for publicity? Hatred of his own 
homosexuality? 

“This guy’s different” said 
Clint Van Zandt, a former serial- 
killer profiler for the FBI. “We’ve 
had homosexual serial killers be- 
fore. but he’s a particular breed. ’ ’ 

The typical serial killer works in 
stealth, often over many years, al- 
most invariably driven by sexual 
sadism, the murder being part of an 
elaborate ritualized fantasy that the 
killer tries to perfect. Serial killers. 


preferring a more intimate form of 
violence, rarely use a gun die way 
the murderer of Mr. Versace did. 

Some experts compared Mr. Cun- 
anan to Ted Bundy, the serial killer 
who was executed in 1989, because 
both were charming and intelligent 
and able to elude caprure. But Mr. 
Bundy took few risks. left few clues 
and killed as a way of satisfying a 
violent sexual compulsion. 

Robert Ressler. a former FBI seri- 
al-killer profiler, compared Mr. 
Cunanan to Christopher Wilder, a 
South Florida serial killer in the 
1980s. When identified, he turned 
into a spree killer, leading the au- 
thorities on a cross-country chase. 
After three months, Mr. Wilder fi- 
nally died in a shoot-out in New 
Hampshire. 

But none of those killers ever did 
anything as bold, as certain to attract 


international attention, as the Ver- 
sace murder. 

“He’s not in a singular pattern,” 
said James Fox, author of several 
books on mass murder. “HeTs able 
and willing to kill either if he has to, 
or if he wants to. We sometimes eat 
because we’re hungry and we some- 
times eat because we like the smell 
and we sometimes eat because it’s 
dinnertime. Why can’t chat be true 
of killers too?” 

According to friends and ac- 
quaintances, Mr. Cunanan made up 
stories about himself that made him 
seem glamorous. He claimed to be a 
millionaire's son. He claimed to be a 
rich, traveling businessman. 

* ‘He lied to us all along,” said Mr. 
Home, the civil-rights lawyer, “be- 
cause be was Dying to make himself 
into something better than what he 
really believed himself to be.” 


Sales Soar After Designer’s Death 

Stores Across U.S. Report Huge Demand for His Merchandise 


Ne u- York Times Sen he 

NEW YORK — Stores across the United 
States have reported increased sales of Ver- 
sace merchandise since Tuesday, when Gi- 
anni Versace, the Italian fashion designer, 
was shot to death on the steps of his home in 
Miami Beach, Florida. 

“We are selling everything we have in 
Versace.” said Dawn Mello, president of 
Bergdorf Goodman. “The dinner wear is sold 
out. 

“People are calling in from all over the 
country as far as California wanting specific 
items from the last collection.” 

Kelly Patrick, a spokeswoman for Neiman 
Marcus, said there was a rush on Versace 
goods 4 ‘in oar stores on both coasts. 

’.‘In the San Francisco store,- women’s leis- 
ure wear has almost sold out,” Ms. Patrick 


said, adding that the volume had been “even 
greater in Florida, for obvious reasons.’ ’ 

Kal Ruttenstein, fashion director of Bloom- 
ingdale's, said. “We’ve had a tremendous 
interest in the last day and a half, especially' in 
the jeans wear and in the men’s wear.” 
Bloomingdale’s sells the Versace Jeans 
Couture and the Versus line, but not the 
higher-end Versace line. The department 
store put a tribute to the designer in one of its 
windows in New York City, featuring a fe- 
male mannequin in a red and blue chain-mail 
mini-dress and a male mannequin in a red suit 
and white sweater. 

“I love customers, and Gianni loved cus- 
tomers,” Mr. Ruttenstein said. 

But when considering the run on the Ver- 
sace merchandise, he asked, “Is bizarre too 
hideous a word to use?” 


For investment information • 

Read THE MONEY REPORT every Saturday in the 1HT. 


;Wv -- itf# 


Away From 
Politics 

• Aggressive behavior .such 
as tailgating, weaving 
through busy lanes, honking 
and exchanges of insults or 
even gunfire is a factor in 
nearly 28,000 highway deaths 
a year, die National Highway 
Traffic Safety Administration 
said. (NYT) 


• Additional assault and 
sexual harassment charges 
were filed Friday against the 
army’s top enlisted soldier, 

: Sergeant Major Gene McKin- 
ney. And a retired sergeant 
major whose allegations 
prompted the investigation 
agreed to testify in his pre- 

f lirainary hearing after ini- 
tially declining. (AFP, WP) 

• The state of Virginia ex- 

ecuted by lethal injection a 
man who killed a policeman 
answering a domestic dispute 
call. ' .(AP) 


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PAGE 4 


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



Hong Kong Moves to Ban Protests 

Police Are Given Power to Block Rallies for 'Security’ Reasons 


CaiyUtd fry Ota Sfcjf Fmx 

HONG KONG — Hie government of 
Hong Kong on Friday gave die police 
wide discretionary powers to ban protests 
or political groups on “national secu- 
rity grounds, expanding laws enacted 
by the Btajing-appointed Provisional 
Legislature after the Chinese takeover. 

The government of Chief Executive 
Tung Chee-hwa said it had issued the 
guidelines to clarify the concept of na- 
tional security, introduced after Hong 
Kong’s return to C hina, that determines 
whether protests can go ahead 
“The commissioner of police will 
Invoke the national security ground only 
if he reasonably considers it necessary to 
do so,'’ the government said adding that 
the official should consider among other 
things whether the demonstration ’s goal 
“is to advocate separation from the 
People's Republic of China, including 
advocacy ofTai wan or Tibet.’’ ■ 

L ‘This fails under consideration of ’na- 
tional security,’ ” the government said. 


“because such advocacy might threaten 
the territorial integrity and independence 
of the People’s Republic of China." 

The police also can ask the govern- 
ment's security chief to cancel any 
group’s registration on national security 
grounds. They also will be allowed to 
mterveueduring a protest if they consider 
that the rally, or someone taking part in iv 
might cause “an imnuneot breach of the 
peace ' * or call for independence of Hong 
Kong. Taiwan or Tibet 

Under the public order ordinance, 
which rook effect July 1. when Hong 
Kong reverted to Chinese rule, national 
security was defined as the ‘ ‘safeguard- 
ing of the territorial integrity and the 
independence of the People’s Republic 
of Cnina.” 

Human rights groups and pro-democ- 
racy poUticians sharply criticized the 
newpolicr- 

“I think it is a blatant contravention 
of die freedom of speech,” said Mar- 
garet Ng, a lawyer and member of the 


disbanded Legislative Council, which 
was elected. . f 

“It will take away the basic rights or 
citizens in Hong Kong to demonstra- 
tions/' said Lee Cheuk-yan, general 
secretary of the Hong Kong Confed- 
eration of Trade Unions. • 

The police guidelines follow the Pro- 
visional Council s suspension of a 
series of labor rights laws. The Inter- 
national Confederation of Free Trade 
Unions said the council constituted a 
breach of promises Beijing had made on 
labor standards. 

The Provisional Legislature also has f* 
passed laws that prohibit political 
parties from receiving foreign donations 
and ban defacemenr of the Chinese 
flag. . , 

The laws are directed toward reas- 
suring China that Hong Kong will not 
become a base for undermining Com- 
munist Party role or advocating causes 
Chin a abhors, like independence for 
Tibet or Taiwan. (AFP, Reuters, AP J 


D«t- ■ VnjnW*k/Thc AiwWl PKsa 

A poster in Pale on Friday warning NATO against arresting the former Bosnian Serb leader, Radovan 
Karadzic, one of thousands put up in Bosnian Serb territory. They read. “Don’t touch him — he means peace.” 

NATO Vows Tough Bosnia Stance 


Basques Press ETA Separatists ■ Israelis Report Ambush Plot 


MONDRAGON, Spain — Basqnes turned' up pressure 
Friday on the sep aratist movement ETA as anger over the 
slaying of an ETA hostage switched to action to isolate the 


Return 

SARAJEVO. Bosnia-Herzegovina 
— The NATO supreme commander. 
General Wesley Clark, said Friday that 
retaliation by Bosnian Serbs for a raid 
on war crimes suspects would not in- 
timidate the alliance-led peace force. 

He made ir clear during a visit to 
Sarajevo that die alliance would not 
shrink from a tougher stance toward 
suspected war criminals despite a wave 
of Jow-JeveJ violence after the NATO 
sweep, in which one war crimes suspect 


was seized by British soldiers and an- 
other was killed while resisting capture. 

* ‘We’ve seen some efforts by some in 
Srpska to intimidate their own people. ” 
General Dark said, referring Republika 
Srpska, the Bosnian Serb political en- 
tity. 

“! can tel] you NATO is not going to 
be intimidated by any of this and we are 
going to follow through on our own 
mandate,” he said. 

The general suggested that the NATO 
raid last week ‘against the two Bosnian 


Bavarian Lashes EU Border Pact 


Reuters 

BONN — The interior minister of 
Bavaria on Friday criticized a deal by 
Germany, Austria and Italy to remove 
border controls next year, saying that 
Italy and Austria had to do more to stop 
illegal immigration before the borders 
could be thrown open. 

“The time frame is far too ambi- 
tious,” the minister, Guenther Beck- 
stein, said on InfoRadio in Berlin. “I 
would have preferred it if they had 
agreed on a longer transition period.” 

Chancellor Helmut Kohl of Ger- 
many. Prime Minister Romano Prodi of 
Italy and Chancellor Viktor Klima of 


Austria agreed Thursday that their bor- 
ders would be opened on April 1 next 
year as part of the Schengen accords, 
which allow passport-free travel among 
a group of west European countries. 

Mr. Beckstein, whose conservative 
southern state borders Austria, said that 
Bavaria wanted to maintain some con- 
trols with its neighbor because illegal 
immigrants from Turkey and the Baltic 
stares were still entering die country. 

He said Bavarian border guards 
would continue ro check suspicious cars 
near the frontier after they had entered 
Germany, ro prevenr illegal immigra- 
tion. 


Serbs, who were under indictment by 
die UN war crimes tribunal in The Hag- 
ue. had rattled nationalist leaders loyal 
ro Radovan Karadzic, the former leader 
of the Bosnian Serbs, who has also been 
indicted on charges of war crimes. 

“We must be having an impact on 
Karadzic and the rest of the war crim- 
inals there or there would not be a 
response,” he said. 

His statements followed testimony 
before the U.S. Congress on Thursday 
by Robert Gelbard, the senior American 
envoy to the Balkans, who called ap- 
prehension of war crimes suspects the 
top U.S. priority. 

“If local authorities refuse to abide, 
by their obligation to arrest indicted war 
cr iminals , we will continue to look for 
other ways to secure their capture,” he 
said. The warning applies “not just to 
Bosnia but Croatia and Serbia.” Mr. 
Gelbard told a subcommittee of (he Sen- 
ate Foreign Relations Committee. 

Hours before General Clark’s visit to 
Bosnia-Herzegovina to meet with of- 
ficers of the NATO-led Stabilization 
Force, a grenade detonated outside the 
apartment of an international police 
monitor in Gradiska. 50 kilometers (30 
miles) norib of Banja Luka, in Bosnian 
Serb territory. The monitor, who was 
sleeping when the arrack occurred early 
Friday morning, was not wounded 


group and its political wing. Herri Batasuna. 

Mainstream parties in the Spanish Basque town of 
Mondragon filed a censure motion against Mayor Xabier 


Zubizaireta, a Herri Batasuna member, the municipal coun- 
cil said Mondragoo, a town of 25,000 inhabitants in 
Guipuzcoa Province, is the largest municipality held by the 

e political offensive is the first firm move to ostracize 
the group after Basque separatists killed a hostage, Mignel 
Angel Bianco Garrido. ..(AFP} 

Kohl Rebukes Bonn Opposition 

BONN — Chancellor Helmut Kohl blamed the op- 
position Social Democrats on Friday for Germany's slow- 
ness to enact tax reforms and said voters would punish them 
in general elections next year. 

Shrugging off his slump in opinion polls. Mr. Kohl said 
Germany urgently needed reforms and accused the Social 
Democrats of “treason” against 4 million unemployed by 
stalling his tax restructuring with a veto in the upper house 
of Parliament. His center-right government wants to lower 
the top rate to 39 percent from 53 percent. (Reuters) 

Cease-Fire Bid in Sierra Leone 

ABIDJAN — The military junta that seized power in 
Sierra Leone in a May 25 coup agreed to an immediate 
nationwide cease-fire with African peacekeeping forces 
Friday. 

Representatives of the junta and officials from the Eco- 
nomic Community of West African States issued a state- 
ment announcing the agreement after talks aimed at ending . 
clashes between the two sides. (AFP) 


JERUSALEM — Israeli intelligence has collected ev- 
idence proving a senior Palestinian police commander 
ordered a squad under his command to ambush Israeli cars 
in the West Bank, a government official said Friday. 

The official, speaking on condition of anonymity, said 
Israel had intercepted orders handed down from the Gaza 
Palestinian police chief. Brigadier General Ghazi Jabali, to 
a West Bank police officer. Colonel Jihad Masami. 

Israel arrested three Palestinian policemen armed with 
submachine guns and in possession of plans to ambush 
Israeli cars in the West Bank, the official said. (AP) 

Liberians to Vote on Sunday 

MONROVIA, Liberia — Liberians go to the polls Sat- 
urday in elections that wrap up a regional peace process that 
ending seven years of war in the country. 

The two main candidates are Charles Taylor, a former 
warlord, and Ellen Johnson-Sirleaf, a Harvard-educated 
businesswoman who has lived in the United States since 
1986 and has been the United Nations Development Pro- 
gram’s Africa director since 1992. (AFP) 

Russia Looks to Role inEU 

BRUSSELS — Russia is preparing for European Union 
membership “in the long run” and has no intention of 
insisting on financial compensations for the EU’s eastward 
expansion. Prime Minister Viktor Chernomyrdin said in 
Brussels on Friday. 

Analysts here saw symbolic significance in his remarks, 
even if membership is far off. 

He said at a news conference held with the European 
Commission president, Jacques Santer, with whom he had 
a loqg working meeting. “We are preparing for mem- 
bership in the EU, and all our work today is aimed at 
Russian membership in the long term.” (AP) 


Good News 

to our readers in Marseille 
and the Southeast of France: 
The iHT is available 
at ail these fine news agents. 


India Debates Quotas for Low Castes 


(13) BOUCHES 
DU RHONE 
AIX EN PROVENCE 
Le Havana 
57, Cows Mirabeau 
Kiosque Presse 
37 Bfvd du Rot Band 
Kiosque Ptosse 
Place Beflega/de 

Kiosque Presse 
Place du Gbn&ai de 

Gaulle 

Kiosque Prosse 
Place Jeanne d'Arc 
Kiosque Prosse 
Place des Precheurs 
Kiosque Presse 
Place <ie THOM de Ville 
Maison do la Presse 
23, Cours Mirabeau 

AIX LES MILLES 
Tabac Presse 
~Le Mercure'. Bat A 
Rue Ampere 


Kiosque Presse 
Place Lamartine 
Matson tie la Presse 
40, Rub de la R6pubfique 

Presse France-Lcfslrs 
Boulevard des Uces 

CABRfES 

Le Temps de Lire 
Centre Ctaf GEANT 

Plan de Campagne 

CARRY LE ROUET 
Masson de la Presse 
1, Route Bteue 

CASSIS 

Matson de la Presse 
4 Ave. Victor Hugo 
Presse 

13Ave.de la V^uerto 


marseii le 

Au Royaumedu Souvenir 

30, Quai du Bart 
CygnetfOr 

29. Qua! des Beiges 
Mag Presse 
6, Rue de BretouH 
Kiosque Presse 
Place du Gal de GauBe 

Kiosque Presse 

15. Place de la Joltette 
Kiosque Presse 

3. Cours Puget 
Kiosque Presse 

31. Cours Puget 
Kiosque Presse 
Place Gabriel P4ri 
Kiosque Presse 
V, Ave. du Prado 
Kiosque Presse 
614, Ave. du Prado 
Kiosque Presse 

16. Place F6Hx Baret 
Presse 

99, Ave. de la RepubUque 
Tabac Presse 
425, Rue Paratfis 
Tabac Presse 
Centre Commercial 
Casino-Valentine 

MARTIGUES 

Ubratne Ctialaye 
7, Cours du 4 Septembre 


1 84. Cours Victor Hugo 
Kiosque Presse 
Cours Gimon 

SAUSSET LES PINS 
Presse 

11, Rue Rouque 


1. Ave.du MJufflet 

PELISSANNE 

Presse 

77 Ave. Carnot 

SAINT REMY DE 

PROVENCE 

Maison de la Presse 
12, Bfvd Mirabeau 

5TES MARIES DE LA 

MER 

Maison de la Presse 
Rue Frangols M&Bna 

SALON DE PROVENCE 
Mag Presse 

29 Kvddu Marshal FoCh 
Maison de la Presse 


Place de la Mairie 

EYGU1ERES 

Presse 
Rue Bolsgeffn 

1 84) VAUCLUSE 

AVIGNON 

Khedrvs 

6. Place de rHotioge 
La Havana 

14, Rue de la R4pub6que 
Maison de la Presse 
34. Cours Jean Jaurds 
Presse 

Centre Commercial Gare 
Routfere 

Prosse Carnot 
11, Place Carnot 
Presse Papeterie 
Centre Commercial 
Route Na Donate 7 
Tabac Presse 
Centre Commercial 
Mistral 7 
Tom Tip 

51. Rue Joseph Vsmet 

CAVAILLON 

Mrson de la Presse 
13, Ave. Gabriel P6ri 

ORANGE 

L'OpaJe 

1. Rue Notre Dame 

Maison de la Presse 
40. Rue Cans tie 

(30; GARD 
CASTILLON DU GARD 
Presse do CasoSon 
Place due Mai 

LE VU5AN 

Vigan Pmsse 
9, place (TAssas 


NfMES 

Maison de la Presse 
Centre Commercial 
-La Coupote- 

Presse de T Esplanade 
Bd de la Uberation 

ST GILLES 

Maison de la Presse 
20, rue Gambetta 

uzss 

Maison de la Presse 
7, Bd Gambetta 

(34) HERAULT 
CARNON PLAGE 
HaB de la Presse 
Centre Commercial 
•Solignac- 

CLERMONT L'HERAULT 
Maison de la Presse 
28, Route Nationals 

GANGES 

Maison de la Presse 
1 . Rue Bhcn 

LOP EVE 

Maison cfe la Prosse 
25, Grande Rue 

MONTPELUER 

Point Presse 
Rue du Cherche MkS 

Point Presse 
1. Place de la Com&fie 

Prvsse/Tabac 
Centre Commercial 
«Le Potygone- 

PALAVAS LES F10TS 
Maison de la Prasse 
21. Ouai Georges 
Ctemenceau • 

Presse Ocdane 
17, Qua) Paul Cunq 

PEROLS 

Presse/Tabac 
Centre Commercial 
-Auchan* 


I By Kenneth J. Cooper 

j )»usftinsttm Post Sen ice 

TRIVANDRUM, India — The first 
time A.T. Shibu filled oat a job ap- 
plication formthat asked which caste he 
belonged to, he did not know where to 
place himself in the traditional Hmdu 
hierarchy defining religious purity, so- 
cial status and occupation. He had to ask 
his parents. 

Mr. Shibo discovered that he belongs 
to what India considers a “backward” 
caste, and this heritage gave him an 
advantage in the heavy competition for 
government jobs here in the palm- 

fringed capital of Kerala state. Despite 
being a middle-class college graduate 
with a master’s degree who says he has 
“never experienced or witnessed” 
caste discrimination, Mr. Shibo, 27, has 
joined millions of beneficiaries of the 
world's oldest system of affirmative ac- 
tion, which grants quotas or “reser- 
vations” of prized government jobs to 
India’s lower castes. 

Mr. Shibu was given a job as a gov- 
ernment clerk on die basis of his caste 
and his score on acivil service exam, but 
now be says be believes the time has 
come when caste alone should not deter- 
mine who benefits from job quotas. 
“When you are financially well-off. I 
don’t think you should be needing this.” 
Mr. Shibu said. . 

The system qf preferences is one of 
independent India’s defining institu- 
tions, enshrined in the nation's 1950 
constitution in an effort to erase in- 
equalities fostered by the centuries-old 
caste system. But the Indian Supreme 
Court and many upper-caste Hindus ar- 
gue that many “backward” castes have 
made such gains that most quotas 
should now be based on economic need 
rather than caste. 

Such a change, ordered by the Su- 
preme Court in 1992 but only now being 
put into place in some parts of India, has 
been opposed by lower-caste advocates 
and their allies, who maintain that the 
gains have not been sufficient to sustain 
progress or erase upper-caste domi- 
nance in top government posts. 

In India, while there are few com- 
prehensive studies, researchers have 


concluded that affirmative action has 
diversified a growing middle class, es- 
timated to include 200 million of India's 
950 million people. 

Viewed in broader terms, however, 
the overall impact of job quotas has 
been limited. Researchers have estimat- 
ed that no more than 10 percent — and 
perhaps only 2 percent — of lower-caste 
individuals have benefited directly from 
job quotas. The top echelons of the 
national administration are still dom- 
inated by an upper-caste minority. No 
outcaste dolet, formerly called “un- 
touchable,” has ever directed one of the 
most important ministries. 

Nevertheless, a former untouchable, 
Koeherii Raman Narayanan, was elect- 
ed president this week. 

Bias against India 's lower castes goes 

The program has helped 
create a middle class that 
numbers 200 million. 


back 3,000 years, and remedial mea- 
sures have been stronger here than those 
designed to attack racial discrimination 
in other countries, including the United 
States, resembling the kind of rigid 
quotas that the U.S. Supreme Court has 
ruled unconstitutional. 

By religious tradition, every Hindu is 
bom into one of four broad castes — 
with Brahmans at the top — or as out- 
castes, who were considered irredeem- 
ably “polluted.” A further subdivision 
into 2,200 subcastes, each deemed to 
have a traditional occupation, makes 
upward mobility virtually impossible 
for individuals at the bottom. 

Three years after independence, India 
authorized quotas across the new nation 
in its 1 950 constitution. Kerala and other 
southern states, where quotas were in- 
stituted a century ago during British co- 
lonial rule, have even longer experience 
trying to wipe out social inequality. 

In some ways, India’s job reservations 
aie not true quotas: They are not pro- 
portional to every lower caste’s per- 
centage of the population, do not set 
maximum levels of employment and do 


Not apply to the private sector. But the 
government has been the usual source of 
relatively high-income jobs, status and 
security in India, where the public sector 
is by far the country’s largest employer. 

Reservations are proportional for 
only two groups — former untouch- 
ables and indigenous tribes, who to- £. 
gether comprise about 22.5 percent of 
the population. In 1993, the last year for 
which statistics were compiled, those 
groups held 1 .4 million of 6 million jobs 
in the central government, roughly pro- 
portional to their percentage of the pop- 
ulation. 

The effect of job quotas has been 
uneven across India's many distinct re- 
gions. In the rural north, where caste 
prejudices persist, enforcement has been 
weak, sabotaged by upper-caste offi- 
cials. But some lower castes in southern 
India have risen after several gener- 
ations of quotas, and the advancement of 
Mr. Shibu 's caste — the Ezhavas — 
rates among the most notable. 

At the turn of the century in Kerala, 
Ezhavas (.pronounced IR-uh’-vahs ) were j 
a despised people, not to be touched or 
even seen by upper-caste Hindus. 
Ezhava men and women were forced to 
go bare-chested outdoors so that upper- 
caste passers-by could recognize them 
quickly, avoid looking at them and 
avoid being spiritually polluted. 

The Ezhavas since have climbed one 
rung on the caste ladder — from out- 
caste to backward — and have become 
about as socioeconomically diverse as 
any of India’s castes. 

The Ezhavas are among 10 groups 
that together are allocated half of Ker- 
ala’s government jobs. The caste, which 
accounts for about a quarter of Kerala’s 
30 million people, holds 17 percent of 
approximately 500.000 state govern- 
ment jobs. 

The Ezhavas have done so well, in 
fact, that upper-caste critics argue that 
most toe caste should no longer benefit 
from job quotas. A commission appoin- 
ted to settle the issue has submitted a 

confidential report to the Supreme 

Court recommending that quotas for 
Ezhavas and Kerala’s other backward 
castes be limited on toe basis of income 
and assets. 


Arthur Liman, Top Trial Lawyer, Dies 




THE WQmxrS OUD NEWSPAPER 


By Clyde Habennan 

Sr*- York limes Service 

NEW YORK — Arthur Liman, 64, a 
darling legal strategist who made his 
living representing both corporate ty- 
coons and scalawags but made his pub- 
lic mark investigating such pivotal 
events as toe Iran-contra affair, died of 
bladder cancer Thursday in his Man- 
hattan apartment. 

He was widely regarded as one of toe 
best trial lawyers of his day, especially 
when it came to defending people 
charged with white-collar crimes. He 


became a familiar figure in 1987 as chief 
counsel to toe Senate committee inves- 
tigating the Reagan administration’s 
anns-for-hostages scheme known as toe 
Iran-contra affair. Televised images of 
Mr. Liman jousting with Lieutenant Col-, 
on el Oliver North and other witnesses 
remain fixed in the collective national 
memory, as do disputes over who got toe 
best of whom in the hearings. 

Some critics accused the panel of 
failing to pursue all possible leads that 
would have shown President Ronald Re- 
agan s involvement in toe affair. Others 
complained that Mr. Liman was not ag- 


gressive enough in questioning Colonel 
North, who emerged from toe hearings 
as a patriotic hero in many eyes. But the 
chief counsel rejected all such charges. 

Mr. Liman’s blue-chip clients in- 
cluded Time-Wamer, Weyerhaeuser, 
PeoazoiL Heinz, Continental Grain, CBS 
and Calvin Klein. He also' represented 
Robert Vesco. toe fegirive financier, 
Dennis Levine, toe convicted Wall Street 
inside-trader, Michael Milken, who ad- 
mitted to violating federal securities law, 
and John Zaccaro, who pleaded guilty to 
fraudulently obtaining financing for a 
muItiniillion-doUar real estate deal. 






INTERNATIONAL HERALD TRIBUNE, SAT UR DAY-SUN DAY, JULY 19-20, 1997 


PAGES 


• ec 

or Security ' n 

H..U ■ . . ' % 


disbanded Le*,^.- ^ 

was elected. ' la,u ' r.W 
I'll win take au * ,! - 

in Horo 

nons, * ul r?8u,iJ 
iecpetar >‘ of the h 

nauonal Confederal l «* ft-' 

^horpTo^er^ 11 ^ 

iahx standards. Bcl|ln ? had? 

rheProxisionalLr-^ . 

P^5fromrecenJ n 

The laws are H lr . * 
E™® China that hZF'**. 
oecoms a base for »„? ■**» 
monist Panv rule or ?' ^Sl 
Ouna abhor™ U^ Jd ^C 

Tibet or Taiwan , 


M' MARC> ARTHUR 

KOHN 

AUCTIONEER 


16. RUE DROUOT 
75009 PARIS 
ra.: 331 424646 06 
fax-331 424646 15 ; 


CANNES - FRANCE 

PALM BEACH 

6 DAYS OF EXCEPTIONAL AUCTIONS 


Thursday, 7* August, at 7.30 p.m. 

19™ CENTURY AND OLD MASTERS PAINTINGS 



EXPERT: 

Cabinet Guy Hetdheba* 
er Alain Uneflie 
Tel.: 33 1 42 SO 26 16 


-'r^m 


part AmbushPi^ 

- I^aei: inie[lie- n , h 
senior Palestinian "" llc ^- 
der hi* command to Wj. h 
i government • 

raking on condition ,-,t i 

tea orders handed ,, 

:mef. Bneadier Gen-r .’Vh I*-- 
: officer. Coior.ei J h “• \k l,jr * 
Tree Pales!in;an p-:.i;;-r. r r 
and ;n possessor, -ij r,V, n 
Vest Ba&Lthc^iJr.^ 

fo lote on Sunday 

~ r^i*^ f-‘ - '•*■« n s . 

"V -‘*r u : 

• cl war ;r. tne l'djt:--. 
andidatc? are C'r t , 

’ 3 i?:'.r.-on-Mr:ei:. ^ rLr.j;,;..," 
ho ha-, ir.ed :r. : :i - I 
Ihc Vr.iu-d V-t . v. : Lvri. j-i 
:iw/r.-ir.ce i^Z 

•>ks to Role in El 


Kus>i a , - p:;: ; 
He \ct.z :„u ' . . 
.a! co::-per.i_-.:.vr.' : 
Minister \ ikt-’r i. .■ 


• E- r .'jit 1 j 

: Ei. 

:r.* ram 


u> ■r.m.rv.r i- - : r : : : 
p ISfaf 

ws confer er.ee h:., 
lent, inevpei S..r:. 

B-edirJgi., 'We _’e 

and" aii oi.: 

:ir in The Jon j 'er- 


- r.-.ieni 

•• :r. :he Ec" : 
: T . vm: 

r:-r M i: 

• :• .-iric. 


Jan Van Eessel Ar.r..\r? n* i..> 

Studies of insects. 

Ts«> oils on matching panels. 

/Jot /A5cm. 


John I Cleveky Dwl in Lorisi in 11VJ 
King George II arriving on his tender to board 
the “RoyaTCaroline" on his return to Hanover 
on 20“ May 1748. Signed and dated 1758, bottom left 
Unix Id? an. 


Friday, 8 th August, at 7.30 p.m. 

MODERN AND CONTEMPORARY 
PAINTINGS, SCULPTURES 


EXPERT: 

Mate OravH 

Td.: 33 I 46 02 94 92 







gi 

....... ^ 

#11 iH * ’ r . , ’ ?r : ' 

J " , 

. . . ........ 


Sees van Dongen istt-iw^ 
Deauville Beach, circa 1935 
Oil on canvas, signed bottom right. 
50x73 an. 


Marc Chagall IK7 ]<& Pierre Auguste Renoir imi-km 

Motherhood on the Crucifix, Gabrielle Renard picking a flower 
1973 Red chalk, signed bottom right. 

Gouache, signed bottom lei 45 x (V cm 

dSx53on 


Saturday, 9 th August, at 7.30 p.m. 

JEWELLERY, WATCHES 


EXPERT: 

Ftoence Larochas 
Td-: 33 1 47 70 20 18 






.^ i ps ia Ea pa 



- . e-v , /•. .* ’PVM*- 5 *. 

m. : ■*;£* 

' ^ d„ 





.V-HvriC 


^ •'v. 


ait ^ : 1 

m 


i.A j 







* ^ 

T? -.3 


< in r,l [i] 

IwfCCjs 


Sunday 10 th and sr : 

Monday 1 1 th August, at 7.30 p.m. 

OBJETS DART, FURNITURE AND CARPETS ^ 33 

Disposal of a ver\' exceptional foreign collection of about 400 lots which theme regards ceramics, Japanese 
and Chinese lacquers as much for furniture as for the decorative arts : XVT h , XVD^ f XVDI lh f XK* Centuries. 



Arita 

W — WMMMK- . A yj 

— * w | 

•aranrx XVI!' umur. 

Carved incense burner 
surmounted by a Fo dog. 

\Wll‘ Canton; European mmttoig 

Exceptional pair of “Cassone” benches 

High backs painted with a Sea-Gods moth' 

hilly - Allf Century 




' c. . 'X* « 


J* >r' 


*. . ■ 
T* 


Clock Pair of superb imperial cabinets 

in while maible and gilded, tfnsefled Created for the Court of the Emperor of Japan in gold lacquer and aventurine 
bronze, enamelled rewhing penduliim .WAl ff* Centmy - H. 58 an L 68 an D. 425 an 
ball decorated with ^tmxes. Amws 
and ‘sacrifice to LaY. 

Luis 31 7 - Dirertocre Period 
HwhiSScm 

Tuesday, 1 2 th August, at 7.30 p.m. 

ART NOUVEAU, ART DECO 



EXPERT: 

(ean-Oojde Laianne - 
deb Unite 

Td^ 33 I 47 70 12 28 


Francois Emile 
Decorchemont 

1880-1971 

Tai pit# de cette 
foule" 

"PStEdeitrre" 
Stained-glass window. 
3 parte. 

Signed. 

H. 245cm L 130 an 


Rene LaHqne lw-iws 

Blackberries. "Plique-a-jour' 
enamelled gold and fnisted 
green mo/deJ glass 
Stamped Lalique 
L 40an 


Emile GaRe imo-uhm Clement Mere B«n in im 
“Metamorphose Half-moofl cabinet c. 1925 

d'amphibiens", 1889. H. 7425 anW.d05anD.3Sm 

Artistic tfla«uar<* with 

Th eopJi 
Signed. 

LWvers 

of Fans. H. 225 an 


Pierre Auguste Renoir 

IMI-WIO 

Large Venus in Victory, 1914 
In Collahoratkm with Richard Guino 
(1S90-1973I. 

Brmze with satin patina 
S^ned Renoir and dated 1914 
Stamped R. Gumo 
Casttn'Susse 
Proof, not for salt, VI 
Km an 

fttraww : Cuinfi Family 





EXHmmoN 

Peilm Beach 

Place Franldin Roosevelt - 06400 Cannes FRANCE 
Tel..- 33 4 93 43 21 00 - Fax.- 33 4 93 43 02 88 

Tel and Fax during the exhibition and the sales 

• Tuesday 5 th ’ Wednesday 6 th , Thursday 7 th , 

Friday 8 th , Saturday 9 th , Sunday 10 th , 

Monday 1 1*, Tuesday 12 th August, 
from 9.30 a.m. to 1 .00 p.m. 
and 4.00 p.m. to 10.00 p.m. 


Please note: 

The exhibition of the department to be sold will end 
at 7.00 p.m. precise. 

During the auction, the exhibition of the other departments 
will last until 10.00 p.m. 








EDITORIALS/OPINION 


Hcralb 


INTERNATIONAL 



tribune 


rvw.iSHtn «mi mi - mu mirk tiwa wtt Till: Washington post 


Annan Getting It Right 


End of the Miracle Phase in Southeast Asia 


Secretary-General Kofi Annan's 
plan for overhauling and energizing 
the United Nations is a promising blue- 
print. If faithfully' executed, it would 
go partway toward delivering on his 
promise to repair and streamline the 
United Nations. It certainly deserves 
better than Wednesday's reflexive 
jeers from those members of the U.S. 
Congress whose idea of UN reform is 
assisted suicide. Beyond shaving 
payrolls and eliminating fiefs. Mr. An- 
nan's plan should be judged by the 
quality of his choices for two pivotal 
new posts, deputy secretary-general 
and emergency relief coordinator. 

With 185 sovereign bosses and a 
jealously watchful Security Council, 
the secretary-general clearly could use 
an efficient deputy’, a post that the 
General Assembly needs to approve. 
Bui Mr. Annan can move quickly on 
his own in naming a relief coordinator, 
someone capable of keeping peace be- 
tween squabbling governmental and 
nongovernmental agencies in coping 
with natural disasters, ethnic civil wars 
and the waves of refugees that result. 

With the end of the Cold War, the 
United Nations ‘ focus has shifted from 
global arguments over ideology and 
overt aggression to disorder within 
member states, as in Cambodia, the 
former Yugoslavia and Rwanda. It is 
no surprise that the world body's re- 
cord has been mixed, and that it has 
assumed tasks beyond its competence. 
As a veteran of the UN system, Mr. 
Annan well knows these faults and the 
resulting impatience in Washington, 
which is at once the organization's 
chief contributor and the leading de- 
linquent in paying mandated dues. 

Laudably. Mr. Annan plans to create 
a strong cabinet to help him cur back 


the power of a score of autonomous 
agencies, the bickering hydra beads in 
die system. This is a reform that has 
been urged for years by American rep- 
resentatives. He seeks a bigger voice 
for a human rights office and a de- 
partment of disarmament, and to put all 
UN field operations under a single res- 
ident coordinator. The protests welling 
up within the system attest to both the 
need and the difficulty of reform. 

To ride the organization over recur- 
ring budgetary crises,- Mr. Annan 
would establish a revolving fund, 
which seems a minimal defensive move 
against Was hing ton’s withholding of 
dues. Indeed, the secretary-general 
ought to have gone further and pressed 
for General Assembly approval of an 
automatic suspension of voting rights 
for defaulting members, and for interest 
on late payments. The U.S. Senate is 
considering a plan that would pay $8 19 
million in delinquent dues over three 
years, with strings attached. That would 
be substantially less than the Sl.3 bil- 
lion owed according to (JN reckoning. 

Mr. Annan's reform package can be 
improved. Over the next decade some 
4.500 UN civil servants are expected to 
retire, or roughly half the present Sec- 
retariat payroll of 9,000. Mr. Annan 
could help his supporters in Washing- 
ton by committing himself to reducing 
the staffing level below 9,000, rather 
than merely promising to replenish the 
bureaucracy with younger employees. 
But every bit as important will be the 
signal he sends in his key appoint- 
ments. He set a high standard by nam- 
ing Mary Robinson, current president 
of the Irish Republic, to head the human 
rights office. More choices of that 
caliber will buttress his reforms. 

— THE NEW YORK TIMES. 


H ONG KONG — The Asian mir- Bv Philip Bowring 

acle has become the Asian mal- 
aise. Currencies are weak. Stock mar- 
kets ore mostiv failing to share in the given Southeast Asia new export op- 
global boom. At home, hubris is giving portunities and a deluge of foreign di- 


Fujimori Warned 


Last seen accepting deserved inter- 
national plaudits for routing terrorists 
from Peru’s Japanese Embassy. Al- 
berto Fujimori now is receiving at 
home the lowest popular approval rat- 
ings in his seven years of power. On 
Thursday street demonstrations and 
two cabinet resignations added to the 
pressure. This is happening while the 
economy has boomed, but it is no ac- 
cident. President Fujimori is under at- 
tack for gross abuses of official power. 
It is as if he had decided to confirm his 
critics' gravest charges of an anti- 
democratic. authoritarian bent. 

His key act was to see to the sacking 
of three constitutional court judges (his 
own choices) who had ruled out his 
dubious attempt to run for re-election in 
the year 2000. Torture is being alleged 
by. among others, a female army in- 
telligence agent who went public with 
accounts of an ostensible army plan to 
attack and even to kill journalists. Mr. 
Fujimori’s security chiefs reported sal- 
ary. $80,000 a month, became a public 
scandal- Last weekend came accounts 


by Frecuencia Latina of systematic 
government phone tapping. The chan- 
nel's foreign-bom major shareholder 
faces loss of his Peruvian nationality 
and possible seizure of his property. 

Mr. Fujimori's acts have long fed 
suspicions that he is ready to do 
whatever is required to hold on to 
power. But his early vigorous and ef- 
fective pursuit of the Maoist Shining 
Path guerrilla menace, and his favor for 
free market economic policies, earned 
a certain tolerance for his personal 
excesses. This tolerance is what he is 
plainly losing now in Peru. 

Mr. Fujimori has exploited the good- 
will of Peruvians and foreigners alike in 
order to tighten his personal rule. ITiat is 
why it is good to see the U.S. am- 
bassador to Peru putting the United 
Stales clearly and publicly on the demo- 
cratic side. Mr. Fujimori still has a 
chance to restore his good name by 
listening not to the coat-holders be has 
elevated to office but to the people. They 
voted for him but not for a dictator. 

— THE WASHINGTON POST 


Stick With NAFTA 


Three years of experience with the 
North American Free Trade Agree- 
ment have done nothing to diminish 
the emotion of the debate nor to bridge 


the chasm that separated proponents 
and opponents during the 1993 ai 
ments. That is true because the debate. 


argu- 


now as then, is about far more than 
trade with Mexico and Canada. It un- 
fairly bears the burden of American 
hopes and anxieties related to eco- 
nomic globalization. This fall it will be 
the football that gets kicked around as 
Congress debates whether to extend 
NAFTA to Chile and beyond. 

The impact of NAFTA itself is mod- 
est and exceedingly hard to measure, 
for several reasons. The U.S. GDP is 
about 28 times Mexico's, so trade with 
that nation is bound to be only one of 
many influences on the overall U.S. 

E icrure. Even before NAFTA, the 
toiled States traded heavily with both 
its neighbors; NAFTA offered a re- 
duction in tariffs but not a revolution. 
And shortly after the agreement went 
into effect. Mexico plunged into re- 
cession. NAFTA’s proponents, fore- 
most among them the Clinton admin- 
istration, argue persuasively that the 
agreement greatly cushioned the im- 
pact of that recession on U.S.-Mexican 
trade. Opponents cannot dispute that, 
but instead blame NAFTA for pushing 
Mexico to adopt the misguided 
policies that produced the recession in 
the first place — a stretch that a fair 
reading of the facts won't support. 


NAFTA certainly has not had the 
hugely destructive impact its opponents 
forecast, nor has it produced the some- 
what less wildly inflated benefits its 
supporters promised. But after three 
years, the signs are reasonably good. 
Canada is America's No. 1 trading part- 
ner, Mexico this year will overtake Ja- 
pan as No. 2, and they account for one- 
third of all U.S. global trade. That trade 
provides goods at competitive prices 
for U.S. consumers, and export indus- 
tries provide jobs for (J.S. workers, jobs 
that pay higher-than-average wages. 

Does all this trade and cross-border 
investment also suck jobs out of the 
United States, as NAFTA opponents 
allege? With U.S. unemployment at a 
23-year low, it is a tough case to make. 
Opponents are more persuasive when 
they suggest that NAFTA — like glob- 
alization in general — pushes wages 
down, especially for low-skill work- 
ers. No one has a total solution, al- 
though job training and, in the long 
term, better primary and secondary 
education are likely to be key. 

Limiting trade is not the way toward 
increased prosperity for low-skill wage 
earners or anyone else. The United 
States, with 25 percent of the global 
economy but 5 percent (and declining) 
oftheworidpopulation.will not be able 
to maintain its standard of living unless 
it continues to expand exports and look 
for new markets. That calls for building 
on NAFTA, not tearing it down. 

— THE WASHINGTON POST 


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way to self-doubt Abroad, enthusiasm 
for the region is fading as Latin and 
Slavic charms are rediscovered. 

Thailand, late world exemplar of 
growth, is displaying unusual and un- 
timely petulance — raiding foreign 
stockbrokers' offices — toward the 
foreign capitalists it needs. It is likely to 
suffer the indignity of an IMF rescue 
package. 

But have tilings really changed fun- 
damentally for Asia? The answer for 
the long term is "probably not. ' ’ Whar 
has changed is circumstance. 

A decade of favorable external con- 
ditions helped produce above average 
economic performance, which en- 
gendered excesses of optimism and in- 
vestment. The wheel has turned. 

Take the currencies. The rolling 
crisis of the past weeks was triggered 
by bad management and determination 
of stubborn central banks in countries 
with large external debts to stick with 
outdated fixed exchange rates. But a 
more fundamental cause can be found 
in weakening of the Japanese yen. 

For a decade, the yen's ascent had 


rect investment. Its decline had the 
reverse effect The Koreans were first 
to feel the pinch, so they wisely but 
quietly devalued last year and are now 
seeing renewed export growth. -Even 
Taiwan, with its huge trade surplus and 
reserves, has let its currency sude. 

So it was inevitable diet Southeast 
Asia, with its big external debts, more 
open capital markets and anemic export 
growth, would be forced by the markets 
to take note of the wider world. 

Devaluation will not have the same 
benefits for lower-skill Southeast Asia 
os for the higher-skill Northeast. But it 
has been an Object lesson in the need to 
use capital efficiently. Hie huge, for- 
eign-credit-fueled investment spend- 
ing on which Southeast Asia prided 
itself has become a liability. 

U.S. economist Paul Krugman's 
much derided criticisms of the poor 
productivity behind the regional “mir- 
acle” are being proved partly right. 

Another big change is China. The 
opening of China was once an im- 
portant source of trade growth. Now it 
is a liability for Southeast Asia. The 


deluge of foreign investment, massive 
overcapacity in almost every industry 
and subsidies handed out to state en- 
terprises have caused an explosion in 
Chinese exports. Prices have tumbled 
and volumes soared. The main loser is 
Southeast Asia. 

It has suffered an almost unprece- 
dented decline in its share of world trade 
as China’s has continued to rise, Latin 
America has ar last taken advantage of 
geography and regional arrangements 
to increase exports to the United States, 
and Western Europe has begun to look 
east or even to North Africa. 

The Southeast Asian trade picture 
should gradually improve as a result of 
weaker currencies and faster Japanese 
import growth. But it will be several 
years before the burden of excessive 
debt and unwise investment is lifted. 

Meanwhile, the cost of capital 
around the region is rising as lenders 
belatedly try to price risk appropri- 
ately, and foreign portfolio investors 
are wary of bourses where latecomers 
to the boom lost heavily. Capital mar- 
ket attitudes have shifted from irra- 
tional exaberance to skepticism. 

The easy money of recent years led 
countries to believe that they could live 
with bigger current account deficits 
than can now be cheaply financed Gov- 


ernments will anyway opr for slower 
growth for fear of further currency tur- 
moil. Japan will come into its own as foe 
region’s lender of last resort. 

Old pegs to the dollar are being 
broken, and regional currencies will in 
future be aligned with the yen as well as 
the dollar in mind- Japan's financial 
market liberalization will mean that 
Southeast Asia will look more to 
Tokyo and Jess to the fund managers of 
London and New York for capital. __ 

The era of slowed Southeast Asian 
growth will correspond uncomfortably 
with the era of political transition, w ith 
familiar-leaders probably passing from 
the scene. The next few years will be 
critical for ASEAN’s development as a 
free trade area. Excess investments in 
capital intensive industries will make 
scheduled tariff cutting more difficult. 

Long-term regional strengths — 
savings, education, trade orientation, 
demographics — will, eventually re- 
assert themselves. Even in the short 
term, regional economic growth in 
Southeast Asia overall should still be 
ahead of other regions. But the cur- 
rency markets are symbolic of a rolling 
realization that a hard slog ties ahead, 
and that the really good times won’t 
come back any time soon. 

International Herald Tribune. 





i£:V- 




Americans Are Pragmatic Internationalists, Not Isolationists 


— It 


W ASHINGTON 

seems there is something 
called “backdoor internation- 
alism,'' it is not necessarily a 
good thing, and the United Na- 
tions is what makes it happen. 

You can learn more about this 
specter from Alan Tonelson 
(“UN Military Missions and the 
Imperial ‘ Presidency: Interna- 
tionalism by the Back Door”) 
writing in a Cato Institute book 
(“Delusions of Grandeur: The 
United Nations and Global In- 
tervention”). Cato is the smart 
isolationist set 
For a president to go to Con- 
gress and ask permission ro in- 
tervene somewhere — that is 
front-door internationalism, 
and the Cato group is by and 
large against it For a president 
not to go to Congress: but in- 
stead to go to the United Na- 
tions or otherwise to pick lip on 
a UN resolution — that is back- 
door internationalism. Accord- 
ing to the writer, it has become a 
way for presidents to wield 
Cold War-sized imperial 
powers even though the Cold 
War isn't on anymore. 

Nor is that the worst that can 
be said of the American ten- 
dency of the ’90s to conduct 
military interventions under the 
coloration of United Nations 
approvaL as in Somalia, Haiti, 
Rwanda and Bosnia and in the 
Gulf War as well. 

'‘More than coincidence is 
involved,” we are told, “for 
participation in such operations 
is becoming an integral part of 
an unfolding effort to preserve a 
highly activist, interventionist 
U.S. foreign policy despite 
clear public opposition." 

But do not despair. The 
“strategy' * (I would call it more 
of a presidential scramble) of 
backdoor interventionism “is 
bound ro fail.” A questioning 
public finally will repudiate its 
risks and costs. 

The question of public atti- 
tudes is central to any judgment 


By Stephen S. Rosenfeld 


on whether an imprudent policy 
is being conducted by stealth so 
as to circumvent a suspicious 
public. I think the record shows 
that Americans have serious re- 
servations abour these local and 
regional interventions. But they 
tend to accept the premise that 
U.S. interests are globaL and are 
prepared to go along if the policy 
is conducted with some mod- 
esty, selectivity and restraint. 

The dance over what to do 
with the American troops in 
Bosnia next summer is typical. 
American internationalism is 
pragmatic, not doctrinal: it is 
there at least as long as not too 
much is asked of it. We are 
reluctant to play the global cop, 
but not so reluctant that we 
won’t take up the role at all. 


How else to explain the quite 
surprising degree of support that 
has sustained the assorted ini- 
tiatives of George Bush and Bill 
Clinton in military interventions, 
in the expansion of free trade 
around the world and, most re- 
cently, in the apparent readiness 
to extend American security 
guarantees to new and faraway 
places in Central Europe? 

Some may think we ought to 
be more cautious, but we are not 
a country storing up fat and 
shrinking our appetite against a 
long geopolitical hibernation. 
We are constantly extending our 
connections to and our depend- 
encies on the rest of the world. 

Our individual tastes as well 
as our collective deeds indicate 
that we are not a fortress country 


buta bridge country- Perhaps tile 
most s tunnin g — for touching a 
central aspect of national identity 
— evidence of our internation- 
alism lies in our readiness to take 
in large numbers of immigrants 
representing other than the ma- 
jority groups in the country. 

Tne turn to the United Na- 
tions for security and peace- 
keeping purposes . once the end 
of me Cold War unlocked the 
new possibilities, is indicative. 

The United Nations has of 
course been used to put a sticker 
of legitimacy on projects that, 
without it, might or might not be 
able to pass foil public or con- 
gressional tolerance. There is 
obviously no constitutional re- 
quirement for UN approval of a 
foreign intervention, but such 
approval can have an undeni- 
able political utility. 


Precisely this utility alarms 
those who worry of backdoor 
interventionism. You may see a 
United Nations struggling to 
find its way in new times. They 
fear that the United Nations is * 
succeeding. 

Specifically, they fear that 
UN peacekeeping missions tend 
to be dramatic and popular, that 
people get the idea that these 
missions can be carried out on 
the cheap, and that the public is ’ 
manipulated by sugarplum no- 
tions of U.S. world leadership. 
It is all a crick, they suggest, to 
keep an otherwise ’instinctively 
cautious public out of foreign 
policy decision making. 

Whar foolishness. I think the 
American people are more alert 
and more sensible than this 
crowd gives them credit for. 

The Washington Post 


i 


Three Bosnia Options, and Muddling Isn’t One 


W ASHINGTON — In 
May, Bill Clinton con- 
cluded a review of Bosnia 
policy by urging his foreign 
policy team to redouble efforts 
for full implementation of the 
Dayton accords. However, the 
political standoff in the Bosnian 
Serb Republic between its 
former self-styled • president, 
Radovan Karadzic, and his 
handpicked successor, Biljana 
Plavsic, demonstrates that the 
Bosnian Serbs have no intention 
of abiding by Dayton’s terms. 

The standoff confirms that, 
notwithstanding his indictment 
for war crimes, and an earlier 
agreement to step down from 
power, Mr. Karadzic remains 
very much in control of the 
levers of power. It is Mrs. 
Plavsic's inability to control 
these levers, not Mr. Karadzic's 
opposition to a unified Bosnia, 
which she shares, that the in- 
fighting is all about. 


By Ivo H. DaaJder 


This political turmoil only 
serves to underscore a larger 
int: Despite the absence of 
hting, real peace in Bosnia 
remains as elusive as ever. 

. Dayton served to legitimize 
the deployment of foreign mti- 
itary forces in order to stabilize 
the cease-fire agreed to earlier, 
bur the underlying differences 
among Bosnians on whether the 
country should be partitioned or 
integrated were not resolved. 

So long as there is a large 
military presence, these differ- 
ences will not be resolved by 
force. They are manifest in dis- 
agreements about how Dayton 
should be implemented; Serbs 
stress the independence of their 
entity, and Muslims emphasize 
the importance of refugee re- 
turns and other integrationist 
elements of Dayton. Rather 
than resolving the. conflict. 


And It’s Even Good for the Fox 


H ertford. England — 
About 350 years ago, 
the last native English wolf 
was shot with a musket out- 
side Nottingham. Bad luck for 
the wolf, but Christmas Day 
for the fox. 

The fox. upon whom the 
wolf preyed, keeping its pop- 
ulation under control, became 
king of the pile — the biggest, 
strongest canine predator in 
the British countryside and, 
because of its natural habits 
and appetite, a mass killer of 
other living creatures. 

Man had no choice but to 
enter the fray, lest the fox pop- 
ulation explode. Thus began, 
about 300 years ago. the form- 
alized fox hunt — the most 
efficient and humane, method 
of controlling the number of 
foxes. 

What city people see, be- 
cause filmmakers delight to 
show it, is the stylized panoply 
of bright red coats and white 
breeches, the pack of hounds 
strung out across the fields, 
the high call of the horns, the 
shouts of tally-ho when a fox 
is spotted — in other words, 
the pageantry of color and tra- 
dition that has grown up 
around a serious ecological 
duty. 

Animal rights fanatics in 
Britain have managed to per- 
suade many city-based voters 
and their Labour members of 
Parliament to try to ban the 
fox bunt. They have mounted 
a campaign decrying the hunt 
as a cruel practice, perpetu- 
ated only for the amusement 
of some rich dissolures with 
that braying accent. 

Political correctness is now 


By Frederick Forsyth 


in charge here, and what could 
be more correct than birring on 
a bunch of snobs chasing a 
cuddly little brown dog? 

In reality, the fox is do 
cuddly rural pooch ar all but a 
wild canine hunter, happy to 
devastate a whole henhouse or 
leave a dozen newborn lambs 
with their heads chewed off. 
The Ministry of Agriculture 
classifies the fox as vermin. 

The amateurs in their red 
coats and silk cravats, chasing 
after the hounds on their 
horses, in fact take no active 
part in the demise at die fox. 
At risk of breaking their necks, 
they are just along for the ride. 
The actual hunt is carried out 
by three professionals — the 
huntsman and the two “whip- 
pers-in, ’’who control the pack 
of around 100 hounds. 

Three-quarters of the foxes 
started up from deep cover by 
the hounds escape wild and 
free, to hunt and mare another 
day. Ninety percent of those 
caught are old, toothless, lame 
or defective in some way. 

What appears to the un- 
trained eye a mindless sport is 
really a pretty scientific culL 
Moreover, the brief hunting 
period never coincides with 
the foxes' breeding season. 
Nor is the fox rom apart by the 
hounds. Its dispatch is accom- 
plished by the lead hound, 
trained to be first on the scene 
and to snap the fox’s neck in 
less than a second. 

As for the claim that fox 
hunting is a game for the elite, 
more than SO percent of our 


380 hunt dubs have never seen 
a tided aristocrat They are at- 
tended by bluff, weather- 
beaten farmers who hunt 
in tweeds and moleskin 
breeches, hands like raw hams, 
talking in rustic accents. 

The “meet” before the 
hunt is a big event in fanning 
communities, a kind of social 
adhesive, bringing people to- 
gether from far and wide. 

Last week 100,000 country 
men and women marched on 
London to protest die pro- 
posed ban on fox hunting, 
which would harm the rural 
economy and die environ- 
ment. Not only are 50,000 
hounds and about 20,000 fine 
horses at stake, but equipment 
suppliers, hay merchants, sad- 
dlers. clothiers, farriers, black- 
smiths and riding schools 
would go down the tubes. 

Without the hunt, farmers 
would have to turn to the only 
other legal method of pest 
control, the gun. But most are 
not marksmen. By day the fox 
is a blur in the undergrowth, 
by night a shadow near the hen 
coop. Most foxes shot would 
not be killed cleanly, but 
maimed, left to die in hideous 
lingering agony. Only foe 
hound guarantees that foe fox 
escapes utterly unbanned, or 
dies quickly. 

Yet most of the city folk 
who support a ban truly be- 
lieve that they are being kind 
to foxes- Such is foe power of 
disinformation. 


Dayton implementation is its 
continuation by other means. 

The Bosnian parties are now 
awaiting next year’s scheduled 
departure of foe NATO-led sta- 
bilization force. Once it leaves, 
foe Serbs will declare indepen- 
dence or seek accession to Ser- 
bia. Fearing this (and that foe 
Bosnian Croats will follow suit), 
Bosnian Muslims are using foe 
American-led military Train- 
and-Equip program to prepare 
for preemptive military action 
designed to unify most of Bos- 
nia under Sarajevo’s control. 

With Dayton’s implementa- 
tion stalled, and prospects 
mounting for hostilities once 
the stabilization force leaves, 
foe Clinton administration must 
once again reexamine its 
policy. It has three options. 

• U.S. troops can leave on 
schedule. By then, the United 
States will have invested $7.7 
billion, and U.S. troops wifi 
have been in Bosnia for 30 
months to help secure the peace. 
If, despite this huge investment, 
war resumes, the parties will 
have made that choice. 

Of course, foe situation 
would begin to unravel at a most 
inconvenient time — just when 
foe administration is trying to 
convince an increasingly doubt- 
fill Senate that NATO enlarge- 
ment will benefit European 
peace and stability. 

• America can stay, commit- 
ting 5,000 to 8,500 troops to an 
international force for the long 
haul. Sacha commitment would 
drastically alter the perspectives 
of the parties, all of whom are 
waiting for the stabilization 
force to disappear. Real peace 
would become a real option. 


However, in staying the pres- 
ident would need to convince foe 
Pentagon and a highly skeptical 
Congress, which recently voted ‘ 
overwhelmingly to bring the 
troops back home next June. 

‘ • America can accept that 
Dayton will not work and seek 
to renegotiate its terms. Al- 
though the accords may come 
completely unraveled, renego- 
tiation could resolve the key 
contradictions in Dayton, in- 
cluding whether Bosnia's fu- 
ture is partition or integration. 

A new deal could ensure ‘ 
both. The Serbs could get a 
small part of the territory they 
currently hold in eastern Bosnia 
and be granted independence 
(albeit as an international pariah 
so long as Mr. Karadzic and 
others hold sway). The re- 
mainder of Bosnia would be 
integrated into a single stare 
with strong provisions guaran- 
teeing minority rights. Transi- 
tional security would require an 
international’ — including U.S. 
— military force. 

The United Slates faces a 
fundamental choice in Bosnia. 

It can leave and risk war: it can 
stay and risk being there for 
another decade or more: or it 
can negotiate a new deal. None 
of these options is easy. It is 
clear, however, that the current 
policy of strong rhetoric will 
not work. Muddling through is 
no longer an option. 

The writer, an associate pro- 
fessor at the University of 
Maryland s School of Public Af- 
fairs, coordinated U.S. polity 
toward Bosnia as a staff mem- 
ber on the National Security 
Council in rhe first Clinton ad- 
ministration. He contributed • 
this to The Washington Post. 




.'y 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


The writer's nine novels in- 
clude "Day of the Jackal" and 
"I con." He contributed this to 
The New York Times. 


1897: Gold Records 

SEATTLE — The ’ steamer 
Queen arrived from Alaska and 
brings the latest news from the 
Yukon and Klondike gold 
fields, which* is most encour- 
aging in character, and more 
confirmative than previous re- 
ports of foe wonderful discov- 
eries. In foe Klondike diggings 
it is said that as high as $500 and 
even $800 had been taken out 
from a pan of dirt, surpassing all 
records made last fall, when 
from $200 to $300 'was pro- 
duced from a pan. The yield 
surpasses anything ever recor- 
ded in the history of gold mining 
in this or any other continent. 

1922: Castle Drama 

BERLIN — On the top of a 
mediaeval Thuringian castle, 
amid a setting that seemed to 
belong to drama rather than 
reality, the murderers of Dr. Ra- 
foenau, Kem and Fischer, blew 


out their brains, after shouting 
their defiance to the police 
storming the place. This is the jf* 
dramatic climax to Germany’s 
most famous murder hum. 
which has lasted more than 
three weeks, during which time 
the entire country has been 
combed for foe assassins, 

1947:- Exodus Docks 

HAIFA — With scores of in- 
jured aboard, two dead and her 
main deck a shambles from 
furious ramming by British des- 
troyers. the Jewish immigrant 
ship Exodus 1947. captained by 
a young .American and carrying 
foe largest number of refugees 
ever to challenge the British t 
blockade, reached Haifa late M 
today [July 19]. The first batch 
of .4.554 immigrants moved ■ i 
down the gangplank, passed 
through the delousing shed and j 

aboard the Empire Vigor. ] 

which will take them to en- 1 
forced detention on Cyprus. j 


■/ 


i 

■i 



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Relatives grieving at the funeral of Bernadette Martin in Lurgan, Northern Ireland on Friday. The Catholic 
teenager was killed by Protestant paramilitary gunmen early Tuesday as she slept at the home of her boyfriend. 

ULSTER: Sinn Fein Leader Asks IRA to Declare Cease-Fire 


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Continued from Page 1 

there would be no changes. 

“The two governments have worked 
very closely together and are united 
totally on it/* he said. “There is nothing 
which can happen over the next few days 
which will allow the situation to un- 
ravel." 

At issue is whether paramilitary 
groups will have to begin disarming 
while the talks go on or only at their 
conclusion, which Mr. Blair has said 
should be in May. The Unionists believed 
the British were behind a plan to start the 
disarmament process at the outset, but the 
language of the British-Irish document, 
modeled on a plan first offered by George 
' Mitchell, the former United Slates sen- 
ator who is in charge of the peace talks, 
commits participants only to “consider 
and discuss" the issue of disarmament, 
not to actually turn in weapons. 

After meeting with Mr. Blair, Mr. 
Trimble accused the British government 
of “watering down’* its stance. Peter 
Robinson, deputy leader of the more 
militant Democratic Unionists, said Fri- 
day night: “Why would the IRA not 
declare a cease-fire? They have got 
everything they have asked for. The 
British government have made it very 
clear that Sinn Fe in-IRA could enter the 
talks without giving up their violence, 
without giving up any weapons." 

Neither the Northern Ireland Office 
nor Mr. Biair, who was on a visit to 


Wales, had any comment on Mr. 
Adams's announcement. 

In Northern Ireland itself, the day 
began solemnly with the burial of the 
latest victim of sectarian violence, a 
Catholic teenager shot and killed early 
Tuesday as she slept by the side of her 
Prorestant boyfriend. 

“If her death means it is the last in this 
country, then maybe it is worth 
something and we can live in peace." 


said Laurence Martin, the grieving fa- 
ther. in pleading that there be no re- 
taliatory violence. 

Bernadette Martin, IS. was killed by 
Proicsiam paramilitaries who crept into 
the home of the family of her boyfriend, 
Gordon Green. 19, and shot her four 
times in the head. 

She was buried in the County Armagh 
town of Lurgan, where on June IS two 
policemen were killed by IRA gunmen. 


By Michael Richardson 

lutrniuTi,uhif tlrnM TWftiini- 

SINGAPORE — As international ef- 
forts to settle the Cambodian conflict 
intensified Friday, the newly appointed 
U.S. envoy to Cambodia called on coun- 
tries involved in efforts to restore con- 
stitutional rule in Phnom Penh to “hang 
together and hang tough.” 

The envoy, former Representative 
Stephen Solarz. said that other countries, 
which provide more than half of Cam- 
bodia’s budget in the form of aid. should 
use this assistance as leverage to ensure 
that democratic rule is restored. 

The aim of his mission, he said, is to 
explore with other countries in the re- 
gion the prospect for a common ap- 
proach to Cambodia “based on the view 
that our ability to bring about a fun- 
damental improvement in the situation 
there depends on the willingness of the 
key actors in the international commu- 
nity to hang together and hang tough.” 
Mr. Solarz added: “It will not be easy. 
But the international community is not 
without influence here. The government 
of Cambodia receives more foreign aid 
as a percentage of its budget than any 
other government in the entire world — 
1 think it's around 60 percent. 

“So if the key donors, and the in- 
ternational financial institutions which 
also provide substantial support, adopt a 
common approach to dealing with the 
Cambodian problem, it is bound to be 
listened to in Phnom Penh.” 

Mr. Solarz's comments, in an inter- 
view with the BBC, followed signs of 
increasing differences between some of 
the mediating countries over how far 
they should go in trying to revive the 
coalition government established after 
UN-supervised elections in 1993. 

No country, even the United States, 
has called publicly for the reinstatement 
of Prince Norodom Ranariddh, who was 
ousted as first prime minister in a mil- 
itary attack July 6 by the second prime 
minister, Hun Sen. 


But Washington — supported in gen- 
eral terms by Paris and Canberra — 
wants Mr. Hun Sen to agree io restore 
Prince Ranariddh's royalist party to the 
“leading role" it won in elections. 

Other key countries, however — in- 
cluding China. Japan and some members 
of the Association of Southeast Asian 
Nations — worry that such an assertive 
policy will set a dangerous precedent of 
foreign interference in Cambodia's in- 
ternal affairs, analysts say. while making 
Mr. Hun Sen more imransigenr. isol- 
ating Cambodia and adding to instability 
in the region. 

President Bill Clinton's administra- 
tion, which appears to have toughened 
its stand on Cambodia in the past few 
days under pressure from the U.S. Con- 
gress, has also said it cannot accept Ung 
Huot as co-prime minister. Remnants of 
the royalist party named Mr. Ung Huot, 
the foreign minister, as first prime min- 
ister Wednesday, succeeding Prince 


Ranariddh. 

Mr. Solarz said that the Cambodian 
National Assembly, which is scheduled 
to reconvene this month in Phnom Penh, 
should choose whom it wants to lead the 
country, free of intimidation and co- 
ercion. 

At the moment, he saul. w ith * 'close to 
a third or more” of the country's mem- 
bers of Parliament either in exile or 
“under cover for fear of their lives in 
Cambodia itself." it is difficult to see 
how the Parliament could "really ex- 
press its will.” 

Australia. France and ASEAN, evid- 
ently concerned about fanning political 
resistance or rekindling civil conflict in 
Cambodia, have so far not said whether 
they accept Mr. Ung Huot's appoint- 
ment. which Mr. Hun Sen endorsed. 

Alexander Downer, Australia's for- 
eign minister, said Friday that he was 
awaiting the outcome of rhe National 
Assembly meeting. 


CAMBODIA: Prince Concedes Defeat 


SPACE: Mir Crew Rests After Frenetic Night Fixing Latest Glitch 


Continued from Page 1 

At about 4 A.M.. lights on Mir went 
on for the first time in more than 24 hours 
since a member of the crew accidentally 
pulled the computer plug and sent the 
Mir on a haphazard, slow spin. After a 
day of tension, ground controllers and 
the cosmonaut Alexander Lazutkin suc- 
cessfully reset the computer, kept Mir 
steady and its solar panels pointed to the 
sun. and restored other key machinery. 
Storage batteries recharged quickly. The 
oilier crew members, the commander 
Vasili Tsibliyev and the American as- 
tronaut Michael Foale. slept 

Doctors were especially careful to 
keep Mr. Tsibliyev resting. He is taking 
medication for an irregular heart beat 
and. officials said, is depressed over the 
series of problems that have made this 


mission one of the most accident-prone 
in the history of space travel. “I assure 
you, any of you would have gone 
crazy,” Mr. Solovyov said. 

Igor Goncharev, chief physician at 
mission control, declined lo link the re- 
cent accidents with the commander’s 
mental health. “There is no direct con- 
nection,” he said. 

The next set of repairs involves re- 
connecting Mir's electric network with 
solar panels on Spektr. one of six mod- 
ules that make up the space station. 
Spektr was punctured when a cargo ves- 
sel rammed it on June 25. In the ensuing 
scramble to seal off the module, the crew 
disconnected solar panels from the Mir 
electric network. That left Mir with 
about one half its usual power. 

Since then, mission control has had to 
play a kind of repair-crew tag. First, Mr. 


Tsibliyev and Mr. Lazutkin were tapped 
to make the Spektr repairs on July 18. 
But on Monday, Mr. Tsibliyev de- 
veloped an irregular heartbeat Russian 
officials turned to Mr. Foale to help in 
the repairs, which were rescheduled for 
July 24. Then on Thursday the plug was 
pulled from the computer and the Spektr 
repair work was postponed again. 

Rest for the crew has now become the 
top priority. They will have much of the 
weekend off, Mr. Solovyov said. “The 
stressful situation and the lack of sleep 
had an impact on the crew,” be said 


Continued from Page 1 

problem tomorrow so they won't have to 
bother about Cambodia any more.” 

“If they don’t let us join ASEAN,” he 
added, “we won’t join. If we don't join 
ASEAN, it won't be the death of us.'.' 

Advisers io Prince Ranariddh said 
Friday that the first prime minister had 
accepted Mr. Hun Sen's seizure of 
power and was accepting an ASEAN 
plan agreed to Thursday by the three 
ministers and his father. King Norodom 
Sihanouk, who is in Beijing. 

Lu Laysreng, a member of the steer- 
ing committee and of the prince’s roy- 
alist party, said the plan called for ending 
military resistance in Cambodia against 
Mr. Hun Sen’s bigger and better armed 
forces. 

The decision came as royalist forces 
lost control of their last major base in the 
country. 

After all righting is halted, the royalist 
party is to retain a voice in a caretaker 
government, but without the prince as 
first prime minister. Control of the mil- 
itary forces, most of whom are loyal to 
Mr. Hun Sen, would be granted tech- 
nically to King Sihanouk, who is un- 
dergoing treatment for a variety of ill- 
nesses in China. 

“The prince does not want to have 
bloodshed,” said Ahmad Yahaya, a roy- 
alist member of the National Assembly 
and a supporter of Prince Ranariddh’s. 

L ‘The first solution is to negotiate and get 
Hun Sen to respect the Paris peace agree- 
ment and restore democracy." 

The 1991 Paris peace accords ended a 
decade of civil war and led to UN- 
supervised elections in 1993 that pro- 


duced the coalition government that was 
shattered by the coup. 

Mr. Yahaya said ihat the royalist party 
was retaining a role in the Phnom Penh 
government, even though he attacked 
Foreign Minister Ung Huot. whom party 
members in Cambodia nominated to re- 
place the prince. 

The royalist resistance to the coup 
crumbled at Samrong. a base 25 ki- 
lometers i 15 miles) south of the Thai 
border, according to officials who said 
Prince Ranariddh's forces had offered 
JinJe resistance. 

"Samrong has fallen, it's true, but I’m 
not sure it has fallen in the sense that there 
was a big battle for it.” said a diplomat 
with close contacts in the military. 

Washington sent a former Democratic 
representative from New York, Stephen 
Solarz, to rally support for a restoration 
of democracy in Cambodia. But the 
Slate Department said his first priority 
was to end the fighting through diplo- 
macy. 

The department said that Mr. Solarz 
had headed to Asia to canvass leaders 
there and then report to Secretary of 
State Madeleine Albright at the Kuala 
Lumpur conference. 

In Brussels, meanwhile, officials said 
that the European Commissioner with 
responsibility for relations with Indoch- 
ina had canceled a planned visit to Cam- 
bodia. 

The commissioner, Manuel Marin 
had been due to visit July 29. 

The European Union has been 
strongly critical of Mr. Hun Sen since he 
ousted Prince Ranariddh, and is examin- 
ing whether to cut aid in protest. 

lAP, AFP. Reuters) 


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multibillion dollar estimates. 

Both countries* stock markets have 


ARRESTS: 7 Rwandans Are Turned Over to War Crimes Tribunal fi^T^sS 3 ^ 


Continued from Page 1 

intended to show the seven arrested in 
Nairobi were involved in a government 
conspiracy to cany out a genocide 
against die Tutsi, even if they did not 
k themselves participate in the killings. 

Most of the suspects were at the very 
least in a position to stop the killings, but 
did nothing, he said. “We believe we 
now have enough evidence it was a con- 
spiracy,” Mr. Mima said. “There was a 
government at the time and we feel they 
had the authority to stop the genocide.” 
Mr. Mona acknowledged that the 


Nairobi arrests were also intended to 
burnish the tribunal's tarnished image, 
especially in Rwanda, where it is seen as 
a largely ineffective organization para- 
lyzed by too much bureaucracy. 

“It’s a very strong signal, especially 
to the Rwandan government, that we 
mean business.” he said. 

The International. Criminal Tribunal 
for Rwanda was setup in November 1994 
to bring to justice the thousands of people 
who played a significant role in the 1994 
genocide. In January, the UN secretary- 
general, Kofi Annan, dismissed two top 
officials after an internal report found 


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China Activist Pleads 
For Workers' Rights 

SHANGHAI — A Chinese dissi- 
dent, Bao Ge, urged the government 
Friday to honor the constitution by 
upholding the rights of workers and 
peasants, and to end the corruption he 
said they found unbearable. 

In an open letter to the Chinese 
Parliament, Mr. Bao, who was re- 
leased June 4 after three years in a 
labor camp, said the rights of peasants 
and workers should be a priority of the 
National People’s Congress. He also 
called on legislators to stamp out cor- 
ruption, f Reuters ) 

Manila andMuslims 
Sign a Cease-Fire 

MANILA — The Philippine gov- 
ernment and Muslim insurgents 
signed a cease-fire Friday, paving the 
way for formal peace talks. President 
Fidel Ramos said. 

“It’s a general cessation of hos- 
tilities,” Mr. Ramos said.. 

Just hours before the agreement 
was signed, guerrillas of die Moro 
Islamic liberation Front exchanged 
mortar fire with an army outpost and 
raided a Christian village in the latest 
outbreak of violence io the southern 
town of Pikit, officials said. There 
were no reports of casualties. (AFP) 

Red Cross of Koreas 
Agree on Meeting 

SEOUL — South Korean Red Cross 
officials agreed Friday to meet their 
North Korean counterparts for talks in 
Beijing on more food donations to the 
starving Communist country. 

The president of the South Korean 
Red Cross Society, Kang Young 
Hoon, said it had agreed to terms of 
the meeting, planned for Wednesday, 
made by the North Koreans. 

The South, he said, would have 


“preferred the meeting to have been 
held on the Korean peninsula.” The 
South had originally suggested a dif- 
ferent date. (AP. AFP) 

Asian Migration 
Gets More Diverse 

PARIS — Asian migration is in- 
creasing and diversifying, the Orga- 
nization for Economic Cooperation 
and Development said in a report pub- 
lished Friday. 

It said China, Hong Kong, India and 
the Philippines were among the top 
countries of origin for immigration to 
Britain, Canada and Japan. (AFP) 

Beijing Denies Using 
UN Vote as Leverage 

BELTING — China denied Friday 
that it was using its vote on extending 
United Nations, trade sanctions 
against Iraq as leverage in a Kuwaiti 
purchase of Chinese weapons, the 
Xinhua news agency reported. 

A Foreign Ministry spokesman, 
Tang Guoqiang, said “mutually be- 
neficial, friendly cooperation between 
China and Kuwait has never involved a 
third country.” according to Xinhua. 

The Washington Post reported 
Tuesday that China was using its vote 
to leverage the $300 million pur- 
chase. (AFP) 

Indian Government 
Gives Mixed Signals 

MADRAS, India — Doubts 
emerged Friday over a pact between 
partners in India's United Front co- 
alition government, foljowing con- 
flicting statements from its leaders. 

. The Front said that the Dravida 
Munnetra Kazhagam party had 
dropped its threat to quit the coalition, 
but the head of the party, Muthuvel 
Kamnanidhi. denied Friday that it had 
made such an agreement. (AFP) 


rampant mismanagement, corruption and 
nepotism at the tribunal’s headquarters. 

Before the arrests Friday, the tribunal 
had indicted a total of 21 people and 
arrested only 12. Though four trials are 
under way, there have yet to be any 
convictions. 

Among those arrested Friday were 
Pauline Nyiramasuhuko, a former min- 
ister, her son, Arsene ShaJom Ntabobali; 
Sylvain Nsabimana, a former mayor of 
the southern town of Butare, and Aloys 
Ntabakuze, a former senior army of- 
ficer. 

Hassan Ngeze, editor of Kangura 
magazine, was also arrested; the tribunal 
says he published articles inciting vi- 
olence and hatred against the Tutsi. 

Mr. Ntahobali and Mr. Nsabimana 
were indicted, while the others were 
served with arrest warrants and requests 
for extradition by the tribunaL 


nasty surprise into the budgets of these 
still -emerging markets. The disaster has 
prompted legislation and high-level bor- 
rowing. 

In Poland, the government this week 
sought a $710 million credit line from 
the Polish National Bank and a $300 
million World Bank Joan. 

The disaster has also engendered 
political gamesmanship and finger- 
pointing just two months before par- 
liamentary elections. 

Prime ’ Minister Wlodzimierz 
Cimosze wicz became a lightning rod for 
criticism in the disaster. 

In the first couple days of rain, Mr. 
Cimoszewicz said that the country had 
no money in the budget reserve for dis- 
aster aid and be would not declare a state 
of emergency. 

Villagers who heard that the gov- 
ernment would not cover damages re- 
fused to budge from their homes. 


Then, in the villages of Kamenic and 
Lany. they refused to budge from the 
dikes that protected their property from 
the unruly Oder. 

When government engineers showed 
up Thursday and then Friday to blast 
holes in the dike and ease the rush of the 
swollen river before it reached Wroclaw, 
the villagers revolted. Hundreds turned 
out on the riverbank and wouldn’t 
leave. 

In the end, the government retreated. 
By midweek, the government had sent 
hundreds of troops and vehicles across 
the area to head up a giant relief effort, 
including delivering fresh water to res- 
idents deprived of clean tap water all 
week. 

Neighboring countries are hustling to 
provide aid. Hungary is sending water 
pumps. The German Red Cross arrived 
Friday morning to begin shoring up wa- 
ter supplies. Ibe situation remains dire 
for many. 

■ Severe Economic Damage 

Peter S. Green of the International 
Herald Tribune reported from Prague: 

The rains that have lashed down on 


the Czech Republic have dealt a major 
setback to the economic recovery in the 
country’s east. 

Over a third of the Czech Republic's 
eastern region is under water, and in- 
dustry analysts say it could take some 
ruined factories up to five years lo re- 
cover. 

Thousands of small shop owners face 
financial ruin, insurers are facing prob- 
lems and economists say the floods 
could knock as much as to 6 percent off 
the country’s growth rate, raising the 
prospect of flat or negative growth this 
year. 

In the Czech Republic, mining, heavy 
industry and steelmaking are concen- 
trated in the affected region. 

“We don’t know anything yet about 
how much this is going to cost,” said 
Jakob Kuhnel, a spokesman for the 
Czech Union of Transport and Industry. 
“It’s a catastrophe, ana it could set some 
factories back five years or more.” 

The Czech Republic is laboring under 
some of its worst economic times since 
the collapse of communism. Growth has 
sunk to less than 2 percent from 6 per- 
cent 


DOLLAR: Investors, Nervous About Europe’s Economic Woes, Turn Toward the U.S. 


Continued from Page I 

Maastricht-related problems. 

Europe's apparent stasis was among 
the factors pushing down share prices 
across the Continent on Friday. In Paris, 
the CAC-40 index dropped by 2.77 per- 
cent after government officials indicated 
that Monday they would announce an 
increase in corporate taxes os part of the 
drive to cut tne French budget deficit 
down to the Maastricht target of 3 per- 
cent of gross domestic product. 

Word is expected to come Monday 
from Dominique Strauss- Kahn, the new 
French finance minister, who is due to 
outline how the government plans to 
deal the budget deficit An audit of pub- 
lic finances, also to be released Monday, 
is likely to show a deficit of at least 3.5 
percent. Most likely, Mr. Strauss-Kahn 
will try to reassure markets by unveiling 
measures aimed at coming up with some 
30 billion francs ($5 billion) of fresh 
revenue. 

Meanwhile, the German chancellor, 
Helmut Kohl, tried Friday to put a brave 
face on the weakness of the Deutsche 
mark. He insisted that Germany would 
meet all deadlines for European eco- 
nomic and monetary union, and that the 
strength of the U.S. dollar was “not a 
cause for lament." 

The strength of the British pound is 
part of the same phenomenon. Like the 
dollar, the pound is also backed by a 
buoyant economy and a flexible busi- 
ness environment. This is in sharp con- 
trast to the currencies of France and 
Germany, which have been penalized by 
investors who see those countries as 
plagued by rigid labor markets, a lack of 
consumer confidence and high unem- 
ployment. 

Analysts note that the market’s per- 
ception of Germany and its currency has 
changed. In the past, any uncertainty 
related to economic policy in the ran-up 
to monetary union would have produced 


a soaring Deutsche mark, freed from 
links to weaker European currencies. 

Now, said Mark Cliffe, an economist 
at HSBC Markets in London, uncer- 
tainty over the euro “ is no longer bullish 
for the Deutsche mark because the. prob- 
lems are arising out of Germany’s polit- 
ical and economic weakness.” 

David Roche, of the London-based 
analyst Independent Strategy, said in an 
interview Friday that “in Europe every- 
body with any money and common 
sense is investing outside the future 
European currency area.” 

Mr. Roche predicted that Monday the 
Socialist-led government of Prime Min- 
ister Lionel Jospin of France would an- 
nounce a budget deficit of 3.5 percent 
“The figure will be high-enough to show 
that the previous government was in- 
competent bnt not so high that they can’t 


be seen to be acting as martyrs for EMU in 
order to please the Germans,” be said. 

Summing up investors’ fears, Mr. 
Roche added that Paris would “then 
meet die Maastricht criteria by destroy- 
ing the French economy, meaning that 
they will tax productive capital and in- 
ves table wealth.” 

In Paris, the idea of higher taxes has 
alarmed industry as well as at least one 
of the founding fathers of the single 
currency project — former President 
Valery Giscard d’Estaing. This week he 
called on Mr. Jospin to cut public spend- 
ing this year so that France's entry into 
monetary union would be achieved un- 
der “good conditions” and could not be 
contested by anyone. The challenge for 
Mr. Strauss-Kahn will be to balance the 
government's aims of job creation 
through public spending and the need to 


reduce the deficit at die same time. 

In Germany, Mr. Roche said he be- 
lieved the government would “fudge 
and fiddle with the parking of Deutsche 
Telekom shares and the sale of pet- 
roleum reserves to raise funds, ana ul- 
timately they will sell everything in- 
cluding their mothers to produce a 
budget deficit of 3 percenL” 

In New York, a prominent manager at 
one of America’s leading hedge funds 
said he was betting on the dollar con- 
tinuing to be strong again st ’ European 
currencies. Speaking on condition of an- 
onymity, he offered this assessment: 
"Europe is in a mess. Their recovery is 
too modest to produce exceptional 
growth rates, unemployment is amaz- 
ingly high, and neither France nor Ger- 
many seem to have their acts together on 
economic policy.” 


BOEING: Brawl Over Flagship Industries Goes Down to the Wire 


Continued from Page 1 

under Karel van Miert, the EU com- 
petition commissioner, sources close to 
the talks said. The negotiations were 
expected to run into the weekend and 
focus on the biggest remaining Euro- 
pean objection: Boeing’s exclusive 20- 
year contracts with American. Delta and 
Continental airlines. 

While Mr. van Mien’s spokesman 
talked of the need for a “miracle’ ’ in the 
form of dramatic new concessions from 
Boeing, other EU sources were more 
optimistic. “You don’t do this kind of 
thing without being ready to discuss,” 
an official dose to the talks said. 

The time for talk was running short, 
however. The 20-member commission 
will make a final decision next Wednes- 
day, and the commissioners’ chiefs of 
staff endorsed a draft decision to oppose 
the merger on Friday, stepping up the 


pressure on Boeing. U.S. and EU of- 
fidals also worried that the politiciz- 
ation of the case in recent days could 
make it more difficult for both sides to 
compromise. Mr. Clinton on Thursday 
raised the threat of trade retaliation if 
Europe attempts to block the deal, while 
Mr. Chirac publicly urged the EU com- 
mission to hang tough. 

Chancellor Helmut Kohl of Germany 
weighed in on Friday, urging Europe’s 
aerospace companies to consolidate in 
response to the competitive threat posed 
by the Boeing-McDonnell deal and oth- 
er U.S. defense mergers. 

“1 think that Europe must give a very 
dear answer to the American challenge in 
the aerospace sector by founding its own 
large concern,” Mr. Kohl said in Bonn. 

Mr. van Miert has attacked the long- 
term airline contracts as an unacceptable 


Sources said Boeing had offered to 
reduce the length of the contracts to as 
little as 1 3 years, equaling the length of a 
somewhat similar deal between Airbus 
and US Air. But the company insisted 
that exclusivity was vital to allow Boe- 
ing to plan production and give airlines 
the low prices and flexibility on models 
and delivery times that they seek. 

The two sides have virtually resolved 
the two other issues, sources said. Boe- 
ing has agreed to keep McDonnell’s 
commercial arm, Douglas Aircraft, as a 
distinctly separate subsidiary to prevent 
Boeing from having an advantage over 
Airbus for replacement contracts. 

It also has offered to provide the com- 
mission with details of its U.S. gov- 
ernment research and development 
funding. Mr. van Miert has expressed 


i an unacceptable concern that McDonnell's defense op- 
attempt by Boeing to shut off a huge erations will subsidize Boeing’s conC 
chunk of tiie U.S. market from Airbus, mercial business. 


ft fte- 


V-.nl 1 - 





. PAGE 8 


INTERNATIONAL HERALD TRIBUNE, SATURDASf-SUNDAY, JULY 19-20, 1997 


ART 


The Madcap Bad Boy of German Art 


By Roberta Smith 

■Vii Yit'li 1 :nm Vfirj. «■ 


G ENEVA — When the German 
artist Martin Kippenberger 
died in March, at the age of 43. 
he seemed to have left no aes- 
. ihelic stone unturned. Nor had he run our 
of things to do. 

These slightly contradictory impres- 
sions converge in Kippenberger 's 
sprawling retrospective at the Museum 
of Modem and Contemporary Art, a 
lively new museum in Geneva that seems 
destined to give the city a more prom- 
inent position on the contemporary art 
map. 

Covering more than 20 galleries, the 
Martin Kippenberger retrospective 
ranges through more than 300 works 
executed in a bouquet of antic. Pop- 
flavored postmodern styles. The show 
was selected and. installed by Kippen- 
berger during the final stages of his los- 
ing battle with liver cancer, which, while 
it may have been hereditary, probably 
wasn't helped by a life of excess. 

There are several galleries devoted to 
Kippenberger 's raucous paintings, 
which liberally mix appropriated im- 
ages. bravura brushwork and odd ma- 
terials. They make the polymorphous 
irreverence of Polke, an important early 
influence, seem almost restrained, like 
an aberrant offshoot of Color Field paint- 
ing. Space has been found in this show 
for numerous exhibition posters and an- 
nouncements, by which Kippenberger, 
who had 93 solo shows in 15 years. 


forged his public persona as madcap bad 
boy. He considered them his printed 
graphic work until the end of his life, 
when he turned to traditional printmak- 
ing, producing a wrenching series of 
lithographs titled “The Raft of the Me- 
dusa. * which depict his ravaged face and 
bloated, flailing body. 

Also here are numerous examples of 
the idiosyncratic, often elegant drawings 
that the artist — a peripatetic traveler 
who made extended working visits to 
New York, Los AngeJes, Madrid and 
Brazil — executed on hotel stationery. 
(He also incorporated everything from 
mini-bars to “Do not disturb" signs into 
his sculptures.) 

And a nearly blocklong gallery con- 
tains about 50 sculptures, each reflecting 
the artist's gift for what might be called 
the "manipulated ready-made” — am- 
algams of found objects ranging from 
garish to austere and full of acidic, anti- 
bourgeoisie asides. 

One sculpture is a small disco floor for 
chickens. Another is a mini-refrigerator 
covered with elasdc toweling as if by a 
tea cozy. A third is a cardboard box lined 
with color reproductions from the cata- 
logue of "Post-Human,” a Swiss ex- 
hibition of figurative an. 

All told, this exhibition conveys a 
vivid sense of Kippenberger hurtling 
through life, scattering a dense trail of 
artworks and art-related activities behind 
him. and then skidding to an abrupt, 
premature halt. 

Boro in 1953 to a mine director and a 
dermatologist. Kippenberger grew up in 


Dortmund and Essen, near Cologne, the 
only boy in a family of two older and two 
younger sisters. He showed artistic tal- 
ent, and independence, at an early age. 
boycotting art classes in elementary 
school after a teacher gave him only the 
second highest grade. 

By the rime hr was 20, he had been 
through drug rehabilitation once and was 
living on his own in Hamburg, where he 
attended the Art Academy. In 1976 he 
quit an school and moved to Florence, 
where he began a series of black-and- 
white paintings based on postcards and 
snapshots. He intended for the paintings 
to form a stack that equaled his own 
height (about 6 feet 2^ inches), but he 
stopped about 4 inches shy of his goal, 
and soon returned to Germany. 

H IS adult life was characterized 
by bard work and drink. Some 
of his friends and associates 
maintain that the habits were 
related: he had to be doing something or 
to anesthetize himself. He regularly gave 
up alcohol on doctor’s orders, but the dry 
spells never lasted long. More than one 
New York dealer who worked with him 
said that he seemed to find sobriety un- 
bearable or at least boring and char- 
acterized him as “an alcoholic with total 
recall," who repeatedly surprised them 
by remembering in detail projects 
cooked up during drunken late-night 
conversations — and usually seeing 
them to fruition. 

Accounts of his life make his hy- 
peractivity palpable. He didn’t just make 


art but rather conducted an extended 
performance in the vicinity of art that 
involved running galleries, organizing 
exhibitions, collecting the work of his 
contemporaries and overseeing assist- 
ants. He published books and catalogues, 
played in a rock 'n' roll band and cut 
records, ran a perform an ce-art space dur- 
ing his early years in Berlin, became part 
owner of a restaurant in Los Angeles 
during six months he spent there pre- 
paring for an exhibition and collaborated 
extensively with other artists. 

His main mission in life seems to have 
been to disturb as many status quos as 
often as possible, his own included. 
While visiting Brazil, he bought a gas 
station and named it after the Nazi leader 
Martin Bormanm considering the work a 
sculpture and also exhibiting large-scale 
photographs of It. 

The words "cynical” and "nihilist- 
ic” echo throughout the extensive writ- 
ings on Kippenberger* s work, but the 
feeling one gets from this exhibition is of 
a fierce, sometimes furious, passion and 
an artist both amused by and irate at art’s 
position in society. 

He clearly meant to turn one's con- 
sciousness of art and its function in the 
world inside out, to fully reveal its role as 
personal expression, as visual commen- 
tary and as commodity. Not all his .metb- 


none of them were. 


was 


ods were entirely original; in fact, maybe 
were. If Kippenberger 
an art-scene catalyst, his actual art is 
extremely reactive, made in response to 
the facts of his life and as often as not to 
other art. 


<■ * r- 



s ) 

;■ i 

sr i 


Nu4mWE<-imaa Cmllcr} 


“The Raft of the Medusa a self-portrait by Marrin Kippenberger. 


The Legacy and the Mystery: O'Keeffe Museum Opens in Santa Fe 


By Michael Kimmelman 

Vru ii'tj Twk\ Sen ii r 

S ANTA FE. New 
Mexico — A museum 
devoted to Georgia 
O’Keeffe opened this 
week, to the predictable 
hoopla. But for many people, 
the news will be that no 
O'Keeffe museum has exis- 
ted until now. 

O'Keeffe, who died in 


1986 at 98. was to this place cepr the most devoted 
what the Wyeths have been to O’Keeffe pilgrims. And if it 
Maine and Chadds Ford, evolves as hoped, it should 
Pennsylvania. Local people also become nor just another 
commonly use the phrase shrine to her but on institution 
"O’Keeffe country,'- thanks that seriously explores the 



Georgia O'Keeffe. 1970. 


to the decades she spent paint- 
ing iconic pictures of the 
ocher-and-pink cliffs, the 
sun-bleached animal bones, 
the blood-red mesas and the 
cottonwood trees that line the 
green Chama River Valley 
below her adobe house on a 
bluff nearby in Abiquiu. 

Yet tourists who came ex- 
pecting to see O’Keeffes 
found only a few works in the 
Museum of Fine Arts here. 
Access to Abiquiu. an inti- 
mate place of Zenlike eleg- 
ance. has been more tightly 
restricted than to the White 
House, while her summer 
home in Ghost Ranch is en- 
tirely off limits. As a result, 
coumless visitors have found 
themselves in a situation akin 
to what it woald be like if 
Grace land or Lourdes had 
mysteriously been closed to 
ihepublic. 

The new museum, a spare 
gem of an adobe building 
with a fine small collection, 
should satisfy all comers ex- 


legacy of a woman more con- 
tradictory than most people 
like their icons to be. 

She is the most famous fe- 
male artist in the United 
States, with the good fortune 
to have painted graphic pic- 
tures suited to the new era of 
color reproductions. She was 
a spin doctor of her reputation 
before that term was inven- 
ted. and she understood, as 
Garbo did, that nothing is bet- 
ter publicity than a little mys- 
tery. 

"Static Vision of a Pioneer 
Painter/ ’ a Life magazine sto- 
ry in 1968. encapsulated the 
essence of O'Keeffe’s allure, 
although she was a pioneer 
with a full-time cook and 
gardener. She became famous 
as a solitary if not reclusive 
figure in Abiquiu, her fame 
deriving from the regular in- 
terviews she granted and pho- 
tographs she posed for. 

Foremost among them were 
the famoas portraits by Allied 
Stieglitz, her strong-willed and 



Gawgta O'Keeffe btaram 

‘Out Back of Marie's If," 1 930, a familiar O'Keeffe Ne w Mexico yista. 


unfaithful husband, dealer, 
promoter and, until his death in 
1946, die occasional bane of 
her existence: He took hun- 
dreds of erotic and arresting 


ARTS 


n 




FI AC 


1-6 October 97 
Espace Eiffel Branly 
Paris. 

International Contemporary 
Art Fair 

Country of honour Switzerland 


VI” BIENNALE DE SCULPTURE 
DE MONTE-CARLO 

May 24 - October 31 1997 

an exhibition of 
monumental sculptures 
in the public gardens and 
die Monte-Carlo Casino... 
,..40 artists shown 
Arman. Botero, Chadwick , Colder, 
Indiana, Mansxu Mira... 



1 


ANTIQUES f 


ANTIQUITIES 
Finest Classical, 

Egyptian, Near Eastern. 

Rh6a Gallery 

-by 

Zdrichbergstr. 26 
CH-8032 Zurich 

9(4 1-1) 2520620 Fax 2S20626 


pictures of her from the 1910s 
through the ’30s that attest to 
the power of her personality 
and to her ability to shape her 
own image even through 
someone else’s camera. 

There were also plenty of 
other people over the years 
willing to shape her image for 
her, among them feminists for 
whom she became a hero de- 
spite the fact that she had as 
little time for them (she is said 
to have turned Gloria Steinem, 
a bouquet of roses in her hand, 
away from the door at Abi- 
quiu) as she had for the men, 
starting with Stieglitz, who 
described her art as feminine, 
implying that it was intuitive 
ana therefore not intellectual. 

Then, of course, there have 
been those people who have 
tried to make O’Keeffe into a 
New Age symbol, attributing 
to her a combination of free 
spiritedness, back-to-nature 


environmentalism and native 
mysticism that is in tune with a 
particular slice of the culture in 
this stretch of the Southwest. 

All of which is to say that 
O'Keeffe has been different 
things to different people and, 
like Picasso and van Gogh, 
accumulated an immense 
fame inseparable from her 
larger-than-life mystique.. 


c 


ULT figures attract 
tourist dollars, and it 
should be no surprise 
that the opening of 
die new museum here is caus- 
ing residents whose prime 
business is tourism to become 
giddy with anticipation. Much 
is being made oi its status as 
one of the few one-person mu- 
seums in the United States, 
even though such institutions 
mod to honor celebrities like 
Norman Rockwell nnher than 
the best artists. 


Less attention is inevitably 
being paid to the fact that 
O'Keeffe, in reality, spent 
most of her life at a calculated 
distance from here. One of the 
many paradoxical facets of 
her cultivated persona was 
that she did not want to be 
pigeonholed as a Santa Fe 
artist At the same time she did 
want to be regarded as an artist 
who lived in the Southwest, 
far from the New York an 
scene, to which she nonethe- 
less maintained valuable ties. 

So how to sort out die work 
from the multifaceted myth? 
Hie new museum helps. 
Housed, downtown in a 
former commercial art gal- 
lery that had been a theater 
and before that a Spanish 
Baptist church, the museum is 
built around a central open- 
air sculpture court. 

Richard Gluckman. the 
New Yoric City architect, su- 
pervised the renovation, 
which evokes the lean aes- 
thetic of Abiquiu. Unlike most 
new museums, which aim to 
be architectural statements ar 
the cost of the art they are built 
to display, this one comple- 
ments the pictures, which in 
turn provide a coherent over- 
view of O’Keeffe’s career 
without arguing for her sig- 
nificance by overwhelming a 
visitor The museum has just 
enough room for the 100 or so 
pictures oa view. 

Thus there are a few early 
abstractions from the 191% 
and New Yoric scenes and 
flower paintings from the '20s 
that represent her strongest 
achievements: supple, sensu 


evitably it shows a downward 
arc, as increasingly she began 
to turn out "O'Keeffes.” 
kitsch skull and flower paini- 
ings and mechanically ab- 
stracted landscapes. 

Anne and John Marion 
covered the cost of die mu- 
seum and donated much of the 
collection, for a sum they de- 
cline to speedy. Hie Marions 
are a prominent Texas art 
couple who live in Santa Fe 
part of each year. It has not 
been last no anyone here that 
they undertook to build the 
museum in 1995, completing 
within two years what die Mu- 
seum of Fine Arts, burdened 
by government bureaucracy, 
tried for decades to accom- 
plish but never did 


N: 


OT wanting the mu- 
seum to "be per- 
ceived as belonging 
to them, as opposed 
to the public, the Marions 
have begun to turn over its 
reins to a board and to a pro- 
fessional staff headed by Peter 
Hassrick, the director, and Jay 
Cantor, the president. 

Hassrick most recently ran 
the Buffalo Bill Historical 
Center in Cody. Wyoming, 
and has written books about 
the cowboy-and-Indian paint- 
ers Frederic Remington and 
Charles Russell 
Cantor, a specialist in 
American an who worked for 
20 years at Christie’s in New 
York City, says he expects the 
museum to soon undertake 
exhibitions and programs ex- 
it ploring issues related to 
- O'Keefl 


al evocative. There are a few 
of the commercially inclined 
pictures, more brittle and 
Deco-like, from the ’30s. 
when, already famous, she 
worked on commission for 
companies like Dole. 

The art she did in the 
Southwest after that is well 
represented, too, although in- 


'Keeffe, like Europeanisra 
versus Americanism, cele- 
brity and an, and the impact 
of posters. Cantor says the 
ultimate goal is to stress 
O’Keeffe's work, not her bi- 
ography. She enjoyed public- 
ity, clearly, but she also un- 
derstood the problem of 
having her work overshad- 
owed by her life. 


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THE AST 
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a FREE COPY 
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Making Nuts and Bolts Elegant 


By Rita Reif 

New YorL Times Service 


N 


EW YORK — There is a 
striking dichotomy in the el- 
egant metal jewelry of Tone 
Vigeland, a little-known but 
highly respected Norwegian artist. The 
Gothic forms — the coiled snakes, 
feathered wreaths and clusters of clover 
— reflect the Viking heritage of her 
native Norway. 

But the steel and silver materials she 
uses to achieve those effects — the 
nails, bolts, screws, wire and chains — 
suggest the booming modem city of 
Oslo, where she lives and works. 

"Tone has never sought to make her 
work look old, ” said David Revere Mc- 
Fadden, who was just named chief cu- 
rator at the American Craft Museum in 
Manha nan and who was the first mu- 
seum curator in America to commission 
a piece by her. “There is no self-con- 
scious revivalism at work here.” 

The necklace commissioned by Mc- 
Fadden, a fantasy of featherlike steel 
nails and gold pods with a mother-of- 

S iearl clasp, is a 'centerpiece of ‘‘The 
ewelry of Tone Vigeland,” a retro- 
spective at the Cooper-Hewitt, the Na- 
tional Design Museum, in Manhattan. 

The show of 79 objects continues 
through Aug. 24. Organized by the 
Amen can Federation of Arts in 1995.it 
has toured four other museums in North 
America and travels next to foe National 
Museum of Modem Art in Tokyo. 

McFadden, who was at the time the 
curator of decorative arts ar the Cooper- 



A necklace-belt in the shape of a snake, by Tone Vigeland. 


Amcfcan Fcdcnihn vl An-. 


Hewitt, met Vigeland in Oslo in 1981. 

A year later, the necklace he com- 
missioned for the museum was exhib- 
ited there in a show of Scandinavian 
modem design. 

Since then, Vigeland has gained re- 
cognition, and some of the works ac- 
quired by otter museums are repre- 
sented in the current show. The Museum 
of Modem Art lent a bracelet of screws 
and a necklace of bolts, and the Musee 
des Arts Decora tifs in- Paris sent a 
snake-shaped necklace-belt studded 
with screws that look like pieces of 
melted, twisted wire. 

What links past and present so im- 
pressively in Vigeland's jewelry is its 


modem sensibility and her mastery of 
ancient metalworking techniques, in the 
mid-1970s, seeking ways to make her 
jewelry lighter and more supple — to, as 
she put it, * ‘bug the body and move like 
skin” — - she combined weaving metal 
wire with chain mail, the metal mesh 
worn as armor by the Vikings a thou- 
sand years ago. She also devised a more 
flexiblechaifl mail that is the foundation 
for much of her work. 

Vigeland, who is 58, cannot recall the 
first time she saw chain mail, but she is 
certain it must have been when she was 
vety young. Her home and the churches 
and museums she visited with her fam- 
ily. were filled with medieval art. 


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INTERNATIONAL HERALD TRIBUNE 
SATUKDAY-SUNDAY, JULY 19-20 , 1997 

PAGE 9 




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Wright Goes West: 
American Landscape 


By Herbert Muschamp 

iVnr lurk Tunes Service 


N EW YORK — When America’s 
westward expansion finally 
reached the Pacific coast, the 
artist's imagination became the 
country's new frontier. Or so one might 
conclude from a show of uncommon 
beauty at the Whitney Museum of Amer- 
ican Art, “Frank Lloyd Wright: Designs 
for an American Landscape, 1922-32.” 
The show, first presented at at the Ca- 
nadian Center for Architecture, offers five 
projects, all unbuilt, in which Wright de- 
veloped a range of inno- 
vative forms for buildings 
far removed from the urban 
center. Nor coincidentally, 
the show also depicts an 
artist in the painful process 
of re-creating himself. 

There are drawings here 
as ravishing as any that 
Wright produced: as' beau- 
tiful, thar is to say. as any 
architectural drawings that 
exist on earth. There are 
times when understatement 
is useful. This is not one of 
those times. 

The show, organized by 
David De Long of the Uni- 
versity of Pennsylvania and 
beautifully designed by the 
New York architect George 
Ran alii, includes roughly 
100 drawings, architectural 
models and computer ren- 
derings. One might call it 
‘ ‘ A Man and His Pencils. ’ ’ Frank Lloyd 
Wright used to talk about 
the joy it gave him to 'spread a selection of 
colored pencils in bis hand and see the 
colors sparkling in the sun. 

The architect could be grandiose when 
talking about himself, and the image of him 
contemplating the tools of his trade may 
seem off-pmtingly divine. That’s the way 
Wright was. And when you see what he 
accomplished with these tools, Wright’s 
high opinion of himself begins to look like 
objective fact. 

Wright designed these five projects in 
the decade following his completion of the 
Imperial Hotel in Tokyo. These were not 
Wright ’s happiest years. He had little work. 
His personal life was a shambles. 

Eventually, with the completion of the 
Failing Water residence outside Pittsburgh 
and the Johnson’s Wax Headquarters in 
Racine, Wisconsin, in 1936. his career 
burst into a second flowering. But mean- 
while, Wright was widely perceived as a 
burned-out case. 

We should all bum out so vibrantly. 
Even thought these five projects were not 
built, this is a show of rebirth, of new 
beginnings. Here, the American landscape 
becomes a metaphor for the eternal Amer- 
ican belief in fresh starts. The car becomes 
a symbol for moving on. 

The Doheny Ranch Development, 
planned in 1923, is the only true suburban 
project among the five. Conceived for a 
stretch of the Santa Monica Mountains 


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m 

Frank Lloyd Wrighr. 


subsequently known as Beverly Hills, the 
scheme boasts genuine Hollywood glam- 
our. it could be a set for a vanished se- 
quence from the film “Lost Horizon.” 

A community of homes spread over 411 
acres (166 hectares) would have been 
linked by roads and viaducts. To a degree, 
this is an early version of what architects in 
the 1 960s called the megastmemre. but one 
that draws hill and valley into its lush. 
sprawling mass. 

In 1923. Wright prepared an even more 
Arcadian dreamscape. a vacation colony 
for Lake Tahoe. Like Wright’s residential 
designs for Los Angeles, the Tahoe project 
f also drew on Pre-Columbi- 

an forms. Here, the Mayan 
influence is evident in the 
bartered concrete bases of 
the cabins, while their tail 
wooden roofs evoke wig- 
wams. 

The American desert 
provided Wright with al- 
most too poetically apt a 
setting for the hardships of 
his middle years. In 1934, 
with the construction of 
Taliesin West, the architect 
made Arizona his winter 
home. Ten years earlier, 
however, he prepared a 
desert oasis on the edge of 
Death Valley for the insur- 
ance tycoon A.M. Johnson. 
Wright drew up an ambi- 
tious proposal that would 
have enclosed the existing 
compound of Spanish-style 
houses within a long, linear 
Wright. building sited to take ad- 
vantage of the views, the 
terrain and the approach by car. The plan 
included terraced farming, fountains and a 
chapel. 

In 1928. Wright was commissioned to 
design a new hotel outside Phoenix, San 
Marcos in the Desert. Not long before, he 
had helped a former apprentice with the 
design for the fabulous Arizona Biltmore. 
For San Marcos, he produced a long, three- 
story block with setbacks and balconies, a 
form adopted by many other architects al- 
most 40 years later. The folded planes of 
the ceiling in ihe hotel’s dining room an- 
ticipated the geometric experiments of av- 
ant-garde architects today. Again, as in 
Death Valley, the flat desert plane enables 
Wright to orient the building around the 
roadway approaching it. 

The most delirious design in the show is 
the Gordon Strong Automobile Objective, 
which Wright designed in 1925 for die top 
of-Sugarioaf Mountain in Maryland. Here, 
die spiral makes its first appearance in 
Wright’s work. Later,' he would use this 
form for projects as various as a jewelry 
store, a car showroom, a parking garage and 
the great Guggenheim Museum in Man- 
hattan. The Automobile Objective, as its 
name implies, was a tourist destination, 
designed to lure people out for a drive. And 
the design makes clear the cosmic terms in 
which Wright regarded cars. Its ziggurat 
shape recalls the sacred “world mountain” 
temples of ancient Snmeria. 


Sculpture and the Chinese Miracle 

hirenuirunui Herald Tribune art. Once attached to the figure of a bod- 

L ONDON — If China ’ 5 economy seems set hisanva, it was chopped off the body, which 
to loom ever larger in the world arena seems to have been placed high up. The upper 
daring the next century, so does Chinese pan of the hairdo and the jewel in me middle of 
an. A small and breathtaldn& exhibition on the headband were smashed. A small chip 


hirernarrunal Herald Tnbune 

L ONDON — If China’s economy seems set 
to loom ever larger in the world arena 
daring the next century, so does Chinese 
an. A small and breathtaking exhibition on 
view at Eskenazi until Aug. 4 sums up what might 
be called without undue hyperbole the Chinese 
miracle. 

No other country since World War U has yielded 
such a continuous flow of previously unknown 
works of an, with so many of them matching or. 
sometimes, exceeding in splendor the greatest to be 
seen in museums. 

At first the movement seemed confined to the 
thousands of bronzes, portety vessels and figures 
and other objects recovered from tombs in the 

SOUREN MELIKLAN 

course of illicit bur tolerated commercial digging. 
These have revolutionized the outside world's 
perception of Chinese an by raising the quality of 
works available to collectors to undreamed of 
heights. Now sculpture is coming out in small 
numbers, because it is rarer and more difficult to 
handle. 

Of the 14 monumental- scale sculptures in the 
show, nine have never been exhibited or even 
illustrated before, which, given their magnificence 
would be inconceivable had they not left China 
very recently. 

Seen from the perspective of the Chinese artistic 
heritage, or from the broader angle of our sup- 
posedly global world's an holdings, this is a mixed 
blessing. It takes a great optimist to believe that what 
was once presumably a standing limestone Buddha 
of the Northern Qi period (550-577) conveniently 
survived from half way up the chest. The lower 
jagged edge irresistibly suggests to cynics some 
artistic hammering, removing splinters or awk- 
wardly shaped bits, after a larger piece, very pos- 
sibly completely preserved, was ripped off its site. 

Yet, so compelling is the expression of mystical 
jubilation filtering through the half-closed eyes cast 
down, so masterly the handling of what '& left of the 
human shape, that the 57-centimeter (22.5-inch) 
bust still qualifies as one of a dozen or so of the 
greatest sculptures ever to emerge out of China. 

A limestone head of the same period, which, 
again, points to ruthless destruction, likewise 
ranks among the great masterpieces of Chinese 


*vv . ■' ■ ■ ’ 


came off one nostril as if the bead had fallen, 
face flat against uneven ground. Bat somehow, 
it retains its magic power. 

Elation radiates from the face, mixed with 
the faintest suggestion of delighted amuse- 
ment — his left eyebrow is slightly raised. This 
personal detail in a religious image conveying 
the ecstasy of those touched by illumination 
combines with the highly distinctive features 
to give it the rare appearance of a portrait 
concealed under the guise of an icon. Ine face 
with its rounded cheeks and fleshy sensuous 
mouth looks almost Cambodian. One is re- 
minded of the famous figure of King Jayav- 
arman VII in the Musee Gurnet in Paris, 
carved centuries later. 

Could this be the likeness of some foreign 
pilgrim or itinerant monk represented as a bod- 
hisartva? Were it still in situ, the question might 
perhaps be answered, if only tentatively. In- 
ferences could be drawn from the context, pos- 
sibly from inscriptions on pedestals, or from 
historical documents relating to the site and to 
what must have been a major shrine. All that is 
left is a mutilated head of ineffable beauty. 

Even that, however, is overshadowed by one 
of the year's most extraordinary revelations, a 
larger-than-life marble figure of Buddha. Ihe 
second largest of its kind outside China, it is 210 
centimeters high, even though the head is miss- 
ing, as are the hands and feet. The light drape 
with its rhythmical stylization typical of the Sui 
dynasty (581-618) clings to the body. Rarely was 
the posture of a man standing still in meditation 
so suggestive of tension and throbbing life. 



T HERE is no small irony in die fact that 
such a highly visible masterpiece 
should have lain in a Chinese garage for 
years, available to whoever might have 
expressed interest. A noted U.S. dealer said he 
saw it there, exposed to the occasional dents 
caused by locals walking over iL But here the i 
damage speaks of havoc wrought in early times. 
The breaks that caused the feet to be lost go back a 
long way, probably centuries, as shown by the wear 
around the edges (only his right hand points to 
recent damage). 

A furious anti -Buddhist reaction following the 
A.D. 845 xenophobic revolution might account 
for it. Statues were broken, dumped in pits or left 
amid the ruins of shrines that later disintegrated 
into rubble. 

When found accidentally by villagers, Buddha 
and bodhisattva figures would often be taken for 
storage in Buddhist temples. But as these were 
subjected to systematic devastation during the Cul- 
tural Revolution, the rescued statues were damaged 
afresh. Some were destroyed, others removed, 
when possible, to new makeshift storing places. 
The garage where Eskenazi ’s monumental marble 
Buddha lay may well have been such a place. 

Here the acquisition of the sculpture was tan- 
tamount to a rescue operation, saving it from 
further mishandling. The restoration bill alone 
(Britain’s top restorer scraped away lime deposits 
by hand for months) was S 18.000. No wonder few 
dealers had the courage to touch iL With a price tag 
of about $350,000, according to a well-placed 
source, the ’ 'Eskenazi Buddha,” as it will no doubt 
be called, is unlikely to be ignored much longer. 

One would dearly like to know something about 
its links with a second standing Buddha, so similar 
in posture and sculptural handling that it must have 
been carved in the same workshop, possibly for the 
same shrine. Beautiful when seen on its own, but 
lacking the calligraphic flow to the folds of the 





Head of a bodhisattva. Northern Qi period. 


Larger-than-life marble figure of Buddha. 

a larger piece, it is about one third its size. The 
r temple complex must have been staggering and the 
> circumstances of its erection probably linked to 
some historic figures, now bound to remain un- 
i known forever. 

t In truth, there is an awful lot that is not known 
r about Chinese sculpture and its development par- 
1 tem. How the transition was made to the early Tang 
period, so close and yet so different escapes us. 

1 A seared figure of the Buddha, also fresh from 
r China and unrecorded, illustrates die startling 
; change that had taken place around die middle of 
the seventh century. The folds in the drapes have 
1 multiplied, chiseled with greaier relief. The move 
, away from ascetic purity, toward multiplied detail 
and greater sculptural effect was irreversible. Nev- 
: er again would China recover the secret of North- 
ern Qi and Sui mystical an despite strenuous 
• attempts to do so. 


A N intriguing stele in the show carries a 
Northern Qi label, none too convin- 
cingly. In this faultless uncluttered dis- 
play in which every piece stands out in a 
way that museums seem unable to contrive, con- 
trasts leap to die eye. That certainly applies to the 
fussy drapes of the stele figures, their heavy strings 
of beads and the dragons wiggling their way up on 
either side of the Buddha’s aura, which all speak of 
another world. The faces beam without any sense 
of mystery. In China as in the West, revivalism was 
never more than a stylistic exercise of no great 
consequence. 


BOOKS 


ROCK TOUR DOUBLE BILLS, By Rich Norris 


CYRIL CONNOLLY: A Life 

By Jeremy Lewis. 653 pages. £25. 
Jonathan Cape. 

Reviewed by Katherine Knorr 

C YRIL CONNOLLY was for most 
of his life a figure of fun, one of the 
many travails he brought upon himself. 
Stout, with a bizarre pug’s face, he was 
brimming with self-pity, messy and 
presumptuous in freeioading off 
friends, and both surprisingly success- 
fill and inept in his relationships with 
women. 

He was also that banal literary 
tragedy, a man of considerable talent 
who somehow never pulled off the mas- 
terpiece, something he better than any- 
one explained in “Enemies of Prom- 
ise,” the mixture of literary theory and 
autobiography that, along with “The 
Unquiet Grave,” constitutes his legacy. 

A great deal has been written about 
Connolly, by hims elf and others. He was 
at one time quite famous as the editor of 
the monthly review Horizon, and he 
remains a significant figure from an era 
that produced an astonishing number of 
■ important writers, many of whom he 
knew or championed. So Jeremy 
Lewis's amiable biography is not only a 
portrait of Connolly but also of the Brit- 
ish writing class and its hangers-on from 
the 1920s to the 1960s, which provides a 
large cast of bizarre, famous and bib- 
ulous characters. 

Lewis 's book, whichis the authorized 
biography and thus relies on help from 
Connolly's widow, Deirdre Levi, builds 
on Michael Sheliden’s excellent 
“Friends of Promise,” published in 
1989, which looked at the Horizon years. 
It is also conmeting with another bi- 
ography, by Clive lusher. Lewis's is the 
complete story, an easygoing but frank 
and thorough look at an exasperating 
man whose wit and whose wisdom have 
been so thoroughly absorbed into the 
vocabulary of literature and literary crit- 
icism that many people quote him with- 
out knowing it 

A S a critic, particularly on die Sunday 
Tunes in his later years, Connolly 
was enormously influential, prominent 
enough to have a literary-star-studded 
70th birthday party held at the Regent’s 
Park zoo; he was also aware that, to a 
writer, book reviewing can be consid- 
erably more damaging than booze. 

The journalism provided quick hits 
of self-satisfaction, but much of the 
time it was drudgery, leaving him, as 


Lewis quotes, with “the feeling of ob- 
scure guilt that comes after a day spent 
in this thankless task of drowning other 
people's kittens.” Some of his literary 
judgments seemed capricious at the 
time and even more so in retrospect, and 
the despair brought on by the jour- 
nalism gof worse as the books did not 
get written and publishers nudged him 
for the advances he had long ago 
spent. 

Connolly, who was bom in 1903 in 
Coventry, grew up in eccentric circum- 
stances, the son of a career soldier whom 
his mother eventually left for another 
military man and a life in South Africa. 
She thus became the distant and sup- 
portive letter writer, a bit odd but no real 
trouble, while Connolly's father grew 
into an ever greater burden, a hard- 
drinking man with unpalatable personal 
habits and, thankfully, one assumes, one 
great passion: snails, about whom he 
wrote many learned treatises. 

Connolly went to Eton, at the same 
time as Eric Blair (George Orwell) 
among others. In “Enemies of Prom- 
ise.*' be painted an ambiguous picture of 
Eton as a ghastly place of relentless 
hazing and beating where he finally 
found his niche, so that in retrospect his 
last year would become a golden period 
in his life. Connolly never really re- 
covered from the mixture of social fear, 
embattled intellecmalism and boy love 
that Eton provided. 

After university, he quickly moved 
into literary circles and just as quickly 
set the slothful and social pattern of his 
life — he is famously remembered as 
lying in bed sighing “Poor Cyril, poor 
Cyril.” . , 

“He is terribly untidy in an irritating 
way,” Harold Nicolson (then counselor 
at the British Embassy in Berlin) wrote 
to his wife. Vita Sackville-West, in 
1929, about one of Cyril’s tiring visits. 
“He leaves dirty handkerchiefs in the 
chairs and fountain pens (my fo untain 
pens) open in books. Moreover it is 
rather a bore having a person who has 
nothing of his own — not a cigarette or 
a stamp.” 

He was married three times, first to 
Jean Bakewell. an American. They lived 
a kind of idyll, partly in the south of 
Fiance, with an allowance from her 
well-off family — the kind of idyll that 
doesn’t last, with plentiful friends, 
fights, food, drink and lemurs as pets. 
Later Connolly would blame Jean for his 
inability to write the masterpiece. 

After Jean left him, he lived with for 
a long time, and nearly married, Lys 


Lubbock; who worked for him at Ho- 
rizon. His brief second marriage was to 
Barbara Skelton, who cuckolded him 
with his publisher, George Weiden- 
feld. 

With Deirdre, he bad two children 
(the pram in the hall at last! ) and seemed 
to have found some domestic happiness, 
though he tormented her as he had all his 
lovers with his moods, his affairs and his 
overbearing jealousy. 

Horizon, which be founded with the 
wealthy Briton Peter Watson, would 
turn out, sadly enough, to be the height 
of his career. Although he would give it 
up 10 years after it first appeared in late 
1939. there would be no masterpiece. 

Horizon itself, as so well described by 
Shelden, miraculously sold better than 
anyone exported, attracted enormous 
critical attention and left behind an ex- 
tremely solid publishing record, a tribute 
to Connolly's genius as an editor. 

H ORIZON also famously attracted a 
number of smart young women who 
did the heavy lifting for Connolly, like 
Lubbock or Sonia Brownell, who would 
marry Orwell shortly before his death 
from tuberculosis. 

Horizon — and Connolly’s promi- 
nence — also generated bile and ri- 
dicule, not least from Evelyn Waugh, 
with whom Connolly always had a dif- 
ficult relationship. 

They both praised and criticized each 
other in reviews, and in “Unconditional 
Surrender” Waugh created one Ever- 
ard Spruce, the editor of a literary re- 
view who likes good food and parties 
and is surrounded by helpful young 
ladies. 

The difficulty in writing about Con- 
nolly is that so many of the best an- 
ecdotes and tiie best quotes are so well 
known. 

Still Lewis has brought together a 
great deal of known and less known 
material to produce a valuable book, 
often funny but also sad, and all a reader 
needs to know about the man whom 
Waugh and his wonderful poison-pen 
pal Nancy Mitford called S many boots. 
fnurnational Herald Tribune 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors world-wide Invited 
Wrtto w send fair mafiuaatk to 
MINERVA PRESS 
20UJ BRMTON HD. LONDON SW730Q 


ACROSS 
1 Favorite Degas 
subject 
8 Behave 

11 Ball 

15 ft often has its 
arms out from 

18 Gorged oneself 

19 Classified 

21 -Windsor 
Forest” poet 

22 Dinner offerings 
24 Services, in a 

way 


36 Engine conduits 68 Like some 

37 Hits errantly, in muscles 

golf 67 Poop 

38 Impassioned 68 impetuous 

41 State to be in 68 Listen: Sp. 


42 Word with ready 70 0f ?tisb noble, fe 


or shy 

44 Reef 

45 Hair-raising 
site? 

47 Undercover 
operation 

52 #2 at the 1994 
US. Open 


25 "Mr Basketball" 54 Swing voter 


Holman er al. 

26 Gray remover, 
maybe 

27 "Suzanne* 
songwriter 

28 Orbital point 

29 The Simpsons" 
tavern 

31 Show of 
affection 

33 Backgammon 
piece 

34 Oaler 
affirmative 


Abbr. 

55 Lodge 

56 CD - — 

57 Ice cream parlor 
order 

59 "Lavira nuova' 
poet 

60 Captures, in a 
way 

63 Rachmaninoffs 

“ tableaux" 

64 Indian stringed 
instruments 

65 Makeup 


KIRANE’S 

t&gstaurant OnJitn 



85, Avenue des Tames 
75077 Paris 

TeL: 33 (0)1 45 744021 


briefly 

72 “ — in my 

memory lock'd": 
Ophelia 

73 Certain berth 

76 Kind of pie 

79 Community 

spirit 

81 Majors in acting 

82 Ruling groups 

83 Farm resident 

84 Partofaspbt 
personality 

86 Orchestral 
works 

88 Considerable 
irritant 

91 Word in many 
business names 

92 "Star Trek" role 

93 Soup kitchen 
offering 

97 Taradiddles 

100 Puffball relative 

101 Release upon 

102 Hotfooted it 

104 Clock sound 

106 Make money 

107 Healthcare 
group 

110 Sews up 

111 Reserved 

112 Totals 

113 Christie 
contemporary 

114 Musical syllables 

1 15 Never, m 
Nuremberg 

116 Least irrigated 

DOWN 

1 Butler's 
expletive 

2 Col Hannibal 
Smith’s group 

3 Cool 

4 Relative of an 
agate 

5 Plumbing piece 

6 Chancel 
entrance display 

7 Collar inserts 

8 Collar 

9 Animator’s unit 

10 Parcels 

11 “ Is Love" 

(1962 hit) 

12 They provide 
prayer support 

13 Brings in 

14 1997 U.S, Open 
champ 

18 lung-term 
pollution 
concern 

16 Data 

transmission 

path 



©New York Times/Edited by Will Shorts. 


17 Actress 59 Pronouncements 

A ” nstn>n ff and 61 Charge with 


others 

20 Tend the hearth 

21 Toaster treat 
23 Coupleorso 


62 Bribe money, in 
slang 

63 Chacon of the 
1962 Mets 


28 Word before and 94 Still- life subject 
after “ 10 " 65 Hasty 

30 Parasol 66 Pocket item 

32 Quite a while _ „ . 

■rs 4 -** SSL 

" 68 Diamond target 


89 Track and held 
events ■ 

90 Secure 

93 Topps rival 

94 Gauchogear 

95 MIL address 

96 Longtime Guy 
Lombardo 
record label 

98 Cityonthe 
Oregon Trail 


99 Dumbarton 
denizens 
103 New Look 
designer 
105 Measureof 
speed 

197 Presidential 
monogram 
108 Star Wars, 
initially 

109* 

dreaming?* 


37 Seemed furnv Diamond targ, 

38 Slt-up 71 Companythat 

benefactors 5“" . 


39 Squeal 

40 Travels of 
Shane, tg. 

41 Locale 

42 Mention 


made 

Photophones 
72 Ford sobriquet 

74 S Higgler's quest 

75 Fam. reunion 
attendee 


SreezeUirougti 77 Castle features 
46 Items in sync? , 


47 Imaginary 78 “PaperMoon* 

48 Chaplin and _ «toror“tiws 

others 80 Breakfast 

49 Mil. transports 

50 "Are vou J - F ' K - PO*wg 


50 -Are you n£. p T?- 

nervous?" 85 Emulated Mine, 

response, t la Deterge 

Don Knotts 86 Kind of meeting 

51 Diamond ex eta 87 Prize 

S3 Ca\ 88 Aquarium 

58 Hairsplitters acquisitions 


Solution to Puzzle of July 12-13 


ULJL1UL1L3 UDUULHJLi LIOLiLU 
'.JJ LI UU LI ULJUUUUU UOUCULl 
ULiLlULJlilJLIliUllLiUU LIEIUUUC 
tiLlLIULIU UUU UiSU ELJij 

Ljuuua huuij hdduu uljliij 

UUUU uau UOUDUDLlLlkiBIJLi 
uutiaau uauu aauaa 

L3UL1HLIUU UULIUU OLJlilJLjrLj 

lkju aaaHHanDGotj tiiiifjfeii 
uqoquqd ouuu uucunu 
□□ua Buaaij uudud uuec 
UUUUUD LJULJO UGUUUUU 
LiaDLiU QUUUQQUauGO nrr. 

LiauaauLj ounDU Buorurr 

„ ULJUULJ UUULj UHfcjBBK 

uuuLiuijaumuu unu uedij 
□sjuo umioEj udud ooEeij 

□□□ uun uuo oontiDij 
LiuijLjna nnuaonDuuEonnii 
flOUQUij auuunuD Dunnnn 
□ULiua nounnun iinnrinE 









PAGE 10 


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TEL + 33-1-40 07 86 S7. Fax; + 33-1-40 07 80 40 

U^. Office: New York, 

Not Yowl NY 10019. 730 Fifth Aveme. 9th fuxw 
Tel: r 1 1 212 - 333 - 8785 . Fay: til 212 - 333 - 873) 
Personal AnwniEm Are also Possible In: 
ROME - VIENNA - LONDON 
LOS ANGELES - SINGAPORE - HON««ON£ 


DANISH LADY, 44, warts to meet Amer- 
ican Ter UK 17) 730 7088 or Bor 2ES, 
HT. 63 Long Acre. London MC2E 9JH 


DINING OUT 


AMSTERDAM 


DE VUEGENDE SCHOTCL 


SOUL-MATE Deep man. ntt> persona 4 
sprtual growth Adrenturous. protective, 
handsome, sureesskl passaxafely nes- 
lerfii 6 4 38 travel match. Are jou ton 
but deep nth laid heart, pretty tab. sfen 
4 cunracuus Photo please i preferably 
reus). Box 344. IHT. E3 Long Acre 
union WC2E 9JH 



RasencdatK 020-6252041. 


PARIS 4th 


BREAD, WINE, CHEESE 

Owmdmr, radAv to«k» 

MjOI A3MJ07S2 [Mydoy. dDHroriy). 


LE BILBOQUET 

A jmx hmpb nxe 1947 
which h«a»l otwoTMT kz&nwv 
M die hNTl o>Se»G«Tnc^duMs 
for dnoar or o drink. 

GatSrcnoflicaJ rww of o nwomile prite. 
13,raaSaManoa.T.01 4i4UlA4. 


PARIS 7th 


THOUMiEUX 

Spmoo^mi of the Soutb-VV«t 
QwBdoo^wd&aisiwriotwjconfif 
dt conoid. AlrB u n lM onodOpon 

7V in SHtoow2J2h2oi^7 J5A975. 
NwInw M oTwwiwr 


TY-COZ 

firfu St«flfi»lv Seafood. Evening mow 
170 FI. Ooieci Swidoy & Monday irening. 
35 r 9 Geam. AkCondiAonnad. 

Tel: 01 AC7M2.95 A 3*61. 


£7^r± NEW 

Tx^jT balal 

bicfian A MdWoni 

Tourer 3^ jjScroi» » d*o>*. 
iupnu ndod by ptod M o u * Oujdi. 
Nmr Opdra. Ar creSormod. 


ALGOLDENBERG 

Mdb herinp ■ Poiimm - rina ctatw bead 
md bx lanenadi - Oieui aAe t d! da ftecL 
Jewish ijac M A». dt VfcyutL 
RU01 4Z27JA7V.E«er|rda)replBrecMgh. 


KERVANSARAY 

Twfcxih I W1 mdoKt*. WHhr bor, 
bed e eofaoo iM kiwu ar. Idfloor. Mddrt r. 8. 
Tel:5I2&SU. AirconAinid. JftiLOpere. 
Nooo-3 pjo. A 6 pjn.- 1 am. nape 5undcy. 
OpreheMoffc 


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BAREME AS 24 

AU 19 JUB1ET 1997 
Piir Hors TVA en devise bafa 
(traduefen depan^e nr demands) 
Rmplu In baramas aneriain 

FRANCE (tone C) Bn FBI- TVA 
GO: 3/1 F0IT 225 

SC37: 5J6 SCSP: 5.13 

UK oi/l-7VA17J%(loul 8%) 

GO: 05459 FOB*: DJ347B 

ALLEMAGNE (zona I) DMA - TVA 15% 
ZONE I - G : 


4 


GO: 1jQ5 

ZONE B - 1 : 
GO: IA5 

ZDNEffl-F: 
GO: 1j01 

TONE Rr - F : 
SCSP: 137 
ZONE IV -G: 
GO: 103 


SCSP: 1A3 
SCSP: 1^8 

FOD. 0.70 


BELGKHJE enFB!1-7VA21% 

GO: 21,74 FOD: 1068 

SC97: 3322 SCSP; 3132 

HOUANDE (zone2) NLG/I - TVA 17,5% 
GO: 1E97 FOD 0802 

SCOT: 1.957 SCSP: 1ESB 

LUXEMBOURG W LURI ■ TVA 15% 

GO: 1BL9S 

ESPAGNE (zone A) u PTASVTVA 16% 
GO: 8Zj67 

SCSI: 101 £5 SCSP: l«4 f 

* Usage regiemerte 


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HAY THE SACRED HEART ol Jesus to 
adored, gtortied loved and preserved 
Ihroughmn the acrid, now and loraver 
Sacred Heart of Jesia pray for us Sam 
Jude, worker of rnrades pray tor us 
Sam Jude, hafcw at the hopeless, pray 
for us. Amen. Say the prayer nine wnes 
a day. by the nMh toy your prayer wB 
be answered n has never been known 
to fad. PtoBcaUon musl be pramsed. 
A.V 


MAY THE SACRED HEART OF JESUS 
to adored, gtorflad, tared and presaved 
ttvoughoui the writ now A forever 
Sacred Heart of Jesus, pray fori*. St 
Jude, Worker at Modes, pray torus Si 
Jude Hatour of the Hopeless, pray or us. 
Say tin pray* nine tons a dev A by 
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Pittawn must be ponced PJC 


THANK YOU SACRED HEART of Jesus 
and Seim Jude for payers answered. 
RR 


THANK YOU SACRED HEART of Jesus 
and Saint Jude lor prayers answered. 
RR 


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French Provinces 


BOULOGNE 

Near Cycn, 90 otns from Geneva. 
beatoM My furnished vita, rated 
landscaped garden along river, w3i 
trouts. 5 bedrooms. 3 cate eat-m 
katiei & laundry room. den. big ivrg. 
dbvng w«i frepace, heated swvwq 
POOL 9car garage bafcony covered 
tenacs. me ceflar. warty system 
By owner FF320tUX)0 
Tit 433(0)3 80 <7 59 88 
Fax v33 (Ota 80 47 50 93 


London 


EXQUISITE PENTHOUSE APARTMENT 
in exclusive Hampstead r uri gt it mnood 
umh breflttxaklng news over Londcn. 
CorrytoteN redecorated to exceptonaty 
high stantord 2 dotife todroons. each 
on ensure bathroom [one with Turkish 
steam bam. Itaftan mutt-jet shown, heat- 
ed merfelB floor) luBy equipped kitchen, 
spaoous receffton. study, high vauted 

a private south facing lerracs. 

AtaoavariaWe tor rert beauil- 
Uf fwnistaJ in sleek modem style ttf 
Hanoos & Roche fttaxs. a £3300 per 
morih Ta London +44 171 435 3933 


Switzedand 


VERSO - UNIQUE CHALET. Very 
toautttta. in rad nood'stomwrk. 450 
sq.m. Uw«y. quiet site. 1.400 sqm 
land. Fax owner +41 27 771 11 21 or 
caP +41 27 77! 60 30 


Real Estate 
for Rent 


Mexico 


p 


VALLE DE BRAV0 11.? Ms Uocc Cty 
typical Tihage superb furnished Veia 
tong laie wfli mocring. 4 trednems. 2 
iraepewem swtes. sudmmng poo 1 ™pi 
jacuczr. raddle twins deal. gcB ck* 
irerrpflsngj ax* i ton? : •m renrat 
U5S3 jOl'mo Fay f.'exco 525 251 5273 
or Far °ais *33 .OH 43 3t 4? 91 


Paris Area Furnished 


Ifift, AVE KLEBEH, SUKrt li Coir 
receprc." - r.'chcn’Snng * ted- 

:m * mrod M"ei'rt 'sraiy. sumn 
rr'd ./X * charges. wr>e- ~i. 
*33 Ur — rzc 3137 Fax i-3i> 4734 £431 


HE ST LOUIS, iuur-ijs larj? ;tjd* 
ALSO Vi=il5 PLACE C=S VCS3ES 
tju-rr, j L-rosr asamer; •• 
'•■j'. ‘err- ?•*' j' i£ -i \j" 


6lt! ST SULPICE-9CNAPARTE 


8th . BfENFAISANCE 4!*. 


Paris Area Unfurnished 


250 SOM. WITH S WHINING POOL 
Pans 20th. toxurnus duplex, private ov 
toor pool as x 25M sotarun. toracaT 
qanftn, fufy equated FF21.0C0 month 
net Droct owner T& *33(0)1 30934255 


Switzer/and 


GENEVA, LUXURY FURNISHED apart- 
merits From sudtos to 4 todrtxm. Tet 
*41 22 735 6320 Fax +41 22 736 2671 




International 
Herald Tribune 
ads work 


Sew Uondm'N Inlermiuirel 


lur Ri-rTuhmcnL rducatian. 
Vm-turiiiL Jnii-rnH Scnkrs 
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on + 1 1 171 t^O 11326 
or f*\ +11 171 120 0338 
\ CRE.4T DEAL HAPPENS 
-AT THE IMT-RMABKET 


ji-i ■ , 

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French Riviera 


CANNES kauy apartment via steps 5. 
3 beds, 2 Mbs. poOL FF5.000 - FF7500 
per week. Tel owner +33 (0)4 9338 7533 


Paris A Suburbs 


DUPLEX TO RENT IN PARIS near Pere 
Lactose 4 persons. 2 bedoa ms, quel, 
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EUROPE EUROPE MIDDLE EAST LAHN AMERICA ASIA/PAOFIC 

BUSS: (HC 13 1 Ctxrta-^ PORTUGAL: W 5 C Sf RGULC OF YEMH4; jm? >dcr ECUADOR’ Ll«c !ylr+.' MAIAYSA: Af=T» 

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BUSINESS/FINANCE 

SATURDAY-SUNDAX, JULY 19-20, 1997 


PAGE 11 


Thai Raids Spawn 
Fears of Backlash 

Brokers Warn of Investor Anger 


By Thomas Crampton 

Special to the Herald Tribune 

BANGKOK — When police raided 
two foreign brokerage houses in 
Bangkok on Thursday, they took with 
them the trust of one group that could 
throw a lifeline to the ailing Thai 
economy, international brokerages 
said Friday. 

Three associations representing the 
brokerage industry condemned the 
raids as actions that would “affect the 
confidence and stability of Thailand's 
economy.” 

The statement came from the As- 
sociation of Securities Companies, As- 
sociation of Finance Companies and 
Association of Securities Analysts. 

Police on Thursday searched the 
offices of Capital Nomura Securities 
Co. and ABN-AMRO Hoare Govette 
looking for the source of a faxed mes- 
sage containing what the authorities 
called rumors about the possible clo- 
sure of five Thai c om m er cial banks. 
The rumors drove stock prices lower. 

Police also searched me offices of 
HG Asia Investment Research, a com- 
pany run by George Morgan, who 
beads a foreign brokers’ association. 

Foreign analysts warned that the 
raids would have a significant eco- 
nomic impact in the next few weeks. 

“This is really, really bad in terms 
of investment in Thailand and the 
rollover of loans,” one analyst said. 

‘ ‘At this point you can forget anyone 
extending lines of credit.” 

Thailand’s decade of furious eco- 
nomic growth up to 1995 was largely 
fueled by low-interest loans from over- 
seas banks, and many of those loans are 
short-term and soon due for rollover. 

Some analysts said That nearly half 
of Thailand’s $90 billion in foreign 
debt would come due in die next 12 
months. Shortly before police raided 
Capital Nomura, a firm dial is partly 
owned by Japanese investors. Finance 
Minister Tnanong Bidaya was in 
Tokyo requesting a gathering of Jap- 
anese banks to raise credit lines for 
borrowers in Thailand. 

“I just cannot see credit lines ex- 
tended with thi? kind of behavior,” 


(me analyst said. “They have to un- 
derstand that most foreigners just 
won’t do business if they fear for their 
personal safely.” 

While one local broker laughed off 
the raids as an unfortunate intrusion of 
Thai politics into the business com- 
munity. many others speaking on con- 
dition on anonymity, said ihe raid had 
shattered their relationship with the 
government. 

“It is our job to keep lines of com- 
munication open to the government, 

Asian currencies remained under 
pressure. Page 15. 

industry and politicians,” one foreign 
analyst said. “If we fear being shut 
down, that communication is cut 
off." 

Some foreign analysts said they 
were worried that work permits and 
resident visas, which are difficult to 
obtain, would be revoked or not re- 
newed. They said a monumental 
change had occurred overnight in the 
way they worked. 

“What has changed is that the threat 
of prosecution and possible loss of 
business license has effectively im- 
posed a huge measure of self-censor- 
ship on the broker community,' ’ Barry 
Yates, head of the regional research 
concern Seamico Securities, said. 

Many foreign brokers have cleared 
files from their offices, shredded sen- 
sitive documents and begun using 
computer passwords. 

Turbulence in the Thai economy 
lodes set to continue for some weeks, 
analysts said, with a series of potential 
market-moving events scheduled, in- 
cluding ihe central bank’s update on 
foreign reserves at the end ofluly , the 
release of banks' daza on nonperform- 
ing loans and second-quarter results in 
mid-August, and a no-confidence mo- 
tion by the opposition and debate on 
the new Thai Constitution expected in 
late August 

Analysts also say that by Septem- 
ber foreign banks will have decided 
whether to renew loans totaling 
roughly $8 billion. 


Asia Monetary Turmoil 
Sparks Fears of Spillover 


By Paul Blustdn 

Washington Post Service 


WASHINGTON — The U.S. 
Treasury and the Internationa] Mon- 
etary Fund are in a state of high alert 
over a bout of financial turmoil in 
emerging markets that has sent cur- 
rencies and stocks plunging from 
Southeast Asia to Latin America and 
Easton Europe. 

The wave of speculative selling 
began in recent weeks in Thailand and 
spread late last week to nearby coun- 
tries with somewhat similar economic 
problems — the Philippines, Malay- 
sia and Indonesia. Like a virus, it then 
struck the Br azilian stock market and 
the Polish zloty with tremendous 

markets in Singapore, Taiwan and 
Greece oq Wednesday and Thurs- 
day. 

Greek' authorities acknowledged 
Thursday that they had been fenced to 
use nearly $800 mini on from gov- 
ernment coffers to prop up the 
drachma against an attack by spec- 
ulators betting that the currency 
would fall 

In Taipei, where the New Taiwan 
dollar hit an eight-year low against the 
U.S. dollar, Patrick Liang, deputy 
governor of the central bank, warned 
Thursday, that his institution stood 
ready to “take necessary measures.” 


And the Thai finance minister, Than- 
ong Bidaya, railing against what he 
called false “scenarios of doom and 
gloom,” met with Japanese bankers 
in Tokyo to solicit continued support 
for Thai borrowers. 

The instability is arousing concern 
among IMF and administration of- 
ficials, who harbor painfully fresh 
memories of die 1994-95 peso crisis 

ECONOMIC SCENE ~ 

that spawned a disastrous recession in 
Mexico and sent tremors throughout 
finan cial mark ets 

In the developing world, officials 
worry that even if the latest turmoil 
does not trigger a full-blown econom- 
ic slump, it could slow growth in some 
of the world’s most vibrant econo- 
mies, which have become key mar- 
kets for American exports. 

“We’re certainly m close contact 
with the IMF, and they're certainly in 
close contact with the countries that 
are affected,” a senior Clinton ad- 
ministration official said. 

JackBooiman, director of the IMF’s 
policy development and review depart- 
ment, said: “We do take it seriously. 
We’re concerned for the individual 
countries, and we’re concerned for any 
possibility that this starts a process of 

See TURMOIL, Page 15 



AjriVC Ff3QCC*PlC9V 

END OF A DYNASTY — Gilbert Trigano, above, the founder of Club Med, and his son Serge resigned from 
the company’s supervisory board after a disagreement with the resort empire’s chief executive. Page 13. 

Global Glitch Causes Chaos on Internet 

Computer Network’s Most Extensive Breakdown Yet Reveals Its Fragility 


By John Markoff 

Ne*‘ York Times Sen-ice 


NEW YORK — A human error com- 
bined with the fragile structure of the 
Internet dramatically demonstrated that 
the world’s primary conduit for elec- 
tronic commerce is still far from a flaw- 
lessly reliable network. 

Internet data traffic was thrown into 
chaos at 2:30 A.M. Thursday when a 
computer operator at Network Solu- 
tions Inc. in Herndon, Virginia, the 
company that maintains the equivalent 
of a master telephone directory for cy- 
berspace, ignored automated alarms 
signaling problems with the computer 
that routinely updates Internet address 
information. 

The mistake caused the computer to 
send corrupted data to 10 other com- 
puters around the United States and 
abroad that handle the Internet’s global 
network address directories. Internet 
computers frequently consult these dir- 
ectories so the addresses that users type 
— @nytimes.com, for example — can 
be translated into the corresponding nu- 


meric code by which traffic is actually 
routed over the network. 

Executives at Network Solutions said 
they had detected and corrected the 
problem by 6:30 A.M. Bur by then 
countless thousands or even millions of 
e-mail messages had been returned as 
undeliverable, while untold numbers of 
users had been unable to make contact 
with various World Wide Web sites 
whose addresses were temporarily 
garbled. 

Some network users were still ex- 
periencing sporadic problems late 
Thursday. 

Internet industry executives said 
.there was no way to measure the full 
effect of the failure, but many agreed 
that it was the most extensive network 
breakdown yeL The addresses affected 
were some, though not all, of those 
ending in the suffixes “.com” and 
“.net.” 

Because “.con” addresses are those 
of businesses, they are now the most 
common on the Internet 

The network problem was compoun- 
ded by the severing of a fiber-optic 


cable route by a backhoe operator on the 
East Coast early Thursday, an accident 
that disabled 500 high-speed data and 
voice lines belonging to AT&T Corp., 
Wiltel International Inc., Sprint Coro, 
and MCI Communications Corp. Al- 
though traffic over those lines was 
rerouted while the cable was being re- 
paired, the Network Solutions error 
made such rerouting even slower in the 
case of Internet traffic. 

Computer experts said the global 
glitch demonstrated that even a single 
point of vulnerability in the Internet’s 
addressing system could hamper the 
workings of the far-flung computer net- 
work. 

Vinton Ceif. an executive at the MCI 
Communications Corp., who co-de- 
signed the Internet in the late 1960s. said 
the problem illustrated a need to have 
more than Me central keeper of Internet 
addresses. 

“We didn’t have any airplane crashes 
or other disasters today,” Mr. Cerf said. 
“But it underscores my belief that we 
need more than one organization 
providing this service.’ ’ 


Imbalance 
Widens in 
U.S. Trade 

May Deficit Rose 17% 
As Imports HU Record 

The Associated Press 

WASHINGTON — America's trade 
deficit shot up 17 percent in May. to 
$10.2 billion, as higher purchases of oil 
and passenger cars helped push imports 
to an all-time high, the Commerce De- 
partment said Friday. 

The deficit with China, propelled by a 
flood of toys, shoes and clothing, sur- 
passed America's trade gap with Japan 
for only the third time ever. 

The increase in the May deficit, the 
biggest imbalance in four months, was 
worse than expected. Analysts had been 
looking for only a slight widening from 
an April gap of $8.7 billion. 

The report served to underscore that 
while the American economy is seeing 
low inflation and unemployment — the 
best in a generation — the one glaring 
exception to the good news is in trade. 

So far this year, the U.S. trade deficit 
in goods and services is hunting at an 
annual rate of $115.4 billion. Given 
current trends, the shortfall this year is 
expected easily to surpass last year’s 
$111 billion. 

The deficit with China climbed 9.1 
percent to $3.8 billion, the worst show- 
ing in seven months, as imports of 
Chinese toys climbed by $1 10 milli on 
and shipments of shoes and clothing 
also showed big increases. 

Although it was only the third time 
that the monthly deficit with China had 
surpassed that with Japan, economists 
predict that in the near future China will 
permanently surpass Japan as Amer- 
ica’s biggest trade problem. 

For May, the deficit with Japan fell a 
sharp 25 percent to $3.6 billion. 
However, the improvement came after 
several months or big increases. So far 
this year, the deficit with Japan is run- 
ning 14 percent higher than the imbal- 
ance for the first five months of 1996. 

The trade gap widened significantly 
with die two partners of the United 
States in die North American Free Trade 
Agreement. The imbalance with Mex- 
ico climbed 22 percent to an all-time 
high of $1.7 billion. The deficit with 
Canada more than doubled to $1.7 bil- 
lion as imports from Canada climbed to 
$14.5 billion. 

Economists say America’s trade trou- 
bles will persist through this year. They 
blame a variety of factors: The dollar 
has been strengthening against many 
other major currencies, making imports 
cheaper at home and U.S. exports more 
expensive, while key export markets 
including Japan and Europe have been 
struggling with weak growth, cutting 
into U.S. sales. 


U.S. Fraud Inquiry Targets Columbia/ HCA 


By David S. Hilzenrath 

Washington Post Service 

WASHINGTON — Columbia/HC A, 
the largest U.S. health-care company, 
has become the focus of one of the 
largest fraud investigations ever in that 
industry. 

The federal criminal investigation 
widened this week as the Federal Bureau 
of Investigation and other authorities 
seized records at about 35 Columbia/ 
HCA Healthcare Corp. hospitals and 
related businesses in seven states. 

Earlier this year, agents confiscated 
company recoins by the truckload after 
a raid in El Paso, Texas. 

The authorities declined to discuss 
details of the investigation. 

“We’re looking for possible viola- 
tions of federal law,” a Justice De- 
partment spokeswoman, Carole FI Or- 
man, said. ^That’s all lean say.” 

The execution of search warrants 
Wednesday involved several agencies, 
including the FBI and the Office of the 
Inspector General for the Department of 
Health and Human Services, which po- 


lices Medicare and Medicaid, the federal 
health programs for the elderly, poor and 
disabled. Other agencies involved are the 
Defense 'Department’s Criminal Invest- 
igative Service, the Postal Inspection 
Service and the Utah state investigative 
unit that polices fraud in Medicaid. 

The Justice Department's criminal 
division is coordinating the investiga- 
tion, Ms. Florman said. 

A spokeswoman for Columbia/HC A, 
Eve Hutcherson, said: “Our expecta- 
tion is that our employees abide by 
regulation and law, and we’ll cooperate 
with what’s asked of us and address any 
issues that develop as a result” 

She said four Columbia employees in 
Florida received subpoenas this week to 
testify before a grand jury. 

Mare than any other company, 
Columbia has embodied the consolid- 
ation of power in the health-care in- 
dustry over the past several years. It has 
taken over one rival after another and 
diversified to provide virtually the full 
spectrum of health services, from hos- 
pital care to home care. 

As of March, the company owned 


314 hospitals and 143 surgery centers. 

The company also has been among the 
industry leaders in adopting profit-ori- 
ented sensibilities. Its chid 7 operating 
officer, David Vandewaier, made that 
plain in a 1994 pep talk to employees at 
the newly acquired Johnston-Willis Hos- 
pital in the Richmond, Viigima, area. 

“The enemy is St Mary’s,” he said, 
referring to a rival hospital. “They’ve 
got your patients.” 

The searches Wednesday appeared to 
be focusing on Columbia's home health- 
care operations and the way it bills for 
laboratory services, the Columbia 
spokeswoman said. In the past, 
Columbia has come under fire for of- 
fering doctors equity stakes in Columbia 
ventures. Critics say that could give 
doctors an improper incentive to refer 
patients to Columbia hospitals — or to 
send charity cases somewhere else. 

Some critics have questioned whether 
those arrangements violate Medicare and 
Medicaid prohibitions on self-referrals. 

Ms. Hutcherson said Columbia be- 
lieved its relationships with doctors 
complied with the law. But the company 


itself warned several years ago in a filing 
with the Securities and Exchange Com- 
mission that its partnerships with phy- 
sicians “may not be in strict compliance 
with all such federal conditions.” 

The premises searched included of- 
fices of Olsten Health Management, 
which manages many of Columbia’s 
home health-care operations, and of Hy- 
att Imler Ott & Blount, a Georgia-based 
company that provides billing services 
for some Columbia facilities, Ms. Bor- 
man of the Justice Department said. 

Twenty of the searches took place in 
Florida, Michael Seigel, first assistant 
U.S. attorney in Tampa, said. Other 
searches took place in North Carolina, 
Texas, Tennessee and Oklahoma. 

Columbia's chief executive, Richard 
Scott, started the company in 1988 with 
$125,000 of his own money and $61 
million in borrowed funds. This week, 
his stake in Columbia had a market value 
of about $312.6 million. Major share- 
holders include the family of Senator 
William Frist, Republican of Tennessee, 
which ran HCA-Hospital Crap, of Amer- 
ica before it was acquired by Columbia. 


CURRENCY & INTEREST RATES 


Cross Rates 





London (A) 

Madrid 

MBaa 

NowYM 

Pfete 

Tokyo 

Toronto 


1 ECU 
I SOU 


* * I * >l *' ?" 



July 18 

* i U U Ik U U. U M B Wh* 

10U 13775 1.125? nrtn aiBt — MSB UU5 U« MM UK 

X» OM-2UOS &JU MB* 113* — HflOS 83177 *» M* 

uv mu « m ojbp um *s*n urn lhb. use lw* 

UMI — 2J9B JW31-M7I.S* 33753 ftJTO* UOf TO41M UW BUM 

VLSS SUK SUM 1452 USD 4IBD ®US UUI ( 1UM — 

.1,74440 U7LDB ma XX — * BSW 47.17 U2U8 1UB VB» US® 

— usd uns ua inus van vst u » ikb uu« 
ms ia.187® un. — aw im usu mu smj, mu 4M 

n&B ma mb ?M2 ua' sjm iu« — ua um 

L3I8 U1B IM US MBS? UR2 UH, UW. — - « 

uns uak ua uck use* um lw, — iJ?u 

U®8 ubi in* uk U2741 u* mas ixm ram iju* imju 

aoK um UZS ua u» ums UH SUSS VOSS 1SU13 UW 

Cktsavs Itt Amsterdam, London AWan Parts aid Zwfcfc tUags ft o/heremtas Hew York amt 
Taaerta rates at* PM. 

k To bar mm paamtr (r 7i* toy one rtafas IMts at tat MOL- w* am** MAo rad tnaOobte. 

Other Dollar Values 

*ors Cononcy Pars Curacy »*■»* 

AiSonLposo 03986 Greek Oat 201.37 M«*.paso 7JU 

fcstnflaas 13532 HmfKmgS 7.7495 itZMaadS ’-527 

AMtnttldb 12445 Hng. forint 19271 MonhfeMt 7422 

Braanal 1.0611 Indka rupee 35J3 PMLposo 2935 

OtoMseyMi 83219 tado.n*faft 24753 PoWntoty 347 

OKU bung 3438 Irfcftr . 047 PorLoKudo 181.16 

OanditaM 0846 KretfsML 15377 Rmsnbte 57B5J 

Egypt, pond 1393 Kmdtoar a» Sn*ripd 3J5 

Ra-nwrtta S3953 Matoy.ring. 23895 Stag.* SJS9B 


Ubid-Ubor Rates ^ 18 

Safes French 

Defer IMtafe Fmc Strifes Frone Yon ECU 

1 -month 5VW-5* 3 • 3Vl IVa-lto 6U-*fe» 3U-3W 4V*-41o 

3-morth 5M-5V0 3VW-3U IVa-IV* «<*'*- TV* 3U-3M H- Ve 4Hk-4t 
6-month 5* -53* 3v»-3M ITa-lV* 714-71* Mk-m %-* 4*>-4V» 

1-reor 5¥t-6 3(4-3% lfo-1* 7M-7V* 3ka-3Tb M-V» 4Vk-4Mi 

Sources: Reuters. Uoftk Bank. _ , , . _ 

Rotes qppfcoftfc to Mntask OeposUs t*S1 mHKon mMmum farequtmhnlj. 


Port 

LAhlted *554 
S. Karma 89145 
SMUbaga 77891 
Tbimm S 27.94 

TWMt 29-80 

Tama fra lsran. 

UAEdfetm 16715 
Vonoz-boO*. 49335 


4i ? ; 

j - j f 

»‘H* i I--'.' 


Forward Rates 

esmocy 

RondSMtap 
rimiBiwiWlnr 

Doalsdw RflTfe 


ifcdo? (May 96-6o? C uma e? 

1.6709 1.6680 1/661 Jnooesayn 


1.2737 13712 1.3687 Safes tme 

l?W3 13904 1.7864 


11527 11433 114.19 

1/779 1.4728 1/678 


Sources: iNG Bor* (Amsterdam}; tnaosuez. Bank (Bnasebi; Banco ftiflww 

MUfoot Bangue 0e Faaa (Patsk Boats at Tahyo-MItsubbM {ManA - 


Key Money Rates 





United States 

Ossa 

PfW 

Britton 



Dtacsamtreta 

Sin 

5.00 

Bank has* rate 

6* 

6ft 

Print rate 

sv* 

8M 

CMfeomr 

6ft 

6ft 

Ftdtrte funds 

» 

5ft 

l-amA Intertask 

6te 

6ft 

ffrdof CDs fetters 

560 

540 

| nanUi tetartfe* 

6*4 

6tee 

lMMey CP festers 

5L50 

550 

4 Month fatertuufr 

7ft 

7ft 

SnottbftTCwiyba 

511 

SJB 

10-year Gflt 

7JM 

743 

1-ysa- Treasury Mi 

528 

521 



2-ywTrtastrybffl 

5Bff 

5.85 

Raw 



5 i«dr Transfer note 

6.14 

6.10 

tofersfedtoprete 

110 

110 

7-ytar Treeuvy note 

6.17 

614 

Ctotemey 

3Vu 

3ft» 

lOfterTreasorymoto 

623 

618 

l-menfo irtertfeft 

3ft 

3ft 

38 yonr Transfer fend 

652 

648 

Mraotobitertuk 

3V» 

3ft 

MerrS LyucfiiWayRA 

508 

508 

frame MartaHB 

37k 

3V» 

Japan 

Discount rale 
CM money 



10-yeorOAT 

559 

543 

050 

046 

asa 

046 

ass® 

lHBMtbintafftoi* 

054 

054 

Gold ^ 



J-eMoft M*rt»anfc 

6-moatt talertaik 

0l63 

047 

053 

047 

PJL 

or ge 

KHroa-Gaotboad 

256 

2-55 

Zorich fi-A. 

32180 

+440 

Get— nr 



London 32345 

3Z4J0 

+440 

LMHdartfrafe 

450 

450 

NraYM 334.10 

32940 

+440 

CM money 

508 

108 

US.datiarsfiVOVKB.LBrttono^lat 

l-aMUHtfek 

3«nfli kitaftatt 

3.10 

3.15 

110 

115 

firings Zurich and New Yertapentog 

ana dosing prices/ New Ybr* dumb 

6-maofo hdettenk 

124 

124 

lAVQJ 



10-year Sand 

557 

550 

5UUU.JMM- 




Honda Shares Fall 
As Lawsuits Loom 

Bloomberg Nevus 

DETROIT — The price of Honda Motor Co.’s American 
depositary receipts tumbled Friday, taking the lead from the 
company’s stock in Tokyo, as dozens of its U.S. auto dealers 
requested class-action status for their lawsuits against Honda. 

Honda's ADRs fell $3.1875 in New York to close at 
$60. 125, and its shares in Tokyo fell 3 10 yen to close at 3,390 
($29.23). 

More than 60 Honda dealers were to ask a U.S. District 
Court judge in Baltimore on Friday to grant class-action status 
to their suits against Honda. They said the automaker had 
given preferential treatment to dealerships that had paid off the 
company’s executives. 

More than a dozen senior Honda sales executives last year 
pleaded guilty to criminal charges over the same allegations. 
The dealers allege they were given fewer Accords, Ac uras and 
other fast-selling models becanse they refused to pay kick- 
backs to Honda executives. 

It could cost the company billions of dollars to settle the 
claims, legal specialists said. 

“This has been bubbling beneath the surface for a few 
months," said Coen Kiuyver, general manager for foreign 
institutional sales at ING Baring Securities (Japan) Ltd. “But 
that was at a time when people were very excited about the 
growth story and valuations. Now they are beginning to factor 
in what the potential damage could be." 


Istituto Finarrziario Industrials S.p.A. 

Joint Stock Company 

Corporate Offices: 26, Corso MatteotU, Turin, Italy 
Capital Stock Lire 123,500,000,000 fully paid in 
Turin, Registry of the Companies no. 327727 

1 996 DIVIDEND PAYMENT 

We advise the shareholders that, in accordance . to the 
resolutions of the shareholder's general meeting held In 
Tiffin on June 30th, 1997, the dividend for the fiscal year 
ended December 31th, 1996 wffl be payable on July 21th, 
1997. Payment will be made upon presentation of coupon no. 
19 In the measure of 

- 490 Liras for the preferred shares 

- 440 Liras for the ordinary shares 
subject to wfthoWing tax. 

The dividend wiB be payable at the Company's Main Offices 
and branches of the paying agents listed hereunder. 

Authorized banks: 

In the Federal Republic of Germany: Commerzbank. 

In Switzerland: Banca Commerciale Kafiana (Suisse), 
Credit Suisse and S octets de Banque Suisse. 

In Italy: aD the leading banks. 




PAGE 12 


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


THE AMERICAS 


Investor’s America 


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Very briefly: 


IflBrmOTnjjil Hcnij Trdure 


Microsoft Falls Despite Profit 



CmptaJ t* Our Stuff Fmu DtytA An 

REDMOND, Washington — 
Microsoft Corp. shares fell 6.8 
percent Friday as the software 
maker’s earnings failed to beat es- 
timates by a wide margin and con- 
cern mounted about sales and 
earnings growth in this financial 
year. 

Microsoft Corp. repotted 
Thursday that its earnings rose 89 
percent in its fourth quarter, to 
$1.06 billion, reflecting strong 
sales of its Windows 96 operating 


shares fell because the company 
typically exceeds Wall Street’s es- 
timates by a wider margin. 


Analysts said a large chunk of 
deferred revenue distorted the re- 


the company’s net- 
stem software. 


its successful drive into the cor- 
porate-computing market with 
windows 

work operaring-system' 

Revenue surged 41 percent, to 
S3. 18 billion, from S2.26 billion. 

The results were slightly ahead 
of expectations, but Microsoft 


suits. Microsoft . defers revenue 
from sales of upgrades to some of 
its software into future quarters. 
The company has about $1 .42 bil- 
lion in deferred revenue. 

“In reality it was a good 
quarter,” said Richard Sherlund, 
analyst at Goldman, Sachs & Co. 
“The stock took a quick hit be- 
cause on the surface it looked 
weak, but after analysis it looked 
quite strong.” 

Michael Brown, Microsoft’s 
chief financial officer, told secu- 
rities analysts the company expec- 
ted growth to slow during the next 
Financial year as demand for Win- 
dows 95 and its updated package 


of word-processing, data-base and 
spreadsheet programs that went on 
sole last January began to wane. 

Microsoft receives 5 10 more for 
each copy of Windows 95 than it 
did for the previous incarnation of 
the operating system, Windows 
3.1 , analysts said, which helped to 
increase its profits in the fourth 


quarter as the share of computers 
being sold with the newer software 


has climbed to nearly 90 percent. 

Sun Microsystems also reported 
earnings late Thursday that ex- 
ceeded expectations, posting a 
gain of 94.3 percent in its fourth 
quarter, to $237 million, on a 23 
percent increase in revenue, to 
$ 2 J billion. 

In Nasdaq trading Microsoft 
shares closed at $ 140.50, down $9. 
Sun shares rose 73 cents to close at 
5463 125. (Bloomberg. NYT) 


Wall Street’s Ascent 


Ci^rM i* uv s ntf fin" 

new YORK — Stocks pulled 
back sharply Friday as a surprisingly 
strong reading on consumer sen- 
timent fanned some lingering wor- 
ries about inflationary pressures. 

The Dow Jones industrial aver- 
age fell 130.31 points to close at 
7,890.46, having recovered slightly 
from a nearly 150-point drop early 
in the session. Declining issues out- 
numbered advancing ones by a 10 - 
to-3 ratio on the New York Stock 


32. 


Exchange. 

The Dow would have dropped 


Local Phone Companies Win Suit 


Stanley to Idle 25% of Work Force So^ntaiSS 

mew sditaim caDi Ttu. petition, handing ; 


NEW BRITAIN, Connecticut (AP) — The company that 
makes Stanley tools and hardware said Friday it would close 
factories and cut 4300 jobs, or nearly one-quarter of its 
worldwide work force. 

Stanley Works said the cuts wo old help pay for a new push 
to develop products and expand advertising. Factories and 
distribution centers are to be cut to 70 from 123. The an- 
nouncement did not specify which facilities would close. 

Stanley Works employs 19,000, including 12.000 in the 
United States. The company plans to sec aside $240 million 
this year do pay for the cuts. 

Stanley’s stock fell 52 to close at $4430 on the New York 
Stock Exchange. 


Bloomberg News 

ST. LOUIS, Missouri — A U.S. 
appeals court Friday threw out dis- 
puted federal pricing rules intended 
to open local phone markets to com- 
petition, handing a victory to local 
phone companies. 

The rules were meant to govern 
prices local phone companies could 
charge competitors for use of their 
networks. 

■ GTE Corp. and the local compa- 
nies, known as Baby Bells, said they 
would have unfairly required local 
phone companies to oner services 
and parts of their networks to com- 
petitors at prices below cost. 


States had also contested the 
rules, saying they violated states’ 
jurisdiction. Long-distance compa- 
nies, saying they were worried about 
price-gouging, supported the rules. 

The decision leaves in effect in- 
terconnection rules put in place by 
stale utility commissions. 

A three-judge panel of the St. 
Louis-based U.S. Court of Appeals 
for the 8 th Circuit said die Federal 
Communications Commission did 
not have jurisdiction to issue pricing 
rules that pre-empted those state 
rules. 

T*he decision is “a victory for 
consumers and competition in tele- 


communications. ’ ’ said a BellSouth 
Corp. spokesman, John 
Schneidawind. 


Friday’s decision “is a positive 
for the Bells,” said Kim Wallace, 


analyst at Lehman Brothers Inc. 
That is because the local companies 
are expected to get more favorable 
pricing from state commissions than 
from the Federal Communications 
Commission. 

“The Bells will dominate both 
the timing and the scope of local 
market competition,” tne Lehman 
analyst said. 

GTE shares fell $1 to close Friday 
at $46.1 125. 


fimher if not for IB M. which gained 
after an influential analyst raised his 
target price for the stock. 

Broad-market indexes were also 
lower Bs investors moved to secure 
some gains from tins week’s re- 
cord-setting advance, which put the 
Dow above 8.000 for the first time. 
The Standard & Poor's 500-stock 
index fell 16.31 points to close at 
91530. The Nasdaq Composite In- 
dex. laden with technology stocks, 
fell 20.88 points to 1347.97. On 
Thursday tne index closed lower for 
die first time in two weeks. De- 
diners beat advancers on the Big 
Board by a 12-to-7 ratio. 

■*We have had an amazing move 
since the Memorial' Day weekend, 
and we are consolidating,” said 
Doug Ciiggott, U.S. equity 


Bond investors also braced for 
two events next week: the semi- 
annual testimony of the Federal Re- 
serve Board chairman, Alan Green- 
span, before Congress and the 
Treasury's sale of $2T billion in 

^“Greenspan could slow down the 
steamroller that we vc seen here 
in bonds, said Denny Niedringhaus. 
who manages $300 million in fixed- 
income investments at Southwest 
Bank of St. Louis in Clayton, Mis- 
souri. “He may reiterate all his old 
fears” that brisk economic growth 
will trigger inflation, Mr. Niedring- 
haus said. 

Stocks have been rallying since 
mid-April amid signs that the vig- 
orous pace of the economy was 




•\V- or 






.fi ■ ! ...i-; 




US. STOCKS 


strategist dt JP. Morgan, referring 


to the U.S. holiday at the end of 
May. 

The pullback came as interest 
rates rose in the bond market after a 
University of Michigan report un- 
expectedly revealed a sharp im- 
provement in consumer sentiment 
m the first half of July. The yield on 
the benchmark 30-year Treasury 
bond was at 632 percent, up from 


slowing enough to keep a lid on 
inflation. A sharp pickup in con- 
sumer activity, however, could 
force the Fed to raise its short-term 
lending rates, easing market de- 
mand but potentially hurting com- 
pany profits. 

Also weighing on the stock mar- 
ket was some disappointment over 
Microsoft’s statement that revenue 
growth would slow next year. Com- 
puter stocks had led the market to 
records in the past week on the 
expectation that their profits would 
grow faster than chose of other 
companies in coming quarters. 

Among active issues. America 
Online shares fell. The Internet ac- 



i;£: s 

J 4 * ■ ' 


cess provider was downgraded by 
_ . . ~ • s . oif- 


BoSS of Wired Throws a Switch 


SAN FRANCISCO (AP) — Louis Rossetto, co-founder of 
Wired magazine, is resigning as chief executive officer of its 
parent company but will remain its chairman and Wired’s 
editor and publisher. 

Mr. Rossetto, announcing the news Thursday, said be 
would stay on as CEO until a replacement was found. “Now 
it's time to take the entire company to the next level,” said Mr. 
Rossetto, who co-founded Wired in 1993, hoping to harness 
the growing popularity of computers and die culture sur- 
rounding them. 

• Kmart Corp. has agreed to sell its Builders Square home- 
improvement chain to concentrate on discount retailing. Le- 
onard Green & Partners UP., a buyout specialist, intends to 
combine Builders Square with Hedunger Co. to create ibe 
third-largest home- improvement chain. 

• Wall Data Inc: said Robert Frank enbeig. a former chairman 
of Novell Inc., had been named chairman. 

• FTP Software Inc: will cut 300 of its 800 employees in a 

restructuring. AP. Bloomberg 


Trade Data Weigh on the Dollar 


6.49 percent Thursday. The price 
slipped to 101 11/32 from 101 26 f 


an analyst at Goldman Sachs, 
lette shares fell after the world’s 
largest producer of razors reported a 
15 percent increase in profit ac- 
companied by only a l percent rise 
s. Bloom 


“i "* 


STJ..-C- 


in sales. (AP, Reuters. Bloomberg ) 


-■ . *• 


BUtomherg News 

NEW YORK — The dollar pos- 
ted further gains against die 
Deutsche mark before retreating 
slightly Friday, reacting to com- 
ments by Chancellor Helmut Kohl 
that he was not alarmed by the rise of 
the U.S. currency against the mark. 

The dollar also slid against dther 
major currencies, dragged down by 
slumping U.S. financial markets 
and a report showing a wider-th un- 
expected May trade deficit. 

The dollar was at 1.7915 
Deutsche marks, down from 1.7930 
DM on Thursday. The dollar has 
risen about 15 percent against die 
mark this year and hit a six-year 


high against it Tuesday. The dollar 
also was at 1 15.450 yen, down from 
1 1 5.975 yen. at l .4755 Swiss francs, 
down from 1.4808 francs, and at 
6.0S30 French francs, down from 
6.0565 francs. 

The pound was at $1.6803. up 


FOREIGN EXCHANGE 


from $1.6733. 

“The slide in the stock market 
and bond market contributed to a 
sell-off’ in the dollar, said HUlel 
Waxman. manager of currency trad- 
ing at Bank Leumi Trust Co. As 
global investors sell American 
stocks and bonds, they often sell 


dollars for other currencies as well. 

A bigger-than-expected increase 
in the trade deficit also weighed on 
the U.S. currency. The gap leaves 
foreign exporters with a wealth of 
dollars to sell for their own cur- 
rencies when bringing money home. 

“The trade figures certainly 
didn't provide a platform for the 
dollar to make a final push at the end 
of the week,” said Enc Fishwick, an 
economist at Nikko Europe. 

In European trading, the dollar 
rose against the mark after Mr. Kohl 
said a further strengthening of the 
U.S. currency would not be “earth- 
shattering, “ giving traders a green 
light to buy dollars for marks. 


SEC Investigates BZW Securities <0?:. 


Bloomberg News 

NEW YORK — The Securities 
and Exchange Commission re- 
portedly is investigating charges that 
BZW Securities me. paid for losses 
caused by clients* mistakes so that 
BZW could win more business from 
those clients in the future, a person 
familiar with the matter said. 

A spokesman for BZW, the U.S. 
investment banking arm of Barclays 
PLC, said through his secretary that 
he bad no comment The report 
came amid speculation that the in- 
vestment bank will be restructured 
or sold. 


A former BZW senior sales 
under, Kate Evans, told die SEC 
that, in 1996, BZW absorbed client 
losses in return for business that 
would generate commissions big 
enough to cover or exceed die 
amount BZW absorbed, according 
to the source. BZW and Ms. Evans 
settled an arbitration case in June. 

Ms. Evans, whom BZW fired in 
February, told investigators that er- 
ror forms were changed to show that 
the firm, not the client, paid for the 
losses, the source said. That would 
violate U.S. stock-exchange rules. 
SEC officials declined to comment. 




-V‘-V 


l .'TOC 


^ July 18 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday's 4 P.II. Close 

The top 300 most odtw shores, 
up to ihe dosing on WoD Street. 
The Associated Press. 


sum l» idea orje indexes 


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July 18, 1997 


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tee 97 9954 99.12 99.16 Unds 4228 

Ett rates: 80650 . 

Open U4 2U740 off S30 
ITALIAN GOVERNMENT BOND UJFFE) 
rniOOinMon- pfeaflOOpd 
SOTW 13658 13520 l£j2 -OJB 107.990 
Dee97 NT. NT. 10058 -OXQ 2410 
ENrates 95098 Plrr. rater SSJJX 
Pre« open ML: 110590 up 44*s 
EURODOLLARS (CMER) 

Ml— HW PlNpfl. 

Aua97 9625 9454 9125 Z4S56 

SeoW 9423 9423 9423 537,183 

Dec 97 94.06 980* 94.05 —0.01 467^66 

tear 98 9401 9X97 93199 -O.B2 32M25 

AO» «S2 OJ8 nSO —007 765.170 

nn M -ojaimjra 

52 H 5* -ojb (9,134 

B 43 nu 9xoio 

S»99 9164 92JD 926) —004 76.93 

Dec 99 9X57 9353 9154 — 005 3 ajjj 

773^471 Thu's, rate* 3L6U 
TltAopen nr 2.715.730 up 14746 
BRUSH POUHO (CMER) 

47 J 00 pounds, t Pw pound 
5*> 97 15760 14660 1.6736 

Dec 97 16710 1.6673 I667B 

tear 98 16AM 

».ntes MO Thu's- rates 8497 
THTse onto IXm off 75 


industrials 

COTTON J (NCTN) 
ratooore*.- cm* ports. 

0097 7560 7420 7493 

Dec 97 TSjB 7475 7490 

Mur 98 76 JO 76.M 76.10 
MOV 98 77.(0 7675 7475 

Jut 91 7720 7720 7720 

Escstfes NA. HhTs-Ktes 6JB7 
UVsawiU* 77604 off 174 


+815 ttM 
+812 46219 
+ 8 C MS 
♦an X49s 

*0-15 1,40 


HEAT1NC08. (NMBt) 

474no aaL obmi per aal 
SU097 5195 5120 SZ22 — IA7 29269 

H47 -1J6 29 M 
5X30 S1A1 — 1J6 3X223 

Soo 55J7 ltJS 

Fed 98 57 JO JfiJI7 ZjjJ XW 

Mar9R 5MQ 5522 5522 — 1J1 6JO 

Apr 98 5520 SUP 5407 — U6 2266 

grates 3«33 Thift-rates 
T7t)’» open ret 154.951 UP 1311 


Sec 97 5445 
On 97 5490 

NwJ7 3575 
Dec 97 5674 
Jan 98 5720 


LBHT SWEET CRUDE (NMBt) 
LWP UP.- Ifeilors per POL 


62236 

086 

191 


AW 97 2803 
S«0 77 JOM 
0097 2800 
Nw97 2800 
Dec 97 19.95 
Jon 98 19.93 
Petit t9.fi 
Man 19 as 
A pr 90 19.75 
Mov 96 


19.15 

I?* 

19X1 

t?20 

1931 

18S5 

WAS 

1975 


1920 —0.79 48096 
I9A4 — 054 nun 
19X6 -45* «fI5 
1924 -845 21A12 

J8B -8*3 44257 
19.56 -40 & 0 N 
list —029 iwm 
19X5 -022 5A43 
1975 -OB 5221 
_ 1927 7230 

Estates 131,90 Tire's. sites 151231 
nwictmin 4lio» upwsb 


CANADIAN DOLLAR (CMERI 

100.0003® l o-i, * pr Car. rfr 

StOTl 73B6 7775 J798 

0«c97 7345 7336 7332 

Maris 7340 

Era. rates 9jra Tire's, so*** 9.918 
Thu's cuenirn « s*S oh 153 


NATURAL 6A5 R8MEX| 
hLSK mm Hu’s. S Par nrn bhi 
AugW X190 2.168 XI 70 


41219 

7.?a 

548 


Livestock 
CATTLE (OMEN) 


PLATMUM (NMERI 
» troy at - Honors per mre o». 

Jultl *1180 405410 41380 -*» 

0097 *0140 29100 SIX *540 

Jonh 39400 19179 3900 +548 

EsI rates NA Thu's rates 626 
Tire's open iiT 17,196 off 37 


356 

9.722 

L882 


GERMAN MARK (CMERI 
ULSOOireu* t, K»m» > 

-5 s7 " JSW M9.171 

DJCW S 6 B 2614 M3i 1.199 

Motto 3430 tea 

Erases *4866 Thu’S rates 1&A47 

Tire's 0CC14P 110.934 at 1318 


30711 
30505 
tSjBTS 
12266 
11273 
T6A28 
18669 
6.940 
1ST3 

MovW 2JW 22Bo 2290 UM 

Es-soes 31.164 Tito’s. SOtes 45232 
Wicmnair 202.946 up 2283 


Sep 97 XI55 
0097 XI 55 
Nov 97 2290 
Due 97 1425 
■taiOS 2460 
FCP98 1375 
Mate IMS 
Aw 93 1125 


2108 
1120 
2260 
2-400 
M 35 
2-360 
1253 

xm 


xi« 

8150 

2270 

too 

7450 

2365 

22S5 

t!2S 


IS 

,r 


AL080 rev- tmM Par lb 
Aug97 66A5 6677 

Oars UM 
Oecfi n.To 
FefiM 73 6? 

APT 98 7SS5 
Are 99 72J0 


mx 

7177 

7117 

7S12 

T\X 


66.55 -802 31438 
6947 -OW JSAJ7 
>1.57 11774 

7160 *#W 8741 

>LJ2 .aw 3.517 
72.07 * 0 77 2,562 


OOM 

LONDON METALS (LAVE) 
DagvtpernreMcton 


(HMCnM 
1567«M 


Sppl 1547A0 154000 ISSOVt 1551.* 

Panto I SWOT ISM.OT 1577X0 1S780O 


JAPANESE YEN fCMERJ 

IIS much rea. f p«r ISO ten 

S<P 97 ms «7 3 8770 S7AS0 

□£97 8146 MO 8K Mil 

WW £73f I Cl 

Era rates WOO* Tire's sues 11,934 
Tlre'sanrerer 59413 off 977 


fnmdBom 


crea>_ 

creep P 

enreun 

pram p i 

Orson 

DllH 

D 0 H *6 

Mu*UR 

rtfafc 

□men 

ST" 


Elutes ll.MO Tire's sales 1X599 
Tire's open w 97.M3 un 135 


CeteotesOBU Crate) 
u*4J» MteOO 1 


=1 Jr. = 1 *>+ 


si. 


sF«caa 


2 v ? 

12 II'. 

in r>» 
ran 34't 
n-» inre 


ICS 13' • 11 


IX 

2 B 

ins 


U'-i 14-t In 


DjjPvrn 

Soph 


HFi 


15B 

W 

W3 

226 


K-a 91't 
S 1--M 5T- 
X+4 19-t 


re - 

s» 

7.1 


Dividends 

Comparer 

IRREGULAR 

Psi Eagle Fd Am . i» 7-10 7-18 

STOCK 

Ccntcranrei Elncp . TCP. 7 31 8-22 


Per Area Roc Pay Company 

Arthur GaRogher 


FEEDER CATTLE (OAER) 

saoBOen cffiuw* 


Boro. Warner Auto 
CdMW 


I" 1 


1 -i 


INCREASED 
Bancorp Conn 0 .25 8-1 S-1& 


r. Si 

1 ». Si 

V ■ V 
S't I* 
>e>» i»i 

V 2 ! . 




ifl 

iM 

rn 


B-. »• 

ir-t 77 . 
it. i: i 


7?T 

IT. 


Ctqmonc CopJtpl 

FsTooLBraokBcsli 

FslVictonoNrtl 

Kinder T^oniEngv 
LnurcrCopGc 
RorotBcdnPA. 
5tnrlcv Y<rtis 
Tisj&rfbrttotl 
Union PtanJws 


O A 75 8-1 8-15 

Q .15 10-10 10-22 

0 2S 7-24 87 

IDO 7 31 8-15 

0 .13 731 B-15 

O 2S 7-38 B-1S 

a 9-* 0-30 

G JU 8-7 8-15 

Q A0 8-1 8-15 


271 


S Fne 

lie 


Herein n 

hS» 


re 1 

Mem 

5S5 S?. 

HnPiwt 

hoh«ii 


£ 


46’ + 

«<■ 

-n 

r* 

ic* 

• 1 

wt 

l»*t 


is* 

in. 

■*» 

w 

w+ 


JU 

r. 


**t 

Ft 

-*» 

r-s 

m 

-ra 

134 

ij=« 


19 

193* 



»;» 

-n» 

12-1 

a 

A 

lit 

19 

•9* 

I! 

» 

F* 

-«• 

If* 



IS 

_ 

r* 

« 

•A 


V* 

_ 

w 

171* 

-1 

11* 

ite 

-'.ra 

12.4 

I2H 

-*ra 

*h 

£t 

-4 

2H 

P. 

■A 

IN 

10 

s 

'I? 

-i«ra 




ft 

ji 

4 * 

»■? 

S-T 

■** 


iiS^ 


IM 

lfl 

JK 

129 

1 # 

1 UU 

3JT 


140 1 

14 i ’* I 

s*--. » 

1 % i p » 

i • i» 

1 ; 1 ‘t 


INITIAL 

HotthurtnnCon . 15s 9.3 9-24 

HmKonlUft? . .09 8» 9-3D 

Peoples Bt CT n . .17 8-1 8-15 


ESfip 

IMPS 


SSI 


6 • 

9-i 


special 

Frcridn Hktas . 3_5fl 7-28 




■Jrtara 

iSBtad 

uscu 

vnuv 


iire 

ire 

ffl 

'B 

K9 

1311 

714 

131 


ffi r-t 


1 , 


VB3 

vhert 

inai 

V*Q 


W4. 


OT 

IB 

910 

.23 

un 

214 

jra 

413 


ST. 

»S 
16* 

6 4‘i 

rt ft* 
nra ice 
20 

Ua IP. 

»'* sn 


73. 

■rt 


REGULAR 

APLLXJ O .ID B-1S 8-29 

Amer HJtfc Preps Q ^25 8-1 8 - 1 S 
AntfaultiBnesm G -38 9-13 ID -1 


IWacrWc 
CaiteofCorp 

CertrtLSOYJcsJ 
CTHltendcnCp 
C flKWP _ 

E nctrjYt'taxtti Inc 
E quBahic RKOPT 
Ehjujiw 8 ticp 
M Am Carp 
FflEmrtfiWe 
Harbor FL Bren 
Moqna Brxp 
MognaGnrup 
MKsChemcol 
Nash Finch 
Nortmito Forest g 
Dtfert Indus 
PifiwBows 
Patarts Indus 
RcpUMCNYCg 
Saule ft PeePive 
Soultiwesi Na* 
SWDerestre 
UmonEteOrtc 
VuKon MoUab 
Wells Fargo od 


AW« 

8305 

1240 

BOB 

*aos 

10425 

Sot 77 

8X77 

O 

an 

aja 

XM7 

0077 

toff 

8X40 

0.75 

-an 

un 

Nw?7 

54 05 

BUS 

5X85 


U47 

Jonff 

M50 

■4 JO 

8635 

—A22 

IJ34 

MrefB 

8625 

84.05 

MIO 

-OJO 

70 


Lea* 

Feraad 


240300 240500 
230800 230400 227000 227100 


*3800 *3900 

64800 *4900 


4Mi4 
*40 00 


Q J1 9-30 i 

a .15 8i 

Q -5775 B-l 

Q .11 8-29 _ _ . 

O 415 8-8 839 Esl sata 2.131 Thu'S- rates ua 
O 21 _?-l MS Tire’s open H 24J94 pH 92 



KU 


8045 

112s 

*042 

run 

7*55 

*027 

7040 

70JB 

•OJB 

«00 

49-35 

-fl.15 


1JM 


SJM 

1,931 


J 3 6-20 9.1s HQCS-Lm (CMER) 

J95 8-14 9 | «M*fc».-«nrtP*r» 

.73 731 All AS 91 
X 8-15 8-29 Aw<r? SIC *045 

m 9 7 9-30 0097 7849 2U5 

JS 7-25 8-20 GKtT 70.95 7040 

.15 7-7B MJ FMJ«J 690 6900 49J5 

JS MS v-ig E-Jsete 4JJ7 Thu's rates 3.W 
10 B-70 92 Thu*sooen4e 36J52 off 2111 

In %% Mi PORK BBJJES (CMEH) 

M B. 1 S XtA *«0 fere- remit mb 

JO ftjs Jd»7 a ts 0760 air .ow £ 

\b M »; { Aug 77 ILSS 0155 UJB *0* 4JJ5 

Jz\ f-J! Feoff 2X50 »»S n.ti -1 JR 90 

« ill Ed. rates 1,700 1 NTs. sites 2,411 

.75 7.3) B .M Thu's open M LOO 


Sod 46*000 649000 671000 4/2000 

Forward 67V8OT 4000 00 *82500 ftUOOO 

Tie 

ra»r 540s oo 5415.00 sirs oo ssesoa 

Forerord 545500 546000 5*3000 S43500 

2kK SpfCWHMCfBte) 

Spal 1SJ200 1 *23.00 150800 750900 

Fantard 152*00 1527.00 IS HUM 1511 00 


seres FRANC ICMER) 

I3SODB fiuntt satruanc 

tea A.-* teir 
okw 4715 ass ear 

Mor99 .MO 

EH. rate* 17.760 TOT'S, rates 89*2 
neTsapcnm* hiss ud ns? 
MEXICAN PESO tCMEX) 

WL*B anas, l oar pm 
J*? TOW .12305 .12375 
grew class nan me 
M*« 11520 11530 .11555 

Ev sOes «a Wl Sides 7.!» 

TOT tO PMN 36,865 4ff JU 


1X490 

IJS5 

710 


««AD60ft*SOUNE 04MER) 
crare oc4. Crete aar aol 
AuoK SMS SIX MS -1J4 2907 
57 » 57 DO -1J1 38557 

55J5 5595 -X54 9J66 

»A» 55^0 -1J2 1W7 

es =» ss 

5819 IAA 

SM na 

Est-We* 3*352 TOT" v rates 43.749 

Thu's OTenni a no up 3559 


Seo97 59 60 
Oct 97 S/JO 
NOT 97 589 

5 *- 40 

Jn9| sin 
Febff 
Marie 




High Low One CAg* Otter 


Financial 


MfOfL (IPE7 

^S^MireMtlm-lmoflMlero 

Aite *7 1*7.00 16X25 16X50 —250 2UU 
SOTW 148 25 76525 145 SO -ITS fc« 6 l 
g09» 16775 16AJU -ISO 807 

15*2 !S°° 1*9 75 149.75 — 2 J 0 StiS 
Dteff 17X50 17100 171 25 -XM 1 UH 
*7825 1/300 17200 — X/J 64*1 

F+O U 1 7X75 17X50 171 IS — jtc a.177 

Mor9B 17300 17150 1702S —300 MO 

p£»*2™. lir^n •• *TR> 

PTtm opwjlfW 71^90 op 189 

• „ .......... BRENT OIL (IPEl 

^5" 9?«d *ra ^COJ tinefS U* WffrtpnrBrerw iofsgf IJJoObantol 

&£ 2 *' ]*68 1811 




19 JW 
I17?4 
8254 


^MWMCTERUMC (UFFEl 
C5CAO30- pis 9(100 pci 


US T. BUS (CMERI 
■lm*m.(h((inaa 
Sec 97 94.98 9111 9489 
Dec »/ 947* 94 74 9*75 

Ntorff MM 

Ed.sMK 430 TWxwN* 507 
Tire's open ret 3,501 up 353 


.Var 98 gjs* 974 * 

hreff 72SI V24t W49 -c£ 7LM 

Seow 9258 9151 0J54 -eS 1)1” 

Dre9B 92*1 9254 9X57 loft- 


f, B- 2 rr s 


Jn»99 
5*0 99 


.33 810 9-10 
-M 8-?7 9 5 
KSS 9-9 9 30 
JO 8-77 910 


0 63TS 7-31 US 


I YR. TREASURY (CBOT) 

IMOtePaOT-OT A6AMO) HD PCI 

sep 9 / io7'ii in*-*/ m-a —la took 

Dec 97 IW-ff 106-42 106-49 -tfl XSB 

Marff -01 

Esl. rates 21 OT TWs rates 2S.»tt 

Titos 0040 W VXD ctf 205*49 


W«7 -sw 20.919 
^ 7762 --GC3 >17J9 
IS *dw. 76^4 Pin. rates I0Z.575 
Pre» open an «U,;k> up nj|S 

2-MONTH EUROMARK (LIPPE) 

DM1 nPBre»> - ch at IX pH 
4s»*’ "t« tees c'ren 

Seo«.' MAC 

pci 97 9* 74 *•> . 1 nan .am 1 ,iqj 


OU9» 

NOW 

Ore97 

JonW 

Frtfa 

/i1*9g 

AprtB 


II?? IS* 6 TXI7 —056 3i»2 

18 n 18X8 1837 —Oj7 IL» 

JfM »83» -049 J4MJ 

IIJS ! 2 ^* -04? 1 MW 

1850 1047 (034 -Off 4W 

JJJ NT 1831 -Off X64S 

NT NT 1858 —947 TO 

EU SOtes 41339. Pie*, sales SMB? 
Aw.apwW 14X219 oil BOSQ 


8 teuuot 8 u pp rnsl n tn to O i winfft iwr 
shew ADR; prearaMe ia Cresdhtn funds; 
nWoc1^90il9tTef1r;*-S4re6-ianael 


Food 


COCOA (NOE) 


3>1« 
1 *. 
W St 
X * 291 


;>• 

r 
ii a 
21 


Sfock Tables Explained 


5OT97 1S61 

Dee 9 7 1607 


1 » 

64 

*■ 


sores injures are unaware tcctit nsyu orw l?noa to rvtousmotss pres me cumre - :ts, 

OT6*ire?7re«OT»3to*7»BtS^ Or/. Wfe^aspfcor stock ifttoeito orwwidng teSSpereunfre more ML" 
to bOTBpottnoyeorshioli-tow range ord Atfend ore teown tor Rie new stocks 01117. Untesi 


ISJ7 

isa 


ISM 

i» 

*5 

MU 

HU 

«ft 

1443 

ua 


1M1 

t«i 



1681 

*4 


3X731 


2X349 


M.I27 

MV 

3.70! 


II YR. TREASURY RUT) 

ti Adaepm- era a Mi or louecr 

SOT 97 109-36 109-14 109-U -81 SX6Q5 

Dec 77 109*12 109-07 109-01 -07 1.9*9 

Morn wo -06 230 

EP. rates 55.555 Tfcrt rates 6X847 

Ttre't OPOTW 341,313 OT 1541 


Stock indexes 

^ 01 2 aio» 

Unfli yji|c} rS >\ £ 5**5 92 1W -IIBJSLKI 

£S2 Si? vto g'*’ NJL «« S mb 

251: “5 C1 li'-4® 66J60 

95,7 -*10' 1.4*53 
!??! «»,* -aoi 91 re 



’ J x- “9S*J 


sou *8 
D*c9f 
!!gr<9 
Jim 97 


•1'4 

•M 

-a 


US TREASURY BONOS (Cion 
» M1.1WAM9 A IMaar lOOPOl 
SOT 73 114-11 11441 114-06 -15 491*61 


-* 


1 9M£T 1 

Hint 


a 


•a 


ito.wg 


$ 


Ef 

171 

111 * 

SM 

S 

711 

P7 


n 

K 

5i 


17 

4 

A 


in ni -v. 


an 




Yu 

el 

tTM 

VO 


111+ 

ii* 

irta 

Wl 

!»-i 

T4* 

13 

i!h 

15+ 

1 SI 


'»■* 

& 

IF. 

i:ta 


t!«« 


llj 

l» 

in* 

tii 

if** 

‘-4 I 

1-1 

1 T.S 


a nere teg ra ted raw of iftraenaiCTtmiotdMiuncniette band on Bn tow {tedwiitoi en.isM na Ttre>Kte* imw 

8 - tfvfdeffd also axtra CsJ. 8 - orniuai into cf tfhrftStritJ (An stock dtefdera. e - rrai/tdotRig Tfre'ioPuiW W^a off « 
dMdefi4«- PE ocswteW.dd-niltefl.d- new irwrtykte.dd- loss hi the 10*112 momttv coPPUCIMSC 
» - dividend dedOKd Or pold in preceding 12 memre. f . onnugl rote. IncreoKd on lost d mtn-nPiiwb. 
dedoration.B -dividend in ConoBiw kinds, subted to 15% non-midmcefoL I -dividend Jut* 195,71 moo 19X50 >550 Off 
dedarw offer spllt-UR ur stock dividend. | -ditedendpo to ttilsveef.onOtted. deterred or no toff WB Jff-g WJ* ’I-S rnauei 

ocfcn token ol latest dividend nwting. U - dMdMd (tedorec or poU Ms »oor. on K2 SS wxs uaM 7TO 

oan mWrtl veies ue enin dividends In onMrt. n - annuOt RffA r«dmd on last dodarotioa {Sj {S™ ySm -L60 891 74B 

n • new issue in the pist 53 neks, The high-law romte Mgtes with ttw ttort of tredteg. msmi^UU Th/sioM * ----- 

M -nee atsr Ge&wr.p -Intel tihitiontLomud role unknown. P/5 -pdeMomtegiraTta, Trv'ioemim Jt.ffB up Bf 


'BMW off mi 
CACffUlATlF) 

FF2W par inctoi point 

JJ48jO 284611 38508—108. 27JO 
— 38*58 28660— KW. 5162 

FPj nura ew . ct cr Vxa?" ‘ nSVt *868lJ 287*0 — ICR SIM 

5«P 97 9651 96*9 HSC li nrt **^0 *»J— 181 . 

Dee 97 MA ho N44 M ' tT ' N T WOfl _Tg0, • UI7 


9Si9 Hi* 55P }]jjf 

SL*2t5 qi - ! ’r5 t * ,, * : ' W ' 16S 

WfyCpPttnj . C73 i/p j 


yf 51 

■ s' ’5 1 ' _ ffejj 


Dec 9/ llAAS 11J-23 1 1 3-a -JJ XUS ^7 ~fl£l 28048 

Morff lD-U 113-14 113*13 -IS MAO S2~22 ** J » ' fl4oHl ' S37 ' 

AKlff IIXN -«5 Mt SSrSS 2H" JJSBtOOlUFFB 

Jw« 9566 9*6* 9J4J Unm m rEE «?S0 
Ed Met 26041 
Opn ur. 239. 134 UP 965 


Ejr rates X8090 Thu'ksQWS 37X413 
nre'soowiiri 54X750 off NM 



i * 


8-d089d-Mdmufuoitund.r-diriaetiddec]orBdorpaldUpnce<Ung 12 months, plus stock . ... mrtas 

tfvidina. >- stock sp«L DteidendbegtoceriitidotBol HA. ib -Hte6t- dividend said m 
*toekinpn»eedto)2RW»h8cstRTioTBdcasftniueon0-dlvidnidor«4-tfitrtourtonetoto. car 11J9 it.tf uot >811 ffJff 

u-imiyeorfyhlgh.*-trad>ngttcltoa9l-lnboiiuUBIcvorrece<vershlporbchigro4rgoni|ed nan llte ”J7 '*-£ -BlJ 4*jg/ 

under the Bonkrapicy Act or iear7m«os»UTTWdli>iuchcorTW»nln.7rd- when otew puwj. Muvff itte n JJ ijj +ati id^» 

«-iifteflls«w*w-n^*nnonis.**Bwjfirfifcndare*-!tgfi<s.»«6-m-d(sfTtt«riw. ■Su's.’ie** u« 3,3 “ 

■mu'lOPonW 156761 rtf 60 


SOT 97 94JJ 9611 9U3 
Oct 87 NJ9 HU R» 
Eu.saiec 6653 Tire's. totes I 
TTtosoeribv 48379 up 310* 


34J93 

9JB9 

X5» 


m -wht»utwoTT*rt».f-«-tfiVid*fldond totes m ML yW *71010. x- sain in full. 


3-6409CTH EURQURA (UFF|| 

pLinAon-rtsilooBet 
tow n+» 9jx nit -fla 1 ip 177 

DeC97 9373 924/ 7J 73 -002 861*9 

«“'» ^3 **?. MC3 Ic® 

toff W 7446 £3 SS SSS? 

Draff 9662 7459 9440 -flCl Jlfto nj*?* _ 

Dra/7 in 40 107* wrjo -am i«u»4 jjjf 2* ^ CB » 

E.I Hte* 9107a Prev rates IIUW Ett sere »9te Ito Ktev 

(to-oprei w» Sfti.aa 1-3 vs} 




n 


CIRMAN MV. BUND (LfFFU 
DU3saow*piipnoopa 
up 91 m 90 10X66 10X77 -001 27600 


Pm open tel 306774 ug US4 


Unas 8J=s SS 48300— 11SJ 7SW1 

f Oft- BLto up^ TM 

Commo «fl*y Indexvt ; ; ;J % J}? 
* 1 ? 

" V. ^ 

. “I 


flw 

1 JT 8 A 0 

MSB 

23SJ34 


fzKfwnyt, 



"*JS 



Jitter® ftf a i 

it’s Ascent Med’s Founders 

* £ te P Dovvn 38 Firm 

T sis&& Posts lst-Half Loss 


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

EUROPE 


BA and AMR Court Iberia 


PAGE 13 


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PARIS — Club Mediterranee SA 
said Friday that wo members of the 
founding Trigano family had quit 
the company's supervisory board, a 
day before the French resort empire 
reported a surprising loss for the 
first half. 

Club Med said it lost 413 million 
French francs (568.1 million], com- 
pared with a profit of 88 million 
francs a year earlier, after taking 
charges to eliminate weak assets. 

The company offered no official 
reason for the departure of Gilbert 
Trigano. who co-founded Club Med 

France Telecom) 
Hails Possibility 
Of Privatizing 

Cwfil^.lh Uv Sl&Fnml/nr X.'>U1 

PARIS — France Telecom 
welcomed indications Friday 
that the Socialist government 
might revive a partial privat- 
ization of the company, which it 
suspended after coming to 
power last month. 

The government appointed a 
former Socialist official. 
Michel Delebarre, to consult 
with employees and make a rec- 
ommendation by Sept. 5. 

The previous conservative 
government planned to sell 
about 35 percent of France Tele- 
com in what would have been 
the country's biggest initial pub- 
lic offering. The company was 
estimated to be worth as much as 
210 billion francs (S35 billion). 

Finance Minister Dominique 
Scrauss-Kahn said Friday that 
the government would retain its 
majority stake, but he did not 
rule out going ahead with a par- 
tial sale. The government also 
said it would privatize the in- 
surer GAN and its banking arm 
CIC but would maintain Thom- 
son Multimedia as a stare- 
owned company. The sales had 
been planned by the previous 
government. (Reuters. AFP) 


in 1 950. and his son Serge, who was 
chairman of the supervisory board. 

Bur Serge Trigano told a French 
newspaper he disagreed with the 
’■American” management style of 
Philippe Bourguignon. the former 
Euro Disney SCA executive who 
took over as chief executive of Club 
Med in February with a mandate to 
return the company to profit after a 
743 million franc loss in the 1996 
financial year. 

Club Med. whose largest share- 
holder is Italy’s Agnelli family, said 
it wanted to revitalize the firm. 

Serge Trigano had moved up to 
head of the supervisory board to 
make way for Mr. Bourguignon, 
who is credited with rescuing Euro 
Disney after the disastrous start-up 
of its Paris theme park, Disneyland 
Paris. The park is now Europe's top 
tourist attraction. 

’ ‘The Club has fantastic potential 
which is underexploited today due 
to multiple weaknesses,” Mr. Bour- 
guignon said in a letter to share- 
holders. * ‘Club Med is a great brand. 
It needs to preserve its culture but 
change its operating methods.” 

But in a radio interview Friday, 
Serge Trigano said that under Mr. 
Bourguignon and his management 
team the company’s chic holiday 
villages risked turning into down- 
scale ’ ‘Mickey Clubs’* and it was 
time for the founders to leave. 

"There was a certain spirit in this 
firm, a certain soul based on love, 
tenderness and generosi ty , ' * Mr. 
Trigano said. "I don’t know if it will 
be a Mickey Club or something else 
but it will certainly be a different club 
from the past and ir*s not my club. 

"The new team has its own meth- 
ods which are not mine and there is no 
place left for a Trigano.” he added. 

The younger Mr. Trigano was 
criticized as not responding effec- 
tively to flagging demand at a time 
when consumers were taking less- 
expensive trips, analysts said. 

"The Triganos focused on the 
product." said Antoine Nodet, ana- 
lyst at Natexis. "Bourguignon sees 
that it’s a good product, but poorly 
sold.” He and other analysts have 
raised their ratings on the stock to 
outperform. Club Med’s shares 
closed at 445 francs, up 5.29 per- 
cent. (Reuters, Bloomberg) 


BliKmiht’qi jVnrj 

MADRID — AMR Corp.'s 
American Airlines and British Air- 
ways PLC said Friday they each 
planned to form alliances with 
Iberia, the Spanish state-owned 
carrier, in a step that would 
broaden the proposed partnership 
of the U.S. and British airlines. 

American said it planned to 
unite frequent-flier programs and 
sell seats jointly with Iberia, while 
BA said it had signed a memor- 
andum of understanding for a parr- 


across the Atlantic, said Stephen 
Clapham, an airline analyst with 
Robert Fleming Securities. 

- Iberia had been seeking partners 
for more than a year and said it 
preferred BA and American. In 
May, the U.S. Department of 


American markets, where passen- 
ger traffic is rising more quickly 
than the worldwide average. 

The Association of European 
Airlines says traffic across the 
South Atlantic, for instance, rose 
15.2 percent in the first five 


Investor’s Europe 


Frankfurt . London Par 

OAX FTSE 10D Index CAC 

4200 J ' 5000 3000 

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Paris 
CAC 40 

3000 x 

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M A MjT ™ F~M A~1 mTJ. 


Transportation asked American months of 1997. compared with 
for details of -how an agreement average growth of 10.5 percent on 


for details of -how an agreement 
with another non-U.S. carrier 
would affect its plans for a trans- 
Atlantic pact with BA. 

Still, analysts said they had not 


all its 26 member airlines' inter- 
national routes. 

Iberia said it expected British 
Airways and American to take 


Exchange 

Amsterdam 

Brussels 

Frankfurt 


A£X ' 

BEL-20 

DAX 


nership that would initially cover publicly before U.S. and EU rul- 


expected the pact to be disclosed minority stakes before Dec. 31, a 


the London-Madrid route -and ings on the BA-American pact, 
eventually other cities. Both said which are due sometime after Au- 
they might take equity stakes in gust, and some warned that the 
Iberia. additional plans could fuel crit- 

American also moved to bolster icism from opponents who say the 
its dominance of the South Amer- partnership will be too dominant, 
ican market, agreeing to buy a 10 I Jlzann Peppard, a spokes worn- 

percent stake in two Argentinian an for American, said Iberia had 
carriers that. Iberia was ordered to been eager to sign the agreements 
sell by the European Union to because it needed to satisfy EU 


been eager to sign the agreements 


qualify for state aid last year. 

"American has a big presence 
in the Latin American marker- 
place. and for BA there’s clearly a 
complementarity between Madrid 
and London” in funneling pas- 
sengers from southern Europe 


regulators, who allowed its 87 bil- 
lion-peseta (S575.5 million) cap- 
ital injection last year on the con- 


step that would “initiate” plans to 
sell shares in Iberia to investors. 
Iberia's executives have said that 
they hope to sell a 1 0 percent stake 
to each carrier. 

For Iberia, the sale of a stake 
would improve its financial pros- 
pects as it seeks to cut costs and 
reassure investors ahead of the 
planned stock sale. The carrier had 
earnings of about S26 million in 
1996, its first profit after six years 
of losses. 

British Airways shares closed 


Copenhagen Stock Market, 

Helsinki HEX General 


Oslo 

London 

Madrid 

Milan 

Paris 

Stockholm 

Vienna 

Zurich 

Source: Telekurs 


OBX 

FTSE 100 

jStock Exchange 
M1BTEL 
CAG 40 
SX16 

ATX 

SPl- 


M J J. M A M J J ■ 

1997 

Friday Prev. %r . 

dose.. Close # -Change 

941.79 ' ssa 37 -1.21 

Z/mm ■ 2,541.40 -1436 
4,196.53 4£27,31 -0.73 
65343 656.29 -0.44 

‘ 3,483.66 $530.93 -1,34 
5T&55 688.48 ■ -1-44 

4374.60 4.948.90 -1.50 
$1332 624.55 -1.77 

■“14541 ■ 14825 -.1,92 

2376.«9 2,958.59 -2.77 
3*59.40 3,515.96 . -1,61. 
1,430.23 T, 429.29 *04)7 
3.S3SL72 3,704.95 -1.84 

lnk-nijiiiifu] H.'rjkl Tnhww 


dition thar it sell certain other down 5 pence at 683.5 f£l 1.44) in 


investments. 

Both American and BA are 
eager to tap the fast-growing Latin 


London. AMR shares were down 
S1.3125 at S97.875 in late New 
York trading. 


Olivetti Takes a Stake in PC Maker 

c.vfUnibxOvstitFnmDiukAhn 7 percent of Piedmont’s shares, ward the S65 million capitalization 
IVREA. Italy — Olivetti SpA While Olivetti does not have voting for Piedmont, compared with the 


said Friday that it had acquired a rights with the additional shares, it 
19.7 percent stake in Piedmont In- will be among the first investors to 
ternanonal Inc., the company that receive any possible dividends. 


bought its personal-computer divi- 
sion this year. 

Olivetti bought an 11.9 percent 
direct stake in the company, greater 


The shares will be sold back to 
Piedmont no later than SepL 30. 
1998, Olivetti said. Piedmont said it 
finished a planned capital infusion 


than the initial 10 percent it had from investors earlier this month. 


planned to buy. Olivetti also tem- A re 
porarily subscribed to an additional said O: 


rt in an Italian newspaper 
etti gave S30 milli on to- 


510 million it promised to provide. 

Separately, Olivetti’s engineer- 
ing unions called for a strike in 
September to push for Olivetti to 
find a solution to its problems. Oliv- 
etti has said it expected to post a loss 
in 1997, for the seventh consecutive 
year. Olivetti shares closed down 
3.35 percent, at 461 lire (26 cents). 

( Bloomberg . AFX. Reuters) 


Philips Unloads Its Grundig Shares 


Con^tf uvSMfffFmuDctvrh r> consumer electronics, slashed its 31.6 

EINDHOVEN, Netherlands — percent stake to just 5 percent, selling 
Philips Electronics NV said Friday the rest to Botts & Co., a private 
it had sold most of its one-third stake London investment bank. The price 
in Grundig AG, further distancing will be determined by the "future 
itself from the struggling German value” of the shares. Philips said, 
television and audio equipment Philips surrendered control of 
manufacturer. Grundig in January. The company 

Philips. Europe’s biggest maker of had cost Philips $955 million since 


1984. Philips is also disputing the 
671 million Deutsche marks 
($374.9 million) in 1996 losses re- 
ported by Grundig. It said the stated 


sank. The price ported by Grundig. It said the 
by the "future loss had been inflated bv exit 

■ j xr t- ? 


Very briefly: 

• Britain's manufacturing industry is likely to slip into re- 
cession in the next 18 months as the rising pound and higher 
interest rales increase the cost of products shipped abroad, • 
ABN- AMRO Hoare Govert said. The brokerage cut its ratings 
on Vickers PLC, Glynwed International PLC and IMI 
PLC. among others. 

• Britain's broad money-supply measure in June recorded its 
fastest growth since December 1990, the Bank of England 
said. M4. which measures noies and coins and sterling de- 
posits at banks and building societies, grew by 1 1 .6 percent in 
the year to June, after an 1 1 .3 percent rise in May. fueling fears 
thar consumer spending may fuel inflation. 

• Germany's new passenger-car registrations rose 17.6 per- 
cent in June from May and 8.7 percent from a year earlier. 

• Deutsche Telekom AG said its T-NetCall Internet pilot 
project, launched Friday, would initially target around 1.000 
cusromers and enable them to call to a limited number of cities 
in Germany, Japan, Canada and the United States. 

• General Electric Co. of Britain and its rival. British 
Aerospace PLC, are more likely to merge or form a joint 
venture, analysts said, as a result of the French government's 
statement that it would nor allow a non-French acquirer to take 
over state-owned Thomson-CSF. 

• MAG AG's energy unit, Bayemwerk AG, won a license to 
operate a telecommunications network that will function 
throughout Germany. 

• W.H. Smith Group PLC is to seek authority from share- 
holders to buy back as many as 28.5 million ordinary shares. 


value” of the shares. Philips said. provisions for new policies adopted 
Philips surrendered control of after the year-end. This view was 
Grundig in January. The company shared by a report from Arthur An- 
had cost Philips $955 million since dersen. (Reuters. Bloomberg ) 


extensive representing 10 percent of the capital of the company. 


• GTE Corp. and Telia AB of Sweden agreed to buy U S 
West Polska. Poland’s biggest telephone-directory business, 
from U S West Media Group Iuc. Blfvmbtrg Rouen. AFP. AFX 


WORLD STOCK MARKETS 


SECftfrk:-. 1 ; !":■» 


Friday, July 18 

Prices In loco! currencies. 
Telekurs 

High Low Close 


Amsterdam 


Industnih 


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100.90 9010 10030 102 

116 11050 111.50 11X50 

224.90 217.50 220 271.10 

3730 36.10 3610 3640 
9510 92 9120 94 

72 70 70.10 70.90 

7330 49.78 7230 69.90 
112 108.20 11130 110.10 
327 JO 320.10 32040 326 


High Low das* Prev. 
Deutsche Bat* 10930 10650 10670 10740 

Deni TeVAora 4190 4120 4135 4455 

Dresdner Bank 7 425 700 7445 74 

Present* 363 361 362 362 

Reset** Med 156.70 15450 IS 15450 

Rfed. Kmpp 343 US 338 34150 

Gehe ■ 12150 12050 12050 122J0 

Hetddbg Zmt 162 161 162 162 

HeMHpld 10330 10150 103 105.70 

HEW 455 45S 455 455 

Hochtief BO 79 80 80 

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Sammcor 43 43 4130 4230 

Scral 59 5850 58.75 58.75 

5BIC 219 21 850 220 220 

ngerOab 7650 77 7650 7650 


Kuala Lumpur cmposikioiis 

PlMOBk 10B&A9 


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CAC-OOe 217449 
Previous: 295659 


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Previous: 61622 


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229 mjO 23450 22570 
259 25350 25350 258 

15770 152.10 15270 157.10 
104 100 10030 

224 - 220 224 225 

20130 199.10 199.10 19960 
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201.90 20150 J0150 201 

11730 11670 117 117 

11350 10860 10860 11160 
44350 433 43450 44650 

11440 11160 11260 11440 
4710 46 4660 47 


mWNICMIWBi 804 799 803 81450 stole Dartre 

Meta QgeseSsdtoft 3865 3835 3865 38.90 TetakanMol 
Metro 217 2t3 21550 21830 Teflogo 

Munch RuechR 6760 6470 6660 6530 UtotEwrineers 

Preussag 56150 558 558 57250 /TL 

RWE 73.70 73 7X45 75 

SAPpfd 424 416 41S 422 

Sdwrinq 198 194 19450 20230 

SGLCmhon 25350 249 253 250 : 

Sletnens 11950 11830 11855 11835 

Springer (A*i) 1672 1670 - 1670 1660 

Suedneker 908 901 906 901 _ „ 

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Veto 10275 102.05 102.11) 10135 

VEW 569 563 569 565 

Vtag 7B0 772 776 79490 

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PEGS A 1260 -1200 1215 1250 

FT-SE 100: 4877.11 GasNafuroi 31900 30010 30370 31650 

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RSP 901 6500 6260 6320 6510 

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HEX Cewral MHO 348X66 
Prevte* 353093 


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~ Mefsa-Setto B <56D 44 45.10 4480 

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Barclays 1128 1260 1260 13.07 

Bass 849 120 122 854 

BAT Old 5JB 5.13 X19 564 __ „ 

Bank Scattcaid 462 A17 423 438 Manila 

Blue Circle 4J5 422 423 429 

BOCGnxw 11417 10.73 1 073 1068 ... 

Boots 827 X0a 8.15 8.12 {S&P—, 

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BtflAeresg 1144 1323 1128 1139 

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Bril Tehran 460 424 429 465 

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A/noy Props 820 8 810 8 

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Camay PaOflc 1A10 14.70 14X5 14X5 

Cheung tong 75X5 7460 7460 75.75 

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FnJPodfle 9X5 9X0 9X0 9X0 

Hong Lung De« 14.10 1195 14 14 

Hung Seng Bk 114 11060 111 111 

Haifcrsar Inv 8X0 840 845 840 

HendetsonLd 6735 66 67 64.75 

HK China Gas 16X0 15X0 1515 16 

HKETedric 31X0 3878 30.90 31 

HKTefaajewi 2840 1 9.10 2815 19.10 

Hopewell Hdjp 5X0 5 510 5X5 

HSBCHdgs 277 263 265 279 

HutoWscnWh 6760 6660 66X5 „67 

HysreiDew 2365 23X0 2360 23^5 

Johnson H Hdg 2265 22X0 21« 22X5 

Kerry Prws 1880 1855 1875 18X0 

NewWorfi Dev 49 47.90 48X0 & 

OrisnM Press 293 283 288 283 

Peart Oriental 1.18 1.15 1.17 1.16 

SHK Props 89X5 8551 89 90 

ShunTekHdgs 868 4X0 4X8 


U R 

?r.v- U; ^ g=- 


Prevtauv 419361 CK tafrasbuct 
881 861 880 865 

^HSTBk 


Bert Auto 881 861 880 865 

Hftfirjt Lever 13471J14X5 1324134225 
HmdbstPetbn 487.75 «L25 481X5 4B6X5 

tad Dev Bk 9760 95 95 9675 

rrc 514 50560 507 510X5 

McAononTei 279 270X5 273 283 

PflBonceTnd 35160 341X5 342X5 350X5 

State Bklnrfin 335.75 325 325 33660 

Steel Authority 25X5 24 25X5 24X5 

TotoEngUa 407X5 385 387 4066D 






Brussels 

MaonB 

Barca Ind 

BBL 

CBR 

CoUuyt 

De OMbe Unn 

Etedmbei 

Eledroflna 

FartisAG 

Gevoert 

GBL 

Gen Basque 
Kredielbank 


• •*. JPowurfin 


. ll ( 


BEL-18 todre: 249443 
PrerieMi 354140 

16400 16200 1 6200 16375 
7970 7860 7940 7890 

9600 9450 9500 9740 

-3230 3160 3165 3190 

19375 .19075 19175 19300 
2000 1965 1975 . 1985 

7740 7720 7750 7720 

3630 3610 3620 3aAl 

8230 8020 8060 8190 

3300 -3260 3290 3250 
«20 S>«. 6000 6010 

«25 T47D0 14800 14750 
15125 14900 15075 15075 
14325 13925 14250 14175 
5010 4960. 4990 502D 

11KB 10958 11000 11000 
3545 3460 3475 3545 
22150 21775 22050 21900 
15075 14925 15000 15025 
153000 132000 139800 148580 


Period Band 307.90 


696 680 

379 358 

J015D 392.10 


PSEtadac 2672X5 
Previous: 2420X1 

I860 17.75 18.25 17.75 

2360 22X5 23 2250 

162 155 762 153 

960 9.10 9X0 9 

85 S3 83 82 

555 550 555 550 

6X0 6.10 610 5X0 

240 215 234 230 

945 935 945 950 

6460 60 63 960 

760 7X0 7 JO 7 


Peugeot Q1 

PlnouU-PiW 

Praroodes 

Renault 

Rffital 

Rh- Poulenc A 
Sanafl 
Sdmeider 
SEB 

SGS Thomson 
Sfe Generate 
Sodexho 
StGabaei 
Suez 

Twrifli Jnlwi 

Thomson CSF 

TottB 

Urtuir 


682 700 
364 38480 
395 4 03 
301 307X0 
590 6tE 


2820 2668 7732 2858 

2580 2425-7450 2581 

154.90 147 153 14BJ0 

1746 1680 1680 1746 

254 24410 247.60 25BJ0 
555 530 538 556 

335 319 323.90 335 

1064 1031 1031 1047 

560 527 546 537 

723 HO 715 725 

3150 3060 3075 3105 

864 826 852 871 

16.95 1660 1665 17.15 
775 760 765 776 

168.90 161 164.10 168.10 

599 J70 577 592 

11460 113 11360 11460 


Enterprise Ofl 
Fom Catankri 
Gerri Acdrient 
GEC 
GKN 


MeXiCO Bc twtad*c 472%B 

PnvlMKi481437 

Alfa A 57.10 56J0 56JD 57.00 

BcrenUB 20X5 1960 20X0 20X5 

Cemex CPO 38.75 3760 37X0 3860 

QfroC 1390 11X0 1364 1198 

Emp Atodema 47X0 46X0 46X0 46X5 

GpoCaflSOAl 56.90 56.10 54X0 57 JO 

GpoFBcrener 268 2J8 268 269 

GpoRnlntwrsa 36X0 35.90 36X0 3460 

lOmbCtarkMffii 3410 3115 33X0 3490 

TfievsaCPO 114J0 11160 11160 11560 

TeiMaL 20X0 I960 20.10 2060 




— 


Ml 


■jA 1 ■■ .w 


Copenhagen stpAMeKssao 

P review: 4KJ9 

31- 384 388 390 
378 370 370 “377 
totaiFSn 991 980 985 98S 

Dntiba 410 390 395 412 

DwDtmskeB* 7J1X7-. 768 720 767 

aSSvjnd&fBB £9500 419000 420600 428000 
WS 1912 B 301000 288800 289000 302000 
FLStadB 265 . 244 256 265 

Koh Ufflwvne . 780 . 764 765 780 

N VO Norilsk B BID 789 795 BOO 


3o40 Sing Land Co. 
8190 SKi China Poll 
3130 SvtoPocA 
6010 Whori Hdgs 
4750 Wheekx* 


Jakarta 

Bkinrfindon 
Bk Negara 
GudangGann 
lodaiaod 
indasal 

SaatpoemaHM 
Semen Greslk 
TeMDflHBdhtai 


765 7X5 765 7X0 

7.90 775 7X5 775 

6&75 68 68 6125 

32 31X0 31.70 31 JO 
17X5 17.65 17.70 17X5 


OarapwlletodBc 724AO 
PrevtoBE 72158 

1850 1825 1825 1825 

1475 1425 1475 1400 

0575 *Q5 9500 9375 

5400 5400 5400 5400 

7625 7475 7575 7475 

9400 9325 9375 9350 

5U0 4875 4875 5000 

4350 4000 4025 3975 


GtauWMeoan 1366 1113 13XS 1148 

Grenada G» 769 768 768 765 

Grand Met 6X8 6J3 6.15 6X5 

GRE 103 191 2X2 195 

GreenalsGp 466 461 461 465 

Gufarwss 6X5 6.10 6.11 6X3 

GUS 6X3 5X8 6313 6.10 

Hays &85 5.79 £84 182 

HSBCHMg* 21X1 IMP 2067 21X5 

ID 9X4 9.15 9X4 9X2 

liflpl Tobacco 3X2 3X6 171 167 

nirgfisher 763 7J1 7X4 7J3 

LarOireke 275 262 264 2X3 

Land Sec 9 J2 9X5 9X0 940 

Laimo 268 264 265 264 

Legal GanKkp 4X6 4X6 4X6 4JT 

Lloyds TSBGp 7.15 663 6X8 7X5 

Lucas Varily 1.90 1X4 1 x 7 1X0 

Mata Spencer 6X1 SXO 5X3 5.92 

ME PC 5X6 4.98 5.01 SX5 


xiooo^^ooo^o Johannesburg 


SopiwBerB 

TcteDunntk 


256 265 
765 780 
795 BOO 
990 100S 
401 414 
406 426 


Amatgnnld Bfcs 

AngtaAmCoal 

AngtaAm-OMp 


® Pwvtew: 7437X1 
33 32X5 3115 3115 

264 263 265 265 

263 258X5 26160 26130 


Mercury Asset" 
NataWGrfd 
Nah Power 
NaiMtei - 
Nffiri 

Nonitch Urdon 

Orange 

P60 

Pearson 

PWn0cn 

PowetGen 

Premier FoincO 

PradenttoJ 

RoMockGp 

Rank Group 

RecWttCoim 

Redaod 

RasdirA 

RefltokltaMal 

Reuters Hdgs 

Rewwi 

RMCGreap 

Rayri^ 5imAB 

Sateway 


ASeatBaAssk 
Bco Comm Hal 
BcaFMeunnn 
Bra efi Roma 

21X1 , 19X9 20X7 2lX5 c^itolUano 

9X4' 9.15 9X4 9X2 SSSiS 

3X2 126 171 367 ENt 

763 7X1 7X4 743 Kg 

HS ^mhabic 

942 9X5 9X0 9JD imi 

268 264 265 264 im* 

4X6 4X6 4X6 43T |cS« 5 

7.15 663 6X8 7X5 

L90 1X4 1X7 1X0 Atoflotonco 

6X1 SXO 5X3 5.92 MnSSbM 

5X6 4.98 5.01 5X5 

12X1 1267 1171 1170 SrmSat 

264 257 161 263 pw) 

560 540 546 563 raS 

Hn ■ RS Rata Bara 

lS 117 3X0 3X4 Ifi* 0 ™" 0 

i2 ^ ^ ?gr" tai0 

6X5 660 666 4X1 ™* 

1-S 1-1| 1X2 1J0 

7.93 7X8 7X2 7X6 ———— 

^ S tg ^ Montrea 

3^ 341 343 360 BraMobCom 

967 960 9J1 936 CrinTTroA 

3X5 196 3 3^ CdnlltflA 

430 6X5 6X9 6.16 CT ™S« 

2X1 109 113 IM GazMeba 

424 4ra All 6XB Gf-Wesl LHera 

15D 136 243 135 

9X2 967 965 963 torestanGrp 

133 2X0 124 132 UUawCdS 

660 <28 4X 40 Natl Bk Conti 


Montreal 


17100 16100 16100 16870 
4450 4350 4390 4500 

5985 5700 5850 5775 

1520 1468 1448 1499 

Z7950 27400 27800 27150 
3525 34W 3485 3450 

8980 8610 8710 B920 

10435 10180 10225 10290 
70X 6835 69X 6345 

38000 36300 36650 37600 
16735 15850 15860 16450 
2790 2695 2715 2775 

5860 5640 5775 5640 

7780 7400 7650 7635 

12909 12300 12600 13100 
1245 1209 1 219 1206 

490 460 46T 477 

2510 2450 2490 24BS 

4850 4650 4795 <741 
15735 15205 15350 15560 
22600 21600 22500 21150 
14700 13800 14600 14500 
11880 1D70D 10710 11750 
6630 6180 6215 6700 

5940 5705 5800 5825 


iKtastltafsiedex: 365145 
Previous: 3693X4 


Sao Paulo Boveua lodwe 11257X0 
Previous: 11723X0 

BradesraPfd 10X5 940 9X5 10X0 

Brntxna Pfd 820X0 790.00 810.00 820X0 

CenriaPtt 5335 50X0 5335 S5X0 

CESPPId 71X0 68X0 6BJ0 71X0 

Cope! 2170 18X0 18J0 20X0 

Ektafares 520X0 485X0 490X1 543X0 

llou banco PW 560X0 520X0 538X0 5»X0 

LlgW Sereidas 540X0 510X0 525X0 545X0 

Ugfrtpor 423X0 419X0 419X0 441X0 

ParabresPM 292X0 267X0 287X0 293X0 

FtouSsto LUZ 18199 18199 18199 185X0 

SdNodcnal 34J0 33X0 3400 35^0 

Sous Cruz 9X0 9.74 9.75 9X0 

Teebnn PM 143X0 133X0 1 36.50 1 4750 

Tetecstg 163X0 ispxo 163X0 171x0 

Tetacf 152X1 145X1 151X0 1 55X0 

TeiespPM 337X0 318X0 330X0 349X9 

Unibanco 41X9 41X9 41X9 40X0 

UsimtaasPM 11X0 10X0 10X0 11 JO 

CVRD Pfd 26X0 2450 25J0 2659 


EbdraluxB 
Ericsson B 
Branes B 

IrratSveA 
Immtor B 

Mo Do B 
NonUxsAen 


Scania B 
SCAB 

S-E Bar*»n a 
S kandlaForo 
Skarska B 
SKFB 

SparaankenA 
Sot A 
5* Harnfles A 
VDhmB 


-Sydney 

Amcor 
ANZBking 
BHP 
Bore 1 

Bren*icsinrL 

CBA 

CC AmotB 
Coles Myer 
Coroala) 

CSR 

Fosters Brew 
Goodman FW 
ClAMhula 
Lend Lease 
MIMHd* 

Not Arret Bank 
NolAAututaHdg 
News Carp 
PodficDurflop 
Ptoneerlrtn 
Pub Broadcast 
RtoTlrto 
51 George Bonk 
w me 

WestpocBklng 

■yocawonns 


Taipei 


658 

632 

640 

337 

325X0 329X0 

336X0 


325 

690 

685 

690 

422 

413 

417 

278 

273 

274 

262 

256 

261 

293 

286X0 

290 

249X0 

242X0 

245 

236 

23150 

236 

172 

170 

17D 


92 9050 9150 92 

33250 322 325 325 

356 350 353 35650 

220 71750 7)8 218 

175 169 172 174 

133 127 12950 13250 

256 252 25450 25250 


21050 20550 20750 


AROMflHrteS:268UO 
PmiOOS: 3669-70 


8X5 

axn 

8X4 

10.15 

9.96 

10.15 

18.70 

1BX6 

18X6 

4X4 

3.95 

3.V7 

26.74 

24X0 

3674 

1650 

16J0 

1625 

16.71 

15J1 

16X8 

6.74 

eXS 

6X5 

690 

676 

6.90 

4LV9 

49J 

4Ai 

2X8 

2X6 

257 

1.92 

1X8 

1.92 


674 655 655 6.74 

6.90 6.76 6.90 675 

499 4.9J 4fif 491 

258 256 257 256 

1.92 1X8 1.92 1X8 

12X5 1168 12X0 12.68 
2850 28J0 2850 2855 
1X1 1J7 1.77 1X0 

19X9 19.15 19J8 19X6 
220 109 117 108 

635 6J6 6X6 634 

170 365 U7 165 

499 486 490 495 
830 7.95 8X5 8X4 

21X0 2145 21X0 2156 
852 8J7 845 Bfl 

7.90 7.71 7X7 7X6 

7.95 7. 85 7.90 7X8 


The Trib Index 

Paces as 0*3-00 P M New York time. 

Jan t. 1992 = too. 

Level 

Change 

% change 

year to date 





% change 

World Index 

178.62 

-3.25 

-1.79 

+19.77 

Regional Indexes 





Asia'Pacific 

132.60 

■107 

-0.80 

+7.43 

Europe 

186.51 

-2.93 

-1.55 

+15.70 1 

N. America 

200.55 

-3.87 

-1.81 

+29.42 

& America 

161.31 

-9.88 

-5.77 

+40.07 

Industrial Indexes 





Capital goods . 

232.76 

-1.63 

-1.95 

+36.18 

Consumer goods 

199.03 

■3.22 

-1.59 

+2329 

Energy 

194J3 

-4.87 

-2.44 

+13.84 

Finance 

136.61 

-1.88 

-1.36 

+17.47 

Miscellaneous 

181.76 

-1.16 

-0.63 

+12.35 

Raw Materials 

100.56 

-3.24 

-1.67 

+866 

Service 

166.01 

+2.88 

+1.77 

+20.89 

UtiBties 

16334 

-634 

-4.02 

+13.88 

Trie Inemaoonal Herod Tribune 

Void Stock Index C tracks OieUS dollar vahjeeot 

280 mtemabonaBy mvesxabta enc 

s from 25 countries For mom mtormanon. a tree 

bcouer n. avaJabb by among to T 

e Trib Index. 1ST Avenue Charles Off QauOe. 

92521 NevSIy Cedes. France. 


Compried by Bloomberg News 


BX2 

8J7 

8X5 

7.90 

7.72 

7X7 

7.95 

7.85 

7.90 

11-26 

11.12 

11.15 

4.18 

4,06 

4.12 


Stack Martel tadre: 9677X0 
Prevloss.- 9571X1 


Catftoy Utaiiw 1S2 146 146 

OtongHvreBk 12150 116 11650 

CMooTungBk 83 81 81 

□rinaDevefanri 184 173 184 

□rinoStaei XJO 2930 29X0 

FWB«k 12350 117 118 

Formosa Ptairic 67 50 65 65 

Hua Nan Bk 124 118 11850 

tanCenmiBk 66 63 6350 

Nan Ya Ptoslics 75 72 73 

SWn Kong Life no 114 114 

Taiwan Semi 


Seoul Girepai^tartba 74737 

Prevtaus: 73932 

Doom 101500 99500 99900 99900 

Daewoo Heavy 7740 7450 7740 7500 

Hyundai Eng. 22100 20800 21800 21000 

KfaMMcn 11600 11500 11500 12400 

Korea EIPwr 27800 26300 27800 26700 

Korea Etth Bk 51 B0 4000 5100 5 120 

Korea Mob Td 497000 687300 497000 437000 

LGSerekBO 39000 37000 38800 38000 

PtfnnglrenSI 64500 62500 64000 62900 

Sansuig Dirtiy 4600 45000 45900 45400 

SaiMUMEtac 68400 66400 68100 66400 

Sbtahaiiaanfc 9450 9100 9300 9300 


Bee Mob Cam 4SVj 

can Tire A 28X5 IT* 28X5 IB* 

CdnUHlA 39)4 39M 39W 39M 

CT Fferl SK 45 45 45 40 

GmMetaJ 18J0 18X5 18«i 1170 

Gt-Wesl LHera 3214 Bi* Mte 3216 

lnrasra 441* 424 4140 41X5 

tavssten Grp 31 to 31 to 31 to 31X0 

LublawCas 21 21 31 X* 

Nad Bk Canada 18XS 17.90 1185 18X5 

Power Carp 37X5 3610 36M 37to 

Power FW 3435 3405 3420 34to 

OttebKorB 27X0 27to 27X0 27X0 

Rogwi Conun B KT. N.T. ILT. 1120 

RnriBkCdB 68 671* 67X5 68X5 


AngtaAntCra 25550 250 251X0 251X0 frtwbury 


; 1 ?: V’ ■I**'" S*)-': 1 

■’ Frankfurt 

• *; V yts. J«j. f 

!£.• .‘-fV > AMBB 


DAX: 4196X3 
PmtoUR 422731 


... • M? 


Adidas 
AJSwZHdtf 
Mono 
Bk Berlin 
BASF 


AflutaAm tad 

avmuT 
Soriow 
CG.Smhh 
Da Been 
Drietarriein 
Ffl Natl 8k 
Geccor 
GFSA 

Imperial Hdgs 


m 4b; J . I* 


•A**' * 

w.*r. ^ 


I \j 


BMW 

CKAG Catania 

Stawwabank 

OuknterBera 

Deguta 


1820 1800 1820 1800 FB Nall Bk 
224X0 252 223 22450 Geccor 

453 444X0 4SL50 451 JO GFSA 
180X0 176 179X0 178X0 IraperirtHdflS 

38X5 .3&3S 38X5 3845 IngwCoal 
7045 7010 70.15 7085 SCOT . ^ 
58,90 57.95 58X0 57J8 -Jdinmlndl 
k B2X0 83^ S2X0 81X0 Liberty Hdgs 
75X0 74.90 75JO 76J0 Ltaerty LXe 
90 89X0 89X0 91 LAUfeStmt 

40 .38X0 38X8 39X0 Mnorco 
1520 1507 L51B 1539 tampok 

204 198 198 203 Nedrar 

5430 53.10 53X0 54® RranbiundtGp 
15220 151 JO 151X0 15250 Rldwrart . 
95.10 92J0 9450 9620 RustPtotfaiwn 


195X0 195 196 196 

15 1490 15 15 

55 54SD 5425 5425 
2630 25 25-25 

168 167 168 148 

3110 3110 32 32 

39XS 39 39X5 39X5 
19X0 19 19.90 19.90 

M 95X0 95L25 9125 
Aim f? w 6125 n« 
23X0 22X0 2375 2175 
104 2.97 3 3 

66 4675 6575 6575 
397X0 393 397 397 

. 151 149X5 150 150 

17X0 17X0 17X0 17X0 
98J5 9625 98X0 985D 


Scfoudets 
5coi Newanhe 
Scot Power 
Seatrirar 
Severn Treat 
Shed Tramp R 
State 

SmBiltephew 
5nMlXBnc 
Smiths hid 
S there Elec 
Stegaeoceft 
Stand Cramer 
TcrieSLyte 
Taseb 

Thames water 
3t Group 


18X0 IB 18X0 1850 TI&™? 

101.75 10US 102 lO TornWra 

itm AAJ5 iiSO 45L50 

71 7M5 70X0 70X0 

7575 7S 7475 7475 UMNewS 


1BJ7 1070 1873 1073 
5.13 4X3 497 4X8 


1850 18.10 1810 18J2 
7X5 770 771 7X2 

474 4X8 467 4X9 

2.63 2X8 13) 2X2 

8X9 872 872 8X3 

446 424 427 478 

18X7 9X8 9.94 1807 

173 171 172 172 

1175 11X3 11.97 12X3 
7X0 773 774 7X0 

470 4X3 463 466 

775 7-15 775 7.19 
10X9 9X2 1882 1034 

433 428 428 430 

434 427 429 428 

816 7.95 7.98 807 

492 486 480 488 

110 496 SJB 5X7 

3 2.90 2X8 2X9 

17X4 17X8 17J0 17X3 
432 429 43 430 

7.04 478 6X5 7X3 


Qu ebe cer B 
Rogwi Conun B 
Royal Bk Cda 


Singapore 

Art! Poc Brew 
GerebosPoc 
QtyDevfc I 

£££»• ’ 
DflSfaSgo 11 

DBS Land 

K!” 

JardMatheen' 
JprdStRdeglc 

Ksppel Bank 
Keppelrtb 
towel land 
OCBCfarelgn 
OSUntanSk 
Partway Hdgs 

SeEiboiwrtfl i 

angAlrlPfS^i l; 
Stag LotW 
StagPressF 
SingTechind 


i SMBs Trtw 1924X3 
Piertwi 19W1I 

5X0 5X5 5X0 SL50 

5.90 5X5 5,90 57S 

13X0 13X0 1180 13X0 
1170 12X0 1260 12X0 

0X1 0X0 0X1 880 

19.10 19 19.10 19 

460 454 154 4X0 

9.90 975 9X0 9X0 

2X1 2X7 157 2X1 

7X0 495 495 7.10 

3X4 3X1 3X2 160 

6J0 440 445 645 

3X6 3X6 3.78 3XB 

4X8 470 476 490 

418 4 412 4 

15X0 1470 15X0 14X0 

9.70 9 JO 9-30 9.70 


DM Micro Elec 
DM Work! Oita 


Tokyo 

Alnomato 

ASHIppon Ah 

Aniway 

AsoteBarik 

AsoWChern 

AsahlGtafis 

Bk Tokyo Mitsu 

Bk Yokoitoma 

Bridgestone 

Canon 

Orubu Dec 

ChoaotaiEtec 

DdKtapPftil 

W® 

DoMdriKm 

DataoBank 

Doiwa House 

DahvaSac 

DDI 

Denso 

East Japan Ry 

Eisal 

Fanuc 

Fuji Bank 

Fuji Photo 

FujSsu 

HadiSunlBk 

HJlmfl 

Honte Motor 

IBJ 

IHI 

Itacmr 

ita-Yokodo 

JAL 


146 146 149 

116 11450 120 

81 81 83 

173 184 173 

920 29 JO 30 

117 IIS 122 

65 65 <7 

118 118X0 122 

63 63X0 ‘65X0 
72 73 73X0 

114 115 115 

150 1 58 1 48X0 

49 49.10 49.4D * 
150 162 1 57 

62 62 63 


NUcd 225: 20249 J2 



f ISO 

1160 

1170 

urn 

747 

737 

737 

741 

3560 

3500 

tan 

3580 

yjo 

H96 

917 

8V7 

674 

607 

605 

630 

1070 

1050 

109 

1060 

2270 

2250 

229 

7300 

618 

614 

616 

618 

‘mi 

2810 

2810 

7900 

3410 

3350 

3350 

349 

7040 

2010 

2020 

7038 

7000 

1980 

1990 

7000 

2640 

2580 

7610 

2600 

798 

m 

794 

773 

1X50 

1X10 

1530 

1530 

616 

596 

615 

MD 

1370 

1330 

1330 

1320 


BSOOa 8100a SlBOa 8280a 
2950 2820 2870 2930 

5660a 56000 5630a 5700a 
2640 2580 2610 2620 

4750 4600 4640 4700 

7670 1640 1650 1670 

4960 4820 4830 4900 

1710 1680 1690 mo 

1140 1130 1130 1140 

1330 1310 7310 1340 
3660 3390 3390 3700 

1800 1750 ISO 1830 
443 432 AG 444 

S70 562 564 570 

6070 5910 6940 6970 

519 510 510 532 


Mitsui Fudosn 
MiGid Trust 

Murnta Mftj 

NEC 

Nikon 

NlttoSec 

Nintendo 

rujpon im 
Nippon Steel 
Nasan Malar 
NICK 

Nomura Sec 
NTT 

NTT Data 

op Paper 

Osaka Gas 

Ricoh 

Robrn 

SakuroBh 

Sankyo 

San wo Bonk 

Sanya Elec 

Seram 

SeauRwy 

Seklsut Chero 

SekkX House 

Seven-Eleven 

Sharp 

Shftoko EIPwr 

Stramru 

SHrvetauCh 

Shbetdo 

Shizuoka Bk 

Soflbartk 

Sony 

SumBoroo 

5 umitemoBk 

SunWChem 

SumXoreo Elec 

SumltMela] 

Sunil Trust 

T oreha Phorm 

TakeduCIwn 

TDK 

Tohoku EIPwr 
Toko) Bonk 
TofcJoMcriw 
Tokyo El Pwr 
Tokyo Etectron 
TckyoGas 
Tokyo Corp. 
Torwn 

ToopanPrW 
Toroylnd 
Toshiba 
Tastem 
Taya Trust 
Toyota Motor 
YtomamxKM 
oismbixIMlO 


High Low das* Prev. 
1520 1490 1500 1530 

827 815 815 B20 

4840 4840 4840 4820 

1670 1 65D 1650 1670 

1980 1940 1970 1990 

743 722 726 725 

moo ioeoo 10900 iiooo 

833 820 820 834 

571 566 5e7 568 

338 331 335 331 

64a 810 815 B50 

222 215 220 215 

1540 1520 1530 1540 

1170b 113011 1140b 1170b 


Newbridge Net 
Norandomc 
Notcen Energy 


High Low Oese Prev. 
78J5 28.10 28.15 28X0 
70 661* 6860 70.10 

28to 2SX0 28X5 26.70 
331* 3130 3130 3135 


Nthan Telecorn |43v 140.15 141.10 i44<t 


Novo 

Orm 

Pancdn Petim 
Petra Cda 
Placer Dome 
Poco PHtlrn 
Potash Sask 
Renaissance 


12-15 12 12XB 12.20 

3020 30 3020 29.90 

27X0 27X0 27X0 27X0 
2320 2185 2110 23V* 

23£ 22X0 23X0 22X0 
13 12X5 12X5 13 

110X5 109.90 110.10 110'y 
35X5 35 Vt 3190 35X0 

35X0 34X0 3S 35 


920b 

49J0b 

499b 

4930b 

Rogers Conte! B 

25.70 

2X70 

2X70 

635 

671 

62V 

625 

Seagram Co 

54X0 

S3 1 -! 

53X0 

304 

JUU 

307 

302 

SheRCdo A 

21 JO 

20to 

21,70 

1630 

1600 

1610 

1630 

Suncar 

36 

35 

36 

13000 

13000 

13000 

13100 

Trdbmon Eny 

4135 

47to 

42X5 

8/6 

8X6 

ax/ 

B7D 

Teat B 

28-30 

27to 

78 

4210 

419 

4170 

4220 

Teiegtabe 

51X5 

51 

51 Bfl 

1/00 

1640 

1600 

1680 

Tekis 

26 

25+0 

25«a 

570 

513 

513 

515 

Thomson 

34'. 

33'. 

33to 

0690 

8570 

869 

8£40 


44.15 

43ta 

4390 

X/B0 

X600 

X/60 

X66U 


16J0 

16X0 

16 Ml 

1U30 

1000 

1070 

1070 


78.70 

28 

2115 

1180 

1160 

1160 

1170 

Trimark FW 

68 

66 

60 


Vienna ATXMes 143023 

PrevmiS! 142929 
Beehtaf-Uddeh 10481028.10102X101046X0 
Cfedttnsi Pfd 536X0 527 532 534X0 

3595 3«0 3595 3400 

1673 1635165SJ0 1639 
Ftagtrafen Wen 538X0 523 526 537 

OMV 1709 1651 1680 1683 

Ok! Etofctrtt 871 B60 870X0 869 

VA Stahl 653X0 630 635X0 635 

V A Tech 2629 2590 2593 2596 

Wtenerberg Bau 2646260.15 2615 2644 


Toronto tse induswm: otmi 

Previous: 6755.13 

AhilibICons. 27.70 S7 1 * 27Vi 27.90 

Ataata Energy 33 32X0 33 33 

Atom Alum 4465 47X5 47X0 40X0 

Anrferson E*pl 17 JO 17X5 17X0 17JD 

Bk Montreal 57to 56'< 57 57to 

BiiNovoSaXta 65X0 64U 6495 6SX5 

BarrickGold 31X0 30X0 31x0 30.65 

BCE 42'6 42 42J5 42XS 

BCTeiecattem 34W 3430 34ta 3445 

BtocftemPnonn 3425 33X5 3425 33>4 

Bomba nSerB 3145 32.90 32X5 3330 

BrasranA 35X5 35X0 35X5 35ife 

Camera SDL, 49X0 50.10 50 

CIBC 38X5 37 38X5 37X5 

Cdn Natl Ran 69.90 68.70 69X0 69.90 

Cdn Nat Ret 35V> 35.15 35X0 3535 

CdnOcddPM 3495 34V. 3A85 34to 

Cdn PadBc 3990 38X0 39 JO 39X5 

Ccnrtnra 38te 37X0 38to 37X0 

Dafascs 31 J0 301« 31 31>Q 

Domtar 1315 13 1105 1115 


90W 8990 9000 8990 TltocHahn 

1500 1470 1470 1470 TVX Gold 

1960 1920 1930 1950 WustaoastEny 

645 631 633 6» Weston 

3380 3310 3330 3300 

1890 1860 1870 1880 

1270 1250 1270 1280 

7!-Vfl 7010 7080 7150 

10900 1D600 10700 10700 Vienna 

1150 1080 1130 1150 

’So 7 |t2 ’S ’So Boehler-Uddeh 1048 

2000 I960 1970 2000 

304 298 300 309 

1730 1200 1 220 1 220 

3260 3200 3200 3240 SS, ^ 

3520 3450 3470 3540 S?2p lllfctFh 

■LfflO 9300 9350 9360 

2030 1970 1970 2070 

1140 1120 1130 1120 

1460 5430 1 450 1440 vvienert>erg Bau 

2260 2240 2250 2260 

7510 713 7310 743 

301 295 295 301 

681 660 660 672 .... ..... . . . 

1320 128Q 1290 1200 Wellington 

1910 1860 1860 1890 

002 794 7V7 799 .u jj , m u □ 

2920 2890 J9M 29® S'Hrtarri 

3520 3420 3430 3520 

313 3080 3000 3140 

FteWi Ch ftapor 
Uon Nathan 

— TetecomNZ 

VHsan Harlan 


16X0 16X0 16X0 16to 

28.20 28 2115 28 

68 66 68 66to 

29.90 29X0 29.90 29.90 

6X5 6X5 6X5 6X0 

27X0 27 27.15 27 

95' ■? 94'j 95 94 


NZSE-40 Mac 3475J] 
Preview: 249466 


4x0 

4X4 

4X4 

4X0 

1J7 

1J6 

1J7 

1-37 

171 

165 

170 

170 

435 

430 

430 

435 

4.90 

480 

4X7 

4X3 

1X8 

1.95 

1.95 

1.98 

3X5 

3X2 

3X3 

3X4 

3X0 

179 

179 

3X8 

7X8 

7X5 

7X5 

7X6 


Japan Tobacco 8820a 875da 8780a 6780a 


Aker A 

sssx 

DwnoakaSk 
Etkan 
HuMundA 
Kvoerner Am 
N orsk 

Norsk 

NycsntdA 
OrtdaAsuA 
Petim GeoSK 
SogoPeftnA 
Srabsled 
TlumeeBDiiQff 


153 13 152 153 

13 187 187X0 191 

26.10 25X0 24.10 26.10 
30 30 30 3X0 

146X0 1443 1443 1473 
463 4420 443 443 
442 436X0 440 444 

407 3M 398 407 

285 281 282 . 284 

13 1343 1363 139 

565 555 555 570 

372 363 363 373 

1463 144 144 1463 

1463 145 1463 t46 

405 600 605 608 


Sing Telecomm 

TotleeBank 
UMlndurtU 
UMCKeoBkF 
Wing Tai Hdgs 


13X0 13.10 ll* 13.10 
7.10 4.K 7.05 6.95 

2870 27X0 283 28 

3J6 3.70 3.74 3X4 

2X4 2X9 23 Z« 

2X4 23 2X3 2J9 

1X9 1X6 1X8 1X6 

15X0 153 15X0 1SJ0 
422 410 410 404 


Stockholm 


Storebrand Asa 473 473 473 


AGAB 

ABBA 

AtoiOteron 

ArtaA 

Arias Copco A - 

Auttflv 


107 106 107 1043 

111 1043 1073 111 

241 235 235 242 

1543 147 1483 151 

2403 230 2353 242 

294 290 2713 2913 


Jusm 

fCaPma 

KareaiEkc 

Kao 

KuwunldHvy 
Kawa Steel 
KfaUWpp Ry 
KJrln Brewery 
Kobe Sled. 
Kanurtu 
Kubota 
Kyocera 

MrautKfd 

Mora! 

MataCcnm 

Matsu Elec Ind 

MohuElecWk 

MitsubisN 

MUscbfchl Ch’ 

MbubishfB 

Mitsubishi Erl 

MSnMsMHw 

MtuMMuSt 

MtoufataMTr 

Mitsui 


3440 3380 3380 3450 

629 612 626 616 

2190 2160 2130 21 B0 

1660 1640 1660 163 

527 516 516 

343 333 340 

63 671 675 

1170 113 7140 1170 
201 197 198 200 

859 836 837 “ 

515 500 514 

9690 9480 9570 9590 

2000 1990 2000 1970 

565 540 547 575 

508 50S 505 508 

2090 2040 2040 2080 

493 410 4870 4820 
2420 2390 2390 2400 

1350 1310 T35D 1320 

1320 1230 1288 1300 

352 340 340 337 

670 657 6S9 672 

1650 1620 1420 1630 
B41 929 833 835 

808 789 795 804 

1838 1790 1BD0 1820 

1100 1080 ION 1090 


11.75 11.75 1175 11.70 


BrexnnA 35X5 

Camera 50to 

CIBC 38X5 

Cdn Nall Ran 63.90 

Cdn Nat Ra 35Vi 

CdnOcddPM 34.95 

Cdn PadBc 3990 

Conrtno) 381c 

Dofascc 31 J0 

Domtar 13.15 

Donahue A 
Da Pan) Cda A 31X0 

Edper Group 2195 

EuraNev Mng 

CfitriiTv f * 1 - 1 
rtlinw Miq 

FaScorhnOga 
ReteherCltoU A 2195 


NT 

N.T. 

NT. 

7770 

580 

567 

668 

572 

1412 

1366 

12M1 

1410 

2270 

2731 

229 

2275 

875 

875 

87fl 

880 

2336 

229 

22)0 

2315 

3540 

3485 

3605 

3530 

1)41 

1776 

1226 

1740 

139 

135.25 

136 

137.75 

990 

976 

976 

985 


Franco Nemda 
Gulf Cda Res 
ImoerWOii 

HKD 

3 & 

Laewen Group 
Moortom 
Mama InDA 


31 W 31X0 32to 
31X0 30.60 30X0 31to 
2195 2170 2100 Jin) 
44 39W 43V» 39X0 

3M 397 398 398 

27 26b 27 

23 2130 
62 W« 61X5 S9to 


11X5 11J0 11X0 11.80 
70X5 S9'- «J5 70 

40X0 4Vm 40X0 40x5 
JIM 50 50AS 58 
20.95 2140 20X0 21 

«J0 48.05 48 JO 48X0 
19.15 18.90 19.15 19.10 

90.10 88X5 99.90 ' 90 

13.10 12X5 1290 1115 


Zurich SPIiMtaK3636J2 

Prevtaus: 2704J5 

ABBB 
Adecco B 
Al undue R 
Ares-SeranaB 
AMR 

BaerHdgB 2335 2250 22)0 2335 

Batata Hdg R 
BK Vision 
CfcaSpecCftem 

OarimtR .. ... 

CidSutaseGa R 207X0 197X0 197X0 305X0 

EtektrowaftB 541 ,539 SeO 541 

En&CIwflile 6795 6650 6670 6710 

ESECHdg 4800 4740 4795 4800 

HtiderteftB 1383 1351 1361 1382 

UedtfensiLBB 612 609 609 610 

NesfldR 1925 1881 1899 1927 

NavurttS R 2418 2345 2350 2420 

ObKHui BuehR 162X0 157X0 160X0 161 

PanmoHIdB 2M0 2000 2009 3010 

- 901 B9S 899 899 

2300 2290 2297 2300 

304 300 305 305 

Roche Hdg PC 14600 14250 14310 14615 

SBC R 415 395 403 413X0 

£ch!ndierPC 1840 1810 1810 1836 

SGS B 3190 3100 3100 3160 

SMH B 857 830 843 849 

SuberR _ 1219 1188 1200 1215 

SwtaRdnsR 2157 2078 2108 2156 

SwtasatrR 1B68 1760 1790 1872 

UBS 8 1781 1660 1665 1699 

Winterthur R 1463 1412 1417 1453 

Zurich AhuiR 598 575 563 595 


'ijS PhaimVlinB 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 19-20, 1997 


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INTERNATIONAL HERALD TRIBUNE. S ATUR DAY-SUNDAY, JULY 19-20. 1997 


PAGE 15 




Js. y\ 


ASIA/PACIFIC 


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Singapore Dollar on the Skids 


Investor’s Asia 


h.fciu*-- V*1 lc-u-lui~--n.>' 

Finance Minister Thanong Bidava of Thailand, left, and Hiroshi 
Mitsuzufca, his Japanese counterpart, meeting in Tokyo on Friday 


('•-.yrini * Our Suf F n« V. 

SINGAPORE — The Singapore 
dollar fell to a 31-momh low against 
the U.S. dollar Friday amid concern 
that weaker regional currencies will 
force Singapore to realign its ex- 
change rate, traders said. 

But the Monerary Authority of 
Singapore, which has most of the 
functions of a central bank, may 
have intervened to support the 
Singapore dollar, one of Asia's 
steadiest currencies, traders said. 

The monetary authority does not 
comment on its actions. 

The U.S. dollar closed Friday at 
1.4595 Singapore dollars after hav- 
ing risen as nigh as 1.4670 dollars, 
its highest quote against the Singa- 
pore currency since late 1994. The 
U.S. dollar closed at 1.448 2 Singa- 
pore dollars Thursday. 

The imminent release of a critical 
economic indicator. June’s non-oil 
exports, on Monday will be watched 
for signs of an economic recovery 
iv.- and a return of investor confidence, 
i Andy Tan, economist at MMS In- 
fa v.- remationai. said. 


"If we get very strong monthly 
mtbers " Mr. Tan said, that will 


□umbers," Mr. Tan said, that will 
help relieve selling pressure on the 
Singapore dollar. 

The Thai baht wa* little changed 
Friday, although it has fallen more 
than 20 percent against the dollar 
since Thailand allowed the currency 
to float July 2, triggering speculative 
attacks on other Asian currencies. 

On Friday. Finance Minister 
Hiroshi Mitsuzuka of Japan and his 
Thai counterpart. Thanong Bidaya. 
agreed that their governments 
would cooperate to support the baht. 


It will be the first time that the 
region's central bankers have 
gathered since Thailand devalued 
the baht. 

Among other Southeast Asian 
currencies, the Malaysian ringgit, 
the Indonesian rupiah and the Phil- 
ippine peso remained at relatively 
weak levels. 

( Bloomberg . AFP. Reuters) 
■ Lower New Zealand Rates? 


Hong Kong Singapore 

Hang Seng Straits Times 

17000 — SS0%~ 


Tokyo 
Nikkei 225 
22000 - 



F M A MJJ 
1997 


F M A M J 
1997 


F M A MJJ 
1997 


Exchange 


according to a senior Japanese Fi- 
nance Ministry official who atten- 


ded the meeting. 

The measures would include Jap- 
anese government purchases of the 
baht. But the finance ministers did 
not spectly a level at which Japan 
would intervene, the official said. 

Asian currencies will be a "major 
topic" of a meeting next Friday in 
Shanghai of central bank governors 
from 1 1 Asian nations. Takashi An- 
zai. executive director of the Bank 
of Japan, said. 


Speculative investors have now 
turned their anendon to the New 
Zealand dollar, betting that the na- 
tion's economy has slowed enough 
to allow easier credit conditions. 
Bloomberg News reported from 


Hong Kong 
Singapore 
Sydney 
Tokyo 


Hang Seng ■ 
Straits Tim&r 
AHOnfinarfes 
N0ckal225 


Wellington, quoting traders. 
The New Zealand dollar 


The New Zealand dollar fell to 
64.89 U.S. cents Friday, its lowest 
level since December 1995, from 
66.05 cents Thursday, and bond 
prices had their biggest one-day de- 
cline since Dec. 6. 

The central bank has been battling 
inflation since 1994 by holding the 
line on interest rates and insisting 
that currency rates were too high. 


Kuala Lumpur Composite 
Bangkok SET . 

Seoul Composite 


Taipei 

Sente 

Jakarta . , 

Woffington 

Bombay 

Source: Tafefcurs 


Index ' Friday" . ' ■ “ Ptav. ' 

Close . ' Ctosa Change 

Hang Seng ■ • . 15^7040 X&0&83 -Q.8? 

Straits Tanas \ ■ 1,924.23 19,20.54. .40.19 

AHOnfinarfes 2.684J20 2,669.70 +0.54 

Nikkei -225 . 2QJ24&32 20.51&2S -1.32 

•Ccat^oste ■•1,001.55 Closed - 

SET . " ; * . {E53J37 ^658.26 ’! -0.44 

Composite Index *47-3? Closed - . 

QtocicAtetket Index' 9^677.40 ' 9,571-90 +1.10 

PSE '■ 2fi72£S 2,6 2&.3S +2:01 

Composite Index 7244)0 ■ 723.50 +0.07 

NZSE-40 . ' , 2,47591 2,494.66 -0.75 

Sonsifivs Index . N.A. 4,133.67 


Iwnuuiiiiu/ HeraiJ TntHov 


%\ 'i. 


Bangkok Rail: Off Track? 

Hopewell Set to Reassess $3.2 Billion Project 


O a'« k ‘ ‘-v jt,r! Fn.i: ■ 


HONG KONG — The troubled plan to 
build a S3. 2 billion elevated transportation 
network in Bangkok "cannot be completed 
as originally planned." the project's main 
contractor said Friday, blaming Thailand's 
economic and currency crisis. 

The contractor. Hopewell Holdings Ltd- 
said the plan, a cornerstone of efforts to end 
Bangkok's notorious traffic problems, now- 
faced a financial reassessment. 

Although the Thai cabinet approved 
changes in the project’s financing in May. 
the "situation has changed." Hopewell 
said. The worsening of the economic cli- 
mate and the fail in value of the Thai baht 
mean that ‘ ’funding for any project in Thai- 
land is now harder," it said. 

Sir Gordon Wu. chairman and managing 


director of Hopewell, told Thailand’s trans- 
portation and communications minister. 
Suwat Lipiopaliop. that Hong Kong-based 
Hopewell would not be able to open the 


first phase of the road and rail project for 
the Asian Games in December 1998 as 
promised. 

Sir Cordon, saying be would need more 
time to work our financing because of the 


baht's decline, plans to go to London next 
week to drum up interest in the long- 
delayed 36-kilometer 1 22.4-mile) project. 

The government allowed the baht to float 
July 2. and it has since dropped about 20 
percent against the dollar. 

The project is one of three transit sys- 
tems. in various stages of development, thar 
are aimed at casing traffic congestion in 
Bangkok. It also is Hopewell’s biggest 
project, and its successful completion is 
important to the contractor’s fortunes. 

Hopewell sold its remaining 19.99 per- 
cent stake in Consolidated Electric Power 
Asia Ltd. this week to SEI Holdings Inc., a 
subsidiary of Southern Co. of the United 
States, a move that some analysts said 
signified that the Hong Kong company was 
under serious financial pressure. 

The meeting Friday was the first in sev- 
eral months berween Sir Gordon and the 
Thai minister. 

The Hong Kong executive canceled sev- 
eral earlier meetings with Mr. Suwat, citing 
scheduling conflicts. 

Hopewell’s shares closed at 5.10 Hong 
Kong dollars (66 U.S. cents), down 0.25. 

(AFP. Bloomberg) 


Kia’s Crisis Imperils Its Auto Lines 


r. wyi/eJ fr> Ar StjiT F rmi 

SEOUL — Kia Group, already reeling 
under S10 billion of debt, said Friday that it 
might close its car production lines because 
its main steel supplier had cut off shipments, 
citing unpaid bills. 

Pobang Iron & Steel Co., South Korea’s 
largest steelmaker, stopped supplying steel to 
Kia Motors Coip. r a unit of Kia Group, and 
another automaker, Asia Motors Coip.. say- 
ing the two companies had failed to make 
payments on 12 trillion won (S 12.43 billion) 
» of overdue promissory notes. 

The move could push Kia. which was 
placed under creditor protection Tuesday, 
over die brink into bankruptcy, analysts said. 

Meanwhile, thousands of union workers at 
Kia Motors, South Korea’s third-1 argest auto- 
maker said they would work through their 
summer vacations to try to help the com- 
pany. 

“This is our company, and we will do 
everything we can to save it from going 


bankrupt or from any difficulties it is going 
through," a Kia Motors union official said. 

He S3id the 18,000 members had agreed to 
skip summer vacations this year and give up 
bonuses totaling about 51,120 a person. 

Also on Friday, three major South Korean 
carmakers — Hyundai Motor Co., Daewoo 
Motor Co. and Ssangyong Motor Co. — 
agreed to support Kia’s component makers 
and subcontractors by increasing their cash 
payments and ordering more components, the 
Korea Automobile Manufacturers Associ- 
ation said. 


"We have decided to join forces and help 
ia,” an association official said, “because 


Kia,” an association official said, “because 
this is not just a Kia problem but a problem for 
our auto industry. All of us are affected by 
it." 

Creditor banks have frozen bank loans to 
Kia. allowing them to order die transfer of 
management and to declare Kia bankrupt. Kia 
Group had 9.54 trillion won in debts at the end 
of May. * (Bloomberg, AFP) 


m : M TURMOIL: 

}/?■ -j : I S|r|'i Eyes on Asia 


Continued from Page 11 


. j ?■:. I some kind, running from raar- 
[s Zy- ket tomarket.” 

Vi '*;■ The jitters in emerging 
■J2 markets don’t appear to have 
i \ . affected the markets in big 
'(• > * ■ industrial countries much. If 
7 = ih " ' at all — as evidenced by the 
i; ^ ! surge past die 8000 level this 
J *■ • week of the Dow Jones in- 
dustrial average. And Mr. 
Boorman emphasized — as ; 
'jt, :;i did several private econo- 
; : e; j mists — that this situation dif- 
•\* . * £ fers in several major ways 
*•: p from the Mexican crisis. 

7 !; While the affected South- 
7 : :: S ; east Asian , countries may 
\\ j _ : v ha ' ,e -dependent re- 

'7 Y'“ cently on short-term inflows 

jj =}.. ■ of foreign money — as Mex- 
r i • - - 1 ico was — they “are coming 
? «•; off dramatically good perfor- 

■3 j. mances’ ’ based on sound fun- 
J * damentals and policies in- 
: ^ - eluding high-savings rates, 

; " f , r . balanced budgets and effec- 
1 ; rive measures to contain in- 

v fj ; > flation. Mr. Boorman said. 

Still, the turmoil bas 
? i provided a grimiUustration of 
j r ; how rapidly the *‘contagion 
' i, effect” can manifest itself in 
Z an era of electronically mo- 
Ji 7 bile capital, as a market dip in 
1 * V . one country causes investors 
• ii ; •’ lo dump massive amounts of 
■■ C: ■ securities in superficially 
■ ;«■ similar nations. 

- -I The IMF, which recently 
-■ >' | ; assumed new responsibilities 
to cope with Mexican-style 
•p 7 crises, has sent two teams to 
ij-* J j Thailand togiveadviceondie 
'j j-”, j: \ troubled barring system and 
; i the floating of the nation's 
'• f [ currency. The IMFs board 
] f - also planned to approve a $1 
\ billion loan for the. Philip- 
;■ j j pines on Friday. 


Peter Catranis 

Prctos<cnV 
Faw 1 -u^rasSoeco's- 


SUPEWOR 

OUTSTANDING 

EXCEPTIONAL 

FREE 

COMMISSION 

COMMISSION 


SeWiw of UanapM Accoaow 
> 0 t AM Utjor UsrteO 
Etecubon Pvex of Futures 
Trading Software i Price Data 
Spot fx p-5 Pie Price Spreeos 
Futures St 2-538 Par RouiM-Tum 


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liiardKmJm ONIN36 652 


7LaLrs)i»K»nw:wM? 
LmJixm IfliiWSTf? 


TRANSPACIHC FUND 


Socictc Anonymc 

Jtcp s T ord Office Luscmboui^, 14, me AJdringeri 
Comraerdial Rfjincr: Section B N° 8576 


NOTICE OF ANNUAL GENERAL MEETING OF 
SHAREHOLDERS 


The Annual General Meeting &f Shareholders of TRANSPACIFIC FUND will 
be held 3t the offices of Eanque Ger^rale du LiPiembourg, 50. Avenue J.F 
Kennedy, or Tuesday 29 July 199 7 at ri a.m. for the purpose of considering 
and voung upon the following maneis. 


AGENDA 


T To hear die managemer.r report of the Direciors for the year ended 
31 March 1997 

2. To hear the reporter the MucSior 

3. To approve the statements of assets and liabilities and tne statement of 


operations for the year ended 31 March 1997 
fo approve the allocation of the net pioM and foe amotan and data of 
payment of tfH dividend ' ■ 

Th rtscharoa the Directors with respect to foe performance ot tneir 

.rr.j 'll r. 1007 


dunes efurmo foe year ended 31 March 1997 
a To elect the ISTecio s and foe Auditor to serve until foe next Annual 
General Meenng of shareholders . . _ ^ 

2 To approve the payment ct foe Directors fees for foe period ifoder 
review. 

8 Miscellaneous. 




The shareholders are achised that no quorum e requaed for foe stafotorv 
general meenrg and foa; deosions ■.v'l be tai en by the mafontv or foe 
shares present or represented at foe meetng. 

In odor to tale pan in the statutcry meeting of 29 J^V 1997 ov^ners of 

ieoisiered shares must be registered in the comparrys register ot 

shareholder s five day days befme foe meeting and foe owners ot Dearer 
shares vwiB have to deposit their shares five deai duvs before tne meeting at 
foe recpsiered office of foe Fund or at the fofldvwnq banks - 

- 3AHQUE DE NEUFLIZE. SCHlUMBERGER. MALLET. . 

. 3 avenue Hodie. Pans Berne 

. ABN AMRO BANK W, 597 Herengractit. Amsterdam 

- MEES Si PIERSGN M.V 548. Herengracm. Amsterdam 

- EANOUE GENERALE DU LUKEMBOURG S.A.. 

50 Avenue J.F Kennedy. Lmtembourg 

- SOCIETY 3ANCAIRE JULIUS BAER SUISSE) SA. 

2. bouleverd du TheStre. Geneve 

The Board of Director 


Very briefly: 


• South Korea plans to lodge a complaint against 
the United States with the World Trade Orga- 
nization for its failure to revoke anti-dumping 
measures against South Korean-made 16-megabit 
dynamic random -access memory chips. 

• Nikko Securities Co. will set up a consulring 
firm this year with Smith Barney Inc. aimed at 
developing investment products in anticipation of 
Japan’s financial deregulation. Separately, a 
former employee of Nikko Securities and a broker 
were arrested on charges of fabricating a stock 
order by using the came of a customer to sell her 
stock portfolio. 

• The Philippines’ main stock exchange index 
rose 2.01 percent, to 2,672.95, after the central bank 
cut its overnight borrowing rate to 25 percent from 
28 percent. 

• Philips Electronics NV plans to move its audio 


manufacturing plant from Malaysia’s northern Pen- 
ang state to China to try to remain competitive. 


• Malaysia will relax restrictions on foreign own- 
ership of commercial and residential property. Fi- 
nance Minister Anwar Ibrahim said. 


• Yamaichi Securities Co. reported a pretax loss 
of 5.43 billion yen (S46.7 million) for the quarter 
that ended in June as bond sales failed to offset 
weak income from stock sales. 


• Japan’s deputy trade minister, Osamu 

Watanabe, said the government should cut cor- 
porate income taxes by 10 percent ro stimulate 
economic growth. Separately, the foreign trade 
minister. Shinji Sato, called for a review of Japan's 
interest rates, which are at record lows. 


• Asia Food & Properties Ltd„ the company that 
took over the assets of the troubled Amcof Hold- 
ings Ltd„ fell 7.2 percent to close at 1 . 1 6 Singapore 
dollars (80 U.S. cents) in its first day of trading on 
the Singapore stock exchange. 

• Robert Bosch GmbH, Germany's largest car- 


K maker, will spend 28.8 billion yen (S248 mil- 
to double its stake in Zexel Corp„ a Japanese 


lion) to double its stake in Zexel Corp^ a Japanese 
maker of fuel -injection pumps, to 30. 1 percent 


• Toyota Motor Corp. and Nissan Motor Co., 
Japan's two biggest carmakers, said their auto 
outputs rose in June from a year earlier with the 
help of brisk exports, but their domestic sales fell 
because of a tax increase. Toyota's domestic auto 
production rose 10.5 percent, to 306,232 units, and 
Nissan's rose 12.7 percent, to 154.318. 

• Beijing Yanjing Brewery Co„ China's biggest 

brewer and a unit of Beijing Enterprises Holdings 
Ltd., increased output by 29.4 percenr in the first 
half of 1997. more than double the industry's 
growth rate. afp. BUnmbem. afx 


The Leading Russia Investment Fund 


Ranked Number One in the World 

Among Hedge Funds by Managed Account Report Inc.* 

Among International Equity Funds by Nelson Information Inc.** 
Among Russia Funds by Micropal Emerging Market Fund Monitor*** 
Among Overseas Funds by Lipper Analytical Services International Corp.**** 



$795,000,000 
The Hermitage Fund 


is closed for new subscriptions as of July 7, 1997 


Net Asset Value Per Share increase since inception on April 22, 1996 
Net Asset Value Per Share increase since January 1, 1997 


725.33% 

237.59% 


Starting August 1, 1997 we are pleased to announce the opening of 


The Hermitage II Fund 


Hermitage Capital Management Limited 


Manager 

Republic New York Internationa] Trust Co Ltd 


Russian Representative Office 
9, Dmitrovsky Pereulok 
Moscow 103031 
Russia 


Republic National Bank Building 
Rue du Pre 
St. Peter Port 

Guernsey, Channel Islands GY1 ILU 


* March 31. 1996 to March 31. 1997 ** March 31. 1996 to March 31. 1997 

•** April 30. 1996 to May 30. 1997 «** January 1 , 1997 to March 3 1 . 1997. 


Past performance of the Hermitage Fund is not an indication or guarantee of future performance of the Hermitage H Fund. 
This document is not an invitation to subscribe for units in the Hermitage D Fund, and is by way of information only. 
The sale of units in The Hermitage II Fund may be restricted in certain jurisdictions. 




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


NASDA 


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Runniiig With the Bulls: Investor Exuberance Sweeps Many Markets 


By Conrad de Aenlle 


N otwithstanding the 

occasional warning from the 
Federal Reserve Board, in- 
vestor euphoria is certainly 
sweeping .America, and it extended its 
influence on many other fronts during 
the second quarter of 1997. One of the 
things that is keeping the bandwagon 
rolling in many markets is the pop- 
ularity of index funds, which are port- 
. folios that track major market 
averages insread of trying to rrrf\ — 
pick among investments. unjl 

U.S.. offshore and Continen- 
lai European stock funds en- r 3P 
joyed one of their best periods 
Vin a long time during the three 
months through June. The rise *• 
in share prices accelerated, and 
unlike previous quarters, when rerums 
were concentrated in hinds tracking 
.American blue-chip stocks or a few 
volatile emerging markets, most coun- 
tries and market sectors participated. 

The best returns were in funds in- 
vesting in Japan, where for seven years 
the mood has been as glum as it has been 
] giddy in the United States. The average 
American mutual fund targeting Japan 
rose by 20 percent in the quarter, ac- 
cording to Upper Analytical Services, 
which compiled the information for this 
review. That was best among the 34 
equity investment objectives that Lip- 
■ per tracks and compared with a gain of 
1 3.6 percent for the average equity fund 
and 15.4 percent for the average do- 
' mestic general-equity fund. 

J Japan was the target of two of the 20 
best American stock funds and was far 
more conspicuous among the leaders in 
other domiciles. It was the investment 
objective of five of the top 20 German 
stock funds. 16 of 20 in Switzerland, 13 
in Britain and 14 in France. 

For the sake of international com- 
parisons, Upper's performance figures 
Tire all expressed in dollars. That is one 
reason why Japan-orieiued funds did so 
well. While the Nikkei 225 index rose 
by 14.5 percent in the quarter, as the 
economy and share prices stilled to life 
after several years in a nearly catatonic 
state, it was the yen’s strong rise against 
the dollar that enabled many funds to 
report gains of 20 to 40 percent. 

The yen's vigor also helped Japanese 
bond funds in the quarter, even though 
their price in yen declined and they 
cany a miserly yield of 2.3 percent 


Because of low yields, bond funds spe- 
cializing in Japan are uncommon, yet 
they accounted for nine of the top 10 
Swiss-domiciled bond funds and three 
of the 20 best offshore funds. 

The other mature bond market in 
which to invest during the period was 
Britain, where the currency was 
stronger and yields were higher than in 
most "other major economies. Most of 
the top Swiss funds that were not in- 
vested in Japan targeted British bonds, 
as did all of the 20 best British bond unit 
trusts, the average of which was 
up 6 percent. 

French- and German-domi- 
'T/ Jh ciled bond funds lost ground by 
1 .6 percent and 1 . 1 percent, re- 
specrively. Most bond funds in- 
^jy vest in domestic issues, leaving 
1 — y them at the mercy of weak home 

currencies when the returns are 
expressed in dollars. Even though bond 
prices have risen in both markets, the 
Deutsche marie and franc have fared 
poorly as concerns mount about the Ger- 
man and French economies. 

The average bond fund returns else- 
where were 1 .4 percent offshore, 3 per- 
cent in the United States and 2. 1 percent 
in Switzerland. 

Low interest rates in mature econ- 
omies drove investors ro higher-yielding 
bonds issued in emerging markets, which 
were the target of more than half of the 20 
leading offshore bond funds and nine of 
the top American bond funds. 

The group has been strong for two 
years, a result of “improving funda- 
mentals in emerging markets on the 
back of political and economic re- 
form.” said John Carlson, who 
manages the New Markets In- jp^ 
come Fund for Fidelity Invest- 
ments. That fund and one tar- 
geting Japan gave Fidelity two / 
of the top 20 U.S. bond funds. N — ffl 

“Lately, though, as interest J 
rales have come down,” he ad- v *= , = 
ded. “it is clearly a case of chas- 
ing yield. " His fund invests almost ex- 
clusively in bonds denominated in dollars. 
His biggest successes during the quarter 
were heavy positions in Russian and Bul- 
garian government debt and a decision to 
sell the “Latin exotics,” notably bonds 
issued by Ecuador, Panama and Peru. 

He said he anticipated few changes in 
the portfolio in coming months. 

“The fund is pretty much where it has 
been,” he said. “We continue to avoid 
most local-currency debt because of the 
runs we’ve had in Thailand, the Phil- 


ippines and the Czech Republic. ft*s 
always the unexpected that will get us. 
A recession would hurt; growth is good 
for emerging-market bonds. ’ ’ 

The way Americans chase yield when 
they want to invest at home is to buy 
high-yield bonds, debt issued by 
companies judged less creditworthy 
than the best corporate borrowers. Nine 
of the top 20 domestic U.S. bond funds 
were in this category. 

Joan Batchelder. head of high-yield 
fixed income for Massachusetts Finan- 
cial Services, which had one high-yield 
fund and one emerging-market fund 
among the best offshore bond funds, 
said high-yield issues were overcoming 
their reputation as “junk bonds." 

“The quality is higher than in the 
mid- ’80s, she said. “They are used for 
better things, nor leveraged buyouts.” 
Therefore, fewer new issues are 
placed in lowesr-risk categories by rat- 
ing services and only about 2 percent of 
all high-yield issues default, boosting 
average returns. 

The second quarter was relatively 
tough for die 20 largest equity mutual 
funds, which had an average renun of 13.8 
percenr. That trailed the average domestic 
general-equity fund and the 17.5 percent 
total return — price appreciation plus 
dividends — of the Standard & Poor’s 500 
index. Only one of the 20 — Twentieth 
Century Ultra, up 19. 1 percent — beat the 
benchmark index. Vanguard Group’s 
S&P 500 index-tracking fund got within a 
few hundredths of a percentage point. • 
The largest funds may not have been 
the best vehicles, but U.S. equity funds in 
general made far better investments than 
most, despite the solid perfor- 
Ci mance worldwide. Unlike the 
[>«— j first quarter, when many leading 

1 funds targeted emerging mar- 

W kets, 18 of the 20 best American 

\ funds invested domestically. 

*\ - with the two Japan funds round- 

“* ing out die list 

After the 20 percent gain in 
Japan funds, technology was the next- 
best group, up 18.3 percent. Micro-cap 
funds — which buy companies with mar- 
ket capitalizations of less than $300 mil- 
lion — and small-cap funds rose 17.6 
percent and 17. 1 percent, respectively. In 
between were S&P 500 index funds, up 
17.3 percent. Except for the index funds, 
all these groups recovered from weak 
periods ranging from months to years, 
including a negative first quarter. 

One of the leading funds. M under Mi- 
cro-Cap Equity, was able to gain 26.7 


percent in the quarter because, said Carl 
Wilk, the fund’s lead manager, “we don't 
make big industry or sector" bets; we try to 
stay diversified.” When health stocks 
’ ‘got smashed in the first quarter, we were 
flat.” he added, while micro-cap funds in 
general did poorly. 

His average stock had a price/ 
earnings ratio of 17 to 18 and * 
relatively high eamings-per- 
share growth, forecast at 36 per- \ \ 1 
cent this year. Among the fund’s 
winners were Datum Inc., which T 
makes internal clocks for cel- " 
hilar phones and was up 138 
percent this year, and JPM Co., 
which makes cable assemblies for phone 
companies and was up 141 percent 

Trie fund’s management company, 
Munder Capital Management of Birm- 
ingham, Michigan, had another of the 
top 20 equity funds. Munder Netnet, up 
25.2 percent. The name refers to the fact 
that it invests in Internet-related busi- 
nesses and is marketed exclusively on 
the Internet. The feeling was thar this is 
a volatile, hard-to-understand industry 
and that the best customers to try ro 
reach were the volatile, hard-ro-under- 
stand people who troll the Internet. 

As with the other fund, the managers 
of Netnet “pick names from a number 
of sectors,” Mr. Wilk said. Some of 
them are names everyone knows, such 
as Microsoft Corp. and Compaq Inc. 
Others are less known, including In- 
tend, which has “an excellent history 
of year-over-year earnings growth” in 
its traditional business of providing tele- 
phone systems for corporate customers 
and has recently begun providing In- 
ternet voice telephony. 

The second quarter was so good for 
U.S. funds that only one type, special- 
izing in shares of gold-mining compa- 
nies, lost ground. The average gold fund 
fell 12.2 percent in the quarter, in forlorn 
synchrony with the decline of the metal, 
which dropped to $335.30 an ounce 
from $356.60 at the start of the quarter 
and $376.20 at the start of the year. 

While domestically oriented funds 
were the best to be in during the quarter, 
the best over six months targeted Latin 
America, up 35.3 percent, and global 
emerging markets, up 21 percent. The 
best domestic group during the half 
were funds that tracked the S&P 500 
and rose 20.3 percent. 

Index funds also did well in Britain, 
accounting for half of the top 20 do- 
mestically invested funds. The best fund 
was up 1 1 percent in the quarter and was 


able to beat the best index fund by a thin 
0.64 percentage point. The average do- 
mestic fund rose 3.5 percent, less than 
half the return of the FTSE-I00 index. 

“Smaller companies have done 
really badly.” said Anne McMeehan, a 
spokeswoman for the Association of 
Unit Trusts & Investment 
Funds. She said many mutual 
savings banks had been con- 
7 J verted into publicly owned 
banks and floated on the Lon- 
Vt don Stock Exchange, drawing 

'Qy? investors’ attention away from 

i stocks in other areas and funds 
that invest in them. 

“This has meant that small compa- 
nies have been virtually ignored.” she 
said. “There has been a "heavy reori- 
entation of marker energy into these 
particular companies.” 

She said this had been exacerbated be- 
cause “index funds, in a quest to ensure 
they have the right proportion of these 
companies, have driven prices up and left 
small companies gasping in their wake.” 
The average British small -companies 
fund lost 3.9 percent in the quarter. The five 
best British equity unit trusts tar- 
geted Hong Kong or China, each 
g ainin g more than 28 percent. | 

They helped the average unit trust " 
to a 7 percent return, twice that of fV ^ 
domestic stock funds. 

Hong Kone and China were *1 njgg 
also stars in the 21 offshore ter- 
ritories Upper follows — includ- 
ing the Cayman Islands. Luxembourg, and 
the Channel Islands — accounting for 1 5 
of the top 20 stock funds, as Hone Kong 
stocks rallied into the June 30 handover, 
ending the day at a record. 

HSBC Asset Management’s Hong 
Kong Growth Fund was the second- 
ranked British-domiciled fund and 
gained 34.5 percenr in the second 
quarter, aided by a concentration in 
property and financial holdings. The 
manager, Man Wing Chung, remains 
high on financial companies, especially 
banks. As for the real estate sector, “it’s 
a bit mixed," he said. 

* ’We think the physical property mar- 
ket should cootinue to be in good shape 
and prices should continue to go up. but 
not as fast as the last couple of years.” 
he said. “The perception of property' 
stocks is different. There is a perception 
that profits will be affected and shares 
will underperform. But when people 
realize that property companies can earn 
more money in a stable market, property 
stocks should do okay." 


The dominance of Hong Kong and 
China crowded mosi other investment 
objectives from the list of best offshore 
funds: others that made it targeted 
Brazil. Russia and global technology. 

Currency movements penalized own- 
ers of domestically invested funds in the 
European Union. The pound was strong, 
but that threatened corporate earnings, 
putting a damper on snare prices. The 
weakness of the franc and mark relative 
to the dollar depressed German and 
French fond returns. 

In France, the average domestic stock 
fund rose 7.5 percent in francs, close to the 
rise in the CAC-40 index, but expressed in 
dollars, the gain was 3.5 percent. Results 
were similar for domestic German funds. 
In both countries, as in Switzerland and 
Britain, the best equity funds were foreign. 
No French domestic fond made it to the 20 
best overall, and only two of the 20 German 
leaders invested locally, ranking 1 8 and 19. 
An American trend that is spreading 
around the world is indexing. Not only 
were half the leading British domestic 
equity funds index-lrackers. but several in 
France and Switzerland, too. 

Fund managers have avoided 
indexing, as it amounts to a 
confession that their stoek- 
l|L picking skills are insufficient to 

11 % bear a marker average. 

Hr But with 93 .4 percenr of equity 

^ mutual funds failing to beat the 
S&P 500 in the year through 
April, die public wants to index. 
U.S. investment portfolios include -5800- 
billion of indexed assets, according to 
Michael Baxter, senior portfolio manager 
at Merrill Lynch Capital Management 
Group. He said 20 percent of new fund 
cash is going into index funds. 

Even though smaller companies made 
up a bit of the ground they had lost to 
blue chips during the bull run that started 
in 1994, the biggest and besr-known 
American names have risen the most as 
indexers throw their new money at them. 
Thai stimulates further interest in index 
funds, sending the indexes higher. 

“Is there any doubt that we’re seeing 
a 1968-69 go-go fund era plus a 1972 
nifty-50 era, all rolled into one psy- 
chological extreme?” asked James 
Stack, editor of the market newsletter 
InvesTech Mutual Fund Advisor, ex- 
pressing alarm at the speculative bubble 
he sees forming. He conceded, however, 
that while “the rally is overdue for a 
• substantial pullback, until some pin 
comes along to prick the bubble, if can 
and probably will still get bigger.” 


[I Leading Bond Mutual Funds in the 2d Quarter 


Total percent return in U.S. dollars , March 31-June 30. 1997 


GMO: Emerging Country Debt 14.66 
Phoenix Emerging Mkt Bond; A 12.64 
Amer.CtyBenhamTgt Mat 2025 12.20 
T Ronre Price Inf: Emg Mkt Bonct Fd 11.62 
Fidelity New Mkt Income 11 .52 

ASiance Global DotenB 1061 

GT Global High !noome;B 10.58 

BearStsamsdEniefljin&DebtA 1065 
Morgan Stanley Funds: Worlds 10.24 
American Cm: Benham Tgt Mat 2020 1 060 
Morgan Grenfell: Emerging Debt 9.43 
Mason StreetHigh Ytetd BonfltA 861 


Domaaoicatty hivamtad V 
Amer.CtyBenhamTgt Mat 2025 1260 
Amsr. Cty Benham Tgt Mat 2020 10.00 
Mason StreetrHIgh Yield BondA 6.61 
Amsr. Ctf. Bonham Tgt Mat 2015 8.30 
TCW/DW Income & Growth 7.73 
Buffalo High Yield * 7.33 

Phoenix HlghYfeld# 7.16 

Rydex; US Gout Bond Fund . 7.07 

USAA Income Strategy 7.05 

AIBanc&BoruECorp Boik);B . 661 
SummfcHtfi Yield; High Yield shares 6.71 
AlRanoe- Global Strategic lnc;& 6.70 


Uoyds Govt Bd-D SMI 
ANZ Russian Debt 
Regent Russ Debt Ord 
Thornton Orient Inc. 
Barclays IF-Gfb Inc 
Ffehinri FFBTG Bond 
Consufta-Emg Mkt Debt 
MFSMetfd-US HlYWI 
Emerg Mkts Fixed Inc 
MofgStai>-E(hg Debt ' 
LM Glb-Emg MM Bd B 
Bond VStor-Ybn ' 


• .V.f 

Britain’ - 

. - - • s f 


CU PPT Preference Inc 9.86 

Moigan Gran MPAnty Cortv Ex 8.64 
INVESCO GH & Fixed Interest 8.58 
Lloyds Bate High Interest' 8.26 
Baillie Gifford Bond 6.04 

M&G Corporate Bond 7.98 

Hill Samuel Gilt & Fixed Int 7.95 
GT High Yield ’ 7.91 

Standard Life Premier Inc Acc 7.82 
ABed Dutfrar Extra Inc PER, • 7.72 
Prolific Pref & Fbred Interest 7.55 
Giinness FBght Corprafe Bond 7.43 




Lift Haut Rendement 3.70 

Aseunfix-fei • * 3.30 

Stats Street Obligations Monde 3£2 
UAPAttefi 3.07 

Centralo ObBg Internationales 3.01 

Abf Obtig Internationales 2-99 

Obi tote Mondial . 2.88 

Natto Inter ' .284 

Barclays Obligations internet 2.82 

Lk ObBnter = ... ' 280 

AXA International Obligations 2.75 

Sdtection Oblfg Intern 2.71 


Genriany - ?• ; - 

PVF Spezial AJlfonds 
MAT irrti Rentenfonds 
DVG Fde-lnti Sel Rent 
DWS Inti Rent Typ O 
Inti Rentenfonds 
Adirawa 
UniRenta 
DIT Eurozir® 
NB-Eurorent 
Madgeburger Wart-OfT 
Thesaurent 
DKU Fonda 


Switzerland, . V 

'.' rl V. 

Lloyds Govt Bd-D SMI 
BondWalw-Yhn 
UBS Bd Inv-Yen 
YenBond Selection 
Bond Valor-STG 
UBS Bd Iw-STG 
SterlingBondSelect 
Von Ernst CSF 
Bond Vator-USD 
DoftarBondSetection 
MLBS Fixed Inc A USD 
UBS Bd Inv-USD 


Source: L^per Analytical Services. Europerformanca (France) 


Behind the Boom Times and Vibrance, There Are Animal Spirits 9 at Work 


T HINK SEX,” Wayne Nelson, a 
senior vicepresidentat Merrill 
Lynch & Co., advised me a 
year ago. in describing his ap- 
proach to a stock market rising so 
swiftly that his clients were afraid of an 
imminent crash. 

“If the entire time you ’re having sex, 
you ’re thinking abopt when it's go ing to 
be over, you’re not going to enjoy it,” 
he said. “So relax and have fun. You’re 
probably never going to experience 
anything like this again.” 

Mr. Nelson’s philosophy has served 
investors welL Over the past 1 2 months, 
the Standard & Poor’s 500 Index of U.S. 
stocks has returned an incredible 50 
percent; over the past three years. 1 17 
percenL Pity those who exited early. 

Today, Mr.’Nelson’s clients are still 
frightened — andso, I hope, are readers 
of this column, 

“But,” he says, “they- aren’t doing 
stop-losses or. buying puts or selling 
short. Or selling at all. 

Stay invested but stay scared- — 


that’s been our motto throughout these 
anxious, glorious bull years in the 
United States. It’s doubtful that the mar- 
ket will continue ro rise 30 percent 
annually, but, if history is a guide, 
stocks should produce handsome re- 
turns over the long run, doubling your 
investmenl every seven years, quad- 
rupling it in 14. octupling it in 21. 

StiJL it would be reassuring to know 
why the stock market has been so strong 
lately. 

One satisfy ing answer comes from the 
lare John Mavnard Keynes, who. despite 
being the left’s favorite economist, had 
brilliant things to say about finance. He 
coined the term “animal spirits” to de- 
scribe the enthusiasm that from rime to 
time permeates the economy and mar- 
kets. Animal spirits have been in hi- 
bernation since the mid-1980s, but they 
are rampant today, and it is a good bet 
they will be around for a long rime. 

Animal spirits encourage the risk- 
taking that’s necessary to a vibrant 
economy and a bubbling market. 


“It is safe to say,” Mr. Keynes wrote 
in 1936, “that enterprise which depends 
on hopes stretching into the future ben- 
efits the community as a whole. But 
individual initiative will only be ad- 
equate when reasonable calculation is 


Valley, in foe rejuvenated Midwest, it^ 
restaurants started by immigrants in 
shopping malls, in high-tech projects 
like Iridium, which will ring foe globe 
with 66 communications satellites. 

Lawrence Kudlow, a former U.S. 


JAMKS GLASSMAN ON INVESTING 


supplemented and supported by animal 
spirits, so thar foe thought of loss which 
often overtakes pioneers, as experience 
undoubtedly tells us and them, is put 
aside as a healthy man puts aside the 


expectation of death. ” 

in other words, starting, expanding or 
investing in a business is extremely risky. 
Most entrepreneurs who put numbers to 
paper would conclude that foe dangers 
are too great. Animal spirits, however, 
help them overcome their doubts and. in 
foe process, push the economy to greater 
heights and help everyone. 

Where do we see animal spirits op- 
erating in the real economy? u Silicon 


budget official who is now chief econ- 
omist for American Skandia Life As- 
surance Coro, in Shelton. Connecticut, 
says that animal spirits are even show- 
ing up in cities once left for dead. 

But why? “When the reward struc- 
ture is good enough,” says Mr. Kud- 
low, “you roll the dice. You might fail, 
butyou keep at it.” 

That reward structure is not merely 
low tax rates. Lately, Mr. Kudlow be- 
lieves, the key has been low inflation — 
which has meant low interest rates. 

Low inflation, he noted in a recent 
letter to clients, “provides a powerful 
economy-wide tax cul It boosts real 


investment returns on capital and risk 
taking, raises real incomes and wages. 
Lifts foal corporate profits and increases 
real economic growth.” 

Not only is inflation low; it is steady. 
Stability has been the most remarkable 
feature of this economy. Growth in in- 
flation. in gross domestic product and in 
interest rates are now less variable than at 
any other time in foe past two decades. 

This stability has helped release an- 
imal spirits. Entrepreneurs have confi- 
dence that sales and costs will no t spike 
up and down: consumers can make large 
purchases without worrying that they'll 

soon be out of work or that interest will 
rise on their variable-rate mortgages. 

On the stock market, without the threat 
of sharply rising inflation or a weak 
economy, investors can take a long view. 
More than anything, it is this perspective 
that has boosted share prices. 

For those who believe aniinal spirits 
will persist and who can keep rands 
invested for at least 10 years, there is 
nothing better than stocks, in a mix of 


international and value-priced shares. 

The Critical Investor . a newsletter that 
tracks no-load mutual funds, suggests a 
■‘high-growth portfolio" foal includes 
Strong Schafer Value, Montgomery 
Emerging Markets, Strong Opportunity. 
Janus Overseas, Baron Growth and In- 
come and Invesco Dynamics. 

If you favor individual stocks. Red 
Chip Review lists these small-caps for 
purchase: Veterinary Centers of Amer- 
ica Inc.. Simula Inc.. Phoenix Gold In- 
ternational. Ampex Inc.. ST AAR Sur- 
gical Co.. Monaco Coach Corp., 
Bonded Motors Inc.. CFI ProServices 
Inc.. Mobile Mini Inc. and Specialty 
Teleconstructors Inc. 

Finally, Byron Wein of Morgan Stan- 
ley & Co. recommends 10 stocks as 
"fresh-money buys”: Advanced Micro 
Devices Inc., BankAmerica Corp., 
Cisco Systems Inc., Citicorp, Diamond 
Offshore Drilling Inc.. HFS Inc., Kmart 
Corp., Manpower Inc., SanAmerica 
Ixic. and Warner-Lambert Co. 

Wiisltmgtvii Post Senitr 







INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAJf, JULY 19-20, 1997 


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After Currency Storms, 
An Asian Resurgence 

Other Emerging Markets Also Thrive 


Emerging-Market 
Funds in 1997 


Total return in U.S. dollars 


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By Iain Jenkins 

T HE CURRENCY turmoil that 
has gripped Thailand, the Phil- 
ippines and Malaysia m recent 
weeks appears to have run its 
course, paving the way for what emerg- 
ing-market analysts and fund managers 
believe will be the start of a recovery in 
Southeast Asian markets. 

David Lui, manager of the $320 mil- 
lion Schroder Asia Fund in Hong Kong, 
said he was convinced that AsiaVas set 
for a sharp recovery. 

"Over the next two to three years. 
Asia will return to favor.*' he said. 
“People are focusing on what happened 
in the past, not on what will happen in 
the future." 

Michael Howell, who runs Cross 
Border Capital, a London -based invest- 
ment consultancy that specializes in li- 
quidity flows, said: "Increasingly, we 
are seeing an active asset al- 
location between the emerging- (LA* 
„ market blocks. As pan of this 

process, we have recently ad- £>. - 
vised our clients to get out of 
Eastern Europe with the excep- 
tion of Russia and to reduce L 

Latin America in favor of ° 

Asia." 

If they are right, it will be the end of a 
prolonged bear market in Asia, which 
halfway through the year was trading 
below 1994 levels. 

The disastrous performance of the 
Thailand funds, which are at the bottom 
of the Micropal emerging-market 
tables, seems to add weight to the ar- 
guments of some skeptics who have 
questioned whether growth would ever 
resume. Anyone who invested in the 
Indosuez Siam Fund (Cayman; at the 
start of the year would have seen their 
..■^investment fall a frightening 34.9 per- 
cent for the first half 
In fact, avoiding Asia has been the 
key for emerging-market investors over 
- the past few years. This year ha - . >een no 
exception: Latin America fund, are up 
.29 percent, led by Brazil, with a 3$ 
percent gain to the end of June. The 
Opportunity Brazil Value fund was Mi- 
cropal's best performing emerging- 
market fund, with a startling return of 
190 percent. 

Elsewhere in emerging markets. 
Eastern Europe continued its singe with 
the Barings Emerging Market Index for 
•Europe, up 17.5 percent. This index 
does not include Russia, which was the 
star perfonner, with the ROS Index up 
104 percent, in the first six months. 

• The large $382 million Hermitage 
Russian fund was up an impressive 1 87 
percent and the Fleming Russia Secu- 
rities fund was up 106 percent 
Surprisingly, after Russia's extraor- 
dinary surge this year, the market is still 
seen as having lire in it by many emerg- 
ing-market watchers. Several of them 
still suggest the Fleming and Hermitage 
■funds, although the Jarrer has just closed 
,. to new investors, with its sponsors of- 
fering a new Hermitage n. 


"The market may stabilize after its 
recent run." said Mark Cooke, Russian 
fund manager of the Brunswick Capital 
Management. "However, as an emerg- 
ing-market investor I would have a large 
position in Russia. It will be a good 
long-term bet. I think it will be up on 
average 40 percent-50 percent a year 
over the next five years." 

A key issue for the emerging-market 
investor is whether to avoid Asia. 

"Just now people are in denial about 
what is going on in Asia," said Emily 
McLaughlin, a director of Foreign & 
Colonial emerging markets in London. 
* 'However, they win be forced to accept 
that sometimes gold is too expensive 
and grass is too cheap. Asia is expensive 
gold." 

On the other hand, a growing number 
of analysts now suggest that Asia is 
poised to stage a comeback and many 
professional fund managers are cau- 
tiously starting to return to Asia, while 
keeping healthy positions in 
isaspv Brazil and Russia. 

/ - 7p -\ "There is more to go for in 

Latin .America as these coun- 
| /f- y tries move to the marker econ- 
i o my. but it can't continue at this 
Xjy$ pace forever." said Marc Mo- 
* bius, the Singapore-based head 
of emerging markets at Frank- 
lin Templeton Group. "We are starting 
to put a lot more money into Asia. We 
don't think it has gone ex-growth. There 
is no doubt it will be back." 

In Latin America, Mr. Mobius said he 
still liked Brazil and Argentina. 

This view is shared by Tristan Clube. 
emerging-markets fond manager at 
Martin Currie Investment Management 
Ltd. in Edinburgh, who said he liked 
some of the Latin American countries. 

"It is still premature to say that we 
have turned the comer in Asia,*’ he 
added. "There is some further hardship 
to come in some countries such as Thai- 
land. But the Philippines is a positive 
story.” 


D RIVING THE renewed interest 
in Asia are valuations. Asian 
companies are starting to look 
cheap relative to those in Latin Amer- 
ica. 

Calculations by ING Barings in Lon- 
don shows that price/earnings ratios for 
Larin America companies are at 16.6, 
while in Southeast Asia, excluding 
Hong Kong and Singapore, they are at 
1 6. 1 . Two years ago. P/E ratios for Latin 
America were 12.1, with Asia at 19.4. 

"We have seen a large re-rating of 
Latin America and a de-rating of South- 
east Asia," said Shaun Roache, emerg- 
ing-market strategist at ING Barings. 
"The question is how far this process 
can go. We feel that there is likely to be 
a shift to Asia, possibly in the last 
quarter of the year or early next year." 

Sara Zervos, emerging-markets 
strategist at BZW in London, agreed 
with the valuation argument, although 
she acknowledged that after the bad 
years, people are nervous about return- 
ing to Asia. 


January 1 - July 1. 1997. 

[Best Performing f 

Opportunity Brazil Value 

19090 

Hermitage Flussia 

187.31 

Russian Prosperity 

139.04. 

Rurlk Investment 

119.57 

Firebird Fund LP 

114.94 

Brunswick Russian Growth 

111.52 

FP Russia! Equity 

106.77 

Fleming Russia Securities 

106.63 

Firebird New Russia F Lid fa) 

105.70 

Flaming Frontier Russia 

104.91 

Russia Fund Ltd. 

93.92 

China Fund 

90.63 

Russian Investment Co 

39.90 

Opportunity Brazil Aggressive 

89.07 

Regent Rad Tiger ' 

88.96 

Regent White Tiger 

86.77 

Matrix'-Geo Summit Class B 

B3.93 

CCF Premium Fund Ltd E3 

83.87 

Eastern Capital 

82.84 

Regent Blue Tiger Inv Co 

79.80 

[Worst Performing |j 

The Bangladesh Fiard 

-46.23 

ImPac AP Thailand 

-43.16 

Nakomthon Fund 

-38.49 

Sinpinyo Seven 

-36.92 

Roong RoJ One 

-38.09 

Abtrust New Thar IT 

-35.88 

SfemFund (Cayman) ltd 

-34.93 

United Fund 

-34.46 

Parfljas EM Thafland Index 

-34.40 

Adklnson Growth Fund 1/97 

-34.09 

Stem Qty Two 

-33.96 

Ruam Pattana Two 

-33.50 

Thana Phum 

-33.74 

Siam City 

-33.69 

Wattsteast Thatmex Fund 

-33; 18 

Sinpatlana Fund 

-32.98 

Sub Anan Fund 

-31.04 

Satang Daeng 

-31.51 

ftdgmy Fds Thailand 

-31.22 

Thailand Intemalional Fund 

-31.06 

Source: Micropal 

IHT 

"It is down to psychology.' ' 

she said. 

Eventually people will see that valu- 


History Shows a Century of Rich U.S. Returns 


By Aline Sullivan 


O NE OF TOE great 
truisms of investing 
today is that stocks 
always outperform 
other investments over the 
long term. But that only holds 
true in the United States, 
where equity returns this cen- 
tiny have more than doubled 
- those of other countries, ac- 
cording to a recent report on 
global stock markets. 

Two finance professors, 
;William Goetzmann of. the 
.Yale School of Management 
and Philippe Jorion of the 
Graduate School of Manage- 
ment ar the University of 
[ California at Irvine, based 
■their study on data from 39 
; markets tint spanned much of 
.the 20th century. They found 
■that the United Stales had by 
.far the highest uninterrupted 
real rate of appreciation, al- 
imost 5 percent annually. For 
■the 14 countries with stock- 
imaiket histories since the 
.1920s, the equivalent rate 
;was 2.1 percent and for all 39 
!it was about 1.5 percent. 

■ ‘These results strongly 
*suggesr that the return for .the 
vJ.S. was highly unusual,” the 
| report said. “As it was also one 




of the few series without any 
break, this high return could 
be ascribed to survival." 

For the United States, the 
researchers had a continuous 
stock-price history from the 
1870s. Of the 14 markets with 
virtually unbroken histories, 
only six (Britain, Canada, 
New Zealand, Sweden, 
Switzerland and the United 
States) have not closed for 
more than a few days. The 
other eight experienced some 
temporary suspension of trad- 
ing but later resumed. 

Others, including Argen- 
tina. France, Germany, Japan 
and Russia, were active at the 
beginning of this century but 
were closed for years. 

Some of these so-called re- 
emerging markets, such as 
Germany and Japan, per- 
formed spectacularly after 
.World War n after showing 
only mediocre growth before. 
In contrast, Czechoslovakia 
generated an average annual 
real return of 4.39 for the 22 
years' until 1943, when it 
ceased trading. 

Other markets that have 
experienced substantial gaps, 
including Chile, Peru and 
Portugal, have performed 
well only in recent years. 

Investors old enough to 


maintain exposure to any of 
these markets would have 
fared better in America. Had 
, the non-U.S. markets grown 
at the U.S. rate, their market 
value would be $33.27 tril- 
lion, the researchers found. 
The "opportunity cost of 
growing at about 3 percent 
instead of the 5 percent U.S. 
clip" was $24.27 trillion in 
today’s dollars, they said. 

Another plus for investors 
in America was its relatively 
low (16:5 percenr) volatility 
rate. That compared with a i 
rale of 25.7 for Italy, 37.6 
percent for the Philippines 
and 65.7 percent for Poland. 

'The high rerum obtained 
in the U.S. does nor seem to 
compensate for higher risk," 
the authors said. They cal- 
culated returns in three ways: 
local currency, the dollar and 
by a real price index that was 
adjusted for inflation. 

“We feel it is important to 
leant from history," the re- 
searchers said. ‘This is es- 
pecially true in view of the 
current rush toward emerging 
markets, which is largely 
driven by their recent sizzling 
performance. But global cap- 
ital markets have been sys- 
tematically subject to dramat- 
ic changes over this century. 


Major disrupt ions have afflic- 
ted nearly all the markets in 
our sample, with the excep- 
tion of a few, such as the U.S. 
Markets have been closed or 
suspended due to financial 
crises, wars, expropriations 
or political upheaval." 

-A CENTURY OF GLOBAL STOCK MAR- 
KETS - by WQIjwi) Goetzmann and Philippe 

Jorwjn »ra paMuhcd by the N’ouocvJ Bureau of 

Economic Research Inc- IQStl Massacbuietu 
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Into Africa? New Investing Views 

Despite Economic Growth, Some Doubt Continent’s Viability 


ations are so out of line and that Asian 
companies are cheap.” 

For anyone considering bucking the 
market and making an investment in 
Asia, Rupert Bruce, editor of Global 
Fund Analysis in London, which pro- 
duces a monthly research document of 
the fond industry, said Michael Sofaer’s 
SCI Asian Hedge Fund was a good 
starting point. 

“What has impressed me about So- 
faer is his tight handle on risk,” Mr. 
Bmce said. "Even in tough markers in 
Asia he has done well." 

Over the past five years, the SCI 
Asian Hedge Fund is up 119 percent, 
putting it in 17th place among 125 re- 
gional Asian funds. 

For further information . call-: 

• Fleming Rnuu Secuntm Fund:4J 1 71 hi* 5 k 58 
■ Hcimnage Capital Mxtugetncai. 7JU 12 58 31 60 

• SCI Asun Hedge Fund: KW 5:18882 


By Digby Lamer 

H ISTORICALLY, emerging- 
marker investors have been 
wary of Africa. Burdened by 
debt, often politically unstable 
and occasionally ruled by unpredictable 
dictatorships, few of the continent's 
countries attract foreign money. 

But according to Jonathan Gamer, an 
equity strategist with Robert Fleming & 
Co. in London, it is time to look at the 
continent in a new light. 

"Africa should no longer be viewed 
as unworthy of consideration for equity 
investment," he said. * ‘The normal rules 
of economic life are now well estab- 
lished in many African countries. Their 
citizens are beginning to reap die ben- 
efits of economic development jusr as 
those of the Asian and Latin American 
countries have done before them.” 

In 1996, Africa was the second- fastest- 
growing developing region after Asia, 
and the International Monetary Fund ex- 
pected ii to remain ai leasr as strong 
through 1998. Africa's top 13 economies 
averaged 6 percent growth in 1996. ■ 
Since 1989, stock exchanges have 
opened in Botswana. Malawi. Swazi- 
land and Zambia. At the same time, 
older exchanges have broadened their 
activities and in recent months Tanzan ia 
and Uganda have authorized a number 
of new dealers and brokers. Stock mar- 
ker capitalization has more than 
doubled, to $285 billion, in the eight 
years to 1996. 

So much for the good news. The bad 
news is that not all analysts are en- 
thusiastic. Few said they felt improved 
economic growth was an argument for 
taking a broad sweep of stocks, even in 
Africa's berrer-developed countries. 

Andrew Elder, a fund manag er with 
Abtrust Ltd. in London, recently re- 
turned from a fact-finding trip to Zi- 
mbabwe, which is one of Africa's top 
economic performers. While he agreed 
that its economy had made considerable 
progress since his first visit, in 1989, he 
said that successful investment was still 
dependent on gathering detailed infor- 
mation on specific companies. 

“Overall, we're not ready to recom- 
mend that investors increase their 
weighting in Zimbabwe," he said. 

Stocks may have peaked following 
the stock market's recent strong per- 
formance, he said. Rising stock prices in 
Botswana, Egypt, Morocco and Zim- 
babwe — the Fleming's Africa Index, 
excluding South Africa — outper- 
formed the Standard & Poor's 500 by 
1 30 percent in the five months to March 
this year. Even so, Mr. Elder said a some 


stocks still had growth potential. 

He said Zimbabwe's Delta Corpo- 
ration Ltd. is the country’s largest-cap- 
italized company, with diverse invest- 
ments in the leisure, retail and 
manufacturing sectors. Its only draw- 
back, he said, is the price. 

“Righr now it’s starting to look a bit 
expensive," he said. It's now trading at 
about 20.30 Zimbabwe dollars ($1.78). 

A better prospect, despite its smaller 
market cap, was Trans Zambezi Indus- 
tries, be caus e of its broadly regional 
outlook. TZI’s recent stock poformance 


ATI 


South Africa . 
. 0-t > 


A /Zimbabwe 

* Morocco /\ J jsfR) iatfc 

■ Egypt (U 

Source: Flemings Reseach iht 

has been disappointing, however, falling 
from a peak of S 1 .65 in June to 87 cents 
at the beginning of July. 

In Zimbabwe, more than 70 percent 
of the workforce is involved in farming. 
Economic performance is, therefore, 
tied closely to the level of rainfall. Al- 
though meteorologists have plotted a 
historical 10-year-long cycle of wet and 
dry periods and predict that Africa is on 
the threshold of a new rainy decade, 
poor weather conditions remain a strong 
downside risk, according to Fleming - 
Despite this, Fleming recommended 
investment in Zimbabwean horticulture. 
Its favored stock was Ariston Holdings, 
which grows fruit in Zimbabwe's east- 
ern highlands. The climate ordinarily 
allows early ripening and gives Ariston 
a strong market lead. Earnings growth 
was 355 percent in 1996 and Fleming 
expects its eamings-per-share to hit 20 
percent this year and next. 

Fleming also expected a tourist boom 
in some African countries. What makes 
this surprising is that the industry grew 
only 2 percent across the region last 
year. The World Tourism Organization 
said tourists were deterred by political 
or military unrest and health risks. 


E-mail address: moneyrep'? iht.com 


Yet this low regional average masked 
the strong performance of some coun- 
tries. The popularity of sub-Saharan 
Africa with tourists increased more than 
it did in North Africa last year. In South 
Africa, where the number of tourists 
grew 20 percent in 1995. international 
airlines are jockeying for landing slots, 
while hotels ore expanding capacity 
with major construction projects. 

The biggest beneficiaries are luxury- 
hotels. Fleming’s South African ana- 
lyst, Kerry Clarke, said pure tourism 
plays were limited, but made three rec- 
ommendations: Sun International 

(South Africa) Lid., a major leisure 
business with 1 1 hotels and several casi- 
■ nos: Kersaf Investments Ltd., a holding 
company with hotel, casino and broad- 
cast-media subsidiaries, and Karos Ho- 
tels Ltd., which develops hotels and 
rime-share real estate. 

Ebru Uzsezgin, a fond manager wiih 
Foreign & Colonial Emerging Markets 
Ltd., said she was pleased with Africa's 
regional progress. She said the IMF 
restructuring plans in most areas were 
having a positive impact on budget def- 
icits' and inflation. In the three years io 
1996, Africa’s budget deficit average 
fell from 8.7 percent of gross domestic 
product to 3.5 percent. 

Ms. Uzsezgin said deregulation had 
favored construction and related indus- 
tries in the last three years. Cement and 
real estate, also had good investment 
potential. Additionally, shifting con- 
sumer-spending patterns have benefited 
food and beverage businesses, she said. 

She added that there were no restric- 
tions on foreign investment and that 
international investors find it easy to 
access the Egyptian market. Poor li- 
quidity is sometimes a problem. 

Morocco offers similar advantages, 
but has been economically stunted in 
recent years because of drought. But 
consumer-spending changes have 
favored investment in the consumer- 
credit and banking sectors, she said. 

"In the last year, the number of loans 
has increased by between 25 percent and 
30 percent The quality of the loans has 
to be watched closely, but the sector 
provides a good hedge against the prob- 
lems of the agricultural sector." 

In Egypt, Mr. Elder favors the phar- 
maceutical company Epico, a strong ex- 
porter that has market links with several 
important neighbors. Epico's share 
price has climbed from a low of 195 
Egyptian pounds ($57,521 in February 
to 220 pounds this month. 

"It nas good connections with Iraq," 
he said of Epico. "If Iraq starts to open 
up in the reasonably near future, Epico 
could be a major beneficiary." 


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PAGE 20 


^ Hcralb^Srtbunc 

Sports 


SATURDAY-SUNDAY, JULyi9»20, 1997 


World Roundup 


Sa Pinto’s Move Frozen 

soccer Ricardo Sa Pinto must 
complete a 12-month ban for as- 
saulting the national coach Artur 
Jorge before his agreed $4 million 
move from Sporting Lisbon to 
Spain’s Real Sociedad can proceed, 
FIFA, die governing body of world 
soccer ruled on Friday. 

Luis Uranga, president of the 
Real Sociedad. said he expected Sa 
Pinto to appeal against die suspen- 
sion imposed last week by the Por- 
tuguese federation. 

• Smart Pearce, the veteran Eng- 

lish defender, joined Newcastle on 
Friday, a day after being given a 
free transfer by Nottingham Forest. 
Pearce, 35, signed a three-year con- 
tract with last season’s premier 
league runners-up. { Reuters ) 

Sri Tanka Crushes India 

CRICKET Aijuna Ranatunga led 

Sri I-anka to victory over India in 
Colombo on Friday and a place in 
the final of the four-nation Asia 
Cup tournament Ranatunga hit 131 
not out as Sri Lanka reached the 
228 target with 32 ball and six 
wickets to spare. ( Reuters) 

Bears Put on Probation 

basketball The NCAA placed 
the men's program at die Uni- 
versity of Califo rnia on three years 
probation. The NCAA banned the 
Rears from postseason play next 
season, reduced Cal’s scholarships 
and made it forfeit 28 victories in 
the 1994-95 and 1995-96 seasons. 

The punishments were for former 
coach Todd Bozeman’s payments 
of $30,000 in 1994-96 to the parents 
of former guard Jelam Gardner, who 
now plays for Pepperdine. (AP) 

Olympic Medalist Banned 

ATHLETICS James Beckford. the 
Olympic long jump silver medalist, 
was suspended for three months 
pending a hear ing after testing pos- 
itive for the stimulant ephedrine, the 
International Amateur Athletic Fed- 
eration said Friday. The Jamaican 
failed a drug test after placing second 
at the Paris Grand Prix on June 25. 

• Dan O’Brien, unbeaten in die 

decathlon since 1992, is passing up 
an invitation to next month's world 
championships in Greece because 
of leg injuries. (AP) 


Clarke Leads While Tiger 

As Woods Hits Quadruple Bogey, 

Old Foe Emerges From Shadows 



By Ian Thomsen 

InMTUflwul Herald Tribune 


T ROON. Scotland — Tiger Woods 
looked over at a television Thurs- 
day night and saw a familiar face. 
“Is that Barclay Howard?” Woods 
asked. “I remem ber him from the Walk- 
er Cup. How's he doing?” 

Not bad, actually, for a nervous 
middle-aged amateur, a recovering al- 
coholic playing in his first British Open. 
After two rounds he was two strokes 
better than Woods. 

That news would have been inci- 
dental to Woods, and unbelievable to D. 

British Open 

Barclay Howard. All Woods cared 
about was that he was 13 strokes behind 
the midway leader, Dairen Clarke of 
Northern Ireland, who shot 5-under par 
66 to finish at 9-under 133. Nonetheless, 
Woods predicted that he could still win 
the 126th British Open — and, frankly, 
if that’s what Woods thinks, then it’s 
possible. “I was more than 13 shots 
back at Pebble Beach this year and 
almost won,” he said. 

Clarke was tied for the lead at4-under 
when he teed off early Friday morning, 
four groups ahead of Woods. The flags 
were limp, as if Royal Troon was sleep- 
ing through its alarm. It had been so 
blustery and vicious the day before. 
Woods was supposed to exploit an idyll- 
ic seaside morning like this, and from 
the first tee he outdrove partners Steve 
EUrington and Bernhard Langer by 
dozens of yards. But they, in turn, 
jammed in their approaches twice as 
close to the pin as hw did. He flopped a 
little running chip onto the front of the 
green, which epitomized his problems 
on a course so unlike those he habitually 
d ominates in the United States. 

Woods would be 3-under if not for 
two boles. (Otherwise, Mrs. Lincoln, 
how did you like the play?) On Thurs- 
day he triple-bogeyed the Railway 1 1th. 
the same hole that punished Jack Nick- 
laus with a 10 at his first British Open 35 
years ago. On Friday, still 1-over and 
hopeful. Woods approached the 10th 
with an 8-iron from the tough that fin- 
ished in a matting of long grass and 
heather behind the green. It took Woods 


three stabs with a sand wedge to escape 
the Scottish jungle — followed by a 
chip back up die green and two putts. 
Quadruple-bogey 8. 

Up ahead, Clarke had taken the lead 
all for himself with a birdie on the first 
hole. In all he birdied six holes on the 
front side, and if not for bogeying both 
of the par-3s his round would have 
threatened what Woods did this year at 
the Masters. Leaning over the ball 
Clarke kept his feet as far apart for his 
putter, awkwardly, as he aid for his 
driver. He attacked both shots with 
equal drive, though the putts didn't 
know it — they were* failing into the 
cups gently. As Clarke made his way 
around the back nine, preceded every- 
where by his name atop the marquee 
leaderboards, he heard applause that 
bad been anticipated for Woods. 

Asfor Woods, his 74 Jeff put him al 4- 

over 146, which was a fancy neigh- 
borhood. He was tied with Langer and 
the defending champion Tom Lehman, 
and two strokes behind Nick Faldo (73), 
Ernie Els (69) and. yes, D. Barclay 
Howard. All but one of them will like 
being reminded that Bobby Clampett 
ran off to a 5-stroke lead in the. 1982 
Open at Royal Troon — and Dampen 
finished with rounds of 78 and 77: from 
1 1 -under to 1 1-over. 

“I’ve got to play well from uow on, 
but I know what it takes to win a major 
championship,” Els said, giving himself 
a pep-talk in foe guise of an interview. 
“The guys who are leading now haven't 
woo any major championships. They’re 
in different territory.” 

Which leads us to the Scottish am- 
ateur D. Barclay Howard, under foe 
heading of “different territory.” For 
stretches of foe opening 27 holes his 
name was on foe leaderboards, despite 
his fear that he would self-destruct in foe 
first round. “I'll admit it now, I thought 
I might shoot a War Service score — out 
in 39, back in 45,” be said. Instead he 
was out in 4-under for an opening 70; 
and on Friday out in 1 -under for a 74. 

In J 991. Howard's club in Scotland 
took away his life membership and 
banned him for a year because of his 
drunkenness. “I always carried six cans 
of lager in foe bag,” he said. “As soon 
as I started to dehydrate from foe al- 
cohol. my muscles started going. I had 



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Itcmb^^&nbune 

the tow ns may newspaper 






O' 




IVfrr KmpfllH- Awuwd IV» 

Tiger Woods reacting to trouble in the rough on the 17th hole Friday. 


to keep drinking to just keep the muscles 
slack. I changed from being a pleasant 
guy to being an idioL” 

He didn’t play golf for most of 1991. 
In 1993 he lost his job with Rolls Royce 
and was out of work for two years. ‘ ’At 
41 1 never thought I’d get to 50.” he 
said. Since then he has been attending 
AA meetings and been hired as a cus- 
tomer services manager by John Letters, 
a golf club manufacturer. He was wear- 
ing the boss’s clothes as he came in. 


under great strain for sure, but ahead 
nonetheless of his fellow Scot, Craig 
Watson, in the race to be low amateur. 
Even better, he was the low Scot, a 
stroke better than Colin Montgomerie 
(76-69). Most of all, was he surprised to 
be two ahead of Woods? “Oh, aye, but I 
just was concerned about making foe 
cut,” Howard said. “Now I’ll be back 
in the pack, great, the pressure’s right 
off me. I’ll play foe four rounds now and 
it doesn’t matter if I finish last. ’ ’ 


Leonard Is 2d 

amMfrOirSuflFnwttnurto ^ 

TROON, Scotland — Darien Darke, 
stood alone at the top of the leader board . 
Friday after shooting a five-under. 66 on # 
the second day of the British Open. 7; . 

His 9 -under par total of 133 equals foe 
record for foe first two rounds in an Open, 
at Troon, by Bobby dampen in 1982. 

Clarke, a 28-year-old Northern Ir- t 
ifihman. made the most of foe calm- 
sunny conditions in only his seventh 
major championship appearance. 

He admitted he was beginning to think 
about winning: “If 1 can get myself into, 
contention on Sunday afternoon, I . do . 
believe I can give it a go.” . . , 

Jim Furyk, an American who bad 
shared the lead with Clarke after foe first, 
round, finished with'' a 'one-over 72 'to. 
trail Clarke by six strokes.. . 

While Furyk fell back, Justin Leonard,, 
an American, and Jesper Pamevik, a 
Swede, stayed closest to Clarke; 

Leonard went out in 31 — 5-under- 
par — and finished on' 66 for. a twp-._ 
round total of 135. r 

Pamevik, 32, who finished second to 
Nick Price at TSiraberry in 1994 made, 
three birdies on the homeward nine to; 
finish on 6-under, three off the lead. 

Fred Couples shot a 68 which put him 
on 137. 5-under par. . - . ! 

David Tapping. 22, an Englishman, 
who was among the latest starters, was 
also 5-under par overall after 16 holes. , 
Nick Faldo had a miserable 40tfa> 
birthday. The crowd at foe ftrsttee sung ; 
happy birthday to him. but from then on 
things went badly. He added a 73 to his , 
first round 71 to go two-over on 144. . 

Tom Lehman, foe defending cham-‘ 
pion, collected a two-shot penalty at the’ 
39L-yard par-4- 2d. Lehman moved, his; 
marker because it was in another player’s | 
line bit forgot to put it back when it was < 
his turn to putt He finished on 146, just] 
making foe cut 

Greg Norman shot a 2-over par 73. *T’ 
bad one-one putt and 17 two-putts out, 
there and that doesn’t get the job done in'; 
these tournaments,” he said. '• - 
the Swedes Dennis Edlund and 1 
Daniel Olsson shot holes-in-one. Ed-; 
Iund aced the 126-yard Postage Stamp' 
and Olsson. an amateur, holed foe 21Ch! 


yard fifth. 


(AFP. AP. Reuters) 


Scoreboard 


BASEBALL 


Major League Standings 


A— KAN 1 

HflflWf 



EAST WVJSTO* 




w 

L 

Pci. 

GB 

Bottimare 

' 57 

35 

420 

— 

New York 

54 

39 

JB1 

3tt 

Toronto 

44 

47 

-484 

ITS 

Detrott 

43 

50 

442 

14V4 

Boslcm 

43 

52 

-447 

16 


CEMTHAL DTVlSKto 



Clevetand 

50 

38 

.568 

— 

Chicago 

47 

44 

505 

y-i 

Milwaukee 

43 

47 

.478 

8 

Minnesota 

41 

53 

.441 

lift 

Kansas Ctty 

37 

S3 

41 1 

14 


WEST OrVBNIN 



Seattle 

53 

42 

-S58 

— 

Anaheim 

52 

43 

.S53 

'•i 

Trans 

44 

47 

.495 

6 

Oakland 

40 

57 

412 

14 

NATIONAL UAOUI 



EAST DIVISION 




w 

L 

Pel. 

GB 

Atlojito 

41 

34 

j>a 

— 

Florida 

55 

38 

J9I 

5 

New York 

52 

42 

■553 

8V. 

Montreal 

51 

43 

-548 

9 

Phflodeipttta 

27 

65 

293 

32"i 


CENTRAL DIVISION 



Houston 

48 

48 

500 

— 

Pittsbtmjh 

47 

47 

J00 

— 

SI. Louis 

45 

49 

479 

2 

Cmcmnali 

43 

51 

■452 

4N 

Ctocooo 

39 

54 

411 

8-. 


WEST DIVISION 



San Francisco 54 

41 

J56B 

— 

Los Angetas 

50 

45 

626 

4 

San Diego 

44 

51 

463 

to 

Colorado 

44 

52 

.458 

iff. 

THtMUOAT'l UNtSCOtU 


AMEIOCAN LUOUC 



Kansas ary 

000 1 

910 116-3 

S 0 

Oakland 

014 201 0IX-I1 

H 0 


Belcher. 4. Wofccr 14), Coston (7). Carrasco 
(6) and M t rrtcricne ; Korcoy, Moftkv (7). A. 
Small 18) and Moyne. W— Korsay. 5-9. 
L— Belcher. B-9. HRs-*4mw» City. 
Mocfarianu ( J / Oak land. Slak* f 1 6i. Leman 
(1). Giambi (11). Brwlm. <71. 

Oavakmd 030 006 000-3 5 I 

MRwootae 000 11B D0fr-3 A • 

HerVtrccr. Woman (7). Mow 17). M 
lack*o n <e) and S. A terror E Wrcrt Wrckman 
(VI and Mommy W-Hcrsltfcer, *5 
L-Eidrrd. 9 ». Sv-M. .lockwn (13). 
HRs— Cleveland, s. Alomar (1 2i. MAwuiec. 
J5 Valentin (8». 

Boston 300 020 233-12 21 I 

BaUaura 110 040 102—9 13 0 

Sclc. Was din (5). Mahay IT). 8 Henry (W. 
Stecumb (9) and Stanley: Ertckaort Rhodes 
IS). Milb (7). Orosco (7). TeMothewa (9). 
Mi Jonnwniaj and Webster. W— Mahay 1 -0. 
L —Orosco 2-2. Sv— Slocumb (13). 
HRs — Boston M. Vauijhn C23) Batftmorc. 
Betroa (19), R.Polm«ro tin. 

New York 1)1 010 000—4 9 0 

CNayo 000 001 2QO-2 B 4 

Cone, Stonton W. Nelson (B), AH Rmwo (9) 
and CHrordt D Darwin. Me Ebay 16), 
Koichnnt (SI. R. Hcmamfcf (9) and 

Fobregas W— Cone lO-a. L— D. Doiwm 4-7. 
5»-M. Rlwra (30). 

Toronto 201 010 401—9 IS Q 

Tom DM 010 MO-1 S 2 

Ownemand UfWm; Burtcfl, Vastaq ID. 
X. Hernandez 17). Stuita: 17) ond I. 
Rodmurz. H McKctfcs IH). W-CIciBerK 
IS- 3. L— Burkett 7 B HR*— Toronto. Merced 
W. C.Ddqado? (21). Taros. PotmwOlJ. 
Detroit iai 006 MO-4 B 9 

AflOMB 130 140 OOx— 9 12 0 

Urn, Soger <41 and Casorma' DSpmoer. 
Da MPT lf> ond Lcyittz W— D. Springer 5-3. 
L-Uta 5-7. HRs— Detroit Fnrman U4), 
NlevnOS) Anahdm, PlblHps (« 

Minnesota TOO 230 DM 162-9 11 0 

Seattle lOd 310 100 100-7 17 1 

(12 bunng&] 

Tewksbury. SwiniM (5), Fr.Rocbiqatv (BJ, 
Aguilcni (10). Cuardoih II J> and Sldnbabv 
Hurfada- B. Wrifc (5), Charlton (111 and 
Da-Wlhan, Marrano HI) W— AquHrra 4-2. 
L— Owrtton j.,\ sv— ijoardadn in. 

HR&— fJUnnasata knnWonch (61. Better 171. 
Stohavto* |71. M Cantava in Smiths A 
RodriTuwilJ] 

NATIONAL LEMWt 

CDKOga 200 106 000 0-3 9 0 

NewYert |ia M2 000 1-4 12 I 

(tOlnninqs) 

MuthoBana. YfrncMl (71. T. Adams (0), 
PattefSMi (9), Botlrnfirld (10) ond Hwston 
M. Clark. McMWwH (81, Jn.FranrrodO) and 
Pratt W— Jo.Frmii.it I I L — Duttmfk-id. 1. 
J. HR— Not Yarti, CAcr (9) 

Sa Francixa 101 000 001-3 V 0 

Homo* oro aw ooo-r s o 

OnnJner Berk '■-> anil b Writ Irr,- HnB 1 


Martk (7). R. Springer (9) aid Ausmus.W— • 
Gardner, 10-4. L-Hfti, 7-6. 5»— Bet* (30). 
Montreal 002 000 111—5 0 0 

PhftadefeHa 100 010 002—4 7 0 

C Perez. Urbina (9) aid Wktgen Beectb 
Gomes (7), Brower (8), Spradlin (9) and 
Lieberthal. W-C Pans 9-6. L— Beech O-S. 
Sv—U rhino (17). HRs— Montreal Lansing 
(13), R. Whtte (13), Wkfoer (5) . PMatfeiphia 
Brogna (12). 

Colorado 100 000 100-2 V 1 

AMmrto 100 120 40»-B 13 0 

Swift, 5. Reed (S), M. Moroz 16), DeJean 
(7). Leskanic (7) and JfcReed; GMoMul 
Bletedd (B), Cottier (9) and Edd-Peroz. 
W-G. Maddux, )ML L— SwW. 4-3. 
HRs — Cotorodo, L W after 1771 CastHa (23). 
Atlanta Wesko 7 (IB). EdrLPeraz (5). 

Los Angeles 001 010 302-7 V4 1 

Florida >26 103 Mx-0 14 1 

Card loin HoH (6X Oreflort CB) and Prince 
A .Letter. Poweff (7). Cook (B), Nen (9) and C 
Johnson. W— A. Letter, 86. L-CandWtl 5-3 
Sv— Nan (25J. HRs— U» Angelas. Cromer 2 
(3), Karros (22). 

San Diego 020 010 000-3 4 0 

St. Laois 001 OM 000-1 7 0 

J.Hamffton Hoffman (9) and Flaherty; 
An. Bones. Fosses (BJ, Froscalore (9) and 
Ottcdoo. W-J. HamtionO-3. L-An.Benes6- 
4. Sv— HoffmonQI l.HR— S.D^.FMey (19). 
andnaH 403 200 000-9 17 0 

Pittsburgh 000 1» 002-5 11 2 

SmUev. Suffivan (tt, Shaw (9) and J. Obver. 
Taubenscc (8); F.CordOva Ruebd (3), M. 
WOdns (7), Christiansen 18), R Incan (9) and 
Kendall. W— Smiley. 8-10. L-F. Cordova 6- 
6. HRs— Pitt. M.Smltn (4h K. Younrj (III. 


CRICKET 


ABiTUUATOUI 
QUUMNtQAN V5 AUSTIIAUA 
1-OAV MATCH. FINAL DAY 
FRIDAY. IN CARDIFF. WALES 
Australia: 369-4 declared, 21 7-7 
Gkvnoroaro 754 ofl out 31 1 -3 
Match ended In drew. 

Asia Cup 

Ml LMUCA V8. MMA 

FRHJAV. rn COLOMBO. SRI LANKA 
India 32F-6 (nninps (50 oven) 

Sit Lonkcc 33) J W 444 Byers. 

Sn Lanka won by sa wickets. 


CYCLING 


■ Tour pe France 

LvarSngpUctag* In Friday's 12r»i«iagao< 

(ho Tour da France, a 55 ten (34 JmSes) dine 
Mol around St- EUonne: 

1 Jan UOrtctiGcnnony. Telekom lh. 16 m. 

34 sj 3. Ridiard Vttenque. Fnmca Fesflna at 
3 m. 4 3, Blaine Rib, DenraarV Telekom 

3:08. 4 Abraham Olana Spate, Banesto 3:14* 
S. Marco Panttmi Ihrty, Mgrmto nc Uno 342, 
a Francesco Casagradc. Italy. Saeca 336: 7. 
Franck Vdndenbroucke, Beigrora Mapci 
444 B. Zenon Joskirfa Poland. Mapoi J5tt 0. 
Beat Tbcg. Sndtrcrtand. Mercotone Uno 
SOO. 10 Mlchoct BooqenL KletherJonds. 
Rabobank 5.04 

OVERALL: 1. UBikh66 h. 22 m. 41 s. 2. 
Vtontqwa! 5:42; 1 Olana ttOQ: 4 Ms Ml; S. 
Pontoni 9:11; 6. Fernando Escort n. Spam. 
Kcbnc 1ID9. 7.Casaarandc 11:16: 6. Laurent 
Duioin, SwincrtaniL Fvstlna 123& 9 Oscar 
Comerutea SwlticrtamL Mapd 13;ti 10. 
Pascal Lina Fnmca Big Mat t4t6. 


British Open 


Second rmrnd scam of IXtfi British 
Open on 7j)r»yara. par-71 Royal TToanCoB 
Qubcowaa: 
a-oimlcur 

OarmtClaikc. Britain 
Vinffrr Lrwwrtl US. 

Jewr Pammk. Sercdm 
FrcdCaopips.US. 

Jim Furyk, U S. 

Tom Kite, US 
Anqel Cabrera, Arttentitio 
Jdy Haas. U.S. 

Tom VJabaa Ui. 

Mark Cukavnchta U 5. 

Drob Low in. U S 
Grcq Norman. Auctroho 
CdwmJn Roroero. Arnenana 
Cuifn snonoe. U.S 
□avid DuvnL U S. 

Prter I anon). Australia 
:.>CBhi*n Aniri rnnidmt 


67-66—133 

69-66—135 

7066-136 

69- 68—137 
67-72-139 
72-47 — 139 

70- 70—140 
71 70-141 
72-70—141 

7447- 141 

70- 71-141 
*9-73-143 

7448- 143 

71- 71-143 
7160—143 
73/0-142 
.’46"7— 143 


Jose Mario OlazaboL Spain 75-68—143 

Lee Westwood. Britain 73-70-143 

Jonathan Lora as. Brttain 72-71—143 

Mark James. Britain 7667-143 

Peter OMaQey, Australia 73-70-143 

Tom Purtzer, U5. 72-71—143 

SMgekl Manryama Japan 74-69—143 

Refief Goasea South Africa 75-69—144 

Brad Faxon, Ui 77-67-144 

Ernie Eh. South Africa 75-69-144 

Pa dratfl Harrington, Inrfond 7569-144 

Nk* Faldo. Brttate 71-73-144 

Stvart Appiehy, Aastrafla 73-73-144 

Phil MJckeboa UJL 7668-144 

Peter MBcheL Britain 75-69—144 

a-D. Barttoy HowanL Britain 70-74—144 

Jerry Kelly. U.S. 7668-144 

Raymond RirsseU, Britain 72-72—144 

Robert AOentiy, Australia 7668—144 

haiWrosnam, Britain 71-73—144 

JeBMoggeftU-S. 7669-145 

Sieve Strictei UJ5. 72-73-145 

Mark Mcttirlty. Zimbabwe 7867—145 

COttn Montgomcria Britain 7669—145 

Michael Bradley. U5. 72-73—145 

Jbn Payne. Britain 74-71—145 

Tommy Toiler U.S. 7768-145 

Wayne RSey, AusbsSo 74-71-145 

Frank Nobite. N. Zealand 74-73-146 

Bernhard Langer. Germany 72-74—146 

Tiger Woods. U.S. 72-74-146 

Tom Lehmaa Ui 74-72—146 

VSay Singh. F5 7769—146 

Rodger Davis. Aastrafla 73-73—146 

Peter T e ravattmU-S. 7672—146 

Richard BoioK. Britain 75-71—146 

Mark OMeara U.5. 73-73-146 

Petor Senior. Austrabo 7670—146 

Corey Pavin. U J. 7869—147 

5tew Jones. US. 7671-147 

David A. Russea Britain 75-72—147 

Greg Tinner. New Zealand 7671—147 

Jamie Spcnco. Sritam 7869—147 

Paul McGtatey, Iretond 7671—147 

Per-UirU Johansson. Sweden 72-75—147 

Jock Ntetdan. U6. 73.74—147 

Payne Stewart U5. 73-74—147 

GoryOrr. Bntote 7672—148 

Mark Vftebt U3. 73-76-148 

Mrcnocl Long, New Zealand 7876-148 

Srrvc Elkteglca Australia 7677—148 

Peter Hcdblonv Sweden 7673—148 

Gordon Brand Jr. Britain 7672—148 

Cori Mosoil Britain 78-70— 148 

Pierre Fotkc, Sweden 73-75—148 

Dow] Heart* Britain 75-73-148 

Wayne Wcstncr. Soulh AFrica 7673-148 

Andrew CoItaiL Britain 7677—148 

Dean Robertson. Britain 7672—148 

Swc Boliesierai Spain 77-71—148 

o-Crotq Worsen. Bntam 73-76— 149 

Lee Jamcn. US. 78-71—149 

Craig Parry. Australia 79-70—149 

Crate srodter. ujs. 78-71—140 

Gary Ptoyec. South Africa 78-71—149 

Peter Baker. Britain 79-70—149 

Robert Darorofl. U.S. 7673-149 

Brian WOH5. US. 7674-149 

Thomas Biam. Dcraanrk 7673—149 

Pant BraadttorsL Britain 7674—149 

Laron Roberts. US. 7673—149 

CostanttrwRocca Italy 75-75—150 

Mart Brooks. U.S BC-70-I50 

NWi Price, rantnttwe 78-73-1X1 

Glen Day, US. 78-73—150 

Scott McCorron, U.S 73-77-150 

ScottOwntaB.UA 77 73-155 

PtMip Btockmar. U 6. 7625— 151 

J. SteonkamcL tkif i u ria i efe 78-73-151 

Ignacio Gcrrtdo. Spam 79-77—151 

Miguel Alnttia Spain 79-72-151 

John Cook. UJi. 7675—151 

BobTrray, LL5. 7873-tSi 

Warren Btodoa Britain 78-74—153 

Kim UocJk Scatti Korea 77-7S—1S3 

MJgueiArrgef AmKZ.Spaa 83-78-153 
Lorry Batdictar. Britan 77-75—152 

Cameron Oort, Britan 79-73-152 

Sam TorrarKC. Britain 78-74—153 

Rauefl Ctaydoa Britain 79-73—153 

Mike Bradley, Britain 77-74—153 

Grant DoddAmtata 7675— 153 

a-Shour. ftetrJct Bntote 76 78-153 

AndnraiCraror.gmcin 7677— 151 

aDomei Oli«n. Sweden 88-73-153 

Sandy Lyte. Britain 78-75—153 

Jcei Van dr Vcidc. France 77-76-153 

(ter Heugsrad. Norway 79-75— (Si 

Hiratumi MiytBc. Japan 7975—154 

Mt*e Miller. Bream 82-72—154 

>nos Enksioft Sweden 6670-1S5 

Dudley Hart U J. 78- 77-1 55 

Rkhord Green, Ausbraia 80-75—155 

Paul Stankomki. U6. 8976— 1 54 

Gory Murphy. Britain 84-72— IM 

ShiqenanMoa Japan 8376-154 

PauiAungcr. U6. 7978—157 

Dowd Frart South Afoed 81-77-158 

MonkJh MamaL Singapore 83-75— 158 

RaDhad Jacauefin, France 81-78—159 

a Steven Younrj. Britain 79-eD— IS9 

Alexander Cc£a Germany 81-88—161 

Nobwhita Sato. Japen 8678—143 

Dcnnh Edlund. Sweden 87-77—144 

o-Jamn Mailer. Britain 80-84—164 


TENNIS 


FRDATM PRAGUE, CZECH HEPUBUC 

auAimmFiiMLs 

Marion Mrovstab Austria def. Karina Hob- 
sudova (3L Stovaiia 7-5, 1-664. 

Joanette Krueger, S. Africa del. AtadeDe- 
dtawne-Ballorat France, **. 7-6 (7-4). 61. 

Catafina CrWea Romania, def. Ludmla 
RicMerava CKdi RepvbOc, 62.2-6 7-5. 

Veronica Martin ek. Germany, def. Denlsa ‘ 
Cbtodkova (5), Czech Republic 66 60. 


FHDAT. M STUTTOART. OCRMANY 
QUARTERFINALS 

Aiex Corretja (3). Spate, def. Albert Be- 
rasalcgol (12), Spate 64, 64. 

Atoert Costa (9), Spate dd.^ Yetajeny Kofcl- 
nikov (21, Russia. 64, 6-4. 

ARrert Paries. Spain, vs. Feta MantKa 
nm. Spate ppd. rate 

Sergi Brvgoera 14), Spate w. Karol 
Kocera. StovaWa ppd. rain. 


The W eek Ahead 


Saturday, July 1 9 

■oxbm. London — Prince Naseem 
Homed defends WBO and IBF teathefweigfit 
tines against Poster Moarta of Arganiina. 

aurourtMUYiiKMa, Dartnoute 
Canada — r iol wa t e r World C twnip t n iahips- 
Ta July 23. 

aou; Merc Troon, Scattand — IMfli 
Brtish Open, Royal Troon Golf dub. To July 
3tt ModJsrn Mississippi — Deposit Goar- 
only Classic. To July 20. Coon RopfcH. Min- 
nesota — Borne) Senior CXBStC. To JOfy 20. 
Women: New Rochede. New York — JAL Big 
Apple Classic To July X HtgaslAama, 
Japan — Rrsod T nisi Loses. To July 20. 

RtKiBY wnow. Pretoria Sooth Africa — 

Tri Notions, sooth Africa vs. New Zealand ; 
Toronto. Canada — tesL Canada vs. Wales. 

m — i Women: Kartavy Vary, Czech 
Republic — Czech Open. To July 2Br Patermck 
Italy — Twnco Internaaonaie. To July 20. 
Mon: Stuttgart. Germany — Mercedes Cup. 

To July 2ft: Washington— Lcpg Mason Tcn- 
rtsCtosJc To July 2D. 

miuno, Caponnogea Denmark— men 
Sotmg World ChanipiOMlllp. To July 26. 

Sunday, July 20 

Atrro WACKO. Toronto — indy-car, 
Tonmto MattwHndy. 

HOTOROYCU RAC1HO. Ninb«mta» 

Genaarw — Ceraiea Grand Prto. 

•occB*, Various sites - World Cap gwd- 
Ifymp. BaSvia w. Uruguay: ChVe vs. 
Poragaay: Catambu vs. Ecuador; Argentina 
». Vfwzuetn. 

Monday, July 21 

T*** 1 *. Wen Kitztwhd, Austria— Gen- 
eroli Open. To July 37. Los Angeles — Las 
Angctt-: Open. To Jtey 27; Umog, Craatta —ML 
IntefflatKHiej auraMftship al Croatia. Tt/ 
July 27. Wsrecre Stanford, Calltarnia— Bonk ‘ 
at the West Classic. To July 27; Warsaw. 
Poland — Warsaw Cup, To July 27. 

Tuesday, July 22 

ooir, Newtown Square; Pennsylvania— 
Lt^.Juntor Amateur. 

Wednesday, July 23 

No mtflorevefift. scheduled. 

Thuwsday, July 24 

ODLr, Men: Ciemweft Canneetinit — 
Conan Greater Hartford Open 7o Mr tt, ' 
Hihrerw. Ndhcriamh— DiMi Open To Jvtf 
7h NHtnru. Japan - NihKei Cop, To July 27. 

Friday, July 25 

«ML* Men- Port: City, Utah -Senior PGA 
Taut Franklin Quest ChmptoHbip. To Jaly 
27. YMmtft V/ancn, Ohio - Gfcmt Eoflle 
LPGA Cbnslo To July 27. 

auto Memo, Sonoma Cafcfomta — 
AutaliteNaltanob, To July 27. , 

Saturday, July 26 f 

pro football. camwvOhta-"Hafiof 

Faroe indudtari; Hirit of Faroe Gows. 

nmMMiiia, Nashvflcr TenaataO — 
Piflfim (4. National Ow mpl o w Mp. To Au- 
gust ). 

Sunday, July27 

auto mean . Moc*eaheta.GermaBT 
— Forma to One, Gemwa Grand Prt»Braok- 
lyn Mtehroan — IndyCob U.S.500. ' 


1 















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


PAGE 21 




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SPORTS 


The Trial Verdict: 
Ullrich Owns Tour 

Wins Race Against Clock Easily 




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By Samuel Abt 

/ntcnhiaorul Herald Tribune 

ST. ETIENNE, France — Jan Ullrich 
disposed of any doubters Friday. 

The leader of the Tour de France blew 
-1 away the field in a 55-kilometer (34- 
mile) individual time trial Friday, win- 
ning the race against the dock by a 
thunderous 3 minutes. 4 seconds. Not 
since Miguel Indurain won a time trial by 
3 minutes in 1992 has a person so dom- 
inated the world’s greatest bicycle race. 

Ullrich, a 23-year-old German who 
rides for the Telekom team and finished 
second in last year’s Tour, was this fast: 

Tour de Fuamce 

He passed Richard Virenque, the rider 
who left 3 minutes ahead of him and 
who was having the time trial of his 
dreams. Virenque was so good that he 
finished second in the stage. 

The winner was rimed in one hour, 16 
minutes, 24 seconds, an average of 43. 1 
s kilometers an hour ( 26.7 miles an hour) 
Y in the hills around Sl Etienne, as he 
' stretched his overall lead to 5:42. 

A Frenchman who rides for Festina. 
Virenque continued in second place 
overall, securely ahead of Abraham 
Olano, a Spaniard with Banesto. who is 
in third place, 8 minutes behind Ullrich. 

Unlike the man in the yellow jersey. 
Olano will be looking over his shoulder. 
He leads Bjame Riis, a Dane with 
Telekom and the defending Tour.cham- 
pion, by just one second. Riis finished 
third in the time trial. 3:08 down, with 
Olano fourth, 3:14 down. 

Thar battle for third place may be the 
only one left as the three-week race 
heads for the Alps on Saturday and for 
its grand finale in Paris on Jnly 27. 


■'This race isn’t over yet,” Ullrich 
insisted with a straight face. “I was 
lucky with ihe weather,’’ he added, re- 




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Jan Ullrich, left, passing Richard 
Virenque in Friday’s time trial. 


1 f erring to heavy rain that pelted the 
major climb about an hour before he and 
r the other leaders started. The roads, 

- especially on long descents, had dried 
by the time they rode and there were 
1 only occasional sprinkles en route. 

: Virenque, who wears the polka dot 

jersey of the king of the mountains, 
sounded resigned. The top climber for 
the last three Tours, he had his sights set 
• on winning the yellow jersey this year. 
*i’m happy with my performance,” 
he said, “although obviously Ullrich was 
far above us all." Never an outstanding 
time trial er, Virenque was splendid Fri- 
day and refused to buckle either when a 
mechanical malfunction left him with a 
bloody left knee or when Ullrich flew by 
him about 12 kilometers from the finish. 

When a rider is passed, he often loses 
heart but Virenque plugged on. even 
closing the gap with the German in the 
last few kilometers. Thai’s a relative 
term when the gap is a huge 3:04. 

How tough was the course? Plenty 
rough, according to Gilbeno Simoni. 
26. an Italian with the MG team, who set 
off at 10:52 A.M. when the Ulirichs, 
Virenques and Olanos were at their ho- 
tels. hours away from the starting line. 

Since the riders left in inverse order 
of standing and since Simoni ranked 
1 50th, he was the 26th man to roll down 
the ramp. A motorcycle policeman pre- 
ceded him and a team car with a mech- 
anic and spare wheels followed him. 

A quick right rum, a quick left turn 
and he was climbing almost immedi- 
ately. On the course profile on paper, 
this was only a small spike upward but, 
coming so soon it felt long. By the top of 
the ascent. Simoni was massaging his 
right thigh — the cramp a sign that he 
had not warmed up long enough or that 
his legs was still sore from the Pyrenees 
despite the day off Thursday. 

He went through a series of tight turns 
on a descent that was rarely steep 
enough to allow him to get into a tuck 
and coast. Instead, he kept pedaling. 
After 10 kilometers, he passed the first 
timing checkpoint and began the major 
climb. 14 kilometers long with a grade 
just under 6 percent. 

Ir seemed steeper than it sounds. After 
a few hundred meters. Simoni gazed 
back ar his team car in anguish. Then he 
turned his head, looked forward and kept 
pedaling, cheered all the way by fans. 

Halfway up, a spectator jumped onto 
the road and flapped an Italian flag — 
green, white and red vertical bands — at 
Simoni, the Italian amateur champion in 
1993. He responded by massaging his 
right thigh again. 

Passing through a narrow lane left by 
tens of thousands of spectators, he was 
over the top — a point where Ullrich 
would later lead the field by two minutes 
— and descending into the countryside 
where herds of cattle grazed. A broad 
vista of the green hills of the Massif 
Central appeared on the right before 
shifting to his left as the road began to ' 
mount again in gentle curves. 

Simoni was out of the saddle, pump- i 
ing through a fir forest leading to me last 
climb. Then he was in SL Etienne. Left, : 
right, left, right, through a maze of tight 
turns and he was back where he had ’ 
started. His time was announced as ! 
1:27.07. For all his efforts, that was 
enough for only 1 30th place. 1 



Blril lAiflW'Thr WiViinl 


The Giants' Bill Mueller losing his bat in Houston against the Astros. He struck out, and the Giants won, 3-1. 

Blue Jays Give Clemens Some Help 

He Strikes Out 10 Rangers and Becomes Majors 9 First 15-Game Winner 


The Associated Press 

The Toronto Blue Jays, for once, 
made it real easy for Roger Clemens. He 
became the first 15-game winner in the 
majors, striking out 10 opponents 
Thursday night in a 9-1 victory over the 
Texas Rangers. 

The Blue Jays had scored only 15 
runs in Clemens's previous eight starts, 
and began die game with die lowest 
batting average and fewest runs in the 
majors. 

But Carlos Delgado's two homers 
and five runs batted in were plenty for 
Clemens 115-3), who pitched a five- 
hitter at Texas. 

“The hitters deserve all the credit," 
Clemens said. “It was exciting for me to 
see them having fun. It’s been quite 
some time." 

Clemens leads the American League 
with a 1 .62 earned run average and is 9- 
0 on the road, extending his team record 
for consecutive road wins. 

“He’s the best guy going right now," 
said John Burkett, the Texas starter. 
“We’ve got a good hitting ream and he 
shut us down." 

Clemens, once a star with the Uni- 
versity of Texas, is 3-0 with an 0.78 
earned run average against die Rangers 


the Angels unproved to 8-0 since the 
All-Star break. - 

YankMs4, White Sox 2 Wade Boggs, 
subbing for the injured designated hitter 
Cecil Fielder, went4-for-4 as New York 
won in Chicago. 

Boggs, who recently asked for a 
trade, started at designated hitter for the 

AL Roundup 

second consecutive game. Fielder had 
surgery earlier in die day on the right 
thumb he fractured in a headfirst slide 
this week. 

David Cone ( 10-4) helped the Yan- 
kees close in on Baltimore in the AL 
East Chicago made four errors and lost 
its fourth in a row. 

Chad Curtis, the Yankees’ center 
fielder, preserved the lead with one out 
in the ninth, making a running catch 
against the wall with two runners on 
base. 

Rmisox 1 2, Orioles 9 Mo Vaughn hit a 
two-run homer that broke an eighth- 
inning tie, and Boston swept the two- 
game series at Camden Yards. 

Vaughn had three of Boston’s 21 hits 
and drove in three runs. 

Geronimo Benoa homered and tied a 


46,239 to the park in Arlington. 

Angels 9, Tigars4 The Aogels are also 
enjoying themselves these days. They 
won their 10th straight game — their 
best streak in 18 years. 

“What we’re learning now is what it 
takes to win," said the Anaheim man- 
ager. Terry Collins, after his team won 
at home against Detroit. 

Anaheim has now moved within one 
victory of the team-record 11 -game 
string set in 1964. 

Tony Phillips hit a leadoff homer in 
the first inning and drove in four runs as 


appearance drew ' career best with five runs batted in for 


Baltimore, which has lost eight of its last 
10 games. 

Ron Mahay (1-0), a converted our- 
fielder, won in Ids major league debut as 
a pitcher. The former replacement play- 
er pitched one inning and gave up a 
home run to Rafael Palmeiro. 

“To be honest, when 1 got the call I 
was just running out there, all anxious 
and nervous. When I was out there, it 
felt good, like I belonged,” Mahay 
said. 

Twin* 9, Mariners 7 Marty Cordova 
led off the 12th inning with Minnesota’s 


fourth home ran of the game, giving the 
Twins a victory in Seattle. 

Chuck Knoblauch homered in the 
10th for a 7-6 lead. Seattle tied it on Joey 
Cora’s run-scoring single with two outs 
as Rick Aguilera blew a save chance for 
the second straight night. 

Rich Becker and Scott Stahoviak 
homered for the Twins. Alex Rodriguez 
homered for the Mariners, who also hit 
seven doubles. 

Norm Charlton gave up Cordova's 
home run. Before (he game, Charlton 
had his head shaved on the fourth Buh- 
ner Buzz Cut Night, a promotion that 
makes light of the hairstyle of the Mar- 
iners' right fielder. Jay Buhner. A total 
of 3,436 fans had (heir heads shaved, 

Indians 3, Browers 2 Orel Hershiser 
pitched six strong innings and visiting 
Cleveland, opened a season-high 5'A- 
game lead in the AL Central. 

Hershiser pulled a muscle in his groin 
while turning a doable play in the third, 
but stayed in the game. He does not 
expect to miss a start 

The Milwaukee starter. Cal Eldred, 
lost for the seventh straight time to the 
Indians. He gave up a home run to 
Sandy Alomar, but later retired 17 
straight batters. 

Athkitics ii, Royal* 3 Jason Giambi 
and Scott Brosius homered during a six- 
run third inning as Oakland sent Kansas 
City to its 1 1th straight road loss, tying a 
team record. 

Matt Stairs and Patrick Lennon also 
homered for the Athletics in their third 
consecutive victory. Mark McGwire 
added three hits, two of them doubles. 
Jose Canseco, who has tied a major 
league record with eight straight 
strikeouts in his last two games, was 
scratched from Oakland’s starting 
lineup. Instead, he went for an eye 
examination. 


Cordova Falls 
From No-Hit 
To Many-Hit 
As Reds Win 


The Associated Press 

The Pittsburgh Pirates handed out sou- 
venir posters to commemorate Francisco 
Cordova *5 recent combined no-hitter. 

Unfortunately for the Pirates, Cor- 
dova was nearly as generous to the 
Cincinnati Reds. 

Cordova, who combined with Ri- 
cardo Rincon to no-hit the Houston As- 
tros last weekend, made it through just 

NL Roundup 

two-plus innings Thursday night as the 
Reds downed Pittsburgh. 9-5, at Three 
Rivers Stadium. 

“He threw as many bad pitches in 
two inning s as he usually does in three 
games.” said the Pittsburgh manager. 
Gene Lamoat 

Hal Morris had three hits and five 
runs batted in by the fourth innin g as the 
Reds finished off a two-gome sweep. 

Cordova (6-6), who pitched nine in- 
nings Saturday night in the first two- 
pitcher, extra-innings no-hitter in major 
league history, was tagged for seven 
runs and eight hits in the worst of his 25 
career starts. 

Before being roughed up by the Reds, 
the right-hander had allowed only 36 
earned runs in 18 starts. 

Brave* 8, Rockies 2 In Atlanta. Ryan 
Klesko homered twice and Greg Mad- 
dux became the National League's first 
13-game winner. 

Klesko homered in the fourth to put 
the Braves ahead for good and added his 
1 8th of the season, a two-run shot, in the 
seventh. 

Maddux (13-3), who was lifted for a 
pinch-hitter when the Braves pulled 
away with a four-run seventh, picked up 
his sixth straight victory. 

Marfin* 8, Dodgers 7 Catcher Charles 
Johnson of Miami went 3-for-3 with 
two walks and tied a team record by 
scoring four runs. 

Tripp Cromer homered twice for the 
visiting Dodgers, giving him three this 
season. He nit a leadoff shot against 
Robb Nen to start the ninth and Eric 
Karros hit a solo home run with one 
out. 

Padres a, Cardinals 1 In Sl Louis, 

Joey Hamilton pitched eight-plus in- 
nings and Steve Finley hit a two-run 
homer as San Diego handed St. Louis its 
sixth straight home loss. 

Tony Gwynn went 2-for-4, raising 
his batting average one point to .398. 

The Padres, 6-2 since the All-Star 
break, have won four straight. 

Hamilton (8-3) allowed seven hits, 
struck out one and walked one. 

Expo* s, Phillies 4 In Philadelphia, 
Carlos Perez came within one out of a 
complete game and Mike Lansing hit 
one of Montreal’s three home runs. 

Chris Widger and Rondell White also 
homered for the Expos. . 

Met* 4, Cub* 3 In New York, Butch 
Huskey singled home the winning run in 
the 1 0th inning for his first four-hif 
game as the Mets snapped a three-game 
losing streak. 

New York rallied from a 3- 1 deficit in 
the sixth on Bernard Gilkey’s ninth 
homer, Huskey's double and Todd 
Pratt's two-out run-scoring single. 

Qiant* 3, Astros i At Houston, Mark 
Gardner limited the Astros to five hits 
over eight innings. 

Rod Beck pitched a perfect ninth for 
his major league-leading 30th save. 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 


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MORGAN, TRAVIS, 
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TAYLOR AND JUSTIN" 


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Appeals, evenr Monday 
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PAGE 22 


INTERNATIONAL HERALD TRIBUNE, S ATURDAY-SUN DAY, JULY 19- 


DAVE BARRY 


Don’t Stand There , Flush It! 

M IAMI — If you call yourself an an hourly basis. The new loilets are so 
American, you need ro know about bad that there is now — I am nor making 


The Fine Art of Window Shopping 


A American, you need roknowaboui 
a crucial issue that is now confronting 
the U.S. Congress (motto: "Remaining 
Firmly in Office Since 1798”). This is 
an issue that affects every American, 
regardless of race or gender or religion 
or briefs or boxers; this is an issue that is 
fundamental to the whole entire Cher- 
ished American Way of Life. 

This issue is toilets. 

I’m talking about the toilets now be- 
ing manufactured for home use. They 
stink. Literally. You have to flush them 
two or three times to get the job done. It 
has become very embarrassing to be a 
guest at a party in a newer home, be- 
cause if you need to use the toilet, you 
then have to luik in die bathroom for 
what seems (to you) like several pres- 
idential administra- 
tions. flushing, check- 
ing. waiting, flushing. The federal toilet 
checking, while the , . , . . 

other guests are whis- law is ad min l a- 

E™* : ?JSi. !yo “ r tered by the U.S. 

name) DOING in 

there? The laundry? * ’ Department of 

I know this because I p_„_ 

live in a home with energy, 
three new toilets, and I 
estimate that I spend 23 percent of my 
waking hours flushing them. This is 
going on all over America, and it's 
causing a serious loss in national pro- 
ductivity that could really hurt us as we 
tty to compete in the global economy 
against nations such as Japan, where top 
commode scientists are developing su- 
per-efficient, totally automated house- 
hold models so high-tech that they make 
the Space Shutde look like a doorstop. 

The weird thing is, the old American 
toilets flushed just fine. So why did we 
change? Here's a hint: It’s the same 
force that from time to time gets a bee in 
its gigantic federal bonnet and decides 
to spend millions of dollars on some 
scheme to convert us all to the metric 
system, or give us all Swine Flu shots, or 
outlaw tricycles, or whatever. You 
guessed it! Our government! 


What happened was, in 1992. Con- 
gress passed the Energy Policy and 
Conservation Act. which declared that, 
to save water, all U.S. consumer toilets 
would henceforth use 1.6 gallons of 
water per flush. That is WAY less water 
than was used by the older 3.5-gallon 
models that made this nation great; the 
toilets that our Founding Fathers fought 
and died for which are now prohibited 
for new installations. The public was not 
consulted about the toilet change, of 
course; the public has to go to work, so it 
□ever gets consulted about anything go- 
ing on in Washington. 

But it's the public that has been stuck 
with these new toileis. which are saving 
water by requiring everybody to flush 
them enough times to drain Lake Erie on 


this up — a black market in 3.5-gallon 
toilets. People are sneaking them into 
new homes, despite the fact that the 
Energy Policy and Conservation Act 
provides for — 1 am not making this up. 
either — a SL500 fine for procuring and 
installing an illegal toilet. 

I checked this out with my local 
plumber, who told me that people are 
always asking him for 3 .5- gallon toilets, 
but he refuses to provide diem, because 
of the law. The irony is that I live in 
Miami; you can buy drugs here simply 
by opening your front door and yelling: 
“Hey! I need some crack!" 

Here's another irony: The federal toi- 
let law is administered by the U.S. De- 
partment of Energy. According to a 
Washington Post arti- 
“ de sent in by many 

d toilet alen readers, the DOE 

. - - recently had to close 

fllnlis - several men ’ s rooms in 

ie U.S. the Forrestal Building 

_ * because — I am 

at Oi STILL not making this 

up — overpressurized 
air in the plumbing 
lines was CAUSING 
URINALS TO EXPLODE. That’s cor- 
rect: These people are operating the 
Urinals of Death, and they’re threat- 
ening to fine us if we procure working 
toilets. 

The public — and this is why 1 love 
this nation — is not taking this sitting 
down. There has been a grass-roots 
campaign, led by commode activists, to 
change the toilet law, and a bill that 
would do that (HR 859: The Plumbing 
Standards Act) has been introduced in 
Congress by Representative Joe Knol- 
lenberg of Michigan. The public re- 
sponse has been very positive, but the 
bill has two strikes against it: 

1. It makes sense. 

2. People want it. 

These are huge liabilities in Wash- 
ington. The toilet bill will probably face 
lengthy hearings and organized oppo- 
sition 'from paid lobbyists; for all we 
know it will get linked to Whitewater 
and wind up being investigated by up to 
four special prosecutors. So it may not 
be passed in your lifetime. But I urge 
you to do what you can. Write to your 
congresshumans, and tell them you sup- 
port Representative Knc’len berg’s bill. 

While you ’re at it. tell them you'd like to 
see a constitutional amendment stating 
that if any federal agency has so much 
spare time that it’s regulating toilets, 
that agency will immediately be elim- 
inated. 

So come on, America! This is your 
chance to make a difference! Si and up to 
these morons! Join the movement! 

Speaking of which. I have to so 
flush. 

■'199 7 The l fhJtni Herjld 

Distributed by Tribune Medn/ Sen n et 


Interihitioihjl flrrold Tribune 

P ARIS — The genius of French stores has 
always been measured profusion: Ali 
Baba reviewed by Descartes. The recent ; 
trend is to cull in .well-known architects to .■ 
design shops, and their quests for the pure 
and immaterial are not always in accord with 
the shopper's perhaps impure but pleasant 
dreams of material acquisition. Present-day _ 
minimalist shop design can be so bare and jasgg 
stark lhat the decor almost says caveat 
emptor: There is less here than meets the ..jyg 

A show at the Pavilion de r Arsenal 
which specializes in Paris architecture and 
urban planning, is called "Vitrines d'Ar- 
chitectures; Les Boutiques a Paris” (Show- 
cases of Architecture: Paris Shops). It traces 


MARY BLUME 


the history of Paris shops and above all 
celebrates the contemporary architect's 
hand in colored photographs mounted on 
severe plate glass. It is clearly an architect's, 
rather than a shopper's, show. 

In early limes, shops were around the lie de 
la Cite, which was then on the route leading 
from the Mediterranean to Flanders, and the 
shops were on bridges. Most of the business 
was conducted on the street, the shop itself 
more of a storehouse with some goods dis- 
played on shutters which folded down into 
makeshift tables. Shopwindows did not ap- 
pear until the end of tne 17th century. 

In the late 18th century the city's first 
purpose-builr shopping center was created 
by the Due d' Orleans at the Palais-Royal, 
causing Louis XVI to remark. ’ ‘Cousin, now 
that you are a shopkeeper I suppose we’ll 
only see you on Sundays.” The duke's little fling in 
real estate soon gave rise to one of the glories of 
French shopping, the glass-covered passages lhat 
appeared in the early 19ih century’s building boom. 

Covered passages lined with shops were not a 
French invention (and fewer than half of those built 
in Paris still exist), bur they were typically Parisian in 
their zestful commercialism. They have been called 
the precursor of the shopping mall, which is true in 
the sense that toumedos Rossini is a precursor of the 
Big Mac. The passages offered relief from filthy, ill- 
drained streets (Paris had no sidewalks until 1826) 
and strollers could window-shop — goods were for 
the first time displayed in shop windows — and stroll 
in seductive gas light, introduced in 1816 in the 
Passage Montesquieu. 

The shopkeepers' status had changed: They were 
now retailers selling cleverly displayed luxury and 
novelty goods. The passages converts were alluring, 
sexy even as rendezvous spots, still interesting 
enough in our century to win the attention of Waiter 
Benjamin and the Surrealists. They were also an 
intermediate step to the department store. 

Department stores existed before Baron Hauss- 
mann remodeled Paris bur they burgeoned in the 
mid- 19th century, rich temples of plenty, models of 
the engineer's skilled use of metal and concrete that 
reached its apogee with the Eiffel Tower. They were 
monuments to exuberant consumerism: “Every- 
where space had been gained, air and light entered 
freely, the public moved about as it wished. ... It was 
ihe cathedral of modem commerce, solid and light, 
created for the client.” Zola wrote in “Au Bonheur 




marc 





des Dames.” said to have been modeled on the Bon 
Marche, founded in 1869. 

A later development was the specialized luxury 
boutique, and in die 1920s the annual Salon des 
Artistes Decorateurs featured shops designed by 
Mallet-Stevens, Chareau and Herbst. Couturiers 
such as Madeleine Vionnet in her Avenue Montaigne 
shop created a luxurious, comfortable background in 
which clothes were shown at their leisurely best. A 
reaction to what Zola had called * ‘the neurosis of big 
bazaars," modem luxury stores became a symbol of 
discreet swank. Looking back, it should be no sur- 
prise that the post-May 1968 ‘‘revolutionaries" took 
Fauchon, the opulent food store, as their Bastille. 

The Arsenal s exhibition of contemporary shops is 
divided into Paris Fashion, Paris Decoration, Paris 
Culture and Unusual Paris, the last being a grab bag 
of old and lovable shops such as Dehillerin (kitchen 
utensils), die Madeleine Gely umbrella shop .on 
Boulevard Saint-Germain, shoemakers, extermina- 
tors. taxidermists and — not at all old but staggering 
in its savory richness — Tang Brothers, the Chinese 
supermarket on Avenue d’lvry. These days only in 
Paris street markets, food stores and ethnic souks are 
profusion and its miscellaneous delights still cel- 
ebrated. 

The Paris Culture section includes bookstores, the 
Virgin Megastore in the 1930s National City Bank 
building on the Champs-Elysees and the boutiques 
that have become a basic feature in all museums. The 
museums, with their catalogue sales and franchise 
operations may point to the shopping future — the 
virtual boutique. 


In the meantime, many of the new architect- 
designed boutiques, which are the center of the 
exhibit, suggest that shopping can become if not 
virtual at least so savorless that all ihe sensuous 
pleasures traditionally involved disappear before a 
imagined purity that perhaps dissipates guilt but also 
annihilates fun. 

Some of the examples are warm and welcoming 
but it is clear that the favored tendency is for rhe shop, 
like die art gallery, t6 become, in today's jargon, a 
space. Abetted by the use of plastic cards, the sense of 
transaction has been erased: Shopping, which is 
essentially the game between the lure and the allured, 
has gone Ihe. 

Articles so artfully arranged as to seem untouch- 
able, minim alist decor, consumption at its most 
invisible and, paradoxically at its most costly: Pro- 
fusion and its delights are banned. 

Not surprisingly, several of the architects inter- 
viewed for the show's catalogue single out for ac- 
claim the gelid inrerior of Jil Sander's shop in 
Vionner's former premises on Avenue Montaigne, 
now the most luxurious shopping street in Paris. It is 
praised for being “intensely empty” and for “as- 
sassinating the bourgeois model of die Avenue Mon- 
taigne.'’ Bewildering for the bourgeois who is, after 
all. the customer of the architect-designed 
boutiques. 

Perhaps Christo was a visionary' back in 1964 
when he designed what he called “Storefront No. 
4.” It is a completely blank facade, both its entrance 
and shopwindow covered from top to bottom by a 
totally bare curtain. 



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nr HE estranged father of the U.S. bas- pean “jj 
1 ketball and movie star Dennis Rod- common 
man will come out with a monthly complair 
magazine on his son, a Philippine news- and more 

E reports. Philander Rodman told year." " 
essWorld newspaper that the Marsalis, 
magazine, rentati vely titled * ‘ Rodman , ’ ' night of t 
would be launched in both the United Juan-les- 
States and the Philippines next month “Today, 
and will sell for about $3.50 a copy. The with jaz 2 
elder Rodman said it is "dedicated to all jazz lege 
who have doubted his role as Dennis's “The mu 
father. ’ ’ He left Dennis and the rest of his the traditi 
family in the United Stares when the of jazz." 
future Chicago Bulls star was a child. 


pean “jazz" festivals has nothing in 
common with real jazz. The trumpeter 
complained Friday that there was * ‘more 
and more pop music in jazz festivals this 
year." “This is bad for music,” said 
Marsalis, who played on the opening 
night of the 37 th jazz festival of Anribes- 
Juan-les-Pins in southeastern France. 
“Today, people who have nothing to do 
with jazz set up groups which they call 
jazz legends. It’s hypocrisy.” he said. 
‘ ‘The music they play in no way reflects 
the tradition, spirit, intelligence and soul 


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Chrissie Hynde, 46. has married a 
Brad Pitt and Gwvneth Paltrow, 32-year-old Colombian artist, Lucho 
whose romance recently ended, won’t Brieva, in a low-key ceremony in Lon- 
star together as planned in a movie di- don. The Pretenders star’s surprise 
reeled by Paltrow’s father, Bruce, wedding spread over the Internet and 
“Everybody loves their children.” through fan clubs earlier this week, be- 
Bruce Paltrow told the Hollywood Re- fore confirmation from the singer’s pub- 
porter. “And I think that whatever each Heist came. Hynde was previously mar- 
of (hem is going through, they need to not ried to Simple Minds' lead singer. Jim 
have this hanging over them. When we Kerr, the father of her 1 2-year-old 
talked about doing this together, we were daughter. Her 1 4- year-old daughter was 
at a different place and a different time. * ’ the product of her longtime relationship 





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The Columbia Pictures project, a movie 
about karaoke called “Duets." was to 
start filming Sept. 15. Paltrow said he 
made the decision to stop production. Two Berlin districts have began a race 
"Brad . . . would never bail out on me to put Marlene Dietrich's name on the 
having made a commitment,” he said. map. The center-city Tiergarten district 
PI started it all by announcing plans ;o 

k-l name a square after Dietrich. Tn3t drew 

Naomi Campbell flew into South a sharp response from the Schoeneberg 

Africa on Friday for a four-day photo part of the city, where the legendary 


with Rav Davies of the Kinks. 


Naomi Campbell flew into South 


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shoot and a presidential date. Campbell, 
who is modeling for a retail store, was 
met at the airport in Johannesburg by 
children from a number of welfare 
homes. Asked whether she had a birth- 
day message for President Nelson 
Mandela, who was 79 on Friday, she 
said she would deliver it personally. She 
will meet with the president on Monday 
morning. 


David Caruso, who made a messy 
exit from "NYPD Blue" fora film career 
that never took off. says he’s wiser from 
the experience and ready to make a return 
to television. "I had never starred in 
something before, and there were rimes 
that I probably did not make the right 


singer was bom and buried. Hanns 
Leske, a Schoeneberg councillor, called 
on Tiergjnen to withdraw its plan*. 
vowmg that his area Mould agree to 
name a square after Dietrich before the 
rival proposal could be approved. "Tier- 
garten shooting from the hip like this 
represents an unfriendly act against 
Schoeneberg.” Leske said. 


Brigitte Bardot has asked the Pope to 
stop an American hospital’s use of kit- 
tens in experiments. Bardot wrote Pope 
John Paul II. pleading with h:m to ask 
the Boy 5 Town National Research Hos- 
pital in Nebraska to stop the experi- 
ments, aimed at seeking a cure for deaf- 
ness. Boys Town officials said the 


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choice . . . and I could h3ve been more of research, which has been approved by 
an adult. ’ ' he said. He will star _ 

as a federal prosecutor next 

Edging Toward Broadway 

was able to break his five-year 

contract with "NYPD Blue” VTEW YORK (APi — Paul Simon > musical. “The 

three years ago only after LNCapeman. finally has an opening date on Broadway 

agreeing not to work in tele- —Jan. 8. J99S and a star. Ruben Blades Simon « rote 

vision again until 1 998. The the music and co-authored the story and lyrics with Nobei 

producer. Steven Bocheo. Prize laureate Derek Walcott. 

nave permission for his early The show, which has been in the works for several 
return. Caruso, almost un- years, begins preview performances Dec. I antic Marquis 

known before his role as De- Theatre. 

lective John Kelly on "NYPD Blades, who has appeared in such flints as ' 'Crossos er 
Blue.” went on io star in the Dreams" and "The Miiacro Bean field Wars." pfow a 

box-office flops “Kiss of teenage Puerto Rican gang member c«wicted in 

Death” and “Jade.” slaying two boys. Agron. who died in I9S6. was called the 

Cape man because o) the black cape he wore as a member 
of a gang called the Vampires. Modem dar.ic guru Mark 
Moms will direct and choreograph the mu«icu|. 


VVy nton Marsalis says the 
music played at some Euro- 


-anC-fHii 4>i' 

FAMIL\ TRIP - — Princess Car- 
oline of Monaco and her eldest son, 
Andrea, on vacation in Corsica. 

L.S. health officials, does not abuse the 
animals Bardot said an American an- 
imal-rights group. People for the Ethical 
Treatment of Animals, had asked her to 
contact ihe Pope, but government agen- 
cies and an independent committee of 
experts all have investigated the group's 
^legations against Boys Town and con- 
cluded there wa> no evidence of abuse or 
maltreatment. Boys Tow n. for homeless 
boys, uas founded in WIT bv Father 
Edward Flanagan, a Catholic priest. 

c 

A Hong Kong fashion designer has 
corns under fire for sending his models 
out on the catwalk with hypodermic > 
fringes sucking out of their clothes!™/ 
Bur \\ illiam Tang, who was criticized 
o> anh-drug workers for promoting so- 
t-atied ’herom chic.” called the syr- 
inges merely “witty accessories" that 
depicted the real Hone Kong. “I was not 
— - promoting it. I was not giam- 
j orszing it. It'i a fact, it hap- 
y , pens in our society. It's the 
► \ landscape of Hons Kong." 

..-y-, | s aid Tang, who draws his in- 

tne , spiral iun from street dwellers 

iaWl 3 - i Jn ^ from the sangster under- 
w rote u or!J. 


Stint;, whose catalogue of 
hit singles stretches across 
nearly tun decades, has 
signed a worldwide music / 
Publishing deal with EMI 
,£ ,c : "^ ,e ‘fral covers the 
rocker s hack catalogue with. 
|nt Police, his solo efforts and 
his future projects. EMI said. 
rinanci.il details were not dis* 
closed.