Skip to main content

Full text of "International Herald Tribune , 1997, France, English"

See other formats


The World's Daily Newspaper 


INTERNATIONAL 


I 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 

S 


Paris, Saturday -Sunday, July 26-27, 1997 


•4 


No. 35,583 





J.. - ‘i 


F /id. ’ . 




1 M, r\. 


1 5 » • 1. 

I. 



Swiss List Unsettles Many Israelis 

Uproar Over Bank Accounts Creates Deep Moral Quandary 


CuapuW 6> Oar Suff Firm Duunrbn 

TEL AVTV — There is deep unease in Israel about the 
campaign to reclaim the assets of Holocaust survivors from 
Swiss tanks, with some Jews fearing it might seem like an 
unseemly fortune hunt. 

“Many people think that it may trivialize the Holo- 
caust,’’ said Tom Segev, an author who has written about 
the Israeli identity. The restitution campaign by Jewish 
organizations worldwide, he said, might foster “an anti- 
Semitic linkage between Jews and money.” 

Public reaction in Israel to the publication in newspapers 




account holders was muted. The names were not published 
in any newspaper in Israel until Thursday and Friday. 

“The entire reaction of the Israeli media is a wonder for 
me,” said Avraham Burg, the head of the Jewish Agency, 
who helped in the campaign against the Swiss banks. The 


agency is a quasi-official organization tint helps Jews around 
the world emigrate to Israel. “There is a deep hesitation to 
touch the sacred issue of the Holocaust,” he said. 

Yoel Esteron, the managing editor of the daily news- 
paper Ha’aretz, said be was surprised to discover that “the 
coverage given this issue in European papers was stronger 
than in Israel.” The editor of Ma'ariv. Yaacov Erez, said 
that in Israel, the Holocaust was becoming a sectarian issue 
mostly relevant to those directly related to victims or 
survivors, “who mainly lived in Eastern Europe." 
Although 300,000 Holocaust survivors live in Israel, 


European descent. 

Mr. Esteron said the issue reminded him of the debate in 
Israel in the 1950s when the government decided to accept 

See SWISS, Page 5 


A Battle Over Housing in Jerusalem 


AGENDA 


Ben Hogan, Golf Legend, Dies at 84 

Ben Hogan, 84, one of the most 
accomplished golf players of all time, 
died Friday in Fort Worth, Texas. 

Hogan, who had colon cancer sur- 
gery two years ago and Alzheimer’s 
disease, died at home, his secretary, 

Pat Martrn, said. She did not know the 
exact cause of death. 

He won nine major championships 
— four U.S. Opens, two Masters, two 
PGA Championships one British 
Open — from 1946 to 1953. 

His indelible mark on the game he 
loved stemmed not merely from his 
ability to control the ball, arguably with 
more precision than anyone before or g 
since. It also was traceable in large 
measure to his enormous will, which 
forced him to remake his entire golf 
game and allowed him to crane back 
from a near fatal automobile accident 

Hogan is one of four golfers to have 

won all four Grand Slam events. He . Fn™*-Fw 

won a total of 63 tournaments around Ben Hogan, pictured in 1949, the 
the world. Page 18. year of his near- fatal car crash. 



Signals Are Mixed 
On New Construction 


C.wq*ird /t Oxr Sl$T Frrm DUftarhry 

JERUSALEM — Prime Minister 
Benjamin Netanyahu told the Palestin- 
ian Authority that be would block the 
building of a Jewish settler enclave in 
the heart of Arab East Jerusalem “at this 
time,” his office said Friday. 

The pledge followed a decision a few 
hours earlier by the Jerusalem munici- 
pal government to authorize construc- 
tion of 70 homes for Jews on private 
land in the Ras al Amud neighborhood 
that overlooks the walled Old City of 
East Jerusalem. 

Ahmed Tibi, an adviser to Yasser 
Arafat, the Palestinian president, called 
the surprise authorizanon a “declara- 
tion of war** and a violation of interim 
peace deals signed by Israel and the 
Palestinians since 1993. 

Israel Radio reported drat Mr. Net- 
anyahu was furious that be had not been 
informed about the decision in advance. 
David Bar-Ban, a spokesman for Mr. 
Netanyahu, said that in the name of 
national interest the prime minister 
would not let building begin. 

“Building now a new neighborhood 
in an Arab neighborhood may be con- 
sidered provocative by the Arab pop- 
ulation of Jerusalem," he said. “The 
permission may have been given but the 
building is not going to take place. So I 
hope (he Palestinian side will look at the 
reality of this situation.’* 

See HOUSING, Page 5 



\UU-1 


Rh.t BMB/lh AMdMri 

Ehud Olmert, mayor of Jerusalem, saying Friday that Palestinian protests 
would not stop a new Jewish housing project in an Arab neighborhood. 


Dollar Gains on U.S. Economic Vigor A Novel Theory of Biology’s ‘Big Bang’ 


Friday dote 
8113.44 


1.834 
1-6742 
1 16.095 


previous dose 
8116S3 


Friday 0 4 P.M. previous ck»e 


Books ...... Page 3. 

Crossrword._ Page 4. 

Opinion 1 Page 6. 

Sports Pages 18-19. 


TheiHT on-line http://wvvw.iht.com 


The dollar rose against other major 
currencies Friday, topping 1.84 
Deutsche marks at one point for die 
first time since July 1991, helped by a 
report showing a robust U.S. econ- 
omy and by economic malaise in 
Europe and Japan. 

“The durable-goods number rep- 
resents that die economy continues to 
roll right along,” a trader said. 
“That’s nor going to have a negative 
effect on the strength of the dollar.” 

The dollar gained against the yen on 
expectations that Japan’s low interest 
rates would not rise soon. Page 10. 

THE AMERICAS Page 3. 

Funding: Wot a Bipartisan Scandal ’ 

EUROPE Page 2. 

Dolly's Goners Take Next Step 


Colossal Continental Shifts May Have Spurred Explosion in Species 


By Kathy Sawyer 

Washington Pan Service 

WASHINGTON — A colossal shift in 
die Earth's mass half a billion years ago 
caused continents to migrate rapidly from 
frigid polar regions to the steamy tropics, 
and vice versa, scientists report, in a 
global upheaval that may help explain an 
astonishingly sudden increase in the di- 
versity of living creatures on the planet 

The dramatic discovery that the 
world's geography rotated 90 degrees at 
the same historical moment when evo- 
lution suddenly accelerated was presen- 
ted by researchers at the California In- 
stitute of Technology, who based their 
conclusion on an unprecedented anal- 


ysis of -the magnetic fields of rocks 
collected over 20 years worldwide. 

If confirmed, the findings could 
provide a long-sought explanation for 
an event in Earth’s history known as the 
“Cambrian Explosion.” During this 
period the planet experienced a bio- 
logical “big bang” that has never been 
repeated. New types of animals 
emerged at rales more than 20 times 
normal, leaving the first fossil records of 
virtually every sort of swimming, frying 
or crawling animal that exists today. 

But scientists have been baffled about 
the cause. 

The new findings, described in the 
issue released Friday of Science, in- 
dicate that the evolutionary surge co- 


incided with an equally unique shift of 
the major land masses, which briefly 
traveled at speeds hundreds of times 
faster than anything seen in recent his- 
tory. Within the relatively short span of 
15 million years, regions that had been at 
the north and south poles relocated to the 
equator, and two points on opposite sides 
of the equator became the new poles. 

These massive changes would have 
produced traumatic alterations in re- 
gional climates and, the researchers the- 
orize, could have broken up broad ex- 
isting communities of creatures into 
smaller, more inbred ecosystems, where 
animals are known to evolve more rap- 

. See BEGINNINGS, Page 5 


U.S. and EU 
To Confront 
Burma at 
Asia Forum 

Albright, in Malaysia, 
Signals Tough Stand 
Against Repression 

By Michael Richardson 

huernuthnul Herutd Tribune 

SUBANG JAYA, Malaysia — The 
controversial policies of Burma's mil- 
itary regime, overshadowed recently by 
Cambodia's political violence, will 
a gain become the focus of strong West- 
ern criticism this weekend when the 
United Stales and Europe take up the 
cudgels against Rangoon in a high-level 
meeting on regional security. 

Secretary of State Madeleine Albright, 
who arrived here Friday night, described 
Burma’s government as “among the 
most repressive and intrusive on earth,” 
indicating clearly that she would raise 
that issue as well in the strongest terms 
during the annual meeting of the 21- 
member ASEAN Regional Forum on 
security, which includes Burma. 

European officials said Friday that 
they would also use the meeting — one 
of the rare occasions when Burma's 
reclusive leaders are exposed directly to 
Western criticism — to press for the 
restoration of democratic rule in the 
country. 

Mrs. Albright noted on the way to 
Asia that one of her main goals in Kuala 
Lumpur would be to restore the Cam- 
bodian coalition government, shattered 
this month when Second Prime Minister 
Hun Sen ousted the first prime minister. 
Prince Norodom Ranariddh, and 
crushed his political supporters. Page 4. 

The meeting, which begins with an 
informal dinner on Saturday and con- 
tinues through much of Sunday, will be 
a major test of ASEAN, the Association 
of South East Asian Nations. 

The group, which established the for- 
um several years ago to ease tensions 
and build trust in Asia, admitted Burma 
as a member Wednesday despite calls 
from Washington and the European Un- 
ion for a delay until Rangoon took con- 
crete steps to respect human and polit- 
ical rights. 

In protest, foe European Union has 
indicated that its aid and cooperation 
agreement with ASEAN will not be 
extended to cover Burma, an ASEAN 
official said Friday. 

ASEAN has opposed economic and 
other sanctions imposed on Burma by 
the United States and Europe, contend- 
ing that its policy of constructive en- 
gagement with foe country’s rulers will 
be more effective than isolation in im- 
proving the situation there. 

ASEAN foreign ministers underlined 
their stand in a joint communique at foe 
end of their annual conference Friday by 
expressing opposition to foe use of trade 
sanctions against countries for alleged 
human rights violations. 

But it was not clear whether foe other 
ASEAN members — Brunei, Indone- 
sia, Laos, Malaysia, foe Philippines, 
Singapore, Thailand and Vietnam — 
would defend Burma if it were harshly 
criticized at the forum or simply leave it 
to foe Burmese foreign minister, U Ohn 
Gyaw, to defend the military regime and 
its policies. 

Asked Friday what ASEAN would 
do, Malaysia’s foreign minister, Ab- 

See ASEAN, Page 5 


Foreigners See Opportunities as Japan Deregulates 



AtsI 


By Sandra Sugawara 

Washington Post Service 

TOKYO — Kenneth Doctor is con- 
vinced it's real this time. 

Like most other foreign business ex- 
ecutives in Japan these days, he has been 
wrestling with some important ques- 
tions: Is the Japanese government fi- 
nally serious about deregulating its 
economy, and will it raean more busi- 
•- A ness for foreign companies? 

Mr. Doctor, chairman of- Price Wa- 
terhouse LLP's Japan operation, an- 
swers an emphatic yes. 

“The current government has been 
pushed or pulled towards deregulation 
of foe Japanese business community," 
he said in his office overlooking Tokyo 
"and once you start this kind of tiling, 
it’s hard to back away.” 

Newsstand Prices 

Andorra 10.00 FF Lebanon LL 3,000 

AnfflteS...; — .12.50 FF Morocco: 16 Dh 

CBmeroo(ui.e0OCBV Qatar- 10.00 OR 

Egypt ;„£E 550 Rfiunlon 12.50 FF 

France 10.00 FF' Saudi AraWa.„....10 SR 

Gabon 1.100CFA Senegal. — 1.100 CFA 

Italy. — iflOOUra Spain 225Ptas 

- Ivoiy Coast .1250 CFA Turtaa. 1.250 On 

•1 Jordan .... 1.250 JD UAL „-..:-10.00 Dh 

Kuwait 700 Fils U.S..M8. (Eur.]_J51JJQ 


He is betting big money that be is 
right. Price Waterhouse has launched a 
plan to more than double its operation 
here by adding 1.000 employees over 
foe next three to four years. 

Last autumn, as Prime Minister Ryu- 
taro Hashimoto was unveiling a strategy 
for rapid deregulation of one of foe 
worms most regulated economies, there 
was suspicion among many American 
business people that this was just another 
ruse. Either the bureaucrats would kill the 


effort, i 

benefit 


Y said, or the initiative would 
ly Japanese companies. 


But now an increasing number of for- 
eign companies, in businesses as diverse 
as finance, retail and media, have de- 
cided the effort is real and are pressing 
ahead with massive expansion plans to 
position themselves for the future. If their 
plans pan out, they c ould finally put a real 
dent in Japan’s huge trade surpluses. 

Deregulation means different things 
for different companies. One tiling that 
interests Price Waterhouse is foe fi- 
nancial implications of foe dismantling 
of foe so-called keiretsu system of in- 
dustrial groups, under which companies 


own shares in one another, leaving rel- 
atively few shares for trading on foe 
public market. 

As more outside investors enter foe 
market, they will care more about short- 
term profits. Price Waterhouse believes, 
and companies will need consulting ser- 
vices on how to shift decision-making 
toward a focus on raising share prices. 

Many Japanese companies also 
might be interested in raising money on 
overseas stock markets. 

See JAPAN, Page 5 


Irish Priest Gets 12 Years for Sex Abuse 




By James F. Garity 

New York Tima Service 

DUBLIN — In foe most scandalous 
case involving a Roman Catholic priest 
in foe history of this overwhelmingly 
Catholic country, Father Brendan 
Smyth was sentenced Friday to 12 years 
in prison after his conviction in 74 in- 
stances of sexual abuse of 20 young 
people over a period of 36 years. 

rather Smyth, 71, finished a four- 
year prison term in Northern Ireland 
four months ago for similar offenses. 

He has become notorious not only for 
his actions but also for foe fact that, in 
1994, his case caused the collapse of the 
government of Prime Minister Albert 


Reynolds. Mr. Reynolds was forced to 
resign after disclosures that his attorney 
general, Harry Whelehan, had delayed 
processing requests from British au- 
thorities m Northern Ireland for the 
priest’s extradition. 

The case also embarrassed the Cath- 

A Catholic diocese in Texas is held 
liable in priest’s sex abase. Page 5. 

olic hierarchy, which was widely cas- 
tigated for having failed to discipline 
Father Smyth after credible complaints 
had been made against him by parents 
whose children had reported abuse. 

The church responded by moving 


him from parish to parish, hoping, 
church officials said, that he would re- 
form. 

The former primate of Ireland, Cabal 
Cardinal Daly, apologized to foe vic- 
tims three years ago, saying the cases 
had brought him to tears. 

The Catholic Church has since issued 
guidelines for bishops intended to identi- 
fy and act on complaints of child abuse. 

Some of foe victims are expected to 
claim money damages from the church 
for foe priest’s actions. But many priests 
now say that they are afraid to touch or 
handle children, however innocently, 
on pastoral- visits to their homes or in 

See PRIEST, Page 5 









PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, JULY 26-27, 1997 


Dolly’s Creators 
Take Next Step 

Scientists in Scotland Gone 
Lamb With Human Genes 


By Gina Kolata 

Ne* York Times Service 

The scientists in Scotland 
who produced Dolly, a sheep 
cloned from an adult sheep, 
say they have taken a major 
step in the genetic engineer- 
ing of animals. Using a meth- 
od much like that used to pro- 
duce Dolly, they created a 
lamb that has a human gene in 
every cell of its body. 

Cloning experts say die 
work is a milestone. Animals 
with human genes could be 
used, in theory, to produce 
hormones or other biological 
products to treat human dis- 
eases. They could also be giv- 
en human genetic diseases and 
used to test new treatments. 
And genetically altered anim- 
als might also produce organs 
that could be transplanted into 
humans with less chance of 
rejection than now exists. 

Until now, the only method 
available to genetically engi- 
neer animals has been tedious 
and unreliable. Scientists 
could only add genes, not take 
them away, restricting use of 
the method. The new method 
used to create the lamb is de- 
signed to eliminate these 
problems. 

The new work has not been 
published in a scientific jour- 
nal. and there was no inde- 
pendent confirmation of the 
feat, but scientists in the in- 
dustry reacted positively to 
the claims. “If what I’m hear- 
ing is true, it's another leaf),” 
said Stephen Squinto, a vice 
president of research at Alex- 
ion Pharmaceuticals in Con- 
necticut. 

To genetically engineer the 
lamb, the research team, led 
by Keith Campbell of PPL 
Therapeutics and Ian Wilmut 
of the Roslin Institute in 
Roslin. Scotland, essentially 
made whole animals out of 
skin cells taken from fetal 


sheep. Once they had the fetal 
cells, they grew them in the 
laboratory and added new 
genes, at least One of which 
was human. 

The next step was to re- 
place the genetic material of a 
sheep’s egg with that of one 
of the fetal skin cells. When 
the fetal cell's genes success- 
fully took up residence in the 
nucleus of an egg cell and 
directed the development of a 
baby lamb whose every cell 
contained the skin cell’s 
genes, the cloning was com- 
pleted. And the resulting 
lamb had the new genes that 
had been added in the lab. 

The first genetically engin- 
eered lamb, named Polly be- 
cause she is a Poll Dorset 
sheep, was born two weeks 
ago. She was cloned from a 
fetal cell that had a human 
gene ami an innocuous second 
gene added as a marker. Two 
other lambs were bom a few 
days ago and are expected to 
have the human gene and the 
marker gene. Two others just 
have the marker gene. Dr. 
Campbell said. 

PPL, which sponsored the 
work, said it would not reveal 
which human gene was added 
to the sheep until it publishes 
the work in a scientific jour- 
nal. 

Randall Prather of the Uni- 
versity of Missouri, who vis- 
ited the Roslin Institute this 
spring, said it “will revolu- 
tionize transgenics in domes- 
tic animals, by allowing in- 
vestigators, for the first time, 
to add and remove genes from 
animals at will. 

“We are getting closer and 
closer to human beings now, 
too,” said Lee Silver, a 
mouse-molecular geneticist 
at Princeton University. “All 
of this can be passed over to 
human beings. Genetic engi- 
neering of human beings is 
now really on the horizon. ” 



Is Fujimori Allowed 
To Be Peru’s President? 

Documents Cast Doubt onHis Birthplace. 


i 

j 

Wl’ 


By Calvin Sims 

• New York Times Sen ice 


John □ ■* " ii 

Polly, the first cloned sheep with human genes, standing by its surrogate mother In Scotland. 

Dora Maar, Picasso Muse, Dies 


The Associated Press 

PARIS — Dora Maar, 90, a mistress and muse of 
Pablo Picasso in his middle years who plunged into 
a lifelong depression when the painter broke off 
their relations in the 1940s, died July 16. 

A painter and a photographer, she struggled to 
break free from Picasso's powerful personality and 
develop her own artistic ambitions, but failed, 
spending much of her adult life as a recluse. 

During her time with Picasso she was the subject 
of several grotesque portraits, painted with garish 
colors and narsh lines. 

They remained together for eight years before he 
left her for Ffaneoise GiloL The rupture in the 
1940s was stormy. Miss Maar fell into a deep 
depression. 

After World War Du she exhibited some of her 
photographs bat never received the recognition she 
felt she deserved. 

- Picasso met Miss Maar in 1936 at a caf£ in Sl- 
Germain-des-Pres, a Left Bank neighborhood in 


Paris that was an international watering hole for 
artists, writers and intellectuals. 

A stri king , dark-haired beauty, she had close ties 
to the surrealists, a movement characterized by the 
irrational, fantastic interpretations of reality that 
flourished in the 1930s. 

Bom in France, she had spent her youth in 
Argentina, and on her return posed as a model for 
the photographers Henri Cartier-Bresson, Man 
Ray, and Germaine Kiull. 

At the time Picasso met Miss Maar, whose given 
name was Theodora Markovitch, he was involved 
with Marie-Therese Walter, for whom he had left 
his wife. Miss Maar quickly found a studio where 
she and her lover could work. 

It was in this atelier in central Paris that Picasso 
painted Guernica, the famous painting that depicts 
the destruction of a small Spanish village by Ger- 
man bombers in 1937. MissMaar’s photographs of 
the execution of die painting are widely repro- 
duced. (AP. Reuters) 


TRAVEL UPDATE 


Have you been to 


THE INTER MARKET 


today? 


Don't miss it. A lot happens there. 


Hong Kong to Negotiate Visas 

BEIJING (AFP) — Chinahas authorized the government in 
Hong Kong to independently negotiate with foreign countries 
to secure more visa-free travel for Hong Kong residents, state 
television reported Friday. 

Before the takeover on July 1, Beijing signed international 
accords allowing citizens of what would become the former 
British colony visa-free access to 24 countries. 

A Warsaw travel agency is offering air tours over areas of 
Poland ravaged by the worst flood disaster in centuries, 
Gazeta Wyborcza reported. Prices start at 550 zlotys ($1 60) an 
hour. (Reuters) 

A rising number of Arab, British and Russian tourists 
during June lifted Egypt’s year-on-year tourism figures by 
more than 21 percent ( Reuters ) 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangelical Sunday Service 10:00 
a.m. & 1 1 :30 a-mU Kkto Welcome. De 
Cuserstraat 3. S. Amsterdam Info. 
020-641 881 2 or 020-B4S1 653. 

FRANKFURT 

English Speaking International 
Catholic Parish. St Leonhard, Alto 
Meinzer Gaasa 8. 603 1 1 Frankfurt. 
Germany. Tel/Fax 060-283177, Mass 
schedule: Saturday 5 pm. Sunday: 10 
am. Confessions; M2 hour before Masa 

FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
(Evangeical). Sunday 630 p.m. La Grand 
NoWe Hotel. 90 av. de Comebarrieu, 
Bagnsc.TeL056274 11 55. 

FRENCH RMERA/COTE D'AZUR 

NICE: Hoi 
Bulla 

Resistance, 9 

MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 
Worship Service. Sundays: 11 a.m. 
9, rue Louis Notary, Monte Carlo. 
TeL: 377 92 16 56 47. 

PARIS and SUBURBS 

EMMANUEL. BAPTIST CHURCH - 56. 
rue des Bons-Raisins. 92500 Rueil- 
Mahnalson. Summer Schedule: 9:45 
Wbrehip. 1 1:00 Coffee Hour. For more 
Info call 01 47 51 29 S3 or check: 
h^7Amvwgeoe^e3£om^arisMettyi3S2. 

HOPE INTERNATIONAL CHURCH 
Hotel Onon at Pans-ta-D6fense, Bbd.de 
Neuiy. Worship Sundays. 930 am. Rev. 
DougfcB Mter. Paster. T.: 01 43 33 04 06 
M6So 1 to ta Defense Espfenade. 

SAINT JOSEPH'S CHURCH (Roman 
Cdhofc) MASS IN ENGLISH: SaL 630 pm; 
Sun. 10 am. 12 midday. 6:30 p.m. 
50. avenue Hoche. Paris 8th. Tef.: 
01 42 27 2856. Metre Chafes de Go* - Bofe. 
RELIGIOUS SOCIETY OF FRIENDS 
(QUAKERS). Unprogrammed (silent) 
meeting for worship. Sundays 11 am. 
Cantrer Ouster fntatnabnsL 114 bis, me 
de Vaugirarcl, 75006 Paris. AB Welcome. 
433014548 7423. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near bfefettN Sta TeL: 3261- 
3740. Woship Service: 930 am. SuldayS. 
TOKYO UM0N CHURCH, near Omcte6ando 
Subway Sn. TeL 3400-0047, WoreKp Semes: 
Suiday - &30 & n.W am, SS a 9*5 am. 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking non -denominational. 
Tel. +41 81 302 1674. Sundays 1030 
MUae Strasse 13. CH4056 BassL 

ZURKH-5WITZERLAND 

ENGLISH-SPEAKING CATHOLIC 
MISSION; Si. Anton Church, 
MlnervastraBe 63 Sunday Mass: 8:30 
am. 6 1130 am. Services held in the 
crypt of St. Anton Ctiuch. 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


BRUSSELS/WATERLOO 

ALL SAINTS' CHURCH, 1st Sun. 9 & 
11:15 am Holy Eucharist wtti Cmdrarfs 
Chapel at 11:15. Al otoer Sundays 11:15 
am Holy Eucharist and Sunday School 
563 Chauss6e de Louvain, Ohain. 
Belgium. Tel 32i2 384-3556. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
FamBy Eucharist Frankfurter Sro&se 3. 
Wiesbaden, Germany. Tel.: 
4981130.66.74. 


PARIS and SUBURBS 

THE AMEHCAN CATHEDRAL OF THE 
HOLVTRWnrY, Sul 9 & 11 am, 1045 
am Sunday School for children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23. avenue George V. 
Paris 75006. Tel.: 33-01 53 23 84 00. 
Metro: Georgs V or Alma Marceau. 

FLORENCE 

ST. JANES' CHURCH, Sun. 9 am Rte I 
& 11 am Ffte fl. Via Bernardo Rucefei 9. 
5012a Ftorence, tafy. TeL39652944 17. 

FRANKFURT . 

CHURCH OF CHRIST THE KING 
(Episcopal/Anglican) Sun. Holy 
Communion 9 & n am Sunday School 
and Nursery 10^5 am Sebastian RJnz 
Si 22, 60323 Fraridut Germany, in, 2. 
3 MqueWfca Tet 4969 55 01 84. 

GENEVA 

EMMANUEL CHURCH, 1st & 3rd Sun. 
1 0 am EuchartsC 2nd & 4#i Sul Momtog 
Prayer. 3 luedeMontoouc, 1201 Geneva 
Switzerland TeL 41/22 732 B0 78. 

MUNICH 

THE CHURCH OF THE ASCENSION, 

Sun. 11:45 a.m. Holy Eucharist and 
Sunday School Nursery Cara provided. 
Seybothstrasss 4. 01545 Munich (Har- 
tachmg). Germany. TeL 49/066481 85. 

ROME 

ST. PAUL’S WTTHtN-THE-WALLS, Sun. 
630 am Hofc Eucharist Rite I; 1030 am 
Choral Eucharist Rite 11; 10:30 a.m. 
Church School far chicken & Nursery care 
provided: 1 pm Spanish EucharisL Via 
" '58. 00184 Rome. TaL- 39*488 

or 396 4743569. 


EUROPEAN 

BAPTIST CONVENTION 


BERLIN 

I.B.C., BERLIN. Rothanburg Str. 13. 
(StegHtz). Sunday. Bible study 10.45. 
worship Service 12.00 noon. Charles 
Warlord, pastor. Tel- 030-774-4670. 

BREMEN 

LB .C, Hoheniohestr. Hermann-Bose-Str. 
Worship Sun. 1730, Pastor telephone: 
0421-78648. 

BUCHAREST 

LB.C.. Strada Papa Rush 22. 3:00 p.m. 
Cortttt Pasor Mha Kemper, TeL 312 3860l 

BUDAPEST 

LB.C., meets at Morics Zsfgmond 
Gimnazlum, Torokvesz ut 48-54. Sun. 
1030. TeL 2S03832. 

BULGARIA 

LB.CL, World Trade Center, 36, Drahan 
Tzankov Bhzd. Worship 1130. James 
Di*8. Pastor. TeL 669 666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHiP. Br.-FteMrchDcte Gemeinde, 
Sodanersk. 11-16, 83150 Bad Hamburg. 
Sunday Worship, Nursery & SS: 
1120 AM Mid-week mi n istries. Pasor 
MJLevey. CaSFac 06173-62728. 
BETHEL I.B.C. Am Dachsberg 92 
(Engfcsh), Worship Sun. 11:00 am and 
6£OpmTeLOG9-549S59. 

HOLLAND 

TRIPITY MTHTNATIONAL Invites yw to 
a Christ centered feflowship. Jiriy-Aug. 
Service 9:30 am Btoemcarrtolaan 54, 
Wass en aar 070-51 7-8024 nursery prov. 


NfCE - FRANCE 

I.B.C. 13 rue Vernier, English service. 
Sunday evening 1830, pasor Ftoy water- 
TeL (04 93) 32 05 96. 

PRAGUE 

LB. FELLOWSHIP, Vlnahradska ft 68, 
Prague 1 Sun. iiflL TeL (p2) 311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. 19.00 al Swedteh Church, across 
from MacDonalds, Tel: (02) 353 1 505. 

ZURICH - SWITZERLAND 

I.B.C of Zurich, Ghelstrawe SI. 8803 
Ruschlfron, Worship Services Sunday 
mornings 1030. TeL 1 -4810018. 



BERLIN 

AMERICAN CHURCH IN BERLIN, cor. 
of Clay Alee & Potsdamer Str. S-S. 930 
am. Worship 11 am TeL 060-8132021. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verdaine Sunday wershp 930. in German 
1130 in En^sh. Tet (022) 3105089. 

JERUSALEM 

LUTHERAN CHURCH 0 i the Redeemer. 
Oti cay. hUfstai Rd. Engfish worship Suv 
9 am Al are weteoma Tel: (02)6281049. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11:00 am 65, Ouai tfOreay, 
Paris 7. Bus 63 at door, Metro Alma- 
Maroeau or tnvafctes. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service. Sunday School & Nursery. 
Sundays 1 130 am. Scftaraengasse 25. 
TeL- (01 >2625525. 


French ‘Swallows,’ 

A Bit Updated, 
Returning to Paris 

Agence France-Presse 

PARIS — They used to be called 
“the swallows” after their wing- 
shaped capes and beak-like peaked 
caps. 

On Monday the swallows — po- 
lice officers on bicycles — are due 
to return to the streets of Paris, but 
this time in a slightly less romantic 
way. 

They will be ridding zippy 
mountain bikes that are more ef- 
ficient for patrolling the bumpy, 
traffic-choked streets of Paris and 
nearby woods, police officers said 
Friday. 

Clad in sporty blue cycle shorts 
and caps, two teams of police of- 
ficers, men and women, have been 
recruited to patrol on bicycles, par- 
ticularly the Bois de Boulogne and 
the Bois de Vincennes, west and 
east of Paris. 

Other mountain-bike officers 
will be deployed throughout the 
city, especially to monitor bike 
paths that are popular in summer. 


LIMA — Political opponents of Pres- 
ident Alberto Fujimori have produced 
documents’ suggesting that he was not 
bom in Peru and thus is ineligible to be 
president. 

The documents, which have not been 

verified independently, deepen a polit- 
ical crisis in which Mr. Fujimori s pop- 
ular support has plummeted amid ac- 
cusations that military and intelligence 
officials now dominate the government 
he was first elected to lead in 1990. 

While the documents were made pub- 
lic Thursday by opposition figures and 
local journalists, it was suspected that 
they came from government officials 
who want to undermine Mr. Fujimori. 
The documents — immigration and 
baptismal records — indicated that they 
were altered to conceal Mr. Fujimori s 
true birthplace. 

For example, on a 1934 immigration 
form that was made pnblic. Mr. Fuji- 
mori’s mother, Mutsue, declared that she 
was entering Peru with two children who 
were younger than 10 years of age. Ac- 
cording to Mr. Fujimori's birth certi- 
ficate and his official biography, he was 
bom July 28, 1938, the second of his 
parents’ five children. 

But a 1948 baptismal certificate for 
Mr. Fujimori lists his birth date as Aug. 
4, 1938, and in the space on the cer- 
tificate marked birthplace there is a glar- 
ing alteration. In what appears to be 
different ink and different handwriting, 
the words Miraflores, Lima, were written 
over a visible erasure on the document 

If it is proved that Mr. Fujimori, a son 
of Japanese immigrants, was not bom in 
Pern, he could be forced to step down 
because the Peruvian Constitution 
states that the president must have been 
bom in the country. 

Mr. Fujimori’s government did not 
immediately respond to the release of 
the documents. 

In recent weeks, five cabinet mem- 
bers have resigned and Mr. Fujimori’s 
popularity has dropped to an all-time 
low after a string or scandals involving 
illegal wiretapping and corruption. 
Some were revealed by .people within 
the administration who are seelringiio 
discredit the president 

' ‘These documents are very troubling 
for the government because Fujimori 
has akerious credibility problem,” said 
Carlos Basombreo, head of an inde- 
pendent political research institute. 
“Even if it turns out that he was in fact 
bom in Peru, no one is going to believe 
it because of all the dishonest things 
Fujimori has done in recent weeks.” 

Despite the official silence from the 
administration, officials, speaking on 
condition of anonymity, said that a the 
documents were legitimate, they still 


did not prove that Mr. Fujimori was not 
bom in Peru. They said there were 
dozens of possible explanations for the 
se« nj n g discrepancies in the docu- 
ments. chiefly poor record keeping. . 

The doubts about Mr. Fujimori's na- 
tionality are being raised only a week 
after hi"s government revoked the cit- 
izenship of the Israeli-born owner of a 
television station that had broadcast re- 
ports exposing government wrongdo- 
mg. 

On a nationally televised news pro-' 
gram Wednesday. Lourdes Flores , a 
prominent opposition congresswoman, 
said that she and a local journalist, 
Cecilia Valenzuela, had discovered 
“official” documents that raised 
nous questions about Mr. Fujimori’s 
date and place of birth. 

“This has far-reaching legal con- 
sequences, and we are calling for an 
independent investigation to determine 
once and for all what the truth is," Ms; 
Flores said. • 

In releasing the three documents, the- 
critics of Mr. Fujimori suggested that 
the president may be older than he 
claims, in which case the year 1938 on 
the baptismal and birth certificates 
would be a falsification. Mr. Fujimori's 
mother is alive, but she has refused to v- 
comment 


Al 


lull 1 1WU1. ■ • , , 

For years, rumors have circulated that 
Mr. Fujimori was not bom in -Peru and 
that his closest adviseT, Vladhniro 
Montesinos, who heads the intellij 
agency, had skillfully concealed 
fact — a feat that allegedly gave Mr. 
Montesinos considerable influence over 
the president , 

Mr. Montesinos, who rarely appears 
in public, is one of the most feared men 
in Peru. Human rights groups have ac- 
cused him of setting up death squads; 
and he has managed to quash several 
congressional investigations into alle j 
gallons by members of Congress that he 
protects drug traffickers. 

Political analysts maintain that Mr. 
Fujimori jointly rules Peru with Mr. 
Montesinos and the chairman of the 
Joint Chiefs of Staff. General Nicolas 
Hermoza. But a recent string of scandals 
that have tarnished Mr. Fujimori 's repu- 
tation have led many analysts to con- 
'd ude that Mr. Montesinos and Mr. Her- 
tnoza are seeking to oust Fujimori. 

; An aunt and unde of Mr. Fujimori said 
from Japan by telephone that the pres- 
ident was not bom there. Satsuki Iraoto, 
who is married to Tamiya Imoto, the 
younger brother of Mr. Fujimori's moth- 
er, said that the Fujimoris' first baby, 
Juana, was bom in 1936 and that the 
president was bom in 1938. An ofiidal at 
the international division of their local 
administrative office on Japan's southern 
island of Kyushu said all prewar records 
were lost when the office burned down in 
ah air raid in World War II. 


* .. 



J 


Mnn Bjtm/Rmo' 

Peru's president, Alberto Fujimori, in the government palace in Lima. 


WEATHER 


Europe 


today 

TomornSM 


High 

LowW 

Ht0h 

LowW 


C/F 

OF 

OF 

OF 

alp.ro* 

31/88 

19/66 a 

29/8* 

20/80 * 

Arnsterfam 

2271 

13/55 sh 

20/68 

12/53 8 


2am. 

l-t/67 DC 

20/82 

12/53 pc 


32/W 

2*75 a 

33BB 2271 pc 

BoiMtona 

3E77 

19/66 s 

27/80 20/88 pc 

Bafcpada 

27/80 

1*/57 pc 

27/80 

15/5Bpc 

Bo<ki 

2271 

15/56 pc 

2475 

14/57 5 


IB/6* 

13/55 r 

2*75 

13/55 S 

Budocmd 

2271 

18*81 r 

27/80 

10/Wi pc 

Copontiojsai 

20/168 

12/53 r 

21/70 

1353 pc 

Coma Dal So/ 2VB* 

1B/W i 

30/86 

2170 » 

CfcWn 

IAS* 

10/30 c 

17/52 

B'48 , 

Edrtwgli 

16/61 

11/52 i 

16/61 

B46C 

Florance 

3090 

17/42 ■ 

31/08 

18/84 S 

FranWwl 

2170 

12/53 eh 

2*75 

13/55 s 

Gonavn 

2475 

13/53 pc 

28/62 

13/S0 pc 

HatonW 

2*75 

1®61 oh 

2*/75 

13/55 pc 

taanbJ 

31/88 

2170 pc 

2WB4 

1WI *h 

Kkw 

2*75 

17/62 c 

27/80 

17/62 pc 

LoS PoJmaa 

28/82 

2170 a 

27(00 

2271 pc 

Lohcsi 

2*BJ 

12/66 * 

29/8* 2tt6BSfi 


2*75 

18/61 pc 

3475 

1*57 pc 

Madnd 

3*/93 

191* i 

3*93 

Wfrlpc 

Ma/Borea 

2*76 

19/66* 

2879 

22/71 be 

llitan 

2*8* 

15/59 s 

30/88 

IBttfls 

Moscow 

2577 

16/61 pc 

2679 

17/62 pc 


20/ee 

il/E ah 

Z3/73 

12/53 c 

race 

28/82 

IB'68 5 

28/82 21/70 5 

Onto 

2373 

15/93 sh 

2373 13/55 r 

Parts 

2B77 

15/60 pc 

2677 

14/57 pc 

Prague 

19/68 

lOSO sh 

2475 10/50 pc 

Hsyt*>v* 

14/67 

10/50 p 

13/55 

W*8c 


2*75 

1*67 c 

■ 2373 

13/55 c 


2WB* 

19/66 pc 

26/84 

19/68 pc 

3/ Pawrabura 2*75 

17/62 c 

2373 

1A61 c 

Stockholm 

2271 

/OTt r 

2373 

1*67 pc 

Strasbourg 

2271 

15/Se«h 

2677 12/53 pc 

T«*nn 

2373 

17/62 Ml 

2373 

14/S7 pc 


2W8* 

IB/We 

awe riTo pc 


.27/80 

16/81 pc 

28/82 

19/60 pc 

Vienna 

svn 

17/62 sn 

27/80 

17/02 pc 


2W79 

16851 *h 

2679 1*67 pc 

2>nh 

19/88 

1 V55 Mi 

2373 

1*67 e 

Middle East 


33/102 

29/84 s 

42/107 29/8*1*1 

Bans 

27/80 2170 3 

29/84 2271 PC 


35T97 

2271 s 

35/95 2271 DC 


32/89 

16/81 t 

32/69 

16/8* ■ 

Jeruealan 

2002 

19/61 » 

20/0* 

17 /62 pc 


41/106 

19/66 s 

42/107 2*75* 

fyedfr 

4 a/109 28182 t 

*4/717 

2W* a 


Forecast for Sunday through Tuesday, as provided by AccuWealher. Asia 



JeMtown 

North America Europe 

Sunny ana muck warmer A siorm will bring damp 
weather is in store lor the and cool weather to Scan- 
mid- Atlantic and Northeast din avia Sunday through 
Sunday and Monday. Tuesday w/th intermittent 
Steamy in the Ohio Valley rain showers. High pres- 
and the Southeast with sure wWI nose into Western 
scattered thunderstorms. A Europe early next week 
coU front wta move across with m/fcr weather returning 
the Plains, bringing raliel to London and Paris, 
from the hot and humid Rome and Madnd will be 
weather in the form ot very warm to hot with plan- 
gusty thunderstorms iy oi sunshine 


Asia 

Rain, some heavy, is likely 
Across central Japan early 
next week as Typhoon 
Rosie heads north. Warm 
and humid across south- 
eastern China with scat- 
tered thunderstorms Mon- 
soon rams witf affect much 
01 western India tram Bom- 
bay southward. A few thun- 
derstorms in eastern 
Manchuria and the Koraas. 


North America 


anchorage 

MM0 

Boston 

CtVcajo 

DbIdi 

Dsnvor 

Data* 

HorakAj 

Houston 

Angst** 

Mwm 


Today 

High LowW 
CJF CIF 
22/7} iSSSpe 
34/B3 2373s 
7S/S2 MWi 
33«l rani 
M»7 Sa/TCpc 
3*«i i*ei i 
32/88 2373 pc 
29/M 22m pc 
WB7 23/73 i 
27/BO IttUpc 
32rt» SB/77 pc 


Tomorrow 
Ugh LowW 
CIF CIF 
21I7D 12<S3ps 
3505 23.73 pc 
29/8* 2T/70 pc 
31«8 Ifl/WI 
MW J4/73PC 
33/91 15/59 pC 
32/89 IB/M pc 
31/80 23/73 pc 
M/» 2173 T 
23/82 ISM pc 
33/Bt 26791 


Mmopofe 
Mart nut 


Now Tort. 
Ortsnda 
Pnoans 
5an Ffan 
Soanlo 

Toronto 

Vancouver 

Washngwi 


Hlgh^TowW 

OF OF 
3**93 21/701 
27/80 2090 C 
33/Bl 2*75 pe 
WW 2271 s 
3WI 23731 
42707 ZTTBOpe 
2373 13/55* 
2475 14/S7 a 
27*80 IBM I 
2271 13/56 pc 
32189 23/73 pe 


Toma now 
High LowW 
OF CIF 
27780 1 778? pc 
31108 20/80 pc 
32/89 24/TEpc 
2373 pc 
33/91 23731 
*1/106 27/00 pc 
22.71 13/55 pc 
2577 I4.S7 pc 
31/88 17/821 
2373 13/55 str 
M/W 23/73 pe 


Legend: s- iumy. pc-oarty e/oufly. c^soutv. sn-atowers. Wfuvfetsoims, /-raffi. st^now (luntes, 
an-anow. Mco. W-WeaDwr. Al maps, (oncost* and den prodded by AccuWoBOMr, fete: 01997 


Africa 

AJolora 

2W84 

17/62 a 



C*po Town 

1*67 

3m t 



Caeebtonca 

27/80 

ia/66 s 


21701 


2879 

13/56* 




27/BO 

2271 C 


Nairobi 

atv/a 

11/62 pc 

Z577 13®5pC 

T«a 

S/B4 

17/82 pc 

31/88 

18106 7 

Latin America 

Bueno* Amu 

2170 

11/32 pc 


12/53* 

Crams. 

30/08 

2475C 


24/75 pc 

Lima 

2170 

17/83* 


17/82 pc 

Mexico Cay 

2*75 

13/55 e 

2*73 13/55 pe 

Ftlo deJanen 2271 

10/61 pc 


18*4 pe 

Santiago 

18/6* 

W**W 

10/81 

0/46 C ' 

Oceania 

Aucttmd 

12/83 

6/*3 pc 


7144 pc 

Sydney 

16/01 

13f55*h 

17/82 

aufic - 


h- 


A two-month trial 
subscription. 
Save up to 60% 

Try a special, low co. c t 2-month trial subscription to the 
International Herald Tribune to enjoy delivery to your 
home or office every morning AND save up to 60% off 
the newsstand price, 




















































|D 










Klgfl 






























mm 






^ Yes J woM hh to skirt mcBiwng^ Inlarncsionei HamU Tribune. 
j endcaedfpcTaWslo Ae WTJ 

I Charge my: □ Amex Q Dima □ VISA □ Access □ MasterCard □ Euroaond 
I For ax-US end Alien paces, aucfil earth will bn charged in French Francs orajirmi rales. 


Country: 

Hornets) No:. 
E-Mail Address.. 


■Business tel No:. 


Card Nb\ 


. Exp. Date: . 


Signature;. 


| Far business orders, indicate your VAT No' 

I 


(IHT VAT Number FH74732021 126) 


Mr/Mrs/Ms Family Name , 
First Nome:- — — ■ 

.Mcrtng Addngi: .... 


-Jab TiHo , 


I got Ibis copy of it* IHT at-. Diio& G hotel Dadm* □ other 
O ! do net w/d» to receive infoanohan Han other ecreWfy screened companies 
Mail or fat to. btenoSanol Harold Tribune 
... BJROM, MIDDLE EAST & AFRICA 
1BT Aug Charles de Gaulle, 92521 Neuifly Cedex, France 
Fax: +33 J 41 43 92 10. fel: +33 1 4) 43 93 51^ 

„ _ , THE AMERICAS 

650 Third Avenue, New YoH,. N Y 10022-6275 USA 

F W . +1 21 2 755 $785 hee) 1 - 800682*684 


26-7-97 


u. 


— 1 . - 


I Gty/Code:. 


7/F ' 

AskrsubshkMohfe.com • 

Offer valid br new subscribers only. HA7MJ 


Imprint* pur Offprint. 7.? rue de TErangile. 75018 Pur is. 















INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 26-27, 1997 


RAGE 3 


°» His B 




S)r 1 ' i- n ■ \if p 

fi T-,-7 


* '-A.! \|, 



Murder Suspect 
Sought Passport 

FBI Hesitates Over Reward 



n> * ■ ■ * -• :0- *h v L f«K 5 


or-.-;.':. Lou ^h' 




P-V-Vll'- J 
?■» 

v-r.Tir> \f-- 


--^mg Kl 

‘---iiion if.. 


■n. 


'h* 

■ lltf '-rwtf 


’' ,1 Mlgg..... 


-- - r hr 


■'f'fe i 



L - ^ J. , 1 s, 

V7 

-V^vr.r :: \ 

‘ * ae ka S ; 

ro; •.•■» - 


M: F 

. “ virtue. 

7 "-> 

- .••••. " 0 RJ 

Mr-v:,, ■ 


«. J L" r ; L , - 

- - ir : r >r£. 4 

fv. 1 __ . .. . 

.-.V 1 ” 



: --- 



Mr v 



■ ’ rjtr'i 

>; , / 

:• - • 

- 

- 

• -.117 jcyj. 

1 

- " V ■ 


• i' - . 


• " . ' 

• 1 ' 

■ 1 

V : • 



' _TT • 

j ; " • ’ . 

s •• . 

A . 



■ -i t • ;• • - , 


•- .■ *.:■ 


\ ■' 

- - ■ r. V 

v. ’ . • 



' ' ’ r. - r - 

Lv : • • 

• - 

' 

* ' 

Mar- . fc- '• ' . - 



. ■■■ ."ir? 



r-- 

' • - ■■ 


- J 



C-amUilh, t.Jv SasjFnwthykium 

MIAMI BEACH — The 
police have turned their in- 
vestigation of the murder of 
Gianni Versace to associates 
of Andrew Cunanan. as they 
sought clues to why he went 
on a murderous rampage that 
ended in suicide aboard a 
Florida houseboat. ■ 

The FBI said that Mr. Cun- 
anan had apparently called a 
friend for help in getting a false 
passport to flee the country. 

Meanwhile, the caretaker 
of the boat, whose sighting of 
Mr. Cunanan provided the 
break in a massive nation- 
wide manhunt, learned Friday 
that he might not be eligible 
for the $65,000 offered as a 
reward in the case. 

“Nothing has been de- 
cided/' an FBI spokeswom- 
an. Julie Miller, said of the 
share of the money the agency 
had offered. 

David Aelion. an attorney 
for the caretaker, Fernando 
Carreira. said a petition was 
being circulated requesting 
1 that Mr. Carreira be given the 
reward, and a vigil would be 
held near the Miami Beach 
mansion where Mr. Cunanan 
is suspected of having shot 
Mr. Versace, the Italian fash- 
ion designer. 

Mr. Carreira had tele- 
phoned the police to report 
that an intruder aboard the 
houseboat matched the de- 
scription of Mr. Cunanan. 

The caretaker said he had 
heard a shot fired, which he 
thoughr at the time had been 
intended for him. “I didn't 
know who it is,” Mr. CaiTeira 
told a television interviewer. 
“Bur I caught him.” 

“Besides that,” he added, 
“1 saved a lot of money for 
The government. If he' was 
alive, he’d have to go court. It 
costs a lot of money.” 

Mr. Carreira said the owner 
of the boat. Thorsten Rei- 
neck. rarely visited it, and Mr. 
Carreira was the only one 
who had keys to the boat 
FBI agents questioned Mr. 
Reineck to find out if he had 
bad any relationship with Mr. 
Cunanan. Mr. Reineck, who 
owns a gay health club in Las 
Vegas, went to the agency's 
offices in that city Thursday. 

Mr. Reineck is wanted on a 
Europe-wide . arrest warrant 
on fraud allegations involving 
up to $1 1 1,000, a state.pros- 
ecutor, Norben Roeger, said 
in Leipzig, Germany. 


But FBI officials in Las Ve- 
gas said late Thursday night 
(hat Interpol had told them that 
Germany would not try lo ex- 
tradite Mr. Reineck if he were 
arrested in the United States. 

The German authorities 
confirmed that the warrants 
were only executable in 
neighboring countries. 

FBI investigators also said 
that in the desperate days be- 
fore Mr. Cunanan shot him- 
self in the master bedroom of 
Mr. Reineck's boat, he tele- 
phoned an acquaintance fran- 
tically trying to get a fake 
passport so he could escape. 

“He was a desperate per- 
son with very little room to 
move about,' 1 said the Miami 
Beach police chief, Richard 
Barreto. 

“I'm happy that this has 
been brought to closure with- 
out another vjciim.” 

Mr. Cunanan, 27, who had 
been described by the police 
and his estranged mother as a 
gay gigolo, was being sought 
for a series of five killings that 
began in April in Minneapolis 
and ended here July IS with 
the brazen, daylight murder 
of Mr. Versace. 

Mr. Cunanan called several 
friends during his 12 weeks 
on the run, including one ' 'as- 
sociate" on the West Coast 
within 48 hours of Mr. Ver- 
sace's murder, said an FBI 
deputy director, William Es- 
posito. 

The person who received 
that call, which originated in 
South Florida, did not inform 
the FBI, Mr. Esposito said. 

But in an FBI interview 
after the call, he ioid agents 
that Mr. Cunanan had asked 
about friends who might have 
a passport he could use. 

(WP, NYT. AP. Reuters. AFP } 



POLITICAL NOTES 


Mari aitim'S-iarr* 


Former Republican chairman Haley Barbour, preparing to defend his party's record in fund-raising inquiry. 

Barbour: Scandal ‘Not Bipartisan’ 


By David E. Rosenbaum 

AVti- York Times Sen it t 

WASHINGTON — Point by point, 
with color charts for the senators and 
glossy handouts for reporters, Haley 
Barbour rebutted Democratic assertions 
chat the Republican Party accepted il- 
legal foreign contributions when he was 
the party's chairman. 

“It is not a bipartisan scandal.” Mr. 
Barbour told the Senate committee in- 
vestigating campaign-finance abuses 
when the committee’s Democrats, until 
now largely on the defensive, finally 
sought to go on the attack against a 
Republican. 

“I cannot tell you what the Democrats 
did and didn't do," Mr. Barbour said 
Thursday, “but I can tell you the Re- 
publicans did not purposely or inten- 
tionally violate any law.” 


Referring to acknowledgments by of- 
ficials from the White House and the 
Democratic Party that they had been less 
than vigilant in watching who contrib- 
uted to the 1996 election campaign and 
who got audiences with President Bill 
Clinton. Mr. Barbour, a Mississippi 
who was chairman of the Republican 
National Commitree from 1993 through 
last year's election and is now a lobbyist 
here, said, “Let me emphasize: The 
RNC never let its guard down.” 

He added: “People who say every- 
body does it are wrong. It's not true. 
Everybody doesn’t do it.” 

After two weeks of testimony about 
Democratic campaign-finance prac- 
tices, the investigating committee turned 
fo questions about whai the Republicans 
did last year. It will return to its scrutiny 
of Democrats next week. Then the in- 
quiry will break for recess in Augiist and 


resume hearings in the autumn. 

The central question before the com- 
mittee Thursday was whether a loan 
guarantee that Mr. Barbour won from a 
Hong Kong businessman on behalf of a 
Republican-oriented research organiza- 
tion that the chairman also headed — a 
transaction that ultimately freed up hun- 
dreds of thousands of dollars for the 
Republican Parry itself — amounted to 
an illegal foreign contribution to the 
party. 

“There was foreign money involved, 
and it came from Hong Kong.” said 
Senator John Glenn of Ohio, the com- 
mittee’s top Democrat. 

Another Democratic Party Senator, 
Richard Durbin of Illinois, asked rhet- 
orically, “Didn’r it ever dawn on you 
that this might not be the best approach 
to fund-raising for the Grand Old 
Partv?” 


Cunanan Fit Gay Pattern of ‘Preppy Gigolo 9 


Ex-Leaders Back Fund Reform 


WASHINGTON — Former Presidents Gerald Ford, 
Jimmy Carter and George Bush have urged enactment of 
legislation to overhaul campaign finance laws, including 
a ban on unregulated “soft money" — contributions to 
political parties by corporations, labor unions and 
wealthy individuals. 

The appeal gives a prestigious boost to legislative 
efforts to curb the flow of special-interest money into 
federal election campaigns, even though prospects for 
action this year remain dim. 

The blessings from Mr. Ford and Mr. Bush, in par- 
ticular, could nelp overcome strong opposition within 
Republican Party ranks to pending legislative proposals, 
including the "soft-money” ban. (WP ) 

Call for Tougher Tobacco Deal 

WASHINGTON — The American Cancer Society 
says it will not back the proposed tobacco settlement 
unless it is significantly revised, a stance likely to increase 
pressure on advocates of the deal and the Clinton ad- 
ministration to toughen it. 

Top officials of the group told a news conference 
Thursday that the proposal between tobacco companies 
and state attorneys general should be toughened in seven 
areas, including raising cigarette excise taxes and in- 
creasing penalties for cigarette companies if smoking by 
young people did not decrease. iN)T) 

Republicans Bicker in Private 

WASHINGTON — A leaked audio tape of part of a 
closed reconciiiatory meeting of House Republicans sug- 
gested the session may nor have been as harmonious as 
lawmakers claimed. 

The Fox television network obtained the tape and 
broadcast part of it in which the House Majority Whip, 
Tom DeLay of Texas, could be heard saying that he had 
told renegade lawmakers July 10 that he would support 
their effort to cry to topple the speaker. It was not known 
who made the recording. ( WPl 

Costly Stamp for Breast Cancer 

WASHINGTON — Both houses of Congress have 
approved a bill that would let the U.S. Postal Service issue 
special stamps to raise money for breast cancer re- 
search. 

The legislation, which now goes to President Bill 
Clinton, would allow the Postal Service to create a stamp 
sold for up to 8 cents above the normal 32 -cent first-class 
stamp, with the extra money going to breast cancer 
research. Buying the stamp would be voluntary. (AP) 


Quote /Unquote 


Senator Kent Conrad, Democrat of North Dakota, 
dismissing a proposal by congressional Republicans to 
limit tax credits to the poor unless their income increased: 
“That’s like putting lipstick on a corpse — it's a non- 
starter.” (WP) 


By Marc Fisher 

Washington Pcsi Sen-ice 


Miss America 
Can Bare More 
Body This Year 

Agence France- Presse 

WASHINGTON — 
Two years after Miss 
America nearly scrapped 
its swimsuit segment, the 
U.S. beauty pageant has 
decided contestants can 
bare their bellies in two- 
piece togs to “express 
their individuality.'’ 

But critics charge the 
only thing laid bare by 
the about-face is the pro- 
moters’ desire to exploit 
women’s bodies. 

Pageant producer Le- 
onard Horn said this 
week that competitors in 
the Sept 13 contest can 
choose between the tra- 
ditional one-piece suits 
and two-piece versions. 
He said the policy would 
give the audience a better 
view of contestants’ 
“personalities." . 

But Carmen Pate of the 
Concerned Women of 
America said, “It’s a sad 
state of affairs because 
we are seeing more and 
more of a shin from what 
used to be considered 
wholesome and pure. ’ ’ 


WASHINGTON — Andrew Phillip Cunanan, 
the killer who died hunted and alone in a rich man’s 
Miami Beach houseboat, was no hustler selling his 
bodystreetside. 

Dubbed a high-class gay prostitute by his own 
mother, Mr. Cunanan actually lived a life a step up 
from what his mom envisioned. He was an op- 
portunist who targeted and landed rich men, a bright 
young man who modeled himself after Richard 
Gere in the movie * ‘American Gigolo," even dress- 
ing in the character’s trademark tight pants and cool 
shades, according to Nicole Ramirez-Muiray , a San 
Diego columnist who knew him. 

The preppy gigolo — son of a stockbroker, 
graduate of an elite school — supported himself by year-old i 
moving among affluent men wno had convinced Schwartz, 
themselves tiiat they were not paying for sex. 

Rather, they liked to tell themselves, they were 
passing the time pleasantly with a charming, good- 
looking young man whom they rewarded with gifts 
and money. 

The sugar daddy and the houseboy, the older gay 
man and his baby-faced companion, is a gay 
paradigm that traces back centuries. It is rooted in 
the long history of homosexual stealth — English 
lords who carried on’ with young kitchen hands, 
prominent married men who found young un- 


derlings at the office. “Before the 1960s. gay 
relationships were plagued by radical inequalities 
of income, education, social class and age," said 
Daniel Harris, author of * ‘The Rise and Fall of Gay 
Culture.” “Because of the nature of finding gay 


tnon among gays than older straight men going 
after trophy wives. Gay culture, like straight, wor- 
ships youth." 

Plenty of young men remain willing, even eager, 
to attach themselves to older men with money. 


partners, older, established men often took up with Some of the young men are products of poor rural or 
unresponsive, sometimes homicidal proletarian urban communities in which homosexuality is still 
gay youth.” 

As homosexuality has won wider acceptance in 


American society, gay relationships have come to 
mirror most heterosexual relationships: a union of 
social and economic equals. 

But the kept-boy pattern persists in two ways, 
Mr. Harris said. Many still-closeted gay men "are 
forced to pay for the companionship of boys who 
prey on them,” he said. This is not without danger: 
A few years ago. a.prominent and secretly gay 55- 
New York real estate lawyer, David 
was stabbed to death by an 18-year-old 
street hustler in a seedy Bronx motel room. 

And some openly gay men enjoy “daddy-son” 
relationships as an erotic spoof of the old paradigm, 
Mr. Harris says. 

Sugar daddies come in all sexual orientations, of 
course. “There’s always going to be a small seg- 
ment of the population — gay or straight — who are 
interested in much younger partners,” said Kevin 
Neil, director of Metro Teen ADDS, a Washington 
center for young people suffering from the disease. 
“Sugar daddies and young boys are no more corn- 


kept under wraps, boys who come to the big city and 
find both Financial support and sexual license from 
older men who seem to know the ropes. 

“The sad truth is that these young guys are 
estranged from their families, often at a young age, 
before they have a chance to develop other survival 
skills," Mr. Neil said. 

Patrick Suraci, a Manhattan clinical psychologist 
and author of “Male Sexual Armor,' has treated 
both sugar daddies and "toy boys" and has seen 
some relationships that actually worked for a time. 

"The younger one gets money, cars, clothes, 
whatever he wants." he said. "The older one is 
getting sex, attention and prestige.” 

But the younger partner "is generally very nar- 
cissistic,” he added. “In the beginning, his pleas- 
ure comes from knowing he’s so beautiful, so 
attractive, so charming and has such great sexual 
skill that someone wiil pay money for him. But 
narcissism is usually a wound from childhood. If 
they do reach a crisis point where they realize their 
life is a fraud, they rarely seek help. It’s one of the 
hardesr-types of cases to treat.” 


On September 4 , 1997 the IHT 
will publish a Sponsored Section on 

Photography 

• The latest generation of digital 
cameras. 

• Using digital technology to 
manipulate images taken with 
analog equipment- 

• Copyright of photography in 
cyberspace. 

• Will the 35mm camera be replaced 
by the APS camera? 

For further information, please contact Bill Mahder 

in Paris at +33 1 41 43 93 78: fa.v+33 1 41 43 92 13 
or e-mail: suppl ements'a.iht.com 

U INTEHXVnONXL M • i 

ncralOsisIfe&nbunc 

M NJMUh uni n« *£* uu)i in»> iMi m» mwtna.iu* hM 

THE WORLD'S Mill NEWSPAPER 


Aw ay From Politics 

• Autumn Jackson, who claimed to be Bill Cosby's out-of- 
wedlock daughter, was convicted of extortion and conspiracy 
for threatening to tell tabloids she was the comedian's child 
unless he paid her $40 million. She faces up to 12 years in 


16 Years in Prison 
For Ex-Fugitive 


e pai 

prison ana $750,000 in fines. 


(APt — 


Mu' Yurt Times Sente* 
STAMFORD. Connecticut 
— Eleven years after raping a 
16-year-old neighbor in the 
back of a friend's car in the 
wealthy suburb of Darien. 
Alex Kelly went to prison 
Thursday to begin a 16-y 
sentence for that attack. 

Mr. Kelly, 30, a former high 
school wrestling star, gained 
national attention when he fled 
the country on the eve of his 
rape trial a decade ago. He 

marketed in New York City, its producer has promised to stop spent eight years as a fiigjtive 
making and distributing St. Ides Special Blend Freeze and in Europe, i 


• More children and young adults die from injuries than 

from disease, and the leading killers were motor vehicle 
accidents and firearms, the National Center for Health Stat- 
istics found. Bui firearms deaths are declining while traffic 
deaths continue to climb. Using 1995 data, the government 
agency also said that life expectancy at birth had edged up to 
75.8 years, up from 75.7. (AP) 

• Responding quickly to reports that minors had been 
buying a fruit-flavored frozen malt liquor that was being test- 


-year 


Squeeze. Critics contended that the colorful packaging and 
sugary flavors would appeal to children, and shopkeepers said 
teenagers were clamoring for the drink, which has an alcohol 
content of 6 percent 


, apparently financed 
by his parents. The prosecutor, 
Bruce Hudoek, said he would 
not be eligible for parole for at 
least 13 yeans. 


BOOKS 












***** 








4-6* 


>>*■ 


AJP 




CHASING CEZANNE 
H-fJy Peter Moyle. 295- pages. $25. Knopf. 
Reviewed by Phyllis Richman 

I T’S another one of those Peter Mayle 
books. Lots of food? You bet, and, of 
course, much of it is eaten in the south of 
France. After selling several million 
copies of his 1990 memoir, “A Year in 
Provence," Mayle has been returning to 
the best-seller lists with variations on his 
theme. This time all that Provencal olive 
oil, basil and garlic appears as a mystery 
— more or less. 

The hungry hero in “Chasing Cez- 
anne" is sl French-bom New York free- 
lance photographer Andre Kelly; imag- 
ine a Gallic Robert Kincaid (“The 
Bridges of Madison County*’ photo- 
,2 grapher). After an assignment on the 
' '• Riviera, Andre happens to see a Cezanne 
painting being removed from an ac- 
quaintance's ' unoccupied Cap' Ferret 
villa and loaded into a plumber’s van. 
That’s no way to treat a masterpiece, 
Andre thinks. Mighty suspicious. 

So he hops off to the Bahamas, where 
the Cezanne's owner is vacationing (ap- 


parently even people who live in Cap 
Ferrat need a rest in the sun). The painting 
has simply been lent to a gallery, explains 
its owner. A lie, Andre soon discovers. 
So he sets out to investigate, along the 
way uncovering art fraud and forgery, 
ducking a hit naan and continuing to rack 
up frequent-flier miles. — to England, to 
the Riviera again, back to New York, to 
Paris and once more to Provence. 

Along the way, he acquires a couple of 
companions: Cyrus, a jaunty, twmkly- 
eyed art dealer who is the most endearing 
of thecharacters, and Lucy, a wide-eyed 
young beauty of a girlfriend who's so 
thrilled by her first trip to France that the 
story reads like “Barbie Does Paris.” 

For the reader trailing along on these 
vacation-land jaunts, the suspense 
doesn ’t significantly disrupt the scenery. 
After all, ‘‘Chasing Cezanne” is not so 
much a mystery as a road book. Or a 
travel guide. By page 34, Andre’s 
already" dining in Saint-Paul-de-Vence 
at Colomhe d’Or, after an afternoon of 
the requisite art tour of die Foundation 
Maeght and the Matisse chapel. 

Art is the palate cleanser between 
courses, and the plot is thickened- by 


scenic descriptions and gossipy little his- 
tory lessons. (Baroness Beatrice de Roth- 
schild never ventured abroad without 50 
wigs.) 

Sometimes Mayle’s brand-name- 
dropping is an annoying reminder of his 
advertising-writer past, and his pans get 
out of hand. He describes smokers 
hanging around Manhattan office build- 
ing entrances as “those huddled masses 
yearning to inhale." 

But. one bite of “Chasing Cezanne” 
will probably compel you to quickly 
scarf it all down. This vacationland romp 
is as insubstantial — and as refreshing 
— as a Popsicle. 

Phyllis Rickman is food critic erf The 
Washington Post. 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors world-wide Irrviled 

Write or send your manuscript to 
MINERVA PRESS 
2 OLD BFKMT0NRD. LCWD0N SW73DO 



Our 


air condition 

- the dean, fresh mountain air 


PALACE HOTEL 
GSTAAD 
SWITZERLAND 

Please call: 

Phone +4133/7485000 
Telefax +4133/7465001 



Save up to 

80 % 

ON AIL 

International Calls 


NEW WO RIO'S RATES TO THE OS. 

»^n>.uMuunrL9^ ; 

" 1JK 

!«*rin3S9|jir.. 

LOWEST RATES • 6 SECOND BALING 
W WODEN CHARGES 
IDEAL FOR HOME / OFFICE / CELLULAR 

Cal Hans at 44 171 360 5037 
Fac 44 171 360 5036 

Or tafl our US. office Bfc (201) 4B&0I31 
or la* (201) 43M320 
e-malt Mbune28rewwortttgle com 
httpy/inwjtewwiridte te.com 


REWARD OF UP TO 
2 MILLION DOLLARS 




WBUHCtW 


lU'OTH'UV 



The United States Government wants your help in stopping terrorism aimed ax U.S. citizens and is willing to 
pay for that help, if you have information that can bring about the arrest or conviction of those responsible for 
the murders of American citizens Richard Welch, George Tsantes, William Nordeen or Ronald Stewart, 
or if you have information about other threats of attacks against Americans, you may be eligible for a reward 
of up to 2 million dollars. 

i 

The U.S. Government may also provide for the prosection of identity and the possible relocation of persons who 
furnish auch information and their families. 

Any person with information about these murders should contact the nearest U.S. Embassy or Consulate in 
Greece, call the U.S. Embassy at 720-2490 or 729-4301. In the United States, call 1-809-437-6371 

You can also write to: 

Via the Internet: 

bttpr/Avu-w-.heroes.tiet 


In Greece: 

The Embassy of the United Stales 
Attention: HEROES 
91 Vas. Sofias Avenue 
101 60 Athens, Greece 


la the U.S.A.: 

HEROES 
P.O. Box 9678 1 

Washington, DC 20090-6781, USA 









U.S. to Lobby ASEAN on Cambodia 

Albright Seeks Lever to Push Hun Sen Toward Elections 


briefly 


By Steven Erlanger 

Nn- York Tunes Service 


KUALA LUMPUR — Secretary of 
State Madeleine Albright of the United 
States arrived here Friday night for 
meetings with Southeast Asian nations 
that will help decide whether Second 
Prime Minister Hun Sen’s coup in Cam- 
bodia will succeed. 

Mrs. Albright arrives with a delicate 
diplomatic problem. Without offending 
the members of the Association of South 
East Asian Nations, she will seek to urge 
them and other Asian countries to put 
some backbone into their dealings with 
Mr. Hun Sen. Washington wants 
ASEAN to use aid as a lever to pressure 
Mr. Hun Sen to open a real 
political dialogue with the op- 
position and to hold legiti- 
mate elections by next May 
that are free and fair. 

ASEAN has postponed 
Cambodia’s admission. But it 
has not criticized Mr. Hun 
Sen directly, as the United 
States has done, even after 
reports that 40 or more op- 
position figures were killed in 
captivity. 

[After a meeting that went 
well past schedule. ASEAN 
foreign ministers agreed to 
seek clarification from Cam- 
bodia on Friday on its po- 
sition over the group's me- 
diation offer before resuming 
a mission to help bring peace 
to the country, Reuters report- 
ed. 

[At the end of their two-day 
annual meeting, the ministers 


noted a “new position.” expressed by 
Cambodia’s foreign minister, welcom- 
ing ASEAN’s mediation role. But For- 
eign Minister Domingo Siazon of the 
Philippines said there was confusion 


and do all we can' in partnership with 
others to see that Hun Sen’s words are 
translated into concrete action.” 

Washington wants elections to re- 
store legitimate rule in Cambodia; But it 


among ASEAN members over the con- ' is unclear, beyond an aid suspension, 
tradictory reports coming out of Phnom what other levers it has to influence Mr. 
Penh. Hun Sen’s actions. 

[In Cambodia, meanwhile, the roy- Senior American officials say that a 
alis t party’s top military commander joint voice in partnership with ASEAN 
vowed to rally resistance to reverse the — whose countries together represent 
overthrow of First Prime Minister America’s foonh-iargest trading partner 


Prince Norodom Ranariddh.] 

Mr. Hun Sen “has promised to re- 
store the coalition government and ob- 
serve the rule of law,” Mrs. Albright 
said in Kuala Lumpur. She continued, 
' ‘The United States will use its leverage 



Greg BoLeriTbe Plcw 

Bodyguards shielding Prince Norodom Ranariddh as 
he arrived in Beijing on Friday to meet his lather. 


— are likely to have a much bigger 
impact than Washington’s voice alone. 
Some officials are even discussing a 
reconvening of the Paris conference that 
in 199 1 negotiated a settlement of the 
Cambodian civil war. 

Mrs. Albright welcomed 
Mr. Hun Sen's apparent new 
willingness to accept 
ASEAN’s efforts at medi- 
ation, which are also being 
coordinated with those of her 
special envoy to the region, 
the former New York con- 
gressman Stephen Solarz. 
Mr. Solaiz met Friday with 
Mr. Hun Sen. 

“It’s very important that 
Hun Sen has indicated that he 
will in some form cooperate 
with ASEAN/' she said. But 
-she also noted that Mr. Hun 
Sen has said that ASEAN 
should not interfere in internal 
Cambodian matters. “So we’ll 
just have to see,” she said. 

The members of ASEAN 
are Brunei, Burma, Indone- 
sia, Laos, Malaysia, the Phil- 
ippines, Singapore. Thailand 
and Vietnam. 


New Korea Aid Set Amid Crop Warning 


CixnpA\l tnOurSuffFmnDdpMhn ' 

BEIJING — Red Cross delegates 
from the two Koreas signed an agree- 
ment here Friday to send a second 
50,000-ton grain shipment of private 
food aid to starving North Korea. 

Delivery of the aid — most of which 
will be com — is to be completed in five 
shipments by the end of September, said 
Lee Byong Woong, secretary-general of 
the South Korean Red Cross. He said the 
supplies should cost about S10 million. 

Lack of rain at the height of the grow- 
ing season has affected hundreds of 
thousands of acres of crops in the Com- 
munist country, said Choe Gyring Rin, 
secretary-general of the North Korean 
Red Cross. 

“This kind of situation really affects 
considerably the general food production 


for this year.” Mr. Choe told reporters. 
“We are concerned that this also will 
affect the food situation for this year.” 

Mr. Choe spoke at the end of three 
days of talks with counterparts from the 
South Korean Red Cross, which agreed 
to send the shipment despite a North 
Korean refusal to let donors specify who 
will get the aid. 

South Korean donors had wanted to 
designate donated food for relatives in 
North Korea, an opportunity that would 
raise domestic support for die contro- 
versial shipments. 

Two years of flooding and bad har- 
vests, after years of agricultural mis- 
management. have pushed North Korea 
to the brink of famine. Pyongyang es- 
timates that one- third of its children 
under age 6 are malnourished. 


United Nations agencies said North 
Korea needed about 800,000 tons of 
food- aid before its October harvest to 
avert widespread famine. South Korea 
already has sent 50.000 tons of grain 
under an agreement signed in May. The 
United States. Japan. China and other 
countries have donated several hundred 
thousand tons of food. (AFP. API 

■ Mission to North Delayed 

An approaching typhoon forced 
South Korean barges carrying trucks, 
bulldozers and heavy equipment to turn 
back from a historic mission to the 
North to start carrying out an agreement 
to construct two light-water nuclear re- 
actors. Agence France-Presse reported 
the South Korean Foreign Ministry as 
saying Friday. 


Play GERMAN LOTTO for your Chance to Win MILLIONS 

US$2.7 BILLION 

(That’s 4.6 Billion DM in Hard German Currency) 



+ LOTTO is the No. 1 Game in Germany, and 
oneofthelaigestLotteriesin the world payingout 
nearly USS3 Billion tins year. It’s controlled and 
administered by the Government of the Federal 
Republic of Germany. 

• You now have a chance to win one of the 
MULTI-MILLION DOLLAR CASH PRIZES 
paid out every week in hard German 
Deutscheraarks. 

• You can liveanywberein the worid to enter. You 


Jackpots of US$20 Million Extra 

Remember, every week (on 
Wednesdays and Saturdays) a prize pool of 
over USS57.000.000 is paid out in cash. If n< 
one wins the First Prize, the full amount is 
carried forward to the next Draw so you get a' 
chance to win as much as an extra 
USS20.000.000 from the Jackpot payment. 


FREE Chances to Win aa Extra DM 25,000 

Forcvery USS 1 00 you invest in Gamin loco, yno . 
'get 5 Government “INSTANT SCRATCH " Tickets 
sFREE. Foe event USS2Q0 you invest, you get 10 < 
“INSTANT SCRATCH” Tickets FREE -and soon. 

Each Ticket can win you a cash prize of up to < 
DM25.000. Yoo simply scratch where indicated - for 
i many chances lo WIN INSTANTLY. 


• This yeamearly US$3 BillionDollarsfmGennaii ^ 

Dot tschem arks) wil! be paid to those who pickout s ° r Jackpots, 

the winning numbers correctly in any one of the! 

Draw s e very w w k. 

•With just asmall investmen tyou too can become 
anlflaauMUionailS. All you have todo is select 

6 NUMBERS correctly, playing from One to Ten CERTIFICATE confirming die numbers 

Games - yjM'vc K tad, the mmWGAMES you'll raIrecl ; ymI m „ r of oth{r ^ 

This year, at least 364 new people will p|ay- °f yo^subscnptionax^thedale prlzes 

becomelnstant Millionaires through winning ° w J*? 

GERMAN LOTTO.Many tiious^ofahas 3 LOTTO DRAW’S per week. 

Hotline Tells You How You're Doing 


How You Know When You’ve Won. 

When your Entry Form is received, you’ll 
be rushed an ENTRY CONFIRMATION 


Here's Exactly How to Play German Lotto: 

Take a pen and mark 6 numbers with a cross ( X) 
out of 49 numberson each GAME you wish to play. 
The GAMES are shownbelow on the ENTRY FORM . 
and you can play up to 1 0 GAMES at once. Tick one 
of the boxes at bottom left indicating the number of 
GAMES you warn to play. 

The more GAMES you play - the greater your 
chancesof winning. When the numbers you've selected 
match the winning numbers in any Dne Draw YOU 
BECOME AN INSTANT MILLIONAIRE. 

If you have 3,4 or 5 of the winning numbers 


Alg erian Rebels Deny Leader 
Whs Killed by Security Forces 

PARIS — Algeria’s most hard-line Muslim fundamen- 
talist group on Friday denied reports that its leader had been 
killed by security forces. 

The denial came in a statement from the Armed Islamic 
Group that was sent Friday to a radio station in Tangier. 

Sources had said Thursday that An tar Zouabri was killed 
Tuesday along with several of his lieutenants in an army 
operation near Hattaiba, west of Algiers. , 

Militants, meanwhile, killed at least 29 people in two 
hamlets in Algeria on Thursday/ slitting their throats or 
burning them alive, survivors' said Friday. The attacks 
occurred in villages west of Algiers. (AFP) 


panment notified Cm * ?*«] ">’• « 
rMvirtwi addin g that no objecnons were expectea. 

WoLs -les to Taiwan which « 

iders a renegade province. wn 


const 


Iraq’s New Cooperation With UN 

. BAG s^Br gh w idSuK= r h f s 

g£FS that could yield te*d B 

BtSer an Australian, heads the UN commissi® 

Colosio Killed by Lone Assassin Angola Peace Accord Imperiled 


MEXICO CITY — Luis Donaido Colosio, a Mexican 
presidential candidate, was assassinated in 1994 by a single 
gunman, the attorney general's office has said in a final 
report on the case. ■ 

Mr. Colosio was murdered on March 23, 1994, by Mario 
Aburto Martinez after a rally in the northern city of Tijuana, 
the special prosecutor Luis Gonzalez said Thursday. Mr. 
Aburto Martinez is serving a 45-year sentence for the 
killing 

There had been speculation about the number of shooters 
since Mr. Colosio had bullet wounds in the head and the 
abdomen, but Mr. Gonzalez said the candidate began falling 
after the first gunshot and that his movement changed the 
trajectory of the second. 

Mr. Gonzalez, the fourth prosecutor named to the murder 
case, also ruled out any “state plot” in the spectacular 
assassination of the ruling Institutional Revolutionary Party 
candidate. (AFP) 

Taipei Ready to Buy U.S. Copters 

TAIPEI — The United States has agreed to sell Taiwan 
21 Super Cobra attack helicopters in a $479-miUion deal, 
the Central News Agency reported Friday. 

The sale was put forward last year by Taiwan’s de facto 
embassy in Washington, the Taipei Economic and Cultural 
Representative Office, the agency said. The Defense De- 


l the norm or me uouuuj ^ ~ 
planting minefields in Malanje province east < of The capral 
P Jonas Savimbi’s National Union for the Total ■ Inde- 
pendence of Angola is also blocking the work .of Untied 
Nations officials in the country and is resisting the im- 
plementation of the 1994 peace deal designed to end two 
decades of brutal civil war, the officials said. 

David Wimhurst, the UN spokesman m Luanda, said m a 
telephone interview that the Joint Conmussion^reeemg 
the peace process met Friday and condemned UNTTA for 
the acts which contravened the peace accord. 

The United States said the peace accord, which n helped 
broker, appeared to be on the verge of collapse, according to 
U.S. and United Nations officials. “The peace is not dead 
but it’s close,’ ’ an official said. > 

For the Record 

Honduras released a former Haitian police chief, 
Joseph Michel Francois, after the United States lost a final 
appeal to have him extradited on drug charges. f Reuters ) 

Soldiers of Congo’s new government opened fire on 
pro-democracy demonstrators in Kinshasa, the capital, on 
Friday, killing at least six people, witnesses said. tAP) 



Agcntc Frank,o4Y:»«o 

INDIA POWER BROKER QUITS — Laloo Prasad Yadav, chief minister of Bihar state and a powerful - 
figure in national politics, resigned Friday after a judge ordered his arrest on corruption charges. Mr. 
Yadav, formerly of the Janata Dal Party, helped Inder Kumar Gujral secure the prime minister’s post. 


THAY WHAT? By June Boggs 


will win prizes of 500,000 DM and more. 

Introductory Offer to New Overseas 
Subscribers Outside Germany: 
PLAY UP TO 5 WEEKS FREE! 

Play for 18 weeks and get an extra 2 
weeksplay COMPLETELY FREE for each 
GAME you play. Play for 36 weeks, and you 


Every 5 weeks you’ll be sent a list of 
Winning Numbers. (If you can’i wait to know, 
ring the Hotline Number you’ll be sent). You’ll 
be nolilied when you win. and asked to state 
how you want your winnings paid and where. 
Every 5 weeks you’ll receive a SUBSCRIP- 
TION RESULTS STATEMENT showing 


Just complete the Enuy Form below in full 
and return h to ihrimeraaiioiul Subsai ption Processing 
Centre by FAX or MAlLas follows: 

OVERSEAS SUBSCRIBER AGENTS 
International Subscription Processing 
Centre Nieuwezijds Yoorburgwal 86 
1012 SE Amsterdam, Netherlands 
For Fastest Entry:Fax [31) 20-6383171 
E-mail: intmail@skvmet.net 




To participate In GERMAN LOTTO, 
please complete this ENTRY FORM In full: 


> ■ A II TA, overseas subscriber agents, 
IViAiL I Ui iMcrutimal Satacripikn PmcniiiE CtMre. 

NirawrzUdi VoDrinrpnl 8ft 
1012 SE AmBtsrdun . Netherlands 


get an extra 5 weeks COMPLETELY FREE, exactly how you’re doing. 

I 


HOMEY BACK GUABAHraESI <M any ■»» TWA* "* WOaSoWf 
saMM nfcb da tenfce. porta free to cancel yoor ntgafedon et 
«rty toe ma racaha » tefl rcfand rai ffw g m otiwl porticn. 


ENTRY FORM 6/49 


FAXDKECT:(31)2W383171 



t 

2 

3 

4 

S 

6 

7 

6 

e 

10 


11 

12 

13 

14 

IS 

16 

17 

18 

19 

20 

s 

21 

22 

23 

24 

25 

2B 

27 

28 

29 

30 

< 

31 

32 

33 

34 

35 

3d 

37 

38 

38 

40 


41 

42 

43 

44 

45 

46 

47 

46 

49 



1 

2 

3 

4 

5 

6 

7 

B 

9 

10 

a 

11 

12 

13 

14 

15 

IS 

17 

13 

IB 

20 


21 

22 

23 

24 

25 

26 

27 

23 

29 

30 


31 

32 

33 

34 

35 

36 

37 

38 

36 

40 


41 

42 

43 

44 

45 

46 

47 

48 

49 




it 


I 

I 

I 

I 

I 

u 


RE MBfl HrttotorNuitan 

dQneunittyPirtxl 


One Game 
Two Games 
Four Games 
Six Games 
Eight Games 
Ten Games 


27 DRAWS 
9 weeks 


1 

r 

3 

4 

5 

6 

7 

B 

9 

10 

If 

12 

13 

14 

15 

18 

17 

18 

19 

20 

21 

22 

23 

24 

25 

26 

27 

28 

29 

30 

31 

32 

33 

34 

35 

36 

37 

SB 

39 

40 

41 

42 

43 

44 

45 

46 

*7 

48 

49 


1 

: 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

23 

24 

25 

26 

27 

29 

29 

30 

31 

32 

33 

34 

35 

X 

37 

3B 

39 

40 

41 

42 

43 

44 

45 

46 

47 

48 

«9 


| | 


□ uss 

□ USS 

□ USS 

□ USS 

□ uss 

□ uss 


55 

130 

260 

390 

520 

650 


Entry Costs shown in USS 
Etta Rbb Draw are added 
atomic to yaiS^H3fcifcn» 


60 DRAWS 
18 weeks 


□ uss 

□ USS 

□ USS 

□ USS 

□ uss 

□ uss 


130 

280 

520 

780 

1040 

1300 


2 weeks FREE 
DRAWS added 


Automatic Renewal: 

Chaige my Cretfi raid lg continua my subscription 
tfl farther notice, so 1 wont miss out on a single draw. 


OranauSHbacrfeerAgaotiii ■ Lottery SOTfcaCoopviy 
^dependent of QoMmrnent.Al entries ere processed 
ttcocji Agents fanseribyllicflownwiaaicuthcrillai. 


123 DRAWS 
36 weeks 


1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

23 

24 

25 

25 

27 

28 

29 

X 

31 

32 

33 

34 

35 

36 

37 

38 

39 

40 

41 

42 

43 

44 

45 

<8 

47 

48 

49 


1 

2 

3 

4 

5 

e 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

IB 

19 

20 

21 

22 

23 

24 

25 

26 

27 

28 

29 

30 

31 

32 

33 

34 

as 

X 

37 

38 

39 

40 

41 

42 

*3 

44 

45 

46 

47 

48 

4# 

— 



Select and marie a cross 
x on 6 numbers tor 
each GAME you wish to play. 
Play up to 10 Games at 
the same dme 


□ uss 

□ uss 

□ uss 

□ uss 

□ uss 

□ uss 


260 

520 

1040 

1560 

2030 

2600 


5 Web FREE 
DRAWS added 


INITIAL HERE 


tUdoWatanlipl 
IWMlCOn 
MMwNi 
fy Htm 


1 

2 

3 

4 

5 

8 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

23 

24 

25 

26 

27 

29 

29 

30 

31 

32 

33 

34 

35 

36 

37 

38 

39 

40 

41 

42 

43 

44 

45 

48 

47 

40 

49 


1 

2 

3 

4 

5 

6 

7 

s 

9 

10 

11 

12 

13 

14 

15 

16 

17 

19 

19 

20 

21 

22 

23 

24 

25 

26 

27 

28 

29 

30 

31 

32 

33 

34 

35 

X 

37 

as 

39 

40 

41 

42 

43 

44 

45 

<6 

47 

49 

49 




1 

2 

3 4 

5 E 

7 8 

9 

10 

11 

12 

13 14 

15 16 

17 IB 

19 

20 

21 

22 

23 24 

25 26 

27 28 

28 

30 

31 

32 

33 34 

35 36 

37 39 

39 

40 

41 

42 

43 44 

45 46 

47 48 

49 


1 

2 

3 4 

S 6 

7 8 

9 

10 

11 

12 

13 14 

15 16 

17 18 

19 

20 

21 

22 

23 24 

25 2B 

27 28 

29 

30 

31 

32 

33 34 

35 36 

37 38 

39 

40 

41 

42 

43 44 

45 46 

47 48 

49 




YES 


, I’d like to play GERMAN LOTTO, fve selected 6 numbers above 
■ tor each Game 1 wish to play and ticked a box at left showing the 
period of my subscription. Rush me my ENTRY CONFIRMATION 
CERTIFICATE showing the date of my first Draw. 

Please charge my credl card for USS ‘ HT 267 

□ American Express □ Visa o Mastercard □ Diners □ Eurocard 

Card No. 

Signature Bptry date 


O I enclose cheque/bank draft for. 


.payable to ‘OVER- . 
SEAS SUBSCRIBER AGENTS". (Major currency cheques accepted for ihe 
equivalent amount 


* Nane_ 

&eet_ 
City 

* Tel. No. 


Coirtry . 
Rax. No.. 


Fw Fastest Serric 8 ,ctoaaygtgP»dRe»dwHl FAX AMSTERDAM DIRECT: ( 31 ) 20-6383171 




ACROSS 
I Steady 
6 Sauteed dish 
10 Edison's middle 
name 
14 Dessert Item 

19 Silver Ghost, 
informally 

20 Lohengrin's love 
121 Activist 

22 Up 

123 Title fora 
cleric's book? 

25 Teen fantasy? 

27 Du type 

28- Gone 

29 1995 Pin nick 

30 Product of the 
press? 

32 Quickly apply 

37 Goodfellow . 

Tex. 

40 It may be black 
or green 

41 Deep bell sound 

42 Mr.Hyde.e.g. 

44 Cybernetics 

pioneer 

Wiener 
4fi Firm 


48 PinochJe combo 

49 "Dirty dog." fur 
one 

50 City discussed at 
the 1954 Geneva 
Conference 

52 Senate support 

54 Cows, maybe 

55 Opposite of buja 

56 Black spot 
58 Kind or 

expression 
60 They cross rhe 
line 

62 one 

64 Bank deposit 

65 Sewing tool 
86 Masseuse's 

target 

67 -Was 

blame?" 

68 Program 
70 Ringorg. 

73 70-Acruss 

weapon 

75 Miss America 
attire 

77 Dweller across 
the strait from 
Singapore 


EMBASSY SERVICE 

Furnished I Unfurnished Rentals 


YOUR REAL ESTATE 
AGENT IN PARIS 
Tel: +33(0)147203005 


79 Stadium sight 
81 Horrible 

84 Prefix with 
mechanics 

85 Thick fog. in 
slang 

86 ' Man" 

(I974spy'sci-fi 

film) 

88 Center of 
activity 

89 Wit 

90 Part of a W.W. II 
exclamation 

91 Search for x 
93 Bit of business 

attire 

96 Kind of apparel 
99 Foreign refusal 

100 Showerwith 
flowers 

101 Certain model 
railroads 

102 Ardent and then 
some 

103 Cavern, in 
poetry 

105 "Backdraft" 
concern 
107 Old piece 
109 Wedding locale 
in a Crosby film 
1 12 Anorexic? 

1 16 Simple 

beachwearV 

119 Provide, os with 
some quality 

120 For fear that 

121 Split, so to speak 

122 Pen patter 

123 Not thinking 
straight 

124 Dnuay prophet 

125 Heart of ihe 
matter 

126 Desert drainage 
basin 

DOWN 

1 Support 

2 Virginia Senator 

3 Lily relative 

4 Hints 

5 Ansy one 

6 Engage in a food 

fighi el KFC 

7 Out of this world 

8 Sight at Dulles 

9 “That'll show 
you" 

10 Deem 

11 Screw i up) 

12 Hero-worship 

13 Like Australia's 
western plateau 

14 Famous 
Tuesday Club 
member 

15 hark beetle 

16 Actress Mvma 

17 Repeatedly 

18 intimate 
24 Fin 


112 

113 

ri4 

its 

IIS 




1ZI 





®JVew York Times/ Edited bv Will Sharis. 


.1 




J».i 

v 


a*- 


V\ 


-c. _ _ 
> .« 


n -V 



I ■ 


M 


7/27/97 


26 Bounce 

30 Do a salon job 

31 Hitchhiker from 
Calcutta? 

33 Hammerir. 
manufacturing 

34 Tiny Christmas 
decoration? 

35 Was coquettish 
with 

36 Auction Actions 

37 Cochise player 
Michael in fid's 
TV 

38 Succeed 

39 Unbearably hoi 
holiday? 

41 Quite a thrill 
43 Capriole 
45 Small fastener 
47 foreign refusal 
51 Jerks 

53 195.1 tiile rule for 
Rita Hayworth 

56 Treat 

57 Talk fondly 
59 "Field of ’ 

Dreams" setting 
61 What a padlock 
may fasten 
63 Org 


67 Where Ml. 
Carmel is: Abbr. 

69 Kindly spirit? 

71 Inner-dry area 

72 Current 
terminals 

74 Disable 

76 With bated 
breath 

78 Small fastener 

79 CityESF.of 
Bombay 

80 Water ring 

82 Chilling 

83 Go up and down 
the dial 

85 Budge 

87 Whitens 


105 Be ready for 

106 It meant nothing 
to Caesar 

108 Capital of 
Manche 

110 NorthorSouth 
district in 
Hawaii 

Ml Black 

112 Drops outside 


113 Musician Brian 

114 Hubbub 

115 Procter & 
Gamble soap 

116 Oomph 

1 17 Year in Nero's 
reign 

118 Agcy 
overseeing Fed. 
records 


/■ 




Solution to Puzzle of July 19-20 

fenn 


8 ? 


out of a summit 

94 Rose-red dye 

95 Stave 
workspace 

97 Fictional ghost 

98 it passes 
between decks 

104 Clangor 





r 

/ 





INTERNATIONAL HERALD TRIBUNE. SATURDAY-S UNDAY, JULY 26-27, 1997 


PAGE 5 


Daily Mayhem Leads the Ratings for Evening Watching 


In Russia, Crime TV Is for Real 


■’i ccoBr::*---- ■ • r -Kr.i v ■ 

As-*,.,*. . . 4 >*< 


-nr i---.-. 'Nfoff, 

J; b; c ‘-,„ ::r- s - :r *;: ... i/' ‘h 

i.r “- *» • i 

**■«■ .-i • r*. A] 

r^sc ; ; 
war : - - ---- 
ibflA 

« Fr:T/:^* c 

:r.r ;*r^ r 


’•* :n% cr:. % • ■; 

r : J } » •„ j 


ord 

t' ^ Mi, v . 

■ ; - ' n 1 

.‘JS nt*\\ 'iiHi-rnm-m 

.tr. - I- - "P^lir, 

r ‘ ■•••..•.•’ r - 

>’ rlX rro? .. •• _ • ‘—4 



.s&f 

-:>M. 

n 

;.1 


ft* 

igrT' 

pfciT - *r^'. v-.|L 

®9f- shhE 

^•1 ■&* r*-..f. %r« >.U 

,4ct 





■v, 

J 


Jlj*i 




.+uvl 

S c 

:i 

I 


I^:pS$ 

' 


By Sarah Koenig 

A I n l .-fi IhllcA Si l III i 

MOSCOW — During a recent Friday 
rush hour, two men from Caucasian 
Georgia were shot in the head in a court- 
yard off a centra! Moscow thorough fare, 
a short walk from the U.S. Embassy. 

After a sudden burst of rain, rivulets 
of blood creeping toward spectators 
gathered on the sidewalk turned into red 
puddles at their feet. 

“I'm ready to go home and have tea 
with lemon.” said Dmitri Volgin, a 25- 
year-old cameraman for •’ ‘Road Patrol,” 
Russia's most lurid true-crime television 
show, as he finished filming the scene. 

Since beginning his 12-hour shift at 
10 that morning, he had covered a rape 
case north of the ciry and the fatal 
stabbing of a man in the far south. Even 
though this gangland-style hit was sure 
to lead that night's edition of the popular 
10-minute news show, he was tired and 
bored. 

Within half an hour, some of his crime 
news competitors had arrived. 

The reporters stood in a group, 
smoking and gossiping. The price of 
watermelon at a nearby fruit stand ($4 a 
pound) garnered more attention than the 
giant automatic pistol and silencer 
ranted up by the police officers' German 
shepherd in the grassy courtyard. 

These resilient young journalists are 
Russian television’s cop-show van- 
guard, the on-camera result of a society 
besieged by rising crime and obsessed 
by iL 

“A painful barrier has been crossed." 
Oleg Sidorov, an editor at TV Park 
magazine, said of Russia’s multiplying 
crime programs. “A contract killing 
here is no longer an event — it’s a given, 
like snow failing.” 

On any weekday, Russian viewers can 
choose among at least six crime shows, 
usually no longer than 10 minutes each. 
The most popular shows, TV-6’s “Road 
Patrol” and Independent Television's 


"Kriminal," are repealed several times 
a day. Weekends are reserved for longer 
specials, like the widely viewed “Ca- 
tastrophes of the Week.” 

The- shows arc gritty and shocking by 
American standards. “Road Patrol.” 
which attracts 20 percent of Moscow 
viewers for its morning program, is a 
daily chronicle of the capital’s car ac- 
cidents. holdups, drug busts and 
murders. Each segment is capped by a 
shot of the “Road Patrol” Volvo speed- 
ing away from the scene, siren blaring. 

Genuine film shot by the police gives 
the best of the Russian programs a qual- 
ity of television v£rit£ rarely seen on 
American screens. 

The rise in crime journalism in Russia 
has echoed, and perhaps fed, citizens' 
real or imagined fears. 

A poll by the AJJ-Russian Center for 
the Study of Public Opinion found that 
31 percent of people surveyed in 1991 
said that they worried most about in- 
creasing crime. This year, 59 percent of 
respondents rated crime as their biggest 
worry. 

“Our society is, to a large degree, in a 
state of anxiety.” explained Sergei 
Agracbev, a psychoanalyst. 

“That anxiety really comes from the 
destruction of the state that we lived in. 
But this anxiety must be explained in 
some way. 

“Before, people were frightened of 
atomic war, and that was actually jus- 
tified to some degree. Now, our people 
have come to be afraid of crime. These 
terrible scenes on TV allow people to 
say. ‘My fear is understandable.’ " 

The specialty of “Road Patrol ’ ' 
seems to be unabridged gore. Though 
the show's staled purpose is to teach 
people how to avoid booming victims, 
the casual viewer is impressed less by 
the intended lesson than by repeated 
close-ups of mangled corpses. 

Andrei Chereshnyev, the producer, 
has only one. self-imposed editing rule: 
“Sometimes children are killed in a fire 


or car accident — we try to avoid show- 
ing that.” 

When “Road Patrol” first appeared 
two years ago. there was nothing like it 
on television. Now the niche is getting 
crowded. 

“Until perestroika, there were 
murders, but they weren’t shown.” said 
Viktor Biryukov, producer of “Petrovka 
38.'’ Russian television's only pro-po- 
lice crime show, named for the address 
of the Interior Ministry. 

“An illusion was created of a happy, 
successful society. Now journalists are 
making up for all they couldn't say and 
show for all those years." 

But some say the excesses of a newly 
free press simply stir panic in an already 
spooked society. 

Besides “Petrovka 38,” which fea- 
tures soporific reports on officers being 
awarded medals for bravery, Russia’s 
true-crime shows, if not openly anti- 
police, are at the very least ambivalent. 

A recent theft report on “Kriminal” 
ended with: “Now all the victims can do 
is wait for the police to solve the crime. 
True, hope for that is weak.” 

The Russian television talk show 
“National Interest” devoted a recent 
program to the touchy issue of Russian 
crime reporting. 

Mr. Biryukov, coincidentally, also 
runs the Ministry of Interior's infor- 
mation department: 

When a particularly unsavory picture 
is shown on television, it is his job to 
inform his competitors that they must 
tone it down or lose the cooperation of 
the police. 

But most crime shows evidently have 
a fairly friendly relationship with the 
authorities, since their shows post 
“wanteds” for fugitives. 

The phone number for “Road Patrol." 
emblazoned on the show's car. along with 
ads for Clifford and Excalibur American- 
made alarm systems, is so widely known 
in Moscow that people often dial it rather 
than the police number. 


BEGINNINGS: Continental Shifts May Have Spurred Diversity 




’•fr v; Rtb-r 

irnM -in ^rrr.:; 
so-Kf: :!•* • 


Con tinned from Page 1 

idly and efficiently. 

The idea that the geologic- 
al upheaval might have in- 
fluenced the biological one 
“just fits nicely,' ' said Joseph 
Kirschvink. the geologist 
who led the research. “It's a 
radical idea, admittedly, but it 
can be tested.” 

Geomagnetic studies of 
samples show that, beginning 
about 534 million years ago. 
the ancient supercontinenr 
known as GondwanaJand 
(from which South America. 
Africa. India. Australia, New 
Zealand, and other lands -are 
derived) rotated counter- 
clockwise almost 90 degrees. 
In the same period. North 
America likewise migrated 
from a position near the South 
Pole to straddle the equator. 

On the eve of this global 


movement, violent earth- 
quakes had been tearing con- 
tinents asunder and slamming 
them back together, throwing 
up towering volcanic moun- 
tain ranges at the seams. 
About 550 million years ago, 
Mr. Kirschvink speculates, 
there must have been a par- 
ticularly large “crunch 
event” that sutured bits of 
many continents together 
while a huge chunk of the 
sea’s floor sank, casting up a 
new volcanic range near the 
South Pole. 

Like a wad of gum stuck on 
the underside of a child’s toy 
top, this huge cold slab of 
rock apparently was enough 
to throw the planet’s mass 
distribution off kilter. 

Such an event apparently 
triggered a process known as 
“true polar wander.” which 
is quite different from the 


Irish Chart a Way to New Talks 

DUBLIN — Prime Minister Bertie Ahem met the head 
of the IRA’s Sinn Fein political wing on Friday, marking 
the restart of direct contacts after a new guerrilla cease- 
fire in British-ruled Northern Ireland. 

Mr. Ahem and the Sinn Fein leader, Gerry Adams, 
along with the moderate nationalist leader. John Hume, 
jointly urged Northern Ireland’s pro-British unionists to 
back a talks initiative aimed at ending decades of strife. 

The meeting was a major step out of the political 
wilderness for Sinn Fein, ending a freeze on direct 
ministerial contacts imposed by Dublin 'after the IRA set 
off bombs in London in 1996. (Reuters) 

Milosevic Promises Reforms 

BELGRADE — Slobodan Milosevic, the president of 
whai remains of Yugoslavia, has promised to halt a media 
crackdown and to ensure fair treatment for rivals in 
campaigning for Serbian elections in September, the 
Tanjug news agency said Friday. 

Bnt several opposition parties declared they would go 
ahead with plans to boycott the presidential and par- 
liamentary elections, which were set on Friday as Sept. 2 1 
by the acting Serbian president and speaker of parliament, 
Dragan Tomic. (Reuters) 

Germans Flee Rising Oder 

FRANKJTJRT AN DER ODER. Germany — In cars 
crammed with clothes and furniture, hundreds of people 
fled for higher ground Friday after the raging Oder River 
started eating through another patch of flood-sodden, 
earthen dike. 

The” stretch of dike, along a low-lying plain north of 
Frankfurt an der Oder, is all that stands between 20 
villages and the pressure of Central Europe’s worst flood 
in two centuries. 

If it breaks, a second village region along the river will 
be submerged - (API 

Turkey Drops Ciller Case 

ANKARA — A court decided Friday not to pursue an 
investigation into charges that a former prime minister. 
Tansu Ciller, accepted money from abroad to work 
against the national interest, the Anatolian News Agency 
said. 

The court, which had already decided once not to 
handle the case, began to consider it again on Friday after 
the military prosecutor’s office ruled the probe was out of 
its jurisdiction. 

The army, which has the power to try civilians on 
charges relating to military matters, launched an in- 
vestigation earlier this month based on accusations made 
by a far : left leader, Dogu Peflncek. 

Mr. Perincek said that Mrs. Ciller, who became Tur- 
key’s first woman prime minister in 1 993, had-worked for 
the U.S. Central Intelligence Agency. (Reuters) 

For the Record 

Bernard Tstpie, the French businessman and former 
cabinet minister, was released from prison Friday, five 
months after being jailed for his part in a match-rigging 
scandal involving the Oiympique Marseille soccer team, 
his lawyer said. (Reuters) 


well-known ongoing process 
of movement in the Earth’s 
crust called tectonic motion. 
Mr. Kirschvink said. Tecton- 
ic motion is driven by heat 
convection inside the planet, 
which moves giant cnistal 
plates a few inches per year, 
triggering earthquakes and 
volcanic activity. 

By contrast, polar wander 
is driven by an imbalance in 
the planet-wide distribution 
of mass relative lo its spin 
axis. Any spinning body 
* ‘tries’ ’ to place its fattest pan 
at its equator, as is evident in 
the shape of a toy top. In 
Earth’s case, once the imbal- 
ance developed, the land 
masses apparently sped 
across the planet's face at 
speeds well over several feet 
per year as the planet tried to 
“right” its balance. 

“Earth has followed a 
‘plate-tectonic speed limit’ 
for the past 200 million years 
or so.” said David Evans, a 
California Institute of Tech- 
nology graduate and a co-au- 
thor of the paper. * ‘with noth- 
ing approaching die velocities 
needed for this early Cam- 
brian reorganization.” 

The link to the Cambrian 
explosion of life is speculat- 
ive. Existing life forms would 
have been forced to cope with 
rapidly changing climatic 
conditions, the team asserts, 
as tropical lands slid into the 
cold polar regions, and cold 
lands heated up. 

The global shifts could 
have disrupted regional eco- 
systems, breaking" them into 


HOUSING: Dispute in Israel 


Continued from Page 1 

Mr. Arafat, who was asked 
about the decision to build as 
he entered his office Friday 
morning, said only: “We will 
see and we will follow up.” 

Mr. Netanyahu's peace 
talks with the Palestinians 
have been in difficulties since 
March, when Israel broke 
ground on a 6 ,5 00-home set- 
tlement on the edge of East 
Jerusalem, known to Israelis 
as Har Homa and to Pales- 
tinians as Jabal Abu Gh- 
neim. 

Mr. Bar-Ilan said there was 
no question of a similar freeze 
at Har Homa. “It's a barren 
hill, it’s near two Jewish 
neighborhoods, and it is not in 
anyone's way.” he said of 
Har Homa. 

Ras al Amoud, home to 
1 1.000 Palestinians, lies just 
below the Mount of Olives in 
Israeli-annexed East Jerusa- 
lem. It would be the first time 
Israel has built a Jewish 
neighborhood in the heart of a 
Palestinian district 

The project originally was 
supposed to comprise 132 
four-story homes on 1 .4 hec- 
tares (3.3 acres), but would 
have needed permission from 
the Interior Ministry because 
of its size. 

It was to be built by an 
American, Irving Moscowiiz 
of Miami, for the benefit of a 
religious and ultranationalist 
Jewish institution, Ateret Co- 
hanim. 

Mayor Ehud Olmert of Je- 
rusalem. said that the scale- 
down project of 70 four-story 
houses had been approved by 


all the planning commissions, 
and that Palestinian threats 
were no reason ro shelve it. 

“It is high time that ques- 
tions concerning Jerusalem 
were not decided on the basis 
of how Arafar will react," he 
said on Israel Radio. 

Mr. Olmert said he did not 
expect Mr. Moscowitz to 
build until he could go for- 
ward with all 130 units. “He 
considers it part of his battle 
to force the authorities, par- 
ticularly the Ministry or In- 
terior, to recognize his right to 
build,” he said Friday. “He 
made clear that if he was not 
given his rights, he will pur- 
sue legal measures.” 

Mr. Bar- Clan said Mr. Net- 
anyahu did not contest Mr. 
Moskowitz’s right to build on 
the plot under Israeli law but 
questioned the advisability of 
doing so “at this time, and I 
stress at this time.” 

“There are means by which 
the government can prevent 
this building,” he said adding, 
“It can invoke a national in- 
terest and security reasons.” 

. He said that “as of now, the 
decision is not to let it go 
ahead and that is precisely 
what is going to happen.” 

He also said that Mr. Arafat 
had received the assurance on 
Thursday night in a telephone 
call from Yitzhak Molho, a 
senior aide to Mr. Netanyahu, 
and “was quite pleased to 
hear the explanation. ” 

■ Palestinians want the cap- 
ital of a future state to be Hast 
Jerusalem and regard Jewish 
construction as an attempt to 
foil that desire. 

(Reuters. AFP. AP) 



IWi II.. I..- UI. I IV. - 


Plaintiffs in Dallas giving the jury a standing ovation after the $120 million judgment against the diocese. 

Church Held Liable for Molestations 


more isolated communities, 
Mr. Kirschvink suggested. 
Studies have shown that 
“evolutionary innovations 
are much more likely to sur- 
vive in a small inbreeding 
population,” he noted. 

Even the slightest change 
in ocean currents can have a 
dramatic effect on regional 
climates, noted Robert Rip- 
perdan. co-author and a geo- 
chemist at the University of 
Puerto Rico. 

The global shift could ex- 
plain another mystery of the 
Cambrian period — large 
swings in the ocean’s record 
of carbon deposits, Mr. Rip- 
perdan said. “No one could 
think of a mechanism” to ex- 
plain this, he said. Under the 
new theory, “all of the ev- 
idence suddenly makes 
sense.” 

If the ocean circulation 
system was changing every 
million years or so, as the 
geological record indicates, 
that would leave enough time 
for the process of natural se- 
lection to produce new an- 
imal adaptations, the re- 
searchers suggest. 

“Then, wham! They’re hit 
again and the process repeats 
itself.” Mr. Kirschvink said. 
“That is a great script for 
increasing diversity.” 

Other scientists said the 
Kirschvink hypothesis is as 
startling, and as intriguing, as 
the theory that some kind of 
impact led to the extinction of 
the dinosaurs — a theory at 
first dismissed but now 
widely accepted. 


By Peter Steinfels 

JV«n Yori Timex Service 

A Dallas jury has awarded $120 
million in damages to 10 men and the 
family of a suicide after finding that the 
local Roman Catholic diocese had ig- 
nored evidence that a priest was sexu- 
ally abusing boys and that it had then 
cried to cover up the abuses. 

William Ryan, a spokesman for the 
National Conference of Catholic Bish- 
ops, said Thursday that the award was 
“almost certainly the largest judgment 
that had been made against the 
church” in a sexual abuse case. 

Randal Mathis, a lawyer for the dio- 
cese of Dallas, argued that diocesan 
officials had made reasonable judg- 
ments about the priest, the Reverend 
Rudolph Kos. based on the information 
they had, even if those decisions larer 
proved to be wrong. 

The diocese will appeal the verdict, 
Mr. Mathis said, a process that may 
take from three to five years. 

“It's got a long way logo.” said one 
of the plaintiffs, Shawn Johnson. “It's 
been difficult to go public but nec- 
essary for the welfare of children. The 
important thing for us was to bring this 
issue out and not let the church cover 
this up.” 

The damages were to be paid by the 
diocese and Father Kos. 52, who was 
suspended from the priesthood five 
years ago. But he is not considered to 
be solvent under Texas law. so the 
church will be liable for virtually the 
full amount. Mr. Mathis said. 

Father Kos, who now lives in San 
Diego and works as a paralegal, did not 


defend himself in the civil trial, but he 
has publicly denied some of the ac- 
cusations. 

He still faces criminal charges of 
sexual abuse of two of the plaintiffs. 

The plaintiffs — the 1 0 men and the 
family of another who committed sui- 
cide at the age of 20 — said that the 
abuse occurred from 1977 to 1992 
while he was a student at Holy Trinity 
Seminary in Dallas and while he was 
assigned to three churches. 

They charged that a reasonable in- 
vestigation by church officials would 
have revealed that the seminary ap- 
plicant had served a year in a juvenile 
detention center for molesting a neigh- 
bor. 

He had also entered a marriage that 
was annulled by the diocese's marriage 
tribunal, and Kalhleene Hetzel. his 
former wife, said in a deposition that 
she had informed a tribunal official of 
her husband's sexual interest irt boys. 


The plaintiffs pointed to a series of 
warnings and complaints about Father 
Kos's proclivities that came front other 
priests throughout the late 1980s. De- 
spite these, the priest was made a pastor 
in 1988. 

Mr. Mathis maintained during the 
rrial that diocesan officials had made 
what they “thought were appropriate, 
fair and reasonable judgments.” Fa- 
ther Kos was “a criminal who belongs 
io jail," Mr. Mathis said, but he was 
also “a very convincing man.” 

Diocesan officials have stated that 
They could not mount a full-scale in- 
vestigation without a complaint from a 
victim and that they suspended him 
promptly when the first such complaint 
came in 1992. 

The diocesan marriage tribunal of- 
ficial, the Reverend Gerald Hughes, 
denied at the trial that Father Kos's ex- 
wife had told him that her former hus- 
band was attracted to boys. 


PRIEST: 12-Year Sentence for Sex Abuse 


Continued from Page 1 

schools for fear of being accused of 
abusing them. 

During the trial in Circuit Criminal 
Court in Dublin in recent days. lawyers 
for the victims. 12 of whom attended, 
shocked the nation with their disclos- 
ures. 

In several cases. Father Smyth ad- 
mitted that he had forced small boys to 
sleep with him and masturbate him. 

Last week. Father Smyth issued a 
statement of apology to his victims. 


“I recognize them all for what they 
were,'* he said of the offenses, “sins 
against God, offenses against individu- 
al persons. I take this opportunity to 
renew sincerely and wholeheartedly 
my deep sorrow and regret for any 
psychological hurt or trauma any of 
these any of these young people may 
have experienced.” 

“Long ago.” he added, “1 have 
made my peace with God, and I hope 
and pray that with the passage of time 
many of these, too, will find a like 
peace.” 


SWISS: Israeli Reaction to Publication of Bank Accounts Is Muted 


Continued from Page 1 

reparations from West Germany, to the 
chagrin of many Israelis who felt the 
payments would morally rehabilitate 
Germany. 

Mr. Segev, whose book “The Sev- 
enth Million” discusses the role of the 
Holocaust in shaping Israel’s identity, 
said the issue now was a feeling that 
“it’s wrong to associate the Holocaust 
with money issues.” 

* ‘I think many people think that it may 
trivialize the Holocaust,” be said. “The 
dimension of the story is so little com- 
pared to magnitude of the Holocaust.” 

Swiss banks said Friday that safety 
checks would prevent war criminals 
from claiming any of the lost wealth. But 
in Basel, the Swiss Bankers' Association 
declined to say how much money was in 
accounts that Jewish groups said might 
belong to Nazis or supporters. 

The Simon Wiesemfial Center in Los 
Angeles said the list of accounts opened 
by non-Swiss before the end of World 
War H included at least eight prominent 
Nazis or collaborators. The accounts, 
which number nearly 1 ,800, hold a total of 
61 million Swiss francs ($40.7 million). 

“There are checks built in to preveat 
criminal money from being paid out.” 
said a spokeswoman for the banks, 
Silvia Matile. 

The Swiss Federal Banking Commis- 
sion denied claims by the leader of the 
World Jewish Congress, Edgar Bronf 
man Sr., dial Swiss banking secrecy 
would collapse when another list of 


20,000 or more pre-1945 accounts were 
published in October. 

I don’t see it that way,” the head of the 
Banking Commission. Kurt Haori. told 
Reuters. “Mr. Bronfman cannot simply 
change Swiss law; that is the job of 
Parliament.” 

“The whole act of publishing these 
names is aimed at helping banking 
secrecy,” he said. 

The list also went out on the Internet on 
Wednesday, and Ms. Matile said Friday 
that about 1 00.000 people have logged on 
to the site since then. She said that more 
than 4,500 calls had been handled by five 
regional offices ser up to process claims 
on the dormant accounts. 

New York was the most active, with 
2,100 calls, about 40 percent of which 
came from Canada. Basel had 2,000 
calls, mainly from France, Germany and 
the Netherlands, followed by Italy and 
Switzerland, she said. 

One of people on the list is the de- 
ceased mother of Madeleine Kunin, U.S. 
ambassador to Switzerland and former 
governor of Vermont. 

Ms. Kunin learned of the account in 
the name of her mother. Renee May, 
only recently and had no details about it, 
she told The Burlington Free Press. Mrs. 
May, who died in Burlington in 1969, 
left Switzerland with her son and daugh- 
ter in 1940. (AP. Reuters, AFP ) 

■ Italian Insurer to Set Up Fund 

Alan Cowell of The A/cm* York Times 
reported from Bonn: 

As it seeks to expand business op- 


erations in Israel, a leading Italian in- 
surance company has offered to set up a 
$12 million fond and investigate the fate 
of policies issued by its subsidiaries and 
confiscated by Nazi occupiers in Central 
Europe during World War D. 

The company, Assicurazioni Gener- 
ali, which is one of several insurance 
companies facing a lawsuit in New York 
demanding compensation for the con- 
fiscated policies, placed an advertise- 
ment in The New York Times on Friday 
offering the possibility of “discretion- 
ary payments” to Nazi-era policyhold- 
ers or their survivors. 

However, the company, which is 
seeking Israeli public approval for its 
recent $320 million takeover of Migdal, 
Israel's biggest insurer, made clear in the 
advertisement that it has “very little 
information and few records" concern- 
ing its former branches in Central and 
Eastern Europe. 

The company's response to the law- 
suit, which also affects the huge Allianz 
group in Germany, has previously been 
to say it bears no lawful responsibility 
for its former branches in Eastern and 
Central Europe because they were con- 
fiscated by Communist authorities after 
World Warfl. 

Its newest move does, however, seem 
to reflect a growing desire among Euro- 
pean businesses that gathered the assets 
of Europe’s prewar Jewish population to 
avoid the opprobrium and Joss of cred- 
ibility that has accrued to Swiss banks. 

' The offer by Assicurazioni Generali 
follows a similar effort by Allianz. 


JAPAN: Investors Believe Deregulation Is for Real This Time 


Continued from Page 1 

“We put on a seminar here 
last year on how small 
companies could make the 
leap ro Nasdaq,” the U.S. 
stock market that is home to 
many small, young compa- 
nies. Mr. Docter said. "We 
were so oversubscribed that 
we had io run an extra session 
of tiie conference.” 

The firm also expects an 
increase in its traditional ac- 
counting business, because 
overseas investors will de- 
mand more disclosure by Jap- 
anese companies — and the 
Finance Ministry is stoking 
the market for foreign ac- 
counting firms by proposing 
changes in accounting prac- 
tices that ' would bring the 
country closer to internation- 
al standards. ' 

The Japanese accounting 
system has for years protec- 
ted companies by allowing 
them to hide bad debts in off- 
balance-sheet subsidiaries. 

Other finance companies 
are beefing up*as welL Gen- 
eral Electric Capital Services 
Inc. has purchased two Jap- 
anese consumer-finance 
companies. Lehman Brothers 
Inc. has moved several cur- 


rency traders from Hong 
Kong to Japan and recently 
hired a number of additional 
people as part of its plan to 
turn Tokyo into its major 
dealing center in Asia. 

Barclays Group has expan- 
ded its derivatives, bond-trad- 
ing, equities and risk-man- 
agement operations here. 
Citibank is preparing to sell 
mutual funds next year. 

To gain access to domestic 
sales networks, many foreign 
companies are tying up with 
Japanese banks and insurance 
companies. Recent alliances 
include those between 
Barclays and Hokkaido Tak- 
ushoku Bank Ltd., as well as 
Bankers Trust New York Co. 
and Nippon Credit Bank Ltd. 

Previously, such tie-ups 
were discouraged by the Fi- 
nance Ministry; now, exec- 
utives say they have ban sur- 
prised by the speed with 
which the Finance Ministry 
has moved on deregulation. 

“When the Big Bang was 
announced, you had a Tot of 
cynics saying this was just 
political hype.” Andrew 
Simmonds, chief executive of 
Barclays in Japan, said. “But 
if you look at the recent an- 
nouncement. an awful lor ap- 


pears to have been compacted 
and condensed into a much 
shorter time frame. It's ob- 
vious that the government has 
realized this is not something 
you can control. That under- 
scores the government's 
commitment to all of this, be- 
cause they are still pushing 
ahead.” 

Executives say they also 
are encouraged by a new will- 


ingness among Japanese 
business people to deal with 
foreign companies. 

“Strangely enough, these 
days it’s an advantage to be a 
foreigner," said Clifford 
Shaw, president of Mercury 
Asset Management Japan 
Ltd His company’s pension- 
management business in Ja- 
pan more than doubled in the 
year ended March 31. 


ASEAN: West to Press Burma 


Continued from Page 1 

dullab Ahmad Badawi, would 
say only that in the forum 
meeting “there is nothing 
sensitive we cannot discuss 
among ourselves behind 
closed doors.” 

Mrs. Albright made it clear 
she felt it was hypocritical for 
ASEAN to have delayed 
Cambodia's entry into the 
group because Mr. Hun Sen 
h3d used force to change an 
elected government, while 
not treating Burma in the 
same way. 

“ As in Cambodia, demo- 
cratic elections in Burma 
were forcibly overturned,” 


she said, referring to the mil- 
itary's refusal to recognize the 
overwhelming victory . in 
1990 elections by Burma's 
National League for Democ- 
racy, led by the Nobel laureate 
Daw Aung San Suu Kyi. 

The lack of a folly legit- 
imate government in Ran- 
goon, she said, had “createda 
climate of lawlessness that 
threatens stability.” 

“It is no accident, after 
all,” Mrs. Albright said, 
“that Buma is the world’s 
leading producer of heroin. 
And it is only right that 
Burma is subject to interna- 
tional sanctions and con- 
sumer boycotts.” 





-/ 


\ 



&** I 


PAGE 6 


SATUBDAy-SUNDAT, JULY 26-27, 1997 



EDITORIALS/OPINION 


3fmU> 


INTERNATIONAL 



tribune 



Pi BUSHED wrnj THE NEW l«Rh TIMES AND THE WASHINGTON PONT 


Milosevic’s Grip 


When Serbia’s president. Slobodan 
Milosevic, capitulated to the demands 
of demonstrating citizens earlier this 
year, the world and many of the pro- 
testers thought the swelling opposition 
would gradually cany him from 
power. They were wrong. Today Mr. 
Milosevic retains his hold on what is 
left of Yugoslavia, and this past week 
began a four-year term in a new post. 

This transformation is the latest in a 
career of reinvention and political sur- 
vival. When communism fell, Mr. Mi- 
losevic turned from Communist func- 
tionary into nationalist demagogue. 
After helping to instigate, arm and 
finance ihe Bosnian war, he convinced 
Western nations that he was indispen- 
sable to guarantee the peace. 

Mr. Milosevic does not owe his suc- 
cess to the love of Serbia's citizenry. 
The economy is near collapse, with 
pensions and salaries paid months 
late or not at all. Factories have nearly 
shut down. His power is based on his 
control of the Interior Ministry and 
secret police, the national media and 
the black-market economy, which is 
in the hands of thugs loyal to him and 
his wife. 

Last winter's street protests could 
not shake these pillars of his power. 
Their purpose was to force Mr. Mi- 
losevic to recognize the opposition co- 
alition's victories in local elections in 
November. After three months of 
protests he gave in. and opposition 
candidates took control of the city halls 
in 14 of Yugoslavia's largest cities, 
including Belgrade. It turned out to be 
an empty victory. 

Mr. Milosevic kept for Serbia's gov- 
ernment most powers that normal may- 
ors enjoy, including tax collection. The 
only power base that the mayors now 
control is that of the local media, and 
Mr. Milosevic is designing laws to 
enable him to reassert ms authority in 
this area. 


The protesters, thrilled and sur- 


! pro . .. 

that hundreds of. thousands of 

5erbs were taking to the streets, hoped 
the demonstrations would build a co- 
alition that could unite to challenge Mr. 
Milosevic. They have been let down by 


the pettiness of opposition leaders, as 
tch oti 


they snipe at each other. The oprpo- 


sition has proved no match for 
Milosevic’s wiles. 

Because Serbia's constitution bars 
him from seeking a third term as pres-* 
ident of Serbia, one of two republics in 


Yugoslavia (the other is Montenegro), 
irhs 


Parliament earlier this month elected 
him the president of Yugoslavia. His 
next move will probably be to persuade 
Parliament to amend the constitution to 
provide real power to that office, which 
is now ceremonial. 

The signing of the Dayton peace 
accords in November 1995 gave Mr. 
Milosevic international legitimacy. 
The West lifted trade sanctions on Ser- 
bia. Until last month foreign invest- 
ment was scant. In June, however. 
Italian and Greek telecommunications 
concerns bailed Mr. Milosevic out by 
buying a 49 percent share in Serbia's 
telecommunications company for just 
under SI billion — a bargain. He used 
the money to pay back salaries. 

Largely at Washington's insistence, 
the United Nations still maintains 
sanctions that prevent Serbia from get- 
ting loans from international financial 
institutions as long as Mr. Milosevic 
continues to abuse the rights of Al- 
banians in Serbia's Kosovo region and 
harbor indicted war criminals. 


Inexplicably, the Clinton adminis- 
tion has fouil 


tration has fought a congressional ef- 
fort to formalize these sanctions. Even 
the collapse of the Serbian economy, 
however, might not dislodge a man 
who has repeatedly proved willing to 
cripple his country and his region to 
maintain his grip on power. 

— THE NEW YORK TIMES. 


Asian Tyrants 


Secretary of State Madeleine Al- 
bright will spend the next few days in 
Malaysia, meeting with her counter- 
parts from the Association of South 
East Asian Nations. ASEAN was plan- 
ning to celebrate its 30th anniversary 
and the admission of three new mem- 
bers — Burma. Laos and Cambodia. 
But a recent coup in Cambodia and 
continuing repression in Burma are 
souring the mood. 

ASEAN has long held to a policy of 
noninterference in die affairs of its 
.members and prospective members. 
But the July 5 coup by the Cambodia 
•strongman Hun Sen shocked the or- 
ganization into abandoning that ap- 
, preach. ASEAN this past week ad- 
mitted Burma and Laos but postponed 
Cambodia’s entry while sending me- 
diators to seek a restoration of some 
semblance of democracy. 

This policy change reflects an im- 
rtant new understanding that the 

nited States, too, is coming to. though 
fitfully: that a dictatorship in one coun- 
try is destabilizing to neighbors, and that 
world and regional stability depend on 
the spread of openness and tolerance. In 
southeast Asia, Burma’s policy of slave 
labor forces refugees into Thailand and 
Bangladesh; the narco-thug connections 
of regimes in both Burma and Cam- 
bodia spill over into other Asian nations; 
their instability and corruption discour- 
age investment throughout the region. 
No wonder Malaysia’s deputy prime 
minister. Anwar Ibrahim, recently 
called on ASEAN to consider a policy 
of “constructive interventions.” 

Making these effective requires 


flexible approaches. In Cambodia. Mr. 
Hun Sen will soon seek to legitimate 

National 


pOF 

Uni 


his coup by convening the 
Assembly, which, duly cowed by the 
butchery of officials opposed to his 
regime, 'will name a new puppet prime 
minister. Japan, sadly, seems ready to 
accept this constitutional fig leaf and 
resume aid to the government, sending 
a wrong signal not only to Mr. Hun Sen 
but to any other would-be usurper. The 
United States is right to insist on a 
return of real democracy and a guar- 
antee of free elections next year before 
resuming aid. 

Burma's regime is as illegitimate as 
Cambodia’s, the only difference being 
that it has held power unlawfully 
already for seven years. Why ASEAN 
admitted Burma but not Cambodia is 
unclear, having done so, it has an ob- 
ligation to promote a dialogue between 
Burma's junta and its rightful leader. 
Daw Aung San Suu Kyi. 

The nine ASEAN nations range 
from Philippine democracy to Viet- 
nam's creaking Communisr dictator- 
ship. But all increasingly depend for 
their prosperity on investment and 
trade, open borders and open minds. 
The Philippines' foreign secretary, 
Domingo Siazon, reflected this when 
he told the International Herald 
Tribune f July 24) that ASEAN must 
not neglect 'the “moral and human” 
dimension as it expands — the values 
of “tolerance, patience, openness and 
consensus-building.” Those are the 
values now threatened by corrupt tyr- 
ants in Burma and Cambodia. 

— THE WASHINGTON POST. 


Other Comment 


‘If It Bleeds, It Leads’ 


The evidence that TV may be over- 
exposing Americans to violent crime 
was brought home by live coverage of 
the discovery of Andrew Cunanan's 
body on a Miami houseboat. The TV 
networks and local stations turned on 
the cameras as the police surrounded 
the houseboat Wednesday afternoon 
and remained glued to the scene for the 
next 3V£ hours. Later, when the police 
finally raided the houseboat and found 
Mr. Cunanan — suspected in the killing 
of the fashion designer Gianni Versace, 
as well as in the murders of four others 
— dead of a self-inflicted gunshot 
wound, one Miami station continued its 
coverage for eight hours. 

Violence is news. Many TV news 
directors structure their programs 


based on the ghoulish formula, “If it 
bleeds, it leads.” And ihe print press, 
too, often makes a big splash out of 
major crime. 

Russia's television stations beam 
even more hours of crime coverage 
than America's. An intriguing explan- 
ation was put forward by the Russian 
psychoanalyst Sergei Agrachev, who 
in speaking of his homeland could 
have been speaking of the United 
States as weii: "Our society is to a 
large degree in a state of anxiety. This 
anxiety must be explained in some 
way. Before, people were frightened of 
atomic war, and that was actually jus- 
tified to some degree. Now, our people 
have come to be afraid of crime. These 
terrible scenes on TV allow people to 
say, ‘My fear is understandable. " 

— Los Angeles Times. 


“T;* i < mxiuvvnoNvLm* • * 

llcral b^Sd fcrtbttHC 


i uMoa *mi i» mi n««i ra n* ■ • 


ESTABLISHED 1887 

KATHARINE GRAHAM, ARTHUR OCHS SULZBERGER 
Co-Chairmen 


KATHARINE P. D ARROW, Mce Chairman 


RICHARD McCLEAN. Publisher & Chief Executive 
MICHAEL GETLER, Executive Editor 


• WALTER WELLS. Managing Editor • PAUL HQRVTTZ, Deptav Managing Editor 
» KATHERINE KNORJRanJ CHARLES MITCHELMORE, Deputy Editors • SAMUEL ABT and 
CARL GEWIRTZ. Aiovu/rr Editors • ROBERT J. DONAHUE, Editor of the Editorial Pages 
• JONATHAN GAGE.Buriness and Finance Editor 
• REN£ BONDY. Deputy Publisher 

• JAMES McLEOD, Advertising Director • DIDIER BRUM. Circulation Director. 
Dinrcteur de la PuHicatioa: Richard McCierm 


iniemaiiotul Herald Tribune. 181 Avenue Charies-de-Gaalle, 92521 Neufliv-Hn-Seine. France. 
TeLtiH1.4193.0(l. Fax: Sutaripfas. ( I HI. 43.911ft AdvenHug (U4f.43.92.12: News. 1 1) 4143S33& 

Internet address'. hup://www iht.a*n E-Mail: Qu@ihuom 


Et&utfvrABir VichaelRichjnhtiti.5CjiueriwyRJ..SuiMP>rfd5ll Tei 1472-7768. Far (b$\2?4-23M 
Mng. Dir. 4flH. fhdf D Krjxcpubl. ?U Gbwcaer Rd . Himg Kong Tei. 852-2922-1188. Fax • S52-2922-II90 
Gen Ate Genwm T SrtfAr. FneJrkhstr. 15.60)23 FwnlfWtf. Td. *4901971204. Fax: 

Pm. US.: Mtdud Coven, tfO Third Aw, YarL.NY m 22 Tel <212 1 752-5800 FdK (21217554785 
UK Ad\ Office: 63 Lang Acte. London WC2. Tel. (1711 S36-4802. Fax 1 171 1 240-2254 

5 AS an capital de i 200.000 F RCS Nuaterre B 732021126 Commission Pan win No. 61337 
6/W 7. Intmahv**! Herald Tribune. All ngbi reserved ISSN- 0W4QE. 



It Seems Texas Killed a Man Who Killed No One 


N 


EW YORK — It was not a big deal. 
On a rainy Thursday evening in 


By Bob Herbert 


April, David Wayne Spence, 38 years 
old. hi 


heavily tattooed and 60 pounds 
overweight, was walked into the death 
chamber of the state prison at Hunts- 
ville, Texas. He made a few final com- 
ments, was strapped to a gurney and 
given a lethal series of injections — 
sodium thiopental which rendered him 
unconscious; pancuronium bromide, 
which collapsed his lungs, and potassi- 
um chloride, which stopped his heart. 
He was pronounced dead at 6:32 P.M. 
last April 3. . 

The crime for which Mr. Spence was 
executed occurred on July 13, 1982. 


Three teenagers — Jill Montgomery, 
d Kenneth 


17, Raylene Rice, 17, and 
Franks, 18 — were attacked, tied up 
and stabbed to death in a park near Lake 
Waco in Waco, Texas. The girls were 
also believed to have been raped. 

Mr. Spence was tried twice and con- 
victed twice in connection with the 
murders. The prosecution charged that 
he had been hired by a convenience 
store owner to kill another girl, and that 
he mistook Ms. Montgomery for the girl 
he was supposed to kill. Ms. Rice and 
Mr. Franks were killed by Mr. Spence 
and two confederates because they were 
wimesses, the prosecution charged. 
Two juries agreed. Mr. Spence’s final 


appeal was turned down by the Su- 
preme Court just an hour before he was 
executed. 

Nevertheless, a problem remains. 
Mr. Spence was almost certainly in- 
nocent • • 

This is nota hypothesis conveniently 
floated by death-penaltv opponents. 
Those who believe that David Spence 
did not commit the crime for which he 
died include the lieutenant, now retired, 
who supervised the police investigation 
of the murders; the detective who ac- 
tually conducted the investigation, and 
a conservative Texas businessman 
who, almost against bis will, looked 
into the case and became convinced 
that Mr. Spence was being railroaded. 

The retired lieutenant, Marvin Hor- 
ton, said in sworn testimony: “I do not 
think David Spence committed this 
crime.” 

In an interview Wednesday, Ramon 
Salinas, the homicide detective who 
investigated the murderc,. said: “My 
opinion is that David Spence was in- 
nocent. Nothing from the investigation 
ever led us to any evidence that he was 
involved.” 

The businessman, Brian Pardo, was 
asked for help by Mr. Spence last fall. 


“The probability of him being inno- 
cent seemed very s m al l in my mind at 
that time,” Mr. Pardo said. “He was on 
death row. It just seemed to me mat 
most people there are guilty, and they 
ah say they are innocent.” 

Mr. Pardo agreed to underwrite an 
investigation that would last only until 
some evidence tuned up showing that 


David Spence was 
strapped dawn and 
given a series of shots 
that collapsed his lungs 
and stopped his heart 


Mr. Spence was guilty. No evidence 
ever did. 

‘^It was all entirely to the contrary, 
Mr. Pardo said- “There is no chance 
that he committed those murders. ’ ’ 

The murders were horrifyingly vi- 
olent and bloody. There was a great 
deal of contact between the victims and 
the killers. But there was no physical 
evidence connecting the crime to Mr. 
Spence or his co-defendants, both of 
whom are incarcerated for life. 

Strands of hair, including pubic 
hairs, that most likely came from the 


killers were found on the victims. But 
an FBI anal ysis determined that none 
of the hairs came from Mr. Spence or 
bis co-defendants. 

The case against Mr. Spence was 
pursued not by homicide detectives but 
by a narcotics cop named Truman. Si- 
mons who left the police department 
under unusual circumstances, went to 
work for the county sheriff and in that 
capacity conducted an obsessive, un- 
professional and widely criticized cam- 
paign to nail Mr. Spence. 

H3r. Simons cobbled his case togeth- 
er from the fabricated and often pre- 
posterous testimony of inmates who 
were granted all manner of favors in 
return. Court papers showed that some 
were even given the opportunity to 
have sex with wives or girlfriends in the 
district attorney's office. 

Robert Snelson, one of the inmates 
who testified against Mr. Spence, 
would say later: ‘ ‘We all fabricated our 
accounts of Spence confessing in order 
to try to get a break from the state on 
our cases.” ' 

Brian Pardo’s involvement in the 
David Spence case has been a dis- 
illusioning experience. *Tm a Repub- 
lican," he saud. "I'm for the death 


penalty generally. But this has shaken 
my belief in the justice system.” 


The New York Tunes. 


sl- 


lU 


ft! 










The Euro Game: It Goes France’s Way or All Bets Are Off 


W ASHINGTON — The 
weak possess power of 
their own: the power to manip- 
ulate the strong with their vul- 
nerability. Think of a pedestrian 
deliberately stepping into the 
path of an oncoming truck, will- 
ing to risk that the driver has 
time and distance to stop. 

The French government of 
Socialist Prime ‘Minister Lionel 
Jospin did something akin to 
this in the past week. France 
made clear it is not able to meet 
the strict criteria set for estab- 
lishing a new continental cur- 
rency for Europe by Jan. 1, 
1999. France's partners in the 
European Union will have to 
adjust the rules to take French 
economic weakness into ac- 
count if they want to go ahead 
The paradox of the power of 
the weak has long been central to 
French political thought But Mr. 
Jospin, elected two months ago, 
acted out of necessity as much as 
strategy. The timetable for the 
launch of the euro, as die new 
currency is to be called, farced 
him out into the crosswalk. 

Behind the wheel of the 
metaphoric truck is Chancellor 


By Jim Hoagland 


Helmut Kohl of Germany, who 
faces a wrenching dilemmas 
adopt a new, more -flexible in- 
terpretation of die euro criteria, 
or abandon the timetable man- 
dated in the Maastricht treaty on 
European integration and prob- 
ably the euro itself. 

This is a choice about what 
kind of Europe will exist at the 
turn of the century. It was im- 
plicit in die bargain on a com- 
mon currency struck at 
Maastricht, the Netherlands, in 
1991 by Mr. Kohl and then-Pres- 
idenr Francois Mitterrand of 


of the anti-inflation rigors that 
the dominance of the German 
Deutsche mafic has imposed cm 
all European Union economies 
and particularly on France. 

But the German Bundesbank 
and public opinion are hostile to 
any flexibility that leads to a 
weakening of their cunency. 
That is why German politicians 
have insisted that the criteria are 
the criteria. They have spot- 
lighted the requirement dial a 
qualifying nation's budget def- 


view and announced revenue 
forecasts that put the French 
for the coming 


budget deficit 
year at 3.2 percent to 3 3 percent 
— if all goes well with the new 
corporate tax increases that the 
Socialists announced at the 
same time. The more likely 
French number appears to be 


3 ^percent to 3.7 percent 
Tne offic ' 


France. They were willing to let 
line whether the 


icit cannot exceed 3.0 percent of 
product 


the future determine whet 
values .that stand behind a new 
European currency would be 
predominantly Preach or pre- 
dominantly German. The answer 
is now known: The values will 
be French, or they will not be. 

France has always cham- 
pioned a “political” interpre- 
tation of die Maastricht criteria 
for monetary union, seeing 
them as guidelines rather than 
fixed thresholds. The French 
want flexibility and some easing 


its gross national _ 

The 3.0 percent deficit criteria 
was particularly useful for ex- 
cluding Italy from the monetary 
union _ German public opinion 
seems convinced that inehiriing 
Italy will make the euro an un- 
stable currency and rob their 
savings of value. Including Italy 
would intensify die already ex- 
isting German public hostility to 
the sacrifice of die D-mark. 

But the problem is now big- 
ger than Italy. This past week, 
Mr. Jospin’s government com- 
pleted its initial financial re- 


idal unveiling of 
France's lack of room to ma- 
neuver puts Mr. Kohl more 
firmly on the spot than any at- 
tempted . display of French 
strength or ultimatums could. 

The Maastricht timetable 
was chosen by Mr. Mitterrand 
with an eye toward having the 
pro-European Kohl still in 
power when the key decisions 
came due. Mr. Kohl is com- 
mitted to working for a Euro-' 
pean Germany rather than a 
German-dominated Europe. 
Harnessing the mark to a com- 
mon currency was the first big 
in that program, 
lut what happens if this am- 
bition is beyond Europe's 
means? What happens if the 
French theory that monetary 
union should precede, and bring 


about, political unity turns out 
to be wrong? 

Those questions are being 
asked seriously in Europe now, 
and foreign currency markets 
have reacted by strengthening 
the dollar against the mark and 
French franc. This ups die pres- 
sure on Mr. Kohl to commit . 
Himself — now — either to a 
softer euro and more flexible 
interpretation of the criteria, or 
to come up with an alternative 
timetable and phasing-in plan * 
that is credible to the markets. 

America has several major 
concerns in this currency mine- 
field. 

One is not to be tagged with 
the blame for a breakup of die 
euro plan or for a punishing tun 
against European currencies in 
the marketplace. President Bill 
Clinton and Treasury Secretary 
Robert Rubin, who have been 
studiously neutral on the mon- 
etary union, should be more 
supportive as troubles accumu- 
late. America has nothing to 
gain from a European currency 
war, and nothing to lose in mak- 
ing this clear. 

The Washington Post 


: .± 


J 7 



Get Beyond Feel-Good NATO Talk and Face the Hard Realities 


W ASHINGTON — Going 
into the NATO summit 
meeting in Madrid, convention- 
al wisdom had it that expanding 
the alliance would be easy. We 
believe this perception is chan- 
ging with the realization of 
what expansion will entail. 

The plan — which would 
have Poland, the Czech Repub- 
lic and Hungary come under the 
American security umbrella in 
just two years — seems to con- 
tradict the reality of declining 


By John Warner and Kay Bailey Hutchison 


defense budgets and general 
War retrenchment 


post-Cold 
that is taking place in all of the 
Western democracies. Presi- 
dent Jacques Chirac of France 
admitted as much at the Madrid 
meeting, when he flatly de- 
clared that “France does not 
intend to raise its contribution 
to NATO because of the cost of 
enlargement." 

One indication of this inten- 
sified scrutiny is the recent let- 
ter from 20 senators to President 
Bill Clinton outlining those 


areas that will be debated prior 
to NATO expansion. Signator- 
ies include senators from every 
region of the country and from 
across the political spectrum, 
from Jesse Helms, Republican 
of North Carolina, to Paul Well- 
stone, Democrat of Minnesota. 

These members have differ- 
ing views of NATO expansion, 
from support to skepticism to 
outright opposition: But they 
share one concern: The decision 
to enter into a mutual defense 
treaty with three additional 
countries deserves more debate 
and inspection than it has thus far 
received in the United States. 

Under Article 5 of the NATO 
Charter, the members make a 
commitment to treat an attack on 
one member as an attack on all. 
Are die American people will- 
ing to make that same commit- 
ment to the three countries in 
Central Europe being identified 
for NATO membership, and 


possibly more in the future? And 
at what price? Ihe cost of adding 
at least three members to NATO 
will entail increased training for 
the new members, enhanced 
command and control capabil- 
ities, communications and in- 
telligence-gathering improve- 
ments, upgrading of facilities 
and the purchase of weapons 
that will bring the new members 
up to NATO standards. 

The wide variations in the 
estimates for these improve- 
ments are of concern. The in- 
dependent and respected Rand 
Corporation in 1995 fixed the 
cost of NATO expansion at $1 
billion to $5 billion a year over 
10 years, soaring as high as S10 
billion or more should a strong 
threat to NATO re-emerge. 

The nonpartisan Congres- 
sional Budget Office has es- 
timated that expanding the al- 


liance (to the three plus 
to U.S. 


Slovakia) would lead 


The High- Wire Act of UN Reform 


C AMBRIDGE, England — 
The reforms recommended 
by UN Secretary-General Kofi 
Annan represent a much-needed 
first step toward streamlining 
the organization's unwieldy and 
badly dated bureaucracy. 

But the reforms, proposed 
July 16, are unlikely to win back 
the popular — meaning Amer- 
ican — support upon which the 
United Nations depends. 

If you ask those insiders or 
other experts who are pushing 
for changes at the United Na- 
tions what steps are necessary, 
the likely answers will include 
words such as “restructuring.” 
* 'better coordination" and even 
“cost-cutting.” 

But if you ask Americans 
why the United Nations needs 
reform, their answers might be 
very different, including words 
such as “failure.” “disaster," 
“Bosnia” and "Somalia/’ 

In the early 1990s, many un- 
realistic demands were made of 
the United Nations, particularly 
in the area of peacekeeping. 
Much money was spent and 
tens of thousands of troops were 
deployed to practically every 
trouble spot in the world 


By Thant Myint-U 


live. Americans began to blame 
the UN for the collapsing ‘ 'safe 
areas” in Bosnia and the deaths 
of U.S. soldiers in Somalia. 

These failures were not the 
fault of the United Nations. In 
Bosnia, for example, the organ- 
ization was in the difficult po- 
sition of trying to be all things to 


Governments don’t 
do enough, yet 
they blame the UN. 


After soaring expectations 
disilli 


came deep , disillusionment. 
News pictures of humiliated 
peacekeepers unable to stand up 
to villain after villain made the 
UN look spineless and ineffec- 


many different governments 
with different agendas. 

In the middle of a war. the 
United Nations desperately 
tried to feed people and nego- 
tiate cease-fires. 

UN officials, against their 
own self-interest. did a danger- 
ous job on the ground that no one 
else was prepared to do, while 
keeping their mouths shuL This 
gave governments an excuse not 
to do more, yet allowed them to 
blame the United Nations. No 
wonder the organization lost 
much of its moral credibility 
and, with it, the popular support 
it had briefly attained. 

The United Nations will 
probably be placed in more im- 


possible positions. Govern- 
ments will saddle it with new 
messy mandates and then not 
provide enough men and ma- 
terial. This is the fix Mr. Annan 
faces as he tries to deal with 
waste and mismanagement. A 
first-rate bureaucracy is not go- 
ing to prevent another Bosnia. 

. The UN must have American 
backing, but to some extent that 
support will always be half- 
hearted. As the lone superpower, 
the United States will naturally 
be wary of any institution that 
could attenuate its overwhelm- 
ing global influence. 

A United Nations that would 
best suit the United Stares and 
other major governments is a 
United Nations that is techni- 
cally more proficient and cost- 
effective, but still politically 
malleable, always willing to take 
the fall in intractable conflicts. 

An impossible situation? 
Maybe. But for the UN to sur- 
vive, let alone succeed, it is a 
crucial balancing act 

And Lhe United States should 
be careful not to make this task 
tougher than it already is. 


costs ranging from $5 billion to 
$19 billion over 15 years. The 
CBO estimates the total cost of 
expansion at as much as $125 
billion. The cost to the United 
States assumes, questionably, 
that the new members of the 
alliance would increase their 
own defense spending by 60 
percent over the same period. 

In stark contrast to these stag- 
gering cost assessments are the 
Clinton administration’s rather 
modest estimates for adding 
three to five unnamed members 
to the alliance. In a February 
1997 report to Congress, the ad- 
ministration concluded that tire 
cost to the United States over 12 
years would be just $150 million' 
to $200 million a year, at best 
only one-fifth of the next highest 
estimate from an independent 
source. The same administra- 
tion estimated the costs of the 
current U.S. operation in Bosnia 
at less than $2 billion. The actual 
cost will be 56.5 billion through 
June 1998, with that withdrawal 
date now in question. 

The administration's Febru- 
ary report is further troubling 
because of its assumptions 
about b arden-sharing, or how 
much of the total cost of NATO 
enlargement will be borne by 
our European allies. Accord- 
ing to the administration, the 
United States will pay just 15 
percenr or so of the direct en- 
largement costs. Other mem- 


bers will pay 50 percent, and the 
new members 35 percent. 

The recent statement by Pres- 
ident Chirac would seem to call 
this assumption into question. 
His statement is consistent with 
die trends of the last several 
years. Despite cuts in U.S. de- 
fense spending since the end of 
die Cold War. we Americans 
still spend nearly 4 percent of 
our total wealth (gross domestic 
product; on defense. By com- 
parison, France spends Just 2.5 
percent, Germany 1.5 percent 
and Poland 2.4 percent. It seems 
unlikely that these current and 
future allies will pay propor- 
tionately two or three times 
more than the United States for 
the costs of NATO expansion 
when they spend half of what we 
do on general defense. 

NATO expansion may well 
be a good idea, but the plan to 
bring it about must be based on 
hard realities, not feel-good per- 
ceptions. A heavy burien falls 
upon elected leaders to make a 
convincing argument to the 
American people that changes 
we make to the allian ce are in 
our national interest and will 
strengthen the organization. 


: mc 

.» - w 


u SBC 

ij iS t 





Al> 


Senator Warner is a Repub- 
lican from Virginia, and Sen- 
ator Hutchison is a Republican 
from Texas. They contributed 
this comment to The Washing- 
ton Post. . . 


IN OUR PAGES: 100. 75 AND 50 YEARS AGO 


1897: Fast Waltzing 


PARIS — Is dancing one of the 
‘ ‘lost arts"? And is the vogue of 
the valse, the bam -dance and the 
galop detrimental to manners? 
These are interesting questions 
that are set by the Countess of 
Ancaster. Her ladyship makes a 
strenuous plea for a revival of 
the “ graceful vet stately 
dances " ofotherdays. The valse 
is being danced faster and faster 
— at a pace that kills its poetry of 
motion. Doubtless, Lady An- 
caster surmises, modem balls re- 
flect the life of the presen t day — 
"one of perpetual rush." 


his veto on plays exploiting , 
immorality without artistic 
motives . The public demand for 
a “purifier” of the American 
stage arose after the lively con- 
troversy over the comedy ‘ ‘The 
Demi- Virgin." which was 

withdrawn from the stage after 
being condemned by the- au- 
thorities as indecent. 


1922: Stage ‘Purifier’ 


The writer, a fellow of Trinity 
College. Cambridge, has ser- 
ved in UN peacekeeping op- 
erations in Cambodia and the 
former Yugoslavia. He contrib- 
uted this comment to The New 
York Times. 


NEW YORK — Mr. Augustus 
Thomas has been chosen by 


New York play producers to be 

-i ..... c j la | rman ^ jjjg 


the executive cl M1C 

Producing Managers’ Associ- 
ation. In this position he will 
prevent anything like the act- 
ors* strike of 1919. and will pu t 


1947: Mrs. Peron’s Day 

PARIS — Mrs. Eva Duarte Per- 
on filled another day [July 24] of 
her visit with a round of ap- 
pearances accompanied by 
prominent public figures. After 
viewing dresses from four Paris 
fashion houses, Mrs, Peron re- 
ceived the French press. The Ar- £ 
gentine First Lady lunched at a 
Bois de Boulogne restaurant 
with French and Argentine of- 
ficials, then visited an orphanage 
with^ the French Foreign Min- 
ister & wife. In the ev ening , Mrs. 
Peron gave a baffet reception for 
700 guests at the Ritz HoteL 



\ 


\ 


i 


"V 


1 




In Auction Wars, 
Christie’s Is Ahead 


I lurniaimui Hcruij Tribune Now, New York happens ro be the 

L ONDON — Knives are place where David Nash resigned in 
sharpening and teeth are gnash- March 1996 from his position as di- 
ing as competition between the rector of Sotheby's International Im- 
two auction world powers, pressionist and Modem Art Division. 
Christie's and Sotheby's, intensifies to One of the world’s three or four top 
get a bigger share of an art market cake auction house professionals in the fieitL 
that gets inexorably smaller. The latest with an uncanny aptitude at determining 
and unexpected victim is the coord in- "how far you can push an estimate," 
ated release of end-of-sea$on figures in Nash masterminded Sotheby’s brilliant 
late July. When Christie's alone put out 1 995 Jean Stralem sale. Htod he still been 
a repon in July 1996, followed by with Sotheby’s, the family ties between 
Sotheby’s a few weeks later, some saw the Loebs (whose collection Christie's 
it as an administrative mix-up. This year sold in May) and one of Christie's top 

■ ■ — ■ ■ executives might not have weighed so 

SOUREN MEL1KIAN decisively — Sotheby's, one hears, was 

— — simply not in the running. 

the "mix-up" repeated self, leading Nash's resignation was, in effect, the 
nasty-minded observers to read it as a inevitable consequence of his wife's 
calculated strategy. departure from Sotheby’s the year be- 

Consider the facts. Christie's sales fore. Lucy Mitchell-Innes is the wom- 
during the first six months of 1997 an who made Sotheby's into the dom- 
ciimbed to $908 million, up 23 percent in ant power in the Contemporary Art 
over the corresponding penod in 1996. field through the late 1980s and early 
Sotheby's uncharacteristic sheepish- 1 990s. Her success is believed to have 
ness might have something to do with been resented by some, and her out- 
the fact that their worldwide sales from spokenness by others. She had little 
Jan. 1 to June 30, 1997, added up to only choice but to leave, and she turned to 
SS60 million or thereabouts. If con- private dealing. 

Firmed, as seems likely. Sotheby's For Sotheby’s, the consequences 
would have fallen back to second po- were dire. Christie's, which trailed be- 
sition, after having led for years. hind, is now ahead of Sotheby's. Irs 

In itself, the 5 percent difference in contemporary an sales in New York for 
turnover is no big deal. Few will ques- 1996 totaled $61.21 million, Sotheby's 
lion the efficiency of the Sotheby's ma- chalking up only $37.64 million. In the 
chinery, or its ability to muscle its way first half of 1997, Christie’s maintained 
up. if it corrects what insiders see as its its position with $3 1 .84 million, against 
main fault — a tendency ro underes- $21.93 million for Sotheby’s, 
rimate the importance of top specialists. 

These, in the last analysis, are the key ~Y~ N London, things are going better 
figures in an auction house's success. I for Sotheby's, but Christie's is s till 

They alone feel in their bones the true I leading. Hugues Joffre, the French 

importance and beauty of a work of an Jl expert who turned Sotheby's Lon- 
— an assessment that cannot be made by don Contemporary Art Department into 
reading a catalogue raisonng — and a roaring success, left Sotheby’s four 
therefore its degree of desirability, which years ago, disgruntled, friends said at 
in turn determines the lengths to which the time, by die Sotheby's manage- 
frenzied collectors might eventually go. menr's cavalier attitude to its specialist 
Is it pure coincidence if the two areas staff. He joined Christie's and is now 
that allowed Christie’s to outdistance director of Christie's France. The ben- 
Sotheby's in the turnover race are those eflt to Christie’s is easily measured. In 
where Sotheby’s lost some of its finest 1 996, the first year of Joffre’s full tenure 
experts? Financiers may want to think in Paris, the turnover in 20th-century 
so, but art-market professionals do not. paintings consigned from France 
Take Impressionist and Modem Pic- doubled. Roughly half the contempor- 
tures, the area where Christie's took ary art sold in. London by Christie’s 
such a stride forward. Sales rose from comes to the company through Joffre. 
$159 million in the first six months of There is probably no precedent to an 
1996 ro $285 million in the correspond- auction house — Sotheby's — losing 
ing period this year. New York alone within four years three major players 
accounted for $235 million of the $285 that guaranteed its preeminence in the 
million sold in 1997, while Sotheby's main growth areas of the market Arone 
scored a more modest $1 10 million. time, it looked as if anotherof Sotheby’s 



Sold by Christie’s for $3.852J)00: a self-portrait by Gauguin {detail). 


luminaries might bow out. Suddenly, going success story for several years. 
Michel Strauss, who joined Sotheby’s In London, Christopher de Hamel, an 
in 196 1 and soon found himself building Oxford-trained medievalist has no real 
up Sotheby's Impressionist and Modem competitor. Only Sotheby's holds spe- 
Masters Department into the world cialized sales of Western medieval 
power it was for decades, no longer manuscripts. When the German collect- 
seemed to be in the driver's seat. or Helmut Beck decided to part with his 

Luckily for his company, Strauss manuscripts, the only plausible option 
made a comeback. In Europe where be was Sotheby's — and the outcome an 
enjoys a huge capital of professional £1 1.5 million sale on June 16 this year, 
regard, he is again the key man in 20th- This is not to suggest that everything 
century art, and in the United States, his is set in concrete on the auction scene, 
role is growing. Nobody can say that At Sotheby’s, Carlton Rochell in New 
Sotheby's is slow in learning its lesson. York raised his auctions of Indian art. 
Indeed, ii is well placed to measure now held during the Asian week, to 
the importance that a single expert, or world eminence in the last two or three 
“specialist-in-charge” ( die phrase cur- years. Abrupt reversals are not unheard 
rentiy in favor in salesroom jargon >, can of either. 

assume. In New York, Richard Keresy 's Two first-class specialists having left 
hold on the auction market for antiquit- Christie's virtually at the same time, the 
ies gives no sign of loosening up. With auction house lost its leading position in 
estimates uncannily close to target. Old Masters. Ian Kennedy, who ran the 
well-produced catalogues and superb show in New York, and Simon Dickin- 
displays. his sales have become insti- son, who was the key expert in London, 
rationalized. have both become dealers. 

His opposite number at Christie's In London, Alexander Belle and 
will have a tough rime catching up. In George Gordon did not miss the op- 
some areas, Sotneby *s enjoys a de facto portunity . Both truly love painting, and 
monopoly. Its auctions of pre-Colurabi- top dealers, several of whom are great 
an art, deftly steered by Stacy Good- connoisseurs, respond to this as much as 
man, the department head who started collectors. The Old Masters paintings 
out as an archaeologist in American department at Sotheby’s is now winning 
Indian art. and by Fatma Turkkan- the race. 

Wille, in theory a “consultant” from In their multiple-round match, the 
her base in Zurich bat in effect a col- two auction houses still hold a few sur- 
league (and friend), have been an on- prises in store for us. 


Museum of the Body, 
Our Mobile Home 


By Herbert Muschamp 

A'w York Times Senict 


L A CORUNA, Spain — This 
very pleasant, small, modem 
city on the northwest coast of 
Spain is the site of a recent 
building designed by Arata IsozakL 
La Coruna has a working water- 
front. with rows of cranes and gantries. 
Above the harbor, modem apartment 
blocks should mar the horizon but 
somehow don’t, perhaps because they 
are scaled to the low, hilly terrain. 
Marine light drenches the town. 

This year. La Coruna opened a 
waterfront esplanade that winds from 
the harbor to a large inlet. From there, 
it's a short walk to what may be the 
most beautiful piece of architecture 
Arata Isozaki has yet built. Com- 
pleted in 1995, the building houses a 
science museum called Domus. The 
museum is small and highly focused. 
Its subject is the human being and the 
body, our mobile home. 

Just inside the museum's entrance, 
there is a replica of a small . paleolithic 
frieze depicting a female figure, as 
full-figured as the Venus of Wil- 
lendorf. In her upheld arm she holds a 
horn: a symbol of fecundity, at once 
phallus and shell. 

The figure symbolizes the idea of 
“domus” as seen by Ramon Nunez, 
the museum's director The home is 
not just a shelter but a state of desire. 

In form and sensuousness, the mu- 
seum's architecture echoes the horn 
shape. The building sits at the edge of 
a cliff overlooking an inlet and the sea 
beyond. The side facing inland is 
jagged, a form the architect adapted 
from the folding Japanese screen. But 
the folds also resemble a granite syn- 
thesis of the rugged stone cliffs and 
the craggy nearby townscape. 

The wall facing the sea is smooth, 
concave and nearly windowless. Its 
curvature is both horizontal and ver- 
tical. (Isozaki employs a similar 
shape in his convention hall for the 
Japanese city of Nara.) Made of con- 
crete panels, the wall is clad with rows 
of slate, its gray flecked with gold. 

Isozaki has compared the wall to a 
billowing sail. It also brings to mind a 
ship's hull and swelling water. 

From sidelong angles, which is 
how the building is ordinarily 
glimpsed, perspective creates the il- 


lusion that die wall is horn-shaped, 
tapering to a peak as it curves out of 
sight ’Hie rows of slate also give the 
wall an animal aspect the hide of a 
beast too big to pet with the hand but 
not with the eye. From one end of the 
wall’s granite base, a grand stair 
ripples down to the esplanade. 

The inner side of the building's 
curved wall is filly exposed, with 
concrete panels rising from floor to 
ceiling in a gentle concave arc. 1 If a 
whale gave birth to an atrium, it 
would look like this. 

The museum's permanent exhib- 
ition covers every corner of the hu- 
man house, from the organs to the 

Inform and 
sensuousness, the 
architecture echoes 
the horn shape. 

senses, from DNA to muscular move- 
ment. There are breathing rubes fill of 
revolting smells, and an interactive 
Mona Lisa, and video presentations 
of conception, pregnancy, birth. 

Most of the exhibits suggest links 
between nature and culture. In the heart 
section, for instance, you get not only 
the usual spooky walk through room- 
size ventricles — lub-dub, fib-dub — 
but also a vitrine full of heart-related 
signs. Valentine candies. Heart-shaped 
Lolita sunglasses. The Virgin's Sacred 
Heart, pierced with swords. Blood cir- 
culates: so do symbols. 

The building itself suggests sym- 
bolic images. Besides the ship, the 
sail, the horn, the sea. .Isozaki draws 
an analogy between the facade and 
the body's largest organ, the skin. 

Like Erich Mendelssohn's work in 
the 1920s, this building belongs to 
what foe social historian Stephen Kern 
called 1 ‘the culture of time and space. ” 
It offers an image of shelter for the 
world of rapid movement that science 
and technology have helped create. 

Of course, these are at best literary 
associations. It is pleasant to let them 
flow into the mind, and then flow out 
again, leaving just the spectacle of a 
curve, some slate, some golden flecks 
and the light playing off them. 


Hard Realitif 


MUSEUMS 


. :• A 


a iMUseuw 

to- {istenicr 




mm 


discover the musee de la musique 


ifpl cite de la musique 

Parc de la Villette 9 Porte da Pantln 
221, avenue Jean Jiurti 75019 Parli ® 01 44 M 44 B4 
Tuesday -Saturday, 12-8 p.m., Friday open till 9 JO p.m. 
Sunday. 10 a.m. - 6 p.m.; doced on Monday 


ARTS 

VI" BIENNALE DE SCULPTURE 
DE MONTE-CARLO 

May 24 - October 31 1997 

vBBr' a exhibition of monumental sculptures 
fcjy in the public gardens 

and the Monte-Carlo Casino... 
Wy ...40 artists shown 

Arman, Botero, Colder, Indiana, 
Manzu , Martini, Mirb... 

Lvnn Chutwkfe - HIGHWIND U1 - 1990 




n 


AUCTION AUGUST 6 AT 7 EM. 

EUROPEAN AND AMERICAN ART 

Every artist listed here is represented by a significant work in 
good condidan, consigned % a private collector, family, or es- 
tates. AuBioiship is unconditionally guaranteed. We have been 
a primary source for dealers and collectors tn America for 25 
years; and we should, can, and would like to be for you as well. 


rr 



I PICASSO MUSKL'M 
ANTIBES 

a L'eprevye 

\DE LA LEMIEREl 


JUliLfT - NOVEMBKE 9? 



T- . -- . 

j:»Lj J A T 


• ' ■ ” 4 

- Ur*.***''; 


FROM JIM 28 TO 
SliTI KMBIiR 30. 1 997 

Ol’J.N 1 K( )\; j(! ; ,'ni i,) (, pm 

IvW'M’T MONDAY \NI) 

oam;iio;.u)\v 

FOR INFORM VEION 
(M SO ‘ill 5-1 2(* 


ARTS □ 


Ihli 


1-6 October 97 . 
Espace Eiffel Branly 
Paris. 

Internationa! Contemporary 
Art Fair 

Country of honour Switzerland 



ANTIQUES ¥ 


antiquities 

Finest Classical, 

Egyptian, Near Eastern. 

Rhea Gallery 

-by appointment- 

Zfirichbergstr. 26 
CH-8032 Zurich 

(41-1) 2520620 Fax 2520626 


AUCTIONS 




6DA?SOFEXamONAL AUCTIONS 

I THURSDAY. 7* AUGUST, at 7 JO pjti- 

OLD 'MASTERS AND XIX* CENTURY PAINTINGS 

I FRIDAY, 8* AUGUST, at 7.30 p.m. 

MODERN AND CONTEMPORARY PAINTINGS, 

SCULPTURES 

I SATURDAY, 9* AUGUST, ac 730 pm. 

jEWELLERY- WATCHES 

I SUNDAY. 10". MONDAY. 1 1* AUGUST- ar 7.30 p.m. 

OBJETS D'ARJ AND FURNITURE - CARPETS 

Disposal of a veiy etcepdoiu! foreign coUeaton of 'about 400I«wwJhidwne 
of ceramics and Japans* and Cheese lacquere In furniture and me decorative 
arts ; XVP. XVT. XVIIT*. XK* Centuries. 

I TUESDAY. 12* AUGUST, at 7.30 pjn. 

ART NOU VEAU, ART DECO 

EXHIBITION 

Palm Beach * flare franklin Roosevelt- OMOO Carnes FRANCE 
TeL; 33 4 93 43 2 1 00 - Fat- 33 4 93 43 02 88 
fel aid fit* Am* 

Since Tu«day. 5* to Tuesday. l2*Amjusti 
9J0 tm. ® l -00 pm. and 4.00 pjn. to 10.00 pjn. 

Mm notes 

The wNbWon of the depanmem to be sold vrfB end at 7130 

INFORMATION AND CATALOGUE; 33 1 42 46 46 08 


GAfiRIE 8ECB0URC CHA?Ml^VOT?£-DAM£DK fLEUK VFN'C? 
LA MODERNS AP££5T.958 
v IES NC^l) Vby .fX £EAL ISTES 


A_Pb*W UWxSF C. Courbet 1 WxLT WR. Flint 23Wx32" 


The fine and colorful Pasirti was consigned by a Massachu- 
setts family. The sparkling Courbet descended in the family of 
Zero Mostel, the American stage and screen star; who spent 
summers in Maine where we are located. The Flint came to us 
wifi an outstanding history from a family in Italy. Also, work 
by Annin, Bonvpard, Cox, Delort, De Neuvtile, A. Hulk, Maes/ 
CoL C Nteben, Raadsig, RIchet, Schreyer, T. Webster, T. Will- 
iams, and important American artists including Bellows, 
Bricher, J.G. Brown, & R. Gifford, Graves, Roesen, and Starnes. 


Under tbe High Patronage 
ofH.SH. tbe Sovereign Prince of Monaco 

/ INTERNATIONAL \ 

/ BIENNALE \ 
ANTOEDEALERS 






Previews 

Tuesday, August 5 5pm-8pm 
Wednesday August 6 9nxv6pm 

Holiday Inn By the Bay 
88 Spring Street, 

Portland, Maine 
Catalogues: 

525 (S60 outside USA), 
postage handling 8c 
price key included 


BARRIDOFF 

GALLERIES 

P.O.Bok 9715 
Portland, Maine Ml 04 
TeL 207 772 5011 
fine 207 772 5049 
E-MaiL bgH9gWunet 
http:// vrvw.gwi.net/barrid off 


International 
Herald Tribune 
ads work 


\ AND ART / 
XjGAIIMESy 

“monte carmT 

International Sporting Qnb 
Place du Casino 

From August 1st 
to the 17th, 1997 included 

(from 4.00 p.nu to 9.00 p.m.) 


assgsf 




• >■ 

mV.- *f y 


* .v- J 




displays q/Ftne 

Art and Furniture 


Intcmcr Preview: www.antiqneLcom/shador 


AUGUST 15,16,17,1997 

Frt Noon - 9 pm. Sat Noon - 8 pm, 

Sun. Noon -6pm 

CONVENTION CENTER 

Downtoum at the Inner Harbor 
Hall E - Pratt Street entrance 

“Aritatty tbe best show of Us type in the country", . . 
Now In Ies J7th)«ar . . .This imporom show b guaranteed 

to pUea» the most dtertTuranng eoBeaor.. 1 irte TK ft 5 i e 
diversity wkfr oumandhig quality In categories. 

farters sivy, ixrabte 

oriemaHa. art nouveau deoa modeme.Viaortan «nd 
much, much more. 

450 SELECT DEALERS PLUS 
ANTIQUARIAN BOOK FAIR 


During sbou4JO. 6^7396 (otOer307-T^. I966 j 


Sbaetor, Inc., P.O. Box 1400. RockviBe. MD 20849-1400 


-REISSC * R N A T I O N " 
r.w ujiui A, n Mr* m iw uj sm****: r.iKe tk irtHr-can.. 


• ’ ’ U- 

• ... * S'- - 





PAGE 8 


INTERNATIONAL HERALD TRIBUNE, S ATURDAY-SUNDAY, JULY 26-27,1997 


mgv THE INTERMARKET 




7 ? +44 171 420 0348 | 

"*'*"""** 


■ , J? 


FRIENDSHIPS 


00 


Edith Brigitta 

FAHRENKROG 


The Imbduhonal Pottm-sshf acs*o b Europe] 


Frankfurt 


New York 


Matching Th&Rkht Partners is My BuseJSS. 
PEftSWAL IKMVEX," AL ASKEWS IS MY SERVICE. 
CrKHDENCE IS Mr HhSEST PRXWTY. 

Head Office: Frankfurt, dalv i - jpk 

603 1 6 FrAWRTTT/MaN. EutEPB/NCHSTR. 51, GHWaNY 
TH. + 49 - 69 - 43 19 79 - Fax; +49 - 69 - 43 20 66 

Paris Office: mcn-ru9m<.-6pm. 

Pars 7500S. 72 ME KJ Faubourg-St-HoncrA 
Tel- +33- 1- 40 07 86 87. Fax: + 33-1.4007 8040 
USA. Office: New York, Mas-fti9AJi -ipjl 
New Yiwk. NY 10019.730 Fifth Avboje, 9th rocr 
TEL (1)212-333 -8785 • Fax ( li 212 -333 -8733 


Socso 

Imkviixju. 

Confidential 


Pebsohai. AwofNnaNis A*e Also Possible In: 

ROME- VIENNA- LONDON 

LOS ANGELES - SINGAPORE - HON&KON6 


O ITALIAN TOP DESIGNER - - - 

WITH GREAT CHARM AND CHARISMA. 42/1.80. HE IS PRESIDENT AND 
OWNER OF HIS INTL SUCCESSFUL ENTERPRISE. WITH HIGH LEVEL 
UNIVERSITY DEGREES (PhD - Engrl AND AN EXCELLENT BACKGROUND (BASED IN 
MONTE CARLO AND THE FAR EAST! A WONDERFUL CHARMING AND 
FASCINATING MAN. VERY MASCULINE. ATHLETIC AND HANDSOME A STRONG 
PERSONALITY. VERY GENEROUS. CONSIDERATE. WARM AND WITH A GOOD 
SENSE OF HUMOR. HE LIKES SPORTS ACTIVITIES (FOOTBALL. TENNIS. 
WATERSPOUTS l CULTURAL EVENTS. ANTKX-’ES. FINE ARTS. TRAVELLING AND 
HE IS VERY ENGAGED IN HUMANITARIAN PROJECTS. A THOUGHTFUL 
CHARACTER WHO WOULD LIKE TO SHARE GREAT ASPECTS OF (FAMILY) LIFE. 
BASED ON LOVE AND TRUST WITH THE RIGHT WOMAN. 


.A YOUNG COSMOPOLITAN (GERMAN) LADY. . . 

I SHE IS BASED IN THE U.S (BOSTON NEW YORK) AND EUROPE ® 


U SHE IS BASED IN THE U.S (BOSTON ■ NEW YORK) AND EUROPE IN HER 
EARLY 70 S. 1 72 WITH GRACE AND REFINED ELEGANCE A YOUNG 
BEAUTIFUL WOMAN WITH WONDER FL1 LONG DARK HAIR AND BLUE EYES. WITH 
A BRIGHT AND CHARMING CHARACTER. FULL OF LIFE. ENTHUSIASTIC AND 
CURIOUS ABOIT EVERYTHING NEW. SHE IS FROM AN UPPER CLASS FAMILY. 
UNIVERSITY GRADUATE AND VERY SUCCESSFUL IN HER PROFESSION l ACADEMIC 
CAREER). SHE LOVES MANY SPORTS ACTIVITIES. FINE ARTS. ANTIQUES AND 
TRAVELLING SHE CAN FEEL AT HOME EVERYWHERE AND THE PARTNER K HER 
LIFE WILL BE HEX BEST FRIEND AND THE NUMBER ONE ABOVE ALL 

O A MAN OF THE WORLD . . . 

AN ATTRACTIVE. DARK-HAIRED. ELEGANT MAN r 48. 1 82) WITH GREAT 
STYLE AND PERFECT MANNERS. A REAL GENTLEMAN WITH GREAT 
CHARM. DYNAMIC. VERY RELIABLE AND WITH A OREAT SENSE OF 
RESPONSIBILITY HE HAS AN ABSOLUTELY EXCELLENT BACKGROUND AND IS 
THE INTL CHAIRMAN OF HEi WORLDWIDE COMPANIES. HE HAS MARVELLOUS 
RESIDENCES IN THE MOST EXCLUSIVE SITES IN EUROPE AND THE U.S. A 
THOUGHTFUL. WARM-HEARTED CHARACTER. OF BRIGHT INTELLIGENCE. 

' UEJB RATED AND GENEROUS. HE IS LOOKING FOR TRUST. LOVE AND MUTUAL 
SFECT IN A PARTNERSHIP IN PERFECT HARMONY A 


PLEASE CALLl 


GENERAL 


Announcements 


BARBIE AS 24 

AU 25 JULIET 1997 
Pik Hare 7YA at danas teals 
(reduction (tspontti sur demands) 
Rempiace les baremn artarieus 


25 YRS OCEANWIDE MOTORS 

■ortMda stnA/ and stating of AUDI 
Mercedes. BMW, Porsche. Cal Genram 
+19-21 1-4483930, tax 4921144 93 9322 


FRANCE {zone qenFHJ-TVA 206% 
GO: 371 FOO": 276 

SC97: 541 SCSP: 522 


ATK WORLDWIDE TAX FREE CARS. 
Export + sNppnn + regjsuation of new & 
uud can ATK NV. TamtaMai 4a 2930 
Bnssctaa. Belgium. Phone: +32 3 
6455002; Fax +52 3 64571 OS. AIK 
are 1969 


UK en A -TVA 17,3% (Soul 8%) 

GO: 05477 FDD": 03478 


Legal Services 


AI1EHAGNE (zone Q Dlil - TVA 15% 

ZONEI-G: 


GO. 155 
ZONEB’I: 

GO: 155 

ZDNEB-F: 

GO 1XH 

ZOHEN-F: 

SCSP: 157 
ZONE IV - G : 
GO 1,03 


SCSP: 1,43 


DIVORCE 1-OAT CERTFED 
Cal Of F« (714) 908-8095. Wrle: 16787 
-Beech Btod. #137. Hrthgbn Beach, CA 
92646 U SA- e-mail - wstormOjinuan 


SCSP: 158 


DIVORCE IN 1 DAY. No travel Write 
Bax 377. Sufiuy. MA 01776 USA Tel 
503W8387. Fax: 50814430188 


FOO 070 


Auctions 


BELGIQUE en FB/I- TVA 21% 

GO 2158 FOO: 1058 
SC97- 3352 SCSP: 3152 


WOlLANre (awe2} NLGil • TVA 175% 
GO 1597 FOO 0,302 

SOT: 1566 SCSP: 1506 


LUXEMBOURG en LUfil • TVA 15% 
GO: 19,13 


TTw Woritfj Largest Dealer 
of Autographs & Manuscripts 
PresenS an Original historical Doomed 
Auction. View ow futy teamed 96 page 
catalog rt 560 urustal dpted Nstafcai 
docunetia on the IniemeL 
httpJwHH^aneryoftiistoryfnii 


ESPAGHE (zone A} en FTASMVA 16% 
AU 2507197 
GO 83,10 

SOT; 10155 SCSP: 102,41 


Scholarships 


' Usage ragtomrte 


SCHOLARSHIP'S? - 
Frei can Schdarahp hi 
cations. No later than t 
Conoci Upmal Fount 
74022 Bainge, Sweden 


Heralh^^fclSribunc 


SUBSCRIBER CUSTOMER SERVICE: 
Fta quesurc ra cpries about the defv- 
®Y or your newspaper, tie date of your 


Colleges A Universities 


Earn A Depee. 


TOLL FREE - Austria 0660 8120 Bel- 
dam 0800 17538 France 0600 437437 
Germany 0130 848585 Raly 167 780040 
Luxembourg QBOO. Z703 Netherlands 06 
0225158 Sweden 020 797039 Swftzur- 
land 155 5757 UK 0800 895965 Etefr- 
whene (+33) i 41439361 THE AMERI- 
CAS: USA Hull-tree) 1-800-8822B84 
Elsewhere (+1) 212 7523890 ASIA: 

S Kong 2922 mi Indonesia 809 
Japan Od-free} 0120 464 027 
Korea 3872 0044 Malaysia 221 7055 
PNOppmes 695 4946 Singapore 325 
0834 Taiwan 7753456 Thailand 277 
4485 Elsewhere (+852) 28221171 


Side 388W. DepL 50 
87110. USA Tel: 


.6400 Uptown 
D^jL SO, Afix 


EARN UNIVERSITY degrees utMIdng 
work. He & academic experience. For 
evataUon 8 kfamtebn forward resune 
ta PacDc Soutitem UrtwraHy. 9581 W. 
Plu BM.. DepL 121 Los Angeles. CA 
90035 USA 


FEELING low? - hari 
HELP crisis-line In 
11pm Tet Pans (01) 


having problems? SOS 
In tngteh. 3 pm - 
(01) 47 23 00 80 


FULLY ACCREDITED DEGREES 
AIIM4T offers set -paced home-ffludy 
programs In Engineering, Business 
Maregemenl 8 Corpfef Science Fax 
71+437-1979 Of phone 714-497-9700 


Automobiles 


GET A COLLEGE DEGRS In 27 Days. 
BSWSW BA/PhD., etc. tekdtifl 
graduation ring, transcript. tfpwna 
Yes Is raaf. regal, guaranteed and 
aooredted i -50+455-1 409 24 hous. 


PRESTIGIOUS CAR, Jaguar US coupe. 
Bordeaux, like new. write leaner rtanor. 
Tel France +33 10)4 91 94 53 B4 owner. 


REGISTERED ACCREDITED COLLEGE 
DEGREES. A3 adjects. Home Study. 
FAX- 310-354*335 Tel:31 9-356-6620 


BOX 2804, ION cay. 1A 52244 USA 
E-UMh awnMUflire&hed&im 


Auto Rentals 


RENT AUTO DERGI FRANCE: Wtaetand 
FF500. 7 days FF1500. Tet Parte +33 
(011 4368 5555. Fta pH 4353 9529 


Business Opportunities 


Auto Shipping 


MICROBREW PUB FOR SALE Suc- 
cessful and wefl estabfehed American 
microbrew pub In Befng. For derate 
contact Fax No. (8810) 6495 7832. 
Email- agmngMrKchfecaat 


SAVE ON CAR SHPPfHQ. ABESC0, 
Kribbestr 2. Antwerp Belgium. To/Fram 
US. Africa. Regular Ro-flo saBng. Free 
hotel Tet 32/3(231-4238 Fax 232-6353 


OFFSHORE COMPANIES. For free bre- 
dnre v advice Tet London 44 181 741 
1224 Fax: 44 181 748 6558/6338 
mw4ppleto>tco dr 


Autos Tax Free 


TOSH OFFSHORE COMPANIES £145 
Contact Irish Incorpora ti ons Ltd. Fax: 
+353-51-386021 Mshrefliolje 


- new TAX-FREE toad 
ALL LEADMG MAKES 
Sane day registration poGsiite 
ranembte i# b 5 yeeis 
We tiso regisar cars wih 
(Bupred) taragn flax-free) plates 


iczKovrrs 

Aired Escher Street 10 CH4027 Zuttii 
TM- ovm 78 IQ Fax 01/202 76 X 


with correspondent relationship. 

Class A commercial license. 
Immediale dfllnei7. US $60,000. 
Nassau, Bahamas 

TbL- (242) 394-7080 Fkc (342) 394-7002 

Agents Wanted Worldwide 


- 




— WORLDWIDE EUTE g abriele thiers-ben se 

...to the best in iniemertiomd society 

The "SUP01-MOOR" WOMAN - 27/5T 7 
with o DREAMFIGURE, blond & SIMPlYBEAUnFUU 

Above Acton extremely stdilo yam pemnCtyof MMsMgencs 
md dev buan£$5*seoss • therefore arooashiy ssfetfshed as 
the owner of two kicralwe and fest ronasarees ■ As sSucfied 

ecoMinics, roeaia four Iraipspi, coovinas WfTH HER OBVIOUS 
NTEOflTY AM) HER ABSOLUlfLY OUlSnUfiAfG APPEARANCE pnefina 
ifaemwilaUB success wMdi is otways being adwwdbyoinSooflnd 

gwr pew UGb..! - Sh. wy rty .ulHwt u ^ E xc lu.iy«ly for you... 

i-.owreage quo bbhws, hib os oicflngwo ytxa wsiyBa am * ' 

o^ine slang, liorso-rji&w, toraiis} a/kmu hetory aw art/dossKcl musx Pienonaljranca 1975 

rad dwoys (Sanrerag w irtaniafcnd iounwyi ■ I cotisidaf bar as A Wl « _ »n 4 Me 

RARE AND MOST RESPECTABLE JEWEL Wbo remrk me of a vradd 

famous a&rty! OMY FOR MARRIAGE! FaX! +4$ ■ 89 - 648-2224 


— MARRIAGE MEDIATION — 

the sophisticated introduction* 

ASIA - AUSTRAUA - US & EUROPE 
-LEADING GLOBAL ENTREPRENEUR 


Friendships 


i-s 


gNnfltt^^JWJ^0M^t3 


1» 1 ■ 


SH3S6 

^ ,35 iSfflSd 


gnateparhwrshu 

mmwHm 


* W 

.nhF ,r 


nuaSy, 3M5, Mm on onrt tacane hx 


BAUWWiAnUIAUt rime ai uw nine w 

0®1ANTB« "NEW” FUTURE WK wound forty sotnewbere n 
edfwr fhe Coribbran or South Pack <na - Tfenira pressrts^ 
contorting, pleasing peranaEty radjs ora w the fmpst easy to 


'SSwToSt! »» ai TiS 

S, SwbstenLfe: 0041-91-0949657- 

Enrf pgassiOftHUh 


fhnA 


* dnowrag inr mtenKmna nvnm ■ i oomner oar as a MllilA « ....m- wonour wanran an me iniw w 

f JW5T RiSPfCTABlE JEWa Wbo ranmds me of a worid J**" +^- g - 649-2M5 an j W{ute df -jJSUM HONESTT FROM A STRONG 

dirty! ONLY FOR MARRIAGE! Fax; -f49 - 89 - 649-2224 CHARACTBU&ONLrFORMARRUGEl 

Ddly 10-19 hrs. • Germany • 82031 Munkh-GrOnwcdd • Otto-Heilmcinn - Shr. 5 • By c^pomlmreot 

Represented in Paris ... BeHin the USA ■ Singapore — Melbourne 


CHARMING, ELEGANT GERMAN 47, 
is in., seff^ticyad, wtxnanly IsrataBi 
wmrJieartMt masxus. enagste sx) 
fun to be wih wants to share-tender mo- 
marts toffi wd, a man wtt an ettasi- 
edjwsonaav. bring, smrg to al Ms 
of te and wth a selea fcs^e. Ptoaa 
reefy Id Box 353, fHT. FnemWatr. 15. 
060323 Franttnftteto. Garnany. 


1 * \ - 



Cl a udia PBwheUWee (Ltd.). Mora than twi 
cxmtacts among the mest cfetingiasfted cSerfeie. Echicate 

An Axnazingiy Beautiful Classy Creature 

25/170. with a tong blond mans, top figure and marvellous, big, . 
amber eyes, sexy to leans andlrresatM In igala dess', gorgeous! 
communicative, full of lemperamsnt, self-assured and yet a 




ATTRACTIVE 50 YEAR OUJ FEMALE 
execute (German) urtra dtelnns 
husband-K+be. Must be stops and sal 
stffidert. Please wrfce wm photo to: 
IHT, Box 351: Friedrichs 15, 050323 
FrartdutMato, G ermo? 


25/170, with a long blond mane, tap figure and marvellous, big, expressive. o(F a renowned mcoi of the wona wlio is neia n giw 
amber eyes, sexy to leans and Inesatefe In toala *bm*, gorgeousV leminlnB, B you are avg 1.70 m M blond and max, to your tarty 40s. Indepe ndent ap e 
communfcative. full of lemperamsnt, self-assured and yet a seductive arid a goffer ff), If you love luxury and can hards' L, ff you enjoyed a second n 
Tius^r, a yang lady wtw turns mer's heads. Sfie Bfrani a veiy good farnfy, private)et and yacht as wen as a marveftous vtoa wffh staff and a muiba 
grown 141 to 01 International atmosphere, graduated architect, fond of sports conraivabte luxuries-, aid ff xi adrfion to lha you feel capabla of ‘apra 1 w«h 
and music, haury-kwing and yet wonderfuey naasal and unccmpUaiecL She nth his professional comrmtment and seff-asserthreness, ten you shoufci real 


sersonafities of lira topof society, the txisirMss elite and interr^onal VIPs confide m us. 

A happy and fulfilled Bfe as the dearexL pampered wife 
of a renowned man of Ibe world who is heia m great uhonu.? 

If you are cwp 1.70 mtrtL blond and max to your early 40s. Indepe ndent aid free , Enpigi ffleMti ng 

andagofferflLffyouloveiuxwBndcanWw^ffwerto^aseoondreflidmioBto&NOTM.a. 


FRENCH RfYRERA: Young kfl. -3R- 

- single, high adualion. edactic, 
sports, humour, rrcraky. mrttfltogutf, 
seete very toteNgent gentleman, dab 


and music, luxury-loving and yet wonderitey nabaal and uncomplicated. She nth his professional comrmtment and seff-asserthreness, tan you should 1 

works as a tefevtson presenter tor WemalJonaL private channels-, but for al exceptional, fascinating, Bnergefc man of 60, who stffl sets standanfc and 

tint she IresnT yet met the ‘right one'- She is a dream woman in every respect mesons lust as sure-handedly as he selects en ewjutoire (firmer menus a man of made, ful cti htsnour; 
tooldhg for her dream man: taB, mascutine, a man of mark, &ucc8S$ful and at generous and reBMala, who afeoBtes lobe Wlsted round Ireri 


a very successful man, 
ly meet ‘HfMt He is an 
fasdecfstanslnvolvtog 


penonaRy tor quaRy retefion Bn 350, 
LHT. 92521 mo/ Cedex, Fiance. 


AcBnforyou 
one woridwIdB scale 


looWna for her dream man: rati, mascutine, a mar of marie. Successful and at generous and refiraile, who abo akes IQ be Wfefed round Iwri Rtte flngBj at ltoree... ffgka tiw womanjo 
hamam Hie whrte wortL she wi thriti your heart but she needs a good helping go through trick aid Wn wife, a tender fewer, a real partner, areSabte ^ 

of you-maacufcwseffianfldancef Shes free and ind^wideoi and preparal to a Instfaqr 1 of society at his side. A man who M prepared to dfer eveiyWig toff* wranan at iris sfde_i 
tore wherever VE is at honre, gtattiy to the USA tor goodL Do cal us: Maybe to you_? Then you sfxwld caS ua: 

Do you fowl Improwed? Please call ub: You car reach ue daHy from 3 to 7 p.m^ ateo Sat/Sun on Fax (0049)6241-075113 

Principal branch office Europe Germany - Ms. Hoffmann. T (0049) (Z3/242 77 154 or Ms. Zlmmermann. T (0049) 21 1/329357 ^ 


YOUNG LADfEG WORLDWIDE seek 
frieodsWamates Detts anti 400’pboiK 
free! HERMES. Box 11066C/E. 0-10838 - 
BB8JN. FAX +49-30x513316- - 


DANISH LADY, 44, wants to meet gm- 
ttemen Tet IK 1717307688 or B 
IHT, 63 Long Acre, London WC2E AH 




NANNIES/DOMESTICS 


MEETING 

POINT 


Telecommunications 


Boats & Yachts 


’ERIAL. 


New Lower 
international 
Rates 

Germany 31 cents 


MOTOR YACHT "MONTE CARLO 40" 
But 1990, as new. moored south of 
Fraics. Causing speed 32 knots. 
Coitopletaly equipped «Mh al optians 
- Gonator, air condtioning. 


BABY NUB 
ftroooaDy netted, highly 


AVAILABLE NOW 
Pitas* Ukphone 

r?\ Tel: +44 T71 589 6132 


Length: 1250M - WUIt 3i 
! x 550 HP GM nirio D1 410 


Japan 38 cents 
France 33 cents 
UK 20 cents 


2 x 550 HP GM tuba D1 410 Ixm. 
Master cabin trtfi ati amenities, 
television. CD, radto. kfchenade, 
iririgenfcx. ic&raaker, etc. 
Asking price FF 1.200,000. 

Can Pa* +33 (0)1 45 04 98 60 
Fmc Paris +33 (0)1 40 72 77 45 


® Tu: +44 171 589 6132 
Fxdb +44 171 589 0092 
J m IWh Sum. UCNXM SW7 SUt van J 


Nannies & Nurses 

teBMmW ' rjr •H rnr r 
WE SPECIALISE IN THE PLACEMENT 
OF EXPERIENCED & QUALIFIED 

* NANNIES * GOVERNESSES 

* BABY MATERNITY NUBSES 

EXCELLEXT CARE ASSURED 
PLEASE TEL: 44 171 589 5789 
OR FAX: 44 17] @8 0740 
20 BEALC8A.MP PLACE. LONDON. SW3 


Meeting Point 


Top agency est 1 982 


Nanmes. Mother's Helps, Baby 
Nurses, Au Pairs, Governesses 


Nurses, Au Pairs, Gov ernes 
AH personally Interviewed 
and references verified 

Tel: 44 171 355 5006 
Fox; 44 171 355 5007 


INTERNATIONAL FILMMAKER, suc- 
cessful irefl-educafed. iriuffMnguaJ, 
seeks refined, open nMM, wait* pa- 
wn lor mutual enktanert and tanMam 
MandsNlp. Ptease rqriy to Bo* 347, HT. 
63 Long Acre, London wczE 9JH. UK 


Real Estate 
for Safe 


nannies/ 

MOTHERS HELPS 
English, Scottish, Irish 
d VAIUBLf WITH GOOD REFS. 


asaBkbk. Oar aparianccd Coarahante 
«n> bare to Mhic yow (taSbn nwris. 
Call Dam to discus? your requirements. 

COUPLES * HOUSEKEEPERS 
HJLNAPNE5 • CHEFS'COOKS 
BUTLERSAIALErS • ESTHE MANAGERS 
Mi Beg&r at km Fee. Open MaadaySataniap 
T*I: +44 171 589 5494/5 
Fax: +44 171 589 0095 

25 TTrarfoeSaw*. LONDON SUO SLH WSYlJ 


Monroe Nannies 

KMOM BdERSNATmUliT F0RTHE VBTT BEST 

WUHHESflUTEHIflTY NURSES 
GOVERNESSESIMOTHBFS HELPS 
All aWI are My axpartamd in the care 


ASIAN LADIES seek manage. Deutir 
ICE BREAKERS. 545 Orobard Rd HHB 
Far East Shopping Or, Singapore 
238882 Tet 65-732 8745, Fax: 65-235 
3780, hf^.'wwr.gs contsgtabteateis. 


‘ No Sel lip Fees 
‘No Minhums 
* Sn Second BSng 
24-hour hUMngual Customer Sendee 
‘ AT STQrefiV 


French Provinces 


i i i vv Dss-Jui nay aimsnea v 

‘trait Has* If landscaped niden along 

•akCUtUaU/K wus, 5 bedrooms. 3 ba 

1 I 4 « ktdwn X Inmtw mm 


SaWU«,WA Bill 


When Stuidardi am Set, not Met! 
® Tel: 1^06^9,1991 
Fax. 1106^9.1961 
Emxft IntoOkatifaiiduam 
wwwianbacboon 


BOURGOGNE 

Near Dyon. 90 nos born Geneva, 
besudfiri fuffy furnished via, waved 
landscaped garden along rivor. wan 
noils, 5 bedrooms. 3 bdhs, eam 
Uchen & lauxby room, den, bta hhg, 
dking wih firapace, healed summing 
pool 3-car gaoge. balcony covered 
tenaca. vrine catiar. secu^system. 
By owner FF3^«yto 

Tet +33 (0)3 80 47 ® 88 
Fax +33 (0)3 8047 50 93 


Domestic Positions Wanted 


ENGLISttGWEDISH speaking lady. 35, 
seels posted as nanry/hausewper 
Fnendy. kmd patien, honest 4 iteitie. 
Durtton of stay negotiable. Reply Bax 
345, IHT. 92521 Hedy Cede* fiance 


| of totals I wng cbldnre I m provide 
a very professional a caring service 

Phase canted: NathaBe Srervaln 
TH: (44 171)40909MFAX.-(44 171)094185 
. S 4 BROOK ST, MAYFAIR, LONDON. VI . 


EURASIAN LADY DOCTOR seeks ex- 
ceptional deep friendship wtih dynamic 
humanitarian man, +/- 50. physician? Box 
348. FriadrichstL 15. 060323 Frank- 
lut/Usta. Getmany 


BILINGUAL ASIAN, qualfled cook and 
experienced chartfeu. seeks a |ob m 
Eirope. Tel Pan +33 (Q)1 ffl 05 16 43 


BEAUTIFUL FRENCH fop model seeks 
dtefingrtshed, American veatito man tor 
travel to USA. Tel +33(0)142571962 


COUPLE, experienced, chauffmff'buflar, 
cooWhousekeeper. SpstishlFrenchrsome 
EngSsh. Tet Paris +33 (0)1 4353 4596 


DOMESTIC SOUT10NS AGENCY 
The spenafat? tar Bteos. Cftaifeus. 
CoBtoaruns, CootoHousekeepeis, 
Couples & Securffy staff. 

Tel 44-171 589 3368 Fax 171 589 4966 


UK & OVERSEAS AU PAIR AGENCY 
NANMES. MOTHERS HEIRS, al Ireto 
staff. 87 Regent Si London W1R 7HF. 
Tel: 17! 494 2929 Fax 171 494 2SZ2 


SULTRY VENETIAN BLOND seeks gen- 
tieman tor a mutual rewardtog Baison. 
Cal Blisseis: 02-648 6522 


Business Sendees 


Switzerland 


GENERAL 


DINING OUT 


Lii 


YERBIER • UNIQUE CHALET. Very 
beautiful, to otd vaodratonewxk, 450 
sq.m. Lovely, (Met site. 1.400 sq.m . 
land. Fax owner +41 27 771 11 21 or 


Lowest Int’l 


land. Fax owner +41 27 771 
cal +41 27 771 60 30 


Holiday Rentals 


PARIS 4th 


PARS 9th 


Telephone Rates! 


Can The USA Front 

Germany 9033 

UK 5025 

France 5032 

Swbtrtand ..S036 

Sweden -._._jOS 

SautfArabh «._J089 

Cal) For Al Rates 
S% QomriiskHi 
Agsnti Wstoomef 


Real Estate 
for Rent 


NEAR VENICE, MOGUANO House with 


Mexico 


i. sleeps 4. S«Way. S30Q/weex 
W +39 06 657459a or Ml 5000108. 


International 
Herald Tribune 
ads work 


BREAD, WINE, CHEESE 

Ohm dhnar, radstebftndiM 

TiLOliwS^iS^iSlortrt 



NEW 

+ BALAL 


Indian ft MdBad | I!.. « 

^2 and 


VALLE DE BRAV0 11/2 hre Mexico Cty 
typical vflage. supem funished VILLA. 


KallMart 


Tet 1-407-777-4222 Far 1-407-777-6411 
hOptfypacomflefnart 


typical vflage. supert) finished VILLA, 
racing tire wtti mooring. 4 bedrooms, 2 
independent sum. summing pool vrth 
jacuzzi. padde (anna, boat, goff efifl 
mOTbashft cook & bteer 1 year rente- 
USSaOOOrino. Fax Mexico 525 251 5273 
or Fax PStls +33 (0)1 43 36 46 81. 


Employment 


LEBOBOQUET 


PARIS 17th 


. Ato KIM* dim 1947 
which (XMT+ Itw urxWJt kuun 


wHdi Imws Itw mM knnnoa 
wrcSraworadriak 


General Positions Wanted 


Gafamrokd minu at a immnUi prfcw, 
rm SamHWL T. 01 4S4&SU4. 


W kirane's 


YOW? OFFICE N LONDON 
Bond Sire* - UaU. Phone. Fax, Telex 
Tet 44 171 290 9000 Fax 171 499 7517 


Paris Area Furnished 


FRENCH EXECUTIVE CHEF INTI “ 
Gastronomic experience, specialist si 
artistic lunches & catering services, is 


AkundHQMd.fcRdiFFfe 

• Hnnarff 195 to IFTW 
. U, or. dM Thom, - Tafc Q1 45 74 40 31 


Business Travel 


IstfBuauiess Class Frequent Travellers 

WbrkWde. Up to 50% oti No co^nra. 
no restrictions imperial Canada Tel 
1-514-341-7227 Far 1-514-341-7898. 
e-mail address: imperial fitogln net 
MprfwwwJotfaaitfimpwW 


Capital Wanted 


7th, RUE da ULLE, ktaxtous duplex 
(330 sqm. + 1 sUb) 
lor people who Hre to entenan 
n exetusne area witi) news over 
Orsay Museun Double reception, 

2 QoiWa bedrooms, Hgh ceings. 
vast enameled tansy ate opboads, 
numerous (kesdros. 

Bargain a FFITjnOfmo. (with charge) 
FF350.000 autgotog for 
topwemems made. 

Tab +33 (me 09 78 03 30 
Fax: +33 mi 47 05 19 59' 


arusiic lunenes & casting services, is 
looking tar hUi quaSy paste, pmaie t 
confidertial Tef +83 (0)4 87 79 S 37 


See Monday’s Intcmarlwt 

for RccmhincnL Eduntlon, 


"DAME DE COMPAGNIE". educated 
person, seeks position as dame de 
compagnle. tafctey replacement possUe. 
Tel Paris +33 (OH 46 37 68 54. 


SecreiariaL liuemet Service*. 

To odeertiae contact Sarah WendioT 
an +41 171 120 0326 
or lax. +41 171 -120 0338 
A GREAT DEAL HAPPENS 
AT THE EYTERMARKET 


THOUMIEUX 


kervansaray 


i ffifiP 49 - 78 - 



Escorts & Guides 


THE ROYAL PLATKUM SERVICE 
EXCLUSIVE TOP FASHION MODELS 


SI .731000 12 MONTH LOAN BACKED 
tar Stperb CaflafeaL 'Hitf Merest 
Confect CEO. Fax 1-61M7W07Q. 


Financial Services 


7th ORSAY, elegant, quiet street 100 
sqjii 1 bedroom, double Evtogtfning; 
fayet/audy. free isridngmi converters 
Fax. cafata. FHOOG Free- Aug I544aroh 
1st Tet (0)1 4551 5847 Frix 4551 4622 


LATINOMONEY 

Fax: 1 * 3342-239603 
euonewsemalttg 


14tb, ALESfA. Sot 97-May 98. 60 squn. 
19111 c. bdtotog. Balcony, charm, sumy. 
vim Big taring (1 bad), bedroom, bato. 
S! 3QM rm Owner Taf. +33 (0)145413241 


BELGRAVIA 


ATLANTIC 

LONDON PARIS NEW YORK 


HEOTS HIGH SOCemnBWA'PAWS 
COTE OA2URTUfl/C3f*GENF*MUNlCH 
Wemaicnal Escort & Travel Sente 
Vienna ++43-1-5354104 el ere* tads 


AMSTERDAM • DREAMS • ESCORTS 
and Dim Date Sente hr Hto or Her. 
Tat +31 (0) 2054 02 668 / 64 02 111 


ASIAN " PERSIAN * ORBITAL & 
CONTNENTAL Escort Sente London 
Tet 0959 233317 34 Iks Craft Cards ' 


ORCHIDS 


++44(017000 77 04 11/22/33 

USA: 212 7B5 1919 
MssOat-star^oo 
WORLDWIDE ESCORT SERVICE 


BLACK ELEGANCE 

Escort Service. Rated H h NY 
Private, iqjscaje. 212-753-3833 


BEAUTIFUL SCANDINAVIAN BLOND 
Model High Class EaxHt Sente. Tet 
London 0171 349 9716 or 0467 625 116 


Switzerland 


WORLDWIDE 


NORTH CYPRUS ON THE COAST. 
100X00 sq meters tor toum develop- 
ment. 16 ton urea of Ktonya Two km of 
coast tine »Bi a natural harbor. Fee sim- 
pb land Good tor 500 room 5 star hotel 
4 eatiw. No taxes « poOs to fot JO 
years. Price 55 0001)00 Contact: Alton 
Mason 404-72W439 Rax: 40*5688227 
E-mail. akml0flcomall.edu, 
atonlOOcompusavEcom 


GENEVA, LUXURY FURNISHED apart- 
ments. From state to 4 bataxma. Tel- 
+41 22 735 8320 Fax +41 22 738 2671 


Real Estate Wanted/Exchange 


THE FINEST & THE MOST SHCERE 
18 - 38+ BfTBWATKJNAL 
BEAUTIFUL & ELEGANT STUDENTS 
SECRETARIES, AIR HOSTESSES & 
MODELS + 

AVAUBLE AS YOUR COMPANION 
BY APPOWnOT (EXCST LONDON) 


SWITZERLAND^ ERMANY-BELGIUM 


++31-20427 28 27 
Zurid+Ganeva-BaaalBeiiia- 
FranktortJWnfrWItBtadei+Cotogpe- 
Bflnr+OosaelitarHIuAftGarito- 
Bnwab-Amwerp + A: Vtate 


"*""" EUROCONTACT INTL 

Too tea) S travel serves worldwide 

PAftS^TOCKHOLM'GOOA'ZUfllCH 
RMEFA*BRUSSa£*LONOON*VlB4NA 
MtiANHOME^II GERMANY & USA 
Escort Service Vienna ++43-M12 0431 


""EXECUTIVE CLUB*- 
L0MX3N ESCORT- SERVICE ‘ 
TBj 0171 722 5000 Crafi CBRJs 


J' 


CU| 


SWAP NYC APARTMENT nib stamtog 
Bai borne parafise, home pool cook, 
drwer etc. For NYC eqrtvatert. MU Od- 
Dffi 37. Fax 62-361-974367 


Escort Agency Cradb Card* Weteome 

TEL LONDON ++ 44 (0) 


LONDON: (0)171-978 6606 

COSMOS Escort Agency ■ Cradb Canto 


’ MILAN ‘ JULIA * +39 <0)335JH&0953 

" TOP ESCORT SERVICE FOR EUTE " 
Al tatf Swftmhod c. d'Azur Paria 


"“FIVE STARS ESCORTS 
EDUCATED. CHARMING & PRETTY 
Serene FRANKFURT 069-552221 1 


JULIA BEAUTIFUL YOUNG Brunette 
Rtendy and vay Shapely. Private Sort 
Ssrvta? later? Tflt WQ 772 fflff - 



0171 589 5237 


ULTIMATE '10* 

Tet 212-888-1666 
New Yorit Esan Sente 


AMBIANCE 2000 

^Savtecre® Cards IWcora 
Lauton 0171 3766636 N.Y. 2122463236 


“ MADRO GLAMOUR "* 

5cwt & Guos Servtee EnqBsM - 
Batore rekUgtt Tat 34-1-TO 88 38 . 


mui 


INTERNATIONAL ESCORTS 

(U.S. Raftered Trademark) 
World's Fist 5 Most Eroteve Sfirvte 
Bod rib, Byay Oueent , Acftieaia 
Ertfsrtatoers, Fbsessas, Secretaries 
MuffHhguai Travel Companions 
"Rated: "Bart In New York" to New 
York Mag Featured m mematonai News 
Merta & TV. Vtoao tapes S Russ rat- 
able tor salaam Dwfl canto accepted 




EUTE Escort Senrics 

HEW YORK CITY 
1-S0M6MM7 


MONA'S MAEDELS & MORE 
The dha < way to enmi (ntRretional 
Escort Sendee. Cal Frankfurt • 

069 (’ 541207 Of 0177/ 2537927 ' 


FAR EASTERN 0880 521 074 
Japanese. Aslan. Korean, Caribbean, 
Thai ChtoesB. Malaysian l Ph&ppino 
tomton Escort Agency 


»C0LE VERY PRETTY AND SHAPaT 
Yrnro Blond. Prime Escort Sente 
Union Ttt 0410 789 253 


GLAMOUR INTERNATIONAL 

LONDON ESCORT SERVICE 
0171 724 0771 


“ HARMONY. SPAM ~ 

TOP CLASS Escort Sente. Ifedrld-Tel 
34-1-386.35.88 Barcelona; +34-3- 
29G.B6L9B 


AMSTEKIAM BERNADETTE 
Escort Servm £ cunrar Delta 
Tet 631 63 36 or Ml flti 43 


GENEVA PRETTY WOMAN 
Cal 022 / 346 00 89 Escort Agency 
LAUSNJNE-MONTREUX- BASEL ^ 
ZURICH - CREDIT CAROS 



pWEJSKENTHPRBES 
awtSewan New Yak Cto 
212-279-8522 • 










4 17 1 42n 



Did You Miss A Day This Week? 

This past week ‘s front pages are available 
for viewing on the IHT site on the World 
Wide Web. 





httpr/^www.ihtcom 


R 


*r% iw *mfbm*j»imi mb *% 

licYalo^^Jtnmnc 

BUSINESS/FINANCE 

SATURDAY-SUNDAY. JULY 26-27, 1997 



International Funds Listing 

Track the performance of over 1.800 
international fwds. even day, on the IHT 
site on the World Wide Web. 

*■ http://www.iht.com 

PAGE 9 


WH.,. 
« 

meats a 
*««yb 
3<wwo 
be - 
*rwu. • 
STRONG 


Chief Quits 
At Big U.S. 
Health Firm 





n...? 


• !. 





MEETING 
POINT 



Vi 

:-Xv 
AK * 






NNIES 

•■€ ir HU* J 

t s^sfs i 
fl(!LK; 

£ ” m ' 

; '-"S 

t?8£«~ > 

.* kauris i 

.3*5 :•* *' 




i*. 


OUT 


A: 




President Also Leaves 
At Columbia/HCA 

CufytlrdtnOar SuffFmm OnjurrVj 

NASHVILLE. Tennessee — Richard 
Scon, who boat Columbia/HCA 
Healthcare Corp. into the largest for- 
profit hospital chain in the United 
States, resigned as chairman and chief 
executive Friday amid a federal medical 
fraud investigation. 

David Vandewater also resigned as 
Columbia's president and chief oper- 
ating officer. 

Mr. Scott's take-no-prisoners busi- 
ness style and his success in stitching 
together 340 hospitals and 570 home 
health-care centers provoked a backlash 
of opposition among doctors, hospital 
executives and state attorneys general 
across the country. 

“That approach is coming back to 
haunt him,*’ said Zack S hafran, a port- 
folio manager at Waddell & Reed Inc. 

Dr. Thomas Frist Jr., the company’s 
deputy chairman, was named chairman 
and chief executive. Dr. Frist founded 
Hospital Corp. of America with his fa- 
ther more than 30 years ago. Columbia 
bought HCA in 1994. 

In the statement issued by the com- 
pany, Mr. Scott and Mr. Vandewater 
denied any wrongdoing. Dr. Frist said 
the company would focus on cooper- 
ating fully with government agencies. 

Agents from half a dozen federal 
agencies are working on the Columbia/ 
HCA investigation. Federal officials are 
looking into whether Columbia over- 
billed government health programs. 

A spokeswoman for the Justice De- 
partment said last week that 35 search 
warrants had been served in seven states 

— Florida, Texas, Tennessee, North 
Carolina, Utah, Oklahoma and Georgia 

— on hospitals now or formerly owned 
by Columbia and two companies doing 
business with the chain. 

The investigators have sifted records 
from at Least 50 Columbia hospitals and 
raised questions about Medicare 
billings for services by doctors, recruit- 
ment of physicians, referrals to home 
health agencies and blood laboratory 
woik. 

Columbia, which also operates 150 
surges centers and a pharmacy-ben- 
efits management company, is holding 
talks with -a rival, Tenet Healthcare 
Corp., that could lead to the formation 
of a company with a market value of $30 
billion and about 475 hospitals and 650 
home-health agencies across the United 
States, the United Kingdom and 
Switzerland. 

People who are eager for the Tenet 
deal hope that banishing Mr. Scott will 
open the door to settling the various 
fraud investigations. Government of- 
ficials have declined to discuss their 
plans or possible outcomes. 

Columbia's shares closed at $36. 
down 25 cents, on the New York Stock 
Exchange: (AP. Bloomberg, NYT) 


CHfltt -S3 


*■ ar-r- 

iXT 

i-vf 




Clipped Wings at Delta 


Delta has brought its costs under 
control... 


...which has returned the airline to 
profitability. 


12 cents 


DELTA 

AIRLINES 


10 



$800 million 


Delta's net income. 
Financial years end 
in June. 


Ronald Alton, former chief 
executive of Delta Air Lines. 


But cutting costs has erased Delta’s 
customer service edge. 

2.0 Average number ot complaints 
for each 100,000 customers. 


INDUSTRY 

AVERAGE 


each 


•90 I "91 ('92 I *93 I *94 I *95 T *96 



’89 "90 ‘91 U 2 *93 "94 ’95 '96 '97 


Sources: Avitas: DeSa Air Lues; Depanmeat of Transportation 


The Ne«i> Y«k Timet 


Delta Cuts More Than Its Costs 

As Earnings Take Off, Morale and Corporate Image Shrink 


By Adam Bryant 

New York Tunes Service 


NEW YORK — Thursday was the 
day that Delta Air Lines and its long- 
time chairman, chief executive ami 
president, Ronald Allen, were to cel- 
ebrate the attainment, after three years, 
of an ambitious corporate goal: cutting 
$2 billion from the carrier's annual 
operating costs. 

Instead, the goal has been aban- 
doned, and Mr. Allen has been ousted. 

Delta has in fact cut costs — its 
operations, mile for mile, are cheaper 
than those of any similar airline — and 
the carrier Thursday trumpeted a re- 
cord profit of $886 million for the 
previous financial year and named two 
interim replacements for Mr. Allen. 

But the price of those achievements 
has been steep: Delta has lost its repu- 
tation for stellar service, employee 
morale has suffered, and strains be- 
tween Mr. Allen and the board re- 
sulting from the singular focus on 
cost-cutting apparently contributed to 
the decision in May not to keep him 
on, leaving the airline rudderless. 

Despite its current profitability, Delta 
serves as a case study of a corporate 
overhaul gone awry. In trying to change 
an expensive, paternalistic culture — 
Delta offered seven weeks of vacation 


to senior employees, for example, and 
blank-check health benefits to all — 
Mr. Allen and the board may have cost 
tiie airline more than they saved it. 

“They certainly put a big dent in 
Delta's corporate culture and in cus- 
tomer perception of service stan- 
dards,” said Samuel Buttrick, an ana- 
lyst at PaineWebber Inc. "Morale fell 
a lot further than costs did.” 

To a large degree. Delta’s problems 
have been masked by a strong U.S. 
economy that bas led to unprecedented 
prosperity for all airlines, and Mr. Al- 
len has served as a lightning rod for 
much of the blame for past errors. 

Atlanta-based Delta has an exten- 
sive track record of waiting too long to 
act — and often misfiring when it does 
— that is unlikely io change with Mr. 
Allen's departure. 

There are examples, old and new: 

• Following American and United in 
acquiring new routes across the At- 
lantic in 1990, Delta paid a steep premi- 
um the next year for most of Pan Am ’s 
assets, a decision that led to hundreds 
of millions of dollars in losses. 

• In a recent news release about its 
new paint scheme for its planes. Delta 
boasted that it had studied the issue for 
four years before making a decision. 

• Delta was among the last airlines 
to begin electronic ticketing. 


There is an ingrown quality to the 
airline's leadership that helps to ex- 
plain these miscues, analysts say. Mr. 
Allen, 56, who had spent his entire 
career at Delia, had been at the helm 
for 10 years. The board’s 1 1 directors, 
though all independent, have served 
for an average of 1 1 years. 

On Thursday, the board turned to 
one of its own as interim chairman, 
Mary Johnston Evans, a director since 
1982 and a former deputy chairman of 
Aratrak. It also named Maurice Worth, 
an executive vice president, as tem- 
porary chief executive. 

Mr. Allen has declined to comment, 
and calls to other board members were 
not returned. 

Gerald Grins tein, a director who 
pressed for Mr. Allen's ouster and is 
leading the search for his replacement, 
said in May about his departure: “Ron 
Allen has done a terrific job of leading 
Delta through the most difficult time 
in its history.” 

When Delta looked around in 1994, 
it saw such low-cost carriers as 
ValuJet Airlines and Southwest Air- 
lines making big inroads in its mar- 
kets. With its own higb-cost structure, 
it also saw no end to the hundreds of 
millions of dollars in losses it had been 

See DELTA, Page 10 


Asia-Pacific Bankers 
Vow More Cooperation 

But They Shun Currency- Support Steps 


CmpUnl tnOurSktfFrvGDapusrlm 

SHANGHAI — Asia-Pacific central 
bankers pledged Friday to look for ways 
to expand cooperation as they wound up 
a crucial meeting in Shanghai, held 
amid regional currency instability. 

A joint statement by central bankers 
from 1 1 Asia-Pacific nations, gathering 
for a regular meeting of the Executives’ 
Meeting of East Asian and Pacific Cen- 
tral Banks, fell short of promises to 
directly intervene to prop up neighbor- 
ing currencies- 

While economic fundamentals in the 
region remain sound, the bankers said in 
a statement, they have asked local of- 
ficials to assist the International Mon- 
etary Fund to study arrangements for 
“facilities to assist EMEAP mem- 
bers." 

“Excessive volatility in the currency 
markets could affect the main tenance of 
monetary and financial stability” of 
member countries, the statement said. 

The statement was aimed at curbing 
speculation in Asian currencies by mak- 
ing it more expensive for investors to 
bet against them, analysts said. The 
group did not introduce any specific 
measures. 

“This is a good step for central bank 
cooperation,'' Andrew Sheng, an of- 
ficial of the Hong Kong Monetary Au- 
thority, said after the one-day, closed- 
door session. 

Foreign currency speculators have 
hammered a number of Asian curren- 
cies in recent weeks, and the Thai baht 
was their first victim. Thailand, hobbled 
by weak economic fundamentals, was 
forced to float its currency July 2, which 
has effectively meant a devaluation of 
about 20 percent since then. The Phil- 
ippines. Indonesia and Malaysia also 
have seen tbeir currencies come under 
attack. 

Some traders and investors said cen- 
tral bankers were fighting a losing battle 


by propping 

ise slo\ 


up their currencies, be- 
cause slowing economic growth has 
eroded their competitiveness and left 
their currencies overvalued against the 
U.S. dollar. 

Some investors are betting Asian na- 
tions, many of whose currencies are 
either pegged to the U.S. dollar or kept 
within a trading range against the dollar, 
cannot keep pace with the dollar given 
higher inflation rates and swelling trade 
deficits. 

“They can no longer believe that 
there’s a simple way of doing things.” 
said Kenneth Courtis, chief economist 
at Deutsche Bank Group Asia-Pacific. 
“If you’re going to tie your currency to 
another cnn-ency, you basically have to 
have the same monetary policies and the 
same type of economic development.” 

The central bankers did acknowledge 
that rising prices of real estate and other 
assets are a problem in Asia. Over- 
lending to developers, fueled by an in- 
flux of foreign capital when the dollar 
was weaker, has hammered banks and 
financial institutions, particularly in 
Thailand. 

“Asset price bubbles could have a 
significant impact on economic activity, 
the health of the financial system and 
inflation.” the bankers said in the joint 
statement 

China and Japan wield considerable 
financial clout within the region, but 
neither pledged to use any of their key 
weapons in the form of foreign ex- 
change reserves to combat currency 
speculation. 

After the meeting, five Southeast 
Asian members of the group — Thai- 
land, Malaysia. Indonesia. Singapore 
and the Philippines — agreed to renew 
for one year a swap agreement to help to 
prop up their currencies. The accord 
allows member states to exchange their 
local currency for dollars when 
needed. (Reuters, Bloomberg) 


AOL Controversy Shows 
Cyberspace Privacy Gap 


By Seth Schiesel 

New York Tunes Sen-ice 


Boeing and McDonnell Shareholders Vote for Union 


KIR*** 

• '-*^1 
<! .i # «■* 





•f.Ki 







* sSi £ 


Ukr* 


Cross Rates 




ji :^y 


£■=■ t-v’" 



Cxe&d by Ow SttfFmm Dope* kn 

SEATTLE — Shareholders of Boe- 
ing Co. and McDonnell Douglas Corp. 
voted overwhelmingly Friday in favor 
of the acquisition by Boeing of its 
aerospace rival. 

Boeing shareholders approved the 
transaction at a Seattle meeting on Fri- 
day by slightly more than 99 percent. 

McDonnell Douglas shareholders 
met separately in St. Louis and 75.8 
percent voted for the deal, valued at 
around $16billion, that would create the 
world’s largest aerospace company. 

Little shareholder opposition was ex- 
pected. The only major critic was James 
McDonnell 3d, a company director and 
descendant of its founder, who planned 
to vote his personal shares against the 
deal to protest Boeing’s reluctance to 
include McDonnell Douglas in the cor- 
porate name. 

'Hie votes were taken after Boeing 
satisfied the deal's most ardent critic. 


the European Union, by making some 
last-minute concessions, including an 
offer to scrap exclusive supply contracts 
with U.S. airlines that Europeans 
strongly opposed. 

Also on Friday, a committee of an- 
titrust experts from the European Union 
approved Boeing's proposed purchase of 
McDonnell Douglas, paving the way for 
formal European clearance next week. 

The decision by the EU antitrust ad- 
visory committee had been widely ex- 
pected. The EU on Wednesday gave 
tentative approval to the deal The EU 
could not nave blocked the merger but 
threatened to exclude the company from 
Europe. 

The Federal Trade Commission sanc- 
tioned tiie deal this month without ask- 
ing for any changes. The companies 
expect to close the deal next Friday and 
begin combined operations in August 

Executives said the next six months 
would bring a crush of decisions, in- 


cluding the future of McDonnell 
Douglas's straggling commercial jet- 
liner business. Few layoffs are anti- 
cipated, as Boeing is raising jet pro- 
duction to record levels and both 
companies have expanding defense and 
space work. (AP, Bloomberg ) 

■ French Voice Their Doubts 

The prime minister of France and one 
of his predecessors expressed reserva- 
tions over a compromise agreed in prin- 
ciple this week to allow Boeing to ac- 
quire McDonnell Douglas, news 
agencies reported from Paris. 

Prime Minister Lionel Jospin ac- 
knowledged that the European Com- 
mission had secured concessions in ex- 
change for agreeing In principle to give 
the green light to the merger, but he 
warned that “these need studying.” 

“It is the scale of these concessions 
and beyond that their effective appli- 
cation by Boeing and McDonnell 


Douglas which will allow us to make a 
judgment,” he told French radio. 

“We want to know exactly the level 
of commitments” made by the Amer- 
icans “before taking a definitive po- 
sition,” he added. 

Edith Cresson, a former prime min- 
ister and now one of two EU com- 
missioners from France, said the deal 
was out of line with competition law and 
would give the merged group a near or 
total monopoly in some markets. 

(AFP. Reuters ) 


NEW YORK — The controversy 
stirred by the possibility that America 
Online would sell its subscriber list to 
telemarketers goes beyond telephone 
numbers — and transcends America 
Online, for that matter. 

Responding Thursday to consumer 
outrage and mounting concerns about 
privacy in cyberspace, AOL, the largest 
online service provider, abandoned its 
plans to sell its customers' telephone 
numbers to telemarketers and other di- 
rect-sales peddlers. 

The reversal came less than 24 hours 
after the plans became widely known 
through news accounts and online post- 
ings. 

ror consumer-privacy advocates, the 
case illustrates the need for increased 
government oversight of the buying and 
selling of the copious consumer infor- 
mation gathered in the course of every- 
day commerce. Savvy companies 
already mine the trove of available cred- 
it card information to find buying pat- 
terns that might lead to one more sale. 

But with the advent of cyberspace 
commerce, marketers are able to track 
their quarry even more easily — tracking 
each click of the mouse, in some cases, 
as a user surfs the World Wide Web. 

So for, such efforts typically can 
identity no more than a user’s computer, 
and not the identity of the individual 


operating the computer. Experts predict, 
however, that personal identification 
will eventually be possible, making pri- 
vacy difficult to protect — whatever the 
stated policies of companies collecting 
such data. 

Like magazines and other businesses 
with valuable subscription lists, Amer- 
ica Online has been selling lists of its 
subscribers' names and addresses. Bm 
those lists do not include the corres- 
ponding e-mail addresses or customer 

E hone numbers. A few weeks ago, 
owever, America Online quietly pro- 
posed changing its long-standing policy 
to begin selling its telephone lists, a. 
move that prompted alarm among pri- 
vacy advocates. 

“The phone number is used as an 
identifier the way that the Social Se- 
curity number is,” said Evan 
Hendricks, the editor of Privacy Times, 
a privacy-rights newsletter. “They can 
use the phone number to look up the 
name and address, and then you can find 
out about their house and how many 
kids they have.” 

Telemarketers and other direct-sales 
organizations have resisted government 
regulations by agreeing to self-imposed 
privacy-protection guidelines that typ- 
ically include provisions allowing con- 
sumers to request that their personal 
data not be sold to third parties. But the 
America Online episode is certain to. 
raise new questions about whether the 
industry can continue to police itself. 


ECONOMIC SCENE 


‘Old Married Couple’ Ends Trade Feud 


By John-Thor Dahlburg 

Los Angeles Tones 


CURRENCY & INTEREST RATES 


July 25 UUd-Ubor Rates 


July 25 


B 


OR 


* I UL ft. Ill 

2MK 1446 U2M 4334? WIST 
1 Ml <UI &MS 6.127 2102* 

\XB9 ISO • — UM IMS* 

imh — aasi ions unit 

OewJ* 

UKSUK44 BM Jfcff — BflJl 
— 144M 14377 LWB 125M0 LOTI 

6W MJ11 133D6 — ' 0*54* IM 

503 


if. 

5jB6‘ 


IF. Y4» 
1JM 1JM7- 
Hill 3SJJ3 3377 1 

urn 4KB* uni LOTS' 
1404 aim Jauiwa 


ti Pnfc 

I/M 13345* 
2747 2 08* 

m i.i67»* 
23D6 27ZDS 


47.121 1,1023 
3744 lili 
21432 *m 
JD73S 7139 
0345" 07134 


— HUB 1713$ 043 1U2 0453 

UBS 23B42 TU53S 03334 00774* .... 

15137 isa . BS44 12444 AMT* ft73» 1 994* — U* 

MR 04*9 tJIff. 4OTB MJL27 2234 «NSi >4*4 1Z» 

UH IR72 15MB I44R UB30 IBS S\BB 20707 15*04 


15J44 127214 
1UJQ 1X847 
SJB" • Ult 
— 0421 
1.MJ5 


115* 

I SUB 

ar 

(US 
0073* 
1284 07777* 
1487 Iff 2D 
12731 UlOT 


SwCs FfRfldl 

Defer D-Mot • Franc staffing Franc Yin ECU- 

Mramtfi 5 VI- 5 V* 39k-3V» lfc-1%6 M4-MU 3H-3V» H-to 416-41* 

3-mfirtti 5Vi6-5t* 3V»-3*k 116-1* (W.-7 3*-3V6 9* - (Vn 4V* - 4V» 

6 ohhi 0 i 3U-346 ltti-l>ft 7U<nt 3 ¥i- 3 Vt *6-14 414-446 

1-yeor 6-6V» lVn-l«V5t 7*6-71* 3Ur-3>Ma >H*. V* 

Sounss neuters, Uoyds Bonn _ 

Kates aeiooaue to MsrtoMt deposits of S 1 miSlea /tfntomi torewNekto). 


Key Money Rates 


CfeBtos* to Amsterdam London MOait Paris undZateA. fttyn hi otoerantoa; New Yarkand 
Toronto rates at J PM. 

a To bo? one pnomi b: To btiroaedotiau 'Unlb of 1 Q& N&: notooetotblLAj not 


Other Dollar Values 



CHnocy Pars, 
flifi tnf . p es o 05999 
AwtratogS 1.3561 
AifftrtaiA. 12522 
BnaS ltd 12B16 
Ghtosaym awflfl 
GDKfifeomM 3434 
Damn krona &993S 
Egypt, pound 33898 
FfeLnaridB 53475 


Cnmacy Part 
Gnat fine. 287 M 
Han? KongS 7J4 
Hing.tMW 19537 
ImBaa ropee 35.696 
loda.rapbdi 261500 
I fell £ 06862 

i BUlfe afc. 33622 
IQiwdkW 030 
Mofci'.rfeg. 16to 


Carney 
torn, peso 
MZadoodS 
Nora, tom 
PUL |M» 
PoUiZlaty 
Partucodo 
Rusrabfc 
Smdrfrd 

S 09.5 


Pars 

7309 
L5321 
7.5692 
2030 
3 M 

18544 

5790.00 

335 

14722 


CHWqr 
SLAfr.raed 
S. far. wan 
Stood. taxH 

tamos 

TMhrftf 

TmtfcdDra 

UAEdtrtm 


FWS 

45585 

89150 

73074 

2736 

31.75 

157350. 

34705 


Forward Rates 


Curnney - 

Pond filming 
canodtaoMor 
DauMMflmt 


14640 

13790 


<May 

14622 

13766 

13294 


90-Ajj Cunwjcy 


14603 

13744 

13257 


Ju pcamy tn 

Sateftnc 


11534 

13095 


Vmtt.bafiv. 49125 


4 May 

11538 

13044 


Unfed SWm 
D iscount rata 
Primrafe 
Federal funds 
904or CDs doom 
119-day CP deafen 
3nrfiTraamyHl 
1-ywTrawory HI 

T-yecr Treasury WO 

5-yaar Trcosury nob 
7-year Treasury nafe 
19yw Treasury note 
30-fear Treasury bond 
MtfrtB tynri! 30-doy RA 

Japan 

Dtaeountrere 

Col money 
T-jpanffi irrtartwrt 
Marta* 
fr-rostt Marta* 
19ynr Govt bond 


114.79- 

14994 


Saunas: /NO Bar* CAmstenkmOi tmtosimz Bank (BnasekL Barren ComtmdtXB Itaftona 
(Mttonl- BanpuB ctoFmacsIPai^h Bonk of Tokyo-mtsuhlsti} (7b*yafe 


lmbPorJ rare 
Cofi money 
1-ooirfii JoftrMnk 
Iraaatfa Marta* 
4-tnsntti fartartttt 
lOyasrBond 


□an 

500 

8H 

538 

547 

5J79 

533 

586 

647 

611 

617 

645 

510 

030 

043 

033 

041 

045 

243 

430 

335 

3.10 

3.17 

338 

579 


Prer 

500 

BY, 

537 

547 

508 

522 

584 

604 

608 

613 

642 

510 

030 

042 
034 

043 
047 
249 

430 

IQS 

3.10 

3.17 

528 

576 


Bffttrin 

Bonk Iww rare 

Mi 

M 

Utnaaer 

tf?6 

4ft 

1 -aontt MartaA 


mt 

Interbank 

6Vb 

64k 

6-fwrttfe tetaitaJi 

7Vb 

7V* 

1&9B0TGH 

692 

696 

Fries 

IntenmfiVM rate 

110 

3.10 

Cafi reoaor 

3Vn 

31k 

1-reoaHi istsftaU 

3U 

3U 

3-awirtti Brtrta* 

34k 

39k 

tflwofb infcrtau* 

316 

3VW 

lfrftarOAT 

558 

535 

Sources: Kevten. Btoombem, Meats 
Lynch, Bank ol Tekro-MIfivOlitit, 

CmMMA Ljwjrait 


Gold ^ 

PM. 

CVga 

ZoncH 32345 

32430 

—120 

Lsrefm 32430 

32610 

—225 

Now York 32178 

32650 

+220 


RUSSELS — A long-feared 
trade war between the United 
States and Europe -failed to 
erupt this week. The two sides 
just could not afford it, many econ- 
omists and business analysts say. 

“We are like an old married couple,” 
J. Paul Home, chief international econ- 
omist at the investment bank Smith 
Barney, said in Paris. “We may 
squabble, but we need each other too 
much." In the end, after months of 
■ escalating rhetoric, Boeing Co. consen- 
ted to some concessions that the Euro- 
pean Union had demanded as a con- 
dition for approving its purchase of 
McDonnell Douglas Corp. 

If Americans were stunned that Euro- 
pean regulators had interfered in a 
purely U.S. affair, for Europeans it was 
no more outlandish than recent Amer- 
ican laws — the D 'Amato and Helms- 
Burton acts — that seek to punish cer- 
tain European companies for investing 
in Iran, Lfoya or Cuba. 

“If the boot is on one foot this time; 
it’s often been on the other foot,” said 
Stanley Crossick, chairman of the Euro- 
pean Policy Center, a research orga- 
nization in Brussels. 


in trade disputes since the mid-1960s 
and were able to force changes in an- 
other American merger, between Scott 
Paper Co. and Kimberly-Clark Corp., 
the Boeing affair may be a landmark. 

In a season when Europeans are just as 
likely as not to complain about bullying 
from the U.S. government, Boeing’s 
climb-down under duress, whatever its 
commercial importance, looks to many 
Europeans like a victory. 

But the brouhaha over the U.S. 
aerospace transaction, which the Euro- 


At the Paris Air Show in June, Boeing 
executives even boasted that their two- 
engine 737-700 would create more jobs 
in France in the coming three years than- 
its European rival, the Airbus A3 19, the 
Paris newspaper Le Monde reported. 

As for Airbus, a four-nation con- 
sortium based in Toulouse, France, 
roughly 30 percent of its typical plane is 
made by U.S. companies or their Euro- 
pean subsidiaries. 

Depenchng cm file model, the “Euro- 
pean' jetliner that will be the only global 


US tfs Hart per aims. London aflldol 
ftdngsr Zurich and New Yort merdno 
and aostno pitas New nrk coma 
(AngJ 

Sams: Ream 


relationship in the world tops the one 
between the United States and Europe. 
In the five months ending in May, ac- 
cording to the Commerce Department, 
America and the IS countries of the 
European Union exchanged $222.3 bil- 
lion of goods, compared with $77 bil- 
lion in U.S. -Japanese trade during the 
same period. 

Decades of thriving trade and invest- 
ment have spawned a complex but mu- 
tually profitable entanglement of econ- 
omies on the two shores of the Atlantic. 
Take a seemingly apple-pie American 
corporation . such as Boeing. The 
Seattle-based airplane builder now does 
so much business in Europe that this 
In the future, Americans may have to year it expects to purchase $1.8 billion 
get used to fc Though European officials m supplies from 191 European compa- 
have taken on U.S. companies, including tries, and it claims to account directly or 
United Brands and Continental Can Co., indirectly for 60,000 European jobs. 



its tail, it cames a contraption shaped like 

a small beer keg, and made by a German 
subsidiary of the U.S. company Allied- 
Signal Inc., that generates electricity for 
on-board instr uments and other uses. 

In its red-white-and-blue promotion- 
al material handed out in (he United 
States, Airbus says it buys from 800. 
American parts makers and is respon- 
sible for 50,000 U.S. jobs. 

With- such symbiosis, many analysts 
say a trade war between Europe and the 
United Sates has now become too scary 
and counterproductive to contemplate. 

“There is common interest on both 
sides of the Atlantic in this relationship 
and it's more important than any single 
issue,” Mr. Crossick said. 

Michael Gallagher, head of the eco- 

See TRADE, Page 13 


•:S4 4 


V 

V 


L. 


PAGE 10 


INTERNATIONAL HERALD TRIBUNE, SAHJRBAY-SUNDAY, JULY 26-27, 1997 


R 


r 


THE AMERICAS 


TO w T i mm i ■ 


Investor’s America 



Microsoft Grows Tentacles 


Bad-News Selling Hits 
Shares of High-Flyers 


By John Markoff 

New York Tones Service 


p<>~W&; - ... 

1 : 2 m%«sz v ;2 aiiesiffissii :l . 


:J5 

ISlLrii 

mmm 

mmsmum 

i'iii: !> rf <!■■■,% **+KLi4>£, 




I ik^4y±^^'v-^::TS*fei *£- fa . A i. B it - W.-I.-i. ail.-'ijyliy.U i : t : t >t-i:'»V :' , : t -.’T%*» , 4V; , * v >«ri I 


| 5 rf 'i i '+f .? :'%+ : ; »'f r* '" *+ r T-tf V(t<* i+J’iJsSs 1 * t +♦ '+ : _ i ■-irUfsJtiiiu^i f ?*':->'t:-v - ■t&f-'l W , 

? •' v * «♦ : * -f 'f ». ~ : XVp £ "1 


Source: Btoombeig. Reuters 


li irauiimu l Hcmid Trflwoc 


SEATTLE — Microsoft Corp. 
has a blunt message for the rest of 
the computer industry: The 
world’s largest personal-computer 
software publisher plans to con- 
tinue expanding its empire to em- 
brace ever larger pans of the cor- 
pdrate-corapudng and consumer- 
electronics markets. 

That message, spelled out this 
week by execudves as part of an 
animal briefing for reporters and 
analysts, comes as Microsoft is 
mounting its most aggressive cam- 
paign yet to move beyond desktop 
PCs by aiming software at the 
business-network market and the 
world of digital TV. 

Microsoft said Thursday that it 
had shipped more than 1 mill i nn 
copies of its business-network 
Windows NT operating system in 
the last year and that a new version 
of the program would be available 
fbrpublic testing in September. 

The company has long drawn 
the ire of other software de- 


Very briefly: 


velopers and periodically the at- 
tention of the Federal Trade Com- 


mission ‘and the Justice 
Department by continuing to add 
features and functions to its soft- 
ware operating systems that sub- 
sume individual programs previ- 
ously sold by Microsoft's rivals. 

Now it is accelerating that 
strategy as it prepares to enter mar- 
kets that have traditionary been 
the province of large computer- 
systems vendors such as Interna- 
tional Business Machines Corp. 
and Digital Equipment Corp. 

“Our strategy is simple,” said 
James Allchin, a Microsoft senior 
vice president. “It's Integration.” 

Integration will also be die tac- 
tic by which Microsoft hopes to 
expand into the consumer-elec- 
tronics market. The next version of 
its market-dominating PC operat- 
ing system, Windows 98, planned 
for next year, will be designed to 
let home computers function as 
interactive televisions. 

Microsoft hopes to become the 
standard setter, and software seller, 
for the computerized TV-set-top' 
boxes that are expected eventually 
to replace current cable tuners in 
the predicted convergence' of com- 
puting and cable television. 


The company has introduced a 
consumer-electronics version of 
Windows, called Windows CE, that 
is making its way into hand-held 
computers, and is expected to be the 
basis of the company's set-top TV 
software. Other recent efforts to set 
the digital television agenda in- 
cluded acquisition of Web TV 
Networks, which offers Internet 
service through television sets, and 
its $1 billion investment in Comcast 
Corp., the United States* ftrarih- 
largest cable-television operator. 

“Interactive television for Mi- 
crosoft is all about the home mar- 
ket where there are 110 million 
households,” said David Reader- 
man, an analyst at Montgomery 
Securities. 1 'They need to find new 


markets to now m. 

Sales of Windows 95 have be- 


Sales of windows 95 have be- 
gun to flag, and Microsoft 's current 
big product, the Office 97 suite of 
productivity programs, also slowed 

Greg^Mh^ei, MiCTQSofr’s newly 
appointed chief financial officer, 
warned that Windows 98 would 
not “have the financial impact of 
Windows 95. As a result, we will 
have slower revenue growth. ' * 


DELTA: Despite Soaring Profit, There’s Little to Celebrate 


WHITE PLAINS, New York (Bloomberg) — Texaco Inc., 
whose stock price rose 33 percent in the past year, said on 
Friday that it would split its co mm on shares 2-for-l next 
month. 

Texaco also said it would boost its quarterly dividend 5.9 
pen: eat, to 90 cents a share. The change follows a third-quarter 
dividend increase of 5 cents a share. 

Texaco joins Atlantic Richfield Co., Exxon Corp. and 
Mobil Corp. among the oil and gas industry companies that 
have enacted stock splits in the last year amid improved 
earnings and higher share prices. 

Texaco shares closed Fnday at $113.25, up $1.75. 


Continued from Page 9 


reporting each year since 1991. 
Delta executives say they as 


UAW Signals Possible GM Accord 


WARREN, Michigan (Bloomberg) — A United Auto 
Workers official said there was “a good possibility” of a 
settlement on Friday in a transmission plant strike that has 
closed four General Motors Corp. assembly plants. 

Parts shortages caused by the strike had idled 16,900 GM 
workers at assembly plants in Michigan and O ntari o by 
Friday. The walkout in Warren, the sixth against GM this year, 
began early Wednesday. 


Delta executives say they asked 
themselves what cost structure they 
would need to compete against such 
upstarts and produce an operating 
profit of 10 percent. 

Mr. Allen announced die results 
of that number-crunching at a news 
conference April 28, 1994: Delta 
would cut $2 billion, or about 16 
percent, from its annual operating 

OOSlS and e limina te as man y as 

15,000 jobs. 

The goal was crystallized in a 


program called Leadership 15, 
which sard that by the middle of 
1997, Delta would cut its basic op- 
erating expense, measured by the 
industry yardstick of what it costs to 
fly one passenger one mile, to 7.50 
cents, from 9.26 cents. 

‘ ‘We feel it’s a stretch goal,” Mr. 
Allen said at the time. 

In the early stages, though. Delta 


small offices by having sales people 
work from their homes. It replaced 

Ihwn mr.lrtail napkins hi first-class 

and H nsinww- g tass cabins with paper. 
It cut those seven-week vacations to 


CmfM^(htrS^FnmDt>}Vf>in 

NEW YORK — Stocks were 
mixed Friday as investors^sold 
shares of some of the highest-flymg 
issues in this year’s rally, such as 
Dell Computer and Pfizer. 

With the Standard & Poor’s 500- 
stock index up 27 percent this year 
and stocks selling at high pnee- 
eamings multiples, investors are 
selling ar die first sign of bad news, 
money managers said. 

“Valuation levels are extremely 
high, with little margin for error,” 
said Robert Rodriguez, who man- 
ages $1.7 billion in stocks for First 
Pacific Advisors. Inc. in Los 
Angeles. 

The Dow Jones industrial aver- 
age closed at 8,113.44, down 3.49. 
Declining issues edged advancers 
on the New York Stock Exchange 
by a narrow ratio. 

The S&P 500 finis hed at 938.79, 
down 1.49, and the Nasdaq Com- 
posite Index closed ar 1256 9.63, up 
just 0 JO point, pulled both ways by 
Dell and Microsoft 

Drug stocks declined after Pfizer 
said its gaming s in the second half 
of the year could grow less than 10 
percent, below what analysts bad 
expected. Pfizer, Merck and Eli 
I -illy all were lower. Bristol-Myers 
Squibb dropped after losing a pat- 
ent-infringement suit involving its 
second-biggest-selling drug, the 
cancer treatment Taxol. 


first time in eight days. Microsoft 
rose, recovering some of a loss 
tri gg ered by a report that the com- 
pany planned to raise spending on 
sales and marketing. 

Oil shares roscin the wakeof this 
week’s unexpectedly strong earn- 
ings. Texaco rose after the third- 
laigest U.S. oil and' gas company, 
raised its quarterly dividend 5.8 
percent and said it would split its 
common stock 2-for-l. Mobil. and 
Chevron also gained. 

Galileo International rose on 
volume of 12.5 milli on shares in its 
first day of trading. Tbe operator of 


''ifiiris 


: t- 


U.S. STOCKS 


Computer companies, which 
ve been in the forefront of this 


six weeks and put a cap on health 
benefits. It was also the first big car- 


up quick savings in a number of 
areas. It set up reservation offices on 
college campuses, using student 
labor to woik at half the cost of 
salaried employees. It eliminated 


benefits. It was also the first big car- 
rier to cat travel-agent commissions. 

In 1995, Delta was hitting its in- 
terim targets and still winning 
awards for customer service. 

But the kind of morale and support 
for management that once prompted 
employees to buy the company a 
new Boeing 767 — and to name it 
The Spirit of Delta — was gone. 


have been in the forefront of this 
month's rally, reported mixed earn- 
ings. 

Silicon Graphics rose after the 
maker of work stations for com- 
puter graphics producers reported 
better-than-expected earnings in 
the quarter ended June 30. 

Gateway 2000 fell after the per- 
sonal-computer maker’s earnings 
fell short of analysts* expectations 
for the first time since April 1994. 

Dell Computer declined for the 


• Intel Corp. is expected to cut prices on Monday for some of 
its older Pentium microprocessors by as much as 52 percent 
and for some of its most popular chips with multimedia- 
enhancing technology by almost 50 percent, analysts said. 


Strong Economy Keeps Rising Dollar ‘a Buy 9 


• Apple Computer Inc. said Delano Lewis, president and 
chief executive of National Public Radio, resumed from the 


chief executive of National Public Radio, resigned from the 
board of directors of the beleaguered computer maker. 

• Harcourt General Inc. will take charges of about $236 


million after taxes, resulting in a loss for its third Quarter, in 
part to fire an unspecified number of employees following its 


part to fire an unspecified number of employees following its 
acquisition of National Education Corp. Bloomberg 


CtmpBedbrOorSKfFnmiOUparhei 

NEW YORK — The dollar rose 
against the Deutsche mark and other 
major currencies Friday, driven by 
signs of strength in the U.S. econ- 
omy, traders said. 

“The dollar is a buy,” said 
Masahiro Yamagnchi, manager for 
foreign exchange atTokai Bank Ltd. 
“The U.S. financial markets are ral- 
lying. It doesn't make sense to buy 


yen or marks.” The dollar topped 
1 .84 DM at one point in the day, for 
the first time since July 1991, and 
was at 1.8377 DM just before die 


FOREIGN EXCHANGE 


close in New York, up from 1.8340 
DM on Thursday. 

The dollar was at also 116.930 
yen, up from 1 16.095 yen; at 6. 1975 


French francs, up from 6.1845 
francs, and at 1.5160 Swiss francs, 
up from 15065 francs. The pound 
was at $1.6640, down from 
$1.6742. 

The dollar was supported against 
die yen amid expectations that the 
Bank of Japan wui not raise interest 
rates soon. Tokyo consumer prices 
posted their sharpest monthly de- 
cline in a year in July, indicating a 


slowdown in spending. In Frankfurt, 
economists said that although the 
Bundesbank hinted Thursday it 
could intervene over the summer to 
combat the decline of the mark 
against the dollar, there was little the 
central bank could do to reverse it. 

“We are now seeing verbal in- 
tervention,” Gerhard Grebe, an 
economist at Bank Julius Baer, 
said. (Reuters. Bloomberg ) 


computerized travel-reservation 
systems and some of the airlines 
that own stakes in it soid 32 million 
shares in a $784 million i n itial pub- 
lic offering. 

' Pairgain Technologies rose for a 
second day amid speculation the 
phone-equipment maker may be 

bought by Lucent Technologies. 

Investors said an easing in stock 
pries was to be expected after the 
market’s surge to records this week 
and last. 

A mixed bag of economic reports 
failed to dent optimism that cor- 
porate profits will benefit from a 
s low-growth, low-inflation U.S. 
economy. 

A surprisingly large drop in sales 
of existing homes in June offset 
unexpected strength in durable- 
goods orders. 'After looking at the 
reports, traders concluded that the 
assessment of the economy de- 
livered Tuesday to Congress by the 
chairman of the Federal Reserve 
Board, Alan Greenspan, still held 
sway: The economy’s performance 

has been “exceptional.” 

‘ The market is still in wonderful 
shape,” said Bill Allyn, bead of 
listed-stock trading at Jefferies St 
Co. “Things could not be better as 
far as interest rates and business 
conditions are concerned.” - 

The yield on the 30-year Treas- 
ury bond was at 6.46 percent, up 
from 6.45 percent. The price was at 
102 8/32, down 7/32. 

More important economic re- 
ports are due next week, beginning 
with the employment cost index 
Tuesday. Economists say the tight 
labor market and growing economy 
may eventually push wages up 
enough to prompt the Fed to raise 
rates to keep inflation in check. 
-Higher rates reduce corporate 
profits by raising the cost of fi- 
nancing and cutting into consumer 
demand. ( Bloomberg , AP) 


K m VII 




AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday's 4 P.Bfl. Close 

The lop 300 most odfve shores 
up to the ctatag on Wot Street 

The Associated Piass. 


us w im uw or* Indexes 


Most Actives 


July 25, 1997 


High Low UJbsJ Chge OpM 


High Low Luted Chgo Optnt 


Hkgti L0W Luted Chgp Onto 


Sft 

ft ft 
life 10ft 
M M 


Mu Mgh Low LOW Off 


Dow Jones 

Dm HI* Law M Cft. 

mow *1270) BS7.1t BOSOM B1U4 -1*9 

Tnm 290272 290*43 2892JS1 290i.11 +7J2 

Ufl Z31JW Z32J2 231.38 73IJBS +035 
Ceng MM M 2301.14 2*8*97 M93JOO +1.53 


VOL HUM 

l^gS 

119332 4Zft 


23g 25ft +2ft 


Mgh Uw Latest Chge QpU ORANGE JUKE WCTN) 

i&flOOHs.-owtf*MrRL 

Grains 22* ; 


LONG WLT OJPFE) 


r Standard & Poors 


» n m in >11 

1M HU 33* JM -tl 

2113 n Sft +11 


SW 22 21 21 -“ft 

1M BR BN EM ,M 

is in in at +w 

127 Ilk 1* t 

s » in n 


£ s 


8ft in 

w> 11 


Wit Uw OM 
Industrials 1 11023 109X60 nORAS 
Turn* 67134 66153 669.69 

Unties 19X07 196j65 197.93 

H nance 107.43 1 05:21 107.37 

SPSOO 941-51 92651 W0JQ 

5P100 920.51 905.54 91X85 


<7992 UH* 
<3917 4411 
54685 42‘W* 
52756 36ft 
49855 38ft 
47733 42ft 


43371 38* 
36597 7S> 
36188 1084k 
34970 779k 


4395. «4ft +61 
39H 40ft -295. 
35ft 35ft +R 
37ft 3816 4116 
3955 4Mk -4k 
57V, 99k -Ilk 




comitcBam 

5400 bu minimum- cam, par buxM 
Sep 97 245 24214 24355 —16 64371 

Dec 77 246 243 24316 —55 1 SLOTS 

MnrB 254 2SU5 25156 -ft 21272 

MOTS ZSft 157% 2S786 — U 6055 

Ail 98 267ft 260ft Wtt —1ft 9.130 

Sep 98 2S7 255 255 ' -ft 1.2E 

Dec 98 265% 2» 299ft —ft &33S 

Ed. ides NA Thu's, sues 4X515 
Thu's open int 267.260 off 790 


Sep 97 74.90 7425 7445 +0XB TM71 

NOV 97 77-25 7465 7475 7JM 

Jar 98 80. W 79 M TOM 10*6 Eat. srim 84402. Prev acrtec 77.959 

MorM 8280 8.3 823 +0.15 2JW Piw.opwiMj 1B&751 up 1622 

!y-,,T!g*. ***?, 114 14-YEAR FRENCH GOV. BONDS (MATIF) 

Tin's open ktf 31.939 t* M FFSOOfEm-ptianoOpd 

S*p 97 13074 13034 13060 —0.18 2DM06 

Dec 97 99-58 99 JO 99-44—024 4259 

Metals E*t arts: 171.138. 

GO-D (HCM» Open b4j 21 4065 up 708. 

zrr. Italian government bond cuffs 

B^-doBwi m-MOwatan-phanOOpd 

f»*7 3M80 in«l mot +370 W939 Sep 97 128.10 137.48 137.98 +O09 107J95 

Ann 32480 321» gj) +2JD S939 Dk97 109.85 10925 10923 +0.16 X452 

Oct 97 329 JQ wm I983Q +2JB 1X749 Est. ndes: 4&94X Pm nta; 581316 

Dec 97 33LID 32430 330JDO +2.90 69731 PmopwtnL: 1094147 on IMS 

Feb 98 33110 32940 33110 +190 11718 EURODOLLARS (CMER) 

AteJO 33428 +2.W X170 H mWon-psof TCOpet. 

Jur»9l 33640 +M 7489 Auo97 M29 9420 9430 Z658D 

AUB 99 33870 +170 2409 Sep 97 9427 9426 9427 513787 

Es'.scte NA Thu^. SOlBS 89289 Od97 9420 9420 912® 2756 

WSOpenM 307793 up 1586 Dec 97 9413 9418 9412 -001 469418 

MOTS 94U 9406 9437 -0J2 328^55 

Jun» 9401 93.97 7196 -0.03 26BJ85 

l j nr lum imqi tih m xj Ki Qjoo 92L9I ~ “ 0JE 205,971 

nw SS In?! ItS Dec 98 91B1 9378 9179 -ttB? 141.251 

ta?97 1JB wKn nus Ism 21^ 9176 9377 -002 125.174 

Od97 S mm MM tias iS ^"2 W75 9377 93.73 -002 93,182 

SwW M Mu! IlK Sb,W KM 9149 -0.03 74634 

S WA m w Dec” KUS mi no -ua 71.902 

s« iss mud iss 7 fg 

Feb 98 10645 WU29 10645 +155 637 7 - Tli - SZ} » 1032 

MT9B KJ6JU W1M 1D5JD +158 1541 BMTT5H POUND (CMER) 

EsLnles NA Ttxi"5. 5439 «*Jte PHMk Suer pound 

Thu's open it 46,103 011 522 StpW 14730 1.6570 14612 61702 

Dec 97 145M 14500 14556 876 

SLVERfNCMQ Mcr9l 1496 144SD 14«« »9 

54K» troy ozy- cents per traroL EsLsdes 8491 Thu's. s**s 7JU 

4») n 43140 42970 «9J0 +4J0 110 Wsopenklt 627W offTz74 

Sa?97 43540 <1950 43240 *BM 60435 

DOC 97 44140 43140 43120 +4iffl 15777 22“ *' «'£*’■ » 

Jon 98 439.90 +440 20 

Mar 98 44540 44340 41440 +440 9,6*7 ^ SI 

May 98 41870 2476 57 

Jit 98 4S240 +448 2490 5428 

ESL softs na Thu's, sales U.929 mi s open W *3,912 aft 725 

TTlTs om Int 96405 UP U5J GB9MAN MARK (CMER) 

— - pernor* 

PLATMIM (VWBEj S6P97 -S4U J4S3 SSS6 17VJM7 

sonwvoL-doHenperimrez. Dec 97 &06 jo» use tjno 

MV 43170 427 43170 +450 359 Mcr98 4527 ^ '*2! 

0097 41740 41L50 <1670 +450 10430 EG. sites 15.903 TlRl'AMes 3271 U “ 
Jai98 40550 39740 40470 -11 JO 2.141 Uer5apenM^ ^ BPMI ’ 

Est. sates NX TTWs. sales 2774 JAPAI^ Yfn 

TteTsmnM 13478 up 362 SwTJSSSSL 

Oas. Pwriow fcpW 4^7 5 « W SSb sun. 

LONDON METALS OA»D Dec 97 4778 4715 4719 ijS 

DollcnpernHMcian Mor98 480 m 

AteBtePft (High Grate) Estsdes 1445D Tho's.^s hlb* 

spot . i«wo 152-w wua imam Tnrtapeniw at2S w txs 

ftnert 166940 T67Q40 164840 164940 5WT55 FRANC rriirpi 

Swart 233140 233240 228940 229040 Sin 


'£5U00-pb A22ndsaf100 
Sep 97 115-24 11542 115 


Industrials 


Sep 97 115-24 11542 115-19 +0-08 184410 
Dec 97 1)547 11433 11546 +OOS 4341 


Nasdaq 


- 

9ftk 

lVk -ft 


fSL 1” 

51 


fftk 9* 
uu m 
7V 7ft 
M 1M 
14k lftk 
Ik Ik 
«ft 17ft 
uw im 
3k 3ft 
2M Mi 
lift 26ft 
2Aft 2 m 
4711 m 

n m 

<t» «k 
ft ft 


M 4H 
lft -ft 
Ik 


3H +9 
2M -ft 
lift -ft 
25kk *ft 
47k +2ft 

n -ft 

4ft +ft 


15ft IS 
6ft M 
HV1 19ft 
33k 31 

21 ft 21k 
19** 19 
I 7k» 
29ft 29 


5ft +k 

2Hk -ft 

15 -ft 

6*4 tft 

19ft -ft 

BV« ,9, 

21ft 4ft 

19ft -ft 

• -ft 

29 -ft 


25ft 25ft 

2ft 2ft 

\ R 

U 22k 
22 21ft 
ft ft 
3ft 3*9 
4 3ft 


2Sk -ft 

2ft 

2ft 

1ft +ft 

23k -ft 

21ft -ft ■ 
ft 

w -s 

4 +ft 


n<t aft 

ft ** 

m 1** 

5ft 5** 
4k 3k 

Ok sot* 

4k 4 
lift Ilk 
36ft 34k 
2ft lft 
lft 7ft 
ft ft 
19ft 19ft 
lift lift 
7 6ft 
15ft 14ft 

n»* in 

3ft 3ft 
lift ilk 
77ft lift 
4ft 4 
Sift 52 
5ft 5ft 
ft ft 
Vft 9ft 
17ft 16k 
4k III 
17ft 16M 
29k 28ft 
M ■ 

4k 4ft 
51ft SM 
15ft 14ft 
lift 19ft 
4ft 41k 
lft lft 
9ft 9ft 
3ft 3k 
18 17k 

21 24ft 
2ft 2ft 


489-56 485L57 48680 -051 

622J1& 61656 61839 -0J7 

44079 43126 439.21 +OT 

mat 287.11 287^ +0.11 

45145 44847 44846 456 


VoL Kftk 
1 <7QM 173ft 
123271 9I>> 
116729 Zg> 
112604 142ft 


Nasdaq 


mw ij> im n*. gsr 

1576A2 15087 156943 +050 McAtei 

I&957 124125 124625 -O* SJWJSS 

14020 167957 16020 +9J3 “53? 


112604 142ft 
89001 34ft 
65463 12ft 
64464 34ft 
602*9 M 
57154 62ft 
55532 80 


140 143 


137ft 138ft +ft 
33ft 34>»W +V* 

11 11¥» 

34ft +m 
55ft 56ft 
SBftSTWk -lift 
7J5|k 79** -** 

57ft 62ft -ft 
if 3Z4k +lk 
MftZBWk •<** 
54ft 54k 
18k 20U +ft 


167907 16SB20 +90 gyg" 1 

14810 1487-41 +| 3) £5“ 

20143 202*82 +15-4* 

99426 997.15 +224 


46 m 29k 
43207 56ft 
428S3 21ft 


SOYBEAN MEAL (CBOT) 

HD Km- OaSars per ion 

Aub97 25250 24750 2SZJ0 +120 73339 

Sep 97 22550 22150 2250 +1.90 17592 

0(297 20540 20100 20130 +150 14.168 

Dec 97 19850 19470 19650 +0-90 38,426 

Jan 98 19400 RXJD 19440 +0JB SJ37 

Mar 98 79480 192X0 19220 +BJ0 85M 

Estsdes NLA. Thu'AKtes 21533 
Thu's open ini 111463 ad 721 


GOU) (HCMX) 
ho Nwacr-doHaniper irovac. 

Jut 97 326.ro +25# 61 

Am 97 32850 32350 M +270 55539 

Sep 97 3030 +270 2 

Od 97 329 JO 32SJD 328J0 +280 1V« 

Dec 97 33L1D 31620 33050 +290 6BJ11 
Fell 98 332.10 32940 332.M +299 11518 

Ate 98 33428 +2W 2170 

An 91 35MB +2JS 7 MB 

Aug 98 33870 +270 2409 

Est.sata NA Thu's, sates 89JM 
Thu's open Int 7X0393 up 15N 


- SOYBEAN (HL (CBOT) 


■aORADECOWPSl (NCM» 


mas uh Lmf og. AMEX 

63851 63679 63750 +0J5 

Dow Jones Bond spdb 


Aua 97 VM BA 1 2141 -021 14469 

Sep 97 a 55 2144 2141 -021 16524 

0092 2153 Z1J1 B32 -M MJ19 

Dec 97 22.14 21.98 2151 -020 43412 

Jan 98 22J8 2254 2255 -017 6,1W 

Mte 98 2242 2136 22JS -014 2583 

EstRtes NA TlwYnlai 10930 
Thu's open kt 1KU76 oft m* 


20 Bonds 
lOUHimes 
10 Industricris 


XCLLM 

SPDH 

AmurtH 

TWA 

Pmtan To#oy VMcB 

Cftrt moor jTSCwp 

10125 10127 JgPfL 

101-71 10154 HMs 

10079 106.70 TownOy 


68457 4k hi Jk +Uk 

23199 9fft. 93% m -tn 

ism ION 10ft 1 0k +11 


k®m 1 oft in* i ok +i» 

IS &k 2^ 

S 'St ,S 5% ^ 

5979 24k 25ft -ft 

5425 30ft 29 SOW. +ft 

4550 Vk ft ft 


soybeans (cacrr) 

5580 twmWmwn-aaots per turtle! 

Aug 97 780% 750% 754% +2% 21520 

5BP97 640 6SR* 654% +1 R734 

New 97 607% 599% <01% — % 74 .265 

Art 98 SW 600% 604ft — Jft 15*45 

Mar 98 616 612 <13 —1% 1927 

Est. sales NA Thu'S, softs 31419 
Thu's open bt 139518 in 413 


< Trading Activity 


Nasdaq 


Adwnce d 

BnSnged 

TsoUsnies 


}mi Adtraneed 


Mk 12ft 
lWk 17k 
7 4ft 
Hk 6ft 
in Ik 
W» fk 
14ft lAk 
lft | . 
5ft Ek 
Ilk 3k 
9ft 9*4 
171k 17 
Ilk ft 
A 3ft 
9 2* 

3ft 3ft 
Jft Jft 
ft ft 
1ft Ik 
im 9k 
lft ] 

2V4 2k 
3W 37U 
n» lift 

10V; Mft 
lift Ilk 
lift Uft 
10 ft ion 
5k 5*1 
9ft 9 

.*& **• 
lift lift 
2ft 2M 
lift 14ft 

uft in 

U MIS 

«u St 

ft 9ft 

rat uft 

46 JS 
lk lk 

. h .3 


w* ■** 

lift +1 

7 +4t 

<ft *ft 

lk 


lift ft 
M +1* 
5ft ft 
3ft -ft 
9k +k 
17k +** 

I 


»ft 71 Vi 

Jft 3*t 
7*t 7ft 
14H 13k 

S A 
Uk 3ft 
7H 7k 
lk lft 
2ft lft 
17 16k 

6ft Ik 
lft lft 
Uk Uk 
IM 9ft 
k u 
M <ft 
8ft 7ft 


liii Mnnm 

| “Ss 
” bisr 


1564 2071 
16B7 2008 
1185 1649 
5438 572B 

% ^ 


WHEAT (CBOT) 

5500 buntntnkrts- cents per bushel 
SeP 97 341 353% 358% 41543 

Dec 97 37S 368 372 +*6 *2530 

MOT98 383 371 388% +% 9533 

Mavte 383 379 381 +1 1.199 

Esl sales NA Tlw'AKtei 21,133 
TfiTsopenM 9B5B1 0 fl 580 


Market Sates 


Livestock 
CATTLE (CMER) 


9 JEL E 

6 Nasdaq 
InmSbons. 


To*>r 

Ml 

P|ff. 

Aug 97 
OCT 97 

4705 
71 JB 

67.17 

7035 

4705 

71.12 

+122 

+407 

29J34 

0,925 

ms, 

Dec 97 

7270 

7202 

TUB 

+400 

17084 

519025 

A87i8 

Feb* 

7302 

7145 

7305 

+072 

9753 

2604 

3224 

742.10 

Apr* 

7307 

75.17 

7 537 

— aos 

3.733 

612.91 

ta* 

7110 

2179 

7175 

+005 

2033 

Estates 21J78 Thu'^jort, 

22746 



Thu's open kit 1035*3 UP 1206 


COTTON 2 (MCTN) 

W500 tekJ- cute per fc. 

Oct 97 7555 7520 7545 -850 

Dec 97 7590 7130 7550 -853 

Mte* 7750 7455 74J5 -005 

May* 7750 77.10 7730 -855 

JUl* 7750 7750 7755 -855 

Ed. sates NA ThiTS. sites 131224 
Thu's open W 745M off 412 


Jul97 11450 10850 11400 +4H 1492 

Aua 97 11250 10690 111.15 +32 3J2* 

Sep 97 11250 Hl&Ji HL45 +35S 21,475 

Od97 11055 K&M 11805 +X35 lj» 

Now 97 W958 10550 MAS +125 1545 

Dec 97 10950 WAS HK20 +290 7/B 

Jon* TQ7A5 HEL7D 107A5 +255 7<7 

Feb 98 106A5 10350 WAS +155 637 

Mte* 10630 mffl 10570 +150 19*1 

EsLHies NA Thrt. sites 5539 
Thu's open it 44,183 ori 922 


SU.VER(NCMX) 

&000 tray ob- cents per tmr«- 
MV *3150 429 JO *29 JO +4J0 110 

Aug 97 *2950 +A3D 

Sep 97 43S50 419 JO *3250 +450 40505 

DOC 97 44150 43250 *3U0 +450 1 5377 

Jon* *3950 +450 20 

Mar* 44550 44350 4UA0 +458 956 7 

May* 41850 +4M 2474 

JU* 4S250 +4.1® 25* 

ESI safes NA Thu'S. HteS 17,929 
TteTsawiInt 96585 up 1453 


HEATING OH. 04MER) 

*Looo pot, cens par aal 

AunJT £35 SUB 5390 +051 20,108 . 
tepW SSJE 5355 54LSD +051 31174 . 
Oct 97 5635 5440 S.M +0AB 2453 

{£97 5685 56S 5625 +078 17559 

Dec* SJO 5610 56M +063 15736 • 

gl* 5155 5680 5755 +8JB 15545 • 

Feb* 58.10 57JO 5730 +aiy S^30 . 

Mar* 57J5 5680 5780 +0A2 7,077 , 

^r* S4S 55JS S5L55 3 M . 

Estates NA Thu's. Sites 22A72 
Thu'S open Int 15MM up 1337 

U8HTSWEET CRUDE (NMBQ 
J A00 ObL- ittcn per tu. 

SSS S3 S5 nxs ♦«< »M1* 

toW 2632 19J0 2DLOO +614 MAH 

{he 97 m22 19.76 19.95 +BJJ7 W&& 

Dec 97 2022 T9J7 19.* +OM te 3h l 

■taW 2020 19.* 2007 +012 26791 • 

Ftb* 2019 1928 2019 +023 &5B7 , 

Mte* 20.18 19.99 m.U +0l21 M49 

Aar* 2005 2005 2005 +808 5JJ3 

Mmrn a.15 19.93 mis +ou 7j* 

tan 2012 no* ».* -402 20125 * 

sates na Thu's, sales 53J30 
Tft/s open int 439 AW ori 569 


NATURAL GA5 (NMBI) 


PLATMUM (HMBR) 

50 iroy ox.- doHtei per trow ot 
Jui97 431 JO 427 JO *31.70 +650 3S9 

0097 41700 41L50 41670 +650 1DA30 

ta* 40558 39700 40670 — 11J3 2.141 

Est.stes NA Thu's. soles Tim 
Thu's open W 13078 up 361 

t -| ntm pnrfflut 

LONDON METALS [WO 

Daikrg per metric km 


Alwlaew (High Grate) 

Spot 166680 166780 164100 164400 

ftreart 166980 167000 164800 164900 


20* 

2097 


36772 

2.105 

2.185 


34087 

20*5 

2250 


12166 . 

13* 

23* 


16023 , 

2025 

24* 


14073 . 


2360 


10093 

2345 

2745 


4029 - 

2115 

1115 


3017 * 

2080 

2080 


3070 ' 

2jOA5 

2065 


409J 1 

Thu's. Sales 

N876 


208731 

UP S3 


- 

UOLME (HMEfl) 

> 

pm-oai 




6170 

4*00 

+179 

21156 

4800 

4000 

+ 101 

29086 ■ 

SS.95 

58.10 

+101 

11.325 j 

5605 

57.W 

+076 

1117 

5570 

5600 

+071 

7072 . 

5400 

5675 

+00* 

*306 


5631 


1051 ' 

STS 

57 75 

+409 

2511 ‘ 


2M -1 
m ft 


4ft -ft 

ft 

in % 

9ft -fk 

1 

2ft -ft 

J7ft +*k 

Ilk 

Hit -ft 

ilk ft 

U -ft 


24H 2ft 

R Bft 

Wk 9ft 
3M Bft 
1ft lk 
lk lft 


Dividends 

Cfl uip teiif 


5ft 

9ft -ft 


U« -ft 
2ft +lt 


Uft -ft 
W +2 
Uk -k 

S * 

9k -ft 


Uk 15k 
1W« 19k 

M 2ft 
2H 2k 
17k 16k 

ft k 
9ft 5ft 
ft ft 
25k 25ft 
94ft 93H 
Uft SMk 
71 20k 

Uk 11*1 

ft k 
lk lft 


19% 18k 

371k 3fk 


*16 

IT 

14 

17 

’S 

■oft 

10 

lft 

*k 

«H 

+k 

E7S 

9 

4k 

Oft 

146 

15ft 

m 

mm 

3*1 

19k 

19 

19ft 

MS 

na 

s« 

lih 

MB 

XM 

a 

Bft 

IK 

181 

* 

in* 

» 

T 

02 

lk 

ik 

lk 

S3* 

<ft 

CM 

M 

100 

ft 

ft 

ft 

119 

Uk 

12ft 

12ft 

1571 

4 

n 

4 

ia 

M 

ft 

» 

68 

29k 

2M 

29k 

IS 

ffft 

m 

iR 

60S 

ilk 

uk 

2027 

Ik 

lft 

ik 

227 




2911 

9ft 

5ft 

5k 

SOS 

30k 

39 

30ft 

*8 

5 

4ft 

5 

M 

V 

» 

ft 

ltd 

lft 


lft 

N 

w 

M 

1171 

M 

Uk 

UR 

HI 

lift 

% 

W 

22* 

9 

M 

n 

163 


16 

26R 

W6 

4ft 

4k 

6ft 

MU 

lft 

It 

H 

W 

27ft 

27ft 

TT\ 

67 * 

IN 

Uk 

12 

1® 

9M 

SI 

Sift 

20 

Sk 

4k 

*k 

230 

Ik 

lft 

Ik 

1H 

h 

% 

% 


5ft 5k 
Uk Uk 


22h 21k 
ion m 

34ft 31ft 
0k 7k 
Uft 15ft 
2* 2M 
2ft lft 
■ft 1ft 

“ft “*? 
M* 6ft 
14k 13k 

7 6k 
19ft 19ft 
17* 17ft 
41 59k 

A A 
lft 111 
5ft 5 

7ft » 

A A 

m ion 

3WW 20ft 
Dft I» 
29ft 29ft 
29ft 28ft 
ft ft 
6k M 
ft * 
I7J1 17% 
UN II 
13Vf 13k 
12k ii« 
loft lift 

Uk u 

K 1R 

"ft "ft 

lft IN 


Company Par Amt Ree Pay 

IRREGULAR 

SIHeknoGM b .252 8-1 9-2?' 

Sltwastefli Thrift _ .19 7-28 B-B 

Terra NtJroacn _ 108 8-4 8-29 

Westerned Hn . .151 GO 8-20 

STOCK SPLIT 

Empnsa Noc De & - 4 hr 1 ciflt. 

Keane Inc 2 for 1 ffipBt. 

Lai daw Inc A 10 common stwras tor each 
share hdd 
Mtad Inc 2 furl spflt 
Pinkertons I nc 3 ter2 1 
Reinsurance Grp Am 3 
Texaco Inc 2 fori SpRL 
Valera Energy 1 sha irof VblemEnugy new 
for earti sriate of Vetera oid held. 

STOCK 

BHICotp - 1JS6 84 9-2 

Carolina SltiBk _ .5% M 8-18 

INCREASED 

CentexCara O 07 9-11 10-2 

Dean Food Q 30 8-15 9-15 

HFFtnd ' O .305 8-71 8-3S 

Iroquata Bncp Q .10 8-5 1 8-29 

UnearTedi Q .06 8-1 8-20 

SIS Bancorp Q .14 8-4 821 

Texaco Inc Q .90 85 g-10 


Company 

Wachovia Cam 

Yonkers Rnd 

'INITIAL 


Per Aral Rec Pay 


O A4 84 9-2 
Q 06 7-28 815 


Earthgratra Ca n 
MGICIrtcn , . 

ManilnwocCan - .1 

RetmuranccGrpn 

REGULAR 


- 05 815 831 

- 025 811 9-2 

. .1125 9-2 9-10 

- 04 88 829 


REEDER CATTLE (CMER) 

sum Bt.- cans per ft. 

Aug 97 BSL97 SZAO CJS -020 W.192 

Sep 97 sun S23S 82.62 -025 3330 

OCT 77 HL95 8250 8200 -0.16 iUM7 

Nov 97 8*05 8305 8XS7 +002 3JM 

JtelW B435 83.70 Ufa —0.10 1071 

Mar* 8300 8130 DAO -0.15 131 

Estsdes 3J31 TIh/s. sites AIM 
WsoPteHt 24013 off 4*0 


DjKW 0720 6485 6494 

. 0765 


Spd 433% 434% 63400 43500 90 

***> M7JM W 7 " W^Sr, W 61^^ ^ 

Sod 49SQ0O 694000 647000 468000 J‘J=X*F* N Pe » tOWO 

Forward 705000 706000 678000 678500 

Tin J2S38 .12577 38057 

Spot 530100 531500 530500 531500 -J2]M .12J* .12165 H7Q 

ftnwrt 536000 5370.00 535500 536500 .11*0 .11770 .11775 4JM 


One (5pKW M« Grate) Thu's, idta 4.909 

Spd 16*00 166500 159000 159100 WsawHnf 39JHJ up TIB 

fftwert 161300 161400 T55B0O 159900 J-AKJWTH STERLIMe II ibcci 




NCoroBna Not 
Potomoc El&Pwr 
pRwMenceEnar 


TransAflaCwps 

USTIne 

Voraodo Rtty 


8 075 9-S 183 
39 85 815 
b .76 815 9-15 
- 1-39 815 9-15 
O JKS 815 9-1 

Q 38 84 822 
Q 33 9-12 9-30 

Q JZ 84 811 

Q A6 9-15 9-30 
Q 32 81 812 

Q J5 9-5 9-25 
Q 35 81 9-15 
Q A1S 9-10 830 
Q 33 86 815 
Q 43 812 826 


Aug 97 12.17 11-22 B202 +002 UJ93 

0097 7430 7122 7487 r-OLg) WSJ 

Dec 97 7DJS OSS 7117 +0A2 5A57 

Feb* 48J0 &31 48J0 .+0.13 3JM1 

Ate* 6X95 63J6 61B5 +0.12 1046 

Est.sates 8.961 Thu^. scries 8156 
ThtrtOMRH 360*0 up 04 


Mgh Law Qua Chge 


5£WNT h sterling cuffs 


Financial 

U5 T. BILLS (CMBt) 


ISA 1 2001 136453 
54* +?02 124491 


M ss mm 


PORK 8BXIE5 (CMER) 


Jut 97 8708 8160 8440 —1-20 133 

Aug 97 85.15 8220 8X45 -ft® 4061 

Ftt* 72. T7 713 71.67 -M 1JM 

Est ides 1,965 Thu's, series 2,312 
Thu's open tar 5416 off 170 


SI (nison-ptsef Ido pet. 

SwW J49I 9490 9490 -001 7JS6 

Dse97 9482 9481 9481 7* 

Mte* 9477 +006 36 

Estates 52 Thu's. sates 310 
Tiki's <nn Int M92 up 19 


3 ^45 9-2 JD-J 

005 9-6 815 

Q 84 84 812 


5 YR. TREASURY (CBOT) Om ff 

1100000 teln-ptsasiihi at 100 pet Son </J 

Sen 97 107-30 107-14 147-20 -04 22M73 od97 
Dec 97 107-10 107-05 107-05 —04 4,737 Dec 97 
Mir* 41 Mar 98 

Est.Sdte NA Tft/S. ides 31278 Jun98 

Thus open Ire 2330U up 1337 Sep* 


O .19 88 82 


a-anaaal; brtpmaim^ aiHKHt aer 
slaateADIbii iiinuUi In Canadian fuadsf 
BHueiittliB o i f oar firt yis-asral a m ad 


Stock Tables Explained 

Salas Agues are unoflUaL Yleai^ Mghs and km rafled ta previous 52 weeks plus the curort 
WWfcbuf«ttalctesMrMflngikiy.WTi«aas^orttadti8vhjenriaixMtagto25petCTrtonTiiira 
has been p^ftHytooWgtitewraa^ eh dhridettfne shown f»IJ» new sms oo ly.Untess 
cflieiwbe noted, rates oftMderah ttra unraxridoburaomertebasdJoflltH West tedoiulitm 
a - efividend also exha (s). b • anmjal rtrte of drtdend plus^ock<fhrUend.c-BquMating 
dMdend. cc - PE exeeeris99.dd ■ arited. d ■ new geortjr taw. dd - has In the lost 12 months, 
t • dMdend declared ar paid in precedng 12 months, f - annual rafe> Increased an last 
dedanmon. g - dMdend in CanatSan funds;, sub|ect la 15% non-residence fax 1 - dividend 
declared after spfil-up or stock dMcend- 1 -dMdend paid ihfc year, omitted, deferred ar no 
adton taken at latest Svidend meeting, k - (fividefid dedared ar paid this year, an 
aoaumafadfte issue wfth dtvidands in arrears, in - a muni rate, reduced on last decimation, 
n - new Issue in the past 52 weeks. The high-taw range begins with the Start Oi trading, 
nd ■ next day rieflwery. p - MtW dlvtdend annual rate unKnwa P/E - price-earnings ratio, 
d-dased-end mutual fund, r - dMdend declared or pokfki preceding 12 months, plus stock 
dMdend. s • stock spBL DMdend begins wtih dale of spilt sb - safes, t * dividend paid in 
stock In ptecedhig 12 manthb estimated cosh wlue on ex-dMdend or esMllstinuflon dote. 
M- new yearly high, v- hading hoBe«.!it -in bankruptcy or teceiveishlp or being reorganized 
vnderttw BonkrvptcyAcLarsecurf1iesossinnMtiiywdieBmpanie5.wd-wtie(idf9Mbuted. 
wi - when issued/ tew - with warrants. R - ex-dMdend or ex-rights, affls - ex-disMbuttan. 
xir - without warrants, r- ex-<&vidend and safes in full, yid - yiekL z - soles ta tuti. 


COCOA (NCSB 
» raMc tom- s Pte ton 
Sep 97 151* 1S0I 1507 -4 

Dec 97 1565 1556 1554 —11 

MOT* IS* ISM ISM -4 

Mar* 1620 1616 1616 -t 

Jul* W3i 1432 1634 — < 

Sep* 1654 1648 1651 -i 

Estates 3.994 UwH.Hrief 94*1 
TftTs open Int *,934 up 389 


-9 ISAM 
— 10 24237 
-6 23.959 

-6 HL443 

-4 1,277 

—4 V*3 


lBYRTREAJWirtCWn 

noo 0 oo prin-pii a, 3M*e(ioopCT 

Sep 97 11809 109-29 11800 —85 367^71 

Dec 97 109-28 109-22 109-23 —05 130M 

Mar* M9-IS —05 228 

Ed. sates NA W sates 77004 

Ttartanenlrt 381003 up 3180 


IE TREASURY BONDS lOWT) 

(8 pCT-iiaD0OO-pft A 3»IA ei lao pen 


+A04 n*0 

5^2 72.73 gi42 92.70 +005 +30*7 

2^S ”-74 net 9174 S?37 

j£(£ Sm 52 + S JM 

M nJ9 ^ 2+3,5 

g™-— *7 101251. Prav.aatas: 88761 
Ptar.OpenftL- 624988 op TUB 
MMNTTi EUROMARK CLIFF EJ 
OKI rrtBon.phcrilOOpct 

AugW 96J9 9M8 96J8 +002 U37 

ta* 96.73 9400 96.71 -001 288^4* 
to* NT. NT. 9605 +001 LOT 
Dec* *07 9601 9605 +001 298OT 
Mar* *44 9607 9643 +4UU jum 
ta* 96-25 96.18 9604 +80] m.3X0 

SIS U "Ch. lSw 

25^9 ^ 9SJQ UndL 137,688 

S5 SS S3 
Sfi S3 ^ 

*04 -002 44011 
9508 —0.02 36,762 
Ete sates: mem. Pm. sties 356083 
tatoptelnL: 1,608018 up 8.788 
MJONTHPiaORIWATIF) 

mramon-ptsonoopd 

S6P»7 9603 9647 9600 —002 61346 


Thu'sopninr 90073 up 2327 l 

®ASOIL0PE3 

^ delta per meirte (on - bft al lOO (o« 

6UB97 167JS 16*50 16700 +2JS 19067 1 

W 97 17Q05 16805 17050 +135 B.S® 

N0*97 171 00 14905 17105 +100 S«B “ 

Oke97 17350 171-00 17305 +100 1W0S ' 

taw 17205 17105 17*00 +100 7035 ' 

Nto* NT. NT. 17205 *105 1147 , 

fftv. open lot: 71073 up 9SB 
BRENT OIL (IPE) 

taho,1 ' WObow ** — ; 
IS- 59 1831 1«03 +0-09 77013 
Od W 1465 1R35 1809 +OJ» 34*0 ' 


£S IIS II 44 14W +0JP 11072 

0*SJ loan ia« 1609 +007 17019 -f 


11“ lftss +007 17019 + 

M US IIS 1M2 +tt07 11183 ■ 

fl*” 1*40 1882 +007 1443 , 

MW* NT. NT. 1878 +006 2017 . 
&1. solos: 24071 - Prav. eokn: 32,990 * 

P*M.open InL: 173L414up 5059 r 


Sep97 11H6 Ili-a U5-C1 -09 493,917 0«97 94*3 9600 -OM SS 

its lltvl ns u‘!n ~M3 


Stock Indexes 

SVOTMP. INDEX <CM8Q ’ 

taxlmtex 

JS-TS MUD 94*00 -iKi kwi 
OK97 WOOD WZC0 W*® — J.M * 

. W5JS 1091 - 

Tftrsnpenht 1 B 6 J 97 up 9 S 3 1 

CAC40 (MATIF) 4 

FRBp per index poM ■ ■ -* 

3031.00 2987:03028^0 f«jD 2^101 ■ 

D«:97 303400303600306800 +090 970 ' 

tote* 2601 S. 

Open tat-- 71797 Off 499. 




COHFEEC(NCSE) 

370SO tes.-e«nper lb. 

Sep 97 18200 17508 1)630 -4.M 11.997 

Dec* 17620 157.00 157.25 -806 6.U5 

Mar* 14B0B M0O 14400 -840 1235 

May* 14300 WUB 14005 —129 m 

JUf* 13600 13500 13500 -045 48S 

Est.sates 3049 Thu'S. softs 90S 
Thu's open ire 23031 up 456 


Mtrwiu.13 IU-12 11*02 -09 I6JB Jun* 96J4 9*17 9819 - am 2BM 


Ed- total NA Tftj's. sales 340056 
TIM'S open Int S5403S Off 1158 


) !*j? W 790 Sm* W.H 9603 9607—002 3*587 


UBOR 1-MONTH (CMER) 
SlmSflan - pk of UBMt. 

Aug 97 9*37 9*36 9*34 

Sep 97 «*36 9635 9406 
0097 9433 9*33 9*33 
Est series 2040 Thu's, softs 4.775 
WsopenW 41,199 UP 472 


9M0 9503 9508-802 27,140 

M0f99 *71 9504 9508 -802 17,180 

Ml 99 9556 9508 9503—802 9J70 

EAstetnoua. 

Open InL: 240.949 up 5.977. 


FTSElogoiPFE) 

D£n^ h SmSnn 2S® UtxJt * \ 

Dec97 49410 49600 49420 -20 4074 V 

^.soft*: 8,181 (hte. rates: 18139 J ' 

PlW.opwitefi 7EUM9 up 6« = 

: £.i 


SUGAR-WORLD 11 (NGSC) TlunopenW 41,199 UD 672 

1 11009 Bn,- cents po-fo. 

0097 11J0 1LS5 1103 +007 189.708 «BMA" GOV. BUND (UFFE) 

Morn H.91 mn 11.90 +111 52414 

May* 1103 ItJi 1101 +0.12 1U23 ta* M MjS3 102.91 -0.14 282.954 


Ju>* 11.35 1IJ0 11.73 +011 5J41 
ES.safts 23.110 Thu's. site 14007 
TIViopenM 181093 up 2122 


D«97 102.12 10100 10205 -0.13 11,110 
Ert rates.' 185,185. Ptw. sales: 220081 
Prav. open InL- 29*066 up 7.2* 


IS EUROLIRA (UFFE3 

30M m.1 mOkrt -pboMOOpcS 

Sep97 9133 912) 9131 +<im m.m 

Doc 97 9171 916] pup 94570 

tar® 1^2 91,8 wo 44101 5&721 

taW l^P, 9436 Unch. 39,763 

ta« 9454 9408 9*55 UndL 31311 

J.9S6 Dec* 9*67 9*60 *407 UndL mil 

1.110 Mar* 9*68 9*61 9*68 uneft 1^344 

fat sate* 61299. Prev.iataK 5*398 
Pnv.apentaU 363092 up *437 


Commodity Indexes . 4 

Qom PnMWt- 


y&AJto 1 J4A4# 1 

nfR 1.71300 1,90900 - 

Putures 14902 149J4 . 

23808 237 JS - 


7 






5 Selling 14 

,'»rL. • 4- “t »n r ,„. 

ziinJOS?'- ennj ' ^ V 

?? ^rSnn;?>^u 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 26-27, 1997 

EUROPE 


PAGE 11: 






\.L t ; i— ,- r - 

?»• «yWof ■ i n !, ern »iion 1 , 

u>i liS. 


i'+. s 




-^■paitfr 


5!9cks 


an- 

“F Hrccr.3 ■* »’ 
b> 

*r*isN?. ; ^rP‘ Te cinoUi 

" IS^^SSS^ 

-s fjjjj ; ... . 1 ‘^'nonjn^ 

■az- por^j • .r.?;. 1 .^^ 

i;? ^nciiijJ* 

toe eiron.i'r., ’" ' :,u ' ln,lj mn !' 

** 

r..s . : ~ ,' n J “*r 

ffi- wS?* 

icr-or- •-,... ' ■" * Cs Aiiic J - 
ih- ^ ,r,l! *ielig 

in* I:\ j . v ’*'**+ 

KiT-n-;: 

Sttj-. T.... .. rs?"? 3 *-*: 


. .... ; pen^ 

- ;* -"Tion^l •• 

- B-!: *!h n . *. 


• » _ " 1 J — ;■* -■ Ur.T: 


* .. ‘ ■ 1 cr tt 

7 % ■** r --- «a’a*\ 
‘".-7 ; ' • -• • -^r ■’ 
....' ■.': ' 7 - ‘ '■' 

• \ ; V- p«s 


Jospin 
Says Paris 
Will Pass 
Euro Test 


CavpHcd tn Om SufiFnm Dtifuahn 

PARIS — Prime Minister Li- 
onel Jospin reaffirmed Friday 
that France would meet a key 
target to be ready to join the 
single European currency at its 
scheduled launching in 1999. 

“We have a meeting with 
Europe, and we want to be 
present," the Socialist leader 
said in his first radio interview 
since taking office after his 
party’s election victory June 1. 

Mr. Jospin also vowed to 
keep his election pledge to 
make employment his top pri- 
ority but warned that job-cre- 
ation measures could only act 
“progressively. " 

Since taking office. Mr. 
Jospin has had to steer a line 
between deficit-cutting policies 
to meet the deadline for the 
single currency, the euro, and 
those needed to meet his elec- 
tion pledge to cut France's 12.8 
percent unemployment rate. 

The government unveiled 
this week a 32 billion-franc 
($5.17 billion) package of mea- 
sures aimed at cutting France’s 
deficit to meet the single-cur- 
rency target this year of a 
budget deficit of no more than 3 
percent of gross domestic 
product. Ah audit of France’s 
public finances this week pre- 
dicted a deficit of 3.5 percent to 
3.7 percent of GDP. 

Mr. Jospin said reaching the 
target would be “a little more 
difficult” next year because 
there would be no repetition of 
this year's one-time transfer of 
37 5 billion francs from France 
Telecom to the state budget to 
cover pension liabilities. 

Separately, France’s trade 
surplus rose to a record 16.49 
billion francs in May amid a 
slump in domestic spending. 

The government moved this 
week to raise corporate taxes to 
help cut the deficit Analysts 
said the move would discour- 
age spending. 

(AFP. Bloomberg) 


Three’s a Crowd, Liquor Giants Tell LVMH 


CmpM hr Our Stag F rr*» Dupatrkn 

LONDON — The liquor giants 
Guinness and Grand Metropolitan 
said Friday that they did not want the 
French luxury goods company 
LVMH barging into their merger. 

Bernard Arnault chairman of 
LVMH Moet Hennessy Louis Vuit- 
ton S A, has been jockeying in recent 
weeks to make the merger a three- 
way deal, trading vast quantities of 
shares in both Guinness PLC and 
Grand Metropolitan PLC to try to 
strengthen his position. 

But the two London companies, 
which want to form a huge global 
beverage company called GMG 
Brands, issued a joint statement Fri- 
day that said Mr. Arnault’s propos- 
als would result in losses for all 
shareholders — except LVMH. 

Guinness and GrandMet said tax 
costs associated with Mr. Arnault’s' 


plan would amount to £1.5 billion 
pounds (S2.5 billion) “and possibly 
significantly more.” 

Mr. Arnault has objected from the 
start to the merger of Guinness and 
GrandMet, valued at £21 billion 
when it was announced in May. A 
deal between the British companies 
would form the world's biggest li- 
quor business by sales — with 
brands like Johnnie Walker scotch 
and Gilbey’s gin — and include 
Burger King restaurants, Pillsbury 
food and Guinness beer. 

LVMH, the largest shareholder in 
both Guinness and GrandMet, has 
suggested instead that the compa- 
nies merge all of their spirits and 
wine businesses, then sell the brew- 
ing operations of Guinness and the 
food businesses of GrandMeL 

Mr. Arnault proposed that his 
company would hold 35 percent of 


the newly created beverage com- 
pany, and he says his plan would 
produce cost savings and brand ben- 
efits of £65 million a year. 

The London companies scoffed at 
the projected revenue benefits, 
“which are unsubstantiated — are 
unrealistic." 

Guinness owns a big stake of the 
Moet champagne business, and said 
that, based on its past experience 
with die French group, “the prac- 
tical difficulties of achieving this 
level of savings should not be un- 
derestimated." 

But LVMH said it would con- 
tinue to focus on building support 
for its plan among Guinness and 
Grand Met shareholders. 

“Moet Hennessy Louis Vuitton 
is not surprised,’ ’ an LVMH spokes- 
woman said. “We knew the man- 
agemencs did not like our plan." 


Rich Bids in Russia Telecom Sale 


Bloomberg A fwi 

MOSCOW — A group led by 
Uneximbank and Deutsche Morgan 
Grenfell won an auction for 25 per- 
cent of the telecommunications 
holding company RAO Svyazinvest 
on Friday with a bid of $1.88 bil- 
lion. 

The group, known as Mustcom 
Ltd., also includes Uneximbank' s 
sister company. International Co. 
for Finance & Investment, as well as 
the Moscow brokerage Renaissance 
Capital. It bought 25 percent of 
Svyazinvest plus one share, a stake 
that gives it the power to block 
changes to Svyazinvest’ s charter. 

‘ T really like the winner, because 


they have lots of money," said Nail 
Ismailov, chairman of Svyazinvest, 
referring to the "unexpectedly" 
high bid. 

Svyazinvest controls 85 of Rus- 
sia's 87 regional telecommunica- 
tions companies as well as RAO 
Rostelecom, the country’s dominant 
long-distance and international pro- 
vider of telephone service. 

The group’s offer beat a bid of 
$1.71 billion from Telefara BV, a 
group led by Russia’s Alfa Group 
and Telefonica de Espana S A. 

The share sale opens the way to 
billions of dollars of investment in 
Russian telecommunications, part 
of which will be generated by steady 


returns from a market of 150 milli on 
people, analysts said. 

“Svyazinvest has a program to 
spend $3 billion on investment 
every year to the year 2000," said 
Vladimir Bagrov, Russian telecom- 
munications analyst at United Fi- 
nancial Group in Moscow. 

“With the help of their new stra- 
tegic partner, they'll be able to at- 
tract it. The size of the sale sets a 
huge precedent for Russian privat- 
ization." 

Telephones are still relatively 
rare in Russia, with about 19 for 
every 100 residents, compared with 
an average of well over 60 for every 
100 residents in Western countries. 


Chemicals Buoy Rhone-Poulenc 


to ?■ •*' 

ex. 

y. j ’ 


Coaiptlrd byOar SuffFrom DUptnchn 

PARIS — Rhone-Poulenc SA 
said Friday that its second-quarter 
profit rose 20 percent, more than 
most analysts had expected, as high- 
er chemicals earnings offset a de- 
cline in drug income caused by 
losses at a U.S. blood-plasma ven- 
ture. 

France’s biggest drug and chem- 
ical company earned 934 million 
French francs ($151 miUion) in the 
second quarter, up from 777 milli on 
francs a year ago. That brought first- 


half results up 14 percent, to 1.61 
billion francs, and prompted the 
company to maintain its forecast for 
a 20 potent increase in per-share 
earnings for the year. 

The company’s chemicals divi- 
sion saw a 66 percent increase in 
profit as charges from a cost-cutting 
program declined. That offset a 15 
percent drop in operating income 
from pharmaceuticals, which were 
hurt by production problems and 
losses at the Centeon venture in the 
United States. 


Rhone-Poulenc ’s chemicals divi- 
sion absorbed 3 million francs in 
restructuring charges in the second 
quarter. Thar compared with 210 
million francs last year, when it -cut 
its bead office staff by 400. Rhone- 
Poulenc employed 75,250 world- 
wide at the end of 1996. 

The company expects to save 200 
miUion francs a year as a result of 
die job cuts, which are expected to 
be reflected in the results for the 
second half. 

(Reuters, Bloomberg) 


Brokers and analysts said the 
fight could drag on for months. 

Guinness shares closed at 595 
pence, down 4.5 pence. GrandMet 
shares fell 3 pence, closing at 613. 
Shares in LvMH rose 17 francs, 
closing at 1,629. 

But the Guinness chairman, Tony 
Greener, expressed confidence that 
an accommodation could be reached 
with LVMH, either before or after 
his company’s merger with Grand- 
Met at me start of next year. 

“We have seen already in the past 
few days some shifting ’ * in 
Arnault’s position, notably that be is 
no longer insisting on 35-percent 
stake in the three-way business, Mr. 
Greener said. 

LVMH has spent 12 billion francs 
($1.95 billion) in cornering an 11.06 
percent stake in GrandMeL 

(AP. Bloomberg. Reuters, AFP) 

BA Weighs 
Entry Into 
Discounting 

Bloomberg News 

LONDON — British Air- 
ways PLC, which has so far 
sniffed at competition from up- 
starts such as EasyJet Airline 
Co., may be preparing its own 
discount airline to counter 
Europe’s new breed of low-cost 
carriers. 

BA said Friday it had hired a 
marketing consultant to study 
the low-cost market. Analysts 
say dial may be a prelude to a 
move to defend its territory 
from the fledgling group of car- 
riers taking advantage erf the de- 
regulation of European routes. 

“Low-cost travel in Europe 
is a coming trend, and clearly 
it’s evaluating how far down die 
road it wants to go,” said Chris 
Avery, an analyst with Paribas 
Capital Markets. “Some air- 
lines in the U.S. have found the 
formula to work, and BA could 
malrp another attempt" 

The move could help BA cut 
costs in the short-haul Euro- 
pean market where it barely 
turns a profit A low-cost carrier 
backed by BA’s marketing 
clout may be able to repel 
EasyJet and the year-old earner 
Debonair Holdings PLC. 


=mdax:z.. : 

Tim — — 5200 j. 32M i 

$ f »» 

i 3600 J-* 4800 -m JlV 

r 3600 4600 ARM! ** A JfjT \ 

i 1 -] 

} 3000 IT* 2W 'F"M T A _ Srn^ 

1997 1097 5; 1997 ; 


■ ■;£ ’7- l-\r 






i WORLD STOCK MARKETS 


FridaftUrily25 

Prices In local cufrerdes. 
Tefekurs 

Mgh Low Clasa Pm. 


hcusirjs Amsterdam 


i4 -**•» . 

* -j 

' . x 


■ - -f « ~ 

- ^ i i:a — 

7"- • .ri r : ■ 

rZl-miX. **3 

_ I. .. I .T »■ 


Amsterdam aF'KfJES 

PIMHCtUxB 

ABN-AMRO 4M0 48J0 4»j D 49 
Aegon 140 157.40 159 30 159 

AhoJd 18430 180J0 101 JO 181 JO 

AfczoNoM 303 29230 79) 29110 

Boon Co. 151 JO U44D 14740 146.70 

Bob Wesson 4570 44 44.90 44J0 

CSMcra 101 99 JO 100 JO 10030 

OcrttKhe Ptf 11540 11330 1U80 1.14JD 


Deutsche Bank 12X50 121.55 171 JO 119 

Deul Telekom 42 AO 4235 42^5 4330 

Onsdner Bank 8730 80.80 81 B3 

Fresenius 359 355 255 359 

FteseriusMed 152 15030 152 150 

Fried. KfV|)p 32550 321 32580 32550 

Gete 11650 11 430 115 115 

HeklefoflZmf 159 157 157 157 

Henkel pfd 105J0 104JQ 1QSJ0 10430 

HEW 4S5 451 451 45S 

Hodrflef 80 7930 7950 7850 


5oraniK*jf 

Sasol 

SBIC 

TlgefOots 


Hlgft 

Low 

Close 

P»*v. 

High Low Oom 

Prov. 


High 

14360 

141 

141 

141 

Vendome Unis 

462 

445 

4-45 

460 

BIC 

1008 

41 

40 

41.50 

4160 

Vrxtotone 

2.99 

2.94 

196 

266 

BNP 

278-50 

njs 

5&60 

59 

» 

Whitbieod 

862 

8+S 

8+8 

8+6 

Canal Plus 

1171 

217 

215 

217 

217 

Wil iams Hdgs 

331 

3J6 

176 

3J0 

Correfour 

• 4219 

8060 


80 

80 

WolseJey 

AA7 

4+0 

4+2 

4+7 

Casino 

292.90 





WPPGfoug 

2A5 

XA2 

2+3 

2+5 

CCF 

290 


. DSM 
'Elsevier ■ 
Forth Amev 


- Gehonlcs 

". r -* j. S- Brecon 

•-V: iter 


*4 -I- ‘ J . 

/i •- 


Haameyer 717.49 17459 717J9 777 

Hetneken 331 £0 324 33050 326 

Hoaammora 13650 12150 12650 121-SI 

Hunt Dougins N.T. N.T. N.T. 9350 


. i :: ■.*. ■ 
-4^ i-. 


; - »-. r. 
. - r • 


- •* m— 




Hum Dougins 
ING Group 
KLM 

•• KMPBT 

- KPM 

' IM GP 

Nutricn 

OceGrinfen 

PtiHosElec 

Polwroin 

RmidstodHdg 

Robaco 

Rodomco 

RaSna> 

Raetdo 

Rnym Dutch 

UmvercM 

Vanda tak 

VNU 


Woden K1 on 27X90 270 


228.70 221 228 227 JO 

38-10 37-30 37 JO 37.90 
98 96 96JO 97-60 

73JQ 7DJ0 71 JO 7Z80 
75 7140 75 74.10 

7IZ40 77459 777J9 777 

331 JO 324 33050 326 


NX N.T. N.T. 9150 
19330 101 101JQ 102.60 

70.90 7050 7070 7050 
4740 4550 4740 45 

85.10 B4J0 84J0 05.10 
66J0 6460 «J0 65 

343 339 341 339.70 

256 257 360.10 

17350 17050 172,10 171 JO 
550 101 10150 10400 

221 217 710 JO 220 

207 20150 207 20450 

6740 66.90 67 6750 

20&M 20U0 20630 306 

in 119 119 121 

11350 11U0 11350 11190 
452 446 451 JO 448 

IU 11130 11140 113 

4750 46-30 46 JO 47.10 


Hoechst 

85.90 

8570 

85J0 

8a 

Kmstndt 

676 

670 

676 

666 

Ltiimcrer 

88 

85 

85 

8160 

Unde 

1313 

1293 

1293 

1295 

Lafthowi 

34+0 

3590 

36J5 

36J0 

MAN 

561 

557 55960 

560 

AVroresmam 

80? 

79260 

793 

801 


MetnlgesatsdMft 38.1 0 
tMn 9750 

Munch Rueck R 6530 


SAPpM 43480 


Sdwikw 201 

SGLCfflton 248 

Siemens 12450 

Springer (Anil 16*5 

SuedBKker 890 

Thyssen 419 

Veba 10350 

VEW 577 

Ve&wogen 13M 


3740 3745 
96 96J0 
6450 6530 

552 552 

75J0 7650 

410 41QJ0 


Kuala Lumpur 

AMMBHdgs 14.90 1470 1480 1470 

Genflng 12 11 JO 11.90 11.90 

Mol Banking 2425 2550 2425 2SJ5 

Mai InS SUp F M.T. N.T. N.T. 6.70 

PetrenasGn 945 9 JO 9J5 945 

Proton 11.60 11J0 1150 11 JO 

PuUcBk 4.02 390 192 4 

Renal o 152 344 152 346 

ResortsWortd 8 785 7.90 795 

RnthtnnsRM 28 2750 27.75 28 

Stare Dnrfcy S50 EJ5 84S 850 

Telekom Mai 1090 1040 1X60 10.30 

Tenagn 1180 1X90 71.10 1X90 

UMEntfrwm 1890 1X30 1X60 1X80 

YTL B45 8.20 X35 8.15 


201 197 199.10 19430 

248 246 247 250 

12450 121 JO 12240 12X80 
16*5 1 663 1662 1670 

890 884 889 897 

419 414 414 423 

103 JO 101.70 .102 10160 
577 573 577 578 

■*” 774 779 773 

1375 1375 1423 




400 396 396 398 


- r -.. 

: -J V. 


Bangkok 

AdvInfoSm 228 214 238 212 

Bangkok BkF 240 232 238 242 

JCrungTlMlBfc 3450 32.75 3450 3X25 

PTTExploc 400 396 396 398 

5ten Cemwi F 600 558 558 5B8 

SfamComBkF 129 126 .128 126 

Tetacemosta 47 39J5 41 39-50 

Ttni Airwop 52 51 51 5X50 

Thai ForoBkF 157 VU 153 147 

UMCOfflffl 121 118 120 120 

Bombay semtxxuecAWJi 


Helsinki KEX6enMhllBitacSS49 


Enm A 
HuWornald I 
Kemira 
Kasfco 

Mfifito A ■ 

Metro B 

Metso-SerioB 

Neste 

NcWoA 

Ofton-YbfyiKN 

Outakwnpu A 

UPMKymmene 

Vobnel 


4 4X20 
235 228 

5150 SO 
77 76 

2420 24J0 
172 168 

44.60 43 

138 139 

449.90 44450 
195 19350 
10420 10X50 
13X50 13210 
8950 09 


600 558 

129 126 

41 3925 
52 51 


5S8 SB 
128 126 
41 39-50 
SI 5050 


157 146 153 147 


Seesex 38 tadec 41*921 
PieriMB 422657 


Hong Kong Hogs^isai: 


Petta 49250 


920 90025 90150 9I75D 
1385 1360 1379 JS1 38450 


IndDevBk 9525 94 95 9450 

TC 511 . 502 50450 51X75 

ttdsMMorTet 280 27425 277.75 279 

ReriarwiKl 353 344 351 252 

StadeBklnda 32450 31525 31950 32425 

Steel Auihortr 2375 2275 23 2375 

Tata Eng Lkd 39550 381 38175 39523 




•; *• . > * 
• < * '5 ,‘J • 


Brussels 

Almanfl 

Boro lad 

8BL 

CBR 

CoJruyt 

OihoiJuLkm 

EledraW 

Eledrafloo 

Forth AG 

Gewjert 

GBL 

GenBaAquo 


-t- PDMwfln 


y 


BEL-20 Mac 2592J4 
PnvfMh: 258151 

1 7000 16800 16875 16900 
8080 8020 8080 8020 
9920 9800 9920 9800 

.3400 -3265 3400 3340 
1 9300 19150 19225 19300 
MOO 1965 1995 2000 

7890 7850 7880 7880 
■3665 3645 36# 3655 
■8170 8100 8170 8150 

3445 3365 3445 3390 

.222 .SE2 .53° *50 

14900 14700 14725 14850 
16025 15950 16000 15973 
14575 14300 14575 14525 
5010 4990 5000 4990 
1U9 11100 11350 - 11300 
3850 3750 3850 3780 
23250 22800 23250 22875 
1ST00 14925 15025 1J1M 
143700 137600 142600 143600 




i-y , if si . 

v- 

; v. r > , . •>.- / 

. ■ ,. te* - 

< ■- ^ ' . 

* :r% ~ 


Copenhagen . sMVnMn 

r a ' Pn*iens:.647J8 

385 370 J84 380 

366 354 362 360 

• 1010 999 W10 1005 

„ _ 398 387 393 392 

Clatfte BK 70 J6 754 764 769 

uoSwntergB 419000 415000 415000 420420 
£5 1912 B 290000280000 29000Q 290290 
F15 ndB .256 240 24&5S 25X26 

KabLrthmne 746B6 744 745 74SL65 

JhoNortek B 785 735 -762 780 

987,98 SB 987 9B9J3 

TfkDannteB 398 390 . 392 397 


Bk East Asia ■ 
Caltwy Podflc 
Che ung ton gi 
CK lnJmslrudl 


Hang Umg Dpi 

tar 

Ld 

,.K China Gas 
HKEfedric 
"KTetacanm 
Hdgs 


HutcMsan 

HnaiDev 

Johnson 0 Hdg 
Keav Pinos 
NwWbridDev 
OrientotPrea 

PeariOriefrim 

SbmLandCa 
Sth China Post 
SrtePocA 

wnoi7 


Jakarta 

Asha Infl 

BktnfUnfcn 

BkNcgin 

GudaigGan 

mOSttfflOrt- 

iDdctfacd 

Indosal 

SaoponuHM 
SenenGinlk • 
TeWomwAn 


Prerioas: 15709 J3 
X15 &T0 110 X1S 

220 3180 31.90 3220 
525 14J0 1520 14J5 
675 7525 75J5 7525 
6.15 25.95 26 26 

45 4420 4420 4470 
7 JO 4620 4740 4670 
47 4590 46 4690 

920 9.10 9.15 925 

420 U1Q 1615 U10 
116 113 114 115 

X60 X45 825 X40 

825 6725 6775 68 

620 1585 15.95 1655 
220 3120 31.90 3240 
OJO 19J5 1950 20 

685 470 673 428 

— — 261 263 

n otju 70 7025 
620 2375 2610 23J0 
150 12J5 2225 2320 
925 19.10 1925 19.10 
50 4920 4920 49 JO 

3 250 2,93 193 
127 124 126 127 

175 9020 9125 91 

655 4_50 423 423 

JSI 7 AO 765 745 

m 720 725 725 

120 6820 6X75 6925 
. 3060 3070 3140 

18 1720 1725 1720 


composite Mac 71 U6 
^Preriues: 71225 

9750 7750 7750 8550 
1825 1800 1800 1775 
1425 14)0 1425 1425 
9450 9275 9375 9450 
4250 <100 4125 4175 
53B0 5300 5300 5300 
7750 7625 7650 7750 
9225 9200 ?K5 

5050 SHOO S25 ^5 
3925 3900 3925 3925 


AMMBHdgs 1690 

Goitlng 12 

Mol Banking 2625 

MaHnSSdpF N.T. 

PetroresGas 9^5 

Proton 11.60 

PuUcBk 602 

Rencaa 322 

Resorts World 8 

Mima ns PM 28 

Stare Duty X50 

Telekom Mai 1X90 

Teawa 1170 

UttEntprwns 1820 

YTL X45 

London 

Abner Natl X24 

ABedQonreaj 422 

An^an Water X02 

Argos 636 

Aida Grow 122 

Assoc Br Foods 522 

BAA 6 

Barclays 1223 

Bass X56 

BATInd 536 

Bank Scotland 635 

Blue Owe 618 

SOC Group 71-30 

Booh r 7.93 

BPS hid 3.19 

BrftAenreg 1129 

Bril Airways 637 

BG US, 

Brti Land 612 

BrtPeto 8J3 

BStyS 625 

BrtStwd 127 

BrtTetacom 653 

BTR 1.95 

Burmah CdsM 1X40 

Burton Gp 1J2 

Cable Wlndess 606 

Cadbury Sdrw 190 

GorttorCbrara 420 

ConuaUWon 602 

Compaa Gp 615 

QanfaSb L92 

Dton - 5J6 

Sedneorapments 637 
Energy Group 65 

ErterortseOfl 690 

Fora Colonial 170 

Gent Acddert 9.1T 

GEC 370 

GKN 1X05 

GtareBUcome 1353 

GnaiodoGp 117 

GroodMut 622 

GRE ‘ 108 

GreenofcGp 657 

Guinness 602 

GUS 614 

HsEcHIdgs 2ED1 

ra 9 jo 

hnpl Toboccn 370 

Wrwflriw 7JM 

Ludbroke 220 

Land Sec 922 

Lasrno 274 

Legal Gent Grp 630 

Lloyds TSBGp 643 

LucasVartty 1J6 

Maria Spencer 693 

MEPC 499 

MoasyAsMt 1 m 

NattondGrid 220 

«sr ^ 

Hed 733 

Nonrich Union 3J6 

Orange 110 

PU3 627 

Pennon ■ 674 
fttintittn 172 

PojwGen 7.9S 

Prarfer FomeS 536 

PrudentU 6 

RifitTKkGfl 7.92 

(to* Group 160 


Market Closed 

The Madrid stock market 
was closed Friday for a hol- 
iday. 


Johannesburg 


BgBB 

Frankfurt 


AMB8 
. Addas 


_■ .■ • n iwn 

Vv-py^V 

• '* .-.i- Bk Berta 






421 409 415 410 

474 416 m 423 

D AX: 421724 
Prreton: 433574 

.1900 1850 1890 1890 
217 213 216 20620 

47120 466 468 470 

183 175. 17650 18120 

4UD 4X80 41.10 4X90 
71 7X10 7X10 71JD 
7620 Z5L2I 7655 7520 
Wl .97 97 10220 

77 JO 75BS 78 A) 7570 
90 68 W ' 88 


Bftwg 3X3 393 39. 

BMW 1495 1481 14 

WAGCofcnfn 18650 182. 1 

Cpnunefrirenk 64J0 ,4180 63. 

D«»lir Baa 1493 147.10. 14X 


«' 99.70 9680 


An^oArrMJxp 2633 
AoglaAniGdd 2j0 

l Xr M J 

cSlsmBh 2535 
Do Beets 16475 
Ditetanteto 313 
FslNaltBk 4Q 

Gencnr 1BJS 

GF5A 90 

lmpaWWos 

gsr“ m 

jolnnlesmdl 6650 
Liberty Hdgs 388 
UbertyLS 148 
Lilrre Stmt « 
Mtowa 963 
Narapak 1X50 

NedST 10X25 
RemtmndiGp 4610 
RfejreniMi- 7X25 
RustPkrifewm 76 


* Purifies 742698 

3390 USD 343 
260 260 260 
2623 2623 2623 
2383 2393 2393 
1973 197 197 

12 I3J5 13J5 
5475 5175 5475 

25.10 2515 2S25 

164 164 164 

31.10 3X75 30J5 
33 39 JO 39 JO 
1X25 1X80- 1X90 
38.75 33 893 

60 613 613 
223 2320 2320 
2.99 102 102 

64J5 6125 6425 
387 3B7 387 

144 145 U5 

1755 173 173 
93 9175 9475 
183 183 183 
993 99.75 99J5 


753 7525 7525 


Reed Wl 624 

RerittUrefel 810 

RwtaiHdgs 641 

Raora 220 

RMC Group 93 

Rets Rims 229 

RgraJBkScot 625 

Ruin 1DJB5 


RewtXSunAB 508 

Saeway 4 

Srfinsbury 439 

Sdmdfits 1X10 

SaBNewarte 7 25 

SortPewr 447 

Seeurtor 23 

Sesorn Trent 83 

Shel Tronsp R 438 

Slebe 1027 

SmJft Nephew 1.75 

StaBtiKBne 123 

Smiths M 73 

SflianBec 462 

SkuKsach 7.1S 

Stood Charter 1X07 

TaetLyta 426 

Tesco 138 

Thornes Wirier 8.10 


Utd Asswooce 429 


UM News 
WdUteftles 


FT-4E 100:48513 
PiwSbbk 48623 

8 619 822 

426 450 <60 

7J5 7.96 7.94 

624 63S 634 

127 13 13 

S3 556 523 
5,73 SJ1 5.97 
123 1227 1224 
X47 83 857 

520 527 53 

421 425 43 

412 416 418 
J1J5 71.11 7123 
73 73 73 

3.15 3.18 X19 

1103 1113 13J0 
63 63 627 

140 146 220 

603 606 6J5 

612 XI 4 821 

425 432 427 
13 13 154 

410 413 420 

13 1.94 1.95 

10 JO 1X32 1X38 

120 121 121 

5.94 6M1 6W 

5J4 5J7 SJ7 

479 475 A&l 
63 7.02 6J5 

611 613 615 

2J7 2.90 257 

526 527 528 

425 425 433 

649 651 651 

620 6X4 657 

13 13 13 

93 924 9ST) 

356 350 263 

9.94 9.94 1X04 

1228 1128 1347 

7J4 613 727 

6 613 616 

3 104 204 

452 452 457 

520 . 555 6 

696 603 615 

551 Si6 5J7 
19.92 2X09 20.19 
857 9-20 94J9 

245 359 272 

678 721 725 

256 IS) 258 
921 921 942 

270 174 173 

416 421 427 

648 659 660 
120 1J1 125 

677 693 688 

493 497 498 
1X39 1W 1336 
157 250 160 

521 688 5X3 

X36 842 X«9 

732 720 730 
117 33 124 

227 229 110 

608 613 624 

663 671 675 

13 13 13 

7J9 721 7X1 

515 624 510 

689 557 691 
7J2 7.78 7X8 
346 156 348 
943 949 922 
193 195 195 

615 623 627 

224 227 2.09 
419 436 420 

134 134 133 

948 967 ■ 957 

125 1 26 127 

423 631 645 

9J2 9J4 9J6 

493 4«S 607 

196 199 199 

428 638 638 
17J0 17J0 nxs 
728 741 742 

443 443 446 

248 228 248 
tJt W «28 

431 434 433 

1X20 1031 1X13 
1J3 1J3 1JS 

12.19 1236 1123 
745 750 747 

456 450 458 

659 669 7.12 

936 9.73 W.IO 

421 422 424 

432 433 436 

7X6 110 7X6 

477 4B2 479 
607 614 612 

197 2.99 3 

1732 1733 17-35 

424 424 429 

6X6 409 6X7 

727 732 731 


Manila 


Ayala B 
Ayala Land 
BfcP&ffp W 
CAP Homes 
Marfa ElecA 
Metro Bank 
Perron 
PCIBmk 
PM Long DM 
SonMigud B 
SM Prime Hdg 


Mexico 

Alfa A 
Banacxl B 
CemerCPO 
CKreC 

EmpModema 
GpoOmoAl 
GfoFBconer 
Gjxj Rn Inbuna 
Kfnh Clark Mw 
Tetevfc aCPO 

TelMoL 


PSEIeda:257Z49 
Prerifies: 2571X8 

1730 1730 II 
2U5 2150 21 J5 
156 156 156 

X50 X70 X60 

82 8150 82 

545 550 5SO 

ISO 6 610 

229 229 228 

920 930 920 

57 58 5630 

730 730 7 JO 


Beta tadreu 4789JI 
PltllOBS: 476245 

5690 5840 5690 
2X95 21.10 21.00 
3840 3X50 3935 
1346 1344 1340 
4470 4480 4475 
57 JO 5740 57 JO 
240 161 160 

38J0 3X25 3X2S 
3120 3180 33.10 
11670 117.00 11X00 
2040 2045 20J0 


QMfire 

ChristianDior 

Q_F -Dexia Fran 

Credit Agrtata 

Danone 

EK-Aquriatee 

ErtacmtaBS 

Eurodfaney 

Eiwotuanet 

Gen. Etwx 

Homs 

ImeM 

Latage 

LMrand 

LVMH 

SireiT-ran 

MUwitaB 

Prate A 

Pernod Ricord 

PeugeaJOf 

PtnouB-fMnt 

Pronwies 

Rerawd 

RexfiJ 

Rh-PomeoeA 

Sanaa 

Schnekta- 

SEB 

SG$ Thomson 

SteGeneroto 

Sodecho 

HGobafa 

Suez 

5w iBre tab a 
ThomsonCSF . 
rowB 

Ustoer 

Vote 


6B0 655 

1050 1038 

582 565 

1255 1255 

572 W3 
£85 664 

890 840 

9.15 X90 

7 JO 4.95 

753 733 

-40X90 399.90 
149 832 

410 40160 
1260 1222 
2515 2450 

1645 1586 
701 699 

386 373 

<30 42110 
312 306 

695 669 

2890 7800 

2 Mi 2570 
18680 177 

1685 1670 

259 253 

585 562 

360 346.50 
1074 1039 
522 513 

791 778 

3150 3060 

8S4 837 

16X5 16X5 
825 782 

168 163.10 
<16 602 
125.70 122.10 

39 9 3B9Ja 


995 997 

278 265.60 
1157 1154 
4217 4150 

287 JO 27X50 
290 286 

663 670 

1042 1038 

575 564 

1255 1265 
977 957 

683 665 

884 862 

9J5 X75 

7.10 £-90 

752 737 

407 396-50 
841 826 

409.20 405 

1243 1208 

2493 2453 

1629 1612 
695 698 

382.90 371 

426 424.50 
310 306-50 
695 64B 

2850 2B00 
2623 2585 

18220 179.30 
1680 1660 
259 248J0 
£B5 557 

359 339.60 
1047 1065 
517 
7B5 
3150 3055 
864 844 

16J5 16,90 
795 778 

164 161 JO 
615 60< 

123.70 125 

391.60 296X9 


MoDoB 

Non&anfcen 

PhamVUWotm 

Sandvft B 

ScantaB 

SCAB 

S-E BcrfenA 
Sknnctia Fan 
Skanska B 
SKFB 

SpartwnkenA 
Stora A 


High Law i 

27150 270 

268 266 
296 291.50 
259 248 

234 277-50 
176 159 

91.50 9X50 
334 319 

347 344 

229 ZD 
179 172 

130 128 


Milan- 

ADeraaaAssic 

BarCOnalU 

Ben Rdeurare 

BcadIRorao 

Benetton 

Crtdto Itobno 

Ecfison 

ENI 

Hal 

General Assfc 

IMJ 

IMA 

rialgas 

MeSasta 

Medtabnnoa 

Morttedfcoo 

OM1 

Parmalat 

PITS# 

RAS 

Rato Banco 
5 Potto Torino 
SM 

Tetocnai ItoPa 
TIM 


Montreal 

Bee Mob CM 

CM Tire A 

CdnUttIA 

CTFWSw:' 

Gaz Metro 

GfrWestUfcoa 

brnaco 

IrwestaisGip 

LobtawCos 

Noll Bk Canada 

CuefceorB 

RogsrsCorara B 

Royal BkCdo 


MlBTilttaaMCMl5094Xfi 
Preriads; I5M6J0 
16700 16110 16350 16480 
4445 4375 4400 4450 
6350 6100 6200 6070 

1559 1510 1513 1510 

29300 27800 28950 28700 
3625 351 J 3600 3620 

8690 8200 8295 8605 

10630 10455 1Q500 10460 
6400 Awn 6358 
38800 37600 38550 38150 
18365 18100 18320 18300 
2745 2675 2740 2700 

5940 5675 J7X 5815 
8300 7885 SIM 8250 

12750 12280 12750 12565 
1214 1184 1185 1201 

490 460 461 461 

2645 2585 2590 2595 

5095 4975 50HI 4905 
15730 15535 15580 15550 
23100 22250 22700 21750 
15000 14790 14805 14895 
11880 1 0700 10710 1 0710 
11940 11720 11853 11146 
6320 6205 6230 6155 


Sao Paulo 

BrodescoPM 1 
Brahma PM 81 
CerataPW t 

CESPPM J 
Copei 1 

EWrohras S£ 
ttoubancoPM 6! 
Lfetf Senate Si 

ftSrSrasPM 37 

PautetaLuz is 
SUPtortonoJ 3 
Sacra Cruz 1 

Telstra* PM 13 
Tetanig 18 
Tetal _ 16 

TetepPM 37 
Untoanco 4 
UjJratoa* Pfd 1 
CVRD PM 3 


lUO 1130 
799 JO 81000 
6X00 61.00 
72-50 7220 
18X9 1X99 
57XX0 57199 
61X00 62X00 
55199 560X0 . 
450X0 450X0 . 
310X0 316X0 . 
194X9 196.00 
35-50 3X70 
11.15 11.15 
155X0 1 55 JO 
181X0 181X0 
158X0 160.10 
365X0 365X1 I 
4X00 40X0 
1239 1240 
29 JO 30X00 


Sc Sydney 

826 

£ SS 8 **" 

£52 

371 ^ btaW ‘ 

s & 

2* Comofco 

1 

Lend Lease 
MIM Hdgs 

£0 NatAustBar*. 
065 NatMutoteHdg 

KS 

B44 PubBraodaist 
Rio TWO 

7J9 SI George Book 
L-39 WMC 

WKtpoc Bkleg 

ritootowths 

“ Taipei 

L,B WhayLBete 
35 Chtmg Hwa Bk 
X0 CWooTungBk 
L30 China Deretoirt 
Steel 

JO nnlBank 
X0 Formosa Pteflc 
DO Hua Nan Bk 
XO InflCbmmBk 
X0 Non Ya Plasfcs 
XO SWnKongUte 
XO Totem Semi 
9) Tatung 
30 Ufd Mot Elec 
X0 Ukl World Oita 


Stock MataWa:9ML91 
Prertow: 943X42 

154 ISO 1S2 151 

127X0 120J0 12750 122 

77 75 75J0 77J0 

142 137 140 136 

3230 31 JO 31 JO 31 JO 
128 120 128 122.50 

£6X0 6150 65 66 

3150 125 13150 1Z7 

68-50 66-50 67 68 

74 71.M 77 73 

19JO 115JD 1)8 116 

153 147 153 143 

4X70 4730 47.50 4X60 
128 12150 128 120 

65 6350 6330 6150 


Seoul 

Da are 

Daewoo Heavy 
HgredriEng. 

Korea El Pvrc 
Korea ExchBk 
SK Telecare 
LG5eroicDn 
Pahang Iron SI 
Sorosunq Dbkry 


CorepoiBa tadrac 733J4 
MriM 739X4 

101000 91000 100500 100000 
7»0 7600 7790 7700 

22500 21000 21100 21400 
12300 11500 12100 12100 
27«Q 27000 27200 27000 
5230 5030 5030 5070 

480500 470000 473000 470000 
42200 39800 42000 39600 
63600 61200 61200 62X0 
47000 45000 45000 44800 
£9700 67500 67500 69000 
9700 9600 9600 9690 


lidMtlirtMK&ttM 
Pravtan: 37S6JS 
49Vi 40V4 4814 49U 

DM 2760 27M 27 JO 

39 JO 39 39.05 39 

m 43^ SM 42.90 
18J0 I860 I860 18U 
32=4 32-10 32.10 32J5 
4ZJ0 41J0 4160 C 
32M 37k 3216 3260 

2X60 20% 2M 

17 JO 17 JO 17,75 17X0 
38 37.70 371* J7M 

36,10 36 36X5 3M 

2765 27 JO 27 JO 27W 
1X60 1065 1060 1X35 
67.90 671* 6714 67 JO 


Singapore st**-,;** 


Christiania Bk 
DennorataBk 
Bn m 
HafskndA 
KnemerAn 
Norsk Hydro 
NanfceSkooA 
Nrm rart A 
OrUa Asa A 
P*»« G«*K 
Sago Paten A 


TnnsxeorfOfF 
Storebrand Asa 


Accor 

AGF 

AirUquMe 

McmAfedti 

Aro-UAP 

BaMcire 



OBXtate 

<87 J5 


Previns: 

Of 63 

146 

14260 

14460 

147 

193 

19! 

19260 

189 

2X80 

24-50 

26J0 

26J0 

31,70 

3160 

31+0 

3160 

149 

147 

148 

14860 

47 

47 

47 

47 

435 

432 

422 

436 

401 

369 

39560 

39860 

as 

282 

285 

285 

147 

US 

147 

146 

5*3 


536 

538 

408 

403 

408 

40260 

147 

145 

145 

147 

U360 

142 

143 

145 

N.T. 

N-T. 

N.T. 

590 

49.10 

4860 

49 

48 

935 

CAM* 302564 
PmifiOli 297362 

901 910 922 


Ado Poc Brow 
Cerehoi Pcc 
QtyDevfc 
CrdeCoul 
Dairy From 
□BStoretan 
DBSUnd 
FrauriNeow 
HKLand* 
JardMaBwsn 
JantShdeglc 
Ketxwl ■ 
KeppelBank 
KegpdFMs 
“ MLand 

OSlhtanKp 
PratawyHdgs 
Sembawanfl 
Sing Afr foreign 
StmLoM 
Sing Press F 
Sing Ted) Ind 
ftteTeterna 

Tcn»aaik 

UMIodusM 

UfdOSeoBkF 

WtaflTalHdgs 

•; bU£ data*. 


595 5J5 

5X5 $60 

14 13J0 
13 12J0 
QJ3 081 
3X40 20 JO 
A86 474 
10J0 lOiO 
156 150 

6J0 6J0 

162 360 
6JD 6J5 
176 172 

S 4.90 
466 

1550 15X0 

9 JO 960 
660 6J0 
7.T5 1 

1190 TITO 
765 7-50 

27 JO 27 JO 
182 170 

2J0 171 
270 2X8 
1.17 1.14 

1660 16.20 
4.18 4X6 


190 5X5 

565 5J0 

1390 1170 
1190 1190 
0X3 0X1 

2X30 2060 
4X6 472 

1060 1060 
156 153 

6,75 6J5 

U2 158 

660 665 

174 3J4 
4JZ 4J4 
AM 464 
1550 1560 
965 955 
650 650 
7 7.15 
Tin 13X0 
760 7 JO 

27X0 27 JO 
352 182 
172 1» 
190 188 

1.16 1.15 

1X30 16J0 
4X8 420 


Tokyo 

AOnomoto 

AD Nippon Ak 

ArcteW 

AaoNBonk 

AioWOtem 

Asahl Glass 

Bk Tokyo Mttsu 

BkYetartama 

Brtogeitona 

Canon 

QiutaEkc 

uwaoku Bee 

DdlSp Print 

DaU 

DoWcMKarg 
□atreiBank 
Ootaa House 
DchwSec 
DO I 
Denso 

East Japan Ry 

fS&, 

Fuji Bank 

FuUPhato 

Fifptsu 

Hoch^rtBk 

Wtochl 

Honda Motor 

IBJ 

(HI 


220 21360 219JD 209.10 

968 950 967 969 

803 776 TBS 7B7 

399.90 39S 397 394J0 

765 745 753 741 


Stockholm 

AGAB 113 

ABBA 10S5Q 

AssfOamui 230 

Astro A . 1HJ50 

Adas Copco A 230 

AiriDOv 29150 

BedrotokB 624 

ErfcsianB 371 50 

Hennas B 340 

Incentive A 673 

Investor B 433 


5X11 ra te 3 50 37 

preview; 354365 

109 11J 10850 

105 106 107 

225-50 226 225 

146 147 148 

21950 220 228 

29L50 293 293 

615 621 620 

362.50 364 353 

332 336 335 

668 668 672 

419 423 429 


B*Vbk«to 

JAL 

Japan Tobacco 

Joxo 

Kahn Sec 
Km 

Kawasaki Hvy 
Kom Steel 

SS« 

Kobe Steel 
Koaiatai 
Kubota 
Kjocera 

lW 066 

AST 

Mata Conn 

Matsu Elec Ind 

Mata Elec Wk 

MtaubteN 

MSubtaNCh 

MJtsubbMB 

MfcwWsWEst 


MbsublsnMa 

MBsubfeWTr 

Mltsto 

Mitsui Futon 
WW Trust 
MnataMfg 

Nte 

WtoSec 

Mrtendo 


NMal 225; 2038954 
Profiteer, 2M84J3 

1170 1150 1160 USD 
764 7 52 757 751 

3600 3550 35^0 Wen 

924 901 912 920 

£30 617 £30 5W 

1090 1060 1070 1060 

2300 2270 2290 2260 
515 609 614 605 

2840 2BOO 2810 2790 

3520 3460 3490 3510 

2030 2020 2030 2030 

2010 1990 1990 2000 

2640 2620 2630 2620 
904 875 8B9 905 

1470 1450 1460 1470 

604 596 601 SM 

14)0 1380 1410 1380 
855 843 844 8S 

B370n 8250a KOta B270a 
2870 2810 2840 2830 
5400B 5330a 5430a 5310a 
2620 2590 2600 2630 
4900 4750 4820 4860 
1670 1650 1660 1640 

4B20 4720 4730 4790 
1710 1660 1680 1700 
1120 1110 1110 1120 
1300 1280 1300 1290 
3730 3640 3 

1740 1710 T .... 

425 416 419 430 

SO 550 570 570 

6920 6660 6900 6900 
538 530 533 539 

9000a B9Wa 8960a 8970a 
3540 3490 3500 3530 
629 620 628 618 

2258 2200 2220 2230 
1730 1680 1730 1680 
S25 516 525 521 

347 341 346 343 

675 665 669 677 

1130 1100 1110 1120 
202 199 202 202 

B38 BIS 838 828 

522 505 523 503 

9570 9470 9540 9430 
l PM 1970 15*0 1960 
5» 583 510 506 

505 483 501 500 

2100 B340 2090 2040 

4920 4750 4840 4B70 
2400 2380 2390 2380 
1» WOO 1430 1390 
1300 1280 1290 1290 
328 322 325 324 

666 650 650 666 

1780 1730 1760 1790 
MS Bfl M 84S 
760 719 739 770 

1300 1780 1790 1790 
1100 1080 1100 1090 

1610 1580 1580 1590 
770 761 763 784 

4940 4910 4910 4710 
1658 1630 1640 (640 

2000 1970 2000 I960 
694 683 469 680 

11100 10900 HOOD 10900 
874 854 869 B49 

563 554 562 547 




Source: Te/ekurs 








ImcRudiinel Herald Tribune 


Very briefly; 

• Credito Bergamasco SpA’s shares were suspended from 
trading in Milan for a second day amid expectations France’s 
Credit Lyonnais SA would sell its majority stake in the 
Tib linn regi ona l bank. 

• Flat SpA’s Pun to model, helped by Italian government- 
backed incentives, replaced Volkswagen AG’s Golf as 
Europe’s best-selling car, according to a research firm. 

• Britain's economy grew at an annual rate of 3.4 percent in 
the second quarter of 1997. well above the rate most econ- 
omists viewed as sustainable. The Office for National Stat- 
istics said the economy grew 0.9 percent in the second quarter 
from the first, increasing pressure on the Bank of England to 
raise interest rates again soon. 

• Luxembourg, which holds the European Union presidency, 
has drafted a proposal to open up 45 percent of the EU’s 
natural-gas market to competition over a 10-year period. 

• Gammy ’s wine exports rose 4.7 percent, to about 2.3 
million hectoliters (59.8 milli on gallons) last year. 

• President Boris Yeltsin of Russia signed into law an 0.5 
percent tax on purchases of foreign currency, Russian news 
agencies reported. 

• Creditanstalt-Bankverein AG's profit rose 70 percent in 
the first half, to 2.2 billion schillings (S 170. 1 million), as sales 
growth outpaced rising costs after its takeover by Bank 
Austria AG. 

• Britain’s Independent Television Commission has warned 
TV3 Broadcasting Group Ltd. a U.K. -based satellite-tele- 
vision broadcaster, that it must comply with British television 
standards, even for programs not intended fra- British viewers. . 

• Hugo Boss AG, a German maker of men’s clothing, said 

profir in the first half of 1997 rose 25 percent, to 38.5 million- 
Deutsche marks ($21.1 million), lifted by higher sales and a 
weaker mark. Bloomberg. Reuters. AFP. 


A10ntertta;2f91Je 
P rofito m 267640 

8L59 &64 &58 

1X32 1048 1043 
17.84 IB 17JB 
AM A0B AM 
27.73 27 J0 27J2 
1647 1647 16.72 
1627 1646 16.30 
652 641 653 

6J8 6J0 680 

5.16 SJ0 5.1B 

240 244 241 

1-88 1-89 1.88 

1386 13J5 13JQ 
2BJD 2920 2850 
1-79 1.78 
1849 1928 19J5 

2.12 1)3 117 

614 616 620 

3-55 340 160 

£02 5J32 S05 

799 B 7M 

21J5 2125 2125 

153 853 130 

7-5 9 7J4 7.59 

8.12 823 ai3 
11.09 11.15 11.08 

4.17 4.18 420 


The Trib Index pncastso/iooPM no * York mo. 

Jan. 1. 1992= IOC Lreral Chang* %changa yaartodala 

% change 

World Index 181.41 +0.54 +0.30 +21.64 

Regional Indaxae 

Asia/PadflC 132.63 -0.07 -0.05 +7.45 

Europe 190.82 -0.03 -0.02 +18.37 

N. America 213.85 + 1.01 *0.90 +32.08 

S. America 17623 +0-44 +0.25 +54.01 

Inraretrtal Indrema 

Capital goods 234.56 +1.62 40.70 +37^3 

Consumer goods 200.73 +0.23 40.11 +24.34 

Energy 200.12 ‘ +2.14 +1.08 +17.23 

Finance 137.76 -0-22 -0.1 6 +18.29 

Miscellaneous 183.53 -0.39 -0-21 +13.44 

Raw Materials 195-83 +0.46 +0.24 +11.68 

Service 170.03 +0.81 +0.48 +23.82 

Utilities 170.07 +0.64 +0.38 +1655 

The International HeraV Tftiuoe World Stock Index C tracks the U S. Ootar values at 
2B0 mtomotkinatty mestaNe stocks from 25 countries For more mtotmadon, a tree 
booklet a avadauo by tmbngm The Trto Index. 181 Avenue Cterles de Qaulle. 

92321 NauMy Codex. France. CompdoC by Btoambeqi New*. 


Nippon SM 
Ahum Motor 
HKK 

NonuraSec 

NTT 

NTTDrao 
Of Paper 

Osaka Gas 
Rlcofi 
Rohm 
Sakura Bk 
Saikyo 
Salma Bank 
Sanyo Elec 
Seam 
SebuRwy 
Sekbu) Own 
Sekisu House 
5even-Sewa 
Sharp 

Shftaku BPmt 

Shhnlzu 

SttvefcuCh 

SteHdo 
Shizuoka Bk 
Softbank 

Sony 1 

Sumitomo 
SumBomo Bk 
SanltCheai 
Sumitomo Elec 
SureHMrid 
Sun# Trust 

T atsho Pharm 
Takedo Qwttt 
TDK 

TohokuEIPwr 
Total Baik 
Takto Martas 

XilSS. 

Tokyo Gas 
TokyuCarp. 

Tanan 

Toppan Print 
Taraylnd 
TwmM 
TasJam 
Taro Trust 
Tojato Motor 
YOBtatoUClli 
a-x 10* tax UX0 


Toronto ■ TSE ladHttWi: <78448 

Provtoas: <785.15 


Placer Done 
RocaPWIm 
Potash Sask 
RenabsoiKE 

!SX. 

Seagram Ca 

SheSCdaA 

Suncor 

TdbjnanEny 

TeckB 

Tdegtobs 

Tata 

Thomson 

TotOoaiBank 

Tronsottn 

TmnsCrfo Pipe 

TrimnikRrt 

TrtzecHotm 

TVXGoUJ 

We^axntEny 


Vienna 

BoeNerUddeh 

DaotonstPM 

EA-Genrerf 

EVN 

Rughtrfefl Wien 
OMV 

OestEWtril 
VAStohl 
VATech 
Wbftortwrg Bou 


High Law 
2185 2140 
1160 176 

107 JO 10690 
35.15 3460 
3480 341* 

26.10 26 
54 5320 
211* 21.05 
39 JO 3845 
41.55 41.15 
29 2 BM 

5030 50 

26te 2655 
3520 3460 
AAVi AA 
1695 1660 
27.90 779, 

TOta 69’.* 
3Dte 70 
6to 635 
7TVt 27 
96 9345 


ATX todtt 143130 
PnVkMI; 148965 

1033 998JD1001.10 1028 
581.10 56520 565 JO 548.90 
3380 3330 3375 3369 
1640 1600 1610162650 
530 51685 51760 536 

1729170675 1715 1716 

882 865 876 867 

616 607.51 <09 <15 

2690 26&420 2668 2665 

2650 ttHSUtlSB 2635 


Wellington 

AtrNZnU B 461 455 461 453 

Brfertytat ^ 1J6 1J5 136 1J< 

Carta Hott art 180 175 178 174 

FJefdlChBWB 4J5 430 43d 430 

Ftetdi Ch Eny 494 492 494 493 

RHcjgiFonf 1.99 1.98 1.99 1.97 

FtetehttPopto 345 342 364 142 

Uon Nathan 193 186 192 186 

TgeawiNZ 765 760 765 7-58 

WBson Horton 11 JS 11 JS 11.75 11.72 


AbttHCvB. 
Alberto Energy 
Alcan AMn 
Amtenai Expl 
Bk Montreal 
Bk NoiiaScolta 
BantckGokt 
BCE 

BCTfiteosTua 
Btocbera Phrani 
BartbanSerB 
BitacaaA 
Crane co 
aBc 

CrinNaSRrt 

CdnNatlta 

CdnOcddPat 

C«to Pocffc 

Contact) 

Defuses 

Daralar 

DonohueA 

DuPonICdaA 

Ecfpw Group 

EsroNfivMng 

FakteFW 


Franco Nnnda 
GuNCdaRes 
bn petition 
taco 

iPL Energy 
LddowB 
Loswen Group 
Moans BW 
Moran kitf A 
tkmtrrn 
Moore 

Newbrtog* Net 
Ntnaidolnc 
Norctn Eoeroy 
NihernTeiemn 
Now 


PfflKttaPeten 

PefaoCda 


2865 28.10 
32H 3165 
501* 5040 
171* ]7 JO 
57** 57 JO 
6195 6165 
3065 3X30 
4160 41 J5 
349. 34 

40 a 

3265 31.90 

£ 

S 53 
3965 3965 
7W* 691* 

34U 3455 
35* 3540 
£15 4120 
40JQ 3960 
30H 3065 
1260 1265 
3216 371* 

32 3116 

24 2365 

3W 394 
2Fi 2860 
2W 73 
62M 62 

1065 10W 
m 69 JS 
41.10 Jifin 
5X10 50 

S3* 21.05 
W, OM 
1935 
9160 91!* 

“28 

2830 28 

7160 6945 
29 JO 29.10 

33 3Z65 
145 143J0 1 

1165 1160 
32 31M 

27 261* 

3440 2435 


Zurich 

ABBB 

Adeems 

AllffifestR 

BmrHdaB 

asaf°" 

CM Suisse Go R 
EJeWnwattB 


ESECHdg 

HotdafaankB 

isr 1 

Novartis R 

OetiKnBusnR 

PrageomdB 

PnramVisnB 

RkJwmwA 

Pketarc - 

Roche Hdg PC 
5 BCR 

SdrimSerPC 

SGSB 

5MHB 

SuberR 

SwtoaRcinsR 

SWfewfrR 

UBSB 

WlnterttiurR 

Zurich AssurR 


SPltadfiK 371261 

PnitoMsUIUi 

S58 2270 2270 
573 S80 571 

375 1375 1395 
BOO 2230 2200 
860 875 875 

235 2263 22SS 
BSD 3595 3550 
230 1244 1235 
L50 139 13175 

070 1100 1078 
202 20125 20175 
538 5« 540 

680 6000 6840 
650 4790 4850 
332 1348 1331 
586 90 597 

888 1899 1896 
364 2379 2400 
159 15915 164 

008 2010 2010 
925 936 925 

320 2340 2320 
316 327 316 

720 14750 U7S0 
422 425 42150 

MS 1885 1851 
D40 3050 3090 
870 891 862 

126 1130 1129 
120 3131 2123 
B36 1850 1865 
188 1689 1691 
427 1474 1436 
596 598 599 


See our 

Inlenuiticmal Franchises 

every \fednesday 
in The lntermarket 


.j ■ 

i-v-V, A 1 r ' 



F 


PAGE 12 


INTERNATIONAL mew AI.P TRIBUNE, SATURDAY -SUNDAY, JULY 26-27, 1997 


R 


Friday’s 4 PM. Close' 


RHM* 

h«u« w 


; rtjh Lot UM Cim 


task ot> no re in* uu omb 


i&isiis 


a 5 SE 

t.f n miofis 

i ! 


S :5 

S». IV* • 

e. &. fi 


W» «k SHR 

ft ( L gfcj 
y, «5 a£^? 

£"> ro* auu 

Si* Hf WAT j 


= t A * 3b 3P ■{* 
*2 3 « Ji £ C S .* 

dd ■"Wfe B 3 

JB n * 0loASR Je? S'* *«* 

“1 fi**** 

* * " fit-ss & as* -5 

as * $ » •* 

a j j s i *gs ft 33. fa. :5 

$ i j M sr g K ft 

A U _ M 3Sk gvj &* -Vk 


a# s If ia 

I» *3 jj sS 

1 fi I i 

a a ? | 

M l ! 1 1 
.« b 3 : ii 


as 



■ if 1* u - 

■ UH IJ 8 1 

IB _ V 


A B I 


17*. 9VV UK 

W* » Mua 

. *5t i-W ., '*• “ 

a* m mu « ii 

_27%i HH AsSoCol 2J7 17 


□u iTia in* »b 

9a i& as 3 

>S* Ml 5*5, -% 

.sanss ,ft a 


isn ion i 
nil i 
MR uni 


t *S *i * S! S!®' , iW JSfi « 
* = # *» r ft ?w .it 

ia> u _ mi bh iyi au .v, 

a H “ J jn £ fi *fi 

: iS K ® Si. Iu fi 


*7 nil mam a i s ja s* m -*> 

Z?» i *. aKms _ _ in b ?ir» zia, *» 

6* it% am Jo j if f&a •£« ej m »•* 
77U u% inn . a mi m m m •<* 

I7H « upl IBM 17.1 » 274 1WI 96b xr **■ 

n* a AirtMcfi _ « unci jir bn .6% 

Bin Si* Atndpns U4 so _ sszvizia hr B*. •% 

I’t 42% AuTrapK 111 u . t*0«3% n^> Oh •! 

an s>* abpb£ u ii . i a ii B 

2SR B Mop Sc _ uo M . J B £ 25 

2s n aSkmo m ii . m fi* 746% m* 

25** ZD< AnPCotR IB U . U SI M 1 

m i ri MmnSo jo is i* * im iw ft* - 

is-g;®* f aB^#Ep-3 
cm a if Jfe is b •” 

asjas- 3KB5S5SSasr*ii 
S5 KJ SfiBSi. ^ '* 5 IX S? S? -3! 

Sik ss sis£r ^ ss sr* sa •.’a 

nig i 2 ** aubTb iS K . M «*» id** n* > 

rr* ID* uni* *.IJJ _ II 10 221 220. 2»i -Ik 


BMC 2.T1 U _ 

!" B B a 


:Ǥa wJ" iSi* 

? Wk *2" H* 


ni 72 n»k zi*k *» 

#^S Si s. ft 

&■ S5. :* 

S52ol2k n*g M*« •■** 

a s* 

3 gk L Skk r 
SB. k 


Ih m AIAbTs 10 IS _ U Uh IM Tfjft 

^ 'Sft S» W 45 II ^ ‘.5 

55 IT & 2 fi I H» *1 5S lift 

r « SSSP 22 »i I ^ 5“ 32 5 •* 


Ilk 2241 AfcCni UH U 12 

i**i ii* iSae n» aa _ 

IM 12*1 MWlM 153 «J _ 

14* 12 MHAfcC I JBO U - 

57** *1 ACT CD _ If 

44 27k ABoaOpt jM 15 14 

5M a» Mdnsfi I2M U 14 

S 2M UMBl^ 2JI 109 _ 


<2 - 144 2¥4* Ml* 

» il «n nit ii*. 


«n ilk ii*. jo*. 

142 w* Iw. im 

M 1414 144k MM 


53V, TOH AJOllBfl I2M U 14 M UM ]N -k 

a 24k IMH 2JI 109 _ 144 9*4 Z74k ink -Vt 

31 S* 4BH JO 4 14 IMNoSk » SI lA 

Mk 55k UM 1JM l.l 24 9J4 «4 Mk «t*k ‘CM 

44 31V, MPlTfl 20 2 U 404 47k 42U 43*. «k 

KH1 fv> AMmST 540 40 _ > W* Wk Wlk 

Mk fllk l«|4g M IJ 17 797 dk 77k 774M -44 

D «■* 4&f4 U 47 . 16 4jv. Ml* « .11* 

S'* M IMW - Lf* p _ M 75. E>n IP* -V* 

34k 2444 MM I.N 15 1? 3064 33*M JJ*. -4k 

itvk 4 n — iii _ 32 ran » iv, ■*• >w 

Ifk I Ok Mp4on& .10 IjO - 114 Ilk I7VM 171k •** 

4k Ik MjBMkt _ - 43 4 J*k 4 klh 

ia « 3Ss : “ *8 la ik is? ^ 

«« m Ml - 17 014 401% 40 M 

ea>i 5W AM liB U 76 4*Q Sm KPi M¥. -•* 


8k 10k 4«&nB0 

*44 Ik AUMM 

a «« 
g;s;jssr 

» 34k M40 
7ti iii load 
W> 41k M*a> 

PJMggS 
&,a m 

K S3 SST 


U! *9 - S 54 $4 54 

74 I II 29 B4V. Btv. 43V. .m. 

ii u . S 23k a ovk 

21 21 I) *1 IHk Slk 244k -W 

JO l.l 27 2 ib 3 5«* 24 544k -44 

212 4l _ 1*7 2*>k 2Mk 14*. .*k 

- - 4J44 4 M MVa 44k -Ik 
_ - M34 IZk 12*7. U 4k 

_ - - 9 44* i 4 4 

— I II * 21 


22 Ilk WMi Ml 4 15 fo 71k 20k »k ik 

9M 2*4 MMOPff £5 II _ n 26k 2**k Sk. Ilk 

49k MW IMi M U II 210 65k 44V* 4M tfl 




44 Vk 9k *EP 
Ok 40k Au£c 
444k 20k ARM 
2M 34k AFod 


M3 43 - ffl 

- II 155 
MUM 21 
L40 55 14 an 

a ll II 1*54 
23 12 Of 


4k 4k -Ik 
zn. TFr. »k| 
431k at. .4k 


444. 7*k AAMCO. 100 U 12 09 44ki « 

W4 34k AFadjCT 23* 17 _ 1 76 264 264V 

9k 34 AdanCo fS 27 U AD* a 5014 

451* 365 atkn«p 157 & _ Il*44l* 4614 

14k 24«|i AC? |nM 2.11 *1 _ la 24*. M t 

hi* m accjow zaj ro - 04 25 *. go*. 

47k 4f, ACnDEpI 300 44 2913*6*. 4M 


S 6 fik 

11 


2fk IM ACCH4 
S*r 4k UM 
69. 5k ACM 
36k 20k UM 
rr. » <nug 


■4k M'g Alim 

1 ^£ «i; J5S? 

KU tOk AnMOC 
n 4k Mow 


A II . HI M MkMk 
MU- O OVi 6k 6k 
210 *1 15 BBh 2« » l"k 

OB 23 II *2 16 35k A -k 

f5 il A 14,8 Sk JK Sv. 4* 

..H >> ■* 


Ml J 21 4601577. 154 

- _ MiMfk m 

- 27 39 7k. 7**fc 


12k. Ilk AU44BK 74 51 _ 11 .U 12k Ilk 

Ilk 10k AraMfTr 46a 57 - 10 11V. 11*. IIW < M 

M* «U ABMan 57b 54 _ 4 I0*k 10*. tO*k - 

6. ,5k ADC M 13 - 215 6*. 64* 6k 

JfflU 31 'f ? 8 §S: H 58 *5 

SSf" "» f 4 ,2 8k 85S fix .*-. 

B! |R «. 30 * « nik 22k av. '-k 

P*# ip 1 * “ s ,J5 P 55 3? is 

KEff ly-^fiTTk Tk £ 

K3* a SSH S u : 1!X S S r 

Mk ilk* SJrn* Jt IS fl 2 21k. Ilk 71k 


^ s 

» AaHh 
*■*1* AUC4KA 
Vk Anm 

Eff 

,8* JESS, 


J6 35 16 

135 64 _ 

4. M 

220 15 3 


IF E E a 

ICC c s 

6 III* 11*** 11*41 - 

ii: ns .* 
b; ^ 

i 25 SC S'- .U 


1 1 & 'i 1 ! TC c f 4 

f is 44sz£f R-i 

33*. 17» AoafMl . .i E V097 31*. 30. Tl. -k 

s; ir S* s u s ms a*, s? a* 

2i* !?k K85, ^ i B fl !fc * B .« 

ir assssr is a " siaa st •-* 

Vk iru Apodlt 34 A *j 11716 36 14k XSk -k 

W-> 18k Asm. IJB Al 24 1640 Sk 24k 30k .VS 

m -* Aps 46 65 _ 357 lav. m. 10 ■*. 

25k 3J>- ApPM77n 20 U . 44 754 2571 f>* -** 

» 24W ApfVMn 204 61 - 21 251. 25^ 25k 

v 2 Sk Afumar m ij ii io irv. v-> ji*m .1 

Si 27k SSpS n 5 IJ "BS? 5?X 55 -v» 

s ^ iss 3 s r* .5 

28. Mk A*iam 142 43 ,1 B M 25«. gn* .« 

M*l 11 llA * C 05 4 11 21 IN 1J4* Ilk -k 

Ji 15k Amu* .10 B _ wi 20k 20k 20k M 

«k »;T AAMPT 30 *4 36 44 4 7k. 7k. 44 

24k M ArariMFa - ^ km ,0k 101* I0v» 

io a. Accoia 4j I, 1 6 “a j*** »■ a* •*. 

74 ISk AiotDoi » s J B8JO 73V, Sk. 5 -k 

M4 27 AiBMMP MM 4J - 1,11 27V) 27 271. _ 

B 11 Aim 1014 17 _ 47 n 27k a -iv 

2414. 24 1 . AlfPCBlA _ _ _ 1151 263b 24k Sk — 

46k 11 Al*f«H 324 U _ M ISk IS IS. -14 

7k 1. Ai u ill ) _ _ 517 34 3 3k -v» 

V K. iSFSl 250 95 16 27. 27k 27. -14 


-- .. 40 _ ,6 27k 224* 27k 

SV. Ik UU . _ 11 Bll 5V. 4*. 6 ■*. 

26k 21. AntM lip JJ - 5 24 14 24 -4* 

4J. 0k AlucpfA 450 *0 11 MA. *1. Vkk •*. 

47k 38 AnpcpfB IO It . 82 UVS 4T» 4715 

7V1 51k An* *» I J6f IS 15 I7W 721* 714* 71. *m 

0. aik inf _ IS 2525 Mi SSk B*k -V. 

6*. 3k Alto _5* 7f« 4-, 4k 4k ‘V. 

£* 5. Anti A 23 H 436 122*-. ,12V. Ok. .. 

3J-. 23k Amko JO 44 13 1601 33*. 37k 33*. 

14k i«k A sum 40« 15 - 1287 HIS II. Ilk 

44k. 3S». AtMC I * III U 17 IV* 4fk* 4*k - *» 

IVl Ilk AMP* 844 Eh - V* 111. Ill* Ilk. 


w. Ilk Aua N ^ 
15. Vr. AMPU 
3**1 21- AguSd 
11'. «V AWT* 


21- Aausoi v£ 6 28k 2*8* 28k -4* 

«V ASJolV W 4 - 45 V Ilk II* Ilk 

TV 45CAM Jm 71 6 3J0 3V, Tk 2k -V* 

20 AlgSa 106 01 1* 420 22k 22k, 23V* 

261 AvdEUpl 244 «J _ III 26* J6V* ]6k 

3T. AacfCap 4) a 21 sv 43k Ok 9k -I* 

lev BAHAI I* II - 2S7 16 k 1(8* IBk 4* 

144* AMoOl 180 II _ 716 17k Ilk 17V* ■*» 

M tHWl Ik 1.1 ,2 ,6*IN 17 114. "k 

13 ACfiOtf _ 5 *8 10k lav. HI, ... 

25 V AKvid 1.R 75 _ 4 25*h 35*. 2P. 

la MEv* 154 83 13 4*1 U*. 10i 16k* 

5T. UkM 3-85 Al 12 (4,0 70*5 0k 68k - ,J * 


0k. IT, AatfCap 
70k. lev 60oA( 
18k 144* 6MI 
12*. 7*9 tHWl 
J0V-. 13 ACtiCC 
2S-* 25k AMS, id 
ISk 16 UEUtt) 
75k sr. AMkhi 


7*1’. in. ABAC mC 3JO 8 


St T. JSf rp ' 

IO* 10-1 A*M 
«* 33>l AMI! 
36. Jl>» ACE5 Tffl 
SO*. 37-* AMdOI 
32k ltr, jutaZm 


1 80 41 20 3,4 74*. Mk 23k -k 

IJ6 45 - 07 Vk Vi 3*k« -k 

2JB «J - a 77^1 7T-, 27V. ->i 

lie IJ _ I OB 10k »7- 10*. 

OS 4 _ iv 12 Ilk Ilk. _ 

.up _ _ 1*0 17 3*6. 76. -k 


SO*. JTt, AbUO M * 7S «40? 50k 46k 04V V, 

33k ie-> jutoZane _ 74 29V 264. n*. 38*. -k 

286V 71 V AwdnaPr 12 54 26 426 2B»b 29* 20* -V. 

26*. 74 Avail p(A 2J5 1* - 21 26k 74V. 26*. *. 

28=1 24, AMBB0 124 64 SO 24. 26k 26k •». 

t* H HOB _ - 20* 1*. 1 ,«* -** 

« 7k /Mall - - 10 ID* Wk UK. •** 

27, Fa AMbail _ _ _ I la «k K 

30k 15k kBripl M _ _ 4 3B*k 30*. 

4T, 24. AwiOl OB IO fl 2027 0 0*1 

14* ,7*1 AM _ JV 0 15*. 14k. 

2tk If MM _ il 638 214 »k 

«4k If* Am OB .8 16 4fl 66lh M 

It 41 Asm IN 17 Jo SSI* 734V no. 


IL 


7 Jo ssi* Tin m. 

_ _ 6 ilk lit* 

- 12 2ttl 7k 7 

3M -4 30 330 17V* 16*. 

M >8*. 78k 

1241 13 l7 773aSOV — 


« BV* a a : ,4 ^ S' r* 

,4k If, BB4M n 67 _ 723 B*. *** 


Wk £, 6|JSM flO U _ 121 ru 6** 83* - 

M Ik BECU . . in 4* 4k 48* - 

41* 20*1 BoKEi Ion «T 26 80 40. 401* 40. ,k 

44. 32 M _ 31 1381 44k 0. 64 .1* 

£ I Ok EHu _ _ __}* as. K> 3BV| 

3k ur- ju aa-. 1 ; 

^ 3R-SS&-.BH = ^ §2 k .** 

si is. « 1 iB ir ja b?. .* 

6 F* BfT - u 0 7k Vi 7k *k 

l« W nw — 10 401 • IkBk-k 

Jtv -4", BTPCgU 703 >.» - to TSk. 15V. 2F4 
2«>* 16k BIYAYCp _ _ _3 34*. 24*. 24V* -v» 

». S’. Soirra JO 22 13 07* t** 0* 8*. 

2 i uk »3u? 2564 a. - Tk a*. aK am 

n, 73. aauHa m l.l u irm Cj» env « o* 

fe JR £ IS 13 fi HS M «. y *J5 

fe ^ saa. ’i^ £ $ h \ 

PIS d n E 


3» ITtV BbnJOJ* t3» 47 * 

r '« sas jZ 0 1-i 


1*1 IK BCSMOl 42* 

*,SiS SK 2 


2K IT. BeoAEdk OU 

m if? ssstf n 
SS 1» ES5 m 

N 0‘S MMA I# 


« 0k 47k i 

_ n . Ill) 191 11 

fi D - B 4H 6*h 

» b ir ’il a r i 

* " B ^ Sk 5: ! 

fi a Ii fix an* 

I 84 ” T? ^ 2^ a* 


Tin. v Hum ii u - 15358 *n* til. n. -u 

SA*Hi4Vi BMMOU WU - f Si* m m 

88k 63, 8uap« iso 60 _ II 888* 88*k 88V* 

am 34k guSpM 1.87 77 _ 44 is* HVj »> 

26k 0 SoupM 113 02 - 77 31 750. &* 

25k. 74 BWUljA IN 70 ■ - *8 B*. *666 gr» 4* 

mi 5*4 BUni ISA 20 H 4648 ITT*. It 78V* .k 
«k 41’v SSpU UM S3 - I 4*k* 4*5. 40V. -L. 

MU EH BMPM6 115 — — 7 KM. 26*. 254. 

36k E MBPS' 188 70 - 22 3MV N : 

88V 71 HsnkTI 400 40 11 7*58 88k 0. 

Oil* 21k BA67P0 131 U - f 344* 344* i 

27k 14, MToQ 1.84 11 - 10 26k 24k J 

*. *** BurAri _ 30 l» 8k rk n <u 

26k 344 B5|pl 300 IS - 125 Tt*. 26*. 26V* tV* 

5. 27k B«8|riC uini - 31 3B 2731 2Th -M. S. Slk 

28k 36k Acs pro 147 IM - 128 W »V » _ ilk W* 

17 m BaDk 1508 1} 16 18 83V1 8ZYI CIA -1U 54JV 18k 

2* S? E« " ” 8 SJ 2- .t5 m m 

S3 £? BSR* u u »" IS. m m 

44k 24k B u mat _ 23 3066 37k S . V -*V 

ft* " 5 % ip 85 ff' 

28 v* »v Sir im ii a n m 2 W 


44k 24k Mb 

is T?ISSS 

iff a. 


07 U 15 77 26k 201 2Bk -™ 

134 17 II M] 5M, UV* SMr* A* 

3 31 SI S 

s a njs a? s 

104 S3 K TWuJOVM M » -k 

ill P - .in TS* 75V, a, 

, - 1*402 au am* n *. -»« 

w J? 2 ,U3 & 3r sr *.a 


jjj 

jil 


f J a 

mi lH 200 larji s». 


ililill 


* ! i || 

S r, | | & 

/S J fc 

IN 2J fi TggfivL 

list! 


3S% Sf- Bv. 

47H 47U 47%. 

Z£# 


iiiiliii 


fl U 11 

2 ,3 fi 




.77 JJ i 
236 . 

Jj| 

J8 3 U 

hi; 

W 3 £ 

*« a * 

04 ,4 fi 

lltll 




II I 


: jj 

!« !J 1 
| ‘j ^ 

( W4 27 Id 

IIS 

S T 8 

l 1* 

J, I fl 

3 ,3 n 

3* U 17 

<6 5 |J 

lap ? 
id 

!3 ^ : 

^ ?i * 
ii ii i 


J 8*. 1% 4* 
^ 2?' 
flp. ^ fi 
j§ JL ^* H 

64*d Jgk W* *>. 


jj CP 

815 4fk 67V. {7W, 

7* s 

if? e 

nr tsi in* isk 
sis Tv. 7k. r . 

’g Si. x? k 

m 7n« rtv» ifl'A 

34 K 


Ii fi C c 
i c e f 
j| eg 

«a.|; h. r. . 

iv si st* a>; 


$ fi. ft. ® 

I r F I- 

It II 


« TJ « 

1JN U IT 
14 i g 

210 IV fi 


& & J» 


? « 2s «■ s 


13 i 


SE tt 

if 


Jllfl 

'ffi S & T^*E 


Hi I-* 
i i ii ii p 1 

Afi fc iJl a>» 


m - 

il 


NYSE 

01* IM PS tSxjt LOT LOTS Od*| »& S *lS» Sttk DhWK l£m» Lot 

''“•ISMS fie IM 


Most dk YM PE MfiH» 


Vi IH K MQl H|* l** 


154* jjtk 'ii 

2? te * 


o» W - 
Ȥ! 
ii i 

a s 

ji! 





81 8 e 


iSil} 

jo J5 | 


_ _ 172 IV* 1 1 

t£8ctdRgr > sS:.« 

ij* 4o n cm m. m b* -k 

3 ™ hot fi?* im Si* I 

“ " ft 1 sx » ^ :a 

m i . mu b trv, tin 

^ - BfTfSS,??* 4S 

ii * n w i3 fSS 555 S. *15 



nm 

ml s tt 


m ,3 - 


Si; ^ 


/.»/* 


1 






i» a 

Vii 


is I# 


»h VMk pIU 

9 .o cm ajE m% 

U f J r«SS «i 49 A 4k 

1 72 Tip 51% SPTk *^M 

IJ 41 ffi U ink Igfi **4 

JB f . 3571 Wm r'Sn 

- *t * 

_ _ ■ it W (k 4* 

04 11 M 71M «57Vi 5Sk 58b *16 

_ * 147*14 Ik ,4 -k 

o 4w k* am am* -** 

J6 10 a 40 466. 444* 466% *4* 

JO >J - _?§■>, ■% Bk _ 

- -i J3 n. f«v. ra. -S 

S I 4 il IS7* 56k 65*. 5*U -*. 

on » mi fi. au .j* 


■aa * 


irwfi 

44k a OC& . d 4M 41 44V* 4V, 

Mk 5k cm xoof so u tro w. i»* m. m. 

TD4 ni CKM _ _ 178 _m «* 68* 

9 25 SSFU&I _ _ 1*32. M 2» •« 

14k 16* CTMt 06 10 _ 1TB 14 Uk 34 *V» 

ltk 11 CTENb 104* KJ _ 334 77*. 17k in* 

ea* 37VL GTE 3c U TSTll «5k *5», ok »* 

iP nt GTEpepfi - in u . Hi 5 ik w* _ 

felfflfSS 

my f% Sbkv mu. Tie p « fill S _ 

fly GM! IfiO VJ « M99 W*% M W»% o|% 

£ iS % S3 : Sfif ^51 

^ SS ’fi 8 ,18 % % % « 

18 11k (SSL - U *5 JOT Mb UU 


** k - a If 1 1 

1* ij fi im IL ai? as- 


i i^a- 
BU 


n oo ii 

F « a 


K 


17 MB 1OT* 10k 
17 413 116% 9h 

- IM 8*. 0. 

IB AM 2OT* 25k 


J k-f ” iS JR S aa :5 

IJO U - 1C lr. ,78* 176* >1% 

& » ’j ’IS is ® 'Sr 

a* 3 H us ss; sx « 

* i • % SX S? SS - ! X 

2 3 - 2B in* W? 27V* •>** 

10 43 14 641 36** 3D* MU 4% 

= fl 4§ s: is ® 

JBUI5 ^ g. ffij 3K»t* 

UO U j 

r ! *S ® S* & *X 

IS % z *5 

S 04 ii 'i SS 3u St 'X 

a a : *3 s% fix »• ** 

3S 8JISFSU5 *■ 

J7 IJ 5* JW43 17. 17V. 1 TV. J* 

54 4 a 1054 m* 0k am •* 

jb i.i aa 0j. 46%. 

iu. J 19 4943 38 Ik T«V« -A. 

41 25 77 475 24 *7k S» ,* 

_ - 1*4 *44 V. 41% 4*U .2% 

_ a own im* .** 
53 J 79 I3OT T8U 7N It -** 

41 U It W O 41. 41. .r, 

3» 4 41 3se B440* 43k 44** -IL* 

u. * a .S £ £ £ 4 

fi j fi *S5 Si ft 

- ? « a r it 

.7* U 3 iS fix g? fifi .« 

fi l i ii ^ j?t -X 

lfi AA I 26? IN 18% IN 'n 

U 43 H «B JJ*. fi fi. -fi 

jp 0 g |x ; 5| 

mo «i I am gh sk sk *v* 

J4 10 28 97 23k IN 

N 3 I! £ '£* g* S .U 
S J fl S'fim ft R .*« 

“■ ” » B 'Sr ’fir 'ft 

- - *£.*** x* ■**' 

“ i i J < £ E k 

ifiSioj fl S% ,W ft -'fi 

Ifl Si ,1 £ ft 185 & -X 


_ u b n w k* _ 

_ ,19187 279* 3* 36 

Ji 20 ll 244 ». 14*. ask -V. 

_ _ 7733 1B*. IF, IF. -L, 

- A 218* 77 2044 21% .IV* 

fi 'i Sias’sr'Sm'ft ft 

M 2J- f 2T2S 20* W »k -0% 


-u » in cote* 0 u ij itc ra. zf% nr. -V. 

.k n ni* cSca 0 u- f 2 ns ip* w ctv j*% 

1A BN J1U m 3 - 0 146< S6k 57k 578* 

4* ISO ilk CAM* 206* 1U . mui 24k Mk 

•V. 32k TPS iSSfa 575*33 Jt S* •» 

-H 27k l«k UOw JO J 11 IT, ii 5k ZK O. 

V* BH 20 taDu _ _ UO S. **»» Mh 4* 

fi ft* *r i0 a ,i 88 ft* >R n* ft 

fi ST ft k If a "TSJR* £X R * _ 

fi fis 1 aa 3 ii i * 5 r* r* $ 


- 27 11*60 39** 

II fi «nm ev. 

13 1 109 57V. 54. 

ii ; fl »k SS 

fj 17 15S7 57% m. 

B: SflftR 


I 

fit 


■s'* 

i 1 ? % 


» il* « 

<J»% JVWj 


Ui 26 71 7257? «** 67% -% 

i k 1 1 a a*, sx s fi 

JO 20 16 mJ.fF ft ax .« 

04 1 4 24 *55 47k 45* 47k -*V 

IJ u u tVrO 2y. Mk* 24*. -» 

.10 1 UM 8* Jk k* -k 

J2 IJ 12 U34 4V4 40* 41 .1* 

16* TJ _ 67 20*. 2BV. MV* «V* 

_ 14 B* s* Sk 5*. -v. 

Ill *0 2M5 279, 27V* 27*. .1* 

10 1* M m Bk 67 57V, .A 

_ 0 U4J 4n», 47k 47*. Ob 

3* |2 a 10 a* j*k Sk -vi 

,£ Ii S ”B ft ssx sx ^ 

H U : 18 ft 8 - ft '5 

_ _ 48 70k 78*. 30b 

- 27 IM M* M ID -JV 

A U - n » M M 0 

-37* 10 _ 20 gk 22* 27k 0 

lb 4 - IB 27k 21k 21k 0 

Of* J — M7 104* ION Wk .** 

1 JM 6J _ 76 tv. MU* 171% 

146a to - >■■%. I**b 1*0 -Vb 

146 100 - 447 1 6 V, 14V. 141. 0 

Sr j - a in is* ij* •<% 

U70 T20 _ W9 Ilk. 1OT 18*. ♦*. 

Me ,J _ 5M 10k M IM* .Vb 

1OT IJ » 449*694* 57k 59 •* 

10 7J M 249 Uk 169* 14k. 4% 

1.179 49 - 2IM Ok Zt a*. .IV* 

280* 11 II W 9i 06 9k .2k 

IT* 1 A 71 220 17. 17* 17k -* 

_ - 5 SB ZM, 22k 27* J 

IJO 10 13 38*35*. » 25*. ik* 

Cl - - 2237 *5», 42*. 43k 0 

iS !J S 1 ' ft ft 

0 17 W 1382 21*. 2Ub 21k .* 

04 J U at 4M. 47* 479. 0 

JB « >3 .10 94 tk* OT* - 

10 60 11 IBB 23k EP*. 73*. _ 

S U - n*M6 26 M -V* 

S IiaSSX S- ft 0 

u u : a Ok » m 

S a ,1 j a si s: - 

n J 3 AS ft. Sft R ft 

,SjI e 1CCC3 

u 8 i ni € e g ‘3 

IS « : 2 ft £ ft fi 


64k 0 GMH IJO ,J 17 ISO 57* 5*6. S'* 0 

5* 25 *. Sokflipoc m u . n uw &% m. .** 

X 271V 247 £3 _ 10 1*% 2MV 28*1 0 

2M ,40k £3 h 6 US IJ ft 1187*200 IW* 188% -%. 

Ilk Ik CM* - - 4618016% n»* U9h »*% 

S3 i*A 1-457, 19 U II OB SON 0*, «8U -k 

15V. 5k l3«J _ 21 SO M IN IM .1* 

21* im riOTItB 15*4 5J _ 2S5 20k g*» MOl 

27k 21* CcuMH _ 21 40 286% 5k JJ* ■*» 

4k a fiSISa _ ran o* ik n* _ 

ft 27k eftl -M 29 ll 5187 n-v 27* 0 

25k im inO j it a a if io% IM* 

ok 23 CoCUl 5 11 14 4N 29*. 2MV OTA 0t 

26 22k SKpK l-47c si _ 21 258. 258. £*, 

25 Tib GoPvpA- loot SJ _ II 34b 34k Mb -Vb 

0 a**8 C4MvpE4 10 _ _ 714 2514# 255. 25*4. .0 

161* 25 ClMpB 1J2 73 _ 5 fe* 25 L* B* .9* 

&k 25V. C^CpM 2-25 60 _ TO JW 26. -V* 

£* ii* noPcprr IS u : m ui bh m 

Bk 27* uOPCpAJ IJO 70 _ M 25 74% 25 * - 

25k Mk WCCpT* 10 JJ _ 74> 25V. g*. 25* -V, 

MU. *N GOTBt ZOO 2J 37 1662 8M «k IT. 48, 

209. 12 Cut 37 14 28 30 H% 189* IM* .** 

16V* 11U CkfA ,JM IJ _ 788 16V* 16 MU 0 

14*. 12 Cobeu 1JM W _ 474 16k I6>. 16* 0 

7k 34 UTT44B6 _ _ 111 r% 7 T 

’X ’K aar * ; f « r 'i< ft -fi 

lifiS ft 5 'i S tSiJK riSTiSk ft 

^ ^ '|§ » i ^ ^ ft ft* 3 

^ S BSr H8 8 « ft* i ft 

2™° 3 f5 S 3jR 5 r -fi 

M% 66 CMkM < Ut 1-1 22 ^J W* «M8 86k -ft 

ft » b£a .10 52 Z ??0^. 5-- B6b -■% 

ss ft sss? ■§ ?s § i r a r fi 

» s^ B n S3 1 : T: ft ft ft .fi 

34k 23k SCWc 40 IJ 14 1278 }7», 34k Vk .9. 

61 Uk GbJO 09 IJ 12 TIM 0 41*1 47*. »<* 

ft ft as 1 .£ 18 ,i "I ft ft ft *fi 

ft ft gar 52 H : ifl ft ft ft -fi 

36k 27k CAU 111 17 n IB Mk Mk 24V, a* 

OT* Mb CnMTlF JS J 17 M8lB0k «*b « V* 

IJ* 7% UM M 1 J 17 81 13% IT% 128* ,v* 

*•% 28% Gopin* IJO IO 18 1232 45k AM 44k -U 

17 ,m 6 MIM M Of* 55 - 254 ilk 118% 116% .«% 

M*% 7k vmm - 15 264 Ml* 10* 14b. 4% 

21% 4* UMI - _ ••kJ*OT0 

30% T* SSEmo JSP,. B 8 3Bk »k DM. -v, 

16% Mk COTop 100 49 777 14% ,4b. MU -U 

17k 2U CratlCI _ fi MS 14V» 13k Ilf. -n% 

Mk 14k GCAtlar JM J - IM ZJI* 2 N tty. . 1 % 

30 IK OtWi -744 J _ Jg 28% 2»v Zkb -k 

5k TV, ilFkSeri _ _ 4472 4 TV, 3*. -k 

Fig! -- E * ik ik 3 

20*. 6 k 533 L - . 7T7 16k ltk 10k ,** 

2k 1 GUDnB - - Ml Ik IV. IL. A% 

3 lb CAInSb _ I 1*7 1* 16% 1U _ 

IM 6 H ll U J L lie J 37 9541, Sk IN* T5k ^* 

n% a Sj5«» J J . Him » » 

7V* N CTWM _ _ IC74 * SUb OTb U 

Bk Ml CM - Il til 30*b > 39% *0 

gk 17k 'kaaRr 00 - . 4*0 746. 24 Z4 -1% 

g* IK SfrttT 1 U „ 1B9 2SU 2*k 25* -k 

«0% 53k C*OT 40* O . 149 66 44 *4 .1*. 

It Bk C— u - ■ 01 Ik Ik Jk «*% 

17k Bk 6 0 OT5J IY _ - SB 220 II** ID* 10* % 1% 

83% m CM 0-0 ,m *B9% ■** 06% 0 

21% 10 C0*H* M LI 12 W 7!*> 71k V«t -k 

8 k S 0924*1 - . 31 m 7% 76% _ 

JB* Pi <9cSpr Ik - 1 3 3 3 

fib M_ GUH 6 * of IJl 74 . t SSV. 25*. 25V. 

feu C HOT* B - » 2701 77V. 26% 27k -f. 

_•% «6 GBBOT - 10 a 40. 4* N 0 

flu lb HUIt Ufa 2*3 _ 383 14 15k 156% O* 

It* lit. KU L% 1O0T2O _ TO 11 12* 11 .0 

71% fg?W .17 A fi tfl 318. *n 71* .«% 

B% m HHopM 2371 *0 _ 4 6 * B 6 BW -V* 

7J«* Vb* HR 0 11875 5B% S7«% 57k -«* 

OT* 24k HLAFOM 2 CD to 10 757. 25%. Jsb. 

I«k iw* »nT - 16 Mi IN* IN% 111* -V* 

sskeurcflGrp ui u n iti m » s*% .k 

31k M Hrai - 14 « 'I 17* 17k 0 

0% 24* 1 10011 » a M 1B874 45% 44 Mk . 6 % 

5> 11k I MU OH - 1 30 Bk » IM -k 

Bk IS HouHua 14 1147 Bk, B OTb _ 


Br ifiS 

S- 


iS 

k * • 

pm. u 

24 to* pi XI9 *4 


r jgft 
EisS 

1U Sk ffl 

or. Z7% ua**t 

ft iS ffl 


27 14% 10ABH 

fn% Mk lOTMT 

r a 


_ 75T 14 M, 8b* -V* 

- (77 7 6k 6N 0 

I ]}l IS* *811 ifib •% 

1! U ft 32 ft ft 

: J'B 'ft ft -’fi 

B Ifl 4X ft '-fi 

5 *44 27k 21k 71% 0 

,5 31k ill* 3Tk *v% 

15 2S3 8% 9% 9% 0 

14 577 126% 17% 12*6 •%■ 

U W* M** ft Sk fi 

K ft R fi 

ZJ I no 26 **<% 250 0 

. a im In, rev. -% 

= 1 * £-f:S 

w *3 gj* gj gj; -*n 

3 SS |25 fi 

U 2578* MU Ur. 108. -V. 

_ 554 52*. nna 57% -*% 

19 01 41 L. Jg. 4BU% 16 

r- 1 " fi 

- fll 11% 11% ITU 0 

u uciik a. iik 

— *3 X 29% X — 

Il 04 16b Tk 2 k 4b 

ret* 

BlHas 

It 70 2M m* c* -ik 

_ IM IF. KH. 10k .V* 

_ 317 78, 78, 79k 

_ 139 1 to* m. MV. -V* 

- » 13k IN lit 

98 189% it*. 1», A% 

34 m% 126% 17*% - 

17 1747(40* Ao An *lk 

M 111 1% a W> -6 

0 16*4 0k 78% 0k ,1 

_ 2 IS*. 25%, 25%. U 

: SS ft a fi 

15 % ft ft S -'2 

it MUStbb sov% am 0 

II o 11 Ilk 17% -V. 

j Mfri i 

11 ,0 ltk NU IN* % 

’ ,S? Vft ft Vft fi 

si **% m m -V* 

: ^ 'ft. fli "m% -fi 

- ICO l£k IT*. 171% 

fl i «f* 5 s S 5 *fi 

5 M,r ,r iS* ft 

21 8 W 20?i d X 1 ' Mb. -k 
V4 612 22*k 216. 22 -1% 

r. *€ ft i£f ft ; fi 


_ 92 26* 78b 

- ,3 S ^ 

- 3 57% 57b 

s nsf' fts 

- 01 2 2*. 

- 1 17% 17V, 

44 ltd IS** l» 
14 ZJI 41k 41k 

9 X3 7ft 7% 

16 7116 80 34% 

_ mis* a, 

E 


14V, R HncFO 

IJ 11% I00kl 

j? 'K U^S 

11% 10% fiooPpe .6 U . 217 Ilk ,1% 11% -V* 

15% ,jk l» 17 . !» Ji 14% 144* . M 

Mk Tib tCcer 100 AJ _ 41*071* MM,* 

Uk 1 4k He*B IX JS _ 87 15% 1SV* 15V* 0 

fl% 1* i&cJl IJt TJ _ 57 3% 20k 37% U% 

Mt 4% HP* - B 270 60 *8* Mb ■*% 

IN IM H*6H J4 IJ 7 |78 Ifk 17b 11** ,U 

x 1BW Him M jj » IM 76*% 31k tk -k 

25% ft [jSS& c - fi m ®% ft 

27 S BbOW - IS IBM 146. 24k Mk M 

14b « MBl - M IS 156% 15% 116% .tk 

lk % U 0B90 T - I 11 lk Ik Ik 

s ft Eg; s \\ " & ft. ft sz fi 

a Bk HHTM. 0 IJ u 2544 47k 416* 42V* 0 


J2 IS 21 3*5 

■* p . I*B 

IJ6 Bo _ in 

0 7.7 _ 230 

•to U _ 217 


365 126% 17k 17*. 

1*0 826% Bk 17b 

in ilk IK IK 

730 F. k* 8k 
212 Ilk 11% ,,% 


US 5 


1JJ* 10 « JS fi " 13% 14 -6 42 

u p - 3 §5 ft. Sfi ft IS 

« rs 3 *£ g ® a? ft i 

2 ,1 ?r SSft ft 1 

w fi “ I g a ft s 

1.12 U >9 JB JM. flfi ft ‘fi £> 

is, jo * ft s? .fi a 

H g i lf .ft R ft .5 Sj 

20? t!» I 40 M Sfi 269* fi §j 

40* to 17 <C pfi Ifll ft. .1* 3 

“ “ : risk bk jj il 


© OS* ,0 1| i.‘ £*% ft 3S! ofi 

£ a SF1 J 3 » s? Sr ss* flfi I 

p* Z3k HcHCUn 13 77 . 07 2Pkl 751. I5k -*h 

ft ft m fa h « f xj& ft. » 

Xk 34 H»5“ ,-K Ij 13 fi 17% 17 ]7k -W 


26 24b UM05 

MH 77b Lamar 

s: ft bss. 

5k i loan 
,1 Uk la2nl> 
33k 14% Lank 
XU 23k LB608 
SR 3R UBM» 
lltl tk LByASE 
12k Jk UMSC 

ts 

.ft ft tsst 

12k ,5% LOTM 
711) MW UiMC 

S IM LpcNIC 
41% unom 
27% MbuLtaMpK 
16b 2466. Uadi gft 

13% 12% mow 


ft SSS8 

ft ar 


a 1 s ft? as. 

- !! iffl ^ 

if II 844 JK X7U 

il 19 Iff 75V, 2S% 

IJ II 03 10% 17k 

”! Sfi -2 

J M 23*41 nu% 0b 

L i fi nS ft ft 
*j ’S J’ft ft 

_ _ iw i^b n« 

« » W 1*»4 Uk 

ii ’fS ft Sfi 

O * m £. ,» 

15 - 458 ll«. Il-U 

IJ 14 17 Mk 44 

IJ M 7X0 ST* SOU 

U & W«WI 2AVI 

5.1 _ 5» 1U fl‘4 

u ■« si** 

IJ - 141 it kite. 11? 

14 M 1H)o7TV» 22%, 

U - ^ ft ft 

Z9 ia *M7 trv* or* 

LI _ 771 27b Mb 

“ i SS ffl 

_ IS *44 S7V. ilk 

*] Il 1857 3 Sb 

.f W HOT 4W* 4Bv-k 

u 14 sira I3P* m%* 

Ji - 71 M M 

,i ’I fe 

J * ft 


H ’i fl 


H £. 

iw**- 

■> t 

Sk J.; . 


E J. 

LH Sl - 


lfi a a 

115 - * 

■ a 8 


& ^ ' 
M% -U , 

E i 


an il ii in 

* 23 " " 


.a* to ?? *c in ifl: ft* **b 
“ “ : ft ft .s& 

Ut SJ 71 J* Bfk Ilk 328, .1% 

^ i S 'ffl S; r S 3 

JW .J II Jai ft J? “u -6% 

A U 11 2181 .8% 81% 8k 0 

UM p - £14 176* 116* 17k Of 

JM SO - 2B4 71* 71* 71V. .V* 

15 I lE.ESi-3 

j a i if EH 

Ufa 74 ic 1 K IM 1Mb •** 

ll d ( J ft » ft* fi 

--- -- „ j,jk - 


-a 10 1 J is fUJittv. lav, *7 

to Jtp - _ l3 0% JJfi 4W -% 

3 8 fu Mh rt 78. -V. 

13 fi 17% 17 17b -b 

_ S ’4% 10. Uk _ 

m Ifl M €s ■* 

^ ^ l 1 s 

\m j 5 S wS S! fBi f2f si 

k w«! IE RR.2 

- _ X 71V. 21*% TIN 

r M % ’a* fi 

3 fi ^ ft .ift 

!? fi fl 'Ifi! ft Rw p -'3 


5 Su ft o5 fi 


» 2 J E ft 

r o ’TO ft r 

3 X 47tfl »*. 40. 

fi S 1^ Bk IF 

a k ft ft ft 

“ r ’1 ^ % 


■ IM 7*1 

ft ft 

25b 246% 


IJ U 9 4U SN Db 526% - 

J j fi m as s% a? :a 

’ft a S ^ fe fi 

- * .1 m r £ .« 

152 aT 14 4711 47k 44R 47 40 

-78 !» lb 248. 2W -V. 

jj ii ft j ft W; ^ ft 

Six u «% «. c* -b 

- a &.3L Kb »k 

- S n? 1 TK 2tk -R 

- - 4736 2|U, S fltt 0 

-14 l.l M lg VSNdJW »9a tN 

M IJ S 4776131% A 31b .1 

at 1 9 17 inti 449* 43R, 4T4 0 

J d 11 J Ik fa A 0 

. . M n i I -t% 

2,1 Li I ft. ftS fi 

204 16 — lg 25% 35k SSk -U 

s i fi ?] s «? g; s- ft 

Z a » * A ft 

-iSsSferg i 

r ■: ’ft® ft: ft '.3 


% an u _ sun m iu -u 

. ’S H * *£ ft K .,6% 

k A i * ,31 Sb ft S5 ft 

Z Z fl?S flu fli. % fi 

J2 U 16 3*aT 14% U% 14k _ 

OOB 90 _ 581 61% Al 6b 0% 

5 Ii - SR 6,g 3 

’ 1 8 : 1% S 't5* »1% 

' '5 « S h S25 ft fi 

06 U 21 M 4691 4|R 4S0. -9. 

J ll il 7306 B% 21% 216% *!% 

P 3JD 4J — M B% ft** 2*k 0 

r fis 4 S .a’K.'Hi'RN ft 

: a *2 fivsf ys ^ ft a 

IJJ 7J » ^ Hjb HN gu 4Vk 

N 44itii£ESa 

\XA M a IS? H M«| 7*Va -S 


(i HMl Bk 
. 27 Bk 

7 44k 
a « » 


” W B SI 

_ 1195 M 


lllb? ift .11% 

47VV 43-4 4% 

S? ft fi 
ft ft fi 
SL fi 


10 105 _ TB IB* lg» ,3k _ 

JO £3 37 'HOT Mb m ,R 
_ a 2S6 flf 3 TV, .0, 
14% TT 14 jni Jk 31J* Jl% 0 

.jtlLFcr * 


4.1 _ 644 96% 

U . C HR 

‘Hfl 

S u t2 Try* 

- C MVm 

fi iw m 

*E a 

L] fl Eft* 

a w isss 

- - 84 bk 


45k HBBBM JB IJ 14 UU*» Wa M 0 

ft. gags i« s - r ts? .? 
ft- S3 K 8 ; 

11% IBGC Tp - 77 _g7 10 ^*1 154% 0 


3?* SfBSS 

mt in BpSeTb 

m is EE 
si srn 


ft a : a 522 ft. ft: :S 

_ 22 37 1* ISN 154% 0 

ip a :* -mr s& Sn 0 

^ i J *3 ft ft ft : 

l:!fl 35 S S fi* £*. ^ fi 

JB J 51 10* HR I5U ,6b .IV. 


iiii 

8 ’JI 

ill 


14b 14% 146k 

26 2fb 26 ,*, 

241% 06% HR -1 

S u Bk 20. -N 
16% 14k .0 

,4 ,•% m .0 

Tk, M% TW _ 

S a. a us 

ft & X ft 


i Sft 

_ M ITv. 
- 904 14 

14 «J TT.* 
15*48 

E I is* 

; ss 

E «M 

» 323 »Mk 

II 436 JIV. 

17 14 25b 

Is a ?b. 

ll€ 

e 'i 1 ®. 


6 p bn a 1% 

19? Mk .9. 
346% BV> -R 
t* ML, .1% 
17%. 170 .0 

378, ]C, ,% 

17R 17%. Oh 

13% U 0 
37 1711 -1 


lib Ub. _ 

Ff* 

BA 31vt .V* 
M M -9a 

ft Sk fi 
ft Sk fi 

95* K“ ft 

3 iff* *2 

MR nth -4 

73k 736b ** 

in 

sa ® i 


St d I J4. I’ 

: ui \ ill 
i-lfi 


0 2 47 

B 


JR ^ % l 'f : - 
i % 51 *,. • 

a* ss ft fi 

ills;- 


r^obbl V 


8 : is s : 

'B : '« 15SL ISJ. :i 


IS1K5 

£ k P I : 

*■ b h I : 


| --5 : 

ft.;' 


m 


iia« 

^ * 

fl? fl E 


■ fill 

M* : J 

IJO 25 ii 9 
,1 ■ 

ij ?i 5 *1 
“a jj 
m,a *: 

" ■? 8 | 

III <1 

% ;i !? £ 

ia r a 


l iitm> 

Jiaii'ts 

ivsDKB 


I . ^ 


« 11 


E ft 

Ej: /■ 

8 S 


L3e 19 - 


: °W77i>» 


|1- - 
1 . 1 - .. 

if 

| 4- 

[j; . 

ll: ■ 


= J 


!». !» !«?* - ■ 


4^ 

:S . fr V 


|B E 
B il f 


Continued on Page 14 


JJ J O' 








INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 26-27, 1997 


RAGE 13 


ASIA/PACIFIC 


’ if f v;i; 






Will IMF Step In? 

Bankers Hope Thailand Will Say Yes 


Ci uplrd hf Oar iiflf Fun Ouywriw 

HONG KONG — Bankers and 
fund managers are anxiously 
watching to see what Thailand is 
going to do to pull out of its worst 
economic crisis in a decade — but 
their eyes are focused on Wash- 
ington, not on Bangkok. 

With the baht continuing to 
slump, liquidity squeezed and con- 
fidence in the government's ability 
ro manage at an all-rime low. the 
best hope — some say the only 
hope — lies in the involvement of 
the International Monetary Fund in 
any restructuring package. 

At the end of the first quarter the 
central bank estimated that cor- 
porate Thailand, excluding com- 
mercial banks, had some $29 bil- 
lion in foreign debt falling due 
within one year. 

Liquidity concerns have been 
exacerbated by the baht's de facto 
devaiuarion. Companies rhar failed 
to hedge their foreign loans now 
face higher payments because of 
the currency's decline since its 
flotation earlier this month. On 
Thursday, the baht Touched a re- 
cord low of 32.70 to the dollar. 

Government sources on Friday 
outlined a seven-point plan that 
Finance Minister Thanong Bidaya 
is to preseni to the cabinet Aug. 5. 
The plan includes measures to sta- 
bilize the baht, increase liquidity, 
revitalize the property sector and 
financial institutions and improve 
revenue collection. 

But so far, international bankers 
— the people who will approve 
loans to bail out Thailand's trou- 
bled financial institutions and 
companies — are unimpressed. 


“I'm looking for an announce- 
ment from Dr. Thanong within the 
next two weeks, and that might be 
rhai they are willing to accept some 
assistance from the IMF, me Jap- 
anese government, or some other 
foreign government," Hiroshi Ko- 
masaka. the general manager of 
Sanwa Bank Ltd. in Bangkok, said. 

The Japanese government and 
banks have tied financial assist- 
ance ro an IMF-sponsored pack- 
age. The Thai government has so 
far declined to invite the IMF to 
organize a bailout and appears to 
want to arrange its own package. 

"It's pretty hard to be convinced 
they've got any son of handle on 
the situation," said Daniel Hem- 
mam, a fund manager at Guinness 
Flight Asia, speaking of the gov- 
ernment. “Things are deteriorat- 
ing, but they’re objecting to" IMF 
involvement. 

Until Thailand comes forward 
with a credible package to deal 
with its problems, the Thai baht 
will confront more speculation and 
other Southeast Asian currencies 
can expect to get hit in the cross- 
fire, he said. (Reuters, AFP) 

■ Bank Chief Denies Conflict 

The governor of the Bank of 
Thailand, responding to criticism 
of his policies and reports that he 
would resign, said he bad no con- 
flicts with senior government of- 
ficials or his central bank col- 
leagues. Bloomberg News 
reported from Bangkok. 

Remgchai Marakanond, in a let- 
ter issued by the central bank, said 
speculation that be was at odds 
with Prime Minister Chavalit 


- .. 

V.: 


1 SWJ 

m 


■■■■ 

a\M' k 



Hr Mzssuami;?: 







«* v\r-'\ jj 



j.. ' .-S-A 


Know Gj- jd 1 Agmcc Fruite-Pisrwr 

Protesters with masks of President Fidel Ramos, left, and Uncle 
5am demonstrating Friday in Manila against the peso's plunge. 


Yongchaiyudh or Finance Minister 
Thanong about the decision to de- 
value the baht on July 2 was “dis- 
torted." 

Mr. Thanong told reporters after 
the letter was issued that he was in 
* * no way' ’ considering firing either 
Mr. Remgchai or the permanent 
secretary of finance. Chatumon- 
gkol Sonakul, also rumored to have 
had conflicts with the minister, 
who took office June 27/ 


“They work with me very well, 
and do a very good job." he said. 

Mr. Remgchai. a career central 
banker, was promoted ro governor 
in July 1996. The Nation news- 
paper reported on Thursday that 
Mr. Remgchai was under pressure 
to resign and that Mr. Chavalit and 
Mr. Thanong narrowed their 
choice of successor to two people. 
A spokesman for the governor 
denied the report. 


Still Wobbly, Asian Currencies Find Some Footing 


Cmyded by Our Stiff FmBtDuftiKlia 

SINGAPORE — Southeast 
Asian currencies were on a firmer 
footing Friday as die marker paused 
from its recent frantic selling, just in 
case an Asian central bankers meet- 
ing in Shanghai sprang a surprise. 

The meeting, also on Friday, 
ended without any major announce- 
ments, but dealers said the market 
was taking nothing for granted. 

Jacqueline Ong, an analyst at the 
British financial consultancy 
IDEA, said the undertone for re- 
gional currencies was still weak and 


that "holding dollars will be seen as 
a safer option over the weekend. " 

Dealers said there were still 
some fears of concerted interven- 
tion to counter the recent series of 
attacks on regional currencies, but 
many were unconvinced that any 
such action was near. 

“In general, it looks like the 
central banks have decided not to 
waste foreign-exchange reserves 
intervening against market 
forces." a dealer at another Euro- 
pean bank said. 

The bankers did extend a cur- 


rency-swap agreement, established 
in 1977. that allows member coun- 
tries to get short-term liquidity by 
exchanging local currencies for 
U.S. dollars provided by other 
member countries. 

In Thailand, the baht recovered 
some ground.after the deputy gov- 
ernor of the Bank of Thailand, 
Chaiyawat Wibulswasdi, said the 
dollar’s rise to 32 baht had gone too 
far and that he did not expect the 
bahr to fall much further. 

The dollar dosed in Asian trading 
at 31.75 baht, up from 31 .25 baht at 


Thursday's close in New York. 

Against other Asian currencies, 
the U.S. currency foil to 1.4722 
Singapore dollars from 1 .4772 dol- 
lars. Dealers attributed the rise to 
profit-taking after the U.S. dollar's 
rally the pas! two days. Selling of 
the Malaysian currency subsided, 
with the dollar closing at 2.6430 
ringgit, but the market remained 
volatile, traders said. Trading in the 
Indonesian rupiah and the Philip- 
pine peso was light, but both cur- 
rencies ended weaker against the 
dollar, f Reuters, Bloomberg. AFP) 


Prices Post 
Sharp Fall 
In Japan 

Data Jfkaken Hopes 
Of Renewed Growth 

CmpOnibrOar Staff Fmtt 

TOKYO — Consumer prices in 
Tokyo fell 0.4 percent in July, the 
government said Friday. That was 
the sharpest decline in a year as 
retailers cut prices to boost declin- 
ing sales after the government raised 
the consumption tax to 5 percent 
from 3 percent. 

The fresh data appeared to run - 
counter to the- government’s con- 
tention that the Japanese economy 
has uow shrugged off the effects of 
the April sales tax increase. 

Unless consumer spending roars 


HOngKong * •* • Singapore . ./• rctoo^-7 V* 
HanfcjSeng- • . /jNJkK»2j!§5 s . 


■ 17000 2250 -t 

16000 H 2200^ 

I gran -/L aW- V — — 

SW0 asp — fi - 

AAr 

■ 13000*% J s a)® f— ifo 

' laMO-p— j~J '■ 1950 T" m A M J 


, 21000 — 

;20000 — 

V 18000V »lty 
17000 B ~rr 


F M A MJJ 
1997 


1997 1987 - A 1997 

^ -$imk - ; 

'seo«r r; 




Unless consumer spending roars 
back soon, the Bank of Japan will be 
forced to keep interest rates at re- 
cord lows , economists said. The 
bank has kept its official discount 
rate — the amount that it charges 
commercial lenders — at a record- 
low 0.5 percent since September 
1995. 

Strong consumer spending is es- 
sential for a recovery since it makes 
up three-fifths, of the economy. 

Analysts said the price cuts 
proved that retailers were nervous 
about the drop in spending. 

“Sales should have recovered by 
now, so stores offering bargains is 
evidence that they need to find some 
way to win customers back,” said 
Yasukazu Shimizu, an economist at 
Nippon Credit Bank Research In- 
stitute. 

The government said in its 
nmnthly report and elsewhere that 
spending has recovered much more 
quickly than expected. 

Economic figures due for release 
next week are likely to show the 
opposite. The government will re- 
lease figures for retail and vehicle 
sales plus housing starts for June, all 
of which are expected to show de- 
clines, economists said. 

Employment figures Friday will 
show companies are hiring fewer 
workers until they can confirm a 
pick-up in domestic spending. 

With almost every transaction 
costing 2 percentage points more 
due to the new consumption tax, 
economists forecast the economy 
will shrink 0.7 percent in the April- 
to-June period from the previous 
quarter. They expect a 0.6 percent 
nse in the current quarter. 

(Bloomberg. AP) 


I y : T'- ■ P6£/t '.ft 


Source: Telekurs 


Irirmjin'ful Herald Tribune 


Very brief lys 

• Indian stocks fell, led by T ata Engineering & Locomotive 
Co., od concern that political instability could slow economic 
reform and growth. The benchmark 30-stock Sensitive Index 
in Bombay fell 36.76 points ro close at 4.189.81. Tata En- 
gineering fell 10.00 rupees to close at 385.25 ($10.80). 

• San Miguel Corp. said its rival Asia Brewery Inc. had 
rejected its offer to return some bottles and crates that San 
Miguel, the Philippines' largest food and drinks company, 
said it had collected by mistake. The two brewers have waged 
a war of words since Asia Brewery alleged that San Miguel 
had illicitly stockpiled its competitor's bottles and crates to 
force it to produce more and drive up its costs. 

• China Light & Power Co- the biggest electricity supplier in 
Hong Kong, said it had launched a voluntary departures plan 
among nearly two-thirds of its employees to try to cut costs. 

• Mitsubishi Heavy Industries Ltd. is negotiating with 
United Technologies Corp.'s Pratt & Whitney unit to help 
develop a jet engine for a 100-seat passenger plane. 

• Mongolia plans to privatize its biggest copper mine and the 
national airline as part of a drive to place more than 800 
companies into private hands by the end of 2000. Foreigners 
may bid for shares in any of the companies to be sold. 

( Reuters . AFP. Bloomberg l 

Foxtel United With Rival 

CoufHlt dby Our Staff From Dupmhn 

SYDNEY — Rupert Murdoch's News Corp. and Telstra 
Corp. said Friday that they would sell Foxtel, their Australian 
pay television company, to Australis Media Ltd. in return for 
a controlling stake in the enlarged pay television company. 

The all-stock deal unites Foxrel with its former rival. A 
previous attempt to combine Australis and Foxtel was blocked 
by Australia's antitrust authority last year, but the government 
last month said it welcomed any consolidation that benefited 
consumers. (AFP, Bloomberg ) 


Prosecutors 
File Charges 
Against DKB 


, Agence France-Presse 

* TOKYO — The Fmance Ministry 
filed a criminal complaint Friday 
against Dai-Ichi Kangyo Bank Lid. for 
allegedly making false reports of pay- 
offs to a corporate extortionist, ministry 
officials said. 

The complaint filed with the Tokyo 
District Public Prosecutors Office is the 
first against one of the nation’s 10 com- 
mercial banks for violation of the bank- 
ing law, the ministry said. 

DKB allegedly falsified reports sub- 
mitted during a ministry inspection in 
October 1994 to conceal problem loans 
to Ryuichi Koike, an extortionist. 

The ministry said it would take legal 
action against DKB and four senior ex- 
ecutives for alleged breaches of banking 
legislation. Tstmeo Uchida, a former 
DKB vice president; foe bank’s former 
managing director, Yasuyuki Terasawa; 
a forma: sales-department director, 
Michiyoshi Kusajuma , and Hiroshi In- 
otsume, a former managing director, 
were arrested in June for their alleged 
roles in the scandal 

A minist ry o ffidal said the legal action 
was over DKB’s failure to present it with 



■VgrTir* Franf-Pi*-**- 

DKB’s ex-chief, Tadashi Okuda. 

a list of loans to large-sized borrowers. 

Shortly after the ministry filed its 
criminal complaint, prosecutors 
charged DKB’s former chairman, Ta- 
dashi Okuda, with violating the com- 
mercial code, bank officials said. 

Mr. Okuda, 65, was arrested on July 
4, three weeks after he quit as chairman, 
admitting he had known about the loans. 
He was suspected of approving loans to 
Mr. Koike, totaling some 11.78 billion 
yen ($101.6 million) from 1994 to 1996. 
Mr. Okuda 1 s predecessor, Kuniji 
Miyazaki, killed himself last month 
after being questioned by prosecutors. 


Jinro’s Creditors 
Agree to Extend 
Bailout Program 

Bloomberg News 

SEOUL — Jinro Group has been 
given a reprieve by creditors, who 
agreed Friday to extend a bailout pro- 
gram that has kept South Korea’s 
biggest liquor maker afloat. 

The plan includes emergency loans 
and a postponement of debt repayments, 
the company and its bankers said. 
Jinro’s creditors first froze payment on 
the group's 3.5 trillion won ($3.92 bil- 
lion) in debts in April 

Creditors also agreed to freeze debt 
repayments by two subsidiaries, Jinro 
Industries Co. and Jinro Retailing Co., 
which will be sold. That will leave a 
company with four major components, 
Jinro Ltd. and the subsidiaries Jinro 
General Food Co., Jinro Construction 
Co. and Jinro Coors Brewery Co. 

The agreement also delays these 
companies’ principal payments and re- - 
duces their interest payments. Creditors 1 
agreed to delay Jinro Ltd.’s principal I 
payments until September 1998 and then | 
decide again whether to keep the com- , 
pany afloat 

The Jinro bailout comes amid rising 
concern about corporate bankruptcies in 
South Korea, as Ssangyong Group re- 
jected speculation this week that it was 
in danger. 


TRADE: Old Ties Hold Firm 


J: Continued from Page 9 

J ? nomics section at the U.S. 
.• mission to the. European Un- 
i; ion in Brussels, said that 
V' ’ f ' nowadays, only “2 percent to 
_ ■ 4 percent” of U.S.-European 

' v’ :> - trade is really subject to dis- 
. - ; pute. Tie rest flows back and 

. y- . ' ; v.forth across the ocean with no 
• .. / . • y ^government interference. 

. '• In past decades, partners on 

_■ both sides of the Atlantic have 

• i haggled over citrus and sugar 
: ■- subsidies, steel dumping and 

/ ; 1 1 the pnblic money given to 

■ ; jj ‘ European aerospace compa- 
Z • ; nies, including Airbus, . 

In comparison, said Greg 
• Mastel, vice president of the 
t Economic Strategy Instimte, 

; .;•'?• a Washington research group, 
/ 7 today’s problems are “ small 

•; but acute.” ' 

' •' ' l‘ ’ ’ ■ That is the good news in the 

j 7 ■: : relationship. The bad is that 
■! the European Union still has 
• enough gripes: about alleged 

. . U.S. protectionism — from 
'l ' / ; ^ federal subsidies to American 
r shipyards to. U buy America” 

f - chases in pubhc procurement 
; prograins — . to fill three 

• r ‘ .. 4 * ■ pages m a document entitled 
1 “United States Barriers to 
- , J £ =' / Trade and In vestmenL” 

; All those complaints re- 


flect European resentment, 
which in a different climate 
— such as a weak dollar, 
rather than strong one that en- 
hances foe Continent's export 
machine — could more read- 
ily have led to a trade war. 

The No. 1 European com- 
plaint is American “extrater- 
ritoriality" — — the attempted 
implication of U.S. laws out- 
sure the United States. 

Last spring, foe Europeans , 
were particularly infuriated 
by the passage of foe Helms- 
Burton Act, which threatens 
fines for foreign companies 
“trafficking’* in U.S. assets 
confiscated by foe Commu- 
nist regime of Fidel Castro. 

The United States, they 
said, was in effect trying to 
export its long-standing eco- 
nomic blockade of Cuba. But 
for all the shouting, EU of- 
ficials say, U.S. and European 
officials have worked togeth- 
er behind the scenes to avoid a 
blowup. 

“Tea, 20 years ago. 
Helms -Burton would have 
run * relations . into foe 
ground,” Mr. Crossick said. 
“There are still real prob- 
lems, bat the ability to handle 
them has consistently im- 
proved.” 


Living in the U.S.? 

Now printed in New York 
for same day 
delivery in key cities. 

To subscribe, call 

1 - 800-882 2884 

"Tt- i < wnaauwMi 

licralo ?! ^.C;nbunc 

THE WORLD'S DAIiy NEWSPAPER 


PsterCatranisk 
ProtesuaHi :wr ■ 
fog I Futures Spgate J 

Jjomb IAU12V- 

Fmlmi ' OPJItW 

Kona 0GS11EP 

XZeakii iSOJ^ISR. 1 

Spm fflffilW 

Savtat MBWro? 

ttoXOBSiw UEOHMd?: 


SUPERIOR 

OUTSTANDING 

EXCEPTIONAL 

FREE 

COMMISSION 

COMMISSION 


Ssttoon at Ueraged Accounts 
Analysis for AO U^or Uaniers 
Execution Pert w & Futirss 
TrMmg Sotiean S Paco Data 
Spot FX 2-S pip Price Spreads 
Futures S1253B Per Rootti-Tum 


DgMfflO 3rd Ki«l!C!551i ftnsrf SOOWIK 
OSLffiC;* QwrKMHKLW fimar - 'J'AeJWi 

OtHKSS: &k" wsuriUtTS WirAwt DtOtol 
I)!0il&32 SqjflMF nfliagai iyia 


Good News 

to our readers in Toulouse 
and the Southwest of France: 

The IHT is available 
at all these fine news agents. 


(09) ARIEGE 
AX-LES-THERME5 

Maisonde la Prosse 
5, Rue Rlgal 
Mr. Mateos 
Place duMarchd 
FOIX 

Miss Gassfcrf 
11. Rue Delcasse 

(11) AUDE 
CARCASSONNE 
Maison de la Presse 
76, Rue G. CI 6 menceau 
Miss Permavam 

1, Place du Chateau 
CASTELNAUDARY 
Mr. Gau 

32, C. de la Rdpubfique 

GRUISSAN 

Mr. Gemez 

Qualdu Levant 

LEU CATE 

Mr. ChevaBer 

31 bis Rue, Francis VaJ 

Mr. MaJmvitle 

22, R de la Republique 

(12) AVEYRON 

MILLAU 

Maison de la Prasse 

1, rue Ferrer 

RODEZ 

Maison de la Presse 
1, Rue du Tonal 
(IS) CANTAL 

AURILLAC 

Mr. ChimhauM 
4, Place du Palais 

(19) CORREZE 
BRIVE-LA-GAILLARDE 
Maison da la Presse 
12 , rueTcaJzac 
(24) DORDOGNE 

BEAUMONT 

MssGaret 
Place Jean Moulin 
BERGERAC 

Mr. Fouquet 

33, Rus de la Resistance 
Mr. Bous8eau/Mausshn 
Place du Matechai De 
Lattre deTassigny 
Mr.GIraude! 

C. Cial Rives Dordogne 

BRANTOME 

Mr. 

49, Rue Gambetta 

EYMET 

Miss Broctec 
7, Place Gambetta 


LAL1NDE LEG 

Miss Ducros Mr . ; 

38, P. de la RdpUbilque 21,1 

PERIGUEUX 

Maison data Presse 1®; 

11, Place Bugeaud loU 

RIBERAC Mte 

Mr. Vautrin 7 

8 , Place Nattonale adi 

5TPARDOUXLARIV1ERE Mr. I 
Mr.Amaud 3l Rl 

31. Rue de la Bane (34 

(31) HTE-GARONNE 

BEAUZELUE Mak 

Mr. Bones { 

Rue des Pins 

SAINT-GAUDEN5 ^ 

Mr. Passemar C. Ci 

7, Rue Thiers Mr. A 

TOULOUSE C.CI 

Mr, RoffetH 

1 6, Arcade du CapftolB Miss 

Miss Allaire 11 a 

AJIde Franklin Roosevelt Miss 

Mr. Herrada Zac i 

fi, Rue du Ftoids de THute lam 

Mrs. Gaubert — - 

Place Esquird ^ 

(32) GERS VA ' L , 

CONDOM 

Maison de la Presse £ 

26, Rue Gambetta 

FLEURANCE ^ 

Mr. Lacoste VIA5 

16, P.de la R 6 publlque 77— 

LECTOkM S 

Mr.Lochard f40l 

38, Rue National L A y 

VIC-FEZENSAC 77TT 

Mr. Dutuvu 30 p 

Rib Delom ’ 

(33) GIRONDE CAHi 

tm ^ 

Mrs. And reti 73 p 

22, Place deTEg tee Mam 

BORDEAUX Routl 

Mr.Debiais F1GE 

1, Place de la Comddta 
Mr.PBtmt STp 

64, A09e da Toumy 
Mr.Mlret W- 

68 , Rue Saint-Rdmi Mr. L 

Mr. Permt 4, Aw 

22 , Place Gambetta mon 

Mr.LnyHe rrf 

63-6S, Rue SteOatherlne 
CASTILLON-LA- ~ 

BATA1LLE 

2a ffi^tor-Hugo Rdu 


LEG E-CAP- FERRET 

Mr. Teillagony 

21, Blvd.de la Plage 

Miss Maynard 

1®, Route du Cap-Pemat 

PAUILLAC 

Miss Lafon 
9, Qual Ldon-Perri 
SA1NT-EMIUON 
Mr. Sanchez 
3, Rue du Cloctier 
(34) HERAULT 
AGDE 

Maison de la Presse 
34, Rue J. Roger 
Mr. Braun 
C. Cial Port Nature 
Mss Briancon Dadeux 
C. Cial. Port Ambonne 
Mr. Nathan 
C. Cial Camp HdllopoQ 
BEZIERS 

Miss Retout 

11 Aue. G. Ctemenceau 

Miss Estrella 

Zac de Montimaran 

LAMALOU-LES-BAINS 

Mr. Gulbert 

17, Rub Charcot 

VALR AS- PLAGE 

Mr. Garcia 

31, Rue C. Thomas 

Miss Serial 

Place Charles de Gaulle 
VIAS 

Miss Gonzalez 
Camping Farinette 

(40) LANDES 

PAX 

Mr. Lemagny 

30, Place de la Fontaine 

(46) LOT 

CAHORS 

Maison de la Presse 
73, Blvd. Gambetta 
Mammouth 
Route deToutouse-M 

F1GEAC 

Miss Redon 
25, Place Carnot 
GOURDON 

Mr. Laval 
4, Ave, Cavafgnac 
MONTCUQ 

Mr. Lacuisse 
Les Promenades 
PRAYSSAC 

Miss Fougerouse 
P. du Marechal Besstere 


ROCAMADQUR 
Mrs. Moulin 
Rue Roland le Preux 

SOUILLAC 

Maison de la Presse 
19, Blvd. Louis Jean 

(47) LOT-ET- 
GARONNE 

AGEN 

Maison de fa Presse 

67, Blvd. de la Republique 

CASTILLONNES 

Mrs. Ogonowskl 

38. Grand’ Rue 

V1LLENEUVE-SUR-LOT 

Mr.Porges 

26, Place Lafayette 

(64) PYRENEES- 

ATLANT1QUE5 

ANGLET 

Mr. Vioneau 
Galena MarchandeB 

BAYONNE 

Maison de la Presse 
15, Rue de la Salle 
BIARRITZ 
Maison de la Presse 

Esplanade du Casino 
Mr. Castemt 

12 , Rue Mazafran 
Mrs. Delaune 

.21, Ave. Edouard VI 
Mrs. Merigeaux 
Adrogare 

BIDART 

Mr.Bouchet 
Rue de la Madeleine 

GUETHARY 

Mr. Pouyieau 
Avenue de fa Plage 

HEN PAYE 

GareS.N.C.F, 

PAU 

Gare S.N.C.F. 

Mammouth 
Route deTaibes 
MissObava 

23, Rue Mar9chal Joffra 
SAINT-JEAN-DE-LUZ 
Maison de la Presse 
59, Rue Gambetta 
.Mr.Bemeto 

13, Blvd.TWerS 
Mr. Lafon 
Place Louis XIV 
Mrs.Derache 
Rue Raul Gelos 
Mr. Madrid 
Pergola Plage 


iunc 


Mr. Hlriari 
Place Fbch 

(65) HTES-PYRENEE5 
BAGNEREStDE-BIGORRE 

. Mr. Gaffand 
1, Blvd. Carnot 

CAUTERETS 

Mr. Blonde! 

8 , Place Fbch 

LOURDES 

Matson de la Presse 
23, Rue de la G notie 
Mr. LacazB 
7, Rue Saint-Plane 

( 66 ) PYRENEES- 
ORJENTALES 
ARGELES-SUR-MER 
Mr. Gris 

19, Alfae Jules Arotes 
Mr. Carlos 
Camping La Sirens 

CANET 

Mrs. SchUnger 
Ave. da la Mddlterrande 
Club Mar Estang 
LE BOULOU 

Mrs: I <grdier 

56, Place de la Victolre 

PERPIGNAN 

Mr. Borras 

La Labandre A 6 roport 
Mr. Gori 

51, Qua! VaLtean 
PORT-VENDRES 

Mrs. Charter 

14, Qual Pierre Fbrgas 

SAINT-CYPR1EN ■ 

Mrs. Gantier 

Blvd, Desnoyer , 

(81) TARN 

A LB I 

Mr. Dumont 
12, Place du Vlgan 

CASTRES 

Mr. DeBortoti 
7, Rue Errite Zola 

CORDES 

Mr. Blanc 

Route tfAtKa BouteSerie 

GAILLAC 

Mr.UbakS 

12, Race de la LJberte 

(82) TARN-ET- 
GARONNE 

MONTAUBAN 

Maison deia Presse 
6 , Rue de la Republique 





Tttml wwnrasaiij 


THE WORLD’S DAILY NFW^PAPER 


CVnl inl 





































































Foreign Share Listings in the tJ«$ 


Percent age* of Total 
Depository Receipt 
Programs. 1906 


Australia 


11.4% 


Total Number of 
Depositary Receipt 
Programs 1 124 

no a 986 fc 
836 


South 

'•*. Africa 8.w 


...V! ‘ ■ 

' 


■95 f&'So 


"through Jutv 1 

341 


r $81% 'Qdtw.lB.lV.; 




Annual Volume of 
Depositary Receipts 

Trading volume 
in billions of dollars 


if am- - 

1 L Norway 1.5% 
— Chile 1.5% 


. Brazil 3.5% [ I 
Germany 2.8% j 
France 2.8% _i 
i Netherlands 2.6% 
Italy 2.2% 

■ W m .VTWWk^ v/. ■ ^ 


Sweden 1.6% 
-Ireland 2.1% 75 


! KbltS ■ 


Source: The Bank of New York ** vrfisBB '■ SKI 




pi«& 


!93 OK 94 'OS, ISrf *S6 : 


• W.VAVAVVy ./■W/V* ,, \AYV. 

Inieroalnflal tank! Tribune 


ADR Secret Is Out, With a Boom 

New Investors Join Once- Sleepy Depositary-Receipt Market 


By Judith Rehak 

O NLY A DECADE ago, 
American depositary re- 
ceipts were a sleepy comer 
of the global investing 
world, unknown and overlooked by all 
but a small band of sophisticated in- 
vestors, usually professionals who spe- 
cialized in “foreign * ’ companies. 

You would hardly guess that, look- 
ing at the ADR marketplace today. The 
market for these dollar-denominated 
receipts, which represent shares of non- 
U.S. companies held in banks, is boom- 
ing. About 1,700 companies 
from 60 countries outside of .. /n 
J the UH ned^tatisTla ve _ issued - 7X,V, 
ADRs or the similar global /wyjfc 
depositary receipts, according 
to the Bank of New York, a /Tv 
leading depositary bank. . yV/ 
Depositary receipts from '*• 
companies ranging from Brit- 
ish Airways PLC to Telefonos de Mex- 
ico SA are listed on the New York 
Stock Exchange. The NASDAQ elec- 
tronic exchange is home to depositary 
receipts from Israel's high-tech 
companies and British biotechnology 
concerns. Others, like Shanghai Tyre 
& Rubber Co., trade over-the-counter, 
while in Europe, GDRs from India, 
Korea and Russia are prominent on the 
London and Luxembourg exchanges. 

With so much choice, and the ob- 
vious advantages — ease of buying 
and selling, share prices and dividends 


States, in addition to being the biggest as little as S250, and participate in 


market-maker in depositary receiprs. 
Dean Witter, a U.S. brokerage with a 
), widespread network that caters to in- 
i' dividuals, has benefited from its 
:r takeover earlier this year of Morgan 
g Stanley & Co., which producesglobal 
U investing research, 
i- * ‘Investors are much more receptive 
y to foreign companies, especially if 
they are ones they recognize, like Sony 
:- Corp. and Philips Electronics NV,” 
e said Arthur Bradley, director of in- 
ti temational equities marketing for the 

- firm’s broker network. 

But more opportunities are opening 
up for investors who like the 
-£< - chaUengeof tackling overseas 

ps, markets - on ffieir'own — and 

paying far lower commis- 
fwiTJ sions. Discount brokerages. 
tisy/ j ranging from giants such as 
7V J Charles. Schwab & Co., 
through its Global Investing 
Service, to small boutiques, 

- like Marquette Debary Co. in New 
z York, specialize in listed and unlisted 

■ ADRs. along with shares of companies 
! that do not .have depositary receipts. 
i While they offer no advice, these 
r groups will provide some bare-bones 
i research on global companies, such as 
. news reports from the Bloomberg Fi- 
, nancial Network and earnings projec- 
i tions from IBES, services used by pro- 
fessionals. 

‘‘But our investors usually know 

> what they want when they come to 

> us.” said Steve Chandler, chief of the 
, unlisted ADR desk at Schwab. Like the 

■ smaller discount firms, his customers 

■ are nearly all individuals, a mix of 
i Americans and nationals of other 

■ countries. { Schwab and Marquette De- 
. bary make toll-free numbers available 

■ for overseas customers.) 

Why would a European, for ex- 
ample, want to buy a foreign stock 
through a U.S.-based brokerage? Be- 
sides avoiding far higher brokerage 
commissions in other countries, Mr. 
Chandler said, a major reason is that 
the depositary-receipt marker is much 
i more liquid in America, making it easi- 
i er to buy and sell. 

In another example of how the de- 
positary-receipt market is opening to 
individual investors, new low-cost play- 
ers are entering the arena — the compa- 
nies themselves. To attract individual 
shareholders, ADR issuers are adopting 


and selling, share prices and dividends us.” said Steve Chandler, chief of the 
in dollars — trading activity is soaring, unlisted ADR desk at Schwab. Like the 
fueled by a growing crowd of indi- smaller discount firms, his customers 
vidual investors joining the profession- are nearly all individuals, a mix of 
als. Depositary receipt volume on Americans and nationals of other 
American exchanges surged 25 per- countries. (Schwab and Marquette De- 
cent last year, to a record $345 billion, bary make toll-free numbers available 
This year, said Ken Lopian,- a senior for overseas customers.) 
vice president at the Bank of New Why would a European, for ex- 
York, “we expect trading of non-U.S. ample, want to buy a foreign stock 
companies' depositary receipts to in- through a U.S.-based brokerage? Be- 
crease by 25 to 30 percent.” sides avoiding far higher brokerage 

There is more good news for in- commissions in other countries, Mr. 
dividual investors. One of the biggest Chandler said, a major reason is that 
hurdles to investing in global stocks — the depositary-receipt marker is much 
a lack of accessible research — is also more liquid in America, making it easi- 
easing, although progress on the flood er to buy and sell, 
of offerings from emerging-market In another example of how the de- 
companies has a way to go before it positary-receipt market is opening to 
reaches the level of global blue chips, individual investors, new low-cost play- 
For investors who prefer readily ers are entering the arena — the compa- 
available research., plus advice on nies themselves. To attract individual 
whether to buy. hold or sell, the full- shareholders, ADR issuers are adopting 
service brokerage is still the avenue of one of U.S. companies' most popular 

j * — a J. _ PtnoTl imlOetrnV 


choice, despite its place at the high end 
of the commission structure. 

At Merrill Lynch & Co., for ex- 
ample; analysts follow more than 
1.000 companies outside the United 


programs for small investors: direct- 
purchase plans and low-cost dividend 
reinvestment programs, or DRJPs. 

Under these programs, investors can 
make an initial purchase of shares for 


DRIP programs and monthly invest- 
ment plans, all at costs that beat even a 
discount brokerage. 

These rapidly expanding programs 
are run by the banks that hold the 
underlying shares of a company’s de- 
positary receipts. J.P. Morgan & Co. 
currently offers a roster of 60 compa- 
nies, 'ranging from European blue 
chips, such as Unilever PLC and Im- 
perial Chemical Industries PLC, to 
emerging-market names like Telefon- 
ica del Pent SA. 

Bank of New York has plans for 93 
companies, including Repsol SA, the 
Spanish oil company, and AO Vimpel 
Communications, the Russian cellular 
telecommunications concern. Bank of 
New York already attracted 25,000 in- 
vestors to its programs since they began 
in March, and it expects to have 200 
companies by the end of this year. 

Smce a company can have a de- 
positary-receipt program with only one 
bank, there is no duplication among 
J.P. Morgan, Bank of New York and 
Citibank. 

I N A BED TO fill the information 
gap. Bank of New York has starred 
a Web site that lists ADRs for 310 
companies, with links to profile pages 
that describe each company and its 
activities, many with financial data. It 
also offers price quotations on Listed 
and unlisted ADRs. plus links to a 
company's own home pages for more 
information. 

An independent source of ideas and 
advice on depositary receipts is Global 
Investing, an American newsletter 
started in 1991. Vivian Lewis, its ed- 
itor. tracks down information and of- 
fers comments and advice on depos- 
itary receipts around the globe, well- 
known ana obscure, and also runs a 
model portfolio of ADRs. 

What should investors be consid- 
ering for purchase right now? For those 
making their first forays into global 
equities, the comfort factor still makes 
familiar names the most sought-after. 

“We're getting a tremendous 
amount of interest in Sony,” said Mr. 
Bradley of Morgan Stanley Dean Wit- 
ter, who has been recommending the 
Japanese electronics and entertain- 
ment giant for some time and still likes 
it Another well-known pick: Gucci 
NV, the Italian luxury-goods maker 
whose scarves and leather goods are 
sold around the world. 

Although Mr. Chandler of Schwab 
cannot name names, he said that many 

Continued on Page 17 


Acting On Those Global Ambitions 

Some Options for a Do-It-Yourself Portfolio of Foreign Stocks 


By Digby Lamer 

I F YOU PREFER to buy your own 
stocks rather than invest in mutual 
funds, the chances are that your 
portfolio is heavily or exclusively 
domestically based. The reason is that 
actually buying foreign shares seems to 
be more easily said than done. 

Asset managers generally agree that 
building a global portfolio can be fi- 
nancially rewarding. But they warn that 
doing so can mean expending time and 
effort beyond what investors may have 
experienced in their home markets. 

First there are the linguistic and cul- 
tural barriers. Even where accounting 
and research material is of a high stan- 
dard, it can be difficult to obtain or 
understand. 

Added to this are the particulars of 
local trading methods ana the various 
legal or taxation issues with which for- 
eign investors must cope. Having over- 
come these initial problems, investors 
holding international shares must watch 
for stock-market and currency volatility, 
plus political risk in some markets. 

Even within the European Union, 
whose 15 member countries are com- 
mitted to the free movement of cross- 
border investment, buying stocks in 
neighboring states is often difficult 
Andrew Couch, a fond manager with 
Guiness Flight Asset Management Ltd. 
in London, said that in 1993 — a year 
after the EU single market officially 
opened for business — many British 
investors hoping to invest in French 
privatization issues were thwarted. 

”A lot of private investors had made 
money out of attractively priced pri- 
vatizations in Britain and were optimis- 
. tic about repeating their success in the 
French market,” he said “Unfortu- 
nately, getting involved meant opening a 
bank account in France and that proved 
too difficult for many investors.’ 

Investors who have the patience and 
energy to overcome these hurdles may 
find brokerage commissions are higher 
ihan at home, said Mr. Couch. 

“Investors are unlikely to find dis- 
count houses operating in less-de- 
veloped markets/' he said. “But even 
in parts of Continental Europe and Asia, 
the high level of commissions brokers 
"charge can surprise investors’. “ 

Trading in most countries is charged 
as a percentage of each deal, but with a 
set minimum for small transactions, usu- 
ally about 1 percent Lower rates are 
usually negotiable on large transactions. 

In some countries, brokers charge 
commissions above 1 percent. The Aus- 
tralian government deregulated broker- 
age fees in 1 984. but its former rates of up 
to 2.5 percent per deal are still common. 

Beyond the logistical difficulties in- 
volved in buying foreign stocks, in- 
vestors may face regulatory restrictions 
specifically aimed at limiting foreign 


investment. In emerging markets, for 
example, foreigners may be prevented 
from buying into economically or po- 
litically sensitive sectors such as finance. 
In some cases, the overall proportion of 
foreign equity holding may be restricted, 
reducing the liquidity of a corporation’s 
internationally traded stock. 

But this situation is changing. With the 
expansion of global stock markets, there 
is a growing appreciation of the need for 
economies to attract foreign capital. 

The Geneva Accord, signed in 1995. 
promised minimum levels of foreign 
access to securities markets in more than 
90 countries. Restrictions on foreign 
stock ownership were lifted recently in 
Finland, Norway. Sweden and Switzer- 
land The accord also drew promises 
from more restrictive markets, such as 
Brazil and Thailand, to liberalize in- 
ternational trading in coming years. 

But where trading restrictions are 
few, foreign investors can still be frus- 
trated by ancillary problems — such as 
finding a local broker, or ganizin g cus- 
tody of the shares they buy and securing 
dividend payments. ’ 

It is important, too, that international 
investors understand the tax implications 
of their global portfolios. Withholding 
tax on dividends varies, from zero in 
Hong Kong to 30 percent in pans of 
Europe. This is mitigated between coun- 
tries with tax treaties, but where no 
agreement exists investors may end up 
paying two lots of income tax. 

Some developing countries addition- 
ally impose capital gains taxes. In India, 
investors are liable to lose 20 percent of 
any gains on their investments, as well as 
20 percent on dividends. In Chile, capital 
gains and dividend taxes are 35 percent. 
Currency values add another dimension 
to international investment. 

The strength of the dollar and the 
pound has encouraged American and 
British investors to seek out interna- 
tional stocks. Apart from the increased 
buying power that such investors have 
in countries with weaker currencies, 
some investors fear that the enduring 
strength of their domestic currencies 
will dampen their stock-market perfor- 
mance as foreign products seem Like 
better deals than domestic offerings. 

The downside to the foreign-ex- 
change equation is that adverse cur- 
rency shifts can rapidly reduce the value 
of a global portfolio, even if the un- 
derlying stock performance is strong. 

“What .retail investors are unable to 
do, unless they are extremely wealthy, is 
to hedge against future adverse currency 
movements.” Mr. Couch said. “In re- 






cent months, we've been able to use 
currency overlay techniques based on the 
continued strength of the dollar to hedge 
against movements in other currencies 
and so protect our international funds. ” 

For some investors, a preferred option 
is to buy Global Depository Receipts or 
American Depository Receipts. These 
are traded in international markets and 
can be especially attractive in emerging 
markets such as Russia and India, where 
finding a local custodian and settlement 
are particularly difficult. 

Stephen Oakes, who heads James 
Capel Investment International in Lon- 
don, has no doubts about how best to 
access international markets. He recom- 
mends that investors seek out brokers in 
their home markets that have strong 
international networks. 

In this way, he said, investors can 
avoid the problems of finding custodi- 
ans and setting up local bank accounts in 
order to invest in particular markets. A 
major benefit, as with GDRs and ADRs, 
is that investors based in well-regulated 
markets are protected by their home 
country's investment rules. Yet the cost 
of convenience can be high. 

“Obviously, there are two lots of 
charges to pay for — those of the locally 
based custodians and stock brokers, 
plus those of the international broker,” 
Mr. Oakes said. Accessing more exotic 
markets where the broker has no ex- 
isting contacts will push up the cost. 

Additionally, most international 
brokers will only work on behalf of 
investor with large amounts of cash to 
invest James Capel discourages clients 
from investing anything less than 
£20,000 ($33,600) in a single deal. 

For further information . call: 

•JAMES CAPEL INVESTMENT INTERNATIONAL M |7J 
621 C01I 

•SBC PRIVATE BANKING i Basel • 4 1 61 288 2020 
■LEHMAN BROTHERS 44 171 601 0011 












f 1 vELgaE* 

•|hw r>\\¥'i 

[7 1 

\ 

Ipy 

n 

ill 

|p I 



LJ La . I 

VA \ 


Jn 







zm 





















With REITS, Deal Yourself a Solid Hand in the U.S. Real Estate Came 

1 

T HE AMERICAN REAL ES- Still, his career offers a lesson. Index has produced a 46 percent return, which holds that, since the 1996 run-up, buildings in the Northeast, now trades at islittlemarginfore!Tor."Atsome 

TATE market, in all its glorious In the 1980s, Mr. Robert became a compared with 43 percent for the red- they have become risky. First, as they a P/FFO of 25, after its price soared 77 the game will just end," Mr. Tasl 

variety is back. Bul except in specialist in distressed properties un- hot Standard* Poor’s 500 Stock Index, have shot up in price, their dividend percent in the past 12 months. “I can’t predict it, and you can’t p 

pockets like Silicon Valiev loaded by unprofitable lenders. a measure of large-capitalization yields have fallen. Back in February ' All of this excitement worries Carl It just ends.” If interest rates rise, 


T HE AMERICAN REAL ES- 
TATE market, in all its glorious 
variety, is back. But. except in 
pockets like Silicon Valley, 
prices have not exploded. For the past 
. year, the Market Index of the National 
Association of Homebuilders has been 
indicating modestly good sales and a 
decent outlook; but nothing sensational. 
Is this a good time to buy? 

"Yes,” said Joe Robert, who, in the 
pantheon of real-estate investors, is at 
least a demigod- ‘ ‘We’re buying.” 

That is an encouraging endorsement 
Mr. Robert presides over an empire that 
includes 115,000- apartments, 10,000 
■ hotel rooms,. 43 million square feet 
k (3.99 millioD square meters) of office 
space and more. In the past six years, 
J.E. Robert Cos., based in McLean * Vir- 
ginia, has bought $12 billion worth of 
real estate worldwide. But do not bother 
trying to get in on the action. Mr. 
Robert’s investors are institutions .like 
insurance companies and investment 
banking firms and rich 'private folks. 


Still, his career offers a lesson. 

In the 1980s, Mr. Robert became a 
specialist in distressed properties un- 
loaded by unprofitable lenders. 

Today, his horizons have broadened, 
but his philosophy is the same. “Our 
focus,” he saia recently, “has been to 
look where the relationship between the 
capital markets and real estate is in- 
efficient.” In other words, he hunts for 
bargains. 

If you have the time Mid the inclin- 
ation' to search out individual deals of 
this nature, be my guest. But for most of 
us, the best way to buy real estate' is 
through real estate investment trusts, or 
REITs (pronounced “reetz”), which are 
simply companies that own real estate or, 
occasionally, mortgages. Today, there 
are 187 publicly traded REITs, with a 
total market value of S100 billion. 

In an article 15 months ago, I quoted 
Jonathan Litt, an analyst now at 
Paine Webber, as saying, "It’s a good 
time to be in REITs.’' He was not kid- 
ding. Since then, the Bloomberg REIT 


Index has produced a 46 percent return, 
compared with 43 percent for the red- 
hot Standard & Poor’s 500 Stock Index, 
a measure of large-capitalization 
stocks. 

I checked with Mr. Lin again last 
week. He is still high on REITs, noting 
that they, have been lagging the S&P 
since the start of th e y ear — up only one- 
third as much as the market as a whole. 


which holds that, since the 1996 run-up, 
they have become risky. First, as they 
have shot up in price, their dividend 
yields have fallen. Back in February 
1996, RETTs were yielding an average 
of 7.4 percent, or 1.7 percentage points 
more than 10-yearU.S. Treasury bonds; 
today, the average on the Bloomberg 
Index is just 5.1 percent, or 1.2 points 
below Treasuries. 


JAMES GLASSMAN ON INVESTING 


“Typicafly,” he told me, “die bulk of 
die performance for REITs comes when 
the broader market is pricey.” Investors 
like REITs as defensive investments ar 
scary times; after all, they tend to pro- 
duce steady dividends. He also notes 
thai REIT profits are rising faster than 
stock profits jn general. “This won’t be 
another 30 percent year," he says. "I’d 
say returns will be about 20 percent.” 
Not bad. 

But there is another view on REITs, 


Another measure of the popularity of 
REITs is the escalation in the ratio of 
price to "funds from operations,” or 
FFO. which is loosely defined as net 
income plus depreciation minus capital 
gains. The P/FFO ratio is roughly equiv- 
alent to the price/earoings ratio, or P/E, 
for a conventional stock. 

For many REITs today, the P/FFO, 
once in the range of 10 or 12, has 
doubled. Vomado Realty Trust, a high- 
flier that owns retail space and office 


buildings in the Northeast, now trades at 
a P/FFO of 25, after its price soared 77 
percent in the past 12 months. 

All of this excitement worries Carl 
Tash of Cliffwood Partners, a Los 
Angeles money manager. You should 
listen to Mr. Tash: He is Mr. Robert’s 
own REIT guru. 

Right now, Mr. Tash is particularly 
worried that the market is overvaluing 
the REITs that are taking the most risks. 
Investors are betting that such go-go 
RETTs will make great acquisitions 
down the road, but Mr. Tasb said it was 
far safer to focus on a REIT’s current 
portfolio of properties rather than on a 
future earnings stream from real estate it 
does not even own yet. 

Mr. Tash said that in order for the 
industry to "achieve the growth numbers 
that Wall Street expects*' it would have 
to raise $20 billion in fresh capital this 
'year and at least $25 billion next year. 

With the current low-interest-rate en- 
vironment and decent rental demand, 
those numbers can be achieved, but there 


is little margin for error. “At somepoint, 
the game will just end," Mr. Tash said. 
‘ ‘I can ’t predict it, and you can’t predicL 
It just ends." If interest rates rise, over- 
leveraged RETTs will be pinched, and a 
bloody debacle could ensue. 

B UT THAT DOES NOT MEAN 
you should shun REITs. Mr. 
Tash particularly likes those that 
own strong regional shopping malls. 
Among them are Bradley Real Estate 
Inc., with a P/FFO of just 10 and a yield 
of 7.2 percent; Taubman Centers Inc., 
with a P/FFO of 14 and a yield of 6.8 
percent, and Urban Shopping Centers, 
Inc., with a P/FFO of 12 and a yield of 
6.5 percent 

Understand that Mr. Tash does nor 
think these REITs are cheap. “They’re 
stocks to put iii the drawer,’’ be says. 
“Even if they are overpriced, they’re 
conceptually in good businesses. They 
don’t need a good Wall Street story to 
grow.” 

Washington Past Service 









































































































































THE MONEY REPORT 


In a World of Investor Diversity, Saving Too Little Is a Universal Trait 




By Aline Sullivan 

P EOPLE OF different national- 
ities make starkly different 
choices when it comes ro in- 
vesting. Americans, for ex- 
ample. pump far more into stocks than 
Japanese do, while the British pin their 
hopes on expensive real esraie. But fi- 
nancial advisers say they have one trait 
in common: Most people do not invest 
nearly enough. 

Longer loe spans in the developed 
world mean lhar retirement can last for 
several decades, while governments 
everywhere are trying to combat deficits 
by slashing state -funded retirement pro- 
grams. Other benefits also are under 
threat. In parts of Europe, for example, 
previously sacrosanct educational 
grants are being curtailed. 

But few people have increased -their 
savings to meet these rising tolls. Al- 
though financial advisers from New 
York to Tokyo suggest that individuals 
should save from 20 to SO percent of 


their annual income, depending on their 
age, most fall far short of that target. 

It is not until their 50s, when re- 
tirement looms large, that some people 
start to worry that the future may not 
take care of itself. 

"Single people in their 20s with in- 
comes of about $75,000 a year should 
save about a fifth of their earnings, 
partly in long-term investments for re- 
tirement and partly in short-term bonds 
to finance a house deposit,” said Joel 
Isaacson at Joel Isaacson & Co. in New 
York. 

“Couples in their 30s should save 
between 20 and 30 percent, of which 
half should be for retirement and the 
remainder For college education he 
added. "Those in their 50s with grown 
children could be saving as much as half 
their annual income." 

That is the ideal. In the United States, 
the reality is quite different. 

"The couple in their mid-30s are 
really saving just 5 to 1 0 percent of their 
incofne, while the older couple is put- 
ting away only 10 to 15 percent,” said 


Mr. Isaacson. “The single person in 
their 20s is probably still living on cred- 
it-card debt” 

Investors get off to just as slow a start 
in Europe. 

“People in this country are certainly 
spending more and saving less,” said 
Michael Read, head of private client 
services at the Greig Middleton broker- 
age house in London. "Apart from 
scraping together a house deposit, they 
don’t start to save until they reach their 
mid-30s.” 

“At that point, some people start sav- 
ing as much as 20 percent of their in- 
come, although many don't." he added. 
“Savings only seem more important for 
people in their early 50s, who are really 
focused on retirement. They are the ones 
saving 30 percent of their income each 
year.” 

E VEN the Japanese, who have been 
held up as role models for savers 
elsewhere, allocate only about 15 
percent of their earnings in their 20s and 
30s and about 20 percent thereafter, said 


Suzue Nisco, the U.S. representative in 
Denver for the Japanese Association for 
Financial Planners. 

"Last year was the first time in 10 
years that the savings rare went up,” she 
said. “The economy has been so bad that 
people have become more conservative. 
They aren’t putting their money into 
stocks anymore. Most of the invest- 
ments are now in bank accounts.” 

Indeed, Japanese share-ownership 
has halved, from about 55 percent of the 
population in the mid-1980s, Ms. Nisco 
said. 

The little that is put aside by many 
people is often allocated to disparate 
investments that together do not con- 
stitute a practical portfolio. 

‘The biggest mistake that we see, 
apart from not saving enough, is made 
by people with portfolios invested in 
what are individually great ideas but 
don't make much sense when you add 
them up," said Norman Boone, of ri ie 
financial advisers Boone & Associates 
in San Francisco. 

"It is very important to set out your 


goals and then calculate how to reach 
them.” Mr. Boone said "Houses and 
educations are fairly simple, but re- 
tirement is more complicated because 
no one knows when they are going to 
check out of here.” 

“People need to assume that they are 
going to live longer than the life in- 
surance tables suggest,’ ’ be added, * ‘ be- 
cause otherwise they couid run out of 
money.” 

Mr] Isaacson said young people could 
divide their savings into a retirement 
plan that invests in equities and a short- 
term bond fund that can be liquidated 
when it is time to buy a house. 

A couple in their 30s with small chil- 
dren should keep 10 percent of savings 
in cash and 10 percent more in bonds, he 
said. The remaining 80 percent should 
be invested in equities. 


By their 50s, the same couple should 
have reduced their equities holding to 
about 65 percent of tneir portfolio, in 
favor of bonds. That proportion should 
continue to decline as the couple ap- 
proaches retirement, Mr. Isaacson said. 


Household Savings 

As a percentage of 1994 
disposable income 


S. Korea 17.9% 


Switzerland 17.4 


Canada 






Japan 


Germany 


France 
Source; OECD 


Finland 


Norway 


N. Zealand 1.1 


Europe 

Andorra 

Liechtenstein 

Channel Islands 

Switzerland 

Monaco 

Malta 

Gibraltar 


Offshore Financial Centers 


NABABEGACH CHKULUHMA BWBV1 


Isle of Man 

Canary Islands 

Netherlands 

Luxembourg 

Cyprus 

Ireland 

Hungary 





m 




Africa/Mideast 

Bahrain Oman 

Morocco Seychelles 

Liberia Mauritius 


Caribbean/South America 


Anguilla 

Antigua 

Turks & Caicos 
Panama 
Costa Rica 
Uruguay 


Nevis 

Montserrat 

Barbados 

Belize 

Mexico 

Cayman Islands 




Bermuda 

British Virgin Islands 
Netherlands Antilles 


Asia/Pacific 

Brunei 

Nauru 

Norfolk Island 
Vanuatu 
Palau 
Singapore 


Source ; The Economist irnelllgenco Unit 


Sri Lanka 
Cook Islands 
I Tonga 
Labuan 
Hong Kong 

Inli-maiiKiuil HcrfUJ Tribune 


No Income tax 


Low Income tax 
No estate duty 


Tex on remitted -J ■> 
Income only f. ^ 

Tax exemptions jjt jj 

No tax on foreign-^ r.j 
source Income £ 
Settlement trusts -£ '■} 

_ ^ 

Bank secrecy £; £ 


Bearer shares 

&MI » 

ThfEconcimi 

Inteagen*- Uri 

"Not Ki private 

conxartes. 


>3 a 


Andorra. AngutUa, Anbgua.Bahraln, 
Brunei, Campione, Monaco, Nauru, 
Nortofc Island, Oman, Turks & Caicos, 

Vanuatu 

Malta, Palau 

Andorra, AnguUla. Antigua, Bahrain, 
Campions, Nauru. Panama, 

Turks & Caicos. Vanuatu 

Gibraltar. Seychelles, Singapore 

Costa Rica, Ireland. Mexico, 

Sri Lanka - 

Costa Rica, Cook islands, Morocco, 
Panama, Tonga 

Gibraltar. Monaco, Panama. Nauru. 
Turks & Caicos. Vanuatu 

Andorra, Anguilla, Austria, Hungary, 
Labuan, Nauru, Panama, Singapore. 
Turks & Caicos, Uruguay, Vanuatu 

Anguilla, Antigua, Barbados, Belize. 
Canary Islands. Cook Islands. 

Costa Rica, Gibraltar, Liberia, 
Montserrat Nauru, Netherlands'. 
Nevis, Panama. Seychelles, 

Turks & Caicos, Vanuatu 


Now NA c NertheflBrrt) Arda3' BA - Safrurau. BE * Bennuda: CA > Cayman hloxfc, CH • Ctunrwl Mauds C . Cvpnd 

UK • Hong Kong U-Lwdtamm Ll> ■ LiScrmboirg IM « lato of Mon, MA » MoioWua: SW - SwUreitand. BVl-Bnteh Vtrgki Wanda 


Tailor-Made Tax Havens Provide Offshore Niches for Every Clienfs Need 


By Barbara Wall 

T HE 1990s HAVE seen the emer- 
gence of a network of niche tax- 
haven product providers, with 
an increasing number of coun- 
tries offering carefully targeted incent- 
ives to individuals as well as to corporate 
clients in the battle for new business. 

According to Chase Manhattan 
Private Banking, the volume of offshore 
business is growing at about 10 percent 
a year, with the highest proportion of 
new funds being generated from Asia 
and the Far East. 

Caroline Doggart, the author of * ‘Tax 
Havens and Their Uses,” published by 
the Economist Intelligence Unit in Lon- 
don, said rivalry was fierce as individual 
havens improve their products and ser- 
vices, hoping to get beat competitors. 

* ‘No sooner has one country come up 


*'pany registration documents in Chinese 
characters were among the popular new 
lines of- 1996 — than copycat versions 
of the enabling laws pop up all over the 
globe.” she said. 

The Malaysian federal territory of 


Labuan is a recent arrival among the 
world’s offshore financial centers. Jt 
promotes itself as a place for Islamic 
financial services and has attracted 700 
service and trading companies, 50 
banks, 16 trust companies and eight in- 
surance companies. At least one Islamic 
fund is domiciled there: the AI Hilal 
IBM Bartu Tail Asian growth fund. 

A spokesman for die Labuan Off- 
shore Financial Services Authority said 
the territory was likely to attract interest 
from Western banks, fund managers 
and investors when a new securities law 
is passed at the end of 1997. 

*‘As well as offering many fiscal ad- 
vantages, Labuan is covered by Malay- 
sia’s extensive tax-treaty network and 
has a carefully tailored regulatory and 
investment environment to cater for 
specialist banking and investment ser- 
vices,” he said. 

While preparations were underway to 
establish Labuan as an Islamic financial 
services center, some investment busi- 
ness inevitably went to other offshore 
territories. The Al Meezan Commodity 
Fund, jointly sponsored by the Islamic 
Investment Company of the Gulf and 
Dresdener Klein wort Benson Interna- 
tional Management Services Ltd., is 
domiciled in Dublin, along with several 


other Islamic, funds. The Oasis fund, 
managed by Robert Fleming Asset Man- 
agement, is domiciled in Luxembourg. 

A spokesman for Dresdener KJein- 
wort ’Benson said that the Islamic funds 
in Dublin and Luxembourg were 
primarily aimed at Muslim investors liv- 
ing in Western Europe, whereas Labuan 
is geared more toward attracting busi- 
ness from Asia and the Middle East 

Many other havens have attracted the 
attention of fund sponsors and private 
investors because of their attractive tax- 
treaty networks, which reduce or elim- 
inate withholding tax on investment 
dividends and interesL Cyprus is being 
targeted by international companies as a 
potential haven for trade with and in- 
vestment in Eastern Europe. Mauritius 
is being promoted as a niche haven for 
investment in India and China. 

“Mauritius finds itself in the unique 
position of having a good tax-treaty 
network, while levying low or no cor- 
porate tax and no withholding tax,’ ’ Ms. 
Doggart said. “In addition, it does not 
feature as yet on the main tax haven 
blacklists.” 

There are more than 80 offshore col- 
lective investment funds domiciled in 
Mauritius, with well-known, interna- 
tional sponsors such as Jardine Fleming 


Securities, Merrill Lynch & Co. and 
Schroder Wertheim & Co. 

While the most attractive fiscal en- 
ticements are generally reserved for cor- 
porate customers, some tax havens have 
gone out of their way to target wealthy 
emigrants from countries with high tax 
rates or that are politically unstable, 
offering second passports and special 
retirement plans. 

“The cost of a second passport will 
often vary in relation to its international 
respectability,” said Ms. Doggart. “The 
going rate for a second passport in Chad 
and Sierre Leone is currently $7,000, 
while $20,000 will guarantee you a per- 
manent residence permit from the au- 
thorities in Antigua. In the Pacific Ocean, 
the truly exotic passport-seeker has a 
choice between Tonga, where passports 
cost $50,000. and Kiribati, which favors 
Chinese, Hong Kong and Taiwanese cit- 
izens, offering passports valid for two 
years oniy at $10,000 each.” 

Some retirement havens have direct 
taxes, but they do not levy them on 
foreign source income or assets abroad. 

Jurisdictions that are noted for their 
special retirement incentives include 
Costa Rica, the Netherlands Antilles 
and Panama. A foreigner who receives 
an income of at least $1,000 per month 


from outside of Costa Rica, for ex- 
ample, is entitled to residence status. A 
reported S.000 such residents live in 
Costa Rica, half of them Canadian or 
U.S. citizens. 

There are a number of other juris- 
dictions that have not acquired tax-haven 
status, but which still attract foreigners in 
search of retirement homes. Anthony 
Ginsberg of Offshore Outlook, a 
magazine that focuses on the offshore 
investment industry, said Canada had 
attracted Hong Kong and South African 
citizens because of its five-year tax-ex- 
emption rule on foreign income earned 
abroad. Cyprus is attractive to British 
retirees partly because of a tax-treaty 
between the two countries, which ef- 
fectively eliminates tax on British pen- 
sion income. 

Not all tax -haven users are retirees or 
people seeking to avoid paying taxes. A 
growing number of individuals like to 
use tax havens because of their Inter- 
national Trusts Legislation. Trusts are 
commonly used for estate planning, but 
increasingly they are being used to pro- 
tect assets from unwelcome creditors 
and claimants. 

Paul Stibbard, an international tax 
lawyer with the Baker & Mackenzie law 
firm in London, said there were about 15 


tax havens that specialize in asset-pro- 
tection trusts. He said some havens were 
more aggressive than others in terms of 
protecting an individual's assets. 

“Most trust jurisdictions operate un- 
der a statute of limitation, which ef- 
fectively sets a time limit in which 
claims against a trust can be made,” he 
said, “TTie Caymans’ statute of lim- 
itation is six years, compared to just two 
years for the Bahamas.” 

Belize, the Cook Islands and Nevis 
are generally considered to be the most 
creditor-unfriendly of the 15 major trust 
centers. They do not recognize foreign 
judgments against trusts incorporated in 
their territories, even if a fraudulent 
transfer is deemed io have taken place. 

While niche-marketing can be a useful 
way of drumming-up new business, it can 
also attract unwelcome attention. While 
Labuan enjoys most of Malaysia's tax- 
treaty network, warning bells are ringing: 
The Netherlands and Sweden have ex- 
cluded Labuan-doraiciled companies 
from treaty benefits and other treaty part- 
ners reportedly may follow suiL 

International courts take a dim view of 
jurisdictions that have courted asser-pro- 
tection trust business. Individuals who 
use a blacklisted trust territories could 
find it more trouble than it is worth. 


BRIEFCASE = 

In U.K., Market Wisdom 
From the Small Investor 

Chalk one np for the wisdom of the 
small investor. A list of the stocks 
bought and sold in greatest amounts in 
the second, quarter by clients of 
Share link, Britain's largest discount 
stockbroker, reveals a knack among the 
British public for buying low and selling 
high. 

British Telecommunications PLC 
was the most unloaded stock, followed 
by the two main electricity generators. 
National Power PLC and PowerGen 
PLC. All three had strong advances in 
the first half of the year. They continued 
to rise in the days after the government 
announced its budget plans on July 2, as 
- a new tax on utilities was judged not to 
be as onerous as had been feared. Since 
then, however, BT has fallen back 
sharply on concerns that it might have 
gotten a bad deal in its takeover of MCI 
Co mm unications Inc., which issued a 
profit warning.- 

The choices of those buying stocks 
reflect a bit of bottom -fishing and pop- 
ulism. Among die leaders were two 
bombed-out stocks, Eurotunnel PLC 
and Laura Ashley Holdings PLC, along 
/^with a pair of soccer'teams, Newcastle 
/^United PLC and Mtilwall Holdings 
PLC. 

Other stocks that investors were buy- 
ing showed an emphasis on the health 
industries. Popular names included 


Chiroscience Group PLC, Celltech 
PLC, Cortecs International Ltd., Video- 
Logic PLC and Pace Micro Tech PLC. 
All five are far closer to their 1997 lows 
than highs. lIHT) 

Britain Rules the Waves 
Of Expat Assginments 

For the fourth year in a row, Britain 
has topped- the list of destinations for 
expatriate assignments, according to the 
Global Relocation Trends survey of 189 
companies for 1996. 

Why the popularity? "London is a 
world financial center, and like it or not, 
it's the most effective jumping-off spot 
for the rest of Europe," said Michael 
Schell, president of Windham Interna- 
tional, a New York relocation firm and 
co-sponsor of the survey. “It has access 
to the European Union, it is English- 
speaking, and its labor and social laws 
are business-friendly," he added, "and 
that makes it very comfortable for U.S.- 
based companies." 

On the other side of the globe, the 
attractions of Hong Kong did not dim 
last year, ahead of the handover to 
China. It ranked second only to London 
as a destination. Moreover, the reasons 
for its popularity were much die same as 
London's, said Mr. Schell: a world fi- 
nancial center with a business-friendly 
environment, and access to a huge de- 
veloping market, namely Ghina. 

As for China itself, it led the roster of 


emerging-markets locations for the 
second year in a row. Who's going there? 
"Everybody", said Mr. Schell, noting 
companies ranging from financial in- 
stitutions to clothing manufacturers. 

But the biggest emerging-market news 
came from South America, where Brazil 
vaulted from 12th place in 1995 to the 
third-most-favored destination last year. 
"Brazil has become much more attractive 
because its economy and inflation are 
stabilied," commented Mr. Schell. 

Swelling the ranks of multinationals 
heading for South America's largest 
country are everything from auto parts 
manufacturers and auto assembly 
plants, to BellSouth Corp., the Amer- 
ican regional telephone company, 
which recently won a bid to upgrade Sao 
Paulo's telephone system. Financial- 
services companies also are assigning 
executives to Brazil. ( IHT ) 

'Plain Talk 1 on Bonds 

Vanguard Group has published a free 
booklet on bond investing as part of its 
“Plain Talk” series of investor bro- 
chures. The 42-page publication offers 
information about bonds, bond mutual 
funds and asset allocation. Other pub- 
lications in the series provide infor- 
mation about index investing, bear mar- 
kets. mutual-fund costs and emerging 
markets. (IHT) 

FOR INFORMATION, call Vanuraid u I 610 669 1000. or. ip 
the Usual Sam. I S00 MC 7447. or imi VanpanTj Web we 
ar raw . vmguH&Mm. 


Poster Gems From the Silver Screen 


Once-Discreet ADR Market Booming 


Continued from Page 15 chines that accept empty beverage 

“ t 1-.. c Ck. .c-Al,Akomnn 




of his customers buy — and sell — 
based on events and themes. 

4 ‘We had a lot of activity leading up 
to the Chinese takeover in Hong Kong, 
which is now leveling off,” he said 
“Another theme that has played well is 
privatization in Latin America.” 

At Global Investing, Ms. Lewis’s 
model portfolio is overweighted in Nor- 
wegian ADRs, including Christiana 
Bank & Trust, now recovering after a 
rash of bad loans and a merger, and 
Tomra Systems ASA, a maker of ma- 


bottles for recycling. She is also betting 
that Mexico’s economic recovery will 
spur government spending on Infra- 
structure, benefiting companies like Ce- 
mex, the giant cement producer, and 
Corporation GEO, a construction com- 
pany. 

Her advice: buy five to 10 ADRs, 
invest $5,000 to $6,000 in each, di- 
versifying risk by selecting unrelated 
businesses and different countries, then 
sit back. 

“In two to three years. I’m willing to 
bet you will have done better than start- 


ing in the U.S. now with the Dow Jones 
at 8,000,” she said. 

For further information, call: 

•BA Mi OF SEW YORK. ADk/DRIP program. I 212 815 
5SZ> ‘ 

•GLOBAL INVESTING. I 910 49? fax 1 970 493 
8781 

•J J>. MORGAN & CO.. ADWDRIP program. I 61 7 575 4328 

• MORGAN STANLEY. DEAN WITTER. DISCOVER A 
CO.. 1 212 M3 2231 

• CHARLES SCHWAB A CO.. ! 602 852 3500 I Schwab 
Iraciuuuoualk; for investors in the United Sum. 1 800 43S 
4000. 

Web sites 

• BANK OF NEW YORK ADRi and GDRk 

Ultra fantof ny mm/ulf 

• DRIP Web uk wro.neutw-Wirwtiirai 


By Nick Ravo 


F ORGET baseball 

cards, first-edition 
books and antique ci- 
gar paraphernalia. 
The latest collectible to fetch 
big prices is the rare movie 
poster. 

Earlier this year, a vintage 
poster from “The Mummy," 
the 193.2 honor film, was sold 
for $453,500, a record for a 
movie poster at auction. In the 
past three years, about 25 
posters have been sold for 
more than $75,000 each, ac- 
cording to Jerry Ohlinger, a 
movie, art and memorabilia 
store owner in New York. 

A poster for “Roman Hol- 
iday” sells for $605, accord- 
ing to a price guide, and one 
for “Breakfast at Tiffany’s” 
for $495 — ; $1,295 if it is in 
I talian . 

Italian and French posters 
often command the highest 
prices. A poster for ‘‘La Dolce 
Vita,” die 1960 Federico 
Fellini film, sells for $2,503 to 


$4,250 in Italian but for as little 
as $30 to 5500 in English. 

“It’s worth more if the 
poster is from the country 
where the movie Is from,” 
Mr. Ohlinger said. 

Most original movie 
posters cost $30 to $5,000 at 
shops, galleries and mail-or- 
der houses. (The “Lolita” 
poster in Jerry Seinfeld’s liv- 
ing room on the television 
comedy “Seinfeld” sells for 
$100 to $900, depending on 
its condition, according ro 
one of many price guides 
available.) 

This may be small change 
for what purports to be se- 
rious art, but 10 years ago, 
prices were only one-tenth of 
what they are today. 

“Prices have gone crazy.” 
Mr. Ohlinger said. ‘ ‘The mar- 
ket is probably overheated.” 

Some specialists say the 
soaring prices for movie 
posters may well indicate a 
time to sell, not buy. But 
selling may be bricky. 

“For most posters, there 
isn’t much of a resale market. 


unless you hold onto it for 15 or 
20 years." Mr. Ohlinger said. 
“You could try to sell ii at 
auction, but auction houses are 
very particular and usually only 
take the high-end posters. ” 

The recent boom in orig- 
inal movie posters, according 
to Nancy Escher. a fine-arts 
appraiser in Beverly Hills, 
California, is part of the rising 
interest in all movie mem- 
orabilia, including props like 
the falcon (.or falcons) used in 
“The Maltese Falcon” and 
the ruby slippers from “The 
Wizard of Oz.” 

Ms. Escher said poster prices 
often were linked to the quality 
of a movie or its stars. She 
added that horror and science- 
fiction films from the 1930s 
were often prized for the art- 
work. “Boris Karloff films are 
always desirable,” she said. 

Posters from Audrey Hep- 
burn movies are hot, too, par- 
ticularly those for films that 
are considered classics. 

“ ‘Roman Holiday’ is one, 
where you have William 
Wyler, a Dalton Trumbo 


ITC 


INTERNATIONAL TELEPHONE COMPANY 

WORLDWIDE CALL BACK SYSTEM 

SAVE UI> TO 80% 


International Telephone Company 
290 Pratt Street, Meriden, CT 06450-2118 
1800-638-5558 ext. 91 / 203-238-9794 Fax: 203-929-4906 


script and Gregory Peck,” 
Ms. Escher said. “ ‘Breakfast 
at Tiffany’s’ is popular be- 
cause of Truman Capote and 
the literary connection. ” 

Condition is everything. If 
the poster is mounted, it 
should be on linen, not poster 
board. “Yon don’t want tears 
along the folds,” Ms. Escher 
said. “And if it’s framed, rake 
it out and look for signs of 
restoration.” 

Bruce Austin, a professor 
at Rochester Institute of 
Technology who specializes 
in collectibles, said: “A big 
part of this is that movie 
posters are in the class of 
goods called ‘ephemera,’ or 
items that were produced for a 
limited lifetime, that will de- 
teriorate on their own” 

New York Times Service 


BBS 

WORLD WIDE 


I Since 1975 out uMftMe team at owr. 
Z75 raum-EfcopSflfifl erotessmais nave 
I epwrafewa « ptwdaq coramwnM raid 
I cost BHeow company (omason m me 

I MOtVfS mOjO* fowls' Wlli 


BLEW HAN -BiJOltflMccC* 
OVERSEAS COMPANY 
REGISTRATION AGENTS LTD 
Cornea*# House Tow Swaf Rams*, 
tele al Man. BnuT- Kte. W99 MN 
E-mai n eo cracs m 

TEL: + 44 1824 B15544 
FAX: + 44 1824 817078 
MAURITIUS 

KEVIN JUMK410AN s * icjnutu 
Hawr World House. Sir Wiliam 
Nemlort Street Po»*. LOWS, Miuntitt 
TEL *230 211 5100 FAX. +230 211 M00 

SEYCHELLES - DEBRA AKATSA 
303 Aarcl Chambers. Mont Rrua 
PO Bu 983. Mahe. Sevchetics 
TEL -248 225555 FAX; -248 225959 

HONG KONG ■ BART DEKKER, UK 
2402. Bank of Amenta Tower. 

12 Haiwurt Rd. Hong Kong 
T£LtB52 2522 0172 FAX 452221 1190 

&0MQ CERTUKATED 








PAGE 18 


World Roundup 


Favre Tops Sanders 

football Brett Favre, the 
NFL’s most valuable player, be- 
came the league's highest-paid Fri- 
day. 

The two-time MVP signed a sev- 
en-year deal with the Green Bay 
Packers that is reportedly worth be- 
tween $42 million and $48 million 
and includes a $12 miliioo signing 
bonus. 

The contract surpassed the re- 
ported six-year, $34 million deal 
that Detroit's Barry Sanders signed 
Sunday. 

• T think I’ve proven over the last 

couple of years that I have been the 
best player in the league,” said 
Favre. (AP) 

Duncan Signs With Spurs 

basketball Tim Duncan, the 
No. I pick in the NBA draft, signed 
with the San Antonio Spurs. Under 
the league's rookie salary rules his 
three-year contract is worth slightly 
more than $10 million. (AP) 

FIFA Investigates Torture 

soccer FIFA, soccer's world 
governing body, said Friday that it 
was Investigating reports Saddam 
Hussein’s oldest son had the Iraqi 
team beaten after it lost to Kazak- 
stan and was eliminated from next 
year's World Cup tournament. 

Keith Cooper, a FIFA spokes- 
man, said the organization was tak- 
ing the accusations against Udai 
Hussein, head of the Iraqi soccer 
federation, extremely seriously. 

The Observer, a London news- 
paper. reported that after Iraq lost at 
home June 6 in the first of its two 
matches against Kazakstan, Udai 
Hussein ordered the Iraqi players 
taken to a military base to be caned 
on the soles of their feet and beaten 
on their backs. 

Iraqi dissidents said that after the 
team lost in Kazakstan on June 29, 
he ordered the players imprisoned 
and tortured ana had their hair and 
mustaches shaved off. (AP) 

• Barcelona signed Sonny An- 
derson. a Brazilian goaiscorer, 
from French champion Monaco on 
Friday. Barcelona officials said 
they paid Monaco between 2.5 bil- 
lion pesetas ($16.5 million) and 3 
billion pesetas for Anderson. 

• Newcastle United accepted £6 

million ($1.0 million) offer Friday 
from fellow Premier League club 
Tottenham Hotspur for England in- 
ternational striker Les Ferdin- 
and. (Reuters. AP)- 

Australia Dominates 

cricket Australian batsman 
Matthew Elliott hit 134 Friday and 
shared an unbroken stand of 208 
with Ricky Pooling on the second 
day of the fourth test against Eng- 
land at Headingley, Leeds. 

At the close, Australia was 258 
runs for four wickets in its first 
innings after dismissing England 
for 172 in the morning. England lost 
its last 7 wickets for 34 runs. Jason 
GiUespie finished the innings with 
7 wickets for 37 runs. (Reuters) 



^ffUcralbS&ribunc^ 

Sports 


SATURDAY-SUNDAY, JULY 26-27. 1997 


Ben Hogan, One of Golf’s Greatest, Dies at 84 

. Tawai- o Hnirtn thi* man s 



•V:-r'Zr.« *■ 





By Lariy Dorman 

Mw Yini Times Servile 


Ben Hogan teeing off at the first 
hole in his playoff with Jack Fleck 
in the 1955 U.S. Open. Fleck won. 


Ben Hogan, 84, perhaps the most 
creative shoemaker in the history of golf 
and one of the most accomplished play- 
ers of all time, died Friday in Fort 
Worth, Texas. 

[Hogan, who had colon cancer sur- 
gery two years ago and Alzheimer's 
disease, died at home, said his secretary 
Pat Martin. She did not know the exact 
cause of death, The Associated Press 
reported.] 

Although he was a very private man 
who preferred in recent years to remain 
close to his home in Westover Hills and 
his office at Shady Oaks Country Club, 
Hogan’s influence on the game none- 
theless wasprofound and his legacy far- 
reaching. when he was at his peak, 
winning nine major championships — 
four U.S. Opens, two Masters, two 
P.GA. Championships one British 
Open — in the span from 1946 to 1953, 
he was considered by many to be the 
finest player in the game. 

His indelible mark on the game he, 
loved stemmed not merely from his 
ability to control a golf ball, arguably 
with more precision than anyone before 
or since. It also was traceable in large 
measure to his enormous wifi, a de- 
termination that forced him to remake 
his entire golf game, to come back from 
a near fatal automobile accident and to 
set standards of excellence that were 
previously only imagined. 

“What set Ben apart from everybody 
else was his inside game — the un- 
believable will to win, the quiet de- 
termination, the intense concentration, ’ ' 
his friend Jimmy Demare! once said. 

There was a mystique about Hogan, 
an aura that impressed even the most 
calloused observers. 


“All I know is I seen Jack Nicklaus 
watch Hogan practice,” the great Texas 
golfer Tommy Bolt once said. “I never 
seen Hogan watch Nicklaus practice.” 

Hogan was a taciturn man whose 
conservative and spare attire — he wore 
only tans , grays, whites and navy blues 
topped off by a trademark white cap — 
reflected his exacting personality. He 
earned the nicknames “Bantam Ben” 
and the “wee ice mon” fra - his flinty- 
eyed approach to the game, but mostly 
be was called, simply, Hogan. 

Hogan is one of four golfers to have 
won all four Grand Slam events, the 
Masters. United States Open, 1 British 
Open and PGA Championship. He won 
a total of 63 tournaments around the 
world. 

His ability to overcome a swing flaw 
that nearly drove him from (he game is 
an achievement that amazed both his 
contemporaries and those who followed 
him. It was something Hogan pointed to 
with more pride than his record. 

“My greatest accomplishment,’' he 
once said, “was being able to make a 
living playing golf after going broke 
twice starting out” 

He was bom William Benjamin 
Hogan on Aug. 13, 1912, in Dublin, 
Texas, die son of a blacksmith, Chester 
Hogan, and his wife, Clara. 

Chester Hogan died nine years after 
Ben’s birth, and Cara Hogan moved the 
family to Fort Worth, where die young 
Hogan began caddying at the age of 12 
at the Glen Garden Country Club. 

Among his fellow caddies was Byron 
Nelson, another Texas legend who went 
on to achieve greatness as a golfer. 

Hogan turned professional in 1931 
and for the first 1 6 years of his career, he 
fought against a tendency to hook the 
ball, a dreaded shot that curves un- 
controllably from right to left A pro- 


fessional golfer afflicted with that shot 
is destined to fail. Hogan knew that 
well, and once said, “I hate a book, it 
nauseates me’ I could vomit when I see 
one. It’s like a rattlesnake in your pock- 
et” 

Hogan developed a technique that 
was mysteriously dubbed “The Secret” 
fay the golf cognoscenti. It wasa formula 
that Hogan never revealed in full, but 
near the end of his fife he said “the 
o uric **in rhe dirt.” meaning it 


secret’-' was “in the dirt,” meaning 
was simply a repeating stroke that was 
born of countless hours of practice. 

Ben Crenshaw, the accomplished 
touring professional and golf historian, 
wrote of Hogan, “His hands were as 
powerful and forceful as the man him- 
self. No one swung at a golf ball with 
more force and authority than Hogan. 
His hands were like a pair of vices that 
transmitted the force from his body to 
the ball with absolute control.” Cren- 
shaw spoke with awe of watching 
Hogan hit iron shots that would hit the 
middle of the green and then spin left or 
right, depending on the pin placement. 

“They really couldn’t hide a pin from 
Hogan,” Crenshaw said. 

The author Dan Jenkins, who esti- 
mated that he watched Hogan play 50 
to urnam ents, once wrote that be never 
saw Hogan hit a bad shot “In fact,” 
Jenkins wrote, “I never saw him hit a 
shot I didn’t want to after an engage- 
ment ring and take home to mother.” 

• From 1940 to 1960, Hogan competed 
in 16 U.S. Opens and never finished out 
of the top 10. He won four times, with 
perhaps the most memorable of them 
being the 1950 victoxy at Merion Golf 
Club in Ardmore, Pennsylvania. 

That victory came just one year and 
four months after Hogan's near-fatal 
automobile accident in 1949 on a dark 
desert highway outside Van Horn, 


Texas, a dot on the map some 1 10 miles 
(176 kilometers) west of El Paso. 
Hogan, who had won the 1948 U.S. 
Open at Riviera Country Club, was hurt 
so badly in that wreck that it was widely . 
assumed he would never play compel- - 
iti ve golf again. - 

He spent the better part of a year 
rehabilitating from that accident, a 
head-on collision with a Greyhound' 
Bus. His life probably was saved be- 
cause he dove across the seat to shield ■ 
his wife. Valerie, from the impact The . 
column from the steering wheel -was 
driven through the driver's side seat, but . 
the diving HOgan suffered a double frac- 
ture of the pelvis, a fractured collar, 
bone, a fractured left ankle and a* 
chipped rib. 

He returned to competition at the 
1950 Los Angeles Open, where he shot 
4-under-par 2S0 and lost in a playoff to. 
Sam Snead. He was back, but he still had - 
difficulty walking six months later dur- 
ing the Open at lfierion. Each day after 
his round, Hogan loosened the bandages 1 
that covered his legs from his ankles to - 
the top of his thighs, and soaked hk legs 
to relieve the pain. He won the cham- 


f _ 

tit ' 1 

T i - ( 


VA ' 



G 


ionship in a playoff. shooting^69 to 


oyd Mangrum’s 73 and George $ 
Fazio’s 75. , ' 

“Merion meant the most, he once 
said, “because I proved I could still’ 


-• M 


win. 


Two years later, in 1 953, Hogan came 
closer than anyone has to winning golfs - 
modem Grand Siam. In that year, be ' 
won The Masters, the U.S. Open at 
Oakmonr Country Club in Pittsburgh . 
and the British .Open at Carnoustie in 
Scotland, the only time he played in a 
British Open. He was unable to compete . 
in the PGA Championship because the - 
dates for the PGA and British Opens 
overlapped. 


Cycling’s Top Event Stymies No. 1 

France ’s Jalabert Is Barely Hanging On Despite Ranking 


By Samuel Abt 

International Herald Tribune 

DIJON, France — As he does every 
morning in the Tour de France, Laurent 
Jalabert mounted the few steps, crossed 
the platform and signed his name as an 
entry in die day’s stage. The crowd 
cheered loudly when Jalabert’ s name 
was announced and even more loudly 
when be was identified as die world's 
leading rider in computerized standings. 

“Twice the wearer of die green 
points jersey in the Tour,” said the 
announcer, “die winner of the Vuelta, 
the winner of Milan-San Remo and Par- 
is-Nice, the winner of the famous stage 
to Meade on July 14, 1995. the year be 
finished fourth in the Tour.” 

But what has he won in this Tour? 
Despite his frequent attacks in the last 
10 days, what has he come even close to 
winning? 

“Of course,” the announcer contin- 
ued, “like all riders, he also knows bar- 
ren times. This has not been a rewarding 
Tour for him so far but he remains hope- 
fid. Now, Let's hear your applause for 
Laurent Jalabert, No. 1 in the world.” 

Jalabert, a French rider for the ONCE 
team from Spain, smiled wanly. He 
waved to the crowd. Then he got off that 
platform and down those steps quickly. 

No. 1 ranks No. 44 in the 84th Tour de 
France, nearly two hours behind the lead- 
er. He is having a better race, however, 
than be did last year, when he buckled at 
die first mountain and then withdrew a 
few days later, complaining of fatigue, 
illness and a mysterious loss of power. 

This time he is toughing it out, at- 
tacking whenever he can and trying to 
stay with the leaders in the climbs. It 
isn't working, as his 44ih place testifies, 
and he admits that he finds it humbling 
to finish so far behind riders he has 
dominated for the last few years in other 
races. 

“It's hard, that's for sure," he says. 
“Bat I’m still here.” 

Still here and still nowhere. Jalabert 
was another face in the crowd Friday, 
the 19th of 2 1 stages. 172 flat kilometers 
f 107 flat miles) from Mombeliard to 
Dijon in cool and sprinkiy weather, as 
the Tour headed toward its conclusion 


in Paris on Sunday. In a wild finish that 
demonstrated die riders' fatigue and 
their desperation to win as time runs out, 
both competitors in the sprint were pen- 
alized for rough riding and set back 
eight places. 

They were Bart Voskamp, a Dutch- 
man with TVM, and Jens Heppner, a 
Gentian with Telekom. As they raced 
together to the line, Voskamp swerved 
to his left to block Heppner, who then 
swerved to his right ana leaned on his 
rival for several meters. 

Nothing extraordinary, the fouls were 
obvious because there were only two 
men, not die usual gang, fighting it out. 


Tour de France 


Two sprinters were penalized, with one 
of them ousted from the Tour for ir- 
regularities two weeks ago and another 
rider, Peter Van Petegen. a Dutchman 
with TVM, was dropped to 12th place 
Friday when he also swerved as the 
second group dashed to the line. 

In the absence of the first two, victory 
went to Mario Traversom, an Italian 
with Mercatone Uno, who legally won 
the next sprint 26 seconds later. 

Second was Francois Simon, a 
Frenchman with Gan, and third was 
Marco Saiigari, an Italian with Casino. 
Traversoni was timed in 4 hours 3 
minutes 43 seconds, a swift 42.4 ki- 
lometers an hour (26.3 miles per hour). 

With nearly 30 kilometers to go, 
Voskamp and Heppner escaped from the 
dozen other riders with whom they had 
been traveling far ahead of the pack from 
the first minutes of the stage. After nearly 
three weeks and about 3,800 kilometers 
of racing, the rest of the 139-man field 
spun their wheels gently, arriving almost 
18 minutes behind the fugitives. 

There was no change in the overall 
standings, where Jan Ullrich, a German 
with Telekom, reigns supreme and un- 
touchable, 6:22 ahead of Richard 
Virenque. a Frenchman with Fes tin a. 

One hour 55 minutes 12 seconds be- 
hind Ullrich is Jalabert, 28, who has 
known worse trouble. He was badly in- 
jured in the 1994 Tour when a policeman 
wandered onto the course at the end of 
the second stage and caused a crash 


among riders with their heads down as 
they sprinted for the line. Jalabert needed 
two months Off to recover from a broken 
cheekbone, jaw and teeth. 

Until then a sprinter, he returned from 
his convalescence with a sense of mis- 
sion. The next season he blossomed as 
an all-around rider and began winning 
major races regularly. His only failure in 
the last two years has been in the Tour. 

“Jr’s hard to keep your morale when 
you’re not really performing,” he says. 
“After each stage, I’m pretty demor- 
alized. Next morning, I feel better, my 
ambition returns and I think, ‘Why not 
today?’ " 

But none of his attacks has gone far. 
He tried in Andorra 10 days ago and 
finished theclimb far behind; he tried on 
the stage to Morzine on Monday and 
could not get away; he tried again 
Thursday, passed in the lead over the 
first of four climbs, held on forsecond in 
the next climb and then faded to 86th 
place at the finish. 

“I just don't have any power,” he 
says. “I can’t do what I know I can do." 
He suspects he has overtrained or per- 
haps took too long a break — five weeks 
— between the spring classics and his 
tune-up races for die Tour. 

“I'm very disappointed because I’ve 
worked so hard,*’ he says. “I’m not 
being paid back for that work. This is a 
very ungrateful sport.” 

Pedaling away from his sign-in and 
introduction, Jalabert was stopped by a 
fan. “We’re very proud of you,” thefan 
said. “The way you're still trying. You 
haven’t given up. You’re one brave 
fellow." 

The No. I rider in the world looked 
embarrassed. “Anyway, I'm still 
here," he replied. 

■ Lotto Team: Down on Its Luck 

The beleaguered Lotto team started 
the Tour de France on Friday with only 
three riders as its miseries continued. 

Benoit Salmon, a Frenchman with the 
Belgian team, was ousted by officials 
after he was seen being towed by a team 
car during the hilly stage Thursday. The 
driver of the car. Jos Braeckevelt, Lotto’s 
assistant coach, was also ousted from the 
race, as was the car. Rider and coach were 






w V^pru'fllVi^ 

Riders heading toward heavy clouds on Friday in the Tour's 19th stage. 

fined 200 Swiss francs each ($134). ing a stage in the Alps. 

Earlier in the three-week race, rhe Among the 22 teams in the Tour, the 
team’s nine riders were reduced by one only one with fewer riders than Lotto is 
expulsion for a positive drug test, one Mutuelle de Seine er Marne, a minor 
dropout because of illness and three French outfit, which now has two corn- 
disqualifications for lateness in finish- petitors left. 



* 





Scoreboard 


BASEBALL 


Major League Standings 

AMWCAH UAOUR 

EAST DIVISION 



w 

L 

Pd. 

GB 

Baltimore 

61 

37 

Z22 

_ 

New York 

58 

41 

■ SS6 

3Vi 

Toronto 

48 

49 

495 

12Vi 

Detroit 

47 

52 

475 

14% 

Boston 

47 

54 

465 

15V. 


CENTRAL DnnSlOH 



Cleveland 

52 

43 

-S47 



Chicago 

51 

49 

JS1Q 

3* 

Milwaukee 

45 

52 

464 

8 

Minnesota 

45 

54 

.455 

9 

Kansas City 

40 

56 

417 

12H 


WEST WVTRON 



Seattle 

57 

44 

SU 



Anaheim 

54 

45 

sa 

2 

Tesas 

47 

53 

470 

914 

Oakland 

41 

62 

■39B 

17 


EAST DflflSION 




W 

L 

PcL 

GB 

AJtoflte 

64 

38 

427 

— 

Florida 

57 

42 

-576 

59. 

New York 

58 

. 43 

-574 

5V4 

Montreal 

52 

47 

J25 

m 

Phfladelptita 

30 

69 

.303 

32W 


CENTRAL DIVISION 



Houston 

54 

48 

-529 

— 

PBtsburgh 

49 

52 

485 

416 

Si Louis 

48 

52 

480 

5 

CindnfloJi 

43 

56 

.434 

9» 

Chicago 

43 

59 

422 

11 


WESTOMSWN 



San Francisco 57 

45 

.559 

— 

Los Angeles 

S3 

49 

520 

4 

5an Diego 

50 

52 

490 

7 

Colorado 

47 

55 

461 

10 


IHtWSDAT'S UIUKOMI 
AMERICAN LEAGUE 
Kansas Otr 130 010 000—5 9 1 

Minnesota 010 020 000-3 6 0 


Banes, Carrasco 18). J. Montgomery (9] 
and Mo d ortons D .Stevens. Guardado (2), 
Trembler to, Swmdefl TO and G. Myers. 
W— Bones, 1-2. L— D. Stevens, 1-3. 5* — J. 
Montgomery (4). HRs— Kansas City, J. Bed 
US). Y. Benitez Cl). 

Oakland 000 000 ooa-o 6 0 

Basloa 000 020 01x-3 io o 

Rigby. KuWnakl (7). A. SrnnO TO and 
MoOna, Moyne TO; Suppaa Coni TO, 
Slecumb (Stt and Haiteberg. W-Suppan, 5-0. 
L — Rigby, Q-A Sv— Stoaimb H7). 

HR— Boston, Garciaparro (16). 

Suite 120 030 203 — II 12 1 

demand 001 see ooo-i 8 2 

RaJohnson. B. wete (8) and baWHsorc 
ToXIaifc Joanne (7), Mormon (9) and 
finders. W— ftaJofmson, I f-2. L— restart, 
0-1 

MBmufeae 102 001 DOG-4 9 1 

Toronto 400 010 BOlc— 5 B O 

J -Mercedes, Wtdtman TO and MalfKtip 
W.WBtans Spafiark (7), Timlin (8). Escobar 
19} and OBrien. W— W. Mfltams. 64 L-J. 
Mercedes. 3-6. Sv — Escobar 14). 

HRs — Milwaukee, Js-Vatanttn (9), Nilsson 
04). Toronto, CDdgodo (22). 

Tom OH OH 010-1 3 0 

Chicago OH OH lls-2 4 0 

K.HR, X Hernandez TO and l. Radrtfjeer 
Drabefc, Kordmer TO, RJHernancter (9) and 
Fahregas. W— Kardmec 34). L-4C HU SS. 
Sv— R. Homan. CM). HR— Ts. Palmer (13). 

NATIONAL LEAGUE 
PHaMpUa 001 221 100-7 14 0 

5ar Francisco 132 in dm 8 r 

T.Green, Games (3), Brewer {©, Spradlin 
(8), BattaUca (9) and Lieberthal: Roa. Poole 
(6), Johnstone (6). R. Rodriguez (6), 0. 
Henry (9) and Benytafi, B. Johnson to. 
W-Gomes. 2-0. L— Roa 2-5. Sv-BcttoSco 
OB). HR— PMKfctphki, Stacker (2). 
P it t sbur gh 100 301 001—6 10 1 

Son Diego 410 001 00k-8 12 ■ 

Cooke. P. Wagner (4), Sodowsfcy (6). M. 
WMflS m. Latoete IB) and Kendo* 

DnJadoon, Braske (6), Bachtter (7), 


TiWoirefl TO. Hoffman (9) and Flaherty. 
W-Broske, 341 L-Sodowsfcy, 1-2. 
Sv— Hoffman (23). HRs— Ptttsburgh, KendaO 
14], San Diega ContjnRI (10), Shipley (3). 
MontrMl 000 030 300-5 7 1 

Htunlou B10 310 321—10 11 0 

PJJWortinez, Teterd (7), M. Valdes (7), 
DeJfart (7). Fottefeefc (0 and Ftefchec 
Reynolds R. Springer (7). T. Martin (7). J. 
Cabrera (9) and Ausmus. W— T. Martin. 3-2. 
L— TedonL 2-3. HRs — Houston. Carr (1>< L. 
Gonzalez (7). 

Chicago 010 000 000—1 6 0 

Colorado 300 001 8M-7 B 0 

Trndrset BoJtenfield (7) and SenralSj 
JncWrighr and Manwnring. W— Jra.Wdghl 
s* L— ' Traded 54. HRs— Chicago. Soso 
(20). Colorado. Bichette (15). 

New Yurt 000 000 003—3 10 1 

Las Angeles B00 000 001-1 4 1 

RJfered. Jo .Franco (9) and Hundley; 
Astada Guthrie (9), Hall (91 card Prince. 
W-R. Reed B-4. L— Guthrie, 1-3. 
Sv— Jo-Franco 07)- HR— Lai Angeles W. 
Guerrero 13). 


CYCLING 


Tour de France 


Leading results Friday In the 172 km 
(10M miles) 1 ram MombeHard ta DQon: 

1 . Mario Traversoni IWf, Meromme Una 
4 hours, 3 minutes 1 ? seconds 2 . Francois 
Sernas Francs GAN. same ffme, 3 , Mats 
SaBgart Italy. Casino. sL d. Christian Hens 
Germany, Telekom, sL 5 . Wtatsdieshw 
JeMmouf. Russls U.S. Postal Sendee. sJ. 6 . 
Thierry Bourglgnon Francs Big Met SJ. 7 . 
Erik Dekker, NdheriOflds, Roboobonfc st. & 
Senrais Known, Mettieriands, TVM, s.f. 9 . 
Sergei Outsehnkow, Ukraine, PoHi, s.L 10 . 
Bat Vosfcmtp, Netherlands. TVM, 20 sec- 
onds behind. 

ovhulu 1 . Jan Ulrtdv Germany. 
Telekom, U& 19 : 17 ; 2 . Richard VkenqtM. 


Francs Festtna £32 behin d; 3. Mona Pan- 
tanL Italy. MercatoneUns 10:13:4. Fernando 
Escorts Spain, Ketms l&Oi- S. Abraham 
Otana Spain. Banesta. 1&40r 6. Piancosca 
Casograncfe Jtafc Soeca. 17:14,- 7. Bjame 
Rn& Denmark, Tetekom, 18d>7; B. Jose Maria 
Jimenez, Spain. Banest* 23:4% 9. Roberto 
Conti Italy, Mercatone Una 2m 10. Lau- 
rent Dufaux. Switzerland. Festtna 2939. 


CRICKET 


FOUKTHTZST 
EHOUUID VS. AUSTRALIA 
FRBAY. M HEADINGLEY ENOLAHO 

England: 772 

Australia: 2504 


TENNIS 


amajuioMii 

M KirZMMEU AUSTRIA 
CKIARTBnFMALS 

JuBon Atoms Spain, def. Heron Grimy, 
Argentina, a-A M. 7-6 (7-5); Skwa Dasedet 
(15), Czech Republic, def. Marceto Rftppini 
(9), Uruguay, 7-4 M,- 

wUMweap 

OJAfftERFMALS 

Vkginta Ruana Posed, Spate, del. Jocmette 
Ktuger, S JWrtca 7-5 7-5; Ruxandia Dragon* 
(2), Romania def. Katarina Studenltara (BJ, 
Slovakia £-2 6^; Henrfeta Hogoyova (6), Slo- 
vakia def. Cristate Torrens Valera. Spain 6-3 
6-1; Barbara Pnahra (1). Austria def. Gala 
Leon GomaSoffla 6-2 6-0 


TRANSITIONS 


hjUNOMU. 

AKRICAM LEAGUE 

boston -Recalled RHP Brian Rose tram 
Pawtucket IL. 


CHKACO— Recalled 38 Robin Ventura hem 
rehabffitalkm assignment and activated Mm 
from 15-day disabled list. Put INF Narberio 
Marita on 15-itoy disabled Bst retroactive to 
July 21. 

Cleveland -S igned OF Jason Fitzpatrick 
to ntinar-leagiie contract and assigned him to 
Watertown, NY-PennL. Signed RHP Tim 
Drew and assigned him to Buffington, AppL 
Signed INF Pot Ustadi ta minar4eague can- 
trad and assigned Mm to Buffata, AA. 

Kansas— R ecaBed OF Vaitd Benitez tram 
Omaha AA. Optioned OF Rjran Lang to Om- 
aha. Transferred LHP Chris Haney from 15- 
day to dGday dteatHed list. 

uiuvAUKEE-PutRHPDougJonesonls- 
day dtaabied list rebwethre to July 16. 

Oakland —Pvt LHP Stem Wo(dedvwSki 
on 15-day (fisabtod Bsl retroodfveto July 19. 
Activated RHP Tim KubtaskL 

To howto — Oabned LHP Omar Daol off 
waivers (tan Montreal Expos. Recalled INF 
Tomas Perez ham rehabaiMbnasafennient 
and optioned him to Syracuse M_ 
lUTIOiUL LEAOUE 

Las a hoc les -Recalled C Henry Blanco 
horn Atouqoefgw. PCL Optioned LHP Den- 
nis Reres ta Alb uq vague. 

Pittsburgh— A ssigned INF Joe Rondo to 
Calgary, PCL. 

BMXEIMII. 

NATKMAL BASKETBALL association 

Houston —Signed F OtaeHa Harrington ta 
i -year contract. 

UK ANGELES LMCER5-5lgwd F James 
Forrest 

MIANDO -Named Thu Walsh athletic 
trainer. 

IAN ANTONIO -Signed F Tan Duncan. 

FoaiuU 

NATIONAL FOOTBALL LEAQUfi 

Denver -Signed DE Trevor Pryce fa 5- 
year contract. 

a ETRarr -Signed LB Ma« WoodoM 

wmeen bay — R e-signed C Jeff Defenbach. 
Released WR OMar EObon Wd P John 
Krueger. 


hew eMOLAN a— Signed C8 Dwayne Provo 
and LB Richard Alvarado. Released TE 
Michael Warren aid G Tom Clara. 


The Week Ahead 


Saturday, July 26 


cmcket, Headtngtey. England — Eng- 
land vs. Austrafia fourth test ilrraugh July 28. 

sjuuffo. Copenhagen. Denmark — sot- 
Irw World Chomptanshlp. Through July 2b 
Fukuoka Japan — satllng, men, women 
Wand Youth Sailing Championships, through 
Aug. 4. 

tombs, Kdzbuhei, Austria — Generali 
open through Jufy27; Las Angeles— InfWS 
Open through Juty 27; Umag, Croatia — in- 
temattorwl Championship of Croatta-Umug, 
through July 27; Stanford. CaOtomla —wom- 
en Bankot the West Classic through July 27; 
Waisaw. Pafcmd — women Warsaw Cun 
through July 27. 

clolf, CimriweH. Connecticut — U.5. PGA 
Tour. Canon Greater Hartford Operu Hilver- 
smti, Netherlands — PGA Europear Tour, 
Dutch Open, through July 27; fUhant, Japan 
— Japanese PGA Tour. Nikkei Cun through 
Juty 27; Part Oty, Utah -US. Settlor PGA 
Tow, FronkUn Ouestl Championship, through 
Juty 27; Warren Ohio — women, US. LPGA, 
Giant Eagle Classic through July 27. 

PRO football. Canton. OWo — NFL, 
Hollo! Fame InducHaroHafi of Fame game. 

m bm o w, ftashvdte Tennessee— US. 
National Champ ioroWps, through Aug, 1. 

Aura RACJHCjtodwniwim. Germany 
— Formula One. German Grand Pri*. quaL 
ifying. 

ROHM RACUta, AscoL England — King 
George VI and Quean Elizabeth Diamond 
Stakes. 

RUGBY u won, Melbourne. Australia — 
BkxHslao Cup Aiishcflo vs. Now Zealand. 

cricket. Colombo, srl Lanka — Asia 
Cun final. Sri Lanka w. India. 


Sunday, July 27 


AUTO racing, Hocfccnhefen. Germany 
— Formula One. German Grand PrtL 
soccer. Hofn. Iceland — exhJbtaon- Ice- 
land vs. Faeroe Islands. 

Voriuas sites— African Cup. qupKfytag, 
Group I. Angola vs. Zimbobwe; Group z Ivory 
Coast vs. JWafc Group a Egypt vs. Elhiapta. 
Morocco vs. Senegat Group 5, Cameroon vs. 
Konya Gabon vs, Namtotar Group L Liberia 
vs. Tanzania. Cange vs. Tom, Mozambique 
vs. MahrwL Zambia vs. MairiKus. 

Monday, July 28 


Aug. 3i Montreal Canada - Ou fa 
Open, through Aug. X Amsterdam, r* 
lands — Grobch Open, through Aug. 3 
Diego — women WTA Tout Toshiba Ck 
through Aug. 3. 

4AIUN6, Isle of Wight, England - 
mtroJs Cup yocMtag, through Aug. 3. 

ftTHLfn cs. Sofia, Bulgaria — rnt 
pentathlon, World Championships, hu 
Aug. 1 Athens, Greece —Council meet 
C 0 LI> Kama; Wisconsin — Anri 
Consulting World Championship of Go 


Tuesday, July 29 


horagpircimg. Goodwood. England— 
Gloria vs Goodwood meeting through Aug. 2 

Wednesday, July 3o 


soccer* various sites — European 
Champions Cun, UEFA Cup. first qualifying 
round, second leg; Capa Ltbertodores. temi- 
ftaato second leg. Cota Colo (Chile) vs. 
Cruzeiro IBra/Dl; Sporting CrisM (Peru) 
Roetog (Argentina). 


Thursday, July 3 1 

SOCCER. Zurich. Switzerland — draw lor 
the UEFA Cup second qualifying murid KO 
words, fist. 


o oy, M afanq, Sweden — European Tour, 
ScantJInavtan Masters, through Aug. 3i Cos- 
JteRocK, Cfltarado — Sprint intemaflonoL 
ttmugh Aug. 3t Oakvflle. Ontario - women, 
Du Mauner Classic through Aug. i KBofctro- 
hora, Japan — HST Nfigata Open, through 
Aug. 3. 

Friday, Aug 1 

athletics, Affierrs, Greece — opening 
ceremony at World Championships. 

baseball, Barcelona — Inteitontlnen- 
tal Cup, through Aug. 10. 

basketball, Melbourne, Austarikv— 
U25 World Champlmshipr, through Aug. 1Q- 
°°w Cancont Massachusetts — Sanfc- 
Bosjon Senior Oasslc, Ihrough Aug. 3 ; Mto- 
non* Japan - wanrerv Japan LPGA, GoM 5 
Ladies, through Aug. l 
PiBLtf HOCKEY, Harare, .Zimbabwe - 
tWortd Cup Qualifier, Ihlttugh Aug 12. 

boccgr, Schalke, Stuttgart Germany — 
opening day ot BundasUqa season. 
cricket, Tauntoiv England— Samersot 
Australia, through Aug. a. 

Saturday, Aug, 2 


ATHumca, Athens. Greece - World 
Championships, through Aug. 10. 

soccer,' Glasgow, Scotland -opening 
day of Scottish first -dfvbiort league season. 

Bugbv union, Brisbane, Austerito - 
Tn Nations, Australia vs. 5ovth Africa. 
SAILD4C, Isle of Wight. England— Carres 

Week.ftroughAug.9. 

•occeii, Lusaka, Zambia — uMbttton, 
Gambia vs. Mozambique. 

Sunday, Aug. 3 

soccer. WemUey, England -Charity 
SMeld, M anchester UnNed vs. Cholseo.- 
Motorcycle racing. No de Janeiro 

Brazil— Braztaan Gram) Aft- • 








INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 26-27, 1997 


PAGE 19 


URl,AV -'l M, vv 


isat 


11 u. 


SPORTS 


Rockies’ Starter 
Controls Cubs 

Wright Finishes 7-1 Rout 


'■ 111 ;l u 


> Sr-; 




pi- ‘ ‘ T ht Associated Press 

Jarney Wright did some- 
a n . thing few pitchers do at Coors 
J c ‘ Field: He finished what he 
,p: sianed. 

Wright pitched a six-hiner 
Thursday night as Colorado 
r ^ beat the Chicago Cubs, 7- J . ft 
;f" was only the sixth complete 
; ‘ game ai Coors Field this sea- 
son. the fourth by a Rockies 
|f "■‘•‘V pitcher. 

Vf :J Wright struck out five. 
* 1 “ walked three and allowed one 
run for the first complete 


NL Roundup 


'-a-'; 


game of his career and his 
- fust victory since May 3. 

Dante Bichette went 3-for- 
,, 4 with a single, double, his 
15th home run and five runs 
batted in for Colorado. 

The complete game was 
. also the first victory' by a 
Rockies' starter this month. 

“He used his change-up 
well and kept them off bal- 
ance," Don Baylor, the 
Rockies' manager, said. “He 
couldn’t figure out Sammy 
, Sosa, but he pitched well to 
the other guys." 

Sosa was 3-for-3 with a 
single, double and home run 
for the Cubs. He walked in his 
other plate appearance. 

Colorado's Larry Walker 
finished 2-for-3 and raised his 
average to .394. 

Phillies 7, Giants 4 Mickey 
Moran dini and Midre Cum- 
. mings each had three hits and 
two runs batted in and Kevin 
Stocker home red ar San Fran- 
cisco as Philadelphia ended a 
three-game losing streak. 

The Phillies' starter Tyler 
Green was injured in the third 
inning when third baseman 
Scott Rolen accidentally 
spiked his right hand while 
both were chasing Stan Javi- 
er's slow 1 roller. Wayne 
Gomes replaced Green and al- 
lowed one run in 2 X A innings. 
Ricky Bottalico got three outs 
for his lSlhsave. 


Padres 8, Pirates 6 Craig 
Shipley homered in the first 
inning and hit a two-out, two- 
run single to break a tie in the 
sixth as San Diego won its 
fifth straight. 

San Diego, the defending 
National League West cham- 
pion, has won 12 of 15 since 
the All-Star break 10 pull 
within seven games of divi- 
sion-leading San Francisco. 

Ken Caminiii and Shipley 
hit consecutive homers in the 
four-nm first inning. Shipley 
finished 3-for-5 with three 
runs batted in. and Caminid. 
who had a two-run homer, 
was 2-for-4. Jason Kendall set 
a career high with four hits, 
including a leadoff homer in 
the ninth, in the visiting Pir- 
ates’ third straight loss. 

Astroa 10, Expos 5 Chuck 
Carr got three straight hits, 
including a go-ahead single in 
the seventh, as Houston won 
its sixth straight. 

Carr, who doubled in the 
fourth and hit his first homer 
of the season in the fifth, broke 
a 5-5 tie when he singled in the 
evenrual winning run. The As- 
tros got two more runs in the 
inning on Jeff Bagwell’s sac- 
rifice fly and a passed ball by 
Darrin Fletcher. 

The visiting Expos rallied 
from a 5-2 deficit with three 
runs in the seventh. 

Mets 3, Dodgers 1 Rick 
Reed pitched eight innings of 
three-hit bail and New York 
scored three runs in the ninth 
at Los Angeles. 

Reed <£4) won his fourth 
straight decision. He walked 
three and bad one strikeout 
Pedro Astacio gave up six hits 
in eight scoreless innings be- 
fore the Mets broke through 
against Mark Guthrie. 

Carl Everett had a sacrifice 
fly and Carlos Baerga and Lu- 
is Lopez hit run-scoring 
singles for the Mets. John 
Franco got his 27th save after 
giving up a leadoff homer in 
the ninth to Wilton Guerrero. 



NFL for Export: 
Bears Do Dublin 


Mike Carlson 

Special to the Herald Tribune 


! . >> t-< til -‘.'7 


V m"Oi bl'-w ‘.t-n.- Frar •.r-Pr- 


Domingo Cedeno of the Rangers leaping over Mike Cameron of the White Sox after a double-play throw. 

Ventura Makes a Triumphant Return 

In First Game After Injury , He Helps White Sox Beat Rangers , 2-1 





' -.TV 

mr 



Reds Drop Knight 
In Favor of McKeon 

The .Associated Press 

CINCINNATI — The Cincinnati Reds fired the man- 
ager Ray Knight on Friday and gave his job on an interim 
basis to Jack McKeon, senior adviser for player per- 
sonnel. 

The Reds were 43-56 and 9'/6 games behind Houston in 
the National League’s Central Division. 

Knight, 44, was in the last year of a two-year contract. 

“There’s only 63 games left this season and 1 feel 
there’s a lot of talent on this ball club. If we all work a little 
harder and all work a little smarter, maybe we can get 
back in this race,” McKeon said. 

The firing marked the second time in five years that 
general manager Jim Bowden has changed managers 
because of a slow start. Bowden fired Tony Perez 44 
games into the 1993 season, a move thai resulted in a 
clubhouse mutiny and contributed to a fifth-place finish. 


DENNIS THE MENACE PEANUTS 


The AsuhmicJ Press 

Robin Ventura relumed in style. 

Sidelined the whole season after an 
injury. Ventura doubled home the go- 
ahead run in the eighth inning Thursday 
night and gave the host White Sox a 2-1 
victory over Texas. 

"Just to be able to play again, when 
you get something taken away from you 
that you love to "do. and to be able to 
come back and do it before they expect 
you to do it. is special." Ventura said. 

Ventura fractured and dislocated his 
right ankle March 21. during spring 
training. Last season, he had 34 home 
runs and 105 runs batted, and without 
him this year, the White Sox have been 
inconsistent with struggling Chris 
Snopek ar third base. 

Even before Ventura got his big hit, 
the former All-Star was . the focus at 
Comiskey Park. 

When he came to bat in the first inning, 
Texas’ catcher Ivan Rodriguez shook his 
hand while the crowd of 25,899 saluted 
Ventura with a standing ovation. 

During the game, a plane flew over the 
ballpark with a banner that read: “Wel- 
come Back Robin. Guillen Family." 

Ozzie Guillen, the White Sox 
shortstop, once went through a lengthy 
rehabilitation himself and is among 
Ventura's best friends. 

• Ventura was 0-for-3 when he came to 
bat in the eighth with two outs and a 


Even before Ventura got his big hit, the season, leading Toronto to victory 
the former All-Star was. the focus at over visiting Milwaukee at SkyDome. 
Comiskey Park. The Blue Jays loaded the bases in the 

When he came to bat in the first inning, first inning when Otis Nixon led off with 
Texas’ catcher Ivan Rodriguez shook his a bunt single, Orlando Merced reached 
hand while the crowd of 25,899 saluted on an error by Fernando Vina, the second 
Ventura with a standing ovation. baseman, and Joe Carter — who hit a 

During the game, a plane flew over the slam the previous night — had a single, 
ballpark with a banner that read: “Wei- Delgado snapped his 0-for-14 slump 
come Back Robin. Guillen Family." by connecting against Jose Mercedes for 

Ozzie Guillen, the White Sox his 22d home run. 
shortstop, once went through a lengthy Milwaukee outhit the Blue Jays for 
rehabilitation himself and is among the third straight game, yet still lost its 
Ventura's best friends. fourth in a row. 

■ Ventura was 0-for-3 when he came to Red sox 3, Athletics o Jeff Suppan 
bat in the eighth with two outs and a blanked Oakland for 7 t 6 innings and 
runner on second. He hit the first pitch NomarGarciaparra had three extra-base 
from Ken Hill to the wall in left-center, hits for Boston. 


Seattle romped to victory in Cleveland, four hits and struck out six. 

The Mariners are 6-2 against the In- . Royals 5, Twins 3 Yamii Benitez hit a 
dians this season. three-run homer in his first .American 

Johnson ( 14-2) struck out 1 1 in seven League at-bat as Kansas City won at the 
innings. He gave up one run, seven hits Metrodome. 

and one walk. He has won 39 of his last Benitez, who bad two home runs for 
43 decisions. Montreal in 1995, was called up from 

Johnson leads the majors with 209 Tripie-A Omaha before the game. He 
strikeouts. He has tinned 10 or more 1 1 connected in the second inning for a 4-0 
times this year. lead. Ricky Bones won as a starter for the 

Tony Fernandez went 3-for-3 against first time since last August. Since that 
Johnson. But the Indians' second base- victory for Milwaukee. Bones has been 
man dropped a potential double-play flip, traded to the Yankees, signed and re- 
________________ leased by Cincinnati, picked up again by 

ALRoundup the Brewers and sold to the Royals. 

leading » three runs in the filth inning.' ■Teams Lost $185 Million in 1996 
Blue Jays 5, Brewers 4 Carlos Delgado Baseball owners lost approximately 

hit his team-record third grand slam of 5185 million Iasi year, ihe first full sea- 


breaking a 1 -all tie. 

“It was just fun to see the ran score,*’ 
Ventura said. 

Uarinars 1 1 , IncBans 1 Dan Wilson and 
Russ Davis each drove in three runs as 


Garciapatra homered, tripled and 
doubled. A day after turning 24, the 
rookie shortstop raised his average to 
.348 since the All-Star break. 

Suppan (5-0) limited the Athletics to 


son after the strike. The Associated Press 
reported. 

With attendance down from pre-strike 
levels, the 28 teams lost $875 million 
over the last three years, according to data 
obtained from a management source. 

But the 1996 bottom line was the best 
since before the 232-day players’ strike, 
with last year's loss nearly half that of 
the 1995 season. 

In 1993, the last full season before the 
strike, the teams combined for an op- 
erating profit of 536 million on record 
operating revenue of $1 .87 billion. Hie 
following year, when the World Series 
was canceled for the first time since 
1 904, the teams had an operating loss of 
$363.8 million. In the 1995 season, 
shortened by three weeks because of the 
strike, the teams combined for a loss 
$326.3 million, according to final fig- 
ures recently given to teams by the com- 
missioner's office. 


DUBLIN — Eleven years Glasgc 
ago. the Chicago Bears, led by three s 
William “the Refrigerator" tishCl 
Perry and coach Mike Ditka, strong! 
were Super Bowl champs, "Sc 
and 60,000 people came to physic 
watch saw them play at Lon- guys 1 
don's Wembley Stadium. The look o 
National Football League was former 
riding the crest of a wave of “It’s t 
European popularity. watch 

Sunday, a- very different year to 
Chicago Bears team will meet Mes 

the Pittsburgh Steelers at even 
Dublin's Croke Park, as the shotpui 
NFL tries to take another 260 po 
small step Toward gradually ing for 
establishing a permanent fourth i 
presence across die Atlantic, league 
“We want to be seen as a the Fra 
sport, not a fed," said one fensive 
league official. Yet the NFL ner, tb 
will present all the razzma- someth 
tazz that identifies American Thre 
sport for Europeans, includ- pound 
ing drafting a cheerleading banginj 
corps from the World men. 
League’s London Monarch “Aft 

and Scottish Claymores, the Stei 
since neither the Bears nor the happy 
Steelers have ever bad cheer- lish,” • 
leaders. has del: 

The Irish are not total an und 
strangers to the gridiron, boxer t 
Dublin has acted the host for a think I i 
number of college games, and Steelen 
last year 38.000 watched In tl 

Notre Dame play Army, al- used M 
though more than half that back oi 
crowd came from the United the Fri 
Srares. Given an advance sale wearing 
of 15,000 as of Friday, the ner's m 
NFL will be satisfied with a ers, bu 
25,000 crowd Sunday. Pittsbur 
The NFL was encouraged “The 
by the recent World League here," 
season, in which average at- “There 
tendance rose to 17,500 per berslefl 
game. The NFL sees this the nurn 
game as pan of an overall back to 
plan that will eventually es- Even 
tablish the World League as days, f 
‘ ‘NFL Europe. ’ ' Steeler. 

Both teams have been sup- Mike 
porters of the NFL’s inter- analyst ^ 
national plans. m 

Pittsburgh played last sea- IxaiL 
son in Tokyo. The ! 

The Chicago coach, Dave offered 
Wannstedt. sees an overseas lando Pi 
game as a bonus. “We prac- tract wo 
rice every day with the Steel- Sl Lou 
ers. and it gives the workouts ported F 
more intensity." he said. “It No. 2 
helps us evaluate players Russell 
more quickly and more ac- a $22.05 
curately.” Oakland 

Both rosters are dotted agent. C 
with World League players, the Ran 
Chicago was pleased with the gotiate s 
progress defensive end Carl Rams 
Reeves made with the Bar- Smith s 
celona Dragons before he was club had 
injured. improve 

“He gained confidence," so far h: 
says Wannstedt, “and he ar- training 
rived in camp ready to play, rices, 
and has shown us a lot so The y 
far.” proposal 

No World Leaguers are year, cc 
happier than Frank Messmer sell’s $3 
and Scott Couper — known addition, 
as Scoops — two European- contract 
developed players who have money, j 
joined the NFL teams on 10- four yeaj 
day contracts for this game, said, quo 
Couper, a chemistry PhJD. with the 


from Strathclyde University, 
was a 160 pound (72 kilo- 
gram) wide receiver for the 
Glasgow Lions in 1994, buiin 
three seasons with the Scot- 
tish Claymores he has grown 
stronger each year. 

"Scoops doesn’t have the 
physical tools these other 
guys have, but he doesn’t 
look ont of place,” says the 
former NFL star Matt Milleo. 
“Ii’s been so impressive to 
watch him improve every 
year to get to this point. * 1 

Messmer’s route has been 
even odder. A promising 
shotputter, Messmer was a 
260 pound quarterback play- 
ing for Konstanz 89ers in the 
fourth division of the German 
league when he tried out for 
the Frankfurt Galaxy as a de- 
fensive lineman. Ernie Staur- 
ner, the Galaxy coach, saw 
something he liked. 

Three years later, the 295 
pound defensive end is 
banging heads with NFL line- 
men. 

“After playing in Tokyo, 
the Steeler coaches were just 
happy I could speak Eng- 
lish,” smiles Messmer, who 
has delayed his other career as 
an undefeated heavyweight 
boxer to play in Dublin. “I 
think I fir in perfectly with the 
Steelers,” he said. 

In the WLAF, Frankfurt 
used Messmer as a blocking 
back on offense, much like 
die Fridge in 1986. He's 
wearing number 45. a run- 
ner's number, for the Steel- 
ers, but he won't get into 
Pittsburgh’s backfield. 

“There are 90 guys out 
here," Messmer laughs. 
“There weren't many num- 
bers left. But 1 don't care what 
die number is. the jersey goes 
back to Germany with me." 

Even if it is only for 10 
days, Frank Messmer is a 
Steeler. 

Mike Carlson is an NFL 
analyst for Sky 7V. 

■ Rams Make Pace Offer 


The St. Louis Rams have 
offered No. 1 draft pick Or- 
lando Pace a seven-year con- 
tract worth S23.1 million, rhe 
Sl Louis Post-Dispatch re- 
ported Friday. 

No. 2 overall pick Darrell 
Russell three days ago signed 
a $22.05 million deal with the 
Oakland Raiders, and Pace's 
agent, Carl Poston, accused 
the Rams of failing to ne- 
gotiate seriously. 

Rams spokesman Rick 
Smith said Friday that the 
club had made a substantially 
improved offer to Pace, who 
so far has missed 1 1 days of 
training camp and 17 prac- 
tices. 

The yearly average of the 
proposal is S3.3 million a 
year, compared with Rus- 
sell’s $3. 15 million a year. In 
addition, $9.38 million of the 
contract would be guaranteed 
money, payable over the first 
four years, the Post-Dispatch 
said, quoting sources fa miliar 
with the negotiations. (AP) 


KZ 




.rji F !1 




'my dentist) 

TOLD ME 
TODAY WHAT 
I CAN DO * 
TO AVOID 
6ETTIN6 >" , 
CAVITIES../ 


GARFIELD 


I LOVE THE NIGHT. I SENSE 
THE WOODLAND CREATURES 

fleeing in terror before me 






7 WOtd \ 

„ A&0VT \ 

- TRIPLE g 
r<A B06EYS? /*> 


CALVIN AND HOBBES 

^ VACATION. J fSMM 


T CAN FEEL MM ^ 
BONN BEE&tNSN&TO 

v MfcDprn njesnk. 


,.try<rs • 






l£* 


3*' 


WIZARD of ID 


Th* vauw rag MEANS I'M STILL HERE AT 
THEN H£ CHW655 tT ID R0J WHEN IN HSVWD." 
















page 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUIi 26-27, 1997 


DAVE BARRY 


How to Get the Bugs Out 


The Stress-Free Lawyer’s Gown, a la Cardin 


International Herald Tribune 


M IAMI — We need to immediately know what century it is. 

stop whatever we are doing, es- they can’t tell the differ 
pecially if it is fun, and start worrying 1904 and 2004. 


it is. For example, 
difference between 


P ARIS — French lawyers enjoy power and 
prestige — they are always addressed as 


about the Millennium Biig. 

Here's the situation: Because of a 
programming glitch, many large, 
powerful computers have trouble un- 
derstanding dates. I can sympathize, be- 
cause I had exactly the same problem 
with American History in the eighth 
grade. The solution in my case was for 
die teacher, Mr. Fletcher, to occasion- 
ally give me a helpful whack on the head 
with his right hand, on which he wore an 
Iona College class ring 


the size of a Bnick 
Roadmasrer. This was a 
highly effective mem- 
ory-enhancement tech- 


nique, which is why I 
still remember that 1924 


Man y powerful 
computers have 
trouble under- 
standing dates. 


still remember that 1924 

was the year of the Standing 

Teapot Dome Scandal 

(which just this week 
was linked to Hillary Clinton). 

Unfortunately, Mr. Fletcher has re- 
tired, which means he is not available to 
whack some comprehension into our 
computers. But something needs to be 
-done. Experts tell us that if the Mil- 
lennium Bug is not fixed, when the year 
2000 arrives, our financial records will 
be inaccurate, our telephone system will 
be unreliable, our government will be 
paralyzed and airline flights will be can- 
celed without warning. In other words, 
things will be pretty much the same as 
they are now. 

Nevertheless the computer industry 
is very aJanned. Experts are estimating 
that the cost of fixing tbe Millennium 
Bug could run as high as $600 billion, an 


Q. What IS the difference between 
1904 and 2004? 

A. In 1904, Dick Clark was still ex- 
clusively a radio talent. 

Q. Wait a minute. You’re telling me 
that these giant powerful computers that 
control our lives — the- computers that 
are SO PICKY about the information 
we give them ; the computers that get 
into a big electronic suit if we get one 
digit wrong in die 27-digit account num- 
bers they’re always as- 
■ signing us: the cora- 

rerful purers that refuse to put 

, our telephone calls 

i have through if we’re the 

t de.r- teensiest bit inaccurate 

when we dial the nuin- 
lates. bei; die computers that 

: would never, ever 

dream of giving ns one 
extradollar when we make a withdrawal 
from the automatic-teller machine — 
you’re telling me that these computers 
don’t know whar CENTURY it is? 

A. These axe also the computers that 
designed the Hubble Space Telescope. 

Q. What is the federal government 
doing about the Millennium Bug? 

A. It has formed an Emergency Task 
Force, headed by A1 Gore, which ex- 
pects, within two years, to have a pre- 
liminary design for a logo. 


1 prestige — they are always addressed as 
“maitre,” or master — and, off stage, wardrobes as 
spiffy as their fees allow. But in the courtroom they 
are obliged to wear black robes that are basically 
unchanged since Napoleonic decree. 

Their hemlines tend to pouch at the back because 
of a train tucked up inside die robe and attached to a 
strap ax die left armpit; the robe is closed by a long 
and fiddly row of buttons, the wide sleeves bordered 
by a deep black satin cuff precariously held in place 
by four buttons. At the shoulder and the back there is 
fine organ-pipe pleating. Length is usually midcalf. 

The outfit is accessorized by a pleated white fichu 
and, over the left shoulder, what is called the epitoge, 
a vestigial shawl tipped in ermine (.nowadays rabbit 




MARYBLUME 





Q. I work in the Accounts Payable 
martxnent of a large multinational cor- 


amount that — to give you an idea of the 
scale — is nearly TWICE what Bill 


scale — is nearly TWICE what Bill 
Gates spends per month on lawn care. 

Why is the cost so high? Because 
experts are estimating it You want a 
high price, you call an expert; you want 
a reasonable price, you call a guy named 
Skip. Recently, after our roof leaked, we 
had a guy named Skip come to our house 
and repair the water damage, which was 
fairly extensive because £, as the Man of 
the House, bad spent 24 solid hours 
denying that the roof was leaking Skip 
— who has worked as a painter, car- 
penter, roofer and lobsterperson — re- 
paired it in one day for a very reasonable 


price. I bet that if the computer industry 
asked Skip to fix the Millennium Bug, 
he'd take a look at the problem, go get 
some parts out of his truck and have die 
whole thing straightened out in a matter 
-of hours, after which he could, if desired, 
catch the computer- industry a lobster. 

- But since experts are working on the 
Millennium Bug, it will remain a huge 
problem for years to come. That’s why 
you need to understand, via the Q-and-A 
format, how it will affect you. 

Q. What, exactly, is the Millennium 
Bug? 

A. In a nutshell, computers don’t 


Department of a large multinational cor- 
poration, where I use my corporate com- 
puter primarily to access the Internet for 
the purpose of downloading pictures of 
naked people. How will tbe Millennium 
Bug affect me? 

A. Unless some corrective action is 
taken, you could very well be seeing 
pictures of naked people from 1904. 

Q. Will die Millennium Bug affect 
my federal tax return? 

A. The Internal Revenue Service, 
after conducting a thorough review of 
its entire computer system, has con- 
cluded that last year was actually 2096. 
This means that, in the words of a new 
IRS directive: “You people are all 
WAY behind” 

Q. I have found that if I keep my 
toenail clippings in plastic bags sorted 
by date, I can easily retrieve them as 
needed later on. 

A. This is the Millennium Q-and-A 
column; you apparently have it con- 
fused with * ‘Hints From Heloise.’ ’ 

Q. Well, could you leave this hint on 
her desk? 

A. She has no desk. She keeps all her 
worldly goods, including a cheese sand- 
wich dating from 1979, in a shopping 
bag. 

Q. Is there a good way to end these Q- 
and-A columns? 

A. Not that I am aware of. 

Q1997The Miami Herald 

Distributed by Tribune Media Sen- ices Inc. 


fur) in the provinces but furless in Paris. On their 
heads lawyers can — bet rarely do these days — wear 
a stiff toque with a black velvet border and flat black 
pompon. 

It is an outfit that can have a certain allure and even 
a practical use when a sweeping wave of the arm — 
the sleeves are 60 centimeters (24 inches} wide at the 
cuff — adds to the drama of a summation with what 
is known in the trade as les effets de manche. 

But there are no longer housekeepers at the Palais de 
Justice, or central courts, to launder fichus or sew on 
buttons, and lawyers rushing from one court to another 
tend to roll up their robes and end up looking frowsy 
before the judge. Worst of all, they sometimes lose 
their dignity by falling up or downstairs when their 
heels catch in their hidden trains, or find themselves, 
because of tbeir deep cuffs, impaled on doorknobs. 

These are some of the complaints heard by Elisa- 
beth Gasche, head of the house of Bose, founded in 
1 845, and foe leading supplier of legal and academic 
costumes with a shop just opposite foe Palais de 
Justice and 10 seamstresses upstairs. 

Gasche promptly addressed herself to Pierre 
Cardin, foe entrepreneurial couturier who has even 
lent his oame to chocolate boxes, and Cardin has 
come up with the first new gown to be admitted to the 
bar in more than 150 years. 

Boldly, Cardin has replaced the buttons by snap- 
hooks and has eliminated the train and loose satin 
cuffs. He uses wool crepe, lighter than the wool used 
in Bose's top-of -foe-market Prestige model. “His is 
much more elegant and lighter,” says Gasche. The 
silhouette is impeccable in perfection and elegance, 
her press handout says. 

But instead of black foe Cardin robe is blue; foe 
effect, with its vertical satin bands along foe snap- 
hooks. is not unlike a TV evangelist’s robe. But, 
Gasche adds in haste, the model han g in g in foe shop 
is but a prototype. “Couturiers are there to be ex- 
treme. When it goes on sale it will be totally correct 
Black always has a sheen of another color, usually 
pink or gray. This will be black with a blue sheen, un 
bleu corbeau [crow blue],” she says. 

The real selling point of the new model is invisible. 
Within the fabric are filaments that are claimed to 
reduce the stress of courtroom appearances. “They 
are metal particles that permit us to discharge foe 
static electricity that we create when we are 
anxious,” Gasche says. Presumably, foe same ma- 
terial can be used for judges' robes. Plaintiffs will 
have to take care of themselves. 

French robes definitely follow their own briefs. It 
is hard to imagine James Stewart wearing an epitoge 








in a courtroom scene or Charles Laughton needing 
anti-stress filaments sewn in his wig. In a history of 
costumes and the law, Jacques Boedels. an inter- 
national corporate lawyer, includes a preface by foe 
distinguished lawyer and academician Jean-Denis 
B redin who says that French robes maintain and 
protect foe distance of justice and signify the im- 
portance and complication of hierarchies. 

Anyone who has attended French trials knows this 
to be so: The decor of tbe courtroom may be ornately 


majestic and full of hortatory allegory but foe at- 
mosphere seems strangely informal, in fact collegial: 
a clubby meeting of les gens de robe in which the 
plaintiff or accused is merely an outsider, a civilian. 

If lawyers’ robes until Cardin were more or less 


identical, the details signifying judges’ r anks are 
dizzying, from the number of gold stripes on their 


dizzying, from me number of gold stripes on their 
toques to foe absence or presence of lace in their 
fienus to the color of their silk belts (always worn 
with the buckle slightly off-center), to foe words used 
for colors. Yellow is always called jonquil, red 
scarlet, mauve is amaranth. The outfit of foe chief 
judge of the Cour de Cassation, or supreme court, is 
grandest of all, with traces, it is said, of Napoleon, 
Louis XIV and foe high priests of Jerusalem. 

The house of Bose makes these and, in addition, 
robes for magistrates from West Africa to Brazil and 
even English banisters’ gowns. Its narrow stairway 
is lined with colorful academic hoods. 

It is a wide-ranging business, full of possibilities as 


the number of lawyers grows exponentially, but it 
lacks the planned obsolescence so appealing to mod- 
ern retailing. Some lawyers pass their robes on to 
tbeir sons and even a new one usually lasts 10 years. 
There is also a lawyer’s superstition, actively dis- 
couraged by the house of Bose, that alter his third 
robe a lawyer will nor live to buy his fourth. 

Caidin’s gown, “La Robe d’Avocat Haute Cou- 
ture,” as Bose calls it, might increase trade but it 
could also, one would think, have a dangerous effect 
on courtroom clubbability if some lawyers stand but 
by looking different from their peers, stress-free and 
coumrely elegant. “A lawyer in a Prestige gown 
already looks different from a lawyer in a polyester 
gown,” is Gasche's reply. “It's up to each person to 
decide what sort of allure he wants. Even in a 
uniform, personality shows through. ” 

So far, she says, the Cardin version, With its 
slightly flared hemline, appeals most to women law- 
yers. It will go on sale in September for 5,000 francs 
($815) — the Prestige moael costs 6200 francs — 
and when asked if she has had any orders Gasche 


replies that a lot of people have shown interest. 
“Everyone finds it handsome and elegant, and people 


“Everyone finds it handsome and elegant, and people 
like change. ” The new robe, she likes to proclaim, is 
not just for foe year 2000 but for foe year 3000. 

At least one lawyer, an American practicing in 
France named John Fredenberger, is philosophical 
about the Cardin costume. “After all, it could have 
been by Jean Paul Gaultier,' ' he said. 


PEOPLE 


DO YOU LIVE IN 


T HE Cana dian rock star Rick Danko received a suspended 
prison sentence from a Japanese court on Friday for 







■■ ■ 



■ Subscribe and SAVE up to 60% 
off the cover price. 

■ Also available: PAY MONTHLY 
by easy, low cost, 

direct debit. 


X prison sentence from a Japanese court on Friday for 
smuggling heroin into Japan. Danko, a bass guitarist and lead 
singer for the legendary group The Band, was arrested in 
early May when police found 1 25 grams (about a 20th of an 
ounce) of heroin hidden in a magazine sent to him by courier 
from the United States. Tbe Chiba District Court near Tokyo 
suspended foe two-and-a-half-year sentence for five years 
after Danko agreed to seek psychiatric help. The presiding 
judge, Yasuro Tanaka, rejected Danko's claim that his wife . 
mistakenly sent him heroin when he asked her to send him 
some ‘ ‘medication” for a cold. Danko was on a five-concert 
tour of Japan when he was arrested May 6. 




Tom Brokaw has spumed an offer from CNN and signed 
for five more years as NBC’s chief anchorman. Neither NBC 


nor Brokaw would discuss terms of the contract, which TV 
Guide said would pay the “NBC Nightly News” anchorman 
about $7 million per year. The CNN overture provided foe 
only suspense in negotiations. “I had to look at it,” said 
Brokaw, * ‘but I said bora the beginning here chat it was highly 
unlikely that 1 would leave, and they knew that" 


EARLY MORNING DELIVERY TO YOUR HOME OR OFFICE. 


A cosmopolitan, comprehensive and concise newspaper delivered every day to your home or office. 

In and around most of Paris the International HeraldTribune offers early morning hand delivery on the day 
of publication, Monday through Saturday. And, because it is printed in Paris, Toulouse and Marseille, it can be 
sent by post to arrive on the same day in most of France at no extra cost 
The result? 

Unique coverage of the world you live in, brought to you as it changes - daily. 


For more information about easy ordering and availability of hand delivery 
call our Subscriber Customer Service Unit: 

Toll free: 0800 437 437 
• or Fax: 01 41 43 92 10. 


Bruce Willis and Demi Moore are suing foe Star su- 
permarket tabloid for more than $5 million for saying their 
marriage was on the rocks. The suit was filed in Los Angeles 
after the Star refused to print a retraction, the couple’s lawyer. 
Mart; Singer, said. “After seeing so many false stones 
written about them, they decided they’d had enough," Singer 
said. The cover of the June 10 issue carried tbe headline “Demi 
& Bruce marriage on the rocks.” and inside said: “Now it’s 
turning into H’ wood’s nastiest divorce in years.” The July 1 
issue carried foe headline “Johnny Depp's wild night with 
Demi.” The pair are also suing die Australian magazine New 
Idea, over a story that said Moore 's obsession with exercise and 
an eating disorder were driving foe couple apart. 






fell; 


w ' 

t /' V , :: ,.* , ••■'■>1^ T .... 



'tipi. 

I If 


A convicted murderer's defamation lawsuit against Ann 
Landers for printing a letter in which he admitted to foe crime 
has been dismissed by a federal judge in Virginia. Michael 
Knowles sued the advice columnist after she ran a -letter he 
wrote her in February admitting he killed his estranged wife. He 
was convicted in May and sentenced to life in prison. 










□ YES, I’d like to subscribe and have my bank account Family Name: 

by FF16Z First Nam*- 

Please start my subscription and send me a bank 

form to arrange my payment. Job Tide: 

Mailing Address: □ Home □ Business 


And in a separate case in Australia, the comedian Jim 
Carrey has begun an action over an article in Woman’s Day 
magazine that alleged that he had sexually harassed foe 
actresses Jennifer Tilly, Courtney Cox, Alicia Sil verst one. 
Drew Barrymore and Courtney Love. 


Randy Newman says he’s still getting hate mail 20 years 
after writing 'Short People. '' The composer said the song was 
about the stupidity of prejudice, but many people missed the 
irony in lyrics like, * ‘Short people got no reason to live." While 
he didn’t regret writing the song, he said, “You couldn’t have 
a worse hit,’ ’ one thai “genuinely offended some people.' 1 ' 


fc ;/ •' ? u \ ri f t ft .•?, ;; : :;: s * f ; ; v . « *3 >;?•*. ;U % 


□ YES, I’d like to subscribe and pay for the following 


Q 1 2 months (+ 2 months free): FF 1 ,950 
(Saving off cover price: 46%) 

□ Special, 2-month trial subscriptipn: FF2 1 0 
(Saving off cover price: 60%) 


□ My check is enclosed (payable to the IHT) 

□ Please charge my: 

. □ Access QAmex Q Diners 

□ Eurocard □ MasterCard QVisa 

Credit card charges will be made In Frendi Francs at 
current exchange races. 


Postal Code: 

City — 

Tel’. : Fax: 

E-Mail Address: 

Your VAT N° (Business orders only) 



Sighting in Memphis: 
Elvis Presley Nightclub 




• Jrr 


r . ■ 

r* . 


(lepi'oi 

panRij 

, - y, iffei 

r 


r> u . •• 




__ The \«arui<-d IV—- 

The Band’s Danko, found guilty of heroin smuggling. 


(IHTVAT N* 747 310 21 1 26} 

I got this copy of the IHT acO kiosk □ hotel □ airline D other 
□ I do not wish to receive Information from other carefully 
screened companies. 26-7-97 

This offer expires on December 3 1, 1997 
and is AVAILABLE FOR NEW SUBSCRIBERS ONLY. 


Card N"-_ 


Signature: 

Q Please start delivery and send invoice. 


Return your completed coupon to: 
Subscriptions Director, Internationa] HeraldTribune, 
18), Avenue Charles-de-Gaulle,9252l Neuilly Cedex. 

- Fax: 01 41 43 92 10 E-Mail: subs@iht.com frh 






READERS IN OTHER COUNTRIES CAN SUBSCRIBE BY CALLING: 
EUROPE, MIDDLE EAST & AFRICA THE AMERICAS ASIA 

Tel: +33 I 4 M3 93 61 Tel: (USA toll free) 1-800-382-2884 Tel: +852 29 22 II 71 

Fax: +33 1 4 M3 92 10 Fax: + 1 212 755 8735 Fax: +852 29 22 I f 99 




l/f l-rlwiO/HrilW 

Lisa Marie, left, and Priscilla Presley arriving at the new Elvis club. 


The Associated Press _ £ 

MEMPHIS, Tennessee — Finally,: 
foe Elvis faithful can get all the fried 
peanut-butter-and-banana sandwiches 
foey want, in a velvet-draped forum fit 
for the king of rock ’n’ roll. 

Elvis Presley’s Memphis, the first 
nightclub run by Presley's estate, held a 
pre-opening party Thursday night on 
Memphis' Beale Street. 

Presley Y ex-wife, Priscilla Presley, 
and their daughter, Lisa Marie, were 
hosts as more than 400 invited guests 
wandered tbe two-story club, taking in 
the Elvis photos and memorabilia cov- 
ering foe walls. The pop star Jewell 
performed on foe main stage, surroun- 
^byfloor-to-ceiling velvet drapes. , 
‘It s as if Elvis was alive today — 
this is what he would try to do," said foe \ 
club’s operator, Michael Graves. 

Sporting a mostly ’50s and ’60s de- 
cor, the club offers a menu with some of 
Presley s favorite dishes. It is the first in ■ 
what foe Presley estate hopes will be a 
sftTfig of nightclub-restaurants in cities 
from London and Berlin to Tokyo. 



? A