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The World’s Daily Newspaper 


Paris, Saturday-Sunday, June 28-29, 1997 

No. 35,559 


U.S. ‘Arrogance’ Is Unsettling Many Allies 

By William Drozdiak 

Washington Post Service 

BERLIN — As the Clinton administration strives 
to take the lion's share of credit for prosperity at 
home and peace abroad, the European allies are 
becoming dismayed by what they see as the United 
States’ new mood of arrogance in its role as the 
world’s only superpower. 

European officials returning from the Denver eco- 
nomic summit meeting said that the braggadocio on 
display as the U.S. team gloated over its good fortune 
was only one symptom of American hubris. What is 
more troubling, these officials said, is the peremptory 
attitude being adopted in Atlantic alliance councils. 

The criticism voiced by Prime Minister Lionel 
Jospin of France about “a certain tendency toward 
hegemony” on the part of the United States iS*DO 
longer confined to Paris. 

Even close friends of the United States, such as 

Chancellor Helmut Kohl of Germany and Prime 
Minister Tony Blair of Britain, have started ex- 
pressing open irritation with what they view as 
Washington’s haughty behavior. 

A senior German official said that speculation 
about the impact of growing U.S. arrogance was a 
major theme of private discussions among the del- 
egations of France, Germany, Italy and Britain at the 
meeting in Denver. “Everybody seemed to agree 
that if this gets out of hand it could lead to some 
serious problems for the alliance, ’ ’ the official said. 

These impressions have been compounded by a 
succession of annoying spats that provoked com- 
plaints about American surliness. In recent weeks, 
the United States has been accused of ignoring a 
majority of its allies by imposing its view bf NATO 
expansion, spuming pleas by the work) community 
to take urgent measures to control global wanning 
and acting like a bully on trade disputes. 

The Europeans also are steaming over whar they see 

as systematic sabotage of diplomatic initiatives that 
would allow them to play a greater role in Africa, the 
Middle East and Latin America. In addition, the world 
community continues to be distressed by Washing- 
ton's handling of its dispute with the United Nations 
over U.S. dues arrears, estimated at $1.3 billion. 

American officials dismiss carping by the allies as 
based on envy of the American economic report card 
coupled with frustration over the allies’ failure to 
stimulate more jobs and growth. They described the 
denunciations by some allied leaders of widespread 
U.S. poverty ana urban decay as “pathetic” efforts 
to justify the lack of entrepreneurial spirit in 

Clashes of opinion over U.S. and European social 
models are nothing new. A more worrisome new 
tendency, in the European view, is the unilateral 
approach the administration of President Bill Clinton 

See ALLIES, Page 4 

• W;-’ 


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Vietnam Rejects 
U.S. Reproach on 
Human Rights 

Admonished by Albright, 
Hanoi’s Leaders ‘Push Back’ 

By Thomas W. Lippman 

Washington Post Service 

HO CHI MINH CITY — It was a clich6 during die 
Vietnam War that Americans and Vietnamese could 
never really come to toms with each other because 
their cultural values and the principles by which they 
organized their societies were incompatible. 

It still seems to be true, as Secretary of State 
Madeleine Albright discovered Friday in meetings with 
Vietnamese leaders during her first trip to this country. 

She told them that Vietnam could not achieve prosper- 
ity or be fully accepted in the international community as 
long as it continued to suppress human rights and 
prohibit political dissent. They (old her, according to 
American ^participants in the meetings, that Vietnam 
valued social order and collective stability over the rights 
of individuals and that the government would not allow 

“The Vietnamese push back” when lectured cm 
human rights, the American ambassador to Hanoi, Pete 
Peterson, observed. “They say every country has its 
own definition of human rights.” 

Mrs. Albright is the first U.S. secretary of state to visit 
Ho Chi Minh City, formerly Saigon, since it fell to the 
Communist North Vietnamese in 197S. Vietnam and the 
United Statesnow should be looking to the future instead 
of die past, she said, and her purpose in meetings with 
Vietnamese leaders in Ho Chi Minh City and Hanoi was 
to help them understand how to normalize their eco- 
nomic and political relations with the rest of the world. 

“Americans want to see die Vietnamese people 
prosper and their society contribute to the well-being of 
Southeast Asia,” Mrs. Albright said at a news con- 
ference in Hanoi after meeting with Prime Minister Vo 
Van Kiel and Foreign Minister Nguyen Marih Cam. 

“It is our view,” she said, “that Vietnam is holdii 
itself back from greater international participation ai 
respect through its failure to permit organized political 
opposition and a free press, its unwillingness to observe 
fully die right to religious expression and its refusal to 
release prisoners of conscience.” 

The secretary of state said Vietnam's prosperity and 
international standing would depend on “establish- 
ment of a viable cavil society and respect for die rule of 
law.’ ’ She did not set human rights as the sole criterion 
for measuring relations between the United States and 
Vietnam. On (he contrary, she also pressed for en- 
hanced economic ties. But the State Department 
spokesman, Nicholas Burns, said she had told the 
Vietnamese: “Human rights is a permanent issue for 
us. It is not going to go away.” 

Her delmsy of that message provoked a “spirited 
philosophical discussion" with the Vietnamese prime 
minister, Mr. Bums said. According to Mr. Bums, Mr. 
Kiel said Vietnam “cannot allow dissenters to con- 
tribute to instability.” He said Mrs. Albright had told 
Mr. Kiet she did not accept the notion that democracy 
and stability were incompatible and rejected the ar- 
gument that America’s “notion of democracy is for- 
eign to this part of the world.” 

Mrs. Albright had a similar conversation Friday with 
the Communist Party general secretary. Do Muoi, Mr. 
Bums said. He said Mr. Muoi had told her, “Werespect 
individual rights but you can’t put aside stability.” 
Mrs.: Albright asked Mr. Cam to release two prom- 
inent political dissidents, Doan Viet Hoat and Nguyen 
Van Quel, as well as a Buddhist monk, ThichQuang Vo, 
whose sect the government regards as extremist. But 
she appar ently got a gruff response from the Vi- 
etnamese, said the men hao broken the law and 
represented a. threat to stability. 


The Dollar 

New York Friday O 4 P.M. previous dose 













Friday dose 

previous dose 




S&P 500 


Friday 0 4P.M. previous dose 

+ 3.61 



Sizzling U.S. Growth Confirmed 

The U.S. economy expanded at a 5.9 percent annual rate in the 
first quarter, the fastest pace since late 1987, tire government said 
in issuing revised GDP figures Friday. 

In an earlier report, the Commerce Department gave the rate as 
5.8 percent. 

But analysts predicted that in the current quarter, which ends 
Monday, economic growth probably slowed to an annual rate of 
2 percent or less as consumers saddled by debt reduced spending 
and unsold goods piled up. 

That slowdown and tame inflation suggest Federal Reserve 
policymakers will refrain from raising the overnight bank lend- 
ing rate at (heir meeting next week, analysts said. Page 12. 

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Page 5 . 



Opinion ... .......... 


Spoils ; 

Paces 20 -ZL 



Page 7. 

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COMING HOME TO VOTE — Refugees returning to Vlore on Friday to take part in elections 
on Sunday, the first since a revolt in March spurred many Albanians to flee the country. 

Vlntcnn PbnAetttn 

RESTORED — A visitor admiring Canova’s sculpture of Panline Borghese on Friday in 
Rome’s Villa Borghese Gallery. The gallery reopens Saturday after a long restoration. Page 8. 

China’s First Move: 
Send In the Troops 

Hong Kong to Wake Up Tuesday 
To Find 4,000 Chinese Soldiers 


HONG KONG ■— The People’s Lib- 
eration Army will sweep into Hong 
Kong with 4,000 troops backed by ar- 
mored vehicles, helicopters and war- 
ships just hoars after the territory reverts 
to mainlan d rule next week, officials 
said Friday. 

The announcement by Hong Kong’s 
future government was condemned by 
the departing British governor, Chris 
Patten, who called it a “very bad signal 
to Hong Kong and the rest of the 

He acknowledged China’s right to 
send in troops but objected to the method, 
saying it meant armored personnel car- 
riers would move through urban areas. 

Bui Washington took the announce- 
ment in stride, saying China was acting 
within its rights. 

“They’ve always said they were go- 
ing to put Chinese troops where the 
British troops were,” said a White 
House official, who spoke on condition 
of anonymity. “That’s not anything un- 
usual. It’s their territoty,” 

One Western military attach^ in 
Hong Kong said, “It’s just the political 
game of the departing colonial power 
with wounded pride versus the tri- 
umphalist Chinese, rubbing their bands 
with glee and restoring their own pride 
and sovereignty.” 

But the deployment is one of the most 
sensitive issues surrounding die switch 

of sovereignty at midnight Monday. 
Many in Hong Kong mistrust and fear 
the People’s Liberation Array because 
of its 1989 crackdown on protesters in 

It has long been known that China 
would move up to 10,000 troop into 
Hong Kong soon after it regains the 

Hong Kong is poised to become a 
consulting powerhouse. Page 11. 

territory, but this was the first word of 
just when and how the bulk of the force 
would arrive. 

The number would roughly match 
British troop levels in recent years, but 
until now, no announcement had been 
made about major troop movements on 
the day of the handover. 

Almost 200 unar med troops of the 
People's Liberation Army are already in 
Hong Kong, preparing for the main 
force, and 500 lightly armed soldiers are 
to drive in three hours before the trans- 
fer ceremony. 

The new Chinese contingent will in- 
clude 10 ships sailing to Hong Kong 
harbor; six helicopters heading to the 
semi-rural New Territories; and 21 ar- 
mored cars and 400 smaller vehicles 
crossing the border and heading to four 
bases, said a spokesman for the ter- 

See HONG KONG, Page 4 

New Political Dilemma: 
Which Party to Attend? 

Handover Fetes Pose Tough Choices for Elite 

By Edward A. Gargan 

New York 7tmea Service 

HONG KONG — Somehow, 
through the politics and polemics, Hong 
Kong’s bean monde has persevered. ' 

In the 13 years since Britain agreed 
that its lease on this territory of 6.3 
million people would expire, Hong 
Kong has become one of the richest 
places on earth, with one of Asia's most 
rigorous social scenes. 

With a marathon schedule of charity 
balls and private parties, Hong Kong has 
spawned an expansive range of catering 
outfits and a couture culture. The great 
real-estate tycoons, bankers and indus- 
trialists who have made Hong Kong 
what it is are among the frequent fix- 
tures of this culture. And (he tycoons' 
wives, the so-called taitais, are the ser- 
geants-major of the party circuit 

But now, with only days to go before 
the Union Jack is lowered and China’s 
red banner hoisted, the central concern 
for the bejeweled set is not whether 
there are enough parties, but which ones 
are the right ones. 

For the taitais the answer lies not just 
in the where, when and who, but per- 
haps for the first time in the politically 

In a place where ostentation and brag- 
ging nghts are consummate virtues, a 
sudden flu of reticence seems to be 
sweeping the town. The concern, it 

pathetic to the departing Tritons, or too 
visibly enchanted with the new rulers. 

“I’ve spoken to a lot of the taitais 
about their plans for the handover, 
whether they’ll be hosting their own 
parties or which (Hies they'll be attend- 
ing, but they 're all pretty reluctant to say 
what their plans are,” said Cally Tong, 
who recently took over writing the long- 
running society column “Becky Goes 
Partying” in Ming Pao, a leading news- 

“For some reason, which I can’t un- 
derstand, these taitais say that it’s quite a 
sensitive issue regarding which parties 
they attend and on what day. Perhaps 
they’re worried that they’d be thought 
of as pro-U.K. if they celebrate on June 
30, or pro-China if they celebrate on 
July l.’ r 

For Ms. Tong the fretting seems 
pointless. “I don’t see why there’s a 
problem, since we’ll all be celebrating 
the handover on both days,” she said. 
On Monday, most festivities will cel- 
ebrate British colonial rule, while those 

Dytm Mmiocz/Bnacn 

British soldiers practicing Friday 
for the farewell ceremony Monday. 

on Tuesday will honor China's restor- 
ation of sovereignty over the British 
crown colony. 

High society here has its own journal. 
The Hong Kong Tatler, which this 
month features 208 glossy pages of 
party scenes liberally oiled with ads for 
$100,000 watches, 1 ,000-acre (4QO hec- 
tare) estates in England and a must-have 
collectible by Baccarat titled “Back to 
the Motherland” — a 543,000 crystal 
sculpture of an infant being suckled by 
its mother. 

’ The Teller's effervescent social ed- 
itor, Ong Chin Huai, is convinced that 

See PARTIES, Page 4 

Newsstand Prices 

I Andorra— __10.00FF 
— JEE5J50 

France 10.00 FF 

Gabon 1100 CFA 

2^00 Lire 

Iwiy Coast, 13S0 CFA 

Jordan 1.250 JD 

Kuwait ,700 fits. 

Lebanon 1X3,000 

Morocco 16 Dh 

Qatar 10.00 Rtete 

Saudi Arabia ~1QJ)0 R. 

Hi gh Court Invalidates a Gun-Purchase Rule, Citing States’ Rights 

By Linda Greenhouse 

New York Thru* Service 

Tunisia ..... 1.250 Din 

UAE 10.00 Dirti 

U.S. MB. (Birr.) — $1-20 

WASHINGTON — Providing the most dra- 
matic evidence yet of the ascension of state power 
at the Supreme Court, a bitterly divided court ruled 
Friday that Congress violated “the very principle 
of separate stale sovereignty” by requiting state 
officials to conduct background checks of pro- 
spective handgun purchasers as part of the Brady 
gun control law. 

The 5-to-4 decision invalidating the back- 
ground-check provision of the law marked the 
third time in as many days that the court overturned 

. a major federal law. The justices struck down both 
die Religious Freedom Restoration Act and the 
Communications Decency Act this week, before 
concluding their 1996-97 term. The decision Fri- 
day did not address a separate portion of the Brady 
law that imposes a five-day waiting period before a 
gun sale can be completed, leaving that provision 
intact, ar least fix 1 now. 

The decision opened a new' chapter in a pro- 
found debate among the justices over the essential 
nature of the system of shared authority between 
the national government and the' stales. Justice 
Antonin Scalia’s majority opinion and the prin- 
cipal dissenting opinion by Justice John Paul 

Stevens, each more than 30 pages long, ranged 
deeply into the country’s history, each disputing 
the other on the meaning of particular sentences in 
the Federalist Posers as well as on how to interpret 
the court’s federalism rulings over the years. 

Although Chief Justice William Rehnquist did 
not write separately, simply joining Justice Scalia’s 
opinion, the outcome was a triumph for tire chief 
justice. He began his Supreme Court tenure 25 
years ago as a critic of what he saw as the court’s 
aggrandizement of federal power, and now presides 
• over a solid if narrow bloc of five justices who are 
now aggressively readjusting the state-federal bal- 
ance in favor of the states in case after case. 

Last year, the justices ruled that Congress could 
not force states into federal court to settle disputes 
Over gambling on Indian reservations. In 1995, the 
court said Congress could not ban gun possession 
. near schools. 

The conn also made these decisions Friday: 

• It set the stage for a potentially pivotal ruling 
on affirmative action, agreeing to decide whether a 
New Jersey school board had acted illegally in 
0 £p a w jjj te teacher rather than an equally 
ied black teacher. 

It refused to let Kansas publicly disclose the 
See GUNS, Page 4 


Backers Turn Up Heat on Jospin 


Privatization Report Riles Labor and Communists 

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Bomb Blast Kills 3 
On Russian Train 

The Associated Press 

PARIS — France’s Socialist gov- 
ernment faced pressure Friday from or- 
ganized labor and Communists con- 
cerned that Prime Minister Lionel 
Jospin was backtracking on his cam- 
paign promises. 

Marc BlondeL, head of the Workers 
Force union, voiced his concern after 
reports that Mr. Jospin would go ahead 
with the privatization of the France 
Telecom phone company. 

“We will not accept that in the name 
of realism the government forgets its 
commitments.'’ Mr. Blondel said at a 
news conference. “If so, we will do our 
work as activists. We would be forced to 

Early in the campaign, Mr. Jospin 
expressed strong opposition to the sale of 
France Telecom and other state-owned 
companies but tempered his statements 
in the final days before the June 1 runoff 

election. His coalition defeated the con- 
servative government because of voter 
anger with record 12.8 percent unem- 
ployment, which could be aggravated 
when bloated state companies downsize 
to prepare for privatization. 

The Communist Party, on which Mr. 
Jospin depends for his governing ma- 
jority in the National Assembly, also 
had some threatening words. 

Its daily newspaper, L'Humanite. 
noted in an editorial a Communist-So- 
cialist statement April 29 against the 
privatization of state-owned companies. 

Mr. Jospin said in a speech last week 
that a sell-off could be justified in “the 
national interest.” 

Finance Minister Dominique Stranss- 
Kahn said Thursday at a financial forum 
that France would not meet the standard 
to join the European single currency by 
keeping its deficit this year to.3 percent 
of gross domestic product. 

Hopefuls Lobby the EU 

But the Socialists have said that 
France would qualify by demonstrating- 
a trend toward deficit-cutting. The gov- 
ernment’s 1997 and 1998 budgets “will 
be coherent with our international ob- 
ligations," Mr. Strauss-Kahn said. 

■ Hesitancy on NATO 

The government said Friday that con- 
ditions were not ripe for Fiance to return 
to the military wing of NATO, but that it 
was up to President Jacques Chirac to 
decide whether to pursue the move, 
Reuters repotted. 

The Foreign Ministiy spokesman, 
Jacques Rummelhardt said that Mir. 
Chirac had taken the initiative of pro- 
posing die return to the military wing, 
which it left in 1966 under Charles de 
Gaulle, and that it was up to Him to 
decide whether to continue. 

“Without prejudging the president's 
assessment, conditions set to pursue the 
process do not seem to be fulfilled,” he 
added in a news briefing ahead of 
NATO's summit meeting in Madrid 

■■I../ : 

Some in the East Warn of Disillusionment 

By Tom Buerkle 

International Herald Tribune 

AMSTERDAM — A meeting of 
Eastern and Western leaders intended to 
preview the broader European Union of 
the new millennium tamed into a bare- 
fisted lobbying campaign Friday amid 
mounting evidence that the Union will 
accept only a few new members in com- 
ing years. 

Prime Minister Wim Kok of the 
Netherlands, which holds the EU pres- 
idency. and Jacques Sanrer, president of 
the European Commission, summoned 
the leaders of the 10 nations of Eastern 
Europe as well and Cyprus and Turkey 
to bnef them about the Union's just- 
completed Treaty of Amsterdam and its 
effect on EU enlargement. 

They insisted that membership ne- 
gotiations would start on schedule early 
next year, even though the treaty failed 
to settle key issues of power-sharing. 
But the facr that the treaty makes clear 
provision for no more than 'five new 
members has caused many East Euro- 
pean governments to worry that they 
might be left behind 

The prime ministers of Slovenia, Es- 
tonia, and Bulgaria urged the Union to at 
(east open negotiations with all can- 
didates, saying that an inclusive ap- 

ical reforms, but he warned of disillusion 
and new divisions if Bulgaria did not 
start on the same line as its neighbors. 

In contrast. Prime Ministers Vaclav 
Klaus of the Czech Republic, Gynla 
Horn of Hungary and Wlodzimiferz 
Cimoszewics of Poland took the high 
road, simply stressing chat the Union 
should proceed promptly with the coun- 
tries that meet the economic and polit- 
ical criteria for negotiations. 

The EU Commission will release its 
opinions on the readiness of the can- 
didate countries on July 16. 

next month. 

The statement appeared to be a re- 
minder to Mr. Chirac, who will rep- 
resent France at the summit meeting, of 
the position of Prime Minister Jospin, 
who has shared power with the con- 
servative president since the parliamen- 
tary elections. 

Mr. Rummelhardt said Mr. Jospin 
would not attend the meeting, “but the 
issues to be debated there concern both 
the president and the prime minister.” 
Mr. Chirac has set as a condition for 
rejoining NATO’s military wing that 
the United States relinquish to a Euro- 
pean officer the organization's southern 
command, which is based in Naples and 
includes the U.S. Sixth Fleet 
Washington rejected the condition 
and said that it had dropped attempts to 
resolve the long-running dispute. 

MOSCOW — An explosive 
device went off Friday on a Russian 
passenger train, killing three per- 
sons and wounding six, officials in 
the capital said. ... 

The explosion occurred in the 
lavatory of a train traveling from 
Moscow to St. Petersburg, said the 
spokesman for the - Emergency 
Situations Ministiy, Mikhail Bary- 
shnikov. . 

A number of Russian trains and 
railroad stations have been bombed 
Since last summer. A Chechnya - 
rebel leader has taken responsibil- 
ity for some of the attacks. ( AP) 

Massacre Suspect 
Seized in Croatia 

Bitai Link/Agm-v Fum.-c-Prc*'-: 

ULSTER TALKS — A representative of the Catholic community 
arriving at Hills borough Castle for talks Friday aimed at averting 
conflict when Protestants of the Orange Order parade at Portadown- 
Dmmcree on July 6. Britain’s secretary for Northern Ireland, 
Marjorie Mowlam shuttled between the two sides in the talks. 


A .principal suspect in the mas- 
sacre of more than 200 people in 
Vukovar, Croatia, in 199 1 -was ar- 
rested Friday by agents of the In- 
ternational War Crimes Tribunal, 
the United Nations announced in 
New York. 

Slavko Dokmanovic was arres- 
ted in the Eastern Slavonia region 
of Croatia, the UN said, a nd w as, 
transported to the war crimes 
tribunal in The Hague. 

He was indicted by the tribunal 
on March 26. 1996, for his role in a 
November .1991 incident in which 
Serb paramilitary forces took about 
260 men from the hospital in the 
town of Vukovar, transported them 
to Ovcara and. allegedly shot 

Investigators exhumed a mass 
grave near Ovcara in 1996 and re- 
covered more than 200 bodies, the 
UN said. CAP) 

Turkish Secularist Near Majority 
After 5 Deputies Shift Allegiance 


Life Term Is Urged 
For a Former Nasi 

Rooms in Hong Kong 


ANKARA — Mesut Yilmaz, Tur- 
key's ‘‘secularist hope,” was within 
one vote Friday of a parliamentary ma- 
jority to deny Islamists power after five 
members of Parliament abandoned 
parties in a pro- Islamic partnership. 

Resignations reduced the Islamists 
and their allies to 274 deputies, com- 

<n dates, saying that an inclusive ap- 
proach was vital to sustaining popular 

pared with 273 who are likely to back 
Mr. Yilmaz. 

support for free-market and democratic 
reforms at home. 

* ‘ If there would be a selection of three 
or five countries, you can imagine how 
difficult it would be for those who are 
left out,” said Prime Minister Janez 
Dmovsek of Slovenia. “There will be 
frustration, and this could affect the 
political process and the economic pro- 
cess in those countries. ”■ 

Prime Minister Ivan Rostov of Bul- 
garia acknowledged that his country 
lagged far behind on economic and polit- 

Mr. Yilmaz. 

“This government is not going to win 
by just a hair's breadth, it will com- 
fortably carry the confidence vote.” 
Murat Basesgioglu, a senior member of 
Mr. Yilmaz’s Motherland Party, said at 
a news conference. 

The vote is due within two weeks. 

Mr. Yilmaz, 50, was appointed prime 
minister-designate last week to replace 
Necraettin Erbakan, who resigned after 
a stormy year as modem Turkey's first 
Islamist prime minister. 

The Islamists’ coalition with the con- 

servative leader Tansu Ciller was 
hampered by frequent disputes with sec- 
ularists, led by the army, over the role of 
religion in public life and Turkey's ties 
to the Muslim world. 

“The new government will heal 
the social wounds.” Mr. Basesgioglu 

The five deputies, four from Mis. 
Ciller’s True Path Party and an Is lamis t 
from the Welfare Party, sent their resig- 
nations to the office of the Parliament 

The deputies, two of whom joined a 
far-right grouping, were expected to 
back Mr. Yilmaz in the 550-member 

Two seats in the assembly are empty 
and the speaker does not vote. 

About a fifth of the True Path's depu- 
ties have quit the party since Mrs. Ciller 
dropped strong criticism of the Islamists 
and joined Mr. Erbakan in government 
last year. 

HONG KONG (Reuters) — Airlines 
and hotels still have space for customers 
who want to be present for Hong Kong's 
handover Monday night 

Last-minute flights to Hong Kong are 
available, mainly in economy. So, too, 
are hotel rooms with a harbor view of die 
celebration marking the handover. 

An informal survey of airlines and 
botels serving Hong Kong shows that 
their business has fallen short of the sell- 
out that had been confidently predicted. 

planned in the vicinity. 

It also repeated a June 18 embassy 
advisory urging U.S. citizens in Cam- 
bodia to avoid political gatherings. 

In another warning to Americans, the 
U.S. Embassy in Islamabad, Pakistan, 
said citizens should be on the alert for 
possible violence following -the recent 
capture of a Pakistani accused of killing 
two people outside CIA headquarters in 
Washington four years ago. 

U.S. Citizens Warned 

WASHINGTON (Reuters) — The 
State Department has warned U.S. cit- 
izens to avoid the area around the U.S. 
Embassy in Phnom Penh on Saturday 
because of a number of demonstrations 

Overnight stays in Swiss hotels 
jumped by 156.000 to 2.17 milli on in 
May, up 7.7 percent from the year- 
eariier month, the Federal Statistics Of- 
fice said. (Reuters) 

At least 100 people have died in 
cholera outbreaks in various parts of 
Cameroon, hospital sources said Friday 
in Yaounde. (ApP) 

ROME — A military prosecutor 
demanded life in prison Friday fora 
former Nazi officer for his role in 
the World War H massacre of 335 
civilians in Rome, which was then 
occupied by the German Army. 

In closing his case, the prose- 
cutor, Antonino Intelisano, said 
that Erich Priebke, a captain in the 
German Army, acted within the 
‘ ‘aggravating circumstances * ' nec- 
essary to override Italy’s statute of 

Mr. Priebke. 83, was convicted 
of murder but cleared of the ag- 
gravating circumstances by a mil- 
itary court in August. 

A second trial was then ordered 
on the ground that the first panel of 
judges was biased in Mr. Priebke’s 
favor. (AP) 

Hong Kong Visas: Stricter for Britons, but Easier for Thais 


HONG KONG — Visa requirements 
for most foreigners who visit here will 

be largely unchanged.after China rakes 
over the colony from Britain next week, 
but there will be some tightening for 
Britons, immigration officials said Fri- 

“Basically, the presenr policy will 
not change,” said Sunny Ho, a spokes- 
man for me Immigration Department. 

Under colonial rule. Bntons were 
able to stay up to a year for any purpose. 
A legion of British backpackers took 
advantage of this to stay in Hong Kong 
and woiiL 

But starting Tuesday, the visa-free 
period for British tourists will be 






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ALL SAINTS' CHURCH, 1st Sun. 9 & 
11:15 am Holy Eucharist wih Chiton's 
Chapel st. 1 l:l 5. Al olher Smdays 11 n5 
am. Holy Euchatst and Sunday School 
563 Chaussee de Louvain, Ohaln, 
Belgium. Tel 32/2 384-3656. 

LB.C. 13 rue Vernier. Engfish service, 
SundByevenlng183O 1 pea»rHoyMl0r- 
TeL (0493)320596. 



LB. FELLOWSHIP, Vnohradska # 68, 
Prague 1 Sua 11 30. TeL: 032)31 17974. 

OF EUROPE (Anglican) 

OF CANTERBURY, Sun. 10 a.m. 
Fanfly Eucharist Frankfurter Strasse 3. 
Wiesbaden. Germany. Tel.: 


Sun. 19ft) at Swetflsh Church, across 
tom MadDonskJs, TeL (QZ) 353 1585. 

shortened to six months. Any Briton 
who wants to work, study or settle in 
Hong Kong will need a visa. 

Tie present visa system for foreign- 
ers will also be adjusted for Thais, Mr. 
Ho said. 

Hong Kong is prepared to increase 
the length of the. visa-free period for 
Thai tourists to one month from 14 

“Eveiything stays unchanged unless 
there has been an announcement of 
changes," he added. 

At presenr, foreigners coming to 
Hong Kong to work, study, settle or set 
up a business need a visa. 

As for tourists, nationals of 35 coun- 
tries and stateless people need visas. 



NICE: Holy Trinity (Anglican), 1 1 rue 
Buffs. Sun. 11; VENCE: St Hugh’s, 22. av. 
RteManca. 9 am Tet 33 04 93 07 19 83. 


HOLY TRMTY, Suv 9 & 11 am, 1045 
a-m. Sunday School for children and 
Nursery care. Third Sunday 5 p.m. 



I.B.C of Zurich, Gheistrassa 31 , 8803 
Ruscrtkon, Worship Services Sunday 
rnomings 103a ToL 1-481 OOia 


Forecast for Sunday through T uesday . as provided by Accu Weather. Asia 

Worship Service. Sundays: 11 a.m. 
9, rue Louis Notary, Monte Carlo. 
TeL- 377 92 18 56 47. • 

Evensong. 23, avenue George V. 
Paris 75008. Tel.: 33-01 53 23 84 00. 

Metro: Geage V or Alma Marceau. 



ST. JAMES' CHURCH, Sun. 9 am. Rte I 
ill am Rie II. Ve Bernardo Rucetei 9. 
50121 Rorancs, Italy. Tel: 3965 29 44 17. 

rue des Bons-Raisins, 92500 Ruell- 
Malmaison Summer Schedule: 9:45 
Worship. 11:00 Coffee Hour. For more 
Info call 01 47 5i 29 83 or check: 
hfr» JAiwwgeociies.ccrTVPartsMelioh 3B2. 


Hotel Orion at PariB-to-Odfenee, 8 bd. de 
Neu#y. Worship Sundays. 930 am Rev. 
Douglas MOer, Pastor. T.: 01 43 33 04 06 
Md*t» l to la Defense Esplanade. 

(Episcopal/ Anglican) Sun. Holy 
Communion 9 8 11 am Sunday School 
and Nursery 10*5 am. Sebastian Hlnz 
St 22. 60323 Frankfurt. Genrany. U1. 2 
3 MlqueLAfee. Tet 4960 56 01 84. 

LB.C., BERLIN. Rothenburg Str. 13. 
(Stegfitz). Sunday, Bible study 10.45, 
worship Service 12.00 noon. Chartos 
Warford. pastor. TeL 030-774-467D. 


LB.G, Hohentahess-. HsrmanrvBoae-SV. 
Worship Sun. 17:00, Pastor telephone: 


LELC., Strada Pops Rusu 22. 3ft) pm. 
Contact Pester Mfcs Kemper, TeL 312 386Q 



of Clay Alee & Potsdamer Str- S.S. 930 
am. Worship 11 am. TeL 030-81 32021. 



I.B.C., meets at Morics Zsigmond 
Glmnaaium, Torokvesz ut 48-54. Sun. 
10ft). TeL 250-3932- 


r'Bbelungenalee 54. Sun. WorsfUo 1 1 am 
Tel 06W5631066 or 512552. 






flnl,, ,.L. 




Costa Dd Sal 






EMMANUEL CHURCH, 1st £ 3rd Sun. 
10 am Eucharist 2nd & 4Bi Sun Morning 
PrayBr. 3ruscteMcrahoux. 1201 Geneva. 
Switzerland. TeL 41/22 732 BO 7B. 

CattQfc). MASS IN ENGLISH Set 630 pjru 
Sun. 6:45. lift) am, 12:15, 6:30 p.m. 
50, avenue Hoche, Paris Bth. Tel: 
01 42 27 28 56. Made Cnartss * Gate - Bote. 

Sun. 11:45 am. Holy Eucharist and 
Sunday School Nursery Care provided. 
Seyboftstrasse 4, 81545 Munich (Har- 
latrtig), Genrany. TO: 408984 81 85. 

CHURCH, near ndabashi Stn. TeL 3281- 
3740. WbtsNp Sonnes: 930 am. Sundays. 


LB.C-. World Trade Center, 36. Drahan 
Tzantov Blvd. Worship lift). James 
Dtie. Pastor. Tel: 66968a 


LOWSHIP, &/.-Pre§*chfche Gemetode, 
Sodenerstr. 11-18, 83150 Bad Hombug. 
Sunday Worship, Nursery & SS: 
1120 AM MW- week ministries. Pastor 
MLfuey. CWFta: 0517302728. 
BETHEL I.B.C. Am Dachsberg 92 
(EngE$h), Worship Slit lift) am and 
ftOO pm. TeL 069-549S99, 

Ve»daina Sunday worship 930. to Goman 
lift) h English. Tet (022) 31H50B9. 


LUTHERAN CHURCH ot the Redeemer. 
CM Cly, Murisan Rd. EngHh worship Sun 
9 am Al are wefcome. TeL (02) 8281 -049. 

Worship lift) a.m. 65, Qua) cTOrsay. 
Paris 7. Bus 63 a: door, Metro Alma- 

8ft) am. Hoty Eucharist Rfte I; 1030 am 
Choral Eucharist Rite II; 10:30 a.m. 

TOKYO UMON CHURCH, near Omaasftido 
Subway SB. TeL 3400-0047. Worship SeMcas: 
Sunday - 8ft) & lift) an, SS ffl 9:45 am 

Choral Eucharist Rite II; 10:30 a.m. 
Church School tar chfcken & Nusay care 
provided; 1 pm. Spanish Eucharist Via 
Napol 5a 00184 Ftome. TeL 396 488 
3339 or 396 474 3569. 


a Christ centered tefcjwship. Services; 
9ft) and 10ft) am Btoemcamplaan 54, 
Wasaenaar 070617-8024 nursery prov. 





Lns Palmes 















Sr. Pereraburg 
. Tbaa 



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JWswem E£ 2 f 1 '" 0 ££ 

North America Europe 

Hotter and more humid m Warm and mainly dry 

(he Easi Sunday through weather Sunday through 

Tuesday. Showers and Tuesday from southern 
heavy thunderstorms will luy to Romania and into 

affect the Plains Sunday western Russia; there 
and Monday, teen tee Mis- could be scattered teun- 
sbsippi VaUey an Tuesday, demtorms. Cloudy, damp 
Cod and damp throughout and cool through the pen- 
the period in the Pacific od for much o< western and 
Northwest, but ha and dry oenirai Europe London will 
*i tee Southwest. have o n-and-utt ram and 



The remnants ol Typhoon 
Peter will move away from 
Japan on Sunday, taking 
the heavy rain and hign 
winds with it Mainly dry 
weather will move in. 
Sunny, hoi and dry weath- 
er will persist from Bering 
westward mo north-central 
China, but ram will contin- 
ue In aouth-cenuat China 
and Tibet. 




MH 19 



Chang Ha, 




Hong Kong 




K kuipur 

K. Klnttwlu 



Phnom Ponh 










Ntg/i LowW 
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North America 

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CHURCH English speaking, worship 
service, Sunday School & Nursery, 
Sundays 1130 a.m.. Schanzangasse 2S. 
Tel; (01)2825526. 

Middle East 








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Latin America 


Other foreigners have visa-free access 
for visits of varying lengths from seven 
days to six months. 

In general, the visa requirement for 
each country will remain the same under 
Chinese as under British rule, Mr. Ho 

“At present, nationals of most for- 
eign countries can visit Hong Kong 
visa-free,’’ he explained. “This liberal 
visa policy will continue after I July, 

All Chinese diplomatic and consular 
missions are accepting visa applications 
for entry to Hong Kong starting Tues- 
day. Applications can also be submitted 

directly ro the Immigration Department 
or through sponsors in Hong Kong, 

Bum* Axes 8/48 •SfSB pc BM6. -V31 pc 

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Clinton Vow Skirts Pollution Targets 

\ - . ... ' IS 

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_'"i L . 

By John F. Harris 
and Joby Warrick 

tliafaws.'iwi fW Stn.vr 

President Bill Clinton has warned that 
human activity is dangerously increasing 
the Earth’s temperature, but he rebuffed 
hopes by European leaders that he offer a 
specific target for reducing “greenhouse 
gases" in the next decade. 

A day after he cheered environment- 
alists by unveiling tough regulations to 
reduce urban smog, he angered many of 
the same advocates Thursday by 
dodging the issue of how much and how 
fast to reduce gas emissions under glob- 
al treaty negotiations that are to be con- 
cluded in December. 

Mr. Clinton, speaking to a special 
session of the United Nations' General 
Assembly, acknowledged that the 
United States produces 20 percent of 
greenhouse gases — more than any oth- 
er country, though it has just 4 percenr of 
the population. 

And he offered a number of pledges, 
including a promise to mobilize U.S. 
public opinion behind legally binding 
global targets for reducing emissions 
and a proposal to install one million solar 
roofs in die United States by 201 D. 

But Mr. Clinton hedged on the critical 
question of pollution targets for green- 
house gases — excess carbon dioxide 
produced by factory smokestacks and 
automobile exhaust pipes. 

The European Union has proposed 
requiring a 15 percent reduction in 
greenhouse gases by 2010. 

Some European governments, nota- 
bly Germany and Britain, have achieved 
dramatic reductions in emissions of car- 
bon dioxide in the past decude. although 
both countries benefited from special 

Britain, for example, began relying 
more heavily on cleaner natural gas after 
then-Prime Minister Margaret Thatcher 
privatized the nation's coal industry. 

Even as the president applauded the 
group for its strong focus on this issue.his 
aides dismissed that proposal as unreal- 
istic and vowed that he nad no intention 
of announcing targets until he was certain 
they were attainable. This skepticism 
about the European position is shared 
even by some environmentalists pressing 
Mr. Clinton to be more specific. 

He did promise that he would produce 
an “American commitment to realistic 
and binding limits" on greenhouse 
gases in time for an international con- 
ference in December in Kyoto, Japan. 

Environmental groups applauded Mr. 
Clinton's strong words on global warm- 
ing. but some condemned his lack of 
specific targets for cutting greenhouse 
gas emissions. The version of the speech 
delivered by the president omitted a 
reference in the written text to a vague 
goal of eventually reducing pollution 
below 1990 levels. 

Responding to that omission as well 
as reported U.S. attempts to block a 
strongly worded statement on climate 
change at the conclusion of the Earth 
Summit. Kevin Dunion of Friends of the 
Earth said. “That kind of hypocrisy 
makes us believe quite frankly that the 

Americans will not arrive in Kyoto with 

real, binding targets." 

Environmentalists also were skeptic- 
al of the program to install a million 
solar roofs. 

Michael Oppenheimer, a scientist for 
the Environmental Defense Fund. said. 
“I can’t say it doesn't sound good, but it 
doesn't get the job done." • 

Critics on the president's right were 
no more charitable. 

Representative Benjamin Gilman, 
Republican of New York and chairman 
of the House International Relations 
Committee, said. "I am particularly 
concerned that the draft treaty now un- 
der discussion imposes mandatory re- 
strictions on the United States, but only 
recommendations for emerging indus- 
trial powers." 

Bur some business leaders said the 
president took a sensible approach. 

“He resisted the temptation to use this 
highly public event to unveil draconian 
measures that would be harmful to our 
economy and harmful to the American 
people," said Gail McDonald, president 
of the Global Climate Coalition, an or- 
ganization of business trade groups. 

Business groups have lobbied the ad- 
ministration in recent weeks, arguing 
that the kinds of pollution cuts urged by 
the Europeans are unrealistic and would 
wreck the American economy. But oth- 
er analysrs disagree. 

A wide range of American scientists 
and economists agree that the United 
States could achieve reductions similar 
to those in Europe, although they differ 
on the economic consequences. 

Eradicating Polio, Dose by Dose 


i(fr f. 

T ,, ™islrp 

By David Brown 

St race 

WASHINGTON — The number of 
countries free of polio increased last 
year, and despite turmoil in many places 
where it remains, international health 
officials say they still believe the dis- 
ease can be eradicated from the world 
by the end of 2000. 

The number of officially reported 
polio cases fell to 3,997 in 1996. a 43 
percent decrease from the year before, 
according to the latest figures from the 
World Health Organization. 

Last year, more countries than ever 
held “national immunization days." 
which are the main tool of the polio 
eradication campaign, which began in 

On a single day this year, Jan. 18. 
about 127 million Indian children were 
vaccinated against the disease in what is 
believed to have been the largest health 

evenr ever organized by a country. 

Ciro de Quadras, a physician with the 
Pan American Health Organization who 

Easier for 71 m 

led the successful campaign to eliminate 
golio from the Western Hemisphere, 
said a shortage of money was the 

greatest impediment to reaching the 

About $800 million will be needed 
for the rest of the campaign, and much 
of it remains to be raised from gov- 
ernments and aid agencies, he said at a 
news conference. 

"If the resources are available — if 
we have transport, if we have gasoline. 

if we have per diem payments for the 
health workers, we will be on rime." he 

Even with enough money, however, 
it will be difficult to eliminate the dis- 
ease. and then maintain surveillance for 
new cases, in countries with active civil 
wars, no governments, or open hostility 
to outsiders, he said. They include North 
Korea, Somalia, southern Sudan, Sierra 
Leone and Congo. 

Because the polio vims is highly con- 
tagious. those countries can become ex- 
porters of infection to polio-free places. 
Last year, for example, four cases of 
polio entered China from Burma. China 
had not recorded a “native" case in two 

Last year, 155 countries reported no ' 
cases of polio, up from 150 in 1995. 
Eighteen countries reported one to 10 
cases, and 27 reported more Chan iO. 
Fourteen countries did not submit re- 
ports to the World Health Organiza- 

Immunization consists of four doses 
of oral vaccine, given at least a month 
apart. On a national immunization day. 
all of a country's children under age 5 
are given a dose of polio vaccine. The 
events are not meant to replace sched- 
uled vaccination, but to supplement it. 

Officials of the World Health Or- 
ganization believe at least one national 
immunization day should be held each 
year in countries where polio is still 
found, or from which it has only recently 
disappeared. Seventeen countries have 
not held one yet, Mr. de Quadras said. 

With the possible exception of Sierra 
Leone, all plan to hold them this year. 

In the past, civil strife has not stopped 
public health officials from holding the 
events. In 1985. the Vatican and several 
international aid agencies helped broker 
three one-day cease-fires in hi Salvador 
so that population-wide immunization 
of children could occur. Since then, oth- 
er truces or, in some cases, “corridors of 
peace," have been established in Leb- 
anon. Sudan, Angola, Liberia and the 
Philippines to allow either the admin- 
istration or delivery of polio vaccine. 

“Make no mistake, we are all ex- 
tremely worried about reaching this 
goal." said Steve Cochi. a physician 
with the U.S. Centers for Disease Con-' 
irol and Prevention, who is involved 
with the eradication effort. “But we're 
not more worried now than we were six 
months ago. or a year ago. " 

Polio is caused by a highly conta- 
gious virus that infects the intestinal 
tract and. in a small number of cases, 
travels to the spinal cord. The extent of 
nerve damage is highly variable. Some 
victims experience little more rhan mild 
leg weakness. Others are paralyzed 
from the neck down and require mech- 
anical assistance even to breathe. From 
10 million to 20 million people in the 
world are living with some paralytic 
effect of the disease. 

Only one disease has been eradicated. 1 
Smallpox disappeared in 1977, after a 
10-year campaign. The last case of polio 
in the Americas occurred in 1991 in a 3- 
year-old Peruvian boy. 

Away From 

• Alcohol and couches 

will be prohibited at the 
annual July 4 fireworks 
show on Washington's 
Mall to help prevent the 
fights that break out each 
year, the U.S. Park Police 
announced. (WP) 

• Jury selection for the 

Oklahoma City bomb- 
ing trial of Terry Nichols, 
42. charged with murder 
and conspiracy in -the 
1 995 attack that took 168 
lives, has been set for 
Sept. 29. iNYT) 

•A 29-y ear-old father 
could face child neglect 
or child endangerment 
policies in the death of 
his 13-month-old daugh- 
ter. Dennis Rodrigues of 
Turlock, California, ap- 
parently forgot to drop 
off his daughter at a day- 
care center and drove to 
work, leaving her in a car 
for eight hours where she 
died as temperatures 
soared above 100 de- 
grees Fahrenheit. [AP\ 

Save up to 

80 % 


International Calls 

Addled? Could Be the Marijuana 

Heavy Use Might Prime the Brain for Other Addictions 

By Sandra Blakeslee 

New York Tima Service 

NEW YORK — People 
who regularly smoke large 
amounts of marijuana may 
experience changes in their 
brain chemistry that are 
identical to changes seen in 
the brains of people who ab- 
use heroin, cocaine, amphet- 
amines, nicotine and alcohol, 
scientists have found. 

The findings, based on 
studies of rats, were pub- 
lished Friday in the journal 
Science. They provide strong 
support for the emerging idea 
that all addictive drugs cor- 
rupt the same brain circuits, 
although to varying degrees, 
and suggest that chronic 
■marijuana use may literally 
prime the brain for other 
drugs of abuse, a notion 
known as "the gateway ef- 

While the studies were 
conducted on rats, research- 
ers are confident that the find- 

ings will apply to humans; 
virtually all of the biological 
mechanisms known to cause 
drug addiction were dis- 
covered in animal models be- 
fore being established in hu- 

People who oppose the le- 
galization of marijuana will 
be happy about these find- 
ings. while those who feel 
that marijuana is a benign 
drug will probably be upset, 
said Dr. Alan Leshner. direc- 
tor of the National Institute on 
Drug Abuse in Rockville, 
Maryland, which financed the 

According to this new hy- 
pothesis, addictive drugs like 
nicotine, heroin and cocaine 
all work through common 
pathways in the brain. One 
pathway is responsible for- 
fee lings of reward, and a 
second pathway underlies 
feelings of anxiety brought on 
by stress. In street drug par- 
lance, one system produces 

the “high" while the other 
produces withdrawal. 

But many people thought 
marijuana was different be- 
cause overt feelings of with- 
drawal are uncommon, said 
Dr. George Koob, a pharma- 
cologist at the Scripps Re- 
search Institute in San Diego. 

The reason is that mariju- 
ana's active ingredient, THC, 
has a long half-life — mean- 
ing it lingers in the blood- 
stream — which in rum pre - 1 
vents the abrupt withdrawal 
symptoms seen in fast-acting I 
drugs like nicotine, he said. I 

The Zurich 
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ra* 01/363 36 36 


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Join Nici Marx, Tim Sebastian and John Tusa, 
for extensive coverage of the final moments 
of British rule and the dawn of a new era 




Carin Aik-gn.'Apnvr FrankC-Pm™* 

IT'S OUR LAND! — An Inuit woman in Sheshatshiu, Newfoundland, 
appealing to Queen Elizabeth II of Britain, who was passing by in a 
motorcade during an official visit, over Canada's claims to Inuit land. 


House Republicans 
Put on Smiley Faces 

WASHINGTON Ar a rally Fri- 
day celebrating the passage in the 
House of the first tax cut in nearly two 
decades, on aide to Newt Gingrich, 
speaker of the House, handed out 
brightly colored stickers with smiling 
faces imprinted on them. 

“It’s to show how happy we are 
today," the aide explained. 

They had reason to be: Mr. Gin- 
grich and the House Republicans had 
a good week. 

The passage of measures to im- 
plement the balanced budget agree- 
ment between Congress and President 
Bill Clinton and to cut taxes — pop- 
ular goals that are the crown jewels of 
the Republican agenda — have been a 
tonic for Mr. Gingrich and restive 
Republicans members. 

“It's a very, very gratifying feel- 
ing," Mr. Gingrich said after the vote 
on the tax cuts. 

These successes blurred the bitter 
memories of House leaders mishand- 
ling the disaster-relief bill this month. 
They also silenced — for the time 
being at least — grumbling about Mr. 
Gingrich and his leadership team. 

“Nothing unites Republicans like 
cutting taxes," said Representative 
Bill Paxon, Republican of New York, 
chairman of Republican party meet- 
ings. “This is something we’ve been 
working on for the three years. "(WFJ 

On Arts, President 
Puts His Foot Down 

House raised the stakes in the political 
war ovei funding for the National 
Endowment for the Arts by threat- 
ening to veto the entire legislative 
package of the Interior Department 

In a letter to key Republicans and 
Democrats on the House Appropri- 
ations Committee, the director of the 
Office of Management and Budget 
said President Bill Clinton would not 
stand for the arts' budget to be slashed 
by nearly 90 percent to SlOmillion this 
year. That reduction, from the current 
appropriation of S99.5 million that 
was approved by a subcommittee last 
week, was endorsed Thursday by a 
close vote of the full committee. 

"The president's senior advisers 
would recommend that he veto the bill 
if this funding level were to remain," 
Franklin Raines, director of the Office 
of Management and Budget, wrote to 
the Appropriations Committee. (WP) 

Quote /Unquote 

Frank Phillips, districi attorney for 
Orange County, New York, on the 
Supreme Court decision barring doc- 
tor-assisted suicide: "A jury will not 
find somebody guilty for something 
they believe in their hearts was a 
blessing, no matter what a legal statute 
says." (NYTl 

House Passes 
Tax Cut Bill 
That Clinton 
Wants to Alter 

By Richard W. Stevenson 

New York Tunes Service 

WASHINGTON — The House has 
passed its first big federal rax cut in 16 
years, brushing aside Democratic com- 
plaints that the plan favors the wealthy 
to approve a package of reductions that 
Republicans say would give the middle 
class much- needed relief. 

The bill, which contains a $500 per- 
child credit for many families, tax 
breaks for college expenses, and re- 
ductions in capital gains and inheritance 
taxes, still must be reconciled with a 
somewhat different version being con- 
sidered by the Senate. 

The House bill passed by 253 to 179. 
Just 27 Democrats joined 226 Repub- 
licans to approve the legislation, which 
was largely the same as a version passed 
without Democratic support this month 
by the Ways and Means Committee. 

The House bill would provide about 
SI 35 billion in tax cuts over the next five 
years, partly offset by S50 billion in new 
or extended taxes, primarily on airline 

The speaker of the House, Newt 
Gingrich, said he would do everything 
possible to get the bill signed by Pres- 
ident Bill Clinton. “We have no in- 
tention of playing games, and I don’t 
think the president has any inrention of 
playing games,” he said. 

The bill contains provisions that Pres- 
ident Clinton has said are unacceptable, 
including allowing investors to exclude 
inflation when calculating capital gains 
taxes on stocks, real estate and other 
investments. Mr. Clinton also has ar- 
gued that the tax cut could lead to big 
budget deficits in the future. 

. He is pressing for changes on a number 
of provisions, like making the child credit 
available to more low- and moderate- 
income families and providing more 
money for college tuition tax breaks. 

Because he could veto the tax bill, 
Mr. Clinton will have a say in reshaping 
it when House and Senate negotiators 
meet next month to work out differences 
between their two versions. 

The differences include a provision in 
the Senate bill to raise the federal tax on. 
cigarettes 20 cents a pack from its cur- 
rent level of 24 cents. 

The Clinton administration plans to 
unveil its own comprehensive tax-cut- 
ting proposals Monday to show how it 
wants the House and Senate bills to be 
changed. A senior White House eco- 
nomics aide said Mr. Clinton would 
work toward “gening the bill the ad- 
ministration could sign." 

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Bosnian Muslims Use Refugees to Pressure a Serbian Area 

By Chris Hedges 

New fork Times Service 

SANSKI MOST, Bosnia-Herzegovi- 
na — The Bosnian government is pack- 
ing this overcrowded border town with 
tens of thousands of returning Muslim 
refugees id preparation for a political, 
and perhap military, offensive to seize 
Bosnian Serb territory. Western diplo- 
mats and relief workers say. 

Buses carrying Bosnian refugees re- 
turning from Germany and Switzerland, 
clutching vinyl suitcases and nylon bags, . 
are unloaded here four or Eve mornings 
a week and shuttled in groups to the so- 
called Office for the Banished behind the 
Town Hall. 

The Bosnians, weary after 17 hours of 
travel, are assigned rooms in apartments 
already packed with people, or sent off 
to houses that lack running water and 
electricity. Aid workers say the 30,000 
people expected to arrive by the rad of 
the year will have to live without basic 
amenities and will only increase the frus- 

Yet Another 
Glitch for Mir: 
Steering Unit 
Goes Haywire 

The Associated Press 

The exhausted crew of Russia's battered 
Mir space station, straggling to generate 
enough power to restart oxygen gen- 
erators and other critical systems, faced 
a new headache Friday: a steering sys- 
tem glitch. 

Mir’s steering system temporarily 
stopped working overnight The two 
Russians and one American on the space 
station had to use the attached Soyuz 
capsule to turn the still-functioning solar 
.wings toward the sun to gather des- 
perately needed energy, said Gretchen 
McClain, NASA's director of die in- 
ternational space station project 

A representative of the National Aero- 
nautics and Space Administration who 
was at Mission Control outside Moscow 
said the Mir thrusters shutdown when an 
on-board computer lost power. The of- 
ficial said the thrusters began working 
again after the computer was reactivated 
and the data re-entered. 

Help for the crew is still at least a week 
away. The next supply ship, to be 
launched on July 4 or 5, is scheduled to 
take cables, connectors and other repair 
equipment to the space station, Russian 
officials said. 

The Progress cargo ship was supposed 
to be launched towards Mir on Friday, 
but it was delayed after a similar vessel 
slammed into the sprawling, 1 1 -year-old 
structure during a practice redocking. 
Wednesday’s collision punched a small 
hole through the hull of Mir, forcing the 
crew to shut off part of the vessel. The 
station was reduced to half-power. 

NASA astronaut Michael Foale and 
his Russian crewmates worked in dark- , 
ness Thursday to recharge the solar bat- 
teries by pointing the remaining solar 
wings toward the sun. The manual steer- 
ing was using up precious fuel, NASA 
officials said. 

‘‘They’re charging batteries as 
quickly as they can,” said Frank Cul- 
bertson, NASA director in charge of the 

nation and tension here. * T was taken to 
an abandoned Sab house with no win- 
dows, no running water and no elec- 
tricity,” said Trazila Zeric, 47, who 
returned recently from Switzerland. Her 
home, burned by the Serbs, is only 25 
kilometers (15 miles) away in the Ser- 
bian-held city of Prijedor. 

“The interior was gutted,” she said. 
1 ‘Even the floor boards were ripped out I 
used all the money given to me by the 
Swiss government for relocation to cover 
the windows. Now I am destitute. I have 
begged the office for a new place to live, 
but they have nothing else to offer.” 

As she spoke, her voice often dipping 
to a hoarse whisper, a mother and her 
young daughter who had been homeless 
for almost two week since coming from 
Germany pleaded with officials for a 

Things are expected to get worse. Aid 
workers, fed up with the government's 
stubborn mststeace that homeless 
refugees must be relocated to Sanski 
Most, say it is engineering human misery 

to build a dramatic case in world opinion 
against the Bosnian Serbs. The Bosnians 
say they have no other choice. 

“The international community has. 
guaranteed that the refugees will be able 
to go home!” said Bajazid Jahic, the city 
manager. “If the international commu- 
nity fails us, other solutions will have to 
be found so these people can go back. 
We are not to blame for this mess.” 

About 250.000 Bosnians who fled the 
country during the war came back to 
Bosnia last year. But most of diem re- 
turned voluntarily and had arranged with 
family members for places to live. This 
year some 200,000, including many of 
the 320,000 people who took refuge in 
Germany ana are now being deported 
from there, are expected to arrive. 

Of the returning refugees, at least 60 
percent are Muslims from the Serbian 
enclave in Bosnia, according to United 
Nations officials, and most of those are 
sent here. Thousands more who can go 
back to their villages in territory held by 
the Bosnian government had their 

homes destroyed in the war. The Bos- 
nian Serbs, who carried ont widespread 
ethnic cleansing against the Muslims in 
the war, kilting tens of thousands of 
civilians as they drove diem from their 
villages and homes, have failed to com- 
ply with nearly every aspect of the Bos- 
nian peace agreement that was nego- 
tiated in Dayton, Ohio. 

The Serbs, for example, do not let 
Muslims return to their homes in Bos- 
nian Serb territory, and they also refuse 
to cooperate with die joint institutions 
formed undo 1 foe peace agreement to 
create a unified Bosnia. 

The Bosnian Muslims are surrounded 
by hostile neighbors, with just 30 per- 
cent of Bosnia under their control. The 
Bosnian Serbs hold about half the coun- 
try, and the Bo snian Croats control about 
20 percent of Bosnian territory and take 
tbeir orders from Croatia. The Muslims, 
on tbeir own, do not have enough ter- 
ritory to build a politically or econom- 
ically viable state. 

A military push on Serbian-held Bos- 

Ka/nfauo NogiMgencc Fmtcc-Plrvte 

FRIENDLY CALL — The 7,600-ton Russian destroyer Admiral Vinogradov arriving Friday in Tokyo 
harbor on a four-day goodwill visit, the first to Japan by a Russian warship in 103 years. 

PARTIES: The Elite Vfeigh the Politically Correct Celebration 

Continued from Page 1 

the return to Chinese sovereignty has 
presented Hong Kong with a cornucopia 
of party opportunities. 

“Never in history has one witnessed 
such an event,” he said. 

“You could even say these celebra- 
tions are unprecedented. It’s the party of 
foe year. It’s different from other parties 
and celebrations. Mach of what we’re 
celebrating is a great sense of pride in 
being Chinese.” 

If there is one party to be at, it is the 
official dinner on Monday evening, a 
three-course Western meal — foe menu 
is a closely guarded secret — for 4,000 

shuttle- Mir program, 

Mr. Foale assured flight controllers be TTflTVTf 1 
was “great — as great as you can be XJLVf 1 1 VF -IX-Vf-L N 
without all your stuff.” * /^i • rwn 

‘‘The crew itself Is in a safe and stable tyUl/U LfllfiCSO IrOOpS 
environment,” Ur — * '* ± 

guests, which starts at about 9 P.M., 
three hours before British sovereignty 

At the head tables will be Prince 
Charles, Prime Minister Tony Blair of 
Britain, Governor Chris Patten and a 
number of Chinese leaders, presumably 
President Jiang Zemin and Prime Min- 
ister U Peng, and the man Beijing bas 
appointed to run postcolonial Hong 
Kong, the shipping tycoon Tung Chee- 

There will also be about 40 high- 
ranking foreign officials, including U.S.. 
Secretary of State Madeleine Albright 
Tickets for foe event are by government 
invitation only. After dinner, guests will 

move from the cavernous dining hall of 
the new glass-walled Convention and 
Exhibition Crater to an auditorium jut- 
ting into Victoria Harbor. 

There, moments before midnight, a 
British military band will play “God 
Save foe Queen,” and the British flag 
will be lowered here for the final time. At 
foe stroke of midnight a band of foe 
People's Liberation Army will strike up 
foe Chinese national anthem, “March of 
foe Volunteers.” 

Mr. Ong of The Tatler said he looked 
forward to foe moment when foe 
Chinese flag would be raised. “Chinese 
people are very patriotic,” he said. 
“We’re proud of this moment-” 

Mr. Culbertson said. 
“But as for as foe seriousness of foe 
situation, I think it’s still there and we 
still need to deal with it as such until we 
see what our options are. ’ ' 

Mr. Culbertson said a spacewalk — 
possibly conducted inside foe depres- 
surized module without going outdoors 
— will be required to fully restore 

U.S. and Russian space officials said 
Mir’s oxygen supply and air pressure 
were stable and adequate — for now — 
and that the crew was in no immediate 

Officials in both countries refused to 
speculate oa how long foe men could 
remain on board. An attached Soyuz cap- 
sule could bring them home at any time. 

The crew lost access to four of Mir’s 
newest and most-used electricity-gen- 
erating solar panels after the crash. All 
were located on the outside of foe off- 
limits Spektr lab module. Russian flight 
controllers were devising a plan for 

power dis- 
tribution system elsewhere in the sta- 

* ‘ft’s going to be a very difficult job, ” 
Mr. Culbertson said. “It's going to be 
complicated for foe crew.” 

Even if foe hole in Spektr can be 
located and plugged, it will be difficult, 
if not impossible, to safely repressurize 
the module, Mr. Culbertson said. 

Continued from Page 1 

ritory’s future leader, Tung Chee-hwa. 
The troops will arrive at dawn, as- 

spacewalking cosmonauts to 
those panels via cables to a c 

suring that they will sweep in as the city 
slumbers after all-night parties. 

The news came as Hong Kong's 6.3 
million people headed into a five-day 
holiday surrounding foe handover. The 
incoming government's announcement 
of deployment plans came shortly after 
foe close of Hong Kong’s stock market, 
which hit a record high cm the last day of 
trading before foe transfer. The robust 
showing was seen as a sign of investor 
confidence in foe territory’s economic 

The financial markets will reopen 

Hong Kong's 60-member legislature, 
meanwhile, held what was supposed to 
be its last session of lawmaking, meeting 
late into foe night Friday. 

The legislature, which is being dis- 
mantled by China and replaced by an 
unelected body set up by Beijing, has 
been enacting dozens of last-minute 
measures, but Hong Kong's incoming 
government has indicated that at least 
some will be scrapped. 

After foe sovereignty switch, the au- 
thorities will be able to ban demon- 
strations for Chinese national security 

So protesters were taking the oppor- 

Dcnu. OkiVRci*.t> 

Governor Chris Patten, with his wife, Lavender, considering a reporter's 
question Friday. Mr. Patten criticized Beijing's plans to move 4,000 troops 
into Hong Kong hours after the colony reverts to Chinese sovereignty. 

tunity to raise their voices now on sen- 
sitive subjects. About 20 campaigners 
demonstrated outside China's de facto 
embassy in Hong Kong to protest foe 
reported jail beating of China's most 
famous dissident. Wei Jingsheng. And 
four supporters of Tibet independence 
unfurled a Tibetan flag in a square. 

Dignitaries, meanwhile, were begin- 
ning to arrive for Monday night’s hand- 
over ceremonies. 

Former Prime Minister Margaret 

Thatcher, Britain's signatory to foe 1984 
Joint Declaration laying out the terms of 
the handover, flew in Friday. Secretary 
of State Madeleine Albright of the 
United States is due in Saturday, as is 
Prince Charles. 

As the days wind down to foe hand- 
over, symbols of colonialism's sunset 
abound. The Black Watch, a storied 
Scottish regiment, marched in khaki and 
tartan through its last pre-handover 
paces Friday. (AFP. AP. Reuters i 

nia is. for the Muslim leadership, a mat- 
ter of survival, many Western diplomats 

M Muslim officials say foe 800,000 
Muslims who moved abroad during me 
war should all return to help build foe 
new, unified state. They say they are 
placing returning refugees, whose 
homes are .in the Serbian enclave, in 
<kn«ki Most because foe town is foe 

closest to their old villages. 

Although a third of its housing was 
destroyed in the war. Sanski Most has 
already mushroomed to its prewar size 
of 70,000 people, although only 20,000 
of foe people herd live in their own 

homes. . . 

City officials daily move stunned ana 
exhausted families into homes of com- 
plete strangers, usually other refugees, 
with predictable resulting tensions. Most 
of the standing homes in the city are 
Serbian dwellings Aat were abandoned 
when foe Bosnian Muslim and Croatian 
armies captured Sanski Most in October 
1995 during foe closing days of the war. 


Many Western diplomats worry that a 
military push by foe Muslims again* 
foe Serbian enclave is being contem- f _ 
plated by Sarajevo if the peacekeeping ' 
force led by the North Atlantic Treaty 
Organization withdraws as planned 
next year. The plight of thousands of 
poor Bosnians, crammed into Sanski 
Most, would give Sarajevo the political 
justification for such an attack, they 

Clinton Plans July Visit 
To Poland and Romania 

He Hopes to Ease Feelings After NATO Summit 

By John F. Harris 

Washington Pott Service 

WASHINGTON — President Bill 
Clinton will make dramatic and delicate 
visits next month to Warsaw to welcome 
Poland into NATO and to Bucharest to 
soothe feelings there after foe expected 
rejection of Romania's bid to join foe 
Atlantic allian ce. U.S. officials said. 

White House officials said Mr. Clin- . 
ton has decided to go to foe former 
communist capitals after NATO 's July 8 
and 9 summit meeting in Madrid, where 
it is scheduled to invite three countries 
from Eastern Europe to join the 16- 
member organization. 

The United States favors admitting 
foe Czech Republic, Hungary and Po- 
land in foe first membership round. Buta 
majority of NATO’s members favor a 
wider expansion, and want either Ro- 
mania or Slovenia — or both — to be 
invited to join. 

In recent days. U.S. officials have 
been calling European capitals, notify- 
ing governments of Mr. Clinton's travel 
plans and seeking assurances that his 
visits to Poland and Romania would not 
further inflame the dispute. 

Although much of Mr. Clinton’s for- 
eign policy has been driven by crisis 
management in foe Middle East, Bosnia- 
Herzegovina and Haiti, NATO expan- 
sion represents a goal he has pursued 
since be unveiled the idea in 1994. For 
this reason, the White House is devoting 
special attention to his trip next month. 

The president plans to visit Poland 
and Romania on July 10 and 11; the 
order bas yet to be decided. 

At foe same time. Secretary of Stale 
Madeleine Albright will travel to the. 
Czech Republic and Defense Secretary 
William Cohen will go to Hungary. 

In Warsaw, according to a top ad- 
ministration official, Mr. Clinton will 
temper what he expects to be a mostly 
celebratory event with a cautionary 

The aide said foe president will warn 
that NATO membership — which the 
Polish, yearn for as protection against 
their historic problems with Russian 
domination — carries serious costs. 
NATO members are obliged to maintain 
a strong military and must regard an 
attack against one member as an attack 
against ail. 

In Bucharest, Mr. Clinton is expected 
to give a consolation speech. Another 
administration official said the president 
will tell Romanians that although their 
country was not invited to join NATO 
this year, it is an excellent candidate to 
join in the future if it continues to make 

The American officials said they were 
encouraged by Romania's recent efforts 
to settle long-standing disputes with its 
Hungarian minority and to reform the 

But they said foe country has not 
established a sufficient track record to 
merit NATO membership. 

One reason foe planning for Mr. Clin- 
ton ’s visit is delicate is that other NATO 
countries — especially France — are 
still pushing to add more than three new 
members from Eastern Europe. 

Despite attempts by U.S. officials to 
settle the matter in advance, the White 
House now acknowledges that NATO 
representatives will arrive in Madrid 
with the issue 'unresolved. 

Privately, they say European officials 
recognize that Mr. Clinton will not back 

And since unanimity is required to 
bring in new members, they say there is 
no chance that foe first wave of new 

the Romanians that Mr. Clinton would 
be welcome in Bucharest after blocking 
its bid for membership. And they said 
they had spoken to* the French to make 
sure that they, too, would not be of- 

In addition. White House officials dis- 
cussed foe trip with Russia to make sure 
it did not see Mr. Clinton's hip to Poland 
as a provocation. 

Russia contends that NATO’s expan- 
sion into Eastern Europe carries foe risk 
of reviving Cold War divisions. 

At a meeting in Paris last month, 
NATO sought to ease Moscow's anxi- 
eties by signing an agreement that will- 
give Russia a voice in foe alliance. 

Officials said Mr. Clinton hopes the - 
Romania visit will ease any bad feelings 
lingering there after foe Madrid summit 
and soothe irritations in France and other 
NATO countries that wanted more new 

The visit, they said, will emphasize 
that foe United States supports a second 
wave of invitations in a few years. 

The officials also said that Romania 
and Slovenia are not ready to bear the 
responsibilities of NATO membership 
and that NATO, too, is not prepared to 
shoulder foe financial burden of bring- 
ing in too many new countries. 

But they also said one reason Mr. 
Clinton ispressiqg to keep foe first wave 
of expansion small — even at the risk of 
offending allies — is that foe addition of 
five nations this year might kill foe mo- 
mentum for future rounds of expan- 


Find U.S. Arrogant 

Continued from Page 1 

seems to be adopting on key foreign and 
security issues that directly affect all 
interests. . , 

The United States infuriated a ma- 
jority of allies tins month by shutting off 
debate on NATO enlargement when Mr. 
Clinton announced that only Poland 
Hungary and foe Czech Republic should 
be included in foe first wave. 

In Denver, President Jacques Chirac 
of France and Prime Minister Romano 
Prodi of Italy pressed Mr. Clinton to' 
reconsider Slovenia and Romania so that 
NATO would assume a larger stake in 
m aintai n ing stability on its southern rim. 

But they got nowhere. 

Mr. Chirac reportedly was outraged’ 
by Mr. Clinton's cold shoulder. Mr. 
Chirac was quoted by a French news- y 
paper as telling his aides, “We’re noth- 
ing but extras in Clinton’s marketing 

Mr. Kohl, who is described by White. 
House officials as the foreign leader Mr. 
Clinton admires most, has tried to avoid 
being dragged into the NATO dispute 
and being forced to take sides with Paris 
or Washington. “We’re happy with, 
three, fourorfive new members,” said a 
topKohlaide. “What most be avoided at' 
all costs is a big public fight.’ ’ 

What also irks foe Europeans, as a 
corollary to NATO expansion, are peri- 
odic attempts by foe Clinton admin- 
istration to prod the European Union into ' 
accepting new members from the east — 
particularly those countries that will be. 
left out of foe first wave of NATO en- 
largement, such as the Baltic states. 

At foeir meeting in Amsterdam last' 
week, EU leaders failed to malra any 
progress toward institutional changes' 

. — — necessary to avoid a breakdown in de- •?-" 

members will include any beyond the cision-rnaking before foe 15 -nation club, 

three that Mr. Clinton has accepted. 
U.S. officials sought assurances from 

6 Found Dead After Volcano Blast 


OLVESTON, Montserrat — Rescue 
workers have found foe* bodies of six 
persons who were killed in a blast of hot 
gases and rocks from a volcano on the 
Caribbean island of Montserrat 

The dead, who were not immediately 
identified, were foe first victims of foe 
Soufriere Hills volcano since it roared to 
life in an outpouring of ash, rock and 
smoke on July 18, 1995, ending nearly 
four centuries of dormancy. 

Several other people remained un- 
accounted for as rescue workers moun- 
ted a house-to-house search of seven 
villages, all of them in foe evacuated 
danger zone, that were affected by 
Wednesday's blast. 

“There has been considerable de- 

struction of buildings including bouses 
in foe area of foe nows,” foe govern- 
ment said. The flows almost reached foe 
island’s only airport, which was closed. 

Government officials said that at least 
13 persons had been airlifted to safety by 
search teams Thursday, in addition to 19 
rescued Wednesday. Several of those 
were taken to the island’s hospital suf- 
fering from boms. 

Part of the giant dome of volcanic 
material that had been growing inside 
the volcano collapsed, dousing much of 
foe island with ash and sending a fast- 
moving rain of superheated gases, ash 
and rock toward foe eastern side of 

The seven villages that burst into 
flames had been evacuated for 1 4 months. 

fH— ' ta '.£ 




Continued from Page 1 

whereabouts of all sex offenders. The 
court let stand a Kansas Supreme Court 

Hills Volcano 

. .. : . i ‘ .. .. u™ V..JV1./ 


A few of foe victims woe believed to be 
residents who refused to leave. Others 
were fanners returning to feed animals 
and check on their property. 

can grow any larger. 

U.S. officials, in turn, say the Euro- 

... peans are trying to overburden NATO ‘ 

new members to compensate 

GUNS: Rule Found to Violate States’ Rights 

EU ’s expansion to foe east 

U.S. frustration with foe European 
Union’s perennial troubles in achieving 
consensus — from how and when to 

ruling that said tie Mate's <^urerale krap ^ng whatever we cra”tok^ S^y^tT^Sg^fo 
could not be applied to people whose guns from criminals” foe officials said on foreign MnTiLan — hn dd- 
crimes were committed before it took in a letter to law enforcement agencies, doubtedly contributed to Washington's 

m his majority opinron. Justice Scalia determination to set alliance policies 
said the federal government could not even when many European states are not 
direct states to administer or enforce a on board. 

federal regulatory program because “We’re damned if we do and damned 

suchcommradsarefrndamratallyin- if we don’t,” observed a senior admin- 
compatible with our constitutional sys- istrafion official. “If we acr too brash, 
lem of dual sovereignty.” ™ 

The law was strongly opposed by the 
National Rifle Association. 

“We feel vindicated by this de- 
cision,” said Wayne LaPierre. the or- 
ganization's executive director. 


• It turned down an appeal by a Cali- 
fornia landlord who cited her religious 
beliefs in refusing to rent to unmarried 

White House reaction to foe gun-con- 
trol ruling came swiftly. 

Under orders from President Bill 
Clinton, Attorney General Janet Reno 
and Treasury Secretary Robert Rubin 
reminded local law officers that they 
could still conduct background checks 

foe allies complain they are not being 
consulted. And when we do take pains to 
reach a unanimous view, we get accused 
of not showing strong leadership, .This 
dilemma is as old as the alliance, and it’s 
never going to go away.” 

: *0*5*3- ... 

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Behind Albright’s Canceled Visit: Irked Cambodians 

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By William Branigin 

HVn/l»ngftw> Pm; Sri i i, y 

PHNOM PENH — Cambodia’s feuding 
co-prime ministers do not agree on much, but 
U.S. conditions for a visit this weekend by 
Secretary of State Madeleine Albright man- 
aged to get them on the same wavelength. 

They told her — diplomatically, of course 
— not to come. 

On the visit, abruptly canceled Wednesday 
by the State Department, Mis. Albright was 
expected to urge First Prime Minister Noro- 
dom Ranariddh and Second Prime Minister 
Hun Sen to promote democratic changes and 
stop their parties' slide into violence. Or. in 
orher words, warn them against squandering 
the fruits of a 1991 UN-sponsored peace plan 

i ? > • . • 

JI,Ii > that has cost nearly S3 billion. 

Instead, the aborted visit has turned into 
something of a diplomatic fiasco and left the 

1. f ' •' ‘ -‘-i--.* ! % i Cambodian leaders feeling aggrieved. 

Officially, the State Department says, die 
planned two-night visit was canceled because 
of security concerns arising from an outbreak 
of fighting last week between bodyguards for 
Prince Ranariddh and Mr. Hun Sen. Two of 
Prince Ranariddh's men were killed in the 
mayhem, an American journalist was slightly 
wounded and a rocket landed in the garden of 
the U.S. ambassador, Kenneth Quinn. 

Speaking to reporters accompanying Mrs. 
Albright on her tour of Asia, a State De- 
partmem spokesman, Nicholas Bums, said 
Cambodia's security situation is "serious and 
unpredictable,’* would have required "ex- 
traordinary security precautions*' for the sec- 
retary and her 40-person entourage and would 
not have permitted "the kind of crip she 
wanted to have." with visits not only to 
Phnom Penh but also to the ancient ruins at 

According to Cambodian and Western of- 
ficials here, however, that explanation does 

not quite tell the whole story. Mrs. Albright 
still was prepared to fly here, but instead of 
coming into town and spending two nights, 
she wanted to stay for just a couple of hours at 
the airport — provided that the two co-prime 
ministers would come out to meet with her 

Cambodia may be a poor country with a lot 
of problems, bur it is rich in tradition and 
formalities, and this was seen as a major 
breach of protocol. That was' especially so 
given that Prince Ranariddh is not only a 
prime minister bur heir to his father's throne, 
and Mr. Hun Sen is a former bead of gov- 
ernment who came up through a typically 
title-conscious Communist Party. 

Diplomats said both men were furious over 
the idea of being summoned to the airport to 
greet a mere foreign minister who would 
fecture them about tneir squabbling. The two 
men, though part of a coalition government, 
are feuding over power as well as how to 

handle the Khmer Rouge, whose leader, Pol 
Pol was reported to have been captured two 
weeks ago by his former guerrillas. 

"Lam very regretful that she is not coming 
because 1 wanted to meet her and talk about a 
number of major issues," a restrained Prince 
Ranariddh said Thursday. 

"She wanted to come io the airport.” he 
added, "but Hun Sen and I agreed that if we 
just met her at the airport we would be break- 
ing the principles of proiocol." He said he 
hopes to meet Mrs. Albright when she revisits 
the region in three weeks for a meeting of the 
Association of South East Asian Nations. 

An aide to the prince was less circumspect. 
“If she can land at the airport safely already, 
why not come into the city?" he asked. "This 
is kind of insulting to Cambodia." 

Diplomats from countries allied to the 
United States sided with the Cambodians, 
agreeing that this son of thing - just is not 

Congo Troops Disperse Crowds 
Decrying Politician’s Detention 

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KINSHASA. Congo — Laurent Kab- 
ila's soldiers fired into the air Friday to 
disperse crowds protesting the overnight 
detention of the opposition leader 
Etienne Tshisekedi , witnesses said. 

Dozens of rioters Threw stones, set 
vehicles afire and chanted anti-Kabila 
slogans in parts of Kinshasa, the capital. 

In the suburb of Limete, where Mr. 
Tshisekedi lives, supporters torched 
vehicles, vandalized a gasoline station 
and burned tires. 

A man standing beside a burning 
vehicle said that the 1 ‘armed forces came 
— they fired into the air to disperse the 
crowd.” Neighbors said that Mr. 
Tshisekedi and his wife had returned 
home but that soldiers were still sta- 
tioned outside. 

The veteran opposition leader and 
former prime minister was taken from 

his home Thursday hours after address- 
ing thousands of students in defiance of a 
government ban on political activity. 

■ Fears of Kabila's Intolerance 

The New York Times reported earlier: 

The arresr of Mr. Tshisekedi, who 
pioneered opposition politics under the 
regime of Marshal Mobutu Sese Seko 
and spent several years in prison as a 
result, seemed to confirm the fears of 
many people in Congo that political in- 
tolerance and the arbitrary use of power 
would be watchwords of the Kabila era. 

Supporters of Mr. Tshisekedi massed 
by the hundreds in his neighborhood as 
word of his detention spread. 

"I don't understand this at all." said 
Laurent Mbayo, an aide to Mr. 
Tshisekedi. He added: “If anything, 
Tshisekedi has nor only been restrained 
in his language toward the government. 

The A'Muinl Pu- 

Etienne Tshisekedi, who '"■as released 
Friday from 10 hours of detention. 

he has even been conciliatory. ** 

For many here, Mr. Tshisekedi 's arrest 
represented a breakdown in an uneasy 
relationship between supporters of Mr. 
Kabila and a determined opposition that 
had long fought the Mobuto government, 
which was ousted by Mr. Kabila's rebel 
movement in May. They had expected a 
greater political role in its afrermath. 

Congo Envoy Requests 
Intervention by France 


PARIS — The Congo Republic’s ambassador to Paris said 
Friday that he had asked the French Parliament to persuade the 
government to intervene in his country to prevent mutineers 
from toppling the democratically elected president, Pascal 

"It is clear that if France does nor act as rapidly as possible. 
Congo's democratic regime will live or perish in bloodshed,” 
the envoy, Pierre-Micnei Nguimbi, said to members of the 
National Assembly in the letter released to the press. 

Mr. Nguimbi asked the deputies to “intervene with the 
government to demand that it cany' out a real policy of military 
help to save Congo from a very probable humanitarian and 
political disaster." 

France has offered logistical support to a proposed peace 
force made up of African troops, but has refused to lex its 
troops act as a buffer between the forces of Mr. Lissouba and 
his enemy, Denis Sassou-Nguesso. General Sassou-Nguesso 
was Congo's Marxist leader for 13 years and his rival in 
presidential elections that are due in a month's time. 

A 1 ,250-strong French military force pulled out of Congo 
after evacuating thousands of foreigners. 

Burma Cites U.S.-Backed Plot 

RANGOON — Burma’s intelligence chief accused the 
United States on Friday of financing opposition activists 
he asserted were plotting to blow up foreign embassies 
and government leaders. 

The intelligence chief. General Khin Nyunt, an- 
nounced the arrests of 10 activists and spoke of a "vile 
and vicious drama of terrorism staged in the name of 
democracy human rights.” He said some of the 
activists bad plotted bombings, and others had passed 
money and documents to the Nobel laureaie Daw Aung 
San Suu Kyi, the leader of the Burmese democracy 

The United States reacted angrily to the accusation. 

‘‘Any accusation that the U.S. government has pro- 
moted terrorist acts is an absolute lie and they must know 
it to be so,*' said the American chargd d'affaires in 
Rangoon. Kent Wiedemann. He said Washington would 
lodge a protest in ‘'the strongest possible terms ’ ' with the 
Burmese government over the allegations. f AP. AFP) 

Delhi Airport to Bolster Safety 

NEW DELHI — Prime Minister Inder Kumar GujraJ 
has asked aviation officials to create separate corridors 
for ascending and descending aircraft at the airport In 
New Delhi. Press Trust of India reported Friday. 

Mr. GujraTs decision followed new safety concerns 
after a near-miss last Sunday between a Tarom Romanian 
airline Airbus 310 and a Gulf Air Boeing 767 southwest 
of New Delhi, the news agency reported. (Reuters) 

Timor Rebel Leader Is Buried 

JAKARTA — A top East Timor rebel leader who died 
of wounds after being captured in a gun battie was buried 
without incident in Dili, the military said Friday. 

"David Alex was buried at a public cemetery in Dili on 
Thursday afternoon." an army lieutenant said by tele- 
phone from Dili. "There was no incident overnight and it 
seems that the local people largely ignored his death." 

Mr. Alex was believed to be second in command of 
about 200 pro-independence guerrillas. t Reuters) 

U.S. Helps Chile Probe Killings 

MADRID — The United States has agreed to provide 
government documents to a judge investigating terrorism 
and human-rights violations in Chile during the- dictat- 
orship of General Augusto Pinochet from 1973 to 1990. 

The Madrid judge, Manuel Garcia Castellon, is seeking 
evidence of genocide. (NYT) 



By C\nthia Ozick. 233 pages. 
~ $23. Alfred A. Knupf. 

Reviewed by 
•i: Richard Bernstein 

C YNTHIA Ozick's fanci- 
ful, poignant, elegant 
- new novel is a kind of Jewish 
magical realism brought to 
the normally eanhbound spir- 
7 ; itual territory of the Bronx 
" : and Manhattan. 

Ozick tells the life story of 
- Ruth Puttermesser — the 
-* name suggests butter knife in 
German — beginning with her 
brief career as a 34^-vear-old 

with her rape and murder as a 

U ] I TV, 90-year-oid recluse, the crime 

• against her an emblem of a 

... , , - t calamitous decline of civility. 

rlliif l. . V . IrrriifdS The book is in pan a 

sharply satirical commentary 
i !:■ !i» Pitfi * on contemporary urban life 
l and in part a reworking of an 
• • ancient, mystical, redemptive 
Jewish legend. Those two 
parts clash in a novel that 
N sometimes seems to be un- 

■ - r; rJT- sure what it is: a modem tale 
. - : .r:‘ of the supernatural or a nat- 

. : uralistic tale of the modem. A 
golem figures prominently in 
"The Puttermesser Papers." 
. • as does a .description of the 

• • : paradise thar Puttermesser 

•.»- l'j experiences after her death. 

‘ Ozick also portrays the 

' ' gritty, darkly humorous 

7 world of an unmarried wom- 
an in Manhattan fending off 
• .. the charmless advances of 
• ■ • • middle-aged divorces and 

• spraying for cockroaches un- 

. - • ‘ ‘ 7 ; *- der her kitchen counter. 

But the clashing identities 
of "The Puttermesser Pa- 
_ pers” are bridged by the styl- 
‘-V> istic verve of Ozick ’s’ writing, 

' LA much of which is at a high 
■ ^ level of brilliance and by her 

- '...’rgloomilyuiteJligenLuncom- 
promising vision. Puirer- 
messer’s life, the fabulist pan 
. - v;..- and the earthbound parvis a 

V. . t study in the solitude of a per- 
■ 7 ?° n 100 good, too old-fash- 
•. ioned and too attached to im- 

_ possible ideals to do very well 

■ ; ' \i e' in our poison-dan world. 

. . . r- Ozick combines some of 

•.r-' 7 l .Vf5 the Yiddish learning of Isaac 
Bashevis Singer ..with the 
. . - ’ r densely intellecnjal skepti- 
.• \f,t cism of Saul Bellow. Her 
*" ... Ruth Puttermesser is a little 

■*' ; - bit like a Bellow character, a 
• •■■■ J '..female Heizog or Sammler. 

■ She is an autodidact of im- 

- mense literary learning, a po- 

etic sensibility and an exceed- 
. ■ • r- ; ,v ingly sharp sense of the 
. • 7 ■ prevailing mediocrity. She is 

■ ‘ J 7 therefore lost in the philistine 

cacophony of a world that has 
elevated self-regard to the 
status of spiritual epiphany. 

Ozick's porfrait is divided 
into slots of time in Putter- 
messer's life, each a decade or 
so apart. When, we first meet 
her, she is a lawyer working in 
a veiy white-bread firm whose 
partners are condescendingly 
benevolent “because bene- 
volence was theirs to dis- 
pense.” Her complaining boy- 
friend is a married fund-raiser 
for Jewish causes named Mor- 
ris Rappaport who leaves her 
because she is too engrossed in 
Plato’s "Theaetetus” to pay 
sufficient attention to him. 

Puttermesser has by now 

o — — 

City as general counsel for the 
Department of Receipts and 
Disbursements, which Ozick 
describes the way Kafka 
might have described a city 
bureaucracy. The night be- 
fore Rappaport leaves her. 
she is demoted. 

Then things get wild. 
Puttermesser returns home 
from her now lowly position 
in the city bureaucracy to find 
that her flowerpots have been 
emptied of sou and a girl is 
lying in her bed. The girl is a 
golem whom Puttermesser 
has inadvertently created out 
of the potted earth. Xanthippe, 
as the golem calls herself 
(after Socrates * wife), sets out 
at first to avenge Puttennesser 
by making her mayor of New 
York; then, to fulfill the nat-. 
ural history of golems, she 
turns against her maker. . 

In subsequent chapters and 
subsequent decades. Pniter- 
messer falls in love with a 
much younger man named 
Rupert Rabeeno, who makes 
exact copies of Old Master 
paintings and sells postcards 
labeled "Re-enactments of 
the masters.” 

"The Puttermesser Pa- 
pers” is a strange little book, 
a slender monument to a vi- 
sion that is stark and unspar- 
ing but at the same time so 
intelligent, so finely ex- 
pressed, that, like its main 
character, it remains endear- 
ing, edifying, a spark of light 
in the gloom. 

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


Authors wortd-wWe invited 
Wrlwor send your manuscript to 

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Pl'BI-HHED «rm THE new XlftK T1MKS AW THfc **SWW:nK POST 

Leverage in the Balkans 

Snbune. Boasting Is No Why to Win or Influence Friends 

o _ _ . y . *«• rfnmftstic consumption. ways they lead is to acknowledge ti 

If is bad enough that the Clinron 
administration, having wrestled -with 
the issue internally, now indicates if 
will lead international peacekeepers 
out of Bosnia a year from now, no 
matter what shape Bosnia is in. This 
posture, officially intended to energize 
the Bosnian parties, may reassure 
American prophets of a quagmire 
ahead; this past week the House voted 
for a departure deadline of next June. 
But it also virtually invites the parties 
to Bosnia's continuing ordeal to wait 
out Washington and resume the war. 

A policy richer in calculated am- 
biguity could better serve, especially 
as the Europeans seem ready to main- 
tain a military presence after next June, 
if the Americans will stand with 

But what may be worse in the cir- 
cumstances is to send uncertain signals 
about the line of Bosnia policy on 
which the United States is supposedly 
firm. By the offering and withholding 
of aid, loans from the international 
banks and regional and international 
integration, Bosnia's foreign patrons 
mean to protect it from its predators 
both within and without Sanctions 
spill no blood and inflict no casualties 
on nations providing peacekeepers. 
Without these pressures, alliance 
policy in Bosnia becomes a matter of 
imploring and importuning — a bad 

The president and the secretary of 

state regularly say they will condition 
aid to Serbia and Croatia on the com- 
mitments of the two countries to de- 
liver accused war criminals to trial and 
to see the Bosnia war’s million-plus 
refugees home. But look at the record. 
Out of 75 indictments stemming from 
the Bosnian war, there have been only 
eight arrests or surrenders, most of 
them of relatively insignificant offend- 
ers; one confession and one guilty ver- 
dict, and two more trials under way. 

The United States has supported two 
World Bank loans to Croatia, though 
by this past week, both Democratic and 
Republican sentiment in Congress had 
risen and the administration was delay- 
ing a proposed third loan. 

In Croatia with Franjo Tudjman, as 
in Serbia with Slobodan Milosevic, a 
shrewd Conununist-turaed-nationalist 
has survived a winter of political dis- 
content and governs still in the familiar 
manipulative, semiauthoritarian style. 
But these countries cannot endure in- 
definite isolation. For instance. Croatia 
needs not only economic conduits but 
also political support for the return of 
prized Eastern Slavonia. Its vulner- 
ability eases, however, if the United 
States and its allies do not hold it to its 

For Washington to hesitate to work 
the available levers is to waste its re- 
sidual opportunities in a place central 
to American foreign policy. 


C ERNOBBIO, Italy — So could an 
inventive, information age entre- 
preneur like Bill Gates get his start in 
Western Europe? Or is the cul rare here 
so much less entrepreneurial and its 
economic system so much more reg- 
ulated that "a young whippersnapper 
with a great idea and work space in his 
garage has no chance at all? 

In one form or another, that was the 
issue underlying this year’s economic 
summit meeting in Denver. It was 
raised more pointedly here tins past 
week during a meeting of the Council 
for the United States and Italy, where 
business people, politicians and aca- 
demics grappled over the future of 
Europe, the welfare stale and the global 
economy. The magic name of Gates 
came up almost as often as the name 
Clinton, suggesting the extent to which 
ours is seen more as the Age of Busi- 
ness and Entrepreneurship than the 
Age of Statesmanship and Politics. 

There was an irony in that, since this 
gathering was dedicated to the 50th 
anniversary of the Marshall Plan. In the 
late 1940s . statesmen were in the 
saddle, and the world business system 
badly needed politicians to come to its 
rescue. Harry Truman and George 
Marshall led the rescue operation. 

By E.J. Dionne Jr. 

The reconstruction of the European 
economy was remarkable because 

strong government action rescued free . innereni in kv-w kiwi** uam. 

political systems and let loose an en- These include nsing inequality be- 

trepreneuriai wave that made both the on growth, ^ , d ahead tween the highly skilled and the less 

UiutedStues and Western Europe rich. The Uo«ed IS *e Sullies of taaBaging 

The effort was buili on a social bargain: in the programs in ways *5 

WMe the entrepreneurs proctod' “ S^fSdeffiSent. the tradeoff 

wealth, governments, unions and other tertainment. Just rive years jr he^een high wages and benefits on the 

social ofganizations saw to it that the Amends ^ and nWj^dajmsK— of unem- 

wealth was shared — not equally, but womed that Id ^y &e crther, and the chal- 

widely.^egr^tW^mrmddleclass ^ "J Fen^fmcorporating literally billions 


increases would lead to economic ca- 
tastrophe were dead wrong -For now, the 
United Stales not only has its best econ- 
omv in more than a generation but is the 
e nvv of the industrial world for its record 

ion. ways they lead is to acknowledge the; 
i tax problems inherent 'in their own slic- 
es- cesses. If the American “model,” so 
the discussed here and in Denver, is to be 
■on- the true envy of the world, it will have 
; the to provide answers for the problems 
;oid inherent in go-go global capitalism, 
a These include rising inequality be- 
ead tween the highly skilled and the less 
cion skilled, the difficulties of managing 

* .s •"* 
•*, f- * 

- <* 

social organizations saw to it that the 
wealth was shared — not equally, but 
widely. The great Western middle class 
was the triumph of this deal. 

Seen in this perspective, the Denver 
su mmir meeting was a disappointment. 
American boasting went down badly 
on European shores, as boasting usu- 
ally does among those who have to put 
up with it. It seems that we Americans 
were behaving with the sense of su- 
periority that we usually see as a mono- 
poly held by the French. No wonder the 
Paris daily Liberation could not resist 
sum marisin g President Bill Clinton’s 
message to Europe under the mocking 
front-page headline: “Why can’t you 
be American?” . 

President Clinton's bragging about 
America's achievement was perhaps un- 

ventor the hero of the era. 

Otto Graf Lambsdorff, Germany's 
former economics minister, spoke of 
regulatory rules in his country that 
would rule out the garage itself as a 
permissible home for an entrepreneur- 
ial venture. And Giulio Tremonti, 
Italy’s former finance minister, said his 
country’s great inventor, Marconi, 
would today “end up in jail” because 
of Italy's intricate regulations, which 
Mr. Tremonti described as being 
rooted in “die Middle Ages." 

But great and self-confident coun- 
tries don’t boast. They lead. One of the 

Third World into the system. 

Tbe United States has had many 
successes lately and is running ahead of 
Western Europe and Japan. But neither 
we nor they have satisfactorily 
answered those 'questions. 

If we’re inclined to feel boastful we 
might look back at the inventiveness of 
'Truman and Marshall after World War 
Band realize what it means to be.great. 
An age of enterprise can produce 
riches. But only an age of politics and 
statesmanship can create a just and 
stable world. 

Washington Post Writers Group-. 

Wanted: A Good-Faith Gesture on Nuclear Nonproliferation 

Blair Opens the Way 

At a moment of danger and despair 
in Northern Ireland, Britain's new 
prime minister, Tony Blair, has re- 
moved a key obstacle to an eventual 
negotiated peace. Mr. Blair dropped 
his predecessor's insistence that the 
Irish Republican Army agree to a 
timetable for turning in its weapons 
before the IRA's political wing, Sinn 
Fein, could be admitted to peace talks . 
He now agrees that a schedule for 
disarming Catholic and Protestant 
paramilitary groups can be negotiated 
while talks proceed on an overall set- 
tlement, a sensible compromise pro- 
posed by former U.S. Senator George 
Mitchell IS months ago. 

Sinn Fein still cannot join the talks 
until the IRA renounces terrorism, 
something it shows no sign of doing. 
On June 16, IRA gunmen murdered 
two Ulster policemen. But Mr. Blair is 
right to make clear that the only thing 
now keeping Sinn Fein from the table 
is the IRA’s own decision to pursue 
terror rather than peace. 

It took courage for Mr. Blair to make 
a new conciliatory gesture to the IRA 
barely a week after the latest Ulster 

murders. It was no easier for David 
Trimble, who beads Northern Ireland 's 
main Protestant party, to accept the 
British offer. 

Neither man has illusions about 
the IRA's readiness to abandon 

Both understand that the goal of the 
latest IRA attack is to inflame tensions 
just before the start of Ulster's 
“marching season,” when Protestant 
parades through Catholic neighbor- 
hoods frequently provoke violence. 

For now, peace talks must go ahead 
without Sinn Fein. That leaves Ulster 
Catholics represented by the 
province’s nonviolent Social Demo- 
cratic and Labour Party. If there is a 
faction within Sinn Fein that believes 
in peaceful negotiations, its members 
must persuade the IRA to give up on 
terrorism. Failing that, they should 
make a clean break with the orga- 

Mr. Blair has opened the way for 
serious negotiations. Those who ex- 
clude themselves from the talks do so 
because they reject peace. 


G ENEVA — The nuclear 
nonproliferation regime is 
as ubiquitous as the air we 
breathe — and as easily put out 
of mind. But. like air, its dis- 
appearance would be dis- 

Today, 186 states are, bound 
by the Nuclear Nonproliferation 
Treaty, or NPT, to ensure that 
there will be no additions to the 
existing five acknowledged nu- 
clear weapon states: -China, 
France, Russia, Britain and the 
United States, the permanent 
members of the UN Security 
Council. Only India. Israel and 
Pakistan have maintained an am- 
bivalent position. 

On May 11, 1995, the non- 
nuclear nations of die world, by 
indefinitely extending the 
treaty, undertook for all time to 
not acquire nuclear weapons. 

Apert from nuclear weapons 
permitted on the territories of 
the five nuclear states, there re- 
main a few nuclear weapons on 
the territories of allies. These 
weapons are air- and sea- 
launched systems that, with the 
terrestrial systems, can reach 
any point on the globe in less 
than half an hour. 

By Julie Dahlitz 

So far, the nuclear states have 
not renounced the option to sta- 
tion their weapons on the ter- 
ritories of other states. 

Under the nonproliferation 
regime, the other side of the 
bargain is the undertaking by 
the nuclear states to reduce ana 
eliminate their nuclear weapons 
by agreement as soon as pos-; 
sible. That is contained in Ar- 
ticle VI of the nonproliferation 
treaty, which was confirmed at 
the NPT Extension Conference. 
While the actual wording of the 
undertaking is a little fudged, 
the International Court of 
Justice, in a recent advisory 
opinion, unanimously held that, 
on the basis of both general 
principles of international law 
and the specific undertakings 
embodied in treaties, there ex- 
ists “an obligation to pursue in 
good faith and bring to a con- 
clusion negotiations leading to 
nuclear disarmament in all its 
aspects under strict and effec- 
tive international control." 

There is no dispute that this 
obligation exists, and some steps 
have been taken to withdraw. 

deactivate and reduce the num- 
ber of certain nuclear weapons. 

However, despite the two ne- 
gotiated Strategic Arms Lim- 
itation treaties, the Intermediate 
Nuclear Forces treaty and die 
two Strategic Arms Reduction 
treaties, still enough of the 
weapons remain to destroy the 
whole world several times over. 
The nuclear states have put for- 
ward various arguments to ex- 
plain their slow progress, some 
of which are more or less plau- 
sible. These include technical 
difficulties and the high cost of 
elimination; direct health and 
less direct environmental 
dangers; verification problems, 
and the need to abide by com- 
mitments to allies. 

Unfortunately, a widespread 
perception exists that these ex- 
cuses for delays are dubious or 
exaggerated. It is a perception 
validated by the fact that even 
easy steps are rejected. That can 
foster a dangerous feeling of in- 
justice and betrayal among the 
scores of nations that abide by 
their nuclear-free undertakings. 
Worse, it can destroy the very 

option of binding commitments 
and good faith in arms -control 

The overall anus-control 
process “is in real trouble,” 
said Admiral Stansfield Turner, 
former head of the CIA, earlier 
this year. 

■ Since then, a substantial vic- 
tory has been achieved with the 
co min g into force of the Chem- 
ical Weapons Convention, in- 
cluding its ratification by the 
United States. But otherwise 
there is a stalemate, exemplified 
by the standstill in negotiations 
at the Conference on Disarm- 
ament in Geneva and the non- 
ratification of the START-2 
treaty by Russia. 

In the nuclear field, a treaty 
undertaking by the five nuclear 
states not to station nuclear 
weapons on any territory be- 
yond their own borders where 
they are not stationed already is 
grotesquely overdue. There 
would be no cost, no environ- 
mental hazard, no need for 
change in deterrence strategy, 
no betrayal of allies or any other 
legitimate impediment. 

The spurious argument dial 
.forgoing,. the option of possible 

nuclear weapon deployment in 
future NATO states — when 
there are hardly any in present 
ones — is barely defensible in a ✓ . • 

NATO context. To advance that 
argument in a global context, in 
view of the solemn nonprolif- 
eration assurances, would be 
nothing short of ludicrous. 

Nondeployment on foese ad- 
ditional territories is clearly not 
the ultimate goal but should be 
the first, immediate step in the 
process of nuclear disengage- 
ment. Not least, the measure ^ 
would reduce the temptation for £ 7 
nuclear posturing. 

On the issue of efficacy, two 
views are possible. Either the • 
step would have little military 
significance, in which case 
there is nothing to prevent its 
immediate implementation. Or 
it would have substantial sig- 
nificance, in which case there is 
a strong duty to proceed. Either 
way, there is no decent formula 
for rejecting it. 

The writer is the editor of a ‘ ■ 
book series on the legal aspects 
of arms-control lave published ■ — 

by the UN. She contributed this J 
comment to the Herald Tribune. ( 

An Unfettered Internet China Works on Its Design for a New Asian Security Structure 

Half an hour after the Supreme 
Court announced its ruling that key 
portions of the Communications De- 
cency Act were unconstitutional, In- 
ternet users could tap in and read the 
foil text of the. court's opinion from 
nearly anywhere in the world. Such is 
the reach of the medium that now, 
thanks to the court’s decision, has been 
freed to grow and develop as buoyantly 
in the future as it has up until now — 
freed, that is, from the threatened con- 
straints of the so-called decency law, 
which if upheld would have consti- 
tuted the most serious and potentially 
hobbling limitation that a U.S. court 
has sought to impose on the Internet in 
its short lifetime. 

In voting 7 to 2 to overturn the 
hastily written decency provisions, 
which would have penalized the 
“knowing" transmission via the In- 
ternet of any “indecent" or “parentiy 
offensive" content to a minor, the 
court recognized and explicitly af- 
firmed that the Internet is a medium of 
speech and, moreover, one that, unlike 
radio and like newspapers and 
magazines, is entitled to the highest 
level of First Amendment protection. 

It weighed in strongly with the view 
that the protection of children, though 
important, cannot be used as an excuse 
to muzzle this potential for vastly in- 
creased communication and interac- 
tion — in Justice John Paul Stevens’s 
words, the ability to make * ‘any person 
with a phone line ... a town crier with a 
voice that resonates farther than it 
could from any soapbox. ’ ’ 

The opinion upholds a unanimous 
Philadelphia appeals panel decision 
and, like it, lays much emphasis on the 
unprecedented nature of Internet com- 
munications: the lack of central con- 

trol, the “low barriers to entry’’ re- 
sulting in millions of senders and 
receivers, and the absence from the 
Internet of characteristics that led earli- 
er courts to conclude it was acceptable 
to impose restrictions on TV and ra- 

Access to the Internet is neither 
“scarce." as broadcasting frequencies 
once were, nor “invasive,” like a blar- 
ing radio, and less drastic means exist 
for filtering its raw elements. Sources 
of the Internet's strength, these qual- 
ities also make it impossible to apply 
the decency act’s vague and imprecise 
standards without blocking adult ac- 
cess to vast amounts of speech that 
otherwise would be constitutionally 

Such speech, Justice Stevens wrote, 
could include * ‘a large amount of non- 
pomographic material with serious 
educational or other value ... artistic 
images ... and arguably the card cata- 
logue of the Carnegie Library." (A 
sole provision banning the transmis- 
sion of obscenity, illegal anyway, was 

The Supreme Court sharply criti- 
cized the vagueness of the provisions 
as drawn, the failure to seek less re- 
strictive means of protecting children 
and the failure of Congress to hold any 
hearings on the measure before passing 
it. Even the dissent, by Justice Sandra 
Day O’Connor, concurred with the 
majority that most applications of the 
law would be unconstitutional. 

It’s unlikely that the Net, in its com- 
plexity, will remain totally free of reg- 
ulation of any kind. After this debacle, 
though, perhaps future rounds will take 
at least some account of constitutional 


jing’s long-standing ac- 
quiescence to a regional security 
architecture based on America’s 
bilateral alliances and military 
presence has come under in- 
tensifying fire since the United 
States sent two carrier groups to 
the Taiwan Strait in March 
1996, in response to Chinese 
military exercises and missile 
firings, and the joint statement 
on strengthening the US. -Japan 
alliance issued in Tokyo the fol- 
lowing month. 

These developments have led 
many Chinese military and ci- 
vilian officials and experts to 
question whether the U.S.-Ja- 
pan alliance and the U.S. mil- 
itary presence in Asia have be- 
come a greater threat to Chinese 
security interests than a stra- 
tegic benefit to China. At the 

By Banning Garrett and Bonnie Glaser 

same time, Chinese leaders rec- 
ognize that Beijing needs to 
maintain good ties with the 
United States to advance 
China's economic moderniza- 
tion goals. 

This strategic conundrum has 
led Beijing to search for a 
means to counterbalance the 
strengthening of the U.S.-Japan 
alliance and bolster Chinese 
leverage over Washington 
while not foreclosing the pos- 
sibility of improving relations 
with the United States. The 
newest and most innovative ad- 
dition to China's arsenal of dip- 
lomatic weapons is the use of 
Asia-Pacific multilateral secu- 
rity forums to question the ap- 
propriateness, in the post-Cold 
War era. of the prevailing re- 

gional security arrangements. 

Beijing is trying to gain back- 
ing from Asia-Pacific states for 
a “new security concept” that 
calls for bilateral alliances to be 
replaced by nonallied relation- 
ships and an as-yet undefined 
multilateral security mechan- 
ism that provides “equal se- 
curity" for all states. By doing 
so, Beijing does not expect to 
achieve regional hegemony but 
hopes to pressure the United 
States and Japan to change 
course. Chinese leaders are not 
yet committed to a strategy 
aimed at forcing a near-term 
withdrawal of American forces 
and a dissolution of U.S. al- 
liance relationships in the Asia- 
Pacific region. 

Although the Chinese recog- 

A Public Relations Coup for Nike 

H era 1 iuSlSrib u n f 

nnjueft *iih ih»n* in* n** tm »*w***-n* wi 




KATHARINE P. DARR GW, Vic* Chairman 

RICHARD McCLEAN. Publisher & Chief Executive - ■ 

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Direcieurde la Publication: Richard MeCkm 

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S A.S. au capital de 1 2 O0.rt» F RCS N.imertr B 71202 1 126 Commission Pan rain: No 6/337 HE? 
© 1997 . htrtnuruwj! Herald Tribune. All rights reserved ISSN flJOJ LW2 

N EW YORK — Andrew 
Young, the civil rights 
leader and former UN ambas- 
sador. has completed a care- 
fully guided tour of Nike fac- 
tories in the Far East and 
declared that all is well. 

“What we saw overwhelm- 
ingly was good." said Mr. 

Nike hired Mr. Young’s 
consulting firm. Good works 
International, to review its 
Asian factory operations. As 
usual, the executives at the 
world’s largest athletic foot- 
wear company knew exactly 
what they were doing. Mr. 
Young came back with a re- 
port that could hardly have 
been more flattering if it had 
been written by Nike itself. 

Nike executives were so 
pleased they immediately took 
out foil-page ads in The New 
York Times. The Washington 
Post USA Today and other 
papers. The ads quote Mr. 
Young as saying. “It is my 
sincere belief that Nike is doing 
a good job ... but Nike can and 
should do better," The com- 
pany responds: “Nike agrees. 
Good isn't good enough in 
anything we do. " Oh. brother. 

The kindest thing that can 
be said at this jroint is that Mr. 
Young was naive. 

He said he found no ev-. 
idence of ch i Id or prison labor. 
He did not seem to realize that 
those are not the problems that 
critics of Nike operations in 

By Bob Herbert 

China, Vietnam and Indonesia 
have been complaining about. 
The issues are wretchedly low 
wages, enforced overtime, 
harsh and sometimes brutal 
discipline and corporal pun- 

The problem with Mr. 
Young’s report is that it de- 
liberately ignores the most 
egregious abuses faced by the 
workers it ostensibly was de- 
signed to help. In Ho Chi 
Minh City, for example, Nike 
workers are paid the equival- 
ent of SI .50 a day, which is not 
enough to cover the cost of 
food, shelter and transporta- 
tion to and from work. 

But Mr. Young’s report did 
not address the issue of wages. 
“It is not reasonable," the re- 
port says, “to argue that any 
one particular U.S. company 
should be forced to pay U.S. 
wages abroad while its direct 
competitors do not. 

That is disingenuous in the 
extreme. No one has argued 
that Third World workers 
should be paid the same as 
comparable American work- 
ers. or that a company should 
be forced to pay any particular 
wage. Nike’s critics, includ- 
ing. this one. argue that the 
company's foil- time overseas 
workers should be paid at least 
a subsistence wage for the 
areas in which they live. 

Mr. Young dodged the issue 
of corporal punishment as well. 
He acknowledged there had 
been problems but said he had 
found no evidence of “wide- 
spread or systematic abuse." 

Other investigators, includ- 
ing Thuyen Nguyen, an Amer- 
ican businessman who founded 
a group called Vietnam Labor 
Watch, have confirmed numer- 
ous reports of Nike workers 
undergoing serious and some- 
times harrowing abuse. 

Mr. Young himself spoke 
with Vietnamese workers who 
were forced to run arou nd their 
factory in the hot sun until a 
dozen had fainted. He blamed 
the incident on the culture 
clash between the Taiwanese 
bosses in the factory and the 
Vietnamese workers who 
were being punished. 

“This was the way they do 
things in Taiwan,” he said. 
“You run around to get your 
blood pressure up, or race 
your motor." 

Mr. Young recommended 
that Nike take steps to improve 
the grievance procedures and 
otherwise bolster the rights of 
foe workers in its factories. 

Maybe he was kidding. Or 
maybe he just doesn’t know 
that foe systematic denial of 
worker rights is precisely 
what companies like Nike are 
seeking when they set up shop 
in countries like Indonesia, 
China and Vietnam, 

The New York Timet 

nize that Beijing has neither the 
intention nor the strength to 
force foe United States out of 
Asia in the short run, they nev- 
ertheless predict that bilateral 
alliances will be phased out in 
the next few decades and a new 
regional security regime phased 
in — one that would depend 
primarily on a new understand- 
ing among China. Japan and the 
United States. 

This new regional security 
structure would accomplish a 
number of key objectives for 
China: 1 ) Beijing would play a 
key role in organizing and 
maintaining regional security 
— and protecting Chinese se- 
curity interests — along with 
foe United States and Japan, 
thus creating a tacit trilateral 
regional security management 
system; 2) foe U.S. alliance 
with Japan would be gradually 
reduced in scope and signifi- 
cance; 3) China would be given 
legitimacy as a regional great 
power and would not face a 
U.S.-Japan alliance or U.S. mil- 
itary containment; 4) Japanese 
military power and Japan's re- 
gional security role would be 
constrained by the new mul- 
tilayered security architecture, 
and 5) Sino- American relations 
would be put on a more equal 
footing with U.S.-Japan rela- 
tions, thus balancing foe trilat- 
eral relationship. 

In the meantime, the means ' 
China is using to -advance its 

interests are not necessarily in- 
compatible with Western in- 
terests. By making the case fora 
new security concept and pro- 
posing Confidence Building 
Measures, orCBMs, in regional .- 
multilateral fonims, the 
Chinese are playing by foe roles 
of the game as they have been 
encouraged to do by the United 
States and other regional na- 
tions — even if their proposals 
are anathema to foe United 

To gain legitimacy and ease 
regional concerns about foe 
“China threat," Beijing has 
pledged to settle territorial 
disputes without the use of 
force; participated construct- 
ively in foe ASEAN Regional 
Forum and other regional mul- 
tilateral security dialogues, and 
indicated a willingness to agree 
to some multilateral confi- 
dence-building measures in 
foe region. 

Through this engagement in 
foe regional multilateral pro- 
cess, China is being held more 
accountable for its actions — in 
foe South China Sea, for ex- 
ample — than it would be if it 
remained estranged from co- 
operative international rela- 
tions in foe region. 

The writers, independent 
consultants who specialize in 
Asian security issues, contrib- 
uted this comment to the In- 
ternational Herald Tribune. 


1897s Machete Attack man * Good luck as to weather 

HAVANA — A detachment of 
eighteen soldiers, which was 
escorting a convoy of travelers, 
has been attacked by insurgents 
between Havana and San JosS 
Lajos. All foe soldiers were 
lolled by machete thrusts, as 
well as some of foe travelers. A 
column of troops coming to the 
rescue of the convoy defeated 
foe rebels, who lost eight men. 

1922: Everest Failure 

P ARIS — [The Herald says in an 
Editorial:] It is reported from In- 
dia that the second Mount 
Everest expedition has failed, the 
meteorological conditions hav- 
ing rendered farther progress im- 
possible. There remain 1,600 
feet of elevation to be conquered, 
if ever they will be. The failure is 
well qualified as a “glorious" 
one. The expedition has 
achieved wonders. It has gone to 
heights never before attained by 

man. Good luck as to weather 
may yet enable someone to cbm- 1 : ■ 
plete this greai task. . - ~T . 

1947: Crisis in Greece 

WASHINGTON — There has 
been a tendency to assume that . M " ' 
with the passage of the Greek i? 
aid bill the Greek crisis has been . 

surmounted. In fact, American ‘ ’v 

policy makers are increasingly 
disturbed by foe rapid political 
deterioration in that key coun- 
try. Mark F. Ethridge, able chief H 
of the American delegation to , t . 
foe United Nations Balkan * 

Commission, recently reported | v 
to Secretary of State Marshall, j I. 
Marshall asked flatly what were j ^ . 

the chances of success for the j ’ 
American effort in Greece. , 
Ethridge-replied bleakly that the , * 

American program would have . 
about a 55 per cent chance of * 
success, as foe efforts of the . £;•. 
unreliable Greek Army ro coo- 
tain the guerrillas have been < 

singularly unsuccessful 

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Bejart and Versace's opener for the international menswear season. 

Florence Is Giving 

Its All , ^4r£ a Aid! Soul 

F LORENCE — Like multi- 
colored moths, the- dancers 
hurled themselves into the light. 
Behind them were a dense yew 
hedge, the outline of the Pitti Palace and 
a lineup of men, still as statues, with 
their gym-sculpted torsos and marble- 
white pants. 

The dance and fashion spectacular 
staged in Florence’s Boboli Garden by 
the choreographer Maurice Bejart and 
Gianni Versace made a dramatic opener 
for the international menswear season. It 
also nourished the concept of Florence as 
a city that brings out the ait in fashion. 

‘ ‘I feel like a Medici," said Versace, 
surveying the ancient amphitheater 
from the hexagonal stage, on which the 
complex “Barocco Bel Canto" ballet 
unfolded with a suicide, a dream se- 
quence, a rebirth — and the spirit of 
nature unfurling cherry-blossom arms 
above a sensual Naomi CampbelL 
The balletic and poetic show was sig- 
nificant for taking Versace's menswear 
back to its baroque roots, with a return to 
prints that were given a fresh, modem 
Oriental edge and afocuson tailoring that 
caressed the body without flaunting iL 
But the magical setting, creating an 
Italian Midsummer Night's Dream, 
made the event more than just an ima- 
ginative clothes show. And that is the 
aim of the city of Florence. After its hit 
last year with the first Biennale of Art 
and Fashion (which was taken up by the 
Guggenheim Museum SoHo in New 
York), Florence sees a niche for itself as 
a fashion city with an artistic soul. Al- 
though the 950-strong audience included 
the movie star Dennis Hopper and Italian 
celebrities and socialites, it also attracted 
the New York artist Julian Schnabel, 
fresh from the Venice Biennale. 

"I believe that international fashion 
can be presented in Florence in a special 
way — fashion is not just business,” 
.said Rafiaeilo Napoleone of the Pitti 
Imraagine Uomo exhibition. * ‘However 
important the East is in the new century, 
the West can show that the creative 
brain is here." 

A seminar of an and design spe- 
cialists on Thursday studied the links 
between fashion, industrial design, eco- 
nomics and culture, which will also be 
the subject of an exhibition in Florence 
in January 1998 called "H Motore della 
Moda" (The Style Engine). Versace 
paid tribute to Florence for its efforts to 
enrich fashion. 

"In Florence, the city respects us and 

By Suzy Menkes 

/nrcmarit*HJl HeruM Tribune 

A T Ferragamo's still-life pre- 
sentation in a steel-grid set- 
ting within the historic 
palazzo. identifying the fabric 
of the discreetly luxurious clothes be- 

came a guessing game. Mohair? Linen 
and silk? Featherlight wool? The an- 

swer was mostly "cotton," which is 
making a strong fashion statement for 
spring-summer 1998. 

Roberto Radisa, Ferragamo’s new 
men's fashion director, showed a fine 
collection of tailoring in pure shapes 
and neutral colors but with a focus on 
weight and texture, like flat-weave cot- 
ton with subtle diagonal stitches. 
Shapely sweaters in cotton crepe also 
had intriguing textures from broken 
ridges through rice-grain effects. 

"It’s going back to Ferragamo’s 
roots," said Radisa of the house’s tra- 
ditional leather redefined as a paper- 
weight jacket or a ribbed navy cardigan 
with suede pockets. Also lightening up 
were a raincoat in pure silk with a wa- 
terproof finish and ties in chalky pastel 

The fashion crowd moves on from 
Florence to Milan on Sunday, but instead 
of war between die two cities, there is a 
sense dial each has something to offer. 



Again, the Glory That Was the r> 

Fabulous Rome Gallery Reopens After 13 Years and a 

se ^ 

By Roderick Conway Morris 

International Herald Tribune 

R OME — A unique purpose- 
built treasure house of mas- 
terpieces, from Titian’s “Sa- 
cred and Profane Love” and 
Raphael's "Deposition,” to Caravag- 
gio’s "Jerome” and Bernini's "Apollo 
and Daphne,” die Boighese Gallery, 
having been, for almost four centuries, a 
primary reason for visiting Rome, shut 
us doors early in 1984 and has been 
largely inaccessible since. At last, it 


reopens Saturday. 
The initial reaso 

helps us. but in Milan no one cares,” he 
said. He and Bejart received awards after 
being trumpeted on stage by Florentine 
heralds looking like playing cards. 

Bejart, and Versace have worked to- 
gether for 18 years, and the dancers 
looked lyrical yet modem: leotards in 
gumdrop colors with geometric motifs 
and even a hobo-scarecrow in raw-edged 
straw. Campbell modeling glam gowns 
looked sensational — but out of place. 

Bejart said, "Gianni loves perfor- 
mance and above all he loves the dan- 
cers and their bodies.” But Versace 
reserved the bare torsos and body-hug- 
ging styles for the artists. The menswear 
was not so much rock and baroque, as 
cool and classy: long-line soils with 
easy shirts and sweaters. The paints 
looked to the East, but the familiar 
theme was given a fresh twist with 
Asian flowers and calligraphy in a 
cameo on die thigh of jeans, on shirts or 
on Chinese silk pajamas. The finale of 
well-cut white pants was a model of 
fashionable restraint showing Versace 
in control and in top form. 

What cannot be judged in an artistic 
show is the craft of fashion. In Italy, so 
much in menswear nuns on the inno- 
vative fabrics that stands at the trade 
show are filled with potential buyers 
stroking and squeezing the stuff. 

The initial reason for the closure was 
die fail of sane plaster in one of the 
gallery's ceilings, but further investi- 
gations revealed, that the entire edifice, 
which was bought with its contents by 
the Italian state in 1902, was resting on 
an unstable honeycomb of subterranean 
grottoes and watercourses, and was in 
danger of collapse. Since then, oper- 
ations to consolidate the building have 
proceeded at a snail's pace, and as the 
exterior became progressively more 
dilapidated _ the surrounding gardens 
sadder and scruffier, practically a gen- 
eration has had to content itself with hazy 
descriptions of the past wonders of the 
interiors from its elders, and those over a 
certain age to reconcile themselves to 
going to their graves without ever seeing 
again die glory that was the Boighese. 

Last August, however, the newly sp- 
rinted deputy prime minister and cul- 

pointed deputy prime minis ter and cul- 
tural heritage minister, Walter Veltroni, 
decreed that the Boighese would reopen 
this June, come what may. 

"1 decided the only solution was to fix 
a date and say that's when it's going to 
happen,” the 42r-year-old Veltroni said 
in an interview, "because the Borghese 
seemed to me die symbol of the Italian 
paradox — of a country with the most 
concentrated cultural riches in the world, 
but which is capable of treating diem so 
badly. And also because one of the most 
important museums in die world had 
been allowed to remain closed for nearly 
14 years, which was an absolute scandal 
that had to be confronted " 

D URING the intervening peri- 
od, Veltroni, like an anxious, 
latter-day Solomon oversee- 
ing die refurbishment of his 
temple, has created something of a le- 
gend by his often daily visits to tire 
Borghese to inspect, cajole and exhort 
the army of restorers, craftsmen and 
workers. The building, cleaned, pol- 
ished, buffed-up, retouched inside and 
out, fitted with modem acclimatization 
systems, basement bookshop and cafd, 
and with even the once fabled gardens 
on the road to recovery, is to be in- 
augurated Saturday. 

The gallery's founder, Scipione 
Borghese, lived, in coflec tor's terms, in 
an extraordinary epoch and had the 
means, connections and lack of scruples 
to exploit his advantages to the hilt. In 
1605, when Scipione’s uncle Camillo 
became Pope Paul V and made his neph- 
ew a cardinal and heir in the same year, 
the market was awash with 1 6th-centmy 
masters and Caravaggio had just come 
on the scene. By the time of his death in 
1633, Scipione had also managed to 
acquire Bernini's early sculptures — 
and had had himself brilliantly immor- 
talized by the Baroque artist, the pleas- 
ure-loving cardinal lively face com- 
fortably cushioned on his double chin, 
his discerning, roving eye frozen for all 
time in its search for the good things in 
this life rather than the next. 

While the original villa, built be- 
tween 1606 and 1619. set in extensive 
private parklands, which are now the 
pnblic Boighese Gardens, had a small 
suite of personal apartments, it was es- 
sentially conceived of as a museum 
from die outset, making it one of the 
earliest created. And its owner-curator 
became notorious for the means be was 
prepared to employ to obtain pieces that 

Pierre Cornette de Saint Cyr II CL U C t i O fl S dl £ S 



44* avenue KMber 75016 Paris 
TA: 33 (OH 47 27 II 24 - Fax: 33 (0) 1 45 53 45 24 


Q me Hnuinf Paris « Tin! ■ Ol 

a, rue Dtock* 75009 Parts - Tel: 01 48 00 20 20 


JUNE 30, 1997 



Including 8 collaboration works 
by Andy Warhol and Jean-Michd Basquiat 
and two works by Basquiat 

Tuesday, July 8, 1997- 

Room 4 at 2:15 p-m. ART NOUVEAU - ART DECO. Etude 
TAJAN, 37, rue de.s Mathurins 75008 Paris, tel.: 
33 (0) 1 53 30 30 30 - fax: 33 (0) 1 53 30 30 31. 

u i L , 


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Iv 1 & J, ± > 4 As 

Thursday, July 10, 1997 

Rooms 5 & 6 at 2:15 p.m. 17th, 18th and 19th century 
me des Mathurins 75008 Paris, tel.: 33 (0) 1 53 30 30 30 - 
Fax: 33 (0> 1 53 30 30 31. 

Friday, July 1 1, 1 99? 

Boom 7 at 2:15 p.m. OLD FRAMES. - Etude TAJAN, 37. 
me des Mathurins 75008 Paris, tel.: 33 (0) 1 53 30 30 30 - 

fax: 33 lO J 1 53 30 30 31. 


In NEW YORK please contact Kerry Maisonmuge ■£ Co. 
Inc. J6 East (55th Street, fifth floor. N.Y 10021. Phone; 
(212) 737 35 97 / 737 38 13 - Tax: (212) 861 B 34 


“ Please take care ” 

Acrylic and stikscreen on canvas. 

204 x 274 an (80 x 1 08 inches) 

On view: 

June 28 and June 29, 1 1 am to 9 pm 
June 30, 1 1 am to 6 pm 

Drouot Montaigne 

1 5 Avenue Montaigne 75008 Paris 
Tel.: 33 01 4800 20 80. 


Appears every Saturday. 

To Advertise contact: KiMBOty GCHtKAND-BfTRAMJXTrr 
TcL; «■ S3 (O) I 41 43 94 76 - Fa*.- ♦ 33 (O) I 41 43 93 70 
or your nearest ]HT office or represrnuiive. 

took Ms fancy. Some paintings 
were spirited out of the Vatican 
museums, others confiscated by 
dubious judicial proceedings and 
others still, as in the case of 
Domenichino and the Cavatiere 
d’Arpino, secured by the simple 
expedient of imprisoning then- 
owners until they saw sense. 

Scipi one’s heirs were some- 
times neglectful of the vigorous 
efforts their forebear had put into 
amassing the collection, and some 
key works were dispersed, among 
them, during the L8tn century, sev- 
eral by Raphael and Caravaggio. 

The greatest outflow came, 
however, after Napoleon Bona- 
parte's sister Pauline married Ca- 
mtilo Borghese, who, in 1807,' 
sold most of the ancient collec- 
tion, including 159 sculptures, 

1 70 bas-reliefs and numerous oth- 
er archaeological finds to his 
brother-in-law (most of which are 
still at the Louvre). 

- Camillo, meanwhile, acquired 
.Correggio's "Danae," but his 
main contribution to the present 
collection, which was also replen- 
ished with ancient pieces during 
the 19th century, was the result of 
his commissioning of Caobva's 
life-size sculpture of Pauline in the 
pose of "Venus Victorious.” This 
scantily draped, Neoclassical re- 
clining figure, exquisitely captur- 
ing Panline unashamedly basking 
in her own charms, was once 

cleaned of the subsequentyeIlow : 
ishgrimethat had settled taut The . 
mechanism that Camillo had made 
so that it could be rotated and 
admired from every angfehas also 
been restored. (When asked by a 
lady friend whether she, did Dot 

artisr in a near naked state, raume 
is reputed to have replied; ‘‘Why 
should I? The studio is heated;") :■ m 
One of the principal innete < - f 
tions, apart from the cleaning qf WLx 
many sculptures and pictures,; is: E. 

.i- - in s rrinrn 1; 

li UUiJ ” ft . 

the gathering together, in a room 
on the ground floor, of the mu- 

vu ftUW — * . . 

seum’s half-dozen Caravaggios. 
Otherwise, most of the paintings 
are still on the upper floor, the 
stylish staircase to which spirals 
up around an Old World, Joles- 
Vemeish cylindrical elevator. 

coated with a fine layer of jpink 
wax which has long since disap- 
peared, and it has now been Bernini’s ‘‘Apollo and Daphne. " 

T O protect the elaborate 
painted and gilded interi- 
ors and the works, no 
more than 300 visitors 
will be allowed on the ground 
floor and 90 on the upper floor at 
one time (to avoid having to install 
a disfiguring external fire escape 
on the outside of the building), 
making prebooking well-nigh es- 

The gallery will be open Tues- 
day through Saiurday , 9 Ait to 7 
PM., and, from July 10 through 
mid-September, on Thursday, Fri- 
day and Saturday from 8.30 PM 
to 11.30 P.M. as well. Reserva- 
tions can be made by phoning in 
Rome, 8424-1607. 

; tAf’vi -tee £< 

Gem] Julm/Agencr Fmi-Acn 

The Villa Borghese, one of the most visited museums in Italy before its closing in 1984, reopens Saturday. 


I Unrehearsed 
8 Clear, in a way 
13 IW-timeU.5. 

Open champ 
18 Showing again 

20 Starting again 

21 Jump for joy 

22 MAC 

24 Action star 

Jean -Claude 

25 Tear down, in 

28 Taro root 

27 Mom't specialty 

28 Palene color 

29 NaNa 


35 WhltMailed 

36 Site of the 
Outback Bowl 

38 One 

39 One 

41 Baseball’s 


43 Lugubrious 
46 Asian open 
sedan chair 
49 Wipe the floor 

42 Theater group, 
for short 

58 With 87-Down, 

commercial sts 

51 “Happy" first 

53 Place fora 
cashier, maybe 

54 Author Auletta 

55 Coups de grice 


58 Test killer 

59 Vermeer 

61 It means “place 
without water’’ 
in Mongolian 

62 Wide shoe 

63 Interviewed 

64 CHIP 

68 Some cuts 

71 Anthem 

72 TV Maverick 

73 Words on a 

76 Fire 


79 Technique 

89 A.C.C. team 

82 Volcano near 

83 Warner on 

84 Press Into 

It IS ho J7< :r»T7u !'J In 

s. I Mn 

"Are you- 

The Finance . 
Merchants Group 

86 Discuss 

88 Roman or 
Greek, eg. 

89 Not a picky 

90 A year in the life 
of Attlla 

91 Tic-Tnc rival 

93 The Last 

Supper.* e.g. 

96 "Somewhere in 
Time" actor 

97 Har /tennis 



103 Legal point 

104 Took on 

106 Le Figaro ankle 

107 Contender 

(08 Author Oinesen 

110 limber 


116 Recruit's 

117 luncheonette 

1 18 Radiator 

1 19 Certain Art Deco 

120 Show ofT . 

121 Traveled by 

FI I™ 


Pi I"? 

©/Vw York Times/ Edited by Will Short*. 


1 Ball 

2 Not agin 

3 BIT 

4 run of bad 


5 Bristle, 

6 Second- 

14 Conclusion ol a 


16 Bugs's foil 

17 Crave 

19 Not as 

20 Shakespearean 
verb with thou 

23 Soaking 

29 Cheerless 

30 Lunar 

32 People of 

Offshore Cu n w etc ia l Banks 

Bahamas, Tel: (242)394-7080 
Fax: (242) 394-7082 

7 Pol. designation 
for Gov. Jeanne 

8 Mark 

9 Envelope abbr. 

10 The Young Man 
From Atlanta” 

11 Tracks 

12 Nabber’scry 

13 Noted ice cream 

33 Auto with 

34 Fjght is enough 
for this 

37 Fix 

46 Surrounded (by) 

44 Executor, 

45 Word in some 
magazine titles 

47 arch 

48 Square 

50 Church 



52 "Mermaids” 

55 Florida vacation 
spot, with “the” 

56 Blackmailer, e.g. 

57 I K60’s White 
House name 

60 Get ready to fly 

61 Shin armor 

63 Scads 

65 Bind, so to speak 

66 Direct ending 

67 Menace 

"68 Film director 

69 Doing 

70 digital 


75 Unfold 

77 .Soup for a cold 

78 40 s-50’sTV 
drama sponsor 

79 ‘Do like- 

81 Early spring sign 

84 Opens 

85 Word with bag 
or cap 

87 See50-Acrosa 

89 Bestseller 
“Angela’s “ 

92 Speaks 102 Kind of hemp 

impertinently to 105 Mario of the 

94 Fallback 

95 Uplift 

96 Kind of price 

97 Macduff was 

98 Hardship 

100 Bad luck, 

101 -CooI'“ 

N.BA * 
109 Not much 5 

1 12 Suffix with bow 

113 Up. as a vote 

114 Tpke. 

115 Eitheroftwo 
books of the 

I M 

; “V t , 

Solution to Puzzle of June 21-22 

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Desperately Seeking Names to Hype 


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1 ' : • > :-a , , ^ Visitors to “document a X" in front of “Model, " b\ Austrian artist Peter Kogler. 

" ■t! . •• 

'■• 'Jra- 


• -JTij! t 
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Metaphors of Travel 
Deaden 6 documenta X ? 

By David Galloway 


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■ tnr.' T ASSEL — The ex- 
pectations were 
predictably and 
.perhaps unreason- 
ably high. Not only was Cath- 
erine David the first woman 
selected to direct "docu- 
menta," die world's largest 
whizbang of contemporary 
an but she would be respon- 
sible for the 10th anniversary 
show and die last extravag- 
anza of die century, with a 
budget of 20 million 
Deutsche marks (about $1 1.6 
; million). Despite her experi- 
ence as a curator at the Pomp- 
idou Center and the Jeu de 
Paume, at the time of her ap- 
pointment in 1994, Jack 
Lang’s protggde was a rel- 
atively unknown quantity in 
the international art world 
and she often seemed deter- 
mined ro remain so. 

Gallerists grumbled over 
the director’s refusal to re- 
lease a list of participants. 

* The list is now available for 
S 28 DM to ail“documenta X” 
I ; visitors in the form of an al- 
" ^phabebcai guide to the ex- 
hibition, which runs through 
iSept. 28. About 250 names 

■ are cited, though not all are 
literally on view; some par- 

- ticipants have conceived In- 
ternet projects (htlp://www., while others 
will hold forth in a series of 
soirees entitled “100 Days — 
100 Guests.” Theater, film, 
performance and architectur- 
al presentations round out the 
offerings and underscore the 
I*- curator’s widely contested 
’’ belief that traditional artistic 
genres have lost all contem- 
porary relevance. 

Not only are painting and 
sculpture dead in the eyes of 
Catherine David. So. too, is 
the sense that art can cele- 
brate, scintillate or seduce. 

•At a time when the block - 
- . buster exhibition is in vogue, a 
’ show which demands that the 
^ viewer pause, reflect and chart 
his or her own path through the 
labyrinth can hardly be taken 
; lightly. Some hardy explorers 

■ may be inspired to plunge into 

■ the nine-pound, 830-page 
tome of philosonhical/histor- 

l, ical/sociologicaJ/architecnirai 
l—rausings that accompanies the 
:£ exhibition. Most, however, 
[-will make do with following 
‘ the ‘ “parcours” that David has 

laid out through the city. It 
begins at the old central train 
station, where a handsomely 
renovated exhibition hall has 
been carved out of the 19th- 
century building, continues 
through an underpass that in- 
cludes a second-hand shop 
stocked and staffed by Amer- 
ican artist Christine Hill, pro- 
ceeds through four exhibition 
halls and concludes in the gar- 
dens of the graceful Orangerie, 
where German artists Carsten 
Holler and Rosemarie Trockel 
have splendidly boused, be- 
hind a two-way minor, a frol- 
icsome family of pigs. A few 
meters away is the melanchol- 
ic climax to “documenta X,” 
an imaginary subway entrance 
conceived by die late Martin 
Kippenberger as part of an in- 
ternational network. 

The metaphors of travel — 
from train to subway — and 
of networking are central to 
the Kassel presentation. So is 
the seemingly paradoxical 
progression of urbanization 
and globalization on the one 
hand, isolation and fragment- 
ation on the other. “Docu- 
menta X ’ ’ is accordingly 
studded with boxes, wrap- 
pings. space suits, globes and 
capsules into which the in- 
dividual can retreat and sur- 
vive. wired to the world hut, 
remote from it. Irish artist 
Siobban Hapaska. for ex- 
ample. confronts us with an 
amorphously shaped, fiber- 
glass waterbed in surgical 
pink, lined with sheepskin 
and equipped with earphones 
and safety belts. 

David excludes the paintings 
themselves, leaving to in- 
siders the "shock of recog- 
nition' ’ of trivial motifs meta- 
morphosed into (til on canvas. 
What matters here are the iso- 
lated moments. Fragments 
and memories clustered into 
autobiographical networks. 

David’s introverted aes- 
thetic is vigorously chal- 
lenged in Muenster, where 60 
international artists have cre- 
ated works for specific sires 
within the city, whether fig- 
urative, abstract or concep- 
tual, they demonstrate that 
sculpture is far from dead. 
The third in a series of shows 
held every 10 years, the cur- 
rent installment of “Sculp- 
tures. Projects' ’ lacks the 
clarity and perhaps suspe use- 
ful dramaturgy of 1987, but 
still offers substantial rewards 
to the. hardy pedestrian. 

One of the show's most 
persuasive works is a grace- 
fully curved pavilion con- 
structed from the plastic 
crates used for transporting 
bottles. Viewed from inside, 
the light that streams through 
the brightly colored “build- 
ing blocks” recalls stained- 
glass windows. This and three 
other structures by Wolfgang 
Winter and Benhold Hobelt 
also serve as information 
stands. After Kassel, they are 
refreshing reminders that an 
can still communicate, sur- 
prise and delight the eye. 

Dm'id Galloway is an an 
critic and free-lance curator 
based in Germany. 

International Herald Tribune 

L ONDON — The stakes are 
rising ever higher in the 
shrinking market for Impres- 
sionist and Modem Masters, 
which looks more and more like the 
sophisticated billionaire's gambling 

As Impressionism as such becomes 
all but unobtainable, excepting un- 
desirable banalities or daubs, a search 
is under way for alternatives, par- 
alleled by an upgrading process of 
what is available whenever a great 
name, currently in the public mind, 
lends itself to the occasion. 

The most spectacular case this 
week was the amazing £8.8 million 
($14.7 million) pain Tuesday ar 
Sotheby’s for van Gogh’s "La Mois- 
son en Provence" (Harvest in 
Provence). Done in June 1888, a vin- 
tage period, the drawing is bland. The 
traditional composition shows none 
of the rippling strokes, let alone the 


swirling movement, that make the 
magic of van Gogh's work in later 
years. Color applied in light touches 
makes it look even more convention- 
al. This is hardly the van Gogh mas- 
terpiece one would have expected to 
set the latest record for a work on 
by the artist. 

igas is another name that lends 
itself to upgrading. Sotheby’s “Ballet 
Scene," sold for £1.6 million, will do 
little for the artist's glory. Left lying 
around the studio on Us death, as 
shown by the stamped signature, it 
looks clumsy and unfinished. The top 
chips down in dabs and splashes. In the 
central area an empty coffee-colored 
space isolates two groups of dancers, 
giving the impression mat Degas did 
not quite know how to tie them in. 

Shortly after, the Degas name 
helped to send one of the many 
posthumous bronzes cast after the 
artist's teira -cottas zooming to an as- 
tronomical £793,500. And the name it 
was that propelled a landscape 
loosely done by Cezanne around 1 882 
to a huge £3.08 million. 

T HE corollary to the artificial 
upgrading of secondary 
works graced by fabulous 
names is that true artistic 
achievement can fail to be recognized 
if a picture does not lend itself in- 
stantly to media hoopla. It is not easy 
to extol a beautifully painted garden 
by Pissarro, while explaining that the 
Neo-Impressionist manner incorpor- 
ates the Pointillist legacy. “An Orch- 
ard at Eragny," dating from 1901, 
thus went, almost unheeded, for a 
fairly modest £441.500. 

No greater attention was paid to a 
superb view of a pond in a wood 
palmed in 1876 by Monet .As subtle 
for its graded tones of green as for the 
handling of sunlight in the distance 
breaking through the growth, it fetched 
the same amount as the Pissarro. 

Such neglect is typical of a van- 
ishing category — specialized col- 

Vincent van Gogh's “La Moisson en Provence," 1 888, sold for £8.8 million at Sotheby's. 

lectors no longer exist because the 
supplies are not there any more. 
Forced to diversify, dealers and col- 
lectors find themselves drifting down 
the line chronologically. This could 
be called the great transfer phenom- 
enon. Fauvism was briefly its bene- 
ficiary but not much is available. This 
week the spotlight turned to its cruder 
offshoot, German Expressionism. 

A first indication of the trend came 
at Christie’s, whose Monday sale in- 
cluded one of die most beautiful pic- 
tures of the season. "Duenaberg, a 
landscape painted by Wassily Kand- 
insky- in 1909 while he lived in 
Murnau with the Expressionist artist 
Gabriele Muenter, defies description. 
The colors are those of Fauvism, with 
a jewel-like luminosity. The land- 
scape, which teeters on the edge of 
abstraction, remains recognizable as 
tiie view of a tiny village on the shores 
of a lake. Exhibited at Der Sturm, the 
Berlin galleiy where avant-garde 
trends were shown during and after 
World War I, this is a small mas- 
terpiece worthy of any museum. It 
shot up effortlessly to an impressive 
£1.65 million, with good reason. 

The second large price in the sale, 
paid for another work that smacks of 
Expressionism without belonging to 
it, was not nearly as justified. Kees 
van Dongen’s scene of a ballet dan- 
cer under the stare of a gnome-like 
admirer is both facile and jarring. At 
£1.046 million, it was hugely ex- 

This brief bout of excitement in 
Monday's dull performance served as 

a warm-up to Sotheby’s astonishing 
sale on Tuesday, when five auction 
records were set for Expressionist 
artists from a group of pictures con- 
signed by (he Canadian businessman 
Charles Tabachnik. It began with 
Max Pechstein's composition of two 
girls in the nude seated in the grass of 
some river bank. Clumsy and stiff, the 
picture, which looks like a poster 
from a distance, climbed to a fantastic 
£837,500. There followed Ludwig 
Kirchner’s “Street Scene,” painted 
in 1913, a year before Pechstein’s 
picture, this is the quintessential Ex- 
pressionist picture; somber, intense, 
apprehended in a flash. It soared to 

The next world record price was 
paid for Heinrich Campendonk’s “The 
Balcony.” Also done id 1913, the 
scene has the black outlines and vivid 
colors of Expressionism, but it betrays 
other influences — Cubism, percept- 
ible in the geomemcism of volumes. 
Surrealism. That too was exhibited at 
Der Sturm, which gave it an extra push 
toward its record £958,500. 

All that, however, pales into in- 
significance compared with the sur- 
prise caused by van Dongen’s portrait 
of a prostitute, which can be seen as a 
transitional work leading from late 
French Fauvism to early German Ex- 
pressionism, but, equally, as the first 
step toward van Dongen ’s later kitsch 
production of cafo-society portraits. 
Yet, at £2.2 million, the portrait 
turned out to be Tabachnik’s best 
commercial buy. The businessman 
acquired it in 1977 from Daniel Ma- 

lingue of Paris for 800.000 francs, 
roughly £80.000. 

One last world record for Expres- 
sionist art was set when “Still Life 
With Cake" by Alexej von Jawlensky 
sold for £1.2 million. Triple the high 
estimate, the price underlines the huge 
leap forward taken by Expressionism 

A SURPRISE? Not really. 
Expressionism does not just 
help to fill in, however 
modestly, the physical va- 
cuum left by Impressionism. It also 
matches die changing artistic vision 
of buyers increasingly influenced by 
the ubiquitous presence of Contem- 
porary Art, its oversimplification, its 
immediacy and its total disregard for 
the traditional painter’s skills. 

That aesthetics played a role in the 
promotion of Expressionism is shown 
by the moderate response elicited by 
Emile Nolde’s “Sunset” view of the 
North Sea dating from 1909. Nolde's 
early work is at least as rare as Im- 
pressionism, the Nazis having de- 
stroyed all they could lay their hands 
on. But the seascape with all its strong 
colors and vibrancy is too harmonious. 
It has rhe glow of a late Turner. Given 
its rarity, ihe £1.046 million that the 
Nolde cost on Tuesday seems modest. 
That as much as anything else illus- 
trates the deeper change that has begun 
ro affect the an market. We have 
entered the age of the instant skin-deep 
reaction, in which awareness of the 
past and its legacy and the assessment 
of achievement are becoming less rel- 
evant Call it the post-cultural era. 

T HE British team of 
“Art & Language” 
takes up the leitmotif 
of communication by 
transferring • near-illegible 
texts to brightly mono- 
chromed canvases and then 
using these to construct fur- 
niture. Otherwise, wbat 
“documenta X” has to offer 
is mainly sobering and col- 
orless food for thought 
Gerhard Richter’s monu- 
mental “Atlas,” positioned at 
the very heart of the show, 
may help to focus the blurred 
propositions. Consisting of 
more than 5,000 personal 
photographs composed into 
600 framed panels, the work is 
family history, autobiography 
and source-book for the paint- 
er’s chameleon- like stylistic 
evolution. Characteristically, 


Finest Classical, 

Egyptian, Near Eastern. 

Rh£a Gallery 

-by app oint m c n t - 
Zflrichbergstr. 26 
CH-8032 Zurich 

^(41-1)2520620 Fax 2520626 

Herald Tribune, 
ads work 

p a r *j- s 


Etude TAJAN 

A f C ’I I O X J SR 

IN Par 


r Sr ’ ' 

f : «^.***^& 


organised and conducted by Maitre Jacques TAJAN 

MONACO - Hotel Metropole Palace 

THURSDAY, AUGUST 7 , afbp.m. 

PARIS - Drouot Richelieu 


PARIS - Drouot Richelieu 

thursday/oCtober i 6 


and camming from an important collection of the 19* century 





1-6 October 97 
Espace Eiffel Branly 

International Contemporary 
Art Fair 

Country of honour: Switzerland 


Rent Fine Art 

World renowned artists, the most prestigious collections 
Classic, Impressionist, Modem & Contemporary 
Rent individual p ieces or curated collections 

From only FF5.000 / month 

Call far information : 

Art Premier, S.A. 

Paris: (33)1 44 05 98 71 London; {44)171-917-9966 
• Currently accepting consignments of art for rent 


Rare occasion; Painters: 

Aziz, Bonnet, Blanco, Friend, Meiei; I.B. Rai, Snel 
• Fax offers to USA 

OOI - 702 - 875 4412 



Japanese Antiques 
Meiji & Edo Periods 

We soil & purchase museum-qudHy 
Japanese Scrtsuma, bro nz es, 
doiionne, porcelains & antique 
Sormrai swords, armor & ftfing*. 


1050 Second Av.. NY, NY 10022 
Teb 212-2234600 Fax: 212-223^601 



fi/| for Further information please contact us in Paris on: 

A I 37 ( m ^ Mathnrinc. ^5008 Paris ■ Tel.: 33 1 53 30 30 30 - Fax ; 53 1 53 30 50 31 

u> I hccp://www. - E-rfiail:tajan(? - minirel 36l 7 TAJAN 

I ROM .11 \K 2S TO 
si:ri KMBKk 30. iw 

t I'K# HI Mil tnOfHII 

i M i'.i’i \io\m\ \\i> 
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9p ojsr 9d7$&f- 

Vente du 3 juillet 1997 

Exposition du 24juin au 2 juillet 1997 





e- 1} 

Art populaire pro venal) I de la collection 
de la BARONNE M. LAMBERT. Gstaad. 
Meubles et Objets d' Ait d’une COLLECTION 



Important* commode, Louis XVI y. : . 

A trois ranges de tirnirs sans traverse. Abondammenr dCcorte 
par une omcmenraiion de bronzes riselfc et donb. les montanls ’A : 
iiaoris avec des guiriandes de feuilles de laurim. f. \ 

Nous accepions volunriers des ceuvres d'art et des collections ;v. 
cntiires pour nos proehaines ventes et nous restons & voire \--i 
disposition pour la conunnnde des catalogues de vence ainsi quc ' : J 
pour toute information corapttmentoire. '* 

Oalerie FiscberAukiionen AC * 5. rue des Granges * 12W Geneve 

Tfl. 032 310 02 00 • Fox 022 3 10 02 04 ,. £ 


May 24 - October 31 T997 

a exhibition of monumental sculptures 
in the public gardens 
and the Monte-Carlo Casino... 

...40 artists shoum 
Arman, Bo ter a, Colder, Induina, 
Manzit, Martini, Min... 

Lina Cludvicli - HIGHW 1 ND III - 1440 


Oriental Art 


10 Clifford Street 
London W1X 1RB 

Telepnone 0i7i~;9is546j 
Faj 0171-499 3136 
Cades ESKENAZI London Wi 

10 June - 12 July 

Weekdays: 9.30-5.00 
Saturdays: 10.00 -1.00 

Chinese Buddhist sculpture 

Fully illustrated catalogue available 

• „. . « 

;>>'*«i? a i 


• t* - / : 

•• **!?«? ?ir*. »>;*;.. 

' . .> ■ , v 

: ^: : V:;f 

.*•- <i 

PAGE 10 

Global markets, global communications, global technologies... the trend seems to be to 

globalize pretty well everything. 

So how on earth do you keep on top of daily developments? Through the 

global eyes of the International Herald Tribune. 



IHT Technology Index 

All of the past month Sr technology articles 
from the IHT, now available on our site on 
the World Wide Web. 






Did You Miss A Day This Week? 

This past week’s front pages are available 
for viewing on the IHT site cm the Wbrid 
Wide Web. 


PAGE 11 





Though its population is 192 times 
the size of Hong Kong's, China 
has an economy only seven times 
as large... 

5800 billion 


Gross domestic 


eon product in j 

600 1990 dollars / 





...and Hong Kong people are 
10 times as rich ... 


...but China is already reaping 
the benefits of Its Hong Kong 

$120 billion 

Per capita 
Income In — 
1990 dollars 









_rT T T 


""T"" 1 I I I i I I I 1 

•88 '90 ’92 "94 "96 

Sotevee: /VJWfcawHBt Almanac of China’s Foreign Economic Rotations and Trade; Peregrine Securities tntgmatkna) 


Hong Kong: China’s Sales Tutor 

By Sheiyl WuDunn 

New York Tones Service 

HONG KONG — The level of mar- 
keting expertise in China is summed Dp 
by the clothing company that tried to 
export a new lme of men’s underwear 
and thought it would be nice to name it 
for a flower that suggested fragrance 
and cleanliness. So it tried to find buy- 
ers for its Pansy brand underwear. 

No wonder companies in China are 
now coming to Hong Kong for help, 
visiting firms like Grey Advertising 
HK Ltd., which is run by Viveca Chan 
in the bustling Quarry Bay district of 
the British territory. 

Miss Chan's firm, the Hong Kong 
office of Grey Advertising Inc. of the 
United States, used to design advert- 
ising campaigns only for Hong Kong, 
and then in the late 1980s it began 

planning advertisements for Western 

companies trying to sell a billion 
bottles of shampoo in China. 

Just this year it started helping 
Chinese companies sell to the Chinese. 
And in the future, she hopes, the 
Chinese version of Coca-Cola and the 
Chinese noodle equivalent of McDon- 
ald's will become household names 
around the world. 

“When Hong Kong becomes pan of 
China, we no longer will be acting as 
just an entrepot,'* Miss Chan said. 
“We should be helping China brands 
market to die world. ’ ’ 

The flow of Chinese companies into 
Hong Kong seeking expertise and ser- 
vices is just beginning, but it promises 
to increase and turn Hong Kong into the 
New York of the Middle Kingdom. 

More and more, Hong Kong advert- 
isers, lawyers, investment bankers, en- 

gineers, accountants and other profes- 
sionals are selling their services across 
a vast region of southern China, the 
fastest-growing economy in die world. 

As Hong Kong reverts to Chinese 
rule, at midnight Monday, most of the 
attention has focused on the risks to 
political freedom and economic 
prosperity in the territory. But for busi- 
ness, in addition to the risks,' there are 
also enormous opportunities and bil- 
lions of dollars in new markets as 

Beijing remains very much the polit- 
ical capital of China, but Hong Kong is 
becoming its economic capital. While 
Monday night will mark a milestone, 
the process of integration between 
Hong Kong and China has been long 
under way, so much so that Hong Kong 
and southern China now are not just 
joined at the hip, they are joined from 

Sirphn SKmVLp-rv- Frann-FYnur 

A man finishing his lunch under Hong Kong Bank's stone British lion. 

head to toe. And in some respects it is 
David who is taking command rather 
than Goliath. 

“Hong Kong is now taking over 
C hina, in the sense that our importance 
compared to the 5 or 6 million people 
we nave here is so lopsided in terms of 
what we are doing in China, ’’ said 
William Fung, a leading industrialist 
who runs Li & Fung Ltd., a man- 
ufacturing and trading group. “Hong 
Kong capital and Hong Kong entre- 
preneurs are the ones who are now 

ideally positioned to do even those 
kinds of businesses that you never as- 
sociated with Hong Kong before." 

The reach of Hong Kong has 
broadened so much that China's lead- 
ers, nervous about how they will man- 
age 6 million spirited entrepreneurs, 
may be more apprehensive about the 
handover than the people of Hong 
Kong are. The Chinese president, Jiang 
Zemin, knows how to arrest dissidents, 

See HONG KONG, Page 15 

Giant Brewer Denied: U.K. Bars Bass 9 s Takeover of Carlsberg-Tetley 

Confuted by Our Stif Firm DispachK 

LONDON — The government on Friday blocked 
the planned takeover by Bass, the leisure and bever- 
age group, of Carisberg-Tetley, which would have 
created me biggest British brewing concern. 

In the first major competition ruling by the new 
Labour government. Trade and Industry Secretary 
Margaret Beckett said the deal was against the 
public interest. 

Miss Beckett ordered Bass to sell a 50 percent 
stake it had acquired in Carlsberg-Tetley from 
Allied Domecq in August for £200 million ($332 
million). And she blocked Bass’s planned ac- 
quisition of Carlsberg’s 50 percent stake in 

Under the deal, Bass, in return, was to have 

given the Danish group a 20 percent shareholding 
in a joint venture combining the brewing activities 
of Carlsberg-Tetley and Bass. 

Bass said it was “extremely disappointed” but 
pledged to continue to build its brewing business at 
home and abroad. 

Miss Beckett said she accepted the unanimous 
findings of Britain's anti-trust authority, the Mono- 
polies and Mergers Commission, that the link-up 
would “operate against the public interest ” 

However, she rejected me commission's ma- 
jority view that any adverse effects from the 
takeover would be remedied by the sale of 1,900 
pubs owned by Bass, which is the leading pub 
chain and second-biggest brewer in Britain. 

If the deal had gone ahead, Bass stood to control 

38 percent of British beer production, putting it 
ahead of the current leader, Scottish & Newcastle 
PLC, which has a 30-percent share of the market 

Among Miss Beckett's concerns was the fact 
that the merger would have made Bass the primary 
British distributor for five of the country’s top 10 
beer brands, giving it a strong position over outlets' 
buying decisions even if the number of pubs it 
owned was “substantially reduced." 

Carls berg-Tetley’s chief executive, Ebbe 
Dinesen, said: “While we had believed our merger 
with Bass represented a sensible response to the 
pressures apparent in the U.K. brewing industry, 
we are relieved that die regulatory uncertainty that 
has surrounded our business over recent months 
has at last been lifred.” 

Bass shares closed in London at7.37, up 2 pence 
from 7.35. In Copenhagen, Carlsberg shares ended 
down 9.06 kroner at 356. (AFP, Reuters) 

■ Shareholders Stop Norwegian Deal 

Storebrand ASA shareholders blocked plans to 
create Norway’s largest financial company 
through a $1.8 billion stock swap with Christiania 
Bank ASA because they did not want to lose 
control to the state in a merger they considered a 
pom match, Bloomberg reported from Oslo. 

At an extraordinary meeting, 63 percent of 
Storebrand shareholders voted for the merger, just 
short of the two-thirds required for its acceptance. 
That sent Storebrand shares plunging 5.94 percent, 
the biggest one-day drop since November 1993. 

Thais Shut 
16 Lenders 
In Shuffle 

Bloomberg News 

BANGKOK— The Bank of Thailand 
ordered 16 finance companies Friday to 
suspend operations for a month while 
the government restructures the industry 
by ordering mergers and takeovers. 

Standard & Poor’s Corp., the credit- 
rating agency, said the restructuring 
could cost taxpayers as much as 300 
billion babt ($11.86 billion), about 6 
percent of gross domestic product. 

1 ‘The government may have a sizable 
bill on its hands and wind up backing 
some of the debt, and it will be at a cost 
to the Thai taxpayer,” said David Co- 
hen, an analyst at MMS International, a 
unit of Standard & Poor’s. 

In the first move under emergency 
powers approved this week, Remgchai 
Marakanonda, the central bank gov- 
ernor, ordered the companies, including 
Finance One PLC, the country’s biggest 
investment bank, to shut down. He said 
five ‘ ‘big and stable finance companies" 
would lead a series of takeovers. He 
named only one of the five companies, 
Krung Thai Thanakit, majority-owned 
by Kmng Thai Bank PLC. 

“This is the first stage,” said 
Timothy Kenney of Societe Generate 
Asset Management (Asia) in Singapore. 
“Next, we’ll hear about the need to 
restructure banks.” 

Thailand's benchmark stock index 
rose 1.3 percent, to 8,984.59. 

National Finance & Securities PLC, 
which is majority-owned by Siam Com- 
mercial Bank PLC, also said it would lead 
a takeover. It gave no further details. 

Dhana Siam Finance & Securities 
PLC, another Siam Commercial Bank 
affiliate, said it would head a third group. 
Nava Finance & Securities PLC said it 
would go ahead with a merger proposed 
in April including four units of Thai 
Military Bank, plus Thaimex Finance 
and Securities PLC and CMIC Finance 
& Securities PLC, one of nine publicly 
traded securities firms ordered closed 
and suspended from trading. 

Phatra Thanakit PLC said it would 
head a fifth merger. It gave no details. 

The finance industry has been 
crippled by bad properly loans and fall- 
ing stocks. Analysts estimate 40 percent 
of the companies’ 800 billion baht in 
loans may be in default 


For Singapore , a Clouded Outlook 

By Michael Richardson 

International Herald Tribune 

percent to 7.4 billion Singapore dollars ($5.18 billion) 
from a year earlier. Economists had been expecting an 
increase of about 4 percent 
But the slowdown could be due more to cyclical than 
structural factors, primarily the global slump in demand 
and prices for computer chips and many of (he other 
electronic products that make up half of Singapore’s man- 
ufactured output Although semiconductor exports rose 12 
percent in value in May from a year earlier, juices remain 

SINGAPORE — When the World Economic Forum in 
Geneva issued its annnal Global Competitiveness Report 
for 1997 last month, it recorded Singapore’s meteoric rise 
into the select ranks of die world's most affluent states. 

The island-state's average per-capita income (gross 

donj©sticproductpercapita)increasedtoneariy$31,150in ... 

19%, more titan one-third higher than Britain, its former depressed and the strength of the recovery uncertain, 
colonial ruler, and about $2,600 above the United States, Still, other sectors have continued to perform strongly, 
the report said. including financial and business services, construction, 

Singapore was ranke d as the world's transport and communications, 

most competitive economy, ahead of Foreign . investment in Singapore 

Hong Kong and the United Stales. The world B most and overall demand for exports remain 

- ■ - .... at healthy levels, according to the 

competitive economy Trade and Industry Ministry, which 

COIlld face challenges. Cjqjecrs real growth for 1997 of be- 

tween 5 percent and 7 percent 
Prasenjit Baso, analyst at UBS Se- 

Al about the same time as the report 
was released, the International Mon- 
etary Fond added Singapore, Hong 

Kong, South Korea, Taiwan and Is- 

reel to the industrial countries in the 
top-echelon group of “advanced economies.’* 

Yet tiie praise for Singapore masks some short-term 
problems, as well as some potentially more serious long- 
term challenges, for its maturing economy. 

On Friday, Singapore stocks fell to a two-and-a-half- 
year low on concerns about the prospects for economic 
growth in Singapore and the region, Bloomberg News 
reported. The Straits Times index fell 15.43 points, or 0.78 
percent, to 1 ,974.37. 

Exports have stagnated for nine months and economic 
growth has faltered— at least by the stellar standards of the 
East Asian region. 

Although Singapore’s growth, after adjustment for in- 
flation, was officially put at 7 percent for 1996, it was 
slowing sharply as the year ended and increased by only 
3.8 percent in the first quarter of 1997. 

The government’s Trade Development Board reported 
Friday that in May, non-oil domestic exports — a leading 
indicator of Singapore’s economic health — contracted I 

rarities (Singapore), said Singapore’s economy was ' ‘poised 
for a sharp turnaround” in the second half of the year. 

“Both exports and imports should gather momentum in 
the entreat quarter as global demand obliges Singapore 
manufacturers to expand capacity,” he said. 

Yet the longer term outlook is overshadowed by con- 
cerns that rising business costs and wage increases may 
undermine Singapore’s competitiveness. 

Such concerns was amplified recently when one of the 
island-state’s biggest foreign investors and private sector 
employers, Seagate Technology Inc. of the United States, 
ann ounced that it would relocate its disk-drive manu- 
facturing facility from Singapore to China. 

"Should such flight continue, and there are some signs 
that it may, the conclusion may be that Singapore is losing its 
edge in nnit labor cost competitiveness and that other factors, 
such as infrastructure and legal transparency, may no longer 
have as much attraction to foreign investors,’ ' said Sin Beng 
Ong, ec onomis t at the Singapore office of JJP. Morgan. 


Cross Rates June27 

i • t . blm. fjf. ub art u. if. y* o 
AW fcrtWI 1585 3M5 U2S4 UU7 11151' — UW' I** ™ 

BiWUK KJS *jg 80S U1B UM'IUK — 2U7 832 BS 

Frankfort 1JB ZHZ — UM 11022*0*2 .KJEK 


Madrid 14U6 HUD M SH SM» WU* KM OM in* W'W “ 

Mllaii UM2F UH52 IBS WSJ — 8JO aia ^ 

Hew York (M — IttCe US MM UOUO 1 3» M Mg 

Pari* SUB MBS 83M — UW WOT 0.US 40531 iWT *2B» 1 W 

Tokyo me i*a «j» ns u» os im imp M 

Toronto IS USD QJIB US UM* UB MW' 0W, «■ — 

iwfcb UK LSI 1LBA U423 wsr UM wta* — • u® JJg 

1 ECU van UR4 UH M395 MSS UU7 dUOfl U3H VBSH ISM H64S 

I SDR ■ UOT- fljjfl 'uH U1S US27J 171? ?M 2M 1SCT4 IffiS 2DW 

OoslnsskiABatBnlati^ljindiii^MMmParisBndZwleb,'ri^BSki'attiereetdeiafNtHf Yorkond 
Toronto rates at -i PM. . . 


Other Dollar Values 

Contact For* tierncy PorS CWTtocy Par* Otamj Per* 

ATBeoLptio 0.9986 Gnekdmt 273X7 Mttjw »* S-**™* 

AnsWtas. 1S36S Haag Kangs 33476 M.2«tond$ 1.4W 88X1 

Austrian**. 1118 Hwg.ferirf 185J8 Monttawa 7582 SejadlMo 7MO 

W«B* W* 1.0763 Indian rapt* 35.025 PMLpKn WO. 

OiMMydaa 8321 Indo-rapWi 2430JQ ** TWWrf 2122 

Cm* karoo 3I4l irtstiE 0663 P*t*K»d» 175JM TBMjkSn 

Uadstilinn ASH umtSA*. 356M RmmraUn .57MJ UAEdbtem 3X71 

Egypt. pood X37S2 xmdtaar 030 SanSriyal 9JS Mob. Ml esus 

FfeLontda 5.1675 Matoy.rias. 2522 5M§.t 1X29 

UbicHJbor Rates 

Srtst Fraach 

Mar D-Mark Rw Skfflaj fiwe Y» ECU 

1 -month Stt-SVk 3K-W l¥o- IV* 6Pa-69k TA-Vfn %-W 4- 4lh 

3HKH11t1 5Wi-«t 3 -31b 1YW- HI W-»l tt-ifti 4 Mi>4Wi 

6-month 5V.- 5H 3yn.3Vta W-IV* 7V»-7¥o 3V.-3* W-V 

1-year 6-6Vte 3% -31* 1Vu-1tti 7VW-7¥t 2h.3U Vn-Vit 4Vk-4H 

Cninyy Itofuto LJoyds Bonfc 


Book base rate 
Call money 
1 -month interim* 

3 -nwnffc tatettank 
frmontfa Eatarimk 
10 -year GW 


litenwnl t e n rate 

1 -month mfotlaric 
s^mitb tattftnnk 
MMtli WartknU 
Soureor Reeta%. 
lynch, Ban k jri_ , r ~,- r 
CaDapwztmk Cars OnruCL 

; orward Rates 

un eocf 3 Mtay ifrdar W*t Cm easy 

tOBdSkrfiw 1X655 IjS 638 IjSSB Apnnp 

anadkmdaBar 13790 15765 1J738 Swtssfrmc 

KntKkenarii 1.7275 . 1.7234 1J19B 


11188 11136 112J9 
1^356 14306 14255 

amurusx /nu oom UUIfSmnmw mousuct outm 

Mtfani; Banque de Fawn (Patsjt Bank of TbboMIlmdildd n&9*ib 

Key Money Rates 

Untied Stales 



Discount rate 



Prim rata 



Federal foods 



WHtay Oh deotan 



UMqr CP dtadeis 



3 mmrih Treasury MB 






2-year Treasury bo 



5-year Trenwry not# 



7-fMr Treasury neta 



IHot Treasury note 



38 year Treasury bend 



Men* Lynch 3MoyRA 
















t^Boalh brierimk - 



toycar Govt bond 




Lankan! rate 



Cad money 



Mwertfc tateriwnlt 



hnontb intertienk 



s^rndti totaftmk 







rmu h 337.15 33650 -1J0 

Landea 337 JO 33655 -040 

New York 3*00 33190 -190 

US. manperoimaLlMdoaMM 
OtSngs Zurich and New 
tmdWsAig pdas Hen YorkUaex 

Sauce: Itaitea. 

' } . 

PAGE 12 



Investor’s America § 

11 30- Year T-Bond Yield f: 

Publishing Meets Bottom Line jy ^y] Street 

^ ^ a y^f * 

VHl HarperCoffins Cancels Books as It Seeks to Cuts Costs 

Dollar in Yen 

A „ AJW £ 


By Doreen Carvajal 

New York Times Service 

NEW YOftK — HanwCallins, 
venerable publishing house with 

J F M A M J 

J F M A M J 

t^r 'h'K^i m :*&::: & * ;• w&yi ' 

I rjv*** w *t : : £", : rf'*r rJ * .~. ~ ^ I 

* :V . .*-* t-ju 't '•'«■# | 

| A.-MM-fT . » : .its W + , :7T> : :f *i'J*t'.-5 . h88&Bs > • : 1 1 

I iTi' i rwp •• T.'nMmja *;•?.’* «T*« - i‘C'f'>' *4.' -• ISSSftST '' '. 

Source: Btoombetg, Reuters 

Very briefly: 

Zurich Group to Buy Scudder 

NEW YORK (Bloombeig) — Zurich Group, Switzerland’s 
biggest insurer, said it agreed to buy Scudder, Stevens & Clark 
line., aU.S. money-management firm, for $1 .667 billion in cash 
and stock, creating one of (he 10 largest U.S. fund managers. 

Zurich, which offered $867 million in cash, and shares 
worth about $800 million, will combine Scudder with its 
Zurich Kemper Investments Inc. unit. 

The new firm, which will be called Scudder Kemper 
Investments Inc. and will be based in New York, will oversee 
almost $200 billion in assets, the company said. 

In Zurich, the insurance company’s shares closed up 14 
Swiss francs, or 2.4 percent, at 603 francs ($419 JO). 

a venerable publishing house with 
a history of nurturing authors from 
Mark Twain to Howard Stem, has 
begun a push to downsize its book 
lists, canceling at least 100 titles 
and finished manuscripts in a cost- 
cutting move that is indicative of 
the American publishing in- 
dustry's doldrums. 

Within die last two weeks, Har- 
pcrCoDins -- a unit of Rupert 
Murdoch's News Corp. — has 
canceled 36 titles the company 
deemed unpublishable in the cur- 
rent market, including novels, 
cookbooks, a mystery, abiography 
and a European travel guide, ac- 
cording to Anthea Disney, a 
farmer editor of TV Guide who 
became HarperCoUins' chief ex- 
ecutive a year ago. 

Another 70 books were can- 
celed because the authors had 
missed their contractual deadlines 
— a commonplace occurrence al- 
most universally tolerated in the 
industry. The authors of all the 
canceled books will receive the 
full advances due under their con- 
tracts, Ms. Disney said. 

'“ft’s a way of trying to make 
sense out of the business,” Ms. 
Disney said. “In all honesty, I don't 
want to publish bcx>ks (hat we won't 
get be hind and publish well.” 

With the lackluster state of hard- 
cover sales, many publisher are 
now quicker to cancel books for 
flaws once tolerated, such as late 
delivery or poorly organized 
manuscripts. But HarperCoUins, 

which posted a $7 million loss in its 
last fiscal quarter, has dealt with the 
downturn most aggressively , ear- 
marking even finishe d manuscripts 
advertised in its autumn catalogue. 

The size of the cuts and the com- 

panyswuimgness to aoaiXKm com- 
pleted manuscripts are both unusual 

Selling books, an 
author says, is now 
like selling cigarettes. 

in the publishing industry, where 
houses generally trim bloated lists 
by reducing future acquisitions. 

*Tve never beard of anything 
like that,” said Joui Evans, a 
former publisher and an agent with 
William Morris, who compared 
the elimination of accepted 
manuscripts to being jilted on 
wedding day. 

“You’ve trusted the person 
you’re going to marry. You've an- 
nounced it in the paper, come to 
our wedding. And then that person 
says, 'Look I’m going to pay you 
for what I put out, but Tm not 
going to marry you.’ '* 

Some editors at HarperCoUins 
have said that they are being en- 
couraged to promote authors who 
because of their track records, 
stature or celebrity can generate 
the kind of pervasive publicity that 
sells books. 

Along with other New York 
publishing houses, HarperCoUins 
is experiencing strains that reflect a 
general torpor in the publishing in- 
dustry, winch flourished as super- 

stores multiplied in die early 1990s 
and then struggled as star authors 
demanded astronomical advances 
and booksellers returned increas- 
ing numbers of unsold books. 

Last year, net sales of adult 
hard-cover books dropped 4.6 per- 
cent, according to toe Association 
of American Publishers. 

HarpexColIins is now scrapping 
tides ranging from "The Dogs: A 
Modem Bestiary,” Rebecca 
Brown's novel about a woman 
who lived with a pack of Dober- 
man pinschers, to "Domestic 
Goddesses,’ ’ a collection of paint- 
ings of heroic mothers by Edith 
Vonnegut, toe daughter of toe au- 
thor Kurt Vonnegut 

“Publishing now is not about 
s up porting and nurturing and hav- 
ing this Inquiry into culture that 
Gertrude Stein and Hemingway 
and Maxwell Perkins were hying to 
do,” said Ms. Brown, who vowed 
to keep on writing, “ft’s about 
selling Michael Jackson biograph- 
ies and advertising things. It’s more 
in line with selling cigarettes.” 

Some agents reacted furiously 
to toe cancellations, threatening to 
avoid HaipeiCollins in the future 
or vowing to issue caution warn- 
ings to their clients. 

“In all the experience I have had 
within publishing, I have never 
witnessed a more cavalier disreg- 
ard far the bond that exists be- 
tween author and publisher,” said 
a literary agent, who asked to re- 
main anonymous to protect a cli- 
ent, ■ whose book was canceled. 
“These people don't seem to care 
about books. They just seem to 
care about the bottom line.” 

NEW YORK — Stocks rose Fri- 
day as falling bond yields and a 
report confirming strong e ®® w 2J c 
growth fueled optimism that toe 
market’s recent slide from record 

highs is over. . ... 

“The bullish momentum is stul 
intact," said Garrett Nagle, chief 
executive of Garrett Nagle & Co., a 
fund-management firm. “We re 
standing pat with stocks like GE and 
Warner-Lambert — money’s still 
flowing into them and analysts are 

Workers met with a federal me- 
diator for toe first time in two years. 
Caterpillar has not had- a labor 
agreement since September 1991. 

PacifiCare Health Systems 
shares dropped 6& to 59*6 after the 
health-care company said it expec- 
ted second-quarter eannpgs to 
come in below analysts’ estimates. 

Mercantile Stores stock jumped 
6% to 63V6 on. reposts that toe de- 

_ a - * — ~ uteiln. Iiiui TTiarninl a 

,, l ' - 

partment-store retails naa rejected a 
$75-per-share takeover lad from 
Federated Department Stone. Fed- ± 

if onrrw’ftvl m fnrrrascits rrfFrr Y v 


because May Department Stores also 
may make a bid for Mercantile. 

. First USA stock rose 1% to 58K 
after its shareholders approved 
Banc One's $6.7 billion purchase of 
the credit card company. 

( Bloomberg , AP, NYT) 

beefing up their growth targets. ^It 
looks like they can move higher. 

The Dow Jones industrial average 
rose 33.47 points, to 7,687.72, as 
advancing issues outnumbered de- 
clining ones by a 2-to-l margin. The 
Standard & Poor’s 500-stock index 

Standard & Poor’s 500-stock index 
rose 3.61 points to 887.29, while the 
Nasdaa comDOsrte index rose 1.77 

Nasdaq composite index rose iJ • 
points to 1,438.15. 

The Dow was still down far me 
week, however, having set a record 
June 20 at 7,796.51. Analysts said 
some investors were concerned that 
earnings reports in toe next few 
weeks would show that corporate 
profits are not as good as expected. 

Stock in AT&T and SBC Com- 
munications fell on reports that 
merger talks between toe telephone 
com pani es are falling apart because 
of opposition from regulators. 

Toe price of the benchmark 30- 
year Treasury bondrose 14/32 to 99 

U.S. Affirms 

Robust Growth 

In First Period 

Bloomberg News 

U.S. economy expanded in toe 
first quarter at the fastest pace 
in almost a decade, while in- 
flation remained in check, re- 
vised government figures con- 
firmed Friday. 

The gross domestic product, 

14/32, pushing toe yield down to 
6.75 percent from 6.78 percent on 

2d Texaco Executive Is Indicted 

WHITE PLAINS, New York. (AP) — A second framer 
Texaco Inc. executive was indicted Friday in connection with 
secret recordings that allegedly show company officers plot- 
ting to destroy evidence in a race-discrimination suit 
Robert l/lrich, a retired Texaco treasurer, was charged with 
obstruction of -justice and conspiracy in federal court On the 
tapes made public last year, a fanner Texaco executive, 
Richard Lundwall and Mr. Ulrich allegedly talked about 
throwing away or shredding documents requested by 
plaintiffs in a civil suit alleging discrimination in hiring and 
promotion at Texaco. 

Weak Japan Outlook Pushes Up Dollar 

• General Motors Corp. will invest $10.9 million in equip- 
ment at its Flint. Michigan, truck plant and plans to move 
1,000 managers to a new metal-fabricating division headquar- 
ters in the city by 2000. 

• NationsBank Corp. is close to acquiring Montgomery 

Securities in a deal worth up to $1.2 billion that would mark 
the latest entrance of commercial b anks into investment 
banking, media repeats said. ap. Bloomberg 

Bloomberg News 

NEW YORK — The dollar rose 
against other major currencies Fri- 
day, lifted by expectations that Ja- 
pan's interest rates will stay low, 
concern that Europe’s single cur- 
rency will be weak and further ev- 
idence of U.S. economic vigor. 

Japan's Ministry of International 
Trade and Industry forecast that in- 
dustrial output would fall 2.6 per- 
cent in June from May. 

“Things may not be as good as 
they first appeared in the Japanese 
economy, which eased expectations 
of a rate hike,’ ' said James McKay, 

an economist at PaineWebber In- 
ternational in London. 

Yasuo Matsushita, toe governor 
of the Bank of Japan, said official 


rates would not be raised until the 
bank saw evidence of a “self-sus- 
taining' ’ economic recovery. 

The dollar climbed to 114.575 
yen from 113.170 yen. 

Against European currencies, the 
dollar rose (o 1. 7390 Deutsche marks 
from 1.7260 DM, and to 5.8661 
French francs, compared with 

5.8200. It rose to 1.4530 Swiss francs 
from 1 .4365. The pound, meanwhile, 
eased to $1.6645 from $1.6655. 

Analysts said speculation that an 
eventual single European currency 
would he weak helped the dollar. 

The pound rose to 2.8910 DM 
from 2.8749 DM in late trading 
amid continued expectations far a 
rate increase in Britain. 

“Sterling is like a one-way bet at 
toe moment, supported by expec- 
tations of a rate hike and its safe- 
haven status in Europe, ' ’ said David 
Coleman, chief economist at CIBC 
Wood Gundy in London. 

6.75 percent from 6.78 percent on 
Thursday. Analysts said a rising 
dollar and a lack of signs of inflation 
contributed to bond market’s gains. 

'Recent reports indicate that toe 
nrnnial fund industry is still a major 
factor in toe stock markets’ 

The total amount of assets in- 
vested mU^S. equity funds exceeded 
$2 trillion in May, just two years 
after first passing $1 trillion. The 
Investment Company Institute, a 
trade grow, reported Thursday that 
stock funds added $20.1 billion in 
May, their seventh-best month ever 
and the best month since January. 

Although toe May figure was be- 
low toe $25.1 billion that stock 
funds added in May of last year, it 
surpassed an $18.5 billion forecast 
made earlier this month by the trade 

the total output of goods and 
services, rose at a 5.9 percent 

group, and was 28 percent above toe 
$15.7 billion recorded in ApriL 

$15.7 billion recorded in ApriL 
Caterpillar rose 2 1 1/16 to 108 5/ 
16 amid reports that representatives 
from the farm and construction ma- 
chinery maker and the United Auto 

a^pwal rate in the first quarter, 
the Commerce Department said 
in a revision from its previous 
estimate of 5.8 percent In the 
fourth quarter of 19%, the GDP 
rose 3.8 percent 

In the current quarter, which 
ends Monday, economic 
growth probably slowed to an 
annual rate of 2 percent or less 
as consumers saddled by debt 
reduced spending and unsold 
goods piled up, analysts said. 

“It’s going to be considerably 
weaker than the first quarter,” 
said Lyle Gramley, an econo- 
mist at toe Mortgage Bankers 
Association of America. 

The overall slowdown and 
. tame inflation suggest Federal 
Reserve policymakers will re- 
frain from raising toe overnight 
bank lending rate at their two- 
day meeting Tuesday and 
Wednesday, Mr. Gramley 

“* . * VW 

V *• 

• *.-• i 




Friday's 4 P.M. Close 

The top 300 most oefire shares, 
up to the dosing on Wafl Steel. 
The Assodaad Press. 

m* u» ijm or* Indexes 

Most Actives 

June 27, 1997 

Wgh Low M Oiga Optat 

High Low Latest Oige OpM 

High Low Latest Chgn Opktf 

Sales Low Luted Opt 

1W1 19* II 10* 4ft 

1189 «ft 4 4* *ft 

“ % "» H 

iiw nu HH 

1U MW 10* -tt 

i*» » n* ♦* 

is7 iu mw i ow 

1* » 1* 

If! fc 

HI S*k S 

m S3Vh 
inw im 
i™ ra* 
M 2Vk 

3h W 

m* nw 

1H 1ft 
ft ft 
M t 
5ft 5 

Zft 2ft 
mi m 
35* ]M 
2 1ft 

n m 
ft u 
tw «M 
iite nw 

711 7 

KM tU 

17ft ft 

r s 

Daw Jones 

am nm IM M <H 

High Low Latest Orge OpM 

Indus 707.72 777*73 74SJJ9 76B7J2 +3147 

rrans 27au mm mm mus +nss 

UN 73AM 

Carp 239774 

22540 +UB 

236573 +1X0 

Standard & Poors 

Ptwlom Tate, 

Mgb law Out 4PM. 
Industrials 104P4S31033JUa39J3 KM354 
Tramp. 639.90 624JJ 62XS7 63430 

UtfOtfcs 19X83 195J51 19SS9 19735 

Finance 10X78 10077 101.17 T01.48 

SP 500 89X21 87932 88168 887.29 

SP100 87043 856.16 861.06 B63J98 

vm ■<%>■ 
10025 lift 
55503 4411 
454M 74 
43901 38* 
41893 66ft 
41791 41 M 
79978 tny 
39324 50ft 
35794 78ft 
35600 77 


31969 66M 
31400 101U 
30764 26ft 

la IW O, 

•ft ft -2ft 

394i 40ft -1ft 
79* 19ft -ft 
49ft 50 +1W 
76* Tift +Vy 

26ft toft + ft 
22ft 23ft +ft 
33* fift +fc 

33* 33ft +ft 
64 ft ASM -1ft 
90 90ft -Jft 
25* 2SW 


5.000 bundrimiim-cotet Mr ImImI 

J 1497 250ft 36ft 24616 -4 AIM 

Son 97 260 235ft 234ft —3 56.943 

Dec 97 239ft 235 235ft -4 137.959 

Mcr« 247 243 243ft -3 20,070 

MayM 252 248ft 249ft -1 IB> 

JUIB 255ft 252ft 254 -1ft 5.930 

Sain 252ft 250 251ft -1 m 

Est sales KA Ws. sates 90JU3 
Wsopenrt 275748 off 2220 



JUI97 71)0 7230 7235 —085 080 

Sep 97 7620 7140 7550 -455 IWW 

Nov 97 7885 7025 715B —OKI 5^23 

Jon 78 81-75 8125 81-30 -470 2JQ2 

Bt. soles NA Thu's, tries 5468 
Thu'S open M 32J29 of) 3096 

DM29IUH0 - Ph Of 100pel 
S*p97 1D1.9B 101.77^ 10143 -O.Q5 25X664 
D»C 97 10095 100.95 10090 -OOS 8.975 
Est tri er 112534. Prev. tries; 209.202 
Pm. open M- 262639 up L464 

Sap 98 MSB 94-31 M36 —0.03 24,900 

DOC 98 94-41 9434 9440 —032 11.684 
Est sates: 61414 Prev. sates: 69,586 
Prev. open HL- 32X301 up L488 



FFSOCLOOO-ptsaf 100 pel 
Sap 97 129.54 12932 1293B — 0JM 20X24S 
Dec 97 9X02 9734 9738-004 229; 
NlarMI 9734 9734 9738 -004 L 
EsLsries: 8X499. 
open InL: 2QX544 up 797. 


30* 2PA 
lfi 1ft 
16* 16* 
m m 


24* zm 

2H tit 

30* *1* 

1ft -ft 


9*9 -ft 

4MAJ 4OJ0 +237 
54X61 SB634 +|S 

41X02 41554 +252 

a 10 212-13 +153 

n 42521 +148 

. Vol Hlgk 

77026 47* 

42 ulft 

142 142ft -Ita 
4SV+ 45ft -1ft 
5MI 62ft H6VW 

955 WV» 
123 TB 

18*9 18*9 

na mi* 

& -a 

71# lift 

491 29* 

17* 22* 

4+4 2* 

120 ft 

364 249 


fO W 
m 2igv 
167 lift 

167 lift 

IS w* 

171 6 

Mt 6*9 
rn 5* 
no it* 

472 UVr 

215 79 

19 t* 
06 16* 
130 lift 
ill 1419 
117 14* 

121 27* 

in li* 

350 2* 

NM 4Hi 
3H 1 
TU 1ft 
338 7ft 

307 4 

n » 

231 nu 
691 949 

106 lift 
Ml HU 
no it 

W 2H 

3365 5* 

448 9ft 
427 649 

34? ft 

147 n 
631 15ft 
lor m 
si2 m 

s s* 

to m 

6 4*9 

tf to* 
13ft M 
« 5 

32* Sift 
2m 20ft 
1H 14* 
St* 25* 
5A9 !BVk 
2M 27* 
19 M 
lift 1149 
38ft 39* 
21ft 22ft 
2ft 2ft 
« * 
3* M 
H 10ft 
9ft 949 
lift 21* 
11 lift 

rm m 

5* S"ft 
6ft 6H 
5* 5* 

Ift 1ft 

im in 

n m 

to 9ft 
MH 16*6 
lift 1149 
14* MH 
14ft IM 
« 449 

149 27 

lift 11* 

249 n 

r f 

14 149 

79 79 

1H Ift 
39 JH 
2ft 2ft 

Ift 7* 

5* 49 

519 479 

18ft 18ft 
5 5 

n Mft 
u 4 
Ift M9 
> 9 

19ft in 

6ft 5ft 
2ft » 
Mi «* 
22 ?9H 

14* Uft 

tin m 
6ft 6ft 
Z2U 22* 
Ift 3ft 

2* 1ft 
2* 2ft 

1* 1* 

U* Uft 

1* Ift 
U ft 
znt zift 

K S? 

6ft 6ft 

’a *& 

4ft » 
21 2D 
ft 49 
lift IW 

lift »* 
209 +119 
749 +19 

5ft _ 
51ft +lft 
lift 4b 

1149 +9 

4 *ft 
■ft +H 
ft +ft 
4 *19 

19ft +* 
549 -ft 
21k +49 

2M +H 
BN +29 
1349 -ft 


Ift 419 

a* ♦* 

3ft -ft 


i»9 *ft 


■ft +W 
149 4k 
9 +* 

a +* 
ift +n 
to *19 
M 49 
779 -ft 

« ■* 
1ft 41 
*» ♦* 


144446 1437 JO 143X16 +IJ 
1172.10 1 1+141 117X18 +Aj 

17X10 116547 117X18 ♦55? 

*1955 161022 161X90 +X82 

64624 163251 164624 +12.10 
■71X35 1WBJ14 1905S +ASS 
95X73 59373 9S673 +1373 






65740 l£ft 
S7K5 30H 
50295 120ft 
47439 130 
47352 V» 

SJ2 S& 

40365 28* 
39986 15* 
39879 17 

6M 66ft -1ft 

13* 139 -ft 

» 20* +59 

115ft 116ft -3W 

127* 127ft 41 

ft ft ♦«. 


15*9 15*9 -ft 

NO tens- Oalkn per ton 

JUIJ7 2&L» 25200 26270 -170 2L015 

Aug 97 24170 24080 msfl -240 21474 

Sap 97 227 JO 22550 226.10 -040 14J99 

0097 21650 21540 21590 -4U0 H313 

Dec 97 21 UO 21X30 21X60 -X80 2X440 

Jan 91 209 JO 207 JO 2D7JO -070 3JM 

Esf.jries NA. mtete 29J79 
Thu’s open Inf W9J43 up 99 


too tear ot- Oaten pnr tore ex. 

Ju197 33480 —190 

Aug 97 SOLID 33520 33590 -3.90 

0097 3020 337 JD 33X40 —490 

Dec 97 3600 3OJ0 340J0 —400 

Feb 98 34550 34300 3030 -400 

Apr 98 3020 34560 34550 -400 

Junn 352.11 

Aug 98 35X70 —4.00 

Oetra 353JB -4.10 

EsLsries NLA. Thu's, sates 35296 
Hu's open ini 15X511 up 3185 



Sip 97 13438 133.73 134JB —022 9X253 
Doc 97 N.T. N.T. 10X53 -022 0 

Est. sates: 59.306. Prev. sates: 7X565 
PIW. opoaw.' 9X523 air 60 


saAOO B*fc- onM pnr ft. 

JlA97 7399 7140 7375 -006 5B 

Oct 77 76-65 76.10 7456 +0.13 11J01 

D«C 97 7746 7403 77-40 +076 40798 

AtarW 7X55 7MS 7XS *020 XOT 

MayM 7V JO 7X55 79JD +XM M33 

Est.sries NA. Thu't- sates 1X009 
Thu's uwnltf 64416 off 1488 

Htt» Law U-» CM. AMEX 

62X08 61467 62X07 +197 

Daw Jones Bond 


0»» Of. 

20 Bands 103XQ +0.17 

rauflfflet iaa24 + 0.1 1 m«o 

lOlndastrtats 10SJB0 +022 BfintU. 

89teB to H« »1k 

29*ft 29ft 29* ♦ ft 

t ft ft ft 

4V» 39f; 4 +V» 

II* 15 189* +ft 
. ft 1 +ft 
23* 749k t Ilk 
17* lift +IM 
. It 169* -U 
JV» 31* 4 +V* 


64000 tot- ana par B> 

Ait 97 2142 2116 2120 -XI6 

Aug 97 22J2 2274 2ZJ9 -013 

58097 22J8 2152 22J6 -012 

Oct 97 22JQ J2JB 22J9 -012 

Dec 77 22M BJ5 ZU9 -OK 

Jan 98 aw 2191 ' 2191 -006 

Ea.sries na Thu's. sales 34219 
Thu'soDailm 11X401 up IM 

XOSOOu mteimum- oenfs par bushM 
Jri97 799ft 784 787 -13ft 

Aug 97 745 73TA 739ft -JH 

Sep 97 680 673 674 —OH 

NOV97 651 645 647ft 

Janos 653 648 651ft +1H 

Esr.srins NA Ttert-sria* 70340 
Thu’s openh M3J67 aR 46M 

2X000 tei- cents per to. 

Jut 97 11171 11140 HIM +MS 9 An 

Asp 97 111SS 111 JO 11135 +1J5 X7B9 

Sep 97 1T1I0 11X50 IIIJS +095 »JM 

Od 97 IIOOS HfJO 11005 +090 UH 

NOV 97 M9J0 SttOO 109 JO +1.00 UID 

□« 97 10X20 107 JO 10X15 +085 4800 

JOT SB 10625 +085 UP 

Feb 98 10625 10430 WS25 +0J5 S45 

Mcrra W4J0 104JB 10435 +085 1.941 

Est sales NA Thu's. sales Ootf 
Thu's open ire 4?jm off 545 


SI mM an pu re 100 pel. 

Jut 77 9421 9420 9421 

Aug 97 9418 9417 9411 
Sep 97 9414 9413 9414 

Dec 97 9396 9193 9195 

Morn 9187 9333 9186 

JOT 98 9175 9171 9174 

Sean 9144 9141 9163 

Dec 98 9153 9150 9151 
Mar 99 9151 9U7 9149 

JOT 99 9147 9144 9165 

Sep 99 9142 9140 9140 

Dec 99 9134 9332 9132 

Est- soles NA Thu's, tries 

TIn’i open Int 2J23JXM up 

+ajn 1X416 
+001 57X666 
+002 432.025 
+0JE 29X778 
+0(0 241.177 
+002 205,578 
+001 142J64 
+0J1 107,236 
+O01 84313 
+10T 7X058 
+O01 57.190 


4X000 not . cants pre ool 
JA97 51® SUB 5X33 +1J1 

Aug 97 5X60 52J?y 5X47 +125 

S«J 97 54.10 5121 SWT +1.15 

Oct 97 5492 5420 5193 41.M 

N»»97 5SJ0 5520 5527 +.1.05 

Dec 97 56J7 5400 5457 +L05 

Jot 95 57.02 5445 57JB +IJ0 

RA98 »J7 5460 5727 +U0 

Morn 5430 SJO 5622 +095 

Etf.sdes NA TTw'Xsries 31966 

Thu’s open bit 15X843 ip 129 

: f , ‘ • : 

Trading Activity 




New Lam 

Market Sales 

1825 1894 

1437 2134 

2N» 1708 

MTU 5736 

154 213 

82 77 

WHEAT icaon 

5JH0 Ou reVUmum- oente pv bushN 
JU197 333ft 325 325ft -7ft 1X501 

Sep 97 343* 315 336 -7 3M76 

Dec 97 356 345 349 -Aft 2X813 

Mot 98 361ft 355ft 154 Vi —5 4227 

Esf.wtes NA Winte 2S.7W 

Thu's TOOT int 84585 off 20 


MOO Irov OL-onts Pte taw OL. 

JUt 77 47480 46400 467 M -440 
5» 97 477J9 4724)0 472J0 -450 
Dec 97 0550 4794)0 479JU -450 
JOT 98 481^1 —450 

IWarfl 49000 48448 48440 -450 
Mavra 4954N mu mu -450 
Jut 98 50088 atm 494J0 -450 
See 96 499.10 —450 

EAsries NA UN's. sates 49,407 
Thu's open ire B9.9SS off 901 



SO lre» at- dedan per low nt 
Jut 97 41 SJO 41010 41 UQ -050 
0097 41248) 40400 40450 -050 
Jan 98 4D3J0 40050 49128 
Est. sates NA Thu's, sales 1779 
tin's Open int 14134 up 221 


67JS0 pounds, spar pound 
STO 77 14676 14570 14596 S3J« 

CJKJ7 14590 14H0 JJ550 410 

MOT 98 14SIM 2 

a.srieS NA Thu'x sates 5Jss 
Thu's open ire 51952 UP 53951 


MO800 danars. t pot Cdn. rir 

S»77 ^286 .7269 7282 40.772 

DBC97 J322 7305 7330 2JM 

Mar 98 739 uo 

^.sries NA Thu's, sates I4H7 

Thu's open ire 44.137 up m 


1 JU btaL- lUlars par MU. 

Aug 97 19 JS 19.13 1945 +036 

Sep 97 1943 1926 1943 +034 

Oct 97 1947 19 29 19JB +025 

Nov 97 1970 1943 1970 +027 

DOC 97 1976 19J0 WTO +025 

JOT 98 19.77 1945 WJ7 +027 

£86 W 1975 19JT 1971 +019 

MOT 98 1977 W.7D 19J2 +OW 

AW 98 1974 1970 1974 +020 

Mayra 1976 1976 W76 +021 

Bf.HfcS NA Thu's, sate 87,373 
Tin's open nil 391949 up 102263 

•- =' 

« *8 
ms u* 

2y» to 
Mft 13* 
lOk Uft 
n* i» 
in n* 

9ft 1ft 

3 Pt 
IM 12* 

1ft 1ft 
Wft H 
* » 

11* +H 
5* +* 


11 * 

2 * 

13* .* 

M* 4S 
IM ■* 
Uft ‘ft 
W -ft 
3 *4 

IM ‘ft 
1* *ft 
10ft ‘V* 
U -* 
2ft -ft 

Total Issues 
New Laws 





Tednr towr. 

440 ores. 

47053 60041 

23.38 3039 

51623 612.94 




«Um an - ante pot at. 

Aug 97 64.9 6347 6X6 +065 

0(397 6725 (722 (772 +025 

Dec 97 7025 6940 1 7017 + 027 

P«) 98 7145 TORI TUB +062 

AorfB 7155 7225 7X50 +0(2 

JOT 98 BAS B2B B45 +X37 

Ea. sates 9,706 Thu’s. 1120 
Thu's open ini 72419 up 1158 


Dottars p+r rm+rtc ten 

5pOI 1S45J20 154600 1550 ft 1551ft 

Fomnl 1S67JK 754840 IJ73.00 1 57400 


12&SM marks, f oar mark 
Sep 97 J833 4780 5782 

Dec 97 2844 2817 2821 

MOT 98 5863 4860 4860 

sates Na Thu’s, sates 7474 

TTsrtoPOTire 59285 off 592 


1X000 mm Mu’s, soar mm Mu 
Ao»97 2.154 2.1(15 2.12? 

SOT 97 2145 2110 2140 

Od97 2150 2125 2150 

Nov 97 2285 2250 2278 

Dec 97 1479 2290 2405 

EB.sotes NA Thu'S. ScteS 94213 
Thu'S open ini 19X608 Off 6437 


CalMdes (HMt Cfodal 

2559.00 256400 253] XU 253X00 

240900 241000 240X00 240400 

Per Aar Roc Pay company 

Per Anri Roc Pay 

29* Pk 
son m 
in is* 
112 40* 

** 9* 

11H 11* 

in in 

* M 

SJ Si 

Sft IN 

9* 9(6 

6ft 6ft 
M ft 

m 2* 
lift IM 
Bk tok 
21U 21* 

ft « 

17* MU 


462 ift 
UB 7* 

N* Vh 

4ft 4ft 

™ ?s» 

II* II* 


ijft in* 
i* i* 

scati sft 

11* li* 

¥ i 

22ft 29* 
lift 11 
1* 1* 
Ift 1* 

I * 

in* » 

S 4ft 

U lift 
H 15ft 
26ft 26ft 
in* m 
2ft » 
lay. m* 
Uft JJft 

f l 

It 22ft 

8* 24* 

1ft ft 
1 * 1 * 
9ft 9* 
» * 

ift u 

S5 R 

5M -v. 
. 11* +* 

21 +ft 

20ft 4* 
11 -ft 


Central Eurapa _ JQ 9-3 9-16 

Gennany Fund . 31 M 9-16 

New Germany Fd _ M 9-3 9-16 

Boston Edison 
Bamham Fund A 

i* »ft 
* 4k 
38* +ft 
4* *ft 
lift *ft 
1SU 41 
26* ** 
9* ■* 

Zft *ft 

m ‘* 


7* ** 

7 ft 
a *4» 
24ft +ft ' 

em*31orl spiff- 


MoanrrtxCoLtd 29% 7-3 

Cbff Corps 


- JHS 7-3 7-4 


OgwolEleen _ M 7*7 7-25 

NY Bancorp n _ .is 7-IO 7-24 

Cascade Not 
CO-Steef Incg 
CanunanwIPi En 

momson ™m 
Morton Inti 
Pulse Bancorp 
Unity Bancorp 

VcmEckGlb BOlA 
VonEckGRi Bat X 
VOTE AG* Inc A, 
VanEck Intt trwA, 

1 2d IOk 

& % 
459 M 
WO 19ft 
419 4ft 
U45 Ift 

ss ,r 

lfl 7* 
699 It* 
455 27* 

rar nn 

TO 1* 

4* 4* 

3* » 

lift 201 

m m 

* i 
Ift 6 
28* 2M 
4* 4 « 

Ift 1* 

R & 

«* o* 


8Vk ft 
rm _ 
w* ,m 
20 * + 1 * 
l£h ft 


Ablngton Bncp Q .10 7-10 7-24 

Aetnoloc O 30 7-35 VIS 

Alexander BakMn Q 32 V7 9-4 

Bombardier A g Q .075 7-16 7-31 



7-10 XI 

6- 30 7-9 

7-5 7-25 
XI X18 

7- 15 X15 

Hi 9-15 
7-14 XI 
7-14 7 JO 
7-15 7-31 

7-8 7-16 
7-9 7-23 
7-7 7-15 
7-17 7-31 
X25 9-8 
7-10 7-24 
7-7 XI 
X26 6-30 
6-26 6-30 
6-26 6-30 

6- 26 6-30 

7- 25 B-fl 
X1S 9-2 


4X000 spl- conn nr to. 

Aw 97 ilS) 79.40 BX40 +X90 

Sep 97 8X00 7X85 79.95 *0.S7 

0097 HU5 79JD «L20 +085 

Nwr97 81/0 8X45 81.75 +XB0 

JOT 91 81 J5 8X57 8175 +1.17 

Mar 98 it® 80.32 81 J9 +1.17 

E& safes a/at ITkrt. series SaS56 
TVsmnW 21,125 up 585 

Sp« 61100 61X00 

RMOTRt mOO 637.00 


Spot 684X110 685DL00 
Forward 695000 69S&00 

Spot 550X00 551X00 
Forward 55SQJM 5560JM 
Zinc (SptcM KMP Craie ) 
tei HJ7O0 sm.00 
Fanwud 141600 141700 

606ft 6Q7V> 

62000 67100 


1X5 motion ven. S per 10Q ven 
Sep 77 J9« J8I5 0827 56JI7 

Dec 97 J9£2 J932 J943 Tum 

Marra sow w 

Ert.sries na nw'v sales ixa«o 

TIN'S Open re 5/330 up 4033 


4Z4M 064. cores per gat 
Jut 97 580(1 5605 57.91 +1.11 12. HD 

Aug 97 57 JO 5ta 57.59 +1.U 35.317 

Sep 97 5705 56.15 54J4 +0.93 1X713 

0097 56. H) 5SJ0 SL87 +0176 6+4879 

Nov 77 5549 55JB 5X34 +871 1414 

Dec 77 5500 5445 55.08 +6 jS7 5J29 

Bt.solflS NA Thu's. soles 3X568 
Tiki'S open Int 8XS55 off 750 

695000 696X00 
706500 707000 

USOOO francs,! per franc 
SeP »7 JIM4 4936 4941 

Dec 97 70S J0J4 Jim 
flfarra JOB 

553500 554500 
558SOO 559500 

en.sries na TNrt. sates 4joi 
TlVsanenre 32083 up 18 

741 1.00 141 IM 
141X00 141900 

KOeXLoan (CMER) 

'4LOOO ton-cam per lb. 

JM 97 82.90 BUB 8202 +X57 

Aug 97 BO-25 7B.9S 79.95 +1JR 

Oct 97 71 JO 71.17 71 JO *0X7 

Dec 77 42® 4735 47J7 +025 

Feb 98 44.15 6U5 6637 

Est.srias 7,525 Thu’s. sotes 4J8B 
TTw ’s open ire 3SLS36 up S 

High Law OOM area OpH 

a-OTMak Xapartodakrt* renoant per 
sftanVADR; s^uyaHr In Ctnarian fnnd« 
PMnmritriyi tootMO Wi-NH IBl 


4X600 too.- cants rer to. 

JUIVT 8147 8145 8U2 +X12 

Aug97 8245 8U0 8207 -007 

FOTW TSJff 49 JO 49J5 

Est. solas JJ48 Thu’s, sates 1461 
Thu's open Inf X373 off 304 



SI m8 Ron- PIS Hi 100 od. 

Srt>97 948} 9481 9481 +007 7J9J 

DOTW 9445 «4A5 94M +X01 « 

&.sotas NA Ttsi'v soles 117 
Thu'soPOTlm 7034 OT 19 


SNUri P0SO1. 1 mr pare 
Sen 97 .12171) .17140 .17145 
DBC97 .inoj .11730 .11740 
MorW .11340 JI332 .11340 
Bf8ri8» ju. Thu's, sate Uw 

Thu's open Inf 3MM up 267 


U S. dalon per metric ten ■ lots of 100 Ians 
JM 97 168L5D 161 JS 16X75 +2A0 2X0+0 

Aug 97 165.75 163 JO 16&25 +200 1S+4B6 
Sap 97 16750 16550 16650 +150 4537 

Od97 169J5 16750 16BJ9) +U00 4635. 

Nov 97 17150 14a» 170.25 +0.75 4J30 

Doc 97 17225 171X0 17150 +0J3O X4&S 

Jri)» 17W 172XU 17235 *035 3.M 

Fobn 1724)0 17200 17225 +X25 2JOO 

Est sales. 1X253 . Pw. soles : 1X415 
Piw. open NL: 7291 9 up 949 


*“»*? IM 4 TT.94 1X18 +053 7> 


siNLon pffn. m * «+t(ts w in act 

Sep 97 10X12 106-X7 106-09 + 0j 71X661 

,# y s 

- 0 | 

^.srin NA Thu’s. sates 57JD2 
Thu’S Open Ire 225.755 off 1429 

«* O* 
4* M 
ft .ft 

5 A 
6U M 

m m 

ift ift 

7ft M 
toft rw» 
26* 26ft 

51* Sift 
Ift IM 

tw lift 
11 * 11 * 
8* 29ft 

Sft 2W 

ft * 

ift m 

17* 17ft 
6* 5ft 
}M IBft 

MW Mft 
» ft 
111 2ft 
« M 

a » 

lit 6* 

2ft to 


16* 17 

16* 16* 

6ft 6ft 

Hk 1* 
M* 10* 
13* Tift 
16ft 16ft 
17* lift 
16* IM 
13 13 

11* 11* 
Ifft 19ft 
ft ..ft 

IS* +* 

44* +1* 

4ft ‘ft 
ft ‘* 
Ift ‘ft 
4> »* 
6* ‘ft 
« ‘ft 

29* ‘ft 
m ‘ft 
lift T ft 
Sft -ft 
29* *ft 
ft -ft 
ft *A 
13ft *ft 
17ft -ft 
6ft .* 



M* *ft 
IS* ‘ft 
13ft -ft 
lift .« 
17 -ft 

Mft ■» 

11 -ft 

11* -* 
Wk -ft 
•6 *ft 
I* ‘ft 
lift ‘ft 

Stock Tables Explained 

Sates egures are undfldoL Yoarty rvgrts and k»» reflect ttio previous 52 weeks pfcn the cunwil 
bM bem polAte)«m NgMowransre and OMterKtarastiDMai for the new stude only. Urieoi 
tflMrwIie noted rates of dvMendsara annual ddWtsemente bond cn me Most dedoraBua 
a - tttvWend also extra (s). h > annuo) rote of dividend ptin stock diwJemJ. c - llqutdalkig 
dMdend. cc- PE exceeds 99^d -CflDW. d-new yearly kw.tjd- loss tfittie las) 12 months 
■ -dvMend declared orprid In preceding 12 nnnltn. I - annual mix increased on lost 
dedaratton. g - dividend in Canadkm funds. suh(ectto 15% non-residence fax. I - tfivkiond 
declared after spflf-np or stock dMdcmd. - dMdend poW ftls year, omitted, ttetewed, «na 
action token at latest dMdend meeting, k - tSvidend declared or paid this year, an 
accumulative issue uwttt dMdfnds hi anwn ■ - annual rate, reduced on last dedaratton. 
n -nm taw fn the past weeks. The hlgh-faw range begun wWt Hw start of ttmdng. 

nd - next day doflrery. p - Wtlol (Jtvwefid, annual rate unknown. P/E - pricfc-eamlngs ratio, 
q -ctosadrend mutoalftind. r - dMdend dodamd or paid to preceding 13 months, plus stock 
tfWdeml. (-rioekspR. DMdend begin* wttti dote of spflt. ta-Mte. f-dMdend paid In 
slock In precedng 12 monlttx Ojnnwtod cosh wlueon ewtHrMend w ex-dstrlbution date, 
u - now yeaitjr high, n-trodtog holtod.iil - In bonktiiptcyor receivership or being rrorgortrad 
under tboBankTVjJtCy Act OTjccurmasossumed by such componta-wd- when distributed, 
M ■ wtan Issued/ war ■ wffli wmwnts. x - «-dMdend or ex-rtghts. ttdls ■ w-dWrt button, 
xw - without wo rronts. f. ex-dMdend and sates to hilL yU - yield- 1 - sgl« in fun. 



to metric tans- f pgrlan 

JUt 97 1456 1413 1MB -12 199 

Sep 97 mm 1476 1480 — 18 3X474 

Dec 97 1737 1720 I72J —13 31704 

Ma-n 1744 I7S 1755 -13 22099 

May9l 1791 1771 1771 —11 95M 


Sioa^no prhv. pM «. ]9nM Of lOBOc* 

S8P97 ID8-HI 108-00 10M7 +05 329.154 

DOC97W7-B 1Q7-29 107-28 + 05 4,W 

MOT 1 * 107-16 ‘05 9 

E*f. safes Na Thu's, sates 9&29S 

Tiki’s opot kit 335519 OK 678 ^ 

A3 91 1798 I m 1798 -II 959 

Eii.saies 3.740 Thu's sales 15525 
Tier's open inf 10537 up 2014 



JJ97 19U0 189.00 119.90 — X3S 890 

SCP 97 17X00 144JS WJO *330 1US1 

Dae 97 1SIJ0 10.50 MVjOO +175 Utt 

Mar98 14000 13439) 138JDD +290 2J15 

Movn 135.00 I31U 13100 +1)5 844 

ES. soles 5,129 TW tides WJ29 
Thu’s opot lot 22813 up 4)3 

*«iS|0-Pft A 321** 6f 100 pen 

sen ^ ]ii-o hub m-ao +is 423 , 79 * 

OKVJ 111-10 110-29 111-07 ♦ 15 25453 

MOT98110-M 110-27 110-30 +15 TSM 

|to9a 110-19 +15 IM 

T*f-, sa<es 372,157 

Thu'tOPOTlm 457 .778 off 2327 

E0M00-ptoriS<®pd ■ 
tew «.« 92« 92.94 — 0JB 127J04 
D«:W 9X80 92J8 9230 Ureh. 112M42 

MorW 92.73 92.70 92J0 +4UI1 84405 

2S-22 “wo 

tew 92.70 9166 92J58 +040 354JW 

D«ra ra.71 9167 9168 +030 29-554 

9X71 9M7 9169 +OJM 21675 

JW99 9171 9247 9170 +3L0S 11390 

fM-Uta: 4342L PW.WI« »J1* 

Pn*. open hf_- 499,984 up 1004 ■ 


DM1 mRlon -atari TOO pd 
JUI97 9X86 9686 9686 UnCtL 1607 

N.F, NT. 9685 Undl 391 

5*0 97 968S 9683 9684 UoctL 279^4 

S 75 UndLSBlS 
MW® WojB 9666 9656 UtML 23X583 

cSSa 2i5 ^ * 4un 17Un 

S.2 2^2 +<un 15X431 

u« 9iJS3 * am 9X278 

Mor99 9580 9578 V5J8 ++L01 81921 

Brt. Mtee: 69.084. Prev. sates: 133887 
Pm. open n.: 186X0)0 up 25161 

iHf 1I-S 1B - 18 +0^3 7*964 

«12 IP 6 +A27 3WQS 

J55 IH? ,aj 9 +OJ5 14064 

IHS ,ai0 +® LM lll3M 

18-» 1XSB +0.20 15787 

Jo'S 3^2 JHS +ft ' 9 7 * 790 

+0-18 4891 
KT. N.T. 1X52 +0.J7 ZSS4 


Bri. sates: «U77. Prev. seflas : 31703 

Prev. open tnu 175351 up 537 

<4 3 S ?. 
m i ^ c 

Stock Indexes 



te97 ra§80 89155 89X75 +4jQ172JM 
DSC 97 91380 90580 7T1J0 +7 JO 4J74 
Mur 98 91140 1,745 

E#. soles na Thu's, safes 0802 
Ttre-soPOTlnt 178,930 ot 581 

r * * •* . ^ 

r i £ - p 


FF2D0 far index print 

Jw97 29018 28748 28878 -7J» 145(0 
W WW ZP4L0 29615 —780 M 
Aug .97 290L0 29048 28910 —7 80 1,791 

te97 29148 2888.0 29018 -AM 7X331 
Ed. cates: 43,044. 

Open htj 77.188 up MU 


m,0M amts mv to. 

Jut 97 11.13 10.91 18.92 —0.19 I7J53 
0097 11.30 11.12 ll.M -Ull 91J9B 

U80R 1-M0HTH (CMER) 


JU97 94JJ MJ1 96J] n,367 

AUB97 M29 9427 «L2B 15874 

S»97 9*25 9426 9424 +081 *.104 

Sri. sides NA Ttw^solm 63% 
Thu'SCPWlm 4J.53? up 1268 

Marto 1U6 IMS IMS -ftff IfJM 
Morn 11.17 ll.M 11.11 —AM 8807 

Est. sales 35,542 TWssriK 19.710 
TtartBPBOlnt 16X227 off 5600 


tSD.000 ■ pte & 32i«Js at 100 pet 

Dec 97 NT. N.T. 114-01 +0.17 270 

Ed. Hha 71JBJL Pjw. sates: 60.759 
Prev. BOOT W.; 159.908 off 19 



teff W87 PASS MM-OM 

Marra 9681 9449 96JD +081 

JunW 944T 963 9680 +081 

Sepra 96J6 9624 9626 +0.02 

B«W W85 NR MRS +0.02 

Mot 99 9584 9580 9582 +08? 

Jot 99 9580 9559 9541 +083 

EM. sates! 29,936. 

Open ini.: 254713 up 9. 


’ t- 1 +| 

v e?_ c~ "T 

s i j rr 

te97 tudaunja 4661.0 —210 6U6i 
JJOT97 47)78 J705J 471&5 - JM UI7 
Mar9B 47378 47378 47558 +288 0 

Est- safes: 10573. Pnw. sates: <M8l 
Prev. open Wj 65,178 up 309 

Commodity Indexes 


1TL l raliofi • 5s ot IM pd 

SepW «87 9380 9384 —0.03 114858 

Dee 97 93.90 9381 9986 -084 70832 

Marra *418 9488 9414 -083 47.730 

JOT 98 4*33 9425 9429 -083 34910 

□J- Futures 

So«raB!A1o#$ Asst 
I nff F inancial Fyfvm 
Penm/m Exctiave. 

Oese PmfeM 

NA J«»|0 

1,999.90 1/99080 

150.08 149.94 

239 JO 73980 

KtaMfiresn tyfldon 

^ i f 
i.H$ .‘-I + 

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for she 

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v, .-'»:iaf l '» iin» e -*i 

agreer*--. ■** '}K„ 

Divisions Over EMU 
Sharpen in Germany 


«* «»*: . ... . HoJl 

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CurpOatbyOv StffFwa DfspBKha 

BONN — German divisions over 
economic and monetary union 
deepened Friday, with economic and 
political leaders expressing opposing 
views on whether Germany could 
adhere to the rates for the creation of 
the single currency and how strictly 
those rates should be enforced 
Chancellor Helmut Kohl and fi- 
nance Minister TTieo Waigel looked 
increasingly isolated in their insist- 
ence on a strict interpretation of tire 
rules after a Bundesbank council 
member, Reimut Jochimsen, said 
Germany was unlikely to meet the 
EMU budget-deficit limit of 3 per- 
cent of gross domestic product 

The disagreements came just six 
months before the deadline for Euro- 
pean countries to meet goals on debt, 
(nice stability, interest rates and ex- 
change rates. The dispute follows an 
announcement by France, the other 
core EMU founder, dial it would not 
meet the deficit criteria this year. 

Mr. Jochimsen said it was “in- 
creasingly apparent** that Ge rman y 
would not meet the budget-deficit 
criterion and that it would be “al- 
most impossible” to meet the debt 
limit of 60 percent of GDP. Last 
year, Germany's debt was 61.5 per- 
cent of GOT. The Maastricht Treaty 
sets thresholds for deficits of 3 per- 
cent of gross domestic product and 
calls for states to hold debt levels at 
or below 60 percent of GDP. 

Mr. Jochimsen added that the sta- 
bility pact designed to ensure fiscal 
discipline after the launch of mon- 
etary union was at risk from less 
stability-minded nations. 

“It has even become hard to take 
advantage of the mom for interpret- 
ation left in die treaty,** he said. 

Mr. Jochimsen also expressed 

concern about French commitment 
to a stable euro. 

“France is unwilling and Ger- 
many unable any longer to satisfy 
the criteria,*' Mr. Jochimsen said in 
a speech in Bonn. 

Mr. Waigel. in a speech to the 
Bundestag, the lower house of Par- 
liament, said Germany would 
“keep to the goals, keep to the rules, 
so that the Euro will be a hard cur- 
rency — as hard as the Deutsche 
mark. There will be no soft euro.” 

His comments contrasted with 
those of Wim Duisenberg, presi- 
dent-designate of the European 
Monetary Institute, who said in a 
newspaper interview that he would 
like to get away from die “number 
fetishism” of the criteria for the 
single currency. He said EMU tar- 
gets should not be interpreted in a 
“bookkeeper-like” way. 

Meanwhile, Mr. Kohl warned that 
a delay to die planned introduction of 
the single currency on Jan. 1. 1999, 
could lead to a * ‘delay forever. ’* 

“That is something we can’t af- 
ford,” Mr. Kohl said. “We would 
all pay very dearly for the failure of 
the euro.” 

Dissent within Mr. Kohl’s gov- 
erning coalition was also emerging. 
The Sueddeutscbe Zeitung newspa- 
per reported that Bavaria’s Christian 
Social Union prune minister, Ed- 
mund Stoiber, who has criticized the 
single-currency project, could faring 
his differences with Mr. Kohl out 
into the open. 

The case for a more flexible in- 
terpretation of the criteria was raised 
Thursday by the French finance 
minis ter, Dominique Strauss-Kahn. 
He said that France's deficit would 
exceed 3.1 percent of GDP this 
year. (Bloomberg. Reuters) 



Across Europe, Booming Trade 

Britain Posts Big Surplus Despite Pound’s Strength 

I yaw, um m i iw wmw w w w 

Investor’s Europe 

CaqVtdbfOuS&Fum Dbpatin 

LONDON — Britain's current- 
accoont surplus rose to £1.46 bil- 
lion ($2.43 billion) in the first 
quarter, the largest surplus since 
the first quarter of 1983. 

“The numbers were surpris- 
ingly good given the appreciation 
of sterling,” said James Baity, 
chief UJC economist at Deutsche 
Morgan Grenfell. 

Sterling has appreciated by 
more than 18 percent against a 
trade-weighted basket of curren- 
cies since the middle of last year, 
making British exports more ex- 
pensive. Under normal circum- 
stances, that would be expected to 
reduce the current account as few- 

er goods were sold abroad. 

Britain’s current account, the 
broadest measure of trade, has no w 
been in surplus for two consec- 
ative quarters. 

Investment income in die first 
quarter rose to £2.64 billion in the 
three months to March from £2. 13 
billion in the three months e nded 
December as earnings by British 
banks grew, the Office for National 
Statistics said. The surplus was in- 
creased by a £501 million drop in 
the deficit of goods and services. 

At the same time, Britain’s 
economy expanded 0.9 percent in 
die first quarter from the previous 
three-month period, unrevised 
from previous estimates. 

In a dd ition, gross domestic 
product climbed 3.1 percent in the 
first quarter, compared with the 
similar period a year earlier. 

“These are encouraging devel- 
opments and further signs that the 
British trade sector is improving 
noticeably on previous years,” said 
Nigd Richaidsoo, economist at Ya- 
maichi Securities. He added that the 
data might increase tbe risk that 
interest rates would be raised. 

The rise in output was fueled by 
a 2.4 percent rise in financial and 
business services, and by a 1.3 
percent increase in transport and 
communications. Construction 
output rose 1.1 percent. 

( Bloomberg , Bridge News) 

Rise in German and French Exports Points to Recovery 


Bloomberg News ' 

PARIS — France and Germany 
on Friday reported expanding 
trade surpluses for April, in what 
analysts said was proof that ex- 
ports were leading the way to re- 
covery in both countries. 

France's trade surplus rose to 
15.99 billion French francs ($2.74 
billion), exceeding expectations. 

France’s economic recovery 
hinges on its trade surplus, analyst? 
said. For the year, the surplus is 
expected to exceed last year's re- 
cord figure, helping offset sluggish 
consumer demand. The surplus is 
expected tepropd growth to about 
2.3 percent this year, after last 
years 13 percent rise. 

“Tbe export sector continues to 
drive the economy and will con- 
tinue to expand,” said Rob Hay- 
ward, economist with Bank of 
America in London. 

Exports in April rose to 136.37 
billion francs, from 130.76 billion 
the previous month. Imports fell to 
12039 billion francs from 121.05 
billion in March — reflecting slug- 
gish demand in France. 

In Germany, meanwhile, the 
trade surplus grew to 10.4 billion 
Deutsche marks ($6.02 billion) in 
April, from 9.8 billion DM in 
March, tbe Federal Statistics Of- 
fice said. 

“All in all, the figures confirm 
exports are the principal rooter of 

Gennany's economic recovery,” 
said Lutz Wiegand, economist at 
Bayerische Vereinsbank AG in 

Exports rose 43 percent in 
April, to 73.4 billion DM, and 
were up 12.4 percent on the year. 

A 10.7 percent decline in the 
mark against tbe U.S. dollar since 
fl»e start of the year has helped give 
German companies a competitive 
edge on foreign markets by cutting 
tbe prices of their wares abroad. 

Bayerische Vereinsbank’s Mr. 
Wiegand said the weaker mark 
would “first and foremost help 
exports,” meanin g that in die year 
Germany’s trade surplus would 
widen further. 

Source: Tetokurs 


bKemitktuI NexaJd Tribune 

EBRD Chief to Resign 

Telecoms in Talks on Equity Swap 

CiM p iht brOarSrffmmD u p nd i a 

LONDON — The European 
Bank for Reconstruction and De- 
vekjpmentsaid Friday thar its pres- 
ident, Jacques de Larosiere, would 
step down on Jan. 30,1998. 

The bank said that Mr. de Laro- 
siere, 67, cited personal reasons 
for declining its request to save 
another term when his current 

four-year stint expires on Sept 
27, but that he had agreed to stay 
until January “to ensure a smooth 

The bank’s 58 governmental 
and institutional shareholders will 
elect a replacement. Analysts 
have cited Lambesto Dini. the 
Italian foreign minister, as a prime 
candidate. ( Bloomberg , AFP) 


BONN — Deutsche Telekom AG 
and France Telecom have begun ne- 
gotiations over swapping equity 
stakes to anchor their European al- 
liance, a Deutsche Telekom official 
said Friday. 

“An equity swap is very likely,” 
said Joachim Kroeske. the com- 
pany's chief financ ial officer. 

While in the past the two compa- 
nies have talked about exchanging 
capital, the basis for an equity swap 
is only now being established. 

The first step was tbe Brain gov- 
ernment’s decision Thursday to 
transfer a 25 percent state in 
Deutsche Telekom to a state-owned 
bank, Kredhanstalt frier Wiederauf- 
bau. The company said it would 
seek a “strategic investor” to take 
over the state from the bank. 

The second step would be tbe sale 
of France Telecom stock. Prime 
Minister Lionel Jospin said Thurs- 
day that no decision had been made 
on such a move, but some of his 
ministers appear to support a sale. 

Commenting on speculation that 
the German and French telecom- 
munication groups could raise their 
stakes in Sprint Crap, of the United 
States, Mir. Kroeske said, “Until 
now we are very happy with oar 10 

The phone groups each hold 10 
percent of Sprint, but the U.S. Fed- 
eral Communications Commission 
has frowned upon the idea of al- 
lowing them to take over tbe com- 
pany until French and German mar- 
kets are open to competition. 

Very brief lys 

• Italy cut its official discount rate to 6.25 percent from 6.75 
percent and lowered its fixed-tens advances rate to 7.75 
percent from 8.25 percent, their lowest levels since 1975, 
citing its low inflation rate. 

•The European Com mission ruled that a recapitalization of 
die troubled Italian airline Alitalia SpA must be classed as 
state aid and not a market investment 

• France’s index of business confidence in its economy fell to 
minus 1 1 in June from minus 7 in May; the index has fallen 
from a 19-month high of plus 6 in February. 

• Renault SA’s management board was to meet Saturday to 
make a final decision on its disputed plan to close a plant in 
Vilvoorde, Belgium, cutting 3,100 jobs. 

• United News & Media PLC of Britain said it had made a 
£371.7 million ($619.3 million) agreed bid for the inde- 
pendent television operator HTV Group PLC. 

• Nicholas Leeson, the imprisoned trader blamed for the 
collapse of the British merchant bank Barings PLC, stands to 
profit from a planned film about his life, according to a report 
in the British press; Barings’ administrators have begun legal 
steps to prevent that from happening. 

• Prime Minister Viktor Chernomyrdin of Russia and his 
Chinese counterpart, Li Peng, formalized a plan to meet 
regularly and witnessed five accords aimed at pushing bi- 
lateral trade to $20 billion by the tom of the century. 

•Swiss Re said it expected its net profit to rise by 20 percent in 
1997, compared with last year’s earnings of 1.46 bilfron Swiss 
francs ($1.02 billion). 

• Ukraine’s Parliament passed its much-delayed 1997 budget 

by 229 votes to 71, approving a deficit of 5.7 percent of gross 
domestic product, or 4.0 percent by International Monetary 
Fund standards. Bloomberg. Reuters. AFP 


PAGE 15 

i -- 

; .j 


Investor’s Asia 

,f i t'. i: t 
*: 1\ i. \ 


. *i «■ 

, i* & 
. ?j^t 

, 3?Ji 

■ M U 

Hong Kong 
Hang Seng 


16000 — 


14000 —-- '■> 

ia00 j' F M A M J 

■ Straits Times 

Nikkei 225 

250 Wen — 
2200 -VI 

2150 — +-- 
2100 \ ■ 

2050 \ 

2000 1 

1950 fc T-.-r 

22000 - 


Ti-m 17000 , ^ t 

J F'M A M J 

‘ J F M A M J 

Nike Plant Supervisor 
Sentenced for Abuse 


Taiwanese supervisor of a 
factory in Vietnam that 
makes shoes for the U.S. 
sportswear giant Nike Inc. 
was sentenced to six months 
in prison Friday for physic- 
ally abasing workers, a court 
official said. 

The official said the wom- 
an, who was sentenced after a 
one-day court hearing in the 
southern province of Dong 
Nai, had 15 days to appeal the 

The woman, Hsu Jiu Yen, 
was accused of forcing 56 of 
her workers at the Pou Chen 
Vietnam Enteiprise-Ltd. plant 
to jog twice around the two- 
kilometer (1 -2-mile) factory 

perimeter in the heat of the 
day as punishment for failing 
to wear regulation footwear. 

According to local news- 
paper reports. 12 of the work- 
ers fainted and were taken to a 
hospital. . 

The factory is one of five 
plants — three South Korean 
and two Taiwanese — pro- 
ducing shoes for Nike in Vi- 
etnam that were named in 
March by the Vietnam Labor 
Watch for abuse of workers. 

Nike officials have refuted 
the allegations. 

An independent review by 
a former U.S. ambassador to 
the United Nations, Andrew 
Young, found that workers at 
Asian Nike factories were 

HONG KONG: China’s Tutor 

> l Continued from Page 11 

~ rescue state-owned compa- 

: ' * >. v fixes and run a propaganda 
J >; 'r campaign, bot he has no ex- 
' v ■ ; •• perience at stopping a stock- 

; « ■* p ? market crash or a bank run. 

^ •" One result is a far-reaching 

- \ change in perceptions of 
1 ■ ■' £ Hong Kong as a business cen- 

. 1 S . ter under the Chinese. A de- 
* " r P f cade ago, after the British had 
; ' 1. agreed to return Hong Kong 
r £ » to China, there was a vigorous 
. fj r debate about whether Hong 
- t h. Kong’s role as a financial hub 
. pj.. for Asia would shift to Singa- 
•f; pore or Bangkok or even 
••• * Taipei after the British reiin- 

•T .. .V Quished the colony. 

~ £' Back then, people 

~ scrambled to find passports to 

■ i. * new homelands and compa-. 
S £ nies looked into moving to 
i. 2 Singapore, Malaysia or 

-■ * f X Taiwan. These days there is 
_ 5 ‘: ■: ' stifl plenty of trepidation, and 

= ■ K r z pessimists think that Hong 
. ’j [ : ;r v . Kong will still collapse under 
‘ J- f Chinese role- But the stock 
- I !, market has headed toward the 

- ,-y h | : heavens, and property prices 
• X V i are at their all-time highs. 

_ Also, these other regional 

c,?j capitals never evolved into 
*.j t y ; w orld financial center that 
x *:* 3 Hong Kong is today. While 

J - ; K somebusinesses have, indeed 

’ / moved to Sings^ore. many 

,** }• •; others have moved from 

l' Singapore and elsewhere to 

b *• r Hong Kong to build their 

. -. *: «■ China businesses. 

- ■ r ; Already. Hong Kong in- 
-V dusoialists have cultivated 

: China as their manufacturing 

hinterland, setting up oper- 
ations that employ about 5 
milli on Chinese workers, 
more people than work in 
Hong Kong. 

And since China opened up 
in 1979, foreign investment 
as of last year bad soared to 
nearly $100 billion, accord- 
ing to Bankers Trust Co., with, 
two out of every three dollars 
co min g from this tiny terri- 

One of Hong Kong’s 
greatest and most lucrative 
tasks will be to help finance 
China’s economic develop- 

As a financial center, Hong 
Kong will be helping Chinese 
companies go public, issue 
bonds and arrange syndicated 

Chinese leaders them- 
selves have said that after the 
handover, • Hong Kong will 
play a greater role in financ- 
ing the expansion of China. 

. While China’s stock mar- 
kets have expanded at break- 
neck speed, they would have 
to issue another $700 billion 
in stocks to catch up to tiny 
Taiwan’s stock market as a 
share of Taiwan’s economy, 
according to figures by Per- 
egrine Securities Intonation- 

In the first five months of 
this year alone, Chinese 
.companies and (heir subsidi- 
aries sailed to the Hong Kong 
Stock Exchange and raised a 
total of aboui $5.3 billion, 
more than was reaped during 
all of last year. 

Japan’s Shareholders Start Demanding Answers 

I Exchange ' index Friday Prev. % 

Close Close Change 

HongKoog- .; Hang Seng ' 15,196.79 I5,t2 a:02 40.46 

Singapore • Streets Times- f, 974^7 1.989.80 * -0.78 

Sydney * ' ' M Ordinaries 1 ■ . 2,702.46 2,699.90 +0.09 

Tokyo-- ... N»&e)22S .v. .. 20,523.75 20.824.78 -0.49 

Kuala Uui^Cort^ostte " ' 1,070.06 1,066.74 +0.31 

Bangkok SET : . ’ . 528*18 520.02 * +1.57 

Seoul ■ Composite Index - 73843 744.34 *0.79 

Taipei • • • • Stock Market Index 8,984.59 8^71.76 +- 1 27 

Manila ' PSE ". ” 2*835.03 2,837.1 D -0.07 

Jakarta Composite Index 716^3 709.41 + 1 .05 

WelHngUm NZSE-40 2443LZt 2,410.15 +1S7 

Bombay' Sanative index 4,13374 4,116.56 +0.41 

Source- Teiekurs Iniemiu.mJ Hit*U Tnhunc 

Very briefly; 

• Hong Kong's stock market regulator said that all listed 
companies would receive the same treatment after the territory 
reverts to Chinese rule Tuesday. 

• Japan's finance minister, Hiroshi Mitsuzuka, said China 
should be included in the Group of Seven, the world's top 
industrialized nations. 

• Toyota Motor Corp. said it bought 5 percent of Zen r in Co., 
a maker of digital maps for car-navigation systems. Toyota 
said it paid 10 billion yen ($87 million) for 1.68 million shares 
of Zemin. 

• Japan's industrial output rose 3.8 percent in May from the 
previous month, the government said in a forecast seen by 
analysts as a little too strong. The month-to-month increase, 
the first in four months, was a turnaround from a revised 0-5 
percent decline in April. 

•Indonesia has proposed changes to coal mining regulations, j 
industry sources said. The government, among other pro- 
posals, is seeking increased Indonesian participation in the ! 
coal sector by requiring foreign companies to divest them- 
selves of 51 percent of their projects to Indonesians by the 10th 
year of operation. 

• Hutchison Whampoa Ltd. of Hong Kong has signed a 12 
billion Hong Kong dollar ($1 .54 billion) loan facility, a record 
for corporate borrowing in the colony. 

• The United States has told Indian and American telephone 
companies that they must set sharply lower phone call rates — 
23 cents a minute, down from 80 cents — by 2002 to curb 

• Association of South East Asian Nations foreign ministers 
will meet during the Hong Kong handover nexr week to 
discuss the entry of Burma, Cambodia and Laos. ASEAN 
diplomats said in Hong Kong. 

• Perfecto Yasay Jr. was appointed to a seven-year term as 
chairman of the Philippines Securities and Exchange Com- 
mission by President Fidel Ramos. Reuters. AP. Bloomberg. AFP 

BUnWherg tifWS 

TOKYO — The 77-year-old 
housewife looked ar the three small 
jars of food additives she had just 
been handed at the annual share- 
holders’ meeting of Ajinomoto Co. 
and frowned. She would rather have 
had a good explanation of how two 
executives at the company ended up 
being arrested for paying $9 million 
in hush money to gangsters. 

“They didn't give us any sat- 
isfactory answers," she said after 
the meeting Friday. “Only pat 
ones.” After this, she said, she 
might get rid of her 5.000 shares. 

Welcome to the Japanese share- 

holders’ meeting, where docile 
shareholders are expected to be seen 
and noi heard and presidents run the 
perfunctory proceedings on tightly 
scripted schedules that rarely ex- 
ceed 30 minutes. 

Japanese companies treat their 
small shareholders shabbily, and the 
annual meetings are just one ex- 
ample. On Friday, 2355 companies 
opened their meetings precisely at 
10 A-M. to frustrate sokaiya. the 
gangsters who threaten to disclose 
embarrassing secrets at the meetings 
unless paid off. 

On investors' minds Friday 
morning were the arrests of exec- 

utives at Nomura Securities Co., Ja- 
pan’s largest brokerage, and Dai- 
Ichi Kangyo Bank Ltd., its fourth- 
latgest bank, for paying blackmail to 
sokaiya. Other issues included a 
merger that was called off between 
the game-makers Sega Enterprises 
Ltd. and Baridai Co. and $10-5 bil- 
lion worth of bad loans at Nippon 
Credit Bank Ltd. 

Senior executives at Dai-Ichi 
Kangyo, Nomura and other compa- 
nies apologized to shareholders for 
the scandals. 

“The responsibility of the top 
people is very serious,’ ’ Katsuhiko 
Kondo, a director at Dai-fchi 

Write-Downs Hurt BHP in 4th Quarter 

CimpM At Oir Stuff Fwei Papatchrs 

MELBOURNE — Broken Hill 
Proprietary Co. said Friday that it 
lost 712 null ion Australian dollars 
($535 million) in its fourth finan- 
cial quarter, as it slashed the book 
value of its loss-making copper 
and steel assets. 

The result included a one-time 
loss of 1.1 billion dollars in the 
quarter that ended May 31. pan of 
which was a 550 million dollar* 
write-down in the value -of its U.S. 
copper divisioo. provisions for 

steel-plant closures and a write- 
down of its minerals and refinery 

The losses were expected, ana- 
lysts said. Some added that BHP's 
quarterly operating profit of 371 
million dollars was at the high end 
of expectations. Shares in the com- 
pany rose 9 cents to 19.15 dollars. 

“It's cleared the slate,' ’ said Neil 
Boyd-Clark,'a fund manager at 
Norwich Australia Investment 
Management, referring lo the write- 
downs. Even so. * *We probably feel 

they have some way to go.” 

BHP. Australia’s largest listed 
company, acknowledged that it did 
not look hard enough into its $2.4 
billion acquisition of the Arizona- 
based Magma Copper Co. and was 
now considering selling some of 
the assets it bought IS months 

Annual net profit at the com- 
pany plunged 61 percent, to 410 
million dollars. Sales for the year 
rose 9.5 percent to 20.9 billion 
dollars. (Reuters. Bloomberg ) 

Kangyo, told 800 shareholders Fri- 
day. “Trust in the bank has been 
badly damaged. We are doing 
everything to prevent this from hap- 
pening again.” 

The contrite attitude impressed 
some shareholders. 

Akira Yakuwa, president of Es- 
sam Co., which sells software and 
office supplies to accountants, said, 
“Before, they had an obnoxious al- 
titude. but now that’s changed.” 

But in some cases shareholders 
say they got short shrift. 

At Ajinomoto, for example, one 
shareholder said it looked as if two 
shareholders who asked lengthy 
questions were planted, and the an- 
swers from management seemed re- 
hearsed. With five shareholders ask- 
ing questions this time, the meeting 
lasred an hour and a half. Last year it 
was 30 minutes. Like most compa- 
nies, Ajinomoto will not admit the 

At Dai-Ichi Kangyo Bank — ac- 
cused by prosecutors of loaning a 
quarter of a billion dollars to sokaiya 
in one of Japan’s biggest financial 
scandals — shareholders com- 
plained they still are not being told 
the whole truth. On Thursday, four 
former directors were indicted, and 
the chairman resigned two weeks 
ago after he “suddenly re- 
membered” knowing aboui the 
loans. Prosecutors say tbe sokaiya 
who blackmailed Dai-Ichi Kangyo 
Bank used some of the loans to buy 

300,000 shares in Nomura, and then 
blackmailed the brokerage, too, 
where the president has been ar- 

At Nomura's meeting. Shinpei 
Omura, who is a white-collar work- 
er at a Tokyo machine-maintenance 
company and owns 6,000 shares, 
said, “They ducked ail the tough 
questions with vague answers.” He 
added, “I’m not 100-percent con- 
vinced we’ve seen the last of these 
kinds of scandals.” 

Ken Okamura, a strategist in the 
Tokyo office of Dresdner Kleinwon 
Benson (Asia) Ltd., said. “The an- 
nual meetings are an example of 
how minority shareholders get 
treated quite badly.” 

About a quarter of the shares in 
the Japanese stock market are owned 
by groups of companies called 
keiretsu — led by banks known as 
“main banks” and encompassing 
most of Japan’s industrial giants. 
These groups hold stock in each 
other on tbe basis of “you scratch 
my back and I’ll scratch yours.” 
There are few complaints about low 
dividends or bad management. 

The ratio of dividends paid out in 
Japan is at best under a third of 
earnings, said James Abegglen. 
chairman of the consulting firm 
Asian Advisory Service and author 
of “Kaisha, the Japanese Coroora- 
tion.” That is well below the almost 
two-thirds range common in the 
United States and Britain. 

4 ’ T -A Q :v* 

s 1 ** dk c j I V»F ii r. 

1997 Annual shareholders' meeting 

« Major changes are in process in our businesses and our markets. Concerning your Company, we are 
confronting this new world with firm determination to secure the place we deserve. If I had to summarize 
the spirit that drives the choice we are proposing to you in one word, I would say « offensive »; offensive in 
the approach to our customers; offensive towards growings markets, and offensive in new technologies ». 

Serge Tchuruk 

Extract's from the Chairman's Address 

Dear Shareholders. 

This year I can show you the first tangible results of the 
vigorous recovery plan put into place at the end of 1995, 
which you approved but was still, one year ago. at the 
beginning of its implementation. 

The rebound in income from operations is a significant 
reflection of progress achieved, considering that it grew 
from FF 600 million in 1995 to FF 2.9 billion in 1996. This 
beginning of the recovery, as well as the capital gains 
realized from disposal of assets, lead to a return to 
profitability with FF 2.7 billion compared with a historical 
loss of FF 25.6 billion in 1995. 

An analysis of the principal items in the consolidated 
income statements and the balance sheet reflects the trends 
which give some indication of the future. Orders grew by 
8% over the previous year, mainly due to growth in Telecom, 
the key segment essential to the Group's future, and where 
growth was more than 20%. Sales increased by only 1% 
because the strong growth in the previous year’s orders will 
only begin to haw an effect beginning in 1997, due to the 
time gap between the cycle of orders and deliveries. In our 
balance sheet, there are two items that should be especially 

- the decrease in net financial debt At the end of 1996, it 
amounted to FF 13.1 billion compared with FF 20.0 billion 
the previous year. This significant improvement in our 
financial situation was made possible by our asset disposal 
program, for a total value of more than FF 11.0 billion in 

- significant drop in the debt/equity ratio. - 

This ratio has decreased to 34% compared with 61% in 1996 
and places us in a favorable position, both at the French and 
international levels. 

To summarize, even if 1996 can be characterized as a 
transition year, all of these elements are encouraging The 
operating results of your Group are still modest but they are 
well in line with the action plan established eighteen 
months ago. They are witness to the magnitude of the efforts 
undertaken as well as to their first results. They are the basis 
of our confidence and have led me to propose to our Board 
of Directors to submit to your vote a 26% increase in the 
dividend, increasing from FF 8.0 to FF 10.0 per share, for a 
total dividend of FF 15.0 per share compared with FT 12.0 
per share, including tax credit. 

What about the future and, first of all, the short-term future, 
that Is 1997? 

The first quarter 1997 performance is encouraging; sales grew 
by 12.1% in real terms. The Telecom segment, in particular, 
registered a growth of 18% in sales and 10% in orders. 

Even though, as usual, we wish to remain prudent in our 
outlook, it is clear that 1607 should confirm the initial 
progress of the past year. 

The increase in sales registered in the first quarter should 
continue for the rest of the year, in conjunction with a 
drop in our costs, the effect of which is becoming more 
pronounced. It is thus realistic to think that our income from 
operations should more than double in 1997. Our progress 
should be particularly sig nifican t In the Telecom segment, 
whose importance within the Group, as well as its difficulties 
in the past, has weighed oh the total performance. 
We should, therefore, continue to stay well in line with our 
recovery plan, which has the objective by 1998, of returning 
to a satisfactory level of profitability, in proportion to the 
size , the technological capabilities, and the ambitions of 
your Company. 

In order to do this, it is necessary to pursue the strategy 
of refocusing and increasing productivity gains. We win not 
change our strategy, whatever the difficulties may be. The 
market price for the majority of our equipment, whether 
electronic or electro-technical, is dropping by about 10% 
per year. Stringent management is an absolute condition to 
survive and the restructuring in process must be continued. 

What now are the nuyor choices that I propose to you to 
prepare our medium and long term future? 

They are certainly linked to the developments in our 
businesses and our markets. Major changes are in process. 
It is necessary to understand and. if possible, to anticipate 

Concerning your Company, we are confronting this new 
world with firm determination to secure the place we 
deserve. If I had to summarize the spirit that drives the 
choice we are proposing to you in one word, I would say 
“offensive"; offensive In the approach to our customers, 
offensive towards growing markets, and offensive in 
new technologies. I will explain these different points more 

Our customers are no longer content to have equipment 
suppliers, they want, more and more, optimized global 
solutions, intended to reinforce their competitive positions 
with their own clients. Your company has the best assets to 
4 answer this need with its expertise in the field of turn-key 
activities, both in its domestic and export markets. 
For turn-key projects, we have put together the expertise 
of the Telecom, Cable and Components, Engineering and 
Systems teams. 

You already know how important mobile communications 
have become. We are confronted with a phenomenal growth. 
The number of mobile lines should equal half of the fixed 
lines by the year 2000. We are progressing well in this 
market where our technology is now confirmed. As of today, 
we have accumulated a capacity close to 10 million 
subscribers with our GSM networks throughout the world 
And for example, France Tblecom is introducing our new 
line of mobile telephones, which exists in all colors, under 
the name of OLA. 

You know, without a doubt as well, that Internet, stimulated 
by a booming innovation, is in the process of becoming 
the major multimedia communications tool of tomorrow. 
We think that there will be 250 million Internet users toward 
the year 2000, which means a fourth of the number of 
fixed subscribers. This is an extremely significant market, 
in which we have decided to concentrate our efforts. 
Already, it seems that your Company is one of the leaders in 
high speed access lines, particularly well adapted to this 
market, and which is based on ADSL technology. It will 
allow bits of information to be passed 200 times faster 
by your copper telephone line. We have received major 
contracts in this activity in the U.S. 

Concerning international development and, in particular, 
Asia, your Company benefits from strong and historical 
businesses acquired through its activities in central 
telephone exchanges, notably in China, India, Indonesia, 
Thailand and Taiwan. These positions are the springboard 
for our growth in a region which is taking a more and more 
important role in the world economic arena. 

But even though the developments are occurring simul- 
taneously worldwide, I must recognize that our success in 
the United States is a source of pride for Alcatel Alsthom. 
We have had major success there and it has been noted 
by our competitors. With just a symbolic presence at the 
beginning of this decade, we .have achieved 1996 sales 
amounting to USS 2.0 billion in Telecom and Cables with, 
notably, a leadership position in synchronous transmission. 
We expect to double our sales between now and the end 
of this century in a market which, while already very 
developed, maintains a strong growth, ftieled by intense 
competition between operators, technological and 
commercial innovation, and in a favorable economic 
context This brief glimpse on the other side of the Atlantic 
Illustrates, in a dazzling fashion, that the telecom- 
munications market, liberated from monopolistic restraints, 
has become a formidable environment for opportunities, 
under the condition that one takes the necessary measures. 

That is why I spoke earlier of the necessity' of technological 
offensive. Our effort in research and development is 
considerable. We have invested FF 16.6 billion in 1996, 
essentially in telecommunications. Our most recent successes 
in software, in control platforms and network 
management systems, as well as in the transmission field 
(optical networks, ADSL access) and components (opto- 

electronics). make us confident of that choice. In this 
regard, half of the 80,000 people of the Group working in 
the Telecom segment is composed of engineers and 
technical managers, of which more than 15,000 engineers 
are software specialists. 

I have spoken about our major activities in the telecom- 
munications market I would now like to speak briefly about 
the other major markets for the Group: energy and transport 
In the markets which concern our Cables and Components, 
Engineering and Systems, as well as our subsidiaries GEC 
Alsthom and Framatome, the developments are equally 
profound. The traditional balance between the different 
sources of electrical energy have been modified by the 
arrival of gas turbines and the reduction of waste front coal- 
fired plants. 

In mass transport, railroad transportation is experiencing a 
second youth; this concerns die railroad, the subway, or the 
streetcar. This is being nurtured by technological advances 
in the TGV or the pendulum train, but equally due to the 
significant growth resulting from efforts to protect the 
environment, which often leads to a preference to rail 

Here, as well, I will use the same word to characterize 
our strategy - that is offensive. In energy, as in transport, 
deregulation , is forcing our customers to look for new 
sources of productivity. One of the ways which is being 
followed in many countries is the delegated management 
of maintenance services and the maintenance of materials. 
The other significant trend is the development in emerging 
countries. The Engineering and Systems segment, as well 
as the subsidiaries GEC Alsthom and Framatome, have 
adapted an offensive strategy in these countries, based on 
turn-key contract offers, on the development of local 
production, and on the creation of special financing. 

In conclusion, I would like to come back to what motivates 
the men and women of your Group. In the commercial 
successes that we registered in 1996. it turned out that 
speed was a determining factor. I want to speak here, of 
course, of the speed with which is always offered by our 
equipment and systems but also of the acceleration in 
product renewal and the shortening of delays that we 
maintain in regard to our customers. 

To be offensive, speed is essential This is, without a doubt, 
the first reason that has driven us to choose the motto 
“The Hi Speed Company" for Alcatel Alsthom, which we 
do not translate because it should be understood by all of 
our customers throughout the world, as well as all of our 

Hie second reason is that this motto equally constitutes an 
invitation to profoundly change the culture within our 
Company. This very high speed is that which mobilizes 
your Company's employees toward a new approach to 
customers: anticipatitive, creative, fast 

Ladies and Gentlemen, dear Shareholders, we have 
ambitious objectives. The achievements have been and will 
have imperatively to continue to be in line with our targets. 
This is how we will create value for our shareholders, which 
is our goal, but equally our source of pride. The financial 
markets have understood this and that is reflected in the 
clear progression of Alcatel Aisthom’s share price, When the 
Annual Shareholders* Meeting appointed me as Chairman in 
June 1995, Alcatel Alsthom^ share price was FF 465. Today, 
the share price has increased by close to 40%. I assure you of 
my personal determination and that of all of the Group’s 
employees. I sincerely hope that they will receive the same 
commitment and the same support from you, as has been 
the case during the last two years. I thank you in advance. 

* Safe Harbor • statement under the Private Securities 
Litigation Reform Act of 1995: The above retease contains 
forward looking statements which are subject to a number 
of risks and uncertainties wkick could cause actual 
results to differ materially from those projected. Suck 
expectatioiis assume that the Company's operations, growth 
in revenue, income from operations and restructuring 
plans will not be affected by unexpected factors including 
market declines, the effects of privatisations or 
deregulation in the telecommunications sector, increased 
competition, the development of new technologies, increases 
in other costs, or changes in volume. 

INVESTORS RELATIONS: Tel 33 (0)1 40 76 1 1 11 • Fax 33 (0) 1 40 76 14 05 • E mail: 


^wwv 'A ■■'flw'l 

ftra-s: ;*3tij 

JUNE 28-29. 1997 


Little Firms Need 
Room for a Big View 

Help for Companies Looking Abroad 

Leading MicrO*Cap Funds Total return over one and three years to Juno 12: offsnorc small-company funds to May 31. 

By Barbara Wall 

T HE EFFECTS of globaliza- 
tion on large companies are 
easy to see, but small concerns 
encounter many of the same 
problems and opportunities from fall- 
ing trade barriers. Individual entrepre- 
neurs often find the idea of branching 
into other countries daunting, manage- 
ment specialists said, although there 
are government and private sources of 
assistance available. 

In the European Union, companies 

“At least four of the annual trade 
fairs — fashion, giftware. toys, 
watches and clocks — are the biggest 
of their kind in Asia,” he added. “As 
a result, they attract money, inter- 
national buyers and distributors.” 
The Intemer is a useful starting 
point for fledgling international en- 

Tire Economist Intelligence Unit, a 
source of information and analysis for 
international executives, provides a 
business intelligence service on the 
Web. Subscribers can tap into a database 
of country and regional publications 

with less than 1 50 employees account . covering market conditions, economic 


for more than 90 percent of all Euro- 
pean enterprises, yet a study by the 
European Commission showed that 
less than 20 percent are 
engaged in international . 
commerce. The study *** *= 

found that less than 15 
percent of small compa- 
nies in the United States 
do business overseas. 

David Frost, export 
adviser to the Birming- 
ham Chamber of Com- 
merce, in Birmingham. 

England, said he was 
dismayed by the paro- 
chial attitude of the Brit- 
ish small-business com- 

“It has been an uphill 
struggle trying to per- 
suade small-business 
owners dial internation- 
al commerce is no more 
complex or costly than 
doing business on their 'n 
own doorstep.” Mr. 

Frost said. “Problems, 
with distribution and 
payment are the most 
frequently cited reasons 
why entrepreneurs will 
not export products and 
services overseas." 

The Business Links 
project in Britain was 
starred three years ago 
by the British regional 
Chambers of Com- 
merce in order to help 
micro companies — 
those with six to 1 2 em- 
ployees — broaden 
their trade horizons. 

The project consists 
of one-srop business- 
advice centers • that 
provide entrepreneurs 
with resources to re- 
search new markets and 
to successfully export 
their products. As well 
as providing market re- 
ports and financial guid- 
ance, the centers sell lists of distrib- 
utors in the target markets for a 
nominal fee of about £100 ($166). 

The United States has a wide range 
of programs to assist small companies 
with grand ambitions. Volunteers in 
Technical Assistance has set up a 

news, industry trends and corporate 
strategies in more * an 1 SO countries. 
Entrepreneur magazine has a Web 
site with an international 
section that offers ad- 
' /Vt vice and links to other 
services of interest to 
internationally minded 

The Internet is useful 
for finding potential cus- 
tomers by examining 
their Web sites and by 
advertising your product 
or service. You can cre- 
ate your own home page 
for as little as a few hun- 
dred dollars — although 
complex sites can cost 
far more — and be avail- 
able to potential custom- 
ers around the world. 

One site that helps en- 
trepreneurs do both be- 
longs to International 
Small Business Consor- 
tium. Nick Baker said he 
started the site to help 
little companies try to 
compete with multina- 
tionals as trade barriers 
fall. Mr. Baker owns the 
site and receives assist- 
ance from some of its 
members, bui the ser- 
vices — such as match- 
ing suppliers and pur- 
chaser — are free. 

Mr. Baker said that 
outside of the United 
States, the consortium 
had concentrations of 
members in Australia, 
Britain, Canaria, Hong 
Kong. Indonesia, Malay- 
sia and Singapore. He 
said it paid to keep tip 
with Internet's rapid de- 
velopments. For exam- 
ple. photographs used to 
be disliked by users be- 
cause of lengthy and ex- 
pensive download times, 
but that perception is 
changing, partly because of increased 
modem speeds and partly because 
graphics are useful in explaining 
products and services. 

Before embarking on a new busi- 
ness venture, aspiring entrepreneurs 
are generally advised to draw up a 

training program for entrepreneurs in . business plan. A business plan drafted 
Nairobi, while the Peace Corps does by a business consultant can cost from 

small-business counseling in more 
than 20 countries, including some 
emerging markets. 

I N ASIA, where entrepreneurs of- 
ten are more open to international 
trade than are their Western coun- 
terparts, one of the most comprehen- 
sive small-business support programs 
is run by the Hong 1 Kong Trade and 
Development Council 
Louis Ho, a spokesman for the or- 
ganization, said the council's 51 re- 
gional offices around the world receive 
about 450,000 international trade in- 
quiries a year. These are fed into a 
database that can be accessed by smali- 
company owners for. a modest fee. 

The council also organizes more 
than 300 trade promotions a year. 
Although its direct support is limited 
to companies registered in Hong 
Kong, Mr. Ho said, its “local trade 
fairs could be of interest to other 
Asian small-business owners.” 

by a business consultant can cost from 
$500 to $50,000. but Paul Kiischner, 
co-author of the “International In- 
stant Business Plan,” said do-it-your- 
self enthusiasts could draw up an in- 
ternational plan in just 12 steps. 

“Market research is by far the most 
important portion of the business 
plan.” he said. "A common mistake is 
to spread the research too thinly. Rather 
than attempt to cover six or seven mar- 
kets. which can prove very costly in 
terms of time and resources, it is gen- 
erally considered prudent to tackle one 
or two new marke ts initially.” 

Meg Raymond runs a small knit- 
wear company in Scotland. She found 
that having a partner based in the 
target market was a great help in 
determining marketing strategy and 
securing adequate distribution lines. 

‘ ‘When I started exporting my knit- 
wear in the late 1980s, I had no over- 
seas partners,” she said. “Sales were 

Continued on Page 19 

ju.S. FUNDS 

1 year 

3 years 1 


1 year 

3 years 


1 year 

3 years j 

j Nl Micro Cap Fund 

t Tai: 800 8864742 



Foreign & Colonial Enterprise 

TW: 44 171 628 8000 



Opport-Brazil Value 

TW: 55 21 5321000 



j Shadow Stock 

j Tab 800 422-2766 




TW: 44 171 489 6848 ' 



Schro Asia Ch/HK Ent 

TW: 44 171 656 6000 



i Babson Enterprise 

TW: 800 422-2786 



Gartmore Enterprise 

TW: 44 171 782 2000 



Geo Summit-Matrix Eq 47.79 N.A. 

P.O. Box 3186, Main Street, flood Town. British Virgin Islands 

Franklin Val. Mic. Cp. 

Tai: BOO 342-5236 




TW: 44171 4891888 



Hamon Sel Asian Port 

TW: 852 2526 4268 



Bridgeway Ultra-Small Co. 

Tel: 800 681-3550 



Dunedin Enterprise 

TW: 44 131 313 1000 



Jupit Tyn GF-UK Sm Co 

TW: 44 1534 879 500 



Evergreen Ltd Mkt Y 

TW:B00 235-0064 




TW: 44 171 B31 6464 



Thornton Ut Dragon 

TW: 852 28 288837 



Perftt Capital Growth 

TW: 800 331-8836 



Mercury Grosvenor 

TW: 44 171 280 2800 



Galleon Omni A 

Tel: 1242 3284877 



j Pimco Micro Cap Gro. Inst. 

TW: 800 927-4846 



Ivory & Sime Enterprise 

TW: 441534 875141 



Patrimonio-Corplnv 11 

TW: 55 11 30 391800 



Fremont US Micro-Cap 

7a!;800 548-4539 



Pantheon International 

TW: 44 171 433 5685 



Galleon Omni B 

TW: 1242 3284677 



Wasatch Micro-Cap 

TW.'IOO 551-1700 

Source: Upper Analytical Services 



Abtrust Scotland 

TW: 44 1224 639070 



Credis Eq-Sm Cap Eur 

TW; 35243 5161-1 



80.29 . 

Jul HrrJJ Tnt'uih 

Britain Dishes Up Best Small-Fry Funds 

By Conrad de Aenlle 
and Philip Segal 

Y OU MIGHT like the idea of 
investing with entrepreneurs, 
but funds that do so nave had 
mixed results around the 
world. British investment vehicles have 
done remarkably well, but American 
offerings have lagged the large-capit- 
alization market In Asia, a slew of new 
funds is offering promising results bur 
they have not been around long enough 
to make meaningful comparisons with 
die overall market. 

There are some obvious advantages to 
funds that invest in small, new compa- 
nies. For one tiling, equity in a fledgling 
enterprise thai is not publicly or widely 
held often does not reflect the company’s 

held often doesnoti 

growth potential. For another, ven rare- 
capital funds that provide hands-on man- 
agement assistance can help entrepre- 
neurs enhance their returns. 

Yet throughout the 1 990s bull market 
in the United States, small-company mu- 
tual funds generally have lagged the per- 
formance of their competitors that invest 
in larger stocks. The weakest have been 
smallest-company funds, known as mi- 
cro-caps, which troll for companies that 
are already listed bur that have market 
values of less than $300 million. 

But the poor performance - has not 
deterred fund distributors, at least in the 
United States. There were eight funds 
three years ago; now there are 38. 

Over the five years through June 12, 
the average U.S. micro-cap fund has 
risen by 96.2 percent, according to Lip- 
per Analytical Services, a fund research 
firm. Thar compares with 119.1 percent 
for the average general -equity fund and 
145.7 percent for the Standard & Poor's 
500 index of large U.S. companies: 

The underperfoimance has become 
more striking as the bull market on Wall 

Street has advanced. The S&P was up 
1 07.4 percent over three years, while the 
micro-caps could manage only 59.3 per- 
cent Over the last year, the numbers are 
35 percent for the index and a humble 
4.3 percent for the funds. In fact, over 
one. three and five years the best micro- 
cap fund trailed the S&P. 

“These funds were never designed to 
beat the S&P 5 00 unless they’re hot” 
said Michael Lipper, who beads Upper 
Analytical. “When they’re hot 
a fund in the fourth quintile in jLjf 
this group will beat the S&P. 

When they’re cold, only a few VA 
will The difference is not that fjfc 
portfolio managers are getting UL. 

dumber; it is market condi- \V 


Conditions apart from the 
fashion of seeking shelter in blue chips 
are killing micro-caps. “You first had a 
decline in the micro-cap underwriting 
area, and that certainly is one of the 
tilings that drives performance," Mr. 
Upper said. 

“the small-stock market appears to offer 
good value, yet returns and profitability 
trends clearly favor larger companies.” 
One reason for this phenomenon is that 
interest rates are staying low, which helps 
large companies because they carry re- 
latively more debt than small concerns. 
Also, the restructurings of the early 1 990s 
are starting to pay off twice. Efficiencies 
are being realized — that explains the 
higher margins — and the big charges 
against earnings that companies 
took a few years ago make their 

K * ** results today look that much 

Micro-caps are small stocks, 
but they are listed. This is noi the 
case for Investments made by 
British ventureopital trusts. 
These longtime fixtures of the 
British closed-end fund industry buy un- 
quoted, often start-up companies and take 
an active role in their management 
The funds are listed on the London 
Stock Exchange and can be bought in 
small quantities by retail investors. 

most important, blue chips have Funds that make similar investments 

produced the best financial results and the 
smallest companies have produced the 
worst There appears to be a fundamental 
reason to buy big stocks after all. 

The largest companies, those with 
market capitalizations of more than $32 
billion, have been reporting pretax profit 
margins averaging 15.9 percent, accord- 
ing to a study by Peter Canelo, a 
strategist at Morgan Stanley, Dean Wit- 
ter. Discover & Co. By contrast compa- 
nies with market caps below $62.5 mil- 
lion have been losing money. Other 
measures of financial health, including 
returns on equity and assets, also have 
risen in line with company size. 

"The problem with small stocks is 
that factors which normally spur them to 
outperform the big-caps have not helped 
this time around.” Mr. Canelo said. On 
the basis of relative price-earnings ratios. 

exist in offshore territories that cater to 
European investors , but they are min- 
imally regulated and intended for large, 
sophisticated clients. 

“There are a Tot of private equity 
funds that don’t appear in traditional 
performance data,” said Paul Forsyth, 
managing director of Forsyth Partners, a 
fund research and advisory firm. "They 
are often partnerships in places like the 
Bahamas .and Cayman Islands, with no 
public information about them.” 

Other funds, more open and regulated 
but aimed only at institutional investors, 
take stakes in companies in emerging 
markets before anticipated listings on 
stock exchanges — known as p re initial 
public offerings. But these are not ven- 
ture-capital investments per se. 

“It’s a very tricky issue for us,” said 
Justin Nolan, a fund manager at Societe 

Generale Emerging Europe Asset Man- 
agement, which is about to introduce a 
Ukraine fund. “We do pre-IPOs, but 1 
wouldn’t call it venture capital: We’re 
keen to avoid that ierm.” 

As with micro-cap funds, the differ- 
ence is that the Societe Generale funds 
remain passive shareholders. Mr. Nolan 
•said that other funds that had tried to take 
more active roles in managing {.Ukrainian 
companies in which they invested “had 
come unstuck” due to cultural differ- 
ences between their managers and the 
people running the local enterprises. 

The British economy is humming 
along and the pound is strong, and unlike 
their American equivalents, venture- 
capital funds have been able to take 
advantage of it. The average one was up 
11.1 percent in the year through May. 
154 percent over five years and 33 i 
percent over 10 years, according to the 
Association of Investment Trust 
Companies. The corresponding num- 
bers for general-equity closed-end funds 
are 15.7. 108.6 and 199.1 percent 

Most Asian venture-cap funds have 
been around for less than five years, so it 
is hard to compare their results to overall 
market returns. It is clear, however, that 
their holdings often are highly illiquid, 
so they trade at wide discounts to the net 
asset values. “When listed, what you 
have is cash and a portfolio of illiquid 
investments.” said Daniel Schwartz, 
publisher of the Asian Venture Capital 
Journal. "As their deals are listed, the 
funds will move to a premium.” Asia 
has more than 25 listed venture-capital 
funds, and unsurprisingly most invest in 
the region’s hottest market for foreign 
direct investment; China. 

ING Beijing Investment Co. has been 
trading in Hong Kong since 1994, and 
may be ready to list publicly some of the 
private companies it has invested in. 

Continued on Page 19 

For U.K. Firm, Small Things in a Big Package 

T HINK OF THE sort of enter- ed from £100,000 to £30 million. year, 36 companies in the portfolio were ■■ ■;.■ — — 

prise in which a venture-capital ‘ ‘The big challenge is always finding listed, many of them in high technology, 
mm would invest. It mighr be new, exciting investments to add to die which Mr. Richardson "said was the 
an Internet service-provider or portfolio,” said Charles Richardson, a source of much of the fund's growth. 

T HINK OF THE sort of enter- 
prise in which a venture-capital 
firm would invest. It mighr be 
an Internet service-provider or 
perhaps a company trying to eradicate 
viruses, either in people or software. 

There are indeed nigh-tech holdings 
at 3i Group PL C, a British closed-end 
fund specializing in unquoted Euro- 
pean, almost entirely British, busi- 
nesses, but also such low-tech concerns 
as English Teddy Bear Co., in which the 
fund has committed £500,000 
($830,000) to help it open stores in Asia 
and the United States. 

The motto at 3i — the name comes 
from die company’s title. Investors in 
Industry — might be “small things 
come in big packages.” Its market cap- 
italization of £3 billion makes it the 78m- 
largest security on the London Stock 
Exchange, yet the assets are sprinkled 
among 3,200 companies, mostly 
through equity stakes mat last year rang- 

ed from £1 00,000 to £30 million. 

“The big challenge is always finding 
new. exciting investments to add to the 
portfolio,” said Charles Richardson, a 
spokesman for 3i who has been one of 
those responsible for asset allocation. 
“The most profitable situations tend to 
be either getting that company that has 
proved it is there as a business but has 
not yet taken off, or buying something 
that is not performing as well as itcoold, 
a company that is earning £3 million but 
could be earning £10 million if it was 
made to work harder.” 

The investments are spread across a 
range of industries. At die end of its most 
recent fiscal year in March, 43 percent of 
assets were invested in manufacturers, 37 
percent in services, 12 percent in con- 
sumer goods, 5 percent in financial con- 
cerns and the rest in mining companies. 

The goal of 3i’s investments is to sell 
them to management, outside investors 
or through stock-market listings. Last 

year, 36 companies in the portfolio were 
listed, many of them in high technology, 
which Mr. Richardson said was the 
source of much of the fund's growth. 

Haraish Buchan, a director at Nat- 
West Equities who follows 3i, said die 
fund's diversification makes it the least 
risky way to invest in a risky business. 

“Because it’s got 3.200 investments 
in the portfolio, no one investment is 
going to make that much difference,” 
he said. * ‘It’s also got a wide distribution 
of deals. 3i has people operating in 
offices around the world, not justLon- 
don. They can monitor the portfolio in 
different areas and track what might be 
in the portfolio in the future.” 

What might be in there in the future is 

f?.3f Group share price (pence) 

tV I 

problematic because the fund is so large. 
Last year, the British Venture Capital 
Association said, 3i invested one-fifth 

of all British venture-capital money and 
nearly half of ail money put into start- 

Source: Bloomberg 

For Patient Investors , Europe Clouded Horizon May Have a Silver Lining 

F or contrarians waty and weary vious diagnosis. On the contrary, there it or not. Two decades late, they will be including Deutz AG (the former positaiy receipts of Lufthansa, the Ger- process could take a long time. But 

of the euphoria on Wall Street, seems to be an emerging consensus that forced to undergo the same revolution in Kloeckner Humboldt-Deutz), maker of man airline, have soared more than 50 you buy European stocks (or. as I pref 

the best stock-market play may what France needs is — guess what? — public policy and business management diesel engines, are offering stock op- percent. Daimler-Benz AG, another to put it, become a partner in Europe! 

be Enrone Yes Eurooe looks more regulation? ” that occurred in the United States and in . tions as incentives to employees, anovel, ADR you can buy on the New York companies), do not expect quick profit 

F or. contrarians wary and weary 
of the euphoria on Wall Street, 
the best stock-market play may 
be Europe. Yes, Europe looks 
: ■ like an economic basket case, but that is 
■..‘■just the point.. 

■. While the United States economy 
: . booms, mainland Europe stagnates. The 
■ ■■ American unemployment rate is 4.8 
:. : percent, but in Germany it is 1 1.4 per- 
. cent. The U.S. economy is growing at a 
4.1 percent annual rate, but France is 
nudging along at 0.9 percent. Retail 
’ •' sales in Italy and Switzerland are ac- 
* : tually falling. 

j.- ’ Nor do these countries appear ready 
^ to tackle the source of Eurosclerosis. 

. Instead, they are sidetracked over trying 
■ to adopt a single currency. ■ 

, * ‘What is mysterious about France,' ’ 

the economist Paul Krugman wrote re- 
■ ; 1 Gently in Slate, the Internet magazine, 
* ‘is that as far as one can tell, absolutely 
nobody of consequence accepts the ob* 

vious diagnosis. On the contrary, there 
seems to be an emerging consensus that 
what France needs is — guess what? — 
more regulation? ” 

France, which just elected a Socialist 
government and is busy raising the min- 
imum wage and cutting die work week, 
seems an extreme example of denial, but 
Germany is not much better. In an age 
when businesses need flexibility to ad- 
apt to technology, shifting consumer 
tastes and fierce global competition, 
nearly all of the European countries 
(except Britain) load companies down 
with heavy mandates. Since they cannot 
fire, they do not hire; or they go off- 
shore, or contract with foreign compa- 

If Europe is such a mess, why buy its 
stocks? My answer combines optimism 
and economic determinism: France and 
Germany, especially, are going to have 
to be dragged, kicking and screaming, 
into the 21st century, whether they like 

it or not. Two decades late, they will be 
forced to undergo the same revolution in 
public policy and business management 
that occurred in the United States and in . 
Britain. Otherwise, they will be left be- 
hind as Asia, the Americas and the rest 
of the world rush past, 

I am also enthusiastic about the high 
education levels of Europe's workforce; 

including Deutz AG (the former 
Kloeckner Humboldt-Deutz), maker of 
diesel engines, are offering stock op- 
tions as incentives to employees, anovel. 
notion in European companies. 

There is one problem with the idea of 
contrarian - investing in European 
stocks: prices are not cheap. So far this 
year, the German market, as reflected by 


in a high -tech age, a little economic 
liberation could do wonders. 

Now, this is just a guess oo my part, 
but, despite the election in Franca and 
the amazing complacency of Germany, 
you can begin to see changes, not so 
much in government as in business. Just 
look at Daimler-Benz AG, which is 
making innovative Mercedes models, 
some of them remarkably low-priced, 
all over the world. Other companies. 

the DAX 30 Index, is up 31 percent; 
France's CAC 40 Index has gained 25 
percent. In dollar terms, however, those 
percentages are roughly halved. 

Also, the price-to-eamings ratio of 
the average stock in the European in- 
dexes is stratospheric: 28 for the DAX 
and 25 for the CAC. compared with a 
rather lofty 23 for the Standard & Poor’s 
500 stock index in the United States. 

Since early April, the American de- 

positary receipts of Lufthansa, the Ger- 
man airline, have soared more than 50 
percent. Daimler-Benz AG, another 
ADR you can buy on the New York 
Stock Exchange, is up 53 percent in the 
past 12 months; Elf Aquitaine, the 
French oil company (and also an ADR), 
55 percent. While French stocks took a 
hit just after the election, they reboun- 
ded for a 7 percent gain this mouth. 

Even at high prices, there are good 
reasons to consider European stocks, 
especially using these strategies: 

• Think long-term. While the French 
market has had a great year, over the 
past decade it is still lagging far behind 
the S&P. Since 1987. the CAC 40 has 
risen just 74 percent, according to fig- 
ures from Bloomberg Business News. 
The S&P 500 is up 191 percent (Both 
increases exclude dividends.) The DAX 
also trails the U.S. market. 

Many European stocks still have a 
great deal of catching-up to do, and that 

process could take a long time. But if 
you buy European stocks (or, as I prefer 
to put it, become a partner in European 
companies), do not expect quick profits. 
You have to be in for the long haul: 10 
years or more. 

• Wait for a downturn. A major rea- 
son European stocks are so high is that 
inflation — and interest rates — remain 
low, so bonds and short-term money- 
market instruments are not attractive 
investments. That could change — and 
so could the political situation, which, 
believe it or not, could get worse for 
business for the short term. 

• Search for bargains. They're our 
there. Merrill Lynch & Co. recently 
issued an enthusiastic report on France 
Growth Fund, a closed-end fund that 
William Dinning, a Merrill analyst, calls 
“a well-run fund that has consistently 
outperformed the French market over 
the past five years." 

Vr\ishin%ton Post Service 


PAGE 18 


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PAGE 19 


'■ >S 

Get It in Writing: Clearing Up Debt- Collecting Clouds , at Home and Abroad 

By Ann Brocklehurst 

O NE REASON ifoat entrepreneurs might 

be wary about expanding into new “People should not take this as an insult, but "It creates cash-flow problems and they m: 
markets is uncertainty about whether as a practical consequence of strangers doing the supplier p!av the role of banker in a lot 
they will get paid. Although doing business" he said. _ 

business in an international situation is certainly To avoid an awkward situation when asking 

more complex than sticking to domestic markets, for references or a signature on a letter of agree- jvO matter it'll (it 
many of the same rules of debt-collection ap- ment. Gwen Moran of the New Jersey-based * . . 

Ply Moran Marketing Associates said it was her nr€C(lUtlOflS are taken , 

Specialists agree that the best way to avoid company's policy to have evervone sign. 1 . . . 

gening stiffed is to start at the beginning and put “We do it right up front," she said. "In the OUSUWSSPS 710111 China tO 
everything in writing. Even if you are striking introductory phases, it’s a tot easier to set bound- y * *777 

deals with friends or former colleagues, outline arics and define the relationship. It protects both Nd f JpYSCX U1 G Y Stl 1 1 ha l*e 
all your terms, including payment, in a lener of us and the client." 

agreement and get the client's or customer’s .As a further precaution. Ms. Moran also re- (fj tl'QCn (I Oil’ll 1TIOYICY 
signature on it. For a small fee. you should also quires a one-third deposit before starting work. r ^ 

be able to get your letter checked by a lawyer ro While such a practice would not necessarily be CtuTOClU. JllSt CIS in UOTYlPStl 
make sure that it is in legal order. considered acceptable in other lines of work" and . 7 • > 

If you are doing business in a foreign countrv countries, Ms. Moran does not believe it has CUSPS. tllPY (IVP (lUVlSPa tO 
for the first time, get a reputable lawyer there to deterred any legitimate potential clients. 1 . - . 

Waterhouse's dispute-analysis corporate recov- 
ery group in New York recommended further 
digging to find out about a company's or in- 
dividual's reputation and integrity. 

“People should not take this as an insult, but 

terms are 90 days, and even these are exceeded 
3B percent of the" time. Mr. Lobsenz attributed the 
payment practices in Europe to the higher level 
of bankruptcies there than in the Unired States. 

"It creates cash-flow problems and they make 
the supplier play the role of banker in a lot of 

No matter what 

all your terms, including payment, in a lener of 
agreement and get the client’s or customer’s 
signature on it. For a small fee. you should also 
be able to get your lener checked by a lawyer ro 
make sure that it is in legal order. 

If you are doing business in a foreign country' 
for the first rime, get a reputable lawyer there to 
make sure that your lener conforms to local 
business practices. 

Check with national and international credit- 
rating agencies about your potential business 
partner. Dun & Bradstreet Information Services, 
the New Jersey-based credit rating and receiv- 
ables management giant, offers information on 
i 1 million companies in the Unired States and 13 
million in Europe. Although its databases for 
other pans of the world are not as extensive, they 
are growing and all can be accessed by In- 

W ITH A written agreement in hand, it is 
much easier to set about collecting late 
payments, which, according to Dun & 
Brudstreet’s Andrew Lobsenz. are a major prob- 
lem :iround the world. Mr. Lobsenz. who is 
director of business development for the in- 
ternational receivable management services, 
said that in the United States, about 23 percent of 
companies pay beyond the standard 30-day term, 
while in the rest of the world the percentage of 
late payers tends to be higher ana the payment 
terms longer. 

In Italy, for example, the standard payment 

As a follow-u 

ner's official 

w-up to checking a potential pan- 
credit rating, Jonny Frank of Price 

to track down money r 
abroad Just as in domestic 
cases , they are advised to 
be persistent and consistent 
in their demands. 

cases." he said. 

Asian countries also tend to have 60- to 90-day 
payment terms, although in Japan the situation is 
closer to that in the United States. 

With companies increasingly looking to for- 
eign markets to generate new business, firms 
such as Dun & Bradstreet are beefing up their 
international operations. Its foreign collections 
claims by U.S. companies rose by SO percent in 

1996 and business is also moving die other way. 
with companies in China signing up for training 
programs on how to extend credit and collect in a 
capitalist market. 

No matter what precautions are taken, 
however* businesses from China 10 New Jersey 
may still have to track down money abroad. Just 
as in domestic cases, they are advised to be 
persistent and consistent in their demands. 

T HE PROCESS "can be likened to the 
microwave cooking of food," in which 
molecules need to "be agitated regularly,' 
wrote Keith Berman of the English law part- 
nership Dibb Lupton Alsop in a recently pub- 
lished article. He said a demand for payment 
must be in the right format, use the correct 
language and, most importantly, threaten the 
appropriate legal sanction. 

"Unless specifically required, the use of le- 
galese or lofty sounding English or Latin terms 
should be avoided." he wrote. "The literacy of 
the debtor in English is frequently inadequate. 
The more concise and terse, the better served is 
the interest of the creditor.” 

He said that in Latin America, demands may 
be ignored unless written in the tongue of the 
debtor, and in Asia, great offense may be taken at 
terminology that is common elsewhere. 

Mr. Berman cited the case of a Japanese debtor 
who ignored 20 demands for payment and then 
responded immediately to a single demand writ- 
ten in Japanese by a Japanese counsel. 

Since international payments are commonly 
made by bank wire transfer, creditors must also 
make sure that the debtor has all the payment 

details straight, including the currency of the 
contract, the creditor’s name and address, the 
bank's name and address, its ABA numbers and 
the number and name of the creditor's account. 

"It is a matter of astonishment how many 
wires are mjsrouted or held by banks in suspense 
for lack of information and not credited to the 
creditor’s account." Mr. Berman wrote. 

Should the money not have been wired or the 
check not have been mailed, creditors may have 
to resort to legal action. 

Both Dun & Bradstreet and the Commercial 
Law League of America produce pamphlets out- 
lining the legalities of debt collection in a number 
of countries. In some cases, creditors will have to 
decide whether eo take legal action in their home 
country or the country of the debtor. They must 
take inio account factors such as cost efficiency 
and whether foreign judgments are enforceable. 

While in the past companies have tended to be 
more likely to shy away from an overseas lawsuit 
than a domestic one. Mr. Frank of Price Wa- 
terhouse said lawsuits with foreign companies 
were becoming more common as business be- 
came more global. "When honey is no longer 
available, many companies and individuals are 
deciding to go "with vinegar," he said. 

For further information: 

• Keith Berman, bibb Lupton Alrop. I 212179 913$ 

a Antra* Lofeenz. Dun JL Bradirirrt. 1 201 JOS bUQ. or ttllfaia die L'nncd 
Suiei HO 274 W5J Vi eb ule: Alb comwo 11 ecuooVm ilnl.htm. 

• Max G Mmcv Commercial Law League <M America. I 312 781 2000. 

• Jonny Frank. Price Wtartmut. I 212 S96 859ft 

International debt-collection specialists: 

• Sian/e? Tulchm £ : AunciulC'. 1 516 $55 IZIZ 

• HamUI-N'otarW lad. 1 212 $63 3553 

Q &A/ Jake Blehm 

The Benefits of Exporting Bugs 

T RY TO imagine the most un- 
likely product for a small com- 
pany to export and the scientif- 
ic-minded might hit upon 

Small Firms Find Room for a Big View 

T RY TO imagine the most un- 
likely product far a small com- 
pany to export and the scientif- 
ic-minded might hit upon 
: henefieial insects, which are bred to 
control pests. 

Despite the logistical problems' in- 
volved in the export of live freight. Buena 
■ Bio Systems, a small, family-run com- 
pany that is based in California and 
breeds beneficial insects Jo - export 
worldwide, is a resounding su. „ css sto- 
ry. The company has been involved in 
international trade for seven years and 
has an annual turnover of about $/ 
million. Its main export markets are in 
Latin America and Europe. Jake Blehm. 
president of Buena Bio Systems, talked 
recently with Barbara Wall. 

Q. Given the difficulties involved, 
why did you decide to export insects? 

A. We recognized from the outset the 
1 importance of having a wide geographic 
sales base. Buena Bio Systems is a small 
company, which is largely dependent on 
-- just one product for its revenues. If sales 
> were to fall in one market we would still 
v have revenues from other markets to 
keep us going. 

At present, around 15 percent of the 
company's turnover comes from export. 
Given that our English competitor sells 
75 percent of his stock overseas, there is 
plenty of scope for expansion. I would 
like to see Buena Bio Systems earning 
( 40 percent of its revenue from overseas 
■f trade within the next two to three years. 

I would also like to sell to the Jap- 
anese. Japan is a notoriously difficult 
market to crack, but the sales oppor- 
tunities for our product are excellent. We 
;■ have sent some product samples to in- 
terested Japanese buyers, but, so far, no 
sales have been agreed. 

Q. What problems have you en- 

A Buena Bio Systems has probably 
encountered every problem imagined to 
exporters, but getting ihe product to the 
client in one piece has probably presen- 
ted the greatest challenge. 

Beneficial insects can generally sur- 
vive for about three days in transit After 
two days, around 80 percent of the 

Jake Blehm: Trust your instincts. 

product is viable, but after three days we 
will probably have lost about two-thirds 
of the shipment. 

If we receive a large order destined for 
a new market, we will usually do a few 
test runs to find a suitable delivery sys- 

tem. It took us two attempts to find a 
delivery' system for the British market, 
yet Britain is reportedly one of the easi- 
est markets to export to. 

Some destinations are to be avoided at 
all costs. Rome, for example, has a repu- 
tation as die export black hole of Europe. 
For some inexplicable reason, freight 
destined for Rome just seems to vanish 
into thin air. 

We have also encountered problems 
with payment. Many of bur Larin Amer- 
ican customers prefer ro see the product 
first and. then pay later, but we rarely 
extend unsecured credit because of the 
risks involved. If a client decided not to 
pay for the goods, which has happened 
on more than one occasion, there is very 
little chance of ever gening the money. 

It is extremely expensive and time 
consuming to seek redress in the courts. 
Most creditors wiJJ simply wrire off the 
debt and put it down to experience. 

Q. What has been your biggest mis- 
take in business ? 

A. We recently had an excellent busi- 

ness opportunity in France, bur the op- 
portunity fell through due to a lack of 
foresight. Our principle distributor had 
developed enough of the market to war- 
rant the establishment of a local pro- 
duction plant. I was in favor of the idea, 
but rather than form a joint venture with 
our French partner. I opted to sell him the 
technology needed to get the production 
process up and running. 

Unfortunately. Credit Agricole, ihe 
French bank that was backing the project, 
decided to pull the funds at the last minute 
because Buena Bio Systems was not go- 
ing to be involved in the business. The 
project eventually fell through. 

I should have agreed to form a joint 
venture, but then hindsight is a won- 
derful thing. 


Q. What advice would you give en- 
trepreneurs with global ambitions? 

A. You can protect yourself with care- 
fully worded contracts and letters of 
credit, but at the end of the day the 
successful entrepreneurs will be those 
who have made an effort to understand 
the culture of the market in which they 
are dealing and have gone out of their 
way to establish personal relationships 
with their clients. 

If you do not have trust and mutual 
respect it is often very difficult to sort out 
any problems that might arise in your 
business relationships. I have had 
dozens of inquiries about our product 
from every’ comer of the globe, but only 
a small fraction of these" inquiries turn 
out to be viable business propositions. 

If I was to accept every inquiry' at face 
value, I would soon run into trouble. 

You should also leam to trust your 
instincts. There is only so much that a 
textbook can teach you. 

Last year I was faced with a very 
difficult decision: A distributor, who I 
had been dealing with for several years, 
had slopped sending me the full payment 
for sales that I knew had taken place. He 
said that he needed more of the product 
to secure the rest of the money that was 
due. I went along with him and 
everything turned out fine. 

The- textbook response would prob- 
ably have been to cut my losses. 

A Dish of Small-Fry Funds 

Continued from Page 17 

according to an interview 
with Bloomberg News. 

' , Shares have risen about 20 
/ percent since listing, and 
went to a high of 30 percent 
over listing price earlier this 

Given this run-up and the 
possibility that some of its 
investments are ready to cash 
out, the fund is now trading at 

a slight premium -to its net 

asset value. With an average 
of 5 million shares a day 
traded, it is that most unusual 
vennire-capital investment: 
'liquid. Listed in Hong Kong, 
ohe fund’s minim um board lot 
will cost an investor $1,550. 

• More volatile and farther 
away from listing its assets 

; (and so at a 44 percent dis- 
count to net asset value) is 
. Shanghai International 

• Shanghai Growth Investment 
Ltd. rand, also listed in Hong 

' ' Given sluggish earnings 
growth in China as a result of 
‘ . tough credit policies, it is un- 
r surprising that 1996 earnings 
•' for the rand fell 17 percent. 

'• The fund has traded in an 
enormous range in the last 
year, between 5.65 Hong 
Kong dollars (72 cents) and 
’ 7.50 dollars. 

Among the longest-nm- 
. ning closed-end funds in 
China is the HSBC China 
Fund, on the Hong Kong mar- 1 
ket since 1992. Traditionally i 
traded at a steep discount to j 
f net-asset value, this fund 

soared by 50 percent in the 
last year, as it announced that 
it would repurchase shares 
and exchange them for shares 
in an open-ended fund. 

For a wider regional ap- 
proach. there is the Singa- 
pore-listed Transpac Industri- 
al Holdings Ltd.. ivhich 
invests in China, Hong Kong, 
Malaysia, Pakistan, the Phil- 
ippines, Singapore and Sri 
Lanka, among other coun- 

Abom a quarter of its in- 
vestments are already pub- 
licly listed, with the rest being 
still-private venture-capital 
operations that hope to go 
public in the future. Trading 
at more than a 20 percent dis- 

count to net asset value, the 1 
fund routinely trades in lots of | 
1,000 to 3,000 shares, which 
currently would cost $2,580 
to $7,740. 

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Continued from Page 1 7 

sporadic, and on several occasions cus- 
tomers didn't pay for the goods. Since 
teaming up with a partner in Spain, sales 
have quadrupled in volume and rhe 
number of bad debts has dwindled to 

Ms. Raymond's business partner hap- 
pens to be a friend, but potential business 
partners can be found through the Euro- 
pean Commission’s BC-Net program. 
BC-Net, which stands for Business Co- 
operation Network, is a computerized net- 
work of advisers throughout the European 
Union. When you contact an adviser, your 
requirements are fed into the database and 
compared with thousands of companies 
that are also looking for partners. 

The Bolivar Program, which was 
launched by the Inter-American Devel- 
opment Bank, is also a matchmaker for 
businesses. The program's central 
mechanism is its network of business 
alliances, known as ENLACE. Through 
ENLACE. Larin American companies 
— preferably small-sized and techno- 
logically innovative ones — can find 

partners in other countries. 

Something that can cripple a small 
business is cash-flow problems. 

"Exporters are generally advised to 
restrict business to countries where let- 
ters of credit are the accepted norm for 
guaranteeing payment," Mr. Kirschner 
said. "In some regions, notably Latin 
America, exporters are often expected 
to extend credit to their buyers without 
any guarantees of payment. In these 
circumstances it may be worth looking 
into a private insurance arrangement" 

I F YOU are starting a business from 
scratch, or expanding an existing 
one, you may need financing. Mr. 
Kirschner said' that entrepreneurs 
should check with their local govern- 
ment agencies, which often have an 
economic development agency for Fi- 
nancial assistance. Alternatively, there 
are numerous development banks that 
specialize in providing financing for 
small and medium-sized businesses. 

' ‘Japan has a reputation for being one 
of the most ’difficult markets to infilt- 
rate, but the situation is changing thanks 

to the support that is being provided to 
foreign businesses from agencies such 
as the Japan Export-Import Bank and 
the Japan Development Bank," Mr. 
Kirschner said. "Support comes in the 
form of trade/import financing, R & D 
grants and project financing.” 

If the prospect of organizing the finer 
details of overseas export is too much to 
contemplate, you might be employ an 
export management company. For a fee 
— usually a percentage of sales — the 
company will take care of the nitty- 
gritty details of export such as pack- 
aging, taxes and payment arrangements 
on your behalf. Your local chamber of 
commerce should be able to supply de- 
tails of these services. 

For further information: 

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■ ■ r 

PAGE 20 




S AITJRDAy-SUND^ JUNE 28 - 29, 1997 

World Roundup 

The 3-Point Shot 
Gets Harder in NBA 

basketball The National Bas- 
ketball Association is trying to 
malm life harder again for long- 
range shooters. 

The league’s Board of Governors 

approved four rules changes Friday, 
including moving the 3-point line 
back to its original distance of 23 
feet 9 inches, except in die comers, 
where the distance will remain 22 
feet The line was moved to a uni- 
form 22 feet three seasons ago. 

Also approved were the recom- 
mendations of the competition 
committee dealing with forearm 
checking, calling a timeout while in 
the air and the “no-charge area" 
under the basket The number of 3- 
point attempts rose dramatically 
after the line was moved to 22 feet 
Many blamed the shorter distance 
for contributing to the recent scor- 
ing dropoff because it encouraged 
lower-percentage shots. (AP) 

Sosa Hits the Jackpot 

. Sammy Sosa became 
the third-high est paid player 1 in 
baseball Friday, signing a four-year 
contract with the Chicago Cubs for 
$42.5 million. Sosa, an outfielder, 
will be paid $7 million in 1998, $8 
million in 1999, $10 million in200Q 
and $11 million in 2001. (AP) 

Itmmr PeWTbr ItoiirJ IW 

Jacques Villeneuve’s new lode. 

Schumacher Quickest 

auto racing Michael Schu- 
macher of Germany demonstrated 
his Ferrari 's superiority in wet con- 
ditions again Friday as his team 
topped die times in opening practice 
for Sunday's French Grand Prix in 
Magny-Cours. He clocked a best 
time of l minute 18339 seconds, 
1.4 seconds better than Giancarlo 
Fisichella of Italy. 

Jacques Villeneuve of Canada, 
meanwhile, sparked a new Formula 
One controversy, accusing his rival 
drivers of expressing insincere sad- 
ness after Oliver Panis’s crash, in 
which he broke two legs. 

Villeneuve, sporting a new hair- 
cut, said: “When someone has an 
accident, everyone acts as if they 
are sad, but they don’t really 
care." (Reuters) 

Allenby Signs Out 

golf Robert Allenby of Aus- 
tralia, the defender, was disqual- 
ified from the French Open in Paris 
on Friday after signing an incorrect 
scorecard. Allenby signed for a par 
three on the 1 1th when he had taken 
four shots. Colin Montgomerie was 
Allenby 's marker, unwittingly en- 
tering the wrong score, but the Aus- 
tralian was already struggling to 
make the cut 

South Africa's Relief Goosen 
surged to a five-stroke lead in the 
event, but some players failed even 
to start their second round. Heavy 
rain stopped play in the early even- 
ing with Goosen at 12-under-par, 
five shots ahead of Sweden’s Jarmo 
Sandelin. (Reuters) 

So Far, 32 First-Round Matches Are Unfinished 

By Ian Thomsen 

haernadonal Herald Tribune 

WIMBLEDON, England — This is 
hard to believe, but it has been raining in 

& other sensational breaking news, 
there continued to be no oxygen around 
the moon, and Diana’s picture appeared 
in several London newspapers. 

Tennis was rained oat again Friday at 


Not since 1909 had the tournament 
lost two days in a row to bad weather, 
which is an amazing statistic for a place 
of such depressing weather. 

No ball has been strode since Wed- 
nesday night, and then only for a couple 
of hoars. So far, 32 first-round matches 
are unfinished — 26 for the ladies, six 
for the gentlemen. 

The All England Club' will decide by 
4 P.M. Saturday whether to attempt play 
on the middle Sunday for only the 
second time in the 111 years of the 

■won’t go to the trouble if die weather 
forecast is poor, and it appears to be 
poor through Monday at least. 

In the meantime, die chib’s chief ex- 
ecutive, Christopher Gomnge, contin- 
ued to make periodic announcements to 
die specta tore-in- vain who were nulling 
under cover Friday. 

Each afternoon he has been suggest- 
ing the potential for a “period of clear- 
ing.” Hours later his voice has returned 
in defeat: “The brighter period appears 
to be slow in coming here, as you would 
have noticed." Then a Churchilhan 
conclusion: “We still remain optimis- 
tic." Buthesays it unconvincingly, as if 
looking at a gun pointed at him. 

For the better pari of three days the 

14 ami the great British hope, hashes 
playing backgammon. 

“There’s only a certain amount of 
practices yon can have, lunches yon can 
have, games of backgammon you can 
have," Henman said. The club has yet, 
to decide whether to trim the men's 
matrfifts ftpm best-of-five sets down to 
best-df-three, but Henman, predicted 
that the tomnament would prefer to ex- 
tend play to the third Monday or Tues- 

“I don’t think that will happen, per- 
sonally, ” Henman said of the three-sets 
idea floated by Alan Mills,. the tour- 
nament referee. “And I dunk from what 

I have heard that that would be the very, 
very last resort. If it did happen I think it. 

ror me pcuci uah vi ± ^ « a™ 

players have been like taxi drivers wait- probably would lead to quite a fcw 

mg for a fare. There is no feeling of pity upsets." 

Jicqaa Pmtrlhn/Apw Froan-ftnK 

Fans passing a screen Friday showing a replay of the 1978 Wimbledon final. 

To' open the grounds cm the tour- 
nament’s traditional day off would 
mean selling more than 20,000 tickets 
Sunday morning to people willing to 
camp overnight by the thousands along 
the neighborhood sidewalks. The club 

for them — most of them are million- ■ 
aires — but there was nothing much else 
to ta Ur about except how they have been 
passing the time. No one, including the 
journalists, seems to have been learning 
to speak a foreign language or studying 
for an MB A. 

Venus Williams, the 17-year-old 
American who had been scheduled to 
make her debut at Wimbledon on Mon- 
day but hasn’t been on court yet, visited 
the Tower of London. Tim Henman, No. 

Navratilova Calls for Wood 

The nine-time Wimbledon champion 
Martina Navratilova has called for a 
return to wooden rackets to revive spec- 
tator interest in tennis, Reuters reported 
from Wimbledon. / 

“We are not going to get finesse with 
these big rackets," the former world 
No. 1 said in a television interview. “Ga 
back to wooden rackets. Baseball is not 
played withaiumininin bats. 

In Wake of NBA Draft, It’s the Spurs Who Look the Shiniest 

By Anthony Cotton 

V/ashingiufi Post Service 

WASHINGTON — If the criterion is 
contending for the 1998 National Bas- 
ketball Association tide, only one team, 
die San Antonio Spurs, demonstrably 
helped itself in the draft — that is, unless 
you count the two-time defending cham- 
pion Chicago Bulls, who did almost 
nothing to c hang e their winning hand. 

Even if the Spurs manage their ex- 
pected rise from the Midwest Division 
doldrums, it likely win be less because 
of the No. I pick, Tim Duncan, than the 
return of David Robinson, Sean Elliott, 
Chuck Person and Charles Smith from 
injury. But having the former Wake 
Forest star won't hurt 

“He's going to help us get back to 
where we were in the past," the Spurs' 
coach, Gregg Popovich said. “We feel 
we can really make some inroads and 
he’ll be a big part of iL" 

, Meanwhile, die Boston Celtics gave 
up on their attempt to trade forward 
Dino Radja to the Philadelphia 76ers 
and withdrew a grievance filed with the 
league office. 

Radja had been dealt to the 76ers for 
Michael Cage and Clarence Weather- 
spoon a week ago, but he balked at 

reporting, then failed a physical ad- 
ministered by Philadelphia doctors. The 
76ess then tried to nullify the trade. 

With the Celtics-76ers issue settled, 
the 76ers proceeded Friday with a mul- 
tiplayer trade with the New Jersey Nets. 
The Nets seat swingman Jimmy Jack- 
son, center Eric Montross and their sev- 
enth pick in the draft (forward Tim 
Thomas) and 21st pick (guard Anthony 
Parker) to the Sixers for the rights to the 
draft's second pick (Keith Van Horn of 

Utah), forward Don MacLean, swing- 
man Lucious Harris and Cage, a center. 

Van Horn, who had told the Sixers that 
he did not want to play for them, wowed 
the Nets in pre-draft workouts, espe- 
cially with his athletic ability. New Jer- 
sey's general manager, John Nash, said. 

“On the day of foe draft, it was evid- 
ent to us that several reams were cov- 
eting his services," Nash said Friday. 
“Frankly, if we had not acquired him I 
don’ t know where he would nave wound 

whether it would have been Phil- 
Iphia, Boston, Chicago or Denver." 

Other squads closer to foe top of foe 
■heap — among them Seattle, Los 
Angeles — won't move forward until 
they resolve situations with the players 
already on their rosters. 

The SuperSanics have to reach some 
accord with their disgruntled forward, 
Shawn Kemp. After playing last season 
in a funk over his contract, the all-star 
said he wonld never put on a Seattle. 

uniform again, but the team was unable 
to deal him away. The Sonics took a fine 
prospect, Minnesota guard Bobby Jack- 
son, with foe 23rd overall pick, but 
traded him away to Denver. 

■ Hill to Coach Grizzlies 

The former Orlando Magic coach 
Brian Hill was named head coach of die 
Vancouver Grizzlies, The Associated 
Press repeated Tram Vancouver. British 

Don Hutson, the Great Green Bay Wide Receiver, Dies at 84 

By Frank Litsky 

New York limes Service 

Don Hutson, 84, one of foe Green 
Bay Packers’ greatest players and per- 
haps the best wide receiver in college 
and professional football history, died 
Thursday in Rancho Mirage, Califor- 

Mr. Hutson was hospitalized Jane 
17 with an undisclosed illness and then 
discharged to a nursing home, where 
he died. 

* At foe University of Alabama, Mr. 

Hutson was named to All-American 
teams in 1933 and 1934, his junior and 
senior seasons. In 11 seasons with the 
Packers, from 1935 to 1945, he played 
end (as wide recervm were known 
then) on offense and safety on defense 
and was also the kicker. 

Three times — in 1936, 1939 and 
1944 — his Packer teams won cham- 

In nine of his 1 1 seasons, Mr. Hut- 
son was voted to foe National Football 
League’s all-pro team, and twice he 
was named the league’s most valuable 

r. Mr. Hutson was a charter mern- 
:< of the College Football (1951) and 
Pro Football Halls of Fame (1963). 

When he retired, his deeds occupied 
afullpa°ein foe NFL record book. He 
still holds the records for most seasons 
leading foe ’ league in receptions 
(eight), most consecutive - seasons 
leading in receptions (five), most sea- 
sons leading in touchdowns (eight), 
most seasons leading in scoring (five) 
and most points scored in a quarter 

Although His NFL career receiving 

records of 8,010 yards and 99 touch- 
downs have been broken, they re- 
flected amaxing accomplishments in 
an era in which teams often passed 
only on third down and then only 
when they needed long yardage for a 
first down. 

Mr. Hutson was foe first player to 
perfect foe fake in pass receiving. 

As one opposing coach. Greasy 
Neale of the Philadelphia Eagles, said, 
“Hutson is foe only man I ever saw 
who -could feint in three different di- 
rections at foe same time." 

Brazil Heads for Copa America Final 

Inlniwi Srnm/.\pi»v Irwi-I Vi w 

Brazil’s Romario falling after colliding with the Peruvian goal tender. 

Canptlrd by Ow Staff From Disptnrhrs 

SANTA CRUZ, Bolivia — Brazil's 
coach, Mario Zagallo, says he is not 
worried about facing Bolivia in La Paz 
at 3,600 meters above sea level in foe 
Copa America final Sunday. 

“Our opponents on Sunday- will be 
Bolivia, not foe altitude," he said after 
foe 7-0 semifinal demolition Thursday 
of Peru. 

“The altitude is there, it always has 
been,” he said/ 

In the semifinal rout, Romario scored 
twice and Leonardo had two goals, 
while Denilson, Flavio Conceicao and 
Dqalminha contributed one each. 

Brazil's other star, Ronaldo, did not 
come close to scoring and was replaced 
in the second half. 

Brazil took the lead on Denilson *s 
goal just two minutes into foe game. 
Flavio Coaceadao followed with a goal 
at 27 minutes. Romario got his first goal 
nine minutes later. 

Leonardo made it 4-0 just before half- 
time, then Romario and Leonardo 
scored six minutes apart early in the 
second half. Dejalminha' finished the 

onslaught in foe 77th minute. 

Bnml has bad memories of playing in 
Bolivia’s largest city. Four years ago, 
foe team suffered its first and only de- 
feat in a World Cup qualifying match 
when it was beaten.2-0. 

Zagallo, whose team has scored 18 
goals and conceded two in winning their 
five games so far, said be was delighted 
with the evolution of his team during the 
tournament, saying they were now play- 
ing foe way he considered ideal. 

■ Manchester Signs Sheringham 

The English champion, Manchester 
United, gave a huge boost, to its squad 
for next season Friday by signing Teddy 
Sheringham, foe striker from Totten- 
ham Hotspur, Reuters reported from 

- Sheringham, who had requested a 
transfer from Spurs, joined foe Euro- 
pean Cup semifmalists for a fee re- 
portedly near £3.5 million ($5.8 mil- 

The 31 -year-old forward, who has 
enjoyed a successful partnership with 
Alan Shearer in foe national team, is 

United’s biggest signing at the end of 
the season. United now has a quality 
attacking player to replace Eric Can- 
tona, who recently announced his re- 
tirement from foe game. 

Sheringham said foe deal was struck 
very quickly after he returned from hol- 
iday this week. He said he was not- 
worried about stepping into Cantona’s 

“People are going' to make compar- 
isons but I can only do what I am good 
at," he said. 

Sheringham had been at Tottenham 
since 1992. Ironically, his first match 
for United could be against foe London 
club at White Hare Lane on Aug. 10 on 
the opening weekend of the Premier 
League season. 

"WhataFixture that is,” Sheringham 
said. “There is going to be a lot of hype 
but 1 have to look at it as another 

The Spurs were originally believed 
\ro have asked £6 million $10 million) 
for Sheringham but United was said to 
have been wary of paying that much for 
a player over 30. (Reuters. AP) 



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ToJIlMIhem (9} and Webster. W-Oemra. 
12-2. L— Erickson. 10-3. Sv-Tknfin (7J. 
Aaotaim 008 020 010-3 7 2 

SOnftto 121 010 IBx-4 1< a 

Dkksoa Grass (7) and LeyrlB; Mayen 
Ayala (8). Chariton (9] and Da. Wilson. 
W— Moyer, 7-2. L-Dfcksoa8-4LS»-Charttoa 
CIS. HRs— Anaheim, Leyrttz (Iff. Seattle, 
Cora C73. Sorrento (133. Cruz Jr. (9. 

Texas 000 on 111— 3 10 0 

CMttand 400 200 BOn-6 8 I 

Santana, Vwberg (5), Whiteside (7), 
Gunderson QQ ami Utodriguex; Prieto, A. 
Small (A), Mohfer (81. Toytar (9) and Moyne, 
W— Prieto 44 L — Santoro, 3-1 Sir— Tailor 
(141. HRs— Texas. Pabuer (7). Oakland. 
McGwire (28). 


Montreal 108 013 000-4 10 0 

Florida MO 810 010-2 4 0 

Judenond Widow; Rqw. Hutton (6), Cook 

(7) , Hefflng (8) and CJofmson. W— Juden, 9- 

2. 1— Rapp. 44 HR— Florida Sheffield IB}. 
St Laois 010 021 001—5 10 1 

Cutoafl SOD 210 000—3 f 0 

Stofflanyre, Petkovsek W, Fassas (7). 
Edundey (9) and Umpklfl. Driefice (6): 
Burba. ReroGnger (©, SutSvan (6), Comedo 

(8) . BeBnda (9j and J. Other. 

W— StattUrmyne, 4-5. L-Burtra 4-fl. 

Sv — EckcrsJey (151. 

PMadKphto Oil (MO Oft— 4 9 0 

Atlanta 200 021 flax— 5 7 ] 

Beech, R. Hants (7) antf Uebefflwt 

Neagle, Wohlers (9) and J.Lopsz. 
W — N eagle, 11-1. L-Beeds 0-2. 

Sv-WoMera (l«J- HRs— Philadelphia 

Doutton (10). Atlanta, Grattontno £2). 
Houston 003 011 TOO 1-7 14 0 

Chicago 010 200 111 M 13 0 

(10 innings) . 

Hoft Lima (71, S. tifegner (81, Minor (Tffl 
and Aosmus; F.CostSa R.TaOs (Si. 
Battenfleld (7L Rojos 19). T. Adams (10) and 
5etvois.w— B. Wagner, *4 L— T. Adams, 1- 
4. Sv— Minor (1). HRs— Houston. Blgaio 
(13). Alamos 12). 

San Fraoaso 010 300 101—4 11 1 

Colorado 020 104 Mtt— 7 11 1 

VnXandroghm, FouBu (4). R_ Rodriguez 
(6), Tavarez (4), Poole IB), D. Henry (B) and 
Berryhflfc Rekae. Do Jean (5). M. Munoz (7). 
BJtoffin (8J, Leskanic (8) md Marwaring, 
JeJteed (6), W— QeJean, 34 L— Foufte. 1- 
2-Sv— Leskanic (1). HRs— 5ai Fra ndsca D. 
HamBton (2), Antffla (3), Snow (6). 

San Diego 103 ON 401-0 9 I 

Las Angeles 280 Oil eil— 7 11 0 

Bagman, Brusfce (7L Hoffman (8) raid 
FMierfr Caodtotti Guthrie (7), Osma (7), 
Oreffart (9) and Piazza. W— 6ergmaib-2-l 
L— Guthrie, l-l 5 v— Hoffman (14). 
HRs— San Diego. S. Finley (12), Gwyiui (11). 
Las Angeles, PtoEta (14) 

Japanese Leagues 








Onlei . 
Nippon Ham 

M • L 
42 23 
34 29 
32" 33 
29 34 

34 34 
27 37 

W L T 

35 21 
34 27 
34 31 
31 34 
25 35 
2S 38 

Pd GB 
h 44 — 
.540 7 

•492 10 
AM 12 
A33 13K 
.422 14 'A 

Pet .GB 
.A2S - 
557 3W 
537 4V, 

AT/ 8M 
.4T7 12 
397 13% 

□aid 2, Orix « 

Kintetsu 7, ScBmi 10 

Lotte 5, Nippon Ham 4, II Innings 


European Championship 

OTOUP A, M CBXMM. 8p»ta 

Greece 74. Russia 72 
Russia 87, Turkey 54 
Greece 74 Bosnia 76 

rouu. STAHMiKUfc Greece 3 victories 
Russia 2 Turkey 11 Bosnia 0. 

Lithuania 94, Franae 88 
Slovenia At tame! 49 

stanMnorc Lithuania 2 victories; 
Fnmce 1; Israel 1; Siavento 0. 

Patond 86, Latvia 79 
Italy 74 Yugoslavia 49 
Ydgastovto IIXL LaMo 89 . 

rmNDMU; Half 2 VkJatksg Yugoslavia 
2 Poland 1; Latvia 0. 

Germany Bl, Ukraine 60 
Spain 71 Croatian 

Ukraine 9i Croatia 88 
stand mgSc Spain 2 victories; Croatal; 
Derraatty 1; Ukratne 1. 



Hans 1*1 3, Yokohama 1 
Yakut! 9. HimsWnM? 


3-day match behecon Britteh Untaendtias 
and AustraBa was abandoned wB»ul a ball 
being howled an Friday due hi rata. 

Cora America 


Brazil 7, PeniO 




Officials win decide at 1500 GMT on Sat- 
urday whether to ptayonthe middle Sunday, 
usaaffiru test day, tar the second lime In the 
htstory of the championships. 



American league— A nnounced selec- 
tions of Cleveland mcnaver MBte Hnrprm* 
and Terns manager Johnny Oates and Now 
York coaches Me CardenaL WMe Ran- 
doipti Mel Sfuttteniyie and Dan Ztomner cm 
caadies tar (to American League A/VS tor 
toanv Jkn WtatieW of Ctoveland and Rdt 
SmBh of Anahrtm team tantaera. 

RAfUAS OTY-Acquirad RHP Hk*r Bones 
hum MKwookee tor cash. 


NATIONAL LEACUE-Reinstated Cindnmrii 
98 Terry Pendtaten front 15-day dbabMUst. 
Annotmoed setedtonsef San Diega manager 
Brace Badly, Son Ftondsco manger Dusty 
Baker and Atlanta coaches Ned YesL Pat 
Comte. Clarence Jones, LeuMazz ottoBo h- 
by Dews ond Jim Beauchranp os coaches far 
HaBonri Uagw All-Star lean; Chortle 
Shfflser of Lot Angeto* and Ron AteOain of 
Montreal team framers. 

OKatewTv-Ophoned 3S Aaron Boone to 
IndtanapaBs. AA. 

CDLOUDd-Opfloned RHP Biyan Rekar to 
Colorado Springs, PCL Bought contract of 
RHPTIra Scolt horn Colorado spring*. 

HOUOTBM-Opftaned RHP Donne WaB to 
New Orteans. AA. Bought contract Of RHP 
Tommy Greene hum New Orleans- 

jam nwNOjeo-Put RHP OsvoWa Fer- 
nandezon 1 Sdoyrtteabled feL RecofledRHP 
DnnCarison from phoenfc. PCL 

INDUMAPOUS-Signed WR Note Jacquef. 
new vork jets— S igned DB Raymond 
Austin to 2-year contract. 

SAir disco— R eka&ed S Eric CffiUle. With- 
drew oortroct offer to DE Vernon Edwards. 

Waived OL Matt Brawn OLNato Gibson and 


CAROL! no— Re-signed RW Steve Rice. G 
J reran Muzzatil and LW Jeff Daniels to 2- 
year cantnidw D Adam Bari to 3-yoar con- 

Chicago— A nnounced retirement of C De- 
nis Savorri. 

NEW JERSET-Slgiwd LW John Maddens 
hew YORK islanders— S igned D zdeno 
Chora to 3-year cantoxf: 

Ottawa -Slgnad F Magnus Araedsson. 
PHOEMK-Nomcd John Tortarelta assis- 
tant couch. 

DETROIT— RetodiedFB Brad Banter; T Jeff 

Jones and K Dan Pobfeber. 

IT. HARM. CAUP— Named KeOv Gram 
wometA baskeltwil coach. 

The Week Ahead 

Satuhpay, June 28 

athletics, San Juan. Puerto Rks — 
16th Central American and Cofebean Aft- 

■AXKETWALL, Baicaiono, Qadotona 
Gerund Spain— European CtomptonshifL to 
July A. 

BOXiMa, NonrtctL England — Tony 
Tucker, Unflfed States, vs. H grille Hide. 
Bfitato 12-fwnd beat far vacant WBO title: 
Los Vegas — Evgnder HutyfleW, United 
Stores, vs. Mto Tyson Untied Stales, 12- 
raunrf hautfar-Hoiyffrtd's WBA heavywdaW 
tale; Keffli Holmes. Unrisd States, vs. Pout 
Vodea united States, 13-round tout tor 
Holmes' WBC mWdtaweigWtate. 

aoUUnen, Paris — Peugeot French 
Open ta June 2% Hakul — Mizuno Open to 
June 2% Otympla Reids, IBtook — Senior 
Opoa to June 2% Mempfif* Tennessee — 
FedEx St. Jude Classic, to June 29; women 
MW — J reran Women's Opal to June 29; 

Somers Point New Jetsey— ShopRBe LPGA 

Classic, la June 29. 

■soTOftCTCLSRMMrta. Assert. Nether- ' 
tands— DwWt Grand Prtt 
RuaaruMflM, Dutton Sooth Africa- 
South Africa vs. British Lions, 2d test San 
Francisco — Pacific Rhn Chomp kraship, 
Unitul States vs. Ganadw Brisbann Aus- 
hnSa —AustraBa V3. France. 2d test HmnU- 
lan, New Zealand — New Zealand vs. Ar- 
gentina 2d tost. 

SOCCER, La Paz, BoRvia — Copa Amer- 
■aa to June 29. Kuata Lampua Malaysia — 
Wdrid Youth CU-ZO) Chanqrionshift to July S 
Tokyo — World Cup watilfers: Japan vs. 
NepaL Moara vs. Oman. Madrid. Spain - 

Spdntah King's Cup fkteri. Baaetona vs. Bells 

Windhoek, Namibia — nterraftnal friendly, 

TWMNw, Wtrablcdan England — ITF, 
ATP Tour WTA Tour, Wimbledon Champl- 

WEJQHTUFTWO, Seville, Spain - woav 
en Women's European Championships, to 
June 30. 

SuHoiwr, June 2S 

AUTORACfHc, Magnyjlwfs, France— 
Formula Ona French GfDMPrf*. 

ATHLETIC*. ShefflekL England —British 
Gnml Prtw Lite, France - kitamaltonal 

HORSE RactMO, Corraafi (refund — 
Irish Dertry. 

RUCffT UMIOH, Tokyo- Pacific Km 
CnatreHonsNu Japan vs. Hong Kong, 
•oober. various sites— World Cup qua). 
Iflers: Cambodia vs. UzbeJdstarc Karaiatan 
vs Iraq; El Salvador vs. United Stales. 

Monday, June 30 

, Norway. Sweden— UEFA, Eu. 

ropcan Wamerfs. OWTirptanstap. to July 4 . 

Tuesday, JulyI 

■*!Ll»*aGohtofB,S»yK)en— VWaridCho- 
mptonship of Match RocBSoffing. to July 6. 

sosceh, Basseterre, St KBh — brier, 
national friendly, St Kith and Nevis n. 
TrMMd and Tobago. 

MfMMlHO, Nancy, France - women, 
Water PotaWbridCuffta July 6, 

Wednespay, July 2 

athletic*, Lausanne, Switzertaid — " 
men, woman. Grand Prfc, AtMetisslma *97 
(doss I). 

Thursday, July 3 

«WSRBT, Manchester Engtand — Eng- 1 

■and vl Anstitfta. toW test to July 7. 

wifi metwDubflrh Ireland — Murphy's 
Irtoh Operv to July to LemanL Itilnois — Mo- 
torala Western Open, to July to KBahura, 
Japan — Japan PGA mionffirapy; to July to 

womerv SytvuniQ, Ohio— Jarote Farr Kraoto 
Classic to July 4. 

■MUNo, Gdansk. Poland - men, BAF, 
Firm Gold Cup *97, to July 13. 

Fwoay, July 4 

ATHumes, Qsta, Norway — men worn. . 
ea Prise Bistort Games (dassO. - - 
oat* Mason, Ohio — mertSentof Tout 
Kragur d om ic to July to lehriiraib Japan — ■> 
womea Tohato Ladles, to July &. 

Satvuiday. July S 

MMVY umon. Jahramesbuig, South 
Africa — South Africa vs. British Liens. 3d 
test OnMdnnav New Zealand ~ Btodsloe 

Cup, Now Zealand vs. AurintaWtimlnfltotfc 
North CbidBw— J sr fa* Untied States vs. 

cycuhg, Paris — Tow de France, to . 

AUTORAOMa, Daytona Bcadv Florida 

— NASCAR Winston Curt Pepsi 400. 

»CCOL Sydney. Awfrz*i eWorld Cup 
quasnet, Australia vs. NewZrariant DopEv 
S alaran, Tonzmla - mteranfforal Mend^ 
Tamonia vs. Zambia. 

Sunday, July 6 

■wtorcycurmmo, Imota.iwy— 
Inwto Grand Pitt. 

SU«ca. Nagoya Japan — Nagoya Grand 


■««*, various sites— WtoridCupmHil- 
a l Qa «- Colombia Peru vs. BoWa 
venenreta w. Ecuador; Paraguay w. Ar- 


PAGE 21 

Injuries? Seattle Shrugs 

^doj] Substitute Shortstop Paces 6-3 Victory 


O N; 

i ex- 
•:> :d 





x- j: 

T/ic AJSiVWVd Amj 

No Alex Rodriguez and no Ken Grif- 
fey. No big deal. 

“This fs a good team.” said Rob 
Ducey. who replaced Griffey in the 
^Seattle lineup on Thursday night and 
. had three doubles in the Mariners’ 6-3 

in becoming the AL’s first 12-game 
winner. Mike Timlin finished for his 
seventh save. Baltimore- is 4-4 in its last 
eight games, and all the losses have been 

White Sox ii, Twins i Mike Cameron 
hit two homers and Frank Thomas and 

RBls in 

have ’■*' T\ r,c * 01 bad, 6, ™ncik vic,or l' over Anaheim. Harold Baines each had three I 

• t , T Henmqu Settle is 1 1-3 while Rodriguez, its Chicago's sixth straight victory. 

.'■'-i ^ tidily Hit fL-'^ll-Siar shortstop, has het»n on thR flis- Thf» uititino White Sftr hmlr 

from b*« l ? trim gabled list with a brui 
£,V'.?‘ ?hre *. bm^L f ' Ve Sti.“ x P ecled t0 ** acuv 

. but iT^Ht 

— ^untamen,^ 

•o tie 

), has been on the dis- 
used chest. He was 
activated Friday night. 

AL Roundup 


Z ihr 






-The Mariners now are 1-0 without Grif- 
ttiD l fey. who leads the major leagues with 29 
Sa >d of (P&iamers and is expected to be sidelined 
‘ *kfor four or five games with a strained 
Griffey is expected to be 
Star game on July S. 

__ some playing time for the 

lead to^ifceldom-used Ducey. and he made the 
v ^ most of it against the Angels. 

Navratilovs (\m lose Cruz Jr.. Paul Sorrento and Joey 

for L, Cora homered for Seattle, which had 14 

on his third 

^ «or ora nomeren ror oearrie. w 

hits - Jamie M °y er ,7 ' 2) w 

r^.-TT. ; r -siK»\ j n^i-straight. although he gave up a two-run 
* vN , ^- r ' r *cl;e ls ^homer to Jim Leyritz in the fifth. 

^ no’ 



Athletics 6, Rangers 3 In Oakland, 
Mark McGwire hit a grand slam in the 
first inning, the ninth of his career. 

It was 

these rig raLkcts.^.u^^which set*an Oakland record. 

• •»tels-. K :7' ‘^McGwire's 28th homer of the season. 
1JD ln, tfe McGwire has 357 career homers, one 



i r:- 



■ r*-* ' •k.-dsrn rackvt !> -■ McGwire has _o7 career homers, one 

? w rj-. .s:'j;T, mi '.^behind Yogi Berra for 44th place on the 
m *** all-time career list. 

Tigers id. Red Sox 6 Brian Hunter 
ched base in all five at-bats and stole 
four bases as the visiting Tigers over- 
came solo homers by Mike Stanley, 
John Valentin and Shane Mack to stop 
Boston’s four-game winning streak.' 

, Blue Jays 3, Orioles 0 Roger Clemens 

T "J "ri" 1 pitched seven shutout innings and Joe 
M V 1 - Sfjr upt*Caner broke a scoreless tie with a two- 
r ‘ ;.:v .L‘ ," r -T- ^ i-ydBfeiun single in the eighth for the visiting 
TT ■■ ->'sraS ;> Blue fays. Clemens (12-2) struck out 
. \ " n i nei walked two and allowed five hits 
HiJJ ti» (.Marh Grinin 

ie Shiniest 

The visiting White Sox broke open 
the game with four homers in the last 
three innings. Chicago is over .500 for 
the first time since its opening-day vic- 
tory over Toronto. 

Royals 4, Browers 3 Chili Davis hit a 
two-run homer to cap a four-run fourth 
inning at Kansas City. 

Jose Qfferman walked to lead off the 
inning, Tom Goodwin singled and Jeff 
King hit a game-tying single with one 
oul Davis followed with his 12th homer 
for a 4-2 lead. 

Chris Haney ( 1-2), making his second 
start since recovering from a fractured 
left ankle, got his first major-league 
victory since last Sept. 17. He gave up 
two runs and six hits in six innings, 
struck out six and walked none. 

■ New Allegations Hit Cordero 

Wilfredo Cordero , the Boston Red 
Sox outfielder facing charges of as- 
saulting his current wife, also allegedly 
beat his former wife when she was preg- 
nanr, according to a court document 
obtained by The Boston Globe. The 
Associated Press reported. 

Cordero, charged with assaulting his 
current wife. Ana, on June 11, was 
accused by his former wife during di- 
vorce proceedings in 1993 of assaulting 
her repeatedly, the newspaper said. 

Cordero denied those allegations. 

Cordero was slated to bat third in the 
starting lineup that was delivered to home 
plate before Boston’s game against De- 
troit on Thursday. But he was scratched 
just before the first pitch because the 
team learned of the new allegations. 

‘Iron’ Mike Tyson Gets 
A Chance to Prove It 

By Michael Wilbon 

Washington Post Sente r 

Hr.r. ~ 

„ i . _ 

Vi i; 

' Or. 


•-*- tiCojii'..- 

Thi C 
” 'iVwr 

stiver. Dies at I 


S'w *-i "ii 
.ft ••••• 

ir . 

f.- ‘M-r 

r.. ^ . 

\ >••••.* 

imerica Fm 


r ' ; ■ ■ WP/*! i 

■ im a - '.’.Tk: •• “ • ” 

Orioles’ Outfielder 
Is Wavering 

By Mark Maske 

Wdshincrcit Post Service 

BALTIMORE — Eric Davis says 
he has not made a decision yet about 
undergoing chemotherapy treat- 
ments bat hopes to play for the Bal- 
timore Orioles again this season. 

Davis made his return to Oriole 
Park at Camden Yards on Thursday. 
13 days after a cancerous colon tu- 
mor was removed at Johns Hopkins 

”1 do want to play baseball again 
in 1997,'’ the outfielder said during'a 
news conference, after which he vis- 
ited his teammates in the Orioles’ 
clubhouse. “I’m optimistic about 
playing baseball again in 1997.” 

Davis’s doctors have recommen- 
ded that he undergo chemotherapy to 
reduce the risk of a recurrence of his 
cancer. Such treatments also might 
reduce the chances that the outfielder 
will play again this season. Davis 
said that he planned to return to his 
home in Los Angeles on Friday and 
would decide about chemotherapy 
after he receives another opinion 
from doctors there. 

“As of right now, I have not fi- 
nalized any decisions,” Davis said. 
“I am weighing all my options. I 
have spoken to various people that 


TrH HuJiLMrtgrfir, F/»on-|V<w 

Davis hopes to play this year. 

went through chemotherapy — the 
good sides, the bad sides.” 

Dr. Keith Liliemoe. who removed 
a fist-size mass from Davis's colon, 
said the outfielder was taking the 
proper approach in gathering all the 
information he could before making 
a choice. “It is not absolutely black 
and white that Eric has to get chemo- 
therapy,” Dr. Liliemoe said. 

“He has gotten an opinion from 
oncologists at Johns Hopkins and 
that is tbeir recommendation. But 
there are very good oncologists out 
there who might differ.” 

Fred Jcwtll/Tbe Annual Preu 

The Astros* Chuck Carr stealing second as the Cubs* second baseman, 
Ryne Sandberg, hobbled a throw from the catcher in the third inning. 

Rockies’ New Shortstop 
Lives Up to His Billing 

LAS VEGAS — You know how long 
it has been since Mike Tyson was Iron 
Mike Tyson? You know bow long it’s 
been since Tyson walked into a boxing 
ring, in the best shape he could be in, 
with his skills razor sharp, and took out 
a worthy opponent? 

Nine years, that’s how long. 

You’ve got to go back to 1988, when 
Tyson beat Lany Holmes in January. 
Tony Tubbs in March and Michael 
Spinks in June to find a stretch in which 
Tyson was at his best, a time when be 


was feared not because of reputation or 
demeanor, but because he struck blows 
too savage and too precise to withstand. 

Since then, there have been tomato 
cans for opponents, incompetent hand- 
lers and cornermen. Don King, divorce, 
a rape conviction, prison, two defeats, a 
second marriage, the birth of a child. 
Thar's a whole lor of water under the 
bridge, most of it muddy. 

I'm finding it a little difficult to be- 
lieve Tyson is favored in the minds of so 
many to beat Evander Holyfield here 
Saturday night, and that people are still 
buying into the mythology of Iron Mike 
Tyson when he hasn’t delivered a great 
performance in the ring for nine years. 
Even if you wanted to be generous and 
give him ifae benefit of the doubt for his 
seventh-round TKO of Razor Ruddock, 
that was March 1991, more than six 
years ago. 

Why should we believe now that at 3 1 
years old. he can turn back the clock and 
summon what he used to be? Because he 
ran across die ring and awkwardly poun- 

The Associated Press 

Neifi Perez did his best to shed his 
“shortstop of tiie future” label in his 
first appearance of rbe season at Coors 
Field in Denver. 

Perez, outspoken earlier this month 
about his extended time in- Colorado’s 
farm system, had twohits, drove in a run 
and scored from second on an infield hit 
as the Rockies beat the San Francisco 
Giants. 7-6. Thursday night. 

4 'Neifi was shining tonight,’ ’ said the 
Rockies’ manager, Don Baylor. ‘‘He 
was impressive-Tle turned double plays 
when we needed them. He didn’t back 
off. He was aggressive on the bases, 
even when they tried to pick him 

NL Roundup 

off. You can tell be has unlimited abil- 
ity. There’s no question about that. He 
plays with a flair that stands oul” 

Perez, who helped turn five double 
plays, joined the Rockies last week on 
the West Coast after hitting .363 with 
eight homers and 46 RBIs for Triple-A 
Colorado Springs. 

“After the bad game I had last night 
— no hits, one error — there’s nothing I 
could do but make contact with the ball 
and make plays,” said Perez, 24, of the 
Dominican Republic, who signed with 
the expansion Rockies in 1992 as a uon- 
draft'ed five agent. 

Ratos 9, Dodgers 7 In Los Angeles, 
Tony Gwynn broke a seventh-inning tie 
with the major league’s first inside-the- 

park grand slam in six years. 

Brett Butler, making his first start in 
left field since 1983, made a futile dive 
for the ball, straining his right shoulder 
and neck-Buder remained face down and 
motionless as Gwynn circled the bases. 

Steve Finley hit his 12th homer for 
SanDiego, which has won eight straight 
against Los Angeles. Mike Piazza hit a 
two-run homer in the ninth. 

Cardmals 5, Rods 3 D ennis Eckersley 
took over second place on the career 
saves list as visiting Sl Louis increased 
its w inning streak to three games. 

Eckersley. 42, got the final three outs 
for his 368th save, moving him ahead of 
Jeff Reardon. 

■ Bravos 5, ptiiiKos 4 In Atlanta, Denny 
Neagle beat Philadelphia for the first 
time in 15 tries against the Phillies, and 
Tony Graffanino hit a go-ahead homer 
in the fifth inning. 

Neagle (11-1) allowed three runs and 
seven hits in eight innings as Atlanta 
sent the Phillies to their 1 1th loss in 12 
games. With the score 2-2, Graffanino 
connected off Matt Beech (0-3) for his 
second homer of the year. Darren 
Da niton homered for Philadelphia. 

Astros 7, Cubes In Chicago, Jeff Bag- 
well had a bases-loaded RBI single in 
the 10th inning as Houston bear Chicago 
for die fourth straight time. 

Expos 5, M e r li ns 2 In Miami, 
Montreal’s Jeff Judea pitched a four- 
hitter, had twohits and drove in two runs 
to beat Florida for the second time in a 

Mte NcbraMpate Francr-Prenc 

Tyson weighing in at 218 pounds for 
his bout with Holyfield on Saturday. 

ded stiffs such as Peter McNeeley, 
Buster Mathis, Frank Bruno and Bruce 
Seldon in a grand total of eight rounds? 

Can Tyson come out Saturday night 
and knock out Holyfield in the first 
round? Yes. Of course. Beyond that? 
Who knows? Three times in the ’90s 
Tyson has fought 10 rounds, and twice 
he's been knocked out. This suggests 
thar if he doesn T knock Holyfield out in 
the first three rounds, he doesn’t have 
what it takes to win a long dogfight 

Don’t get me wrong, Tyson in nis 20s 
was probably more feared than any 
heavyweight champion ever, including 
Joe Louis. You look at those clips of 
Tyson on Classic Sports Network, and 
fairly accomplished fighters were ab- 
solutely frightened and didn’t want to be 
in die ring with him. That said, here’s 
what Tyson, through 47 fights over 12 
years of professional boxing, has never 
done: beat a man with chin, head and 
heart Never done it He’s never gotten 
up off the mat to whip anybody, never 
come from behind to win. never re- 
sponded well to a real challenge. 

From John L. Sullivan to Jack John- 
son to Joe Louis to Rocky Marciano to 
Muhammad Ali. every grear heavy- 
weight champion has had a career-de- 
fining fight at least one night when he 
had to stand nose-to-nose with a worthy 
opponent and call on every resource 
imaginable to stay upright perhaps in- 
jured and bloody, usually in the late 
rounds, to win a boxing match. 

Except Mike Tyson. 

Johnson had Jim Corbetr and Jess 
Willard. Louis had Max Schmeling and 
Billy Conn, among others. Marciano had 
Jersey Joe Walcott. Ali had Joe Frazier, 
Eamie Shavers and George Foreman. 
When has Tyson's greatness, not bul- 
lying, but greatness, been on display? 

If you want to argue that’s not Tyson ’s 
fault that’s a legitimate position. 
Tyson's not to blame because prize 
fighting is going to hell in a handbasket 
on his clock, nor because there are pre- 
cious few warriors of his generation. 

Saturday night is Tyson’s chance not 
just to regain this championship, which, 
given the number of belts, doesn’t mean 
much, but to prove he's got the re- 
silience and resolve that nobody thus far 
has made him demonstrate. 

For starters, Tyson can't just come in 
thinking that getting knocked on his 
keister seven months ago was a fluke. It 
wasn’t. He lost to a man who was in 
better condition, better tactically and 
better prepared menially to endure a long 
fight. Tyson's never had to steel himself 
like that during his career because usu- 
ally it’s been two rounds and pick up a 

it Tyson says on the record he 
“identifies” with" Sonny Liston isn’t 
good news. Liston thought his first loss 
io Ali was a fluke, and was a cream puff 
in the rematch. Holyfield told the Los 
Angeles Times, “Realistically, when 
people don’t admit to the truth, the truth 
will sting you. They can close their eyes, 
but when they open their eyes the truth is 
still there. To hear him call it a fluke, I 
realize he hasn't gotten over the first 
one. That first defeat is still there with 
him. It’s too much for him.” 

Tyson does look to be in great shape 
this time, but there are plenty of pro- 
fessional boxing trainers who’ll say 
privately that his regimen isn’t as taxing, 
that he isn’t obsessed with the details and 
subtleties of every little thing like be 
used io be. That, especially when die 
opponent is so stout of heart, is enough to 
keep even a man as once-feared as Mike 
Tyson from being called champion. 




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The Intelligence Game 

Seven Stars: Shakespeare As You L 

International Herald Tribune 

M IAMI — Speaking for humanity, I 
am disturbed about “Deep 

As you know if you read the news- 
papers, “Deep Blue” is a 1972 movie 
about a wo man with an amazing ability 
to . . . 

Whoops! My mistake! I meant to say 
that "Deep Blue” is an IBM computer 
that recently defeated the world heavy- 

weight chess champion, Garry (Lobes 
of Steel) Kasparov, causing serious 

of Steel) Kasparov, causing serious 
chess fans everywhere to pick angrily at 
the tape holding their eyeglasses to- 

It wasn't just that Kasparov lost: it 
was the pathetic way be lost. 

In a May 13 New 
York Times article. ” 

chess expert Robert The supermarket 

Byrne claimed that _ . . wr t v 

Kasparov made a "fatal computer IS WAY 

error” that "everyone more intelligent 
knows how to avoid,” , , 

thus putting himself in than humans, 

an impossible predica- 

ment. Here’s a verbatim 
quote from Byrne's analysis: “Kas- 

Oh, the computer industry has tried to 
“muscle info” this field. In 1987, IBM 
assigned a team of its top nerds to a 10- 
year, multibillioQ-dollar project to de- 
velop a world-class humor computer, 
code-named “Big Yuk.” But this task 
proved to be very difficult, because 
computers, like Martha Stewart and 
fans of Barry Manilow, do not naturally 
have a sense of humor. Technicians 
spent thousands of hours programming 
Big Yuk — typing in a 1 complete tran- 
script of every episode of “r 'Doop," 
putting Groucho glasses on it, giving it 
noogies, installing a mechanical arm so 
it could throw pies, etc. — but progress 
was very slow. And then, finally, the 
breakthrough came: 
— Early on the historic 

market morning of Ocl 8, 

■ WAV 1993. after six years of 

IS WAx • processing data 24 

Ligent hours a ^ Bi S. Yuk 

^ came to life and, in an 

UlS. exchange with a pro- 

grammer, made what is 

believed to be the first- 

P ARIS — In addition to buying china versions of 
Anne Hathaway’s cottage and funny T-shirts, 

JT Anne Hathaway’s cottage and funny T-shirts, 
visitors to Stratford-upon-Avon this summer can give 
their considered opinion oh which of Shakespeare’s 
plays are his greatest 

The choice is limited to seven after the seven stars 
referred to by the Fool in "King Lear 7 ' and interested 
•persons can fill in a form, choosing "2G of V,” for 
example, 1 "Oth,” “R2” or "AYLI” or from 


parov h as nowhere to hide. If . . . be, then 
■ nrV-J.K'KT fullc intfOl HaA malv* If 10 

20 Qc4 Kb7 falls into 21 Qa6 mate. If 19 
. . . Nb4, then 20 Qf5 be 21 Ne5 Bb5 22 
Ng6.“ . 

Can you believe that? Garry, you 

This was the first lime that a com- 
puter had beaten a world chess cham- 
pion, and it was a severe blow to human 
pride, especially when Deep Blue — 

ever totally computer-generated joke: 

Programmer (typing -excitedly): 

Programmer: MARCEL PROUST 

FRENCH NOVELIST (1871-1922) 
Programmer OH. 

Big Yuk: GET IT? 

It wasn’t much, but it was a start The 
□ext breakthrough came nearly two 
years later, when Big Yuk suddenly 
A LAWN TRACTOR?” Rushing to the 
keyboard, the programmer typed in: “I 

after telling the media that it was going 
to Disney World — was seen instead at 
a trendy Manhattan night club, drinking 

400 million glasses of champagne per 
second, fondling the cash registers, 
boasting loudly of its victory and mak- 
ing insensitive remarks about Tiger 

The question is: Does Deep Blue’s 
victory mean that computers have now 
reached the level of human intelligence? 
And what, exactly, do we mean by "hu- 
man intelligence”? Can we say that the 
beeping supermarket computer that rec- 
ognizes ana totals our purchases as they 
slide across the scanner is displaying 
“human intelligence”? Of course not! 
The supermarket computer is WAY 
more intelligent than humans, because it 
knows how to add, a skill that most 
humans have totally forgotten by the 
time they get to the Senior Prom. Also, 
you will never see a supermarket com- 
puter purchasing, or eating, “jerky." 

So we have to concede that in some 

Shakespeare’s other 34 plays, adding what they con- 
sider the defining moment of the play. Then they can 
send iheir opinion to Robert Pennant Jones, who is 
eagerly awaiting them in London. 

pennant Jones isn ’t about to extrapolate any theories 
from foe results, having had only three replies so far, 
but says he doesn't know why Shakespeare shouldn't 
be subjected to market research: if manufacturers 
know what detergent people buy, he asks, why 
shouldn't producers learn which plays are liked besi? 

Of course, he says, it would be unfortunate if 
producers were, motivated entirely by market re- 
search since then audiences would get nothing but 
poll-winners; and “Love’s Labour’s Lost” and “Ti- 
mon of Athens” would never be seen again. The 
point of the poll, he says, is really just to get us to 
reconsider our tastes ‘ ’so that even such an ultimately 
arid exercise may provide useful insights. 1 ' 

Pennant Jones, a retired oil company executive and 
Shakespeare buff, was at Cambridge at foe same time 
as Tan McKellen and Derek Jacob i,which meant that 
his own appearances were limited to walk-on lords, he 
said by telephone from London. He has done what he 
prefers to call noaprofessional acting since then and 
recorded four 10-nnnute talks on defining moments in 
Shakespeare for foe BBC World Service. He also 
commissioned a 6-by-9-foot painting in which de- 
fining moments in all 39 plays are pictured. 

The painting has hung since May in the Royal 
Lakespeare Theatre in Stratford in a eallerv a bit off 

ENCE?” To which Big Yuk responded: pas 


areas, computers are smarter than hu- 
mans. But there is still hope for us; there 

mans. But there is still hope for us; there 
is one area where even the most power- 
ful computers so far have been unable to 
compere with the human brain, and it 
happens to be an area that is vital to the 
very survival of the planet: humor writ- 

NOVELIST (1871-1922) WHO 

So we can see that computers have a 
long way to go before they can replace 
highly trained humor professionals. Oh, 
sure, I know there have been rumors that 
some of us in foe humor industry are 
getting lazy and starting to supplement 
our own output with computerrgener- 
ated material. 

I want to state, for the record, that 
these rumors are totally false. I write all 
my own jokes with no help from any 
machine, despite my heavy travel 
schedule. In fact, 1 JUST FLEW IN 
OF 2,873.9 MILES! 

©1997 The Miami Herald 
Distributed bv Tribune Media Services Inc. 

Shakespeare Theatre in Stratford in a gallery a bit off 
the beaten path. "They have just added a sign,” he 
said hopefully. It will then tour Britain with the Royal 
Shakespeare Company, fetching up, he hopes, in the 
Barbican in London before moving, in a container, to 
the rest of Europe, the United States and Japan. 

The germ for foe painting, “The Poet and foe 
Painter,” by a primitive painter named Ronnie Co- 
pas, came when Pennant Jones and his wife saw van 
Eyck's Mystic Lamb alraipiece in Ghent. In 1994 he 
commissioned Co pas to a three-year labor of p ainting 
defining moments — or crucial scenes — chosen by 
Pennant Jones. "Enthusiasm means madness,” he 
wrote Copas in encouragement. 

Faxes were installed in both houses, the collab- 
orators decided to set all the plays in die 1930s, and 
the canvas was finished last March. Not without 
problems — Copas jibbed at having Cleopatra hold- 
ing the asp at her breast (in the finished canvas it is 

menL “I don’t think any of them saw it, or if they did 
they certainly didn't write about it,” Pennant Jones 

It is foe people who manag e to find “The Poet and 
foe Painter’ ’ who are given foe form listing their top- 
of-the-pops Shakespeare plays on the Seven Stars 
form. There is no accounting for tastes (and perhaps 
no point in attempting to account for them), and 
anyway they change with circumstance and time. 
Queen Victoria's favorite Shakespeare play, for ex- 

ample, was foe rarely performed “King John.” But 
Pennant Jones hopes to match foe poll results with 

just heading that way) — and not without debatable 
decisions, such as Pennant Jones's choice of foe 

direction "Exit, pursued by a bear” as the defining 
moment of "A winter’s Tale.” 

“Everybody thinks that's foe most laughable stage 
direction of au, but I argued that far from the most 
risible moment it is actually central to foe play.” 
Pennant Jones said. He points out, reasonably, that 
had the old man not sacrificed his life to foe bear there 
would have been no second half to foe play. 

When the painting went up in Stratford, critics 
attending the newest ‘ ‘Hamlet were invited to cora- 

Pennant Jones hopes to match foe poll results with 
actual productions at Stratford's main theater from 
1964 to 1995. 

To tabulate a List of foe most popular productions 
he had to enlist foe aid of his accountants and soothe 
foe Royal Shakespeare management which feared 
that the egos of directors or actors might be rumpled 
by low ratings. 

There are also imponderables concerning foe 
choice of plays produced such as availability of actors 
or foe relative cheapness of small-cast plays such as 
‘ ‘Macbeth’ ’ or 1 ‘Twelfth Night’ * but Pennant Jones's 
list of productions, attendance and box office takings 
is available to those who fill in the Seven Stars list and 
send him 39 pence for mailing costs. 

According to his breakdown, the comedies have 
been the most popular, foe histories have steadily 
declined since me great Wars of foe Roses cycle of foe 
1960s. Tragedy is on foe rise. 

“Twelfth Night” turns out to be the brightest of 
the Seven Stars, with “Titus Andronicus” as foe 
Shakespearean equivalent of a black hole. Pennant 
J ones says “Twelfth Night” is not only the most 

Merchant of Venice," “Hamlet,” “A Midsummer 

Night’s Dream” and “Much Ado About Ngtbipg^ w 
These, then are foe Seven Stars, and Pennant Jona* 
was foe first to be surprised. "Absolutely, be 
“I would have thought ‘Hamlet’ would be first 
couldn’t do better than fifth. Two other things 
‘Henry V’ is- in the median and the two Henry 
plays rank worse than ‘The Merry Wives of Wind? 
sor.’ That particularly astonishes me:” ~i 

“Coriolanus," he notes, never seems to pleage . 
despite some strong productions (it ranks 2otn)_aud 
“Troilus and Cressida” also disappointed at 27th, 
“Much Ado About Nothing” is rising while “Ant-.- 
ony and Cleopatra, " in ninth place bur with only three 

E reductions, is rated as unjustly neglected. “Richard - .: 
L” in 17fo place, is foe highest rated history play. - 
“Measure for Measure (23d) is generally unpopular 
despite six productions since 1970. _ ;l ' i 

As for Queen Victoria’s favorite, "King John- is .- 
36th, having had only one production in the period-..- 
studied. It was attended by 1,020 people and earned ' 
£669 at foe box office. ’ 

All very interesting but isn’t foe whole undertaking 
a bit, well, daft? “I think so, probably.” Pennant., 
Jones equably replies. 

"We know an awful lot about trivial things. I am J 
actually very interested in Shakespeare and until I 
undertook this bit of research I had no real idea as to 
what foe most popular plays were.” He thinks ir 
might help a producer about to put on “Pericles" to 
know' that it rates 33d on foe list (it might also help 
him to put on “Charley's Annt” instead). 

If his undertaking is eccentric, Pennant Jones does 
not think it useless as changing tastes are always 
historically interesting. “I really think it’s a bir 
esoteric; but more important than knowing that 
housewives in foe south of England prefer Omo to 
Daz. That’s really why I’m doing it,” he said. “But it 
is daft, there is no question of that.” 







R OUND one went to Sylvester Stallone and his neighbors. 
The Miami City Commission recommended that a gate to 

IV The Miami City Commission recommended that a gate to 
the posh Cliff Hammo cks neighborhood that Stallone calls 
home be closed at night amid concerns of increasing crime. 
But foe commission said, Dade County officials must find a 
safe altemativeroutefor the joggers, bikers and skaters who use 

the gate on their way to Biscayne Bay. The county agrees that 
it has jurisdiction over foe path used by foousands, but there is 
no indication whether it will follow the recommendation. 
Construction of a fence to protect the area where Stallone and 
Madonna both live surprised and angered many people, who 
said foe city didn’t waste much time spending $4,400 even as 
Miami struggled to avoid bankruptcy, and so foe gate was built 
‘ 'This issue would never be foe epic saga that it has become if 
Sly Stallone didn't live on the street,” said Dean Ziff, a 
businessman who told foe commission he was held at knife- 
point in his driveway recently. “But this issue predates Stal- 
lone. He’s sexy and attention-getting, but that has little to do 
with ordinary homeowners taking their street back.” 

Dudley Moore is being sued by his estranged fourth wife, 
who alleges that he abused her, forced her to take illegal drugs 
and defamed her in a forthcoming book. Nicole Rothschild 
Moore filed foe suit in California Superior Court, claiming the 
actor ‘ ‘brutally and relentlessly assaulted, bartered, threatened 
and terrorized” her during their six-year relationship. They 
are currently in divorce proceedings. Also named in foe suit 
are Barbara Paskin, author of "Dudley Moore: The Au- 
thorized Biography," London’s Daily Mail, which published 
exceipts, and the publisher, Sidgwick and Jackson. 

Jacques-Yves Cousteau revealed his secrets for hap- 
piness, lessons on life and warnings of environmental hazards 

in his memoirs, due to go on sale next Tuesday. The ocean- 
ographer wrore “The Man, foe Octopus and me Orchidea" 

tori Rc+tncMgcnur Rinkt-hcK 

AN OPEN LETTER — Daniel Ducruet, the ex-hus- 
band of Princess Stephanie of Monaco, signing his 
book, “Letter to Stephanie,” at its launch in Paris. 

their lives are independent of each other a lot, but the friendship 
is intact,” a friend of the couple said. The Huffingtons, who 
wed in 1986, have lived increasingly separate lives since he lost 
a bitter 1994 Senate race. Last year he moved to Los Angeles 
while she spent much of her time -in Washington. 


The only existing carbon copy of foe first draft of Henry- 

over the course of 20 years, completing it shortly before his 
death Wednesday at age 87. 

Miller's novel “Tropic of Capricorn" sold for $40,250 at 
auction in San Francisco. His infamous “Little Black Book.” 

^ r 

^ By maintaining a far-flung network of news-goihering resources, fbe World's Daily 
Newspaper brings you unrivalled coverage of world politics, business and economics, 
f as well as science, technology, travel, fashion, the arts and sport — all from an 
A international perspective. 

Take advantage of this limited opportunity to try the International Herald Tribune 
with a low cost, 2-month trial subscription and enjoy delivery to your home or office 
every morning. 

Michael and A rianna Stasslnopoulos Buffington have 
gotten a divorce. Very quietly. Very amicably. And, for her. 
very profitably. The mulumUlion-dolIar settlement includes a 
new home for Arianna, foe Republican pundit and columnist, in 

foe tony Brentwood neighborhood of Los Angeles, which she'll 
share with daughters Christina, 6, and Isabella, 8, and her 
mother, Elli Stasslnopoulos. Michael, a Texas oilman turned 
California congressman mined losing Senate candidate turned 
film producer, will have joint custody of foe girls. "I just think 

a list of lovers with star ratings beside their names, meanwhile, 
sold for $2,645. In all, 122 private letters, photographs and 
typed drafts were put up for sale by Miller’s children at the 
Pacific Book Auction Gallery. “Tropic of Cancer," published 
in 1 939 in France and 1 96 1 in the United States, was a catalyst 
for a landmark freedom of speech decision by the LLS. 
Supreme Court, which ended the decades-old obscenity ban of 
foe book in 1964. Miller died in 1980 at age 88. 

The stormy six-year marriage of LaToya Jackson and 
manager, Jack Gordon, is officially over. Jackson, foe sis 
of Michael Jackson, filed for the divorce in May 1996. 















































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Celebrity Degrees at London’s Royal College of Art 

International Herald Tribune 

L ONDON — Grinning under a 
tasseled velvet cap, Martin Scorsese 

OflCeAm- _ __ 


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JLj tasseled velvet cap, Martin Scorsese 
acknowledged cheering students Friday 
as he was made an Honorary Doctor of 
London's Royal College of An by its 
provost. Lord Snowdon. 

The film director, in crimson cere- 
monial robes, preceded through the or- 
nate Royal Albert Hall with other so- 
called Houorands: Rei Kawakubo, foe 
Japanese fashion designer and founder 
of Comme des Garcons, the American 
abstract painter Ellsworth Kelly and 
Hans Wegner, foe Danish designer. 

Public orator Christopher Cook called 
Kawakubo a subversive designer who 
tried to “tear up foe American legacy" 
to postwar Japan. She, in turn, said she 
was proud that her creativity had been 
recognized by a serious organization in a 
way that was not possible for a fashion 

designer in Japan, and added that she 
hoped she could keep foe velvet robe. 


,V -t : . ■ re 

# .< : 

hoped she could keep foe velvet robe. “Honorands” Scorsese, Kawakubo, Kelly and Wegner 

"■-r; I*