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Herald 


INTERNATIONAL 




rt 


The World’s Daily Newspaper 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 
R Paris, Saturday-Sunday, May 3-4, 1997 



No. 35-511 


Labour Takes Over as ‘Curtain Falls’ on Tories 


By Fred Barb ash 

Washington Pan Service 

LONDON — As the last results of the general 
election straggled in Friday afternoon, as the 
vanquished left No. 10 Downing Street and the 
victor accepted the queen’s “kind offer” to 
move in, as the simple majesty of this nation’s 
transfer of power unfolded, Britain surveyed 
with a m a z ement the near obliteration of the 
Conservative Party, once the political jugge rnau t 
of Europe. 

A modest British-style motorcade — three 
cars and some police motorcycles — escorted 


the Labour Leader. Tony Blair, from his home to 
Buckingham Palace, where be was asked, and 
agreed, to form a government, ending 18 years of 
Conservative rule. 

Earlier, Mr. Blair's defeated rival, John Ma- 
jor, submitted his resignation to the queen. He 
also announced that he would resign as leader of 
the Conservative Party, setting off a battle 
among survivors to take his place. 

“when the curtain falls, it's time to get off the 
stage,” said Mr. Major, who looked relieved as 
he left the prime minister’s official residence, his 
party having suffered its first general election 
loss since 1974. 


“I am sorry for all those who lost," said 
former Prime Minister Margaret Thatcher, who 
was ousted by her party rather than defeated by 
the voters. "It’s an experience 1 never had.” 

The television maps of Britain — which por- 
tray Conservative-voting parliamentary con- 
stituencies in blue — were bathed in red. the 
color of Labour. The Tories were wiped out in 
Scotland and Wales, now Tory-free zones. In 
London alone, the party lost 30 seats, free-falling 
to 11 from41. 

The best-known and least-known of Tories 
suffered equally. The lofty men who usually 
survive, the foreign secretary, the defense sec- 


retary, the trade and industry secretary and a raft 
of ministers and junior ministers, lost seats in 
Parliament that some had held for decades. 
People are calling it a “mass culling.” 

“A tidal wave has burst over the Conservative 
Party. " said David Mellor, one of those ousted in 
London. “It wasn't a question of putting your 
hand in the dike. It was a question of the sea wall 
collapsing around you.” 

Labour captured about 435 percent of the 
popular vote, compared with 30.7 percent for the 
Conservatives, 16.8 percent for the Liberal 
Democrats and the balance for “others,” who 
included Gerry Adams, head of Sinn Fein, the 


political wing of the Irish Republican Army. 

The Conservative Party, which controlled the 
659-member House of Commons with 33 1 seats, 
now has 161. its lowest number since 1932. 
Labour shot from 271 to 4 1 9. its best performance 
ever, bringing it back to government in style after 
23 years without a general election victory. 

People should not have been shocked. The 
polls were forecasting such a rout. Bui because 
the pollsters were wrong in the 1992 election, 
few took them too seriously. 

The sheer number of seats the Tories lost was 


See BLAIR, Page 5 


U.S. Jobs: 
Best Rate 
Since 1973 

Seeing No Inflation, 
Markets Advance 


By Mitchell Martm 

International Herald Tribune 

NEW YORK — American un- 
employment fell below 5 percent in 
April for the first time since Decem- 
ber 1973, government data released 
Friday showed, as the U.S. econ- 
omy added .142,000 jobs without 
showing serious signs of inflation. 

Added to recent date on eco- 
nomic growth and wages, the report 
of 4.9 percent unemployment last 
month was generally regarded as 
good news far investors and work- 
ers. Stock prices rose and bonds 
were stable after significant gains 
earlier in die week. 

Economists were divided about 
die implications for inflation and 
thus interest rates, -although many 
said that while central bankers were 
likely to tighten U.S. credit con- 
ditions this month, the outlook for 
investors remained favorable. 

■; There is “tremendous prosper- 
ity” in the United States, said Ed- 

See JOBS, Page 10 



laVikfantnnin 

Tony Blair grating well-wishers as he arrived Friday at No. 10 Downing Street “Today we are charged with 
the deep responsibility of governing,” he declared, before appointing the top members of his cabinet. 

Blair Exorcises the Ghosts of the Past 

But Demons Lurk in His Party's Promises on Taxes and Spending 


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812^1 788-03 


Washington Budget PSact 

President Clinton and Republi- 
can congressional leaders an- 
nounced agreement Friday cm a 
plan to balance the budget by the 
year 2002. Page 3. 


By Fred Barbash 

Washingion Ron Service 

LONDON — It is plausible to predict 
that in substance the new government of 
Britain will be totally different from the 
old. It is also plausible to predict that it 
will be pretty much the same. 

It is also posable to predict a long 
honeymoon, a short one or none at all; a 
fiscal and budgetary triumph ora fiscal 
and budgetary disaster; Britain at the 
“heart of Europe,” or Britain some- 
where near the extremities. 

The campaign of the Labour Party 
leader, Tony Blair, was devoted largely 
to exorcising ghosts of Labour past — 
heavy taxation, profligate government 
spending, unbridled union power — and 
to guaranteeing that his will be the first 
Labour government to serve two full 
five-year terms. 

Thus, it was as much about what be 


would not do as what he would do, 
allowing for any number ctf scenarios. He 
boasted at once of his program's “mod- 
esty” and of a government that could be 
“more radical than anybody thinks.” 

There are, however, a few certainties 
fra- change, assuming Mr. Blair makes 
good on his specific pledges. Britain 
will get a minimum wage law, opposed 

NEWS ANALYSIS 

by tiie Conservatives, with the level of 
the minimnm to be determined by a 
commission. Workers will get aright to 
choose a union and the unions a right to 
be recognized, through workplace bal- 
loting procedures similar to those in the 
United States. 

The Blair government will enact Bri- 
tain’s first freedom of information act, 
in theory helping to make rate of 
Europe’s most secretive governments 


more open. And Scotland and Wales 
will get referendums on whether to have 
limited home rule assemblies. With 
those measures lined up and ready to go, 
bis first few months are likely to be 
relatively productive and smooth. 

Unlike many an American president, 
Mr. Blair should not have to deal with 
messy controversies over cabinet ap- 
pointments or uncooperative legis- 
latures. In Britain’s system, his top cab- 
inet choices are already known, and the 
only legislature around is the House of 
Commons, where the prime minister is, 
by definition, leader of the majority. 

In addition, the John Major govern- 
ment of the past three years will not be a 
hard act to follow. A Conservative gov- 
ernment at war with itself, struggling 
with scandals and broken promises, 
stumbling around “mad cow*’ disease 

See LABOUR, Page 4 


Hopes Rise 
That Britain 
Will Warm 
To Europe 

Free Hand for Blair 
Is Seen on Continent 
As a Plus in EU Talks 


By Tom Buerfcle 

International Herald Tribune 

BRUSSELS — European leaders 
greeted die landslide victory of Tony 
Blair with relief and measured optimism 
rat Friday, saying they believed the La- 
bour leader would be a more-reliable 
partner than John Major even as they 
expect his government to maintain 
much of Britain’s inherent skepticism 
toward further European integration. 

The reaction reflected the view that it 
was the size of Mr. Blair's victory, 
rather than his stand on European issues, 
that portended an end to the obstruction 
and harsh rhetoric that have marred Bri- 
tain’s relations with its Continental part- 
ners in recent years. 

Mr. Blair successfully outflanked 
Mr. Major on Europe during the cam- 
paign, matching his skepticism about 
abandoning the pound for a single cur- 
rency and vowing to defend Britain's 
right to veto European policies on de- 
fense and border controls. 

But Labor’s. overwhelming parlia- 
mentary majority should enable Mr. 
Blair to negotiate freely in Europe with- 
out having to bow to the demands of 
nationalistic elements in his party, or of 
tile now-devastated Conservative op- 
position, European officials believe. _ 

“I know very well that the difficulties 
have not all suddenly disappeared,* ' said 
Foreign Minister Hans van Mierio of the 
Netherlands, which holds the presiden- 
cy of the 15 -country European Union. 

But declaring himself optimistic, Mr. 
van Mierio added, “There’s an enor- 
mous majority fra Tony Blair, so if he 
wants, there is room in which we can 
perhaps find consensus on important 
questions.’' 

Although Mr. Blair brings as much a 
change in style as in substance to the EU 
table, tiie Labor landslide could trans- 
form European politics' far more pro- 




Cnjpta RodavIVRaoMn 

THUMBS UP — Gerry Adams 
of Sinn Fein signifying victory. 

Sinn Fein Gains 
2 of Ulster’s Seats 

In the strongest showing it has 
ever made in a British national elec- 
tion, Sinn Fein, the political wing of 
the Irish Republican Army, won in 
voting for two of Northern Ireland's 
seats in tiie British Parliament, re- 
sults showed Friday. Page 5. 

London Stocks Rise 

The London stock market sa- 
luted To ny B lair's huge majority, 
with the FT-SE index rising 10.6 
points to 4,455.6. But tiie pound 
slipped. Page 9. 

Hints for Germans? 

The Social Democratic Party, 
Gennany’s divided opposition 
party, is looking for strategy point- 
ers from the landslide Labour tri- 
umph in Britain. Page 5. 


found! y if it bolsters leftist parties in 
France and Germany. 

French parties vied fra Mr. Blair’s 
coattails ahead of parliamentary elec- 
tions on May 25 and June 1. The So- 
cialist leader, Lionel Jospin, claimed 
that Labour’s triumph demonstrated the 
need for a change of government, while 
Michel Bamier, the conservative min- 
ister for European affairs, attributed the 
success ro Mr. Blair's repudiation of 
“outmoded” socialist ideology. 

Chancellor Helmut Kohl cited the 
British result as a rejection of Euro- 
skepticism, underscoring his drive to 
win a fifth term next year by cham- 
pioning the cause of monetary and polit- 
ical union in Europe! 

See EUROPE, Page 4 


Meeting With Mobutu Delayed 

Rebel Balks, Apparently Over Security Arrangements 


LUANDA, Angola — Ttte Zairian 
rebel leader, Laurent Kabila, palled out 
of international peace talks intended to 
bring him into negotiations with Pres- 
ident Mobutu Sese Seko an Friday, an 

official source in Angola said. 

The source said that Mr. Kabila 
would not join Marshal Mobutu and 
President Nelson Mandela of South 
Africa aboard a South African Navy 
ship off the coast of Central Africa, as 

I ?]fesaid the South African dejmjy 
president, Thabo Mbdn. “to? g«* 
kick to ibe boat :to explain that Kabila is 

not coining tonight' 

“Kabila is not happy 
ramrements fee source said. lent 


struct this whole thing later,. but ob^ 
viously it’s going to be very difficult.” 
Lubnmbashi, Zaire’s second-largest 
city, is controlled by the rebels. 

The Angop news agency said Mr. 
Mbkei would mate another attempt to 
persuade Mr. Kabila to meet Mr. 
Mobutu. 

Sources in Luanda told the news 
agency that Mr. Kabila decided not to 
make the trip to the ship because he had 
not received safety guarantees. 

In Washington, a State Department 
spokesman said the. United States was 
not confident that the Kabila-Mobutn 

See ZAIRE, Page 4 




AG E N P A 

U.S. Report Harsh on Swiss Gold Role 



> - ' m ssm 


— .. . , r 




A U.S. government report will state 
that there is conclusive evidence that 
the Nazis sold Switzerland gold 
stolen from individual Holocaust vic- 
tims, Reuters reported. 

It quoted sources dose to the State 
Department as having said Friday that 
the 1 1-agency report would also show 
that after the war, Switzerland failed 
to return billions of dollars wrath of 
looted gold it received. 

INTERNATIONAL Page 2. 

Minis of Progress on NATO Charier 




A limousine carrying President Mobutu arriving Friday at Kinshasa 
airport to begin a trip to a ship for talks with the rebel leader. 


THE AMERICAS Fag* 3. 

Agreement on Budget Indies Near 


The report, more than 200 pages 
long and based on 14 million pages of 
U.S. government documents, is ex- 
pected to be made public Wednesday. 
The sources said it would be harsh on 
the Swiss wartime role as bankers and 
even money launderers for Germany. 

Documents will show that the 
Swiss took in $425 milli on in looted 
gold — worth more than $4.25 billion 
by today’s prices. Page 4. 

Books Page 3. 

Crossword Page 7. 

Opinion — .... Page 8. 

Sports Pages 18-19. 


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Revisiting FDR: A New Memorial and an Enduring Legacy 



By Ken Ringle 

Washington Am Service 

WASHINGTON — In the 52 years ^between 
Franklin Roosevelt’s death and Friday s dedic- 
ation of his memorial in Washington, historians 
have argued fiercely over almost everything in 
America’s past. Bui they haven t argued aD that 
much about fee historical stature of Franklin 
Delano Roosevelt. ^ „ 

Accepting the memorial for feenatom on a 
so^ngSring Friday morning. President Bill 
S£E?yEF Hr. Roosevelt “the greatest pres- 
ident of tins great American century. 

As fee leSerwho steered the country safely 


through the Depression and World War H, Mr. DeaL” It wasn’t just Mr. Roosevelt’s policies that 
Roosevelt is regularly ranked with Washington made him larger titan life, Mr. Schlesmger said. It 
and Lincoln among the three greatest presidents, was “the way he infected the wholenarion wife his 
according to a periodic poll of 1,000 American contagious, serene confidence in both himself and 
histo rians. the country and its institutions” — confidence that 

“He really doesn’t have many debunkess,’ ' said Americans could rise above the nightmares of 
Alan Brinkley of Columbia University, author of depression and war and all would be welL 
“The End of Reform,” a study of the New DeaL What is perhaps most surprising about Mr. 

“There are a few on die left who think he should Roosevelt after all these years, said Michael 
have done more to socialize the country. There are Beschloss, author of ‘ ‘Roosevelt and Kennedy,” is 
none at all cm the right.” _ that “presidents . normally go into a period of 

“When even Newt Gingrich calls him ‘the disfavor or eclipse after they leave office.” 
greatest president of the 20th century,’ I would say “Even Lincoln did to some extent after his 

Ms place in history is secure,” said Arthur Schle- death," Mr. Beschloss added, “Franklin 
singer Jr-, author of “The Coming of Ibe New Roosevelt never really has. Even his opponents in 


retrospect recognized and respected both tiie 
policies and the presidential character that steered 
us through the worst economic crisis and tiie worst 
foreign crisis in our histray.” 

The respect has endured, Mr, Beschloss and 
other historians say, despite continuing questions 
about specific actions by Mr. Roosevelt like the 
internment of 110,000 Japanese Americans during 
the early days of World War n, or debate about 
whether he could or should have done more to 
shelter Europe’s Jews from fee Holocaust 
It has endured in the face of recent revelations 
detailing Mr. Roosevelt’s adulterous love affair. 

See FDR, Page 4 





I 


EA.GE2 


INTERIVATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 3-4, 1997 


U.S. and Russia Hint 
At Progress on NATO 

Albright and Primakov Discuss Security 


C*np3fd In Our Stiff Fmm Dttpexiui 

MOSCOW — la two fast-paced 
hours of meetings, U.S. Secretary of 
State Madeleine Albright inched for- 
' ward Friday with the Russian foreign 
minister, Yevgeni Primakov, on a 
charter to link Russia to an expanded 
NATO alliance. . 

The goal is to have the charter ready 
for signing on May 27 in Paris. ‘ ‘Some 
needed progress was made," Nicholas 
Bums, the State Department spokes- 
man, said on Mrs. Albright's jet as it 
returned to die United States. 

He added: “We hope the progress 
today will further our efforts to reach an 
agreement by May 27." 

The Russians agreed. A statement 
from the chief Foreign Minis try spokes- 
man, Gennadi Tarasov, gave no details 
but said: “Certain progress has emerged 
in the discussion of issues related to the 
preparation of the document setting up 
relations between Russia and NATO." 

Mrs. Albright and Mr. Primakov held a 
second, unscheduled round of talks Fri- 
day aimed at trying to narrow differences 
over NATO's eastward expansion. 


Western officials say the charter 
would set up a joint council with the 
Russians that would give Moscow a 
voice in decisions that affect its security 
interests in Europe. 

But Russia is demanding binding guar- 
antees from NATO that it will not move 
nuclear weapons or conventional forces 
into the tenitoiy of new members. 

If all 16 NATO countries agree, there 
could be a freeze on conventional 
weapons and troops in six Central Euro- 
pean countries. 

Hie Czech Republic, Hungary and Po- 
land are the leading prospects for mem- 
bership in NATO. Belarus, Slovakia and 
Ukraine are also being considered. 

In addition. try-by-country caps 
on five categories of weapons through- 
out the alliance would be included in the 
charter. 

While NATO has promised that there 
would be no “substantial" deployment 
in new NATO countries, the two sides 
Friday considered "some permanent 
stationing of foreign forces' ' in Central 
Europe, a senior U.S. official said. 

That could mean deploying Amer- 



BRIEFLY 


Saga Chintcu/Jpnictr Fru m P r w 

Mrs. Albright and Mr. Talbott, deputy secretary of state, preparing to leave for home after the talks in Moscow. 


ican, British, French or some other 
Western troops close to Russia's west- 
ern border. 

The secretary general of NATO, Javi- 
er Solana Madariaga, will continue the 
discussions with Mr. Primakov in Lux- 
embourg next Tuesday. 


Mrs. Albright, assisted by Strobe Tal- 
bott, her deputy, and Undersecretary of 
Stare Lynn Davis, an arms expert, held 
three meetings with Mr. Primakov over 
two hours. They continued their dis- 
cussions at dinner Thursday night, 
abandoning plans to talk about China, 


the Middle East and other areas. 

President Boris Yeltsin raged Mrs. 
Albright on Thursday to give ‘ ‘concrete 
meaning" to pledges by President Bill 
Clinton and NATO not to threaten Rus- 
sia with the planned expansion to its 
western bonier. (AP, Reuters) 


Bo Widerberg, ‘Elvira Madigan 5 Director, Dies at 66 


By Lawrence Van Gelder 

Netv York Tunes Service 

Bo Widerberg, 66, the lyrical, so- 
cially conscious Swedish director of the 
popular "Elvira Madigan" and of three 
films nominated for Academy Awards, 
died Thursday at a hospital in Angel- 
holm in southern Sweden. 

The Swedish news agency TT said he 
died after an unspecified but lengthy 
illness. 

Mr. Widerberg was nominated for 
Oscars for best foreign film for "All 
Things Fair" (1996), about the rela- 
tionship between a high school student 
and his female teacher, for "Adalen 
*31" (1969), about a violent strike in 
1 93 1 at a paper mill in a Swedish town, 
and for “Raven'sEnd" (1964), a some- 
what autobiographical film about a 
teenage boy trying to break the ties that 


bind him to his family in a working- 
class district of Malmo, where Mr. 
Widerberg was born. 

Although "Raven's End" was 
named the best Swedish film ever in a 
poll two years ago by a Swedish arts 
magazine, Mr. Widerberg was always 
best known abroad for the lushly ro- 
mantic "Elvira Madigan" (1967). 

Set in the 19th century, the film told 
of the runaway love affair of a young 
married Swedish cavalry officer and a 
beautiful 17-year-old girl who was a 
circus performer. 

"Exquisire is only the first word to 
describe this exceptional film," Bosley 
Crowther wrote in his review in Hie 
New York Times. "There are others — 
poetic and sensitive, compassionate and 
humane, poignant and eventually heart- 
breaking in its resolution of a universal 
dilemma of star-crossed lovers." 


The romanticism of the story was 
enhanced both by color photography that 
prompted comparisons to the paintings 
of Renoir and by music from Mozart's 
Piano Concerto No. 21, often afterward 
referred to as the "Elvira Madigan." 

Mr. Widerberg, who wrote his own 
scripts, tended to regard them as advice 
to himself and felt free to improvise new 
lines and determine the course of action 
just before the cameras rolled. He also 
preferred to work with amateur actors. 
“What actors need is not technique but 
innocence.” he said. 

Sophia Mumford, 97, Spouse 
Who Edited Lewis Mumford 

NEW YORK (NYT) — Sophia 
Mumford. 97, the wife and sometime 
editor of the critic and historian Lewis 
Mumford. died April 22 at her home in 
Amenia, New York. 


Chinese Ships Have Withdrawn, Manila Says 


Reuters 

MANILA — China has withdrawn 
several warships from the vicinity of 
two disputed islands in the South China 
Sea after protests by Manila that they 
were trespassing, officials in the Phil- 
ippines said Friday. 

“A Highlander plane recormoitered 
the area this morning, and there are no 
more Chinese naval vessels near Panata 
and Kota island,” said Major General 
Reynaldo Reyes, commander of the 
Philippine Western Command. "They 
are gone." 

His command includes the Spratly 
Islands, a cluster of reefs and islands 
scattered across die South China Sea. 
Beijing says the entire area, whose allure 
lies in its potentially vast reserves of oO 


and gas. historically belongs to C hina. 

Vietnam, Taiwan, Malaysia and 
Brunei, along with the Philippines, 
claim all or some of the area. 

The Philippine defense secretary, 
Renato de Villa, said earlier Friday that 
Chinese ships had visited - the area be- 
fore but that it was unusual for them to 
anchor so close to islands that Manila 
claims. Panata is one of them. 

Manila protested to Beijing after spot- 
ting the ships, accompanied by fishing 
boats, a week ago. Originally, three ships 
were reported in the area, but Mr. de Villa 
said there were actually four, including 
one with a helicopter landtag pad. 

The ships caused an uproar in Manila. 
The chairman of the Senate Foreign Re- 
lations Committee, Bias Ople, urged the 


f ovemment to seek help from the United 
tales to make China withdraw them. 

"China’s refusal to leave the waters 
off the Kelayaan islands despite a Phil- 
ippine government demand is a slap at 
our sovereignty and a gross flouring of Monday of 
international laws," Mr. Ople said be- Alabama. 

He was the youngest of five brothers 
who graduated from the U.S. Naval 
Academy in Annapolis, Maryland. His 


At her death she was writing a book 
on her life and the work she undertook 
with her husband, who died in 1990. 

After her marriage in 1922, Mrs. 
Mumford gave up a budding career as 
an editor of the literary periodical The 
Dial to help further her husband's lit- 
erary and academic aspirations. 

John Snyder, 71, Found Answer 
To a Cartographic Conundrum 

NEW YORK (NYT) — John Snyder. 
71, a chemical engineer who made car- 
tography history by developing a set of 
equations to convert images of the Earth 
taken from space into accurate maps, 
died Monday in Olney, Maryland. 

Mr. Snyder, a senior engineer at 
Ciba-Geigy Corp., was not formally 
trained in map projections, but his series 
of 82 equations solved a problem that 
had vexed experts, providing a way for 
cartographers to account for distortion 
in images of foe Earth transmitted by 
satellites. 

Quentin Crommeiin, 78, Aviator 
In WWIi Along With 4 Brothers 

NEW YORK (NYT) — Quentin 
Crommeiin. 78. a retired navy captain 
and the last survivor of five Alabama 
brothers who created a sibling sensation 
as navy aviators in World War n, died 
cancer in Montgomery. 



Italian Designers 
Guilty of Bribery 

MILAN — An Italian court on 


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fore the ships had left 

After a similar incident two years 
ago, the two countries agreed not to do 
anything to disturb peace in the area. 

In 1995, Manila accused the Chinese 
of building what it said looked like 
naval support structures on Mischief 
Reef. But Beijing asserted they were 
shelters for fishermen and refused to 
dismantle them. 

Mr. de Villa said he was still con- 
cerned about a new building constructed 
by the Chinese. 

* ‘It concerns us that there is a hur-like 
structure that has sprouted in foe shal- 
lowest part of a reef, very, very close to 
Panata Island,” he said. 

Sources at the Foreign Ministry said 
they were not alarmed by the ships' 
arrival, which they said they believed 
was being played up for domestic con- 
sumption as the Philippine military 
seeks a budget increase to replace aged 
military hardware. 


brother John graduated in 1923. fol- 
lowed by Henry (’25), Charles f31), 
Richard (’38) and Quentin (’41). 

Before World War fl was over, at 
least one of the brothers had seen action 
in every major naval engagement in the 
Pacific. Quentin, who did sea duty at 
Guadalcanal, qualified as a pilot in time 
to lead a squadron in raids over Tokyo. 
Charles and Richard were killed in ac- 


HfuT.DobUmf 

Bo Widerberg directed three films 
nominated for Academy Awards. 

tion near the end of the war. 

Patricia High Painton, 67, 
Former Journalist in Paris 
PARIS (IHD — Patricia High 
Painton. 67, a former business journalist 
and longtime Paris resident, died April 
29 of genetic emphysema at Roper Hos- 
pital in Charleston. South Carolina. 

A graduate of Mount Holyoke Col- 
lege. Mrs. Painton began her career in 
New York as a researcher for Fortune 
mag azin e. She later became a correspon- 
dent for Fortune in Paris for a number of 
years before moving to Business Inter- 
national, where she wrote regular reports 
on France's economy arid politics. 

She also wrote for the International 
Herald Tribune, The New York Times 
and the Atlantic Monthly. 

During her 32 years in Paris, she was 
president of the board of the American 
School and a founding member of foe 
Women’s Institute of Continuing Edu- 
cation. an organization that promotes the 
careers of Anglophone women in France 
and foal grew to become one of the 
largest private organizations in Paris. 


Santo Versace guilty of corruption 
for paying bribes to tax police. 

Mr. Ferre, Krizia, whose real 
name is Marinccia Mandelli, and 
Santo Versace, brother and busi- 
ness manager of the fashion guru 
Gianni Versace, each received sus- 
pended jail sentences of one year 
and two months. 

Neither Mr. Versace, nor Krizia 
and Mr. Ferre were in court They 
had argued they were the victims of 
corrupt tax officials. All three have 
already paid damages roughly 
equivalent to the amount they paid 
in bribes in 1990. Mr. Ferre handed 
over the equivalent of SI 98,000 in 
bribes, Knzia $260,000 and Ver- 
sace $163,000. "(Reuters) 

Iran Cleric Warns 
Of Hostility toEU 

DUBAL United Arab. Emirates 
— A senior Iranian cleric warned foe 
European Union on Friday that pres- 
suring Iran during the current dip- 
lomatic feud would fan stronger 
anti-Western sentiments .in foe 
country. 

Ayatollah Ahmad Jannati said at 
a mass prayer gathering in Tehran, 
“Because of your decisions and 
your loud propaganda, our people 
are becoming every day more anti- 
American, more anti-Israeli and 
more opposed to your union, and 
more steadfast in their stances.” 
His sermon was broadcast on 
Tehran radio. _ 

He was alluding to the decision at 
a recent meeting of EU foreign min- 
isters to suspe do ministerial contacts 
with Iran after a German court ver- 
dict accused Tehran leaders of or- 
dering the 1992 killings of Kurdish 
dissidents in Berlin. Iran has denied 
invdvemenL . (Reuters) 

Prague Charges 
Top Communists 

PRAGUE — The last Commu- 
nist Party leader of Czechoslovakia 
and two other former party officials 
were charged with treason Friday 
for their role in the 1968 Soviet-led 
invasion that crushed foe Prague 
Spring reforms. 

All three are accused of holding 
talks at foe Soviet Embassy on Aug. 
22, 1968, mi forming a ‘‘govern- 
ment of workers and peasants” to 
replace foe lawful reform-minded 
Czechoslovak government. 

Milos Jakes, 74, led foe party 
purges after foe invasion and later 
became party leader. Also charged 
were Karel Hoffmann. 72, and 
Jozef Lenart 73. (AP) 

For the Record 

President Boris Yeltsin signed 
into law Eriday a bill approved last 
week by the Communist opposi- 
tion-dominated Russian Parliament 
that sets out how Moscow will get 
rid of its chemical weapons, but not 
when. ( Reuters ) 


TRAVEL UPDATE 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH lnterdenomlnatkinal & 
Evangefcal Suiday Service iftoo am. S 
11:30 a.m ./ Ktda Welcome. De 
Cuserstraat 3, S. Amsterdam Into. 020- 
641 8812 or 0206451 653. 

FRANCE/TOULOUSE 

HOPE INTERNATIONAL CHURCH 
(BengeficaQ. 4, bd. de Ptorac, Ccfcmter. 
Sunday service. 6:30 p.m.Tel.: 
0562741155. 

FRENCH RMERA/COTE D'AZUR 

NICE: Holy Trinity (Anglican). 11 rue 
Bufa. Sun. 1 1 ; VOICE: St Hugh's, 22, av. 
FWstotonca. 9 am. Tat 3304 93 37 IB 83 

MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 
Worship Service, Sundays: 11 a.rn. 
9, rue Louis Notary, Monte Carlo. 
TeL 37792 165647. 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH - An 

all are welcome. 9:45 First Service 
concurrent with Sunday School, 11.-00 
Second Service wtti CMdren'8 Church. 
French Service 6:30 p.m. 58, rue des 
Bons-Raahs, 92500 RueS-Malmafson. 
For rto, call 01 47512963. 

HOPE INTERNATIONAL CHURCH 
Hotel Orion et Pafe-ta-Ottree, 8 bd. da 
Neudy. Worship Sundays 930 am. Rev. 
Douglas Miller, Pastor. Tel.: 
01 43 33 04 06- MMo 1 to to Defense 
Esplanade: 

SAINT JOSEPH'S CHURCH (Roman 
Cathtfc}. MASS N ENGUSH: Sat 630 pmj 
Sun. 9:45, 11:00 am., 1215. 630 pm. 
50, avenue Hoche, Paris 8th. TeL: 
01 42 27 ffl 56. Mehr Charles da Obi* -B oto. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near Iktabashi Sin. Tel: 3261- 
374ft WtoraNp Servte: 930am. Sundays, 

TOKYO UN0N CHURCH, near QnutosandQ 
Subway S& TaLMOMOW. Sendees 
Suiday - 830 & 11 DO am. SS at 9*5 am. 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking non-denomlnational. 
Tel. +41 61 302 1674, Sundays 1030 
Mttara Seasse 13, CH-4056 Beset. 

ZURICH -SWITZERLAND 

ENGLISH-SPEAKING CATHOLIC 
MISSION; SL Anton Church, 
MtoervastraQe 63 Sunday Mass: 830 
ajn. S 1130 am. Services held In the 
crypt o( SL Anton Ctuch. 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


BRUSSELS/WATERLOO 

ALL SAINTS' CHURCH, 1st Sun. 9 & 
Tins am Hdy Eucharist w # 1 CWdrerfs 
Chapel at lirta At other Sundays: 11.15 
am Hdy Eudwtst and Sunday School 
563 Chausste de Louvain, Ohain, 

Bdgun. TeL 32/2 384-3S56. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Ffemiy Eucharist. Frankfurter Strasse 3, 
Wiesbaden, Germany. Tel.: 
49611306674. 


PARIS and SUBURBS 

THE AMBttCAN CATHEDRAL OF THE 
HOLYTWMTY, Sun. 9 S 11 am. 1046 
am. Sunday School for children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23, avenue George V, 
Paris 75006. Tel.: 33-01 53 23 84 00. 
Metro: Gouge V or Aha Maceaa 

FLORENCE 

ST. JAtCS* CHURCH, Sun. 9 am. Rto I 
& 11 am Rte IL Via Bernardo Rucelaf 9, 
50123, Florence. Italy. TeL 30155 294417. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
(Episcopal/Angllcan) Sun. Holy 
OmmiftonS&ll am Suiday School 
and Nursery 1CL45 am Sebastian FUnz 
SL 22, 60X23 Frankfurt, Germany, Ul, 2, 
3 MqueMlea Jet 4069 55 W 84. 

GENEVA 

EMMANUEL CHURCH, 1st & M Sun. 
10 am Eucharist 2nd & 4th Sui Morning 
Payer, 3 rue da Monthow. 1201 Geneva, 
Swibatand TflL 41 02 732 80 7ft 

MUNICH 

THE CHURCH OF THE ASCENSION, 
Sun. 11:45 am. Holy Eucharist and 
Sunday School. Nursery Cara provided. 
Seytwthstewe 4, 81545 Mtnch (Har- 
tadWig), Germany. TeL: 4SS9 64 61 65. 

ROME 

ST. PAUL’S MTHft-TH&WALLS, Sun 
830 am Holy Eucharist Rte I; 1030 am 
Choral Eucharist Rite II: 10:30 a.m. 
Chudi School torehWren & Nunay care 
provided; 1 pm Spanish Eucharist Via 
NBpoi 58, 00184 Rome. TeL 396 488 

3339 Of 306 474 3569. 


EUROPEAN 

BAPTIST CONVENTION 


NICE - FRANCE 

LB.C. 13 rue Vernier, English service, 
SunctoevenfnglSSftpastorRoyMer- 
TeL (W 93) 3205 96. 

PRAGUE 

LB. FELLOWSHIP, VtnohradsXa « 68, 
Prague 3 Sul 11.-00. TeL (02} 3 11 7974. 

WATERLOO 

WATEHLOO BAPTIST FELLOWSHIP 
Sun. 1930 at Swedish Church, across 
bom MadOonalds, TeL (02) 353 1585. 

ZURICH - SWITZERLAND 

LB.C of ZOrich. Ghatetrasse 31. B603 
ROschlikon, Worship Services Sunday 
mornings 1030. TeL 1-481 001 8. 


BERLIN 

LB.C., BERLIN. Rothenburg Sir. 13. 
(StegBtz). Suiday, B*le study 10.45, 
worship Service 12.00 noon. C hades 
Warlord, pastor. TaL (B0-774-467Q. 

BREMEN 

IJUX. H c hen to hestr. Hermann-Base-Sb’. 
Worship Sun. 17:00, Pastor telephone: 
04791-12677. 

BUCHAREST 

LB.C, Strata Pops Rush 22. 3:00 pm 
Coma PMarMte tonp».TeL3i2 386a 

BUDAPEST 

LB.C., meets at Meries Zslgmond 
Gimnazium, Twokvosz ut 48-54, Sun. 
IftOQ. TeL 2503932. 

BULGARIA 

LB.C, World Trade Center. 36. Drahan 
Tzankav Bfvd. Worship 11. ■00. James 
□lire. Pastor. TeL 669 68ft 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHP, Ev.-FreBdnchSche Gemande, 
Sodeneratr. 11-18. 83150 Bad 
Sunday Worship, Nursery & 

1120 AM. M&>««ek iriristries, Pastor 
MTavey. Csfffac 0617362728. 
BETHEL I.B.C. Am Oachsbers 92 
(ErigEsh), worship Sun. 11:00 am and 
SCO pm TeL; 069549558. 

HOLLAND 

TRtNTTY INTERNATIONAL irvSes you C 

a Onist centered fetowBWp- Sendees: 
900 and 1030 am Btoe moa np toan 54, 
Wassenaar 070517-8024 rusflfy ptOV. 


ASSOC OF INTa 
CHUROCS 


BERLIN 

AMEFOCAN CHURCH M BERLIN, cor. 
or day Alee & PWsdamer Str. SJ5. 9fl0 
am. Worstipll am TeL 030-8132021. 

FRANKFURT 

TRINITY LUTHERAN CHURCH, 
Nbekiwanalee 54, Sui Worship 1 1 am 
TeL 0GGH5G31068 or 512SS2. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Venbtoa Sunday wopshlp 930. h German 
IlflOhEnafeh-TeMO^ 31QS089. 

JERUSALEM 

LUTHERAN CHURCH et the Redeemer. 
OM Oy. Munstan Rd Engfeh worship Sun. 
9am>I am watoome. TeL (02) 6281-049. 

PARIS 

AMERICAN CHURCH IN PARCS. 
Worship 11:00 am 65. Qua! tfOrsay, 
Paris 7. Bus 83 at door, Metro Alma- 
MoceworknaldBS. 

VIENNA 

VIENNA COMMUNITY CHURCH. 
Sunday worship in Eng^sh 1130 AM.. 
* ‘ school nursery. htsmaiionaL as 
Mfcoma Dorsheemasse 

18, Vienna 1. 

ZURICH 

PROTESTANT 
worship 


INTERNATIONAL 
CHURCH Big! (Shi . 
service, Sunday School 

Sundays 1130 am, ' 
TflL- 101) 2825525. 


Nurser 


Sandstorm Goses Cairo Airport 

CAIRO (AFP) — Cairo's airport was closed Friday be- 
cause of a sandstorm, and air traffic was rerouted to other 
airports, an airport official said. 

Two EgyptAir flights, from Jidda and Aswan, were re- 
directed to Hurghada. Winds up to 90 ki lometers per hour blew 
trees into Cairo streets and damaged dozens of cars. Several 
advertising signs were blown down, injuring about 10 people. 

Continental Delays England Flights 

LONDON (AP) — Continental Airlines said Friday it 
would delay for two weeks the start of flights between 
Birmingham. England, and Newark, New Jersey, because two 
new Boeing 757-200s might not be delivered on time. 

Continental will start the flights July IS. It said it would moke 
alternative arrangements for people who had booked earlier. 

Algeria Says BA Need Not Worry 

ALGIERS (AP) — Algeria said Friday that fears of ter- 
rorism after Air Algerie's return to Paris's Roissy-Charles de 


WEATHER 


Europe 


Today 

Tomorrow 



UdwW 

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



Huvy 

Jewroorr. E-SS 4 ** 1 fc5£JS«o» 

North America Europe Asia 

Blualflry and chilly Irom Sacking rains are likely Warn and humid Sunday 
Boston lo Washington, eorty next week from Pans through Tuesday In Hong 
D.C., Sunday: sunshine lo London to Brussels to Kong, ihere could be a tow 
Monday, rhen maybe Beilin, putting a ma|or deni sencered showers as well, 
showers Tuesday Show- In ihe drought ol the past Warm toose three days to 
era in Ctocogo and Dctron two months Additionally. It Beijing with at least partial 
Monday and In Atlanta will be turning coaler sunshine each day. Partly 
Tuesday. Sunny and There could be a tew sunny and mostly ram-tree 
ptoasarrt In Houston Sun- showers late Monday or Sunday through Tuesday 
day. men more humid and Tuesday (n Madrid and in Tokyo and in Seoiri. 
warm Monday and Tuos- Tuesday in Rome, 
day. 


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Gaulle Airport were unfounded, and that British Airways had 
no need to move its flights from foe airport. 

The French aviation authority rejected a BA request to move c* 
its flights to Orly Airport. BA is seeking a remedy in court. 
Algerian radio said Friday that the foreign affairs minister. 
Ahmed Attaf, had said that BA had no cause for concern. 

Trouble With Washington Radar 

WASHINGTON (WP) — On nearly a dozen occasions 
since ir opened April 5, National Airport's new control tower 
has suffered outages in radar equipment, lasting from minutes 
to several hours, according to Federal Aviation Admin- 
istration records. 

The radar problems, which involve aging equipment that 
was moved, are among a series of technical glitches that have 
plagued foe $25 million tower. 

Incidents in which planes have come too close together 
in flight have risen sharply in foe New York City area, and 
some managers at the New York Air Route Traffic Control 
Center have suggested air traffic be cut back sharply (NIT! 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 3-4, 1997 


PAGE 3 





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Republicans 
And Clinton 
Set Budget 

Tax Breaks and End 
Of Deficit Forecast 

The Associated Press 

WASHINGTON President Bill 
Clinton and Republican congressional 
leaders announced agreement Friday on 
a plan to balance the budget while giv- 
ing tax breaks to families, investors and 
students. 

“I wanted a balanced budget with 
balanced values.” Mr. Clinton said in 
Baltimore. “I believe we have that 
today.” 

The Senate majority leader. Trent 
Lott, said in Washington, 

‘‘Through this budget we will reach 
balance by cutting spending, not by 
raising taxes.” 

The plan envisions steadily declining 
deficits oyer the next five years, cul- 
minating in a balanced budget in 2002. 

A provision to extend health care 
coverage to an estimated 5 million un- 
insured children — a key part of Mr. 
Clinton 's second term agenda — also is 
part of the plan. 

A Democratic official said that in last- 
minute negotiations, the Republicans had 
agreed to spend an additional $26 billion 
on domestic programs over five years and 
to soften a change in the cost-of-living 
index that will lead to smaller increases in 
Social Security retirement benefits. 

According to several officials in the 
administration and Congress, the broad 
outlines provided for a balanced budget 
in five years, with tax cuts totaling 
roughly $135 billion. 

Among the elements: 

• Five-year Medicare savings would 
total $115 billion, including Sight in- 
creases in monthly premiums for many 
recipients. 

• Tax cuts would include a $500-per- 
chOd reduction as well as cuts in capital 
gains and estate taxes that Republicans 
ravor and possibly additional breaks in 
Individual Retirement Accounts. Mr. 
Clinton would gain the tax relief he 
sought for higher education students. 

• The $135 billion in tax cuts would 
be partly offset by roughly $50 billion in 
increases, including the extension of the 
existing airline ticket tax. 

• An estimated $18 billion to $20 
billion would be allotted to extend 
health insurance coverage to children of 
the woriring poor. 

•Welfare benefits would be partly 
restored for same legal immigrants 
whose benefits were cut off under the 
welfare overhaul passed last summer. 

AMERICAN 

TOPICS 

' “ i 

In Flooded North Dakota, 
Rich Angd Brings Hope 

She's being celebrated throughout 
Grand Forks, North Dakota. Some 
call her a saint No one knows her 
name, though they know she is not 
from foe region. 

But they know that she has money 
and is showering it generously on 
flood victims. 

The anonymous donor has pledged 
to give $2,000 to each household 
swamped by the recent flooding of the , 
Grand Forks area, the effects of which , 
were aggravated by fires in foe city’s - 

b usin ess district With 5,000 house- 
holds eligible, foe pledge could total 
$20 million. 

The woman stipulated only that the ; 
money go to people hard hit by the \ 
flood, with a minimum of red tape. ; 
Checks are already being written and ■ 
distributed at foe Grand Forks Air 
Force Base, where flood refugees 
have been housed. 

‘Tm going to hold on to it, get 
some stu ff- to get started, like some : 

clothes, and then probably put the rest 1 

in the bank,” said Steve Maragos, 29. 
an unemployed Grand Forks resi- j 
-dent.- ' ] 

Tbe North Dakota Community < 
Foundation, a nonprofit corporation 1 
that is distributing foe money, said foe < 
donor transferred more than $2 mil- 


Man and Machine Tuned for Rematch 

Kasparov Is Set to Defend His Chess Crown Against a Deeper *Deep Blue 9 


“j&f* a*;; 






mm 


Michel SdunrJtagfThe Anoaated Proa 

Mr. Kasparov in New York discuss- 
ing his next dash with Deep Blue. 


By Bruce Weber 

Hew York Times Service 

NEW YORK — The challenger, 8 
years old, is 6 feet. 5 inches tall and 
weighs maybe 2,800 pounds. 

Despite foe sound thrashing it _ 
took from the champion a year 
ago, it maintains the unflappable Mr. 
demeanor of a machine, which it i. . 

is. Right nowit is sitting placidly aui 

in a stuffy room on the 35th floor che 

of a Manhattan office tower. . 

The champion, 34, is a wiry, toC 

tightly wound man of restless 

intelligence and considerable 
self-regard. He is listed at 5 feet 10 (1 .77 
meters), 174 pounds (79 kilograms), but 
to foe naked eye those seem inflated 
figures, perhaps a psychological 
weapon. He is preparing for foe match in 
a suite at the Plaza Hotel. 

One champion. One challenger. One 
man. One machine. Beginning Saturday 
at the Equitable Center in Manhattan, 
six games of chess in nine days, the 


winner to take home $700,000 of a $1.1 
million purse. It’s Garry Kasparov vs. 
Deep Blue: foe Rematch! 

In February 1996, Mr. Kasparov, 
who has been foe world chess champion 
since 1985,defeatedDeepBlue.anlBM 


Mr. Kasparov believes he will win, 
but in the time-honored manner of a 
chess diva is already complaining that 
the odds are stacked against him. 


computer that is the world’s strongest 
chess-playing machine, four games to 
two. Since then, a five-man team of 
computer scientists from International 
Business Machines Corp.. along with 
the chess grandmaster Joel Benjamin, 
have worked foil time to improve Deep 
Blue's game. 

What they have come up with is a 
version that can calculate at twice the 


speed of its predecessor. But more im- 
portant, its software has been refined; it 
knows more chess. “At this point last 
vpar.l didn’t believe we could win,” said 
Feng-Hsiung Hsu, foe principal designer 
of Deep Blue. “This year is different” 
Among chess aficionados, 
though, Mr. Kasparov is still foe 
betting favorite. “The computer 
p is better, but Garry is also bet- 
[ a ter,” said Susan Polgar, foe 

hat women’s world champion. 

Mr. Kasparov himself is his 
confident, not to say arrogant, 

self. He believes he will win, but 

in the time-honored manner of a 
chess diva is already complaining that 
foe odds are stacked against him. 

Among other complaints, tbe Deep 
Blue team has not made any of foe 
machine’s games available to him for 
study, be said, while of course all of ids 
own competitive games are easily ac- 
cessible. “They know if I had any 
games, my preparation would be far 
more efficient," he said. 


Testimony Portrays McVeigh as Bomb Shopper 


By Tom Kenworthy 

Washington Post Service 

DENVER — Prosecutors have presented a parade 
of witnesses whose testimony was designed to show 
that^tbe^Qklaho ma^Cit^ bombing suspect Timothy 

and then shopped for bomb-making materials before 
die April 19, 1995, explosion that lolled 168 people. 

Gregory Pfaff, a gun dealer in Virginia during the 
early 1990s, testified Thursday that Mr. McVeigh tele- 
phoned in foe fell of 1994 to ask whefoer Mr. Pfon could 


supply him with detonation cord. Mr. Pfaff told the jury 
that be did not have the ‘ ‘highly regulated item.” 

A second witness, Mr. McVeigh s high school class- 
mate David Darlak, said Mr. McVeigh called him 
around die same time to ask “if I knew where he could 
purchase racing fuel.’ ’ Mr. Darlak's brother raced autos 
on dirt tracks in Upstate New York. “I said, ‘No.’ " 

A racing-fuels salesman from Manhattan, Kansas, 
testified that a person he was “90 percent sure” was Mr. 
McVeigh approached him at a Topeka drag strip on Ocl 
1, 1994, asking about whether he could buy anhydrous 
hydrazine, a rocket fuel, and nitromethane, a fuel used 


in top-fuel dragsters. The salesman, Glynn Tipton of VP 
Raring Riels, testified that another employee later told 
him the company did not sell anhydrous hydrazine and 
that miirin g that chemical with nitromethane wou ld 
produce “a bomb.” Mr. Tipton later conceded that he 
initially told the FBI that he was uncertain if the person 
at the race track was Mr. McVeigh. 

The prosecution contends that Mr. McVeigh and his 
co-defendant, Terry Nichols, in the fall of 1994 began 
stealing explosives, purchasing amm onium nitrate fer- 
tilizer and renting storage space in preparation for 
blowing up the federal building. 


U.S. Teenagers’ Sexual Activity Drops 


By Barbara Vobejda 

ana Judith Havemaim 

Washington Post Service 

WASHINGTON — After climbing 
steadily for two decades, sexual activity 
among American teenagers has de- 
clined for foe first time since the federal 
government began tracking tbe trend in 
1970, a government survey shows. 

Among gills aged 15 to 19, the pro- 
intercourse felfto^O Patent in 1995 
from 55 percent in 1990, the last time 
foe study was conducted. 

A separate federal study showed the 
figure for boys dropped to 55 percent in 


Hon into its account Tuesday. More | 
than $600,000 has already been paid 
out - - - 

Mayor Pat Owens, who has been 
getting by on two hours’ sleep a night, 
calls foe donation a gift from heaven. 
“God has answered our prayers,” she 
said. “It is a ray of hope so we can 
build on our future.” 

Short Takes 

That symbol of American home 
cooking — Jefl-O — is celebrating 
its lOOfo birthday this week. Since its 
introduction, Americans have found 
the jiggly sweetness of this colored 
gelatin hard not to love. 

A million boxes are now sold every 
day. To honor a century of sales, Jell- 
O is introducing a Sparkling White 
Grape flavor. 

Governor Tommy Thompson of 
Wisconsin has proposed banning 
sexually explicit material from stale 
prisons, saying such publications as 
Playboy and even nude pictures of 
spouses hurt efforts to reform in- 
mates. 

“Our prisoners are going to be too 
busy working to sit around idly in 
their cells reading pornography,” be 
said. Tbe ban would apply to both 
men’s and women's prisons. 

The American Choi Liberties Un- 
ion of Wisconsin is waiting to see 
how die proposal is worded before 
deciding whether to protest it as a 
possible infringement of the prison- 
ers' free-speech rights. 

International Herald Tribune 


1995 from 60 percent in 1988. 

The studies also found that teenagers 
who were sexually active were more 
likely to use contraceptives than in the 
past and that condom use had increased 
the most dramatically. 

Those two changes — fewer teen- 
agers having sex and better contracept- 
ive use among those who are — explain 
why the birth rate among teenagers has 
fallen since 1991, researchers said. 

While researchers cautioned that 
teenage birth rates in foe United States 
remained disturbingly high, they also 
said the new studies showed that young 
people were responding to programs 
urging them to delay sex and take steps 
to avoid pregnancy and foe risk of ac- 
quired immune deficiency syndrome. 

That message is now a common in- 
gredient in sex-education courses, 
AIDS awareness programs and other 
community efforts aimed at reducing 
teenage sexual activity and births. Many 
programs offer information on contra- 


Away From Politics 

• The Defense Department said it had 

rejected foe possibility of dimiiyting 2 
of the army's 10 combat divisions as 
part of a major review of military 
strategy and forces. (AP) 

• The only school voucher program in 

the nation that lets children attend 
private religious schools using public 
money has been stopped by an Ohio 
court that ruled it violated foe state's 
constitution. In a case that educators and 
lawmakers nationwide have been fol- 
lowing closely, foe Ohio Court of Ap- 
peals decided unanimously that the 
voucher program created last fall in 
Cleveland for 2,000 disadvantaged chil- 
dren infringed on foe separation of 
church and state. (WP) 

• The federal government fired As- 
sociated Universities, the private op- 
erator of foe Brookhaven National Lab- 
oratory, in Upton, New York, where a 
radioactive material leaked from a nu- 
clear reactor into the ground. (AP) 

• Passers-by took off with bags of 

money when foe door of an armored truck 
burst open in a traffic accident in Oak- 
land, California, officials said. Tbe truck, 
owned by Armed Courier Service of San 
Jose, California, overturned on a busy 
street in Oakland after it was involved in a 
collision with a car. (Reuters) 


ception and safe sex, as well as teaching 
young people how to resist peer pres- 
sure to become sexually active. 

“I think it is easier for young people 
to refuse to become sexually involved, ’ ’ 
said Marion Howard, co-author of a 
program used in Atlanta’s public 
schools that hires and trains older teen- 

sex. "The^word about HIV and^IJS 
has gotten out,” she said, “and there's 
been a willingness of adults to begin to 
acknowledge that young people are 
sexual human beings and they need to 
talk to them.” 

The National Center for Health Stat- 
istics, which conducted foe survey of 
young women, also found that use of 
condoms had tripled since the 1970s. 

Researchers have known for several 
years that teeiyge births were declining, 
but .they did not know whether it was 
beca us e young people were having less 
sex, improving their use of contracept- 
ives or having more abortions. 


Key Separatist 
Surrenders to 
Police in Texas 

Reuters 

FORT DAVIS, Texas. — A key 
member of the aimed Republic of Texas 
separatists holed up in the Davis Moun- 
tains of west Texas for six days walked 
out of foe group’s compound Friday, 
police said. 

Robert Scheidt, the group’s “security 
chief’ who had been sent back into foe 
compound by the police in exchange for 
the release of two hostages early this 
week, was then arrested. 

Tbe police late Thursday issued an 
ultimatum to surrender to Richard 
McLaren, the leader of the separatists. 

Mr. McLaren, 43, and 11 other Re- 
public members who consider Texas an 
independent nation have been surroun- 
ded by police in their compound since 
Sunday. 



Gene Biensa/Tbe AMOdaad ftr*» 


HOT TIME — A fire fighter shielding his face from searing heat as a 
brush fire burned on a hill at the edge of a forest near Los Angeles. 


Clinton to Appeal 
Ruling on Papers 

WASHINGTON — In a battle 
with Whitewater prosecutors, the 
White House said Friday that it 
would ap peal to the Supreme Court 
to withhold from investigators 
notes lawyers rook of conversa- 
tions with Hillary Rodham Clin- 
ton. . 

A split appeals court panel in St. 
Louis last month rejected Mrs. 
Clinton’s claim the notes were pro- 
tected by attorney-client privilege, 
according to a decision unsealed 
Friday. 

Tbe panel reversed a lower-court 
decision and ordered the White 
House to turn over to prosecutors 
the notes taken by the White House 
lawyers. Miriam Nemetz and Jane 
Sherburne. 

The White House counsel, 
Charles Ruff, said that the admin- 
istration was appealing to the Su- 
preme Court ana that he hoped the 
court would decide by June wheth- 
er to take the case. 

“We are disappointed in tbe rul- 
ing.” Mr. Ruff said. “We believe 
attorney-client privilege is a priv- 
ilege that applies not only to the 
president and White House counsel 
but to all government lawyers and 
employees.” 

The office of the Whitewater in- 
dependent prosecutor, Kenneth 
Stair, said it was reviewing the de- 
cision. 

In dispute were two sets of notes 
taken by foe lawyers during con- 
versations with Mrs. Clinton at key 
moments in foe investigation. 

One set of notes, taken by Ms. 
Nemetz. involves discussions Mrs. 
Clinton had with the lawyers about 
her activities after die 1993 death of 
the White House deputy counsel, 
Vincent Foster, foe court docu- 
ments show. Prosecutors are in- 
vestigating whether Whitewater- 
relaied documents were improperly 
removed from Mr. Foster's office 
after his death. 

The other set involves discus- 
sions Mrs. Clinton bad wifo lawyers 
during breaks in her grand jury ap- 
pearance last year and afterward 
about the mysterious disappearance 
and reappe a rance of her law firm 
billing records. (AP) 

Search Is Ending 
For Aviation Chief 

WASHINGTON — President 
BiD Clinton is preparing to break 
with tradition and reach outside the 
av iation industry anti the military 
for a new head of die Federal Avi- 
ation Administration. 

White House officials say foal 
Mr. Clinton will appoint Jane Gar- 
vey, the acting administrator of the 
Federal Highway Administration.' 
to foe post, and will choose a former 
Pentagon procurement expert, 
George Donohue, as her deputy. 
Mr. Donohue was hired by the avi- 
ation agency two years ago to help 
modernize the air traffic control 
program. (NYT) 

White House Lauds 
Mexico Drug Move 

WASHINGTON — Mr. Clinton 
said that Mexico’s decision to dis- 
mantle its scandal-maned anti- 
drug agency was a “good first 
step” but that foe Mexicans still 
faced a big challenge fighting 
drugs. 

Mr. Clinton commented in a ra- 
dio interview as he prepared to 
make a state visit to Mexico on 
Monday as part of a weeklong Latin 
American tour that will also include 
stops in Costa Rica and Barbados. 

Mr. Charon's comment came a 
day after tbe Mexican attorney gen- 
eral. Jorge Madrazo C uellar , an- 
nounced that the dismantled 
agency would be replaced by a new 
body of trained agents who would 
be regularly screened. (Reuters) 1 

Quote /Unquote 

Senator Toro Harkin, Democrat 
of Iowa, on Bob Dole's $300,000 
loan to Newt Gingrich: ‘ ‘It was the 
first time a person saved an air 
Dag's life." (WP) 


BOOKS 





THE MISTRESS OF 
SPICES 

By Chitra Banerjee 
& : Oivakarum. 33 8 pages. 

$2235. Anchor Books. 
Reviewed by Carolyn See 

T HIS is a fairy tale, with 
sea serpents, and magic 
fire,, and three-day warnings 
before awful consequences 
are sure to occur, and a feisty 
young, woman who has foe 
Cottage to challenge every 

assumption in each of her sev- 
eral “fives.” It’s also a fauy 
, tale because the handsome 
young man in this fable acts 
exactly the way that any 
woman would want [um to 
act; he falls in love with ter, 
for instance, when she’s in- 
habiting tbe physical body or 
a very old woman. To get any 
quibbles out of the way up- 
; front, this book may suffer 

i slightly from an overdose ot 

* warmheartedness. Other than 
- that. “The ; Mistress of 
Spices” is a charming story- 
Our heroine, bom in a rural 
In dian village, is a big dis- 
appointment to her parents 


because she’s a girl, but she 
turns oat to have second sight 
and the ability to do some 
magic. She thus makes her 
village rich, becomes spoiled 
and self-centered, is abducted 
by pirates and journeys to a 
magic island where — wifo 
other young maidens — she is 
trained to become a Mistress 
of Spices. These mistresses 
are instructed in foe healing 
lore of every, spice and then 
spirited all over foe globe to 
help Indians in search of 
solace and encouragement. 

It's hard work being a mis- 
tress. Tilo isn’t allowed to 
leave the confines of her 
dusty little spice store. She 
isn’t allowed to look into a 
minor, or to touch any hu- 
mans, or to have any wishes 
or desires of her own. She’s 
there to serve the people, and 
she’s not so much mistress or 
the spices in her store as their 
servant. The spices can get 
very demanding, bossy, 
pouty and judgmental. > 

Nevertheless, here Tilo is, 
in Oakland, California, hav- 
ing. set up shop next to a 
burned -out hotel , ministering 


to foe needs of a bewildered, 
uprooted, deracinated Indian 
population. They’ve come to 
America out of ambition or 
despair, and they're caught in 
every bind of cultural bind. 
To become American means 
to give up being Indian, and 
this struggle plays Itself out 
wifo infinite variations. It's to 
Divakaruni’s credit that ste- 
reotypical characters and 
situati ons come to fife be- 
cause of her subtle renderings 
and warmhearted regard. 

Although many characters 
drift through the store, prey to 
every variety of heartsick- 
ness, Tilo's focus soon nar- 
rows to four folks who need 
her concentrated help. Har- 
oun, a nice man who works 
long and dangerous hours as a 
cabdriver, needs spices for 
safety. Jagjit is a timid 10- 
year-old boy when we first 
see him: Tilo gives him cin- 
namon to “make friends,” 
and he falls in with a friendly 
gang of drug dealers. 

A very depressed lady 
thinks of herself only as 
“Ahuja's wife”; she’s too 
demoralized even to claim a 


name, since Abuja keeps 
whacking her around. And 
b eautif ul young Geeta is an 
Indian woman wifo modem 
ways, who refuses an ar- 
ranged marriage and has foe 
temerity to fell in love wifo a 
Chi cano, thus provoking a 
huge three- generational fam- 
ily fight. 

It must be said that these 
spices don’t seem to do much 
good. Tilo keeps doling them 
out, and people keep getting 
into trouble. (At one point she 
observes that our fates have 
been written out for us before 
we’re even bom, so much of 
this helping activity would 
seem to be futile on me face of 
it) But, again, Dfvakanini’s 
subtlety is at work. Isn’t it 
enough, she suggests, to bring 
“brief happiness” into a 
“few lives’ *7 Isn’t that all any 
of us can do, and isn’t it what 
we should do? 

No heroine can just sit 
around languishing in a 
musty store forever, so Tilo 
begins breaking roles. She 
touches people she cares 
about. She ventures out to 
shop ax Sears and finds it as 


magical in its own way — 
with its implied promises of 
prosperity, beauty, riches and 
long life — as her own ma- 
gical premises. And, of 
course, she finds herself 
fatally attracted to a “lonely 
American” who has almost 
as many secrets as she does. 

The spices don’t like any of 
tins. Jhey lecture, and then I 
stop speaking to her, and pitch I 
tizzy fits. Divakaniru has no 
trouble malting you believe 
that fennel and chilies and 
ginger and lotus root can ail 
get uppity together and speak 
out in a reproving chorus. Hie 
real story here. — as it is in 
most literary novels, I sup- 
pose — is how to behave like 
a good human being. Without 
giving away the plot, it can 
safely be said that by the end. 


NEW AUTHORS 

PUBLISH YOUR WORK 
AU. SUBJECTS CONSIDERED 
Authors wofid-wWe Invited 
WVfa or sand yow manuscript to 
MINERVA PRESS 
20LD BHOOTON RD. WB0NSW73DQ 


Tilo has learned her lessons. 

Carolyn See reviews books 
for The Washington Post. 


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. PAGE 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 3-4. 1997 


Swiss Bought Holocaust Victims’ Gold, U.S. Report Asserts 


BRIEFLY 


Reuters 

: NEW YORK — A long-awaited U.S. 
■* government report will state that there is 
' conclusive evidence that the Nazis sold 
Switzerland gold stolen from individual 
Holocaust victims, sources close to the 
. State Department said Friday. 

The sources said thar the 11-agency 
; report would also show that after the 
■ war, Switzerland failed to return billions 
• of dollars worth of looted gold it ie- 
! caved. 

- The report, more than 200 pages long 
and based on 14 million pages of U.S. 
government documents, was prepared 
. under the direction of Stuart Eizenstai, 
under secretary of commerce. It is ex- 
pected to be made public Wednesday, 
and the sources said that it would be 
harsh on the Swiss role in the war as 
bankers and even money launderers for 
the Third Reich. 

The report will not, however, make 


any recommendations whether the 
United States should reopen a 1946 
treaty in which the Swiss agreed to re- 
turn $58 million of Nazi gold received 
during the war. Documents in the repent 
will show that the Swiss took in $425 
million in looted sold — worth more 


than $4.25 billion by today's prices. 

Sources, who have read the report, 
said it would contain proof that Germany 
sent to Switzerland not only gold looted 
from the national treasuries of the coun- 
tries it occupied but also gold taken by 
the Nazi SS as loot from individual 
victims, something that the Swiss Na- 
tional Bank denied as late as a month 
ago. 

The SS looted personal jewelry, 
watches, rings and even dental fillings of 
victims, many of them Jews herded into 
such death camps as Auschwitz. 

The gold from the camps was sent to 
the Goman central bank where it was 


resmelted. Some of the items arriving at 
the Reichsbank bore the stamp Aus- 
chwitz as well as the names of the other 
concentration camps, U.S. archival doc- 
uments said 

The sources said investigators had 
found the smelting records of gold sold 
to Switzerland by the Naas and it 
showed conclusively that victim gold 
was mixed in with tank gold 

Documents to be appended to the re- 
port show that after the war, Switzerland 
returned to the Allies only about 15 


al bank received die looted gold 
In Zurich, a spokesman for the Swiss 
National Bank, which acknowledges 
that it bought nearly 250 tons of some 


335 tons of gold that Germany sent to 
Switzerland during the war. would not 
confirm purchases of victims' gold- 
“We have never found any evidence 
in our own files here in Switzerland that 
gold from private sources, notably from 
the concentration camps, was among the 
gold sold to the Swiss National Bank," 
the spokesman, Werner Abegg, said 
The bank’s chairman, Hans Meyer, 
said last month that about two-thirds of 
the gold that Germany sent to Switzer- 
land came from official reserves that 
were seized from occupied countries. 

He did not say where the other third 
came from, but was apparently referring 
to Germany's own holdings. 

A World Jewish Congress official said 
that although be had not seen the U.S. 


percent of the looted gold it bought from 
Germany with Swiss francs, which were 


used rc buy war materials and food 
According to documents, including 
some previously made public, Switzer- 
land knowingly received looted gold and 
in certain cases even asked the Germans 
to obtain it for them. 

Documents also showed that Swiss 
commercial banks as well as die nation- 


report he could confirm dial documents 
the group had submitted to the U.S. gov- 
ernment also showed that victim gold was 
sent for processing to the Reichsbank. 

“One document revealed thar 76 
shipments of looted gold including 
/Wat gold were sent to the German 
Central Bank valued at more than $150 
million today and some of the items even 
bore the stamp Auschwitz," said Elan 
Steinberg, executive director of the 
World Jewish Congress. 

Sources close to the State Department 
said other documents showed that victim 
gold wound up in the gold pool of the 
commission set up by the Allies after the 
war to return tire looted metal to its 
rightful owners. 

The sources said the report would also 
document tfret other neutral countries 
during the war — Sweden, Spain. Por- 
tugal and Turkey — received looted Nazi 
gold but returned only a tiny fraction. 


Battle Lines Set 
On China Trade 


Rwandans 
Flood Back to 
Hellish Camp 
At Kisangani 


By James Rupert 

Washington Post Service 


KISANGANI. Zaire — The streams 
of Rwandan refugees seeking escape 
from Zaire have become an ocean. 
About 20.000 sick and hungry people 
crammed into the ruins of a refugee 
camp, overwhelming a relative handful 
of relief workers. 

As many as 100,000 Rwandans fled 
into the jungle about two weeks ago, 
when Zairian villagers and rebel soldiers 
stormed their camps with machetes and 
guns, killing hundreds, relief officials 
say. Now the Rwandans’ return, to a 
destroyed camp at Biaro, has become a 
vision of hell. 

Muddy, forested hills are covered 
with refugees. The stronger ones mill 
about in search of transportation out, 
carrying bundles of belongings. The 
weak or dying sit on tire muddy ground 
and wait. The air is heavy with the smoke 
of cooking fires, the odors of raw sewage 
and unwashed bodies — and, in places, 
the stench of fll-buried corpses. 

[The rebels promised Friday to co- 
operate with United Nations aid agen- 
cies as an airlift to repatriate the 
Rwandan Hutu refugees gathered pace, 
Reuters reported. 

[Moise Nyarugabo, a senior official in 
the rebel Alliance of Democratic Forces 
for the Liberation of the Congo, said aid 
agencies would be allowed more access 
to refugee camps south of Kisangani and 
could also use a railway. 

[The UN refugee agency flew 781 



ZAIRE: 

Talks Off, for Note 


Hanoi Tries Aides 
As Drug Smugglers 


Continued from Page 1 


meeting would take place Friday, and 
urged the two men to hold the talks. 






urged the two men to hold the talks. 

The spokesman. John Dinger, said: 
“Three talks are very important for 
President Mobutu, very important for 
alliance leader Kabila, but, most im- 
portantly. very important for the people 
of Zaire. We believe it is essential that 
these talks take place. And we urge (he 
leadens to make that happen." 

Mr. Kabila's change of mind was the 
latest serious snag to hit the preparations 


li ■::&>& "z % 


for the talks proposed to end a seven- 
month rebellion against Marshal 
Mobutu’s 32-year rule. 

The rebel chief, whose forces have 
captured about three quarters of the vast 
country , has insisted that he is ready only 
to discuss Marshal Mobutu's immediate 
departure from power. The president's 
aides have said Marshal Mobutu wants 
to discuss a transition period leading up 
to elections. 





m&m . ... ...» 

* * ■' « . 

. ♦ Vc • 

.a- • . < , m 



HANOI — More than 20 police 
officers, border guards and customs 
inspectors went on trial Friday for 
alleged links to a heroin smuggling 
ring, and the judge predicted that up 
to 10 of them would receive death 
sentences. 

Reports indicated that testimony 
at the trial, which foreign reporters 
were barred from covering, could 
implicate senior officials in the In- 
tenor Ministry. “I will declare who 
has betrayed me and I will expose 
some extremely important people.’ ’ 
one of die defendants, Vu Xuan 
Truong, the ministry's police in- 
spector. was quoted as saying in the 
state-run Labor newspaper. 

Mr. Truong was a top official 
working along Vietnam’s border 
with Laos during the period he is 
accused of helping ferry heroin into 
the country. ( AP) 


Mr. Mbeki's jet left Luanda Airport at 
:05 P.M. for Pointe Noire in Congo. 


John Monfi./Thi' WiHfllrd Pr*» 

Hutu refugees being bathed with disinfectant soap at a transit camp outside Kigali, the capital of Rwanda. 


refugees out of Kisangani on four flights 
Friday, bringing the total since the airlift 
began Sunday to 2.583, a spokesman 
said.] 

Many of the people in Biaro bear the 
wounds of the attack nearly two weeks 
ago — gashes from machete blows or 
body parts cut off. Aid groups scrambled 
to provide even basic first aid and to set 
up open-air feeding centers. 

One of the camp’s most desperate 
scenes became more so. Hundreds of 
side and malnourished children and ba- 
bies. some without family members, are 
among those reaching Biaro — and 


refugee workers have been able to do 
little more than gather them under a 
plastic tarp and give them water. 

The Rwandan Hutu fled to Zaire more 
than two years ago after Tutsi rebels 
defeated them in a civil war. When Tutsi 
in Zaire rebelled a gains t the government 
of President Mobutu Sese Seko, the 
Rwandan Hutu fled Tutsi advances, 
eventually walking more than 480 ki- 
lometers (300 miles) to reach this region. 
The rebel alliance, especially its mil- 
itary, is dominated by ethnic Tutsi and 
has failed to stop its troops from com- 
mitting atrocities against the Hutu. 


Relief officials said Biaro’s popula- 
tion outstripped their ability to evacuate 
refugees. The United Nations has been 
able to truck only a few hundred 
refugees to Kisangani, from where they 
are being flown home to Rwanda. 

The refugee agency continued to ex- 
press frustration with what it said was 
poor cooperation by the rebels in co- 
ordinating evacuation and aid efforts. 
An agency spokesman. Paul Stromberg. 
said the local authorities have sent train- 
loads of refugees to Kisangani without 
warning the agency, leaving it to 
scramble to accommodate them here. 


FDR: Washington Honors Franklin Roosevelt’s Lasting Legacy With a New Memorial 


Continued from Page 1 


his emotional distance from his family, 
and the strange and almost Gothic struc- 
ture of tire FDR White House, where he 
lived with both a wife who shunned him 
physically and a female secretary who 
was in love with him, not to mention a 
galaxy of drop-in visitors, some of 
whom stayed for years. 

But while historians all have much to 
say about the way he transformed the 


Mr. Roosevelt shared with Lincoln. 

"Think of Lincoln and the Eman- 
cipation Proclamation." she said. “If he 
had signed it six months earlier, he prob- 
ably woald have destroyed the very del- 
icate coalition in the North that was 
supporting (he war and ended up des- 
troying die Union in the process. If he 
had waited six months later, it would 
have been too late." 

‘ ‘Roosevelt had much the same sort of 


ferent role government was going to play 
in their lives," and he did, in large part 
by exploiting for tire first time the enor- 
mous power of radio. 

Yet it was Mr. Roosevelt's particular 
gift of leadership, Mr. Beschloss said, 
that he appeared to be not the prime 
mover of all the change he wrought, 
but what Francis Perkins, bis secretary 
of labor, used to call “the happy 
bus driver” of a free people power- 


relationship between people and gov- 
ernment, what appears to challenge New 


eminent, what appears to challenge New 
Deal historians the most is analyzing the 
magical, mysterious qualities of Mr. 
Roosevelt’s leadership. 

Doris Kearns Goodwin, author of 
“No Ordinary Time," remarks on his 
extraordinary political instincts, which 
“without all these stupid polls we have 
todav seemed to cell him where the 


As the leader who steered the country safely through 
the Depression and World War Q, FDR is ranked with 
Washington and Lincoln among the greatest presidents. 


today seemed to cell him where the 
people were at any moment on any given 
issue." 

“But instead of just freezing himself 
there, like politicians do today,” she 
added, “he also felt the responsibility to 
move the people forward and somehow 
knew exactly how and at what speed to 
do that." 

That exquisite sense of political tim- 
ing, Ms. Goodwin said, is something that 


challenge between January of 1940 and 
late 1941," she added, “figuring out 
how to mobilize the country and its 
industry for war, deciding when he could 
sell Britain destroyers, and when we 
could begin escorting convoys and so 
on. moving the country from isolation- 
ism to face the reality of the war in 
Europe. It was a remarkable achieve- 
ment" 

Likewise in the 1 930s, she said, Mr. 
Roosevelt “understood he had to shape 
public opinion about the new and dif- 


ing themselves to their own destiny. 

“He was clearly the best political 
tactician of the 20th century," said 
James Giglio of Southwestern Missouri 
University. 

But Mr. Roosevelt also possessed that 
“extraordinary ability to communicate" 
complicated issues in everyday terms, be 
said. 

When Congress and the public wor- 
ried about lending destroyers to an em- 
battled, almost penniless Britain, Mr. 
Roosevelt compared his complex Lend- 


Lease proposal to lending a garden hose 
to a neighbor whose house is burning. 
The hose owner doesn't want the price of 
the hose, he said. Rather, “I want my 
hose back after the fire." 

If American historians seem fairly 
united in their respect for Mr. Roosevelt, 
there is another view. 

Paul Johnson, the British historian 
and author of “Modem Times," has just 
finished a new history of the American 
people, and says, “1 rate Franklin 
Roosevelt rather low.” 

Mr. Johnson said he saw Mr. 
Roosevelt as a somewhat fatuous leader 
whose greatest characteristic was 
“thinking he could handle Joseph Stal- 
in" the same way Britain's appease- 
ment-minded prime minister, Neville 
Chamberlain, tried to handle Hitler. 
“With the same result." 

While Mr. Johnson credits Mr. 
Roosevelt for inspirational leadership 
during World War II and “phenomenal 
success" in mobilizing the United States 
for war, he thinks he was slow to rec- 
ognize the threat of Nazi Germany and 
overcautious in combating an isolation- 
ist public sentiment that Mr. Johnson 
considers “vastly overblown." And the 
New Deal, Mr. Johnson contended, 
“was largely incoherent.” 


18:05 P.M. for Pointe Noire in Congo, 
where be was expected to join up with 
international envoys frying to broker 
peace talks between Zaire’s waning 
sides on board the South African ship, 
the Outeniqua. 

Diplomatic sources said thai Mr. 
Mandela was becoming frustrated by die 
delays leading up to the planned peace 
talks between Marshal Mobutu and Mr. 
Kabila. The sources reported Mr. Man- 
dela as saying. “We need to stop wast- 
ing time." 

Despite the efforts to find a peaceful 
solution, the rebels were massing forces 
in areas closest to the capital, die only 
major city still under control of Marshal 
Mobutu 's troops. (Reuters. AFP) 

■ Angolan Troops Join Rebels 

Thomas W. Uppman of The Wash- 
ington Post reported earlier from Wash- 
ington: 

Troops from Angola equipped with 
armored vehicles and heavy artillery 
have joined Zairian rebel forces pushing 
steadily toward Kinshasa in what ap- 
pears to be the final drive to unseat 
Marshal Mobutu, according to U.S. of- 
ficials and reports from Zaire. 

The accelerating rebel advance has led 
to a widely shared assessment that Mr. 
Mobutu's fall from power is imminent, 
the U.S. officials said. As a result, the 
focus of diplomatic efforts is now on 
minimizing the bloodshed when the 
forces of Mr. Kabila enter Kinshasa. 

Several thousand former Zairian para- 
military policemen and their sons from 
the province of Shaba, formerly 
Katanga, who have been living in An- 
gola for many years, are advancing 
through south -central Zaire toward the 
capital, several sources said. These 
forces wore Angolan Array uniforms 
and had Angolan equipment including 
armored personnel carriers and long- 
range cannon, reports from die region 
said. 

Regular Angolan troops also have 
massed in the Angolan enclave of Ca- 
binda. north of Zaire's narrow western 
neck, but U.S. officials said they could 
not confirm reports that these troops 
have crossed into Zaire. 

The Angolans want to get rid of Mar- 
shal Mobutu because for years he sup- 
ported the Angolan rebellion led by Jonas 
Savimbi. 


American Denies 
Spying on Seoul 


TOKYO — A U.S. businessman 
accused of espionage by South 
Korea “categorically denies" ille- 
gally obtaining South Korean mil- 
itary secrets, according to the U.S. 
lawyer advising him in SeouL 

“He never saw .any classified 
documents," said James Durkee, 
who has been advising the espi- 
onage suspect, Donald Ratcliffe, 
who was arrested Wednesday. Mr. 
Ratcliffe, 62. is an executive of a 
subsidiary of Litton Industries Inc., 
a defense contractor. . 

The South Korean authorities say 
Mr. Ratcliffe obtained classified 
military information related to 
South Korea’s plans to buy: billions 
of dollars' worth of Airborne Warn- 
ing and Control System planes. Thai 
information allegedly was passed 
from a South Korean Air Force of- 
ficer to a Korean- Ameri can busi- 
nessman who works as a local agent 
for Litton. He then allegedly gave it 
to Mr. Ratcliffe. (WP) 


Taiwan Takes Aim 
At Soaring Crime 


TAIPEI — President Lee Teng- 
hui apologized Friday for Taiwan's 
worsening crime problems, high- 
lighted by the kidnapping and 
murder of a popular actress's 
daughter. 

“I express my most sincere apo- 
logy for the worsening social law 
and order.' ’ Mr. Lee's chief of staff. 


Huang Kun-huei. quoted the pres- 
ident as saying. “The government 
will take frill responsibility." On 
Monday, the police found the body 
of Pai Hsiao-yen, the 17-year-old 
daughter of the actress Pai Ping- 
ping. floating naked in a river. 

Mr. Lee made the apology during 
a security meeting attended by top 
government officials and military 
leaders intended to calm public 
fears over crime in Taiwan. The 
meeting was held ahead of a march 
Sunday by more than 20.000 people 
in Taipei to protest what is seen as 
the government’s inability to stamp 
out crime. ( Reuters ) 


LABOUR: Demons Lurk in Campaign Promises 


Continued from Page 1 


and trying furilely to fend off disaster for the 
country’s beef industry, will be replaced by 
what appears to be one of the most tightly 

J* " I* -L — ,* 2m - rl n i D nAKfl/Ml 


disciplined shows in modern British politics. 
But down die road for Mr. Blair lurk two 


But down die road for Mr. Blair lurk two 
potential hazards of career-threatening pro- 
portions. One of the demons he felt compelled 
to exorcise was the Labor Party's reputation 
for taxing and spending. To do so. he vowed 
not to raise income taxes; to spend no more 
than the Conservatives have already budgeted 
yet still improve struggling public services, 
particularly die National Health Service, and 
to narrow the embarrassing gap between rich 
and poor. 

But virtually no independent person know- 
ledgeable about government finances believes 
that his pledges make sense mathematically. 
The no-tax vow could prove a curse, as it did 
for President George Bush and for Mr. Major. 
The Blair campaign came to realize this re- 
cently and cobbled together revenue propos- 
als, including a plan to divert funds from the 
National Lottery and sell off government as- 
sets such as the air traffic control system. 

Neither plan would necessarily provide aim 
of money or steady revenue, and neither would 
be without controversy. At the same tan e, 
inves tm ent analysts are pleading for an in- 
crease in interest rates to cool off the economy, 
a measure that could help avoid inflation but 
could also hurt consumer spending, business 
profits and tax revenue. _ _ . 

On top of this is the problem of mein- 
creasingly expensive pound. A strong pound is 


fine for Britons vacationing in France or 
Spain. But for exporting industries, it is a 
potential nightmare, because it means that 
foreigners are being asked to pay more for 
British goods and services. 

Exporters — responsible for about one-durd 
of Britain’s gross domestic product — already 
are reporting simply declining profits, and this 
also means lower revenue for the treasury. 

The new government’s other big problem is 
quite likely to be the same one thai stalked the 
old: Europe. Important decisions await Mr. 
Blair on proposals for further integration of 
the 15 nations in the European Union — 
including whether to sign on to the single- 
currency pro gr am planned for 1999 that even- 
tually would eliminate die pound and ail other 
currencies of EU members and replace them 
with a new unit, the euro. 

Europe as a political issue is Britain’s equi- 


valent of something like the school-prayer 
issue in the United States: Not everyone cares 
about it, but those who do are passionate. 
Divisions over Europe helped bring down the 
Conservatives. There are divisions in the 
Labor Party as well, but they were kept under 
control during the campaign. 

While generally friendlier toward European 
integration than the Conservatives, Mr. Blair 
has remained noncommittal about the euro, 
promising to put it to a referendum if his 
government sought to join the common c««r- 
rency. In consequence, Britain is unlikely to 
be in the first group of countries signing up for 
the single currency. 

Some business executives and others say that 
could be a disaster — for the pound and for 



EUROPE: Hope ofU.K. Shift 


i n 


K** 1 * 




British 


'ri Vk.r 


WASHINGTON — The White 
House threatened ftiday to veto a 
Republican-backed plan to renew 
China’s low-tariff trade status for a 
period of three to six montiis instead 
of the customary one year. 

Earlier this past week, the House 
speaker. Newt Gingrich, said a 
shorter time would enable President 
Bill Clinton to withdraw the most- 
favored-nation trade status if China 
did not live up to its promises to 
protect freedom in Hong Kong. 

But the White House press sec- 
retary, Michael McCuny. said 
democratic leaders in Hong Kong 
wanted unconditional extension of 
the trade status because it benefited 
die people of the colony. “Short- 
term extensions of MEN are bad for 
the people of Hong Kong," he said. 
“They create uncertainty." (AP) 




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Members of the staff at No. 10 Downing Street lamenting the departure Friday of 
John Major, their boss at the official residence for the last six and a half years. 


business. Others say the country will take it in 
stride. But all agree that the anticipation of 
Britain being on the outside and Germany and 
France on die inside in the new currency ar- 
rangement is a source of considerable anxiety. 

Ultimately, whether Mr. Blair can avoid 
raising taxes or cutting public services, let 


alone improve them, will depend largely on 
the economy. The economy, however, has 
been dependable only in one respect: Bust 
follows boom, often in relatively quick suc- 
cession. Unfortunately for Mr. Blair, the boom 
is now, and if there is to be a bust, it could well 
come on his watch. 


Continued from Page 1 

“Voters did not like the anti-European rhetoric of the past 
few days and weeks, and this should be a lesson for all those 
who want to win votes with anti-European polemics," Mr. 
Kohl said in Brunei, where he was traveling. 

Mr. Blair’s immediate challenge in Europe will come in 
the negotiations on a new treaty to overhaul the Union’s./ 
governing institutions. " 

The Dutch government moved for an early test of Mr. 
Blair, calling Friday for an informal summit meeting of Eli 
for May 23 in the seaside town of Noondwijk. Dutch officials 
hope the new prime minister will show enough flexibility to 
end the recent stalemate in negotiations, and enable leaders 
to conclude the treaty on schedule ai their regular meeting on 
June 15 and 16 in Amsterdam. 

Mr. Blair’s biggest concession to Europe to date has been 
Jus commitment to sign the EU Social Charter, under which 
the Union can adopt labor legislation by a majority vote 
among the 15 members. Many European countries have 
criticized Britain for exploiting its lower wages and iob 
protection to poach growth and employment 5 J 
Labour officials also have indicated that the new eov- 
onment will support a modest extension of majority vom* 
in drafting EU legislation in areas like the environment 
research and industrial policy. 

aM nw of k 7l J * ues “» negotiations, whedierto 
SSL? ^55!?i. 0 £ EU c ° untnes “ develop common 
J , ] nc ^ n . ce , frari1 reluctant countries, Mr. 
Blair has stock to Mr. Major s insistence that Britain retain a 
veI °° ver . the use of a so-called flexibility clause J 

offidliLud big iSSUC tha ‘ haS IO ** decided -’" “ Wsh ^ 

firat signals of a more-accommodating posture as early as 
Monday by dispatching a junior ministerio lake over Bri- 
tain s seat at the EU treaty negotiations. 




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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 3-4, 1997 


PAGE 5 




^nUt. 

0 „ r, H 


nr: C^ 


Britain's Power Shift/ The Blairs Move Jn, the Majors Head Off for Lunch and Cricket 


r -:C\ 


In British Style, the Loser Quickly Goes His Why 




'>{S 


By Warren Hoge 

Newfort Tunes Sen-ice 


s**\t \ 


Hinui T r ; ' ‘ 

* ■%, 


J'PSPPN ~ P* 51 * is nothing brisker about 
theBnbsh than the speed with which they dis- 
patch defeated prime ministers. 

On a day so rich in ceremony that the official 
tendmng of the resignation to the queen is still 
called the Hssing of hands. ’ ’ a prime minister is 
unceremoniously -turned out of the official res- 
idence at No. 10 Downing Street within hours of 
bemg turned out of office by the voters 

On Thursday night at 10 P.M. John Major 
round out irom the exit interview forecasts issued 
the moment the polls closed that the Conser- 
vative Party had been routed in the national 
election. On Friday morning at 11:30 A.M. he 
and his wife, Norma, left the home they had 
occupied for the last six and a half years for die 
last time. 

White ithey sped down the Mall to Buck- 
lnghamPalace on their final ride in the official 
green Daimler, moving vans showed up at No. JO 
and took their personal effects off to their sub- 


urban home in Mr. Major's constituency of Hunt- 
ingdon. near Cambridge. 

"Just as he loses his car, he will have to pay for 
the move," said Michael Gerson, head of the 
removal company thai hauled out the belongings. 
"It's a rough world for him now." 

Mr. Major, who like many who had followed 
the election results through Thursday night and 
Friday morning had not slept, emerged into the 
sunlit street in from of No. 10 at 11:25 A.M. and 
made a brief statement. 

He offered his successor, Tony Blair, 
"wannest congratulations,'* said that he was 


going to the palace to resign his post and added 
that he would be stepping down as leader of the 
Conservative Party as soon as bis parliamentary 
colleagues selected a new chief. 

There were no tears, no V for victory gestures, 
no evident sorrow. ■ 

Mr. Major had things in very British per- 
spective. * '1 hope Norma and I will be able to get 
to the Oval in time for lunch and then watch some 
cricket this afternoon.” be said. 

Thai they were off to the palace to see the 


queen. In a 30-minute conversation in the official 
audience room, Mr. Major formally offered his 
resignation and, as a subsequent announcement, 
recorded tersely, “It was accepted." 

While they talked, a limousine headed for the 
Islington home of the Blairs, who emerged into a 
street full of cheering neighbors and onlookers. 
Mr. Blair and his wife, Cherie, got aboard and 
proceeded about a hundred yards, and then they 
did something that had commentators making 
new comparisons of Mr. Blair to President Bill 
Clinton: He and his wife got out of the car and 
pressed the flesh along the police barricades. 

The motorcade carrying the Blairs, the 
couple’s young children and relatives and top 
aides then snaked through London's streets ana 
boulevards until it was on the same Mall passage 
Mr. Major had traversed less than an hour earli- 
er. 

Mr. Blair entered the audience room where, as 
the man capable of assembling a parliamentary 
majority, be was in line to be asked to form a new 
government. 

When he emerged minutes later, he was the 


prime minister of Britain, the tenth in the queen's 
reign. The official Daimler was waiting to speed 
him to his new home. No. 10 Downing Street 

Standing at the same portable microphone 
where Mr. Major had announced his departure 90 
minutes earlier, Mr. Blair reported that the queen 
had asked him to form a government and that he 
had accepted. 

Then he and his wife scooped up their three 
children — Euan, 1 3, Nicholas, 1 1 , and Kathryn, 
9 — and entered the famous black door with the 
simple brass number 10 on iL They were home. 

Joe Haines, press secretary to Harold Wilson, 
who left office in 1970, stud, "It’s rather like a 
heavyweight contest: Once you get knocked out, 
you just get carried from the ring as quickly and 
decently a$ possible.” 

No. 10*s dispossessed tenant, Mr. Major, has 
often said be feels most at home at a cricket pitch. 



and that may explain the contented demeanor he 
brought to the Oval in Suney. south of London, 
on Friday afternoon. "Where else would I go on 
a day like today when the sun is shining?' ’ he told 
reporters. 


Owid Wentagm* AMOdmd PW* 

Baroness Thatcher telling journalists Fri- 
day that she would speak out if Tony Blair . 
did not safeguard the legacy of her policies. 


•v. 




Gern lan Opposition Eyes 
Blair ‘Tory Lite’ Example 

Social Democrats Seek Ideas for Own Battle 


By John Schmid 

InurntuUuuil Herald Tribune 


***■■■: 
-;'r ‘ 

m «A- 


FRANKFURT — The Social Demo- 
cratic Party, Germany’s chronically di- 
vided opposition party since 1982, is 
looking to Tony Blair's stunning rour in 


parties can use modem economic 
policies to win in an age of economic 
globalization. 

Mr. Schroeder made the comparison 
Friday during a 12-day visit to the 
United States, where the German politi- 
cian is meeting with some of the most 


t.' k 'li 

..Vii lii 

• " -*v 

'.'C~ i ' * 


Britain for its own election strategy next powerful industrialists. 


year. 

Even before the final British vote tal- 
lies were announced Friday, die Social 


Interspersed with speeches about high 
technology, Mr. Schroeder has sched- 
uled appearances with Bill Gates, the 


■“v h t L'T, . > I 


* • *=r « 


ili-i .}*■. [i • 

i ■ 

■ - - 


Democrats began a debate about who Microsoft chairman; Louis Platt, the 
ranks as their nearest equivalent of Mr. Hewlett Packard chief executive, and 

DlnU- ' ‘T-™ i;..n • o -1_ “ _ r /s , , M 


Blair, whose “Tory hte" economic John Smith, chairman of General Mo- 


'v '•*'**» 


After to years or Chancellor Helmut 
Kohl’s center-right administration, die 


plans to visit the New York Stock Ex- 
change and investment houses like LP. 


resounding magnitude of Mr. Blair's vie- Morgan and Goldman Sachs. 


** «• 


#• * *v- 


tory very likely will be viewed as an 
affirmation that Germany, like Britain, is 
now ready for watershed change in 
policies when Germans go to the polls in 
October 1 998. Knri-HeinzKlacr, a Social 
Democratic political strategist in Bonn, 
predicts that even a Social Democrat-led 
government will probably be farced to 
adhere to many of Mr. Kohl’s free-mar- 


Mr. Schroeder, S3, who is often pho- 
tographed smoking jumbo cigars, ap- 
pears to be making the {Joint that ne 
understands the more flexible ways of 
American business. The message will 
not be missed back in Germany, where 
his main rival for his party’s nomination, 
the Social Democratic party chief, Oskar 


Lafontaine, clings to the traditional 


ketprograms, similar to the way Mr. Blair government German consensus model 




became an unlikely heir of Thatcherism. 

Germany’s left saw an opportunity to 
bask in Mr. Blair's success. “In 73 


The ideological rift between the mav- 
erick Mr. Schroeder and Mr. Lafontaine 
underscores a deep and long abiding 



Sinn Fein Captures 2 Seats 
In Parliament, Leaving 
Role in Peace Talks Hazy 


By James F. Clarity 

Neur York Tones Service 


BELFAST — In the strongest show- 
ing it has ever made in a British national 


2 ; a smaller unionist party has one, and 
the Social Democratic Labor Party has 3. 
The Social Democrats got 60 percent of 
the Catholic vote, Sinn Fein. 40. 

The effect the results might have on 


election, Sinn Fein, the political wing of the peace effort was unclear. Sinn Fein is 


the Irish Republican Army, won in vot- 
ing for two of die Northern Ireland seats 
in the British Parliament, according to 
results announced Friday. 

Both Geny Adams, the Siim Fein {Res- 
ident, and the party's second-ranking of- 
ficial, Martin MicGuinness, were elected. 

Their overwhelmingly Roman Cath- 
olic party took votes and seats away 
from both the mainstream Social Demo- 
cratic Labor Party, which is dominated 
by Catholics, and the Democratic Un- 
ionist Party, which is hard-line Prot- 
estant. 

Mr. A dams and Mr. McGuinness will 
not actually take the seats, as Sinn Fein 


in a stronger arguing position, experts 
said, better able to insist that it has a 
moral and political mandate. 

The unanswered question is whether 
the new configuration will move the 
stengtoened mainstream unionists toward 
accepting Sinn Fern at the negotiating 
table and whether Sinn Fein's show of 
strength will produce an IRA cease-fire. 

Mr. Adams, who regained the seat in 
West Belfast that he lost five years ago to 
the Social Democrats, made it imme- 
diately clear that he would use his 
party’s showing to argue with the new 
British government that Sinn Fein 
should be invited to join die formal 


policy precludes their taking toe nee- peace talks when they resume in Belfast 
essary loyalty oath to the British Crown, on June 3. They are an effort to settle toe 


which the party considers an illegal oc- sectarian warfare that has killed 3,212 


cupier. But they said toe parly would people since 1969. 




weeks we’ll do exactly toe same. Con- split within toe German opposition. Mr. 


Friiz Rahtflfe Anoctaed Proa 

Franz Muenteferrag, the Social Democratic Party manager, presenting 


gratulations, Tony Blarr.” proclaimed a Lafontaine has embraced the nation's a new poster outside Bonn party headquarters Friday. The poster reads: 


billboard outride toe Social Democrat's 
Bonn, headquarters. ... - • 


unions and recently became one of toe 
few - German leaders to endorse a 


“In 73 weeks we will do the same. Congratulations, Tony Blair.’ 


j Mr*- 
#. Ski v 


.Gerhard 1 


*•*&!-- 
3W**- -j 
4Mt’ A" 

n 


toe Social Democrat's conservative 
wing, in particular is expected, to seize 
on Mr. Blair’s landslide victory as con- 
firmation toaf he will be toebestman to 
challenge the veteran Mr. Kohl. 

: Mr. Schroeder declared that toe Brit- 
ish results proved to at other left-leaning 


; popular leader of shortened. 32-fiourWork week, an ap- the state of Lower Saxony. The ability of Margaret ' Thatcher, Ronald Reagan, 


open offices in London near toe House 
of Commons and argue positions from 
outside. 

Sinn Fein’s total vote in the British 
province was 16. 1 percent, slightly high- 
er than its total in elections last May for 
the Peace Forum, an adjunct of toe for- 
mal peace talks that began in June 1996 
but have made little progress. 

Before the election. Sinn Fein had no 


Sinn Fan has been excluded from the 
talks by toe Irish and British governments 
until the IRA restores toe 17-monto 
cease-fire it ended io February 1996. 

On Friday, Mr. Adams said, ”1 want 
to see an end to all armed actions." but 
said nothing about going again to die 
IRA to persuade it to restore toe cease- 
fire. 

Sinn Fein advocates a peaceful set- 


proach to resolve Germany ’s record un- 
employment that has been ridiculed by 
German industry. 


toe German opposition to mount a cred- 
ible campaign against Mr. Kohl has ram- 
ifications beyond Germany. A loss for 


The Social Democrats have rejected Mr. Kohl, who plans to ran for a fifth 


pressure to choose their chancellor can- 
didate before next April, until after Mr. 
Schroeder faces reelection as premier in 


term, means Europe would lose its most 
ardent integrationist and its most expe- 
rienced statesman, one who has outlasted 


Mikhail Gorbachev and now John Major. 
Popularity polls show that Mr. 
Schroeder, also a fan of President Bill 
Clinton’s re-election strategy, has vastly 


seats in Parliament in London and had dement but refuses to condemn toe IRA 


never won two seats in Commons. 

Generally, toe Ulster Unionist Party, 
the largest political organization in toe 


campaign of violence and says it un- 
derstands toe group’s ’‘armed struggle.” 
Tony Blair, toe new prime minister. 


stronger chances of ousting Mr. Kohl province, gained a seat and now holds said little about what his Northern Ire- 


toan does Mr. Lafontaine, who already 
lost once to Mr. Kohl in 1990. 


10; toe Democratic Unionist Party of toe land policy would be d 
Reverend Ian Paisley lost a seat and has paign. But in an article in' 


land policy would be during his cam- 
paign. But in an article in The Irish Times 
in Dublin on Monday, he wrote: “Per- 
haps Sinn Fein’s ambivalence about vi- 
olence reflects its small electoral base. 
But democracy requires that even the 
smallest party pursue its aims through 
methods that are exclusively peaceful. 

“It is a lesson that Sinn Fein must learn 
before it will earn toe right to sit and talk 
with other democratic parties in Northern 
Ireland. There roust be a genuine cease- 
fire from the IRA. It must be proven to be 
genuine in both word and deed.” 

Marjorie Mowlam, who is expected to 
be Labour’s secretary for Northern Ire- 
land, said in London that a cease-fire 
was needed before she would talk to Mr. 
Adams or his party. 

John Hume, toe leader of the Social 
Democratic Labor Party, who was re- 
elected to the British Parliament from the 
western part of toe province, said he 
hoped toe Labour government would in- 
vite Sinn Fein to toe talks next month. 

This implied, as Mr. Hume has re- 
peatedly stated, that there would have to 
be a prior IRA cease-fire. 

"While Mr. Hume and Mr. Adams are 
enemies in elections, they initiated to- 
gether toe current peace effort in 1993 
and have said that with toe elections 
over, they will again cooperate to move 
the stalled peace effort forward. 

In his campaign, Mr. Adams used 
photographs of himself and Mr. Hume to 
attract mainstream Catholic voters. 


sc : 

Hr w 


1 ' : 


BLAIR: Labour Takes Power as ‘Curtain Falls’ on Conservatives 


Continued from Page 1 


A New Political Landscape 


m -Sv* 


Out with the old... 

The former Parliament had a 
total of 651 seats. 


...And In with the new 

The new Parliament has a total of 

659 seats.f 


tin* 


m*-" 



CONSERVATIVE 


LABOUR 


LIBERAL 

DEMOCRAT 


OTHER 



less surprising than toe swings from Tory 
to Labour or Liberal Democrat by which 
they lost them: 15 percent to. 18 percent in 
constituencies where Labour was hoping 
for 7 percent or 8 percent. 

.. The country elected a record number 
of women to be members of Parliament, 
about 120 , doable the current count 
The postmortems became wily 
semirelevanL It was not one issue 6 r two 
issues, said toe Conservative Party’s 
chief strategist, David Willetts. It was 
everything. Even toe Conservative’s 


Key Figures in the Labour Govern ment 

mm*. 



strongest card, the booming economy, 
may have worked against the party, Mr. 
Willetts told BBC TV. 

"It made people fed they could take a 
risk with Labour,” he said. "The more 
we were on the economy, the more 
people thought, ‘Well, things are going so 
well even toe Labour Party can do it’ ” 

In 1992, according to political folk- 
lore here, toe Conservatives won thanks 


‘Included two vacant seats. 


(tbased on incomplete returns.) 


The New York Times 






The Battle to Succeed Major 

Heseltine Is Slight Favorite, but as a Stopgap Leader 


to toe support of an archetypal striving 
lower middle-class voter living in Essex 
or and dubbed "Essex Man.” In 1997, 
• ’Essex Man' ’ voted Labour, along with 
_ "Worcester Woman.” “Gloucester 

coder Man” and all the rest 

All agreed that Labour outcam- 
Itme at 7 to paigned the Conservatives. Labour stuck 
id be surely to a single message, that it was the "New 
leader, fol- Labour, ’ ’ a modem party which could be 
optical Mr. "trusted,” not old Labour, which was 
obsolete and focused on such close-to- 


Irfixrk., 


Reuters 

; LONDON — John Major’s decision 
to step down as leader of the Conser- 
vative Party looked certain to set off a 
bitter battle for his succession, with the 
policy toward Europe that beset Mr. 
Major at the center of die fight. 


erately pro-Europe Mr. Heseltme at 7 to 
4 odds to become what would be surely 
be, given his age, a stopgap leader, fol- 
lowed by toe more Euroskeptical Mr. 
Hague, at 2 to 1 odds. 


Gordon Brown, 
46, chancellor of 
the Exchequer, 
responsible 
for economic 
poBcy. He wfll try to 
reconcile Labours 
commitment to im- 
proving education 
and the health . 
service with toe 
rigorous spending 
targets inherited 
from the 
Conservatives. 


Source; Reuters 


Robin Cook, 51, 
foreign secre- 
tary. A tenacious 
and formidable 
debater. Mr. 
Cook is probably 
Labour's best 
performer in 
the House of 
Commons. His 
rivalry with 
Gordon Brown, 
a fellow Scot, 
could be a 
problem for toe 
Labour govern- 
ment 


John Prescott, 
58, deputy prime 
minister wfto 
responsibilities 
for transportation 
and environment 
As deputy leader 
of the Labour 
Party, he con- 
tributed greatly 
to a unified and 
disciplined cam- 
paign by reas- 
suring the old 
left. 


Marjorie 
Mowlam, 47 , 
toe party's 
spokeswoman 
on Northern Ire- 
land, and likely to 
be secretary for 
Northern Ireland. 
During toe cam- 
paign she sug- 
gested that Sinn 
Fein could be 
invited to join 
ad-party talks 
within weeks of 
a new IRA 
ceasefire. 


New Commons Will Be a House of Many Firsts 


Both men appeared at Conservative home issues as health care and schools. 


headquarters as toe first election results 


'Mvnr 


ar^urarer^ntfpoliticians to urge “a period of reflection” 

and^alvSs^uSOTbSvmuch before any decisions about the party’s 

contest future direction weremadc. But with Mr. 


more damage toe succession contest 
would do to a party that had already 
taken a huge battering from the voters. 
"The civil war will now Iweak outm 


Major's decision to quit, that will be "toe survival o 
impossible. 

Mr. Portillo’s enforced absence could from tradition, 
be a big boost for John Redwood, toe youngest Brins 

- ° < ■ f-iTT-w Onl A11T 


Mr^M^jor for die party leadeistap iwo 


The Conservatives, in part because of 
their divisions, kept changing their tune. 
One day it was the economy, toe next it 
was Europe; toe day after that it was 
"the survival of the United Kingdom.” 

In a Jimmy Carter-style departure 
from tradition, Mr. Blair at 43, the 
youngest British prime minister this cen- 


Co*p*dkrOwS*#FremiDhp*c */ r 

LONDON — Labour’s overwhelm- 
ing victory in toe British general election 
will create a House of Commons that is 


Eagle. 36) and toe first blind cabinet 
minister (David Blunkett). 

Martin Bell, a former BBC war cor- 
respondent, becomes the first independ- 


znore youthful, feminine and sexually ent member in 50 years. The anti-cor- 


and religiously diverse. 


cost £20 million ($32 million), had been 
a success in that it had placed Europe at 
toe heart of toe electoral debate. 

Mr. Goldsmith, who ran in toe con- 
stituency of Putney, in southwest Lon- 


niption candidate beat Neil Hamilton, a don. against a former heritage minister. 


_ With 102 members of Parliament re- former government minister at toe cen- David Mellor, failed to reach 5 percent 

>m tradition^ Mr. Blair — at 43, the tiring and 15 failing to be retained as ter of a payoff scandal, in what was toe of toe vote, w inning barely 1,500 sup- 
ungest British prime minister this cen- candidates by their local parties, die 659- country's fifth safest Tory seat porters. 

-y got out of bis car on Whitehall, a member Commons will have its largest For toe one term he has vowed to After he lost to Ins Labour rival, Mr. 

(f-block shy of the entrance to Down- injection of fresh blood since 1945. serve, however, Mr. Bell faces a prob- Mellor denounced Mr. Goldsmith. 

> Street, and walked through crowds. Labour's huge majority will mean Ion of where to sit, as toe Commons "I would like to say to Sir James 

He then delivered a five-minute state- that the number of women ^Parliament contains no "cross-benches” for the Goldsmith that 1,500 votes is a derisory 

snL “It is a mandate for New La- will rise to about 120 from 63, the first benefit of members not affiliated with total, and we have shown tonight that ton 

ur,’ ’ he told toe throng. “And Isay to time it has topped 100. Thej party adopt- any party. Referendum Party is dead in toe water,” 

: people ofthis country, we ran as New ed a policy of women-onty candidate “I’ve thought of alternate parking on Mr. Mellor said. 

hour and will govern as New Labour, lists in a quarter of all seats. one side and then the other,” Mr. Bell The seat of former Prime Minister 

was a mandate to get those things done The influx of youth should be just as said, “It’s a real problem.” Margaret Thatcher in Finchley, North 

a need doing.” noticeable. In contrast to many members The Labour landslide swept out six London, went to a Labour «inri;V inft» G f 

“For 18 years my party has been in who have just retired, the average MP Conservative cabinet ministers, includ- Dutch origin. Rud Vis. 

position,” he added. “It could only will now be justaUttle olderthan the43- mg Foreign Secretary Malcolm Rifkind In Scotland, where the Conservatives 

j it could not do. Today we are year-old prime minister, Tony Blair. The and Defense Secretary Michael Pot- previously held 10 seats, the Tory defeat 


ipayott 

country's fifth safest Tory seat 

For toe one term he has vowed to 
serve, however, Mr. Bell faces a prob- 
lem of where to sit, as toe Commons 
contains no "cross-benches” for toe 


tury got out of bis car on Whitehall, a member Commons will have its largest 

half-block shy of the entrance to Down- injection of fresh blood sinte 1 945. 


^.Tortilio and Mr. Redwood, 45, 

maA* his Earns. toW BBCleievisiou. thp 


M *&**'■ *' 


?4 iieet*-. 




I**---'- 1 '' " 




. A- ■ 

•u . 

,f v 


made big gains, tow until Thursday, regarded as toe 

JSJSSSSS—Mj 

defeated “b 1 * Ri- ment will be toe only ones to votein toe 

ency. Foreign SecrewyM®*^ __ election. If they are worried that 
fkind lost in Scotland, where every ry ^ Redwood would be incapable of opposition 
■seat was lost. of as a uniting *e party, they could go for a 

Chris Patten, once 1 * g l J ^Smise^ndidate. 

possible successor, cann °^ l ^i I0 % Sli “^stoathavebeencanvassedin- 
ish politics unti 1 the endjrfJ^ ^ dude the former home secretary, Michael 
hisjobasBritam’s^govwn^otMng rightwinger, and toe outgoing 

Ko£g ends when *e colony reverts to Stephen Dorrell. 

Chinese rule. , _ MaOTIC _ 35 . ■ But toe chances of toe outgoing icfum- 


ing Street, and walked through crowds. 

He then delivered a five-minute state- 
ment “It is a mandate for New La- 
bour,’ ’ he told toe throng. “And Isay to 
the people ofthis country, we ran as New 
Labour and will govern as New Labour. 


Labour's huge majority will mean 
that toe number of women ^.Parliament 


. The mnch-reduced band of fewer than labour and wrngo^ vern^ew ^wui. 
170 Co nser vative members of Fariia- It was a mandates get those things done 
ment win be the only ones to vote in die need dra» . 


will rise to about 120 from 63, the first benefit of members not affiliated with 
time it has topped 100. The} party adopt- any party. 

a _ __ . .f - - - - ----- - 1 3 . . . ttl 1 ... — nA* ■ 1 


ed a policy of women-only candidate 
lists in a quarter of all seats. 

The influx of youth should be just as 
noticeable. In contrast to many members 


“I've thought of alternate parking on 
one side and then the other,” Mr. Bell 
said, “It’s a real problem.” 

The Labour landslide swept out six 


He then went inside with his wife and 
three children and began appointing cab- 
inet members — John Prescott as deputy 




** *■ • 
.--4- 


22ws«9a'-s35a=E5 isssMSSKS 

ipasss 

toe two men favorites, with toe m 


The election also yields a series of lionaire Timmy Goldsmith was elected, 
other firsts for the new Parliament: It The party — which campaigned on 
will contain toe first Muslim MP (Mo- the promise to hold a referendum on 
hammed Sarwar, representing Govan), relations between Bi 
toe first member to declare himself gay pean Union — won 8 
before being elected (Ben Bradshaw, percent of the total. 

Exeter), the first sisters and twins in toe But Mr. Goldsmi 


was stunning. 

Never in its history has toe party been 
without an MP from Scotland, and in 
1955 it was the majority party there. 

Of 72 seats in Scotland, Labour won 
56. an increase of six: the Liberal Demo- 


relations between Britain and the Euro- crats 10. an increase of 4; and the Scot- 
pean Union — won 800,000 votes, or 2.6 tish National Party 6 , an increase of 3. 


But Mr. Goldsmith claimed that his 


same Parliament (Angela and Maria campaign, which is estimated to have 


In Wales, the Labour Party won 34 of 
the 40 seats, the nationalists 4 and the 
Liberal Democrats oik. (AFP, Reuters) 







PAGE 6 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, MAY 3-4, 1997 



Budapest Fetes 
Jewish Diaspora 


' . . : . , *-*. v - - ; 


H 


By Phoebe Hoban 


By Ruth Ellen Gruber 


B udapest — At 

the entrance to a ma- 
jor new exhibit at 
Budapest’s Jewish 
Museum hang prewar oil 
paintings of a neoclassical 
Budapest synagogue that was 
built in the 1820s. The syn- 
agogue still stands and looks 
much the same. But today it is 
used as a television studio. 

Nearby hangs a huge can- 
vas of a bearded Jew in a 
black hat bending to touch a 
black wall. The painting is by 
Laszlo Feher, who is one of 
Hungary's best-known con- 
temporary artists and a con- 
vert to Judaism. 

In many ways these works 
and their contexts exemplify 
the concept behind the ex- 
hibition as a whole. 

Entitled “Diaspora (and) 
Art." the exhibit brings to- 
gether some 500 pieces in a 
carefully devised exploration 
of the changing position of 
Jews, artists and intellectuals 
within Hungarian history and 
society. 

“The Diaspora is a kind of 
mentality where people are 
not exactly inside society; 
they are people on the border 
of society,” said Levente 
Thury. the Budapest ceram- 
icist who curated the show 
along with Gyorgy Szego. an 
art historian. 

“Society accepts them but 
sometimes hates them, some- 
times creates difficulties. But 
there is also a sort of freedom 
in being a little bit outside — 
this is the Diaspora," Thury 
added. 


the museum was little more 
than a marginal display of ritu- 
al objects; further exploration 
of the role of Jewish culture in 
Hungary was taboo. 

Thury and Szego worked 
with the director of the Jewish 
Museum, Robert Ben Turan, 
and spent months rummaging 
through the museum's long- 
neglected collection. They 
also located art works in other 
museums and private collec- 
tions and contacted contem- 
porary Hungarian artists. 
Jewish and non-Jewish alike, 
to lend works, so that the 
pieces included in the show 
date from the early 19th cen- 


' ' 4 

'<• ‘ *! 
: . *? - V 

* V * ''t 


N ew york — 

Mark Tansey sits 
back in his Tribeca 
studio to observe 
his latest painting, putting his 
mug of tea on a wooden wheel 
inscribed with enigmatic 
phrases like “rogue program- 
mers,” “the prisoner of fore- 
play" and “encountering the 
original.” Although it's now 
a table, Tansey invented the 
wheel as a land of handmade 
metaphor machine. 

Spuming it like a wheel of 
fortune provided permuta- 
tions of philosophical and 


r -VsiSH i 


B \ * 


tury to the present 
The show, which 





metaphysical problems. ' 
which he used as reference 




Raft ESeq Graber 


T HURY said the orig- 
inal idea behind the 
show had been to 
present an exhibit of 
* ‘Jewish an” utilizing the 
hundreds of pieces that for 
decades under communism 
had sat locked and forgotten 
in the museum's storerooms. 

The aim was to create an 
important exhibit that would 
heighten the profile of the 
Jewish Museum and Jewish 
culture in the Hungarian mind 
at large. Under communism. 


The show, which opened in 
March and is scheduled to run 
through the coming year, is 
the fust major exhibit to be 
held in the Jewish Museum's 
newly enlarged and refur- 
bished exhibition gallery, 
which doubled the existing 
museum space. 

Paintings, graphics and 
sculpture have been arranged 
in a series of rooms to lead 
visitors through a historical, 
artistic and psychological 
confrontation with themes 
such as tradition and identity, 
assimilation and exile. Isola- 
tion and responsibility are 
also key motifs. 

Given the topicality, size 
and complexity of the exhibit, 
it is unfortunate that funds 
were not found to produce a 
catalogue. 

The show includes works 
by Jewish artists on non-Jew- 
ish themes and works by non- 
Jewish artists <xi Jewish 
themes. All styles are repre- 
sented, ranging from the clas- 
sically conservative to the ab- 
stract and the conceptual. The 
pieces are carefully put in 
groups so that the juxtapos- 
ition provides a commentary 
on each work, a style or an 
implicit idea. 

A sculpture of Moses by 
the tum-of-the-cen tury as- 
similated Jewish sculptor 
Jozsef Rona, for example, 
shares a room with a stark. 


Figure of Moses by Jozsef Jakovits in Jewish Museum. 


hermaphroditic Moses by 
Jozsef Jakovits. a non-Jewish 


Jozsef Jakovits. a non-Jewish 
contemporary artist who had 
strong links to Judaism. 


The Holocaust is not a spe- 
cific theme, and few pieces 
deal directly with the Shoah. 
But the murder of 600,000 
Hungarian Jews by the Nazis 
and homegrown fascists 
forms an inescapable sub- 
text. 

One painting shows a street 
comer in Paris, painted in 
1931 by the non-Jewish artist 
Is tv an Cserepes. In the 1940s, : 
Cserepes bad a studio in Bud- 
apest ’s Jewish quarter. In 
1945, he protested when the 
fascists rounded up Jews 
from his building — and he 
was taken along with them 
and shot on the banks of the 
Danube with his neighbors. 

Also providing a symbolic 
contrast are several large in- 
stallations put together by 
Thury and Szego from old 
pews, ritual objects, books 
and decorations taken from 
Budapest's ornate Dohany 
Street synagogue, which is 
next door to the Jewish Mu- 
seum. The synagogue, built in 
the lS50s and the largest in 
Europe, was reopened last 
year after a full renovation. 

The walls of the first rooms 
are crowded with paintings, 
many of them portraits. Frame 
nearly touches frame, from 
floor to ceiling in an almost 
claustrophobic manner. 

“We created a living 
crowd,” said Ben Turan. 
“But this crowd represents a 
killed and lost mass of Jews 
— we revitalized it." 


There is a portrait of a sol- 
dier with earlocks, portraits of 
Jewish authors, Jewish com- 
munity leaders, anonymous 
families m their living rooms 
and shops. One contempor- 
ary, multiple-portrait piece 
includes a mirror. 

The pictures were massed 
together not just to represent 
pre- Holocaust life, but also to 
represent loneliness within a 
crowd. 


points for his paintings. 

Tansey's wheel is. in a 
sense, a compass, a guide 
through the territory of his 
work; he is the master of 
mordant polemical paintings 
about modernist art theory 
and deconstructionism, a 




I*: 



painter who makes paintings 
about the idea of making 
paintings. 

.“I think at this point I've 
gotten beyond the wheel,” 
says Tansey. whose new 
work is on view at the Curt 
Marcus Gallery in Soho. “It 



,ion l 7 " ,vs - 


• - 




jt liv-iw- 




-ls. 

/ -• s -zifki 




- ■'* * . 


— ~ . 


•^KE> 


VELIKI 


Jack Maamng/Tbc New Yal Tans 

Mark Tansey sitting in front of his painting “ Soft Bonders" in his New York studio. 


was something I used against struction. 


pealing, introspective man. 
“1 like the idea of reverse 
deconstruction, which is con- 


W ALL texts cap- 
tion various sec- 
tions of the ex- 
hibit. One in 
particular sets the tone for the 
show, a quotation from the 
artist Ron Kitaj: “Afier 
Auschwitz, everyone lives in 
the Diaspora now.” 

Recalling the Arbeit Macht 
Frei quotation above the gate 
of Auschwitz, it is written 
above a doorway leading to 
the latter rooms of the show, 
where contemporary art- 
works dominate. 

The works are more 
scattered here. The walls are 
more bare, representing the 
isolation within contempor- 
ary society, the stifling of 
artists and intellectuals under 
communism, and tire dimin- 
ished size of the Jewish pop- 
ulation. 


artist's block to provide nar- 
rative. Now I've gotten to an- 
other understanding of what 
motivates pictures.” 

After a year’s “self-paid” 
sabbatical, Tansey has found 
what he was looking for, a 
new “technophor,” as he 
calls it. He defines the term as 


: the term as 


“The question I am ad- 
dressing now is, ‘How do you 
make meaning pictorial?' 

“It’s no longer about get- 
ting direct equivalence be- 
tween the material and the 
idea. It's not about capturing 
the real. It's the transition, 
what happens between the 


“a metaphorical technique material and the ideas. What 
for connecting subject matter is that interaction? I think it's 


Ruth Ellen Gruber is work- 
ing on a new book about non- 
Jewish interest in Jewish cul- 
ture in Europe. 


and ideas." 

Tansey’s studio, one block 
from the loft where he lives 
with his wife, Jean, and their 
three children, is itself a tech- 
nophor, a model of his mind at 
work. 

There is no surface that is 
not layered with images or 
images of images; collages, 
photographs and Xeroxes. 
Tansey has catalogued them 
with labels like “aperture as 
object," “light trajectories.” 
“reversal of black and 
white." 

"I had come to the end of 
what I thought of as a lover’s 
quarrel with post-structural- 
ism,” says Tansey. 47. an ap- 


basicaUy analogy. I'm work- 
ing with pictorial rhetoric; 
how we read different kinds 
of visual order.” 


T HE curious red paint- rna, in 1949. Tansey 
ing that dominates posed to aesthetic di 
his studio needs asachild. 
more work for the His father, Richaj 
show, bur already it does what sey, is an art histori 
the artist intended: raises worked on the famo 
questions about the nature of book “Gardner's 
time, space and painting it- Through the Ages 
self. Tansey has used a moun- mother. Luraine Tam 
tain side as the backdrop for vised one of the fir 
this latest intellectual in- puterized slide archiv 


four interrelated scenes, each 
depicted from a different per- 
spective, yet somehow con- 
verging, as if Tansey were 
trying to illustrate a wr inkl e in 
time. A small tribe of Amer- 
ican Indians shares the moun- 
tain with a band of surveyors, 
a tourist group and a toxic- 
waste-removal crew. 

“It’s a short-history of the 
West." he says, “from four 
different points of view.'* 

Since he moved to New 
York from California in 1974, 
Tansey has been delving into 
visual conundrums that few 
contemporary painters have 
chosen to contemplate. 

Bom in San Jose, Califor- 
nia, in 1949. Tansey was ex- 
posed to aesthetic discourse 
asachild. 

His father, Richard Tan- 
sey, is an art historian who 
worked on die famous text- 
book “Gardner's Art 
Through the Ages-’’ His 
mother. Luraine Tansey, de- 
vised one of the first com- 


Arihur Danto is among the 
critics who have praised his 
work. “Mark made the in- 
tellect central to his paint- 
ings,” he says. “That was 
about as subversive of re- 
ceived dogma as it was pos- 
sible for an artist to be.” 

Tansey has quietly painted 
some of the most acerbic art 
criticism of the last decade. In 
“Triumph of the New York 
School, ’ 1984, one of his 
best-known works, he bor- 
rows the format of 
Velazquez's “Surrender of 

n ,u. 


**' 


■■ . A 

■> 

* '■ w 


Breda” to comment on the 
moment when New York 


9 U H y- 
The 


itest intellectual in- puterized slide archives. 

After graduating from the 
realistically rendered An Center College of Design 
titled "Soft Bor- in Los Angeles, Tansey 


- - • ■ 

■ 



ART EXHIBITIONS 




canvas, titled bolt Bor- in Los Angeles, lansey 
tiers," is actually made up of joined tiie Hunter College 
studio-art graduate program 


FRANCIS 

BRIEST 


iNTERmiio^ 


Fine . Iff Auctioneer 


Impressionist & Modern Paintings 

Tuesday June 1 7 , 9 p.m 

Paris Drouo! Moniaiqno 1 5 avenue Montaigne, 75008 Paris 



the Van Dongen nobody knows 


in Manhattan. But his real 
education in modernist theory 
was as Helen Frankenthaler’s 
assistant “I held the paint- 
ings while Clement Green- 
berg critiqued them,” he 
says. “Straight from the 
horse’s mouth.” 

In 1980, Tansey completed 


of modern art 

In “Derrida Queries de 
Man" (1990),Tansey creates 
a precipitous post-modem- p 
pas de deux on the edge of a 
cliff of text. He excels at one- 
upping the schools of thought 
he refers to by using their own . 
signifiers as weapons in his 
artistic arsenal. 

“1 think Tansey has a won- 
derfully sharp wit” said the 
art critic Robert Hughes, who 
reproduced “Triumph of the 
New York School” in his! 
new book, “American Vi-- 
sions.” 

•*Tve never seen a work of 
his that I didn't find inter- 
esting.” 


.7 

n i 

vj 


T 


T ANSEY’S current, 
source of techno- 
phors is the new sci- 
ences. “I've been- 
reading things about catastro- 


Early & fauvist drawings 1895-1912 Institut neerlandais 
from April 17 to Jane 8, dally from 1 p.m. to 7 p.m. except on 
Mondays, 121, rna de Lille, 75B07 Parie Metro Auemblee Nationals 


the first painting in what be- phe, chaos and complexity 
came his signature style. The theory," he says. 


52 panels of “A Short History 
of Modernist Painting” are 
witty windows onto various 


“It’s fascinating to go to 
another field where there is 
this explosion of kinds of 


artistic conventions, from the visual order. These scientists 


4,/Vr '\(J 


ill-N.-USSA-'V y , S >V 


figurative to Minimalism. 

The painting used painting 
itself to tackle contemporary 
an theory and also estab- 
lished his idiosyncratic icon- 
ography; figures drawn from 
popular culture — particu- 
larly that of the 1950s — 
rendered in a deliberately ar- 
chaic. monochromatic style. 
By 1984, Tansey’s work had 


drawings scuia v 



MAY 9-14, 1997 


COURBET c OUJifA 


IAWIIN5KY 
LAM LEGES 
LEMPICKA MiiRQ 
MODIGi I AN I 
MONH RENOIR 
RO'JAJLT 
UTRILLO... 


Daily: ) lam-Spm. Sunday «$< last day: 1 lam -7pm 
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THE SEVENTH 
REGIMENT ARMORY 

I 'ARK A VK.NUIi AT rt7TH STRI-lfl. MAS YORK CITY 



Dorine Proske-van Heerdt 
Fine Medieval Books 

Illuminated Manuscripts 
Miniatures, Incunabula 
Antiquarian Book Fair 
DQssekbrl 1QHI Mav 
Stand 27/ Tel-- +31-6-53392259 
Hcfbehstr. 45, Nl-1077 VC Amstenbn 
_TeL/Fax: +31-10) 20.6628477 _ 


are dealing with the problems 
of the difference between 
representations and the 
world as it is. And they are 
coining to an understanding 
of the importance of meta- 
phor." 

For Tansey, thar impor- 
tance has been obvious all 
along. 




o- 
liK - 

irt y- 


been acquired by the Metro- 
politan Museum of Ait, the 


Inlormatior*: New York (212) &42 8572 or London (0171) 734 5491 


http-iAvww.demon.co.ukAiaughton 
or email: in(o<?hnughton.com 


BUKOWSKIS' 

RUSSIAN 

AUCTION 


Pablo PICASSO 


NEW YORK Elysium, 23 Eo:-r 78 Street. Now York 10021 . ; 

May 12. 13. U and 1 5 .. 10 a.-n - 5 p.m 
ZURICH Hots! Widder, Rcanv/ea 7. B001 Zurich, ; 

May 31 and June 1 , 10 a.rr. 6 p.m 

PARIS Drouo^ Montaigne, i 5 gvc* Monta-gne, 75006 Pori; 

Fcr a’i informations, please contact : 

Viciaine de LA BROSSF-FF.RRAND - Td : 33 i 1 ) 42 63 : 1 30 


RENE GRUAU 

THE ART OF FASHION 

PAINTINGS and DRAWINGS LIMITED EDITIONS 

SYLVIE NISSEN GALLERIES 

HOTEL CARLTON - CANNES 
Td: 33*0) -i 93 38 ”0 40 - Fax: ?3l0) 4 93 39 39 55 A 


High quality art meets 
fine antiques at 
Bukowdkhr Russian 
Auction m Helsinki on 
May 1 8th at 12 a.m. 
review starting 
May 7th. Complete 
catalogue also on 
Internet: 
wYrw.bufcowski.fi 


ANTIQUITIES 
Finest Classical, 

Egyptian, Near Eastern. 

Rh6a Gallery 

-by appointmenl- 
Zurichbergstr. 26 
CH-8032 Zurich 
{41-1)2520620 Fax 2520626 


politan Museum of Art, the 
Whitney Museum and the 
Museum of Modem An. 


Phoebe Hoban, the author 
of a forthcoming biography of 
Jean-Michel Basquiat, wrote 
this for The New York Times. 








PARIS 7th 




THOUMIEUX 


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ANTIQUE DEALER 


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AUCTIONS 




MAY 1ST - J U LY TlTH, 1997 

(ILLUSTRATED CATAL06UE - S 25 "'I 


32 East 67ST, New York, NyT002T T: 272 794 8950 F: 794 8869 
email: BFltdcal@AOLcom hours: Mon-Fri: 10-6, Sat. 10-5 


19th & 20th century European drawings - Redon. Ensor, 
Surrealists, German Ex^esstomsts. Beckmann, Corinth 
by appointment 

ALLAN FRUMKIN 

1185 Park A vs. New York, 212-427-1664 Fax 212-660-3360 


AUCTIONS COMING SOON 


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turn to 


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OLD MASTER PAINTINGS. 

WORKS OF ART AND IMPORTANT EUROPEAN FURNITURE 


MODERN AND CONTEMPORARY PAINTINGS. SCULPTURES 


It start* next Monday. I«\ the IHTs new dussitied 

000 1 miss il evcr y Mondav, Wednesday, 
day ami Saturday. A preai deal happens at the' IniennarkeL 


; t*- . , 


TlirnriBLgS tuns MMSHITJI 









1 




of H 



dl nti 


ART 



INTERNATIONA! HERALD TRIBUNE 
SATURDAY-SUNDAX MAY 3-4, 1997 

PAGE * 


Market Heat Also Rises 
For Asian Art Rarities 

London Prices Soar in Several Fields 

L lntemnimwlHemid Tribune autre painting at £166,500 nan 1210-11. It is a “star. 

I S 270,000). inkwell" as these are called ii 

perature is nsuig in Minutes later the feat was Persian. The cardinal impor 
mean market as ma- repeated with a Persian as- ranee of Khosrovani 's piect 
jor works set scarcer tronomical manuscript from e*nr it en»niu ▼ »A -C 1A ^Afl 


. - 




International Herald Tribune 

L ONDON — The tem- 
perature is rising in 
the an market as ma- 
jor works get scarcer 
and awareness of the scarcity 
intensifies. The novelty is that 
the most rarefied areas are be- 
ginning to be affected. 

• The trend made itself felt 
during the Asian week in New 
York, when a superb gilt 
bronze statue from 14th-cen- 


rian 1210-11. It is a “state 
inkwell" as these are called in 
Persian. The cardinal impor- 
tance of Khosrovani 's piece 
sent it soaring to £34,500, six 


Mogul India, "The Book of times the high estimate. 


the Hour," bought in 1978, 
also from . Colnaghi. The 
manuscript is unique. Com- 
missioned by a foster brother 
of the Mogul emperor Akbar, 
it was copied at Hajipur near 
Patna. The Nasta'aliq calli- 


Hours Jazer. interest 
switched to Bonhams, a small 
auction house that proved 
size does not precondition 
brilliant scores. The group of 
16 Turkish ceramics once in 
the collection of the late Sir 



Jazz Photo as Art Form: 
Capturing Soul on Film 


num i*HD-cen- rama. me wasta aiiq caw- the collection ot the late Sir 
tuiy Nepal surprised profes- graphy by Muhammad Yusuf Alan Barlow, who donated 


sionals as it climbed to a 

SOUREN MEMKTAN 

worid record for Himalayan 
^'sculpture at $277,500. The 
buyer' was a New York an 
connoisseur venturing for the 
first time into the uppermost 
financial strata of the Indian 
and Himalayan market. 


is outstanding. 

Most important, its 12 
miniatures are in a style, oth- 
erwise unknown, based 
primarily on the Iranian mod- 
el and immune to the massive 
European influence that was 
shortly to change the course 
of Mogul court painting. At 
Sotheby's, in 1976, it caused 
a sensation and sold for 


Last week it was the turn of £22.000. This time, the price 
Indian, Iranian, Turkish and of the unique and highly im- 


Arab an, most of it lumped 
together under the meaning- 
less all-purpose label “Islam- 
ic/ jplus a number of Hindu 
or Tantric works that then 
went down as “Indian.” 


portant was £188,500. cour- 
tesy of a U.S. buyer. 

A day later, the subject 


them to the Savile Club 44 
years ago. could not have 
done much better. 

Diddi Molek. the director 
of the Islamic department, 
who managed to win the sale 
in the face of fierce compe- 
tition from Sotheby's, went 
all out. She got Geza Feher- 
vari, who had published the 
collection in book form in 
1973, to write a preface for 
the catalogue and give a lec- 
ture at Bonhams. She can- 
vassed potential buyers, had 
the pottery displayed in Paris 


The first outburst took rovani at the same rime as the 
place April 23 during Sothe- miniatures were again iden- 
by's sale of Oriental man- tified as “the property of a 
uscripts and miniatures. One private European collector." 
of the jewels was a group of At first, the spell seemed to 


switched to three-dimension- and V ienna, and even went on 
al art. At Sotheby’s. 13 Turkish television. ' 
bronzes bought by Khos- 




ifcrrst- . jJvk ■ 


itatfr-.-' . 

fe: 


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m'-~ •• 

-AviC 

A 

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of the jewels was a group of 1 
miniatures bought in the mid- be 1 
1970s and early ’80s by the 
Hashem Khosrovani of bou 
Tehran, one of the shrewdest the 
Iranian collectors in the field sole 
of Iranian, Indian, Turkish esti 
and Arab art. Bizarrely, scri 
Sotheby’s introduced the frot 
group as 1 ’an important Euro- ers. 
^ pean private collection.” typi 

The first rarity was a mini- . of i 
arure from a famous Tantric Kal 
series represented by six in : 
leaves from the manuscript in Fnoi 
the Lahore Museum and by The 
another group discovered in ffor 
America in the 1970s. whe 

Khosrovani bought the In- 
dian miniature, which be- n 
longs to the Basohli school of I 
Pahari painting, at its height i 
around 1660-1670, in 1980 -I 
from Colnaghi. London. Ten naqi 
years later, that miniature was or “ 
included in the groundbreak- East 
ing work on Pahari painting who 
by the Indian scholar Bri- pen 
jinder Nath Goswamy and his lishe 
colleague from the Rietberg Stud 
Museum in Zurich, Eberhardt was 
Hscher. They attributed the ger . 
work to the artist Kripal. Thus me 1 
enhanced, the miniature set a soil 
worid record for Pahari mini- Kho 


rovani at the same time as the T% YApril23,noonein 
miniatures were again iden- |J the right quarters of 

tified as “the property of a ■ the Middle East or 

private European collector." the United Slates 

At first, the spell seemed to was unaware that some rare 
be broken. An Iranian ewer of specimens of Turkish pottery 
the eighth or ninth century, from an old English collec- 



By Bany Singer 

N EW YORK — What does jazz look 
like? The ecstasy of improvisation. 
The majesty of virtuosity. The in- 
domitable strength of the blues. The 
sweetness and the pain of African-American 
experience. These aspects of jazz are visual as 
well as aural, what the 1 photographer Roy 
DeCarava has called “the sound I saw." 

In fact, no music has been more adored by 
the camera. Something about the faces in jazz, 
and the ephemeral improvised moment, have 
infatuated photographers for nearly a century 
now, inspiring viewfinder variations as elo- 
quent as the most transcendent jazz solos. 

Factor in shadows, incandescent light and 
die romantic filtering properties of cigarette 
smoke. While any music-making may serve as 
a fine photographic subject, jazz does it best. 

The recent publication in Europe of “Jazz 
Memories," a sumptuous, book-length look at 
the career of Herman Leonard, underscores 
this point One of the few first-generation jazz 
photographic greats still on the scene, Leonard, 
74. represents a vital link to the evolution of 
jazz photography as an an form all its own. 

A crude, pre-1895 snapshot of Buddy 
Bolden is generally acknowledged to be the 
first “jazz photograph.” The only known 



Vitam p. OonltaUGoncalODOf tta Lttwy ol Ooosjwb 

The Gypsy guitarist Django Reinhardt. 

presence — in front of the blurrier shirt- 
sleeved intensity of the playeis — expresses 
everything one must know about the lead- 
ership as well as the grown-up camaraderie 


picture of Bolden, a shadowy New Orleans necessary to make this music. 


UE&seuLiixxsite 


bought in the mid-1970s from 
the dealer Reza Atigbechi, 
sold for £5,750, well under the 
estimate. Did the fanciful de- 


tion were up for grabs. The 
gem in the lot, a blue and 
white dish decorated at Iznik 
in the 1560s with a floral pai- 


scription of "Tulunid ewer tern, among the most beau- 
from Egypt" deter some buy- tifiil of its kind anywhere, 
ers. probably aware that it is a whizzed to £102.700, cour- 


ers. probably aware that it is a 
typical Eastern Iranian shape 
of which an example in the 
Kabul Museum is illustrated 
in my '‘Islamic Metalwork 
From the Iranian World”? 
They certainly did not suffer 
from cold feet seconds later 
when the next lot came up. 


T HE small pen case 
and inkwell in silver- 
inlaid bronze is 
signed by Shazi 
naqqash — die “designer" 
or “painter.*' Shari was an 


tesy of an “Arab prince from 
a Gulf state" who would not 
be otherwise identified. 
Equally rare but not nearly as 
subtle, a dish with a formal 
rosette on brick red ground 
vastly exceeded expectations 
at £40,000. A third dish with a 
design of three tulips inside 
an escutcheon, not otherwise 
known on vessels, shot up to 
£53.200. 

That none of this was due 
to a sudden switch of interest 
in a given direction was 


Rare Turkish pottery brought prices of £102 ,700 for a 
16th-century dish, top, and. £40 W0 in a Bonhams sale. 

climbed to £3.63 million. Once again this was the price There is 
Only one other very similar of the unique and finely photograph: 
piece is known — in a Span- proven anced. No other bowl Ellington a 
ish museum. The Christie's of this type is known. When it 1939 by Ch 
piece came out of the blue, came up in Hong Kong in musician wl 
apparently from Austria. It 1988 as pan of the Paul and and studied 
must have reached it by the Helen Bernal collection, its before purs 
1 9th century .judging from its price of 7.7 million Hong fessionally, 
Biedermeyer stand in yellow Kong dollars amazed dealers, so. Ringed i 
and ebonized veneer. This This time, few thought that it the normal! 
was a chance-in-a-life time could rise to such heights. here framec 
sort of piece. Japan battled Many professionals, with- the keyboar 
with the Gulf, successfully it out admitting it, are scared Change i 
is believed, not to miss it The higher the prices, the ris- cians, to roc 
In Hong Kong on Tuesday, kier the game. Some think it is photograph 
a phenomenal 21.47 million beginning to feel like spring of the seerain, 
Hong Kong dollars ($2.77 1990, when new buyers were forged in its 


photog 

EJIingti 


jazz pioneer, it captured him, comet in hand 
flanked by five grainy musician peers. 

Little more than a curiosity of the ragtime 
age, this seminal jazz print supersedes sound, 
for Bolden's playing was never preserved on 
record. All that history tangibly retains of him 
is in this picture. 

Conversely, the 78 recordings and radio 
broadcasts that transported jazz beyond its 
bandstand-confined infancy in the 1920s and 
early 1930s. did so facelessly. It took afew fans 
wielding cameras to broadcast photograph- 
ically the music's vivid physical presence. 

There is a stark purity about the best jazz 
photographs. Consider the picture of Duke 


Herman Leonard mined another facet of 
jazz's uniquely photogenic character with his 
1 948 still-life portrait of the saxophonist Lester 
Young. Taken at a midtown Manhattan re- 
cording studio, the picture offers only Young's 
saxophone case, sheet music, the porkpie hat 
that was his signature, a Coke bottle with 
Young's cigarette, still smoking, balanced on 
its lip. Prez (as Billie Holiday called him) does 
not even appear in the frame. 


o 


NE cannot finally comprehend the 
bond between jazz and photography 
without looking at Bill Gottlieb.' 
Though entirely self-taught, Cott- 


on captured at a jam session in August lieb, who recently celebrated his 80th birth- 


1939 by Charles Peterson, a New York band 


day, made more indelible jazz photographs 
than anyone else, from Dizzy Gillespie and 


before pursuing a career shooting jazz pro- 
fessionally, becoming perhaps the first to do 
so. Ringed by a roomful of notable sidemen, 
the normally cool and imperious Ellington is 
here framed dead center, sweat-drenched, at 
the keyboard. 

Change these figures to classical musi- 
cians. to rockers, to bluegrass playeis, and the 


Ella Fitzgerald to the Gypsy guitarist Django 
Reinhardt — two studies in jazz rapture. 

None, however, quite compare with his 
portrait of BilUe Holiday in full cry. It is the 
quintessence of both Gottlieb’s artistry and 
me unparalleled expressive interdependence 
of jazz and photography. What he manages to 
capture here is die essence of jazz — a quality. 


dans, to rockers, to bluegrass players, and the outside sound, that only a camera can capture, 
photograph loses its heated counterpoint — It is the sight of a soul expressing itself. 


artist from Herat proved in the grand finale of imperial bowl of die Qian- 


million) was paid at Sothe- going berseric — a few months 
by ’s by the London dealer Gi- before die big crash, 
useppe Eskenazi for a famous 


the seemingly effortless glamour of jazz, 
forged in its harnessing of raw emotion via the 
spontaneous rigor of improvisation. 
Ellington's commanding, sharply focused 


Barry Singer, the author of “ Black and 
Blue: the Life and Lyrics of Andy Razaf." 
wrote this for The New York Times . 


whose oeuvre, including this the week on April 25 at 
pen case and inkwell, I pub- Christie’s. There a bronze 
lished in die 1978 volume of deer of the 10th century from 
Studia Iranica. The small set Arab Spain, having little in 
was made en suite with a lar- common with Turkish ceram- 
ger inkwell and pen case in ics or Mogul manuscripts, 
the freer Gallery of An in- tripled the wildest figure 
scribed to the Grand Vizier of dreamed up by Christie's ex- 


Khorasanm 607, or the Chris- pert, William Robinson, as it 


long period (1735-1796), 
with landscapes painted in 
pink in panels reserved on a 
yellow ground that betray the 
impact of European an recast 
in Chinese terms. It demon- 
strates that the trend knows no 
boundary, aesthetic, geo- 
graphical or chronological 


LOCATION IS EVERYTHING, By Manny Nosowsky 




IMPRESSIONIST AND MO D E RN ART : 

: ; 

•• 

* 

■v : 


< - 

site -V • 
■ 

me--' 




ACROSS 36 They roil on a 

1 Pud used in 

cooking 38 Old While 

9 Fish usually House moniker 

caught in the 41 Flake off 

winter 43 Nice n Easy 

13 Was upset and maker 

then some 46 Northern capital 

20 "Enemies. A 47 Friend for Rover 

Love Story* orFido 

8Clress 48 Mad as a hornet 

21 De hotel 49 Lose forward 

22 Prismatic, as a momentum 

. stone 51 Jack Mercer 

23 Stubborn _ supplied his . 

24 Earty comic ' . voice 

writer 53 Kind of 

26 Without means personality 

_ of support? 55 With 63- Across. 

2V With 30- Across. . D p retIyg ^„ 
i where to find a 56 coffee. 
soowcap 59 African ranger 

r Svmnhonic 63 See 55- Across 


28rSym phonic 63 See 55-Across 

, poem inventor 65 ‘ ft Kinds 

2P Big snowfall Fun" (1945 so 

3® See 27- Across fS PBLS^ supplier 


73 * joy keep 

you’ (start of a 
Sandburgpoem) 

75 See 81 -Across 

77 Arrive, but just 
bandy 

79 Kick up 

(complain) 

81 With 75- Across, 
unmentionables 

82 Jack 

85 Sharp-roothed 
creatures 

87 Vegan morsels 

93 Way op a hill 

94 Prior 10 . 
poetically 

95 Warm, so to 
speak 

98 Livestock teed 

99 Medley 

100 French surname 
stan 

101 Tve heard 


' things down 
i4 Like Jack 


.** -jV? 


H&wufd 

Esl 191 1, Paris 

“Saak Roo Doe Noo 


ran * 1 

TtirniiUsd 


A Space for Thought. 


— 11 iuuim 

Fun" (1945 song) 

66 PBS supplier 183 

68 Mostbhie? 10S Inferior 

70 Git Bias’s creator ^ See 116-Aooss 

n Lecherlike 

cases, for short Dmps 

— 1 16 With 1 06- Across. 

phrase said with 
a sneer 

117 Bonelike 

120 Revolutionary 
turned politico 
f/yvf 122 Thrust forward 

^ 123 NoWe 

V 124 DQsseklorf 

Paris donkey 

y „ 125 Exhaust 

toe Noo 126 Is of value, 

colloquially 

127 Name in book 
publishing since 

1943 

128 Having no spark 

left 

DOWN 

1 Hardlyafop 

2 Coh. neighbor 

3 See 67-Down 

4 Saint to Brazil 

5 Had tqdo with 

6 Some bands 

7 British isles 

8 TampHo- 
Jacksonville dir. ■ 

9 Wounds with 
wonts 

10 Wounds 

11 Words to live by 

12 Democrat's 
opponent? 

13 Astaire and 
Rogers, tg. 

14 0K.'d:Abbr. 

15 Willy Wonka 
creator 

I6Jai— 

17 PtatypropeU«K 
Thought. , 8 Don Juan's 

— mother 



Hi New York Times/ Edited by Will Short & 


i 

asr 

-m. 

f. 

*“"■< x Ac S 

■ i 

xi rrr v - 
! 

OHp'Ut s 
it SV, T 


19 Feeler 
25 Onetime 
Olympics host 
27 North of 
Virginia 

30 Book after 
Amos: Abbr. 

31 Pound sound 


63 NATO capital 

64 Oriole’s origin 
68 Allegedly at fault 

67 With 3-Down, 
features of some 
ads 

68 F.C.C concerns: 
Abbr. 


32 to attention 71 Comics cry 

33 Hello, of sons. 74 Cray of “Gray's 


35 Year in Edward 
the Confessor's 
reign 

37 Fire damage 

38 See 38-Down 

39 With 38-Down, 
almost positive 

40 Puts forth 

42 Judge lobe 

44 KingHarakTs 
father 

45 Actionable- 
statements 

56 Operingfora 
derraatok^ist 

52 Linguist Mario 

54 Classified 
information? 

56 Mantelpiece 

57 Cousin of 
■Omigod!' 

69 Parenthesis, 
essentially 

61 Oner 

62 Many years 


Manual of 
Botany” 

76 Jocular suffix 

78 -—each life 
* 

80 In — 
(hannonious) 

83 Puffed up 

84 God offended by 
Daphnis 

86 Clothesline 

88 Take the grand 
prize 

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PACE a 


SATURDAY-SUIVDAY, MAY 3-4* 1997 


EDITORIALS/OPINION 


Herat* 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


rtjnme European Project in Peril as Britain Backs Off 


Labour’s Landslide 


It has been a long time between 
jubilant pints for British Labourites. 
When Labour last ruled, Ronald Rea- 
gan was not yet president and Michael 
Jordan was in mgh school. That was 
1979, the year Margaret Thatcher's 
Conservatives swept into office, pres- 
aging Mr. Reagan's victory in America 
a year later. 

Twice more die Iron Lady was un- 
beatable, and her successor, John Ma- 
jor, scored a fourth straight Tory tri- 
umph five years ago. Yet this election 
season, hisjjarty was visibly tired and 
deeply divided over monetary union 
with Europe. 

So it was no surprise on Thursday 
that Britons turned to Tony Blair's 
Labour Party, by landslide margins. 

The surprise was that Labour, his- 
torically prone to stumbling, turned the 
tables so effectively on the likable but 
rattled Mr. Major. Mir. Blair’s “New 
Labour" shed its doctrinaire image 
and depicted the Conservatives as the 
party of high taxes and dour ideology, 
and as the enemy of opportunity — and 
did so effectively despite sustained 
growth and prosperity for much of 
Britain under the Conservatives. 

For Americans, this has a famili ar 
ring, and Mr. Blair, at 43 the youngest 
British prime minister-elect since 
1812. is in some respects very like 
another Oxford man in the White 
House. A fine debater, exuding energy 
and charm, the Scottish -bom Labour- 
ite wore his hair long in the 1970s, 


Good Riddance 


It is hard to think of any single 
person in the United Nations constel- 
lation who has done more harm to the 
effectiveness and reputation of the 
world organization than Dr. Hiroshi 
Nakajima. director-general of the 
World Health Organization. Over two 
terms he has brought to this once- 
proud agency notoriety for bad man- 
agement, a marked deterioration of its 
programs and a measure of cronyism 
and favoritism verging on the corrupt 
So it is good news indeed that tms 
unfortunate figure, whose ways and 
works have long been a scandal in fee 
international public health community, 
is not going to tun for a third term 
but will step down on schedule next 


system look like prophets, and he has 
seemed to legitimize some part of fee 
UN bashing feat has become an un- 
happy feature of the international 
scene. 

The truly dismal thing about Dr. 
Nakajiraa's tenure, however, is not so 
much fee man as his sponsors. He is 


Japanese, and fee Japanese govern- 
ment supported him faithfully, largely, 
it seems, for reasons of national chau- 
vinism. Others supported him in fee 
spirit of regional logrolling. His pro- 
vision of contracts to individuals on fee 
WHO executive board, and to insti- 
tutions of interest to them, may also 
have node some difference. 

In short, what is needed at the WHO 
goes beyond the elevation of a devoted 
professional who can rebuild a rotted 
agency, although feat is certainly es- 
sential. The member states ought to 
draw the right lesson from this episode 
and commit themselves to conduct the 
oversight that will fence out political 
considerations compromising fee op- 
erations of UN bodies. Especially must 
this be so in agencies like the WHO 
that are not regularly in fee eye of the 
broader public. In a season of many 
reforms in the whole UN system, this is 
what the reform due at the WHO needs 
to entail. 

— THE WASHINGTON POST. 


year instead. 

The world body has suffered a crisis 
of public confidence in recent years, 
and Dr. Nakajima. a pharmacologist 
first elected u 1988. is one of fee 
proximate causes. He has outraged le- 
gions of professionals in almost all of 
the regions around the world by his 
intrusive and arbitrary management 
style and by his inability to focus his 
organization on what many of its mem- 
bers thought to be the most pressing 

U..IO. : XT— I .1 co 


public health priorities. No less than 58 
WHO members voted against his hid 


WHO members voted against his hid 
for a second term. His performance has 
made fee harshest critics of the UN 


Mexico and Drugs 


Mexico is rebuilding its corruption- 
ridden federal anti-drug agency with 
tighter command and newly screened 
personnel. That’s good if it happens; 
fee government must have an instru- 
ment worthy of the task. The an- 
nouncement no doubt has something to 
do wife warming up fee atmosphere for 
President Bill Clinton's imminent 
Mexico trip. That's good, too: Amer- 
icans need to know that Mexicans un- 
derstand how important it is to the 
United States to see Mexico stepping 
up to this issue. In a complex rela- 
tionship feat draws Mexicans and 
Americans into ever deeper interde- 
pendence, drugs have become fee most 
politically urgent item. 

Much of fee daily frazzle has arisen 
from Mexican resentment of an Amer- 
ican law requiring the president to cer- 
tify annually that aid recipients are 
• ‘cooperating fully" against drugs. Itis 
offensively unilateral, and it ignores 
fee 200 -dead -cops -a -year pace of 
Mexico's own anti-drug campaign. 
Further, it is a test that the United States 
could not possibly pass itself. The ef- 
fort alternately to enforce this test for 
its anti-drug leverage and to evade it in 
order to maintain overall comity makes 
for confusion and no little bitterness. 

That is the starting point of efforts to 
find a new formula that will stimulate 
governments to try harder without also 
angering them and their publics to fee 
point of leading them to diminish the 
battle. The best way is to replace fee 
current system of American dictate 


wife, in the hemisphere, a system of 
joint commitments, standards and 
measurements. It should happen. 

It should happen, however, wife 
everyone understanding feat fee whole 
certification row is largely a diversion. 
If it is done away with, Latin sen- 
sibilities will have been stroked, but 
fee hideous drug problem will still be 
there. It is not just feat fee more-over- 
run states will find it hard to substitute 
self- or group-discipline for the Amer- 
ican lash. Look ai Mexico right now. It 
has an upright, virtuous leadership and, 
by prevailing standards, an advanced 
society, but it still lacks the institu- 
tional building blocks of an honest and 
apolitical security force, a working 
criminal justice system and a rea- 
sonably secure social safety net. Even 
the United States, which possesses 
those things in some abundance, bas 
proven unable to arrest the multi- 
billion -dollar drug express. 

Still, drugs must be fought — for the 
good of society and the citizenry and to 
meet the requirements of international 
civility. This must be done vigorously 
on both sides of a 2, 000-mile border 
feat makes any other course incon- 
ceivable. Drugs are but one item on the 
rich agenda of neighborly cooperation 
feat Bill Clinton takes to, and will find 
in. Mexico. But drugs are the item 
whose careful tending will make it 
possible to deal constructively on all 
the other items, such as trade, invest- 
ment and fee environment. 

— THE WASHINGTON POST. 


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L ONDON — The balance of polit- 
ical power inside Europe, and in 


married a high-voltage fellow lawyer, 
Cherie Booth, and moved so nimbly to 
fee middle he earned fee nickname 
“Tony Blur.” 

Victory won on such cautious terms 
has its price. If the economy eventually 
dips, it will probably be on Mr. Blair's 
watch. Having promised ro reduce 
taxes and advanced so few concrete 
proposals, fee Labourites can hardly 
claim a mandate for innovative gov- 
ernment. By contrast, Britain’s useful 
third party, fee Liberal Democrats un- 
der Paddy Ashdown, proposed a one 
percent increase in taxes solely for 
education, the kind of investment Bri- 
tain surely needs to remain competitive 
in a high-tech global economy. 

Still, having surprised doubters with 
his surefootedness as a campaigner, 
Tony Blair may prove an effective 
leader in Downing Street Within his 
party, he has shown impressive skill in 
building as well as expressing a fresh 
consensus. Thai is precisely the skill 
he needs if he is to restore hope and 
a cease-fire in Northern Ireland, real- 
ize greater self-rule in Scotland and 
Wales and, above all, redefine British 
purposes and interests within a unit- 
ing Europe moving toward a single 
currency. 

Mr. Blair starts with a strong band, 
including an unequivocal victory fairly 
won. and fee world’s friendly curiosity 
about fee appealing new leader in the 
oldest of elective Parliaments. 

— THE NEW YORK TIMES. 


J-sical power inside Europe, and in 
the trans-Atlantic relationship as well, 
changed this past week, when fee Brit- 
ish election outcome confirmed Bri- 
tain’s place at fee margin of the Euro- 
pean Union. 

This was demonstrated even though 
fee ostensibly pro-European Labour 
Party won. The campaign caused both 
major parties to move much further from 
Europe than either had been before, 
evidence that fee British are and will 
undoubtedly remain deeply insular. 

Why should they not be? History as 
well as geography have given them good 
reasons for insularity. As de Gaulle said, 
when vetoing Britain's first application 
to join fee Common Market, ‘what an 
epoch, when one cannot say, without 
causing who knows what uproar, that 
Britain is an island ...l" 

A Labour government will deal wife 
Brussels more courteously than fee 
Conservatives have done, but it will not 
enter a single currency or make any 
other signi fican t concession of sov- 
ereignty to fee European Union with- 
out a popular referendum. In fee 


By William Pfaff 


The Germans have wanted the British 
fully inside Europe because this lends 
plausibility and acceptability to Chan- 
cellor Helmut Kohl 's project for binding 


French “Gauffism" reflects an anal- 
ysis which postulates dial Europeans 
should control their own destiny, and 


This is no help to a Washington that 
today envisages European integration as 


must do so because the United States 
either will eventually retreat from 
Europe in a pew fit of isolationism or 


merely a step in a larger trans- Atlantic 
integration led by the United Stales. 

■ London had a taste of exclusion's 
implications last week, when fee Euro- 
pean commissionerfor monetary union 


Germany permanently to a supranaiion- make demands incompatible wife Euro- suggested in Washington feat with the 
al European authority — forGenrany’s peon sovereignty — or do both at fee arrival of fee single currency, the G-7 

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present and foreseeable atmosphere of 
British public opinion, any such ref- 


ritish public opinion, any such ref- 
■endum would go against Europe. 


erendum would go against Europe. 

This changes fee game for Paris and 
Bonn. Their strategies need Britain as a 
partner inside Europe. Until recently 
both believed that wife a Blair gov- 
ernment this would be possible. 


al European authority — for Germany s 
own safety and moral tranquillity. 

The single currency and European 
central bank are means to this end. 
France must be part of this European 
authority or it simply would be Ger- 
many (or fee Deutsche marie bloc) writ 
large, and tiiat would solve nothing for 
Germany. Britain's participation was 
needed in order to lighten dependence 
on France. 

France equally has wanted Britain in 
Europe as a second counterbalance to 
Germany's economic and political 
weight, and because London, despite its 
habitual Atlanticism, is die one other 
European major power capable of an 
independent foreign policy. Without 
Britain fully inside, there are only two 
major powers in fee EU, France and 
Germany, and in economic and demo- 
graphic terms Germany is fee stronger. 

France is stronger politically be- 
cause there are □□ inhibitions on its 
foreign policy possibilities, as there are 
on Germany’s. Americans have always 
misunderstood France's Gauliist am- 
bitions, putting them down to national 
egoism or simple anti-Americanism. 


same time. The Europeans must prepare 
to guarantee their independence. 

Germany has been the silent partner 
in this project The Germans certainly 
do not wish to alienate fee United 
States or weaken trans-Atlantic links, 
but they appreciate the logic of fee 
French analysis. Hence Germany’s 
support ro France in developing in- 
tegrated European military umts and in 
pressing fee development of a Euro- 
pean “pillar’’ inside NATO. 

Britain's bankers and industrialists, 
for commercial reasons, and its dip- 
lomatic and military professionals are 
not indifferent to the French analysis 
either, even though British, politicians 
present themselves to Washington as 
America's allies inside the EU, work- 
ing to keep it on the Atlanticist track. 

That role no longer is plausible, if 
Britain excludes itself from fee single 


currency and the new projects for in- 
tegration coming out of Maastricht 


tegration coming out of Maastricht 
treaty reform. Wife Britain opted out, 
fee other Europeans will do the de- 
ciding, and Britain will have to cake it 
or leave it. 


a of leading industrial nations 
become the G-3, representing 
dollar, yen and euro blocs — leaving 
out Britain. 

France’s parliamentary election later 
this month may also change fee Euro- 
pean prospect, since President Jacques 
Chirac explicitly asks for endorsement 
of fee single currency, linking this to an 
endorsement of his first two years as 
president That could be a serious mis- 
take; The campaign is already mobil- 
izing critics of fee euro, and of the 
economic austerity associated with it. 

The British vote has clarified the 
ElTs situation .without improving it 
The outcome of. fee French election 
may make things yet more difficult. 
Then Mr. Kohl proposes to ask for a 
new term, confronting a German elec- 
torate feat President Roman Herzog 
last week described as “dejected" and 
’‘depressed" because of fee inadequa- 
cies of its leadership. That problem is 
not confined to Germany. The Euro- 
pean project is in trouble. 

International Herald Tribune. 

© Los Angeles Times Syndicate. 




’(!• Gets 


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& Ohio** 


North Korea’s Famine Is a Product of Its System, Not Nature 


S EOUL — To feed or not to 
feed, that is the question. 


O feed, that is the question. 
The famine in parts of North 
Korea presents the rest of the 
world, and South Korea and the 
United States in particular, with 
one of the foremost moral di- 
lemmas of our time. 

This is not a “normal" fam- 
ine in the sense feat it is akin to 
the African tragedies of the past 
decade. In those cases, war and 
a collapse of government, order 
and communication were as im- 
portant as crop failure in caus- 
ing starvation. Indeed, famine 
in fee modem era is usually 
more the result of a failure in 
transportation and payment 
systems than of crops. 

So how come me world's 
most overgovemed society, a 
semi-industrialized economy in 
a fairly compact country wife 
multiple land and sea access 
points is starving? 

The answer is very simple: 
because of a political system 
similar to feat which brought 
famine to rich parts of China 


By Philip Bowring 


suited primarily because fee 
political leadership has far more 
important objectives than feed- 
ing its own people. 

In the Korean case, the first 
objective is to keep the country 
as closed aspossible, to prevent 
citizens' being able to compare 
their fates wife those of neigh- 
bors in China or South Korea. 

Secondly, fee scant resources 
feat Pyongyang has available 
have been devoted not to pur- 
chasing grain and fuel for ci- 
vilians but to keeping a million- 
man army in ammuni tion, fuel 
and other resources needed to 
offer a credible war threat to the 
South and the United States. 

Indeed. “Dear Leader" Kim 
Jong II has washed his hands of 
fee civilian tragedy in order ro 
concentrate on more important 
matters — party and military 
affairs. The food shortage may 
be an embarrassment and an 
indictment of Pyongyang's 
feudalism in Leninist clothes. 
But it also has its uses as a lever, 
allowing Mr. Kim to move 
closer to his goal of official U.S. 
recognition of his regime. 

Under fee cover of “human- 


during Mao's Great Leap For- 
ward and to fee Soviet Union 


ward and to fee Soviet Union 
during Stalin's collectivization 
campaign. As in those cases. 
North Korea's famine has re- 


itarian” aid, fee United States 
has its own diplomatic goals, 
notably to bring Pyongyang in- 
to four-party talks — fee two 
Koreas, China and fee United 
States — which might even- 
tually lead to a peace treaty. 

The U.S. objectives are not 


of China's Communist cousins 
across the Yalu River. 

The South, meanwhile, is 
tom by its own dilemmas: 
Detestation of the Pyongyang 
regime is balanced by a desire to 
help it change, and thereby 
avoid a collapse feat would 


ignoble or entirely calculating. 
Humanitarian feelings do 
count. There is also a genuine 
concern feat limited food aid 
reduces fee danger of the 
North’s choosing suicidal war 
as a means of escape from fee 
realities of failure. Pyongyang 
has usually shown a tendency to 
ruthless cunning rather than sui- 
cide. but a final throw by fee 
military, still imbued wife fee 
destiny of achieving reunifica- 
tion by any means, cannot be 
completely ruled out 
On the part of fee United 
States and China there is cal- 
culation that some aid will prop 
up fee regime and avoid fee 
regional instability inherent in a 
North Korean collapse. China 
has short-term fears of a refugee 
flood, and longer-term ones feat 
a united, non-Socialist Korea 
might emerge from fee failure 


Free the peasants 
from collectivist 
bondage and 
thereby prevent 
more starvation. 


place huge burdens on fee 
South. Underlying all is a desire 
to help fellow Koreans, but no 
idea how to do it. 

Self-interested calculation 
on all sides is understandable. 
But it fails to address the moral 
issue of propping up a regime of 
this sort, albeit saving some 


lives in fee process and helping - 
avoid the long-term damage of 


avoid the long-term damage of 
child malnutrition. Although 
fee famine has opened a' few 
cracks in the wall around Mr. 
Kim's paradise, there is scant 
sign of any significant change. 


There is no easy way out of 
fee aid dilemma, but perhaps the 
West. Japan and South Korea, 
and even China, could be as bold 
as they were in dealing wife the 
Korean nuclear issue. Drop fee 
pretense of giving modest 
amounts of “humanitarian" 
aid; set aside diplomatic goals 
for the time being. Offer aid not 
in tens of milli ons of dollars but 
in hundreds or even billions 
only in return for specific and 
sweeping domestic reforms feat 
will open up fee nation, free the * 
peasants from collectivist bond- 
age and thereby prevent a re- 
petition of famine. 1 

If the North Koreans were to 
reject such ah offer, they would 
have only themselves to blame! 
The Soviets and China may irj 
fee past have been responsible 
for installing and protecting the! 
Kim dynasty. But no one can 
blame the foreigners now. The! 
North needs to find its own sal-! 
vation. But large-scale outside) 
help to try to change fee North, 
would be better than human- i 
itarian aid based on the false) 
premise that the famine is a I 
product of narure rather than fee l 
system. 

International Herald Tribune. 1 


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Industry Subsidies Put Under Microscope in Ohio Experiment 


W ASHINGTON — Three 
cheers for Ohio. In ' a 


By Neal R. Peirce 


move no other state has yet had 
the smarts (or guts) to under- 
take, Ohio is launching a full- 
bore study of the subsidies and 
payoffs its governments give 
away to lure industries. 

For decades, we Americans 
have heard scary stories of im- 
mense sums of our money spent 
so a state or locality can snare a 
factory, underwrite an enter- 
prise zone, build an industrial 
park or finance some private 
owner’s ballpark. The national 
total, some experts believe, eas- 
ily tops S5 billion a year. 

But fee Ohio subsidy study, 
conceived and now chaired by 
Charles F. Horn, a Republican 
state senator, will go a lot fur- 
ther. Mr. Horn says the time has 
arrived ro measure both benefir 
and cost of government sub- 
sidies: What’s their net impact 


on a state's economy and wel- 
fare? What is fee effect on tax 
rates, budgets, air and water 
quality, public safety? 

For example: When commu- 
nities provide tax subsidies to 
"win" a plant, do the local tax- 
payers gain or lose financially? 
How many new jobs are ac- 
tually added? And who pays for 
the new roads, sewers, schools 
for employees' children? 

And what if fee new industry 
is lured from another commu- 
nity — often an inner-ring sub- 
urb or center ciiy? What about 
the added costs — for welfare, 
social service, crime and 
justice, economic redevelop- 
ment — that fee losing com- 
munity incurs, or suddenly begs 
the state to help pay? 

Then there’s fee land ques- 
tion. Ohio, not untypical ly 


among states, lost 10 percent of 
its farmlands in fee ’80s. Are 
state or county programs sub- 
sidizing industries to move from 
multistory buildings in cities 
already serviced by infrastruc- 
ture, to build sprawled facilities 
on prime agricultural land? 

One has ro ask: Why would 
any politician in his right mind 
ask such prickly and challen- 
ging questions? America’s 
army of economic developers, 
on hire to any locality ready to 
go smokestack chasing for new 
plants, will be annoyed. Land 
speculators and big-scaie de- 
velopers — who already have 
thousands of local councils in 
their pockets through campaign 
giving — might try to knock 
off the questioner in fee next 
election. 

The delightful thing about 


Put Defense on the Cutting Board 


Mr. Horn is that none of these 
perils frightens him. He already 
has a long, successful career 
behind him — in the law, as 
founder of a high-technology 
company, as mayor of the town 
of Kettering and as a veteran of 
12 years in the Ohio Senate. 

Today, Mr. Horn is Amer- 
ica's one-man nerve center on 
the perils of excessive public 
subsidies. He has an e-mail net- 
work of 1,700 legislators, think 
tanks, university leaders and 
technology brokers. 

__ Mr. Horn has had an uphill 
fight: Not until last year did he 
finally persuade Ohio to provide 
significant funding — $500,000 
— for the big subsidy study. 

"Localities naturally think 
they have to compete to survive 
and think fee whole slate’s 
economy is someone else’s 
business." Mr. Horn says. "I 
practically get booed off fee 
platform when I talk to county 
commissioners." 

But Mr. Horn believes Ohio, 
and other states, are ripe for a 
sea shift on subsidies. The ex- 


cesses — topped by sports team 
owners' recent blackmail de- 


W ASH3NGTON — I was 
struck earlier this past 


YY struck earlier this past 
week by the juxtaposition of 
two sentences in The Wash- 
ington Post Actually. I’m not 
sure it’s a juxtaposition be- 
cause they occurred on differ- 
ent days. But I read them on fee 
same day, which certainly jux- 
taposed them in my mind. Jux- 
taposition or not, though, they 
form an interesting contrast. 

In an editorial on trade, the 
writer correctly notes that some 
U.S. workers are hurt by in- 
ternational trade and points out 
that the way to deal with this in 
an ideal setting is to provide 
help to displaced workers, in- 
cluding job training, and also to 
improve fee educational sys- 
tem. I completely agree, ami I 
think our failure to do this ad- 
equately is one reason why 
there is so much opposition to 
granting fee president "fast 
track" authority to negotiate 
more trade agreements. 

And a major reason why we 
are not doing that is dear m an 
article about fee weather ser- 


By Barney Frank 


vice, which read in part: ‘ ‘With 

Con cress and the White House 


Congress and the White House 

seemingly unable to reach an 
agreement to stop the growth 


of Social Security, Medicare 
and other entitlements, budget 
cutters have linle choice but to 
look deep into nondefense 
agencies for places to balance 
the federal budget." 

It is true feat if you decide to 
exempt defense from budget 
cutting, then you have to make 
severe cuts in nondefense pro- 
grams. which means that fee 
programs fee editorial cites as 
important for alleviating the 
unfair effects of trade will be 
underfunded. Which means 
that opposition to trade pacts 
will flourish. And fee question 
is why does the writer — and I 
do not mean to single him out, 
because he is representative of 
virtually everybody writing 
about fee budget these days — 
act as if fee decision to focus 
on nondefense as opposed to 
defense is some objective fact 
over which fee budget nego- 
tiators have no control? 

What these two statements 
point our is fee consequence of 
the decision to exempt defense 
spending from cuts. It means 
that the kind of measures that 


would alleviate the negative 
consequences of trade on 
some people and. therefore, 
help overcome fee opposition 
to increased trade, will not be 
adequately funded. 

John Kennedy said, when 
he was starting fee Alliance 


owners' recent blackmail de- 
mands — have begun to arouse 
the public. 

What's more, people are 


starting to ask about investments 
needed now for 21st-century . 
survival in the global market 

"We have enormous tech- 
nological resources in each 
metropolitan region." Mr. 
Horn says. "Think of the prom- 
ising alternative uses of these 
public funds, fee potential new 
products and economic break- r 
throughs. if we were ro identify 
and network fee technology and 
science sources of each region, 
and then get the universities and 
laboratories and private indus- 
tries working together.” 

It's too early ro say wife con- 
fidence. of course, how con- 
vincing Mr. Horn’s Ohio study 
will be in proving waste and ill- 
advisedness in today's indus- 
trial subsidy practices. 

But you have to hand it ro this 
Ohioan. He ’s attracting broad at- 
tention in his lonely fight against 
government subsidies to 
footloose industries. He has a 
vision of what smart technology- 
based investment can do to boost 
the economies of our metropol- 
itan regions. He grasps the perils 
and opportunities in the global 
economy. And wife the Internet, 
he's building a remarkable net- 
work for radical change. 

Washington Post Writers Gnmp. 


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IN OUR PAGES: 100, 75 AND 50 YEARS AGO' 


for Progress and referring 
back to Franklin Roosevelt's 


1897: Zola Attacked 


back to Franklin Roosevelt's 
good neighbor policy, feat 
FDR "could be a good neigh- 
bor abroad because he was a 
good neighbor at home." 

So long as we have fee as- 
sumption feat fee defense 
budget is uncuttable and there- 
fore we make all the cuts in fee 
nondefense pan of the budget 
we will not be a good neighbor 
at home, and this will very 
much interfere with our ability 
to be a good neighbor abroad. 
This is one reason a majority of 
the House Democratic Caucus 
signed my letter to the pres- 
ident objecting to a budget deal 
that exempts defense from fee 
budget reductions needed to 
eliminate the deficit. 


MONTREAL — The academ- 
ician M. B rune tie re confirmed 
his critique of M. Zola, which is 
as follows: “I cannot protest 
too strongly against the picture 
of French society given in the 
novels of Zola. His dominant 
quality is force, vigor and ima- 
gination but it must be added 
that never was any observer less 
accurate, less conscientious, 
less tree. We have faults in 
France, but we have not this 
sustained grossness, this abso- 
lute lack of morality, this per- 
fect cynicism which Zola de- 
picts. His French people are 
caricatures, pessimistic and 
calumnious caricatures.” 


cision handed down in the dis- 
trict Supreme court. The case 
was feat of a wholesale liquor 
dealer of Scranton, Pa., who had 
his permit to withdraw kosher 
brandy for use in Jewish ce- 
remonies revoked after fee pro- 
hibition office found the brandv 
had more of a kick in it than 
ordinary sacramental wine. 


1947: Italian Fistfight 


ROME — Leftist and Rightist 
Deputies staged a ten-minute 
fistfight in fee worst disorder 
Italy s year-old democratic Par-, 
liament has had. TTie fight was 


provoked by an attack on the 
Sicilian leftist Mav Dav «*>- 


The m rilcr, a Democratic 
representative from Massachu- 
setts, contributed this comment 
to The Washington Post. 


cancauires. pessimistic and Sicihan leftist Mav Dav cele- 
calumnious caricatures. bralion. in 

1Ann TT . _ jjjfled and thirty-five wounded. ■ 

lyZZz Holy Beverages The excited Deputies exchanged^ 
WASHTNr.Tnist Tk I ? houled charges feat both Left- 

tafif BUM-* « invmng 


holic content of a beverage 
makes no difference. If it is used 
for sacramental purposes, it is 
sacramental wine, under *a de- 


civil war in Italy. The clash 
began after Rightists accused 
fee Leftists of being "delin- 
quents who belong^ In jail." 





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T* *k INTEBNAHUMLM « | 

Itcralo^Sr(tnbunc 

BUSINESS/FINANCE 

SATURDAY- S UNDAY, MAY 3-4, 1997 


PAGE 9 


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Lazard, Gets 
Seed Money 

Son-in-Law of Chief 
Strikes Out on His Own 

Bloomberg News 

PARIS — Two subsidiaries of Laz- 
ard Freres & Co. said Friday they would 
underwrite half of a new venture led by 
Edouard Stem, who left the investment 
bank’s board this week after years of 
being viewed as its likely future chief. 
The subsidiaries, Euralrance and Gaz 
. & Eaux, said they would invest $300 
million in Mr. Stem's company and that 
! a group of investors led by Mr. Stem 
A would invest another $300 million. 

Hie departure of Mr. Stem, who had 
been considered the heir to Lazard’s 
chairman, Michel David- Weill, his fa- 
ther-in-law, is raising questions about 
the future of the firm. It leaves Mr. 

. David- Weill, 64, with no obvious suc- 

■ cessor. 

1 Lazard’s top investment banker, the 
mergers and acquisitions specialist Fe- 
lix Rohatyn, was named by President 
Bill Clinton last month as his first 
choice to become U.S. ambassador to 
France. 

According to published reports, Mr. 
David- Weill has been seeking to fill the 

- gap. He was said to have recently pro- 
1 posed a merger with Wasserstedn Perella 

& Co. to give that company's head, 

■ Bruce Wasserstein, a top role at Lazard. 

' Senior partners at Lazard repeatedly 

-- cseoted the prospect of Mr. Wasserstein 
Eking a leading role and blocked the 

- oove. Executives at Wasserstein Perella 
' kere not availabfe for comment. 

‘ Mr. Stem’s departure from Lazard 

- 5 reres had been predicted in the French 
xess for several months, since he re- 

• portedly clashed with his father-in-law 
" ' last autumn. ■ 

-- This year, Mr. David-Weill said he 
-had no immediate plans to step down 
and that Mr. Stem had not been singled 
[•out to take die top job at Lazard. 

- “What caught me by surprise was the 
idea, in France, dial he was clearly and 
'surely going to be my successor/* he 
-stud in a published interview. “It shows 
"how royalist the French are at heart." 

i* Mr. David-Weill is considering cre- 
-ating a committee to run the fhm, a- 
^Lazard partner said in February. 


«• 0 ML* 



The Financial Markets 
Salute Blair’s Strength 

London Stocks Rise After Some Jitters 


Svta KamofTbc Aassand Pwa» 

EURO-TEST — A sales clerk displaying the two faces of a specially minted coin of the euro that is being used 
in Berlin shops this week as part of an exercise designed to accustom Berliners to the new currency. 

Big Fight Over Spain’s Small Screen 

Parliament’s New Law Tilts, Exceptionally, Against Media Giant 


By Edmund L. Andrews 

Ne h- York Times Service 

MADRID — Most homes in Spain 
can receive only about five channels of 
television, so you might think the gov- 
ernment would welcome a new satellite 
service offering more than 25 channels 
and pay-per-view movies. 

Think again. Two weeks ago — only 
three months after the debut of a service 
called Canal satellite Digital — die 
Spanish Parliament passed a law that 
essentially declared the service’s trans- 
mission technology illegal. 

That was merely the latest salvo in 
one of the nastiest business and political 
battles over.tbe future of television that 
Europe has seen. What makes this fight 
so unusual is that it pits Spam's biggest 
private media company against die gov- 
ernment, bucking the European tradi- 
tion of cozy relationships between me- 
dia and governments. 

Moreover, at the center of the 
struggle is a game that is dear to the 
hearts of 50* million Spaniards, not to 
mention more than 225 million Spanish- 
speaking television viewers in Latin 


America: soccer. Defending one goal is 
Grupo Prisa. a billion -dollar conglom- 
erate that owns, among other things, the 
largest newspaper in Spain, El Pais; its 
biggest commercial-radio network, 
SER, and a one-quarter stake in 
Canalsatellite. 

At the moment, it controls the rights 
to televise a host of Spanish profes- 
sional soccer games, which it plans to 
use to attract viewers to its new pay-per- 
view service. 

Its opponent on the field is die re- 
latively new center-right government of 
Jose Maria Aznar. Last November, the 
government played a key role in or- 
ganizing a rival consortium in digital 
television. The group's biggest share- 
holders are Telefonica, Spam's recently 
privatized telephone company; Televi- 
sion Espanola, Spain's government- 
owned television network, and Tele- 
visa. die big Mexican broadcaster. 

In die past several months, the gov- 
ernment has promoted legislation aimed 
at improving the consortium's chances 
for success — and diluting those of 
Grupo Prisa and its partner. Canal Plus, 
die French pay-television company. 


Are China Returns Worth the Risk? 


Ohio Experi 


By Philip Segal 

Special <o the Hera Id Tribune 


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H ONG KONG — A market of 
a b illion people or so can do 
funny things to the laws of 
economics. Throughout the 
world, companies investing m unusu- 
ally risky places expect an unusually 
■ high return on investment to com- 
• peosate for the fact that making money 
there on a consistent basis is more 
‘ difficult than elsewhere, 
j This does not seem to be true, 
*- however, when it comes to China. This 
is one of Asia’s riskiest markets, yet it 
features some of the region’s lowest 
returns on corporate investment, ac~ 
- coding to figures assembled by the 
U.S. Commerce Department 

The anecdotal evidence on how hard 
• it is to make money in China has been 

around for several years now: Compa- 
* tries must contend with thousan ds of 
often impenetrable or contradictory 
regulations, pervasive corruption and 
crippling restrictions on what they are 
. allowed to do. 

Yet companies pour money into 
. China — $42 billion last year alone in 
die case of American companies — 
■when there would seem to be more 
.profitable uses of capital available 
’ elsewhere. 

It is not a great achievement to cam 
less than $5 million a year on a $100 
i. million investment in a risky market, 
but figures indicate that is the average 
return for U.S. companies investing in 


China. A company can earn more from 
U.S. Treasury bids with less risk, yet 
China continues to attract investors. 

“If you ask any CEO of a Fortune 
500 company about priorities in Asia, 
they’re likely to have a similar answer 
‘Our No. 1 priority is China. China has 
over 1 billion people and we need to be 


Asian Payoff | 

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Sis 


there,’ ” said Jim Hildebrandt, man- 
aging director of the Hoag Koag office 
ofthe consultancy Bain & Co. 

“You make a lot more money in 
Southeast Asia,” Mr. Hildebrandt 
noted, “bur American companies con- 
centrate on China.' ' 

The figures breaking down profitab- 


ility by country bear him oul American 
companies told the Commerce Depart- 
ment that Indonesia was Asia's most 
profitable place to do basiness. From 
1991 to 1995, tbeaveage annual me of 
return on investment in Indonesia was 
30 percent, with Malaysia coming 
second in the region, at 29.8 percent. 

China was dead last in the rankings, 
with an average annual return of 4.7 
percent, and there are few signs of 
improvement. For just 1995, the in- 
vestment returns for American compa- 
nies in China showed little change 
from the five-year average. 

Meanwhile, a 1995 survey conduc- 
ted by the Singapore Regional Man- 
agers’ Club, a discussion group of se- 
nior managers organized by the 
Economist Intelligence Unit, rated 
China as the riskiest major market in 
which to do business. On a scale of 1 to 
5. with 1 being “very low” risk, China 
rated tire riskiest, with a 4.1. Indonesia 
was third-risJtiest at 3- 2, bat it offered 
the highest returns in the region. 

The second-riskiest country, with a 
3.4 r anking , was India, which has also 
produced comparably weak returns of 
13 percent over a five-year period. But 
unlike China, India showed signs of 
strength in 1995, providing returns of 
about 20 percent for American invest- 
ments there. 

The hazards of doing business in 
China are by now legendary. For ex- 
ample. the Swiss multinational cor- 


See RISK, Page 13 


CURRENCY & INTEREST RATES 


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Last s ummer , Madrid began insisting 
that all companies offering digital pay- 
television service use a common plat- 
form and compatible technology so that 
viewers would be able to receive dif- 
ferent services with the same set-top 
box. 

But Canal Plus, which already 
provides a microwave-television ser- 
vice to 1.3 million Spanish households, 
has started a system that encrypts its 
gignals into digital code. Subscribers — 
40,000 have signed up at the equivalent 
of $20 a month, and 40.000 more are 
waiting to receive decoders — rent a 
set-top box that can only be used to 
receive Canalsatellite programming. 
Canal Plus uses the same system in 
Trance and several other countries 
where it offers pay-television services. 

When Prisa ana Canal Hus decided to 
go ahead on their own, government of- 
ficials prodded Telefonica and the oth- 
ers to organize the rival consortium. 

In a strange-bedf e llo ws alliance be- 
tween Mr. Aznar’ s conservative Pop- 
ular Party and Spain’s small Communist 

See SPAIN, Page 11 


By Erik Ipsen 

International Herald Tribune 

LONDON — Financial markets Fri- 
day saluted the strong electoral victory 
that swept the Labour Parry to power, as 
Britain’s bankers and business estab- 
lishment expressed confidence that it 
heralded a new era of economic stability 
devoid political party feuding. 

The FT-SE index of 100 leading 
stocks advanced to its second record 
close-in a row. It rose 10.60 points to 
4,455.60, reversing an early-morning 
bout of misgivings that had taken the 
average down 21 points. 

Peter Agar, the deputy director gen- 
eral for the Confederation of British 
Industry, sees Mr. Blair’s strength in 
Parliament alter Thursday’s election as 
a rare opportunity. 

“He will be able to think and to act 
longterm, in a way few politicians can or 
do,” Mr. Agar said. High on the con- 
federation’s list of long-term issues in 
need of leadership is Europe, destination 
for 60 percent of Britain’s exports and 
linchpin of hs economic future. 

But for the near term, at least, most 
investors and financial analysts seemed 
to expect a smooth continuum. 

Francis Breedon, a Lehman Brothers 
economist, likened the change in gov- 
ernments more to a classic Continental 
transition of power than a British one. 

“Nothing has changed much in what 
needs to be done and what will be 
done,” he said. 

What fascinated financiers just as 
much as the man on the street is just what 
Prime Minister T<»y Blair would do with 
his mammoth parliamentary majority. 

A strong prime minister is widely 
conceded to be able to do what Mr. 
Major wanted to do but could not — at 
least consider joining the new European 
single currency. Labour, too, has its 
share of Euro-skeptics, but not nearly 
enough to dictate policy to the gov- 
ernment. 

Mr. Blair will at least be able to keep 
his options open, watching the perfor- 
mance of the single currency and even- 
tually signing on if it looks attractive 
enough. 

Lobbying groups urged clarification 
of important Labour policies that have 
until now been left vague. 


“The priority now must be to remove 
the uncertainty surrounding the new 
government’s policies on the single cur- 
rency, social chapter, minimum wage ' 
and the economy,” David Richardson, 
president of the British Chambers of 
Commerce said. 

In the nearer term, analysts and busi- 
ness executives speculated that Mr. 
Blair’s huge majority would allow him 
to cool off die economy by raising taxes. 
That speculation was enough to give the 
pound a bit of a headache Friday. 
Against the Deutsche mark, it lost 0.8 
pfennig to end the day in London at 
2.8000 Deutsche marks. And against the 
U.S. dollar it fell by nearly 0.9 cents to 
$1.6200 as investors began to have re- 
servations about the speed and extent of 
expected interest rate hikes. 

After years of internal party 
squabbles, and resulting policy 
wobbles, the City of London financial 
district also cheered what promised to 
be a new era of stability under a Labour 
government with support to spare in 
Parliament. 

“Such was the dire state of the out- 
going administration that anything that 
we now get would qualify as more 
stable,” said Jeremy Hawkins, senior 
economic advisor at Bank of America. 

There will be some old-school La- 
bour left-wingers taking seats in the new 
Parliament, but Mr. Breedon of Lehman 
Brothers said: “Tony Blair won this 
election for them after 18 years in the 
wilderness, and they know they have got 
to listen to what he says.” 

Economists also cheered the possi- 
bility of government’s leaning more 
heavily on fiscal policy. “1 think Mr. 
Blair will be less of a one-club golfer 
than his predecessor/’ said James 
Baity, an economist with Deutsche 
Morgan Grenfell. 

Likely targets include die tax breaks 
for homeowners on their mortgage taxes 
and as a host of corporate tax credit 
programs that might be trimmed or 
eliminated. Those adjustments to the tax 
code are far too complex to legislate 
overnight however. 

Given that, most forecasters are bet- 
ting that the new chancellor of die ex- 
chequer will agree to raise interest rates 
after his monthly monetary policy meet- 
ing with the Bank of England. 


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PAGE 10 



THE AMERICAS 


jflnvestor’s America 





| The Dow 




5700 


Dollar in Deutsche marks 

H Dollar in Yen f 

1.70 

4® 0 ^ 

^ / 

; 120 

\3S 

D J F M A M 

110 D J F M A M 


1986 


1997 


1996 


1997 













fiVVlif'i 


WKmmaam 



Source: Bloomberg, Reuters 


Herald Tribune 


Very briefly: 


Why Does College Cost So Much ? 

The Fight for Talented Students Drives Tuition, an Expert Says 


By Peter Passeil 

New York Times Service 


uy 


between the typical college 
the snooties.” 


what he calls 


NEW YORK — It is the season 
for choosing colleges and, by tra- 
dition. time to lament the astound- 
ing cost of the United States' elite 
private institutions. Astounding is 
no exaggeration: Tuition at elite 
Ivy League schools and their com- 
petitors has increased fivefold in 
two decades, nearly double the rate 
of inflation. 

The most common explanation 
is that brand-name colleges are 
isolated from market forces that 
would keep the price of a uni- 
versity diploma within reach of 
middle-income Americans. 

Bur Gordon Winston, co-director 
of the Williams College Project on 
the Economics of Higher Educa- 
tion, offers a different perspective. 

The scarcest resource at the high 
end of higher education, he argues, 
is talented students, not money; and 
the competition for these students 
dramatically favors schools that 
already enroll the best and bright- 
est, creating an unbridgeable qual- 


Colleges cannot be analyzed 


like ordinary businesses, Mr. 
stem argues, because they do not 
seek profits. And a good thing, too: 
In 1990-91 the average four-year 


The top is a Vinner 
take all 9 market. 


private college or university spent 
$1 0,600 a student and got back just 


$3,400 in tuition and fees. 

Williams charged $11,500 for 
services that cost $40,000 to de- 
liver, so, although money does 
matter, colleges obviously have 
something else in mind. One goal 
is attracting better students. Well- 
known schools with hefty endow- 
ments offer the prestige, superior 
education and amenities that the 
“customers" crave, generating 
long lines for admission. 

But unlike profit-seeking busi- 
nesses, colleges do not take excess 
demand as a signal to expand. Ex- 


pansion, after all, would leave less 
subsidy available per student, un- 
dermining the institutions' efforts 
to attract the very best. 

The excess demand, reflected in 
rates of rejection as high as 88 
percent at Harvard, feeds on itself. 
For starters, it validates percep- 
tions that the colleges are the best, 
the way lines outside restaurants 
reassure first-time patrons that 
they have chosen wisely. 

More important, Mr. Winston 
says, good students are a key part 
of education, creating an envir- 
onment for learning that has as 
much to do with the results as the 
teaching. This means a college that 
can choose from a huge pool can 
sustain quality without outspend- 
ing less prestigious institutions. 

In short, he is convinced that the 
top tier of higher education is what 
some analysts call a “winner take 
all'’ market — a few dozen col- 
leges and universities will increas- 
ingly distance themselves from the 
rest, and it will become more and 
more difficult to get into top- 
ranked schools, private or public. 


JOBS: U.S. Unemployment Below 5% 


Continued from Page 1 


employment rates will force compa- 
nies to raise wages to attract workers, 
ward Yards oh chief economist at kindling an inflationary boom that 
Deutsche Morgan Grenfell. “We would be followed by a recession, 
have accepted that the world has Mr. Mayland said the central 
changed since the end of the Cold bankers would “focus like a laser 
War, we have accepted that there is bean" on the 4,9 percent unem- 
more competition, we have accep- ployment rate. “There is no ques- 
ted that no politician can protea our tion that they think this number is 
companies from competition, we 
have accepted that no politician can ILS. STOCKS 

protect our jobs.” 



*■» 




n 


In fact, he said, it was fear of job beyond full employment and they 
loss that paradoxically resulted in are likely to engineer policy in ra- 
the low unemployment rate. 'The spouse to this number/’ 
reason we have so many jobs is that Mr. Yardeni agreed with Mr. 
we have so much job insecurity. Our Mayland’ s view — widely held on 
employers can fire us whenever they Wall Street — that the central bank’s 
like, which means they have more Federal Open Market Committee 
incentive to hire.” Mir. Yardeni said was likely to raise its target for the 
he had just rammed from a trip to federal funds rate on overnight bank 
Europe, where institutional in- loans to 5.75 percent from 5.50 per- 
vestors failed to understand the flex- cent at its meeting on May 20. But 
ible nature oftheU.S. economy and analysts said the central bank might 
thus have missed out on the strength stay its hand beyond that 
in the stock market of recent years. The jobs report confused some 
Although this spring saw a sharp traders because it contained a down- 
canection that brought the Dow ward revision of jobs created in 
Jones industrial average nearly 10 March. The number , was first re-! 
percent below its record high, set ported as 175,000 but changed to 
earlier tins year, the blue-chip av- 139,000 on Friday. The similar pace; 
erage has since regained most of its of 142,000 for April, lower than had! 




£ UU 







losses. On Friday, the Nasdaq com- been expected on Wall Street, was; ^ 


Labor Strife to Cut Into Auto Sales 


DETROIT (NYT) — General Motors Cor^ and Chrysler 


By Geraldine Fabrikant 

New York Times Service 


Corp. face a further sales slowdown in May because of 
continued labor unrest, analysts said after both U.S. auto- 
makers reported a drop in car and truck sales last month. 

Japanese automakers, meanwhile, reported strong sales for 
April as they continued to benefit from favorable exchange 

^M. the largest US. automaker,, saidits sales M 12 
percent last montii from a year earlier, while Chrysler said its £JtaU.S. satellite service tSould 
saiwfeU 1L5 percent. By contrast, the sixJapamae auto- gw? bothtocal and national tele- 
makersrepomng April sales Thursday saw their sales nse a vision programming has resigned. 


Head of News Corp.’s U.S. Deal Resigns 


doch, and EchoStar Communica- Paul Kagan Associates Inc., told 

tions Corp. The deal would have The Associated Press that Mr. Pad- bullish. Ken Mayland, chief earn- as yields fall, also benefited from the 


posite index, which reflects shares in considered a sustainable rate of job 
companies that are generally smaller creation by analysts, 
ami more involved in technology in- As inflati on fears receded, the 
dustries than the Dow issues, turned yield bn the 30-year Treasury bond 
positive for the year after la gging the fell to 6.88 percent on Friday from; 
recovery in the blue chips. Mr. 6.93 percent on Thursday. The yield 
Yardeni said improvements in tech- had been above 7 percent for about a 
nology were a driving force behind month, reflecting concern about in-! 
the nonmflarionary U.S. growth. flation and the Fed's policy on short- 
Not all economists were as term rates. Bond prices, which rise! 


french Plan 

■ 0 airer 

‘jorBreur-r 


i 

' .ite 

**•* ■ 

«T*3- • 

msm 

■V*y! 

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*■**■*! 
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r#nor 

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Dsmfcia 


created a service, called Sky, which den's exit could improve chances of omist of KeyCorp, tire Cleveland- prospects for a balanced-budget 

‘ back on track. 


NEW YORK — The executive could offer 500 channels, including getting the deal bac 


local broadcast stations. 


based banking company, said that agreement between the White House- 


[“Padden and Ergen didn't get even accounting for unmeasured and Republicans in Congress. 

ti ii k. .VMn.u. »k. ^mi«, rv. o* 1 


News Corp.'s American depos- along well,” he said. “Padden's productivity increases, the 
itary shares dosed at $18 JO, down * ‘ — • » J - 


12 5 cents, in New York trading. 

Mr. Padden issued a statement in merger is off.”] 
The departure late Thursday of which he said that he would “spend 


On the New York Stock Ex-! 

_ maybe helps move the mer- incut statistics released on Friday change, the Dow industrials closed; 
ger forward. I’m not convinced the indicated an economy that was 94.72nbintshi^ier, or 1.4 percent,! 

‘ “ _ ‘ at a 3 percent annual rate or at 7,071.20, while tire Standard & 

But John Leichtman, an analyst - faster, far above the 2.25 percent rate Poor's 500-stock index . gained; 


• Boeing Co. has been accused by the Justice Department of the executive, Preston Padden, came a period of time considering career with Yankee Group, a media con- that the Federal Reserve Board has 14.44 points, or 1.8 percent, b- 

IniAMn nlu lllnniu, M U m h, £ 1 ,....1: CM +1 >1 1J I 1^ £ TJ . .k. JU. 01'V<W TL. -I. . . 


Arabia in 1991 during the Gulf War and at Fort Meade, 
Maryland, in 1993. Boeing denied the allegations. 


percent this week, led by U.S. futures prices for arabica beans. 
Analysts said the gains could be sustained ahead of the 
Brazilian frost season, which begins in June. 


many technology issues rose 
Cisco Systems, the networking 
company, was the most active Nasi 
daq issue, rising 3 % to 5714 on th| 
view that its coming earnings state] 

the day before, and at 1.7295 quarter-century, though the economy deposits and bonds more attractive, mart would be satisfactory. Otfaea 


laryland. m 1993. Boeing denied the allegations. TT\ || D* AjCl T I_ D v ¥]7 T /7 *• ||7 • 

World coffee markets, stirred by supply concerns, soared 1 6 JJOllOT JtuSSS AftCT JODS tkJBDOTt UjUSGS lTlfltttlOTl JtOTTIGS 

srcent this week, led by U.S. futures prices for arabica beans. «/ JL i F 


• General Motors Corp. slashed the price ofitsEVl electric - msr ^ prf 

teR St*- *• V. ^ 


Bloomberg News 

NEW YORK — The dollar rose Deutsche marks, up from 1.7225 added fewer jobs than expected. 

DM. The U.S. currency also rose to 


ggk SWJ? more $ ?°° a “on*, ftom $530 to a u.S. economy 

$399, GM said. The automaker also will invest money for 50 with subdued inflation, 
additional charging stations for the electnc-powered car. 


“When the dust settles, sterling netw 
but should be strong," said John Beer- 3Com 


companies, including 
its takeover target U.S 


The pound was slightly lower 


• Loral Space & Co mmuni cations Ltd. had a first-quarter against the dollar, initially pulled 

/'selection 


“The economy is 

report 1.4710 Swiss francs from 1.4695 inflati on is very low." said Robert ling, chief currency trader at Nor- Robotics, also rose. Intel and Dell 

Sabia. a trader at ING Barings Cap- west Bank in Minneapolis. “There also were active and higher, al-i 

ital Markets. “That's a textbook may be reason to expect higher UJK. though Microsoft was lower, 
definition for a strong currency." 


FOREIGN EXCHANGE 




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interest rates, and the U.K. is one of Tosco, a petroleum refiner and j 


francs and to 5.8353 French francs, Traders said the initial sell-off of the two economies that look the marketer that owns the Circle K con - 


up from 5.8071 francs. The pound the pound was a reaction to the first strongest in the world." 


venience stores was the most active 


Labour government in 18 years. 


Traders, meanwhile, were await- New York Stock Exchange issue. 


loss of $406,000, reflecting costs of developing satellite-based down by the Labour Party 

communications systems. victory, although it found some sup- declined to $1.6220 from $1.6227. 

• Caterpillar Inc. and the United Auto Workers said they had P® 1 on expectation that Britain will The dollar rose against the mark 

agreed to meet with federal mediators in hope of resolving a raise mierest rates. ^ 

The dollar was at 1 26 595 yen m 4 eminent said the U.S. jobless rate had economy and the prospect of higher George and the new governments acquired the West 
>50 yen fallen to its lowest level in almost a interest rales, which make sterling chancellor of the Exchequer. 


B-KM 

isci-i". 

dbcor^:. 

1L5T-X; - 


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contract dispute. 


The pound bounced back as ing next week's 'meeting between rising 1 V5to 30Vi after it sold shares 
and other currencies after the gov- traders focused on Britain's booming Bank of England Governor Eddie on Thursday. The — — 1 


AP, Reuters, Bloomberg 


PM. trading, up from 1 


refining * 
and marketing assets of Unocal. 


: WORLD .'Jiii K ’>! 


AMEX 


U. S. STOCK MARKET DIARY 


Friday’s 4 PM. Close 

The lop 300 most ocflw shores, 
up to the dosing on WQII Slreet 
Tito AuaeUed Abbs. 


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Tmnsp. 
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_ Finance 
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SP 100 


7JJJD 

5S6JP1 574JS 570J3 S93M 
186J5 IBSJB7 18A32 1B7J7 SS?, 
91.1? 9QJB 9055 92.83 nSSmIo 


802.95 79121 798,53 81151 
784.29 7743)7 781 3M 79482 


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42635 39W 

<2227 15W 
37331 Vo 
36491 SMt 
34556 2m 


Lo,T L ‘ -Bsl w HIbb Low Latert Chge O pint High Low Lam Oiga OpH 

ORANGE XflCEWCnq FRJENCH GOV. BONDS (MAT1 F) Nov 97 SA40 SSB SM0 -Ofl 7.W2 

High Low LOast Chge OpM _ FROMOO-MhoMOOpcI Dec97 57 JD S6JD wct _n« i T j« 

— ■— T Hat* ss ns M 98S Jur 97 129.58 12982 129^8 >0571574» Jam ^ 5LM Ifll] 

Gram s 2 -5 52 S3 17 -' E V. ’S-’S 12792 vm fah 57 S 5LB Za» ixn 

SeoTJ HUS HUB TIM - n *> 4.« nee 97 97M VIM VM +152 0 Estsote NA maf 

foL volume; 141401 . Open InL: 144,991 up IWsomW 135393 up 2M1 

4 1 (n 

LIGHT SWEET CRUDE (NMER) 

ITALIAN GWEMMENT BOND OIPFE} l^WiUdqaoniPWWk^ 


frfdsj. ; 

F-2! 




O- 


tetenteir, 


"r 1 


“’S; 


ITLW nflta - pb on 00 pd 

Jl H*7 12B.40 127J2 T&J4 - 


081 T1JJ71 


Junf7 2UB 19.44 19.54 —037 93J10 


+» NYSE 


Nasdaq 


Okb 


gg & S3 %% 

SS 377J4 »t4B tow MtaWllS 

26458 24059 24455 -193 22EL.. 

JB7.13 38052 3805V +117 EK 1 ** 1 


rami mnn « JM M tlUO 4,172 OCC 97 97^8 97-48 VM +152 

CORN (CBGT) NOV 97 82JB BI^S B1J0 +150 1914 

..T* iOOO tei mMnunr-cmlspvlHnM _ Ea.sOas HA. Thi/vialiB 2,794 

SS Sh ^ TUneemiat wsw up M8 

S™ gilt 91U +3U Jul97 299 29214 29H* —4 137,SE3 

35 '3 SW97 m* 278 z78Vi -jw. 2C719 Metals 

29 2m -W Dec 97 288 Z75 275W -1H 1WJ05 — 

m 1 «* 4J Morn 284 Vi 2 B 0 280 % -144 11295 ggW WMI IMS* -145 S744 AI*jL J 9 - 51 1J - 45 -Ml 51268 

SI IS Mw« 287 214 214 -2 835 JWbWPfc-ttflwJPorPwa*. Estsoles: 41^01 Pjev.sateK 18,925 Auo97 M 1956 1954 - 02931^97 

*51 ’SI +\E Ail 98 291 WV, TSPb -IV, TAG -JJO 2 PiW.Openkfc 117^37 ^ 303 SapW 19.90 1950 1953 -127 17134, 

h W-Mta HA Thu's, sales 45,128 -J" 97 3CL00 75J03 EURODOLLARS VHSSQ Od97 1916 19^ 19^6 -tm 14710 

57W tOf! *fn WsoPHim 30BA57 off 3S67 si maoaivMsaf lQOaau Nwff 1954 194C W12 -120 13147 

Aub97 34410 3J332 34AB —110 HJ74 Urf?7 92.1J 422 Dec 97 |?JS 19i0 1915 —ft 15 +1 Tin 

SOYBEAN MEAL (CBOn M97 34480 34580 3*680 -an 4J0B uS/ff 94.11 94.14 9115 39333 Jon98 19J5 19.64 IvS _a.i 

100 tons- dMors per ton Dec 97 349J0 3«80 349.40 -0.10 21/07 MR 9484 MJ7 F«h78 1975 H/J -A 1 un 

SIS SS + J?S SS 3a " 3323 l2-!2 Ju ‘ w HE na MM 7,159 WR 1VS me wjb -a® 

VU HW6 iwua o» HI 80 2EL10 IBM +370 4JTO Apr* £480 -110 3838 s&r? 9387 9186 9389 40L381 &.«** HA Thu 1 V soles 44,216 

236XDS7V, 5SVI 57V» +3* Dac97 9375 9382 9388 +103 »8«4 WsopwiW 391830 off HW3 

187J50 12to 11 12M ■» Sep 97 2S8J0 25580 25770 +1.90 8,125 Bt.sales KUDO Thu'S. Ides 25834 AWH 9388 VIS 9150 +107 221313 

115613 12 m nm 120 * on 97 23 im mn vim +itc Wi Wsapenw uuoi up n ” ^ ^ 

OT* 2» g2 ^ 9 - 71 - J8 . gl - B8 - t lj l> I7 ' 47S M GRADE COPPBKNCMX) 

19278 15749 154 157V9 


*4~:- 

«r 

h 

?ur- 


v.r 

j£-v 


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!+• F -* 




Nasdaq 


_ TeORRk 


130138 127551 130537 +3487 AddMal 

im4j 1M73S IBM *20.16 

140900 1W87 1405*9 *2242 COKCffl 

449.15 1430*5 1446.93 +15.13 Mams 

1719 W iSSEca 171141 +19.43 USRoUS 

87027 05473 W3S *1390 


Esr.sote* NA Thu's. safes ZLBV 
86330 ft - OOM lm TH/SOPBIW 113894 on 12434593 

mg §* m AS til! 

!£S SS 1 f ‘^3 SW« M.V7 +0A7 2,975 SB ^ jSS j 

li S % a ii M S3 ^ %% SS I5S SS !^ 5 

409B1 S9to 


Juntt 9153 9140 9346 +010 217,090 ^*TURALGA5 OW^Q 

Sep VO 9385 93J3 9337 +0LIB 152816 

S800R».-aMswfe. Dec 90 9134 9372 9374 +1 124451 ™ 

May 97 11170 1NU» 1H70 +080 5816 MorW 9132 9172 9376 +002 96JM "V 13B0 1230 IJ75 

Jun97 11070 109 JO 110711 +075 2898 JiXiW 9375 93.17 9372 HUB 7L431 S*V U« !70 

Jul97 T1CLSD 10085 IIQ7S +080 23839 Esl.sdes HA Thu's.sdes 568,107 


Vr'J 

•J 

•U-- 


S 4 it Wi +5 u Seo97 2587 2583 2543 -0.05 6.913 

CW97 2588 2575 1579 -0.11 1JS9 


; AMEX 


AMEX 


Dec 77 2584 2588 2585 -885 19869 
EsI. safes HA Wi safes 19757 
Thu's ooenint W1J32 up 98915 


56B50 

558JB 

56B50 +1000 

Dow Jones Bond 

Pmtaas 

T«toy 


CM « 

Dm 

20 Bonds 

101.75 

101.96 

10 manes 

98+sa 

98J6 

10 Industrials 

IOSjOS 

105.16 


STOR 

vioefl 

Nabais 

TWA 

Mebomilg 

EthoSoy 


Lax> SOYBEANS (CBOT) 

■fill BS MOO bu minvnum- certs per bushai 


11494 m> 

5332 1fl» 

5222 7V> 

4617 99k 
4572 5ft 
4525 619 

4504 9*4 ... 

-as-? 154 I5» 151k +U 


8B7Yj +7\ft 9779 


11 S imI “o * 97 WW1 8» 

7W n» +9k MV 896 875 

JY. Vi Auo97 867 854 

M » ■*> Sep 97 771ft 76S 766ft +3 7726 

% •*£ -*$• Nov 97 7B5 W4Vi 701ft +5ft 46.212 

™ iS Esf- sates HA Tito's, safes 71811 

S* 7»k tft Thu's Often M 188.908 OR 945 


A4«W I QUO 10680 HUD +085 U14 Thu'sapenint 2864898 OH 19846 

” ^ BRmSH POUND (CMERl 

Nav97 10475 WSJ0 W7S -085 961 

Dec 97 10380 10980 10380 -070 &498 

Jonn J01.S5 — 080 497 Sep 97 18300 18000 181(8 

Dec 97 18150 18050 18150 
EsLsdes HA Thu's. safes 4838 
Thu's open W 39,105 off t» 
SB.VER KCMXI ,„ Lrl ,, 

MM frw at- eenls par Irov m. CANA DIAH DO LLAR (CMEk) 

May 97 47250 4M .V 1 46680 —180 1,144 i008ndoikn.spw , Cdn.i8r 

Jon 97 <0887 -480 2 M*” *** 725* 


S*P 97 2775 2735 IMS 
OltV 2790 2750 2700 


Est. sates HA Thu's.sdes 68R 
Thu's open inf 51825 oH 717 


Nov 97 2385 2845 2375 

[fec97 2893 2845 ZM5 

Asi90 UB 2885 2530 

30802 FcbH 2855 2830 2450 

m KF* im 

102 Si®* 5 54,148 

Thu'sapenint 192,97a up 3444 


39.933 

34,761 

16J69 

14,179' 

16854 

7896 

11804 

U.753 

7807 

5844 


;>n. 


Vti^i 


Soft *|u AH 97 477 JO 47280 47280 —*80 S6J50 ^ 

Soft '7 ’jfS Sep?7 48580 47780 47770 -480 5854 VSfLJ 3 !!. m* 3 . 


+ft Trading Activity 


WHEAT ( CBOT] 

S4W0 Du mkamum- cams pgr buifnl 
Mov 97 412ft 406 mm -796 1J76 


MOV 90 49770 

Est.sates 1 5800 Thu's, sales 19.910 
Tito’s open W 62,963 OR 2212 


Nasdaq 


UndbanMd 
low too® 
He-i 


2143 1463 

509 1049 

_7W JB2 Untftonged 


3156 OT TofrtHsum 

r»1 77 New Highs 

IS 26 New LAM 


426 *6 Jfift lift 59 JU 

Sep 97 431 422 m -0ft 13860 ® *159 “C 

Dec 97 442 4DVi 433 -8ft 15800 

mm Pm. Esl.sdes NA Thu's.sdes 17800 
1993 2215 Thu's ophiH *0862 up 563 

1143 1724 

1285 HESS 

5421 5744 

« » Livestock 


in 


121 


Market Sates 


vn 

165 

170 

734 

19 

15 


radar 


2*3 NYSE 
3j$5 Amex 
^ Nasdaq 
19 InmOktns. 


50080 

18.79 

£7580 


CATTLE CCMSO 
40800 ark- certs oet a. 

Jun97 5580 65.15 6L47 +025 37,170 

rm Alto 97 6580 65.10 6135 ‘OI5 26.167 

«■ Ocf97 a . U 68.75 «87 +0.17 V&.W. 

55164 Dec 97 7077 7Q5D 7075 +072 8840 

2584 Feb ft 71 2S n.07 7120 ‘0.n 5845 

61582 Aarft 7322 7100 7122 +022 1,231 

Est. soles 9868 Thu's.sdes 17249 
Thu’sapenint 948117 up 1469 


Dec 97 «9J0 484.00 48U0 -4.10 7211 

Janft 49280 46720 4B720 —4.10 17 Hto'SOpen W SI 270 dt 1531 

MrtM 49U0 —4.10 6811 GERMAN MARK (CMEM 

M l ' #,a i2J800™noi, SPOT mar* 

Jun97 J633 5796 JB01 

Sep 97 5667 5837 JS40 

Dec 97 5910 5905 5018 

BtH*s NA Thu's.sdes 21857 

Jl4 97 37400 37180 371.18 —tM 12820 WSOpenlnt 86,173 UP 67 

«.W 37100 17110 OT50 -U0 W JAPAICE YBI (CMBI) 

& safes ilk THi'.Sif 7TOI ' ffl HJHdManvun. tper 100 vn 

£% jg sg jg 

LONMNMCTALMiSe) PreVteU5 ^Sfes^Es. ThS^sdlS 1 21799 

Doftare per metric nm Thu'topenH »,229 up 614 


UM-EADEDGA50LMe (NMBQ 

47800 POL cart* tmr gel 
-ten 97 6275 £0.40 6050 -283 49802 

73842 JWW 6125 5950 5920 —121 16262 

580J AWW 60.10 SIS! 5080 —121 683 

1294 S*?? 5050 PJ0 5725 —886 3270 

Od 97 5190 5168 5520 —081 Z38-3 

ffev97 54.95 54.95 54.95 -0.96 MW ' 

pec 97 S17U 5580 5580 —056 3809 

». sates HA Thu’s, safes 19277 • 

Thu-sooenint B6.S28 up 7m 

^ GASOIL (I PE) 

UAdallais per metric ton -kOsoflOO tons 
May97 17080 16325 16580 —550 1130 
Jun97 16925 16480 16125 —425 BUBl . 
Jd 97 16925 16680 16680 — 42S 7879 

Auo 97 17050 16880 16R00 -3J0 7^7 
Sept 97 17280 16925 16925 — 380 3.24 
0097 17150 17280 171.75 — 2J0 1518 
Nov 97 17580 17480 17125 —225 1E8 
Dec 97 17525 17480 17480 —225 74s 


-?*• 


..'i: 


06240 

1,772 

W 



w C * 'Vft . 


K 


High Grade) 

1597-00 159880 159780 159880 
162680 162780 162680 162780 


wont 


5WBS FRANC (CMER) 

12S800 Panes, s per nunc 
Jim 97 J m AIM 4827 

^ S4P97 4915 MB 489S 

244080 244380 243980 244280 Dec 97 Jang JM J0D0 

236780 236880 236380 236480 Ed-Htes NA Thu's.sdes 12211 
Tito'S open int 45.923 dt I47B 


1838 


Est. SOleVl5800 . Open MJ73U35 ( 


Cottmtes (Hteh Grata) 

" 2KUQ 2439.00 244280 


43257 

2.183 


Dividends 

Company Par Ant Rec Pay Company 

IRREGULAR EdperGrpLtdg 


FSDER CATTLE (CA4BQ 
Stun) tov- anh tier to. 


IS? 

ward 


614ft 615ft 615ft 616ft 

62580 62680 626ft 627ft 


Satamn HI Irtoa 


SPUT 


b 2157 W 5-28 
h .1852 5-9 5-22 ASA LM 
- .125 5-13 5-30 Ambaclnc 
BehlenlDC 


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1 nr 2 J son 
i Enteivr20i 


tori soflt. 


Crown Am I 
DuffPlKtpUtTx 


Banking 3 tar 2 sp8L 

n Di5lTnl2tor1 Spa. 


EmrglnB Mk) FI Rt 
Wninrlnco 


CM 

HtmCDCkPatPfDv 


REVERSE SPUT 


IPLEnergyg 

' wraHn 


JamocklJdg 

fSftm 


KsnsmCRy! 
Luton* Inc , 


INCREASED 

0 J4 6-20 6-30 PW-i 


Ponharidto^fllty 


CasaKfeslnco 
Ct Lotos diem 


Teddeh 


® if i s ssssitte 

■ * R *35 SSSSC* 

3W -ft WstimkEnermig 
Wstmik Enetfiy II 


1 ]» ® 


w 8 S 


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MV 

HU 9»1 10ft 

Eft nv jj 

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82 Hft lift 19ft 

7* -* 


AWnes 

S f3S PflWWBrttns 

S ’12 £12 Sothro WWwd Into 

S « ££ Superi or Sutg fed 

O JO 5-30 6-13 Tyson Poods A 

? "5 5-21 S-OT VWfey Forge 

S .13 5-30 74 vukanmn 

M J6 5-10 5-20 Wotohan Lumber 

AA .28 5-10 5*20 XlmCorp 


Per Amt (tec Pay 


•2*5 

7-30 

8-31 

JLAR 



Q 

M 

5-14 

5-23 

0 

.145 

5-12 

6-4 

0 

JO 

S-15 

4-2 

a 

JO 

5-30 

6-13 

M 

.08 

5-15 

5-30 

AA .1325 

5-13 

5-30 

AA .1187 

5-13 

5-30 

M 

J196 

5-12 

5*30 

0 

515 

5-16 

6-1 

0 

.18 

5-t« 

5-26 

a 

.125 

4-3 

7-1 

0 

.10 

S-23 

6-17 

Q 

J5 

5-12 

5-16 

a 

M 

5-9 

4-10 

Q 

.12 

4-2 

4-13 

0 

J75 

8-13 

4-27 

Q 

xos 

5-15 

4-2 

AA .1147 

5-13 

5-30 

a 

.11 

5-12 

5-23 

0 

j02S 

9-1 

9-15 

Q 

M 

6-6 

6-17 

e 

JO 

£■2 

6-13 

a 

JJ7 

4-2 

7-1 

a 

JO 

5-15 

5-29 


AUO 97 7680 76J5 7665 


0097 7785 7655 76.95 


+040 5874 

+0.17 0879 

+0JP im 
+ 105 2,783 
1^1 
-MS 337 


729580 730580 721080 722080 
740580 741580 732080 733080 


HOCS-Len (CAAER) 

40800 (XL- wills DOT to. 


Jd97 8527 BUS MJ§ — iy§ 44 ® 


*wd 

Tfc 

e 

wiiri 

ZtocBptrtol High Crade) 

SBM 124580 124680 124980 125880 
For- 1265’.*, 1266ft 127180 137280 
sod 


572080 572580 566080 566580 
575580 576080 570080 S7Q580 


BRENT OIL (IPO 

UAddlan per barrel- lots 01 1800 band si 
June 97 18-39 1788 17.97 -0J2 51,d 
433 July 97 1886 17.98 18.14 -029 6005 

AUf97 1152 18.18 18-30 —021 14511 
S«p 97 1883 1028 1042 -0.16 9J6 

W40JJTH STERUNO (UFFE) OOV 1880 1889 1049-0.11 

smOOO-pISdlOOpd Nav97 1887 1BA5 1854 —087 43« 

J*97 933S MJ 938S - 082 I2&I4I Dec97 1887 1880 1885 -086 885) 

SHE 5-1S Si! t. 5£) JonM ,aj9 1147 >«s -od* 

Docs? 9300 9180 9196 Uncli. 79805 

Mart# 9289 9Z7S 9185 +OOJ 51274 

Jun90 9179 9165 9276 +084 41,352 

Sep9S 9171 91SB 9288 +104 2 6569 

Decf8. 9283_9249 9280 +0.06 22,194 

Ed. Pries: 114779. Pm. sates: 54499 ... 

prw. open me: 477^21 an 4874 Slodc Indexes J 


;*a- 


EsL sales 54000. Openlnt. 

1J1B 


084 7JB 
LAMMS ai 



3-MONTH HJROMAftK QJFFE) 


SU> COMP. INDEX (CAAERI 

M0* index 


DMl mMon-pndiOOoa S.^5 1 . . A 

HmV 9679 9679 9680 Undt JJf® 592 *9'II IB8 -I80 * 

JUJW7 9670 9677 f" 


U5T.HULS (CMER) 
SImaan>ptsd 100 pa. 


PORK BELUES (CMS?) 


&._sdes 1989 THmsdos 1W7 
Thu soomtet 9331 tto ITT 


--- ._ 9678 Unch.2XL7M SdW 81980 81140 01BJB +400 6490 1 

M” N-J; N-T- — DLJn 1422 Dec 97 821 JO 871 JO B21J9 +2J0 3J0I 1 

High Low Clos e Chge opfrtf S»W 94D 96g -BOl OT8CT &.sd8s na Thu's, sales ffl.Kffl 

« ZT~. Thu's OOOilnt 190435 011 1859 

Finanetai ESS 83? 23 &Sz8£ 52; c»c«.m»T,n 

SSi 8S !ffi HSzS'Sffl SS? 2 ®® 

JUH97 «.n «8d 9468 +081 4378 EAsOtei. W.l« i Prw. «fra: R7J8 

Sep 97 *tSJ 9446 9L47 +MF lS Pie».openldJ 1898822 up 144 

«40 15 3-MONTH PIBOS (MATTF) 

1809 gd KtoS HA Thu'tsdes BM FF5 itriBon - aft of tMpd ‘ 

6461 T1to*l openlnt 1 0801 all 161 Jim 97 9645 9640 9642 +OJH 6Ull 

,4S4 JVH. TREASURY (CBOT) Drt 97 MJD 96^ FTSE KH tUPrifi 

* M MOOinln.piu664 , nsdiOOpa Mgr 90 9641 9638 wjn 2nm S12 EHperlnriotpoliit 

StoWH&W jfen + 2l ta - m Jun ra 9429 96P 94 » -Sm M&L 6WS5 

gfeW 105-19 1054B M -82 1173 3« 98 9613 9610 9612 

20 




•I 


FF200per index pdm 

May W24508 «172 26382+1680 26791 
Jun 97 26212 25962 26142 — 920 24188 
Sep 97 26400 20182 3627J+1520 ffig 


Jug 1 -' Vdum: 1X446 Open lot: 70238 off 


!U k BH +n Contrafe Cora Mex 


INITIAL (wmaoat iMpproxtaote oanwd per 

- 220 5*13 5-27 iltarw'APRr p-wutiie la Canod ca foeris 
b ,1384 5-7 m-moaHriyio+pwrfertw g wn-Bamol 


Dec 97 10540 

». sates NA Thu's, sdes aw 
Tito'S open W 231,167 oil 28M 


W YR. TREASURY (CBOT) 


I f?' 


444 n 
J2S 7ft 7H 
433 Uft Uft IM 

f m SB m 

H X ft 

Sft 49ft 5»+ 

Sit A 1 


j? ^ Stock Tables Explained 

7ft +S Sate fioures ore imoflUtoL'iteJilyHtfB and tows reflect the ponfad 52 weeks pto the aron: 


Food 

C OCOA (NCSEl 

BS8 fc Sr*SP 1361 _ l* yog TJGijHftWftrotsAMHasdioopo JWU7 9139 912T 9323 —022 IIImw 

AJI97 1392 1376 “ Jl 32.125 ££% ffiS lltS IESJ ^ SS V£\ 2^ 

Ma98 9189 


AAwM 1475 


MtetebutnariKloOarinianocte.WIctBaspkorslockdMdenrioRiounBnBtoSSiniaBdmm mov98 


2» 


«w 


S3 * 


-‘J o(h otote n d e a iBteof«daenteOTBiiiBoliflsaiiaemettetategnlteteeddedBtte3n. 
ih B-dhldend also extig (s). b-onruid Rite of dvUend plus stock dMdsndc-iltiuWoftno oxFKEc.atese\ 

♦ft dividend, cc - PE exomJs 99.dd - coiled, d - new yearly tor. dd- loss In the last 12 merths. - twiae 


1368 

1368 

-It 

798 

■W 

1379 

—12 

32.125 

I4H 

1607 

-10 

11591 

1635 

16E 

-8 

18,172 

1661 

1665 

-4 

79,892 


MBS 

—8 

L555 

Thu's, totes 

ME 



^ +023 21,244 Qec97 NT N.T 45292 +72 ^ 

&LvoIuiim: 52,77R. Open Mj 272299 off |«t. safes 14795. Prav. fates: 0043 

Prv. open Int4 64171 us 737 

MMHTHEUROLUUaiFFE) 

m _1 rdltoti- MldlMjW 

JBM7 91* 9U1 9123 —I 



DEC 97 


106-09 


US TREASURY BONDS (CBOT1 


Dot?? 9167 7163 9163 —025 51210 

tfta98 9169 9165 9165 —026 11 00 6 

•*** iaott 9166 9162 9182 —004 +v«w 

Ed. safes: . 34409 . Piw. j ales: 11206 
Piter. oprtltoU 304466 Off 22B 


Commodity Indexes 




Pnnto» 


Sft JW +ft * - ttfvfcend deciajBd or paid In prBCKSng 12 mcxittis. 1 - onmxri rote, Inowsed on tost May 97 2547s' > M&Mr 


JUl 97 1IMD 109-14 109-10 *B» 4 

37.100 lbs., com per b. oEwwilB jS£ laun 

U» on «... «n. +nr - ^ NIOY97 2547J 34580 3I7JB -1» 1 JK '«-*» 99-® +07 6J1 4 

ii4W 2W 2* m .ft dectari7tkxi.g-(flWtlertd hi Conodtonfimdi.Mbfecf to 1 5% non-resWence tael -dividend Jdw espo 21M0 21415 -4» I5JM1 e^Sm na Thu-sSi; '-W 

^ dechHBdQflerspflt-upor5tochdlvtdBnd.l«iB9MenaitedWiaiwor.oHilited.ddtoed.orrai tetW tt2D 19020 tote -iM W4 

ft S. I action token at totes* dividend mewing. > - dWdeml dedared or paid Ws tour, on M 2S ^190 l 3 L0l«WLTaJ?FEj 

>» !&• -ft Dccumulattve issue wim dMtlemfe to anem.m- annual rale, reduced on lost dodtmilJtxL ** aaooa-pt, 


® 'M 

331 IBU 


5* PK 


il£ !m ISi il? Dccurauiatlue Issue witodhridends hi aneB>s.m- annual rote redumdjnmtouncTOiniun. Ea.irtesTi7s'tS-s. «aw \tm 
117 3ft 3 " " 

» k i 

1SS 'S. ^bSL mu. .iZ O-mta w e n aaiuiinnnmu.r-pnn u g miu cmmum umu-i+m-i—ni r—.—— mmu, 

U in Mh lift _ dMdend. t - stock spW. phridwd tegtos ttetwaatooftp ^Jto-snfe i T- dMd^ptyin ^57 ibb^iSSb lUO «nm 11417 

stock to precetWrw 15 momtti estimated cash wfira on eiwDWtJend or O-rilstTenmo^ Od97 nua hjs 1027 +027 3»+U5 

•“ 0 -newyeoriyiriQh.Y-fred Ing honed, vt-febgnknipicytg'^ctiverstrip or DeinQrYWgOTlmt marn lio itliS 1064 +826 22.11* 


SS 0 - new Issue In the post 52 weeks. The W 9 M 0 W rnnoe begins wWi ft* storroftrmino. Thti’sopmH 31,477 up 153 
■** te*nBtodaydfilvef».p-hMmt*vlten6flnnnaliti»untos*rn.iyE-pfice-rarmn5jsrona. 

l-dosed-end mutualfund. r- dltrtdeitd declared or paid to precedtofi 12ipqntt»< phn dock «»«-WWLDllD«3E 


■ -pti 4 Sin* oMMpa 
j” 1 !? MO 1HM5 I VMM +1 


is in in iSe 

4» i:n in tnw 

200 i» inw i» 

.191 lift 13ft 13ft 

in? + 

ta iv. 1 


-£ unterfhe Banioypicy Aft or hscwMbs B saiuiried By swfl c«npanles.wd - when d bMtiuteri. Mov^Jqa iin 1863 i'w |™* 7 ’*44 Idle -an i*”„ ss s« sH J-1? 


** ih .h id - when Issued/ ww - with wommti. x ■ es-tfl»Mend or Bfrrighto- -estgstitoulion. * 

,h * ‘ xw-fttW»utiwrrant6y L eK-d!vld«idandsatestohi8.yld-9feW.i-»{esin tufl. Twsmnm isum 0 n sm 


industrials 

COTRMKNCTTf) 

1B200 too- certs per b. 

MO¥97 7120 70J0 7160 +0.10 1« 

Jut 97 7190 7115 7140 +BM 41 JS 

S2.2; 25 -Sn u* 

Dec 97 7520 74J0 74.93 —612 ynn 

ea5b ,4 ^a. ihkrti 5 02 ft 10 1,61 

g^^JffiygfTMNUQJFFBl SSB&55 

as difru-uiu. tfw SS S3 IB zHJ ** 

*».*™* i 3 wTW M 13 StS H =8il a 


Close 

’“iMm t+WiW 
16121 142.13 

244A3 24638 

SOOTRCAicat AssoctaMPtns. London. 

S SSSSSS^ emm ^ wn 


Reuters 
DJ. Futures 
CRB 


\ x e * _ 1 “ 


See our 

Education Directory 

every Tuesday 




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Poultry Ban ‘Unfair , 5 
EU Complains to U.S. 


* SC*! . . 

l- ' ' 

ir«c 

%V:v 


BRUSSELS — Wiih a new ban in 


basis of tbe announcements would 
indeed be unjustified,'* a commis- 


v 


“unfair. 


^eCrnr* nn C..r , " . **““—'* uis WUltipUUCU, » VVUUlUa- 

o mon P®^®? Sion Spokesman said. 

X S?o tOIh ?-^ n2l ! dSlaIes » AeEU The EU and United States 
t°o a U-S ' avoided afiill-fledged trade war late 

todeceraiy European poultry pro- Wednesday by concluding an agree- 
SJJjPJ. plants as unjustified" and mem in Washington covering red 


INTERNATIONAL HERALD TRIBUNE, SATURDAl-SUNDAY, MAY 3-4, 1997 

EUROPE ~ 

Signs of a Spreading Slump? 

French Car Sales Lag PC Market Turns Sluggish 

Return Reuters 

PARK — New-car registrations in France rose to LONDON — Growth in personal-computer sales 
a six-month high last month, the industry announced in Europe lost rnoznenmm in tbe fust quarter, held 
Friday, but year-on-year figures showed demand still back by stagnant conditions in France and a lackluster 


PAGEll 


f-V-: 

T«r<v--. . 

*** 4 £ 






*ORW *• - 1 


ware v . 

» a* 1 


■- . . ■ -«w. ■‘aA 

.. ■: 

-* : J ^ 




r* . . meaL > pet food, eggs and dairy 

The European Commission, the products. 

e 52 m I* saidfala «ate- The EU hailed the accord, which 
u U v S ‘ “t*®® was h said “will provide a more stable 
rf-Sn. , °f , Its Worid ^ permanent trade relationship in 

Trade Organization obligations. animals and animal products.” 

• TneEU reiterated its ducat to file But EU objections to tbe Amer- 
a complaint to the WTO over the ican practice of decontaminating 
poultry bail, which went into effect slaughtered chickens with chlorin- 
Thursday. The ban affects about $3 ated water at the end of processing 
bflhon m trade. remained unresolved. 

roie pm the pos- Contending that the chlorine rinse 


weak several months after die end of a car-buying reception for tbe latest Intel Pentium MMX mul- 


mceauvepro 
The Frenci 


program, 
each car-i 


industry association CCFA said 


lime di a technology, a survey published Friday said. 
The outlook for 1 997 looks uncertain, according to 


registrations rose 8.4 percent in April from March, to Context, a market-research company, with con- 
164392. die third consecutive monthly increase, sumers worried about their prospects. Sales are ex- 


flfery v--.' 

- 

teMcv 

— - . 

v- 


Swcr v - - 

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«ir- 
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r- 4fc 

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err ,- .- • 

mi mi ijn-ff ■■ 

fte***? 


yeri ' '. 

I ft* 


fries 


»• vurr!.. . 

.'JhAr- 

fe 55 '*= T 


■ • 'vj'5" 

. 

; 

; ' 

■ ■■ 

■ '/J-'tliv A 

•- • : 

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I" " y . 

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• • • -- •. ,-^i 

‘ -5a 

: ‘-’v-fis 

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■ Qa ft 
■'-“--afa ^ 


i poultry exports to Europe last 
3th. The U.S. countearban would 


Washington 
slaughterhouse 
ferior to those ( 


sibihty to go to the WTO because we does not provide adequate protec- 
thmk that such measures on the don against contamination, the EU 

about $50 millitm in Amer- 
ican poultry exports to Europe last 
f/r/m/ili D/» m month. The U.S. counterban would 

X f 1 KlwUli- Mriun affect about $1 million in EU 

. _ poultry exports. 

Ad Waiver ^SSSSS, 

fen or to those of the United States. 
Klf Although the Europeans require 

JL %/m MJi dM/gi smc£ sanitary measures during pro- 

cessing, they do not use the anti- 
Bioombcrg News bacterial rinse. 

PARIS — French officials are "The United States was unable to 
preparing a plan to loosen a ban conclude that the EU system for 
an beer advertising at sporting poultry products provides an equi- 
eyents so that one of the span- valent level of protection to that 
sots of the 1998 Soccer World afforded under the current U.S. sys- 
Ciip, Anheuser-Busch Cos., can tern,” Agriculture Secretary Dan 
advertise Budwdser beer. Glickman said. 

“The youth and sports min- The United States rebutted EU 
ister is working to get around the charges that chlorine decontamin- 

Iaw to allow Budweiser to dis- ation was iwnAviiiiuw 
play its advertising in stadiums “The Uni tedS tales believes that 
during the World Cup," said the it has the safest and most whole- 

French National Olympic and some product in the wexid,” Mr. 

Sprats Committee. Glickman said. (AP, Reuters ) 

An official for the Sports 
Ministry confirmed that The 
proposal would have to be ap- 
proved by (he French cabinet 
and then Parliament. 

Budweiser is one of the 12 


164392, the third consecutive monthly increase, sue 
C ompared with April 1996, 

however, registrations were 103 ■ " “ 

pereenL The drop showed that the Worried consumers in 
industry, while showing signs of a r , 

recovery, was still suffering from Lurope are snowing 

the ending of nau snbsidie* far little appetite for big- 
buyers that stimulated sales last . 1 & 

year, when auto purchases peaked ticket Items Such as 
at a record 234,900 in July. aT1 i 

“After a particularly weak au *®8 and COU^puterS- 

quarter, the results fra April, al- 

though improving slightly, are still at a very low 5.8 
level," the association stated. In the fust four months in 


sumers worried about their prospects. Sales are ex- 
pected to grow at about tbe same 
pace as last year. 

Burners in Compaq Computer Cqrp. re- 

i . mined its market lpndfr Khi p m the 

Showing fiist quarter, with a 14.7 percent 

. for biff- share, up from 123 percent in the 
“ comparable period last year. With 

Such as 5.7 percent of tbe market, Dell 

Computer Crap., a direct seller, 
,m P uters " jumped three places, to fourth. 
Siemens-Nixdorf AG recorded a 


of this year, French new-car registrations fell 23 per- Western Europe grew 9.9 percent in the first quarter, 
cent from a year earlier, to 571,228. Registrations of to 434 million units, slowed from a 13.6 percent 
new cars made by PSA Peugeot Citroen SA rose 12.8 increase in the like period last year, 
percent in April from March, to 42,896, but were down The 1 996 sales growth of 1 1 3 percent, moreover, 

10 TWtrrpnt fr o m Anril 1 006 Its dnmwafc market sham was finurn fmm a nwrent iivtmicp in 1 


new cars made by PSA Peugeot Citroen SA rose 12.8 
peroent in April from March, to 42396, but were down 
19 percent from April 1996. Its domestic mark et share 
rose to 283 peroent from 27.4 percent in March. 

PSA Pfeugeot Citroen, which last month reported a 
lower-than-expected 1996 net profit of 734 million 


was down from a 25 percent increase in 1995. 

“We are saying that growth for 1997 will be 
between 20 ana 12 percent But if anything, that is a 
bit optimistic," said Emmanuel Lauoz, senior PC 


francs ($126.1 million), down 57 percent from die research analyst at Context 


previous year, is spending more on marketing and 
advertising to tty to improve its maxket share in Europe. 


“Consumer markets are slowing down because of 
die economic recession, and purchasing power is being 


Citroen’ s sales rose 15 percent in April from March, squeezed by increasing taxes to help governments 


while Peugeot's sales gained 
Registrations of new cars 


by Renault mean- 


meet the Maastricht criteria" fra a single currency. 
Sales in France grew rally 0.7 percent in the 


while, rose only 03 percent to 42369 vehicles, as its quarter, to 865,000 units. 

domestic maim snare declined to 25.9 percent in In Britain, sales grew 123 percent to 960,000, but 


April from 28.0 percent in March. 


year earlier, Renault registrations foil 23 percent 
The combined domestic market share of the two 
French carmakers fell to 54.4 percent last month from 
55.4 percent in March and 58.0 percent in February as 
foreign automakers gained in mnee, led by Volks- 
wagen AG and Ford Motor Co. 


with a that was still less than had been expected. In Germany, 


123 percent sales rose 8.8 percent to just over 1 million, 
hare of the two Mr. Lalloz said sales of Pentium MMX processor- 
last month from equipped computers had been disappointing and that 
it in February as some customers were holding back purchase de- 
t led by Volks- risions to await Intel’s Pentium 2, which is to be 
introduced next week. 


SPAIN: Big Fight Over Small Screen Pits State Against a Private Media Giant 


t- *> 1*T-’ i 
t ' '**•* ■: 



m* .• . 

»«**«**■ + . ... 

m:. 

"■“-iai 
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. 7 


which will be held in Prance m 
thesummerof 1998. Part of tbe 
strategy for its sponsorship is to 
have its advertising placards 
appear on worldwide television 
broadcasts. 

But it would not be able to 
advertise at die games in Prance 
because of a law that is aimed at 
discouraging drunken behavior 
in sprats arenas. 


Contnmed from Page 9 government, because if the rivals ‘The decisions will be in the market 

rail to reach agreement, they must and by the consumers.” 

Party, Parliament approved a law in adopt the Telefonica system. But Grupo Prisa and its partners 

mid-April that all but forces Government officials acknowl- loudly complain that the govem- 
Canal, satellite to scrap its decoders edge they provided the “impulse” meet’s actions echo those of Spam’s 


ay-TV system in Europe, 
n’t ever remember an or 


and switch to a system championed for the new consortium, saying their dictatorial past and are a ploy de- Jesus de Polanco, chairman of 


by Telefonica. 


primary goal was to promote com- signed to undermine its advantages Grupo Prisa, said. 


WORLD STOCK MARKETS 


Law do** Pm. 


High Low c taw Pm. 


High Low 


Friday, Hay 2 

.. - Prices In tocnlcuncndes.^ ... 

Tetokurs DradnerBo* 

HI* Low Oo*o Pth. 

" ' Fried: Krapp 

Amsterdam 

PntoKzTlTJ* - Htsjfcapw 
ABN4MR0 134* IKJfl ]3£S0 

I.M« lOOTO lYflfl 17Q Tfl min iwwpuj 


SABrm mks 

High Low C to* Pm. 

Dwtxhe Bonk . 9U0 91JS 91J5 91^0 

UeuTTtfckon 37 JO 373 37J0 37J0 non-outs 

DmdnerBonk 56.10 55S0 5558 5540 

Frenmufr . ". / 379> -301 '368 363 ■ 

FreserfasMad 153 152 152 15130 • „ 

Fried: Knipp 323 317 323 31850 IVUaia HI 

G*he - 115 11450 115 11520 

HefahAgZmt 14359 !« 14330 T4UB AMMBHta 

HMfttfptf ■ 94 9*30 94 

HEW * IB a» MO MdBoikkig 

HodlSef » 6750 68 6556 SwfflfiF 

HOKhd 67J5 67315 OA5 68 pamGa 

KonWl 521 516 516 5T9 fw™ 

L*wiw- 7150 71-90 . 70 pSfcBh 

Unde 1368 1258 ISffl 1265 rh*™. 

Lufthansa 2450 2405 2450 24.15 tenrisWaiM 

MAN 501 4KL50 W gSSSmRM 

Mnnnesnmni 683 679 680 681 staoDaitoy 

M8tn8g— iKhaftW HI 3590 3650 3580 Tetakaai Med 

uSaS 168 167 JO 767J0 168 

Mpnrfi RnetSR 4100 41 M 41M Ufe^qtam 

Pimssag 436J0 43433 43550 44450 YTL 

RWE 7155 71 JB 7TJ05 72 

SAP pU 320 315.18 31950 3153S . . 

Schering 169 JO 168.10 WM 166 LOnCKHl 

SGL Caftan 24150 141 240 24150 

Stamarn . M5» 94J0 94J5 93J0 

tSfflT” JS 'S^S »$ HSS 

ThraMB* 38150 380 38020 37750 "»!? nWOfcr 

HWO EMC B9JD 89J0 

VEW S OI 502 - 497 a** 0C BrSodi 

Vkn 775 77050 773 378 

Vb3S» anon 115750 1146 1157 1101 




ABN-AMRO 
Aegon 
Ahdd 
AkmKnbal 
Bom Co. 

Boh 1 Mb cm 

CSMcm 

DonBschePal 

DSM 

Ehmkr 

FOraAmn 

Gdrocta 

&Sracoia 


- i*- ; 1 ftmF 

: *■ "J MMIHBI 

. • ■ i Hoooovemcw 

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IMG Groan 




IMG Groan 
KLM 
KNPBT 
KPN ' 

pnuiuu 

OceGrtrrfco 

PhBdElec 


«r»i 


RtMri Dutch 
Uiaewua 
Vtndam 
VHU 

WoCerslOcvo 

Bangkok 

AdlMirfoSw 

BoggkakBkF 

KimoTholBJc 

PTTBWor 

SkmOmentF 

Stan Con B4 F 

TriKommia 

TMAhwm 

TWRbbBKF 


13950 137.10 13838 138.10 

13750 13530 . 137 TOW K23 

253.10 25150 253 25330 

10650 102-30 10428 10550 ^5? B » or 

38- 90 33-40 3880 3890 

112 112 11220 111.58 ^5“"” 

370 36510 367.10 370 

s 6 ijo Sr* fi 

66 6C«» 6585 2E? 500 

171-40 16758 171 169 HE® 

33*88 331 33330 m60 

89.90 8870 8950 8970 S Stwn 
168 1625S 1S750 162JW 

7820 7750 7110 _7B SnaD 

sag siM »» bm ICSte 

39- 80 39 3950 3840 2i"rf£r“ 

69 JO e«JB 69 6990 

45 4*60 45 4*90 'SS 

29450 29150 291-80 29*50 »g? 

23950 237 23870 238 

18870 10558 10810 10630 

96.90 94M 9*20 ._?7 

180 176 18ft 17550 _ . . 

16450 16350 16350 16350 Helsinki 
fiJUMI 60.4a 6070 6050 

16620 16650 m9® 166J0 

10930 109 109 10920 E moA 

347.70 34350 34450 347^1 HiWmoUl 
381 £0 37*50 J77J0 38140 KMto 

23 S3 *2 22 SSS. 

NesH 

SET kden 660.10 NoUaA 
P ref er . MW Orion-YWymoa 


732 

13*25 

737 

731 


5.19 

JLM 

*77 

*17 


46 

457S 

4575 

4575 

Vodafone 

27V 

270 

276 

274 

Paris 

5775 

5675 

57 

57 

Whitbread 

772 

/jO 

7J7 

IM 

205 20450 36*50 20*50 

WmansHOgi 

122 

117 

3X0 

119 


7B 

77 JS 

7775 

7775 

Woteetoy 

5 

*90 

*96 

4X1 

Accor 





WPP Group 

2J4 

150 

2X1 

2X5 

AGF 


CA040:2665J1 


EiadrohaB 
Eriasw B 


Kuata Lumpur c-jg.jmj. 


1<J 141E5 14130 AMMBHdm 1670 1620 1630 1670 *”** ul,x * 

94 0*M 94 cSK 1370 XUX TITO 1340 P«l60«5JU5 

4» 500 MO Md Banking 2575 2*90 2550 25 Aarinn 21600 21230 21500 21360 

750 68 4550 MdM5MpF 5J0 565 575 555 ACESA 1700 16S5 1« im 

7j?5 PehwwGW 865 850 85® 870 AguasBanztoa 5780 5650 5750 5700 

■51$ 516 519 Precnn MJffl M50 1460 15 Anwriaria 

1^ ■, 70 Pubic Bk *38 *16 *38 *16 BBV 

1258 ISffl 1265 Rcnana 354 342 35; 344 Banexhi 

iS 1 ® RranSwn* 950 9.10 940 935 BanUrter 22500 21750 22100 21 B00 

(WhmansPM 2*® 2330 2*30 2320 Ben Centro IflSp 4465 4420 4465 44® 

U 1 ShnoDartft 730 770 7 M 775 BaPopakr 31500 31130 31230 31000 


™ pn * Jn 
70 pubic Bk 

HU Kg 

^ Resarhwpdfl 
Bnh u namPM 
.** 1 ShnoDartn 


Madrid 


BehoMBCIL* 
FfClfOW 51X35 


Zenea 19 1850 1876 1856 AlrUquIde 

Alcala AWh 

736 _ Am-UAP 

1037 .. “ Bana*e 

Madrid b^ombcnjl bsc 

4J0 nraunu Pmk»K51335 BWP 

25 AewUxw 21600 21230 21500 21360 SSiouf 

555 ACESA 1700 1« 16SHJ 

870 Agio* Baraetaa 5780 5650 5750 5700 

” 6550 6500 6550 6520 

9980 9840 9970 9840 

am amn 1300 13®} 1300 1295 

935 BanUnter 22500 21750 22100 21000 


PiMlaaK 263946 HenaeaB . 

mcennw a 

B55 841 855 837 Investors 

191 30 18750 19050 1B9J0 MoDoB 

880 855 864 879 Nordbantofl 

649 638 

359J0 35730 

775 766 770 77B SdrtaB 

930 901 927 925 SCAB 

251 24350 249 249 SEBmtenA 

1075 1051 1060 1054 SJamdtoFan 


Casino 

CCF 

C ^tem 

ChrisflanDkv 
ClWJBdaFtan 
Credo Agricata 
Danone 
EKAqutabie 

EridnntoBS 


London 

AbhMNaH 

AaedDamecq 

AngOanWMer 


VEW 


177 173 TO 1M 

242 238 240 242 

3275 3175 3U5 325C 

322 31 Z 312 314 

7W 700 700 TOO 

160 156 159 153 


Outokumpu A 

UPMKymmene 

VWraet 


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d by the craasumers. 1 don t ever remember an crp- 

But Grupo Prisa and its partners eration against a company like the 
idly complain that the govern- raie against us today, not even in the 
ant's actions echo those of Spain’s last days of the Franco regime," 


In theory, the new law merely petition. in being first to the market The stakes are high- Each group 

requires all digital television pro- “The goal is to guarantee the Most important the govern- plans to invest more than $800 nui- 
viders to adopt a common trans- greatest possible freedom of meat's actions threaten to dilute the lion in offering its service across 
mission system and gives them two choice," said Rafael Arias Salgado, value of the Grupo Prisa consor- Spain, where tbe scarcity of ordin- 
months to negotiate an agreement Spain's minis ter of public works tram's rights to broadcast profes- ary cable television has created a big 
But in practice, it gives the advan- and tbe architect of the govern- sional soccer games, which are con- opportunity for new satellite ser- 
tage to the group sponsored by tbe meat's communications policy, sidered critical to the survival of any vices. 


The stakes are high. Each group 

E lans to invest more than $800 mu- 
on in offering its service across 
Spain, where foe scarcity of ordin- 


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2*15 S3J7 24 2*20 
172 1X9 171 170 

17X1 17*4 17.TO 17X6 
1J5 1J9 1J9 1J2 

557 583 588 5.93 

149 139 149 141 

*30 *25 428 474 

675 *65 *70 *75 

8 . -7J4 8 7J5 

7X7 7X0 7X2 7X8 

7.15 *90 7.05 6.91 

ICUi; 1*26 1*30 1*27 
3J4 384 3J0 3J8 


Source: Tetekurs liucnnumelHereU Tribune 

Very brief ys 

• Unilever NV's first-quarter net profit rose a less-than- 
expected 1 1 percent, to 898 million guilders ($465.6 million), 
as provisions for restructuring in Europe and extra marketing 
expenses in the United States held back earnings growth. 

• Royal KNP BT NV, the Netherlands' largest paper and 
packaging company, said first-quarter net profit rose 4 per- 
cent, to 52 million guilders, as its Austrian-based paper- 
making unit KNP Leykam posted a profit 

• Polygram NV, the Dutch entertainment conglomerate, cre- 
ated a U.S. film distribution company, Polygram Films, a unit 
of Polygram Filmed Entertainment that is expected to put out 
10 to 12 major movies a year. 

• Cor diant PLC, a British advertising and marketing com- 
pany that is poised to split into three units, named Kevin 
Roberts as chief executive of its Saatchi & Saatchi Advertising 
Worldwide agency, effective May 21. 

• Germany's February capital account was revised to show a 
surplus of 62 billion Deutsche marks ($3.59 billion), com- 
pared with a provisional deficit of 32 billion DM. the Bundes- 
bank said. In January, the capital account showed a surplus of 
2.5 billion DM. 

• Siemens AG shares capped a week of sharp increases by 
dosing at 94.75 DM, up 0.95, as investors slowly adopted the 
view that Germany's largest electronics company was heeding 
calls to cut costs, reorganize and raise earnings. 

• Group: Bull SA's shares fell after France sold more than 
$100 milli on in stock in the computer company at a discount, 
nearly halving its stake as part of its program of state-asset 
sales. Bull shares closed at 47.50 francs ($8.16), down 4.9 
percent from 49.95 .francs on April 11, when trading was 
suspended pending tire state's sale. 

• Deutsche Post AG, Germany 'spostal system, will buy TNT 

Netzwerk Logistik GmbH, effectwe July 1 . The price was not 
disclosed. Bloomberg, AFX. AP, AFP, Reuters 


Tfm frib Index Priem asot 3SX PM No* York dm* 1 

Jan. 1. tOSS a 100. Lewri Clung* % Cheng® jwiafafa 

% Ghang*' 

World Index - 155.18 +0.59 • +0.38 +4.05 

RegtorntJ Index** 

Asia/Partfic 113.84 +1.82 +1.45 -7.93 

Europe 164.03 +0.45 +0.2B +1.76 

N. America 181.94 +2.42 +1.35 +12J37 

S. America 1 35.68 -9.23 -&37 +18.57 

MurtriM Index** 

Capital goods 191.35 +1.75 +0.92 +11-95 

Consumer goods 177.92 +2J0 +1.31 +10.21 

SlfflnK 181.16 -0.51 -0.28 +8.12 

Finance 113.75 +126 +1.12 -233 

Miscellaneous 158.77 +034 +022 -3.10 

Paw Materials 178.85 -1-89 -1.05 +138 

Service 14433 -0.52 -036 +5.03 

Utmes 126.03 -7.65 -5.72 -12.15 

77m Mematfan*/ HomU Tribune WbrU Stodt Man O tracks the US. Mar koAtss of 
380 kusmaiionBlIy Imastable stocks from 25 cotmtrios. Forman Information, a tme 
booklet Is ovsBAlSe by tt/riOng to The Trib Me*,l81 Avenue Ctmrkm do Qauba, 

93521 NeuttyCedex, France. ComplM by Btoamberg Noam. 


Mgh I 

Mtsul Furiosn 1470 

MBllriTraa 765 

MurotoMfg 
NEC 
NOun 
NB*»5*C 719 

fflntraido 

Ulim Puh wk fff] 


Nippon Steel 
N&ai Meter 
NKK 

Nomura Sec 

NTT Data 

CH Paper 

Osaka Gas 

Ktauti 

Ralm 

SakuraBk 

Sankya 

Sawn Bank 

Sanya Elec 

Seam 

SettoRwy 

SekiSulCheta 

Sekhul House 

Sewu+EJeven 

Sharp 

Shikoku HI Pwr 
Shimlni 
Shin-etui Ch 


SwSmwBk 1510 

SandtCheai 534 

SunBaaw Bee 17-88 

SumOMatal 322 

Sundl Trust 1130 

ThfeedaOwn 2960 

TDK 9280 

ToHokuBPwr 1 m 
Tofari Bank 940 

TaMa Marine 1280 

Tokyo El Pwr TOO 

Tokyo Elednxi « 

TiAjoGas *" 

TokyuCorp. 

Tonsil ] za 

Mr ^ 

Sr ^ 

Tayo Trust 865 

Toyota Motor 38 18 

YhoanowM 2790 

otxmkxMOO 


1430 1440 1470 

765 

4760 4790 4720 

560 1590 1570 

790 1B30 1810 

m m 711 

9280 9340 9370 

871 
592 

369 375 371 

785 767 

77S 272 

14X1 1480 1430 

9500a 9700a 9690a 

3770b 3890b 3780b 

“ 651 685 

. 299 301 

1510 1540 1510 

10000 10100 9850 

674 689 674 

3371 3330 3380 

1350 1390 1370 

489 50® 405 

7390 7430 7520 

6010 6110 £100 

1200 1220 1230 

1110 1130 1120 

7950 7980 7950 

1610 1650 1640 

1930 1950 1930 

685 616 605 

2590 2650 2590 

'780 1880 779® 

130 1140 1140 

7500 7500 7500 

9220 9360 9260 

855 870 B55 

1470 1490 1490 

515 526 534 

1HS 17* 1720 

312 322 319 

1110 1130 1110 

3080 3090 3130 

2930 2950 2960 

9190 9280 9220 

1910 1910 1940 

.930 940 938 

1250 1270 1250 

2250 2270 2260 

47711 4010 480 

193 “ 

657 HM DH 

1190 1229 1200 

1610 1630 1640 

781 794 787 

737 753 734 

2950 2990 2970 

844 860 840 

3680 3610 3680 

2730 2780 2740 


NnrcenEneigy 

NthemTtaKorn 

Now 

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PonataPettm 
PttroCOo 
PtocwDome 
PacoPeihn 
Potash So* 

r v. t 

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RfaAJmn 
Rages CUnMB 
Swanns Co 
Shell CriaA 
Stone Camold 
Sunersp Energy 
Tofcmon Eny 
TeckB 

sr* 

Thomson 
TwDom Bank 
TnnsaBa 
TransCda Pipe 
Trimark FM 
Trtzec Hahn 
TVXGold 
WertamstEny 
Weston 


Vienna ‘JSSSSS 

BueMoMJddeh 903 875 899 87V 

Cs©SSmstPM 46*55 455J3 460X5 457X0 

EA-GenenB 312*45 3095 31093125X5 

EVN 1535 1505 1528 1507 

FtorfwfcnMm 505 497X0 501X0 505 

OMV 1348X0 1317 1329 JO 1330 

OestElefcfrb 85*30 851X5 0S6J0 051X5 
VAStaM 489 J5 m M 489 JO 481 
V A Tech 1965188*10 1 949189110 

WombtigBau 2242 2195 22402211X0 


mgb law 

13X5 12J5 
2» 2830 
4*30 44ft 

30 29 
29 2*40 

10W 101.85 
11 JO 11X5 
23X5 2110 

5*40 56 

22JS 23A 5 

23.10 22J5 
Mft 14 
110 IQBft 
39X0 3*40 
3SJ0 35J0 
24 23X0 
52J5 5110 
57Vi 57 
23X0 2145 
61« 44 

42ft 41 JO 
27 JO 27 JO 
39 JO 39ft 
24W 21J5 

31 29V 

40J5 39.90 
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441* 4185 
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2*60 241* 


13X5 13X5 
2870 2838 
46 4*55 
29J5 29X5 
2846 28U 

102X0 102X5 
1170 Hit 
23ft 23ft 
56 55.80 
2170 22JC 
23 22J5 
1*10 1*10 
109ft 110 

39ft 3*45 
35X0 3570 
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5185 531* 

57X0 57 

23ft 2145 
6540 64 

421* 42 

27W 274* 

3944 39ft 
22 2OJ05 
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15J5 15ft 
2*10 26 

4*15 43L35 
3044 31 ft 

*10 
24ft 2420 
78 77ft 


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Pmtous:60e9J0 


Wellington KB&rotatoac 2277x3 

9 Prerttofi 226*11 

AlrNZeoUB *20 *16 *20 *17 

Briefly Imrt 1X9 178 ITS 1JB 

gte-HoOOrt 370 117 3.1 B 119 

FtetoS Qi BWg *10 *06 *07 *06 

HetttOiEny *25 *17 *24 415 

Rttch Oi F«i m 2X2 2X5 2X2 

FMdiCh Puper ia 117 372 119 

UenNotam 3X9 148 3X7 3X0 

TbfaCOmNZ *50 6X3 6X0 

Wfcon Horton 1170 TIXS 11X5 11X5 


Afeerta Energy 
Atom Akim 
Andeuon Ekja 
BkMORbtol 
BkNanSMta 


BCTdecwwii 
Blodiem Photin 
BoAbardnJH 
BroiconAM 



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3020 

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53J0 52X5 
55X0 54ft 
31ft 31.10 
70ft 69 
mi j*io 
27ft 2*65 
20 27X0 

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J1X5 JO 
33X5 33 

.aw 5400 
3440 33X0 
770 27X5 
34ft 3370 

35 36 
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2BJ0 an 
3495 3440 
2115 2305 
39ft 39 
299X0 299 

25W W.15 
23X5 2110 
6470 6415 
1U5 11 

6410 6160 
44X5 
42J0 42 

WTO 18X0 
41ft . 40 
1945 19.10 
74 72X0 


2340 2340 
»X0 30 

47 JO 4745 
1*45 1*35 
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S5J0 5420 
31ft 3145 
6940 65ft 
29X5 28X5 
27ft 25ft 
Z7X5 27X5 
33ft 33ft 
3.15 m 
51X0 49ft 
3345 32J0 
56 5405 
3440 3345 
2745 27ft 
3440 3370 
3*10 3*20 
24 7W 
114S 1170 
28ft 2845 
34X0 3445 
2110 23.10 
39 39X5 
299 299 

2970 2940 
2140 2W 
64ft 65 
11JS 11J0 
6105 63X5 
45J0 45.15 
m i n 

10X5 19 

4140 40 

1940 19 JO 
74 7340 


Zurich 

ABBB 
Adecco B 
AJusuSseR 
ArevSennoB 
AMR 
BoerK. 
BafateHdgR 
BKVMW 
On Spec Own 
QnlontR 
SubnGpR 


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NesttiR 
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SMHB 
SWarR 
SMnRdnsR 
SwtaoalrR 
UB5B 
WkrfarttwrR 
Zurich AsaurR 


sntadac31Z747 
Prtitauro 109445 

1701 1795 1705 
405 4B7J0 492 

1243 1254 1250 
W90 2140 1978 
.850 BSD 851 
1047 1830 1045 
3070 3110 3110 
, 930 963 942 

12775 131 JS 127 
. 844 840 844 

16*50 16775 166 

526 530 S27 

« film ms 
4430 4430 4400 
1144 1160 1147 
TO 482 47B 

17B8 TU6 1790 
, 1940 1978 1942 
14425 14775 


740 731 

2150 2140 
225 222X0 
12550 12385 

,®S19J0 

1?W 1755 
3TO am 
836 820 

1029 1013 
1W 1712 
]B0 1292 
1410 1395 
10M 1061 
488 476X0 


f v — ■ 





PAGE 12 


INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDAY, MAY 3-4, 1997 


Friday’s 4 P.M. Close | mwIS? mwpe mx# 

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LIBERAJLLZATION. DEREGULATION. PRIVATIZATION 


-ii : 

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The emerging Egyptian economy is the 
outcome of a new government based 
on transparency in the formulation of 
policies, in the institutions that manage 
them, and in the data that evaluate them. 
This ethic rejects the obstructive bureaucracy, 
the burdensome regulation and the 
obscure logic of intrusion. 


113? 


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- Pbescdekt Mohamad Hosm Mubarak 
Keynote addrtst at the World Economic Forum 
Davos - Februarr 2, 1997 


t3 O Jf 

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WONDER OF THE PAST. 
YOUR INVESTMENT FOR 
THE FUTURE 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, M AX 3-4, 1 997 


PAGE 13 




ASIA/PACIFIC 


Thailand Delays Property-Bailout Bond Issue 


Bloomberg News 

® — The government 
ra^pectedly delayed the launching 
Friday of a $2 billion borrowing pro- 
® tam for tro ubled propeny and fi- 
nance companies, casting more doubt 

00 as plan 10 rescue the industries. 

The delay underscored die dif- 
ficulty of the task confronting the 
go vernm ent and the agency created 
to manage die bailout, which some 
analysts said could cost $12 billion. 

The Finance Ministry did not say 
v*y the agency, the Property Loan 
Management Organization, had 
delayed itsplanned sale of $ 1 billion 
baht ($383 million) of bonds. 

Brian official at the Financial 
Institutions Supervision and Devel- 
opment Board said the sale had been 

delayed until next week because the 
paperwork had not been completed. 
The ca binet approved the agency’s 
borrowing plans three days ago. 

“It's easy to make announce- 
ments, hard to implement,” said 
David Riedel, analyst at Salomon 
Broth ers (HJC) Ltd. “These pro- 
grams invariably get delayed or 


shrink.” The agency has a big job 
ahead of it. For four years, the Thai 
property market has been mired in a 
slump because of overbuilding and 
high interest rates. 

Thailand’s slowest economic 
growth in a decade triggered a wave 
of loan defaults by developers last 
year, leaving lenders in the lurch. 

About 40 percent of the 900 bil- 
lion baht of loans made to property 
developers in the early 1990s are in 
default The agency, modeled on the 
U.S. agency that bailed out failed 
savin gs-and-loan institutions in the 
early 1990s, will buy some of these 
loans — mainly from ailing finance 
companies — and make new ones to 
developers so that they will have 
enough cash to finish projects. 

The agency planned to sell about 1 
billion baht of bonds maturing in 
seven years. The securities will not 
pay interest; instead, they will be sold 
at a steep discount to tbeir face value 
and wiD yield about 9 percent. 

But that was not high enough fox 
many foreign fund managers, who 
win be able to buy the zero-coupon 


bonds. The securities, implicitly 
backed by the government, would be 
hurt even more than ordinary bonds 
if Thai interest rates rose, because 
zero-coupon bonds do not pay reg- 
ular interest. 

If rates rise half a percentage 
point, for example, the price of the 
seven-year zero-coopoD bailout 
bonds paying 9 percent a year would 
fail 3.28 percent, while the price of a 
bond paying about 10 percent a year 
would fall just 2.40 percenL 

“We're just not interested in 
bonds like this," said Rosa Wong, a 
fund manager at Peregrine Asset 
Management (H.K.) Ltd. 

Traders said the government 
might pressure local banks to buy 
the bonds. With overnight lending 
rales at 8 percent, those banks may 
barely be able to cover the cost of 
buying the bailout bonds. 

Even before the bonds were due to 
go on sale, the agency was off to a 
shaky start This week, die Thai cab- 
inet halved the agency’s borrowing 
limit, to SO billion baht. Standard & 
Poor’s Corp. says about 300 billion 


baht will be needed to resolve the 
crisis. 

In addition, few people expect the 
agency to provide a quick fix for die 
Thai property market's problems. 
Bangkok office prices are likely to 
fall as much as 10 percent this year 
because demand will not keep pace 
with the amount of new space com- 
ing on the market, analysts said. 

■ New Mergers Are Forecast 

More mergers are expected among 
Thai finance companies in the near 
future as competition intensifies, 
making it necessary to have a larger 
capital base, Reuters reported, quot- 
ing a central bank official. 

“It is certain that the number of 
finance companies will decrease 
through the mergers,” said the Bank 
of Thailand’s deputy governor, 
Jaroong Nookhwun, adding that the 
mergers would “help boost com- 
petitiveness in preparation for fiercer 
competition following the liberal- 
ization of the financial market.” 

Thailand has 9l finance and se- 
curities companies. 


Shares Slide 

In Philippines 

GanfM bt Our Stt&Frtm Dapetdta 

MANILA — Philippine 
stocks slumped to a 16-month 
low Friday, with Filipino Tele- 
phone Corp. collapsing to its 
lowest point ever, two days 
after the central back raised its 
overnight lending rale to II 
percent from 1035 percenL 
Piliptno Telephone fell 12 
percent to close at 11 pesos (42 
U3. cents). The cellular phone 
company’s first-quarter profit 
shrank 83 percenL 
Manila’s 30-share composite 
index fell 4232 points, or 1.6 
percenL to 2,605.65, its lowest 
point since Jan. 2, 1 996, as con- 
cern about the property sector 
weighed on bank stocks. 

(Reuters', Bloomberg ) 


Investor’s Asia 


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Taipei Stocks Plummet 

Sluggish Profits Cast Doubt on This Year’s Rally 


CaiydedbjOir Sag From Dupatdxi 

TAIPEI — The stock market plunged 33 
percent Friday as a slide in technology 
companies and disappointment over cor- 
porate profits cast doubt over this year's 
sharp rally. 

The Taipei Stock Exchange’s weighted 
index fell 298.66 points, to 8,187.00, its 
biggest-one day drop since May 20, 1996. 
Analysts said they expected further de- 
clines amid political and economic oncer- 
tain ties. 

Advanced Semiconductor Engineering, 
Mustek Corp. and other electronics compa- 
nies led the way after several of the compa- 
nies reported weaker-than-expected first- 
quarter profit in tiie past week. 

Those results raised concern that a 21 
percent gain in the benchmark index so far 
this year had outstripped the prospects for 
corporate profits. The index is still up 18 
percent an the year. 

“This market ran ahead of itself,” said 


Jonathan Ross of HG Asia Securities 
Taiwan Ltd. “The earnings that have come 
through haven't been spectacular, and it 
will only be in the second half — or into 
1998 — that things will really pick up.” 

Electronics stocks accounted for a third 
of the decline in the benchmark index, and 
the group took its biggest dive in almost 14 
months. Mustek, which makes scanners, 
fell 11 Taiwan dollars (40 U.S. cents), to 
155 after reporting disappointing earnings. 

Concern over the island’s social, political 
and economic outlook also was ukely to 
prolong the correction, analysts said. 

The decline was speeded by concent that 
the unsolved murder of a Taiwan actress’s 
daughter will prompt wealthy individuals to 
put off investments or emigrate, traders 
said. This was the third high-profile murder 
here in six months and raised concern that 
the government is having trouble cracking 
down cm gang-related crime. 

(Reuters, Bloomberg) 


Coca-Cola Buys Korean Bottler 


■ if. Tte 

■ -ra 


••rsas 


Ohio Experiment 


Bloomberg News 

SEOUL — Coca-Cola Co., shrugging off 
protests thatit unfairly canceled an agreement 
with a local bottling company, moved ahead 
Friday with plans to increase its investment in 
South Korea. _ ; . 

Coca-Cola Korea Bottling Co. said it had 
bought plants, land and equipment from 
Honam Foods Co. for what Yoribap news 
agency said was 483 billion won ($54.4 mil- 
lion). . 

A Coca-Cola spokesman declined to dis- 
close the amount of the cash transaction but 
said the amount was “not too far off.” 

! of 


the plants and equipment of another bottler, 
Woosung Food Co., last wed; and is part of 
Coke’s $400 miHion five-yrar mvestmeot pro- 
g ram ann ounced in March aimed at increasing 
its business in Korea. It now has about 59 


percent of the $1 trillion bottling market 

The transaction came as workers from Bom 
Yang Food Co. protested Coke’s plan to start 
its own bottling business. Bum Yang, which 
was a Cake bottler until its contract expired 
iMajch 3.1, rejected Cerise’s buyout bid, ami 
South Korea’s Fair Trade Commission began 
an investigation last month of Coke’s 
moves. 

■ Bhie-Chip Stocks Rise in Seoul 

Foreign investors bought South Korean 
blue-chip shares Friday, me first day of the 
latest increase in the ceiling on foreign-owned 
stocks, brokers said. Realms reported. 

The ceiling, which rose to 23 percent from 
20 percenL is applied to foreign holdings in 
individual companies. 

Seoul’s bexummaik composite stock index 
rose 2.87 points, or 0.4 peramt, to 706.10. 


RISK: Arp. Returns on China Ventures Worth It? 




m f **■ 


Continued from Page 9 

poration Nestle SA set up an 
entire unofficial distribution 
company in China to shadow 
the state-owned company that 
Nestle was required by law to 
hire ’ to distribute its 
products. 

Thai Nestle company mon- 
itors stock rotation to make 
sure that no expired goods are 
left on retailers’ shelves, even 
though that is supposed to be 
ihe state company’s job, said 
Anthony Lo, commercial di- 
rector for Nestle in Beijing- In 
essence. Nestle finds itself 








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tributioo. in China. 

The roai" attraction of 
China, of course, is size. Man y 
companies feel they cannot 
pass up the weald’s biggest 
country =*nd its 1 2. billion po- 
tential consumers, even 
though most of them are still 
very poor. The fact that all of 
their major competitors may 
be in China already can only 
add to the temptation. 

Yet size alone is not the 
only attraction. India is likely 
f^to become a trigger market 

tian China in the next 30 yean 

or so. yet it attracts barely 2 
. percent of the amount of for- 
eign investment that goes to 


Cbma. Admittedly, India is 
rated nearly as risky as China, 
but Indian investments pay off 
more handsomely. So why is 
China so more alluring? 

“It’s something to do with 
how open these systems are,” 
said Wong Keng Siong, an 
economist at Yamaichi. Re- 
search Institute in Singapore. 
India’s prohibitive taxes on 
capital leaving the country act 
as a deterrent, as do ever-shift- 
ing regulations, be said. Also, 
anal ysts note, some “for- 
eign” investment in China is 
really Chinese money 
smuggled out and coming 
foirfr in through Hong Kong. 

What companies may be 
overlooking is that taken to- 
gether, the more profitable 
countries of the region — In- 
donesia, Thailand, Malaysia, 
Singapore and the Philip- 
pines, along with tbeir South- 
east Asian neighbors — offer 
a population more than half 
the size of China’s, and often 
fin- greater returns. 

‘‘Businesses will not say 
’We have to be in Southeast 
Aria,’ because they look at 
countries, not regions,” Air. 
Hildebrand! said. Yetdevis- 

giesf 

markets and 
China, with the 


centralized government that it 
has in place, may be riskier 
r han setting up separate op- 
erations in Malaysia and In- 
donesia, for example. 

Consider the problems in 
China experienced by Volks- 
wagen AG, one of the coun- 
try’s few foreign-investment 
success stories. According to 
the Economist Intelligence 
Unit, die German carmaker 
has captured nearly half of the 


cars, thanks to its joint-ven- 
ture Santana plant in Shang- 
hai, opened in 1986. But ana- 
lysts say Volkswagen has lost 
what could amount to as 
much as $100 million on a 
second plant in the northern 
city of Changchun. Different 
city, different joint venture 
partner, different problem. 

Still, many companies far 
less successful than Volks- 
wagen continue tbeir efforts 
in China. A common refrain 
from many of them is that 
they are taking a long-term 
view. The problem with that 
argument is that “the exec- 
utives who are making it 
won’t be around in 10 or 15 
years to answer to their share- 
holders who want to know 
what went wrong,” one mul- 
tinational executive said. 


ITC 






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Very briefly: 


• A Nomura Securities Co. shareholder is suing 
former executives of the company, including its 
former president, Hideo Sakamaki, and several of its 
former directors. The suit alleges that the executives 
did material damage to shareholders when they 
funnel ed 70 million yen ($550,000) to Kojin Bund- 
ing, a company linked to sokoiya corporate rack- 
eteers, the Jiji news service reported. 

• Hyundai Engineering & Construction Co. of 
South Korea and Zueblin AG of Germany have 
been awarded a $2223 million contract to build a 
20-kilometer (12.4-mile) section of railway for the 
Singapore subway. Hyundai’s share of the contract 
is valued at 5159.4 million and Zueblin’s at $63.1 
million, the companies said. 

• The foreign share of Japan’s semiconductor 
market rose to 29.4 percent in the fourth quarter of 
1996, the second-highest level ever and 23 per- 
centage points higher than in the third quarter, the 
U.S. trade representative, Charlene Barshefsky, 
said. The foreign share of Japan's chip market 
averaged 273 percent for all of 1996. 

• Century Zinc Ltd-, a unit of RTZ-CRA Group, 
said a settlement had been reached in a dispute with 
aboriginal groups in Australia that had held up 
mining of the world’s largest untapped 2anc deposit 
for three years. The project, valued at 1.1 billion 
Australian dollars ($8633 million), will be allowed 


to proceed if the government of Queensland state 
revives a 30 million-doDar compensation package 
for the groups. Century, the world’s largest mining 
company, will pay an additional 60 million dollars 
in compensation. 

• Indonesian stocks fell for a third day, led by PT 
Telkom, amid concern about the country’s political 
stability. The Jakarta Stock Exchange's composite 
index tell 2.6 prints, or 039 percenL to 647.9 points. 
For the week it fell 0.7 percenL or 4.6 points. 

• Australia ordered Can West Global Commu- 
nications Corp. of Canada to reduce its stake in 
Ten Group Lid. by Sept 30. Can West increased 
its stake in the television network in January to 76 
percent from 573 percent; the ruling said Can West 
must cut the stake back to its previous level. 

• Westpac Ranking Corp/s shares surged after tbe 
bank said it would spend as much as 357 million 
Australian dollars buying back 2.8 percent of its 
stock. The shares rose 2 percent to close at 7.05 
dollars amid expectations the buyback would en- 
sure demand for the Sydney-based bank’s stock. 

• The Singapore International Monetary Ex- 
change, Singapore's futures exchange, is exploring 
opportunities for other contracts bared on regional 
stock indexes after the positive performance of its 
Taiwan stock index contract. 


• Wing Tiek Holdings Bfad.'s profit before special 
items for the six months ended Jan. 31 fell 71 
percenL to 1.22 million ringgit ($486,000), on 
lower steel prices and the costs of maintaining a 
large inventory of raw materials. 

• Australia’s prime minister, John Howard, said 
the country’s media needed more local investmeoL 
giving a lift to Kerry Packer's bid for the John 
Fairfax newspaper group. Separately. Mr. Howard 
said that News Corp.’s Australian unit, News-LtiU 
had asked the government to raise its 15 percent 
limit on foreign ownership so that the company 
could increase its stake in Seven Network Ltd. 

• The Tokyo Stock Exchange continued a three- 
week ascent as signs pointed to a further surge in 
profits by Japan’s export powerhouses. The Nikkei 
stock index rose 13 percenL or 239.42 points, to 
close at 193 14.75 as institutional investors actively 
bought selected international blue chips. 

• Mongolia enacted tariff reforms that abolished 
virtually all cus toms duties, including those on oil. 
its largest import item. 

• Indian Rayon & Industries LttL, a rayon and 
cement maker controlled by Rirla Group, said net 
profit rose 163 percenL to a higher-than-expected 
2.15 billion rupees ($60.1 million) in its latest year, 
despite flat cement prices and a new tax on 

profits. WP, Bloomberg, Reuters, AFP 


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ufl He is a man belonging to ihe most select rides of of at 
and oxtraonflr^y n evwy reepect! 























PAGE 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-5UNDAY, MAST 3-4, 1997 




Friday’s 4 PJ*. ] *$"?£ ** 

The 1,000 roast-boded Notiond Martet securities 
In temsofdotor whs, updated twfce a year: 

JlfBAssodoaiPms. 





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PAGE 15 




iif'-r :v 


Institutional Funds for Individual Investors 


0 000 and haw recently reduced their minimum purchase requirements to no more than 

throuah discnnnt hUSE? 1 ■ avera 9 e fund within their investment style. They are available 
rakers in the U.S. Almost all funds listed have to we r- than-a verage expense ratios. 


h> : & 

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.... 


# 15; 


Hr i. - 


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M f £ 


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-v *;■ 7 
.*■ * 


Large-Cap Value Average 
MAS Funds Value Portfolio 
Mainstay Institutional Value Equity 
American AAdvantage Growth & Inc. 

Large-Cap Blend Average 
Pimco Equity Adv Cadence Cap. App. 

Mid-Cap Value Average 
Pimco Equity Adv NFJ Equity Inc. 
Pimco Equity Adv NFJ Diver. Low P/E 

Mid-Cap Blend Average 
Pimco Equity Adv Cadence Mid Cap 

Mid-Cap Growth Average 
MAS Funds Mid-Cap Growth Portf. 
UAM Siroch Special Equity Port 
Quantatative Group Numeric Fund 

Small-Cap Value Average 

MAS Funds Small Cap Value Portf. 
Source: Momingstar Inc. 


Objective 

Growth & Income 
Growth & Income 
Growth & Income 


Growth 


Equity Inc. 
Growth & Income 


Growth 


Growth 

Small Company 
Small Company 


Small Company 


3-Year 

Annual return 

' ' . t2 r.i*D%', 
: '2027 V; 

, : W y 
• yia^s .'v: 

.. 17JD2 


1A-.1Q-.-i 

■ ■ i7Ai .% : 

, ;t&77 

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5-Year 

Annual return 

12.46% 

18.13 

16.71 

14.80 


Expense 

ratio 

-0.&S?.- 


■0 : 7P';. 

- 

".y.oib/: 






Sneaking In With Modest Means 

Small Investors Can Often Skirt Those Large-Sum Rules 


By Conrad de Aenlle 


M anagement companies 

impose large minimum in- 
vestments, sometimes in 
the millions of dollars, on 
funds intended for institutions and 
wealthy individuals. Their rules seem 
simple: If you do not have as much to 
commit as the manager requires, then 
you cannot invest. But the truth is that 
often you can. 

In some instances, a sympathetic in- 
termediary — a broker or hank — is 
needed, along with like-minded fellow 
investors, hi other cases, it takes an 
aggressive marketing director who 
wants to peddle his company's port- 
folios through different distribution 
channels to reach as many potential 
shareholders as possible. 

One problem investors face is dis- 
covering many of the available funds in 
die first place. 

‘'Generally speaking, most of these 
funds are private-placement vehicles or 
institutional vehicles," said Diana 
Mackay, managing director for Europe 
of the fund-research firm Upper Ana- 
lytical Services. “They may be publicly 
authorized but axe not targeted at the 
public, so when you talk about how to 
pet into a fund with a high minimum 
investment, nine times out of 10 you 
won't know about it because it’s not 
actively marketed. ” 

But often, especially in the United 
States, a manager will market an in- 
stitutional fund to clients of modest 
means. Fund providers, often large in- 
vestment houses, will set up funds with 
several classes aimed at different seg- 
ments of the market: a class for in- 
stitutions such as pension funds and 
insurance companies, another to be sold 
through retail brokers and financial ad- 
visers, and yet another marketed di- 
rectly through newspapers and financial 


Some companies have tried an ap- 
proach known as hub and spoke, in 
which different sorts of investors boy 
funds (the spokes) that have different 
minim urns, fee structures or legal dom- 
iciles; they are all invested in the same 
portfolio (the hub). 

Richard Brereton, vice president in 
charge of offshore funds ’at Morgan 
Stanley & Co., said that many fund 
providers find this method cumbersome 
and prefer simply to offer several fund 
classes. His company, for instance, has a 


range of Luxembourg-registered funds 
dial require a $2.5 million investment 
and two other classes targeted at the 
retail market with $10,000 minimums. 

Management companies “no longer 
have the need to jury-rig minimums so 
that people can get into funds through 
the back door through some temporary 
convenience," Mr. Brereton said 
“They met the matter head on; they’re 
telling the market, ‘We want to serve 
those clients’.” 

He said the idea was catching on 
slowly in many countries, while in the 
Unified States, “everybody and their 
brother has multiclass funds.” 

“The idea has been around for a long 
time and it works very well," he added 

From the management company's 
perspective, there is little difference in 
the way the various classes of a fund are 
marketed, especially in 
Europe, where funds are sel- 
dom sold without an inter- c \ 
mediary’s help. The manager Wj W 
will line up big retail banks or f j j rl 
insurance companies to sell L ol It 
the retail classes to their cli- R* 
eots, much as it would solicit |[ 
business from a large insti- 
ration looking for a place to 
park its own assets. 

High-minimum funds also are avail- 
able to small investors in the United 
States at so-called fund supermarkets, 
through which brokers sell the funds of 
different management companies with- 
out charging sales commissions. 

U.S. clients of Charles Schwab Corp., 
the largest discount brokerage, can use 
its Mutual Fund Marketplace to buy a 
handful of funds managed by Miller, 
Anderson & Sherrard with as little as 
$2J5 00. when the normal minimum is $1 
million. 

Funds in the Federated family that 
cany $25,000 minimums can be roughr 
with as little as $1 ,000 through Schwab, 
and Cohen & Steers Realty, areal estate 
investment tzust that normally requires 
$100,000, is available for a $2,000 in- 
vestment. 

“There used to be more of them,” 
said Tom Taggart, a Schwab spokes- 
man, “but a lot of institutional funds 
have either joined the ranks of retail 
funds in the way they price things, or 
they have shunned retail investors al- 
together because they’ve got enough 
assets from them. Normally, funds will 
lower minimums for supermarket pro- 
grams like Schwab's to get retail in- 
vestment dollars. It just depends on the 


direction of the fund family. If they've 
got enough retail assets, they'll raise 
minimums far above the amount that 
most retail investors can afford." 

Whether they m ake purchases 
through supermarkets or the multiclass 
system, investors can usually buy only 
the high-minimum funds that managers 
want to sell them. It is possible, al- 
though probably not common, to invest 
in others through brokers or financial 
advisers who buy the funds themselves, 
then share them with several clients. 

* ‘There is no regulatory problem if a 
broker opens an account in the firm’s 
Street name on behalf of several in- 
dividuals whose investments together 
make the total required minimum in- 
vestment.” said John Collins, a spokes- 
man for the Investment Company In- 
stitute, the American fund industry^ 

s trade association. “We have 

yrw no idea whether the practice 
2 4* is common, but there is noth- 
wr ing either of a regulatory 
f I [ nature or of a bookkeeping 
! / 4/ complexity to prevent it * 

Financial advisers say 
J O j there is little call for such a 
service because there are 
enough suitable funds with 
low minimums. So there is no need to 
sift through client files to find similar 
investment objectives and risk profiles. 

Few fund companies would object to 
the idea. High minimums are often im- 
posed on funds with risky investment 
objectives that managers would prefer 
to sell to institutions or to well-off in- 
dividuals using the advice of brokers or 
independent advisers. Whether a broker 
buys for one client or several is of little 
consequence. 

“If Rothschild's comes to us and 
invests 525,000, that’s fine, we put it in | 
Rothschild's name," said Anna Rick- 1 
arils, a spokeswoman for Foreign & 
Colonial Emerging Markets. “If they 
want to divide it up among their clients, 
they can." 

Foreign & Colonial has a series of 
Luxembourg funds with minimums of 
$5,000 to $25,000 that target places like 
Colombia, India, Russia and Taiwan 
and must be bought through a broker. 

“It’s to provide protection for in- 
dividuals on the street,” Ms. Rickards 
said. “We don't want someone putting 
all his money into Colombia.” 

For further information, call: 

• CHAW^ SCHWAB. 1 8W 966 5623 iaitaB UAed Suiei. 

■ MORGAN STANLEY. 441714238701. 


One Fund’s High-and-Short Strategy 

To Play, Investors Need Large Minimum and a Stomach for Trading 


By Conrad de Aenlle 


M UTUAL-FUND managers 
generally tell shareholders 
to invest for the Jong term, 
giving this advice even to 
clients who spend all day trading in and 
out of various securities po- 
sitions. Butat the RydexUrsa nga| 
fund, things work in reverse, 

Ursa is an anti-Standard & 

Poor's 500 index fund; the MfflT 
intention is to achieve a pro- i 

pbmonaie gain for any de- • U= 
dine in the benchmark index 
of large American stocks. 

While the managers seek » 

keep a constant portfolio, except for 
rollovers of futures contracts. 

ssrts? £ 

product development ana sales for Ry 

'‘Ityfcfr £ptelT$25.000 minim™ 

invjment or $15,000 whe n bmi rin 
through an independent, ® 

nancial -consultant- The 
seTi a level the managers thought 


would restrict ownership to institutional 
investors and to those acting on the 
advice of professionals. 

Allowing smaller, unsophisticated 
investors into the fund, especially 
knowing that they, like the larger share- 
holders, would engage in frequent 
switching in and out, would make Ursa 
too expensive to operate. 

“Retail shareholders are 
expensive to service; the high 
minimum does tend to wad 
__ 0 ff some of that retail busi- 
ST ness,” Mr. Steele said. “We 
build all our products and ser- 
nffl ]M vices around advisers. There 
LJSfMsj are economies that can be 
realized; you can have smaller 
accounts linked to one group number. 
It’s easier to stomach on our part.’ ' ^ 
Even with only large accounts. Urea s 
brain trust must stomach alot of trading. 
At the beginning of March, the fund had 
$290 million in assets. Then the market 
tanked and assets built up to more that 
$500 million at the bottom in ™d-Apti. 
A couple of days ago, they sioodat $658 
million, as skeptics used the fund to sen 
into the rally on Wall Street t 
“There's volatility, but there s less 
than there used to be,” Mr. Steele said 


The fund, he said, works with more than 
400 registered investment advisers, “who 
all have different black boxes” that flash 
buy and sell signals in the market 

Ursa does not actually hold short po- 
sitions on stocks in the S&P 500. Instead, 
it sells futures contracts on the index 
with a nominal value roughly equal to 
the fund’s net assets. Because the con- 
tracts are highly leveraged, with traders 
required to put up a small fraction of 
their value, most of Urea's assets are kept 
in cash instruments earning interest. 

Futures contracts usually cany premi- 
ums to their true worth that erode as ex- 
piration neare. Anyone selling a contract 
will tom a small profit if the index is at the 
same level when the contract expires. 

In the three years through April 24, 
the S&P 500 returned 85 percent, equi- 
valent to a 46 percent fall in a fund like 

Urea, and even more with expenses de- 
ducted. Because of the interest and fu- 
tures premiums earned, die fund ac- 
tually fell 32 percent, according to 
Upper Analytical Services. I 

Not bad, but not nearly as good as not 
being in the fund aialL 
For further information, call: 

m RYDEXURSA. 1 301468 8520. of. in iheUiwndSwa. 1 800 
S200MBS. 


Funds That Woo a Privileged Few 

Many Investors Excluded by High-Minimum Requirements 


joKraactMta/ HeaU Tribune 


By Digby Lamer 

A T FIRST GLANCE, the 
Everest Capital International 
hedge fund would appeal to a 
broad range of investors. Over 
four years, it has achieved an annualized 
compound return of 1 7. 1 9 per- 
cent, beating the Morgan Stan- | 

ley Capital International world 
index, a measure of stocks in TJ 
industrial countries, by a clear I 

6 percentage points. T? { 

Broadly appealing it may fct J 

be, but broadly held, it is not: In I 
Everest carries a minimum _Qj, A-L 
investment limit of $2 million . 

— a factor that excludes most mutual- 
fund investors. 

While the Everest investment min- 
imum is unusually high, the fund be- 
longs to a large group of funds world- 
wide aimed exclusively at those with at 
least $25,000 to invest. 

Martin Harrison, an investment man- 
ager with GAM Fund Managers (Isle of 
Man) Ltd., said managers demanded 
bigher-than-average initial investments 
for a number of reasons. Id some cases, 
it can be a reflection of a fund 's risk. 

“in financially regulated markets such 
as Britain and the United States, it can be 
hard to get the approval necessary to get 
these funds into the mass market,” he said. 
“Because the fund is only likely to appeal 
toa narrow band of sophisticated investors, 
they all have to corttnbute relatively large 
amounts to make it viable,” 

Nicola Meaden, a director of TASS 
Management Ltd in Britain, said this was 
true of the 950 hedge funds worldwide 
that she monitors. Most of these funds fell 
into the high-minimum categoty. 

‘ ‘They are mainly based offshore and 
more volatile than typical mutual 
funds,” she said “Usually they are 
geared to a more sophisticated, insti- 
tutional market.” 

Mr. Harrison added that marketing 
can be another consideration, as some 
fund managers and brokers are keen to 
gain a reputation for working at the top 
end GAM’s funds fall short of the high- 
minimum range, but still demand an 
average $15,000 from investors. 

‘ ‘It was more of a strategic decision, " 


be said “Retail business is a fairly new 
concept for us and with most of our 
funds we prefer not to have people 
switching in and out all the time." 

Ian Martin, director of business de- 
velopment with Gartmore Investment 
Management PLC in London, said high 
minimums of £50,000 and £100,000 
($81,500 and $163,000) for 
1 9 of its funds were designed 
rfL. to dissuade retail investors. 
TX ^ k 05 absolutely no effect 

Nig? on the way the funds axe man- 
OSy aged,” he said. “Investors 
ffj buy the same management 
T expertise in all of our funds. 
-j — L . 1 It’s just that sometimes you 

want to appeal to a specific 
type of investor. With our high-min- 
imum funds, we want to attract purely 
institutions. What they demand in terms 
of service and information is very dif- 
ferent to the sort of administration 
needed on funds with $1 ,000 lump-sum 
minimum.” 

Despite the institutional restriction, 
few managers would turn away inter- 
ested private investors with enough 
money to get started. The question to be 
asked, however, is whether sticking 
money in high-minimum funds gets in- 
vestors the best returns. 

The answer is yes, according to Jeff 
Kelly, an analyst with the Chicago fund 
monitor Momingstar Inc. He said that in 
all investment sectors apart from small 
companies, high-minimum 
funds aimed at institutions de- Tr 

livered better returns than re- | 

tail funds in a five- and -a-balf- <T\ f 
year period ended in August. Lifl- 
‘The average institutional 
U.S. diversified equity fund -Ea (Wl * 
has outpaced its noninstitu- jl 
tional counterpart by a cu- (f{[ f 
m illative 8 percentage 

points,” he said in a report. “That is 
more than 5800 on a $10,000 invest- 
ment.” 

He added that although this differ- 
ence was often attributea to the quality 
of management that institutional funds 
attract, it has more to do with charges. 

Momingstar found that U.S. diver- 
sified equity funds swallowed an av- 
erage 1.52 percent in expenses. High- 
minimum funds destined for institution- 


al investors charged just 0.93 percent. 
This advantage, compounded over five 
years, accounted for almost all the ora- 
performance of high-minimum funds 
relative to their low-minimum cousins. 

The same is true in Britain, where 
figures from Micropal Ltd. show in- 
vestment returns are virtually the same 
for small- and high-minimum funds 
once expenses are stripped out From 
more than 1,500 unit trusts sold is Bri- 
tain, about 10 percent demand a min- 
imum investment of £50,000 or more. 

Excluding charges, £1.000 invested 
over one year in high-minimum funds 
returned an average £1,056.68, com- 
pared with £1,075.15 across all funds. 
Over five years, the returns were 
£ 1 ,934.79 for high-minimum funds and 
£1,959.76 for all funds. 

Two British authorized funds car- 
rying the highest minimum investment 
at £500,000 achieved average returns. 
The Smith & Williamson Thorough- 
bred Trust returned £1,075.37 per 
£1,000 invested over one year and 
£2,173.13 over five. The Fidelity 
Money builder returned £1,054.64 and 
£1,758.54 over those periods. 

Some high-minimum fund managers 
in the United States have struck deals 
with discount brokers allowing them to 
accept initial investment of $10,000. 
About 100 funds once targeted at high- 
net-worth clients attempt to attract 
smaller retail investors this way. 

j , Bat according to Philip 

Xff * j Beal, a director with Fleming 
\y\ Investment Management Ltd. 
[I in London, which manages 
■gi funds on both sides of the 

/ff Atlantic. high-minimum 
Jl i funds moving into the retail 
market risk losing their per- 
formance advantage. 

The only way to avoid this 
is for high-minimum funds to limit the 
number of investors they allow in at 
lower levels, he said. Indeed, that is 
what many of the U.S. high-minimum 
funds available through discount 
brokers are doing. 

For further information, call: 

• Evaesi Capital haamtioBil, 1441 2922300. 

• Fleming Inttsunem Management 44 171 638 5858. 

•GAM Fund Mmagen. 44 171 493 99M. 

• Gartroqn? fmcsmtt m Management. 44 [71 782 2000. 



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Mrs Ruth Martin, Standard Chartered Bank (Cl) Ltd, PO Box 830, 

Conway Street, St Helier, Jersey JE4 0UF, Channel Islands. Or call us on 
Jersey +44 (0) 1534 507001. Fax: +44 (0) 1534 507112. 


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Nsrs - ur.MM(BOn> 


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INTERNATIONAL HERALD TRIBUNE* SATURDA1’-SUNDA% MAY 3-4, 1997 


PAGE 17 



THE MONEY REPORT 


Q&A / Dan Fuss 




Bond-Fund Performances 
That May Outdo Equities 








r/ie rop- 

rannng U.S. bond fund, ac- 
cording to Upper Analytical 
Services. Thar may nor mean 
rmtcn to equity investors, many of whom 

■ to™, e n J<>?ed higher retains than 
bond-holders could imagine. But thev 

Tna l C j ln J° r ° sh °ck; Mr. Fuss is 
.confident that over the next two xears 
- bonds will outperform equities, even if 

■ interest rates decline. 

■ hiis $6682 million Loomis Savles 

■ Bond fund achieved a total return of 
II .11 percent for the year to March 31. 

. compared with a 4.96 percent industry 
average. That was no flash in the pan- 
Over the past five years, the fund has 

■ returned an annualized rate of 13.49 
' percent, more than half again the in- 

■ dustry average of 8.08 percent, as meas- 
l ured by the Lehman Brothers Corporate 

jte Bond index. Mr. Fuss is head of bonds at 
^ Boston-based Loomis Sayles and man- 
. ages $9.7 billion in fixed-income assets. 
He talked with Aline Sullivan. 

• Q. Who buys this fund? 

A. It was originally available only to 

■ institutions with more than $1 million to 
; invest but is now open to individuals 
. who put in $2,500 or more through a 

• broker such as Charles Schwab. It is 
! open to buyers outside the U.S. but usu- 

■ ally their tax consequences keep them 
) out. For that reason, we are launching a 

■ similar fund in Dublin. I hope that it will 
‘ be available this summer. 

Q. Momingstar rates the fund five 
' stars, its highest rating. It also warns thar 
1 the risk is “higher than average.*' How 
; great an appetite for risk should your 
' investors have? 

' A. I am actually risk-averse. The risk 
[ drat I am averse to is that interest rates 
- will go down. I hope for higher rates, but 
, I think there is a better than 50-50 chance 


that long Treasury bonds will drop to 
five and a half percent in the next year 
[from about 7 percent now]. The Federal 
Reserve knows that inflation is there but 
has no figures to prove it and can’t raise 
rates without them. I fed very sorry for 
the people working there. 

Q. Shouldn’t lower interest rates be 
good news for the equity market? How 
do you expect bonds to outperform 
equities if interest rates decline? 

A. Bonds are a terrible thing unless 
you want a nice level of income. If you 
want long-term growth you should gen- 
erally go with equities. But I think bonds 
will outperform stocks for a few years in 
the U.S. and most other countries be- 
cause stocks are so expensive now. U.S. 
bonds in particular look very cheap by 
comparison. 

• 

Q. You are lauded as achieving near- 
equity returns with your bond invest- 
ments. To what do you attribute this 
success? 

A. People figure that I am something I 
am not. 1 am not managing the Green 
Bay Packers. It is all about buying the 
right bonds. 

We have had good numbers, partly 
because we have been long and long 
bonds have outperformed short bonds 
and because we tend to be very heavy in 
corporate bonds, which have outper- 
formed Treasuries. We also focus on 
discount bonds and convertibles. But 
mostly we do our homework every day. 

Q. What proportion of your funds are 
invested overseas and how is that pro- 
portion likely to change? 

A. Eighty percent [of the fund's assets] 
is supposed to be denominated in U.S. or 
Canadian dollars. Right now that figure 
stands at 92.4 percent, which is fine. The 
world has become so Yankeefied in the 
six years thar the fund has been going that 




Now Get Prepared for a Real Bear 


Dan Fuss: Just buy tbe right bonds. 

staying in dollars is not a problem. 

But 80 percent is also supposed to be 
in investments domiciled in the U.S. or 
Canada. That figure is now 80.6 percent, 
and I would like to see it go lower. The 
bond market has become global and a 
number of sovereigns are well worth 
buying. There are also some investment- 
grade corporate issues, such as some in 
Argentina, that are more attractive than 
sovereigns. 

• 

Q. At age 63, do you feel that you have 
a perspective on market fluctuations that 
many of your younger counterparts lack 
— apart from your much-publicized 
preference for handwritten ledgers and 
slide rules over computers? 

A. I try to find reasons that old age is 
good and there are a few. I see a Lot of 
people who have only known declining 
rates but for most of my first 20 years of 
work, rates only rose. That was a Jot 
easier, of course. But I also know how 
low raxes can go: the first long Treasury 
I bought was priced at par at three-and-a- 
half percent. That was in 1958. 

Q. Any plans to retire? 

A. My dad lived to 95 and my grand- 
father didn't retire until 95. I want to 
celebrate my 100th birthday at work. 


N OTHING IN life is so exhil- The Dow fell 21 percent, and fully 
arating as to be shot at without recovered its losses six months later, 
result," wrote young Winston That was mild. Most bear markets are 
Churchill. He was referring to rugged. Since 1956, we have had nine of 
his adventures in India, but he might have diem — an average of one every four or 
been referring to the great disappearing five years. Tbe typical downturn has 
bear market of early spring 1997. lasted 12 months; recovery, 33 months. 

Below 6000 as recently as six What this means is that if your liming is 
months ago. the Dow Jones industrial bad, it will take four years on average to 
average hit a 

March f Tl* A JAM IS CLASSMAN ON INVESTING 
month later, on 

get back even with stocks you bought at 
the stall of tbe bear market. 

For this reason, investors should not 
own stocks if they need the money 
within five years. In fact, my own rule 
is that stocks require a seven-year com- 
mitment and preferably 10. Rom 1 932 
to 1 995, there has never been a 10-year 
period in which stocks lost money. 

With a longer time horizon, histoiy 
shows you have little to worry about 
Since 1802, the worst 30-year period 
ever produced a annual average real 
return of 2.6 percent Average stock 
market returns are about S percent — 
the equivalent of about 1 1 percent with 
todays inflation. In 30 years, the pur- 
chasing power of an investment will 
grow more than eight-fold. 


on 

April 1 1. it had skidded to 6391, and 
my friends who have been screaming 
doom and gloom in their financial 
newsletters for the past two years were 
beside themselves with joy. But Friday 
we were back over 7000 again. 

Not only was the recent episode not 
a bear market, it was not even a decent 
correction, in a technical sense, since 
the decline never reached 10 percent. It 
amounted to 9.8 percent of the value of 
the Dow — the equivalent of a stock 
falling from S50 to $45. It lasted pre- 
cisely one month. It was a breeze. 

Now, it’s time to think about a real 
bear market. I say this not because I'm 
certain one is near, but because I worry 
about investors becoming complacent, 
patting themselves on die backs and 
grinning with satisfaction over having 
survived this brush with danger. 

Investors are their own worst en- 
emies. The worst thing they do when 
they see the price of a stock slide is to 
sell it. If a stock, were anything else 
(say, a shin) and its price fell, a typical 
person would not clear out his closets 
and hold a yard sale; he would go out to 
the srore and take advantage of the 
bargain. 

The most startling fact about bear 
markets — which are defined as de- 
clines of 20 percent or more on the 
Dow — is that there has not been one in 
seven years. The bear market of 1990 
began in July- and ended in October. 


T: 


HVfE IS YOUR best ally in the 
market. But only if you have the 
patience to take advantage of the 
miracle of compounded earnings. The 
real question is whether you have tbe 
nerve to ride out a bear market like the 
one that began on Jan. 5. 1 973. with the 
Dow at 1047, and ended on Dec. 6, 
1974, with the Dow at 578. That’s the 
equivalent of the Dow falling to about 
3850. 

Some investors simply don'r have 
the stomach to ride out turbulent bear 
markets. It's better to recognize such 
weakness now. before the bear begins. 
If you fit this category, one of the best 


steps you can take is to reallocate your 
portfolio from all stocks toamixnireof 
stocks, bonds and government bills, 
(tbe equivalent of a money-market 
fund). 

Using data from Ibbotson Associ- 
ates in Chicago. Vanguard Group, the 
rautual-fimd organization, presents a 
chan t h at shows how different model 
portfolios fared 
during hard 
times. 

An all-stock 
portfolio (assuming the investor owns 
the 500 companies in the. Standard & 
Poor’s index) produced an average an- 
nual return of 10.7 percent from 1926 
to 1996. Butin20ofthose71years.the 
portfolio suffered a loss; average de- 
cline. 12 percent; decline during the 
1973-74 bear market, 37 percent. 

With a “moderate-growth” portfo- 
lio comprising stocks (60 percent) and 
long-term U.S. Treasury bonds (40 
percent), the average yearly return Calls 
to 8.9 percent, but risk also falls. 
Losses occurred in 16 of 71 years, but 
they averaged just 8 percent. The 1 973- 
74 decline was 22 percent. 

Finally, look at a “conservative 
growth” portfolio comprising stocks 
(40 percent), bonds (40 percent) and T - 
bills (20 percent). The average annual 
return is 7.6 percent; losses came in 15 
of 7] years, with an average of 5 per- 
cent The loss in 1973-74 was 12 per- 
cent 

The difference between die all-stock 
and conservative-growth portfolios is 
three percentage points a year. That 
doesn c sound tike much, but it mounts 
up. An investment in the more ag- 
gressive portfolio quadruples in value 
in about 14 years: m the safer one, 20 
years. 

. But with the safer portfolio, you are 
likely to have patience to ride out a bear 
market without selling at the bottom. 

The Washington Post. 


BRIEFCASE 


Emerging With a Long, Great Return 


By Aline Sullivan 


F EW LONG-TERM invest- 
ments are as promising- as 
emerging markets. Russia and 
the former Soviet republic, 
known for good reason as the “Wild 
East” the embryonic markets of Vi- 
etnam and Burma and whar Padding- 
ton Bear described as “darkest Peru” 
may all look decidedly risky today. 
But in ?0 years, they may be perceived 
as having been obvious choices. 

Illiquid stock markets, inefficient 
companies, opaque accounting prac- 
tices and a hefty dose of political and 
economic uncertainty send most long- 
term investors scuttling for the rela- 
tive safety of the developed world. But 
far those able to stomach the risk and 
the often dramatic fluctuations inher- 
ent in emerging markets, the rewards 
could be magnificent. 

“Emerging markets with large pop- 
ulations which want to get richer are 
particularly exciting," said Geoffrey 
Dennis, global emerging-markets 
strategist at HSBC James Capel in 
Ne w York. 

“Look at the Philippines and In- 
donesia. both of which have started to 
do really well,” he added. “Now we 
have great hopes for India, China and 
Brazil" 

Many fund managers and analysts 
reserve their greatest accolades for the 
burgeoning Russian market and its 
neighbors. 

Mr. Dennis, for example, identified 
tremendous opportunity for invest- 
ment in what he calls the ex t ended 
Eastern Europe: the Ukraine, the Cau- 
- casus region, Kazakhstan and, of 
course, Russia. 

Certainly, the Russian market has 
been among the world’s roost prof- 
itable in recent months. Russian stock 
indexes are up roughly 60 percent so 
far this year following big gains in 
1996. 


“Russia has the same potential that 
Japan had 40 years ago." said John 
Paul Smith, emerging Europe 
strategist at Morgan Stanley & Co. in 
London- “It has some of the cheapest 
assets we have ever seen and tre- 
mendous resources." 

Russian oil reserves are valued ai 
well under 50 cents a barrel, he said. 
Thar compares with at least S6 per 
barrel for reserves held by Western 
companies. Despite recent gains, ma- 
jor oil and energy companies, such as 
Unified Energy Systems, are still trad- 
ing at two to three times current earn- 
ings, compared with 20 times and more 
among their Western counterparts. 

If that seems too good to be true, it 
may be. In 20 years, an investment in 
Russia or any other emerging market 
could prove almost worthless. In- 
vestors in Turkey .Thailand and Mex- 
ico have .made and lost a fortune, 
while those in most of Africa never 
bad much cause for hope. Almost any 
investment made two decades ago in 
Lebanon or Algeria has been disap- 
pointing. 

“The problem with many emerging 
markets is that they are so shallow and 
illiquid, as well as fraught with polit- 
ical risk," said Mr. Dermis. 

But he was fairly sanguine about 
the prospects in Eastern Europe and 
Central Asia. 

“The natural resources hi countries 
tike Kazakhstan will always be there 
at die end of the day,” be said. 
“Whether you own them is another 
matter, of course, but I think some of 
the political risks in Russia and some 
of her neighbors have been overdxam- 
atized." 

Other analysts have applied the 
oamp reasoning to Brazil, also rich in 
natural resources but plagued by polit- 
ical uncertainty. President Fernando 
Henrique Cardoso’s plans to serve up 
about $30 billion in asset sales by 
1999. when his first term ends, appear 
to be a moveable feast. First to go are 


supposed to be electricity and tele- 
communications companies, followed 
by the railroads, ports, min ing com- 
pany and banks. But progress has been 
slow. 

Ondine Smulders. Latin American 
strategist at HSBC James Capel in 
London, suggested buying Brazilian 
electrical and telecom stocks, two re- 
latively safe investments for the long 
hauJL 

The opportunity for growth makes 
these a good buy almost anywhere in 
the region. For example, each tele- 
phone line in Latin America serves on 
average only 10 people, compared 
with about 50 in Western Europe and 
60 in America. The average pro- 
ductivity is 200 lines per employee, 
against 330 in the United States. 

T HERE ARE rich pickings in 
other Latin American countries, 
thanks to a slow recovery from 
the aftermath of the Mexican peso's 
collapse in December 1994. 

“In Mexico, choose export-driven 
stocks that will benefit long term from 
the country's participation in NAF- 
TA.” Ms. Smulders said, referring to 
the North America Free Trade As- 
sociation, “and in Chile, choose con- 
sumer-oriented stocks in companies 
that are using their experience to 
branch out to less developed Latin 
American markets." 

Halfway around the world, the out- 
look is similar. 

Mark Madden, manager of the $1 40 
million Pioneer Emerging Markets 
Fund in Boston, recommends buying 
shares in Bangkok Bank, which will 
be able to apply the expertise gained in 
Thailand to its less-developed neigh- 
bors. 

“There are almost 300 million 
people in Indochina and most are in- - 
credibly poor,” he said. “The bank 
will be among the first to benefit from 
lending on infrastructure projects in 
tbe region.” 


Choice Stocks From America’s Midwest 




By Timothy Middleton 

’ ueb of the Upper Midwest in 
America was under water in 
April as was a mutual fund 
. - v — that invests heavily in the 
\ region. But a stock market rally in the 
/ final days pulled tbe fund out of the red 

• arebound that has been far easier ton n^ 

; of to flooded communities along the Red 
l River in Minnesota and North Dakota. 
t Mails & Power Growth, based m St. 

• Paul, Minnesota, now has a gam for the 

• year,- and positive territory, is what the 
» fund's shar eholders have come to expect. 

» The fond is relatively obsane -itK 
» available to investors m o^ll sgks, 

• indndingNew York and California, 

: through any fimdsupennaAet 

' an famessive recoii It has outpeiftin^ 

; Ae StKi & Poor's 500-stock index for 



■ 0^™ e A. Mails 5d,6S. has managed 
I the fond for the last 17 yens in ** 

■ his father established m l931. when be 
! be pan Mails & Power Inc., a money 

dement firm. The fund’s hold^s 

■re few only 33, and Mr. Mans knows 
S well- Four out of five “wp™* 
1 are based in the Twin Cioes, and mostot 
; restate Midwestern. "We^veM- 
* lowed these companies, in some cases, 

"a couple of generations. 

“We attempt to find attractive contpa 


tries demonstrating predictable growth, a 
high return on equity and a strong bal- 
ance sheet,” he said, “and ro buy them 
when they are somewhat undervalued 
relative to to overall market” 

A big cash inflow, which has nearly 
tripled the fund’s assets in the last year, 
io $200 million, has sent Mr. Mairs on a 
buying spree. 

Emerson Electric is one of only seven 
of the fund’s holdings withoutbeadguar- 
ters in to Twin Cities. The company, 
based in St Louis, makes electronic 
products, mainly for industry. 

' Mr. Maiis said he was drawn to Emer- 
son 35 years ago. when it was already 
displaying steady growth. “This com- 
pany has had uninterrupted eamings-per- 
share growth for the last 39 years; that is 
perhaps to longest period of unmter- 
nipted eamings-per-share growth of any 
industrial company in to United 

Stales,' ’ he said. * 'It has also increased its 

dividend in each of to last 40 years.' 

Emerson flies below to radar of 
many growth managers because ns av- 
erage growth rate is about 10 percent a 
vear. and aggressive investors have been 
looking for 15 percent. Profits rose 12 
percent in 1996, and Mr. Mairs expects 

an 11 percent gain this year. 

Another of the fond’s top positions, is 
Medtronic, and Mr. Mairs said he was 

shares. , 

ic, to maker of pacemakers 


and other implantable medical devices, 
is based in Minn eapolis. * ’This is a com- 
pany that we think can grow revenues at 
15 percent or better, and earnings per 
share at 20 percent or better, for the 
foreseeable future, which is five years in 
my book,” he said. 

Medtronic's price is about 30 times 
per-share eamings of the last 12 months M 
or 15 times to level of to overall 
market. But Mr. Mairs said to premium 
was more than justified by exceptional 
growth- “ Atyear-etid 1972 it sold a! 72 
times its trailing eamings. That was a 
high market This is not * 

. Tlje tbird-largest holding. Norwest of 
Minn eapolis, is the 12th-iargest V.S. 
banking company and is highly diver- 
sified. About a quarter of its profits come 
from a consumer-finance unit and 12 
percent from mortgages; it is to nation’s 
largest originator of home loans. Its re- 
turn on equity is 22 percent and has been 
in Mr. Mairs’s portfolio for 37 years. 

Financial stocks slipped after the Fed- 
eral Reserve raised short-term interest 
raws in March., but Mr. Mairs said he 
wasn't worried about Norwest. “A lot of 
their eamings today are from fee in- 
come, particularly in their mortgage 
business,'* he said. * ’It's our feeling that 
this company can continue ro grow earn- 
ings at 12 percent even in a somewhat 
higher interest rate environment.'’ 

Vew York Times Service 


Telebras Keeps 
Coming Up Rosy 

How far is up? A Money 
Report reader in Britain has 
written to inquire whether it is 
too late to buy Telecomunic- 
acoes Brasileira SA, given its 
spectacular price run-up in to 
past year. Shares of to tele- 
phone company, known as 
Telebras. were at $60 in June, 
when to Money Report ran a 
story on investing in Brazil’s 
utility privatizations. Tbev 
have since soared to $110. 

Nevertheless, tore is- 
mileage left in Telebras. said 
some analysts, who are pro- 
jecting anywhere from $140 
to $150 a share over the next 
12 months. 

“It's woefully underval- 
ued. and still the least-ex- 
pensive telephone company 
in Latin America,” said Ray- 
mond Liguori, who follows 
Telebras for Merrill Lynch & 
Co. He said a “huge” rale 
increase in November 1995 
drove the company's perfor- 
mance during 1996. Only a 
few weeks ago, a rate restruc- 
turing was announced that 
will reduce long-distance 
rates but boost by 60 percent 
tbe rates of local calls, which 
have a far heavier volume. 
The restructuring also' will 
raise monthly fees. 

Mr. liguori suggested that 
individual investors buy and 
hold Telebras through its full 
privatization, scheduled for 
1 998. Once thai has happened, 
he said, the company's value 
will be further enhanced as 
foreign telecommunications 
groups become investors, 
vastly improving efficiency 
and purchasing pieces of the 
company, such as its cellular 
phone operation. 

Is there any downside in 
this rosy picture? 

1 ‘Telebras is a proxy for the 
Brazilian economy,” Mr. 
Liguori said, “and if anything 
happens there, it will bear to 
brum of bad economic 
news.” Investors wifl also 
need patience, since he thinks 
the privatization is likely to be 
delayed to 1999. Still, he ad- 
ded, “It’s moved from the 
pointof whether privatization 
occurs, to when. 

Depositary receipts for 
Telebras are listed onto New 
York Stock Exchange and the 
London Stock Exchange. 

(IHT) 


Nation by Nation, 
Easy Isn’t Best 

For those international in- 
vestors looking country by 
country for equities, some of 
the easiest markets ro play in 
get poor reviews from Marvin 
Zonis, a professor at the Uni- 
versity of Chicago's business 
school and a consultant on 
international economics, 
political risk and investing. ' 

Mr. Zonis said he was con- 
fident that to European Un- 
ion would persevere with its 
plans for monetary union, 
which he says means that its 
member states' economies 
“are not going anywhere fora 
very long time.” The reason, 
he said, is that European 
political leaders had been 
* ‘dragged” into to economic 


and monetary union plans by 
Chancellor Helmut Kohl of 
Germany and would not be 
able to stimulate growth. 

The goals of monetary un- 
ion, be said, were political, not 
economic, and be said Ger- 
man reunification provided an 
instructive example. 

“Chancellor Kohl could 
not care less about economic 
development,” Mr. Zonis 
said. “You remember, he is 
the guy that brought East Ger- 
many into West Germany on 
the basis of one East German 
mark for one West German 
mark. Thai is not because be 
thought it would be good for 
to economy of West Ger- 
many; he was not interested in 
tbe economy. He was inter- 
ested in the unification of the 
German people.” 

“This deal is Chancellor 
Kohl's commitment to ending 
war in Europe,” he said, “and 
if it requires a decade or two 
decades of economic hard- 
ship. he could not care less.” 

His view of Eastern Europe 
is equally bleak. For the fore- 
seeable fomre, be said, “Rus- 
sia is nor going anywhere, 
either,” because the state is 
“too weak to create to 
framework of a market econ- 
omy.” Without an effective 
central government able to 
collect taxes and enforce 
laws, tbe country will have 
“bandit capitalism,” not an 
investor-friendly environ- 
ment, despite tbe recent ga ins 
in Russian securities. 

Looking to Asia, he pre- 
dicted a recession in Japan 
this year. He cited the gov- 
ernment’s cautious fiscal 
policy, including an increase 
in the national sales tax, and 
said Japanese companies “are 
not spending money on busi- 
ness investment — they’re all 
moving to Malaysia.’’ 

“My own sense is that 
there is an arc of countries 
beginning in Korea” he said, 
“and extending down to 
Hong Kong, Singapore, 
Malaysia, Indonesia and 
Thailand, that have been the 
miracle economic stories — 
including Taiwan — for to 
last 30 years, and they’re all 


coming to an end.” 

So where does he see 
growth? In India, which is 
moving toward a market 
economy. ‘ * India will be more 
successfol than China over 
time,” he predicted. “I'm 
very impressed tty India's hu- 
man capital; Indian entrepre- 
neurs are very successful, In- 
dian scientists and engineers 
— these guys have it” 


Some countries in Africa, 
he said, would benefit from 
to black community in the 
United States making a do- 
mestic political issue out of 
helping their economies. 
Among the countries be said 
were good bets were South 
Africa, plus “places like 
Ghana and Uganda, which are 
already beginning to be eco- 
nomic success s tones. "f/HTJ 


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f\TEHMH0\4L 


PAGE 18 


Sports 


SATURDAY-SUNDAy, MAX 3-4, 1997 


m"Z 


World Roundup 


Hardaway Broils Heat 


Rosset is Victorious Orlando Ties Series With Miami 


tennis Marc Rosset of Switzer- 
land, fighting the flu, hung on to 
oust second-seeded Carlos Moya in 
straight sets Friday to reach the 
semifinals of the BMW Open in 
Munich. Rosset, seeded seventh, 
won the key points in a match dial 
was plagued with errors by both 
players. He beat the Spaniard, 7-5, 
5-6 (7-5). 

Rosset, ranked 19th in the world, 
is to face Alex Corretja of Spain in 
the semifinals Saturday. Corretja, 
seeded fifth, posted a 5-7. 6-2, 6-1 
victory over Martin Sinner of Ger- 
many. 

Another big server, eighth- 
seeded Mark Philippoussis of Aus- 
tralia, also reached the semifinals 
by struggling pasr Andrea Gaud- 
enzi of Italy, 7-5, 4-6, 6-4. He is to 
take on Slava Dosedel of the Czech 
Republic, the defending champion, 
who ousted Frederik Fetterlein of 
Denmark. 7-5, 6-4. (AP) 


By Clifton Brown 

Aten- York Times Service 


ORLANDO, Florida — Anfemee 
Hardaway has been brilliant. The Or- 
lando Magic’s comeback has been 
shocking. And if the Magic beat the 
Miami Heat again, it will complete one 
of the most dramatic playoff upsets in 
National Basketball Association his- 


tory. 

Carried by Hardaway’s heart and tal- 
ent for the second straight game, die 
Magic beat the Heat on Thursday night, 
99-91, at Orlando Arena, to even their 
three -of-five-game, first-round series, 2- 


I BA Playoffs 


Martinez Loses in 8 Sets 


tennis The unheralded Maria 
Sanchez-Lorenzo of Spain beat her 
idol and compatriot, Conchita Mar- 
tinez, in three hard-fought sets to 
reach the semifinals of the Rexona 


Cup in Hamburg on Friday. 
Sanchez-Lorenzo. ranket 


Sanchez-Lorenzo, ranked No. 
121 in the world, warded off four 
set points while down 1-5 in the 
first set, then ousted the 1994 
Wimbledon champion, 7-5. 5-7, 6- 
2. Martinez, who was seeded 
second in the tournament, is ranked 
No. 6 in the world. 

"Conchita Martinez is my idol 
— I admire her," said Sanchez- 
Lorenzo. 19. "Still. I knew I could 


surprise everyone against her." 
Sanchez-Lorenzo is to face I 


Sanchez-Lorenzo is to face Iva 
Majoli, the No. 4 seed, who 
struggled to a 2-6, 6-4, 6-4 victory 
over fifth-seeded Mary Pierce of 
France. The other semifinal Sat- 
urday pits Ruxandra Dragomir of 
Romania against 1 7-year-old Anne 
Gaelle Sidot of France. (AP) 


2. Game 5 will be played Sunday at 
Miami Arena, where the Heat will have 
the home court, but the Magic will have 
the momentum. 

With the crowd at Orlando Arena 
going wild, the Magic built a 14-point 
halftime lead and controlled play the 
rest of the way, led by Hardaway, who 
has turned in back-to-back games that 
Michael Jordan would be proud of — 41 
points Thursday night following 42 in 
Game 3. 

Few people gave Orlando a chance in 
this senes after Miami won the first two 
games by an average of 25 points. Or- 
lando had been severely outplayed, the 
team was hobbled by injuries, and the 
Magic players looked as if they were 
was headed for vacations. 

But Hardaway has lifted his game to 
another level, raising his teammates 
with him. Meanwhile, the Heat have lost 
their composure and confidence, look- 
ing nothing like a team that had die 
league’s best road record (32-9). 

Only five teams in league history have 
recovered from a 2-0 deficit to win afive- 
game series, but Orlando hopes to be No. 
6. The winner on Sunday will face the 
Knicks in the second round — a matchup 
that the Miami coach. Pat Riley, and his 
team desperately want. But the Heat 
have been guilty of looking ahead, and 
Orlando has marie Miami pay. 


Derek Strong, Darrell Armstrong, 
Gerald Wilkins and Danny Schayes 
have stepped forward in place of the 
injured Rony Seikaly and Horace Grant 
Orlando grabbed early momentum, and 
the noisy crowd loved it chanting 
“Beat the Heat Beat the Heat." 

A jumper by Tim Hardaway pulled 
Miami to 94-89 with 2- minutes 13 
seconds left But after an Orlando time- 
out the Magic went to Penny 
Hardaway, who was fouled by Jamal 
Mashbum with 1:55 left Hardaway 
made one of two fouls shots to give 
Orlando a six-point lead. Then Alonzo 
Mourning, who had 23 points and 13 
rebounds, lost die ball on Miami's next 
possession, and Orlando hung on. 

So Miami left town Thursday night in 
danger of minin g a terrific season. The 
Heat won 61 games and the Atlantic 
Division, but if they do not win Sunday, 
Riley will be watching the rest of the 
playoffs on television. 

the Associated Press reported: 
SupraSonic* 122, Suns IIS Phoenix 


was revitalized by an amazing shot by 
Rex Chapman. The lift just didn’t carry 


Rex Chapman. The lift just didn t carry 
over into overtime. 

After Chapman's off-balance, run- 
ning 3-pointer tied Seattle with 1.9 
seconds left in regulation, the visiting 
SuperSonics rallied in overtime to beat 
the Suns and stay alive in the NBA 
playoffs. 

"We didn't lose our composure this 
time, which I think is probably the key in 
all the games we lost," Sam Perkins said 
Thursday night after the Sonics tied the 
series at 2-2 and sent it back to Seattle 


for a deciding Game 5 on Saturday. 

Detlef Schrempf and Hersey 
Hawkins hit 3-pointers in overtime, and 
Shawn Kemp, after making six free 
throws in the last 38 seconds of reg- 
ulation. hit two more foul shots to put 
the game out of reach. 

Kemp had 24 points and tied his 
playoff career high with 20 rebounds. 

"When you have your back against 
the wall, you don’t have much choice," 
he said. "We had to come out tonight 
and perform." 



Stich, Citing 
Bad Shoulder, 
To Quit Tennis 
hi September 


CaKxn knig!it/.\pnrr hu m IW 

Orlando’s Anfemee Hardaway scoring over Alonzo Mourning of Miami 


Traylor Is Staying Put 


basketball The University of 
Michigan's star sophomore for- 
ward, Robert Traylor, has changed 
his mind about entering the NBA 


Back From the Bullpen, McDowell Shines Over A' s 


draft this year and plans to spend 
another season at Michigan. 

“I never fully said I was going 
anywhere." Traylor told The Ann 
Arbor News on Friday. "There are 
a lot of different reasons, but right 
now I'm not prepared to talk about 
it" The 6-foot-8-inch (2-meter), 
300-pound (136 kilogram), Traylor 
had reportedly decided earlier this 
week to leave Michigan for the 
NBA. 

Traylor called off a news con- 
ference he had scheduled for Friday 
afternoon at Murray-Wright High 
School, his alma mater, and 
planned instead to talk with 
Michigan’s coach, Steve Fisher, 
according to Murray- Wrights' ath- 
letic director, Robert Glenn. 

Glenn said he agreed with the 
decision to stay in school, adding 
that Traylor could improve his 
standing as an NBA prospect with 
another year of experience. (AP ) 


The Associated Press 

Jack McDowell made a nearly flaw- 
less return to the starting rotation, and 
David Justice hit two of Cleveland's 
four homers as the Indians beat the 
visiting Oakland Athletics, 7-1. 

In his first start following a demotion 


B as ib all Roundup 


and Mark McGwire to start the seventh 
during a string of four straight 
strikeouts. 

Mike Jackson relieved McDowell in 
the eighth and got the last six outs. 

OrloiM 3, Twin* 2 Scott Erickson al- 
lowed five hits over 8 Vs innings and B J. 
Surhoff drove in two runs as surging 
Baltimore handed host Minnesota its 


Randy Myers got the last two outs for 
his 1 1th save in 1 1 opportunities. 

Royal* a, BHm Jay* o Jose Rosado 
pitched 7% shutout innings and Jay Bell 
and Jose Offerman drove in three runs 


apiece as Kansas City blanked visiting 
Toronto. 


to the bullpen. McDowell (2-2) allowed 
one run on three hits in seven innings 
and struck out nine on Thursday night 
He fanned Jose Canseco to end the sixth 


eighth straight loss. 
Erickson (4-1), 


loronto. 

Rosado (2-0), who has lost three po- 
tential victories this year because of 


Erickson (4-1), who pitched eight 
shutout innings against Boston in his last 
start, gave up only Chuck Knoblauch’s 
infield single through six innings. 


poor relief pitching, gave up only three 
hits, struck out five and walked four. He 


Inter’s Heartening News 




soccer Inter Milan's 20-year- 
old Nigerian attacker, N wank wo 
Kami, has been cleared by doctors 
to return to professional soccer 
after undergoing heart surgery in 
the United States five months ago, 
the Italian club said Friday. Inter 
said it had received a medical bul- 
letin from the Geveland Clinic, in 
Ohio, earlier Friday that detailed 
the African Player of the Year’s 
condition and progress. (Reuters) 






Tom L'klnun.-Th; .v.k-_*scJ Pibw 


Javy Lopez of the Braves sliding into second with a double as Lenny 
Harris of the Reds was Late with the tag. The Braves triumphed again. 


hits, struck out five and walked four. He 
lowered his ERA from 2 J9 to 2.0S. 

Angal* at Rad Sox Postponed by rain 
after 4V6 innings. 

In the National League: 

Piratas 3, Giants 2 The Pirates 
reached .500, evening their record at 13- 
13, with their victory over visiting San 
Francisco. 

Dodger* 5, Phillies o Todd Zeile used 
his return to Philadelphia to return to his 
usual hitting form. 

Zeile. who hit 20 homers and drove in 
80 runs for the Phillies last year, hit a 
two-run homer and Pedro Astacio 
pitched the Dodgers' first complete 
game of the season as Los Angeles beat 
Philadelphia. 

Expo* 4, Astros o Pedro Martinez 
pitched a three-hitter and lowered his 
ERA to 0.31. leading host Montreal 
over Houston. 

Martinez (4-0) has not allowed an 
earned run in 25 innings. He struck out 
nine and walked two in his first com- 
plete game of the season. 

Cardinal* 3, Marlins 2 Matt Morris, a 
rookie right-hander, retired the fust 17 
batters he faced and allowed four hits in 
7 W innings as host Sl Louis beat Flor- 
ida for its fifth straight victory. 

Morris 1 1 -1 > had a perfect game until 


Marlins pitcher Alex Fernandez, who is 
4 for 1 3 this year, doubled with two outs 
in the sixth. Montis left after Greg Zaun 
hit a two-run homer with one out in the 
seventh. 

Dennis Eckersley worked the ninth 
for his sixth save in six chances, but the 
final out was Jeff Conine’s liner to cen- 
ter with the bases loaded. 

Rookfo* a. Cub* 4 Dante Bichette and 
Quinton McCracken homered as Bill 
Swift and the Colorado Rockies beat the 
visiting Cubs. 

Swift (3-1) allowed one run on only 
four hits in six innings. He struck out 
two and walked three. 

Frank Castillo (1-4), who had a 2.87 
ERA and won his two previous starts at 
Coors Field, gave up four runs in six 
innings. 

Padre* 7, Mata 3 Andy Ashby limited 
the host Mets to eight hits and cruised to 
victory, helped along by four home 
runs, two of them by John Flaherty. Ken 
Caminiti and Greg Vaughn also con- 
nected for the Padres, ana Tony Gwynn 
had three hits and a sacrifice fly. 

Brava* 4, Rad* 2 Atlanta, which set a 
major league record with 19 victories in 
April, started May with a victory at 
Cincinnati. 

Michael Tucker, Javier Lopez and 
Ryan Klesko homered for the Braves. 
John Smoltz (3-3) pitched eight strong 
innings and Mark Wohlers escaped a 
two-on. one-out jam in the ninth to 
remain perfect in seven save chances. 

The Reds ’ manager, Ray Knight, who 
admitted he wanted to get ejected to Are 
up his slumping team, was tossed in the 
fifth for arguing balls and strikes with 
umpire Wally Bell. 


ular generation is waiting in the wings. 
“It's very sad news," said Claus 


“It's very sad news," said Claus 
Stauder, head of the German Tennis 
Federation. 


■ Honeymoon Over for Agassi ; 

Andre Agassi, married two weeks 
ago to actress Brooke Shields, tumbled 
out of the AT&T Challenge with his 
sixth loss in seven ATP Tour matches. 
The Associated Press reported from Du- 
luth, Georgia. 

Magnus Norman, a 20-year-old 
Swede, brushed aside Agassi oh 
Thursday night, winning. 7-6 (9-7). 3-6, 
6-3, with an 18-ace performance in the 
second round of the clay-court Tour- 
nament at the Atlanta Athletic Gub. f B 

The fourth-seeded Agassi, who will 
be fined $1,000 for skipping the post- 
match news conference, joined a grow- 
ing list of seeded players eliminated in 
the first two rounds, including top- 
seeded Michael Chang and No. 3 Jim 
Courier. 

In other marches Thursday. Perr 
Korda of the Czech Republic beat Johan 
Van Herck of Belgium. 6-4. 1-6, 6-3: 
Jason Stoltenberg of Australia edged 
Juan Albert Viloca of Spain, 6-1. f-5: 
and Fernando Meligeni of Brazil beat 
Dennis van Scheppmgen of the Neth- 
erlands, 6-3. 7-6 (7-1). 


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In another game, in Hel- 
sinki. Roger Dube scored rwo 
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victory over Germany in 
Group A and its first triumph 


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fell apart during the last 2:02 
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tying goal with 1:13 remain- 
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Italy had taken the lead 
with Bruno Zarrillo's third 
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linemaie, Robert Nardella, 
added the second goal at 
12:47. ZarriUo and Nardella 
traded assists on the two 
goals. 

"We never felt this game 
was in control even when we 
had the lead — Norway put 
pressure on us all the time,” 
said Italy's coach. Brian Le- 
fley. “We should be able to 
defend the lead better. It took 
too much power to kill our 
penalties." 

Italy was outshot. 37-18. 
Both teams had 20 minutes in 
penalties. 

Norway’s coach. Brent 
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had a difficult time killing 
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"We deserved the point — 
my team showed a good effort 


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and the players worked 
hard." he said. 

Italy, which now has one 
victory, one draw and two 
losses, is to battle Canada on 
Saturday for a place in the 
medal round. Sweden and the 
United Slates already have 
made sure of advancing, arjd 
their clash Saturday will 
for first place in Group B. 

France jumped out to a 2-rO 
advantage on a power-play 
goal by Dube at 3:22 of the 
first period. Dube tallied 
again with 4:45 remaining in 
the second. 

Marco Sturm prevented 
Germany from being shut out, 
finding France's ner at 2: 1 5 of 
the third period. 

The victory left France 
with a record of 1-3. while 
Germany remained winless at 
04. 

Despite France’s poor re- 
cord,_ Dube is the tourna- 
ment's leading scorer. His 
five goals have placed him 
ahead of Michael wylander of 
Sweden, a former player for 


■ _ 

- - 
-J ' .*•*&" 


The Associated Press 

HAMBURG — The German tennis 
star Michael Stich said Friday he would 
retire at the end of the season because of 
a worn-out shoulder. - 
Always laboring under the shadow of 
compatriot Boris Becker, Stich was 
ranked No. 2 in the worid in 1993, but he 
has dropped to 26th. 

The 1991 Wimbledon titlistand 1993 
worid champion said he had thought 
about retiring after an injury' in late 
1995. A first-round defeat at a Bar- 
celona tournament last month triggered 
his decision, announced at a news con- 
ference where be choked back tears. - 
"It all comes down to this point: It’** 
not fun any longer, it doesn't make 
sense any longer," said Stich, 28. "The 
last four months were frustrating. There 
were constant ups and downs. ’ 

Stich said he would enter this year’s 
French Open and Wimbledon tourna- 
ments before ending his career in Ger- 
many’s Davis Cup relegation series 
against Mexico in September. 

In 1993, Stich helped Germany win 
the Davis Cup. He has won 1 8 ATP tour 
singles titles and nine in doubles. 

Stich and Becker were bitter rivals for 
the affection of the German public, de- 
spite teaming up to win Olympic gold in 
the doubles at the 1992 Barcelona 
Games. Even in 1993-94, when Stich 
supplanted Becker as Germany's top 
player, spending a long stint as the 
world No. 2 behind Pete Sampras, he 
never gained the adoration Becker did. 

At tournaments in Germany, Stich 
was bitter because the crowds over- 
whelmingly rooted for Becker. "I think 
we learned from each other — maybe if 
Becker hadn’t had me. he might have 
gotten bored with tennis," Stich said. 
"But I expected more recognition foqf - v 
my accomplishments from the public 
arid media than I ever got." , 

Stich' s downfall began Oct. 20, 1 995, 
when he tore a ligament in Vienna play- 
ing Todd Woodbridge. A chronic right 
shoulder injury added to his misery. “ 

S rich’s last major successes were 
reaching the French Open final last year, 
losing to Yevgeni Kafelnikov, ana the 
1994 U.S. Open final, where he lost to 
Andre Agassi. Stich said Friday: “My 
physical condition is the main reason for 
ray departure. I can't meet my expec- 
tations or those of others anymore. ’ ’ . 

Stich is the first of Germany’s big 
three tennis stars to quit Becker and 
Steffi Graf are also nearing the end of 
their careers, and no similarly spectac- 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, MAY 3-4,1997 


PAGE 19 





SPORTS 


A Ballplayer Confronts 
The Shadows of Illness 


Vantage Point/l*. a Berkow 


New York Times Service 

NEW YORK — • Jason Isringhausen 
was- a strong, healthy, right-handed 
pitcher, for the New York Mets’ Class 
AAA Norfolk team in the summer of 
1995, a coming major-league star. But in 
a game in mid-July he ran into problems, 
got hit hard and was sent to the showers 
in the third inning. He lost. 7-1. 

, Nonetheless, the New York Mets. 
.desperate for pitching help, and noting 
his 1.55 earned run average even after 
the shelling, called the 22 year old. 

It is nearly two years later and Is- 
ringhaosen has had triumphs and dis- 
appointments, as befitting nearly any 
young man, even one with the potential 
to fulfill his dreams. He has won in the 
major leagues, and lost; suffered in- 
juries and returned to the minor leagues 
to scot himself out. 

Frustrations are to be expected, al- 
though when you are young, strong and 
healthy — and impatient for success — 
fchey are tough to abide. But Isring- 
hausen has also dealt with fear. 

Last weekend, be went to an emer- 
gen^ room in Florida because he was 
having trouble breathing and had pains 
in his chest X-rays showed an irregular 
mass in his lung. 

- . The diagnosis, the Mets’ ream phy- 
sician. John Olichney, said Thursday, is 
dial the pitcher probably has tubercu- 
losis. The doctors do not believe it is 
cancer. The malady is “very treatable*’ 
with various medications. There will be 
no surgery, and Isringhausen will not be 
hospitalized. The prognosis is for him to 
resume normal activities in six to eight 
■weeks. Whether he will pitch again this 
season is uncertain. 

■; As we have learned sadly in recent 
-years, even the strongest are not im- 
mune from illness. A bitter contem- 
porary roll call includes such people in 
die sports world as Arthur Ashe and 


Magic Johnson, infected with the virus 
that causes AIDS; Brett Butler of the 
Dodgers with throat cancer; Mario 
Lemieux of the Pittsburgh Penguins 
with Hodgkin's disease, and Pete Har- 
nisch, another Mets pitcher, who suffers 
from depression. 

Never was there a more shocking 
instance of the inevitable frailty of the 
powerful than when a baseball player, 
nicknamed the Iron Horse because he 
was considered as mighty as a loco- 
motive, fell desperately ill. He had mys- 
teriously contracted a deadly disease, 
amyotrophic lateral sclerosis, to which 
he ultimately gave its name, Lou 
Gehrig's disease. 

When Isringhausen came up to the 
Mets in the summer of 1995. he was a 
sensation. He had a 9-2 record with a 
fancy 2.81 ERA, and he finished die 
season with seven straight victories, fad- 
ing one short of tying the Mets’ record 
for victories in consecutive starts. 

But he ran into difficulties last sea- 
son, from lack of concentration in key 
moments, to control problems, to show- 
ing a neglect for developing his craft. He 
wound up 6-14 with a 4.77 ERA. 

In September be had arthroscopic 
surgeiy for a shoulder tear and bone 
chips in his elbow. He appeared healthy 
this year and pitched in spring training, 
but then he and Bill Pulsipher, another 
young Mets pitcher returning from sur- 
gery, were sent to Norfolk for a month- 
long rehabilitation assignment Pulsi- 
pher has looked extremely wild and is 
still not ready to return to the Mets. Two 
weeks ago, Isringhausen was knocked 
out of die box and! in his anger, smashed 
a garbage can and fractured his wrist 

But since be is now counting his 
blessings that an illness that could have 
been menacing to his life may just be a 
scary interlude, maybe those setbacks on 
the mound are mere bumps in the road. 





JotsScBMii/ItadBi . 

THE HORSEPLAY’S OVER — A groom communing Friday with 


Pulpit, a favorite to win the 123d running of the Kentucky Derby. 


2 Coaches, 2 Styles 

Lemaire and Campbell to Duel 


By Joe Lapointe 

New York Times Service 


NEW YORK — Jacques Lemaire, a 
51 -year-old French-Canadian from 
Quebec, was a star center on an elite 
team, the Montreal Canadians, from the 
late 1 960s through the entire 1970s. His 
playing career yielded eight Stanley 
Cup rings and landed him in the Hall of 
Fame. 

In his first three seasons as coach of 
the New Jersey Devils, Lemaire ’s teams 
have experienced one Stanley Cup 
cham pionship and one narrow defeat in 
the Eastern Conference finals. Should 
they beat the New York Rangers in the 


D.C. Reaches for 2008 Games 


Ca^kd br Our 

WASHINGTON — Washington 
D.C. may be a city inundated with se- 
rious problems, but Mayor Marion Barry 
announced that the District would seek to 
be host to the 2008 Summer Olympics. 

“We deserve it,” Barry said 
Thursday. "This is the place to be." 

Barry said the city had officially 
entered the bidding by sending a 
$100,000 check to the U.S. Olympic 
Committee, which will select the Amer- 
ican candidates. 

Washington will now compete with 
several other cities, including Bal- 
timore, Cincinnati. Houston, New 
York, San Francisco and Seattle, that 
want to be the site of the first American 
Summer Games after the 1996 
Olympics in Atlanta. 

Barry appealed to Baltimore to join 
the District in a regional bid to hold the 
Games, with Washington as the lead 
city. Baltimore bas spumed Washing- 
ton's advances because it wants to ad- 
vance its own candidacy. 

Years of fiscal mismanagement at the 
local level led the U.S. Congress to 


create a financial control board for the 
District, a panel that has been the real 
seat of power in the city government 
since 1995. While the control board has 
slowly begun to improve the school 
system, police department and other 
city agencies, much work remains. 

In recent months, the city has been 
rocked by the killings of three met- 
ropolitan police officers and the control 
board' s support of efforts to save money 
by closing up to 18 schools. 

Barry was asked bow a city suffering 
with problems of that magnitude could 
win the favor of Olympic officials, who 
will decide late next year winch — if 
any — American city would bid for the 
2008 Games. But Barry sidestepped die 
question, ticking off the benefits that 
would accrue to Washington. 

While many officials and community 
leaders bailed the effort others found it 
insulting. “The idea that they might 
spend money for the infrastructure to 
build all that stuff is unbelievable to 
me,” said Delabian Rice -Thurston, di- 
rector of Parents United, a group that 
works for quality education. (NYT, WP ) 


Conference semifinals that began Fri- 
day night in the Meadowlands. the Dev- 
ils will have reached the third round for 
tiie third time in his four seasons as their 
coach. 


Cotin Campbell, a 44-year-old Eng- 


lish-Canadian from Ontario, was a me 
estly skilled defenseman for Pittsburgh, 
Colorado. Edmonton. Vancouver mid 
Detroit from the mid-1970s through the 
mid- 1980s. He never won a Stanley Cup 


ring as a player and he won't get into die 
Hall of Fame 


players section of the 
without an admission ticket. 

In two seasons as head coach of the 
Rangers. Campbell's teams have never 
reached the Eastern Conference finals. 
Should they upset the Devils in this 
four-of -seven-games series, Campbell 
will have achieved his highest success 
as coach. 

The paths and backgrounds of the two 
coaches are as different as their home 
) vinces and as contrasting as Man- 
i’s urban streets and New Jersey’s 
suburban highways. 

So are their styles. 

Lemaire, a man of few words in 
French or En glish, runs one of tire tight- 
est ships in the hockey business, con- 


trolling die movements of his players 
between games by sequestering them m 
hotels away from urban centers. 

Campbell is glib and verbose, and his 
Rangers are what baseball people used 
to call a “country-club team.” Stars of 
the Blue Shirts are frequently excused 
from practice and all the players get time 
set aside for golf or other relaxation on 
trim to the Sunbelt during die winter. 

But Lemaire and Campbell also have 
certain tilings in common besides re- 
ceding hairlines. When they are behind 
their benches, both are sharp-minded, 
well-prepared technicians wife mix and 

match their personnel against that of the 

other coach, much tike card players 
dealing and Hicroivting from their hands 
at a poker table. 

when their teams meet for the next 
week or two, the match between the 
coaches will be as interesting as any- 
thing on the ice. 

If Campbell can coax peak perfor- 
mances from his superstars while de- 
ploying everyone else at the optimum 
time, he could score an upset that will 
secure Ins uncertain job status and el- 
evate his stature among his peers. 

And if Lemaire *s Devils should falter 
in the second round after winning the 
regular-season conference tide, the re- 
sult would raise new questions about an 
autocratic coach whose communication 
problems with bis players were partly to 
blame for his team's missing the playoffs 
last spring as defending cup champions. 


Asked about Campbell's use of play- 
lid: “I know they change 


ers, Lemaire said: 
tines quite a bit. They did in the past and 
they will, which I don't mind ' ' 

He added, vaguely, that Campbell 
likes to form new line combinations 
early in a game and then go back to his 
regular threesomes later. 

Pressed to elaborate, Lemaire 
replied: “There's nothing with die 
coaches. It's the players. We don't do 
anything. We don’t score goals. We 
don't make passes.” 


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W 

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3- HR— Los An gates. ZeBe (31. 

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Houston 000 000 000-0 3 0 

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New York 

12 

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Pittsburgh 

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Cotoraeto 

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Sv— Eckersley (63. HR— Florida Zaun (1). 

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THURSDAY'S IINR GCO«S 


aid Benyhffl, R-WTStes (0,-CaokbM. Wtadns 

AHBNCAN LEAGUE 



(7). Rtecoo (8) aid KendtoL W— Coofce, jjl 

Oakfctad 

008 1 

M 106-1 

4 e 

L— Estes, 4-1. Sv— Rincon (1). 


HRs— Son Dlega CamJnffl CD, & Vaughn 
GS), Flaherty 2 12J. 

Otago 000 Ml 021— < 0 2 

Colorado 002 002 IN-6 9 2 

F-CastHa Pu lteretsi (73, Rajas (7 J and 
Serves Swift Dlpcto (73, M. Munoz (8), 
McCarty (81, S. Reed (9} and Manwalng. 
W— Swift, 3-1. L— F_ Castaa 1-4. Sv-5. 
Reed 03- HRs— Chicago, Hairston O). 
Cofaroda McCracken CO, Bichette O. 


RUGBY UNION 


Super 12 


BASKETBALL 


We fln gtan 19. New South Wales 3 
OTumiQi AucMaid 35 poW» 
WMBngkn 31; ACT 31; NaW 27; Gaideng 22; 
Free Stale 19; Canterbury 16r New South 
Mtaies Id Northern Transvaal Id tttoftato IJr 
Otago 1% Queensland 30. 


Ales Conefla (S3, Spain, d et Martin Sinner, 
Germany, 5-7, 6-2. 6-1. 

Mark Phlllppoussls (81. Australia dec An- 
drea GaudenzL Italy, 7-5. 6-4. 

Slava DasedeL Czech RepuMc det Fredertk 
FB fl Wtato , Denmark, 7-5, 64. 

Marc Russet (7), Switzerland del. Carlos 
Maya (23, Spots IS. 7-4 (7-5). 


NBA Playoffs 


TENNIS 


nm bound 

(BCBT-OF-FIVE) 


amauMveMf zone. group 2 

1ST ROUND 

N OSLO, NORWAY 2.MBEMA 0 
MVUOUA UntU AHA 0, YUGOSLAVIA 2 
IN TBIUOI, aconau 1. SLOVBOA 1 
M HMMN. FMLANDO, GREECE 2 


25 14 25 27— 91 
Orfcmdo 27 24 20 24- 99 

M; Mourning 9-185-1124 Brownell 8-30 
2ftO: P-Hardawoy 12-2313-1641, Strong 6-9 
3-5 15. Rebaaeds— Miami 51 (Brawn, 
Mourning 133, Orlando 47 (Armstrong 9). 
Astists— Miami 22 CTJiardawayB), Orlando 
12 (P.Harduwey4). 

(series tied 2-23 

Souffle 34 25 17 29 15-122 

naeaft 26 23 27 31 8-115 

S: Payton 9-20 5-6 28. StJirempf 7-17 Ml 
26,-P: Johnson 7-19 8* a Wdd 9-173-723. 
Reh e anih ScaW l n 63 (Kemp 201. Pboenfca 
(Morning 70). AssMs-SeotHe 33 (POyton 
14), Phoenix 33 (Kidd 14). 

(series fled 2-2) 


ICE HOCKEY 


PMDAY. MHAWUFK. GERMANY 
QUARTER FMALB 

Ruxnndra Dmgomi r (7). Romania del. Bar- 
bara Sctielt Austria 6-1, 7-5. 

Anne GoeOe Sided Fran del. Petra Lan- 
grxxa Czech RepuMc, 6-1, 4-6. 6-1. 
hro Mafafl (4), Croatia dot Mary Pierce (5). 
Franca 24. S4. 64. 

Marta Sonchez-Lorernn, Spain, detConchlta 
Martinez CZ3, Spain, 7-5, 5-7, 6-2. WO 
CROATIAN OPIOt 
FRIDAY, M BOU CROATIA 
OUAWTBBnMA1 13 

Carina Maori u. U.&, def. Jeanette Kruger, 6- 
1,2-664. 

Emmamrefle. GogBardL Switzerland dri. 
Marion Muruska Austria 6-6 6-). 

Amanda Coetzar, South AMca (1 3, deC. Saoh 
PflxowsH Franca 64. 7-6 17-33. 

Mlrfano Ludc, Croatia def. Katarina Stu- 
denfttnn Storafckr 14). 7-5 64. 


TRANSITIONS 


World Championships 




Ml 238 Olx— 7 8 1 
■ W Adorn R, Lewis (7) and Moynes 
JJWcDaweg, M. Jackson ffl) ond-SJUomar. 
W-J. McDowell, 2-1 L— W. Adams, 1-3. 
IjHRs— Cleveland Vtzquri Cl). JusAca 2 C9). 


Sob Olegs 811 110 300-7 12 2 

New York 000 008 021^3 8 0 

Ashby and Flaherty! MIW4 Manuel IS). 
Kashlwada ffl), R. Jordan (9) aad Hundley. 
A Costtto (83. W— Ash by. 2-1. L-MOeW, 0-3. 


M HELSINKI. FWLAHO. POOL A 
Franc* 2, Germany! 

sttNDMom Russia 7 paints Czedi Re- 
puMc 6s Finland A Slovakia 3s France Z 
Germany (3. 

IN TURKU. FM-ANO. POOL B 
Norway z Italy 2 

standmos* Sweden 6 polnis; US. 6s 
Canada S tody 3; LaMo 1; Norway l. 


naDAY.M FRAOUE, CZECH REPUMJC 
OUARTERFMALO 

Fabrice Santora, France, def. Maiaeta R2os 
(2),ChUft4-d«64>. 

Bchdan UBhrach (33. Czech RtputdG def. 
Alberia Porta, Spate. 2A 6-A 64. 

Emito Ahraiezr Spate, det Maroeflo Qooa 
Germany. 63, 7-5. 

Cedric PtoBne W, Franca del. Rfchard 
Froaiherg, Australia 64 44 6-2. 


, UAJOALEAQUEBASEBAU. 

NATIONAL LEAOUE 

OOURAOO-M RHP Danen Holmes onthe 
I5day dlsdded 1st ntreacfveta Aprt la. 

rrmsuK&H— Optioned LOP Jeff Granger 
to Calgary, PCL. 

ST. Lous-Adhraied RHP Andy Benes 
from 15-day tfteaWed. Optioned C Mike Dtfe- 
(fcefoLoulsvtlte AA. PufCThm Pognazzlanct 
IF David Ben on lSday dteaWed ll(t. Re- 
caM C MBx DHMce and C Danny stmaffer 
tram Loutavffle. AA. 

san WBOO-Put RHP Joey Haralson on 15- 
day disabled nst and INF Scott LMngston* 
on TSdoy disabled fctrekoocffireteApi8 29. 
Recalled RHP Mac Kroon from Los Vegas, 
PCL Assigned OF Stave Alley to Rancho 
Cucamonga CL an rehabmtatlon asslgn- 
menLPtrrchased contract of INF Terry 
Shumperf firm Los Vegas, PCL. 


FRIDAY, M MUNICH. OERHANV 
OUARmFMALS 


NATIONAL FOOTSAU- LEAGUE 

Kansas errr— Signed OL Nathon Porta to 
3 - y e ui um tracf. 

new ptGLAND Re signed S Larry Whlgh- 
an. 

new YORK jets— S igned IJB Demetrius 
Du Base, DT Jason Ferguson and S Udlsft 
Ktesler. 

new yobcci Aim-Signed CB Kory Btedc- 


wea, FB Motr Calhoun, C Derek Engler, DE 
Harold Gragg. K-P Brion Hurley. S James 
Mmn RS Eric Lana 5 TypaD McJAuQaa 
OT Dave Rnatt WR Brian Roberson. WR 
John Wre W n^o n and DBMarcVWBIonis. 

san DIEGO— Signed WR Tony Martin to 4- 
yswaanfroa. 

san Francisco— S irred DB MBce Salmon 
to 2-year contract Stoned WRNalBeniamlrv 
DE Marty CotwrVtoK Ryan LongMN&WR 
Mkhoel McDanfet RB Shon Mttcheli, P 
Tucker PMUps, DE Cartas Thorton, WR 
Roshsaan VamerpooL RB AkBl Ktog and DT 
Brandon Noble. Agreed to terms wtth G Ttm 
Hanhaw aid G Rod MBslead. 

C ANADIAN PQOTRAU I FAOUE 

Hamilton— S toned CB Cedric Allero WR 
Tony Knox and WR Pitoce Wlmhley 1IL 

mortmal— S lgNed RB MB* Prtngtato 2- 
year contract. Signed QB Tracy Ham, FB 
WDBe Murray. S Brian Clark, DE Edward 
Thomm. WR PfOBp Baba WR Marcus WriV 
WR Terrance Porter and WR Andy Antatae. 
Traded RB Dexter Dawson to Winnipeg for 
DE Stacy Evans and Chris Tscngots to 
British Columbia for future consUeraflona: 

WORLD LEAGUE 

Amsterdam— S igned QB Perry KMn and 
S Kefly Shits. Put C Eon Scott on Injured 
reserve. WoJved OB John Socccl 

Barcelona— S igned DE Sieve Brannon 
aid Qfi Joke Keldiner, LB Ronrde WoolforiL 
Waived RB Bruce Presley. Adhrated TE 
Andy FuDer. Put DE Car Reeves and DE 
Hugh Hunter on injured reserve. 

FRANKRKT— Put CBVhlker Schenk on In- 
jured reserve. 

LONDom—AdWoted WR Terence Dm 4s 
and P Greg Ivyput WR Jason Byvrarth on 
tejured reserve. 

wwiK n re— signed G Barry stokes. Ac- 
dwrted WRDWW Mass. Pur GKetfo Wagner 
or bijijred reserve. 

scomxH claymores— S igned CB Fredric 
FbriL Waived LB Ron Moran. Adhrated DT 
Da-vtd Barnard. 


edmonton— A nn ouncBd the resignation of 
assistant coach Kevin Primeau. 


Sunday, Hay 4 


The Week Ahead 


Saturday, May 3 


NAnONAL HOCKEY LEAGUE 

nhl— S uspended Buffalo G DamMk 
Hasek three games and fteed Wm ftOOOOtor 
grabbing a reporter who hod wrltlenocrttlail 
column. 


aoto Mohs. AJoccfa. Corsica — FIA. Cor- 
slcan Rally, to May 7. 

cricket, Batbudos — 1-day tetomaHantd, 
westlnaesvs. imfla 

ke hockey. Helsinki, Tliriui and Tampera 
Rntand — IIHF, World Chnnplonshlpa to 
May 14 

golf, Mem Brestfo. ffafy — European 
PGA. Italian OpetLtoMay4r The weaaands. 
Texas— U.5. PGA Tour. Shell Houston Open, 
to May 4; AIcM. Japan — Japan PGA, Chu- 
nlctii downs Open, to May 4s Btontogham, 
Akfoareo — U.S. Senior PGA Taw, Bruno's 
Memorial Classic to Ntey 4. Women: Daytona 
Beach, Florida — Ui LPGA, Sprtet TWe- 
halders Champldatfilp, to May As Sakaklc, 
Japan— Japan LPGA, KochWoM Qvmto 
May 4. 

morse RACutc. LotAsvtOe, Kentucky — 
Kentucky Derby; Newmarket EnMmd — 
2000 Guineas. 

IACROTSF, Tokyo — IFWLA, women. 5»i 
World Cwv to May 4 

tennis, W omea^ WTATour: BoL Croatia— 
Croatian Bot Ladles Open, to May 4s Ham- 
burg. Germany — Reama Cup. to May 4. 
Men. ATP Tour MunkJv Germany — BMW 
Open, to May 4; Anaitov Georgia— ATand T 
Challenge, to May 4; Prague, Czech Republic 

— Czech Open, to May 4. Davis Cup, Euro- 
AMcan Zone, Gtwpz F*» round; Norway 
vs. Nigeria; Georgia vs. Skwenta; Egypt vs. 
Portugal; LBtoranto vs. Yugoslavia; tvary 
Coast vs. Latvia; Poland vs. Ghana; tnfand 
vs. Detour Finland vs. Greece. 

TABIC TKNNR. Manchester, England — 
ITTF. World Champ lonshfos. to AAay 5. 

RUGBY league, Wembley. England — 
Cha flange Cup Bnat Brad fo rd BuBs vs. SL 
Hetaas. 

rugbyonkmc Thkyo—PwMc Rkn Cham- 
pionship, Japan vs. Hong Kong. Various sites 

— Super 1Z Queensland vs. Nakdr Northern 
Tnmsvaal vs. Canlertiuiy; Vfoflcato vs. Gaut- 
eng. Otago vs. Auckland. 


ATHUncsRlodejaneiRS BrazB—metb 
women, IAAF, Brazil Grand Pita (doss Q. 

horse racing. Newmarket; Entfand — 
1000 Gu teens. 

MOTORCrac racing, Jerez defa Framera, 
Spain — FlM, Spanish Grand Pita. 

soccer, various sites — FIFA, Worid Cup 
quaBfytng: B Salvador vs. Casta Rtcrc Unto 
menlstan vs. Chlnar Tajikistan vs. Vternam. 

Monday, April May 5 


TE«n&3h>nB—worMn,WrTAT(iur,tto»- 
ian Open, to May 11. Men, ATP Tauc Ham- 
burg, Germany — German Open, to May 11; 
Gand Springs Ftorida— America's Red Clay 
Tennis Championship, to May 31. 

Tuesday, May G 


soccer. Zurich, SwHzsrtana— FIFA meet- 
ing with 2002 World Cup orgarrizera. 

Wednesday, May 7 


soccer. Kiev, Ukraine— FIFA, Utarid Cup 
quaWytog, Ukraine vs. Armenfa; 
Getaenkkdiere Germany — U EFACup Fteai, 
Bret leg, Sdralke 04 vs. IntoMitan. 

wREfTUMi Vorsevf* Pohsnd — women 
FI LA, Women's European Championships, 
toMaylO. 

Thursday, Mays 


Badminton, England — equestrian. Bad- 
nrirdan Hone Trials, to May 1 1 . 

golf. Men. Thame, England— PGA Eu- 
ropean Tour, Benson and Hedges Intema- 
boned Open, » May II; Ovtolh, Georgia — 
OS. PGA Tour, BeflSoilffl Oassto to May 11. 
Women. Tokyo — Japrra LPGA. Gunze Cup 
World Ladles, to May 11. 

soccer. Kuwait— FIFA. World Cup qual- 
ifying, Kuwait w. Lebanon. 

Friday, May 9 


golf. Women, Old Ftidwfc Tennessee — 
UJS. LPGA, Sara Lee Classic to May 11. 

woer union. Various sites — Super 12 
ACT vs. WaBcatar Otago vs. New South 
Wftdes. 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 














PAGE 20 


INTERNATIONAL HERALD TRIBUNE, SATURDA1-SUND.4Y, MAX’ 3-4, 1997 


DAVE BARRY 


Dog Spit as Medical Miracle 


Happy Memories of Gray Paris in the 50s 


M IAMI — Our topic today, on 
Breakthroughs in Medicine, is: 

New Hope From Dog Spit. 

I have here some very exciting sci- 
entific correspondence from William B. 

Yancey, MIX who is a medical doctor 
and therefore legally allowed to (1) park 
anywhere; (2) give shots; (3) tell people 
to get naked, and (4) make scientific 
observations. Dr. Yancey wrote to me 
about an observation 
that he scientifically 
made regarding his Dogs are very biff 
Labrador retriever, ,,r , , ^ 

named Refrigerator. believers in the 

healing power 

gery: in preparation for 01 licking. 

the operation, the — 

veterinarian shaved his 
hindquarters. Then, realizing his mis- 
take. he also shaved Refrigerator’s 
hindquarters. 

No, seriously, the veterinarian’s 
hindquarters have nothing to do with 
this, and I am instructing die jury to 
disregard them. The point is that Re- 
frigerator had all the nir removed from 
his rear end (or, in medical parlance, his 
"bazooty"). 

If you know anything about dogs, you 
know how Refrigerator spent his recu- 
peration period: He licked himself pretty 
much full time. Dogs are very big be- 
lievers in the healing power of licking. 

If dogs operated a hospital, here’s 
how it would work: A patient would 


you have maybe had a couple of brews- 


Jni (national Herald Tribune 


Dr. Yancey’s hypothesis is this: Dog 
spit grows hair. In fact. Dr. Yancey 
believes that unwanted hair, such as 
facial hair on women and nose hair on 
men, probably did not exist until the 
human race domesticated dogs and 
started getting licked all the time. 

But the more important implication is 
that dog spit could be a 
revolutionary new hair- 
ery biff growth treatment for 

* balding men. Granted, 

l me we do not yet have ac- 

wer tual laboratory PROOF 

of this. But we do have a 


P ARIS — The City of Paris has the 
pleasant custom of occasionally 
putting on exhibitions devoted to the 
ordinary life of its inhabitants, pur- 
posely modest shows recording the 
memories of an epoch. 

The present show, at 29 Rue de 
Rivoli until Sept. 1, “C'Etait Paris 
dans les Annees 50/' tells about life 
in the 1950s, and is, says its curator, 
Marie-Helene Parinaud, the first one 
that is interactive. She uses tire word t 
not in its high-tech sense, but simply * 


MARYBLUME 


published report in the 
form of this column. 


form of this column, 

which has been printed 
in a newspaper with professional-look- 
ing margins. 

So I think it’s time to move past the 
'research phase of Dr. Yancey’s hypoth- 


to indicate that thousands of members 
of the public participated by lending 


esis and go directly to the phase where 
we unleash the power of mis amazing 
discovery to benefit humanity, to make 
the world a better place, and most im- 
portant — to make money. 


arrive in the Emergency Room, and a 
team of doctor dogs would gather 


team of doctor dogs would gather 
around to conduct an examination, 
which would consist of thoroughly 
sniffing the patient (They would also 
sniff the floor, in case ary body had left 
food lying around.) Then the doctor 
dogs would hold a conference, and 
whatever the patient’s symptoms, — 


coughing, lack of pulse, a spear passing 
all the way through the patient’s nead — 


all the way through the patient's head — 
the doctor dogs woula agree that the 
best course of treatment was: licking. 


And we're talking about a LOT of 
licking. Not just the patient licking him- 
self or herself: but also the doctors lick- 
ing the patient, licking themselves, and 
licking the other doctors. This is state- 
of-the-art care for dogs. Their equi- 
valent of a CAT scan machine would be 
a big tube filled with tongues. 

So anyway, after his operation. Re- 
frigerator was performing medical care 
on himself, and Dr. Yancey made a 
scientific observation; namely, that Re- 
frigerator's hair "has grown fastest in 
the areas where he has spent significant 
time licking himself.” 

Using this observation. Dr. Yancey 
was able to form a scientific hypothesis 
— a term that is formed from two Greek 
words, “hy,” which means 
‘‘something," and "pothesis,” which 


Specifically what I am thinking of is a 
franchised line of hair-growth salons, 
perhaps with a sophisticated name such 
as La Spine Du Chien Pour Les 
Hommes. Upon arriving at a salon, a 
client would undergo a pretreatment in- 
terview, during which he would be asked 
a series of scientific questions (‘ ‘Do you 
have money?” "How much?”). The 
client would then be ushered into the 
Preparation Area, where his scalp would 
be coated with a scientifically designed, 
nutrition-enhanced, precision-balanced 
formulation consisting of Skippy brand 
peanut butter. 

Finally the client would enter the 
Treatment Area, where he would be 
instructed to lie down on the floor with 
his arms at his sides. A door would then 
be opened, and a professional Hair 
Growth Technician, barking loudly. 


would sprint into the room at upwards of 
400 miles per hour, skid to a stop, and 
begin enthusiastically treating the cli- 


begin enthusiastically treating 
ent's scalp. 


I grant you that this procedure has a 
tv wrinkles that need to be worked 


means “that pops into your head while 
you are watching a dog lick itself after 


few wrinkles that need to be worked 
out, such as the issue of creamy vs. 
chunky. But basically I think it makes at 
least as much scientific sense as the 
baldness cures you see advertised in 
magazines. 

fsee no reason why we can’t go ahead 
and start setting up franchise salons, and 
if any government agencies such as the 
Food and Drug Administration have any 
questions, well, they can just send their 
inspectors around to meet with our 
Board of Directors, Big Boy and Fang. 
They LOVE inspectors. It’s their fa- 
vorite meal. 

0 1997 The Miami Herald 

Distributed by Tribune Media Services Inc. 


humble lends an air of reality. 

It also makes such a show harder to 
put on than one with grander aspir- 
ations. "I'd have no problem bor- ■ 
rowing a Dior dress,” Parinaud says. 

“I'd get it in five minutes. But to find 
a blouse made by a neighborhood 
dressmaker is a lot harder, it’s a mir- 
acle.” 

Luckily, Parisians seem to have 
kept such relics as ration tickets, 
cheese boxes, bobby pins, toys, news- 
papers. old banknotes, pre-transistor 
radios in fake wood, ana little veiled 
hats made not by famous milliners but 
by small modistes or by the wearers The horse 
themselves. As a complement there is 
a catalogue of collected memories, most of them 
from ordinary citizens. 

The show opens with a dummy wearing a po- 
liceman's uniform of doe time — round kepi and 
heavy cloak (though not as heavy as the real thing, 
which had weights sewn in the hems so they could be 
swung as weapons during riots). It begins with the 
war's end in 1945 and ends in 1959. The period 
covered is one of poverty and hope. 

It was a time when ordinary people had iceboxes 
and not refrigerators, and blocks of ice were still 
delivered by horse-drawn wagons, when there were 
first-run and neighborhood movie houses, not mul- 
tiplexes, when tire sign * ‘eau a tous les etages ’ ’ meant 
that many apartments had no running water of their 
own. Schoolkids wore dark smocks and teachers 
thought theirs was the finest profession in the world. 
Streets were empty enough to play in, busses had 
open platforms at die back, lottery tickets were sold 
from outdoor booths, die Metro had wooden seats 
and tickets were punched by uniformed attendants. 

Prisoners of war and deportees were delivered to 
the Gare du Nord or the Gare de l'Est and deposited at 
the Hotel Lutetia for processing. Food was scarce and 
the bread, says one witness, was yellow and heavy 
because the minister in charge spoke British, and not 
American, English and asked the Americans for 
“com/ ’ the British word for wheat The black market 
thrived but is hardly mentioned, although one witness 
says it was particularly active for false teeth. 

Coal was rationed and one witness recalls thar in 
the icy winter of 1945-46, his father would go to 
Boulevard des BatignoUes, which was still paved with 
tar-coated wood blocks, to find odorous firewood. 

Streets echoed with the cries of knife-grinders. 



Ej&aw£ft-Umv'7Ml 


The horse and motor ages overlapping in Paris — the scene is 1955 along Boulevard Saint-Martin. 


and window-pane installers, food sellers, the noise of 
metal garbage bins being collected, and street sing- 
ers. If Bandit and Sortilege were coveted perfumes, 
the streets smelled more of unwashed Parisians 
(.street sweepers were allowed one shower a week) 
and the metal outdoor toilets called vespasiennes. 

It was a time of privation and great joy and 
discovery — of jazz and blue jeans, nylon stockings 
and parachutes (excellent for wedding dresses) and 
of the GIs who brought them. The theme of the show 
is recovered pleasures in a very gray Paris whose 
facades had not yet been cleaned under order of De 
Gaulle's minister of culture, Andre Malraux. 

Paris was divided into villages, each with its own 
atmosphere, and people went out as much as possible 
to escape their overcrowded flats (many would hock 
their winter clothes in summer and vice versa, using 
the municipal pawnshop as a huge closet). 
Everything was on a smaller scale. One witness 
recalls a grocery store-caf£ on Place Dauphine so 


tiny that the regulation sign about public drunk- 
enness, “Loi sur la repression de 1’ivresse pub- 
lique.” had to be glued on the ceiling. 

The show has record jackets and posters for new 
stars such as Yves Montand or the Compagnons de la 
Chanson and for the operettas in which the emollient 
Luis Mariano gleamed. There was a Luna Park at 
Porte Maillot, and six-day bicycle races at the Ve- 
lodrome d’hiver. 

The model living rooms and kitchens show spindly 
legged furniture covered in synthetic materials, 
formica in the kitchens and, as a sign of new prosper- 
ity. a primitive washing machine and a bulging Fri- 
gidaire. There is also a4CV Renault: Waiting lists for 
new cars could last for years and two of the most 


popular annual exhibitions were the automobile show 
and the Salon des Arts Menagers, or household equip- 
ment, both held at the prestigious Grand Palais. 

By 1954 Abbe Pierre had founded his mission to 
help the poor, in its way a sign of growing prosperity 
because earlier people would have had nothing to 
donate. The same year automobile boms were 
banned and parking tickets began to be issued. Also 
in 1954, there was a Vespa rally, the nicely designed 
motorized bicycle having had a huge success, es- 
pecially among die young, and Citroen introduced a 
luxury sedan, the DS. 

The first Club Meditenanee opened in 1950, 
although no one mentions it, but a suggestion of 
brighter, and looser, times ahead comes with the 
popularity of gingham dresses introduced by Brigitte 
Bardot in ‘ *Et Dieu Crea la Femme. ” 

The show gives a feeling of a happy and hopeful 
time, which is dearly how those who lived it want to 
remember it. No one mentions the Marshall Plan, the 
Cold War, the loss of Indochina, die start of die 
Algerian war. Parinaud says that die witnesses she 
spoke to didn't remember who the president of die 
Republic was at the time, or speak of the strikes, the 
regiments that were going off to fight. "No, no, not 
a word,” she says. 

She added a few newspaper headlines about world 
events (softened by such news as CaJlas flying from 
Orly to Milan and Princess Elizabeth’s measles). 

‘ ’Contrary to what people say, it wasn’t all as rose- 


colored as that.” she says. “People beautify tilings 
— it was past and so it was good. 4 ' 


— it was past and so it was good.” 

Of today's French population, 67 percent had not 
been bom in 1950. For the others, nostalgia is all that 
it used to be. and then some. 



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1VA "Ellen’s” coming-out 
episode paid off handsomely 
for ABC as an estimated 42 
million viewers gave it the 
highest rating of any regularly 
scheduled show on the net- 
work this season. The hour- 
long episode, in which the title 
character acknowledges that 
she is a lesbian, was accom- 
panied by a public announce- 
ment by the show’s star, EQen 
DeGeneres. that she herself is 
a lesbian. Chrysler, a regular 
‘‘Ellen" sponsor that pulled 
out of this episode, had to set 
up a phone line to deal with 
the calls about its decision. 

Next week’s "Ellen” epis- 
ode. which features the ho- 
mosexual rights activist 
Chastity Bono" will be about 
DeGeneres s character telling 
her parents that she is gay. 

□ 

Some international celeb- 
rities are in Washington as 
part of the festivities sur- 
rounding the dedication of 
the FDR Memorial on Fri- 
day. Princess Margriet of 
the Netherlands, the sister of 
Queen Beatrix and god- 
daughter of Franklin D. 
Roosevelt, christened a new 
orange-yellow rose for him at 
the Netherlands Embassy. MAN I 
Roosevelt means rose field in made c 
Dutch; the family’s founding of a col 
father in America. Claes 
Martenszen van Rosenvelt, arrived in 
New Amsterdam from Holland before 
1648. And Vice President Al Goretmd 
Anne Roosevelt, a granddaughter of the 
president, presented the Franklin D. 
Roosevelt Freedom Medal to Kathar- 
ine Graham, chairman of the executive 
commitree of The Washington Post 
Co. 



half-naked body. The pic- 
ture triggered noisy demon- 
strations by Hindu nation- 
alist women's groups 
outside Bhatt's Bombay 
bouse. The women burnt 
copies of the magazine and 
shouted slogans denouncing 
her for vulgarity. 


The pocketwatch of an 
American-born doctor ex- 
ecuted more than 80 years 
ago for murdering his" wife 
has sold for SI 6,000, show- 
ing that Hawley Harvey 
Crippen still has the power/ 
to fascinate. After frantic- 


to fascinate. After frantic 
bidding at an auction at 
Christie’s of Crippen mem- 
orabilia. a retired banker 
paid 10 times the estimated 
value of the American-made 
timepiece. Crippen was ex- 
ecuted in 1910 for killing his 
adulterous wife, a music hall 
singer, dismembering her 
body and burying her torso 
in quicklime in the coal cel- 
lar of their house. 


Vi Ano/Ox A.vxaial Preu 

MAN OF MANY FACES — Sun Yat-sen's portrait, 
made of many mini-portraits of the statesman, is part 
of a collection of paintings on show in a Taipei gallery. 


Rick Parfitt. the lead gui- 
tarist of the British rock group 
Status Quo. underwent an 
emergency quadruple heart 
bypass. The band's forth- 


publishing company in San Francisco 
has been an avant-garde landmark since 
the heyday of the Beats in the 1950s. 
City Lights Books published Gins- 
berg’s revolutionary poem "Howl!" in 


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to his friend and fellow Beat poet Allen 
Ginsberg, who died on Apnt 20. Fer- 
linghetti’s City Lights bookstore and 


Pooja Bhatt, a leading film actress in 
India, has been totally exonerated by 
police after a magazine cover purported 
to display her in the nude, newspapers 
said. Bombay’s police commissioner 
was quoted as saying that authorities 
were convinced that Bhatt had not posed 
for the photograph and her face had 
been superimposed on somebody else’s 


>or trait, coming tour of Britain and 
i, is part Europe over the next three 
gallery, months has been canceled, 
but the 48-year-old rocker is 
expected to make a full recovery. 

□ 

Jacqueline Hagopian has been feed- 
ing the pigeons in Pasadena. California, 
since 1972. But on May 12 she is due to 
siand trial for violating a 1964 ordin** 
ance that makes feeding pigeons off 
public streets a misdemeanor. The max-; 
inmm sentence is six months in jail and 
a fine of $500. The 57-year-old woman, 
who lives on disability checks, spends 
S10 a day for birdseed to feed hundreds 
of birds each morning. 

□ 


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Donald Trump and Marla Maples, his wife of three years, are on the 
verge of breaking up. the New York Post reported. "Donald wants out. He’s 
looking for his freedom," the newspaper said, quoting unidentified sources. 
But one source said die report was a ploy to boost ratings for the Trump- 
owned Miss Universe ppgeant on May 16. An affair between the 50-year-old 
real estate tycoon and the former Georgia beautyjwgeant contestant 17 years 
his junior led to his 1990 divorce from Ivana Trump. Trump and Maples 
married on Dec. 20. 1993. Another source told the paper that the couple could 
be separated by June, and their prenuptial agreement would give her SI 
million to S5 million and would double by the end of the year. Trump and 
Maples have a4-year-oId daughter. Tiffany. A call to Trump’s spokeswoman 
was not returned. A spokeswoman for Maples told the paper the report of the 
separation was untrue. 


Mike Tyson. 30, has quietly married 
his doctor girlfriend. Monica Turner, 
3 1 , in a small. private Muslim ceremony 
at her expansive home in Bethesda, 
Maryland, according to sources close to 
the couple. Then he hustled off to Las 
Vegas to train for his June 28 bout with 
Evander Holyfield. Turner, who faith- 
fully visited Tyson during his three-year 
imprisonment for rape, gave birth to 
their daughter in February 1996. She is 
pregnant again. 


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George Bush took off on a sunset 
flight from Houston Intercontinental 
Airport and returned 50 minutes later to 
George Bush Intercontinental Airport. 
Bush was on a flight to mark the re- 
naming of the airport. 


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