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The World’s Daily Newspaper 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 
R Paris, Saturday-Sunday, Mav 10-11, 1997 



No. 35,517 



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The Rabbi’s Gift: 

A Wall Street Parable 

Buffett, the Agnostic Investor, Helped 
Make His Friend a Generous Millionaire 


By N.R. Kleinfield 

A'. h York Timex Service 


NEW YORK — One man speaks 
ro God. The other speaks to the stock 
market. 

The rabbi knows precious little 
about business and is fine with that. 
The investor, an avowed agnostic, 
bought his first stock when he was 1 1 
and his acumen for making money 
seems divine. 

They came to know each other oh. 
so many years ago in Omaha. Neb- 
raska. through their wives and 
through Rotary Club meetings. Theirs 
is an uncommon story of riches and 
extraordinary magnanimity, of 
money made and given away and, 
ultimately, of a New York seminary 
tower, in shambles for 30 years, about 
to be resurrected. 

Pretty much everyone knows the 
gilded story of Warren Buffett, the 
investor from Omaha with the oth- 
erworldly nose for stocks. But how 
many know the interlocking tale of 
Rabbi Myer Kripke and Warren Buf- 
fett? 

Best to first meet the rabbi and 
appreciate the road he took. He was 


bom in Toledo, Ohio, in 1914. one of 
seven children. His father was in the 
business of buying and selling con- 
tainers — bottles, barrels — and the 
Kripkes had a middle-class life style. 

Myer Kripke came to New York in 
1 930 ro sludy at New Y ork University 
and the Jewish Theological Seminary 
at Broadway and 122d Street. He dis- 
covered both higher learning and ro- 
mance. In a class on Jewish religion at 
the seminary, he met a student from 
Brooklyn named Dorothy Karp. They 
were married at the seminary in 1937, 
a week after he was ordained. 

Rabbi Kripke accepted jobs at syn- 
agogues in Racine. Wisconsin: 
Patchogue, New York, and New Lon- 
don. Connecticut, before learning in 
1946 of .an opening ai the Beth El 
Synagogue in Omaha. It was a good 
salary — $7,500 — and he took iL 

As he tended to his religious duties, 
his wife wrote children's books dial 
elucidated Jewish beliefs. One of 
them was called “Let’s Talk About 
God.” Mr. Buffett’s wife, Susie, very 
much enjoyed iL She learned that the 
author lived in Omaha, two blocks 

See BUFFETT, Page 5 



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Soldiers looking on Friday as 200 people rallied in support of Marshal Mobutu at the U.S. Embassy. 

Mobutu: Playing the Waiting Game 

South Africa Mediator Tries to Set Up Meeting of Warring Sides 


By Raymond Bonner 

Men- York Times Sen-ice 



Threat of Intervention 
Sends Dollar Plunging 


By Mitchell Martin 

International Herald Tribune 


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NEW YORK — The dollar dropped 
against the yen Friday as traders began 
to worry aboqt central-bank interven- 
tion to limit the strength of die U.S. 
currency. ' .' 

The currency was reacting to com- 
ments by Japanese officials, who sug- 
gested the yen had room to rise and that 
the Bank of Japan might be willing to 
sell dollars to push it in that direction. 

. Eisuke Sakakibaia, the head of the 
Japanese Finance Ministry’s interna- 
tional finance bureau who is known as 
“Mr. Yen,” suggested Thursday that 
the dollar could fall as low as 103 yen 
from its current level of 120.20 yen, 
down from 123.75 yen Thursday. 

On Friday, Japan's finance minister, 
Hiroshi Mitsuzuka, said Japan could 
step in if fluctuations in the dollar-yen 
rate became too extreme. He also sug- 
gested that central banks of other coun- 
tries in the Group of Seven might engage 
in concerted intervention to bring down 
the dollar. The dollar reached a four- 
year high of 127_50 yen on May 1 . 

The dollar also was affected by com- 
ments from Alan Greenspan, chairman 
of the Federal Reserve Board, that in- 
dicated to some traders that the U.S. 
central bank might be backing away 
from perceived plans to raise interest 
rates May 20. (Page 91 

Many analysts who follow the Fed 
also drew the opposite conclusion, say- 
ing Mr. Greenspan’s statements in New 
York late Thursday meant the expected 
quarter-point rise in short-term interest 
rates would be endorsed at the upcom- 
ing policy meeting. 

The dollar also weakened against oth- 
er currencies, but not as sharply as 
against the yen. It fell to 1.6875 
Deutsche marks from 1.7083 . on 
Thursday. 

Kevin Flanagan, an economist with 
Dean Witter Reynolds Inc., said the text 
of Mr. Greenspan’s speech “was con- 
strued overnight by investors as mean- 
ing that the Fed was not ready to pull the 
trigger regarding interest rates at the 


H The Dollar I 

New York 

Frfelay O 4 P.M. 

previous dose 

DM 

1.6875 

1.7083 

Pound 

1.6226 

1.62 

Yen 

120.20 

123.75 

FF 

5.691 

5^63 

| . x The Dow I 


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previous dose 

+3JL91 

7169.53 

7136.62 

S&P 500 | 

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Friday 9 4PJ1 

previous dose 

+4.92 

824.83 

8i9m 


KINSHASA, Zaire — After another 
day in which he kept Zairians and West- 
ern governments in suspense about his 
intentions. President Mobutu Sese Seko 
failed to return home Friday, contrary to 
earlier assurances from his government 
and aides that he would. 

His decision to re main in Gabon, after 
two days of talks with French-speaking 
African leaders, re ignited speculation 
that the Zairian leader would abandon 
political life. 

“This increases the chances that he 
won’t come back," a Western diplomat 
said about the development Friday. But 
during his three decades in power. Mar- 
shal Mobutu has often surprised his 


opponents, and Western officials were 
careful not to make any definitive pro- 
nouncements. 

Marshal Mobutu and his aides had 
said that he would return Friday, and at 
one point in the afternoon, the police 
began securing the route to the airport, 
ana presidential aides went to await, 
their leader. But his plane never left 
Gabon. 

On the diplomatic from. South 
Africa's foreign minister. Thabo Mbeki, 
met with Laurent Kabila in Lubumbashi 
on Friday as part of a continuing effort 
to arrange face to free negotiations be- 
tween die rebel leader and Marshal 
Mobutu. 

Mr. Kabila has agreed to the meeting, 
which is supposed to take place next 
week on a South African ship off the 


coast of Zaire, and Mr. Mbeki was re- 
portedly en route to Gabon to help per- 
suade Marshal Mobutu to attend. 

A similar meeting last week between 
Marshal Mobutu and Mr. Kabila, which 
was brokered by the United States and 
South Africa, failed to produce any tan- 
gible progress toward a peaceful res- 
olution of the civil war. 

A Western diplomat, who is close to 
the negotiations, said that he thought 
Marshal Mobutu, who is suffering from 
advanced prostrate cancer, was close to 
a decision to go into permanent exile. 

This is what the Clinton adminis- 
tration would like to see, and Western 
officials said they believed that France, 
which has been Marshal Mobutu's most 

See ZAIRE, Page 5 


Hong Kong 
Rejects Tying 
U.S. Trade 
To Rights 

Linking Ch ina ’s Status 
To Liberties Could 
Backfire , Patten Says 


By Paul Blustein 
and John E. Yang 

Witiinnyti’ii Post Smii t 

WASHINGTON — The British gov- 
ernor of Hong Kong has warned Re- 
publicans in die U.S. Congress that their 
proposals to use trade privileges as 
leverage to protect human rights in the 
territory after it reverts ro Chinese rule 
would threaten Hong Kong’s economic 
livelihood. 

Lawmakers said that warning, and 
similar entreaties from Hong Kong 
business leaders, had pushed Repub- 
lican leaders in the House to re-evaluate 
their plans. 

In letters this week to the speaker of 
the House. Newt Gingrich, and at least 
one other Republican" lawmaker. Gov- 
ernor Chris Patten hailed as “extremely 
welcome" support for the preservation 
of civil liberties in Hong Kong after it is 
handed over to China on July 1 . 

But Mr. Patten strenuously objected 
to the proposals, backed by Mr. Gin- 
grich. to renew China’s trading priv- 
ileges for less than a full year to maintain 
pressure on Beijing over human rights. 

Such proposals “would jeopardize 
rather than reinforce Hong Kong’s way 
of life,” Mr. Patten wrote, because un- 
certainty over U.S.-China trade would 
inflict a serious blow on the economy of 
Hong Kong, a major gateway for 
China's global commerce. 

Mr. Patten has frequently infuriated 
Beijing with his outspoken demands for 
democracy in Hong Kong. 

“For the people of Hong Kong there is 

See HONG KONG, Page 4 


Hear! Hear! Democracy’s Coming to the EMU! 


By Alan Friedman 

International Herald Tribune 


as 


are cut back to meet spending goals, 
result, at least out on the hustings, is the most 
open political discussion ofsocietal sacrifice in the name 
PARIS — Europe's drive to launch a single cur- of Maastricht since the treaty on European 


York was “very similar to die tone he 
adopted” in his semiannual testimony 
to Congress early this year, Mr. Hensley 
said. After that, Mr. Hensley noted, the 
Fed did raise its target for the federal 
funds rate, by a quarter point, to 530 
percent Under Mr. Greenspan, the cen- 
tral bank has a history of moving its 
target for the rate, which is what.com- 

See DOLLAR, Page 10 


rency, critics often say, has been orchestrated by polit- 
ical leaders in a top-down, even undemocratic way. 

But now. electoral politics in France and Italy, and 
tiie approach of elections in Germany next year, are 
finally bringing the debate on monetary union to the 
streets and voting booths of Europe. 

The public is being asked to pass judgment on 
whether more spending cuts are needed, especially cuts 
that over the next few months are Likely to take the form 
of politically charged welfare-reform measures. Politi- 
cians, in turn, are being forced to explain why Europe’s 
coveted social safety net is in danger of fraying 


economic 

integration was signed more than five years ago. 

Politicians are finding that tins is not an easy 
proposition: 

NEWS ANALYSIS 

• In Italy, Prime Minister Romano Prodi found 
himself under fire this week during a televised town 
meeting as ordinary citizens demanded to know why 
they should be asked to accept cuts in social security. 
A trade union leader. Sergio Cofferati, has flatly 
told the government that be will not accept any 


new pension cutbacks in the name of Maastricht. 

• In France, the legislative elections beginning May 
25 ore a sort of de facto referendum on the single 
currency. Jacques Delors, the French Socialist and a 
former president of the European Commission, was hit 
in tiie free last week by a cream pie thrown by anti- 
Maastricht protesters. Anti-Maastricht politicians, on 
the far right and the far left, meanwhile, are cam- 
paigning vigorously against further sacrifice. 

• Even in Britain, where the election is over and 
Prime Minister Tony Blair has signaled a more co- 
operative stance on Europe, the contest for leadership 
of the defeated Conservative Party is a match between 
politicians for and against participation in the single 


See EURO, Page 5 




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A dditio nally, he said, there were * ‘sto- 
ries coming out of Japan that officials 
wens trying to jawbone down tiie dollar 
and a report that the Bank of Japan could 
raise its official discount rate. 

. David Hensley, an economist at Sa- 
lomon Brothers Inc., said he disagreed 
•with the idea that Mr. Greenspan was 
polling back from supporting an in- 
terest-rate increase. Since late last year, 
tiie Fed chairman has been relatively 
blunt in warning financial markets that 
the central bank would act to contain 
inflation even before actual signs of 
rising prices appeared. 

Mr. Greenspan’s “ 


address in New 


AGENDA 


Ferreri Dies, Directed ‘La Grande Bouffe’ 


PARIS (AP) — The Italian film 
director Marco Ferreri died Friday of a 
heart attack at a hospital in Paris, the 
Italian Embassy said. He would have 
been 69 Sunday. 

Among Mr. Ferreri ’s films were: 
“Dillinger Is Dead*’ (1969), “La 
Grande Bouffe” (1973), “LaDemiere 
Femme” (1976) and “I Love You” 
(1986). His first English-speaking 

fc 

Books Paged. 

Crossword Page 3. 

Opinion Page 6. 

Sports— — Pages 18-19. 


The In term ar kat 


Paged. 


movie was "Bye Bye Monkey” 
(1978). 

“With the death of Marco Ferreri. 
Italian cinema has lost one of its most 
original artists, one of the most per- 
sonal auteurs," said Gilles Jacob, di- 
rector of the Cannes Film FestivaL 
“The Cannes Festival, which presen- 
ted eight of his films and awarded him 
three times, will not forget him." 

Awaiting the Pope 

The Maronite Catholics of Lebanon 
are awaiting a visit by Pope John Paul 
II that they hope will assuage some of 
the bitterness they feel about their de- 
cline in status since the end of the 
nation’s civil war in 1990. Page 5. 


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Spain’s Attorney General Is Dismissed 


■ MADRID (Reuters) — The cabinet 
dismissed Attorney General Juan Ortiz 
Urculo on Friday after a prolonged 
political crisis in the prosecutor's of- 
fice of tiie High Court threatened to 
bog down Spain’s judicial system. 

A spokesman for the government, 
Migud Angel Rodriguez, said the cab- 
inet would appoint Jesus Cardenal, 


chief prosecutor for the Basque 're- 
gion’s highest court, as attorney gen- 
eral next week. 

The problems started at the end of 
1996 after Mr. Ortiz Urculo ordered an 
inspection of the High Court prose- 
cutor’s office, dismissed tiie chief 
prosecutor and imposed sanctions on 
four others for * ‘irregularities. ’ * 



jVEM**" 


Uo BrraafTbe AancHed Pan 


UNSERENE VENICE — Carabinieri guarding the bell tower in St 
Mark’s Square after evicting a group of “separatists” Friday. Page 2. 


_■ 



Newsstand Prices 


Andorra. 


(oooj 


Voices From 1946 Echo in the Debate on Swiss Gold 


-10.00 FF Lebanon U . ■ J . 

—1230 FF Morocco ! 

Cameroon .. 1.600 CFA Qatar 

Egypt- £E5l50 Wureon 1**^ 

Frawe-— —10.00 FF 

Kuwaa"" .700 Ffe U JS. MMEur.l-.J120 


By David E Sanger 

New York Times Service 



WASHINGTON — A half-century 
ago. President Hairy Truman faced the 
question of whether to force Switzer- 
land to disgorge millions of dollars 

worth of Nazi plunder. 

In a decision that a government report 
concluded Wednesday was an enor- 
mous blunder, he decided mat the 
United Stales had bigger interests, at 

c rake rebuilding Europe and fighting 

communism — ■ and settled for token 


reparations for the victims of Nazism. 

Today, President Bill Clinton and his 
administration face an eerily similar 
choice. 

While much of the Nazi booty was 
sold off or returned to German citizens, 

newsanalysis 

Switzerland's banks clearly benefited 
from a large amount of what remained, 
even if it has since been melted down, 
traded off or buried in balance sheets. 

Now tiie United States must decide 


how hard to press Switzerland to pay up, 
and at what cost to relations with a major 
trading and financial partner that is feel- 
ing bruised by the intense scrutiny of an 
ugly chapter m history. 

Thai 
and i 

this point,” said Stuart Eizenstat, an 
undersecretary of commerce who 
headed the 1 1-agency study that con- 
cluded that Switzerland had evaded re- 
sponsibility for 50 years and that the 
United States had failed to use the eco- 



nomic leverage it held over Switzerland 
to bring a change in behavior. 

“We haven’t excluded any option,” 
Mr. Eizenstat insists, measuring his 
words with care. “We’re not suggesting 
rhat what tire Swiss have done m recent 
months is sufficient It is important that 
the Swiss and other neutrals have time to 
absorb these facts and that we take a look 

at what action is forthcoming before 
making any definitive judgments.” 

Behind Mr. Eizenstat’s comments is 

See SWISS, Page 5 


North Koreans 
Toil in Russia, 
A 6 Paradise 9 


By Mary Jordan 

Washington Post Service 

VLADIVOSTOK, Russia — In ' a 
barren potato field far from any paved 
road, the construction worker sat inside 
a cinder-block shed smoking a Marl- 
boro. The concrete walls of his room 
were filthy, but he spoke cheerfully 
beneath a reverential array of framed 
photos of Ins nation's leader. 

The pictures were not of Boris 
Yeltsin, however, and the worker cared 
nothing about Russia. 

Choi Shin Kham is one of thousands 
of North Koreans streaming across the 
border with Russia as hunger has be- 
come a way of life at home. . 

Here in his bleak shack near one of 
the world’s most remote frontiers, Mr. 
Choi. SO, sat beneath a portrait of tiie 
North Korean leader, Kim Jong H, and 
talked about how good he hid it in 
Russia. 

“To tell you the truth," he added, 
“things are not so good in North 
Korea.” 

Reclusive North Korea effectively 
has shut out the world. Hundreds of 
thousands of border guards not only 
prevent foreigners from going jn but 
also prevent citizens from leaving. The 
only exception is in this far eastern 
comer of Russia, where North Korea is 
encouraging, and sometimes forcing, its 
citizens to work; they are budding 
homes, cutting trees and growing cab- 


Hus rugged seaport has been called 
the “Wild East,” m Iarjr — ' 


of its lawlessness and independence 
from Moscow, about 6,000 kilometers 
(3,800 miles) to the west 

The North Korean border, on tiie oth- 
er hand, is only 150 kilometers away. 

See KOREA, Page 4 


hr. 


• -i 









PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAT-SUNDA*, MAT 10-11, 1997 



Commando Raid Ends ‘Separatist’ Takeover of Venice Bell Tower 


CmpdidhpOirShg Fmm Dityua kei 

VENICE — In a lightning raid Fri- 
day, Italian commandos, scaled the bell 
tower in St Mark's Square and ended a 
brief occupation by eight men seeking 
independence for the city. 

Six men were captured inside the 
tower, which daces from the ninth cen- 
mry. Two others were arrested in a 
mock armored car in the square after 
commandos threatened to blow up the 
vehicle, the police said 
The city’s chief prosecutor called the 
men “crazies,” and Italy’s autonomy- 
minded Northern League disavowed 
any connection to the group. 

The police found a submachine gun 
and ammunition in the tower along with 
stores of food and drink, suggesting the 
men were prepared for a long stay, the 
commandos' leader said 
“I can't say if they are terrorists, but 
I can say they were well prepared and 


determined,” he said. “Our main worry 
was not to cause damage to die monu- 
ment 

“There is a sense of satisfaction be- 
cause a bloodbath was avoided and be- 
cause we think we thwarted possible 
future actions like this,” said Colonel 
Emilio Borghini, the carabinieri com- 
mander in the city. 

“No shots were fired," he said. “We 
did riot use tear gas or explosives. They 
didn't put up any resistance.” 

The commandos scaled part of the 
99-meter (324-foot) tower by telescopic 
ladder. 

The separatists had unfurled a banner 
proclaiming a “Serenissima Repub- 
blica." referring to Venice when it was 
an independent republic and one of 
Europe’s economic powers. May 12 is 
the 200th anniversary of the fall of the 
Venetian Republic. 

The bell tower, which was begun at 


the end of the ninth century and finished 
300 years later, presides over the square 
that for centuries has been the heart of 
this city of canals. It partly collapsed in 
1902 and was rebuilt 10 years later. 

The raid was over in 10 minutes. The 
carabinieri paramilitary police, flown in 
from a base in Livorno on Italy's west 
coast, entered the tower from three 
sides. 

One group of commandos entered 
through the tower’s entrance and another 
through a window 10 meters up. Qthere 
climbed up scaffolding erected outside 
for a restoration project to reach the bell 
platform Dear the top of the tower. 

■Three occupiers were near the ground 
floor, two in the middle and the other 
toward the top. The last one began run- 
ning up the stairs but was quickly over- 
powered by the commandos, the police 
said. 

Contradicting earlier reports, the col- 


onel said no tear gas was fired. The acted, one of them cried. " For Sr. Mark 

. ° . ! ■ .( • ! Dannh r 1 MM IS 


uu rau wu • — ----- ... ... .« ■ 

, w ho appeared to be in their and the Venetian Republic. Marx is 


Possibility of Victory Sets Communists to Feuding With Socialists 


Return 

PARIS — Ties between Socialist and 
Communist parties in France cooled Fri- 
day, apparently after opinion polls 
showed the possibility of an upset leftist 
victory in the parliamentary election. 

The Socialists, by far the strongest 
partner in the leftist coalition, have in- 
creasingly indicated they would push 
through their own election platform, ig- 
noring the Communists' political agenda 
in case of victory. The two-round vote is 
scheduled for May 25 and June i. 

Some media said the Socialist leader, 
Lionel Jospin, had already decided not to 
include the Communist leader, Robert 
Hue, in a leftist cabinet even though the 
Communists would have contributed to 
an election victory. 

The Communists criticized Mr. 
Jospin for seeking to impose “hege- 
mony” on the left, and their party's 
newspaper refused to publish an open 
letter from Mr. Jospin to voters. 

The snub was the latest sign of tension 
between the two opposition allies in the 
run-up to the snap parliamentary election 


called by President Jacques Chirac. The 
next legislative elections were not due to 
beheld until early in 199S. 

The daily L’Humanite, which failed 
to publish Mr. Jospin's article, published 
die full text of an article Wednesday by 
Mr. Chirac that attacked the left's record 
and program. 

* ‘This sort of exchange of letters turns 
the election into a sort of presidentia)- 
ization, which is inappropriate,” Alain 
Bocquet, the Communist floor leader in 
the National Assembly, said in explain- 
ing why the Jospin article was not pub- 

"It is desirable that the left that wins 
the parliamentary elections should be a 
balanced left,” Mr. Bocquet said on RTL 
radio. “ For the left to succeed, we need a 
more influential Communist Party.” 

The Communists, who oppose a 
single European currency, were angered 
when Mr. Jospin pledged this week that 
if the left won, the Socialists would 
impose their broadly favorable line on 
European economic and monetary union 
on their leftist partners. 


Agence Frtmce-Presse 

LONDON — The British foreign sec- 
retary said Friday that die Dutch prime 
minister, Wim Kok, had given Britain a 
“good and positive response” to its 
demand to retain passport border con- 
trols, clearing die way for an overall 
agreement at a summit meeting next 
month to overhaul the European Union. 

"I now believe that it will be possible 
for us to reach an agreement at Am- 
sterdam,” the secretary, Robin Cook, 
said after a meeting with Mr. Kok, 
Prime Minister Tony Blair and Foreign 
Minister Hans van Mierlo of the Neth- 
erlands. 

The Netherlands holds the rotating 
EU presidency, and Mr. Kok’s meeting 
with Mr. Blair in tire first week of the 
new Labour government was seen as a 
signal of die high priority Mr. Blah- 
places on Britain s ties with Europe. 

Mr. Cook said: “We have told the 
presidency chat it will be our inteation to 


come to Amsterdam to reach an agree- 
ment providing that we are satisfied that 
Britain’s national interests have been 
served.” 

He stressed that the new government, 
despite Mr. Kok's positive response, 
would still be looking for a solid agree- 
ment on maintaining Britain's border 
controls, which most other EU countries 
have abandoned. 

Britain's refusal to budge on the con- 
trols has long been a big stumbling 
block, first under die Conservative gov- 
ernment of John Major, now under La- 
bour. 

Mr. Cook accepted that there was a 
case for removing Britain's national 
veto in some areas where reform was 
needed. Buthe added, “Wehave always 
made it plain that we will be retaining 
die veto both in the foreign and security 
area and also the justice and home af- 
fairs pillar.” 

And he reiterated the government's 


fflanwf.y&cvc, 


Eat 1911 
"tie anginal" 

Just tell the taxi driver, 
"Sank too doe no o* © 

5, rue Dannou, Paris (Op&a) 
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intention to sign on to EU social policies 
on labor rules and job protection, which 
the Conservatives had rejected. 

“We will sign up to those things that 
we believe are good for Britain, ” he 
said, adding, “We have no intention of 
malting any concessions at Amster- 
dam.” 

Mr. Kok said after die meeting, 
however, that “compromises wilf be 
needed all over Europe.” He main- 
tained that without compromises “there 
will be no Treaty of Amsterdam.” 

Without a successful conclusion of 
the treaty, he said, there would not be 
time to prepare for the Union's enlarge- 
ment into Central and Eastern Europe. 

■ Poland Names Advisory Panel 

Prime Minister Wlodzimierz Cizn- 
oszewicz of Poland on Friday appointed 
a council to advise the government dur- 
ing preparations for membership talks 
with foe European Union, Reuters re- 
ported from Warsaw. 

The 68-member council includes die 
heads of all parliamentary caucuses, 
leaders of employers' groups, business 
executives, economists, academics, 
journalists and cultural experts. 

The government will consult the 
council during preparations fen- EU 
membership negotiations, which it 
hopes to start early next year before 
joining foe Union by 2002. 


RELIGIOUS SERVICES 


AMSTERDAM 


SWITZERLAND 


BRUSSELS/WATERLOO . 


NICE - FRANCE 


CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
EuengeBcai Suiday Sendee 1000 am. 4 
11:30 a.mJ Kids Welcome. De 
Cuseretraal 3, S. Amsterdam Mo. 020- 
641 881 2 or 02D-6451 653. 


BASEL CHRISTIAN FELLOWSHIP 
English-Speaking non-denomkiaiional. 
TeL+41 61 302 1674, Sundays 1030 
MBtooS&ass® 13. CHAQSBBaseL 


FRANCE/TOULOUSE 

HOPE INTERNATIONAL CHURCH 
(Evangefcafl. 4. bd.de raw* Cotomtar. 
Sunday sendee. 6:30 p.m.Tel.: 
0562741155. 

FRENCH RMBtA/cdTE D’AZUR 


ZUIOCH-SWnZBtLAND 
ENGLISH-SPEAKING CATHOLIC 
MISSION; St. Anton Church, 
MlnervastraSa 63 Sunday Mass: 8:30 
am. & 11:30 am. Services held in (he 
oypl of SL Anton Chuch. 

USA 


ALL SAINTS’ CHURCH, 1st Sun. 9 £ 
1lrl5 am. Holy Eucharist with Chattel's 
Chapel A 11:15. AS offer Sundays: 1W5 
am. Holy Eucharist aid Sunday SchooL 
563 Chausstie de Louvain, Ohain, 
Beltfum. TeL 322 384^556. 


LB.C- 13 rue Vernier. Entftsh service, 
Sunday evening 1830, pastor Ftoy Mte - 
TaL" (04 93) 3205 96. 


PRAGUE 


WIESBADEN 


LB. FELLOWSHIP, VmohnadsKa » 68, 
Prague 3. Sun. 11:00. Tel: (02) 31 17974. 


THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Famiy Eucharist FrarMurter Strasse 3, 
Wiesbaden. Germany. Tel.: 
496113066.74. 


WATERLOO 


WATERLOO BAPTIST FELUOWSHP 
Sun. 19XO av Swedish Church, across 
tan MaConaUs. TeL (02) 353 1585. 


ZURICH - SWTIZERLAND 


NICE: Holy Trinity (Angfican), 11 rue 
Bifla, Sun. 1 1; VENCE: St Hitffs. 22, av. 
R&aance, 9 am Tet 33 0493 87 19 83. 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) j 


EUROPEAN 

BAPTIST CONVENTION 


LB.C of Zurich, Ghelstrasse 31, 8803 
RUschfiknn, Worship Services Sunday 
momhgs 1030 TeL 1-4BHXM& 


MONIE CARLO 

MONACO CHRISTIAN FELLOWSHB* 
Worship Service, Sundays: 11 a.m. 
9, rue Low's Notary, Monte Carlo. 
TaL 37792 16 S8 47. 


PARIS and SUBURBS 


PARIS and SUBURBS 


EMMANUEL BAPTIST CHURCH - An 
awsngtfcal church In Ihe western subutjs, 
all are welcome. 9:45 First Service 
concurrent with Sunday School, 11®) 
Second Service with CMdren's Outer 
French Service 630 pm S6, rue des 
Bons-Raisins, 92500 RueMtenateon. 
Forinfo.calOl 4751 2963. 


THE AMEMGAN CATW3DRAL OF THE 
HOLY TRNTY Sm. 9 & 11 am, HMS 
a.m. Sunday School for chldren and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23. -avenue George V, 
Palis 75008. TeL: 33-01 53 23 84 00. 
Meta George Vor Akm Marceau. 

FLORENCE 


I.B.C., BERLIN. Rothenburg Star. 13. 
(Stegftz). Suiday. Oble study 10.45, 

worship Sendee 12.00 noon. Charies 
warfold, pastor. TeL 030-774-4670. 


ASSOC OF wn 
CHURCHES 


BREMEN 


LBXL, Kohenlohestr. Harmam43ara-Str. 
Worship Sun. 17:00, Pastor telephone: 
0421 -78 64a 


AMERICAN CHURCH IN BERLIN, cor. 
of Ctay Alee & Fotsdamer str„ SS. 930 
am, Wtteip 11 am TeL 030-8132021. 


FRANKFURT 


ST. JAMES’ CHURCH Sun SarnPte! 
8.11 ajn.Watt.ViaRemaKtoRuc8»Bl9. 
5012* Horanca fcfy. TO: 3955 29 44 17. 

FRANKFURT 


BUCHAREST 


LBXL, Strata Popa Rusu 22. 3fl0 pm 
Ctrtte Padu Mke KBmpar, TeL 312 3850 


TRINITY LUTHERAN CHURCH, 
Nbetongenaire 54, SUt Wbrehp 11 am, 
TeL 06^631 066 or 512552. 


GENEVA 


HOPE INTERNATIONAL CHURCH 
Hold Orton at Farfete-OSerBe, 8W® 
Neuiy. Worship Sundays £30 am Rev. 
Douglas Miller, Pastor. TaL; 
01 43 33 04 06. M&ro i k> la Defense 
Espbnada 


CHURCH OF CHRIST THE KING 
(Episcopal/Anglican) Sun rials 
C o mmunion 9 & 11 am Sunday Sdyd 
and Nursery 10:45 am SOBstfan flte 
a 22, S0323 Frankfurt. Germany. U1, 2. 
3 M**MBea.TO 4969 S5 01 84. 

GENEVA 


BUDAPEST 


I.B.C., meets al Modes Zsiomond 
G/mnazfun, Torokvesz ut 48-54, Sun. 


EV. LUTHERAN CHURCH 20 rue 
Verdaina Suiday woohjp 930. ii German 
IlflO in Engfch. Tet (022) 31050.99. 


KHX). TO. 250-3932. 


JERUSALEM 


BULGARIA 


SAINT JOSEPH'S CHURCH (Roman 
OaftfeL MASS NBK3USttSA82Dpmi 
Sun. 9:45, 11:00 am, 12-.15.&30 pm 
50, avenue Hcctoe, Pads 8th. TeL 
m42Z72B5ftl*taChatedaGa*-BolB. 


EMMANUEL CHURCH, ISf&MSun 

10 am Eucharist 2nd & 4ri Sul Mating 
Prayer. 3 rua da MdNhoux, 1201 Genera. 
Swtzeriand TeL 41/82 73280 78. 


I r cl World Trade Center, 36. Drahan 
Tzantaw Bfvd Wtusfcip llaoa James 
DukB, Pastor. TeL 669 8BB. 


LUTHERAN CHURCH of the Redeemer, 
OW cay. Muristan Rd. Engfeh woahp Sin 
9 am « are wefcoma TeL (036381-049. 


MUNICH 

THE CHURCH OF THE ASCENSION, 

Sun. 11:45 a.m. Holy Euchanst and 
Sunday School. Misery Care (te*** 1 
Seybothstrassa 4, 81545 Munch (Har- 
tehiW. Germany. TeL 4909 64 81 85. 


ST. PAUL NTERNATONAL LUTHERAN 
CHURCH, near Hdsbasft Sift. TeL 3261- 
374a Worship Savfcs 930 am Sundeye. 

TOKYO WON CHURCH, i«f O«*steo 

SttewSta.TO34(IIKl047.Woitf#Savfces: 

Sunday - 830 8 tlflO am, SS al 9A5 am 


ST. PAULS WITMTHE-WALL& Sir. 

(lAA « ‘ *-* Cirhnrio4T%tfl I- tfWfl AiTL 


frl. TWIFTllMTlf W Z*" 

830 am Hota EucharistFBa 1 1030 am 
Choral Eudharisl Rite II; 10:30 am. 


Choral Eudharisl Rite II; 10:30 a.m. 
Ctatai School forchktm 8 M*sary care 
provided: 1 pm Spanish EudiarisL Vta 
Iviajoll 58. 00184 Rome. TeL 336488 
3330or39G4743589. 


FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSWP. &,-Fraftteflch8 Gememde, 
Sodenerata'. 11-18, 83150 Bad Hombug. 
Sunday Worship, Nursery A SS; 
1120 am MtoNwek mtoistriaa, Pastor 
MJ^vey.CEWFesCei 736272a 
BETHEL LB.C. Am Dachsberfl 92 
(Encfeh). Worship Sun. 11 SO am and 
6300 pm TeL 069643559. 

HOUAND 

TRMTV NTBWATIONAL irwte you to 
a Chnst centered fejowshfo. SeraBff 
gfln and 1030 am BbemceteMan =*• 
Wassenaar O7W17-0O24 nursery prw- 


AMERICAN CHURCH IN PARIS. 

Worst*) 11. 00 a.m. 65, dual tfOraay, 
Paris 7. Bus 63 at door. Metre Alma- 
Matssauorhwddas. 


VIENNA 


VIENNA COMMUNITY CHURCH. 
Srmday worship in Engfen 1130 am.. 
Suiday school, rusay, mtemafenai. al 
denomnafcra welcome. DorotTeercasse 
16. Vienna 1. 


ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English SpeaWrm, worship 
service. Sunday School & Nursery, 
Surens jiao^ u Scham a ig au se 25. 


20s, were “caught completely by sur- 
prise*' and had no time to react, he said 
The protesters arrested Friday face 
charges that include members hip of an 
armed band, subversion, kidnapping 
and illegal possession of weapons. The 
police said the protesters had described 
themselves as “political prisoners” and 
were refusing to answer questions. 

The police linked them to a shadowy 
group that has interrupted television 
news bulletins in northeastern Italy for 
two months with pirate broadcasts 
warning of a “spectacular action” to 
mark the anniversary Monday. 

Flyers found in the tower were signed 
by the “Government of foe Most Soene 
Veneto.” Veneto is the name of die 
region around Venice. 

The separatists were taken away in 
handcuffs. When asked why he had 


foe city’s patron saint. „ 

The chief prosecutor, Mario Daniele. 
called the occupiers “crazies.” 

“Bur even crazies must be taken se^ 
riously until you are sure it s a bluff, 
he s aid. 

Three hundred police officers sealed 
off the square during foe early-morning 
standoff. The authorities said they 
ordered the raid because all attempts to 
negotiate with the men had failed. 


voice could be heard saying, “Alteq? 
tion. foe Most Serene Venetian gov- 
ernment has occupied foe bell tower of 
Si, Mark’s. Long live St Marie’s, long 
live the Serenissima.” 

The Northern League’s leader. Um- 
berto Bossi, called the action a "pro* 
vocation.” 

“We don’t have anything to do with 
iC he said. 

Mr. Boss’s party has its roots in nonh: 

ern dissatisfaction with high taxes and die 
central government in Rome. In Venice 


liflton 

l| f Rnlwi 



.y^ 



r pita* 

»#**■*„ 
tadibrojgfi 


■ :r* UTt 


night The groupoimmandeered cneof en. ^ 


Venice’s public ferries, loaded a camper 
and foe mock armored vehicle aboard 
and ordered foe captain to change 
course to the Sl Mark's Square landing, 
the authorities said. The men then broke 
into foe tower and climbed up inside. 

After dawn, a local broadcast in 
Venice was mterrupted and a faint male 


foe move was widely ridiculed ' ’ 

Mayor Massimo Cacciari of Venice 
blamed the Northern League for the' 
incident. 

“It is obvious that in a climate hr 
which one talks of secession, of. 
Padania. of new states, that these things- 
can happen,” he said (AP, Reuters l 


> * ; %&**» 
V- Osanei '« 

v-.r-.Ti $ " 

- . .-..irtJM? * 

■ _ r 




BRIEFLY 


■/•"c * m-. 

in.-uim. IN*. 


In French Election. Discord on the Left 


Wu- 


' - 


Mr. Hiw, the Communist leader, hinted 
in a television interview Thursday night 
that his party might make a referendum 
oa the single currency a condition for 
supporting a Socialist-led government 

Political analysts said the Commu- 
nists' highlighting of their differences 
with Mr.- Jospin seemed mainly intended 
to deter their working-class electorate 
from voting Socialist m the fins! bailor 
for tactical reasons. 

They noted that while Mr. Hue con- 
tinued to press for a referendum, be had 
not specifically ruled out a single cur- 
rency. 

.The latest poll by the polling concern 
Ipsos showed foe governing center-right 
parties as favored to win 290 of foe S77 
seats in the National Assembly, a ma- 
jority of just three seats. 

The governing parties had 465 sears m 
foe National Assembly that was dissolved 
when Mr. Chirac called the election. 

The projection in foe poll showed foe 
Socialists winning 264 sears, foe Com- 
munists 22 and foe far-rightist National 
Front party taking one. 



Albania Parties 


: nrift j*-' 


Sign Deal for Vote 


4# * ^ 



TIRANA, Albania — The Euro- 
pean envoy Franz Vranhzky 
claimed a breakthrough Friday in 
plans to hold early elections in Al- 
bania, saying the 10 main parties 
had signed a political contract to 
ensure the vote goes ahead. 

“This is a breakthrough which 
we have achieved today , >r said Mr. 
Vranitzky, envoy of foe Organi- 
zation for Security and Coopera- 
tion in Europe. President Saii Ber- 
isha hailed foe contract as an 
important contribution. 

Mr. Vranitzky was on bis fourth 
visit since widespread rioting over 
failed pyramid savings schemes 
broke out in February. (Reuters) 




■--- 

-- 

"3 

■r->. 


UN Due to Adopt 
Treaty on Dams 


v -!•; PWP*,. 


Qnflpphc traSTht ABKaBd ftrn 

The Socialist leader Lionel Jospin, right, laughing with a fanner as he 
campaigned Friday in Auterive, France, for the parliamentary elections. 


Downing Street 
To Keep Its Cat 


TRAVEL UPDATE 


Luxor: Back in Shape 


LONDON — Humphrey the 
Downing Street cat is safe. 

The official cat in Britain’s cor- 
ridors of power will not be a cas- 
ualty of Prime Minister Tony 
Blairs landslide election victory 
last week, government officials 
said Friday. 

There had been fears that black- 
and-white Humphrey might have to 
go because Cherie Blair, the prime 
minister’s wife, considers cats un- 
hygienic. 

The Blair children, Euan, Nich- 
olas and Kathryn, have been for- 
bidden to own pets. 

Humphrey first appeared in 
Downing Street, where foe prime 
minister lives and works, eight 
years ago and was later adopted by 
John Major and his wife, Norma, 
when he became prime minister. 

In a gesture of reconciliation, 
Mrs. Blair hugged Humphrey in 
front of .cameras Friday, smiling 
despite getting white cat hairs all 
over her black jacket 

“Humphrey is safe,” a govern- 
ment official said 

The official said that Downing 
Street had been inundated with let- 
ters and calls following “mis- 
taken” reports that Mrs. Blau- 
wanted the cat out 


LUXOR, Egypt — Egypt has taken 
new steps to bolster tourism in the 
pharaonic city of Luxor, opening the 
country's first mummification museum, 
finishing the restoration of the Luxor 
Temple and opening a bridge to fa- 
cilitate access to other ancient sites on 
foe west bank of the Nile. 

The museum will exhibit mammies 
of a human, animals, fish and .reptiles 
made during foe time of foe pharaohs. It 
will also show funeral goods and statues 
of gods linked to death. 

The Luxor Temple on foe Nile's east 
bank had suffered from flooding and sah 
encrustations. Restoration work .con- 
sisted of dismantling 22 columns from 
the court and installing a system to halt 
the rise of underground water. (AFP) 


. UNITED NATIONS, New York 
— The UN General Assembly is due 
to adopt on Tuesday an international 
convention governing dams. 

But countries such as Turkey 
will refuse to ratify foe treaty, 
which says that upstream states 
planning, dam construction that 
may have “an adverse effect" on 
other states must notify the coun- 
tries concerned 

Turkish diplomats said that foe 
convention disadvantages states 
with dams on their territory. 

Western diplomats say that foe 
convention will be adopted by a 
vote in foe 185-nation General As- 
sembly oa Tuesday. It comes into 
effect when 35 states have ratified 
it, but will apply only to the coun- 
tries that have done so, one expert 
pointed ouL • (AFP) 


ijto*:.;. 

- 


*. » -«>■ 
• Km"'- 

fcM»’ 


■ Mr - 


* 3 

-• inta'j 
. — 




Italy May Allow 
Return of Monarch 


' ' - 
.ptr'A 


Zaire Flights Diverted 


BRUSSELS — Sabena, the Belgian 
state carrier, canceled all stops in Kin- 
shasa, foe Zairian capital, and will divert 
its flights to Brazzaville, foe Congolese 
capital. Meanwhile, Ethiopian Airlines 
said it had canceled its two flights a 
week to Kinshasa. (Reuters) 


ROME — Despite widespread 
outrage over his recent defense of 
the anti-Semitic laws under fas- 
cism, foe government submitted le- 
gislation Friday that would allow 
the son of Italy's last king to return 
from exile. 

The bill would lift a clause in the 
postwar constitution that bars male 


descendants of the royal family 
from returning to Italy. If approved. 


from returning to Italy. If approved, 
it would clear the way for the return 
of Victor Emmanuel, son of Um- 
berto n, who left Italy at foe age of 
9 and fives in Geneva. (AP) 


IM'ES 


Turkish Airlines, the state-run car- 
rier, will begin flying to Chicago this 
month, and in June to Budapest, Jakarta 
and Manchester, England. (AFP) 


Sinn Fein Seeks 
Inquiry Into Killing 


' 4 54 

^4 i lk*' 


Editor Sentenced in Euro-Diary Flap 


Reuters 

COPENHAGEN — A newspaper ed- 
itor was given a 20-day suspended sen- 
tence Friday for having published foe 
diary of an EU commissioner without 
her permission, court officials said. 

Prosecutors had sought a six-month 
jail sentence -for Toeger Seidenfaden, 
editor of Politiken, tor publishing Ritt 
Bjerregaard's diary in October 1995. 


Mrs. Bjerregaard is EU commissioner 
for environmental affairs. 

The printing of “The Commission- 
er’s Diary” came after Mrs. Bjerregaard 
had withdrawn the book from her pub- 
lisher. It is a tell-all story about life inside 
foe Eli's executive agency. Mr. Seiden- 
faden said he bad Mrs. Bjerregaard’s 
“sQent acquiescence” in publishing the 
diary, an assertion she denies. 


BELFAST — Nationalist lead- 
ers in Northern Ireland on Friday 
demanded a British inquiry into 
why police failed to stop the sav- 
age, fatal beating of a Roman Cath- 
olic man by a Protestant mob. 

Gerry Adams, leader of the Irish 
Republican Army's political wing, 
Sinn Fein, challenged the new 
Northern Ireland secretary. Mar- 
jorie Mowlam, to investigate foe 
killing in Poitadown, south of Bel- 
fast (Reuters) 


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--if-* 
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WEATHER 


Europe 


Forecast for Surtoay through Tuesday, as provided by Accu Weather. Asia 


HI* 

OF 

Mgano 2VT0 

AmdOfdam lfiUSl 

Ankara sem 

a mm 3W1 

Bwutana et/70 

Bekndo 21/70 

Bonn 16*1 

ffluwefe 1SIS9 


Gamnfiagm 1305 

Comb DU Sd *WS 
DiMn 12/53 

EdMsugh 12/53 

FkHsnco 2 l/m 

FianMun 10/01 

Genov* 14/57 

Hetainu IQ/so 

BMW 22/71 

Ktm 19JW 

L«p3kiias S/73 

UfMn 18/M 

London 16*1 

Maoito £3/73 

Mt*gro* 1HKG 

Mitel IBM 

uqscob am 

UUKfl 16*1 

Nm 17*3 

Oelo ff/SZ 

Pam 14/sr 

Prague 1SA9 

R»vt#n* W48 

Rta 12*3 

Rone 19*6 

SLPowraUng 14*7 
Steoenan BHB 

StrasbourQ 17/82 

Tum 9M8 

TMs) SB/fS 

VertM 18*4 

Wenne 18*4 

Wanen 1 WB2 

Ztandi 16*1 



North America 

A cold Iront will cause 
gusty thunderstorms 
across the Midwest Sun- 
day and as tar east as 
Oetrolt Monday. Dry wttfi 
some sunshine in the 
Northeast, but thunder- 
storms are Beefy by Tues- 
day. Sunny, warm and dry 
In the West, but southern 
and western Texas will 
hove soaking rains. 


Europe 

Windy and cod from Eng- 
land to Germany and 
Scandinavia. Most of the 
area wllr have scattered 
showers, but a coder rams 
w* soak Ireland. Scotland 
and parts ol Norway. 
Warm and dry weather wiff 
continue from Turkey on 
norm across the Ukraine. 
Partly sunny and ntea in 
Italy. 


Asia 

Cool with rain in Seoul 
Monday, than turning much 
warmer through Tuesday. 
Partly c unfly and comfort- 
able in Tokyo, though ft 
codd shower Monday. Bai- 
ling will bo dty and very 
warm. An area Of ram wfll 
be over east-central China. 
Hot, dry weather will con- 
tiiue Over most of Incfla. 


Bombay 

Cdcuta 

OhrangMw 

Cctomui 

Hn> 

HgCNIMl 
Hong Kong 

•Samnbao 

Jakarta 
Karachi 
XLumour 
K KRutaiu 
Mania 
New OWN 
PbnomPann 
Pivaei 

Ranoom 

Send 

SronghBl 

Smovm 

7a«et 

Tokyo 

VMIbm 


Todar 

High LmN 
OF OF 

atm 7(44 ah 

31/86 23/nefi 
33/S1 24rtSr 
24/7S tSBle 

3S/G9 zsrrja 
36/97 34/75 PC 
33/BI 22/71 1 
30 * 6 24/79 pc 
29*4 24/75 Jh 
34/B3 24/75 pc 
27*0 22Tltfi 
35/95 17*2 s 
31/88 24/75 pc 

36®? 21/70 B 
3389 23/73 pc 
32*9 21/70 pc 
33*1 22/71 » 
41/106 21/70 S • 
32*9 22/71 c 
33*1 24/75 r 
33*1 nun, 
24/75 1QS0S 
21/70 19*8 r 
32*8 zun pc 
28/70 23/70 r 
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28*2 sanaa 


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28/77 pc ■ 

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2»71 pc 
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25/77 PC 
26/79 pC 
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North America 


Anthoagt 

AlOIBB 

Bcaun 

CNmqp 


Middle East 


29*4 17*2 S 
27*0 16*4 B 
34/33 15156 a 

jeep 

20*2 12*3 ■ 
41/108 17*4 ■ 
36*7 17*2 * 


31*8 10*1 a 
27*0 19*6 8 
34/93 16*11 
31*9 14B7S 
26*2 13*5* 
42/107 18*4 S 
37/98 19*0 3 


Dow 
ChMtt 
Hwwwu 
Houston 
Los AnuNoa 


Today 

W«h LowW 

OP OF 
12*3 4*9 c 
21/70 7*44 ■ 
12*3 7/44* 
17*3 7/44 * 

34/75 12/53 C 
23/73 8/40 PC 
13*5 3/37 pc 
2B4D 19*6 B 
24/73 13/56 pc 
27*0 14/57 a 
31*8 20*8 pe 


IWNP* 

Montm* 

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Vancfluver 

Wasiangkai 


reday 

H*h LowW 
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20*2 18*11 
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20*8 10*0 B 

17*2 BM8 C 


High UmW 
OP OF 
jaw tfrtpe 
SM8 206 pe 
29*4 22/71 pc 
17/62 10*0 pc 
27*0 16*1 PC 
33*1 19*6 pe 
22m 12*3 PC 

sam 11*2 pc 

9/48 2135 S 

ai/ra 14*7 c» 

19*8 9/48 pc 


Allure 
Coca Town 
CAMfitanca 

Harare 

Lagos 

Narab 

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26*2 18*1 pc 
20/79 13/55 a 
16*4 11*2 pc 

31*8 11*2 5 
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18*1 c 
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28*2 16*1 e 

27*0 tSJSS a 
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2*84 23/73 PC 
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Buenos AJras 2V75 13/55* 
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Imprimf p<tr Offprint. 73 rue de rEvmgUe. 75018 Paris. 


vIS-s, 






PAGE 3 


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&• J*- Mark’s. 

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PWanukofne^ 1 ^ of 


Clinton Hears Plea on Immigrants 

But He Rules Out an Amnesty for 300,000 Central Americans 


By Peter Baker 

Jfashwgiun Pott Sen ii r 


k 




Ul S*'& 


ii 





Albania Pa^ 

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SAN JOSE, Costa Rica — President 
Bill Clinton has rebuffed pleas from 
Central American leaders seeking am- 
nesty for immigrants who fled their re- 
gion during the civil wars of the 1980s, 
but he tried to assuage their concerns by 
vowing humane enforcement of a tough 
new U.S. immigration law. 

. During a summit meeting here 
Thursday, the presidents of El Salvador 
and Nicaragua pressed Mr. Clinton to 
help hundreds of thousands of people 
who sought refuge in the United States a 
decade ago and face the prospect of 
expulsion now that peace and stability 
Have arrived. 

The new law, which took effect April 
I, could affect about 300.000 Central 
Americans in the United States. 

■ Mr. Clinton made clear that amnesty 
was not an option, according to par- 
ticipants in the closed-door session. But. 
in private and later during public re- 
marks, be repeatedly expressed sym- 
pathy for the plight of immigrants who 


had come to the United States legally, 
comparing them to the “boat people” 
who escaped Vietnam in the 1970s. 

He also promised to avoid any dra- 
conian roundups of immigrants while he 
tries to persuade Congress to soften the 
impact of the law. 

“There will be no mass deportations 
and no targeting of Central Americans 
under this law, * Mr. Clinton said at a 
post-summit news conference, repeat- 
ing a pledge he has made throughout his 
trip this week. “I am working with 
Congress to implement the new law so 
that it does not produce these unin- 
tended results.” 

While disappointed not to hear more 
specific assurances. Central American 
leaders said they were convinced that 
Mr. Clinton understood their position 
and believed that he would translate his 
soothing words into tangible results. 

“It is very encouraging for us to hear 
the profoundly humane position that he 
adopts when he looks at the people who 
have had so much pain,” said President 
Armando Calderon Sol of El Salvador. 

President Leonel Fernandez Reyna of 


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Can Deep Blue Think? 
Kasparov’s View: Yes 


By George Johnson 

N*vi York Tunes Sernce 



ROME, 
outrage : 

tihr 




NEW YORK — Whether the ma- 
chine or the man ultimately wins the 
rematch between Deep Blue and 
Gany Kasparov, it is probably just a 
matter of time before a computer pre- 
vails. What is far less certain is just 
what to make of such a victory. 

How to define intelligence and de- 
cide who or what has it remains 
among science’s unsolved, and pos- 
sibly unsolvable. problems. Whether 
a machine like Deep Blue, combining 
lightning-fast search power with a 
. growing database of chess know- 
■ ledge, can be said to think depends on 
one’s philosophical prejudices — and 
it can be surprising to learn who holds ■ 
which view. 

It would seem likely that Deep 
Blue’s inventors would be touting 
their brainchild as a landmark in ar- 


Mr. Kasparov has been paying 
Deep Blue tne compliment of describ- 
ing ir as though if were intelligent. 
After beating the computer last year, 
he said it had exhibited stinings of 
genuine thought. 

“I believe signs of intelligence can 
be found in the net result, not in the 
way the result is achieved,” he said 
before this week's rematch. “1 don’t 
care how the machine gets there. It 
feels like thinking.” 

Mr. Kasparov is taking what phi- 
losophers call the functionalist po- 
sition. Intelligence is as intelligence 
does. From his point of view, the 
digital calculations taking place in 
Deep Blue’s processors are as invis- 
ible as the firings of neurons in a 
human opponent. All that matters is 
the outcome. 

The IBM team, which knows the 
workings of the computer too well to 
be so impressed, is coming down on 
the side of those who argue that in- 


tificial intelligence, and that Mr. Kas- 
parov would be dismissing Deep Blue 1 telligence requires an ability to learn 
as a mere automaton, triumphing from mistakes, a talent still lacking in 
when it does mostly because of an 


inhuman ability to consider 200 mil- 
lion chess positions in the time it takes 
to furrow an eyebrow. 

Its ability to do that has enabled it to 
hold its own against Mr. Kasparov, 
and after four games they are dead- 
locked Each, has won once, and two 
games were drawn. The last two 
games will bejpl&yed Saturday and 
Sunday. • • . 

During all this, scientists from In- 
ternational Business Machines, the 
company that made the computer, 
have taken pains to emphasize that 
Deep Blue is really just a glorified 
calculator. On a special Web page put 

X for the occasion, IBM says Deep 
e is “a machine that is incapable 
of feeling or intuition.” 


Deep Blue, and perhaps even emo- 
tions and the chimerical quality called 
consciousness. 

Maybe when scientists Jeam more 
about human brains, they will be just 
as unimpressed by the way Mr. Kas- 
parov thrnks through a game. Ifa brain 
is just a biological computer, as most 
neurosflentists 'Assume, mysterious 
qualities such as intuition should turn 
out to be a matter of calculation, 
searching a neurological database of 
possible solutions. 

Brains make up for their slowness 
by learning to recognize the most 
promising possibilities. Computers 
make up for their ignorance and poor 
skills at pattern recognition by ex- 
haustively considering possibilities 
that a human would not bother with. 


INFESTED!, By Nancy Nicholson Joline 


tertoll. 

9aodhv 


*■* 


Sinn Fein Seek 
Inquiry Into Aiftfl 

•• • 

SwSniti 7 Br.*h ^ S 



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fact- 



; ACROSS 

.1 Device 

.7 Crescent 
features 

f 12 1986 P.G-A. 
Championship 

j winner 

19 TeUel .Nik 

• excavation she 

20 Rkhardsof 

1 “Jurassic Park- 

22 Fair 

23 1980 Oscar . 
winner 

25 Makes avuiiuUe 

28 Faint 

27 Alvarado of 

. ‘Little Women,’ 

. 1994 

29 Primatoiogists' 
subjects 

30 More like Mrs. . 
Rumpok of 
books andTV 

33 Some are 

• deciduous 

34 London park 
name 

36 Scarlett’s mother 

37 Three-time 
■PuHtter-winning 
playwright 


41 Tiny one of 
fiction 

44 Candy counter 
name 

45 * gobragh - 

46 Mark of 
uncertainty 

48 Tombstone 
letters . 

49 Like a streaker 
51 — -NsNaof 

rock 

54 St. Francis- — 
(French prelate) 

55 Prevarication 
59. View from 

Chamonix 

61 Indian prince 

62 Perkins’s killer 
role 

S3 Deroo. 

“Star Wpm" 

. android 
65 They blow with 
the wind 
68 Boggy land 
67 Form of ID 

70 Tolkien forest 
giant 

71 Insults 

73 Where Diana 


$wuf 4 

" Est 1911; Paris 
“Sank Roo Doe Noo 


74 Milne creature 

76 Like some stories 

77 Sped a! -care job 
at the cleaner's 

79 Reads the riot 
actio 

84 Accommodates 
86 Dallas-to-San 
Antonio dir. 

88 Contest in 
“Ivanhoe’ 

89 Bachelor's last 
words 

90 One In an 
incubator 

91 Uffizi attraction 
93 Storage area 

95 Fairytale 
Creature 

96 Sailor's top 

101 at or 

earthenware 

102 Tax 

104 Waterfall 

105 Museun^guides 

107 1960*1 hit “ 

AngeT 

109 First name on 
“Saturday Night 
Live' 

110 Deficiency 

Vreetand reigned 1 1 1 Mother-of-pearl 
source 

114 tt might make a 
report fora ' 
construction 
crew 

120 Duped 

121 More crushed 

122 “South Pacific" 

nurse 

123 Pedal parts 

124 Yucky 

125 Requiringatie 


A Space for Thought 



the Dominican Republic said: “We're 
always wanting to see more, but of 
course we understand the situation the 
United States is facing. We do think 
then; has been a consideration of the 
humanitarian problem involved.” 

On other topics, the United States 
signed an “open skies” agreement per- 
mitting unrestricted air service with 
Costa Rica, Nicaragua, Honduras. El 
Salvador and Guatemala, and the re- 
gion’s leaders discussed expanding free 
trade, joint law enforcement ana en- 
vironmental protection. 

But U.S. immigration policy dom- 
inated the meeting. The issue resonates 
strongly here because of the imminent 
threat to Central American immigrants 
in the United States and the impact their 
deportation could have. Those immi- 
grants. who entered the United States 
under rules intended to grant them tem- 
porary sanctuary from political upheav- 
al at home, send home $ 1 .5 billion a year 
to relatives in El Salvador and 
Nicaragua. Analysts say shipping them 
home en masse could overwhelm Cen- 
tral American labor markets. 


FBI Examines 
Top Officials 
In ‘Spy’ Case 


By Brian Duffy 
ana Nora Boustany 

Washington Post Service 

WASHINGTON — FBI agents in- 
vestigating whether a U.S. government 
official may have given sensitive in- 
formation to Israel began to conduct 
surveillance in recent weeks on several 
high-ranking officials of the State De- 
partment and the National Security 
Council staff, officials knowledgeable 
about the inquiry say. 

The officials cautioned that the FBI 
had not determined whether any of the 
individuals had acted improperly, say- 
ing their names had been placed on a list 
of possible suspects because of their 
access to certain information. 

Attorney General Janet Reno con- 
finned Thursday that an investigation 
. was under way involving a conversation 
intercepted in January that suggested 
Israel may be getting sensitive infor- 
mation from someone in the U.S. gov- 
ernment. 

“We have an ongoing investigation, 
so I can’t comment,” Ms. Reno said at 
her weekly Justice Department news 
briefing. 

The conversation, between two Is- 
raeli intelligence officers — in Wash- 
ington^d Tel Aviv — was intercepted 
by the National Security Agency. The 
officers referred to someone code- 
named “Mega” and an attempt to ob- 
tain a sensitive American document re- 
lating to the peace process in the Middle 
East 

The Israeli authorities have denied 
emphatically that they conducted im- 
proper intelligence-gathering opera- 
tions in the United States or improperly 
received sensitive documents from gov- 
ernment officials here. 


CjVpw York Ttmpa/Kdited by Will Shorts. 


DOWN 

1 Hood’s rod 

2 Aramis, to Alhos 

3 Weir 

4 Brings in 

5 What vines do ■ 

6 Deepest lake in 
the continental 
U.S. 

7 ‘All the Way" 
lyricist Sammy 

8 Neighbor of Axg. 

9 Word to a boxer, 
maybe. 

16 Paisleys, eg. 

11 Humbled, in a 
way 

12 Hope-Crosby 
film destination 

13 Prefix with duct 
orform 

14 Gunn of 
Treasure 
Island' 

15 Escalator feature 

16 Sulked 

17 Flu feature 

18 Cowboy 
affirmatives 

21 Santa . 

California track 

24 Time past 

28 Whaler’s org. 


30 “The game ain’t 
over rill it’s over" 
speaker 

31 Kind of acid 

32 Was quiescent 

33 Red (sushi 

order) 

34 “-i— Johnny!" 

35 Senate sounds 

38 Mocking , 

39 St. Paul’s- 
arch it en 

40 Eliot hero 

42 Peraonificaiion 
of peace, in myth 

43 Painted Desen 
features 

47 New York's 

.Lakes 

49 Lunch counter 
order 

56- Passing 
remarks? 

52 Mad one of 
fiction 

53 Santo Domingo- 
born All-Star 

$6 First U.S 

college to award 
degrees to 
women 

57 Strikes out 

5g Hindus' holy 
river 


60 They may be fdt 
on the head 

64 Writer Samha 

Rama 

65 Dramatist Lope 

de 

66 Like 
Walergaie-era 
Washington 

68 Balder and Odin 

69 Knicks great 
Monroe 

71 Problem for a 
lawn mower 

72 Classify 

75 Sondheim's 
- — while I’m 

Around’ 

77 Like some 
stoves 

78 Worn 

80 Cry or Caesar 

81 Amveai.asa 
solution 

82 It's the law 
83' Drawer 

oddments? 

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or plan 

8? Big circus name 

92 Bunk 

93 Whistle-blower 

94 Valley crosser 


97 British mil. 
decoration 

98 Feet containers 

99 Maker orihe 
Grand Canyon, 
in myth 

100 Touch up 

103 Shoreline 
feature 

106 Upright 

107 M. Hulot’s 
creator 


108 “My People" 
author 

109 Eye 

110 Not solid 

112 Lunchtime, 
maybe 

113 Chill 

115 Spots 

116 Crossed 

117 They, in Toulon 

118 U.S.S.R., today 

119 Essential 


Solution fo Puzzle of May 3-4 


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Boh QniiThc Anocnied flat 

GUNS TO MANHOLES — Brad McCalluro, left, an artist, and 
Mayor Mike Peters of Hartford, Connecticut, placing one of the 228 
manholes McCallum cast from 11,000 confiscated guns in the state. 


Away From Politics 

• Three fire fighters were killed and 16 

people were injured in an explosion and 
fire that ripped through a chemical plant 

at West Helena, Arkansas, spewing pois- 
onous chemicals into the air. The blast at 
the BPS Inc. plant forced the evacuation 
of scores of residents in the path of the 
toxic cloud, officials said. (Reuters) 

• An army cooking instructor was sen- 

tenced to four years in prison for having 
sex with two female trainees at Fort Lee, 
Virginia. Staff Sergeant Jeffrey Ayers. 
28. was convicted of adultery, attempted 
adultery, indecent assault and improper’ 
relationships involving two soldiers, 
ages 18 and 19. The women testified that 
the sexual encounters were consensual. 
The military bars personal relationships 
with subordinates. (AJP) 

• Roman Catholics concerned about 
catching a cold by taking Holy Com- 
munion can relax, a researcher says. 
Anne LaGrange Loving, an assistant 
professor of microbiology at Felician 
College in Lodi, New Jersey, found no 
increase in the rate of infection after 
studying 681 people who participated in 
die sacrament. Some people worry about 
eating wafers from the same plate or 
d rinking wine from the same chalice as 
the rest of the congregation. (AP) 

• Federal authorities are divided over 

whether they have enough evidence to 
seek custody of a key bombing suspect 
being held in Canada, law-enforcement 
sources said. Officials want to talk with 
Hani Abdel Rahim Sayegh. 28. an al- 
leged participant in the blast at the 
Khobar Towers in Saudi Arabia that 
killed 1 9 American servicemen last year. 
But federal authorities might not be able 
to hold him if he is sent ro the United 
States on the basis of limited evidence, 
some officials said. (WP) 


POLITICAL NOTES 



■egate Training by Sex, 

81 in House Urge Military 

WASHINGTON — As the military struggles with a 
wave of sexual misconduct allegations,'81 members of the 
House of Representatives, almost one-fifth of the full 
membership, called on the Pentagon to .segregate basic 
training of recruits by sex by providing female drill in- 
structors for platoons of women. 

Representative Roscoe Bartlett. Republican of Maryland, 
chief sponsor of the proposal, said Thursday that segregated 
t raining would “provide both men and women the nec- 
essary opportunity to successfully become military per- 
sonnel without the distractions of sexuality.” 

But Representative Jane Hannan, a California Democrat 
and like mt. Bartlett a member of the personnel sub- 
committee of the House National Security Committee, said 
the plan would damage the career prospects of women in the 
service while doing nothing to stop sexual misconducL 

Under Mr. Bartlett’s bill, only female officers and non- 
commissioned officers could be assigned to train female 
male officers and noncommissioned 


accused of violent crimes in state courts be tried as adults. 

At the same time, the House voted to toughen penalties 
against the relatively few juveniles convicted in federal 
court of violent crimes, which the legislators defined as 
murder, rape or assault involving a firearm. The bill passed 
on a vote of 286 to 132. 

The Senate must still take up the bill, which is supported 
in general by the White House. But the vote Thursday 
continues the trend of recent years of getting tougher on 
juvenile offenders. 

* ‘Our youngest career criminals are getting away with the 
most heinous crimes over and over again, and it’s not just 
gang warfare,” Representative Porter Goss, Republican of 
Florida, said on the House floor Thursday. 

Recent federal statistics show that crime rates over ail, 
including those tracking offenses by juveniles, are dropping. 
But statistics cited in the debate also show that a fifth of all 
violent crime is committed by people under 18. The im- 
pression lingers that crime by juveniles is out of control. 

The vote to toughen federal penalties was largely sym- 
bolic because few youthful offenders are ever tried in 
federal court. 


recruits, and only male omcers ana noncommissionea 4 /TT 4 

officers could train men. The Marines already train men and \rUOtef UTiqilOte 
women separately. (LAT) 


Help for States Fight Teen Crime 

WASHINGTON — The House has voted overwhelm- 
ingly to offer states $1.5 billion to fight juvenile crime if 
they change their laws and require that young people 


Representative Jerrold Nadler. Democrat of New York, as 
religious conservatives in Congress introduced an amend- 
ment to the Constitution thar would explicitly allow prayer in 
public schools: “How can people who call themselves 
conservatives, people who don’t trust government to regulate 
the railroads or deadly weapons, trust the government to 
meddle in the religious education of our children?” (NYT) 


Manuel Nardy, 92, Brazil Legend, Dies 


By Robert McG. Thonas Jr. 

Nne York Times Service 

Manuel Nardy. 92, a hard- 
drinking. tale-spinning cow- 
boy of such hardscrabble sim- 
plicity that be didn’t leant un- 
til years after the fact that he 
had been translated into one 
of the most memorable char- 
acters in Brazilian literature, 
died Monday in a hospital in 
Belo Horizonte. He was 
known throughout Brazil as 
Manuelzao. or Big Manuel. 

It would be understandable 
if Mr. Nardy had not imme- 
diately recognized his literary 
counterpart — even if be had 
known how ro read and write. 

The acclaimed author who 
made him famous, Joao 
Guimaraes Rosa, was likened 
as often to Proust as be was to 
Joyce. But Rosa's 1956 mas- 
terpiece, “Grande Sertao: 
Veredas,” relied so heavily on 
a stream -of-consciousn ess nar- 
ration, with convoluted stories 
embedded within convoluted 
stories, and used so many 
made-up words that more than 
a few college graduates found 
what one breathless critic 
called ‘ ‘the greatest literary ad- 
venture since Ulysses” every 
bit as difficult to get through. 

It was not until after Rosa’s 
death in 1967 that literary 


sleuths tracked down the man 
whose affecting homespun 
philosophy and vivid recol- 
lections of life in the Brazilian 
backlands had made him the 
model for Riobaldo, the 
book’s sensitive, thoughtful, 
often bewildered narrator. 

A native of Tres Marias in 
the remote stale of Minas 
Gerais, Mr. Nardy, who had 
no formal education, worked 
as a wrangler on a nearby 
ranch for most of his life. 

When Mr. Rosa, a doctor- 
turned -diplomat-turned nov- 
elist, came to the ranch in the 
late 1940s to do some literary 
research for a collection of 
short stories. Mr. Nardy be- 
came his guide, accompany- 
ing him on horseback and re- 
galing him with stories of the 
old days in the strife-tom up- 
land plains known as the ser-. 
rao, the Brazilian version of 
the Wild West. 

Once he was discovered by 
the Brazilian literary estab- 
lishment, Nardy savored his 


role as. a celebrity, 
interviews, posing for pho- 
tographs ana even giving lec- 
tures at colleges. 

William A. Koshland, 90, 
chairman emeritus and 
former president of the pub- 
lisher Alfred A Knopf, died 
of cancer Wednesday at 
Mount Sinai Medical Center 
in Manhattan. He dealt with 
Knopfs foreign writers, in- 


cluding Thomas Mann, 
Brendan Behan and Elizabeth 
Bowen. Among the American 
authors he dealt with were 
Willa Cather, Ira Gershwin, 
John Hersey and Robert 
Nathan. Mr. Koshland 
achieved a major hit when be 
added “Mastering die An of 
French Cooking” by Julia 
Child, Louise tte Berfbolle 
and Simone Beck to the 
fabled Knopf list in 1961 . 


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KOREA: Workers From North Find Life in Russia to Be 6 Paradise 5 




Continued from Page 1 

and .Russian companies here eagerly 
make contract arrangements with North 
Korean authorities for the workers, who 
are prized for hard work and low cose. 

Many of these arrangements are con- 
nected to the Russian mafia, and part of 
the deal is that no questions are asked 
about how the North Koreans choose to 
pay or discipline their workers. 

Starved for money. North Korea 
forces the workers to turn over almost all 
their pay — usually $2 to SI5 a day — to 
security agents who funnel the money 
back to the government. The police here 
say many of the workers also bring in 
heroin or opium produced in North 
Korea to sell to the Russian mafia. 

By most accounts, drugs and coun- 
terfeit money are now among the most 
important North Korean exports, and 
one vital market is this isolated, untamed 
comer of Russia, which has become 


poor and forgotten since the Soviet Un- 
ion collapsed five years ago. 

U.S. intelligence reports say that per- 
haps 100,000 North Koreans died last 
winter from famine conditions; some 
South Korean estimates put the current 
death rate as high as 2,000 people a day. 
While many analysts are poised on the 
North Korean border looking for clues 
about how desperate things have be- 
come inside tire closed country, no 
guesswork is needed here. 

North Korean arrest teams monitor 
train stations and the streets of this Rus- 
sian city looking for potential defectors, 
or for North Koreans who commit the 
crime of talking to South Koreans who 
also have come here to work. 

Although nearly half the local pop- 
ulation is considered poor, and the gov- 
ernment in Moscow frequently does not 
pay many teachers, military officers and 
doctors for months. North Koreans view 
them as rich. Compared with North 


China Jetliner Crashed on 3d Landing Try 


The Associated Press 

SHENZHEN, China — A Chinese je t- 
liner crash-landed and exploded in 
flames, killing at least 35 people, after the 
pilot failed twice to touch down in a 
driving rainstorm, survivors said Friday. 

The Boeing 737 was “shaking 
badly” before it slammed into the run- 
way on the third attempt to land, break- 
ing apart and becoming engulfed by fire, 
one of the survivors, Fung Chin-pang, 
said from his hospital bed. 

A Chinese businessman, Li Boyin. 
said the floor below his sear began 
“buckling” after the plane’s wheels 
bumped die ground three times on the 


first landing attempt. Thirry-three pas- 
sengers and two crew members were 
killed in the crash Thursday night in 
Shenzhen, a Chinese official said in a 
telephone interview. 

A Thai radio report said 20 Thai tour- 
ists were among the dead. 

Rescuers worked in drenching rain to 
pull survivors from the wreckage of the 
China Southern Airlines plane, which car- 
ried 65 passengers and a crew of nine. 

Thirty-five survivors were taken to 
hospitals in Shenzhen. Four other people 
on the flight were unaccounted for. 

The cause of the crash was not known, 
the Chinese official said. 


Koreans who reportedly are eating tree 
bark and making donated rice last longer 
by mixing in wood chips, they are rich. 

Scattered on construction sites 
throughout this once-migbty seaport, 
and in vegetable fields in its desolate 
outskirts, many North Koreans work 14 
or 15-hour days, often. wearing black 
Lenin caps and red lapel buttons bearing 
a picture of the late North Korean leader 
Kim .H Sung. Some sleep iri abandoned 
buildings, sometimes 20 to a room. Their 
living quarters usually have no elec- 
tricity or running water, but nearly every 
room has pictures of Mr. Kim and his 
son, Kim Jong H — testimony to the 
personality ciut the Kims have cultiv- 
ated for decades to control their people. 

A captain, as the government security 
agents are called, stands watch over the 
construction sites, making sure his 
workers talk to no one. Only married 
men with children are allowed to leave 
North Korea to come here. Such workers 
are the easiest to control because they 
know their families face prison or death 
if they defect. 

“We do know that their leaders take 
the money they earn and leave them only 
money to survive.” Vladimir Stegni, 
deputy governor of the province, said in 
an interview. 4 ‘Sometimes they commit 
crimes hoping to be put in jail because 
they prefer to stay in Russian prisons.” 

Mr. Stegni said ihat some North 
Koreans escaped from labor camps and 
tried to find South Koreans who would 
help them hide. Even the Russian police 
have taken pity on some of the workers 
after witnessing North Korean security 
agents executing troublemakers. Still, 
Mr. Stegni said, the sad truth is that, for 
many of the North Korean workers, 
"compared to where they came from, 
it's like paradise for them.” 


BOOKS 


THE PERFECT 
VEHICLE 
What It Is About 
Motorcycles 

By Melissa Holbrook Pierson . 
240 pages. S24. Norton. 
Reviewed by 
Jonathan Yardley 

T HE literature of motor- 
cycling is thin, which on 
the whole probably is as it 
should be. but it was inev- 
itable that sooner or later a 
member of the New York 
journalistic illuminari would 
attempt to approach the sub- 
ject in a manner agreeable to 
die chattering classes. This 
has now happened, with the 
publication of “The Perfect 
Vehicle.” The only real sur- 
prise is that its author is a 
woman. 

This is not to disparage 
Melissa Holbrook Pierson, 
who seems on die evidence of 
this book to be a nice person 
and who writes in a competent 
prose style. It is, rather, simply 
to point out that there is more 
taking place here than die mere 
celebration of motorcycles 
and those who love them. As is 


common when the higher jour- 
nalism is practiced these days. 
Pierson is staking out a piece 
of territory for herself, laying 
claim to her own comer of 
American popular culture and 
practicing her own version of 
— pardon the repellent vogue 
word — iconography. 

This is a difficult act to pull 
off. To begin with, the writer 
must make interesting to an 
educated readership a subject 
that is likely to interest it little, 
if at all; this, in her explor- 
ations of motorcycles, their 
past and their following, Pier- 
son does fairly well Then the 
writer must make herself every 
bit as interesting, since the 
connection between herself 
and her subject is die real busi- 
ness of her book; at this Pier- 
son is less successful, for her 
personal narrative is disjointed 
and unengaging. Finally, the 
writer must make a case for her 
subject's larger importance. & 
la all those journalists and 
lower-echelon academics who 
do cartwheels over Elvis Pres- 
ley; here Pierson achieves a 
mixed success, persuasively 
arguing that motorcycles are 
pah of the larger theme of 
American fascination with 


speed, power and mobility, but 
failing to bring off her premise 
that die motorcycle is “the 
perfect vehicle.” 

Pierson, a free-lance 
writer, came to motorcycling 
through a boyfriend, one of 
several men who pass through 
this chronicle before Pierson 
finds herself happily married. 
She had what she now sees as 
"the prerequisites” for cyc- 
ling: “a love of speed for its 
own sake, (he need for con- 
stant movement, and the de- 
sire to be different, or at least 
to be seen that way — perhaps 
to be seen in the first place.” 

On the one hand Pierson is 
fairly convincing as die re- 
counts the tough conditions 
under which she has ridden, 
the condescension with which 
female bikers are routinely 
dismissed, and her deter- 
mined efforts to prove that 
she belongs on a bike as much 
as anyone else. To her credit, 
she doesn’t try to pass herself 
off as a Hell's Angel or even 
as a competent mechanic. 

On die other hand, though 
she chides herself for writing 
”a rhapsody,” she cannot res- 
ist the temptation to wax po- 
etic — especially in the quite 


off-putting foreword — and 
she is given, as so many are 
these days, to the rash pursuit 
of larger meaning. Thus, one 
must suffer through an anal- 
ysis of how “a motorcycle 
becomes an extension of your- 
self. your body and faculties 
and hopes and pathologies.” 

What we find, in “The Per- 
fect Vehicle,” then, fells 
somewhere between an unaf- 
fected celebration of motor- 
cycling and an exercise in 
slumming. Inasmuch as this 
usually happens when the 
white-collar classes take a 
blue-collar turn, there is noth- 
ing surprising about it Still 
for a brief moment there was 
ihe hope that “The Perfect 
Vehicle” would do more than 
merely conform to stereotype. 


Jonathan Yardley is on the 
staff of The Washington Post. 


NEW AUTHORS 

PUBLISH YOUR WORK 
AU. SUBJECTS CONSIDERED 
Authors vvortd-wide Irwitfld 
Write or send you manuscript to 
MINERVA PRESS 
2 0U) BflOMPTON RD. LONDON SW 7 300 



BRIEFLY 


iUry Jnrtan Th' - ^j«*uap.o . 

Choi Shin Kham in front of his home near Vladivostok, Russia. 


• Estimates of how many North Koreans 
work in the vast Russian Far East range 
from 10,000 to 30,000, with at least 3,000 
working in and around Vladivostok. 

Andrei Alexandrov, director of ibe 
East Russian Analytical Center here, 
noted that Americans, South Koreans 
and Chinese were talkin g about what 
they would do with a possible flood of 
refugees should North Korea collapse. 

“Well, the problem already exists. 
They are here,” he said. “The tensions 
between North and South . Koreans are 
very strong.” 

when an American reporter tried to 
speak to some of the North Korean con- 
struction workers, frightened looks 


crossed the workers’ faces. Some dis- 
appeared in a flash. Others quickly 
fetched their supervisor, who shooed 
away the outsider. 

"No Americans- You will never 
know anything about us!" the super- 
visor shouted. Another said: “I am not 
free to say whether I like ir or not; I am 
here working for my government” 

Mr. Choi the worker approached in a 
vegetable field outside of town, was 
unusually friendly, as were a few other 
"North Korean workers in clandestine 
meetings. But he also said that while his 
country has some problems, “we do 
believe we can solve our problems 
ourselves." 


HONG KONG: U.S. Is Urged to Back Off 


Continued from Page 1 

no comfort in the proposition that if China 
reduces their freedoms the United States 
will take away their jobs.” Mr. Patten 
wrote to Representative David Dreier, 
Republican of California. A nearly 
identical letter was sent to Mr. Gingrich, 
said sources familiar with the notes. 

Mr. Gingrich said on April 30 that a 
six-month extension of China's most- 
favored-nation trading status would be an 
“appropriate” way to underscore U.S. 
concerns that China permit Hong Kong 
to maintain its freew heeling way of life. 

The United States has granted China 
one-year extensions in the past, and the 
Clinton administration says it will insist 
upon the same this year. 

The April statement was parr of an 
effort by Mr. Gingrich to show thar he 
was willing to be tougher than the ad- 
ministration on the issue of human rights 
in China. 

Senator Connie Mack. Republican of 
Florida, has called for extending China's 
most-favored-nation status for just three 
months, and Representative John Boeh- 
ner. Republican of Ohio, has been de- 
veloping a proposal for a six-month re- 
newal. Any further extension would be 
contingent on a determination by Pres- 
ident Bill Clinton that China has kept its 
commitments to preserve rights in Hong 
Kong. 

But Republican leaders are reassess- 


ing their stance, because of the com- 
plaints from Hong Kong and similar ob- 
jections from U.S. business executives. 

The proposals for shorter most- 
favored-trade extensions “are history.” 
:dicted Mr. Dreier. "This letter from 
in pretty well takes the wind out of 
the sails of those who believe that a 
shortened time frame for MFN would be 
beneficial to Hong Kong,” he said. 

And earlier this week. Representative 
Doug Bereuter, a Nebraska Republican 
who is chairman of an international re- 
lations subcommittee on Asia and the 
Pacific, said he believed the short trad- 
ing extensions “probably won't even be 
offered.” 

The issue is politically delicate for the 
Republicans. They must balance calls 
from U.S. corporations for stability in 
trade with China against protests from 
social and religious conservatives, who 
oppose continued economic relations 
with Beijing because of its record of 
human rights abuses. 

Hong Kong business executives and 
government officials visiting Washing- 
ton this week expressed sentiments sim- 
ilar to Mr. Panen's. 

At a dinner Monday night atretfdedhy 
several members of the House and Sen- 
ate. Denise Yue. Hong Kong's secretary 
for trade and industry, said that Hong 
Kong's community was unanimous in 
opposing anything short of a full year's 
most-favored-nation trade extension. 


Japan to Guard 
Disputed Isles 

TOKYO — Japan will step up 
coast guard pamols around-disputea 
islands in the East China Sea but 
will stop short of deploying its navy 
to halt a flotilla ofTaiwan and Hong 
Kong activists, government minis- 
ters said on Friday. 

Transport Minister Makoto Koga 
said die Maritime Safety Agency, 
Japan's coast guard, would forgo 
training drills and other scheduled 
events to strengthen patrols near the 
Senkaku Islands on May 18. Taiwan 
and Hong Kong activists are plan- 
ning a “large-scale action” on May 
18 to back Taipei's and Beijing's 
claim to the islands, now admin- 
istered by Japan. {Reuters) 

Police Graduates 
Riot in Mexico 

MEXICO CITY — The govern- 
ment's struggle to stem corruption 
in the police has suffered a major 
setback with the rioting of more 
than 200 graduates of a police train- 
ing program. Dozens were injured 
and at least 27 arrested in the riots 
on Thursday. The graduates of a 
course on discipline were protesting 
an anti-corruption measure. HAT) 

Ouna Warns U.S. 

On Backing Taiwan 

BEIJING — President Jiang 
Zemin on Friday warned the United 
Siaies against backing Taiwan, say- 
ing it was “the most important and 
sensitive issue in Sino-U.S. rela- 
tions.” 

“If the Taiwan question is not 
handled properly, Sino-U.S. rela- 
tions will experience twists and 
turns;" Mr. Jiang told Cable News 
Network. ( Reuters ) 

North Korea Claims 
1965 U.S. Defector 

WASHINGTON — North Korea 
has announced that an American 
who deserted his U.S. Army post in 
South Korea in 1 965 is living in die 
.North, the man's sister said. 

Pat Harrell of North Carolina said 
government officials from North 
Korea told her that her brother, 
Charles Robert Jenkins, was healthy 
and had a North Korean wife. (AP) 

For the Record . 

An envoy of the UN secretary- 
general met with die Burmese op- 
position leader. Daw Aung San Sun 
Kyi, in Rangoon on Friday to en- 
courage talks between the opposition 
3 nd the government ‘ (AP) 

Prime Minister Ryutaro Hashi- 
moto of Japan left Friday for Peru to 
thank President Alberto Fujimori 
for ending the hostage crisis. (AP) 



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INTERNATIONAL HERALD TRIBUNE, SATLTtDAY-SUNDAX; MAY 10-11, 1997 


PAGE 5 


Maronite Catholics Await the Pope in a Lebanon Still Divided by Faith 


By Douglas Jehl 

Nnr York Times Sri -nee 


■ H^SSA . Ubanon — On this 
ffloumantop high above the Mediter- 
™*3n Sea, the beatific gaze of Our Lady 

of Jan* as an emblem of the 
special bond that has long linked pan of 
Lebanon to Rome. 

century. Pope Leo X 
dewnbed the Maronite Catholics of 
Lebanon as ‘‘arose among the thorns." 
andnew they are awaiting a visit by Pope 
John Paul D on Saturday and Sunday*^ 

' Trtese are anxious days for Lebanon ’s 
Christians, now less powerful and priv- 
ileged than at any time since the country 
was created. After so many years in 
which Lebanon was riven by Chris tian- 
Muslim civil war. the Pope is expected 
to hail its spirit of reconciliation. But 
there remain many Christians who fear 
that much of what made Lebanon unique 
is slowly being eroded. 


“All Christians are frustrated,” Bish- 
op George Khodr of the Greek Orthodox 
Church said of the angst fell by a people 
who by convention and constitution arc 
still guaranteed a central role in Leb- 
anese society but who feel more and 
more that they have been shunted toward 
the margins. 

A similar frustration on the part of 
Christians played a large part in the 
outbreak of the civil war. which began in 
1975 with escalating violence between 
Christians and Muslims. This was when 
it had become apparent to all that the 
Christians* parliamentary majority, 
which had until then been guaranteed 
under the country’s constitution, was no 
longer sustainable in fact. 

Under the agreement that ended the 
war in 1 990, Christians now hold exactly 
half the seats in the 108-member Par- 
liament and have a permanent claim on 
the country’s presidency. The rest of the 
legislative body and the counny's top 


posts are divided between Sunni and 
Shiite Muslims. 

But as everyone recognizes, that ar- 
rangement is on artifice, obscuring the 
fact that the Christians have become a 
small and shrinking minority, with a pop- 
ulation now estimated at no more than 30 
percent of the nation's 4 million people. 

The last census here was taken in 1 939, 
and the fact that none has been taken 
since is a reflection of just how delicate 
the question of the religious balance re- 
mains. But the Christians since the civil 
war have turned largely quiescent, per- 
haps in recognition of the degree to which 
emigration and variances in birth rates 
have turned that balance ever more in 
favor of their historic rivals. 

Already, under postwar constitutional 
changes that have shifted executive 
power from the president, a Christian, to 
the prime minister, a Sunni Muslim, 
most Christians believe that the deck is 
stacked against them. 


Many of them boycotted the parlia- 
mentary elections of 1994 and 1997. so 
that the deputies who fill the Christian 
seats are seen by almost no one as rep- 
resentative. 

Even the 76-year-old Maronite pat- 
riarch. NasraDah Cardinal Sfeir. has 
been outspoken in referring to the elec- 
tions as a “sham** and in expressing 
hope that the Pope might use his visir to 
register a protest against the dominant 
role that Syria and its 35,000 troops 
exercise with the acquiescence of the 
government. 

“All the people here hope he’ll say 
something abm the situation.’’ Cardinal 
Sfeir said. ‘ ‘The country has a right to be 
sovereign and independent, and actually 
it is not sovereign and independent. All 
is controlled by Syria, except for the 
portion that is occupied by Israel.” 

Among many Christians, those con- 
cerns have intensified since December, 
when about 200 people were detained 


after gunmen in the predominantly 
Christian quarter of Beirut opened fire 
on a van carrying Syrian workers. 
Nearly all of those arrested were Chris- 
tians, including a prominent human 
rights advocate, a journalist and several 
figures believed to be close to Michel 
Aoun, a general who was forced into 
exile by Syrian forces in 1991. 

Adding to the tension has been the 
establishment in November by Mr. 
Aoun and two other prominent Maron- 
ites, Don Chamoun and former Pres- 
ident Amin Gemayel, of what they 
called a national gathering aimed at ral- 
lying the Lebanese people against the 
current government, headed by Prime 
Minister Rafik Hariri. 

The Vatican has expressed opposition 
to the presence of the Syrian and Israeli 
troops, but the Pope has signaled that he 
intends to use the visit to appeal for 
unity, calling on all Lebanese to “con- 
quer divisions” left by die 15-year civil 



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A UN Finding of Torture 

Israel Is Violating Convention, Panel Says 


ConfMbdltf Our Staff Fnm Doponhn 

GENEVA — The UN Committee 
Against Torture called Friday for an 
immediate end to Israel’s use of “mod- 
erate” physical pressure against Pal- 
estinian detainees. 

The committee said that prolonged 
sleep deprivation, loud music, death 
threats, violent shaking and other in- 
terrogation methods used by Israel con- 
stituted torture. 

“This conclusion is particularly 
evident where such methods of inter- 
rogation are used in combination, which 
appears to be the standard case,” said 
Peter Thomas Bums, the committee 
member specializing in Israeli affairs, in 
reading the committee’s conclusions. 

Israel contends that the use of what it 
rails moderate physical pressure is jus- 
tified in exceptional circumstances to 
obtain information that could be used to 
prevent terrorist attacks. The Israeli Su- 
preme Court has upheld this position. 

But Mr. Bums noted that Israel had 
ratified the' 1984 UN Convention 
Against Torture and that it was there- 
fore “precluded from raising before 
this committee exceptional circum- 


stances as justification for acts pro- 
hibited by Article I of the convention. ’ ' 
Israel ratified the convention in 1991. 

Nongovernmental organizations 
have said that the pressure applied to 
detainees includes sleep deprivation for 
prolonged periods; threats, including 
death threats; restraint in very painful 
conditions; violent shaking, and using 
cold air to chilL The committee said 
that, as these reports had been neither 
confirmed nor denied by Israel, it 
would “assume them to be accurate.” 

The committee's finding, however, 
elicited fierce protests from Israeli au- 
thorities. “It is absolutely not the case 
that Israel uses torture or any method 
tantamount thereto while interrogating 
suspected terrorists,” a government 
statement said. 

It said the “assumption” by the 
committee “of systematic use of in- 
admissible methods by Israel was 
totally unfounded. ” It said the findings 
had been based on hearsay evidence 
and called it “regrettable that such ev- 
idence has been preferred over the au- 
thoritative testimony of the govern- 
ment of Israel ’ ’ (AFP. AP ) 



NqrflUaMBitain 

HEBRON ON ROCKS — A Palestinian youth walking by as an Israeli soldier took aim at stone-throwers in 
Hebron on Friday. Witnesses said three Palestinians were wounded by rubber bullets. The dashes began 
wben hundreds of Arab youths stoned troops from the Palestinian-controlled sector of the dty. 


war, in which more than 150.000 people 
were killed. . . ’ 

The visit is scheduled to include meet-, 
mgs with top Christian and Muslim lead- 
ers and a prayer service ai Our Lady of 
Lebanon Church in Harissa, whose 
statue of the Virgin Mary is a favorite 
destination of pilgrims who come to 
light candles at its base, nearly 2,000 feet 
above the sea. 

The culmination of the trip is to be the 
celebration of an outdoor Mass on 
Sunday morning before a crowd of wor- 
shipers that is expected to number 
250,000 at a site near the heart of 
Beirut's biggest rebuilding project. 

The visit is being welcomed across the 
broad spectrum of society here, from Mr. 
Hariri, who traveled to the Vatican to 
help arrange the trip, to such militants as 
Sheikh Mohammed Hussein Fadlallah, 
the Shiite Muslim who is widely con- 
sidered the spiritual leader of Hezbollah, 
the Iranian-backed organization. Even 
the militants do not want to be seen as 
opponents of reconciliation. 

A previous visit planned for May 
1994 was canceled after the bombing 
three months earlier of a Maronite 
church near Beirut that killed 1 1 wor- 
shipers and wounded 39. It was later 
attributed to Samir Geagea, a former 
Maronite militia leader in what a Leb- 
anese conn said was a product of rival- 
ries among Christians. 

Mr. Geagea is serving a life sentence 
in prison for the bombing and other 
crimes, but many Maronites still view 
him as a scapegoat, so the horror of the 
episode is tangled in many memories 
with the view that the government is 
persecuting Christians who took part in 
the civil war. 

[A court in Beirut on Friday sentenced 
Mr. Geagea to death for the attempted 
murder of a government minister, but 
immediately commuted the sentence to 
life imprisonment, Reuters reported. 

[The court ruled that Mr. Geagea bad 
ordered the attempted assassination in 
1991 of Michel al Muir, then the defense 
minister and now Lebanon's interior 
minister and deputy prime minister.] 

Suspicion has kept Christians and 
Muslims in Lebanon living far more 
separately today than at die outbreak of 
the war. Few Christians have returned to 
the once-mixed villages in die Shuf 
Mountains that are now populated al- 
most exclusively by Druze. while die 
opposite has happened in the region of 
Mount Lebanon, now almost exclus- 
ively a Christian stronghold. 


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SWISS: Voices From 1946 Echo in the U.S. Debate on Gold Accord 



■4 171 420 0348 


iS/DOMESTICSi 


Continued from Page I 

a debate within the Clinton adminis- 
tration that echoes the disputes that 
broke out a half-century ago. 

• At that time, the Treasury wanted to 
freeze Swiss assets in the United States 
and to d»MiiBn economic sanctions if 
Switzerland failed to return hundreds of 
millions of dollars of looted gold, stolen 
art and Nazi industrial properties that 
were falsely being operated as Swiss 

firms 

. ft was overruled. The State Depart- 
ment won the day, warning that sanc- 
tions were die equivalent of economic 
war and that Switzerland would react 
badly to “being bullied by the greatest 
power in the world.” 

Today, die divisions are far blurrier. 
Tbe.Treasury, portrayed by government 
historians as the hero of the 1946 ar- 
gument, will not declare publicly whether 
n will stick to the same hard-line position 
-and be willing to freeze part of the S86 
trillion in public and private funds that 
Switzerland invests in the United States. 
That excludes Swiss investments in fac- 


tories and other businesses. But one se- 
nior administration official marveled die 
other day: “It's the same conversation. 

“It’s just that 50 years ago, we were 
worried about Nazis and Commies, and 
now the worry is that we want the Swiss 
to help root out drug dealers and money 
launderers. The issues are different, bin 
the tradeoffs are just the same." 

Clearly the administration is hoping 
that no such confrontation arises. But if 
Switzerland fails to approve die creation 
of a major fund for Holocaust victims, 
their heirs and other humanitarian 
causes in a national referendum sched- 
uled for next year, the political pressure 
to aacleariy will rise. 

The referendum ’s failure is a real pos- 
sibility. Already, nationalists in Switzer- 
rland are azgidngthat foe United -States is 
attempting to blackmail foe Swiss. 

“On the one hand, this report will 
help the referendum effort because it 
puts out foe facts,” said Thomas Borer, 
Switzerland’s envoy on the Nazi gold 
issue, who is pleading his country's 
cause here this week. 

“But over time, it may engender a lot 


of negative feeling, especially from 
those who say this is just an attack on 
Switzerland. 

’‘When does it stop? When do we say 
simply that we reached agreement in 
1946 and this will not be renegotiated?” 

The issue at hand is whether to reopen 
foe 1946 accord called the Washington 
Agreement. Under it, Switzerland 
turned over gold valued at $58 million 
(roughly $564 million today) to foe Al- 
lies for distribution to central banks that 
had been looted by the Nazis. 

But Switzerland still held more than 
$200 million — some say the figure was 
closer to $300 million — of gold that fop 
Nazis had looted as they raced through 
Europe and then traded to the Swiss for 
war materiel So the Swiss gave up only 
a fourth or less of the gold that the report 
concluded they knew had been stolen. 

Under foe same agreement, Switzer- 
land was supposed to liquidate and turn 
over to foe Allies half of the Nazis’ other 
assets, which ranged in value from $250 
million to $500 million at foe time. 

But Switzerland never delivered on 
that part of the deal. 


pA.-., ’ 


Wiesel Rejects Post 
With Swiss Fund 

Agence Franee-Presse 

NEW YORK— Elie Wiesel said 
Friday that he had declined the post 
of international chairman of a Swiss 
fund to benefit Holocaust victims. 
i*Mr: WieSd, foe winner of the 
Nobel Peace Prize in 1986 and a 
Romanian-born naturalized Amer- 
ican, was chosen May 1 by foe Swiss 
government “in recognition of bis 
e xtr ao rdin ary accomplishments and 
his respected moral guidance,” a 
Swiss statement said then. 

“I am a teacher, a writer,” Mr. 
Wiesel said Friday. “It is not for me 
to measure foe suffering bf people to 
decide bow much they should be 
compensated.” 

A concentration camp survivor, 
Mr. Wiesel, has long fought for foe 
rights of Holocaust victims. 

Swiss banks have so far furnished 
the fund, established in February, 
with 265 million Swiss francs ($200 
million). 







^BUFFETT: In Omaha , He Helped the Generous Rabbi Enter an Investor’s Heaven 


EURO: The Viters Get a Say in the Debate 


Continued from Page 1 

currency. John Redwood, foe militant 
Euroskeptic and candidate to succeed 
John Major as party leader, is a symbol 
of foe continuing reluctance of many 
Britons to give up the pound sterling. 

Yet the coincidence of various elec- 
tions aaoss Europe means that in place 
of foe previous top-down approach to the 
euro, which left little room for the voices 
of citizens, a public debate has been 
engaged between supporters and oppo- 
nents of monetary union. 

“The pattern that seems to be emerg- 
ing,” said Carl Weinberg, chief econ- 
omist at High Frequency .Economics in 
New York, “is that social welfare pro- 
grams are the most vulnerable area in foe 
quest to reduce deficits. Europe cannot 
afford the high level of the social safety 
net under foe Maastricht limitations on 
bndget deficits. One or foe other has to 
go. And that is the political choice in 
these elections.” 

Millions of Italians will go to tire polls 
Sunday in what are ostensibly a series of 
municipal elections. But the outcome 




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Continued from Page 1 

from foe Buffetts. She called her and was 
.Invited over. Just like that they became 
friends. ' 

That was in foe early 1960s, and Mrs. 
Kripke was ill with a brain disorder that 
sapped her strength. She spent much of 
.her rime in bed, coming into the kitchen 
■once every few weeks to prepare a back- 
log of meals. They were piled into the 
^freezer. Rabbi Kripke warmed them up 
Iday by day. Once a week, Mrs. Buffett 
: «drove her new friend to physical therapy, 
■and all four of them occasionally played 
■bridge. The men also saw each other at 
ijthe Rotaiy Club. 

• Differences' about doctrine and 
dogma did not matter. Mrs. Buffett’s 
-father was a minister in a Disciples .of 
.Christ church in Irvington, Nebraska, 
•where she and her sister made up most of 
-the choir, though she is now a personal 
'iheist, with strong but nondebomina- 
■tional beliefs. 

? Mr. Buffett’s parents were observant 
-Presbyterians and he, too, sang in foe 
i°ir. . . 

*• Early on, though, be became an ag- 
nostic. He avoids houses of worship. His 
concerns are entirely secular. “The mce 
tiring about an aghosticisyou don’t think 
.anybody is wrong,” Mr. Buffett said. 

- Whaf attracted Mr. Buffett to foe 
hibbi? “He’s a sincere gny, Mr. Buf- 
fett saidi “He can be quite funny. He s 

said of Mr. Brffete“We 
bo* Eyed in similar ways. We bo* felt 
*at*e business of life is to be decent to 
qne:mo*erandtp live with compassion 

and not indifference. ” 

When they met, Mr. Buffett was moo- 
erately wealthy and was operati ng to n- 
hed partnerships with select mvestors^ 
His acumen was known m Omaha hut 

fade outside the dty. . 

> The Kripkes had inherited some 

065 000 — but what did they know of 
Itoclcs and debentures, puteandailk.the 
arcana of portfolio theory? HSs^rfetold 
him, “My er, invest the money wi* your 

friend Warren.” ‘ . - r 

: It m ade little difference that for -Mr. 
Buffett’s league. Rabbi Kripke s invest- 


ment was chi foe meager side. “I wanted 
people who, if it went bad, we could still 
be friends,” the investor said. 

Over foe years, as his stake swelled, 
Mr. Kripke was never the hectoring client. 
“He never asked me, ‘Why didn’t we do 
bettor last year?’ or, ‘How are we going to 
do this year?”' Mr. Buffett said. 

Mr. Kripke retired in 1975. Since 
then, he has been teaching at Creighton 
University, the Jesuit school in Omaha, 
and he writes a weekly column for the 
local Jewish newspaper. 

. Across 30 years, except for a few 
withdrawals to make charitable contri- 
butions, the Kripkes kept their savings 
with Mr. Buffett. 

Early on, the limit ed partnership they 
had set up was terminated and the rabbi’s 
stake was converted into shares of 
B e rk shi re Hathaway, the investment 
company run by Mr. Buffet which has 
risen in value in unheard-of fashion. 

The worid came to know Mr. Buffett as 
arguably the most storied investor of all 
time. The rabbi did all right too. By last 
year, his sham s were worth $25 million. 

He had no personal use for it. He has 
never owned any property, and he very 


much liked living in a three-bedroom 
apartment he rented for $900 a month in 
the Richland Park development in west- 
ern Omaha. 

Having entered his 80s, the rabbi felt 
it was time to put his affairs in order. His 
wife’s condition deteriorated last year 
and she had to be moved to a nursing 
home. Both felt a debt to the Jewish 
Theological Seminary. 

About a year ago, Mr. Kripke called 
the seminary and spoke with Rabbi Car- 
ol Davidson, the director of planned 
giving. 

Last September, Rabbi Davidson sat 
at foe table in Mr. Kripke’s den in 
Omaha. She suggested he do something 
he could enjoy in his lifetime — for 
instance, finance the repair of foe sem- 
inary’s 13-story tower. 

It was the mainstay of foe entrance to 
foe seminary bin had stood in min since 
an inexplicable fire raced through it in 
1966. Mr. Kripke remembered foe tower 
fondly. It boused foe library when be 
was a seminary studenL 

“How much would ft cost?” be 
asked. 

“Seven milli on dollars,” she said. 


He looked at his wife, and said, 
“Dorothy, would you like to do it?” 

She said yes. 

He turned to Rabbi Davidson, and 
said, “We’d like to do it." 

The seminary received the gift in 
December, and restoration of the tower 
is expected to begin this summer and be 
completed in a few months. 

The seminary is also the beneficiary 
of some trusts it helped the rabbi set up, 
which will mean additional millions. 

Ultimately, the Kripkes plan to give 
the rest of their money to various other 
charities, including the Beth El Syn- 
agogue. 

The Buffetts and the Kripkes don't see 
so much of each other any more. When 
Mr. Kripke called Mr. Buffett to say he 
wanted to come see him and tell him 
about the gift, be had to settle for chat- 
ting on thephoae. 

Mr. Buffett found nothing unusual in 
the destination of the money be had 
made for foe rabbi. “I thought it was 
quite terrific,” he said. “It’s quite in 
keeping with the family.” 

To Mr. Kripke, it was just one of those 
things. “Most people would have con- 



Thc New YoA Ta 


Rabbi Myer Kripke and his wife, 
Dorothy, in a 1989 photograph. 

sidered putting everything into one in- 
vestment stupid,” he said of that de- 
cision 30 years ago. “I guess it was 
stupid. It was chance, just chance.” 


ZAIRE: Mobutu Fails to Return Home From Gabon, Fueling Speculation He Will Quit 


Continued from Page 1 an government units who are engaged i 

combat with rebel forces advancin, 


resolute backer, had also reached that 
decision. Marshal Mobutu’s family, 
members, nearly all of whom have 
already fled Zaire, are also thought to 
have reached the conclusion that it 
would be best for Marsha! Mobutu not to 
retain. 

Meanwhile, the rebel forces .contin- 
ued their advance on the capital They 
have now taken the town of Bandundu, 
225 kilometers northwest of Kinshas a. 
The rebels, who have conquered more 
than three-quarters of the country m 
seven months, are likely to use the air- 
port in Bandundu to bring in more troops 

from foe west before a final assault on 
foe capital a Western military analyst 
said. 

From Bandundu, the analyst contin- 
ued, rebel forces would also be able to 
march south and maneuver behind Zain- 


m 

ancing 

from Kenge in foe east. 

While Mr. Kabila seems almost cer- 
tain to come to power, probably within 
foe next two weeks. Western diplomats 
say. new concerns arose Friday about his 
commitment to democracy and human 
rights. # . 

In Geneva, the United Nations ac- 
cused foe rebels of blocking an inves- 
tigation of alleged massacres . of 
Rwandan Hum refugees in eastern Zaire 
last month. Many of the Zairian rebels 
are Tutsi. In 1994, Hum in Rwanda 
ppmmnrpti genocide against foe Tutsi 
minority, killin g up to a million Tutsi 
and moderate Hutu. 

The UN said in a statement that foe 
rebels were not allowing UN investi- 
gators and forensic experts to the sites of 
alleged graves. A special UN com- 
mission was set up after reports that up to. 


50,000 Hutu refugees had been killed by 
the rebels. 

Mme than 40,000 Hum refugees, who 
have tried to escape foe rebel forces, are 
now trapped in western Zaire, along foe 
Gongo River border with Congo, of- 
ficials from foe International Committee 
of the Red Cross and the Belgian branch 
of Doctors Without Borders said in Kin- 
shasa. Many of foe refugees died during 
weeks of walking through *e Zairian 
jungle, foe relief workers said. 

The surviving refugees, who are 
gathered in an area around the town of 
Mbandaka. north of Kinshasa, are suf- 
fering from severe malnutrition and vit- 
amin deficiency, which are causing 
blindness. 

Relief organizations have been unable 
to reach the refugees with food and 
medicine because of the security situ- 
ation. Retreating Zairian government 
soldiers, themselves in desperate straits. 


have been looting towns and villages as 
they come down the Congo River, relief 
workers said. 

The rebels received a substantial eco- 
nomic and political boost Friday when a 
Canadian mining company, Tenke Min- 
ing Corp., paid $50 million for the rights 
to min e copper and cobalt. The As- 
sociated Press reported from Lubum- 
bashL 

Tenke, which had originally signed a 
contract with Marshal Mobutu’s gov- 
ernment, concluded the agreement with, 
the rebels last week. 

American companies have also been 
advised to negotiate with rebels, a West- 
ern diplomat in Kinshasa said. Abour30 
investment bankers, including represen- 
tatives from Goldman Sachs, Morgan 
Grenfell and First Bank of Boston, ar- 
rived Friday in Lubumbashi to begin 
negotiations wi* the rebels. The As- 
sociated Press reported. 


could have an immediate impact on the 
way the government proceeds with plans 
for pension reform and spending cuts to 
qualify for Europe's single currency. 

Prime Minister Prodi has repeated 
many times that he will resign if Italy 
fails to meet single currency conditions 
this year. But inside foe governing cen- 
ter-left coalition,' the Refounded Com- 
munists are bitterly opposed to the kind 
of sharp cuts in pension and heal* care 
spending that the Prodi government 
clearly believes are needed. 

If Italy's Communists, do well Sunday, 
even in local elections, it is quite likely 
that they will try to water down Mr. 
Prodi's austerity policies. At stake will 
be not only a reform of the country's 
bloated pension system, but also foe 
nature of an estimated $15 billion to $20 
billion of spending cuts to be contained 
in a 1998 budget that the government 
hopes to bring forward from next au- 
tumn to this summer. 

In France, meanwhile. President 
Jacques Chirac risks seeing his large 
parliamentary majority sharply reduced 
m the elections. The vote is, in effect, 
about the willingness of foe French to 
proceed with welfare reforms either be- 
fore or after foe birth of the euro. 

The situation in France is complicated 
by the feet that in recent days the Socialist 
opposition leader. Lionel Jospin, has 
found himself sparring over Maastricht 
with his putative electoral partner, 
Robert Hue, the Communist leader. 

Mr. Jospin, who has gained ground 
against Mr. Chirac in opinion polls, said 
his Socialist Party would impose its lin e 
on the single currency if foe left wins the 
May 25 elections ana the June 1 runoff. 

Some observers suggest that neither 
Mr. Chirac, who is committed to foe euro, 
nor Mr. Jospin, who has affected a slightly 
skeptical tone about Maastricht criteria, is 
telling foe whole truth to foe French elec- 
torate. “It is all very hypocritical here in 
France,” said Alain Mmc, an economist 
and commentator. “Here we have an 
election about Europe and foe euro, but 
nobody dares to say it directly.” 

“President Chirac,” Mr. Mine said, 
“called this election in order to make 
spending cuts to achieve the euro. But he 
doesn't dare campaign with the European 
flag in his hand. The left on the one hand 
doesn't want to give up farmer President 
Francois Mitterrand's European legacy, 
but on the other hand wants to be anti- 
European enough to win the election.” 

The outlook in France, Italy and Ger- 
many could confirm the worst fears of 
political leaders. A substantial number 
of voters, it appears, might respond to 
candidates who campaign against rolling 
back the welfare state or’ making other 
cuts, whether foe austerity measures are 
couched in terms of Maastricht or not. 

In Germany, for example. Chancellor 
Helmut Kohl has already announced he 
will run for re-election next year, and 
nobody doubts that his top priority is to 
make the social spending cuts and take 
any other steps needed to ensure that 
Bonn meets the criteria. 

ButMf. Kohl and his finance minister, 
Theo Waigel will need to summon quite 

a bit of political courage next week, if, as 
s6 eras likely, figures to be released’on 
May 15 show that Germany is facing a 
shortfall in tax revenues of about 20 
billion marks. (Page 11) 

That number will have a great deal of 

bearing on the size of new social soend 

ing cues the government will 
introduce along the road to Maastricht 
and in a nation where roughly 60 n*rr^ 
of the Redoes not eSKSR* 
change foe Deutsche mart fbr foe ^ 







Hcralb 


INTERNATIONAL 




Sribunc 


PLBL15HEB WITH THE NEW YORK TIMES AMD THE WASHINGTON POST 


Nothing Justifies Torture 


No democracy is as stalked by ter- 
rorism as Israel. Because of dial threat. 
Israeli law allows its security service to 
use what it calls '*a moderate measure 
of physical pressure’* when interrog- 
ating Palestinians. These measures, 
which include violent shaking and 
banging shackled prisoners in painful 
positions, clearly come under die 
definition of torture in the international 
conventions that Israel has signed. Is- 
rael must vigorously protect its se- 
curity, but not by the use of torture. 

Israel's General Security Service, 
the Shin Bet, has long used violence 
during interrogations, though the prac- 
tice has been legal only since L9S7. 
According to Israeli human rights or- 
ganizations, in recent years about 
5,000 Palestinians have been subjected 
to violence in detention annually. The 
Israeli government maintains that its 
methods do not amount to torture. 

Shin Bet officials say the use of 
physical pressure has helped prevent 
some terrorist attacks. That may be 
true. But torture often produces un- 
reliable information because victims 
are likely to tell torturers whatever will 
get them to stop. In other countries. 


torture is used to intimidate and break 
the opposition. Thar may be true in 
Israel. Human rights groups claim that 
80 percent of the Palestinians who are 
tortured are never indicted for a crime. 

Americans, who do not suffer the 
emotional pressure and constant fear of 
terrorist attack, should be cautious 
about advising Israelis on this matter. 
Still, torture is such a basic violation of 
human rights that nothing justifies its 
use. The torture of dissident writers 
and common thieves is clearly wrong. 
The message of the international con- 
ventions against torture is that the state 
may not tonure terrorists or prisoners 
of war either. 

Israel is joined in the use of torture 
by most of the world’s nations. Among 
them are its neighbors, some of whom 
have made severe totture routine. If 
anything, that is reason for Israel to 
stand apart. As a democracy and a 
nation of principles, Israel must follow 
a different code of conduct The char- 
acter of a country is determined in some 
measure by how it treats its enemies 
and prisoners. Israel harms its inter- 
national stature by torturing its foes. 

— THE NEW YORK TIMES, 


Tainted Gold 


The chapter now being belatedly 
added to the history of World War 13 is 
tawdry. It centers on Switzerland bur 
touches a dozen other European coun- 
tries similarly accustomed to thinking 
of themselves as repositories of the 
West's higher values. The chapter is 
about “Nazi gold,” meaning the huge 
government and individual assets that 
Hitler Germany looted and senr ro 
Switzerland and elsewhere in order to 
prosecute its mad war. With the ending 
of the Cold War, the opening of new 
archives and the agitation of the World 
Jewish Congress and Senator Alfonse 
D' Amato, die story was already seep- 
ing into international consciousness. 
With release of the massively re- 
searched U.'S. government report as- 
sembled by Undersecretary of State 
Stuart Eizenstat and die State Depart- 
ment historian William Slany, the ter- 
rible truth no longer can be ignored. 

The heart of it is that the Swiss were 
the “principal bankers and financial 
brokers” for the Nazi war machine. 
From Germany they received gold 
with a 1997 value in the billions of 
dollars — some of it stolen from cen- 
tral banks, some from individuals, “at 
least a small portion" of it (although 
evidence is lacking that the Swiss 
knew so at the time) smelted from the 
rings and gold teeth of death camp 
victims. Thereby the Swiss enabled 
Germany to arrange the credit and to 
purchase the arms, tools and other vital 
material chat let it prolong a war that 
otherwise might have abated, and kill 
people who otherwise might have lived 
— soldiers by the hundreds of thou- 
sands, civilians by the millions. And 
when at war’s end the time came to 
restore the loot to its rightful owners or 
their heirs, the Swiss succeeded at the 
negotiating table in limiting their fur- 
ther obligations; to this day they hold 
on to the lion's share. 

In recent months, as events left un- 
examiaed for 50 years began to be 
illuminated, the Swiss authorities 


came alert and took two tacks. One was 
to crank up handsome compensation 
and research commissions to get 
straight, or straighter, with the victims 
of past policy and with the emerging 
historical record. Here it will be in- 
teresting to see if the Swiss electorate 
ratifies, in a forthcoming referendum, 
the high-end compensation proposal 
that will be put before them. 

The other initiative was to spread the 
claim that wartime duress gave 
Switzerland no reasonable choice but to 
bend its fabled * 'neutrality' ' to German 
uses. No one can doubt that duress was 
tremendous. The commission, how- 
ever. lists a broader range of possible 
considerations among Europe's neu- 
trals, including a quest for profit and 
“outright Nazi sympathy.’ Switzer- 
land's defense would be substantially 
easier to credit if it had reduced its 
cooperation when the tide of war turned 
against Germany in the battle of Stal- 
ingrad in early 1943 and if it had been 
prompt, unbidden and generous in -re- 
turning the Nazi gold after the war. 

The new report does not spare the 
American government for its seeming 
distraction from die postwar pursuit of 
Nazi gold in Switzerland and in some of 
the other profiting neutrals, among them 
Sweden. Spain and Portugal. Then-Act- 
ing Secretary of State Dean Acheson 
said he had found “no reasonable ev- 
idence that Switzerland had purchased 
$300 million [nearly $3 billion in cur- 
rent value] of gold looted by Germany,’ * 
despite what the report calls “govern- 
ment assurances to the contrary.” 

This impressive report suggests it is 
not too late to take up the unfinished 
business of die war. This requires gov- 
ernments holding Nazi gold to use it to 
compensate the lingering and un til- 
now largely uncompensated v ictijns of 
the war in the formerly Communist 
East. It further requires the neutrals to 
probe their wartime and postwar en- 
gagement in the Nazi gold shame. 

— THE WASHINGTON POST. 


Reno’s Refusal 


According to numerous news ac- 
counts. the head of the Federal Bureau 
of Investigation, Louis Freeh, has giv- 
en Attorney General Janet Reno some 
sound advice for carrying out her duty 
in the White House fund-raising scan- 
dals. Unfortunately. Ms. Reno still re- 
fuses to heed it, despite the mounting 
damage to the Justice Department’s 
reputation and her own. 

Mr. Freeh has urged Ms. Reno to 
seek the appointment of an independent 
counsel to conduct the investigation 
into possibly corrupt fund-raising prac- 
tices in President Bill Clinton's 1996 re- 
election drive. He cited the gravity and 
sprawling nature of the case, plus early 
evidence' pointing to high-level While 
House involvement. In addition to of- 
fering this wise counsel, the FBI di- 
rector has just shown his concern about 
the widening campaign-finance inquiry 
by more than doubling the number of 
bureau employees assigned to it. 

Of course. Mr. Freeh's agency faces 
its own problems, and in advising the 
attorney general of the need for an in- 
dependent counsel, he was only relay- 
ing what has been apparent for months 
now. and not just to Republican par- 


tisans in Congress. Still, it is reassuring 
to know that at least someone high up in 
the Justice Department understands the 
serious nature and sensitivity of the 
fund-raising mess and the unavoidable 
conflict of interest it has created for Ms. 
Reno and the department. 

Less reassuring is Ms. Reno's re- 
sponse. In defending her refusal to seek 
an independent counsel, she has ex- 
pressed confidence in the expertise and 
judgment of law enforcement profes- 
sionals within the Justice Depart- 
ment’s criminal division. These pro- 
fessionals have argued against shifting 
the investigation from their control to 
an outside'prosecutor. based on a du- 
bious reading of the known evidence 
and the applicable campaign -finance 
laws. Now it turns out that Mr. Freeh, 
one of the nation's highest-ranking law 
enforcement officials, has been offer- 
ingprerisely the opposite advice. 

Thursday Ms. Reno tried to down- 
play the significance of this conflict 
within her department. But she has yet 
to give a convincing explanation of 
why she has chosen to reject Mr. 
Freeh's counsel. 

— THE NEW YORK TIMES 


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Arrest the Criminal Chiefs of Republika Srpska 


B OSTON — It is as if the Nurem- 
berg tribunal after World War II 
had found a German soldier guilty of 
war crimes while the Nazi leaders who 
directed the Holocaust went free — and 
continued to control half of Germany. 

That, by analogy, is the case of 
Dusan Tadic, convicted by the Inter- 
national. War Crimes Tribunal for the 
Former Yugoslavia for what he did as a 
paramilitary in the Serbian onslaught in 
Bosnia. It was the first trial of its kind 
since Nuremberg, a historic step to- 
ward holding war criminals account- 
able for their atrocities. But the sur- 
rounding realities gave it a bitter 
aftertaste. 

The Yugoslav tribunal has indicted 
74 men, most of them Serbs, but only 8 
are in custody. Authorities in Serbia 
and the Serbian sector of Bosnia have 
refused to hand over suspects. And the 
NATO allies with military farces in 
Bosnia have so far done nothing to 
bring them to book. 

The most important indictees are 
Radovan Karadzic, who as political 
leader of the Bosnian Serbs directed 
their genocidal campaign of “ethnic 
cleansing. ' ’ and General Ratko Mladic, 
who as military commander carried it 


By Anthony Lewis . 

out. Both are at large in Republika 
Srpska, the Serbian half of Bosnia. 

The failure ro arrest Mr. Karadzic 
and General Mladic is not only a moral 
blot and a crippling blow to the cred- 
ibility of the war crimes tribunal. It is a 
failure with menacing consequences 
for the United States and its allies. It 
puts into question their ability to with- 
draw forces from Bosnia with any con- 
fidence in continued peace. 

Mr. Karadzic, though barred from 
office under the Dayton peace accords, 
is running Republika Srpska from be- 
hind the scenes: not far behind, indeed, 
because his hand has become increas- 
ingly obvious in recent months. He is 
blocking efforts to carry out the civilian 
clauses of the accords, which were 
designed to knit Bosnia back together. 

Thus only about 250,000 of the es- 
timated 2.5 million displaced Bosnians 
have been able to return to their homes, a 
right assured by Dayton. Republika 
Srpska has signed a customs agreement 
with Serbia, in violation of Dayton. It 
has a separate telephone system that 
makes it hard to talk to the rest of Bosnia. 


The International Crisis Group, a well- 
informed private organization, con- 
cluded last month that “prospects look 
■bleak for Bosnia staying together.” 

The Clinton administration has 
promised to withdraw by mid-l 998 the 
8,600 U.S. troops that are jpart of the 
Stabilization Force in Bosma. 

European countries will not keep their 
troops there without the Americans. 

But if international forces leave be- 
fore there is real implementation of 
Dayton’s political provisions, most ex- 
perts think bloody fighting will break 
out again. That would be a disaster for 
the reputation of the United States and 
its allies. At the very moment that we 
are trying to enlarge NATO, it will 
have railed a crucial test. If we want to 
avoid that result, we have to be serious 
about implementing Dayton. Anesf of 
the major war criminals is crucial. 

The elected president of Republika 
Sipska, Biljana Plavsic, has actually 
shown a desire to work broadly within 
Dayton; but she has been overridden by 
Mr. Karadzic and his men. 

A Clinton administration official put 
it bluntly; “Apart from justice and 
morality, the presence of Karadzic is a 
menace to Dayton.” 


The admin istration has talked about 
farming a special police unit to arrest 
war criminals. Where chat stands is 
uncertain, but a policy review is going 
on now. 

Anyone who does not know why we 
should care about Bosnia — and why 
we need to bring accused war criminals 
before the tribunal — should read a 
new book. It is “End Game, ’’ by David 
Rohde, who reported in The Christian 
Science Monitor on finding mass 
graves of the Muslims slaughtered by 
General Mladic and his men after they 
seized the supposed UN safe area of 
Srebrenica in June 1 995. - 

“End Game” tells the shameful sto- 
ry of how United Nations represen- 
tatives and military commanders 
slithered out of the pledge to protect 
Srebrenica. 

It tells about General Bernard Janvier 
and Yasushi Akashi, the chief UN 
representative, meeting - President 
Slobodan Milosevic of Serbia at a hunt- 
ing lodge of his a month after the 
Srebrenica massacre.. When Mr. Milo- 
sevic said no hunting was allowed near 
the lodge, Mr. Akashi joked, “a safe 
area for animals.” Everyone laqghed. 

The New York Times. 


Ask North Korean Defector About Those Counterfeit Dollars 


N ICOSIA — The U.S. 

Treasury Department and a 
number of Pacific Rim govern- 
ments will probably want to talk 
to North Korea's latest and 
most senior defector, Hwang 
Jang Yop. about forged Amer- 
ican money. 

Banks, money changers, 
shopkeepers and American and 
other tourists have been plagued 
by the ubiquitous, near-perfect 
counterfeit $ 1 00 and sometimes 
$50 bills, often called Super- 
notes, since the 1 980s. 

The first state culprit iden- 
tified by U.S. Republican con- 
gressional task force sleuths 
and a few investigative report- 
ers in the early and mid-1990s 
was Iran. Before his fall, the 
shah bought two intaglio print- 
ing presses, the kind the LT.S. 
Bureau of Engraving and Print- 
ing uses to print U.S. currency. 
The Ayatollah Rubollah Kho- 
meini's revolutionaries inher- 
ited them in 1979. 

More recently. North Korea, 
China and even the Russian 
mafia have become suspects. 
Mr. Hwang, heavily guarded 
for his own safety in Seoul, 
should be able to speak to what 
some law enforcement officials 


By John K. Cooley 


and bankers accept as the truth 
about die Pyongyang regime. 

Long before media publicity 
about Supernotes began, local 
police ana the U.S. Secret Ser- 
vice in Singapore identified a 
superior-quality $100 forgery. 
This was in July 1983. Accord- 
ing to Counterfeits and Forger- 
ies Review — an Interpol pub- 
lication — it was one of the first- 
ever found to be printed in. au- 
thentic magnetic ink and mostly 
by an intaglio press, which 
forces the ink into the paper un- 
der terrific pressure. This gives 
real U.S. greenbacks their raised 
or embossed look and touch. 

Only a few details gave the 
bogus bill away; Security fibers 
in a normal U.S. banknote were 
faked by fine, printed red and 
blue fines. Some tiny, mis- 
placed dots and splotches also 
marred the printing. 

The notes of the type iden- 
tified in Singapore also turned 
up in Australia, Hong Kong and 
other Far Eastern locations, as 
well as in the Mideast. Europe 
and Canada. 

Then, in 1988. Kim Chong 
Min, president of North 


Korea's government Taeyang 
Trading Co., defected to South 
Korea. He disclosed that 
Pyongyang sought, and had 
ordered hnn to obtain, large 
quantities of both real and false 
U.S. dollars, to subveit South 
Korea’s booming economy and 
to pay traders for needed food 
and other commodities. 

That North Korea, already 
close to mass malnutrition if not 
starvation, was indeed distrib- 
uting high-quality U.S. coun- 
terfeits was shown dramatically 
in June 1994. Bank officers at 
the Hong Kong branch of New 
York's Republic National Bank 
found that much of $280,000 in 
$100 bills just purchased from 
the Asia Delta Bank in the 
nearby Portuguese colony of 
Macao was forged, according to 
news reports. 

Asia Delta clerks found an 
additional $78,000 in Super- 
notes in their vaults. They 
traced the bills to accounts 
opened by North Korea's Zok- 
wang Trading Co,, and another 
firm thar Pyongyang managed 
in Macao. 

U.S. Secret Service agents 


learned, that the phony cash had 
arrived in the Portuguese en- 
clave from the North Korean 
trade missions in Guangzhou 
and Zhuhai, China. Sub- 
/, Japanese police arres- 
four Japanese businessmen 
as they tried to spend bogus U.S. 
money they said they had ob- 
tained from a bank in Zhuhai. 

Then, in March 1996, Thai 
police in Bangkok captured a 
former Japanese Rea Army 
courier carrying a huge sum in 
intaglio-printed Supernotes, ac- 
cording to a Newsweek Asia 
edition cover story. The Jap- 
anese and several accomplices 
had been living for long periods 
in asylum in North Korea. 

Since 1994, casinos in the 
United States have been care- 
fully vetting their intake of 
$100 and $50 bills. That year, 
three Vietnamese high' rollers 
flooded poker tables with Su- 
pernotes at Harrah’s Casino and 
Hotel at Lake Tahoe, according 
to news reports. 

Treasury agents and police 
found a quantity of Supernotes 
in a duffel bag belonging to 
one of the gamblers; the fake 
cash apparently had been 
brought in from Canada, ac- 


cording to an intelligence report 
from the Royal Canadian * 
Mounted Police: 

More recently, and more se- 
riously, Supernotes — re- 
portedly including a few copies 
of die new $100 bill released by 
the Treasury in March 1996 to 
foil counterfeiters — began ap- 
• pearing in Russia and the former 
states of Soviet Central Aria. 
Their appearance, according to 
Russian media reports never 
confirmed by the U.S. govern- 
ment, practically coincided with 
foe issue of foe genuine bank- 
notes by the Bureau of Engrav- 
ing and Priming in the United 
States and their circulation by the 
U.S. Federal Reserve System. . 

Clearly there is a problem. 
Hwang Jang Yop is said to be 
the highest-ranking North 
Korean ever to seek safety in 
SeouL Wouldn’t it be. appro- 
priate to ask him about what 
may be one of the biggest and 
most persistent state counter- 
feiting rackets in history? 

The writer, an ABC News 
correspondent and author 
based in Cyprus, contributed 
This comment to the interna- 
tional Herald Tribune. 


Only Good Intentions: Taking Responsibility for the Results 


P ARIS — When he was sec- 
retary-general of the United 
Nations. Boutros Boutros Ghali 
said there were 16 members of 
the Security Council — 15 
states plus CNN, whose de- 
cision on which bloody mas- 
sacres. which skin-and-bones 
children to focus its cameras on 
often set the agenda. 

Humanitarian aid, when and 
how' to deliver it, has inevitably 
become an international polit- 
ical problem. This was not the 
intention of those who set up the 
programs of international and 
private relief organizations. 
Even national governments ac- 
cepted that assistance to civil- 
ians in dire need should not 
reflect political interests, in- 
deed that it is in the interest of 
modem states to respond to hu- 
man emergencies regardless of 
other calculations. 


By Flora Lewis' 


J. Brian 1 Atwood, administra- 
tor of the U.S. Agency for In- 
ternational Development, recalls 
thai “a hungry child knows no 
politics' ' was the slogan adopted 
to rally American support to 
send food to starving Ethiopians, 
despite the communist regime, 
in die early 1980s, But now. he 
says, that isn ’ran adequate guide 
for aid decisions. 

Developments have shown 
that relief can be turned into a 
political tool, a sinister weapon, 
that perpetuates the very crises it 
is intended to resolve. Would the 
war in Bosnia have gone on 
nearly five years — leaving that 
country even now on the brink of 
further war once NATO troops 
depan — if not for foreign aid? 

There is a consensus among 
ihose involved that food for 


Rwandan refugees in Zaire, 
which cost $1 million a day for 
more than two years until the 
comps were disbanded at the 
approach of rebel forces, served 
the nefarious purposes of the 
Hutu fighters who had commit- 
ted genocide. Doctors Without 
Borders pulled out in disgust. 

Sadako Ogata. UN high com- 
missioner for refugees, said she 
begged for help to separate the 
armed intimidate rs from the in- 
nocents. to no avail. “My staff 
had to continue feeding crim- 
inals as the price for feeding 
hundreds of thousands of in- 
nocent women and children," 
and relief workers themselves 
were endangered, she said. 

Of course, the answer cannot 
be to ignore people's suffering, 
to turn off CNN or persuade it to 


Caspian Access Is Crucial for the West 


By Caspar W. Weinberger and Peter Sehweizer 


N EW YORK — As the West 
celebrates the apparent ex- 
pansion of NATO into Central 
Europe. Russia is making a con- 
certed bid ro achieve a strategic 
victory of its own: dominance 
of the* energy resources in the 
Caspian Sea "region. 

If Moscow succeeds, its vic- 
tory could prove more signif- 
icant than the West's success in 
enlarging NATO. 

The stakes in the Caspian are 
enormous. There are reportedly 
up ro 200 billion barrels of oil 
and natural gas in the region. 
Azerbaijan alone could produce 
as much as 2 million barrels a 
day by 2010. 

Open access to the Caspian is 
critical if the United States is to 
diversify its energy sources and 
reduce its dangerous reliance on 
Middle Eastern supplies. Oil in 
the Caspian region is now 
channeled principally through 
pipelines to Russian Black Sea 
pons, and Moscow wants to 
keep it that way because that 
means it controls the flow. 

At the center of the new Great 
Game is Moscow ’s effort to pui 
the squeeze on Azerbaijan, a 
secular Muslim state whose 
president. Hevdar Aliyev, once 
a member of the Soviet Polit- 
buro. welcomes Western in- 
vestment. 

Over the past few years Rus- 
sia has tried to push Azerbaijan 
to allow Russian military' bases 
and to join the Commonwealth 
of Independent States, the con- 


federation of former Soviet re- 
publics. At the same time. Rus- 
sia has given critical mititarv 
aid to neighboring Armenia, al- 
lowing it to occupy 20 percent 
of .Azerbaijan. 

Most disturbing is the admis- 
sion by Aman Tuleyev. a Rus- 
sian government minister, that 
more than SI billion in arms 
were shipped illegally to Ar- 
menia. apparently” to be used 
against Azerbaijan. The Rus- 
sian newspaper Nezavisimaya 
Gazed reported that Armenian 
military experts were trained in 
the use of advanced rocket sys- 
tems last year at a Russian mis- 
sile range. 

The Kremlin is also pressur- 
ing the United States to modify 
a new section of the Conven- 
tional Forces in Europe treaty, 
which sets limits on troop 
levels. Russia wants to place 
more troops in the southern 
tier. 

Moscow has struck a strategic 
hargain with Iran, the other play- 
er in this drama. Iran stands to 
lose enormously if oil is allowed 
to flow freely from the Caspian. 
Russia has* provided Tehran 
with nuclear-related technol- 
ogies, missile components and 
other advanced equipment. 

In June 1 996. Russia and Iran 
issued a joint statement: “Iran 
and Russia should cooperate 
with regional states ro prevent 
the presence" of U.S. power in 
the Caspian Sea. 

Iran sees the Azerbaijanis as a 


threat because they may provoke 
separatist semimem among its 
large ethnic Azeri population. 

Azerbaijan, for its pan. has 
pointedly denied Iran entry into 
the consortium of countries in- 
vited ro develop oil in the 
Caspian Sea. The Aliyev gov- 
ernment has also resisted Ira- 
nian demands that it terminate 
friendly relations with Israel. 

If Russia and Iran succeed in 
their designs on the Caspian, 
they will have potential lever- 
age over Western economies, 
which will be left to rely on the 
unstable Gulf region for oil. 

But our American policy has 
thus far failed to reflect the stra- 
tegic interests we have in the 
region. Armenia, which has 
welcomed Russian troops, has 
received more aid from the 
United States per capita than 
any nation but Israel. And after 
lobbying by Armenian-Amer- 
icans, Congress made it illegal 
to give direct American assist- 
ance to Azerbaijan. 

The Clinton administration 
needs to encourage closer re- 
lations with Azerbaijan and per- 
suade Congress io change its 
priorities on aid. 

Our long-term security in- 
terests are ai stake. 


avoid the heartrending, shock- 
ing pictures. They show the real 
world around us. So the answer 
has to be to go a step further and 
recognize that charity by itself 
isn't enough, that there has to be 
a policy ro confront the causes 
as well as the results of these 
more and more frequent, usu- 
ally man-made disasters. 

Mrs. Ogata calls for “ an early 
and rapid" military deployment 
capability to prevent the crises 
from festering. Mr. Atwood ar- 
gues that more active diplomacy 
is needed, addressing especially 
the situation in rogue and failed 
states whose own politics or in- 
competence turn limited dis- 
tress into vast tragedies. 

A debate is gathering urgency 
on what to do . about North 
Korea, whose 20 million people 
are menaced by famine. Very 
modest international food aid 
has been agreed on, but Mr. At- 
wood believes, on fair evidence, 
thar “North Korea faces per- 
ennial hunger until there is sys- 
temic change in its economy." 

These situations make it nec- 
essary to recognize that con- 
ditions ha ve ro be pul if even 
humanitarian assistance, let 
alone development aid to al- 
leviate endemic poverty, is to be 
effective andbring hope. 

The current estimated cost of 
humanitarian aid is estimated at 
$6.5 billion u year worldwide. It 
does save lives, but it doesn’t do 
its job of rescuing people in 


such a way that they can go on 
and look after themselves. 

Aid conditions should be in- 
ternationally endorsed so that it 
cannot be said chat one or an- 
other donor is using them to its 
narrow national advantage. 

To begin with, there must be 
assurance that aid can be de- 
livered and properly monitored 
without threatening the lives of 
relief workers. There must be 
assurance that it is not used as a 
weapon of repression. .And 
relief should be accompanied 
by serious diplomatic efforts to . 
resolve the crisis, which does w 
give a political tinge that Mr. 
Atwood points out should be 
seen as constructive, not self- 
serving. 

Development aid u> distinct, 
and yet it is linked, as the means 
of preventing crises. It, too. 
should be more conditional: at- 
tention ro population explosions 
is needed: limits on military 
spending must be set: the im- 
portance of education and the 
role of women must be stressed: 
economic and financial reforms 
must be made. 

These are not new' ideas, but 
they would bring a change in 
what is meant by the world 
community and respect for state" 
sovereignty. Now that the prob; 
lems are on TV every day. there’ 
is an undeniable need to’ accept 
more responsibility for the re- 
sults of good intentions. 

Flora Lew is 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


■Mr. Weinlvrffer, secretary 
of defense from 19S1 to 19S7. 
and Mr. Schweizer, a research 
fellow at the Hoover Institu- 
tion. are '-authors of "The 
Next War. They contributed 
this comment to The New 
York Times. 


1897: Uruguay Rebels 

LONDON The Times' cor- 
respondent at Buenos Ayres says 
Colonel Lamas, commanding 
the rebels in North Paysandu. is 
reported io have gained some 
advantage, capturing five field 
pieces from ihe Government 
troops. Throughout Uruguay, 
sympathy is inclined towards ihe 
rebels on account of the thor- 
oughly corrupt manner in which 
the present Government conduc- 
ted the elections last November, 
but foe feeling is of a lukewarm 
character generally. 

1922: Passion Plays 

PARIS — At Oberammergau, 
the peasants began their public 
performances of the Passion 
Play, which they give every ten 
years in fulfillment of a vow- 
made by foe inhabitants of this 
Bavarian village in 1634. This 
survivance of foe "mysteries" 
of the Middle Ages, and foe mor- 


ality plays which have been redt 
vivea as pageants in recent 
years, must have its origin in the 
dark ages of Europe. The plays 
were given by foe trade guilds! 
but the clergy often took a pan in 
their elaboration. The per4 
formers sometimes played their 
roles so fervently that accidents 
lo the “sinners" were recorded 

1947: Anti-Red Bill ; 

WASHINGTON — The House 
of Representatives passed Pres- 
ident Truman's S400.000.0W3 
Greek -Turkish aid bill author- 1 
/zing foe transfer of American 
arms and money to bulwark 
the Mediterranean countries, 
against communism. The legis- 
lation was whooped through’ 
by a roll-call vote of 287 tr- 
107 by a coalition of ReputM^ 

1 icans and Southern Demo- 
crats who shouted down 
alarmed opposition protests that 
passage might mean “a dec- 
laration of war on Russia.” 


m i Hi— m _ I i I, Jill 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAV, MAX 10-11. 1991 


PAGET 


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f Oldmans ‘Nil by Mouth’: 
Strong Stuff to Swallow 


Mounted ?,%* lis £ 

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Supernote* J'' 

70:.ec:\ '."CiUdino -i : 


By Joan Dupont 

International Herald Tribune 


-drag a f rt 




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■•> '.ncludino a fi-i ’ : M Oldman has escaped 

r.ev. \ i . v, ” a?L 1 from his forever evil 

u>jr. >. Sr?? 1 V/ roles to make “Nil 

‘-r.:ert*n»r ni?’ by - M outh." a firsr film in- 

u L*: R '.Tlr?'-’ spired by his south London 

"T V”. ,I : childhood that positions him 

beside Mike Leigh and Ken 

V r -._7'""\ Loach. The French director 

~ - J' : .‘ r ;P? l ‘ Luc Besson produced die 

-v .film. 

:,>ir -‘"-ds!v Set among small-time 

17 .J.1 p dealers and big boozers, the 

; movie is long on violence: An 

;: r ™= !R '^ lx alcoholic Ray (Ray Win- 
uLil,^. stone) runs rampant in pubs 
- : ' r “ <■<*':-; S;.«j and terrorizes his household. 
' ;■ ;r t r i •* u prriv The first 40 minutes of Ray's 

i i -’■.■? binge — played out before a 

jr. : :* r T lurching camera — does not 


:.„7 :■ T--7--V :c-ssay v 
genuine p- 

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come to save the world from 
evil forces. She lands on the 
roof of a yellow cab driven by 
(Bruce Willis), a die-hard he- 
ro from Brooklyn. There’s a 
priest (Ian Holm), a twink- 
ling may-the-force-be-with- 
you son. and a character 
called Zorg (Oldman) with a 
Hitler haircut who sounds as 
if he sells Kentucky Fried 
Chicken. Midway through 
the movie, a talk-show drag 
queen (Chris Tucker) takes 
over, upstaging the others — 
and even the action. 

When he was 16. Besson 


In a different vein, und set in 
a time of more decorum and 
restraint, Marco Bellocchio’s 
adaptation of Heinrich von 
Kleist’s ”11 Principe di Hom- 
bourg" (“The Prince of Hom- 
burg”) bums bright. The po- 
etic drama, full of dreams and 
revelations, is about a hot- 
blooded young prince of 
Homburg ( Andrea Di Stefano) 
who disobeyed his command- 
er. the elector of Brandenburg, 
and gave his cavalry prema- 
ture orders to attack the enemy 
Swedes. His error was a prob- 
lem of timing, a mistake of 


started imagining a world of two minutes. 

— — ^ — Bellochio. attracted to the 


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Luc Besson's 
‘The Fifth 


spBaS. p'- > u--' 

igfcfiemcsa- 


for the Res 


go down easily. Foul lan- ^ J , 
guage and fists fly, vulgarity Element : A 
and abuse hail down, for Ray 7 

is a one-man thunderstorm. SpCLCe thriller 
VaL his pregnant wife, Janet, -T ? 7 

her mother, and Granny — all dreSSed tO kill. 

strong women — are 

threatened and beaten, while 
Michelle, the small daughter, the fixture. He tested 
watches and waits her turn. themes in his first blacks 
“Nil by Mouth” is strong white feature, “Le Der 
stuff, a prescription handed Combat," went underw 
down from one generation to with them in “Le Gi 
the next When, on a night Bleu,” and now, nine yt 
out. Granny sings -“Can’t later, has designed and dres 


die fixture. He tested the 
themes in his first black-and- 
white feature, “Le Dernier 
Combat," went underwater 
with them in “Le Grand 
Bleu,” and now, nine years 
later, has designed and dressed 


help loving .that -man* of a space thriller to kilL 


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mine," her daughter, grand- 
daughter and great-grand- 
daughter waich solemnly. 
And in the next scene, they 
take their man back home, to 
try again 

* ‘There’s a lot of my father 
on screen,' ' Oldman said at a 
news conference. VI grew up 


Jean Girard and Jean- 
Claude Mezieres supplied the 
comic-book sets, Jean Paul 
Gaultier the costumes. Bui 
this vision of the future comes 


psychological subtext of die 
play, interprets his haste as a 
death wish. The stem elector 
(Toni Bertorelli) condemns 
him to death. First' the prince 
scoffs, then he crawls: He 
doesn't want to die. He's in 
love with his cousin. Princess 
Natalia (Barbora Bobulova), 
who goes to battle for him, 
pleads with the elector and ob- 
tains his pardon. But it's a par- 
don without honor and the 
prince cannot accept. 

Those used to rapid-fire ac- 
tion films, may find the 89- 
minute drama slow-moving. 
Then there's the ticklish sub- 
ject of German obedience to 
authority and military victory 
uber alles. But the director has 
succeeded in making it into 
something modem: a rigorous 
and pure film about .the ro- 
mantic hero, a man who fails 


out looking like a French at the height of his powers. 


kid’s dream of making a Hol- 
lywood movie. Besson', who 
had already directed Oldman 


in that neighborhood, a lot of as another kind of evil char- 
me is in all the characters; I’m acter in "Leon" (“The Pro- 




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closest to the little ^rl. ’’ The fessional’ '), said, “Directing 
movie also deals with code- Gary, you could see he has a 


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. i*- 

^■.■■■■de- 


pendency, he added. After 10 
years in New York, and a 
siege battling alcoholism, the 
actor felt he had to go back to 
London and make the film. 


director's eye, he noticed a 
lot. A good actor is always at 
the service of a director's 
dream, so when Igot the proj- 
ect. 1 never thought of his 




% The festival’s opening personal problems — he was 
•film, Besson's “The Fifth m charge, it was his movie." 


Bobulova, a Slovak act- 
ress, learned Italian for the 
pan. Di Stefano, an Italian 
who trained at the Actors' 
Studio, plays the fiery young 
prince, tom between a father 
figure who wants his death 
and maturity. Bellochio ex- 
amines the ambiguities with 
finesse, saying that “our 
epoch needs heroes, not 
sports champs or TV stars, 
but men who are remarkably 
intelligent and sensible." 


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Element,” presented out of 
competition, takes place in 
the 23d century, which looks 
to be no better than our own: 
There’s a traffic jam over 
Manhattan, where the cars 
move vertically and horizon- 
tally. a garbage pile-up at the 
airport, a hotel in space gaud- 
ier than any In Vegas. Char- 
acters are catapulted from the 
comics: Milla Jovovich as a , 
kind of new femme Nikita ; 
genetically reconstructed has | 


AUCTIONS 


auction sales 


^wc- _ ect* 


— n .iV—*--: 


ANTIQUES 


IN FRANCE 

DROUOT RICHELIEU 

9, me Drouot 75009 Paris -Tek 01 480020 23 


PARIS 


rtdo tuU' 1 -” = j: ’r l ""i 

I b «v 




BASTILLE 


Wednesday, May 14, 1997 

Room 5 at 2:15 p.m. 17th, 18th, and 19th century 
FURNITURE & WORKS OF ART. Etude TAJ AN, 37, rue 
des Mathurins 75008 Paris, tel.: 01 53 30 30 30 - 
fax 01 53 30 30 31. 


Wednesday, May 21, 1997 

Room 7 at 2 pm FAR EASTERN ART. Etude TAJAN, 37, 
rue des Mathurins 75008 Paris, tel.r 01 53 30 30 30 - 
fex 01 53 30 30 31. 


I in NEW YORK please contact Keoy Maisonrouge & Co. 
Inc. .16 East 65th Street, fifth floor. N.Y. 10021. Phone: 


ANTIQUITES 

BR0CANTE 


Inc. .16 East 65th Street, fifth floor! N.Y. 10021. Phone: 
(212) 737 35 97 / 737 38 13 - Fax: (212 > 8bl H 34. 


DHOUOT MONTAIGNE 

15, avenun Monfakpw- 75008 Paris -Tal.: (01) 48 00 20 




r e jell.& purchase mweum-qvfllrty 
Wwse Sabuma, Wzes, 
cloisonne, porcelains & ante** 
Samurai jwords, fflinor « linings. 


Tuesday, May 13, 1997 

At 3 and 8 p.m. 19th century _ PAINTINGS & 
SCULPTURES, ensemble of 140 miniatures by David 
d’Angers, from a great colletfor. Etude TAJAN, 37 me 
des Mathurins 75008 Pans, tel.: 01 53 30 .30 30 - 
fax: 01 53303031. 

-Thursday, May 1 5, 1997 

At 7 and 8:30 p.m. ART NOUVEAU - ART DECO, 
furniture & works of artby RuWmann, Etude TAJAN^J7, 
rue des Mathurins 75008 Pans, tel,: 01 53 30 30 30 - 
fas 01 53 30 30 31. 


FQTNG CRANES ANTKRK, OD. 

1 050 Second A*, WWJJHB 
U 212-2254600 fisc 212-2234601 


IV^ttSaffaS^mtS N^SSfpho^ 

13 - Fax: UU) S61 H H. 


ART 



The Contemporary Message, at a Glance 


Inin 

N! 


IntcmMioiMl Herald Tribune 

N EW YORK — Like a tidal 
wave, the market rolls on 
and surges, carrying on its 
high crest everything called 
an. It has now reached the point 
where the itch 10 buy is such that it 
triggers bidding on anything typical 
enough to be easily recognized or. 
more simply, that briefly catches the 
eye. 

Thar did it for Contemporary An 
this week, transforming Sotheby's 
lightweight sale on Tuesday into a 
roaring success when it could easily 


SOUREN MELIKL4N 


have failed, overshadowed by Chris- 
tie's bigger sale due a day later. Bur 
Sotheby's took a big gamble and it 
came off. 


different vein. Rarely since the 1990 
art market crash has such a yearning 
for anything long-established with a 
name and a provenance, regardless of 
the an. expressed itself so blatantly. 
Richard Diebenkom. the New York 
School artist of the 1960s who en- 
countered the greatest difficulties, was 

suddenly back in favor- A young San 
Francisco dealer, John Berggruen, 
bought his “Ocean Part," an abstraer 
work of 1975, for a huge $1,267,500. 
He followed it up with Wayne 
Thiebaud’s “San Francisco Free- 
way,' * done in 1980 in a throwback to 
Pop Art, for $332,500. and Mark 
Rothko's bands of red and black on a 
chocolate-brown ground dated 1960 
for a stiff $2.2 million. 

A typical Franz Kline of 1955, 
“Crosstown," also soared to .$2.2 


Finding it apparently difficult to 
attract big lots, Sotheby's expen To- 
bias Meyer, who took up his position f 

as international head of Comempor- ^Mj 
ary An on Jan. 1 , chose to start his sale 1 ^ 

with a curious assemblage, the group ■ 
of 1 1 works that was bought in the f 
1980s by a Boston cardiologist So 
gripped was Dr. Bernardo Nadal- 
Ginard by his subject that he delved' 
into the kitty of the Boston Children's 
Heart Foundation, a charity set up by 
doctors from Harvard Medical School 
with himself as its first president. 

In March 1997, the cardiologist 
was sentenced to a one-year prison 
term and a court confirmed the nans- 
fer of ownership of the collection to < T- 
the foundation, which dispatched it to 
Sotheby's. 

The doctor's interest in art as re- 
flected in the sale was peculiar. It Andy War 
focused on bodies, dead, mutilated, 
cur up. or sick. The first lot, a 1 989 gouache by 
Robert Gober in a banal figural style, had one 
distinctive feature. It shows a black man’s body 
hanging from a leafless tree, with vultures in the 
sky. It went flying to $39,100. 

Next came a spooky sponge-like white head with 
holes for the eyes and the nose, dubbed “Lach- 
mann" (“Laughing Man"), done by Gerhard 
Richter in 1967. At $90,500, thar also exceeded all 
hopes. Would Bruce Nauman's “Large Butt to 
Bun" break the spell? Using polyurethane taxi- 
dermist molds, Nauman cast in aluminum, back to 


million for the sake of its strong im- 
age of New York an in the 1950s. 


_ . — - Mil U.tiln/Tlr Vfeiuairiinr,, 

trie C la pi on. left, composer of the music for "Nil by Mouth." arriving at the 
screening in Cannes with director Gary Oldman and his wife . Donya Fiorentina. 




age of New York an in the 11 
Similar historicity propelled 


»53|: 


Twombly’s iron sculpture, done in 
1952-1953, to $442,500. a record for 
the artist’s sculpture. A messy but 
instantly identifiable Willem de 
Kooning painted in 1947 cost a phe- 
nomena! $1,762,500. By the end of 
the session, Sotheby’s had squeezed 
515.2 million out of one of its flim- 
siest sales of Contemporary Art. 




rXlHE stage was set for 
. I Christie’s bigger sale on 

I Wednesday. The opening 
bids crackled like fireworks. 
An Alexander Calder. conceived by 
the American artist in Paris in 1935 

• and presented by him to Charles Rat- 

• j ton. the famous French dealer who 
cfarin*-. sold African sculpture to early 20th- 

or).” century masters, more than doubled 

its high estimate at $343,500. 
Confronted with a larger number of works of 
substance, buyers were not quite so amenable as the 
day before. Rothko’s bands of yellow, red and sky 


Andy Warhol’s “ Big Tom Campbell's Soup Can ( Pepper Pot). 


It ail culminared with an installation called by 
Matthew Barney “ 'Trans sexualis (Decline)," as a 
match to an earlier "Trans sexualis (Incline).” 


completed in 1991. Sotheby’s balked at mounting blue, rare for their bright tonalities borrowed from 


the translucent glass roam with steel rings dangling 
from the ceiling. Illustrated in the catalogue, it was 
not to be seen otherwise, Sotheby's warning: “All 
expenses for the installation of this lot are to be 
borne by the purchaser.” 


back, the butchered bodies of two greyhounds. 
Overwhelmed, the room ran it up to $299,500. 


T 


HERE may be other reasons than cost for 
such prudence. The entry began: "walk-in 
cooler, formed and cast petroleum jelly, 
decline bench, human chorionic gonado- 
" Statins that both installations “represent 


The spotlight switched to a child's leg modeled trophin.' ’ Stating that both installations “represent 
in wax, complete with real human hairs, a sock and a metaphorical passage through the metabolic pro- 


a sandal. The work of art, if that is the word, done by 
Gober in 1992. was found irresistible enough to 
bring $96,000. 

Peanuts, though, compared with Kiki Smith’s 
wax figure of a crouching woman. Called “Pee 
body" it is also from the year 1992. Glass beads 
strewn under the figure justify the title. At 
$233,500, “Pee body’ ' nearly tripled Meyer’s high 
estimate. The expert wrote. “Smith comments on 
our attitudes toward ourselves, the sexes and the 
way we interact in society." Sotheby's should 
watch its use of the first person plural. 


cesses of the body," the catalogue recounted that 
the artist, Barney, “performs the descent and the 
ascent by climbing the walls of the gallery [where 
the show was held] while nude." 

There were no performances at Sotheby’s, nor a 
projection of a video recording them under the title 


Impressionism but disconcerting to New Yorkers 
attuned to his dramatic darker abstractions, brought 
$1,982,500. A de Kooning with similar colors in a . 
confused composition remained unsold at $ 1.4 mil- 
lion. a victim to over-estimation, bound to be cor- 
rected in some private sale. It was a reminder that in 
this bullish market, mediocrity can do well but not if 
it is too unusual to serve as an instant status badge. 

Where works were all at once the quintessential 
image of their type, glamorized by an aura of his- 
toricity and graced with familiar names, enthusiasm 
knew no boundary. Claes Oldenburg's " Mannikin 
With One Leg," a polychrome figure dated 1961, 
had no trouble in shinning up to $277,500, and Jasper 
Johns's small "Target” of 1958 could not have done 
much better than $937,500. 

All were outshone by the advertising man-tumed- 
artist, Andy Warhol, whose “Big Tom Campbell’s 


“Mile High Threshold Flight With Anal Sadistic Soup Can (Pepper Pot)" became the most ex- 
Warrior." Was it the prospect of viewing it, or the pensive ever in that series at just over $3.5 million, 
entry, not all of it fit to print; that sent it flying to Art, as understood of yore, may not have had all that 
$343,500? Sotheby's new cutring-edge present- much to do with Christie's $20.7 million Con- 
ation makes one wonder. temporary Art binge. The instant message, which is 

What followed was equally astonishing, in a the equivalent of slogans in politics, certainly did. 


ARTS 


Donne Proske-van Heerdt 
Fine Medieval Books 


the Van Dongen nobody knows 


OPEN HOUSE 
16/18 May 1 pm-6 pm* 
Reservations required 

HofeeilKtraat 45, NL-1077VC 
AmMecdam 

.Tel/Fax: +31 -(0) 20A628477. 


Early A faavlst drawings 1895-1912 Institut nterlandais 
from April 17 to June 8, daily from 1 p.m. to 7,p.m. except on 
Mondays, 121, me da Ulle, 75007 Paris Metro Assemble Nationals 


Sidley & Austin 


19th & 20th century European drawings - Redon, Ensor, 
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Our firm has experience handling all aspects of art law, 
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1185 Park Ave. Now York, 212-427-1664 Fax 212-860-3360 


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Herald Tribune 
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ANTIQUITIES 
Finest Classical, 

Egyptian, Near Eastern. 

Rhea Gallery 

■by appointment- 

ZQrichbergstr. 26 
CH-8032 Zurich 

(41-1) 2520620 Fax 2520626 


Our partner; Ralph £ Leaner, is co-author of Art Law - 
The Guide for Collectors, Investors, Dealers and Artists, 
is Chair of the fine Arts Committee, New York Stare Bar 
Association, and is Chair of the Visual Arts Division, 


ANDYWARHQL 


TUESDAY, JUNE 10, at 8.30 p.m. 

OLD MASTER PAINTINGS. WORKS OF ART. 
EUROPEAN FURNITURE. TAPESTRIES AND CARPETS 


WEDNESDAY, JUNE 1 1, at 8.30 p.m. 

MODERN AND CONTEMPORARY PAINTINGS. SCULPTURES 


WH 799? 


?•** •• ■; ■ 




AUCTIONS IN GERMANY 

May 22/23 


DECORATIVE ARTS 



May 24 

OLD MASTER PAINTINGS 


■ '■ V Jll i 


: »wVl J’i 1 .: 
•■‘Vi*'. • 


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May 30/31 
ORIENTAL ART 

Jane 6 

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and Coll. Gal. Header 
June 7 

MODERN ART 


■\PJmS. ■ 7,’;ft QE8ELLEYM6 .’1&. m 


BUKOWSKIS 

RUSSIAN 

AUCTION 


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fine antiques at 
lukowsttis* Russiaj 


Bukowsks Russian 
Auction In Helsinki on 
May 18th at 12a.m. 

Preview starting 


Preview starting 
May 7 th. Complete 
catalogue also on 
Internet: 

wwwJbukowski.fi 


Amedeo Modisdlant 
Female fortran (limb i 
1919. oil od canvas. 46 1 }6 cm 
signed Cm. rais C. Partaox Vol m. 
Sr Mf 1914. Cit rail O. Panm 
EiMhftcd Pains des Bcaux-Ara, 
BnnsdvBascJ, lW 
tsnnatr SMMOOjDOO.- 
Sale June - 


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Preview la Cologne: one week prior tbc auctions 
Catalogues on request 


LEMPERTZ 

gegrundet 1845 


KVN STRAUS LEMPERTZ • NEUMAXKT 3 ■ 0-50667 COLOGNE 
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Under NAFTA, Jobs 

Slip Across Border 

Low-Skilled U.S. Workers Feel the Impact 


BUSINESS/FINANCE 


SATURDAY-SUNDAY, MAY 10-11, 1997 




By Allen R. Myerson 

A/w fort Times Service 

EL PASO, Texas — Even after 15 
years of work, Maria Consuelo Garcia 
made only slightly more than the min - 
im u m wage of $4.75 an hour stitching 
together Polo, Fila and Sassoon jeans 
in the Sun Apparel Inc. factory here. 

Seeing friends laid off at her plant 
and others, she kept her sewing ma- 
chine whining to beat her quotas. 

But that was not good enough. Com- 
pany managers said their costs were 
still loo high. Early last month, Ms. 
Garcia and 297 others were let go. 

Though Sun Apparel had no com- 
ment, the Labor Department said that 

ECONOMIC SCENE 

these workers, and 320 others last year, 
lost their jobs because the company is 
bringing in more goods from Mexico, 
where garment workers usually are 
paid less than $1 an hour. 

Such job losses to Mexico are ac- 
celerating , especially among workers 
already at the bottom in pay and skills, 
according to economists and govern- 
ment statistics. Since the North Amer- 
ican Free Trade Agreement took effect 
at the beginning of 1994, the job losses 
— most of them to Mexico but some to 
Canada — have grown by more than a 
third each year. The Labor Depart- 
ment's total of 124,000 jobs lost in- 
cludes a record 7,600 that disappeared 
in April alone. 

Officials in President Bill Clinton's 
administration say lower trade barriers 
with Mexico and higher U.S. exports 
still leave Americans with far more 
new jobs than they are losing. They say 
the layoffs are more the result of the 
peso’s crash in late 1994 and the 
lowered cost of Mexican labor than of 
the trade agreement 

“In a economy as strong as oars, 
NAFTA certainly hasn’t had the neg- 
ative impact that critics feared,’’ said 
Ira S. Shapiro, a senior negotiator for 


the U.S. trade representative. 

But even as the United States as a 
whole is basking in nearly full em- 
ployment, workers in areas where 
dominant employers have cut back be- 
cause of Mexican trade can find them- 
selves living through a depression. Al- 
though a side agreement to the free- 
trade accord guarantees retraining, the 
government says it has do idea how 
many have found new jobs. 

What is more, a study that the Labor 
Department itself financed says that 
the figure of 124,000 workers who lost 
jobs and qualified for training, pro- 
grams understates the true job drain. 
Some major companies have refused to 
acknowledge that they have moved or 
lost jobs to Mexico. 

Mexican trade, however, like trade 
in general, is less likely to cost Amer- 
ican jobs than to restrain wages, said 
Alan B. Krueger, a former Labor De- 
partment chief economist who is now 
at Princeton University. “Trade does 
create winners and losers,'' he said. 

The damage is most visible here in 
El Paso, a border metropolis of 

700.000 people whose economy has 
already become fully integrated with 
Mexico’s and whose workers are 
therefore willing to accept the min- 
imum wage. Also visible here, given 
die stark limits of the government’s 
retraining effort, is a community's 
struggle to find solutions of its own. 

With an average unemployment rate 
of 11.7 percent last year, up about two 
percentage points since 1994, B Paso 
has lost 5,600 jobs as a result of free 
trade with Mexico over three years, 
more than anywhere else. Most of 
those laid off are of Mexican descent; 
one-third to one-half of them are U.S. 
citizens, and most of the rest are legal 
U.S. residents. 

In addition, some workers are hav- 
ing to seek jobs elsewhere. The Census 
Bureau repeats that in 1995 almost 

15.000 more people left El Paso than 
arrived, compared with a loss of 1.400 
residents in 1993, the year before the 



Bran Bamm/Thr IWw fork Tim 

Workers demonstrating against NAFTA in a plaza in El Paso, Texas. 


trade pact took effect. Although a few 
workers left for Mexico, far more are 
looking for work elsewhere in die 
United States. Buses leaving every 
week from the Texas Workforce Com- 
mission offices here have carried hun- 
dreds away to iemporaiy jobs, many in 
slaughterhouses, in states as distant as 
Iowa. Nebraska and even Alaska. 

About 1.500 who stayed in B Paso 
found that the retraining program left 
them with no new skills or jobs. After 


spending $18 milli on on the prog ram 
here over three years. Washington is 
spending an additional $4 J million to 
retrain many of these workers yet 
again. Anger over foreign trade, es- 
pecially with Mexico, has become a 
political weapon. 

The House of Representatives’ 
minority leader, Richard Gephardt, a 
Democrat from Missouri who is coo- 

See BORDER, Page 13 


U.S . Eases Export of Data - Scrambling Technology 


By John Maikoff 

New York Timts Service 

Giving ground on die Clinton ad- 
ministration's polity on computer-data 
privacy, the U.S. Commerce Depart- 
ment said it would begin in some cases 
to allow exports of the most powerful 
data-scrambling technologies when 
they are to be used for securing financial 
transactions. 

The move is a departure from previous 
policy, which allowed exports of the 
most powerful privacy-protection soft- 
ware mid hardware only if the technology 
enabled law-enforcement officials to ob- 
tain copies of the mathematical keys 
needed to break die codes. The revised 
policy makes no such proviso in the case 
of certain financial transactions. 

hi addition to international fund 
transfers between banks, permissible 
applications under the new policy are 


expected to include privacy-protected 
home-banking software for banks to of- 
fer to customers worldwide. 

Ihe new policy, announced Thursday, 
also would apply to a technology known 
as die Secure Electronic Transaction 
Standard, which has been developed by 
MasterCard and Visa to jpennit con- 
sumers to send credit-card information 
to merchants electronically. 

Computer-data scrambling, or cryp- 
tography, is widely seen as the most 
crucial technology underlying a wide 
range of new computerized communi- 
cations and commerce applications. But 
President Bill Clinton’s administration, 
like die George Bush administration be- 
fore it, has limited the export of powerful 
encryption technology for fear it would 
enable foreign criminals or terrorists to 
conspire nidi electronic impunity. 

Privacy-rights advocates have op- 
posed the policy, fearing Big Brother- 


style intrusive ness if law-enforcement 
officials can obtain code keys. Industry 
officials have contended that the export 
laws have forced U.S. companies to 
miss out on a thriving foreign market 
Banks and other financial institutions, 
meanwhile, have said that die policy 
makes it difficult to ensure the security 
of electronic-funds transfers between 
die United-States and other countries. 

But word of the new rules drew con- 
cern from critics of U.S. data-scram- 
bling policies, who said the banking 
industry would be getting an unfair 
business advantage. 

“There is a danger of creating a cartel- 
like environment that gives banks ad- 
vantages over many of the current lead- 
ers in electronic commerce,’’ said Laurie 
Fena, executive director of the Electronic 
Frontier Foundation in San Francisco. 

Historically, U.S. banking and finan- 
cial institutions have been given special 


exemptions to export data-scrambling 
equipment based on the 20 -year-old 
Data Encryption Standard. But the big 
increase in computer processing power 
in recent years has made that standard 
appear increasingly vulnerable, and the 
government has been under pressure to 
permit the export of strong encryption 
technology for financial purposes. 

Officials said foe rules would be pub- 
lished soon. For now, it is unclear wheth- 
er the definition of financial institutions 
and transactions is broad enough to in- 
clude software makers such as Netscape 
Communications Corp., which produces 
foe most popular software (or navigating 
foe World Wide Web. 

Netscape's software has a component 
for ensuring secure financial transac- 
tions; but under current export law. that 
ability must be weakened or disabled 
when its Web-navigating software is 
- shipped overseas. 


Beyond Development: 
Rediscovering Nature's Wisdom 

The 2005 World Exposition, Japan 


PAGE 9 


Greenspan Defends 
March Rate Increase 

Preemptive Action Saved Jobs, He Says 


By Richard W. Stevenson 

New York Times Service 

NEW YORK — Clearly stung by 
widespread criticism that the Federal 
Reserve Board had been too’ quick to 
raise interest rates six weeks ago. Chair - 
man Alan Greenspan aggressively de- 
fended the action, saying that a failure to 
act would have constituted “a threat ro 
the job security and standards of living 
of too many Americans.” 

Addressing head-on the argument that 
the Federal Reserve Board had put the 
brakes on the economy without clear ev- 
idence of accelerating inflation, Mr. 
Greenspan offered what for him was an 
unusually direct rebuttal, saying the 
quarter-point rate increase decided on 
March 25 was a carefully calibrated foim 
of insurance for an economy that had been 
growing steadily for more than six years. 

“The Federal Reserve, of late, has 
been criticized as being too focused on 
subduing nonexistent inflation and, in 
the process, being willing ro suppress 
economic growth, retard job expansion 
and inhibit real wage gains,’ ' Mr. Green- 
span said Thursday night in a speech at 
foe Plaza Hotel in Manhattan. 

“On the contrary, our actions to tight- 
en money market conditions in 1994, 
and again in March of this year, were 
directed at sustaining and fostering 
growth in economic activity, jobs and 
real wages.” 

Mr. Greenspan did not say whether be 
would push for another rale increase 
when foe Fed's policy-setting Open 
Market Committee met May 20, al- 
though he warned dial further rate in- 
crease might be necessary if foe econ- 
omy did not slow. 

Bnt his speech Thursday laid out a 
rationale for central bankers to take un- 
popular actions in pursuit of low in- 
flation, especially when, as now, there is 
no clear political consensus to curb 
growth before inflation breaks out 

“Those who wish far us. in the cur- 
rent environment, to await clearly vis- 
ible signs of emerging inflati on before 
acting are recommradnig we return to a 
failed regime of monetary policy that 
cost jobs and living standards.” Mr. 
Greenspan said. 

His speech comes as policymakers at 
die Fed, as well as economists gen- 
erally. are struggling to explain why 
inflati on has remained largely dormant 
despite a combination of strong growth 
and low unemployment that traditional 
theory holds, would lead inevitably to 
rising wages and prices. 

The economy grew at a 5.6 percent 
annual rale in the first quarter, its fastest 
pace in more than nine years, and un- 
employment in April stood at 4.9 per- 
cent its lowest rate in 23 years. Yet 
wages are rising only modestly — the 
employment-cost index for the first 
quarter rose just 0.6 percent — and 
measures of overall inflation have re- 
mained subdued. 

Mr. Greenspan has consistently ad- 
vocated the need to fight inflation pre- 
emptively — that is, before ir infects the 
economy and becomes much more dif- 
ficult to eliminate. But until the Fed's 
March meeting, Mr. Greenspan had re- 
frained from raising rates despite peri- 
odic surges in growth and a steadily 
declining unemployment rate. 

In raising its target for foe federal 


funds rate to 55 percent from 5.25 per- 
cent at the March meeting, the Fed took 
the smallest step it could to keep the 
economy from overheating. Still, the 
decision brought widespread com- 
plaints from many business executives 
and from politicians at both ends of the 
ideological spectrum that foe Fed was 
exaggerating foe inflation threat at the 
cost of jobs and economic growth. 

They areued that foe Fed had not 
taken sufficient note of fundamental 
changes to foe economy, from foe im- 
provements in productivity generated 
by investments in technology to increas- 
ing global competition, that have com- 
bined to allow higher rates of economic 
growth while keeping wage and price 
increases in check. 

“Raising interest rates in a preemp- 
tive strike against inflation risks dam- 
aging our economic growth and 
prosperity, and is unwarranted,*' said a 

See STOCKS, Page 10 


'.Green- TTf* • j 

figuring (Jut 
What the Fed 

ar, were 

M Chief Meant 

uether he Bloomberg News 

increase WASHINGTON — When Alan 
g Open Greenspan speaks, investors and finan- 
20 , al- rial journalists around foe world listen, 
rate in- They are just not always sure what he 
le econ- said — perhaps by the Federal Reserve 
Board chairman's own design, 
id out a The question on everyone’s mind as 
take on- Mr. Greenspan spoke on the economy 
low in- Thursday night in New York was 
.there is whether Fed policymakers would raise 
to cufb interest rates when they meet next on 
out May 20, on top of a quarter-point re- 
tire cur- crease in foe overnight hank Joan rate ' 
irly vis- ordered in March, 
i before Here were the interpretations: 
torn to a Bloomberg News's first headline 
[icy that when the Fed chairman began speaking 
s,” Mr. at9-.15PM.smd, “Greenspan Hints Fed 
Will Leave UJS. Rates Unchanged May 
takers at 20.” The lead of its story repented that 
sts gen- point and added that the Fed was 
tin why ‘poised to raise rates in the months 
dormant ahead if the U.S. economy doesn’t 
{growth slow.” 

Ktitional The Washington Post’s Fed-watcher, 

tably to John Berry, agreed. His lead article said 
Mr. Greenspan “hinted in a speech last 
percent night that foe Fed won’t raise interest 
s fastest rates again in the coming weeks, if the 
and un- very rapid pace of economic growth 


early this year slows as he expects.” 

The Associated Press, meanwhile, 
said in its first report that while ‘ ‘Green- 
span refrained from saying explicitly 
what action Fed policymakers would 
take” on May 20, “the remarkably 
strong tone of his remarks suggested 
they might add to the quarter-point rate 
increase engineered March 25.” 

Finally, The New York Times saw 
(be glass half full: “Mr. Greenspan did 
not say whether he would push for an- 
other rate increase when foe Fed meets 
to consider monetary policy on May 20, 
although be warned that Amber rate 
increases might be necessary if foe 
economy did not slow.” 


A Bankrupt Bre-X Fires Its Chief Geologist J)i sne y Eyes JSkyB 


lit- 


CateAdby OarSsqffFnmDbpolrha 

TORONTO — Bre-X Minerals Ltd. 
has ob taine d bankruptcy protection 
and fired the geologist who oversaw 
foe gold exploration project in Indone- 
sia that has become possibly the 
biggest fraud in mining history. 

The Calgary-based company said it 
was granted protection Thursday by an 
Alberta court in order to deal with the 
numerous claims lodged against it by 
angry investors. 

Bre-X also said it had fired its senior 
vice president for exploration, the geo- 
logist John Felderhof, who was deeply 
. involved in promoting the Indonesian 


she. Mr. Felderhof. recently honored 
as Canada’s prospector of the year, has 
denied involvement in any fraud and 
still insists there is gold at the Busang 
site. Mr. Felderhof, along with other 
senior Bre-X executives, sold off some 
shares in the company last year, net- 
ting millions of dollars in profits. He 
now lives at an estate on Grand Cay- 
man island in the Caribbean. 

Mr. Felderhof was the most enthu- 
siastic promoter of the site. He has said 
there could be 200 million ounces of 
gold at the site — which would have 
been foe biggest gold deposit ever 
found. But on Sunday, Bre-X released 


a report from an independent con- 
sulting firm declaring that thousands 
of rock samples had been doctored 
with gold from elsewhere. The report 
did not specify who was to blame. 

On Thursday, Bre-X voluntarily re- 
moved its shares from trading on the 
Nasdaq Stock Market The U.S. ex- 
change had suspended trading in Bre- 
X while it considered whether to con- 
tinue listing the stock. 

A day earlier, Bre-X was dumped 
by the Toronto Stock Exchange fol- 
lowing a plunge in which shares once 
worth more dun $200 closed at about 
6 cents. fAP, Bloomberg ) 


Fuji TV Also Considers Taking a Stake 




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Compiled by Our Stjf From Dapadvz 

TOKYO — Walt Disney 
Co. is negotiating to buy a 
stake in Japan Sky Broadcast- 
ing Co., a satellite broad- 
caster owned by Rupert Mur- 
doch's News Corp. and 
Softbank Corp. of Japan, a 
JSkyB executive said Friday. 

Fuji Television Network 
Inc., a Tokyo-based broad- 
caster that is preparing to 30 
public, also may buy shares in 
JSkyB, which is currently a 
50-50 joint venture between 
News Corp. and Softbank, foe 
executive said. 

In March, Sony Corp. con- 
firmed that it was in talks to 
become part of the venture. 

The JSkyB executive de- 
clined to say how much Dis- 
ney and Fuji Television were 
considering investing or how 
close they were to reaching an 
agreement 

A stake in JSkyB could in- 
crease Disney’s access to foe 
broadcasting market in Japan, j 
where foe popularity of the 
company's characters have 
helped make Tokyo Disney- 
land foe world’s most prof- 
itable theme park. 

A link with Fuji would of- 
fer JSkyB a strong ally from 
foe powerful Japanese ter- 
restnal-broadqastmg camp. 
Pup is known for & variety 
of its program libraries. 

JSkyB hopes to complete 
talks with FqpTV during Mr. 
Murdoch's visit to Japan next 
week, a spokesman said. 

JSkyB was set up in Decem- 
ber with capitalization of 20 
billion yen ($161.6 million). 

Tie-ups with Disney, Sony 
and' Fuji could give JSkyB 


access to p ro g ram s and films 
produced by the three. That 
would give JSkyB an advan- 
tage over its competitors, Per- 
fecTV and DirecTV Japan. 

(Bloomberg. Reuters) 

■ Fuji Bank Sues in U.5- , 

Fuji Bank Ltd. is suing to ; 
foreclose on foe Chrysler and j 
Kpnt buOdmgs in Manhattan, 
saying the owner has failed to 
make payments, Bloomberg 
News reported from New York. 

The bank filed foe suit 
Thursday in New York State 
Supreme Court, saying 
Chrysler Properties Inc. had 
failed to pay roughly $5 million 
in debt aai service foes due 
April 30 and May 1. Chrysler 
Properties is not related to foe , 
automaker Chrysler Corp. 



FUTUREWATCH 

Imagine the possibility of memories that can 
be bought, sold or recorded? What will 
happen when life expectancy rises to 1409 
Michael Burke debates the issues raising 
when science fiction and scientific 
possibilities meet. 


WORLD" 


BBC VUbrid ltd bgdvncrit al li fhrliih Brofcaing CupjiiRuiL 


ITC 


. INTERNATIONAL TELEPHONE COMPANY 

WORLDWIDE CALL BACK SYSTEM 

SAVE UJ» TO 80% 


International Telephone Company 
290 Pratt Street, Meriden, CT 06450-2118 
1800-638-5558 eact. 91 / 203-238-9794 Pax: 203-929-490 b 

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PAGE 10 


m teto » JH Iil JJT* * 8 C»te, — ' . ^ i ta-g u 4 N %r+ 

Investor’s America 1 



IffiW.IvTS :^>SjaUM tVSKI V>fV ' 


■li’* i#AW 


The Dow 


30-Year T-Bond Yield 


6900 

6300 

5700 


- ; 6,35 



Dollar in Deutsche marks a Dollar in Yen 


1.70 
I 1 1.60 : 






D J F M A M i 
1986 1997 * 

:+h<+\ .'r.^wa'iK'sKkt* 



D J F M A M 

1997 



Reinventing the Patent System 

Passions Run High on U-S. Bill to Ease Confidentiality 


By Matthew L. Wald 

New York Times Service 


WASHINGTON — Congress is 
considering changes to the patent 
system in the United Stares that 
would remove some of die con- 
fidentiality of patent applications 
— a step that independent invent- 
ors say could ruin them and that 
big businesses contend is needed 
to help them remain competitive. 

The proposal, which has stirred 
passions on both sides of the issue, 
would make sweeping changes in 
die U.S. Patent and Trademark Of- 
fice, convening it to a govern- 
ment-owned corporation. 

The most hotly debated provi- 
sion of the bill would require the 
office to make applications public 
18 months after they are filed. 


whether or not a patent has been 
issued. The House of Represen- 
tatives approved such a bill last 
month, but an amendment was ad- 
ded that would exempt patents 
filed by individual inventors, uni- 
versities and companies with few- 
er than 500 employees. 

The change to the system, which 
now requires the publication of 
patents only when they are issued, 
would bring the United States in 
line with most other countries, ad- 
vocates - say. Earlier disclosure, 


contend, is simply a matter of 
ime ofi 


: rapid tech- 


lciency in a tune 
nological change. 
r ‘ ^‘tells everybody who hasn’t 


It 


come across a solution, ‘forget this 
line of research, because some- 
body has just beat you to it, 1 ' 1 said 
Michael Kirk, executive director of 


the American Intellectual Property 
Law Association, which represents 
patent lawyers. Without such no- 
tification, he said, “You're just 
going to reinvent what somebody 
else already has the rights on.' ' 

But Beverfy Selby, executive 
director of the Alliance for Amer- 
ican Innovation, contended at a 
Senate Judiciary Committee bear- 
ing that early disclosure would al- 
low big companies to steal ideas 
• before they were patented. With no 
assurance of a patent, she said, an 
inventor would have difficulty 
raising money to defend a claim in 
court 

Other opponents have criticized 
a provision that would make it 
easier for third parties to ask the 
patent office to re-examine a pat- 
ent and possibly invalidate it 


STOCKS: Fed Chief Defends Action 

was “scant evidence of aw iromhttnt 
resurgence of inflation at the moment 


Continued from Page 9 


letter sent to Mr. Greenspan last 
month by 59 members of Congress, 
most of them Democrats. 

The rate increase — or the threat 
of a protracted rise in rates — wp 
pTso as a reason for a stock- 
market slump that began in March. 
The market has recovered since the 
sell-off as economic reports have 
indicated a moderation of economic 
growth. Such data have been in- 
terpreted by some analysts as mak- 
ing future rare increases less likely. 

In his speech Thursday night, Mr. 
Greenspan said the Fed carefully 
weighed both the costs of raising 


there also appears to be little slack in 
our capacity to produce." 

In the closest he came to a warn- 
ing that die Fed might have to raise 
rates this month, he added, 
"Should the expected slowing in 
the growth of demand fail to ma- 
terialize, we would need Co address 
any emerging pressures in product 
and credit markets." 





-or — Tbc 


■ Stocks Rise, Cautiously 

Stocks rose Friday as a weak 
dollar lifted exporting companies 


for 

... jv pitted** alwir 
l.’., '■".air foa: will tatf 
- 'v_“ -rr;.my> aWfry 


to 


U.S. STOCKS 


Source: Bloomberg, Reuters 


EchoStar Sues News Corp. for a Loan 


Very briefly: 


Damage Award Against BMW Cut 


MONTGOMERY, Alabama (AP) — BMW should have to 
pay 550,000, not $2 million, for failing to tell a buyer that die 
paint of his car had -been damaged and retouched, Alabama's 


highest court ruled Friday. 
Thee 


: case had been sent back to the state Supreme Court by 
die U.S. Supreme Court, which termed the 52 million pu- 
nitive-damage award “grossly excessive.” The award had 
been won by a doctor in Birmingham, Alabama, who had not 
been told that his new BMW sedan had been partly repainted 
to touch up acid-rain damage that occurred during shipping. 

• ARCO Chemical Co. said its top executives were now 
required to own company stock, in an effort to align their 
financial interests with those of shareholders. 

• Seagate Technology Inc., the world's largest maker of 
computer disk drives, lost a court case over faulty disk drives 
and was ordered to pay as much as 5 153 million in damages to 
Amstrad PLC, a British computer maker. 

• Parker Drilling Co. signed agreements to acquire Hercules 
Offshore Corp. and Hercules Rig Corp. for $195 million. 

• The pace ofU.S. stock-fund buying rose in the past week to 
$3.5 billion from $2.3 billion the week before, said AMG Data 
Services, which tracks mutual-fund money flows. 

• Cephalon Inc-’s drug for the treatment of Lou Gehrig’s 
disease. Myotrophin, failed to win approval by an advisory 
panel to the Food and Drug Administration, which said there 
was insufficient evidence that the drug worked. 

• The United States is negotiating rules with the Orga- 
nization for Economic Cooperation and Development to fur- 
ther restrict export subsidies, Deputy Treasury Secretary 
Lawrence Summers said. 


CxtqxledbyCNrSuffFmmD ii ptBjta 

NEW YORK — EchoStar Com- 
munications Corp. said Friday it had 
asked a federal court to force News 
Corp. to lend it $200 million, an- 
other sign that Rupert Murdoch’s 
plan to create abehemoth in satellite 
television is unraveling. 

Murdoch’s News Corp., which 
agreed to invest SI billion in a joint 
venture called American Sky 
Broadcasting, had agreed to make 
the loan if EchoStar needed it before 
regulators approved tire deal. But 
News Coro, denied that it was ob- 
ligated to lend the money. 

“We asked for rhe money, and 


they failed on their end,” said Ju- 
diarme Alencio, an EchoStar spokes- 
woman. Jim Platt, a News Corp. 
spokesman, said, “We believe 
mere's no merit to EchoS tar’s claim, 
and we will vigorously contest the 
matter.” 

Sources close to News Corp., 
speaking on condition of anonym- 
ity. said the company believed 
EchoStar had already breached the 
deal and that therefore the agree- 
ment was no longer valid.' 

The filing is the latest sign 
Murdoch and the chairman of 
EchoStar, Quotes Ergen, are not see- 
ing eye-to-eye. Two weeks ago. 


EchoStar said News Corp. may end 
its plan to invest unless EchoStar 
uses a security-card system made by 
News Corp. Last week, Preston Pad- 
den resigned as headofNews Corp.’s 
US. satellite-TV operations. 

“It’s another sign that the two 
guys aren’t coming together,” said 
Marc Crossman, an analyst at 
Rauscber Pierce Refsves. “Both 
think they’re holding the reins.” 

News Caip., which already has a 
satellite busmess, would be a for- 
midable competitor to the existing 
U.S. satellite services, DirecTV and 
Primestar, if it were to team up wife 
EchoStar. (AP, Bloomberg) 


interest rates and the risks of not 
raising rates in deciding when and 
whether to act against inflation. In 
the case of die March meeting, he 
said, the balance tipped toward act- 
ing. 

“In the same sense that it would 
be folly not to endure die sm all 
immediate discomfort of a vaccin- 
ation against the possibility of get- 
ting a serious disease, it would have 
been folly not to take this small 
prudent step last March to reduce 
the probabilities that destabilizing 
inflation would re-emerge,” Mr. 
Greenspan said. “The risk to the 
economy from inaction came to 
outweigh die risk from action." 

there was^^^^antial elemenfof 
truth” in the argument that “con- 
ventional notions of capacity are be- 
coming increasingly outmoded and 
that domestic resources can be used 
rnnrii more intensiv ely Hum in the 
past without added price pressures.” 

But he went on to say that “any 
inference that our productive ca- 
pacity is essentially unlimited is 
clearly unwarranted.” 

Mr. Greenspan said that while there 


decide whether or not Mr. 
span would raise interest rates, 
news agencies reported. 

The Dow Jones industrial average 
closed up 32.91 points, at 7,169.53, 
while the Standard & Poor’s 500- 
share index gained 4.57 at 824.83. 
Advancing issues outnumbered de- 
clining ones on the New York Stock 
Exchange by a 7-to-5 ratio. 

The price of the benchmark 30- 


union, 

-A ^ Europe, win 
s.eftalfrwnifcr 
.jfiss ;; ■; " , tl ■; Ki.vw pfoy . 

iM&enwae 
..-rl- :ri ; rf monetary - 
found*! 

4 5>s> / : ^ the recur 


* r *. - K - J r-.ariet*. . . 

if r" 


year Treasury bond rose 14/32 of a 
point, to 96 21 


foe yield 
6.91 


DOLLAR* Hints of Intervention From Japanese Officials Drive Up the Yen 


Continued from Page 1 


• Walt Disney Co.’s ABC Radio Networks will start a radio 
network called Radio Disney for children in four U.S. markets 
in November. AP, Bloomberg. Reuters, NTT 


mercia} banks charge each other on 
overnight loans, in quarter-point in- 
crements. 

With Hiar initial rate increase on 
March 25, Mr. Hensley said, 
“there’s a track record now that the 
fed definitely will poll foe trigger 
even in foe absence of inflation.” 

Although there have been few 
signs of rising prices at foe con- 
sumer level, foe U.S. economy grew 
at a 5.6 percent annualized rate in 
the first quarter, according to current 
government estimates, and foe un- 
employment rate has fallen to 4.9 
percent, its lowest since December 
1973. 


With short-term interest rates re- 
latively high in America, money has 
been flowing into foe dollar. Japan, 
by contrast, has a weak economy 
and extraordinarily low rates, with 
overnight loans carrying interest 
charges below 0.50 percent. 

That makes the dollar attractive to 
international investors, but it puts 
pressure on U.S. exporters and thus 
creates political problems for Wash- 
ington and Tokyo. 

Carl Weinberg, chief economist 
of High Frequency Economics, an 
analysis firm in Valhalla, New 
York, told his clients Friday that he 
doubted Mr. Greenspan’s speech 
meant the Fed was chang in g its ap- 
proach or that foe Bank of Japan 


would raise its rates before die end 
of foe year. He added, however, that 
“perceptions are more important 
than realities.” 

He did note that “big-time 


FOREIGN EXCHANGE 


jaw boners were out there threaten- 
ing intervention.” 

Mr. Flanagan said statements by 
Treasury Secretary Robert Rubin 
and by Robert Parry, president of the 
Federal Reserve Bank of San Fran- 
cisco, did not have much effect on 
foe market. 

Mr. Rubin was noncommittal 
about foe U.S. stance on currency 
matters, except to say foar America 


shared Japanese “concerns about 
recent movements in foe context 
of’foeG-7. 

Mr. Parry said, in comments to be 
aired on television Friday night, that 
be expected “fairly significant 
slowing’ ’ in the U.S. economy in foe 
second quarter. But he was quoted 
by Bridge News as saying that an 
unemployment rate of 5_5 percent, 
considerably above foe current 
level, was compatible with nonin- 
flationary economic expansion. 

Against other currencies Friday, 
the dollar fell to 5.6890 French 
francs from 5.7630 francs and to 
1.4235 Swiss francs from 1.4450 
francs. The pound rose to 51.6230 
from $1.6200. 


1/32, 

down to 6.89 percent 
percent Thursday. 

Big exporters such as Coca-Cola 
and Procter & Gamble rose; a weaker 
dollar makes their goods more af- 
fordable overseas. Coke dosed up 1 
at 65%, and P&G gained 2 to 132. 

Some cyclical issues also rose as 
some investors decided U.S. rates 
were not heading higher. Caterpil- 
lar closed up 2% at 96%. 

“There’s still very little in foe 
way of inflati on pressure, and foe 
economy is still expanding.” said 
Jim Solloway, director of research 
at Argus Research Corp. “These 
are foe factors that augur for in- 
creased stock valuations.” But un- 
certainty over the interest-rale trend 
kept many buyers on foe sidelines. 

McDonald’s held back foe Dow, 
falling IVa to 5316 on repents that 
sales of its Big Mac sandwich had 
slumped since the world’s largest 
restaurant chain instituted a new 
low-priced menu. McDonald’s 
denied foe reports. 

Cephalon shares plunged 7!4 to 
1234 after a report that its drug for 
treating Lou Gehrig's disease had 
failed to win the backing of a U.S. 
Food and Drag Administration ad- 
visory panel. 

Chrysler was the most actively 
traded issue on the Big Board, rising 
% to 3 1% after workers at a Detroit 
engine plant ratified a new contract, 
ending a four-week strike. ■ 

Premier Laser Systems rose 2Y* 
to 13% after the medical-laser 
maker’s dental laser became the 
first in (he United States approved 
for treating tooth decay. The stock 
began foe week at 636. 

( Bloomberg, AP) 


j 0 k Austria 

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Wiil'TOi.K MARKETS 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday's 4 P.M. Close 

The top 300 most udfw stares, 
up foreclosing on Wan Street. 
The Assadsted Press. 


**» ** um Lskst QAn Indexes 


Dow Jones 


Indus 7jn.li Jinn nuM nmss +3251 

Traa 2*300 26XU9 3SVM 2601 JO -14X0 


20049 26X09 _ 

22*57 225X5 22254 TOM 420 
224739 22*97 2219.19 2Z3643 *137 


Protore Mr 

lM Oast 4PJA. 
975J6 95558 965.13 969.86 
602.97 59134 59753 59456 
194J4 191.78 19351 19355 
9353 91.16 9205 9304 

829.09 81154 82026 <2453 
81276 195.10 80303 80654 


43041 425.17 42923 
4*406 SUA0 54116 
“111 309.10 39073 
'J* 76381 26682 
□3 38751 391 JS 


1342.73 132555 13MD 




142853 142356 
1*82.11 1472.14 143023 
274413 273473 274U3 
68707 88048 88322 


57193 57095 57180 

Dow Jones Bond 



Most Actives 


Mays* 1997 


Wpb LM Latest Ctipr Qptot 


Hfeti Lorn Latest On Opto 


Htsft Law Latest Owe Opto 



Nasdaq 

Law LM a* 


*233 

*111 

-153 


*4.17 

*6.18 

♦ 0)6 

•077 


WcrtJCms 

O ipwn. 

tMaesIti 

PetjflWTS 

5ST 

Onde 

SanMlcs 




134581 62V 
123380 16* 
116143 161 <6 
37431 3gfc 
B6163 25H 
83730 13U 
72946 11W 
72797 I2W 
58719 63«t 

an si’i 

47248 44*4 
46914 31ft 
4)594 4ft 
37135 9*i*i 
33455 26ft 


5W* 61ft 
12ft I* 
157ft 159ft 

BS 

ss«: 

42 *9 *3ft 
3W5 30H 
2ft 4V» 
91 92®. 
24 24ft 


*v. 

*"i 

■7 

*» 

♦ft 

■ft 

-ft 


HteR 

LM 

Latest dree 

i Octet 


Grain* 



CORN (CBOT) 





5X00 nu irMmum- cents ro buM 


MnvV7 272ft 

289ft 

292 

+4 

9586 

Jul 97 281 Vi 

«SV» 

m 

+3ft 129X94 

Sap 97 27316 

VO 

373 

+Jft 

28569 

Dec 9? Z72 

268ft 

271ft 

♦3 

108X37 

MOTH 27714 

275ft 

Z77 

♦3ft 

11X63 

May 99 ai 

279ft 

Ml 

+Ift 

1518 

Jill 98 2B5 

20 

285 

*3 

2540 

Ed, softs HA 

, Thu's. s<rtes 

64713 


Thu's even int 

291522 

Off 1872 


SOYBEAN MEAL (CBOT) 



IB ftns- asikn par ion 




Moy 97 00540 

30020 

30458 

+190 

tABr 

Jut 97 29SJ0 

29150 

29*50 

♦ 250 

5*255 

Avon 287 JS 

27750 

2B0JD 

+2.90 

15X34 

Sep 97 261 JB 

25HX8 

25850 

♦050 

1.917 

Oct 97 237 JD 

23150 

237 JO 

+ 2ID 

9J35 

Dec 97 22600 

22SJD 

22600 

+2X0 

11X01 


ORANGE 5IKZ (NCm 
1 5500 Bjv- certs pw I). 

Merflt 7S50 71SD 7190 -450 40 

MSI 7750 7430 71« *(LB 17,743 

S60 97 79.90 77.10 78.00 HU5 4398 

Noy97 8140 79 JO RL75 +0J0 3574 

Est. softs KA Thu's. st4es 1593 
Thu's Open to 38,114 off 43 


Metals 


EsLsOes KA. Thu's. softs 2L890 
ThtfsaoenW 119J21 up 1S35 


SOLD (NCMXJ 
lDOlRrraz.-dBtar.pM'iravaz. 

May 97 35410 34180 34X80 1 

JUn97 34950 34460 34 Mf *460 7 ZH 

All 97 34410 

Aiib97 3S2J0 347 JO 3S2J0 *450 18.717 

Oct 97 3S400 35120 35408 *3JD 4400 

Dec 97 357.10 35400 3S7J0 *190 Z1AJI 

Feb 98 357 JO 356JB 35400 4686 

Aar 90 36IJ0 J6T50 361JO *240 3M 

JunfS 36350 36350 36350 *100 4749 

EsI. softs 8LA. Thu'S, softs 48L272 
TIWsapenH 1645fl oH 2600 


GERMAN GOVERNMENT BUND CUFFS 

OMHMOO-pftaMOOpd 

torn 19114 181.70 I01J7 *006 264417 

5*97 101.14 10079 100J9 *008 24808 

BEiMeK ,14089s. Pm.Utto 110284 

Pie*. 004a lot: 25U25 i« 4974 

ITALIAN GOVERNMENT HMD 0JTO 

m. 200 MflBaN-ptsoii 00 pd 

Jun97 12988 129J8 &J0 + 042 114271 
Sep97 12958 129J9 I29J8 +1131 4678 
ESI. softs 57.994 Prw. softs 34758 
PI8409M hit: 120941 up U64 
10-YEAR FRENCH GOV. BONDS (MATIF) 


Industrials 


FT300000 - pis of 100 DO 
Jon 97 >»jn i — ■“ 


SOYBEAN OB. icaon 


M GRADE COPPER (NCMX) 
SMS Sk- cues pare. 

May 97 11258 111.10 11220 


-ft 

♦ 1*. 

-lft 


Last OS AMEX 


May 97 J4S 2436 24A4 -4UQ 1J29 

A497 2450 2459 3470 — 0.04 51565 

AUQ77 2494 2475 Z4J6 —CLM ai6l 

5oP 97 25J4 3485 2498 -004 1446 

oar 2S.10 3493 2501 -0.96 4)60 

Dec 57 255S 2511 2522 -818 19.136 

Est. softs KA. Thu'S MftS 21,277 
■mrsopwilnt 1017H off 251 


EcnoBcr 


101.99 10255 

7850 99JJ1 

10531 10550 




VnL 

tore 

Iro 

Utf 

a* 

2*473 

ran 


*ao 

0065 

10ft 

10 

10ft 


7375 

6*» 

r*. 

6ft 

+19 

6375 

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9 

94 


<277 

tlft 

reft r>> 


5577 

13'ft 


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-■« 

*530 

44*9 

*314 

44 


*523 

7» 

reft re 1 ** 

♦*« 

4405 

20te 



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40C 

7»* 


7ft 



SOYBEANS (CBOT) 

SM0 6u mfttmon*- cents rmr bvsiw) 
May 97 B»4 Vj 886ft 194ft *7 

JUI97 890 882'fc 889 

Aug 97 861 653 Yj 861 

Scp97 765 7Q 764 

No* 97 712 708ft 711 

Esl. softs TLA. Thu'S, sotes 57J10 
Ttw'saacnM 190J60 all 1571 


_ *005 

Jun97 11220 I11JB U2J0 +0.15 

Jul 97 111.95 llOJO 111J0 *6.15 

Aug 97 10950 109« M9J0 +0J5 

S4P97 HE55 107 30 10820 

aa 97 hbm 1 Q 7 jo wsc +au 

NO* 97 105J0 +815 

D9C97 1Q500 10430 J0AM *020 

Jon 98 lOUa +050 

Esl sates HA. Tim's softs II JR 
Thu'S Open ini 52292 up 1942 


3515 
2J61 
24088 
1MZ7 
534B 
i m 

1.159 

6295 

495 


3,949 
*5 KWM 
+6 ft 19498 
♦ lft 8283 
+ 2ft 47229 


WHEAT (QOT1 

SJOD Mj mMnnv cents pa buviH 


Nasdaq 


MOV 97 

«7 

403 

as 

-5 

39 

Jul 97 

*15 

418 

*126* 

*ft 

SX12 

Sep vr 

*21 

417 

ax 

+ 5ft 

I2JH0 

Dec 97 

432 

421 

431 

♦ PA 

16X74 


SR.VBR (NCM3Q 
5000 tm, o 2 .-aMNsMrtra*as 
Mov 97 487 JD 0050 O3J0 4ft90 

JunIT 67600 <74 JO 0480 — 7J0 

Art 97 472.50 484J0 4L5S +250 

5aP 97 49500 49080 erm *0)0 

Dec 97 504.00 494.00 499 JO *120 

Jan 98 50150 50250 503-50 +1.90 

Mor9B 509 JD 50780 50780 +IJ0 

Stay 98 511.10 

Esi. soles na. Thu's sates 19.919 
Thu'SSPCniW 54968 oH 109 


256 

2 

54275 

4477 

7233 

IS 

72*2 

1710 


129A2 12924 +022149282 
Sep 97 12820 128.78 12620 +0J2 14292 
Dec 97 97 JO .97 JO 97 J2 +022 0 

Est volume: 57J28 . Open Mj 1 6ft»73 oB 

2284 

EURODOLLARS (CMBO 
tl rnKPcn^tact IMPOL 
Mcr 77 9209 

May 97 901 906 904 

Jim 97 902 9484 9409 

Jill 97 9405 9408 9402 

Sep 97 9194 9X53 9192 

Dec 97 9XSD 9XK 

MOT 98 9164 9X49 9160 

Jun98 9151 93J8 93JB 

Sep 98 9143 9130 9139 

DaC 98 9131 9134 9128 
Mir99 9131 9124 9127 

JWIP9 9127 9338 9122 

Est. softs HA. Thu's, softs 454438 
Thu's open w uejm up 14063 
BRrtlSH POUND (CMBU 
CLRO pounds. S par pound 
Jun 97 U272 14144 14212 
SCP 97 UMO Ulio 14186 
Dec 97 1J182 14100 14160 
Est.safts HA. Thu's. softs 11722 
TTVsooenint 38498 Off 690 


511 

+8J3 41J06 
+0JN 473X75 
+0.04 7^1 
*107 427,377 
+108 331,523 
+0X8 239485 
+0X9 227X98 
+0X8 162470 
+105124581 
+ 0X7 95442 
+8X6 78417 


COTTON 2 (NCTN) 

54000 bv- cerea ptrli. _ 

Jul 97 TUB 7141 71X5 -0X7 

Oct 97 7170 7115 7340 +015 

Dec 97 7447 7410 7445 -0,11 

MOT9B 75J5 7545 7158 -0X5 

May 98 70.17 

EstsOes NA Thu\sias SJH 
Tha'EOPenJnt 734D9 up_ 236 
HEATMGOIL (NMER) 

42X00 ooL cents par aal 
Jim 97 55.10 5400 5445 +827 

Art 97 5495 5428 5410 +020 

Aug 97 5520 5485 5120 +020 

Sep 97 55X0 S5J0 5180 +110 

0097 5645 56X0 5435 —0.10 

Now 97 3 JO 5725 SJO *0.10 

Dec 97 57X0 5740 57 JO +005 

Jon 98 58X0 58.00 5130 +105 

Feb 90 5745 57 J5 57 JS —110 

EsLsdes HA. Thu's. sates 27X13 
Thu's Open ini 139J45 up 2316 


40.211 

3JB8 

218*7 

1676 

037 


34771 

29474 

14733 

9458 

8230 

7436 

14X73 

UE6 

1688 


37237 

1X53 

108 


UGHTSWST CRUDE (NMBU 
1X00 WL- dolleis aer DDL 
Jlfll 97 2045 28.18 2043 +0X9 

JUI97 20JN 7020 2041 +007 

Aug 97 7034 28.13 2031 +003 

Sep 97 20JD 2011 2015 -0X8 

0097 20.18 20X3 2015 -003 

Now 97 20.13 2004 20X5 -0X8 

Dec 97 20M 19.98 20X8 -0X1 

Jan 98 70.14 20.13 20.13 +0X6 

Feb 98 30X2 20X7 20X7 —0X3 

Mtr9B 2003 19.90 20X3 

ESI. sales HA. TlxTs. sofas 129,902 
Thu's Open W 374*19 Up 220)43 


84771 

63486 

32X51 

19231 

15201 

14X51 

33X03 

14703 

8X21 

4H9 


CANADIAN DOLLAR ICMERI 
IHrtNOAn. S per am. <Pr 
Jun 97 23* 2W7 J20* 

SeP 97 .7290 .7239 2246 

Dec 97 2305 .7277 2282 

Ea. sues NA Thu's. SOWS 6,714 
THrt open inj 76213 up 33 


68X97 

6245 

1X20 



. — Higts 
New Lavs 


1831 1957 

UTS f(M7 
Z 07 1721 
5*5* 5735 


Esf.sPcs ha Thu's, sales 11.781 
Thu'sapenM 8747* up >039 


Livestock 


PLATINUM (NMER) 
so vero*- Honors nova*. 

Art 97 JB9 40 380J0 38920 *920 
00 97 390 00 384X0 390X0 + 9.10 
Jon 91 383.10 

ESLWes HA TH»s.«rtcs 3X12 
Thu's open in* 16,980 Off 100 


12X35 

3X83 

1,180 


GERMAN MARK ICMERI 
I2SX00 moms, leer tnor* 

Jun 97 J9SB JB60 JMO 

5«97 J996 .5920 J981 

Dec 97 Jim J979 4021 

esl. SOB NA Thu's irtes 29X92 

Thu ’s open W 89.116 up I4U 


85X89 

3X37 

368 


NATWULGaS (NMER) 

10X00 mm Ota's. S per mm eta 
Jun 97 2J89 2.195 2235 

Jul 97 2X10 2.190 2240 

Aua97 2X01 2200 2235 

Sep 97 2260 2200 2230 

Oct 97 2299 2215 2235 

Nov 97 2398 2305 2270 

Dec 97 153 2430 2440 

Jan 98 2550 2.470 1490 

Feb 98 2450 2380 2400 

Mv9B 2220 2245 2275 

Est. sate NA Thu's, sales 50.169 
Thu's open int 216.137 up 5859 


39.702 

2J.1W 

19.1)0 

15.867 

17X81 

7X66 

12230 

11.517 

3.272 

6X27 


Market Sales 


m ?*8 

=o 270 NYSE 

JB 717 

23 » Nouftq 

5 9 InmOSons. 


441X4 653X2 
17.19 16X4 
50492 620X5 


CATTLE (CMER) 

ADD0 Ita. - eon per M. 

Jan 97 66.15 6477 66.10 +127 

Aug 97 66X1 65.12 66X7 .1X7 

00 97 89X2 6460 6947 +0J7 

Dec 97 7120 70X7 71.17 +078 

F«t)98 7147 7075 71X7 + 068 

Apt 98 7110 7260 7110 +XC 

Ep. sales NA Tim's, saes 11952 
JlB/sopaintt «737 up 46 


Previous 


34XJ9 

30.141 

16210 

9.143 

5.282 

1,514 


Close 

LONDON METALS (LME1 
OoBorspormcMeiim 
Aftmtaura CHWi Geode) 
spot 1 6*3i 1644ft 1647X0 1648X0 
Forward 166400 1665.00 1 6610a 1669X0 
r cathodes m end*) 

2439X0 2441X0 2458,00 2460X0 
2388X0 2389X0 2396X0 2397X0 


JAPANESE YBI (CMBU 

IXSitMMta yen 1 P«r >00 vm 
Jun 97 6450 JI23 J338 
Sep 97 J539 J233 &US 

Dec 97 1615 J462 JS70 

Ed-sdes NA Thuft-tates 28.988 
Thu's open int 79443 oil 576 


76.970 

1XS9 

724 


UNLEADED SASOLWE (NMSO 
CJWDBtB. corn POT ODI 

Jun 97 6110 6230 6280 +0X0 46X70 

«-» 6 Mi 6)45 -023 21707 
Aim 97 6040 60.10 60X5 +0X8 9,U3 

SeP 97 g.JO Saw 5890 —007 340 

OOW S2S 5675 57J3 +0.16 IOU 

NB«97 5640 54X0 56X7 1,724 

Dec97 5602 5575 5802 3.9*1 

EN. softs HA. Thu's, sues 36X42 
THTscoeiim 91239 up 1354 



Dividends 

Co m po ny Per Amt Rec Pay 

IRREGULAR 

Current Incosm _ X05 5-30 6-13 
SPLIT 


Company 


Per Amt Rec Pay 


Cooper Cameron 2 Rn 7 ; . 
Menu gismo 2 lor 1 


CtteraMelnc 

O 

50 

5-1* 

5-30 

Marriott inn 

Q 

X9 

6-27 

7-17 

retag bbe Inc g 


55 

6-16 

6-38 


SPECIAL 




FURodWMD 

- 

59 

5-19 

5-28 


INITIAL 




Asia Sot Tefecacn 

b . 

.12? 

S-U 

6-11 

Century Rn Cue 

- 

.11 

7-18 

7-31 

REGULAR 



AppfiedPwrA 

a 

JO 

S-20 

6-2 

Coodwnon Ind 

a 

XS 

S-22 

6-12 

Coastal Corp 

a 

.10 

5-30 

7-1 

ESELCO me 

a 

58 

8-1 

8-1S 

Eeotolne 

Q 

.16 

6-17 

7-15 


Emuieeu Cap 
HnmaGfoap 
Fremont Gen 
G ree nfleld lea 
Gucronfte Lf 
HarteysrffleNn 
Jefferson Swas 
LSB Inrhrtl 
MawrtchCo 
Mld-AtonNc Rtty 
NtagmaMo 
OnaiCorpa 


PWwmrCO 
Pune Cop 


PirtteC . 
RenafwmceRe 
5CPIE Hold 
agmoAfttrtch 
SiaftrPmp 
Storcpe Tr 

Thomson Coip 
USSurdcol 
wfabasn Nit 
Wes) 

Wcrtitn 


0 .09 4-3 6-17 

Q 2* 6-2 7-1 

Q .15 6X0 7-31 
O X5 4-10 6-30 
O 64 535 4-16 
Q sn 6r\7 6-X 
O .10 5-20 4.3 

S X3 6-16 7-1 

O A* 5-21 4-4 

Q 34 5-31 6-13 
. rt» M 6» 
Q .11 7-10 7-31 
Q M6T 6-13 7-2 

Q X6 6-13 7-1 

0 35 5-22 65 

Q J55 4-16 6-30 
Q J762S 6-2 6-16 
0 32 5-30 63 

Q .435 6-!£ 7-15 
0 .145 5-22 6-16 
O X4 5-30 613 
Q J33 7-14 7-28 
0 39 6-6 630 

Q X2S 627 7-25 


I CATTLE (CMER) 

50400 Rt%-renrs per P. 

May 97 7S35 7197 75.15 *130 

Aim 97 7757 7610 77^*J ,0.97 

Sec 9? 77 JO 7545 7737 +1JB 

0097 HJO 74.10 77^6 +1JD 

Now 97 79X0 77.90 78.95 +OJO 

Junn 79 JO 78.90 79X0 -8X7 

Ed. softs NA Thu'S, soles 2509 
Thu'sopeninr 19.467 up 31 


3.719 

9.174 

1,782 

1971 

1.554 

358 


fSLd 

NkM 


610X0 

621ft 


611X0 

622ft 


SOW 

632X0 


621ft 

63100 


TIB 

SI 


7730X0 7748X0 
7830X0 7835X0 


7690X0 7700,00 
7798X0 7800X0 


SWISS FRANC (OAER) 
raXOOPemxl per fran c 
Jun 97 ,7o»o jmi jpg 
Sep 97 X14S J05D 3125 
Decor 3205 .7164 3X0 

fiAPteP* NA Thu'LldK 26X16 
Thu'sopeninr 48X54 up left 


*559$ 

2399 

412 




5855X0 5865X0 
rd 5895.00 5905X0 


ZIpc (Special HU Grade) 
— 3ft 1314*5 


5B55X0 5865X0 
5890.00 5900X0 


Spot 1313’ ... . . 

Forward 1333X0 133400 


1302X0 1303X0 
1323X0 1324X0 


HOG5-Lem (CMERJ 


High Low dose Chge OpM 


MEXICAN PESO (CMERJ 
SOAOM pesos. S nor PCM 
Jun 97 .12530 .17439 .12430 
Sen 97 .13055 .11980 .11980 
Dec 97 .115*5 .11540 .115*8 
Efl.strtes NA Thu's, softs 12X77 
Thu's open Irn 35X15 up 1738 


17444 

9X83 

4X50 


GASOIL (IPE) 

UX. daBare per imSrtc too - lots oil 00 tons 
May 97 ITT 35 149X0 17035 *13S 12976 
Jun 97 16935 )67X0 167X0 Unch. 23.949 
Jill 97 170X0 16835 168X0 —035 W42 
Aire 97 17135 17035 17035 -03S 7J23 

Sept 97 17335 172X0 17200 -025 

0097 175X0 17435 174X0 Unch. 

NovVT 17435 I763S I7S3S UnOL 
Dec 97 177X0 175.75 17635 *035 




1297 
1712 
1X98 
7343 

Js*. sales; 28X00. Open hit.: 74X86 oH 
1749 


‘0.15 


Jun 97 8158 B4J5 1180 

Art 97 8645 8177 86.13 

Aug 97 84.13 EL« KLiS -025 

OQ97 7630 717# 7607 + 0X7 

CBC97 7220 7275 7192 -0X3 

Est. softs HA Thu's, sates 12.901 
■nvsonww «W83 up 848 


16X11 

7389 

4.933 

1117 

W14 


Flnsndai 


PORJC BELLIES (CMBU 
40400 lbs - cents per P. 

M3y 97 9037 SO? 18.90 —147 

JUI97 9147 69« Wig -I.47 

Aug 77 91X7 B9X7 39 JO -497 

Esr.sMn NA Thu's.iMcs 2jm 
Thu's ooen mr 9 x 74 up 43 


UST.ULLS ICMER) 

(I moon- Error TOO M3. 

Jun 97 9470 9475 9471 <D 

5*97 W.53 9449 9450 -0 

DCC 97 9441 

Esr softs NA Tta's, sdcs 337 
Thu's ooen ini 9.SK up a 


5334 

3.721 

80 


510 

M0» 

1X31 


staWADRt ftpoyoMe la CoBodlaa luftu 
m am ntt m ftnure wir . wsuul — 81 


Food 


J YR. TREASURY ICBOT7 

1100.000 prfev- DM 4 4*anoT IOO DO 

Jun 97 KM 165-08 MS-29 + 14 224.619 

S« 97 105-W 105-16 105-14 + 14 18*1 

Dee 97 104-51 » 

fed sates ha Thu's, softs «3J5 
Thu's open re 230X80 id 199 




Stock Tables Explained 

srees figure s tme uneftdM. YcortyMglgcmd lows retted the re en tan 52 ereetepteltin ament 
MWfc.hatno W» MeP Wu 8teBflor-Wlw9pte8T tf acl»ftMe«MgpaMBHlB25 p ereenr 8nmg 
lis been paid S* yeas hV+ioi* Rmge and Ahftna are shown lor flw new siadB wfir Unless 
oBfttwtse noted rrfes of MuMerets are w^dtehureanenB awed on ffftlaeadada ra « m . 
a - dMdend oho extra (s). b - annuel rate at OMdenfi plus 5»eli dividend, a - liquidating 
,8Vil»ML « -PEesKmls99xM-caOed.il- new Ttortyloft.ild- toss &Mheiosl 12 months. 
• - dMdend declared or paid in meceftiB 12 motiffo. I > smual rote, [naeesetf on fcsi 
ijg^oiDSan. a - dMdend in Canadian fundi, subfect la 15% non-resUmce tax. I - dividend 
dadom offer sp8t-ap or stodc dMdend. | -<fl<ridend paid ms rear, arefttod. deterred, or no 
ocKofi uan at West i&idead meeting, k - dvtdend dedared or paid thb rear, an 
acannuialtee 'em fttmdWBtnai in antats. m- onnwrf rate, reduced on teudedaiwloiL 
n - on bntB h «■ post 52 weeks. Th* W^i-kiw range begin* w«i »* start * trading, 
nd - not dor deOwfY. p - kiRkd i&rtidmxL tmual isle unkmwiL P/E - Btfcd-eoRfinfte igtte, 
B'dosedrend imrtual^ fund-* -dwMend detfcted argold inprecadbig 12 momtis. plus sdcH 

rTprfcftpwNaKftidlgmonaaiesainBtedanftwdgggriep-tfHdendgrer-diTfcftptiantteriR 

a-nwrveart9MBlLir.mK8nglgBBd.9l-lnfigBliiuplcy°7Wtti»cipm*Wng r 8eq|miligd 

imdMlt»BontoifflwA*orseeui1lteio5swnedlwswIicoii*oiilekwd-wtiendi8*ii6uftd. 

2T!^^re^-wm«iJTT®TTsx.o«9Vlendare7Hlg^ 

*w - uHtart wonnnh. IF- w-dMdeed and 5ales In toB. jM - ddd. 8- ides In fufl. 


COCOA (KSE) 
lamaetclan- Sparkn 
May9T ' 

JUT7 
5»f7 
Dec 97 
Mar«e 

May 71 . 

Em sides UN Thu's. 2143 
Thu's ooen ini 93XD off 73 


1400 

1429 

UD 

+ 10 

Mil 

1420 

1440 

-18 

1467 

1455 

1457 

+ 15 

1494 

14E3 

1494 

+ 14 

1522 

1513 

1522 

-14 

1S42 

152/ 

15C 

+ 16 


COfFEECWOEl 
37,500 Rm.- cents per 8L 
MOV 97 23950 21675 229» -L» .SI 

Jul 97 71830 3 UTS 317.90 +130 14.958 

5*97 I9SJS 19200 195X5 *1X5 4 ,m 

Dec 97 174X0 77135 17175 +6AS *351 

«5T»S 147 SB 75935 »lX0 +IiC 1JW 

Est softs 5347 Thu's, softs 7X54 
TVseoen w 29X80 Off 402 


WOJWT-WORLD II (NCSE1 
llUnftt^eDitiperis. 

Jut 97 18X7 ID. 77 1088 +DJH nx» 

0097 1030 HU3 UL70 +0X1 XrO* 

Mar 91 TOO 1054 1061 -OBI 23X0 

Mov 98 1056 10X1 KLi* -8X3 W15 

Ed. sales 1XO Thu'S sate* 5.93 
Thu'saoen Int 145.911 up 423 


19 YR. TREASURY (CBOT) 
s I ao uoo pm- pt< 4 M el We oa 
Jun97 107.18 MM7 107-09 - 07 307XSS 

Sen 97 107-04 106-20 106-27 * 08 37X36 

DTC97 106-09 106-09 106-09 + 02 1.90 

Est.Mta HA Thu's. SOftS 871X74 

Thu'S open re 3*7X34 UP 3619 

ITS TREASURY BONDS [QOT) 
ispct-tiHLoao-iwmftsnmaiieaact) 

Jun 97 110-1* KH-16 109-31 . OS S13J47 

S»«HOXl '09-08 109-19 -OS 64X93 

Dec 109-00 109-00 1 09-00 —07 MJB 

M«r98 108-25 1,756 

Esi softs NA Thu'S, sates wjb 
Thu'sopcnnt 590J03 UP 26447 
UBOR 1 -MONTH RMER) 

13 mi Ken- prior l as per. 

MOV97 MJ1 94.26 94J0 >0.02 24,179 

AelW 9US 94.10 9*21 -0X4 11387 

Jirt97 94.17 9*11 94.15 *0X3 6X36 

gsi. tales KA Thu^iite 2656 
Thu s ooen re 44.133 UP <16 


W«W™iTKWJII+Ca j,, FEl 
£500090 -HS Of 100 pd 

Jtm97 92*7 9X44 9145 * Qjii 11X377 

5 912* 9120 9127 . Ml 99^9 

+°X3 8*153 

f*2ff SIS SS S-H * M3 

j“"g 2-21 9287 -ox* *8.793 

5ep9fl 92X6 93.79 92X1 + 00* 2U20 

0CC96 92X3 9176 9278 * OJSS +*m 

Meff 92X1 9273 9277 - 0X6 14238 

ER.*0ft» SMRLPTW. softs: 96X4S 
Prat, open MU 50X33* up Ain 
MUWmiEVItOMAJDCfUFFD 
DMl nOtei ■ pis at IDO pa 
MOJ97 NT. NT; 96X1 Until. A803 

JwftT 96X0 9678 9U8 —0X1 274701 
R.T. N1\ 9678 UPdl. IXZ2 

9675 9473 9474 * 0.01 212456 

964* 9461 9462 + 0X2 235.735 

9453 94*9 945P -0X3)91X22 
9436 9437 9434 • UD 152^0* 

9416 9413 9414 +UD 171X09 

95.93 JBX9 95.90 * 0X3 79X75 

9570 9546 95X7 * 0X3 67X35 

E*1*S I09-N9. PNJ.srtes: 74871 
Pro. open Int: 1X09X47 up XA50 

3-MONTH PI BOR (MATIF) 

FF5 mMon - pn on DO pa 
Jun 97 9435 9432 9434 +0X0 67,362 
SSS SM 1 *6X3 — 0X150X40 

Dec 97 96X6 96X3 96X4 -0X0 37X37 
Mar 98 HXO 9437 9439 -0X1 2732* 
Jun 98 NJ9 9436 9439 -0X3 23458 
Sep 98 941* 9412 9414 *0X2 21373 
Doc 88 95^3 95.91 75.92 +Ofl3 11603 
Mar 99 95X9 95X6 95X9 +0X4 11907 
^Esl- wbmr. 49X49. Open ML: 281312 up 


BRENT OIL (IPE) 

UX. doflors per barrel - kus of 2X00 barrets 
June 9 7 18.9* 1463 18.93 +074 3185.- 

Ju1y97 18X0 1458 1876 +0.12 7il07 

18X5 16X3 1476 +0X7 21.162 

1BX5 18X3 1476 +0X3 10411 

18X6 18.70 1481 *0X2 

IBX6 I8L7D 16X2 +002 

16X5 1480 16X3 +0X2 

1475 18.75 1479 +0X2 


Aug 97 
Sep 97 
0097 
Nor97 
DeOIT 
Jon98 


4869 

S765 

9X91 

7.278 



, ^Jal. softs 47J28. Open MJ170X64 Off 
3X03 


s£t7 

S55 


Sloe* Indexes 

WMRRnUMBD 

fi*S 

Kl-2! maa 0180 ’ ^ 8.225 

Dec 97 84500 84SJB 84500 -US 1X54 
«. softs NA. Thu'S, tales 94644 
Thusoaanre mat up iz 

FT5E1MAIFFE1 

Jue$7 rh M65X ,- <S97X *651 J * 470 6490« 
3C097 NT N.T 4*6*0 + 6BO 4559 

DreS. T N.T NT *7240 , 69 J) 320 

15.752 

rT»».op«n«ttj 7QJB8 dp 2496 
CACreWUkTIFJ 

Mov ?^*0X 2612X 2615X — 15X0 25X96 
-f"T £ TSKia 21905— I5XD23XS4 
Jul 77 N,T. NT. 2590.0— I5XO 50 

Sep 97 54^7,0 2601 X 2605J)— 1400 HUT4 

Esl volunia: 1 1 J27. Open lot^ 69.1 4* off 


•fc -TU 

I 

A S h 



• -I 

M s 

• -'5 Kl ■■■■: 


LOMOaiLTfUmj 


CSMOO -pta432ndigf lOOpd 

1+6X7 + 0-11 214789 


JW£7 1142* 114X1 .. — - 
S4B97 114-31 114-14 114-17 *0-14 4416 

Estseftr 114X68. Pro. softs: 11ILS8 
Pro. open W: 221.125 UP 141B1 


3-MWrrH EUROURA OJFFE) 

pis* undL 

^ %% S33 %% 

man 93.79 93js 93.74 +001 

jure* 9177 9171 9173 +0X1 

S4PM 9171 9164 93A8 +0X4 

Deere 93X1 not 93 J? *0X5 

M909 nsi 91*9 9U9 *0x5 

EB.sdex 45*16 Pro. softs: 469*6 
Pro.opanlnL' 314X31 up 1463 




111X83 

76924 

54.166 

34*43 

24483 

7X98 

IJ11 

1^5 


Commodity indexes 


MOodTX 
Reuters 
□J. Futures 
CRB 


Oom 
. NA 
1.97DJO 
161X2 
MJ3 


1X8850 

1,96450 

161X1 

248X7 





•5 '■<** "-c 




pr.'tet 




" »s*sa.4S 

r _.* Pres 
‘ttUrk^ 

j RlSe Pa 

Stocks rose p^ b( H . 
•. lifted a« ' 

**nd ths bro-4.-i. ' P^ina ~Jj *« ■ 
decide v*^«l3fi3 : 
span would r J* nc * Mr^'c 

wwsaEenci es ** "btJ** 

ksSpSSs 

.sss^ssp&g 

^■e^TrS^^C^ 
pouu.ro 96:1/??.^® 

dcw o to 6.S9 “iSSStfcjS 

rioaU ."STeSSf? "'^ 
redace and $oaer&^i U L? 35 Coc«v 

^ SjlSg^^Sf^ 

&-'.. ”™ e “"’WOT dedS L >« 
*>^oa were not heading hinK* n ^ 

«£■ ^closed up 2%f^ r - Sl 

«eb^- way efinfluaon liKlfc ® fe 

ed assd econoTA is *in iS?' 1 ** 

».VHd JimSo!fowtv d-nSSS 8 *^ 

* - 

’ • ac " 3r ' '-hat aueiir fj^ 

1 sasasSs 

“5gifsa® 

c.; vi^^fe 
S -i 51-MU1C it 
“r '-"•- ^widMaat 

_-:.j. r , Jtiniuadjjj. 

\ j 7 -'"-- McDooif, 
■- ?-pors 

• -•" snare* plunged ?»; 

c iTiil its dins*. 

.-•i i"; iV. • . _■• . l 


PAGE 11 


EUROPE 


Shortfall Is Expected 
In German Revenue 

New Data May Dim Hopes for Euro 


would 

scnali 

-ficctrh 

of 


CV*HnW for Oar Si# front Hu.tr. hr, 

FRANKFURT - The covem- 
roent s latest tax estimates for 1 997 
doe Thureday. are expected to show* 
a snortfaU m revenue that will cast 
fiuther doubts on Germany’s ability 
to meet criteria for European eco- 
nomic and monetary union. 

Investors throughout Europe will 
be looking for a clear signal from the 
government on how it plans to plug 
the bole in its budget, otherwise 
speculation over a delay of monetary 
union may resurface in financial 
markets and extinguish the recent 
rally in European bond markets. 

"The higher the tax shortfall, the 


t 




MrDcn 
falls* 2 I 
sales or 
sienpe:: 

TWaUTL’ 
low-rr.. 
denied -~ 

Cfcphi 
1 2 .-i 2?:c 
matins ’ 
filled: 

Face 
• visor, i* 

Chry 
trader 

> !i' j 
engtrai 
eodir.i 

. Prcrr;.. ,™. 5 

f© s?.. -tt.'r -s.2 medicdJsr 
maker’-, is r:a laser neati 
fire it. L'.i Lr..:ej Sires ejtk 
f*:< :rej::r.5 iejst.lsai 
: bcfsr ::•# ^ r\ 


*■ ■*- + •■■' *- a. iu BTJSC 

: i-or Gerng's dissase t: 
~ *J" — ^-fisgefali 

iJr_: Adr-LTisBadcDa 


Bank Austria 
Posts Large 
Drop in Profit 

Bloomberg Hews 

VIENNA - — Bank Austria 
AG said Friday that its group net 
profit for 1996 fell an unex- 
pectedly large 39 percent as 
Austria's largest bank restruc- 
tured several of its units. 

The bank released its final 
1996 earnings a week early to 
follow ' stock-exchange rules 
because it announced a 3 b illio n 
schilling ($248 million) share 
sale to take place June 5. 

Bank Austria, which took 
over its rival, Creditanstalt- 
Bankverein AG in January, said 
net profit fell to i .59 billion 
schillings from 2J59 billion 
schillings in 1995. 

“It is even more disappoint- 
ing than estimated,*' Michael 
Richter, an equity analyst at 
Epicon Asset Management in 
Vienna, said. 

The bank said it had spent 
more money than anticipated 
on its restructuring. 

Analysts said they did not 
expect the combined bank's 
earnings to improve in the next- 
months because of the high cost 
of folding Creditanstalt’s oper- 
ations into the parent company. 


WORLD STOCK MARKETS 


^‘■fWdayrlW' 

Prices in local currencies. 
Tefekuts 

High Lew Oh Piw. 


136.10 
139X0 
141 JO 
35730 
111X0 
37X0 

111X0 
368 
200X0 
32X0 
74X0 
S3 
45.® 
339 
89X0 
170X0 
77 JO 
5BX0 

39.10 

68.10 

4460 

293X0 
238 
10420 
99X0 
18X50 
16B30 
60X0 
170 
109 JO 
Tyin 
37V JO 
9«S 
40 

226.10 


15A 

147 

150 

154 

232 

224 

226 

233 

Z7J0 

2635 

2675 

2775 

306 

3®3 

302 

30* 

652 

620 

624 

648 

143 

142 

142 

143 

3S75 

35 

35 

3SJ5 

3835 

3650 

37 

37_ 

145 

139 

142 

145 

14S 

140 

143 

145 : 



more concern there will be over a 
delay ro EMU,*' said David Brick- 
man. an economist at Yamaichi In- 
ternational Ltd. in London. "A lot 
depends on how the government re- 
sponds to it. They need to reinspire 
confidence in the project." 

With just seven months to go for 
EU countries to get their economies 
in shape to qualify for the launching 
of the single currency, the euro, 
budget-cutting has become a top pri- 
ority. The German government is 
struggling to cut its deficit to the 3 
percent of gross domestic product 
needed to qualify for the union. 

High unemployment and 
lackluster growth have reduced tax 
receipts and burdened the govern- 
ment's efforts. Total tax revenue, 
including federal, state and local 
collections, will probably fall short 
of November’s 1997 estimate by 15 
billion Deutsche marks ($8.8 bil- 
lion), according to a survey by 
Bloomberg News. 

In November, the government es- 
timated it would collect 822.2 bil- 
lion marks in taxes this year. The 
opposition Social Democratic Party 
expects the May estimate to show 
revenue 20 billion DM down on the 
November forecast. 

The government will probably 
opt to freeze spending to cover part 
of the shortfall, economists said. 

Oskar Lafontaine, bead of the So- 
cial Democrats, said Friday he had 
rejected a government invitation to 
further talks on tax reform. 

The chance for agreement has 
been missed because the govern- 
ment rejected the Social Democrats' 
call for reductions in taxes and other 
withholdings in 1998, a year earlier 
than now planned, Mr. Lafontaine 
said in an interview with West- 
deutsche Allgemeine Zeitung. 

(Reuters. Bloomberg ) 

■ RWE’s Profit Rises 

RWE’ AG, Germany's largest 
utility, said Friday that net profit 
rose 6.8 percent in the nine months 
through March amid rising sales by 
its chemicals, oil and construction 
divisions, Bloomberg News report- 
ed. 

Net profit rose to 878 million DM 
from 822 million In the year-eariier 
period. Sales rose to 52.932 billion 
DM from 49.103 billion. 


Small Holders Hit 9 Italian- Style 


Reuters 

MILAN — Italy’s long-suffering 
small shareholders lost out again 
this week in a complex deal linking 
the country's largest retailer. La 
Rinascente SpA, with Auchan SA 
of France, analysts said. 

“This new deal is very much a 
typical Italian job with the big play- 
ers in Italy dictating the terms, and 
the small shareholders following," 
a Milan-based broker said. 

Under the terms of the deal an- 
nounced Tuesday, IFEL SpA, a 
holding company affiliated with 
the Agnelli family, would place its 
40.5 percent Rinascente stake into 
a joint IFIL-Auchan company. 
Auchan, which is privately owned, 
would pay 1 trillion lire ($589.8 
million) for a share in the new 
holding company, which would 
will be 51 percent owned by IFIL, 
with Auchan holding 49 percent 


Auchan, meanwhile, would sell 
Rinascente five shopping centers 
in Italy for about 530 billion lire. 

Auchan has the option to buy an 
additional I percent of the holding 
company within 10 years. 

Minority shareholders watched 
helplessly as news of the deal cut 
the value of Rinascente stock 9 per- 
cent this week. On Friday. Rinas- 
cente shares rose 61 lire, to 8,520. 

Analysts said that while the 
link-up has commercial sense, 
minority shareholders in Rinas- 
cente will pay the bill in the form 
of a 780 billion lire capital in- 
crease. while Auchan is even not 
required to make a public offer to 
buy their shares. 

The deal will cost Auchan a net 
470 billion lire to increase its pres- 
ence in Italy, while for Rinascente, 
it will bring in a European partner 
with great expertise, analysts said. 


With IFIL still controlling the 
new company, the Italian stock 
market authority. Consob. ruled 
there was no need for Auchan to 
make a public bid for Rinascente. 

The deal brings together 
Auchan’s five Italian commercial 
centers with Rinascente ’s 25; 
many of the centers have both a big 
supermarket and a home-improve- 
ment, or do-it-yourself, store. 
Combined sales should be about 9 
trillion lire in 1997. 

“Operationally the deal makes a 
lot of sense, especially linking both 
group's DIY operations where the 
sector is showing good growth in 
Italy." said Marie-Christinc Keith 
of HSBC James Capel in London. 

A Milan-based analyst added: 
"Auchan gets a big lift in Italy. 
IFIL puts its investment in safe 
hands, but Rinascente's small 
shareholders will pay for this." 


OPEC Struggles to Stem Output 




Frankfurt 

DAX 

' London ■ Par* 3 • 

FTSEIOObKteX CAC4D. 

3600 

u. 4800 

2800 

.* A 

Ui '4600 

/ 2600 /VV’ 

3200 ft 

3000 X 
2800^ 

" .4400 ^ 

4200 J* 
4ooo\r 


JF MAM JF 

1996 1997 1S96 

MAM ““d J F MAM 
1997 1996 1M7 

Exchange 

Index 

Friday . 
Close 

.Pwv. . % ■ 
Close Change 

Anuterdam 

ABC 

780.81 

77&B9 -4.62 

Brussafs 

BBL-20 

2&S3& 

A234.75 - -039 - 

Frankfurt 

-DAX ■ 

3,562.41 

9JSBU9* +0-29 

Copenhagen 

Stock Market 

SSTJBT 

556.46 +0,11 

Haleinld 

HEX General ' 

9JBOBJBS 

3.002.Q4 40.13 

Onto 

OBX 

bobm 

608^7 . +0-01 

London 

FTSE10O 

4^30.90 

4^Sa40' +T.V3 

Madrid '■ 

Slock Ex^iange 

531^8 

585.65 ' +M1 

man 

WBBTEL 

1224ft 

12272 -0.21 

Farts 

CAG40 

2,633.91 

2,643.31 -0.36 

Stockholm 

SX 18 

2 &SA2 

2,909.40 +0,10 

Viemur - - 

ATX 

i&ljM. 

122721 +1.13 

Zurich 

SH ■ 

3,167 J99 

3,167^8 +0^2 


Source. : Tetekurs 


taenuunaaf HeraU Tribune 


Bloomberg News 

ISFAHAN, Iran — OPEC wants 
to limit its output to shme up stump- 
ing oil prices, the group’s secretary- 
general said Friday. 

"We are going to try and restrain 
ourselves," Rilwanu Lukman said 
at an oil conference here. He said all 
nations at the talks had pledged to 
help hold down oil production, now 
at an 18-year high. 

While some analysts doubted that 
the Organization of Petroleum Ex- 
porting Countries would succeed in 
curtailing production, oil ministers 
from seven of the group's 1 1 mem- 
bers said Thursday that their nations 


should stick to OPEC's production 
quotas. The oil ministers meeting in 
Isfahan included those from 
Venezuela and Nigeria, the OPEC 
members that are currently exceeding 
their quotas by the greatest amount 

OPEC ministers will meet in Vi- 
enna cm June 25 to try to set a new 
supply target. The group's produc- 
tion target now is 25,033,000 barrels 
a day. but its members have ex- 
ceeding it by a combined 2 million 
barrels a day in recent months, con- 
tributing to a 25 percent drop in oil 
prices this year, to S18.50 a barrel 
for Brent crude in trading Friday. 

Mr. Lukman said: "We don’t 


want the price to fall below’ 518 a 
barrel. We want it to be nearer the 
S21 target price.” 

The Libyan oil minister, Abdalla 
Salem Badri, estimated that OPEC's 
revenue had fallen by S14 billion so 
far this year because of the drop in oil 
prices. Asked what guarantees 
OPEC could gfye that it would not 
exceed its target, the Iranian oil min- 
ister, Gholamreza Aghazadeh, said, 
“We have to be very careful now." 

Analysts were skeptical, however, 
noting that none of the ministers had 
offered a plan to cut excess output 
and that OPEC does not penalize 
countries that exceed their quotas. 


Very briefly! 


Fokus Seeks Help in Fending Off Suitor 


Bloomberg News 

TRONDHEIM, Norway — Fok- 
us Bank ASA, Norway's ftfih- 
largest bank, said Friday it was hold- 
ing talks with Union Bank of Nor- 
way, the third-large st bank, about a 
cooperation agreement that could 
prevent a takeover of Fokus by a 
group of savings banks. 

Sparebankgnippen AS, a group 
of Norwegian savings banks that has 
made an offer for Fokus Bank, 
maintained its bid and issued a state- 
ment describing the talks as ‘ ‘a hos- 


tile step which will have direct dis- 
advantages for the shareholders.” 

Sparebankgnippen also said it bad 
extended its takeover bid for Fokus 
by two weeks. The bid was to have 
expired Friday. 

Fokus Bank's shares closed at 69 
kroner ($9.71), down 1 krone. Union 
Bank's primary capital certificates 
traded at 207 kroner, down 3. 

■ Spin-Off at Norsk Hydro? 

The Norwegian industrial giant 
Norsk Hydro ASA may spin off its 


Hydro Seafood division and list it 
separately on the Oslo bourse, Reu- 
ters reported from Oslo. 

Hydro Seafood is the world’s 
leading salm on farmer, but Norsk 
Hydrous management has never hid- 
doi the fact- mat its seafood activ- 
ities were not among the company's 
core interests, the report said. 

The division had sales of 1.5 bil- 
lion kroner last year. After recent 
acquisitions, its revenue is now 
about 2 billion kroner a year despite 
lower prices, it said. 


• Croatia’s $1 billion project to build a terminal and pipeline 
for liquefied natural gas may be abandoned because of a lack 
of interest by central European states, the Zagreb daily Vjes- 
nik reported The Adria LNG project, begun in 1991, hinges 
on whether the Italian power company Ente Nazionale per 
L’Energia Elettrica joins it and invests in its further de- 
velopment, the newspaper said 

• British Telecommunications PLC is in breach of its li- 
cense over its Call Minder service and Oftel, the industry 
regulator, is seeking public comment on the issue by June 9. 
Oftel said it had received complaints about the service, which 
answers calls and records messages for customers who sub- 
scribe for £5 ($8.10) a quarter. 

• Siebe PLC, a British electronics manufacturer, agreed to 
buy APV PLC far about £327 million in stock to expand its 
industrial valves and controls business into the food and 
beverage industries. 

• Slovakia is holding talks with an unspecified Japanese car 
maker on the construction of a car plant in Slovakia, Prime 
Minister Vladimir Meciar said “We are negotiating with one 
car producer from Japan about creating a plant to complete cars 
in Slovakia according to Japanese design and documentation 
but from Slovak-made components," Mr. Meciar said Pre- 
vious reports have linked Toyota Motor Corp. to Slovakia. 

• Sony Slovakia, a fully owned subsidiary of Sony Corp. said 
it was planning to expand its Slovak operation of parts 
production. Sony said it would increase its local work force to 
700 from the current 400 by the end of this year. 

• Bayertsche Landesbank G frozen trale, Germany’s sixth- 
largest bank, said first-quarter operating profit rose by one- 
fointh, led by co mmis sion income. Operating profit rose to 397 
million Deutsche marks ($233 million). Net commission in- 
come rose 30 piercent and net interest income rose 4 percent, the 
batik said without giving exact figures. Reuters. AFX. Bloomberg 


High Low C3 om Pnv. 


* High— Lo w j Om m u . ■ 


Deutsche Bonk 92X0 


DeflTetetam 


40 


OimfcwrBonk sus 

370 


FfEsenkm 
Fjosenlus 
Fried. Kiu 


9240 
39X5 
57 JO 
367 


9275 93JS0 
39X5 38.70 
5B.10 5870 
363 367 


SA Breweries 

135 133JD 

13* 

134 

VendomeLsuti 

£.19 

S.16 

5.19 

Samancar 

40 

4750 

47X0 

47X0 

Vodafone 

2X5 

277 

2X4 

'5user'~-* : 

56 

S5JS 

56 

56 

WNIb road ■ 

' 1" 

7X9 

7.96 

SBIC 

212 

209 

210 

210 

mams Hdgs 

3.15 

3.10 

3.14 

Tiger Oats 

7650 

7575 

7675 

7475 

Wttsetey 

4X1 

4X2 

406 





WPP Group 

157 

252 

254 






Zeneca 

19X2 

1837 

1927 


High Law dose Pnw. 


7XB 

3.12 



Med 15150 15270 15240 155J0 


334 328 329 332 

,115 1T450 114X5 11150 
156 154 156 153 

9540 9470 94.90 «XS 
492 492 492 492- 

i.fi&SB 67X0 6840 SI 
6770 6670 6675 66X3 
538 S33 53S 531 

7460 33 M 73X0 7410 
1288 1272 1272 1276 
2840 27.55 28.10 26X5 
51 9 JO 517 519JD 51? JO 
694 677 691.50 676J0 


Kuala Lumpur c nwme ngjr 

r PlMoes 1107.14 


AMMBHdgs 
Getting 
Mol Banking 
Mol torn S hip F 
PetTonas Gas 


Melro 

MondiRueekR 

Pieussog 

RWE 

SAPpfd 

Sdwrtng 

SGLCariion 

Stamens 

Springer (AxeO 

ymrimrlB f 

VEW 


103550 

34X5 

3530 

35A5 

166X0 16350 

16S 

166 

400 

4m 

4410 

4440 

441 

430 

439 

440 

73X0 

7110 

7335 

73X0 

32470 31850 wm 

314 

169 JO 16820 

16850 169X0 

24270 239 JO 23970 

240 

101.10 

99J5 

100X0 

9825 

1560 

1560 

1560 

1560 

B60 

845 

860 

846 


PuMcBk 
Renong 
Resorts World 
RanmonsPM 
SI me Darby 
Tefefcnm Mat 
Tenqga 
UldEhgtaeen 
YTL 


17.10 

1410 

26J0 

575 

840 

1480 

456 

-3J2 

9.10 

2420 

B.QS 

18 

11.80 

1840 

1070 


London 


Adnyl 
Aned D 


375J0 37250 37550 37550 
9555 9480 9499 9463 
5TO 50) 500 502 

793 789 791 JO 789 

1169 JO 1157 1160 117B 


Nan 
Domecq 
Angfen Wrier 
Argos 
Anta Group 
Assoc Br Foods 
BAA 
Bixdors 



BlIlS 

BrttTefcCOm 455 

BTR 237 

BunnahCastnd 1030 


Hong Kong 


HsgSea*13938J0 
PlWtoBK 13740J0 


21400 

15300 

96000 


. 30 MSB 376954 
P ra riWK 375250 

823 83350 865 

1079 1W01M425 

428 42975 42975 
89 JO 89.S3 8150 
404 404-50 40775 
28450 288 282J0 

30075 301 30050 

306 30675 30S 

2050 2075 2050 
370 370 37450 

BEL-20 todne 2225X8 
PmtoBS: 233475 

14700 15050 14875 
6240 6250 6200 

8800 8830 6K3 
3«0 3420 3490 

14350 14400 14375 
1790 1795 1795 

8150 8150 8160 
3530 3520 3525 

6290 6250 6290 

2620 2680 2785 

5360 5500 5360 

14325 14375 14800 
13350 13525 13825 
12575 12775 12575 

5070 5030 5WQ 

9310 9520 8310 

3240 3250 3250 

21000 21325 21300 
15225 15250 152S0 
94500 94500 95000 


Bk East Asia 
Cathay Podflc 
Che ung Bing, 
CK knhas&ud 
Odra Light 
cmcPocttc 

nSpSSfc* 

Hang Lung Dev 
Hang Seng Bk 
Henderson liw 
Henderson Ld 
HK Chino Gas 
HK Electric 
HK Telecomm 


&wh 

Hyson Dw . 
Johnson 0Hdg 

IMF™ 

Oriental Press 

PfoilOrtetttt 

SHK Props 
SrnmTafcHdgs 
Sira Land CO. 
Stti CUna Post 
Snrin PacA 
Wharf Hdgs 
Wheetock 


8J0 

2030 

11X0 

75X5 

2230 

36J0 

4530 

38X8 

9-55 

ISIS 

94 

9 

71 JS 
1275 
2735 
15X0 
408 
219 

f!94 

24 

21X5 

1875 

49-© 

2X3 

3M 

92J0 

5 

MS 
7-05 
63X5 
31 -H 
17X0 


0X5 035 

27X0 28.15 
1175 11.90 
7425 7450 
2230 2245 
3530 36 

«L9i 4440 
3740 37.90 
940 940 

1485 1490 
9275 94 

875 8-BQ 
71Ua 71 
1245 1245 
27X5 2740 
1420 1455 
4 405 

Z14 217 

62X5 63 

2345 2360 
21X0 21X5 
18J5 18J5 
48X0 48X0 
233 2X5 

3X3 3X5 

91X5 9175 
490 5 

8J8 'BM 
7 7 

62-50 4275 

39JD 30X0 
1770 .17X5 


8X5 

2770 

11X0 

7150 

2235 

3530 

n/n 

37.10 
9J5 

1495 

9230 

aw 

70X5 

1250 

27.10 
15 

403 

210 

61J5 

2345 

21X0 

1BJ5 

48.90 

2X3 

3X3 

90.75 

490 

8X5 

6X0 

6250 

3070 

1750 


155 

5.19 

544 

549 

7X5 

672 

334 

537 


Burton Gp 
effete Whites 
CddbuiySchw 
CatMaComm 
Cwnml Utton 
Comma fin 

csr 

Dtwns 
ESeetnxBfnpansnts4Al 
EMI Group 1248 

En«gyGroup 5X5 

EnteSrtieQfi 645 

FamoknU 1X2 

Gent Aaddeal 9X0 

GEC 171 

GKN 958 

GKotoWefcnme 12.10 

GawodoGp 9X3 

Grand Mel 5X0 

GRE Z11 

GnenotsGp 5X7 

Gutaness 535 

GUS 6X3 

Hon 5X8 

HSBCHIdgs 18X2 

ia 7J6 

Impl Taboos 411 

’ 751 

248 
8X2 

237 
4X5 
AM 
1X6 
5.16 
5X2 

Mercury Asset 14 

NaflonalGitl 235 


Und5ec 

Lesmo 

Legal Gad Grp 
UoydsTSBGp 
LuCDsVortty 
Marks Spencer 
MEPC 

r Asset 
I Grid 


Copenl«9e n “ttSSw* 

303 298 300J0 99 

412 410 <10 412 

nnnkrn -393 W * JJS 

mllS 3,5000 312OT 311M 

SHU H 1 ’1 1 

S g g g 

TfleDarerkB 33250 g * S 

ESKSa 


Jakarta 

Astra irril 

BkMIMdon 

GudangGam 

IndDcenent 

indolood 

Indosat 

S am ucenw HIM 
Semen G«g( 
Tekkoeiiitdkflsi 


OeaweriTO tadee <7169 

PreWara 666X4 

6225 6000 6175 6200 

1900 1800 1875 1800 
1575 1500 1550 ISO 
10825 10300 10550 IKS 
3100 3025. 3093 3100 

5100 4950 497S 5125 
7125 7050 7100 7000 
10025 9650 10000 9825 
5900 5825 5825 5875 
3850’ 3725 3850 3700 


NaN Power 
NaNtest 
Ned 
Onmgs 
PLO 
Pearson 
PflUiglon 
PaeiBGen 
PtanriarFUiKtl 
Prudential 
RuBtnsdsPP 
Rank Group 
ReddRCein 
Rerfland 


551 

B42 

AM 

2X2 

6X0 

7X0 

1.17 

6X0 

472 

671 

447 

447 

8X6 

152 


Johannesburg 

Bis 30.10 29X0 30 M 


w 1 


Frankfurt 

AMBB 
Addas - 
AHoruHdg 


'j 

■.f»S t 
I jigs ,4 



tuueggxj 

Pmbas;3551XB 
1270 1280 ISO 
17950 lflOjSD Jg 
348J0 -350 ^ 

T394 1 1406 13» 
37^ 37X5 37.10 
68.15 4*** 6840 - 
54M SxO 55X0 
72 n& 7400 

u& a* uja 
a 87X0 fox 

At 44 44J0 
1483 1489 1491 
165 - 165 166 

4740 4745 4740 
132-70 134X0 134 

76X0 77 78 


OT199 W 1M 
16X5 16 16 16 

48X5 4855 49 

26 2550 35.90 ,25X0 
160 15875 159 JS l»J5 
39J5 3850 38J0 
31X0 31X0 3175 31J5 
1BJ5 18X5 1875 1A7S 
10850 108 106 1« 

60 59X5 59^ 

29.3$ MB 2850 2850 
ta IIP 119 119 

f -1-K sex 60 60 

336 334 335 335 

12550 TM 124 124 

17X5 1640 1«0 1630 
IDO 9950 1“ « 

19.15 1850 19 12 

Sg®* si *1 *1 

7550 7175 7350 7150 


rind 

AV'MIN 
Bestow _ 

CG. Smith 
pe Beers 
DAttnM; 
FstNottBk 

Gemr 

SSwHjfr 

S'" 

ssrr 

Minorca 

Nonpak 

Nedcar 


RSSdWl 6X3 

RsntakB lidkd 4.13 

ReufeaHdBS 6X7 

Ram 103 

RMC Group 956 

Rafts Roya 250 

RpMlBkScsf LO 

RT7 rea 1007 

Raml&SunAI 5X0 

Smor 1^ 

Satnbwy .357 

ScJtroden 16J3 

ScatNeurcDEOe AM 

Sad Power 3X9 

Socwtoor 2X4 

Severn Trent 7X5 

SheflTmnpR 11X8 

Slade 972 

Sratti Nephew 176 

SoOMGtoe 10X7 

SmRhstod 775 

SttemEJec 

StogtCddCh 530 

Stand Charter 1045 

TatsALyls *3 

Tssco 

Thanes water 6X0 

3 Group AM 

u Group 15B 

TqmWns .276 

Unlorer 1W7 

UUAssuramB 5.17 

UtdNews 7 70 

UMUtmes 6X7 


16X0 

1870 

16X0 

1190 

14.10 

1100 

26 

26 

3675 

5X5 

570 

SJ0 

8X0 

860 

855 

14X0 

14.70 

1490 

4.46 

4.NI 

46# 

146 

148 

3X6 

IBS 

8X6 

896 

TLflfl 

24 

2160 

7X6 

80S 

810 

I7XU 

18 

1780 

1150 

M 70 

1150 

18 

1830 

1820 

10 

1810 

10X0 

FT-SE 100:463898 

Pmtaasc 458840 

880 

9.15 

(LBS 

4X7 

4X9 

43/ 

658 

673 

66V 

840 

840 

845 

1.17 

1.19 

1.19 

146 

6X7 

861 

6X9 

6X3 

8X6 

12.12 

12.53 

1289 

812 

813 

87# 

5XB 

5X6 

6X1 

4.13 

414 

410 

4X6 

425 

422 

9X3 

9J0 

956 

7.19 

7X3 

7X1 

3X5 

3X6 

3X4 

13 

1107 

12.94 

6X5 

899 

895 

1.74 

176 

175 

6X9 

656 

80# 

7X6 

7X4 

7X6 

UO 

6X7 

584 

IXS 

150 

1X8 

450 

452 

462 

2X8 

2X1 

22# 

1820 

10X6 

1021 

153 

154 

154 

6 

6.13 

5.02 

5.14 

5X9 

■6XV 

5X0 

5X7 

5X0 

7.36 

7X2 

7X2 

«XS 

868 

65# 

116 

121 

11# 

5X8 

5X0 

6X7 

198 

199 

35# 

17.18 

12.23 

12X6 

UW 

5X0 

587 

6X6 

838 

6X1 

159 

150 

1-W 

9X4 

977 

954 

3X7 

35# 

350 

9X1 

9X7 

956 

10X3 

11X8 

1282 

9.13 

9.17 

9.19 

5.12 

817 

5.70 

2.91 

107 

289 

5X1 

£06 

587 

5.15 

5.15 

814 

652 

855 

861 

6X3 

866 

656 

17X3 

17.90 

17X6 

7X0 

771 

750 

4X6 

407 

409 

7.11 

7.15 

7.19 

2X1 

7X1 

2X6 

R50 

8X0 

851 

232 

2X2 

234 

4X2 

484 

460 

6X2 

6X0 

803 

159 

1X3 

180 

6X4 

515 

686 

4LHH 

4H8 

494 

1173 

1X96 

1359 

2J0 

2XO 

2X4 

.uo 

6X3 

,U1 

7X6 

805 

786 

6X7 

891 

689 

7.1 B 

3.19 

7.70 

811 

813 

813 

7.10 

7.15 

786 

1.10 

1.13 

1.14 

6X3 

4X3 

657 

465 

S3 

6X3 

8M 

654 

437 

4X7 

44# 

435 

440 

445 

873 

879 

182 

3X3 

3X8 

351 

810 

817 

811 

407 

410 

4.12 

670 

882 

886 

2M 

19# 

384 

9X2 

9.66 

9X6 

7X3 

243 

2X7 

SXS 

6X6 

8.91 

9.97 

1804 

958 

5.13 

5X4 

5.13 

3X6 

139 

3X3 

167 

164 

±M 

1875 

1887 

1863 

888 

894 

AJI7 

168 

387 

169 

m 

194 

191 

7X5 

756 

7X7 

11.11 

11.21 

1188 

9J5 

957 

959 

1.75 

1J6 

1J6 

10X3 

10X3 

1084 

7X3 

770 

7J4 

4X3 

439 

423 

811 

813 

8J» 

9.78 

laxs 

959 

4X8 

450 

451 

171 

176 

37# 

868 

807 

873 

5.19 

SXS 

5.19 

5X6 

558 

5X8 

271 

174 

175 

1827 

1877 

16X6 

4JQ 

5.1.6 

483 

754 

759 

751 

870 

895 

877 


Madrid . 


Batoatodec£3UB 


PrevtaUK 52585 


23470 

22800 

23300 

22500 

ACESA 

1735 

1696 

1705 

1720 

JigutaBuiteton 

5790 

5660 

6760 

5720 

Araeniafto 

BBV 

7570 

7250 

7530 

7270 

10200 

16060 

10300 

10060 

8anes& 

1505 

1475 

1490 

1466 

BanfeSuter 

23750 

77# H) 

23440 

22780 

Bca Centra Hisp 

4740 

44b 

4650 

4490 

BcoPupatar 

33500 

32600 

33340 

32500 


T1350 

11240 

11300 

11220 

C6PSA 

4795 

4670 

4790 

4680 


2490 

2470 

2486 

24HQ 

Gccp^Mnptre 

7800 

10850 

7710 

10670 

7760 

10680 

7700 

1067D 

FECSA 

1230 

1190 

11911 

1215 

Gas Nature] 

30290 

29720 

30000 

30160 

Ibeniw&i 

1720 

I69U 

1696 

1686 


2630 

2595 

2605 

2605 

Hcpstt 

6060 

5950 

5900 

69*0 

SaflauEkC 

1360 

1300 

1350 

1295 


7290 

7200 

7240 

7110 

Tetefontaj 

39S5 

3896 

3910 

38U0 

Utton Fenosn 

1265 

1260 

1260 

1246 

Vaknc Cement 

1900 

1886 

1900 

1900 

Manila 


PSEtadR 2671X9 


Previous: 2682.10 


T7X5 

16X5 

1650 

17 

AMdoLond 

BkPhfflplsl 

1950 

19 

1950 

19 

146 

144 

146 

146 

CAPHomea 

HUS 

10XS 

1050 

10X5 


8750 

8650 

#860 

87 


600 

585 

590 

STO 

Perron 

flJO 

#50 

BSD 

B5D 

PafSotA 

305 

300 

300 

306 

PhBLongDW 

76# 

750 

766 

766 

San NUguel B 

6850 

61 

65 

43 

5M Prime Hdg 

■7 

890 

7 

7 

Mexico 


Balsa todacSMUl 


PretooBB 3821X2 

ABaA 

4850 

46X5 

4650 

4820 


1882 

1878 

187# 

1864 


28.10 

27.90 

28.10 

27J6 

CBraC 

1110 

1280 

1116 

12.14 


41X0 

4180 

41X0 

41X0 

GpoCmoAl 

4580 

46.70 

45.ro 

45X0 


183 

187 

183 

183 

Gpa Fki Inhursa 
KanbOorkMex 

2865 

Man 

2670 

2870 

30X5 

30X0 

3836 

30iW 

TeievisoCPO 

9880 

9UdlD 

VtUJU 

97X0 

TtaMwL 

16JD 

1860 

1868 

1860 

Milan 

MIBTrfewmcm 122*680 


Pierian: 1227280 


12000 

11695 

T169S 

12075 


3766 

3690 

3726 

3740 


4495 

4435 

ms 

4400 


1261 

1231 

1244 

1250 


23550 

23300 

73300 

23100 

Ciedlhi naHam 

2425 

2410 

2425 

2415 


8SI0 

8410 

0440 

#345 

ENI 

8725 

0550 

0550 

8646 

Flat 

5810 

6670 

6730 

5775 

GenenBAssic 

29700 29300 

39450 

29200 

IMI 

15190 

14965 

16066 

15120 

INA 

23A0 

2310 

2336 

2355 

ixogas 

5845 

7570 

5800 

7440 

5806 

7500 

5770 

7450 


10350 

1B205 

10210 

10210 

Mantofiscm 

1065 

1063 

106/ 

1066 


504 

492 

493 

496 


2590 

7490 

2590 

2500 

PkdO 

3855 

3770 

3866 

3820 

RA5 

14090 

i:moo 

13800 

13936 


17590 

17410 

17550 

17586 


10950 

10BDO 

10660 

10876 

Slet 

K745 

H076 

8125 

8165 


4620 

4530 

4545 

4560 

TIM 

500 

6236 

6260 

6320 

Montreal 

Industrial* tote 3694X2 
PlHtaK 386862 


43X0 

43X0 

4135 

43X0 

CdrtTIreA 

25X0 

261* 

26X6 

26N 

CdnltOlA 

3478 

3436 

34X0 

3430 

CTFWISvc 

3170 

33V> 

3170 

33JU 


1714 

17XS 

17X5 

17 46 

Gi-Wed LOecn 

24ft 

24.16 

2 «* 

24 


38-6 

38 

30.10 

3806 

InvestwsGrp 


2816 

26X6 

25JD 

LoOtowCn 

18 

17 JO 

1780 

1780 

NflOBkCOnada 

1685 

1680 

16 

1580 

Power top 
Power Flrn 

30X0 

3085 


30X0 

27 

2846 

Tib 

2896 

QuefaeoorB 

25.90 

•m 

2686 

2680 

Rages CoramB 

785 

785 

786 

7JB5 

RnydBLCdo 

9980 

59X0 

59-66 

5870 


High Low 

3om 

Prev. 


Kigli 

Law 

□on 

PlWfc 






EledretaxB 


470 

477 









Paris , _ 

-■ 

CAG4fc 2*33X1 
Previous: 2641X1 

Ericsson B 
HennesB 
faiceattwA 

27050 

1195 

407 

262 2*550 
1182 il87 
5*1 *00 

26250 

1180 

5*2 

Accor 

#74 

864 

848 

870 

tnvB5torB 

377 

362 

372 

3*2 

AGF 

18950 

185X0 

18950 

190 

MoDoB 

253 24650 24&J0 

24850 

AlrUqufdi 

875 

m 

875 

869 


240 

237 

219 

240 

Atom Atafli 

645 

634 

637 

647 

PharaVUpfalm 

SandrikB 

24550 

241 

24350 

246 

AKO-UAP 

36680 

362 

365 

3*3 

206 

203 20150 

204 

Boncolre 

738 

723 

738 

727 

SaxdaB 

214 

212 

213 

21250 

BK 

904 

Kil 

898 

892 

SCAB 

17B5Q 17450 

176 

17850 

BNP 

246 

239 

24450 

242 

S-E Bankun A 

B6J5D 

8150 

#450 

84 

QmolPfcra 

1IMS 

1050 

10*0 

1056 

Stamdta Fore 

25150 

237 23750 

241 


3770 

3707 

3750 

3722 


33# 

334 

33550 

335 


274X0 

24850 

27250 

272 

SKFB 

18350 

180 

182 

180 

CCF 

2*0 

248X0 

25150 

254X0 


150 14650 

UO 

14850 

CeMem 

679 

657 

468 

463 

$HlltllN|MlHk A 

190 

190 

190 

190 

Qirfsltcm Dtar 

8*7 

#62 


863 

Store A 

TI7 11350 

117 

116 

CLF*Deda Fran 

546 

534 

540 

544 

Sv Handles A 

223 22050 22250 

221 

CredB ftgricole 

1285 

1272 

12B5 

1268 

VbhraB 

713 

209 

209 

215 

Danone 

HI 

866 

8*0 

867 







EtfAquItaine 
EridaniaBS 
EnraKsney 
Eurotunnel 
Gen. Earn 
Havas 
h neM 
Lufcnge 


574 

sra 

955 

6X5 

792 

444 

824 


563 

855 

945 

650 

778 

438 

810 


%& 570 
857 872 
955 9.45 
6J6 6X5 
791 789 
440 442 
824 82S 


Ltiiwd 

LVMH 

Lyan.Edu 

MfcheBnB 

PoribosA 

Peraod Rtart 

Peugeota 

Pbiault-Prtnt 


376 377.90 381 

972 959 961 975 

3093 2062 SM7 2091 

1409 1367 T37S 1395 

556 547 551 555 

323.10 326 327.90 


Renault 
Renl 
Rh-PoalencA 
Sanofl 
ScAneider 
SEB 

SGS Thomson 

StaGrantte 

Sodexho 

StGoboln 

Soez 

Syntheiatao 
Thomson CSP 
TolaiB 
Usinar 
Valeo 


373 

302.?O 

612 

2467 

1969 

141 

1560 

19340 

548 

328 

1035 

46350 

649 

2770 

790 

29S 

705 

187X0 

4B950 

9255 

376 


366 37250 36940 
29950 299X0 30340 
602 607 605 

2422 2455 2455 

1931 193S 1963 

13640 13880 138.70 
1525 1550 1560 
190X0 191 191X0 

536 542 540 

319.10 319-10 32B 

1020 1020 1045 
451 4S6 460.10 

635 645 641 

2731 2742 2730 
782 784 789 

290‘S 293X0 293 

691 695 707 

184 18650 184X0 
48250 48430 48440 
0950 9240 9040 
36110 365 374X0 


Svdnev AiantiHies 2 S 26 A 0 

' ' Previous: 25047B 

Amcor 
ANZBUng 
BHP 
BOM 

Brambles IrnL 
CBA 

CCAreaB 
Cotas Myer 
Conurim 
CRA 
CSR 

Fosters Brew 
Goodman Rd 
IdAustofe 
Lend Lease 
MIMHdu 
Nat Aosi Bank 
Nd Mutual Hdg 
News Carp 
Podfic Dunlop 
Pioneer ittl 
Pub Braodaasr 
St George Bank 
WMC 


WestpacBldng 

Itfiwiilslitfl Qa# 

nWmW rtJ 


857 

855 

SX5 

853 

8X8 

8X3 

8X7 

8X2 

18X6 

17X5 

11 

17X3 

3X5 

3X5 

3X7 

3X8 

23.15 

22X0 

23.11 

22X0 

14X2 

1113 

14X0 

1112 

14X0 

1155 

1175 

14X5 

6X3 

63* 

6X2 

6X6 

652 

655 

6X0 

656 

1970 

19X2 

19X5 

19X0 

479 

175 

477 

475 

253 

2X1 

2X2 

2X0 

156 

1X3 

1X5 

1X5 

1155 

11X0 

1155 

11X5 

2115 

2185 

2405 

23X5 

174 

1X9 

1J4 

1X9 

18.15 

17.95 

1114 

18X5 

1X1 

1X7 

1X0 

1X7 

6.11 

6 

104 

6X1 

351 

3X7 

350 

150 

435 

4X0 

134 

430 

6*0 

6X5 

65S 

6X0 

8.14 

8.10 

8.13 

8.10 

7X5 

7X0 

7X3 

775 

7X7 

7X8 

7X2 

7X6 

11-09 

1090 

10X3 

10.90 

3X4 

190 

191 

1X1 


The Trib Index 

Prions as ctSPO P.M. New York tone. 

Jan. 1.1982 =>100. 

Lwvwl 

Ctiangn 

% change 

year to data 




' 

%ehanga 

World Index 

iaiai 

+1.01 

+0.63 

+8.16 

RsgUml tadaxas 

Asta/Padflc 

119.73 

+1^1 

+1.02 

-3.00 

Europe 

170^3- 

+2.40 

+1.43 

+5.66 

N. America 

185.71 

-0.82 

-0.44 

+14.70 

3. America 

Industrial bvdnxM 

14a 94 

-0.11 

-0.07 

+30.16 

Capital goods 

196.23 

+0.39 

+0.20 

+14.81 

Consumer goods 

18457 

+1.05 

+0.57 

+14.15 

Energy 

187^7 

-0.32 

-0.17 

+10.05 

Finance 

119.16 

+1.76 

+150 

+i32 

MbceBanoous 

163.62 

+1.73 

+1.07 

+1.14 

Raw Materials 

185.19 

+1.12 

+0.61 

+5^9 

Sendee 

149.62 

+0.68 

+0.44 

+8.96 

UtMes 

138.35 

+1.02 

+0.74 

-3.56 

The International Hendd Tribune Worid Stock Max O tracks the U.S. Mar values at 
2BO ImmadonaMy inwutaOto stocks tnam 25 cotwarims. For mom eiftmnaiton, a hum 
booMtH is avaSable ty writm to 77» Trib Index. 181 Avonue Chartos da OauBu. 

92521 NatOy Codex. France. 


CompSod by Btotxnberg Hews. | 

High 

Low dose 

Pie*. 

High Law 

Close Pre*. 


SSoPaul ° ’-KKEBSS 


Taipei 


Stack Market tadwc 821137 
Pnvtouc 8349 J5 


BradescoPfd 
Brahma Pld 

EkmDbm 

IE 8 


iso 

742X0 



1*0 

156 

154 

160 

.116 

114 

114 

117 

69 

6750 

4B 

69 

11550 11150 

114 

11550 

30.10 

2950 

29X0 

3020 

117 

114 

114 

117 

67 

66 

46 

67 

114 

117 

112 

115 

6750 

«&» 

4550 

68 

7050 

6V 

6950 

71 

97 

94 

94 

97 

109 JO 

101 

10950 

10250 

56 

55 

55X0 

J56 

7150 

70 

7350 

70X0 

70 

*9 

*9 

69X0 


Mitsui Fudasa 
MRsui Trust 
Murom AMp 
NEC 
Mum 
i«u»5ec 
BWsndo 
Nlpp Express 
rtmnSl 
Nippon Steel 
NhsanAAotar 
HKK 

Nomura Sec 
NTT 

NTT Data 

0|I Paper 

OsnkoGas 

Ricoh 

Rohm 

SakuroBk 

Sankiw 

SomroBank 

Sanyo Elec 

Seam 

SNbuRwy 

SeWottChem 
Sokfsul House 
Seven-Eleven 
Shop 

SMolai El Pwr 
SHinlza 
Shin-ttSU Ql 
Shbeide 
ShtraokaBk 
SaDbank 


IS&anw 


i Motors 
Korea a Pm 
Korea Each Bk 
Korea Mob Tel 
LGSemicon 
Potang Iren St 
Simsang Distoy 
SamstmgEtoc 
SMnhanBank 


17500 16000 17000 
16000 15000 15900 15800 
26300 25900 26000 26000 
5300 5150 51555 5200 

395000 372000 393000 393000 
28200 27000 28000 27900 
51100 50500 50800 50500 
41700 40300 40600 4U90 
60000 59000 59900 59300 
, 10500 10200 10300 10300 


rnxmUshOOO 


Singapore 

Asia Poc Brew N.T. 

Centra Poc 9.05 

City Devtts 12X0 

Cycle Carriage 15 

Daw Farm int" 0 x 2 

DBS 
DBS 


StraRl UeME 2866X1 


1830 
SXS 

Fraser! Necve 11X0 


HKLond 1 
JantMathnn* 
JardStinieflic" 
Keppet 
Keppel Book 
KeppdFieto 
" I Land 


OS llnton BkF 
Partway Hdg* 
Semhanog 


2X1 

&7D 

172 

6X0 

3X2 

4X4 

A16 

1120 

1048 

595 

6JD 


StagAIrtmion 12X0 


Oslo 


AkffA 


DeaiwtoaBk 

Ettem 

KahdundA 

KvaemerAsa 

»^Sa 

NKHMdA 
OridoAsaA 
PetaGwSvc 
iPettnA 


Tra ns ocean Off 
Storebrand Asa 



OBX tadBC 608X4 


Prerioos *0857 

134 

133 134 

168 

lttca 

IS 15150 

15550 

23 

22X0 2250 

22X0 

26X0 

26X0 26JD 

26X0 

14050 

138 14050 

139 

4450 

43 4450 

44 

363 

359 363 

340 

349 

345 34750 

345 

240 

236 23850 

340 

105 

104 10450 

106 

613 

606 610 

612 

275 

272 27450 

277 

19650 

123 126 

12450 

12650 

124 12150 

124 

445 

440 440 

440 

45X0 

44J0 45.10 

45 


Stag Land 
Sing Press F 
Stag Tech Ind 
Sna Telecomm 
TaleeBaiA 
UtdlmtottU 
UMtTSeflBkF 15.10 
WtagTatHdgs 4X2 

"rtn US. tutors. 


7.10 

2040 

3X8 

2X2 

344 

1.15 


M.T. N.T. 6X0 
9 9 9 

12X0 1170 12X0 

14.90 1490 15 

075 0X0 074 

17X0 1830 17X8 
492 492 S 

11.10 11X0 1140 
244 SiS 143 
615 670 610 
1X2 166 3X0 

665 675 6X5 
178 178 3X0 

454 460 458 

406 410 408 

17.90 18X0 17X0 

WO 1040 10 

5X0 555 5.90 

660 660 670 
1170 1170 12JQ 

7- 7 7 

27X0 2830 27X0 
3X0 3X0 3X4 
248 2X0 249 

3X8 . 142 3X4 
1.12 1.13 1.14 
1440 14.90 U60 
418 4X2 418 


StcTckholm 

AGAB 
ABBA 
A ttiD e m t m 
Asm a 
ABaeCopcoA 
AuWtv 


SXlitaden 2915X2 
Pmtoia; 290948 

105 104 105 104 

101 98 100 99 

£5 210 210 213 

314 311 311 71550 

208 20450 20450 206 

208 274 274 290 



1410 1380 
830 782 

5050 4950 

14*0 1590 

1900 1830 

748 728 

9330 9300 

B90 874 

638 639 

387 377 

BOO 774 
276 265 

1590 1510 

lOIOh 9810a 
4130b 3950b 
705 683 

303 291 

1550 im 
9850 9850 

703 6BO 
3460 3300 

1450 1420 

525 499 

7040 7700 

6270 6080 

1230 1200 
1210 1190 

B020 7090 
1710 9650 

1990 1960 

679 663 

2750 2670 

1700 1670 

1140 1110 

7820 7650 

9830 9520 

931 887 

1550 1510 

535 517 

1800 1760 
320 3B6 

1190 1150 

3130 3050 

2980 2930 

9340 0910 
1900 1960 

950 920 

1410 1340 
2270 2220 

5040 4930 

295 287 

65B 642 

1330 125$ 
1720 1650 
785 766 

754 733 

5M0 2920 

931 503 

3930 3800 

2980 2900 


1400 1380 
010 020 
4960 

1610 1630 

1870 IBS'S 
732 740 

9320 93® 
800 BB7 
£30 625 

379 385 

775 005 

266 276 

1520 1560 
9010a 9970a 
3950b 4090b 
780 669 

299 304 

1510 1540 

9850 10200 
604 693 

3350 3410 

1430 1440 
501 524 

7770 7830 
6080 6170 
1210 132D 

1200 1190 

7930 8000 

1660 1710 

1960 1970 
670 660 

2600 2730 

1690 1690 
1140 1140 

7820 7660 

9520 9720 

891 931 

1510 1540 

535 534 

1780 1790 

313 220 

1150 1180 
3120 3090 

2960 2930 

9090 9270 
1970 1960 

931 943 

1340 1400 

2250 2240 

4940 5000 

290 395 

642 652 

1320 12S® 

1670 1690 

775 77B 

735 751 

2920 3000 

905 900 

382; 3940 

2900 2940 


Methanes 

Moore 

Newbridge Net 
Norandalra 
Noreen Energy 
Nthem Wacom 
Nova 
Onex 

Pancdfl Peflm 
Petra Cdo 
Placer Dome 
Poco Peflm 
PokshSask 
Renaissance 
RtoAlgani 
Rogers ConJelB 
Seagram Co 
sirfCdoA 
SkmeCaasald 
Sonar Energy 
TaSsmanEny 
TeckB 

Thomson 

TarDamBank 

Transom 

TraraCdaPfpe 

Trimark FM 

TitoscHahn 

TVXGOU 

Westawst Eny 

Weston 


13X5 12X0 

29.15 28* 
48.95 47Vft 
31X5 30.90 

3316 3214 
108.15 10614 
1155 11H 
24X5 2416 

2914 29 JO 
22X0 

2635 25* 

15.15 14X5 
114 11140 

39X0 38X5 
3555 3570 
2160 231* 

53X0 SPA 
5719 5650 
21X0 23X0 
37 35X5 
44 4260 
31 3»JQ 
4416 431* 

22J0 22X0 
29X5 2916 

41X5 4090 

16.15 16X5 

35X0 25X0 
47V4 4614 

3H40 30 

91* 9X5 

24-70 2430 
77 76 


12J0 

29 

4714 

3lto 

3214 

107V4 

11S6 

2485 

29 1 * 

22X5 

26 

15 

113X5 

39J5 

35.95 

2X60 

5314 

5714 

23X0 

35.90 

4314 

30X5 

441* 

22X5 

29X0 

■ffl.95 

16.15 

47 J5 
30X0 

9.15 
24X0 

7616 


1195 

2190 

47X5 

31 

33JB 

106 

11.90 

24 

29.15 

22X0 

25X8 

14M 

112X5 

3870 

35.90 
23X0 
53V, 
56.95 
23X0 
3455 
43M 
29X0 
4115 
22J0 

39 

40l55 

16X5 

2555 

46X0 

29X0 

8.95 

24X0 

7614 


Vienna 

Boehtar-Uddeh 

CredOonstPM 

EA-Generafl 

EVN 

iWfen 


ATX tadec 1241X4 
Piwieom 1337X1 


OestEtakbtz 
VAStohi 
VATech 
Wlenwtserg Bou 


937X5 918 930 925 

454 450.10 453 453 

3140 3073 3080 3120 
1617 1 59® mi Ifi®} 
51450 495 509.90 497 

1500 Ml 0X5 1495 1448 
060 B52JQ 860 052X5 
515 493X0 515 490 

1951 1903 19471926.10 

2280 22552269.90 2277 


Wellington msehbi 

9 Previous: 227 


Laewen Group 

MocmBBM 

MagHlEflA 


TSEIMBSMOtae 6213X3 
Prevfaus: <157X4 

bju stun 

31.10 30X5 
49 48.15 

18X0 18 

52X5 51X8 
55X5 55 

35.10 3435 

68X5 671* 

29W 29.15 
31U 29X5 

27.95 27X0 
3495 34H 

oooo oooo 

5m 51X0 
33X0 33 

55X0 5516 
36X0 35J8 

28.10 27XS 
37 36X0 

37 JO 37 

24X0 2A10 
11K 11X0 
29VI 23J0 
35X0 35 

23X0 23JS 
<2Vj 40X5 
325 320 

3Hi 3135 

24.10 2U5 

68X0 67 

11X0 1116 

64 631* 

$55 46.10 
42X5 42X0 
IBM 1811 
.4114 40X0 
■19X0 19X5 

77.10 7520 


23X5 2165 
31.10 30X0 
4870 48X5 
1835 18 

52.15 52.10 
55X0 5411 
.35.10 34 

67X0 67X0 
2935 2935 
29X5 29XS 
27JBO 27 JO 
34X0 34X5 

oooo oooo 

52 53X5 
3335 3270 
5570 56.10 
3&35S 35U 
27X5 2755 
36X5 36X5 

37 36X0 
24X0 2416 
11X0 11X0 
28X0 29X5 

35.35 J5J5 

23X0 23X0 
42W 41 

320 ‘320 
30* 3035 

24 23V 
68X0 6620 
11X5 1TJQ 
63X5 63** 

46X5 45X5 
42XS 42K 
18X0 1855 
40X5 40X0 
19X0 19X5 

76 76X5 


AtrNZeotdB 

4X0 

4X4 

4X9 

424 

Briefly ifr,*i 

1X2 

1X1 

1X7 

1X3 

Carter HtSord 

127 

127 

3X2 

174 

FtatdiCh Bldg 

A16 

4)4 

414 

418 

Retch QiEiiy 

451 

449 

451 

450 

FtetehOiForst 

2X5 

100 

3.00 

tm 

FktthCh Paper 

3X0 

123 

3X8 


UaiNrotian 

155 

150 

3« 


TttecamNZ 

&J5 

6X7 

6JD 


Wlsan Horton 

HJi 

11.75 

11.75 

11.75 


Zurich 

ABBB 
Adecco B 
AlusuBseR 
Ares-SeroaoB 
AMR 
Boer Hdg B 
BaMiefldgR 
BKViston 
CtoaSpecQiem 
aarimtR 
Ord.SutoseGpR 


Ems^xenie 

ESECHdg 

HoidirimrB 

UechteraJLBB 

NesttoR 

Novartis R 

OeiVmBuehR 

PargesaKtoB 

PhannVtanB 

Rfcherwnr A 

P1MBPC 

gdtaHdgPC 

l®B 8,rPC 

5MHB 
Sober R 
SvttsRelmR 
SwtasuirR 
UBS 8 
WkiterttwrR 

Zurich AssurR 


1094 

479 

1282 

2100 

850 

1940 

3140 

980 

13450 

845 

172 

S29 

5120 

4690 

1233 

482 

1824 

1997 

151 

1780 

770 

2142 

225 

12808 

343 

1855- 

3085 

.860 

1050 

1796 

1351 

1415 

1111 

490 



PAGE 12 




























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INTERNATIONAL HERALD TRIBUNE, SATL TOAY-SUN1W MAY 10-11, 1997 

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TI Leaves 
Ventures in 
Thailand 

Move Indicates Crisis 
InEconomy Widening 

Ci*rtehrQ*SirfFnmD-j ivl ,i K j 

BANGKOK — Texas Instru- 
ments Inc. withdrew Friday from 
two semiconductor joint ventures 
with Thailand's cash-strapped Ai- 
phatec Electronics PLC because of 
the country’s economic slump and 
the Thai company's inability to ob- 
tain financing. 

The decision to pull out of the 
ventures is a blow for Thai land, sug- 
gesting the country’s banking crisis 
.is triggering problems in other in- 
dustries. Thailand has been seeking 
.to transform itself into an Asian 
center for high-tech manufacturing. 

The ventures were with two un- 
listed units of Aiphatec. AIpha-TI 
was established in December 1995 
to build a SI .2 billion plant to make 

• 16- and 64-megabit dynamic ran- 
dom-access memory chips. The Al- 
pha Memory venture was set up to 

' build a $200 million semiconductor 
assembly and test facility. 

Alphatec's chairman, Cham 
Uswachoke, said the company 
would pay S25 million to Texas 
, Instruments in 12 installments over 
the next year to buy out the Amer- 
. ican company's stake. 

Still, Texas Instruments said it 
would take a charge against second- 
quarter earnings to reflect costs as- 
sociated with the joint ventures. 

Mr. Cham said one reason Texas 
Instruments had left the venture was 
that Aiphatec could not meet a $200 
million equity-contribution com- 
' mitment. 

Mr. Cham urged the government 
to provide more support to high- 
. technology industries because Thai- 
land's labor-intensive products 
were losing market share to lower- 
wage countries. 

Texas Instruments' withdrawal 
comes amid Thailand’s slowest eco- 
’nomic growth in more than a de- 
. cade. TTie stock market has fallen 
, sharply, thli year as bad loans to 
‘ property developers have shattered 
confidence in banks and finance 
companies. 

• Thailand’s economy was grow- 
ling at an annua] rate of more than 8 

percent for the 10 years ending in 
1994, but growth has since slowed 
dramatically and is expected to be S 
percent this year. 

"A number of factors drove our 
financial constraints, including a sig- 
"nifid&m "sTtywdown'kr die Thai ecori- ~ 
omy and subsequent decline in the 
! Thai stock market," Mr. Cham said. 

Aiphatec shares fell 6 .50. baht (25 
U.S. cents) Friday, to 59 JO, helping 
pull die benchmark SET index down 
1.4 percent, to 605.43. The index is 
down 27 percent cm the year, and 
Alphatec’s shares have plunged 70 
percent since mid-March. 

(Bloomberg. Reuters, AFX) 


Asia: Not Stalling , Just Shifting Gears 


By Velisarios Kattoulas 

Internunnnal Herald Tribune 

TOKYO — The Asian economic 
miracle is not slowly fizzling out: it is 
just getting going. At least," that will 
be the message when the Asian De- 
velopment Bank meets in Fukuoka in 
southern Japan this weekend for its 
30ih annual meeting. 

A study to be released Sunday 
will explain why Paul Krugman. the 
U.S. economist, and others are 
wrong about the end of the Asian 
economic miracle, officials of the 
development bonk said. 

Mr. Krugman contends that in 
Asia, the growth that has been led by 
investment in factories and the mo- 
bilization of rural workers is over. 
He sa>;s Asia will struggle to main- 
tain nigh growth rates by raising 
productivity and relying on tech- 
nological innovation. 

In contrast, the bank's report will 
explain how the policies underpin- 
ning the recent success of East Asia 
can be adopted by poorer nations in 
the region, the officials said. In this 
way, they said, the nations of South 
and Centra] Asia and the South Pa- 
cific will experience growl h rates 
previously common only in East 


.Asia, maintaining Asia's role as a by the growing reluctance of cash- 
dynamo for global economic growth strapped Western governments to 
over the next 30 years. fund economic development. 

"There is a bright future," said "Traditionallv. the ADB stressed 
Peter Sullivan, vice president of the infrastructure development, ports. 
Manila-based bank. "We do not see bridges, power, irrigation,'' Mr. 


the dire consequences that Mr. Krug- 
man has been drawing. We believe 
there are reasons why growth will 
continue." 

To foster “ 

growth in The region’s 

South Asia. ■ . / 

Central Asia bank says ic 

and the South slowdown ai 

Pacific, where 

most of the re- 
gion's 800 million poor people live, 
the development bank is slowly re- 
inventing itself. It is cutting back on 
straight lending for basic infrastruc- 
ture. its mainstay for 30 years, and 
instead is coaxing private compa- 
nies to invest in projects backed by 


Sullivan said. 

"Thai was our expertise over the 
first 30 years, but the environment is 
' changing." 


The region’s development 
bank says forecasts of a 
slowdown are wrong; 


Musuo 

ievelopment Sato, its pres- 

^ » idem, wants 

ecasts of a the bank to un- 

wrona deixake one 

social or eco- 
nomic-co- 

operation or policy project for every 
basic infrastructure project. In cash 
terms, Mr. Sato wants to devore just 
60 percent of the bank’s resources to 
loans for infrastructure projects. 
The bank made S5.5 billion of loans 
in 19% and expects to make around 


the hank and advising governments $5.7 billion this year. 


on economic policy. 


To manage its switch in empha- 


h is also investing more in edu- sis. the bank says it has hired em- 


cution and other social services and 
promoting economic cooperation 
among neighboring countries. 

The changes have been prompted 
partly by massive inflows of private 
capital for the first time and partly 


ployees with the expertise to meet 
ns new goals and is reorganizing 
itself to give greater emphasis to the 
problems in specific countries. 

The new officers try to persuade 
governments to make their nations 


more hospitable to investment by 
private companies, then they en- 
courage private investors to take 
stakes in projects backed by the 
bank. 

Bank officials also help govern- 
ments with issues as fundamental as 
the transparency of regulations and 
laws ana their enforcement; they 
help redesign central banks and in- 
stitutions so dial they adopt policies 
consistent with economic growth, 
and they advise governments on 
how to develop domestic financial 
markets. 

"Compared to the past, the ADB 
is certainly pouring greater re- 
sources into getting rid of bottle- 
necks hindering development," 
said Masaki Omura. director of the 
development-institutions division at 
Japan's Finance Ministry. 

Among social issues, the bank is 
paying greatest attention to primary 
education, women's rights, health 
care and environmental protection. 

"We have to remember.'' Mr. 
Sullivan said, "that with all the suc- 
cess of Asia, the great growth that 
we’ve seen in the past few years, 
more than half of the world's poor 
still live in Asia; some 800 million 
are still sitting in Asia." 


Hong Kong 
Hang Seng 

14000 

®Wr 

13000 Tj - 1 
12500 — A 


11503 D JF MA 


Singapore ■ c . 

Straits Times Nfckei225 

• 2250 220W “" 

2200 V Vy 21000c 

*50 V 

V - * 'iMOO-V-ir 


Exchanga 


nal^FTna tm 17C30 F"j'f mam; 

197 ' 1996 1997 1998 1997 

Index Friday . Prev. '■ 


Hong Kong Hang Seng 

Singapore Straits'limBS^ ■ 

Sydney • AfliOrdinaftes “ 

Tokyo - *Bkket225 . . 

Kuala Lumpur Composite 
Bangkok SET' 

Seoul . ComposkelntieK.. 
Taipei ■ Stock Market Index 

Manga FSE. ' ' ' 

Jakarta . Composite Index 
Wellington NZSE-40 ! 
Bombay SensftJvoJntte*' 
Source: Telekurs 

Very briefly: 


13.930JB? 13,740-30 -»t;38 
2^0Sgit . 2.0SS.38 : »oi3 
2,520.00 .£,504.70 . +0-85 
1&8Q2.7E 2DJZB1 31 - -2.2? 
1,107.37 1,107.14'" +0.02 
SOSAS 614.06 ' -141' 
687.62 08459. ■ . +0-43 

8J133J37 8^49.85 >1J» 
2,671.39 2,682.10 -1140 
673.69 ' 686.84 +1.03 

2^1226 2,321.1V -0-38 
3,789-34 3,753.50 +0.42 
IntHnumui McnU Tiitwoe 


Hong Kong Letdown 

Telecom Makes ‘Anticlimactic’ Move 


CanfilnilnOur Suff Fr.m hr, 

HONG KONG — After months 
of speculation that Hongkong 
Telecommunications Ltd. would 
woo a new Chinese partner, in- 
vestors were left cold Friday when 
it merely swapped one passive 
shareholder for another. 

"This certainly is just an an- 
ticlimactic development," said 
Andrew Feroow. director of re- 
search at Vickers Balias. 

CmC Pacific Ltd., China's big 
overseas investment company, 
sold its 7.74 percent stake in Hong- 
kong Telecom to China Everbright 
Holdin gs Ltd , for $1.47 billion 

Like OTIC Pacific. China Ever- 
bright is a holding company that is 
controlled by China's State Coun- 
cil. 

"I don’t think that t here i s a lot 
of difference between CITIC and 
China Everbright," said Jeff 


Camp, vice president at Morgan 
Stanley. 

"My personal feeling is that 
C1TJC is a bir more influential and 
certainly more high-profile." He 
added, "There is nothing more 
strategically that China Everbright 
brings to the table." 

Analysts had expected Cable & 
Wireless PLC. which holds 58fi 
percent of Hongkong Telecom, to 
be involved in a deal that might 
also have brought in China's Min- 
istry of Post and Telecommuni- 
cations. 

"If the market was waiting for a 
Cable & Wireless deal, this was not 
it," said one analyst, who asked 
not to be identified. "This was 
more of just a shifting in share- 
holding.’ 

Hongkong Telecom shares fell 45 
cents to dose & 14.55 Hong Kong 
dollars (59.72). ( Reuters , Bloomberg) 



DbvM J. Caul*on/Tbe Anoduard Ptrw 

TelecommunlcatioDS boom town: Connecting wires in Shanghai 


• China will levy a stamp tax of 0.5 percent on securities 
transactions beginning Sannday, the state-run Xinhua news 
agency said. Both sides involved in securities transactions will 
pay die duty, based on the market price on the day of transfer. 

• Sapura Motors Bbd. shares soared in their debut on the Kuala 
Lumpur Stock Exchange. Stock in the auto-parts maker rose to 
5.70 ringgit ($2.27) from an issue price of 2.10 ringgit. Sapura 
sold 9.5 million new shares in its initial public offering, to raise 
19.9 million ringgit, most of which will be used to pay defat. 

• Schering-Plough Corp. opened a 300 million Singapore 
dollar (S207.8 million) plant in Singapore, the first man- 
ufacturing plant in that country for a U.S. drugmaker. The 
facility will also house Schering-Plough 's regional headquar- 
ters for marketing and sales. 

• Creative Technology Ltd. shares rose 9 percent, to 28.60 
Singapore dollars, after analysts predicted die company ’s high- 
quality sound cards for personal computers would not become 
obsolete as companies such as Intel Corp. incorporated sound 
capabilities into their central processors. 

• Filinvest Land Inc, a Philippine developer, expects 1997 
profit to grow as much as 30 percent as earnings kick in during 
the fourth quarter from its planned housing developments. The 
company’s shares, which have fallen 42 percent over the past 
two months amid fears of a property slump, finished at 5.40 
pesos (20 5 U.S. cents), up 0.20. 

• Sony Corp* and Solid Group Inc, a Philippine assembler and 
distributor of Sony products, will establish Sony Philippines 
Inc to market Sony products in the Philippines. 

• Electric Power Development Co. and Itochu Corp. of 
Japan each plan to take a 10 percent stake in Ormat Leyte, a • 
Philippine subsidiary of the U.S.-based company Ormat Inc 
that is building a $16.7 million geothermal power plant on 

Leyte island. Bloomberg. AP, Reuters 


BORDER: Low-Skilled U.S. Workers Near Mexico Lose Jobs Became of NAFTA. Tokyo Is Hopeful on Recovery 


Continued from Page 9 

ridering a presidential run in^OOO; is preparing to~ 
use the trade issue against Vice President Al 
Gore, a vocal defender of NAFTA. The ad-, 
ministration's plan to extend the free-trade pact 
to Chile has highlighted how well the side agree- 
ment on labor has worked. In El Paso, un- 
employed workers regularly picket city and stale 
offices and camp out for weeks by border 


bridges, demanding better retraining and jobs. 
Rather than bashing Mexico, they and their or- 
ganization — called La Mujer Obrera, or "the 


working woman" — attack American corpo- 
rations and politicians. 

' Proponents off "the trade pact say that U.S. 
exports to Mexico have fully rebounded since the 
peso's collapse and are now at their highest level 
ever. But labor leaders, some economists and 
workers themselves say that freer trade with 
Mexico has speeded the skewing of U.S. in- 
comes, hurting low-skilled workers die most. 

"I lost coy job. my health insurance and all my 
other benefits,' ’ one 1 aid-off apparel worker, Ro- 
mans Melendez, told a raucous labor rally in 
April on the tiled central square here. "It's an 


injustice." El Paso, having marketed itself for 
decades as alow-wage haven, is responding to the 
loss of low-skilled employment by having its 
schools train workers in metal stamping, plastic 
injection molding and other trades. But even these 
jobs are becoming vulnerable to competition. 

For Ms. Garda, who applied for retraining 
after losing her job at Sun Apparel, those checks 
will come at the cost of self-respect. "I have 30 
years of living in the United States.” she said, 
"and I' have never asked for welfare or food 
stamps. But right now, what am I going to do? All 
I want is a job." 




# GENERAL 


THE INTERMARKET 


Reuters 

TOKYO — The government expressed growing confi- 
dence in Japan's economic recovery Friday, saying a recent 
sales tax rise would not hurt die economy much. 

The Economic Planning Agency minister. Taro Aso. said 
the fall-off in consumer spending in reaction to this year’s 
sales -tax rise would not pose a serious problem. 

"The impact has been within expectations.' ' he said, 
adding that the economy was continuing its gradual recovery 
and was on an upward trend. Japan raised ns sales tax to 5 
percent from 3 percent on April I as part of an effort to hold 
down spending and raise revenue. 


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IRISH OFFSHORE COMPANIES £145 
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Bond Steel - Mai. Phone, Fax, Telex 
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starts on page 4 
































PAGE 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUMMY, MAY 10-11, 1997 


THE FUND PERFORMANCE FOCUS 


Tlie LH.X would fike to remmd its readere that past perfotmance fe no gtwiaatee ftore resdts and that the value of a* 


ABNAMRO ASIAN TIGERS FUND 




& vSP AP dP jf- & & .<£’ .<$* 3? & .<£ .<$> A* 

s i> si* .jy v w .y jy «> v s v «>' N v «>' s v 


ABN AAIRO Asset Management 

* Some USD 67bn under management; 

■ More than 200 asset management professionals; 

* Asset Management centres located in Amsterdam, Hong Kong and 
Chicago (supported by affiliates). 


We offer yoo: 

• Asian Tigers Fund (managed in Hong Kong, NLG-baaed, NAV in 
USD 809.9, annua] average return in USD since 1988: 14.6%); 

• ABN AMRO Asian Tigers Equity Fundi (USD- based I; 

• And other funds from the ABN AMRO family of funds. 


Advantages to you: 

• Solid name; 

• Tried and trusted investment principles; 

• Good performance; 

■ Easy to follow (prices am published daily in the International Herald 
Tribune, Financial Times, and the European editions of the Wall 
Street Journal). 


Interested? 

Contact Ms. Anne Baumgardner, ABN AMRO Asset Management, 

PAC AP D510, Hoogoorddreef 66-68, P.O. Bon 283, 1000 EA 
Amsterdam, the Netherlands. Tel.; 3 1-20-6293256, Fax: 3 1-20-6294736. 


The Volatility Fund, a totally different concept in hedge 
funds, started trading on 1st August 1996. In objective U to 
take advantage of market mispricings through volatility based 
trading techniques, its trading style is] similar to an 
institutional arbitrage and proprietary trading desk funded bv 
investor, rather »lu« bank capital. 


The operation is jointly managed and promoted by Credit 
Lvonnais Rouse Ltd and Equitable House Investments Ltd. 
EH1 is the sole investment adviser whilst CLR is responsible 
for administration, distribution, clearing, settlement and 
global custody. 


The Fund uses investment techniques developed at Equitable 
House Investments by Dr M. Desmond Fitzgerald. The 
investments managed by Dr Fitzgerald have shown a 
compound annualised rate of return since inception in 
September 1993 of about 16%. 


For further information please contact Bruce Thatcher; 


Credit Lyonnais Rouse Ltd 
Broad walk House 
5 Appold Street 
London 
EC2A 2DA 

Telephone: (44) 171 214 6620 
Fax: (44) 171 6380373 


CVrJu Lvonmtu Routs Ltd end Equitable Haute bnestmam Ltd 


JJB. GERMAN EQUITY FUND 


In 1996 the German equity 
market yielded a return of 28% 
measured in D-Maiio. This 
year the return has reached 
15.24%. We find that 
investment In German 
equities is still attractive 
because: 


• German company earnings 
are expected to rise 
significantly over the next 
ynus. Faster economic 
growth in 1997 and 1998 is 
expected to cause major i 
price rises on the German l 
equity market, which is by ! 
tradition verv cvdkr. 



Jyske la vest 


* is a mutual fund group 
which is fully owned by its 
investors; 


• Recent years’ recession . 
has forced German 
companies to rationalise! 
which will also tend to ’ 
boost earnings. 




• ms established in 1988 at 
the initiative of Jyske Bank, 
with whom ] vake Invest 
cooperates oewdy; 

■ offers a wide range of 
investment posribflitia 
designed to meet our 
investors' different 


f risk and tin* horizon. 

If you wish to know more 
about the J.B. German 
Equity Fund and other 
investment solutions 
offered by Jyske Invest, 
please compute the coupon 
and write or phone direct 
to. 


* Interest in equity 
investment is growing because 
German interest rates are historically 
low. 


) B. German Equity Fund invests 
exclusively in bige weH-established 
quoted German companies and is one 
of the equity and bond funds offered 
bv ly&he Invest. 


jyske Bank 

Private Banking dntemational) 
testobrogadeft DK-EW Copenhagen V 
TB: +45 33 78 7B OL lac *45 33 7878 tL 
Internet hitpdfwww, jyske-B an k-dk/ 
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O JYSKE INVEST 


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The Funds otjeenve a to continue ns 
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The rorr-Sewnon of rign global in- 
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iw ii i mm warn a see 


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millioa sod employs a team of 9 investment professionals. Andrew 
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fund world, manages a hedged portfolio of global equities. 


Mr. Dan Footer 
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The key m the Fund’s socccsabre been 
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Two in Top Four for Previous 12 Months 


Magnum funds dominated the list of top- 10 performing funds 
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Gain for Jan 1997 

1. Magnum Russia Fund 27.45% 

2. Gems Russia Fund (8) 26.66% 

3. Magnum Russia Equity Fund . . . 18.13% 

4. Gems Russia Fund (A) 1 6.64% 

5. Magnum Edge Fund 14-41% 

6. Magnum Aggrssslvs Growth Fund 12.94% 

7. Magnum Opportunity Fund 1237% 

8 .Magnum Fund 1239% 

9 . Magnum Global Equity Fund .... 1237% 

10. Gam Tratfing Fund Inc. (DM) 10.12% 


Magnum specializes in identifying toe world's leading hedge 
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_ BBL Invest Emerging Europe 
BBL Equity Fund 




BBL Invest Emerging Europe manages assets exceeding OEM 30 million- In 
comptiance with its investment objective, BBL Invest Emerging Europe invests 
mainly on eastern European stock markets. 

Mmntger‘6 Report, despite the strong pain» already scored in 1996 and reflect- 
ing a favonrariie interest rate environment. abocMrerageGDP growth rates, a 
rignificant deceleration of inflation, a reallocation of mternational portfolios 
lowartisemeigins markets and, above all, stockmariact v a i uaftnn s more tn line 
with tiweritoaonal-JandaMs. equity markets fa eastern Europe contmito to pe^ 
fonn handsomely this year. For the year to dates, gains fa USS terms range from 

overbSSi fa Russia to around 20% in Poland and Hungary And yet thereto no 
reason to believe that a speculative bubble might be fa the makfa^ for the ecinw- 
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country mb of the hmd b as follows: Poland 32%, Czechia Hungary 33fc. 
Russia accounts for 55( of assets, the Baltic Stares for around 3%, and these two 
areas will be awardeda higher weighting In the next few months. 

BBL Imxst Emagns Europe a a sub-fond of (fir umtrcBa fund BBL lx rest incorpo- 
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of privatisation issues globally as they occur. 


Top performing International equity growth fund over 
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GROWTH 


Not AcoM Vahie parr aharo ovofullon 

(Bbm 1M Surting Ported) April 30. 1932 to April 3a 1997. (Cummcy: USD) 
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SGLUX EQUmSS INTER GROWTH SG MORGAN STANLEY WORLD 



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Jan. 'SS Jan. 94 Jan. 95 Jan. ’96 Jan. ’97 


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lapan. International Growl n, Gokl Mutes Fr.ince. Germany. iLvly! 
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worldwide ilii ersified denominated m L'SD. 


7 monev market compiirtments; USA, Europe. Belgium 
Switzerland, German v, France. Italv 





The Fund, managed bj’ TRENDLOCIC 
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I <W<i. the advisor refined Its program 
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tility so prevalent In mutters today 
Since the implement anon d these 
enhancements, the Trend Logic Diver- 
sified Program has relumed over 77% 
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LTD charges a management lee ol i% 
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Farther reformation oa be obtateod 
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CfTCO FUND SEBVKXS ICURAIfAOl N.V. 
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Mail this coupon or send fax to: 


Julian Staples, International Herald Tribune 
63, Long Acre 

London WC2E 9JH, United Kingdom 
Fax: (44-171)240-3417. 


Please send me information on the funds 
circled at no cost or obligation. 


Name_ 

Title (i.e. Mr, Mrs or Ms). 

Initials. 

Nationality 

Company_ 

Position 

Address 

City 

Code_ 

Fax or Tel 

E-mail address 


mm. 


.fore 


and After 




4 <*** 


rSSl 


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JLOCIC DIVERsi f , Cd . 



■s 


Equity Gaw 



* — -a- l - 

'long Acre 

.1711 2-C-- 

> tfiB intofTna ?■'•- “ - " l 



INTERNATIONAL 



t H E 


R E: ; : p . • o ,: 'R:, ;t 


SATURDAV-SUND.4X, 
M_4Y 10-11, 1997 
PAGE 15 



. ........ "'.i 

JBWXl'''. . : ■*. • 

‘ 

'***■« ■-* cr. v , ~ ^ U* Asn , lwilflr 

ClTCC FL'M>c-9t- 4* 

rtc-ixts «4-; Tt ■ *55^^*. ■ 1 



Before and After 


In the three years 
before a spin-off ; 
the average company 
had slower growth in 
sales, operating 
income and capital 
spending than the 
market as a whole: 


Sales 


Median 

gowth 

rate 

11 % 


Median 
growth 
compared 
with market 

(10%) 


In the three years 
after a spinoff, the 
typical former 
parent's results 
improved: 


Operating 

Income 11% (3%) 

Capital 

spending (2%) (17%) 

Negaf/ve results m parentheses 

‘ U-S. Spin-Off Dollar Volume 

I in S billions 


Results at the 
cffvested companies 
were far better than 
the market as a 
whole from the year 
before they were 
spun off (when data 
is first kept for them) 
until terse years after: 


Median 

gowth 

rata 

Median 
growth 
compared 
with market 

Median 

gowth 

rate 

Meehan 
growth 
compared 
with market 

17% 

Same 

55% 

15% 

17% 

7% 

72% 

24%. 

0% 

<13%) 

61% 

39% 



Source: JP tiforgan 


IMS 1996 1997 

liiienuUMial Herald Tribune 


In the Wake of a Spin-Off, 
A Whirl of Benefits for All 


Buyer Beware: A Deal Is Not Always a Drea] 


By Aline Sullivan 


By Ann Brocklehurst 

L IKE THEIR former parents, 
companies that are spun off 
usually do better once the 
family ties have been 
severed. Studies have shown thar not 
only does the stock price of spin-off 
companies tend to outperform that of 
competitors, but their operating per- 
formance is superior, as well. Despite 
this well-documented phenomenon, 
spin-off companies continue to trade 
at comparatively low prices imme- 
diately after they are divested, creating 
attractive buying opportunities fra: in- 
vestors willing to shoulder the risk. 

While it might initially seem that 
there must be something wrong with a 

company if its parent has decided to 




MERGERS & 
ACQUISITIONS 



but also in countries such as Ger- 
many, where the economy is oriented 
more toward banks than toward the 
stock market and large conglomerates 
have little incentive to break up. 

“I think not having a more active 
stock market will really slow the pro- 
cess of giving those companies the 
opportunity to gain the focus they 
need to compete" Mr. Seward said 
Because they are almost always 
prompted by aparent company’s wish 
to streamline its businesses, spin-offs 
are not limited to any one industry or 
group of industries. 

‘‘They turn up all over the place, ’ ’ 
said Rick Eschericb. a managing di- 
rector of J. P. Morgan in New York. 

‘ ‘They’re different from the IPO mar- 
ket. where people say, ‘Now’s a good 
time to sell stock in this industry. ’ " 
John Keeley, whose Chicago- 
based Keeley. Asset Man- 
agement firm specializes in 
buying shares of spin-off 
companies, said he expected 
U.S. corporate downsizing 
to continue to produce a 
minimum of five good spin- 
off opportunities per 
quarter. 

The consensus is that successful 
spin-offs do well for two main rea- 
sons. First, managers are more ac- 
countable and focused after the deals 
than they were before them and they 
often are newly motivated by sig- 
nificant stock holdings. Second in- 
dependent companies often have in- 
creased fund-raising capabilities to 
finance investment and capital ex- 
penditures because they can go di- 
rectly to bankers or the markets in- 
stead of having to solicit cash from a 
parent company, which may consider 
its subsidiary’s business second-rate. 

The stock prices of spin-off compa- 
nies are further affected by a number 
e past spin -on s nave mciuaea of factors. If a parent company is part 
i Carbide Corp.’s spin-off of of an index and held by index funds, 
i-r atat rnm f c snin-off these funds receive shares of the spin- 
off, which, since it is not part of the 
index, they must sell. Many insti- 
tutional investors prefer not to hold 
spin-offs that frequently fail to pay 
dividends at the outset and are not 
followed by market analysts. 

"Early in their lives, the stocks are 
usually sold by the people who ac- 
quire them," Mr. Keeley said. ‘‘They 
don't know what the companies do . 
and how to value them. It gives us an 
opportunity to acquire them below 
peer-group valuation." 

He estimated that it took three to 
four months to effectively accumulate 
positions in spin-off stocks and about 
two years fra: the shares to reach peer- 
group valuations. His almost $20(>mil- 
lion of accounts for institutional clients 
have averaged a compound annual re- 


this. usually , is not the case 
Spin-offs have simply be- 
come “a wry . popular 
means of corporate down- 
sizing in the 1990s," ac- 
cording to Randall Wool- 
ridge, a professor of finance 
at Pennsylvania State Uni- 
versity. As conglomerates 
have become unfashionable 
over the past decade and companies, 
have moved to focus on core busi- 
nesses, spin-off activity in the United 
States rose to a peak of $93.6 billion 
in 1996 from $51.3 billion in 1995 
and $5.2 billion in 1990, according to 
a J J*. Morgan & Co. study. 

Divestitures announced for this 
year include PepsiCo's plan to spin 
off its fast-food business, which com- 
raises Taco Bell, Pizza Hut and KFC: 
Westinghouse Electric Corp.'s de- 
cision to spin off its industrial busi- 
nesses <ta be called WELCO) from its 
broadcasting activities and American 
Brands Inc. ’s intention to spin off its 
international tobacco business. Hi, * 

e ofile oast spin-offs have inch 

nion . 

Praxair Inc., AT&T Carp. s spin-off 
of Lucent Technologies Lac. and 
American Express Co.'s spin-off of 
Lehman Brothers Inc. 

Spin-offs, which are defined as dis- 
tributions of 80 percent or more of the 
shares in subsidiaries to aparent com- 
pany's stockholders, are largely an 
American trend, due partly to the fact 
that their shares are distributed tax- 
free in the Unites States. But they 
have also been used elsewhere. In 
Britain, for example, the conglom- 
erate Hanson Industries PLC spun off 
its U.S. chemical interests as Mil- 
lennium Chemicals Inc. 

Spin-offs do, however, need a suf- 
ficiently active and liquid stock mar- 
ket in order to succeed, said Jim Se- 
ward of the Amos Tuck School of 
Business at- Dartmouth College in 
New. Hampshire. This can pose a 
problem not just in emerging markets 


Continued on Page 17 



A SIGNIFICANT shareholding 
in a company targeted for 
takeover is the stuff of investor 
dreams. But when the euphoria 
wears off, investors on both sides of the 
deal often discover that what sounded so 
great on paper did not work in practice. 

Shareholders of the acquiring com- 
pany have the most to lose, of course, 
unless no cash changes hands. More than 
half the U.S. mergers and acquisitions 
worth S500 million or more over the post 
10 years failed to create increased value 
for the bidder's shareholders, according 
ro a recent study by the New York-based 
postmerger consultant Mercer Manage- 
ment Consulting. Instead, the majority 
of these companies produced poor re- 
turns for at least the next three years, 
compared with others in their industry. 

The acquisition price and strategic *fit 
are usually not the culprits. Instead, red 
tape and clashing corporate cultures 
cause mergers to' fail. The much-her- 
alded synergies never happen and the 
giant egos at the top of each company 
never learn to work together. 

“It is widely believed that today’s 
dealmakers learned some painful and 
expensive lessons from the ill-fated deal 
frenzy of the 1980s,” said the report’s 
authors, Kenneth Smith and Susan Her- 
shman. “But the fact is that a disturb- 
ingly large proportion of acquisitions 
continue to destroy shareholder value 
rather than create it.” 

Arnold Kaufman, editor of Standard & 
Poor's Outlook newsletter in New York, 
agreed that many deals never stand a 
chance of enhancing shareholder value. 

“So often the existing business is too 
optimistic in its prediction of benefits 
from efficiencies or find that the merged 
benefit is too large for them to run,” he 
said. “Then the shareholders suffer.” 

It will fake more than this evidence to 
dampen the enthusiasm for mergers, 
however. In America, corporate mer- 
gers totaled a record $183 billion worth 
of transactions in the first three months 
of tiiis year. The finance sector is among 
the most frenzied, with $16.5 billion in 
announced transactions in the period. 

The floodgates opened last spring 
when the federal government allowed 
banks to acquire big brokerage houses 
for the first time since me 1930s. Recent 
deals have included the $10 billion 
Chemical Bank and Chase Manhattan 
Bank merger and those between 
Bankers Trust and Alex. Brown Inc. and 


After the Dust Settles 


How three stocks fared, compared with their national markets, following major ‘ 
takeovers. Results based on weekly closes and percentage changes. 



S&P500 ' 


Acquires 

Snapple 

December 

1994 





■92 *93 '94 *95 *96 *97 


*97 '94 *95 


*96 *97 


200 


160 


120 


80 


Source; Bloomberg 

between Morgan Stanley Group Inc. 
and Dean Winer Discover & Co. 

The Si 0.6 billion Morgan Stanley bid 
and the SI. 7 billion Bankers Trust bid 
have been criticized in some corners as 
too generous. But me jury is still out on 
whether these takeovers will be suc- 
cessful. In the interim, some banking 
analysts are betting mat Chase Man- 
hattan Bank may be setting its sights on 
Lehman Brothers Holdings. 

The relatively large sizes of these 
companies, compared with the securities 
firms they are acquiring, should help 
mem avoid at least one mistake of an 
earlier financial deal. KeyCorp’s 1994 
merger with Society Corp. was nothing 
but bad news for shareholders, despite 
hundreds of thousands of dollars 
pumped into marketing and technology. 

“It was too much a merger of equals,” 
said Michael Mayo, bank analyst at 
Credit Suisse in New York. “By the time 
me management was sorted out it was 
too late.”' 

The result was an 8 percent drop in 
profit over the following two years. 
Although KeyCorp’s shares rose 75 per- 
cent after me merger. Standard & Poor's 
bank-stock index measured a 130 per- 
cent gain over the same period. Now 
KeyCorp, is cited by many analysts as a 
likely takeover target 

Also in 1994, Quaker Oats Co. paid 
$1.4 billion for Snapple Beverage Co. 
Sales of me famous iced tea and its 
offshoots started to deteriorate almost 
immediately as competition heightened. 
Two months ago. Quaker ended die de- 


lwctnanmal Herald Tribune 


c by agreeing to sell me Snapple unit 
riarc Cos. for $300 million. 


bade by 
to Triarc 

Transport mergers often make great 
sense cm paper and then run into trouble. 
This was particularly evident in the late 
1980s, when the merger of the U.S. 
trucking companies Ryder International 
and Pacific International Express re- 
sulted in bankruptcy after they failed to 
integrate computer systems. Similar 
problems at Arkansas Best Coip. after 
its acquisition of Carolina Freight Corp. 
caused huge losses, although the com- 
pany has started to recover. The 1986 
merger of Texas Air Coip.. People Ex- 
press Airlines Inc. and Eastern Air Lines 
resulted in bankruptcy. 

More recent mergers have involved rail- 
roads. Union Pacific Corp. and Southern 
Pacific Rail Corp. merged late in 1996 and 
Burlington Northern Inc. merged with 
Santa Fe Pacific Corp. in 1995. “So far, 
shareholders haven't seen much in sav- 
ings,” said Stephen Klein, transport analyst 
at Standard & Poor's Coro, in New York. 
“But me companies are still promising that 
we win see some improvements soon.” 

The communications and technology 
sectors are also Uttered with merger caus- 
alities. AT&T Caro, finally called it quits 
on NCR Corp. in December and sold its 
computer operations for $3.4 billion after 
buying the company far $7.48 billion in 
1991 and spending several billion dollars 
more trying to make it work. 

Worse was Sony Corp.’s $8 billion 
urchase of Columbia Pictures and 
ristar Pictures in 1989, which resulted in 
a $3.2 billion write-off five years later. In 




another case of cross-cultural misunder- 
standing, Maisushfra Electric Industrial 
Co.’s $6.1 billion' purchase of MCA and 
Universal Studios resulted in a loss of 
several billion dollars before it sold an 80 
percent MCA stake to Seagram Co. 

Of course, many mergers are great 
successes. So adroitly did Percy 
Bamevik handle the 1987 merger of 
Sweden's Asea AB with me Swiss-Ger- 
man BBL Brown Boveri Ltd. and the 
brutal restructuring that followed, that 
me Wallenberg family has appointed 
him chairman of Investor AB, the 
Swedish family's S100 billion holding 
company. Investor makes frequent ac- 
quisitions, most recently the S1.3 billion 
purchase last year of the kidney-dialysis 
specialist Garabro AB. 

“In many industries undergoing 
change and consolidation, organic 
growth is necessary but nor sufficient to 
remain competitive.” said me Mercer- 
report. “Most companies mat have a 
sustained record of growth have been 
aggressive on bom the mergers-and- 
acquisition and internal fronts.” 

The pharmaceutical industry is cer- 
tainly a case in point. The $27 billion 
merger between Ciba-Gigy AG and 
Sandoz AG last year is me latest ex- 
ample and, if recent history serves as 
any guide, should prove reasonably suc- 
cessful Kevin Wilson, pharmaceuticals 
analyst at Salomon Brothers Interna- 
tional in London, described me 1994 
merger of Glaxo PLC and Wellcome 
PLC as “satisfactory" thus far. 

"They have been able to reduce costs 
in sales and marketing and should be 
able to ratio nalize their research and 
development and, later, their manufac- 
turing processes,” he said. 

Other apparently successful mergers 
in rapidly consolidating industries in- 
clude me $21 billion Nynex Coip. and 
Bell Atlantic Corn, merger; me $19 
billion takeover of Capital Cities/ABC 
Inc. by Walt Disney Co., and Duke 
Power Co.’s $10 billion acquisition of 
PanEnergy Corp. 

Events move more slowly in the oil 
sector. British Petroleum PLC last year 
entered into a $5 trillion joint venture 
with Mobil Oil Corp. The deal, which is 
expected to lead to 2300 job cuts and 
gams of $500 million a year, would 
merge the companies’ European mar- 
keting and refining operations. It has 
been heralded by some industry analysts 
who see it as me first step to an eventual, 
and sensible, merger. 

FOR A COPY of Mcicer Managemetn'a report. "Makiiig 
Morgen West for Profitable Growth, "i^nucs Sana Henhmaa 
io the Tarorar office. 1 4168682200. 


Priming for a Merger: Anatomy of a Takeover Target 


By Digby Lamer 


I NVESTORS WITH shares in 
companies targeted during mergers 
and acquisitions are often in po- 
sition to turn quick profits. 

Because me predator company needs 
to secure me approval of me target com- 
pany's shareholders, such deals often 
lead them to offer more than the market 
value of the merged company's shares 
in order to secure a controlling interest. ■ 
Shareholders may be offered cash or 
stock in the newly enlarged company. 

While investors sometimes have me 
good fortune to be caught in the middle 
of a successful merger, others attempt to 
spot merger targets in advance. 

Although there can be no guarantee 
that a company with merger potential will 
be taken over, there are several common 
factors that identify possible targets. 

Often they are businesses whose man- 
agers have failed to fulfill shareholder 
expectations over a long period. A com- 
pany’s profit relative to sales may be 
very low, and its shares may be un- 
dervalued. Alternatively, an otherwise 
good company might be a weak player 
m a sector mat is consolidating because 
of factors affecting the whole industry. 

For those hoping to maximize their 
chances of profiting from mergers, the 
U.S. and British markets currently have 
plenty of possible targets. 

Elsewbere in Europe and in Asia, on 
the other hand, acquisitions and mergers 
rarely happen, especially in me de- 
veloped Singapore and Japan markets, 
said Edmund Hairiss^n Asian fund 
manager with Guinness Flight Asset 
Management in London. 

There may be some limited merger 
activity in other Pacific countries, he 


said: “In Hong Kong, there are some 
key industry targets because of China’s 
need to build a stake there even ahead of 
its transfer to Chinese rule." 

The New York Times reported Friday 
that China Evetbright Holdings Co., 
which is under the umbrella of China’s 
State Council, acquired 7.74 percent of 
Hong Kong Telecommunications Ltd. 
from Citic Pacific, a publicly listed com- 
pany that is also controlled, although 
more loosely, by Beijing. Cable & Wire- 
less PLC controls 59 percent of Hong 
Kong Telecom. 

Mr. Harriss said mat me banking sec- 
tors in Malaysia and Thailand were go- 
ing through a period of rapid consol- 
idation. New central-bank rules aimed 
at liberalizing the Malaysian market of- 
fer the incentive of marketing advant- 
ages to top-tier banks with assets above 
1 billion ringgit ($398 million). Banks 
are combining in order to qualify. 

Two rumored targets are me banking 
arm of MBF Holdings Bbd. and Affin 
Holdings, Mr. Harriss said. In Thailand, 
consolidation has been prompted by the 
near-insolvency of the finance sector. 
The Finance One company recently 
took over Thai Danu Holding Bank and 
the merger of the smaller Nava Finance 
& Securities Co. and CMIC Finance & 
Securities Co. is also expected. 

Banking and finance sectors in 
Europe and America are also consol- 
idating in order to reduce overcapacity. 
Deregulation, the spread of technology 
and, in Europe, me prospect of a single 
currency have brought pressure on 
companies to merge. 

In me United States, Lehman Broth- 
ers Inc. is widely thought to be a can- 
didate. following several large finance- 
industry mergers. Irish Bridson, head 
of U.S. equities with Kleinwort Benson 


Merger Targets 


U.S. Rmoona quoted by analysts 

Apple Computer poormanagmrmtt 

Sows ter sector onmapadty 

Lehman Bros sector corwotomkxi 

Pharmacia & Upjohn /worn wwpwwww 


U.K. 

Dalgety PLC poor management 

Legal & General Group motor ooosoWation 

Norwich Union sector consoMatlon 

SmithKIine Beech am sector consotoatton 

United Biscuits poor management 

Zeneca Group eeoorcomoBcUion 


HONG KONG 

Hong Kong 

Telecommunications international predators 
Sing Tao Ltd. majority shanMriarse&ng 

MALAYSIA 

Affin Holdings 
Bertiad 

MBF Holdings 

densgulatfcvi of finance sector 
deregulation of finance sector 

THAILAND 

Nava Finance 
and Securities 
CMIC Finance 
and Securities 

poor performing factor 

poor performing sector 


in London, said that investors had been 
disappointed with Lehman's perfor- 
mance and that its shares were under- 
valued. This, together with its good 
product range and client base, has at- 
tracted larger players, she said. 

John wollocombe, head of U.S. 
equities with Guiness Flight, said 
rumored interest from J.P. Morgan & 
Co. had driven up Lehman ’s share price 
by 1 1 percent in the week. "Lehman's 
has a particularly attractive bond port- 
folio, which a predator .might either 
keep or sell off so as to alleviate me cost 
of a takeover," he said. 

In the pharmaceutical sector, corpo- 


rations have been consolidating world- . 
wide for several years. Efforts by gov- 
ernments to cut health expenditure in 
several of me biggest pharmaceutical 
markets has farced companies to slash 
prices and to try to bolster their pre- 
viously high profit mar gins in other 
ways. Mergers were an obvious choice, 
analysts said, because of the high num- 
ber of competing businesses. Merck & 
Co., despite being the world’s bigge st- 
alling pharmaceutical company, bad 
less than 4 percent of the market. 

The process has also been fueled by 
fierce competition from the rivals of 
leading drag companies as patents ex- 
pire on their top-selling drugs. Jim 
Wood-Smith, a research analyst with 
the British investment company Ger- 
rard Vivian Gray, said that although 
pharmaceutical businesses once were 
able to adapt gradually to increased, 
competition following patent expiry, 
mere was now hardly any transition. 

He said the industry was shocked by 
the experience of ICl’s pharmaceutical 
arm, now part of Zeneca Group PLC, 
which witnessed the price and sales col- 
lapse of its market-leading heart drag, 
Tenormin, when its patent expired. 

Mr. Wright said he believed Zeneca 
and SmithKIine Beecham PLC were 
possible merger prospects. Beecham 
faces impending expiration of the patent 
on one of its leading drags. 

The U.S. pharmaceutical company 
Pharmacia & Upjohn Inc., itself the 
product of a merger, is once ag ain a 
possible target, Mr. Wollocombe said. 

"Since me last merger, it has failed to 
perform, disappointing investors three 
times on earnings,’ ' he said. “It has lost 
a number of executives and its shares 
have performed badly. Either it should 
be put out of its misery or taken over.” 


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Advertisement INTERNATIONAL FUNDS May 9, 1997 

available on Internet: http://www.iht.com/IHT/FUN/funds.html 


Quotations suppBati by fund gmupa to Wto op a l Paris (M: 3^1 0028 09 09) 

For WtarmaUon on how to list you- fund, tax Katy Hour! at <33-1) 41 43 92 12 or &*nai : 1unciB©fhtoom 
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Price and Performance May Soon Make Small Beautiful Again 

S MALL IS hennHfni e 9d* n S April 30: Van Wagoner A good example of the values that (P/E 1 5 j. temporaries. of the average stock. The cash dividend, cap value stocks. He 

least, ii mav he hpiiitifiii ° r *. ^ Micro-Cap. down 37 percem: Goven exist today among small caps is None of these companies pays a di- now S2.48 a share, has risen from SI. 32 whole portfolio of stO< 

in the near fuiureJ i i a ® U h “ ma “ er ,C° rn P an | es ’ down 38 percent, Monaco Coach Corp., which makes vidend. It is common for small nrms to 10 years ago. If the pattern continues, ing at four to five timi 

stocks have hJwT’. i . ' sma ^ Oberweis Emerging Growth, down 27 high-end motor homes, a business that want to plow the profits back into the you will be earning about 10 percem in eight to nine times ean 


S MALL IS beautiful — or. at 
least, u may be beautiful again 
in the near future. Lately, small 
stocks have been uglv. ' 

Over the past 12 months, while the 
Dow Jones industrial average has re- 
turned a gorgeous 33.2 percent, the 
small-cap (as in “capitalization.” or 
?■** V ®S«> ««*s that make up the 
Russell -000 index have returned a 
scraggly 6.0 percent, not much better 
than Treasury bills. 

Small-caps have alwavs been more 
volatile than large -caps (their ups and 
downs are 70 percem more extreme, 
acrardmg to Ibbotson Associates of 
Chicago!, but that risk has been offset by 
high returns — an average of 12.5 per- 
cent annually since 1926. compared 
with 10 J percent for large-caps. Lately 
however, small stocks have been 
providing investors with the worst of 
both worlds: high risk plus low rerums. 

The new issue of The Chartist news- 
letter records the devastation to small- 
cap, high -volatility mutual funds for the 


year ending April 30: Van Wagoner 
Micro-Cap. down 37 percent: Goven 
Smaller Companies, down 38 percent, 
Oberweis Emerging Growth, down 27 
percent, BT Small-Cap. down 28 per- 
cent. 

The bear market for many small-cap 
stocks is already well-established, and it 
seems that investors are seeking large- 
cap stocks as safer pons for what they 
see as a coming storm. 

So why am I enthusiastic about small 
companies? Because they are cheap in a 
market that is generally expensive. 
They provide “performance at a rea- 
sonable price," as a recent article in 
Forbes put it. 

In particular, keep an eye on two 
kinds of small -caps, both of which limit 
your downside risk: I i value stocks, that 
is, ones that appear to be special bar- 
gains, particularly based on the low 
ratio of their price to their earnings, or 
P/E. and 2) stocks thar pay decent di- 
vidends. which give you income that 
can offset losses if the bear market in 
these stocks continues. 


A good example of die values that 
exist today among small caps is 
Monaco Coach Corp.. which makes 
high-end motor homes, a business that 
is expected to grow swiftly os baby 
boomers age. Monaco was trading last 
week at S20 a share, but its estimated 
earnings for this year are $2. 15, for a P/ 
E of just 9 — or about half that of the 
market as a whole. Monaco was high- 


(P/E 15j. temporaries. 

None of these companies pays a di- 
vidend. 1; is common for small nrms to 
want to plow the profits back into the 
business rather than doling them out to 
■shareholders (who are doubly taxed). 
Still, in rough market seas like these, 
dividends provide good ballast. 

A small-cap stock that does pay a 
strong dividend was recently recom- 


JAMES CLASSMAN ON INVESTING 


lighted in the April edition of Red Chip 
Review, a research service that spe- 
cializes in small stocks. 

Red Chip's recommended portfolio 
of 17 slocks also includes Bonded Mo- 
tors Inc. (P/E. based on estimated 1997 
earnings, of 13), which makes replace- 
ment engines for cars and trucks; CFI 
Proservices Inc. (P/E 1 3), which makes 
software for the financial services in- 
dustry: Boyd's Wheels Inc. tP/E 9). 
aluminum wheels for autos and mo- 
tocycles and SOS Staffing Services Inc. 


mended by Stephen Leeb. writing in 
The Big Picture newsletier.He told his 
clients ro buy WD-40 Co., a firm named 
after its petroleum- based product, a 
multipurpose lubricant and rust-pre- 
venter that is sold in 148 companies and 
generated S2 1 million in net income last 
year on S 131 million in sales. 

WD-40 is no value stock; its P/E is 
19. Mr. Leeb likes it because it pays "a 
rack-solid dividend, a real safety net 
when the market gets dicey.” Yield is a 
hefty 4 .5 percent’ more than twice that 


of the average stock. The cash dividend, 
now S2.48 a share, has risen from S1.32 
10 years ago. If the pattern continues, 
-you will be earning about 10 percent in 
dividends alone on your original in- 
vestment by the year 2007. Along with 
price appreciation, that is die double- 
whammy that dividend-payers provide. 

It is not easy to find small-cap di- 
vidend stocks, but I discovered one re- 
cently on the recommended list of a fine 
newsletter called Invest With the Mas- 
ters. Ii is Marsh Supermarkets Inc., with a 
P/E of 16 and a dividend of 3.0 percent. 
Marsh operates grocer}' and convenience 
stores in Ohio and Indiana. Its market 
cop is Si 1 7 million, about the same range 
as those of the Red Chip stocks (WD-40 
has a cap of S430 million ). 

The definition of “small-cap” is a 
flexible one. The average market cap for 
stocks in tbe Russell 2000 is S500 mil- 
lion. and some small-cap mutual funds 
have average caps of over $700 million. 

Jay Weinstein, who beads Oak Forest 
Investment Management In Bethesda, 
Maryland, specializes in smaller small- 


cap value stocks. He mid he had a 
whole portfolio of stocks that are trad- 
ing at four to five times cash flow and 
eight to nine times earnings.” 

Among his favorites are Defiance 
Inc., an auto-parts supplier with a mar- 
ket cap of just $41 million and a di- 
vidend of 2.5 percent, and Anuhco Inc., 
a trucking ana finance company with a 
market cap of $52 million. 

"If you can fin d a company trading 
under book value, making money and 
buying in its shares, then you've really 
got somethin g, '' said Mr. Weinstein. 
Anuhco meets those criteria. Defiance 
is trading about 10 percent above its 
book value, or net worth on the balance 
sheet. Most large companies trade at 
three times book or more. 

You can also find dividend-paying 
small-cap value stocks among regional 
banks and real estate investment trusts. 
But judging the quality of the stocks is 
not easy since you need to know tbe 
nature of the loan or real estate port- 
folios that the companies own. 

The Washington Post. 


Attack of the Foraging Fund-Raiders bri 




High Discounts Make Closed-End Funds Easy Prey for Arbitragers 


By Conrad de Aenlle 


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C LOSED-END funds often 
trade at steep discounts to the 
value of the assets in their port- 
folios. As with the weather, 
people complain about this, but they 
rarely try to do anything about it. This is 
changing, however, as aggressive fund 
arbitragers and takeover specialists use 
financial clout, careful reading of fund 
bylaws and friendly and unfriendly per- 
suasion to force down discounts to their 
profit 

The funds are easy marks: There are 
many of them and their dis- 
counts, especially in Britain. 

< are high, about 1 1 percent on 

average. a 

“There has to be a direct o J 
correlation between a rising 
discount and activity by arbit- 
ragers and asset strippers: there ' 

are bound to be people looking 
around,'’ said Hamish Buchan, who 
covers investment trusts, as closed-end 







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MERGERS 
ACQUISITIONS 


"That triggered a clause that said we 
could buy out the holding of anyone 
acting to the detriment of shareholders, ' * 
said Peter Stevens, chairman of the GT 
Chile Growth Fund, the entity that sur- 
vived the onslaught. 

Three alternatives were put to share- 
holders: 70 percent opted for cash and 25 
percent stayed with GT. The rest voted 
ro go with Regent, but Mr. Stevens said 
that most of that 5 percent was one large 
shareholder who voted for Regent by 
mistake. 

Regent representatives did not return 
phone calls. Its tactics may have been 
especially bold, and it may not tiy to do 
precisely the same thing again, 
Dut there remain several ways 
to profit from pursuing deeply 
discounted funds. 

-*sVI The simplest and least of- 
| A fensive is conventional arbi- 
'jO trage: Buy a fund at a discount 
^ and sell short the stock of 
companies in the portfolio. A 
[ess tidy method is bluffing. Some raiders 


around,'’ said Hamish Buchan, who less tidy methodis bluffing. Some raiders 
covers investment trusts, as closed-end buy a stake in a fund just over the 
funds are known in Britain, fof NatWest threshold at which regulators require po- 
Equities. sitions to be publicly announced. The 


“The discount is not as high as I’ve 
seen it,' ’ he said, 1 ‘but funds are so much 
larger now. With £6 billion of total dis- 
count, the absolute amount of money is 
bigger than it has ever been before.” 

There was plenty of money to go after 


idea is to attract die most attention for the 
least money. 

ODe firm said to employ this strategy is 
Siena Investment Advisers of San Fran- 
cisco. 

“Everyone gets jumpy when they ap- 


when Regent Kingpin raided ‘the GT pear on the register.” one fund manager 
Chile fund in August 1995. The $600 said. “There often can be a caialytic 
milli on fund had been trading at a dis- effect. Once someone knows someone 
count as wide as 20 percent before Regent else is in the market for a fund, others can 


bid to buy its management contract. 

The ensuing war of proposals and 


pile in. Thai’s how stakes are bid up." 
A firm can take its profits after the 


counterproposals finally ended earlier discount shrinks from the interest it has 
this year with neither side victorious. GT generated or hope the fund's board takes 
ended up with a much smaller fund, steps to increase shareholder value, such 
although it was able to keep Regent from as converting to open-end status. The 
getting anything at all after that com- latter action precludes discounts because 
party made a bid that would benefit some open-end funds can create or eliminate 
shareholders, but not all. snares to meet market demand. In either 


case, the goal is to get the job done 
quickly. 

‘ ‘What the vultures are doing is trying 
to gain short-term pay," said Donald 
Cassidy, senior research analyst at Lip- 
per Analytical Services. "The wav you 
win is by being a pain in the neck and 
through suasion, nor by putting it ro a 
ballot." 

Fund managers do not like it when a 
targeted fund is one of theirs, of course, 
but they concede that in many cases they 
deserve what they get. 

"Managers say there is nothing they 
can do to affect discounts, but to threw up 
their hands and say they can't improve it is 
not necessarily fair,” said Piers Currie, 
marketing director for investment trusts at 
the British fund manager AbtrusL 

The problem is that there are too many 
bad funds chasing too few investors. 
That makes them more vulnerable to 
being taken over or converted to an 
open-end fund, he said. 

"There are defensive measures, the 
best of which is to deliver strong per- 
formance," he added. 

Poor results mean wider discounts as 
investors shun the weaklings in favor of 
stronger alternatives. When an Amer- 
ican hedge fund took a 10 percent stake 
in Edinburgh American, a trust with a 
discount that had slumped to close to 20 
percem after a period of weak returns, 
the board announced that it would con- 
vert it into an index fund, catapulting it 
to the pinnacle of ordinariness. 

The Dessauer Global Equity Fund, a 
U.S. closed-end fund, is trying to pre- 
empt would-be predators through an 
automatic wind-up provision. Begin- 
ning 18 months after the offering, if 
there is an average discount of 5 percent 
over any 15 consecutive days, the fund 
will be liquidated. The knowledge that 
investors would receive the foil value of 
their assets ought to keep the discount 
from falling much below that level. 


Nowhere in the '90s 


| Monthly goffrdostng prices in dollars per ounce In Nary York 
1*420 a . * ‘ 1 



[ *89 ‘90 *91 - • 'TO „ 

Source: Bloomberg 


' *9*: “95 


Turnaround Artist Returns to Coleman 


l By James Stemgold 

F or Jerry Levin, it is deja vous all 
over again. Eight years ago. foe 
takeover artist Ronald O. Per- 
lman recruited Mr. Levin to run a 
newly acquired prize, Coleman Co. Cole- 
man was a venerable camping-equip- 
ment manufacturer that had become an 
icon of foe middle class, ilhiminaring 
campsites and warming trail dinners for 
several generations, but it had overex- 
panded and found itself floundering. Mr. 
Levin sold nearly a third of foe company 
and focused on foe core businesses. 

Mr. Levin went on to turn around 
Revlon Inc. for Mr. Perlman, but now he 
is back refocusing Coleman, which had 
again overexpanded. 

Attacking quickly, Mr. Levin has 
closed a number of plants, slashed 700 
jobs, sold some unneeded businesses 
and closed a mul timilli on -dollar new 
headquarters building in Colorado just 
months after it had been opened. The 
stock is up from its 1997 low of S12.25, 
trading at $17 late Friday. 

This time, although investors are gen- 
erally pleased with foe turnaround, there 
is some skepticism over the ultimate 
Ilians of Mr. Perlman, who owns 83 
percent of Coleman. Several analysts 
said there may be little opportunity m 


the stock because it already reflects ex- 
pectations of a moderate improvement 
in profits in coming years. Only a sale of 
the company, foe analysts speculated, 
would bring investors a price of much 
more than $20 a share in the near term. 

‘ ‘A lot of things have to come together 
now to justify this stock price,” said 
Peter Barry, who follows Coleman for 
Deutsche Morgan GrenfelL "I suspect 
that the ultimate exit strategy for Per- 
lman is to sell it, and that is what were 
thinking about. But I think they warn a 
higher price than it’s selling for now. " 

But Mr. Levin was adamant that Cole- 
man was not for sale and he rejected as 
ridiculous earlier rumors that foe com- 
pany might have to file for bankruptcy 
because of the problems and a long-term 
debt load of about $570 million. 

He said Coleman was financially se- 
cure. It is refinancing nearly $500 mil- 
lion of high-yielding debt with an issue 
of new securities. 

Mr. Levin emphasized, as did ana- 
lysts, that the company’s strong suit 
r emain s a strong brand name and a loyal 
middle-class following that equates foe 
Coleman name with its signature green 
camp stoves, lanterns and ice chests. 

Mr. Levin outlined a two-pronged battle 
plan - emphasizing growth overseas, es- 
pecially in the fast-growing economies of 
Asia and Eastern Europe, and relying more 


on innovative products rather than the 
indestructible old camping stoves. 

He said Coleman no.w received about 
25 percent of its revenue outside the 
United States, and that figure will rise 
steadily in coming years. The overseas 
push is already being helped by Coleman's 
acquisition last year of Camping Gaz, a 
French company thar is strong in Europe. 

In addition. Coleman is being helped 
by another acquisition, the Eastpak back- 
pack company. Although Mr. Levin said 
that, in general, foe company was going 
to cut back on its number of products, the 
backpack line was expanding well. 

Mr. Levin said one of the first things he 
did when be rejoined Coleman was to seek 
innovative products that could help lead 
tbe company into the future. He said he 
found three products that would be the 
foundation for much of tbe future growth. 

These are a newly developed 22- 
pound { 1 0-kilogram ), gas-powered 
electrical generator that is about a third 
tbe weight of competitive products; a 
lightweight camping stove that uses a 
new technology for feeding the liquid 
fuel to foe burner, and a catalytic con- 
verter developed by Camping Gaz that 
bums fuel without a flame. Coleman is 
trying to turn the burner, which is cur- 
rently expensive to produce, into a 
mass-produced consumer product. 

Neir York Times Service 


Severing Corporate Ties That Bind 

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Continued from Page 15 

ton of 18.71 percent over the last five 
years, compared with 13.93 percent for 
the Standard & Poor's MBdCap 400 in- 
dex. . 

A study by Mr. Woolridge and two 
colleagues found that sjtin-ons had rapid 
growth in sales, operating income, cap- 
ital expenditures and total assets. 

In foe study, the 161 spin-off compa- 
nies experienced average adjusted re- 
turas 4i percent in excess of foe market 
jin die first year of independent exist- 
ence, 25.0 percent in the first two years 
and 33.6 percent in the first thieeyems. 

Spkwiff companies were also frequent 
targets foe takeover, since, they were sud- 
denly available, pane-play companies m 


specialized industries. Of the 161, 21 
were taken over within three years of the 
divestitures. These companies yielded 

61 .3 percent more than the mar ket in their 

first two years as independent firms and 
99 3 percent in the first three years. 

Ml Woolridge cited Quaker Oats 
Co.'s spin-pff of foe toy-maker Ftsher- 
Pri co Inc. as an example of a successful 
spin-off. Quaker bad unsuccessfully 
moved into the toy business, a high-nsk, 

capital-intensive, entrepreneunal m- 

dustry that is everything the food busi- 
ness is not. As a wholly owned subsidiary 
of Quaker, Fisher-Price's sales, income 
and capital expenditures all deteriorated 
to foepomt that in its last two years as 
part offoe c*nglomeMed posted losses 
of$37.3 million and $33.6. million. 


Once Fisher Price was spun off, 
however, its income rose ro $173 mil- 
lion the first year and $413 million the 
second year. Shortly after, it was bought 
out by Mattel Inc., another toy company, 
for $66 per share, compared with an issue 
price of $23, giving investors a return 
that was almost triple in just two years. 

Mr. Escherich said that when spin- 
offs did not- do well, it was usually 
because their industry was troubled. An 
example is General Mills’ spin-off of 
Darden Restaurants Inc. Darned, which 
owns the Red Lobster and Olive Garden 
chains, has not been able to cope with the 
recent stiff competition in the restaurant 
business, prompting questions about 
how successful Pepsi will be when it 
spins off its restaurant business. 


Gold’s Silver Lining 
In Bre-X Debacle? 

It may be mixing meta- 
phors (and metals)," bur if 
every cloud has a silver lin- 
ing, then the debacle at Bre-X 
Minerals Ltd. could be a good 
thing for the long-suffering 
gold marker. 

Some analysts and fond 
managers have turned bullish 
on gold, citing overwhelming 
bearishness toward the metal, 
the price of which has been in 
decline since foe early 1980s. 
Sentiment is so negative, the 
reasoning goes, that anyone 
who had intended to sell has 
already done so and therefore 
a bottom must be near. 

The revelation thar foe 
Busang mine in Indonesia is 
apparently not going to be a 
major source of gold could be 
a catalyst for gains. The mine, 
which Bre-X said in February 
contained at least 70.95 mil- 
lion ounces of gold, is now 
thought to be worthless. That 
takes $24 billion of potential 
supply (at the current price of 
about $347 a share) out of 
people’s calculations. 

Even before foe Bre-X 
news, some bullishness was 
emerging. Graham Birch, 
manager of the Mercury Gold 
and General Fund for Mer- 
cury Asset Management, 
cited a recent conference in 
South Africa. There, he said, 
only a few of the thousand or 
so delegates asked to forecast 
foe price of gold over the 
coming year guessed as high 
as $380 an ounce. This was 
just after gold bad spiked up 
by $25 an ounce from its low 
below $340. 

By contrast, at the same 
meeting the year before, Mr. 
Birch said in a note to share- 
holders, not a single one pre-. 
dieted a price so low. 

‘ ‘This provides a powerful 
example of why it is so dan- 
gerous ro rely on consensus 
opinion as a determinant of 
foe future.” he said: "The 
gold market usually does 
whatever if takes ro prove 
most people wrong most of 
the time. Seldom can I re- 
member a time in foe gpld 
market when contrarianism 
has been better rewarded. The 
vitriolic press comment about 
gold in late Januaiy -early 
February may well turn our to 
have been the bottom." 

If gold is cheap, foe compa- 
nies that produce it have 
helped to make it so. They are 
so worried that prices will fall 
that they have aggressively 
sold formes contracts. When 
so much gold is sold forward, i 
foe current price naturally I 
falls and the manufacturers' 
fears are realized. 

"The major negative for 
gold is an oversupply brought 
about by central bank selling 
from Europe and elsewhere,' ' 
said Stephen Leeb, editor of 
foe market newsletter Person- 
al Finance. The sales, he said, 
are intended to prop up feeble 
currencies and public fi- 


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nances in order to qualify for 
European monetary union. 

But the bad news from 
Europe, he added, is overcome 
by good news elsewhere. 

“Consumers in Asia and 
emerging-marker countries 
have an historic affection for 
the metal, especially during 
times of economic boom," he 
said. “Their demand will eas- 
ily outweigh long-run supply, 
which is determined by mining 
discoveries and efficiencies. 

Russia’s Central Bank ap- 
parently thinks so. Sergei 
Aleksashenko, tbe deputy 
chairman, said the bank, 
which had about 400 metric 
tons of gold at the end of 
January, was aiming to in- 
crease its bullion reserves 
throughout 1997 and 1998 by 
90 metric tons a year, Reuters 
quoted the Interfax news 
agency as saying. 

Mr. Birch has observed the 
pickup in demand. 

"While experience tells us 
that this strong physical de- 
mand will be price sensitive 
and will not in itself drive tbe 
gold price higher. ” he said, 

‘ ‘it does ^i ve anyone thinking 
of breaking with consensus 
and speculating on foe long 
side of the gold market some 
confidence that a solid base 
exists and that downside is 
limited. Maybe we have seen 
the bottom." (IHT) 


New Drips From 
Global Firms 

The popular American 
concept of dividend reinvest- 
ment plans is catching on with 
non-U.S. companies. Three 
major American banks are of- 
fering DRIPs and direct-stock 
purchase plans on American 
depositary receipts of over- 
seas companies. 

More than 80 companies 1 
from 20 countries currently i 
offer ■ plans, with banks i 
adding more each month. At 
JJ*. Morgan & Co., the first to ! 
offer the program a year ago. I 
the roster of companies has 
grown to 59, including blue 
chips such as British Tele- 
communications PLC and 
Royal Dutch Petroleum Co., 
and emerging-market compa- 
nies like Compania Cerve- 
cerias Unidas S_A., the 
Chilean brewery and Guang- 
shen Railway Co. of China. In 
March, the Bank of New 
York, the biggest player in 
ADRs. entered foe field with 
Global BuyDIRECT, offer- 


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an telecommunications com- 
pany. Citibank has just 
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including Hanson PLC, the 
British conglomerate, and 
Rhone Poulenc S A, the chem- 
ical giant from France. 

Although there are fees as- 
sociated with these programs, 
they are minimal, even com- 
pared with a discount broker- 
age. As an example, trans- 
action fees at JJ 3 . Morgan are 
$5 per trade, plus 12 cents a 
share, while Bank of New 
York levies charges of $5 plus 
10 cents a share. Citibank's 
fees are competitive, accord- 
ing to James Donovan, the 
bank’s ADR chief. Investors 
at all three banks can reinvest 
all or part of their dividends, 
or take them in cash. JF. Mor- 
gan and Bank of New York 
accept first-time and existing 
investors into their programs, 
while it varies at Cin, depend- 
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Another attraction of the 


plans, said Charles Carlson, 
editor of the DRIP Investor 
newsletter, is their low min- 
imum initial investment — for 
example. $200 at Bank of 
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Morgan, and a minimum of 
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the initial purchase. 

Investors appear to agree. 
The Bank of New York re- 
ported that it was receiving 
350 inquiries a week. There 
are two important points to 
remember, however. If you 
are interested in a specific 
company, you will not be able 
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PAGE 18 


Sports 


SATU RDAY-S LUN DAY, MAY 10-11, 1997 


World Roundup 


Kafelnikov Wins 

terms Yevgeni Kafelnikov, 
picking up his game at the right 
time of the season, breezed into the 
semifinals of the German Open by 
routing Albert Costa. 6-3. 6-0. in 
Hamburg on Friday. 

“Things are finally going my 
way," Kafelnikov said after his 55- 
minufe victory over the I Itb- 
seeded Spaniard put him into his 
first semifinal of the year. 

Kafelnikov, seeded No. 2 and the 
highest-ranked player (eft in the 
tournament following the ouster of 
Thomas Muster, broke a finger on 
his right hand in January and was 
forced into a three-month layoff. In 
three weeks, Kafelnikov will de- 
fend his French Open title. 

In other matches. Tommy Haas, 
a 1 9-year-old wild-card entry from 
Germany, rallied to upset Alberto 
Berasategui, 2-6, 6-2. 6-3. Felix 
Mantilla beat Hicham Arazi, 4-6, 7- 
6 (7-5), 6-4. and will face Haas in 
die semifinals. 

Kafelnikov's opponent will be 
his friend Andrei Medvedev, who 
won in Hamburg in 1994 and 1995. 
Medvedev ousted I2th-seeded 
Sergi Bruguera, 6-4, 7-6 (7-3)(AP) 

Martinez Beats Kruger 

tennis Conchita Martinez who 
has failed to make a final this year 
and has slipped to No. 6 in die WTA 
rankings, dismissed Joanne tte 
Kruger of South Africa, 6-0. 6-4, to 
win her 23d consecutive match on 
the Foro Italico's red day and reach 
the semifinals ax the Italian Open in 
Rome on Friday. 

Also reaching the semifinals was 
Mary Pierce, who followed up her 
ouster of top-seeded Monica Seles 
with a 6-3, 6-4 defeat of Ruxandra 
Dragomir of Romania, the 14th 
seed. 

Pierce will next face No. 1 1 Bar- 
bara Pa ulus of Austria, who won 
her quarterfinal match with No. 7 
Irina Spiriea, 6-4, 6-2. 

None of the semifinalists has 
won a tournament this season. No. 
1 ranked Martina Hingis — who 
spoils a 31-0 match record and six 
tournament triumphs this season — 
is sidelined after a horse-riding ac- 
cident. (AP) 

Canada Tops Russia, 2-1 

hockey A fluke goal in die final 
period gave Canada a 2-1 victory 
over Russia Friday and a berth in 
die finals of the World Ice Hockey 
Championships in Helsinki. Fin- 
land. 

Later Friday, Finland defeated 
the United States, 2-0, for a spot in 
the bronze-medal game on Sat- 
urday. 

Canada’s winning goal came at 
6:26 when Russia's Sergei Fokin 
deflected the puck between his own 
goalie’s pads straight from the 
faceoff. The powerplay goal was 
awarded to Travis Green, who 
plays for the New York Islanders. 

Canada, world champions in 
1994, will play Sweden in die best- 
of-three final, which starts Sunday. 
“Every once in a while, you’ve got 
to lose a faceoff," joked Green, 
who lost the key faceoff before the 
Russians deflected the puck into 
their own net “We were due for a 
break, and it couldn't get any better 
than that” 

Canada played Friday without 
two key players — Owen Nolan 
and Shean Donovan of the San Jose 
Sharks — both serving one-match 
suspensions for their pan in a game- 
enamg brawl with the Czechs on 
Wednesday that produced a total of 
244 minutes in penalties. Canada, 
seeking its second title in 36 years, 
took the lead at 14:18 of the open- 
ing period. (AP) 


Bulls Wait Too Long 
For Miracle, and Lose 

Hawks Have Big Shooting Night 
To Tie Series at One Game Each 


By Ira Berkow 

New York Times Senii r 

CHICAGO — Bulls fans have grown 
accustomed to their team falling behind 
early in games, and then, in die third or 
fourth periods, watching as Michael 
Jordan seems to emei^e from a tele- 
phone booth and Scottie Pippen from a 
Pippenmobile as one or both save die 
day with a variety of super shots and 
plays. 

On Thursday night in the United Cen- 
ter. in the second game of the second 
round of the playoffs against the Atlanta 




Hawks. Jordan’s cape apparently got 
caught in the booth door and Pippen’s 
chariot ran out of gas. 

The Hawks evened the series at one 
victory each with a 103-95 triumph, 
giving Atlanta a heady belief that the 
defending National Basketball Associ- 
ation champions can be beaten in this 
series. The Hawks seemed prepared to 
underscore that notion in their next 
game, Saturday afternoon in Atlanta. 

“This was a great win for us to- 
night," said Lenny Wilkens, the 
Hawks’ coach. “We were disappointed 
in the first game, and thought we could 
and should have won it.’ ’ The Bulls held 
on in die first game for a 100-97 vic- 
tory. 

The Bulls spent four hours in a prac- 
tice-and-fUm session the day before 
Game 2 in an attempt, coach Phil Jack- 


son said, to improve their play, which 
was at “one-half efficiency." But it did 
not take hold in the first half, or in the 
second. 

“They shot well," Jackson said, re- 
ferring to Atlanta's 52 percent field goal 
shooting and 60 percent mark from 3- 
point range, compared with the Bulls' 
4 ( percent in field goals and 37 percent 
in 3-pointers. “We've been perched on 
the edge waiting for a game like this." 
He meant one in which the Bulls do not 
dominate the opposition. 

“We’re not executing, and not play- 
ing the way that made us a great team," 
Pipperi said. “We’re not playing hard 
enough to win." 

The Bulls were beaten inside by 
Dikembe Mutombo and Christian 
Laettner, and outside by Steve Smith 
and Mookie Blaylock. Smith scored 27 
points, Blaylock 26, and Mutombo had 
15 rebounds, which wqs 1 fewer than 
Jordan. 

Jordan also had 27 points, but missed 
several shots near game's end when the 
Bulls still had an opportunity to catch 
the Hawks. Pippen finished with 24 
points. 

While the Bulls trailed at die half by 
just 53-51, they continued to-seera less 
than the well-oiled, smooth-operating 
machine that many had expected them 
to be. And which, in die last four years in 
which Jordan bad played a full season, 
they woe. 

The Bulls have played catch-up in 
each of their five playoff games this 
season, and had won every one before 



The Hawks’ Dikembe Mutombo driving inside past the Bulls’ Dennis Rodman. Mutombo snared 15 rebounds 
for the ni gh t, while Rodman fouled out in the fourth period with only 5 rebounds — and a total of 2 points. 


Thursday night But they had to rely on 
one-on-one heroics by Jordan and Pip- 
pen. as opposed to sweet plays rolling 
off their triangle offense. 

Meanwhile, there was much attention 
on the antics — or the anticipated antics 
— of Dennis Rodman, die man with the 
chrome-yellow coif. For his wrestling 
tactics, the Bulls' ace rebounder had 
been hit with six technical fouls in the 
four previous games, and had been 
tossed out of two of them, including 
Game 1 of this series, after he slapped a 
wagging finger of the Hawks' 


Mutombo. On Thursday .night, it was 
not until the third period that Rodman 
got a technical called on him, and it 
came for what seemed a light push of 
Christian Laettner, the Hawks' for- 
ward. 

When Rodman fouled out in (he 
fourth period, he had just 2 points and 5 
rebounds. 

in other playoff action, the Los 
Angeles Times reported : 

Lakara 104, Jazz 84 The Utah Jazz 
shot 13.6 percent from die field in the 
first half and never recovered. But Los 


Angeles did, going from a Game 2 loss 
in Salt Lake City to a 104-84 victory 
Thursday before 17,505 at the Forum 
that closed their deficit in the Western 
Conference semifinals to 2-1. Kobe 
Bryant led the Lakers with 19 points. 

Karl Malone had a triple-double of 
sorts for the Jazz: 15 points, 10 rebounds 
and 18 misses. In 20 attempts. 

And the Jazz couldn't even got off 
that easy. Starting center Greg Ostertag 
suffered a sprained left knee in the third 
quarter and did not return. His long-term 
prognosis was not immediately known. 


A Celtic Legend Departs and a Savior Arrives to Hold Court 


Bird Signs On to Coach Pacers 


New York Tunes Service 
On a day of sweeping change in the 
National Basketball Association, Larry 
Bird elected to return to bis native In- 
diana to coach the Pacers instead of 
remaining in Boston, where Rick Pitino 
initiated a new era by taking over as 
coach and president of the Celtics. 

The Pacers provided no details 
Thursday of Bird's hiring, saying he 
would appear at a news conference 
Monday. But according to league ex- 
ecutives familiar with the negotiations. 
Bird was expected to receive an average 
annual salary of $4.5 million a year, part 
ownership of the team and a guarantee 
of a front-office job in the future. 

“I’m very excited about this oppor- 
tunity to go back borne and coach the 
Indiana Pacers," Bird said in a prepared 
statement 

Bird replaces Larry Brown, who left 
the Pacers and agreed to a five-year, $25 
milli on deal to coach the Philadelphia 
76ers. Pitino accepted a 10-year, $70 
million contract with the Celtics dial 
makes him the highest-paid coach in 
sports. And the landscape was altered 
some more Thursday as Portland dis- 
missed PJ. Cariesimo and Sacramento 
gave Eddie Jordan a two-year contract 
Introduced in Boston on Thursday as 
the new coach, and the successor to the 
legendary Red Auerbach as president 
Pitino said he had hoped Bird would 
stay with the Celtics. Bird had served as 
an adviser since retiring in 1992, and 
Pitino said Bird could have ‘ 'any title he 
wants," as long as he helped infuse the 
young players with a winning attitude. 

But Pitino's arrival with near-total 
control of the organization may have 
influenced Bird’s decision to end an 
association with the Celtics that began in 


1979 and produced three NBA titles in 
the 1980s. A college star at Indiana 
State, Bird has never coached at any 
level and he had said in recent inter- 
views that if he was going to try coach- 
ing, this might as well be the time. 

Despite Bird’s lack of coaching ex- 
perience, the Pacers' president. Donnie 
Walsh, said he had no doubts about his 
ability. "He looks at die game from 
more of a coach's mind than a player’s 
mind,” Walsh said. “He’s a very bright 



Larry Bird will be paid $4.5 mil- 
lion a year to coach the Pacers. 


guy and a very honest guy, as well as a 
very tough guy. All those qualities add 
up. He'd be very successful anywhere 
he went" 

In 13 years as a Celtic player. Bird 
took his place among the legends who 
graced the old Boston Garden. He was 
the league's most valuable player for 
three consecutive seasons, beginning in 
1984. But late in his career he began to 
suffer from extreme back pain, and he 
underwent surgery in the 1991 off sea- 
son. He announced his decision to retire 
as a player on Aug. 18, 1992. 

Pitino’s arrival from the University of 
Kentucky, and Auerbach's decision to 
relinquish the title of president, begins a 
transition from an era in which the team 
won 16 league titles to a new one in 
which Pitino must rescue the franchise 
from hand times. 

Under terms of the agreement, Pitino 
will coach for the first six seasons and 
remain as president for the final four 
seasons. “This is a tremendous honor,” 
the 44-year-old Pitino said. “It's one of 
the neatest positions in all of sports." 

While the Celtics have won more 
championships than any other NBA 
team, they have been dismal in recent 
years. They had a franchise-worst 1 5-67 
record this season under MJL. Carr, who 
resigned this week as coach and director 
of basketball operations. Pitino said he 
was confident that he could resurrect the 
franchise and add to its long list of 
championships. 

“You Jeam from the past, you don't 
live in it,” Pitino said, sitting beneath 
the row of championship banners at the 
Celtics’ arena. 

Auerbach, who coached the Celtics to 
nine of the those championships and 
helped build the teams that won the 
other seven, will keep an active role 
with (he team, said its chairman, Paul 
Gaston. Known for his blunt opinions, 
Auerbach became coach of the team in 


1950. general manager in 1966 and later 
took over as president with a diminished 
role with the team. 

“He finally took that promotion," 
Gaston said “He'll still be around and 
he'll still be a pain," he added laugh- 
ing. 

Auerbach has been associated with 
the league since its inception in 1946. 
As coach, he would hold an unlit cigar 
until be felt the Celtics had an insur- 
mountable lead Only then would be 
light it 

The Celtics will be a completely dif- 
ferent organization next season, with 
almost every household name of the 



Johi MalaLir/Thr AnxuMil hrn 


Rick Pitino was all smiles as he 
greeted local media in Boston. 


1970s and 1980s either gone or de- 
moted Over all, 10 people who were 
involved in the team's Basketball op- 
erations have been dismissed from their 
previous jobs, including the. entire 
coaching staff, the travel coordinator 
and the longtime general manager, Jan 
Volk Carr is remaining with die team in 
a nonbasketball position. 

In Portland the Trail Blazers’ pres- 
ident, Bob Whitsitt, called Cariesimo “a 
class act" but said he wanted to find a 
coach who would match his young group 
of players for the next 5 to 10 years. “I 
think PJ. did a good job tins year,” 
Whitsitt said “This coaching change is 
not about wins and losses, as many today 
are.” Cariesimo will receive slightly 
more than $3 million on .the remaining 
two years of his five-year contract 

Mike Dunleavy, who resigned as 
general manager in Milwaukee, is con- 
sidered a leading candidate to replace 
Cariesimo. 

The Kings rewarded Jordan, a former . 
Rutgers star, a two-year contract after he 
served the final 15 games of the season 
as interim coach, replacing the dis- 
missed Garry St Jean. 

Despite all the activity Thursday, the 
head coaching situation in the NBA is 
far from settled Vacancies still exist at 
Golden State, Vancouver, Denver and 
possibly Orlando, where Richie j > 
Adubaio’s status is still unresolved. 

And several teams have asked to talk to 
Chicago's Phil Jackson, whose contract 
is up after this season. 

■ New Kings’ Coach Moves Fast 

Jordan’s first act after signing his 
two-year deal to coach the Sacramento 
Kings was to anoint Bobby Hurley, who 
played well late this season, his starting 
point guard 

His next act will be tougher, trying to 
convince power forward Brian Grant, 
who is eligible for free agency, to stay. 


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Tigers Fizzle Out Against Kansas City 


The Assfiatrd Press 

DETROIT — With 12 runs and 11 
hits a day earlier against Kansas City, 
the Detroit Tigers were hoping they 
were out of a collective hitting and 
scoring slump. 

It was just a one-day reprieve, 
however, as Tim Belcher and Hipolito 


A 


Pichardo combined Thursday on a five- 
hit shutout and Jay Bell homered for the 
Royals in a 4-0 victory over the Tigers. 

With Wednesday the lone exception. 
Detroit has scored two or fewer runs in 
four of its last five games. 

Belcher (4-3) gave up four hits with 
five strikeouts and left after throwing 
117 pitches in seven innings. Detroit 
stranded eight runners against him, in- 
cluding three at third base. 

YHikMi5,Rangm4 Mariano Rivera 
struck out Juan Gonzalez with the bases 
loaded to end the game, preserving 
Andy Pettittc's sixth victory and pick- 
ing up his 1 1th save. 

The host Yankees won their third 
straight game and sent Texas to its sea- 
son-high third loss in a row. Pettine (6- 
I ) joined Jimmy Key as the top winner 
in the majors. 

Blue Jays 4, Indians 3 Juan Guzman 
held hot-hitting Cleveland to three hits 
in seven innings and visiting Toronto 
survived a three-run homer by David 
Justice in the ninth. 

Guzman 13-2J retired J4 baiters in a 


row after Brian Giles doubled down the 
left-field line in the second inning. He 
ti red in the seventh but got out of a bases 
loaded, one-out jam by getting Giles to 
ground into a double play. 

TWm* 1 «L Red Sox 7 Paul MolilOr's 
tie-breaking two-run bloop single 
capped a five-run sixth inning to help 
visiting Minnesota win for just the third 
rime in 15 games. 

oriole* 13, Marmara 3 Randy John- 
son’s 16-gamc winning streak come to 
an end as the host Orioles got two homers 
and six RBIs from Chris Hoiles. 

Johnson (4-1 ) struck out 10 but gave 
up five runs, six hits and two walks in 
six innings. He was trying to lie the AL 
record of 17 straight victories set in the 
1930s by Johnny Allen of Cleveland 
and tied by Dave McNally of the Orioles 
in 1968-69. 

Whit* Sox io, AthMiu 6 Frank 
Thomas and Lyle Mouton hit first-in- 
ning home runs, and Noibcrto Martin 
added a threc-run homer in the third to 
power hoM Chicago. 

James Baldwin ( l -4) survived a scary 
comebuckcr off his shoulder in the fifth 
inning to win his first game in six Mans. 
He allowed two hits over five innings, 
struck out six and walked rwo before 
leaving as a precautionary measure with 
a bruised shoulder. 

In the National League: 

Astro* 4, Mot* z Derek Bell drove in 
i wo runs with a homer and a double, and 
Mike Hampton pitched a strong game as 
Houston beat visiting New York. 


Hampton (2-3) matched his longest 
outing of the season, scattering seven 
hits over seven innings. He struck out 
five and walked only one. 

Bell, who has been in a season-long 
slump, hit his first home run and his sixth 
double. His two RBIs gave Bell 10 for the 
season; he had 1 13 last year. 

CaHfinaUe,PhHli*s 2 Gary Gaetti had 
a Ihree-run double, and Andv Benes J. 
allowed five hits in eight innings for ~ 
hast St. Louis. 

Ray Lankford continued a hot start 
with a hit and two R B Is for the Cardinals, 
who have won nine of their last 12. 

Pirate* io, Rocfci«s8 Jason Kendall's 
ihree-run double keyed an eight-run 
fourth inning as Pittsburgh continued to 
pound host Colorado. 

"Hie Pirates, who collected 14 hits 
while winning their third straight game, 
reached Colorado pitchers for 24 runs 
on 31 hits in their two-game sweep at 
Coors Held. In its previous eight games. 
Pittsburgh had only 17 runs. 

Cub* a, P>drss a In San Diego. 
Sammy Sosa went 4-for-5 and Brian 
McRae was 3-for-5 with a homer as 
Chicago had a season-high 16 hits. 

Marlin* 5 , Brarwas i In Miami, Tom 
Glayine was rocked for five runs before 
leaving the game when hit by a pitch, 
and Tony Saunders homered en route to jt 
his first major league victory. . 

Glavine i4-2) was hit on his pitching 
hand while trying to bum in the fifth, but 
X-rays were negative, and he 'is not 
expected to miss a start. 





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Tricky Track Awaits Monaco Racers 


oy nraa Spurgeon 

Inrenunioail Herati Inbunt 


O F THE R.A.CE he never won 
Jhree-time world champior 
blelson Piquet said: ‘Tell yot 
me mim, I hate Monaco, h ’s like ridins 
3 vw^ C e aroun{ ^ your livine room.** 
Wtut the retired Formula One racei 
from Brazil was referring io was the 
small space that this last European city 
track offers. The race is often crit- 
icized as being nothing more than a 
procession where the outcome is de- 
cided by the shape of the starting grid. 
The popular perception is that it is 
impossible to pass at Monaco. 

“Olivier Panis exploded that mvth 
last year, didn’t he?” said Chris Wil- 
liams. the spokesman for Panis *s team. 
Prosi-Mugen-Honda. "He started 14th 
on the grid and passed four cars on the 
track and won tne race. It was a victory 
due to both passing and pit-stop 
strategy.” 


Panis. for his part, said he “par- 
ticularly appreciated.” the Monaco 
track. “The man is more important than 
the machine." he said. * ‘It’s a track that 
you have to really love and have a feel 
for if you want to get good lap times.” 

Both Ferrari and the Williams team 
are trying to break a jinx this year. 
Williams has not won since 1983. Fer- 
rari since 1 9S 1 . with Gilles ViJleneu ve 
behind the wheel. Williams is hoping 
it has found a winner in Villeneuve’s 
son. Jacques. But Patrick Tam bay. a 
former racer and current TV racing 
commentator, said: "If you compare 
Monaco to siding, it is a slalom race — 
and Jacques is a downhill skier not a 
slalom racer.” 

French drivers like Panis and Jean 
Alesi may feel a certain historical right 
to the race that has seen more French 
victories than any other nationality 
since the current Formula One cham- 
pionship started in 1950. 

"Monaco is a little like a home 


race." said Jean-Pierre Beltoise. the 
Frenchman who won in 1972 in the 
rain. "It’s a French enclave, and you 
speak French there.” He added that 
winning in Monaco was “bener than 
everywhere else." 

“The track is unique.” he said, 
"because of its history, because it is 
the only track still in a city, and in an 
old European city at that.” 

The an of chiving there is also 
unique. "I won because it was raining 
that day,” said Beltoise. 60. “and on 
other tracks I was handicapped by the 
V- 12 that was not powerful enough. In 
those veiy slippery conditions, the en- 
gine was perfect- * * 

He said the main peculiarity of 
Monaco w*as that “the limits are set at 
brushing up as close to the safety fence 
as possible wiihour touching it. The 
limits at the other tracks are set at noi 
putting the wheels 20 centimeters (8 
inches; outside the edge of the track or 
on the grass or the gravel.” 


(i NCAA Punishes UMass Over Gifts to Camby 


The .-\ssociuitJ Pres:. 

AMHERST, Massachusetts — The 
National Collegiate Athletic Associ- 
ation has erased the 1996 Final Four 
finish of the University of Massachu- 
setts and demanded the return of 
S151 .000 in tournament money because 
of gifts accepted from an agent by the 
team 's scar player, Marcus Camby. 

The decision Thursday stripped from 
the record book the conclusion to the best 
basketball season in UMass history. 

“I’m really sorry.” Camby said after 
the decision was announced. “I fully 
intend to pay back all the money — 


donate the money back to the school. 
People make mistakes, and I made mis- 
takes.” 

Camby, a 6-foot- 11 inch (2 meter) 
center now with the Toronto Raptors, 
led a team coached by John Calipari to a 
35-2 season that ended with a loss to 
Kentucky in the national semifinals. 

Several weeks after the 1996 Final 
Four. Camby set off a scandal when he 
told The Hanford Courant newspaper a 
rale of being wooed by sports agents 
with gifts. He was quoted as saying be 
took jewelry worth $5,300 from an 
agent. Wesley Spears. 


Camby reportedly said Spears first 
provided him with money, women and 
other favors and then threatened to dis- 
close all if Camby refused his services 
as an agent. Spears, a lawyer in Han- 
ford, Connecticut, was later charged 
with extortion and promoting prosti- 
tution in his relationship with Camby. 

This week. The Boston Globe re- 
ported that Camby secretly repaid 
$28,000 to another agent. John 
Lounsbury, who claimed ms life was in 
danger from loan sharks. 

Camby eventually shunned both 
agents for a third one. 


Rangers Rolling 

Shutting Out the Devils Again , 
New York Nears Final Four 


By Joe Lapointe 

AW Yurt Tries Strive 

NEW YORK — The New 
York Rangers, an inconsist- 
ent team in the regular season, 
are now one victory away 
from the Final Four of the 
Stanley Cup playoffs. 

By beating the New Jersey 
Devils. 3-0, on Thursday 
night at Madison Square 
Garden, they took a 3-1 lead 


NHL Playoffs 


in the four-of-seven Eastern 
Conference semifinal round, 
which will resume Sunday 
with Game 5 in the Mead- 
owlands, the Devils' home. 

The Rangers have three 
chances for one more victory 
over the Devils and a series 
upset over a first-place team 
that finished 18 points ahead 
of them in the regular-season 
standings. 

Adam Graves scored on 
the power play for the 
Rangers and Wayne Gretzky, 
scored just as a power play 
ended. Gretzky appeared to 
suffer a leg injury late in the 
second period; although his 
skating seemed to be im- 
paired, he finished the game 
without missing a single 
shift. 

Esa Tikkanen scored the 
third goal for the Rangers into 
an empty net in the final 
minute after the Devils pulled 


goalie Martin Brodeur. 

But the victory may have 
come with what die Rangers' 
coach. Colin Campbell, 
called “a huge price to pay.” 
He charged that New Jersey’s 
John Mac Lean broke die arm 
of New York's Niklas Sund- 
strom with a slash of his stick 
laie in the game. 

Sundstrom plays right 
wing on Gretzky's line. He is 
a valuable player on both the 
attack and on defense, includ- 
ing penalty-killing dudes. 

Mike Richter stopped 35 
shots in the Rangers net for 
his second shutout of the 
series. The Devils’ only vic- 
tory' also was by shutout. 

The Devils showed an un- 
characteristic lack of com- 
posure ihar worsened 
throughout the game. A mul- 
tiplayer brawl, instigated by 
the Devils, broke out with 21 
seconds remaining. 

The game began with sev- 
eral familiar patterns. 

Tbe Rangers scored the 
first goal for the third con- 
secutive game. The Devils 
seemed to score a tying goal, 
but — for the third game in 
succession — it was nullified 
because a New Jersey player 
had his foot in the lunger 
goal crease. And the Devils 
held a large early lead in shots 
on goal, this time by 13-5 
after one period. 

In other playoff action. The 
Associated Press reported: 



BiD EoBToaam* AaocuinJ Ptet* 


Wayne Gretzky celebrating a goal by his left wing,; 
Adam Graves, in a shutout victory over the Devils. 


Red Wings 3, Mighty Ducks 2 

For a sweep, the Deuoit-Ana- 
heiro series was a marathon. 
Detroit finally finished it with 
a 3-2 victory in — appropri- 
ately — double overtime. 

Although the second- 
round senes will go into the 
books as four games, the two 
teams played almost the equi- 
valent of six. a total of 18 
periods. 

Brendan Shanahan ended it 
when he poked in a shot, De- 
troit’s 73d of the game, with 
2:57 left in the second extra 
period of a game that 
stretched beyond midnight. 

The Red Wings also won 
rwo overtime games to start 


the series. They took the 
opener. 2-1 . in one extra peri- 
od, then won Game 2 by a 3-2 
margin in three overtimes. 
Their only regulation victoiy - 
was by 5-3 in Game 3. 

Detroit, in the Western 
Conference finals for the 
third time in as many years, 
now awaits the winner of the 
series between Colorado and 
Edmonton. 

The Avalanche, the Stan- 
ley Cup champions, leads the 
Oilers. 2-1. 

The Red Wings, who won' 
their last of seven NHL titles 
in 1955. made it to the Stanley 
Cup Finals two years ago but 
were swept by New’ Jersey. 


Scoreboard 


BASEBALL 


Major League Standings 


AMTOCAM UAOCI 

CAST DM81 OH ' 



W 

L 

Pet 

GB 

Bartl more 

22 

9 

J10 

— 

flew York 

19 

IS 

-55? 

4» 

Toronto 

16 

15 

.516 

6 

Boston 

15 

17 

M9 

714 

Detrftt .. 

33 

20 

3)4 

10 


CBHTIIAL DIVWKM 


MBwaukee 

15 

14 

-517 



devetand 

16 

IS 

-516 

— 

Kansas dry 

14 

15 

J16 

— 

Minnesota 

14 

20 

412 

314 

Chicago 

11 

19 

367 

4V> 


WEST DTVKiON 



Seattle 

19 

13 

-594 

— 

Texas 

16 

14 

-533 

2 

Ana helm 

14 

16 

AS! 

4 

Oakland 

IS 

19 

.441 

5 


EAST DIVISION 




. w 

L 

Pet 

GB 

Atlanta 

■ 23 

10 

M7 

— 

Montreal 

17 

14 

£48 

5 

Farida _ , 

.... 18. 

IS.. 

£45 . 

.5 

NewYark 

16 

18' 


716 

PhKadekrtda 

10 

22 

.313 

12W 

cemtraldivbun 



Houston 

19 

15 

-559 

— 

Pittsburgh 

18 

IS 

J4S 

Vi 

St Louis 

16 

17 

ASS 

2 Vi 

andnrwtl 

10 

22 

J13 

8 

CMcogo 

9 

23 

■28V 

9 


WEsrnvMON 



Colorado 

21 

It 

.656 

— 

Son Francisco 19 

12 

.613 

1V4 

Los Angeles 

18 

13 

-581 

2V» 

San Diego 

12 

19 

-387 

BV4 


THURSDAY'S UNI MOMS 

AMERICAN LEAGUE 

Kansas Oty 002 000 0»— I 7 1 

Drtmft •• 000 000 000-0 5 0 

Belcher, PichanJa Cffl and MLSweeney: 
Moehler, Micell (0) and B Johnson. 
W— Botcher, *4. Lr-MoeWer, 2-2. 

HR— Kamo* air, J. Ben <fl). 

Toronto 111 000 100-4 10 1 

demand 000 000 003-3 8 2 

Gurmon, Crabtree (81. Ptesoc C9», QwmtrO 
(7} and Santiago; Ogea, KBne (01. Mesa (83, 
A. Lopez (W and 5. Alaroar. W— Guzman. 3-2. 
L— Ogea, 2-3. Sv— Quantdll 0). 

HR— demand. Justice (ID. 


Ten* 000 100 021—4 11 1 

NewYark 000 201 11o-5 10 0 

DX»wer. Patterson (6). X Hernandez (8) 
and I. Rodriguez; Peftttte. Rivera (8) and Gi- 
rard. W— Pettftte. 4-1. Lr— D. Olwr. 1-1 Sv- 
— M. Rivera (111. HR— New Yaric Hayes (1). 
Mhmesota 100 005 040-10 11 0 

Boston Mo 005 030—7 14 1 

Roberson, NatXty (61, Guardado (8), 
Aguilera (V) and G. Myers; WaheflekL 
Graces (6), Corel (6), TrScek (0) and 
Hasefman. W — Robertson, 3-7. (.—Graces: Ih 
1. Sv-AguRera V>). HRs — Boston, Naeftrtng 
(73, Pemberton CO. 

Oakland mm 020 301-4 5 1 

Chicago 313 012 OQc-10 14 2 

Mahler, Wengert C5J, Aae (83 and 
Ga-WWams Baldwfiv D. Darwin (6), Bertolt! 
(71, Simas (7). R. Hernandez (S) and Krauter. 
W— Baldwin, 1-4. L— Mahler, 0-4. 
HRs — Oakland, Mogadon (2). Chicago, 
X Martin (2), L Mouton (2), F. Thomas (3). 
Seattle 000 too 028-3 5 1 

Brdttnera 200 083 35*— 13 13 3. 

RaJahmon, Manzartflo C7). B. Wets (S3 
raid Do-Wtsam Mussina, TeJlMheus and 
Webster. W — Mussina. 4-1. L— RaJohmna 
4-1. HRs— Seattle, R. Davis (5). 8offlmor& 
By .Anderson (3). H OSes 2 (4). 

... . JUUIOtlALLBAOUE 

PUadeJphia ’ 002 0M 000—2 4 0 

St Loots 008 114 00 * — 6 4 8 

Beedw Mlmbs (53. R- Hraifc (fi>. Spradfln 
(73. Borneo (8) and Parent AnJJenea, T. 
JJItethews TO and DtfWice. W— MlBm, 2- 
1 Jj— Mbnta, (KLHR— St. Louis, DHelce (13. 
NewYark 100 010 000-2 0 2 

Hwstoe 100 210 00a— 4 11 1 

RJtoed. Udle (7) and XCastOls Hampton. 
R. Springer (81, B. Wagner W) and Austnus. 
W— Hampton, 2-3. L-R. Reed 3-2. Sv— B. 
Wogner (7). HR-Hcustww De.Befl (13- 
Plttsburgh 100 010 000-10 14 0 

Cotormfe 2B1 001 200-0 15 2 

Laotza Peters (S3. WaWwuse <tt, Rtamn 
(73, LolseUe ffi) and Kendalfc Wright DfcJean 
(43, M. Munaz (73, B. Rufltn (83 and JtReed. 
W— Loolza. 4-0. L— Wright 4-2. Sv— Lofcelte 
03. HRs— Pittsburgh, AJWoifln <33, Etster 
(S3. Cotarada. L Wafter 023. 

CHcago 102 110 010-4 14 0 

Sob Diego 001 000 100-2 0 1 

MuOwUvtd, T. Adams (71 Rojos (9) and 
Semis Valenzuela. Sant (ffl. Omnane (W, 

Long (95 and C Hernandez. W— MUhoSaml 

3G. L— Vblenzueta, 1-L HRs-CWcoga, J. 
Hernandez (1); McRae (2). San Diego, 
Oanfrocco (13. 


Attaria 000 000 108-1 4 0 

Florida 005 000 00X-5 7 1 

Gtmtne. Bormakl (5), aontz (7] and J. 
Lopes Saunders. Hutton (73. Men (91 and C. 
Johnson. W— Saundas, 1-1. L— Gtavtne.4-2. 
HR— Florida. Saunders (13. 

Japanese Leagues 


cMiuiium 



W 

L 

T 

Pet 

GB 

Yakut! 

18 

II 

— 

Z21 

— 

Hkastamn 

15 

12 

— 

.556 

ZD 

Hanhfn 

14 

14 

— 

-500 

35 

Chunidil 

13 

16 

— 

,448 

5J5 

Yokohama 

12 

15 

— 

A44 

5JI 

Ybmfurf 

12 

16 

— 

.429 

5-5 


fumy's snam 

Hiroshima 1 1, ChunicM 0 


MOnCIIAOIN 



W 

L 

T 

Pet 

GB 

Seibu 

14 

12 

— 

£71 

— 

OftC 

14 

12 

— 

538 

1-0 

Data) 

14 

14 

— 

500 

2J5 

Nippon Ham 

14 

14 

— 

500 

2JB 

Lotte 

13 

13 

1 

500 

2.0 

Kintetsu 

10 

16 

1 

£85 

545 


Fsfwnr'd msous 

Lotted DoM3 
Orix 4. Kintetsu l 


BASKETBALL 


NBA Playoffs 



(BEST-OF4KVEN) 

TMi«n , susoin 

Attain • 27 24 23 27—103 

arietta 28 23 1? 25 — 13 

A: Sarith 9-19 fr-11 27, Btoytock 9-13 0-0 24; 
C Jordan 12-29 3-3 27, Plppen 9-10 2-2 24 
Rahaaads— Atlanta 57 (Mutombo 15). 
Chicago 48 (Jordan 14). Assists— Altunin 13 
(Btaytadc 9), Chicago 27 (Plppen 9). 

(series lied 1-1) 

Utah 21 15 23 25- 14 

LA. Latere 29 20 23 32-104 

It: Hamacek 9-14 7-72L Malone 2-2011-12 
ISrLJU Btywtf>7 13-14 59, VOn EnN 7-543- 
4 17. Rebounds— Utah 48 (Malone 10), Los 
Angeles 42 (DNeal 1(0. Ass5sts— Utah 18 
(Stockton 83, U* Angeles 20 (Von Eta 5). 
(Utah series M> 


ICE HOCKEY 


wonts cop aoAUFU 


NHL Playoffs 


eONflUNCI SBMMNAU 

[8EST-OP-6EVEW! 

THURSDAY'S HSU1SS 

New Jersey 0 0 0-0 

N.Y. ItagerS 1 1 1-3 

First Period: New York, Graves 1 
(Korpovtsev, Leetdti (ppj. Second Period: 
New York, Gretzky 6 (Courtnah RabttalBe) 
Third Period: New York. TtkkOnen 6 
(Messier, Leeteti) (en). Shots an goal: NJ.- 
1316^-35. New York 5-16-7-28. GoaOes 
NJ.-Bnxtaur. New York. Rtditer. 

(New York lends series 3-1) 

Detroit 10 10 1-3 

Aflcbeftn 1 1 0 0 0—2 

Fhsf Perio d. A-Socco 2 (Baumgartner. 
Park) 2. D- Brown 3 (Fedorov) Second 
Period: A-Beflows 2 (Kortya Mironov] (pp)- 
TTrird Period; D-LMstrsm 5 (McCarty, 
Draper) Hist Overtime : None. Second 
Overbore: & D-Shanahon * (Lapointe, 
YZetman) Shots an goat D- 1S-12-16-12- 
14—71 A- 8-12-4-8-5 — 37. Goalies: D- 
Vemon. A-Shtatakov. • 

(Detnrit wen series 44)3 

World Chabapiomship 


MEDAL fflIOUP, nt HELSMKL FINLAND 
Canada Z Russia 1 

standi Kota Sweden 8 potntw Canada (( 
Russia 5; Czech ReputrOc 4.- United States 1 
Finland 2. 

Canada ptay Sweden In the bari-of-three 
world champtanshp final starting on Sunday. 

RELEGATION ROUND, M TAMPERE 
Slovakia A tody 3 
LnfvkT6 France 2 
Germany 4, Norway 2 


RUGBY UNION 


Super 12 


ACT 4L Waikato 34 
Otago 1 6 New South Wales 27 
MTA NPiaUi 4 urtrtnri d40polnts.-ACT36; 
Wellington 31; Netal 27; Gauteng 22; New 
South Wales 20; Northern Transvaal 2ft 
Walcato 19s Free State 19; Canterbury 17; 
Queensland 15/ 0»go 13. 


ASMNZ0tC.GROUP7 

Kuwait 2, Lebanon 0 

STANDaram Kuwait 6 points Lebanon 1; 
Slngapore I. 

ASIAN ZONE, OROtlPJ 
Yemen a Uzbekistan 1 

ITALIAN CDF FINAL 

NapaSZ, vlencuO 

■MOUSN PBUUB UAOin 

Btockbum ft /Wddesbrough 0 
Manchester United ft Newcastta 0 
STAMZNNQSi Manchester United 72 
polnrs Liverpool 47i Newcastle 4& Arsenol 
65; Aston VHJaSa,- Chetseo 5ft Sheffield 
Wednesday 5ft Wimbledon Sft Tottenham 4ft 
Derby 4ft Leeds 4ft Leicester 44; Blackbum 
4ft West Ham 4ft Everton tt Southampton 
41; Sunderland 4ft Middlesbrough 3ft Coven- 
try 3ft Nottingham Forest 34. 

t— buo— or 

SECOND ROUND, RETWW LEG 
VUezSarsflekt Ai^, a Sport Crist* Pen 1. 
Sporting Cristai won 141 an aggregate. 


TENNIS 


mUlHOHN 

FRIDAY. M ROME 
QUARTERFINALS 

ConcWta Martinez O), Spabw def. JaonneKe 
Kruger, South Atricaftft 44. 

Barbara Poulus (11), Austria, det. Irina Splr- 
tea (7). Romania 6 -A 6 - 2 . 

Mary Pierce 00), Franca def. Ruemdra 
Dragaml (14), Romanta, 6-1 6-4. 
•muuisni 
FMDAY, IN HAMBURG 
QUARTER RMALS 

Fetor MantDkr (10), Spalrv def. Hldtam^ncL 
Morecca 4-6. 7-4 (7^55,6-4. 

Tommy Haas, Germany, i tet. Alberto B»- 
rasategul HD, Spain, 2-6, 6-2, 6-3. 

Yevgeny KafeMkw (23, Rusria det. Albert 
Costa (7), Spota, 4-1 6-a 
Andrei Medvedev, Ukraine, def. Setgi 
Bruguera (12), Spain, 6-A 7-6 (7-3). 


TRANSITIONS 


AAB8MU 

MAJOR LEAGUE BA S EBALL 
AMERICAN LEAGUE 

Boston— S igned RHP Rusty Meacham 
and assigned him to PawtudreLIL- 


CLEVELAND-Ctabned LHP Jason Jacome 
off waivers tram Kansas Cay. 

Detroit— P urchased the comma of IB 
Bob Homefln from Toieda IL 
Minnesota— A ssigned INF Scott Stahari- 
c&taSair Lake, PCL an a rehabEtotlan as- 
signment. 

NATIONAL LEAGUE 

Colorado— Optioned RHP Mark Thomp- 
son to Cotore do Springs, PCL ond put Mm on 
15-day disabled Dst. RecaOed RHP John 
Thomson from Colorado Springs. 

Florida— P ut INF Luts Costflio hi 15-day 
disabled Dst. ReariM INF Ralph MIDaid 
from Chartottft IL 

•JLSKKTBAU 

NATIONAL BASKETBALL ASSOCIATION 
NBA-Fined lhe Oricngo Bulls S2ft00Q for 
toEng to make Its ptayeis available to media 
following pradtee on May 7. 

boston— A nnounced lhe resignation of 
Red Auerbach, president who will remain 
with team as vice chairman. 

Indiana— N amed Lory Bird coach. 
Portland— F ired PJ. Cartes! mo, coach. 
sacrampiito— P romoted Eddie Jordan 
bran Interim and) to head coach and signed 
Mm to 2-year contract. 

FOOTBALL 

NATIONAL FOOTBALL LEAGUE 
NFL PLAYERS ASSOCtATWN-SuSpended 
attorney Joel Segal from representing NFL 
players for a year and ftad Mm SftOOft for 
pravkflng money under an assumed name to 
Florida Stole player In 1993 and faffing to 
registorasacsarttnedagentln Florida. 

HOOUY 

NATIONAL HOCKEY LEAGUE 
COLORADO-Recaltod D Eric Messier on 
loan- from Hershey, AHL 

OOUAM 

ncaa— Vacated the 1994 Flnot Four finish 
of Massachusette and antored the rehim of 
SI 51 400 in foumamerd money because of 
agent gifts accepted by Marcus Cmnby. Or- 
deredCortnecBcuTIo return Wa970ofhs 1996 
NCAA tournament money because Khk King 
and Ricky Moore accepted plane tickets from 
agent 


The Week Ahead 


Saturday, May 1 0s 


ATHLETIC* Osaka Japan— men. women, 
IAAF, Osaka Grand Prtx, daw L 
EQUESTlBAicBarimlntofLEngJnnd—Bad- 
nttrton Home Trias, to May u. 


golf. Men. Thame, England — PGA Eu- 
ropean Tour, Benson and Hedges Ireema- 
llanalOpeiwIoMay 1 1; Dukrih, Georgia— U5. 
PGA Tout Bets outh Classic to May 11 j Char- 
brift North Caretota— U5. Sailor PGA Tone 
World Series invttnttonaL to May 1 1. Women, 
Tokyo — Japan LPGA, Gunze Cup World 
Lades, to May 11; Old Hldcmy, Tennessee — 
LI 5. LPGA, Sara Lee OanlctDMay 11. 

ire hockey, Helsinki and Tampere. Fin- 
land — World Championships, to May 14. 

jUMvOrtend Bsfgkim— European cham- 
piunshlp.toMayll. 

rooby union, Vbrious sites — PaCHle Rkn 
ChanplonsMp. Canada vs. Untied States. 
Hong Kang vs. Japan. Various sites— Super 
1Z Queensland vs. Gautama Free Stale vs. 
ContoriHiry; Auckland vs. WeBngton. 

soccer. Sanoa Yemen— Wortd Cup qual- 
ifying, Yemen vs. Uzbekistan. 

tennis, Rome— women, WTATbur, ttol- 
tan Open, to May 11. Men. ATP Tour Ham- 
burg, Germany — German Open, to May 11; 
Card Springs. Florida — America's Red Ctay 
Terails Championship, to May 11. 

WBEsniNOt Varaovfe, Poland — Women's 
European Championstilps. to May 10. 

Sunday, May 11s 


auto uaNAMontB Carla Monaco— For- 
mula One, Grand Prtx of Manna* Rio de 
Janeiro, Brazil — CART. Indy-car, Rio 400. 

kubby union, Durban, South Africa — 
Super 1Z Natot vs. Northern TronsvoaL 
soccer, Various sites — world Cup qunl- 
Hyfng: Tajikistan vs. China iTUkRtanWan vs. 
Vtotnamj Kazakstan vs. PaUrtan Casta Rfeo 
vs. Jamaica. 

«M& Tokyo — Summer Grrata Sumo 
ToumamenL to May 2S. 

Monday, Aphil May 1 2 


TENNivnerc Rome — ATP Tour, Itolan 
Open, to May 18. Women: Bedn — WTA 
Tour, Gannon Opea to May 18; Cardff, 
Wales— WTA Tour, Cardiff Owmpfanshtps, 
to May 18. 

WEmnuPTiML Rfieka. Croatia — men, 
European WdgMWttog Championships, to 
May t?. 

Tuesday, May 1 3 


auto racing, Imota, tarty— resumption of 
Ayrton Senna ma nrinuglrter trial to May 14. 

Wednesday, May 14 

SOCCER. Rotterdam, Netherlands — Euro- 
pean Cup Winners' Cup Final, Parts-St. Ger- 


main, Franca, vs. Barcelona, Spain; Capa 
UbertodoreK second round, return leg: Colo 
Cola CMe, vs. NadonaL Uruguay. Ortente. 
Bortvkc vs. Universldad de CoMIca Chile, 
Ouzelra Brazil vs. El NadanaL Ecuador. 

Thubspay, May IB 


ecAf, Men Hertfordshire. Engtand — PGA 
European Tour, EngBsh Opea to May 1ft 
Irving, Took— U.S. PGA Tour. Byron Nelson 
aassto, to May 18; Namegata Japan — 
Japan PGA. -taan PGA Champlonsttip. to 
May 18. Women WUmlngton, Delaware — 
U A LPGA LPGA Champtonshlp, la May 1& 

Fiuday, May16 ; 


soccer, Sanaa, Yemen— World Cup qual- 
ifying, Yemen vs. Cambodia 
aoLF. Men anion. New Jersey — UJL 
Senior PGA Tour, CadBtac NFL Classic, to 
May 18, women, Munrrtuta, Japan —Japan 
LPGA Yakutt Ladles, to May 18. 

aucBY union. Various sites — Super 12: 
Northern Transvaal vs. Free State; Waikato 
M.OIO0OL 

Saturday, May 1 7 


soccer. Wembley, England — English FA 
Cup final Cheftea vs. Middlesbrough. 

athletics. Copenhagen Denmark — 
Copenhagen Marathon. 

cycling, Rome — Giro riTtofia, Tour of 
Italy, to June A 

handball. Kumamoto, Japan — men. 
IHF, Wortd Championsiitpif'to June 1. 

horse racing, Baltimore — Preakness 
Stakes.- 

rugbyunidn. Various sites— Podflc Rim 
Champtanshlp, Japan vs- Canodts Hong 
Ko ng vs. Unffed States, various sites — S uper 
1Z New South Wales vs. Auddamb Gauteng 
vs. Natab Qntferitury vs. Queensland. 

Sunday, May18 


athletics. OnrioHe, North Colon no — 
men, women, Grand Prtx, USA Track and 
Reid Grand Prtx, doss I. 

basketball Seacoucus, New Jersey — 
NBA draft lottery. 

motorcycle racing, Mugefio, tarty — 
Italian Grand Prtx. 

soccer. Various sites — World Cup qual- 
ifying: Estonia vs. Latvia; Jamaica vs. El Sal-, 
vutar. 

RBCBY UNION. Wsffinctwi, Mew Zen land — 
Super 1Z Wellington vs. ACT. 


DENNIS THE MENACE 



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PAGE 20 


DAVE BARRY 



Priorities for the Class of ’97 


M IAMI — Members of the Class of 
1997, as I stand before you to 
deliver your commencement address, I 
am reminded of a humorous story. 

Unfortunately, I can't tell it. because 
it's dirty. It’s the one about the two guys 
who are golfing, and one gets bitten by a 
snake. Ha ha! That’s a good one! 

But seriously, you are about to leave 
this high school or university and enter 
into a new era — an era that, if current 
trends continue, will be: the furure. 

Speaking of the future, I am reminded 
of a quotation by Steve Miller, who 
wrote: “Some people call me Maurice, 
because I speak of the 
pompatus of love." 

No. sorry, wrong 
Steve Miller' quotation. 

I meant this one: ‘ ‘Time 
keeps on slippin’, slip- 
pin'. slippin', into the 
future." How true, true, 
true, young people! But 
by the same token, you 
must not forget another very important 
pan of your lives: the past As students, 
you have spent the past in school, mem- 
orizing facts such as who was the ninth 
president of the United States, and what 
percentage of the atmosphere is nitro- 
gen. Mcwy times you have said to your- 
self: “What good will these facts do me 
in the real world?" 

Young people, you'll find that the 
things you learned in school will be 
vitally important to your success, 
provided that you are a contestant on 
“Jeopardy. 1 1 Otherwise they're useless. 
In the real world, there are few occasions 
when your boss rushes up to you and 
says: “Tell me what percentage of the 
atmosphere is nitrogen RIGHT NOW or 
we’U lose the Winfcersnood contract!" 

In the real world, it's much more 
helpful to know things like what the area 
code for Fort Lauderdale is. The answer, 

I am outraged to report is “954." 

What kind of area code is that? 

You are too young to remember this, 
but there was a time when there were 
only about five azea codes in the entire 
world, and they all had either a "l” ore 
“0" in the middle, the way the Good 

Memphis to Open Museum 
On Slave-Escape Route 

Agence France-Presse 

MEMPHIS. Tennessee — A museum 
opens in this predominantly black 
southern metropolis next month to spot- 
light the city's slave past and honor a 
German immigrant who helped run- 
away slaves escape to freedom. 

The antebellum house of Jacob 
Burkle, a German immigrant who 
owned the Memphis Stockyards until his 
death in 1 874. is being restored. He used 
his home as a station on the “Under- 
ground Railroad” for escaping slaves. 


My generation is 
currently occupied 
full-time with 
skin moisturizers. 


Lord intended area codes to be. as in 
“212," an area code that came over on 
the Mayflower. But today, ANY ran- 
dom three-digit number can be an area 
code, and the phone companies are 
adding mutant new ones at die rate of 
hundreds per day. 

Do you want to know why the phone 
companies are so eager to get your long- 
distance business? 

Because pretty soon EVERY CALL 
YOU MAKE WILL BE 'TO A DIF- 
FERENT AREA CODE, INCLUDING 
CALLS TO OTHER ROOMS IN 
YOUR OWN HOUSE, that's why. 

Who is going to fight 
this injustice? Not my 
generation. My genera- 
tion is currently occu- 
pied full-time 'with ap- 
plying skin moistur- 
zers. No, it is up to you, 
the Class of 1997, to 

take on the telephone 

companies, and also the 
companies that make the food packages 
that have die little dotted-line semi- 
circles that say “PRESS TO OPEN." 

Let me ask you. the Class of 1997. a 
question: Have you EVER been able to 
open a package by pressing that little 
semicircle? 2 didn't think so. Those 
semicircles are reinforced at the factoiy 
with titanium; they can easily deflect 
bullets. NASA pastes those semicircles 
on the nose of the Space Shuttle to 
protect it during re-entry. 

Let me ask you another question: 
Have you ever tried to wrap leftover 
food in clear plastic wrap? Have you 
ever tried to tear off a piece of that wrap 
using the so-called “cutting edge"? If 
so, did you get a nice, square piece, like 
the one the cheerful homemaker always 
gets in the commercial? Don't make me 
laugh until saliva dribbles onto my com- 
mencement robe. 

THE “CUTTING EDGE" CUTS 
NOTHING, YOUNG PEOPLE! 

Fact: For every leftover food item 
that American consumers are able to 
successfully wrap, they waste more than 
37 SQUARE MILES of plastic — 
enough to coverall of Manhattan Island, 
or the late Orson Welles. 

And what is the Scientific Community 
doing about these problems, young 
people? THEY'RE CLONING SHEEP. 
Great! Just what we need! Sheep that 
look MORE ALIKE than they already 
do! 

Oh, I could go on, members of the 
Class of 1997, but I see that the man 
with the tranquilizer-dart gun is here. So 
let me just close here with some in- 
spirational words from the ninth pres- 
ident of the United States. Steve Miller, 
who said, and I quote: “Jungle love, it's 
drivin’ me mad, it’s makin’ me 
crazy.” 

I blame all this nitrogen. 

&I 997 The Miami Herald 

Distributed by Tribune Media Services Inc. 


Where Invention Is the Mother of Necessity 


International Herald Tribune 

P ARIS — One of the rites of spring 
here is the small comer at the huge 
Foire de Paris where inventors display 
their brainchildren at the Concours 
Lepine in the hope of finding buyers, 
backers or just someone to talk to. 

Each year, under the aegis of the 
Association des Inventeurs et Fabric- 
ants Francais, there are new and better 
coat hangers, burglar alarms, vege- 
table choppers and mashers, stain re- 
movers (although, alas, no longer the 
reversible necktie in case the remover 
doesn't work). There is always an im- 
proved oyster opener and, this year, a 

MARYBLUME 

tented bed whose draperies cunningly 
conceal a 750-kilogram ( 1 .650-pound) 
metal armature, available in twin, 
queen and king sizes, to protect the 
sleeper during an earthquake. 

This year's competition, just over, 
attracted 160 inventors, including a 
contingent from China that showed not 
only a traditional Concours Lepine 
entry, magnetic socks to combat foot 
odor, but a device to protect against 
mobile telephone fraud, flameproof 
cables, electronic window cleaners, 
denim sneakers, a fake coin detector 
and Madame Wang Totig's derma- 
tological application of acupuncture 
which has cured more than 30,000 
acne sufferers (names of satisfied cus- 
tomers available if you want to tele- 
phone China). 

Named after Louis Lepine, the Paris 
police prefect who founded it in 1902, 
the concours attracts eccentrics, hus- 
tlers and dreamers to whom invention 
is the mother of necessity. 

Wishing to emphasize the positive, 
die organizers annually point out that it 
was at the Concours Lepine that the 
world first saw the ballpoint pen 
( 19 19), the pressure cooker ( 1926), the 
dirigible (1908), the steam iron (1921 ), 
the crepe-sole shoe (1927) and contact 
lenses ( 1948). The list notes that in not 
all cases did the inventor gain the 
fortune and fame that was his due. 

One who did was the late Jean Man- 
telet who in 1932 won a prize for die 
vegetable masher which he commer- 
cialized under die soon-to-be world 
famous name of Moulinex. “There are 
always people with luminous ideas. 
They are not in the majority," Mantelet 
told Inventions magazin e in 1967. 

This year’s exhibitors were perhaps 
less illuminated than the inventors of a 
substance to replace rain, the method 
of playing Ping-Pong by oneself, or 
the benefactor of humanity who gave 
his secret for preventing car thefts to 
anyone who would stop to listen: Just 
lake the accelerator with you when you 
leave your car. 

Practical devices this year included 
tires easily fitted on wheelchairs so 



they can be used on the beach and a 
way of converting motorbikes into 
mobile first-aid units. But there were 
still a few exhibitors combining the 
White Knight’s practicality with the 
persistence of the Ancient Mariner. 
There was the lady hawking water- 
filled inner soles whose sales spiel — 
"hammer toes . . . varicose veins . . . 
back pain but not slipped disks” — 
continued long after the listener had 
disappeared into the crowd, and then 
there was the burly figure of Charles 
Anastassiades, a Greek-born tailor. 

Anastas si ades has invented a way of 
attaching buttons to shirts without 
sewing them on. He has already won a 
prize for this, so why did he come back 
this year? 

“Because I have improved it." 
Anastassiades went on ro explain his 


philosophy of life, which happens of- 
ten enough at the Coricours Lepine, 
and then demanded, “Madame, you 
who are a journalist, perhaps you can 
tell me this: Why do people claim that 
Macedonia is not Greek?" 

In a quieter comer was the young 
inventor of a large black-and-white 
beach ball which splits to reveal a spill- 
proof bar complete with bottles and 
glasses. Perfected in 1990, it has. sadly, 
yet to attract a backer. In another booth 
Michel Perucca and Rafi Abrilian were 
showing their first inventions, a heel 
protector for automobilists' shoes and 
a cane equipped with a tripod in which 
it can rest when not needed. 

Gaetan Guibert, who has a neatly 
parted beard and a sweet smile, won a 
medal at die Concours Lepine in 1979 
and has shown at other fairs. "The 


PafuliiSmir 


ideas just come," he says. A former 
stonecutter and beach photographer, 
he invented a device to glue wallpaper 
to the ceiling and this year is showing a 
sort of motorized brush-equipped pole 
to remove asbestos from buildings. 

With asbestos detection and remov- 
al now mandatory in France, Guibert 
thinks he is on the cusp of success even 
if he hasn't had a chance to try out his 
prototype on an asbestos-laced site. “1 
know it will work.” he says. He has 
made contacts but found no buyers. 

This year, the Association des In- 
venteurs put the Concours Lepine on 
tiie Internet and gave it an e-mail ad- 
dress. which should encourage a lot of 
the participants, although not Gaetan 
Guibert He doesn’t have a computer. 

“Oh no," he said. “I don t un- 
derstand those things ar all. ’ * 



hhingfon 
ini Bonn Go 

karate 



PEOPLE 


'T'HREE decades after they burst < 
A the British rock scene. The Who 


By maintaining a far-flung network of news-gathering resources, the Worid's Daily 
Newspaper brings you unrivalled coverage of world politics, business and economics, 
as well as science, technology, travel, fashion, the arts and sport — all from an 
international perspective. 

Take advantage of this limited opportunity to try the International Herald Tribune 
with a law cost, 2-month trial subscription and enjoy delivery to your home or office 
every morning. 


tonto 
.The Who will 
take the stage Tuesday and Wednesday 
in Paris, with the son of the Beatles' 
drummer, Ringo Starr, sitting in for the 
late Keith Moon. Zafc Starkey will be 
the drummer when guitarist and song- 
writer Pete To wish end, 51, bassist 
John Entwistle, 53, and singer Roger 
Daltrey, 53. perform the band's 1979 
ode to the Mews. “Quadrophenia." 

□ 

Princess Nori, the daughter of Em- 
peror Akr hi to of Japan, is making an 
official visit to France at the invitation 
of President Jacques Chirac. The 28- 
year-old princess is to arrive in France 
on Sunday after a stopover in the Neth- 
erlands, where she is to meet Queen 
Beatrix. The princess will attend the 
opening ceremony of a Japanese culture 
center in Paris on Tuesday. 

□ 

Mike Tyson's three-story mansion in 
central Connecticut for which he paid 
S2.7 million for last year, is for sale — 
for S22 'million. If you think the asking 
price is high, consider that he spent 
millions to renovate it. It has 61 rooms, 
38 baths, seven kitchens, a garage for 
eight cars, five whirlpool baths. 17 spare 
bedrooms, a 320-square-raeter (3.500- 
square-foot) disco, a marble dance 
floor, a lagoon, a 20-Foot waterfall, an 
arcade, a 1.500-square-foot mirrored 
exercise room. The house sits on 17 
acres with a man-made brook running 
through it. 

□ 


Princess Diana has repaid a man who 


Cannes Goes Pop With Screening of New Jackson Video 

C ANNES’ 50th showed that it can accommodate pop culture with a midnight 
screening of the lengthy new Michael Jackson video, “Ghosts.” Hundreds 
of fans, photographers and television crews gathered to see their idol inside and 
outside tiie Palais des Festivals, causing a near-riot 
The 40-minute clip is an autobiographical allegory of the mysterious 
Maestro (Jackson) in his haunted house, a freakish outcast detested and feared 
by adults and adored by children. In an old chateau with musty Louis XVI 
characters raised from the dead, the video uses plenty of morphing and of course 
dancing — and even some moonwalking. [More Cannes news, page 7). 




bombarded with calls from staunch roy- 
alists as far away as Australia. 

□ 

The Robert F. Kennedy Journalism 
Award grand prize went to the two- 
reenagers who reported for National 
Public Radio the story .of a 5-year-old 
boy who was killed for refusing to steal 
candy. LeAlan Jones, 18. and Lloyd 
Newman, 17. live in the Chicago hous- 
ing project where the boy was thrown 
out of a 14-floor window by two boys. 
For their piece, “Remorse: The 14 Sto- 
ries of Erie Morse," they interviewed 
neighbors, friends and relatives of the 
victim and the suspects, and examined 
the unfulfilled promises politicians 
made after the murder. The founda- 
tion's book prize went to David M. 
Oshinsky. a professor at Rutgers Uni- 
versity. for “Worse Than Slavery; 
Parchman Farm and the Ordeal of Jim 
Crow Justice." 


A frail Katharine Hepburn says she 
does not want any fiiss made over her 
90th birthday Monday, but her admirers 
have other ideas. On that day. the actress 
will be honored when the city of New 
York dedicates a garden near the United 


Nations building to her. In addition. 
Senator Joe Lieberman. Democrat of 
Connecticut, is urging President BUI 
Clinton to award Hepburn the Pres- 
idential Medal of Freedom. Hepburn's 
birthday will also see the publication of A 
a new biography on Hepburn's 26-year *' 
affair with actor Spencer Tracy. 

□ 

The CBS news correspondent Mike 
Wallace planned to celebrate his 79th 
birthday Friday by doing what he usually 
does. “I util spend the day on Long 
Island on a fascinating story"” Wallace 
said. In an interview with The Associated 
Press. Wallace recalled being offered a 
job as former President Richard Nix- 
on's press secretary at about the same 
time he was offered a spot on a new CBS 
show called “60 Minutes." “I made the 
right choice," said Wallace, who has 
worked for the show for 29 years. 

□ 

Bruce Willis has abandoned plans to 
build a 550 million enrertainmenr and 
retail complex in Penns Grove. New 
Jersey, his hometown. Willis's com- 
pany. Screwball Inc., said the actor has 
lost interest in the plan after spending 
about SI million buying property. 




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2 MONTHS 
NEWSSTAND 
PRICE 

2 MONTHS 
OfFER 
PUCE 

DISCOUNT 

OFF 

COVER PRICE 

AUSTRIA ATS 

1,456 

650 

555 

BEU3IUM . 8EF 

3,380 

r^so 

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DENMARK OKK 

780 

360 

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FINLAND AM 

624 

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SO % 

FRANCE FF 

520 

210 

60% 

GBtMANY* OEM 

J82 

72 

60* 

GREAT BRITAIN £ 

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GREECE M 

18.200 

9,100 

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52 

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tTAiy ni 

145,600 

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LUXEMBOURG IFR 

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NETHERLANDS NIG 

195 

78 

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NORWAY NOK 

832 

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PORTUGAL ESC 

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SPAN HAS 

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SWEDEN SEK 

832 

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Yej. / «juW tike to start racomng tfw In ternational Haruld Tnburm. 10 - 5-97 

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ployed Kevin Duggan, 28, 
called Diana's office with his 
last 10 pence (15 cents) to ask 
the princess for help to return 
to Northern Ireland, and she 
responded with the £82 (S120) 
ticket because “one good turn 
deserves another. ' Last 
mouth Duggan pinned a pho- 
tographer against the wall 
when he saw the princess ar- 
guing with the man after he 
took pictures of her as she left 
her London health club. 

□ 

One of Britain's foremost 
china makers is bowing to 
public demand, announcing 
that it would make commem- 
orative mugs to mark the 
golden wedding anniversary 
of Queen Elizabeth and 
Prince Philip. Waterford 
Wedgwood China, which has 
made royal memorabilia for 
238 years, originally had de- 
cided to break with* tradition 
and not mark the queen's 
50th wedding anniversary in 

editions. Bui Wedgwood WOMEN A ^MS — Residents of Entlebuch, Switzerland, particioatlneTnttie 
backed dot™ after being “W.vberschiesst" shooting contest, which takes place eVerv Tratw 



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