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INTERNATIONAL 



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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHIN&JO 




The World’s Daily Newspapei 





Paris, Saturday-Sunday, November 1-2, 1997 


No. 35.667 


Si 


Hussein Accuses 
Netanyahu of 
Betraying Him 

Only US. Efforts Can Prevent 
Collapse of Israeli- Palestinian 
Peace Talks, Monarch Asserts 


By John Lancaster 

Washington Pan Service 


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AMMAN. Jordan — Infuriated by the recent Israeli 
attempt to kill a Hamas political figure here. King 
Hussein of Jordan says that his trust in Israel’s prime 
minister, Benjamin Netanyahu, has all but evaporated 
and that only a much more vigorous diplomatic effort 
by the United States can prevent the collapse of Arab- 
Israeli peace negotiations. 

In an interview, the Jordanian monarch accused Mr. 
Netanyahu of repeatedly betraying him, most recently 
and most audaciously by sending Mossad assassins on 
a botched missioa to poison the Hamas political bureau 
member, Khaled MeshaJL, in Amman in September. 

King Hussein also faulted die United States for the ■ 
v deterioration in Arab-Israeli relations, urging Wash- 
2 ingion to play a much more active role in pressing 
tr Israel to abandon policies such as building settlements 
in the West Bank that be says are pushing the region 
toward an “explosion.” 

"The United Stales, with its tremendous influence 
and impact on this area and all the people of the region, 
and its position in the world, should move from being 
a messenger to being actively involved,” King Hus- 
sein said. “It just cannot carry on continuing to deliver 
messages from one side to another.” 

The comments Thursday by King Hussein, one of 
Washington's closet Arab allies, constitute a challenge 
to Secretary of State Madeleine Albright, who said 
during a tour of the region in mid-September that she 
would not return until Israel and the Palestinians 
demonstrated a greater commitment to peace. 

They also reflected his sense of betrayal: Alone 
among Arab leaders, and despite intense political 
opposition at home, he has pursued normal, friendly 
.. relations with Israel, with which Jordan made peace in 

7 In somber and at times despairing tones, die king 
said he had virtually run out of ideas on how to deal 
with the rightist Israeli leader. He accused Mr. Net- 
anyahu of repeatedly b reaching commitments to his 
Arab negotiating partners and pandering to extremist 
elements in Israel's body politic. Far from enhancing 
Israel’s security, he said, such tactics are fanning the 
flames of Arab radicalism and could lead to a new 
"balance of fear” between Israel and hostile neigh- 
bors armed with weapons of mass destruction. 

* ‘It was an act against Jordan itself, its integrity and 
its sovereignty, and the results were devastating to the 
trust we had built so far,” King Hussein said of the 
Sept 25 assassination attempt against Mr. MeshaL “I 
really feel puzzled. I really don’t know what Prime 
Minis ter Netanyahu had in mind. It seems to me as if 
the intention is to destroy die founda ti on of what has 
already been created.” 

King Hussein cautioned that be was not abandoning 
Jordan’s policy of "normalization” with Israel. Tbe 
two countries are continuing discussions mi issues 
such as water rights, tourism and trade. 

The desert kingdom of 4 million people, more than 
half pf them Palestinian, is one of the few Arab states 
» that has committed itself publicly to sending delegates 
* to a U.S.-sponsored economic conference in Qatar 
toward the end of November. Israel also will attend. 

| "If we cannot in certain areas see any real tangible 
- * progress, it doesn’t mean that we close ihe doors and 
go back to square one,” he said. “Normalization is 
normal. I don’t know how anyone can describe it as 
something negative.'’ 

But King Hussein also made clear that he was 
increasingly inclined to draw a distinction between Mr. 

See KING, Page 4 



Ttrnoih} i Ayurr — 

Mr. Jiang, center, giving the thumbs up after he rang the bell Friday to start stock trading. 

Jiang Plays the Market in N. Y. 


CampardbyOnSieffFnm Dkpmhn 

NEW YORK — President Jiang Zemin rang the 
bell at die New York Stock Exchange on Friday to 
signal a foil day of New York activities that exposed 
the Chinese president to American capitalism’s 
monuments, leaders and opportunities. 

Brokere and clerics on the exchange floor mostly 
cheered, but there were some scattered boos for Mr. 
Jiang, who stood on a balcony overlooking the floor 

Jiang's visit is evidence of how China has 
replaced Russia amid UJ. concerns. Page 3. 

with officials of the exchange at his side. The 
balcony was draped with the flags of the United 
States and China. 

Before the opening. Mr. Jiang shouted “good 
mnming " to traders. After ringing the bell, he 
strolled briefly around the floor and then left for his 
next engagement of a busy schedule in which he 
spent most of the day with the business leaders. 

“We are deeply gratified that he has chosen to 


come to the NYSE and ring tbe opening bell,' ’ said 
Richard Grasso. chairman of the exchange. 

Mr. Grasso and the heads of such corporate and 
financial giants as Philip Morris, Ford and Goldman 
Sachs heard Mr. Jiang’s top economic aides say that 
privatization was going forward in China. 

"We are trying to build a safe and modem and 
efficient financial system," said Zeng Peiyan. 
deputy chairman of state planning. 

Several groups, including Tibetan independence 
activists, protested Mr. Jiang's visit. 

About 300 people demonstrated near the stock 
exchange building, waving the flag of Tibet and 
carrying banners denouncing China's policy against 
dissenters w ithin the Communist system. Mr. Jiang 
has dismissed reports that China was repressing the 
people of the Himalayan enclave of Tibet, where a 
popular uprising was crushed in 1959. 

Mr. Jiang's visit ‘ ‘is an indication of the corporate 
world and the free world at large just not caring about 
this issue,” said Michele Pitcher, one of the pro- 

See JIANG, Plage 4* 


Stopping By to Talk With an Exile 


By John Pomfret 

Washington Pon Service 


■PHILADELPHIA — Sun Yufong contracted liv- 
er disease in Shanghai in 1967 during the height of 
the Cultural Revolution. Once one of the wealthiest 
men during China's gilded age of capitalism before 
World War H, he died poor, bereft of his fortune, 
banks and homes, and denied medical care by the 
Communist government because of his “bad class 

background.” 

Sun Yufong *s son came to the United States 
almost 50 years ago and is now an aged engineering 
at Drexel University in Philadelphia. At 
, he was foe mentor to the son of Jiang Zemin, 
who now is president of China. 

On Thursday, Mr. Liang came to visit It was a 
quiet collision of two Chinese worlds. Mr. Sun, 72, 
apologized for never having re tamed to China. Mr. 
Jiang, 71, asked him to come back soon. 

Apart from a parent's interest in meeting his 


child’s favorite teacher, the encounter illustrated an 
important but understated goal of Mr. Jiang’s seven- 
city tour of tbe United States. Overseas Chinese are 
seen by China both as a critical resource in im- 
proving ties with the United States and as a powerful 
source of nonviolent pressure on Taiwan, the island 
160 kilometers (100 miles) off the coast of southern 
China that Beijing regards as a renegade province. 

Mr. Jiang plans to meet with overseas Chinese 
and their organizations at almost every stop of his 
tour in a marked break with previous state visits to 
the United States by tbe Chinese leaders Deng 
Xiaoping and Li Xiannian. The Committee of 100, a 
group of Chinese Americans formed in 1990, will be 
host to two lunches — one on each coast. And 
Chinese traveling with Mr. Jiang say he is con- 
sidering staying an extra night in the United States to 
an end an event in Monterey Park, California, a 
predominately Chinese snburb of Los Angeles. 

See SON, Page 4 


Indonesia to Get 
Aid of $23 Billion 

IMF Deal, Linked to Reforms , 
Aims to Reassure the Markets 


By Michael Richardson 

International Herald Tribttne 

SINGAPORE — The Indonesian gov- 
ernment and tbe International Monetary 
Fund agreed Friday on an emergency 
economic-stabilization package for In- 
donesia that will be backed by loans of at 
least S23 billion, provided that Jakarta 
carries out wide-ranging reforms. 

Officials said that the scale of the 
program — which could increase to 
about $30 billion as farther contribu- 
tions are made — and the involvement 
of the United Stares in the loan ar- 
rangements were intended to send a 
reassuring message to fragile financial 
markets elsewhere, especially in Asia 
and Latin America. 

"These measures should restore con- 
fidence in the Indonesian economy and 
contribute to the stabilization of regional 
financial markets, and I hope beyond," 
the IMF's managing director, Michel 
Camdessus, said in Washington. 

In return for the money. Indonesia 
said that it would reform its shaky bank- 
ing and financial sector, scrap govern- 
ment import monopolies, including 
both subsidies and taxes, on food items 
such as wheat, flour and soybeans; end 
controls on cement prices; reduce sev- 


eral import tariffs, and amove imped- 
iments to exports, including taxes. 

In Washington, the United States 
confirmed Friday that it was offering S3 
billion as a back-up credit to Indonesia, 
tbe first direct American financial con- 
tribution to restore financial stability in 
Southeast Asia. 

["We don’t expect that Indonesia 

Asia's currency turmoil takes its 
toll on Latin America. Page 1 1. 

will need to draw on our direct help." 
one administration official in Washing- 
ton told The New York Times. "But 
what we need to address here is an 
atmosphere of contagion** that has 
already spread in the form of extraor- 
dinary instability to currency and stock 
markets around the globe.] * 

Some analysts said that the austerity 
measures promised by Jakarta after 
tough negotiations with the IMF in the 
past two weeks could spark social unrest 
in Indonesia. 

They said that many Indonesians 
would be struggling to make ends meet 
as unemployment and inflation rose and 

See LOANS, Page 4 


Life Sentence for Au Pair 
Leaves Britons in Shock 


By Tom Buerkle 

international Herald Tribune 


U.S. Exporters Excel Despite the Dollar’s Rise 




By Louis Uchitelle 

New York Times Service 




NEW YORK — As the dollar 
strengthened this year, Ronald Bullock, 
president of Bison Gear & Engineering 
Co. near Chicago, raised his prices in 
francs and Deutsche marks for the metal 
transmission gears that he exports to 
Europe. But his customers stuck with 
him, drawn by Bison Gear’s new will- 
ingness to custom-design the ge ars 
similar in shape to bicycle sprockets — - 
for each factory machine whose speed 

exports have risen, despite 

the sticker shock. .. 

"We hire a lot more engineers today 
than we ever have before to do mis 
custom-designing,” Mr. Bullock said. 
Stories like these proliferate among 

American manufacturers. . 

Added together, they explain why a 


This time companies have cut costs, 
shaved prices, developed products, sold 
harder. Tbe unexpected export vigor has 
added significantly to the nation’s sales, 
here and abroad, and has bolstered the 
economy, helping to prolong the expan- 
sion into its seventh year. Merchandise 
exports totaled $447.5 trillion through 
'August, 11 percent ahead of last year. 

“American manufacturers have man- 
aged to export against the odds,” said 
Wynne Godley, an economist at the 
Jerome Levy Institute, a research group. 
At tbe same time, however, the robust 
dollar makes it easier and less costly for 


America's trading partners to export 
more to this country, and they are doing 
just that Despite the rapid growth in U.S. 
exports, foreign companies are selling 
more in the United Stales than American 
businesses sell abroad. The turmoil in 
Southeast Asia, where currencies have 
fallen sharply against the dollar, will 
only increase these sales to America. 

The merchandise trade deficit, as a 
result, has widened considerably in re- 
cent years, even surpassing the record 
level reached a decade ago. But in 
contrast to the furor that the trade 
gap created then, it is greeted today 


almost with indifference. (Page 11) 
“The difference is really in tbe per- 
ception.” said C. Fred Bergsten, di- 
rector of the Institute fra* International 
Economics. "People no longer think it 
is a reflection of some underlying weak- 
ness in American competitiveness. 

Allied Signal Inc. offers one explan- 
ation for why exports are rising even 
while the dollar strengthens. Airline 
travel is booming everywhere, and Al- 
lied is a big exporter of engines and parts 
for co m mercial aircraft Demand is 

See EXPORTS, Page 4 


LONDON — Britons reacted with 
shock and disbelief on Friday to the 
murder conviction of a 19-year-old 
English au pair in a Massachusetts 
court, a verdict that to many people here 
demonstrated serious flaws in a harsh 
and vindictive American justice sys- 
tem. 

Callers deluged the switchboard at 
the U.S. Embassy here to protest the 
guilty verdict against the au pair, Louise 
Woodward, which was handed down 
late Thursday. Friends in her hometown 
of Elton in northwest England vowed to 
support Ms. Woodward and her family 
through a long appeals process. 

Judge Hiller Zobel sentenced Ms. 
Woodward to life in prison Friday for 
the death of 8 -month-old Matthew 
Happen. The sentence, which was man- 
datory, requires her to serve 15 years 
before becoming eligible for parole. 

Ms. Woodward, who denied the pros- 
ecution’s charge thai she shook the in- 
fant violently and slammed his head out 
of frustration to make him stop crying, 
addressed the court in a trembling voice. 
"I'd just like to maintain my innocence 
and say I never huij Matty, and I don't 
know what happened to him.” she said. 
"I’m not responsible for this death.” 

But American prosecutors said ev- 
idence that Matthew was a victim of 
child abuse was clear. 

"This case wasn’t really a close call 
before it got into the courtroom,'' said 
the prosecutor, Martha Coakley. “The 
jury was able to see through the medical 
evidence that this child had been 
harmed.” 

On Thursday evening, Ms. Wood- 
ward broke down in sobs when die jury 
delivered its verdict after deliberating 
for 27 hours over three days. "I didn't 
do anything!” sheened. “Why did they 
do that to me?” 

It was a dramatic climax to a televised 
trial that generated enormous attention 
on both sides of the Atlantic. In Britain, 
it was portrayed as a small-town English 
teenager accused of a heinous crime in a 
big American city. 


The prosecution's case relied on doc- 
tors who treated the baby and testified 
that medical and autopsy repons 
showed his injuries were caused by his 
head being violently shaken and 
slammed against a hard surface. 

Prosecutors contended Ms. Wood- 
ward was frustrated with the fussy in- 
fant and a job thar hampered her social 
life. Police officers also testified that 
Ms. Woodward told them she had been 
“a little rough” with Matthew, a state- 
ment she denied making. 

Medical experts called by the defense 
claimed the fatal head injury occurred 
weeks before the infant lost "conscious- 
ness, creating a reasonable doubt in the 
minds of most Britons over Ms. Wood- 
ward’s guilt 

See TRIAL, Page 4 



Sicptfcn Sun. 1 K*iHl r» 

Louise Woodward, the British au 
pair, talking to the judge Friday. 







- to MM® tact in 
during tbe current strengthening of the 
dollar, which began two 
American business has 
much more than in the early 19SDs, 
last rime the dollar moved up sharply. 


Newsstand Prices. 


Andorra ia00 FF Lebanon 


Aniffles 12.50 FF Morocco- 


FSSe”.io.OO FF 

Gabon. 1.100 CW Senegal.— 

Italy.. ...2.800 Lire Sp»- 

sas^-i.sssBf— ’ ^ 

Ki Mia. --TOO FSs U.S. ML fSlt) — 81.20 






AGENDA 


Irish Election Conceded to McAleese 


The train opposition candidate in 

die Irish presidential election conceded 
defeat ftiday and as tbe government 
candidate, Mary McAleese, appeared 

assured of winning. 

“I congratulate Mary McAleese on 
her victory,” Mary Banotti said 
of the official confirmation of 

the results of Thursday’s vote. 

Mrs. McAleese was the candidate 


The Dollar ( 

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of Ireland *s governing coalition of the 
Hanna Fail and Progressive Demo- 
cratic parties. She would be the first 
person from Northern Ireland to hold 
die largely ceremonial post 

Earlier article, Page 2. 

Chemical Arms Pact 

The lower house of the Russian 
Parliament ratified on Friday the 
Chemical Weapons Convention, a 
global pact banning tbe production 
and use of chemical weapons, while at 
tbe same time acknowledging that 
Russia could not afford to cany out 
the convention’s provisions. Page 4. . 


Books.. Page 3. 

Crossword Page 18. 

Opinion — Page 6 . 

Sports ... - Pages 18-19. 


ThelntarmarlcBt 


Page7. 


ThelHT on-line VAvw.iht.com 


Raul Salinas Professes His Innocence 

Brother of Former Mexican President Speaks Out From a Cold Prison Cell 


By Julia Preston 
and Peter Truell- 

Neve York Times Sen-Ice 


MEXICO CITY — When his brother 
was president of Mexico, Raul Salinas 
de Gortari lived foe high life, enjoying 
foe thoroughbred horses, fast cars, and 
luxurious houses readily available to 
someone who could deposit more than 
$100 million in Swiss bank accounts. 

Now, after spending much of the last 
three years in a cramped, frigid cell in 
Mexico's harshest prison, Mr. Salinas 
says that he amassed his fortune le- 
gitimately, but acknowledges that he 
did it by seizing the “huge opportu- 
nities” for business deals afforded a 
sibling of Mexico’s leader. 

In bis first extensive interview with a 
foreign publication since he was jailed in 
February 1995, on suspicion of murder. 
Mr. Salinas vigorously denied tbe hom- 
icide charges as well as allegations that 
he was paid by Mexico’s drug barons to 
protect their business. He also provided 


new details of how two American fi- 
nancial institutions. Citibank and 
Bankers Trust, handled his money. 

Mexican authorities do not allow Mr. 
Salinas to meet directly with reporters. 
So one day recently, the man who has 
become a symbol to many Mexicans of 
the venal abuse of political power, sat 
down with a ballpoint pen and white pad 
of paper. He responded with lOpagesof 
replies to written questions from The 
New York Times. 

“I always have had private business, 
and when you are the brother of the 
president of Mexico, many huge op^ 
pommities come to you, as happened to 
me,” wrote Mr. Salinas, the eldest broth- 
er of Carlos Salinas de Gortari. whose 
term in office raided in laic 1 994. 4 ‘There 
was no need for me, with the position I 


lead investor $30 million around the 
time of the sale because he was certain 
he would make a profit and it would be 
“a good one.” 

The interview was arranged by Stan- 
ley Aridn, Mr, Salinas's New York- 
based lawyer. Mr. Arkin also set up 
several hours of conversations with 
members of Mr. Salinas’s immediate 
family who live in Mexico, including 
his father and three of his siblings. 

The siblings-— Adriana, who is47 and 
runs a publishing company; Enrique, 44, 
a civil engineer; and Sergio, a 43-year- 
old Sociologist — criticized their brother 
Raul for making “stupid mistakes” and 
misusing privileges that came to him as a 
result of his brother’s presidency. But 
they adaman tly denied that anyone in the 
Salmas family had any role in drug traf- 


hattto get involved with drag dealers .' 7 fickiag or theft of government money, 
he said, arose in Defending Raul Salinas and proiesi- 
1993 when the Mexican government ing his imprisonment, the Salinas clan 
sold a leading television network to gathered in the elegant Mexico City 

See MEXICO, Page 4 


private investors for $641 million. Raul 
Salinas confirmed that he loaned the 


i 






PAGE 2 




McAleese 
Headed for 
Irish Victory 

She’d Be First From Ulster 
To Hold Presidential Post 


Reuters 

DUBLIN — Mary McAleese, a Bel- 
fast lawyer, was headed Friday for clear 
victory in the Irish presidential elec- 
tion. * 

Early treads ahead of the first con- 


- dictions that the government candidate 
, was poised to win the ceremonial job. 

RTE, the broadcasting network, said 
. that four hours after counting began, 
Mrs. McAleese was die top vote-getter 
in almost all of die counting centers. 

According to early tallies, “it lodes 
. as though government candidate Mazy 

- McAleese will be the next president of 
Ireland,” RTE reported. 

It said Mrs. McAleese was heading 
the poll in front of Mary Banotti, a 
member of the European Parliament and 
member of the opposition Fine GaeL 

An exit poll as voting ended on 
Thursday gave Mrs. McAleese a 17- 
point lead over Ms. Banotti, backing up 
pre-election surveys that she was the 
front-runner. 

Observers said Mrs. McAleese could 
be elected on the second count after the 
elimination of weaker candidates. Early 
estimates had the singer Dana, whose 
real name is Rosemary S cation, in third 
place, with an anti-nuclear candidate, 
Adi Roche, and a former policeman, 
Derek Nally, trailing. 

Morning newspapers said Mrs. 
McAleese was on course to succeed 
Mary Robinson, who resigned in 
September before completing her seven- 
year term to become the United Nations 
high commissioner for human rights. 

“McAleese is expected to emerge 
victor this evening,” the Irish Times 
said. “Victory likely on second count,’ ’ 
The Examiner said 

The forecasts followed an exit poll 
for RTE, which indicated that Mrs. 
McAleese held 46 percent of first-pref- 
erence votes to 29 percent for Ms. Ban- 
otti. 

Mrs. McAleese 46. is a devout Ro- 
man Catholic and nationalist from Brit- 
ish-ruled Northern Ireland. 

She is the candidate of Ireland’s rul- 
ing coalition Fianna Fail and Progres- 
sive Democratic parties. 

The presidency was a largely cer- 
emonial post that Mrs. Robinson trans- 
formed into a high-profile job. 

■ Hillary Clinton Remembers 

>liti- 


Truckers 9 Strike Might Reach Wide, 



Reuters • 

PARIS — France told its European 
neighbors Friday- that French truck 
drivers might begin a strike soon that 
copld bring chaos to the roads arid 
disrupt industry and agriculture in 
many parts of the Continent 

“The countries of the European Un- 
ion and others with traffic accords with 
France have been informed of the 
threat that die current state of nego- 
tiations presents,” said a Foreign Min- 
istry spokesman, Jacques Rummel- 
hardL He spoke after talks broke off 
but before a new meeting of employers 
and unions was scheduled in an effort 
to avert die strike, which is scheduled 
to start at 10 P.M. on Sunday. 

Thick drivers are planning to erect 
about 180 roadblocks across the coun- 


try, Ports, major crossroads and bor- 
ders are among the likely targets, along 
with oil refineries. 

Employers have been proposing an 
immediate S percent wage increase for 
drivers, .and then gradual increases to 
120,000 francs ($20,800) in' the year 
2000. But the unions want the in- 
creases on a monthly basis, not annual, 
and they want the raises to apply to 
more drivers. 

The French CFDT trade union said 
sympathy protests by railroad workers 
could not be ruled out if the authorities 
used force to counter a strike. 

Radio stations said French motor- ' 
ists, recalling similar disruptions a year 
ago, were fining up at gasoline stations, 
fearful fear that truckers would block- 
ade oil refineries, as they did then. 


. Wine producers were raid to be hur- 
rying supplies of Beaujolm Nouveau 
wine to merchants to beat the strike. 

The leader of tire truck drivers un- 
ion, Roger Poletti, said: “Fm con- 
vinced mat, if there unfortunately is a 
blockade, we’ll see squads of riot po- 
' lice arrive Sunday morning around 4 or 
S o'clock at the refineries to make sure 
.they can be supplied.” 

Talks between the two sides broke 
off early Friday morning, with em- 
ployers accusing unions of making 
intolerable insults” and unions ac- 
cusing bosses of turning their backs on 
negotiations. 

A 12-day strike last year paralyzed 
France, causing milli ons of dollars’ in 
losses to gasoline stations, farmers and 
truckers across Europe. . . 


Gloom about a possible strike has 

spread beyond France’s borders. The 
Spanish government said it feared that 
tire action could have "irreparable 
consequences" for its fruit and vege- 
table, producers. It hasasked Paris to 
ensure that Spanish shipmates not be 
targeted. British truckers have also ex- 
pressed concern. - • 

The European Commission has 
asked for corridors to be established to 
allow the free passage' of goods. 

year, the automobile industry 
was awvMig tire worst casualties of the 

If the strike does materialize, it will 
be the first high-profile crisis that 
France’s Socialist government has had 
to confront since it took office in 
June. 


briefly 



cians in Northern Ireland on Friday to 
follow the oommonsense example of a 
Belfast homemaker and sort out their 
troubles over “tots of tea,” The As- 
sociated Press reported from Belfast 

Mrs. Clinton arrived in Belfast to 
encourage Northern Ireland's peace ne- 
gotiations. 

Her remarks paid tribute to Joyce 
McCartan, a peace worker, whom Mrs. 
Clinton had met during a visit nearly 
two years ago. Mrs. McCartan died of 
natural causes two months later. 


Trial of Papon 
Reopens With 
History Lesson 


By Anne Swardson 

• Washington Post Service 

BORDEAUX — The war crimes trial 
of Maurice Papon resumed Friday after a 
weeklong hiatus, and for the first time, 
France itself was in the dock. The chief 
accuser, an American. 

Until now, the trial of Mr. Papon, a 
former high regional official in the col- 
laborationist Vichy government, has 
been centered on the defendant He is 
accused of signing orders that sent more 
than 1,500 Jews to death camps. 

For three weeks, the events here have 
focused on the health of the 87-year-old 
Mr. Papon, who is recovering from a 
bronchial infection, his efforts to find a 
place to stay, and his character. 

But much of the advance billing for 
this trial, only the second of a former 
Vichy official, had predicted that the 
wartime role of all of Vichy France 
would also be in the dock. 

That phase opened Friday as Robert 
Paxton, a retired Columbia University 
professor who is one of the world's 
leading experts on the Vichy govern- 
ment, tola tire court repeatedly that 
Vichy officials acted to exterminate 
Jews on tireir own, not under ordera from 
the Nazis. 

Mr. Paxton's research, which led to 
the publication of three books and 
caused a furor in France with the pub- 
lication of tire first French translation in 
1973, did not include Mr. Papon's al- 
leged activities. Rather, Mr. Paxton was 
called. by the prosecution to educate the 
jury. The average age of the jury is under 
30; the foreman is 25. 

Older French were not aware of the 
extent to which the government of die 
Vichy zone in southern and eastern 
France carried out the Germans' agenda 
because it was covered up fra- years. 
PresidentCharies de Gaulle saw no use in 
admitting that French men and women 
served any wartime cause other than the 
Resistance. His successors, up to and 
including Francois Mitterrand, agreed. 



-Fibira ConmWIUairn 


Maurice Papon leaving tire hospital Friday to attend his war crimes trial. 


The stndent generation that rioted in 
the streets in May 1968 took Mr. Pax- 
ton’s book, the first major work to ex- 
pose the true extent of Vichy treatment 
of Jews, to heart But young members of 
French society today seem less attuned. 

If the jury was not already aware of 
the extent to which Vichy officials first 
deprived Jews of their jobs and property, 
then later shipped 76,000 of them on 
train convoys to the death camps of 
Poland, Mr. Paxton made it clear. 

The regime gave the Germans ‘ ‘all the 
means it needed to dispose of Jews." he 
said. With only a few tmy exceptions, he 
said, Vichy France was the only place in 
Europe where Jews were rounded up and 
deported by nationals, rather than by 
Germans. 

That included both French Jews and 
refugees, of which France had plenty 
after HItlerVinvasions of one- Eastern 
European country after another in the 
late 1930s. 

Asked if the Vichy government could 
have been trying to save any of the 
deportees — 'only 2,500 of the 76,000 
sent from France returned: — Mr. Paxton 
said he saw no such evidence. Mr. Pa- 
pon’s defense is that he was secretly a 
member of the Resistance who was fry- 



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Europe Direct, the new nightly programme 
reflecting Europe to Europe. BBC correspondents and 
top European journalists report on the da/s events 
from the BBC bureaux in Brussels, Paris, Berlin, Bonn, 
. Frankfurt, Rome and other European centres. 


WATCH WEEKDAYS AT 21:00 CET 


BBC 


WORLD 


BBC WbU n a kodbmrt of A* BnoA fcoadoakng Cvponaon 


TRAVEL UPDATE 


Hotel George V Closes for Update 

PARIS (AFP) — The prestigious Hotel Geoige V closed 
Friday for a year of repairs designed to bring its stately 
grandeur up to date. 

The owner of the hotel. Prince Waleed ibn Talal, who used 
to stay there as a child and is a nephew of King Fahd of Saudi 
Arabia, is putting 300 million francs ($52 million) into the 
renovation. 

Room rates, which now average 2,000 francs a night, 
will rise to 3,000- francs once the establishment has put 
in -a pool and gymnasium, modernized the bathrooms 
and equipped the suites for communication by fax and 
computer use. The Anbusson tapestries will remain in 
place. 

Bucharest Landmark Reopens 

BUCHAREST (Rollers) — Romania’s most famous hotel, 
the Athenee Palace, riddled with bullets and damaged by fire 
in the 1989 revolution, has reopened as a Hilton hotel, after a 
$50 million face-lift 

“This is the first hotel opened by Hilton in Bucharest, and 
with a Hilton management,’ * said Robert Frigiere, the general 
manager of the Athenee Palace. 

He said it had taken three years to return the 272-room hotel 
to its former glamor. 

It is Romania’s only five-star hotel. 

Civil Aviation officials in Vietnam said Friday that dozens 
of abandoned wartime airstrips would be repaired and bought 
back into service over 13 years under a $6 billion program to 
meet growing air-traffic demand. ( Reuters ) 


ing to save Jews. Mr. Paxton was asked 
another question that indirectly related 
to Mr. Papon, who plans to say he was 
only following orders. Asked if Vichy' 
officials could resign their posts without 
fear for their safety rather man carry out 
deportation orders, Mr. Paxton cited two 
cases of officials who had refused to act . 
against Jews and had only been required 
to retire as a result. 

Mr. Papon, who had been hospitalized 
for nearly a week, arrived at die trial 
sitting in an ambulance, wearing a long 
scarf. In the courtroom, in a gray suit, 
blue sweater and no scarf, he looked 
very pale, but focused intently on the 
-delates. 

Asked at the end of the questioning of 
Mr. Paxton if he wished to ask the wit- 
Lapything, Mr. Papon stood and said: 
TBtyis a very fluid material, hard to 
:get £ hold of. A document can be read 
several different ways.” 

Mr. Paxton was treated as a media 
celebrity, followed bya dozen television 
cameras as he entered and left die 
courtroom here. He said in an interview 
after his court appearance that all the 
attention seemed to be a symbol of 
“something deep and irrational going 
on” as France watches the trial. 

But, as Mr. Papon’s defease lawyer 
pointed out in court, Mr. Paxton’s book 
* * Vichy France' ’ closes with a question: 
What would each one of us have done in 
similar rircnxnstances? 

“I’m not sure I wouldn’t have done 
the same,” Mr. Paxton said. 


Swiss Bank 

Aids Victims 

- # 

Of Holocaust 


CcavMbyOvr Staff Fivm Dtqnarha 

BERN — Switzerland’s central bank 
said Friday that its bank council had 
. approved . paying 100 million Swiss 
francs into a memorial fund for needy 
Holo caus t survivors and their families. 

The money will be paid into the ac- 
count, set up by big Swiss commercial 
banks and other private businesses, on 
Nov. 3, the Swiss National Bank said. 

“The contribution is a gesture of hu- 
- inanity in die context of the debate on 
Switzerland's economic and financial re- 
lations during the Second World War,’ ’ a 
statement issued by the bank said. 

The National Bank contribution will 
bring the total of the fund to 280 million 
Swiss francs ($199 million). 

The government, meanwhile, said 
Friday feat a planned 7 billion Swiss 
franc “solidarity’’ fund should look to 
the future rather than focusing primarily 
on aiding Holocaust victims. But Fi- 
nance Minister Kaspar Villiger added, 
“Of course, thefuntialso will be open to 
projects duu concern. the Holocaust” 

He spoke as the government endorsed 
a plan that would put the -.emphasis on 
preventing poverty and improving op- 
portunities for young people. It also 
would try to resolve conflicts, combat 
genocide and rebuild shattered commu- 
nities, as well as aid victims, said the plan 
produced by two groups of experts. The 
money is to be used equally inside and 
outside Switzerland. 

■ Germany Balks at Reparations 

The German government said Friday 
that it would not comply with a Greek 
court ruling ordering it to pay a Greek 
village $32 million in World War II 
reparations. Reuters reported from 
Bonn. 

Bonn's rejection was a new blow to 
Greek citizens’ attempts to obtain in- 
dividual compensation for suffering in 
the 1941-1944- German occupation. A 
court in Iivadia ordered the payment to 
Distomo, where 214 people were ex- 
ecuted by German soldiers in 1944. 

“The cases before Greek courts, in 
Which the claims of Greek individuals 
are being beard against Germany be- 
cause of events during World War H, do 
not conform with international law,” a 
government spokesman said. 

(Reuters, AP) 


Mad Cow' Case 
Found in Belgium. 


BRUSSELS-^- Tttces of *‘nw£ ‘ 
cow” disease were defected to a 
Belgian animal in foe first rase to 
be reported -to the counfry;- Bel- 
gium’s agriculture minister, Sard 
pinxten, said Friday. . >- 

The cow was from a smaitfann 
in the southern provinceof Namur,- 
he said. It had been fcSfed .after 
showing signs of a nervous 
and investigations to Belgium sad 
Britain showed it had toe: brain- 
wasting disease, ‘ - 

Thirty-three animals from the' 
same form have been pottoto quar- 
antine and will be. destroyed. The 
brains of the 14 adult cows win be 
examined for the presence of the 
disease, bovine spongiform, en- 
cephalopathy. : 

Although the presenceof the di*. 
ease was a blow to Belgium’s beef 
sector, measures to ensne that the 
meat would not enter -the human 
food chain had worked. welL.Mf. 
Pinxten said. - . . 

Stalemate in Bonn 
On Climate Talks ' 

BONN — A United Nations- 
sponsored conference to-' combat 
global wanning in the next ~ 
ended Friday with progress 
by foe failure of Europe and 
United States to break a stalemate 
over strategy. 

The 10 -day conference in Boah 
was intended to clear the way ftata 
world-wide agreement on restrict- 
ing future emissions of gr eenhouje 1 
gases, seen as a cause of global 
warming, at a summit to Kyoto to 
December. It took place despite 
wide differences between Ame*s 
ican and European negotiators on 
how deeply emissions need to-be 
curbed past the year 2000 , with 
targets proposed by Europe ranch 
stricter than those suggested by 
Washington. 

“The European Union and U.S. 
positions are still very differiaot, 
said Raul Estrada-Oyuela, the Ar- 
gentine diplomat who was chaff- 
man of the Bonn talks. ( Reuters ) 

At Least 14 Killed 
In Storm, in Azores 

LISBON — At least 14 people ' 
were killed and many were missing 
after a freak storm lashed the Por- 
tuguese Azores Islands on Friday, a 
senior government official said. 

- Rains triggered mudslides that 
rushed through the village of 
Ribeira Quente on the island of Sao 
Miguel shortly before dawn, bury- 
inghouses. 

The mayor of the nearby town of 
Povoacao, Carlos Avila, told TSF 
radio that 14 people had been killed 
and as many as 25 were missing 
r after foe strum struck. 

“A large part of die village has 
simply disappeared and with it. 
many people, people that I knew,” 
Mr. Avila told TSF. The Lusa news 
agency reported the number of 
missing as 17 and said that seven 
people had been pulled out from - 
under collapsed buildings and 
flown to hospitals. (Reuters) 




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Correction 

A Bloomberg News dis- 
patch to Thursday’s editions 
incorrectly stated that Japan 
Airlines Co.'s earnings had 
risen to part because oflower 

| jet fuel costs and that the com- 
pany expected profit of 1 bil- 
lion yen for the year. In fact, 
jet fuel prices have risen, and 
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1 1 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 1-2, 1997 


PAGE 3 


I ' .Vr '• 

hJ.- 


In Relations With U.S~ China Takes On Soviet Union’s Cold War Status 


>! By Steven Erlanger 

■ \rw- farf Timet Service 

■ WASHINGTON — The fat 
; Chinese- American summit meeting 

: s&sss 

‘ P 6 '"?* 1 the Sovi « Union col- 
; lapsed; rad the sense that China is snp- 
. planting Russia as America’s prime con- 
cern dominated the meetings, in wavs 
: both practical and symbolic y 

■ On a fundamental level, for weeks the 
! roam energies of the Clinton admin- 
. istration went into preparing the meet- 

■ mg, negotiating its outcome and order- 
. mg its camera angles in ways that would 


allow both presidents to look strong to 
their domestic constituencies. 

Difficult and aggressive bargaining 
with the Chinese continued until the very 

NEWS ANALYSIS 

end on substantive, strategic, and eco- 
nomic issues; a senior administration 
official explained this by ci ting “our 
most important foreign-policy problem 
— ensuring a relatively benign China for 
die next cranny.” 

In symbolic ways. too. the Chinese 
insisted on the trappings of great power 
that the Soviets once got and that the 
Russians still have — a formal state 


visit, inc hidin g an official dinner (and 
lunch); awkward visits to famous his- 
torical sites, like that famous shrine of 
anti -colonialism. Independence Hall in 
Philadelphia, and a secure, telephone 
“hot line” between President Bill Clin- 
ton and President Jiang Zerain. 

When President Richard Nixon cre- 
ated the first normalization with Com- 
munist China in the early 1970s, there 
was much talk of a “triangular rela- 
tionship,” in which China and the 
United States could help each other to 
restrain the Soviet Union. 

But today, in a much less confron- 
tational world, a rising and aggrieved 
China is pressing to be treated by the 


United States with the same respect as 
the Soviet Union was, and Mr. Clinton 
and his advisers did their best over the 
last few days to oblige. 

“They are supplanting Russia as the 
other power, and one of the things we 
gave mem is equal stams as the other 
power, and this they wanted very 
much,” said Leslie Gelb, president of 
the Council on Foreign Relations. 

“So what’s most interesting is how 
similar this meeting was to die old Soviet 
summits,” he added. “Both with die 
Soviets and now die Chinese, the Amer- 
ican president had to make clear to the 
American people that be is tough and 
hard-nosed, especially on human rights 


issues. Clinton posed himself carefully 
with Jiang, unsmiling and serious, the 
same demeanor all the old Cold War 
presidents had to take.” 

Still, no one could remember a sharp- 
er public exchange between an Amer- 
ican president and his summit guest than 
Mr. Clinton's ami Mr. Jiang's altern- 
ating lectures to the press, and each 
other, on die nature of human rights. 

Fired Greenstein of Princeton Uni- 
versity. a presidential historian, said that 
the closest comparison came during 
Nikita Khrushchev's visit here in 1959, 
less than three years after the invasion of 
Hungary, “when Americans demon- 
strated and mayors boycotted and 


Media Ensure Chinese See Only the Rosy Side of Jiang’s U.S. Visit 


Mil- 

;tu>l 


■' 1 ! ‘ll Ullf 


By Erik Eckholm 

. New York Tunex Sen-ic e 

■ BEIJING — Among the mandatory 
smiles and pageantry of Jiang Zemin’s 
}. state vis it to Washington this week, the 

• impromptu debate on human rights be- 
tween Mr. Jiang and President Bill Clin- 
ton at their press conference stood out as 
unusually frank. 

For American viewers, at least, it was 
a reminder of the differences that re- 
main despite a multitude of agreements 

• and shared hopes. 

But few Chinese are apt to learn about 
this telling moment because the pointed 


exchange was not mentioned at all in the 
news coverage here. 

All week, the government-controlled 
television and newspapers have, ex- 
tolled the happy moments of the trip and 
glossed over less pleasant tidings. 

On Thursday evening, viewers of 
China’s only national television news- 
cast watched the Clintons and Gores 
meet Mr. Jiang and his wife, sat through 
nearly the entire American national an- 
them and watched the 21-gun salute. 
They heard a long summary of the lead- 
ers’ joint statement, covering 
everything from environmental agree- 
ments to the desire for world peace. 


POLITICAL 


« . * 

V. filK 


1 1 hik 
in fan 



. Cbad»RAAiUpft/lli-A*oBa^ftra 

An abortion protester getting into the act as Governor Whitman of New Jersey 
campaigned Friday with former Vice President Dan QuayJe in Morristown. 

. ....’ " • ■ •• /»•*! fi .rtf,.. 

¥\ j yy • • a • mr t if tlic need urosfc. But ncszud that there were 

JJSOU Meat Ul [Sew jersey not enough votes to keep the investigation 

. going next .year — as he would like. 

NEW YORK — Christie Whitman con- “I can count as well as the next guy,” ihe 
tinues to receive high marks as governor of Tennessee Republican said, noting that it 
New Jersey, but she has been unable to would take 60 votes to break a Senate 
persuade voters thar she would do a better job filibuster on the issue. He admitted that 
than her Democratic opponent, stale Senator some Republicans do not want the inves- 
Jim McGreevey, in addressing their top con- tigation extended, 
cent, which is auto insurance, according to a . Among the reasons discussed at a meet- 
New York Times/CBS News Poll ing earlier this week, according to three 

The race between Mrs. Whitman and Mr. sources, was concern that the hearings have 
McGreevey appeared to be a statistical dead not produced a blockbuster disclosure and 
heat among those voters judged by pollsters have not stayed focused on Republicans see 
to be the most likely to vote. (NYT) as Democrats’ misdeeds. (AP) 


The press conference itself was 
shown only briefly, and the crowd of 
protesters across the street from the 
white House was not mentioned at all. 

From the long and lively press con- 
ference. the government-run China 
Central Television showed only a rao- 
- meat of each leader’s statement about 
constructive cooperation. 

The television networks and news- 
papers here have been remarkably con- 
sistent The images given the Chinese 
people have been resolutely upbeat 
with special emphasis on tile pomp and 
symbols. 

Mr. Jiang clearly wanted this trip to 


Away From 
Polities 

• Seven women and five 

men bare been selected to 
serve as jurors in the Okla- 
homa City bombing trial of 
Terry Nichols, clearing the 
way for opening statements in 
the second case stemming 
from the bombing on April 
19, 1995, that killed 168 
people. (WP) 

• The number of Americans 
afflicted with diabetes bas 
increased dramatically since 
1958 to 10 million, the 
highest level ever. One reason 
is that people are too fat. the 
Centers for Disease Control 
and Prevention said. (AP) 

• Tbe accused leader of a 

secret order of white sep- 
aratists was sentenced to two 
life terms in prison without 
parole for a string of bomb- 
ings and bank robberies in 
Washington state. Verne Jay 
Merrell refused to stand for 
the sentencing. (AP) 


Funding Probe Fizzles Quote lUnquote 


WASHINGTON — Senator fted 
Thompson, acknowledging declining sup- 
port among fellow senators for his inves- 
tigation of alleged fund-raising violations, 
ann ounced Friday that be was suspending 
hearings and said the inquiry would not be 
extended beyond the year-end deadline. 

Mr. Thompson, chairman of the Senate 
Governmental Affairs Committee, said he 
reserved the right to call additional hearings 


Gary Locke of Washington, the nation's 
first Chinese- American governor, on the 
portrayal of Asian- Americans in the con- 
gressional inquity of illegal contributions: 
“I"ain as adamant as anyone else in our 
belief that we need to get to the bottom of 
what happened and thar we need to overhaul 
our campaign finance system. But it is ter- 
ribly wrong and very hurtful to tar all Asian- 
Americans with the same brush.’ ’ (AP) 


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give him new stature as a leader at 
home, and China new stature as a world 
player. His country’s news outlets, with 
tbe government's guidance, are doing 
their best to make sure that it plays thai 
wav. 

Each day 's ceremonies and meals and 
meetings have been featured atop page 
one of every major newspaper, 
crowding down news about the stock 
market chaos in Hong Kong, and they 
have filled the opening minutes of every 
news broadcast. 

“The government sees this visit as a 
very big event, and they give the media 
very detailed directions about what to 
print,” said Wu Guoguang, a former 
editorial writer of the People’s Daily who 
left China in 1989 and now leaches at the 
Chinese University of Hong Kong. 


Typically, he said, the government's 
Xinhua news agency 1 coordinates all 
coverage of an overseas event like this 
one, and a top political official reviews 
drafts of key articles. 

Beijing residents could choose among 
a wealth of officially sanctioned news- 
papers Thursday morning to learn about 
the summit, but nearly all of them used 
identical pictures — tbe two presidents 
striding past a military honor guard — 
versions of the same article from the 
Xinhua news agency, and in some cases 
identical headlines. 

Some Chinese can, however, seek out 
alternative news outlets. Thousands, es- 
pecially in the south, have illegal satel- 
lite dishes and can view' CNN or Hong 
Kong stations, which remain far more 
freewheeling. 


Khrushchev threw ears of com at the 
press.” 

This time, Mr. Greenstein said, “there 
was a balletic quality' — the sense of a 
strongly orchestrated agreement to dis- 
agree, where people were prepared to 
say what they needed to say.” 

Jonathan Pollack, a China scholar at 
the Rand Organization, said he was re- 
minded of the “kitchen debate” in Mos- 
cow between then Vice President Nixon 
and Mr. Khrushchev, also in 1959. Mr. 
Clinton “looked stronger on human 
rights, while Jiang can go home and feel 
he got here and held his own. bent a little 
but didn’t break, got some agreements, 
and regularized meetings and a hoi line 
like the Russians, and that will go over 
well with many Chinese." 

In terms of economics, (his meeting 
resembled American summit meetings 
with Japan. The main arguments involve 
trade barriers and market access, a loom- 
ing trade deficit, how to verily com- 
pliance with trade agreements already 
reached, and the way American business 
interests can be invoked. 

Robert Kagan of the Carnegie En- 
dowment for International Peace, who is 
a critic of Mr. Clinton’s China policy, 
wonders what would happen “if 
Chinese aspirations go beyond what any 
American administration can tolerate.” 

“That will present the administration 
an interesting conundrum on engage- 
ment down the road," Mr. Kagan said. 
“Is there a point where we will have to 
say no to them?” 

If so, American-Chinese summit 
meetings will not just seem like Soviet- 
American ones, but begin to carry some 
of the same strategic weight. 


BOOKS 


MAN ON THE FLYING 
TKAPEZE: The life 
and Times of W.C. Fields 

By Simon Louvish. 564 pages. 
$2935. Norton. 

Reviewed by 
David Nicholson 
TT took about eight hours to 
Tread this biography of 
W. C. Fields, about as much 
time as it took to watch the 
four full-length movies and 
six short subjects featuring 
him that I found in my video 
library and for rent at the local 
video store. Guess which ex- 
perience was more fun. 

True, Simon Louvish, a 
novelist and teacher at tbe 
London Inter national Film 
School, has done some ad- 
mirable detective work. 

He had access to a trove of 
scrapbooks, as well as letters 
and other materials from 


Fields and his estranged wife, 
Hattie. 

Louvish also seems to have 
seen every film Fields ap- 
peared in and, as a result, can 
compare versions of a script 
with tbe picture itself to show 
us how the actor ad-libbed 
once the cameras were rolling. 
Louvish can also show us how 
some of Fields's material can 
be traced to vaudeville, and 
perhaps even to mid-1870s 
minstrel shows. 

What Louvish doesn't do, 
however, is give us the man. 
Though he retells Fields's life 
from his boyhood in Phil- 
adelphia to his death in Cali- 
fornia in 1946, shows us the 
hard work and the unrelenting 
drive that allowed Fields to 
survive tbe death of vaudeville 
— where be began as a juggler 
— and to reinvent himself as a 
mo vie star, the great comedian 
remains maddeningly elusive. 


Perhaps this was inevit- 
able. Onscreen, a series of 
mistresses, a love of fast cars 
and a penchant for alcohol 
notwithstanding. Fields was 
in some respects numbingly 
conventional. Work seems to 
have been the most important 
thing in his life. 

Though Fields wanted 
audiences to believe he was a 
“curmudgeon who was the 
same in his life as on- screen: 
the hater of children and dogs, 
who made a million laughs out 
of his own pain and his trau- 
matic, miserable past.” tbe 
reality was more complicated. 
He had a ‘ ‘close-knit circle of 
friends, mostly male.” and, 
though he had several mis- 
tresses, he provided financial- 
ly for his estranged wife and 
son for decades. 

He was capable of casual 
racism and anti-Semitism both 
in his life and his arL At the 


same time, before his death. 
Fields announced he was leav- 
ing his money to found a home 
for oiphaned black boys. 

But in the end. Fields never 
seems quite real here. As 
Louvish himself puts it; “I 
discovered dial the juggler 
had fooled me again. The 
quickness of the hand de- 
ceives the eye. Never give a 
sucker an even break, par- 
ticularly when he might be 
your biographer." 

David Nicholson, a writer 
hosed in Washington, wrote 
this for The Washington Post. 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors world-wide invited 
Write or send your manuscript to 
MINERVA PRESS 
2 OLD BflOtFTDN RD. LONDON SW 7 3DQ 


Financial Turmoil in Asia 

How Serious? 

Will It Spread? 

A Special Section on Monday, November 3rd. 


The plunges in stock in Asia, Europe and the United States and 
markets and curren- ten individual country portraits by corre- 
cts in much of Asia spondents focusing, concisely, on 
in recent weeks have rattled economies Thailand, Malaysia, Indonesia, the 
and forecasts throughout the region, as Philippines, Hong Kong, China, Taiwan, 
well as in Europe and America. Singapore, Japan and South Korea. 


As part of its continuing daily coverage of 
this important and dramatic story, the 
International Herald Tribune will provide 
a special section on Monday, November 
3, bringing together the best up-to-date 
assessments of: 

■ How serious is the decline in Asian 
economies? 

■ What are the likely consequences in 
Asia, Europe and America? . 

■ What will it take to bounce back? 

■ What is the longer term outlook? 

Included in this special section are 
overview pieces from !HT correspondents 


The currency crisis gripping the region 
had its roots in Thailand's currency deval- 
uation on July 2. It was on the front page 
of the July 3 International Herald Tribune 
and it has stayed on the front page con- 
sistently as the story has unfolded and 
spread. 


Don't miss this Special Section 
on November 3 
for continuing coverage. 


'• .wWi OSNx'/v. 


. ■ j* A* 


- •‘rzrzz. 4 



fgnbunt 


OwwSuM* 



THE WORLD'S DAILY NEWSPAPER 










Russian Deputies Ratify Chemical Arms Treaty 


By David Hoffman 

Washington Post Service 


MOSCOW — The lower house of the 
Russian Parliament on Friday ratified 
the Chemical Weapons Convention, a 
global pact banning the production and 
use of chemical weapons, while ac- 
knowledging that Russia coaid not af- 
ford to cany oat the provisions. 

The 288-u>-75 vote came amid dead- 
lines that would have excluded Russia 
from a key decision-making body if it 
failed to ratify the agreement The 1993 
treaty, which Russia had signed and 
which entered into force last April 29, 
requires participating nations to destroy 
their chemical arsenals and production 
facilities within JO years, with a possible 
five-year extension. 

Last spring, the State Duma, the lower 
house of Parliament, balked at ratifying 
the treaty over concern of the costs — 
estimated by the Russian military at 
more than $5 billion — that would be 
required to destroy the entire Russian 


China Releases 
Prison Update 
To U.S. Activist 


By Steven Mufson 

Washington Past Service 

BEIJING — China quietly has re- 
leased updated information on eight 
political prisoners in response to a cam- 
' paign by an American business con- 
sultant to obtain details about their sen- 
tences, alleged crimes, current health 
and prison status from the country’s 
secretive jail system. 

Three of the eight have had their sen- 
tences slightly reduced; one was re- 
leased in mid-June. 

Nonetheless, the information about 
the group confirms that many people in 
China still are serving long, harsh sen- 
tences for their roles in the protests that 
rocked China in 1989. 

Onepersonan the list is serving an 18- 
year sentence, which international ha- 
man rights groups believe to be the 
longest term for anyone charged in con- 
nection with the 1989 demonstrations 
for democracy that were centered 
around Tiananmen Square. 

“This informal dialogue has been re- 
sumed,” said John Kamm, a San Fran- 
cisco-based consultant who is (me of the 
most prominent business advocates of 
human rights in China. “With respect to 
transparency, tins is a step forward." 

The only person released was Yu 
Zhenbin, 40, who had worked at the 
Qinghai bureau of archives before his 
1989 sentence to 12 years in jail for 
“instigating a coantearevoluticmaiy 
movement.” Human rights groups said 
he had tried to form a new political party 
end bad written pamphlets asking far a 
new constitution and an end to one-party 
rule. His case had been a priority for 
Amnesty International. 

One striking aspect of the list; The 
Chinese government used the phrase 
“counterrevolution" to describe crimes 
committed by the jailed activists. 

In April, the government abolished 
the crime of “counterrevolution." But 
that does not seem to have helped this 
group of previously sentenced prisoners. 
In new cases of political cranes, the 
government instead has alleged that 
people have broken Chinese criminal 
law or endangered national security. 


aisenaL Russia's 40,000 metric tons of 
chemical weapons, of which nerve 
agents make np 80 percent, is the 
world’s largest stockpile of its type. The 
United States has about 31,000 tons. 

Other international estimates of the 
cost of destroying the Russian stockpile 
over a decade nave ranged from $3.5 
billion to $5 billion. 

Igor Ivanov, first deputy foreign min- 
ister, said Rossia planned to spend about 
$9 million on the destruction next year. 
But in the past, the destruction program 
has not been a high priority, and the 
cash-strapped government did not 
provide money for it. 

The Duma acted' in part out of . 
that ratification will pave the way 
international assistance. “If we don’t 
ratify it, we will find ourselves alone, 
and we will find ourselves under a 
powerful fire of criticism,” said Vladi- 
mir Lukin, chairman of the forei gn af- 
fairs committee. According to tire In- 
terfax news agency, Mr. Lukin estimates 
that Russia could collect about $100 


million in overseas aid in the first years 
after ratification. 

V ladimir Zhiri novsky, the extreme 

nationalist, suggested moving the chem- 
ical weapons away from Russian pop- 
ulation Centers and toward Russia's 
neighbors. “Let them alsopartidpate in 
the destruction, maybe foreign labor 
could be used,*’ be said. “That is. in- 
volve the world community hero, be 
more cunning, more crafty, like chem- 
ical weapons themselves." . 

The 450-member Duma, dominated 
Communists and nationalists, voted 
President Boris Yeltsin sent a new 
version of die legislation to the lower 
house this week. His proposal would 
create a reporting system which backers 
hope will push destruction ahead by 
requiring periodic reports to the Duma 
about the states of the chemical weapons 
stockpile and financial and environmen- 
tal issues, as well as on conversion of the 
fatalities to other uses. 

The treaty is expected to win approval 
by the upper chamber, the Federation 


Council Spread across seven storage 
sites, the Russian chemical weapons 
stodqjile is an environmental time- 
bomb. Anatoli Kvashin, head of the mil- 
itary’s general staff, told Parliament that 
some chemical weapons stocks have 
been held in Russia fra- more than 50 
years. 

Skin agents were pat in warehouses as 
early as the 1940s, he said, and pose an 
“ imme nse potential danger” for Rus- 
sia. 

“The storage of chemical weapons 
cannot be endlessly safe,” he added, 
“and little time is left before these 
weapons start leaking." 

Another reason the Duma moved Fri- 
day is that ratification was key to Russia 
participating in an international confer- 
ence of signatories in early December. 

The Dram’s decision on the treaty 
was being closely watched by Western 
diplomats as a precursor of a possible 
vote this year, or early next year, on the 
Iong-stalied Start-2' treaty reducing nu- 
clear weapons. 





Ton Fnmn INifi 

SPECIAL DELIVERY — A worker checking M-114 howitzers unloaded Friday from an American ship in 
Ploce, Croatia. The weapons are part of a U.S--led program to train and equip Bosnian Muslims and Croats. 


JIANG: Playing the Stock Market inN.Y. Samuel Fuller^ 85, 


Continued from Page 1 

testers. But in Washington, Secretary of 
State Madeleine Albright named Gregory 
Craig as special coordinator for Tibetan 
issues Friday, a day after Mr. Jiang ended 
his visit to Washington. The anointment 
had been promised by Friday nighL There 
was speculation that the announcement 
was delayed until the fo rmal part of Mr. 
Jiang’s state visit had ended. Mr. Craig is 
foe director of policy planning at the State 
Department, a position he will continue to 
hold, James Rubin, foe State Department 
spokesman, said Friday. 

“What this job would entail is sens- 
itizing all concerned about the issues of 
the people of Tibet and, if possible,, 
promoting dialogue between the people 
of Tibet and the authorities in Beijing,” 
Mr. Rubin said earlier in foe week 
Mr. Jiang had breakfast with former 
President George Bush at foe Waldorf- 
Astoria before going to Wall Street. Mr. 
Jiang and Mr. B ush, who was foe chief 
U-S. representative in China rhmng the 
1970s, exchanged pleasantries and smiled 
broadly! or photographers, with Mr. Bush 
telling him, “You look good-” 

But New York’s top politicians steered 
clear of foe visit Mayor Rudolph Gi- 


uliani has “grave concerns about CSiina’s 1*. Filwimnlmv 

human rights policies,” stud Colleen UUlL I; I IllJ l Ha nCr U1 
Roche, a spokeswoman for foe mayor. 

Bleak Movies, Dies 


repression, many U.S. business leaders 
say engaging works better than 
isolating it They say fine-market forces 
have encouraged social reform. “The 
system has loosened substantially,* ’ said 
Richard Brecher, vice president of the 
U.S. -China Business CounciL “Many 
see foe rise in dissident voices as a 
product of rapid economic growth and 
economic reform.” (AP, Reuters) 

■ Dalai Lama Backs Summit 

Unlike his s u ppo rter s in foe United 
Stales, foe Dalai l-ama thinks President 
Bill Clinton’s meeting with Mr. Jiang 
was a good idea. The Associated Press 
reported Friday fromNew Delhi, quoting 
an aide to foe Tibetan spiritual leader. 

The Dalai lama believes China should 
be drawn deeper into involvement with 
other countries, said Tempa Tsering, a 
spokesman in Dharmsala, India. 

“Once yon bring them back to foe 
community of nations, yon expect them to 
act according to international standards.” 
he said. “Isolating China is no help.” 


SON: Chinese Leader Meets an Old Classmate Who ‘Ran Away* 


Continued from Page 1 

But foe effort has neither erased skep- 
ticism among Chinese Americans about 
China's rulers nor healed all wounds. “I 
have mixed feelings about it all,” 'said 
Mr. Sun about his meeting with Mr. 
Jiang. “I lost my father to the Chinese 
system. But 1 have a lot of hope for 
President Jiang.” 

Communist China has had a troubled 
relationship with overseas Chinese. But 
after years of de m andin g strict adherence 
to foe Communist Party line, Beijing 
switched tactics two decades ago and has 
welcomed overseas Chinese investment, 
which now accounts for more than half of 
all foreign investment in China. Courting 


Chinese Americans is also seen by the 
Chinese as a wedge against Taiwan. 

“Jiang's agenda is driven a lot more by 
Taiwan issues than is readily apparent,” 
said Douglas Paal, who was an official in 
foe Reagan and Bush administrations. 
“The subtext is how do you trump 
Taiwan." He said Mr. Jiang was speak- 
ing Saturday at Harvard University in 
part because “Harvard tramps CoraelL" 
Cornell University was the venae for a 
speech in 1995 by President Lee Teng- 
hui of Taiwan. Mr. Lee’s visit touched off 
a crisis in U.S.-China relations. 

Mr. Sun, who now is retired, was a 
mentor to Mr. Jiang’s son, Jiang Mian- 
heng, who obtained his doctorate in 
physics from Drexel in 1991. 


Mr. Jiang's meeting Thursday with Mr. 
Sun was all tite more poignant because 
they studied together in Shanghai before 
the revolution. In 1946, they graduated 
from Jiaotong University in S hanghai, 
and Mr. Jiang went on to join foe Com- 
munist Party. Mr. Son, sent by his father 
to study in America, left China in March 
1948. He never saw his father again. 

“I ran away, and he stayed, and took 
over China,” Mr. Sun said, his voiced 
tinged with sadness. He has never re- 
turned to China, where his mother is still 
alive. His wife has been sick for years and 
Still resents foe Co mmunis t gover nmen t. 
“It’s a sad story.” he said. “But I know 
I am not the only one. There are a lot of 
families facing this situation. ” 


In Suit, Jury Rules 
Against Ex-Smoker 


The Associated Press 
JACKSONVILLE, Florida -- A 
jury decided Friday that fo e K-j- 
Reynolds Tobacco Co. was not li- 
able for foe -cancer of a fotjresr 
smoker who -had accused it of fail- 
ing to warn foe public about the 
dangers of cigarettes. 

• JoAnn Karbiwnyk, 59, who aud 
she began smoking on a dare m high 
school 1 had asked for $200,000 m 
actual damages, $200,000 in future. 
damage and enough punitive dam- 
ages “to said a clear signal.’’ 

‘To disappointed, hot life goes 
on,” she said. 

Reynolds’ attorneys had argued 
that it couldn't be proven that its 
{noducts were responsible for Mrs. 
Karbiwnyk's cancer. 

“Mis. Kafoiwnyfc made a person- 
al choice to smoke. We can’t make 
every personal choice into a law- 
suit,” Reynolds' lead at torney, Ted 
Grossman,' said after the verdict. . 


TRIAL: 

Shock in Britain 

Continued from Page 1 

And at the core of foe case, there were 

social questions: Are parents, and par- 
ticularly mothers, neglecting their chil- 
dren for foe workplace? And are foe 
armies of young women who work in- 
formally as au pairs and nannies pre- 
pared for the job? 

The Woodward case also took place 
against a background of growing re- 
vulsion across Europe at America's high 
incarceration rate and the rising number 
of executions. Those developments 
“have caused people to wonder about 
the values of the criminal justice system 
in the United States.” said Jonathan 
Caplan, a prominent London banister. 

The reaction in Britain reflected dis- 
belief that foe 12 jurors did not find Ms. 
Woodward's calm testimony daring foe 
trial credible, or give greater weight to 
tiie claims of defense expert witnesses 
who said Matthew Eappen’s fatal head 
injury occurred three weeks before the 
prosecution contended. They said the 


The Associated Press 

LOS ANGELES — Samuel Fuller, 
85, a cigar-smoking reporter- turned- war 
hero- tinned-director whose bleak and 
violent movies inspired many of today’s 
top filmmake rs, died Thursday of nat- 
ural causes, a fondly friend, Joseph 
McBride, said. 

His box office power long since 
peaked, Mr. Fullawas best known for his 
1979 classic “The Big Red One,” based 
on his own experiences with foe 1st In- 
fantry Division in World War H 

He was a B movie cult favorite, par- 
ticularly in Europe, for the harsh takes in 
his films on American society and 
sweeping camera work.- His heroes often 
corrupt or amoral Mr. Fuller used his 
films to tackle communism, racism and 
foe atom bomb, confounding both the 
political left and right with a mix of 
patriotism and cynicism. 

“You hear a lot about independent 
filmmaking in the ’90s, but he was doing 
it in foe late 1940s and '50s,” said 
Leonard Mai tin, a film critic and his- 
torian. “He produced, wrote and dir- 
ected his films. He was a triple threat" 

Martin Scorsese has said a smoky shot 
in Mr. Fuller's war film, “The Steel 
Helmet’’ influenced a fight scene in his 
“Raging BulL” 

Bora Samuel Michael Fuller on Ang. 
12, 1911, in Worcester, Massachusetts, 
he became a copy boy at foe New York 
Journal when he was 12 and a crime 
reporter for foe San Diego Sun at age 17. 
He published several poip novels, start- 
ing with “Burn Baby Bum," in 1935. 
The next year he became a screenwriter, 
collaborating on “Gangs of New York” 
in 1938. 

His gritty war films portrayed conflict 
unromantically, with direct and brutal 
violence. After his 1982 film, “White 
Dog,” was denounced as racist fa foe 
United States he moved to France. 


ave been reopened by minor jarring. 

“If there. is some doubt the defendant 
gets foe benefit of it” said Christopher 
Murray, head of the criminal department 
at foe British. law firm of Kingsley, 
Napley. Bat Mr. Murray, who assisted foe 
defense team for the convicted Oklahoma 
Gty bomber Timothy McVeigh and is 
British, expressed concern that Britons 
were rushing to judge the. U.S. system 
based on a selective view of the trial. 

The murder charge itself struck law- 
yers and lay people alike in Britain astoo 
harsh. In part that is because Britain has 
only one murder charge, for premed- 
itated killings , • 

'But Ms. Cokkley i^teprosectitor , said 
the second-degree '.'conviction under 
Massachusetts law did not imply the 
killing was premediiated, only that Ms. 
Woodward acted with malice and knew 
her actions could cause death. 

Mr. Caplan, however; said the charge 
was excessive even on those grounds. At 
worst be said, Ms. Woodward would 
have faced a charge of manslaughter in 
Britain. 

Ms. Woodward’s defense lawyers ac- 
knowledged they took a gamble and lost 
by ruling out a jjlea bargain to a lesser 


that foe jury would 


in the 

not find her guilty. 

Many Britons also criticized the U.S. 
justice system as being overly politi- 
cised because most American district 
attorneys are elected, unlike in Britain, 
wherenrosccutors are civil servants. 

In Elton, banners saying “Not Guilty" 
and “Justice? No Way” were hung on 
homes and shop windows on Friday. “It 


should never have happened," said Kate 
Hagan, 19, a school friend of Ms. Wood- 
ward’s. ‘Tins U a giri who went to Amer- 
ica becanse she bad a great passion for 
children." - 

The parents of the victim, both doc- 
tors, welcomed the sentence. “I think 
that Louise has done a brutal thing,” 
said Dr. Sunil Eappen, tire boy’s father. 
“I truly hope that, she may someday find 
foe peace of God in her life again.” 

Josien Chalmers, head of foe London 
agency Au Pairs Worldwide, which did 
.not place Ms. Woodward, expressed 
hope that the case would teach parents to 
be less demanding of au pairs. 


XX»ANS::-V : ;„ :V f 

IMF Aid to Jakarta. ; H * 

Continued from Page 1 jj 

drought and uncontrolled forest foes 
have recently ravaged large 'areas of foe 

counny. , . • • 

The reform program, which Intone, 
sian officials said fold been approved by 
President Suharto, did not include a firm 
undertaking to end its natioalcaf project 
or its unprofitable state-owned "so* 
regie” industries, including ah ambitious 
aircraft manufacturing enterprise. 

But Indonesian newspaper reported ' 
Friday that Mr. Suharto s youngest son, 
Hutomo Mandate Pmra,was ifttlytobe 
replaced as head of tint car project 'in 
what was seen as the start of a face, 
saving way to bring the project into line . 
with international frati* 

The project and the strategic iiKlBs- 
trics have come to be seen as symbols of 
the political favoritism and misalloc- 
ation of resources thatthreafcn to un- 
dermine foe Indonesian economy. - " ; , -i* 
The reform program, which is likely, 
to involve the closure or merger erf a 
significant number of Indonesia's more l 
thin 230 banks, will be ufyleroeofcd r 

over a three-year period. 

The government said it had agreed to 
allow tigh t monitoring of in compliance 
with the program, including scrutiny by 

a team of foreign experts. . 

“In its implementation, it will be 
monitored tightly and wilh involve nec- 
essary review, and for that reason, In- 
donesia will be assisted by experts from 
the IMF, the World Bank and the ADB," 
the Asian Development Bank, a gov- •' 
eminent statement said. 

Indonesia’s central bank governor, . 
Sudradjad Djiwandono, said that banks 
that were “beyond rescue” would be . 
liquidated and that details would be an- - • 
nounced “at an appropriate time.’’ 

Tbe ADB said Friday in Manila that it . . 
would provide loan assistance worth 
$3.5 billion to Indonesia, mainly in foe 
form of loans to improve the country’s 
financial system. 

“In view of the cuirent instability in 
regional financial markets, tire assistance 
package reflects the shored view of foe 
bank and the Indonesian government that 
it is vital to accelerate the imptanen- ' 
ration of measures for a more transparent, 
efficient ami dynamic banking system - - 
and capital markets," the ADB said. J. 

Mr. Camdessus said that the IMF 
would provide a three-year standby loan 
facility of $10 billion, while foe World 
Bank would provide $4 3 billion. 

. - In addition, he said there were other : - 
contribatians.Singapore had !;■ 



heated it was prepared to make avail- 
able up to $10 billion, and Malaysia 
promised $1 billion. 

Officials said that offers from Japan, 
Australia, China, Hoag Kong and other 
countries in Aria and the Pacific — 
concerned at foe risk of more financial 
turmoil if investment and business con- 
fidence is not restored in Indonesia — 
woe expected to take the total amount of 
standby loans available to Jakarta to 
more than $30 billion. 

Some analysts warned that the size of 
tire support loans, which are much big^ 
.ger than the $17.2 bi^on put together] 
the IMF for Thailand in August, ! 
indicate that Indonesia’s financial 
tern was in much worse shape than s 
tiaHy feared. 

A recent survey by Jardine 
International Securities Ltd. 
that loans amounting to $L9 billion, 
nearly 17 percent of the total loans : 
by Indonesian banks, were “nonj 
mg,” meaning they would not beret 

Most analysts said that foe 
program would help restore’ 
confidence if Indonesia implemented 10 
pledges in a way that convinced markets f j 
foeigovcmment was serious. . 

“It’s very good news — probably th#; 
best we could have expected given fo& 
constraints that policymakers face in IftC 
donesia,” said Neil Saker, head of So<#jS 
Gen-Crosby Securities Pte. 

• Indonesia, whose currency has lost 33r • 
percent of its value against the U.&jf 
dollar this year, while the main stocks 
market index has fallen 20 percent,; 
asked foe IMF and qther financial in-1 
stitutions for assistance on Oct. 8. - .-,af 


■ IMF Suspends Loan to Russia l "^ 

The IMF, citing concern about foe lowt 
level of Russian taxes, effectively saf * 
pended payments of its$ 10 billiooJoan4. . 
Russia, Renters reported from Moscow^ . 

But IMF and Russian officials ex£* 
pressed hope that an agreement could 
reached on a new Russian econontief 
program for 1 998 and on a resumption <$? 
payments early next year. ■ * . 



EXPORTS: U.S. Exporters Beat the Odds 


Continued from Page 1 

driving sales. So are long-term con- 
tracts. Big customers such as Dassault 
Aviation of France, maker of Falcon 
business jets equipped with Allied en- 
gines, cannot easily switch suppliers. 

AMP Inc. provides another insight 
into foe nation’s export performance. 
AMP exports to itself, a growing practice 
- largely impervious to exchange rates. 
AMP is snipping connectors for com- 
puter chips to its plants in Asia, where 
they are installed in electronic equipment 
sold in the region. The company also 
sends computer cables and connectors to 
its Mexican plant, where they are at- 
tached to one another and imported back 
into foe United States for AMP to selL 
Sixty percent of America’s merchandise 
exports to Mexico fell into this category 
last year, according to one recent study. 
And Mexico is America’s fastest-grow- 
ing export market, after Canada. 

“The question is, do we use intel- 
ligent, flexible Mexican labor for this 
assembly work,” said William Hudson, 
AMP’s chief executive, “or do we install 
an expensive piece of automated equip- 
ment in the United States? We prefer foe 
flexible Mexican labor, particularly 
since models change so often.” 

No one knows how much stronger the 
dollar has to get for exports, even AMP’s, 
to stop rising. 

Thousands of small manufacturers, for 
example, have doubled and tripled their 


foe National Association of Manufac- 
turers. Like Bison Gear, which has $35 
million a year in revenue, 10 percent of it 
from exports, they often find ways to 
offset the costs of a rising dollar. 

The stronger dollar does not kick in 
everywhere, and that helps. The dollar 
has not strengthened in recent months 
against the currencies of America’s two 
largest export markets, Canada and 
Mexico. Both have absorbed increased 
shores of U.S. exports in the past year. 

In Europe and Japan, where foe dollar 
is much stronger, some U.S. companies 
have resisted increasing prices, even 
though that has meant lower dollar rev- 
enue and lower profit margins. 

“You are getting falling dollar prices 
for American exports, more than yon 
would expect,” Mr. Godley, foe econ- 
omist, said. “One wonders how long 
that can last.” 

Varian Associates Inc. gambled on 
freezing foe price in Europe and Japan 
for its chromatographs, expensive in- 
dustrial instruments that identify invis- 
ible elements in a substance. The pricing 
gamble paid off. 

“We found, to our surprise, that we 
sold more units, nearly 20 percent 
more," said J. Tracy O’Rourke, Vari- 
an’s chairman. “And dial kept our ex- 
port revenue over the past year flat at 
$150 million. The demand is there for 
state-of-the-art capital equipment, if it is 
not too pricey." 




KING: 

Sense of Betrayal 

Continued from Page 1 

Netanyahu and foe Israeli people, a ma- 
jority of whom he contends are com- 
mitted to a fair peace. 

“It is a very fair distinction and it’s a 
very serious distinction in my mind, ” 
King Hussein said, adding that he be- 
lieved there was a very large peace camp 
in Israel as in Jordan, “regardless of 
whai foe intelligentsia of Amman may or 
may not say.” 

“But there is nothing tangible,” he 
added. “There is nothing that can 
provide comfort There is no thin g that 
can allay foe fears, and I think this ques- 
tion of rears is something that is being 
played upon time and again. 

As a result. King Hussein said, “a 
minority, both here and there, are able to 
dictate the agenda.” 

King Hussein struck a markedly dif- 
ferent tone when he told several Amer- 
ican journalists a few days after Mr. 
Netanyahu's election in May 1996 that 
he was confident that foe peace process 
would continue. 

“It has a dynamic of its own,” he said 
then., “ft is irreversible.” 

But Mr. Netanyahu’s tenure has since 
been marked by a series of crises,, cul- 
minating in foe Meshal episode. 

“He’s promised he's going to surprise 
me many times, but I haven’t seen any 
pleasant surprises,” the king said. 


MEXICO: A Former High Flier Speaks Out From a Prison Cell 


Continued from Page 1 

home they have occupied for 45 years. ■ 

In foe somber gathering, they charged 
that overzealous authorities have de- 
monized Raul and the rest of the family 
of the framer president, who is widely 
blamed for a severe economic crisis that 
erupted just after be left office. 

“When a wounded animal fails, the 
hyenas close in to finish It off,” said 
Adriana Salinas. “The authorities are 
trying to finish us off from every side by 
attempting to show that we are thieves, 
drug-traffickers, and amoral people.” 

Mr. Salinas’s relatives said they were 
stunned to learn of the huge balances in 
his S wiss accounts, and they called Rani 
Salinas’s use of false documents and oth- 
er financial subterfuges “indefensible.” 

“Raul was in a very influential po- 
sition in my brother’s administration in 
which he had many business opportu- 
nities,” said Enrique Salinas. * 1 We know 
that tins is a common situation for 
someone who is in the president's family, . 
but we fed that Raul overdid 1 l He was a 
show-off. He abused his possibilities.” 

“But we know, we are absolutely 
, sure, that he is not guilty of drugs or 
taking money from foe government," 
Enrique Salinas said. 

Former President Carlos Salinas, 
whose reputation was wrecked by his 
brother Raul's scandals, is living in exile 
in Dublin, Ireland, although he has not 
been charged with any crime in Mexico. 


F 


He did not participate in the interviews. 

Since 1995, Raul Salinas has been held 
without bond on murder charges at the 
AhnoJoya prison near Mexico City, a 
maximnm-security facility designed for 
dangerous convicted felons which, he 
noted pensively, was buflt on orders from 
his brother Carlos. Raul Salinas's visits 
from relatives and defense’ lawyers are 
limited and closely monitored by guards. 

Disclosures two years ago that Amer- 
ican banks helped Raul Salinas move 
more than $100 million to Swiss ac- 
counts touched off investigations in 
Mexico, Switzerland, and foe United 
States that are still unfolding 

Swiss investigators have said they be- 
lieve the deposits resulted from drug 
payoffs, but have yet to present evidence 
publicly to support that assertion. In the 
United States, officials have been ex- 
amining Citibank's handling of the 
money and why the bank accepted such 

large deposits from Mr, Salinas, a former 

bureaucrat who earned a modest salary 
for much of his career. -No charges have 
been brought by either country. 

The Swiss have interviewed several 
witnesses in the United States' who link 
Raul Salinas to drag trafficking, but the 
Salinas family says there is no hard 
evidence to support those allegations. 
Under Swiss banking law, the govern- 
ment can keep any. money shown to be 
drag-tainted. 

“My money in Switzerland is honest 
money, and by 'this time they should 


know it,” Mr. Salinas wrote. “I have 
never taken a peso from a public budget' 
or a drug dealer, and I believe tfae^ 
charges against me are false and wiU Str 
defeated.” . _ . . .; ' 

He said, as hehas in the past, that most 
of the money deposited in Switzerland - 
was put up by private Mexican investor^ 


begm using to finance interna tkou 
hade projects in Mexico after hia brotfi 
er s term was over. 

Iwas in charge of finding goot 
investment opportunities, and I was vep 
well positioned for that,-’ Mr. Salinai 
wrote, although he did not mention 
specific project he was considering 
But my arrest on Feb. 28,. 1995 
stopped everything." 

mx . Salinas declined to specify hero 
much of the money in the Sw iss account 
belongs directly to him and exactly 
where he got it. : J 

His comments left other questions at* 
answered No contracts were signed -re 
establish the fund, formalize the tmh£ 
fere to Mr. Salinas, or detail planned 
pvwtmems. The dollar transfers; maHt 
m toe months just prior to a devas taring 
peso devaluation in Mexico, passeS 
through a web of off-shore fromcSmpa- 
rues mto Swiss accounts that Mr. Salinas 
°pencd using a fake passport. 

They trusted me,” Mr..Salina*said 
or ms partners, in his only explanation 
tor the secrecy and informality of foe 

transactions. 3 


PAGE 5 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 1-2, 1997 


Pope Concedes Christians 
Advanced Anti-Semitism 

He Blames 6 Wrong 5 Bible Interpretations 


By Celestine Bohlen 

New York Times Srrvir, 


ROME Speaking at a theological 
symposium on die origins of anti-Juda- 
ism, Pope John Paul n said Friday that 
certain Christian teachings, based on 
* wr ° T n 8 unjust” interpretations of 
the New Testament, had helped con- 
tribute to the Holocaust and the per- 
secution of Jews in Europe over the 
centuries. 

As he has done several times before, 
the Pope, 77, condemned anti-Semitism 
as “totally unjustifiable and absolutely 
condemnable,” and called it a “pagan” 
notion contrary to Christian doctrine. 


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Hamas Threatens 
A 6 Big Operation 9 


Return 

JERUSALEM — The military 
wing of Hamas said Friday that 
Israel had “one last chance* 1 before 
the Islamic f unriaiwwnialict group 
unleashed a “big operation” 
against the Jewish state. 

“Our military ability is more 
than you can imagine,” Hamas's 
military branch, the Qassam Bri- 
gades, said in a statement The or- 
ganization has killed scores of Is- 
raelis in suicide bombings. 

“You have one last chance be- 
fore we carry out the big operation, 
which will not be stopped unless 
you immediately' agree to our just 
demands which we declared in the 
last military statements,” it said in 
what appeared to be a reference to 
its insistence that Israel free Pal- 
estinian prisoners, including 
Hamas activists. 

Qassam said it would sus 
attacks against Israeli 
targets “if the other party declares its 
full commitment to stop its attacks 
on our civilians, in all their forms. 


confiscation of land, and others.' 

The warning was issued as Israeli 
and Palestinian officials prepared 
for U.S.-mediated talks that are 
scheduled to open in Washington 
on Monday. A main sticking point 
in the troubled peace talks has been 
Israel's refusal to make concessions 
until the Palestinian leader, Yasser 
Arafat, cracks down cm Hamas. 

“The ignorance of the enemy 
government concerning the liber- 
ation of our hero captives will be 
paid forin theprice of pain, sorrow, 
and blood," Qassam said. 


His address — delivered before a 
group of 60 Christian theologians — 
broached the subject of the historic role 
of certain Christian teachings in the 
fomenting of anti-Semitism. But it 
stopped short of the kind of direct apo- 
logy that maoy Jews still hope to hear 
frohi the Vatican, both for its muted 
protests daring the Holocaust and for its- 
centuries-old tolerance of anti-Semit- 
ism in its ranks and in its liturgy, which 

— until 30 years ago — contained ref- 
erences to “perfidious Jews.” 

The tbree^Jay symposium, which has 
been meeting behind closed doors since 
OcL 30 , is part of what John Paul called 
a general “examination of conscience'' 
that is necessary, as Christianity pre- 
pares to celebrate its third millennium. 
Its purpose, which is more theological 
than historical, is to examine Christian 
thought for prejudice against Judaism, 
as well as against Jews. 

In the text of the Pope’s comments, 
made public Friday in French by the 
Vatican, the Pope joined other Roman 
Catholic theologians in acknowledging 
that by Warning the Jews for the death of 
Jesus, certain Christian teachings had 
helped fuel anti-Semitism. 

“In the Christian world — I do not 
say on the part of the church as such — 
die .wrong and unjust interpretations of 
the New Testament relating to the Jew- 
ish people and their presumed guilt cir- 
culated for too long, contributing to 
feeling of hostility towards these 
people,” be said. 

“These contributed to soothing con- 
sciences, to the point that when a wave 
of persecutions swept Europe fueled by 
a pagan anti-Semitism — which in its 
essence was equal to anti-Ghristianis m 

— next to those Christians who did 
everything to save the persecuted at the 
risk of their own lives, the spiritual 
resistance of many, was not that which 
humanity expected from tire disciples of. 
Christ,” he said. 

Later in his address, die Pope, who 

during die 19 years of his pontificate has 
made significant progress in improving 
relations between the Catholic Church 
and Jews, again emphasized die corn- 
men heritage that binds Christians and 
Jews. On Friday, he said those who 
con sider Jesus's Jewish heritage as a 
. “simple cultural accident” do a dis- 
service to history, and to Christianity. 

The Vatican has long been reported to 
be working on a document that ex- 
amines the overall role of the church. 



Iraq Says It Is Prepared 
To Face Military Strikes 


Ci*j»W h* Out Sh c? ful II Pnpah bn 

BAGHDAD — Iraq said Friday that 
it was ready if necessary to face U.S. 
military action over its banning of 
Americans from United Nations arms 
inspection teams, while Russia and 


Iraqis, while Paris appeared to climb 
down from a tougher line and said it 


wished to explore all possible ways of 

; confrontation. 


France expressed hope the crisis would 
efuUv. 


be resolved peacefully. 

“If the United States wanted to take 
action, and that action is military or 
otherwise, Iraqis ready to stand against 
any move against it/’ said Sultan al- 
Shiawi, chairman of the Legal Com- 
mittee at the Iraqi Parli ame nt. 

The United States and Britain said 
Thursday that thev did not rule out any 

1 : l-.-l: .L !LV. ...... 


option, including' the possible use of 
I i leadership back 


AJrB HmTTbc Awcunl hen 

Masked members of the hard-line Islamic Jihad in Gaza dancing around 
a burning effigy of . Prune Minister Benjamin Netanyahu on Friday. 


force, to bring the Iraqi 
into line. 

But Washington indicated it wanted 
diplomacy to resolve the crisis. 

Ai the United Nations, the Security 
Council was to meet Friday afternoon to 
discuss a response to Iraq. On Thursday, 
Iraq barred two American members of 
the UN weapons inspection team, who 
bad arrived aboard a UN plane. 

The Iraqis have given the 10 Bagh- 
dad-based Americans on the 40-mem- 
ber team one week to leave the country, 
severely impairing UN efforts to judge 
whether Iraq is still hiding banned 
weapons. 

On Friday. Moscow said it strongly 
opposed military action against the 


avoiding c , , 

“We are against any use of force- 
against Iraq, 1 ' Foreign Minister \ ev- 
geni Primakov of Russia said in Cairo, 
adding he was very much concerned by- 
Baghdad's decision. 

In Paris, the Foreign Ministry spokes-* 
man, Jacques Rummelhardt, said,. 
* ‘France seeks to avoid an escalation. 

He refused to say whether France, 
would back military force. He said the. 
initiative to solve the crisis "must be 
taken by Iraq" and “there is no other 
means” available except for the Iraqis 
to back down. • 

At the United Nations. Western dip- 
lomats were considering resubmitting a, 
U.S.-British resolution threatening to- 
ban Iraqi military and intelligence of- 
ficers from traveling abroad, unless they 
cooperated fully with the inspection 
team. 

The resolution was approved lastly 
week but with five abstentions — Rus-, 
sia, France, China, Egypt and Kenya. 

U.S. officials believe Iraq’s move to 
get rid of the American inspectors was 
spurred by the division within the coun- 
cil over that resolution. 

Oil prices moved higher on Friday, 
with traders keenly watching the Iraq 
dispute. (Reuters. AP) 


BRIEFLY 


and Pope Pius XU, during the Holo- 
caust, from 


i the faint protests raised by 

tiie Vatican, to the complicity of Cath- 
olic officials in protecting Nazis, to the 
widespread use of monasteries and con- 
vents in some Catholic countries to pro- 
tect Jews fleeing Nazis. 


__ _ • " . J j . . T j held by the same political forces for decades. 

Pakistan Leader to Appoint Judges Two senior party lawmakers, including a former parliamentary 

* a ® speaker, quit earlier this week and local newspapers say 20 more 

are expected to withdraw next week. 

All are loyal to President Kim Young Sam, who is at odtte with 
the party’s presidential nominee, Lee Hoi Chang. Mr. Kim’s 
single five-year term ends in February. 

The chaos within the governing party stems from its pres- 
idential nominee’s low popularity in polls ahead of the Dec. 18 
election. A sense of defeat is spreading in the patty. (AP) 


ISLAMABAD, Pakistan — Prime Minister Nawaz Sharif 
agreed Friday to appoint five new Supreme .Court judges, bowing 
to a de mand by the country’s chief justice after weeks of a 
constitutional crisis. 

Mr. Sharif told Parliament -he did not want to waste tune in 
controversies and had decided to implement the recommendation 
of Chief Justice Sajjad Ali Shah. 

The announcement reversed Mr. Sharif s position Thursday, 
when he sent a letter to President Farooq Leghari asking him not 
to implement a Supreme Court older to appoint the new judges. 

The prime minister had said in the letter that the court order, 
issued Thursday morning, was “passed in violation of the prin- 
ciples of natural justice” and “is not legally enforceable.” 

But Friday, Mr. Sharif said in his. speech that his Pakistan 
Muslim League party and its allies baa decided in the “wider 
national interest” to implement the chief justice’s recommen- 
dations. (Reuters) 


For the Record 


Unidentified gunmen shot and killed five activists of a 
major political party in eastern India on Friday, the United 
News of inrtin news agency reported. The victims were members 
of the Samajwadi Party, a key partner in India’s governing 
coalition. (AP) 


3 Deputies Quit Seoul’s Main Party 


A car bomb exploded Friday in a market in Srinagar, India, 
killing at least two security force members and wounding 14 
people, the police said. No group has claimed responsibility for 
the blast (Reuters) 


SEOUL — Three legislators broke away from South Korea's 
governing party Friday, deepening a split within its ranks with a 
presidential election only 4$ days away. 

The defections cast farther doubt on the ability of the New 
Korea Party to retain the nation’s highest office, which has been 


General Ricardo Izurieta was picked Thursday in Santiago 
to succeed the outgoing army chief. General Augusto Pinochet. 
General Izurieta is widely considered to be untainted by Chile's 
17 years of military rule. (AP) 




Everywhere 
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GSTAAD 
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Internet: http//wwwtpalace.ch 
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INTERNATIONAL 




■j 






PAGE 6 


SATURDAY-SUNDAY. NOVEMBER 1-2, 1997 

EDITORIALS/OPINION 


Herald 


INTERNATIONAL 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Awkward Summit 


Take It From LB J: China Ought to Be Engaged 

... _..)Unt mnnM hp CRHI M a 


S : 


Jiang Zemin left Washington intend- 
ing to visit the Liberty Bell and In- 
dependence Hall in Philadelphia. Now 
more than ever, yon have to wonder 
why he chose such icons of democracy 
for his first U.S. tour. His co mments 
before and during his visit have shown 
no understanding of or sympathy for 
the values they commemorate. 

‘ Wei Jingsheng, the courageous and 
nonviolent spokesman for freedom of 
speech, is being “tortured to death” in 
jail, as his onetime assistant Tong Yi 
said on Wednesday; but President Ji- 
ang maintains that Mr. Wei is nothing 
hut a common cri minal. Monasteries 
are being shut, and monks and abbots 
tortured and incarcerated, in Tibet; Mr. 
Jiang assures us that Tibet enjoys “re- 
ligious freedom.” In Tiananmen 
Square in 1989, the army shot hun- 
dreds of unarmed civilians demon- 
strating for democracy; Mr. Bang de- 
fends die maintenance of “social 
stability” and “state security.” 

None of this should come as a sur- 
prise. President Bill Clinton is correct 
that greater democracy and freedom 
would be in C hina ’s own long-term 
interest. ButPresident Jiang, making his 
own personal calculation as top b anana 
in a one-party dictatorship, is no doubt 
correct that more democracy would not 
be good for his own situation. 

Does that mean that Mr. Clinton was 
wrong to welcome the Chin ese leader 
to the White House? No. The summit 
on Wednesday was certainly worth 
holding. China, with one-fourth of the 
world’s population and a rapidly grow- 
ing economy, is too big to ignore — 
and that is true whether or not you 
accept the Clinton administration’s 
thesis that trade and diplomatic en- 
. gagement are likely to promote polit- 
ical openness inside China. 

The two powers do have c omm on 
interests. Protecting the global envir- 
onment is one, and the two leaders 
made progress on finding ways to work 
together in that sphere. Agreements to 
increase U.S. aid and advice to the 
Chinese judicial and legal systems, and 
to promote exchanges of various kinds, 
can only be positive. Similarly, the es- 
tablishment of a hot line far exchanges 
between leaders, and of new rules to 
prevent incidents at sea between the two 
navies, can help avoid misunderstand- 
ings between two nuclear powers. 

None of these is a major break- 
through, nor did Mr. Clinton present the 
deals as such. The most substantive 
accomplishment of the meeting and the 


pre-summit preparation, having to do 
with nuclear cooperation, will also be 
the most controversial. Mr. Clinton said 
he will certify that China is no longer 
contributing to the spread of nuclear 
weapons to other nations, thereby al- 
lowing U.S. companies to compete to 
build peaceful nuclear reactore in China. 
-This may or may not be a justifiable 
step, but Congress should examine care- 
fully the commitments that the admin- 
istration claims to have received. 

China has moved in the past few 
years from an avowed profrferator to a 
self-declared responsible member of 
the nuclear club- It has signed test ban 
and nonproliferation treaties. Last year 
it promised not to help nuclear pro- 
grams that do not fall under interna- 
tional inspection (Pakistan), and now it 
has extended that promise to programs 
that do (in Iran). Moreover, the reactors 
that the United States is now prepared 
to sell China would in no way improve 
its military capability. If U.S. intel- 
ligence detects that China is not keep- 
ing its word. U.S. cooperation can be 
stopped. That should surely be an ex- 
plicit condition of any agreement 

Why is it so difficult to work up any 
enthusiasm for the accord, or for the 
summit in general? One reason is the 
lingering suspicion that Mr. Clinton 
has become so set on developing warm 
relations with China that his admin- 
istration would be tempted to overlook 
cheating in die future. Another is the 
undeniable fact rhar this summit pro- 
duced progress in nuclear cooperation 
(good for Westinghonse), co mme rcial 
aviation (good for Boeing) and tariffs 
on high-tech products (good for IBM 
and Motorola), but no progress on hu- 
man rights. Not only were no dis- 
sidents released, but there was no 
movement on a framework that might 
point to future progress — nothing, for 
example, on Red Cross access to 
Chinese prisons and labor camps. 

More broadly, this relationship will 
continue to make Americans uncom- 
fortable, because in the end human 
rights are not just one strand — as the 
administration maintains — among 
many in a complex bilateral relation- 
ship. The term “human rights” is 
shorthand for the wretched condition 
of political dissent and unimpeded re- 
ligious practice and freedom of speech 
in China. Until this situation changes, 
all s ummi ts will have this same kind of 
asymmetry that will color whatever 
progress may be made. 

— THE WASHINGTON POST. 


Saddam Goofs Again 


Has Saddam Hussein again over- 
played his hand? This is how he 
brought on the Gulf War that reversed 
-his takeover of Kuwaiti Now, by his 
handling of the consequences of that 
war, he has reunited at least tempor- 
arily die coalition that defeated him. 

. He has done this just at the moment 
when the coalition was beginning no- 
ticeably to fray. As long as his im- 
mediate target was the United States, 
be was making progress in breaking out 
of isolation. Even his Arab adversaries 
in the war were coming to believe that 
UN sanctions imposed an unfair bur- 
den on the Iraqi people, and to blame 
Americans for it. He was riding the tide 
of Arab disappointment with the way 
American-favored Israel has been han- 
dling regional peace talks. 

Just a few days ago Russia and 
France, among other Security Council 
members, abstained on an American- 
written resolution calling the Iraqi dic- 
tator to account for confounding UN 
arms inspections. 

That is where Saddam Hussein went 
wrong. By threatening to bar Americans 
from inspection parties, he meant to be 
playing with the United States. Ac- 
tually, as everyone quickly grasped, he 
was toying with the United Nations. 

For a country targeted by a UN 


resolution to be allowed to pick and 
choose from duly prescribed enforce- 
ment players and tactics goes to the 
core issue of institutional integrity. An 
organization that would permit a pre- 
cedent of this sort identifies itself as 
terminally ineffective. Many people 
have grievances against the United Na- 
tions. No one wants to destroy iti Even 
the French and Russians, whose own 
earlier policy may well have encour- 
aged this latest Iraqi defiance of an 
international mandate, agree that here 
the UN writ must ran. 

Having unmasked Saddam, the 
United Nations must insist on his full 
compliance with its directives on arms 
inspections. He is being held' to ac- 
count, after all, not out of American 
pique but because of a long-estab- 
lished, internationally certified record 
of menace and deception. 

Typically, on Thursday he barred 
not just two Americans from the UN 
inspection commission but also a third 
American, from the Internationa] 
Atomic Energy Agency,- who had been 
told he could stay. The Iraqi people are 
indeed suffering, but not from Amer- 
ican calculation — from Saddam Hus- 
sein's own refusal to give the inspect- 
ors Iraq's due respect and consent. 

— THE WASHINGTON POST. 


Other Comment 


The Baby Needs Hogging 

Research into human behavior often 
has a wonderful way of validating 
common sense or intuitive understand- 
ing. As all caring mothers and fathers 
.know, infants like to be held and 
caressed, and they tend to be happier 
for that. Now studies show how the 
absence of tactile contact can make not 
just for a cranky baby but for changes 
in the child's brain biochemistry. That 
in turn can lead to lifelong intellectual, 
behavioral and physical problems. 


Research presented at a meeting of 
the Society for Neuroscience in New 
Orleans illuminates die biochemical 
consequences of neglect Children who 
are deprived of regular reassuring phys- 
ical contact were found in one study to 
have levels of stress hormones for high- 
er than normal. These can lead to im- 
paired growth and development of both 
the brain and die body. Too many in- 
fants continue to be denied the affection 
that is vital to their development Their 
lives are scanted by neglect 

— Los Angeles Times. 


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W ASHINGTON — During the 
controversy surrounding Bill 
Clinton's meeting with Jiang Zemin, 
I have been thinknig about a passage in 
Michael R. Beschloss’s splendid new 
book “Taking Charge,” the edited and 
annotated volume of secret tape record- 
ings of telephone calls and conversa- 
tions of President Lyndon Johnson. 

On Jan. 13, 1964, less than two 
months after the assassination in Dallas 
made him president Mr. Johnson is 
talking to bis Senate mentor, Richard 
Russell of Georgia, the pillar of con- 
servative common sense and at the time 
very possibly the single most influ- 
ential Democrat on Capitol Hill. 

Mr. Johnson has called him to com- 
plain that French President Charles de 
Gaulle is ’‘going to recognize Com- 
munist China” and to ask “whether 
I ought to protest it rather strongly’ ’ or 
let it go with a routine State Depart- 
ment statement of regret 
Mr. Russell says: ‘ ‘I wouldn't go too 
strong on it, Mr. President ... We’ve 
really got no control over their foreign 
policy. ’ And then he adds: “We can’t 
•talk about it now, but the time’s going 
to come when we’re going to have to 
recognize Red China.” 


By David S. Broder 

Johnson: “I don’t think there’s any 
question about that” 

Russell: “I ain’t too sore but what 
we’d been better off if we’d recognized 
her three or four years ago.” 

Johnson: “I think so. 

Russell: “Politically, right now, it’s 
poison, of course." 

Mr. Beschioss, in one of the many 
footnotes that provide context for these 
fascinating and often frighteningly 
candid conversations, notes: "'Had 
Johnson’s private view that the United 
States should have recognized Com- 
munist China in I960 or 1961 become 
kno wn to Ameri cans at the time, it 
would have started a national firestorm 
among conservatives.” 

That is no exaggeration. Barely a 
decade after U.S. troops had fought 
Chinese forces in the Korean War, and 

at a time, when, patriotism was measured 
alm ost as much by support for Taiwan 
as for a free Berlin, it would have been 
a shock to most Americans that people 
as strongly i dentifie d with military pre- 
paredness and militant anti-commun- 
ism as President Johnson and Senator 


Russell would have! been talki ng about 
the desirability of establishing normal 
diplomatic relations with Beijing- 
The lesson of Mr. Beschloss’s mar- 
velous book is that, however much they 
. ma y dress up their positions in public 
rhetoric, in their private moments 
politicians and presidents know that 
they have to deal with the facts of nfe- 
My guess is that President Clinton 
fgkan an equally hard-nosed stance 
toward die impressive array of human 
rights and religious freedom defenders, 
the coalition of liberals and conser- 
vatives who were on the streets and ail 
over the airwaves protesting his deal- 
ing with President Jiang. 

History also buttresses Mr. Clinton s 
con te nti o n that, however wide the gap 
in values and practices between Amer- 
ica and fThina, it is almost surely more 
dangerous to America’s interests to 
shun that country titan to engage it. 

About the Vietnam Wax, the con- 
versations in “Taking Charge’* make 
abundan tly clear, Mr. Johnson had the 
gravest private doubts. What kept him 
from following his impulse (and the 
counsel of his friend, Mr. Russell) to 
leave Vietnam rather than esc a la t e that 
conflict was in large part the belief that 


a pullout would be seen as another 
victory for the Chinese Communist!!. 

That view, wc now know, was based 
on an erroneous assumption that Hanoi 
was as much an agent of Beijing as 
North Korea had been. Would U-S. 
poliev have been as far off-base if the 
United States had had a diplomatic mis- 
sion in Beijing, dealing face tofacewith 
Chinese leaders? It is impossible to say, 
bur it is certainly plausible to presume 
that better intelligence could have 
avoided that tragic miscalculation. 

The protesters served America this 
past week, as they did during the Vi- 
etnam years, by loudly demanding that 
foreign policy reflect America's pm-, 
fessed values. It was important that 
their voices be heard when so much of 
the Jiang Zemin visit was made up of 
cheap public relations stunts. The idea 


next to the Liberty Bell in Philadelphia 
would make us think better of his re- 
pressive regime is insulting. . 

But presidents, as Mr. Bcschloss re- 
minds us. must deal with realities- or 
face die consequences. And China is 
one of the biggest realities around. 

The Washington Past. 


East Asia’s Economies Need Improved Financial Regulation 


W ASHINGTON— As East By Jose] 

Asia’s financial turmoil 

continues to unfold, pandits presented by a world of mobile 
have been quick to pronounce capital — even for countries 
the end of the region s econom- with strong economic fdnda- 
ic “miracle.” Some have even mentals. The rapid growth and 
declared that there never was a large influx of private in vest- 
miracle, only a mirage. Nothing meat created economic strain, 
could be further from die truth. That has been worsened by two 
East Asia's amazing eco- external developments, 
nomic transformation in the last First, there was a slowing of 

few decades has been real The global demand for imports, es- 
current problems, however, re- perially for some of East Asia’s 
quire immediate attention toen- most important exports, notably 
sure the continued advance- semiconductors. Second, the 
meat of the East Asian — and dollar rose 50 percent against foe 
global — econo mies . yen, undermining the compet- 

For 25 years. East Asian itiveness of East Asian countries, 
economies have grown mare since most had lied their -cur- 
than twice as fast as the average rencies to the dollar. 'As a result, 
rate fix' the rest of the world, trade deficits have increased in 
Hong Kong now has a higher per most countries, raising concerns 
capita income than France, Ger- about economic stability, 
many or the United Kingdom . In addition, heavy foreign in- 
Malaysia and Thailand have vir- vestment combined with weak 
Orally eliminated absolute pov- finan cial regulation to allow 
erty (defined as people living on lenders in many Southeast 
less than a dollar a day), and in Asian countries to rapidly ex- 
Indonesia tire poverty rate pand credit, often to risky bor- 
dropped to 1 1 percent in 1995 rowers, making the financial 
from 64 percent in 1975. system more vulnerable. 

These successes have been In T hailand, for instance, 
fostered by sound fiscal pol- h anks and other financial in- 
kies, low inflation, export-driv- stitutions took out large, short- 
en growth and effective fasti- doUar-denominated loans 

rations, which in turn helped from foreignTenders, then re- 


By Joseph StigUtz 


on Thursday, Oct. 23, we 
learned nothing that would have 
justified die huge sell-off of 
Hong Kong stocks. 

Still, developing countries are 
susceptible to sudden and siz- 
able drops in asset values be- 
cause their economies are vul- 
nerable, with thin markets and 
often spotty information. 

Research by the World Bank 
not only has identified pivotal 
factors contributing to financial 
crises, inHnriing shar p rises in 
interest rates, but also has shown 
that the crises usually lead to 


The World Bank and its part- 
ners should be seeking to min- 
imize ting slowdown and 
strengthen financial systems to 


reduce the likelihood and sever- 
ity of future crises, while en- 
hancing their ability to finance 
investments that will promote 
economic development 

Meanwhile, the weaknesses 
of East Asian economies must 
be addressed. Governments 
must eliminate extravagant pub- 
lic spending and redeploy re- 
sources to productive uses, such 
as tmprr win g infrastructure and 
educati o n Maintaining a strong 
economy, however, is essential 
to restoring confidence. 

Building robust financial sys- 
tems is essentiaL Mexico’s 
crisis in 1994-1995 taught us the 
importance of disclosure and 
transparency, so that investors 
ran mak e informed, sensible de- 
cisions, confident that they have 
enough data to do so. 


Asia’s experience shows that 
a sound legal structure, effec- 
tive monitoring of financial ac- 
tivities and healthy competition' £ 
are preconditions for efficient * 
and resilient financial systems: 

A determination to build 
these institutions, together wife 
external policies that encourage 
stable long-term capital flows 
(particularly of foreign direct 
investment) while discouraging 
rapid round-trips of short-term 
money, will go a long way to- 
ward allowing any economy to 
enjoy the benefits of interna- 
tional capital while avoiding the 
instability that it can engender, . 

The writer, senior vice pres- ■ 
idem and chief economist of the 
World Bank, contributed this to 
The Ne*' York Times. • tl 


A Job for APEG Leaders in Vancouver 


make East Asia the world's 
leading recipient of foreign in- 
vestment. Tne region attracted 
mare than 40 percent of private 
capital invested in developing 
countries in the 1990s, or $109 
billion in 1996 alone. 

Moreover, the region’s high 
savings rate, more than one- 
third of GDP. is six times for- 
eign investment These savings 
have made possible a high and 
increasing level of investment, 
most of which has been put to 
good use in areas such as edu- 
cation and training. 

Recent developments, how- 
ever, underscore the challenges 


lent the money to fuel a do- 
mestic real estate boom and 
stock market speculation. 


W ASHINGTON— The tur- 
moil in East Asian cur- 
rency and stock markets has un- 
derlined die need for the Asia- 
Pacific Economic Cooperation 
forum to create new anange- 
jneats to help prevent and re- 
spond to fiiture monetary crisS. 

They should be launched at 
this year’s APEC summit meet- 
ing, to be attended by President 


Inadequate oversight, not -Bill Clinton and leaders of the 
overregulation, caused these other 17 members of the group 


problems. Consequently, our in Vancouv 
emphasis should not be on de- The airai 
regulation but on finding the recently by 
right regulatory regime to re-es- ent experts 
tablish stability and confidence, search insi 
Contagion has also played an versifies tit 
important role in spreading and Pacific are: 
magnifying the current crisis, the efforts < 
putting pressure even on fun- Monetary I 
damen tally strong economies, contain cris 
as nervous investors moved First, the; 
money out of emerging markets . pressure to 
throughout the world. Certainly countries to 


in Vancouver on Nov. 25. 

The arrangements, proposed 
recently by a panel of independ- 
ent experts from leading re- 
search institutions and uni- 
versities throughout the Asia- 
Pacific area, would reinforce 
the efforts of the International 


By C. Fred Bergsten 


nomic problems in a timely 
manner, including through the 
advice of the IMF, thus pre- 
v entin g major financial disrup- 
tions of - theland that spread 
widely in East Asia after Thai- 
land was fenced to let its cur- 
rency start falling on July 2. 

In the current case, the IMF 
provided sound advice well in 
advance of the crisis, but Thai- 
land failed to act 

Strong encouragement from 
other countries in the region 
might have translated the IMF’s 
proposals into effective pre- 
emptive action. The proposed 
APEC mechanism would fill 


Monetary Rind to avoid and this critical gap in the present 
contain crises in the region. early warning system. 

First, they would apply peer Second, APEG could provide 

pressure to persuade member supplementary funding to sup- 
countries to deal with tbeir eco- port effective adjustment dto- 


The Nuclear Cold War Isn’t Over 


By Stephen S. Rosenfeld 


W ASHINGTON — With 
the ending of the Cold 
War, the nature of the nuclear 
dilemma changed from the 
possibility of general war to 
the possibility of accidental 
launch or rogue attack. Some 
believe that the change opened 
the way to a wholesale revi- 
sion of the American nuclear 
posture — taking all warheads 
off virtual hair-trigger alert, 
shrinking the arsenal swiftly 
toward zero weapons, ending 
the strategy of threatening 
massive nation-destroying re- 
taliation, and agreeing not to 
use nuclear weapons first 
From an interview I have 
had with Defense Secretary 
William Cohen, it is clear that 
hopes for these sorts of sweep- 
ing change have no hone in 
the Clinton administration. 

Whether this is for better or 
woree remains to be explored. 
What is clear is that this ad- 
ministration and this defense 
secretary have confirmed the 
deliberate, incremental, by- 
negotiation approach already 
befog followed 
In short, for now America 
is, and for many years will be, 
ready however improbably to 
fight Russia or China or a 
rogue or terrorist in the instant 
massive Cold War way. 

.Mr. Cohen, who has a polit- 
ical head, figures that things 
will go well enough in Rus- 
sia’s dusty Duma and that 
grand negotiations with Mos- 
cow will resume and march 
ahead Even so, Bill Clinton by 
the end of his presidency will 
still have thousands of on-alert 
weapons in hand and a st rateg y 
that permits him to make any 


A student of nuclear matters 
since his Senate days, Mr. Co- 
hen challenges “the premise 
that somehow we are still 
locked into a pro-war men- 
tality.” He is ready to list the 
lesser, although to him. “sig- 
nificant and dramatic,” de- 
alertmgs and dismantlings of 
Mr. Clinton’s making. These 
are steps taken in the name of 
the familiar twin goals of 
crisis stability and deterrence. 

Mr. Cohen entertains foe 
hope of following Ronald 
Reagan and Bin Clinton’s 
sometime aspirations for zero 
nuclear weapons — by nego- 
tiation with Russia, when new 
technology has produced a 
new non-nuclear deterrent, in 
the “indefinite future.” 

In the here and now, he is 
deeply and personally en- 
gaged in pressing with Mos- 
cow a “nuclear surety pro- 
gram” to ensure on-site 
safeguards covering the two 
arsenals’ personnel, physical 
security and oversight The 
American and Russian stra- 
tegic commands, hot after 
"transparency,” have jnst 
agreed to an exchange of ex- 
perts fa this field. 

Deterrence is much on his 
mind. He worries a bit ab- 
stractly that at lower numbers 
each warhead becomes a more 
attractive target “You actually 
increase the hair on the trigger, 
put more tension on it” 

He believes that U.S. nu- 
clear ' ‘ambiguity” helped 
keep Saddam Hussein from 
using chemical and biological 
weapons on U.S. troops. Had • 
the United States embraced a 
doctrine of no first nuclear use 


nuclear launch that he initiates (it does have a policy pre- 
tocally devastating. Deterrence eluding first nuclear attack), 
of me old school lives. it would have lost a useful 


deterrent in the Golf War. 

Is not this validation of nu- 
clear aims a rationale that oth- 
er countries could use for go- 
ing nuclear? No “abolition- 
ist' ' hi m sel f , Mr. Cohen says 
that “the way we maintain 
deterrence is that we have a 
very strong deterrent.” 

Could be itnagTrip; counsel- 
ing the president to launch a 
nuclear attack? “It would de- 
pend on the scenario. Iflfbond 
that there were 3,000 ballistic 
■missiles on the way ...” . 

He would prefer, he says, to 
get the numbers down to deal 
wife Russia- type threats and 
to hedge against “accidental 
limited, types of launches” by 
the kind of ballistic missile 

defense that will be coming up 

for decision in Washington 
after two more years or re- 
search and development 

Is there not a contradiction 
between hoping to eventually 
negotiate one’s way to zero 
level globally, and perman- 
ently retaining a U.S. nuclear 
deterrent? Not for Secretary 
Cohen. He wants “to maim 
sure we have something to de- 
ter massive conventional 
war.” He added: “Hopefully 
... in a Very short period of 
time, technology wifi bring us 
techniques ana technologies 
other than nuclear weapons.” 

Don’t imagine, he volun- 
teers, that the Joint Chiefs are 
a barrier to the “national com- 
mitment to get lower and 
lower ■ levels, to the point 
where we don’t have them.” 
Not so. “Their attitude has 
been one of, OJC., -let’s see- 
bow we can make it work.” 

I leave thinking that Mr. 
Cohen is not on all points per- 
suasive but that Ire is a re- 
sponsible steward of this vital 
area of national policy. 

The Washington Post. 


early warning system. 

Second, APEC could provide 
supplementary funding to sup- 
port effective adjustment pro- 
grams by member countries. 

It would be much better to 
have additional funding avail- 
able on a standby basis to but- 
tress IMF programs, rather than 
having to cobble it together 
hastily in the face of a crisis, as 
Japan did for Thailand recently 
and the United States did for 
Mexico in 1995. 

The availability of such fund- 
ing would increase the pros- 
pects for successful use of 


bailouts, thereby encouraging 
countries to maintain irrespons- 
ible policies and foreign capital 
to continue to invest in places 
whose position was becoming 
unsustainable. 

There has been widespread 
discussion, including at the re- 
cent annual meetings of the 
IMF and the World Bank in 
Hong Kong, of the possible cre- 
ation of emergency financing 
arrangements. But no con- 
sensus has been reached on 
their institutional locus. 

APEC includes all the Asian 
countries that have been in- 
volved in the recent crises or 
might .suffer such problems in 
the future. It also includes all 
the major potential creditor 
countries in the region. , 

There would be another ma- N 
jor benefit from creating new - -i 
APEC financial arrangements. 

In doing so, the Vancouver 
summit could play a crucial role 
in sustaining APEC’s progress 
toward achieving its goal of free 
and open trade and investment 
in the region by spurring suc- 
cessful conclusion of the ne- 
gotiations fa the World Trade 
Organization to liberalize fi- 
nancial services sectors. 

Some countries have hesit- 
ated to proceed with financial ■ 
reform because of fears that fur- 



rsERA 


OiiT 

wu I 


pecis for successful use of ther opening of their markets to. 
APEC peer pressure. foreign institutions might in-ljV L 

The new arrangements would crease their exposure to' future ■ ' 
build on the intensive cooper- . attacks on their currencies. : 
ation already developed by Having the new APEC fi- , 
APEC ministers of finance, who nancial arrangements to prevent - 
have been meeting annually and deal with such events 
since early 1994. Their deputies would help reassure them that 
meet even more frequently. they would be protected against 
The arrangements would op- any adverse repercussions of 
crate soley in conjunction with libe ralizati on 






have been meeting annually 
since early 1994. Their deputies 
meet even more frequently. 

The arrangements would op- 
erate soley in conjunction with 
programs supported by foe 
IMF. This would avoid the risk 
of “moral hazard” — the con- 
cern that creation of any such 
financing facility would in- 
crease the probability of future 


The writer, director of the 
nonprofit Institute for Interna- 
tional Economics in Was hi n^- 
ton, contributed this comment 
to the Herald Tribune. 


IN OUR PAGES; 100. 75 AND 50 YEARS AGO 
1897: Dreyfus Affair force. The German Nationalists 


PARIS — Another person other 
than M. Scheurer-Kestner, Vice- 
President of the Senate, is con- 
yinced of the innocence of ex- 


force. The German Nationalists, 
including General Ludendorff, 
conferred with Mussolini, x-, :«j 
qyaioting each other with Fas- V J 
cisti tactics. An officer in the 


Captain iJwfcTMrinr J"" 1 ** of General Luden- 

chrelli, DLrectoof the cwE~ told *** ItaIinn «P* 

proves the JutUity of all 

was imprisoned, called udod M! ’ and marks the be- 

HenriRocSSt to £ Qnm i of abolishment 


opening of the case. “I have not 
lived forty-five days near Cap- 
.tamDreyfus, “hesaid, “without 
infon ning myself I have leamt 

terrifying facts. In order to prove 

fn imn tLnf T lw.1t ■ » 


1 fear to shake him by *e 

hand before the assembled guard 

after bis sentence.” 

1922: Fascist Order 

BERLIN -r— The German ultra 
Nationally see m the triumph 
of Mussolmi the proof of the 
ultimate victory of the policy Q f 


throughout all Europe, Ger- 
many needs a strong militaiy 
dictatorship to suppress Bolshe- 
vism and restore order.” 

1947: Palatine Plan 

lake success, n. y. — The 

United Sates suggested that if the 
propos ed partition of Palestine is 
approved by the United Nations 
Assembly, foe two new Arab 
and Jewish countries should be- 
come radependem nations on Ju- 
ly 1, 194$, Mr. Johnson pro- 
posed that the two countries 
bec °nie “absolutely sovereign 
and responsible for public ratter 
m their respective nations.” 







f «» IS,. /., ' •- 

"Stiff, 


INTERNATIONAL HERALD TRIBUNE* SATORD AY-SUNDA Y, NOVEMBER 1-2, 1997 


PAGE 7 




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ii - - - • 


Exclusively for yoii... 

ParaonalysBMB 1975 

Teh +49 -89-649-2205 
Fax: +49 ■ 89 - 649*2224 
Bogy 1 1-19 hra. ■ Gemumy * 82031 Munkh-Grijnwald * Otto-Ha Rm o n n - Str. 5 • By a pp o i n tme nt 

Represented in Paris — Berlin — the USA Singapore — - Melbourne 


estates .... 

worlu-dliam of 



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P Oeche l Kn ie e , The favorite 

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culture 


agency of the world's select circles for more than 20 years. We establish contacts among 
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A "Firstlady" a ia Grace Kelly - of select circles with international 
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An irresistfoly charming, cultured, radiant and delightful woman with a fascinating and impressive personality, fun of laughter and 


warmth, .belonging to the top of the American society (half German), widowed and without any dependents, feeing i at home in the whole 
world, the States, Munich or on the Cfite, regularly travelfing to Paris, RorenceMiano, Salzburg 


and Bayreuth. A woman of the world 
(with a fortune of billions) seeks HIM: a manor corresponding standards, preferring a more 'secluded” life in a private atmosphere - if 
you want -to bring happiness, love and laughter back into your life and give all her attention to you -gladly up to his late 60 's... 


Do you IM hnprwMad? Ptatta ca 8 uk You can reach us daily from 3 to 7 pm, atso SaVSun on Fax ra049)6241-e7S113 

Head offices- Europe, Germany, Frankfurt -Ms. Hoffmann. T (0049) 60242 77 154 + Germany, Dussckfcrf, Us. Ztomar ma nn. T (t)0*9)2Vl/33S3S7j 


GO 


Edith Brigitta 
Fahrenkrog 


Tar. LmssDuiWMu. Pmumshw Mm h Bwtre] 


FR.XNKFI'BT 


Paris 


New York 


SfKND 

IffiPSKU. 

Cbummu. 


MMCTOWCTHF Rx3U fMCINUS U My Bcsmss 
P ssm.iL luivn'/UL MBTAXi Is Mv Sbaece. 

Qsff®p« is Mr noorPkusnY. 

Head Ofrcs: Frankegrt, i.-r* 

C03I(jFB*nwkt/Ma«, 51. Ctjai vns 

Th- +«-W-4? |97>.Fvc+«.WI-4.1366 

Paris Qfrce: m™ - fw v - ft m 

P«n 75006. 72 pit w F u*tao-Si-Htw at 
TU_- + W-l- 4007 86 R7 • F«l + 3M- 40«7 6 U 40 

\1SJl. Office New York, -4r*j 

\TR Yi«c.ny 1P019. 7SJ Frni Art« T, ‘hmu* « 

Tel 111213- 333 -S78S . F«. ill 212-^13 - 8720 
Pusunai. ArmwwiiJns A». Aisu IAwsbu; b4 
HOME - GENEVA - LONDON 
DOS ANGELES- SINGAPORE- HONGKONG 


/\ A MAN OF THE WORLD ■ MOOT CARU^PAWMOEWYOIlX 

< > 4% ATIS VTO DARK t MIXED. ELEGANT MAN (48/l£l. WITH GREAT 
V SYTU. AST* PFKFin MANNERS A REAL GENTLEMAN WITH GREAT 
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RESPONSIBILITY- HE ttAS AN ABSOUTO Y EXCELLENT BACXGROl'ND AND IS 
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RESIDENCES IN THE MOST EXCLUSIVE SITFS IN EUROPE AND U5 A 
■nintr.lim'L. WARM-HEARTED niARACTER. OF BRIGHT INTELLIGENCE. 
EOLTUBX.VTED AND GENEROUS THE WOMAN AT WS SIDE i PREFI X. MU. Y OF THE 
SAME RELKHUNt WILL BE IKE BEST HttEKIl IN IBS LIFT 


O A YOUNG, SMART AMD ENCHANTING DUTCH BEAUTY . . - 

. CHEittm. VIVACIOUS. WITH A BRIGHT TEMPERAMENT A SUNNY 
BEAITV 1 1 ATE ^TS! I 74l WHO LOVES LIFE SHE IS VFRY SULYTSSHL IN 


_ BLAITV HATE WST 74i WHO LOVES LIFE SHE IS VFRY SULTFSSH'L IN 
HER PROFESSION ilW CSlADUATtl. AN ADMIRABLE PERSONALITY. FMA OF 

vrrAiiTY. Btnawnic and with a lot of charm .she has wonderful 

LONG BLOND IIAIR. A BEAlTlFVL AND RANANTLY I LMININI APPEARANCE 
WITH A GRACEFUL FIGURE. A SOTJ IKTKATLD LADY WHO LOV ES CULTL'RL ANT 
SPORTS ALSO A PERFECT HOSTESS i GRANDE CUISINE FRANC .MS D AND VERY 
WELL URG.4NKCD AN ENCHANTING LADY . DfmSOtrs. TTNOER AND WARM 
UEARTFD WHO I AS U V E EVER \WHEKC W7IH T1IT RK3IT PARTNER 


O IXAZJAN COUNT - OUD ARISTOCRATIC FAMILY .. . 

EVRUIAAN .ARISTOCRAT - A STRONGLY CHARISMATIC MAN WTT1I LOTS 
OF CHARM. IN HIS YOUNG HTSH M- AN ELEGANT ANO M.VSCVLINt 
APPLARANCF ACTIVE AND OVCAMK* IN IRS DUSINCSS A W CCESMI L OWNER 
AMI PUESUJFNT OF INTX COMPANIES WITH AN FAfELLfNT BACKGROUND 
AND UFESTYLE A UENUtUUS OMIiMAN WITH A BIG HEART. GRFAT StVf f 
UF HUMOR. VERY ROM AMR' AND O INSIDER AIT- HE UKES SPUR IR .UTTVITIES 
TENNIS GOLF. SKIING SAILING AND ALSO FINE ARTS AND AMTpGCS ' 
WISHES TO OFFER HO: BEST GTtVFRYTHINU HI TIC WOMAN VT IKSU+- 


Hl. , 


PLEASE CAUL I 


As an INTERNATIONAL. MARRIAGE INSTITUTE, located In Switzerland, 

you can find with us a very distinguished clientele. Since we are dealing only on 
a high- class level, we can successfully assure our clients that they will rind 
partners with a sophisticated background, in top positions, well-educated or of 
well to do families. The world is a global village and we can offer all the 
assistance you need to find tte partner of your dreams . 


STARARCH1TECT, 54/184, a charming 
and successful man, with a youthful smile 
and dear eyes who reflect his inner sell He 
enjoys an interesting talk by die Are, is still 
curious of life’s manifold fascinations, has 
international standard in a modest way. He 
loves auiumn leaves In the Provence and 
sunsets by the ocean, looking for HER ro 
accompany Mm in an unrestrained motion. 


APPROACHING HAPPINESS STEP 
IS HER, 52/1 72, of academical 
background, sensitive* and intellectual, an 
eloquent woman who has cultural 
Interest, style, loves dassical music and is a 
true cosmopolitan. Skiing, walking in the 
mocnrains, golf-ard tennis-playing are her 
hobbles. She would love to experience 
new horizons. 


Contact everyday: 

Gerreen: TeL 0041-61 -601 3730 
EngfisfeTeL 0041-61-601 37 35 or 0041-79-218 67 49 
Fax 0041 -61 -601 3738 


^ Instltitte l lrSIlla G irod,H6ehen 5iras8ea.4l25Rldigi.Swtofa nd. ^ 


NANNIES/DOMESTICS 


Top agency est 1982 
Nanmes, Mother’s Helps, Baby 
Nurses, Au Pars, Goverfesses 


M soft IntBiviewBd Quaincations 


and references verified 


44 714993834 fac 44 OT 4993035= 


Imperial Nannr& 


B 8 TIISII HANKER WIIMKEDMJ 


taorelp vetemUy npoteurf aad 


© 




AVAILABLE NOW 

M +44 171 389 6132 
Bob +44 171 38V 0092 

LO*COW8W78LH|AOOi, 


Monroe Nannies 

nBaRHBWnDULI RBTHEIBITBBr 

mMESAUTBMTYWffiSES 
WVBDESSCSMQIHBrS HELPS 
Afi MS are Up contend n He an 


at tataril ft louH dttkan t m proridi 
t pwawfa e l ft artig re» B 


■ten 

1EL(W171)4a OMBF/UC (44 171) BS4» 

31 BROKSIRSi; lUYFARUMOOH. Wl 




wetted UaB tarnettlolriv 

ler experienced Connaute 

kt hoe to «** poer staffing Merit. 
Can now to Amt jxw reqwTemealB. 


COUPLES - H0USBXEPERS 
HJUNMMES • CHSS'COOKS 
BUTLEHS/VALCTS ■ ESTATE MANAGERS 
No&S fatiafi p n fa C^etM n cA^& tfa ntoy 

Td: +44 171 589 5494/5 
Fu: +44 171 589 0095 

IS IWto Snt LONDON 5W7 MH (AGYlJ 


Nannies A Norses 


TTC SPEC3AIJ.SE IN THE PLACEMENT 
OF EXPERIENCED & QUALIFIED 

* NANNIES • GOVERNESSES 

* BABY MATERNITY NURSES 
EXCBLLEXT CAKE ASS ( ’RED 
PLEASE TEL- *4 171 W» TV> 

OK VfiXi 4A 171 838 07AO 
20 BEMYaiAMP FUC2. LONDON, SV3 


Domestic Positions Available 


AKRON AGENCY Sects Lvw tor 
HoiBoteepng. Nannies aref Oder Care. 
Legal status and relerenees requknL 
Contact Emque Domestics. 560 Main 
Street AlenhnsL New Jersey, 07711 
USA. 732^31-3331. Fax 732-531-1166; 
Evral pnWB^eOwrnttciattcoiR 


DOHESTE STAFF-Ughest caRve expo- 


rxeced Cm*s, aaerttora tenaoers, 
‘ • 8 , SPA'S- 


Nantes, Chefs, Horeekeepas, 
ai scraputously vetted HUTCHJNSOffs 
B nptoytaera Agency 44 P171 581 0010 


IWE LONDON NANNY COMPANY 


Tnuncd British Nmnies Graemes* 
. & .Maietnin’ Nutses 

\I1 iw maae ptnnraflr irw- 
tmnl and retcrnnf dinloi 
A inemfir pruicu tul yn:,r 




V. 


Teh + 44 171 B38 0B33 
Fwe + 44 171 589 1183 

27 TlMrtocSeraec. London SW7TLQ 


Domestic Positions Wanted 


BRmSH a/TLHL 28 ys oU pmstie 1 
tncvregal experience, seeks tore n'otc 
• fclfiris Tet *33 ID) 14271 


postings in 
1788 


FRENCH REUAHlf bfcguti tidy *¥ks 
job looking after chfeben. secretarial or 
French lessons in New York Box 445. 
IATm 82521 Natty Cede*. France 


UK ft OVERSEAS AU PAR AGENCY 
NANCES, U0TVCRS HEPS, al fvein 
stall 87 Regent Si. Lonton WlR 7HF. 
TeL 171 494 2S29 Fat 171 494 2922 




GENERAL 


TOURS 


mms6jn\G i\ perjgord 


t 


26-30 Nov. Gourmet nperianca in 

Engllah. Traditional lunch, solrte 

itoraanta, mettete henqueLfM oiuk. 

Coach tour to Sartah L»« Ey*k«. 


. Eyziee, 
aH ra aala . 

a. iwina ~ 

, inioviii c. rar 
imaMy stays, r-; 

' pretsniaai wtoa wmw 

I Octailf Fax 3 » OS 53 58 -V 13 , 

L or call .W0>5 53 57 96 70 1 


- 1 

A. 


V 


Announcements 


SEND YOUR LOfDONLOVRnOiBS 
UpAmtioadoftflosarattrore 
1&: *44 - 1S34-71ftOft . 


FEHJNG tow? 


I pretteos? SOS 
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HHP crisis*® to BtgtsiL^s^jn 


DINING OUT 


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4 


PASS 6th 

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CHEZ GANDHI 

toi 44 SrMttH -6 i 43 290) ». 


PASS J7th 

if buboquet 

AtosiMwbttice 1947 

@ kirane’s 

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8S, rte* term*, - tel: M *5 7440 *1 

® 9ty ara j_ 

HMM 

KERVANSARAY 

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5?ss. 


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OJBSCRBER CUSTOHER SERVICE: 
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r itowwjer. too saas cf yaa 

i crttnl ordering a ntosolp- 



calMbe fcdoafng nurebers: 
AST AW), 


,IBDLE EAST AW> AFRICA: 
TOLL FREE - Austria 0600 8120 BsF 
gin 0800 17538 Fiance 0800 437437 
gereny 0130 848685 1* 187 7HXM0 
Lucerioug 0800 Z703 NMcrtandi 06 
0225158 Sweden 020797039 Swfesr- 
tad 155 5757 UK 0800 B95985 Eta- 
Hftere (*33) 1 41438361 THE AttERF 
CAS: USA ItoMree) 1-B0M822884 
Etaafwre (+1) 212 752890 ASIA: 
Hon Kong 2922 1171 todoneta 809 
taa tan (toftfteel 0128 464 027 
tone 3672 0044 iWatea 221 7066 
Ptiitatoas 895 4946 Stogaporo 325 
OBKTahan 7753*58 TSand Z77 
4485 Bsatasra |*852) 29221171 


Auto Shipping 


SAVE ON CAR SHPPMG. AMESC0, 
Kribbssb 2, Antwerp Brigum. TofFrara 
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449^11+433830, 18* 4W11-44 


A7X frORUmOE TAX FREE CARS, 
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used cam tfXNV. TenfeUi 40, 2930 
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• art 1959 •• • 


HW TAHflS wad 
ALL LEADMG HAKES 
Serna day regfetifion poiaUe 
reneatfto i*} to 5 years 
We ako regUar cars «0i 
(eqikaf toreigi (toxftes) pass 


mom 

Aired Eatv Street 10, 0+8027 Zkrtti 
Tflk mOX 7B NX Fttc 01/202 76 30 


Legal Services 


DIVORCE WJAY CHUTE) 

Cal or Fax (714) '96B3B95. Write: 16787 
Beach BM. #137. Hniogon Beach, CA 
92848 USA- 04tal - MormOjiriusm 


DIVORCE M 1 DAY. No travel WKb: 
Bor 377, Sudtxay, MA 01776 USA! TeL 
978^438387, fac 9784430181 


Coffeges & Universities 


GET A COLLEGE DEGREE to 27 DAYS 


BS/MSMBAAW)-, etc. Indudhg gnta 


Yas i 


tfan ring, tanscript. 
reaL legal, garntad and 
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V50446-1469 24 bmi 


EARN UNIVERSITY degrree utSztog 
work Ho ft academic opertaea. For 
enkaon ft WorreeSon tanad resume 
to: Pacic Soutten Unhealy, 9581 W. 
Pico BM, Dept 121 Loe Angeles, CA 
90035 USA 


REGS1ERED ACCRBSTB) COLLHS 

DEGREES. Aft suNeas. Home Study. 

FAX: 31*35443# T(*319-35M620. 

Box 2804. kna Ctty. IA 52244 USA 

E-Mail:, 


BACtffUHra. HASTSTS, PHJL Rei- 
' otoos s&xfias. Authorized. AccretRad. 
Tat 8154258850 Fee 8168426949. 


... j - 

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S 








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New Lower 
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Germany—. 310 
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France— 330 

UK 190 


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Tel: 1 .206.599.1991 
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Email: Infoekallback.com 
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417 Second Avanua Wtot 

Swrttoa, WA 961 IB USA 


Import/Export 


A GIVE-AWAY Expat Swpbs. Ladies’ 
cocktaB shits, short ft long stems. 
HAND-BEADS) ft EMBROIDERED: 
US52iff F03. GSP-FORM-A avaSabte. 
Enpttss to te 817-8693. 


Business Opportunities 


MAJOR USA* 

STADONBir MAIttffACTIBai 
is looking lor an experienced T0B 1 
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hypermarkets, department stores and 
soretnstkato in Eiacpe. Comp en s a t or ! 
w3 be on a conmosion basis, to be 


is a leading USA nanuiadinf 
seeking to expand is posdon in the 
market Send rtttaSs by FAX to: (973) 
533AI47 atte Mrs. Shm Sataa. 


OFFSHORE OXPANES. For he bB>- 
chop a advice Tet Unton 44 181 741 
1224 Fax: 44 181 748 65588338 
vwwapfttanctLiA 


IRISH OFFSHORE COMPANES £145 
Contact: Irish incorporaGons Ltd Fas 
+35S51-388921 &U& rittteO riie 


Business Services 


YOUR OfftCE H LONDON 
Bod Street - Mas, Phone. Fax. Telex 

Tet 44 171 280 9000 for 171 488 JS17 


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latiBaafaesa Class Frequent Tranfets 
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Capital Available 


ASSETS AS LOAN C0LUTERAL 
USS765M0.000 to veffttaUe assets. 
ExcaBwi coUetsI tor large loan. Mast 
set new. 3 heator. saertora. Cel 806- 
83»5373®16-32H688 USA. 


Real Estate 
for Sale 


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Private Ltad la tls Cstobon? 
Ottiar ncefleri kMStoai natatee to 
the last onring istond d 
HOATAN, BAY SLAM) 

Best opponwiies d the Catfebeen 
Secua Properties, fee 50+45-1628 

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Real Estate 
for Rent 


Paris Area Furnished 


RffWSHB) BEAUTffUL 80 SOIL, one 
beft Urge stag, apartmert XVtth cert- 
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antique pemUngs, etc. PARIS ah Free 
tor long or shod lease Tel: +33 (Oil 
47 05 (X) 22. Fac *33 (0)1 45 56 19 59. 


Switzerland 


GENEVA LUXURY FURNISHED apart- 
mitt. Ron stutta to 4 bedrooms. Tet 
441 22 735 6320 Fax «41 22 736 2671 


See MoadayV litem— Ac* 


lor Rccniiirocm. Friiirmlion. 
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INTERNATIONAL HERALD TRIBUNE 
SATURDAy-SUNDAY, NOVEMBER 1-2, 1997 
PAGE 8 


Tokyo Art Festival 
Goes International 

Fair Is Opened to Foreign Dealers 


International HeraktTribme 

T OKYO — An ex- 
traordinary event, 
unthinkable even a 
year ago, has taken 
place in the Tokyo Interna- 
tional Forum Building, a $1.6 
billion sieel-and-glass con- 
traption inaugurated in Janu- 
ary on the edge of the Ginza. 

Watched by international 
art dealers, (heir Japanese ool- 

SOUBEN MEUgiAN 

leagues and high-ranking of- 
ficials. Princess HIsako Taka- 
modo on Wednesday cut the 
ribbon at the entrance to the 
Tokyo International Art Fes- 
tival ’97. Thus did the first 
ever high-level international 
art fair in Tokyo begin. It 
closes Monday at 3 PJVt 
Until this historic week, Ja- 
pan was the most hermetic- 
ally closed country to direct 
competition from foreign art 
dealers. That die Japan Fine 
Arts Dealers’ League should 
have taken the initiative of 
inviting 20 foreign galleries 
to participate in the art festival 
alongside 56 Japanese galler- 
ies amounts to a revolution. 

The driving force behind 
the cultural (and economic) 
earthquake is Chieko 
Hasegawa. A dealer in Im- 
pressionist, Modem and Con- 



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temporary Art since 1964 
when she married Tokushichi 
Hasegawa, Chieko runs with 
her husband the Gallery 
Nichido founded in 1928 by 
Jin Hasegawa, Tokushichi ’s 
father. Within three decades, 
she turned the family concern 
into an international opera- 
tion. The Galerie Nichido, 
which she opened in 1973 at 
61 Faubourg Saint Honors, 
Paris, is a thriving business. 

Fluent in English and 
French, the glamorous Chieko 
belongs to the tiny minority of 
Japanese women with a high 
profile. Straddling the bound- 
aries of commerce and cul- 
tural activity, she plays a key 
role in the Nichido Museum 
of Art, a private foundation set 
up by the Hasegawas at Ka- 
sama, 120 kilometers (75 
miles) north of Tokyo. 

Why the sudden Interna- 
tional Art Festival? The Japan 
Fme Arts Dealers* League, of 
which Chieko Hasegawa was 
elected president in 1994, is 
celebrating its 40th an- 
niversary this year. And, 
Chieko adds, it seemed a 
good way to wake up the Jap- 
anese trade from its slumber. 

The Western dealers whom 
she personally contacted re- 
sponded wife enthusiastic 
surprise. The Tokyo fair in- 
cludes a few remarkable pic- 
tures. The display cm fee 
stand of Agnews of London is 
compact, but admirable. Gio- 
vanni Battista Piazzetta’s 
“Annunciation.” a deeply 
poetic composition wife an 
angel hovering oat of dark- 
ness toward a standing Mary, 
is there. So is Rubens’s “Vir- 
gin and Child,” painted 
around 1630. The earliest re- 
corded Welsh landscape by 
Richard Wilson done around 
1 745, financially far removed 
from fee $9-million Rubens, 
is every bit as rare. 

The effort to display great 
pictures wife an international 


is has a small group 


[y aimed at fee Japa- 
nese market is perceptible on 
several stands. Richard Fei- 
gen of New York displays a 
rare scene done by Delacroix 
remembering in fee late 
1 850s the crossing of aford he 
had witnessed 15 years earlier 
in a Moroccan mountainous 
setting. Across the stand, one 
can gaze at one of Gainsbor- 
ough’s exquisite small-size 
landscapes done around 1730 
under Dutch influence. 

The Galerie Beres from Par- 


ings aimed at the so- 
phisticated coonois- 
seur. The rare 
$700,000 pencil self- 
portrait done by De- 
gas in 1855, fee elab- 
orate crayon sketch 
of a woman gle aning 
grain by Jean-Fran- 
cols Millet and 
Maurice Denis's ver- 
tical landscape of 
1894 at fee height of 
the Nabis movement 
influenced by Japa- 
nese woodcuts (zuri- 
yo-e) are small 
gems. 


I 


N fee majority, 
however. West- 
ern dealers 
chose their 
to suit fee 
as 



| Postwar German Photography 

From Somber Reflection to Banal Silliness 


i 


‘Les deux colombes" a Maurice 
perceived by West- Oenis oil painting from 1894. 
enters. Lefevre of 


London does it in grand style. 
Monet’s “Effet de prin temps 
a Giverny ” dated 1890, sums 
up fee essence of Impressron- 
istlandscape painting after the 
impact of pointillism had been 
absorbed — the hrushworic 
has become very dainty. “Port 
Vendues,” painted around 
1906 in Fauvist colors by An- 
dre Derain, is so sparse, con- 
cise and forceful in its brush- 
strokes that it could have been 
conceived to make Fauvism 
acceptable to Zen aesthetics. 

Waring Hopkins, of Paris, a 
great connoisseur of Impres- 
sionism and an equally bril- 
liant salesman, seems to have 
been tom by conflicting 
temptations. The connoisseur 
settled for Edouard Manet's 
portrait of Madame Michel 
Levy and the late Braque still 
life “Green Jug,” painted in 
1943 and enhanced later. The 
salesman, one suspects, bad 
his say in fee choice of large 
stereotyped Puis views by 
Utrillo or a late still life painted 
by Maurice de Vlaminck when 
he saw everything through a 
brown veil. 

James Goodman’s elegant 
solution was to bring over 
from New York a large Sam 
Francis of 1957, when fee 
artist was in Japan, and the 
portrait of a woman by Pi- 
casso that is die man-on-fee- 
street’s idea of what Picasso 
is all about — fee twisted face 
owes as much to Expression- 
ism as to Cubism. 

All the dealers I spoke with 


seem to feel that this art fes- 
tival is a gamble. Wife fee 
current financial crisis, the 
gamble looks a bit like Rus- 
sian roulette. But no matter 
what happens in fee short 
ten n, fee long-term impact 
will be profound. 

A .sideshow to the fair that 
offers an overview of fee 
work of Yuzo Saeki, un- 
known in the West but a 
celebrity in Japan, says a lot 
about the artistic direction the 
nation is heading far. Saeki, 
who arrived in Paris in 1923 at 
age 25 and met Vlaminck 
shortly afterward, spent fee 
remaining five years of his life 
painting bleak Paris streets in 
a manner heavily influenced 
by the ex-Fan vist master. 

Saelri’s ait is not great, bnt 
it symbolizes fee ritual pas- 
sage of Japan to fee 20th cen- 
tury world. A host of con- 
temporary Japanese artists on 
view in the art fair, likewise 
painting in a manner invari- 
ably reminiscent of some 
Western model, perform a 
similar function for fee new 
generation. 

The Japanese are thorough. 
They will want to dig ever 
deeper into the sources of 
their* acquired modernity. 
They will buy better and bet- 
ter Western paintings even it 
in .the privacy of home, their 
own strong culture prevails. 
They will do in art what they 
do when dressing. Art deal- 
ers, take heart: There is 
hope. 


By Katherine Knorr 

International Herald Tribune 


B ERLIN The history of pho- 
tography is a short one, and its 
position as an ajt form neb- 
ulous. Photography’s docu- 
mentary aspects mean that it is closely 
linked to world events on a vast and on a 
small scale. It is nevertheless startling to 
be reminded how badly the practice of 
photography has been mangled by the 
prosperity, cynicism and Tet's-all-be- 
creative nonsense of the 1960s. German 



grandeur, to fee banal silliness and polit- 
ical sloganeering of fee advertising cul- 
ture. Here is an afterimage of society feat 
bears witness to the globalization of 
intellectual conformity and bad taste, fee 
great leap from honor to stupidity. . 

A- large and revealing exhibition of 
Goman photography at the Martin- 
Gropins-Bau (to Jan. 11) traces the half- 
century since Germany’s defeat, from 
fee terrifying pictures of Dresden by 
Richard Peter — which in their gritty 
simplicity ask, why is man so fallen? — 
to fee semi-pornography feat preten- 
tiously clamors for “freedom.” It co- 
incides wife a scries of small exhibitions 
in Paris that look at the 1980s in general 
and at individual photographers. - 
Because there are so many fine pho- 
tographs in these shows, and so many 
awful ones, they unwittingly raise in- 
teresting questions about photography 
as art, about fee uncomfortable place 
where technology meets talent. They 
also, as wife fee plastic arts, show up fee 
almost strident need of photography cur- 
ators and other follow travelers to cut 
time into decades and schools and label 
fee transitory as profound and eternal. 
Because there is more and more museum 
space in -fee world dedicated to pho- 
tography and oo great explosion of mas- 
terpieces, there is an obvious need to fill 
the spare; some of the Paris shows make 
feat painfully clear. • 

There are some marvelous pictures in 
Berlin: Aside from Richard Peter’s fa- 
mous view from the city ball of a de- 
stroyed Dresden (1945), his more graphic 
pictures of mangled metal rejoin Peter 
Keetman's sensational 1950s studies of 
motion and texture, like his “Lokomo- 
tive” (1958). Following in the industrial . 
vein is fee signature work of Bernd and 
Holla Becfaer, which appears both in Ber- 
lin and in Paris: senes of gigantic in- 
dustrial structures such as water towers 
and coal bunkers, which achieve a kind of 



Chorgesheimer’s "Strassenpassant’ 

passant” (1957), or Amo Fischer’s East/ 
west Berlin contrasts, the chauffeur- 
driven Mercedes and the vacant lot In- 
deed, fee bleakness of Berlin and other 
German -cities is .a. topic that echoes 
thro ug hout fee Berlin exhibition, from 
Fischer to Evelyn Richter’s “Musik- 
viertel,” where two boys bearing flags 
walk toward afog-softened architectural 
monstrosity in Leipzig: to Ulrich Wust’s 
stark Berlin, where a wide open space in 
front of oppressive high-rises seems as 
small ana barred as a prison cell; to' 
Christian Borchert’s drab Dresden and 
Berlin stores and streets. 

There are also fee goofy chaos-theory 
photographs of Bernhard and Anna 
Blame — shown in Berlin, and to be 
shown in Paris later this year — where 
fee plain world of living room couches 
and, 


ihs of a Siemens factory in 
(1991), or of the Tokyo stock 
exchange (1990), are fine examples of the 
kind of artistic documentary photography 
Famine magazine has been famous for 
over fee decades. Thomas Demand’s fab- 
ricated offices of paper and cardboard 
don’t quite rise to anything, but fee study 
of-color and texture is interesting, and 
their very blandness is unpretentious. 

There are stunning street scenes, no- 
tably Chargeshedmer's “Strassen- 


T HOMAS RUFF — whose work 
is' included in Berlin, and fea- 
tured on its own in Paris — is an 
interesting study in contradic- 
tions. It is one of those troths in fee art 
world today feat the more contemporary 
the art fee more sycophantic and sopho- 
moric the catalogue, and it is best not to 
read tiie reasoning behind his famously 
“objective” portraits and still lifts. Yet, 
it is Ruff’s interiors and his night street 
series rather than his well-known 
high-school yearbook pictures, or his 
stark, flat factories and apartment houses 
— that are his most interesting work. 
The interiors _ — narrow, slightly mys- 
terious angles in bland or ornate rooms 
— project a late-20&-century version of 
Atget’s Paris apartments, lives wife all 
the coziness of plastic. Tlte night scenes, 
photographed with Gulf War night-vi- 
sion equipment, project in green light the 
eeriness of violent modem society. 

Again and again, in these shows, the 
walls beg the question. What makes one 
photograph — Chaigesheimer or, at his 
best, Borchert, among others — a little 
work of art, and makes others only so- 


Hu»i» Uh»CA»f 

’ (Passerby), shot in 1957. 

ciology, a kind of diary of modem life 
that becomes dated like magazine- 
labeled “trends’ *? What makes one pic- 
ture express fee drab and dangerous hves 
of East Germans, and another just show 
teenagers with bad-hair livcs? So much c 
rock and fashion photography has * 
played wife the look of punks, shaved 
heads and sick- looking skin, that some 
of these photographs remind you 
vaguely of advertisements for a product 
you can’t remember, maybe a cologne 
that says, hey, be yourself. 

Like clothes, some of these pictures 
haven't aged welL There is a smugness to 
fee “idealism” and political commen- 
tary, pop music hectoring disguised as 
political insight, that leaves an echo of 
Westernized Indian music. The photo- 
graphs of Barbara and Michad Letegea, 
shown in Paris, are in many cases haunt- 
ingly evocative, but the long exposures 
of the sun become boring — can you hear 
George Harrison? And there is always 
fee temptation to lecture. What does , 
“Apocalypse” — a series of phoio^ i 
graphs of ethereal trees with the signature 3 
sun spots, interrupted by the words 
Hiroshima and Mururoa — tell us? Set - ~ 
a gainst European history, this Let’s Save 
fee World! cheerieadmg is pretty silly. 

And then there is nakedness pretend- 
ing to be shocking, pornography as 
“revelation,” a chance for fee photo- 
grapher and his friends to expose for all 
fee bourgeois to see their distinguishing 
characteristics. 

In a vivifying contrast, one of fee ; 
Paris shows displays the marvelous 
early-20th-century work of Karl 
Blossfeldt, whose plant photographs re- 
vealed shapes like ornamental ironwork. 
This is the world that needs saving. 

In Paris, Matson Europeenrte de la 
Photographie: 'Aliemagne, annees 
80," “ Barbara et Michael Leisgen” and 
“ Karl Blossfeldr." until Nov. 9. Centre - 
National de la Photographie: " Thomas 
Ruff.” until Nov. 17, and “Anna et 
Bernhard Blame " Dec. 3 to Feb. 9.. 


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itfrala.a^.&nbunc. 

BUSINESS/FINANCE 


saturpay-sundas; November 1-2, 1997 


PAGE 11 


Asian Gains 
And U.S. Data 
Help Calm 
Stock Prices 


Qs"j*W byOurSatiFvm DufoHn 

NEW YORK — Upbeat U.S. eco- 
nomic data and gains on Asia’s two 
biggest stock markets, Hong Kong and 

Tc f ri?’ stock markets in Europe 

andthe United States on Friday. 

The Dow Jones industrial average 
dosed up 60.41 points at 7,442.08 
whil e ben chmark indexes in London 
JJankfet and Paris finished about un- 
changed, Trading volume was light at 
most exchanges. 

‘‘They’re exhausted with this rocking 
horse we have,” Brian O’DonndTa 
dealer at Schroder Securities in London, 
said. ‘Tt is too much for most people, 
and they ’re glad to get hone this week- 
end and hope it’s better next week.’ ’ 

A sell-off in Asian stocks this week, 
led by Hong Kong, caused record-set- 
ting price swings around the globe. The 
Dow fell 554 points Monday, its worst 
point drop ever, then rebounded Tues- 
day with a 337-point gain, its biggest 
one-day rise in history. 

‘ ‘There’s still a lot of jitters out there, 
which is causing volatility,” said Brian 
Belski, technical analyst at Dam B os- 
worth in Minneapolis. ’’You don’t have 
the huge moves we’ve seen this week 
and then just resume trading like noth- 
ing happened.” 

World financial markets have been 
casting a wary eye on Asia since July 2, 
when the floating of the Thai baht led to 
a round of currency devaluations ac- 
companied by higher interest rates. That 
sent stocks reeling, because higher rates 
make borrowing more expensive and 
threaten to slow economies. 

The Asian turmoil swept through the 
rest of the world this week. 

“I don’t think the fireworks have 
ended for sure,” said Jim P ennin g a 
trader at BT Brokerage in New York. 
“They're talking about deflation in 
Asia. It will have an effect on die U.S. 
economy. I don’t think it’s gloom and 
doom, but it will have an effect” 

Regardless of die global economic pic- 
ture, business conditions remain vigor- 
ous in the United States. The govermnent 
estimated Friday thai the economy grew 
an annualized 3-5 percent in the third 
quarter, fueled by the strongest consumer 
spending in five and a half years. 


More Trade, Wider Gap 


U.S. merchandise trade (1997 
through August) 


The U.S. is exporting more 
to the developing world... 


-.and shifting away from raw 
materials to advanced products. 


980 billion 


Sham of total exports ( 1997 through Aug.) 



Qpnnrin ' •22S2&" 


feeds, ip.' 
beverages ESI 7.3% 


Western. industrial \ 


Europe 


Latin 

America MK 


supplies 


Capital 


■85 '87 *89 *91 *93 *85 ’97 

Source: Datastroam 


Southeast *v. 4.6% 
Asia mam 


Autos, parts 9JBX 
and e ngines M 


Consumer '-jV. 

goods mem 


Source: Census Bureau 


As U.S. Exports Boom, So Do Imports 

But With Few Jobless, Record Trade Deficit Produces No Howls 


By Louis UchiteUe 

New York Tima Senior 

NEW YORK — U.S. exports are 
booming, helping extend America’s 
economic expansion into a record sev- 
enth year. But there is a downside to the 
U.S. export success story more im- 
ports and a record trade deficit. 

But in contrast to die f uro r that the 
trade gap created a decade ago, it is 
greeted across the United States today 
almost with indifference. 

A stronger dollar — it has risen 
roughly 16 percent since mid-1995 
when measured a gains t the currencies 
of America’s major trading partners — 
means that companies or countries that 
export to die United States need fewer 
dollars to m»kp. the same amount of 
profit in their weakened currencies. 
This means they can charge less for then- 
products in the United Slates, encour- 
aging Americans to buy more from 
abroad. 

And for all the resilience of American 
exports, imports are rising even faster. 
Hut translates into a widening of the 
merchandise trade deficit, to a record 
$191 billion last year and a projected 
level of roughly the same mis year, 
compared with $173.6 billion in 1995. 
The previous high, before the 1990s, 
was $159 billion in 1987. • 


Remember the eruption of U.S. at- 
tacks on Japan over that deficit in the 


early 1990s as die trade 


peered in the 
cit narrowed 


and Japan’s once-impregnable econo- 
my fell into decline. Now the deficit is 
rising again, even passing its 1987 level. 
Bnt the dogs that barked so loudly in die 
1980s are just beginning to arouse them- 
selves. 

A broader measure of America’s in- 
ternational transactions is also going 
deeper into deficit The current-account 
balance, which covers not only trade but 
other overseas transactions — tourism, 
investments, services, brokerage fees, 
international phone charges, even dol- 
lars sent by immigrants to families back 
home — was in deficit by $148 billion 
last year, and the figure could exceed 
$150 billion this year. 

That is close to the record current- 
account deficit of $168 billion, also set 
in, 2987, although it is modi less as a 
percentage of the nation’s annual in- 
come. Fortuitously for the American 
economy, the strong export perfor- 
mance this year — totaling $447.5 bil- 
lion through August in merchandise 
alone, or 1 1 percent ahead of last year — 
acts as a brake on this rising deficit 
Service-sector exports help, too. They 
are much smaller, but rising fast. 

A decade ago, the national wail over 



OECD Sees Little Fallout From Asia 


By Carl Gewirtz 

IntenHnional Herald Tribune 

P ARIS — The financial troubles 
of Southeast Asia are nothing 
more than a shadow over the 
upbeat growth prospects for in- 
dustrialized countries, the Organiza- 
tion for Economic Cooperation and 
Development will tell senior policy- 
makers at their semiannual meeting 
here next week. 

The secretariat’s assessment, pre- 
pared for the meeting of the group’s 
economic policy committee Thursday 
and Friday, makes no changes in 
growth forecasts for OECD members 
inis year and adopts a more buoyant 
outlook than its previous forecasts for 
next year. Its preliminary projection 
for 1999 is nearly equally favorable. 

The OECD estimates that the Asian 
crisis will have a minima l impact on 
global growth — knocking a minuscule 
0.2 percentage point off what growth 
might otherwise have been this year 
and next. The report, prepared using 
data available at die end or September, 
covers the big declines in Asian cur- 
rency values mat began in June. Since 
the report was finished, currencies 
have continued to depreciate, bur at a 
modest pace relative to tire losses reg- 
istered troring the summer. 

The big question policymakers will 
have to address is the possible damage 
to the outlook that could result from me 
sharp drop in Asian stock prices that 
has occurred since mid-October. 


Currently, the view at the OECD is 
that stock prices in industrialized coun- 
tries have “corrected,” or retreated 
from overvalued levels, and that this 
setback is of no major economic im- 
portance. 

OECD specialists share the view that 
Alan Greenspan, the U.S. Federal Re- 
serve Board’s chairman, expressed at 
his appearance before the Joint Eco- 
nomic Committee of Congress this 
week. He suggested that declining stock 
prices could nelp take some of the steam 
out of the economy in the United States 
and Britain and possibly reduce die 
need for officials to raise interest rates. 

In Continental Europe, the rush out 
of equities and into bonds could be 
especially helpful if it continues to 
push down long - term interest rates. 

But the OECD’s global estimate of 
the damage resulting from the Asian 
crisis hides some wide disparities. In 
the United States and die European 
■Union, growth is projected as 0. 1 per- 
centage point below what it would oth- 
erwise have been this year and 0.2 
percentage point lower next year. 

Hie impact on Japan, South Korea, 
Australia and New Zealand, however, 
is depicted as twice as large or more— 
shaving 03 percentage point off this 
year’s growth rates and 0.4 percentage 
point off next year’s. 

But globally, according to the or- 
ganization’s projections, the impact 
will barely be visible. ■ 

Growth this year and next year is 
running foster than expected in the 


United States and Europe. As a result, 
the forecast growth for all 29 OECD 
countries this year is 3 percent, un- 
changed from the projection made in 
June. The secretariat now expects the 
group’s growth to hold at 3 percent 
next year — up from June's forecast of 
2.7 percent — and then to moderate to 
2.7 percent in 1999. • 

On die upside is stronger growth in 
the United States, now seen at 3.8 
percent this year, compared with the 
June forecast of 3.7 percent, and at 2.8 
percent next year, revised upward from 
2 percent. In 1999, U.S. growth is seen 
slowing to 1 .9 percent 
Estimates for the EU are modestly 
higher 23 percent growth this year, com- 
pared with June’s forecast of 23 percent 
and 23 percent next year, up from foe 
previous estimate of 2.7 percent 
Tbe outlook for Japan has been re- 
vised sharply lower, but this is largely 
due to a lODg-running problem of 
lackluster domestic demand. This 
year’s growth is now estimated at 0.8 
patent down sharply from the 23 
percent that was expected in June. The 
figure for next year is 2.1 percent, down 
from the 2.9 percent projected then. 

While depredation of the yen is a 
“plausible means of achieving recov- 
ery." the study said, "on many mea- 
sures, ' Japanese competitiveness 
already seems very strong” after an 
effective yen depreciation of 21 per- 
cent since mid- 1995. Any further 
weakening of the yen “would risk gen- 
crating trade tensions," it said. 


Asia Currency Storm 
Batters Latin America 


foe big deficit in U.S. international 
transactions held that Americans were, 
in effect, borrowing abroad to pay for a 
profligate lifestyle and that foe next 
generation would have to repay the ac- 
cumulating bill, reducing its own living 
standard to do so. 

Such talk is all but forgotten today. 
The bulging deficit is billed as more of a 
blessing than a curse. ' 

The old profligacy issue has given 
way to a more hopeful view of bow foe 
money is being used. Now. the money 
flowing into the country is said to be 
stimulating investment in American 
factory operations and other productive 
facilities. 

“The earnings from these invest- 
ments mean that going forward we will 
have foe wberevmhal to pay back the 
foreign debt,” said Janet Yellen. who 
heads the Council of Economic Ad- 
visers. 

A decade ago, foe flood of imports 
meant, to many, that higher-paying 
manufacturing jobs were shifting 
abroad as imports replaced goods made 
domestically. Many, however, now ar- 
gue optimistically that imports, far from 
crowding out domestic production, are a 
necessary and welcome supplement for 
an economy that is close to full em- 
ployment. The imports, in this view, 
make up for any production shortfall. 


Cnoati fn tto Sitf F tub OjyvE. In 

BRASILIA — Brazilians awoke Fri- 
day to doubled interest rates, which 
were raised late Thursday by the central 
bank to try to fight off currency spec- 
ulators who have already wreaked hav- 
oc in Asia and are now* targeting Latin 
America's largest country’. 

Brazil’s basic interest fate was raised 
to 40 percera a year from 20 percent. 
Analysts estimated that Brazil had spent 
as much as S8 billion over foe past five 
days propping up the real, which some 
feh was overvalued by up to 30 percent. 

The dollar was quoted Friday at 1.1060 
reals, up from 1 .1035 reals Thursday. 

"The central bank decided to recon- 
sider its monetary policy to preserve the 
gain from economic stability in the face 
of the current international financial 
crisis,” said Francisco Lopes, an of- 
ficial at the central bank. 

Bankers and brokers said they did not 
expect the government to devalue the 
country's currency in the near future, 
despite the recent turmoil in financial 
markets. But they said Brazil’s defense 
of the c ur re n cy through higher interest 
rates could slow’ economic growth in foe 
coming year. 

“The economy is going to be grow- 
ing much slower, and there may in fact 
be a recession in Brazil next year," said 
Peter Allen, managing director and head 
of research for emerging markets at 
Banc Boston Securities Inc. 

Brasil's benchmark Bo vespa stock 
index closed 1.49 percent higher at 
8.986.33 points, but that was still down 
sharply from its close* of 11345.27 
points a week ago. 

The biggest concern of business lead- 
ers is that a collapse of the real would 
devastate foe economy and drag all of 
Latin America into a prolonged reces- 
sion like the one that followed the 1994 
Mexican peso debacle. 

President Carlos Menem of Argen- 
tina said Biday that President Fernando 
Henrique Cardoso of Brazil had called 
him to say Brazil would never devalue 
its coirency. 

“I spoke with the president of Brazil, 
a great friend," he said, “who told me in 
these very words, ‘Carlos, we have no 
doubts about this. If we devalue, then 
you’ll bave to devalue and who knows 
where we will end up?* 

“I told him we must stay firm and 
we'U overcome this crisis that is af- 


fecting ihe world,” Mr. Menem said. 

Argentina’s market also has been vul- 
nerable, with the benchmark Mervel 
index closing up 4.4 percent, at 659.65. 
That is still down from 786.21 points a 
week ago. 

See LATIN AMERICA, Page 12 


Risks Haunt 
Big U.S. Banks 

By Timothy L. O’Brien 

.Vrw Kir 4 7i wi't.trnm- 

NEW YORK — Fears about the ex- 
posure of big U.S. banks to drops in 
overseas markets, especially in Latin 
America, are weighing on bank stocks. 

Traders and bankers said Chase Man- 
hattan Corp. , the biggest U.S. bank, may 
be facing significant losses, at least on 
paper, in a currently less noticed part of 
the world — Russia, 

Chase's shares fell 31.25 cents to 
close at $1 15.4375. 

Traders and bankers said Chase had 
been hit in foe past week from trading in 
the Russian equivalent of Treasury bills 
on top of even larger paper losses from 
Latin American securities. 

It is not known how big the losses are 
or whether they would be material to a 
bank that last year had profit of $2.5 
billion. Bui foe setback illustrates foe 
financial dangers facing companies that 
trade in emerging markets. 

A Chase spokesman said it was com- 
pany policy not to comment on any of 
the bank's market activities. 

BankBoston Coro.. BankAmerica 
Corp., Citicorp and J.P. Morgan & Co. 
are among others that have posted sharp 
drops over the past week. 

Many of the biggest U.S. banks are 
active traders in the currencies and se- 
curities issued in emerging markets, and 
for many years they saw robust returns. 
But since a financial crisis began in 
Southeast Asia this summer, all emerg- 
ing markets have been whipsawed. 

Most of those banks have declined to 
discuss bow they are faring in those 
markets. 


a 


3 


anm? 



CURRENCY & INTEREST RATES 


Cross Rates 

i 

AKEtadmt IMS 

tmuk £5 

Frankfort i-®* 

London (a) MW 

Madrid USS 

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Now York (W — 

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Port escudo 

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5*N8 rtf* 

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11*75 11937 11179 

1.4013 1-3998 1-3984 


UbicHJbor Rates 0 «. 3 l 

Softs Fnadi 

Della- D4Anrt Franc SMog Franc Ym ecu 

t-rnento S9V-5H 3Vk-3*fe lto-IOto 7-714 3Vt-3*k tt-Vi 

Sraonto SVo-SK 3* -3% l«y*-2V» 7¥o-7Vo 3<V»-3to tt-U ito.dWt 
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Bvorw nwiim Uaeh Bank. 

cppOcabic b toAJrtwtf ftposftl 0fS7 minimum (otBqvto&rt). 


Kay Money Rates 

uattodsatfos Ckae 

Dtsawnt rate 5M 

Prime rate 8% 

Federal funds 5% 

904a* CDs dMlKS 537 

UQ-(fay CP deahn 533 

S^nHttiTroasoryMi £07 

1-ycdTTimyMi 530 

-53T 

sqpa-TtomyMto 572 

74mt Treason onto SM 

1&JW Treasury wfe 533 

3a4w Treasury bend 5.16 

MerrtU Modi »-dor RA 539 
Jnpco ‘ 

Dtscomtrah 030 

CaUnencr U3 

1 -wcntfc Interbank 0M 

3— nfl ihftrtafc <UT 

MnHitatataafc 039 

Ifrynar Gout head 1.82 

Gemma? 

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Cad nanny 5“- 

1-«ooB! WWteft 333. 

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fraeathlaMftfltt 335 

in cur Bond 539 


But base rale 
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434 439 


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531 539 


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AM. PM. OlV 

Zorich HA. 312.12 — 43D 

LnodM * 31040. 31140 -&35 
JtewYntk 31430 31X10 —5.10 

US. OoBax per soucxl London offidW 
SOoffs Zurtenond Nnr York qpenbia 
ond dodng orieoK Nwn Hurt Cortex 
<0tO 

Semo R g u ho. 


Auction in New York: 
Thursday, November 13, 1997 
at 7 pjn. 

Exhibition opens 
•Friday, November 7 at 1 p.m. 

For more information, please 
call Alexander Apsis at ('1-1 
606-7360 or fax (2121 606-7037. 
To purchase an illustrated cat- 
alogue, call (8001 444-3709; 
outside foe continental US., 
call [203} 847-0465 or fax 
(203) M9-0223. 


Sotheby's 

1334 York Avenue 

New York* NY 10021 

httpd/www^othcbi-Acom 

Fonnerly In the CMhctwn 
of Auguste PoBorfn 

P«d «umt (1839-1906) 
Lniurterr Amour 
Oil on unwas 

1 Wby 22 Hin.( 44 by 5 fi. 5 on.) 
Painted rtea 1879-1880 
Auction esrimate 
S4.00ty»0-SAO(MJDO 


SOTHEBYS 








PAGE 12 


EVTERiVATIONAL HERALD TRIBUNE, SATURDAY-*! N1UY. INOYKMHKIt 1-2, 1997 




a 


THE AMERICAS 



| The Dow M 

30-Year T-Bond Yiefd ] 


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6900^ 

1 1 n 

6jOQ 

|_ Dollar m Deutsche marks H 

Dolfar in Yen | 


IB 

1.75 

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M J J A S 0 
1997 


130 

120 

110 




M 

1997 


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J J A S O 


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v ; 1 s«r»^ric 0 S# ; 

Caracas - ♦ • 

;Capfel,©^wal 

■/ 

Source: Bloomberg. Reuters 

iMCfiuliaaal Herald Tribune 

Very briefly: 


• Kellogg Co. said its third-quarter earnings rose 30 percent, 
to $207.2 million, as cereal sales strengthened in the United 
States and Latin America. Revenue rose 7 percent, to $1.80 
billion, and sales volume worldwide rose 1 1 percent. 

• Donaldson, Lufkin & Jeorette Inc. has withdrawn from 
talks to buy the equities and corporate-finance business of 
Barclays PLC's BZW unit, sources said. The move would 
leave Credit Suisse First Boston as the only potential bidder 
for the business, analysts said. 

• Telecom uni cacoes Brasileiras SA, Brazil’s state telephone 
company, said its earnings rose 45 percent in the third quarter, 
to 926 million reals ($839.1 million). 

• US Airways Group Inc’s pilots ratified a five-year con- 
tract that the airline said would open the way for it to lower 
costs and proceed with the purchase of new planes. 

• Air Canada's third-quarter profit rose 21 percent, to a 

record 1 8 1 million Canadian dollars ($128.4 million), as cargo 
and passenger traffic rose Revenue rose 17 percent, to 1.62 
billion dollars. AP. Bloomberg 


Microsoft’s Close Brush With a Loss 

Bloomberg News 

WASHINGTON — Microsoft Corp. would have reported a 
first-quarter loss of $60 million if the software giant had 
deducted costs tied to employee stock options from earnings, 
according to a quarterly report filed with the Securities and 
Exchange Commission this week. 

The loss estimate represents a big swing from the earnings 
thar Microsoft actually reported for the quarter ended Sept. 30. 
Net income totaled $663 million. 

Microsoft discussed the stock option disclosures with ana- 
lysts after releasing its earnings Ocl 20. bat it did not include 
the information in its earnings report. 

On the Nasdaq marker, Microsoft closed up $1,375 at $130. 


Corporations Sour on Wall Street 

Despite Record Results, Market Is Punishing Them, They Say 


By Tim Smart 

Washington Pass Service 


WASHINGTON — These are good times for 
many of America’s largest companies as they post 
record quarterly profits and grab market share from 
foreign competitors in key industries. 

But you would not know ihat from the way the 
companies have been faring lately on Wall Street. On 
Monday, reacting to currency woes in Asia, traders 
reduced the total market value of corporate America 
by $600 billion in a free fall that took the good down 
with die bad. General Electric Co.’s stock lost S14 
b illio n in value in 24 hours. AliiedSignal Inc. ’s worth 
was shaved by $2.7 billion. Coca-Cola Co.'s fell 
almost $2 billion. 

Has something dramatic happened to the fortunes of 
America's corporate stars, whose stocks were the envy 
of the world until last week? “The answer is no,’ ’ said 
George David, chief executive of United Technol- 
ogies Corp. “Wall Street ought to be embarrassed.” 

In recent weeks, analysts have worried that earn- 
ings growth would slow in coming months, putting 
pressure on already highly valued stocks. Shares of 
both AliiedSignal and Compaq Computer Corp. were 
hit hard after they reported impressive gains in third- 

e. ah: — i A.U c« - one trading 

penny, but 


tut hard alter they reported impressive gains u 
quarter profit Allied fell $5 a share during one trading 
day after missing analysts' estimates by a pea 


then recovered somewhat. Compaq fell $4 a share 
even though its earnings rose 48 percent in the quarter. 
Compaq had the misfortune to announce earnings on ; 
Oct 16, a day when Wall Street turned jittery. 

The latest reason for the loss of favor of U.S. 
corporations with Wall Street; the mounting cur- 
rency crisis in Asia. Analysts worry that U.S. mul- 
tinationals will lose an important export market even 
though many executives say Europe is by far a more 
important market for their goods. 

There is more than pique behind the grousing of 
business executives. Managers have concrete reasons 
to be concerned about how their stocks are doing. 
Many have condensation plans tied directly to the 
stock prices, and in recent months, several companies 
have used their stocks as currency to buy others. If 
stocks cnnnpfe, the ability of WorldCom Inc. to launch 
a S30 billion all-stock bid for MCI Communicatipns 
Corp.. to take one example, will be sorely tested. 

To fight back, Mr. David said he and other ex- 
ecutives were aggressively buying back their shares. 
That has die effect of reducing simply, and it usually 
lifts prices. It was International Business Machines 
Corp.'s announcement of a $3.5 billion repurchase of 
its shares that seemed to start the market on a record 
surge Tuesday in which die Dow Jones industrial 
average recovered 337 of the 554 points it lost 
Monday. 


Stocks and GDP Data 
Help the Dollar Rise 






I 


t 


LATIN AMERICA: Asian Currency Storm Hits Brazil 


Continued from Page 11 

In a bid to calm nerves in the 
Br azilian money markets Friday, 
the central bank offered to buy back 
Treasury bonds. 

Economic commentarors said 
this was a way to help weaker banks 
that were squeezed by the local mar- 
kets’ seesaw swings over the past 
week to ride out the storm. 

The central bank set its securities 


repurchase rate to coincide with its 
higher interest rates. 

Brazil’s troubles worsened late 
last week when a global stock 
plunge triggered by currency and 
stock tnrmoil in Asia caused its 
share prices to plummeL 

The malaise drifted over to the 
foreign-exchange markets, and 
economists and traders began to 
question whether Brazil could sus- 
tain its three-year-old anti-inflation 


economic stabilization plan based 
on a strong currency. 

Brazil is regarded as vulnerable to 
speculative attack because of its def- 
icit and because the real is widely 
regarded as overvalued. 

Brazil's current-account balance 
of payments deficit stands at 4.3 
percent of gross domestic product, 
and the public sector’s budget def- 
icit is about 5 percent of GDP. 

(Reuters. Bloomberg y 


Bloomberg News 

NEW YORK — The dollar rose 
against most other major currencies 
Friday, lifted by gains in the stock 
market and a report on third-quarter 
growth that showed a healthy U.S. 
economy. . . 

“With the markets rallying in 
Asia and in New York, we saw 
some strength in the dollar,” said 
Dave Scbocnthal managing direc- 
tor of foreign exchange at Bear Ste- 
ams & Co. ' ‘Many people are look- 
ing at what goes on in the Dow to 
trade the dollar." 

The dollar rose to 1.7250 
Deutsche marks in 4 P.M. trading 
from 1.7170 DM on Thursday and 
to 120.400 yen from 120.025 yen. 

The Commerce Department re- 
ported that gross domestic product 
grew at a fester-than-expected pace 
in the quarter ended September, 
while inflation ran at its slowest 
pace in 33 years. 

The report reassured investors 
that U.S. assets are likely to remain 
attractive, even as market turmoil 
continues in Southeast Asia and 
shows signs of spreading to Latin 
America, particularly Brazil. 

In the third quarter, die U.S. 
economy expanded at an annual 
rate of 3 5 percent, fester than most 
anal ysts expected. Meanwhile, the 
GDP deflator, a measure of price 
changes, rose at a 1.4 percent an- 
nual rate, its slowest pace since 
1964. 

“This should be good news for 
the dollar, because it shows strong 
growth wife low inflation,” said 
Mark Vitner, economist at First Un- 
ion Corp. in Charlotte, North Car- 
olina. 


•*U should allay any concern 
about the performance of the U.S. 
economy.” 

Against other major currencies, 
fee dollar rose to 5.77711 French 
francs from 5.7595 francs and to 
1.3985 Swiss francs. from; 1.3970 
francs. The pound edged up to 
SI. 67 35 from $1.6705.- 

U.S. stocks tumbled earlier this 
week, dragging the dollar down 
with them, amid concern feat 
Southeast Asia’s financial woes 
might hurt demand for U.S. expons 
and hurt companies* profits. 

The Dow Jones industrial aver- 
age on Monday suffered its worst 

FOREIGN EXCHANGE 

decline since fee 1987 collapse after 
Hong Kong stocks plunged as feat 
government tried — so far with suc- 
cess — to keep the Hong Kong dollar 
closely tied to fee U.S. currency.' 

Several countries in the Asia-Pa- 
cific region had abandoned efforts 
to keep their currencies tethered to 
the U.S. dollar, sending those cur- 
rencies tumbling. Stock markets 
soon followed suit. 

Traders are turning their atten- 
tion to Brazil, where central 
bankers are struggling to keep fee 
currency, the real, pegged ro fee 
dollar. The government almost 
doubled its prime lending rateon 
Thursday in an effort to shore up fee 
currency. 

Higher lending rates punish 
speculators who, expecting the cur- 
rency to lose value, borrow and then 
sell large amounts of the currency in 
hopes of buying it back later a : 
bargain prices. 


i 


j/i'r/f"" 

il 'll O'* 1 


MARKETS: Europe and Wall Street Take Solace in Strong U.S . Data and a Higher Finish in Asia 


Continued from Page 11 

Inflation, meanwhile, seems to 
have all but disappeared. The in- 
flation component of fee growth re- 
port rose ata 1.4 percent annual rate, 
fee smallest increase since 1964. 

Consumer spending, which ac- 
counts for two-thirds of fee econ- 
omy's output, was fee driving force 
in fee third quarter along wife busi- 
ness investment They more than 
offset weaker export sales and a 
slower buildup of inventories of un- 
sold goods. 

Consumer spending grew at a 5.7 
percent annual rate, the strongest 
since the first quarter of 1 992. Much 
of feat was supported by growing 
incomes, but it also came at fee 


expense of fee smallest savings rate 
in three years. Consumers saved 
only 3.6 percent of their disposable 
income. 

Normally, such rapid economic 
growth would raise inflation warn- 
ing flags and draw interest-rate in- 
creases from fee Federal Reserve 
Board. But inflation has consistently 
improved over fee year. The infla- 
tion measure tied to fee gross do- 
mestic prodnet rose at a 2.4 percent 
annual rate in fee first quarter, 1.8 
percent in fee second and 1.4 percent 
in fee third, fee lowest since 1964. 

“The economy, firmly on fee 
same track of moderate growth and 
low inflation, should offer fee fi- 
nancial markets breathing room 
over fee next few months,” said 


economist Oscar Gonzalez of John 
Hancock in Boston. 

Nonetheless. Treasury bond 
prices slumped as the firmer stock 
market damped demand. The price 

U25. STOCKS 

of fee benchmark 30-year issue fell 
8/32 point to 102 30/32, taking the 
yield up to 6.16 percent from 6.14 
percent Thursday. 

“There’s a reverse trading pat- 
tern going on for equities and bonds 
and no reason it won't continue,” 
said Lauren Best, a bond manager at 
Advisers Capital Management 
“We have to be nimble.” 

The stock market enjoyed a broad 
rally, wife fee Standard & Poor’s 


500-share index closing up 10.94 
points at 914.62, and gaining issues 
outnumbering losing ones by a 5-to- 
2 ratio on fee New York Stock Ex- 
change. 

Many technology companies that 
had fallen sharply this week were 
seen as bargains Friday, wife Intel 
gaining 1 to close at 7654, Dell Com- 
puter rising 2 % to 80% and Compaq 
Computer adding 3% to 64%. 

The high-tech gainers helped lift 
fee Nasdaq composite index 23.19 
points to close at 1,593.60. 

Tobacco shares also rose after a 
Honda jury ruled that RJR Nabisco 
Holdings was not responsible for a 
woman smoker’s lung cancer. RJR 
rose 1 7/16 to 32 and Philip Morris 
advanced % to 3954. 


But some companies continued to 
be hurt by concern feat fallout from 
Asia could damage profits. 

“People are having a difficult 
time getting a clear idea about each 
company's specific exposure to 
Asia,” said Robert Sliced, senior 
investment adviser ai Northern 
Trust in Chicago. 

International Paper was a drag on 
fee Dow, foiling I /* to 45 after Mer- 
rill Lynch advised investors to reduce 
paper-company holdings because the 
Asian woes could push down prices. 

Midcom Communications 
plunged 5 1/L6 to 154 after fee long- 
distance telephone company said it 
may be forcedto file for Chapter 1 1 
bankruptcy protection. 

(AP. Bloomberg. Reuters ) 


* 


*u, ■:> • -* ! 


. AMEX 


U. S. STOCK MABKET DIARY 


INTERNATIONAL FUTURES 


Friday’s 4 P.M. Close 

The 300 most traded state of the day, 
up to the dosing on Wal Sheet 
The Associated Press. 


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Dow Jones 

Opn Htgk lot LOT O, 

Indus 742.11 749SS4 73S3AS 744106 +40L41 
Trans 311146 314441 309145 3131.46 -39J1 
UH 24244 24177 241X1 X42J7 +IJ4 
Corea 2449-91 2457.17 2471.12 744441 .2134 

Standard & Poors 


Most Actives 
NYSE 

253965 1 
1001361 


WnhMlrC 


4PJM. 

Industitafe 1076.13 1Q5Z53 105253 1065.54 


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67475 642-01 66444 64473 
20642 20433 20469 20437 
110X5 107 JO 107 JO 109.10 
923JB 90346 90168 91442 
88342 86241 86241 87X43 


48123 47513 4*1.14 


29473 292.12 29579 
45941 452-47 45746 


i • Nasdaq 

MW 


Canpate 
Industrials 
Banns 
insurance 
* Ftaanca 
- imp. 

AMEX 


599-04 1579-07 1W139 
1272.12 125474 126840 
172741 191045 192106 
177220 175844 |771» 

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49609 1614 
49265 43ft 
46239 49 
46222 496 
44200 109 
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219386 78ft 
138565 Bft 
121727 
115349 34* 

55860 29* 
82552 ft 

79534 42ft 
45687 27ft 
58767 * 


22* 2}ft 
62ft 64 
91ft 101 
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Dow Jones Bond 


20 Bond* 
lDUfHlfcs 
10 Industrials 


AMEX 


>03.97 104JQ 

101.89 101J9 

106X6 106.18 


9wi' fi* 
Si S* 

9030 1* 

9099 BV. 
7276 4* 

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Trading Activity 
NYSE 

Adwrcea 

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AMEX 


Nasdaq 



TJ TOTHBSPU 

3 521 S? 

Market Sales 


NwK0a 
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■9 141 NYSE 
7^ 7» Arne* 


1445 

2929 

1363 

*£ 

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63406 823J1 

27^8 3833 

649421 754.16 


InmBUons. 


Oct. 31,1997 

Wgti Lot Lotted Chge OpM 

Grains 

CORHtCBOT) 

5000 Du oMrauai- eenh par bushel 
Dec »7 280* 277* 279* vndl. 1943S2 

Mar 98 290 287* 289* -ft 105683 

-ft 2(1509 
-ft 41,371 

Sep 98 292* 289 291 +1 1727 

Dec 98 292 289* 291 -ft 25448 

JUI99 003* -lft 204 

EsL sake 65000 Itaft fates 9572S 
Thu* open lot 40&48I. oil 4558 

SOYBEAN MEAL (CBOTT 

100 loss- doBrns per too 

Oee 97 22520 222-00 22310 +4190 40508 

Jan 98 22 1320 218J0 219J0 -4L40 22^45 

Morn 717.80 21430 21630 +1J0 20144 

Ma»9B 21700 21300 214J0 +080 17379 

XI 98 218X0 215.50 21630 -440 11.905 

Aug 98 218X0 21630 21690 -080 1777 

EsL sate 21X00 Thu* notes 19358 

Thu* open Int 120 707. up 233S 

SOYBEAN OIL (CBOTT 
60X00 Bn- certs per lb 

Dec 97 2526 2476 2522 +0.19 51362 

Jar 98 15X9 2437 2547 +023 26540 

Mar 98 2534 2516 2590 +045 14364 

MayW 25_5D 2622 26X5 +0JS 1995 

JulfB 25-95 2535 2595 -0-45 069 

Aag«8 2SJ5 2575 2575 -035 818 

Est setae 1X500 Thus sates 17,456 
Thu* open bri 11X910 ott 1378 

SOYBEANS (CBOT1 

5X00 bv raUnwm. cents per bushN 

Nor 97 692 683* 690ft -5ft 27,900 

Jan 91 69 7* 490 696* +3*4 65X87 

Mar 98 704* 696 701ft +2ft 24132 

May 98 709 702* 706* -I* 17.125 

JlriM 715 707* 71214 -ft 1*700 

Estsctes 60000 Thin safes 80079 

Thu* open M 156.941, off 5070 

WHEAT (CBOT) 

5X00 bu mtatousn • cents per bushel 

Dee 97 362* 358* 360* -ft 53873 

MarSi 376ft 373 374 -ft 26706 

Mayra 383* 380* 381ft undk 0279 

M90 386 38314 384* -ft 14491 

Eft vries 1X500 Thin stfes 10735 

Thu* aprei M 104304 up 550 

Livestock 

CATTLE (CMEJO 
40000 Bro- crests per*. 

OecV 67 JO 67.15 *732 +030 39321 

ft*9* 68X5 6X25 68.77 +042 24692 

Apr 98 7145 71X5 7U5 +032 14497 

Jan 98 69.90 69 JO 69X7 +020 10760 

49X5 6930 6932 -017 X4SB 
» 7X20 7X30 7X30 +037 1,163 

EsL scries 11,933 Thus sales 11,956 
Then open bri 91772. up n 


High Lot Luted Chge aphri 

ORAItCE JUICE (MCTN) 

15000 to.- creifs par lb. 

Nor 97 68.50 67X0 67-20 -1X5 4346 

Jen 98 72.15 70SD 7060 -1-55 19X78 

Mir 98 7540 74X0 7405 -140 11.217 

Moy98 7X70 7735 77X5 -1X0 2395 

EsX sales NJL Thu* sales ABI5 
Thus open bit 40152, ott 869 

Metals 

COLO (NCM20 

100 tanr ok.- doHon par Irav so. 

No* 97 31130 -510 1 

Dec 97 317.90 310X0 31X10 -510 11X468 
Jan 98 31330 undL 

Feb 98 319X0 312J0 31550 -520 29,194 
Apr 98 317X0 314X0 31530 -530 7X10 

JW198 31930 317X0 31730 -530 11348 
Aug 98 32X10 319X0 31930 -540 4310 
00 98 32140 -540 953 

Dec 98 324X0 32300 32340 -550 10X83 
EsL sates 35X00 Tlnn sales 57374 
Thu* open M 215237, off 7,156 

HI GRADE COPPER fNCMX) 

' 25X00 tes.- certs per Bl 
NO* 97 9X10 9060’ 9X70 4U5 4340 
Dec 97 9240 9030 9075 -030 31,107 

Jon 98 9230 91X0 91X0 -0.15 1306 

Feb 98 92X0 91X5 91X5 -035 1348 

Mar 98 9240 90X0 9130 41.15 7.951 

*>r9B 9X30 9130 9130 +X05 1328 

Myra 9X50 9140 9140 -0.10 3316 

JUS*8 9120 9140 9140 +0.10 1300 

JwJ» 9120 9130 9130 -XJJ ZSS9 
Est rates 9X00 Tlun series 5448 
Thu* open M <3372, off SOB 

SILVER (NCM70 

5000 tray cl- cents per bay ax. 

Nor 97 471J0 -1X00 21 

Dee 97 486X0 472X0 47370 -1X00 5X747 
Jwi 98 484X0 47540 47540 -1150 31 

Mcr98 489X0 477X0 47930 .1X90 19X97 
Moy98 486X0 48130 48X20 -1190 X742 
•MM 491X0 48500 485X0 -X00 3475 

SnpW «7X0 -1190 642 

Dee 98 500X0 49140 49140 -1X90 2X05 

Est scries 15000 Thu* solas 2X79 1 
Thu* open M92483 olf 1X35 

PLATINUM (NMER) 
50horoE..doflaaperbayut 

Jrei 98 40SXD 401X0 40430 -1.10 1X935 

Apr 96 40150 40130 40130 -1.10 1362 

>498 400X0 39500 39830" -1.10 29 

E£L scries 8A Thus reties 1326 
Thus open bit 12326, aS 131 


LONDON METALS CLMEJ 
DcOore per metric ton 
Attw ri — ■ into Crude) 

. .1613* 1614* 1608X0 1607X0 

Formant 1638X0 1639X0 1634X0 163500 

OspaerCetbedes Oflab GraOe) 

Spiri 2011X0 201100 1988X0 1989X0 

HSWWd 2021X0 2022X0 1997X0 1998X0 


Dividends 

company 


Per Ant Rec Pay 


IRREGULAR 

German Am Bnep _ .1111-10 11-20 

Tetefarrica Pan b 32211-19 12-10 

5T0CK SPLIT 
Hafmaifc Copfliri 2 far 1 split 
Jadaren Hewitt 2 fori saM- 
MoctotzteFbi2lar1ai 
StoteFedBA2fW1 

STOCK 

GermonAmBncp - 5% 1-28 12-20 

INCREASED 

Newcourt Credit g O X4 11-17 11-28 

Q AS 11-M 12-4 


WUrort, 


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AomesRnd 
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BemteCo 
CammonSense 


.06 


INITIAL 

- .13 11-20 12-10 
_ X15 11-14 11-28 

- .1011-28 12-10 
- XO 11*10 IMS 

REGULAR 

Q X33 11-10 11-21 
q .1012-17 1-2 

O .07542-10 12-24 
a an 11-14 11-28 
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Company 

Community Bla 
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EosfTXFtaSvc 
Empire Fed Bnqj 
Genesee Corp B, 
HanccdiParPf 
Harmon Infl 
JannockUda 
KdteggCo 
L&feey Inc 
NUO-Am Energy 
Peekskfll Pin 
Peoples Bk NC 
PnreWanceWaic 
PraridtenPhi 
RepaWIcSecRn 
ScwfaterPoth 
Security Cm I ltd 
Selective Insur 
SmoctteUM AAS. 
South down Inc 
Sthn M0 Banco 
ToppanZeeFTn 
UmSSFdSv Rk Ml 
Vottillnc 
Wotere inslrvm 
Westcorplnc 


Per Amt Itec Pay 

Q 3\ 12-17 1.2 

Q XB 12-12 1-4 

. XB 11-12 11-26 
. X75 11-12 11-26 
Q 35 IMS 1-2 
M .096 11-10 11-28 
0 X5 11-12 11-26 
.125 12-5 1-2 

US 12-11 12-15 
.073 11-3 12-4 
30 11-7 12-1 
-0911-14 11-28 
-12 12-5 12-19 
A6 11-13 11-28. 
X5 12-1 12-15 
-05 11-18 12-2 
- AMMO IM1 
Q -2675 11-11 11-25 
Q 3811-17 12-1 
.13 11-17 12-1 
■10 11-14 H-28 
■T2S 11-12 11-29 
A7 IM 11-26 
AO 11-17 12-1 
.05 12-12 1241 
JU 11-7 12-8 
.10 11-13 11-24 


6X29 

5731 

1712 

1X16 

765 

293 


a«u cj; h qpprohiMte — 1 per 
Jwt/Apft O- WbM? 81 CttaaaoB fends 
>8 aiBitWy, MmrteHr; t r ri rai i m ni iAi . 


204 

Tft 

ilk 

TU 

-*• 

118 

24b 

2TJ 

38 

-a 

313 

7* 

ft 

h 

_ 

M7 

lib 

ISM 

un 

«*b 

334 

9* 

(V 

9 

-1 

119 

511 

SB 

5b 

■lo 

843 

7h 

71* 

7ft* 

♦ V* 

2337 

fft 

9* 

ttk 

•M 

lri» 

lift 

138* 

lift 

.1* 

385 

im 

IM 

15ft 

4a 

lift 

lift 

lift 


1177 

11*. 

1) 

11 ; * 

+b 

IN 

IS 

17* 

18 

.ft 

TOG 

lift 

m* 

11* 

__ 

61] 

ift 

i* 

6* 

_ 

504 

lift 

13V. 

IJb* 

«*k 

197 

at. 

27*k 

277* 

>ft 

434 

Tf> 

7V» 

r\ 

-H 

215 

If* 

Ifft 

19b 

-N 

12S 

lift 

754 

lift 

+ft 

tot 

Ulo 

147. 

1 4ft 

.'1 

IKS 

17ft 

ir.* 

17ft 

• ft 


Stock Tables Explained 

Sales are unoffidaLYeatyhl^B ml km* reAect the previous 53 weeks Dbs the ainari 

ereek, hut ncrilhclalesttoiing day. Whereasp»or stock (Svkfcrelamnunlnsla 25 perartorriBre 
Ikb been poklttw years h^-.kMianga aid (Mdend oie shnm ter 0 k new rioda only IMass 

aBienAsa nriad rotes at dvfdanfcare onmnfl (Sshuraemerts hosed m Ihe Uest dedaralon. 
a - dividend also udra W. b - amwal rate of tfvtfond plus stack tfiwJenl c - fiauhMtaa 
^vidend. ce- PEaceetfs W.cM-adkiLd- new yearly kmr.dd- loss in the last 12 men^ 
a - dmdetld dedartd or paid In preceding 12 manlta. f - annual rota, increased on last 
dedanffioag - dividend In Canadian funds, subject to 15% norn«ideii«tei!i5dmd 

deferred, or nn 

aefloa taken at otel (SvMend meefbuj. k - c&rWend declared Or paid ttirs war an 
aenmufcrtiw issue with dMdsnds in arreare. m -annual rate, reduard on tosl decdmattaL 
i. - "« toueta me past D weeji The Mgh-lmrange begins with me start at trading, 
ntf - next day deSvery. p - infllal dMdend, annual rate unknown. P/E - prtoe-eonilr»srafe 

q-dosed-ond mutual Amd.r-<SvidertddeAred or paid in preceding lamrnhE/Bi^smdr 

dvidend. s - slock spQ. Dividend begins with dale af spth. si* . sates, t - dtodendDaldfa 

stock in preening 12 monihi, estSmaled cash value on ex-dhridend or e*-«fcti1buttnniiniP 

a- new yearly high, v hading hatted. vi - in bankroplcy or recehrafshte 

underthe Banknrofcy Ad or securities assumed by such cDnrpanlaited- whm nwriftraS? 

■rl - when issued/ ww - wBh wananK > - ex-rfvfdend or 

zw - wlttiout warrants, y- oMfivideod end sates ki fulL yM - yteid s- 


FEEDER CATTLE (CMER) 

50000 tes^ can Is per lb. 

Nor 97 7830 7730 77X7 +030 

JOT 98 7X80 7835 7840 -4130 

Marts 7845 78.13 7830 -020 

Aer9« 78X5 7833 7837 uncK. 

MayW 7947 7930 7930 XXS 

Aug 98 8130 80195 8130 -030 

Est sales USS Thus wteil477 
Thus aprei WI7.911, up 101 

HQGS-lMB (CM£R) 

40,000 be- creris parte. 

Dec 97 6330 6115 6232 4X60 19X60 

Feb 91 6330 61.97 6112 440 9300 

Apr« 60X0 . 5835 59X0 -047 <051 

Jun9S 6730 6637 6645 4147 2331 

JDlte 653S 64X5 6497 -052 055 

EsL Uriel 6342 Thu* sates 6364 ' 

Thus open M3A92& off 144 

PORK BELLIES (CMER) 

40000 Ibs^ eente per te 

Feb 98 66.M 64X2 6470 -1.12 6,166 

Marts 6630 6US 6437 -1.17 929 

May 9* 67X5 63X0 63X0 -140 291 

Est cates 2.964 Thus sides 1,711 

Thu* open W 7372, up I* 

Food 

COCOA tKCSEJ 
10 metric tans- S parlor 
Dec 97 1607 1587 1603 -16 307S2 

1645 1626 1638 -13 2&iU 

1663 1(52 165* -13 11534 

1684 1675 1680 -15 X959 

1700 1685 1700 -15 4806 

1718 1700 1718 -15 8X61 

E9. scries 4478 Thu* soles 8.923 
Thu* open W 101.771. irif 2X0 

COFFEE C (NOB 
37.500 tbs.- c a nfa oarA. . 

Dec 97 15135 WHO 14845 -050 11X14 

Mar 98 142X0 13850 139.95 +130 1190 

May 98 1373S 13350 137X0 -130 2X19 

J498 13450 133X0 13400 -135 1X73 

Sep 96 13U0 130X5 130X0 +035 933 

Est x»esS587 Thus series i268 
Thu* open M2S451 all 115 

SOOARWMU 11 QKSE3 

113000 Be.- cents per te 

Mar f8 1344 nja 1239 -0X9102469 

McnrW 1230 1219 1238 +4L10 M.070 

JU 98 12X7 1139 1205 *0X7 ll» 

oa« 11.94 i)X8 it. 91 -am 21,7*1 

£<t 98(H 3M66 Imre sates 57,995 

Thu* open bri 178X04 up 9.114 


Spot 597* 598* 

Formal 610.00 6T1X0 

IDCW 

SpM 6280X0 6290X0 
ForwanS 6360X0 6370X0 
Tie ' 

Spot 5470X0 5480X0 
Fawad 5485X0 S49SXO 
&K(^K«Hi9h Grade) 
Spoi 1254ft 12s* 
™i»ort 1274X0 1275X0 


586X0 

599X0 


<100X0 

6190X0 


5450X0 

5470X0 


1237X0 

1257X0 


587X0 

600X0 


<110X0 

620000 


5455X0 

5475X0 


1238X0 

T 25800 


Mot 98 
May 98 
Jin 98 
Sep 98 
Dec 98 


Ugh Lot Qom Chge OpM 

51 BriSan- pis of 100 pet 
DecW 95.11 9SXB WX9 -0X2 5334 

S'” 95-14 99.18 -003 4737 

£*98 95.19 95.19 M.13 4103 493 

5«P9» 95.10 undL 22 

EOT. »OTe* 999 TTurs sites 821 

Thus aprei MKLttA off 21 
S^TREMURYCSOT) 

51WO00 OTki- pb & 648s af 100 pd 
Dk97 108-40 I0M2 100-36 +03 235474 

f* 98 -14 unite 

Eat sales 3&000 Thus sm« 74640 
Thu* open M 743X42. op 5434 

w^ri=«i>wr(CBtm 

5rBr.ftsw5.OTi 

Mot 98 111-16 1114)5 111-15 -02 2-915 
&t s des Koqo Thus eates loasii 
Thu* open U 3949610(1 1X39 

US TREASURY BONDS (CBOT) 
Bp^nawoo^ & zTn^oi 100 pcO 
Dec 97 118-30 117-10 118-15 - 10 wm 

Mot» 118-16 117-11 11M6 .+ {q 747M 
Ajnra 117-2S 117-16 117-16 mu njii 
117-16 -10 2429 

EsL sales 475X00 Thu* Mae 572X82 
The* open H 700066. efl 9X72 

LONG GILT (UFFE3 
£50000 . pH & 3M Of 100 pd 

J15-2 118-13 118-23 -tME 167X27 
Mar 98 118-29 118.20 118-29 -0415 3054) 
AM 98 N.T. N.T. 110,23 +041S 201567 

11&6M 

PTW-epeareL: 201567 up 6.770 
GERMAN GOV. BUND OJFFB) 

DMI9Wao-pti4f1Wpd 

Dec 97 102X7 10245 103X2 +124 361X21 
MOT 98 101X0 101X0 102X9 +034 11X16 
Est sales: 82JQ7. Pm. nries: 204X92 
Pier, open bltj Z76M7 an 3X50 


Mgli low Latest Ope OpM 

ID-YEAR FRENCH GOV. BONDS (MATIF) 

FFSooxao-pisanoapct 

Dec 97 99X2 9884 9198 Unch. 10M27 

Mot-98 9140 9131 9146 - 0X2 1708 

Ear. sales: 69.779. 

Open kri- 111235 od 3,154 

ITALIAN GOVERNMENT BOND OJFFE) 

ITL 200 mOlan - pis of 100 pd 
Dec 97 111.72 11145 11158 +0X9 1111(0 
Mar 98 N.T. NX 11143 -0.13 1576 

ESI. sates: 23X21 Pmv. sales: 44755 
. Pm.apreikrij 111679 up 639 

UBOR 1 -MONTH (CMER) 

S3 reman- pteal 1 00 pet 

Nov 97 9438 9435 9437 undL 3&7B0 

Dec 97 9424 9420 9423 unch. 16X29 

Jan 98 9435 9433 9435 UhOL 4462 

EsL sales £680 Thus sales 11008 

Thus Open Hit 51344 up 410 

EURODOLLARS (CMER) 

SI mNkn its at 100 pd. 

Nov 97 9437 9424 9436 Midi. 22599 

Dec 97 9431 9423 9426 unch. 541706 

Mar 98 9429 94T9 9434 undL 43X493 

Jim« 9424 9412 9418 undL 341773 
Sep 98 9417 94.04 9411 undL 251488 

Dee 90 9406 93.94 9401 unch. 221.302 

MOT99 9403 9X93 9199 undL 154182 
Jun99 93X6 . 9X89 9195 undL 13&155 
S«1> 99 93.93 93X6 9192 undl 103X96 

Dec 99 9X87 93X0 9386 unch. 87,478 

Marnp VXSB 9uo 9X84 unch. 49X88 

JunOO 93X5 9X77 93X3 undL 57X67 

EsL Biles 480324 Thus sates SH580 
Tlw* open kit £796331 up 2320 

BRITISH POUND (CMER) 

OS00 pounds. S per wound 

pec 97 15768 >5632 16718+0X078 411(0 

Mor9S 15680 15630 15660+0X080 431 

JUH98 15592+0X078 71 

Bri. sales 5J78 Thus sates &oeo 

Thu* aprei M4160& off 1.236 

CANADIAN DOLLAR (CMER) 

1 00X00 doOara, S par Grin, dir 

ElfS 55’ -ZJS -DIO-MOOA 67X89 

Mur 98 3166 3)38 .7T42 4L0006 1471 

JW98 3200 3166 3i66XX0O6 650 

Est ndes 4370 Thu* sain il 16 
Tba* open fell 7X441 up 97 

GERMAN MARK (CMER) 

1 2&O00 marta. s per moik 

5788 581441X013 6X480 

Mar W 5659 J827 5842 4L00I3 1719 

Jon98 5867-0X012 £654 

Est Soles 21529 ThU* sales 29335 
Tho* open tot 41969. up 655 

JAPANESE YEN (CMER) 

snB - s"aB3-"~ 

MOT« 54“) X475 JgJBOJj IX* 

Ert. sales 11727 Thu* sales 21X85 
ThU* aprei tot 102X29. off X 1 31 

SWISS FRANC (CMEIO 

1^000 MOTC4S per ftwc 

u£ra SIS SSHSP* 44904 

MTW .7262 -7202 7251+0^010 2-550 

.7315+OiVll lb* 
EM- seta 18.118 Thu* SOTOS 14022 
Thu* open M14BII4 off 1X59 

MEXICAN PESO (CMER) 

“M* Pews per peso 
D«W .11900 .11320 .1T620+X0319 »ui 
MorW .11400 .10900 .11 1 20+ .0006 nJS 
Am 98 .1N00 .10690 .lOTOO+XlSS 
gt sates 7X84 Thu* sam 7.716 

Tlw* open w 41591 on 1X96 

3-MONTH STERLING OJFFE) 

goaooo-Ptttfioopd 

Dec 97 9256 9164 9256 +om lS|L«n 

SI !SS 

Is k!J Sffl S«8 

52 JJ* 92X4 +C02 6X585 
Si? SS ttott 51249 

EsLsakre*ra , M V ^ 9110 4>l441 

p5~ v * °^- sates: 54603 

rror. open tou 652X06 up 1X00 

iffPSH. SWBOWUI MK OJFFE) 
g* 1 Fft aflOO pet 

JJwW 9435 9535 -41X1 1306 

» g8 IS S2 

ydt99 9X27 9419 9537 —0X4 194.7m 

95.12 95X4 9412 +0JU »e« 

S«PW 9495 9490 9497 -004 Tun 

Pw*. open rtj 1509597 off 4912 

WJMTH PIBOR (MATin 
— irawo u - — - 


High Law Latest Chpr OnW 

MOT 98 9447 9441 9442 -002 104X51 

Jim 98 9490 9485 4489 +0X2 104434 

Sep 90 95X4 9497 9503 -005 64618 

Dec 98 95X6 9499 95X5 >004 58X91 

Mot 99 9499 9494 9499 +005 30424 

EsI. sates: 51109 Piw. sales- 50563 
Pmv. open tot: 490405 up 1,459 


Industrials 

COTTON 2 (NCTN) 
soxoo lbs.- am per in. 

Doc 97 7JX0 71 OS 7232 -0.27 

Maf 98 7X69 7110 7137 -003 

May 98 7435 7X90 7401 -014 

ArifS 7&I0 7465 7468 XL10 

OdW 7560 75X5 75X5 -0.QS 

Est sates NJV Thu* fates 11197 
Thu* open tot 94*67. off 41 1 

HEATING OIL (NMER) 

42X00 gal cams per gal 
Dec 97 5935 58X0 5193 433 

Jan 98 00 JO 59.40 5968 433 

Fob 98 *0X0 59.70 »X8 433 

Mor9fl 59 70 59X8 59X8 433 

AnrW 58.10 5738 57.38 433 

May98 56X0 55.93 SSX3 4.23 

Jim 98 56X0 S43 5543 433 

Est sale* NX. Thu* sates 42432 
Thus open tot 13042ft off 688 

UGHT SWEET CRUDE (NMER) 

dcdai 

2t42 


46723 

17X03 

11114 

9,794 

878 


56X24 

21260 

12417 

9X26 

SM 

1623 

2,769 




1X00 MH-dcdare per bbL 
‘ _ 21.05 


71X8 414 97X46 


Oec97 

Jan 98 2147 21.16 21.18 -Oil 51446 

Pe6?8 2 140 21.14 21.14 411 S42S3 

MOTM 21.27 2103 21X3 4.11 JOMO 

21.12 20.93 2033 412 IS129 

May 98 21X5 20X5 20X5 412 16X67 

EsL sates HA. t tvs sate* 91X11 
Tlw* open W 390671, off 8X37 

NATURAL GAS (NMER) 

10000 mm bhi*. S per mm Mu 
D«97 1570 1445 3X50 -4072 58X90 

1490 1400 1470 -4034 32X57 

1060 1990 3X60 -0.039 21067 

. - 2-7W 2620 2.690+1050 16X20 

1X0 unch itwn 

Moy98 2X60 1240 1250 *0X10 8X16 

Ed. sates NX. Thus soles 5A122 
Thu* open tot 23S76L off 1.766 


Jan 98 
Feb 90 
Mar 98 
rW 
r 98 


f 


UNLEADED GASOUNE (NMER) 
42X00 gaL cent* per aol 
7 61X0 


Doc 9 
Jan 98 
Feb 98 
Mar 98 
Apr W 


.. 60X2 4X3 

60.90 60X0 6428 427 

61.15 MM 60.62 423 

61X0 61.12 61.12 418 
64X0 6340 63X2 418 


34760 

18X71 

&33S 

1396 

1757 

4X39 

1547 

1586 


May 98 6380 63X2 63 22 418 

JotW 62.62 418 

•*«*» 61X7 418 

EsI soIk NJL Thu* sales 31465 
Thf* open Inf 94371 off 1X98 

GASOIL OPE) 

^tSmXt"SS‘ ■ Wf OM00 lam 
Nov97 184X0 18200 18100 +100 26X61 

feU* ! mj,S IB4 “ +t “ Z, ' M# 

£22 155-S ,KLSa '»4X5 +1.75 14517 

Feb 98 164.75 1835) 184X0 +200 

SSt? IS- 50 18JJ S -2X0 

ff«98 178.50 178X0 179.75 *1.75 

May 98 176X5 176X5 177X5 -1.75 

EJlMta: 14.150. Prev MdK 14966 

Pmv open bri.: 97^52 ofl L21 7 


^U„. 




8XW 

6X24 

3X56 

1.632 


War 98 

JOB 98 
Sep 98 
Dec 98 
Mar 99 
Jun 99 


BRENT OIL OPE) 

}!f ■ WI 91 1X00 barreb 

2-21 S’ 01 3a ® “0-08 58.919 

*■“ -9-10 5119* 

££ nSQ -MJ «« s-t . 

A 5 S 0B , *- 84 19X7 —003 6J97 r 

*9X7 19.71 19.74 -4.03 i35fl f' 

May 98 19X0 19.61 19X1 -403 £217 * V 

EriJ. s«esJ8X(» Pier, sate* : 44X83 

Prev. open tot: 161S46 off JX(4 


35:* «32S 9»LB+I7.90 £314 

«*iW 942X0 942 so 942.S0 +JOX0 1.407 
EsL WM NA Thu* sate* 74760 

Thus open bri 201.564 off £646 

FTSE 180 CLIFFS) 

05 par Index pabil 

2?la 2? 10 * 50 - 0 *MO JB.9S3 
w« 98 491SX 4856.0 4890.0 +6IX £273 

Est rede*: 12.808. Prw mum iujj 
P rev.op-flhri.. 74226 up 97 

CACM (MATIF) 

FFMOportaaftpoini 

22.’/, 82iaL«^ 


v 


Dee 97 
Marti 
JunfS 
Sop 98 
DkH 
Mar » 
Jm49 
Sep 99 


i — 96X4 96X5 
9SW 9496 9498 
94H 9472 9473 
9452 95X4 
9441 95X8 9440 
93-76 9421 SS 
9410 fiOf 9409 
94.94 94.93 9494 

Ed.w)BRaxaa 
Open tot 252X64 dt 4304 


-0X1 45X16 
-£J*2 <9X16 
-0X2 29.780 
-0X2 I42Q8 
-Offl 24083 
-J? 46121 
-M* 12.909 
-0X3 8X45 


jjrax 2240 2767.9 .17 9 12.707 

(W9> 5JS! i»IO -A00 48.092 

S 7315 2^ -6.00 17.978 

Mar98 2785 0 2785X 27495 -16X 10X18 

EM. WrtM: 56.684 
°l«"tol llH?85upriXM 


Commodity Indexes 


3-MONTH EURO LIRA 1UPFF) 

.T. ^ or 10a per 

9X67 93X0 —0X4 104800 


sarsf*** 


Q454 Pwtoos 

UI2J0 L5S6XA 

1.820X0 1X26.79 

14380 14333 

240.04 24056 

iiOtfE£J* 2¥ A * s ****l p rf*L London 


Moody'S 

Routers 
DJ. Futures 
CRB 



i>Mft j?v£p\ 




NatWest B 


INTERNATIONAL H ERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 1-2, 1997 

_ EUROPE 

ars Deutsche Bank Bid for Equities Unit 


PACE 13 


By John Schmid 

Inirnmivnal Herald Trihn* . 

— Deutsche Bank 
AG disclosed plans Friday for an- 
other major acquisition in its in- 
vestment-banking business, with an 

. S.t to Ae l^O-member 
global equities team at National 
Westminster Bank PLC in Britain. 

The German bank's confident an- 
nouncement early in the European 
business day, however, quickly ran 
mto an obstacle when NatWest re- 
jected what it called the “unsoli- 
ciled^ bid and said it was not in the 

best interests of its shareholders or 
employees.” 

The terms of the offer were not 
disclosed. 

“We said no, and we are not 
talking to them any more,” Patricia 
Hamzahee, a spokeswoman for Nat- 
West ’s investment banking opera- 
tions, said. “I can tell you categor- 


ically that this is not a negotiating- 
ploy.” 

Deutsche B ank, however, is not 
expected to give up. One German 
banker familiar with the negoti- 
ations called tiie rejection a bar- 
gaining maneuver in a “chess 
g^me, ' ' with Nat West trying to get a 
higher price or possibly also trying 
to package the divestiture with other 
operations it wants to selL 

“It is clear that this is what 
. Deutsche Bank wants,” said Stefan 
Ermisch, an industry analyst in Dus- 
seldorf for Westdeutscbe Landes- 
bank Research. 

Deutsche Bank is considered the 
most serious bidder for NatWest 's 
equities business, he said. 

“We are in the middle of talks,’* 
Rolf Breuer, chief executive of 
Deutsche Bank, said as he divulged 
the plans. “ Wie hope to conq>lete the 
discussion in the coming weeks.” 

Michael Philip p, head of global 


equities at Deutsche Morgan Gren- 
fell, said Deutsche Batik would not 
raise its offer. ‘‘Our proposal is go- 
ing to stand,” he said. 

If Deutsche Bank succeeds, the 
acquisition would consolidate its 
position as Europe’s biggest and 
most aggressively expanding bank. 
To compete for lucrative interna- 
tional deals, the German giant also is 

said to be shopping for a big Wall 
Street firm as well as loqking for a 
foothold in the French financial in- 
dustry through an acquisition. 

Any of those expansions would 
increase the number of Deutsche 
Bank jobs held outside Germany 
when banking jobs at home are dis- 
appearing amid mergers and re- 
structurings. Deutsche Bank uses 
London as the headquarters for 
nearly all of its securities business, 
which is its fastest-growing sector. 

A NatWest acquisition would fill 
a weakness in the German bank's 


London-based investment banking 
arm, Deutsche Morgan Grenfell. 

Just before Deutsche Bank ac- 
quired Grenfell in 1990, the British 
merchant bank decided to sell its 
equities business. 

As a result. Deutsche has become 
a European leader in bonds but is 
known to be dissatisfied with its 
capacity in British equities. 
NatWest, meanwhile, presides over 
one of London's premier equities 
addresses. 

Deutsche's latest effort reflects 
Us determination to break into the 
tpp league of investment banking 
powerhouses such as Merrill Lynch 
& Co. and Goldman, Sachs & Co. 
Deutsche is following a make-or- 
break strategy when many banks are 
having to either merge or scale back 
and become niche players. Already 
this year, Morgan Stanley Group 
Inc. has merged with Dean Winer, 
Discover & Co., Travelers Group 


! •Wri ?/. 


- »!J k 


In Britain, Tea for Two 
Will Cost Much More 


Greece Raises Key Rate to 150% 


Bloomberg News 

LONDON — Tea-lovers can 
expect to pay more soon for their 
beverage of choice, as R. Twining 
& Col said Friday it would raise 
British tea prices by between 5 
percent and 10 percent in January. 

A drought in Kenya, one of the 
world’s two largest tea exporters 
along with Sri I-ankn has slashed 
crops, driving up tea prices at auc- 
tions in Mombasa by more than 
50 percent in 12 month-; 

Meanwhile, demand for quality 
tea in the Middle East, India, 
Bangladesh and countries of the 
former Soviet Union, particularly 
Russia, is growing. 

Twining, which has 4 percent 
to 5 percent of the British tea 
market, is considering raising 
prices on its 13 brands of tea — 
including English Breakfast, Dar- 
jeeling and Lapsang — about 10 
pence from die current 145 pence 
($2.42) for a box of 50 teabags, 
Ian Dewar, the company's com- 
mercial director, said. 

Twining last raised its tea 
prices in Britain — which is the 
largest tea market in Europe and is 
bigger than the United States — in 


May 1996, also by 10 pence. 

Twining, a subsidiary of As- 
sociated British Foods PLC, pro- 
duces expensive specialty teas, but 
Mr. Dewar said: “I know there are 
general moves to raise retaO 
prices, probably in January or Feb- 
ruary. The major tea companies 
are talking to the big retailers.” 

He said a rise in tea prices at 
auctions in London, Mombasa and 
on the Indian subcontinent earlier 
in the year had been sustained, and 
there was no sign of a drop in prices 
soon. The price of tea at auction 
accounts for about 25 percent of 
die cost of the retail product 

The price of a lower-medium 
Kenyan tea, a benchmark type 
used in tea bags, has risen to $2.09 
a kilogram in Mombasa now from 
$1.36 a year ago. 

“I don’t see the market weak- 
ening in the next six months — if 
anything, it could go higher,” 
said Timothy Carter, a director at 
.Thompson Lloyd & Ewart, one of 
London’s two tea brokers. 

In the first eight months of this 
year, Kenya produced about 130.5 
million kilograms of tea, down 
from 170 milli on a year earlier. 


CoupOfdbfOtr Satf From DbpacOn 

ATHENS — The Bank of Greece 
moved to defend the drachma 
against speculators Friday by rais- 
ing its key money-market rate to 150 
percent from 1Q.9 percent. 

The currency was slightly higher 
on the news. The dollar ended in 
Athens at 270.74 drachmas, down 
from 270.92 drachmas Thursday. 
The U.S. currency traded as high as 
293.68 drachmas on Aug. 6. 

The move was die central bank’s 
biggest rate increase since May 1994, 
when Greece lifted foreign-exchange 
restrictions. The higher rare makes 
more expensive for speculators to 
borrow drachmas in order to sell 
them and then buy them back more 


cheaply later, a move known as 
selling short. 

Soaring money rates sent bond 
yields sharply higher, with Greece's 
10-year bond surging to 1 1 30 per- 
cent from 10.92 percent before the 
central bank's move. The Athens 
bourse's main index closed at 
1,488.53. down 6232 points, or 
4.02 percent 

“It is clear that the Bank of 
Greece is determined to use interest 
rates to protect the dra chma, " said 
George Kontoyiannis, measurer at 
Bank of Piraeus. “Judging from 
today's fixing, it is fair to say that it 
succeeded in doing so.” 

Since Monday, the central bank 
has spent at least $2 billion to sup- 


Investor’s Europe 


Inc. has acquired Salomon Brothers 
Inc., and Swiss Bank Corp. has ac- 
quired Dillon. Read & Co. 

Like Barclays Bank PLC. a British 
commercial hank that has unveiled 
plans to sell its investment- banking 
arm. BZW. NarWest has abandoned 
ambitions to break into the top 
league of global investment banks. 

In Frankfurt, Deutsche Bank ex- 
pects NatWest to crane under pres- 
sure to negotiate, analysts and in- 
dustry specialists said. With the 
realization that their company is up 
fra sale, NatWesi’s equities talent 
might begin to leave the firm and 
join Deutsche, Mr. Ermisch said. 

With BZW also up for sale, “it is 
a buyer’s market and not a seller’s 
market” fra London’s investment 
banks, strengthening Deutsche’s 
position, Mr. Ermisch said. 

As one of the world's best-cap- 
italized banks, Deutsche Bank could 
afford the expansion, analysts said 


Frankfurt 

DAX 

4500 . 

4300 f 

4100 / 
3900 j 
3700 / 


M J J A 

1997 


London. 

FTSE 100 Index 

5500 

JJ ASO 
1BB7 


Paris 

CAC40 


Amst erdam 

RrutBeta~~ 

Frankfurt 

Copenhagen 

Helsinki 

Oslo 

London 

Madrid " 7 “ 

M8an 

Farts 

Stockhotro 

Vienna 

Zurich 

Source: T&ekurs 


AEX 

BB.-20 

PAX 

Stock Market, 

HEX General 

oax 

FTSE10Q 
Stock Exchange 
MIBTB. 

CAC4Q 
SX 16 

ATX ‘ 

SPi 


A S O ““HI J J A S O 

1937 

Friday Prav. % 

Close Close ■ Change 

««$7 _ 855.42 +0.49 

233634 2389.16 +2^08 
3,726.69 3,727.40 "-0. 02 
51836 613.92 +0-72 

“3,443747 3,400.83 +1.25 

~S9S34 699.96 ~-ft63 

4,84230 4.801.90 +0.84 
550.94 565.97 -0.89 

“"14754' 14705 +0.40 

2,739,30 2,738.47 -0.01 
^133.56 ^ J 23-60 +032 
1307~02 ~l ~26&iQ +3-07 
3,474,77 3.418.43 +1-65 

liU.-nuHi.wal *W-rjkt lr+uu 


prat the drachma as Greek stocks 
and bonds dropped, bankers said A 
drop in stocks worldwide this week 
prompted concern that currency de- 
valuations and filing interest rates 
would spread to other emerging 
markets, including Greece. 

“A stable drachma is the corner- 
stone of our economic policy.” Fi- 
nance Minister Yannos Papandoni- 
ou said late Thursday after a meeting 
with Prime Minister Costas Simitis. 

Greece has been running a so- 
called hard-drachma policy for at 
least three years, pegging the cur- 
rency to the European currency unit 
to combat inflation, which has fallen 
from double-digit levels to around 5 
percent. ( Bloomberg , Reuters ) 


Frankfurt Exchange Maps Its Euro Switch 


Bloomberg News 

FRANKFURT — Deutsche 
Boerse AG, the holding company 
fra Frankfurt’s securities exchange, 
said Friday it would convert all its 
securities to euros, Europe’s 
planned single currency, on Jan. 4, 
1999. which is scheduled to be that 
year’s first day of trading. 

Tbe conversion to the euro known, 
will affect all equity, fixed-income 


and derivative securities and settle- 
ment procedures, the exchange said. 

The European Union is scheduled 
to decide next spring which of its 1 5 
member countries will be part of the 
single currency at its outset The 
Frankfurt exchange, which handles 
more than 80 percent of all secu- 
rities transactions in Germany, is to 
complete preparations fra the switch 
to the euro by the middle of next 


year. Deutsche Boerse said it would 
then begin testing the new measures 
with market participants. 

The move follows other German 
efforts to more closely link Euro- 
pean exchanges. Last month, 
Deutsche Boerse announced plans 
to combine trading and clearing op- 
erations fra its futures exchange 
with hs French and Swiss coun- 
terparts. 


Very briefly; • 

• The Swiss Competition Commission has opened an in- 
vestigation into Volkswagen AG's carmaking and sales ac- 
tivities in Switzerland after a preliminary inquiry indicated 
anti-competitive practices. 

• France's unemployment rate was unchanged at 1 2.5 percent 
in September, close to its record high of 1 2.6 percent in June, 
despite a small drop in the number of unemployment 
claimants to 3.128 million. 

■ Germany's lower house of Parliament approved a one 
percentage-point increase in the value-added tax, to 16 per- 
cent, to help finance changes to the stale pension system. 

• IG Metall, Germany’s largest. union, agreed with employers’ 
federations in three stales to continue a job-security pact cov- 
ering 366.000 workers for a third year. Under the deal, em- 
ployers will reduce the working week to 30 hours from 35 hours 
rather than cut jobs at times of reduced profitability, and workers 
will lose the right to an annual Christinas bonus. 

• Redland PLC advised its shareholders to reject a £2.07 
billion ($3.5 billion) takeover bid from Lafarge SA. The 
British building materials company said it was in talks with 
other bidders. 

• London Clubs International PLC. a British leisure com- 
pany, and Planet Hollywood International Inc., a U.S. 
leisure company , plan to jointly develop a $250 million music- 
themed hotel and casino in Las Vegas. 

• Royal Doulton PLC plans to close two factories in Stoke- 
on-Trent, England, and relocate workers as the British maker 
of china tableware restructures to improve earnings. 

• Hugo Boss AG's nine-month net income rose 20 percent, 

and the maker of men’s designer clothing predicted a similar 
gain fra the full year but did not make a specific forecast. Sales 
in the period rose 15 percent, to 944 million Deutsche marks 
($549 million). AFP. Bloomberg. Reuters 


WORLD STOCK MARKETS 


High Uw Ooh Pnv. 


High Low Ouse Pray. 


High Low O ese Pin*. 


.*»-»+- ™ * 

\ i n i* i * 


Friday, Oct. 31 

Pricm hi local anrendes. 

Tddtt/rs 

High Low Cion Pirn. 


Amsterdam 


ABN-AMRO 
Aegon 
Ahold 
AkzoNoM 
Boon Co. 

Bote mss ora 

CSMcm 

DoratedtePai 

DSM 

Etoner 

Fonts Arne* 

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Hoogovenscvo 

HunfDwigtas 

IMG Group 

KIM 

KNPBT 

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153 151.90 

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137J8 138 

31 31.® 
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17530 17830 
3330 3040 
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64.10 64 

51J0 SIX 

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315180 315 

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81 JO 79.90 
6580 <050 
4*20 45.10 


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Robecn 

RocksiKD 

Rsrtnco 

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Roved Dutch 

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Bangkok BkF 
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118.90 11750 
102.70 10330 

10120 mao 
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202 216 216 

134 140 140 

1335 14 1430 

3» 380 362 

342 3*2 374 

7630 7150 » 

16.75 IB 1850 

4075 46 42 

105 110 131© 

<6 <8 73 


Markets Closed 

The stock markets in Bom- 
bay and Taipei were dosed 
Friday for a holiday. • 


Brussels 


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Stamens 1074) 
SprtwertAxiO 143. 
Suedwdmr 870 
Tlwssen 383 

Veto 97.90 

VEW 590 

Vlqg 010 

vofewagen 1025 


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32 3230 
7030 7030 
264 264 

121 3D 12130 
3 3031 33030 
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141 143JD 
8930 8930 
465 465. 

73.10 7*20 

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725 728 

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7530 7580 
502 502 

447 447 

7*80 7*80 
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167 167.10 
242 242 

106.10 106.10 
1450 1450 

860 870 

378 38030 
9605 9*10 
575 580 

80030 80030 
1014 1019 


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128 

12160 12740 12X80 

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32 

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348 

343 

343 

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5830 

5530 

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134 

125 

173 

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185 

704 

186 

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69 

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835 825 

740 735 

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176 322 


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YTL 

London 


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Acahnt 

ACESA 

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Araentaria 

BBV 

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BotuMCbt 54894 
PmhM: 56597 


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21530 213 213 211 

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7*90 72 7230 72 

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140 13730 138 139 

46 *530 4&50 *5 

131 ■ 125 130 132 

469 44010 452 441 

19130 1» 191 190 

78 7630 77 76 

120 113 115.10 116 

8330 79 81 8250 


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680 

1745 

CaftayPodflc 820 
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17 1785 
420 *90 *50 

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5 45 570 5J5 

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1320 1475 UBS 
127 117 202 

167 17*50 17150 
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21.10 21.W 2170 
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6 620 690 

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662 679 656 

151 15*80 15430 
624 640 635 

9240 9540 9540 
37970 38*70 395L70 


Due to technical problems, 
the S3o Paolo stock table was 
unavailable. We apologize 
for any inconvenience. 


Afctrozo Assie 
SatCofWtBol 
Bcandewam 
Bead Reaa 
Benetton 

Qwfltottataeo 

e8r 

Rat 

GeneadAKte 

IM! 

INA 


MataedEafl 

OSwffi 


RAS 

Rato Banai 
S Pwto Torino 
Teteaan ItaBa 
TIM 


Montreal 


Bra Mob Con 
CdnTbeA 
Cdnllfll A 
CTFWSufi 
Gca Metro 
GMNWUfeoo 
trousoo . 
Investors G«p 


NolBkcnntt 

KftS 

QuetcoorB 
RogenGomoiB 
FtofUBkCdo 


M1B TttaMttcet 14764J8 
Preitoes 190508 

14720 14200 14565 14250 
4670 *495 4£» 4630 

&S®6 6350 6450 6345 

15K 1500 1549 1539 

25050 23750 24*50 23600 
45 TO 4430 4515 *435 

9000 8745 BtSD 8750 

9820 9510 9520 9635 

5575 5340 5385 5540 

37950 37m 37050 36400 
15600 15140 15140 15155 
2790 2715 272S 2700 
6225 9K0 6025 6000 
7®50 7650 7480 7710 

11890 11450 11470 11640 
1383 1354 1374 1351 
1067 1027 ■1027 1032 

2395 2315 

4390 42B® 

14795 14400 14400 14530 
2Wf m 00 22100 22250 
13000 12350 12845 12270 

10795 10520 106TO 10700 
*370 6210 6280 6285 


Ms tadoc 2277.05 
Pmtan: 325X36 
140 4*40 4441 

29 29 20 

« 39 JO 39.60 
l25 4&25 46J5 
35 18*5 18M 

2» 32j 50 32tt 
L4D 4S.10 4616 

M MM 41 VO 

□o am m 

XS 20 19J0 
JQ O 41ft 
nu 4L30 4130 
'M 30.10 29 

35 9*5 945 

S14 7465 7545 


Doan 

Daewoo Heavy 

j^t wtalB lX 

Karoo El Ptra, 
KanaExchBk 
LG Seaton 
Patmg ban St 
SammgDWar 
SaBBunaBec 
SMsbanBoab 
5K Telecom 


48900 45600 45700 49500 
5700 5400 5600 5500 

13100 16300 14300 
7430 7430 7*30 0000 

1OT 13700 13700 14800 
4650 4360 4440 4500 

16000 159® 15900 172W 
44800 *1300 42300 44800 
31500 29000 29500 31500 
40060 36800 37900 40000 
7400 70*0 7400 7150 

300500 2785M 2M0OT 302500 


EtedmtaxB 
Eriaion B 

HennesB 

bicratteeA 

ImssteB 

MoOoB 

Nanlbanken 

Ptnrayupidm 

SandvteB 

Santa B 

SCAB 

S-EBenkenA 

aandtoFara 

SttnAaB 

SKFB 

SpatraMenA 
StoniA 
SvKndete A 
VWvoB 


tfigh Law dose Prev. 

<24 615 620 414 

33&J4) 330 330 320 

383 304 30650 305 

&Mf *53 > 65* 655 

3® 349 355 

212 203 ^0 206 

238 23S 235 236 

240 237 23850 23*5» 

234 22S 228 227 

19150 18*50 18450 192 

171 16450 * 168 16*50 

B1 80 81 80 

362 in m 34S 

295 2® 289 293 

178 173 174 178 

173 169 170 171 

106 im 103-59 10350 

138 235 237 236 

19750 195 196 197 


Sydney 


Amcor 

ANZBUng 

BHP 

Bool 

Brambles Ind 

CBA 

OCAraote 
Coles Myer 

CSR 

Fasten Brow 
Goodman Fid 

laAustralo 
Lend Lease 
MIMHdra 
Nat Anl Bank 
Nat Mutate Hag 
NewiCoip 
PncBlcOudop 
Pioneer Ul 
Pub Broadcast 
RtoTmto 
SlGcoigeBaiik 
WMC 

WMpacBUng 

Wbo&dePtt 

Waataattbs 


Tokyo 

Rav 

wu 

AaaHChem 
AsatdGtau 
Btc Tokyo M*so 
BkYDtehana 


6J1 *50 

95* 954 

14.15 1X71 
X76 X5S 
2750 25.90 
16.42 1576 
1091 10*5 
*89 640 

55» 570 

*94 461 

27i 256 

X19 113 

1050 1059 
2925 28.10 
1-25 140 

1970 1950 
149 249 

*8* *51 

309 102 

376 340 

0-40 758 


671 656 

952 950 

1*10 14BS 

174 176 

2754 2X42 
1635 1607 
lore 1057 
684 687 

587 5.70 

454 *81 

270 2-44 

118 270 

WTO 11 

29.12 29 

175 178 
1955 1970 

255 131 

*81 *«0 

3.04 308 

376 160 

R35 60S 


The Trib Index pnc0S *sot 3.00 p.m now ym time 

Jan. 1. 1902m im Level Orange % change year la date 

% change 

World Index 164.31 +1.13 +0.69 +10.17 

Regio n al Indexes 

Asia/Padfic 100.34 +0.38 +0,38 -18.71 

Europe 184.74 + 1.86 +1,02 +14.60 

N. America 199.63 +0.56 +028 +2330 

S. America 136.13 +1.95 +1,45 +18.96 

Industrial Indexes 

Capital goods 206.10 ' +132 +0.64 +20.58 

Consumer goods 192.67 +0.42 +032 +1935 

Enagy 195.13 +0.32 +0.16 +1430 

Finance 116.99 +1.1 B +1.00 +0.48 

MsceUaneous 182.33 +231 +138 +0.34 

Raw Materials 168.67 +2.66 +1.60 -333 

Service 15931 +1.56 +039 +16.45 

Umas 157.84 +2.02 +1.30 +10.02 

The IniomationNHomUTnbunaWoiia Stock Mbs C tracks ttm US dollar value stf 
280 hvgmattonaSy nvasable stocks ham 25 countries For more mtormaoon. atree 
bookim a avadable by writing to The Trib todex.181 Avenue Charles do Gaulle. 

82521 NeuUy Cedax. Franco. Cunpried by Bloomberg News. 


Mgh 

Mitsui Fudom 1360 

Mitsui Trust 418 

MorataMfg 4890 

NEC »*” 

NftkoSec 
fiftnn 

Hbitendo 10500 


Low aese Pnra 
1310 1360 1360 
393 411 411 

48« 48*0 4900 

1328 1320 1350 
1310 13® 1370 

*25 *35 4*5 

10200 10*00 10000 

626 6*8 446 

490 493 *90 

246 248 253 

641 614 


1740 

109 

17J0 

17JB 

NKK 

17B 

*1« 

167 

167 

K8 

UQ 

841 

X1B 

Nomura See 

1410 

1380 

14» 

1430 

5j05 

*90 

5315 


NTT 

1040b 

9990a 

1020b 

103B6 

BJ0 

7.94 

X28 

XD4 

NTT Data 

575U» 

5510b 

57Mb 

SMOb 

1201 

1143 

1X01 

1140 

0 | Paper 

<15 

589 

610 

590 

445 

4*8 

*59 

*58 

Osaka Gas 

270 

263 

266 

272 


NBM 225:1*45(5* 
Pmtonc 1*3*454 


DoFhH Kang 
DahnBank 
Dtevra House 
Oaten Sec 
OOl 

Denso 

East Jam Rr 

Bsal 
Fame 
Ft* Bank 
FS Photo 


1110 

tun 

KUO 

oon 

1090 

4M 

DUU 

3240 

mm 

3160 

W 1 

599 

<2* 

Eifl 

SIS 

548 

825 

.792 

810 

1*20 

MOT 

7570 

5D0 

40 

499 

2610 

2550 

2600 

2930 

2860 

2910 

2W0 

2020 

2040 

1970 

1950 

1WO 

2*40 

2270 

3400 

500 

539 

5S6 

1040 

991 

1000 

459 

422 

448 

1190 

11® 

1168 

729 

4» 

728 


Singapore 




DMnonkeBk 
Eaten 
HefstaniA 
KnnwAsa 
NoRkHrtira 
NanfeeStoqA 
KytMned A 
Onda AMA 
PcOnGeoSwc 
Peflrn A 


OBX tadne *9SL54 
Fmioes: *9958 

1305D 129 129 130 

709 204 3U 208 

38 2750 38 2740 

32 3150 3170 3150 
11050 10650 10&5D 109 

43 *250 *250 42 

364 360 36050 3*2 

397 38550 XS5D 795 
227 22150 22150 220 


ASoPwBnw 
Centra Poc 
Or.DwOs 


Fraser SNeaxe 
HKLand* 
Jonl Mafceen 
JertStadegk 


OrsiMan^.. 
PntanyHdga 
Seaibewtg 
Stag Air torof^i 

5tg Land 

Stag Press F 

Stag Tech lad 

SkraTetaMun 

Ttelte Bant 

IrtHmUishW 

UMOSeoBkF 

WlngTalHdgi 

-.■toU5L(IWto 


458 443 
4.10 350 
65» *45 

775 640 

<LS2 B79 
1570 1250 

271 251- 
B 778 

278 X13 
645 6 

373 XU 
5 454 
258 244 
<24 4 

221 109 

850 L35 

US 5 
<10 386 
<90 <58 
1150 1040 
*70 356 
2220 2050 
118 2 
152 229 

272 275 

874 D4B 
3J& B20 

103 150 


<48 <58 
<02 4 

6M 675 
650 640 

0.7? 052 

1470 1X30 
JM 273 

Li S 

$ 
*58 <64 
257 245 

<24 <16 
130 271 
X75 870 
575 5.15 

198 4 

474 <64 

1150 1050 
448 *06 

2lJD 2150 

&s s 

232 137 

073 049 

870 855 
2 157 


HochtodB* 

HBdcM 

Honda Muter 

1BJ 

INI 

nudiu 

Uo-Yatto* 

JAL _ 

japan TefiaczD 

Jusco 

Kagan 

KimdBK 

Ken 

Kawasaki H*? 
Knn Steel 
KHdNIppRy 
KHiBrewerr 
Kobe Steel 
Komatsu 
mg 
Kyocera 

Moral 

5E 6t 


*090a 3SWa 4020a 
2**0 2*00 2408 

5851,1 snou sas>.< 
1910 1850 1090 

*890 *730 MAO 

10*0 999 1040 

*420 4210 43M 
1340 1310 1320 
1190 1150 1190 
925 897 92S 

4090 3900 4050 

1210 USD 1190 
279 257 273 

4» *04 413 

6080 SW0 5980 
*36 *10 *36 

9W0a 9510a 9870a 

2?» Mi 36N 

5*0 533 539 

2170 2110 2130 
1700 1660 1680 
294 370 280 

21S m 211 
«9 673 *83 

iaa looo ioio 

1*7 133 145 

<75 431 *43 

470 456 468 

<970 6770 «8H 
2m WS 3000 
417 388 *07 

379 355 376 

2050 1HO 3000 
4250 4060 4250 
2040 IW 2020 
11OT 1070 1090 
1050 991 1030 

272 259 271 

*13 395 401 

1550 1470 1520 

»z as w 

528 518 538 

1500 1430 1480 

925 897 913 


StOCkhOlRl SXUiHMta 313X54 


TroHoceonOff 

StoRbnrodAsa 


164 I6L» 

194 TflrKJ 





<53 

*43 

643 

*53 

AGAB 

97 

95 

95J0 

407 

477 

481 

476 

ABBA 

89 JO 

86J0 

87 JO 

143 

137 

137 

140 


215 

21© 

216 

133 

131 

131 

131 

Astra A 

122 

120 

131 

390 

390 

390 

370 

ABos Capra A 

227 

220 

220 

53 

51 

52 

5140 

Autofc 

. OT2 

290 30X50 


See uur 
EHradtUps 
every Saturday 
ia Hie* Intcnuarkri 


Ricoh 

Rohn 11500 

Steam Bk 
Sanlcio 
SanMBank 
Sanyo Elec 
Seam 
SeftuRm 
SeUsulCheni 
Settsul House 1030 

Seeen-Etewn 9000 

Sharp , 935 

ShkteoiElPwr 1970 

SMmlni 550 

Sldn-risuCh 294 0 

smmUo im 

ShtniakflBk 1340 

5offliank 3870 

Sony 10188 

Sumitomo 875 

SranOanoBk 1310 

SumBChem 435 

SunltannEtac 161B 

soma Metal 2*a 

SumHTrad 920 

TcSshoF^ojaa SISS 

TakedaOien 3330 

TDK IDIOT 

TohotuEIPwr 1990 

Total Bank 721 

TaUoMmtne 1220 

TokyoEIPwr 2320 

Tokyo Etedroa 6110 

Tokyo Gas “** 

Tokyo Carp- 
Tonea 

ToppanPiM 
Taro? lad 

Toshiba 
Tateen 
ToroTnrd 
Toyota Motor 
yamaneudli 2970 

rcxHX tbrxlOOO 


11500 jaw® 

491 481 

3970 3980 

1210 1190 

*00 399 

7700 7970 

4910 4870 
947 938 

1030 1010 

VOW 8900 
935 930 

19*0 1990 
549 537 

2940 2900 

1640 1670 

1220 1210 
3870 3700 
m§ 9900 
8*0 883 

iw lira 

429 417 

1590 1610 
241 251 

917 936 

3000 3170 

3280 3330 
9960 9900 
I960 1910 
702 720 

1200 1230 

2300 2290 

6000 6250 

500 495 

195 873 

1510 1470 
670 677 

545 565 

1670 1730 

892 871 

3350 3440 
2960 2920 


Newbridge Net 

Noraiutalnc 

Ngroen Energy 

Mftem7efeCHn 

Nava 

Onex 

PanahPctbn 

PeboCda 

Placer Dome 

PoaoPrltm 

Potash Sort 

Reno ta onra 

RkjAlgom 

Rogers QmtdB 

SengromCo 

SbeTcdaA 

Smoor 

Tcdsman Eny 

TeckB 

TNegkdw 

Tehis 

Tbontron 

TcriJom Bank 

TnukUitd 

TraraCdoRpe 

TrfmnfcFU 

TrtracHohn 

TVXGakf 

Ulaefc-nml full 
ncvuAm cur 

Wtadan 


Vienna 


72*4 76 

2170 2390 
31-65 31«* 
1ZSA l£U0 
1255 1245 
35W 36 

2245 22U 

24T-i 29 

2U0 2140 
135S 1195 
11190 11535 
3240 32.70 
2430 26>a 

2Ti 23'.i 
47 4Ta 
2740 2040 
501- 51 

*9>i 5045 
2Ju 2i<4 
46 46.® 
27.9S 38-10 
33V, 34.15 
5045 5145 
IV 19X0 
26.15 26'* 

70V: 7X70 
35*. 35.30 
5.90 6 

28. 90 » 

991S 10045 


ATXtodW 130742 
Previous: 12481* 


Boehler-Uddeb B9850 B60 870 853 

OedtonstPU 686 *70 606 676 

EA-GenoraS 2930 2890 2895284*35 

EVN 1429132050 14781295.05 

FtotevrimWiai 505 49S SB! <90.111 

DMV 1743 1707 17251692.98 

OedQeldrti 973 950 969 950 

VA State S30 SO? S2J *93 

VATodl 7175 2085 2153 2tr i 

WlenerbogBou 244240 2390242740234170 


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AbMbKtau. 
ABterietnagy 
Alcan Atom 
AndenanExte 
Bk " ‘ 

Bk 

BankkGaU 
BCE 
BCTefecnron 
Btochem Pharm 
BanbaifleTB 
Cornea 
CIBC 
CdBNeflRa! 
CdnNotRes 
CdnOeddPel 


CdMMHO 
Detosca 
Dm tar 
DcnalweA 
DuPkxdCdaA 
EtaerBrasam 
EuroNevMng 
Fairfax Finl 

Franco Nevada 
GtefCdaRes 
teipaWOB 
taco 
IPL: 

Laknow 

asss** 

Moore 




TSElrateStlUs: <83145 
Pmtousi *78348 
20K 19.95 20.10 24LOS 
3» 32J0 3240 3240 

41 39.9D 40.10 40 

15*4 15J5 15ta 1545 
61 M130 6X90 60.10 
6441 6}J0 STJ0 63V] 
29JK 2X40 29 39AS 

39.90 3845 39 JD 3X90 
3740 37 37 JO 3*U 

3545 3450 3525 3175 
27 JO 2640 27 2W 

531* 5230 52J0 sja 
4130 4016 4040 4X45 
76 7*80 76 7XBS 

40 40V 4(M 

36 3630 

41 JJ 4170 41.70 404t 
2740 2630 2735 26.95 
25W 2SJ0 2X40 Jcra 
V IfE J1 1X9S 
J*J0 2X40 MW 28W 
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21 2140 22 

3*9 343 347 3*3 

20W 2 085 2lS 
21W 21 21 21 

33 32-05 32.70 33 

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fM8 2X80 2X95 2X60 
B.l» 52V at© $245 
l?J5 1945 19.70 
S.15 3*10 34W 3440 

^ S 17V} 

.WW 9245 93W 93 

1245 1X30 1245 1240 
23b 2235 22.90 2240 


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MrNZnUB 

Briefly tovl 1 

Carter Hdt art 
Heidi (3i Bide 4 

FtetoftOrEnr ; 

FHdiOi Foret l 

FWdiChPaper : 

Lkxi Hainan 
TetocaniHZ 1 

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AhnobseR 
ArevSoroooB 
AMR 
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aai°- 

sr 

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SG5B 
SMHB 
SsSerR 
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Prestoas: 223731 


345 

135 

340 

340 

M< 

1-20 

134 

131 

2« 

X77 

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m. 

<85 

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7.12 

7JB 

720 

1-5* 

IJ3 

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247 

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3.92 

XBS 

XBB 

191 

7J0 

7.50 

7J8 

744 

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SPI iadstt 347*27 
Pliretom: 341X42 

7742 7fl2S 1740 
441 445 493 

1230 1255 1236 

7450 3650 2*50 
842 Iffi 825 
2035 2090 2030 
3*40 2503 2*50 
1135 1160 1130 
137 13750 138.75 
1070 1077 1070 
191 hB 197J5 19150 
S3S 537 537 

68*5 6895 6840 
390B 39SB 38*1 
1110 1127 1149 
S37 537 533 

19JS 1973 19SS 
7133 2193 21S3 
TO 179 176 

16OT 1790 1700 


834 

820 

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820 

1700 

1595 

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586 

568 

578 

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I 


PAGE 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 1-2, 1997 


ASIA/PACIFIC 



Thai Investors 9 Dream Is Shattered 

‘I Dare Not Buy; I’m Afraid It Will Go Down Tomorrow’ 


Investor’s Asia 


: TokjfO:.' 


By Seth Mydans 

New York Times Service 


Safcdni LaBl/Um AmcaKrt Pros 

A Thai taxi driver reading about the baht’s fall Friday. 


BANGKOK — ■ "I'm afiaid," the 
young investor said, staring alba brightly 
colored computer monitor on a small 
stock-trading floor. “I dare not boy. I’m 
afiaid it will go down more tomorrow-’ ’ 

She was hesitating, like so many in- 
vestors -here and abroad this week, as 
stock markets around the world heaved 
and quaked in the latest reaction to an 
Asian economic crisis that began this 
Bri mme r in Thailand. 

The investor, who would allow only 
her given name, Sukanya, to be used, has 
reason to be afiaid. Like many Thai 
entrepreneurs, she entered die stock 
market during its recent boom years and 
now has lost big. 

“My boyfriend told me I could use his 
money to buy anything, any stock,” she 
said this week. “I started with 45 million 
bah t ($ 1 .2 million) three years ago. Now 
it’s worth 4 million.*' 


At a nearby monitor, Chansin Von- 
greeramit, a retired finance-company 
executive, was bolder. While Sukanya 
waited for her chosen stock, Siam City 
Bank PLC, to drop another tenth of a 
point, Mr. Chansin bought. 

Half an hour later, the stock inched 
upward. He had earned $103 — a mod- 
est amount that made him the day's big 
winner here at the headquarters of Thai 
Fanners Bank Public Co. 

Burdened by the country’s economic 
problems, die Stock Exchange of Thai- 
land seemed impervious this week to any 
rebound in New York and around Asia. 

Small outlets around Bangkok, rather 
than a central trading floor, generally 
handle individual trades. Like Sukanya* 
most people here did not trade at all 
Monday. They chatted over coffee and 
crullers, read newspapers and dozed is 
their seats as. the room's big trading 
board flashed its depressing numbers. 

Since the baht's effective devaluation 
in July, its value has tumbled about 40 


Baht Falls as Data Raise New Fears of Recession 


CtiiqvM by Our Stiff Front Cvpak bn 

BANGKOK — Thailand’s battered cur- 
rency plunged past the level of 40 to the U.S. 
dollar Friday, while data released by the cen- 
tral bank indicated that the country could be 
entering a recession. 

Bad news for the once-booming Thai econ- 
omy came in waves, and a top Thai economist 
said the government had to assure investors 
that foreign debt could be paid or things would 
get worse. 

At the close of Asian trading, the U.S. 
dollar was quoted at a record high of 41.10 
baht, up from 39.25 baht Thursday. Since the 
baht was floated after speculative attacks in 
July, the currency has depreciated about 40 
percent. 

“If it falls further, it will simply be dis- 


astrous,” said Chalongphob Sussangkam, 
president of Thailand Development Research 
institute, a private institution. 

Other Southeast Asian currencies were 
mixed, with Indonesia’s rupiah rising 
strongly on news of a $20 billion IMF bailout 
for the country. But the Singapore dollar fell 
on worries that the island state's contribution 
to the Indonesia bailout would leave it over- 
extended. 

In Thailand, the central hank said foreign 
reserves rose to $30.7 billion as of Oct 15 
from $29.6 billion at the end of September, 
replenished somewhat by part of a $17.2 
billion line of credit arranged by the Inter- 
national Monetary Fund. 

But other indicators showed that T hailan d 
— which had growth of more than 8 percent in 


1995 — was entering a recession. Manufac- 
turing activity shrank 5. 1 percent in August, the 
first contraction in six years. The trade deficit 
rose from 22 billion baht ($560.5 million) in 
July to 22.9 billion baht in August, surprising 
economists, who had expected it to fall 

‘ ‘The overall economic condition indicated 
a slowdown in business activity and does not 
show signs of bottoming out yet,” Kleo thong 
Hetxakul, Bank of Thailand’s chief econo- 
mist, said 

The central bank expects gross domestic 
product to grow only 1 percent this year, the 
lowest annual growth rate in decades. 

“We t hink there will be a very sharp con- 
traction in the domestic economy,” said 
George Morgan at ABN-AMRO Hoare Gov- 
etL (AP. Bloomberg. Reuters) 


percent. The stock market, already 
w eakening over recent months; tumbled 
too, with the main index falling from 
about 1,200 points when Sukanya began 
investing her boyfriend's money to 
447.21 on Friday. As the close of one 
recent session approached, the trading 
floors began to empty out. Some in- 
vestors lingered only to sell their re- 
maining holdings. 

“I realize , it's better to quit," said a 
man who declined to give his name. 
“You know why? I cannot afford to lose 
any longer. Nobody -gains. Nobody 
gains, believe me.” 

Tt is a feeling that is shared by many 
people in Thailand today, looking back 
across the past decade of heady growth 
with sudden astonishment as. if waking 
from a pleasant dream. 

T hai lan d was the darling of foreign 
investors, and until market forces and 
currency-exchange rains -turned against 
the country, huge amounts of money 
rolled in. Now the squeeze is on. The 
International Monetary Fund has prom- 
ised a $17 billion credit line in return for 
fiscal austerity pr og ram s. Under the con- 
ditions that come with the IMF’s p ac k a g e, 
T hailand must reform its banking industry 
and run a budget surplus next year. 

Prices are rising, companies are clos- 
ing, and hundreds of thousands of people 
are beginning to lose their jobs. 

Meanwhile, Prime Minister Chaovalit 
Yongchaiyut said after a sweeping cab- 
inet reshuffle last week that elections 
would be held early next year. But rather 
than bolstering confidence, analysts said 
the shuffle and the prospect of intense 
electioneering had intensified uncertain- 
ties dogging the economy. 

Fifty-eight finance companies that 
overextended themselves in loans, par- 
ticularly for property, have been forced to 
close. One of these is General Finance ’& 
Securities Co., where Sukanya used to do 
her tradings Now its trading floor is dark 
and padlocked, with only a special lounge 
for regular investors re maining open. 












ii' 


Source: Totetaus 


w.HrnMTrihw . 


Very briefly: 


• Kia Motor Corp.’s assets were frozen by a Seoul court/ 
clearing the way for court receivership that has been sought by 
the co mpan y’s creditors. The banks said they would provide 
bailout loans only if receivership was accepted. 

• Nikon Corpus parent-company pretax profit slumped 42 
percent, to 6.1 billion yen ($50.8 million), in the first half 
ended Sept. 30 on sluggish demand and rising competition. 

• Japan’s unemployment rate stood at 3.4 percent for the third 
consecutive month in September, a shade below the record of 
3.5 percent set this summer. 

• The Group of 15 developing nations asked the World Trade ■ 
Or ganizat ion to study the impact of currency fluctuations on 
trade but stopped short of endorsing a call by Malaysia for 
rules on foreign-exchange trading, delegates said. 

• Sharp Corp. said it would continue to aggressively invest la - 
the liquid crystal display business, saying it expected global 
demand to recover and grow at an annual rate of 20 percent to 

■ AFP. AP, Bloomberg. Reuters' 



25 percent in the medium term. 


Panels Scheduled 
For The Two-Day 
Conference Include: 

A Corporate Strategies: The 
Quest for Reserve 
Replacement 

4 Vanishing Downstream 
Surpluses: Mirage or 
Rea lit}? 

4 Vanishing Surpluses: 
Supply and 
Transportation 

4 Oil Companies vs. Wall 
Street and vs. Main Street 

4 Russia: Wall the Promise be 
Fulfilled? 

4 Central .Asia: The ’Great 
Game' in the 21st 
Century 

4 The Middle East: Prospects 
for Stability 

4 China and India: Enemy 
Outlook vs. Investment 
Strategy 

4 The Future of Oil: 
Commoditization or 
Managed Supply? 

4 Climate Change; The 
Environment and Oil 
Supplies 

An Executive Conference 

Hosted by 





The 18th Annual 

OIL & 
ONEY 


/* J 


CONFERENCE 

November 18 - 19, 1997 
Inter-Continental Hotel, London 


TOWARDS THE YEAR 2000: 

THE END OF SURPLUS CAPACITIES? 

This two-day executive conference will provide a platform 
for open debate — among both speakers and attendees — 
overissues of politics, geopolitics, and finance. Discussions 
by high-level company and government officials will locus 
on the Caspian region, Russia, and the Middle East. 

Confirmed Speakers Include: 


International Herald Tribune 

^ Intelligence 
Clir Group 

/ f//ptj itfiy Jk 0i! Dm!}' ti'i. FAt PunHaitions, 


Terry Adams, President, Azer- 
baijan Inti. Operating Co. 
Issam A.R. Al-Cbalabi, Former 
Minister of Petroleum of Iraq 
Franco Bemabe , Managing 
Director and CEO, ENI 
John Browne, Group Chief 
Executive, RP 
Kathleen Cooper, Chief 
Economist, Exxon Corp. 

James Crump, Chairman, Wbrid 
Energy Group, Price ^htexhouse 
LuisR Giusti, President, 
Petroleos de Venezuela, S. A. 
Dato’ Mohamad Idris Mansor, 
Senior VP of E&P Business, 
Petronas 

Dr. M. H. Nejadbosseinian, 
Deputy Minister for End. 
Affairs, Ministry of Petroleum, 
Islamic Sep. of Iran 


Harold Narvik, President and 
CEO, Statoil 

Yukio Okada, Director General, 
E&P, Japan National Oil 
Corporation 

Ambassador Robert PeUetreau , 
Putney Afiridi & Angell 
Victor V Possouvafyuk, Deputy 
Minister for Foreign Affairs, 
Russian Federation 
Robert Priddle, Executive Directot; 
International Energy Agency 
William Ramsay, Deputy 
Assistant Secretary of State, US 
Department of State 
R* Patrick Thompson, Pres- 
ident, New York Mercantile 
Exchange 

HE Sbeikb Ahmad Zaki Ymani, 
.Chairman, Centre for Global 
Energy Studies 


For more information, contact: 

Brenda Hagerty, Conference Office, International Herald Tribune 
63 Long Acre, London WC2E 9JH, England 
Tfel: (44 171) 8364802 • Fax: (44 171) 836-0717 


A Wild Week Ends Well 

Hong Kong Stocks Bolstered by Positive News 


O»fiUbr0iirSuffFumDbfurkn 

HONG KONG — Financial markets 
here ended a turbulent week on a positive 
note Friday as stocks charged ahead, a top 
official said he expected interest rates to 
come down and the territory was told its 
credit was still good. 

The benchmark Hang Seng Index fin- 
ished up 2.5 percent Friday, at 10,623.78 
points, and China-linked stocks put on a 
powerful rally. But the index is still down 
4.7 percent for the week. 

Investors took heart from comments by 
Joseph Yam, chief executive of the Hong 
Kong Monetary Authority, who said he 
expected interest rates to Ml as pressure on 
the Hong Kong dollar eased. 

“I am of the view that the high interest 
rates will drop very soon, especially for 
short-term interbank rates such as the 
overnight rate, which 
has fallen to about 5 
percent,” he said. 

Last week, the rate 
fhar b anks charge each 
other for loans was lif- 
ted to as much as 300 

percent to deter cur- 
rency speculators. 

Standard & Poor's Corp. also gave the 
territory’s morale a lift by affirming its 
ratings on Hong Kong’s ability to repay its 
debts. 

The move came a day after Moody’s 
Investors Service Inc. cut its outlook for 
Hong Kong banks, citing rising interest rates 
and the hkefcibood of falling property prices. 

Mr. Yam said the monetary authority, 
which acts as a central bank, had spent some 
of its $88.1 billion of reserves buying Hoag 
Kong dollars when the currency came under 
attack Tuesday and Wednesday. 

He would not say how much had been 
spent, but he said the authority was a net 
buyer of U.S. dollars on the week. 

‘ ‘By Thursday we were buying back U.S. 
dollars as speculators had to settle their 
accounts,” Mr. Yam saicL 
He reiterated his determination to fight 


for issuing negative reports about local 
stock markets, particularly a report from 
Barton Biggs, a strategist for Morgan Stan- 
ley & Co. that suggested investors sell their 


off 


Philip Wong, a member of the Beijing- 
appointed legislative council, accused Mor- 
gan Stanley and other brokerages of “ma- 
nipulating** Asian markets. But he was swat- 
ted down by his own government, which said 
there was no evidence to back his claims. 

"If we later learn thar anyone has ma- 
nipulated the market, there will be sanc- 
tions, including criminal sanctions.” Ra- 
fael Hui, Hong Kong’s secretary for 
financial services, said. 

In Friday’s stock market action, the 
largest rises were seen in the shores of 
mainland Chinese companies. Restructur- 
ing plans in key industries and lower in- 
terest rates on the main- 
land helped attracted 
St andar d & Poor’s investors to such compa- 

.i , Dies, traders said, 

gave toe territory s Although the econo- 

morale a lift of China 

and Hong Kong are in- 
tertwined, companies op- 
erating on the mainland have not been sub- 
ject to the nerritoiy’s soaring interest rates. 

China Merchants Holdings International 
Co. rose 18 percent to close at 1 Z.20 Hong 
Kong dollars ($1.45). while China Re- 
sources Enterprise Ltd. gained 12 percent to 
21.20. The Hang Seng China-Affiliated 
Corporations Index, which tracks mainland- 
backed investment companies, or so-called 
red chips, rose 10 percent to 2,199.50. 

The vote of confidence by Standard & 
Poor’s helped bolster utility stocks, as they 
have the least exposure to interest rales 
among Hong Kong’s biggest companies. 

Hong Kong Telecommunications Ltd. 
rose 7 percent to 14.80, while China Light 
& Power Co. gained 6 percent to 40.70. 

Property stocks such as Cheung Kong 
Holdings Ltd. and Sun Hung Kai Properties 
Ltd. were mixed amid lingering concerns 
that higher interest rates would push up 
borrowing^ costs and deter home-buying. 

“There’s no way we’re going to see a 
Thailand,” said Roy Ramos, an analyst at 
Goldman Sachs (Asia) LLC. “But it’s not a 


lark 

j 


‘ 1-0 

Y< ! t 


f speculative attacks on the currency. 

4 *1 have all along felt that there would be 
speculative activities, and the recent rout 
was quite a serious one,” Mr. Yam said. 

“Bin duringthelCJ days there was no crisis pleasa^^ Yo7^v^hTili- 

TSKS&S® WS* “El terest rales and no rising prices in % prop- 
Authorities criticized foreign brokerages erty market. ’ ’ (Reuters. BloonSerg) 


r -T 


China Venture Seeks Partner After Peugeot Exit 


Reuters 

BEIJING — The Chinese side of an ailin g 
car venture with France’s PSA Peugeot Cit- 
roen SA will choose a new partner from 
among Japan’s Honda Motor Co., Germany's 
Opel AG and South Korea’s Hyundai Motor 
Co., state media and officials said Friday. 

Honda and Opel, a unit of General Motors 
Corp., were the most likely candidates, to take 
over Peugeot’s role in Guangzhou Peugeot 
Automobile Co., the China Economic Herald 
reported. 


A Chinese official with Guangzhou 
Peugeot confirmed that the company would 
choose from among the three, but he declined 
to give further details. 

More than 10 foreign carmakers have ex- 
posed an interest in the venture. 

The Chinese partner, Guangzhou Auto, 
was expected to choose a new foreign partner 
for the plant by the ead of this year, the 
newspaper quoted a Guangzhou Peugeot of- 

veinS SayiD£ ' PeUge0t hCld 30 percem uf ’ 


t " 


What are some companies 
already doing to limit green- 
house gas emission? 

Don’t miss the IHT Sponsored Section on ZEmrrmment- 
TlieChall&igg qf Cfimffi Qmssl on Pee l, 1 997 .The 
IHT will be distributed at the UN Framework Convention 
on Climate Change (Kyoto, Dec. 1- 10). 

For advertising rates or a synopsis, fax Bill Mahder at 
33- 1 41 43 92 1 3, send an e-mail to supplements@>iht,com 
or contact your local IHT representative. 


res world's nuur newspaper 


Tohyo-Mhsubishi 
Names President 

Bloomberg News 

TOKYO - . Bank of 
Tokyo-Mitsubishi Ltd. on Fri- 
day named as its next president 
Satoru Kishi. who orches- 
trated Mitsubishi Bank's 1996 
raerger with Bank of Tokyo, 
paring the world's largest 
™nk in terms of assets. 

Mr. Kishi, 67, whose ap- 
pointment becomes effective 
Jon. 1 , will take the helm of a 
bank that had 77 trillion yen 
($o3 8 billion 1 in assets at the 
end of March. 







****!'•'.- 


What Goes Back Up 
Can Come Back Down 

Dow’s Recovery No Guarantee of Stability 


#t V bftef| s 


tatemattond Herald Tnhaae 


After the Fall, a Changed Landscape in Japan 

| Prices and Disappearing Bond Yields Create Opportunities for Real Estate Investors 


k*H< KndsWd 






By Miki Tanikawa 

I NVESTORS MAY be unhappy 
with ever-sagging yields on Jap- 
anese government bonds, whose 
10-year maturity returns a paltry 
i 1 .82 percent these days. But that miserly 
return offers an opportunity for inter- 
national real estate investors, and there 
are reports that mu tual-fn nd-like 
vehicles to take advantage of them will 
be available soon. 

For now, however, investors who 
want to play have to be lucky enough to 
know Osamu Yamazaki, president of 
the property consultancy Japan Access 
>; Management Ltd. in Tokyo. 

* Mr. Yamazaki manages a private fund 

for overseas investors, mostly personal 
friends, who like his strategy: He raises 
funds in yen at rock-bottom rates, cur- 
rently about 0.8 percent for the best 
borrowers, and invests in top-grade Jap- 
anese properties, which have rental 
yields that average 7 percent Investors 
who can post U.S.-dollar denominated 
bonds as collateral for the loans can earn 
double-digit returns, Mr. Yamazaki said. 

‘ “From a macroeconomic point of 
view, it is a very rare phenomenon,' 'he 
said of the widening gulf between the 
cost of funding and die investment 
yields on the properties. “The gap has 
never become so wide." 

Aside from the low borrowing rates, 
international property investors find it 
an opportune moment to buy Tokyo 
properties.’ 


As an illustration of where Japanese 
real estate stands in the global property 
investment sphere, YosMhiro Hashimo- 
to, real estate analyst at Yamaichi Re- 
search Institute, sees Japan as being in 
its “dawn” hours, after a long period of 
“sleep." He situates U.S. real estate at 
about 2 Hong Kong at 3 P.M. and 

Indonesia late in the evening. 

Japanese investors, especially big- 
time buyers, have been reluctant to bor- 
row money for property purchases, in 
part because of lingering social sen- 
sitivity toward bank-arranged real estate 
loans, which have ^nsad acrimony in 
recent years. But James See, 
president of Vision Capital, an 
asset management company in 
Singapore, said he would be sur- a 
prised if Japanese investors re- —S 
mained on the sidelines for 
long. 

I think dial by the middle of 
next year, it is quite likely to see a 
sitnahm where Japanese people go for a 
yen-based loan from a foreign bank, and 
invest it in pr operties," he said. “It 
simply does not make sense not to do 
so.” 

■ -Japanese law limits leases to two 
years, so rental income cannot be guar- 
anteed. Savvy investors target the best 
properties in order to minimize the risk 
of plunging yields. Mir. Yamazaki said 
that only about 15 percent’of Tokyo 
properties offered a solid prospect for 
income revenue and capital appreci- 
ation. 

While Mr. Yamazahi's fund is 




Market-Opening Moves 
^Have Yet to Bear Fruit 




it i IV 


S INCE PRIME Minister Ryu taro 
Hashimoto outlined his govern- 
ment’s blueprint for market de- 
regulation nearly a year ago, the 
financial industry has faced a brutal 
shakeout and the effects have been felt 
more strongly each day. 

Yet some of the official efforts to put 
Japan's markets on par with those in 
New York and Loodou in terms of open- 
ness and competitiveness have not yet 
proved to be fruitful, 
t With fanfare, the Tokyo Stock Ex- 
change and its counterpart in Osaka 
4 each listed single-stock options in July 
for 20 blue-chip brands, including 
Toyota Motor Coip., Sony Carp, and 
Bank of Tokyo-Mitsubishi, only to find 
the market participants, both brokerage 
houses and investors, inad- 
equately prepared to play the 
new game. 

Volume hit its high on the first a 
day of trading at the Tokyo Stock 
Exchange, July 18, at 4,989 pQ 
transactions. It has since zig- 
zagged down the path to reach an 
average daily volume of less man luu, 
for the 10 days through Thursday. 

“There have not been enough mar- 
ket-making efforts on the part of l 
age firms,” said Hiroshi hfaag*™" 
ket analyst at Yamaichi Research 
Institute In Tokyo. “Business perfor- 


✓ 


knowledge die virtue of using options to 
hedge against declines in individual 
stock prices. 

Another Big Bang development led 
the Japan Securities Dealers Associ- 
ation, which hasgovernment-man dated 
regulatory functions, to make trading in 
unlisted stocks legal business of se- 
curities companies in July. 

Only eight small brokerage firms have 
since registered with the association as 
dealers, however, and the association 
said that it does not see an immediate, 
booming potential for die market 

“At a time when die market is 
down," stud Mitsuru Yoshikawa, di- 
rector of legal and tax research at Daiwa 
Institute of Research, “ it is difficult to 
fin d people who are interested in these 
small-cap stocks." 

Investors hoping for favor- 
able changes in Japan's insti- 
^ r rational framework will have to 
V wait until brokerage commis- 

| sions are liberalized in 1999 or 

* when the securities transaction 

lax is scrapped or considerably 
reduced. Commissions are currently 
fixed at 1.15 percent of the purchase 
price, for trade of less than 1 million yen 
($8,330). Above that, the rates differ 
accor ding to the amount of trade. 

When companies are allowed to set 
commissions freely, Mr. Yoshikawa ad- 
ded. the rate could come down c era- 


private. hunting down promising Jap- 
anese properties and creating vehicles 
lifcft Ameri can real estate investment 
trusts is on the agenda of many Western 
financial institutions. 

Yu taka Kumada. deputy general 
manger in the real estate investment 
advisory division at Sumitomo Trust & 
Banking Co., said his firm was acquir- 
ing properties on behalf of several major 
Western investment houses, each en- 
visioning a wholesale-targeted fund that 
manages about 100 billion yen ($833 
million) worth of property investments. 
These funds could be up and running 
sometime this year, he said. 

>V Yasno Kawakami, rcpresen- 
CwJ tative -director at Richard EIHis 
* F KJL.. said his firm had pro- 
f cessed property deals for a 

| European financial insitntion 

that set up a privately placed 
real estate fund. He said that the 
deal reflected growing foreign interest 
in Japanese real estate. 

“Almost all foreign financial insti- 
tutions with an operation in Japan are 
watching Japanese real estate," he 
said. 

A manager at a major real estate agent 
said that about 20 groups of institutional 
investors, each with about 100 billion 
yen. were looking to invest in Japanese 
real estate. 

The Japanese are putting their feelers 
out, too. Mr. Hasimooto of Yamaichi 
Research Institute said most big Jap- 
anese securities firms were studying 
ways to create property investment 
vehicles that could be sold to individu- 
als. 

Many observers forecast the emer- 
gence of a full-fledged real estate mar- 
ket that vies with stocks and bonds for 
investors’ cash. 

“There has beat no such thing as 
property investment market in Japan," 
said Sbinji Yoshimura, senior managing 
director of Mitsui Fudosaa Investment 
Advisors Inc. 

Convinced that there is one in the 
making, Mitsui Fudosan, a Japanese 
real estate behemoth, established the 
property investment advisory company 
on Oct. 1 . It hopes to serve investors in 
the areas of investment advice, research, 
property acquisition and maintenaancc 
and, eventually, real estate fund man- 
agement. 

Such a line of business is one that 
many big real estate companies are 


Q& A/ Marc Faber 


rushing to get into, said Yutaka 
Koronna, deputy general mananger in 
the real estate department at Sumitomo 
Trust & Banking Co. The trust bank 
recently started a division that serves as 
a real estate investment consultancy. 

It has also devised, jointly with its 
research subsidiary, a real estate price 
index that comparatively gauges invest- 
ment yields on properties at prime 
Tokyo locations over the past 21 years. 

Sanya K.K., a property appraisal 
company, has established a subsidiary , 
Japan Servicer Corp.. to manage proper- 
ites and mortgages for institutional in- 
vestors, especially those from abroad. 

Yo&hialri Inoue. president of Sanyo 
KJC, said demand for independent 
property maintenance services had been 
ballooning since Western financial in- 
stitutions, such as Goldman Sachs & 
Co., recently acquired hundreds of mil- 
lions of dollars of asset-backed loans at 
bargain prices from Japanese banks in- 
tent on tightening their balance sheets. 

P ARADOXICALLY, it was the 
bursting of foe Japanese financial 
bubble of foe 1980s that widened 
the appeal of real estate investing. In- 
vestors now value properties based on 
foe cash flow they can generate rather 
than on foe prospect for further price 
appreciation. This puts Japanese real 
estate on the same footing as property in 
some other countries and allows the 
sector to be compared to securities mar- 
kets. 

The market is not without a skeptic, 
however. Mr. Inoue of Sanyu K.K. 
warned that foreign interest in Japanese 
real estate was somewhat excessive and 
he registered anxiety that some of foe 
investors may get burned. 

To make real estate in Japan a true 
investor’s market, a plethora of issues 
that must be sorted out by foe gov- 
ernment and the private sector. 

Investors and analysts said there was 
a dearth of comprehensive data, either 
from the government or a private com- 
pany, on real estate transactions. 

Burdensome taxes and regulations on 
Japanese real estate also cause investors 
to shy away. Companies making capital 
gains on property transactions incur 
levies ranging from 5 to 15 percent, in 
addition to hefty corporate taxes, and 
individuals are taxed from 20 to 52 

Continued on Page 17 


N othing in life is so ex- 

hilarating," wrote foe 24- 
year-old Winston Chur- 
chill, recounting his army 
days m India, “as Co be shot at without 
result." That is foe way many in- 
vestors felt this week, relieved and 
self-congratulatory after surviving 
Monday s 554-point drop in the Dow 
Jones industrial average. 

But do not be too cocky. I am not 
urging yon to sell your stocks, but 
there is no place right now for com- 
placency. let alone exhilaration. 

The main reason to worry was laid 
out with remarkable prescience by 
one of my favorite money manage rs. 
David Dreman, author of “Hie New 
Contrarian Investment Strategy,' ' in a 
recent column in Forbes magazine. 

Headlined “Get ready for a rough 
ride.” it began: “This is one over- 
valued market! The rise in foe past few 
years is steeper than foe run-ups prior to 
both foe crashes, 1929 aid 1987. 
Among foe signs of a top is the large 
number of 'experts’ who not only ra- 
tionalize foe rue but predict its con- 
tinuation." 

The current issue of Grant’s In- 
terest Rate Observer (also published 
before the Oct. 27 debacle) describes 
a “certain gentleman" (call him Mr. 


his calculations was 4.5; the median 
over the past 73 years is 1 .6; the usual 
range is 1.0 to 2.6. Similarly, foe 
price-to-dividend ratio on Oct. 7 was 
63; the median since 1924 is 24; the 
typical range, 16 to 33. 

Now, for believers in the New 
Paradigm, there are explanations for 
these anomalies. For instance, os Mi- 
chael Milken said recently, book 
value is almost meaningless for high- 
technology companies, whose true 
assets reside in the brains of their 
employees and in processes and par- 
ents. 

Not only are prices high relative to 
earnings these days, but a P/E ratio 
also has a denominator, and, there is 
reason to wony about the prospects 
for corporate profits, at least in the 
short term. The wave of overinvest- 
ment that has swept the world, es- 
pecially Asia, has created a glut of 
goods and services, which inevitably 
means falling prices, a condition ex- 
acerbated by currency devaluations. 

In the short run, low prices are great 
for consumers, and they push interest 
rates down (a reason to buy bonds 
now). But, by “exporting deflation" 
(in the words of the economist John 
Makin, of (he American Enterprise 
Institute). Asian producers may iorce 


JAMES OLASSMAN OW INVESTING 


X) who has managed money very 
successfully '‘since Dwight D. Eis- 
enhower was in the White House and 
blue-chip stocks yielded more than 
foe long-dated Treasury bond." 

Now. writes editor James Grant, 
“this great stock picker is turning 
bearish. It is a 40-year first" 

Hie reason is simple. Mr. X said he 
looked “at companies on the basis of 
what we think they're worth in re- 
lation to where they're selling. And I 
cannot find things today that seem to 
satisfy." So he suggests clients put 
new money “in Treasury bills or sim- 
ilar short-term instruments,- r And 
we’ve never done that before.” 

Of course. Mr. X could be wrong. 
But he has a very good point: There is 
not much out there wrath buying — 
even at post-debacle prices. 

At an conference sponsored by 
Giant’s last month. Leon Cooperman, 
foe ace manager of Omega Advisors, 
cited several scary statistics to show 
how high die market is. 

For example, on Oct 7. 1997, when 
Mr. Cooperman made foe calcula- 
tions, foe stocks that compose foe 
Dow Jones industrials were trading at 
23 times their earnings per share. The 
median price- to-eamings ratio since ‘ 
1924 is just 15, and foe usual range 
(80 percent of foe time) for P/E ratios 
over that period is between 9 and 24. 

If foe Dow were to return to the 
median, it would come to rest at 5,430, 
nearly 2,000 points below its close on 
Thursday, which was nearly 1,000 
points below the high for the year. 

The news is even worse for other 
valuations. Consider foe price-to- 
book ratio, which tells how many 
dollars an investor is paying for a 
dollar of a company’s assets as they 
are valued on its balance sheet. 

Hie P/B when Mr. Cooperman did 


down the high profit levels — and 
stock prices — of U.S. companies. 

On foe other hand, these pressures 
could spur American companies to 
greater gains in productivity — mak- 
ing things at lower cost — which 
would counteract the effects of de- 
flation and keep the economy 
strong. 

Do investors need to make guesses 
about the economy? No. 

“The conventional method" of 
buying stocks, writes Philip A. Fisher 
in “Common Stocks and uncommon 
Profits," his classic 1958 book, “is 
just as silly as it appears on foe surface 
to be sensible. This method is to mar- 
shal a vast amount of economic data. 
From these data, conclusions are 
reached as to foe near- and medium- 
term course of general business." 

The problem is that, “in foe current 
state of human knowledge about the 
economics which deal with forecast- 
ing business trends, it is impossible to 
apply this method in practice." It 
remains impossible 39 years later. 

So, Mr. Fisher has this conclusion: 
“Take investment action when mat- 
ters you know about a specific com- 
pany appear to warrant such action. ’’ 

While there are few screaming bar- 
rains in foe stock market, you can still 
find some decent values. South Barney 
Inc., for example, recently recommen- 
ded seven siocks that “fit the theme of 
growth at a reasonable price." 

They are American Stores, Inc., a 
food and drug retailer, Automatic 
Data Processing Inc., payrolls; 
Coastal Corp., an energy company. 
Equitable Cos., insurance and invest- 
ment management; Lexmark Interna- 
tional Group Inc. , computer primers; 
Noble Drilling Crap., oil contractor, 
and Textron Inc., foe conglomerate. 

Washington Past Sc nice 


The ‘Gloom’ Manager Who Can Say, 6 I Told You So’ 

are disastrous. We went to many people Q. So this past month's worth of mr- said it’s a buying opportunity. Th 

T HE steep decline cf world mar- about Russia in 1993-94 and tola than, moil was caused by an earlier stampede the characteristic of a major bear 
kets in the past week has raised look, the stocks are unbelievably un- into an already overvalued market? ket, that foe hopes are alive. And 
the specter that , globally, stock devalued. Surgut Neffcgaz was privar- A. We’ve seen that very clearly in afraid that in Western Europe ant 
mav be overpriced. Ann izedar $80 million market capitalization. Asia. Since January 1994, we were U.S., this is going to happen the ! 


tin* been noor dca, me me wuiu wurc uuwu >.»- 
nunceof brok^gefWiaS^n^W siderably, not just fra large-lot orders 
^recently, so they are notrn P - - ^ also fbr relatively small investments. 


T HE steep decline cf world mar- 
kets in the past week has raised 
the specter that , globally, stock 
may be overpriced. Ann 
Brocklehufst and Peter Green spoke 
with Marc Faber ; a Hong Kong-based 
investment adviser and editor cf The 
Gloom. Boom & Doom Report, who 
specializes in buying low into pre- 
emerging markets and selling before 
popularity ■ drives markets down. He 
says investors have tong ignored signs 
that the recent market was overpriced. 

. Q. What is doom, boom and gloom 


% >vbvuiy, - ^iraisnTnrmauvcjy ^ — ■ — — ~ tr- 

take much risk- . . r ^ n H a k in- Contrary to foe trend that followed de- ’ investing? 

■ He added Uiat tiie latest scandals regulation oncommissions in the United A. We are interested m buying assets, 

volving the top securities no ^ ^ States, where individual brokers’ pay is and these can be equities or real estate or. 


j '''' 


■ V: 


explained foe brokers' reluctance to as- 
sume counter-party c c _ 

trading. Nikko Securities, Djw> 
cumies. and Yamaiclu Secant#*! in* 
of the Bis Four firms whose top ex 

ssrsva&uss 

may Include orders to suspend propn 
are expected to list WJSgtaSSSo 

tionsnSog.mNov^^To^o 

20 in Osaka), analysts , srad « womu 


often commensurate with their sales per- 
formance; Japanese sales w rakers are 
salaried, thus it is likely foal transaction 
fees will fall even for small-lot orders. 
Mr. Yoshikawa said. 

The Liberal Democratic Party, foe 
dominant party in the coalition gov- 
ernment has recently unveiled an eco- 
xjomic stimulus package in which it 
pledged to “strive” toward removing 
foe transaction tax, which is currently at 
021 percent of foe transaction value and 
is levied on every Japanese trade. Ob- 
servers said it was unlikely th at foe - 


art or bonds, at distressed prices when 
the majority of market participants are 
not in the market, when volumes are 
low, when these assets are unpopular. 
And we like to sell when an asset class 
becomes popular and recognized by foe 
majority, we believe there is always a 
regression to foe long-term trend. 
[When] prices overshoot they may still 
overshoot even more, but the risks in- 
crease significantly, whereas when they 
undershoot, usually there isn’t a huge 
price risk, there’s a risk of time — that 


-u in investment taxation wouiu -_vr — * 

probably not be form, and that abolition or significant 

for brokerage houses expand cov reduction ^d corneas Mriy as Apnl. 
erage of individual stoefc^o;^ - It must be abolished, said Mr. 

- ^P‘«* cdism i sta ?5 f SS^Se Yoshikawa of Daiwa Institute of Re- 

* ssiysffiMSS .rso!2iSs»5S= 

BSKBSgSS; -2SB,*™ 

this week, may caase mvestore to « 


Servers said it was unlikely that the- is, they stay undervalued for an ex- since 1989, wh 
taxation would remain in its current . tended period oftime until they recover, still down 50_p€ 
form, and that abolition or significant bur you don’t have a huge price risk. Q. Everyone 

reduction could come as early as April. Q. How do you recognize a market ' sell high-. 

“It must be abolished," said Mr. that's ripe for buying? A. Eveiyone 

Yoshikawa of Daiwa Institute of Re- A. Generally, in emerging markets sell high, but i 
iarefr “It is odd that tax is imposed on you have low valuations when no for- world of invest* 
S^ansactians regardless of whether eign brokers are participating when by the sort of n 
vn!, mademonev or not.” there are no country funds, when foe jonty actually bi 

you man MJKI TANIKAWA political social and economic conditions and sells when l 


are disastrous. We went to many people < 
about Russia in 1993-94 and tola than, me 
lode, the stocks are unbelievably un- int 
devalued. Surgut Neffcgaz was privar- t 
izedar $80 million market capitalization. As 
This is rate of foe biggest oil companies wa 
in the world. But people didn’t want to we 
buy. They said Yeltsin will die, foe 
Zhirinovsky will come to power, and so icii 
forth. I always argue, “Yes 
this can all happen, but how 
much lower will these shares 
go?" 

Q. When should you sell? 

A. In general, I would say 
whenever the public becomes 
enamored and enthusiastic 
about an investment theme 
— foe real mania of the last 
few years has been equities, 
when suddenly people think 
they will always go up the Marc Faber 
way they believed that real 
estate would always go up and foe way foe 
they believed in 1979 that gold would onl 
always go op, Bui yon have to realize con 
that equities can occasionally have very pos 
strong performances fra 10 or 15 years pec 
but then occasionally they don’t per- I 
form for 20 years, as was the case in usu 
Germany from 1962 to 86, or in Japan ofo 
since 1989, when the market today is ver 
still down 50_perceat from its height. son 

Q. Everyone wants to buy low and ( 


A. Everyone wants to bay low and 
sell high, but it’s interesting that foe 
world of investments is now dominated 
by foe sort of momentum that the mar 
jority actually buys when prices arehigb 
and sells when they become depressed. 


Q. So this past month’s worth of mr- 
moO was caused by an earlier stampede 
into an already overvalued market? 

A. We’ve seen that very clearly in 
Asia. Since January 1994, we were 
wa rning tha t the fundamentals of Asia 
were deteriorating, as was evident by 
foe rising trade and current account def- 
icits of various countries, by tightening 
liquidity in Asia, by Asia be- 
coming less competitive, es- 
pecially following NAFTA 
in foe U.S., and following the 
devaluation of China in 
1994, when suddenly foe 
Chinese exporters began to 
squeeze out other exporters 
in Asia. 

Q, Why the stampede in? 
A: I think what frequently 
produces some of these ex- 
ber cesses in optimism is that 
whenever an event happens, 
foe investment community looks at it 
only from foe positive side. They never 
consider that foe changes bring about 
positive aspects as wen as negative as- 
pects. 

If a company is extremely successful, 
usually it occurs at foe cost of some 
other companies. So if one country is 
very successful it occurs at foe cost of 
some other country. 

Q. So you’re saying essentially that 
all stockbrokers are liars? 

A. I’m not saying that they are liars 
intentionally. Some in Asia have been 
ham probably out of self-interest Some 
have been simply ignorant This is the 
first bear market many have seen, and 
each time foe market went down, they 


said it’s a buying opportunity. This is 
the characteristic of a major bear mar- 
ket that the hopes are alive. And I'm 
afraid char in Western Europe and the 
U.S., this is going to happen the same 
way, because even after foe recent de- 
cline in the United States the mood is 
still very optimistic. 

Q. Asians and Westerners often have 
different philosophic approaches to life. 
Could that make this crash, which started 
in Asia, fundamentally different from the 
1987 crash, which started in America? 

A. Definitely. When X visit American 
institutions, even the b ulls won't con- 
demn someone who's bearish by saying 
he doesn’t understand anything. They at 
least consider his views. They may be 
long a market, but they accept they 
could be wrong and that there are feciors 
that could bring a decline in the market. 
In Asia if you were negative, especially 
in 1994 to ’96, you were a heretic. 

Q. How about other emerging mar- 
kets? 

A. The cycle of Eastern Europe got 
under way much later than Asia, and my 
feeling is that the Eastern Europe mar- 
kets don’t have the same downside risk 
as foe Asians because they never got to 
the overvaluation as foe Asian markets 
did in 1994. If you look at a market like 
Ro man ia , you *11 find that the market has 
moved up, but it’s not an overheated 
market. I rather think that Russia may 
have overshot and that Russia will have 
a very significant correction. But five to 
10 years out, I think there will be op- 
portunities in Russia. 

Continued on Page 17 


m 










PAGE 16 


INTERNATIONAL HERALD TRIBUNE, SATLTRDAY-SUNDAY, NOVEMBER 1-2, 1997 


Friday's 4 P.M. 

The 1,000 most traded National Mattel securities 

in terms of dollar vote updated Twice a year. 

TteAssaa&ed Press. 


i2Mo m 

Htfi Lw 5ta* 



EFCASE 































































































IMERJVATIOim HERALD TRIBUNE, SATURDAY-SIWDAY, NOVEMBER 1-2, 1997 


PACE 17 


THE MONEY REPORT 


Buffer Market Indexes % change since October 1. 



PI 

V -'>.4 $. 

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5taRB#3HS«s 

. mm 


L CANADA • 


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William Woods, r 

Chief executive officer, - • ... ^***3*^^^ . 7 "T: r ^ ^ 

or ffie Bermuda Stock ExchanaB****-^^ " * x 


it. . ..». . 
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iVrfcwNrsTr.* • *»j 


Although Bermuda may no longer be as cheap as it once was, for Investors it remains a stable alternative to many of the world's bigger stock markets. 

As Goes the World, So Does Not Go Bermuda 


By Aline S ulliv an 

I NVESTORS SEEKING a safe 
haven in a turbulent world could 
consider the isolated islands of Ber- 
muda. In an increasingly global 
& market dominated by Wall Street, Ber- 
' * muda stands apart. Indeed, Bermuda 
Stock Exchange, officials say their mar- 
ket is the bourse least linked to that of die 
United States. 

The Bermuda exchange’s index slid 
only 19 points, or 1 .4 percent, on Monday, 
while the Dow Jones industrial average 
plunged more than 7 percent and Asian 
markets sank even lower. On Thursday, 
the index ended at 1,347.65., op 1234 
points for a week in which most of the 
world’s markets were wrenched. It was, by 
contranst, “pretty normal for us," a spokes- 
woman for the Bermuda exchange said. 

Professional investors have flocked to 
Bermuda for years, ' making it . the 
world's leading offshore center for fi- 
nance and business. But retail investors 
i largely ignored the independently gov- 
erned British territory until this summer, 
r when two U.S. stock" market analysts on 
vacation noticed how undervalued its 
banks and utilities appeared, relative to 
their American and European counter- 
parts. Since then, share values have 
jumped as much as 50 percent 

Bermuda may no longer be cheap, but 
it remains a stable alternative to the 
bigger stock markets. 

"People are interested now because 


Bermuda goes the opposite way of the 
world,” said William woods, chief ex- 
ecutive officer of the Bermuda Stock 
Exchange. “There is still a lot of upside 
in this market” 

Jeff Conyers, chief executive officer 
of Fust Bermuda Securities, agreed. 

“The two big banks. The Bank of 
Bermuda Ltd. and The Bank of N.T. 
Butterfield Ltd., are excellent institu- 
tions but are trading at about half the 
[price to earnings] ratios of banks in the 
U.S.,” he said. 

He also favors Bermuda Telephone Co. 
and TeleBennuda International Ltd. The 
latter is hardly a surprising choice: Mr. 
Conyers is vice chairman of the company 
as well as vice chair man of the Bermuda 
exchange, reflecting the trend among is- 
land executives ,of wearing several hats. 

Overlooking Bermuda in the past was 
certainly understandable. 

“Bermuda doesn’t fit easily into any 
investment category.” said David Masters, 
senior fund analyst ai Micropal in Boston. 
u It isn't really in North America or Europe 
and it certainly isn’t ooe of the emerging 
markets of the Caribbean, so it is difficult 
for many fund managers to track.” 

It will gain a higher profile among 
retail investors in December, when it 
plans to launch its Scripts fund. 

The open-end fund, which will re- 
quire a minimum investment of $500 
and will cany an up-front sales fee of 1 
percent, wili be die first fund to track the 
Bermuda Stock Exchange ’s index. 

Exchange officials expect the fund to 


be worth $1 million at the outset and 
grow shortly thereafter to $10 million. 
There will be no restrictions on pur- 
chases by overseas investors. 

Fust Bermuda runs the $500,000 Ber- 
muda Rock Fund, which is 40 percent 
available to non-Bermudians but is 
owned only by about 100 locals. In- 
vestors on the island expea the fund to 
be merged with Scripts. 

In the interim, the Bermuda exchange, 
which claims to be the world’s firsr fully 
electronic offshore securities market, is 
rapidly expanding. There are now more 
than 1 80 equities, funds, debt issues and 
depository receipt programs listed on the 
26-year-old exchange, with a total mar- 
ket capitalization of $37 billion, exclud- 
ing mutual funds. 

But the market remains largely re- 
stricted to local investors; 60 percent of 
all companies listed in the islands must 
be owned by Bermudians. Not surpris- 
ingly, most of the stocks are illiquid. 

Graham Lobb, a dealer at The Bank of 
N.T. Butterfield, pointed out that the 
currency exchange laws, although 
greatly eased two years ago, can com- 
plicate large investment orders from 
overseas. There are, however, an increas- 
ing number of U.S. doll ar-denomina ted 
stocks available to foreign investors. The 
Bermudian dollar is pegged to the U.S. 
dollar and trades almost at par. 

For Investors seeking to increase their 
risk rather than, minimize it by owning a 
market that does not follow Wall Street, 
the exchange has a mechanism for buy- 


ing into new companies early in their 
lives. After a shaky start, the exchange is 
poised to welcome several new mem- 
bers to its Mezzanine Market for high- 
tech companies and other start-ups. An 
Asian power-generating consortium will 
be the first of several companies with 
interests is China to be listed on the 
exchange in the next few months, ex- 
change officials said. 

A listing on the market allows in- 
vestors access to a company before its 
full initial public offering. 

The market, which was officially 
started in April, has so far been a dis- 
appointment The BSX canceled the list- 
ing of its first and only Mezzanine mem- 
ber. the technology firm NimsTec Ltd., 
on Oct 2, citing its failure to comply 
with the exchange’s disclosure require- 
ments. Trading had not yet begun. 

The Mezzanine Market requires a 
minimum investment of at least 
$100,000 in each company. According 
to exchange officials, the high entry 
level limits the market to sophisticated 
investors and allows the companies to 
develop their businesses without wor- 
rying about share price fluctuations. 

For further information: 

• BERMUDA STOCK EXCHANGE Telephone: I 441 SC 
7313: fax: I 441 2SC 761* e mail. Infc^bmrora; Web sue. 
MWjaLOB. 

• BANK OF N.T. BUTTERFIELD LTD. Telephone. I 441 395 
1 It. Gnhaua LoH>. dealer. 

• BERMUDA COMMERCIAL BANK: 1 441 395 567S. Brian 
Rosary, senior dealer. 

•FIRST BERMUDA SECURITIES. Telephone. I 441 395 
1330. Jeff Cmyen. thief executive officer 


Fidelity’s ‘Fair Value’ 
Has Clients Crying Foul 

Fine Print Invoked for Hong Kong Fund 


By Edward Wyatt 


W HEN THE .American stock 
marker rallied on Tuesday, 
a day after its worst decline 
in a' decade, roughly 520 
million flowed into the Fidelity Hong 
Kong and China fund from investors 
who expected stock prices in Hong Kong 
to surge when trading resumed there. 

The rush of cash was huge for a fund 
that had only 5157 million in assets a day 
earlier. And the quick-draw investors 
who sensed opportunity might have made 
a handsome profit of about 18 percent. 

Fidelity Investments foiled the 
strategy, however. Relying on a policy it 
uses infrequently, it priced the securities 
in the Hong Kong fund — and in many of 
its other international funds — based not 
on their closing prices overseas but rather 
on what it considered their fair value at 
the end of trading in the United States. 

The effect was to make buyers pay 
more for shares in the fund and to create 
a fund that appeared less volatile than it 
would have otherwise. In the process. 
Fidelity rankled a number of customers 
and brought to light just bow much dis- 
cretion fund companies have in pricing 
certain foreign securities. 

Early Tuesday, while most of Amer- 
ica slept. Hong' Kong’s market fell 14 
percent, partly in reaction to the previous 
day’s stock slump in New York. The 
Tuesday afternoon, rally in U.S. stock 
prices convinced a number of mutual 
fund investors lhai a rebound was in 
order in Asia. 

Among them was Robyn Greene. 50. 
a retired lawyer who lives in the Florida 
panhandle. She invested 525.000 in Fi- 
delity’’ s Hong Kong and China fund on 
Tuesday. Ms. Greene expected to buy 
the shares in the Hong Kong fund at a 
low price on Tuesday and sell the next 
day at a sharply higher value after the 
Hong Kong stock market turned up. 
making a profit that would easily surpass 
the 1.5 percent fee that Fidelity assesses 
investors who make quick trades in and 
out of the fund. 

Bur Ms. Greene was shocked to learn 
that on Tuesday, the day the Hang Seng 
index fell 14 percent, the value of the 
Fidelity Hong Kong fund actually rose 2 
cents a share, to S 10.88. On Wednesday, 
it rose more, to $1 J .10, giving her, after 
the 13 percent fee, a negligible profit. 

The fund’s value rose on Tuesday 
because Fidelity relied on a codicil in the 
•fund's sales documents allowing it to 


value the fund’s holdings at what it calls 
’fair value.’ which assigns prices to se- 
curities in its funds based on their value 
at 4 P.M. Eastern U.S. time each day. 

At that time on T uesday, after the rally 
in the American market, Fidelity judged 
that the Hong Kong shares were worth 
far more than their closing price in Hong 
Kong, 13 hours earlier. In pan, that 
valuation is based on the market prices 
of some of the securities iti the fund and 
Fidelity's estimate of the value of some 
of the others. 

Fidelity is not the only fund company 
to use such a pricing policy’. 

T. Rowe Pnce also reserves the right to 
price foreign fund shares based on sub- 
sequent market activity in the United 
States. And. in fact, T. Rowe exercised 
that right for the first time on Monday, 
pricing shares of its Japan fund based on 
Tuesday’s opening prices in Tokyo rather 
than on their closing prices on Monday. 

Fidelity invokes the policy “a number 
of times each year.' 1 said David B. 
Jones, a Fidelity Investments vice pres- 
ident who oversees valuation policy for 
the company. He said Fidelity Invest- 
ments. a unit of FMR Corp.. also re- 
valued securiues traded in a handful of 
European markets on Tuesday. 

But some longtime watchers of the 
Fund industry nevertheless expressed 
surprise at the decision. 

“They certainly have the right." said 
Eric Kobrcn. executive editor of Fidelity 
Insight, a newsletter that tracks the fund 
company. "Bur they may want to con- 
sider educating investors better on this 
policy.*’ 

What bothers Henry Fr.inkel. 63. a 
retired IBM engineer who lives in cen- 
tral New Jersey and w ho tried to make a 
one-day trade, is that by using the 'fair 
value* "pricing. Fidelity's fund does not 
represent the Hong Kong market, he 
said. “I have no inkling of' w’hat it dot's 
represent." he said. 

Mr. Jones said the prices represented 
what an investor would expect to pay if 
he tried to buy all the stocks in (he fund at 
4 P.M. Eastern time. 

“If you had gone to your broker in 
New York at 4 P.M. on Tuesdayand said 
could I buy some Hong Kong stocks 
now, he’d say. ‘Sure, but don’t expect to 
pay the Hong Kong price,' " he said. 

Fidelity said that the ‘fair value' pri- 
cing also protecLs the fund’s long-term 
shareholders by keeping speculators 
from buying at an artificially low price 
created by extreme market volatility. 

The Netv York Tinwi. 


BRIEFCASE = 

Bondholders Have 
Worries on BJV.T. 

When B.A.T. Industries 
PLC of Britain announced re- 
cently that it was merging its 
insurance businesses with 
those of the Zurich Group of 
Switzerland, helping 

B.AT.’s shareholders was a 
major goal. Because of 
*)B.A.T's extensive cigarette 
‘interests, company executives 
thought, its insurance oper- 
ations have been given short 
shrift by the stock market 

Although some industry 
analysts said the deal was un- 
necessarily complex and stra- 
tegically fuzzy, B.A.T. shares 
jumped 10 percent when it 
was announced. 

But what abont B.A-T.’s 
bondholders? B.A.T. has $8.6 
billion in gross debt, of which 
$6 5 billion is publicly traded. 
Bondholders often say they 
are treated as second-class 


citizens in spin-offs. 

As it turns, out, B-A-T. 
bondholders do have a few 
reasons to worry. But, in a 
move that may reflect differ- 
ent management perspectives 
in Europe and the United 
States, B.A.T. has said it 
wonld buy back its existing 
debt in light of the spin-off, 
which will probably mollify 
many creditors. 

Under B.A.T.’s plan, all of 
its debt will be assigned to its 
tobacco operations, to be 
spun off as a separate, public 
c omp any called British 
American Tobacco, said 
Evelyn Hein bach, a corporate 
ratings analyst at Standard & 
Poors Corp. The size of the 
debt may arch some eye- 
brows, even given thatB-A.T. 
sells $25.6 billion of tobacco 
products each year. 

Indeed, last Monday, Stan- 
dard & Poor's downgraded its 
debt ratings on B.A.T. by two 


Changes in Japan 

Continued from Page 15 

percent. The tax rate depends in pan on bow long a property is 

^Land-value tax and fixed-asset tax, at 0.15 peroem andlA 
percent, respectively, are burdens for prospective land owners. 
iAnaJvstsand property dealers predicted the planned Big 
' Bang deregulation of the Japanese 
create pressure 10 reform the real estate sector. The Liberal 
D^SflSiy. Uk dominant paiiy in thecniTBiitcoatairai 
HOvSS^MW-endy announced an economic amnnlua pack- 
age that includes a plan to slash “j® °” 

property sales and possibly scrap land value to. 

toee ^ Japanwasiihdyu; 

• vneompassing retail investors. 

The ‘Gloom’ Manager 

Continued from Pag* 15 | 

the Central Asian market, ana a o attractive at this i 

Also, Bulgaria woold^pe^^ that in the n ext six months 

stage, and ^^.JiS^iSgaessed Asian stocks, 
we may start to rabble on some am 

Q. Would you ft, world it moving into 

A. 1 m a deflationist. \ of bonds to equities at 
deflation, and as a result. I gcoSnies. . - 

the present time, including bonds or emwgiug 

Q. What would you buy ■ STOC i CSj but I want to 

, A. Eventually I ® S^^dowellfortfaenext20 
frown Chinese siocM^^^^^bofred chips m Hong 
vyears. I’m not convinced planning to make a 

Kong will all ^^ u Tlw £ld rattobS stocks in 
big investment ngh t now, but issues in Hong 

Shanghai than in Hong Kong- 
Kong are still a disaster waiting to happen 


notches, from an A-plus rar- 
ing to A-minus. Moody’s In- 
vestors Service is considering 
a possible downgrade, too, 
though it first must finish a 
review it started in July, when 
B-A.T-' announced a plan to 
acquire Mexico's leading cig- 
arette maker, Cigarerra La 
Modems, for $1.7 billion. 

That planned acquisition 
worsens the debt problem. 
Although Suzette R. Fried- 
man, an analyst at Fitch In- 
vestors Service, says the 
Mexican deal will ultimately 
benefit B.A.T.’s operational 
diversity, Ms. Heinbach says 
it will also increase B_A.T.’s 
net debt by. about 25 percent 

Although the credit agen- 
cies' actions led to small price 
declines for some BA.T. 
bonds, analysts at S.&P. and 
Moody’s say BA^T’s public 
debt still has strong invest- 
ment-grade status, and that the 
debt doesn’t affect BAT.’s 
growth prospects. But they 
have other concerns. 

Ms. Heinbach worries that 
the tobacco spin-off will be a 
ooe-prodnet company — and 
no diversification means risk 
to a bondholder. In contrast, 
the creditors of one of 
B-A.T.’s major competitors, 
Philip Morris Cos., can rely cna 
both die company’s food busi- 
ness and its tobacco business. 

Cash flow is another 
worry. Even though British 
American Tobacco will be 
asked to cany all of BAT.'s 
debt, the loss of the insurance 
business will halve its cash 
flow. Ms. Heinbach said. 

And after all, tins is to- 
bacco. B.A.T. owns the third- 
largest American tobacco 
company, Brown & William- 
son, with about 21 percent of 
B-A-T.’s total earnings com- 


ing from tobacco products 
sold in America. 

If Congress decides to up- 
hold the recent tobacco agree- 
ment — which would cost the 
industry $368 billion over 25 
years — analysts say 
BAT.'s up-front payment 
alone will be about $1.7 bil- 
lion. (NYT) 

Investing Plays 
For EMU Believers 

Suppose they gave a cur- 
rency union and somebody 
came. Investors who believe 
that the European Union will 
go ahead with its single-cur- 
rency plans can position 
themselves by looking at 
those companies and. indus- 
tries that would benefit either 
because they have properly 
prepared themselves or be- 
cause their industries would 
do especially well in the new 

environment. 

At U.S. Trust Corp., Rose- 
mary Sagar, head of the glob- 
al investment division, said 
winning companies would be 
those that are well-focused 
and are already leaders in 
their fields. In an enlarged 
market, the -big will get big- 
ger, and low-cost manufac- 
turers and service providers 
will thrive, she said. 

Specific picks include 
AXA-UAP, a French-based 
financial services company. 
Wolters Kluwer NV, a Dutch 
legal and medical publishing 
company, and Ahrend Groep 
NV, a low-cost maker of of- 
fice supplies and furniture. 

The benefits of monetary 
union can extend to compa- 
nies outside the 15-country 
trading bloc. Ms. Sagar also 
likes Lindt & Spnmgfi AG of 
Switzerland, whose Euro- 


pean chocolate operations she 
expects to benefit from econ- 
omies of scale. 

Investors who want a man- 
ager to pick monetary-union 
plays could look to Credit Ag- 
ricole Indosuez’s Euro-Spe- 
cial Equities Fund. The off- 
shore vehicle will invest in 
pan-European stocks, mostly 
blue chips, that are planning 
their business strategies to be 
ready for the monetary union 
and the integrated economy 
that logically would follow. 

Because the .fund is still 
accumulating assets, it could 
not provide specific holdings, 
but based on current condi- 
tions it is especially bullish on 
five sectors: retail, health 
care, business services, en- 
ergy and electronics. 

Retailers are expected to 
benefit from an enlarged mar- 
ket as well as from the po- 
tential of Eastern Europe. 
They also are seen increasing 
their efficiency with new 
computer programs and lo- 
gistics, ana as technology use 
increases in Europe, its elec- 
tronics and telecommunica- 
tions companies also are 
likely to grow. 

Health care is seen ben- 
efiting from the aging of the 
population and demands from 
less-developed regions of the 
world, whose economic 
growth also creates demand 
for energy. 

Meanwhile, as European 
companies try to boost pro- 
ductivity to compete with 
other regions, business-ser- 
vice companies should ben- 
efit from outsourcing. (IHT) 

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Surprise Analysts, 
Delight Investors 

Strong sales growth and 
positive earaings-estknate re- 
visions are more important 
factors than valuation and 
profitability in determining a 
global investment strategy. 
Smith Barney analysts repell- 
ed in a recent study. 

The analysis evaluated the 
performances of 49 industries 
and 22 markets over 10 years 
ending in June. They found 
that investors would be wise 
to look for inexpensive mar- 
kets with positive mo- ; 
men rum, and invest in fast- 
growing industries for which 
analysis frequently upgrade 
their earnings estimates. Re- 
turn on equity, earnings- to- 
price ratio, and book-to-price 
ratio are less reliable factors, 
the study states. 

Based on this data. Smith 
Barney produced a list of the 
top industry picks in six large 
markets. In the United Stales, 
the entertainment industry 
proved most likely to outper- 
form; in Japan, ihe tobacco 
industry; in Britain, insur- 
ance: in Germany, com- 
puters: in France, alcoholic 
beverages, and in Italy, con- 
struction materials. 

No single industry made a 
strong showing in every mar- 
ket. although manufacturing 
made the fist in the United 
Sates and Japan, and telecom- 
munications was No. 5 in 
Italy and Germany. 

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PAGE 18 


Sports 


SATURDAY-SUNDAY, NOVEMBER!-: 


World Roundup 


NBA Bodyguards 
To Shadow Barkley 


basketball Charles Barkley 
will not retire following his latest 
barroom brawl, but the NBA put 
new rules in plan on Friday for the 
Houston Rockets' star forward/ 
“The league put new guidelines 
in my life,'* Barkley said after a 
meeting with NBA officials. “1 
have to being security guards with 
me every time 1 go out. It’s un- 
fortunate.*’ 

Barkley said he threw a man 


through a window durmg^a bar- 


room confrontation in Orlando, 
Florida, last weekend after the man 
threw a drink on him. 

Before the meeting Friday, 
Barkley said he might retire if the 
NBA punished him or made him 
promise not to retaliate against ab- 
usive fans. 

He then met for 90 minutes with 
the NBA's deputy commissioner. 
Russ Granite, and the league’s vice 
president for security, Horace 
Balmer. 

“The league was very support- 
ive of me," Barkley said afterward. 
* They understand where 1 am com- 
ing from. But when I get arrested, 
it’s embarrassing for me and for the 
league.” (AP) 


Sampras Downs Master 
To Gain Paris S emifinal 


Count on 49ers to Undo Cowboys 


By Thomas George 

New York Times Service 


Dallas (4-4) at San Francisco (7-1) 
Already, fans think of these teams as the 
last of two old dinosaurs, the last of the 
dominant teams of the ‘90s. Each wants 
to show that it is far from done. When 
these teams battle — and they have over 
the years in six National Football Con- 


ference championship games — sparks 
fly. The 49ers have feasted on the weak 


tennis Top-ranked Pete 
Sampras survived a shoulder prob- 
lem to beat Thomas Muster, 6-1,4- 
6, 6-2 in the quarterfinal of the Paris 
Open on- Friday. 

After winning the first set in 20 
minutes and looking as if he had the 
match well in hand, Sampras called 
to the trainer after the fifth game of 
the second set to have his upper 
right arm and shoulder treated. 

Sampras takes on Yevgeni 
Kafelnikov next Kafelnikov 
entered the semifinals for the 
second consecutive year by beating 
Greg Rusedski. 6-4-, 3-6, 6-3. Jonas 
Bjorkman of Sweden had an easier 
time getting to the semifinals when 
Richard Krajicek had to quit in the 
middle of their quarterfinal because 
of a knee injury. (AP) 


Tyson OK After Accident, 
But $77 Lighter in Wallet 


boxing Mike Tyson did not 
have a motorcycle license when he 
overturned his new Honda on an 
interstate highway ramp, state po- 
lice in Hartford, Connecticut said 
after imposing a S77 fine. 

The former heavyweight cham- 
pion broke a rib and punctured his 
right lung in the accident Wed- 
nesday. 

Tests were to be performed Fri- 
day at Hartford Hospital to see if 
Tyson’s lung had resealed. The 
boxer is expected to make a full 
recovery 

Dr. Ira Trocki, Tyson's personal 
plastic surgeon and physician, said 
the injury should not damage ' 
Tyson's boxing skills. The 3 1 -year- 
old fighter is banned from the sport, 
but can apply for reinstatement in 
July. (AP) 


NFC West but that does not lessen the 
achievements of receivers JJ. Stokes and 
Terrell Owens, who have been remark- 
able in the absence of injured Jerry 
Rice. 

Theleam that wins the turnover battle 
has won all eight of these matchups in 
the ‘90s, including playoffs. That does 
not bode well for Dallas — it trails San 
Francisco by 12 in turnover differential. 
Prediction: 49ers, 24-13. 

New England (5-3) at Minnesota (6-2) 

The Patriots have hit a snag and have 
dropped three of their last four games,’ 
unable to score enough points despite 
big plays and unable to make enough big 
plays to prevent scores. That is a wor- 
risome combination. Now they, travel to 
the noisy Metrodome to play a hot team 
with a bat offense. The Vikings' quar- 
terback Brad Johnson has thrown 11 
touchdown passes and only four in- 
terceptions in his last five home games. 
The field position punt returner David 
Palmer provides wul be critical Watch 
the Patriots' reaction when they drop 
their third straight- Vikings. 1 9-16. 

Miami (5-3) at Buffalo (4-4) Both teams 

enter this contest having lost overtime 
games at home, Miami to the Bears and 
Buffalo to the Broncos. The Miami loss 
was particularly disheartening to the 
Dolphins and to their fans because it 
looked as if this team was ready to soar. 
Losing to the previously victory-less 
Bears rocked this team ’s confidence and 
showed it has plenty of work to do. 
Miami brings out the best in Buffalo but 
the Bills* best may not be enough to 
prevent turnovers. Miami is plus five in 
that category; Buffalo is a shocking 
min us 15. If that holds up, it is Miami in 
a breeze. Dolphins, 20-/7. 

Oakland (3-5) at Carolina (4-4) Napo- 
leon Kaufman, the Raiders' speedy run- 
ning back, is a game breaker, and Jeff 
George is throwing the ball with zip to 
his bushel of talented receivers. The 
Raiders' defense, however, has sagged 
terribly. Carolina is thrilled at the return 


of running back Tshimanga Biakabo- 
tuka (104 rushing yards, two touch- 
downs vs. Ailanta last week) and his 
matchup vs. Kaufman should be in- 
teresting. Raiders, 24-21, 

Jacksonville (5-3) at TM B MW (4-4) 

The Jaguars are thinking of what might 
have been after a numbing, tough 23-17 
overtime loss at Pittsburgh. The Oilers 
are buoyant after winning three straight, 
the last a 41-14 whipping of Arizona. 
This game will turn on the rushing of 


league with 35 sacks and made only 36 
all of last season. Thai is a wonderful 
improvement, bur that's about it for die 


Falcons. Expect a struggle. Expect a Sl 
ictoiy. Rams , 10-6. 


Oilers 1 back Eddie George and quar- 

7-16. 


terback Steve McNair. Oilers, 17- 

Baltimore (4-4) at New York Jet* (5-3) 

The Jets are fresh from a bye week and 
the Ravens are excited after winning the 
Battle of the Beltway, 20-17, over 
Washington. The Ravens offense will 
give the Jets plenty to ponder, especially 


NFL Matchups 


with the mobility and passing arm of 
Vinny Testaverde. The Jets win this 
game if Adrian Murrell produces in the 
ground game. And he will. Jets, 27-20. 

Tampa Bay (5-3) at Indianapolis (0-8) 

The Colts continue to reel and no relief 
is in sight. They stand alone now as the 
only NFL team without a victory this 
season. The Colts meet a team hungry to 
get back on track after three straight 
losses and must find a way to contain 
back Warrick Dunn, who leads all rook- 
ies with 720 yards from scrimmage. 
Buc cancers, 26-10. 

MMtsngton (4-4) at Chicago (1-7) What 

a relief! Bears win! On the road, no less, 
at Miaou, and now try to topple the 
Redskins in what used to be a glamorous 
matchup. Both teams have sagged in 
recent years, but the Redskins are closer 
to revisiting past, glory. Redskins, 28- 17. 

San Diego (4-4) at Cincinnati (1-7) San 
Diego is the most ignored 4-4 team 
among the group of eight such teams. 
This game not only turns the comer on 
the season’s second half for the Chargers 
but could also be the indicator for what 
the second half of their season holds. The 
Chargers must kick the underachieving 
Ben gals while they are down. Tight aid 
Freddie Jones with a 13.6 average yards 
per catch is. a playmaker worth scru- 
tinizing. The more he gets the ball -foe 
better for San Diego. Chargers. 26-24. 

SL Louis 12-9) at Atlanta (1-7) This 
could be ugly. Both teams have a dif- 
ficult time consistently moving the foot- 
ball and sometimes have an even harder 
time holding on to it Atlanta leads the 


Louis victory. _ 

• BaatUa (5-3) at Dmwr (7-1) The 

Seahawks gained a mind-boggling S54 
yards vs. die Raidas and scored 45 
points. Warren Moon was the catalyst, 
and with seven completions he will pass 
FranTarfcentoa's 3,686 for third place on 
the all-time list. Seattle has taken a while 
to mesh but this is a dangerous club. 
Problem is, Denver is more dangerous ar 
home. Terrell Davis is sensatomalJEs 
running keeps the Broncos safely ahead 
in the AFC West. Broncos, 21-17. 

PhttaMphia (4-4) at Arizona (1-7) The 

Eagles soothed their psyche with a thrill- 
ing, last-seconds victory over Dallas and 
now travel for pnnriier divisional battle 
against a team they defeated, 13-10, in 
overtime at home on Oct 19. When the 
Eagles are patient with their ground 
game, they rest their defense ana it re- 
sponds with fresh legs and big plays. The 
Eagles secondary will be tested; Arizona 
is the only NFC *«m with three players 
with at least 30 catches — Rob Moore 
and Frank Sanders and Larry Centers. 
They pass the test Eagles, 17-14. 

Dotroit (4-4) at Grown Bay (6-2) Detroit 

surprised the Packers with a 26-15 vic- 
tory on SepL 28 and did it on the 
strength of three interceptions of Brett 
Favre. In fact, the Lions have inter- 
cepted Favre 17 times in his career, the 
most by any team. But Detroit will be 
hard-pressed to duplicate its victory. 
First, the Packers are eager after crush- 
ing New England on the road last Mon- 
day night Second, Favre and this team 
excel when being challenged. It is the 
Packers offense that will win this game. 
Packers, 30-20. 

Pittsburgh (8-2) at Kansas City (8-2 

The Steelers’ coach. Bill Cowher, used 
to be the Chiefs* defensive coordinator. 
He has won five straight versus the 
Chiefs and that means he truly knows 
die Chiefs personnel and knows the way 
the Chiefs' coach, Marty Schotten- 
heimer, thinks. The Pittsburgh defense 
is allowing an AFC-best 2.8 yards per 
cany. The Kansas City pass defense has 
12 interceptions, tied for best in the 
league. That means Pittsburgh needs to 
run it and Kansas City needs to throw it 
With Jerome Bettis rushing and Kordell 
Stewart running the show, Pittsburgh 
continues the frustration for Kansas 
City. Steelers, 16-13. 



The Canucks’ Brian Noonan, right, colliding with the Devils* Kevin Dean. 


Devils Pound Canucks 


New Jersey Deeds Vancouver 5th Straight Loss- ■ 


Giants’ Success Bypasses Injured QB 


By Bill Pennington 

New York Times Service 


EAST RUTHERFORD, New Jer- 
sey — Dave Brown watches the Gi- 
ants win and feels his teammates' joy, 
even though he knows, for him, it will 
mean denunciation by association. 

“As tite team wins, the fingers are 
pointed at me,” Brown said Thursday . 
“People say the team's won five in a 
row, and not much has changed except 
me.*' 

He stands on the sideline of Giants 
Stadium, about a half-hour from his 
hometown of Westfield, New Jersey, 
and he hears the crowd — people like 
him who grew up Giants fans — chant- 
ing “Dan-ny! Dan-ny!" a tribute to 
the new starting quarterback, Danny 
KaneU. 


“It's very weird*’’ said Brown, who 
tends to stand impassive and stone- 
faced on the sideline during games. 
“It’s something no one wants to go 
through- But Danny’s played very 
well. I really am happy for him. But 
it's still weird. " 

Brown's friendship with KaneU is 
genuine. The two had lunch Thursday 
after practice, joined by coroerback 
Jason Sehoro and kicker Brad Daluiso; 
who said that “Dave and Danny 
would never get into something like, 
‘You should do this’ or. ‘You should 
try this more.’ ” 

Indeed, Brown, who started 44 con- 
secutive games beginning in 1994, de- 
scribes his new role with the Giants by 
saying, “When you're injured, you try 
to stay out of the way.’’ 

Brown said that when his team- 


mates have celebrated after each of 
their five consecutive victories, he 
tends to leave the room. 

“I'm ecstatic fra: them,” he said. 
“But you just don’t feel a part of it” 

Brown. 27, who has not played 
since aggravating a chest muscle strain 
near his throwing shoulder against the 
Dallas Cowboys on Oct. 5, does not 
harbor any hopes that he wiU regain his ■ 
starting job when he heals, which is 
probably not for two more weeks. 

The Giants’ coach, Jim Fassel has 
said he has not made up his mind about 
a starting quarterback once Brown be- 
comes healthy, bur Brown believes 
otherwise. 

“I think he's made his decision,” 
Brown said. “The team is on alitde bit 
of a roll I can’t see them changing 
much.” 


The Associated Press 

Patrik Elias, Denis Pederson and Petr 
Sykora scored two goals apiece to lead 
tiie suddenly potent New Jersey Devils 
to an 8-1 victory over the slumping 
Vancouver Canucks. . 

Valeri Zelepukin and Bobby Holifc 
also scored on Thursday night, and 
Doug Gihnour had four assists as the 
host Devils had their biggest goal-scor- 
ing game in five years in sending the 
Canucks to their fifth straight loss. 

Sanatoca 5, Panthws 2 Chris Phillips, 
the No. 1 draft choice in the 1996 entry 
draft, scored his first NHL goal and 
Daniel Alfredsson scored his seventh in 




1 


NNL Roundup 


V 3 “«>*•—••■ 


seven games as visiting Ottawa beat 
Florida. 

Jaime Lankkanen had a goal and an 
assist and Sergei Zholtok had two as- 
sists as the Eastern Conference-leading 
Senators improved to 8-3-3 with their 
second straight road victory. 

Mighty Dudes 3, Bruins O Teemu 
Selanne scored twice to set a franchise 
record with goals in six consecutive 
games, and Guy Hebert earned his first 
shutout of the season as Anaheim 
blanked the host Boston. 

Hebert stopped 25 shots for his first 
shutout since Jan. 1, extending Ana- 
heim’s unbeaten streak to four games (2- 
0-2). It was tiie first shutout of tite season 
against Boston, which is 0-2-1 since 
returning from a 6-2 West Coast trip. 

• islanders 5, Rngm 3 Travis Green 
and Bryan Berard scored on a five- 


minute power _ 

help the host Islanders beat the 

Sergei Nemchinov, Bryan Smo 
and Scott Lachance also scored fofte#i, ; *s •* 
Islanders, who won for the second time * 

in two nights and snapped a six-game 4**' 
winlcss streak at home against the. " 

Rangers (0-5-1). 

Bhm 2 , Avatncho 2 In St. Louis, 

Grant Fuhr, the goaltender, made 29 ; • 
saves and also recorded ah assist as the. ~ 

Blues extended their home unbeaten . 
streak to eight games with a 2-2 tie 
against Colorado. 1 

While the Blues had their seven- 
game winning streak stopped at home, 
they are 7-0- 1 in the Kiel Center over the 
last eight • 

The Blues (.10-2-2) have lost only once 
in their last 13 games and have a four- 
game unbeaten streak going- St Louis' 
has not lost at home since a 3-1 defeat by 
Buffalo on opening night Oct. 1. 

Flams 4, Coyotes 2 Tyler Moss, a - 
rookie, turned in a standout perfor- 
mance in goal and Theo Fleury con- 
tributed a key goal as host Calgary brar 
Phoenix. 

Moss, 22, a butterfly-style goalie 
from Ottawa who made his NHL debut 
earlier this week, anchored the Flames 
with several da rli ng glove saves 
throughout the game. 'jjT 

But it was Fleury, struggling to regaix^l 
his status as Calgary’s marquee for-: 
ward, who broke a 2-2 tie midway 
through the third with his fourth goal of 
the season. Fleury also added an empty- 
net goal with 16 seconds left in the game 
to seal the Flames’ victory. 


Sfca: -t;. 


SUIT YOURSELF By Nancy Nicholson Joline 


ACROSS 
1 Strikes out 

6 Res 

loquitur 
10 Drink mixer 

15 Actor 

Phillips 
18 Atlanta 
institution 

20 Biblical 
kingdom 

21 Shade of green 

22 Some eagles 

23 Burdened 

24 Ranch menace 

25 Nathan Hale 
was one 

26 -So ■" 

27 III omen 

29 Echdocadon 
device 

31 Sutcliffe, 

early Beatle 

32 Kind of vaccine 

33 Suffix with 
20-Across 

34 Kind of pigeon 

37 Played 

38 Coton 

41 N.B A center 

Longtey and 

others 

42 Nags they're not 

43 First eolferto 

win all four 

majors 

46 Like a March 
wind 

48 Schoolboy ' 
collars 

49 Command at 
sea 

50 Flourish 

52 Astronaut Bean 
etaL 

53 Oktoberfest 
sight 

54 Leaf collector? 

55 Suffix with free 

56 One of a watery 
quintet 

60 Sign 

61 Powwow 

64 Cay Nineties 
bonvivant 

66 * cannot 

wither her”; 
Shak. 

67 Cabins and 
such 

68 Tickles 

69 “Wow" 


70 Cojnics 
girlfriend 

72 Quiet craft 

73 60's chess 
champ 

74 This, to 
Cervantes 

75 Space station 
supply 

76 Affair 

77 Welles's The 
Third Man" raM 

78 Lets go of 
80 Steamboat 

stops 

82 Target 

83 F.B.I. storage 

84 Creepers 

85 Weasels' 
cousins 


8 “The Maltese 
Eatcori" role 


87 Lights out 

89 Hang 

90 Pocahontas's 
husband 

91 Undiminished 

92 Yule decorations 
94 Skater Midori 
85 Wine choice 

99 Poetic time of 
day 

100 Dentist's 
instruction 
102 Vegas bookings 
105 Originator of 
cutout dresses 
107 . inn (gnat) 

109 “Picnic" 
playwright 

110 Sole supporter? 

111 Padre's brothers 

112 Preliminary 

drudgery 

113 Live wire, so to 


114 Like Pegasus 

115 Cheers 

J16 Kind of organ 

117 Goals 

118 Cub Sandberg 

and others 


DOWN 

1 Wallops 

2 Union Pacific 
terminus 

3 Runway sight 

4 It may be 
continental 

5 In 

(harmonious) 

6 Ineffective 

7 Not flat, as hair 


9 Ruiae 

10 Intimate 

11 Needing 
Dramamine. 
maybe 

12 Some synthetics; 

13 Eager 

14 “Jactaest " 

(The die is 
cast") 

15 Neighbor of Syr. 

16 Electro's 
brother 

17 “Welcome 
aboard" 
sloganeer 

18 Ear ornaments 

28 Where Slyne 

Head is 

30 Sett down the 
river.inaway 

35 Best Picture of 
1968 

36 Ruminates 

38 Ceremonial 

burner 

40 Much-discussed 
drug 

42 Hem and haw 

43 Gorge 

44 Squares 
accounts 

45 Most foul 

46 Best picture of 
1995 

47 SpUts 

48 Precocious 1955 
fictional heroine 

51 Plunges 

52 Decree 

57 £. L Doctnrow 
best- seller 

58 Think tank 
member 

59 Grommets 

61 Way of a an ding 

62 Wears off 

63 Saigas' 
superiors 

64 Kimberley 
features 

65 Chem. majors 



Johnson’s Lapse: A Story of Charity 





© Afew York Times/Edited by Will Shorts. 


Washington Aw Service 

W ASHINGTON — Last sum- 
mer, Susan Johnson, the wife 
of the Orioles’ manager, Dav- 
ey Johnson, walked up the aisle in Cam- 
den Yards past the seats where my wife 
and I were watching an Orioles gamp I 
said hello and she sat down to chat The 
chat lasted a couple of hours. 

These days, the charity Susan John- 
son works for is in the center of a storm 
involving her husband and the Orioles' 
owner, Peter Angelos. 

Since Davey Johnson ordered that the 
$10,500 he fined Roberto Alomar Iasi 
summer to be paid to a charity for which 
Susan Johnson works. Angelos se ems to 
be using that as a pretext for firing 
Davey. So, I thought you would like to 
know what' Susan is Like. 

More than 20 years ago, when she 
was married to her first husband, Susan 
Johnson gave birth to a deaf and blind 
son named Jake. She had Ger man 
measles and Jake was a rubella baby. 
That means, besides being unable to see, 
hear or speak, he also had various other 
physical and emotional problems. Fra: 
example, he could never sleep for Jong 
and would wake up and wander, with 
great potential for injury. 

“So I slept on the flora; outside his 
bedroom door for 10 years,-’ she said. 


J 




Vantage Point /Thoma as Boswell - 

— * 

Carson Scholars Fund to help smarts -’4/\ 
children get scholarship money. She is"- . s\ 


lives in Florida, with far more inde- 
pendence than most rubella babies 
achieve. Like other rubella babies, 
Jake’s health will presumably worsen. 

‘ 'About every seven years the doctors 
tell us to expect some new problem,” 
Susan said. “You don't know what 
. form the disease will take. Bnt it won’t 
be good.” 

-Far froi 


from being embittered by this 
experience, Susan Johnson was invig- 
orated by it You’ll never meet a more 
upbeat person. She tells what could be a 
horror story with a stream of bizarre or 
comic anecdotes. She says it was the 
defining experience in hex life and one 
that she would never trade. She, her 
children and her former husband all 
adore Jake, love being around Him and 
think he’s a wonderful person. 

During all those years when she and 

her husband could barely make ends 
meet, Susan says she prayed and prom- 
ised God that if, somehow, she ever had 
enough money to be independent, she 
would devote five years of her life to 
chanty work. 

Eventually, Susan divorced, though 
she says that she and her former hus- 


Solution to Puzzle of Oct. 25-26 


79 Composer 
Bernstein 

81 Overwhelms 

82 Woof alternative 

83 Jai alai locale 


82 Maine Senator 
93 Nasty 


68 Still going 

71 Tea 

72 A Jackson 

76 General Motors' 
birthplace 

77 Strictly speaking 


84 They're always 
thin 

86 Loads 

87 Kind of contract 

85 Marilyn’s "Bus 

Stop' role 

89 Transfer 

90 Fixed 


96 Milieu for Queer 
Elizabeth II 

97 What a star may 
stand for 


98 Park, Colo. 

101 Without 

restraint 

103 A party to 

104 Baron wheels 
108 Hook shape 
108 Scrape (out) 



- - - , — — UI45- 

— ~ ’r~ v, 4 u ” , oandremam on good terms. Later, she 

By the time Jake was 7, no school met Davey Johnson. Among their bonds 
would have anything to do wnh him. was the fact that Johnson* in his first 
Susan and hex husband came from mod- marriage, had serious medical problems 
est backgrounds and could not afford with children, now grown, which he 
any special help. Perhaps in desper- prefers to keep private, 
ation, she developed a system of Since she and Davey have been to 
hanging objects on nooks so Jake could aether, Susan has had the freedom rn 
nab tbem and team to identify things, keep her word. She was surprised ro 
Gradually; between the hooks and a discover that the wives of major leasue 
method of touching on the ann, Jake players, for the most part, did notTas a 
learned to communicate with his parents group, do charily work. So in recent 
and his younger sister and brother. years, she has formed a group C al5ri 
“We all call him King. Jake, said Women in Major League Baseball fn r 
Susan, “because we realized that the that purpose, 
family had to revolve around him. ’ ’ Sosas Johnson also wanted to do lev 

Next, she formed a school to teach cal work in Baltimore once Davev br- 
other deaf-and-blind children to com- came manager of the Orioles. So she and 
municate using the same system she had Benjamin Carson, a neurosurgeon at 
devised for her son. These days, Jake Johns Hopkins Hospital, established the 


the managing director. 

This season, after Robeno Alomar 
slapped a team function and an ex- 
hibition game without notifying his 
manager or receiving team permission, 
Davey Johnson fined him $10,500 and 
instructed him to make the check pay- 
able to die Carson Scholars. Johnson’s 
admiration for his wife is deep. On 
Wednesday, Angelos said Johnson hod 
committed “a serious infraction.’ *' - 

‘ ‘There was an attempt to utilize fine 
money that clearly, once imposed, be- 
longs to the Orioles,’ * Angelos said 
“mt rnoMy becomes the property of 
the tall club, and it is the ball club's 
decision what to do with it. That is a 
decision to be made by the Orioles’ 
front office and ownership, not by the 
manager." 

That, perhaps, is the proper technical • 
interpretation one might expect from 
lawyer. Mark Maskc of The Washing- .. 
ton Post got a quotation from Susan this 
past week about the charily check flap. 

Her perspective was, perhaps, what 
you would expea from a mother who 
was accustomed to sleeping on the floor 
outside tiie bedroom of a deaf and blind 
cniid. Ridiculous,’’ she said. 

_ J , ^ however, Davey Johnson prob- 
ably will be fired or quit as Orioles* . 
m ^ager. That’s how Angelos wants it 
..,.r°7y can figure out why Peter 

* 80 muc h,” said one per- 
son high m the organization. 

Davey Mid Susan Johnson and their 
“if children probably will live 
2JJJ5* ^PPdy in some other town, 

wSn C il',t2 rIimateIy for ^ community, 

■ r f 1ana 8cr who has the highest . 
a Th f Pontage in the. game, 

with*! u olcs ^ another question- 
r» Q on : the y probably will go to 
Awworld Senes next year and win it by 
2000. Without him. they probably 


\ 





V 


V 

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won’t. 


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si 




INTERREGIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 1-2, 1997 


PAGE 19 


SPORTS 


5 Kuwait Holds 
% Iran to Draw; 
China Loses 




;-"T- 


i't 


•A x ' 


k 


1 ■ 

■'V- 


The Associated Press 

Kuwait held Iran to a scoreless draw 

in ad Asian Group A World Cup qual- 
ifying match Friday in Tehran that was 
maned by seven yellow cards 
The result left Iran with 12 points and 
increased second-placed Saudi Arabia’s 
(Chances of topping the group. Saudi 
Arabia has 10 points wifi two names 


World C vp Qualifiers 


ll> 

IM 




n 




W 1 7; 


^Hfi 




V; left to play. Iran, which came into the 
. * match with a 3-2-1 record, dominated 

[v most of the time and missed numerous 
.chances ro clinch three badly needed 
- : [ 4 joints, which would have left ft with 14 

7 if(, "^points, secure at the top of the table. 

*• Kuwait, with 8 points and only one 
\ ■ match left — away against China’ — is 
virtually out of contention for a berth in 
neat year’s finals in France. 

More than 1 20,000 spectators 
watched the match at the Azadi stadium 
in Tehran. At the end of the match, fans 
Chanted slogans de manding Thai coach 
■Mohammed Mayelikohan be fired. 

Only the winners of the two Asian 
groups are assured of qualifying. The 
runners-up will face off for a third spot, 
\ with the loser of the playoff taking on 
. . Australia, the Oceania group winner, for 

a possible fourth berth. 

••••-, Group B includes leaders South 
A Korea, the United Arab Emirates, Ja- 
-. pan, Kazakhstan and Uzbekistan. 

• * ' Qatar 3, China 2 In Dalian, Hiina, 

■Qatar beat a lackluster Chinese team, 3- 
2, in a World Cup qualifying match that 
all but dashed Cluna's hopes of reaching 
next year’s tournament in France. 

China scored first, with a header from 
striker Gao Feng in the 22d minute. But 
Qatar equalized in injury time, and Mo- 
hammed Salem Enazi put the visitors 
ahead, 2-1 , after 10 minutes of the second 
half. Qatar went up 3-1 in the 60th minute 


- 



For NBA Coaches, a Title Talks 


By Ric Bucher 

Washington Post Service 


Apron- Fraw-Pmw 

China’s captain, Pan Zhfyi, grimacing after his team’s loss to Qatar. 




‘ & 




when Zamel Essa Kuwart capitalized on 
a pass by Chinese midfielder Mia Mingyu 
just outside the penalty area, 

Defender Fan Zhiyi pulled a goal 
back for China in the 82d minute. But 
the Chinese were unable to draw level 
before the final whistle. 

“We were not fast in the first half, 
and in die second we lost our com- 


posure,” Chinese coach Qi Wusheng 
said after the match. 


i Japan to Play South Korea 


Japan and Sooth Korea are to renew 
their rivalry on the soccer pitch on Sat- 
urday in Seoul. Japan must win if it is to 
qualify for the finals next summer in 
France, Renters reported from Seoul. 


Once the requisite talent is gathered, 
the trick to winning a championship in 
the NBA, whose 1997-98 season began 
Friday night, is fra the coach to get Tiis 
players to buy into the way he wants 
them to play, night in and night out. Thar 
is easier to do if the coach already has a 
championship to his credit 

That catch has created a financial 
windfall for coaches with a title in tow, 
but quite a few players suggest it’s 
money well spent 

“From what I experienced, when 
you're in a system and you watch what’s 
going on, you sometimes question what’s 
being done,” said San Antonio center 
Will Perdue, who won three titles with 
Chicago before joining the Spurs. “But 
you’ll say. T don't necessarily agree with 
this, but this guy has been there, it’s 
waked, I have to go with it* ’ 

“If you have a coach who has been 
successful but he hasn’t won a cham- 
pionship,” Perdue added, “that con- 
fidence doesn’t last very long. You see 
where all-stars buck the system because 
they don’t believe tbe coach can get 
them there.” 

Nowhere was such thinking more pre- 
valent than among team owners in the 
Atlantic Division, which has three new, 
highly paid coaches this season. Phil- 
adelphia hired Larry Brown, who won 
the 1988 NCAA championship as tbe 
coach at Kansas and has turned four 
NBA teams from lottery teams to playoff 
participants in one season. The Orlando 
Magic landed Chuck Daly, who directed 
the Detroit Pistons to back-to-back NBA 
titles in tbe late 1980s. Rick Pidno. who 
won an NCAA title with Kentucky two 
years ago and reached the final again last 
spring, is running tbe Boston Celtics. 

The Indiana Pacers went a similar 
route in hiring a rookie coach. Larry Bird, 
who won his NBA titles as a player. 

“What it does,” said Atlanta Hawks 
coach Lenny Wilkens, who directed the 
Seattle SuperSonics to the 1979 title, 
“is show that you know what it takes to 


there.” Indeed, there are certain 
>as that would be hard to learn any 
other way. 

Wilkens, who leads the league in all- 
time coaching victories with 1 ,070, said 
he realized on the Sonics’ march the 
importance of setting goals for his play- 
era, individually and collectively, to 
keep them from viewing the driveto a 
title as a single, monstrous undertaking. 
Setting a goal — but not a limit — for 
each player in a certain statistical area, 
as in 10 rebounds a game for center 
DDcembe Mutombo or five rebounds a 
night for forward Greg (Cadillac) An- 
derson, provides an immediate, feasible 
task ana makes each player feel part of 
the whole. “I try to show my guys how 
they* affect one another in doing their 
part,” Wilkens said. 

How well a coach does that can play a 
bigger pan in his success than his grasp 
of tactics. 

“I thmk the coach’s main job is to be 
able to motivate and get his players to 
play hard,” said Los Angeles Lakers 
guard Jon Barry. “The X’s and O’s, 
everyone knows. The thing a lot of 
players don't realize is that when you 
win, everyone gets taken care of. How 
many people do you think would know 
Steve Kerr if he played someplace else? 
But because he plays for the Bulls, he’s 
a household name. ” ' 

A coach who can see all the little 
images that make up tbe big picture also 
has a perspective that prevents him from 
losing his composure over any one play, 
according to Chucky Brown] who now 
plays fra Wilkens after logging time with 
Daly and winning a championship under 
Houston coach Rudy Tomjonovich. 

“He may not panic in certain situ- 
ations because he’s been in much bigger 
situations," Brown said. 

Washington Wizards coach Bemie 


show that there’s a history and a tra- 
dition here,” he said. “You have to get 
respect on your own. I’ve never had 
problems with guys respecting me. You 
nave issues, but if you handle it right the 
respect will be there.’ ’ 

But it certainly couldn’t have hurt for 
BickerstafTs team to see that their coach 
has been a part of a championship team. 

“I think it gives the coach instant 
credibility, especially if it’s in recent 
history," said Denver Nuggets forward 
LaFhonso Ellis, one of BickerstafTs 
former players. “With veterans you 
have ro earn credibility, and that’s an 


outstanding place jo start 
ifo 


Lakers forward Robert Horry believes 
owners also probably show more pa- 
tience with a coach who has won a title. 

“I think it really helps,” Horry said. 
“Owners think. *J better leave this guy 
alone, he must know what he’s doing.’ 
And the players say, ‘I’m going to listen 
more, because he’s been there.’ Bat I 
think it has to be recent, because the 
players and systems have changed so 
much. Players can do things today they 
couldn't do a few years ago.” 

Horry was referring to players being 
bigger, stronger and faster, but they also 
wield more influence with the front of- 
fice. Where such power was once re- 
served for only the most elite players — 
Magic Johnson getting Paul westhead 
fired or Michael Jordan helping oust 
Doug Collins — now even a young 
player such os Penny Hardaway can 
lead an insurgence to get rid of a coach, 
as he did with Brian Hill. 

That is one reason the top-paid 
coaches also demand control over per- 
sonnel. Coaches who haven't won a 
championship recently need to add 


players who will follow their program. 

faofplay- 


Bickerstaff showed his players a tape of 
sir NBA 


the 1977-78 Bullets winning their 1 
championship, which he contributed to 
as an assistant coach, but he said re- 
minding them that he has a ring was not 
his purpose. “I showed the film, but I 
did it from a franchise standpoint, to 


“You have a different breed r 
er,. and I think a lot of coaches have 
realized that.” Perdue said. “Look at 
Pat Riley. From my understanding. 1 
wouldn’t say he's softened, but he’s 
changed a little bit. So be goes and gees 
some veteran players he knows are go- 
ing to fall in line so they can lead the 
younger ones.” 




Scoreboard 


CE HOCKEY 


I:/ 


NHL Standi nos 


! * >' 


Sf 


‘Tin 


i i kik$ 
in 1 2ft 


UITBMCOM 

ATLANTIC DWISKM 



W 

L 

T 

Pis 

GF 

GA 

Washington 

7 

4 

1 

IS 

41 

31 

Phikrdetohto 

7 

5 

1 

15 

38 

34 

New Jersey 

7 

4 

0 

14 

38 

22 

N.Y. Islanders 

S 

5 

2 

12 

36 

31 

N.Y. Rangers 
Florida 

3 
• 3 

5 

6 

5 

3 

11 

9 

31 

2S 

34 

38 

Tampa Bay 

2 

» 

2 

6 

23 

43 

NORTHEAST DtVWOM 




Ottawa 

Pittsburgh 

Boston 

Montreal 

Carolina - 

Buffalo 


W L T Pti Sf M 


B'3 3 
7 5 2 
7 5 1 
6 A 2 
-3 7 3 
3 7 2 
WMWMI MIH—fl 
CENTRAL DIVISION 


19 46 

14 39 

15 35 
14 33 
-9 31 

8 » 


33 

35 

33 

25 

41 

40 


Detroll 
■ St. Louis 
OoDos 
Phoenix 
Toronto 
Chicago 


iL 


Cokxodo 

Anaheim 

Los Angeles 

Edmonton 

5m Jose 

Canary 

Vancouver 


V -AiuMn 


w 

L 

T 

Pti 

GF 

GA 

10 

1 

2 

22 

51 

25 

10 

2 

2 

22 

48 

29 

0 

4 

1 

19 

43 

31 

5 

5 

2 

12 

38 

35 

3 

6 

2 

B 

24 

34 

3 

10 

0 

6 

19 

37 

sne MVWIOH 



W 

L 

T 

Pts 

GF 

GA 

7 

2 

6 

19 

46 

35 

5 

A 

4 

14 

29 

31 

4 

5 

4 

12 

41 

39 

5 

6 

1 

11 

26 

38 

4 

8 

0 

8 

31 

39 

3 

B 

2 

8 

35 

44 

3 

8 

2 

8 

27 

43 

PAT’S BOULT* 






1 

T 

1-3 




• 

0 

M 


„ First Period: A-Setam* 9 IMItwxw. 
Young) (pp). Second Psrtoft. A-Pronger 2 
{Sandstran. Young) TOW Period: A- 
Setanne 10 (Sacco. RnccNn) Shots on goat: 
•At 4-11-7-22. B- 6-12-7—25. Conte: A- 
Hsbeit B-Dafbe. 

N.Y. Rnngero 2 0 1-3 

N.Y. Islanders 1 3 I-* 


First Period: bkmdea-Nemddnav 2 
(Vosko) (sh). 2. Rongtra-Swaeney 1 (Berg, 
Eastwood) 3, Rangerv, Leefch 2 (Gretzky, 
Sundshwn) Second' Period:' Mandere- 
SfflofinsU 3 [ReichoL CzetkawsU) & N.Y.- 
Green 4 (BeraTO) (pp). & N-Y.-Berord 7 
{PaWy. Green) (pp). Third Period: Rangore- 
Leetdi 3 (Eastwood Langdon) ft Islanders- 
Lachance 1, (pp). Stub an got± N.Y/- 10-6- 
10—26. N.Y^ 12-13-5-30. Goatee N.Y.- 
RWrfco Muzzatti. N-Y.-Safo. 

Vancouver 8 0 1—1 

New Jersey 2 3 3—8 

Ffesf Period: NJ.-Pedefsan 1 
(Ntedermayer, GBmoor) (pp).Z N_l^EBas4 
(Dean, HoUIO Second Perind: NJ.-Zetepuldn 
1 (Sytora, NJedennoym) 4 NJ^Elhs 5 
(Hack) 5. NJ.-Pedereon 2 (GHmoet, OBwa) 
TOM Period: NJ.-Syfcora 4 (Pederson 
GBmuuri (pp). 7. NJ^Hodk 4 (EBns, 
Stevens) & V-, Messier 3 (Bam Hetflam) ft ' 
NJ,-SykHu5 CGflmguU.Mi ete.oMMfcV- g» _ 
5—23. tU, 21-13-12-46. Godte: V- 
McLun. litre. NJ.-Bnxtear. 

Ottnwo 1 2 3—5" 

Florida T « 1-2 

First Period: F-Uadsoy 3 (Wonem 
JovnnaYSkJ) 2. 0-PhBDps 1 (Yashin. ZhattoU 
Second Period: O-Dnckefl 3 CMcEochem) V 
0-, Affredsson 8 (Lnokkonctv Kravchuk). 
TOM Period: O-Lrenbert 3 (PIHck) & (>> 
Lookfaman 3 {D»OataYoriO(pp).7, F- 
GngwS. SM> on goal: O- 7-10-16-33. F- 6- 
5-6—17. Goalies: Ofttwdes. F-FHzpaWcfc 
Weeks. 

Cetornde fill 0-2 

SLUMS 1 1 B 0-4 

First Period: &L.-Catnpfcc8 3 (DwnHra) 
(pp). Second Period: Sd_-Courtnc41 6 
(Duchesne. Fohr) 3, C-Sokic 9 (Loaotfc 
Deadmorah) (pp). ThW Period-C-CWM 3 
(Lacroix. Foote) OvnOae: Noire. Stats on 
goal: C- 7-9-14-1-31. SJ_- 14-ld-W-aS. 
GocAes: C-Roy. 51--Fuhr. 

Pl ieenl x 1 1 0—2 

Odgny B 2 2—4 

Rret Period: Phoenix Tocctwt 4 (Staref. 
Tkach ok) (pp). Second Period: CrStBbnan 7 
(Fkwy. MdnnU (pp). X C-McCarfty 1 
(Cameta. Dowd) 4 Phoenix. Gartner 2 
(Rorrakig) 71*0 Period: OFteury . 4 
(Simmon, ZaiapsU) (pp). 6. C-Fleury - 5 
(Mdrm Dowd) (an). State on god: 


Phoenix 144-7-30. G- 11-11-12-34. 
Gonles: Phoenix. KhoblbuBn. C-Moss. 


CRICKET 


NEW SOUTH WALES VS. NEW ZEALAND 
4-DAT MATCH. 1DAY 
FRKMYM WWCA8TLE, AUSTRALIA 
New South Wdes: 281 fm-ltwee 


DVTanMTMVMMN 

Rada JC Kerkrode 1, AJfflt Amsterdam 1 

sxmtthajwmkam sane near 

a hoops 

Vasco da Gama a RhwPtale2 
‘-W2Wr'aSfl0Bta<rdTl» 70 tabwtes be- 
anne of crowd trouble. 

OTA v rne nni x-Rlver Plate 15 polntKVos- 
m da Gama 10? Santas 7; HaxSng Club X 
. QROUF4 

EshMflantas 3? Penarsll 
■nutPio n : x-Aticflco . Nadonal 10 
poUs Eetadiortns ft Ptnorol fcGremlod. 

. x-won senHteal pkw 

..saanuLSDRAW 

Cate Cola vs. SaoPnuio 

River Ptate vs. AfleHco Nocktad 

Rntfeg on Nw.5»'retornlea Nov. 26. 


World Cute 


SECOND ROUND, OROOP A 
China i Qatar 3 
Iran a Kuwait 0 

siANDoeasu Iran 12 poMw SauM Arabia 
105 Kuwait Clflna T. Qatar?. 


clevslan d— S igned G-F Wesley Potion to 
contrad adensten. Waived F Daimy Mar- 
shdL PuIGTony Dumas and GGreg Graham 
onh^umdisL 

BEnorr-Wdlrad F Astiraf Amaya. Put G 
Charles OBonnon mid G Rumeal Robkaon 
ontelurednsL 

oolden state— P ul G Brian Shaw and F 
David Vaughn on Mured 1st. 

INDIANA— Waived C Todd Undeman. Put F 
Austin Crasher?, F Derrick McKey and G 
Kaywoode Warionan an Inlurad DsL 
la. cupi»cns- Put G James Co Bra on In- 
la red list. 

la. LAKHRS-Put G Shea Seals on InHifed 
RsL - 

MINNESOTA— WWred G Shane Heal amt C 
Maff Fish. Pot C Paul GnziL G Mtdheal 
WlRa ms and F Bffl Curley on Injured 1st. 

new JERSEV-Put G Stowe Keman, F Dan 
MacLeanmd F Jock HaJoy on Injured BbL • 
hew YORK-Put F Ronrrie Grondbon an- 
InferedlW.WfdvcdGRkkBroifim. 

oftLANDO— Put F Johnny Taylor, c Jason 
Unman and CTIm Kampton on Infumd DsL 
PHILADELPHIA— Put G Anthony Patter, F 
Matka Mfflc and F Ketaj Stawort on tajured 
Bet 

PHOEHK-WmvedG Stephen Jackson. Put 
F Tom Chatabere and F Loren Meyer on 
injured n*t 

pmmAHD-PutFGaiyTrentCAItonLIs- 
tor aid F Daitonla Wtagfleta on Injured Bit 
Sacramento— A rmou need reflrsment of F 
Uand Simmons. Put PG Kevin GambteG-F 
Offvler Saiitf- Jean aid C Kerin SaJvadarf an 
beared HsL 

sah antohio— P ut F Ctujck Peaon and F 
diaries SmBh on Intend tat 
SEATTLE— Waived G-F Craig Elilo. Put.G 
James Cotton. F Stephen Howard and GP 
Nate McMHan or Injured Ret 


to 4-year contract extension. Signed OT 
Trezefle Jenkins to 1 -year controcL Released 
OG Ed King. 

ily. jets— R e-signed NT Ronnie Damn. 

PHILADELPHIA— Put S Charles Emanuel 
on intured reserve. Re-signed PK LonnyCd- 
IccNb. 

seattlb— Waived QB Gina Tarreita. 
Signed S Eric Stokes from practice squad. 


The Week Ahead 


Saturday, Nov. 1 


NATIONAL HOCKEY LEAWJE 

Chicago— RecaSed R W Kevin MUerand C 
Todd White tram I wfia no potto, IHL 

PLOUEfA-Sent LWGaetrai Poirier to Fori 
Wayne of IHL 

hew JERSEY— Put RW Steve Thomas an 
Injured reserve. 

prrrseu Raw-Sent G Pater Skudra to 
Houston of IHL 

Vancouver— Sent D Marti Walton and G 
Corey Hirsdi to Syracuse AHL. Recalled LW 
Lorry CourvBe and F Lubomlr Vale from 
Syracuse. 

WASHimmm — RecaBsdF Andrew Bronefto 
and F Todd Kiygler from Portland, AHL 


TENNIS 


auto rjlllymo. various sties — Rnfly 
of Australia to Nov. 2. 

cricket. Lahore, Paldsfan — Jtorah 
CuivSrl Lanka ml West mates. 

Fkujre Muanta. Gebenkiichen, Ger- 
many — Nations Cup, to Ntnr. 1 
aoui men: Moirteeosttea Spain— Vbho 
Masteis Houston - THE TOUR ChoropF 
onstilp: Kata Japan — PhJ-np Morris Oran- 
phwshiiv Las Angeles— Ralphs Senior Clas- 
sic. to Nov. 2. Women: Tsukaba Japan — 
Nfcftlmi Intemaflanat afl la Not. 2. 

ruory ueaouk. Wembley. England — 
Super League, Britain vs Awtrafia, first test 
RuasruMON, Buenos Abes— Argenti- 
na vs. Australia, flret test. European Cup. 
quarterfinals playoffs Bitve vs. Pontypridd, 
Leicester vs. Glasgow, Cardiff vs. UanedL 
soccer. Seoul — World Cap qnaMan 
South Korea vs. Japan 
Tpuha women: Moscow — Kremlin 
Cup, to Nov. Z Mere Paris — Paris Opea to 
Nov. 2s Bogota, CakNnhla--HeBmmrti Cup, 
to Nov. 1 

Sunday, Now. 2 


Cup, PNdston vs. West Indies. 

soccer various sties — UEFA Cap. 2d 
round, return leg: Urfinosb Italy, w- Ajax. 
Ndtwriands.- Dinamo Tbffsl Georgia a 
Braga Portugal’ Karlsruhe, Germany, vs. 
Metz. France: Liverpool. England, vs. Stras- 
bourg. France otymplquc Lyonnais. Franca 
vs. Inter MHaa Italy; 1860 Munich, Germany, 
vs. Rapid Vienna Austria; Croatia Zagreb 
Croatia vs. MTK FC Budapest Hungary; 
VOBodoliA Spa la vs. Spartak Moscow, Rus- 
sia; Anderiedrt Beighna vs. SchalkeM Ger- 
many; Twante Enschede. Netherlands, vs. 
Aariwa Dentnaric Aston Villa England vs. 
Athiellc BHfaaa Spain; OF I Crete Greece, vs. 
Ainutm Francs; Basfla, France vs. Steaua 
fludwrest Romankc Lazio Ro roe Italy, vs. 
Rotor Volgograd, Russia PACK Satoniar, 
Greece vs. Attefico Madrid, Spain V!L 
Bochum. Germany, vs. Oub Brugge, Bel- 
gium. 


World Open Champtertshlp, la Nov. 9. Lfl- 
tnhna Hawaii — Kopreua intemaltonal to 
Nov. 9; Myrtle Beach, South Carolina — En- 
erglzor Senior Tour Championship, to Nov. ft 
soccer. Rktyadh. Saudi Arabia — World 
Cup quaHfien Saudi Arabia vs. China. Eu- 
ropean Cup Winners' Cup, 2d round, return 
Leo: Chelsea England, vs. Tromsa Norway; 
VfB Stuttgart Germany, vs. Germinal Ek- 
erca Bdgtom; Kacaellspar. Turirey, vs. Loko- 
ntoAr Moscow. Russia: Vicenza Italy’, vs. 
Shakhtyor Donetsk. Ukraine; Copenhagen. 
Denmark, vs. Red Bette Spain; Storm Graz. 
Austria vs. AEK Athens. Greece; Slavic 
Prague Czech RepubBc vs. Nice France; 
Roda JC NeVrertonds. vs. NK Primarte. 
Slaventa,. 


Friday, Nov. 7 


Wednesday, Now. 5 


FRIDAY M MRS* 
QUARTERFINALS 

Yevgeny Kafelnikov (5), Russia def. Greg 
Rusedski W. Britain. 64. 

Jongs B)artuixm (123, Sweden deL Richard 
Kraffovk (14). NeUwriands, 64. 0-1 ret. 

Pete Sampras (I). UJS. def. Thomas 
Muster (8). Austria, 6-1,4^6-Z 


nHumes, New York — Hew York 
marathon. 

cricket, Lahore. Pakktan — Jbrnah 
Cup, PaWston vs. South Africa. 

R OC CEH. Mredoa Qty — WocM Cup 
qiNUteflars: Mada vs. United Stales; Unhad 
Arab Emiratesr*. Uzbekistan. 

Monday, Nov. 3 


TRANSITIONS 


. KOlOflAL BASKETBALL AMOCUDIOH 

ATLANTA— Wateecl F Ken Norman. PutG 
EWrfdge Recasner. 


IIAIKMAL FOOTBALL LEABUC 
chicaoo— W atyeO LB Dana Howard off in- 
lured reserve Waived G Bill ScJnittz. Signed 
DTTyrooo WIDfams. 

INDUNAFOUS— Put LB Tony Bennett an 
tejured reserve Signed QB Kererln Bel 
New eh OLA no— Put QE Ferric Colons an 
injured reserve 

HEW o bleaks— R esigned PK Doug. Brier 


FTODAVW MOSCOW 
OUARTERFMALS 

Jana Novotna (1), Czech Repubflc deft 
Venus WWama U5. 7-5 6-4. 

Ai Suglyama Jw>m, def. Arantxa Sanclrez- 
Vkxrrio (3), Spain, 6-1. 7-6 (7-1). 

Domlnque van Roost Belgium, datlrina 
SpHea CD, Rom ani a, 6-2. 64. 

Conchtto MnrtSnez (4). Spain, dot Sandrtne 
Tested (6). France, 2-6, 6-L 6-4 


crkhcet; Latrore. Pakistan — Jbmah 
Cup, South Africa vs. Westlmfies. 

sq ua s h. Kurda Lumper, Malaysia — 
Men's World Open, to Nov. A 
Tuans, mere Moscow— KreraDnCms to 
Nw. 9s Stockhobn Sweden — Stockholm 
Open, to Nov. ft Satdtaga dale — He*- 
raortrFs Co|X to Nov. 9. Women: Chicago — 
Amerifedi Capi to Nov. 9. 

Tuesday, Nov. 4 


cricket, Lahore, Pakistan — Jbmah 
Cup. Pakistan vs. Sri Lanka 
soccer, CONMEBOL Coil finals, firs T 
leg. Lanus, Argentina vs. Atletico Mlnefro, 
Brazil; South American Super Cup, semtfi- 
nah, first teg, Cirio Cola Ctnle, vs. Sao Paula 
Brant River Plate. Argentina vs. Attellai Na- 
donat, Colombia. European Cha m pion s 
League, Fourth rohdtore Baiussta Dwmiana 
Germany, w Parma Italy; Gatataioray. 
Turirey, vs. Sparta Prague, Czech Republic 
Fermtoont Nettrertanete is. Manchester 
United EntfandiJuvenluSi Italy, vs. Koslca 
Stovakke Borcetona Spain, vs. Dynamo Wew 
Ukrabw Nevraa »tl e> England, vs. PSV Eind- 
hoven. Netherlands.- FC Porta Portugal vs. 
Rosenborg, Norway; Otymptotaa Greeca vs. 
Real Madrid, Spain; IFK Galeborg, Sweden 
vs. Besiktoa Turkey; Paris Saint Germain, 
France, vs. Bayern Mu nkh. Germany Bayer 
Leverkusea Germany, vs. Sporting Lisboa 
Portugat Lteru SK, Betglum. vs. AS Monaca 
Franca. 


i sKATwa, The Hagua Nether- 
lands — mea women, short-lack Olympic 
qualifying, to Nav. 9. 

aout women: Otaa Japan — Taray 
Japan Quaera Cua to Nav. 9. 

eauumo, Bermuda — merv women, Tor- 
ruda World Cham p lon a fHpz to Nov. 14. 

CRICKET. Brisbane, Australia — A»V 
trollavs.NewZealandjflretterttaNBV.il. 

SOCCER Doha Qotnr— Worid Cup quoF 
ffte*. Qatar vs. Iran. 


Saturday, Nov. 8 


SOCCER Tokyo — world Cup quaflfter 
Japan vs. Kazakstan. 

RiMWVumoii, Buenos AIiesAigerdtno 

— Aigetitlna vs. AusboDa. 1st test Bologna 
Italy — Italy vs. South Africa; Manchester, 
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PAGE 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAtf-SIJNDAY, NOVEMBER 1-2, 1997 


DAVE BARRY 


Getting an Epic Education 

M IAMI — I believe that we parents 
must encourage oar children 


Hired stupider haircuts. Because I lived 
era, when Rob asked me 


.must encourage our children to 
130000X1 educated, so they can get into a 
good college that we cannot affoni 

I tty to help my son, Rob, with, his 
schooling, but over die years this has 
become more difficult Back when he 
was dealing with basic educational is- 
sues such as why the sky is blue and 
' what a duck says, I always knew the 
correct answers (“It doesn’t matter” 
and “Moo"). 

But when Rob got into the. higher 
grades, he started dealing with complex 
concepts such as the “hypotenuse," 
which hadn't been invented yet when I 
_ was a student 

So these days I'm useless as an edu- 
cational resource, except on those rare 
•occasions when Rob is studyin g a topic 
I’m familiar with. For example, last 
year, in history class, he 
studied The Sixties. 

That’s right: The Six- 
ties are now considered 
a historical period, just 
like the Roman Empire, 
except that as far as 
modem kids are con- 
cerned, The Sixties fea- 
stupide 
through that 
about it, I was able to give him helpful 
information. 

"What did you do during The Six- 
ties?” he asked. 

* 'None of your business, ’ ' I informed 
him. 

Other than that, my main contribution 
to his education is to provide encour- 
agement. For example, the other day I 
asked him if he had any homework, and 1 
he told me he had to read “Beowulf." 
“Yack!” I said, encouragingly. I was 
exposed to "Beowulf' when I was a 
student If my memory serves me cor- 
rectly (and I believe it does, because I 
am copying this directly from the en- 
cyclopedia) "Beowulf’ is an Old Eng- 
lish epic poem concerning a hero who 
freed the court of the Danish king 
Hrothgar from the ravages of the ogre 
Grendel and Gren del’s mother and thus 
became king of the Geats. 

This raises some questions,, includ- 
ing: Who are "the Geats”? And why 
would anybody want to be king of 
them? I mean, the word "Gear” sounds 
like an insult, doesn't it? As in: "Some 
stupid Geat put s alami in the disk 
drive! " (Let me just state, before I get a 
bunch of hate mail, that I myself am 
two- thirds Geatish.) 

My point is that I have never been a 
huge fan of “Beowulf," or epic poems 
in general. "Epic," in my opinion, is a 
code word that English teachers use for 
“baring," the same way they use 
"satirical" when they mean “you will 
not laugh once." 

Nevertheless I stressed to Rob that he 
should make this homework his ab- 
solute highest priority, allowing nothing 


‘Epic’ is a code 
word that English 
teachers use 
for ‘boring. 9 


to come ahead of it, but that first we 
would go out for Italian food. I liketodo 
this with Rob because he always orders 
pizza, which I am not allowed to eat 
because it contains cholesterol, but it is a 
scientific fact that your body will not 
absorb cholesterol if you take it from 
another person's plate. 

Rob drove us to the restaurant. 1 like 
to let him drive because it improves my 
circulation by causing my heart to beat 
175,000 times per minute, although this 
particular trip was fairly relaxing right 
up until Rob made the rookie error of 
actually stopping at a red li ght, rather 
than accelerating through it as is cus- 
tomary in Miami, the result being that 
we were rammed by the car behind us. 
The other driver, as required by local 
law, was uninsured and spoke no Eng- 
lish. 

* This gave us an edu- 

cational opportunity to 
brush up on our Span- 
ish by en gag in g in a 
dialogue with the other 
driver, which went like 

this : 

US (pointing at the 
- light): Rojo! ("Red!”) 
DRIVER: No! Amarillo! 


OTHER 
("No! Yellow!”) 

US: Like heck-o! (“We disagree!’’) 

OTHER DRIVER: Que son? Guitos? 
("What are you? Geats?”) 

It took two hours and two police 
officers to sort it out, with the outcome 
being that the other driver received a 
ticket-o. Fortunately, my car sustained 
only superficial damage, which I'm sure 
at today's bodywork prices can be re- 
paired for no more than it would cost to 
purchase die entire contents of the 
Louvre at retail. 

Because of this delay, we were late 
getting back from the restaurant, but 
Rob still would have had time to do his 
homework, except that — this is true — 
the police had set up roadblocks around 
our neighborhood and were not letting 
anybody in. An officer told us there had 
been several reports of shots fired, and 
police were going house-to-house with 
dogs. I was concerned about this, but 
Rob took it well; I think he was hoping 
that one of the dogs would eat his copy 
of "Beowulf." 

The police never found the source of 
the shots (it was probably just some 
innocent thing — perhaps a neighbor 
who couldn’t locate his remote control 
and decided to turn off his TV with his 
AK-47). But we had to wait at the 
roadblock far over an hour, which 
meant that Rob did not start reading 
"Beowulf 1 until after midnight So ba- 
sically, this entire column is really just a 
note to his English teacher to say: Please 
excuse Rob if he was unprepared. And I 
hope you were not offended by my tone. 
It's satirical 

9 1997 The Miami Herald 
Distributed by Tribune Media Services. Inc. 


Merchant Ivory on Growing Up in France 


International Herald Tribune 

P ARIS — One of the themes of Mer- 
chant Ivory films is conformity or, 
more accurately, the people who cannot 
conform, whether it be Lucy Honey- 
church's marriage in “A Room With a 
View" or the adolescents in “A Sol- 
dier's Daughter Never Cries,” which 
they are shooting now in Paris with a 
script by Ivory and Erin Uday based on 
the novel by Kaylie Jones. 

Jones is the daughter of the Paris- 
based American novelist James Jones 
and the story is abont a young girl and 
heradoptedFr 


on the 


vreach brother growing up 
Saint-Louis and then, when 


MABYBLUME 


their writer father's health fails because 
of congenital heart ’disease, in Saga- 
pooack, Long Island, among the potato 
fields that gave their house its name. 

Chateau Spud. 

The parents are played by Barbara 
Hershey and Kris Kristofferson, with 
Jane Biridn as a student's mother and 
the French actress Dominique Blanc as 
a Portuguese maid. The budget is under 
$8 million, the time is the '60s and ’70s, 
and the story is both uneventful and 
momentous, as children’s lives tend to 
be. 

The day's shooting was at a private 
school, the Ecole Active Bilingue on 
the edge of the Pare Monceao, where 
children of many nations were being 
initiated into the obscure rites of Hal- 
loween. Between shots James Ivory 
was chatting on a park bench appropriately sur- 
rounded by greensward, lawns being a major feature 
of many Merchant Ivory films, and remembering the 
American family with four children whom he used to 
visit in Paris in the '60s while making his early films 
in India. 

“My interest in Franco- American children came 
from that friendship,” he said. Hie had first read the 
Jones novel in 199.1 when he was working on 
"Howard's End.” The kinds of conformity he is 
ftealing with here are the inflexible demands for 
correct behavior of French schools and, in the Amer- 
ican scenes, peer pressure that is equally harsh. Just 
as in “Mr. and Mr: Bridge” (1990) he dealt for the 
first time with his younger years in Oregon, so in this 
film he is reminded of what it was like to be thought 
an oddball and how important it was both to be 
unique and part of a clique. 

There were die clothes — he fancied plaid 
shoelaces for a while — and the hair. ‘ 'I bleached my 
hair and then I tamed it green. They didn't have 
chemical colors in those days but if you nibbed 

WhitSiairp-d mw and quietly ironic, Ivox^is a 
director of exceptional efficiency and calm who will 
mention a crucial power failure during a complicated 
scene on a Paris bus as others might mention a 
passing cloud. He attributes his calm to his early days 
of hectic shooting in Tndia, just as die fact that he 
worked with Satyajit Ray’s key crew and that Ray 
himself from friendship edited Ivory’s first feature, 
"The Householder,’ ’ taught him more about movie- 
making than he had learned at film schooL 

"The Householder,” in 1961, marked the first 



SrtfaRnWn 


Janies Ivory setting np a scenc for “A Soldier’s Daughter Never Cries. 

collaboration of the now indelible team of Ivory, the films and he 
Bombay-born producer Ismail Merchant and the. 
German-Indian writer Ruth Prawer Jhabvala who, it 
is said, has been called the Jane Austen of India until 
she could scream. The- team has offices in Bombay, 

New York, Paris and London and while rootless 
("We are a wandering troupe,” says Merchant) is as 
close-knit as Ingmar Bergman’s company was, and 
has a low-budget no nonsense approach that recalls 
oldtime contract directors and producers, except that 
their only contract is with themselves. 

Merchant is ebullient and volatile and eager to talk 
abont art. Ivory is perfectly comfortable talking 
about money. By the 1990s when their stately ad- . 


aptations of literary classics had spawned so many 
imitations that a dismayed critic in The New Yorker 
wrote, "We live in die age of Merchant Ivory , 1 * they 
had become both honored and scorned. When they 
became involved with Disney for “Jefferson in 
Paris” (1995) they were accused of selling out 
■ “Whenever we have been associated with Hol- 
lywood it’s worked well,” Ivory said, “They’ve 

never changed die script or pressed us to hire an . . . . 

inappropriate lead. But the more expensive our films James’s own resistance to posthumous adaptation- 
become, the more they are seen as targets. People . ("My sole wish is to frustrate as utterly as possible 
write that we’ve lost our true way but they don’t tell die postmortem exploiter") with his usual calm. *'1 

was scared. I mess, bv doing "Die Europeans’ so I 


team's 35 th anniversary Wcdeteated 
in Carnegie Hall and they are the- first 
filmmakers to bang in the National Por- 
Gallery in London; ■?•■ 

Ik - ^ “I’m in the middle* tookra UkeSi- 
man Lcgree,” Ivory said, “ferocious, 
red-faced, tyrannical Rodi toofe a little . 
sad and Ismail is out of his.ushal mode 
of roaring and stamping. He is-e philo- 
sophe. that’s all you can wy,; pensive 
and inward tookingand camfktety dif- 
ferent from the Ismail people know. 
Friends of. thine say Good Lord but I 
thought it looked ^rattandFmhapjpy to 
be hanging there. * - - - - 

The trio is most celebrated for its 
adaptations of novels by RM. Forster 

and Henry James. While back in 1975 
Ivory, about to s tan the first ofthe series 
with James’s "The Eurtpeans,” said 
he doubted he would ever become .a. 
popular director, he-has -been proved 
wrong. Popularity has its obverse side 
arid their films have also been found 
bloodless and genteel too prettified, 
too self-consciously "period, . 

“Well, all that was realty sarted by . 
the English/Mvory said evfl«y._' 1 Thb« 
are what they call hcritage t fifan&. any- 
thing set in the past is a heritage film fe> 
them. I don’t know wh&tfeeyraaUy: Wahl 
to see, certainly in all the .yeara we were 
making those films " they never really 
supported their greatest director, Mike . 
Leigh. He’s become famous because of 
his success in foreign countries and now 
they accept him at home.” 

Ivory points out that in theiryounger . 
days they made a lot of contemporary 
regards "A Soldier’s Daughter Never 
Cries," set in the near past, as contemporary. 

“I have a new definition of the present anything 
that’s happened since the youth of my parents is the 
presentfor me." His parents married in 1921 and he 
was bom in 1928. Whatever the period^ he says their 
films present certain themes. ' 

“There is the whole idea of conformity. Another 
theme that .we keep coming back to is the power of a 
highly unscrupulous, somewhat mythological m#T 
in our sort of gum tale& And then where- Ruth- 
Jhabvala’ s concerned, again and again we've had 
women in the hands of very dubious men and how 
they strike out and somehow succeed. I think we tell 
these stories over and over again, no matter when 
they’re set.” 

Their next project is Henry James's 
"The Golden Bowl” which Merchant sa} 
conclude , a lames trilogy to balance their 
trilogy. 4 ‘Everything comes together in this novel for 
James and for us — die mixture of nationalities, (ove^ 
in life and the objects' of desire.” 

Ivory faces the intensely complex text and 


you what the true way is. If it meant the films that 
cost $200,000 and. were made in India, I doubt that 
they’ve ever even seen those films;” 

Possibly not, although there ate Merchant Ivory 
retrospectives these days, and a coffee' table book 
called “The Films of Merchant Ivory," to say noth- 
ing of one called “Merchant Ivory ’s English Land- 
scape” and “Ismail Merchant's Florence.” The 


was scared, I guess, by doing ‘The Europeans' 
should be by ‘The Golden BowL’ But I see others 
have done ‘The Portrait of a Lady’ and ‘The Wins 
of the Dove’ so I don’t see why we should weary. *• 
And were they to havea huge budget in the present 
Hollywood style? “I wouldn’t know what to do with 
it,” Merchant lied cheerfully. Ivory, didn't hesitate: 
“I am sure I would find a way to spend it” 


A 


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PEOPLE 


D O ghosts haunt the White 
House? Some people 
think so, especially at Hal- 
loween. “There are, from 
time to time, reports that the 
White House is haunted,” the 
White House spokesman, Mi- 
chael McCurry, told report- 
ers a day before the annual 
holiday. He said the hannt- 
ings were said to include 
“mysterious appearances of 
figures from history,” and 
that there were "tales and le- 
gends of a former White 
House usher, now dead, who 
appears from time to time.” ' 
Stories about White House 
ghosts are legendary. Many 
of them revolve around Pres- 
ident Abraham Lincoln, 
who lost a son while living 
there and was assassinated. 
Legend has it feat Winston 
Churchill would not sleep in 
the Lincoln bedroom because 
it was haunted. 



old couturier said the haute -. 
couture outfits were flashy . . 
and unwearable "publicity ,-, 
devices” designed to pro?'" 
mote brand-name stockings 
and scents. “Consider the.-, 
much-hyped British design? -: 
ers John Galliano and AH - 
exander McQueen. There- .: 
suits are terrible," Amies " 
wrote in the Spectates: 
magazine. Amies has worked 
for more chan half a century 
in London’s Savile RowJS 
buildiog’up a fashion empire 
with his royal warrant p 
dress the queen. He first fitted 
dresses for her in 1951 when - 
she was a young princess. He * 
says of his most famous cli- 
ent “She knows exactly !; 
what she wants.. She wants . 
hex clothes to be friendly.” . .. 

□ 

For sale: The former bouse 
of O. J. Simpson in Btent- 


□ wood. Simpson's old home, 

_ _ . _ . , _ Uimenaiptaori*! on the market at $3 95 'mil-' 

♦ 1 .S?? **** S"* Hardy Amies has harsh words for British designers, lion, is being turned' over to; 

are talent than Muhammad ^ ag^s who wiUste™- «-! 

fete by appointment only,' to qualified 
buyers. But the house will also be seen • 
on U.S. television next week as more 

□ 

James Brady knows what he’s talk- 
ing about when he urges people with 


more talent than Muha mmad 
Ali, Wilt Chamberlain and Clint East- 
wood? A pencil sketch of a roaring 
lion’s head whipped up by the reputed 
boss of New York’s Gambino crime 
family won the highest bid at an auction 
of celebrity doodles. ‘ ‘There is no doubt 
it was drawn by Gotti. He obviously has 


doubts in everybody’s mind.” Her new 
album also features Barbra Streisand, 
fee Bee Gees and Luciano Pavarotti. 


some talent,” said Ezra Krieg, asso- brain injuries to persevere. After the 
date director of the Daily Bread Food forma: presidential press secretary was 
Bank, which raised $23,000 for fee shot during a 1981 assassination attempt 
hungry and. homeless during fee 7fo against President Ronald Reagan, doc- 
Annnal Celebrity Doodle Art Auction in tors told him there was no cure, Brady 
Miami Beach. A Miami collector made told The Flint Journal Instead, Brady 


fee^winning^bid for GottPs drawing, said, his neurosurgeon offered hope by 

by Ah, saying that “eveiy day longer that you 


surpassing offers for doodles 

Cher, Eastwood, Chamberlain, Bob 
Hope, Steve Martin, John Travolta 
and more than 100 other celebrities. 


□ 


It took fathering 13 children by his 
two wives and three mistresses to teach 
Anthony Quinn the value of mono- 
gamy. “I certainly feel that I am a 
monogamous character, believe it or 
not, after being married to several 
wives,' ’ the 82-year-old actor said in an 


live on fee earth, you will get better.” 
Brady, who campaigns for gun control, 
was in Flint, Michigan,, to speak at a 
Brain Injury Association conference. 
He uses a wheelchair, and the left side of 
his body does not work. . . 

■ □ . 


than a dozen film crews tour the sevefr- 
bedroom, 6,000-square-foot (540- 
square-meter) house in one of. Los - p-.- 
Angeles’s toniest neighborhoods, j 
Simpson lost the house after a bank 
instituted foreclosure . proceedings 
against him for missing- moire than 
$ 86,000 in mortgage payments. • - ■ 

□ ; ; 

The rock group REM announced that 
its drummer. Bill Berry, had left fee- 
hand. Berry, who suffered a brain an- 
eurysm in 1995 but continued touring 
and recording with the band, said that 
ms decision was based on personal not 
medical reasons. His “fire of enthu- 
siasm wasn’t burning as brightly as the ‘ 



other guys,” 7ui<* 

Angeles Tunes, He added feat he 

1 w 4 m » J - H 


% 


extremely relieved when the band said it 
would continue without him: The lead 
singer, Michael Stipe, said that he was 
"really in shock,’ ’ but that fee band was 


Sir Hardy Amies, dressmaker to 
Queen Elizabeth, berated top British 
designers in Paris fashion houses and 

mteiyiew wife WPRO-AM radio in East from feeFoli«Beig^! Tie sK? ' 

Providence, Rhode Island. “I wish in •„ > • year- supporting Berry 8 decision 

my life feat I had only been married 

Seeking a Monumental Polka P 

poUca player 20 to 30 stories tall. 


once.” One of his fanner mistresses, 
Kathy Bevins, is his cuneat wife. With 
her, Quinn said, “I could live a mono- . 
gamous existence.” 

□ . . 

Can’t get enough of Celine Dion? 
Hang omhelpis coming. By the time her . 
new album, “Let’s Talk About Love,” 
goes on sale Nov. 18, there will be five 
biographies of fee Canachan-bom singer 
on the stands. The only endorsed ac- , 
count is by Geoiges-Hebert Germain, .a 
family friend. ' ‘What makes me sad and 
what hurts me fee most is not what, 
people s ay about me that’s not true,” 
Dion said. “It's when (bey talk about 
my friends and my family, they put 


The Associated Press 


M ilwaukee — if there’s one 

thing Milwaukee and the world 
of polka needs,, it’s a huge statue of a 
polka pi * 


player complete wife high- 
speed elevators,- an observation deck 
and lasers. 

Or so John Pinter believes. 

Pinter, vice president of fee Polka 


across Lake Michigan,” Pinter said. 
It would be fee epitome of the 
SSfi^ s ^d. “It would 
foake Milwaukee a household word 
aroundibe world.” It also' would con- 
Hall of Fame,‘sent letters to'Mayor PolaHin^f?^ ° f Wisconsin 

John Noiquist and Milwaukee festival show U Wlth ^ ace fW 

nffimntft enMMKnn tk, U ~P S > restaurants and a museum, 

S'^ ral ,?P olcesm!in ’ Rem * 

mg.saul fee discussion “would have 


officials su 
built on a 
off the city’s 


, monument be 

Michiaan island just 
grounds. 


He envisions a mammoth statue, a 


, ~ * — — »UUW UftTV 

pl £ ce between Summetfesr 
and fee polka people.*’ 



Irk;