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INTERNATIONAL 




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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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|: The World’s Daily Newspaper 




. Paris, Saturday-Sunday, November 22-23, 1997 


No. 35.685 


Seoul, Reluctantly, Asks IMF for Financial Aid 





Crisis Shakes Faith $20 Billion Is Sought; 

In the ‘Asian Miracle’ Markets Rally on News 


By Nicholas D. Kristof 

A 'tie York Times Sen ice 


By Don Kirk 

S/ti'iitl t.< tk\ Herald frif'utu 


SEOUL — South Korea's announcement Friday that it 
would seek a bailout Grom the International Monetary Fund 
was a remarkable- turnaround for a nation that had been one of 
the most glittering economic success stories of the late 20th 
century. 

While South Korean officials said they would seek emer- 
gency IMF aid of $20 billion, many economists say the total 
package of assistance will have to be much larger, perhaps 


SEOUL — The South Korean government, dropping its 


insistence on fighting a deepening financial crisis on its own. 
ridav nit 


NEWS ANALYSIS 


Mm ja'lh.Wtpnm FniKi-hrw 

Finance Minister Lim Chang Yuel announcing Friday that the government had turned to the IMF. 


Peers Criticize Doctor of Septupiets 






By Rick Weiss 

Washington Post Sendee 


WASHINGTON — The birth of septupiets in Iowa has 
sparked intense criticism from ethicists and doctors, with 
several warning that fertility treatments are being used 
indiscriminately and irresponsibly at great medical risk to 
women and their offspring and at growing expense to the 
public. 

Preliminary tests suggest that all seven children bora to 
Bobbi and Kenny McCaughey are doing welL But multiple 
births beyond triplets usually are characterized by some 
degree of physical or cognitivedisability, critics said, and in 
most cases they can and ought to be avoided. 

Katherine Hauser, the fertility doctor who worked with 
the McCaugheys, defended her care at a news conference 
Thursday, saying she used the same dose of a fertility drug 
that she bad used with die Iowa couple two years earlier. In 
that instance, the drag led to the birth of a single daughter. 
But for reasons that remain unclear, she said, “in this cycle 
we achieved more success than we could ever hope for.” 

Critics, however, said they were unsatisfied with that 
explanation. When the McCaugheys* doctors saw that their 
fertility treatment had led to the maturation of about three 
times die expected number of eggs, they said, the prudent 
move would have been to withhold the addition of the 
husband’s sperm and try in another month or two when a 
more modest number of eggs were produced. 

“Here we had a nice ending,” said Mark Sauer, chief of 
reproductive endocrinology at C^lumbia-Presbyterian Med- 


ClMiSr NnlKi^n/Tbr Aaaociunl Rrw 

liny McCaughey, now a father of eight. 


See SEVEN, Page 4 


$60 billion or more. That would surpass the $50 billion 
bailout of Mexico in 1995 and would amount to the biggesi 
such rescue package ever negotiated. 

With the bleak announcement by Finance Minister Lim 
Chang Yuel, South Korea became the latest of a siring of 
Asian nations to redefine the term “Asian miracle.” Once it 
referred ro the stunning march of East Asia from mud huts to 
skyscrapers in a single generation, but now it seems more a 
reminder of how far and how quickly these countries’ econ- 
omies. currencies and stock markets have tumbled. 

In particular, the transformation of South Korea from 
industrial giant to international pauper raises the question of 
whether the Asian financial flu that began in Thailand in the 
summer and spread throughout Southeast Asia has now begun 
to spread in Northeast Asia. 

South Korea’s plummeting currency and mounting bad 
debts could reverberate through Japan, Hong Kong and China 
and eventually on to the United States and the West. 

Mr. Lim described South Korea's problems as a ’’tem- 
porary funding shortage” but said that international help was 
the best solution. 

Many economists say South Korea has strong funda- 
mentals, and its economy is still growing at an annual rate of 
more than 6 percent — considerably faster than virtually all 
Western economies. South Korea also has strengths such as a 
high savings rate, a passion for education and a reputation for 
a diligent labor force. 

But it has a liquidity crisis, particularly for U.S. dollars, and 


announced Friday night that it had requested an emergency 
credit of S20 billion from the International Monetary Fund. 

“We have decided to seek an IMF bailout." said the 
nation's new finance minister. Lim Chang Yuel. The an- 
nouncement put an end to weeks of denials that a plunging 
currency and deepening debt would force Seoul to seek 
international help. 

Mr. Lim said at a news conference that “we accepted the 
advice from the IMF and our friendly nations and we decided 
to ask for the IMF loans." 

' ‘The size of the Joans will be discussed." he added. "Bur 
the IMF and ourselves think that $20 billion would be enough 
to solve the difficulties.” 

Mr. Lim took over Wednesday as finance minister after the 
abrupt resignation of his predecessor. 

Earlier in the day. the South Korean stock and bond 
markets rallied and the currency, the won. staged its biggest 
onc-day rally ever against the dollar after officials said that 
President Kim Young Sam said lie would address the nation 
Saturday about the country's financial crisis. This was taken 
as a sign the government had decided to swallow its pride and 
seek IMF help. 

The slock exchange composite index rose .vtv2 percent, to 
506.07 points, while the dollar eased 7.7 percent, to 1 .050 
won. 

Mr. Lim said conditions of the assistance, including the 
size and terms of the lending, would tv determined by the IMF 
and the participating countries. An IMF team w ill arrive next 
week to discuss the details. 

In Washington, the IMF’s managing director. Michel Cam- 
dessus. said he welcomed Seoul's request Tor financial as- 
sistance and was sure that a strong program of economic 
reform would be achieved. 

The aid. if approved, would be provided under the IMF's 
emergency financing mechanism, he said. 

Mr. Camdessus said financial stabilization measures an- 
nounced this week by South Korea "provide a good basis to 


See SEOUL, Page 4 


See WON, Page 4 


Asian Storm Soaks Ratings Firms 


By Erik Ipsen 

International Herald Tribune 


NEW YORK — One of the most 
basic and trusted instincts of investors 
— checking the credit ratings of compa- 
nies and countries before investing in 
them — has fallen under suspicion. 

Stung in recent weeks by a string of 
highly rated Asian banks and businesses 
budding under the weight of the re- 
gion’s deepening financial crisis, many 
investors have dismissed the once-cru- 
cial advice of rating concerns such as 
Standard & Poor’s Corp. and Moody’s 
Investors Service Inc. as at best tardy 
and at worst worthless. 

“To put it as diplomatically as I 
can,” said Desmond Lachman, head of 
emerging-markets research at Salomon 
BrothCTS, “the rating agencies have 
really lagged the whole crisis.” 

The decision by Moody’s Friday to 


Credibility Takes a Hit 
Over Slow Reporting 


downgrade to jonk-bond status the 3 
trillion yen ($23.7 billion) debt of Ja- 
pan's fouith-largest brokerage, Yamai- 
chi Securities, was a case in point. Crit- 
ics said the move came only after the 
market had abandoned all hope for Ya- 
maichi's survival, which sent the com- 
pany's shares crashing down by 75 per- 
cent in the last month alone, and only 
hours before reports that the company 
planned to file with the Ministry of 
Finance to cease operations. 

Yamaichi’s “reduced funding avail- 


ability — in combination with an 
already reduced capital base — raises 
questions about the firm’s ability to 
achieve its strategic repositioning, re- 
gain lost market share and to return to 
profitability." Moody’s said. 

Even more striking was the agencies' 
handling of South Korea, once among 
the most highly rated of emerging Asian 
economies and still clinging to the lower 
reaches of an A rating in a system that 
reaches all the way to D and defines 
risky as beginning’ at BB — several 
notches below Seoul's standing. 

Amid reports this week that Seoul was 
so strapped for hard currency that it had 


See RATINGS, Page 4 



$&>w Guidelines but Little Solace for Europe ’s Jobless 


. 


& 






By Barry James 

International Herald Tribune 


LUXEMBOURG — European heads of state and 
T-" vemraent adopted guidelines Friday that for the first 
.me would commit the European Union to a co- 
•« ordinated approach in dealing with unemployment but 
t offered little in cash or concrete proposals to help the 

jobless. . _ 

The European Union s first special summit meeting 
on unemployment approved a document to require 
member countries to convert the guidelines -- (tealing 
with subjects as diverse as taxation and equal nghis for 
women — into national targets, to be reviewed reg- 


fati to live up to the targets they set themselves. 

Chancellor Helmut Kohl of Germany set the tone 
for the conference when he announced: “One thing is 
clear. Concerning public budgets, we will make no 
decisions which require additional funding.” 

The conference therefore came-up with little in the 
way of cash to deal with a crisis that President Jacques 
Chirac of France said was “at the heart of all our 


precceupatT 
The doci 


ions. 


loemnem noted plans of the European In- 
vestment Bank to set aside as much as 1 billion 
European currency units ($1.14 billion) over three 
years to provide venture capita! for small and medjum- 


ularly at future meetings. 

But countries were allowed five years to meet one 
important aspect of the guidelines — job creation or 
uu rung opportunities for long-term unemployed and 
for young people — and appaxentiy will face no 
sanctions other man disapproval by their peers if they 


sized companies. It also approved a planby the Euro- 
pean Parliament to divert 450 


pean 

Busin 


ISO million Ecus to small 
isinesses over a three-year period. 

But in direct cash terms, the EU will spend little 
more over the next three years in combating un- 
employment than it spent last year in subsidizing the 
production of tobacco of such poor quality that it 


cannot be sold within the Union. 

However, officials for the European Investment 
Bank said the 1 billion Ecus in guaranteed funds would 
serve as leverage for as much as 10 billion Ecus in new 
loans from the bank and. 130 partner commercial 
banks, and that this in turn could underpin investments 
of 30 billion Ecus ro support the small and medium- 
sized business that account for two-thirds of all new 
jobs in the Union. • 

The more than 18 million officially listed as un- 
employed in the EU represent only part of the problem. 
Millions more unemployed are not even counted, 
either because they have dropped off the public as- 
sistance rolls or because they have never looked for 
work, and the figure takes no account of the im- 
poverishing effect that unemployment has on the 
dependents of the unemployed. 

Despite ail its limitations, the final document was 


See JOBS, Page 4 


AGENDA 


4-Nation Korean Talks to Open Dec. 9 


NEW YORK (Reuters) — Diplo- 
mats from four countries agreed Fri- 
day dial formal negotiations on a per- 
manent peace on the Korean Peninsula 
will open in Geneva on Dec. 9. A joint 
statement by the delegations from the 
United States. China, North Korea and 
South Korea said the negotiations 


would set out to establish a "peace 
regime for the Korean Peninsula and 
issues concerning tension reduction 
there.” The announcement followed 
more than a year of efforts to arrange 
talks to replace the armistice that has 
been in place since the final hostilities 
of the 1950-53 Korean War. 


The Dollar 


New Yort Friday 0 A P M. prawns dow 


DM 


1.7385 


EUROPE Page 2. 

‘Black Book' Stirs I'p the French 


1.747 


Pound 


1.6933 


1.6882 


Yen 


126.525 


126.03 


5.7885 



+54.46 


7881.07 


7826.61 


S&P 500 


chad's* 


Fnday * A PM previous dose 


+4.12 


963.10 


95B.98 


ASIA/PACIFIC 

Pago 5. 

ftei: 'Free Speech ‘ 

at Long Last 

Book* 

Pane X 



Opinion 

Sports 



Pages 20-21. 

The Intermarket 

Page 10. 

| The IHT on-line 

www.iht.com | 


I 



4 



Strains Showing in Iran 

yps to Liberalization Set (Jj if Clashes 

1 riinlnrnntc and other analysts sa 


ephen Kiuzer 

•ork Times Service 


A series of increas- 

onfrontations that have 
i recent weeks reflect 
m between forces that 
ize Iranian society and 
to keep it conservative. 


FF Lebanon 

FF Morocco 

Qatar..—*— — ttl.00 OR 

£ 

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,FA iCSrT ...,225 Ptas 

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10,00 F 




s 

diplomats and other analysts say. The 
tension was evident Wednesday, when 
policemen used tear gas to disperse a 
crowd of militants who attacked and 
ransacked a religious school in the holy 
city of Qom, 120 kilometers (75 miles) 
south of Tehran. 

They were angry that the school’s 
director had called for curbs on the 
power of the country’s supreme reli- 
gious leader. Ayatollah Sayed Ali 
Khamenei 

The director of the school, Ayatollah. 
Hossem Ali Montazeri, who .was a 
powerful figure during the first years of 
Islamic rale in Iran, had urged that re- 
ligious figures not chosen by popular 
vote should “supervise, not rale* the 
country. 

After the attack, one conservative 
mess commentator asserted that critics 
of Ayatollah Khamenei, who is said to 
represent the will of God and who has 
power over elected officials, had been 
misled and were acting as "agents of a 

See IRAN, Page 4 



U.S.-Iraq Fight Averted, 
Arab Leaders Rest Easier 


By Douglas Jehl 

Sc*' York Tima Service 


KjMi kMnrftMwia 

UN inspectors, with Americans, arriving at an airport in Iraq on Friday. 


CAIRO —Arab leaders and diplomats 
have expressed satisfaction and relief 
over the agreement that appears to avert 
the threat of a military confrontation be- 
tween the United States and Iraq. 

There remains little affection for Pres- 
ident Saddam Hussein of Iraq among 
fellow Arab leaders. But with sentiment 
on the street running sharply against the 
United States, even Arab governments 
that sided against Iraq in the Gulf War 
had made it plain that military action 
would have only complicated matters in 
an already troubled region. 

For that reason, reactions to the res- 
olution of the srandoff were akin to 
sighs of deep relief. The United Na- 
tions' arms inspectors, including Amer- 
icans, arrived back in Iraq on Friday, 
President Hosni Mubarak of Egypt 
said he believed that the U.S. decision 
was motivated in large pan by a re- 


cognition that "the Arab people were 
not ready" for American use of force. 

**{ saw the situation as very sen- 
sitive, ’ ’ he said in a television interview. 
"We were afraid that the United States 
and other forces were going to launch 
attacks on Iraq and people were going to 
lose lives.” 


Russian role a balancing act in 
foreign policy. • Playing hide-and- 
seek with 25 warheads. Page 7. 

. The reason for that concern — and 
the relief — is the view that U.S. mil- 
itary strikes against Iraq would hai 
presented Arab governments 
nightmarish choice. 

By standing once again wifo- 
mgton, they would have risked af* 
among their citizens who"' 

United States favors Israel j 


See IRAQ, 












PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 22-23, 1997 


French Readers Snap Up 
Book on Marxist Murder 


BRIEFLY 


Communism’s ‘Black Book’ Stirs Debate 


By Alan Riding 

New York Tunes Service 


PAJRJfS — la a good many countries, 
an 846-page history of fee crimes of 
communism would, head straight for 
university libraries. 

In France, “The Black Book of Com- 
munism/^ ' as it is called, has gone to the 
top of the nonfiction best-seller list, with 
sales fueled by heated debate in Par- 
liament and the news media and by 
squabbling among its authors over how 
its material should be interpreted. 

French interest in such a topic may at 
first seem puzzling. Ihe book, written 
by six historians and three years in prep- 
aration, details how from 85 million to 
100 million people came to die at fee 
hands of Communist regimes in the 
Soviet Union, China, Cambodia and 
elsewhere. Bot France was not a victim 
of Communist crimes, and the French 
Communist Party merits only passing 
mendon. 

Yet the book’s success — the $35 
soft-cover edition has sold 50,000 cop- 
ies since its publication on Nov. 8, the 
80th anniversary of the start of the Rus- 
sian Revolution — says much abont 
how the past continues to haunt French 
society, now much Marxist discourse 
infiltrated intellectual life here, how old 
ideological battles are still being re- 
fought on today’s stage. 

The first shot was fired last week 
when fee center-right opposition Union 
of French Democracy tried to use the 
book to embarrass Prime Minister Li- 
onel Jospin, whose Socialist-led coali- 
tion government has the French Com- 
munist Party as its junior partner and 
includes three Communist ministers in 
the cabinet 

What was he going to do, Mr. Jospin 
was asked in Parliament, about a polit- 
ical ally associated with murderous re- 
gimes? 


The prime minister was visibly ir- 
ritated. 

“Even though it did not distance it- 
self soon enough from Stalinism,” he 
responded sharply, “the Communist 
Party has learned fee lessons of history; 
it is represented in my government, and 
I am proud of this. The French Com- 
munist Party formed part of fee cartel of 
the left in the Popular Front, in fee 
Resistance, in fee tripartite government 
1 formed in 1945, and it has never tried to 
restrict freedom." 

Wife fee assembly chamber in an 
uproar, fee leader of fee Union of 
French Democracy, Francois Bayrou, 
led a walkout of his fellow deputies, 
saying hewas “stunned” feat fee prime 
minister had expressed "not a word of 
consideration or pity* ’ for the victims of 
communism. 

Members of fee Gaullist Rally for fee 
Republic did not follow: General de 
Gaulle had included Communists in his 
first post-liberation government 

The French Communist Party, 
though, was not off the hook. After the 
death on Sunday of Georges Marchais, 
party leader from 1972 to 1994, its own 
dark past of subservience to Moscow 
was extensively revisited in the press 
this week. Eager to present today’s 
Co mmunis ts as somehow different fee 


new party leader, Robert Hue, cooceded 
feepai 


feat 


i party was “20 years too late” in 
wedging, ii 


Drug to Prevent 
Bone Thinning 
Gets Boost in U.S. 


The Associated Press 

BETHESDA, Maryland — 
Women with thinning bones who 
do not want to try estrogen .may 
soon get a new option; a drug that 
promises to mimic estrogen’s 
bone-saving effects without in- 
creasing the risk of breast cancer. 

Advisers to the U.S. Food and 
Drug Administration recommen- 
ded approval of Eli Lilly’s ralox- 
ifene as a way to. prevent osteo- 
porosis in postmenopausal women. 

But fee long-awaited drug does 
not pro tea bones as well as- es- 
trogen does, fee advisers cautioned 
before fee 8-to-4 vote Thursday. 

“I’d like to refer to it as ‘es- 
trogen light,’ ” said Glenn Braun- 
stein of Cedars-Sinai Medical Cen- 
ter in Los Angeles. 

Still, doctors said feat women 
afraid of estrogen — because long- 
term use can increase fee risk of 
breast cancer or because they do not 
like that it brings back their men- 
strual period — needed another op- 
tion. 

“I don’t think anybody thinks 
raloxifene is going to replace es- 
trogen,” said Ethel Siris of 
Columbia University, adding, 
“But it’s a lovely option." 

The Food and Drug Adminis- 
tration is not bound by the panel's 
advice but usually follows it 

Ten million women in fee United 
States have osteoporosis, and mil- 
lions more over age 50 have thin- 
ning bones that put them at risk of 
the disease. Every year, 300,000 of 
them break hips, and 700.000 frac- 
ture vertebrae. 


acknowledging, in 1 976, fee excesses of 
Stalinism. 

Yet while most of the book is a result 
of lengthy research, some of it in newly 
opened Soviet archives, about torture, 
imprisonment, murders, massacres and 
famines associated with Comm unis t re- 
gimes. much of the controversy here has 
focused on fee book’s introduction and 
conclusion, both written by Stephane 
Counois. who also coordinated the proj- 
ect 

Mr. Courtois, who was briefly a 
Maoist in his youth, argued that terror 
was intrinsic to — and not just an in- 
strument of , — communism, a point 
challenged by non-Communists and 
other leftists. Two of Mr. Courtois’s 
fellow authors even threatened ro with- 


draw from the project if fee book’s 
original title, "The Book of Communist 


Crimes.” were maintained. 

Mr. Courtois also came close to 
equating communism and Nazism, an 
interpretation feat even Mr. Jospin 
questioned. “Nazism is an intrinsically 
perverse doctrine that assumed its anti- 
Semitism and proclaimed fee inequality 
of races,” Mr. Jospin said in his remarks 
in Parliament. 

Responding to his Critics. Mr. Cour- 
tois said that, even before Stalin’s reign 
of terror, Lenin instituted "permanent 
civil war” as his mode of government. 

On the similarities between Nazism 
and communism, Mr. Courtois said there 
were differences, yet they had much in 
common; a- single party, a single ide- 
ology, total domination of fee govern- 
ment by the party, a cult of fee leader and 
mass terror. Where they were different, 
the historian said, was feat Nazism was 
based on a racist ideology that became 
"exterminationist,” while communism 
was based tin class warfare. 

Mr. Courtois said fee book was im- 
portant because, while extensive re- 
search had been done on the crimes of 
Nazi Germany, no comprehensive aca- 
demic study had until now been devoted 
to the crimes of communism. 

He said this was because of fee Soviet 
Union's role as an ally in World War II, 
fee fact that many Communist crimes 
were long hidden and, not least in 
France, because of "a fondness for fee 
idea of revolution' ’ in many intellectual 
circles. 



fbnka Cokme/Bnom 

The Bosnian Serb president, Biljana Plavsic, reviewing police Friday in Banja Luka on the eve of elections. 


Weapons Destruction 
Completed in Bosnia 


VIENNA — Rival forces in Bosnia- 
Herzegovina have completed arms re- 
ductions agreed to last year by de- 
stroying close to 6,600 pieces of 
weaponry, a senior Western arms ne- 
gotiator said Friday. 

“This should be considered a mile- 
stone in the peace process, and all 
parties should be recognized for com- 
ing this far.” said General Vigleik 
Eide of fee Organization for Security 
and Cooperation in Europe. General 
Eide. a Norwegian, was at the or- 
ganization’s headquarters in Vienna to 
report on the implementation of fee 
aims control deal. It was signed in 
Florence in June 1996 by the Bosnian 
Serbs, the Muslim-Croat Federation, 
Croatia and Yugoslavia. . 

Die reductions include more than 
700 battle tanks and 80 armored com- 
bat vehicles, close to 60 combat air- 
craft and more than 5.700 pieces of 
artillery. (Reuters) 


three parts. Serbs, who control 49 per- 
cent of the country, vote in interna- 
tionally monitored elections Saturday 
and Sunday for their 83-seat Parlia- 
ment 

The contest is between a faction 
loyal to fee war crimes susj 
Radovan Karadzic and one led by r 
ident Biljana Plavsic. Die two halves 
of fee Serb-held territory are connected 
only by a small corridor, and neither 
side is' able to impose its will on fee 
other. In the end, fee election is likely 
to drive them farther apart (AP) 


talks wife Prime Minis ter Tony Blair 
abont the possibility of defecting to the 
Labour Party. ’ ( Reuters ) 


Polish Police Freed 


Tory Dissident Quits 


LONDON — Britain’s opposition 
Conservatives, reeling from two dis- 
astrous by-election results, plunged 
into a new quarrel over Europe on 
Friday as a top pro-Brussels lawmaker 


resigned from fee party. 

-Montis 


Peter Temple-Morris quit after fee 
‘ r. Willis “ 


Bosnian Serbs Vote 


SARAJEVO, Bosnia-Heizegovina 
— A peace agreement signed two 
years ago seeks to create a single coun- 
try out of Bosnia's two wartime foes. 
But an election this weekend may, in 
effect, divide Bosnia even further, into 


party leader. William Hague, expelled 
him from the parliamentary party for 
disloyalty. 

Mr. Hague's move was swiftly con- 
demned by former Deputy Prime Min- 
ister Michael Heseltine, who opened 
up old sores by going on television to 
denounce it as "unwise and unne- 
cessary.” Mr. Heseltine has been a 
bitter critic of Mr. Hague’s strong op- 
position to early British membership 
of the single European currency. 

It was this same issue feat prompted 
Mr. Temple-Morris last month to have 


WARSAW — A provincial court 
acquitted 22 former riot policemen 
Friday of charges of lriuing nine 
miners, fee first fatalities of fee 1981 
Communist martial-law crackdown 
against Solidarity. 

About 100 people packing the 
courtroom in fee southern industrial 
city of Katowice let but shouts of 
“Shame! Shame!” when Chief 
Justice Ewa Kmkowska read fee ver- 
dict in the largest prosecution related 
to deaths under martial law. 

Judge Krokowska said fee evidence, 
was inadequate to prove fee defen- 
dants’ guilt. Lech Walesa, fee Soli- 
darity founder, called fee verdict 
"scandalous." (AP) 


For tiie Record 


A Genoa court on Friday acquit- 
T, Lou- 


ted a Greek Cypriot shipowner, 
cas Haji-Ioannou, and his son Stehos of 
all charges over the 1991 supertanker 
explosion feat killed six crewmen and 
caused one of the Mediterranean's 
worst ecological disasters. The ship 
spilled 14,000 tons of oil info fee sea, 
fouling beaches along fee ftench and 
Italian Rivieras. . (Reuters) 


Nations Pledge 
$37 Million 
To Seal Tomb 
At Chernobyl 


Reuters 

NEW YORK — Dozens of countries 
have pledged an additional $37 million 
toward rebuilding fee rapidly deteri- , 
orating concrete tomb of a Chernobyl ■ 
nuclear reactor, scene of the world’s ; 
worst nuclear accident in 1986. 

The explosion and fire spread ra- j 
dioactive fallout across the Northerly 
Hemisphere wife consequences still b&3 
mg felt more than 1 1 years later. i 
‘ Officials said the money raised at $ 
conference in New York on Thursdaj 
would enable work to begin immedf 
ately on die sarcophagus built in 
after the accident on April 26, 1986. 

“La us, fee community of 
begin a new journey, a historic journejj 
for a more secure and sale future fc 
Chernobyl,” Vice President A1 
said in a speech to delegates from : 
than 40- countries. 

Twelve countries, fee Group of Safe 
en industrialized nations and fee Eprcg 
pean Community have pledged close ti 
naif of fee estimated $760 million cow; 
of the reconstruction plan, which cool' 
sists of 22 technically complex and po|j 
tentially hazardous projects. p 

A videotape presentation reminded 
delegates of fee horrors of the explosior] 
at Chernobyl's No. 4 reactor that killer- 
31 people, injured hundreds and forced 
fee evacuation of thousands who liver 
near the nuclear plant in Ukraine, whicL 
was then part of the Soviet Union. \ 

President Leonid Kuchma of Ukraine; 
said the disaster remain ed “a parti c 
ulariy poignant and painful issue" fo'j 
his country. rj 

“Die people of Ukraine paid a heav. 
price for the actions of Soviet author 9 , 
ities, taken without accounting for t&“. 

np ininns nr concerns of Ukr ainians ,” ht 

said. 

Russia was absent from fee list of 
donors. Ukraine, which intends to per- . 
manently close fee remaining opera- • 
tional units of the Chernobyl plant by 
2000. is contributing $150 million. 


TRAVEL UPDATE 


British Library to Open 


LONDON (AFP)— The New Brit* 
Library, dubbed "Die Great BritL 1 ' 
Disaster” by its many detractors, ope) 


Monday, 30 years after fee projj. 


began and at a cost of £51 1 million. ' 
Die massive red brick building, next- 
Saint Pancras station in north Londo: 


was designed by a Cambridge archite^. 
•, Colir 


ANC Calls Winnie Mandela a ‘Charlatan’ 


tore professor, Colin Saint John Wilso. 
The government requested fee design 
1962, but construction did not begin iv 
20 years later and then was inter*' 
several times because of a lack o** 
ing. 


By Lynne Duke 

Washington Post Service 


l Parly Backs Jospin 


The French Socialist Party opened its 
first congress Friday since winning last 
June's snap election voicing full support 
for Prime Minister Lionel Jospin ahead 
of ballot battles to come. Reuters re- 
ported from Brest The congress vowed 
to look ahead to regional elections in 
March 1998. 


JOHANNESBURG — An extraor- 
dinarily bitter and unusually public war 
of words has broken out within South 
Africa’s governing African National 
Congress, with the party issuing a 
broadside against Winnie Madikizela- 
Mandela. calling the former wife of 
President Nelson Mandela a politically 
wayward "charlatan." 

Die fracas, which started this week 
when Mrs. Madikizela-Mandela ac- 
cused fee party of "Winniephobia,” 
comes as her status in fee ANC and in a 
society feat once called her "mother of 
fee nation” is being assailed on two 
fronts. 

Party leaders are trying to thwart Mrs. 
Madiklzela-Mandela’s run for the ANC 
deputy presidency, a race that will be 
decided in a party vote next month. 

At the same time, she is under fee 
spotlight of fee nation's Truth and Re- 
conciliation Commission. She is to ap- 
pear before the commission next week 
to answer questions about a series of 


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WORLD 




murders committed by her bodyguard 
entourage — euphemistically known as 
a ' ‘football club” — during the latter 
years of fee fight against white-minority 
rule, which ended in 1994 wife fee 
nation’s first all-races election. 

In a full-page interview published 
Monday in the Star newspaper here, 
Mrs. Madikizela-Mandela took fee 
party to task for the high level of crime, 
saying: "The ANC is seemingly not in 
control. The criminals are in control.” 

She assailed the party for its slow 
delivery of housing for the poor and for 
straying from its mandate as fee leader of 
fee fight against fee apartheid system. 

On Thursday, Sport Minister Steve 
Tshwete, a member of the ANC’s ex- 
ecutive body, shot back in his own full- 
page critique, saying Mrs. Madikizela- 
Mandela was behaving like someone on 
her way out of fee party. 

He characterized her contribution to 
ANC policy development as "silence, 
silence and more silence” and said her 
dismissal from her post as a deputy 
minister in her former husband’s gov- 
ernment in 1995 showed she “does not 
respect rules and regulations." 


She "tends to believe that everyone is 
against her and therefore resorts to 
strange behavior to attract attention. In- 
deed, it is fee political waywardness of a 
charlatan." 


Only one of _11 reading rooj 
"ibraiy, wlP 


open Monday. The library 

* " " ioi 


■ Mr. Mandela Is Skeptical 

Mr. Mandela said Friday feat he 
doubted that a man who has accused his 
former wife of murder would dare re- 
turn to South Africa for a major public 
bearing into the case next week, Reuters 

^Catiza Cebekhuln is a key witness at 
fee Truth and Reconciliation Commis- 
sion *s hearings into fee activities of Mrs. 
Mandela's entourage in fee 1980s. , 

In a new book, fee former member of 
the feared club who has been Jiving in 
hiding abroad says he saw Mrs. Man- 
dela stabbing a teenage activist, Stom- 
pie Moekhetsi Sejpei, who was later 
round de ad . 

“I do not think fee so-called main 
witness will have the courage to come 
down here, because he is fee most vul- 
nerable witness feat you can find any- 
where in fee world," Mr. Mandela said 
after a question. He did not elaborate. 


hold about 10 million books, wii 
fully functional until 1999. It noi 
much of the collection of the old r 
Library, housed within the Brit& V 
seum since 1857. -r i 

At one point, a national audit * 
inspection found 230.000 
faults. A National Heritage cor; 
of Parliament described fee nc 
as "fee ugliest building in fee 1 

The Federal Aviation Admii 
tion said it had awarded Lockhec^ 
tin Corp. a four-year, $350 mill & 
tract to assist in modernization r 
U.S. air traffic control system. . ; 


Corrections 


Some editions Friday canT 
correct exchange rate for t f 
franc on Page 1. Die corret 
5.8285 francs to fee dollar. 


The market index chart on- 
some editions Thursday car 
mation from Tuesday, not W 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 22-23, 1997 


PAGE 3 


Army Chief Defends Choices for Arlington Burial 


By Don Van NattaJr. • 

YorL r <^i Scn-icr • 

Tog^WeS^J^ha^ H~f Tfe secrelai y of *e army. 

Amends spktid *** de ? ision 10 2”“* 58 

lineton bfatinivri n pemuss,on to be boned at Ar- 
waf nw awSi?n? eteiy * that the high honor 

hrirfin* Thursday at a Pentagon press 

W l SI insisted he and SsoSSw 
tned to find out the past cammior. n fth» 


“wr^M^r “ auo 7 ea national cemetery. 

»e w ‘ decictal,- he said, “and 

Cnn^/wii? 6 stra ^8ht day. Republicans on 

BiU Oiintn C£ H ,ed ^ or ex Pl®nalions from President 
aI™ “ d n , ew inquiries to determine whether 
hUU3i P ,ots had h«n equated with Lincoln 
Bedroom overnights and coffees at the White House. 


For example. Republicans on a House panel in- 
vestigating the issue said they were concerned that Mr. 
West had grained the family permission to buy M. 
Larry Lawrence, who was the ambassador to Switzer- 
land and a personal friend of Mr. Clinton’s, at Ar- 
lington. Mr. Lawrence, a veteran of World War II in 
the U.S. Merchant Marine, died in 1 996. He was 69. 

A generous supporter of Mr. Clinton who con- 
tributed nearly $200,000 to the Democrats in 1992, 
Mr. Lawrence owned the landmark Hotel Del Coron- 
ado in San Diego. In his own words, be raised “mil- 
lions and millions” for Mr. Clinton and the Demo- 
cratic Party over the years. His widow, Shelia, donated 
$50,000 to the Democratic National Committee in 
October 1996, federal records indicate. 

”1 am deeply disheartened and appalled at such an 
unfair, politically motivated accusation against my 
husband,” Mis. Lawrence said through a family 
spokesman. “He was a World War U veteran in 
addition to being an ambassador.” 

Republican investigators said they were trying to 


determine whether Mr. Clinton or Democratic Party 
officials had pressed the army to grant a waiver ro the 
strict eligibility ivies in Mr. Lawrence’s case. 

White House officials denied that assertion, saying 
a State Department official had requested the honor for 
Mr. Lawrence and die request had not been opposed by 
the Arlington superintendent 
Mr. Lawrence was injured at sea on March 29, 1945, 
when the Liberty ship Horasce Bushnell. laden with 
war supplies, was torpedoed by a German submarine 
in the Arctic. “He was thrown overboard and suffered 
a serious head injury,” said Lanny Davis, the White 
House special counsel. “Had he been in the navy and 
the same incident would have occurred, he would have 
received a Purple Heart” 

The standards far Arlington are high because there is 
limited space. Only the president and secretary of army 
can grant exceptions to the eligibility rules. Burial at 
Arlington is restricted to men and women who have 
served in the armed forces and been decorated with a 
minimum of a Purple Heart or Silver Star. 



POLITICAL N 


New Law Speeds Up 
Approval of Drugs 

WASHINGTON — President Bill 
Clinton signed legislation Friday giv- 
ing the Food and Drug Administra- 
tion important new authority to speed 
the approval of new drugs and med- 
ical devices in the battle a gatn^r gnch 
diseases as cancer and AIDS. 

■ ‘ ‘The FDA has always set the gold 
standard for protecting the public 
safety,” Mr. Clinton said in a cer- 
emony in the Old Executive Office 
Building. “Today, it wins the gold 
medal for leading the way into die 
ftiture.” 

A hard-fought compromise, the 
FDA Modernization Act of 1977, was 
a major congressional accomplish- 
ment even though it took three years 
to woik out its terras. 

"This legislation, 1 think, is very 
important because we’re maintaining 
and redefining the public interest at a 
time when there axe new challenges in 
food safety and when we have new 
possibilities in medicine and medical 
devices," the president said. 

Mr. Clinton said the new law lets 
the federal agency continue working 
with the medical and business com- 
munities to get new drugs and devices 
approved far earlier than before. 

.* ‘And we will offer hope to critically 
ill Americans by extending access to 
drugs and devices whose approval is 
still pending,” he said. “For many 
people, experimental treatment repre- 
sents the best and perhaps the only 
chance of recovery. ” (AP) 


/V O' ; t b 


No-Show Tapes 

WASHINGTON — Asserting the 
authority of the executive branch of 
the government, the White House has 
withheld videotapes of 43 events at- 
tended by President Clinton that had 
been sought by congressional inves- 
tigators. bat turned over times of 24 
other fund-raising and political af- 
fairs. 

The White House special counsel, 
Lanny Davis, said Thursday that the 
administration was still cooperating 
with Senate and House panels in- 
vestigating campaign financ e abuses. 
But, he said, some of the tapes are not 
relevant to the investigations. 

“As a matter of the constitutional . 
notion of separation of powers, there 
has to be some reasonable limits on 
the process,” Mr. Davis said. 

Most of the 40 hours of tapes re- 
leased Thursday showed the president 
at fund-raising receptions at hotels in 
Washington, giving variations of his 
standard stump speech. Republican in- 
vestigators who spent most of the day 
scouring the tapes , reported that they 
had found nothing sijpiificant. (NYT) 

Quote/Unquote 

The House speaker Newt Gingrich, 
Republican of Georgia, chastising 
Mr. Clinton for not indnding con- 
servative voices in his attempt to start 
a national dialogue on race relations: 
“When did your call for a dialogue 
become' a monologue? Is your panel 
interested in educating our citizens — 
or indoctrinating them?” (WP) 


No Affirmative Action Test 

Settlement Keeps N.J. Case Out of High Court 

The Associated Press action might be very badly damaged if 

’ PISCATAWAY, New Jersey — Us- the Supreme Court had decided the 


’ PISCATAWAY, New Jersey — Us- 
ing money from civil ri°hts group, a' 
New Jersey school board has agreed to a 
surprise out-of-court settlement of an 
affirmative action dispute that was ex- 
pected to yield one of the most im- 
portant Supreme Court rulings on the 
issue in years. 

Civil rights advocates feared the rul- 
ing by the highest couit could have 
mftanr a dramatic reduction in the wide- 
spread use of racial and sex-based pref- 
erences in the workplace. The court has 
grown increasing hostile in recent years 
to race-based policies no matter how 
benign their intent. 

The Piscataway school board agreed, 
5 to 3. late Thursday to pay Sharon 
Taxman, a white business teacher, 
$433,500 after the Black Leadership 
Forum said it wouldpay 70 percent of 
the settlement, Mrs. Taxman’s attorney, 
Steven Klausner, said Friday. 

Mr. Klausner said he and David Ru- 
bin. a school board lawyer, would sub- 
mit a brief to the Supreme Court in a few 
days asking the court to drop its con- 
sideration of the case. 

School board members said the 
money from the Black Leadership For- 
um, a confederation of civil rights or- 
ganizations, persuaded them to drop 
their case. The Supreme Court was 
scheduled to hear arguments Jan. 14 and 
issue a ruling by July. 

If is highly unusual for groups not 
party to the case being considered by the 
Supreme Court to help finance an out- 
of-court settlement “It's obvious to me 
that they were afraid that affirmative 


case,” Mr. Klausner said. 

Mr. Rubin said civil rights groups 
feared “an adverse ruling in this case 
could gut the infrastructure of affirm- 
ative action across the country." 





J.’mflun Hl)*anL'Thr touacil Pld\ 

POSTAL STRIKE — Workers picketing the main Canada Post office 
in Ottawa during a strike by 45,000 mail workers to protest cost- 
cutting measures. Their union said an agreement was within reach. 


A Graphic Portrait of the Suspect 

In 2d Oklahoma Bomb Trial, a Great-Grandmother Is a Key Witness 


By Tom Kenworthy 

Washington Pmr Service 

DENVER — She is a 75-year-old great- 
grandmother. a farm wife for the past 57 years 
with a big burst of white hair, whose idea of 
excitement is to meet her cousin Geraldine on 
Fridays, get her hair done and “hoot and 
holler" at a small town coffee shop. 

In a federal courthouse here. Gladys Wendt 
of White City, Kansas, may have dealt a dam- 
aging blow to the hopes of exoneration of Terry 
Nichols, a suspect in the Oklahoma City bomb- 
ing on April 19. 1995. that killed 168 people. 

She was on the stand Thursday for less than 
IS minutes, but in that time Mrs. Wendt 
painted for the jury a graphic portrait of Mr. 
Nichols furiously scattering fertilizer on his 
lawn in Herington, Kansas, just 48 hours after 
the bombing. 

Within a few hours, a squad of FBI agents 
flooded into town ro corral a man known to be 
an associate of Timothy McVeigh’s. Mr. Mc- 
Veigh was then the prime suspect in the 
terrible explosion caused by a 4.000-pound 
( 1 .800- kilogram) fertilizer and fuel-oil bomb. 


Away From 
Politics 

He was later convicted and sentenced to • A federal judge has gran- 
death. ted a 45-day suspension of 

“He had a half-gallon clear plastic con- fee Teamsters election sched- 
tainer. He was holding it in his arm and reach- ule to allow an investigation 
ing in and just sweesh! all over like he was of charges of improper fund- 
broadcasting grain," Mrs. Wendt said, dc- raising against James Hoff a, 
scribing her view of Mr. Nichols as she pulled the challenger to Ron Carey, 
up in her car in front of her cousin’s house who has been banned from 
across the street from Mr. Nichols’s home. running again. Nominations 
It will be weeks before anyone knows what were due Dee. 5. (AP) 
the jury thought of her, but for government 

prosecutors, Mrs. Wendt was a dream come ■ Earlier testing and drug 
Due: a Norman Rockwell country matron treatment helped reduce the 
describing Mr. Nichols frantical ly getting rid number of American children 
of evidence in the bombing of the Alfred P. contracting AIDS from their 
Murrah Federal Building. mothers at birth by 43 percent 

Later that day, a team of FBI agents — from 905 to 516 — the 
swooped into Herington and questioned Mr. government said. (API 
Nichols for more than nine hours at the local 

police station. * More than a year after its 

An FBI agent, Steve Smith, described that first report cited the lack of 
interview for the jury' on Thursday, char- qualified teachers, a commis- 
acterizing Mr. Nichols as cooperative, but sion reported that 14 states 
edgy about the government, questioning- the had enacted laws to improve 
agents on why his name was mentioned on the quality and training of in- 
radio and television. structors. (AP) 


■ Earlier testing and drug 
treatment helped reduce the 
number of American children 
contracting AIDS from their 
mothers at birth by 43 percent 


• More than a year after its 
first report cited the lack of 
qualified teachers, a commis- 
sion reported that 14 states 


BOOKS 




W/\) 


,r ! BOB THE GAMBLER 

By Frederick Barthelme. 213 
pages. $23. Houghton Mifflin. 

- : $23. 

Reviewed by 
• Richard Bernstein 

L IKE other recent novels 
by Frederick Barthelme, 
“Bob the Gambler” is a kind 
of literary pop art The char- 
acters are smart and verbally 
lively, but they are also boor- 
geois cynics occupying the 
’ ^ lower rungs of professional 
life and deeply absorbed in 
1 lowbrow materialism, the 

■ campy culture of television 
and malls. 

* Boredom is a big problem 
l for them, but it is not what die 
^ existentialists might have 

called authentic boredom, the 
despair at the universe’s in- 
herent lack of meaning. It is 
more the boredom of narrow 
* horizons. 

Barthelme has been much 


praised for his evocation of 
characters of charming indi- 
vidualism hying within this 
schlocky. tightly bordered 
landscape of the Gulf Coast, 
and there is no doubt that his 
ear for a kind of sleepy; lac- 
onic chatter is absolutely per- 
fect. He is the master of a kind 
of rueful, irony-laden dialogue 
(hat gives his woeful charac- 
ters the charm of their self- 
deprecation and the dignity of 
cool and good-humored resig- 
nation to their woefhlness. 

Reading “Bob the Gam- 
bia-,” in other wads, has its 
rewards, but they are modest 
ones, as modest as the lives of 
the story’s inhabitants. His 
new book seems not only a bit 
familiar by now, it beaus the 
limitations of its not-voy- 
mighty themes. 

Barthelme gets off to a 
quick start as his narrator, an 
out-of-work architect named 
Ray Kaiser, declares his ap- 
preciation for the relaxed 


seediness of his home in 
Biloxi, “the decay, fee tilings 
falling apart,” as well as “fee 
skeletons of abandoned ho- 
tels. the trashy warehouses 
and tiie rundown piers jutting 
out into fee dirty water.” Ray, 
in other words, prefers an au- 
thentic stale of deterioration 
to the gaudy renewal that 
came to BUoxi when “a 
dozen cartoon casinos,” 
making Biloxi look like “an 
outlet mail version of Las Ve- 
gas,” sprouted on the coasL 
Quickly, within a page or 
two, Barthelme sets up fee 
novel's small-bore aesthetic: 
He introduces Ray, his wife. 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors wortt-wkie invited ■ 
Write or sandyour manuscript to > 
MINERVA PRESS 
20LDBn0UPTCNRD.L0M)0NSW73DO 


Jewel, her 14-year-old daugh- 
ter, RV, and their dog, named 
Frank, soon to be followed by 
fee last of the maio figures in 
this story, Ray’s lonely, sit- 
com-addicted mother. 

, In his lovingly detailed fo- 
cus on American life in fee 
fast-food lane, .Barthelme 
achieves a kind of updated 
American Gothic: amnsing, 
comforting as a warm bath, but 
also leaving one wishing that 
just a bit more might happen. 

New York Times Service 


AUTHORS 

PUBLISH in ’98 

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CROSSROADS INTERNATIONAL 
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Evangelical Sunday Service 10:00 
am & 1i:30 a.m J Kids wacome. pe 
Cuserstraat 3. S. Amsterdam Info. 
020-641 881 2 or 020-6451 653. 
FRANKFURT 

English Speaking International 
Catholic Parish, St Leonhard, Ally 
Mainzar Gasse B. 6031 1 FranWurt. 
Germany, TeVFax 069-2631 77^M ass 
schedule: Saturday 5 p.m- Sunday: 10 
am Ccrtesslcns: 1C hour before Mass. 
FKANCE/TOULOUSE 

HOPE INTERNATIONAL CHURCH 

I Evangelical). 4. bd do Ptorac. Coio- 
mier. Sunday service 6:30 pjn. 
05627411 S5. 

FRENCH RIVIERA/ COTE D’AZUR 
NICE: Holy Trinity (Anglican). 11 rue 
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PARIS and SUBURBS 
EMMANUEL BAPTIST pHURCH - 
36. rue das Sons- Raisins. 92500 
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1 1:00 a.m.Sunday School. Forlmo 

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Njp7!toww.gBoa^^ 

HOPE INTERNA TIONALCHUHCH 

Hoff* Orton al 

Noilly- Worship 

Pf-n fas fJSkv. Pastor. Tj 01 433304 oe 
Mkm 1 to la Defense Espfenwte. 

SAINT JOSEPH'S CHURCH (Rp™] 
CahrfcJ. MASS N ENGLISH: Sa^Opf 1 ’ 
Sun.: 9-45 a.m.. 1 TfeL 

6.30 pm. 50, wenua Hade. 

01 4227 2B 55 Meta Chart»®Gafc_ate 

reugktos SOCIETY OF FRIENDS 
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meeting £ 

Certm Qfflker imematonal. 
da VaugtanL 75006 Pane. Al Welcome. 
*33 01 45 48 74 23. 

TOKYO 

micro UMGN 

SutvavSe-TeL 

artsy - sa> S 11«> UO, ss a 9:45 am 

SWITZERLAND 

s#ssl SSSSS 

MUteie Swsse 13, 0+4056 


ZURICH- SWITZERLAND 
ENGLISH-SPEAKING CATHOLIC 
HISS!0 Ul Anfa-Hl r*hnrMl 

Minerv 

ar30 a.m. & 11:30 am 
tritfie aypt ot SL Aniai Church. 

| UNITARIAN IflSBVHtSAUST 1 
PARIS 

wf hejeept Of 
ARJAN UMVERSALtST 

OF PARS. TherksqMng 

service on Nowmtor 23, 12 ooon Foyer 
de FAme. 7 his, ru e duPa stey Wagrer. 
Psris 11‘. Metro Bastfe. W3h Jennifer 
GHbert, vteiting vtoUmst Afl welcome. 
(PlMse bring ^-^shahle foodta 

WAS51NAAR/THE HAGUE 
THE NETHERLANDS UNITARIAN 

AS ess wekxmei NorKtonmatc reigous 


THE EPISCOPAL OWRQC 
OF EUROPE (Angfcon) 

PARIS and SUBURBS 
TOE A1EBCAN CATHEDRAL OF THE 

kSYTWnTsun. 9 & 11am. 

Meta GecrgeV or Manama 
FLORENCE 

ft 11 am Rhe IL Via Benmo humm 
50123, Hnenca taly.TeL3QS62944 17. 

FRANKFURT 

r-HimCH OF CHRIST THE KING 

EMMANUEL CHURCH J* 6 W&n- 

-S: 41422 732 » 78. 

^ MUNICH 

l^sSod. 


Tel: 4089 64 81 




Sul 
. _ am 
... .030 a-m. 


84 Rom*. TeL 396 488 
or awb 474 3666. 

BRUSSELS/WATERLOO 
ALL SAMIS’ CHURCH, 1st Sun. 9 & 
11:15 am HoN Eucharist with Cttkfeerfs 
CtopQl at 1 1:15. Al other Sunday*: 1 1:15 
am Holy Eucharist and Sunday ScricoL 
563'Chauasde da Louvain, Ohain, 
Bettm. TaL 32/2 384055&. 

WIESBADEN 

TOE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 am. 
Famfly Eucharist Frankfurter Sfrasse 
3, Wiesbaden, Germany. Tel.: 
48151 L3Q56.74. 

EUROPEAN 

BAPTIST C0NVB4T10N 

. BERLIN 

ULC., BERLIN. Rothenbura Sir. 13. 
{Stegfltz). Sunday, BWfl study 10,45, 
worship Service 12.00 noon. Charles 
Watford, pastor. TeL 030-774-4670. 

BRATISLAVA - SLOVAKIA 
LB.C., The hiventa, Karioveska 64, 
Auditorium 104B. Worship Sun. 1006 
TeL (07)715367 

BREMEN 

I AC, Hohantohesto HUM W W flBaeStr. 
Worship Sun. 1700, Pastor telephone: 
0421-78 64& 

BUCHAREST 

cS*pSrMSl<£rS,TO.3i2^ro 

BUDAPEST 

LB.C., meets at Modes Zsigmond 
Glmnazhim, Tomtoms ut 48-54, Sun. 
lOflaTflt 2500932- 

BULGAR1A 

IBjCq World Trade Comer, 36. Drahan 
Tzankov Btvd. Worship nm James 
Me, Pastor. TeL S7i -5iaa 
DARMSTADT - GERMANY 
I.B.C., Wllhelm-Lsuschner Str. 104, 
DamtsetCfrGffestntai, Btoia Study Sun. 
IBCa TeL (0611)941-0905. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHIP, Ev.-FreAnJAiie Gemetnde, 
SorfefBS*. 11-18, 83150 Bad Hcnfcun. 
Sunday Worship. Nursery & SS: 
1120 AM. Mid-week rnWstrfes, Pastor 
MLeuey- Ctfsac 0ffi7S€Z72S. 
BETHEL LB.C. Am Dacheberg 92 
(&KfahX Wor^A) Sun. 11:00 am and 
feoOpjTLTel: 060648558. 


HOLLAND 

TFUNHY MTERNAT10NAL invies you to 
a Christ centered felowshlp. Services 
SCO and 1030 am Btoemcampiaan 54, 
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NICE - FRANCE 

LB.C. 13 rue Vernier, English 
service. Sunday evening 18:30, 
paster Roy Miller - TeL: J04 93) 
32059a 

ST. PAUL DE VENCE - FRANCE 

SL Pai de Wsoce- France LBJL, Espace SL 
Claire. Level *0*. Bfcle Study Sun. 9:30, 
Wtnhip Sun. 1045. Tat (0493) 320595 

PRAGUE 

LB. FELLOWSHIP, Vtnohradska • 68. 

Plague 3. Sun. IllXX TeL (02) 311 7974. 

WATERLOO 

WATERLOO BAPTIST FBUOWSW 
Sun. I£fc00 at Swedish Church, across 
tram MxOonafcfe, ThLfQZ) 3S3 1595. 

ZURICH - SWITZERLAND 
LB.C of Zdrfch, Gheistrasse 31, 8603 
Ruschficon, Worship Services Sunday 
mornings 1030. TaLl-wiOOia 

ASSOC OF NTL 
CHURCHES 

BE RUN 

AMERICAN CHURCH M BERLIN, cor. 
rf Cloy AIM & ftjeafcmar Sk, SjS. 930 
am. Worship 11 am. TeL03081320El. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Vodafete. Sunday misty) 930. to Gaiman 
1 1flJ in Engfeh. Tet (022} 31050B9. 

JERUSALEM 

LUTHERAN CHURCH d the Redearrw, 
Cld Qy, Mthsian Rri. En^eri Sul 

9 am M are vefcoma Ttt-- (02) 6261-049. 

LONDON 

AMERICAN CHURCH IN LONDON. 
79a Tottenham Court Road W1P 9HB. 
Suxtey Wash*) nd» am 0171 580Z791 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11:00 am 65, Quai rfOreay, 
Paris 7. Bus 63 at door, Metro AJma- 
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ZURICH 

NTBVMilKMAL PROTESTANT CHURCH 
Engteii speaking, worshp senrioa Sunday 
School 5 Nursery, Sundays 11:30 am., 
S c nawengate 2$. TaL pi) 2625526. 


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.PAGE 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAT-SUNDAY, NOVEMBER 22-23, 1997 


Swiss Bank 
Apologizes for 
‘Mistakes’ on 
Jewish Funds 


Agence Frmce-PreSse 

ZURICH — Union Bank of Switzer- 
land, one of the country’s three biggest 
banks, apologized Friday for "mis- 
takes*' in handling Nazi-era deposits. 

It was the first such apology by the 
bank, which has been the target of boy- 
cotts in the United States over its ac- 
tions. 

“We apologize for the mistakes that 
were made," saidMatfoisCabiallavetta, 
chairman of the hank. “If we have, in 
oar sincere efforts to resolve the serious 
problems posed by the past, upset 
people, then we are very sony.” 

Swiss banks have come under inter- 
national pressure to return what were 
thought to be millimg of dollars de- 
posited^ Jews who were later murdered 
by the Nazis daring World War IL 

The banks were also accused of delay- 
ing payments on funds deposited more 
than a half-century earlier by Jews who 
had fled Naripasecution. 

Lawsuits filed in New York seek $20 
billion from die Swiss banks, which are 
seeking out-of-court settlements. 

Mr. Cabiallavetta acknowledged Fri- 
day that the bank had “faced some un- 
usual challeng es that have nothing to do 
with banking but which relate to trust 
and morals.” 

The bank “has not finish ed facing up 
to its past” or that of die nation, he said, 
adding a pledge to continue working 
with the various official commissions 
setirp to look into the affair. 

“we have nothing to hide," he said. 

Union Bank of Switzerland was one 
of three Swiss h anks that established a 
humanitarian fond for Holocaust victims 
in February. The other founders were 
Credit Suisse and Swiss Bank Corp. The 
fund made its first payment to Holocaust 
survivors in Latvia. 

The fund, which has received a total 
of 270 milli on Swiss francs ($190 mil- 
lion), was established to aid about 
40,000 needy Jews in Eastern Europe 
and the former Soviet Union. 







SEOUL: Waning Faith in ‘Asian Miracle’ 


President Chirac, left, talking with Chancellor Kohl at the conference on employment Friday in Luxembourg. 

JOBS: New Guidelines but Little Solace for ElFs Unemployed 


Continued from Page X 

described as “a new departure in think- 
ing and action.” It was designed to pro- 
mote “convergence” in job-cieating 
policies similar to the convergence in 
economic policies that is leading the EU 
toward a single currency little mare than 
13 months from now. 

The Socialist-led government in 
France, which has promised to create 
700,000 jobs at home and is experi- 
menting with the idea of a 35-hour work 
week as a means of creating employ- 
ment, was instrumental in calling the 
conference. Its prime minister, Lionel 
Jospin, has insisted that the EU needs to 
puttn place social policies to accompany 
its drive toward monetary union. 

Mr. Chirac said the EU had “justly” 
been accused of ignoring the needs of its 
citizens in its drive toward monetary 


SEVEN: Critics Say Risks Are Too Great 


Continued from Page 1 


ical Center in New York. 


ige I pressure from opponents of abortion, has 

banned federal funding of research in- 
However, if volving human embryos. That ban has 


she would have died or the babies had meant fertility research has been con- 
lifelong problems with cerebral palsy or ducted primarily at independent, profit- 
same other complications, it would be a seeking clinics instead of by federal re- 
nightmare. Even now, with the potential searchers, whose proposed experiments 
for psychosocial problems, it may still most first pass muster with scientific and 
become a nightmare. And society, cer- ethical review boards, 
tainly has the right to ask why dud this “By and large, infertility treatment in 

happen and were there alternatives." this country has grown up as an en- 
Roger Kempers, medical director of trepreneurial field rather than as a sci- 
the American Society for Reproductive entific field, so many of the things doc- 


• Medicine in Birmingham, Alabama, said tors are doing in the way of fertility 
Z Ae society’s guidelines call for doctors treatments have not met (he same stan- 
to avoid large-scale multiple births. dards of scientific scrutiny that we 
Z- One problem is that ovarian over- think,” said Thomas Murray, director of 
stimulation can cause swelling and the Center for Biomedical Ethics at Case 


bleeding of the ovaries and severe fluid 
retention that can lead in rare cases to 
heart failure. 

Women carrying multiple fetuses also 
are at risk of potentially fetal blood clots 
and other complications during preg- 


Western Reserve University. 

Mr. Murray said be was gratified that 
the McCaughey children were doing well, 
and did not begrudge the parents' de- 
cision to cany all seven fetuses to torn. 

Like most women, Mrs. McCanghey 


-* nancy and delivery, and the children of- was bran with ovaries foil of immature 
_v ten require expensive follow-up care for eggs. But the pituitary gland in her train 
Z years. A set of Indiana sexmplets bran in produces too little of a substance called 


years. A set of Indiana sexmplets bran in produces too little of a substance called 
1993 required three years of state-funded follicle stimulating hormone, which nor- 
special care, for example, and several malty spurs a few of those eggs to mature 
sextuplets bom last year in Albany, New each month. Hex doctors prescribed the 
York, have serious medical problems, drug Metrodin, rich in that key hormone, 
including one case of partial blind n ess. Typically doctors track the egg mat- 

Mr. Kempers said Germany recently uration process in fertility patients with 
passed legislation prohibiting doctors ultrasound imaging, which allows them 
from using a common fertility technique to see the small eruptions that develop on 
to create more than three offspring per die surface of the ovaries as eggs mature. 


mother. But he said there were many 
ways to avoid multiple births without 
legislation and without having to resort 
to aborting one or several of foe fetuses 


When three or four or more .are ripe, 
doctors give an injection of another hor- 
mone. human chorionic gonadotropin, 
HCG, to release those eggs from their 


foe McCaugbeys said they ovarian nests and make them available to 


- opposed on religious grounds. 

I “We think it’s better if we can self- 

- regulate this than having foe federal gov- 
’■ eminent coming in,” Mr. Kempers said. 

Other expats said they were con- 
~ ceraed that if fertility specialists did not 
1 rein themselves in, their credibility as 


sperm, which are injected into the vicinity of blood lo 
with a syringe or through intercourse. pounds, 15 

Mr. Sauer said it would have been 

obvious that Mrs. McCanghey 's ovaries 

had overreacted to foe drug. “She most those cycles. 

have had a dozen or more eggs going. It was not* 


in creating what be called a “social 
dimension” in Europe. 

.Prime Minister Tony Blair of Britain, 
who has beat preaching labor-market 
flexibility, said he was pleased with foe 
meeting because it had talked about “in- 
vesting in people rather than regulations 
and imposing costs and burdens on in- 
dustry. ’ 

The conference opened “a new chapter 
in die development of Europe,” Prime 
Minister Romano Prodi of Italy said. 

Prime Minister Jean-Clauae Juncker 
of Luxembourg said the meeting was a 
starting point for concerted action that 
would be considered finished only when 
Europe had substantially * licked unem- 
ployment, which is twice as high as in foe 
United States or Japan. But foe final 
document omitted airy kiwi of quan- 
tifiable targets, including a proposal 

Largest Septuplet 
Breathes Unaided 

Reuters 

DES MOINES, Iowa — The 
first-bom and biggest of the world’s 
only known living septuplets was 
breathing on his own Friday, and his 
six brothers and sisters were re- 
portedly making significant pro- 
gress. 

“They all spent a delightfully 
quiet night and each of them has 
shown some significant improve- 
ment,” said Robert Shaw, a 
neonatologist at Iowa Methodist 
Medical Center where foe three giris 
and four boys were bora Wednesday 
to Bobbi and Kenny McCanghey. 

Mr. Shaw said foe baby named 
Kenneth Robert, and nicknamed 
“Hercules” by the medical staff 
because he was at the bottom of foe 
womb with six siblings stacked in a 
pyramid above him, was removed 
from a mechanical breathing device. 
His birth weight was 3 pounds, 4 
ounces (1.474 kilograms). 

He was also upgraded to “fair” 
condition, a step above the serious 
condition listed for the other six and 
two levels better than foe critical or 
worst-case condition. 

“All of the other babies are mak- 
ing significant progress but it will be 
an additional two or three days of 
ongoing ventilator and extra oxygen 
support,” Dr. Shaw said. 

He added that another boy named 
Joel Steven was progressing after he 
had been briefly listed in critical 
condition shortly after birth because 
of blood loss. Joel Steven weighed 2 
pounds, 15 ounces at birth. 


from foe European Commission, the EU 
executive, to create 12 million jobs in 
five years and reduce the average un- 
employment rate for the whole Union to 
7 percent from the present 10.6 percent. 

Tbe document said young unemployed 
people should be offered jobs or training 
within six months of joining the Unem- 
ployment register and that the same ben- 
efits should be ofiered'to adults oat of 
work for more than a year. Bnt it allowed 
countries a grace period of five years to 
pat this measure into effect 

The belt-tightening measures thar EU 
members have had to adopt to meet the 
standards for entering the single currency 
have contributed to unemployment. But 
analysts said foe single currency and a 
modest economic recovery could lead to 
conditions in which job-creation could 
start flourishing after 20 years of vir- 
tually no growth in net employment 


Continued from Page 1 

is burdened with a banking system foal 
traditionally handed out loam without 
paying much attention to credit risk. 
Resolving the bad debts and modern- 
izing the banking system and capital 
markets may be an extremely expensive 
and painful task, requiring many layoffs 
in a country that for a long time scarcely 
knew what a layoff was. 

In the long run, some economists sug- 
gest, this may be aboon for South Korea. 
In particular, it may lead to the estab- 
lishment of an efficient capital market 
and banking system, which would be 
essential if the two Koreas reunified and 
foe South had to rebuild the North. 

The South Korean government had 
been loathe to tom to the IMF, inpait 
because of the conditions that foe Fund 
would set, breaching what some Koreans 
describe as their “economic sover- 
eignty. " ' In addition, resorting to the IMF 
is a stinging humiliation for President 
Kim Young Sam, who had been par- 
ticularly reluctant to admit economic 
failure before his New Korea Party faced 
presidential elections Dec. 18. 

Mr. Kim is hatred by law from run- 
ning again, bnt the ruling party’s can- 
didate,' Lee Hoi Chang, is already far 
behind in the polls. 

The beneficiary from foe bailout may, 
be the longtime opposition leader, Kim 
Dae Jung, who is feading in the polls by 
a healthy margin. The business estab- 

Kim Dae inn g *^ 

ics, but these days it is equally dis- 
missive of foe rating party’s economic 

mmwgwwmt 

President Kim and Mr. Lim met Fri- 
day night with foe presidential candi- 
dates to discuss the decision to turn to the 
IMF. Afterward, the government said 
that it had the support and unders tanding 
of all the candidates to make foe move. 

In recent days, Kim Dae Jung has 
endorsed the idea of an IMF bailout, 
while Mr. Lee has rejected it Mr. Lee did 
□ot co mme nt directly Friday, so it was 
unclear whether he had been persuaded 
of the need for international assistance. 

South Korea’s economic difficulties 
also have a security dimension, because 
North Korea by some accounts is always 
sniffing for weakness and an oppor- 
tunity for military adventure. 

“If our financial market plunges into 
chaos, we have to feony about North 


Korea," said Lee Shin Bom, 3 member 
of foe National Assembly. tf 

In addition. South Korea and North ? 
Korea, which technically remain at war, 
are preparing for talks intended to reach 
a lasting peace to replace the armistice 
that suspended fighting in the Korean 
War. South Korea would prefer to enter 
negotiations when his feeling mere se- 
cure, but North Korea is relishing the 
chance to offer its own analyses of Sooth 
Korea’s problems. 

WON: 

Seoul Turns to IMF 

Continued from Page 1 

begin foe needed restructuring of the 
financial system.” Additional fiscal and 
monetary policy changes will be needed, 
he mi(i l to create “a comprehensive 
package that could be supported by the 
IMF and foe international community." 

The White House confirmed that South 
Korea’s request would be discussed at foe<^ 
meeting next Monday and Tuesday idr 
Vancouver of senior officials and leaders 1 
of 18 Asian-Pacific econo mi es. 

But the White House press secretary, 
Michael McCnny, would not say wheth- 
er tiie United states would participate in 
the bailout 

Analysts said, however, that all the 
cash tire government counts on receiving 
from the IMF, foe United States and 
Japan will hardly begin to solve South 
Korea's long-term financial crisis. 

The power of foe IMF to set the 
agenda for financial reform may cause a 
number of foe investment banks that 
have sprung up in South Korea in recent 
years to merge or close. Critics question 
whether the government is ready for foe ? \ 
kind of drastic action needed to bail out { - 
foe economy. 

“We can expect the IMF to solve the 1 
Short-term dollar problem, but it won't ? 
solve the structural problem of over- 3 
lending and overinvesting,” said 
Richard Samuelson of SBC Warburg, 1 
Dillon & Read. “They only set con- 
ditions on monetary policy.” 

Analysts estimate that foe overall do- 
mestic corporate debt of South Korean 
companies at the equivalent of $200 
billion That’s not counting more than 
$120 biltion in foreign currency debts — 
half of it due by the end of the year. 


RATINGS: Asitm Turmoil Causes the Firms to Lose Credibility 


Continued from Page 1 

instructed its airline and its oil company 
to avoid paying bills with dollars, ana- 
lysts vented their frustration. 

“And yet this is a country that is rated 
in tiie high single-A category,” said 
Ricardo Kleinbanm, PaineWebber s se- 


With blame for Aria’s mess increas- when they assign a good rating- — in g 
ingly focusing on its financial tystem, other woids. that they will get paid. T { 
and with a receding economic tide ex- If you really want to know what the ' 
poring ever more questionable h anking rating agencies think of a bank, you have 
practices there, entire have pounced on to consult what most'rating concerns call 

the se emingly sangnme view the aged- their financial rating s Those ratings , 
cies took of those banks. Why. they won- which are ranked like a school report 


practices there, critics have pounced on 
the seemingly aangnme view the agen- 
cies took of those banks. Why, they won- 


of the lax 
meat that 1 


and weak mana 
’mast have seen' 


government safety nets. 

“We think those ratings are the better 


Ricardo Kleinbanm, PaineWebber s se- der, did the watchdogs offer no warnings card, from A to E, exclude the effects of 
nkjr vice president. “What is wrong of the lax practices and weak manage- government safety nets, 
with this picture?” ment that they surely most have seen? “We think those ratings are the better 

Even some of the rating concerns ad- Many executives of foe rating con- indicators than credit ratings,” said 
mir that they have been caught flat- cerns say they did signal their concern as David Marshall, director of the Hong 
footed by the speed with which the crisis far back as two years ago, when banks in Kong office of IBCA, the London-based 
spread from Thailand to much of Asia, the region ranked among foe most prof- rating concern. 

trashing currencies and corporate bal- i table and best-capitalized in foe world. m c„, ,, n y n i. * r» i i 

ance sheets in its wake. But foose rignalJfod not appear in their ■ hameimg’s Debt Is Downgraded 

Compounding that miscalculation, credit ratings, where in fact they did not Samsung Electronics Co.’s debt rat- 


Many executives of foe rating con- indicators than credit ratings,” said 
cerns say they did signal their concern as David Marshall, director of (he Hoqg 


spread from Thailand to much of Asia, 
trashing currencies and corporate bal- 
ance sheets in its wake. 

Compounding that miscalculation. 


they say, has been foe slow response of belong, the agencies say. 


governments across the region. 


rating concern. 

■ Samsung's Debt Is Downgraded 

Samsung Electronics Co.’s debt rat- 
ing was cut Friday by Moody’s and the 


'An institution mn by a bunch of debt of some of South Korea’s other 


In the past foe mere threatof a ratings bureaucrats who couldn’t mn a comer biggest companies was put under review 


downgrade was enough to nudge gcrv- candy store i 
erameots into putting their financial credit risk,” 
houses in order. The agencies’ unique, Moody’s. Wfc 


candy store is not necessarily a bad 
credit risk,” said Mr. Krasno of 


amid concern that economic turmoil 
there might hurt corporate profits. 


houses in order. The agencies’ unique, Moody’s. What is crucial is the will- Bloomberg News reported, 
privileged access to foe books and ingness of governments to step in, as “The deteriorating Korean economy 
boardrooms of companies, as well as to most pledge to do, and bail out man- and weakening banking system will 
finance ministries and central banks, agement teams that Mr. Krasno says place additional pressure" on perfor- 
gave their assessments of credit quality may in feet be “dumbos.” mance, Moody’s said, 

an unrivaled weight - It is those government guarantees foal Samsung’s senior-debt rating was cum 

But now, the markets are leading the transcend bad management lax regu- to Baa2from Baal by Moody’s, placing? 

lation, corrupt leading practices and all it two notches above junk-bond status, 
other maladies and ensure that creditors S&P put Samsung’s A-rmnus rating un- 


an unrivaled weight - It is those government guarantees foat Samsung’s senior 

But now, tbe markets are leading the transcend bad management, lax regu- to Baa2 from Baal b 
way and demanding the changes, with lation, corrupt lending practices and all it two notches abov 
the agencies bringing up the rear. So other maladies and ensure that creditors S&P put Samsung’s 
routine has that new order become foat get what foe agencies say they will get der review for a cot 
some analysts fear there will be long- . 

term damage to the rating agencies’ cred- ■ ~ 

ibilityatamcanentofgreatoeedforsolid TD A A. j i xrr v it A it i 

information. JLttAIJ: Accord Welcomed by Arab Leaders 

The agencies deny that they have been ** 

laggards and insist that, like the Asian Continued from Page 1 threat had prevented a regional crisis, 

companies that still cling to their in- “Saddam avoided a war in foe region 

vestment-grade ratings, the rating agen- broker a broader peace in foe Middle East and he made it known that sanctions 
cies will weather this crisis. Some of foe and that the Americans are callous toward cannot go on indefmi 
rating co mp anies’ executives take con- tiie suffering of foe harp people through the Arab League said 
solution in what they insist is tbe all too seven years of economic sanctions. issue the firom-bume 
familiar ring in today’s criticisms. Sidiuig with Mr. Saddam would have The official add< 

John Chambers, deputy head of sov- allowed Arab leaders to play to the pop- time, Arab countries 
ereign ratings at S&P, recalls that in ular sympathies of people who them- a blank check Them 


and that the Americans are callous toward 
tiie suffering of foe Iraqi people through 
seven years of economic sanctions. 
Siding with Mr. Saddam would have 


foies of people who 


1995 foe markets predicted that several selves feel put upon bytfae West Bnt that 
have had a dozen or more eggs going. It was not clear Thursday whether Dr. Latin American Countries would default also would have meant suppressing con- 
and if she was being monitored correctly Hauser was aware of foe number of on their hard-currency debts in the wake cems about Iraq’s weapons of mass de- 
they had to know she was grossly over- stimulated eggs and, if so. whether she of the fast-moving financial crisis of drat sanction as well as risking vital eco- 


met and the profession might 
I - the subject of congressional a 


i- they had to know she was grossly over- stimulated eggs and, if so. whether she of the fast-moving financial crisis of that sanction as 


find itself stimulated before she got ha HCG considered canceling the fertility cycle, year — tbe Mexican peso debacle. 


cannot go on indefinitely." an official of 
the Arab League said. “He has made his 
issue the front-burner issue.” 

Tbe official added: “At the same 
time, Arab countries have not given him 
a blank check. The major Arab countries Y 
want him to understand his limitations 
and show some subtlety and flexibility, 
something for which he is not known.” 

It was Mr. Saddam’s blatant aggres- 


anentioD. shot,” he said. “That’s not even a bar- She said that she had treated hundreds of “None of them did default,” he said, Washington. 


nomic and military partnerships with sion in ordering the invasion of i 


in 1990 that made it possible for Egypt, 


Reproductive medicine is effectively deriine call, it’s a cavalier decision to patients with the drug in the past 18 years arguing that the fault in Aria also lay Arab officials said that efforts by such Syria, Morocco and other Arab powers 

IrmtA n inAmnn lilra Ant *1 cTw>t r\FIJfVT Tf Ofl/1 Ant nA nv«Aaf Vii/I Mvam Ui v t li tA »n A Aa litir* 1 * 1 mm 1 * — *- L ..J 1/ » 7 T m — - - - 


unregulated in -the United States, in large give a woman like that a shot of HCG. If and that no mother had given birth to 
part because foe government, under we see more than four or five we cancel more than triplets. 


> IRAN: Small Moves Toward Political Liberalization Are Setting Off Increasingly Violent Confrontations 


with the markets’ herd mentality: ‘ ‘Mar- leaders as Mr. Mubarak and King Has- to justify sending troops into battle 
kets just tend to over-react.” sein of Jordan to stave off a military against turn. 

■ B ut those decisions were accepted only 

grudgingly and were tempered by two 

f Increasingly Violent Confrontations Sd S? ^TaSS 


Continued from Page 1 

plot by world arrogance.” Another said 
they were undermining “the cause of 
unity in Iran." 

The attack and its aftermath were only 
the latest signs that forces with differing 
views of Iran’s future are coming into 
sharper confrontation. 

That confrontation broke into public 
view on Nov. 4, when two demonstra- 
tions were held to marie the anniversary 
of foe 1979 takeover of foe U.S. Em- 
bassy in Tehran. There was to have been 
only one demonstration, but disputes 
over speakers and political content led to 
a split. 

Last week, militants shouted down 
Abdolkarim Soruch, a moderate theo- 
logian, as he sought to give a speech at 
Tehran Polytechnic University. 

Three days later they disrupted and 
forced the cancellation of a conference 
there at which Mr. Soroch and others 
were to have discussed foe morality of 
hostage-taking. 

That is a highly sensitive subject in 
Iran because some politicians and others 
who supported the seizure of U.S. dip- 
lomats as hostages in 1979 are still active 
public figures. 

Also last week, assailants broke into 

d ransacked the office of a student 
up whose leader, Heshmaiollah 
’rzadi, had called far limits on 


Ayatollah Khamenei’s power and his 
term in office. Several members of foe 
group, including Mr. Tabarzadi, were 
severely beaten. 

Although tensions in Iranian society 
have been growing for some time, then- 
extent only became dear to tbe outside 
-world in May, when Mohammed 
Khatami, a relatively moderate cleric, 
won the presidency in a landslide. He 
upset a more conservative figure who 
was supported by most of the religious 
establishment 

Since be took office, Mr. Khatami has 
been traveling the countryside in a 
pickup truck and meeting with ordinary 
people. In one speech in his home 
province of Yazd, he won applause by 
saying. “Fust comes Iran, then Islam.” 

His decisions to shun his official lim- 
ousine and to abolish foe * ‘discretionary 
fund” from which Iranian presidents 
have oaditionaUy been permitted to 
draw money without being audited have 
further added to his popularity. 

“Khatami is not involved directly in 
the confrontation we're seeing now, and 
it isn’t about him as a person.” said a 
Western diplomat posted in Tehran. 
“It’s a struggle between two ideological 
lines within foe clergy and within so- 
ciety. Naturally one group supports 
ideas which Khatami also supports, such 
as freedom of speech and less control of 
society. Others are against those ideas. 


“Depending on how this plays out, it 
could wind up strengthening or weak- 
ening Khatami’s hand,” foe diplomat 
continued. “Things have gotten much 
more relaxed here since Khatami took 
ova and people support him and his 
team. They have taken a conciliatory 
line foat has greatly eased some of this 
country’s problems, especially prob- 
lems in foreign policy. 

“Naturally not everyone likes this 
approach.” 

As a result of Mr. Khatami’s foreign 
initiatives, Iran has improved its rela- 
tions with many nearby countries, in- 
cluding Turkey, Russia, Lebanon and 
nations in the Caucasus, central Asia and 
the Gulf, as well as in Latin America and 
even Weston Europe. 

Early this year, ambassadors from all 
European Union countries left Iran afro 
a German court found that senior Iranian 
officials had planned the kitting in 1992 
of three Iranian dissidents and their 
translator in a Berlin restaurant This 
week, in a sign of improving relations, 
all but the French and German ambas- 
sadors returned. 

{Those two ambassadors were to fly 
back to Tehran together late Friday, 
Reuters reported, quoting the German 
Foreign Ministry.] 

The Iranian government won another 
foreign policy victory recently when it 
signed a $2 billion contract for oil and 


gas development with the energy con- 
glomerates Total S A of France. Gazprom 
of Russia and Petronas of Malaysia. Tbe 
deal was made despite efforts by the 
United States to prevent it 

Some conservatives in Iran have sug- 
gested that Mr. Khatami’s foreign policy 
successes have come at an unacceptable 
cost because they involve compromises 
with unfriendly powers. 

They also suspect foat Mr. Khatami is 
less than fii Uy feifofu 1 to the principles of 
foe 1979 Islamic revolution. 

Some Iranians, such as a group of 
university students who recently boy- 
cotted classes for two days while de- 
manding foe appointment of new ad- 
ministrators, are impatient at what they 
say is the slow pace of change. Con- 
servatives, however, say Mr. Khatami is 
moving too fast. 

Among recent moves dial have 
alarmed conservatives was foe removal 
of the commander of foe Revolutionary 
Guards, Mohsen Rezai, who was a pillar 
of the Islamic regime for 16 years. 

In addition, tbe government has 
loosened cultural restrictions, allowing 
foe publication of books and foe dis- 
tribution of films that were banned. It 
refused, however, to allow the reprinting 
of a book that describes Iranian intel- 
lectuals as “agents paid by Iran’s for- 
eign enemies.” 

In a nationally broadcast interview 


Wednesday to mark his first 100 days in 
power, Mr. Khatami repeated the mod- 
erate views that helped propel him to 
victory at tbe polls. 

“The government should guarantee 
freedoms within the framework of tire 
constitution and provide a safe envir- 
onment so foat everyone, including dis- 
sidents who respect tire law, can enjoy 
their liberty,” be said. 

4 ‘Imposing a particular set of views on 
others, be it in the name of the people or 
in tiie name of Islam is against the law 
and against social progress.” 

In another sign of foe government's 


grudgingly and were tempt 
widely held ideas: that Iraq 
would be short-lived and 
would be rewarded for their 


radicalism, foe Foreign Ministry spokes- 
man, Mahmoud Mohammedi, strongly 
condemned tire attack this week on tour- 
ists in Egypt, which was launched in the 
name of radical Islam. 

One advocate of political liberaliz- 
ation in Iran, Ibrahim Yazdi, who served 
as foreign minister in foe early days of 
Islamic rule, said conflict was bong 
fomented by “groups that cannot tol- 
erate different opinions and ideas” 

“Ptobably this is a consequence of the 
defeat that foe extreme rightists expe- 
rienced m foe election,” Mr. Yazdi said in 
apbooe interview. “In that campaign and 
since his election, Khatami has supported 
the rale of law and the expansion and 
development of ciril society . Some of tbe 
extreme rightists don’t like these ideas.” 


by U.S. pressure on Israel to reach lasting 
settlements wifo its neighbors. 

Increasingly, Arab frustration that 
neither goal is within reach has been 
expressed in complaints — from or- 
dinary people, from politicians and in 
foe press — that the United States has 
not kept op hs side of foe bargain. 

Ova thie last three weeks, while U.S. 
officials have been warning that Iraq’s 
ability to prodace weapons of mass de- 
struction was increasing daily, some 
Arab leaders were concerned that as long 
as foe standoff continual, it would gal- 
vanize antipathy to Washington. 

A Jordanian official made it clear that 
his government would continue to press 
for a broader policy review. “Tbe moral 
question that we have to ask ourselves is: 
How can you punish 18 million Iraqis 
when their leader is not suffering and 
does not care whether his people are 
being punished or not?” 

In light of the latest developments, 
Arab commentators were expres sing foe 
hope that tbe stage might be set for 
further progress. 

“In foe wake of so much tension, the 

best aspect about this agreement is foat it 

can create an atmosphere of relaxation 
that will be necessary if a real solution to 
foe standoff between Iraq and the United 
Nations is to be found,” said Nabil Zaki, 
deputy editor of A1 Akhbar, foe semi- 
official Egyptian newspaper . 




.MBSiMt: . Hi 




INTERNATIONAL HERALD TRIBUNE, SATURDAl'-SUNDAl', NOVEMBER 22-23, 1997 




i 


PAGE 5 



Tide Will Turn in China, Wei Says 

Freed Political Prisoner Speaks for Out for First Time in U.S. 


By Lena H. Sun 

Washington Post Service 


* 


SjimMi DWTlw ■ uml I1rw» 

Former Prime Minister H.D. Deve Gowda in New Delhi on Friday after saying elections were inevitable. 

India Coalition Sees Elections as Likely 


1- • 

V * 


The Associated Press 

NEW DELHI — Leaders of the gov- 
erning coalition in India said Friday that 
early elections were inevitable because 
of a dispute with the Congress (I) Party 
over the government's makeup. 

‘'Elections will follow,* r former 
Prime Minister H.D. Deve Gowda said 
after a 90-minute meeting of the United 
Front coalition. Congress is threatening 
to withdraw support if the Dravida 
Munnetra Kazhagam party is not 
thrown out of the coalition. 

Dravida Munnetra Kazhagam has 
been accused of supporting rebels 


linked to the assassination in 1991 of 
Rajiv Gandhi, a former prime minister 
who was then the Congress leader. 
“There is no question of (hopping 
DMK,” said Mr. Gowda, who is chair- 
man of the coalition. 

Though he did not lay out the co- 
alition’s next step, its leaders appeared 
ready to ask the president to call for new 
elections rather than face a confidence 
vote. A campaign lasting several 
months would precede voting. 

Negotiations could still result in a 
compromise, because politicians in the 
coalition and the Congress Party alike 


fear new elections. “The Congress Party 
does not wish to plunge the country into 
another election," said Jitendra Prasada, 
vice president of the Congress Party's 
policy making committee. "However, 
the Congress is not afraid of going to the 
people if it is absolutely necessary.” 


NEW YORK — China's most prom- 
inent dissident, Wei Jingsheng, re- 
entered public life Friday with a strong 
endorsement of democracy and a vow to 
champion the cause of freedom after 
nearly 18 years in prison. 

"I have waited decades for this 
chance to exercise, my right to free 
speech, but the Chinese people have 
been waiting for centuries,” he said, 
reading a statement in Chinese to 200 
reporters and others at the New York 
Public Library. "Those who already en- 
joy democracy, liberty and human 
rights, in particular, should not allow 
their own personal happiness to numb 
them into forgetting the many others 
who are still struggling against ty rann y^ 
slavery, and poverty.' ’ 

He told his audience to "not pay 
attention” to the current weak state of 
the Chinese democracy movement. 
"The future prospect of the Chinese 
democracy movement is excellent," he 
said. "After a low tide, there is always a 
high tide of democracy.” 

In his first news appearance since he 
was abruptly freed Sunday from a 
Chinese prison outside Beijing on med- 
ical parole. Mr. Wei appeared to be in 
good spirits, smiling and waving to the 
cameras as the audience burst into ap- 
plause when be walked into the Celeste 
Bartos Forum, a huge room with marble- 


inlaid walls with a glass and steel 
dome. 

Although he looked pale, and his eyes 
were puffy, he showed his characteristic 
modesty and seriousness. At one point, 
clearly enjoying himself, he even 
quipped "sony” in English when he 
was chided by the moderator for an- 
swering too many questions. When a 
Cantonese-speaking reporter asked a 
question that could not be translated into 
either Mandarin or English, he joked to 
the reporter that the two Chinese dialects 
were like different languages. But after 
half an hour of questions, he cut off the 
session because he said he was very 
tired, and feeling weak and dizzy. 

“I certainly plan to go back,” he said, 
speaking through several interpreters. 
"In fact, I never intended to leave," he 
said. But he was given no choice, he 
said, because tire authorities told him the 
only way he would be released on med- 
ical parole would be to seek treatment in 
the United States. 

Although Mr. Wei said he planned to 
take part in "ail sorts of democracy 
activities,” he was vague about his im- 
mediate plans. He deflected questions 
about Tibet and his prison conditions, 
which family members and human 
rights groups have said included beat- 
ings and constant surveillance in a glass 
celL by saying he planned to write about 
them. 

He did articulate what he said was the 
most important thing he learned in jail 


"For human beings, there is no dif- 
ficulty that cannot be overcome," said 
Mr. Wei, 47, who has spent all but six 
months in prison or labor camps since 
1979. "Rely on yourself, and you can 
overcome anything." 

A former electrician at the . Beijing 
Zoo, Mr. Wei was first jailed in 1979 for 
advocating democratic reform. Released 
in September 1993, he was arrested 
again in 1994 and sentenced in 1995 to 
14 years in jail for plotting to overthrow 
the government. 

Mr. Wei arrived Sunday in Detroit, 
where be underwent four days of med- 
ical tests. He is to receive further treat- 
ment at Columbia Presbyterian Medical 
Center in New York. 

Mr. Wei said he was "not too clear on 
the reasons for my release.” 

■ Congressmen to Visit Tibet 

Two groups from the U.S. Congress 
will visit Tibet in 1998 for the first time 
in more than five years, Reuters reported 
Friday from Washington- 

Representative Christopher Cox, a 
California Republican who tried to visit 
Tibet in 1997 but was denied access by 
China, said he would be on both del- 
egations, one in July and one in August. 

President Jiang Zemin of China, dur- 
ing his state visit to Washington in Oc- 
tober, agreed in principle to a congres- 
sional visit in response to widespread 
American criticism of Chinese policy 
toward the Buddhist region. 


BRIEFLY 


i . 


Pakistan Gets Political Respite 

Supreme Court Postpones 2 Cases Against Prime Minister 

Sharif’s nine-month-old government in- 
to constitutional gridlock. 

The court postponements were per- 
ceived as giving politics some time to 
calm down. In the past week, Pakistan 
has lurched into a deepening crisis, with 
the judiciary and Mr. Shanf s govern- 
ment at loggerheads over which has the 
supreme authority. 

On Thursday. Mr. Sharif's Muslim 
League party prepared a motion to im- 
peach the president for failing to en- 
dorse a new law giving the prime min- 
ister a right to appeal if found guilty of 
contempt of court 
Hours later, the Supreme Court 
agreed to hear on Friday the petition 
challenging the constitutional amend- 
ment pushed through by Mr. Sharif. 


Reuters 

ISLAMABAD, Pakistan — The Su- 
preme Court on Friday adjourned two 
cases against Prime Minister Nawaz 
Sharif, giving the country some breath- 
ing room after a week of turmoil. 

The court postponed until Nov. 28 a 
hearing on charges that Mr. Sharif acted 
in contempt of court by criticizing one 
of its decisions. He could be forced to 
resign if found guilty. 

It also postponed until Nov. 27 a 
hearing of a petition to overturn a con- 
stitutional amendment by Mr. Sharif 
that stripped the presidency of powers to 
dismiss the government. 

Mr. Sharif, the judiciary and President 
Farooq Leghari would not comment on 
the crisis, which threatens to plunge Mr. 


New Zealand Settles 
Tribal Land Claim 

KADCOURA, New Zealand — Settling 
a land claim fried nearly 1 50 years ago, the 
government apologized Friday for stealing 
a Maori tribe's territory and agreed to pay 
$107 million in compensation and restore 
some indigenous rights. 

Prime Minister Jim Bolger signed the 
agreement that settles the claim that seven 
generations of the South Island's Ngai 
Tahu tribe have pursued in what they call 
their "fight for justice." He said it was 
"an important step toward healing the 
grievances of the past. " 

Ngai Tahu tribal members say their 
claim. First lodged in 1 848 over the gov- 
ernment’s "land thefts and broken prom- 
ises,” is the longest-running indigenous 
land claim in the world. (AP) 

Cleric Shot in Pakistan 

LAHORE, Pakistan — Gunmen on a 
motorcycle shot and killed a Shiite. 


Muslim cleric on Friday in the eastern city 
of Lahore. 

The authorities said they suspected 
Sunni Muslim militants, although there 
were no immediate arrests or c laims of 
responsibility in the killing of Raffiq Za- 
hid. A Shiite Muslim organization, Sniite 
Movement, called the killing "an act of 
terrorism.” 

Religiously motivated violence, usu- 
ally between rival Sunni and Shiite 
Muslims, has killed more-than 250 people 
in Pakistan this year. (AP) 


important precedent, the lawyers said 
Thursday. 

The civil suit is the first to go to trial 
under a 1 996 anti-terrorism law that nims to 
extend U.S. jurisdiction beyond foe coun- 
try's borders for attacks on U.S. citizens. 

An attorney for the victims’ families, 
Frank Angones, said, ‘ ‘They hope that this 
will deter other rogue and terrorist nations 
from ever doing this vile act again." 

The Cuban government declined to de- 
fend itself at the trial, saying a U.S. court 
had no authority over it (Reuters) 


Trial of Cuba Closes For the Record 


MIAMI — Plaintiffs’ lawyers have 
presented their closing argument in a land- 
mark lawsuit against the Cuban govern- 
ment and air force, asking a Miami judge 
to award more than $79 milli on in dam- 
ages to the families of three Cuban- Amer- 
ican pilots shot down by a Cuban jet 
fighter. 

Judge James Lawrence King’s decision 
on whether Cuba is liable for the wrongful 
death of the three men, all U.S. citizens, 
over the Florida Straits in 1996 will set an 


An earthquake in southern 
Bangladesh of magnitude 6 on foe 
Richter scale brought down a five-story 
building, killing three people, and sent 
thousands of residents pouring into foe 
streets of Chittagong. (AP) 

Two gunmen billed a magazine ed- 
itor, Jairo Elias Marquez, in Armenia, 
Colombia, authorities said, brin ging to 
seven the number of Colombian journa- 
lists murdered this year. (AP) 



Afire 

warms you, 
we pamper you. 


PALACE HOTEL 
GSTAAD 
SWITZERLAND 

Phone +41 337485000 
Telefex+41 33 7485001 
Internet: http//www.palacech 
E-mail: pakce@gstaad.di 


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PAGE 6 


SATURDAY-SUNDAY, NOVEMBER 22-23, 1997 


EDITORIALS/OPINION 


Heralb 


INTERNATIONAL 



Sribune 


PUBLISHED wmi THE NEW VORK TIMRS AND nO£ WASHMRIOK POST 


Saddam Remains 


The best dial can be said about the 
Iraq crisis isn't very good. It is that its 
apparent cooling restores a status quo 
that is unsatisfactory. Saddam Hussein 
is left in power. He is devious and 
dangerous but then he already was 
devious and dangerous. The two sets of 
international restraints that sit loosely, 
on him, the economic sanctions and the 
arms inspections, remain in place. Rus- 
sia scored a diplomatic coup by en- 
gineering a “resolution” of sorts in a 
high-profile regional confrontation in 
which the possibility of the use of 
American force, wobbly as it was, 
must finally have served as some kind 
of incentive. 

For the United States the crucial 
immediate consideration was not 
merely to restore the arms inspectors 
with authority intact and improved. 
This apparently was accomplished. 
The important thing was to restore the 
inspectorate without making any con- 
cessions that Mr. Saddam could use to 
show his defiance had paid That 
would have been an unacceptable de- 
feat for the United States and the 
United Nations alike. 

The Clinton administration insists 
that nothing faintly like a deal 
happened: no winks, no nods. Others, 
not unreasonably, have their doubts. 
The administration response is that al- 
though die Russians promised to help 
the Iraqis get rid of the sanctions, these 
promises do not bind Washington, and 
anyway they are to be advanced in an 
arena, the UN Security Council, where 
Americans have a veto. In any event, 
the truth of the matter should become 
clear fairly quickly as events play out. 

What should be done now about Mr. 


Saddam? This crisis confirmed the _ 
vious cautious judgment shared by Bill 
Clinton and George Bush. The Iraqi 
leader has a tight, terroristic grip on hjs 
country and cannot be removed by 
foreign force at any price that the 
United States, let alone Europeans and 
Arabs, seems currently prepared to 
pay. The administration's actions over 
the past three weeks affirm that pcr- 
cepnon — held not just at home, but 
presumably also in Baghdad. 

Possibly Mr. Saddam used the three 
weeks of no inspections to put the final 
deceptions and subterfuges in place 
dial permit him to open up to the in- 
spectors and to emerge with a clean 
report. He might then insist that he had 
worked his way out from under sanc- 
tions and inspections alike. That makes 
it incumbent on the United States and 
still-faithful coalition allies to be ready 
with other ways, including the mon- 
itoring contemplated by UN resolution 
and coalition reconnaissance, to keep 
up on his military planning. 

The sanctions, because of the sym- 
pathy they generate for Iraq in many 
places, are seen by many as a wasting 
asset, but we do not believe that is so. 
As we have repeatedly argued and con- 
tinue to believe, it is within Sad dam 
Hussein’s power to substantially re- 
lieve his people’s suffering by meeting 
the reasonable international conditions 
that the sanctions are- meant to en- 
courage. The Iraqi leader has long 
thought he could bully the U.S. and the 
UN into dropping the sanctions and 
giving him what he wants by some sort 
of s haming technique. It should not be 
allowed to work. 

— THE WASHINGTON POST. 


Awaiting a Debate 


Many Americans were skeptical 
when Bill Clinton called for “a na- 
tional dialogue” on race but then del- 
egated responsibility to a panel that has 
been slow to get started. The skep- 
ticism deepened this week when the 
panel held a hearing on diversity but 
declined to hear from opponents of 
affirmative action. That does not make 
for much of a dialogue. 

The race panel's work should in- 
volve more than shouting matches 
among enemies and advocates of af- 
firmative action, of course. But if the 
panel is to make a meaningful con- 
tribution to foe debate on race, it must 
do more than preach to the converted. 

The controversy erupted when the 
panel's chairman, John Hope Franklin, 
the distinguished historian, declined to 
solicit testimony from Ward Connerly, 
foe University of California regent 
who vigorously opposes affirmative 
action and supported Proposition 209, 
which repealed affirmative action in 
California. Mr. Franklin sparked the 


fireworks by telling reporters that Mr. 
Connerly had "nothing to contribute” 
to this week’s discussion. Mr. Franklin 
could have insulated himself from 
some of the criticism by placing the 
panel’s work in a broader context. 

The race panel intends to stage at 
least one event per month and is con- 
sidering debates among supporters and 
detractors of affirmative action. The 
hearings this week were meant to ex- 
plore foe value of diversity and to set 
foe stage for subsequent discussions. 
In addition, panel officials plan to so- 
licit thoughtful essays on race from 
people across the political spectrum, 
distributing a selection of them widely 
through the Internet and other outlets. 
Mr. Clinton's town meeting on Dec- 3 
will capture some of foe same flavor. 

Not every event needs to be a knock- 
down struggle. But to grapple with this 
difficult and divisive issue, and to have 
its work taken seriously, foe panel will 
need to foster some spirited debate. 

* — THE NEW YORK TIMES. 


The Domain Game 


Anyone who wants to relive foe gold 
rushes of the last century should be 
keeping an eye on the complex struggle 
to determine the allocation of new In- 
ternet addresses. Sound diy and tech- 
nical? Not if you consider the amazing 
sums of money involved, both for busi- 
nesses seeking easy-to-remember ad- 
dresses and for the people who allocate 
the registrations. And not if you con- 
sider that nobody — in particular, no 
government — is truly in charge of 
designing this lucrative new territory. 

In recent weeks foe White House, 
the Commerce Department and several 
congressional committees have been 
scrutinizing a plan developed by an 
international committee of Internet ex- 
perts to create seven new "top-level 
domain names” — the part of an In- 
ternet address that comes after the dot, 
like .org or .com — and thus open up 
far more opportunities for desirable 
names they like. 

Since no reliable directories of 
companies* Internet or e-mail ad- 
dresses exist, it's incredibly valuable 
for a company to snap up an easy-to- 
■ remember domain name, for example, 
burgerking.com. 

The government has concerns about 


how foe domain-names issue meshes 
with trademark and intellectual prop- 
erty law, and those same concerns 
already have dogged the domain-name 
handlers in many countries. 

But the role any government will play 
in this process is one of the mysteries. 
From foe start, the Net and the Web have 
been administered not by governments 
but by the relatively small group of 
people with the technical know-how to 
do it Those folks face the task of com- 
ing up with some form of legitimate 
Internet self-government The techies 
are only one part of what the Reston- 
based Internet Society calls the net- 
work’s “stakeholders,” but how to ac- 
commodate all these different compet- 
ing interests, and under what structure? 
Can the committee follow through on its 
current plan to shift from the single 
company now handling domain-name 
registration, foe Herndon-based Net- 
work Solutions Inc., to a global, open 
and decentralized registry system? 

As national governments struggle 
with foe challenge of asserting control 
over a global and borderless medium, 
that medium's internal institutions 
have their own heavy responsibility. 

— THE WASHINGTON POST. 


Other Comment 


The Russians Stand Tall 

The biggest winners (in the Iraq 
crisis] are the Russians. Notwithstand- 
ing the collapse of their status as a 
superpower, they have shown that they 
can protect Arab states from American 


pressure. Their motives, at least, are 
clear. Indeed, the consistent thread of the 
career of the Russian foreign minister, 
Yevgeni Primakov, both today and in 
the Communist epoch, has been foe di- 
minution of American influence. - 

— The Daily Telegraph i London t. 


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Primakov Rushes to Fill Clinton’s Policy Vacuum 


W ASHINGTON The world’s 

most important diplomats went 
without sleep mis week to announce a 
nondeal aimed at nonchange in Iraq and 
the Middle East Don't believe mem. 
The world has changed in foe past three 
weeks in ways that the bland pronounce- 
ments from Geneva cannot mask. 

A quarter of a century ago, Henry 

shut 
st. This 

week. Bill Clinton and Madeleine Al- 
bright held Yevgeni Primakov's coat as 
the Russian foreign minister brought 
Moscow back into foe region in a big 
way. The zero-sum game of diplomatic 
competition for influence in the Middle 
East that supposedly died with the Cold 
War is on again, sparked by the opaque 
Baghdad-Moscow arrangement on UN 
weapons inspections and economic 
sanctions against Iraq announced near 
dawn Thursday in Geneva. 

A return of Russia to world diplo- 
macy need not be a bad thing in itself. 
Russia today is not foe Soviet Union 
that Mr. Kissinger kept out of his shuttle 
diplomacy and relegated to a ceremo- 
nial role in the Geneva peace confer- 
ence in 1974. Moscow is not even as 
meddlesome as it was in 1991, when 
Jim Baker used the Kissinger model 
to relaunch Arab-lsraeli peace talks. 


By Jim Hoagland 


But the Clinton administration’s 
wrong-footed acquiescence in letting 
Mr. Primakov play the lead diplomatic 
role in determining whether there would 
be war or peace in the Gulf is a sig- 
nificant reversal of U.S. fortune both in 
Moscow and in the Middle East 

It underlines the total absence of 
meaningful U.S. diplomacy at a time of 
crisis in Israeli-Palestinian negoti- 
ations. Saddam Hussein and Mir. Pri- 
makov moved into the vacuum Mr. 
Clinton and his national secarity team 
willfully let develop in the Middle East 
over the past year and exploited it. 

Mr. Primakov’s apparent rescue of 
Mr. Saddam from powerful U.S. mil- 
itary strikes will also have negative 
political impact in U.S.-Russian rela- 
tions. It does nothing to encourage foe 
positive currents in Russian drinking on 
foe Kremlin’s relations with foe Middle 
East, Washington and the world. 

The Geneva outcome instead exalts 
Russian “ Orientalists” like Mr. Pri- 
makov who have identified their ca- 
reers with promoting and protecting foe 
most extreme and destructive Arab na- 
tionalist leaders. President Boris 
Yeltsin is the only senior figure in the 


Kremlin today whose top priority is 
mai n t ainin g close relations with foe 
United States and the West. 

Since Mr. Kissinger, U.S. diplomats 
have labored to avoid those two out- 
comes: vacuum in foe Middle East, and 
encouragement of Kremlin hard-liners. 

Even at the height of bis adminis- 
tration's “Russia Fust” phase, Warren 
Christopher, Mr/ Clinton’s much ma- 
ligned first secretary of stare, rcfusedto 
let foe Russians engineer arole for them- - 
selves, in Middle East diplomacy. He 
made clear to Mr. Primakov in one 
meeting in Damascus in April 1996 that 
any deal coming out of a region so vital 
to U.S. interests had' to be managed 
overwhelmingly by the United States. 

Significantly. Mr. Christopher was 
advised on Russian and Middle Eastern 
affairs by Dennis Ross, who played foe 
same role for Mr. Baker in foe Bush 
administration and whose distrust for 
Mr. Primakov is legendary at foe State 
Department. Mrs. Albright has kept 
Mr. Ross on to shepherd foe stalled 
Middle East talks, but her easy ac- 
ceptance in Geneva of Mr. Primakov’s 
assurances that Mr. Saddam will let foe 
UN inspectors go back to work reveals 
that sbe is not listening to Mr. Ross. 

Much more is involved than the po- 
sition of one advises:, howevo- central. 


The outcome of the Geneva meeting 
reveals President Clinton's disregard 
for, and disbelief in, balance of power 
politics as defined by Mr. Kissinger and 
others. In intellectual discussions un- 
related to policy decisions, foe president 
routinely dismisses narrow, self-inter- 
ested diplomacy as “Old Think.’' 

Throughout this three-week confron- 
tation with Iraq, Mr. Clinton has focused 
in private and in public on what he sees 
as the real threats to global stability 
today: proliferation of weapons of mps 
destruction, drug trafficking, disruption 
of trade and energy supplies. 

Letting foe Russians back into foe 
Middle . and allowing Saddam 
Hussein to gain new international le- 
gitimacy through this disguised bar- 
gaining, apparently do not loom as 
significant dangers on any of foe 
screens foe president watches closely. 
Any gains Moscow and Baghdad made 
were insignificant, Mr. Clinton's aides 
proclaimed Thursday, insisting that 
Washington was not pan of any deal to 
ease sanctions and had not allowed its 
authority to be eroded. 

That is not just New Think. That is 
Dangerous Think, in a pan of foe world 
less reformed than President Clinton 
appears to believe. 

The Washington Post. 


As the 7-Year Game Rolls On, Saddam Looks Comfy 


L ONDON — The most re- 
cent crisis with Iraq was 
foreshadowed in ttae tent 
where Iraqi officers came to 
receive the truce terms nearly 
seven years ago. 

In “Desen Warrior A Per- 
sonal View of the Gulf War by 
the Joint Forces Commander. ' ’ 
General Khaled ibn Sultan of 
Saudi Arabia writes that he and 
General Norman Schwarzkopf 
worried that foe Iraqi officers 
might bring weapons — might 
even be killers on a suicide 
mission: “So, in order to 
search them without causing 
them undue humiliation, we 
had agreed that we would all 
submit to being searched — by 
oar own guards, of course.” 

Well. The Iraqi regime had 
lost a war of aggression, been 
spared from destruction, and foe 
allies were worried aboufseem- 
ing rude to foe regime's rep- 
resentatives. In their book, 
“The Generals' War." Michael 
Gordon and General Bernard 
Trainor say General Schwar- 
zkopf allowed himself to be 
searched first "as an example. ” 
With foe world's fourth- largest 


By George F. Will 


army a ruin but the regime that 
wielded it still breathing, Amer- 
icans were practicing therapeu- 
tic politeness. - 

Before that tent was struck, 
the victors granted permission 
to foe Iraqis to fly armed heli- 
copters. The Iraqis said foe 
helicopters would be used only 
for purposes of internal admin- 
istration. Soon there were 
widespread insurrections that 
U.S. policymakers hoped 
would do what Desert Storm 
stopped short of doing: topple 
Saddam Hussein. Fighting 
erupted in all but three Iraqi 
provinces. And the helicopters 
were used for suppressing it. 

Now, after nearly seven 
years of Mr. Saddam's obstruc- 
tion of die inspection system foe 
victors imposed, he has Died to 
rewrite the terms as they apply 
to UN inspectors seeking to de- 
stroy his weapons of mass de- 
struction. Officially, U.S. 
policy has been to refuse to ne- 
gotiate about the United Na- 
tions’ rights. Actually, foe U.S. 
signal about possibly expand- 


ing Iraq’s rights to sell oil under 
the “on for food” program, in 
exchange for Iraqi com plianc e 
with existing accords, was ne- 
gotiation. This folly was com- 
pounded by asking Russia, an 
opponent erf foe U.S. policy of 
reliance on economic sanctions, 
to mediate with Mr. Saddam. 

The 1991 decision not to use 
die victorious coalition’s forces 
to destroy Mr. Saddam now 
looks like a mistake. However, 
interviewed in London on Wed- 
nesday, George Robertson, 
minister of defense of Amer- 
ica’s most reliable ally, defends 
that decision. Hie has no illu- 
sions about Saddam — be has 
seen victims of Mr. Saddam’s 
gas attacks — but insists that 
going beyond the UN mandate, 
which spoke just of lit 
Kuwait, “would have st 
the tolerance of die world.” 
Those who live by multilater - 
alism can be inhibited by it 

As inhibited as the United 
States is today as it tries to cope 
with the falsity of President 
George Bush's 1991 declara- 


tion to Congress that Mr. Sad- 
dam’s “abifity to threaten mass 
destruction is itself destroyed” 
Despite Thursday’s agreement, 
Mr. Saddam has all but slipped 
foe slender leash that UN in- 
spection put on his develop- 
ment of weapons of mass de- 
struction. He has delivered a 
severe blow to die idea that the 
United Nations is competent to 
tame such a tiger, a blow com- 
to that inflicted on foe 
of Nations’ sense of 
competence by Mussolini's 
1935 invasion of Ethiopia. 

Even if foe status quo ante 
— foe inspection regime as it 
was a -month ago — really is 
unconditionally re-estab- 
lished, Mr. Saddam has 
demonstrated f or nearly seven 
years that he can disrupt that 
regime with impunity. That is, 
he can do so without suffering 
any penalty other than the con- 
tinuation -of the sanctions, 
which he apparently considers 
an acceptable cost of creating 
weapons of mass destruction. 

„ And now he has demon- 
strated that when he needs to 
maneuver — to move or oth- 


erwise obscure his ongoing de- 
velopment of weapons of mass 
destruction — he can get time 
and space by causing a cost-free 
crisis that disrupts inspection. 

Is there a military option? 
While not advocating one, Mr. 
Robertson notes that what the 
inspectors already have learned 
might make air strikes more ef- 
fective against Iraq's most dan- 
gerous facilities than were foe 
88,000 tons of ordnance de- 
■ tivoed during the 43 days of foe 
1991 air war. Perhaps. . 

However, there is bad news 
about foe good news — about 
reports that arms inspectors 
have destroyed more of Mr. 
Saddam’s most terrible 
weapons capabilities than 
Desert Storm did. This sug- 
gests that regarding such ca- 
pabilities, it is difficult to 
achieve disarmament by vio- 
lence delivered from the air. 

For all the facile talk about 
having Mr. Saddam in a “box” 
or “comer,” he seems as com- 
fortable there as his minions 
may have been when so politely 
received at that tent 

Washington Post Writers Group. 


Beware Globalization That Leaves the People Behind 


S AN FRANCISCO — 
Shortly after he persuaded 
Congress tos pass the North 
American Free Trade Agree- 
ment, President Bill Clinton 
made a revealing admission. 
He lamented to a group of en- 
vironmentalists that he and 
every other elected leader were 
going to have a more difficult 
time delivering education, de- 
cent wages or a clean envir- 
onment to the public because of 
foe enhanced power that glob- 
alization was giving to multina- 
tional corporations. 

It did not seem to occur to the 
president that if globalization 
was making the task of improv- 
ing people’s lives more diffi- 
cult, even in the presence of 
steadily more powerful techno 1- 


By Carl Pope 


ogy and more productive econ- 
omies, then perhaps globaliz- 
ation is a force that should be 
tamed, not unleashed. 

Now David Friedman, an in- 
ternational consultant and fel- 
low at the Massachusetts In- 
stitute of Technology, argues 
that foe best strategy for dealing 
with globalization is to unleash 
corporate power even further 
("When Globalization Means 
Shutting Out rhe Working 
World." Oct. 29). Mr. Friedman 
suggests that we dismantle foe 
environmental safety net that 
Americans have worked to put 
in place for foe last 25 years and 
join Delhi, Shanghai and Rio de 
Janeiro in the race to see which 


city can first join the exclusive 
club in which death rates from 
environmental pollution over- 
take all of foe improvements in 
public health of foe last several 
centuries. 

This is to be done in foe name 
of adynamic accommodation to 
foe forces of globalization. To 
make it more appealing to foe 
blue-collar constituency that 
Mr. Friedman claims to ad- 
dress. he trots out all of foe class 
rhetoric of the new right: en- 
vironmentalists are “elitists” 
who care about food safety but 
not about slave labor. 

Mr. Friedman says that if foe 
public will only understand that 
globalization and the loss of do- 


Truly a Victory for Humanity 


G ENEVA — imagine a 
world in which civilians in 
post-conflict communities do 
not fear stepping outside their 
homes once foe warring parties 
have laid down their arms. 
Imagine a world in which 
people can plow land, gather 
water and wood, sow crops in 
peace. Imagine a world in 
which foe war wounded re- 
ceive the lifelong care and as- 
sistance they truly need. 

On Dec. 3, representatives 
of more than 1 20 governments 
will take the first step toward 
making such a world when 
they sign a treaty banning 
anti-personnel mines. 

During foe past two de- 
cades. the widespread and in- 
discriminate use of land mines 
has resulted in a humanitarian 
disaster in which civilians 
have been foe primary vic- 
tims, if not always the main 
targets. No one knows how 
many innocent men, women 
and children have been killed 
or maimed by land mines. 
Many die in isolation, unable 
to reach foe medical care that 
can save them. Stemming foe 
epidemic of wounds provoked 
by the use of mines requires 
that these weapons be out- 
lawed once and for all. 

The Ottawa Convention 
marks a historic moment in 
foe development of interna- 
tional humanitarian law, also 
known as foe law of armed 
conflict. Never before has a 
weapon in such widespread 
use been totally prohibited. 
That such a treaty even exists 


Imagine a By Comelio Sommaruga 
[civilians in 

bears witness to foe determi- 
nation of more Than 1,000 
nongovernmental organiza- 
tions worldwide, other inter- 
national organizations includ- 
ing foe United Nations, foe 
International Red Cross and 
Red Grescenr Movement, and 
dozens of governments from 
around foe world. 

It reflects foe influence of 
international public opinion in 
setting limits on what is ac- 
ceptable, even in lime of war. It 
is a visible sign that humanity is 
not powerless in foe face of 
destructive technology. 

Regrettably, a few major 
governments will not sign the 
treaiy in Ottawa. At foe treaty 
negotiations in Oslo in Septem- 
ber, foe temptation was strong 
to weaken the prohibitions to 
allow governments more time, 
or more opportunity, to use 
anti-personnel mines, and thus 
to encourage those in doubt to 
sign on. But the overwhelming 
majority of governments real- 
ized that an effective global 
ban required a truly effective 
treaty: "No exceptions, no re- 
servations and no loopholes,” 
in foe words erf Nobel Peace 
Prize winner, Jody Williams. 

History has shown ns that 
prohibitions on the use pf spe- 
cific weapons, such as poison 
gas and exploding and expand- 
ing bullets, are rarely univer- 
sally agreed upon from the be- 
ginning. But with time, these 
prohibitions have been accep- 


ted and respected by alL I truly 
believe that the same will occur 
with land mines. Already, the 
principle that the international 
community’s ultimate objec- 
tive should be a total ban on 
anti-personnel min es is almost 
universally supported. 

An enormous amount of 
work remains to be done. 
Governments outside foe Ot- 
tawa process must be brought 
on board as soon as possible. 
Millions of anti-personnel 
mines must be cleared from 
fields civilians long to start 
farming again. Millions more 
must be taken from stockpiles 
and detonated in safety. And 
thousands of mine amputees, 
the vast majority of whom 
have been sadly neglected, 
will require a lifetime of re- 
habilitative, care and assist- 
ance to restore their dignity 
and to ensure a chance for 
social reintegration. 

The Ottawa Treaty has 
made these distant challenges 
realistic and achievable. We 
must simply see our commit- 
ment through »ntU foe end. 

The success of the interna- 
tional cam paign against land 
mines shows that public opin- 
ion and human perseverance 
should never be underestimat- 
ed or ignored The Ottawa 
Treaty to ban land mines is 
truly a victory for humanity. 

The writer is president Of 
the International Committee 
of the Red Cross. He contrib- 
uted this comment to the In- 
ternational Herald Tribune. 


mestic autonomy and control 
over our lives are inevitable, 
then we can get on with the 
business of cutting tire best deal 
posable. The consequences of 
such' a strategy are all too. vis- 
ible. Despite adoubling of high- 
tech employment in Mexico's 
frontier industrial zone since 
the start of NAFTA, virtually 
none of those profits have teen 
spent on roads, sewers or clean 
water, while wages have de- 
clined by almost 50 percent 

The question people ought to 
ask is this: Since technology is 
improving our productivity, 
couldn’t those gains be shared 
to raise foe living standards of 
the poor and safeguard foe en- 
vironment for foe future? If 

lobal corporations cannot de- 
iver such a solution, why not 
hold them accountable? 

Such questions have been 
asked in foe debate over “fast- 
track” authority, in which en- 
vironmentalists and. organized 
labor joined forces to challenge 
the Clintqn administration’s de- 
cision to erect the framework of 
future global trade accords on 
foe political foundation of "ac- 
commodation’' with the likes of 
Newt Gingrich, foe Chinese 
government and Exxon. 

Fast-track failed to pass in 
Co ngre ss in large part because 
NAFTA has -shown that such 
accommodation only leads to 
fewer environmental protec- 
tions and lower wages. 

This is why the Sierra Club 


& 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: Balkan Deal? 

VIENNA — A great sensation 

has been caused by foe state- 


that an agreement has 
come to between Russia and 
Austria, under which Russia is 
to be allowed a free hand in Asia 
Minor, in return for which Aus- 
tria is at liberty to annex Bosnia 
and Herzegovina. The annex- 
ation of Bosnia would be op- 
posed to foe principle of the 
status quo , and, moreover, foe 
present state of occupation by 
Austria so closely corresponds 
with complete incorporation 
that it resembles annexation. 

1922; Lenin’s Vow 

MOSCOW — Lenin’s appear- 
ance at the Opera House, his 
first in public since his recent 
illness, was the signal fora tre- 
mendous outburst of enthusiasm 
from a crowd of 5,000 people. 
Lenin renewed his promise of 


i . 




r 


% 

3 


r 


f 


and other environmentalists 
collaborated actively with foe 
AFL-CTO to defeat fast-track. 
That’s why our organization 
has joined with Amnesty In- 
ternational in asking Americans 
to boycott Shell until it uses its 
enormous influence to improve 
foe economic and environmen- 
tal conditions of the Ogoni ^ 
people of Nigeria. 0 

This is why foe Sierra Club 
also has united with represen- 
tatives in Bangladesh in calling 
for far more rapid global action 
to reduce greenhouse pollution 
than foe Clinton administration 
las proposed. 

Mr. Friedman and others 
deny the possibility of such al- 
liances. They preach the dif- 
ferences in viewpoint between 
labor and environmentalists, 
between ordinary citizens in the 
industrial world and foe devel- 
_ world, and dictate a free 
mu for global corporations. j 
Differences exist The chal- f 
lenge of building a decent world ' 
order is to work through them ' 
and find solutions that guaran- 
tee that foe fruits of human in- 
vention and labor are used to 
improve foe lives of both 
present and future generations. 

The writer is the executive 
director of the Sierra Club, 
the largest grassroots environ- 
mental organisation in the ■ 
United States. He contributed 
this comment to the Interna- 
tional Herald Tribune. 


yielding nothing to capitalism 
permanently, and he said: “So- 
cialism won’t come to-day, to- 
morrow, or foe day after tomor- 
row. It may be two or three years 
hence. But in foe end, all Russia 
will be Socialist” 

1947: China Votes 

SHANGHAI — China went to 
foe polls for the first time in her 
long history to usher in what is 
called “a new era in democ- 
racy.” Paper dragons carried on 
trucks and flags waving in foe 
cold breeze were foe biggest 
signs of election life in this Trad- 
ing Chinese city as 170,000,000 
voters all ova- foe nation started 
balloting to select 3,024 dele- 
gates to foe National Assembly. 

The elections- are not expected to 
mean much in themselves be- > 
cause China is as yet unaccus- \ 
tomed to voting. As one observ- 
er put it, “elections themselves 
are not important, but foe feet 
that there are elections is.” 








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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 22-23, 1997 




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INTERNATIONAL HERALD TRIBUNE, SAXURBAY-SUNDAY, NOVEMBER 22-23, 1997 


PAGET 


Playing Hide-and-Scck 
With Iraq’s Warheads 


By R.' Jeffrey Smith" 


Wa ^unxtvn Pua Sen-i 


WASHINGTON 

ciSw"* inspTOors have 


admits -were stored in 21 of these 
before the war coolti Jail from 
100,000 to a million people. 

Even as UN inspectors resinned work 
in Iraq on Friday, UN offirialijSaid they 
were along way from micoveriflg the full 
story of Iraq's biological warfare pro- 
gram, an effort dot began in part with 


inspectors say, each lead i ff^o^edfeyniailfiomaRock 

in a highly &ytaid.,(ag»fflzati o n anf grew 


so far, the aerms obtained bv mail finmaRockville, 

into 

What die United Nations jQriwregards as 
the most alarming and dusrveof all the . 
weapons endeavors tmdotakeir by Iraq, 
At the top of foe inspcciors’ agenda is 
hunting down and destroying foe war- 
heads, as wdl as a host of other missing 
cts That could 
East 


heads' fate. » ^ about foe war- 

-JP* w ^Pons, Iraqi officials have 
SohSdd^ the ., 1 ^ 1 GuIfWaTby 
iL S. 1 ? rEU f oad or bra- 

led on foe banks of the Tigris River to 

mg raids hi? ’ ^ a y ied - bomb_ biological warfare products 

foey were tzaasamS' \ wreafc havoc *n *0 Middle E 

c a HeH to ,? desert site Australian Ambassador Richard Bul- 

to conceal their existence. m 80 attcn ^ ,t - T _ - " , .1 - - 

But^ the United Nations’ chief bio- 


, - . . — 'mhwuo wuiv. um* 

logical inspector, Richard SpertzeL said 
J 15 colleagues “are now ex- 
Jemely doubtful” that any of foe war- 
heads were destroyed. Iraqi military of- 
ficers and biological specialists have 
given conflicting accounts of when the 
warheads were moved or destroyed, 
which officials knew about it and what 
became of re m a inin g parts. None of foe 
warhead production records have been 
surrendered, raising questions about 
now many were made; 

Asa result, investigators suspect rtmr 
foe germ- or toxin-rilled warheads, 
which are each roughly 3 feet wide and 
10 feet long (.91 meters and 3 meters), 
could still be used with secretly con- 
structed Al-Hussein missiles, which 
have a range of 400 miles (643 kilo- 
meters). Launched a gains t a major city 
in the right weather conditions, UN of- 
ficials say, foe 40 or so gallons (ISO 
liters) of anthrax or botulinum train that 


mission on Iraq, said that deadly germs 
were still the most mysterious and dan- 
gerous weapon in Iraq's bands because 
they are easier and cheaper to make than 
other arms and can be deployed with less 
difficulty. * 

They remain, he said in an interview, 
foe apparent weapon “of Choice for 
Iraq,” important enough for foe country 
to forgo billions of dollars iarreyenue it 
could obtain if foe program-were folly • 
disclosed and foe UN Security Council 
lifted economic sanctions. 

In a presentation to foe Secteity Coun- 
cil an Wednesday, Mr. Butler and his 
colleagues said serious gaps remained in 
foe commission’s knowledge of the his- 
tory, purpose and accomplishments of the 
germ warfare program. But UN officials 
said that, based aa their own sleuthing and 
admis sions by Iraq, they know already 
that it has deep roots and was one of foe 
world’s largest and most impressive for- 
ays into this macabre military realm. 

A detailed account of foe program was 



Russia’s Balancing Act 

How to Stand Up to U.S. but Avoid Conflict 


By Daniel Williams 

Wntoiyhw Post Soria 


MOSCOW — Russia's successful me- 
diation in the Iraq arms- inspection crisis 
vividly demonstrated the balancing act 
dial is central to Moscow’s foreign policy : 
a keen desire to show independence in 
world affairs balanced against a necessity 
to avoid conflict with the United States. 

Because Russian complaints about 
foe dominant role of foe United States in 
the world form fot background music for 
Russian policy, an impression has been 


Certainly, the days of ui 
cooperation with America that marked 
the rest years of foe Soviet Union are 



J*mb Mok^ned/IV AmxiMed Pm 

Major General Nils. Carlstrom of Sweden, a UN monitoring official, 
checking that all luggage was unloaded on arrival in Baghdad on Friday. 


obtained in interviews with more than a 
dozeriUN officials, U.S. military officers 
andiotelligence officials, and a review of 
scores of documents related to the Iraqi 
program. The documents reveal that the 
covert Iraqi production effort involved at 
least seven facilities, and although its total 
staff was no more than a few hundred 
people, their work had broad scope. 

The program included, for example, 
foe production of 528 gallons of a potent 
carcinogen known as aflatoxin. which 
Iraqi scientists mixed experimentally 
with chemical agents widely used for riot 
control. UN officials have speculated that 
Baghdad's aim was to spray foe chemical 
on Kurdish or other e thnic minorities, 
producing an untraceable spike of cancer 
m these groups years later. 

Iraqi biologists also studied how to 
use bacteria and toxins to lay waste to foe 


U.S. Wary as UN Team Returns to Iraq 


C^tf^fdtrvOirS^frvmDtxpactKS 

BAGHDAD — A team of United 
Nations' weapons inspectors, including 
Americans, retained to Iraq on Friday 
after an agreement hailed by foe Iraqi 
■and Russian press but treated with cau- 
tion by foe United States. 

Washington underlined its skepticism 
by moving more warplanes and ships 
into foe Gulf. 

President Bill Clinton said the return 
of the inspectors was an “important 
achievement” and called for continued 
vigilance against a revival of Iraq’s 
weapons programs. 

“We must be constantly vigilant and 
resolute, and with our friends and part- 
ners we must be especially determined to 
prevent Saddam’s ability to reconstitute ’ 
his weapons of mass destruction pro- , 
gram," Mr. Clinton said of President 
Saddam Hussein. 

Speaking at a White House ceremony 
at which he received a medal for Ms 
Arab- Israeli peace efforts, Mr. Clinton 
said foe UN inspectors’ return “is an 
important achievement for foe interna- 
tional community.” 


drew foe whole team the next day. 

The inspectors, numbering between 
70 and 80, flew into Iraq from Bahrain to 
resume their monitoring of the destruc- 
tion of Iraq’s weapons. They traveled to 
Baghdad from Habbaniya airport. 100 
kilometers (60 miles) to the northwest, 
in cars and a bus. 

Iraq reversed course under an ar- 
rangement brokered by Russia, which 
promised to press for the lifting of sanc- 
tions. Deputy Prime Minister Tariq Aziz 
oflraq sard Russra had promised to work 
fora ‘ ‘just and fair diplomatic solution. ’ * 
But he acknowledged that foe UN Se- 
curity Council’s permanent members 
had offered no specific commitments. 

Atb Thawra, foe newspaper of foe 
ruling Ba’afo party, said: “Our latest 
battle with foe world oppressors in 
America has led to a great victory 
worthy of pride and glory. We have 
proved to everyone foal we have a na- 
tional iron wilL” 

Russian media basked in the glory of 
staging a rare diplomatic coup by ne- 
gotiating a way out of foe crisis. “This 

, t _ success is the first of its kind for several 

"It shows once again that determined years, ’ * foe daily Nezavisimaya Gazeta 
diplomacy backed by foe potential of said. It said Moscow had acted “as a 


force is the only way to deal with Sad- 
dam Hussein." Mr. Clinton said. 

"We must make sure that inspectors 
are able to resume their mission un- 
impeded,” he said “They must be able 
to proceed with their wort: without in- 
terference, to find, to destroy, to prevent 
Iraq from building nuclear, chemical and 
biological weapons and the missiles to 
carry them.” 

Baghdad expelled six American in- 
spectors on Nov. 13. saying they woe 
spies. The UN chief aims inspector wifo- 


world power averting what had at first 
seemed an inevitable war in the Golf.’’ 

But Secretary of State Madeleine Al- 
bright said Russia could not influence 
foe United -States in getting foe Sanctions 
lifted and the White House insisted Mr. 
Saddam got nothing for backing down. 

The U.S. aircraft carrier George 
Washington arrived in foe Gulf 
overnight, a U.S. Navy spokesman at 5fo 
Fleet headquarters in Bahrain said It is 
foe second carrier battle group to be sent 
to foe Gulf in six weeks. 


Meanwhile, Mr. Aziz traveled to 
Damascus on Friday in the first such 
visit by a top Iraqi official since Baghdad 
and Damascus cut relations 17 years 
ago, .when Syria sided with Iran in foe 
Iran-Iraq war. Mr. Aziz flew in from 
Cairo, where he had met with Foreign 
Minister Amr Moussa. (Reuters, AP) 

■ Monitoring Seen as Weakened 

Barbara Crossette of The New York 
Times reported earlier from She United 
Nations. New York: 

Although Iraq has agreed to allow UN 
inspectors back to Baghdad officials 
and diplomats here said they feared they 
will return as .a weakened force, facing 
the same intransigence as in the past hut 
possibly with less ability to uncover 
weapons of mass destruction that Mr. 
Saddam has had three weeks to hide. 

The officials feared that their work 
could be compromised by any promises 
Russia may have made to Iraq that it 
would press for an early end to inspec- 
tions, emboldening the Iraqis to become 
even more defiant and devious than be- 
fore. And they are concerned that during 
foe period since Oct. 29, when on-site 
inspections ended the Iraqis may have 
hidden more evidence, destroyed mon- 
itoring* equipment and perhaps as- 
sembled weapons or produced toxic sub- 
stances and stored them away. 

Some equipment under surveillance, 
including machinery in aims production, 
is now missing, moved away in foe ab- 
sence of inspectors. 

. Bill Richardson, title U.S. delegate to 
the United Nations, said that foe absence 
of inspectors would make foe commis- 
sion's work even harder in coming 
weeks. 


FOR PEANUTS By Christopher Hurt and Derek Tague 


79 Manhattan 
neighborhood 
82 Loud, resonant 
sound 

84 Great Western 
Forum player 

85 TbePrinfceand 
the PaupeT star. 
1937 

87 profit* 

89 Pound sound 

91 Giving 

92 Western wolf 

93 Grease pencil, 
for one 

94 Skaters do them 

96 Wing 

97 Slow or washer: 
Abbr. 

98 Gremlins. 
Pacers, etc. 

101 Fluid — - 

102 Snip’s ay of 


ACROSS ' 

1 Shakespearean 
prince 
4 In stitches 
8 Lacked, briefly 

13 Footnoted 

IB Moscow’s 
locale: Abbr. 

19 Swift Malay boat 

20 Grammy- 
winning Carey 

21 One of the 12 
tribes of Lsrad 

22 Strip’s Wte 
noire 

24 Poppy plant 
derivative 

25 Seasonal songs 

29 Experienced one 

27 Plug 

29 She follows an 
order 

30 Math branch: 

Abbr. 

31 They may be just 1M -HoomyT 

33 More apt to bore jgg Monorail vehicle 


35 Eariy alias of 
68- Across 

38 Snow 
construction 

39 “Finnegans 
Wake' wife 

40 Prime 

42 Eviao, notably 


110 Mariner's dir. 

111 Checkup sounds 

112 Fully 
anesthetized 

114 “...two mints ■ 

115 Adamof 
“Chicago Hope 


« ** Director ol H7 Short shots 
st «5L, 119 Predecessor of 

49 ^‘ arPUCCi 121 oSSUrole 

51 Bra Sped Rcatto Brighton 

53 Promotes 123 First name in 

34 •* Davis exploration 

Eyes* (1981 #1 124 The Lion of 
song) God 

55 News broadras 125 particles 
closer 129 Ctoyingiy 

57 Maynard G. of charming 

60’sTV 127 Young newts 

59 Peeper pleaser 128 Capitol Hill 


81 Revulsion 
83 “Dallas’* Miss 
65 Counting aid 
67JOM 


outs. 

88 Strip’s creator, 

boro 11/26/22 
72' Door sign 
74 Having a gap 

76 Depth: Prefix 

77 Clean-lined 


V,IJ».:Abbr. 

DOWN . 

1 Brought “a . 

2 Designer 
Simpstw 

3 Alan and Cberyi 

4 Song 

5 Slipup 

8 Strip's smallest 
character 
7 Baby caretaker. 


8 Popular proverb 
from the strip 

9 Greek nickname 

10 Steak 

(flomb&ddisb) 

11 With 80-DOwn, 
Frieda’s do in 
the strip 

12 Next 

13 Treat <m a 
toothpick 

14 Sicilia or Capri 

15 Strip’s 
apparition 

16 Snstai offering 

17 ER. figures 
20 Wear black, 

perhaps 

23 Old-fashioned 
cold remedies 
28 Training 

owertwi?: Abbr. 
32 Stepped 

34 Uoracy 

35 Start with Cone 
or Cat 

36 PlaymobUe 

37 When rosmg 
25- Across 

41 Peril chant but 

43 B rings in 

44 Restrained, after 
“on' 

45 Strip's 
comforter 

48 "Melancholia? 
engraver 

48 Seine sight 

49 GovtanbdiS- 
Cfipiination org. 

52 — -raell 
54 1992 Earth 
Summit host 
56 Jefly ingredient 
58 Blister 
60 R3± producers, 
often 

62 Whale ofa 
captain? 

84 Book before Job: 
Abbr. 

88 Sister of Holtoa 

69 Pubfixture 

70 Tobacco 
mouthful 

71 Kind of card 

73 They're not cool 
75 River known for 
disastrous 
floods 



1V23OT 


©New York Tunai/Edited by Will Shorts. 


78 Japanese hand, 
scroll ‘ 

80 Seel 1-Down 

81 Indy quest 
S3 Strip’s 

trademark 

remark 

85 Doghounder 

86 "Damn 
Yankees' vamp 

88 Type of tide • 
90 Fierceness 


99 Perfume, as at 


HMBat.ro Brutus 
(03 Pool 

105 The best -r— to 
. came" 

■ 107* Rum mixers 

108 Hoppingjoint? 

109 Gum 

III Pierce player on 
. TV ‘ 

113 Slyiisir 
nmgaziflt) 


9* Abbr. Ofl a octet 
95 Schedule 1,5 HumenlS ® fr 

listings 
97 Airline 
employees 


116 . Density symbol 
118 DHL alternative 
120 Plastered 


Solution to Puzzle of Nov. 15-16 


anonno nmnnona □□□□□ 
□nnann nnanaon nnnnnn 
anaannanmanoQn mnnnna 
annnn nnn nnnnnnn 
ananoooan nnonnnnnno 
_mn0 onnn manon 
nnrtnon nnn nnn nnnnn 
□□□□□on raannnnrannnn 
□□□□□ noa nnonnnn 
nnfino □□□□□□ non nnnn 
□nan nnnannnnnso nnrnn 
□man nnn □□□asm nnnon 
nnnnnon non nacinn 
nanfrinnnnnnn annnooo 
cirinna aan non anonnn 
nnnnn nnnn nnnra 
rannnnnnnnn nnnnnnonDn 
nannnon ononnnnn 
nnnnnn nnorcrimnnnonnn 
nnnnnn nnnnnnn nnnnnn 
nnnnn nnnnnnn nnnnnn 


economies of enemy countries by de- 
stroying crops and animals. The country 
also exper im ented with highly novel 
methods of delivering disease to enemy 
territory, attempting at one point to 
equip a MiG-21 jet fighter with spray 
tanks and make it operable by remote 
control. Baghdad’s ambition was to 
command the plane to fly over Israeli 
tenitoiy, begin releasing germs once ii 
crossed foe border and eventually to 
crash-land it. UN officials* said, citing 
private Iraqi statements. 

Perhaps the most remarkable facet of 
the germ program is that so much of it 
escaped notice by the countries con- 
sidered most adept at collecting intel- 
ligence in the Middle East: Israel, the 
United Slates and Britain. Iraqi engi- 
neers, for example, were able to produce 
the rockets, bombs and warheads in 
secrecy, leaving U.S. and allied officials 


i Washington, 

“Russia is likely to deviate from the 
United States only on the margins,’ * said 
Andrei Koitunov, director of the Rus- 
sian Research Foundation. “But the 
name of foe game now is still integration 
with the West, foe quest for financial 
credits, the need fear investment, so full 
independence of action is limited.’’ 

Viktor Kremenyuk, deputy director of 
foe USA-Canada Institute, said: “The 
period of romantic love for America is 
over, but this doesn’t mean we fight with 
America. It would be pointless. We want, 
however, to underscore the independence 
of Russia as an international player.” 

Russia's role with Iraq is almost a 
textbook case of the two faces of its 
foreign policy, deftly put into play by 
Foreign Minister Yevgeni Primakov. 

On the one hand, Mr. Primakov ex- 
pressed Russia’s opposition to U.S. 
threats to use force against Iraq. He also 
pledged to take Baghdad’s case for eas- 
ing the United Nations’ trade embargo 
on it to the UN Security Council. At the 
same time, Mr. Primakov held firm on 
foe central demand of the United States: 


in the dark about whether and how they Iraqwould have to let Americans be pan 
might be used during foe Gulf War. of UN arms inspection teams. 

In a stroke, Mr. Primakov demon- 


Only after foe war did Western ana- 
lysts fully understand that Iraqi scien- 
tists had acquired all of foe building 
Mocks of its germ weapons program 
with little difficulty from reputable sup- 
pliers in Europe and the United States. 

Iraq purchased strains of anthrax and 
botulinum toxin from a biological sup- 
ply outfit in Rockville, for example. 
Several fermenters used to grow foe 
germs were supplied by well-known 
firms in Italy and Switzerland, which 
never suspected Iraq's real aim. A third 
firm in Germany evidently knew what 
the feimenrer it supplied was to be used 
for, UN officials said. 

Moreover, in perhaps the preeminent 
intelligence failure of the war. each of 
foe three facilities where Iraq has ad- 
mitted manufacturing biological and 
toxin weapons escaped notice before foe 
war and survived it intact. 


strated that Russia can stand up to Wash- 
iqgton and still be a responsible power. 

In remarks made on Russian televi- 
sion Thursday, he stressed both aspects. 
“It is natural that we insist that Iraq carry 
out all UN resolutions," he said. "Rus- 
sia achieved this without foe use of force, 
without the use of weapons.' ' 

Some Russian observers perceive foe 
beginnings of aPrimakov doctrine in foe 
yin-yang framework of independence 
and nonconfrontation. A writer in the 
newspaper Nezavisimaya Gazeta said 
the doctrine meant Russia would “de- 
velop relations wiih the West but play 
independently in other areas’’ and build 
its own links with China and other Asian 
countries as well as in foe Middle Hast 

Russia’s yearning for independence 
stems in part from domestic political con- 
cerns. Subordination to the United States 


is an emotional issue, at least among 
Communist , and nationalist politicians 
who form a majority in Parliament. 

“Russia stiU tries to measure itself 
against the United States, even though 
we have neither the resources nor power 
to do so, 1 * said Konstantin Eggert, a 
commentator on international affairs fra* 
foe newspaper Izvestia. 

“If Russia is not going back to square 
one of confrontation, certainly there is a 
trend of going back to square three, of at 
least sanding up and being counted.” 

Symptoms of this urge also have been 
evident in recent public statements by 

NEWS ANALYSIS 

President Boris Yeltsin. In China re- 
cently, he agreed with his host. President 
Jiang Zemin, that no single power — 
that is. the United Sates — should dom- 
inate the world. Last month in Stras- 
bourg, he told European leadens that 
Russia, Germany and France should cre- 
ate a “political triangle” and a Europe 
independent of Washington. 

During a visit by Prime Minister Ryu- 
taro Hasnimoto. Mr. Yeltsin boasted of 
new, warm relations with Japan and put 
them in foe context of rompetirion with 
Washington. Mr. Yeltsin said he would 
telephone President Bill Clinton so that 
he would noi “worry” about Moscow’s 
new rapport with Tokyo. 

In the Middle East, there are eco- 
nomic reasons for diverging from U.S. 
policy. Russia has long regarded Iraq as 
a potentially lucrative business partner 
and arms customer. UN sanctions, in 
place since Iraq's invasion of Kuwait in 
1 990 — though its occupation of Kuwait 
was ended by the 1991 Gulf War — 
impede that relationship and make ir 
impossible for Russia to collect as much 
as $10 billion owed by Baghdad in debts 
dating to foe Soviet era — which also 
ended in 1991. 

Russia is also eager to do business with 
Iran, another country blacklisted by the 
United States. Moscow hopes to supply 
Tehran with technology for Large indus- 
trial projects and for oil exploitation. 

So far, however, the economic stakes 
in keeping good relations with Wash- 
ington appear to outweigh such dealings. 
The United States is a potential source of 
high technology and investments. Ex- 
pectations of loons from foe World Bank 
and help from foe International Monetary 
Fund also depend on good relations with 
Washington. Russian observers contend. 

Good relations with foe United Sates 
have become a gauge of the strength of 
economic reform In Russia. As Russia is 
perceived to be Westernizing in the 
United States' image, some foreigners 
and Russians see reforms progressing. 
Many regarded Russia’s acquiescence to 
NATO expansion .as a symptom that 
Russia can only go so far in opposing foe 
United Sates. 



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Netherlands 


>an 

•eden 



Hay, 

Mr. William Hay, Manama, Bahrain 

1 1- o -■ - tj Pi n - r 



ay Holmes, btoacnoim, Sweden 
Ml Michael Hook, Andover Hampshire, U.K. 
Ml Christian Iversen, Hamm, Germany 
Ms. Izabela Jablonska, Paris, France 
Ml Christian Jessen-Klingeribere, Oxford, U.K. 
Ml Hugh G. Johnson, Algiers, A 
Mr. limjordan, Newcastle, U.K. 

Ml P£ter Jtizarv, Budapest, Hungary 


Ms. Amy Rita Lewis, Tokyo, Japan 
Mr. Raimo Li tell, Gothenburg, Sive 
Mr. Michael Lynch, Lisbon, Portugal 
Mr. Gershon Maas, Haifa, Israel 
Ml Baiigh Mahmood, Abu Dhabi, U.A.E. 

Mr. Roiu Maoz, Kibbutz Kfar Glickson, Israel 

Mr. Pierre Marco ux, Montreal, Canada 

Mr. Wilfrid Marie, Subang, Malaysia 

Mr. Peter Martin, Bangkok, Thailand 

Mr. William Mills, Hong Kong, China 

Ml Sebastian Molineus, Paris, France 

Mr. Kish ore Mukhi, Gran Canaria, Spain 

Mr. John Nakhosteen, Bochum, Germany 

Mr. Dirk Neumann, Reutlineen, Germany 

Mr. Ba-Tay Ngo, Le Mans, France 

Ml Sean OTsIeiL Versailles, France 

Mr. Berge Oknayan, Milan, Italy 

Mr. ReneOlivier Orlean, Paris, 'France 

Ml Alfonso Celso Ouro-Preto, Paris, France 

Ml Jose V. Pascar, Buenos Aires, Argentina 

Ml Glenn Pierce, Breuillet, France 

Ms. Laura Pyke, Paris, France 

Ml Tke-Kwane Quek, Singapore 

Ml SJR. Quresni, Kaiserangst, Switzerland 

Ml Richard R. Rice, Encamp, Andorra 

Mr. Alexander Robinson, Eindhoven, Netherlands 

Mr. Joseph Rosenbere, Lawrence, JMY, U.SA. 

Ml Robert Rosner, Beaconsfield, U.K. 

Mr. Giovanni Scaramelii, Turate, Italy 
Mr. Jacob Shapiro, Los Angeles, CA, U.SA. 

Ml Robert Smalley, Audieme, France 
Ml Henk Smid, Breda, Netherlands 
Mr. Ben Soqimer, Beersheva, Israel 
Ml Jan Vincens Steen, Oslo, Norway 

i' , i i. I Y J * . 

r Indonesia 
Netherlands 

v — ima, Japan 

Ml Georges Tabbal, Luxembourg 
Ml JohnTarkas, Athens, Greece 
M*' Charles Thibo, Wolfen, Germany 
Ms. Elizabeth Thomas, Carouge, Switzerland 
Mr. Ted Thornton, Jakarta, Indonesia 
Ml GilIesTpusjgnanf, Dhaka, Bangladesh 
M 5 * ^ ain Ho Chi Minh City, Vietnam 
Ml Bassam Tueni, Beirut, Lebanon 

?w Eeckh °udt, Beerse, Belgium 
Ml Daniel Vermeer Leiden, Netherlands 
Ml Luc Vuunnans Lully, Switzerland 
Jfc Geoige WMinsley. Brasilia, Brazil 
Ml Gilbert G. Zimmerman, Rancho Mirage, CA. USA. 




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,4 

1 


i 


EGYPTIAN BUSINESS COMMUNITY 

SPEAKS TO THE WORLD 

T he Business community, of Egypt, represented by all of the busi- 
nessmen’s associations, the federation and the chambers of com- 
merce, the federation and chambers of industry and all of the Non- 
Govemmental organizations are outraged by the recent murderous inci- ^ 
dent in Luxor. We grieve deeply with the families of the victims and we 
share with them their immense sorrow and loss. For it has come to be 
that their loss is a loss to all Egyptians, a deep wound that we will have 
to heal together. 

T he people of Egypt have always maintained a heritage of love, 
peace and civilization to mankind and we are determined to 
continue to do so. 

T he private sector of Egypt that we represent, in industry, in trade, in 
agriculture and most of all in tourism, has strengthened its resolve to 
forge forward in the development of our country. Our faith in our insti- 
tutions is unchanged, our support is unwavering and we will maintain 
our investment plans unchanged. Our factories will expand, we will pro- 
duce more, export more and bring to the people of Egypt the prosperity 
that they deserve. We are determined not to let small bands of criminals 
divert us from our goal of prosperity. We pledge our firm support to our 
leadership and Government as they continue to implement the program 
of reform and change that is currently under way in our drive towards 
progress and growth that would benefit each and every Egyptian. 

E gypt has come a long way in its reforms, it has built an economy that 
can grow and prosper. It has restored its financial balances and freed 
its institutions from the shackles of the past. These are achievements we V* 
intend to preserve at any cost. The resources of the Egyptian private sec- 
tor that we represent are pledged to protecting these successes. This is a 
day of national resolve. We ask the international financial community to 
join us in our stand against the powers of darkness, and ignorance, and 
to join us to forge ahead in the prosperity of our country. 

T errorism, is a sad phenomenon of our times. It knows no boundaries, 
no country, no culture, and no limit. It is indiscriminate in its evil 
and destruction. It is a scourge that we have to deal with together as one 

One humanity, one community united in its determination to live in 
peace and harmony. 

1 . % 

The Federation of Egyptian Industries 


\ 


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( 





ART 


INTERNATIOIVAL HERALD TRIBUNE 
SATLRDAY-SUNDAV, NOVEMBER 22-23, 1997 

PAGE 9 


Long Odds and Wild Estimates at Medieval M astern iece Sale 

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International Herald Tribune 

N rEW YORK — It was to he a 
JJJHJF sjfe* first almost 
I eQt ™y devoted to the medi- 
I eval an of champlevS enamel 
■liturgical objects, ^LS 

censere 811(1 can - 
dlesticlK. It certainly was ooe that could 

ncwbe repeated, because so 

ije Ken Collection” sale conduc- 
ted Thursday at Sotheby’s included half 
a dozen masterpieces that any museum 
wooWwant.ofakmd^y^^^ 
in the mariteL They graced, until 1971 
the house of one of the greatest Euro- 
pean collectors in the second half of this 

SOUREN MELIRTan 


lk i'l love, 

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century, the lare Erast Kafier-TYuniger 
^Lucerne, and were then bought by 
Edmund de Unger, also a famous col- 
lector, who added a few pieces. Success, 
even triumph, $eemed*a certainty In- 
stead, it was a fiasco. 

In just two hours, the auctioneer. Sir 
mon de Pnry, no longer with Sotheby’s 
who had been called back for the oc- 
casion to defer to the wishes of the 
consignor, snuggled against the odds. A 
glance at the printed estimates of the 
first great pieces must have been enough 
to convince the auctioneer, even though 
medieval art is not his field, that he was 
in for a rough ride. After what could 
have been a promising start, in which 
the first 15 lots all sold well, the first 
severe mishap occurred. 

A small, superb plaque of the third 
quarter of the 12th century, made some- 
where in the Mosan area, possibly in 
Liege or Aachen, carried a $750,000 to 
$2 J2 million estimate. Bidding started at 
$400,000 and petered out almost forth- 
with at $460,000. Another plaque of the 


same period and presumably fhe same 
urea, estimated to be worth $450,000 to 
$750,000, underwent a simitar fate. 
Laid cm the block with an opening bid of 
5200,000. it never took an.yj’ • • 

Throughout the sale, the biggest lots 
thus died an instant death. Among these, 

standing side fry* rifle, ferir iqpTcoiti 


of dtamplevl enamel ait. .The 
once attached to a processional cross 
made in Limoges around 1185 to 1195, 
is one of four s u r v iving pieces — die 
Only one stffl in private hand& 

But when dePuiy opened the bidding 
at $1.7 million, dealers looked up in 
amazement, some of them openly- con- 
temptuous. The plaque remained unsold 

when de Ptuy ’shammer came^down on 
a $2.1 million tad, called, out. by him. 
Admirable but wildly - overestimated 
gets you nowhere these days. .. 

The second casualty that should never 
have been is one of the key works of 
to eo ^dnncnaoBa l figuration in champ- 
kv6 enamels. The Virgin and Quid, 
known as ‘XaVirgendelasBatallas,” is 
believed to have been preserved in the 
Abbey of San Pedro ae Arianza near 
Burgos from the Middle Ages until 1836. 
The 12-inch-high (30-centnneter-lugh) 
enthroned Madonna is a wonderful ex- 

turcJEtutit stood no ^mce^^^l^^s 
the haipmer came down at $2.4 milhou 
— three times the estimate it should have 
carried to tempt bidders. 

Even more absurd is die failure to sell 
. one of the great and famous reliquaries 
in champlevd enamels, known as “The 


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Madrid chasse” because it was in a 
Madrid collection in 1906. It then 
passed into ooe of the most famous 
collections of Ancient and Medieval 
objets d’art framed in the first part of 
this century, that of Adolphe Stoclet of 
Brussels. Later, it was sola at Sotheby’s 
London by a member of the family, 
Philippe Stoclet, in 2965. when Kofler- 
Tnungerpaid £600 to get it. 

;*The ebasse is not just famous, it is 
startlingly beantifuL The object should 
have scored oo every count But as de 
Pray called out the first bid, $1.9 mil- 
lion, and quickly counted “$2 million, 
$2.1 million, $2J2 mUlion/' the pro- 
fessionals attending stared in disbelief. 
They did not budge. 


Nearly all the important pieces that 
sold that day did so below their lowest 
estimates. An admirable chasse with the 
Holy Women at die Tomb, made in 
Limoges around 1185-95, thus cost its 
buyer $530,000, far below the “low 
estimate’* set at $827,500 (with premi- 
um), but still a great deal of money. 
Throughout the sale, the desire to buy 
was evident, but there is a limit to 
everything, and the highly informed 
buyers who sat in the room made sure 
the message got across. 

In the end, 68 lots out of 97 found 
takers. They added up to just over $4 
million, less than one quarter in value of 
the evening's knockdown. Such a dis- 
aster owes little to the current financial 


market uncertainties. It should never 
have been allowed to happen. 

The failure illustrates the degree of 
self-delusion attained by auction 
houses, whose managements some- 
times seem to think that all they need in 
order to extract the desired prices is a 
commensurate propaganda effort that 
will reach a new audience. 

It sometimes works in Contemporary 
Art, where the words used to describe it 
matter as much os what the eye sees. 
And, indeed, the strange mise-en-sc£ne 
at Sotheby’s viewing suggested an in- 
tention to reach the public that goes to 
Contemporary Art exhibitions. 

The presentation isolated most objects 
in single niches. But, in raider to jolt 


visitors into attention, someone bad 
thought of unroducing here and there, not 
an object, but a hairy human leg, in- 
congruously coming down into the niche 
from the top — tire rest of the incum- 
bent's body was fortunately not visibly. 
In another niche, one coulq gaze at the 
back of a woman reclining cut her side, 
covered with large pimples. 

The schoolboyish attempt at flirting 
with Surrealism did not attract new buy- 
ers, and merely struck old ones as dis- 
tasteful, out of character with Sotheby's 
customary sophistication. As they stud- 
ied the printed estimates or muttered to 
each other about those only given on 
request, exasperation was perceptible. 


H 


OW Sotheby's with its long 
experience could have erred 
so wildly remains a mystery. 
How de Unger, the great col- 
lector, the supremely cultivated Euro- 
pean, the skilled financier with an in- 
sider’s understanding of the an 
market, its psychology, and not least, 
its price structure, could have gone 
along with the whole charade is even 
more baffling. 

Perhaps the renowned investor was 
unable to resist the temptation of trying 
to pull a financial coup against the better 
advice that his other persona as a great 
connoisseur-collector would have given 
him. His objects remain as great as ever 
and should not be affected in the long 
run by this slip-up. But it was all rather 
unnecessary. 

Dealers had come from all over the 
world. Alain Moatti of Paris, Jan Dirven 
of Antwerp and others were there. They 
laughed as they walked out. For the first 
time in years, they had scored heavily 
(even if by default) in the undeclared 
war pitching the an trade against the 
auction houses. 


In*;* .. 


•• jo. t France and Germany: A Fateful Attraction 


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By Michael Gibson 

International Herald Tribune 


P 


l ARIS — From the end of the 18th century to the end of 
* the 1 9th. relations between France and Germany were 
marked by a deep mutual admiration and a number of 
fatal misimrlp rs landing s The French Revolution first 
stirred the Germans to enthusiasm, but this abated when 
Napoleon crossed the Rhine with Us armies. A few years later 
the Prussians paid a return visit They came hack with a 
vengeance 50 years later, in 1 870, breeding fierce nationalism 
oh either side. 

The interesting if somewhat laborious exhibitional the Petit 


Palais, “Marianne et Germania, 1789-1889,” traces this 
ambivalent relationship through a crucial century, stressing 
the many things the two countries undeniably had in com- 
mon. 

An intriguing selection of 320 paintings, sculptures and 
documents opens, appropriately enough, with -a number of 
preposterous figures personifying the two nations: on the one 
hand, the French Republic (the hefty bronze on the Place de la 
Republiqne in Paris is in this vein), on the other, * ‘Germania” 
got up as a Wagnerian blonde with drawn sword keeping 
defiant watch on die Rhine. 

Yet beyond die posturing and mutoal suspicion, the ex- 
hibition suggests — and Michel Espagne convincingly argues 


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By David Galloway 

C OLOGNE — Forits 
30th anniversary 
show. Art Cologne, 
which closed on 
Sunday, shed a few unsightly 
pounds. Gosing one hall and 


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percent. Art Cologne took die 
first therapeutic step towa rd 
the leaner image appropriate 
to the not so gay ’90s. Further 
redactions are promised for 
next year's megashow 
The long-overdue shift in 
policy lured back a number of 
gallerists — including Lou- 
don’s redoubtable Annely 
Juda — who had absented 
themselves in protest against a 
carnival atmosphere and a di- 
lution of standards. But Co- 
logne was also responding to 
Berlin’s Art Forum, inaugu- 
rated in 1996 as an elegant, 

■co nsis tently professional 
“salon” of contemporary art 
Earlier this month, the 
second installment of Art For- 
um confirmed Berlin’s focus 
on the contemporary, while 
Cologne embraces all periods 

and genres of the art of .this 
century. A total of 230 gaL 
leries from 19 country 

toPlessi, Ussitzky to Bogdan Hoffmann’s “Kolri’ at the Apt Cologne fair. 
nl^^Ssseldorfs tant to reveal sales figures; others regard 

Hoffman, while Cologne^ Gmurayn- 
ska Galleiy sold a superb Lyond Fein- 


The youngest of these new- 
comere, Juui Kraijer of the 
Netherlands, also works in a 
realist vein, recording banal 
scenes in lyrically beautiful 
pastels. Otherwise, the clear 
trend among the newcomers 
was toward installations and 
sculptures. The latter trend 
was also echoed in Cologne’s 
new sculpture park, which 
will focus on temporary but 
long-term presentations by 
contemporary artists. Ana 
next year’s Art Cologne will 
feature a special section de- 
voted entirely to sculpture. 

Of the 72,000 visitors to this 
year’s Art Cologne, compar- 
atively few were buyers, but 
many nonbuyers made con- 
tacts that will eventually lead 
to acquis i tions. This spin-off 
effect is one every serious gal- 
lerist values highly — and cul- 
tivates. It encourages a healthy 
process of long-team growth as 
opposed to the flash-m-the- 
pan effect of those concen- 
trating on investment poten- 
tial And it was their inter- 
vention that motored the 
inflationary trends of (he 
1980s. 

Such investors were again 
under way at Art Cologne, 
spurred both by shaky stock 
maikets and the generally ro- 
bust auction results of the last 
year. Despite the fiasco of 
Sotheby’s recent sale of the Evelyn 
Sharp collection, art has regained 
something of its speculative appeal. 
That tendency, was reinforced by the 
of the latest Art Compass 


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“ethnic" — . — ~ . 

of a collectibles niche or a cotamm- 

security about the art of our txme^a^m 

point Art Cologne, in any 

“’"rasssSE 

case no shortage of exoac 

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Wesselmann, 

Rpeklev He and bis colleague JT1BMS 

hands for an /Certainties of 


UCH prices indicate a steadying, 

by no means-inflationary market 
for works of quality by estabr 

Hshed artists. Analysts wae even 

heartened, however, by steady sales 
of works priced below 100,000 DM— a 
fluesbold thai younger, less experienced 
■ collectors are more hkely to cross. 

Among the fair’s most powerful 
statements were the black-and-white 
photographs of fee Iraman-bom, New 
York-based Shinn Neshat, which over- 
lay ensembles of faces, hands, and 
weapons with exquisitely .flowing cal- 
sby to comment an gender roles, 
frus fundamentalism and violence. 

found 
of fe e 

email- formal paintings of Eberhard 
Havedtost — coolly reductionist, 
chalky studies of anonymous faces and 
ftcades. A protdg£ of Dresden’s en- 
rererising Grilery Lehmann, Haveikost 
waToneof 24 younger’aftists given free 
mace at fee fahr* where feear top pnee - 
him limited to 7 ,000 DM. 


apperaance 
p ublishe d by Germany’s leading finan- 
cial magazine. Capital From top-of-tbe- 

pops Brace Nauman to Tony Oursler at 
lOOdi place, the aimual list is based on a 
complex point system reflecting fee 
artists’ participation in major exhibi- 
tions and articles on their weak in die ait 
Highest marks in fee aesthetic 
ics are given for participation in 
the Kassel “dexumenta’^and the Venice 
Biennale, hi general, such criteria ignore 
fee fact that some artists decline to par- 
ticipate in group exhibitions of any kind 
or even withdraw completely for a time 
to consider new positions. 

Nonetheless, tire number of visitors 
threading through fee corridors of Art 
Cologne with the fresfrly printed Art 
Compass made clear that such shopping 
guides — which also rate artists’ prices 
as “very reasonable,” “reasonable,” 
“correct,” “expensive” and “very ex- 
pensive” — are again in fashion. Not do 
they contradict fee commercial function 
of such.fims. Yet tire true lifeblood of 
tire art scene remains fee engaged col- 
lector who. regardless of fee size of his 
purse, buys wife passion and convic- 
tion. Even Wife love. 


David Galloway Is an art critic and 
free-lance curator based in Germany. 


the 


in the indispensable catalogue — fear fee cultural and literary 
histories or both countries were so inextricably fused that 
neither is intelligible today without reference to fee other. 

This also applies to fee interaction between French politics 
and German philosophy. Heinrich Heine summed it up splen- 
didly: “German philosophy," be says, “is merely a dream of 
fee French Revolution; Kant was our Robespierre.” 

A roster of pioneering figures attests to this intense and 
mutual fascination: Madame de Stael (whose 1814 book on 
Germany was hailed by Goethe and banned by Napoleon), the 
composer Hector Berlioz, fee sculptor Pierre-Jean David 
d ’Angers and fee painters Eugene Delacroix and Fantin- 
Latour. 

Alongside these, we have a galleiy of rarely seen portraits of 
eminent Germans: Kant, Heine, Hegel, Schopenhauer, 
Friedrich Schlegel and others, but also those of important, if 
less famous figures — writers, musicians, publishers and 
t ranslator s — who kept a loyal Franco-German dialogue 
going throughout' the century. 

One of fee curiosities of the exhibition is no doubt fee score 
of fee “Eroica” Symphony on which Beethoven struck out the 
original dedication to Bonaparte after hearing that the French 
general had been proclaimed emperor. The composer’s fury is 
still obvious: His pen ripped a hole in the page. 

T HEFrenchinfee 19th century thought of theGermans 
as a nation of philosophers and peaceful, apolitical 
dreamers — the sort of bookish, pipe- smoking souls 
seenmJJ*.Hasenclever’s 1843 “Reading Room.” In 
a sense, as Heine implied, this was not very far from the truth, 
butitcould be fatal to despise politics when power was held by 
such cynical professionnals as Bismarck. 

Astutely manipulating Napoleon m into declaring war on 
Gennany in 1 870, he achieved his real propose, fee unification 
of Gennany, ceremonially proclaimed by Wilhelm of Prus- 
sia’s coronation as German Emperor in the Versailles Hall of 
Minors. A portrait of Napoleon HI at Sedan catches the 
pathetique quality of fee French defeat. 

France feus humiliated and penalized, fee stage was set for 
disasters to come. Gustave Dore’s large grisaille painting 
“L’Eaigme.” 1870, one of the few topical works of fee period 
to stand fee test of time, is a poignant meditation on this 
conflict and its unforeseeable consequences. 

" Marianne et Germania, 1 789-1889, m siecte de pas- 
sionsffanco-allemandes, " at the Petit Palais to Feb. 1 5. and 
“ Marianne et Germania ,” Goethe Instirn. 17 Avenue 
dlena, to Dec. 19. 


ARTS 


n 


M & M Objets d’art 

Fin; ccll£C t C'; jcacllcr'i’ 
PESCICUS iTONi£S 1N3 FCASIV 


Rare and exceptional 
Christmas Gin 

la Parc Palace 
5, Impasse deb Foofcrine 
98000, Moote Carlo 
Tet 00 377 93 30 19 80 


Unique 


Collector sells Cdkctum of 

IRANIAN 
1SPHAHAN 
NAIN CARPETS 

60 pieces of Top Quality 


Tafc 433 
Fax: +33 


94 65 4755 
94 B5 45 13 


Wisfi to purchase.an Important Oil P anting by 

Max Uebermann 

of a Cafe, Restaurant or Street Scene 
in Berlin orWannsee 

Con tot N. Bentstrih in Nw Yorfc at (212)288-3002 




Catherine Charbonneaux 

Commissairfl - Prlcsur 

Modem Paintings & Sculptures - Contempwaiy Art - Primitive Art 

♦ 

Sunday, November 3, 1997, 14* at Drouot, Room 10 

onexfnMiSon Saturday, November 22 - II .00 - 18.00 
Sunday. November 23 - 1 1.00- 12.00 

Abman - Asian - C£sar - Chaissac - Dauubui - S. Francis - 
Umbert-Rucw - U Rssnaye - Lfeat - Lehmbmjck - Leplae - 
Renos - Rodin - Vantonserloo 

♦ 

U1AJLT OflLDECOUVRIR PES VALEURS SURES 
134, rue du fanbcswg-Sain t-Honore 75008 Paris 
Teh 33 (0)1 43 99 66 56 Fax: 33(0)1 42 56 52 57 



Lorenz Clasen's rendering of "Germania,” 1860. 


auction sales 


IN FRANCE 


PARIS 


DROUOT RICHELIEU 

9, rue Drouot 75009 Paris -TeL 01 48 00 20 20 


■ Monday, December 1, 1997- 


Room 14 at 2.00 p.m. Window Objetis XVHI - XK CLntury, 
Tie Pins - Ancient Watches XIX - XIX Century. 
Etude TAJAN, 37. rue des Mathurins, 75008 Paris, 
tei.: 33 (0) 1 53 30 30 30 - fax: 33(0) 1 43 30 30 31. 
Internet: htrpy/www.talmcom - Email: tajan^-uridneiir 

Tuesday December 2 , 1997 

Room 16 at 2:15 p.m. Furniture and Furniture Objects. 
Etude TAJAN, 37, rue des Mathurins, 75008 Paris, 
cel.: 33 (0.) 1 53 30 30 30 - fax: 33 (0) I 53 30 30 31. 
Internet: httpvVwww .la jan. com • Email: tajan@wnridnet.fr 

-Wednesday, December 3, 1997 


Room 14 at 2:15 p.m. Important Wines and Spirits. 
Etude TAJAN, 37, rue' des Mathurins. 75008 Paris, 
tel.: 33 (0) 1 53 30 30 30 - fax: 33 (0; 1 53 30 30 31. 
Internet httpc//www.iajan.com - Email: tajm@u oridnet.fr 

Thursday, December 4, 1997 

Room 2 at 2:15 pm Ancient and Modem books, books 
concerning Lebanon and Middle East, lesterism, papers with 
original letter headings, manuscripts. Etude TAJAN, 37, rue 
des Mathurins, 750W Paris, tel.: 33 <0) 1 53 30 30 30 - 
fax: 33 (0) 1 53 30 30 31. Internet httjxXhvwTv.tajan.com - 
Email tajanOwoddnet.fr 

-Friday, Decembers, 1997. — 

Room 7 at. 2:15 pm Paintings, Drawings, Sculptures X3X - 
SX Century. Etude TAJAN, 37, rue des Mathurins, 
75008 Paris, tel.: 33 (0) 1 53 30 30 30 - 
fax: 33 (0) 1 53 30 30 31. Internet: httpy/www.iajan.cran - 
Email tajaft®woddnetfr 

Sunday, December 7, 1997 

Room 10 ai 3:00 p.m. Abstract and Contemporary paintirus. 

. rae Mathurins, 75008 Paris! 

tel: 33 CO) 1 53 30 30 30 - fax: 33(0) 1 53 30 30 31. 
internet: nnp-y/www.tajmcom - Email tajan®uroridneUr 


In NEW YOWTdease contact Ketcy Malsanrouoe & Co 

flfth floor ' KY - 10021 Phone.- 
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PAGE 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 22-23, 1997 



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Herali>"sSfeSribune 


BUSINESS/FINANCE 


SATURDAY-SUNDAY, NOVEMBER 22-23, 1997 


Monopolist? 
Microsoft’s 
Chief Scoffs 


By Elizabeth Corcoran 

Washington Post Service 


REDMOND, Washington — Bill 
Gates slouches oa the sofa in his office 
and listens intently to the question. 
There is silence. His brow furrows. He 
fidgets, he rocks. He scowls. 

“That’s the most ...” He catches 
himself, but according to a colleague he 

wac shnnt tn »L. _i ■ . — ° 




brBi An«KiimRniTn» 


Bill Gales, the Microsoft chair man, talking about new products at a computer trade show in Las Vegas. 


Mr. Gales, chairman of Microsoft 
Corp. , may be one of the most powerful 
men in the world. But he is not a 
contented chief executive. In a recent 
interview at the company’s corporate 
headquarters here, he railed againct 
those who see Microsoft as anything 
but the guys in the white hats. 

Tbere are plenty of targets for his 
anger these days. The Justice Depart- 
ment is hauling his company into court. 
Ralph Nader, longtime representative 
for consumers, is badgering Microsoft 
about its dominance of die software 
market His competitors in Silicon Val- 
ley continue to vex him, like invisible 
stinging gnats. In each case, Mr. Gates 
takes their complaints against the com- 
pany personally. 

“Ir you had to pick a part of the 
economy about which you, could say, 
hey. this part is working well, you’d have 
to pick software and the way software 
prices have come down,’ * he said, rock- 
ing back and forth on his office sofa. 

“Name another place where the 
prices keep coming down while the 
products improve. Just look at the 
amount of R&D you get for your soft- 
ware dollar uow versus three years ago, 
six years ago, nine years ago. It's 
wild.” 

Mr. Gales was unwilling to discuss 
the Justice Department’s complaints 
directly in the interview last week that 
had been arranged long before the gov- 
ernment ’$ complaints. What came 
through, however, was his frustration. 
Why, after all that Microsoft has done 
to help unleash the power of personal 
computers, is his company under fire? 

“What is the most pro- competitive 
thing that’s ever happened in the econ- 
omy?” he demanded. “Personal com- 
puters connected to the Internet, by 
far. ” Microsoft has helped that happen. 


Mr. Gates said. And if his competitors 
don’t like it, he suggested, then they 
Should fight him in the marketp lace 

Since Kir. Gates and a high school 
buddy, Paul Allen, founded Microsoft 
in 1975, it has grown into one of the 
most influential companies in the world. 
Microsoft's revenue for fiscal 1997 was 
$1136 trillion, but to Mr. Gates, the 
company is still a feisty start-up, poised 
to do battle against legions of giants. 

“The culture Of this co mpany is that 
it feels like the competition is always on 
its tail,” said Mike Murray, vice pres- 
ident for human resources and admin- 
istration. * ‘Most of us refuse to admit we 
have size” and market clout, he said. 

“We want to be like, a small com- 
pany.” 

The Justice Department took legal 
action last month against Microsoft, 
contending it had violated the terms of 
a 1995 consent decree by using its 
market clout in operating-system soft- 
ware to bolster the acceptance of its 
Internet “browser” software. Mi- 
crosoft has countered that it is simply 
improving its products and giving con- 
sumers more value for their money. 

The two sides are scheduled to appear 
before a federal court judge Dec. 5. 

To Mr. Gates, Microsoft’s mission is 
to remain a software company and to 
keep improving its core product, the 
Windows operating system, by adding 
new features such as the Internet 
browser. Every time it has done so, 
competitors have complained. But that 
is the price of progress, be suggested. 

Recalling when Microsoft’s operating 
Systran did not use graphics, Mr. Gates 
said: “Now you could say, why don’t I 
freeze the operating system and not ever 
put a graphical interface in? Wouldn’t 
that be more, fun for the competitors? 
.And, yes, if the goal is — at the cost of 
innovation — to help competitors, yes, 
there’s lots of ways to rig the game.” 


Economists worry about monopolies 
for a simple reason. When a company 
has a lock on a market, it usually turns 
lazy and complacent. Eventually, the 
monopolist introduces fewer innova- 
tions and raises prices, largely because 
it does not worry that such changes will 
cost it many customers. 

By that measure, Mr. Gates asks, 
how can anyone imagine that Microsoft 
is a monopolist? 

“Why do we keep the price of Win- 
dows as low as we do?” he asked 
rhetorically. If, he went on, “an econ- 
omist thought, ‘Oh, this is a product 
without competition,’ and computed 
what the price would be, they’d get a 
number five to 10 times higher than 
what it actually is. ” 

“Because h is a competitive area,” 


he added. His competitors see it dif- 
ferently. Scott McNealy, chief exec- 
utive of Sun Microsystems Inc., con- 
tends that the spreading influence of 
Microsoft’s family of operating sys- 
tems winds up meaning there is less 
choice for consumers. 

Mr. Gates dismisses such criti- 
cisms. 

‘ ‘Why don’t I raise the price of Win- 
dows?” he asked “Are you really 
telling me I’m dumb? Why not raise 
prices? “Because it’s competitive; in 
the long run Windows would be wiped 
out That’s why. 

“I’m either a bad business person or 
I’m right about the fact that there’s lots 
of competition that could wipe out 
Windows. Those are the only two 
choices you have.” 


U.S. Presents Microsoft E-Mail as Evidence 


Washington Post Sen'ice 

WASHINGTON — The Justice De- 
partment has said Microsoft Corp. is 
trying to rewrite history by claiming that 
it long intended fra: its Internet browsing 
software to be integrated with its pop- 
ular Windows 95 computer operating 
software. 

The department, which last month 
asked that Microsoft be held in con- 
tempt of court for violating a 1995 
agreement with the government, also 
urged the federal judge deciding the 
matter to issue a decision quickly. 

The department has accused Mi- 
crosoft of forcing its Internet Explorer 
browser on personal computer makers 
as a condition of getting Windows. 
Microsoft asserts that the products are 
integrated and should be distributed 
together. 

The department presented as evi- 
dence late Thursday a June 1994 elec- 
tronic-mail memorandum from a Mi- 
crosoft executive discussing the 


development of Windows 95 that said: 
“We do not currently plan on includ- 
ing any other client software, espe- 
cially something like Mosaic.” Mo- 
saic was an early type of browser 
software that' Microsoft licensed in 
January 1995. 

Another e-mail message obtained by 
the department said that a browser was 
“stuff you need to obtain from 3rd 
parties.” 

The department also cited e-mail 
between two top executives in Decem- 
ber 1996 that tailed Internet Explorer 
“just an add-on to Windows.” 

Microsoft, however, contends that 
Internet Explorer was in the first ver- 
sions of Windows 95 shipped to com- 
puter makers. 

Hie agreement with the government 
“only deals with the licensing of our 
software to computer manufacturers,' ’ 
Mark Murray, a Microsoft spokesman, 
said. “It does not deal with retail 
sales.” 


PAGE II 


29 Industrial Nations 


Agree to Ban Bribery 
Of Foreign Officials 


By Edmund L. Andrews 

.Vr»r Kirt Times Sen-ice 

FRANKFURT — The world's in- 
dustrialized countries formally agreed 
Friday to a treaty that would outlaw the 
bribing of foreign government offi- 
cials. 

The treaty, negotiated in Paris by the 
29 countries that belong to the Orga- 
nization for Economic Cooperation and 
Development, marks a victory for the 
United States, which outlawed foreign 
bribery 20 years ago but until now had 
never persuaded governments in Europe 
and Japan to follow suit. 

U.S. companies have complained for 
years that they lose billions of dollars in 
contracts every year to rivals that bribe 
their way to success. 

Until recently, most other industrial 
countries had discreetly balked at out- 
lawing foreign bribery — some had 
even permitted corporations to take a 
tax deduction for it — arguing that 
corrupt government officials were an 
unsavory but unavoidable fixture' of do- 
ing international business. 

The treaty was reached only after 
long and prickly negotiations over the 
legal niceties of a black art 

. Last May. the OECD countries 
agreed in principle to a bribery ban. 
Since then the countries have been de- 
fining precisely what kind of govern- 
ment officials should be covered. 

The treaty's central provisions 
would, for the first time, force countries 
to prosecute corporations for paying 
bribes to foreign government officials in 
the same way that bribery of their own 
officials is illegal. 

It would also outlaw most payments 
to members of parliaments, something 
that Germany, Austria and Finland re- 
sisted because it went beyond the laws 
in their own countries. In Germany, for 
example, it is permissible to make pay- 
ments to members of Parliament so long 
as the money is nor directly tied to a 
vote. 

The OECD has no powers to ensure 
compliance with the treaty. However, 
signatories are to monitor themselves, 
as well as each other, to ensure that 
sanctions against bribery imposed by 
each country are sufficient 

Advocates of tough anti-bribery mea- 
sures cautioned that the new treaty 
could prove a disappointment 


For one thing, ir would not outlaw 
most payments to political party lead- 
ers, even though party politicians are 
often central decision-makers about 
government policy or simply proxies for 
government officials. 

The treaty is also narrower than the 
United States originally proposed when 
negotiations began more than a year 
ago. From the start, the United States 
wanted governments to embrace a de- 
tailed set of practical recommendations 
ihar would make bribery more difficult 
to disguise on corporate books and more 
costly if discovered. 

The treaty hammered out in the early 
hours of Friday focuses on defining 
crimes while merely referring to an ar- 
ray of measures that governments may 
“consider” in policing bribery. 

One possibility is that a company 
found guilty of paying a bribe might be 
excluded from bidding on contracts 
awarded by its own government. 

“Everyone should recognize that this 
is only one tool in a whole tool kit of 
measures to deal with corruption,” said 
Peter Eigen, chairman of Transparency 
International, a nonprofit organization 
in Berlin that is supported by multina- 
tional corporations and has lobbied for 
the strictest possible measures. 

“We are afraid that countries will say 
they have agreed to the criminal mea- 
sures and then leave the matter at that.” 
Mr. Eigen said. 

Nevertheless, even skeptics said the 
treaty marked a breakthrough. 

Once it is ratified by individual gov- 
ernments, it will become a legally bind- 
ing agreement The nations have agreed 
to present ir to their parliaments for a 
vote by April and hope to change their 
laws so that it will be effective by the 
end of 1998. 

“This is the most important anti- 
corruption initiative yet that is directed 
at the supply side of corruption,” said 
Fritz Heiman, counselor to General 
Electric Corp. of (he United States and 
head of Transparency International’s 
American chapter. He said the treaty 
grows out of America's experience with 
the Foreign Corrupt Practices Act. 
which was passed in 1977. 

For their part, business executives 
say the new treaty reflects growing sup- 
port for anti-bribery initiatives among 
corporations in Europe and Japan that 
have openly opposed the idea. 


ECONOMIC SCENE 


As APEC Opens, the Mood Is of Resistance 


By Brian Knowlton 

International Herald Tribune 


WASHINGTON — The leaders of 

; Pacific Rim gather this weekend for 
:ir yearly APEC summit meeting at a 
rticularly difficult time, with several 
rmber economies in dire straits or 
aded dial way, making trade Ub- 
dization dicey, analysts say. 

And die leader of die biggest and 
ongest economy. President Bill 
inton, will be arriving in Vancouver 
r the summit of the Asia-Pacific Eco- 
raic Cooperation forum without frill 
agging rights. Congress refused to 
jnt him “fast-track” authority, 
iich would have allowed Mr. Clin- 
i to negotiate international trade 
moments that Congress could then 
prove or block, but not alter. 

Mr. Clinton comes to Vancouver 
«en as someone who does pot have 
* power to command political re- 
its out of the U.S. government,” 
id Brian Job. director of the Institute 
International Relations at the uru- 
rsity of British Columbia. “Some 
ieady refer to his lame-duckness. 
Fears raised by the recent currency 
ses in Southeast Asia have left many 
the region's leaders loathe to pro- 

ed too^vigorously sortot 

leralization that is APEC s life blood. 


economists and executives say. 

Susan Corrales-Diaz. president of 
Systems Integrated Inc., has met this 
year with other APEC business lead- 
ers as part of the forum’s business 
advisory council. She encountered “a 
great deal of reluctance with regard to 
further liberalization,” she sand. “It 
was quite an uphill battle.” 


come more cautious. That’s exactly 
the wrong reaction. The right reaction 
is to recognize that the conditions of 
the last couple of months make 
change all die more critical” 

A big jump in the U.S. trade deficit 
reported this week will nonetheless 
add to the pressure on Pacific Rim 
leaders at their meetings Monday and 


President Bill Gtinton’s setback in Congress on ‘fast- 
track 5 authority may be offset by the booming 
health of the U.S. economy and the sudden need of 
other member nations for multilateral support 


She and others see the goals set by 
the 18 APEC member countries — 
moving to free and open trade in the 
region by 2010 for developed econ- 
omies ana 2020 for developing econ- 
omies — as presenting a particularly 
arduous challenge. Its potential im- 
portance is great, however. APEC 
countries represent half the world's 
trade and include three of its largest 
economies: the United States, Japan 
and China. 

“The first reaction to turmoil,” 
said Robert Denham, chairman and 
CEO of Salomon Inc., who is also on 
the business council, ‘ ’is often to be- 


Toesday to make some effort to con- 
front the crisis. 

APEC, like any big international 
grouping that operates largely on con- 
sensus. moves slowly. Much of its 
agenda was hammered out months 
before the turmoil that hit Indonesia, 
Thailand and Malaysia and now ap- 
pears beaded for South Korea- 

Much of the work done in Van- 
couver between now and the final 
communique on Tuesday will be in 
narrow, unexciting areas. 

Candidates for agreements this 
year include the chemical sector, 
forestry, medical equipment, environ- 


mental services and toys. Probably 
one or two will be agreed on. Officials 
also expect a plan on global electronic 
commerce to be hammered out 

Bigger, more far-ranging issues — 
such as what to do to secure die region 
against future currency shocks, or 
even discussions of global wanning 
— will largely be Limited to informal 
discussions among the leaders. 

But John Wolf, U.S. coordinator for 
APEC, insisted that this meeting 
would be “something different from 
die four previous leaders’ meetings.” 

“APEC leaders will have to deal 
with today’s immediate problems,” 
he said. “ issues that are related to how 
the region's economies can adjust to 
their recent economic difficulties, 
how they can pursue reform where it 
is necessary, how we can cooperate 
and coordinate internationally to help 
that process, to restore stability to the 
region, and to try to ward off future 
such episodes.” 

How badly is Mr. Clinton hobbled 
by the defeat of the fast-track leg- 
islation? 

Kenneth Flamm a senior fellow at 
the Brookings Institution, who is co- 
author of a recent study od APEC, 
played down the fast-track issue. 

See APEC, Page 15 


CURRENCY & INTEREST RATES 


Nov. 21 

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Nov. 21 


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1-jres 540-6 4V0-4V0* 2M-2VW 714-740 4-4M VO- 40 440-441 

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Key Money Rates 





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Pm 

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714 

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572 



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Boxster Sales 
Help to Triple 
Porsche Profit 

Bloomberg News. 

STUTTGART — 
Porsche AG said Friday 
that itsyeaity profit nearly 
tripled, amid strong sales 
for its new Boxster sports 
car and the rising dollar. 

Profit for the year that 
ended July 31 rose to 
139.4 million Deutsche 
marks ($80 million) from 
48.1 million DM a year 
earlier. 

Porsche stock closed 
100 DM up, at 2,610. 

The jump in profit led 
the company to increase 
its preferred share div- 
idend to 15 DM a share 
from 2.5 DM last year 
and 14 DM per ordinary 
' share from 1-5 DM. 

Porsche also paid a 
special cash dividend of 
7 5 DM a share last year. 


Good on Paper, Bad for Its Image 


In August, when Citibank agreed to buy a high-profile Mexican bank from Jorge 
Lankenau Rocha, it looked iike a good deal. It still may be, but in the months since 
the acquisition of Banca Confia was announced, it has become a major headache 
for Citibank and its Mexican director, Julio de Quesada. Lankenau has been 
arrested and charged with fraud, and the deal has become a lightning rod for 
Mexican criticism of foreign corporate ownership. 



A Banca Contia branch in Mexico C/ty 


FEBRUARY 1997 Faced 
with mounting financial 
problems, Lankenau asks 
Citibank to buy his bank. 
APRIL Banca Confia’s 
capital reserves fall below 
regulatory requirements. 
The government joins 
negotiations to sell the 
bank. 

JULY The government 
says it favors a sale to 
Citibank. 

AUG 25 Some clients of 
Lanke nan's brokerage Arm 
accuse him of fraud. 

AUG. 27 Citibank 
announces a deal to buy 
Banca Confia for S45 
million and to provide an 
additional $175 million in 
capital. The government 
agrees to assume 


responsibility for the bad 
loan portfolio, estimated at 
$1 billion. 

AUG. 29 LankBnau is 
placed under house arrest. 
SEPTEMBER To counter 
the bad publicity. Citibank 
starts an ad campaign that 
boasts of its purchase of 
the bank. 

OCT. 25 Lankenau 
escapes. 

OCT. 28 Lankenau turns 
himself in. 

NOV. 17 Lankenau is 
charged with 12 criminal 
counts and jailed. Citibank 
cancels its ‘Good News* 
ad campaign. 

DECEMBER Tentative 
dosing date for Citibank's 
purchase of Banca Confia. 

17k ,Vr« Yuri. Tins’, 


Citibank’s Mexican I 




Deal Shows Perils and Opportunities of New Markets 


By Julia Preston 

Ater Krt Times Sen-ice 

MEXICO CITY — Julio de Quesada, the 
bead of Citibank’s operations in Mexico, did 
not know that the chairman of a Mexican bank 
be was negotiating to buy had installed a 
secret door and an underground tunnel in a 
palatial mansion in northern Mexico. 

Mr. de Quesada never guessed that the 
Mexican banker. Jorge Lankenau Rocha, 
would one day admit to the police that he had 
used the tonne] to escape from 20 rifle-toting 
officers surrounding the estate. 

But what he did discover just as he thought 
he was about to successfully conclude his 
pursuit of Mr. Lankenau ’s company, Banca 
Confia, was that Mexican prosecutors were 
accusing Mr. Lankenau of fraud and mal- 
feasance in his financial empire amounting to 
$350 million. 

Nevertheless, Citibank went ahead. Just 
days later, on Aug. 27, it agreed to pay $45 
million for Confia and to inject as much as 
$175 million in capital into the bank. 

An obvious question is why Citibank, 
whose parent, Citicorp, has assets of more 
than $300 billion and tentacles in almost every 
country in the world, would want to link up 
with a Mexican bank whose chairman was in 
so much hot water. 

The answer is thar it saw its chance to gel 
into street-comer banking in Mexico, a long- 
standing goal, and to do it with generous help 
from a government bailout of the country's 
ailing hanking system. Mexico agreed to back 
all of ConTta's had loans, a commitment that 
will cost at least $1 billion in public money. 

For all its troubles, which also include signs 


of mismanagement, Confia is a plum for Cit- 
ibank. It has 200 branches throughout the 
country and a reputation for service that is rare 
in Mexico. 

The acquisition also fits in wath Citibank's 
desire to become banker to the world's rising 
middle class. That strategy, in which the most 
global bank in the United States often finds the 
greatest opportunity in the least appetizing 
circumstances, emerged again this week in 
Thailand when it was reported that Citibank 
was looking at First Bangkok City Bank PCL. 

Mr. Lankenau, who was put under house 
arrest in late August, slipped though his secret 
door and tunnel in October and spent four 
days on the loose before turning himself in. 
On Monday, he was finally jailed on 12 crim- 
inal charges including racketeering. 

“The only association 1 ever formed was a 
financial group designed to provide banking 
services to the public”’ Mr. Lankenau test- 
ified in court this week after pleading not 
guilty to the charges. “I insist that association 
had and continues to have a completely legal 
purpose.” 

Meanwhile, though, a barrage of news in 
Mexico about Mr. Lankenau 's travails threw 
an unwelcome light on Citibank’s takeover 
and has helped make it something of a ref- 
erendum for many debt-weary Mexicans on 
die government's efforts to jump-start failing 
baraa and revive an entire industry. 

While similar bank-rescue operations have 
been carried out in the United Slates and 
Europe, the program here is losing support 
because many Mexicans say it benefits few 
people other than local bankers such as Mr. 

See CITIBANK, Page 15 





PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 22-23, 1997 


R 


THE AMERICAS 



timism Beats Asia Worries to Lift Stocks 


30-Year T-Bond Yield 


/ V ^!"'VrU I 

;• aw 1 


7500 

TOO 


Dollar in Deutsche marks H Dollar m Yen 


V / / V v 



Source: Bkxmberg, Routers 


Imcreuwal Herald Tribune 


Very briefly: 


• TRW Inc. will buy the information-technology company 
BDM International Inc. for $29.50 a share, in a transaction 
valued at about $980 million. TRW will pay about $942 
million in cash for RDM shares and assume about $38 million 
of BDM debt, it said 

• International Business Machines Corp. has agreed with 
Louis Gerstner Jr., 55, its chairman and chief executive 
officer, that he will stay on for at least five more years. In 
return, he will receive options for 2 million shares of stock. • 

• Laidlaw Environmental Services Inc. has escalated a 
bidding war for Safety-Kleen Corp., offering $1.76 billion 
after the Illinois recycler agreed to be bought by a new 
consortium. The group . — Philip Services Corp., Apollo 
Advisors and Blackstone Management — would have an 
equal stake in Safety-Kleen if shareholders approve its offer of 
$1.58 billion, or $27 a share. 

• Kimberly-Clark Corp. will close its aging paper mill in 
Winslow, Maine, in January, putting more than 260 em- 
ployees out of work. 

• Hasbro Inc^ which makes Parker Brothers games and 

Playskool toys, will dismiss 700 workers at its El Paso, Texas, 
toy factory and close it in June, saying its other factories can 
handle the work. <AP. Bloomberg) 


Nabisco Chairman to Step Down 

The Associated Press 

NEW YORK — The chairman and chief executive of 
Nabisco Holdings Corp., H. John Greeoiaus, is stepping down 
unexpectedly for health reasons and is being succeeded by 
James Kilts, who once oversaw Nabisco's rival, Kraft Foods, 
for Philip Morris Cos. 

Nabisco's stock was up $3,875 at $46,875 in New York 
Stock Exchange'trading. 


Csaftirtl by Oar Sm$ From Dujksrftn 

NEW YORK — Slocks rose Fri- 
day as optimism about the U.S. econ- 
omy bested jitters spurred by reports 
that a major Japanese securities 
house planned to close down be- 
cause of severe financial problems. 

The Dow Jones industrial average 
rose 54.46 points to close at 7,88 1.07, 
while gaining ' issues outnumbered 
losing ones by a 4-to-3 ratio on the 
New York Stock Exchange. , 

The Standard & Poor's 500 index 
finished up 4.12 points at 963.10. 

“The environment is still pretty 
doggone good,” said Gary Camp- 
bell, chief investment officer of 
Commerce Bank Investment Man- 
agement Group. “We just seem to be 
in this sweet spot for the U.S. econ- 
omy. " Stocks were briefly knocked 
lower by a report from Nikkei Eng- 
lish News saying Yamaichi Secu- 
rities Co., Japan's fourth- largest 
brokerage, had asked the govern- 
ment to allow it to cease operations. 
The news renewed worries that 
Asia's financial problems could spill 
over to U.S. -listed companies. 

“There’s concern that the prob- 
lems in Asia are spreading from 
country to country,” said Joseph 
Stocke, senior investment manager 
at Meridian Investment Co. “With 
Japan being the do minan t country 
there, if that spreads, growth rates 
around the world will falL” 

The report lifted the Treasury 
bond market, as investors sought a 
stable place for funds amid the Asia 
concern. The price of the benchmark 
30-year issue closed up 10/32 point 
at 101 6/32, taking the yield down to 
6.04 percent from 6.05 percent 
Thursday. 

There were bright spots out of 


Asia. South Korea’s decision to ask earlier 
the International Monetary Fund to 
help its banks dig their way out of 


ApP 

:tiveh 


iod. 

Materials was the most 


US- STOCKS 


$50 billion in bad debt gave in- 
vestors optimism drat Korean in- 
vestments would not have to be 
written off. South Korea is the fifth- 
largest purchaser of U.S. goods. 

Stocks in banks doing business 
there rose, with Chase Manhattan 
gaining 1 to 113%. 

But other banking stocks were 
weak amid concerns about their ex- 
posure in Japan. Citicorp fell 'A to 
126%, and IP. Morgan lost 16 to 
115%. 

Technology stocks also were 
weak, led by Micron Electronics, 
which fell 2 5/1 6 to 1 1 9/16 after die 
personal-computer maker said net 
income this quarter would be sig- 
nificantly lower than in the year- 


actively traded stock, falling 1% to 
36%. The world's largest maker of 
chipmaking equipment said Thurs- 
day that its net profit surged to $180.1 
million in die fourth quarter from 
$73. 1 million a year earlier. While die 
earnings exceeded analysts' expec- 
tations, investors took profits because 
die sham bad risen sharply Thursday 
in anticipation of the results. 

The technology-heavy Nasdaq 
composite index closed down 5.81 
points at 1,620.75. 

But Hewlett-Packard rose % to 
63% after it said it would add $1 
billion to its stock buyback program. 

Hambrecht & Qmst Group rose 
4% to 3914 amid speculation the San 
Francisco-based securities firm may 
be a takeover target Hambrecht & 
Quist specializes in underwriting ini- 
tial stock sales for technology firms. 
Rayovac rose 2% from its initial 


public offering price, a sign of the 
battery makers promising growth 
prospects amid a proliferation of 
battery-powered devices. 

Rouse rose 2% to 31 1/16 after the 
real-estate company said it planned to 
convert into a real-estate investment 
trust to capitalize mi tax benefits. 

Norrell fell 3% to 28 9/16 after the 
work-force management company 
said it would take a restructuring 
charge of about $18 million in the 
quarter ended Nov. 2. 

Centocor rose to 43. The bio- 
technology company is among those 
likely to benefit from legislation de- 
signed to make the Food and Drug 
Administration faster and more ef- 
ficient, helping companies expand 
markets ana accelerate growth. 

The so-called “diouble-witch- 
iflg" expiration of options on stocks 
and stock indexes also caused 
choppy trading. 

(Bloomberg, AP, Reuters ) 


Report of Yamaichi’s Closing Lifts Dollar 


Bloomberg News 

NEW YORK — The dollar rose 
against the yen Friday on a report 
that Yamaichi Securities Co., Ja- 
pan's fourth- largest securities firm, 
would cease operations. 

The dollar rose to 126 .525 yen in 
late trading from 126.030 year 
Thursday. But it slipped to 1.7385 
Deutsche marks from 1.7410 DM. 

The dollar lost ground against the 
yen in earlier trading on signs that 
Japan may aid its ailing h anks and 
the International Monetary Fund 


may fashion- an economic rescue 
package for South Korea. 

Both plans could go far to arrest 
financ ial crises engulfing Asia that 
in recent weeks made investors 
wary about buying yen. 

“Bailouts are a good thing for the 
yen," said Robot Full cm, head of 
currency sales at National Westmin- 
ster Bank. “It’s looking as though 
the IMF is goiqg to help Korea and 
that Japan is going to help its banks, 
in another form of bailout." 

The dollar lost ground against the 


mark as traders bought the German 
currency as a haven from Asia’s 
woes. 

The U.S. currency also was hurt 
by purchases of marks for yen. 
Many such transactions are conduc- 
ted through the dollar, so traders 
sold yea for dollars, then sold those 
dollars for marks. 

Against other currencies, the dol- 
lar fell to 5.8200 French francs from 
5.8285 francs and to 1.4103 Swiss 
francs from 1.4113 francs. The pound 
rose to $1.6933 from $1.6882. 


Cadillac U-Turn: 
It, Too, WUl Sell 
A Fancy Truck 

By Keith Bradsher 

New York Times Service 

DETROIT — For nearly a 
century, Cadillac has cultiv- 
ated a reputation for building 
elegant cars. Now it wants to 
sell elegant trucks. 

After months of insisting 
there was no room in the Amer- 
ican auto market for another 
luxury sport : utility vehicle, Ca- 
dillac reversed course and an- 
nounced Thursday that it would 
offer such a vehicle next fall. 

The engine, suspension sys- 
tem and the rest of the un- 
derbody of the new Cadillac 
vehicle will be based on Gen- 
eral Motors' existing designs 
for full-size light trucks. 

Sales in the United States of 
so-called premium sport-utility 
vehicles, including the Lincoln 
Navigator, Mercedes-Benz 
ML320, Range Rover and In- 
finiti QX-4, have nearly tripled 
in the last year, to 70,000 so far 
this year. 

Rather than risk losing pros- 
perous buyers to rival brands, 
Cadillac Huffed in the last two 
months that it had to offer a big 
sport-utility vehicle, said John 
Smith, general manager of Ca- 
• dillac. 

Nicholas Colas, an auto ana- 
lyst at Credit Suisse First Bos- 
. ton, predicted that the new Ca- 
dillac could add $30 million to 
$100 milli on a year to GM’s 
after-tax profits. 


Dow Jones & Co. Is Said to Plan Sale of Its Markets Division 


By Geraldine Fabrikant 

New York Times Service 


NEW YORK — The board of Dow Jones & 
Co. has voted to put the company's troubled 
financial-information division up for sale, a 
person close to the company said. 

The vote Thursday on the division, Dow 
Jones Markets, came a day after the company 
that publishes The Wall Street Journal and 
Barron's announced that it would cut as much 
as 7 percent of the unit's 4,000-inember staff 
and would sharply reduce investment spend- 
ing for it next year. 

The announcement confused some ana- 
lysts, who had expected the company to an- 
nounce that the unit, formerly known as Tel- 
erate, was on die block. 

But other analysts saw the cutbacks as 
possibly presaging a sale. 


The view that Dow Jones was making cuts 
to prepare the unit for sale seemed to be 
confirmed for some Thursday after the com- 
pany said that it would close two of its ser- 
vices: Servicio Dow Jones Americas, a Span- 
ish-language financial-news wire, and Money 
Management AJert, which provides news on 
mutual funds and related industries, elim- 
inating 30 jobs. 

The further cutbacks bolstered the shares of 
Dow Jones, as did speculation of a sale of the 
division and a higher rating on the stock from 
a Donaldson, Lufkin & Jeanette analyst 

Dow Jones’s stock rose 43.75 cents a share 
to close at $30.0625 on die New York Stock 
Exchange. 

A spokesman for Dow Jones, Richard Tofel, 
would say only that “toe review of Telerate is 
continuing, and no conclusions have been 
reached-’ r 


A detailed analysis of Dow Jones Markets 
is expected to be prepared and completed in 
about toree weeks and then will be available to 
prospective buyers, toe person close to Dow 
Jones said.' 

The prospective buyers are expected to 
include Thomson, Bloomberg UP, Reuters 
Holdings PLC and Welsh Carson, Anderson 
& Stowe, the investment company that owns 
Bridge News. 

It is difficu It to estimate how much the Dow 
Jones Markets division would bring, analysts 
said. It is carried on the company’s books for 
$1.4 billion, but the .company has said it will 
take a sizable write-off in the quarter, much of 
it stemming from a decision to write down the 
division’s value. 

Some analysts have said that they doubt it 
will bring more than $700 million. 

Because toe division has seen its rivals gain 


market share, its value has deteriorated rapidly, 
putting pressure on the company for a quick 
sale. The person close to toe company ac- 
knowledged that the board realized that Dow 
Jones Markets would not be an easy sale. But 
toe company apparently decided either that it 
would take too tong to m it or that management 
was not entirely sure how to go about it 

Dow Jones has concluded, this person said, 
that while it is strong in content development, 
it is not good at managing other businesses, 
and over the last two months the board and 
management have concluded that it was nec- 
essary to rethink whether the company-would 
stay in toe business. 

How much the decision was influenced by 
three new board members — Harvey Golub of 
American Express, Frank Newman of 
Bankers Trust New York and William Steere 
of Pfizer — is not clean 


AMEX 


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U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Indexes 
Dow Jones 

Onm MM Lm U4 Ckf. 

ZKfff 7«1-G 7791.55 JWIJI7 .5444 

Tram 3j72J* 21|4s2 3IS4J2 318441 +1322 

M MA.7S 2MJW 25475 +123 

can 2isi jo mw wxn zmlh +i4« 

= Standard & Poors 


Most Actives 


* m am 4PJK. 
Industrials 1121 J8 11 0X50 111 344 1134JB 
6J7JB 6S&J6 471J1 472.W 
217JJ4 71 167 21644 21748 
11443 11117 114.17 11434 
96143 94449 958.78 96110 
923X0 90645 91 9 JO 92638 


Tramp. 

UBBfcs 

Ftnanco 

SF500 

SP100 

NYSE 

nr 


Nasdaq 


Nasdaq 


49U9 50246 

<nj4 (Ulij 42154 
457.13 45130 45694 
ms JRg 3M43 
47U9 472JS 47544 


M37J24 141444 1 
1289JI 127192 Wl 
194644 193841 1941 
178808 1287-31 IWU0 
2315.94 23643a 2313J6 
1082J2 106441 106441 


BE" 

Tnm(L 

AMEX 


OAX 47105 (TIM 

Dow Jones Bond 



<M M«k 

125477 £43* 
(6394 St 
uh n 

K 

56419 ran 

4(5(2 4W, 
4S478 40W| 
44723 106* 
403B3 SJVk 
38863 29*1 
3H3I 38 
34567 23V+ 


Vt4 MW 
'39* 

811* 

10023 56V4 
99959 4*d 
89238 339k 
87116 35» 
84143 138 
TOO 3731 
70709 30 
66843 B4M 
J*0» 27 
SUM 35* 
50696 12 
49990 48* 
49009 44* 


a* 6UI -2* 

5Ak 549. +1 

35* 26k 


Wt 1 


l«k 94*. +1* 

«S-3 

(2«k 839. +y» 

MW29’W| ty» 

37V. 38 +Vk 

22* 23 _ 


35 36* 

7Wk 80* 
82* 83* 

■aiK 

27* 27 V. 

8 fl» IM 
23* 25» 
34* 35 


-I* 

Jit 

■J* 

+*• 


+i 

'"I 

-* 

ass 


20 Bondi 

10 UttBOes 
10 Industrials 


104*61 

102-49 

106J3 


-0.17 

-032 

-002 


VkL MW 
sum 9 6«4 9FVc 9614 
17747 9k H ti 
13446 6* 6 4 

9540 TVu 
9001 11* 

8727 2* 

8662 21* _ , .... 

1680 1* I 19k 

8458 349. 334k 334k 

8223 14k lit lit 


11 * 

l<Vi 

201k 


-9k 

Jt 

+V» 

-* 

+tk 

+191 


Nov. 21, 1997 

High Low Latad Qigo OpM 

Grains 

CORNKBOTI 

SOM bu rinkm- oanta per OuiM 
Doc 97 276 271* 275* -+3* 109.168 

284* 281 284 +3W 144646 

290 286* 289* +1* 37J07 

293* 290 293* +2* 49,595 

286* 283 2861* +2* 4857 

286* 283* 28611 +2 3ft 133 

298 298 298 +1 254 

Eat. nl« 5SOOO nvswta 70.981 
Thin apan M 777,20}, up 272 

SOYBEAN MEAL [CBOT1 

TOO tans- Man per tar 

Dec 97 23540 230.90 231.70 -290 27466 

Jon 98 228J0 72530 225J0 -130 27417 

Mar 98 22150 77080 771.60 -070 27.653 

M B 220 J0 21740 21000 -140 18401 

220X0 21 7 JO 21800 -1.40 11645 

Aug 98 21 9 JO 21 7 JO 21 7 JO -1X0 2.997 

Eat Brinx 22400 Ttan sales 30043 
Hurt apan W 122X01 up 1459 

SOYBEAN OIL (CBOT1 

Rn-cnfiwBi 

Dcc97 2545 2482 2543 +030 24801 

-too 98 2SXS 2500 25X1 +049 41438 

Mar 98 2574 2545 25.72 +0X2 27463 

MOV 98 2SJH) 25.40 2586 +0X2 12407 

JU19B 2545 2142 25X3 +0X0 11487 

Abb 96 25X5 25X0 2SJ7 +U7 1416 

Eat ades 21400 Tlnrs Mbs 42J57 
THUS open M 119.9*4 OH 7J63 

SOYBEANS K80T) 

1000IWI ' ■ 


Mar98 
May 98 
JlK 98 
Sep 98 
Doc 98 
Jul 99 


-» 64714 
+tt 27.128 


+n 


Trading Activity 

NYSE 

Adnmad 

DHMd _ 


AMEX 

tSSSa 


TdBIt..... 

NnHOlB 

Nek Lavs 


1589 

1305 

3M6 

’S 


174 

10 


Nasdaq 

AAanaed 


315 

1 

n 

17 


feMuuei 

nss* 

Market Sales 


NYSE 

Amex 

Nasdaq 

tamBSons. 



Jon 98 71 3* 707 708* 

Mar 98 717* 710 712* 

May98 721 715 716* +* 20341 

All 98 723* 7151* 719 +* 21402 

Aag98 718 714 714 +* 1440 

Eat sriflS 40000 Tl«rt sales 50535 
Tim open M 14X622, off 2424 

WHEAT (CBOT) 

£000 bu oWrawn- teas per bushM 
Dbc97 344 338* 3431* +3* 28.906 

Mor98 357 353* 356* +2* 44683 

May 98 365* 361 364* +3* A386 

ASM 369* 365* 3(9* +3 14781 

EUL sales 16JRM Dm sahs 19JK3 
Thus open hit 102X01, OH 599 


Tntqf Pnt. 

597J3 72?3l 

7835 4129 

61453 687.99 


Dividends 

Corapcnr 


BUIUk^tAtbC 
Corttoo Cora e*di 
Comp Panne 
Dorn niqn Res B8i 
EnawGrpADS 


Per Amt Rec Pay Company 


OreeniHtehSlMHi 
CAPwrtxSp93 
CAPwraS293 
Miigd MoiffPort 
MnfldMiMdR ' 
MssaRo " 
Nldnha 


IRREGULAR 

b XU6 11-28 2-9 

-J040B 11-21 12-19 
b JO 12-12 12*15 
b .2588 IT-28 12-31 

- -7557 12-1 12-9 

BX779 12-19 1-16 
. 425 1 2-5 12-8 
, 36 12-22 12-26 
. J606 12*15 1*1 

. 3312 12-1 S 1*1 

- 2.94 12-22 12-26 

. .1712-23 12-26 

- -3529 11-28 1-30 
C Z91 11*25 12*1 


Fst Liberty 
Mid Am Inc 
Nttin Tedmol InU 


Livestock 

CATTLE (CMER) 

40000 in.- cents per b. 

Dec 97 6U5 67 J2 6BJ» +0-82 

FW»98 69 JO 6&60 69X7 +0.90 

Apr 98 72.95 72.17 72X7 +OX2 

Am 99 1070 70X7 7065 +OJO 

Aufl 99 7075 70X5 7065 +020 

Od 98 72JO 7120 7120 +002 

E*t solas 17,932 Thin sides 1M27 
Thun open M 102X27, up 027 

FEEDER CATTLE (CMER) 

£1000 lbs+ cents per b. 

Par Amt Rec Pay Jaa99 oojs bois 8050 + 0JS 

MIX 98 80X0 S3® B032 XUS 

Apr» 8060 8025 88J7 +0X7 

May 98 81X0 8075 81X0 +0X5 

Aug 99 82X5 82.15 82X5 +030 

Sep 98 82.10 82X0 82.10 +035 

Est sate 2X94 Thin sofa* 1X1 1 
Thai open bri14730 ad 105 


INCREASED 

O .11 12-15 


Trt-CowilyBnep 
WunacoGrp 


...... 1-1 

.16 12-10 12-31 
.15 12*1 IMS 
-26 12-1 12-8 
J5 12-8 1-2 

30 12-10 12-31 
JJ9 12-5 1-6 


c- payobfc on dosses A.BLC& Z. 

stock spur 

SSSSS^I 3 ^ 

5dMlnc2far1 spft 
U5B HohSflfl 2 hr 1 spot. 


a 

SPECIAL 

Chester Vo Bey „ ,05 12x 12-18 

Commerce Bncp - As 12-15 1-1 

Westwood Honest - 15012-15 12-22 

INITIAL 

Edwards AG n „ ,13 12-5 1-2 

FuronCOfl _ M3 1-16 1-30 

Super-Sol Ltd - -07711-24 12-18 

REGULAR 


Zoom Corp 


STOCK 

- 2% 12-T 11*15 


BmflcMGon 
imperial OBAg 
U. Light 
Ogden Corp 
Onto Casual 
PoftSw Enterprise 


Reynolds Mala li 
Slh Jersy 1i 


REVERSE STOCK SPLIT 
EtodrtCEnltrtflinl far S m eeie e split. 


rind 

cmwbbb&Ih 


Q 57 12-1 12-31 

O JS 12-2 1-1 

Q A45 12-17 1*1 

Q J125 12-15 1-5 

Q X2 12-1 12-10 

O .54 12-10 12-31 

O 3S IM 
Q 36 12-10 


27.853 

30082 

17X52 

12X24 

4331 

1X49 


8X92 
1367 
1,182 
LI 00 
SO 
114 


11719 

14088 

4115 

3.743 

U96 


4816 

IXfK 

40 


Ml 

1.1 


stnWADRi g-paptti to Caaodn (sods 
wmmUer, g-q m irto i lB s -se aria s W atty. 


U-S. Stock Tables Explained 

Mcslfgums OR UriaflldaL Y«sly highs and Imn n&Ktthe omtaus 52 mats plusflie asiad 
W8iK&utiwnhetoiest8mitogdoy.Wtietoai|]Gor8tockiMdmdanioiinttnQlo25peR39ntorniora 
has been paid, the yens MgMw range and cMdend am shown tarOn now stads arty. Unto# 
idhmtenrieiLiaiaofdMdeitosiikanTiudiasbMMrnaibtaDssdeRltehiMdadsraiton. 
a - Amtomf aba extra Cat), b * annual mte of (fivUmd ptos stock din Wend, e - Bquhfaflna 
dMdend. ec ■ PE exceeds 9?xM ■ adled. d - new yenrty kw. dd - loss h Hie last 1 2 month*, 
e ■ dimend declared or petti to preceding 12 mnttis. f - annual mte. increased on last 
dedamttan. g . dMdend h Cana ion funds, subjoct to 15% noiHWidence fa*. I - dMdend 
deckmd after spIB-up or stock dMdend. - dhWend paid We year, omittwLdefcnmLorno 
octtoa taken at total dhfdnd meeting, k - dMdend declared or paid tola year, an 
Dcoimulolfw teuewm dMdend* to arreare. m ■ aiuwol mfe icducad on hat dedorertfen, 
n- new issue to ttw par 52 weeks. The high-tow range begins wiki the start of trodton. 

nd- next day del9ery.p-toMald)videiid,oflMMlRPe unknown. P/E -priss-eani togs rottt 

q -d05ed-eiid mutual fond. r-dMOend dectared or petompracedbig 12 manttia.piin slock 
dMdend. s - stock sfiSL DMdend begins wWi date ot spBL a* - sates, t * dMdend paid In 

slock to preatfing 12 monttHb estonated cull vakwon etHTendand or sk-dbtribuHon date. 

a * new yearly high, w- frodtog halted. W -in bankrtiplcy or recetvmshjp or being reoraanbed 

under IheBcmkruplcyAiAoMeewtlles assumed bywOlC0mpantea.wd-wl»ndblTlbuted. 

wi - when issued/ ww - wflh wnrants. x - «k-dMdcnd or w-rigMs. xdtc - ex-dbntouflon. 
m * wWiout worrenK. y- e*-divW«iti and satos to ML yM - yiettL * - safes In fuB. 


HOeKmiKMEIS 

Win tot.- and per to. 

Dec 97 6167 6175 6105 -067 

Feb 98 62-50 6170 6177 4LS0 

Apr 98 38.80 5837 58X7 -002 

JU09B 65.90 <&M 65.70 +8A2 

Jut 98 6470 6455 640 +002 

Ert. satos 4188 Thn salea 1 U38 
T1W8 Open H 3B734 ON UK 

PORK BELLIES (CMER) 

4MWb4- cants pw lb. 

M>98 4030 5907 5970 4L8S 

Mm 98 59 JO saao 5827 -00 

May 98 59X5 5972 59J2 -0X2 

E«L sates 1X61 Thn trim 1X85 
Tlnn epan tal 47KI up 158 


Food 

COCOA (NCSD 
10 imMctans- S per Ion 
DM97 1567 1545 1553 -11 711 

1592 1579 1580 *15 47.152 

1631 1608 1609 -15 17J82 

1640 16)0 16)2 -1) £27 

1660 1(50 1650 -16 507 

1(80 1669 16(9 -16 M7I 

Ed. tot) 4819 Ttkf* satoi 2J19 
Ttan apan W9M16. uplSK 


Mar 91 
MoyW 
JU9S 
Sep 98 
Deem 


COFFEE CWCSS 
XUOD bL* esnh per to. 

Die 97 16M0 16000 161.15 -1415 1.711 

M«m 15400 151.35 152X5 XUS 1X693 

May98 148J0 14425 147J5 4L50 304 

Jut 98 14X25 141 JO 14235 40 11» 

Sap 98 I3B25 13735 13835 +450 U49 

Fst. (ton 3 <29 Ttars sota4362 
Thus ap« tot 22364 up 384 

SllBARWORL0 11 (NOE) 

11200 ■&- own per to. 

Morf8 1X11 11.98 1103 +403 116300 

Mw98 1110 11J7 1102 +402 tW 

JMW 1136 1137 110 +4.02 2X922 

0098 11.71 !1XI 11X5 -401 22445 

Esi. Mtof 4lxM TWS stow 30372 
Tturs apm M 2B1X2X alt XJ42 


tBgti Low Latest Oiga OpM 

ORANGE JUICE <NCTH) 

1A000 RHL-csntipwto: 

Jon 98 81 JO 78.15 11X5 +110 2X836 

Mw 98 8490 8140 8440 +200 13301 

May 98 8400 8450 8400 +3JB 1337 

Jot 98 90J0 87X0 9475 +300 1.765 

EsL solas N A Thus nfts 4357 
Thire open bit 4X26h op 1 n 

Metals 

SOLD (KCMJO 

100 b*r Mkn par tray «. 

No* 97 3&5J0 +220 2 

Dae 97 30670 30330 305.90 +110 7X198 

Jon 90 306J0 +X00 11 

Feb 98 307 JO 30570 30730 +X00 58.770 

Apr 98 309 JO 307X0 30490 +100 11X300 

Jon 98 311 JO 309 JO 311.10 +2.10 1104 

Aug 98 31340 +110 4J76 

Od 98 3150 +X10 103 

Dec 98 3H840 31500 3170 +220 12J63 

EA atom na Ttore soles 41X33 
Thin open (8 21X21 7, oft 537 

K1 GRADE COPPER OICMIO 
2M00 lbs.- cents pvto. 

Nw 97 8S.70 B3JO 83.70 -10 934 

Dac97 8530 8X50 840 -490 25799 

-tan 98 86X0 8430 84XS 4L90 MM 

Feb 98 B5J0 8460 8460 -1.10 107 

Mv98 86.10 84X0 840 -1.15 1906 

Apr 98 8530 8530 8530 -1.15 L397 

Moy98 860 85.00 850 -135 4284 

JU098 870 8560 850 .135 1,399 

Jot 98 870 850 850 -10 1050 

Est. soles NA Thin rnlet 11301 
Thin open (8 7108. up 787 


SILVER (KCMJO 

5000 Tray ox.- cants per boy m. 

No* 97 54130 +190 15 

Dec 97 5490 5710 5410 +1900 34975 
Jon 98 5440 5390 5440+18.90 X 
*or 98 5590 5290 5480 +180 4601 
Moy98 5570 500 5500 +180 4198 
Jut 98 5550 5270 552x0+180 4624 

Son 98 5540 5460 5540+180 776 

Dec 98 5580 5400 S60+170 4526 

EsL satas NA TTm Hits 24532 
Thus opai kit 100502. off 9X046 

PLATINUM MMERJ 
51 Ira* at- (Man per tray ar. 

Jan 98 3930 3870 3890 020 10094 
Apr 98 3900 38450 38530 -30 1.937 

-M9S 38X20 -30 87 

EsL seas KA Thors eakk 683 
Thin open inn 2,1 IB off 442 


Mgb Low Lotosi Chge OpM 

10-YEAR FRENCH GOV. BONOS UUTIF) 

, FBoonoo-pharKnad 

Dae 97 99.90 9963 9966— 030 10X854 
Mar 98 9934 99.10 99114-030 27X48 
Jim 98 9832 9832 980—00 12 

EsLaataK 99X87. 

Open InL 13M14upX344 

ITALIAN GOVERNMENT BOND OJFFB 
ITL200 ntohn - ph« 100 pd 
Dec 97 11X0 11235 11X13 -0.14 11X194 
MarM 11367 11X0 1130 -0.16 U565 
EsL sates 140379. Pm*, upas 8X705 
PnN.apenML 1247« ah 4483 

UBOR 1-MONTH KMERJ 

C n iB fcn. p* of 100 pCL 

Doc 97 . 94,10 940 9408 +002 2V4Z3 

Jan 98 9431 9436 940 +003 7,213 

Fob 98 9429 9424 9428 +00 2X92 

EsL satoi X58B Ttw* sates 2^75 

Tlan open lot 3X37X up 90S. 

EURODOLLARS (CMERJ 
51 aiBtafrptooriOQpcl 
Dec 97 9419 9413 9417 +00 447.10 

Feb 98 9432 9416 9433 +00 604 

Mar 98 9434 9414 9422 +00 41X038 

Jan9B 9419 940 9417 +O0 35U48 

Sap 98 9413 940 9411 +006 260212 

Dec 98 940 9X93 9401 +00 210033 

Mar 99 940 9193 940 +004 I61.I8B 

JOO 99 9X98 93J9 9X96 +OJ04 13X192 

Sep 9* 9195 9186 930 +*04 9601 

Dec 99 930 930 9187 +00 0X586 

MarV 93J9 9X81 930 +00 71568 

Jun0 9187 9X79 9386 +00 5X349 

EsL 80*845X937 Tlan satu 26X877 
Thin open tat 1746361 off MW 

BRITISH POUND (CMER] 


LONDON METALS (LME) 
DaNanperiMbfctan 

w 


PravhHB 




16010 1(020 1619* 1620* 

1627* 16280 16460 16470 

lBS3**^855ft*18810 18820 
18800 18820 19070 19080 


5500 

567.DD 


5510 

5680 


560.00 

5770 


Smwd 


617S0 61BO0 61300 
(2650 62700 62200 


Spat 5(800 5(800 57100 
rtnwiri 56500 56550 56780 
2toe CSfedal Htob Grade) 

* ' 1190* 1191* 12160 

1212* 1213* 12360 


5610 

57H0 


<1350 

4g3QflQ 


57701)0 


12170 

12370 


Dec 97 161928 16822 16918+0048 5X553 

Mar 98 16850 16780 168(8+0050 978 

Jan 98 16770+0022 74 

Bd. soles 6099 Thrt sales &3J8 
Thin open tot «U04 up 104 

CANADIAN DOLLAR (CMER) 

1 0000 dotlanb S pw Crin. dr 
Dae 97 J073 JIMS 3061+0011 <91302 

Mar 98 .7105 J082 JO93+O011 5JB2 

JunW 3135 .7118 7119+00011 LL51 

Est. stow 1X450 Thai (almBMI 
ThtnapSH 8474964 op 2383 

BERMAN MASK (CMER] 

12X00 (MBits, s par auric 

Dec 97 -5769 3716 3761+00009 *7651 

Mra98 3796 3745 3790+0009 1520 

Jim 98 J816 3785 3816+0009 2686 

Est satos 348(1 Thin sales 2X976 

Thm open lot 7X3(4 afl 919 

JAPANESE YEN (CMER) 

lUnBhnwvSperlNwn 

Doc 97 035 .7922 -7938-0014 179,739 

Mar 98 JI45 JOSS 052-0014 X836 

Jun 98 J104014 334 

ESL Mies 26J7B Than sola 2X339 

Tt«n open hi 13X904 Mf Z909 

SIU5S FRANC (OftERJ 

12X000 tomes. 5 per bane 

Dec 97 .7128 7033 7114+0027 47X87 

Mar 98 7193 TOM 7181+0021 2689 

Jan 98 JUS 7175 724S+4UQ21 285 

Est. RI|S8 I&2W Thn mtoi 10897 

Thuk open (nl 5X7(7, off 1.163 


LOW Ctose Chge OpM MEXICAN PE50 (CMER) 


Financial 

UST BIUS CMER) 

$1 mRoo-ptsonOOpoL 

Dec 97 «1M 94.92 94.9* +4UU 5X22 

Mb 98 950 95.03 950 +0.05 5507 

Jun 98 9X02 950 950 +002 5(7 

Sap 91 9497 +0JB3 23 

EsL S(6 k 734 ThM «rtK 7tQ 

Th« qnn Him op 1W 

SYR TREASURY (COT T] 
toBUBOpkvati & 440* of 10 pel 
Dec 97 I OB-26 10B4B 1 OB-25 +11 21X021 
&L solas 842U Thwi spies BU51 
Th ITS open 8X254380 up it 91 

18 YR TREASURY (CBOT) 

SIOOMOprtn- pto B 32Hkari0pd 
Dee 97 11M0 111-13 111-30 +0 32X215 
Mb 98 111-23 111-05 111-22 + 06 KW 
Joa» 11T-T9 +06 206 

f*. Idas 9800 ThuY**a 107X45 
Thun open 8X41L98X Off 1383 

IU TREASURY BONDS (CBOT) 

(8 pd-nOO0Xp(f X 33ndt e(10 pdO 
Dec W 119*11 118-li 11M9 +07 S44XSQ 
Mur 98 119-04 118-09 119-02 +07 170.980 
Jun 9S 118-23 117-31 118-23 +07 15353 
Sep 98 118.13 +07 207 

K. solm 51X00 71WI HlH 43X202 
Thm open tot 7373I& on xana 

LONG GILT OUPPE) 

£50000 - pH & (Onto of 100 pd 
Dec 97 118-30 118-12 118-a —par 147718 
Morn 11949 118-26 119-05 -044 41649 
Est sotoe 71,712. Rav.UtoK 90793 
Pnv. open mu- 18X887 up 5853 

GERMAN GOV. BUKO (UFFB 

DNQSXtMa - oto a( loo m 2 
Dee 97 I03« 103.1710136 -au 2697U 
Mv 98 10X72 10X50 10X67 -0.13 2X353 
EstMtoL- 131151. PiHLitow 14X439 
Pier.apeaMa 291,968 up uuue 


Dec 97 .12131 .ntiSO .12055+0369 17644 

A4b96 .11490 .11580 .1100+0319 10264 

JmOB .11300 .11180 .11205+0511 1781 

Eat sales 4896 Thus sales X330 
ThM open tot 34691. od 295 

7-MONTH STERLING OJFFB 
£900000 
Dec 97 
Mw« 

AmW 
Sep 98 
Dec 98 
Mar 99 
Joa99 
5«p 99 

Est solar 52.138. Pm store 9X439 
Rmv. open W.: 76X384 up X161 

5-MONTH EUROMARK CJPFO 
DMiraOhm-Atoinpa 
Doc 97 9X1? . 9X17 Txit — OOl 29X518 
Jan 98 9X18 9X17 9X18 -Ml X875 
Fibre N.T. N-T. 9X10 —CUB 200 

Mar 98 960 9X02 9X04 -00 31X597 

Jun 98 9X86 9X81 9X83 -4027X124 

Sep 9f - 9560 9562 9564 -00 21X365 
□5m 9X48 9X4! 9X45 -00 197.7® 

M«99 9X3X 9X17 953) -00 181142 
Jun 99 9X16 9X11 9X14 -00 9X4® 
EsL sales: 167675. Prau. sates: 25X830 
Pm. open tab 10X5U op- 1X00 

3-MONTH P1BOR (MAT1F) 

FFtmWon-aboMOOpa 

Dec 97 9X» 9X2) 9X24 Unck 5X517 

Mar9B 960 95.99 940 -dm 5X207 

Jun 98 9X0 95.79 9XM +00 31,194 

Dec M 9X49 9X4$ 9X45-00 24620 

Mar 99 9X35 9X31 «JQ Untt. 4X690 

Jun 99 9X19 9X15 9X15—0.01 14215 

Estmteeiaxsax 

Open 84:26403 up 43M. 

3-MONTH EUROUNA CUFFS 

[TL 1 ntiUon • pts of 100 pd 

Dee 97 9334 93J5 9189 -00 11X457 

Horn 9472 9*61 9*67 -00 11X521 


920 9X35 UnetL 14X318 
9129 9126 9258 Unch. 122244 
9221 9X27 9220 Uneh. HNUKM 
9X42 9227 9X40 -00 7X401 
9268 9X54 7X57 UndL 72615 
9177 9223 9174 Uneh. 5X421 
9X94 9191 9X93 -Ml 5X269 
9X07 9104 9105 —00 37271 


High Low LoM Chge OpM 

Jm re 9X17 9X09 95.13 -00 12X607 

Sep 98 9X29 9X21 9X25 -0 lQ2 68216 

Dec 98 9X25 9X20 9X23 -002 5X892 

Mar 99 9X16 Till 95.14 -002 34636 

Est Idas: 531074 Pta-wtes: 61JCB 
Prav.apen blU 539A46 up X3» 


Industrials 
COTTON IMCTW 
5000 cants per lb- 
Dec 97 TOTH 70.15 7X40. +00 4438 

Mar 98 710 710 710 -034 39624 
Mo* 98 7X75 7X25 7X40 029 11193 
Jut® 730 7135 7160 439 1X174 

Od 98 740 7465 7465 -020 951 

Eat soles HA Thin stom 24873 
Thus open W82J1X off X956 

HEATING OIL (KM ETC 

4X800 gob cents par got 

Dec 97 56.14 54.90 5X48 +00 29.745 

Jon 98 5(0 5560 5636 +407 34663 

Feb 98 5670 55-90 566* +0.12 1X924 

Store 5635 5560 5X06 +0.17 1X3S2 

Apr 98 55-05 SASS S4J6 +0.17 4255 

May 98 5195 5160 51*1 +0.17 4573 

Jun 98 5365 5330 5366 +0.17 3678 

EsL into NA Thin aotae 5X821 

Thm open M 1 2X93X off XI 06 

LIGHT 5WEET CRUDE (NMER) 
i0abbL-<MbnpwbbL 
Jan 98 190 1935 1935 +0.16 114244 

Feb 98 19.95 190 19J6 +0.16 4X461 

Mnr98 190 1965 19.98 +034 27,953 

APT* 200 1932 19.97 +032 17.936 

May 98 19.97 19.75 19.91 +0.18 17.W0 

Jun 98 190 1971 19J9 +031 24950 

EsL totes N A Thus mtoi 174458 
Thak open Ini 414954 Off 2302 

NATURAL GAS (NMER] 
IMOOraMUnSpernanMu 
Doc 97 XMO isso X73D+4UM2 32,10 
Jon 98 XS40 200 2760 +0048 50170 

Feb 98 1635 1450 200 +0.030 24541 

Mar 98 1430 1310 X40+4MMO 18370 
Apr 98 13d) 1180 2360+0040 10994 
May 98 1210 1145 1195+000 8.725 

EsL sales NA Tlnn saw 110296 
Thin open bit 23481B off 4072 


UNLEADED GASOLINE (NMER) 


426100 got. certs 
Dec 97 57.M 

"sr 

57.74 

+00 


ton 

5805 

5705 

570 

+048 

20402 

tab 98 

5026 

570 

5026 

+051 

12.950 

Mar 98 

5801 

00 

5BJ1 

+051 


tore 
May 98 

4IJ8 

61-25 

610 

+05) 

7.213 

61.18 

6075 

61.18 

+055 

0013 

tore 

6070 

6063 


+060 

4878 

Jut 98 



S)J3 

+062 

un 


EsL sates NA Thin sales 41,527 
That open U 97 J2Q, up 1.796 

GASOtLGPE) 

IIB. doflan par raebic ten - lota ol 100 tons 
OK 97 1730 1720 17473 +075 &807 
J«a?S 175XKJ 17115 1730 -035 1&061 
Feb 98 17435 1720 1730 -00 14399 
MOT 98 17X0 1700 17135 — 00 7612 
«H98 XTO0 1440 16935 -075 4435 

May 98 1(935 1(80 IWJi - C.75 X160 

tore 16*0 1670 16735 —075 7600 

EsL stow 19300 . Pro*, sales : 28,708 
Pre*. epen toL 90 1 05 up 8645 


BRENT OIL (IPEJ 

U A. datkn pv banl - Mi of 100 bantos 
tore lire 1X54 18-88 +030 641 

Feb re 1X85 1X55 1X0 +016 51,1 

Mto-98 180 1X57 1X78 +008 1U 

Apr* 1X79 180 1873 +006 56 

May 98 1872 180 1867 +004 SJ 

tore 1867 1X42 1X61 +002 HU 

Est. sates: 4X500. Prev-stots: 64194 
m open ML 164373 up X7S6 

Stick Indexes 

SP COMP INDEX (CMER) 

250sbtoei( 

Dec 97 97050 9570 9640 +10 369J 

MOT98 97090 9680 9760 +30 ZM 

JunfB 98X70 on*. SX 

&L sales NA Thuk sales 121371 

Thus apan H 400411, off 629 

•JT5E1MOIFPO 

£25 per totie* potto 

Dec 97 55113 49496 0093 +81J 63.1 
Mar 98 0565 503X0 05X0 +81J 74 
Eli. Hits: 10320 Prev. sates: 14S26 
Pn*.apanMj 7104 off 514 

CACMCMATIF] 


tmo 285X0 2871 J) +J7J 3808 
Oec*2 289X0 2861 .Q 187X0 +37A SSS 
tore 28800 287X0 28846 +370 201 
Mar 98 2911J 28000 39QU +37J |tm 
E*».«5ter2M1X 
Opm tab 92349 off 10 a 


CommodgytndtoM 


Moo V* 
Reutaig 
DO. Futures 
CRB 
Sovran; 
tan, 


One 

1070 
iijlg UE230 
• I44.1« 

ZIX46 23631 


if t>P-i*l,<>l^ol 



PAGE 13 


Vi 


h 


H 



: V// 


H- 


> ,4 *U.;ir 


^1 a f krl«. Diykj 


^Metallgesellschaft Considers a Dividend 


FRANKFURT — Metalla^n 
schaft AG, the metals andangj^ll 
mg company thai nearly weSTtank- 

BZfXSS?STs 

ssaw 1 " 

The company said a dividend was 

“possible as « reported a 10 d«- 


year that ended SepL '30. to 

Deutsche marks 


than 320 million uu *. IiC manes 

{$183.8 milUon) from 
DM in 1996. Sales ^ 

s ““* 1993. reaching 18 billion 

DM, compared with 16 billion DM 


the previous year. 
But the 


results disappointed ana- 


lysts, who were looking for more 
after die company reported a 50 
Pwcent profit increase in the first 
naif. The company, which will re- 
tease more details of its results in 
February, did not break out second- 
half figures. 

“Sales growth was higher than 
profit growth, so margins can't be 
very good," said Hans Peter Wod- 
mok, an analyst at Credit Lyonnais. 

‘I don’t see any indications that 
dra m a t ic growth is ahead." 

Once Germany's 14th- largest in- 
dustrial group, with more than 60,000 
employees, MetaUgescllschaft has 
struggled to reinvent itself after a 
expansion into oil derivatives 
and a plunge in metal prices 


led to two brushes with liquidation 
and more than 4 billion DM in losses 
in its 1993 and 1994 financial years. 

As of Sept 30. MetaUgesellschaft 
employed 24,000 workers, having 
sola a series of businesses in 1994 
after its brush with bankruptcy. 

MetaUgesellschaft was able to lift 
profit for the latest year by slashing its 
debt to about 300 milli on DM from 
820 million DM die year before. 

Growth overseas and consolid- 
ations also helped its plant-con- 
struction and chemicals units show 
record profit Its building-technol- 


both earnings and sales to improve in 
fiscal 1998 as it expanded abroad. 

Shares in MetaUgesellschaft 
closed at 35.30 DM, up 0.70. 

“The general trend is still pos- 
itive, even if the profit increase isn’t 


Germany Hits 
8-Year High in 


Trade Surplus 


quite as high as 1 expected,’ ' said 


is dan Obst, an analyst at Bay- 


ogy and trading businesses also 
showed gains. Me 


letaUgesellschaft 
did not break out profit figures. 

The company said it expected 


lalyst 

erische Vereinsbank AG in Munich, 
who had expected pretax profit to 
rise to 360 million DM. 

MetaUgesellschaft attributed 
slower second-half growth partly to 
engineering orders that were not 
completed before the end of the fi- 
nancial year. Analysts said reorgan- 
ization costs in its trading division 
also slowed growth. 

(Bloomberg. Reuters) 


% UBS Discloses Deal, 
But Not the Big One 


Reuters 

Union Bank of Switzerland gave an 
upbeat forecast Friday for results this year but dis- 
appointed some traders and investors by failing to 
announce a long-rumored takeover deal. 

UBS also revealed for the first time how much 
money it lost m a tangle with equity derivatives this 
year that cost the jobs of a department head and three 
traders this week. 

On acquisitions, the bank said h would buy the 
French asset manager Alfi Gesrion from the com- 
pany s current management and Natexis SA of Paris 
for 358 million French francs ($61.7 million). 

But after weeks of persistent rumors that UBS was 
after a big fish, — set off by the bank’s own state- 
ments early this year that it wanted to buy an asset- 
management company in the United States — traders 
shrugged off the deal as ins ignificant 

“We had expected something on LGT, and there 
was all this talk of Merrill Lynch, and then they go and 
buy a French kiosk, ' ' a disappointed trader said. 

Liechtenstein-based LGT nas said it is selling its 
global asset-management business, which has $65 
billion in client funds, to concentrate on private 
banking. Alfi Gestion, which has around 80 em- 


ployees, manages assets of approximately 30 billion 
francs for companies and other institutional 


French francs for companic . 

clients. UBS said. UBS’s chief executive, Mathis 
Cabiallavetta, said the bank had been frustrated in its 
quest for a big takeover in asset management and 
private banking services. 

Mr. Cabiallavetta also forecast thar UBS would 
post a 1997 group net profit of about 3.2 billion Swiss 
francs ($2.3 billion'!. UBS had a 1996 loss of 348 
million francs after provisions for loan losses and 
restructuring charges. 

UBS also predicted that its group net profit would 
reach 4.8 billion francs in 2001 , and it put its loss on 
equity derivatives in the first half of 1997 at 200 
million francs. 





Prospective European Bank Heads Get Together 


Wim Duisenberg, left, president of the European Monetary Institute, making a point to Jean- 
Claude Tricbet, governor of the Bank of France, at the European Banking Congress in 
Frankfurt cm Friday. Both men are candidates to head the planned European central bank. 


Bloomberg News 

FRANKFURT — The merchan- 
dise trade surplus rose in September 
to the highest level since before Ger- 
many was reunited, data released 
Friday showed, as exports surged. 

The surplus widened to 14.8 bil- 
lion Deutsche marks ($8.5 billion) 
from 8.6 billion DM in August. It 
was the largest figure recorded since 
1989, the year the Bolin Wall fell. 

The report confirmed that export 
growth was continuing after the sur- 
plus narrowed in August, mostly 
because many German workers ana 
companies were taking their sum- 
mer vacations. 

In the first nine months of the 
year, the trade surplus was 93.9 bil- 
lion DM, close to the 98.6 billion 
DM recorded for all of 1996, the 
statistics office said. 

"Exports will remain strong, and 
imports will grow at a slower rate,” 
Ulrich Jochheim, an economist at 
DG Bank, said. "Domestic demand 
and consumer spending is weak." 

Also in September, Germany's 
current account moved to a surplus 
2.7 billion DM from a deficit of 5.0 
billion DM in August. 

Exports rose to 78.5 billion DM in 
September from 6S.9 billion in Au- 
gust and advanced 23. 1 percent from 
a year earlier. The year-on-year in- 
crease "underlines once again the 
importance of overseas demand to 
economic growth," said Alison Cot- 
trell, an economist at PaineWebber 
International in London. 

Imports will probably grow at a 
faster rate next year as the domestic 
economy picks up, analysts said. 
Fragile consumer demand amid 
Germany's 11.8 percent unemploy- 
ment has been holding down import 
growth. Imports rose to 63.7 billion 
DM in September from 57.3 billion 
' DM in August and advanced 15.2 
percent from a year earlier. 



[Investor’s Europe 1 

Frankfurt 

London 

Parte 


DAX 

FTSE tDO Index CAC 40 


4500 

• - 5500 

3100 


4300 Pi • - 

jh 5300 

{t »00 A 

K 

4100- 

'V 5100 /l 

J ■ 2*» A v 

V 

m l ’f 

y m 

if L 2800 J V 

y 

3700 / - 

HI 4700 hi- 

- *» 2700 1 

F 

JASON JA 

S O N 26 

00 * ... 
JASON 

1907 

1 B 97 


1997 


Bcchange 

Index ' 

Friday 

Prev. . 

■s, 



Close 

Close - 

Stsnge 

Amsterdam 

AEX 

ms\ 

834-90 

+1^5' 

-Brussel*- 

fiEMO -. . 

2,419.41 

2^95.60 

+099 

Frankfurt 

.0 AX 

O ttfifk CO 

3,91534 

+1.12 

Copenhagen 

Stock Mark©! 

S3&35 

62921 

t4).50 

HeWnM 

HEXQawal 

3^fit.sa 

3,497.70 

+1.82 

Oslo . . 

OBX 

EISA 1 

677.33 

+0.10 

London-- ■ 

FTSE 1Q0 


4.908.40 

+1.58 

Madrid 

Stock Exchange 

58539 

891.01 

+0JJ4 

Utah' •" - 

MIBT6L ■ 

15352 

15296 

+0^37 

Parte 

CAC 40 

2^61,70 

24321.19 

+1.44 

Stockhobn •' 

sxia 

3^31.80 

3^63,71 


Vteona ' 

ATX 

1,291.02 

1^76.11 

+1.17 

Zurich 

spi 

3,611.30 

3,572.57 

+1.08 


Source: Tgiakurs 


tincnuihHul HttaUTnhutt.- 


Very briefly: 


• Promodes SA, a French retailer, abandoned its bid for 
Rallye SA after gening only 10 percent of the company's 
shares in a tender offer. French market authorities said. 
Promodes said it would continue its bid for Casino Guicbard- 
Perrachon SA, another food retailer, which is more than 47 
percent owned by Rallye. 

• Deutsche Bank AG's chief executive, Rolf Breuer, said the 
bank was not interested in buying Banque Natioaale de Paris 
SA. The denial came after Mr. Breuer indicated in an in- 
terview this week that Germany’s largest bank was studying 
opportunities for expansion in France. 

• France's index of manufacturing production, which ex- 
cludes output from the energy, food and construction in- 
dustries, declined 1 percent in September from July and 
August, said the French national statistics agency. INSEE. 

• National Bank of Greece SA said the government sold 1.6 
million shares, or a 7. 1 percent stake, to Merrill Lynch & Co- 


million snares, ora /.I percent stake, to Merrill Lynch dc Lo„ 
SBC-Warburg and Hong Kong Shanghai Banking Corp. 
for 42 billion drachmas ($154.8 million). 


Taxpayers May Face Heftier Bill for Credit Lyonnais 


Reuters 

BRUSSELS — The bailout 
of Credit Lyonnais S A may end 
up costing French taxpayers 
more than 150 billion francs 
($25.7 billion), the European 
Union's competition commis- 
sioner said Friday. 

The estimate came only a 
month after the commissioner. 


Karel van Mtert,put the figure at 
more than 100 billion francs. 

"I’m still stunned by the ex- 
tent of the disaster,” he said in 
an interview on the French tele- 
vision channel TF1. 

The higher-than-expected esti- 
mate increased the likelihood that 
the European Commission would 
make tough demands in return far 


approving a third rescue plan for 
what was once the world's largest 
bank outside Japan. 

Mr. Van Mien has warned in 
recent months that Credit Ly- 
onnais would be asked to reduce 
its presence further outside 
France, but that it would also 
have to make sacrifices in the 
French market where the rival 


banks Sodete Generate SA and 
Banque Nationale de Paris SA 
have cried foul. 

Mr. Van Mien also hinted 
that Credit Lyonnais's German 
subsidiary. Bank fuer Gemein- 
winschaft, previously spared 
because its disposal would re- 
sult in a capital loss, would 
probably have to go this time. 


• Switzerland's economy will grow 2.2 percent in 1 998 after 
expanding 0.6 percent this year, Swiss Bank Corp. forecast, 
saying a weaker Swiss franc would bolster exports and 
economic growth to levels not seen for years. 

• Munich prosecutors have broadened their tax-evasion in- 
vestigation of the Bavarian media mogul Leo Kirch, ques- 
tioning additional potential witnesses. 

• Dassault Aviation SA's chief executive. Serge Dassault, 
said he did not think a linkup between Dassauh and Aerospa- 
tiale was necessary, dealing a blow to French government 
plans to forge closer ties between the two airplane makers. 

• Suez Lyonnaise des Earn. S A said it would spend up to 2 
billion francs ($343 million) in the next five years to upgrade 
its cable network, allowing it to offer telecommunications, 
digital television and Internet services. Reuters. Bloomberg 


WORLD STOCK MARKETS 


High Low CJom Piwr. 


High Law dose Prw. 


High Low Close Pm. 


High Law doit Pm. 


SA Breweries 


Friday, Nov. 21 

Prices in local cutrendes. 
Tefekurs 

High Um dose Pm. 


Amsterdam 


ABN-AMR0 

Aegon 

AhoM 

AkzoNoM 

BornCo. 

Bob Vitas an 
CSMan 
Dented* Pel 
DSM 
Ehcvtor 
Forts Amo* 
Geftoria 
G-Brocam 


Hooemeyer 
HefefcM 
I, Hoogavenscva 
w Hum Doughs 


INC Group 
KLM 
KHPBT 
KPN 

ItaflMGp 
NuWaa 
Oce Grinfen 
PhJJpsEJec 

RtSSodHdg 

RobecD 

Rodomai 

RoSncn 

Rorento 

Rond Dufch 
Unilever eva 
Vendor bill 
VNU „ 
Writers Klcva 


4050 39M 
16<L0O 16400 
53 5100 
34430 34000 
13090 13400 

30.90 3050 

89.90 8010 
10&7D 10A50 
18200 181 JO 
305 31.70 

B3 B10O 

70.10 09 

5230 5050 
Wiffl 88 
33450 334 

92 90.70 
7000 7558 
8250 B1J0 
6900 6850 
44 4140 
0100 KUO 
0950 48JD 
5040 5700 
218 2014$ 
14500 141 JO 
11250 109.10 
75 71 JO 
18550 184 

57.10 5400 
176 17450 

11950 119 

11000 10430 
11400 11408 
10350 10130 
4750 4490 
251.40 24430 


4000 48 
14700 14400 
5200 5000 
34200 33900 
13000 13750 
3050 3050 


Gehe 
HddetogZml 
Henkel pkl 
HEW 


Hoedsf 

KuntadT 


0400 
108.10 
181 JO 
32.10 
BL30 
6930 
5050 
8800 


89.90 

105 

180 

31.70 

81-30 

70 

5100 

8450 


33600 331 JO 
91 90JB 
7750 7600 
B2 3® 8150 
69 JO 48 
43J0 4300 
8000 8050 
48J0 4B0O 
5700 57.90 
217 206 

14430 139.70 
11030 109J38 
75 71.40 
10450 181 JO 
57.18 57 

176 173 

119 11X70 
110.10 10730 
11430 11400 
103 102 

4700 4400 
2 49 JO 24500 


High Low Ctan 
Deutsc h e Bu n k 11400 11160 1U45 
Dent Telekom 35.15 34.95 3505 
OmsduerBaik 7200 7200 7240 
r «Mh » Z78 264 270 

FrewntoMed 11750 116-5D 11700 

FfM-Kiupp 366 35850 360 

9050 B950 90.10 
14050 140 140 

10890 107.10 107 JO 
465 465 465 

77 >2 7250 

4400 MM 4255 
613 607 610 

8200 79.10 79.10 
1074 1060 1060 

313 3000 31J5 
536 577 528 

Mcmesnm 60950 800 soi 

M*Mgesnk£frrft3S30 3470 3530 
Meta 0OJO 7850 ms® 

Mind) RueCkR 58S 580 5BS 

Preussog 4S450 481 482 

RWE 8490 0410 0600 

SAPpfd . 52450 520 52208 

Schema 173L29 16905 160.05 

SGLQnton 222JB 221 221 

Siemens 1® 106J® 10600 

1350 1350 USD 

Smdzudmr 903 885 903 

Thysien 42050 ,412 412 

Veto 105 104-30 1MJ0 

VEW 580 560 560 

910 wo m 

973 952 969 


Pm. 


Unde 
LnflhmaR 
MAN 


113J0 

3475 

7250 

272 

11650 

365 

91 

Wfl 

10700 

462 

7100 

6405 

60S 

8250 

1041 

30.15 

525 

807 

3400 

7935 

575 

477 

830S 

50900 

17100 

222 

745300 

1350 

887 

41950 

10405 

590 

88950 

93150 


12100 11900 11900 121 JO 
29 28.25 2850 2850 
Sant 5700 56JQ 5750 5400 

SBK JS? 287 207 JO 20900 

Tiger Oats 68 6B 68.10 6400 


Kuala Lumpur 


Utd UHties 

705 

705 

708 

701 




AltasCopcoA 

247 

235 24400 23500 

Vendanae Lxuts 

347 

3J3 

304 

378 

Paris 



Autoliv 

308 30400 

307 305 

Vbdofone 

303 

370 

179 

172 


PreriBOR 2821.19 

Etodr&n B 

. 615 

604 

615 600 

WMtonead 

809 

8J2 

807 

839 



ErimaonB 

341 

33550 

339 33000 

WteansHdos 

300 

331 

138 

305 

Accor 

1112 

1094 1099 1082 

Kenoes B 

33700 

332 

337 32900 

Wotseley 

505 

510 

521 

522 

AGF 

332 329 JD 330 297 JO 

bKOltlve A 

691 

680 

691 600 

WPP Group 

271 

209 

270 

270 

AirUqutte 

9X9 

925 942 928 

Invertor B 

380 

366 

373 367 

Zeneca 

18.13 

17J3 

1803 

1705 

AlcuM Alsth 

727 

715 722 713 

MoDoB 

227 

222 22400 220 


AMMBHdgs 
Getting 
Mu) Banting 
MdtnOShlpF 
PehunosGos 


PubOcBk 
Raxng 
Resorts Vltaild 
Rothman PM 


5km Data 
km Mol 


Telekom i 

UM^ngbieen 
YTL 


170 

126 

302 

304 

80S 

8^i 

8.90 

800 

1000 

9J0 

1028 

1870 

510 

400 

510 

490 

800 

590 

805 

690 

575 

470 

525 

550 

206 

104 

1.90 

2 

108 

1J9 

109 

109 

505 

510 

5 

410 

2875 

27 JS 

2850 

28 

300 

300 

160 

140 

700 

605 

70S 

695 

60S 

m 

530 

420 

302 

152 

2.90 

116 

275 

117 

290 


Madrid 


Beta Men 99S59 
Pra m s. 59101 


London 


FT45E 10*498500 

Prarfm 490808 


Helsinki 


HEX General tads: 3S6L38 
PrMfcNB: 307 JO 


Bangkok 


SET toden <ZI5? 
Prorioos: 422.18 


Adv WoSrc 
BangkofcBkF 
Kiung Thai Bk 
PTT&ptor 
Stan Cement F 
Siam Cara BkF 
Tdecomasia 


Thai Airways 
“ 6 Form BkF 


Thai I 
UtdComm 


203 

190 

200 

1 » 

132 

129 

130 

130 

1425 

14 

14 

1500 

390 

384 

390 

384 

370 

362 

364 

364 

7700 

74 

74 

7650 

1575 

1175 

1500 

1475 

4450 

4175 

six 

42 

103 

101 

103 

102 

3875 

3S75 

36J5 

3900 


EnsaA 

HdtimOOl 

Kemko 

toto 

iMefOaA 

MetroB _ 

Metsu-Serta B 

Neele 

Nokia A 

Orfeft-YMffjoe 

Outokumpu A 

UPMKynunene 

Vaknri 


4B 

22550 

5200 

7650 

2700 

140 

4650 

127 

474 

209 

76 

125 

83 


48 

224 

51-30 

7540 

2450 

138 

4550 

12650 

465 

206 

7250 

12150 

B1 


48 

w is 

52 


47 JD 

5m8 

2700 2650 
138 13850 
46 4550 
12450 125 

.472 45419 
206 207 

76 72 

122 121 
8150 80.10 


Hong Kong 


Hang Seng: 1B548J0 
prarioac 1005001 


Bombay 


5S3£i 


I Auto 

.... Jad Lever 
Htadnrt Petal 
I rid Dev Bk 
ITC 

MattanagarTtS 
ReAoncemd 
Stole Bktaifc 
Steel Authority 
Tata Eng Loco 


“■“SSESS 

575 555 56950 559 

1340 129C1OTJ5 1M 

480 451 47175 444 

82 01175 81-25 81 

549 49950 54050 506 

22150 219 221.75 220 

158 . 151 15SJ5 

246 236 

14 1350 
324.75 316 


155 

243 238.75 
14 14 
221 320 


600 

io| 

ijo 

Dao HerraBk 17.40 

FMFMh: 675 

Hang Lung Dn 11 JD 
Hang Seng Bk 66J5 
Heniavtnlm 
HatanaaLd 
HK China Ga 
HKBkMc 


40) 

38 

13J3 

2700 


HKTeJeawun 16K 


Brussels 


AlaonO 
Bona lr« 


Bona I 
BBL 

CBR 

Caiwyt 

DelliatzeLloa 

EfcttoW 

Eledratan 
FaflsAC 
Gevaert • 
GBL 

Gen Banque 
KrerBetbaik 
Pdroflno 
FWrilfl 

SoeSn^lg 

T^^tel 

UCB 


1600 

6920 

9470 

3210 

19050 

I860 


3405 

7370 

1520 

5450 

15225 

15750 

14275 

5120 

9750 

3490 

2210 

3120 

120550 


S 2SS @ 

9^0 9460 9380 

31BB 3135 
16375 1«5 W75 
1825 ICO 1010 
0270 8300 B7J 

3320 3370 H70 

m0 7340 7210 

1480 1520 1460 

mo ffl« 

15050 15225 15091 
5575 15650 15425 
1CM 14225 1*50 

51M £70 

9500 9700 94® 

MM 3460 3400 

yfS 2205 2160 
31« 3115 ,3095 

U9000 119*ffil UBS® 




'A 


187 

HuteMronW 

SSS if 

tragfei | 

ShChniPos j 
SvtaPdcA 3900 
WhafHdgi 16J5 
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&95 


60S 6J5 6J0 

1620 1605 16.15 
7 7 JO 60S 

51J5 S3J5 5050 
17 JO 18.15 1700 
36J0 39.10 36.90 
31.10 31 JO 3ttS! 
16.90 1700 1600 
500 5JD SJO 
10J0 11J0 1050 
6150 66J5 62 

6.15 £J0 Lu® 

37 JO 3700 3900 
1300 1305 1300 
2500 27J5 2500 
14150 1495 1430 
208 2.18 2 05 

18231 106-50 17650 
50J5 52J5 4950 
1575 1650 J555 
2100 22 2150 

S2» 13J5 M 
2600 TIM 25J0 
2 200 203 

U? M M 
53J5 5550 SV5 
203 206 208 

400 450 4JS 

5J0 5i>0 555 

3a3fi 3958 37 M 
16X11 15 

S 103 U5 


Abbey Natl 9J8 

AHedDomeoq 505 

AngHan Water 805 

Argas 654 

Alton Group 109 

Assoc Br Foods 579 

BAA 490 

Bodays 1460 

Baa 803 

BAT tod 502 

BankSaAmd 518 

Blue Cbde 355 

BOC Group 9-78 

Boats 8.98 

BPBInd 3J5 

BrttABOSp 16 

Bid Airways 507 

BG • 2JBJ 

Bril Land 607 

Br« Petal 804 

BStaB 430 

Bril Sleet 

Brf Tetawn 457 

BTR 2.03 

Bunnah Costal' 10L25 

Burton Gp 104 

OtitoVHreiEW 519 

CadbuiySdne 607 

Cato) Comm 400 

Comml Union 703 

CoammGp 6.97 

CaurimiBk 208 

DfeOStS 6-90 

Bedracompwtente 432 
EMI Group SIS 

Energy Gnj 


9J0 
5L66 
804 BJ0 


60S 603 

103 105 


503 571 
482 489 


1432 1459 
803 809 


500 500 

5.05 5.14 


:A2» 307 

952 902 


80? 807 

119 3J1 


1577 1500 
503 501 


207 175 

653 6M 


872 878 

407 422 


104 107 

406 450 


103 206 

902 9.B2 


102 104 


5 .513 


6.16 6Jfl 
454 457 


707 7JB 
6 J6 694 


257 258 

674 600 


427 430 

494 5.05 


552 

105 

1025 

405 

1198 


FomCofcmM 
Gerrt AccMeM 
GEC 

GKN 

GJaw Wefcome 1308 
Granada Gp 805 
Grand Md 
GRE 

GraenalsGp 
Guinness 
GUS 


630 60S 

576 £77 


103 104 

9 I01B 


355 195 

12-53 1177 


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HSBC I 


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bnpITobaacn 
King 


Laid Sec 


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Uuy&TSBGp 
LucraVadly 
Marks Spencer 
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5B7 

125 

174 

6 

7.1S 

707 

1505 

8.99 

199 

808 

295 

1025 

185 

S0G 

6.90 

195 

683 

501 


1173 1141 
009 859 


5.78 679 

III" 123 


308 172 

508 675 


695 7JK 
7.15 7J5 


1417 148B 
061 899 


395 197 

026 001 


187 193 

9 JO 978 


278 IBS 
5.18 638 


606 075 
193 194 


Mercury Aral 1600 


623 632 

633 60) 


Jakarta 


cmfeWHcgi.u 

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Copenhagen 


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BGBonk 


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430 
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Den DaiufceBk 700 




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Bklrfttoden 
Bk Negara 
GudragGan 
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1875 1750 1775 IgO 
575 500 Si® Sg 

600 575 600 57S 

7750 7025 7200 7650 
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2400 2300 »5 240B 

8325 81M 8175 TO5 

4900 44M MD 4800 

31 50 2900 29W 3200 
2575 2425 2525 2475 


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AMBB 1»g 

jumos 349.80 

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BASF 6200 

g^rHypuBk 7795 

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1603 1473 
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502 505 

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7J5 708 
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140 248 

602 456 


604 8JI 
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748 702 

410 415 


450 60S 

90S 1019 


341 147 

8J7 804 


302 338 

591 609 


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209 29S 
7-28 709 


898 9.10 

125 202 


942 

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654 

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493 
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CEPSA 

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CcjjMapta 

FECSA 

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IbaidnAi 

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Repsol 

SevHana Elec 
Tobaadero 
Telefonica 
Union Fenosa 
VUenc Cement 


22420 

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21900 

2045 

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5930 

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7150 

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1500 

1470 

1495 

1465 

11731 

11450 

11530 

11670 

4280 

4230 

4268 

4230 

1510 

1460 

1490 

1475 

2840 

2800 

2800 

IBM 


Axn-UAP 
Banco ire 
BIC 
BNP 

C mdPto i 

Cieiefaui 

Cadiw 

CCF 


Christian Dior 

CLF-DedaFran 

CraffiAgricoie 

Danone 

EH-Aquttaine 

EridantaBS 

Euroduey 

Ewotuana 

France Telecom 

Gen Earn 

Hoke 

&neU 

Laftnoe 

Lrarnid 

LOred 


424 416 42X50 41500 

820 787 812 790 

426 4U5Q 412 409 

288 27790 28080 281 

1020 1004 1006 1010 

3065 2992 3047 2970 
329 336 32770 32620 

354 34700 354 346 

647 622 637 625 

619 603 612 999 

625 616 625 616 

1131 1126 1131 1160 

942 926 939 925 

733 725 727 724 

920 905 917 920 

7 JO 7.90 705 

5J0 505 500 460 

219 21690 21800 21790 


NoRflmken 


PtranVU^iahn 


SaniMk 
Santo B 
SCAB 

S-EBantanA 
SkandiaFas 
iB 

„ : B 
Spastniken A 
SomA 
SvHandcbA 
VbhnB 


269 262 268 261 

260 25650 25900 25300 

239 232 234 2» 

186 180 182 185 

17050 173 174 17550 

9100 8950 91 K 

380 330 380 368 

310 304 307.3! 301 

1B5 1®DJ0 1835® 182 

19050 183 189 181 

105 1QB-5E 10450 
271 273 _ 271 

216 217 21150 


109 

279 

21900 


Sydney 


AB Ongenriee: 248270 
Prevton: 743SJ0 


Manila 


PSEiadK: 184907 



PiMtoos: 1B72JS 

Ayota 

1325 

13 

13 

1175 


14 

1300 

1175 

14 

BkPltBpbl 

9200 

92 

92 

9250 

C&P Homes 

200 

2J4 

206 

20 U 

WcnSg Elec A 

7400 

7200 

7340 

7200 

Meta BoiSt 

29700 78700 28700 

290 


150 

300 

300 

305 

PCI B>.-nk 

137 

135 

136 

13/ 

PM Long DU 

890 

860 

m 

875 

SanMJguelQ 

46 

45 

45 

46 

5M Prime Hdg 

6 

500 

5.90 

6.10 


Mexico 


EUSatodB; 479306 
Ptevfaesi 4479.15 



778 

755 

774 

755 

Aimr 

6-48 

600 

605 

6.18 

38400 37800 38200 379.70 

AMZBktag 

10 J0 

1003 

iaiv 

9.99 

670 

646 

653 

641 

BHP 

13.95 

112 ! 

13011 

ai6 

38100 37150 

377 379 JO 


350 

302 

302 

404 

1134 

1107 

1119 

1100 

Brambles tad 

7H./0 

2700 

2805 

2709 

2325 

22/1 

2280 

2259 

C8A .. 

1706 

16.90 

I7J6 

I6J0 

1049 

1015 

1044 

1001 

CC Small 

11106 

1000 

lazt 

1001 

320 

315 

320 315,90 

dries Myer 

7J8 

/J3 

7.37 

/J£ 

438 42530 43&JD 42400 

Camako 

6 

501 

5.95 

400 

309 30020 

307 3O1J0 

CSR 

400 

408 

405 

446 

655 

631 

655 

626 

Farters Brow 

109 

205 

208 

2.64 

3010 

2950 

29/4 

2942 

Goodtstxi Rd 

2J4 

2 .1/ 

7.71 

2 .1B 

2138 

2063 

2073 

2046 

IClAustrafia 

1005 

1008 

1072 

1006 

168.70 

16560 167.90 

16300 

Lend Lease 

3000 

29.12 

4000 

2902 

1640 

1530 

1640 

1549 

MIMHdra 

Nat Aurt Bank 

1 .1? 

108 

108 

1.10 

26600 759.10 261 JO 26190 

21112 

1900 

19.94 

1900 

595 

589 

593 

588 

NalMtAnTHdg 

200 

2J6 

2 J8 

3-36 

32200 31120 32100 31700 

News Chip 

IM 

7JD 

7JV 

7M 

K7I 

673 

673 

677 


30/ 

198 

305 

2.9B 

407 39120 

396 37900 

PtaKwWI 

30/ 

167 

30/ 

xn 

773 

758 

777 

758 


8.11 

7.98 

806 

7.9/ 

2939 

2900 

2915 

2908 

ISoTtata 

16J0 

16W 

16-20 

16.14 

811 

795 

795 

795 

St Georgs Bank 

896 

004 

800 

803 

1510 

15.10 


14.95 

WN1C 

404 

401 

404 

A/« 

626 

740 

618 

715 

625 

726 

618 

743 

WestuacBktog 

WoorfikiePet 

9.10 

11.15 

8.90 

1004 

907 

1106 

&B5 

1004 

16000 15230 15900 15100 

WOahMrtis 

407 

400 

405 

406 


The Trib Index 


Prices as of 3.D0 PM New York One 


Jen. 1. 1082- 100 


World Index 

Regional Indents 

As/s/Paafrc 

Europe 

N. America 

S. America 

IndustriaUndaxes 

Capital goods 

Consumer goods 

Energy 

Finance 

Miscellaneous 

Raw Materials 

Service 

Utttties 


Lmml 

Cttono* 

%dtonge 

ybirtoitoia 

%cti*nga 

171^3 

+1.98 

+1.17 

+14.81 

99^6 

+4.01 

+4.21 

-19.58 

192.04 

+2.49 

+1.31 

+19.13 

212.87 

-0.69 

-0.32 

+31.47 

142.79 

+3.31 

+2.37 

+24.78 

214.50 - 

+0.43 

+050 

+25.50 

203.11 

♦136 

+0.67 

+25.82 

20336 

+246 

+1.17 

+19.42 

119.89 

+2.92 

+2.50 

+2.77 

160.44 

+4.00 

+2.56 

-0.83 

171.75 

+0.37 

+022 

-2.07 

170.01 

+1-95 

+1.16 

+23.81 

164.08 

+1.93 

+1.19 

+14.37 


The international Herald Trtruno World Stock trxXtxCna&S tt)e U.S. doOar values ot 
2B0 rnernmnOy nvostable stocks from 25 countries. Farmers information, a tme 
Oookter « available by wrong fo The Tris Index, 1S1 Avonue Charles de GauBe, 

02521 NeidSy Cortex. France. CompteebyBloombotgNews. 


Mlhui Fudosn 
Mitsui Tract 
MuntaMlg 
NEC 
Wkon 
NatkoSec 
NWcndo 


664 657 660 654 

94*> 97-10 9400 71.85 
386 376 376 37690 


ABo A 
BaroKd B 
Centra CPO 
Ctan C 

Emp Madana 

GpoCanoAl 

Gpo F Banner 

GpoHnlntenp 

StiCtoriiMra 

TetevhaCPO 

TtiMexL 


6390 

1BJ® 

3400 

15.10 

41.15 

5100 

2.95 

2900 

3610 

15050 

2000 


6200 6200 6220 
1750 1826 1702 
3290 3350 3200 
1400 1400 1400 
48J0 41.15 40.45 
5000 5170 SMS 
204 205 206 

29 JO 7VJ0 2900 
3550 3Sj$0 3550 
14490 150 DO 14430 
19.14 1978 1902 


SSo Paulo ■■wyteWMWM* 


Taipei 


Stock MotM todne 7773J5 
Pievtoo*: 7»X2» 



Law Close Pm. 


HtarduUne Atral 

ncwDnow Mol 
Normvtalnc 



High law One Pm. 

68 6300 64J0 67 JO 
25 2435 2400 200 


12200 12400 
666 475 

426 440 

249 251 

625 627 

151 156 

1470 1490 
1080b 1100b 
6200b 6280b 

$ « 

1730 1600 1710 

12600 12400 12600 

494 465 489 

3900 3930 3940 

1350 1270 1350 


: 91 8804 


BmdescoPM 
Brahma PM 
CemigPtd 


CenepPtd 

CESPPM 

Cape! 

□etabras 

Bau banco PM 

UgMSenteta 


Milan 


MIBTetoeediee; 1535300 
PiWdeesi 1529600 



15950 

15400 

15700 

15685 

5ta comm But 

4915 

4750 

4830 

4H/0 

BraFtaeunKi 

70® 

6755 

6755 

6960 

Ben ti Rbo» 

1500 


1530 

1554 

Bmeiira 

27000 

26550 

26600 

26SO0 


4675 

4590 

4630 

4555 

Etfcon 

9360 

9230 

9250 

9790 

ENI 

10485 

lnjoo 

urns 

1 DM0 

Rat 

5075 

4980 

4980 

4910 

Generali Assfc 

39400 

38300 

38750 

38700 

1MI 

18260 

17H3Q 

1 B00D 

19005 

INA 

3000 

29SS 

2970 

29ft 

MteSteuI 

6820 

8735 

6695 

B51Q 

6700 

8600 

6655 

BS85 

MerOabanca 

1 MKU 

17260 

123HI 

12330 


1414 

im 

1415 

13/4 

OBveH 

1005 

965 

970 

1004 

PtumaU 

2450 

2400 

2420 

743U 

Ptefl 

4455 

sm 

4450 

4335 

HAS 

15600 

15260 

15440 

15390 

Roto Banco 

24600 

74100 

24200 

74100 

Sltoab Torino 

14390 

138ft 

14230 

14250 

Telecom tata 

1 M«6 

10770 

1(1795 

10X05 

TIM 

6940 

6810 

6835 

6810 


l PM 
Poufeto Lur 
SMNodonal 
SouraCruz 
TrietnsPM 
Tetemlg 
Total 
TetapPfd 
Unlbanai 
Ihenhwi PM 
CVRDPfd 


805 

735.00 
5150 
BUM 
1302 

54500 

530ja 

420.00 
31100 

239.00 
13650 

3250 

0.70 

1)8.00 

12300 

12400 

29500 

3250 

7.740 

2250 


BJQ 

72000 

4750 

75JO 

1150 

51500 

50000 

42000 

29500 

22800 

13100 

3105 

800 

11102 

11700 

11400 

28004 

3190 

750 

2100 


BAO 8J0 
72500 72500 
5000 46.99 
7600 7899 
1240 11J0 
m00 51499 
52200 49500 
423JJ# 41999 
30900 28501 
23299 22300 
13100 13000 
3155 3150 
flJO 837 
1)493) 11200 
11800 11201 
12000 11400 
29000 26800 
3200 3150 
702 700 

2140 2149 


Cathay Lite ms 
CharoHiMBk 
OdMTungBk 
CMna Deu&pmt 
China Sted 
First Bn* 
Formosa Ptosflc 
Huu Non 8* ■ 

totlCmmnBk 
Han Ya Ptasaci 


Shin Kong Life 
ran Send 


Taiwan! 
Tatung 
IridMbaBec 
UtdWortdCNn 


137 

135 13500 

135 


8150 

7980 

9600 

95 

9500 

95 



5600 

6 U 

6 / 

60 

67 

SeUsulOiesi 

925 

907 

92 

9000 

9100 

90 

SeUsrt House 

990 

9/1 

2200 


1200 

2240 



8600 

9/00 

95 

96 

96 


080 

045 

4900 

4800 

49 JO 

49 


1920 

1910 

107 

IM 

IOUO 

105 


464 

452 

6400 

5300 

54 

5300 

SHOve&uCti 

3120 

2970 

5000 

50 


50 

SHufcto 

1830 

1790 

9200 

90 

9000 

9100 


1240 

1210 

125 

122 

123 

122 


2900 

2810 

3U0 

3400 

35 

3430 



iano 

6700 

6441 

(1/00 

6400 


872 

840 

5500 

65 

5500 

55 

Sumitomo Bk 

1530 

1450 


Tokyo 


NUKI225: 1672108 
PrartOH: 1130849 


Nippon Ah 


Seoul 


eumpnrtte tahne 50617 
PretioBK 48841 


Dooom 

Daewoo Heavy 
Hyundai Ew 
Kta Matas 
KoroaBPur 
Korea Exch Bk 
LGSefnkon 
Pahang Iran SI 
Scenswig Dislny 
SamsungElec 
Shinhniwnk 
SKTetoom 


55800 51600 55800 51700 
6390 6000 6280 6140 
15200 139S® 15100 14100 
6220 6108 6220 6100 
14400 137OT 14400 13600 
4920 4610 4920 4560 

21700 19400 11400 70100 
46400 43700 46400 43000 
36100 33700 34100 33500 
44600 42500 44400 41300 
7460 7250 7440 7100 
347500 327000 347500 322000 


AstfBank 
AsttChem 
itriii Gkm 
Bk Tokyo MBsu 
Bk Yokohama 
Bridgestone 
Canon 
CbubuElee 


Chuaakul 
Dai Flipp Print 

Doiei 


60s m 

SJO SJ3 


458 
79 JO 
7.14 
409 
176 
952 
455 
11.10 
1J3 
S 99 
8.13 

462 

SJ1 

7J2 

462 

497 

0J0 

497 

458 

113 

400 

SJO 

708 


115 11B 

487 4J0 


1WD IP. IS 
698 702 


463 486 

2-73 2.74 


Montreal 

todastrtate tadra: 330101 


Piivhik: 333039 

Bee Mob Com 

41M 

41.10 

41.10 

42 

am The A 

28 V: 

2&0S 

2BVi 

7BA5 

Ctit USA 

3900 

39 JO 

39.70 

3980 

CT FhrlSvc 

«« 

4BM 

481* 

S7Vl 

Gen Metro 

1900 

19.15 

19.35 

19 JS 

Gt-WedUfeco 

3600 

36.05 

36k 

m 

hnasca 

5060 

50.10 

50.55 

49 

testors Gm 

44 1(1 

4 Si 

41(61 



m 

2316 

23M 

M 

NttiBk Canada 

H» 

2700 

73 

vrn 

Power Coro 

dirt 

4110 

45.10 

4400 

4420 

4440 

45J5 

4445 

QtistewB 

».» 

28.10 

78.70 

28J0 

(togertiConun B 

8 

US 

7.90 

705 

Royal BkCdo 

8045 

KM 

m 

7905 


Singapore 


5lralb Times: 1643a* 

Preyjeos: 166103 


Asia Pk Bren 
CesBbosPac 
OyDevfc 
“ ‘eCarrtaoe 
yFormlnt* 


Ml 900 
436 448 


Oslo 


OBX kutac 67U1 
Pne(eeto677J3 


10J5 1196 
1J1 1J3 


Aker A 


5J2 592 
7J7 7.95 


450 454 

8.15 0.15 


691 691 

460 4al 


482 405 
9.19 


485 491 
480 489 


302 M0 
475 476 


Donnaniefik 
□ton 
HoMundA 
KvaemerAsa 
lURk Hydro 
NorsteskogA 
NycunedA 
Onto Asa A 
PtflaGeaSyc 
i Peltai A 


7J0 


5J2 

704 


TmonceanQff 
Storebrand Asa 


130 128 

704 IPS 
2600 2660 
31 JO 3000 
108 10500 
4200 4100 
373 368 

381 37450 
242 237 

187 186 

638 633 

480 471 

136 133 

123 122 

360 340 

4900 « 


128 128 
795 20100 
2670 2630 
30.90 3000 
10600 106 
4200 42 

34800 366 

37400 37200 
23700 23700 
18650 18500 
633 630 

47100 474 

133 13450 
123 120 

340 340 

4900 50 



4.70 

448 

448 

048 

404 

4 

402 

406 

700 

70S 

7J5 

700 

60S 

605 

645 

07 5 

006 

004 

006 

006 

1300 

1330 

1300 

1300 

200 

202 

206 

201 

8.10 

740 

BJO 

705 

2J9 

231 

238 

231 

445 

5JS 

50 0 

£25 

206 

203 

206 

202 

530 

SJO 

UD 

535 

3.77 

208 

249 

170 

440 

408 

400 

408 

204 

2-25 

203 

2J4 

800 

830 

8.90 

800 

5J5 

505 

545 

5J0 

192 

304 

308 

306 

5.10 

5 

IBS 

505 

1070 

1020 

1000 

1030 

4J8 

433 

438 

4J6 

21 J0 

2070 

21.10 

2000 

1JS 

100 

104 

1J2 

iw 

2J4 

IBS 

2J4 

20 Z 

Z35 

1ST 

201 

0J1 

046 

046 

049 

aw 

8.15 

80S 

800 

2.16 

112 

113 

2.12 


Stockholm 


SXUtodtoc333iJ0 
PravtoK: 226171 


ACAB 9150 97 9700 97 

ABBA 94 9100 9150 9100 

Assl Damon 214 204 204 211 

Astra A 133 131 132 12900 


liao 

11,50 

1170 

1170 

606 

59S 

595 

6U5 

2600 

7560 

2 «n 

MU) 

S5S 

531 

546 

520 

584 

5A 

57H 

557 

828 

BDQ 

87H 

WO 

1800 

1820 

1870 

17to 

«0 

390 

400 

390 

Z7B0 

2700 

7780 

2670 

3160 

3060 

3060 

3010 

2070 

3040 

2040 

204) 

1910 

1 BS0 

1890 

lBbU 

2530 

2400 

7480 

2340 

545 

525 

629 

525 

958 

925 

941 

Ml 

308 

256 

760 

281 

1090 

1030 

104(1 

1070 

629 

m 

620 

615 

4208a 

WOO 

4120a 

3990a 

2420 

2360 

236U 

235U 

5800b 

572ta 

5750a 

5730a 

1930 

1870 

1800 

1900 

4930 

4900 

4920 

4Rn 

830 

789 

B76 

769 

urn 

6640 

4640 

45/0 

U50 

14.10 

1440 

1410 

1110 

Mftl 

1090 

1090 

939 

91/ 

978 

907 

4420 

4340 

4400 

4320 

1 UQ 

1100 

1130 

torn 

284 

7 n 

279 

277 

395 

3811 

381 

375 

6010 

S9M1 

60M 

597(1 

an 

395 

400 

395 

W90o 

15600 

Minin 

MOOa 

2360 

2280 

73311 

7330 

483 

451 

466 

463 

2180 

21 SD 

2160 

2150 

1730 

1690 

1710 

1720 

338 

31/ 

317 

338 

220 

216 

216 

212 

713 

704 

709 

710 

995 

96A 

987 

954 

134 

130 

132 

128 

820 

770 

775 

723 

473 

440 



6410 

6300 

6310 

6710 

IPSO 

1YJ0 

1950 

1930 

329 

315 

326 

796 

363 

360 

Ml 

358 


2010 

2040 


3810 

3670 

3810 

M0 

2070 

2030 

2060 

204) 

1070 

1090 

1050 

104) 

1010 

970 

HOT 

991 

269 

259 

261 

256 

359 

338 

345 

3R7 

1500 

1470 

im 

1400 

510 

493 

500 

490 

437 

425 

431 

427 


MAO 

1550 

1410 

945 

910 

938 

888 


Sumfl Own 
Summon Elec 
5umlt Meld 
Sumit Trail 
TaBhoPTnrm 
TototaCheai 
TDK 

TohotatElPwr 
Total Bank 
TaktoMaitoe 
Tokyo El Pwr 
Tokyo Elecnoo 
Tokyo Gas 
TakyuGorp. 
Tenon 

Tcnvn Print 

Tartem 
Taya Trust 
Toyota Motor 
Toaianoudd 


446 434 442 

1790 ITS) 1770 

775 243 273 

896 B48 877 

3200 3240 3280 

3690 3630 3690* 
10300 100(0 10300 

1940 1910 MB 

660 636 451 

1190 1130 1190 

2310 2270 2390 

4340 6100 6290 

302 287 295 

540 540 540 

948 924 944 

MW 1450 14JD 

598 573 589 

580 566 573 

1520 1440 14WS 

880 835 875 

3410 3470 35S0 

3120 3090 3100 


12000 

S70 

423 

253 

£17 

ISO 

1450 

1D70S 

4050b 

544 

179 

1480 

12200 

4® 

3920 

1200 

362 

7900 

5400 

901 

946 

BSOO 

S35 

1910 

442 

1B90 

1750 

1200 

2800 

10400 

832 

1380 

440 

173B 

265 

794 

3190 

3410 

9B00 

1930 

615 

1090 

2270 

5940 

300 

557 

90S 

1630 


Onex 

Panato Pettm 
PPkaCda 
Placer Dome 
Pm Prom 
Potash Soak 
Renatasanca 
RlbAlgnm 
RogenCanM B 
Seaman Co 
ShefCdaA 
Suncar 
TrihmanEny 
TeckB 
Tetetfahe 
Trkb 
Thomson 
TorDoni Bonk 
Transalta 
TnmsCda Pipe 
Trimark FM 
Tritec Hotan 
TVXGaM 
Westawsi Eny 
Weston 


35to 

3470 

35 

3405 

1 Bt» 

179V5 

130 

13205 

13Vi 

1300 

1405 

1300 

32.90 

32Vi 

3205 

32.95 

23.90 

2305 

23k 

2165 

28.10 

Z/05 

a 

27.90 

19.10 

1805 

•turn 

18.90 

13.90 

1200 

1205 

1205 

11505 

11411 

115 

115 

3000 

SHMff 

JW5 

X 

2605 

26 

2605 

26.90 

17L 

16k 

16k 

I7L 

4670 

4S0S 

4605 

46. A) 

2820 

2715 

27(0 

77.70 

51 IA 

5065 

51 

5060 

■J 

44.15 

44Jtl 

44.W 

■J 

22 

2200 

21 k 

46 

45k 

46 

4505 


saao my xv* sojo 
35.90 3570 3SJ0 3180 
5445 53J0 54JS 52K 
2035 2015 20 JD 2030 
29J0 ns* 39 JOBS 
71 to 7045 7U<6 70't 

339b 3270 33-30 3285 
485 457 480 4S5 

30.95 30's 3005 30N 

110 109 109 109JS 


Vienna 


ATX taden 19102 
Ptnbw 1274.11 


BoeMeMJddeh 

CmttmsfPM 

EA-Gene«B 

EVN 

Fh^MenWtai 


909 855 810 89420 

616 £11 613 613 

3DJD 2936 3070 2946 

1590 1540157200 1551 

510 50150 SIB 505 
180500 1732 1791 1729.90 


OestEMhlz 983 96500 982 96600 

VA Statll 509 499.90 5QQ 498 

VATedi 2034.10 2019 20» 3017 

Wenerberg Bow 24942441.10 2492 2430 


Wellington MseroatotesDoai 

5 Pra4oDc2349J4 


550 

1460 

795 

3450 

3060 


AbKZeotdB 
Briefly fewt 
CnrtexHoflnid 
RetahChBUg 

FWdiCh Eny 

Retch Ch Font 


OrJlMbrsIM I 


Toronto 


AMU Cons. 
Aftertn Energy 
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PAGE 14 


INTERNATIONAL HERALD TRIBUNE. SATURDAV-SL'NDAY. NOVEMBER 22-23, 1997 


NYSE 


Friday’s 4 P.M. Close 

11k VJb most frcded stocks Of Be toy. 
NoBonwito prices not wBecfing kite trades elsew tot 

The Assccawa Pizss 


,12 Month 
High Low Stock 


Sts 

DwYMPE TCOsHTigh Lxrwtntesl Oige 


« ft-B-C 

?£' an?. -a u as 655 3T-. 3ff* 38ft 
jj,-;!!.? $85*. 40 I- 5 7i «1 77 '^ 27s» 7T-. 

lrniisfi* Jse 2J . n.T ZW1 

tv* in" *Sf,LW M 1-0 H IK3 98*1 * 97 TO* 

! * bfJs «'» -otr's?.*!i 
iL ift SEUaib ifilK : £!,£., ft ,ft 
sss t as; !&&: 

2*n 14 tCMiots _ 42 886 22’*. 77 r. 22 a 

27ft 16ft 6CX Tech - _ 208 27ft 36% &>•, 
f^k 21 i AESCps _ 53 2221 33'.* 37% 38 . 

*J«2S AGCO 04 .1 II 1623 M‘a 27% 77^ a - 

£?• r* *9. LRe * !■» £6 U 1207 19% 1V-. 19% 

A! ’ 144112 _ 423 13 1 T+ 12^-,- 

24 17*1 AK Steels X 16 B lias I9*a !*••« 19ft -•- 

„ AMB Prn _ -36567 47ft 221* 23 

20 AAAFn _ _ i-ilS nm a 74ft 244 * J 

lift 222? *sy Rs, - 7 » 1& *8 ,w 72 ' v * UH n ' 1 

, ?mL 7 I££KF - 12 £71017? lT9Vk JJT'-i-JVa 

1?^ 2Z* SELSS", - - in ir.» i35j ir, 

Slw «ft AHCOCh 230 6.1 40 563 46 45V* 46 

375k 22ft ASA Ltd 1 JO SJ _ 492 23 s - 23 23ft. 


M"»en% AT&T 
3710 191* AVX Cp 
3£V| 28b AXAOa 


1J2 7A 2W62J4 0» W-. S5*» 

24 A 19 848 28 r '. 2H'-i 28V. - 


28b AXA I/AP.6SP _ _ 781 *Mft 355k 36 
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6B>Vii49h AM Lob 1.00 U 25 9447 45^« 64V, 451 1 t 


40 _ 


3 ilk 12ft AfierFBtfi 
21 12ft AMitog 
JBH 171* Aqrtlns 

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ltftk 6 ik AaneE 
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2*5*i Hu Adnwtslf 
24* 16V.AFPPSW US# 74 
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23% || A drain: 


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_ 44 731 194 189* 19'-. +ft 

- 306 ffil 239* 237* 

_ 361 27k 22% 221k 

- 143 170 17 17 

_ 13503 231. 27.'. 27Va J* 

IS 193 24 274 231k -ft 

- - „ 71 658 235k 225k 23V* 

B7Vk 54lk Aegon 1 S3e \Z 73 1571 35ik BJ^ id* J. 

12Jk 3v« Aerafle* _ 23 194 B5» 8»» 8*-i ' 

S7W 32H AeroVick 80 li It 975 51’k 50'fl 51 -S’. 

2715 26 V* ArfnaCpl2J7 S-B _ 102 26?* 26H J63r* J . 

1181k ea Aetna Inc JO 18 25 4033 TBn 77k 78 +■/. 

1D4 71 Mna dfC 436 62 _ 268 76H 74 76Vk 

32 1W6 AflCmpSs _ 21 331 24’i 23=4 231* 

UltAgisn - -31045 26>» 253, 2»V, _ 

14?k 41* Agncog .109 12 _ $07 5*. 56. 59a *« 
1S*» 10$i Agrium a .11 li) _ ATI IIP'. IIP* IIP* 
62*a30tk Afimini 88 14 17 3^7 62 
32 1W Ahold s 32* 12 26 197 27 

895k 65U AirProd 120 14 20 1B57 7al» 

AB’k 21 Ailflt JO J 24 1Z77 £6-- 

~ 7414 15 


124 13 


60=k» 61W*1*, 
26>k 2oA. - 
7fr*. 76 1 . 

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131* 13»a -I 

m, IMk, 


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17*k 9Sk Alrfeme 180a 1X9 
41 It 22 AffToucti 
37YI 25V AirTupfB 1J4 5.1 
63 42'k AffTctipfC ilj 34 

354 . mi Ala PC m3 18k 7 3 
3 69. 20V AfckAir 
77W.19V Albnybi 42 1J 15 
27V 15V Albemar Jo 14 18 . _ 

2 US 20V AlbrtEg _ _ 146 

324k 23V Alberto s 20 .7 23 549 

77V 19V AIBCulA 1 JO Z 21 242 

3W«a30li Albertsn M 17 20 5003 
40V* TTf* Alcan M 13 16 4003 
201k IStk Alcatel 3Je 14 _ 3252 

JOSk 20Vk AiexREn S3e 1.7 _ £24 

13AV12VI AUAmTbr 1.02 75 _ 275 

31** 25V) AI^Engy 1.72 58 14 779 

Xm 20V, AkoqTktdy M 2J 14 2911 

:□<*. v»vi Ahegiance 40 l J is 2ta 

30 16 ABenTel _ 20 552 

37V*2SSk Aleran 52 20 1267 

38AV24 AJnCap 2J7e 7J 28 1799 
17V 13V ADWrld 153 9.7 
15 lUt AltWrKQ 1 42a 10.1 
69 4010 ADTdi 

534k 27 ADndGp s .72f 17 
5514 38 AMlrUh 185e 35 
27 15V AJTiedPdS .16 Jb 

47V. 31V AldS Ml s 52 14 
491k TTSk AflmrFn 30 4 
86 54W AUstata .96 1.1 

26<V*24Vk Alls! BlA 1.99 7J 

3M'*29 S 4 AlBeT 1.1 AT XO 

239k llSk Alphcmno 18 8- 324 2774 22V» 22V _ 

7V* 3 AkUnnit _ _ 352 6V* 6'i kVk _ 

IBh Hk AlpineGr - 22 1867g«. 1B4 IB>* -V 

45V 30tk Alumax _ 14 9$2 33% 32% STVa-Va 

89% 60V Alcim 180 14 17 4881 71 69% 69% -’V* 

321k 24V Ada J8t _ - 3310 269* 75*a 26 

7% 3T»AmaxG _ _ 3325 T5V<J3*» 3V« A* 

47V* 31 AmbocFs Jo .9 14 1380 42% 414k.fi +V. 

64% 47% AmKfiS 40 18 29 3132 59Hv 59Vk 59V 


6110432 39V. 37V 37«V*.1V 

- 574 35 34 34"v 

- 375 «*• 59-» 59V 

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11 7F»30v 354. 36". ,1 

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15V. 24-V. 25’.. 

!U-« 21 1 . 21% 

IT k 294. XI 
[6% 25 1 -, 25% 

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14% 33V XTS. .6 

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15 393 42% 41V 42 -W 

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25V* 2S9* _ 

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497. 491} t t. 
i 84% BSV. ♦ IV 
2S*a2F^« _ 
381-a 38V« 



91% 26V Am Online 
16*4 12 Am West 
BVk 3V A West Ml 


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49V 32% Ar 
56V* 36% 

26% 24 

29% 19V . 

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24A ; J*% AHUPoIbL 

84% 57 AHome 1.721 14 
1129*70% AmWGs JO 
25 19V AI 

9 V* 5 


-17633 7SV* 74% 74% 

11 3216 15»k, 15V* 15V 

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40V* 23V ABcmkns M 1.1 16 174042% 40V* 40% -rV« 

6V 3V AmBldlt _ 18 1106 ff 4 5 5% - 

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2.40 4.9 16 4653 n4B% 48V 48’-’. .V* 

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180 17 7 872 37V* 36V 37% +*» 

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18V 14% A5k8r 


1820 86 _ 



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BVk 7V A ms Into M BA — 
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27V 20V Amettgos 2J0 88 24 
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re* S4V AmotUl 2J6 19 191' 


56*7*33% AMF 
re% 11% Am pco 2 
53% 31 AmSouthsl 
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!1% AmwrAs 


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185 SJ 33 712 35% 34?-k 35% ♦** 

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32%, 24V Arnwa s _ 19 2935 30% 29% 299V eV* 


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Am 

Arvln 


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M 12 15 


305 3%. 3 3 

716 3 6% 35% 36% +% 


34V 24V Asaico 80 X2 7 2050 25% 25 25% +% 
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13% 7V AMPC 
5V 2U AsioPR 


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.94*118 _ 156? BV» B BV» +V* 

_ _ 92 4 B* 3% _ 


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B7V 62V AdRldi i 285 38 15 6698 84*V» 83V B4V»»I% 

50% 19% ABasAIr - 20 1064 27 26V 769* -V* 

77*r«22 ATMOS 1.061 AO 33 *334 77. 26V 269k, - 

61% 25V AlwdOtn % _ 63 244 54% 53 53V 

41% 29V AlrtltC 175e 4.9 - 

17% 10V AuBlFO .05 J _ 

45% 33% Auto®, n 84 1.1 - 

33 21% ACES Tr tt 185 58 _ 

57% 39% AuloOl 831 
329.19% AutoZone 


109 35V 35% 35ft* +%> 
607 1 7% 16V* 17 8V 
287 40% 40V* 40% _ 

__ - 921 26M 24% 26% +V. 
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7% V A rate* - - n 19 Hi IV . 

44% 33% AvaryOt 84) 28 27 1395 41% 409V 41% +V* 

IP'. 8% Avid _ 12 1074 '3% 13V 13% +-V* 

37V, 1BV Aviation _ 21 Z3$ 34*V XS% 33% 

35 21% Avtsn - _ 3664 uXVk 331* 34U -V. 

77% 55% AmM 80 .9 16 1745 69% 67>* 60% +1V 

78 50% Awn 1 86 28 23 9B36 58% 56% 57V -9V 

SW 6% Altar _ 11 Ore 7% 7 7% 

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58% 13% BB&T Cp 184 23 26 818 54% 54%. 54%. -9* 

32% 23 BCE ^186 - - 1$72 309V 30V* 30% -% 


8% TV BEA te. 72U 
10V* 8% BEA StrnlJTa B8 
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90V 38V BJS 
319V36 BJsWhn 
35% 17%. BMC __ 

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18V 15 BPPni 
29% 21% BHE_ 

13 4% BT OR 

21% 16V Be krf- 
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XV 21V BaUor 
38V 23V Ba§ 

25 16V Brian) 

295V 24V BaOGE 


_.6B% 8*V B% th 

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27 22B 59V 5*%, 59k -% 
37 3798 77V 7iV 75% -ft. 
.. 1159 299V 29% 29V + V 
1310097 18V 1L 18V +% 
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_ 1328 329V 32V* 32V* -% 
11 377 17V — " 


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40 15 21 21 38 fit 38% S4v -V 
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164 56 19 X42 2W» 28% 29%.+%. 

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39% 25% BcpSaUth 80 2J 18 151 37V 370* 37%, *% 

27% 19% Bancfec _ 13 752 2SW 74*V H t% 

54% 45 BanOM 1.10f 12 15 25S 50 4WV «JV 
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SKk lift BVTokyo 07e 5 _ 2302 14% 13ft 14 

52V 31% BkNY 1.041 243 20I5273eS7V* 51 52VW+1V* 

81V 4c% BariAms 1J2 16 1827021 76V 73** 759* -V* 

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100V 90% BkAm Bffl 600 6.1 _ 2018 99% 99 99ft 
26 24 BkAm pfZ 1.94 7S - 231 25ft W* EV 

169* 8ft BkAKAl .19 lJ 12 7544 13% 13V* 13% 

91ft 60ft BkBad 204 14 16 4838 87% 85 86% 

50 44 BfcB pfB Ule 6.1 _ 131 49% W* 49ft 
133ft 74 BankTr AOO X3 15 3773 t*V 117% 119% 

11V 6ft Banrter - 22 173 10 9% 9ft 

29V 27V BarBpfD 2B71U ~ . 90 »ft 

39 25ft Ban) J2 25 22 1818 29 W* Oft *ft 

32V 12ft BamNMs . - 37 3145 3§ 2BV 29V +T1V 

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14ft 9% BarryW - 16 »l ll*w ”% liyt ♦% 

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60V 39V Bdrtar 1 1« 2J 51 9604 SW* 4W* SOft-Ift 




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54 49'a BfliSIp) XOO f 3 

71. S41* BeWfeorb 15205 


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_ 102 S4V* 54 54 

25 594 61% 61 61V -V* 

19 2065 17'/* 16V 17 >7* 

59 198 22% 22V 22ft 

A J 11 1917 31 30ft X 

_ 27 3249 30V 29%. 30v 

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431*29 BtwAD M 1 J 16 2S8S 37%V 37ft, 379* 

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9> r. KklOre 50 S3 _ 1Q32 9V toy* 9M* 

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7V* 6 t BlklT JSA &1 _I384 Aft* 6ft Aft* 

S'‘ 14 B1 1(2008 , 79a SJ - 469 15% 15 15% 

51 10 BlUfAT .42 5J _ 159 I Oft* 10% 10% 

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8 k T.: BIMOT SB 70 _ 654 8ft. 8V* BV* 

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81* 7% Blksir re X7 _ 567 BV. 8ft 8ft 

9ft. 8V BlkTT JS8 U _ 987 9V 9% %. .. 

34^1 IB Bkmai a U 46 390e3Sft 34% 34ft +% 
42:, 26ft UctHft JO 20 O 4003 40ft* 39ft 40V* -tv. 

11 v, 2 BtoeOtp 2JW618.4 _ 362 II 10ft 10ft 

!9:.j 9% BlucVj - 11 104 10 9ft* 9ft* 

5-i 2-» Bhicgreen _ 76 221 At* iV* 49* r$* 

B.t JO'j BlfXs _ 25 994 24 23 23V* -ft* 

6 Or. 43 Brnnai J6 1.1 8835399 50% 499* 50 *W t 

459*28% BouC 40 U - 2366 359* 34U 35 -9* 

2M-. 15% BaaCOff - 22 436 19% 18% 18% -V* 

9 3V Bombay - - 812 5% 5V* 5* eft 

17U 8ft BordCh 836 94 17 1280 9 Bft* Bft -V. 

30 lo'-t Barden i .. 36 1884 iSk* 29V* 30V**-ft* 
6T'k 36V BdraWAu 40 1J 11 639 48 479* 47V - 

19V 10% BorVTSC - 25 192 1BU 1BV* 18»* -V* 

IT. 8 Bast Bear _ 32 M 10 9ft 9% 

33k. 24% Basted 188 55 18 I787a3fl>* 33% 34%. 

34% 26'.-* Boap.TJn.44p _ _ 404 Mft 34V* 34V* - 

7B;*41 BaSSc - 4713034 53V 51%. 52V +V* 

_ 24 1831 24V 24 24ft -ft 
_ _ 813 24 22ft 23% -ft* 
15 48 ~~ “ ' ‘ " 


35% 16ft BasTTeeh 
29ft 11% Bauyra .I7p 
57 35ft StoS& 80 
21ft 12% BadnSn 
9l» 5 BoydGao 
27V 20 BoykmL 180 
219* 16ft BraUSS I J2 
WVIOft Brahma nJW 


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♦% 
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241 13<h 13ft 13% 

230 7%. 7V* 7% -V* 
107 ZS-V* 25% — 

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ZJ _ Wfl 13% 13 

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PAGE 15 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 22-23, 1997 


ASIA7PAC1FIC 


t 


Hashimoto 's Flip-Flops Yield a Plan for Japanese Banks 


investor’s Asia 


By Stephanie Strom 

New York Times Service 

TOKYO — First he flipped, then 
be flopped, then he flipped again. 

Prime Minister Ryutaro Hashi- 
mow of Japan instructed his gov- 
erning Liberal Democratic Party on 
Thursday to devise a plan for using 
public funds to bail out the country’s 
shaky banking system. 

His instructions were a 180-de- 
gree reversal of his position Wed- 
nesday, which in turn was a reversal 
of a comment he made Tuesday. At 
that time, he indicated his support 
for using taxpayer money to help the 
banks unload the trillions of yen in 
bad debts that they have carried 
since the bubble in the Japanese 
economy burst in the early 1990s. 

“It's exactly what I would have 
hoped he would have done," Alicia 
Ogawa, a banking analyst at Salomon 
Brothers, said of the prime minister's 
latest position. “Maybe it’s finally 
the beginning of the end." 

Most analysts have not (Kit a pre- 


cise price tag on a bailout of a bonk- 
ing system that includes some of die 
world's largest financial institutions. 
The government estimates that the 
banks are saddled with bad debt 
worth some 20 trillion yen, about 

NEWS ANALYSIS 

$157 billion, but analysts believe the 
□umber is higher because many in- 
stitutions do not reflect the full ex- 
tent of the problems on their books. 

Hie bailout could cost the gov- 
ernment from a fourth to a third of the 
amount of the bad debt, once bank 
assets are sold off, one analyst said. 

Mr. Hashimoto's third change of 
heart in as many days came after a 
chat he had Thursday morning with 
former Prime Minister Kiichi Miya- 
zawa. who prodded him to find a 
way to inject public funds into the 
banking system before a meeting 
with President Bill Clinton sched- 
uled for this weekend at the Asia- 
Pacific Economic Cooperation talks 
in Vancouver, British Columbia. 


Earlier this week, the deputy sec- 
retary of the U.S. Treasury, Law- 
rence Summers, encouraged the 
Japanese government to consider 
using public funds to rid the banking 
system of its problems, stressing 
Tokyo's need to be a leader in an 
Asian financial system that has sud- 
denly gone awry. 

“It's not that the Asian problems 
are Japan’s responsibility,'' Mr. 
Miyazawa said, “but since it’s hap- 
pening in this neighborhood, 
people, say in New York, are prob- 
ably asking. What is Japan doing? 
So it’s better that Mr. Hashimoto 
should have something explicit to 
say in Vancouver." 

Additionally, as cugency values 
have crumbled across Asia this fall, 
the Japanese banks' exposure in the 
region has come under intense scru- 
tiny, and now even the most sound 
institutions here are paying a premi- 
um to borrow short term. 

The banks have been slow to ac- 
knowledge problem loans that have 
been on their books since the real 


Malaysia Prepares Economic Remedy 


CaqrtrdbrOt*Ss#FnmDepoietin 

KUALA LUMPUR — Deter- 
mined to tackle its economic prob- 
lems without outside aid, Malaysia 
prepared Friday to set up a special 
council to address die impact of the 
financial turmoil sweeping Asia. 

prime Minister Mahathir bin Mo- 
hamad said the “national economic 
action council" proposed late 
Thursday would comprise econom- 
ic ministers and representatives of 
the banking and finance sectors as 
well as of manufacturing. 

The plan to set up the council next 
month was announced after an 
emergency meeting of the main 
party in die ruling coalition in re- 
sponse to an L I percent plunge in 
share prices Thursday and a fresh 
decline by Malaysia’s currency, the 
ringgit. Stocks recovered Friday, 
with Kuala Lumpur's composite in- 
dex rising 23.47 points, or 437 per- 
cent, to 560.09, and the ringgit 
bounced back against the dollar. 

In his strongest comments yet on 
the scale of the crisis, Mr. Mahathir 
drew a parallel to Malaysia's 
‘•emergency” period from 1948 to 
I960,' when the country was laced 
with a Communist insurgency, 
prompting food rationing and 
curfews. 

“To overcome the economic 
problems, we will adopt a similar 
approach as we did during the emer- 


gency even though we have not de- 
clared a state of emergency," the 
prime minister said. 

Mr. Mahathir said die measures 
adopted by the council would be 
aimed at reducing waste, raising 
output and exports, cutting imports, 
improving the quality of local 
products and controlling inflation. 

“The government wants to bring 
back confidence to the economy,” 
he said, “and hopes the currency and 
stock markets will return to a normal 
situation.” But analysts said the 
council would have to act quickly. 

“Things are moving fast,” said 
Imran Lim. an investment analyst at 
the Institute of Strategic and In- 


estate bubble burst in the early 
1990s. Add the recent fall in Hong 
Kong property values, the devalu- 
ation of the Thai baht and the bank- 
ruptcy of several major South 
Korean corporations, and suddenly 
the problems seem overwhelming. 

‘ ‘The domestic bad-debt problem 
alone, they could probably grow 
their way out of,” said Ronald Be- 
vacqua, an economist at Merrill 
Lynch & Co. here. “But every day, 
there’s another problem." 

The rescue plan that Mr. Miyaza- 
wa sketched out includes elements 
of the system that Washington used 
in the late 1980s to bail put the 
savings and loan industry through 
the Resolution Trust Corp. The gov- 
ernment would help troubled ranks 
dispose of rhei r problem debts, close 
the weakest banks and inject capital 
into those banks best positioned to 
regain their footing. 

If the plan is adopted, Tokyo 
would create a fund that would issue 
bonds and guarantee them against 
default, using some of the vast pool 


temational Studies in Kuala Lum- 
pur. “Any delay can be fatal. We 
nave to swallow our pride to do the 
right thing.” 

Lim Kiat Siang, leader of the op- 
position Democratic Action Party, 
said the new council would not be 
effective unless the prime minister 
and the government “admit that the 
country’s economic crisis has been 
severely compounded by many self- 
inflicted wounds.” 

Mr. Mahathir warned last month 
that Malaysia risked having external 
conditions imposed on its economy 
if it sought help from the Inter- 
national Monetary Fund. 

(AFP. Reuters ) 


Prudential to Buy 
Lehman Units 

Bloomberg News 

HONG KONG — Lehman 
Brothers Holdings Inc. said Fri- 
day that it would sell its private- 
client businesses in Hong 
Kong, Singapore and London 
to Prudential Securities Group 
Inc. for an undisclosed price. 

Lehman said it would also 
move its 10-person equity-de- 
rivatives operations in Hong 
Kong to Tokyo. 

The company said the sale of 
the banking units reflected its 
intention to focus ou higher- 
margin businesses, including 
investment banking, fixed-in- 
come and equities t rading . 


Action on Problems Helps Lift Asian Stocks 


Ci»74rJ in i Safi Fnw PufuarJn 

HONG. KONG — Stock markets 
across Asia rose Friday on signs that 
governments were taking steps to 
deal with their Financial problems. 

South Korea's appeal for help 
from the International Monetary 
Fund and Japan's decision to use 
public funds to bail out troubled 
banks raised investor confidence in 
the region, analysts said. 

“We have seen a combination of 
positive events today.” said Dennis 
Nolan, senior institutional sales 


manager at NAVA SC Securities. 
“In particular, there is a general 
relief that Korea isn't going to go 
through the floor." 

In Tokyo, the Nikkei 225-share 
index rose 413.09 points, or 2.53 
percent, to close at 16,72138, while 
in Seoul, the benchmark: composite 
index rose 17.66 points, or 3.62 per- 
cent, to finish at 506.07. 

Hong Kong stocks broke a three- 
day slump, with the Hang Seng In- 
dex rising 49732 points, or 4.95 
percent, to close at 1034830 on 


optimism that declining interest 
rates could stimulate the economy. 

Strong gains in U.S. stocks also 
helped cheer investors in Asia. 

Stocks in Malaysia, which plunged 
1 1 percent Thursday, also gained as 
the ringgit strengthened against the 
dollar. But analysts warned that 
Malaysia’s gains were fragile. 

“Many investors will simply sell 
into strength, as sentiment is still at a 
very low level,’* an analyst at a 
Malaysian brokerage said. 

{Bloomberg. AFP. Reuters) 


of money that sits in Japan’s postal 
savings system. 

The money raised by selling the 
bonds would be used to protect de- 
positors whose banks would be shut 
down. It would also be used to buy 
preferred shares or subordinated debt 
of banks that need capital but are 
basically sound or too big to fail. 

Over time, the fund would pro- 
duce the money to pay back the 
bonds by- selling the assets of failed 
banks. Mr. Miyazawa said dial the 
fund, which would probably be set up 
inside the Deposit Insurance Corp.. 
could have a five-year life span, at the 
end of which the nation's banking 
problems would be resolved. 

The use of public funds to bail out 
the banks is political dynamite here, 
where taxpayers have not forgotten 
the government’s 685 billion yen 
bailout of housing lenders just two 
years ago. 

Unlike Mr. Hashimoto, whose 
public standing is at a low, Mr. 
Miyazawa, a former Ministry of Fi- 
nance bureaucrat, has the experience 
and stature to speak plainly about die 
banking system’s problems and why 
the public must help solve them. 

It is going to be an expensive and 
painful task, however. For one 
tiling, the Deposit Insurance Corp. is 
underfinanced. Analysts estimate 
that it will spend more to shutter the 
Hokkaido Takushoku Bank, which 
failed Monday, than the 460 billion 
yen the corporation will take in this 
year in premiums. 

David Atkinson, an analyst at 
Gold man. Sachs (Japan) Ltd., pub- 
lished a report Wednesday estimat- 
ing that die government would have 
to inject 53 trillion yen, or about 
$43 billion, into the banking system 
by March 1999 if the banks wrote 
off ail their nonperforming loans, 
marked down the value of their 
stock portfolios to accurately reflect 
market prices and securitized as 
many assets as possible to offset the 
cost to the public. 

In the worst case, Mr. Atkinson 
estimates, the cost of supporting the 
20 largest h anks would rise to 7.6 
trillion yen if the Nikkei stock index 
fell to about 12,000 points from its 
current level of around 16.000. 

Mr. Miyazawa said Thursday that 
even with the Nikkei at 16,000 
points, the bad debts at several 
banks outweigh their assets. 

More so than at their American 
counterparts, tire financial strength 
of banks here depends on stock 
prices. That is because of the Jap- • 
anese tradition of companies and 
banks holding shares in institutions 
with which they do business. 

On Friday, the Nikkei closed at 
16,72138, up 233 percent. 



Source: Tetekurs 


Inttmtioml HcraMTrikn* 


Very briefly: 


• India Oil Corp.. the country's biggest oil importer, said 
profit rose a less-than-expected 7 percent in the half-year 
ended Sept 30 on strong sues and increased production at its 
refineries. Profit climbed to 9.04 billion rupees ($251.1 mil- 
lion) from 8.44 billion rupees a year earlier. 

• Sumitomo Bank Ltd. expects to dispose of 800 billion yen 
($6.34 billion) of problem loans in the year ending March 3 1 , 
1998. The bank said it would cut 1 trillion to 13 trillion yen 
from its risk-weighted assets in 1997-98. 

• Japan’s prime minister, Ryu taro Hashimoto, cleared a 
major obstacle to his goal of cutting state debt through fiscal 
austerity when a panel of the upper house of Parliament 
approved a bill aimed at reducing Japan’s fiscal deficit to 3 
percent or less of gross domestic product by March 2004 from 
5.4 percent. 

• Siemens Ltd., the Indian unit of Siemens AG of Germany, 
had a net loss of 137 billion rupees io the 18 months ended 
SepL 30. It is restructuring by cutting staff and reducing debt 
after expansion over the past five years into telephone equip- 
ment and other businesses ted to ballooning losses. 

• Hong Kong banks, in a sign of confidence that the local 
dollar and interbank interest rates had stabilized after recent 
turmoil, left deposit rates unchanged. On Oct. 24, Hong Kong 
banks raised retail deposit rates by 75 basis points, to 4.75 
percent. Hongkong & Shanghai Banking Corp. said it had 
no plans to change mortgage rates in Hong Kong. 

• PSA Peugeot Citroen SA. Europe's third-iargest carmaker, 
wants to sell its stake in the Indian joint venture PAL Peugeot 
Ltd. to Its Indian partner, premier Automobile Ltd. The 
French carmaker said it believed the venture, created in 1994, 
could continue to be successful under fee management of the 
Indian partner. 

• Malaysia will allow offshore banks to -invest in ringgit 
money market instruments, subject to a limit on fee value of 
investment by each bank as of Jan. L, the national news agency 
Bemama said, quoting a speech to be given by Finance 

Ibrahim. 


“.-a-- 


■iSSSt 


Minister Anwar 1 


Bloomberg. Reuters 


CITIBANK: Mexico Case Illustrates Perils and Opportunities 


* 

V 


Continued from Page II 

Lankenau and deep-pocketed 
foreigners such as Citibank. 

Confia's case hit a nerve 
because it was the first Mex- 
ican bank snapped up by a 
U.S. corporation after three 
others were bought by Ca- 
nadian and Spanish banks. 
And it was not just any U.S. 
bank; it was Citibank, fee fi- 
nancial conglomerate that 
Mexicans have loved and 
hated for decades. 

The acquisition also coin- 
cided wife a political shift in 
Mexico last summer, when 
opposition legislators, many 
inspired by protectionist 
ideas that prevailed a gener- 
ation ago, took control of the 
lower house of the Congress 


for the first time in decades. 

“This deal is absolutely.in- 
cqmprehensible to me.” said 
Ricardo Garcia Sainz, a new 
opposition lawmaker who is 
chairman of the budget com- 
mittee. "1 don’t see why we 
have to spend $ 1 billion of the 
Mexican people's money to 
clean up a bank so we can sell 
it to foreigners.” 

Criticism also came from 
the generally pro-business Na- 
tional Action Party, or PAN, 
one of fee biggest opposition 
groups. “These shady bail- 
outs are only awakening the 
mistrust of the people.” said 
Rogelio Sada Zambrano, eco- 
nomic-policy coordinator for 
the PAN delegation. 

Even Mexican bankers 
grumbled, although they wel- 


AP EC: A Mood of Resistance 

Continued from Page II 


“Without it,” Mr. Flamm 
said, “he can still negotiate 
deals. It's not helpful to not 
have fast-track, but it’s not 
apocalyptic, either." 

Perhaps more importantly, 
Mr. Job said: “The United 
States comes with what has to 
be seen as a very, very strong 
economy, performing as weU 
as it has in decades. It doesn’t 
have to take any particular 
criticism about managing its 
own economy." 

In fact, because of Amer- 
ica’s economic health and fee 
sudden need of other member 
nations for multilateral sup- 
port, Charlene Barshefsky, 
the U.S. trade representative, 
said that fee APEC meeting 
“is rather ideally timed.” 


"The global community 
does look to fee United States 
for leadership,” she said. 

What will the Vancouver 
summit need to be declared a 
success? 

“If we see a commitment 
of APEC leaders to accelerate 
— to stay fee course and ac- 
celerate the pace of liberal- 
ization. fee removal of bar- 
riers to trade despite fee 
turmoil,” said Mr. Denham 
of Salomon Inc., “that would 
be a very good result.” 

APEC includes Australia, 
Brunei, Canada. Chile, 
China, Hong Kong, Indone- 
sia, Japan. South Korea, 
Malaysia. Mexico, New Zea- 
land, Papua New Guinea, fee 
Philippines. Singapore. 
Taiwan, Thailand and (he 
United States. 


vou vc misst'ri 


Investing In 
Marseille 

Sponsored Section which appeared 
on Non^I.k please write to the 
Supplements Dept, for a free eopv. 
l av. I U hi 92 12. 
K-mail: supplements^’ iht.eom. 



THE WORLD’S DAILY NEWSPAPER 


corned Citibank's injection of 
capital into the system. 

“The foreign banks are 
buying very healthy Mexican 
banks at very good prices be- 
cause they get them with no 
bad assets,' ’ said Antonio del 
Valle, fee chairman of Bital, a 
Mexican bank, and president 
of fee Mexican Bankers As- 
sociation. Mr. del Valle 
bought Bital from the gov- 
ernment at top rates during 
boom times in 1992. 

Mexican banks became 
vulnerable to takeovers after 
being crippled by bod man- 
agement, soaring interest 
rates and loss-plagued loan 
portfolios in the wake of the 
peso collapse of 1994. Of 18 
banks the government sold to 
Mexican buyers in fee early 
1990s, only eight remain in 
business and in Mexican 
hands today. 

Many Mexican business- 
men say they realize the gov- 
ernment had no choice but to 
make huge investments — 
now estimated at $473 billion 
over three decades — to pre- 
serve the country’s financial 
system. They also understand 
that foreigners are helping to 
modernize the system. “The 
two tilings foreigners are 


bringing in, capital and admin- 
istration, are not available right 
now in Mexico," said Jonath- 
an Heath, an economist here. 

Moreover, many Mexicans 
remember wife gratitude how 
Citibank, fee longest-operat- 
ing foreign bank here, hung in 
even after the turbulent na- 
tionalization of Mexican 
banks in 1982. 

But fee authorities have 
had a bard time explaining the 
bailout to working people, 
many of whom were am- 
bushed by exploding debts 
after fee peso collapsed. 

Recently, Citibank’s im- 
age here has been tarnished 
by Washington's investiga- 
tion of fee rank's handling of 
fee accounts of Raul Salmas 
de Gonari, fee wayward 
brother of the exiled former 
president Moreover. U.S. 
prosecutors recently charged 
that middlemen for a Mex- 
ican narcotics cartel had used 
Citibank accounts to launder 
large amounts of money. 

Mr. Lankenau made his 
name by making big profits as 
a stockbroker in fee 1980s. 
He bought Confia from fee 
government in 199 1 . But after 
fee peso crisis. Confia’s trou- 
bles deepened. By this year. 


Mexican banking commis- 
sion officials said, it was dear 
Mr. Lankenau was $150 mil- 
lion short of the capital the 
government had ordered him 
to raise to save his bank. 

In April, after more than a 
year of sporadic talks. Cit- 
ibank made an offer that bank- 
ing authorities liked. But when 
the bank's officials examined 
Confia’s books, they found 
chaos. There were no clear 
standards for extending credit, 
collateral for loans had been 
artificially inflated, and other 
loans had no documentation. 

As negotiations with Cit- 
ibank neared a close, every- 
body involved could see dial 
Mr. Lankenau was growing 
frantic about losing his in- 
vestment in Confia, valued at 
tens of millions of dollars. 

Even so. Citibank officials 
underestimated his despera- 
tion. Just days before Cit- 
ibank was scheduled to an- 
nounce Us purchase, dozens 
of clients of Mr. Lankenau ’s 
brokerage firm, part of his 
financial group feat also in- 
cludes Confia, sued him for 
fraud. Soon the Mexican gov- 
ernment brought 12 criminal 
charges that could put him in 
jail for five years or more. 

Mexican officials said Mr. 
Lankenau did not appear to 
have willfully embezzled 


from his customers but rather 
grew reckless in his maneu- 
vers to keep Confia and other 
holdings. 

Mexican regulators and 
Citibank attorneys said there 
was little chance that Mr. 
Lankenau 's legal troubles 
would have any effect on Cit- 
ibank’s purchase. Citibank, 
which is awaiting approval of 
the purchase by fee Federal 
Reserve Board in Washing- 
ton, said it would leave the 
bank under fee Confia name 
and hoped to complete fee 
deal this year. 

Confia depositors, initially 
nervous, have been reassured 
by Citibank’s arrival Their 
deposits stabilized. Mr. de 
Quesada said he remained 
confident feat Citibank's in- 
vestment would be good for 
its business and for Mexico. 

But Mexicans are clearly 
thinking twice about how far 
they want to go to be part of 
international corporations 
feat minimize borders. 

“Everybody has seen that 
globalization, whether they 
Eke it or not, is inevitable/’ 
said Mr. Heath, the econo- 
mist. “Mexicans see foreign 
ownership of the banks as part 
of that process. At fee same 
time, there is a fatigue syn- 
drome setting in. There is 
starting to be a backlash." 



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PACE 17 




What’s in the Cards? 
More Uses and Fraud 

Credit-Card Protection Gains a High-Tech Edge 


By Conrad de Aenlle 


A W AJUFBrr'AM , _ nsn of getting caught and makes 

person al-fi- criminals feel uneasy." 

his list^f^nS^A “ Th e biggest innovation in anti-theft 

°/ to P bps for fi- Technology is the smart card, which is 
^should not wottv - * al ..P eo P* e 1130 called the chip card because an 
2?, abo V 1 l . their credlt cards embedded silicon chip allows far more 
SSUS «“«?**« was information to be sto£d than on a card 
rc . ^ ab e ooly * e with a conventional magnetic stripe, 
fust $50 of fraudulent use and that them While a stripe caidmight contain a 
were more important financial matters PIN and not much dseTchip Snfcare 
5 dw ? u - L being developed with enough room to 

store a digitized version of the card- 
omes, but they probably should be holder's thumbprint. Another advan- 
more concerned about fraud and security tage is that it is harder to snatch bi- 
tten when thatadvice was offered nearly formation off a smart card. 

-Oyears ago. The number of cards in use * ‘If you had the right equipment, you 
and the amount spent on them by con- could copy a stripe card,” Mr. Saunders 
sinners has grown substantially. said. “When you move into 

Just as important, there are security smart cards, the equipment is 

more ways to spend money with much less available and much 

cards — at cash machines, over I £HaM I more expensive, and the level of 

the telephone and the Internet, I if" I expertise is much higher. Re- 
and soon through electronic wal- I manufacturing a silicon chip is a 

lets that serve as cash surrogates LJ^IEiiil fairly complex operation. 

— and fraud techniques are be- _ “Typicai/y, only big compa- 

coming more varied and sophis- 9 nies and universities havemat 
licated. equipment" he added, “and in- 

Fraud and theft amount to about 10 formation is put into a chip that 

cents on every $100 that cardholders makes it difficult to know what to copy 
charge, but because card use is so per- and what to look for. If you don’t do it 
vasive. this adds up to more than $1 just right, you destroy the chip." 
billion a year just for cards issued by Smart cards are being introduced 
bonks under the two largest brands. Visa gradually around the world. Ciaran 
and MasterCard. Total card fraud is Brennan, editor of the industry news- 
considerably higher when American letter Cards International, noted that in 
Express, Diners Club and the many countries where it has been in wide- 
type s of department-store and oil-corn- spread use, such as France, banks ‘ ‘have 
party cards are included. been able to reduce card fraud quite 

Cardholders are still liable only for substantially and now other countries 
nominal amounts charged illegally in are looking to introduce chip cards.” 
their name. But ultimately the money He said that they were viewed some- 
losr to card issuers and the money they what as the furore of card security, 
spend trying to prevent further thefts Smart-card technology will eventu- 
comes out of the pockets of their card- ally allow banks to provide cards that 
holders or, if competition is too steep, can serve both as credit cards and elec- 
their shareholders. tronic wallets, with stored-up cash that 

Theft comes in many guises. There can be used for small purchases and 
are the most crude forms, such as steal- replenished at banks when the cash runs 
ing someone's wallet or reading a card- out. The goal, Mr. Brennan said, is "to 
holder's personal identification number take cash out of society and bring in 
at a cash machine and then taking the electronic payment cards, with the ad- 
card. Some more artful crooks intercept ded benefit of reducing fraud." 
new cards before they can be delivered In a card security system, Mr. Saun- 
in the mail. And then there are techno- ders said, "ideally what you want is 
literate thieves, who try to hack into something you possess, something you 
computer networks to steal the card know and something you are." 
numbers of on-line shoppers. The-first is a PIN, the second is the 

Fortunately, there is a vast, sophis- card itself and die third could be a- 
ticated arsenal with which to combat thumbprint 

such crime. A relatively simple pro- Cards that read thumbprints are 
cedure is to print cardholders’ photo- deemed especially useful in emerging 
graphs on cards, which has proven economies, where card use is increasing 
“very successful in cutting down point- rapidly and fraud is far higher than in 
of-sale fraud," said Keith Saunders, traditional markets. Visa reported that 


cash machines and security systems. 

Including a photo, he said, "increases 
the risk of getting caught and makes 
criminals feel uneasy." 

The biggest innovation in anti- theft 
Technology is the smart card, which is 
also called the chip card because an 
embedded silicon chip allows far more 
information to be stored than on a card 
with a conventional magnetic stripe. 

While a stripe card might contain a 


more concerned about fraud and security 
than when that advice was offered nearly 
’ 20 years ago. The number of cards in use 

and the amount spent on them by con- 
sumers has grown substantially. 

Just as important, there are sec 
more ways to spend money with 
card s — at cash machines, over I 4M 
i the telephone and the Internet, I A 
W and soon through electronic wal- I V 
, * lets that serve as cash surrogates I « 
— and fraud techniques are be- 
coming more varied and sophis- J 
licated. " 

Fraud and theft amount to about 10 
cents on every $100 that cardholders 
charge, but because card use is so per- 
vasive. this adds up to more than $1 
billion a year just for cards issued by 
bonks under the two largest brands. Visa 
and MasterCard. Total card fraud is 
considerably higher when American 
Express, Diners Club and the many 
types of department-store and oil-com- 
pany cards are included. 

Cardholders are still liable only for 
nominal amounts charged illegally in 
their name. But ultimately the money 
losr to card issuers and the money they 
^ spend trying to prevent further thefts 
- comes out of the pockets of their card- 
holders or, if competition is too steep, 
_ their shareholders. 

Theft comes in many guises. There 
are the most crude forms, such as steal- 
ing someone's wallet or reading a card- 
holder's personal identification number 
at a cash machine and then taking the 
card. Some more artful crooks intercept 
new cards before they can be delivered 
„ in the mail. And then there are techno- 
literate thieves, who try to hack into 
computer networks to steal die card 
. numbers of on-line shoppers. 

Fortunately, there is a vast, sophis- 
ticated arsenal with which to combat 
such crime. A relatively simple pro- 
cedure is to print cardholders' photo- 
graphs on cards, which has proven 
"very successful in cutting down point- 
of-sale fraud," said Keith Saunders, 

- chief architect for security and electronic 
commerce at NCR Carp., which makes 




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1990 "91 ‘92 -93 *94 '95 '96 -97 2002; 


Sauroff Security Msgazhe 



rmit'ifit * TV *1 ft- n Iff • 

An advertisement for the Auto Taser car alarm, left, and testing a bulletproof vest. Demand for such devices is helping fuel u security-sea or surge. 

While Crime Doesn’t Pay, Preventing It Does 

Rising Demand and Advanced Technology Spur a Boom in Guard Services and Protective Gear 


Continued on Page 19 


By Digby Lamer 

F OR INVESTORS having diffi- 
culty making money these days, 
crime may be the answer — not 
co mmitting it, that is, but buying 
into the industry of preventing it 
Despite signs that crime is falling jo 
some areas, toe global trend is upward. 
This, together with advancing technol- 
ogy, has given the crime-busting busi- 
ness a boost in recent years. 

What makes it especially attractive is 
that crime prevention, as a sector, is 
remarkably underresearched. Although 
the value of U.S. security shares grew an 
average 41 percent in 1996, few pro- 
fessional investors consider it an in- 
dividual sector. This lack of attention — 
and hype — means that bargains are still 
to be had, analysts said. 

Security slocks are of two main types: 
companies that snpply personnel to 
guard homes and commercial property, 
and makers of security technology. A 
few businesses do both. But the two 
types of company do not steal business 
from each other The spread of new and 
relatively cheap technology for elec- 


tronically tagging store merchandise, 
deterring attackers or alerting police to 
burglaries and robberies has brought 
more crime to the attention of often 
underbudgeted police forces. That 
spells opportunity for private security 
companies, which are increasingly 
asked to take up the slack from public 
services. 

Protection One Inc. in the United 
States is a favorite stock in the 

E rivate armed-response category'. SEC 
iuncan Byatt. a fund manager I"™* 
with Gartmore Investment Man- I d9 
agement Ltd. in Britain, who spe- I am 
cializes in smaller American I V 
companies, bought 7 percent of U 
Protection One when it was 1 
floated about three years ago. J 

"We paid $6 a share when it 
was pretty much a West Coast busi- 
ness,” he said. "Since then, through 
various acquisitions, it now has 20 per- 
cent of the U.S. market for new in- 
stallations.” 

Protection One’s share price has al- 
most doubled this year, to just under $ 1 9 
on Friday. Its strongest market is Las 
Vegas, where its products account for 
40 percent of all alarms in new houses. 


SECURITY 


Joining forces recently with Western 
Resources Inc., a diversified services 
and energy company with assets worth 
nearly S7 billion, it gained access to 
markets in ihe eastern United States. 

Another of Mr. B van’s favorites is 
Armor Holdings Inc.’ a U.S. maker of 
bullet- and stab-proof body armor. 
Apan from its domestic strength, the 
company is also a strong exporter, and 
its earnings for the quarter to 
RITY September doubled from last 

2 year. Shares are now trading at 
just under $12. having dropped 
from a peak of nearly $13.50 in 
October. 

There are also investment op- 
k portunities in Britain, especially 
among larger, diversified busi- 
nesses, said Robert Morton, an 
analyst with Charterhouse Tilney Se- 
curities in London. His top choice is 
Rentokil Initial PLC. one of the world’s 
largest business-services companies. It 
recently acquired two smaller British 
companies that provide guard services. 
Rentokil's share price has fallen from a 
year high of £2.68 ($4.52) to £2.32. It 
remains above its low of £2.06 in July. 
Mr. Morton cautioned against invest- 


ing in some smaller security businesses 
that are springing up in response ro 
growing demand. * 

* 'There are plenty of small electronics 
businesses offering new security devices 
that appear to be selling well, he said. 
”or manned-guard businesses that pay 
too little attention to the type of people 
they employ. Very often they cut salaries 
to the bone in order to beat the better- 
established players on price.” 

Rupert Della-Porta. a fund manager 
with Hill Samuel Asset Management 
Ltd. in London, likes Secom Co. of Ja- 
pan, a security-service provider offering 
armed-response teams for private homes, 
as well as a range of security devices. 

“It’s a good-sized company with 
plenty of growth potential and a solid 
earnings.” he said. 

Secom links private alarms to a call 
center and dispatches armed guards in 
response to suspected burglaries. What 
makes it an interesting play, Mr. Della- 
'Porta said, is that Japan is remarkably 
free from personal violence — for now. 

"What we expect is that the pressure 
Japan is under to globalize and to be- 
come more Western will change all 
that.” he said. 


^Private-Sector Prospects for Letting Your Money Thrive Behind Bars 


By Ann Brocklehurst 


M any investors in 

private prisons made a fi- 
nancial killing when shares 
in the new sector's biggest 
companies rose in price by as much as 
10 times from mid- 1994 to mid- 1997. 
No one expects that trend to continue, 
but analysts maintain that the more rna- 
v ture corrections industry is now a far less 
I risky business — even if it does not yet 
offer maximum security to investors. 

The sector’s star performer has been 
its biggest player. Corrections Corp. of 
.America, whose shares rose to almost 
$49.56 in July compared to $13 in 1W», 
when they were recommended m The 
Money Report The company was foun- 
ded in !98o and went public in 1986. 

Based in Nashville, Tennessee, Cor- 
rections Corp. manages and operates 
jails but also designs,- renovates and 
constructs them. It operates 
on beds, compared to the 16.0W) op- 
erated by its closest competitor, wacic- 
enhut Corrections Corp- of Honda. 
While both companies have expan- 


ded their operations into Europe and 
Australia, anen as part of joint-venture 
deals, analysts stressed that the U.S. 
domestic market remained by far their 
most important There are only about 
50.000 prison beds each in England, 
France and Germany, compared to the 
more than 1.1 million prison beds in the 
United States, of which just 5 percent 
are privately operated. 

There is still a shortage of prison beds 
in the United States due to new laws that 
call for mandatory sentences and parole 
restrictions. Even though the U.S. Bu- 
reau of Prisons has more than doubled 
its capacity in the last 10 years, it cannot 
keep up with the rising federal inmate 
population, and the same problems exist 
at the state level. 

In such an environment, analysts pre- 
dict that corrections companies will 
thrive for years to come. James Mac- 
donald of First Analysis in Chicago 
noted that government contracts for 
prison faculties are signed two to three 


Sjj} Wackenhut 
Corrections 
i\y Corp. 

Share price. $ - 


Corrections 
45 Corp. 
of America 

Share price, S 



“I think these companies are com- 
pelling because they already have their 


Soum& Bloomberg 

earnings booked,” he said. Mr. Mac- 
donald also dismissed claims that the 
sector has become overpriced, noting that 
price/earnings ratios are still less than 30 
“for a gigantic growth industry." 

But the analyst William Oliver of 
Edgar M. Norris & Co. cautioned in- 
vestors to remember that despite impres- 
sive statistics, corrections remains a rel- 
atively new sector both to the public and 
to Wall Street analysts. He said that one 
serious incident of prisoner unrest could 
provoke strong share-price volatility. 

To minimize The likelihood of pris- 


«[ o a. . p; ‘ tkV.A 4 . a ■ a s o vt .j 

Inicraalinpal HenU Trihmc 

oner uprisings, both Corrections Corp. 
and Wackenhut Corrections provide ser- 
vices such as drug rehabilitation, edu- 
cational and job training, and prisoner 
transport. While neither company has yet 
had a serious incident at any of its pris- 
ons. other privately run institutions have 
had problems, such as guards being 


roughed up by inmates. This happened 
two years ago at Correctional Services 
Corp.’s New Jersey immigration center. 

Phil Fisher of Genesis Merchant 
Group Securities in San Francisco said 
the company was now back on track. He 


expects its shares to hit 51 S in the next 
12 months, compared to current levels of 
S13 and $6 shortly after the incident. 

Andrew Lanyi of Oppenheiraer & Co. 
sees a buying opportunity at Corrections 
Corp., whose share price recently 
dropped to its present level of about $32 
on lower- rhan -expected third-quarter 
earnings of 15 cents per share compared 
io 10 cents per share a year earlier. 

“Invariably, when there have been 
corrections [in share prices], the stocks 
have turned around and gone through 
the roof," he said. 

This was certainly the case for Cor- 
rections Corp. after its shares plummeted 
to S20 in March on news that irs plan to 
move 1,700 inmates from facilities in 
Washington. D.C. to Ohio had been 
delayed. But investors who took ad- 
vantage of the plunge to buy stock 
cheaply were well rewarded. Strong 
first-quarter earnings and the announce- 
ment that Corrections Corp. would spin 
off key prison properties into a real- 
estate investment trust caused shares to 
double to $40 in just three months. 

Other analysts, less bullish than Mr. 
Lanyi, are not so sure Corrections Corp. 


will shoot back up. Although they still 
see the company as poised "for growth, 
they cited concerns ranging from its 
ability to control expenses to potential 
occupancy-rate problems. 

The current industry favorite is 
Wackenhut, which Mr. ’Fisher rates a 
strong buy. 

"They’re being very aggressive in 
the types of facilities they will pursue,” 
he said. ’ ’International business is also 
increasing significantly for them.” 

Thanks to its parent. Wackenhut 
Corp., a security company u'ith a global 
presence, Wackenhut Corrections has 
the advantage of name recognition. 
Among its international projects is a 
joint venture with Serco Group PLC of 
Britain. Corrections Corp. has shown 
less interest in expanding abroad, but it 
has a number of foreign ventures, in- 
cluding a strategic alliance with the 
French conglomerate Sodexho SA. 

While there is talk that Corrections 
Corp. and Wackenhut Corrections will 
expand and buy out the smaller players. 
Mr. Fisher believes the latter will con- 
tinue to play a key role in markets 
unable to attract the big players. 


In One Speculator’s Spectacular Fall, a Few Essential Lessons for Small Investors 


, vj7 mIT1 ^ted 554 a long-term investor. He jumps in and 
™ P OrL^7 die av- out of different assets whenever he sees 

pomtsonOcL -T.mea^ ^ 0 _^ Whitedlisisilotagame 

erage investoHostgom » ^ wi* your retirement money, 
percent, but VlC ®S. Nied ^?°“ there ture lessons that conventional small 

everything — 54 investors can leant from his disaster 

Last month Mr. 5J. your !osses . Mr. Niedca- 

who managed S 1 30 mifoon of Jus hoffer » s chosen niche was futures trad- 

and his clients’ money, made a who ^ ___ ^ semng contracts to 

by selling naked inde * ^ deliver specific goods, from pork bel- 

soundmgmaiteuvCTW^P^Wgng * oU t0 fatip currencies to bas- 
leveraged wager that the mariM ^ sUjcks ^ mam fcagre of 

rise. Instead, on Oct. -7, i .**“ futures is leverage: Pl^up $1,000 and 


of his company’s assets in three weeks. 

That was a stunning loss, and com- 
pletely inexcusable. When the market 
tamed against him, Mr. Niederboffer 
should have left himself an exit — 
perhaps a hedge (an investment that 
was aptto go up if Thailand went down ) 
or at least a quicker trigger finger' that 


ing only $5,000. But it is far harder to 
trim your losses when you lose two 
dollars for every dollar a stock drops. 

2. Don’t go for broke. At gambling 
tables, the amateurs immediately try to 
get even after a big loss. Professionals 
accept their defeats as temporary and 
try to build back their stake slowly. 


JAMES GLASSMAN ON INVESTING 


allows the owner to force the purchase measures. ‘I'm going for broke,’ I al- 
of a commodity fin this case a basket of ways respond." 

Standard & Poor’s stocks) at a specific That wasn't the right response for 
price. When you buy a put, you bet that him last month, and it’s nor right for 
the market will fall (so. for example, small investors — ever, 
you can make someone else pay $1 .000 3. History isn’t everything. Invest- 

for something that’s currently worth ing is a tough game, in which anything 
$800). When you sell — or short — a can happen. Mr. Niedethoffer defended 
put, as Mr. Niedethoffer did, you are his loony speculation in puts by saying, 
taking the other side of the transaction. ‘‘I've made that trade hundreds of times' 


Munduigmaneuww- — r ^ oU t0 for earn currency re De- 

leveraged wager that the i mark« wow ^ sUjcks ^ mam feamre of 

rise. Instead, on Oct 1 fiimres is leverage: put ;pS}.000 and 


would have let him cut his losses. 

For a small investor, a decline of 


$45 million underway, : f 

say, he wiSdouL In 

the loss. He _is. " ^^hingmn 

SsSraed »*-■£** 
saying only. » was rff nfe 20 

“"^.NicdeAofferisaU^-*-” 


If it falls 6 percent, you lose more uum 

yt A < f^ n rntmS ago, a Wtow 
avodities trader saidMr. Niedethoffers 

S^aistOCkmarkeL He lost 50 percent 


yon should sell, bur you should cer- 
tainly reassess quickly. 

Also, as a strict rule, small investors 
should stay away from leverage, in- 
cluding buying stocks on margin (bor- 
rowing to pay part of toe price). It may 
sound tempting to be able to own 
$10,000 worth of shares while invest- 


This sensible philosophy was ana- 
thema to Mr. Niederhoffer. On a single 
day in J 994, "he lost 25 percent of his 
money betting the wrong way on the 
Japanese yen,” wrote David "Segal in 
The Post. "Within weeks, however, be 
made back that money.” 

After his Thai debacle, he apparently 
decided on a similar course . Tne U.S. 
stock market had been weakening, and 
Mr. Niederhoffer, whose style is to buck 
the existing trend, decided to sell puts. 

A "pm” is a futures contract that 


betting that the market will rise. 

It did not. In fact, it fell so fast that 
Mr. Niederhoffer could not make mar- 
gin calls, and his broker liquidated his 
position. As a result, he missed toe big 
bounce toe next day, which might have 
kept his company alive. 

Why would Mr. Niederhoffer make 
such a risky wager? In his book, "The 
Education of a Speculator,” he writes: 
"Often, when / am down and out after 
some terrible speculation. I’ll come 
back with another large trade. ‘You’re 
going right back?' Susan [his wife] 
asks. Desperate times call for desperate 


in toe past 15 years. 1 believe it’s a good 
trade. It was a one-in-2.000 shot that toe 
market would decline like that." 

True, history shows that 8 percent 
declines in a single day are rare — as 
are 3 percent declines. But they are 
possible. In fact. 22 percent declines 
are possible; there was once just 10 
years ago. 

For small investors, the lesson of 
history fs that it doesn’t teU the whole 
story. We can make reasonable judg- 
ments from history, but we shouldn’t 
bet everything on (l 

Washington Pax: Sendee 


r 


























































































' Toda J s Gumshoes Cater to Investors of Many Walks 


By Aline Sullivan 


H TONG A PRIVATE inves- 
hgator is no longer the ex- 
elusive province of the rich 
and famous or the desperate 
investors of many descriptions arecall- 
mg m the professionals to help them 
manage what have become incnisingly 
complex multinational affaire. 

An executive posting to Moscow, a 
feud m the family business or an ac- 
nmodious divorce are just a few good 
reasons to consider employing an in- 
vestigator or security adviser. 

t d ? no f cheap — $1 .000 to 

5 1 pOO a day i$ die norm, not including 
expenses, which could run high if ex- 
tensive travel is involved. But they can 
help distinguish between an honest 
business proposal and a con job con- 
, duct a security review of your home or 
p ferret out hidden assets. 

Prospective clients may be in for a 
surprise: Images of Humphrey Bogart in 
raincoat and gumshoes are well out of 
date. Today’s top-flight investigators 
look and sound more like the lawyers 
who recommend them than movie stars. 
They spend more time at computer ter- 
minals than in cars or bars am! much of 
their work is decidedly unglamorous. 
Some are former accountants or 
bankers, while others have a military or 
law-enforcement background. 

“People are approached all the time 
with investment plans and donation re- 
quests," said Christopher Marquet, se- 
nior m anaging director at die investi- 
gation-industry giant Kroll Associates in 
New York. * ‘They want us to check them 
out before they become involved.” 


Real-estate deals in Eastern Europe 
have been predominant in this work in 
recent years, but demand is still growing 
in North America and Europe, he said. 

Acrimonious divorce cases, on the 
other hand, appear to be a largely West- 
ern phenomenon. “I cannot think of a 
single divorce case we have handled in 
Japan." Mr. Marquet said. “But they 
can involve a lot of work in the U.S. and 
Europe.” Among the related t asks are 
surveillance, unraveling business deals, 
locating witnesses and tracking assets. 

Physical security, including the pre- 
vention of kidnapping or abduction or 
the rescue of victims, is the fastest- 
growing area of business for the big 
investigative firms. 

The so-called Wild East, which in- 
cludes much of the territory of the 
former Soviet Union, is one of die re- 
gions in which security has become a 
pressing issue. 

Kidnapping remains a major concern 
among executives traveling to Larin 
America and is a growing problem in the 
Philippines. Mr. Marquet said. Some 
parts of Africa and the Middle East also 
present security risks, he said. 

Philip Stem, senior managing director 
and counsel at Decision Strategies Fair- 
fax International in New York, agreed. 

“Every transnational firm has secu- 
rity high on their list of priorities,” he 
said. “Executives are at the greatest risk 
when they are traveling. We provide 
their security systems, including a body 
guard if necessary, and we interface 
with local resources. An American can't 
carry a gun in Lebanon, but we can find 
someone to protect him. ” 

Other cases defy categorization. 

“We recently had a private client 



ps 


who was rumored to be associated with 
international Terrorists,” a Kroll 
spokeswoman said. “This was hurting 
turn severely in the credit markets. We 
demonstrated that this was a plot against 
him conducted by extortionists. After 
we got two law-enforcement agencies to 
affirm tiiat he was not the subject of any 
investigation, he was able to restore his 
credit rating with his banks.” 

The top investigative firms cater to 
corporate clients but can provide a com- 
prehensive service to individuals. 

Kroll, which was bought last year for 
about $95 million by the Chicago se- 
curity group O’Gara Co., has offices 
and affiliates in 40 countries. It also runs 
an advisory service through the Internet 
that briefs subscribers on travel, se- 
curity, political siahility, terrorist and 
criminal risks throughout the world. 

Decision Strategies Fairfax is the 


rfjt producr die merger this year of De- 
FjJSJfJJ cision Strategies in Falls River. Vir- 
8# « / ly: ginia, and Fairfax International in New 
^ f /£*y ‘York. The combined group has 20 of- 
un.cr flees throughout the world, 
ftftf The two other leading contenders in 
P) this business are Investigative Group 
If: International in New York and Control 

b 1 Risks International in London. 

Vri\ • These firms are not for everyone: 

They turn away business they consider 
100 or !0 ° s hady. For example. 
Kroll Associates will generally direct 
prospective clients with assignments 
> T 7 7 Ta worth less than 510,000 to other, smal- 

■i riff It fer, firms. Decision Strategies is not 
interested in commissions that its ex- 
ecutives consider too distorted by emo- 
££§=? tion (in other words, most divorce 
Hicuiae^MiiuWork). But their affiliates and contacts 
throughout the world make both of these 
ated with firms good starting point, 
a Kroll These firms will also refuse requests 
is hurting to hide assets before a lawsuit, coerce 
rkets. We witnesses or perform any other activity' 
ot against that is illegal in the country' involved. 
;cs. After Individuals in need of such services 
lencies to have no lack of choice, however. Ac- 
set of any cording to Mr. Marquet. there are 
sstore his dozens of firms more than willing to 
take on this type of business, 
s cater to “As the industry leaders, we have tried 

ie a com- hard to clean up the image of this line of 
als. business,” he said. 


Far further information: 

• KROLL ASSOCIATES TcL I !UJ« 1000: Fav 1 212595 

2631. Wc6 tnc: JcreUouocmnxon) 

• DECISION STRATEGIES FAIRFAX. TcL I CIJ *999400. 
fax- I 212 S99 52W. Web sue. hup itnn.com/ Jh'ia- 
dcvbtml 

• INVESTIGATIVE GROUP INTERNATIONAL Tel: I 2 12 
661 6100. Fax. I 212 661 6291 

• CONTROL RISKS GROUP LTD Tel- 44 171 222 1552: Fax. 
44 171 222 2206. Web xile: http /tew* .cigxom 


Generation Gap: Find Yourself or Make Yourself Rich? 


By Jerry Morgan 

F OR MEMBERS of Generation 
X, the “do your own thing” 
slogan of their baby-boomer 
parents' generation has reson- 
ance — although with a different mean- 
ing. According to a report released this 
week, the rewards they seek are not 
spiritual, but material, and they want to 
do it their way. 

If you want to sell them financial 
services, you have to understand those 
differences, said J. Walker Smith, a 
managing partner of Yankelovjch Part- 
ners and co-author of “Rocking The 
Ages: The Yankelovich Report of Gen- 
erational Marketing.” 

Defining Generation X as those bom 
after 1964, baby boomers as those bom 


between 1946 and 1964, and the “ma- 
ture" generation as* those bom before 
1946, Mr. Smith cited several findings 
of studies by Yankelovich and others: 

• In 1996, 74 percent of Generation 
Xers said the objective of a college 
education was to be well-off financially. 
In 1967. 82 percent of boomers at a 
comparable age said- developing a 
meaningful philosophy of life was the 
main objective. That goal was dead last 
in 1996 in an American Council of 
Higher Education survey of first-year 
university students. 

• Sixfy-four percent of Generation 
Xers said material things such as cars 
and booses were important, the same as 
the mature group, which would likely 
include their grandparents. But only 50 
percent of baby boomers said that, up 
from 31 percent in 1973. 


• Seventy-one percent of Generation 
Xers prefer starting their own business 
to inheriting a large sum of money. Only 
59 percent of the baby boomers and 49 
percent of the “matures” feel the same 
way today. 

• In 1997, 69 percent of Generation 
Xers feel the need to plan for retirement, 
while only 51 percent of baby boomers at 
a comparable age in 1974 felt the same. 

Mr. Smith said that because baby 
boomers were raised in times of great 
prosperity, their attitude was to spend 
rather than save and to retire early. 

Generation Xers want to hedge. Mr. 
Smith said. They want money, but they 
want to be entrepreneurs and they want 
control over their lives. Unlike their 
baby-boomer parents, most of whom 
said in 1973 that they did not feel trapped 
by their lack of training, most Gen- 


eration Xers said they have the back- 
ground and training to get where they 
want to go. 

Many Generation Xers. however, 
said they consider work to be only 
something they do for a living. About 40 
percent said they did not expect to get 
much pleasure from work and 48 per- 
cent said they were willing to work at a 
boring job as long as the pay was good. 
Mr. Smith said, compared with 37 per- 
cent of the baby boomers today. 

One interesting piece of information. 
Mr. Smith said, came from a survey this 
year by BMG Entertainment, which 
asked Generation Xers. “If you were 
stranded on a desert island, what would 
you most like to have with you?” 
Among the choices: music. TV,' books 
and a personal computer. 

Ncwsday 


BRIEFCASE SEE 

A New Tiger Is Rising 
In the Easts Romania 

If you sold Thailand and bought Ro- 
mania ar the start of the y car. you must 
have Tew regrets. The ailing Asian ti- 
ger’s stock market lost two-thirds of its 
value this year through October, the 
mirror image of Romania, where stocks 
rose 206 percent. 

Analysts at two investment houses ad- 
vise that there is plenty more to come in 
Romania and that ir could be among the 
Strongest markets over the next year. 

“Everything is failing into place for 
the marker to take off," said Douglas 
Helser. an Eastern Europe specialist at 
Foreign & Colonial Emerging Markets. 
“Romania is where Poland was in 
1992.“ before share prices began a 
steep and persistent rise. 

Calling Romania “one of the best 
plays right now.” he cited its attrac- 
tions. 

“The currency is freely exchange- 
able locally and there’s a new gov- 
ernment that is managing the economy 
quite well following shock therapy.” he 
said. “It wants to join the European 
Union, so they’re going to be discip- 
lined in their budget and will keep their 
policies in place. The timing of having 
an inves table stock market with political 
reform and a strong economic base 
makes it a very interesting story.” 

Foreign & Colonial, a London-based 
fund management company, recently 
raised $68 million for a fund targeting 
Romania, the largest such fund yet cre- 
ated. ’ (IHT) 

Hedge-Fund Managers 
Weathered Market Storm 

Most hedge-fund managers 
weathered October’s financial storm, 
which sent stock and bond markets 
throughout the world tumbling, without 
sustaining big losses. 

As a group, hedge funds, which arc 
investment partnerships for institutions 
and wealthy individuals who usually put 
up a minimum of at least Si million 
each, fell an average of 0.71 percent, 
according to Hennessee Group LLC. a 
New York consultant that matches in- 
vestors with fund managers. That is 
good compared to U.S. shares, which 
dropped more than 3 percent, and 
emerging-market stocks and bonds, 
which fell more than 10 percent. 

Not surprisingly, short-sellers — 
managers who sell* borrowed shares in 
hopes' of buying them back later at a 
profit — did best., up 11.38 percent, 
according to Hennessee. Managers of 
Latin American funds were the biggest 
losers, down 13.85 percent on average. 


* ’Overall, we did all right because our 
managers were pretty quick to cut 
losses.'’ said Afroz Qadeer. managing 
director of investment research at Op- 
tima Fund Management LP. a group tn 
New York that invests about $800 mil- 
lion w'ith 49 hedge-fund managers. 
About one-quarter of Optima’s money 
is invested in emerging markets, but Mr. 
Qudeer said the worst per former among 
that group was dow’n about 13 percent, 
mostly due to losses in emerging-mar- 
ket debt and Russian investments. 

Some funds managed to profit from 
the turmoil. Julian Rnhertson’s $14 bil- 
lion Tiger Management funds have re- 
turned 55 percent oil average through 
Nov. 1 3. according to a source familiar 
with the tund's performance, thanks 
mostly to wise si«x‘k -picking around the 
w orld. Thai compares w ith a return of 
40 percent a month earlier. 

There were some notable losers. 
George Soros’s $20 billion Soros Fund 
Management saw its largest Quantum 
fund lose money in October. It dropped 
$1 billion when the Dow Jones indus- 
trial average fell 554 points on Ocl 27 
and did not manage to gain any ground 
in the following week's, even though 
Wall Street rebounded substantially. As 
of Nov. 7. the fund, which invests in 
global slocks, bonds, currencies and 
commodities, was up about 10 percent 
in 1997. Two months ago. the fund had 
climbed 20 percent. i Hit umbers i 

High-Tech Boom Fuels 
Venture-Capital Surge 

A continuing boom in the high-tech- 
nology sector “helped drive U.S. ven- 
ture-capital investments to a record 
quarterly high of $3.57 billion in the 
third quarter of l‘»97. a survey shows. 

The Price Waterhouse National Ven- 
ture Capital Survey found that total ven- 
ture-capital invest menis for the first nine 
months of 1^)7 jumped to $4 billion, 
nearly equaling the record $9.5 billion 
the firm recorded lor all of 1 996. 

“It’s the best lime to be an entre- 
preneur and it's especially the best time 
in history to be an entrepreneur in the 
technology industry." said Kirk Walden, 
who manages ihc quarterly survey. 

High-technology companies attracted 
more than $5.9 billion through the first 
three months of 1 Q 97. S4S million more 
than all venture-capital funds invested in 
the technology industry in all of 1996 
and $1 hiliioit more than all of 1995. 

Internet investments attracted SI. 33 
billion in investments for the first nine 
months of 199?. while communications 
companies accounted for S2 billion and 
computer and peripherals companies at- 
tracted $487 million. (Reuters) 


E-mail address: moneyrep@iht.com 


New Security Concerns 
For Credit-Cardholders 




Continued from Page 17 

card fraud in Latin America 
last year was six times as 
great as in Europe and Asia as 
a percentage of sales and 
i v twice as great as in North 
f America. 

Thumbprint identification 
overcomes the limitations of 
literacy and familiarity with 
computers that exist in 
emerging markets. The sys- 
tem is not foolproof, 
however. There have been 
gruesome cases in South 
Africa where thieves have 
separated cardholders from 
their cards as well as from 
their thumbs. Newer technol- 
ogy requires the thumb con- 
nected with a card to have a 
pulse. 

A Another identification pro- 

^ cedure being tested and likely 
to be on the market in a few 
years involves reading the ir- 
ises of cardholders’ eyes, 
which are even more idiosyn- 
cratic than fingerprints. 

All is not lost once a card ts 
stolen. Credit-scoring agen- 
cies. which banks use to de- 
cide who should and should 
not get credit, have developed 
programs for spotting spend- 
ing patterns with a high prob- 
ability of indicating fraudu- 
lent use. . . 

Technology designed by 
Fair, Isaac & Co., a large 
credit scorer, looks for such 
telltale signs as laree trans- 
actions out of a cardholder s 
home area soon after an ac- 
count is open, especially 
- stores that cany expensive 
merchandise such as elec- 
' cronies and jewelry- . 

Cardholders are increas- 
ingly making purchases all 
over the world while they are 
sitting in their living rooms. A 
priority of card issuers is to 
develop technology that 


Correction 

For the article on fast- 
food restaurants in the 
Nov. 15-16 edition of 
The Money Report. Res- 
taurant Business maga- 
zine provided erroneous 
figures on Andean 
fast-food consumption in 
1995 and 1996. The 
magazine has corTe f!‘v 

should have been i 

billion and S 91.9 billion. 

respectively. 


keeps hackers from grabbing 
card information transmitted 
over the Internet 

This includes encryption 
procedures that scramble 
communications between 
cardholders and merchants 
and make use of a “digital 
signature.” That involves the 
cardholder entering a bit of 
information, such as a PIN. 
which unlocks the flow of in- 
formation to the merchant. 

The next step, being tested 
in a joint program by Visa and 
MasterCard, is the use of “se- 
cured electronic transac- 
tions.” A sort of software 
wallet bandied into Internet 
browser software on personal 
computers will allow infor- 
mation to be sent to mer- 
chants, who can then send it to 
cardholders’ banks for ap- ; 
provaL 

Future models are expec- 
ted to encode the information 
otf the cards themselves, so 
that nothing can be gleaned 
by stealing a cardholder’s 
computer. 

A crucial advantage of se- 
cured electronic transactions 
over other encryption soft- 
ware is that only the banks 
will be able to read the card 
information, not the mer- 
chants being patronized, Mr. i 
Saunders said. So there will 
be no need to tear up virtual 
carbons. 


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Sports 


SAXURDAy-SUNDAY, NOVEMBER 22-23, 1997^ 


World Roundup 


Kipketer and Jones 
Get IAAF Honors 

ATHLETICS Wilson Kipketer, 
™ broke one of foe oldest world 
records on the books, and Marion 
Jones, tbe newest American sprint, 
ing star, were named Friday as the 
IAAF athletes of tbe year for 1997. 

The Kenyan-bom Kipketer, who 
rans for Denmark, broke Sebastian 
Coe’s 16-year-old record of 
1:41.73 in tbe 800 meters when be 
ran 1:41.24m Zurich on Aug. 13. A 
week later in Cologne, Kipketer 
lowered tbe mark to 1:41.11. 

Kipketer, 24, was undefeated for 
the year in tbe 800 and won die gold 
medal in the event at tbe World 
Championships in Athens. Jones, 
24, a former basketball star at tbe 
University of North Carolina, 
emerged as a female version of Carl 
Lewis by starring in the 100 meters, 
200 meters and long jump. She won 
the 100 and the long jump at tbe 
U-S. nationals, then went on to take 
gold in the 100 and 400-meter re- 
lays at the World Championships. 
She had tbe fastest times of the year 
in the 100 (10.76) and 200 (21.76). 
The awards were presented at a 
ceremony in Monaco. (AP) 

Braves Sign Galarraga 


The Atlanta Braves 
moved quickly to replace Fred Mc- 
Griff at first base, agreeing to a 
three-year deal with former Col- 
orado Rockies’ slugger Andres 
Galarraga. 

The Braves made the official an- 
nouncement Friday at a news con- 
ference at Turner Field. Terms 
were not disclosed, but Galarraga’s 
agent. Jim Brenner, said his free 
agent client has agreed to a deal 
worth $24.75 million. 

McGriff, set to make $5 million 
next season, was dealt to the ex- 
pansion Tampa Bay Devil Rays for 
a player to. tie named shortly after 
Tuesday's expansion draft 

With the Braves now expected to 
have a payroll of more than $60 
million m 1998, the team’s general 
manager, John Schuerbolz, said he 
would end discussions with two 
free-agenl outfielders — Brady An- 
derson of the Orioles and Kenny 
Lofton, who played for the Braves 
last season. (AP) 

A Compromise on Mantle 

basebal l Lawyers represent- 
ing Mickey Mantle’s widow and 
the baseball legend’s former agent 
and girlfriend, Greer Johnson, 
slugged out a compromise on Fri- 
day that allows for the auction of 
Mantle memorabilia and some per- 
sonal items, including a lock or his 
hair. 

Under the settlement, 200 items 
will be auctioned on Saturday at 
Lc land’s Auction house in New 
York, but 33 pieces of personal 
property including presc ripti on 
medicine bottles, eyeglasses, 10 
pairs of shorts, and a dark green 
bathrobe embroidered with the 
name >4 Mick” will be returned to 
Mantle’s widow. (Reuters) 


Hing is Falls to Pierce’s Bullying 


By Robin Finn 

New Yart Tunes Service 


NEW YORK — Martina Hingis , the 
undisputed No. I player in the world, 
had bear magical angles. Mary Pierce, 
foe seventh-seeded player at foe Chase 
Championships, had her magnum force. 
It was not a match made in heaven, but 
that is the level of tennis it yielded; that 
is what it took for might to make right in 
the form of Pierce’s passionate and pul- 
verizing 6-3, 2-6, 7-5 upset of the near- 
invincible Hingis. 

“ This one is really great for me," said 
Pierce, who has beaten Hingis in four of 
their six meetings and came ant of tbe 


Garden shaking off an onset of leg 
cramps. “I really didn’t make any mis- 
takes, and to me, her balls seemed a little 
shorter, and she seemed a step slower.” 

Since Hingis took over women’s ten- 
nis this year, the only mistake-free way 
to beat the 17-year-old is to bully her off 
the court. That’s precisely what Pierce 
did in their 2-hour, 6-minute quarterfi- 
nal at the Garden, where the last top- 
seeded woman to lose in the quarterfinal 
was Steffi Graf in 1994. She. like Hin- 
gis, fell victim to the year-end sting of a 
revitalized Pierce. 

“She made the points, and I was kind 
of running along the baseline. 1 was all 
the time pretty defensive, and against 
Mary, you can’t do that,’’ said Hmgis, 
who could not seem to decide whether 
she was more annoyed or relieved to 
have her 1997 campaign complete at 
last “The year is over before I ex- 
pected, bat other players have had un- 


expected losses, too. I’m not tbe only 
one.” 

Hingis, nonetheless, was foe only 
player to capture a dozen Core] Tour 
titles, including three of foe four grand 
slam events. 

Hingis admitted foal Pierce, foe only 
active player with a winning record 
against her, did not remotely resemble 
.the player she’d trounced 6-0, 6-2 four 
months ago in San Diego. “It was a 
different person on foe court” 

On Thursday, the two were dead- 
locked, 5-5, in foe final set when Hingis, 
pushed to the breaking point by a gutsy 
forehand volley from Pierce, lost her 
service game, flung her racket at foe net, 
and stalked to her change-over chair 
aware that Pierce, up 6-5 and showing 
no signs of discomposure, was poised to 
hand her her fifth loss of 1997, her fifth 
loss in 80 matches played. 

But Hingis is no pushover, and it took 
3 match points before Pierce, on the run 
but defiantly so, fixed foe crosscourt 
backhand that provoked a wide-of-the- 
mark backhand reply from her oppo- 
nent. 

In foe s emifinal Friday night. Pierce 
was to meet Nathalie Tauziat, who beat 
Iva Majoli on Thursday night in foe 
other quarterfinal, 7-6 (9-7), 7-6 (7-4). 

Pierce, who bad Roberto Alomar of 
foe Baltimore Orioles in her corner 
Thursday night and wore his uniform 
number on a chain around her neck, 
impersonated a hurricane in the opening 
five games as she blew Hingis off foe 
court and did not allow her a game. 

This was not foe first time Pierce had 
elected to manhan dle Hingis; in their 


only previous meeting indoors on car- 
pet, Pierce rolled to a 6-4, 6-0 victory in 
Zurich in 1994, foe year a 14-year-old 

party* i on her 'home grounfoTso on 
Thursday night, foe minute Hingis 
found herself losing foe first set, 5-0, 
was the minute she began to get her 

radar working. 

Serving to prolong the set, Hingis bad’ 
to stave off 2 set points, the second with 
a risky combination of an all-out 
crosscourt backhand finished off with a 
gung-ho overhead!, just to get on foe 
scoreboard. 

When she finally held for 1-5 with a 
bullet, of a forehand, Hingis threw her 
aims into foe air in sardonic celebration, 
then proceeded to chip away at Pierce’s 
lead until 5-0 became 5-3. 

Then it was Pierce’s turn to start 
wondering whether her seemingly in- 
surmountable lead had been a mirage 
instead of a morale builder. But Pierce 
recovered from an early double fault 
and pummeled a forehand winner down 
foe line to claim the set, 6-3. 

That setback, failed to flummox Hin- 
gis. She responded by doing what comes 
naturally; she snapped off such a de- 
ceptive series of angled ground strokes 
that Pierce, pinned to foe baseline when 
she did not want to be. fell behind, 4-1, 
and never regained enough ground to be 
a factor in the set 

Hingis evened foe match and turned 
foe tables on Pierce by breaking her 
serve in tbe final game of foe second set 
with a penetrating return that sunk lew 
on Pierce’s backhand side and proved 
unretumable. 


Marlins 9 Fire Sale Will Inflame Fans 


New York Tima Service 

I F foe industry known as Major 
League Baseball continues to wonder 
why it disenchants more and more 
fans, it has only to watch the butchering 
of the Florida Martins by their bottom- 
line owner. 

As die World Series champions, the 
Martins were foe best team in basebalL 
And less than four weeks later, foe ac- 
curate verb is really “were, '’not 1 ‘are.” 
As a team, those Marlins no longer 
exist 

Moises Alou, tbe left fieldo - , has been 
traded to foe Houston Astros. 

Devon White, foe center fielder, has 
been traded to foe Arizona Diamond- 
backs. 

Robb Nen, the bullpen closer, has been 
traded to foe San Francisco Giants. 

And Thursday, Jeff Conine, tbe first 
baseman who was known as the original 
Marlin, was traded to foe Kansas City 
Royals. 

if the Marlins had obtained equal 
talent value, fine. But for those four 
cornerstones of a World Series winner, 
all the Marlins got were seven picture 
windows — seven prospects who might 
or might not develop into doing what 
Alou, White, Conine and Nen did. 

And along with the Marlin franchise 
itself, two more cornerstones are on sale 
— their best player, tbe right fielder 
Gary Sheffield, and their best pitcher, 
the right-hander Kevin Brown. 

Why? In the words of baseball's new 
motto, the Marlins’ owner, H. Wayne 
Huizenga, wants to “lose salary.” Ex- 


Vantage Point /Bay* Anderson 


ccllence is too expensive. Cut foe 
payroll to sell foe club. In an industry 
that expects its fans to worship their 
favorite team's won-lost record, to 
“lose” anything was once a four-letter 
word. But for any bottom-line owner 
now, it’s fashionable, and fiscally re- 
sponsible, to lose salary. But all that 
really does is help a franchise and base- 
ball lose its fans. 

More and more, as Bemie Williams 
of the New York Yankees is discov- 
ering, it’s not what you as a player can 
do for your team, Vs what your de- 
parture can do for its payroll. 

Randy Johnson, baseball’s best left- 
handed pitcher, is on the market in 
Seattle because foe Mariners believe his 
next contract would be too expensive. 
Pedro Martinez is now with foe Boston 
Red Sox because he’s too good and 
therefore too expensive for the payroll- 

^°But what th^Martins are doing in 
breaking up a World Series team isn’t 
new. Two decades ago, Charles O. Fin- 
i foe force- time World Series 
I Athletics rather than 
ay Reggie Jackson, Joe Rudi, Sal 
lando, Rollie Fingers and Vida Blue the 
new free-agent market prices. 

Six decades ago, Connie Mack broke 

Philadelphia Athletics rather foan*pay 
Lefty Grove, Jimmie Foxx, A1 Simmons 
and Mickey Cochrane foe salary market 


prices of those Depression years. The 
difference is that those teams won three 
and two consecutive World Series titles 
before Charley O. and Mack pared the 
payroll. 

This time, it’s as if H. (it doesn’t stand 
for Halo) Wayne Hnizenga, the deep- 
sea fisherman who spent $89 million on 
free agents a year ago, strong up those 
Marlins on the dock after one World 
Series title for one quick snapshot He 
didn't even mount foe Marlins for future 
viewing and a run at another tray of 
World Series rings. 

So much for being a Marlins fen. And 
so much for being the Martins’ man- 
ager. Jim Ley land basked in his team’s 
World Senes triumph. But now it’s as if 
he were again managing foe Pittsburgh 
Pirates, which let Barry Bonds and 
Bobby Bonilla walk away as free agents 
because they were too expensive. 

In wanting to sell foe Marlins. Hniz- 
enga talked of how a pure baseball sta- 
dium would never be built in Miami 
with public funds as long as he owned 
foe team. But now that foe Martins, as 
World Series champions, really no 
longer exist, if a referendum for funds 
for a Miami baseball stadium for a future 
club owner were to be voted upon/even 
the most devoted Marlins fens would 
surely remember the time foe owner 
strong up the Marlins for one quick 
snapshot and then butchered them. 

Baseball fens never forget 



Mary Pierce playing the winning shot in her match with Martina Hingis. 


Sabres Flay Bruins, 5-0 

Barasso, With 27 Saves, Shuts Out Senalors 


The Associated Press 

Do minik Hasek stopped 29 Boston 
shots and Miroslav Satan had two 
goals and an assist as tbe Buffalo 
Sabres continued their dominance 
over the Bniins with a 5-0 victory in 
Boston. 

For- Hasek, the shutont'Thursday 
night was foe first of foe season and 

NHIIovnmp 


foe 21st of his career. He won last 
season's Vezina Trophy as foe NHL’s 
best goal tender. Alexei ^Kifcniir, 

Wayne Primean and Donald Audette 
added goals, for foe Sabres, who 
suapped h fiyegatne winless stretch 
at 0-3-2. Boston had its three-game 
unbeaten streak stopped. 

P wmtiiw 2 , Samrtnnt O Tom Bar- 
rasso made 27 saves to post his 26th 
career shutout as Pittsburgh beat host 
Ottawa. It was Banasso’s third 
shutout of foe season and improved 
his record to 9-6-3. 

Dnits 3, Mandat* i New Jersey 
won a team-record eighth straight 
game as Bobby Hotik scored twice 
against foe visiting Islanders. Martin 
Brodeur had 27 saves in winning his 
12fo straight game, ,a team record, and 
posting a league-high 15fo victory. 

Flam** 2, Paitfwn i Tommy Al- 
befin scored an. unassisted goal early 
in foe third period as Calgary beat 
Florida for their first road victory of ' nucks last week. 


the season. With the Flames leading 
1-0 on Jim Dowd’s second-period 
goal, Albelin intercepted foe puck at 
tiie bine line and slapped it off the far 
post past John Vanbiesbrouck to se- 
cure foe victory at 1:40 of foe third. 

Shades 3, nywrs o The goaltender 
Mike Vernon stopped all 28 shots he 
faced as foe San Jose Sharks beat foe 
Flyers. Doug Bodges' scored an on- 
assisted goals for the Sharks. 

Oil*** 3, Hum o Curtis Joseph 
stopped 22 shots as visiting Edmon- 
ton snapped a 10-game winless streak 
with a victory in St Louis. The loss 
was only the third this season at Kiel 
Center for foe Blues, who at 10-3-1 
lead die league in home victories. 

‘ Kings 4, Btacfchawfca 3 Glen Mur- 
ray, Vladimir Tsyplakov and Rob 
Blake each had a goal and an assist as 
host Los Angeles beat the Chicago for 
its seventh victory in 11 games. 

Ian Lapeniere also scored to help 
pad the Kings’ league-leading goal 
total to 76 in their first 22 games. 

Canuck* 4, Coyote* 2 The recendy- 
xennited tandem of Mike Keenan and 
Mark Messier continued to make its 
mark as the host Canucks extended 
their unbeaten streak to four straight 

Messier set up the eventual game- 
winner to extend his consecutive- 
games point streak to 10, while Keen- 
an improved to 2-0-1 since taking 
over as coach of the struggling Ca- 


Scoreboard 


BASKETBALL 


NBA Standinos 


«uwneDmnoN 



W 

L 

pa 

GB 

Warn) 

7 

3 

JOO 

— 

New Jersey 

4 

3 

447 

V> 

New York 

7 

4 

.636 

'4 

Qrtanda 

7 

4 

436 

‘A 

Boston 

5 

4 

-455 

Vh 

WOshtaqtan 

4 

7 

564 

3V, 

Ptifladetahia 3 4 

csmAL ennsraw 

-333 

TA 

Afianta 

11 

1 

517 

— 

CPartatte 

4 

3 

467 

3 'h 

adcago 

4 

S 

545 

M 

Mfimukee 

4 

5 

MS 

4H 

Indiana 

5 

5 

-500 

5 

Qevetand 

A 

6 

400 

6 

Detroit 

4 

8 

-333 

1 

Tomato 

1 

10 

J»1 

n 

WntaPBH OJHf—MCM 
■uDWEsronmeow 



W 

L 

Pel 

OB 

Son Antonio 

7 

3 

JOO 

— 

Minnesota 

6 

4 

j600 

1 

Hurston 

S 

5 

JOO 

2 

Utah 

s 

6 

JSS 

2V, 

Vancouver 

s 

7 

j417 

3 

Darios 

3 

8 

m 

4 Vi 

Denver 

0 9 

Manconranow 

.000 

en 

LA. Inkers 

10 

0 

lJDOO 

— 

Phoenix 

7 

2 

-778 

2V, 

Portfemd 

8 

3 

J27 

2Vi 

Seattte 

8 

3 

J27 

Th 

Spew— Mo 

4 

7 

554 


Gekfsn State 

1 

9 

.100 

9 

LACSppm 

1 

10 

.091 

TA 


rwTort U 24 H 27-10* 

tent* S 12 21 »— 79 

V.YJSttrt* 8-14 1-2 2A Ewing 8-172-3 1ft 
LOtflMT 4-9 8-8 1* Cort* Ml 1-2 14. 
4mm* Itow Ye* W (Erring 131, Manta 
(Mntambo 12). Affbb-New York 19 
Midi 8J. Alkmto 1 1 (BlaytoOk 3J. 

*1 tad 21 30 17 »- 93 

iMf U W 26 25— 87 

s'-JBder 8-1? 8-8 2& Anderson 7-10 1-1 17; 
mu 4-23 541 17. Seoly M2 2-7 17. 
boata»-Porttand S3 tSdxinb 1 4), Dobell 
(B.WUams 14). Aabti— Pnrttaul 17 
rutty 7J. Detrofl IS (MO 7). 

*mo ana tj-io? 

mil* a is a 25 - a 

ifl«t MO 7-7 1& MnSn 5-10 S-5 Mf 
flnhfcoon7-214J ILBflJttdOft 7-15 1-1 15. 
hound* Indiana 54 CADovb 9). 
MwuJnr 49 (HW 11). Asd*H--lw*na 24 

jckson 8). MAmuta*n lAUm >«■ 

Mm State 35 27 24 13 1S-T81 

AS II a If 34 5— 97 

«prwe*10-26W2LSn4tt 6-135417) 
SoWt U-24 2-2 31 Bradley 9-31 3-5 21. 
ftwMb-Gdfden State 74 Wonted 14), 
rites 49 {Bradley 17). teWMJoMen 
de17 (Sprewdi 7). Data 23 (Hntay 10- 
rente a it » 21 — W 

radon 32 34 21 JO-127 

ftSAndoralm 11-222-33, Ccmhy 7-164* 
ft HtDmter 9-14 2-2 21, WM* 7-1 2 53 
JtaMMdt— Tnrante 57 ctwtfomhe 111. 
HrtMi 43 (Witt* 14). As*bH-T«»eJol3 
toudombe 4), Houston M {Dmster I). 

logo a a a it-ts 

Mate « W 13 24-W 

Menton 13-2754 X. Harper 7-14 M 14i 
Wanning 9.14 57 33. Johnson 57 4-4 15 


Rabmads— Cfctacoo 50 (Rodman 14), 
Pboenb 38 (Manning (0. Asctett-CMcngo 
S (Harper 9. PlMonte » OOdd 11). 

Utah 18 14 35 26- 95 

Sn uuwn l u a 18 a 22— 97 

U Malone 1524 510 32. Homacek 57 11- 
12 1% SrRfctanond 9-1953 22. WBBamson 7- 
11 M0 16JMma4»-Utah 47 (Malone 9L 
S ucnin wi to 52 (WHarasatv Owns 9). 
Ands— -Utah 23 (EWey S). Sacramento 2t 
(Owns IQ). 

EUBO LEAGUE 

GKOUPA 
Limoges 64, Otymptatas 40 
Etes Pfean 7ft Real Madrid 81 
MoccaM TH Aviv 87, CSKA Moscow 49 
•ntMcniaKOtytnptafco*, 14 potato Efes 
PHsea 12; CSKA Moscow, 12 Moccobi Tel 
AVta, lft Real Madrid. 11; Umagss. II. 
aflOUPB 

a n ua n w od-G eoet Ton Tfertso. is PAQK 
SaterfluL 12 Eshnflantes Madrid. 12 Turk 
Teteom 12 Cratdte SpBL 1 1; Porta 8. 
amine 

Kinder Bologna 83. Barcelona 70 
Hapoet Jerosdm 88, Partem Belgrade 84 
On urertime; scare at tuMme 7572) - 
Pao-Grihoz 77, Lrikenpor 74 
sruamw Kinder Bologna, IS 
Barcelona, 12 Partetan Belgrade. 12 Uk- 
enpau 11; PaaOrttm II; Hapoet Jeraulera, 

ia 

ammo 

□bona Zagreb 9& Alba Berlin 84 
Union 0tanpqd44 Paris St Gemote 49 
atiuaNHati AEK Athens, li Teonays- 
tem Bologna 12 Alia Berta 12 Oflmptyu 
Lfutrifena 12 Prate ST Germain. 11; Obona 
Zagreb 11. 


ICE HOCKEY 


NHL Stjlmdings 


San Jose 
Eftiwntan 
Vancouver 
Calgary 

BafMo 


8 14 1 17 40 71 

4 12 5 17 54 74 

6 13 3 15 57 74 

4 14 5 13 54 74 


ATLANTIC DMSiOM 



W 

L 

T 

Pis 

GF 

GA 

New Jersey 

14 

5 

0 

32 

47 

36 

PMadetphfo 

13 

8 

1 

39 

49 

57 

Wrahlngton 

12 

7 

3 

23 

44 

56 

N.Y. htondea 

9 

9 

4 

32 

40 

57 

N.Y. Rangers 

7 

8 

7 

21 

57 

57 

Ftartda 

4 

11 

4 

14 

44 

62 

TrsnpaBay 3 14 2 8 

HORTHUST BVBBW 

40 

75 


W 

L 

T 

PH 

GF 

CA 

Montreal 

14 

6 

2 

30 

72 

47 

Beaton 

11 

8 

4 

24 

58 

57 

PSsbuigh 

10 

9 

5 

2S 

64 

S3 

Ottawa 

» 

10 

4 

22 

63 

59 

CuroHna 

9 

10 

3 

21 

40 

63 

Buffalo 

6 

JO 

4 

16 

52 

61 

wmam cmtobm 

CZNnULHVMON 

1 



W 

L 

T 

Pis 

GF 

GA 

St Louis 

IS 

6 

2 

32 

>2 

50 

Defies 

13 

6 

4 

30 

73 

57 

Detroit 

12 

4 

4 

a 

75 

55 

Ptaoeah 

10 

9 

2 

22 

45 

60 

Chicago 

8 

13 

2 

18 

47 

59 

Toronto 7 10 3 17 

mcneomsiQH 

41 

57 


W 

L 

T 

Pto 

GF 

GA 

Cotoredo 

10 

5 

7 

27 

47 

5B 

Los Angeles 

ID 

8 

4 

a 

76 

63 

Anabetai 

B 

10 

5 

21 

56 

67 


1 3 2-5 
I I M 
Rut Ported: Non* -Socead Porto* B- 
Zhhnft 3 (Satan) 2 B-» Primeau 2 (Grate, 
Shannon) 2 B- Satan 8 (WBmm. Shannon) 
TOM Porto* B-AwMta 2 (Ptarto May) & 
B-Satan9 (Aodette, Plante) State an got* B- 
2-7-1 5—24. B* 7-15-7 — 29. C ooBo k. B-Hnoek. 
B-Dofoa Qney. 

PHtcMrSb I 0 1—2 

Ottawa 8 8 0-0 

Hit P orte d. P-Granraon i COtoussoa' 
Fronds) (pp>- Stoat Porto* None. TOM 
Porto* P-CFemvo 2 OBdcw P -Ferraro) 
Shots so gw* P 11-55-21. 0- 9-10-8—37. 
CaiteOR P-BommtL O-Rpodes. 
N.Y.Mndsrs 1 8 8-1 

Now Joney 8 2 3-5 

Bn* Ptato* New Ybrfc PaHfy 15 (ted. 

Second Porte* NJ.-Hoflk 9 CMdCn* 
Andreychuk) 5 NJ.-Gamoor 6 (Syfcnra. 
Doan) TOW Pitted: NJ.-Sytara 9 
(Ntmtemayer, Etas) & NJ.-Hoflk 10 
(MdOnv Andraydmk) & New Jersey. 
Pederson A (EDas, OdeMn) (pp). Shots on 
go* New Yo* 9-11-8-28. NJ.- 14-15 
15—43. Goalee Now YWfc, Fkftaud. N J.- 
Bradeer. 

SmJest 8 3 8-3 

PhltadotphlB 0 e n-a 

Hrte Porto* None. Second P*te* 5J.- 
Bodgerl 3. SJ^Lawry l (Craven, Natan) 3, 
SJ.'Bodger 4, TOM Psite* None. Shots or 
go* &J.-4-7-T— 12. P- 94MD-28. CaaBoc 
SJrVMnon. P-HextaL 

Canary 8 1 I— « 

Honda 8 D 1 l 

Hte Ported: Nana. Soared Porto* C- 
Dowd 2 QalapsM. Ftaaiy) TOM Porte* C- 
AlbeBn l. L PKSaowr 9 (Wtdhisy, Sotwta) 
(pp). Sbak on fete: C- 512-5-25. F- 13-5 
5-29. GoeBoft C-Tabanod. F- 
VanfabsbraudL. 

Etenaatan 0 1 2-3 

SLLagb 0 18-8 

Rite Porte* Nano. Second Petto* E- 
Mndwit 3 (KomtoRkc. WtegM) TIM 
Porto* E-McGUfe 4. (pp). 1 E-. Weight 9 
(Boehbager) (en). Shota on goA E- 57- 
4-19. SJLr 554-22. Corftos: E-Joseph. 
SJ--Fvhr. 

Phoenix I 1 8-2 

Wtacodw* 2 i 5-4 

Hrte Ptato* PMettifa bbtetKS (Rsetete. 
Toccltefl. Z V-Mogtay 4 (HetDaw, Ottanffl 
toll). 1 Vi Botaoas 1 (Naskrnd. LedyanO 
Secrete P*1o* V-Murzyn 2 (Mate* Bore) 
5 v-SAnger 4 (Natent Uumme) 5 
Phoonta. Drake t TOW Porte* Non* Starts 
on 9M* Ftem 51512—30. V- 57-4-17. 
CuriteK Ptnafc Ktabbutta. WoBe. V- 
McLean. 

Otecngo 11.1-3 

Las Anfolos 3 1 8-4 

Bfte Porto* LA. .Murray 8 (ParnaUt 
Tiyptakn*) 2. C«iantt 3 (Wohirtch. 
DoMrnfcy) 2 Lot AngaHs. Tsyptafeav 4 
(Manor) < LA^UprertM 3 (ZmM*. 
Bkna S*cate Prete* OAmaaie 9, (ih). & 
U.V Bloke 3 (Mogo 6 Stampte) TOM 
Mrto*C4(rt*Mcras<i*7(ShanthS<itoi!l (pp). 
Shots Ml Boot C- 5511-22. LA- 515 
12-3S. Codes: C-Hcduft LAeFtate. 


CRICKET 


mureUVI.KDU 

FmsTTUT.aonnr 

FHIMX M MOHAU BOW 

Sri Lanka 349 

India 2954 

MT1MI4W. ■8WTMI «■> 
OCCOIID TEWi; JO DMT 
FD8MX M PERTH, AUSTRALIA 
Auterata 235-4 


SKIING 


World Cup 


THUBSOAY M PARK CITY, UTAH 

1, Hermann Males Austria. 2 rntautas. 
43.99 seaonds 2. KJeB Andie Aamodt Nor- 
way. 2s«5J9: 3, Thomas GamdL Canada. 
2U&31; 4. Stefan Eberhortes Austria 2:4A57; 
& Chittefan Mayer, Aostrirc 244J2r t* Josef 
Straw. Austria 2AA84: 7, Marco Bueelwl, 
Ltoddentetea 3MMt ft Paul AccWa 
SwtDertand, 2^7 33; 9, Heinz Sdrikheggen 
AosMa 2te7J2& 1 5 Andreas SdtehreA Aus- 
tria 247 JT. 

ouurr sljulom snurensros (Alter 2 
raoes): U Maton 160 palntai 1 AamoA 1 09; 5 
Mkriote Von Cnrertgen.100 (fie) Ebertnnte 
1(tt & LodHE.96; LGranft 7& 7.May*8» 
5 StrofaL dft 9L KrMfln. 5ft 1 ft SeMffenra 58: 

Omni STMBMQS; (Aller3 events) 
1. Motet 22ft 1 Aamodt 18ft 1 Shtei !6ftA 
Von Grurerigret 12ft & Lodier. 10ft 4. Eber- 
harter. 10ft 7, SeMfleret 8* 5 Moyer. 8ft 9, 
Amria 81; 10. GrandL 75. 


TENNIS 


THURSUAY, M NEW TOm 
QtMlrnSRFPULS 

Mary Pterae C7). Franca deL Maritaa 
Wngto (1 ), Sviflttitond 51 2-5 7^Sr Natwfc 
Tauziat Frara, dot In MoW (59, Craotia 
7-4 (9-7). 1-t, (7-4). 


TRANSITIONS 


AMERICAN LEAOUE 

MUHSiM-Acqtdred 3B PM Nwtn and C 
Mat Wntjodt Ann Dslraff far RHP NleX 
Skose. Bought contascta of INF Jnsitn 
Baugtanaa INF Ntem Coctnt RHP Brian 
Cooper, OF Norm Hutddns rate RHP Jatrod 
Wnhbam. 

BALTlHatE— Agreed terms worth INF Joff 
Rthootal on 1 -year cd nlroct 

Bought andrads of INF Jin 
awntite*, RHP Rotate BetonttHt and LHP 
Brim Barkley flora Pariucfcat lUreid RHP 
Ptere Monro ftren Trenton, EL. 
cwcaso-BoosM enrdrads of RHP John 

Arabras* RHP Lorcnro Baroria RHP Derek 
Hn sseflw ff , RHP Bob Howry, rhp Jason 
Obea LHPTodd Rtera RHP John SapriwC 
Mo* Johnson. 3B Carlos Lee and OF Brian 
Stamens. Designated RHP Jeff Darwin and 
INF Cited FomKBe for assignment 
olcveland— B ought gentaMt of INF Rus- 


sell Bnmyon ham BuftaJa AA. Bought con- 
trad* of RHP Jaren Rakers and OF Scott 
Morgan frtni Akron, EL. 

KMUAS-Agreed toms wHh 1 B-OF JeflCo- 
ntae on 2^sar amtract 
am wbc VANKEES-BaagM conhacis of 
OF Brian Buchanan RHP Mto Buddte 
RHP DaneU Etaentan. RHP Mike Jerzera- 
hedc 3B Mike Lowed and OF Domed Mc- 
Donald ham Nonridi EL 
OAKLAND- BooghI aontrads of RHP Tom 
Bennett RHP Jeff D'Andca OF Ryan Chris- 
tenson RHP Bft King and C Raman Her- 
nandez. 

TEXAS— Bought the co n t rac t* of RHP Dan 
Kata, RHP Don SmBh and INF Rob Sasser 
tram OHohoma. AA, and RHP l^on Gtyrav 
RHP Jorwfltan Johnson and RHP Brandon 
Knight horn Tuba TL Agreed terms with 
RHP Bony Johnson, RHP Mark Smalt and ' 
INF Scoff Sheldon on minor- league con- 
tracts. 

ToaoifTO— Bought the contracts of RHP 
Tom Dawy, RHP Cary Glavet LHP Steve 
Statute » NUCheal Peenta. SS Ryat Freet 
and IMF Kavin Witt tram Knoxvfc SL 

NATIONAL LEAGUE 

muzdha— A greed terms Wllh OF Chris 
Jooss on l-ye or am hiKt 
atlahta— A greed terms with IB Andres 
Gotarraga on 3-year cnntroct 
CHICACO— Bou gh t c ont ra d s of RHP Justin 
Speleo RHP Jason Rymr and RHP Jaw Es- 
pinal and INF Jose Nieves. 

a naNHATT— Bought cotdnxta of LHP 
JvsCn Atahter. LHP Eddto Priest C Jason 
LaRtre and INF-OF Damn Ingram. 

PLontDA— Traded 1B-OF Jeff Conine to 
Kansas tar RHP Btatnv Mud. Bought con- 
tracts of 2B Amaury Garcia, SS Alex Gon- 
zataz, CF Julio Rrenhez. OF-1B Ryan Jnefc- 
sorv C-1 B John Roskos. IB KevtaMJHaraid 
RHP Brian Meadows frran Chartofte, IL Put 
C Bob Natal and INF-OF John Wehneran 
uncandBianalmhreis. 

Houston — B ought contracts of INF Cartas 
HemandetlNFDmyteWarttCRomonCm- 
tnvCMfchMjetostey. LHP John Hakmre, 
RHP Scott Etartav RHP Freddy Garcia 
and RHP Brian Started. 

LOS AMELES-Booght contracts at OF 

Kevin Glbbe, INF Mlto Melarib INF Brian 
Rkhantoan, LHP WBI Brunsorv RHP 
Ignadn Flores and C Part LoDoca and C 
AngdPena 

MILWAUKEE— Aatuhnt LHP MBw Myers, 
RHP Rkfc Greene and SS Santiago Perez 
from Dtenri for RHP Btym Rarto and player 
to be named. 

ILY.MKT4— Bought contracts of OF Fk*J>- 
erBates, Of Scott Hunter; OF TunWKC Long, 

C Vance Wlhnn raid RHP Arnold Gooch. 

pmswHWH— QougW controds te LHP 
Jimmy Anderm RHP EMn Hatmnda# 
LHP Sean Lawrem RHP Jason PHBps 
and IB Ron Wright 

MM DIEM— Acquired RHP Dan MkxTL, 
RHP Dame WtaU and 3B Ryan Balts Mm 
Detroit tor RHP Tim Ware* and OF Trey 
Beamon. Acquired LHP Ed Itotenrg Iran 1 
Ftarido tor RHP Chris CtaitL Bought cmtnds 

of RHP Jbn SaRand RHP DatningoGuznim 

INF CemrinCaimona and OF /Wk* Dorr tram 
Las Vega*, PCL Bmigtt ConAads of RHP 
MMOwMte or teOFGarMatthemJf.fnim 
MoMe,SL. Designated SS Jorge Vetanda tor 
attegmaart. 

SAHTUmW s bb A greed tanwWi3BBai 
Mudar on 5yMraxitrod. Booght cordrads 
of LHP Trey Brahawn. LHP RMcy Pkfcett, 
RHP Darin Stood, RHP Joe Nathan. RHP 
Ron Drib, INF Pedro Feft, INF Raman E. 
Martinez and OFCaMn Murray. 


NAnOHM. BAOKETVAU. ASSOCIATION 

ATUMTA-Adtaated G Eldrfdge Rearsnsr 
from Infuroti ttst Waived G Randy Uv- 
tagatan. 

CLSVEiAHb— Put G Bab Sura on intend 
Bat Activated C Greg Graham from Mured 
Bft. 

acmxv— Retained GR«n»a( (tobtason. 

MDUMA-Areraanorel eledfon of Lorry 
BJrri, coach, to boanl of dlrectois at Pooen 
BoskaftxilJ On. Foundafton. 

onuutDb— WWved F-C Tim Kempton. Ac- 
thrated C Dan Schayes honi Ensured 8st 

FHOEHix-Put C Hondo Ltootea on In- 
jured IW. 

MBTtAMD—Put G Wicent Astee* on In- 
iored Dst Activated F DoHtonto WingMd 
tnmi tafuiedflsL 

sacramsmto— W aived F Derek Grimm. 
Adtvnted G Bobby Huriey from lntered Bst 

TOMNTO-Announeed ttw resfgnaltan of 
Istoh Thomas, awieral manager. Named 
Glen Grumnrid gemral manogsr. 


NXnOfUL FOOTBALL LCAQUE 
NHi-FIned Kansas CB Jerome Woods 
SI ROTO tor hit an Denver WR receiver Ed 
McCaffrey. Fined Arizona C Mils* Devfln 
*7,500 far lata Mot* from behind on N.Y. 
Giants DT Keflh Hondfarc Fhwd Daftos Cow- 
boys DB Omar Stauhnlre *sa» tar wmecr 
essary roughness agatral Washington WR 
LesUe Shepherd. 

CHKMb-Wohdd RB Michael HkM. 
Signed DE Mrak Lee to pradla squad. 

anoMUTl-SIgned P BM Knshner to 
practice squad. 

KMUS env-agned DE Shannon 
ClareUe. Released LB Tray Dumas. 

Miami— signed FB Ray Nealy. 
ffEwoKUAKS-Putefi Hearn Shuler and 
LB Dan Dorris on Inlnied resaw. Signed QB 
BBy Joo KabBLShpwd QB Jata DeBwmm* 
topndfccvpwL 

PHILADELPHIA— Re-*3gned 0L Hany 
Baatmobi fa 1-gear aontrad. Pet LB Darrin 
Smith en Infared reserve. 
jMnunascD-SIgnedS BrattMaxte . 
seATTUr-Put WR Brian Blades on Infared 
resaw. RMigned 03 DwtarScrigtar. 

sr. units RAMS-Wotved RB Lawreno* 
PMBps. 

TEMESsee-Adhated RB Spsncar 
Gaarge from praeffen squad and signad LB 
Tim Qwrf fa practice «wd . Signed DT Eric 
England. 


iwmMAUfoacr league 

amah cos— Agreed terms wan D Jason 
MarshaS on 3-yaar contract Reeded UN 
JeiemyStavM*Mflnd WN Jett Nletsen Irani 
□ndrnaft AHLAasIgned CEspen Kmtsan 
and C ESdianl Poric toOndnrutt. 

B08TOH— Rucnltod D Dean Chyiwanth 
horn Providence, AHL 

caaouma— A ssigned D Nolan PRritta New 
Haven. AHL 

oauKAao-Rehmwcl LW YVti Sonutno 
Hershoy, AHL RnritodGMaic Denis from 
Hersht^AHL 

EOMOHToH— Reca&ed F.Daag Friedman 
raid D Bryan Mulrfrara HanBtamAHLAs- 
sigired D Utobtav Bcnyeekto Handton. Af 
slgned G Mfte MtaanJ fa New (Means. 
ECHL 

flowda— R ecottad L« Peter Warren from 
New Haven. AHL 

nTJuraoEM Ricatart LW PJ. StocK 
■from Hartford, AHL 

PHOEKZK-Put D Murray Bonn on Injured 


sam Jast— Traded RW Shean Donovan 
and 1998 lrtromd dndt choice to Cotarado 
for C Mike Rtod and 1998 2rvl-(mind draft 
choice. 

TAMM MY— Aratgned C VtadMrVb|tefcto 
AdbundactoAHL 

T oto wTO— Assigned D Matt Marita to 
CNcag»IHL 

wssHnKTON— Clainred C Jeff Teas Off 
vretrens from Tampa Bay. Returned C Benoit 
Grattan to Portland, AHL 

HEW jersey— S ent C Sergei Bry&n to Al- 
bany, AHL Recoled G Richard StmJrabtra 
tram Fori Warn* AHL and sent tdm to Al- 
bony, AHL AWdgrnd G Jedd Lambertto Fort 
Wayne. 

hew YORK— needled D Jason Holand, D 
Zdeno Chora and RW Stew Webb ftun Ken- 
tucky, AHL 

tampa MY-ReaaHed C Atari Egetond 
fram Adhundadt, AHL 

wash uroTorr— Loaned G Staphane Beau- 
regard to Chkogfe IHL 


The Week Ahead 


Saturday, Hpv. 22 

auto m ow s * . Suzuka, Japan — 
NA5CAJTO Thuridar Spedal 1 Oft to Nov. a 
■oxara, ADonBe Cfly, New Jersey — 
Georgs Foremen. United Stele* vs. Shnrmon 
Briggs. Urdted States, ID-round, norvtMe 
heavywefgfilbout . 

*MJK Kfawc* Island, South Caradno — 
U 5. PGA Tow Wartd Cup ofGoft to Nov. 2ft 
Miyazaki Japan — Japan PGA, Dunlap 
Phoenix, to Nav. 23. 

' Hua*row»o**,Vdriou»»8cs— Engtond 
w Now ZeOtamb France vs. Sotflh Atricro 
Sadtand HLAusfiirita. 

■ms, Parte at* (Ml - Alpha Cop, 
men's Statons Bdtostolea Norway —Nordic 
Warid Cup, aoss-anmtT, men's 10K das- 
sfcnl 4DK dasslcot relap wamanto 5K rtas- 
' Inlay, to Nov. 23- 
Wflrid Cup ewsttac first leg: 
Aostrofla (Winner Oceania zom) VS. Atia 
zone second round ptopafftoser. 

AUwo, Fufaiofca Ja pan— Kyushu Grand 
Sumo Tauraunent to Nov. 21 
TOURS, New Ybrit — WTA Tow Chom- 
ptaasblpto to Mv. 2ft HofttortLCanMCflcut 
—ATP Tour Mtorid Doubles Qwntrionsblfc 
to Nou. 2ft Asdtalftnbw* Gtamwff— ATP 
Santar Tour, ATP Taor of Champions (se- 
nior*), to Nev. 24. 

aiMDAY, HCM. 23 

athletics, UsbOb Portugal —Lisbon 
Maralbaa; 

AtrreiuciMLCbeshsEntfnid— Nto- 
wwk ORACRdfly. toNov. 2S. 

soeesa. Rabat — African Cap Winners' 
Cup llnal flat M* Rayid Anrad Force* Mo- 
racoo vs. EtaiieSabel Timkia. 

MUMa. Parte aty, Utah — Alpine Werid 
Cup. women's sMom. 1 - 

Mohpay, Nov. 24 ' 

osw*ET, Mydtrobod — TBAv*. West 
Indies, to Nava*. 

Tuesday, Nov. 25 . 


co Madrid (Spate); Strasbourg (France) vs. 
Inter Milan fTWy); Stoaua Buchmst (Ro- 
mania) vs. Aston Via (England); Ajax Ara- 
sterdam (Nettierlands) vs. VtLBodi did (Ger- 
many); Kaitarvhe SC (Germany) vs. Spartak 
Moscow (Russia). 

MW umotLBrisM, England - En- 
gflsh XV vs. New Zerriand 

Wednesday, Now, 26 


r. Nagpur, Indio India n. Sri 
Lanka, second test to Nov. 3ft Hobart Aiis- 
traia; Aastnrita vs. New Zoatamithtal test to 
Dec 1; Perth-- Western Australia n South 
Africa, to Nmr.30 

SMScccx.Vorimn sites — European 
Champions' Leagoe. Group Be Fetrenoard 
Ralfentanr (Nettwrionds) vs. Jarentus 
(Holy). Group C: Borcokwa (Spate) vs. New- 
castle United (England). Group E: Besbta 
CTwWy) vs. Bayern Munteh (Germany); IFK 
Gathwihuig (Sweden) vs. Parts St Gemrota 
(France). Group F: Monaco (Franco) vs. 
Sparing Udron (PertagaBi Ltane (BtogtaH) 
vs. Barer Levertwsen (Germany). 

Thursmy, Nov. 27 


i 


— . Manunoth Mountain, 

CaBtamla — Women's Wbrid Cup super G 
and pandtet statotiL to Nov 29. 

aoUv Melboume Austraflrai Opera to 
Nov. 3ft Kataton Japan — Casta World Open, 
to Nov. 30. 

aoeen. Various- sites — European 
CbampiotB' Leogo* Group A: Borussto Dort- 
mund (Germany) vs. Gakrtnaray (Turtrey); 
Panna (Holy) vs. Sparta Prague (Czech Re- 
pubfld- Group B: Manchester United (Eng- 
tand) vs. FC Kostot (StonMO) . Group o Dy- 
namo Ktav (Ukraine) vs. PSV Etadhawm 

(ItottsMtonds). Group D: Porto (Portugal} vs. 

OtmMm (Greece); RonMmg (Norway) 
vs Real Madrid (Spain) 

Friday, Nov. 28 

™*M, Gtohenhwg — Doris Cup wait) 
gnup fired, Sweden vs. Unfled States, to Nov 
.30; 

wren. Rovademi, Finland — Non& 
combined, WOrid Cup, to N«r. 30 . 

Saturday, Nov: 29 


Various sfcs— UEFA Cup ttilrt round, first 
legreLaztoOtaiy) vs. Rapid VtehnaCAuiMai); 
Sdnlkaai (Gemumy) vs Braga (PoiIubi4i 
T wsnte EnsctMd* (Netherlands) vs, Arawre 
(Franca); Qwrtfa Zagreb (Croatia) vs AMf- 


Whhltar, Cam 
Msnto World Cup rtawnhta and superb 
NOV. 30. 

«* «**«, Berth, Germ® 

World Cop event, and Nov 30. 
CMedDtT.RawataindLPaHstan — 
Utan vt West Indies second tegt, bo* 
.ooLft La Quinta, CoHonda— Exhft 
U5. PGA Tour, Stan* gone to Nov. so. 

HoattHMlH, Osabs Japan— l 
Super Jadwys Sates, to Nov. 3ft 
muamt umom. WemWey, Eim« 
Woles vs. NewZariomt Twktanhans 
tond — England vs Sooth Africa 
MotUK. Tunis - COnfedenrtto 
AtriamFcotbcfl (CAK) Cup find, retos 
Espenra (TwnMa) vs Pete Attehca 
gala}; World Cup guaOfletv return tarn 
tratta vs Asian zone second raundrt 
taste. ■ 

Mama, Whfahet, Bftteti catanfti 
Alpine Warid Cup. downfrin, 
sMor, to Nov.30. . 

SUWPAY, Now, 30 


Qw*tanco — African Oiam. 

phms' League Anal flEirtop. Ra|a Couobfem. 
ca (Moreau) vs-GaOeMs (Ghana) 


f 










\ • 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 22-23, 1997 


PAGE 21 


SPORTS 


' ’ ! Hv! 


Give Giants’ Defense 
The Edge Over Skins 

Cowboys Head North to Wrangle Green Bay 


By Mike Free man 

NiH- Yurj fifty* Service 


, T >5) T? 6 d f f * nsive cocrdioator^wiil 
b « g ^° e ,n Same. While Mike 
Nolan, a former Giants defensive co- 
l ? dz ?» at !? r ; ■ ha ? dramatically improved 
the Redskins’. defense. John Fortes 
refined the Giants’ defense. His more 
aggressive schemes have taken advan- 

.^ ie team’s athleticism. Nolan 
will devise something to oiu« 


'“S'- ‘cam s auueticism. 

will devise something to give the Giante 

headaches, but the Giants will rc 


! rock the 




IM. Matchups 






iilau 


quarterback Gus Frerotte. who has 
struggled this season. Still, this will be a 
close one. Prediction: Giants, 20-17. 

Mm> l&S) MGiMn Bay (8-31 This is 
what all the Cheesefaeads have been 
waiting years for a shot at the Cowboys 
at Lambeau Field. Dallas, including 
postseason, has won eight straight 
against Green Bay. In those games, the 
quarterback Troy Aikman has completed 
a startling 72.5 percent of his passes for 
2,145 yards and 1 1 touchdowns. He has 
thrown only 7 interceptions. Both iwmc 
desperately need to win, with the Pack 
coming off a loss to Indianapolis and the 
Cowboys needing the victory to stay 
alive in the NFC East. Packers, 21-20. 

HkiiMsota (8-3) at New York Jot* (7-4) 

The rest of the league beware: This is the 
time of year when Bill PareeUs’s t eams 
always finish strong. He is 31-20 all- 
time in November. But Neil O'Donnell 
is starting for the injured Glenn Foley, 
and while O'Donnell is a solid player, 
the offense just doesn't seem to have 
much pizzazz when he is at the helm. 
Points are at a premium against the 
Vikings, who on the road have 
outscared opponents 101-53 in the 
second half. Vikings, 26-/3. 

Miami (7-4) at Maw England (6-5] The 

Patriots have an edge because Miami is 
playing one of its few cold weather 
games this year. New England has also 
been victorious in 10 of its past 11 
division games. The hunger to keep 
their season alive will push them past 
the Dolphins. Patriots. 35-21. 

Buffalo [M] at Tennessee (5-6} Keep- 
ing the running back Eddie George under 
control is imperative for Buffalo, because 
quarterback Todd Collins just doesn’t 
have it , at least for now. But Coach Marv 
Levy is upset after Buffalo’s horrible 
game last week at Miami and that is 
probably good news for Buffalo. He will 
emphasize keeping mistakes to a min- 
imum. The Bills will oblige. Bills, 12-9 . 

Pittsburgh (63) at PtiBadolphia (4-6-1) 

One wonders just when the excitable 
Eagles coach, Ray Rhodes, is going to 
blow his stack. This could be the week. 
The Steelers have a great running game in 
Jerome' Bettis, a talented quanerback in 
Kordell Stewan and good special teams. 


pois 

Col 


Philadelphia’s special teams have beat 
the* 


among the worst in the past few years and 
it has cost them games. The Eagles are 
simply overmatched. Steelers. J7-0. 

Kansu City (&-3) at Seattle (6-5] The 
battle of the old men. Warren Moon, 
Seattle’s quanerback, will be 41 years 
and five days old Sunday, making him 
. the second oldest quanerback to start a 
V game since Earl Morrall did it for Miami 
’ at 41 years, six months in 1975. On the 
Chiefs’ side of the field will be tunning 
' back Marcus Allen, who is a spritely 37. 
. The Seahawks have the best passing 
game in the league JBut after the game. 


die Seahawks will be stumpy old men. 
Chiefs, 28-17. 

Tampa Bay (8-3) at Chicago (1-10) 
Tampa Bay needs just one more victory 
for its first winning season since 1982. 
TheBucsare4-l on the road and haven't 
won five road games since 1979. Their 
defense is young and outstanding but the 
key has been Trent Differ. His 18 touch- 
down passes surpassed the total of his 
first three seasons (17). The Bucs won't 
blow (his chance. Buccaneers, 20-0. 

Minna (») at BuKknora (4-6-1] The 
most underrated wide receiver in the 
league roday is Arizona’s Rob Moore. 
He leads the league with a career-high 
1,048 receiving yards, his third 1,000- 
yard season. Overall, however, the Car- 
dinals don’t have lhe kind of offense the 
Ravens possess. Ravens, 28-21. 

New Oriam (4-7) at Atlanta (3*6) 

Quarterback Heath- Shafer was par on 
injured reserve this week because of turf 
toe, so he will miss the rest of the season. 
To replace Shuler, the Saints have signed 
Billy Joe Hubert, who was cut by Buf- 
falo because he admitted he was un- 
prepared. But the Saints have held six of 
their last eight opponents to 17 points or 
less and have six takeaways in their last 
two contests. The Pro Bowl tackle Wil- 
liam Roaf should contain the hot Chuck 
Smith, who has 10 sacks. Sainis, 21-17. 

hKfianapoGs (1-10) at Detroit (5-6) If 

there is one thing the Colts can take from 
this miserable season, it is that they have 
found a quarterback in Paul Justin. He 
was 24 or 30 far a career-high 340 yards 
and one touchdown against a great 
Packers defense. He will be as calm, 
ised and sharp against the Lions. 
olts, 35-28. 

San Diego (4-7) at San Francisco (10- 

1 ) The first meeting of these two since 
Super Bowl XXIX and the Chargers can 
probably still see Jerry Rice scoring on a 
deep bomb in their sleep. Since that day, 
the Chargers have struggled to maintain • 
mediocrity while the 49ers always seem 
to find ways to win. San Francisco is6I- 
38 against the AFC. including six 
straight victories. 49crs, 24-9. 

Jacksonville (8-3) at Cincinnati (3-B) 

Boomer Esiason gets die start this week 
in place of the struggling Jeff Blake. 
Bruce Coslet last year made a big-time 
run at the end of the year and he's 
hoping to get a sonic boom from 
Esiason. The home team has won 4 of 5 
in this series, so even though it looks 
like the Bengals are overmatched, they 
do manage to play the Jaguars tough at 
home. Bengals. 17-14. 

Carolina (5-6) at St- Louis (20) It was 
only a matter of time before the Rams 
running .back Lawrence Phillip s began 
to have problems. After a heart-to-heart 
with his coach, Dick Vermeil, Phillips 
missed a team meeting, skipped practice 
this week and was waived Thursday. 
The Rams will miss him. His 633 rush- 
ing yards through 1 1 games this season 
surpass his rookie season total of 632. 
Panthers, 30-14. 

Oakland (4-7) at Dcnvor (9-2) The only 
person Denver coach Mike Shanahan 
despises more than Dan Reeves is the 
Raiders' owner, A1 Davis. Shanahan 
was fired by Davis after one and a half 
seasons with the Raiders. Whether Sha- 
nahan gets his revenge depends on 
which Raideis team comes to play. 
Sometimes they show such explosive- 
ness on offense; other times, they’re just 
knuckleheads. They'll give die Broncos 
a fight Monday night, but Shanahan will 
get the victory. Broncos, 31-21. 



Knicks , Behind Ewing, 
Deal Hawks First Defeat 


By Selena Roberts 

New fort Times Sen-ice 


ATLANTA — It had been a nice 
dinner, a tittle Italian food between old 
friends who had discussed everything 
from their kids' growth spurts to the 
good old days at Georgetown. 

Then Patrick Ewing left die Hawks' 
Dikembe M iitoznbo to pick up the din- 
ner check Wednesday night. Even 
Mutombo had to wonder why his frugal 
friend was sitting on a wallet stacked 
with crisp new money amounting to S6S 
million. 

Maybe Ewing has a way of saving for 
just the right moment. His teammates 


NBA Roundup 


are the same. The New York Knicks 
unlocked their awesome talent on cue 
Thursday night. 

Just when they seem unable to fulfill 
their potential, the Knicks do this: They 
dominated the team with the best record 
in the league, putting the first flaw on 
the Atlanta Hawks' undefeated record 
by winning. 100-79. 

They made the Hawks' 11-0 mark 
look like a mirage, riding 18 points and 
13 rebounds from Ewing, plus another 


eye-catching performance by Johns 
ichi 


RnxUra 


Hakeem Olaju won of the Rockets going high as he tried to block a shot. 


Field of Dreams? Not Yet 


Grass Is Gasping at Site for World Cup Finals 

ber, has weakened and — because of a 


Reuters 

PARIS — The grass is not as green 
as it should be at the new Slade de 
France, venue for the 1998 soccer 
World Cup finals. 

A turf expert, ecologists and a 
former Rugby Union international are 
worried about the state of die field 
less than two months before the sta- 
dium is due to be inaugurated. 

The Robin des Bois ecological 
group claims the field is affected by 
below-th e-surface pollution. The sta- 
dium is built on the site of an old gas 
factory that was later converted into a 
deposit for hydrocarbons. 

An expen in sports turf told a Paris 
daily, Le Parisien, that the field sur- 
face' was in a pom* stale, although it 
had taken root well. “There is a mi- 
croclimate unfavorable to the grass in 
this stadium," he said, claiming that 
the roof prevented proper photosyn- 
thesis, an echo of problems at Milan's 
San Siro stadium prior to the 1990 
World Cup finals and at Ajax’s new 
stadium in Amsterdam. 

The builders, who say they put 
considerable research into the grass’s 
resistance to moisture and tearing, 
claim that the field is “isolated from 
the undersoil by a wateiproof mem- 
brane that protects it from all con- 
tamination." 

The grass, prepared at a nursery 
and planted at the stadium in Septem- 


lack of light and ventilation — turned 


yellow in parts, the expert said. 
France is scheduled to 


to meet Spain 
at the official opening of the stadium 
in the Paris suburb of Saint Denis on 
Jan. 28. The 80,000-seat arena is 
scheduled to have nine World Cup 
games, including the June 10 opening 
match and the July 12 final 

But it is also scheduled to have 
French international rugby matches, 
which traditionally give the turf a 
rough ride. "I’m waiting to see it after 
a rugby match with the scrums and 
long studs," said a French, rugby 
player. Serge Blanco. 

■ Valencia Drops Romano 

Valencia’s coach. Claudio Ranieri, 
dropped the Brazilian striker Romario 
from his squad for this weekend’s 
league match with Atletico Madrid, 
Reuters reported from Madrid. 

Romario had said earlier in the 
week that he wanted to go back home 
in abid to secure a place on the Brazili- 
an World Cup squad. Ranieri replied 
by saying that he did not want to keep 
the striker to Spain against his will. 

Romario joined Valencia last sum- 
mer but quickly went back to Brazil, 
on loan to the Flamengo club. But 
Flamengo officials quoted in the 
Spanish press have said that Romario 
is unlikely to return to their team. 


Starks (20 points) off the bench to flick 
the Hawks away. 

The Knicks shot 52.4 percent while 
holding the Hawks to 37 percent, and 
Ihe Knicks committed only 10 turnovers 
on a night that was almost perfect for 
New York (7-4). 

“Me and Dikembe were banging and 
bumping out there," Ewing said. “Ir 
wasn’t personal. 1 had an off game 
against Houston, and tonight. I just 
wanted to come out and get it done 
early." 

The Knicks usually thrive on situ- 


ations like this, playing best when their 
ibbline. 


machismo is bubbling. Here they were 
facing a team as hot as hot salsa, a team 
that was favored to continue its winning 
streak in the cavernous Georgia Dome. 
So this was a chance for the Knicks to 
beat their chest and grab everyone's 
attention. 

One basket led to the next for the 
Knicks. They used a quick, aggressive 
burst to take a 20-point lead with 5 
minutes and 44 seconds left in the third 
quarter. 

And they did it when Charlie Ward 
made an unlikely 3-poinrer. Even Ward 
was scoring. Even die previously stale 
Allan Houston and Larry Johnson were 
making everything they took. A Ward 
ailey-oop to Houston swelled the 
Knicks’ lead to 73-49 with 2:07 left in 
theqnarter. 

The whole scene was embarrassing 
for the Hawks. Had their winning streak 
been a sham? The Hawks had been able 
to erase II -point third-quarter deficits, 
but nothing like this. So it leaves you to 
wonder, why can't the Knicks play like 
this every night? 

In other games. The Associated Press 
reported: 

Trafl Blazers 93, Pistons 87 Isaiah 
Rider had 28 points and Kenny An- 
derson scored rune of his 17 in the final 
six minutes to help the visiting Trail 
Blazers beat the Pistons. 

The Pistons, who once trailed by 20 
ittints, rallied to take the lead on Brian 
Williams’s three-point play in the fourth 
quarter. But Anderson’s 3-pointer 
triggered a 13-2 ran that gave the 
Blazers an 87-79 lead with 2:48 left 
Arvydas Sabonis had 13 points and 14 
rebounds for Portland. 


Rockets 127, Raptors 97 Clyde 
DrexJer had 21 points, 8 rebounds and 8 
assists in three quarters as host Houston 
handed Toronto its franchise-record 
eighth successive loss. 

Mario Etie, Hakeem Olajuwon and 
Kevin Willis each scored 17 points for 
Houston, which rested its starters in the 
fourth period. 

Damon Stoudamirehad 25 points and 
1 1 rebounds — one short of nis career 
high — for the Raptors. 

Paeon 109, Bucks 83 In Milwaukee, 
Travis Best scored 18 points to lead a 
balanced scoring attack as the Pacers 
handed the Bucks their biggest loss of 
the season. 

Chris Mullin and JaJen Rose each had 
16 points as the Pacers topped 100 
points for the second successive game 
and held an opponent under 90 for the 
fifth straight. Glenn Robinson scored 1 8 
for Milwaukee. 

Suns 89, Bulls 85 Danny Manning 
scored 23 points, including two free 
throws with 2.7 seconds remaining, as 
the host Phoenix Suns kept Chicago 
winless on the road this season. Michael 
Jordan scored 30 points, but only six 
came in the fourth quarter. 

The Suns' Kevin Johnson finished 
with 16 points — eight in the final 6:36. 

Warn ora 101, Mavericks 97 A. C. 

Green’s record 907th consecutive game 
was spoiled when the Golden State 
Warriors got their first victory of the 
season. 

The game was stopped after the open- 
ing tipoff to recognize Green's mile- 
stone. With Cal Ripken, the baseball 
iron man, looking on. Green surpassed 
Randy Smith's mark of 906 consecutive 
games, set from 1972 to 1983. 

Green finished with seven points as 
the host Mavericks lost their eighth 
straight. 

Latrell SpreweU scored 28 points for 
the Warriors, who had opened 0-9. 

Kings 97, Jazz 95 Mitch Richmond 
scored 22 points as host Sacramento 
snapped a 14-game losing streak against 
Utah. 

The Jazz trailed by 18 points in the 
third quarter but rallied to cut Sacra- 
mento's lead to 97-95 with 3 1 seconds 
left in the game after Karl Malone hit a 
jumper and Howard Eisley made two 
free throws. 

After a timeout with 10 seconds left, 
Eisley drove the lane and missed an 11- 
footer. Olden Polynice grabbed the re- 
bound as the game ended. 



Misted M Mhuj/lbulcn 

One iron man to another; Cal Rip- 
ken presenting A.C. Green of the 
Mavericks with a baseball jersey. 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 




I 




PAGE 22 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 22-23, 1997 


DAVE BARRY 


Those Bigger Male Brains 


M IAMI — Last July, when a group 
of Danish researchers announced 
that men have an average of four billion 
tnore brain cells apiece than women, a 
lot of us guys decided to celebrate this 
affirmation of our superior intelligence 
by spending a couple of months drinking 
beer and throwing furniture off the tops 
of buildings to see what happened to it 
But now we return to find that many 
women have been ridiculing the Danish 
discovery. These women have been say- 
ing that, O.K,, maybe males have more 
brain cells, but it doesn’t matter, be- 
cause males never use their brains to 
think about anything besides sex. 

This is not true! Males are perfectly 
capable of thinking about other topics, 
as is shown by the following conver- 
sation, which was recorded on a cockpit 
voice recorder just before a recent air- 
plane crash: 

PILOT: I’ll tell you what, that flight 
attendant has a major pair of . . . Whoa! 
Looks like engine No. 1 
has stopped working! 

CO-PILOT: Whoa! 

So have engines No. 2, 3 
and 4! 

PILOT: Whoa! 

(Pause.) So. how about 
those 49ers? 

Another thing I wish 
to point out is that when 
men appear to not be thinking, they 
often 


However, they 
never use them to 
think about any- 
thing besides sex. 


; thinking, but it’s about some 
issue that women would not understand. 
For example, back in July there was a 
widely publicized incident in which an 
elderly couple set out from their home in 
Kenilworth, New Jersey, to drive to a 
doctor's office 2.8 miles away, with the 
man of course at the wheeL They were 
located more than 24 hours later, after 
having driven an estimated 800 miles 
through an estimated three states. We all 
know why this happened. According to 
the Associated Press story, the man “re- 
fused to ask directions during the entire 
trip." 

Of course you women are laughing 
about this. For years you have made fun 
of us men for refusing to ask directions. 
But did it ever occur to you that we have 
a REASON? Did it ever occur to you 
that, with our four billion extra brain 
cells, we might be thinking about 
something that YOU DON'T KNOW?? 
That something is this: Under the Rules 
of Guy Conduct if you’re a guy driving 
a car, and you don’t know how to get 
where you're going, and you pull over to 
ask another guy, and', he DOES know, 
then he is legally entitled to TAKE 
YOUR WOMAN! Yes! He can just lean 
through the window and grab her! 
That’s what the elderly Kenilworth. 


New Jersey, guy was trying to prevent. 

- AT 


and YOU WOMEN LAUGI 
HIM! I bet you feel silly cow! 

And here’s something else to con- 
sider. When guys are not using their 
extra brain cells to protect their loved 


ones by refusing to ask directions, they 
are dunking up important new ways to 
advance human society, such as Big Gun ' 
Radio-Controlled Warship Combat I am 
not making Big Gon Radio-Controlled 
Warship Combat up. This is a hobby 
wherein guys build elaborate models of 
World War id-era righting ships — some 
of them six feet long — equipped with 
radio-controlled motors and CO> 
powered cannons that shoot ball bear- 
ings. The guys then go out to a pond 
somewhere to maneuver their ships 
around and try to sink their opponents’ 
ships by shooting them; when ships are 
sutik, they’re retrieved from (he water, 
repaired, and put back into action. 

We are not talking about a casual 
pastime, hare. We are talking about an 
all-out, totally obsessive guy effort in- 
volving clubs, bylaws, an international 
sanctioning body and many pages of 
detailed rules and specifications. We are 
talking about model ships that can cost 
more than $1,000. 

I'm sure many of you 
women out there are 
snickering at this. 
You’re saying: “Why 
go to all that trouble? 
p Why not just stay home 
and whack your model 
ship with a hammer?" 

This is the problem 
with being a few billion brain cells 
short: You cannot grasp 

the essential significance of an activity 
such as Big Gun Radio-Controlled War- 
ship Combat 1 believe this significance 
was best expressed by A1 Boyer, the 
alert reader who told me about this 
activity, and who was able, thanks to his 
large, highly analytical male brain, to 
pinpoint precisely the quality that 
defines iti '‘C-O-O-O-L." 

I spoke with Phil Sensibaugh, who 
belongs to the largest warship combat 
club in the world, which is located, as 
you might expect, in Albion, Indiana, 
where Phil has a private pond. Phil told 
me that when you build a ship, you have 
to decide whether you want to be on the 
Allied side or the Axis side. He also said 
that, during battles, there’s a lot of trash- 
talking between the two sides on the 
pond banks. For example, according to 
Phil, if a guy takes a shot at your ship, 
you might say, “Nice talking, you Axis 
dog!” 

“A lot of people think this is totally 
insane.’’ he noted. 

Not me. 1 think high heels are insane; 

I think Big Gun Radio-Controlled War- 
ship Combat is one of the most im- 
portant advances in guy thinking since 
the potato gun. To rind out more about 
it, you can check the Internet site a l 
http://www.pacificneLnet/(tilde)ikelir/ 
big-gun 1 .him. If you don’t know how to 
get on the Internet, my advice is: 
Whatever you do, don’t ask directions. 

© 1997 The Miami Herald 


Distributed bn Tribune Media Sennces. Inc. 


Remembering a Savior in Occupied France 


By Nicholas Fox Weber 


N EW YORK — Who did what to 
whom in occupied France? Now 
more than ever, with the current trial 
of Vichy police officials in France 
and the investigations into Swiss war- 
time banking practices, individuals 
and governments beyond the Ger- 
- man borders are being called to ac- 
count for their actions during the 
Holocaust. 

One undisputed hero of the period 
was Varian Fry, an American whose 
rescue of European intellectuals 
and political refugees — Marc 



VU.VM«s*wm »l Utahn Ait 

Fry in his Marseille office in 1941. 


Chagall, Hannah Arendu Max Ernst 
and Wanda Landowska, among 
them — is the subject of an exhibition 
that opens Sunday at the Jewish Mu- 
seum. 

The show, “Assignment: Rescue, 
the Story of Varian Fry and the Emer- 
gency Rescue Committee," presents 
photographs and artifacts as well as a 
series of installations evoking the 
caffe, hotels, offices, apartments, 
trains, boats and internment camps 
that figured in Fry’s rescue activities, 
which were centered in Marseille. 

There are also paintings by 1 7 of the 
artists who lived in the south of France 
at die time. 

Fry was an unlikely hero. Bom in 
1908. the son of a New York stock- 
broker, he attended prep schools 
in New England and majored in 
classics at Harvard; for e ntertainm ent 
he read Greek and Latin poetry and 
watched birds. He sported a red carna- 
tion in his buttonhole, bad impeccable 
mann ers and knew his French wines. 

One contemporary found him 
“bookish and intellectually condes- 
cending. hardly the son of person one 
would choose to play the Scarlet Pim- 


pernel"; another described him as “an 
‘ exuberant and likable young man, cul- 
tured, handsome, friendly," with a 
Noel Coward wit 

By current standards, he resembled 
a highly cultivated yuppie. 

“Certainly my manner and appear- 
ance did not suggest the daredevil." 
Fry said of himself. 

Fry was 32 when he arrived in Mar- 
seille in August 1940, two months 
after France fell. He had been an editor 
for the Foreign Policy Association 
when the Emergency Rescue Com- 
mittee commandeered him. 

The writers Thomas Mann and Jules 
Remains and die director of the Mu- 
seum of Modern Art. Alfred H. Barr 
Jr., made a list of 200 individuals Fry' 
was to help liberate oa his three-week 
mission. 

Along with this list — and a dress 
suit and a boiled shirt he had bought at 
Brooks Brothers in his last hours in 
New Yoric — he carried $3,000 taped 
to his leg. 

By (he time he was expelled from 
France 13 months later, having re- 
peatedly risked his life evading the 
Gestapo and the Vichy police, he had 
spirited away more titan 1,200 
people. 

Fry had no experience in refugee 
work, but he quickly learned how to 
secure visas, obtain false passports 
(from the Czech consul), forge pa- 
perwork and organize transport con- 
voys to Lisbon. 

Once Marshal Petain met with 
- Hitler and announced the Vichy 
policy of collaboration, the risks in- 
creased. But Fry felt that his oblig- 
ation was always to the refugee, not to 
himself. 

“I was followed by a group of eight 
dicks, working in shifts," he jauntily 
observed in his memoirs. But he 
eluded his shadows sufficiently to hide 
those at risk and get them onto ships 
and trains. 

When Peggy Guggenheim, the bo- 
hemian art-collecting American ex- 
patriate, wanted to arrange for the ex- 
odus of Andre Breton, Max Ernst, 
Victor Braunerand some of their rela- 
tives, she turned to Fry. Seeking fur- 
ther information about the rescue com- 
mittee, the heiress was warned by the 
American consul to stay clear. 

“He did not tell me why, and at the 
time I had no idea what a dangerous 
job Fry was doing." Guggenheim 
wrote. "The American government 
was peipetually trying to get him to go 
back to America to. avoid difficulties 
with the Vichy government. However, 
he stuck it out to the bitter end." 

This, she said, despite his having 
been “arrested and held incommu- 
nicado on a boat for days during Pe- 
tain ’s visit to Marseille." 

The obstacles were formidable. 
When Fry first encountered Chagall in 



Upn mkr-t iiiUrt 

Chagall and his wife, who were among those spirited out of France. 


the Provencal hill town of Gardes, the 
artist, a naturalized French citizen for 
years, intended to remain there 
through the occupation. 

“As it is a serious responsibility to 
uproot and transplant a great artist, I 
didn't press him. Fry wrote. 

Then the anti- Jewish laws were 
adopted in France. 

Chagall asked Fry if there were 
cows in America and was visibly re- 
lieved when Fry said yes. 

The artist went to Marseille with his 
family to begin' their journey, but al- 
most immediately he was taken from 
his hotel in a Black Maria after the 
police began rounding up Jews. 

Fry called a police official and 
warned that if news of the arrest leaked 
out, "Vichy would be gravely em- 
barrassed, and you would probably be 
severely reprimanded. If he isn't out in 
half an hour, we'll call up The New 
York Times." 

The police met the deadline. 

In 1945. Fry was able to write, 
“Marc Chagall is well satisfied with 
American trees and American cows 
and finds Connecticut just as good to 
paint in as Southern France." 

Fry also secured the safety of the 
pianist Heinz Jolles, the artists Marcel 
Duchamp and Wifredo Lam, the 
sculptor Jacques Lipchitz, the novelist 
Lion Feuchtw anger and the poet Franz 
Werfel and his wife. Alma Mahler 
.Gropius Werfel as well as many less- 
er-known people. (The operation he 
put in place is credited with saving 
4,000 lives.) 


■ But Fry could not prevent the Aus- 
trian cartoonist Bill Freier from being 
sent to his death in a Polish concen- 
tration camp, or the journalist Charles 
Wolff from being “tortured to death 
by the French fascist militia." 

Even after returning to America, 
Fry continued his activities. 

In December 1942, he wrote, for 
The New Republic, a heart-wrenching 
article, “The Massacre of the Jews," 
that shatters some of the subsequent 
excuses for ignorance of Nazi atroc- 
ities. 

In 1945, once it was safe to reveal 
his methods, he wrote a memoir, ‘ ‘Sur- 
render on Demand," which is being 
reprinted this month by Johnson 
Books with the United States Holo- 
caust Memorial Museum, the organ- 
izer of the exhibition, which runs 
through March 29. 

For Fry, who died in 1967, glory has 
been mostly posthumous. In 1995, he 
was die first U.S. citizen to join Oskar 
Schindler and Raoul Wallenberg 
among the gentiles designated “right- 
eous among the nations" at Israel's 
national Holbcaust Memorial, Yad 
Vashem. 

Recent testimonials have been plen- 
tiful. But when Varian Fry set out to 
save the lives of some of Europe's 
artistic giants, few could have guessed 
his impact on postwar culture. 


Nicholas Fox Weher. a cultural his- 
torian and the author of a forthcoming 
book- on the artist Balthus, wrote this 
for The New York Times. - 


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PEOPLE 


T HE American conductor James 
Levine is to succeed the late Sergiu 
Celibidache as conductor of the Mu- 
nich Philharmonic Orchestra. Levine, 
who will continue to lead the Metro- 
politan Opera of New York, will head 
the Munich orchestra for the first time as 
guest conductor in January and will take 
over on a permanent basis for the 1999- 
2000 season. Celibidache died at age 84 

in August 1996 Semyon Bychkov 

has been appointed chief conductor of 
both the Dresden State Opera and the 
Cologne Radio Orchestra. He will take 
up the position in Cologne immediately 
and in Dresden in September 1999. 
Bychkov, the music director of the Or- 
chestra de Paris since 1989, will leave 
that position at the end of this season. 


the number of 100- somethings 
has risen 23 percent, according 
to the Dutch Bureau of Statis-. 
tics, and by 2050, there will be 
an estimated 5,000. Van Dam- 
Groeneveld heads a five-gen- 
eration family, with lOchildren, 
18 grandchildren. 24 great- 
grandchildren and 2 great- 
great-grandchi Idren. 


□ 


□ 


Michael Jackson has confirmed to 
Life magazine that his wife. Debbie 
Rowe, is pregnant with their second 
child, and the entertainment industry 
writer Liz Smith has cited sources say- 
ing they are expecting a girl. Their first 
child. Prince Michael Jr., was bom in 
February. 


After two years of pleading on 
her daytime talk show, Rosie 
O’Donnell finally landed her 
dream guest — Barbra Streis- 
and. ForO’Donnell, Streisand's 
music brings back memories of 
her mother, who dial when 
O’Donnell was 10. Rosie and 
her mom would sing Streisand 
songs together. When O’Don- 
nell began crying during the tap- 
ing, Streisand held her hand and 
started crying herself. Thai mode O’Don- 
nell stop, and she recovered in time to 
offer an off-key version of “People" to 
Streisand. “We just had a relaxing kind 
of girt talk," O'Donnell said. 



Levine will head the Munich Philharmonic. 


asked a federal court for a declaration 
that Diddley cannot collect any dam- 
ages or complain further about the ads. 


□ 


□ 


□ 


Cat banns Angenita van Dam- 
Groeneveld's 1 10th birthday bash in 
Leyden, the Netherlands, was a tribute 
to the country’s growing post-centen- 
nial population. In the last seven years. 


Clarification 


The Washington Post is now re- 
porting the Unification Church did 
make clear to Whitney Houston’s 
agents that her concert on Nov. 29 
was an event sponsored by that 
church. The newspaper had report- 
ed originally that Houston was not 
aware she was performing at a 
church gathering (IHT. Nov. 13). 
According to the Post, Houston's 
spokeswoman insists, however, 
that the agents did not inform Hous- 
ton herself of the sponsorship. 


The French actress Jeanne Moreau 
and the Czech-born director Milos 
Forman are to be commended for their 
careers in film by the European Cinema 
Academy at next month’s awards cer- 
emony in Berlin. Previous prizes went 
to the Swedish director Ingmar Berg- 
man and the Italian director Federico 
Fellini. 


John le Carre and Salman Rushdie a 
ve taken to the letters page of The ” 

speech, 
f being 


□ 


Bo Diddley has threatened to sue R.J. 
Reynolds Tobacco Co. for using what 
he says is bis likeness in an ad campaign 
without his permission. The magazine 
ads had the caption “My blues are real, 
just like my smokes" and showed a 
photograph of a guitarist who Diddley 
and ms attorneys say looks too much 
like Bo. But Reynolds said fee “generic 
blues guitarist* isn't intended to look 
like Diddley. and die company has 


have taxen to tne letters page 
Guardian to discuss freedom of s[ 
with each accusing the other of being 
pompous and preposterous. The dispute 
centers on Rushdie’s 1988 novel, "The 
Satanic Verses," for which he was put 
under death edict by Iran, which deemed 
it blasphemous. Rushdie, who has lived 
under protection by the British police 
and switches from safe house to safe 
house, accused the spy-thriller writer of 
“eagerly and rather pompously joining 
forces with my assailants. ” “Shame on 
you Mr. Rushdie," retorted le Cand 
“There is no law in life that says that 
great religions may be insulted with 
impunity." And the debate show no sign 
of losing steam. “It gets more and more 
acrimonious every day, "an editor anhe 
newspaper said. “The bitterness was 
clearly long festering between them. It 


could end up in book form as die le 


od up 
Carr6-Rushdie saga. 


Memoir to Put Unwanted Spotlight onJ.D. Salinger 


By Dinitia Smith 

iVfK York Tima Sen-Ice 


N EW YORK — The novelist, and 
journalist Joyce Maynard said that 
she would publish a memoir in which she 
would describe her relationship with die 
reclusive writer J J>. Salinger, the author 
of 4 ‘The Catcher in die Rye,’ ’ breaking a 
25-year silence about the affair. 

In the spring of 1972, Maynard, flushed 
with success from the publication of her 
first magazine article, “AaT8-Year-Old 
Looks Back on Life, 4 ’ in The New York 
Tunes Magazine, received a letter from 
Salinger, who had read her article and 
seen fee photograph feat accompanied iL 
That summer, Maynard went to visit him 
at his home in Cornish, New Hamshire, 
and stayed. When spring broke, their 
nine-month relationship ended. 


Maynard said she would publish her 
book about Salinger, fee man she refers 
to as "Jerry,’ ’ in the winter of 1999 wife 
Picador U.SA “I viewed him as my 
mentor and teacher and fee person I 
trusted most in the world," Maynard 
said Thursday in a telephone interview 
from her home north of San Francisco. 
“He was the first man I ever loved. My 
purpose is not to divulge his Story. I’m 
sticking to my own story." 

Salinger has been protective of his 
privacy, preventing the biographer Ian 
Hamilton from using portions of his un- 
published correspondence in Hamilton’s 
1988 book “J.D. Salinger A Writing 
Life,' ’ after suing fee biographer in a case 
fear wem to the Supreme Court A man 
who answered fee phone at Salinger’s 
literary agency, Harold Ober Associates, 
would not comment when asked to speak 


to the author about Maynard’s project 
Maynard is 44 now, a divorced moth- 
er of three, fee author of seven books. 
She has made her career in journalism 
writing about her own life. Salinger, 
however, has been .called “fee most 
private man in America." 

' In a telephone conversation Thursday 
Maynard was circumspect about Sa- 
linger, who was 53 when they fust met 
The relationship began, she said, wife 
Salinger's writing her 4 ‘a deeply thought- 
ful, very moving,, one-page letter." She 
added, “That precipitated a conespond- 
that remained through my fr eshman 


encei 


year at Yale." Maynard said she had 20 
to 30 letters from Salinger. She will not 
quote from them in her book, she said, 
mentioning the legal decision in fee 

Hamilton case, feough f T will refer to fire 

ideas and thoughts in fee letters.” 


£ 


.V