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INTERNATIONAL 




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The World’s Daily Newspaper 


PUBLISHED WITH JHE_NEW_ YORK TIMES IINGTON POST 

— - — — - — VS& ’ — 

Paris, Saturday<SuDday, November 


No. 35.691 




Seoul Firms Hit 
By Credit Crunch 

Samsung Delays Car Expansion 

~~ By Don Kirk • ~ ” 

Special to the HeraldTribune 

SEOUL — South Korea's financial crunch sent stocks 
tumbling toa 10-year low here Friday as the nation's powerful 
Samsung conglomerate, strapped for fwph , announced that it 
would postpone plans to expand its entry mtp the auto 
industry. 

£ Samsung Group, despite having led South Korean con- 
? glomecatcs with sales of $92.7 billion last year, faded toobtain 
fresh loans from creditors to expand die project, a top com- 
pany official said. 

‘One thing is for sure, the second phare will be delayed," 
said Hwang Young Key, a senior managing director in charge 
of the company’s executive office. 

Meanwhile, T hailand endured a fresh financial blow as 
Moody’s Investors Service cut its raring on Thai government 
debt to one notch above junk-bond That move came as 

the central bank released a statistical snapsho t of the country's 
increasingly beleaguered economy. (Page 9) 

Finance Minister Tarrin Nltnrnanahaerninda said he re- 
gretted the downgrade of sovereign debt, which would raise the 
cost for international borrowing by the Thai government and 
private sector, prolonging the country's economic hardship. 


♦F 


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peared to be growing. The Bank of Japan moved swiftly to 
prevent a credit crisis by flooding die money marke ts with $29 
billion. (Page 13) 

Spnth Korea's stock market and currency descended to new 
lows. The benchmark stock index plunged 4.9 percent, to 
41 1 .91 points, its lowest level more than ten years. The dollar 
rose to 1 ,170.50 won after opening in Seoul at 1,130 won. At 
one point, die dollar hit 1,180 won. 

Far Samsung, die prospect of compromising on die motor- 
vehicle venture was a bitter blow. The company planned to 
enter the ante market by lannrhing a mi Hmm car built with 
technology from Nissan Co. of Japan and had already Invested 
nearly $2.6 billion on die first phase of the motor-vehicle 
operation near the city of Pusan. It will spend another $200 
million on it before lannching its first car, on March 28. 

Mr. Hwang vowed, however, that Samsung would still 
produce 80,000 cars in 1998. its first year of production, and 
240,000 cars in 1999. but'said the company did not have the 
funds to build die facilities necessary to doable that figure, as 
it had planned to do in the second phase of development. 

Mr. Hwang admitted that “the frst phase of 240,000 cars is 
not internationally competitive” because it would not enjoy 
economies of scale. 

He said Samsung would have to rethink bow it wanted to 
position itself in the global car industry. 

The difficulty in funding the second phase means that Sam- 
sung will not be able to compete soon with South Korea’s three 
major motor vehicle manufacturers, Hyundai Motor Co., Dae- 


See KOREA, Page 4 


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_ J8Bk. Bv Michael Richardson 

' ■_ laentationql Herqjti Tribune ’■ 

SINGASffiSRE — Amid the back^^'cnnendes, stock 
markets as) economies of East Asia, . 4ste country remains 
largely ufjScatiied so fan China. ■ - - — • 
a Offidateaud analysts say that if die region’s second-largest 

• economy, ttiter Japan, continues to stage ahead ova Ale next 
few years 3 rtule those of its neighbors slow sharply or stall, 
China wjjTanage.more quickly than expected as a do m i n a nt 
political and military power. 

‘ 'It would greatly increase China's prestige, and to some 
extentthe awe and fear that other countries in the region have 
of it,” said Charles Morrison, an international r elations spe- 
cialist at the East- West Center in Hawaii who edits an annual 
security , outlook on the Asia-Pacific regk wx. “ While other 
countries were forced to cut back their defense tpcodiog, 
China's military modernization would continue.” 

Analysts say that Japan, Taiwan and Southeast Asian 
countries are uneasy at such a prospect, fearing it would hasten 
China’s use of power to enforce its conflicting territorial and 
maritime claims with its neighbors. 

“If rhma remains largely unaffected by East Asia’s fi- 
' nancial and economic troubles, it will become more confident 
1 and its military capabilities will also increase,’ ’said Masashi 
Nisirihara, professor of international relationsarthe National 
Defense Academy in Japan, “Thar might lead Chinese leaders 

■ to act more high-handedly toward their neighbors. 

There is no sign of that yeL lio fact, Chma has gone out trfite 

way in recent months to play down differences with East 

; Asian countries and play up cooperation.^ . 

“If we can bring China into the regional community, thenfl: 

may not be a problem,” said l^e To, ChtL 

Singapore Institute of International Affairs But if China 

w^ to make ite own rales, that would be afferent story. 

Many officials and analysts agree that China s continued 
prosperity will be vital in assisting EartAswicoimtoramto 
^coiwy.China could absorb more cftheir ^pOTts^mvwt in 

issfesasssssss 

of Single* said that A* 

greatest challenge to Southeast Asia was 

Soil but “how ro respond to the rising economic com- 

I ^S pSS w^K^Seasinen in Vancouver^ week, he smd 

regiM,” MrTGoh said. “If China continues to grow, while 
See CHINA, Page 4 


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■MALAYSIA— 


■ 

INDONESIA 


C^cUta | Jakarta (Bangkok) Tokyo 
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Jakarta ( 22 ) 8.6 mil. 

Sourest Population FMemnco Bumatr. Uritod Nations 
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A Vast Disaster Is in the Air 

Rising Asian Pollution Now Burdens the World 


By Nicholas D. Kristof 

New York Txmn Service 

BADUI, China — This little village is hannt- 
ingly beautiful, a patchwork of mud-brick 
shacks framed by the vastoess of the Yellow 
River on one side and ragged-gray mnnnnwis on 
die oAer^Butas peasants stugfie along the ocher 

cfeSdreo and 

Aching at tiie right, the hamle t suddenly se ems 
chilly, frightening and grotesque. 

One-third of the peasants in this hamlet in 
Gansu Province in western China are mentally 
retarded or seriously iH Most people die in 
middle age, the women report unending mis- 
carriages and stillbirths, many of the children 
are trapped in toddler-size bodies that they never 
grow out of and even the goats totter and stagger 
into trees as they go blind and insane. 

In the entrance to one house stood a boy 
named Wei Haiyun, only 29 inches (.7 of a 
meter) tall — the bright mat an average Amer- 
ican baby boy reaches at 12 months. But Haiyun 


is 8 years old. Haiyun, who is mentally retarded 
as well, casually urinated on the floor and then 
played with his fingers in the puddle, as his 
mother watched and bit her lip and admitted that 
tire only word he ever utters is “Ma.” 

The peasants beHeve thal the horrors ofBadni 
village are the result of polluted water dis- 
charged by 4h<y sfate-jnn Xiujiana Fertilizer 
‘Factory next door. The factory, ^hich some- 
times denies the accusations and mostly ignores 
. them, dumps its wastes into tire Yellow River 
just upstream from where the villagers draw 
their drinking water. 

- - The pain here in Badni is emblematic of the 
Bowmg environmental catastrophe all across 
Asia. The cost of Asians “economic miracle” is 
a rising tide of pollution that is proving aburden 
not just for Asia but for the entire Earth. 

Already, Asia has what many expats con- 
sider die dirtiest water in the world, the filthiest 
air, the most worrisome overfishing and tbefast- 

See MIRACLE, Page 13 


Americans Want Action on Climate 


By John H. Cushman Jr. 

Sew York Tones Service 

WASHINGTON — As the world’s nations 
gather in Japan on Monday to discuss how best 
to counter the threat of global warming, the 
American people are far more willing than their 
government to take early, unilateral steps, ac- 
canting to a New York Thnes poIL 
They appear to be unimpressed by arguments 
that cutting U.S. emissions of heal-trapping 
gases into the atmosphere might cause undue 
economic harm, as industry groups opposing a 


treaty have contended. 
Of those polled, 6! 


Of those polled, 65 percent said that die 
United States, which releases more such green- 
house gases than any other country, should take 
steps now to cat its own. emissions “regardless 


of what other countries do.” The poll had a 
margin of sampling error of pins or minus 3' 
percentage points. 

Only L5 percent of the 953 people polled by 
telephone tins week said the United States 
should delay acting until many countries agree 
how to address die problem together. 

Better-educated people are most likely to 
favor early action by the United States. Three-, 
quarters of college graduates favor acting even 
without a binding treaty, as do 59 percent of high 
school graduates. Men and women are equally 
likely to favor unilateral action. 

Delegates from 166 nations are assembling 
Monday in Kyoto, Japan, to tty to hammer ont a 
tougher, binding treaty on controlling emissions 

See POLL, Page 13 


India Leader Quits 
As Support Erodes 

Congress (I) Now Bids for Power 


By Kenneth J. Cooper 

Washinxion Past Service 

NEW DELHI — After seven months 
in power in India, the coalition gov- 
ernment of Prime Minister Index Kumar 
Gujral came Tumbling down Friday. 

Mr. Gujial resigned when the Con- 
gress (I) Party carried out a threat made 
last week to withdraw its support be- 
cause an official report accused a co- 
alition partner of coddling a Sri T ankan 
guerrilla group suspected of killing 
fonner Prime Minister Rajiv Gandhi in 
1991. 

Leaders of the 13-party coalition re- 
jected a Congress demand to oust the 
Dravida Progressive Federation and its 
three representatives in Mr. Gujral 's cab- 
inet bared on a judge's interim report. 

The report accuses the regional parly 
from southern Tamil Nadu state, where 
Mr. Gandhi was assassinated in a sui- 
cide bombing in May 1991, of allowing 
Sri T -anlran guerrillas to obtain supplies, 
arms and war materiel in die state when 
the party was in power there in the late 
1980s. 

The world’s largest democracy is 
now set to get its fourth government 


since Congress lost power in the last 
election less than 18 months ago. The 
oncetdominant party staked a claim Fri- 
day night to form a new government, but 
would be unlikely to secure a majority 
in the 545-member Parliament without 
winning ova most members of the co- 
alition government it just brought 
down. ' 

Other possibilities were for the Con- 
gress Party to back a reconstituted co- 
alition led by a new prime minister, or 
for a midterm election to be held in 
Februaiy. 

The Hindu nationalist Bharatiya 
Janata Party, the main opposition in Par- 
liament. afro harbors faint hopes of 
fanning the new government. President 
Kirchenl Narayanan, the largely cere- 
monial bead of state except in such times 
of political crisis, will determine how the 
next government is to be shaped. 

Two weeks of political uncertainty 
have exacted a toll in economic, dip- 
lomatic and legislative terms on India. 
Its currency, the rupee, has fallen this 
week to historic lows of more than 38 to 
the U.S. dollar, making imports more 

See INDIA, Page 4 


Novemoer 



Mr. Gujral greeting state ministers before the government fell Friday. 


Reunion of ‘Righteous’ 

A Holocaust Survivor Meets Her Ukrainian Saviors 


By Somini Sengupta 

New York Tunes Service 

NEW YORK — It was 55 years ago 
this month, on a cruel, rainy night in 
Ukraine, when a 13-y ear-old girl in a 
bathrobe and two long black braids 
knocked on the front door of the Vav- 
risevich family's home. She was a 
stranger to them. But for more than 15 
months, with pogroms raging outside, 
the Vavrisevicnes hid ha and ha wid- 
owed mother under the floorboards of 
their house, below abate room reserved 
for the cow and goat in winter. 

This week, the giri, Nechama Singer 
Ariel, now 68, opened ha apartment in 
Borough Park, Brooklyn, to Mikhail 
and Nikolai Vavrisevich, the two Greek 
Orthodox brothers, now 73 and 71, who 
along with their parents turned their 
-home in Vladimir-Volynski into a life- 
saving shelter for seven Jews, including 
Mrs. Ariel and ha mother, daring the 
Holocaust. 


Turks Get Out the Vote for a Versatile Ataturk 



Atatnrk,.m a 1938 photo. 


Pig »z 


By Stephen Kinzer 

- New York Tima Service 

ISTANBUL — It is a truism hoe that Mustafa 
Kenial Ataturk, the fbunda of modern Turkey, was the 
greatest statesman of the 20th century, if not of all 
time. But now millions of Turks are claiming that he 
was also a more brilliant scientist than Einstein and a 
better singer than EJtvis. 

Ataturk, who died in 1938, is worshiped here nearly 
as a deity by the great majority of Turks, who see him 
as a symbol of this country’s Western and secular 
principles. The latest frenzy of adulation, however, has 
pushed him to a new leveL 

It began several months ago, when Time magazine 
announced a plan to publish specpl issues celebrating 
the century’s outstanding figures in five broad cat- 
egories. Tite magazine invited people from all ova the 
world to sahmit nominations. 


AGENDA 


In most countries die invitation passed unnoticed. 
But Turks, many of whom believe that the world does 
not appreciate them, responded with a deluge. 

Major newspapers have published front-page ap- 
peals urging readers to show their patriotism by 
swamping the Time office in New York with votes for 
Ataturk. Internet providers send clients to a Web site 
through which they can vote with a few clicks. Tallies 
are published regularly to show where Ataturk stands 
in relation to other nominees. 

Most public appeals have not mentioned that Time 
editors plan to make the choices themselves and that 
the idea of asking for nominations is as much a 
promotional lure as a serious attempt to determine 
world sentiment. 

Making this clear would probably have no effect 
anyway. Turks have embraced the cam p ai gn with a 

See ICON, Page 4 


THE AMERICAS Pmgm3. 

Jn Jfai Indies, Gtizenskip’sforSak 


Czech Government Teeters Near Collapse 





-Books — — 

Crossword- — ~ 
Opinhm — 

Sports 

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1... Page 3. 

Page 3. 

- — P*ge 6. 

Pages 18-19. 

Pages. 


PRAGUE (IHT) — The Czech gov- 
ernment appeared near collapse Friday 
night after top members or the gov- 
erning party called on Prime Minister 
Vaclav Klaus to resign. 

Finance Minister Ivan Piiip, a deputy 
chairman of Mr. Klaus’s party, and oth- 
er senior figures said Mr. Klaus had 
failed to convince the nation that his 


governing Civic Democratic Party was 
not connected to a 170 million koruny 
($53 million) political slush fund dis- 
covered in a Swiss bank account. 

Some legislators belonging to the 
Christian Democrats. the junior coali- 
tion member, said they could no longer 
support the government- 

Earlier news item. Page 2.. 


+22L35 


Friday 0 3 Pit 
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previous clow 
7794.79 

pravkMdow 

951.64 


It was a reunion so beyond belief that 
Mikhail's eyes, now nearly blind, kept 
watering Thursday, as the three sat 
around Mrs. Ariel’s dining table, re- . 
counted their past and spoke of their 
emotional meeting this week. 

“I stopped breathing,” Mikhail, a 
college professor, said in Ukrainian, as 
Mrs. Ariel translated. “I covered ha 
free with tears. I would have recognized 
ha voice among thousands and thou- 
sands, even though I am blind.” 

For ha part, Mrs. Ariel, who moved 
to New York City in 1947, said she was 
so undone by the whole thing that she 
did the unthinkable: This year, for the 
first time, she ordered a cooked turkey 
and then had her husband fetch the bird 
for die family's Thanksgiving dinner. 

“I’m emotionally ■ exhausted and 
physically drained,” she confessed. 

" “Savin| somebody's life — you cannot 
put a price tag on lL They did it risking 
their young lives.” 

The Thanksgiving reunion was or- 
ganized by the Jewish Foundation for 
the Righteous, a Manhattan-based non- 

to*$ 15C^mcrath, to some 1,400 Chris- 
tians and Muslims who helped save 
Jews during the Holocaust and who are 
now old and poor. 

Mikhail and Nikolai, a retired doctor, 
get $30 a month from the group, which 
broke off last year from the Anti-Def- 
amation League of B’nai B’rith. All 
those who are aided by the foundation 
with checks of up to $ ISO a month have 
been recognized at Yad Vasbcm, the 
Holocaust memorial in Israel, said Stan- . 
lee Stahl, the foundation's executive • 
director. 

The Vavriseviches are not famous 
like Oskar Schindler and Raoul Wal- 
lenberg, two gentiles recognized in Is- 
rael as “righteous among the nations” 
for rescuing Jews from die Nazis. But 
the dangers they freed were no less 
severe. 

By the time she arrived on the Vav- 
riseviches’ doorstep in November 1942, 
young Nechama Singer bad already lost 
ha father in the first pogrom in Vladi- 
mir- Volynski By then, word was out 
that Constantin and Maria Vavrisevich! 
the brothers* parents, had offered shel- 
ta to several Jews whom Maria had 
found hiding in the haystacks when she 
went to milk tiie cow one morning. 

But Mrs. Ariel recalled that when she 
showed up with ha mother, Rachcfc 
Singer, the others hiding there objected, 
for fear they would attract attention. Con- 
stentin. Mrs. Ariel sod, refused to throw 
mem our. Instead, he wear to the others 
and said: “If you want to let them out into 

See REUNION, Page 4 








PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX NOVEMBER 29-30, 1997 


,, l iil( 


Iranian Agents Reportedly Infiltrate U.S. Militaiy Program in Bosnia 


By Mike O’Connor 

New York Times Service 


SARAJEVO, Bosnia-Herzegovina 
— Iranian intelligence agents are 
mounting extensive operations in Bos- 

- -ft 1 VI TT O - 


jnia and have infiltrated the U.S. pro- 
gram to train the Bo snian Army', West- 
ern and Bosnian officials contend. 

The officials said they had identified 
more than 200 Iranian agents who they 
-believe have quietly and methodically 
insinuated themselves into Bosnian 
Muslim political and social circles. 

- Their goals appear to be to gather 
information and to thwart Western in- 
terests in Bosnia. The officials said the 
'militaiy training program is a key target 
because it aims to build an integrated 
Bosnian military in which Muslim and 
^Croatian forces work together under a 
joint command, an essential element in 


NATO-led fences to withdraw. 

According to the officials, the Iranian 
agents are collaborating closely with a 


pro-Iranian faction within Bosnia’s in- 
telligence service. In separate inter- 
views, six current and former officers of 
the Bosnian agency described a struggle 
within their organization over whether 
to forge closer links with Iran. 

“I don’t know why the Americans 
behave so naively," said Munir Alib- 
abic, former chief of the intelligence 
service’s office in Sarajevo. "They 
should see what is happening to us." 

Mr. Alibabic said be was forced to 
resign last year because he opposed die 
influence of Iran in the Bosnian agency. 
Another agent who shared that opinion 
was assassinated and a third has said 
that he was kidnapped, tortured and left 
for dead by his own colleagues. 

A senior official in Washington in- 
sisted that the Ir anian network was nor 
an immediate threat because U.S. agents 
are watching it closely. Another U.S. 
official said the presence of Iranian 
agents among die translators, drivers 
and staff members of the training pro- 
gram was unlikely to have much effect. 


But Western intelligence officers in 
Bosnia are much more alarmed. They 
say many of 'the Iranian agents are 
already working to turn Bosnia's Muslim 
political and reGgi oils leaders against the 
West The Iranian agents, they said, 
would be helpful in planning terrorist 
attacks against North Atlantic Treaty Or- 
ganization forces or targets in Europe. 

European diplomats said that even a 
few well-placed agents in die program 
could easily sow dissension between 
Muslim and Croatian officers already 
wary of cooperating with one another. 

Iran has been trying for several years 
to gain a foothold in Europe through its 
relationship with the predominantly 
Muslim leadership of Bosnia. It sold 
weapons worth hundreds of millions of 
dollars to Bosnia during the war against 
the Serbs, providing crucial aid at a time 
when Western nations maintained an 
embargo on weapons sales to any nation 
in the former Yugoslavia. 

The Clinton administration learned 
of the smuggling and decided on a secret 


policy of not interfering with the arms 
flow, which helped the. beleaguered 
Bosnians hold on the Serbs. Many in 
Bosnia were grateful for the help. 

But disclosure after the war of the 
secret U.S. policy set off a storm in 
Washington. Congress said it would not 
allow the program to equip and train the 
Bosnian militaiy to go forward until 
President Bill Cunton certified that the 
Bo snian government had cue all ties to 
the Iranian intelligence service. 

Mr. Clinton did so last August, but 
the current and former Bosnian intel- 
ligence officers say some in their 
agency, especially higher officials, con- 
tinue to work with Ir anian operatives. 

The training program is essential to 
the administration's "exit strategy’’ for 
the Balkans. U JS. officials have said the 
33,000-member peacekeeping force; 
which includes about 8,000 Americans, 
will be withdrawn from Bosnia only 
when the Bosnian Army is strong 
enough to deter attack by the Serbs. 

Shortly after the administration 


began the program, which calls for de- 
liveries of tanks, artillery and other 
weapons, the United States demanded 
that Bosnia dismiss its deputy defense 
minister, Hasan Cengic, who it con- 
tended was obstructing the program and 
working closely with the Iranians, 

After his dismissal, Bosnian and 
Western intelligence officials said. Iran 
moved to subvert the program from 
within, planting Bosnians recruited as 
agents among the staff. 

The program is run by Military Pro- 
fessional Resources Inc., a private 
Ameri can company. It employs about 
12S Bosnians as translators, office 
workers and drivers. 

Nearly every contact between the 180 
Americans who train the Croatian and 
Muslim soldiers or advise their officers 
is conducted via a Bosnian hired locally. 
Bo snian officials say most of the can- 
didates for those jobs are drawn from a 
list provided by a pro- Iran faction of the 
Bosnian intelligence agency. 

A senior U.S. official said he was not 


influence the program because the 
agents were in such minor positions. 

Despite the effort to build a unified 
aimy, the Bosnian military remains sub- 
stantially divided along ethnic lines. 

The Bosnian Federation Army has a 
joint senior command. But even there, 
many officers remain distrustful of one 
another. A senior U.S. offic ial acknowl- 
edged that while there had been pro- 
gress. **a lot of officers arc a leureway 
from believing it is going to w oik. 

Western diplomats said the Iranian 
' influence in Bosnia would be substan- 
tially lessened if the Muslim military 
force, over which Iran maintains sway, 
were to be fully merged with the Croa- 
tian troops as the army of the Bosnian 
Federation. 

The federation army is being trained 
by Americans who are also teaching the 
value of secular, democratic govern- 
ment. These are aims that Iran hopes to 
block, the diplomats said. 


{ {iill-tt** 1 


* . •: - f ^ 


Fox Hunting Is Cornered 
After Hounds Lose Vote 


BRIEFLY 


By Warren Hoge 

New York Times Service 


LONDON — Parliament voted over- 
.whelmingly Friday for a proposal that 
could one day ban the traditional British 
sport of fox bunting. 

After a boisterous five-faoux debate and 


jackets, the House of Commons backed 
by 411 to 151 a measure calling for an end 
to hunting with hounds. 

Despite the 260-vote margin and a 
new poll showing nearly three-quarters 
of the public b ehind a ban, the bid will 
•not become law because it was not given 
the required time for Parliamentary de- 
bate and committee review by the gov- 
ernment, and must therefore await a 
.place in the legislative calendar in the 
■ years to crane or possible inclusion as an 
.amendment to legislation this year. 

The administration of Prime Minister 
Tony Blair has been concerned that the 
high emotion surrounding die issue 
could prove to be a damaging distrac- 
.tion to the pursuit of its 26-bill leg- 
islative program, and it has distanced 
itself from toe debate. 

One government official compared 
the fox-hunting issue in Britain to the 

e iys-in-the-military controversy in the 
oited States that derailed the Clinton 
administ ration in dm early days of its 
first term. 

Mr. Blair said he was in favor of toe 
ban, but he and nine of his cabinet mem- 
. bere managed to be away Friday during 
• the vote. Friday afternoon's Evening 
Standard newspaper took notice of Mr. 
Blair's one-day tnp to visit British troops 
with the headline "Blair Goes to Bosnia, 

. Out of Hunting Range. " 

Passions have been running high on 
. both sides of the argument, with frill- 
page advertisements adorned with 
.graphic photographs of animals killed 
by hunting hounds promoting toe need 
.for a ban, and opposing ads featuring 
comments from people with known lib- 
eral views arguing that hunting is toe 
.most humane way of culling foxes — 
not to mention a central element in 
. traditional British country life. 

The fox hunting debate has brought to 


their heads and banged on their desks. 

Mike Foster, toe Labour member 
who introduced the bill, said it was 
aimed at protecting foxes from "cruelty 
and from the unnecessary pain and suf- 
fering inflicted in toe name of a so- 
called sprat.’’ He said that "prevention 
of cruelty is toe centerpiece of this par- 
ticular bill.” 

Mr. Foster said he knew that "to 


many people witnessing a hunt is to feel 
part ofEnelish history, and toe sight of a 


part of English history, and toe sight of a 
full field of horses and hounds is ab- 
solutely thrilling.” Bat to him, he said, 
it was "wanton cruelty.’’ 

Speaking for toe opposition, Michael 
Heseltine, a former deputy prime min- 
ister, sought to dispel toe notion that fox 
hunting was just an outmg for upper- 
class people in red jackets and argued 
that tens of thousands of working class 



Aides Seek Ouster 

Of Kkuis from Party 


PRAGUE — Finance Minister 
Ivan Pi lip said Friday that Prime 
Minister Vaclav Klaus should 
resign his position as chairman of 
toe Civic Democratic Party over a 
party funding dispute. 

In a statement also signed by In- 
terior Minister Jan Ruml. Mr. Pihp 
said Mr. Klaus had failed to answer 
serious charges stemming from the 
acceptance of financial donations. 

Mr. Klaus said Friday he would 
seek a confidence vote from his 


party. Mr. Klaus again denied that 
he knew that a businessman, Milan 
Srejber, gave 7.5 million koruna 
($222,000) to toe governing party 
in late 1995. Mr. Srejber. had just 
acquired a large stake in a steel 
concern privatized by Mr. Klaus's 
government. ( Renters . A P) 


Hvlihood. “How is it,” be asked, “that 
a party which spends most of its life 
arguing about toe creation of jobs, in 
one piece of legislation is going to 
decimate toe jobs throughout some of 
toe more remote and fragile economies 
in the country ?” 

Summoning up a fear held by many 
followers of country sports, he said that 
Friday’s measure was “merely part of 
an agenda” which will move ‘^relent- 
lessly through fishing and shooting and 
angling.” At stake, he said, was -toe 
"cohesion of toe countryside." 

S up porters of die ban are hoping that 
toe sheer scale of toe vote will persuade 
toe govcrnment.to overcome its reluc- 
tance to put it onits legislative schedule. 
Opponents argue that toe overwhelming 
numbers challenge another cherished 
British principle, toe right of a deter- 
mined minority not to be dictated to. 

Kate Hoey, a Labour member, told 
Commons she couldn’t understand why 
“a country that prides itself on its plur- 
alism and tolerance can be so prejudiced- 
against its own rural inhabitants." 


AABniWIV-AMOcntalFVrMi 

Archbishop Desmond Tuto, chairman of the truth commission, resting during a break Friday in Johannesburg. 


Mandela ‘Dug Her Grave, 9 Witness Says 


German Tax Deal 
Looking Possible 


TTte Associated Press 


. JOHANNESBURG — During toe 
apartheid era, toe security police tapped 
Winnie MadDrizela-Mandel a ’ s tele- 
phones, bugged her house and watched 
her 24 hours a day, but did not want to 
arrest her because she was "digging her 
own grave” with volatile behavior, a 
former security officer said Friday. 

The policeman, Paul Erasmus, iqld 
the Truth and Reconciliation Commis- 
sion that a security police disinform- 
ation campaign against President Nel- 
son Mandela’s former wife was based in 
part on intelligence reports of how her 
bodyguard unit in toe late 1980s ter- 
rorized the Soweto black township. 

He called Mrs. Madikizela-Maadela 
one of toe "most heavily targeted 
people in toe country,” with full sur- 


veillance of her activities. But any 
crimes or anti-government activity was 
allowed to continue because of fears of 
causing unwanted instability in the 
country. 

"Any move against her would have 
really upset toe political apple cart,” 
Mr. Erasmus said "The general feeling 
was that she should be left alone as far as 
possible.” 

His testimony came on the fifth 'day 
of a commission hearing on alleged 
human rights abuses in the late 1980s by 
Mrs. Madilrizela-Mandela and her 
bodyguards, known as the Mandela 
United Football Club. 

Witnesses this week have detailed 
murders, tortnre and other crimes by toe 
bodyguards. They said Mrs. Madiki- 
zela-Mandela was present in many 


cases and took part in some of the 
crimes. 

Mrs. Madikizda-Mandela, 63, has 
denied the allegations. She has long 
complained that apartheid agents and 
other enemies conspired Co spread false 
accusations about her and harm her 
political career. 

She is numing for deputy president of 
toe governing African National Con- 
gress" next month add,? if ^sutxessfuL, 
could become deputy president of the 
country after the next national ejection, 
in 1999. 

Earlier Friday, toe national police 
commissioner, George Frvaz, testified 
that investigations of at least two of toe 
murders allegedly linked to Mrs. 
Madikizda-Mandela in 1989 had yielded 
insufficient evidence to prosecute her. 


BONN — Germany's system of 
consensus politics, jammed all year 
by a dispute over tax reforms, began 
moving Friday as both the govern- 
ment and opposition said a watered- 
down deal might be possible. 

Top politicians said there was 
still hope of a deal before toe gen- 
eral dection in September. "We 
won’t moke any half-baked deals, 
but the coalition will seek an agree- 
ment,” Chancellor Helmut Kohl 
toldN-TV television. (Reuters) 


l lulu it fur 


For the Record 


Spain's Supreme Court has 
found all 23 leaders of toe political 
wing of toe Basque ETA guerrilla 
group guilty of collaborating with 
separatists, sources said. (Renters) 


Zimbabwe to Seize 1,500 Mostly White-Owned Farms travel update 


the fore toe tensions between city living 
and toe countryside, a place of mythical 


and toe countryside, a place of mythical 
dimensions to many Britons. “Country 
•Truths, Not Urban Myths, ” read toe 
] placard of one protester seated on a bale 
! of hay in Parliament Square. 

While the lawmakera debated, a 
! barge floated by outside toe Thames- 
's! de Houses of Parliament with a large 
| banner proclaiming “73 Percent Say 
• Ban Hunting." 

Inside, the speech-making was punc- 
tuated by jeering and growling shouts of 
"Here, here” as more than 50 law- 
makers made formal statements while 
their colleagues waved papers above 


CrmoileSirtOerSKffFitimDOpMSra 

■ HARARE, Zimbabwe — The 
government released an official list 
Friday of 1,503 mostly white- 
owned farms it plans to nationalize 
and band over to landless black 
peasants. 

Fanners' leaders immediately 
warned that confiscation of the 


properties, totaling nearly 12 mil- 
lion acres (4.8 million hectares), 
was likely to cut commercial farm 
production in the agriculture-based 
economy by at least a third. 

The Commercial Fanners’ Un- 
ion, representing some 4,000 white 
landowners, said annual produc- 
tion valued at 14 billion Zimbabwe 


dollars ($100 million) could fall 37 
percent “at a conservative esti- 
mate.” 

Political and economic analysts 
said toe confiscation drive has 
severely undermined toe southern 
African state’s investment image, 
and would probably damage its fra- 
gile economy and its chances of 
securing crucial aid from Western 
donors. 

But President Robert Mugabe 
said Thursday that he would press 
ahead with the land reform pro- 
gram because it was crucial to 
achieving social justice. 

One fourth of toe 4,000-acre 
form of Ian Smith, toe nation’s last 


white leader, will be seized, ac- 
cording to toe list. 

Mr. Smito beaded foe wjute gov- 
ernment of Rhodesia, as Zimbabwe 
was known before independence in 
1980. 

The list names 10 farms owned 
by toe Sonto African Oppeaheimer 
family, founders of toe giant form- 
ing and muting conglomerate with 
interests spanning southern Africa, 
Anglo American Crap. 

Some of the biggest, most 
renowned . white ranching and 
farming families running the most 


productive forms were also named, 
toe union said. 


s union said. 

The list reveals 83 black farmers 


are among those whose land is tar- 
geted for takeover. None appeared, 
to be ranking members of Firesideo! 
Robert Mugabe's ruling party. 

Mr. Mugabe Iras vowed not to 
pay compensation to landowners 
unless Western donors provide 
funds, but toe government would 
pay for buildings and improve- 
ments on seized properties, be- 
ginning within me next few 
weeks. 

The head of the formers’ union, 
Nick Swanepoel, appealed to Mr. 
Mugabe for further talks to devise* 
land reform plan that woald sustain, 
productivity and employment, toe 
union said. - (AP, Reuters) 


European Airline Traffic Rebounds f 


BRUSSELS (Bloombeig) — Europe’s airlines will fill a 
record number of seats with paying passengers this year as the 
industry extends a recovery from its early 1990s slump, toe 
Association of European Airlines reported. 

The Continent’s major carriers sold 73.8 percent of [heir 
available seats in October and are on course for an annual 
record, toe 26-member trade group said 
The trade association said travel increased in every major 
market in October from toe same month last year. Inter- 
national passenger traffic, for example, rose 8.8 percent 


Thailand’s national airline is to cut in-flight frills in a bid 
to slash costs, it said Friday. Thai Airways International is to 
stop serving wine to business-class passengers on domestic 
routes and will only serve food on internal flights if the service 
happens to operate during mealtimes. (AFP) J 


!Il ‘ , ’*ibi MU* | 


DEATH NOTICE 


A Fresh Start for Russia! 
WWW.AJATUSKUSTANNUS. R 


BARBARA LANE JENKINS 
of Cannes. France 
has died peacefully at home 
on November 26th. 

She was deeply loved and 
will be greatly missed by her 
husband, Peter D. Jenkins, 
her children, grandchildren 
and many friends. 


Land Mine Pact 


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100 and 105 countries will 
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Delegates from 135 coun- 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 29-30, 1997 


PAGE 3 


in West Indies Want to Make a Deal 


By Marie Fmemau 

Los Angeles Tunes Service - 

ROSEAU, Do mini ca — The hottest product 
on the market these days in the cash-strapped 
resort islands of the West Indies has nothmgto 
do with their sandy beaches or rain forests. 

And it dots not involve their booming off- 
shore industry, which attracts millions of dollars 
to companies that operate legally here free of 
most taxes and regulation. 

No, the most lucrative item for sale by the 
governments of these tiny island states, which 
are struggling to survive in a world with limited 
foreign aid, is far more basic. 

It is their nationality. 


For$50,00Q in cash, for example, aperson can 
buy apassportand lifetoog citizenship in Domin- 
ica. Toe' island nation is almost hidden between 
Guadeloupe and Martinique, but in the last year 
it has sold 68 passports — for $3.5 mfllian — to 
new citizens from points as diverse as- Moscow 
and Miami, Libya and Los Angeles. 

It will cost $250,000 to become a Kittsian, tip 
from $100,000 a year ago — but at least the 
fledgling citizen will own a house there. The new 
“Citizenship by Investment’* law in the' two- 
island nation of St Kitts and Nevis requires that 
amount as a minimum “real estate investment'*' 
to get a new nationality. 

Most other West Indian states offer passport 
packages that fall somewhere in between. 


Why are they doing it? 

“It's simple; Our governments need the in- 
come,’’ explained Joseph Escber, a Swiss-bora 
' offshore financial analyst who heads $l Kitts and 

*WeVe got to have some kind 
of income to live on . 5 


Nevis’s new International Financial Center. 
“The time when you could go and beg for money 
from England or die United States is gone. We've 
got to have some kirid of income to live on.” 
What is in it for the buyer? The reasons are 


almost as varied as the rations they come from, 
most of which permit dual citizenship. 

Mr. Escher and other offshore analysts said 
most Americans invest in a second nationality as 
a way to reduce or avoid U.S. raxes. It is not 
illegal for Americans to bold dual citizenship, 
but a citizen must use a U.S. passport when 
entering or leaving the country. 

Wealthy Russian business people invest, they 
said, principally to keep their global movements 
and investments secret from officials in Russia, 
where such information can be sold to kid- 
nappers or extortionists. 

Most others cany passports that are either 
barred or subject to strict visa requirements in the 
West, the analysts said. Those nationals view 


their new citizenship as a gateway to the world. 

■ In Dominica, nearly half the island’s new 
citizens, about 30, are from Russia or other 
former Soviet republics, according to a review of 
the country's public records in the last year. 

Nearly two dozen others are Chinese or 
Taiwanese. Another dozen are Americans. The 
rest are from Libya, Iran, Canada and Cuba. 

The popularity of the passport, Mr. Escher 
said, is not without complications for St. Kins. 

“The problem is you have 40,000 inhabitants 
of this country.” he said. “And countries like the 
U.S. give only so many visas to each country. 
Suddenly, we have 1 ,000 guys buying passports. 
There was a fear there would be fewer visas for 
native Kittsaans.” 


Ancient Climate and Man 

Abrupt Qumge Didn’t Drive Evolution , Some Soy 


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l By Curt Suplee 

. Washington Post Service 

WASHINGTON — Scientists at the 
Smithsonian Institution’s National Mu- 
seum of Natural History have chal- 
lenged one of the most widely held 
assumptions in human evolution: the 
notion that our early ancestors were 
prodded into existence in response to 
abrupt environmental changes during 
the Pliocene epoch. 

- Between 2.8 mini on and million 
years ago, much of Africa became con- 
siderably colder and drier as glaciers 
-began to creep across the Northern 
Hemisphere. During the same period, a 
new genus now named Homo emerged 
and split off from its shorter, less brainy 
(buz resolutely bipedal) predecessors, 
tiie anstrakrpitbecines. It seems improb- 
able that tins was simply a coincidence. 

Because environmental shifts fre- 
quently trigger the development of new 
species, it has been broadly presumed 
that the African cool-down caused a 
sudden pulse of turnover in many an- 
imal species, including the advent of 
humans who began using stone tools. 

But in-Friday’s issue of the journal 
Science, die Smithsonian researchers 
report that they analyzed- records of 
more than 10,000 specimens of 246 
species from the famed Turkana Basin 
fossil sites in Ethiopia and Kenya and 
found no evidence of abnormally rapid . 
evolutionary activity in the key period. 


“It seemed like an important hypoth- 
esis to test,” said Anna Behreasmcyer, 
a paleobiologjst at the Smithsonian mu- 
seum, because “people were- just as- 
suming ihttf human -evolution was 
by rfmwtft change.” 

The preeminent proponent of the 
“turnover pulse’ ’ hypothesis, Elisabeth 
Viba of Yale University, a paleontol- 
ogist, argued that there had been a no- 
tably sharp spike in the number of new 
homed ammal species in Africa around 
2.5 million years ago. Thar occurred as 
many heavy forests were giving way to 
savannahs or ^arid scrub lands and tem- 
peratures were be ginning u> drop. 

But some skeptics noted that toe fossil 
record was very uneven. Owing to geo- 
logical accident, scientists have obtained 
hundreds of specimens from sane chro- 
nological periods (such as the era around 
25 million years ago) and only dozens 
from others. Periods with many fossils 
naturally provide evidence of for more 
extinctions and species appearances 
than do those with a sparse inventory. 

Consequently, it is hand to tell the 
difference between a genuine evolu- 
tionary surge and mere!, opious 
roster of fossils. It is this potential 
“Ramplin g bias” that the Smithsonian 
team set out to investigate.* 

The results suggest that “human evo- 
lution was much more a response to a 
prolonged series of climate fluctuations 
rather man any singleshift,’ 1 said Richard 
Potts, an anthropologist at the museum. _ 




Goh and Mahathir Visit Taipei 


Reuters 

TAIPEI — Prime Minister Goh Ghok 
Tong of Singapore made a surprise stop- 
over in Thrwah on Friday, hours after 
Malaysia's leader made a similar visit 
-Mr.' Goh held dawn talks with 
Taiwan’s prime minister, VincentSiew, , 
just 15 hours after Prime Minister Ma- 
hathir bin Mohamad of Malaysia met 
Mr. Siew at the same airport 
Neither Singapore nor Malaysia rec- 
ognizes Taiwan and the visits provoked 
criticism from China, which regards 
Taiwan as a renegade province in- 
eligible for sovereign ties since its civil 
war splitfrom the mainland in 1949. 

Mr. Mahathir and Mr. Goh made 
what were called “transit scops” on 
their return from the annual Asia-Pa- 
cific Economic Cooperation forum in 
Vancouver, British Columbia: 

At that meeting, Taiwan offered to 
put $4 biDxm into a proposed $50 bil-. 
lion APEC-managed Asian emergency 
fund, but the idea was shot down by 
Western donors, who said aid was best 
channeled through the International 
Monetary Fund. 


Analysts said Taiwan appeared to be 
trying to nse its economic clout, in- 
cluding $82 billion in foreign exchange 
reserves, to win friends — and inter- 
national support for a loosening of 
Beijing'Stighl diplomatic embargo. 
'"'“Aftefiipts tospmMcnaoncy would 
get Taiwan nowhere in the face of 
Chinese Communists’ presence,” said 
Chang Lin-chen, political science pro- 
fessor at National Taiwan University.' 

Taipei denied that Taiwan hoped to 
buy influence and said Mr. Goh and Mr. 
Mahathir came" merely to exchange 
ideas with Mr. Siew on regional and 
bilateral economic issues. 

■ Beijing Protests Meetings 

China on Friday objected to the meet- 
ings in Taipei, Agence France-Presse 
reported from Beijing. 

“China expresses strong concern on 
tins. We hope these countries can re- 
spect ChinaV stand on the Taiwan is- 
sue,” the Foreign Mmisny said in a 
statement “They should not endanger 
their bilateral -relationship with tins 
country because of the Taiwan issue.” 


Pundits 9 Rough Patch 

WASHINGTON — For the capital’s 
“backrakexs,” those media celebrities 
who rake in lucrative speaking fees on 
the lecture circuit, 1997 may be re- 
membered as the year that the bucks 
stoppedhere. 

It seems Washington’s' inner work- 
ings and the political prognostications 
of the capital's leading journalists no 
longer enthrall the trade associations 
and industry groups that once happily 
doled out $10,000 for an hour of pun- 
ch tiy. 

For David Geigen, editor at large at 
U.S. News & World Report and prob- 
ably the only star pundit who discloses 
earnings from speechmakmg, 1997 has 
■been his slowest year in recent rnemory. 
He reported .earning $239/460 for SO 
speeches in the first five months of 


Away From Politics 

•The litflest of tile McCaughey sep- 
tuples, Nathan, has been taken off a 
respirator, joining bis six brothers and 
sisters in breathing on his own, the hos- 
pital in Des Moines, Iowa, said- (AP) 

•The Reverend Sun Myung Moon is 
inviting 35,000 married couples — • 
most of whom do not belong to his 
church — - to attend a marriage blessing 
ceremony Saturday at R)FK Stadium m 
Washington. ( NYT ) 

• A former Fort Jackson drill ser- 
geant has been sentenced to eight years 
in prison for sexual misconduct with 
female trainees, the fifth court-martial 
mvolvinjg.drill sergeants at the base in . 
Cotaonbia, South Carolina, since the sex 
scandal began last November. (AP) - 

•A gunman opened fire on a Thanks- ■ 
riving Day football game in the New ' 
York borough of the Bronx, killing two 
men and wounding three. - (AP) 


POLITICAL 


1993. But in the first six months of this 
year, his earnings were a mere $83,250. 
Mr. Geigen said the dip was seasonal, 
Since there were no major political races 
in 1997, though he acknowledged that 
this year had been more severe. (NYT) 

Hobos Turn on Mayor 

SAN FRANCISCO — There's bad 
karma these days between San Fran- 
cisco’s homeless people and Mayor 
Willie Brown Jr., whose election in 
1995 was cheered by street dwellers 
after be promised to pat an end to their 
harassment by the police. 

He now is regularly targeted at City 
Hall and elsewhere by angry homeless 
demonstrators calling for his resigna- 
tion. 

Outside tiie mayor’s office last week, 
they called Mr. Brown names and 


An ann ual 
American Indian 
gathering in 
Plymouth, 
Massachusetts, the 
town where 
Pilgrims celebrated 
their first 
Thanksgiving, 
turned violent after 
police confronted a 
group of Indians ' 
trying to march 
through town. 
Twenty-five were 
arrested, Plymouth 
police said. 

Jim RogastyAP 


ch»ntt»ri, “Solutions, not citations!” 

Mr. Brown has shown his own signs 
of exasperation. “I can’t talk with these 
people anymore,” he said. 

“They’re not on the same page. 
There are some people who just don’t 
want to live inside, and there’s nothing 
you can do with them. They are the 
hobos of the world. They don’t want 
help." (WP) 

Quote/Unquote 

Richard Sklar, Ambassador Bill 
Richardson's deputy for reform and 
management issues at the United Na- 
tions, an tiie search for a solution to the 
issue of unpaid dues: * 'We have to find 
a mechanism that will allow ns, more or 
less simultaneously, to make an arrears 
payment and get tiie assessment 
knocked down.” (WP ) 


Gunmen Down 
Journalist in 
Mexico Attack 


By Sam Dillon 

New fort Times Service 

MEXICO CITY — Jesus Blancor- 
nelas, a prize-winning newspaper editor 
who has crusaded against drug traffick- 
ers, was seriously wounded in Tijuana 
by gunmen who killed his bodyguard. 
One of the gunmen was also killed. 

Men firing automatic rifles ambushed 
Mr. Blancomelas’s vehicle as he drove 
to his newsroom on Thursday, said 
Francisco Ortiz Franco, an editor at Mr. 
Blancomelas’s muckraking weekly. 
Mr. B lan cornel as 's bodyguard, Lius 
Valero, opened fire on the attackers, 
killing one before losing his own life. 

Mr. Blancornelas was struck in the 
torso and hand by three bullets and un- 
derwent surgery Thursday afternoon, 
Mr. Ortiz said in a telephone interview 
from Tijuana. Doctors said that Mr. 
Blancornelas was stable, Mr. Ortiz said. 

The attack comes four months after 
gunmen in San Lois Rio Colorado, an- 
other border city overwhelmed by nar- 
cotics violence, killed Benjamin Flores 
Gonzalez, tiie founder of La Prensa, 
another weekly that had campaigned 
against drugs. Two other journalists 
were slain in Mexico this year, and at 
least 20 others have been kidnapped, 
tortured or beaten. 

The mounting violence appears to 
reflect both the rising independence and 
assertiveness- of the Mexican press, 
which is emerging from decades of gov- 
ernment controls, and the increasingly 
brazen attitudes of the country's net- 
work of organized crime. 


BOOKS 


PRESIDENTIAL ECHOES By Charles Deber 


ACROSS 
1 Twer 
5 Start ofa 
palindrome 
10 Figurehead sire 
14 Silent one 

19 Mala— •— 

20 "Yankee 

Conference town 

21 Piquant 

22 “Yond Cassius 

has and 

hungry look*: 
Julius Caesar 

23 President’s 
vision? 

20 You can get a 
rise out erf it 

27 Highspott 

28 Dances for Desi 

29 Mario Cuomo, 
e-ft 


84 Banker-types 

86 London gallery 

87 Spring time in 
Lisbon . 

88 Boston's Bobby 

89 Prayer 

91 Leave a mark on 

93 Big garden 
products brand 

94 Look into again, 
os a case • 

96 President's 
takeover? 

100 Misjudge 

101 Fictional weaver 

102 Mouths 

103 Does high-tech 
surgery, hi a way 

105 One of the Brady 
bunch 

106 Baby's pastime 

111 Protected bird 


30 Fraternity letters jjy President's 

31 Lasting forever weapon? 

32 Red ' 114 Rfce 

33 Preskteit'sbird? 115 — 531 

41 Athletic type, 117 Bewilder 


42 Bones, in 
anatomy 

43 Architectural 
flute 

46 mo 

47 Innocent. e.g. 

48 Stable locks 

SO Place to buy a 

pie 

52 Prankster 

53 President's 
Injuries? 

58 Unis 

59 Parts of a 
baseball 
schedule 

81 Archenemies, 
maybe 

63 Gar's reply to 

protesters 

64 Broad sash 

65 Flaubert's 
birthplace 

66 Khan 

68 5hut.c£. 

71 Thej' do the 
l hoiking 
74 -Superiors 
79 Barm night, 
perhaps 

81 president's 
testament? 

83 Annex 


weapon? 

114 Rice 

115 saw 

Elba* 

116 “Let — -Cake" 

117 Bewilder 

118 Part of a ship's 
bow 

119 Reddish-brown 
gem 

120 One-sided tills 

121 Victory, to . 
Wagner 

DOWN 

1 Popular dog 

name 

2 Faster egg hunl 
sight 

3 Constellation 
animal 

4 Plan to lake off 

5 Angora 

6 Sound reveille 

7 Gives, old-style 

8 Chemical suffix 

9 The mornings 
alter 

10 Early infant: Var. 

11 Some shades 

12 Kindof liner 

13 “Swiss Family 
Robinson' 
author Johann 

14 President's fog? 

15 Niton's 

. successor 

16 president's 
beam? 

17 El — 

18 Airing- 


24 link 

25 Noted jazz 
bandleader 

31 Nordrhdn- 
Westfolendty . 

33 Hardly 
stimulating 

34 Bouquet ■ 

35 Surprisingly 
cold 

36 Busy one 

37 Etiquette 
subjects 

38 Emerald Ci(y 

' V.LP n with “the’ 

39 BhieMoods 

40 Ger hot under 
Hie collar? 

44 Somertes. 

45 Upswing 
-48 Ape 

49 Pink-slip 
51 Old-fashioned 
heating devices 

53 Apprehend 

54 Aloof ones 
. 55 Prefix with 

modulator 

56 Stammerer's . 
phrase - - 

57 The21st.e.gJ 
Abbr. 

60 Dinner for the 
Crai chits 

62 Mercury model 
65 Electrical unit 

67 Coop 

68 Haidwear? 

69 Often-recited 
Christmas poet 

70 President's line?* 

72 Pitcher 

73 Unwanted coal? 

74 Honor 

75 Snippet 

76 Alliance until 
1977 

77 Root of 
diplomacy 

78 Single-master 
80 President’s 

article of 
-apparel? 

82 Flight path 
85 Fed holiday, 
often - 

87- "Happy Days'* 
father, 

informally , 

90 LcssmraHaWe . 

91 Actress Braga ( 

92 Maid 

93 Expo TO site 



95 Shows pride in 

one’s 

appearance 

97 Corsage staple 

98 Attacks 

99 Pounds 

101 Spamshactress 
Carmen 

103 Mother of 
. Judah 

104 Where Shah 
Jahanis 

' entombed 


105 UJC honors 

106 French lire 

107 Common 
conjunctions 

108 Sons of. lo a 
sabra 

109 Seep 

110 Standard 
force 

113 -Vote— ” 


O Nnsv York TanesfEdited by Will Shorts. 


Solution to Puzzle of Nov. 22-23 


lUaa auaa uouliu luulli 
uiaa □□□□ □□oddo 
Lujuacnjuu uuuuuu ljuli 
U19UBU ULJPUU [JUJU UUL1 
□UJLiUUL' UIJUUULJ LjULULlr 
ytlUU [JLJUL5 L3ELJ13 LIEJL.I 
uaUUUCIQLl UDUUHld uduu 


I 'JULIJ 00 LI LI OGQLSU OLjukiO 
Liuuua □□0U0 13UUUEEC 
U'JGIULJLI 0UUUG DEDUCE 
□□□ tiiaaaHQOOUQDOG DUG 

anafluo □□□□□ uoodqd 

UUIIUOUn □□DUO UDEiOD 

ganaa □□□□□ naua code 
arnaa □□□□no □gcodecd 
□ an naan uuso dddc 
□□L iaaa qdddbq edoecde 
ana □□□ qoood deeed 
aaaau auaoao qdogecdd 
□ aann anoanQ aono ode 
jaoaa anono good odd 


BOWTHEMMD • 

WORKS 

By-Steven Pinker. Illustrated. 
660 pages. $29.95. W.W. 
Norton & Co. 

Reviewed by Christopher 
L dimaim -Hanpt 

S TEVEN PINKER hasn't 
explained everything in 
his. compelling new book, 
“How the Mind Works. ” As 
heis tiie first to concede, mys- 
teffis about the mind still 
abound, like consciousness, 
the self, free will, meaning, 
knowledge and morality. 

But he explains a good 
deal. As he states at the outset, 
“I wrote this bode because 
dozens of mysteries of the 
mind, from mental images to 
romantic love, have recently 
been upgraded to problems 
(though there are still some 
mysteries too!).” 

He adds. “Every idea in 
this book may turn out to be 


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wrong, but that would be pro- 
gress, because our old ideas 
were too vapid to be wrong.” 

The big new idea be pre- 
sents is that the old mind-body 
problem has been solved. 
“Tbe mind is not the brain bat 
what the brain does,” he 
states. “The mind is a system 
of organs of computation, de- 
signed by natural selection to 
solve the kinds of problems 
our ancestors faced in their 
foraging way of life, in par- 
ticular, understanding and oat- 
maneuvering objects, animals, 
plants and other people.” 

Accepting tins definition 
entails two premises that are 
repugnant to many people. 
Pinker points oat The first is 
that the mind resembles a 
computer, which is not to say 
that rt is a computer, he quickly 
adds. The second is that the 
human mind has been part of 
the evolutionary process that 
Darwin first desenbed. 

-Pmker’s book, a selection 


of many people’s theories in a 
Variety of disciplines, is in 
large part an eloquent defense 
of these two propositions. 

How does he go about mak- 
ing his case? Mainly by the 
process of what he tails “re- 
verse-engineering the 

psyche,” or offering plausible 
explanations of how humans 
got to be the way we are. 

.For instance, he shows how 
fairly simple computer pro- 
grams can accountfor the way 
we think, as well as how they 
refute “the most influential 
theory of how tbe mind works 
that has ever been proposed,” 
namely the one of association 
embraced by Locke, Hume, 
Berkeley and Mill. 

Elsewhere, Pinker at- 
tempts to resolve a paradox 
proposed by Darwin's con- 
temporary Alfred Russel 
Wallace, who asked why hu- 
mans are able to do so many 
sophisticated things,- like 
math, chess, art or figuring 


out the laws of evolution, 
which would not have been 
demanded in the primitive 
circumstances in which the 
mind evolved. Pinker’s an- 
swer is “The most recondite 
scientific reasoning is an as- 
sembly of down-home mental 
metaphors.” 

He writes, “We pry our 
faculties loose from the do- 
mains they were designed to 
work in, and use their ma- 
chinery to make sense of new 
domains that abstractly re- 
semble the old ones.” Or to 
state it in reverse, “die most 
important relic of early hu- 
mans is the modem mind.” 

New York Times Service 

NEW AUTHORS 

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PAGE 4 




Turkish Judge Accuses 
U.S. of Pressuring Court 

HeBlasts Comments on Effort to Ban Party 


By Stephen Kinzer 

New York Tuner Service 


ISTANBUL — The highest-rankin g 
judge in Turkey has strongly criticized 
the United States, accusing ii of trying 10 
discourage a court from Hanning the 
country’s pro-Islamic political party. 

! “No institution in Turkey or in the 
world can influence the Constitutional 
Court," asserted Judge Yekta Gungor 
Ozden, the court’s president. ‘Turkey is 
not a satellite or servant of the United 
States.' 1 

; The 'case against the Welfare Party, 
which advocates a greater role for re- 
ligion in pnblic life, appears to be near a 

ICON: 

Ataturk the Hero 

Continued from Page 1 

fervor that reflects the intensity of their 
emotion on this issue as on many others. 
The latest results issued by Time show 
Ataturk ahead in the “warriors and 
statesmen" category with more than 7 
milli on votes. But Turks have been un- 
willing to stop there. 

At various times during the campaign. 
Ataturk has led in every category. In the 
latest results he leads in just two. He 
narrowly leads Winston Churchill in 
votes for the century’s greatest states- 
man. And in the "heroes and adven- 
turers’ ’ category, he is far ahead of Nel- 
son Mandela and the astronaut Yuri 
Gagarin. 

- The Watergate conspirator G. Gordon 
Liddy is in fourth place, with more than 
80,000 votes, suggesting that Turks are not 
the only ones having fun with the voting. 

! At one point Ataturk led Elvis, 
Madonna and Bob Dylan as the cen- 
tury’s greatest entertainer, was far ahead 
of Einstein and Marie Curie as the 
greatest scientist, and outpolled Henry 
Ford and Frank Lloyd Wri ght as the 
"bunders 


greatest among 


and titans.” 


decision. Aprosecutor is seeking to has ' 
the party outlawed on the grounds that it 
is working to undermine the secular 
basis of the Turkish state. 

Some of Turkey's Mends in the West 
are dreading a decision that would ban 
the party, fearing dial it would set bade 
Turkey’s continuing effort to portray 
itself as a fully democratic country. The 
Welfare Party won mare votes than any 
other party in the last national election in 
1995 and led the government for 12 
months in 1996 and 1997. 

This week, according to reports in the 
Turkish press, American officials dis- 
cussed the case with General Cevik Bir, 
the second-ranking figure in die Turkish 
militar y, who was visiting Washington. 
Later, a State Department spokesman, 
James Foley, said publicly what officials 
of several Western nations have been 
telling Turkish officials in private. 

“we believe that the outcome of tins 
case will have an influence, or an impact 
on Turkish, democracy and secularism, 
both of which we strongly support," Mr. 
Foley said. 

"I would hesitate to comment directly 
about an ongoing case," he continued, 
"but I can note that the Turkish con- 
stitution itself, which is the criterion at 
stake here, I believe, in the court case, 
protects not only the secular foundation 
of the state, but also its democratic foun- 
dation. 

"We would expect that the court will 
issue a decision consistent with those 
principles. We would be concerned with 
any decision which ended up damag in g 
confidence in Turkey’s democratic mul- 
tiparty system." 

That statement stirred Judge Ozden, 
whose reputation as a militan t secularist 
is so strong, that Welfare strategists have 
sought to draw out the case in the hope 
that it could be decided after his im- 
pending retirement He said the state- 
ment was "totally out of place’ ’ because 
Turkey “is not the 51st state of the 
United States." 

Asked if he thought the United States 
was seeking to influence the outcome of 



M Uwa/^pmT FanrlW 

Protesters trying to break into the Supreme Court in Islamabad on Friday to stop the Sharif proceedings. 

Sharif Backers Storm Pakistan’s High Court 


CenpBei by Ow Sttf Fam Dbpaxba 

. ISLAMABAD, Pakistan — Several 
thousand people on Friday stormed the 
Supreme Court here, forcing its chief 
justice to adjourn a contempt-of-court 
case a gainst P akistan ’s prime minisrw 
and flee the courthouse. 

If found guilty, Prime Minister 
Nawaz Sharif could be removed from 
power. 

Protesters shouted slogans against 
Chief Justice Sajjad Ali Shah, who is 
locked in a power struggle with Mr. 
Sharif, and brake through the gates, 
officers. 

hammered at the 
locked courtroom door where Justice 
Shah and four other justices were hear- 
ing the contempt case. 

The chief justice adjourned the hear- 


ing and fled with his colleagues, while 
police with steel-tipped barons tried to 
restore calm. No new dare was set 

The demonstration appeared to be 
led by the youth wing of Mr. Sharif s 
Pakistan Muslim League and included 
several lawmakers, witnesses said. 
Youths screaming “Sajjad is the killer 
of democracy" set off' fiiecrackere on 
foregrounds outside foe courthouse. 

The quarrel between the prime mtn- 
ister and chief justice began several 
months ago over the appointment of 
five new judges to the Supreme Court 
Justice Shah and Mir. Sharif argued 
over who should be appointed. 

Justice Shah won but not before he 
resurrected c orrup tion charges against 
Mir. Sharif and suspended a consti- 
tutional amendment that outlawed law- 


makers from voting against their party 
on legislation. 

Mr. Sharif publicly criticized Justice 
Shah’s decision to sospend that amend- 
ment, which resulted in foe contempt- 
of-court charge. In Pakistan, it is a 
crime to publicly criticize foe judi- 
ciary. 

The government has ordered an in- 
quiry jyito foe assault on the court- 
house, ^formation Minister Mush- 
ahed Hussain said. 

The chief justice later asked Pres- 
ident Farooq Leghari to give him army 
protection. He said in a letter to Mr. 
Leghari that he also wanted the homes 
of senior judges protected because 
“hardfy any trust can be reposed in foe 
forces under foe administrative control 
of the government.” (AP. Reuters) 


He would probably still lead in those the case, foe judge replied: 4 This is what T7 T TJVTT rfY]\T_ a rrr i r * n >7 rv 7 i c irr • rrt • 

categories if editors at Time had not I am saying. It is not pleasant — not JxJji UJ.lJ.vli 1$ A rVOTTVOLTl iWCClS Brothers fVtlO OdV €(t JtlBT III Ukraine 
decided to move his votes into more right." 


reasonable categories, 
i One Istanbul columnist, Ali Sirmen, 
wrote recently that the campaign has 
touched off “social hysteria" and as- 
serted, "It is not Aratnrk’s fault that he 
has been placed in such an absurd po- 
sition.*’ 

Another columnist, Murat Birsel, 
noted that the government was not mak- 
ing any effort to promote participation in 
the Time poll 

"But in something like this, we don’t 
need the state,” Mr. Birsel said. “We do 
it on our own. Part of ir is just because 
Turks are funny people. The other tiling 
is that with ail foe controversy about 
secularism over the last year or two, we 
look back at our good old Ataturk and 
suddenly realize that we love this gay. 
He’s a symbol of democracy, freedom. 


right. 

■ 33 Sentenced to Death 

A Turkish security court Friday sen- 
tenced 33 Muslim activists to death far 
their part in a riot and arson attack in 
1993 in which dozens of people were 
killed, Reuters reported from Ankara. 

Turkey has not executed any convicts 
since the early 1980s. Death penalties 
are normally converted into life terms in 
prison on appeal. 

The court also jailed 46 other people 
for np to 20 years for their involvement 
in a rampage through the central city of 
Sivas. The judge acquitted 14 others. 


Continued from Page 1 

foe raging pogrom, you go and tell her." 

The two brothers — Mikhail was 18, 
and Nikolai, 16 — had a big load on their 
shoulders. There were many small de- 
tails to tend to. If there was smoke com- 
ing out of foe chimney more often than 
usual, tire neighbors would wonder: Was 
Mrs. Vavrisevich baking bread for 
people other than her husband and her 
two boys? Ifthey pulled more water than 
usual from the well, the neighbors might 
get suspicious: How marry people were 
bathing inside the house? 


"Even though we were so young, this 
time aged us,” Mikhail said Thursday, 
his sonorous voice cracking. “We had to 
beverycarefulandkeepoartongnes.be 
watchful of who was coming, win was 
following us, what they were talking 
about 

“If we wouldn't have taken these 
precautions, we wouldn ’t have survived, 
and foe people who were with us 
wouldn’t have survived. Our father said, 
‘We are tarrying a double load.’ ” 
Nikolai, foe younger brother, who 
piped up occasionally to dispute details 
of his brother’s narrative, sat with his 


hands folded at foe table and nodded. 
"We were living in constant fear," he 
said quietly. 

Once, they recalled, a local Gestapo 
official who was a friend of their father 
came to their door with a warning: An 

with hiding Jews: Tbe'officlal assured 
Constantin that he would not cum him in. 
When foe war ended, Constantin repaid 
the debt and declined to turn him in. 

The girl and her mother stayed with 
foe Vavriseviches until February 1944, 
then moved on, eventually making their 
way to the Russian front and safety. 


Chubais Denies 
Moscow Asked 
For More Aid 
From the IMF 


GmmMt* Or. tagfm* 

MOSCOW — Russia's chief eco- 
nomic -reformer sought to play down 
repeats Friday that Moscow might be 
seeking additional help from the lntR- 
national Monetary Fund and the Wand 
Bank amid market instability- . 

Senior Russian representatives who 
visited Washington this week tor 
with the IMF and foe World Bar* did not 
discuss specifics of additional financial 
assistance, said First Deputy Pntne Min- 
ister Anatoli Chubais. 

"No concrete quantitative toilets or 
parameters were discussed. Mr. 

fomhais said. At foe same time, be con- 
firmed that Sergei Alexashenko, fust 
deputy chairman of the central bank, rad 
Sergei Vasilyev, tire governments first , 
deputy chief of staff, visited Washington 
this week. , ' ■ 

“There are questions we think needed 
to be raised. That’s why Vasiliev and 
Alexashenko went," Mr. Chubais said. 

Sources familiar with the talks said 
that Russian representatives raised foe 
issue of possible additional financial 
support if foe market crisis in Asia per- 
sisted. World Bank officials are said to 
have offered to release about 51 billion 
to Russia in foe next month or two. ^ 

In particular, foe World Bank mi gh t 
eed the release Of the first $400 million 
a structural-adjustment loan to give 
the government budgetary support, sod 
an official close to foe negotiations. 

Mr. Chubais noted that the govern- 
ment was struggling to meet a pres- 
idential commitment to pay off biliion& 
of dollars in state-sector wage arrears by 
the end of foe year. 

* This is a very difficult task, perhaps 
one of the most difficult we've raced m 
the last five years," Mr. Chubais said, 
adding that “foe situation turned out even 
more difficult than we expected" be- 
cause of instability on financial markets; 

President Boris Yeltsin, meanwhile, 
threatened Friday to make more cabinet 
changes as a result of the government's 
handlin g of the economy, but said Mr. 
Chubais would stay for now. 

Mr. Yeltsin, who removed Mr. 
Chubais as finance minister last week 
but retained him as a first deputy prime 
minister, put pressure on the government 
ahead of a meeting scheduled for Mon- 
day at which it must deliver a report 
defending its performance. 

"I want to look our ministers in the 
eye and ask them the same questions 
people are putting to me as the head of 
state," Mr. Yeltsin said in a radio ad- 
dress. “I cannot rule out that it will be 
necessary to take some further personnel 
decisions following the results of this 
report" (AP. Reuters) 


KOREA: 


ne s a symooi or democracy, neeaora, q Th a I 

secularism. Western orientation and all tjQmSUng iA£tT€TlCiWS 
those things. We want to cry out at the ° 

top of our lun; 

The Time po 


, ‘I love you so much!’ 
is a chance for us to do 

that 

“The only thing I resent is that, as 
usual, we’re overdoing it You’ve got 
these Turkish yahoos voting for Atatmk 
in every category. If there was a category 
for ‘most beautiful eyes,’ Turks would 
vote for him there too. It’s vulgar; it’s 
demeaning." 

The only other nation that seems to 
have taken the Time poll seriously is 
Greece, Turkey's eternal rival — in part 
because the two peoples are so much 
alike. 

Alarmed that Ataturk might win foe 
poll and thereby score some propaganda 
points for Turkey, thousands of Greeks 
have banded together to support 
Churchill, foe only figure with an ap- 
parent prospect of defeating him. Ar- 
menians are also sending letters to Time 
asserting that Arannk played a role in 
massacres of Armenians in the early 
20th century. 

Walter Isaacson, the managing editor 
of Time, said (he Turkish campaign 
“took me completely by surprise but is 
absolutely fascinating." 

“I never thought much about Ata- 
turk,” Mr. Isaacson said. “This makes 
you realize that nation-builders are the 
core of what this century is all about" 


UN Sending Team 
To Congo Region 

Care^trfOarSs^FmDaparhei 

UNITED NATIONS, New York 
— The United Nations will test foe 
Congo’s latest promise to cooperate 
with a UN h uman rights investi- 
gation into massacres in the former 
Zaire by sending an advance party 
Saturday to an area where the gov- 
ernment denied them access months 
ago. 

Secretary-General Kofi Annan 
decided to go ahead with the inquiry 
into alleged massacres of Rwandan 
refugees in the Congo after threat- 
ening to withdraw foe team because 
of government obstruction. 

"The team will now proceed 
with its work," he said in a letter to 
President Laurent Kabila, written 
Thursday after meetings between 
team leaders and the government of 
the Democratic Republic of the 
Congo. 

Fred Eckhaxd, a UN spokesman, 
said an advance group would go to 
Mbandaka in the northwest on Sat- 
urday, the town that the team had 
been prevented from inspecting last 
summer. Atrocities against Hutu 
refugees were reported last May, 
shortly before Mr. Kabila’s success- 
fill campaign for power. 

The investigation was to have 
begun in early July. (AP. Reuters) 


Continued from Page 1 

woo Motor Co. and Kia Motors Corp. Kia 
continues to manufacture cars even 
though it is in bankruptcy. 

"Restructuring of foe Korean auto 
industry is a must,” said Mr. Hwang, 
suggesting that foe issue might come up 
in talks between Finance Ministry of- 
ficials and a team from foe International 
Monetary Fund. 

Of Samsung’s recently announced re- 
structuring plans, Mr. Hwang said, it 
would follow a "Korean version," 
which meant no layoffs. Labor laws vir- 
tually ban layoffs. 

“We know what are our problems," 
he said, citing "high leverage, too ag- 
gressive spending, too optimistic fore- 
casts and less than shrewd nnan dal man- 
agement" as factors precipitating foe 
crisis at Samsung and other companies. 

Samsung has taken the lead among 
South Korean conglomerates, known as 
chaebol, in appearing to act on die need 
fra economic refrain, but all the oilier 
conglomerates appear to have under- 
stood the need for restructuring. 

Hyundai, the largest chaebol in terms 
of assets and the second-largest in terms 
of sales, which topped 587 billion last 
year, has postponed announcing its 1998 
business plan while it evaluates its abil- 
ity to pay its bills. It has postponed the 
second phase of a semiconductor facility 
in Scotland that would cost $2 billion. 

Motor vehicles, however, may be foe 
largest, most visible casualties of foe 
slump here. Analysts say that South 
Korea cannot afford so many manu- 
facturers and Kia will be (he first to go. 

“The general sentiment is there are too 
many car companies," said Thomas 
Lewis, senior vice president of the Boston 
Consulting Group. He predicted a fierce 
battle for survival among the carmakers. 

"There’s a lot of face involved,” be 
said. 



INDIA: Coalition Comes Tumbling Down 


Continued from Page l 

expensive but foe country’s exports 
more competitive. 


stage a political comeback. They were 
eager partly because it appeared that Mr. 
Gandhi’s widow, Sonia Gandhi, woukl 
ca mp aign for its candidates. But her 


Last weekend, Mr. Gujral canceled a latest signals have indicated an uawill- 


The South Korean finance minister, Lim Chang Yuel, left, being 
welcomed to Tokyo by Finance Minister Hiroshi Mitsuzuka on Friday. 


Samsung alsn nnnnnnmd Friday that it 

does uothave the $500 million needed for 
the second phase of the Samsung Austin 
Semiconductor plant in Austin, Texas. 

Also on Friday, LG Semicon Co., foe 
semiconductor unit of the LG Group, 


The commitment came in a meeting 
between Finance Minister Hiroshi Mit- 
snzuka of Japan and his South Korean 
counterpart, Lim Chang YueL 
"Itold Mr. Lim that Japan will extend 
financial aid to South Korea after foe 


announced an indefinite postponement . country readies an agreement with the 

/vf 4 aF (fATUVrinm rtf/win#r TftAl-7 An Ait oi/f ** ViflV IfitrarmLw 


of a global issue of depositary receipts. 

None of foe- major South Korean 
companies, except fra Samsung' Elec- 
tronics Co., could raise capital in. the 
global equity market this year, a far cry 
from a year ago when Korean debt was 
the daiiing of foreign investors. ’ 

Meanwhile, in Tokyo, Japan said it 
would give South Korea financial help to 
solve its economic crisis but only on the 
condition that Seoul agreed to the terms 
of an IMF aid package. The Fund is 
providing South Korea with a line of 
credit to reassure international investors 
that debts can be paid in hard currency. 


JMFon an aid package," Mr. Mitsuzuka 
said. 

A Japanese Finance Ministry official 
said Mr. Lhn had not asked for a specific 
amount of financial aid from Japan. 

The IMF has yet to set the amount or 
terms of the aid. Many analysts say Seoul 
needs $40 billion to $60 bmion. Mr. Lim 
said Thursday that Seoul would need “far 
mere" tha n the $20 billion it sought just 
last week. Seoul newspapers reported that 
the Fund had demanded that South Korea 
settle for 25 percent economic growth, 
instead of its 6 percent goal, while cutting, 
pnblic and private capital expenditures. 


trip to a regional economic summit in 
Bangladesh to be hosted by Prime Min- 
ister Hasina Wazed, who has quietly 
tried to encourage a rapprochement be- 
tween India ana neighboring Pakistan. 
Prime Minister Nawaz Sharif erf 
Pakistan also did not go because of his 
own political troubles over a confron- 
tation with his country ’s high court. 

The Indian Parliament has not con- 
' ducted business for two weeks because 
angry Congress Party members have 
disrupted every session, calling for the 
ouster of the Dravida Progressive Fed- 
eration from the government. 

The winter session of Parliament had 
been scheduled to consider legislation to 
open the insurance industry to private 
competition, a bill to regulate the satellite 
television industry and a constitutional 
mandate, to increase the number of wom- 
en in Par liament and state assemblies. 

Tlje insurance, broadcasting and other 
legislation to extend India's movement 
toward a market economy bad been 
stalled because of policy disagre ements 
in Parliament One Western analyst ex- 
pressed doubt that a new government 
would be any more successful in pushing 
market-oriented legislation. 

Mr. Gujral ’s departure marks the 
second time this year that Sitaram Kesri, 
president of the Congress Party, has en- 
gineered the ouster of a prime minister 
who ted a United-Front government. The 
coalition of regional, centrist and com- 
munist parties came together in June 
1996 to keep Hindu nationalists out of 
power, hi April, Mr. Gujral replaced 
H. EL Deve Gowda, whom Mr. Kesri said 
had taken Congress support for granted. 

loathe new report on Mr. Gandhi’s 
assassination. Congress leaders initially 
believed they had found an emotional 
election issue that foe party could use to 


ingness to make an election issue out of 
foe death of Indira Gandhi’s son and 
Jawaharlal Nehru’s grandson. 

The 5,000-page report, more than five 
years in foe making, accuses a Dravida 
Progressive Federation government in 
Tamil Nadu in the late 1980s of con- 
doning’ the supply operations of the Lib- 
eration Tu^afTamU Eelam — even as 
its guerrillas were battling Indian troops 
sent to northern Sri Lanka in 1987 on a 
peacekeeping mission. 

The guerrilla group’s cadres have, 
been accused of carrying out foie as- 
sassination to avenge Mr. Gandhi's or- 
der sendiiu* in foe troops, but the Lib- 
eration Tigers have never taken 
responsibility fra foe killing m. Kar- 
u n a ni d hi , who last year led the Dravidia 
party back to power in Tamil Nadu state, 
has dismissed the report’s allegation. He 
has noted that Mr. Gandhi visited the 
state eight times without incident during 
his earlier term and that none of his party 
members 'were among 41 accused of 
assassinating Mr. Gandhi while he was 
on a 1991 campaign trip. 

“We have done nothing- wrong. Our 
conscience is clear,” Mr. Kamnanidhi 
said last week. 


CHINA: The ‘Tiger’ Economy ThrU Escaped the Asian Crisis Is Sharpening Its Claws 


Continued from Page 1 

growth fra ASEAN slows down or fal- 
ters. then over the longer term there 
could emerge a north-south economic 
divide in foe East Asian region — a rich 
north and poor south. Such a north-south 
economic imbalance can in mm create 
geopolitical problems Hot foe region." 

The Association of South East Asian 
Nations includes Brunei, Burma, In- 
donesia, Laos, Malaysia, foe Philippines, 
' Singapore, Thailand and Vietnam. 

"Unless ASEAN countries continu- 
ally upgrade their economies and move 
into higher value-added activities, drey 
will find it hard w compere with China,’ 1 ' 
Mr. Goh added. "No matter how 
cheaply Indonesia or Thailand can pro- 
duce a pair of Reebok shoes, China,- with 
its 12 billion labor force, can produce 
them at lower cost." 


Since Thailand triggered the conta- 
gious financial m stability and dimin- 
ishing economic growth in East Asia 
when it devalued its currency on July 2, 
China’s economy has become much 
more important to foie region. 

Adhijn Cbakrabortii, regional 
strategist fra HSBC Janies Capel Se- 
curities, a unit of Hongkong & Shanghai 
Banking Corp., said the overall economic 
growth rate in East Asia, excluding Ja- 
pan, was. forecast to slow from 7 percent 
in 1996 to 5 percent in 1997 and 3 percent 
in 1998, after adjustments for inflation. 

China’s slowing but still robust 
growth — whose annual rate is about '8 
percent, according to official figures — 
is bolstering foe rest of the region. 

“Strip out China,” Mr r -Aahijit said, 
“and you get. 6 percent last, year, 3 
percent this year and below 2 percent 
next year." 


Some economists doubt that China 
can avoid the kind of shocks hitting other 
East Asian economies. They say China 
will be hurt by slowing foreign invest- 
ment, loans and aid from Japan, South 
Korea and other troubled economies. 

But Joan Zheng, China economist at 
J.P. Morgan & Co.’s Hong Kong office, 
said that while China's investment in- 
flow and exports would fall next year, 
they would remain strong. 

She said that even though China faced 
weakening demand fra its exports be- 
cause of currency devaluations by East 
Asian competitors, this disadvantage 
could be cushioned by China's cheap 
labor, rising productivity, declining raw 
material costs and- lower interest rates. 

“China is the one cpnnay-in foe re- 
gion that can afford to cut interest further 
to rase foe pain of impaired currency 
competitiveness,' ’ Ms. Zheng Said. 


Robert Broadfoot, managing director 
of Political and Economic Risk Con- 
sultancy Ltd. in Hong Kong, said that the ' 
new constraints oh growth in East Asia 
would force China to press ahead with 
reforms. 

“In. the first half of 1997, Chinese 
stare-owned companies have been list- 
ing in Hong Kong and absorbing an 
awful , lot of global capital," he said. 
“One of the better things out of this 
crisis is to dray them easy capital and 
force them into structural change." 

Mr. Goh said foie most likely outcome 
was that China would compete with 
ASEAN economies fra investment and 
global market share, both as an investor in 
foe group and a market for its exports. 

“What is critical fra fore long term is 
-that there be balanced growth in East 
Asia so dial no one economy domi- 
nates;" Mr. Goh said. 


Canada Will End 
10-Day Mail Strike 

OmpO^bfOirSt^FMmObpaehn 

TORONTO - — The Canadian 
government said Friday that it 
would enact legislation to force an 
end. to a 10-day nationwide postal 
strike that has devastated many 
small businesses and charities. 

‘ ‘It’s obvious we’re at an impasse 
in the negotiations," said Labor 
Minister Lawrence MacAulay. 

’ The time of decision is here " 

A federal mediator has been un- 
able to resolve deep differences be- 
tween the federal postal aeenev 
CanadaPost, and the CanadianUn- 
lon of Postal Workers. 

The union’s 45,000 members 
walked off the job Nov. 19 in a 
dupMte over wages and job secu- 

The legislation to end the strike is- ' 
expeaed to be introduced Monday. 
The timetable fra debate and en- 
actment, however, is uncertain 

The rightist Reform Par 
largest opposition group in . 
meat, said it would help speed ., 
sage of foe measure and would si 

a tan on future postal strikes. 

The Canadian Federation 
depradent Business estimated 
foe strike was costing r 
to 200 miltion Canadian ooura 

($140 million) a day. (AP. Re£e!$ 


f 




_ 






. J 


■ ' • 


![ h k \ 

■ 1 b Egypt Adding Tourism 
\ , * ^ To Luxor Massacre Toll 

^ l||i. h. Surge of Cancellations Damaging Economy 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 29-30, 1997 


RAGE 5 


By John Lancaster 

Washington Pan Service 


it 


CAIRO — From all at 
this was shaping up as a banner year 
for Egyptian tourism. Hotels in Luxor 
* r - and Aswan* the two main antiquity 
centers in the Upper Nile VaJley, were 
";h\ bursting with tourists. Cruise boats 
' caused traffic jams on the Nile. Re- 
sons on Egypt’s long Red Sea coast 
; 'k were bracing for their busiest Christ- 
mas season ever. 

But the boom has ended. The 
slaughter of 58 foreign tourists by 
Islamic militants near Luxor on Nov. 


•tic 

'il- 

•K 


17 has brought a wave of cancel- 
lations, panicking die industry and 
raising fears about significant damage 
to the Egyptian economy. 

There are no firm figures yet on the 
extent of the damage. But interviews 
with tour operators, government of- 
ficials and Western diplomats suggest 
that the number of tourists in Egypt 
has already fallen by more than half 
nationwide and by as much as 90 
percent in Luxor and Aswan. 

Hotels are laying off workers, boat 
operators are canceling Nile cruises 
and Red Sea resorts are frantically 
dropping rates in a bid to win back 
some of the European customers 
scared off by renewed threats of ter- 
rorist violence. According to prelim- 
inary estimates by Western diplo- 
mats, tourism losses in the coming 


Iraq Hopes Gesture 

■i> mats, tourism losses m tne coming 

^ UR Inspecti ons Will y ear couJd Shave as much as 1 per- 

V, * mint nfFrtw annnal iw-ftiwwnii* 

Help Defuse Crisis 


1'dir 


■VL- 

SI:!. 


• <• 
i: . 


Gvptfrrf tn Our Staff F mm Dapachn 

BAGHDAD — Iraqi newspapers 
said Friday that Baghdad hoped that a 
decision to allow foreign experts to 
check presidential palaces for banned 
weapons would help to defuse its 
standoff with Washington. 

The United States insists that UN 
inspectors charged with ridding Iraq 
of weapons of mass destruction have 
unfettered access to sites, while the 
Baghdad government says some areas 
are off limits to the UN Special Com- 
mission, though other foreign experts 
will be allowed to visit them. 

“Iraq, by issuing a new decision, 
wants to avert an explosion of the 
situation in the region as a result of 
American aggressive escalation, ’ ’ the 
ruling Ba’ath party newspaper Ath 
Thawra said in an editorial. 

UN weapons monitors have found 
nothing illegal in their first week of 
inspections since returning to Iraq, 
UN officials said. 

But the inspectors have not tried to 
enter some 60 sensitive sites, includ- 
ing about 40 presidential palaces, 
from which Iraq has barred than. 

Since they resumed work Nov. 22, 
the inspectors have visited 83 sites 
where they had previously installed 
cameras and inspected equipment, 
staffers of the UN Special Commis- 
sion said. 

The official Iraqi press agency, 
INA, reported that the monitors had 
inspected another 13 sites Friday. 

Iraq also said feat it was cutting food 
rations to citizens, saying it had not 
received enough from UN-sanctioned 
oil sales. It Warned the United States 
for the shortfall. (Reuters, AP) 


economic 

rate of about 5 percent. 

“The situation in town is very 
bad,*’ Emile Saad said in a telephone 
interview from Luxor, where he man- 
ages the American Express office. 
“Hotels are only at 5 to 6 percent 
occupancy. Before they were com- 
pletely full. Some are trying to get rid 
of their staff.” 

Of particular concern to the Egyp- 
tian authorities is the effect ofthe 
tourist massacre on foreign invest- 
ment, which bad started to pick up 
over the last year as die government 
got more serious about privatization 
and other free-market economic re- 
forms. Western diplomats say they 
expect some foreign investors to 
delay new projects in Egypt until they 
are confident the government can 
control terrorist violence. 

After several years of relative c alm, 
Egypt has experienced a surge of ter- 
rorism in recent months, including an 
attack Sept. 18 with guns and gasoline 
bombs on a tour bos in front of the 
Egyptian Museum in Cairo that killed 
nine German tourists and their Egyp- 
tian driver and a spate of attacks on 
police officers in farming areas south 
of Cairo. 

Responsibility for the Luxor mas- 
sacre was taken by die Islamic Group, 
Egypt’s largest militant organization, 
which has waged a six-year campaign 
to overturn the military-backed sec- 
ular government of President Hosni 
Mubarak. Among other demands un- 
likely to be met, the Islamic Group has 
threatened further violence if the gov- 
ernment does not secure the release of 
Sheikh Omar Abdel Rahman , the 
group’s spiritual leader, from prison 
in the United States. 

The blow to the Egyptian economy 
may be short-lived. By most inde- 



Eflric Mafli/Thc Awciawd Picm 


Banners hanging outside shops on Tentmaker’s Street in Cairo in 
an attempt to reassure tourists by condemning the Luxor massacre. 


pern 

nave suffered major setbacks in recent 
years and their ability to sustain a 
terrorist campaign is open to question. 
In the aftermath of the Luxor mas- 
sacre, the government has introduced 
a host of security measures, including 
die deployment of soldiers around 
tourist sites in Upper Egypt and plans 
for helicopter patrols along the Nile. 

“It’s not a completely bleak pic- 
ture,” a Western diplomat said. “Ob- 
viously, the industry is going to take a 
hit, bnt I don’t think it’s going to kill 
it.” 

From the tombs and temples of 
Upper Egypt to the booming resort 
towns of Egypt's “Red Sea Riviera,” 
tourism in Egypt has resembled a. 
roller coaster in recent years. After a 
near-death experience during the Gulf 
War in 1991, Egyptian tourism re- 
covered briefly only to nosedive 
again with the surge of militant vi- 
olence in 1992. 

But as violence ebbed in recent 
years, tourism boomed, last year sur- 
passing remittances from workers 
abroad as Egypt’s largest source of 
hard currency. 

Before the Luxes' massacre, the 
government expected visits by 4.2 


million tourists in 1997, up from last 
year's record of 3.9 milli on. Those 
expectations have since been scaled 
back sharply. The United States and 
Britain have warned their citizens 
against traveling to Upper Egypt. 
Switzerland, which lost more than 30 
people in the attack, has warned its 
citizens against travel to any part of 
the country, including the Sinai Pen- 
insula, which has not experienced any 
terrorist violence. 

Pascal Decosterd, a consular of- 
ficer at the Swiss Embassy in Cairo, 
estimated that 90 percent of Swiss 
citizens who had made reservations to 
visit Egypt in coming months have 
canceled. 

Last year, Egypt was host to about 
100,000 Swiss tourists, the largest 
□umber ar the Red Sea resorts of Sinai 
and Hurghada on Egypt's main coast, 
he said. 

In Cairo, merchants on Tent- 
maker's Street near the city’s me- 
dieval bazaar have taken a collective 
approach, hanging banners outside 
their shops condemning the massacre 
and assuring tourists of their safety in 
Egypt 

“We are sony for the blood in 
Luxor,” one reads. 


BRIEFLY 


Hong Kong Democrat 
Blasts Election Plan 

HONG KONG — The leader of the 
territory's most popular political party said 
Friday that a government plan to sharply 
raise the ceiling on campaign spending in 
elections was aimed at bankrupting his 
party. 

“We believe this is totally wrong, and 
it’s intended to lilt the level playing field 
one more time against the Democratic 
Party.” Martin Lee said. 

The plan would raise the spending ceil- 
ing per seat to 500,000 Hong Kong dollars 
($64,100) from the current limit of 200.000 
dollars. The government says the increase is 
necessary because the size of constituencies 
has grown. (AP) 

Peru Frees 83 Prisoners 

LIMA — The government of Peru, under 
increasing international pressure to clear its 
prisons of innocent people, freed 83 in- 
mates Friday who had been jailed unjustly . 
for terrorism daring the war on leftist guer- 
rillas. 

The releases brought to 3 1 1 the number 
of falsely convicted prisoners who have 
been freed by President Alberto Fujimori's 


government since 1996. The government 
has admitted that scores of other innocent 
people may still be behind bars on terrorism 
charges, but human rights groups put the 
number at close to 1 .000. i Reuters ) 

Taiwan Is Set to Vote 

TAIPEI — Taiwan’s political parties 
held mass campaign rallies Friday in last- 
ditch bids to lure voters for elections Sat- 
urday, with the ruling Nationalists facing a 
tough Fight for grass-roots support. 

The elections mainly pit the Nationalist 
Party against the Democratic Progressive 
Party, though several minor parries are also 
fielding candidates in the vote for mayors 
and magistrates. (Reuters) 

Malaysians Meet Jews 

KUALA LUMPUR — Malaysian dip- 
lomats have met with Jewish leaders in the 
United States to discuss Prime Minister 
Mahathir bin Mohamad's remarks about 
Jews, Foreign Minister Abdullah Ahmad 
Badawi said Friday. 

He did not give details ofthe meetings. 

Mr. Mahathir has blamed speculators 
such as George Soros and a Jewish con- 
spiracy for the drastic devaluation of the 
Malaysian currency, the ringgit. (AP) 


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PAGE 6 


SATURDAY-SUNDAY, NOVEMBER 29-30, 1997 


EDITORIALS/OPINION 


Hcralb 


INTERNATIONAL 



fi'bmshkd wmi rut inu timmi and tiik wakhikh.-vok ran 


trib une Gaining the Summit: The Vote to Partition Palestine j 

XERUSALEM — The 29th of By Gideon Rafael Groaivko hashed to the rostrum. The “noth mg am! \ 


Cambodian Elections 


J ERUSALEM — The 29th of 
November was the date set by the 


As has often been the case in Cam- 
bodia’s tragic history, the country is 
once again ruled by a tyrant deter- 
mined to cling to power. 

Hun Sen is no Pot Pot, but he is a 
violent, autocratic leader who seized 
control of Cambodia in a coup in July. 

The United Nations and Western 
and Asian countries have decided that 
the best way to unseat him is to move 
ahead with parliamentary elections 
scheduled for next May. Mr. Hun Sen, 
who is deeply unpopular, would likely 
lose a fair election. 

But nothing in his past indicates that 
he would allow one. and flawed elec- 
tions are worse than none at all. The 
international community must proceed 
cautiously, lest a rigged election give 
Mr. Hun Sen a veneer of legitimacy. 

Mr. Hun Sen has always shown a 
talent for staying in power. Once a 
member of the genocidal Khmer 
Rouge, in 1985 be became prime min- 
ister in a government installed by 
neighboring Vietnam. 

In UN-sponsored elections in 1993, 
Mr. Hun Sen lost to Prince Norodom 
Ranariddh's royalist party, bnt by 
threatening to take up arras he got him- 
self installed as co-prime minister with 
the prim*. In July, be ousted Prince 
Ranariddh. At least 41 people- were 
executed during and after the coup. 

In anticipation of elections in 1998, 
the United Nations is adding five 


people to its eight-member staff in 
Cambodia to monitor conditions, in- 


Cambodia to monitor conditions, in- 
cluding whether the opposition politi- 
cians now in exile can safely campaign 
in the countryside. 

Several nations have pledged money 
for election preparations. Many West- 
ern officials prefer Mr. Hun Sea to the 
_ corrupt and hapless Prince Ranariddh. 

They might tolerate an unfair elec- 
tion that will allow them to claim a 
democratic result and normalize their 
relations with Cambodia. 

The international community must 
proceed more slowly toward elections. 
No one should send election money or 
experts until after Mr. Hun Sen has 
relaxed the climate of fear and his 
control of television, the exiles are 
home and able to campaign and a new, 
independent election commission is es- 
tablished. There must be clear rules for 
aborting elections if the campaign pro- 
cess is not completely free and fair. 

Until it holds fair elections and re- 
spects the results. Mr. Hun Sen’s gov- 
ernment should not receive member- 
ship in the regional group ASEAN ora 
seat at the United Nations. Other na- 
tions should follow the American lead 
and channel aid only to nongovern- 
mental groups. Mr. Hun Sen cannot be 
allowed to benefit from a sham elec- 
tion that the international community 
cynically endorses. 

— THE NEW YORK TIMES. 


Labor in Trouble 


Three months after triumphing in 
the United Parcel Service strike, the 
U.S. labor movement is reeling from 
the corruption charges against the 
Teamsters union. Now that Ron Carey 
has stepped aside as Teamsters pres- 
ident, the spotlight has shifted to other 
labor leaders who may have been in- 
volved in an alleged plot to divert 
union funds for Mr. Carey’s election 


Spokesmen for the AFL-QO say 
that die organization's own internal 
review has found no evidence of 
wrongdoing, and that neither Mr. 
Trumka nor anyone else intended any 
of its money to go to Mr. Carey. 

Mr. Trumka, a respected former 
president of die United Mine Workers, 
is within his rights to plead the Fifth 


United Nations General Assembly to 
decide the future of Palestine. The year 
was 1947. 

Hitler's Thousand Year Reich 
had been reduced to dust, but his troops 
had turned Europe into a graveyard 
of millions. 

The Soviet Union, which had 
suffered horrendous losses, was con- 
solidating its rule in the lands liberated 
by its armies. The United Stales was 
engaged in a massive effort to help, 
friend and foe to recover from the 
ravages of the war and to establish a 
new world order. 

On that chilly November day, the 
world organization was about to make 
a decision fateful for the Jewish people 
and for the Middle East. 

After weeks of intensive debate, a 
special commiuee of the General * 
Assembly had passed a resolution re- 
commending the partition of Pales- 
tine into a Jewish and an Arab state 
linked by economic union. Jerusalem 
and its surroundings were to be ad- 
ministered by an international author- 
ity, its final status was to be decided, 
after 10 years, by a referendum of 
the city's inhabitants. 

The resolution passed by the com- 
mittee was one vote shy of the two- 
thirds’ majority required for adoption 
by the General Assembly, which was 
to vote on the partition plan at 4 P.M. 
in its temporary meeting hall in Flush- 
ing Meadows, New York. 

Departing for the meeting, we in 
the Jewish delegation felt tike moun- 
taineers on the home stretch to the 
summit 

Two hours before the meeting start- 
ed, we received the disturbing infor- 
mation that the Arab delegations 
planned to surprise the General As- 


sembly with a tactical move just at 
the moment the Assembly president 
called for the vote. 

Our source revealed that Lebanon's 
representative, Camille Ghamoun. 
would declare that the Arab represen- 
tatives had reconsidered their position 
and were inclined to accept a federal 
solution after all: they were preparing a 
detailed proposal to be submitted with- 
in a few months. In the meantime, they 
wanted the United Nations to refrain 
from any action. 

It was a clever move. Nothing is 
more attractive to diplomats trying to 
avoid a controversial issue than a vote 
for adjournment. 

To cope with the emergency we bad 
to act fast. Moshe Sharett, the leader of 
our delegation (he was to become for- 
eign minister arid then prime minister), 
immediately contacted the heads of the 
U.S. and Soviet delegations. 

The U.S. re pre sentative, Hershel 
Johnson, promised to oppose any move 
to postpone the vote. Andrei Gromyko 
was more forcefiiL Known for his mus- 
cular diplomacy and mastery of UN 
procedure, he assured ns that he would 
“unmask the plot" and thwart it with a 
procedural coomersmke. 

The Assembly convened in a state 
of high tension. The opening speaker 
was Iceland’s representative, who ad- 
vocated the adoption of the partition 
plan, calling it a fair compromise be- 
tween the conflicting Arab and Jewish 
c laims . The speech set the tone for 
thft deba te . 

When tire speakers had finished, the 
president of the General Assembly, Os- 
wald© Aranha of Brazil, asked to pro- 
ceed to the vote. At that moment, Ca- 
mille Chamoun sprang his surprise. 


Gromyko rushed to the rostrum. The 
Assembly had reached the voting 
stage, he said, when uo new proposals 
of any kind could be admitted. Hershel 
Johnson supported his colleague, 
whereupon President Aranha, with an 
energetic bang of the gaveL ruled that 
the Assembly would now vote. 

The roll call of nations, in alpha- 
betical order, progressed in complete 
silence until France, which had ab- 
stained in committee, was called upon. 


At the end of that 
historic day 50 years 
ago, neither Jews nor 
Arabs anticipated that, 
half a century later, the 
conflict would remain 
unsettled. 


When the French delegate pronounced 
a sounding “oui” in favor of the 
resolution, a storm of applause broke 
oul The resolution's passage was as- 
sured. 

It passed with 33 votes ; in favor, 13 
against and 10 abstentions. 

Leaving the Assembly hall, we felt 
we had witnessed a unique moment in 
the history of the Jewish people, who 
had ascended from the depths of des- 
olation to the fulfillment of a long- 
cherished dream. 

While religious members of our del- 
egation believed that the UN decision 
heralded a messianic age, others, 
though no less elated, felt the rum- 
blings of war. 

The warning of Azzam Pasha, sec- 
retary-general of the Arab League, that 
the new line of partition would be 


“nothing bui a line of ftre aiu! Ni*hT 
could not be dismissed. 

White people danced in the !*»«■ us 
Jerusalem. Ben Gurion was in 
flee studying plans for the detent, w 
the nascent state. 

The onslaught was nor long in 
coming. Riots broke oul the next day 
in Jerusalem and elsewhere, IJ* 
conflict expanded into a full-scaU war 
with -tire invasion of Arab .mines in 
May 1948. 

Israel’s fledgling army. 
enced and poorly equipped, suflyred 
dreadful losses and remained unwdeu 
by the international community. But n 
repelled the invading forces in wluu 
was to be the first of several wart from 
which Israel emerged victorious. 

At the end of that historic: day w 
years ago. neither Jews nor Arabs an- 
ticipated ih«. half a century later . a final 
and com pr ehensive settlement o! their 
conflict would remain unnached. 

Four courageous statesmen — An- 
war Sadat, Menachem Begin. King 
Hussein and Yitzhak Rabin — suc- 
ceeded in the intervening years in 
building the first tiers oF the edifice of 
peace. 

Its completion depends on the re- 
gion’s present leaders, on their states- 
manship and wisdom — unfortunately 
in short supply at crucial junctures. 
Their peoples must prod them to go the 
last mile. They, who have borne the 
brunt of so many futile wars, arc en- 
titled to the blessings of peace. 


iliei 






> m 


The writer weu a member tf 
the Jewish delegation to the United 
Nations in 1947 and later sened 
as Israel's ambassador to the UN 
and as director general of Israel's For- 
eign Ministry. He contributed this 
comment to the International Herald 
Tribune . 



How to Make Friends in Saddam’s Republic of Fear 


This is a painful moment far the 
union cause, but its commanders 
would be mistaken to hunker down 
and belittle the charges against them. 
Only by cooperating fully with inves- 
tigators can they redeem the promise 
of a reborn labor movement 

A federal investigation into the 
Teamsters case is still under way, but 
it was disturbing that Richard Trumka, 
secretary-treasurer of the AFL-CIO, 
has refused to testify, pleading his 
Fifth Amendment right against self- 
incrimination. 

Mr. Trumka is accused of involve- 
ment in a scheme in which the Team- 
sters paid $150,000 to the AFL-CIO, 
triggering a separate AFL-CIO payment 
to an independent political group that 
then used some of the money for Mr. 
Carey’s election drive. The allegation is 
that this was an elaborate money-laun- 
dering operation to circumvent the fed- 
eral ban on using union money for a 
union leader's political campaign. 


Amendment, but for the sake of pro- 
priety Ire would do the AFL-C30 a 


pnety ire would do the ArL-Liu a 
favor if he stepped aside while the 
investigation is under way. Refusing to 
testify on grounds of seif-incrimina- 
tion may be acceptable in a criminal 
trial, but it hardly instills confidence in 
his leadership of the AFL-CIO. 

Federal investigators are looking in- 
to allegations that other labor leaders 
were involved in underhanded efforts 
to help Mr. Carey. 

S blicans in Congress, who are 
ous over the millio ns of dollars 
spent by foe AFL-CIO to defeat their 
members in the campaign last year, are 
vowing to investigate what they say is 
widespread union corruption when 


Congress reconvenes next year. They 
clearly hope to get some political ad- 


clearly hope to get some political ad- 
vantage by tarring the entire union 
movement as corrupt. 

But that is all the maze reason for 
labor leaders to be as cooperative as 
‘possible. The path out of labor’s current 
difficulties is openness, not denial. 

— THE NEW YORK TIMES. 


S ARAJEVO, Bosnia-Herze- 
govina — In Iraq, execution 
is often enough the punishment 
for those who are beard speak- 
ing ill of Saddam Hussein. 
That certainly makes it tough 
for a stranger, especially one 
who does not speak Arabic, 
to find out what the Iraqi elites 
are thinking. My recent nip 
to Baghdad thus began as . 
what seemed like a hopeless 
mission. 

But after a couple of days I 
realized that I had a common 
political language with most 
of the Iraqis I met Indeed, 
my firsthand experience of 25 
years in a Communist totali- 
tarian state (my native Poland) 


By Anna Husarska 


proved a great prep school 
for understanding the situ- 


No Special Counsel 


Aides to U.S. Attorney General 
Janet Reno have been urging her not to 
seek an independent counsel to in- 
vestigate whether the president and 
vice president violated foe law by mak- 
ing fund-raising phone calls from their 
government offices. Ms. Reno should 
follow their advice. 

• The criminal statute at issue — which 
foibids fund-raising on government 
property — is mare than a century old 
and was passed to protect government 
workers from shakedowns by their su- 
periors. It was never intended to apply 
p> presidential fund-raising from donors 
outside foe government, and it has never 
been applied to telephone solicitations 
of nongovernment workers. 

Using it to prosecute either Bill 


Clinton or A1 Gore for telephone fund- 
raising from foe White House would 


raising from foe White House would 
require a novel prosecutorial theory, 
and prosecutorial theories should not 
typically be tested on the highest of- 
ficers of the government, ft is, in other 
words, a case that no reasonable pros- 
ecutor would bring, and it therefore 


requires no further investigation. 
A decision by the attorney gei 


A decision by the attorney general, 
however, that the so-called Pendleton 
Act, when taken out of context, does not 
criminalize the conduct of Mr. Clinton 
or Mr. Gore should not be seen as any 
son ofblessing of that conduct either — 
and the White House should have foe 
humility not to spin it as a vindication. 

The telephone fund-raising became 
central to. the inquiry only because it 
was the charge that most credibly and 


specifically implicated foe highest- 
ranking officials. The calls were im- 
portant as a window for prosecutors on 
a larger pattern of behavior that 
seemed to strip election laws of their 
meaning and power. It would trivialize 
foe larger issues of foe campaign fi- 
nance probe if they were reduced to the 
question of which phones were used. 

Those larger issues — foe foreign 
money contributions, foe conduit 
money, the virtual merging of Clinton 
campaign and Democratic Party coffers 
and foe generally reckless manna 1 in 
which the Derntxauts raised funds for 
foe 1996 presidential campaign — con- 
tinue to demand vigorous investigation 
and prosecution. And Ms. Reno may yet 
be obliged to seek an independent coun- 
sel as those investigations unfold. Nor 
are the issues just criminal. The White 
House stretched a law that deserved 
more respect than it'goL Like the coffee 
klatches and foe renting of White House 
bedrooms to wealthy donors, the calls 
were beneath the dignity of the pres- 
idential and vice presidential offices. 

If the attorney general heeds her 
advisers and throws the matter back 
into the political realm, foe admin- 
istratiop and Congress must still be 
held accountable for trashing the cam- 
paign finance system in much larger 
ways than those suggested by the ques- 
tionable venue of particular phone 
calls. They need to fix it — first by 
tightening campaign finance laws, then 
by observing foe laws that they pass. 

— THE WASHINGTON POST. 


for understanding the situ- 
ation, of Saddam Hussein’s 
subjects. 

The Polish dictators and most 
of their Eastern European peers 
are gone, swept away in rev- 
olutions and elections, while 
Saddam is still there, defiant as 
ever, the undisputed, despotic 
leader of Iraq. 

. But just how undisputed is 
his rule? That was foe question 


that intrigued me as I set out 
oh my trip. I looked for an- 
swers among the intelligen- 
tsia,' the same sort of people 
who had been in the forefront 
of Eastern European trouble- 
making. 

My modus operandi was 
simple. Those I met would say. 
“On, you’re from Poland? 
How is Poland?” 

“Fine now,” I would say. 
“But foe last 40 years of to- 
talitarian regimes ... ” and I 
would tell my newfound friends 
about this or that craziness 
in our spook-infected life in 
Poland. 

If ever there was an ice- 
breaker. this was iL My com- 
panions felt that since I also had 
experienced hell — a lesser ver- 
sion than theirs, but hell all foe 
same — they could expect un- 
derstanding and compassion. I 
was a soul mare, not a visitor on 
a political safari 

Iraq offers a lot of material 
for comparative despotism 
studies. 

Take the Writer, whom I met 


on a Friday in foe Sarny Souk, 
embarrassed to be a side- 
walk merchant There, in front 
of him on a plastic sheet, was 
his entire personal library, for 
sale. 

He said he had been offered a 


job at a government newspaper 
but had turned it down: “One 


but had turned it down: One 
has to maintain some dignity, 
right?” 

On cop of the embarrassment 
comes the pain of having to sell 
parts of himself. 

“This morning someone 
wanted my ‘Divine Comedy’ 
and offered me a lot for it, ” he 
said. “I just could not see it go, 
although it was a very good 
price and I need money to feed 
my two childr en.” 

How much was offered? 
About $10. 

The Poet, a friend of the 
Writer’s and also a seller of his 
own library, joined us for tea at 
an outdoor stand near Saray 
Street We discussed forbidden 
books such as “Lady Chatter- 
ley’s Lover” and “Tropic of 
Cancer.” 


I told the Poet how our cen- 
sors in Poland used to look at 
sentences such as “The fault 
lies with this old fort” and as- 
sume they were references to 
the Communist leader. He 
laughed wholeheartedly, then 
looked around as if rem- 
embering which country we 
were in. 

1 found this overwhelming 
fear common and recalled that 


Tothidden! 
Forbidden! 9 my 
minder shouted 
when I tried to 


traits of Saddam Hussein were 
permitted, but when 1 tried to 
photograph a palace under 
construction, my minder for 
foe trip — Mohammed — went 
ballistic in foe back seal. 

“Forbidden! Forbidden!” he 
shouted. I asked what it was. 
“The People’s Palace,” he 
said. I asked which people were 
allowed in. Foreign visitors, he 
replied. 

l asked whether the funds 
for the construction of foe 


- -uni' rid* 







palace couldn’t be used instead 
for curing the children 1 had 
seen the previous day, but I 
was told mat no funds from the 
UN oil-for-food deal had been 
used to build the palace. Mo- 
hammed was getting really 
annoyed. 

No sooner had we arrived in 
Karbala than we had to pick up 
ah additional minder. 

Mohammed explained in 
total seriousness that the local 
minder would know what in 
his town was forbidden to 
photograph. 

I asked for directions to the 
lavatory in the local govern- 
ment office. Mohammed in- 
formed the local minder of my 
request. The local minder found 
the superintendent of the build- 
ing. I was asked why I had made 
such a request. My response 
was translated and the three 
men then escorted me to the 
lavatory. 

In the privacy of the ladies' 
room, I wished I could write in 
Arabic to express a few 
thoughts about a regime that 
can spare three men to take a 
lady to tire toilet, can afford a 
palace-building hobby for the 
leader but cannot assure its chil- 
dren’s survival. 


take pictures of the 
new \ People’s 


new People’s 
Palace 9 outside 
Baghdad. 


Children and the Plague of AIDS 


G eneva — it’s been 

nearly 18 years since 


VJ nearly 18 years since 
public health experts dis- 
covered the first signs of- a 
mysterious virus spreading 
throughout homosexual com- 
munities in Europe and the 
United States. 

. Eighteen years is roughly 


By Eric Ram 


the length of the journey ■ 
from infancy to adulthood. 
AIDS has cut short that jour- 
ney for .at least 2 million chil- 
dren who already have died. A 
million more are infected with 
HIV, foe virus that causes 
AIDS. And millions more 
have lost' one or both parents 
to the disease. 

The numbers are stagger- 
ing. Often these most vulner- 
able casualties of. AIDS are 
invisible. To bring them to 
foe world’s attention, foe 
United Nations program on 
AIDS has chosen “Children 


On average, each woman 
dying of AIDS leaves behind 
two or more children. 

In traditional societies, foe 
extended family helps secure 
an effective safety net for 
orphans in a community. But 
with the number of AIDS 
orphans growing so quickly, 
these safety nets are dev- 


Ltving in a World With 
AIDS*' as the theme of the 


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V feSZSB lie I too I! RCS Numerre B 731021126. Conmusaott Panhntr No. 61337 


10th annual World AIDS Day, 
this Monday. 

These children are our chil- 
dren and we must commit 
ourselves to their care as 
well as to prevention of the 
disease. 

Worldwide, at least 9 mil- 
lion people have died of 
AIDS since foe epidemic 
began. More than 2 million 
children under the age of 15 
have died of AIDS, including 
350.000 last year alone — the 
equivalent of 40 children an 
hour. An additional 400,000 
children became Infected with 
HIV. 

It is believed that nearly 10 
million children under 15 
have lost their mothers to 
AIDS — more .than 90 percent 
of them in sub-Saharan 
Africa. 

Looking ahead just three 
years, Africa alone is expec- 
ted to-have more titan 10 mil- 
lion children orphaned .by 
AIDS, or “Slim," as it is 
called in Uganda and many 
other African countries. 


More than 2 
million children 
have died since 
the epidemic 
began, including 
350,000 last year 
alone — the 
equivalent of 40 
children an hour . 


In numerous cases, uncles 
and aunts who took orphans 
into their homes are now dy- 
ing or becoming seriously ill 
with AIDS themselves. In 
many communities, the few 
remaining healthy adults are 
trying to care for more 
orphaned nieces and nephews 
than they can .'reasonably 
manage. As a result, grand- 
parents increasingly are foe 
only adults left to care for 
the children. 

Children as young as 1 1 or 
12 often are the only carer 
takers for. their younger sib- 
lings. AIDS has stretched 
countless extended families 
to their limit and robbed un- 
told numbers of children of 
their childhood. • 

Not much good news is on 
the horizon. 

Those responsible for ad- 
dressing AIDS and other in- 
fectious diseases in Third 


World countries are faced 
with several dilemmas: 

• Which is the greater 
danger to babies, HIV, which 
can be. transmitted from moth- 
er to child through breast milk, 
or foe almost inevitable, and 
lethal, malnutr ition aijd 

diarrhea that result from the 
use of infant formula? 

• How can health officials 
adapt therapies employing 
the drug AZT — which re- 
duces the transmission of 
foe virus from mother to 
child but costs about $1,000 . 
over foe course of a pregnancy 
— to poor countries where 
that sum represents several 
times the annual per capita 
income? 

• How do we protect young 
girls and teenagers who are 
prey to men seeking “safe” 
sexual partners? Men' think 
these girls are less likely than 
grown women to have- HIV. 
Infect, the girls’ undeveloped 
bodies are easily damaged 
by sex and are thus, more 
vulnerable- to foe disease. 
How can we prevent these 
physical assaults on children’s 
bodies, let alone their 
psyches? 

All of os need to support 
efforts by the United Nations 
and nongovernmental organi- 
zations to prevent and -control 
AIDS/HTV. We must be ad- 
vocates for foe rights of chil- 
dren and others to a safe and 
supportive environment, free 
of sexual exploitation and 
abuse. 

It has been said rtiar a so-' 
ciety is judged by the way it 
cares feu- children. It is time to 
reflect on children living in a 
world of AIDS. 


the title of foe exiled Iraqi 
writer Kanan Makiya’s book 
on Iraq was exactly that “Re- 
public of Fear.” 

Investigating any story in 
Irai orfinding out what is really 
going ou in Iraqi politics is ex- 
tremely difficult Local journa- 
lists don’t dare look for fects 
and foreigners have no access, 
so a lot that is repeated about 
what isbtqzpcmmg inside Iraq is 

Indeed, every foreign jour- 
nalist in Iraq is supposed to 
check in with the Muistzy of 
Information and is assigned a 
translator/escort for $75 a day. 

I argued against the escort, 
not on foe grounds that I minded 
having a minder but that I 
could not afford one. Better 
they think X am cheap Hum par- 
anoid. 

I was signed op for a visit to a 
children’s hospital to hear the 
classic line about how foe 
United States is responsible for 
foe. genocide of Iraqi children 
because the embargo stops 
medicine imports. 

Then I was authorized to go 
to Karbala, a town about 85 
kilometers (53 miles) south of 
Baghdad. 

The trip to Karbala was an 
eye-opener. I was occasionally 
allowed to take photos. Snap- 
shots of the omnipresent por- 


fj. *C 


*■ -a ' 


/ r.itum 




The writer, the Sarajew- 
based special correspondent cf 
The New Republic magazine. - 
contributed this comment to the 
Los Angeles Times. 


Letters intended for publi- 
cation should he addressed 
“Letters to the Editor ” and 
contain the writers signature, 
name and full address. Letters 
should he brief and arc subject 
to editing. We cannot be re- 
sponsible fur the return of un- 
solicited manuscripts. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: Austrian Crisis 


VIENNA — The Cabinet of 
Count Badeni handed in their 
resignations to the Kaiser Franz 
Josef. The disquieting events 
during the past few days, es- 
pecially the mass demonstra- 
tions in the streets organized by 
citizens; workmen and students, 
foe reports of an agitation al- 
most revolutionary in character 
that have reached .Vienna — all 
these occurrences showed that 
the situation throughout the en- 
tire Empire was so critical that a 
change was inevitable. 


“alone” be privileged to study 
in Viennese schools. Another is 
that the number of Jewish pro- 
fessors and students in each 
school must be limited to 10 
percent of the total attendance, 
and yet another that no Jew shall 
be permitted to become the rec- 
tor or dean of any school. 


1947: Palestine Vote 


NEW YORK — The General 
Assembly of the United Nations 

vnfpH hu 11 l i -i - ni_. 


v WI 14 I 1 .U MOUVtM 

voted by 33 to 13 tonight [Nov. 
29] m favor of the partition of 
Palestine into Arab and Jewish 
scares. Ten countries abstained. 
The Assembly's action ended 
weeks of stormy debate ia 
which the Arab countries 
threatened to fight partition 
with all their strength if it were 
approved. The Arab delegates, 
immediately after the results pf 
the vote were announced, de* 
dared that they wouki not con* 
sider themselves bound by fo® 
Assembly ’s decision. 


The writer is the interna- 
tional director af health pro- 
grams for World Vision, a hu- 
manitarian assistance, and 
development organisation. He 
contributed this comment to 
the International - Herald 
■Tribune. . 


1922: Jews Vilified 

Y?ENNA — All the colleges of 
dus city had to be closed fol- 
lowing.a dispute between Jewish 
and.ann-Semitic students in the 
Agricultural school. The anti- 

Semites submitted a referendum, 
demanding various changes. 
Among their demands is one that 
the sons of rich Jews shall not 


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ART 


INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDAy, NOVEMBER 29-30* 1997 

PAGE 7 


An Oriental Revelation 

The Sources of Matisse’s Style 


By Roderick Conway Moms 

International Herald Tribune 


already deeply affected by non-European 
ait were among The most fruitful between 
artist and patron. 

Shfihnlein gii pn fytpH Matisse nnfil the nut- 
break of Work! War I, seeming many of his 
early masterpieces, and die 13 canvases 6o 


R OME — Matisse developed his 
Mtistic style during a period when 

“tope was experiencing an un- early masterpieces* and the 13 canvases 6a 
- T reCK * enIc d influx of art works loan from the Hermitage in St PCterabmg 
and artifacts from the East, Africa and (and numerous others from private and pub- 
O ceani a. an age of international exbibi- lie collections, notably in Scandinavia) 
titms, expanding museums and adventurous amply demonstrate the progress of Matisse’s 
private galleries. But while to most eyes this experimentation with composition, color 
plethora of novelties 
seemed attractive simply 
for their curiosity and dec- 
orative value, Matisse 
found in them something 
more profound, more spir- 
itual even — and ultimately 
identified in them the ele- 
ments that made it possible . 
for him to step beyond 
Western traditions and cre- 
ate a dcw synthesis of East 
and West in visual art. - 
The artist was em phati c 
about his debt to non-Euro- 
pean ait, but his works, of- 
ten so simple on the sur- 
face, remain imbued with a 
land of elusive aura that* 
even his brilliantly percept- 
ive rival Picasso found tan- 
tahzingly impossible to 





“ Mask 1952. 

penetrate. Now in toe af- 
tennath of the retrospectives in New York in 
1992 and Paris in 1993. “Matisse: ‘La 
revelation m’est venue derOrioM’ ’’(“The 
revelation came to me from the East”) at the 
Capitotine Museums until Jan. 20 delves 
into the multiple sources of Matisse’s in- 
spiration by bringing together some 200 of 
the painter’s works and more than 70 “Ori- 
ental” pieces from his own collection and 
from others, such as that of the Louvre, with 
winch he was familiar — a complex ven- 
ture, here earned off with great success. 

The Russian magnate an! connoisseur 
Sergei Shchukin, who had introduced Ce- 
zanne and Monet to Russia and was one of 
die first to buy Gangnin, then virtually un- 
salable in France, also became a passionate 
collector of Matisse, when he, too, was 
hardly known in his native land. Shchukin 
had a considerable degree of personal con- 
tact with Matisse and more immediate in- 
fluence bn the course of his career than on 
that of any of the other avant-garde artists be 
took up. The Russian bought his first Ma- 
tisse canvas in 1906. Relations between 
Shchukin, also a collector of Russian icons 
and Oriental art, and Matisse, who was 


and decorative motifs, 
drawn from a vast range of 
Oriental works as diverse as 
Mesopotamian reliefs, 
Coptic textiles, Islamic 
rmniatnff tg, rar amtre ,- Sv'OT- 

ies and glass, and Japanese 
prints. Some of these objets 
are intermingled with the 
artist 'sown pictures — such 
as fbe l8th-ceutiny Iranian 
blue-glass ewdr that actu- 
ally appears in the still-life 
“Sculpture With Persian 
Vase" 7 (1908) and a 15th- 
centmy Herat miniature of 
file kxod that inspired not 
only die structure and color 
scheme but even the 
of Madame 
and the children in 
“The Painter’s Family” 
(1911) — while other rel- 
evant pieces are shown in a sumptuous dis- 
play in the last room of die exhibition. 

, The directness with which the artist took 
colors from Oriental models is at times 
startling — some of the color combinations 
and even the style of figure oatlines in the 
ancient Coptic textiles are, as it were, “pore 
Matisse” — but it is equally clear that these 
forms and colors encapsulated for him the 
very essence of the secrets that Oriental ait 
possessed and Western art lacked 

It was the artist’s series of ' “Odal- 
isques,” which occupied him for much of 
his time during the 1920s. that brought 
widespread fame, and it was an Odalisque' 
that won him his first purchase by a mu- 
seum in 1922. When he embarked on these 
paintings and engravings the lessons he had 
learned from non-European artists were 
already thoroughly absorbed and power- 
fully defined his palette and style. 

Thus, the most “Oriental” aspect of 
these pictures lies not in the fact that they 
are of exotic, semi-clad subjects in colorful, 
decorative settings, but that they are de- 
picted in a style that subtlety owes so much 
to Oriental artists. 


Light and Beauty From Antiquity 


' international Herald Tribtme 

L ONDON — In a dramatic 
reversal of fortune, Sothe- 
by’s triumphed as rarely 
before with one of the. 
most extraordinary sales of ancient 
glass held in years. 

Within, an hour, the 33 vessels 
bought as aq investment in the late 
1970s and early 1980s by the Brit- 
ish Rail Pension Fund, advised by 
Sotheby’s specialists, all sold, 
bringing a huge £4 millio n ($6.8 

million ). 

A world record was established 
for ancient glass with the very ob- 
ject that bad held it since Jane 

SOUREN MELIKIAN 

1979. The third-century JB.C. bowl 
with an openwork pattern of tan- 
gent rings attached to the inner 
shell had then sold for £572.000 as Bawl from the third century B .C. set a record for ancient glass. 
part of the Constable-Maxwell col- 
lection. At the Sotheby’s sale mi Monday night it 
went up to £2,311,500, paid by a telephone bidder 
buying under the number L001. 

While the figure remains in line with the average 
rise of toe art market and roughly matches in buying 



Snhciiy** 


power the 1979 price, it is nevertheless phenom- 
enal. The small 4-inch-high (10-centimeter) piece 
belongs to a rarefied category for which there are 
few potential buyers on that financial level. The 
record was set on the very night when financial 
markets woe tumbling, emphasizing the increas- 
ingly perceptible independence of toe art mark et 
within toe global economy. 

The combination of great beauty and striking 
originality of the idea of the glass bowl proved 
irresistible, as it had already done 18 years ago. 
While described in toe catalogue as belonging to a 
group of seven pieces with which it shares toe idea 
of ah openwork pattern Attached to the shell, die 
British Rail bowl is toe only one of t hat shape 
known so far. Its profile matches that of a well- 
known Iranian bronze model of the Achaemenid 
iod (559-331 B.C.). Indeed, 

1 on a metallic prototype 
rings attached to the body with 
would have been soldered, and of metallic clasps 
tying them together to strengthen the structure 
makes it a near certainty. 

B EAUTY and rarity likewise combined to 
send many pieces soaring far above the 
estimates quoted by Sotheby’s. One of the 
most stunning mosaic glass bowls to be 
seen anywhere was among them. The bine body 
with trompe l’oeil yellow and green scrolls seem- 
ingly in suspension within the bine sides is as 
remarkable fin- its shape as for the freshness of its 
color scheme. Loosely described as “Hellenistic,” 
it probably hails from Alexandria in Egypt. 

Its appearance triggered a furious bidding match 
between L001 and Noriyoshi Horinchi, the Jap- 
anese dealer who built up toe fantastic collection of 


the Miho Museum in toe Sbigaralti hills. L001 went 
up to £276.500 and won. 

Two lots down, L001 confirmed its taste for toe 
uniquely huge and fine in going after a semi- 
spherical cup with two ring handles made in die 
third or second century B.C., probably in toe Syrian 
area. No other piece of that quality, size and con- 
dition is on record, which explains toe astonishing 
£265,500 it fetched. 

By the rime a squat jar was acquired by L001 for 
£227,000, tripling the June 1979 price in the Con- 
stable-Maxwell sale, it became evident that a mys- 
tery buyer with seemingly unlimited funds was 
operating on the super-museum level. The jar has 
me rare distinction of carrying a signature in Greek 
capitals, “Aristeas the Cypriot” The name is 
known from one other vessel. The shapes of both 
resemble those of Syrian pieces. In all likelihood 
Aristeas worked in Syria. 

At intervals, toe unidentified buyer did not meet 
with quite the same resistance. He (she?) bought 
what is probably the greatest known bird-shaped 



up 

west as Germany. At £54,300, toe admirable piece, 
possibly dating from toe fourth century, seemed 
inexpensive only by comparison. 

L001 capped his buying spree, which ran to 1 1 
pieces, with the last lot, a small bucket shaped like a 
beaker with flaring rides and everted lip. With its 
twisted fluting, which swirls lightly around the sides, 
it is a fantastic object Whether made in England 
where it came to light in an Anglo-Saxon cemetery at 
Bury Saint Edmunds, Suffolk, or imported from the 
Levant, the bucket with its documented provenance 
is of great importance. The mystery buyer footed the 
astronomical £205,000 bilL 
. The contrast with the lackluster performance last 
week of the Kedr collection of medieval champlev£ 
enamels could not be greater. The 100 percent 
success of the British Rail Pension Fund sale of 


glass proves that the “last chance” 
Syndrome will operate even in a 
bleak financial context as long as 
buyers are not made to feel that they 
are being led by the nose. 

A day later at Christie's, toe sen- 
sational score realized by a dark 
blue glass cup with a white glass 
overlay of a charioteer modeled in 
low relief on each side bore this out. 
The first-century vessel is not in- 
tact The foot and one handle are 
not its own, but only a dozen or so 
vessels in tins technique are known 
worldwide. Hence the breathtaking 
£495,500 it made on Tuesday. 

Other high prices in the 
Christie’s sale reflected a wide- 
- spread eagerness not to miss out on 
important objects. An Attic am- 
phora painted around 480-470 B.C. 
with red figures on a black ground 
was bitterly disputed. The monu- 
mentality of the scenes and the 
provenance, an English collection 
formed in the first half of the 19th century, made it 
doubly desirable. The renowned New York dealer 
Jerome Eisenberg won the battle against the tele- 
phone and paid £ 78.500 for the privilege. 

Dealers were even more active in the lower 
financial strata. In this respect, the most telling 
indicator of the current vigor of the market was 
Wednesday’s- sale of antiquities put together at 
Bonhams by Joanna van der Lande and Georgina 
Whiteman. Seizing toe opportunity opened up by 
toe recent transfer to New Yprk of Sotheby’s 
general sales of antiquities, toe two Bonhams spe- 
cialists have been expanding their activity. They 
handle goods that would have gone to Sotheby's 
until recently. Their no-nonsense cataloguing, re- 
freshingly devoid of hype, combined with toe auc- 
tioneering style of Nicholas Bonham, vice pres- 
ident of Bonhams who briskly wields the gavel at 
1 20 lots an hour, works wonders. 

N Egyptian turquoise faience head of a 
son of the god Horus, made as a stopper 
for a vase, went to Eisenberg, fighting off 
a colleague. The price: £2300. Dozens of 
small glass vessels, earthenware pots and bronze 
objects sold that day, as if the dealers and the 
collectors to whom. they cater felt as carefree as the 
lark at sunrise. If quite a few were bought in, this is 
essentially because they were too indifferent to 
tempt anyone at any price. 

The brisk trade that goes on in antiquities despite 
the financial markets’ problems ana despite the 
shadow that now hangs over the entire field is 
astonishing. The man who was acting as adviser to 
the British Rail Pension Fund is Oliver Foige, the 
very specialist in antiquities who resigned from 
Sotheby’s in toe summer after the brouhaha over 
antiquities without export documents consigned to 
auction houses. He is now an independent consultant 
and his advice apparently led the British Rail Pen- 
sion Fund to hit the bull’s-eye and Sotheby’s, his old 
firm, to do rather well out of it It’s a small world. 


ARTS 


□ 


CO I. NAG I H 


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Oid Master <&. 19th Centurv Drawings 
priced between £300 and £5,000 

24th November - 19th December 

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Contact N. Bernstein in New York at (212)288-3002 



■ AUCTIONEER IN PARIS 1 

Important Auctions in Paris 

at Espace Tajan. 

37, rue des Mathurins. 75008 Paris 

Tuesday, December 16 at 8:00 p.m. 

Important Impressionist 
8 c Modern Paintings 


Amf J f o ModglhaL 

«J2bomn>c au monocle 
(dit Bidou) circa 19J8-. 

Oil on canvas, signed, 
mi >i 13 in. 

WD be incf nefed io the 
catalogue of pauaimp and 
drawings by A. Modigliani 
prepared by Marc ReneUni 
at the WUdeBSttm Insmuie. 

Aomen Collections Fetridcs. 
BencxiL Roger DudDcul 
from tbe csiaic of 
Franpxse MasureL 
Private collection. Paris. 



Public viewing in Paris: Espace T^jan, 
December 11-14, UbOO a_m. - 7:00 p.m. 

Catalogue available at Etude Tajan upon request: 
011 33 1 53 ?0 30 00 / 01 



September 19 -January 4 


On vie w at 3 locations 


1071 5 Hi Ave at 83th St 


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275 Hudson at Spring St 
through Nov 9 

Information 212 423 3500 
www.guggenheim.org 

Sponsored by 
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Philip Morns Companies Inc 


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AUCTIONEER IN PARIS 



Important Auctions in Paris 

organised by Maitre Jacques Tajan 
at Espace Tajan 

37, me des Mathnrins. 75008 Paris 

Monday, December 35 at 7.-00 p.m. 
Beautiful 17th, 18th & 19th Century 

Furniture 8t Objects of Art, 
from various large collections, 
primarily tbe collections of 
tbe Hfttel de la Vaupali&re in Paris 

Tuesday, December 16 at &00 p.m. 
Important Impressionist & Modern Paintings 

Wednesday December 17 at SAX) p.m. 
Important Old Master Paintings 

belonging to various collectors 

Thursday, December 18 at 7:00 p.m. 
Important Jewelry 

Friday, December 19 at 7:00 p.m. 

Important Ensemble of Musical Instruments 
from an old collection 

■ 

Public viewing in Paris: Espace Tajan, 
December 11-14, 10.-00 ami. - 7:1)0 p.m. 

Catalogues available at Etude Tajan upon request: 
011 33 1 53 30 30 00 / 01 


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PAGE 8 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 29-30, 1997 


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Fax:+48-89-649-2224 


of late thirty already DIPLOMATIC 
IMUffNCL. - hi correspondence he seel 


r r epresents at the ago 

STATUS OF GLOBAL 


MHJUMCL. - fat caiman 
Us future wrife and FIRST 
excefiertf descant, muMm 
enthusiasm for Imowlec 
ACCUSTOMB) TO HIGHEST 


m^ndenc. he soeks to find THROUGH IM 
>d FKI-CUSSWRESaiTAnV^ a LAD Y af 
muMbiguaL mufecufemd, paumnata, wUh 
nowfedge, children A family bonds and 
RGHESTwOEfY DEMANDS! 


O A CLASSICAL BLONDE (GEFSIANIBEACTT... 

A YOUNG BREMKIAKING BEAUTY WITH GREAT STYLE AND EXQUtSTTE 
TASTE IN HER MIO 3TS/1.74 A RADIANTLY FEMININE WOMAN WITH A 
BRIGHT TEMPERAMENT WHO IS CAPTIVATING BY HER YOtnHRJLCHARM. AREAL 
LADY SUCCESSFUL IN HER PROFESSION. WITH A LOT OF SPORTY AND CULTURAL 
INTERESTS AND SHE IS OPEN TO EVERYTHING NEW A COSMOPOLITAN WOMAN. 
WHO GREW UP MULTILINGUAL AND IS USED TO TRAVEL WORLDWIDE. A HAPPY 
PERSONALITY WHO IS GIVING ABSOLUTE PRIORITY TO SHARE HER UFE WITH 
THE RIGHT PARTNER. 


DaSy 11-19 hrs. • Gammy • 82031 MunkfrCrfinwold • Otto -H e R man n - Sto. S • By appo in lment 

Represented in Paris ——Berlin ^ USA __ Singapore — Melbourne 


V A MAN OF THE WORLD - 42/ISO - WITH GREAT CHARM AND 
CHARISMA. BASED IN MONTE CARLO - ITALY - FAR EAST. HE IS 
CHAIRMAN. CEO AND PRESIDENT OF HIS WORLDWIDE ENTERPRISE. WITH 
HIGH LEVEL UNIVERSITY DEGREES AND AN EXCELLENT BACKGROUND. A 
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LIFE BASED ON LOVE AND TRUST. 

O TOCWG ENCHANTING VBENCH BEAUTY (E4RH)... 

A BRIGHT AND CHARMING LADY- IN HHl YOUNG 30*5/1 .75 A SMART. TALL 
AND ATHLETIC WOMAN WITH A FASCINATING NATURE A REFINED 
ELEGANT AND ORACEFUL APPEARANCE WITH GREAT CLASS -LONG BLONDE HAIR 
AND BEAUTlRiLGREB: EYES. SHEISASOMISTIDUEU LADY. SUCCESSFUL IN HER 
BUSINESS CAREER fUNIV. GRADUATE) GIVING GREAT SIGNIFICANCE TO HARMONY 
AND AE S T HE TI C S. A VERY SPORTY WOMAN. WE ALSO LOCES FINE ARTS. 
CULTURAL EVENTS AMD OUTDOOR ACTIVITIES. A YOUNG FASCINATING LADY. 
AFFECnONATt VIVACIOUS AND WITH A GOOD SB-iSE OF HUMOR. SHE FEELS AT 
HOME EVERYWHERE WTTO THE RKKfT PARTNER. 



Claudia PCaehehKrrias. The favorite partnership agency cS the wotWs select circies for more than 20 ysais. We establish contacts among 
the most distinguished clientele: educated, cultured personalities of the top of society, the business elite and International vips. 


Actor for you 


PLEASE CALL | 


long Blonde Hair: A German Beauty in her 4Qi fere arena Iha rich cedfanoas'.. a an whan onge^toks far b*a£ 

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Do you leaf impnaaed? Ptoese cafl ue: You can reach ue deBy from 3 to7 paL, aisa SetfSun 

Head offices - Europe, Germmy, Frankfurt -Us. Hoff mann . T(0049) 690/0 77154, Fax (0049) 55124277156 (except Wednesday s) j 


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But&h or French Qualified Nan kies 

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f fti-rtJIIW 4705 4 M3 

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or foe +44 171 420 0338 
A GREAT PEAL HAPPENS 
AT THE EVTERMABKET 


Announcements 


Auto Rentals 


Colleges & Universities 


Business Services 


HrraUig^tjBsSrUnrac 


RBIT AUTO DERGJ FRANCE: WWrad 
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Nantks, Mothsi’s Hops, Baby 
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OtGUSHHAM. 54, single, educalad 
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55757 l « 0600 88S905 Bsewtere 
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2922 1171 tadoneae 809 1928 Japan 


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proUestf? SOS 
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tAZ 


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France 27t 

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Switzerland^. Z7t 
UK 170 


prestige addrereas. 

* FtJy ern^ped oflbea tor short 
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‘ H aia fioo al y trained office 
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ATX WOflLDODE TAX FREE CARS. 


Domestic Positions Available Domestic Positions AvatiaUe 


MRSddi 


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Bqwl + sftjppng + reg ato ta d new 1 
used cats. ATK NV, Tentaddd 40; 2S30 


ATHENS - GRffiX 
WS are 5 sipsr Mds aged 21fl yis (^ri). 
B yre (hem, 12 jn TOl. 13 yra fab 
15 yre (gin), vfe need you many lor the 
yooiger tw as lie rest of us are 
'gORiHpr and ‘Mffendmr. Ws only 
need someone m supervise u s and iWra 

trawl a U^tofvi daces arefneeSiyw 
lo Taby-sT dung such times, ta 


uy&w CHff FrendAtanMomikni 
Cuisine for private vita near Nfce, 
Engfeh & French speaking, driving 
ton. No cfUen a sribb. Contact 
Ur J Weiner ta London, CVs to tec 
+44 171 434 3050 Tet+44 171 434 3090 


Otyaraj 


used CB&. Am 
BtasschaaL E 
6455002, Fax 
since 1550 


fentaddei 40, 2S30 
l Phone: +32 3 
3 64571 OS. A7K, 


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Heatth/MetScal Services 


101 43764491 


ratlin, «a «9 gtw you a 5 day wrttag 
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view. IV, video and tehptane and a or 
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negotiaUe acconfog toage end asperi- 
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med and ^xid-nsriiircd ladles tao 
dive, SB noMMtes arri tee to tmeL 
Rease wte ta Box 474, HI, 

63 Long Acre. London WC2E SLfri 


Domestic Positions Wanted 


IE BftBOQUET 


FRENCH RELIABLE Ulngual lady seefts 
lob looUng after chfldren. secretarial or 
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ttito hMrtW UMnMHUi 
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tojpwl ff irlidWii tnm tetojah. tery 
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PHYT07HERAPY-Shiatso4Mtaco!ogy: 
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■ You btahere operaftM can start 


Lalrco Burineas Sendees GrahN 
latoteaus are Hobtausenparit 
Jnrinbnbasaa 22, 

60322 Ranfurt am Uah 
Gennsw 
T* (59) 95515-0 
Fac (69) 595770 


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Tel: 1^0&S99.1991 
Fax: 1^06^99.1981 
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wwrwJariIbacfc.com 


General Positions Available 


PH0FESSXMAL BUTLER-VALET ta 
looking lor a job tera stab busta» 
man anywhere In the worn. Exceflert 
toameaa hum Antoassadore and HWi 
Standog Ramies. For more rtannta ta 
EflBl YOGOFGOGOaaLooBi 


IEMUMCHE KERVANSARAY 

to In baort of SI ttainw das Ms 

Sa ll ^tarimre— I teBrtUtoteg 

99 ft « 149 S CD) ALC 250 HI 51X841 Air anfifmd. SOn. Opi 

Open tartydojrud 2 am. NaonOpn.A6pmr1aja v Mnplto>i 

7, iua » IrtiiS Mj +33 |B| 1 161.070 Oprtik&to^ 


DOMESTIC STAFF-H^Bst cafin sxpe- 
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Eifftoymad Agency 44 (0)171 561 0010 


UK A OVERSEAS AU PAR AGENCY 
NANNIES, MOTHERS HEPS, al beta 
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Tet 171 «4 2929 tet 171 494 23Z2 


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417 Socond AvonuBWest 
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CUWSE FAST FOOD RKTAURANT 
h GUADBGUPE (French West Indies) 
mads a cook, tec +500 918357. 


DIVORCE M 1 DAY. No hate Write 
Box 377. Satiny, UA 01776 USA. Tet 
978(4434387, tec 978M434183. 


Business Opportunities 


General PosBkms Wanted 


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POES YOUR RJND6D PROJECT need 
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» GOOD TASTE: VERSATILE, 
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cook, pastry chef and fcensed dtatidan 
te hdp you Bl aB your cuinvy md 
housahoo needs. A! toe Hghasi tote 
Seeks position, long or short tam. 
Paris - Cote tfAns. WB bate. Raf^ 
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27 yam a the tap fcr al tads cl enter- 
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MtBdfce, Iff pdrele escort 8 trawl ser- 
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Tet B1642M950 Fax: 8164425949. 


DBWRK/ NETHERLANDS 

MBraBtxBl Business Comectin bore 
Mo. where and ton » beta you 
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enclosed. 8 km tom Sals da Dons. 3 
km tom Seuwrene. 50 ton bora Hantz. 
FF 35OD0CL Tet 33 (0*5 59 3B 94 09 


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BC / Ccpeetagw+fi 33 37 95 05 
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Parte: +33 (O) 1 42 9? +5 +5 
Fee: +35(01142^7 49 79 



PROMESS tNTEfm nOBAL 


Friendships 


AREA, SWnaRUWD AND ITALY. 
Atiractiw Sirise Mngla My j" her 40s 
vonts to meat painar to spend sreante 

Mmb .irt MrilMI 


tag c aranon span time and periiMM 
more. CtoreM, goodtooiang btem- 


i goateotong bustatss- 
i -brad men or utot to- 


one. Ctoratod, goortcotang wnre- 
man. wtvanto-brad men of Mta to- 
Mean « and « were oM PtoMteri 
Mff oailcutatn vfcs tei racare jptaxe 
10 Box 468, WT. 9K2i Netoy itifc 
France. 


NICE & WARM-HEARTED Bam* 
Wbnan l 53yeBsoff,n(n-siixter.fcM>' 
etty secuntL tonsM m many cterel 
off iwnrtfc tbtogs. wttf fto to gat B 
know dsttagusned American genttanan 
My 10 Box 471, KT, FnedricM «, 
060323 AanktadMsh. Germany 


VIVACIOUS ATTRACTIVE, bright per- 
sonalty. young 4IMS. stylish European 
tote to axnplroca cosn sr ota M , nohte - 
nnded dottagustod consort, good 
bokta ( • 50) . Pbesa «u tote «» 
WT. w Long Acre. London WOE aw 


ASIAN LAMES seek manage. Detafc. 
ICE BREAXBTS. 545 Ocfwo Rtt 1003 


Far East Shopping Or. Stanpora 
238882 Tat. 65-732 8745. Far 85-235 


238882 Tat. 65-732 8745. Far 8543! 
3780, ixgx/hmnrgsxouLsgcefirereare. 


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288.HT.63 Long Acre, Union WC2E9JH 


THAI LADES WISH TO MEET YOU I 
atooiareOasanai co.th ■ PO Box 3 
BANGOR 10704 BANGKOK THA1AN0 


MEETING 

POINT 


ftfeeting ftxrnf 


DOOM OUT IN ZURICH? Erfey fc » 
coayiaty ol a vereaiie tomato conven- 
tion partner. Tet *49-172-418 9321 . 


FRBKH SBULE LADIES seek WTO 
HandMps te angbphone men. ABAC 
Tet +33 1 4272 0634 or <5708004 


GENERAL 


Real Estate 
for Rent 


London 


SPACIOUS studio. South Konstagtoo. 
cereraly hotel, don to subway, stops. 
tutf famished, private entrance, patio, 
separate bertoom area, frtty equipped 
kfcton. access to prirate garters. £250 
perwaak. Avatahto ramediatety. Tet + 
44 171 244 8872 or K86 11 47 36 84 


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Sharpen Your Pencils 

An Explosion of Psychological Testing 


By Constance L. Hays 

' JVfl*' York Times Service 

NEW YORK — Do you see yourself 
I- performing in a Vegas nightclub act 7 
V. If* ■ Would yon rather meet people or read a 
V'+m . book? Does driving give you a feeling 
I of power? 

' These are not queries from the local 
tarot-card reader, but the kinds of ques- 
ts . ‘ -S lions job applicants across the United 
i , v ^a u States increasingly face in the process of 
Mred. 

,, American companies large and email 

“ hW ^ turning to psychological tests, de- 
veloped by a virtually unregulated test- 
publishing industry, to try to determine 
who is too impulsive, who falls short in 
the integrity department or who is too 
'•...O self-absorbed to make the cot. Or so die 
- test companies promise. 

America has long been in love with 
■; testing — the Scholastic Assessment 
\ Test, for example, has been a rite of 
•• < passage for high-school students for de- 
' ' ; cades. But what is new is how far that 
■ love affair is spreading at the workplace 
. , s and how mixed a report card it is draw- 
'“ v - ! *c>- ing. 

, Nervous about die high costs and 
• legal entanglements that come from hir- 
. . -! ing the wrong people, companies are 
^ using tests for an ever wider range of 
jobs. In an age when former employers 
-'•L : do not like to write reference letters, and 
■■ when the face-to-face interview may not 

- ■ tell all, they say they need to rely on 
: . other tools. 

“It’s finally dawned on people that 

- the application blank is an inadequate 
source of information,” said William 
Harris, executive director of the As- 
sociation of Test Publishers. “It's a 
good way of standardizing the entire 

' : ..v; process, because testing is vety objec- 
' live.” 

But in their search for ways to weed 

out unsuitable candidates, critics say, 

companies ate relying too much on the ■ 
tests while glossing over their limita- 
— ; tions and flaws. Many suitable can- 
didates are also weeded out. the critics 
say, tripped up by simple-minded or 
capricious questions. 

_ ' ‘There are questions that will ask you 

: - » - for your reaction to hypothetical dis- 
“ _ d honest situations, and if yon are a par- 

■ ticulaiiy (dndhearted person who isn’t 

sufficiently punitive, you fail,” said 

— ■ Lewis Mafrby, director of the workplace 

rights office at the American Civil Liber- 
ties Union. “Mother Teresa would never 


pass some of these honesty tests.” 

While executives have long been 
tested for personality traits, checking 
out an entry-level worker’s inherent 
propensities for, say, integrity, is a more 
recent trend. 

“Identifying and making a 

good fit between the talent and the po- 
sitions available is very important,” 
said Plano Valdes, director of organ- 
izational development at TECO Energy 
Inc., a utility company in Tampa, Flor- 
ida, thar gives job applicants a variety of 
tests. “It can be a million-do liar in- 
vestment Are you going to do it with 
just a chat? I don’t think so.” 

Companies in industries from health 
insurance to soft-drink sales are using 
psychological tests. While Mr. Valdes 
says TECO uses die results as one of 
many components in a hiring decision, 
other companies say they have come to 
rely heavily on tests to distinguish the 
good candidates fr o m the chart. 

Test publishers report strong growth 
over the last three to five years. At Reid 
Psychological Systems, a publisher in 
Chicago whose most popular items are 
toe integrity test and a customer-service 
test, the number of companies on the 
client list — ranging Bom airlines to 
retail stores — has doubled since 1992, 
said David Arnold, general counsel and 
vice president far research, who says his 
company has “thousands” of clients. 

At the Omnia Group, a consultant in 
Tampa, a spokeswoman reports sadden 
growth in toe use of tests by small and 
medium-size businesses. 

And Sl Paul Fire and Marine In- 
surance Co. has come up with an in- 
creasingly popular personality test that 
is supposed to tell whether an individual 
is likely to have a nasty on-the-job ac- 
cident. 

An honesty test, titled toe Integrity 
Attitude Scale and published by Reid, 
includes questions like: “Do you think a 
person should be fired by a company if it 
is found that he helped the employees 
cheat the company out of overtime once 
in a while?” Another inquires: “If you 
found $100 that was lost by a bank truck 
on the street yesterday, would yoa turn 
toe money over to the bank, even though 
yon knew for sure that there was no 
reward?” 

Many of the tests, which are marketed 
at rates ranging from $9 to $100, prom- 
ise a quick turnaround (in a couple of 

. . Sec TESTS, Page 10 . . 


KTERNttlONAL 


BUSINESS/FINANCE 

SATURDAY-SUNDAK, NOVEMBER 29-30, 1997 


Beyond Background Checks 

Concerned about the human Investment they make when they 
hire employees, U.S. companies are increasingly turning to testing 
to help weed out undesirable applicants, even for 
entry-isvel jobs. Here are some questions from a test 
developed by John Kamp, an industrial psychologist, that is 
designed to identity employees who might be prone to 
on-the-job accidents. 


CHECK YES OR NO , 

1. You Uk» a lot of excitement In 
your Me. 


YES NO 


□ gf 


2. An employee who takes It easy 
at work Is cheating his employer. 

sfa 

3. You are a cautious person. 

&fn 

4. In the past three years you have 
found yourself in a shouting match at 
school or work. 

□ ® 

5. You like to drive fast just for 
fun. 

□ H 

J 


Analysis of Test 

According to Kamp, 
applicants who chose 
these answers are 
statistically Bkely 
to have fewer on- 
the-job driving accidents^ 
Actual scores on the M 
test are based on 
answers to 130 
questions. JgHgj 




• • "jri, 

.•frw i. 







PAGE 9 ‘ * 


VW Looks at Buying 
Truckmaker Scania 

Deal Would Broaden Auto Giant’s Expansion 


By John Schmid 

InicmutUmtl Herald Tribune 

FRANKFURT — Volkswagen AG is 
weighing acquisition of toe Swedish 
truckmaker Scania AB, company sources 
said Friday, adding a new dimension to 
the bold expansion already under way at 
Europe's biggest automaker. 

Such a purchase would follow a pro- 
liferation of recent plans by Volks- 
wagen to launch a parade of new models 
and extend its range well beyond its core 
fleet of hatchback and mid-range pas- 
senger cars. VW declined comment. 

The addition of truck manufacturing 
would, in effect, add a fifth brand to the 
Volkswagen empire, which already in- 
cludes the Audi AG line of performance 
cars, the Czech-produced Skoda SA 
brand and Spain’s SEAT cars, in ad- 
dition to Volkswagen’s own vehicles. 

Volkswagen's moves continue to blur 
the distinctions that once neatly sepa- 
rated the competition in the German auto 
industry. Just as Volkswagen is pressing 
into toe high-end executive market, pos- 
ing new challenges to Daimler-Benz AG 
and Bayerische Motoren Werke AG, 
Daiml er and BMW have been making 
inmads into Volkswagen’s mass markets 
fa- smaller and cheaper cars. 

VW’s interest in Scania also reflects 
the newfound confidence that has ac- 
companied an export-led business 
boom for Germany’s automakers, ana- 
lysts said. After rebounding from their 
1993 recession, toe Germans surprised 
their critics with their ability to tame 
costs and launch flashy new models, 
although toe restructuring has come at 
the cost of one in every seven jobs in the 
industry since 1993. 

Volkswagen announced Thursday a 
record five-year investment plan of 43 
billion Deutsche marks ($24.3 billion) 
to bankroll its expansion, a figure that is 
notably large even by Volkswagen's 
standards, analysts said. 

Scania in particular could come with 
a steep price tag, costing Volkswagen as 
much as 10 billion DM in total equity 
and debt, according to an estimate from 
John Lawson, auto analyst at Salomon 
Brothers in London. 

“It is toe Rolls-Royce of the Euro- 
pean truck industry,” be said. Scania’ s 
strong brand name and its profitable. 


lean manufacturing, using preas- 
sembled modular components, would 
drive up the price, analysts said. 

A Volkswagen spokesman declined 
comment on a Friday report in the 
Frankfurt Allgemeine Zeitung, quoting 
“informed sources” at VW headquar- 
ters in Wolfsburg as saying it and Scania 
were discussing cooperation agree- 
ments that could lead to the German 
company buying a stake in or acquiring 
Scania. 

Other company sources, however, 
confirmed toe report, saying toe ac- 
quisition could help Volkswagen’s 
struggling light-truck plant in Hannover 
through toe integration of Scania’s low- 
cost operations. Volkswagen would 
want to buy “more than a participa- 
tion,” a source said. 

“It is very good for Volkswagen to 
invest in trucks,” said Michael Klein, 
industry analyst at Delbrueck & Co. in 
Frankfurt Volkswagen already pro- 
duces a line of heavy trucks for South 
America at its Brazil plant, he said. 

Mass volumes and economies of 
scale are critical to the cost-cutting 
strategy of Ferdinand Piech. the VW 
chief executive. The company's interest 
in Scania signals that Mr. Piech wants to 
recast toe auto giant into an across-the- 
board supplier with the widest possible 
production of vehicles, analysts said. 

If the company moves ahead on each 
of Mr. Piech ’s designs, as expected, it 
will offer everything from a low-slung 
rwo-seat sports car to a sport -uuliry 
vehicle and 12-cylinder limousines as 
well as a new microcar. toe Lupo. 

By 2001 , Volkswagen plans to offer at 
least 5 1 models, up from toe current 38. 
All will be built on just four platforms, or 
major component assemblies, down 
from 16 at toe start of toe decade. 

Volkswagen’s empire building could 
extend to Britain's ultra-luxury niche of 
Rolls-Royce sedans. The German com- 
pany has said it remains “interested in 
principle'’ in acquiring Rolls from 
Vickers PLC. BMW also is expected to 
bid for Rolls-Royce. 

“Everyone in the volume car busi- 
ness has to expand into toe niches that 
are opening up,” Mr. Lawson said. “If 
you want to be toe clear European mar- 
ket leader, which VW wants to be, you 
cannot afford to leave them oul” 


INTERNATIONAL MANAGER 


Merrill Gains Mercury’s Tabloid Target 


By Youssef M. Ibrahim 

Nc*c York Times Service 

LONDON — As one of the few 
women to reach the top executive ranks 
in Britain — as vice chairwoman of the 
Mercury Asset Management Group 
PLC, one of Europe’s largest invest- 
ment firms — Carol Galley has been a 
favored target of toe male-dominated 
tabloid press as well as of jealous male 
colleagues in the City, London’s hub of 
investment banking. 

“Ice maiden” and “ruthless" are- 
just two of the descriptions bandied 
a boat. She is often called a “one-time 
libra rian, ” an erroneous reference to 
the start trf her career ai the London 
investment back S.G. Warburg & Co. 
As a young executive in the early 1970s, 
Ms. Galley had to spend time studying 
finan cial information, known as Extel 
cards then, before moving opjustasber 
male colleagues at Warburg did. 

If anything, though, the tendency of 
the tabloids to stick Ms. Galley with a 
somewhat sensational reputation could 
grow because of the announcement last 
week that Merrill Lynch & Co. would 
acquire Mercury Asset Management 
for about $5.3 billion. The takeover 
means that Ms. Galley, 48, will soon 
become the only woman to sit on toe 
giant American investment firm s ex- 
ecutive management committee. 

Ms. Galley’s rise has indeed been 
spectacular, as has Mercury Asset s. 
When she started at the bottom of toe 
ladder at Warburg, toe pension-fund 


unit there was quite small. But both had 
grown greatly in stature by the time 
Warburg was acquired by Swiss Bank 
Corp. in 1995 and the pension unit was 
spun off to become Mercury Asset. 

Now, wife about 1300 employees in 
19 offices around the world. Mercury 
Asset is itself an investment giant, man- 
aging 1,700 pension funds. And Ms. 
Galley controls more than 900 of them. 

Ms. Galley is hardly the sole person 
responsible for Mercury’s success. 

*The whole culture is based on 
teamwork — it comes from Warburg,” 
a Mercury executive said. 

Bat Ms. Galley is clearly a central 
player on that team, an assessment 
offered repeatedly in interviews with 
colleagues, critics and others in the 
industry, or both sides of die Atlantic, 
none of whom, however, were willing 
to be quoted by name. 

“She is a good money manager and 
a very good people manager,” said an 
analyst with James Capel & Co., the 
investment management firm. 

While the performance of a few of 
the funds under Ms. Galley’s direct 
manag ement have lagged a bit this 
year, her record over toe last decade is 
worthy of jealousy. 

Fran where she sics on the trading 
floor with other dealers, she has 

watched foods under her direction grow 

since 1988 to $180 billion in assets 
from $40 billion as new clients flocked 
to Mercury to hand her their portfolios. 
NatWest Securities Inc. estimates that 
toe firm as a whole will report pretax 



Carol Gafley, to be the only wom- 
an on the top Merrill Lynch panel. 

profit of about $165 million this year, 
compared with $108 million in 1996. 

If toe deal with Merrill Lynch goes 
through, Ms. Galley's holdings in Mer- 
cury will increase in value' by an es- 
timated $17 million. Last year, she 
received a total of $10 million in salary, 
bonuses and stock appreciation. 

‘‘Carol is very professional,” said a 
senior investment banker who has 
known her for 15 years, adding, “She 
is pretty dispassionate.” 

Nonetheless, he said, “if she were a 
man, she wouldn't get this reputation’ ’ 
for ruthlessness. 


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jOMCKRwfeK 


Moody’s Cuts Thailand’s Debt Rating 
As Data Highlight Economic Gloom 


By Thomas Crampton 

International Herald Tribune 

BANGKOK — Moody’s 
Investors Service on Friday 
cut the rating on Thailand ’s 
government debt to one 
notch above junk-bond 
status, as the central bank re- 
leased a statistical snapshot 
of the country’s increasingly 
beleaguered economy. 

Finance Minister Tarrin 
Nimmanahaeminda said he 
regretted the downgrade of 
sovereign debt because it 
would raise the cost for in- 
ternational borrowing by toe 
government and the Thai 
private sector, prolonging the 
country’s economic hardship. 

The downgrade was the 
third thisyearby Moody’s, as 
Thailand feces its worst eco- 
nomic crisis in more than a 
decade. 

Moody's, which down- 
graded sovereign debt to Baa3 
from Baal , said further down- 
grades were possible, adding 
that the change reflected de- 
teriorating credit and financial 
fundamentals in the economy. 
Ratings were also lowered for 
almost all the country’s com- 
mercial banks, including 
Bangkok Bank PCL, Thai 
Farmer’s Bank PCL and Siam 
Commercial Bank FCL 

Analysts said toe down- 


grade was no surprise, just a 
confirmation of the terrible 
state of the economy. 

The Stock Exchange of 
Thailand’s index closed 
down 3.96 points, at 395.47, 
— about one percent — with 
banking and finance sector 
stocks posting losses. 

Until recent months. Thai- 
land had been praised by the 
press as a commercial mir- 
acle and exalted by the World 
Bank as a model economy. 
Bnt the monthly book of cen- 
tral bank statistics released 
Friday read like a cautionary 
tale of excess consumption. 

Department-store sales, 
which grew nearly 32 percent 
in 1995, have dropped 43 
percent in the first nine 
months of toe year. Beer sales, 
which expanded 17.2 percent 
last year, evaporated to 0:9 
percent over toe same period. 

Electricity consumption 
by medium-sized businesses, 
which grew 13 percent in 
1995, fell nearly 20 percent 
this year to September. 

The news was not entirely 
glum: Thailand reported its 
first monthly trade surplus in 
a decade, partly aided by a 
fall in the value of the bafaL 
But the current account — 
the overall measure of trade 
in goods and services — re- 
mained in deficit due to low 


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Phone 7k* 43*1-516-12-0 
Ftoc *4 43-1-516-12-14 


tourism revenue. The Bank 
of Thailand’s chief econo- 
mist, Kleothong HetrakuJ, 
said * September exports 
surged 52 percent year-on- 
year in baht terms, compared 
with 25. 1 percent in August. 

However, dollar-denom- 
inated exports rose only 8.7 
percent in September due to 
an estimated 12 percent fall 
in the value of toe baht during 
the month, she said. 

“The statistics are only 
now catching up,” said Chris 
Baker, author of several 
books on toe Thai economy. 

1 ‘But toe economy has come 
apart over toe last four years 
because no one properly 
managed liberalization.” 

Liberalization brought a 
tidal wave of money at low 
interest, much of which was 
loaned to stock and real estate 
speculators through the coun- 
try’s 91 finance companies. 

The stock and real estate 
bubbles burst early this year, 
and in toe past four months 
the authorities have suspen- 


ded 58 of the now debt-laden 
finance companies. 

Hit by a slowdown in ex- 
ports and overwhelmed by 
bad debt. Thailand was 
forced to float toe baht after a 
costly and unsuccessful de- 
fense by the central bank. 

The statistics released Fri- 
day highlighted the bursting 
of toe real estate and slock 
bubbles, with the value of 
land transactions dropping 
27.1 percent in September 
from a year earlier, and a 48.8 
percent plunge in the value of 
the total capitalization of toe 
Thai stock market in toe 
same period. 

Failing confidence in the 
finance institutions can be 
seen by the 57 3 percent drop 
in deposits at finance compa- 
nies in September from a year 
earlier. And despite increased 
export demand thanks to the 
lower value of the baht, the 
Thai manufacturing-produc- 
tion index declined by 6.7 
percent in September from a 
year earlier. 


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PAGE 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 29-30, 1997 




■niff 


THE AMERICAS 


'* Investor’s America 



Dollar Nears Stabilization in Tokyo Benefits Wall Street 

T7 TT* I •/ 


5-Year High 
Against Yen 


CmpUaibrOwSatFFnmtOapmcba 

NEW YORK — The dollar rose 
against the yen Friday, approaching 
a five-year high, as concerns about 
Japan's weak economy and finan- 
cial system made traders reluctant to 
hold yen. 

Japan reported that unemploy- 
ment rose to a post- World war U 
high in October and industrial pro- 
duction. housing starts and large re- 




-v *»+■•-* ' « — -*TT~. am mj t 


FOREIGN EXCHANGE 


r->*+ «-yTpc :-u- r — 

, . • mCjiiw iwtw v y f,n-t V» *4/V«w*?i«K.rf++-+-* iWCi+Xirt-s-.J 

"TVlMire-. «* 


Sot/rca: Bkxxnberg, Reuters 


Very briefly: 


• Chile's industrial output rose 3 3 percent in October, com- 
pared with the like month last year. But the government said it 
might reduce its forecast for economic growth and inflation 
for 1998 because of slower growth in Asia, the country’s 
biggest export market 


• Canadian bankruptcies, personal and corporate alike, rose 
16 percent in September, to 8,854, against September 1996. 


16 percent in September, to 8,854, against September 1996, 
the federal agency Industry Canada said. 

• Cargill Inc. said its Canadian unit had agreed to form a joint 
venture to acquire a grain export terminal in Vancouver, 
British Colombia, giving the U.S. company access to 
Canada’s busiest grain- handling port. Cargill readied a pre- 
liminary agreement with Alberta Wheat Fool, a farmer- 
owned cooperative, to acquire its export terminal for an 
undisclosed sum. 


• BCE Inc, owner of Bell Canada and part owner of North- 
ern Telecom LtcL, plans to buy back as many as 10 million 
shares, or a 1.6 percent of its outstanding common stock. 

• U-S. retailers' holiday sales were on track to rise as much as 
5 percent as stores lined shoppers Friday with a flurry of 
promotions for the biggest shopping day cif the year. 

• CDnow Inc plans to raise op to $60 milli on in an initial 
public offering as the Pennsylvania-based on-line music re- 
tailer seeks to tap the widening use of Internet commerce. 

• Dnane Reade Inc, the largest drugstore chain in Man- 

hattan, riled for a $92 million initial public offering as part of 
a plan to reduce debt Return. Bloomberg 


To Our Readers 


U.S. stock and bond markets closed early Friday, and 
certain futures markets remained closed for the Thanks- 
giving holiday. Stock tables show Friday's closing prices 
in all editions. 


tail sales fell. The figures show Ja- 
pan's six-year economic slump is 
for from over. 

“Worries about the Japanese fi- 
nancial system are accumulating, 
without measures by the govern- 
ment or the Bank of Japan to dis- 
sipate them,” said Keith Edmonds, 
an analyst at Industrial Bank of Ja- 
pan. 

“Uncertainty is the dominant 
feeling on the market with respect to 
the yen, so investors avoid it,” he 
added. 

At 4 P.M. in New York, the dollar 
rose to 127.85 yen from 1 26.93 yen 
in London t rading Thursday. New 
York markets were closed Thursday 
for a holiday. 

The strength of the U.S. econ- 
omy, which grew an annualized 33 
percent in the third quarter, com- 
bined with recent financial turbu- 
lence in Asia, pushed the dollar up 6 
percent agains t the yen this month. 

Against other major currencies, 
the dollar slipped to 1.7644 
Deutsche marks from 1.7652 DM 
’ and to 5.9045 French francs freon 
5.9057. But it rose to 1.4262 Swiss 
francs from 1.4232. 

The pound rose to $1.6885 from 
$1.6721. 

The pound rose to a three-month 
high against die mark, supported by 
a strong British economy largely 
unaffected by turmoil in Asia. 

While trading in dollars and 
marks has been largely dominated 
by Asian developments, most re- 
cently the string of bank failures in 
Japan, the pound has been free of 
speculation the crisis abroad would 
hit e xp ort demand and nnHnmrrinft 
economic growth. 

The pound rose to 2.9789 DM in 
late New York trading, from Z9541 
DM in London on Thursday. 

Sterling was also helped by high 
interest rates, and expectations they 
will rise further. The Bank of Eng- . 
land has raised its base rate five times 
this year to 725 percent, lifting the 
return on steriing-denominated de- 
posits. ( Bloomberg . AFP) 


CimvUedtnOirSafFnimOe/mrkrf 

NEW YORK — Stocks rose Fri- 
day in a shortened postholiday ses- 
sion, bolstered by three days of gains 
on the Tokyo Stock Exchange. 

ACC jumped after h agreed to a 
$1.07 billion takeover in the latest 
round of consolidation in the tele- 
phone industry. 

While investors are concerned 
that more Japanese banks or broker- 
ages will collapse under the weight 
of bad loans, they are optimistic mat 
the Japanese government will use 
public money to sort out the trou- 
bled financial system, traders said. 
That eases concern that problems in 
the world's second-largest economy 
will cut into U.S. corporate profits. 

“The focus of the U.S. equity 
market is on Japan,” said Robert 


day far die Thanksgiving holiday, 
and New York tradmg ended at 1 
PJML Friday, three hours earlier than 
usoaL 

Traders said die gains Friday did 
not indicate a trend, because many 


“The longer-term trend- is def- 

c l ... ** mM Wirh- 


ihitely for lower rates,” said Nich- 
olas Walsh, a bond-fund manager at 
J. & W. Seligman & Co. Mr. Walsh 


predicted the economy would lose 
steam in die months ahead, farther 
reducing the threat of inflation. 

The price of the benchmark 30- 
year bond rose 1/32 to.IOl 2/32; the 
yield was steady, at 6.05 percent. 
Analysts said investors would be 
watching for retail sales activity 
during the holiday season. Traders 
are also looking to the November 


US. STOCKS 


participants had taken the day off. 
Also, South Korean stocks fell al- 
most 5 percent, and Japan’s finan- 
cial systems remain troubled, which 
could mean more problems ahead 
for US. stocks, some traders said 
Treasury bond prices were little 
changed after a report mi personal 
income and spending .did little to 
change expectations for growth 
without finish inflation. 


employment report next week for 
fresh evidence about die strength of 


ACC jumped 2V6 to 46% after the 
telephone company agreed to be ac- 
quired by Teleport Communica- 


non, for 550 a Td-Sai. 

Holdings, which also had bid ft 
ACC, said it was considenng nul 
ing a new offer. Teleport !dl W( 
49. and Tel-Save gamed /* l© - I V 
Boeing continued to rise. ftni«. 
ing up 1 % at 53 W. The company sai 
Tuesday that it had resumed prt 
auction of its 747 jumbo jets oftt 
temporarily shutting the aswrmw 
line last month because of parts an 
labor shonages. t 

Cisco Systems rose I -Vib t 
86W, and 3Com jumped 15* to ao> 
after Matt Barzowskas. :m analyst ; 
First Albany, said the two mukerse 
computer networking cquipmei 
and software were welt pcistnonc 
to advantage of increased u* 
mand. (Biocmht-rg, Rt'uter; 


at Zurich Kemper Investments. “The 
market has snapped back from its 
overreaction to what potentially 
could happen to corporate profits.” 

The Dow Jones industrial average 
rose 2835 points to finish at 
7,823. 13^ led by Traveler, which 
completed its $9 billion acquisition of 
Salomon. For the foil week, the Dow 
slipped 57.94 points, or 0.7 percent. 
For the month, the Dow gained about 
5 percent, completing is recovery 
from its 72 percent drop Ocl 27. 

The Standard & Poor's 500 index 


U.S. Consumer Spending Gathered Pace in November 


gained 3.76 points Friday, to 
955.40, leaving it with a loss for the 
week of 7.69 points. The Nasdaq 
composite index rose 6.05 points to . 
1,600.55 on Friday, but fell 2030 
points on the week. Advancing is- 
sues led decliners by an 8-to-5 ratio 
on the New York Stock Exchange. 

U.S. markets were closed Thurs- 


Reuren 

WASHINGTON — American 
consumers spent briskly in Oc- 
tober as booming job markets 
fattened their paychecks, the Com- 
merce Department reported Fri- 
day . b was a promising sign for the 
holiday shopping season that 
began after Thanksgiving. 

Spending rose a stronger-than- 
expected 03 percent to a season- 
ally adjusted annual rate of $5376 
trillion last month, while incomes 
from wages, salaries and all other 
sources also were up by 03 per- 
cent to a rate of $6,973 trillion. 

The November increases follow 
smaller 03 increases in October 
for both spending and income. 
Many retailers do 25 percent or 


more of their annual business in 
the weeks between Thanksgiving 
and Christmas, so the strong start 
to fourth-quarter consumer spend- 
ing suggests a positive outlook for 
viral holiday sales. 

. Robert Dederick, . economic 
consultant to Northern Trust Co. 
of Chicago, said it was too earl); to 
predict me outcome of the Christ- 
mas shopping season, which is 
compressed into just four weeks 
this year, but noted numerous rea- 
sons for optimism. 

“Employment is good, incomes 
are good, the stock market, while 
off its highs, is strong, interest 
rates have tome down and con- 
sumer confidence is at stratospher- 
ic levels,” he said. 


“The clouds from Southeast 
Asia don’t seem to be having any 
noticeable negative impact, ’ Mr. 
Dederick added. “So all the fun- 
damentals certainly are in place for 
a good Christmas shopping sea- 

SOIL** 

Wall Street economists had 
forecast that October spending 
would be up only 0.3 percent, 
though the income gain was in line 
with expectations for a 0.5 percent 
rise. An expanding economy has 
created one of the strongest U.S. 
job markets in decades, keeping 
incomes rising at a healthy pace. 

Wages and salaries climbed to 
an annual rate of $3.94 trillion in 
October from $3.91 trillion in 
September. 


.ri.rlrif 


til 


TESTS: Employers Turn to Psychological Questionnaires to Screen Candidates 


Continued from Page 9 


hours) and, despite their publishers* 
insistence to the contrary, are often 
used as the principal reason to reject 
candidates. 

“It’s a phis, bnt it's also a real 
danger zone.” said Stephen Bailey, 
president of the National Manage- 
ment Association, a 35,000-member 


formed psychological testing on job 
applicants. 

The tests ranged from cognitive 


business group in Dayton, Ohio. 
“Somewhere along the line. 


someone is going to determine that 
it is discriminatory. We're watching 
it with great interest.” 

This year, the American Man- 
agement Association International, 
an 80,000-member organization in 
New York, decided to find out how 
many of its member companies 
were conducting various tests. A 
substantia] 38.6 percent of the 906 
companies surveyed said they per- 


The tests ranged from cognitive 
ability, or the capacity to think ana- 
lytically, to “honesty testing” and 
career directions, said Rosemary 
Orthman, editor of Employment 
Testing, a monthly newsletter, who 
helped design the survey. 

“We use them a lot, and we have 
found that it has helped ns,” said 
Ronald King, president and chief 
executive of Blue Cross-Blue Shield 
of Oklahoma, where many new 
hires submit to tests of cognitive 
ability and keyboard skills, as well 
as a personality profile. “We have 
fewer circumstances where we have 
to put somebody on probation.” 

Some tests ask applicants to 
check off adjectives they think ap- 
ply to themselves (choices include 
“fiissy,” “dynamic” and “person- 


ality plus”); others ask seemingly 
obvious true-or-false questions like 
these, tin a customer-service eval- 
uation: “You get tremendous sat- 
isfaction out of serving others” and 
“You would rather meet people 
than read a book.” 

The Job Candidate Profile, a job- 
safety test published by St. Paul 
Fire, asks applicants to respond to 
statements like these: “If you could, 
you would Eke to work as an en- 
tertainer in Las Vegas,” “Driving 
gives you a feeling of power” and 
“You hate most people you 
know.” 

Candidates who answered 
strongly in the negative to all of the 
above would receive a high score, 
said John Kamp, an industrial psy- 
chologist in Thousand Oaks, Cah- 
. forma, who works for St Paul Fire. 

“If you answered yes to the Las 


Vqgas question,” he said, “it couk'»ji[ | { fJMH 

be that you love desen climates a as- 
sure, you'd love to move to La 
Vegas from Cleveland. But over th 
course of the test, the irrelevant as 
peers will just cancel out.” 

Answers are interpreted by Om 
nia employees, not all of whom hav. 
psychology backgrounds, and ar* 


turned into reports that might re* 
like this sample, provided by Om 
nia: “Our concerns arc multiple 
While his energy level indicates at 
ability to maintain productivit; 
throughout your cited 50-hour wori 
weeks, his very shaky perspectivi 
line tells us he may have a tendency 
to show erratic behavior, to ran 
bellish. Despite what may have b e er 
an impressive interview, Joe, at best * > i * * r 

is modestly assertive, far more so- 
cially outgoing than inherently com- 
petitive.” r-. J 


AMEX 


Friday’s Close 

The 300 most traded stodB of the day, 
up Id the dosing on Wall Street 
The Associated Press. 


Sates HW Lm UM One lllfleX£S 


U. S,. STOCK MARKET DIARY Oxford Properties to Buy Canada’s BurCon Salomon Buffeted 


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Bloomberg News 

TORONTO — Oxford Properties 
Group Inc. has agreed to buy BurCon 
Properties Ltd. for 603J9 million Car 
nadian dollars ($429 million) to expand 
its real estate portfolio in Canada 

Oxford, winch is 51.8 percent-owned 
by BurCon, will pay 038 of Oxford 
common shares and a 0.7(1 share of 
BoxCou's Concord Pacific Group Inc. 
unit for each of BuiCon’s 33 mifilon 
common shares. 

The agreement values BurCon at 
1 8.30 dollars a share. 

“We believe the merger with Oxford 


will provide BurCon shareholders with 
significantly enhanced value by deliv- 
ering a premium to current BurCon net 
after rax asset value and a direct in- 
vestment in BuiCon’s two major share- 
holdings} Oxford and Concord,” said 
Charles Chan, BurCon’s. chief execu- 
tive. • 

Vancouver, British Columbia-based 
BorCon's major assets are the 163-acre 
(66-hectare) Concord Pacific Place 
property in Vancouver and a Large site in 
downtown Toronto that will be de- 
veloped into a residential and commer- 
cial project. 


By Market Volatility 


£tof»iiw7$ Nrvij 

NEW YORK — Salomon Inc. 
lost $60 million after taxes in Oc- 
tober because of global market 
volatility, and the brokerage was 
“modestly profitable” this month, 
said its new parent. Travelers 
Group Inc. 

Travelers said it completed its 
$9.3 billion acquisition of Salomon 
on Friday, creating the second* 
largest U.S. securities firm. 


18062 SOU 
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INTERNATIONAL FUTURES 


Now. 28, 1997 


HJflh Low Laled Chgo Op lot 


High Low Luted Chgo OpM 


Low Latest Chge Oph 


Hteh Low Latest Chge Opint 


tom 44083 642.11 


+k Daw Jones Bond 


Grains 

CORN (CBOT7 

5UJ00 bo nMnom-OBris parbushdl 


20 Bonds 
10 Industrials 


Tradmg AchriTy 


Doc 97 273U 27m* 271ft -lft 5L8X 

Mar 98 28214 200U 200ft -111 171378. 

MaySB 289 286ft 287ft -1 40818 

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Sap 98 2B7H 286 286 -U 5.142 

Dec 96 288 285ft 286U mdL 30940 

Jut 99 299ft 299 299ft -U 263 

E*t dries 50000 Weds sriee 90829 
WfatfS open M 34454, off 326W7 


LONDON METALS OJHBH 
DateuspermeMcton, ■ 

AlurtHM QUA CrafclJH 

Spcl 158X001 SB4D0 1 58800 1 589.00 
rawadl 60400 16051001609801 610.00 


1844 ft 1116691 
87980188000 1891 .00 1893.00 


Spot 532410 5334M 54000 541410 
Fwword 54800 54900 53600 557410 


EURODOLLARS (CMER) 
si mflBaivpteeMOOpcL 
Dec 97 9412 9410 9410 -<LQ2 437,456 

Fen 98 9418 9416 9416 -040 TJ» 

MOT 98 9416 9414 9414 -003 454633 

JVD98 9411 9408 9409 403 367.230 

Sep9« 9406 9407 9403 403 26&86S 

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Mnr99 9197 93.93 93J5 -TUB 161113 

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Sep 99 9X89 9X87 9309 -001 96,977 

Dec 99 9X83 9302 9X83 401 9X026 

EeL wriet KA. VhA eatee 227.681 
Wtef* open H Z799J94 up 1S08S 


Jan 90 9421 9420 9421 

FsS rn 9420 9414 9415 
Mar 98 9421 9430 9421 

JWI98 9420 9414 9415 
Sep 90 9409 9406 9409 

Doc 98 9508 9505 9507 

Mar 99 9570 9167 95 jW 

0*199 95.53 9X30 95-51 

Eel sates 15330. 

Openltfj 26X457 up 1.571. 


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Dec 97 24100 '23600 23480 400 17060 
Jan 98 23300 22H4J0 22X40 -UO 31042 
Mar 98 22700 221JB 22200 -1JD 34478 


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Jot *6 22X80 27 7 JO 277-50 X40 1X482 
Aug 98 22200 21 7 JO 717.50 -2JD 3038 
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Wedk open W 724224 op Z163 


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Market Sates 


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FacwanB72S005M5iOO 573000574000 
2kc (Speck* IM CreSe) 

Not -114000114100115100115200 
rawanfll63O0 116400 117500117400 


BRITISH POUND (CMER) 


pauraH, S per pound 
D« 97 16886 10662 1JB68 +0146 54496 
Atar» 16810 1/692 1/794 +0146 XI 93 
*«l 98 1/718+0146 U« 

Ed. Utee NA Weds sates 10780 
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Doc 97 2450 2430 2547 +02) 

Jan 98 2502 25Z5 25.79 +430 

Mar 98 2412 2504 2410 +020 

Mav98 2425 23.95 2642 +0.15 

Jul98 2420 2405 2417 +0.10 

Aug 98 1420 2400 26/2 +005 

EsL sales 21/00 Weds sales 24189 
UWtk open M119/60 up 2/62 


Financial 

US T BILLS 9CMER) 

SI mOtan-aharwopa 

Doc 97 MJ6 9492 94.94 +001 5J20 

Mrt-98 9404 9408 95JM -ftffla 5.951 

.JW 98 9497 -002 807 

Sep 98 9*97 undL 23 

EsL satee tLA. WMuakB 966 

Wedk open MlS/riHiP W . 


CANADIAN DOLLAR (CMER) 

*W00 doikn. S per Cdn. <Br 

Dee 97 .7045 .7014 J028 undL 6X236 

MarW -7075 .7054 J0S7-O1M02 4698 

Jinn .7)05 ,7080 JON -0.0004 LZH 

Ert.w teelLA.WWte ante* Ban 

Wecte open bit 77.130b 00579 


Dec 97 9400 9396 9X98 +003 11X00- 

Mar 98 9474 9472 9474 +002 12X64 

JU0« ■ 9422 9416 9520 +004 12422* 

9435 9430 «J5 +0 05 69/K 
OecW «34 9530 9533 +003 S/S 

*to99 9522 9419 9423 +0.03 37,155 

Am 99 95JM KM 95 JB +0.02 

S«p 99 9495 94.91 9494 +010 40L 

Ert. satee SUll Prt*. sates; 4 1.99e ■!' 

Pirn, open Me 55X925 op 50 


Industrials 


Cosapany 


Par Amt Rec Pay 


IRSA Invas ADR b 1.10 

PowotGenPU: b JSS7 IM 1-2 

Royce VMW Trest _ M 12-5 13-23 




Q 25 1-5 1-31 

Q JOB 12-5 12-22 

O JO 12-5 1-2 

Q J3 1-16 1-30 

M M75 12-5 12-30 


STOCK SPLIT 
USD Bananp 3 fcr2 split 


Ipaloo Entetpr 
MAF Bancorp 
AAanorCam 


•Vk USBHMfl Con 


INITIAL 

- JS 1-2 


'SKT 

QHSLFncIM 


65+1 UH 
211k 21 
71k n» 
n* nk 
2DM JOB 
Mb 2* 
SH 4*11 

n 9tk 

6H tV> 
3k* B 
12ft lift 
S Mk 

an zu 
7 w 

17ft* 17 

lift IS 

£ B5 

mi m 
a n 
Hk 2H 

m a 

Ik ft 

Z7H we 

r a 
* L 

m* 
im 12 

» tjk 

sft N* 


81k 2tH 
40* 43H. 

ft ft 
4H 6 
HH «k 
16 !»6 
itw* !!? 
139k im 
m in 

im ii» 

a z 

is* ® 


iRcpubnm^ 
MS&ntG»Gvt 


ASR hwesBneot 0 JO 12-15 

ANmce WMDIGet M .1275 12/ 

AnancaWUDIIL M .1186 12/ 

AiigdfcaCOrp 0 .24 12-15 

Cere Co mm er ci al a .13 13-5 

Cottns Indus Q J2S 12-8 

CaanEnwav Q . -33 12-8 


M&S B, 


Q JH 1-6 2-1 

Q JS 12-19 1-15 

Q M7 12-15 M 

Q JB2 2-13 2-27 
Q M 12-17 1-15 

Q J5 12-1 13-19 

Q J2 12-31 1-15 

Q .13 12-5 12-15 

M .074 12-10 12-24 
5 .15 13-16 14 

Q .12 12-19 1-16 

Q JO 12-5 12-19 


SOYBEANS ItBOT) 

MOO bo Minimum- aeate per bnON 
Jan 96 729ft 717 71BM -3 

Mar 98 732M 720 721 -3ft 

May 98 736 724 724ft -3M 

Jut 96 737 726 726ft -4ft. 

A*ib 98 730 720ft 720M -4ft 

Esl satee 30000 WMte nlei 4X698 
Wesfs open ktt 149,149, up 2J00 


5 YR TREASURY (CBOT1 

nooaoa uto-ite & 64BH Olioo prt 

Dec 97 108-0/ 108-01 108-02 -05 139.15! 

Ert. srtee 14101 VUktfe sales 151/38 

Wetfe open Ini 2(6/32. up 14880 


CERMAN MARK (CMER) 

mooo marks, Spwmwk 

D** 97 5491 5460 J6694L0016 47J18 

to?* -2® jrn 5698-40016 4794 

Jem 98 5732 5725 5725-05016 *109 

BXHries NLA. Waite sates 3XA30 

WWh open W 77434 up 1142 


CAHHL OPS 

SS 0o ISJ?E ,, l!S! e fcn ■ “* w •*» _ 

Dec 97 172J0 1 7000 17175 UndL 1440 
JrtiW 17X00 17035 17175 +025 1MB 

Eft.2 ISIS 17J -7S +0.75 1S2J5 
Mm9B 17050 16950 17075 +0.75 MU 


™.p *ri»i ivju inc/s +a ,js tun 

W 169*00 16835 16935 +X7S 

toy9& 168-00 15735 14835 +130 253S^'-._ 

Jan 98 1677S 16700 16800 +1.00 MB 1 . 


WHEAT (CSOn 

4000 Pa ndnfanum- certs per bmhd 
Dec 97 343 338 341ft +2ft 10704 

Mar 98 368 354 337ft +lft 51591 

May 98 366ft 363 365ft +2 10088 

Jol 98 371 367 37016 +1 14653 

EsL srtas 17500 Wetfs ertes 4*666 
WMte Open H92J6XOH 4593 


H YR TREASURY (C80T1 
n 00500 prkvpte 4 32nb» rtlOO prt 
Dec 97 111-211 111-17 111-20. unA. 204M2 
MarJB 111-15 111-09 111-12 undt 193599 
Jan 98 . 111-10 undL 2S6 

EsL ertes 32/08 WMte sates 199562 
Vtetfk open Wdm.717. up 1540 


JAPANESE YEN (CMER) 

J2J mNtoajwL s per to yen 
Dec 97 -7914 JSSB 7842-0*0046 124053 

IjMrS 5010 7952 7956 -05046 iW 
Jem 98 8068 -4L0046 1540 

Ert. sa tes NA. Wtette srtes 1730 s 
Weris open M 1 34744 op XI 32 


Ert. ertac 1X800 . Pnv. satee : 1X361 
Pmw. open bit j 8X899 up 770 


a J065 12-10 12-24 


stwnVADR; wajKtek In Oanlan tends; 
i m ee M p w witetii metewillf. 


U.S. Stock Tables Explained 

Solos figures are unoffldaL Yearly Mg# 


^ IS! 


k 53 

wr» sm 


stocks only. Unless otherwise noted, infos at 
the latest deda ration, 
a - cfivUend atsa extra (s). 
b - annual rate of tfivktond plus stock tfiv- 
Wand. 

c-HquWafing dMdend. 

cc- PE exceeds 99. 

dd-aStod. 

d-newyeariylaw. 

dd - lass in itiaiastl2moattis. 


and laws rafted Hie previous 52 weeks plus tbe 
7. Where a or steck dividend amounting 1o2S 
W-lawrangaand dividend are shown forthenew 
of dMctenm are annual dtebarsamsirts based on 


Livestock 

CATTLE (CMER) 

44000 bs.. cealt par ft. 

Dec 07 6730 67.10 6730 - 0.10 
Feb 98 6X85 6852 68/2 -4MB 
Apr 98 7237 7X07 7235 +025 

Jim 98 3037 7010 7035 +012 


US TREASURY BONDS (QUIT) 
a pd-sioaaoa-pte 4 32Me ai 100 pen 

Dec 97 119-11 119(03 119-06 +03 266547 

MaiM 11905 118-29 119-01 +04 402,179 

J* 98 11B-J3 +04 14753 

Sep 98 118-14 +04 Z048 

EsL met 270000 Weds srtoe 464508 
WMk open Inf 694294 ON4661 


SMBS H1ANC (CMER) 

1 2S/00 (nmes. S per Iok 

Dec97 J7U74 JOIO JQ244LDQ41 46367 

Mar98 .7118 .7086 J«4 4Loln9 

JUB9B 71644/037 1313 

EAsoteeOA. Weds satee 1X461 

MM* open Inf 52/36, up 1,689 


BRENT OtLUPE) 

Uf - ^ of 1.000 bane* ' 

J*"* 18-95 18/8 18.94 +0.11 SM*J 

1X91 1865 18.91 +4LZ2 64^ 

Mvn 1868 18/1 1865 +071 1U57 

Aj»r» 1873 1X73 1X79 +020 MB 

¥?*«? H73 +0.19 X4fl 

Jun98 1836 18/1 18/8 +0.19 IZ4S 


Ert. ertes: 1X500. Prw. sates : 2053S 
Pree. open ML 1 745260(1 4167 


Aug 98 7072 70/7 ‘ 7072 +032 

Oaf 98 7260 7X45 72JD +0.72 

Est sates 4746 VMMte ados &5K 
Watte open M 10X819. up 208 


LONcerLraipn) 

man -pts 8. 32ndk on 00 prt 

Dec 97 119414 118-17 11942 +4-17 8X176 

Mar9> 119-31 119-10 11936 +0-15111,136 

EsLtateK 8i4il pim.eateE 77J73 

Ptek.apenM: 191312 ad 2756. 


MEXJCAJf PESO (CMER) 

MbSwt P 12^°. 12097+0/0035 16396 

Mar9B .11662 .11650 .11*52+60106 9.720 
*»9B .11260+40106 4988 

Ert. latai NJL lHnte irtai 1/59 

wette open Wl. rtr 3X789 


Stock Indexes 

SP COMP INDEX (CMER) 

250xMdes 

sssf 

Jun98 98230 97500 97550 550 LBV 
gStjMte* NA Wette rates 693H -- 

Wette open Irt 40X09L air X1S5 


tSERAUUI COV. BUND OIPFS 


- Mtal dhridend. annual rate unknown. 

doS^S^uGritond. 
r - dividend dedanHi or paid In preceding 12 
nwnfta plus stock dMdend. 

S - stock spOL DMdand begins wBh dale of 


13? SS- 
% i2 


■-rtvktendtleclarcdorpatdln preceding 12 t - dividend paid In stock In preeecSng 12 


months, estimated cash wkie on «-dtv- 


PUDB R CATTLE (CMER) 

50000 Uw^aerte par ft. 

Joan 80/0 7950 7952 + 0.10 

•ter 98 7950 79/5 79/7 +005 

Apr 98 8035 8000 8X10 -0/7 

May 98 8055 80/5 8050 4L07 

Aoq 98 8232 82/5 8232 -0/2 

SepN 81.90 inch. 

EsL srtas 665 Wette sates 695 
Wette open M 15/62. up 99 


DM251000 - pH of 100 pcf 
Dec 97 104/0 10X61 100/4 +033 227388 
Mar 98 10350 102/8 11036 +053 4X680 
Ert. oolae: 147.15ft Pre*. nkir. 59/28 
Pm. qpen taL: 26X016 off 1334 


M f . pomtol ratei hicreosad on last dado- Mandorert-tflsMbuttondate. 


4 3A 

W in* 


H *k 

f f 
■i 


» 16 
IM 1» 


ration. a - new yearly high, 

g - dMdend In Canatlan funds, sublectto v - trading hattoa. 
15% non -residence fac. vj - bi bankruptcy oi 


ft - hi bankruptcy or 


i-diftdonddeckiredafiarxplll-up or stack reorganized under the Bon 


n» Uft 

m ri 


me in* 

ID 9JJ 

int* i» 
mm, m* 


Wk Hfti 
lift IN* 
MW 

TO* 1» 
9* flk 

* 

tzte in* 


dhridend. securOtas assumed by sudi companies. 

l-dMdendptddtMsinaiiitrttteddelaretLar wd - when dfeJrtbuteL 
na oeflan torart latesMhridend meefinj}. wt -when IssunV 

k - dhicknd dedaed or paid fob yeoc on ww-wttti wurrants. 

(xxurnutathc issue wteidMctencfa In enrears. x - ex-dMdund or ex-ilgtits. 

■ - tmniral ralft rtduced on tort doctara- wfis-OHlistrDotiaft. 

Bon. xw-wmwut warrants. 


HOes-Leaa (CMER) 

40000 D».-«enls per b. 

Dec 97 6X50 61.97 6X12 -032 10079 

foots om axis ao.tr jub M/m 

Apr 98 57/0 57/0 5752 -0.17 4786 

Jin 98 6550 65-65 6562 +0,12. 1928 

EsL sates X509 Weds safes 7.121 
Wetfk upon frt 3X929, up 970 


18-YEAR FREAOTSOV. BONDS (MAT1F) 
PFsoaaoo -ats onao pet 
Dec 97 lOtS 9958- 10028 + 050 94741 
Me 9B 99/0 99/0 9956 +028 30505 
JunfS 9XM 9KM 99.18 +038 12 

EeL oales 8121 3. 

Open InLt 1252S8af*7/76. 


(UFFE) 

raKUpo-rtsonaopd 

r s° r !£ S^ 5 ^22 92^2 —4.04 121896 

iunTO 9127 92J4 9126 —0+01 Id/.Ms 

dkw 22 25? 2? 84473 

2252 2-5J 2JS 25! + 0 - 01 r63u 

M*99 92-75 917] VtJS +0/2 61/40 

22 9X16 9251 +0/1 5+672 

§Sw 22 22 40 a®* 56 

L*C99 9X13 92/7 9113 +fl/J 2X820 


PTSE TOO tUFTO 
05 par indax prtat 

DK» 0940/0940 48610 -3U 61#* 
Mor98 49340 492X0 49115 —355 Wft 


Erteaies MIX tea*, sates: 4314 
PtenapanM: 6X9S1 off 113 


ITALIAN GOVERNMENT BOND OJFFE1 
ITI. 200 mffian - pis al 100 prt 
Dec 97 m/0 113/7 HIM +027 10L937 
Mis 98 11412 11X81 114/7 +034 24948 
EsL ertes: 40092. Pm eaten 3X239 
Prev.apenM-' 126.905 Off 1217 


sw-wntwirt warrants. 


B-inwisiMlnlHepastS2wMto.Tfwlitgt»- y-uwJMCend and solute ML 


wranoe begins wifi ttn stmt oMiudfog. yld -ytefd. 
i-naxtdaydHhnery. r- soles in 


PORN BELLHS (CMER) 

«M 00 bk-aenti parte. 

FrtM 57/S 54.75 57/2 -0/0 1/S) 

Mar 98 56/0 5SZQ 55/5 -0.70 L133 

May 98 57/0 56/5 56-05 +055 551 

EeL sales 1J25 Wwte ertes 1/90 
MM* open kit 9, 1HL up 11} 


U BOR 1-MONTH (CMER) . 

S3 adBan-rts aMSO ail 
Dec 97 9403 940) 94® -OJH 22/29 

Jaa 98 9426 9425 9426 -41/2 La* 

Fed 98 S6J4 9423 94Z3 -0/2 1947 

EsL srtas KJMMetfs srtas 4499 

Wette open M Wtt op 1/25 


si ^ 

|| lEggsB 700 

S3 9X68 95JT1 +am 
~ 9S51 +tun 

5X33 +0/3 18X425 

S ^ ^ 81X9 

P'SOB. 9&93S. fttl. HtH; MlWJC 
Pro*, open ML 1/6X836 off 259 s 


CAC40 (MAT1R 

FWOOperlndespoM -v 

*"H 28300 2807/ 2837/ -0/0 «* 
0k97 M69/ 28110 SS630 .29/ 

itow ^2 3&S S3 0 *53 

Sep9fl 28305 282X5 21IS5 »2«/ X* ' 
EsL srta; 3X529. 

Open HL 84630 up 331. 


MIONTM P1B0R CMATIF) 

D«97 96^ °wS Pe 9 M> +a02 sqjqh 


Commodtty Irtdexe* - 

ciom fwf*! 

RwMn 1,802 to l MB& 

DJ.F«t«re. m 

CRB 235.55 JW* 

jffisasaaarn 


)&> 






PAGE 13 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 29-30, 1997 

ASIA/PACIFIC 


Guarded Calm Comes Over Tokyo Markets 


By Sandra Sueawara _ 

Wuihmxion Putt sen-in- to 1.96 percent.from 1.99 percent, calm markets. 

I; — “ ~ Some analysts said that the Bank But most observers warned that If 

TOKYO — Tokyo markets were of Japan and die Finan ce Ministry no proposals were forthcoming by 
stable Friday as public support for appeared to have bought themselves the end of next week, things could 
decisive government action on the a few days with measures that would start “getting ugly again/’ as one 


10-year government bond dropped get rid of bad debts. That helped to important to the market, 
to 1 .96 nercem.from 1.99 percent, calm markets. Attention Friday focus 


decisive government action on the 
hanking crisis appeared to be grow- 
ing, and the Bank of Japan moved 
swiftly to prevent a credit crisis by 
flooding the money markets with 
$29 billion. 

The stock market gained 33.06 
points, or 020 percent, to close at 
16,636.26, but investors remained 
jittery. Many traders said there were 
fears of another financial institution 
failure this weekend. 

“That seems to be the pattern, 
doesn’t it?" one Tokyo-based cur- 
rency trader said. 

Major bank and brokerage col- 
lapses have been announced on 
three of the four Mondays in 
November. 

The dollar was little changed in 
A Tokyo trading Friday, slipping to 
™ 127.20 yen from 127.40 yen on 
Thursday. 

Bond prices rose, pushing yields 


temporarily stabilize the economy. 
Most significant, perhaps, was the 
central bank’s decision to poor $29 
billion into money markets to make 
certain banks could raise die funds 
they needed. 

The immediate cause of the col- 
lapse of Yamaichi Securities Co. on 
Monday and two other financial in- 
stitutions this month was their in- 
ability to get short-term capital, ac- 
cording to analysts. 

“The central bank wanted to 
make a powerful statement," said 
Kathy Matsui, a market strategist at 
Goldman Sachs & Co. “It's not the 
solution by any means, but 1 think it 
helped calm fears of an impending 
credit crunch." 

At the same time, politicians. 


Im markets. Attention Friday focused on Toho 

But most observers warned that if Mutual Life Insurance Co. In a re- 
- proposals were forthcoming by port released early in the day, Japan 
s end of next week, things could Credit Rating Agency said Toho 
start “getting ugly again/’ as one Mutual Life had a low level of re- 
banking analyst put iL ' serves and more bad debts than oth- 

Even as Finance Ministry offi- er companies its size, 
cials moved to quell concerns about Other data released Friday indi- 
banks, there were new concerns cated that the economy was worsen- 
about the life insurance industry be- ing, an event that would complicate 
cause of financial data released government efforts to revive the fi- 


business and union leaders stepped cease operations amid financial dif- 
up calls for a quick solution to the Acuities. Life insurance companies 


Thursday evening. At the end of nancial sector. Analysts warned that 
September, the total value of life bankruptcies could increase, ex- 
insurers’ policies had declined by acerbating bad-loan woes. 

$70.9 billion from March. If the Retail sales and industrial output 
trend were to continue for the re- fell in October, while unemploy-. 
main in g six months, it would be the ment rose to 3.5 percent from 3.4 
first year since World Warn that the percent in September. The fall of 
total value of policies fell. Yamaichi and Sanyo Securities Co. 

Life insurance companies are in November will result in 21,000 
struggling because low interest rates additional people thrown out of 
in Japan make it difficult for them to weak, almost 10 percent of those 
pay the returns on their higher yield- employed in the securities business 
ing policies. In April, Nissan Mutual .in Japan, according to Jesper KoU, 
Life Insurance Co. was ordered to an analyst at JJP. Morgan & Co. 
cease operations amid financial dif- - The head of the largest labor union 


banking crisis here, including ad- are not 


lower. The yield on the benchmark vocating the use of public funds to 


Asia Will Use Exports to Recover 


One cf the early victims of the 
Asian crisis that began in Thailand 
in July was the Philippines, which 
has seen its currency fall by 24 
pen era against the dollar this year, 
while its stock market has dropped 
44 percent. In New York, where he 
came after the Asia-Pacific Eco- 
nomic Cooperation forum summit 
meeting in Vancouver, British 
Columbia, Finance Secretary 
Roberto de Ocampo of the Phil- 
ippines spoke with Erik Ipsen of the 
International Herald Tribune. 

Q. Do you think that Asia’s 
problems will reverberate around 
the globe? 

A. That was made clear when the 
problem spread to even Hong Kong 
and then Wall Street took a plunge. 
Certainly it is beginning to be noted 
that devaluations of Asia's curren- 
cies could result in higher com- 
petition for products manufactured 
in die U.S. from countries in Asia 
that are going to be unloading at 
lower prices and trying to recoup 
from -their present situation. 

Q. There has been talk of the 
Asian devaluations helping to trig- 
ger a global deflation of the son not 
seen on a wide scale since the Great 
Depression. Do you see any such 
danger? • ■ 

A. 1 think that depends to a large 


Q & A /Roberto de Ocampo 


exfear on bow quickly Japan can 
sort out its own economic diffi- 
culties because that is one very large 
economy. Concerns have been ex- 
pressed that if even Japan itself 
finds itself in a Korea-like situation, 
you may in fact be moving toward 
that kind of deflationary danger. 

But I think that the Japanese are 
aware of the risks ana have the 
resources to keep that from hap- 
pening. So I think that the danger of 
its taking place is minimized. And, 
at the same time, the fact that there 
is concerted action on a common 
concern that things have to be done 
quickly, will keep deflation from 
becoming a serious difficulty. 

Q. But doesn't >South Korea’s 
financial implosion now make it 
harder for Japan to put its house in 
order? 

A. Yes, but the Korean situation 
is not as grave as the Thailand situ- 
ation. The capability of Korea to be 
able to straighten out its difficulties 
in a short period of time is there. 

Q. Some observers are calling 
the Asian crisis proof positive that 
the Japanese model of state- 
sponsored economic development 
is fatally flawed. 


A. These are the comments of 
people who probably have not 
heard of the business cycle and 
who fend to be too pessimistic. You 
should not over degrade the ex- 
perience of Japan, which has been 
able to bring its economy to where 
it is and to sustain it for decades. 
Hie fact that adjustments have to 
be made I don’t think negates the 
success they were able to achieve. 

Q. The Philippines plans to exit 
International Monetary Fund su- 
pervision tins year after nearly 35 
years. As we look now to the IMF 
to help sort out this mess, is it 
necessarily clear to even veterans 
such as yourself that the IMF’s 
orthodox, free-market ideology 
■works? 

A. I don't think there is any 
argument that a country's fiscal 
accounts should be in good shape. 
Nor is there any argument that tire 
growth of the economy should be 
rounded on stronger stuff than con- 
sumption-led growth. I think that 
getting back to those rules is all part 
of tire reform process. 

Q. How long will it take the 
three countries mat are now in IMF 
hands to turn themselves around? 



AfmwFraaw 


A. It is possible Thailand will 
take a little longer than Indonesia 
or Korea because the extent of the 
difficulties in Thailand run deeper. 
For example, the banking sector is 
much more precariously commit- 
ted to the real estate sector that is 
presently overbuilt Indonesia’s 
problem is a bit similar. It has a 
high proportion of external debt 
that is short term and is falling due 
but with an IMF package should be 
able to overcome that. 

Mexico took two and a half to 
three years to straighten itself out I 
would think that Thailand would 
do its best to be as fast as Mexico. 
Korea and Indonesia, I think, will 
be faster because the underlying 
difficulties are not as severe. 


Life insurance companies wanted Friday thai the imemploy- 
ibticly traded, but they are ment problem could spread from fi- 
reholders, so their health is uancial sector to related industries. 


For Citibank, 
A Big Gain in 
Japan Clients 

BloonAerg Nmt 

TOKYO — Citibank said Friday 
that its Japanese operations were 
.having a record-breaking week as 
customers flocked to open accounts 
after the collapse of some of Japan's 
biggest financial institutions. 

Business at Citibank branches 
here surged after Yamaichi Secu- 
rities Co., one of Japan's Big Four 
brokerages, closed its doors Mon- 
day in the biggest business failure in 
Japan since World War H. height- 
ening concern about the financial 
system. 

“People are looking around," 
said Roben Bcrardy, bead of mar- 
keting and strategic planning at Cit- 
ibank in Tokyo. “They’re asking 
who’s safe, who’s stable, who’s 
looking good in the long-term, and 
that’s why they’re coming to us.” 

A spokesman at Bank of Tokyo- 
Mitsubishi Ltd., the country’s biggest 
bank, also reported an increase in 

at locations near siteso^Ho^ido 
Takushoku Bank Lid-, a nationwide 
leader that collapsed last week. 

On the best day this week, twice 
as much money flowed into Citi- 
bank’s coffers as in the previous 
busiest day, in July, Mr. Berandy 
said. Citibank officials would not 
say how much money Japanese in- 
dividuals bad entrusted to the bank. 

Dollar-denominated deposits, 
which pay a higher interest rate than 
yen deposits, in particular are doing 
well, he said. Individuals’ fluids in 
Citibank’s foreign-currency depos- 
its quadrupled from the end of 1993 
to the end of 1996. 

A surge in business from indi- 
viduals was a major reason Citi- 
bank’s Japanese operations made a 
profit of 5.4 billion yen ($42^ mil- 
lion) in the year ended March, after 
posting a loss of 393 million yen in 
the previous year, bank officials 
said. Citibank, a unit of Citicorp of 
the United States, is virtually the 
only foreign financial institution in 
Japan with a retail network. 

"It’s so difficult to know where 
to put your money now,’’ said Mild 
Tanafae, an office worker at a trading 
company near a Y amaichi Securi- 
ties branch in central Tokyo. *Td 
maybe try the post office, but I’ve 
also got high hopes fen* foreign 
complies. Citibank, maybe. ’ * 

Citibank has 21 branches in Japan 
and 67 automated teller machines, 
many of. which are accessible 24 
hours a day, seven days a week. 
Japanese banks’ ATMs are closed 
evenings and part of the weekend. 


Hong Kong 
Hang. Seng. 


Straits Times 


Tokyo 
Nikkei 225 


16500 / 

' 2150 


21500 


tSOOOspT 



2QOQO‘*‘Vl 


13500 V 

1650 ^ 

Y\ 

16500 ^ 

V 

12000 

1 ; 1700 

V 

17000 


10500 

W 1550 

F 

15500 

f 

“jj, 

i :: tifln 

SON ™J JA 

SON 

JA 

SON 

1997 

1997 


1997 


Exchange - 

Index - 

Ffttey 

Close. 

Prev. 

Close 

% 

Chang 


Hong kong ' Hang Swig 


1R52&9Z 10,583.10 -0.53 


2/U&1Q 2,48*30 +0.11 

16,636^6 16.603.20 +0.20 
Closed S5024 ” 

395.47 339.43 -0.99 

411.91 433.10 -4.89 


8**te* ; V. Occfitttdes . . 3,465.10 2,48*30 +0.1 1 

16,639^6 16.603.20 +0.30 

Closed S5024 ” 

•; . . 395.47 399.43 -0,99 

‘ /.C«P*foqjta index 411.91 433.10 -4.89 

Stock Market index 7,737.19 7.762.1^+045 
• jftwjBsr; - ; pge . ~. 1,77134 1,761 .3s +o.eo 

«ossd" 401.71 ~ 


401.71 

2,297.99 -002 
3JK&07 -L87 

InkMiulhHLiI II.vjIJ TriNuw 


Source: Tetekurs 


Very briefly: 

e Royal Dutch/Shell Group and Aramco are holding talks 
with the Indian government about investing in petroleum 
refining projects in India. A Shell spokesman said the two 
companies were looking for a partner. Analysts mentioned 
Indian Oil Corp., Bharat Petroleum Corp. and Hindustan 
Petroleum Corp. as possibilities. 

• Ford Motor Co. said the new Chennai, India, plant of its 
joint venture with Mahindra & Mahindra Ltd would be- 
come a base for exports worldwide. Mahindra Ford India 
Ltd. scaled down its forecast for sales in the year ending 
March 1999 to 12,000 or 13,000 vehicles from 15,000, citing 
the sluggish Indian economy. 

• Hong Kong stuck to its forecast of 5.5 percent economic 
growth for this year, but a quarterly report noted that sentiment 
had taken a negative nun and that tourism was very weak. 

• Philippine growth slowed in the third quarter to its slowest 
pace in almost two years, showing fatigue from the Asian 
currency contagion. Gross domestic product was 4.9 percent 
higher than in the like quarter of last year, down from the 5.S 
percent increase for the previous quarter. 

• Peninsular & Oriental Steam Navigation Co. has agreed 
to merge its unprofitable bulk shipping unit with tHat of 
Shougang Group of China, in a 50-50 partnership that would 
have a fleet of 26 ship. Terms of the deal were not disclosed. 

• Toshiba Corp. said sagging personal computer prices and 
high inventories had resulted in a loss its PC business in the 
United States, contributing to a 50 percent decline in first-half 
group net profit, to 9.55 billion yen ($75. 1 million L Toshiba said 
it expected its U.S PC business to improve in the second half. 

• Mitsubishi Motors Corp. has introduced a lower-emission 
gasoline-powered RVR multipurpose vehicle and RVR Sports 
Gear, a sporty version of the RVR, for the Japanese market It 
plans to start exporting the models to Europe in mid- 1998. 

• Nike ]tac.’s Japanese -subsidiary, Nike japan, said that the 

Fair Trade Commission had opened an investigation into 
allegations that the athletic-shoe manufacturer had sought to 
keep prices for its products artificially high. Nike said it was 
cooperating fully. Bloomberg. Broun 


Hit by Asian Slide, Peregrine Cuts 14% of Staff 


GpBpBrdbpOmSKffFnmDbpmliis 

HONG KONG — Peregrine Invest- 
ments Holdings Ltd., conceding that the 
slowdown in Asia has eroded profit, 
said Friday that it was cutting about 14 
percent of its worldwide staff, or 275 
workers. 

The company’s fixed-income secu 7 
rities business was bit bard- The bond 
division, which has suffered as Asian 
currencies- tumbled this year, will shed 
about 30 percent of its staff, cutting its 
size to 150 people from 220, according 
to people famili ar with the firm. 

Peregrine, about 80 percent of whose 
staff of 2,000 is based in Asia, is not 
alone in grappling with the currency 
crisis. Securities firms in Asia have 
trimmed expenses and put expansion 
plans on hold this year as tumbling 


currencies drag down financial markets 
in the region. 

On the heels of the collapse Monday 
of Yamaichi Securities Co. of Japan 
came an announcement Friday by 
Barclays PLC that it would immediately 
close the equities business of its BWZ 
investment banking subsidiary in Japan, 
affecting about 100 employees. 

BZwAsia — separate from the Japan 
business — said d would not be af- 
fected. But Barclays is looking for a 
buyer for that division, which employs 
1,200 workers in the region, and hopes 
to reach a deal by Christinas. 

Peregrine’s announcement followed 
news last week that the company would 
sell a 24.2 percent stake to the Swiss 
insurance and money management firm 
Zurich Group for $200 million. 


The company will take an unspe- 
cified charge against earnings for the 
year ending Sunday. 

In April 1994, Peregrine hired more 
than a dozen people from Lehman 
Brothers in Hong Kong. Peregrine 
Fixed. Income Lid., led by Andre Lee, 
formerly of Lehman, set about building 
a purely Asian bend business. 

Until this year, the business flour- 
ished, as the fixed-income division con- 
tributed almost half of the firm’s total 
operating profit of $381.5 million in 
1996. As Asian currencies rumbled this 
year, though, the value of Peregrine's 
bond inventories sank, and the firm 
found itself supporting extensive re- 
search and trading teams throughout the 
region while trading dried up and bonds 
tumbled. (Bloomberg, Reuters ) 


Weak Yen Helps Lift 
Automakers 9 Exports 

CbapIMIpOBrSatfftiM/XpaKfex 

TOKYO — Japanese automobile ex- 
ports rose for the 17* consecutive 
month in October, with the weaker yen 
and strong . demand for sport-utility 
vehicles powering sales overseas while 
domestic demand lagged. 

Exports rose 21.3 percent in October' 
from a year earlier, to 389,8 14 vehicles, 
the Japan Automobile Manufacturers 
Association said Friday. 

The biggest grow* in exports was to 
the European Union and Latin America, 
with several automakers cutting back on 
shipments to the United States to head 
oft trade friction. Sales to fte rest of 
Asia slid, reflecting the region’s eco- 
nomic troubles. ( Bloomberg , Reuters) 


Satellite Launch Boosts Japan 


The Associated Prtss 

TOKYO — Japan for the first time 
launched a foreign satellite with its own 
rocket Friday, boosting the notion’s satel- 
lite-launching technology and chances of 
developing a lucrative space prog ram . 

The H-2 rocket, carrying a satellite 
designed to study tropical and subtrop- 
ical rainfall, lifted off Friday morning 
under cloudy skies from Tanegasbima 
Space Centex in southern Japan. 

The Tropical Rainfall Measuring 
Mission satellite was developed at a cost 
of about 33 billion yen ($260 million) 
by *e U.S. National Aeronautics and 
Space Administration. 

The satellite will assess the amount 
and distribution of rain in tropical and 
subtropical areas and observe radiant 
energy from the Eanh's surface. 


Japan’s fifth successful launch of an 
H-2 since 1994 from Tanegashima Is- 
land, 1,050 kilometers (650 miles) 
southwest of Tokyo, was welcome news 
for its space program, which had 
suffered a series of embarrassments. 

In February 1996, a small prototype 
of an unmanned space shuttle sank after 
landing in *e Pacific Ocean, and a 
science satellite launched in August 
1994 failed to deploy properly. Another 
one launched in early 1995 wobbled out 
of orbit and fell into the Pacific. 

Japan’s H-2 rockets cost about $145 
million each, nearly twice as much as 
Europe’s Ariane-4. 

Japan spent $2.4 billion developing 
the H-2 rocket, the first it produced 
domestically. Previous Japanese rockets 
were based entirely on U.S. designs. 


MIRACLE: Asia Paying a High Price in Pollution for Its Economic Surge 


Continued from Page 1 

est-disappeoring coral reefs. A United Nations 
study suggested that 13 of *e 15 cities with the 
worst air pollution in foe world are in Asia. 

"The worst pollution in foe world is unequi- 
vocally in Asia.” said Daniel Esty, director of the 
Center for Environmental Law and Policy at Yale 
University and co-author of a new book on As**- 
Pacific environmental issues. “The stetistira about 
China are stunning, and right behind those Chinese 
cities stand almost every other major city of A^ua- 
Bangkok. Manila, Jakarta are all ngbt up there 
among the top polluted cities of the world. 

When delegates from foe United States and 
more than 150 other countries gather in Kyoto, 
Japan, beginning Monday, for a coherence on 
dotal warming, one of the fondamCTtel o^ 
derlying challenges will be how to accommodate 
foe economic rise of Asia. , . 

Aside from foe United Stat«, Chm* « 

foe biggest source of the r greenhouse gasesl ink«j 

to global warming, and — 

rying for the long run - foe two f^restjiwmg 

sources of these emissions are 

More foan 1.56 million Asians die each year 
from the effects of air pollution alone counr- 

ing 500.000 more who die each y ear Trom ^uty 

water and bad sanitation acjrordmg to «bmat« 

published by the World Health Organization and 
<h Ano"Sn“ k 5lU dy. al» 

but using different assumptions, walcidates 

2.0? million people die annuaHymO^a from 
the effects of water and air pollution. 

AH these figures represent 
the dark, so all the numbers m this aructe^y 

well be incorrect. But «S al,j yf v r ^iS>dedie 
urcs. it appears that considerably foe 

each vear from pollution in As (about 1.4 

f ^ qli^iluTOiigh 970s)! 

million, from the jy.n»s uu '"‘= - r . impact 

lndu.lriali/aiion 

thal humans ha« ^formation of 

two centuries it has ocen un. . a _ 

America and Europe foa« t“ s |ancf Bui many 

malic consequences for the P decades it is 

experts hSt that 

the industrialization of l^ os ystem. Asia 
dapienial new Mresscs for e i*,| on its 
has 60 percent of the world S P°P“ . . ^ p. jce 
industrialization is taking P^e attnph- foe p 
of the industrial revolution in foe West. 


“Asia’s potential effects on global wanning 
are certainly going to be much larger than in foe 
past and its potential effects on other aspects of 
the environment, and particularly its own en- 
vironment, are likely to be greater as well,” said 
Jeffrey Sachs, director of foe Harvard Institute 
for International Development and co-author of a 
major study on Asia’s development 

The paradox is that Asians are not fleeing the 
filth but embracing it 

From India to China, Asians vote with foeir 
feet — moving from rural areas with relatively 
clean air to the squalid mega-cities that are 
among the filthiest places on Earth. 

The endless Howrah slums in Calcutta or the 
shantytowns outside Jakarta are hellish inter- 
sections of gritty air and contaminated water. But 
to many rural Indians or Indonesians, the slums 
sing of opportunity, of jobs, of schools, of hope to 
break out of subsistence poverty. 

So peasants take a calculated risk, accepting 
foal their children may die of respiratory in- 
fections or diarrhea in exchange for the chance 
that they may become educated and rich. 

It is a dangerous gamble tat not necessarily a 
foolish one, and for many people it pays off. 

Partly as a result of such risk-taking, most 
Asians are living longer and better than ever and 
others are choking to death. 

The problem is foe particles in the air. In 
Bangkok and most Asian cities, these particles 
total more than foe danger level of 100 mi- 
crograms per cubic meter. Among foe worst 
cities on record are Taiyuan, China, and Delhi, 
each with more than 500 micrograms. 

Even worse is the “indoor air pollution 
caused by cooking or heating with coal bri- 
quettes; indoor particles in China have been 
measured at 1 1,000 micrograms. 

These are not the only dangers in foe air. One 
of foe greatest scientific mistakes of foe 20th 
century was foe decision to add lead to gasoline to 
improve performance. The lead in foe airfrom 
car exhaust maims children intellectually, per- 
manently impairing foeir bnun development. 

In such Chinese cities as Shanghai, roads are 
claused with new cars that are one of foe most 
Sin* signs of foe nation’s economic triumph 
Rtn vanous studies have found that at least 65 
nercenT of Shanghai children tave lead levels 
hfJher than foe point considered dangerous to 

rn ^rhe re^^attotHs permanent, and half a cen- 


tury from now, most of these people will still be 
living out foeir lives, the flotsam of Asia’s in- 
dustrial revolution. 

Most of the lead cranes from auto exhaust' and 
hangs in the air, but because of factory dis- 
charges, Asia ’s rivers also average 20 times more 
lead than the rivers in the industrialized world. 

Asia's water is almost as deadly as the air, for 
hundreds of thousands of people die from drink- 
ing polluted water, particularly in places like 
India, where the rivers sometimes function si- 
multaneously as water sources and sewage sys- 
tems. 

The average Asian river has 50 times more 
bacteria from human feces than World Health 
Organization guidelines allow. 

The study of pollution is so invested with the 
language of science, with everything measured in 
micrograms or milliliters, that it all sometimes 
seems tidy aiid precise. In fact, a fundamental 
challenge is that at ground level in Asia, there are 
enormous uncertainties about how to assess the 
dangers, and these unknowns make regulation all 
the more difficult 

In Badui and its surrounding villages in China, 
just downstream from the fertilizer factory, foe 
precise reason for foe health problems remains as 
murky as the factory's effluent. The only thing 
that is entirely clear is that something is dread- 
fully wroag. 

In the hamlet of Qidui, which is five kilometers 
(three miles) from Badui and also relies mostly 
on river water with factory waste, there are about 
13 births a year, estimates the village leader, Li 
Gene hen. Of these, he said, eight are stillbirths or 
children who die in infancy, and a couple more 
survive but with tiny bodies. Only about three of 
the births lead to normal children, he said. 

As for adults, he said , most die in their 40s. 

Circumstantial evidence is clear: The prob- 
lems in Qidui and Badui began around the time 
when foe factory started operations in 1971 and 
they went away In a nearby village that got piped 
water in 1989. Yet for all die mystery about the 
ailments of Badui, there is one overwhelming 
practical certainty there that also has an echo all 
across Asia; The polluting factory is crucial to the 
regional economy. 

The factory employs 3.000 workers. If it were 
forced to close, the increased local poverty would 
almost certainly lead to more people dying of 
mundane diseases and fewer children being able 
to afford to go to school. 


POLL: 

Seeking U.S. Action 

Continued from Page 1 

of carbon dioxide and other gases 
that trap the sun's heat in the Earth’s 
atmosphere and threaten to change 
the planet’s climate. The treaty 
would supplant foe voluntary pact 
that was adopted in 1 992 at the Earth 
Summit in Rio de Janeiro. 

Just 1 percent of all respondents 
in the poll offered the environment 
when asked what was foe most im- 
portant problem facing foe United 
States; crime topped the list When 
asked what environmental problem 
was most important people were 
more likely to name air and water 
pollution than global’ warming. 
Twenty-seven percent said they had 
heard or read a lot about global 
warming and 38 percent said they 
had heard or read v ‘some’’ about iL 
About a third said they knew “not 
much” or ‘‘nothing’’ about it 

Generally, Americans strongly 
favor environmental protection de- 
spite its costs, the poll showed. 
Sixty-one percent of respondents fa- 
vor protecting foe environment even 
if it costs jobs in their community; 
57 percent said environmental im- 
provements must be mart?, regard- 
less of costs. 

Major industries have criticized 
the administration for moving too 
quickly on global wanning, saying 
that the science remains uncertain 
and that limiting energy use or rais- 
ing energy prices could needlessly 
harm foe U.S. economy. 


. Srt* «ur 

International Franchise# 

rvrn WiilnrndaY 
in "ITir lutf-miurki*t 


THE 10th ANNUAL GLOBAL PANEL ^ abn-amrq 
Dwrmlwr 2 & 3. (997 TIu- Hagm- JSSH 


lUiniUil HOLLAND 


Tfar Rolr uf Lradrrohijj in Glottal TVaiuftirmaiiun: mIL i 7F 101*1 
Toward the 21.1 Crmury UI UI 


Id an rra of inemminj; globalization, and ax ibr oral 
tmUmniuin approarhrM. thr rob- oT leulrrthip takr* on 
an even greater signifies nre. Thin two-day ronferrnrr 
rrjwvwtiM a unique opportunity I u brut. Beet, anil 
Hrliliernle with world Irwin* in the field* or {mlnir*. 
dqdimaey. Inuaim*. labor. nrienrel and the mnlia. 


KEY ISSUES INCLUDE; 

• Whal kind of teaderahiji i* n relied to Dire! the rhat 

Mgr* of the Slat reniury? 

• Will the Knrapean Union remain the |ireili»tiiuxanl 
trading liW? 

• Win the Tipr Kranmnir* of Southesi-I Ana runtime- In 
grow, or will future growth rone (nun new market*? 

• I» there mrpuralr nvtpnfiMliilil} beyond the ea»h 
hook? 

• What real ehangr* will umir in ruMumer relation* in 
an inrmuingly inr»rmmlina-netwnrLed world? 


KEYNOTE SPEAKERS INCLUDE: 


•li.E. E.GitMtanlintMti 
“H-E. lanmid kuebmu 
•li.E. Honan Aehnwi 


■H.E. Chen Jiuhua 


•Philip Gondii 
■IMinu! Maurhrr 

■JidTpry D. Saeh* 
■C-K. Prahnlail 

• Kmtrhi Ohmar 
■Kranei* Fukuyama 


I'muiliTTI of tloBianio 

Hrnaln,! uf Ukraine 
Unklrr nf llqfer Khaitiiin. 
I‘ale*linun Natiunal 
Authority 

HiniMtee uf Stair Manning. 
IVopleV Kejiuldle of Chntd 
Chaimtau and CKO. 

The Kia'inp CiHB|Hin> 
Chairman nf the Hoard. 
Nmtle K.A. 

Harvard UnivrfMly 
UnUrmlly of Mirhipia 
Former I liairman. 
MeKia«ey X Gum|iao* 

John* llufikin. llnitimin 


<SV 


B43WN 

brunel 

3 DOOR 


Gasume 

jUf flemrenle 
5 _=- Hen Haag 


N1FO 'ff ' 


For further iniurauitiiili. |ilra*e iimlm-t: 


ORACLE" 


4 

maiApu 


GUQBAL 

BANEL 


TW; ♦3M(kWt«l55 
Fas: +ai-|il-4MMVli*) 
E-nwilt errAjii.net 


l 


PAGE 12 


INTERNATIONAL HERALD TRIBUNE, S ATURDAY-SUNDAY, NOVEMBER 29-30, 1997 


NYSE 


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TjgVTn AflMqn n - - XU 2«, 2416 £b* +», 

20V 12V AgSnz - 22 27 181 IB 18 +<* 

14V 4V,A«icDg .100 2.1 _ 530 45* 49, 4V +V, 

15ft 9ft Agmnig .11 1.1 _ 4 W IOV, 9ft 10*6 +*%. 

629b 20ft Annum .88 15 16 1403 S9*a 59*6 S9V +5 

32 19*6 Ahotd s -32. 1.2 25 156 269,26*6 -V, 

65V AitPmd 1JQ 16 20 563 7«. 76V, Wv..*. 

12*6 AKttetS _ » 33 20?, 20V 20*6 -V, 

21V AEFrf JO S 24 321 64*6 63*6 63V, 

13*6 Alram _ S 1094 I4V 14V, 14V, +16 


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23*6 23*6 3)6 -ft « 64ft BrflPBjl 

244,24ft in +9, 3iy,2ii« SfisiT 

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S9V 59ft 59V + V 15*6 9V BwrtSh 

364, 2616 26ft 54ft 42 BnmFB 


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Jv 5 BordGm - B8 7U 7ft _7V, +’/. 

27*. 20 BortJnL 1 JO 69 _ 51 26 2S T V» 256,+V, 

211,16*6 BnidRE 140S 6.9 16 42 30V 20ft 20V +*, 

16*, 10ft MngjJ9i 13 - 264 139, 13V 13V,-y, 
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2SV 17ft iSil _ 57 24 ft 24ft 24V +V 

25*6 12 BmODn M 13-5*2 15U 149a 1416 -V 
32V 1 7 1 ?, Brazil 1J6# 64- 466 21*6 21V, 21*6 -ft 

18V 9*6 BRtaiEF jne 4- 456 lift 11*6 lift -+Wa 

17 BredTen Jll _ _ 6571 20*. 1916 20*, +V. 

Oft 40V Bridal 112 12 23 ir Jlftt 5016 Sift -ft 

129, 4V Bn KhA .01 & _ 41 9*, 9*6 99, -ft 

19 10*6 Bttaker - 17 702 15 14*6 14<V,+*ft 

29ft 17ft BnslHtli - 32 69 24<t, 24ft 24W, +ft 

?6ft KM BrMySqilJQ 14 30 7256 M6, 99ft 93V +ta 
25ft 91 BnLMr 117e 15 IB U 92ft 91ft 91ft -IV 
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60V, 39 ponatwf .10 3 24 
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1 J6 52 15 388 26ft 26*, 261* -V, 

1441 43 13 215 Bv 33 33V, +*, 

1 48 4 18 45 17ft l7t»17A, 

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806 63 -17 918 33 324. 37t, _ 

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.10 3 24 338 59 9 58V,+^ 

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23V TCTi KJDSadO _ _ 50 3-a 27. « 22ft +ft 

42 '1 33ft FeCor 2» 81 24 4M 369, 3M, 365, -ft 
24*. 20V FemBg* 200 88 B 1W 8k 27*. 22*. -. 

40 28 Fbbo -7H 1.9 _ 5ffl 3fek 3». TV- 

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10 6ft US 30r 41 _ 30 7*6 7*6 7*6 

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48ft SOM FhMS 56 1J 20 287 47ft 46ft a- -1, 

SlftWa RntAaak 1 40 24 16 607l5n% 58ft 58>* -ft 
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29*4 201 FalBnd 401 16 24 607 26 25>+, S*,-*. 

847.50 FdhWBD 178U M 4095 79ft 78ft 7*ft -VI 
27ft 17ft FdCadtt 80 U 18 31 Sft 25V, 25*6 -V 

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37ft 27ft UaRT 202 87 21 6*9 3Sft 34ft. 35*, ♦** 

27 2*1 FnnRrp42J7 9 j0 _ SO 2«* 3*0. 26V, -I, 

76ft 24* FtaRTpK 119 81 - 2S«2&1 76ft 26ft +>< 

15*. lift FW 13* 89 - 53 I4'k 13-1 I3*B 

16V 7ft HPW 15QB19J - 480 7ft Tft 7ft. _ 

29V Mtk FOSnSk _ 14 35 27.. 27ft 27*, **. 

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*6*6 9ft FUoRS 44 30 6D 200 14ft 14«, lift -V 
49<v»30ft FTVoBX iT.12f 2J 19 64 48*6 47ft, 47V, -*, 

27V 211, FWshRT 195 7J 3 9 365 25*, 25 25*, **» 

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40*,26J,Afcon AO 2 1 IS 2947 77V, 2«9» 26ft +fta 
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13<v,12*% AHAraTor 1.02 73 _ 27 13*, 13ft 139, -v, 

31ft M-i ASgSuy 1.72 57 15 516 30*6 30ft £*, - 

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5* l»ft AUegfcrace JO Tj is S3 31ft, 31M. -V, 

30 li* _ 19 172 20V 70V, 70VV -9, 

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10 6V Buriteg 440 3S 5 1196 7*>, VU 7V, -V, 

lift T1V BumPP 1X0 7J> 27 261 14*6 14V. 14V, -Vu 

41ft 31V BuflerMFg 3U 17 12 27 33ft 331, 33ft, ft, 

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39 to 18 CB Can _ 17 46 337, 33ft 33V -4, 

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X 28 CCAPnsn 35 0 - - 132 Sik 35V, 35V +V 


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45*6 18*6 CKE&s M 3 39 163 37V, 37*6 37V A, 
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20*6 13ft Domain n _ _ 25 16ft 16ft 16ft -ft 


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40, 30, OwcplR _ _ 409 3dto 35 3516 -lft 

SS 3BM Qin^r UOI _ IB 156 5046 4916 50to -4k 
46ft23V6 Chrhtn _ 45 X 3745 37 3744 -ft 

38ft 2816 OUTSIT 140 A7 8 H 648 34ft 33ft 34*6 -1 
74ft5jto CHUM 1.16 IA 16 1295 71*4 71 71 -ft 

’1? ™ °TOS* _ 43 4S 446 4ft 4ft -ft 

4Sto 22 C8ER _ . 5* a « 4H» 44 +, 

5%J5V6 Olam 2A6 5A 19 30+06 AIM 43*6 -V 

ftftmr'aun 

3s* 31*6 atew 100 xT i? m* 35?? 35*6 25ft -m 
ito^s3^.,4 A«ia§a5?^g3s + -s 
i^Mp 110 ii I? ss 1%^ i^r nyft 

32V! 19V OMNC, A4 IA 20 203.31*6 3244 32ft -Ik 
14 111* OanoSIr .19 3 21 1032 22ft 22M 22, +, 

SlftX. Oaroor A<J 2J 17 .57 29*6 299, 29*6 -« 


44)6 33*6 AveijDs 041 20 22 693 42 41%, 41ft 

17ft a!i Avia I - 13 76 14, 14ft 14ft _ 

37*6 1BV AMhan - 22 43 35ft 35)6 35ft +ft 

3516 21*4 Aabn _ .. 134 339k 33M 336, -ft 

72M 55*6 Avne! AO .9 IS 253 67V, M*k 66*k -ft 

78 so*. Ann 1J6 23 a 1800 58)6 57ft 57ft -to 

BJ4 *16 Artur _ II 303 Sft ,6ft 6ft -ft 

27, 12 0A Mite n . _ - 57 169, 16, lift -V% 

58*6 E* B84T Cp 1J4 2J 20 491 54%. 54*6 54V _ 

32M 22 BCE OS 136 - _ 405 30ft 2W XV,. ft 

BV. 7U BEAtom .72 8A ._ 165 8%, Sft Bft -*6 

ito 4 BECGp _ 37 127 Sft Sft 59k -ft 

90U XV BJS - 35 778 73ft 71ft 71ft -ft 

319.26 BJsWhn -. - 563 29ft 28ft 294k -ft 

35*6 171? BMC 06 J 13 1497 18, 184k 18*6 -ft 

S , 15 . BP Pm 204C11A 11 158 17, 17to 17*6 -to 

2D* BRE 1 JB 40 12 112 29ft 28(6 28ft -ft 
13 6to BTOH _ 21 58 10, 10V 10, -*6 

11*6 6 Balnea JO W II 46 10 90% 906 -ft 

21 to 16, Bataf Z.77e1$J _ 65 I8V. 15 18V. -ft 

49*6 32*. BakrHu .46 1.1 21 1276 4246 41(6 41A -V. 

31, 2T6 Mar ^ IJ 22 Jm 30ft 29%. 30%. + l<6 

£ *?" g°n AO IA 20 m 38, 389, 3BVa -ft 

25 17 faNara -10 A 73 99 73ft 23 23ft _ 

30, 74, fioOGE IA) 5-3 20 1184 aX, 30*6 30%, + ft 

59, 39, Bcncpna 102 3X 2113380 51V. SK 51*6 -ft 

26*6 24, BocSl PK2X0 7A _ 45 26ft 26, 76, - 

76to 24*. BneBI* 20D 7-7 _ 145 26ft 26 36 

32, 16, BcoBflV i JOe 10 X 88 30*. 29 to 29M -16 

■to 71 BncoFm AOr JJ 12 171 27 26V. 26ft+ft 

42V: 24to BGanodroUHOJ _ 28 38ft 38)6 3816 -ft 

X, 18)6 SGatepr 1 07B 50 - 199 21 JDto 20*6-196 

20, 13V Scotndl .78 5.4 _ 204 14V4 14ft 14M -M 

16V 9*. ScoRtaP a _ „ 697 12, 12V. 129, -ft 

18)4 11*1 BcSanta<.4te 2.7 - 1203 ISto 14, 1546 +1 

28*6 20)6 BcnSata nlA7«G0 _ 63 20V 20, 70, „ 

7M 41+ BcOWieia.06# IJ - 347 4«ft 4, 4to -ft 


13 6to BTOH 
11*6 6 Babin 
21 to 16, BakrF 
*rck 33*. BatoH. 
31, 2T 6 Baldar 


117 5ft 5%. Sto -ft 
778 73ft 71%, 71%, -?. 
563 29ft 28%, 2946 -ft 


5Tft32W DmvJlB 06 10 73 338 SO, sdft SQM -to 
27*6 17, DoaroeyFi JS) IJ 19 40 2746 27*6 27*6 +9. 

14, 8, aa40 - U 221 9 lft 9%, 94, _ 

4dto 27, 5 kw J6 2X 22 16« 37ft 37ft 37to -ft 

9*6 8M OrySIG J5a 70 _ 101 9ft 9ft 9V. -ft 

lQto Mk toSrt -68 60 _ 64 10to 10A, 10ft .. 

Wto 946 DrrSM A6 6J _ 109 10*6 10?. 10*6 -ft 

40ft 28 Ditoita n _ 399 30ft 29(k 29%, -to 

69, 44(6 DtiPcnl* 1J6 11 23 5158 61 to 60ft 601, -ft 

40, X Ducoraun _ - 18 78 32)6 32 to 32(6 -ft 

10ft Sft DufPUS .Mo 70 _ 915 10ft 9%, 101, -to 

14*6 12*6 DofPUC 1.18 8J - 359 Uto 14V 14*k -to 

g, 41(6 DuteEngy 2J0 4J X I4tf 52*k 524, 52ft -to 

V 1746 Dte£l* lJOf SJ 24 1880 23M 22ft H%, -H 

5to 2146 DanBid * IT IS 483 Sto 27%, S ft 

2446 24*6 QcqCnppI 2X9 8J _ *9 25*6 2Sft 25*6 _ 

M 9, Dyaxn _ M 3CG 234, 22, 2216 tft 

55 27 DynoteB _ 20 144 36ft 35%. 36ft -ft 


X !5*k G4L 1A4 70 17 78 1916 1 W6 lft _ 

2^ftH GiLpfB 2A5 90 _ X 25, ZS*% 25, -to 

70ft46 GAW 104 3X 14 1001 aOto 60M 60, ft 

39%4*30, GPU 200 XT 15 1146 XVI 39ft 39M -to 

ISM 3, GRCU - - 72 6*6 6, 6to -V, 

2«6 !2to GTEEWO 10*00 _ 34 14ft 13%, 13%. ^ 

52, 40M G Tf 108 3-7 1736607 514,50 50ft + ft 
2746 25V, GYBXdl 131 17 _ 123 2ift 26ft 24?, -ft 

lift 9 QobdT 1.16fltL3 _ 496 11, 1116 11, -4k 

29 23to GahRm 20U 70 17 139 27V. 27ft 27, -ft 

10ft 8 Garaco 07! 0 14 <3 Bft 8ft Sto -46 


M Gatoto. — 1* 28' IM* 18ft 18ft -ft 

29*6 H Gafitaa n 0tp _ _ 919 27)6 264, 26%, -M 

», »*6 Gallo» TjS 30 12 m S, 3S(. 35, -16. 

Jlftld. Gofckjr* JBp 1987 21 ft 21ft 21ft -to 

30J 1], Oote* _ _ 543 12, lift 11%, -ft 

S8to Xto Gcnnefls M T J 21 764U8*, 5746 584, -ft 

ASI 0 X 2839 54 53H 53, +4, 


27 DynoteB - 20 146 31ft 35%. 361, -ft 

12, DnwC.US! 9.9 10 183 73ft 1W% 13%. - 

» 146 EA India _ _ 1S2 6V. Sto 5N -ft 

J!ftSGCM M .3%, 316 2ft - 


2m^s3S 

37*6 20%.Qcu 

12 7, dttU 

3216 19, card 


3ft ECCh4 - _ 76 3ft 31k _ _ _ . 

|30M EDPBn _ _ 67 36ft 36ft 369, -ft I 

l 18*6 EGG 06 20 32 348 19*6 19ft 19*6 -to 
3ftEKQor -13e 30 » 56 4 4 

1 1*6 EMC 3 _ 31 4837 Xft 30V. 

M7(6 EN1 IXM 14 - 97 58V. 58 


f5SS5ftS a, d 

47*6 15, g o moi l 
46, 23to GaUSlOO. 
33, Sto GorlErtn-lSp 


B?6 JartRQ) 02 b 0 — 416 10ft 10 10 -ft 

616 JFjndla 386 6, 6M 6*. -ft 

34, JeffrGp JB 3 14 71 71 73to 70V. -ft 

lS! ]a^ ^ 10 38 195 27ft 2M Mft -H 


X 2839 54 53*6 S3, -ft 

16 110 38 3746 3746 -ft 

-fl 3237 28ft 28, 28ft -46 


31 4837 Xft 30V. 30ft -ft 

1AM 2A - 97 58ft 58 S8ft.1V. 


24M 16, EartUk 1-66 


204 50 IS 37 JSV 35V, 35ft -ft 

„ - _ 1051 51, 519? 51ft -ft 

. jq 0 31 41 43)6 43, 43)« _ 

lA4f 41 16 144 40ft *0 40ft -V. 


31 *'*20 Cki roar A6f 20 17 „ = 

Tftm* * i * a^ffiSSSr A 

-4 l«4a £& 4 SU& 

78*% 48)6 Clams* 1J8 IA 31 480 7BV* mj m* -ft g* JgJ* 

^?a^njo B^g^^ ss js hzUr 

61, 3416 CoasJSy _ 21 160 60*6 60 60 -ft SS mt IS? 

6Sft<3V. Cottdal AO J 17 579 59V? SB ft 58, -ft |g| 

4, (% C rtPbr? - -- 66 lft 1ft Ilk -ft Sfiu Si IteS 

2046 9, Coastal _ 13 116 144k 14 14ft -ft ^ 

77 to 46*6 Cocoa 06 9 38 9103 63 £29. 62J? -ft ’JJ * 

jfto I4to ComCEs 00 0 60 966 30to 30*6 30to -to if* 

59, 24to CCFernsa J7» 0 50 250 Slto 51ft 51ft -ft 'T |AnJn 


14 324 24ft 23V 23%, -V. 


ftfttnfa&z 

32, 16, BcaBgVfJOe 10 X 

■to 71 BncoFm AOr 23 12 


22%. 174% Eastern 1061 6A 12 46 21ft 21*6 21 to _ 
65to 50, eSfen 1.76 2.9 15 633 60ft 60V. 6«« +U 
SPm E Kodak 


3946 20*6 GaCteton JSp _ 
33, 18V GnCMki X J 

I7to 2 5ftGS5la ° Z' 

91M 63*6 GenDyn 1A4 1.9 


38to 27_ GnGr® 100 

759.57, Ga«a 2.12 
72ft 52, GnMrtr- 2X0 


lUSp _ _ 57 30%, 301, 30?. -ft 

AO 2A 7 262 25V. 25V. 2SV? -ft 

_ _ 78 1178 SBto 53ft 58*6 -ft 

• Xte — — 183 3541 34, X -to 

Jfi -7 10 31 27?? 27*6 27?? -V. 

a _ _ 223 23%? 23*6 23*6 ' _ 

1A4 lI5 18 3« 80ft 85%? 8M? -Ik 

.TJ! - _ 1969 M, 5, 5ft - 

.32 14 18 143 9to 916 9*6 -ft 

212 2.9 24 995 7416 73%, 74 -ft 
2X0 10 812684 61ft 60 61 -*a 


®9i ; & sr-s ^ iS: 

S; -S! ’-5 - ,5»« 5W 5, -to 

16%? 8*6 JortRO) 0lB J — 436 10ft 10 10 -ft 

lift 616 JFtadkJ _ . 386 6to 6M 64. -ft 

81*6 34, JegrGp JO J 14 73 71 TOto 70M -ft 

^ 7 % 7 %>x 

»» nU . |4 7 tS^ 

13%. 9, jSteMW.MJ 10 10 60 11 10%, 11 -ft 

.flgpXr ♦* 

ffi E 8=4-™ - WBffifcSlS 

NlhMNEl! 

nBiallucs 


W5 SIM Mrotoroto 48 1 3S 

Mto m« Munisd -85 62 . *5 

iw% fa Mian Hi .62 6J ^ inj 

?t% 8 MK1T 07 641 _ 85 

9V. 8U MPOH 04 6J _ 103 

9%, 8, MU IT 040 58 . 110 

10 8 « MU1T2 04o 58 - ' 

MuPIT 60a xl .. 
!]%,1«1 MuniFd ,70a 60 .. 

«w«pki* iop . _ 

]5> l40,MuaMdn 98 60 - 
15, 15 MantaMYn Iflp .. _ 

J^k tlto MFLFd .77*30 _ 

14ft 12, UunM 09 6J _ 

13%,11, MuvMJta .78 50 _ 

M_ talk MUvHJrd 80 50 _ 

12ft 11 MuPAhn 75 6 0 . 

15*6 13*j MuCAtaS 05 5 6 _ 

}5M 13, MuCJ 3 09o X8 _ 

J6M 14V MunVd 1.00a 62 _ 
15%,13M Munbrt 90o 6X .. 
15ft13to Man MI .91 6X , 

145 13 A*UnMJ(n 05 50 _ 

Uto 1416 MunNJ 01 50 _ 

*J) 1446 MuNJIn .93 X7 _ 

IMk Idto MunNY -95a 6X ._ 

]5to 12to MuJTY2 01 50 _ 

14*6 12Vi MunQIW 39 6.1 _ 

12* 13 ManOQ 08a dX _ 

676, 43 Murpa 7 AO 20 17 


_ . 14k S’ J >'j 5'J •'? 

-77 rl ?d'+ ;v* >’# ••? 
3 3512X9 to • <•:-, «ft .to 
2 . *5 13i. Ij". 13“'-+’. 

J - 102 1(H„ .-. a |U +L. 

A _ 8S 8»v »•* * D d *i| 

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8 . 110 Vft ■»'. v - »), 


-54a 58 . 110 Vft ■»'. ?•«,*). 

040 58 - 103 9.'+ dlf 

60a Xi .. Ill ?“ft 9“i 9“j .. 

-70a XO .. HC | ft I lft II *. «). 

mop . _ 15 IS, 1)'| -*» 

I » 6J - 33 5*. I.v- lift «•. 

n 10p_- - 40 5>+ IA*. 15'! .'I 

.77*50 _ Ml 3»+ 13'? | Ha Ml 
-89 dj _ *9 J'« 14.. 14' . . 

78 50 - 25 IJft |3- +*. 

§0 50 _ 89 Jl. pj, 131. +v« 

75 60 . 27 ?•. 17*. i:»« -u 

^ |% - f ffu IS* , 15ft*',. 

39o X8 _ V 5*. 1S-+ 1V.+'. 


.. 880 15' j 15 

^ 103 IS) J Hi 


In Id' . 

15 15' a 

15ft 15'. 

1 4ft 14". 


BS 14". 14ft 14". *)i 
35 15- a 15ft 15ft 
32 dto Id', Ifrto 
X 15%. 1S»>» 15'ft _ 
25 lfj IJ'. IJ'. ♦'.* 
31 14-a I*'.. U% a „ 
197 14V U>. |J, . 


wi: : j. 


.Mi 


«JV43 MkkpQ _ 1A0 20 17 141 55*. XI' . X*' • *» 

..DVMtertA - _ 2301 5?? j'% 5ft +l- 
2?V 15 MirifirtkS JO .7 25 25 27%. 3?n ? jf,- 

»ftim Mite* .16 7 34 1477 22)> 2?'a P7V a’, 

S&.E*? .- 30 7 10 » 44%. £>, J4’a .17 

{JBCteta 106 7A - 1S9 2S*, 2SV 25 '1 «'.» 

f raOT" „ - - 883 29%. 29' j !*>- to 

Id, NGCS 05 J 25 Wl 17 Wi 16'" 

SPS5P 100 30 15 301 *46%. 46-i 4o". + ft 

1?}J* ffk Htjpd .- - 9j Id-, 15%. 16*-. ♦'« 

flj? J9* !*spn> _ jj 139; iyi. in-, ig<a to 

W NSPFplT 197 70 - 79 26 25%. 2! ft _ 

75 19 NJI .981 40 14 38 24?a 24>a 74"-a 

§*“34*6 NVP Cop! 2.05 8X _ 3Q2S'ftM*i 25, -la 
17? ta ail. MSS -S'-J S 4^? 46. j 46" . -»? 

'%*> Hi 1100 .‘Z 8 7 19 68 1® 108' a +■» 


75 44%. 44> s 44’l .1, 

159 25*. 25V 2S'i +'% 


IIS' 11^1 


301,2944 Echfin JO 20 IS 340 31 31%, 31V? -4, 

5246 36, Ecrtte A4 IJ IS 211 SI 50 V. 51 

27, IV, EUteonW 1X0 17 16 1055 2746 26%, 26%. - 


39, 21, Odnte kH — it ITO M*4* 24, 24, -to 

4, 2 Gn+a; _ _ » 2*6 2to 2, _ 

tgejto TOW Gg Pg - 2® 2J 37 *461 65?? 64to 85to -V 

24)6 1396 GerbSc X2 IA 24 MX 19ft X +V» 

H ® ip* 129? -tol 

16%, 124* Gortte, T^elfi-5 _ 414 13V. 17V 13 -y? 


61, 3416 CoaiJS? 

•a^ss M 1 

2044 9, CoagcsJ 

72*6 406 COCOa 06 9 

3IH 14)6 CogiCEs .10 J 

59, 24ft CCFetnsa J7k 0 

IBto 8*4 Caw 

1914 17V Coeurpf 1A91IJ 


39 206 Edwartes-52f 70 

64to 406 StoiNG 1A6 43 
56»? M, Eton 


#7*4 »to. EDS AO IA 26 
•9 4094 EUAijut 1 JOte 11 X 


14 815 85*, 344, 344, -%, 
21 184 61, klto 6496 46 

36 I3X 53, 51, 52, +,| 


BE* 


16V 9V BcoRMP a _ „ 697 12V 12*? 179? -*, 

18)4 ll*k BcSontai.4te 2.7 - 1203 ISM 14, ISM +1 

28*6 20)6 BcnSaW nlATBB-O _ 63 20V 20, 70, - 

7M 4, BcOWieir.06. IJ - 347 4%. 4U 4ft -v? 

XM 18 BcaSimll .80) 2-7 22 260 XV. 29H 29?? -V. 
39ft 2SV BcpSouttl 0Sf 2J 18 406 38V. 36, 38ft + l%? 

27(6 1916 Bandec _ 13 M2 25 24ft 24ft -4? 


1914 12, Co eurpf 1091 7 J 13V. 13V? 13*, -y. 

«to 28 Co-Sml .12 J 2d 1g7 43M «ft 42ft -V 

48V 24ft Cota Had _ „ 280 34, 33%, 3446 +%? 

® t3 » ,9S 2* at sft +3: 

31 18M Mtet AO 25 1? 395 3§5^ 30^ 3§M. -ft 


3B9, 37ft 38 -V. Sm 

Zjto 13*6 gjsmf- _• "Z "» IaJ 16ft Ulf+tol , Sft 

27ft 14*4 EMoAl.lte J 1? 1«2§*I 23^ 23*, -ft 16%! 
75 19 EAnSiBa .18? .9 _ 381 20V. lift 20V.*%? 20*6 

lift 7V EroaGer X2e j _ 14S l(n» 10ft lav. _ ixdto 

177.13 EMtKD2 1A51H4 _ 221 15ft 15ft 15V. BU 

14»? im EraaMM X? X ,. 466 lift lift 11, - 47ft 

TW. 13, EMTef 237 b 1X1 _ 215 159k 15ft 15ft _ 29ft 

)1%? 6V EmMK .)0« IX _ 115 9to 9k? 9V» -ft 
60ft *5 SraHSl.lsAl 22 life 56 55 » -V% 

1W «, EroSS 1-28 60 IS IX 18ft 18V? IBft+J, 

-24%, IS ft EEfSfel.150 62 — 257 Ifil? 18V. 18?,-*, 

19, lava Empkn ,17k l.J 19 913 15ft 15ft 15ft 

4, 3 EnctUon _ - - X 3V. 39? 3*? -ft 
ay, 15 Eodkiai 0te 7.7 15 2870 18, 18V. 18%,-Vk 
37, » Elirijb JJ4 13 IS 19410 37ft X -ft 

44 79ft EmOn U, 2J _ 166 42, gft <2, +9? 

39 25, &S* iJae 4A _ ZX-29%, 29*, 29, -V? 

23*4 17V? En«Cp AO 2J 16 268 17to 17*6 17%, +U 


27ft 1916 BonctaC _ 13 142 25 74ft 24ft -V?l 

5416 45 BondH 1.101 2J 15 128 49ft 48, 49(?»lV.| 

10 4ft BariSt .18| - - 106 51k 5%. 5%. _| 

Xft lift BkTakTn 07* 0 - 475 14?. 14V, 14ft -ft I 

47%. 28V BUdontalAO - - 40 43 42V. 43%. -ft 

53*6 31ft 6) NY *104! 1.9 21 4882*54 52(6 S3, -ft 


.8%, 7to ColHm 
II, lOV.Cojknn 

lift* 9ft ^rwG 

Mitt »T 


JB AS _ 
-»ta 80 _ 
•68o 80 _ 
Al 50 - 


3kAmpfZLW 7A _ 


840 73V. 72ft 73 -ft 
89 34V? 2d 26*? -ft 
76 13%, l» >3(1 -ft 
076 89*, 88ft 89 — M 

639 im. 117ft 118ft +1 


mft 60ft BXBosl 204 24 16 im 89*, 88ft 89 +M 

133ft 74 BortiTr 4X0 X* 15 639 111*. 117ft 118ft +1 

1114 65, BonrAor - X 710 9ft 9*6 9ft -V. 

26V. 24? Barfl pf 200 7.7 _ 40 2516 25%. 25%. -V. 

79, 27, Barfl pfD 2071OJ - 24 28*, 78ft MVd-Vd, 

X 25ft Bard 33 1.* 23 1097 XV? 29%, X ■*? 


79, 27, Barfl p)D 297103 _ 24 28*, 78ft »VD-Vui 1.%. T3B 

X 25ft Bard 33 IA 23 1097 30V? 27%, 5 0? 

32, 12ft BamNW s - X 766 31V. XV 30%, -V? 19 m* 

761.37ft Banwffl V24 10. 22 OT TIKk JWk TOto -to ' toft l» 

46ft 24*% BcrranRt _ X 402 X 29?? 29?. -V. jJto 16 


31 ft 26*6 CatanPT 

Gc 

44ft 25, CrtHCA 

719.15 Con*e 1 

41 ft 2616 QncBNJ 

n«iHr8sar. 

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3DM 18ft CaroES 
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99 8M Sf? 8>? - 

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48 7*6 7*6 7%?-l, 

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ml 3§ 'i 

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n TO* 17, 17 i7to +V. 

J M 1.9 18 74 ate %? 41 ft, JTV. -ft 


»34U Natan 


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1-0 14 243 toft. 30V. 31V. -V? 

2J 37 *461 65V. 84ft 85to +, 

1 A 24 M 20 19%, X +*, 

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O - 414 13V? 13V 13 -V? 


Sto lift <08* 
42V6 71ft RetaEl 

68to 47ft Korean 


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3 231 90 — <35 24%, 24, 34to _ 
- 18 _a 1816 18 18 -to 


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261,31ft 
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388*206 25%, 26 -V? 

25 teto 26V. Sto - 
1471 38%? »%. XV -ft 


26, 13V EnronSB IJ6 k.9 _ 550 19*6 19%? 19** -, 

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26*6 17ft ErmiOG .12 A 2d 3874 19ft ll%? 19V. -V. 


-54 3X 13 

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14*6 9ft BanyRG 15 _43 II, 11%, II 'V. -V. 

7, 4(6 BaHMJ .05 IX _ 2245 5 4%, 5 -A 

47(6 Sft BawchL 1.04 20 X .166 29(6 39*6 X%.+6, 

60, 39*6 Barter 1.16) S3 51 2in 51%, 58%, «%? +U 

40to 31** BayAai i.eer 4j 33 JB2 x%? X6? 39%? .to 

41ft 15ft BayfnwK _ - 5923 30V. X%. XV. +16 

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46*. 29ft BnaiPr 3.00 4A 26 173 45 V. 44%. 45 -ft. 

4d*?23V BmtSI 0b M 9 845 41V 41*6 41 ft u 

MV? 24, BwSpC2W7.9 ... 42 25)6 M, »*, -ft. 

Sk,35 BcMm. 03 10 14 374 S, 29V. 29V. -V. 

S5to X Bade* JOI 1.1 22 620 O 519? 51*. .V. 

22%?15ft BMftdP IJOI 09 15 Ml 20ft 20 20V. +9. 

g3 .SX^aaBS""" r 15 « ^ 

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m*?56H BeBAJI 30B IS X 3753*0%. 88V. 89, +%? 

gaisESfo si 

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18, 8%?C«npCn _ _ 83 9*6 d8*% 8%, to 

T'fflSBZ'Xd * 

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25, 24ft ClOJCgpP* 203 8.1 _ X W, 25), 25*, -V? 

Sir* 13 « * 

25%?21 CaraiEa 1-32 5-1 14 « 25ft 25, 75%,+fta 

P'Pi.&s&iiS ij ” % ga s&ft : -a 

iJpgst 2.10 50 is^r g, 

ssrss: ssae sjf h b 112 s 

201,14 C«hPSbI.» - 19 » 19, 19, 19ft +»? 

x a s t Sip 

1^ 5,' ,i,e i ii 

S9?.33ft lauu H?S£. aif SS 

28V. 18 ConprTr SB 1.7 15 573 27* Htt ** 

19?. Bft SpSn .718 47 — 1806 l3to 14, 'Sfe-JJ* 

Sft 1, Conan H - - 229 3%. 31* W? -b. 


47%?33to 
36 34 

B2ft 59«k 
34 22 

g*!£ 

« 

SS’ift 



^"128 20 .5^ ^v. Ip fj 2 

s: 

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S " . 1*73 lffi. 10ft 10, -h Sft 


28*4 22*6 Entoray 
26 Sft EnJGOi a 

Wft 19 SSr^T 
48ft 23to eScoT 


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Continued on Pape 14 








Holiday Stocks 
To Give (or Hold) 

Ideas for Christmas Investment Shopping 

w 


TTH THANKSGIVING 
past, it’s lime to do your 
Christmas investment 
shopping — sniffing 
stockings (your own or someone 
else's) with stocks. 

The U.S. market's two best mnnthg 
lie dead ahead. Since 1950, the Dow 
Jones industrial average has been op 
34 times in December and down only 
14; in January, the record is 34- 13. The 
Dow has dropped in December only 
twice since 1988, and January is work- 
ing on a seven-year w inning streak. 

These two months alone account for 
33 points of die Dow ’s average annual 
gain (not including dividends) of 8.7 

"1jto<&Tia§e!r^ 
Almanac” (which is a good holiday 
gift itself). 

What these statistics imply is that 
you should shop early. Buy now so 
you can enjoy the ride for the next two 
months — and, of course, hang on for 
die next 200 months. 

What makes the 1997 holiday sea- 
son particularly exciting is that so 
many stocks have been hammered in 
recent months. Remember that the 
goal in picking stocks is to become a 
partner m a great business at a bar- 
gain, and, for the first 
time in many months, 
such prospects exist 
Here are smne, chosen 
by smart folks; 

• “We love growth,” says Terry 
Diamond, who' manages the Chicago 
Trust Talon Fond, “but we want to 
buy it at a reasonable price.” That’s 
not easy today, but Talon, which fo- 
cuses on mid-sized companies with 
lower-than-average risk, has man- 
aged to return 27.8 percent this year. 

One of Mr. Diamond’s core hold- 
ings is an old favorite of mine. Star- 
bucks Corp., the coffee chain that’s 
adding new stores at & rate of more 
than one a day (latest total: 1,335) and 
is aggressively pushing its stellar 
brand name into such fields as ca- 
teringmdises and selling. ice cream. 

Profit estimates for the year that 
ends September 1998 are about $1, 
meaning that Starbucks carries a 
price- to-eamings ratio of 34. That 
may sound high, but the company is 
increasing its profits at a rate of nearly 
50 percent annually, and a P/E that’s 
lower than an earnings growth rate 
signals good value. 

its 


JAMES CLASSMAN 

ON INVESTING 


profits at Four Seasons have been 
growing ai 50 percent a year, so that is 
an attractive ratio. 

• Two weeks before the huge mar- 
ket decline on Oct 27, shares of Sam- 
sonite Corp., the luggage maker, 
were trading at $53. Now tbe^’re$37. 

sonite provides a good opportunity to 
buy die stock,” write John Gibbons 
and Headier Hay, analysts a i Merrill 
Lynch & Co. “The fundamentals ap- 
pear to be as solid as ever.” 

Like Four Seasons, Samsonite 
an excellent way to profit 
one of the most important eco- 
nomic themes of the next few de- 
cades: travel. The world will be doing 
more and more of it. so the trick is to 
find companies in die right niches, 
preferably somewhat boring. 

Merrill Lynch expects earnings for 
the fiscal year ending in January to be 
about $2.10. putting Samsonite's cur- 
rent P/E at 18. The earnings estimate 
for next year is $2.80, which makes 
for a P/E of just 13. 

Also rated a “buy” by Merrill is 
Aluminum Co. of America, down 24 
percent since August, and Solectron 
Corp., off 20 percent since October. 

• The Olstein Financial Alert Fond 
has returned an in- 
credible 35 percent 
this year-, thanks to the 

stock-picking ability 

of its manager. Robert 
Olstein, whom I earlier christened die 
“king of value.” 

His fourth-largest holding is a po- 
tential Christinas bay: General Mo- 
tors Corp., which, he notes “has a 
cash earnings yield (earnings divided 
by price) that is significantly higher 
than Coca-Cola or General Electric.” 
Mr. Olstein figures that GM is a for 
better buy, even if its profits don’t 


The company currently represen 
4 percent of Talon’s portfolio, and 
Mr. Diamond would like to bay more 
— especially if the price falls further. 
It’s already down 25 percent from its 
high in September- 

Other stocks that Mr. Diamond has 
been buying include Circus Circus 
Enterprises Inc., casinos, which is 
down 20 percent in the past two 
months, ana R. R. Donnelley & Sons 
Co., publishing, which has also fallen 
sharply. 

• Lute Starbucks, Four Seasons 
Hotels Inc. falls into a treasured cat- 
egory that one of my Wall Street 
friends calls * ‘branded wallflowers. 
Shares are down 24 percent since 
early October, at least in part because 
the company is perceived to have 
been banking on growth in Asia. 

Still, Neil Barsky, an analyst with 
Morgan Stanley Dean Witter,^ rates 
Four Seasons a “strong buy.” He 
wrote in a recent report that the com- 
pany’s Asian “exposure is modest, 
against a fast-growing international 
luxury-lodging environment,' ' and 
that there was ‘‘still strong demand 
for new Four Seasons properties all 
over the globe.” . 

He estimates earnings in 1998 at 
$137 per share for a P/E of 20. which 
is about average for a U.S. stock. But 


or Coke and GE grow at 15 percent. 

Based on earnings estimates for 
next year, the P/E ratio for GM is 
between 6 and 8. The stock has 
_ dropped .from S7\XO $62 in the past 
month, and concerns over Asia cloud 
the future. But with an attractive bal- 
ance sheet (which includes $30 per 
share in cash for a $61 stock), GM, 
with its $2 dividend (up from 80 cents 
three years ago), may be ripe for 
purchase. 

Mr. Olstein is also high on Seagate 
Technology Inc^ the disk-drive 
maker, whose stock price has been 
slashed in half since August 
• John Dessauer and Tom 
McIntyre, who publish the excellent 
Investor’s Worm newsletter, are en- 
thusiastic about LSI Logic Corp., 
another high-tech stock whose price 
has been halved lately. LSI makes 
specialized integrated circuits, in- 
cluding a new chip with a million 
transistors that perform the brainworic . 
for a digital camera. 

LSI, which spends a hefty 15 per- 
cent of its revenues on research and 
development, has suffered disap- 
pointing earnings lately, but if profits 
bounce back even to 1995 level, the 
stock could break $40 again (it’s now 
$23). “Our strategy with any great 
company — LSI included — is to buy 
when Wall Street is down on the 
group, the company, the future in 
general,” writes Mr. Dessauer. 
That’s certainly tine here, but, he 
adds, this is no quick trade. It’s a five- 
year holding, at the least 
Other potential bargains among the 
Des sau er-McIntyr e top 10: Sdentif- 
Ic-Atlanta Inc., cable equipment; 
Cable & Wireless PLC , telecom- 
munications; Guinness PLC, food 
and been and the aforementioned 
GM. 

Washzngioa post Service 





For the Value-Hungry, Small Is Bountiful 


By Conrad de Aenlle 


W! 


‘HEN TRYING to beat the 
market this year by invest- 
ing in smaller companies, 
it has helped to be Nor- 
wegian. Tiny Norway a one of the few 
countries where small-capitalization 
stocks have had strong absolute returns 
and have soundly beaten the perfor- 
mance of larger companies. 

There are few places where small- 
caps have done badly. Even in Asia, 
where they have not done well, they 
have outpaced large-caps. Shares in lar- 
ger companies have simply done better, 
reflecting improved financial results. 

The irony for small-cap investors is 
that the improvement is the result 
mainly of restructurings and accompa- 
nying productivity gains that have left 
large companies operating much like 
smalt companies. 

. _ Goldman, Sachs & Cargoes one bel- 
ter and remarks that the best performers 
over the last few years have been 
“mega-caps,” the multinational titans 
of industry that have done the most to 
streamline their operations. 


“Mega-caps have dominated global 
index returns since 1995," the invest- 
ment house says of the 51 mega-caps in 
its universe of 1.500 companies. “Al- 
though mega-caps comprise just over 25 
percent of market capitalization, they 
have been responsible for over 40 per- 
cent of market returns.” 

The report goes on to say: 

“They have produced stronger 
profit growth, generally met 
analysts’ profits expectations 
and have yielded a higher return 
on equity” than small or me- 
dium-sized companies. 

These strengths show through in com- 
parisons of returns of small- and large- 
caps in many markets. This year, through 
midday Friday, the Russell 2000 index 
of American small-caps has risen 18.7 
percent Even after a strong third quarter, 
in which small-caps were the stars of the 
U.S. market it has failed to catch up to 
the Standard & Foot’s 500 index of bine 
chms^which is up 293 percenL 

Of 14 European markets tracked by 
Salomon Brothers, small-caps led large- 
caps in only four this year through Oc- 
tober, led by a 53.4 percent gain in 
Norway. The other three are also small 



markets: Austria, Belgium and Ireland. 
In the four main markets — Britain, 
France. Germany and Italy — large- 
caps have done better; in the first two, 
returns on large-caps have been more 
than twice those of small -caps. 

Even so. advocates of small-caps are 
confident that they are about to 
be ascendant again. 

“Smaller companies, in gen- 
eral, continue to be an under- 
researched area of the market. 


thrive. ’ ’ For large companies, he added, 
“most of their profits-growth has come 
from outside the U.S.” 

“We believe Asia to some extent will 
slow their earnings growth, not a lot. but 
in valuation terms it will be enough to 
stem ouiperformance," he said. 

A rule of thumb in judging the value 
of a stock is to compare the ratio of price 
to earnings with the anticipated per- 
centage growth in earnings. If the P/E 
ratio is lower than expected earnings 


providing good opportunities for growth, it is considered' a good buy. 
fund managers to exploit under- P/E ratio: 


valued shares,” according to a 
note to clients from Schroder Investment 
Management “Furthermore, good 
small companies tend to grow much 
faster than good large companies.” 

While that tendency has been absent 
lately, Andrew Couch, manager of the 
Guinness Flight Hambro Global Smal- 
ler Companies Fund, said he believed 
that economic circumstances would 
soon provide a reprise in the United 
States. 

“The domestic U.S. economy re- 
mains robust, with a low cost of cap- 
ital,'* he said. “That is an environment 
in which small companies should 


ratios are estimated to be the 
same next year. 19. for stocks in the 
S&P 500 and the Russell 2000. Mr. 
Couch noted, however, that earnings 
growth was projected at a weak 7 per- 
cent for S&P components and a robust 
29 percent for Russell stocks. 

Analysts at Salomon Brothers re- 
cently began to recommend U.S. small- 
caps, noting that they had begun to catch 
up with larger companies as ‘ ’the allure 
of globalism has been tarnished.” 

“As long as the economy continues 
to grow at above-trend rates and the 
dollar maintains its current level in the 

Continued on Page 17 


Q&A / Ira Unschuld of Schroder U.S. Smaller Companies Fund 


In One Fund’s Li 

R 


elight, Wallflowers and Little Guys 


OCKED BY THE tremors that 
continue to shake Asian finan- 
cial markets. American in- 
vestors are bailing out of in- 
ternational stock funds and targeting 
investment opportunities closer to 
home. While the pace of investment in 
fixed-income funds has increased dra- 
matically since the crisis, analysis say 
conservatively managed US. small- 
capitalization stock funds, which have 
chalked-up strong performances since 
mid-year, also may benefit from a fresh 
injection of cash in the months ahead. 

Ira Unschuld is manager of the Sch- 
roder US. Smaller Companies fund, a 
unit trust registered in Britain. It is 
ranked first out of 124 funds in the 
sector in the year to Nov. 1 7. He spoke 
with Barbara Wall about the outlook for 
small US. companies and his approach 
to stock selection. 

Q. While small-capitalization stocks 
have seen a revival in their fortunes in 
recent months, large-cap stocks have 
done better overall since the U.S. bull 
market began 15 years ago. What have 
investors got to gain from investing in 


an unknown name when they can get a 
30 percent return from a blue-chip? 

A. Large companies have significant 
overseas exposure and many have been 
hard-hit by the financial rout in Asian 
markets. The strong dollar has also re- 
duced the earnings of companies with 
significant overseas revenues. Small 
companies have been affected by die 
crisis, but to a much lesser extent They 
generally depend on the domestic mar- 
ket for most, if not all, of their revenue. 
Consequently, small -cap investors get a 
purer play on the U.S. economy. 

Small companies are more volatile 
than large enterprises, but they are en- 
tering a period of greater stability and 
higher earnings growth. The Standard & 
Poor’s 500-stock index has forecast 
earnings growth of 8 percent to 12 per- 
cent per annum, while companies in the 
fund are looking at earnings growth of 
around 28 percent or 30 percent. 

Q. As investors rethink their ap- 
proach to risk, analysts say the small- 
cap funds most likely to attract new 
investment are those that focus on solid 
companies with a previous track record. 



Secondary Market in Seoul Opens to Global Investors 


By Miki Tanakawa 


A LITTLE-KNOWN stock ex- 
change in South Korea is 
about to fling open its doors to 
die outside world — just in 
. * me to lest the market adage about 
. ’ying at the bottom. 

^ Beginning Monday, foreigners will 
• able to buy stocks on the South 
LTWrean over-the-counter market, 

■^wn as Kosdaq. In theory, foreigners 

S -T e had«xtess to the 8.6 trillion won 
f 6 million) market since Oct- 1 , when 
government amended existing law 
ylow non-Korean investors to trade 
its ia venture-capital companies. In 
^..flatice, however, the -mechanism for 
gneis to buy stocks was not in place 
a set of enabling regulations was 
isl this month. 

ce Ka U.S. and European coun- 
» Kosdaq abounds in small, en- 
gtowih companies, many of 
> 10 ktfmology businesses. But ana- 
w>ny that the ongoing financial 
' hi ^ larger South Korean econ- 
■ which has seen the Seoul Stock 
_ s&tfex lose more than half its 
dtfiar terms and has prompted 
/era^eof to ask the International 




Monetary Fund for aid — could stifle 
the potential of these smallercompanies 
or even kill them, if funds dry up. 

Besides being one of the world’s most 
obscure stock markets, Kosdaq is also 
one of the most thinly traded. Of 
the 364 issues, ranging from con- 
struction to software manufac- 
turing, only five changed hands 
on each day of the year since the 
computer-based market was es- 
tablished in June 1996. 

The top 10 stocks account for 
90 percent of the daily volume, and 
among the frequently traded, Hyundai 
Heavy Industry stains ouL, with an av- 
erage daily volume of 10.500 shares. 

“There is no real trading there, said 
Pvune Jo Choi, manager of the equity 
origination and syndication depatunenj 
ai Daewoo Securities in Seoul. Small 
companies are suffering from the by- 
pass slowdown-” TTie Kosdaq index 

Mshed Friday at I! 1.72. down S.71 

points since the end of last montt 

joon Choi an analyst at ING Banng 
Securities in Seoul, said the Kosdaq was 
now in a correction phase bu that a 



markets} will rise,” he said. Installment 
of the new government, with the pres- 
ident-elect assuming his duties before 
his formal inauguration in February, 
should contribute to market optimism, 
he added. 

Companies with more upbeat 
prospects ore likely to be found 
in high-tech manufacturing and 
the financial segments, analysts 
said. They cited Standard Tele- 
com, a manufacturer of cellular 
phones and beepers, which 
claims 15 percent of the market for 
beepers; CTI Semiconductor, a semi- 
conductor-chip maker, and Hangul & 
Computer, a leading software maker 
that holds 80 percent of the word-pro- 
cessing market in South Korea. 

Korea Development Investment Fi- 
nance and Korea Technology Investment 
are among the more promising financial 
companies on the Kosdaq. Of added in- 
terest, although hardly a sure thing, is that 
these banks are venture-capital financiers 
to a legion of tom parties that are can- 
didates for initial public offerings. 

But analysts reckon that die big draw 
for foreigners will be Hyundai Heavy 
Industry — the biggest shipbuilder in the 
world and “one of the symbolic Korean 
companies.” said Yoshimi Takabashi of 


Nomura Securities in SeouL 

Jong Ryoul Seong. deputy general 
manager at the equity underwriting di- 
vision of Daewoo Securities, noted that 
foreigners owned stock in many Hy- 
undai group companies listed on the 
main stock exchange. 

“Once the [KosdaqJ market is open, 
foreign investors should buy Hyundai 
Heavy Industry." he said. 

Hyundai closed Friday at 25,500 won, 
down 2,100 from Thursday. The stock 
has lost 30 percent of its market value 
since Aug. 16, when it hit its 52-week 
high of 36.700. 

Foreign investment in non-vemure- 
capital companies is limited lo 15 per- 
cent, however, with each investor lim- 
ited to owning not more than 5 percent 
of the shares outstanding. Venture-cap- 
ital firms set their own limits. 

Another factor in favor of Hyundai is 
the chance that it might move up to the 
Seoul exchange. For other companies, a 
move to South Korea's equivalent of the 
Big Board “has almost always resulted 
in higher liquidity and improved share 
price,” Mr. Jong said. But observers 
note that before such a giant company 
could migrate to die Seoul exchange, the 
South Korean stock market would need 
to show signs of recovery. 


Mr. Unschuld: Buy out-of-favor, 
sell when analysts get interested. ' 

rather than foods that invest in “hope 
and prayer” companies. How do you 
jack stocks? 

A. I limit investment to companies 
with a track record, sound management 
and strong earnings growth. Generally, 1 
avoid stocks with price-eamings ratios 
above 22, as they represent too high a 
risk for the portfolio. 

The investment focus of the fund is 
primarily on stocks that are misunder- 
stood and have not caught the eye of 
Wall Street To gain an edge in this 
business, one has to be opportunistic. 

The decision to invest in West Point 
Stevens Inc., a manufacturer of sheets 
and towels, shows bow opportunism 
can pay off. I became interested in the 
company when it was the object of a 
leveraged buyout The fund bought 
stock in West Point Stevens in March 
1995, when it was $ 1 5 a share and there 
was no analyst coverage. We reduced 
our weighting in April 1997, when the 
stock moved up to $40 a share. By 
August 1997, small-caps had gained 
around 25 percent, while shares in West 
Point Stevens remained flat. At this 
point, the fund increased its weighting 
again, as the stock was unbelievably 
cheap given its strong earn in gs- 
growth. 

The bottom line is. buy when the 
stock is out of favor ana sell when 
analysts start getting interested- in the 
stock. 

Q- Which sectors are attractive now 
and which stocks would you recom- 
mend? 

A. I prefer to analyze companies 
rather than sectors, but stocks within the 
consumer sector are certainly worth 
paying close attention to, as these are 
most likely to benefit from a strong U.S. 
economy and low unemployment. 

The energy-services sector is also 


quite appealing. Drilling companies 
nave been losing money for years, but 
they are now starting to make a profit 
and plowing money back into their busi- 
ness. The fundamentals for this sector 
continue to look good. 

However, restaurant and retail stocks 
are my personal favorites. The fund’s 
largest holding is Family Dollar Inc., a 
chain of discount stores. Other principle 
holdings include Pier I Imports Inc., 
Steinmart Inc. and Cost Plus Inc. 

Pushed to recommend a specific 
stock, I would opt for Pillowtex PLC. 
which manufactures pillows and 
blankets. Pillowtex is to merge with 
Fieldcrest Cannon, a manufacturer of 
sheets and towels, at the end of this year. 
Tliis will bring tremendous cost savings 
and be highly accreditive to Piliowtex’s 
earnings. Although Fieldcrest Cannon 
has not done particularly well in recent 
years, it has a strong 'brand identity, 
which Pillowtex can capitalize on. Pil- 
lowtex stock is currently trading at a P/E 
ratio of 12. Earnings are forecast to 
grow by 30 percent for the next two to 
three years. 

Q. Why does die fund have a low 
weighting in the health-care sector? 

A. Health -care stocks are currently 
tricky to invest in because of the un- 
certainty surrounding new government 
health-care regulations. Reimburse- 
ments to health -Care service providers 
are being cut. which will have a marked 
impact on the revenues of these compa-i 
nies in the years ahead. 

Some companies are less affected by 
the government reforms. The fund has 
recently invested in Priority Health 
Care Corp„ a drug distributor. The 
company prepares and packages syr- 
inges and delivers them straight to the 
patients. The service cuts down on costs 
and helps ensure rha r the drugs are being 
taken. 

Priority Health Care Corp. should 
ultimately benefit from growth in the 
biotechnology sector, without having 
exposure to fte risks that dog companies 
that manufacture specific drugs. 

Q. What would your advice be to go- 
it-alone investors? 

A. Don’t. This is a tricky asset class to 
do well in. However, if investors are 
prepared to accept the risk and under- 
take the research, my advice would be to 
set a target price and to reevaluate that 
price in line with changes in company 
and market fundamentals. If ihe stock 
reaches the target and you cannot 
clearly see an upside, then it is the lime 
to sell. 

Avoid falling in love wiih your in- 
vestment and holding onto it through 
thick and thin. 


























































































































INTERNATIONAL 


Holiday Stocks 
To Give (or Hold) 


Ideas for Christmas Investment Shopping 


w 


W ITH THANKSGIVING 
past, it's time to do your 
Christmas investment 
shopping — stuffing 
stockings (your own or someone 
else’s) with stocks. 

The U.S. market’s two best months 
lie dead ahead. Since 1950, the Dow 


Jones industrial average has been up 
34 times in December and down only 


34 times in December and down only 
14; in January, the record is 34-13. The 
Dow has dropped in December only 
twice since 1988, and January is work- 
ing on a seven-year winning streak. 

These two months alone account for 
33 points of the Dow’s average annual 
gain (not including dividends) of 8.7 


profits at Four Seasons have been 
growing at 50 percent a year, so that is 
an attractive ratio. 

• Two weeks before the huge mar- 
ket decline on Ocl 27, shares of Sam- 
sonite Corp., die luggage maker, 
were trading at $53. Now they're $37. 
“We think the recent sell-off at Sam- 
sonite provides a good opportunity to 
buy the stock,” write John Gibbons 
and Heather Hay, analysts at Merrill 
Lynch & Co. “The fundamentals ap- 
pear to be as solid as ever.” 

Like Four Seasons, Samsonite 


provides an excellent way to profit 
from one of the most important eco- 


by Yale Hirisch in his “Stock Trader’s 
Almanac ” (which is a good holiday 
gift itself). 

What these statistics imply is that 
you should shop early. Buy now so 
you can enjoy the ride for the next two 
months — and, of course, hang on for 
the next 200 months. 

What makes the 1997 holiday sear 
son particularly exciting is that so 
many stocks have been hammered in 
recent months. Remember that die 
goal in picking stocks is to become a 
partner m a great business at a bar- 
gain, and, for die first 
time in many months, m 

such prospects exist. 

Here are some, chosen IN\ 

by smart folks: 

• “We love growth,” says Terry 
Diamond, who' manages the Chicago 
Trust Talon Fund, “but we want to 
buy it at a reasonable price.” That's 
not easy today, but Talon, which fo- 
cuses on mid-sized companies with 
low er-than-average risk, has man- 
aged to return 27.8 percent this year. 

One of Mr. Diamond’s core hold- 
ings is an old favorite of mine. Star- 
bucks Corp., die coffee chain that’s 
adding new stores at a rare of more 
than ooe a day (latest total: 1 , 335 ) and 
is aggressively pushing its stellar 
brand name into such fields as ca~ 

tiding »irlirw»g am! galling i/n mam 

Profit estimates for t&e year that 
ends September 1998 are about $1, 
meaning that Starbucks carries a 
price-to-eamings ratio of 34. That 
may sound high, but the company is 
increasing its profits ata rale of nearly 
50 percent annually, and a P/E that’s 
lower than an earnings growth rare 
signals good value. 

The company currently represents 
4 percent of Talon’s portfolio, and 
Mr. Diamond would like to buy mare 
— especially if the price falls further. 
It’s already down 25 percent from its 
high in September. 

Other stocks that Mr. Diamond, has 
been buying include Circus Circus 
Enterprises Inc, casinos, which is 
down 20 percent in the past two 
months, ana R. R. Donnelley & Sons 


from one of the most important eco- 
nomic themes of foe next few de- 
cades: travel. The world will be doing 
more and more of it, so the trick is to 
find companies in foe right niches, 
preferably somewhat hexing. 

Merrill Lynch expects earnings for 
the fiscal year ending in January to be 
about $2.10, putting Samsonite's cur- 
rent P/E at 18. The earning s estimate 
for next year is $2.80. which makes 
for a P/E of just 13. 

Also rated a “buy” by Merrill is 
Aluminum Co. of America, down 24 
percent since August, and Solectron 



'■ i 

■f ' ]lf : 'iff* , A* 1 *'- * < ■' ' + 


For the Value-Hungry, Small Is Bountiful 


percent since August, and Solectron 
Corp., off 20 percent since October. 
• The Olstein Financial Alert Fund 


By Conrad de Aenlle 


JAM1S OtJISSMAN 

ON INVESTING 


has returned an in- 
kcsuAM credible 35 percent 
A asm am this year-, thanks to the 
■STING stock-picking ability 
of its manager, Robert 
Olstein, whom I earlier christened foe 
“king of value.” 


W HEN TRYING to beat the 
market this year by invest- 
ing in smaller companies, 
it has helped to be Nor- 
wegian. Tiny Norway is one of foe few 
countries where small-capitalization 
stocks have bad strong absolute returns 
and have soundly beaten die perfor- 
mance of larger companies. 

There are few places where smail- 

X have done badly. Even in Asia, 
re they have not done well, they 
have outpaced large-caps. Shares in lar- 
ger companies have simply done better, 
reflecting improved financial results. 

The irony for small-cap investors is 
that the improvement is (he result 
mainly of restruaurings and accompa- 
nying productivity gains that have left 
large companies operating much like 
s nail companies. 

. . Goldman, Sachs & Co-goes one bet- 
ter and remarks that the best performers 
over the last few years nave been 
“mega-caps,” the multinational titans 
of industry that have done the most to 
streamline their operations. 


His fourth-largest holding is a po- 
nrial Christmas buy: General Mo- 


sharply. 

• Like Starbucks, Four Seasons 
Hotels Inc. falls into a treasured cat- 
egory that one of my Wall Street 
mends calls * "branded wallflowers. ’ ’ 
Shares are down 24 percent since 
early October, at least in part because 
foe company is perceived to have 
been banking on growth in Asia 

Still, Neil Barsky, an analyst with 
Morgan Stanley Dean Witter, rates 
Four Seasons a “strong buy.” He 
wrote in a recent report that foe com- 
pany’s Asian “exposure is modest, 
against a fast-growing international 
luxury- lodging environment,” and 
that there was “still strong demand 
for new Four Seasons properties all 
over foe globe.” 

He estimates earnings in 1998 at 
SI 37 per share for a P/E of 20, which 
is about average for a U.S. stock. But 


tential Christmas buy: General Mo- 
tors Corp., which, he notes “has a 
cash earnings yield (earnings divided 
by [nice) that is significantly higher 
than Coca-Cola or General Electric.” 
Mr. Olstein figures that GM is a far 
better buy, even if its profits don’t 
grow at all in the next year and profits 
for Coke and GE grow at 15 percent. 

Based on earnings estimates for 
next year, the P/E ratio for GM is 
between 6 and 8. The stock has 
dropped from $7 1 to $62 in the past 
month, and concerns over Asia cloud 
the future. But with an attractive bal- 
ance sheet (which includes $30 per 
share in cash for a $61 stock), GM, 
with its $2 dividend (up from 80 cents 
three years ago), may be ripe for 
purchase. 

Mr. Olstein is also high on Seagate 
Technology Inc., the disk-drive 
maker, whose stock price has been 
slashed in half since August 

• John Dessauer and Tom 
McIntyre, who publish foe excellent 
Investor’s World newsletter, are en- 
thusiastic about LSI Logic Corp., 
another high-tech stock whose price 
has been halved lately. LSI makes 
specialized integrated circuits, in- 
cluding a new chip with a million 
transistors that perform the brainwork 
for a digital camera. 

LSI, which spends a hefty 15 per- 
cent of its revenues on research and 


“Mega-caps have dominated global 
index returns since 1995,” foe invest- 
ment bouse says of foe 51 mega-cap in 
its universe of 1,500 companies. r ‘Al- 


have been responsible for over 40 per- 
cent of market returns.” 

The report goes on to say: 

“They have produced stronger 
profit growth, generally met 
analysts' profits expectations 
and have yielded a higher return ", 
on equity” than small or me- 
dium-sized companies. 

These strengths show through in com- 
parisons of returns of small- and large- 
cap in many markets. This year, through 
midday Friday, foe Russell 2000 index 
of American small-cap has risen 18.7 
percent Even after a strong third quarter, 
in which small-cap were foe stars of the 
U.S. market, it has foiled to catch up to 
foe Standard & Poor’s 500 index of blue 
chips^which-is up 29.5 percent - 

Of 14 European markets tracked by 
Salomon Brothers, small-cap led large- 
cap in only four this year through Oc- 
tober, led by a 53.4 percent gain in 
Norway. The other three are also small 


S U ALL-CAP 


n 


markets: Austria, Belgium and Ireland. 
In the four main marietta — Bri tain, 
France, Germany and Italy — large- 
cap have done better; in foe first two, 
returns on large-caps have been more 
than twice those of small-cap. 

Even so, advocates of small-cap are 
confident that they are about to 
be ascendant again. 

“Smaller companies, in gen- 
eral, continue to be an under- 
researched area of the market. 


providing-good opportunities for 
fond managers to exploit ohder- 


' fond managers to exploit under- 
valued shares,” according to a 
note to clients from Schroder In vestment 
Management . “Furthermore, good 
small companies tend to grow much 
foster than good large companies.” 

While that tendency has been absent 
lately, Andrew Couch, manager of foe 


thrive. ’ 1 For forge companies, be added, 
“most of their profits- growth has come 
from outside the U.S.” 

“We believe Asia to some extent will 
slow their earnings growth, not a lot, but 
in valuation terms it-will be enough to 
stemoutperformance,” he said. 

A role of thumb in judging the value 
of a stock is to compare the ratio of price 
to earnings with foe anticipated per- 
centage growth in earnings. If foe P/E 
ratio is lower than expected earnings 
growth, it is considered a good buy. 

P/E ratios are estimated to be the 
same next year, L9, for stocks in the 
S&P 500 and foe Russell 2000. Mr. 
Couch noted, however, that earnings 
growth was objected at a weak 7 per- 
cent for S&P components and a robust 
29 percent for Russell stocks. 

Analysts at Salomoa Brothers re- 


Guinness Flight Hambro Global Smal- ’ cently began to recommend U.S. small- 


ler Companies Fohd, said he believed 
that economic circumstances would 
soon provide- a reprise in. foe United 
States. 

“The domestic U.S. economy re- 
mains robust, with a low cost of cap- 
ital,” he said. “That is an environment 
in which small companies should 


caps, noting that they had begun to catch 


up with larger companies as “foe allure 
•or globalism has been tarnished.” - 


As long as the economy continues 
[row at above-trend rates and foe 
ar maintains its current level in foe 


Continued on Page 17 


Q&A / Ira Unschuld of Schroder U.S. Smaller Companies Fund 


la One Fund’s Limelight, Wallflowers and Little Guys 


development, has suffered disap- 
pointing earnings lately, but if profits 


pointing earnings lately, but if profits 
bounce back even to 1995 level, foe 
stock could break $40 again (it’s now 
$23). ‘"Our strategy with any great 
company — LSI included — is to buy 
when Wall Street is down on thie 
group, the company, foe future in 
general," writes Mr. Dessauer. 
That’s certainly true here, but, he 
adds, this is no quick trade. It’s a five- 
year holding, at foe least. 

Other potential bargains among foe 
Dessauer- Me In tyre top 10: Stientif- 
ic-Atianta lac., cable equipment; 
Cable & Wireless PLC , telecom- 
munications; Guinness PLC, food 
and beer and the aforementioned 
GM. 

Washington Poa Service 


R OCKED BY THE tremors that 
continue to shake Asian finan- 
cial markets, American in- 
vestors are hailing out of in- 
ternational stock funds and targeting 
investment opportunities closer to 
home. While the pace of investment in 
fixed-income funds has increased dra- 
matically since the crisis, analysis say 
conservatively managed US. small- 
capitalization stock funds, which have 
chalked-up strong performances since 
mid-year, also may benefit firm a fresh 
injection of cash in the months ahead. 

Ira Unschuld is manager cf the Sch- 
roder U.S. Smaller Companies fund, a 
unit trust registered in Britain. It is 
ranked first out of 124 funds in the 
sector in the year to Nov. 17. He spoke 
with Barbara Wall about the outlook for 
small US. companies and his approach 
to stock selection. 

Q. While small-capitalization stocks 
have seen a revival in their fortunes in 
recent months,, large-cap stocks have 
done better overall since the U.S. bull 
market began 15 years ago. What have 
investors got to gain from investing in 


an unknown name when they can get a 
30 .percent return from a blue-chip? 

A. Large companies have significant 


overseas exposure and many have been 
hard-hit by the financial rout in Asian 
markets. The strong dollar has also re- 
duced foe earnings of companies with 
significant overseas revenues. Small 
companies have been affected by the 
crisis, but to a much lesser extent They 


generally depend on the domestic mar- 
ket for most, if not all, of their revenue. 


ket for most, if not all, of their revenue. 
Consequently, small-cap investors get a 
purer play ou the U.S. economy. 

Small companies are more volatile 
than large enterprises, but they are en- 
tering a period of greater stability and 
higher earnings growth. The Standard & 
Poor’s 500-stoat index has forecast 
earnings growth of 8 percent to 12 per- 
cent per annum, while companies in foe 
fund are looking at earnings growth of 



Mr. Unschuld: * Buy out-of-favor, 
sell when analysts get interested .’ 


around 28 percent or 30 percent 
Q. As investors rethink their 


proach to risk, analysts say the small- 
cap funds most likely to attract new 
investment are those that focus on solid 
companies with a previous track record, 


Secondary Market in Seoul Opens to Global Investors 


By Miki Tanaka wa 


Monetary Fund for aid — could stifle 
foe potential of these smaller companies 


A LITTLE-KNOWN stock ex- 
change in South Korea is 
about to fling open its doors to 
the outside world — just in 
time to test the market adage about 
buying at the bottom. 

Beginning Monday, foreigners will 
be able to buy stocks on foe South 
Korean over-the-counter market, 
known as Kosdaq. In theory, foreigners 
have had access to the 8.6 trillion won 
($7.6 million) market sines Ocl 1 , when 
the government amended existing law 
to allow non-Korean investors to trade 
stocks in venture-capital companies. In 
practice, however, me mechanism for 
foreigners to buy stocks was not in place 
until a set of enabling regulations was 
passed this month. 

Like its U3. and European coun- 
terparts, Kosdaq abounds in small, en- 
ergetic growth companies, many of 
than in technology businesses. But ana- 
lysts worry that the ongoing financial 
crisis in the larger South Korean econ- 
omy — which has seen the Seoul Stock 
Exchange index lose more than half its 
value in dollar terms and has prompted 
the government to ask the International 


or even kill them, if funds dry up. 
Besides being one of foe world’s 




Besides being one of the world’s most 
obscure stock markets, Kosdaq is also 
one of the most thinly traded. Of 
the 364 issues, ranging from con- 
struction to software manufac- 
turing, only five changed hands 
on each day of the year since the 
computer-based market was es- 
tablished in June 1996. 

The top 10 stocks account for 
90 percent of the daily volume, and 
among the frequently traded, Hyundai 
Heavy Industry stands out, with an av-? 
erage daily volume of 10,500 shares. 

“There is no real trading there,” said 
Pyung Jo Choi, manager of the equity 
origination and syndication department 
at Daewoo Securities in Seoul. "Small 
companies are suffering from foe busi- 
ness slowdown.” The Kosdaq index 
Finished Friday at 111.72, down 8.71 
points since the end of last month. 

Joon Choi, an analyst at ING Baring 
Securities in Seoul, said the Kosdaq was 
now in a correction phase but that a 
rebound in foe first quarter was likely. 


markets] will rise,” he said. Installment 
of the new government, with the pres- 
ident-elect assuming his duties before 
his formal inauguration in February, 
should contribute to market optimism, 
he added. 


SMALL-CAP 
STOCKS 


Companies with more upbeat 
prospects are likely to be found 
in high-tech manufacturing and 
the Financial segments, analysts 
said. They cited Standard Tele- 
com, a manufacturer of cellular 
phones and beepers, which 
claims 1 5 pe rcent of the market for 
beepers; CTI Semiconductor, a semi- 
conductor-chip maker, and Hangul & 
Computer, a leading software maker 
that holds 80 percent of the word-pro- 
cessing market in South Korea. 

Korea Development Investment Fi- 
nance ami Korea Technology Investment 
.are among the more promising financial 
companies oti the Kosdaq. Of added in- 
terest, although hardly a sure thing, is that 
these banks are venture-capital financiers 
to a legion of fcompanies that are can- 
didates for initial public offerings. 


But analysts reckon that the big draw 
t foreigners will be Hyundai Heavy 


‘We expect the currency market to 
ulize on foe back of IMF assistance. 


stabilize on the back of IMF assistance, 
and the level of confidence [in the stock 


for foreigners will be Hyundai Heavy 
Industry — the biggest shipbuilder in tire 
world and “one of the symbolic Korean 
companies,” said Yoshimi Takahashi of 


Nomura Securities in Seoul 

Jong Ryoul'Seong, deputy general 
manager at the equity underwriting di- 
vision of Daewoo Securities, noted that 
foreigners owned stock in many Hy- 
undai group companies listed on foe 
main stock exchange. 

“Once the [Kosdaq] market is open, 
foreign investors should buy Hyundai 
Heavy Industiy,” he said. 

Hyundai closed Friday at 25,500 won, 
down 2,100 from Thursday. The stock 
has lost 30 percent of its market value 
sinoe Aug. 16, when it hit its 52-week 
high of 36,700. 

Foreign investment in non-venture- 
capital companies is limited to 15 per- 
cent, however, with each investor lim- 
ited to owning not more than 5 percent 
of the shares outstanding. Venture-cap- 
ital firms set their own limits. 

Another factor in favor of Hyundai is 
the chance that it might move up to foe 
Seoul exchange. For other companies, a 
move to South Korea’s equivalent of foe 
Big Board “has almost always resulted 
in higher liquidity and improved share 
price,” Mr. Jong said. But observers 
note that before such a giant company 
could migrate to the Seoul exchange, the 
South Korean stock market would need 
to show signs of recovery. 


rather than funds that invest in “hope 
and prayer” companies. How do you 
pick stocks? 

A. I limit investment to companies 
with a track record, sound management 
and strong earnings growth. Generally , I 
avoid stocks with price-earnings ratios 
above 22, as they represent too high a 
ride for tiie portfolio. 

The investment focus of foe fond is 
primarily on stocks that are misunder- 
stood and have not caught the eye of 
Wall Street To gain an edge in this 
business, one has to be opportunistic. 

The decision to invest m West Point 
Stevens Inc., a manufacturer of sheets 
and towels, shows how oppor tunism 
can pay off. I became interested! in foe 
company when it was the object of a 
leveraged buyout The fund bought 
stock in West Point Stevens in March 
1995, when it was $15.a share and there 
was no analyst coverage. We reduced 
our weighting in April 1997, what the 
stock moved up to $40 a share. By 
August 1997, small-caps had gained 
around 25 percent, while shares in West 
Point Stevens remained flat At this 
point, the fund increased its weighting 
again, as the stock was unbelievably 
cheap given its strong eamings- 
growth. 

The bottom line is, buy when the 
stock is out of favor and sell when 
analysts start getting interested- in the 
stock. 

Q. Which sectors are attractive now 
and which stocks would you recom- 
mend? 


quite appealing. Drilling companies 
nave been losing money for years, but 
they are now starting to make a profit 
and plowing money back into their busi- 
ness. The fundamentals for this sector 
continue to look good. 

However, restaurant and retail stocks 
are my personal favorites. The fund's 
largest holding is Family Dollar Inc., a 
c h a in of discount stores. Other principle 
holdings include Pier I Imports Inc., 
Steinmart InC. and Cost Plus Inc. 

Pushed to recommend a specific 
stock, I would opt for Pillowtex PLC, 
which manufactures pillows and 
blankets. Pillowtex is to merge with 
Fieidcrest Cannon, a manufacturer of 
sheets and towels, at the end of this year. 
This will bring tremendous cost savings 
and be highly accreditive to Pillowtex’s 
earnings. Although Fieidcrest Cannon 
has not done particularly well in recent 
years, it has a strong brand identity, 
which Pillowtex can capitalize on. Pil- 
lowtex stock is currently trading at aP/E 
ratio of 12. Earnings me forecast to 
grow by 30 percent for the next two to 
three years. 

Q. Why does foe fund have a low 
weighting in the health-care sector? 

A. Health-care stocks are currently 
tricky to invest in because of foe un- 
certainty surrounding new government 
health-care regulations. Reimburse- 
ments to health-care service providers 
are being cut, which will have a marked 
impact on foe revenues of these compa, 
rues in the years ahead. 

. Some companies are less affected by 
foe government reforms. The fund has 
recently invested in Priority Health 
Care Corp., a drug distributor. The 
company prepares and packages syr- 
inges and delivers them straight to the 
patients. The service cuts down on costs 
an dh elps ensure that the drugs are being 

Priority Health Care Corn, should 
ultimately benefit from growth in the 
biotechnology sector, without having 
exposure to the risks that dbg companies 
that manufacture specific drugs. 

. Q. What would your advice be to go- 
it-alone investors? 

A. Don’t. This is a tricky asset class to 
do well in. However, if investors are 
prepared to accept the risk and under- 
take the research, my ad vice would be to 

set a target price and to reevaluate that 
price in line with changes in company 


A. I prefer to analyze companies and market fundamentals. If the stock 
rather foansectors. but stocks within the reaches the tarcet an d v«i. 


consumer sector are certainly worth 
paying close attention to, as these are 
most likely to benefit from a strong U.S. 
economy and low unemployment. 

The energy-services sector is also 


reaches the target and you cannot 
clearly see an upside, then it is the time 
to self. 


Avoid falling in love with your 'in- 
vestment and holding onto ft throuoh 
thick and thin. 














PAGE 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 29-30. 1997 


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SPORTS 


•iw. 

'■uj 


|Cowboys (6-7) 
Are Slip-Sliding 
Into Oblivion 


-i- ' 




/ fc’ii! 


!n‘.int’ 


By Mike Freeman 
Vw York Times Sen ice 

IRVING, Texas — When 
Dallas quarterback Troy Aik- 
man gets back spasms, ail of 
Texas feds the twinge. 

Aikman left the field be- 
fore the start of the Cowboys’ 
disastrous 27-14 loss to the 
Tennessee Oilers on Thurs- 
day because the muscles in 
his lower back were tied in 
knots. As he walked off the 
. field during warm-ups, one 
flfchand behind him as if he 
■ needed to hold his back in 
place, it appeared that Aik- 
man mjghr not play. But be- 
cause ofthe modem miracles 
of medicine t including 
muscle relaxams), he re- 
turned to the field. Laler, he 
probably wished he bad noL 

The loss put Dallas at 6-7, 
and the team's chances of 
making the playoffs axe evap- 
orating. Meanwhile, the Oil- 
ers stayed in the thick of the 
American Football Confer- 
ence playoff hunt with a 7-6 
record. 

. “To play the way we did, 
^ yeah. I’m embarrassed,” said 
Barry Switzer, the D allas 
coach. “Five turnovers? You 
can't beat anybody like that.” 

Aikman wasn't the only 
Cowboy hurting. Deion 
Sanders, the Cowboys’ best 
cover comerback — indeed, 
the- league's best cover man 
— broke one of his right rite 
on a punt return and could 
miss me rest of the season. 
Running back Emmitt Smith, 
another Pro Bowl player, left 
the game in the third quarter 
with a bruised left shoulder 
and did not return. 

The Cowboys are proud 
warriors but age is showing. 
It's not just the injuries and 
j-' the lack of touchdowns, it is 
the mistakes, both large and 
small. Aikman was intercep- 
ted three times, and a fumble 
by tight end Eric Bjomson 
after a nasty hit by Darryll 
Lewis was returned 42 yards 
for a touchdown. That gave 
the Oilers a 24-7 halftime 
lead. 

The Cowboys’ inability to 
stop the -run has been one of " 
their problems. Last week. 
Green Bay’s Dorsey Levens 
rushed for 190 yards against 
Dallas. On Thursday, Eddie 
George gained 1 10 yards. The 
Cowboys allowed an oppo- 
nent to rush far . over 100 
yards for the^ixth straight 
game. < 

Dallas .'had a 20-8-1 
Thanksgiving Day record 
coming into Thursday's 
game. That is what makes this 
loss so strange. 

V Asa Dallas tight end. Scon 
1 } Galbreath, put it: “This feels 
like when your wife comes in 
and asks for a divorce. There 
is no way in the world that I'd 
believe that we would have 


stunk up the place like that in 
a big game. I mean, we’re a 
big-game team, and that’s not 
supposed to happen.” 

Marcus Robertson, an Oil- 
ers' safety, said something no 
one would have said about 
Dallas even two years ago: 
“You could sense that they 
didn't want it.” 

Tennessee scored 2 1 points 
off turnovers, and the Oilers’ 
defense held Dallas to 15 
yards rushing and 0-for-5 on 
third-down conversions in the 
first half. 

Dallas's star wide receiver, 
Michael Irvin, caught a 37- 
yard touchdown pass to cut 
the Oilers’ lead to 24-14 mid- 
way through the third quarter. 
But the Cowboys then al- 
lowed the Oilers to go on a 
masterful drive that sealed the 
game. 

The drive showed the 
power of George, the skills of 
quarterback Steve McNair 
(who rushed for one touch- 
down and passed for another) 
and some good play-calling 
by the Tennessee coaching 
staff. The Oilers converted on 
five third-down plays in a 21- 
play drive that covered 90 
yards and lasted more than 13 
minutes before ending with a 
19-yard field goal by A1 Del 
Greco. 

During a Tennessee 
timeout before the field goal, 
half the Cowboy defenders 
sank to their knees, their 
tongues practically on die car- 
pet as if they had just run the 
New York City Marathon. 

After this tough loss, that is 
what the rest of their season 
will seem like: a marathon. 

In Thursday's other gone. 
The Associated Press reported: 

Lions 55, Bows 20 Barry 
Sanders, the Detroit running 
back, became the second- 
leading rusher .in NFL history 
with a 167 -yard, three-touch- 
down performance as the 
Lions kept their slim playoff 
hopes alive with a home vic- 
tory over Chicago. 

Sanders, who rushed for a 
total of only 53 yards in die 
season's first two contests, 
now has 1,594 yards after 
naming for more -thair ’260” 
yards m 11 straight games. 
On Thursday, he moved past 
Eric Dickerson (13,259 ca- 
reer yards) into second place 
on the all-time NFL rushing 
charts with 13319 yards. 
Sanders trails only Walter 
Payton, who has 16,726 
yards. 

“1 guess this is the best 
streak of my career,” Sanders 
said. “A lot of that is because 
this is probably the most 
powerful offense I have ever 
played on, so it makes sense 
that I am going to get a lot of 
yards.” 

It was the most points ever 
scored by the Lions (7-6) in a 
regular-season game. • 



By Thomas George 

New York Times Serriee 


San Francisco (11-1) at Kansas City (9- 

3) San Francisco is far ahead of the rest 
of the league in one of the key football 
statistics. The 49ers are plus 21 in 
turnovers differential (the New York 
Giants are second in the NFC at plus 15). 
In die process, the 49ers have forced 35 
turnovers — 21 interceptions and 14 
fumbles. That’s a lot Their defense will 
give die Chiefs plenty of headaches. Too 
bad for Kansas City that Elvis Grbac, its 
starting quarterback, is injured and will 
not play against his old teammates. 

Without him — even though backup 
Rich Gannon has performed admirably 
— the 49ers are simply too strong. Pre- 
diction: 49ers, 17-14. 

BaKjmora (4-7-1 J at Jacksonville (84) 

Your team is definitely struggling and in 
trouble when your leading receiver has 
52 catches for 701 yards and seven 
touchdowns — and is benched- That’s 
where the Ravens’ Derrick Alexander, 
will spend this game. Because he has 
also mopped a lot of balls, he will be 
replaced by James Roe, a second-year 
player. It very likely won’t matter. 

Natrone Means, die Jaguars’ running 
back, rushed for a season-high 96 yards 
against Cincinnati last week and appears 
ready to repeat last season's punishing 
stretch drive. Jaguars. 34-20. 

Cmeoinoti (4-8) at Philadelphia (5-6-1 ) 

Bobby Haying, the Eagles’ quarterback, 
has thrown 83 passes and has not been 
• i nt e rce p ted. He has size, a nice arm and 
mobility, but he is awfully green, mak- 
ing only his third pro start. 

The Bengals will start one of the craft- 
iest veterans ever. Boomer Esiason. The 
lefty was sensational against Jackson- 
ville last week, but afterward said that he 
was not sure if he could keep it up. He is 
probably right, especially since he must 
run all afternoon from the Eagles’ line- 
backer William Thomas. Eagles. 21- 
JO. 

bHGunpoGs (1-1 1) at Mu w England (7- 

5) J imm y Hitchcock, a lot like the rest of 
the Patriots, has been maligned this sea- 
son: a comerback who does not finish 
plays, cme who bites too easily on fakes. 
But Hitchcock showed his mettle against 
Miami last week, swiping a Dan Marino 
pass and returning it 100 yards for a 
touchdown in the Patriots’ victory. Jim 


Harbaugh starts at quarterback for the 
Colts for the first time since Ocl 20. It is 
a big game for Harbaugh. It is a bigger 
for New En glan d. Patriots. 28-20. 

Now Orleans (4-8) at CaroHna (6-6) 

Quarterback troubles have plagued both 
teams, but the Saints have had the worst 
of it. Has the Saints coach Mike Ditka 
lost his team? He waffled about quitting, 
wondering aloud if the game haa passed 
him by and doubting that he should have 

NFL Matchups 

ever returned to coaching after the 
Saints’ 20-3 loss to Atlanta last Sunday. 
Billy Joe Hobert starts for the Saints; be 
is their fourth starting quarterback this 
season. Panthers, 30-10. 

Now Yotfc Jots (8-4) at Buffalo (5-7) The 

Bills hit bottom in their 31-14 loss to the 
Oilers. The Jets, who lost earlier this 
season to the Bills, will try to emulate die 
Oilers and run right at toe Bills. And if 
that doesn't work, there is always re- 
ceiver Keyshawn Johnson over the top. 
Johnson can handle this secondary. The 
Jets can handle the Bills. Jets. 19-17. 

SL Louis (2-10) at Washington (6*5-1) 

Running back Lawrence Phillips is gone, 
but he was only one small part of the 
Rams’ troubles. Their inconsistency and 
lack of discipline are surprising consid- 
ering that Dick Vermeil, the new coach, 
has always emphasized those areas. 

For the Redskins, quarterback Gus 
Frerotte and receiver Michael West- 
brook seek to make amends for their 
costly moments of madness against the 
Giants, but what the Redskins really 
need is for the running game and Terry 
Allen to break out Redskins. 27-3. 

Atlanta (4-8) at Seattle (6-6) The Fal- 
cons are showing signs of life, and Chris 
Chandler, the quarterback, is a big part 
of it he ranks second behind the 
49ers’ Steve Young in NFC passing 
efficiency. 

Warren Moon, 41, the Seattle quar- 
terback, has already claimed his ninth 
3.000-yard passing season. The best 
chance for Falcons, who have 46 sacks, 
is to get to Moon via the pass rash. Bat 
expect the Seabawks to slow the rash 
enough to make a couple of decisive 
plays. Meanwhile, their defense should 
also force turnovers. Seahawks, 23-14. 

Miami (7-5) at Oakland (4-7) The Raid- 
ers have fallen apart yet again. This year, 


however, the collapse is harder to figure 
out Joe Bugel. the coach, brings class to 
any locker room. 

Jeff George, the quarterback, is having 
his best pro season. Tun Brown, the re- 
ceiver, remains top-flight and Napolean 
Kauffman, the running back, scares any 
defense. But the Raiders' defense has 
been shredded for most of the season. 
Miami’s quarterback, Dan Marino, will 
probably spot holes everywhere. Even so, 
with this Jekyll-and-Hyde team, you pick 
’em. Raiders, 38-27. 

Pittsburgh (8-4) at Arizona (3-9) Kor- 
defl Stewart started slowly and then 
could not catch up in Pittsburgh’s 23-20 
loss at Philadelphia last week. Now, 
Stewart and the Steelers hit the road 
against a defense capable of making him 
struggle more. 

A slip here could spell trouble for the 
Steelers, and coach Bill Cowher simply 
will not allow it Steelers, 20-1 6. 

•ftirapa Buy (8-4) art Now York Giants (7- 

4-1) When Tampa Bay lost to lowly 
Chicago, it lost much of the momentum 
it had fought hard to regain. Now it has a 
tough assignment on the road against a 
defense capable of making the differ- 
ence. But where will the Giants' offense 
— and more important, its points — 
come from? This offense crawled 
against the Redskins and Tampa's de- 
fense is better than Washington's. This 
should be a close, low-scoring game. 
Buccaneers, 13-JO. 

Denvor (10-2) at San Dmgo (4-8) San 
Diego’s Craig Whelihan is a thin, lanky, 
young quarterback with a strong arm and 
quick feet But against San Francisco he 
was 4-for-18, and threw three intercep- 
tions. He will try to rebound against a 
defense that will come after him just as 
hard, just as fast and from a variety of 
angles. If the Denver defense does not 
get the Chargers,' the powerful Terrell 
Davis, the league's leading rusher, will. 
Broncos, 23-10. 

Gram Boy (9*3) at Mimmota (8-4) Brett 
Favre, die Packers' receiver, has 27 
topchdown passes. But Minnesota knows 
how to play the Packers and bow to beat 
them, especially in the Metrodome. They 
pressure Favre from wide angles and 
force him to stay in the pocket or run up 
the middle. That way, Favre is contained 
The Vikings will win if Robert Smith 
rushes for more than 100 yards. He will 
on Monday night. \1 kings, 17-16. 


Stars’ New Goalie 
Shines in Victory 


JoJdl llillrn/lh-uh-r- 

Detroit’s Barry Sanders, who became the NFL’s No. 2 all-time rusher, splinting past Chicago's Barry Minter. 

49er Juggernaut Should Keep Rolling 

Bills Won’t Ground the Jets and Bucs’ Defense Will Fell the Giants 


The Assrfiuietl Pi ess 

Manny Fernandez made 
his first NHL start of the sea- 
son and made 3 1 saves to help 
the Dallas Stars win their 
fourth game in a row. 

Fernandez, recalled from 
the International Hockey 
League on Nov. 14, didn’t Find 
out he was stoning Thursday 

NHL Roundup 

until two hours before the 
opening face-off. Then he 
went out and backstopped the 
Stars 4-1 victory over the 
Phoenix Coyotes. 

Ken Hitchcock, the Stars 
coach, decided to go with 
Fernandez after EdBelfour 
said he was tired after starting 
the previous 1 1 games. 

“When he told me. 1 turned 
it on menially." said Fernan- 
dez. who had made only four 
starts in the NHL. 

Jere Lehtinen scored two 
goals for the Stars, who lead 
the NHL with 38 points. Dave 


Reid and Bob Bassen scored 
the other goals for Dallas, 
which won despite being out- 
shot. 32-16. 

Senators 3, Capitals 1 in 

Konata, Ontario. Magnus 
Arvedson and Wade Redden 
scored 80 seconds apart in the 
first period as Ottawa snapped 
a nine-game winless streak. 

Radek Bonk added an 
empty-net goal with 18 
seconds left in the game for 
Ottawa, which had lost five 
straight at home. 

Kangs 2 , Btuos 2 In St. 
Louis, Pierre Turgeon re- 
turned after missing 22 games 
with a broken arm and scored 
his first goal of the season for 
the Blues. 

Pavol Demitra added a goal 
and an assist for Sl Louis, 
while Luc Robatnille and Jozef 
StumpeJ scored for the Kings. 

Blaclctunvfcs 2, Finn* 2 In 
Calgary. Alberta, Theoren 
Fleury scored with 1 :20 left in 
the third period to salvage a 
tie for the Flames. 


Buck Leonard Dies; 
‘Black Lou Gehrig’ 


The Associated Press 

ROCKY MOUNT. North 
Carolina — Buck Leonard. 
90, a Hall of Fame first base- 
man who batted .340 and av- 
eraged 34 home runs in his 
17-year career in the Negro 
Leagues, has died. 

Leonard, a native of Rocky 
Mount, died Thursday from 
complications of a stroke he 
suffered more than a decade 
ago. 

Known as the “Black Lou 
Gehrig." Leonard was one of 
the greatest players who never 
made it to the major leagues. 

“We couldn't play with 
whites back then,” he once 
said. “So we just went out 
and played ball and tried to 
show everyone that we were 


just as good as the whites." 

He began his professional 
career with the Rockv Mount 
Black Swans in 1923. played 
until he was 48 and retired in 
1955 after five years in the 
Mexican Leagues. He was 
best known for his time with 
the Homestead Grays in 
Pennsylvania from 1933 to 
1950. 

With a batting order that 
included Leonard and Josh 
Gibson, die Grays won nine 
successive Negro League 
championships. 1937 to 1945. 

Dining his career. Leonard 
was one of the highest paid 
Negro League players, earning 
a reported $10,000 in 1948. 

He was elected to the Hall 
of Fame in 1972. 


Mullin and Pacers 
Tree the Grizzlies 


The Associate J Press 

Chris Mullin, who joined the Indiana Pacers from the 
Golden State Warriors in the summer, is learning to play 
defense. 

“It’s been an adjustment for me defensively," said 
Mullin, who had a season-high 27 points Thursday night 
to lead the Pacers to a 106-85 victoiy over the Vancouver 
Grizzlies in the day’s lone NBA game. “First of all, that 
I've been asked to play defense. That wasn’t stressed too 
much where I came from. I understand that's what wins 
games, especially back here in the East. You've got to play 
hard defense, and hard defense is played against you.” 

Mullin and Reggie Miller outside combined with the 
inside game of Rik Sniils were more tfian Vancouver 
could handle. 

Miller scored 21 points, making all four of his 3- 
po inters, and Smits scored 17. 

George Lynch led Vancouver with 15 points. 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 







PAGE 18 


Russians On Top 


KC skating Two Russians, Ilia 
Kulifc and Maria Butyrskaya led 
after the short programs Friday in 
the. NHK Trophy in Nagano, Ja- 
pan. 

In women's competition, Bu- 
tyrskaia, the defending champion, 
started with a successful triple lotz- 
double loop combination, she also 
jumped a triple loop and a double 
axeL 

Chen Lu of China, the 1995 
women's world champion who has . 
faded during the paax year, was 
second, followed by Tanja Szew- 
czenko. 

Kulik failed to complete his ini- 
tial in jump combination, which 
tamed into a single axeL But he 
earned higher marks in represent- 
ation. 

“Really, I thought I was third,” 
he said. “I just missed the jump.” 

The Americans Jenni Meno and 
Todd Sand took advantage of a slip 
by Oksana Kazkova to finish ahead 
of the Russian and her partner, Ar- 
tur Dmitriev, in the pairs short pro- 
gram. 

In ice dancing, the Russian pair 
Pasha Grishuk and Evgeni Platov, 
who led the compulsories on Thurs- 
day, remained in the lead after Fri- 
day's free dance. 

The event is the last in the six-leg 
championships series before the 
Dec. 19-21 final in Munich. 

JPor many top skaters, however, 
the NHK competition this year 
serves as a rehearsal for the Nagano 
Olympics in February. 

(Reuters, AP) 



KhbJuto NogUAFP 

Maria Butyrskaia performing 
in the short program on Friday 
at the NHK Trophy in Japan. 


Tobacco Ban in Belgium 


FORMULA Ois The Belgian Par- 
liament has approved a law banning 
all tobacco advertising and spon- 
sorship, in a move that could serve 
as a precursor for a European-wide 
ban. Louis Van Velfeoven, a mem- 
ber of Parliament, said Friday. 

The Senate's approval of the law 
came as a surprise because it had 
been expected to approve an 
amended version that would allow 
for some exceptions, such as For- 
mula One motor racing. ( Reuters ) 


Rain Halts Test 


cricket Saurav Ganguly made 
99 on Friday, one run short of what 
would have .been his fifth test cen- 
tury on the third day of the second 
test against Sri Lanka in Nagpur. 

eight minutes after the home team 
had been bowled out fix' 485. India 
had started the day on 401 runs for 
five wickets. (Reuters) 


Heels Stamp On Brains 


COLLEGE BASKETBALL 

North Carolina, which is ranked 
No. 4, crushed No. 7 UCLA, 109- 
68, in the Great Alaska Shootout in 
Anchorage on Thursday. 

It was the second -worst defeat in 
UCLA basketball history, just behind 
last year's 48-point loss to Stanford. 

Antawn Jamison scored 23 
points and Vince Carter added 22 as 
the Tar Heels (4-0) manhandled the 
Bruins. (AP) 


IfrraUtSfeSribuitc 

Sports 


World Roundup 





A fck 


ItwIhiUnWiam 

Jonas Bjorkman of Sweden returning a serve to Michael Chang of the United States in Davis Cup action Friday. 


That German Joke Grows Unfunnier 

3 Bundesliga Teams Heading for Last 8 in Champions League 


By Peter Berlin 

Imeimrumal Herald Tribute 


DORTMUND, Germany — Gary 
Lineker, the former England striker, 
once defined the World Cup as a com- 
petition that 24 teams enter and the 
Germans win. It is a joke that the Ger- 
mans have always found far funnier 
than anyone else. 

Of course, in these days of com- 
petition inflation, part of Lineker’s 
equation is already out of date. Next 
year, the soccer World Cup finals will 
contain 32 teams for die first time. 


Wo ELD SOCCIK 


Meanwhile, the European Champions 
league became a competition for 24 
clubs this season and, with one round of 
group matches to play, it is beginning to 
conform to Lineker's definition in every 
way. 

The expanded format meant that this 
season Germany became the first coun- 
try to enter three teams. It could soon 
become the first country to put three 
teams into the last eight 

During the kst two decades, Ger- 
many’s clubs have not matched the 
dominance of the national team. Per- 
haps this was not a coincidence.' 

Kari-Heinz Ruroenigge, once a star 
player and now an official at Bayern 
Munich, said the current boom in Ger- 
man club soccer has been helped by the 
return of players from abroad. For a long 
time many stars of the national teams 
played not in Germany but in Italy. 

But one reason they came home is 
that they failed to bring success to their 
Italian employers. AC Milan’s Dutch- 
men, Serbs and Croats dominated, while 
the Germans at Jnventus and Inter Milan 
nursed grudges and injuries. 

Borussia Dortmund and Bayern Mu- 
nich between them signed nearly every 
significant returnee from Italy. Both 
clubs have thrived in spite of the feuds 
the stars brought with them. 

On Thursday, Dortmund secured first 


Norway on Thursday. 

There will also be two places for the 
two second-place teams with most 
points. Leverkusen and Rosenborg hold 
those two places, followed by Juventus 
and Paris Sl Germain with nine points 
each and Parma with eight Parma's run 
of IS consecutive home victories in 
European competition ended in injury 
time Thursday. It led, 1-0, at the end of 
90 minutes. Then, in the four minutes 
the referee added for injuries, Sparta - 
scored twice to take the lead before 
Enrico Chiesa scored his second goal to 
give Parma a 2-2 draw. 

Manchester United, the only team to 
have won all five of its group matches, 
beat Kosice, the only team to have lost 
all its matches, 3-0, on Thursday in 
Group B. Juventus, which lost, 2-0, to 
Feyenoord in Rotterdam on Wednesday 
needs to beat United in Turin in two 
weeks to stand a chance of advancing. 


champion, offers a refreshing contrast. 

ft is directed in midfield by two 
former Juventus players: Andrea Moller, 
who is German, and Paulo Cesar, who is 
Portuguese. Some reports suggest the 
two are fending. It did riot show Thurs- 
day as they directed a surgical dissection 
of the GaUdasaray defense. 

Vladimir But, a young Russian, 
scoredfiret, from close range after a neat 
cross from Jorg Heinrich. Heiko Her- 
rlkh scored the second goal with a deft 


Dynamo secured a place in the last 
eight with a 1-1 home draw against PS V 
Eindhoven in Kiev. However, by the 
time tiie quarter-finals are played in the 
spring, the breakup of die team may 
have 'begun. 

German clubs are already waving 
large piles of Deutsche marks at die 
Ukrainian champion and its stars. VfB 
Stuttgart have been linked to midfielder 
Yuri Maksimov. 

The apparent strength of German soc- 
cer may really be a reflection of the 
weakness of much of the rest of Euro- 
pean soccer. This week’s games high- 
lighted a fundamental problem with the 
Champions League idea: There never 
have been 24 great club teams in Europe 
at die same time. 

The league format may give six games 
on a large stage to Manchester United, 
Dortmund, Real Madrid and Juventus, 
but it has also meant six uninspiring 
appearances apiece by Kosice, New- 
castle United, Gotheborg and Lierse. 

Leverkusen made hard work of beat- 
ing Lierse, a small-town club that lost 
half its first team and its coach, Eric 
Gems, after it won the Belgian title last 
season. 

Lierse has been out of its depth in the 
Champions League this season. Even 
so, Leverkusen approached the game, 
which it needed to win, with exagger- 
ated caution and only scored twice in the 
second half with the aide of a series of 
slapstick errors by'Belgian defenders. 

Bayern has hardly been more im- 
pressive. Germany's s access has always 
owed much to the physical power of 
players. But in its last two matches, 
strength has been Bayern’s only 
strength. 

The team takes its shape from Cars ten 
Jancker, a hulking center forward. On 
Wednesday, both Bayern’s goals came 
from long free kicks, hit high into the 
area of the goalmouth, where Jancker 
loomed. He headed in the first and 
served as a distraction while Thomas 
Helmer headed the second. 

Borussia Dortmund, the European 


place in Champions league Group A 
wife a 4-1 victory over visiting Gal- 


wife a 4-1 victory over visiting Gai- 
atasaray of Istanbul. 

The night before, in Istanbul, Bayern 
clinched Group E with a 2-0 victory over 
the other Turkish entrant, Besiktas. 

The third German club, Bayer 
Leverkusen, beat Lierse, 2-0, in Ghent 
on Wednesday. It needs only a draw at 
home against Monaco, fee group leader, 
in fee last round of matches in two 
weeks to qualify fra- the last eight. It 
would probably advance even if it lost 
Manchester United, which has won 
all five of its gomes in Group B, and 
Dynamo Kiev, unbeaten in Group C, 
also booked their quarter-final places 
wife victories Thursday. 

In Group E, Monaco and Leverkusen 
are tied wife 12-points. In Group D, Real 
Madrid and Rosenborg of Norway both 
have 10 points. Madrid has been dom- 
inant at home but lost, 2-0, in chilly 


_ At halftime, Nevio Seals, 
Dortmund’s new manager, replaced 
Moller wife another veteran, Michael 
Zone. It turned into a coach’s dream 
move — within two minutes Zoic 
scored after another pretty pasting 
move. He added the fourth goal wife a 
penalty near the end. 

The Dortmund crowd’s reaction sug- 
gested another reason for German 
clubs’ success this season. 

Across Europe, Louis Van Gaal was 
brought to Barcelona to teach fee so- 
phisticated system that Ajax the 
European Champion. His team is 
second in. the Spanish League and fans 
— and club officials — want him fired. 
Under Scala. an Italian who took over 
tills season, Dortmund is in fee bottom 
half of fee Bundesliga. Yet on Thursday 
fee German fans chanted his name. 

■ Deiulson Penalized 


Denilson, fee midfielder who is the 
world’s most expensive player, was one 
of three players sent on as Sao Paulo 
beat Chile’s Colo Colo, 1-0, to reach fee 
South American Supercup final, Reu- 
ters reported from Santiago. 







Hat HduKidfclNTte An^alPn 

Vladimir But, left, and Paulo Sousa 
celebrating Dortmund’s first goaL 


SAXURDAY-SUNDAY, NOVEMBER I9W ^, 

auroras Hurt? 


Swedes Take Control 


J(ii» , ' v,,M 


Torture for U.S Team in Gothenburg 
Starts With Bjorkman Beating Chang 


By Christopher Clarey 

latermnwnal Herald Tribune 


in fee second set Saropru* 
treatment from his trainer. Todd anyder. 


G othenburg, Sweden —The 

Swedish name of this lively, 
chilly place — Goteborp — is a 
serious tongue twister for American vis- 
itors. But Sweden’s second largest city 
isnot only rough on American palates, ft 
is rough on American egos and even 
rougher on Pete Sampras’s body. 

The last time the world’s number one 
player took part in a Davis Cup match 
here in the Scandinavian!, he limped off 
stage prematurely wife an injured ham- 
string muscle as the Americans went 


Davis CufTinnii 


down to defeat in the 1994 semifinals. 
On Friday, Sampras bObbled off court 
early again after defaulting wife an in- 
jured calf, thereby adding another skel- 
eton to a. closet that is becoming in- 
creasingly difficult to dose. 

The trouble here began in 1984, when 
the Swedes gave the American dream 
team of John McEnroe and Jimmy Con- 
nors a nightmare in fee final Thirteen 
years later, fee Swedes are poised to 
rewrite history after taking an improb- 
able and very commanding 2-0 lead on 
the first day of this final in front of a sell- 
out crowd of over 11,000. 

“Of course we fed comfortable 
here,” said Carl-Axel Hageskog, fee 
Swedish captain. “We have great 
m em o ri es.” ' 

Nobody expected the Americans to 
make quick work of the Swedes. Third- 
ranked Michael Chang, who lost the 
error-riddled opening rubber, 7-5, 1-6, 
6-3, 6-3, to Jonas Bjorkman on Friday, 
had lost five of hu last six matches 
coming into this final and had lost to fee 
fast-rising Bjorkman in the round-robin 
portion of tiie ATP Tour World Cbam- 


on the changeover. Two garnt j lawr. 
trailing 5-4 wife his service t« fyHow.be 
took an injury timeout and had thcjMlf 
wrapped tightly. He received ucatm<rm 
again at 6-5 end then held serve to force 
a tiebreaker, saving two set points along^ 
yh#» w&y a . f ■/ 

But Sampras, who throughout his^ ' 
brilliant career has often had a harder 
time with his own fragile physique than 
wife his rapidly evolving cast < 
was out of tricks. Trailing F®* 
one of his patented leaping overheads 
— a shot that he used to great psy- 
chological effect against Patrick Rafter 
of Australia in the Davis Cup senu finals 
in September. This time, he ended up 
looking like a weekend warrior, shank- 
ing the overhead long. He would win the 
next point but would win no more in fee 
breaker, losing it 7-L . . 

Sampras swallowed an anti-inflam- 
matory pill as he sat down after the 

second set, but after missing a forehand 

long to lose his serve in the opening ■* 
gamw of the third, he began moving 


almost as slowly as an Ingmar Bergman 
film, aqd at 2-1, he walked up to fee 


film, aqd at 2-1, he walkw up to fee 
chair umpire Andreas Egli of Switzer- 
land and announced that the match and, 


presumably, his season was over. 

“It didn't make sense to continue the 


But few could have expected that fee 
Swedes would be in position to make 
quick work of an American team that 
included Sampras, tire game’s best play- 
er throughout the 1990s and a player 
who had been on a serums roll this 
autumn. But if any lesser nan can give 
Sampras consistent trouble, it is 
Laissoo, the large and laconic Swede 
wife tiie po werfu l •forehand -who is 
prone to losing his bouse keys arid hold- 
ing his big serve. 

Sampras las won six of their 10 
matches, but he has now lost the last 
three on three different surfaces to the 
25th-ranked Swede: oa clay in Monte 
Carlo, on a hard court in Indianapolis 
and on a medium-speed Taraflex carpet 
in Gothenburg. 

This defeat deserves an asterisk, 
however, because Sampras won the first 
set, 6-3, wife some typically fine shot- 
making and appeared to be well within 
his large comfort zone. But then, mid- 
way through fee second set, he felt what 
fee American captain, Tom Gullikson, 
termed “a grab’ m his left calf. 

“ft was almost a cramp, and he 
thought it would go away, but it wasn't 
a cramp obviously,” Gullikson said. 

Trailing 4-3 wife his service to came 


way I was feeling,” said Sampras, who 
was scheduled to undergo a magnetic 
resonance insuring scan late Friday 
night to determine the extent of fee 
damage to his calf. 

“I think the first thing you worry 
about is fee health of the player, not the 
score,” said . Gullikson, who com- 
plained that injuries are now all-too- 
common because fee season is too long. 
“But certainly we’re in a position we’re 
not used to. Usually we’re up 2-0 after 
Friday. Now we’re down 2-0, but they A 
don’t have three yet.” r 

History says fee Swedes will get to 
three before long. No Swedish team has 
ever blown a 2-0 lead in Davis Cup. and 
no team has blown a 2-0 lead in a Davis 
Cup final since 1939, when Australia 
rained to defeat the United Slates. What 
makes a rally more improbable still is 
that Sampras will almost certainly not be 
available for Saturday’s doubles match 


against Bjorkman and NicUasKultLone 


or die world's best teams and finalists at 


the U.S. Open three months ago. 

Instead, Gullikson will have to use 
Todd Martin and Jonathan Static, who 
have played only a handful of matches 
together and whose only previous Cup 
experience together was a straight-set 
loss to Bjorkman and Stefan Edberg in 
the 1995 semifinals. 

Edberg, who retired after last season, 
was sitting next to fee Swedish team on 
Friday. So was Henrik Sundstrom, one 
of fee heroes of the 1984 victory. The 
Swede who is in fee best position to be 
the hero here is Bjorkman, who until A" 
recently was better known for his hil- ¥?■ 
arious impersonations of other tennis 1 
stars. But the way he has played this 
year in rising from 69 to four in die 
world means feat younger Swedes may 
some day be impersonating him. 


Scotland’s Montgomerie 
Named Golfer of the Year 


Reiuert 

WENTWORTH — Colin Montgo- 
merie of Scotland has won the Johnnie 
Walker Golfer of the Year award for 
the third consecutive year, fee Euro- 
pean Tour announced fiiday. 

Montgomerie, Europe’s No. 1 
player for fee fifth straight year, was 
voted the award by a panel made up of 
members of the Association of Golf 
Writers, officials of -fee European 
Tour and the award’s sponsors. 


nesday for his superb tee shot on the 
final hole of his Ryder Cup singles 


final hole of his Ryder Cup singles 
match at Valderrama, Spain, which 
ensured that Europe would win out- 
right and retain the championship. 

Other candidates for the Jo hnnie ' 
Walker award, which is open to Euro- 
pean Tour members, included Jose 
Maria Olazabal, who made a suc- 
cessful comeback in 1997, and fee 


■4 -I* 


ft was the second trophy of the 
week for fee 34-year-old Scot He 
won Shot of the Year honors on Wed- 


European Ryder Cup captain, Seve 
Ballesteros. Bernhard Longer of Ger- 
many, who won four tour events, and 
Lee Westwood of Britain were also 
under consideration. 




BASKETBALL 


NBA Standi was 


Miami 
Now Yak 
Oricmda 
NewJner 

Boston 

wasWngtMi 

PMtadetphia 


ATLANTIC DIVISION 

W L Pel 

10 4 .714 

9 4 Ml 

9 5 -M3 

8 S .415 

7 7 -500 

5 10 JO 

! 3 8 273 


Vancouver 18 32 12 23- 85 

Indiana 27 28 31 SI — KM 

V: Lyre* 6-8 3-515. AhduT-Rafihn 5-9 4-4 

14:1: Mifflin 12-19 M 27. Mffler 8-12 M 21. 

Raboands— Vancouver 40 (Lynch 9), Indiana 
37 (D.Davfc 10). Assists— Vancouver 20 
(Daniels 51, Indiana 29 (Jackson 11). 


FOOTBALL 


CENTUM. 

Green Boy 9 3 0 350 

Minnesota B 4 0 457 

TmpaBay 8 4 0 .667 

Detroit 7 6 0 538 

CWcogo 2 11 0 .154 

WEST 

x-San Francisco 11 1 0 .917. 

Ganfflna 6 6 0 500 

Atlanta 4 8 0 .333 

N<w Orleans 4 8 0 .333 

St. Louis 210 0 .157 


15 4 4 36 88 40 

15 8 3 33 76 57 

12 10 2 26 71-66 

9 13 4 22 56 67 

8 12 3 19 45 63 


Cotoroda 
Los Angeles 
Anabekn 
San Jan 
Edmonton 


W LTPfeGFM 
II 6 8 30 74 64 

11 9 5 27 81 70 

10 11 5 25 60 72 

9 15 2 20 68 78 

7 12 6 20 57 78 

7 14 3 17 65 83 

4 13 7 15 64 83 


Red Period; D-Rffld 5 (Vert***. Hmey) 
Cpp). 1 D-Lshttnen 8 (Modem Hatcher) 
Stand Peris* D-Bamn 1, 4 P-Ttoehu* 1 3 
(Jamoft Drake) TIM Period: D-Lshttnen 9 
(Envy) (on). Shots an Mob D- 8-3-5—16. P- 
8-14- 15— 32. Geafles: D-Fecnandre. P- 
Khabtoufln. 


WAM PUM : Rad Madrid 10 points. 
Rosenborg 10; RZ Porto 4 Otynrotokos4_ 


nmiTMAL SEUJWIl f e** 

Sao Paulo (BrazD T, Cato Cato (Chfle) 0 
Soo Paata Vila 4-1 on aggregate. 


NFL Standings 


Atlanta 

Chorions 

Milwaukee 

CMoaga 

Q t iw l o nd 

Indksw 

Detroit 

Toronto 


CENTRAL DIVISION 

12 2 .857 

9 3 .750 

8 5 .615 

8 6 .571 

7 6 -538 

6 4 500 

5 10 .333 

13 sm 


N.Y. Jets 
New England 
Miami 
Buffalo 
liMfianapoBi 


Son Antonio 

Houston 

Utah 

Minnesota 

V anco u ver 


■uowesromnw 

W L - 
8 6 

6 5 

7 6 

6 7 

A 10 
3 10 

0 12 

nuaRcnv»ON 


PCI CB 
571. — 

545 W 
538 V, 
M3 IK 
575 3 

531 4* 

J3O0 7 


Pittsburgh 

J ad n omtB e 

Tennessee 

Baltimore 

Cincinnati 


Denver 
Kansas CBf 
Seattle 
Oakland 
San Diego 


EAST 

W LT Pd. 
B 4 a 567 
7 5 0 583 

7 5 0 583 

5 7 0 417 
1 11 0 JD83 

OEKTHAL 

8 4 0 567 

8 4 0 567 
7 6 0 538 
4 7 1 575 
4 8 0 533 

IrtST 

10 2 0 533 

9 3 0 .750 

6 4 0 500 
4 8 0 533 
4 8 0 333 


K-won division SHe 

nunoxriMMUs 

OebeB S5, Chicago 20 
Tennessee 27. DaMas 14 


CRICKET 


TENNIS 


Davis Cup 


HOCKEY 


INHL. Standings I 


ATLANTIC OMSKIM 


LA Lakers 

Seattle 

Phoenix 

Portland 

Sacramento 

LACHppen 

Golden Stale 


523 — 
JU W 
500 2K 
J14 214 

357 79k 

.143 T0» 
tO 3 m 


Dallas 

PhUodeiphla 

Arizona 


EAST 

W L T PCL PF PA 
7 4 1 525 218 207 
6 5 1 542 224 176 
6 7 0 M3 260 240 
5 6 1 .458 203 244 
3 9 0 -Z5Q t96 262 



w 

L 

T 

Pts 

GF 

GA 

Hew Jersey 

16 

7 

0 

32 

68 

40 

PhSoddpdia 

14 

8 

3 

31 

72 

58 

Washington 

13 

10 

3 

29 

79 

70 

N.Y. Islanden 

10 

10 

4 

24 

65 

6 A 

N.Y. Rangers 

8 

1! 

7 

23 

67 

72 

Florida 

8 

12 

4 

20 

58 

73 

Tampa Boy 

4 

16 

3 

11 

47 

81 

NORTHEAST MVtSiaN 




w 

L 

T 

PI* 

GF 

GA 

Montreal 

IS 

7 

3 

33 

82 

59 

Plttsbmgb 

13 

9 

S 

31 

76 

68 

.Boston 

11 

10 

A 

26 

a 

69 

Ottawa 

10 

12 

A 

24 

66 

65 

CamBna 

9 

12 

A 

22 

68 

73 

Buffalo 

7 

12 

4 

18 

60 

w 

TO 

emnuLimMM 

1 

- 


W 

L 

T 

Pts 

GF 

GA 

Dana 

17 

7 

4 

31 

90 

63 


WofMngtsfl » 1 0->l 

Ottawa 2 0 1—3 

Rat Period: OArvedsan 2 (Kravchuk. 
AmedsMM) Z O-ftedden 2 (Daiafe Yashin) 
(op) . Second Period: W-Sareira 18 (Housley) 
TnM Period O-Bonfc 4 (Garitocf# 
AHtedssan] (on). Shots an grefc W- 7-8- 
10—25. 0- 10-12-12-34. C aNias: W-Katrig. 
O-TagmitL 

Las A agal as § 2 0 0-8 

SL Loots 10 1 0—2 

RrsJ Period: S-L-Turgeon 1 {Denftra.HuW 
(ppl.Socoad Period: LA-SlumpH S-TBMte. 
Lnperriore) 3, LA-RoMaffle 12 (Stomped 
Tldrf Parted: SJL-Oendtra 8 ■ (Courtnaft 
Campbell) OVHttnc None. Coolies.- LA- 
ChabaL RsbL LL-Fuhr. 

Chicago 0 110-2 

Cufaorr 0 0 2' 0-2 

Hrst Period: None. Second Poriod:C-Sutar 5 
(Block, stunts (slU. TOM Period: C- 
Nytonder 6 (Hot*, Fhrwy) X O Block 5 
(DaUnsky) 4 , C-Plewr 7 (ZatopsM Mdnrts) 
O — nano. None. Shots an god: C- 6 - 7 - 16 - 
3 - 32 .C. 1 1 . 14 - 1 2 - 4 - 41 . BoaOfls; C-HaeketL 
C-TobamocL 

Mias 2 1 1—4 

Phoenix 0 1 0—1 


RdDAX H NAfiPUR. HOU 

Indkt 485 fai t m i gh t 4D1 -5) 

Ploy was abandoned doe to roln. 


THUD TEST, IW DAT 
HJTOAY. M KOeANTi AUSTRALIA 

Aastrafla:273-S (owrrigW3WB 


• propAUm nan Bnuw. dw pe n 
Janas Bfertanaa Sweden, dot. Michael 
Chang. United Stole* 7-5, 1-4 4-3, 6-3. 

Magaos Lanson, Sweden, deLPeto Sen- 
nas, United States. 34 7-6 17-11, 2-!. reflmd. 
Sweden leads series 1 -0. 


(UTKMUL HOCKEY LSAOUC 
detaoct— A ssigned RW Jants Tamms to 
Baton Rouge, ECHL 

P***™*— Assigned F Gaotan Poirier to 
Port Huron. UHL and D MBarol TloRden to 

Syracuse, AHL Reassigned LW Chad Ca- 
bana Item Fort Waynn IHLto New Korea 
AHL. 

hew Jersey— A ssigned D Dan Ratastmy 
from Qoebec, I HLto A bony. AHL 
p hom Dc-SIgned D Michel Pofalo l-yeor 
contract 


Tuesday, Dec. 2 


Ustewte; Entfkroat— 
England a hl New Zeatend 
swoesw. Tokyo -WoddOub 
OtotopJonshtp, Borossta Dortmund 
(Germany) vs. Cruzeiro (BmriD 

Wednesday, Dec. 3 


, ai ” “ T . Bombay- India vs. Sri 
Lanta. third lest through Dec. 7. 


Thursday, Dec. 4 


The Week Ahead 


Saturday, Nov. 29 


SOCCER 


TRANSITIONS 


Champions' Cup 


. OBOUPA 

Bor. Dariramd 4 Gatotasaray 1 
Sparta Prague 2, Parma 2 
s r «wps wn Borrasta Dortmund 12 points 
Parma to Sparta Prague 5; Gatotasaray 3. 
croup a 

Manchester UnSed X Knslee 0 

ST«— ins. Manchester UnitecnS paints 

Juvenhreto Feyenoord 6f KasksD. 

cnoupc 

PSV Eindhoven l.DtnamaKJev! 
stamomo* Dinamo Kiev IT point* PSV 
Eindhoven to NewoosHe* Barectono 4 
aroupD 

FC Porto ZOtymptahnsl 
Ronefttioig i Red Madrid 0 


AMERICAN LEAOIIE 

TtWWTO— Agreed to terms Wlti INFCralg 
Grebeck and INF Pat KMyonndnoNeague 
contracts. 

NATIONAL UEAQUE 

OMComATi— Signed RHP Toby BorioML 
LHP Rkanta Jordan. RHP Damn KMaaft 
and RHP Ramon Fennin to rataortaague 


ojUMCST. RawaWnAPaHston- 

Paklstan re. West liylteMocnnd tost 

throw h D*r 

0014 La OuMa Cafflomla — ediMnan, 

U5. PGA Taua Skins Game, faraaghMreSQ. 

•ocaoii, Mfflbaume, Aastnffla - Vfartd 
SS^^P^reotndte* 

. Wdsttea BtUbn Cotnrebln — 


. .gyyTr gwner- Austral ml Souto 
Africa World Series Cap. 

^“tWO-LoM Loutoe, Canada — 
Woraen'sworid Cup downdlfi, super G 

"•rough Dec 6. 

ftiDAY. Dec. 5 


•^BeowCreetoColorado-Miirt 
Worid Cup downhW, super a Itragti Dot4 


Saturday. Dec. 6 


(lATKMAL FOOTBALL U!AQUE 
M'S*" BAY-Slgnsd DB Marie Coffins. 
IMriwd DL Gerald WHams. 

J*mAUAMU*_Pat TE Scott Stebker an 
iniored reserve. Signed DB Emmanuel Me- 
DarrieL 

N-r. JETS-Put G WMam Roberts oa In- 
Idradiesavc Signed DTRmmfcDtoiL 


Sunday. May. 30 


•ocBSR.QB0blancn-.AMan 
CbamplaiB 1 League Onto Bnt tag, Rda 

OosrfflJanm(MortXXolw.Gfl|fiatagi(Q( nni | 


Monday, Dec, i 
No mojarspartkig events. 


cMcmjAddaMeNcwZealand- 
5“^ » Swlh AMco. World Sotto 
! c « a ^-PoMstBnvs.W«stlAdkai 
«wu test through Dec 10. 

rSssRxasr m ‘- 

RnbqT ~ AlricnnCtfO Wlnncre 1 
SK^^^^RowiAnnRi paces 
worocaol vs. ES Sahel n,.nnin> 

HwrenreemNNW- 
- Wortd Cup event threuan Dec. 2- 
Sunday, Disc. 7 


~ Ausiroilii «. He* 

Zealand, Wortd Series Cup. 


'AtjHl* I jS2> I 









i * rj 


' 'it*-. 


‘•‘i: 


J ? ; 

‘'* 1(1 


LJ* \&G 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNIM*, NOVEMBER 29-30, 1997 


PAGE 19 


SPORTS 


^Cowboys (6-7) 
Are Slip-Sliding 
Into Oblivion 







By Mike Freeman 

Wm- York Times Service 

IRVING. Texas — When 
Dallas quarterback Troy Aik- 
man gets back spasms, all of 
Texas feels tbe twinge. 

■ A He man left the Held be- 
fore the start of the Cowboys 1 
disastrous 27-14 loss to the 
Tennessee Oilers on Thurs- 
day because the muscles in 
his lower, back were tied in 
knots. As he walked off the 
field during warm-ups, one 
^hand behind him as if he 
needed to hold his back in 
place, it appeared that Aik- 
man might not play. Bur be- 
cause of tbe modem miracles 
of medicine (including 
muscle relaxants), be re- 
turned to the field. Later, he 
probably wished he had not 

The loss put Dallas at 6-7, 
and the team’s chances of 
makin g the playoffs are evap- 
orating. Meanwhile, the Oil- 
ers stayed in the thick of the 
American Football Confer- 
ence playoff hunt with a 7-6 


•*.V ’ '.r j-yfr 


:s\ * 


.. ‘To play the way we did, 
yeah, I’m embarrassed,” said 
Barry Switzer, the Dallas 
coach. ‘‘Five turnovers? You 
can't beat anybody like that-" 

Aikznan wasn't the only 
Cowboy hurting. Deion 
Sanders, the Cowboys' best 
cover comerback — indeed, 
the league's best cover man 
— broke one of his right ribs 
on a punt return and could 
miss the rest of the season. 
Running back Emmitt Smith, 
another Pro Bowl player, left 
the game in the third quarter 
with a bruised left shoulder 
and did not return. 

The Cowboys are proud 
warriors but age is showing. 
It's not just the injuries and 

V* the lack of touchdowns, it is 
the mistakes, both large and 
small. Aikman was intercep- 
ted three times, and a fumble 
by tight end Eric Bjorn son 
after a nasty hit by Darryll 
Lewis was returned 42 yards 
for a touchdown. That gave 
the Oilers a 24-7 halftime 
lead. 

The Cowboys’ inability to 
stop the run has been one of 
their problems. Last week. 
Green Bay's Dorsey Levens 
rushed for 190 yards against 
Dallas. On Thursday, Eddie 
•George gained 1 10 yards. The 
Cowboys allowed an oppo- 
nent to rash for over 100 
yards for tbe sixth straight 
game. 

Dallas , had a 20-S-l 
Thanksgiving Day record 
coming into Thursday’s 
gome. That is what makes this 
loss so strange. 

. V ’ Asa Dallas tight end, Scot: 

V Galbreath, put it: “This feels 
like when yonr wife comes in 
and asks for a divorce. There 
is no way in the world that I’d 
believe that we would have 



stunk up the place like that in 
a big game. 1 mean, we’re a 
big-game team, and that’s not 
supposed to happen." 

Marcus Robertson, an Oil- 
ers* safety, said something no 
one would have said about 
Dallas even two years ago: 
“You could sense that they 
didn't want it.” 

Tennessee scored 21 points 
off turnovers, and the Oilers’ 
defense held Dallas to 15 
yards rushing and 0-for-5 on 
third-down conversions in tbe 
first half. 

Dallas’s star wide receiver, 
Michael Irvin, caught a 37- 
yard touchdown, pass to cut 
the Oilers’ lead to 24-14 mid- 
way through the third quarter. 
But the Cowboys then al- 
lowed the Oilers to go on a 
masterful drive that sealed the 
game. 

The drive showed the 
power of George, the skills of 
quarterback Steve McNair 
(who rushed for one touch- 
down and passed for another) 
and some good play-calling 
by the Tennessee coaching 
staff. The Oilers converted on 
five third-down plays in a 21- 
play drive that covered 90 
yards and lasted more than 13 
minutes before ending with a 
19-yard field goal by A1 Del 
Greco. 

During a Tennessee 
timeout before the field goal, 
half the Cowboy defenders 
sank to their knees, their 
tongues practically on the car- 
pet as if they had just run the 
New York City Marathon. 

After this tough loss, that is 
what the rest of their season 
will seem like: a marathon. 

Jn Thursday's other game. 
The Associated Press reported: 

Lions 55, Boars 20 Barry 
Sanders, the Detroit running 
back, became the second- 
leading rasher jn NFL history 
with a 167-yard, three-touch- 
down performance as the 
Lions kept their slim playoff 
hopes alive with a home vic- 
tory over Chicago. 

Sanders, who rushed for a 
total of only 53 yards in the 
season's first two contests, 
now has 1,594 yards after 
running for more -thair i 10Q , < 
yards in 11 straight games. 
On Thursday, he moved past 
Eric Dickerson (13,259 ca- ’ 
reer yards) into second place 
on the all-time NFL rushing 
charts with 13.319 yards. 
Sanders trails only Walter 
Payton, who has 16,726 
yards. 

“I guess this is the best 
streak of my career," Sanders 
said. “A lot of that is because 
this is probably the most 
powerful offense I have ever 
played on, so if makes sense 
that I am going to get a lot of 
yards." 

It was the most points ever 
scored by the Lions (7-6) in a 
regular-season game. ■ 


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By Thomas George 

Ww York Tunes Service 

San Francisco (11-1) at Kansas City (8* 
3) San Francisco is far ahead of the rest 
of the league in one of the key football 
statistics. Tbe 49ers are plus 21 in 
turnovers differential (the New York 
Giants are second in the NFC at plus 15). 
In the process, the 49ers have farced 35 
turnovers — 21 interceptions and 14 
fumbles. That's a lot. Their defense will 
give the Chiefs plenty of headaches. Too 
bad far Kansas City that Elvis Grbac, its 
starting quarterback, is injured and will 
notplay against his old teammates. 

Without him — even though backup 
Rich Gannon has performed admirably 
— the 49ers are simply too strong. Pre- 
diction: 49ers, 17-14. 

BaUhaon (4-7-1) at Jacfcsonvffla (8-4} 

Your team is definitely struggling and in 
trouble when your leading receiver has 
52 catches for 701 yards and seven 
touchdowns — and is benched. That’s 
where the Ravens' Derrick Alexander, 
will spend this game. Because he has 
also dropped a lot of bails. Ire will be 
replaced by James Roe, a second-year 
player. It very likely won't matter. 

Natrone Means, the Jaguars’ running 
back, rushed for a season-high 96 yards 
against Cincinnati last week and appears 
ready to repeat last season’s punishing 
stretch drive. Jaguars, 34-20. 

Cncnnati (4-8) at Ph3a<M|>ha (5-6-1 ) 

Bobby Hoying, the Eagles’ quarterback, 
has thrown 83 passes and has not been 
intercepted. He has size, a nice arm and 
mobility, but he is awfully green, mak- 
ingonly his third pro start 

The Bengals will start one of the craft- 
iest veterans ever. Boomer Esiason. The 
lefty was sensational against Jackson- 
ville last week, but afterward said that he 
was not sure if he could keep it up. He is 
probably right especially since he must 
ran all afternoon from the Eagles’ line- 
backer William Thomas. Eagles, 21- 
10 . 

taMfianapofis (1-11) at New England (7- 

5) Jimmy Hitchcock, a lot like the rest of 
the Patriots, has been maligned this sea- 
son: a cornetback who does not finish 
plays, one who bites too easily on fakes. 
But Hitchcock showed his mettle against 
Miami last week, swiping a Dan Marino 
pass and returning it 100 yards for a 
touchdown in the Patriots* victory. Jim 


Harbaugh starts at quarterback for the 
Colts for the first time since OcL 20. It is 
a big game for Harbaugh. It is a bigger 
for New England. Patriots, 28-20. 

Mow Orleans (4-8) at Carolina (8-6) 

teams, but the Saints have hacUhe worst 
of it Has tbe Saints coach Mike Ditfca 
lost his team? He waffled about quitting, 
wondering aloud if the game had passed 
him by and doubting that he should have 

NFL Matchups 

ever returned to coaching after the 
Saints* 20-3 loss to Atlanta last Sunday. 
Billy Joe Hobert starts for the Saints; he 
is their fourth starting quarterback this 
season. Panthers, 30-10. 

Haw York Jsts (8-4) a* Buffalo (5-7) The 

Bills hh bottom in their 31-14 loss to the 
Oilers. The Jets, who lost earlier this 
season to the Bills, will ay to emulate the 
Oilers and run right at the Bills. And if 
that doesn’t work, there is always re- 
ceiver Key shawn Johnson over the top. 
Johnson can handle this secondary. Tbe 
Jets can handle the Bills. Jets. 19-17. 

St. Louts (2-10) at Wasfemgton (6-5-1) 

Running back Lawrence Phillips is gone, 
but be was only one small part of the 
Rams’ troubles. Their inconsistency and 
lack of discipline are surprising consid- 
ering that Dick Vermeil, the new coach, 
has always emphasized those areas. 

For tbe Redskins, quarterback Gus 
Frerotte and receiver Michael West- 
brook seek to make amends foe their 
costly moments of madness against the 
Giants, but what the Redskins really 
need is for the running game and Teny 
Allen to break out Redskins, 27-3. 

Atlanta (4-8) at Seattle (6-6) Tbe Fal- 
con s are showing signs of life, and Chris 
Chandler, tbe quarterback, is a big part 
of it — be ranks second behind the 
49ers’ Steve Young in NFC passing 
efficiency. 

Warren Moon. 41, tbe Seattle quar- 
terback, has already claimed his ninth 
3,000-yaid passing season. The best 
chance for Falcons, who have 46 sacks, 
is to get to Moon via the pass rash. But 
expect the Seahawks to slow the rush 
enough to make a couple of decisive 
plays. Meanwhile, their defense should 
also force turnovers. Seahawks, 23-14. 

Miami (7-5) at Oakland (4-7J The Raid- 
ers have fallen apart yet again. This year, 


however, the collapse is hander to figure 
out Joe Bugel, the coach, brings class to 
any locker room. 

Jeff George, the quarterback, is having 
his best pro season. Tire Brown, the re- 
ceiver, remains top-flight and Napolean 
Kauffman, die running back, scares any 
defense. But tbe Raiders’ defense has 
been shredded for most of the season. 
Miami's quarterback, Dan Marino, will 
probably spot holes everywhere. Even so. 
with ibis Jekyll-and-Hy de team, you pick 
’em. Raiders, 38-27. 

Pittsburgh (8-4) at Arizona (3-9) Kor- 

dell Stewart started slowly and then 
could not catch up in Pittsburgh's 23-20 
loss at Philadelphia last week. Now, 
Stewart and the Steelers hit the road 
against a defense capable of making him 
straggle more. 

A slip here could spell trouble for the 
Steelers, and coach Bill Cowher simply 
will not allow it Steelers. 20-16. 

IBmpa Bay (8-4) at Now York Giants (7- 

4 -1) When Tampa Bay lost to lowly 
Chicago, it lost much of the momentum 
it had fought hard to regain. Now it has a 
tough assignment on the road against a 
defense capable of making the differ- 
ence. But where will the Giants' offense 
— and more important, its points — 
come from? This offense crawled 
against tbe Redskins and Tampa's de- 
fense is better than Washington's. This 
should be a close, low-scoring game. 
Buccaneers, 13-10. 

Dower (10-2) at San Diego (4-8) San 
Diego’s Craig Wbelihan is a thin, lanky, 
young quarterback with a strong arm and 
quick feet But against San Francisco he 
was 4~for-I8, and threw three intercep- 
tions. He will try to rebound against a 
defense that will come after him just as 
hard, just as fast and from a variety of 
angles. If the Denver defense does not 
get the Chargers, the powerful Terrell 
Davis, the league’s leading rasher, will. 
Broncos. 23-10. 

Gvoon Boy (9-3) at Muamata (8-4) Brett 
Favre, the Packers' receiver, has 27 
touchdown passes. But Minnesota knows 
how to play the Packers and bow to beat 
them, especially in the Metrodome. They 
pressure Favre from wide angles and 
force him to stay in the pocket ex- run up 
the middle. That way, Favre is contained. 
The Vikings will win if Robert Smith 
rushes for more than 100 yards. He will 
on Monday night. Vikings. 17-16. 


Stars’ New Goalie 
Shines in Victory 


Detroit's Barry Sanders, who became the NFL’s No. 2 all-time rusher, sprinting past Chicago's Barry M inter. 

49er Juggernaut Should Keep Rolling 

Bills Won’t Ground the Jets and Sues’ Defense Will Fell the Giants 


The Associated Press 

Manny Fernandez made 
his first NHL start of the sea- 
son and made 3 1 saves to help 
the Dallas Stars win their 
fourth game in a row. 

Fernandez, recalled from 
the Internal ion a] Hockey 
League on Nov. 14, didn’t find 
out he was starting Thursday 

NHL Roundup 

until two hours before the 
opening face-off, Then he 
went out and backstopped the 
Stars 4-1 victory over the 
Phoenix Coyotes. 

Ken Hitchcock, the Stars 
coach, decided to go with 
Fernandez after Ed Belfour 
said he was tired after starting 
the previous 1 1 games. 

* ‘When he told me, 1 turned 
it on mentally," said Fernan- 
dez, who had made only four 
starts in the NHL. 

Jere Lehtinen scored two 
goals for the Stars, who lead 
the NHL with 38 points. Dave 


Reid and Bob Bassen scored 
the other goals for Dallas, 
which won despite being out- 
shot. 32-16. 

Senators 3, Capital* 1 In 
K ana la. Ontario, Magnus 
Arvedson and Wade Redden 
scored 80 seconds a pan in the 
first period as Ottawa snapped 
a nine-game winless streak. 

Radek Bonk added an 
empty-net goal with 18 
seconds left in the game for 
Ottawa, which had lost five 
straight at home. 

Kings 2, Blues 2 In SL 
Louis, Pierre Turgeon re- 
turned after missing 22 games 
with a broken arm and scored 
his first goal of the season for 
the Blues. 

Pavol Demitra added a goal 
and an assist for St. Louis, 
while Luc Robataille and Jozef 
S compel scored for the Kings. 

BUckhawka 2 , FIhmi 2 In 
Calgary. Alberta, Theoren 
Fleuiy scored with 1 :20 left in 
the third period to salvage a 
tie for the Flames. 


Buck Leonard Dies; 
‘Black Lou Gehrig’ 


The Associated Press 

ROCKY MOUNT. North 
Carolina — Buck Leonard. 
90, a Hall of Fame first base- 
man who baaed .340 and av- 
eraged 34 home runs in his 
17-year career in the Negro 
Leagues, has died. 

Leonard, a native of Rocky 
Mount, died Thursday from 
complications of a stroke he 
suffered more than a decade 
ago. 

Known as the “Black Lou 
Gehrig." Leonard was one of 
the greatest players who never 
made it to the major leagues. 

“We couldn't play with 
whites back then.” he once 
said. “So we just went out 
and played bail and tried to 
show everyone that we were 


jusr as good as the whites." 

He began his professional 
career with the Rocky Mourn 
Black Swans in 1925'. played 
until he was 48 and retired in 
1955 after five years in the 
Mexican Leagues. He was 
best known for his time with 
the Homestead Grays in 
Pennsylvania from 1933 to 
1950. 

With a batting order that 
included Leonard and Josh 
Gibson, the Grays won nine 
successive Negro League 
championships, 1937 to 1945. 

During his career, Leonard 
was one of the highest paid 
Negro League players, earning 
a reported $10,000 in 1948. 

He was elected to the Hall 
of Fame in 1972. 


Mullin and Pacers 
Tree the Grizzlies 


The Associated Press 

Chris Mullin, who joined tbe Indiana Pacers from the 
Golden Stare Warriors in the summer, is learning to play 
defense. 

“It’s been an adjustment for me defensively," said 
Mullin, who bad a season-high 27 points Thursday night 
to lead the Pacers to a 106-85 victory over ihe Vancouver 
Grizzlies in the day’s lone NBA game. “First of all, that 
I’ve been asked to play defense. That wasn't stressed too 
much where I came from. I understand that's what wins 
games, especially back here in die East. You've got to play 
bard defense, and hard defense is pbyed against you.” 

Mullin and Reggie Miller outside combined with the 
inside game of Rik Smits were more than Vancouver 
could handle. 

Miller scored 21 points, making ail four of his 3- 
pointers, and Smits scored 17. 

George Lynch led Vancouver with 15 points. 


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PAGE 20 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 29-30, 1997 


DAVE BARRY 


Campaigning - With Pickles 


New Seekers 


M IAMI — Today I want to talk 
about campaign-f inanc e reform, 
which is . . . WAIT! COME BACK 
HERE! 

Campaign-finance reform happens to 
be a very important issue, which is why 
for the past year it has been die subject 
of lengthy and sincere hearings by the 
House and Senate Joint Committee of 
Men Going Blah Blah Blah. Like most 
Americans, yon probably paid no at- 
tention to these hearings, so I'm going to 
explain the major findings here, using 
simple layperson's terms such as 
“pickles.” 

Basically, our campaign-finance sys- 
tem works this way: Donors give money 
to politicians, who then 
use the government to ' 

do favors for the donors. The moi 
It's exactly tike buying a ,. 

hamburger, except that dired 

under our laws, every- the sleaz 
body must pretend that 
nobody is- buying any- the yotei 

thing, and nobody is 

selling anything. The 


soon as we establish a viable trout farm 
on Jupiter. 

Until then, our elected leaders will 
continue to grub relentlessly for money. 
Why do they do this? Is it because 
they're hypocritical gasbags with the 
ethical standards of tapeworms? 

Yes! I mean: No! It’s not their fault! 
They have no choice! Because in Amer- 
ica, die only way you can get elected to 
high office is to hire expensive consult- 

out what the voters dunkjand Stea^ having 
found out diar the voters think ftwt nil 
politicians are slime, make expensive TV 
commercials wherein you show a 


The money would 
go directly from 
the sleazebaHs to 
the voters. 


opponent and have a 
snarling announcer say 
something like: “Har- 
vey Hackensilt would 
tike you to believe that 
he has never eaten live 
human babies. Who’s 
be trying to fool?” 

If you don’t run this 
kind of campaign,' you 


donors must pretend that they’re giving • can't get elected; and if you .don’t get 


money solely because they support good 
government; the politicians must pre- 
tend that the favors will benefit the entire 
nation. If Barger King operated this way, 
a typical transaction would go tike this: 

CUSTOMER: Here’s some money! 
But I don’t want a burger! I’m just 
supporting quality fast food! 

COUNTERPERSON: Fine! Because ' 
we don't sell burgers, here at Burger 
King! Although there might be a burger 
there that you can have, for the good of 
the entire nation! 

CUSTOMER: Would it have extra 
pickles? 

COUNTERPERSON: Of course it 
would! The entire nation needs extra 
pickles! 

If you think this scenario is amusing , 
you would have enjoyed the campaign- 
finance hearings, daring which the fact 
that the federal government is basically 
for sale was largely disregarded in favor 
of endless nitpicky discussion about ex- 
actly how President Clinton and Vice 
President Gore grubbed for money, and 
especially whether they grubbed for 
money ON federal property (Bad!) or 
OFF (OJC.!), and whether they grubbed 
for money from foreign sleazebags 
(Bad!) or domestic sleazebags (OJC!). 

The politicians in Congress, who of 
course have spent the majority of their 
adult lives grubbing for money, ex- 
pressed great shock upon learning how 
campaign financing works. So did Pres- 
ident Clinton and Vice President Gore. 
They had no idea! So now everybody in 
Washington is fed up with die current 
system. Democrats and Republicans 
agree: It’s time for REAL reform, dam 
it! No more messing around! And thus it 
appears that, after years of stalling, this 
nation really and truly will have mean- 
ingful campaign-finance reform, just as 


elected, you can't realize the idealistic 
dream that attracted you to politics in die 
first place: tbe dream of getting re-elected. 

So let’s analyze (he cash, flow: 
SleazebaHs who want government favors 
give money to politicians, who give it to 
consultants, pollsters, advertising agen- 
cies and television stations, who get you 
to elect the politicians, who thus get more 
money from sleazebaHs. Do you see 
what’s morally wrong with this, voters? 
That’s correct: Your government, the 
government that your Founding Fathers 
fought and died for, is being sold over 
and ova like a used mobile home, and 
YOU'RE NOT GETTING A CUT! 

1 say this stinks. I say we should have 
a fair, honest and democratic system 
whereby the money would go directly 
from foe sleazebaHs to foe voters. That's 
right 1 say we elimina te the politicians 
altogether, and put foe donors directly 
into office. The way it would work is, 
you’d go into the voting booth, and there 
would be a list of donors competing for 
each office, and next to each donor there 
would be a number indicating how 
many dollars foe donor was willing to ■ 
pay for your vote. When you pulled that 
donor's lever, foe dollars would im- 
mediately come out of a slot in the 
voting machine. 

If we had a system like this, voter 
turnout would be WAY higher. Of 
course another likely result is that we'd 
elect people who were criminal, or in- 1 
competent, or who were being given a 
congressional seat as a present for their 
gfo birthday. In other words, it would 
not be any worse than it is now. So I say 
we adopt my plan. First we need to 
amend foe Constitution. Assuming it. 
has not been sold. 

0 1997 The Miami Herald 

D istributed by Tribune Media Services Inc. 


N EW YORK. — From Duke Ellington and John 
Coltrane to Henry ThreadgiU and John Zorn, 
jazz musicians have long flirted with Eastern in- 
fluences. Yet these have been hugely casual en- 
counters, prompted by a desire to widen jazz’s 
palette, rather chan systematic attempts at fusion. 

The latest seekers of Afro- Asian synthesis are 
different They are Asian- American jazz musicians, 
passionate about jazz but eager to affirm their an- 
cestral identity. Their body of work has grown to 
several dozen records, and foe larger culture is 
starting to take notice. 

Miya Masaoka. a Japanese-American koto player 
whose new recording of Thelonious Monk tones 
features the venerable rhythm section of Andrew 
CyrflJe on drums and Re gg ie Workman on bass, has 
landed a chair in OmetteCoIeman’s new ensemble. 
Jason Hwang, a Chinese- American violinist, helped 
score Martin Scorsese’s new film about the Dalai 
Lama, “Kuadun”; he and Jon Jang, a pianist, are 
performing at tire Beijing International Jazz Festival. 
And this week Fred Ho, a Chinese- American bari- 
tone saxophonist, presented a multimedia work, 
"Journey Beyond the Wesr. The Adventures of 
Monkey,” as part of the Brooklyn Academy of 
Music’s Next Wave FestivaL 
The new Asian-American jazz arose in foe San 
Francisco area in the early 1 980s. Tbe piooeeis were 
young, mostly Chinese hipsters, and like the 
eponymous boo of Maxine Hong Kingston’s novel 
“Tripmaster Monkey,” each dreamed of being “foe 
first bad-jazz China Man bluesman of America.” 
Before long, foe Bay Area scene mushroomed. Now 
it is being rivaled by New York’s, while smaller 
circles have formed in Los Angeles around Glenn 
Horiuchi, a Japanese-American pianist, and in Bos- 
ton around Jen Song, a Korean-American guitarist 
These musicians view themselves as members of a 
movement “Our music is not just about perfecting 
chord changes but about finding an expression of our 
reality as Asian- Americans, ’ ’ Masaoka says. The 
songs often have titles [flee “Reparations Now!” — 
in homage to foe Japanese intoned during World 
War II — and earnest statements of purpose about the 
“revolutionary” nature of Asian-American jazz. 

Many of foe musicians have eschewed the stan- 
dard 32-bar song in favor of roomier forms. “Large- 
scale works allow you to express an epic view of 
history,” explained Ho, whose work at the Brooklyn 
Academy weaves together jazz, foe pyrotechnics of 
Qnnese theater and agitprop. 

B at if the musicians come bearing a message, their 
music is neither strident nor easily categorized 
“These are artists wifo a very broad spectrum,” says 
James Newton, a flutist and composer who often 
collaborates with Jang. Asian-American jazz ranges 
from Jang’s . interpretations of classical Chinese 
songs to the experimentalisms of Ho and Hwang to 
Vijay Iyer’s bracingly expressionist jazz. 

Those who find an affinity between these disparate 
musical languages poinr to a common sensitivity to 
phrasing ana tone. Jang, 39, who recalls hearing a 
Paul Robeson rendition of a Chinese resistance song 
at foe age of 4. says there is a “kinship between 
African-American spirituals and Chinese folk 
songs.” He discerns similarities is “pitch devel- 
opment” that might escape foe casual listener. 
“Whenever I hear Aretha franklin sing ‘ Amazing 
Grace’ I'm reminded of Chinese opera,” he says. 

In Jang’s suites, saxophones quote Chinese opera 




Vfiay Iyer explores the connection between jazz and the music of his native South India. 


interludes, while Chinese instruments roam into 
bides territory. His stately work would fit com- 
fortably in the concert hall, which is where en- 
sembles like the Kronos Quartet are taking it Like 
foe “Third Stream” composers of foe ’50s who 
married jazz and classical musk, Jang honors his 
two idioms without folly merging them. 

But is there common ground to begin with? Ho is 
doubtful. “ Chine se and African-American music 
are worlds apart,” be says. The challenge is to knead 
a “seamless hybridity’ ’ out of culture dash. Ho, 40, 
who developed his chops under Shepp and Julius 
Hemphill, uses Chinese instruments because “I 
want to make music with a Cbinese-American char- 
acter.” Based on a 16th-century Chinese tale about a 
trickster monkey, Ho's “Monkey’ ’ is a jaunty piece 
of performances!!. It all but declares Ho’s oollage of 
influences, which include everything from Mingus 
and “Mission: Impossible” to Pelting Opera and 
rap. It may be irreverent toward Chinese tradition 
bin, counters Ho: “I don’t think it’s necessary to be 
a Sinologist. This is a diaspora music.” 

For Hwang, 43, and Iyer, 26, combining Asian 
music and jazz is an almost subliminal process. 

* * - - - — - — 1 — * ann II ■ J Jit n- — — ■ MMI fil l — — 


at an ^unconscious, poetic level” — an. apt ’de- 
scription of foe ethereal environments evoked by his 
Far East Side Band, which includes Chinese, Korean 
and Japanese instruments. Indeed, what’s striking 
about Hwang’s music, a stirringblend of Stepbane 


struments. “I’ve lived my own version ot what 
. Indian culture means,” he says, “I refuse in dress up 
contemporary ideas in bangles and bindis. ’ 

Full of pulsating blues. Iyer's recordinsf'- suggest 
an ardent student of late- '60s jazz — which, in fact, 
he is. But on closer examination the rhythmic cycles 
of foe South Indian music he absorbed as a child 
t v-gin to appear. Iyer, who sees “the locus on 
rhythmic detail and improvisation” as a bridge 
between jazz and South Indian music, often builds 
suspense around a rhythmic cadence known as a 
tflwi- (His new recording for octet, “ Architcxiutes, 
introduces a young Indian-American alto saxophon- 
ist, Rudresb Mahanthappa, who modeled hi s time 
after the Kamatic reedmau Kadri Gopalnath.) Still, a 
. listener unfamiliar with Indian music might not hear 
it in Iyer’s, adding to foe frustration he already faces 
as an Asian-American musician. “The industry just 
doesn’t know how to shop around black music 
played by someone like me. ' be says. 

That situation could change soon. Last year, the 
Asia Society attracted enthusiastic audiences for 
Asian-Amerrcan jazz concerts in Harlem and Wall 
Street. At foe Wall Street event, recalls Rachel 
Cooper, the society’s director of performing arts, ‘ ‘a 
grmrp nf fTiinwM i' b usinessmen in suits walked right 
up to foe stage, wifo a look of compldc bewil- 
derment.” 

“There must have been a minute where they were 


stitffttgblead erf. Stepbane just trymg to fathom why an erhu player was ] 
risations andMoEtenFeldr- forming wifo foe saxophonist David Murray.*' 


Grappelli’s violin improvisations andMortoarfeldr 
man’s nticrotonal compositions, is foat-.itimrtes 
traditional instruments sound contemporary. 

Iyer, by contrast, tends to'diun traditional -in- 


says. If the Asian-American jazz musicians have 
their way, this pairing may one day seem completely 
ordinary. 






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PEOPLE 


W HEN Ebon John cleans oat his 

closets, he doesn’t do it halfway. 1 

On Friday, he opened a shop in London , 

at which he is selling more than 10,000 KgjjB - * -' 7 ' 

pieces of his favorite clothing at bargain [W B f ~' 

prices to raise money for the Foundation m KB - 

for AIDS, which he has established. The 

shop, called Out of the Closet 2, at 34 V 

Dover Street, will remain open until 

Dec. 20, or until foe shelves are bare. ^ 

Tbe outfits ranged from £6 ($10) shirts 

to showpiece suits costing up to £2,000. ^ 

Hundreds of bargain hunters swarmed * 'x;!nE 

in to snap up Versace shirts for £25 and 

gaudy ties at £15. Three years ago, John, J 

who favors diamond-studded garb, pas- ^ 

tel dinner jackets and platform shoes, as ~ ^ 

well as more flamboyant costumes, had 

considerable success wifo his first shop, 

Out of foe Closet. And in June be 
shipped 4,000 cast-offs to the Neiman Pf/ 

Marcus branch hr Atlanta to be sold for 
his foundation. So how does he come to 
have 1.0,000 outfits left over? “If Ihave 
one addiction left in my life these days, 
it is shopping,” he said. “I love buying 
clothes, especially knowing that all my 
purchases will ultimately be recycled to 
raise money for charity.” Clinching a p&sm 

bright orange Versace snit being put on 
sale for a 1 Oth of its original price, be cut 
foe pink ribbon at Out of foe Closet 2 to Stripes or spots? 
open, the sale. “I just hope that the 
people wbo come to the new shop have as mach fan buying 
the clothes as I did,” said foe singer, sporting a somber pin- 
striped suit. The outfits were valued new at about £2.5 


striped suit The outfits were valued new at about £2.5 
million, and organizers hope they will raise up to' £500,000. 

□ 

Giving an unusual glimpse of foe royal family’s personal 
matters, the royal household in Stockholm acknowledged 
Friday that Crown Princess Victoria has an eating disorder. 
The statement came after recent photographs showing the 20- 
year-old heir to the Swedish throne appearing significantly 
thinner prompted speculation in the popular press. ‘T know that 
she has been under stress that foe has been in foe focus so much 
and it is clear that the media help to place her- in the center,” 
Elisabeth Tarras- Wahl berg, a family spokeswonsan, told foe 
Swedish news agency TT. Tairas-' Wahlbeig said the princess 
.was receiving help for foe disorder, but did not give further 
details. Compared wifo some royal families, notably Britain’s, 
the Swedish royal family gets calm and generally respectful 


,4; 


.V 






- ™ ® 


_• » •. V A • *. 






. S-£ui KnuaniUfc/rii!- Wnrulid 

Stripes or spots? A world to choose from at Elton John's sale of cast 


called "Mordoc,” the publishing house Calmann-Levy 

Friday. “Mordoc,” the name used in the book by a serial 1 

who communicates on the Internet, was one of the many 
suggestions mailed to the publishing house sifter it sent off 
Z^WproofsteFrenchbookshops, aslting them to cook up wifo 
a nifty title. Mordoc’ wasn ’ t the first choice, but the preferred 
title was disqualified because of copyright problems. 

‘ • O' 

Vladimir Dyk* Lenin has a passbook savings account 
holding 12.90 Swiss francs (about $9) at the Zueteher Kan- 
tonalbank. A spokesman for the Zurich bank said foe accounted 
apparently collected interest until the beeinnina ofWorid War IL 


apparently collected interest until the beginning ofWorid War JL 
and then tte atmaint was carried over to a “collective account” 
Lenm lived m Zurich for several years before World War I 


treatment from foe news media. Paparazzi do ndt besiege them, popularize- French 17th- and 1 8fo-centurv mn<ir m-LLi 
although pictures of Victoria enjoying Stockholm’s nightlife 32d laureate of foe Laurent-Perrier Grand Siecle nriw^Twas 
occasionally appear. A celebrity-oriented weekly magazine presented his award by the French commit K 
was censuredbythe Swedish press council this fall for Landowski. Since 1965, he is only foe thS^mH vSnm 
publishing composite photographs in which Victoria’s head receive foe prize after the cellist Mstislav RostroooviS^nd 
was superimposed on a model s swimsuit-dad body. f the soprano Barbara Hendricks. upovicI i ™ 

□ i □ 

Buckingham Palace insisted on Friday that Princess . The son of Field Marshal Erwin n nmma i * . 5 . 

Anne’s call to scatde foe royal yacht Britannia was a purely father’s epaulettes to the Peace MemoriXT A don ^ wS* 
person opinion- not o&jnl policy. Sptatog Mare- mandy. ^father w™ 

cepbon onboard the hixmy yacht dodcea m Portsmouth, was wounded on July 17 1944 at T w he 

Anne said this week that it would be best to send the Britannia RommeL who was takinz'nart ; n n .5,'™' 

under, because it would be impossible for anyone to maintain “I had to rummage' through mv th^ e C E!r r ^ nc ? 1,1 
the vessel in its currant pristine condition. "She was speaking uniform had been eaten w — ™tL ■ irlr., 10 ... V* 


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palace spokesman said. - ‘At the end of tire day, what happens 
to foe Royal Yacht is a government decision?’ The future of 
Britannia, which is to be decommissioned -at a ceremony 
attended by Queen Elfeabeth II and Prince Philip at Parts- 
mouth on Dec. 1 1 . has still to be decided. 


U 


1 » 1 1 - • < 9mm u r irZ: 


At a loss for a French htle for Patricia Corn weil’s latest 
. novel “Unnatural Exposure?’ her Pans publisher came op with 
a solution jpKovided.by a poll. The book by foe American 
novelist, which is to be released in- January in France, will.be 


cboDeration at the ,or rrencti-German 

Em in Rommel 

landings in 1944. German troops during the Normandy 

Chri^sfcn douSe 85 ?? a, . uu S >tio L^ 
painting is titled “Mimizan r ???? ,ts unate. The 

where Churctull was often a taw ^ Wrn Francei 

had ghren foe painting i 0 Da^id 


.«