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INTERNATIONAL 




nbunc 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


The World’ s Daily Newspaper ' 

Malaysian Leader Sees 
Hidden Jewish ‘Agenda 5 

Mahathir Suspects Link to Ringgit’s Fall 


By Thomas Fuller 

International Herald Tribune 

KUALA. LUMPUR — Prime Min- 
i«er Mahathir bin Mohamad said Friday 
tai [hat he suspected there may be a Jewish 
~ “agenda” behind recent attacks on his 
country's currency and stock markets. 

“We are Muslims, and the Jews are 
not happy to see Muslims progress,” 
Mr. Mahathir was quoted as saying by 
the official Bemama news agency. “We 
may suspect that they have an a g en da , 
but we ao not want to accuse them.” 

The prime minister, who in the past 
three months has repeatedly accused the 
American financier George Soros of 
helping trigger the region's cunency 
crisis, said the government was not 
blaming any Jewish conspiracy for the 
speculative attacks, according to 
' Bemama. 

, r But the people who were speculating 

I ' were Jews and Mr. Soros was, inci- 
* dentally, a Jew. Bemama paraphrased 
the prime minis ter as saying. 

Be mama also quoted Mr. Mahathir as 
saying that Jews had robbed Palestin- 
ians of everything, but in Malaysia they 
could not do so, hence they depressed 
the ringgit, die national currency. 

Analysts at political think tanks here 
said they believed Mr. Mahathir’s com- 
ments had a lot to do with domestic 


Paris, Saturday-Sunday, October 11-12, 1997 


politics. The prime minister, who has 
said be would like to give Islam a mod- 
erate face, was speaking to supporters in 
Terengganu, a state on the east coast of 
Malaysia, where political leaders have 
advocated strict interpretations of Is- 
lamic law. 

A recent political directive in the 
state, for instance, called for hotels to 
build separate swimming pools for men 
and women. 

Mr. Mahathir’s comments, the ana- 
lysts said, were meant to please sup- 
porters there. 

In the neighboring state of Kelantan, 
the only state in Malaysia controlled by 
the opposition Pan-Malaysian Islamic 
Party, officials have proposed separate 
checkout lines in supermarkets for men 
and women. 

“Terengganu and Kelantan have 
very strong Islamic tendencies,” said a 
source with close ties to the govern- 
ment. “The statements were really to 
address a domestic political agenda 
more than anything else.” 

Mr. Mahathir's barbs and fiery rhet- 
oric follow a 23-percent drop in die 
Malaysian ringgit since July 2 and 
equally steep falls in the stock market 

“Many people say that I often shoot 
from the hip,” Mr. Mahathir said on 
Thursday. “Some say I'm a loose can- 
non. Perhaps they are right' 7 



No. 35.649 


Jospin Pledges a Law 
On 35-Hour Workweek 

Phase-In to 2000 Is Promised in France; 
Business and Unions Both Fault Plan 


Pncai GuyoCAgcocc Amt'hK 

Prime Minister Lionel Jospin heading into the national conference on 
employment on Friday in Paris. His room for maneuvering was limited. 


By Barry James 

tmenunional HeraldTrihune • 

PARIS — Prime Minister Lionel 
Jospin pledged Friday to introduce a law 
this year that would reduce die work- 
week in France to 35 hours from 39 
hours by the end of the century, but said 
everything possible would be done to 
avoid placing a heavier burden on 
companies. 

He was challenged by employers’ 
representatives, who said the measure 
would make companies uncompetitive 
while failing to make a significant dent 
in France's 123 unemployment rate. 
They said it would halt the country’s 
fragile economic recovery after years of 
stagnation that have seen unemploy- 
ment figures rise steadily. 

Some union leaders present at a 
much-heralded national conference cm 
employment, salaries and workin g time 
sain they wanted an immediate shift to a 
35-hour week without loss of pay. 

But Mr. Jospin proposed a more mod- 
erate solution that was certain to dis- 
appoint some union leaders and could 
prompt a fresh outbreak of the strikes 

and the^aris Metro this week as a^nearts 


of reminding the conference of labor 
demands. 

“We absolutely must come out of 
this conference with concrete, positive 
measures,” said Louis VianneL sec- 
retary-general of the Communist- led 
General Labor Confederation, which 
was behind die rail strike. 

The debate in France was being 
eagerly watched in the rest of the Euro- 
pean Union, which will hold a special 
conference on unemployment in Lux- 
embourg next month. The European 
Commission, the EU’s executive body, 
issued a call recently to members to pool 
the best of their experience to reduce 
unemployment by 12 million people, or 
7 percent of the labor force, by 2002. 

In Germany, the economics minister, 
Guenter Rexrodt, said his government 
was against quotas or imposed solutions 
to reduce unemployment Instead, he 
said, Germany favors more coordin- 
ation of economic reforms to foster 
faster growth, and new jobs. 

Mr. Jospin's margin for maneuver is 
limi ted because he has had to give way 
to Germany's demand for the absolute 
supremacy of the future European Cen- 

See FRANCE, Page 4 







War Crimes Judge Orders 
Ex-Vichy Aide Out of Jail 

Plaintiffs ’ Lawyers Storm Out of Court 


By Roger Cohen 

Ne tr York Tones Service 

PARIS — In an unusual decision, a. 
French court ordered Friday that die 
former Vichy police official, Maurice 
Papon, be released from prison while he 
stands trial for crimes against humanity 
during die German occupation of 
France in World War H. 

The ruling, read by Judge Jean-Louis 
Castagnede, caused ac uproar in the 
Bordeaux court building, where the trial 
of Mr. Papon, the official in charge of 
“Jewish questions" in the Bordeaux 
area between 1942 and 1944, began 
Tuesday. 

Lawyers for civil plaintiffs stormed 
out of the court, some of them vowing 
never to return. 

“The decision is outrageous!" said 
Amo Klarsfeld, (me of the lawyers rep- 
! • resenting the descendants of the 1,560 

1 v*Jews, including 223 children, that Mr. 
Papon is accused of sending to death in 
Auschwitz. 

“It is an insult to Mr. Papon's victims 
and it almost certainly means he will 
never go to jail. I see no sense in re- 
turning to the court.” 

Mr. Papon, whose belated trial has 
come to symbolize France's confron- 
tation of the acts of the Vichy regime, is 
87 years old. 

Even if he is found guilty, he will now 


remain free at least until his appeals are 
heard in the French Supreme Court — a 
process that is likely to take years. 

The decision to free Mr. Papon, who 
had been placed in Gradignan Prison 
near Bordeaux on the eve of the trial, 
was extraordinary by French standards 
because, unlike in die United States, the 
accused in criminal court proceedings 
are almost always held in jail os long as 
die trial lasts. 

Release on bail is extremely rare. 

But die judge said the fact that there 
was qo risk of Mr. Papon’s fleeing, the 
“extreme old age” of the accused, the 
state of his health, the remoteness of any 
possibility that he would put pressure on 
witnesses and the predicted two-and-a- 
half month duration of the trial all jus- 
tified the release, which was waanly 
greeted by defense lawyers. 

If nothing else, the decision under- 
scored the highly unusual nature of a 
trial taking place more than 50 years 
after the events under examination. 

Mr. Papon, who underwent triple by- 
pass heart surgery last year, was rushed 
from prison to a hospital Thursday night, 
when his heart condition worsened. 

His chief lawyer, Jean-Marc Varaut, 
said be was “suffering from stress bor- 
dering on a heart attack.'’ 

But the former Vichy official was 
present in court Friday when the ruling 
was read out 


$300 Million Settlement 
On Secondhand Smoke 


The Associated Press 

MIAMI — Settling a landmark law- 
suit filed by airline attendants subjected 
to secondhand smoke, die tobacco in- 
dustry agreed Friday to pay $300 mil- 
lion to establish a medical foundation to 
study illnesses linked to tobacco 
smoke. 

An estimated 60,000 nonsmoking 
flight attendants sued the industry for $5 
billion, claiming they got sick breathing 
secondhand smoke on airliners. The 
case went to trial June 2, and the defense 
began presenting its side last month. 

The out-of-court settlement marks 
the first time the cigarette industry has 
. agreed to pay for secondhand smoke 
^ damage, said Lawrence Gostin, a pro- 
fessor of law at Georgetown University 
who follows tobacco litigation. 

‘*This might well open the door to a lot 
of other lawsuits by other workers that 
are traditionally cocked up, those that are 
in factories and restaurants and theaters 
and casinos,” Mr, Goston said. Such 
workers, he said, are subjected to a 


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“constant diet of secondhand smoke.” 

But the five leading U.S. cigarette 
makers, in agreeing to settle the suit, 
said they neither admitted wrongdoing 
nor conceded that secondhand smoke 
causes diseases. 

Under the settlement announced in 
court Friday morning, individual 
plaintiffs would receive no money, bnt 
the industry would establish the Broin 
Research Foundation to look for cures 
for diseases caused by tobacco smoke 
and methods of early detection. 

The foundation, which will operate 
independently of the tobacco industry, 
was named for the lead plaintiff in die 
lawsuit, Norma Broin, an American 
Airlines' attendant who was diagnosed 
with lung cancer. She was considered an 
ideal client because her Mormon up- 
bringing meant she did not smoke or 
drink and was not heavily exposed to 
smokers while growing up in Utah. 

The flight attendant testified that she 
learned cigarette smoke could be dan- 
gerous to bystanders the year after her 
cancer was diagnosed in 1989. 

“I'm happy today,” she said after the 
settlement was announced. She has said 
her cancer is in remission. 

The settlement does not include any 
payments for die flight attendants who 
riled the suit. They still can pursue in- 
dividual claims against the industry un- 
der the deal. 

The settlement also lifted time limits 
on lawsuits, allowing flight attendants 
who worked as far back as the 1 930s, or 
their survivors, to sue the industry. 

The cigarette makers agreed to pay 
$49 million in fees and costs for the 
attendants’ lawyers, Stanley and Susan 

See SMOKE, Page 4 



A Nobel for Land-Mine Foes 

International Campaign and Its Leader Get Peace Prize 


Ahn SotonaVUi AjmWd hw 

Jody Williams, Nobel laureate, talking Friday 
with the BBC about her reaction to the honor. 


GtmyilaibrOirSufFiimtDbpacha' ' 

OSLO — The U.S.-based International Campaign 
to Ban Land Mines and its coordinator, Jody Wil- 
liams, won the Nobel Peace Prize on Friday for their 
campaign in pushing for worldwide eliminatio n of 
the weapons that kill or maim an estimated 26,000 
people a year around the world. 

Championed by Diana, Princess of Wales, the 
campaign was honored by the Norwegian Nobel 
Committee fra- having changed “a ban on anti- 
personnel mmes from a vision to a feasible real- 
ity” 

The Nobel choice is certain to increase pressure on 
the United States to sign a treaty pushed by Ms. 
Williams’s organization. ' 

Honrs after the prize was announced. President 
Boris Yeltsin said Rnssia would add its signature to 
the ban. 

The United States, however, stood by its refusal to 
join the treaty. 

President Bill Clinton “is absolutely rock-solid 
confident that he’s got the right approach that pro-. 


tects onr interest and works in the interest of elim- 
inating the scourge of land mines, ’ ' the White House 
spokesman. Mike McCurry, said in Washington. 

Asked whether die White House felt any pressure 
because of. the Nobel award, Mr. McCurry replied: 
“No.” 

But President Yeltsin, whose country is a major 
manufacturer of land mines, tokl a Council of Europe 
summit meeting in Strasbourg. France, that he had 
changed his position and now endorsed a global 
ban. 

The Canadian foreign minister. Lloyd Axworthy, 
a driving force behind the campaign to ban land 
mines, said through a spokesman that Mr. Yeltsin's 
remarks were “very encouraging.” 

Ms. Williams said on U.S. television that she 
hoped to speak with President Clinton on Friday and 
urge him to re-think his position. 

Mr. McCurry, asked whether Mr. Clinton would 
take Ms. Williams's phone call, said: “I’m sure he'll 

See NOBEL, Page 4 


Troops Sent to Acapulco as Hurricane Toll Hits 100 







St f 


CmoBrdbr Om-Soff Rtmt DtsfOcha 

ACAPULCO, Mexico — The hurricane that struck 
Acapulco, the worst natural disaster to hit Mexico 
since another hurricane in 1 988, leftrat least 120 people 
dead, thousands homeless and caused millions of 
dollars in damages. 

Defense Secretary Enrique Cervantes Aguirre said 
Friday that more than 6,500 army troops had entered 
communities in Oaxaca and Guerrero states to aid 
victims. Hundreds of military doctors and nurses were 
in die resort of Acapulco, which has been declared a 
disaster area. 

Most of the deaths Thursday occurred in and around 


lw I Jiia U^pna/TV- W p tU rd 

People forming a chain as they tried to cross a road in Acapulco that had been flooded by the storm. 


nizable,” strewn with uprooted trees, overturned cars 
and bodies, according to one report. 

Bodies and garbage floated in streets and along La 
Cosrera Miguel Aleman, a famed avenue skirting 
Acapulco's oceanfronL Roads were covered ankle- 
deep in mud and pocked with boulders, some the size 
of washing machines. 

Many parts of the city remained cut off Friday either 
by la n dsfidesor flooding. City officials said there were 
isolated instances of looting, and soldiers were 
patrolling city streets. 

Telephones and electric power were not functioning 
in much of Acapulco and surrounding regions, while the 
main air and sea ports here remained closed Friday. 

See STORM, Page 4 


AGENDA 


Bomb Kills Five in Algiers Mosque 


ALGIERS (AFP) — Five worship- 
pers were killed and seven wounded 
when a bomb exploded inside an Al- 
giers mosque during Friday prayers, 
the imam of the mosque said. 

The bomb went off inside the 
mosque in the Puits des Zouaves dis- 
trict, situated in the hills overlooking 


The Dollar 


RwtaytHP.M. prevwusdosB 

1.7495 1.7433 

1-6218 1.624 

119.85 121.135 

5.8725 545GB 


Friday etas* 


Friday 0 < P M. 
986.98 




pmtaui doaa 
970.62 


the city. A second bomb, planted in a 
nearby prayer room, was discovered 
and hurled outside the building, 
where it went off, slighting injuring 
one person, witnesses said. 

It was the first attack inside a 

S e since an Islamic insurgency 
in Algeria in 1992. 

THE AMERICAS Pago 3. 

The LLS. Foreign-Policy Cap 

EUROPE Pag a 4. 

Anger and Dispair Pervade Italy 

ASIA/PACIFIC Pag* 5. 

The Teachings ofConfuaiu Uve On 

Books Page 5. 

Crossword ., Page 9. 

Opinion Page (. 

Sports Pages 20-21.. 


ThelHT on-line iVvvw. iht.com 


Donor to Democrats Charged 

Financier to Be Tried in France for Alleged Bank Frand 

By Anne Swardson A Fr ® nch ^“^gating magistrate’s 

WashingumPostScnice summation of the Charges, released by a 

complainant m the case, says that Mr. 

PARIS — Roger Tamraz,' an inter- Tamraz funneled money from die 
national financier and a leading figure in French bank, Banque de Participations 
the investigation into fund-raising ac- « Placements, which later was closed 
tivities at the White House, was secretly by the government for insolvency, to the 
charged here last month with fraud for Lebanese bank, 
diverting as much as $47 million from a It is not known whether U.S. intd- 

French bank he controlled, according to tigence officials were aware of the 
court documents. He is expected to go French charges, the result of an eight- 
on trial next year. year investigation. The Central IrnSli- 

Mr. Tamraz, who donated $300,000 gence Agency sent rwo memos about Mr 
to the Democratic Party, denied the Tamraz to me National Security Council 
charges during an interview here and when a meeting between him and Pres- 
said they stemmed from political ma- idem. Bill Clinton was being considered 
neuvering against him in Lebanon. in 1996. The first of the memos was said 

The Bench charges are tire second to include some derogatory information, 
time allegations have been made about The French judicial investigation pro- 

criminal financial activity in Mr. Tamr cess is secret, but the filing of lawsuits is 
raz’s past He also is facing charges in not, and a group of depositors who lost 
Lebanon for the alleged embezzlement: money in me.French bank failure filed a 
of $200 million from a bank he con- 
trolled there. . 


See TAMRAZ, Page 4 







- PAGE 2 


For a Day 


By Serge Schmemann 

Afar York Tima Service 


{reports, 

by Israel, that Mr. Netanyahu was pre- 


pared to release the remaining S50 mil- 
lion in withheld taxes owed the Pil- 


lion in withheld taxes owed the Pal- 
estinian Authority. Israel froze the 
funds, which account for the bulk of the 
authority's income, after a suicide 
bombing in Jerusalem on July 30. 

Responsibility for the bombing was 
taken by the militant Islamic group 
Hamas, which Mr. Netanyahu said the . 
Palestinian Authority had not done 
enough to restrain. 

The release of the money was one of 
the gestures Mrs. Albright pressed for 
during her visit 

The actual content of the Netahyahu- 
Arafat meeting was not made public. 

Dennis Ross, the American mediator 
who arranged it and also sat in on part of 
the session, said before leaving Israel 
that the Israeli and Palestinian leaders 
saw their meeting as a “new beginning 
for the process.” 

Israeli attention, however, remained 
riveted on the fallout of the attempt to 
kill a Hamas official 

The operation compelled Israel to re- 
lease the most senior figure in the mil- 
itant Islamic movement. Sheikh Yassin, 
and a host of other Palestinian prisoners, 
to obtain the release of two captured 
Mossad agents. 

Foreign Minister Levy, who was 
briefly hospitalized with chest pains on 
T uesday, publ icly assailed rhe operation 
in a radio interview. 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 11-12, 1997 


Yom Kippur 
Quiets Israel 


But Nation Feels Stress 
Over Assassination Bid 


JERUSALEM — The bungled Israeli 
assassination attempt in Jordan contin- 
ued to send shock waves through Israeli 
and Palestinian politics on Fnday, but 
the stan of the Yom Kippur holiday 
virtually closed Israel down for 24 
hours. 

As is usual on such holidays, Israel 
put its security forces on high alert and 
barred entry into Israel proper to Pal- 
estinians from the West Bank and the 
Gaza Strip. 

In Gaza, Sheikh Ahmed Yassin, the 
spiritual leader of the militant Islamic 
movement Hamas, attended his first 
weekly Friday service since his release 
Oct. 1 from an Israeli prison. 

He and other Palestinians were ex- 
changed for two Israeli secret agents 
seized when they, tried to kill a Hamas 
leader in Amman' in September. 

The sheikh's oratory followed stan- 
dard Hamas lines, without the notes of 
moderation that the cleric had sounded 
when he first returned to Gaza. Bnt it 
was without explicit threats of vio- 
lence. 

“I went out of the prison, out of the 
occupation cells, to confirm with you 
that we will keep the promise until we 
extract our rights from die enemy and 
liberate our land and establish our 
Muslim Palestinian state.” he de- 
clared. 

Foreign Minister David Levy of Is- 
rael went public with criticism of the 
bungled assassination attempt and de- 
clared that he had considered resigning 
at one point. 

But there were signs that Prime Min- 
ister Benjamin Netanyahu’s meeting on 
Wednesday with the Palestinian Au- 
thority leader. Yasser Arafat, their first 
since February, had injected some life 
into the moribund negotiating process. 

A joint Israel i-Palestinlan committee 
on economic cooperation held its fust 
meeting in seven months. 

The committee is one of several re- 
vived in the wake of Secretary of State 
Madeleine Albright's intervention last 
month. 



N.Y. City Bars Swiss Bank 
From Lucrative Bond Deal 




^ in 

1 


By David E. Sanger 

New York Tines Service 


conspiracy lay behind the revelationt . 
about long-dormant accounts. 

* *We decided it would be sending the 
wrong message to accept the bid,* * said 
Mr. Hevesi, who added that the Giuliani 


; v r ; - 



NEW YORK — New York City wrong message to accept me bid, said 
quietly administered a major sanction Mr. Hevesi, who added that the Giuliani 
against the Uruon Bank of Switzerland admimstranon had no objection” to 
last week by hairing it from taking part. . excluding UBS. _ . .. 


in a billion-dollar bond offering, a move 

mpnn t to underline disapproval Of die 

way the bank has responded to the in- 
vestigations into dealings with Nazi 
Germany, according to city officials. 

m _ . 1 . 


Before the winning bid was an-- 
Bounced, Mr. Hcvcsi’s office ap- 

S ched the second bank in UBS’asyn- 
re, Morgan Guaranty Trust Co* and 
asked it, Mr. Hevesi said, to “reconfigure 
the team of banks to exclude UBS. ft 


The action by New York City 'scomp- the team ot tanks to jaxm u». & 
trailer, Alan Hevesi, was immcdiatdy . .immediately oompfaed. he_ said. _ 
criticized by the -State Department, The chief operaMg officer of UBS ’s 

,■4- • pl ■ in Anu>rii<nn unit Rll'.n.ItTl CanAtW nut in 


I line Wfabrd IW 

Sharing lunch on Friday, from (eft. President Yeltsin, Chancellor Kohl, and Prime Minister Blair. 


which is trying to coax Swiss banks to' 
make larger contributions to humanit- 
arian funds for Holocaust survivors and 
their heirs., Stuart Eizcnstal, the under- 
secretary of state for economic affairs, 
said in an inter view from Egypt that New 
York's action could “further inflame 
passions in Switzerland” and insisted 
that “confrontation with the banks will 
achieve for less than cooperation. ’ ' 
Nonetheless, Mr. Hevesi, who is cun- 
ning for re-election with only token 
opposition next month, said he would 
not let UBS profit from expanded deal- 


American unit, Richard Capone, said in 
a statement “We respect the position of 
the comptroller even though we do not ■ 
agree with it,” 


BRIEFLY 


On Paper, Muslims 
Control Srebrenica 


A Troika: Moscow, Bonn and Paris 


trigs wife the city while its top officers 
remained unapologetic for the bank’s 
response to fee widening Nazi gold in- 
vestigations. 

New York’s action was prompted by 
a routine request by fee city for bids 
from global banks to handle a $1.07 
b illion revenue anticipation note, money 
feat fee city borrows in anticipation of 
state and federal aid. The winning bid- 
der was a syndicate of banks led by 
UBS, which Wall Street experts said 
would have garnered nearly half of the 
$1 million feeNew York ordinarily pays 
for “tetters of credit” from fee banks. 

“We were faced wife fee decisios of 
whether to go ahead and do business as 
usual, or send a message to Union Bank 
of Switzerland,” said Mr. Hevesi, who 
led fee protests this year when fee bank 
dismissed a guard who revealed that the 
bank’s archivist was shredding docu- 
ments from fee World War II era, but 
refused to dismiss its honorary pres- 
ident, who said he thought a Jewish 


Reuters 

STRASBOURG, France — Russia. 
Germany and France have agreed to 
hold annual summit meetings to co- 
ordinate policies on mutual problems. 
President Boris Yeltsin of Russia an- 
nounced Friday. 

With President Jacques Chirac of 
France at his side daring a break in a 
Council of Europe gathering, Mr. 
Yeltsin said the three countries faced 
similar problems and should work to- 
gether to solve them. 

The leaders of France and Germany 
already hold summit sessions every 
six months to coordinate European 
policy. The trilateral talks, the first 
joining of nations from across the 
former Cold War divide, mark a step in 
Russia’s integration into Europe. 


"All three have common prob- 
lems,’ ’ said Mr. Yeltsin, who in recent 
weeks has been urging Europeans to 
unite more against outside interfer- 
ence. This was veiled criticism of fee 
United States and fee plan it pushes to 
expand fee NATO alliance eastward. 

“We have agreed to meet together 
eveiy year,” Mr. Yeltsin said. “We 
have agreed this was indispensable for 
fee creation of a Grand Europe, which 
includes Russia.” 

While most participants have lim- 
ited themselves to urging fee Council 
of Europe to do more to protect human 
rights, Mr. Yeltsin has come to the 
summit meeting to claim a central role 
for Russia in a new, unifying Europe. 

• Left out of the European Union and 
NATO, Russia would like to see fee 


Council play a larger role in European 
affairs alongside fee Organization for 
Security and Cooperation in Europe. 

“A Europe without Russia is no 
Europe,” he said last week. 

Recognized as a key figure in end- 
ing fee Cold War, President Yeltsin 
received a warm reception from fee 
summit conference host President 
Chirac. 

President Yeltsin and- Prime Min- 
ister Thorbjoera Jagland of Norway — 
where fee 1997 Nobel Peace Prize for 
fee International Campaign to Ban 
Land Mines and its coordinator, Jody 
Williams, was announced Friday — 
were the only ones so far to echo Mr. 
Chirac's call for all 40 member states 
to sign a worldwide treaty banning 
mines. 


SARAJEVO. Bosnia-Herzegovi- 
na — Not a single Muslim is be- 
lieved to live in fee eastern Bosnian 
city of Srebrenica. Thousands fled, 
or were killed, when Bosnian Sob 
gunmen seized the enclave in 1995 
in what human rights officials call 
Europe’s worst atrocity since World 
War tt. 

But, according to municipal elec- 
tion results released Thursday, 
Srebrenica has voted for a city 
council wife a Muslim majority. 

The victory by Muslim candi- 
dates in Srebrenica and several oth- 
er eastern municipalities purged of 
non-Serbs was made possible when 
refugees were allowed to cast ab- 
sentee ballots. 

But fee installation of the new 
local governments may prove im- 
possible, international officials say. 
Resistance from the nationalists 
who control such towns is fierce. 
One likely scenario, diplomats say, 
is that city officials will take office 
“in exile.” (LAT) 


V m 

I tiSlftti 




travel update U.S. and Panama Near Pact on Canal Troops Shoring in Assisi 


.. ... V 


Madrid’s Teatro Real 


Set for Grand Opening 

MADRID (AP) — When fee Teatro 
Real's magnificent chandelier came 
crashing down two years ago, many saw 
it as fee final straw for Madrid's opera 
house, whose history is pockmarked wife 
blunders, artistic disputes, architectural 
errors and wholesale mismanagement. 

But on Saturday, 72 years after fee 
last opera was performed in fee building, 
fee curtain will rise on an extravagant 
refurbishment project aimed at placing 
Madrid back on the operatic map, along- 
side New York, Milan and Vienna. 

The restoration cost 21 billion pesetas 
($140 million), more than four times fee 
initial estimate, and has taken five years 
longer than expected to complete. 


By Peter Baker 

Washington Post Senic£ 


PANAMA CITY — Wife fee 
Panama Canal scheduled to convert to 
local control at fee end of 1999, fee 
United States and Panama are close to 
an agreement that would allow about 
2,000 American troops to remain sta- 
tioned here into the next century. 

Under fee Panama Canal treaties of 
1977, fee United States is supposed to 
remove all its military forces when it 


turns over the strategic locks that con- 
nect fee Atlantic and Pacific oceans. But 
fee pact being negotiated now would 
guarantee a continued American pres- 
ence here as part of a multinational 
counter-narcotics center. 

“The expectation on both sides is that 
we can get an agreement,” said a State 
Department official accompanying Hil- 
lary Rodham Clinton, who is attending a 
conference here. 

The official, who spoke on condition 
thnr he not be identified, said nego- 


It’s Not Just Red Wine, Cardiologists Say 


An outbreak of bubonic plague has 
been reported in southern Malawi, wife 
eight cases identified so far. health au- 
thorities said Friday. f AFP f 


Corrections 


The spelling of Aubrey G. Lanston & 
Co. was incorrect in some editions of 
Thursday’s IHT. 


A headline in Friday's issue mis- 
takenly cited Boeing 747 aircraft as fee 
object of a voluntary fuel-tank inspec- 
tion by the world’s airlines. The in- 
spections will cover all types of pas- 
senger jets. 


Reuters ■ 

LONDON — Moderate amounts of 
white wine, beer and liquor are just as 
effective as widely publicized red wine 
in reducing fee risk of heart disease in 
older people, according to specialists. 

The cardiovascular benefits of a glass 
or two of red wine a day have been well 
documented, but experts now say other 
alcoholic drinks are just as good. 

A symposium of biologists, cardi- 
ologists, addiction specialists and so- 
ciologists found that older, high-risk 
people who drink one to three units a 
day of beer, wine or liquor, are 25 
percent less likely to suffer heart disease 
and stroke than teetotalers. 

“By and large, most prospective 
studies with information about fee three 
major beverage types suggest feat each 
is likely to be protective,” Dr. Arthur 
Klatsky said Thursday. 


The American cardiologist said a 
broad study he completed in California 
showed the risk of coronary heart dis- 
ease was inversely related to drinking . 

“In fact, if there was any suggestion 
of an advantage of one type of alcoholic 
beverage over another,” he said, “it 
was that in women perhaps fee wine 
drinkers fed a little better than fee liquor 
or beer drinkers, and in men fee beer 
drinkers did better.” 


nations should be completed within fee 
next month. 

Once unthinkable, the prospect of 
retaining U.S. military forces in Panama 
would make fra- an ironic postscript to 
the long battle over fee canal, which was 
built and completed by fee United States 
in 1914 and operated by it ever since. 
For years, nationalist leaders in Panama 
pressured Washington to withdraw al- 
together, and fee decision to comply 
presented a major poUtical challenge to 
President Jimmy Carter, who had to 
push fee treaties through a skeptical 
Senate. 

But as the date for departure ap- 
proached, Panama began to consider 
what it would lose. At first, local leaders 
were concerned about fee economic loss 
and later they came to view a joint anti- 
drag operation as a source of inter- 
national stature, U.S. officials said. 

The U.S. detachment, for years fee 
largest in Latin America, has shrunk 
from 8,000 troops at fee beginning of 
the year to just 4,000 as of Oct 1, just 
days after fee U.S. Southern Co mman d 
lowered fee American flag over its base 
to relocate to Miami 


ASSISI, Italy — Experts on Fri- 
day began fee delicate task of pla- 


cing a retaining cap on the quake- 
damaeed roof of fee Saint Francis 


•V. i-tm- r-i 

• S *v- 


damaged roof of fee Saint Francis 
Basilica to prevent collapse. 

A huge crane was to lift another 
crane weighing 42 tons, to which 
the cap of pipes is attached, over the 
convent connected to fee church 
and lower it on fee other side. Once 
in place, fee smaller crane will lift 
fee cap onto the south transept of 
the basilica, which was damaged by 
two earthquakes on SepL 26. (AP) 


. T -* 4 

. *- sHWl 




French DNA Hunt 


PLEJNE-FOUGERES, France 
(AP) — More than a year after a 13- 
year-old British girl was murdered 
in a youth hostel, fee police Friday 
began DNA testing on men of this 
northwestern French village. 

Males aged 15 to 35 came to the 




town hall to give saliva samples. 
The police have said feat if fee 
killer is not found fee voluntary 


■"r 




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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 1142, 1997 


RAGE 3 


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t •. 

f- 

■-i 


fa. 


U S. Role i n World? Gup in Views 

Poll Finds ‘Opinion Leaders’ Buoyant but Most Citizens Wary 


By Steven Brianger 

Itf* fork Timet Service 


G 


WASHINGTON — The American 
ihiic is no more eager now to have die 
tatted States play a greater global role 
than ft was four years ago, even (hough 
“opinion leaders” have be- 
come much more confident about the 
foie of the United States in the world, 
according to a survey. 

The poll, conducted by the Pew Re- 
search Center for the People and the 
Press, was designed to measure any 
changes in attitudes about U,S. foreign 
policy. 

The pollsters interviewed 2,000 
American adults by telephone in early 
September and also interviewed 600 
prominent Americans from 10 different 
professions. 

The prominent “opinion leaders” 
ranged from experts in foreign affairs 
and national security to academics, sci- 
entists, political and religious leaders, 
business and labor executives, congres- 
sional aides and journalists. 

The most striking discovery of the 
poll is the growth of a gap between 
members of die public and the “opinion 
leaders.” 


The opinion leaders have become 
more optimistic over the four years 
about the United States' place in the 
world and the ability of the Clinton 
administration to manage foreign 
policy. 

Members of the public are no more 
isblationist than they were four years 
ago bat no more optimistic, either, the 
survey indicates. 

A majority of the people believe that 
events in Europe, Asia and even neigh- 
boring Mexico and ramufa have little or 

no significant impact on their daily 
lives. 

Four years ago, only 28 percent of 
respondents described themselves as 
satisfied with world conditions, ami 
today the percentage is essentially the 
same, 29 percent, given a sampling error 
of plus or minus 2 percentage points. 

But among opinion leaders, 58 per- 
cent say they are satisfied, compared 
with only 25 percent four years ago. 

Similarly, four years ago only 20-per- 
cent of the public and 25 percent of 
opinion leaders were satisfied with con- 


■ in the United States, 

Today 45 percent of the public and 73 
percent of opinion leaders pronounced 
themselves satisfied. 


While 57 percent of the public wants 
to keep military spending at its current 
levels, in general, Americans do not 
think the United States has a greater 
global role than it did a decade ago. 

In addition, they are no more willing 
than they were four years ago to use U.S. 
forces abroad or to support (he idea of 
the United States as the world's single 
most important leader. 

Only 48 percent of Americans would 
support keeping U.S. troops in Bosnia 
next July, and 61 percent do not 
ilieve the NATO-led forces have im- 
proved chances of bringing an end to the 
strife in Bosnia. 

And 55 percent say that President Bill 
Clinton has not explained to their sat- 
isfaction exactly why the United States 
has troops in Bosnia. 

The influential Americans inter- 
viewed indicated they strongly support 
a first-round expansion of NATO. So 
does the general public, 63 percent to 18 
percent 

At the same time, however, only 10 
percent of Americans can name even 
one of the three nations — the Czech 
Republic, Hungary and Poland — that 
have been invited to join the Western 
defense alliance. 


Away From Politic* 

•Murders and suicides took fewer 
lives among the young last year, white 
deadly heart disease decreased among 
older people. Tcwether, the changes 
helped increase me- average fife ex- 
pectancy of Americaus toahigb of 76, 
the Centers for Disease Control add 
Prevention said. (AP) 

• Casino boats that sail from New 
York CHy must travel at least 12 miles 


sengers can gamble, not just 
miles, the top federal prosecutor in 
Brooklyn ruled. The interpretation of 
federal rules could dampen the interest 
expressed by a number of gambling 
companies in rtmnrag cruises from 
New York. . (NYD 

Peter Langan, the leader of a white 


contend robbed 22 banks to finance the 
overthrow of the federal government, 
was convicted in Ohio of four charges 
related to assault and weapons. [ NYT ) 

• Alejandro Jose Grant, a Mcydfst 
charged with shooting to death a 19- 
year-oid college student in Washing- 
ton after she accidentally bumped hub 
with her car was free on assault chaises 
(here and in Maryland despite falling 
three court-ordered drug tests, court 
records indicate. (WP) 



POPPYCOCK! — The Nobel laureate Dudley Hemcbbach assisting 
at The Seventh First Annual Ig Nobel Prizes, bestowed at a Harvard 
University ceremony, which recognized the most dubious, medicore 
and mundane achievements fan literature, economics and medicine. 


POLITICAL 




Foster Whs a Suicide , 
Latest Probe Affirms 

WASHINGTON — In his final 
days, Vincent Foster cried at dinner 
with his wife and told'his mother he 
was unhappy because weak was "a 
grind,” Whitewater prosecutors 
wrote in a final report that emphat- 
ically concludes the White House 
lawyer killed himself. 

In poignant detail, the report re- 
leased Friday by Kenneth Starr, the 
independent counsel, lays ont new 
revelations about the extent of de- 
pression suffered by one of President 
Bill Clinton's closest confidants be- 
fore his death in July 1993. 

“The available evidence points 
clearly to suicide as the manner of 
death,”- Mr. Starr wrote. 

His office announced two months 
ago that an extensive investigation — 
the fourth into Mr. Foster's death — 
had affirmed the conclusions that Mr. 
Foster took his own life with a shot to 
the head from an antique revolver. 

But the underlying report was not 
released until Friday. In 1 14 pages, 
prosecutors presented the forensic and 
eyewitness details supporting tbetr 
conclusions. 

While the report depicts Mr. Foster 
as a depressed man, prosecutors said 
they “cannot set forth a particular 
reason or set of reasons why Mr. 
Foster committed suicide.” ( AP) 

A Tone-Deaf IRS 
Must Face the Music 

WASHINGTON — Chastened by 
congressional hearings on Internal 
Revenue Service abuses. President 
Bill Clinton on Friday unveiled a broad 
plan to protect taxpayers from what he 
called an “all-powerful, unaccount- 
able and often downright tone-deaf’ 
tax collector. 


Such citizen panels would 
“provide tbepriva (e-sector input we 
need,” Mr. Clinton said. 

“It is the right way to reform the 
agency.” 

Seeking to prevent such practices 
as audit quotas and collection goals, 
Mr. Clinton would also ban the IRS 
from ranking its district offices on the 
basis of how many enforc e me nt ac- 
tivities their agents undertake. 

“Abuse, bullying or callousness by 
officials of our government are un- 
acceptable,” the president said. (AP) 

Senators Fail to Get 
Accord on Funding 

WASHINGTON — Campaign fi- 


nance legislation was stymied again in 
the Senate as Republican moderates 
failed in an effort to reach a com- 
promise with Democrats on labor un- 
ion spending on politics. 

But Senators John McCain, Repub- 
lican of Arizona, and Russell Feingold, 
Democrat of Wisconsin, and other 
supporters of their fund-raising over- 
haul bill vowed to continue fighting 
when Congress returns, from its 
weeklong Columbus Day recess. 

' “We will not stop, not with this 
vote or the next vote or the one after 
that,” Thomas Daschle, the minority 
leader, fold a rally on the Capitol steps 
that was aimed at demonstrating 
Democratic unity on behalf of cam- 
paign reform. 

Shortly before, Mr. McCain crit- 
icized the parliamentary obstacles cre- 
ated by the majority leader, Trent Lott, 
Republican of Mississippi, to block 
campaign finance proposals from be- 
ing attached to other legislation. 

Mr. McCain indicated that be 
would keep offering an amendment to 
ban unregulated “soft money” con- 
tributions to political parties, which is 
(he cornerstone of die McCain- Fein- 
gold bill. (WP) 


The proposal would dramatically . trr . 

expand customer servicesby the IRS. ti^UO t£ r L/TlCfUOtG 


recommend creation of 33 local "cit- 
izen advocacy boards” for greater cit- 
izen involvement in fielding com- 
plaints and give greater powers to the 
agency's taxpayer advocate's office. 

The office last year helped 300,000 
Americans resolve tax problems in an 
average .of 38 days. 


Senator Phil Gramm, Republican 
of Texas, on President Bill Clinton's 
plan to reform the Internal Revenue 
Service: “It’s a reaction, not reform. 
No citizen advocacy panels can sub- 
stitute for the sweeping management 
changes that are needed.” (AP) 


It’s ‘Abhorrent/ but You Still Can Look It Up 


By Michael Fletcher 

Washington Post Sr mice 


WASHINGTON — 'The word “nigger” is defined 
in Merriam-Webster’s Collegiate Dictionary as "a 
black person — usually taken to be offensive.'* And 
with only minor revisions, die authors of the best- 
selling dictionary say, that definition has stood for 
nearly a century. 

But a recent blurb in a magazine has ignited a 
nationwide campaign over die ward’s proper role in 
the English language and whether its dennmoa should 
be rephrased or the word stricken from dictionaries. 

The leaders of the effort say the mere presence of the 
racial slur in the dictionaiy lends it undeserved le- 


gitimacy. And (he first definition offered by Merriam- 
Webster, they contend, portrays the word foremost as 
a synonym for black people and refers to it as a slur 
almost as an afterthought 

“I can’t believe (hat in 1997 you can look up 
‘nigger 1 in the dictionaiy and it says 'attack person/ * 
said Delphine Abraham, a computer operator in Ypsil- 

anti, Michigan, who started a petition drive against the 
publisher of the dictionary a few months ago with 
Kathryn Williams, curator of the Museum of African 
American History hi Flint, Michigan. 

Working separately, the two women have collected 
thousands of signatures on petitions. After Emerge 
magazine mentioned Merriam-Webster’s definition of 
the word in its September issue, hundreds of angered 


contacted fee publisher’s Massachusetts 
utters. The company responded feat its dic- 
tionaries were written wife the oldest meaning first, 
the newest last. The word was first used in the 16th 
century to refer to a black person, Merriam- Webster 
said. The dictionaiy entry also says fee word “now 
ranks as perhaps fee most offensive and inflammatory 
racial shir in English.” 

“We have made it dear feat fee-use of this word as 
aracial star is abhorrent to ns, but it is nonetheless part 
of fee language, and as such, it is our doty as dictionary 
makers to report on it,” the company said. *' To do less 
would simply mislead people by creating fee false 
impression feat racial slurs are no longer a part of oar 
culture: and feat, tragically, is not fee case.” 


Eddie Bauer 
Skirts Racism 
In Shirt Case 

Washington Post Service 

• WASHINGTON — A federal jury 
has ordered Eddie Bauer Inc. to pay $1 
million to a black teenager and his two 
friends, deciding a white security guard 
acted impropeny but not wife racist 
intent when he forced fee youth to take 
off and surrender a shirt he was sus- 
pected of shoplifting. 

Both sides found something to like in 
the verdict, hnt neither was entirely sat- 
isfied. In rejecting the claim that the 
clothier violated fee civil rights of 
Alonzo Jackson. 18, the jury in effect 
absolved EddieBauttf of engaging in the 
“consumer racism'’ that Mr. Jackson’s 
attorney alleged. But a juror said the 
panel of four whites and three blacksdid 
find that the three youths deserved a 
sizable award because they had been 
"harassed.” 

"It may make a difference in my 
pocket, but it doesn’t give me back my 
dignity,” Mr. Jackson said. 

Mr. Jackson testified that he was wear- 
ing an Eddie Bauer shirt he had pur- 
chased at the warehouse the previous 
day. Mr. Jackson and two other witnesses 
testified that a security guard made him 
remove the shirt when he could not pro- 
duce a receipt on die spot 

Mr. Jackson eventually returned wife 
a receipt showing he had purchased two 
items at fee store the previous day. and 
was given the shirt bock, according to 
testimony. 


CNN Drops Ban on Global' Warming Ads 


Washington Pint Service 

WASHINGTON — Wilting in the 
heat of furious criticism, CNN has lif- 
ted its ban on ads that deal wife global 
warming. 

The network, founded by Ted Turn- 
er, a passionate supporter of measures 
to reduce global warming, reversed on 
Thursday its decision last week to can- 


cel an advertising campaign by an in- 
dustry alliance assailing a proposed 
United Nations treaty feat would re- 
strict fuel emissions. It also said then 
feat it would accept no more com- 
mercials on the issue. 

“To quote Everett Dirksen, I’m a 
wiser man today,” said Sieve 
Haworth, a CNN spokesman. 


“We have re-evaluated oar position 
and changed it” 

He said the network would resume 
broadcasting the spots by the Global 
Climate Information Project if the 
could substantiate feem. 

Pollock, a spokesman for 
fee industry group, called fee reversal 
“a victory for free speech,” 


groi 




is* 


♦ -r ». ivi 




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Sato 

Operating income 
Net Income, Group feare 
Net income per share (FRF) 

Working capital provided by operations 


Interim sales rose by 21.7% during the 
period, to FW 193 bifBon. At constant 
exchange rates, growth was 17,1%, . 

OPERATING INCOME +62% 
Operating income on ordinary activities 
increased by 462% in fee first six months 
ended June 30, to fW 1,984 million from 
FRF 1^28 mailon in 1996. 

Growth was led by the following: 

•far Western Europe, despite persistently 
weak matets in France and Germany 
income from cement and concrete op&a- 
tram improved, wh3e fee gypsum busi- 
ness enjoyed strong growth, 

•in North America, volumes and prices 
are trending upwards and contribution is 
coming from fee new gypsum wafiboand 
unit in fee United States^ 

■there was a sharp rise in income from 
operations in newly industrialized coun- 
tries and Eastern Europe, which now 
account for nearly 30% of Grotgi oper- 
ating income on ordinary activities^ 

•the continuation of cost cutting in ail 
our activities. 

NET INCOME, 

GROUP SHARE +39% 

Net income Group share rose by 39% to 
FRF 7S5 mftion, due to fee combination 
of higher operating income on ordinary 
aetfvftH a net extraordinary expense 
ten, higher minority int ere s t, and an 
increased lax liability following the 
growth in income. The temporary 
mouse m me rrenui Gorponxi&’iax rue 
dkl not haw a meaningful impact on fee 


19320 
1,984 
755 
8L4 
2358 


45378 
1328 
545 
6.1 
1,761 


consolidated tax Rabffity. Net income per 
share came to FRF 83 (+39%). Working 
capital provided by operations rose by 
34%toFRF2358m«ion. 

As of June 30, 1997, stockholders' equity 
came to FRF 321 bfllion, axnpared with 
FRF 293 btilion at fee end of last year. 
Net debt was FRF 113 billion (against 
FRF 93 nfci at December 31, 1996). 

A BRIGHT OUTLOOK FOR THE 
SECOND HALF 

Cranmenting on the interim results, 
Lafarge Chairman Bertrand G0UOM& 
noted that "these interim results are in 
tine with our forecasts. Theyfflustratethe 
benefits of our in t ernational develop- 
ment effects of our cost reduction 
comm it ment and the pa tithe trends in 
the majority of our markets*. 

*Of course*, he added, "these figures 
compare with a relatively weak first- 
half 1996. BtR the outiook is good for 
the second half, since North America, the 
newly industriatized countries are ex- 
pected to report growth, Me demand 
on the Flench markets seems to be sta- 
bilizing*. 

*For fee fotiyeor*, concluded Lafarge 
Chairman, lie expect to report stgmfj. 
cant growth In earnings*. 


M a tar I a I s for 
building our world 



I--? 

r 

I 


\% 

\-4 


& 



















PAGE 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAT-SUNDAS, OCTOBER 11-12, 1997 


After Government’s Fall, Italians Fear Leap Into the Dark 




i ,rn*'' ' 


By Alan Friedman 

huemaaonal Herald Tribune 


ROME — As President Oscar Luigi 
Scalfaro began a round of consultations 
Friday to see whether a new government 
could be formed to keep Italy on coarse 
to join Europe's single-currency project, 
most ordinary Italians were fearful and 
angry at the collapse of the government 
of Prime Minister Romano Prodi. 

Several European officials and 
bankers warned that Italy could miss the 
train for monetary union unless a new 
government is formed fast enough to 
ensure rapid passage of a 1998 budget 
law that contains welfare cuts needed to 
qualify for participation in European 
monetary union. 

Several foreign economists are still 
betting that a solution will be cobbled 
together in time to avoid the worst. But 
the consensus view among ordinary Itali- 
ans here on Friday was that their country 
had just fnlcen a leap into the daric 


A solid 9 to 10 percent of Italians 
support Fausto Bertinotti, leader of die 
extreme-left Communists who' brought 
down the Prodi government on Thurs- 
day by rejecting the 1998 budget pro- 
posal which contained 5 trillion lire 
($2.9 billion) of welfare cats. Mr. 


NEWS ANALYSIS 


Bertinotti is cheered by his supporters as 
a defender of welfare state privileges. 

But the vast majority of ordinary cit- 
izens, along with the most influential 
political and economic commentators, 
are furious with Mr. Benmotti. The word 
“irresponsible” is being used most fre- 
quently to describe his decision to cause 
a government collapse, and even among 
many trade union leaders. 

“It feels as though we are living in 
some Third World country,” an an- 
noyed business executive said as be ar- 
rived at Rome's Framicino Airport from 
a foreign trip on Thursday night A small 


crowd of fellow travelers nodded in 
agreement, with one person adding that 

Bertinotti has betrayed the country.” 

Mb'. Bertinotti, who is facing internal 
opposition to his hard-line position from 
some members of his own party, on 
Friday tried to portray himself as willing 
to compromise again. 

In a statement seen by political in- 
siders as an attempt to save face even 
after bringing down the government, 
Mr. Bertinotti’s Communists said they 
■were ready to support the center-left 
coalition foraperioa of one year under 
the terms of an agreed policy program. 
“We are not giving up, and we will 
propose to Mr. Scalfaro that he should 
by for a one-year government with a 
specific program backed by the same 
majority that won the 1996 general elec- 
tion,'' tiie statement said. 

But Mr. Prodi said he was not prepared 
to discuss any proposals still based on the 
strong stand the Refounded Communists 
took against his austerity budget. 


“If Bertinotti has changed his mind it 
is his problem, not mine,” be said. 

Mr. Prodi said his proposals were frilly 
debated in Parliament “I think that if 
there are proposals then they should be 
put forward in this manner and not with 
declarations to news agencies,” be said. 

Most Italians are proud of The fact that 
the country has managed to clean up its 
public-sector finances and gain respect 
at the European level. Several Italians 
interviewed here on Friday stud they 
feared a return to the “First Republic” 
— a phrase used to describe the bad old 
days of political instability and wide- 
spread corruption. 

in political terms, the next few days 
will be critical. Culminating on Monday 
with meetings between Mr. Scalfaro and 
the leaders of the center-left and center- 
right coalitions. 

The president is said to be adamantly 
opposed to calling new elections three- 
and-a-half years ahead of schedule, and 
he wants to see anew government formed 


that would approve a budget tough 
enough to allow Italy to make tiie grade 
for monetary unio n- Mr. Scalfaro is also 
keen to see electoral reforms approved in 
Parliament before any election is held. 

But the president, who alone has con- 
stitutional authority to dissolve Parlia- 
ment and call elections, faces a political 
dilemma. 

Massimo D'Alema, bead of the 
Democratic Party of tiie Left, the biggest 
single component of tiie Olive Tree cen- 
ter-left coaiitioa, favors a snap election 
ami appears confident that the center-left 
would win an absolute majority allow- 


zv t 

‘ T^apoeo ** 


.. Pje&B ' 

G* 0 .:. 


ing Mr. Prodi to reconstruct his gov- 
ernment without the S1TDDOTT of Mr. 


STORM: 

Troops in Acapulco 


eminent without the support of Mr. 
Bertinotti’s Communists. 

Foreign Minister Lamberto Diiu and 
other leaders of moderate centrist parties 
in the Olive Tree coalition favor a tech- 
nocratic or broad-coalition government 
of national unity that would approve the 
1998 budget with votes of the center-right 
opposition led by Silvio Berlusconi. 


Continued from Page 1 


High winds and nonstop tain — 20 
inches (51 centimeters) of rainfall in less 
than 24 hours — sent wneats of water 


Idlin’ 


luau . . , , I Mil 

pishing through poorneighborhoods oh ..ill » 1 
the hills surroUMing Acapulco. Seven i|D»* 
landslides were reported around the city. *, II. 

The hurricane was later downgraded I. k * 1 1 1 * 
to a tropical steam and was reported A, uH ‘ 
about 100 miles (160 kilometer) east- W * - 
southeast of the coastal resort of Man- 
zanillo, losing speed and strength. Flood 
warnings remained in effect. 


Remodeling the Tories 


New UJL Conservative Chief Promotes 
* Democratic Popular’ Party That Cares 


By Warren Hoge 

New York Times Service 


BLACKPOOL, England — The new 
leader of tiie Conservative Party said 
Friday that the party itself was respon- 
sible for its electoral defeat in May and 


called on delegates to die ammal party 
conference to follow his leadership to an 


conference to follow his leadership to an 
embracing conservatism “determined to 
show rt cares.” 

Capping a four-day conference re- 
markable for its candid self-criticism 
and open airing of internal disputes, the 
party leader, william Hague, said the 
party had been too exclusive and too 
preoccupied with economic issues at the 
expense of social ones. It must now 
become, he said, the party that listens. 

“I want to tell you about an open 
conservatism, that is tolerant, that be- 
lieves freedom is about more than eco- 
nomics, that believes freedom does not 
stop at the shop counter,” he told tiie 
delegates at tins traditional working- 
class seaside resort “I want to tell you 
about a democratic popular conserva- 
tism that listens, that is determined to 
show it cares.” 

In an hourlong speech designed more 
to consolidate his fresh stewardship of 
the party and restore its faith in itself 
than to outline policy or chart a new path 
for tiie country, Mr. Hague contrasted 
the “principles, values, conscience and 
consistency ’ of Conservatives with La- 
bour’s “new and deeply unattractive 


whole was regarded as out of touch and 
irrelevant. That is the truth of it, and we 
have to come to terms with iL” 

The party rank and file took the cne as 
license to give vent to their bitterness 
over the dominance of party decision- 
making by Tory members of Parliament 
and to their disdain for the sex and 
corruption scandals that kept breaking 
out among the Tories in Parliament dur- 
ing the Major years. 

As senior legislators on the stage 
looked as glum as prisoners in die dock, 
a succession of district leaders spoke for 
three hours about taking die party back 



No Americans were reported among 
the dead or missing, said aU.S. E mbass y 
official in Mexico City. 

In the hills above Acapulco. Alfredo 
Morantes, 25, and his wife Blanca, 18, 
surveyed their neighborhood known as 
Colonia Morelos. A river of mud and 


,i)| f 




rocks had swept across the road, now 
guarded by soldiers in rain ponchos. 

The couple said they were in their tiny 
house at about 5 A.M. when they were 
awakened by the noise of rain. Suddenly 
they heard a louder noise and looked 
outside to see a wall of mud bearing 
down on them. "It looked like lava. 
Mr. Morantes said. “There was a huge 
noise. I grabbed my son and we ran.” 

The Morantes’ house was destroyed. 
They said many people in their neigh- 
borhood were killed in the storm. 

Officials were still assessing how 
many people had been left homeless by 
the storm, though at least one said the 
number was in tiie thousands. 

Weather officials blamed Ei Ni no, a 
warming of surface waters in the eastern 
Pacific near the Equator, for the storm. 
El Nino first brought drought to the 
region surrounding Acapulco last sum- 
mer and then helped create the con- 
ditions that spawned Pauline. 

Officials at the U.S. Hurricane Center 
in Miami said Mexico has been hit pre- 
viously by only one hurricane more 
powerful than Pauline, in 1959. And 
only Hurricane Gilbert, which killed 225 




from them and reforming party proce-' 
dures to limit their power to effect party 
decisions. Jeffrey Archer, tiie author and 
former deputy head of the party who is 
now known as Lord Archer of Weston- 
super-Mare, became an unlikely pop- 
ulist hero by telling the cheering del- 
egates that the grassroots members 
should have a 50 percent share in elect- 


a "< - v - - 


v: 




nr AmcWPita 


IT SCARED THE PANTS OFF HIM — A bull tearing offthetroosersofa man during a fiesta Thursday in 
Zaragoza, Spain. The would-be bull lighter was tossed about after be failed to outrun the animaL The man 
finally escaped. Bui with the roan's underpants draped over its horns, the bull looked for another victim. 


ing leaders, a proportion higher than 
what the new reform-minded party hier- 


whar the new reform-minded party hier- 
archy intends to recommend. 

When Sir Archibald Hamilto n, chair- 
man of the 1922 Committee, a parlia- 
mentary group known for its tradition- 
alism, told the crowd that members of 
Parliament must keep tbe “main say” in 
the decision-making, he was greeted 
with boos and jeering, unusual behavior 
for Tory conferees. 


Mr. Major was welcomed with a 
s tanding ovation by the delegates, who 
made it dear they felt he had been be- 
trayed by the shoddy behavior and dis- 
loyalty of members of Parliam ent 
Mr. Hague targeted them Friday in a 
much applauded comment when he said, 
“Never again will we allow the good 
name of oar party to be blackened by the 
greed and selfishness of a few.” 
Another indication of a new attitude 


came in a passage about family values 
when Mr. Hague said Conservatives 
must leam to “understand and tolerate 
people who make their own decisions,' * 
a reference, his aides said, to Single par- 


ents and gays. He also praised tiie “pos- 
itive contribution” of blacks and Asians 


itive contribution” of blacks and Asians 
to British life, a rebuff to Lord Tebbit, a 
former Thatcher cabinet member, who 
earlier this week Caused an uproar 
by telling a conference meeting that 


‘ * multiculturalism is a divisive force.” 

The biggest crowd pleaser ar Con- 
servative conferences remains tough talk 
on Europe, and extended applause 
greeted Mr. Hague’s claim that as a 
decision on whether or notBritain should 
join monetary union gets closer, “there 
is a limit to European integration, and we 
are near that limi t now.” He said Con- 
servatives Would remain opposed to tiie 
measure “for the foreseeable future." 


. . V. i • .«• 


il - r it.. 


insula in. 1988, may have been deadlier. 

In Berlin, President Ernesto Zedillo of 
Mexico announced dial he would fly 
back to Mexico later Friday, cutting 
short his state visit to Germany by a 
day. (LAT, aA AFP) 


!f.„. it*** 


■ ;'■> it. 

— e«S' V'l 


cynicism” and “mood-music politics 
without values.” 

“They have lost their moral com- 


NOBEL* Foes of Land Mines 


pass,” he said of tiie triumphant “New 
Labour” government of Prune Minister 


Labour” government of Prime Minister 
Tony Blair. “All they care about is what 
lodes good.” 

The Conservatives, who ran the gov- 
ernment for the past 18 years, were 
crashed by the Labour Party in the May 
1 election. Mr. Hague succeeded former 
Prime Minister John Major in June and 
became at 36 the leader of a party whose 
average member is 64. 

His first efforts at the mammoth task 
of rebuilding the Conservatives* de- 
pleted and dispirited ranks faltered this 
summer because of some ill-advised 
photo opportunities aimed at portraying 
him as more informal and youthful than 
he is, and a widely commented-upon 
gaffe last month when he accused Mr. 


Continued from Page 1 


Blair of exploiting grief over the death of 
Diana, Princess of Wales, and taking 
advantage of the royal family. 

As the conference opened Tuesday, 
there was much grumbling over Mr. 


Conservatives, long the dominant party 
in British political life, with the support 


of only 22 percent of the electorate, 
down from its already dismal 31 percent 
in the election, and Labour, which won 
the election wiih 44 percent, with sup- 
port that now readied 60 percent 
Mr. Hague set the cathartic tone of the 
gathering the first day with a remarkable 
expression of political contrition, saying 


want to find tiie proper way to congratulate our new Nobel 
Prizewinner.” 

The prize, worth SI million, is to be divided equally 
between Ms. Williams and the organization. 

After six years of quiedy working toward a ban on anti- 
personnel mines, the campaign burst into the public's con- 
sciousness with the Aug. 3 1 death of Diana, the cause's most 
visible supporter. 

Hie visibility of the campaign grew even more in Septem- 
ber, when more than 90 countries drafted a treaty that would 
totally ban anti-personnel mines. 

However, the United States insisted it would not sign the 
treaty, and Russia and China did not take part in the treaty 
talks. 

The countries most afflicted by mines are Afghanistan and 
Angola, each of which is estimated to have 9 million of die 
devices lurking under the surface. 

Ms. Williams told Norway ’s NRK television that she would 
continue urging President Clinton to sign the treaty. 

“The United States continues to try to maintain foe fiction 
that it is a leader on the issue of eliminating land mines,” she 
said. 

The United States pulled out of the treaty talks in Oslo after 
failing to push through changes it wanted, which would have 
delayed implementing the treaty and would have allowed an 
exemption for the Korean Peninsula, where vast mines fields 
divide North and South. 

Robert Muller, president of tbe Vietnam Veterans of Amer- 
ica Foundation, paralyzed by a land mine, said he felt “happy 
and excited” at tbe Nobel committee’s choice. But he said 
there was a long way to go to get an effective international ban 
on land mines. 

The five-member Norwegian Nobel Committee works in 
deep secrecy to pick a winner of the prize. The committee 
refuses to say who is nominated, much less hint at who might 
win. Many groups or individuals who propose candidates 
publicize their nominations. 



FRANCE : Pledge for 35-Hour Workweek 


Continued from Page 1 


tral Bank in setting key economic 
policies When tiie European single cur- 
rency comes into effect less than 19 
months from now. France has low in- 
flation and needs cheap' money to spur 
economic recovery, but it matched a 
German interest rate increase on Thurs- 
day. 

Mr. Jospin, seeking to fulfill an elec- 
tion pledge to turn back France’s post- 
war record of more than 3.1 million 
unemployed, said he was proposing a 
shortened workweek not only to create 
more jobs but also to improve the quality 
of life for millions of fads countrymen and 
women. 

“We need time to live,” he said. “I 
am flunking notably of women for whom 
reconciling a career and family life 
presents particular difficulties. ” 


ployees, by the end of tiie government’s 
term, in just under five years, be said. 

Mr. Jospin said the government would 
aid companies that reduce working time 
by 10 percent while increasing the num- 
ber of workers by 6 percent 

He noted that some of France’s “close 
neighbors” had achieved significant re- 
sults in terms of growth, employment 
and social cohesiveness. Bui he added 
that it was not necessary to follow their 
example. The French oppose what they 
call the “Anglo-Saxon*' method of job _<j 
creation, including lower or no minimum w 
wages, less job security and cuts in social T 
security charges. 

Mr. Jospin said the key to reversing 


years of reversing rising unemployment 
was not merely economic. If there were 


France has a higher proportion of 
women working outside the home than 


was not merely economic. If there were 
an easy answer, he said, “one of ray 
predecessors would have succeeded” in 

finding it” 

The solution, he said, was to develop a 


virtually any other country in the Euro- 
pean Union. Experts said this was one 
reason for the higher rate of unemploy- 
ment compared with countries like Bri- 
tain and the Netherlands, where many 
women are either excluded from the 
labor force or confined to low-paying, 
part-time jobs. 

Mr. Jospin said his government would 
propose a law by the end of the year to 
reduce the workweek in companies with 
more than 10 employees to 35 hours by 
Jan. 1, 2000. The shift to a 35-hour week 
would be a target for all companies, 
including those with fewer than 10 em- 


OMyWiflAjhiM P nnai ft wc 

A Cambodian victim of a land mine struggling Friday 
to strap a piece of metal pipe to the remnant of his leg. 


Others thought to have been leading, contenders for the 
award were tbe humanitarian group Doctors Without Borders; 
the U.S. envoy Richard Holbrooke, who negotiated the 
Dayton accord that brought a troubled peace to Bosnia; three 
Balkan peace activists, Selim Beslagic, Vesna PesiC and 
Vesna Terselic, and two jailed Chinese dissidents, Wei Jing 
Sheng and Wang Dan. (AP, Reuters) 


sense of solidarity and responsibility. 

The “circumstances today are favor- 
able” to end unemployment, be said. 
“Our economy is healthy and we have 




“Our economy is healthy and we have - 
the means to react Our companies have 
largely redeemed their debts, and their 
profit margins have reached levels With- » 
Out precedent since the 1960s. As out w\ 
economic diagnosis shows, French eco- ■ 
nomic growth has a strong potential for 
recovery.” 

The state statistical institute reported 
Friday that export-led national output 
rose 1.0 percent in the second quarter 1 
and that^ consumer confidence was at its 
highest in over two years. 



Jean Pasqualini, Who Wrote 
Account of China’s Gulag, Dies 


BBC to Introduce 
24-Hour TV News 


TAMRAZ: Financier Charged With Fraud Over Failed Bank 


Continued from Page 1 


International Herald Tribune 

PARIS — Jean Pasqualini, 71, who 
wrote a best-seller about his seven years 
as a prisoner in the Chinese “gulag,” 
died in a hospital in a Paris suburb on 
Thursday after a long series of ill- 
nesses. 


Bom in Beijing, the son of a Chinese 
moan and a French businessman, Mr. 


woman and a French businessman, Mr. 
Pasaualiiti was educated in French and 
English mission schools and worked for 
the U.S. military and die British Em- 
bassy in Beijing. 

He was arrested in 1957, charged with 
counterrevolutionary activity and sen- 
tenced to the prison system known in 
Chinese as “reform through labor.” 

Released in 1964 by Mao as a gesture 
to President Charles de Gaulle after 
France recognized China, he was ex- 


pelled and took up residence in France. 
There, under his Chinese name, Bao 
Ruo-wang, he wrote “Prisoner of Mao” 
with Rudolph Chelminski. It was hailed 
as the first accou nt of life in China ’s state 


labor camp system. 
The book becamei 


The book became a best-seller in sev- 
eral languages and was made into a 
French-language movie. Mr. Pasqualini 
lived quietly in France, working as an 
interpreter and research assistant for 
Life and Newsweek magazines. 


Orlando Ramon Agosti, 73, 

A Leader of Argentine junta 

BUENOS AIRES (NYT) — Orlando 
Ramon Agosti, 73, a member of the 
military junta that overthrew the gov- 
ernment of Isabel Peron in 1976, open- 
ing one of the most violent periods in 
Argentina's history, died on Monday. 

The air force press office said that Mr. 
Agosti, a former brigadier general who 
served as the air force commander, died 
of cancer at the Air Force Hospital, 
where he was undergoing treatment. He 
was buried without military honors late 
Monday in a private ceremony that was 
attended by a few relatives and friends, 
thepress office said. 

The military regime that Mr. Agosti 
led with the former army chief, Jorge 
Rafael Videla, and the former navy 
chief, Emilio Eduardo Massera, con- 
ducted a violent counterinsurgency cam- 
paign against leftist guerrillas from 1976 
to I9S3 in which more than 30,000 
people were killed dr disappeared. 

In 1985, after the return or democracy, 
the former military leaders wore all found 
guilty of having ordered crimes by the 
aimed forces ranging from rabboy and 
torture to rape ami murder, Mr. Agosti 
served three years and nine months 


Agence France-Pmse 

LONDON — The BBC has re- 
ceived approval from the govern- 
ment for a new 24-boor television 
newsservice. 

BBC News 24 has been running a 

dummy newsroom for weeks, but it 
is only with the license from the 
Department of Culture, Media and 
, Sport that the corporation can com- 
plete its plans. 

The fust fruit of the BBC’s plans 
for new digital services, BBC News 
24, which will be broadcast in Britain 
(ally, will start up ahead of (he digital 
age itself. Hie corporation’s satellite 
and terrestrial digital services lave 
been delayed beyond their expected 
inauguration this autumn and will 
now become available next year. 

The BBC decided to mess cm 
with the 24-hour channel bn ex- 
isting analog cable service, but it 
will be made available on all digital 
platforms as they come onstream. 


complaint against Mir. Taihraz in 1991. 

“The fact that I filed suit, that the 
judge heard hundreds of witnesses, was 
not secret,” said Guy Borman, a French 
writer who heads the depositors' group. 

Mr. Sonman lost about $1 million in the 
bank’s failure, though he recovered about 
half of his money from the subsequent 
buyout of the liquidated bank by a private 
purchaser. 

Mr. Tamraz, a Lebanese who became 
an American citizen in 1989, moves 
freely between New York and Paris. A 
trial date will be set at a hearing on Jan. 

i A m • _ ^ . 


The board of directors of BanquO de 
Participations was not aware of the trans- 
fers, according to the documents, because 
Mr. Tamraz presented a false balance 
sheet for the bank’s financial stat ement* 
Mr. Tamraz, while not denying the 
$47 million was lent to Almashrek Bank, 
offered a different version of events. At 
the time he bought the French bank in 
conjunction with tbe Lebanese govern- 
ment, he said, he was close to ihen- 
Presitdeut Amin Gemayel. But Mr. 
Gemayel left power in September l98B^ 


and forces hostile to Mr. Tamraz ac- 
quired more power in Lebanon. These 
forces encouraged negative newspaper 
articles about Mr. Tamraz, he said, that 
caused a run on Almashrek Bunk. 

Mr. Tamraz said that what the court 
said were diversions of funds to Mrs. 
Nasser and to himself were actually 
business expenses. As for the alleged 
raise balance sheet, he said. “1 never 
presented a balance sheet,” adding, "l 
never managed the bank. In all my life I 
went there three times.'” 


14. Mr. Taihraz says he plans to attend 
his trial and offer a frill defense. 

Mr. Tamraz faces fraud charges re- 
lated to tbe bankruptcy of tiie took he 
controlled. The legal summation, by 
Georges Martian, tbe investigating mag- 
istrate, sayS that Mr. Tamraz controlled 
tire French bank from tiie end of 1987. 
when it was purchased from another 
bank, until January 1989, shortly before 
it was dosed down by the government. 

During roughly the same period, Mr. 
Tamraz controlled Almashrek Bank of 
Beirut. According to the documents, he 
transferred more than $47 million from 
the French bank to Almashrek Bank. At 
tiie same time, he diverted $475,000 to a 
woman named Abla Nasser and 
$180,000 for his personal use, the in- 
vestigating judge found. 


in prison. He was released in 1989. 


Lawrence Lachman, 81, a former 
chairman of Bloomingdale’s, died at his 
home in New York on Tuesday of haul 
failure, a spokeswoman for the company 


SMOKE: A $300 Million Settlement 


Continued from Page 1 


Rosenblatt, who filed the lawsuit in 199 1 . 
Final approval of the deal is not expected 

IlMfil TimiVI.ni M *1-.. * m2 a 


all attend&ntS who would be eligible to 
file claims, said sources, speaking on 
condition of anonymity. 

The case was the tobacco industry’s 
first trial claiming injury to aonsmokers 
and the First tobacco class-action case to 
reach trial. 

When the trial began, the industry had 
never raid a penny in a product-liability 
case. But since then, an upheaval in 
tobacco litigation has produced a pro- 
posed $368 billion national settlement 
&nd $920 million in partial payments on 


individual pacts with the states of Flor- 
ida and Mississippi. 

A verdict against the industry could 
■ ? use ^ M evidence at future 
trials. Settlements generally contain no 
admission of wrongdoing. 

Unlike rases brought by smokers, the 
tobacco industry lacked a key defense in 
this case — that the plaintiffs Freely 
chose to be exposed to the smoke. 

. After years of tobacco industry ob- 
jections, smoking was banned bn do- 
mratit passenger flights in 1990. 

The Environmental Protection 
Agency issued a report in 1993 esti- 
mating 3,000 lung cancer deaths a year 
in American nonsmokers due to smoke 
exposure. 





INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 11-12, 1997 


PAGE ’B 


t 


Confucius Survives the Ages in Rural China 


i 


>‘ 

i 


c 

\ 


L 


By Seth. Faison 

Ntw York Times Service 


_ QUFU, China — When darkness 
rails on this quiet town, where crooked 
old cypress trees hang over aimless 
roads, die mood becomes as ralm and 
silent as the untended apple orchards 
that cover the surrounding co un tryside 

Yet within this quaint-looking com- 
munity, with its stone-bnilt homes and 
ornate roofs, lories the soul of old 
China. • 

As the birth and burial place of Con- 
fucius, the spiritual hither of Chinese 
culture, Qufu has survived the ages as a 
shrine. Ghosts may hide in the town's 
overgrown cemetery, as many residents 
believe, but traditionally minded Chi- 


nese still come from all over to honor 
and preserve die memory of the sage. 

what saddens many Confucian de- 
votees is the way that attempts to revive 
interest in their great teacher seem to fall 
flat 

“Confucius was the greatest man in 
world history," asserted Wang Ling, a 
businessman who traveled alone several 
hundred kilometers to spend a day here. 
"My children don’t understand that." 

Mr. Wang and a few thousand other 
visitors chose the 2J>48th birthday of 
Confricius, celebrated here on Sept. 28, 
to make a pilgrimage. An elaborate cer- 
emony was held in the Confucian 
Temple with red-robed dancers, brown- 
capped drum-bangers and a triple sac- 
:: a cow, a sow and a mountain goat 


each killed with a blade's slice across 
the throat. 

With the festivities over in an hour, 
most visitors left But Mr. Wang retired 
to a quiet comer of a nearby courtyard 
and sat down with a copy of "The 
Analects." the Confucian classic, as if 
to attest to his role as a true believer. 

"All human knowledge is contained 
in this one book." he said. "If you read 
this book carefully, you don’t need an- 
other.” 

In China today, as Mr. Wang re- 
luctantly agreed, the legacy of Con- 
fucius is at once immeasurably large 
and crumbling. 

Confucius's ethical teachings laid the 
foundation of Chinese culture. He 
taught the importance of social decor- 


ran, elaborate ritual and respect for eld- 
ers and state authority. 

Although Communist Party leaders 
once attacked Confucius as a principal 
cause of evil in traditiooal China, their 
own authoritarian style of rule has re- 
mained deeply Confucian, particularly 
in its use of education, ceremony and 
insistence on obedience. 

But the relentless advance of money- 
making in recent years — and all the 
freedom and ugliness that brings — has 
put Confucius under siege from another 
comer. So, proponents of Confucianism 
like Mr. Wang are finding an even 
fiercer enemy in the current scramble to 
get rich. 

No such lament is heard from the 
prominent descendants of Confucius. 



BRIEFLY 


Kenyan Police 
Smash Rally 
By Opposition 


The Associated Press 

NAIROBI' — The police fired live 
ammunition into the air. threw tear gas 
and used clubs and whips to prevent an 
opposition rally Friday on Moi Day, a 
national holiday named after President 
Daniel arap Moi. Dozens of people woe 
hurt, including opposition leaders. 

Organizers of the rally said the police 
actions proved that the government and 
Mr. Moi's Kenya African National Un- 
ion were not- committed to carrying out 
reforms before general elections. 

Kivutha Kibwana. a spokesman for 
the reformist National Convention Ex- 
ecutive Committee, which called die 
rally, said at a news conference that the 
organization would boycott die elec- 
tions if comprehensive constitutional 
reforms were not enacted. 

The date for the elections has not 
been set, but they must take place before 
the end of the year. Mr. Moi, 74, is 
seeking a fifth, five-year term. 

"We were saying earlier that we wan c 
minimum reforms before elections," 
Mr. Kibwana said. “From now on, we 



»or^ VaUa/RnDm 

Policemen beating an opposition supporter at the rally at the Kamukunji grounds in Nairobi on Friday. 


are saying no elections without com- 
prehensive constitutional reforms." 

About 100 police officers, some in 
plainclothes, fired live ammunition and 
unleashed a cloud of tear gas that wafted 
over the Kamukunji grounds, an open 
space in Nairobi used fpr political ral- 


lies. Demonstrators took cover among 
surrounding houses, hurled stoDes at the 
police and set tires on fire. Some robbed 
passers-by. 

At least a dozen people were arrested, 
including the opposition leaders Paul 
Muite, Henry Ruhiu and Aloo Ogeka. 


U.K. Won't Waive 
Rule on Yacht 

The Associated Press 

LONDON — Responding to 
public demands fpr a less costly 
monarchy. Britain announced Fri- 
day that it was getting rid of one of 
its most expensive trappings — the 
royal yacht Britannia. 

The 44-year-old ocean-going 
vessel, one of the most visible sym- 
bols of Britain’s imperial past, will 
be decommissioned Dec. 11, as 
scheduled. The formal announce- 
ment by Defense Secretary George 
Robertson, whose ministry main- 
tains the vessel, was no surprise. On 
Sept. 28, the chancellor of the Ex- 
chequer, Gordon Brown, ruled oot 
a reprieve for Britannia. 

Prime Minister Tony Biair’s La- 
bour government, which swept to 
power in May, said it was keeping a 
campaign promise not to spend tax- 
payer money to replace or refit the 
4 12-foot ( 1 24-meter) yacht But the 
government also said it was ex- 
amining options for the yacht’s fu- 
ture, including possibly as a con- 
ference center or tourist attraction. 


Brazzaville Airport Captured 

Militia Forces Succeed After Siege of Several Days 


Reuters 

KINSHASA, Congo — President 
Pascal Lissouba of the Republic of 
Congo said Friday that his forces had 
lost control of Brazzaville’s internation- 
al airport to a rival militia. 

"Yes, -U-has- been lost,’’ he said, 
referring fp the capital's airport “We 
have lost a battle, but that does not mean 
we have lost the war." 

Mr. Lissouba was speaking in Kin- 
shasa, capital of neighboring Congo, 
after meeting with President Laurent 
Kabila. 

A Western analyst in Kinshasa said 
the airport was taken after militia fight- 
ers loyal to the former military leader 
Denis Sassou-Nguesso had tried for 
days to reach it. 

Relief workers said casualties were 
heavy following artillery bombard- 
ments on government-held areas, in- 
cluding the previously neutral district of 
Makelekele, by General Sassou- 
Nguesso’s forces. 

Thousands of inhabitants were flee- 
ing the last civilian enclaves south of 


Brazzaville, the relief workers added. 

Conditions north of the capital were 
also grave, according to a source af- 
filiated with a humanitarian group. The 
militia-held town of Kintele, where 
thousands of refugees have gathered, 
about 30 kilometers (19 miles) north of 
Brazzaville, bad'only a week’s supply of 
food left, the source said. 

Residents in Brazzaville said earlier 
that a fresh offensive by the militia had 
targeted the airport. There had been 
conflicting reports on whether the air- 
port had actually fallen into the hands of 
the militia. 

Residents reported heavy artillery 
battles in Brazzaville despite the an- 
nouncement Thursday at the United Na- 
tions that General Sassou-Nguesso had 
signed a trace agreement in his four- 
month power struggle with Mr. Lis- 
souba, who had signed the pact earlier. 

It was not immediately clear where 
Mr. Lissouba had gone after leaving a 
Kinshasa hotel in a car convoy that 
included Mr. Kabila’s interior minister, 
Mwenze Kongolo. 


The police beat protesters with clubs and 
short whips, ana many people crumpled 
to die ground, bleeding from head in- 
juries. An activist was hospitalized. 

Mr. Muite, who was later freed with- 
out being charged, said at die news 
conference that police behavior exposed 
as a lie Vice President George Saitoh’ s 
assurance that opposition rallies would 
no longer be broken up by the police. 

Across town in Uhura Park, Mr. Moi 
delivered a speech to mark the holiday 
created in 1979 to celebrate .the day be 
assumed the presidency on the death of 
Kenya’s first president, Jomo Kenyatta. 
He said he was encouraged by those 
politicians who set aside personal and 
party differences to take part m talks on 
democratic reforms demanded by the op- 
position. "This spirit has given renewed 
hope to millions of Kenyans," he said. • 


NYT 


each one claiming to know the exact 
cumber of generations separating him 
from the sage. Several rook seats of 
honor at the birthday celebration, treated 
almost like a shadow royal family, as 
they were in the days of emperors. 

“Confucius has great relevance 
today,” said Kong Deban, a courtly 
gentleman who says he is a member of 
the 77th generation of the Confucius 
line and who spoke in the reserved tone 
of an officiaL “All young people should 
study Confucius." 

For good measure, Mr. Kong added 
that studying Confucius was a good way 
to contribute to China’s economic de- 
velopment under the leadership of Pres- 
ident Jiang Z emin . In so saying, Mr. 
Kong was extending a centuries-old tra- 
dition, nurturing the close relationship 
between emperors and the descendants 
Of Confucius. 

The Kong family has bent living off 
the reputation of its forefather for more 
than 2,500 years. Until early this cen- 
tury , its inner circle resided in a mansion 
built and rebuilt over the years with 
money donated by emperors eager to 
show their respect far the master who 
devised a system of government that 
stresses deference to authority. 

Confucius is a Latinization of Kong 
Fuzi, or Master Kong. In Qufu, canying 
the Kong name is stiu a major source of- 
pride, and a common one. too. Out of 
600,000 people who live in and around 
Qufii, nearly 130,000 die named Kong. 

Confucian influence spread through 
much of Asia* and in recent years polit- 
ical leaders like the former prime min- 
ister of Singapore, Lee Kwan Yew, and 
the chief executive of Hong Kong, Tung 
Chee-hwa, have spoken of reviving 
“Asian values," by which they mean 
Confucianism. 

They often describe it as favoring 
conciliation over confrontation, though 
obedience seems to be a favorite com- 
ponent as welL 

"No one likes Confucianism before 
they come to power.” Kong Fanyin, one 
of the sage’s many descendants m Qufu. 
once said. “Once they do, they begin to 
see his good side." 

But Shao Change, a wo man visiting 
toe Confucian Temple, said: “Confucius 
said that a wife should obey her husband, 
a subject obey an official, no matter 
whaL That’s an old-fashioned way of 
thinking.' Who will accept lhat now?" 


Truce Negotiated 
For Bougainville 

CHRISTCHURCH. New Zeal- 
and — Papua New Guinea and 
rebels on the island of Bougainville 
agreed Friday to stop fighting, sign- 
ing a truce that raised hopes or 
ending a nin e-year rebellion- 

Tbe New Zealand foreign min- 
ister, Don McKinnon, who has 
helped broker the talks, said be was 
delighted to hear "three very beau- 
tiful words: ‘The Burnham 
Truce.’ " 

The rebellion on Bougainville, 
an island 1,300 kilometers (800. 


miles) northeast of Papua New 
Guinea's capital, Port - Moresby, 
began in 1988 as an environmental 
protest but escalated into a seces- 
sionist guerrilla war. (AP ) 


Taiwan Flag Flap 

HONG KONG — Hong Kong 
police officers moved Friday to 
take down Nationalist China flags 
hoisted by Taiwan supporters to 
mark the official founding of 
Beijing’s archrival, a government 
spokeswoman said. 

Jt was toe first “Double Tenth" 
— Oct 10 — celebrated in Hong 
Kong since the territory returned to 
mainland Chinese rule in July. 

Taiwan still styles itself toe Re- 
public of China, and uses toe flag of 
the Nationalist Chinese govern- 
ment defeated by the Communists 
on the mainland in 1949. {Reuters) . 

Kim Out in Public 

TOKYO — The North Korean 
leader, Kim Jong H, on Friday made 
his first public appearance since his 
election two days earlier as head of 
the ruling Workers’ Party of Korea, 
as the Co mmunis t Party is known. 

The official Korean Central 
Broadcasting Station, monitored in 
Tokyo, said Mr. Kim- visited the 
tomb of his father during ceremo- 
nies marking toe 194S anniversary 
of accession to power. (AP) 

For the Record 

* The first group of Cambodian 
refugees who fled to Thailand to 
escape new fighting returned home 
Friday. The 245 people who vo- 
lunteered to go home were taken 
from a camp in northeastern Thai- 
land's Sunn Province to the north- 
west Cambodian border town of 
. Poipet, where they were greeted by 
Cambodian autocrines. (Reuters) 


In Kazakstan Shake-Up, Oil Official Is Named Prime Minis ter 


Reuters 

ALMATY. Kazakstan — The Par- 
liament of this resource-rich Central 
Asian republic appointed the oil-in- 
dustry chief on Friday to take the post of 
prime minister. 

The new head of government. Nurlan 
Balgimbayev, said there would be no 
change in policies despite President 
Nursultan Nazarbayev’s sharp criticism 
of toe former government. 

Mr. Balgimbayev. head of state-run 


Kazakoil. was named prime minister 
quickly after Mr. Nazarbayev accepted 
the resignation of toe reformist Akezhan 
Kazhegeidin’s government, which toe 
president described as bleak and - in- 
consistent. 

Mr. Balgimbayev's aides said that 
President Nazarbayev, who has sweep- 
ing executive powers, would hold a 
news conference to announce other cab- 
inet appointments. 

Mr. Balgimbayev, 49. is a petroleum 


engineer by education and made a ca- 
reer in the large Kazak fields. 

He was among those who proposed to 
President Nazarbayev an ambitious plan 
to make Kazakstan the world’s sixth 
largest oil power by 2020. increasing 
output to 170 million tons from this 
year’s expected 27 million tons. 

Mr. Kazhegeldin had been seen by 
foreigners as a guarantor of market re- 
forms and their multibillion dollar in- 
vestments in toe republic. 


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BOOKS 


DAUGHTER OF THE 
QUEEN OF SHEBA 

By Jacki Lyden. 257 pages. 
S24. Houghton Mifflin. 

Reviewed by 
Richard Jed Wyatt 

W HEN the first anti- 
psychotic medications 
were introduced in the mid- 
1950s, one psychiatrist com- 
mented that so many previ- 
ously mute patients were now 
talking to him that he could no 
longer keep up with their 
treatment. 

Forty years later, despite 
remarkable advances in 
medicine, a new generation of 
patients and their family 
members continue to bear 
witness to toe ordeals of those 
with severe psychiatric ill- 
nesses. Through an unprece- 
dented rustle of memoirs, 
they are documenting the 
strange forms of conscious- 
ness and personal terrors as- 
sociated with psychosis and 
severe disorders of mood. 
They arc also giving testa- 
ment to the enormous cour- 
age it takes to continue in the 
presence of untreated or in- 
■ treated illness. 


dinary account of madness 
and its consequences. 

This book is not bedside 
reading for toe psychiatric- 
ally squeamish. Lyden de- 
scribes in painful detail her 
mother's relentless and de- 
structive psychosis, which 
was caused by unrecognized 
and untreated manic-depress- 
ive illness. Her mother, when 
ill, believed among other 
things that she was toe Queen 
of Sheba, and her illness was 
ruinous not only for her im- 
mediate family but for vir- 
tually everyone who came in 
contact with her. Similar sto- 
ries — although perhaps not 
so extreme — of exaltation, 
delusion and rampant de- 
struction could be told by toe 
more than I percent of the 
population who suffer from 
manic-depressive illness; 
their family members would 
almost universally concur. 

Even very late in the 
game, when toe queen's ill- 
ness is finally ami properly 
diagnosed, she chooses to re- 
main in her delusional state 
rather than subject herself to 
toe brakes of lithium, toe salt 
that so mysteriously 'tames 
this illness. 

Beautifully written by Although toe queen’s judg- 
Jacki Lyden. National Public meat clearly and frequently 
Radio senior correspondent, ' left something to be desired, 
"Daughter of the Queen of the threat of violence to herself 
Sheba" provides an extraor- and others was not usually suf- 


ficiently extreme to force her 
into treatment. Disconcen- 
ly, our commitment laws 
individuals to destroy 
lives as long as that destruction 
does not include an imminent 
danger to oneself or others. 
Lyden openly expresses her 
frustration with the law arid its 
inability to deal with her moth- 
er’s situation. Nevertheless, 

she protected her mother to toe 
extent that she could but, in the 
last analysis, wisely chose not 
to go down with the ship. She 
left home and escaped from 
her mother’s immediate influ- 
ence. This is a difficult but 
often necessary decision for 
family members when toe 
available treatments are re- 
fused. 

In most families where 
manic-depressive illness ex- 
ists, its presence can be tracked 
through several generations. 
Like many others who know 
their heritage, Lyden describes 
her fear that she will develop 
her mother’s madness, but she 
does not reveal if she too is 
afflicted. It is possible that she 
may not know, since the ge- 
netic sword can hang hig h 
above the head until middle 
life. She informs us. however, 
that some combination of en- 
vironment and genes has led 
her into risky behaviors- She 
has had, by her account, im- 
pulsive, masochistic romantic 


relationships, several un- 
wanted pregnancies and dare- 
devil adventures as a war cor- 
respondent She is also very 
successful professionally. 

The story of the queen and 
her daughter is one that has 
been and will continue to be 
told, in different ways by dif- 
ferent authors. It is by Ly- 
den ’s refusal to bow under 
seemingly overwhelming 
odds that we are encouraged 
to challenge our own demons-. 
And those of the ones we 
love. 


Richard Jed Wyatt, the 
chief of the neuropsychiatry 
branch at the National Insti- 
tute of Mental Health, wrote 
this for The Washington Post. 


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t PAGE 6 


SATURDAY-SUNDAY, OCTOBER 11-12* 1997 



EDITORIALS/OPINION 




Ileralb 



PUBLISHED WITH TH£ NEW YOKE TIME! AND IKE WASHINGTON POST 


rU nnte j[ s p rance Warms Up to America, Both Will Win $p s 


U.S.- Japan Air Talks 


*.*■ Forty percent of all world trade, as 
^-measured by value, is transported by 
Qir. The aviation majkei between Japan 
“-and the United States alone — pas- 
►jenger and cargo — is worth $12 bil- 
*4ion per year ami is crucial to hundreds 
I'D f billions more in business exchanges. 
OThat is why continuing talks between 
I-tbe two countries on aviation, white 
-jrff-putting in their technical complex- 
ity, are vital to the prosperity of both. 
-2 At the moment, air transport between 

"4he world’s two biggest economies is 
governed by a 45-year-old treaty dial 
'.greatly constricts traffic. Japan can and 
Siloes block airlines from competing 

* tased on pice; h can and does interfere 
’-with U.S. airlines when they want to fly 
-Jrom the United Stares to Japan and then 
'-beyond to other points in Asia. Re- 
l jtrictive formulas keep airlines in both 
’^countries from flying as often, and to as 
’'many cities, as they would like. The 
■^result: higher prices ami less service 
‘-than the market could bear. 

Far sane time the United States 
I "Sought to solve this problem by per- 

* ^trading Japan to accept an “open 
; -<kies” treaty, as have 25 other countries, 

' tanging from the Netherlands to Singa- 
; [pore. Such an agreement would ba- 
sically allow any U.S. carrier and any 
■Japanese carrier to fly any route deemed 
[■commercially viable, at any price. Bnt 
■Japan has resisted fiercely such dereg- 
ulation, both because it fears for its long- 
coddled and relatively inefficient na- ■ 
■jional carrier, Japan Airlines, and be- 
cause full deregulation has not, up to 
now, been Japan's style. 

So HOW the Clinton adminis tration 


has set its sights lower. In talks with 
Japan that will resume in about 10 days, 
it has sketched out a partial liberal- 
ization that would allow many more 
flights by more airlines, but not an un- 
limited number. It would allow cooper- 
ation between Japanese and U.S. air- 
lines known as code-sharing, which 
could increase efficiencies for both 
sides, ft could benefit same U.S. airlines 
while harming others, and in principle it 
has due potential to be a step forward for 
the U.S. economy overall 
But that’s a big “in principle.” A 
partial liberalizatioD could also be a big 
mistake. The United States should not 
accept a deal unless U.S. airlines’ rights 
to fly beyond Japan are spelled out with 
clarity. Any deal should allow U.S. air- 
lines to compete based on price. And no 
deal will be worth much unless it guar- ■ 
an tees that Japan cannot subvert it by 
manipulating the availability rtf landing 
slots at Tokyo’s Narita airport, which 
already is overcrowded. Any ambiguity 
on these matters is likely to be exploited 
in favor of Japanese carriers and to the 


Item adminis tration 


This is one arena where the United 
States has some leverage — one of the 
raze economic sectors where U.S. 
companies enjoy a trading surplus with 
Japan, to the tune of $5 billion per year. 
Hie deal under consideration, by giv- 
ing Japan’s airlines most of what they 
want, would leave the United States 
with far less leverage in the future. It 
should not be entered into unless it is 
one that America, and its airlines, can 
live with for some time. 

— THE WASHINGTON POST. 


Campaign Non-Reform 


Senator Trent Lott’s spin is that cam- 
paign finance reform is dead for this 
year. He cannot, of course, allow a 
straight-up vote an the McCain-Fein- 
gold bill because it enjoys majority sup- 
port. So he resorted Thursday to arcane 


pariiamentaiy procedures to fry to make 
his death prediction into a death sen- 


his death prediction into a death sen- 
tence. Despite these clumsy tactics, foe 
McCain-FeingoId bill, which would 
outlaw open-ended donations and curb 
other abuses, will be back when the 
Senate reconvenes Oct. 20. Senators 
John McCain and Russell Feingold and 
the minority leader, Tom Daschle, in- 
tend to keep bringing it up. 

Mr. Lott, foe majority leader, has 
wrapped hims elf in the First Amend- 
ment, suggesting ludicrously that there 
is some constitutional right far labor 
unions, corporations' and rich individu- 
als to corrupt the political system with 
huge campaign donations. If he believed 
whai be says, he. would not have pro- 
posed an amen dment foal limited foe 
ability only of the labor unions, which 
are traditional Democratic Party allies, 
to spend money in foe political system. 
** In reality, he knows that right now it 
is the Republicans who have a fund- 
raising advantage over the Democrats. 
According to foe Center for Respons- 
ive Politics, a nonpartisan foundation- 
supported group, corporations contrib- 
uted more political money than unions 
by a ratio of nearly 9 to 1. Mr. Lott’s 
true motivation is to maintain an un- 
interrupted flow of special-interest 
money to congressional Republicans. 

Supporters of McCain-Feingold 
have tried three times to break a Re- 


pro-reform support close to tire 60 
voces needed to thwart the filibuster 
engineered by Mr. Lott and his allies. 

Mr. Lott’s obstinacy has put the Re- 
publicans in a paradoxical position with 
"regard to campaign reform. While foe 
Republican-lea Senate Governmental 
Affairs Committee documents foe cor- 
ruption of the system, Mr. Lott fights to 
preserve it. Mr. McCain and Mr. Fein- 
gold and foe other soppoatos of r ef orm 
know that when it comes to baying 
access and favors for outsized political 
contributions, both parties are guilty. 

If Congress truly wants to avoid a 
repetition of the scandals of last year, it 
must change (he law, and for that to 
happen Mr. Lon has to be bludgeoned 
into allowing the Senate to experiment 
with democracy. 

“I got mad.” That’s what Attorney 
General Janet Reno said Thursday in 
regard to being snookered by the White 
House about the existence of those 
videotapes of the fund-raising coffees. 
The White House is Warning the m- 
competence of its legal staff for foe four- 
day delay in informing - Ms. Reno that 
foe tapes existed. The delay was for- 
tunate from their point of view, since it 
coincided with foe period when Ms. 
Reno was drafting and sending another 
of her tetters saying there is no need for 
an independent counsel to investigate 
President Bill Clinton’s fund-raising. 

On Thursday Ms. Reno also reas- 
serted her faith in her own legal judg- 
ment, but the list of prominent law 
enforcement figures who disagree 


publican filibuster against their bill, 
failing each time. But there is still a 


failing each time. But there is still a 
possibility that support for their cause 
will grow. Senator Olympia Snowe of 
Maine has tried all week to forge a 
compromise over Mr. Lott’s anti-un- 
ion amendment to foe bill, defying 
many of her fellow Republicans. She 
and Senator James Jeffords of Ver- 


mont could provide pivotal support for 
foe cause of reform in the next week or 


so. If that happens, more Republicans 
might be persuaded to enlist, bringing 


General Richard Thornburgh, for ex- 
ample, said on CNN that “the time is 
long since past when a special counsel 
should have been appointed.” 

There are also reliable reports that 
Louis Freeh, director of the FBI, wants 
an independent counsel. There would be 
two benefits from such an appointment 
for Mr. Freeh: It might save him from 
being remembered as a political patsy 
for the White House, and rt would allow 
his agents to interview foe people they 
suspect of breaking campaign laws. 

— THE NEW YORK TIMES . 


Other Comment 


Greenhouse Posturing 


Like sumo wrestlers strutting their 
stuff before a big fight, the great powers 
vied this week to prove that each was 
more ardent than foe other about the 
dangers of global warming. What lies 
behind this outbreak of greener-foan- 
tbouness is neither unseasonable au- 
tumn mugginess, nor foe erratic weather 
associated with El Nino. It is the im-‘ 
minence of a meeting in Kyoto, where 
world leaders will giber in December 
to review global wanning five years 
after the previous great green get-to- 
gether, in Rio in 1992. The past five 


years have seen a growing consensus 
among scientists that greenhouse warm- 
ing is no mere scare story: The earth 
does indeed seem to be warming up. 
What is embarrassing is that virtually all 
foe countries that promised in Rio to cut 
their greenhouse emissions to 1990 
levels by the end of foe decade will fall 
to do so. The fact that Rio failed doesnot 
mean that Kyoto must foil as well. With 
more scientific evidence to hand, and 
'the intention to twain* binding treaty 
commit ments instead of just promising 
to try hard, foe world’s leaders may do 
better this time. 

The Economist (London). 


GNTEENVnOMI, 


ESTABLISHED 1887 

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Co-Chairmen 

KATHARINE P. DARROW, Wcr Chairman 


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CARL GEWIRTZ, Associate Edaors • ROBERT J. DONAHUE, Editor of the Editorial Pago 
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iKcnuik^ Herald Tribune, 18! Avenue Ourics-dc-Gaallc, 92521 NemUy-mr-SciDC, FrtnCfc. 


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P ARIS — IF Foreign Minister Hubert 
Vfidrine has his way, foe era of 


Jl Vfidrine has his way, foe era of 
France fin tinting a Special claim to 
grandeur and an exception frangaise to 
usual rules of relations among states is 
over. This change includes a shift infoe 
long-prickly approach to the United 
States, recognizing that it is in feet a 
superpower and that France, while still a 
major player in the world, is one of a 
handful of countries at the nexi level. 

Nor, unusually for Paris, does die 
recognition seem tinged with resent- 
ment or hurt pride. It simply reflects, 
Mr. Vgdrine says, his desire to base 
French foreign policy on realism. 

It won't be so easy for him to have 
his way. The habit of measuring French 
sovereign independence and French 
prestige by feeing down the United 
States has been deeply ingrained here 
ever since Charles de Gaulle was in 
power. But the “if” could mean a 
remarkable change in roller-coaster 
French-Anaerican relations, careening 
up and down oo petty pretexts as well 
as real differences. 

Clearly, he wants to avoid foe kind of 
snide sniping that set his predecessor 
Hervg de Charette and -Secretary of 
State Warren Christopher off against 
each other, and in an earlier era Michel 
Jobert and Henry Kissinger when they 
held foe two posts. 


By Flora Lewis 


Thar is a matter of manner and tone, 
but it is likely to affect substance as 
France and foe United Slates confront 
issues that do divide them without a felt 
need to show each other up. 


Tough issues exist They include the 
future organization of NATO, com- 
mercial competition, divergent views 
on how to deal with what the United 
States calls rogue states (particularly 
Iran, Iraq and Libya), and the attempt to 
bring peace to the Middle East. 

They are exacerbated by foe recent 
trend in Congress, notably in foe 
D’Amafo-Kennedy and Helms-Burton 
laws, to farce foreign countries and 
companies to accept American de- 
cisions (Hi when ana where to impose 
sanctions by punishing their business 
in America. The Europeans, not only 
the French, consider mis an arrogant 
assertion of extraterritorial legislation. 

Thar is a technical argument. In feet, 
foe practice hurts American interests by 
provoking angry confrontation when tie 
purpose is supposed to be promoting 
cooperation against such dangers as ter- 
rorism and proliferation of atomic, bio- 
logical and chemical weapons. 

Other governments are aware of the 
limits Congress places on tbe powers of 


the American president. But they have 
to deal with the administration, and 
they cannot be expected to excuse it 
and overtook what they deem foeir own 
national interests on that account. 

Mr. V6drine makes foe point that 
there are always areas of agreement and 
disagreement among states, and sets of 
priorities. He maintains that they should 
be dealt with accordingly, neither ig- 
nored nor exacerbated for the sake of 
posturing.. This applies to French re- 
lations with Germany and others, as well 
as with the United States. 

While he is new at foe Foreign Min- 
istry , he was a senior advise: on foreign 
affairs at foe Elys6e Palace throughout 
foe Mitterrand years and has ample 
experience of the troubles foal national 
self-delusion can cause. 

Even more surprising than his new 
tack on dealing with the United States 
is his response on the question of what 
France can and should do abou t foe 
horror in Algeria. In a sharp departure 
from customary discourse about his- 
torical ties and privileged relations, he 
said France was only one of many 
countries concerned and had no special 
responsibility- One of many countries? 
There goes grandeur. 

The new American ambassador in 


Paris, Felix Rohatyn, should fit very 

well into this new scenario. His lifetime 


bur he is an internationalist with a keen 
sense of foe importance of friends and 
allies to foe United. States. In his first 
speech here, in fluently elegant French, 
he assured foe perennial doubters and 
cynics font America reaUy. warns a 
strong and prosperous Europe because 
that is also in America's interest. 

Nonetheless, the conviction that foe 
United States is out to use its power to 
establish hegemony over everybody 
else, to di minish others and make sure 
foe world is run to serve its own pur- 
poses, remains widespread. 

Le Monde's former editor, Andrti 
Fontaine, who is also a distinguished 
historian, took up foe view in a recent 
front-page editorial entitled: “America, 
Four* Rome?” The reference was to 
the previous empire of ancient Rome, 
Byzantium, and foe foiled effort of Mos- 
cow. Mr. Fontaine concluded foot the 
United States would not achieve actual 
global dominion either because of in- 
terna! divisions or foreign challenges. 
But he did not dispute foe assumption 
foot it is nying. 

It is not bright daylight yet dispelling 
foe vapors of France’s love-hare affair 
with America — but there is a rosy 
glow at foe horizon. Both will benefit if 
it spreads. 

© Flora Lewis. 


***** 






‘ j***'** 


j* 

***** 


w— 1 •” 


{ w » . w*. *a*M 

t ,*-- w _ .Hi 


i 


Advice for Reno: Get a New Phone and Call This a Cover-Up 


W ASHINGTON — Janet 
Reno has phone prob- 


VV Reno has phone prob- 
lems. In May 1996, when the 
FBI turned up evidence of 
Chinese government attempts 
to influence U.S. elections, Ms. 
Reno thought the allegations se- 
rious enough to warn the White 
House. The national security 
adviser, Anthony Lake, never 
got the word, however. Ms. 


By Charles Krauthammer 


Nor is this the first time she 
has been so used. Take her first 
opinion rendered on Vice Pres- 
ident A1 Gore’s phone calls from 
foe White House. No violation, 
she said, because the prohibition 
against such fttnd-ralsmg does 
not apply to “soft” money and 
he was raising soft money. It 


Reno said she couldn't get him ' later turned out that some of Mr. 
on the phone. (And a later FBI Gere’s phone dough went to 


briefing of NSC staffers never 
got beyond foe staffers.) 

Get that woman a new phone. 
It now turns out that Ms. Reno 
has trouble not just calling out, 
but receiving. On Oct 3. Ms. 
Reno released a report exoner- 
ating foe president’s fat-cat 
White House “coffees.” The 
next day , the White House coun- 
sel’s office informed her that at 
least 44 of them had been video- 
taped. Yet the White House says 
it learned of the existence of this 
potentially important evidence a 
fall three days earlier! 

Why was she kept in the dark? 
What happened between Ocl 1 


“hard” money juxounts. More 
important, high White House of- 
ficials — even the president was 
notified by memo — knew of 
this money diversion in February 
1996. No one ever told Ms. 
Reno. She found out by reading 
it in The Washington Post. 

Now foe White House 
springs foe videotapes on her. 
And what does she do? Carry 
on, oblivious. She seems un- 
aware of the fact that an at- 
torney general who becomes a 
doormat for foe president whom 
she is ostensibly investigating, 
however righteous she may feel 
about her own motives, has for- 


mal question is foe mounting 
evidence of a conspiracy to sub- 
vert existing campaign laws. 

The very distinction between 
hard and soft money that Ms. 
Reno finds so riveting in the 
Gore phone calls was one that • 
the Clin ton -Gore campaign was 
subverting from day one. Mix- 
ing accounts. Deceiving donors 
as to where foeir money was 
going (leaving these hapless 
donors now open to civil fines). 
Soliciting illegal foreign con- 
tributions. Using state parties to 
bypass presidential camp aign 
spending limits. 

The story is not a few phone 
calls, but those who used and 
directed Charlie Trie and John 
Huang and foe Riadys' muni- 


ficent gardener and all the oth- 
ers who have fled foe country 
and/or pled the Fifth. 

The whole enterprise from 
the beginning — and from the 
top — was corrupt Was it il- 
legal? That is what we have 

S osecotors for — and, when 
e attorney general is patently 
incapable of doing foe job, spe- 
cial prosecutors. 


fice after his suicide and re- 
moved materials. 

Then we bod the materiali- 
zation of the Rose Law Finn 
documents on a table in foe Irv- 
ing quarters of the White House 
two years after they woe sub- 
poenaed. Now we nave the dis- 
covery of die White House 
videotapes. (These were not hid- 
den cameras.) This follows 



w ANNIES 




The second charge that cries 'months of missing witnesses, 
out for investigation is ohstruc- contradictory testimony. 


it a#*** **■'«■»**■♦ 


tion of justice. This White 
House has a long history, of 
withholding and then miracu- 
lously discovering evidence. 
Remember The final impetus 
for a Whitewater independent 
counsel arose when it was dis- 
covered — five months after the 
feet — that Clinton aides had 
gone through Vince Foster's of- 


memory lapses under oath. 

Even if you believe that sub- 
verting our baroque campaign 
laws is not crime enough, you 
should at least be concerned 
about obstruction of justice. It’s 
what got Mr. Nixon, after all — 
not the third-rate burglary but 
the ail-out cover- up. 

Washington Post Writers Group. 


. ..... . ..... 


» .■* s 

*.-.■** 


Affirmative Action Haters to the Rescue 




N EW YORK — There are 
times when you have no 


and OcL 4? Rosh Hashana, ex- • felted her authority and useful- 
plains foe White House. Ms. ness as a public servant 


piams me vvnite House, ms. 
Reno could not be reached. 

It turns out that the White 
House counsel, Charles Ruff, 
met with Ms. Reno on Oct 2 and 
said not a word to her about the 
tapes. The brazenness of this 
whopper is impressive, even by 
Clinton standards. But foe butt of 
tins joke is Ms. Reno. The won- 
der is not her lack of integrity but 
her lack of awareness. Does she 
not know how she is being 
played for the fool? She lacks the 
elementary self-respect that 
would prompt any government 
official so toyed with and hu- 
miliated to resign. 


Ms. Reno wfllnow review her 
previous decision based on the 
new evidence. But the whole fo- 
cus of her inquiry is wrong. Her 
main concern — tbe famous 
Gore phone calls — is very snail 
potatoes. While these calls were 
illegal, a n d fon$ an automatic 
trigger for a special prosecutor, 
Mr. Gore’s defenders are right 
that they hardly constitute a 
hanging offense. 

To reduce foe entire corrupt 
enterprise of foe 1996 Ginton- 
Gore campaign to a bunch of 
phone calls is to misunderstand 
the nature of the scandal. The 


IN times when you have no 
choice but to try to cut your 
losses. Such is foe case now 
with affirmative action. 

Tbe heroic effort to counter 
the effects of racial and other 
forms of discrimination (of 
which affirmative action is just 
one tool) is under assault The 
opponents of that effort are well 
organized and politically so- 
phisticated. They have gained a 
remarkable degree of control of 
the federal courts. And they 
hate affirmative action. 

These forces would have yon 
believe that discrimination is a 
tiring of foe past, so there is no 
need for even modest remedies. 
They will tell you that the 
mountains of prejudice and rac- 


By Bob Herbert 


A United and Democratic Europe 


S TRASBOURG — In his 
1946 speech, Winston 


0 1946 speech, Winston 
Churchill called for the cre- 
ation of a "Council of Europe” 
as a first step to assemble all 


By Daniel Tarschys 


European states into a family 
of democratic nations. For half 


of democratic nations. For half 
a century this was but a Uto- 
pian dream. But with leaders 
of 44 European states meeting 
in Strasbourg for foe Council of 
Europe Summit this Friday and 
Saturday, it looks as if 
Churchill's vision is finally 
coming true. Democratic 
Europe is united for the first 
time m its history. 

Through its first four de- 
cades foe Council of Europe 
remained essentially a. West 
European organization thar 
was firmly rejected by Mos- 
cow. Its insistence on pluralist 
democracy and respect fra: hu- 
man rights cut no ice with foe 
Soviet leaders. Bnt this firm- 
ness also made it appealing to 
dissidents and reformers in 
Eastern Europe, and many for- 
mal contacts were established. 

What followed was surpris- 
ing. In an unexpectedly liberal 
speech at the Council of 
Europe in 1989, Mikhail 
Gorbachev called for ever 
closer cooperation in “our 
common European house.” 
This encouraged foe reform 
movement in Eastern Europe. 

After the fell of foe Balm 
Wall, foe Council of Europe 
became foe first European or- 
ganization to open 'the door for 
foe new democracies. Follow- 
ing foe sometimes arduous ne- 
gotiations on tiie new mem- 
bers’ preparedness to pursue 
reforms and respect common 
European standards, 16 East 
European states joined the or- 
ganization. Flag after flag was 
hoisted outside Strasbourg’s 
Palms de L’Europe. 

Has enlargement led to a 
dilution of the Council of 


Europe’s values, a watering 
down of its standards? Not at 
all There are certainly serious 
human rights violations in old 
and new member states and 
many deficiencies in Euro- 
pean democratic systems, but 
foe fundamental goals of the 
organization have not been 
downgraded through the in- 
flux. of foe new members. 
Quite foe reverse: The accent 
on common value is stronger 
now than ever in the histojy of 
foe Council of Europe. 

What have changed, how- 
ever, are the organization's 
ways of pursuing these goals. 
More emphasis is now placed 
on monitoring and on support 
for legal -ref orms and institn- 

tion-bmldiDg. The Council of 
Europe has become a school 
fw democracy where much ad- 
vice is given and experience is 
shared But it also insists on 
mutual respect and the equal 
rights of all members. 

The greatest achievement 
of the Council of Europe is 
probably the establishment of 
a European Court of Human 
Rights. It will be beefed up 
next year and will soon have 
competence covering the • 
whole continent Ukraine and 
Moldova gave foeir inhabit- 
ants foe right to turn to foe 
European Court a month ago. 
A similar proposal for Russia 
was recently signed by Pres- 
ident Boris Yeltsin and sent 
for approval to PariiamenL 

The new foreatt to Euro- 
pean stability rank high 
among the topics for 'foe Stras- 
bourg Summit crime, corrup- 
tion, drugs, ethnic conflicts 
and social exclusion. A draft 
action plan calls for imens- * 
ified European cooperation in 
all these areas. Bnt there will 


% also be dose attention to cit- 
izenship, education and to the 
common cultural heritage, 
ring Minority issues have been a 
it at priority of foe Council of 
ious Europe since its first summit in 
old Vienna four years ago. Two 
and conventions obliging govem- 
sro- meats to be more respectful to 
but foeir minorities are soon com- 
the ing into effect, and the summit 
>een will now discuss further action 
in- to promote confidence be- 
ers. tween different ethnic groups, 
sent As a third European s n mmi r 
iger this year, after the Amsterdam 
y of Intergovernmental Conference 
of the EU and foe NATO Mad- 
9w- rid Conference, the Strasbourg 
n’s meeting is dense both in sym- 
fils. holism and substance. While 
ced all three organizations reject 
prat new dividing lines in Europe, 
itu- foe Council of Europe sees it- 
[ of self as an initiator and a mo- 
tool bflizer, often joining forces 
ad- with others to obtain impact 
e is beyond its modest means, 
on A case in point was foe re- 
pal cent youth campaign against 
racism and xenophobia, 
lent which relied heavily on the 
> is enthusiastic contributions of. 
t of national youth organizations 
ran and has been followed- by an- 
up excellent initiative in foe. 
jve European Union: foe Year 
the- Against Racism, 
ind With the euphoria of foe 
bit- early ’90s feded, Europeans 
foe face tough challenges. But foe 
gO. ClOUd also has its Silver linino - 
isia There is a new c ommun ity of 
es- values throughout the contin- 
ent eni and a strong will to pro- 1 
mote stability and cohesion, 
ro- The Strasbourg Summit I 

igh should capitalize on this com- 
as- mitment and set an agenda for 
ip- wider cooperation. - 


ism have been leveled and that 
we are living, ih the" flat terrain 
of equal opportunity. 

I had dinner recently with a 
veteran of foe desegregation 
wars of the 1950s and '60s. 
When the subject of affirmative 
action came up, he said: 
“They’re killing us. It's so sad 
to see whai’s happening.” 

What is happening isThat in 
the name of fairness foe doors 
of colleges and professional 
schools are being slammed in foe 
feces of ethnic minorities. Gov- 
ernment attempts ai giving a 
helping hand to businesspeople 
who have been excluded by prej- 
udice from tbe benefits of the so- 
called free marketplace are being 
thwarted. Voting rights advances 
are being reversed. 

One particularly perverse 
thing about foe rollback is foe 
extent to which it is happening 
through foe courts in cases in 
which foe people who would be 
most affected by an adverse rul- 
ing have absolutely no say. 

In a typical affirmative action 
case a lawsuit is brought by a 
white plaintiff against a mostly 
white institution that allegedly 
has granted an unfair preference 
to a black person or other ethnic 
minority. The ramifications of 
such a suit might be profound. 
A negative ruling might affect 
ethnic minorities across foe na- 
tion. But foe case is argued from 
first to last by representatives of 
the plaintiff and foe institution. 
The people who have foe most 
to lose are shut out of foe pro- 
ceedings. They are voiceless. 

In the halcyon days of the civil 
rights movement, a small group 
of lawyers, most of than black, 
were able to craft tbe strategy 


that led to foe destruction of legal 
segregation. They were able to 
decide which cases topush, how 
best to push them. They could 
survey the judicial and political 
landscape and determine the best 
ways to proceed. 

Now foe legal attack is com- 
ing from foe other side. The 
people defending affirmative 
action in the courts are not ne- 
cessarily strong believers in af- 
firmative action themselves. 
Often they are lawyers repre- 
senting government agencies, 
school boards or universities. 
Their cases are not coordinated. 
And when they lose, they often 
appeal without consideration of 
their likelihood of success, or of 
foe wider effect that an adverse 
hiriier court ruling can have. 

That is the problem with the 
Piscaiaway, New Jersey, case in 
which a white teacher was laid 
off, allegedly in foe interest of 
diversity. The case is a loser. But 
the school board has pressed its 
appeals. The case is now before 
foe Supreme Court and foe only 
real question is how sweeping 
tbe adverse ruling will be. 

The Piscaiaway school board 
members may not realize that 
their case is not in foe best in- 
terest of the many Americans 
who legitimately rely on affirm- 
ative action for a more equitable 
shot at a better life. If the board 
really wanted to do something 
helpful with regard to affirm- 
ative action, it would make foe 
case go away by paying foe judg- 
ment won by the teacher in a 
lower court. It would try to grasp 
tbe concept of cutting one’s 
losses. It would acknowledge 
that there are better cases and 
better venues to come. It would 


* • ’ ■ ■ HS 

■*: t ■ * 






SESiSAL 


ST 




xiu. movement, a small group accept a misfortune in tbe in- 
lawyws, most of them black, terest of averting a disaster, 
re able to craft tbe Strategy The New York Times. 


IN OUR PAGES: 100. 75 AND 50 YEARS AGO 
1897: Russian Plotters ing determined to die and to kii 


PARIS — M. Goron, former 


fog determined to die and to kill 
him so foot no other woman 
should have him. The post- 


of poison, yet both died 


published in the Journal an ac- 
count of how, in 1890, ML Lozd, 
as Prefect of Police, brought 
about the arrest of, a band of 
Russian Nihilists who were 
plotting against the life of Al- 
exander HI. The frustration of 


from some subtie substance 
which .attacked foeir hearts at 
the same moment. 




1947: Paris Drag Ring 


u. 


NEWYORK-topoLcean- ^ 
s J office STS ^ - 


don of Alexander Neveskv ‘ J 7* ^ raae m 1X10111 2 

and opium in Paris and the Pro- 

iam tv j-* t« -* vincial cities. Thirty-one per- ^ 

ly&d: Deadly Embrace s™* including the suppliers of V* ... 

NFW YORK 1 ^ tinigs and foe ring leaders, , - ... * 

’V. . 

ra a Pte;»W f ,hia home, died, SSSSe taSwSenSS: v 

bebeve it was a case of murder cai&e. The investigation was car 

riedoutbythe^S™^" 

squad.” There werewro teams. Vis v •*- 

man in her embrace and kissed and lira inquiry disclosed the or- ‘‘-I* . 

him with poisoned bps, she be- ganizatioas were linked. k - 


1922: Deadly Embrace 


The writer is secretary-gen- 
eral of the Council of Europe. 
He contributed this to the In- 
ternational Herald Tribune. 


<1*. JJ .* 


NEW YORK — * Stella Zeislich 
and Hany Devine, two servants 
in a Philadelphia home, died, 
and after an inquiry foe police 
believe it was a case of murder 
and suicide by poisoned lips. It 


: * 


§v 

Ox.ri'- 


him with poisoned lips, she be- 




gamzanons were linked. 




- . *- V *-*#:* T 




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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 11-12, 1997 


PAGE? 7 


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French: TeL 0041-61-601 37 38 
English: Tel. 0041-61-601 37 35 or 0041-79-218 67 49 
ev«y day 2 to 8 prn^ 

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I 


ART 


Exiles and Emigres: Artists Who Fled 


By Katherine Knorr 

Iniermrionul Herald Tribune 


B 


ERLIN — Beginning in 
1933, when Hiller came to 
power, hundreds of thou- 
sands of Jews and others 
deemed undesirable by the Nazis 
sou gh t to flee, many of them to the 
United Stales. American arms were not 
wide open, however, and increasingly 
desperate refugees came up against the 
wall put up by U-S. consulates; some, 
more famously, got as far as the Flor- 
ida coast only to be turned back to 
Germany and nearly certain death. 

Among those who sought shelter in 
the United States were many artists 
and intellectuals, and those who got in 
transformed the shape of American 
art and architecture and were influ- 
ential in putting New York on die 
international art map. The tragic iron- 
ies involved — how very much Euro- 
pean artists and intellectuals contrib- 
uted to American culture high and 
low. and how resistant many Amer- 
icans were to giving them refuge — is 
the subject of a fascinating exhibition 
that opened Friday in a city where the 
cranes that usher in the uncertain fu- 
ture hover above reminders of two of. 
the most brutal regimes in history. 

• The Fust thing "Exiles and 
Emigres” (the show comes from the 
■Los Angeles County Museum, and its 
;only European venue is the Neue Na- 
tionalgalerie, through Jan. 4) makes 
clear is that there is no clear pattern 
about the means or the motivations 
that during die 1930s and 1940s 
caused successive waves of artists, 
writers and historians to flee Ger- 
many and occupied Central Europe. 

Each refugee was different, each 
exile worked out differently. For the 
Jews, remaining in Europe often 
amounted to a death sentence, for 
others, it was simply a situation where 
they could no longer earn a living. 
There were those who had settled in 
Paris long before, or who fled there, 
only to find the Nazis behind them. 
There were those who went to Britain 
and, like Kurt Schwitters and John 
Heaxtfield, found themselves interned 
as enemy aliens. 



John Heartfield s “Reservations: Jews Driven Like Cattle," 1939. 



Ti 


| HERE were those for whom 
America was a dream, and 
others for whom leaving Par- 
is was a kind of death. Some 
increasingly lent their art to the fight 
against Nazism, others, like Max 
Beckmann and Wassily Kandinsky, 
only wanted to be left alone; some 
worked for the Nazis when it suited 
them, like Ludwig Mies van der 
Rohe. 

Emigre groups vied for the moral 
high ground, and artists bickered 
among themselves or turned away 
into solitude. Almost all of those who 
tried to go to America had a rough 
road of it in the face of strict national 
immigration quotas: there was also 
widespread anti-Semitism, notably in 
major American universities. 

Even Max Ernst, who had backing 
from Peggy Guggenheim, whom he 
would marry, was arrested when he 
arrived in New York. Some never 
made it. like Beckmann, who couldn't 
gel a visa, spent the war in the Neth- 
erlands and emigrated to the United 
Stales afterward. 

Some thrived artisticallv in exile. 


others, like George Grosz, became 
sad and confused. Many returned to 
Europe after the war. from Mare 
Chagall to Andre Masson to Grosz 
himself. 

Reactions in the United States to 
the refugee problem in general and to 
the question of homeless European 
artists were also vastly contradictory. 
Many American intellectuals and ait 
patrons, as well as European dealers 
already living in New York, went to 
tremendous lengths to get historians, 
critics, art dealers, artists and writers 
into the United States and, import- 
antly, into situations where they could 
earn a living. And the list of Euro- 
peans who did emigrate is long and 
impressive. They went to New York, 
where many of the painters went (and 
the publishers, who would so greatly 
enrich the American book world), to 
universities around the United States, 
and in and around the movie business 
in California. 

At die same time, the Roosevelt 
administration, under pressure from an 
isolationist Congress and public opin- 
ion molded in part by tire horrors of the 
Depression, resisted increasing tire 
tight national quotas for immigrants. 
There were understandable fears about 
a fragile labor market being upset by 
tire arrival of too many foreigners, and 
a lot of ugly reasons graphically rep- 
resented in this show by a photograph 
of swastikas and American flags 
marching side by side down East 86th 
Street in New York in 1937. 


American attitudes also were con- 
tradictory in response to the sudden 
arrival of European modernism, or of 
die social ideas of tire Banh&us ar- 
chitects. And for emigres used to Par- 
is's thriving artistic fife and venom- 
ous artistic gangs, America 
sometimes felt like an intellectual 
desert. 

Rich benefactors and art world fig- 
ures were less interested in those 
artists who most needed help than 
they were in tire big and bankable 
brand names, most of whom, like 
Picasso or Matisse, had no interest in 
emigrating. Before America entered 
die war. appeasement and isolation- 
ism worked against contemporary 
German art, not terribly popular to 
begin with with its bhmtness and its 
muddy colors: A plan to display Ger- 
man art at the Freedom Pavilion of the 
1939 New York World’s Fair foiled 
for political reasons (there was no 
German government presence at the 
fair). After America entered the war, 
German art became associated with 
the enemy. 

Nonetheless, the European pres- 
ence influenced American architec- 
ture in ways no human eye can miss, 
and indirectly led to the maturing of 
American art into Abstract Expres- 
sionism. 

“Exiles and Emigres,’’ which was 
curated by Stephanie Barron (who 
also curated die Los Angeles County 
Museum's 1991 re-creation of the 
Nazi 4 ‘Degenerate Art' ’ show), is not 


really an “art” exhibition, although 
its foots is on the visual arts; it is 
essentially a vast documentary that 
includes painting, sculpture and art 
photography as well as documentary 
photographs, articles, chilling letters 
and telegrams. 

Barron chose an eclectic group to 
Illustrate the show's big themes, from 
Chagall to Lyonel Feininger, Walter 
Gropius to Salvador Dali, Andre 
.Keitesz to Jacques Lipchitz, Roberto 
Se bastian Marta Ecbaunen to Piet 
Mondrian, as well as scholars like 
Erwin Panofsky, Richard Krau- 
theimer and others who essentially 
established the study of art history in 
American universities. 

Almost all the art presented was 
executed between 1933 and 1945. 

These works are not necessarily rep- 
resentative of tire artists, or specif- 
ically related to world events, al- 
though the show is dominated by 
images of death. On the one hand, we 
have Andre Masson's cartoonish 
“The German Soldier” (1941), or 
Chagall’s “White Crucifixion,” 

(1938), where a synagogue is burning 
and Jews fleeing in a violent land- 
scape. On the other hand, here are 
Beckmann’s dark-browed self-por- 
traits, or the abstract shapes of Josef 
Albers. 

Exiled artists also looked at their 
new borne, and there are interesting 
riffs on Manhattan throughout the ex- 
hibition: Kertesz's "Window Wash- 
ing — Rockefeller Center” (1937), 

Andreas Feininger’s “VE Day Re- 
action, 1945,” Grosz’s smoky 
“Lower Manhattan '’ (1934), Lyonel 
Feininger’s skysaapers. 

Among the themes in the exhib- 
ition are the Bauhaus in America, and 
the American educational institutions 

refogeesT like°tee Nw^ool^for The Gale Gates improvisarional theater group rehearsing down in Dumbo . 
Social Research in New York, which 
invited many Europeans to teach 
(there was a loophole in the quota 
system that allowed academics easier 
entry), or Black Mountain College in 
North- Carolina. The show also looks 

wS^IS^e^eSSS^to^t A Neighborhood Called Dumbo Pulls In Artists 

refugees out. ® 

of the slice of Brooklyn Main Street, seems an 


The Nei» Yak Thai 


Not Chic New York, Yet 


I 1 
•.1 


Si 

tL 


T 


| HE show’s presence in Ber- 
lin, in a building designed by 
Mies whose glass walls show 
a rather sinister panorama of 
the city, has a resonance it could have 
nowhere else. This is made even 
stronger by its coincidence with the 
Martin Gropius Bau's exhibition of 
20th-century German art, which 
shows in unpleasant detail the terrible 
force of German prewar art and die 
vacancy of cont emp orary works. 

At a time when the past in France. 
Switzerland and Scandinavia is very 
much in the news, this exhibition 
seems to be pointing in the direction 
where die* attention of historians is 
bound to turn more fully soon: What 
did America know and when did it 
know it? And did American policy, as 
a movie associated with the exhib- 
ition puts it, amount to deciding who 
would die and who wouldn’t? The 
film, with poignant commentary from 
survivors, looks in detail at the U.S. 
government’s unwillingness not only 
to increase its quotas for immigrants, 
bnt even to fill them, as the trains 
rolled east. 


By Peter Marks 

New York Times Service 


N; 


EW YORK-— Chic 
it isn’t. It has no 
smoke-filled cof- 
feehouses, no up- 
scale galleries, no boutiques 
with exposed brick and re- 
finished floors and racks of 
black mimdresses. Most 
hours of the day, the indif- 
ferently paved streets lined 
with air-conditioner repair 
shops and auto-body garages 
are as deserted as the seedy- 
back: alleys and wharves de- 
picted in grainy episodes of 
"The Naked City. 

The nearest bookstore is 
two subway stops away. Even 
the neighborhood laundry is 
in another neighborhood. 

And yet this moody street- 
scape, eternally dwarfed by 
tbe spans of two great East 
River bridges overhead, is 
anything but a fossil of the 
old, industrial New York. 

Behind tbe grimy windows 


ARTS 


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19th and 20th Century 
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Auction in Tel Aviv 

Thursday 23rd October 1997 at S.30pm 



On view from Sunday 
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View and Sales at the 
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1 October 17-ag, BI3/1I, p * 


the 

known as Dumbo — short for 
Down Undo' tbe Manhattan 
Bridge Overpass — 
everything is freshly minted. 
Watercolorists and sculptors, 
actors and writers, film- 
makers and collagists is 
search of affordable work 
space and conanon ground 
have moved to this castoff 
neighborhood, contributing 
to its growing reputation as a 
haven for artists of all 
stripes. . 

— Actually, ra. small number 
of artists have been working 
(and living) in Dumbo for de- 
cades. But now, with redevel- 
opment plans under discus- 
sion, experimental troupes 
settling in from Manhattan 
and more and more young 
people setting up shop in the 
old factories and warehouses, 
a group of Dumbo artists have 
decided, in a sense, to go pub- 
lic with what’s happening in 
tbe lofts and studios of their 
riverside enclave. 

Next weekend, more than 
120 artists from the neigh- 
borhood are staging what is 
being billed as a three-day 
multimedia arts festival unH^r 
tbe Brooklyn and Manhattan 
bridges. “Dumbo: Art Under 
the Bridge” is, its organizers 
say, die most ambitious aits 
festival ever presented in 
Dumbo. It’s a coming-out 
for an amenity- 
zone seeking to raise its 
profile. 

The festival, which begins 
next Friday evening and con- 
tinues through Sunday, Oct. 
19. is an attempt to harness 
the d i s p a r ate talents of 
Dumbo's practitioners of the 
fine, graphic and performing 
aits, many of whom are only 
vaguely aware of one anoth- 
er. 

The scope of the event is as 
broad as the artists’ varied 
disciplines: from alternative 
theater troupes to documen- 
tary filmmakers, from futur- 
istic clothing designers to 
conceptual artists. 

“It may be one of the last 
of what could be considered a 
true arts community in New 
York,” said Joy Gfidden, a 
painter who moved her studio 
to Dumbo five years ago from 
a nearby community and is 
one of the festival's organ- 
izers. “When I first moved 
here, it was so isolated and 
abandoned. But artists are al- 
ways drawn to the rough 
edges. And die number of 
artists in the neighborhood 
seems to have quadrupled in 
tbe last few years.” 


u- 


joke. 

The rough edges of Dumbo r 
may be most familiar to out- 
siders as a backdrop; its 
streets have been used as the 
setting in coundess films and 
commercials trying for a dose 
of gritty urban realism. 

“It’s a timeless place,” 
said Gfidden, whose paint- 
ings of late — female arche- 
types and abstract environ- 
ments — reflect some of the 
dark drama of these rutted 
cobblestone streets. “It’s got 
that o(d New York gangster 
feel about it And right now 
it’s a Realtor’s dream.” 

Some of die festival’s par- 
ticipants say they became in- 
volved in the event as a way 
of illustrating how vital ait 
has become to Dumbo, and • 
how crucial Dumbo is to 
them. As the real-estate mar- 
ket heats up all over the city, 
pricing struggling play- 
wrights and painters ont of ; 
traditional haunts like Man- 
hattan's Lower East Side, y 
Dumbo is viewed as an in- 
creasingly crucial refuge. 

The artists also want to en- 
sure that their voices are 
beard in the continuing de- 
bate over the redevelopment 
of the Brooklyn waterfront; a 
long-stalled plan by David 
Walentas, a Manhattan de- 
veloper who owns seven ma- 
jor buildings in Dumbo, to ■ 
build an entertainment com- 
plex on the waterfront has met 
with fierce opposition from 
some artists and community 
groups. 

For the festival, more than 
80 artiste will open their stu- 
dios to the public, and dan- 
cers, poets and filmmakers 
will mount free exhibitions. 
No limits were placed on par- 
ticipation; anyone working in 
the neighborhood, regardless 
of merit, was extended an in- 
vitation. 

There are Dumbo veterans . 
like John Wells, maker of hu- 
morous sculptural television 
sets, who wifi open the doors 
to his workshop in a walk-up 
on Jay Street, and newcomers 
film Michael Counts and 
Michefie Stem, whose exper- 
imental theater company. 
Gale Gates et ai., moved to 
Main Street in July and will 
open its doors, loo. 

Counts and Stem relocated 
their company, which melds 
art and theater in performance 
pieces staged in vast indoor 
kuidscapes, to Dumbo after 
the building in lower Man- 
hattan in which they staged 



-tast lew years. their last work, a retelling of 

‘“The Odyssey” titled^ine 
that fades m plain sight. It’s Blue Open Water” was 
less than a seveo-nmmie walk sold. ^ ’ was 

£2,.* &om the The troupe opted for off- 

Brooklyn Heights women- the-beaten-path Dumbo after 

Walentas offered what Stem 
Heights and other surround- called a “great deal” on the 


ing co mm u n ities have never 
even heard of their neighbor’s 
whimsical acronym, coined 
by a local artist 
A few .bars, cofee shops 
and government buildings are 
situated in die district, 
bounded by a riverside state 
park and the historic work- 
E-dass enclave of Vinegar 
[L But it re mains such a 
well-kept secret dial the name 
of one of its thoroughfares, 
the two-and-a-half-block 


tease of 40,000 square feet on 
the ground floor of a tum-of- 
the-century building. 

“The day we walked in 
here, we were just like, yeah, 
tins would be O.K.” Stem 
said, standing on die upper 
level of an immense open 
space. 

Instantly, the theater 
people felt at home. “It seems 
p tf everyone who lives 
here,” Stern said, “is 
artist.” 


an 


1 








INTERNATIONAL HERALD TR» ^ 

R4CE9 


l ^tQ9 

SATURDAY-SUNDAY, OCTOBER U-l^ 



La Tour in Paris: Of Light and Tragedy 


Itaclttad 

Mark di Suvero working on "Mozart's Birthday” near the Invalides. 

View From a Girder: 
Artist as Steelworker 


By Michael Gibson 

International Herald Tribune 


Pi 


, ARIS — The American abstract 
I constructivist sculptor Mark di 
- , — Suvero, who has set up nine of 
vi a. his largest works at six locations 
around the French capital, does not ex- 
actly appreciate comparisonsofhis work 
to Alexander Calder’s larger sculptures. 

True, there are a number of obvious 
similarities. Di Suvero also works with 
large iron girders, which he assembles 
.and occasionally paints a bright fire- 
engine red — a color also favored by 
Calder in man y of his works. But Calder, 
he objects, gave scale models of his 
stabiles to a team of ironworkers who did 
the actual work. Di Suvero, on die other 
hand, despite die lasting consequences of 
an accident that, in 1960, left him para- 
lyzed for two years — he was crushed 
while riding atop an elevator — takes an 
active part in die draping and assembling 
of bis towering works. Nor does he hes- 
itate to clamber up the large girders he 
works with, welding, bolting and bend- 
ing them into sculptures that weigh up to 
’ 32 ions. 


B 


ORN Marco Polo di Suvero in 
Shanghai in 1933, the son of an 
Italian naval officer who 
j — — resigned his commission in 
" V protest when the war broke out, di Suvero 
grew up in the United States where his 
family moved when he was 8. 

After his accident, he became the 
first artist known to use a crane to 
assemble his monumental sculptures. 
The first work produced in this way 
was the red piece entitled “Are You 
What? For Marianne Moore” ( 1-967), a 
partly mobile work now on view near 
the Invalides. 

• Di Suvero’s American career was mo- 


mentarily interrupted when he left the 
country in 1971 as a result of his militan t 
opposition to the Vietnam War, a de- 
cision attesting to an intensity of con- 
viction that seems to run in the family. He 
lived for a while in the Netherlands but 
finally found himself a home in Chalous- 
sur-Saone, France, where he was invited 
to come to work with the powerful lifting 
and steelworking equipment of the city's 
shipyards. Twenty-three years ago, he 
displayed five monumental works in die 
Tuileries Gardens in Paris. 

By 1974, di Suvero was again working 
in the United States and he now shares 
his time among Chalons, Petaluma, Cali- 
fornia, and Long Island City, New York. 
In this last site, 10 years ago, with the 
help of the mayor of New York, he set up 
the Socrates Sculpture- Park for young 
artists in a vacant lot near the studio he 
maintains in an old warehouse. 

Scale is of the essence in di Suvero's 
work. Partly because many of these 
spectacular pieces function as a land- 
mark ora signal — as does the 30-meter- 
tall (100- foot- tall) sculpture, a tribute to 
Einstein, standing in front of La Grande 
Halle de la Villette in Paris — but also 
because the spectator cannot help sens- 
ing the very real challenge presented by 
the sheer weight of the material the artist 
has chosen to work with. This, more 
than anything else, invests each sculp- 
ture with an unusual tension and turns it 
into a virtuoso game, a risky, provoc- 
ative gamble against gravity. 

The sculptures will be on view in 
Paris, on die Esplanade des Invalides, in 
front of the new Bibliotheque Na- 
tionale, on the Place de Fontenoy facing 
Unesco, on the square of St Germain- 
des-Pres. in front of La Grande Halle de 
la Villette and ou the Quai Andre Cit- 
roen opposite the offices of Canal Plus 
television, until Nov. IS. 


International Herald Tribune 

P ARIS — Some great art shows 
also tell a great story, but die 
“Georges de La Tour" (1593- 
1652) . retrospective, at the 
Grand Palais until Jan. 26, beats (hem 
all How the oeuvre of a great French 
master was forgotten — to the point 
where his signature was ignored by the 
museums that owned his pictures — 
says a great deal about Academe. 

The 43 pictures now accepted by 
scholars as genuine are there to be seen, 
supplemented by copies that bear wit- 
ness to the existence of lost originals. 
They make up an extraordinary pageant, 
so powerfully idiosyncratic, so obvi- 
ously the product of a mind haunted by a 

SOURENMELDQAN 

certain vision of humanity, that with die 
knowledge of hindsight one wonders 
how it could have failed to leap to the 
eye — indeed how so self-assertive a 
body of pictures could have been al- 
lowed .to sink into oblivion. 

But sink it did. When the French 
scholar Alexandre Joly published a six- 
page article on the artist in 1 863, he did 
not even get the name right. The title 
read “Du Mesnil-La Tour, pelntre.” 
Whether die historian knew about die 
brief entries in the supplement to die 
Nantes Museum of Fine Arts printed in 
1861, which stated that “Tlie Appar- 
ition of the Angel” and “Saint -Peter's 
Denial,” two admirable works in die 
museum collection, were signed “GS. 
de La Tour” and “G. de La Tour,” 
respectively, is unclear. 

Academe rarely operates at lightning 
speed. It was not until 1915 that a Ger- 
man art historian, Hermann Voss, pro- 
jected a visual image of La Tour's 
oeuvre. Clearly drawing on Joly's ar- 
ticle, his short piece titled “Georges du 
Menil de La Tour,” reproduced the two 
Nantes pictures and the unsigned 
“Newborn Child,” one of La Tour's 
supreme masterpieces, in the Rennes 
Museum of Fine Arts. 

Together, die paintings should have 
made an instant impact. They sum up 
the quintessential La Tour, singularly 
different from the Dutch artist Hont- 
horst, with whom he was so often con- 
fused in the past, or from ‘ ‘Gerard Segh- 
ers” to whom his two (signed!) pictures 
in Nantes were ascribed when they 
entered the museum in 1810. 

Indeed, La Tour as he can be seen 
now stands apart from any of his con- 
temporaries. Although celebrated since 
the great 1934 Paris show “Peintres de 
la Realite” as a “realist,** the char- 
acterization hardly does him justice. His 
art is about human distress and solitude 
— even when his characters appear -in 
groups. These are real enough, but noth- 
ing else is. Painted in sculptural fashion, 
on a monumental scale. La Tour's hu- 
mans sit, stand or move in immaterial 
surroundings, without any discernible 
background or foreground. There are no 
props. Objects, which are few, are -as 
sculptural in their handling as humans, 
and loaded with symbolism. 

But what makes the “realistic” char- 
acterization so inadequate is above all 
the light, unreal in its intensity, forever 
springing up from behind in nocturnal 
scenes, or incomprehensibly illumin- 
ating those he portrays with a glare that 
seems to chisel their features, when they 
are supposedly seen out in the open. 

There is a theatrical stylization about 
his groups that reaches a paroxysm of 
intensity in the Rennes “Newborn 
Child” probably intended as a “Virgin 
and die Infant Jesus. ’ ’ The costumes are 
those of daily life in 17th-century 
France and there are no symbols or signs 
of identification. Yet a deeply religious 
feeling emanates from the scene, with 


THAT’S AN ORDER By Nancy Salomon 


ACR0S5 
1 Puts down 
8 Puis up 
14 Passover breads 

20 Surplus 

21 Fish that hitches 
rides 

22 Broadcast, e.g. 

23 Order fo a 
longshoreman? 

25 Surgical probe 

26 Busy 

27 Caesar. Tor one 

28 CivH rights 
leader Medgar 

30 Antique car 
owner's need, 
for short 

31 Perfect number 

32 Ordertoa 
CP.A.7 

35 Fatigues 
38 TheGipper 
41 Robert Blake TV 
series 

43 City on the 
Sauna and 

Rhone 

44 ThaiGeller 
teller 

45 Garden pests 
48 Snaps of the 

fingers 

48 Ontertoanart 
gallery worker’ 

52 Kind of sale 

53 Spleen 

54 I* — No4 r 

55 Telecast over 

56 Whereto hear 
-O pairia mia’ 

$0 Give thumbs 
down 

61 Some dances 
S3 Breathing fire 
64 Polished 
66 “likin' li — 
Streets" tI97U 
hit) 

69 Ordertoa 

quarterback? 

72 Over and done 
wfth 

73 Family once 
called “the 
land tonic or 

j New York" 

175, Hurray Tor Jos4 
78 Old 
name 


78 Pi radar work 

79 Gimlet or 
screwdriver 

80 Soap seller 

83 Dweeb 

84 Anthem 
contraction 

85 Wreck 

87 Order to an 
editor? 

91 Like Burns's 
'schemes o' 
mice on' men* 

84 Thick locks 

95 Crew tool 

96 Siouan language 

97 Makes potable, 
in a way 

99 Grabs in 
monopolistic 
fashion 

102 Strength: Var. 
104 Ordertoa 
surgeon? 

106 Gun grp. 

108 Up 10 

109 Close ro. once 

111 NavyNCO 

112 Kind of quarter 
124 Making 

redundant 
H6 Ordertoa 
sloppy senator? 

120 Park, for one 

121 One who minds 
222 One out? 

123 Troubles 

124 Rococo 

125 Burr and 
Hamilton, e^. 

DOWN 

1 Gokibnck 

2 More level 

3 Do piano work 

4 Bank offerings, 
for short 

5 Hill's partner 

6 It may need 
stroking 

7 Word with high 
or hunting 

8 Like loose soil 

9 CalUtnaway 

10 Hosp. employee 

11 Sticks together 
]2 Three-legged 

ittand 

13 Letter end. 


14 Billiard shot 

15 Small British 
idand 

16 OrderloaD.A. 
with a hung 
jury 1 

17 Whole slew or 

18 t.ikeearty 
postcards 

19 Pepper, e.g. 

24 -What's the 

T 

29 Congo neighbor 

32 One with a 
successful day- 
on Wall Street 

33 Indian ox 

34 Push 

36 Baja opposite 

37 Snake sound 

39 Calendar abbr. 

40 Can-opening aid 

42 Ticket info, 

maybe 

45 Jewish pledge of , 
faiih 

47 They 're on a 
sched. 

48 Imply 

46 Musical 
compos trial 

50 Adjoining 

51 Medium pace 

52 Use the spade 
again 

55 Fan sound 

57 Not alfresco 

58 Transferred the 
title 

59 Bean counters 

62 -Cheers!" 

63 Fannie — 

65 Progress 

67 Order to a me 
card handler? 

69 Tantan 
portrayer 

70 Quirks 

71 Sch.type 

74 1986 Starship hit 

77 Recover from a 
drenching 

81 Knight's fair 
lady 

82 Off the mark 

86 Flair 

87 Fountain treat 

88 Nat backing 



©New York Hmet/Edited by WIU Short* . 


Solution to Puzzle of Oct. 4-5 


89 Prescription far 103 Pena 

burnout 105 Vc 

90 SS™ 

9HI)WW, m ™c "® Sonwiigiwi 

92 Showing a lor of 112 Time-honored 

feeling name? 

93 Sendups 1 13 It’s east of the 

94 Actress Caspian 

•Stapleton 114 Dynamite 

98 Rock climber j 15 flu under a 

99 Uplifted head 

^Ognapackage. 117 Nabokovnovet 

101 Supermarket 1,8 End amount 

employee 119 BigTenlnlis. 



that throbbing sense of suspense that is 
another hallmark of La Tour’s. 

The great rcconstrfiction of La Tour’s 
oeuvre began. “The Adoration of the 
Shepherds ' turned up on the Amster- 
dam art market under die label 
“Honthorst” in 1926. Shown to Voss 
and pronounced by him to be die real 
thing, the picture was immediately 
offered to the Louvre, which agreed to 
buy it — the museum did not nave any 
La Tour until that year. 

Soon after Voss made a major dis- 
covery. He realized that two variants on 
the same subject, “Saint Jerome,” seen 
as an elderly man kneding with a rope in 
band for self-mortification, were the 
work of La Tour. One had ottered the 
Grenoble Museum as a “Ribera” in 
1809; the other, in Stockholm, was cata- 
logued as a “Juan-Bautista Maino” as 
late as 1928. At last, one had an idea of 
how La Toursaw daylight and the answer 
was: much the same as artificial light. 

A fantastic coup was made around the 
same time by a collector, Pierre Landry, 
who bought in Paris “The Cheat with 
die Ace of Diamonds.” The collector 
who read La Tour’s full signature be- 
came convinced in the course of his 
research that the Nantes museum’s 
“Hurdy-Gurdy Player” was by the 
same hand. The collector drew the at- 
tention of Voss to the two pictures. The 
art historian published the paintings in 
1931, this time causing a stir in the 
French art world. 

The light in “The Cheat with the Ace 
of Diamonds,” as in its va riant dis- 
covered 20 years later, is indeed ex- 
traordinary. More surreal than ever, it 
seems to bring forth the monumental 
figures out of their darkness. 

Discoveries resumed afresh . as 
Europe recovered from World War Q. 


T 


HE most sensational of all 
triggered a very Gallic explo- 
sion of fury. “The Fortune 
Teller,'’ fully signed, was pre- 
served in a chateau in the Sarthe. When 
the estate came up for sale, the heirs, 
who knew what they had, entered into 
negotiations with the Louvre. Alas, 
something snapped. Georges Wilden- 
stein, the famous Paris dealer, bought 
the picture and, according to the cata- 
logue of the current show, obtained per- 
mission “to export it temporarily A to 
the United States. There, it was sold to 
die Met To this day, the ins and outs of 
the affair remain unclear. 

Another sensational discovery, that 
of “Saint Peter Repentant,” known in 
the English-speaking world as “Saint 
Peter's Tears. ' was made in Bath. Eng- 
land, bringing to light one of only three 
dated pictures by La Tour. The London 
dealer Marshall -Spink, who bought the 
painting, submitted it to the Louvre, 
which did not budge. Eventually, 



Detail qf “ The Hurdy-Gurdy Player" by Georges de La Tour. 


* ‘Saint Peter” found its way to die Clev- 
eland Museum of Art 
In 1961, the admirable “Magdalen 
with the two Flames” came out of the 
woodwork in Burgundy, spotted by the 
connoisseur Hubert Comte and authen- 
ticated by Francois-Georges Panset, an 
eminent La Tour specialist That left 
France, without any problem. Jane and 
Charles Wrightsman donated it in 1978 
to their favorite museum, the Met 
Even greater, “Magdalen with the 
Smoking Flame,” discovered in 1972 by 
Gilberte Martin-Mery, a Bordeaux cur- 
ator. again left for America without 
hindrance. It now graces the Los Angeles 
County Museum of Art The trickle of 


discoveries goes on. On Dec. 8, 1972, 
Christie's sold for 380 000 guineas, 

4 ‘The Musicians’ Brawl” as part of the 
estate of Lord Trevor. Jean-Pierre Gizm 
and Pierre Rosenberg, the two great spe- 
cialists of 17th-century painting in ! 
France who curated the show; consider it 
to be die earliest known group painting. , 
It displays all die hallmarks of La 
Tour’s world: the monumentality, a the- . 
atrical sense ofthe tragic, the intense light > 
that carves the features. The late J. Paul 
Getty did not miss out on that one. It is . 
now in the J. Paul Getty Museum and 
leaves the Paris show on Nov. 2, in time ' 
for the opening of die museum reborn in . 
its futuristic reinoamation. 



Last Chance? 
A Record Klimt 


International Herald Tribune 

T HE last-chance syndrome is 
working wonders at auction, 
pushing up any major and 
fully documented picture by 
artists whose work is fading out from 
the market This week at Christie’s, it 
was Gustav Klimt’s turn. 

“Schloss Kammer am Attersee H,” 
painted, in 1909, almost tripled the 
highest expectations as it reached, a 
world record for any Austrian or Ger- 
man 20th-century painting of $23.5 
million. It represents the high point of 
landscape painting in Klimt's oeuvre. 
Painted in a pointillist style reinter- 
preting the technique devised 25 years 
earlier by die French artists, it is both 
strictly figural and stylized, making it 
equally attractive to traditionalists and 
modem-minded buyers: Hence the as- 
tronomical and totally unforeseen 
price. 

Souren Metikian 


ARTS 


n 


Gentlemen Prefer Bronzes, 
Part II 

Bronzes fmm Ctdna. 
Japan and Tibet 

ExHbkion and Salo 
I Soptombor 18 through October 30 



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| BthSdOogt^Jie htmuuhnulFlnuAn 
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fl 040 MADSSON AVENUE, AT 79TH ST 
NEW YORK, NY 10021 
TELEPHONE (212)078^733 
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EUROPEAN GALLERIES ■ 


llllll Messe Berlin 







PAGE 10 



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INTERNATIONAL 




R 


BUSINESS/FINANCE 


SATURDAV-SUNDAY, OCTOBER 11-12, 1997 


page n 


i i 

% 


c 


« c, 


Hollywood 

Entices 

Starstruck 

Engineers 


By Andrew Pollack 

New York Times Service 

LOS ANGELES — From the tim<» 
he was a boy, Mike O’Neal wanted to 
**put something on another planet.” 
He earned degrees in aerospace en- 
gineering and then worked for eight 
years at the National Aeronautics and 
Space Administration, helping design 
the Mars Pathfinder. 

But by the time the 
touched down on die Red 
July, Mr. O'Neal, 31, had quitNAS A’s 
Jet Propulsion Laboratory and joined a 
movie special effects company where 
his skill in computer-aided design has 
been applied to tasks like simnlateri 
lava flows in “Dante’s Peak.” and a 
: for “Titanic. “ 

it [he militat y-«nrflr tflinnw»n f 
complex. The aerospace and enter- 
tainment industries, which in the past 
inhabited parallel universes even as 
they sat side by side in Southern Cali- 
fornia, are starting to cross-pollinate, 
bringing a new level of technology to 
entertainment and perhaps returning 
dividends to the Pentagon as well. 

With, the sharp cutback in defense 
spending since the end of the Cold 
War, some aerospace companies and 
individual aerospace engineers are 
seeking their fortunes in the enter- 
tainment business. They are applying 
their expertise to areas like movie spe- 
cial effects and rides for theme parks, 
casinos and shopping centos. 

The flow of engineers, while small, 
reflects a much larger shift in the Son th- 
an California economy. Since 1988, 
die aerospace and electronics-equip- 
ment industry — once die region’s 
largest — has lost 135,000 jobs in Los 
Angeles County alone. In the same peri- 



Edmri CanrowThe V* York Tima 

Mike O’Neal, who left NASA to work in a special-effects company. 


od, die county’s entertainment industry 
has added 144,000 jobs and become the 
area’s biggest employer. Abandoned 
aircraft hangars throughout the region 
are being converted into sonnd stages. 

Another lure is that entertainment 
technology has become, in some re- 
spects, as sophisticated as that in die 
aerospace industry. Mr. O’Neal noted 
that a few movies now cost almost as 
much to make as spacecraft like the 
$250 million Pathfinder. 

A flow in the other direction, though 
still a comparative trickle, is under 
way, too, as the Pentagon looks to the 
entertainment industry for. low-cost 
technology. 

The U.S. Marine Corps, for ex- 
ample, is beginning to use sboot-’em- 
up computer games like Doom to help 
in training. Metavision Corp. of Burb- 
ank, California, which sells giant- 
screen video projection systems to 
theme parks and theaters, spun off a 
company to sell the products for mil- 
itary simulators and war rooms. 

“Off my desk suddenly went Rolling 
Stone and Variety and onto my desk 
came Defense News Weekly,” said 
Theo Mayer, who heads the spin-off, 
Panoram Technologies Inc. “It was a 


real culture shock. Fm an ex-hippie.” 

The National Research Council is- 
sued a report hue last month saying 
that-tbe entertainment «nd defense in- 
dustries share many technologies re- 
lated to computer models and sim- 
ulation and could benefit from greater 
cooperation. 

,f You have two different commu- 
nities that almost never talk to each 
other,” said Anita Jones, aprofessor at 
the Umvereity of Virginia and a former 
director of research and engineering 
for the Department of Defense. “I 
think it’s an exciting juncture.” 

The trend, however, has its down 
side fix’ the Pentagon. There is a con- 
cern that America's brightest minds 
will be lured away from defease work 
by the excitement of Hollywood. 

“If you are a young computer pro- 
grammer interested in doing state-of- 
the-art image-processing week, you 
would probably go to a Disney or a 
Pixar or a Microsoft rather than a 
Boeing or Lockheed or General Dy- 
namics,” said Bran Ferren, a top re- 
search and development official at 
Walt Disney Co. 

See GLITTER, Page 15 


Going Hollywood 


Some engineers have left NASA's 
Jet Propulsion Laboratory and 
aerospace companies in the Los 
Angeles area to work in the 
entertainment business, applying 
their expertise to amusement park 
rides and special effects in 
movies. These job changes are 
part of a broader trend that has 
reshaped the area's economy 
over the last decade. Jobs in the 
aerospace Industry have dried up, 
largely because of cuts in military 
spending, while the entertainment 
industry has become the region's 
biggest employer. 

Source: Economic Development 
Corporation & Los Angeles 


300,000 jobs 

Employment in Los Angelos County 

250 

ENTERTAINMENT ■ 

Motion picture 
and television 

200 


1/ g0** 00 ** 

- AEROSPACE 

100 

Includes computers 
and telecommunications 

50 



T»$ 


*89 


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eat 


NYT 


Home-Grown Java Without the Kick? 


\ 


Bloomberg Neves 

BRISBANE, Australia — Forbio 
Ltd., an Australian company that sells 
genetically engineered plants, said it has 
approached several companies to “ex- 
plore the potential commercial appli- 
cations” of genetically engineered caf- 
feine-free coffee plants. 

Nestle S A of Switzerland, the world’s 
biggest maker of instant coffee, “has 
been one of those companies, although 
no specific negotiations have com- 
menced.” Forbio said. 

Forbio is pursuing a plan in Hawaii to 
genetically produce coffee plant seeds 
mat yield caffeine-free coffee. 

It is developing the proposal with its 
joint-venture partner. Integrated Coffee 
Technologies lnc. of the United States, in 
which Forbio has a 16.7 percent stake. 

Monsanto Co., the U.S. agricultural 
and pharmaceutical products company, 
made a no-interest 4 million Australian 


dollar (S3 million) loan to Forbio in 
1995 that is convertible into a 16 percent 
stake. 

A spokesman for Nestle, Francois 
Perroud, said the company, whose Nes- 
cafe coffee brands command more than 
half of die world's instant coffee mar- 
ket, was not likely to pursue the pro- 
posal. 

The decaffeinated market worldwide 
is stagnant or even declining, with caf- 
feine being removed from just 5 percent 
of the world’s coffee. Mr. Perroud said. 
Also, he said, there would have to be 
multiple. varieties of caffeine-free cof- 
fee grown, because coffee that reaches 
consumers is blended from beans from a 
variety of sources. 

“Quite frankly, one has a hard time 
seeing die commercial sense in it,' ' Mr. 
Perroud added. 

The Independent in London reported 
thar Forbio believes it can eliminate the 


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(DecJ 

Sams Bcum 


U.S. Wholesale Prices Heat Up 

Signs of Inflation Send a Shudder Through Wall Street 


anvBtdtvOirSKfFmoiDiipgKks 

WASHINGTON — U.S. inflation at 
the wholesale level, led by big gains in 
the cost of energy, new cars and to- 
bacco, climbed an unexpectedly hi gh 
0.5 percent last month, statistics re- 
leased Friday showed. 

The Labor Department said that the 
September gain in its Producer Price 
Index, which measures cost pros sores 
before they reach the consumer, was the 
biggest increase this year and followed a 
0.3percent rise in August 

The gain was more than double what 
investors had been expected and the 
initial reaction was negative on Wall 
Street The yield on the Treasury’s 
benchmark 30-year bond, which moves 
in - the opposite direction of prices, 
jumped to 6.43 percent from 6.38 per- 
cent Thursday, with the price down 1 
point at 99 9/32. 

The Dow Jones industrial average 
tumbled more than 50 points at the 
, but the loss narrowed and the 
: closed at 8,045.21, down 16.21. 
Economists warned against an over- 


reaction to the wholesale price report, 
saying that energy prices have already 
begun to moderate and the spike in auto 
and tobacco costs reflected temporary 
factors. 

“This is not the leading edge of a new 
inflation problem,” said Cynthia Latta, 
economist at Standard & Poor’s DRI in 

The UJS- inflation report also sent 
European markets down. Page 13. 

Lexington, Massachusetts. “It was 
mainly tobacco cars. ” 

Financial markets had been put on a 
renewed inflati on alert Wednesday, 
when Alan Greenspan, chairman of the 
Federal Reserve Board, shook up in- 
vestors by saying that economic good 
times behind the current bull market 
could falter. 

On Thursday, Germany’s central 
hank, reflecting its own concerns about 
higher inflationary pressures, raised in- 
terest rates for the first time in five years, 
triggering rate increases across Europe. 


The September increase in wholesale 
pricesreflectedabig 1.5 percent jumpin 
energy prices, the biggest moodily gain 
since December, while food prices rose 
a modest 0.1 percent. 

But even excluding the volatile food 
and energy sectors, the so-called core 
rare of inmtiou was up 0.4 perccoLtne 
worst showing since November 1995. 
Most of the price pressures last month 
came in higher costs for new cars and 
tobacco. 

Mr. Greenspan's comments tins 
week represented a change from bis 
generally optimistic summertime as- 
sessment of the current economic ex- 
pansion, now in its seventh year with 
inflation at die lowest levels in three 
decades. 

The central bank chief warned that 
the economy’s rapid growth and heavy 
demand for workers were unsustainable 
and inflation continued to be the 
greatest threat to ending the current re- 
covery. 

See DATA, Page 12 


Germany Leads the EU to Mexico 

Investment Treaty Opens Latin America to European Companies 


By John Schmid 

International Herald Tribune 


FRANKFURT — Less than three 
years after die peso crisis broadsided 
Mexico's economy, Germany is leading 
a European drive to enlarge economic 
ties to Mexico with the aim of expand- 
ing European access to the markets in 
North and South America. 

Mexico’s signing Wednesday of an 
investment protection treaty with Ger- 
many is meant to encourage German 
companies to use Mexico as an export 
base for the rest of the hemisphere. 
Talks are already under way for similar 
bilateral arrangements between Mexico 
and Italy, the Netherlands, France, Aus- 
tria and Britain. 

“Everyone was waiting for us to fin- 
ish the negotiations with Germany,” 
said Henninio Blanco, Mexican sec- 
retary of industry and trade, during a 
six-city tour of Germany. 

A delegation led by President Ernesto 
Zedillo of Mexico, including Mexican 
business leaders, is to end a five-day 
state visit to Germany on Saturday. But 


Mr. Zedillo cut short his visit to Ger- 
many on Friday to fly back to Mexico, 
wbere a hurri cane has killed more than 
100 people this week. 

Eager to rev up its export motor, 
Germany hopes such a series of one-to- 
one investment treaties will add mo- 
mentum to a separate initiative that 
would create a free-trade agreement be- 
tween Mexico and the 15 member na- 
tions of the European Union, German 
and Mexican officials said. 

Talks for EU agreement start in the 
spring and have the avid support of 
German industry, which began to ce- 
ment ties to Mexico long ago with big- 
ticket investments by German auto- 
mobile and chemical companies for pro- 
duction works in Mexico. 

If the envisioned EU treaty on free 
trade in goods and services is com- 
pleted, die EU would end up with better 
trade terms with Mexico than it enjoys 
with the United States or Canada, ac- 
cording to analysts in global trade fa- 
miliar with tiie negotiations. 

The raft of new treaties would do 
more than open new trade channels be- 


tween two of die world’s biggest eco- 
nomic zones. In a hallmark ofthe age of 
globalization, the treaties are certain to 
give companies in high-wage Europe 
new incentives to produce in low-wage 
Mexico. 

Given Europe's chronic unemploy- 
ment, most Boon government and'eor- 


they speak of Mexico’s “im- 
portant bridge function” to markets in 
North, South and Central America, in 
the words of Foreign Minister Klaus 
KinkeL 

An ardent supporter of tight ties to 
Mexico, he said this week that the 
“puma” economies of Latin America 
represent the most dynamic region be- 
hind the “tiger'’ markets of Asia. 

As the sole production site of its “New 
Beede” model. Volkswagen AG chose 
to retool its existing Mexican woiks for 
use as a platform to ship the redesigned 
auto into the United States and Canada. 

“This is the first time Mexico has 
been picked as the world site for the 

See TRADE, Page 13 


Washington Raps Tokyo on Car Market 


need to use an expensive chemical pro- 
cess to remove caffeine to produce de- 
caffeinated coffee, a process that impairs 
the flavor and smell of coffee, it said. 

Mr. Perroud said that was misleading 
because there were now water-based pro- 
cesses for washing caffeine out of coffee 
beans that did not require ch emicals . 

Forbio's chief executive, Bill Hender- 
son. could not be reached for common. 

Consumption of decaffeinated coffee 
is declining in the United Slates in par- 
ticular, the National Coffee Association 
of the U.S A. said in a report. 

Nine percent of U.S. consumers reg- 
ularly drink decaffeinated coffee, com- 
pared with 1 1 percent in 1996 and a high 
of 18 percent in 1987. 

A greater focus on “full strength” 
premium coffees and reduced concerns 
about the health impact of caffeine are 
possible reasons fen* the drop in pop- 
ularity. analysts said 


OmeOeiifOtaSagFnmiDbpaKtin 

SAN FRANCISCO — U.S. and Jap- 
anese officials ended three days of talks 
Friday in disagreement over Japan's 
progress in opening up its car and parts 
markets to more foreign competition. 

U.S. officials expressed strong dis- 
appointment that Japan did not offer to 
do more to implement a 1995 trade 
accord between the two countries. But 
Japanese officials defended their record 
and said they were surprised by the U.S. 
officials' accusatory tone. 

In three days of talks, the United 
States had presented a series of pro- 
posals on ways that Japan could speed 
efforts to remove barriers to sales of 
both cars and auto parts, said Wendy 
Cutler, assistant U.S. Trade Represen- 
tative who led the U.S. team. 

“We strongly urged Japan to accel- 
erate its deregulation efforts," she said. 
“Japan, however, was only prepared to 
discuss the past and not what actions are 
needed in me future.” 

The U.S. proposals included recom-- 


mendations for expanded deregulation 
of the anto-repair market as a way of 
increasing sales of U.S.-made brakes 
and other replacement parts. 

“We are disappointed that Japan 
could not commit to significant concrete 
steps that could benefit all parties,” Ms. 
Cutler said. 

Gene Sperling, chairman of the Na- 
tional Economic Council, said the Clin- 
ton administration was “aot satisfied'* 
with Japan’s ineffectiveness in opening 
its market Treasury Secretary Robert 
Rubin also expressed disappointment 
with the lack of progress. Mr. Rubio 
said fee Japanese government had so far 
not met its stated goal of stimulating 
domestic economic demands. 

1 ‘That is the challenge that lies before 
Japan,' ' Mr. Rubin said. ‘ ‘That is the set 
of objectives, that they have to meet.” 

An auto industry lobbyist, who asked 
not to be named, said Friday that UJS. 
officials would meet again with their 
Japanese counterparts next week to dis- 
cuss further market-opening strategy. 


“dearly the government is reaching 
the point of frustration that we have 
been at for some months now,” said the 
lobbyist, who represents the Big Three 
U.S. automakers — Chrysler Corp., 
Ford Motor Co. and General Motors 
Corp. 

American auto companies have urged 
the administration to launch a process 
that could lead to U.S. trade sanctions if 
Japan does not speed up its deregulation 
process. But American officials refused 
to discuss what options the adminis- 
tration has under review if the goals of 
the agreement are not met 
Japan and the United States reached 
agreement in 1995 on a five-year pro- 
gram to expand sales of American and 
other foreign-made cans and parts with 
an annual review required to monitor 
progress. 

While sales of U.S. cars in Japan 
increased by 34 percent in 1996, sales in 
the first eight months of this year have 
declined by 19 percent 

( Reuters , AP. Bridge News) 


74X1 7430 

7Vt 74X3 

7tt nt 
714 m 
m m 

051 653 


330 330 

3*i 34U 

39k 3Vk 
3Vi 3W 
3W W 
541 556 


32735 32090 -5.10 
32730 32890 —450 
NovYMt 32930 331220 +200 
U5L doOwpor mot. London offlUW 


How Tight Is the U.S. Labor Market? 


By John M. Berry 

Washington Past Service 


WASHINGTON — Alan Green- 
span rattled financial markets this 
week in reiterating his concern that the 
U.S. labor force cannot keep growing 
fast enough to keep up with the na- 
tion’s rising demand for workers. 

Sooner or- later, the chairman of the 
Federal Reserve Board warned, the 
pool of people of working age who 
don’t have jobs will shrink enough that 
wages will take off, accompanied by 
inflation. If necessary, the, Fed will act 
to prevent that from happening, he 
indicated. 

The issue is not how many people ' 
are unemployed, bat rather the extent 
to which the millions of people who 
don’t have a job but arc not looking for 
one can be enticed to work. (People are 
not officially counted as unemployed 
unless they are actively looking for 
work.) 

Since 1980, die status of a signif- 
icant share of the working-sage pop- 
ulation — those 16 and older — has 
indeed shifted from being out of the 
work force to being part of it. An 
increasing number of women joining 
the work force accounts for most of 
that shift. 

In September, there were 203.6 mil- 
lion people 16 and older not in the 
military or some type of institution, 
such as a hospital or prison. Of them. 


L36.5 million, or 67 percent, were part 
of the work force; mat is, they either 
had a job or were officially unem- 
ployed. 

Had that share, known as the par- 
ticipation rate, remained at 63.6 per- 
cent, its level at the beginning of the 
1980s, today's labor force would have 
nearly 9 million fewer members than it 
actually has. However, most of the rise 
in participation occurred during the 
19s0s; only a small part has taken 
place since. 

Nevertheless, the increase in par- 
ticipation over the past two years haS 
been enough to add more than 800,000 
workers to the ranks of the nation’s 
employed. Had they not joined the 
work force, and the number of jobs 
increased as it has, last mouth’s un- 
employment rate would have been not 
4.9 percent but a super-low 43 per- 
cent 

That is what worries Mr. Green- 
span. In his view, a labor market that 
nght most likely would have triggered 
a wage-inflation spiral that would 
have forced the Fed to raise' interest 
rates. 

Economists at Goldman, Sachs & 
Co. in New York recently examined 
the behavior of labor force growth and 
wages at times, as in the recent past, 
when unemployment was .low ana the 
demand for labor rising fester than the 
working-age population. They found 
the following: 


“In looking baek at compensation 
developments during past tight labor 
market periods in this nalf-centnry, it 
seems that in the absence of infla- 
tionary expectations, the potential for 
stronger wage and benefit gains be- 
comes particularly acute when growth 
in the stock of readily employable 
labor slows or stalls out Prior to that 
point employers and employees are 
discouraged from granting or anticip- 
ating larger pay raises by a perception 
that the pool of labor can be further 
expanded at prevailing pay scales.” 

For whatever reason, wages have 
bean rising- much more slowly than 
most analysts bad expected wife the 
jobless rate at 5 percent or less. Bat the 
Goldman Sachs economists cautioned 
their clients: “Today there are pro- 
liferating statistical as well as ntwy. 
dotal indications that labor supply con- 
straints are bee raring more binding.” 
They ticked them off: “Initial un- 



m September); growth in the labor 
force over the past six months has been 

just02 percent anoualizjed, down from 

about- 2 percent previously; and the 
volume of persons working pait-tim& 
for economic reasons hasraUen more 

See SCENE, Page 15 


b 



■ t- »• : . 

Hr • • •• ’ 


p r • *— ’ ! 

UJ-. > 


PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAT-SUNDAi, OCTOBER 11-12, 1997 


THE AMERICAS 



i MM r I 


The Dow 


0-Year T-Bond Yield 


5X0 


Dollar in Deutsche marks fa Dollar in Yen 


Ifi 

1.75 



130 

120 


Vx" i 


Chrysler Profit 


Source: Bloomberg, Reuters 


bnennihml Herald TMhme 


Very briefly: 


• Saturn Corp. is cutting prices and adding options on 1998 
sedans to lift sagging sales. The subsidiary of General Motors 
Corp. also announced it would give checks ranging from $300 
to $960 to the 14.000 customers who have purchased its latest 
models since July. The SL1 sedan, which sold for $1 1,595, is 
now $11,295. 

• A Securities and Exchange Commission spokesman con- 
finned reports that Arthur Levitt was expected to be nom- 
inated for a second five-year term as head of the regulator. 

• The Los Angeles Tones confirmed that Shelby Coffey 3d 
had resigned after nine years as the newspaper’s editor and 
was replaced by Michael Parks, formerly managing editor. 

• Boeing Co. is considering producing three versions of the 
100-seat MD-95 airplane it Inherited by baying McDonnell 
Douglas Corp. The company did not give details on die costs 
of producing 80-seat, 100-seat and 120-seat versions. 

• Montgomery Ward & Co. plans to close 48 stores and fire 
as many as 3,800 full- and part-time workers as part of its 
bankruptcy reorganization. 

• Netscape Communications Corp. named Eric Hahn chief 
technology officer, replacing the company’s co-founder, 
Marc Andreessen, who took a new position as executive vice 
president of products. 

• The United States has asked for talks at the World Trade 
Organization to solve farm-trade disputes with Canada and 
the European Union. Washington says Canada and the EU are 
breaking agreements cm export subsidies on dairy products. 

• Microsoft Corp.’s chief executive. Bill Gates, met with 
Russian officials and representatives of the oil producer AO 
Lukoil Holding about expanding the U.S. company’s busi- 
ness. 

• Gas Natural S A of Spain is heading a consortium that will 

invest 52 billion pesetas ($353.6 million) in Brazil in the next 
five years to develop gas transport and distribution networks, 
sources at die company said. Bloomberg. AP. Reuters 


Cami&tlbyOwStG Frau Duparba 

AUBURN HILLS, Michigan — 
Chrysler Carp, said Friday its third- 
quarter profit fell 35 percent be- 
cause of increased incentives to at- 
tract buyers to an aging line of cars 
and trucks, a burden that is expected 
to ease as fresher models hit show- 
rooms in the next few weeks. 

Chrysler said it earned $441 mil- 
lion in die July-September period, 
down from $680 million a year 
earlier.RevenuefeUto$13.2 billion 
from $14.4 billion. 

Last year's third-quarter earn- 
ings were Chrysler’s best ever for 
that period. 

The results still exceeded ana- 
lysts’ expectations, and the com- 
pany’s shares rose 93.75 cents to 
close at $35375. 

Chrysler was the first of (he Big 
Three automakers to report third 
quarter earnings. General Motors 
Corp. is to report Tuesday, and Ford 
Motor Co. is to report Wednesday. 

“The results were achieved in an 
increasingly competitive market,” 
Chrysler’s chairman, Robert Eaton, 
said, “and during the most am- 
bitious multi-vehicle lannrh in our 
history.” 

Chrysler increased die rebates it 
used to lure skeptical consumers in 
the months before the arrival of its 
redesigned Concorde and Intrepid 
cars and the new Durango sprat 
utility vehicle. Earnings should be- 
gin to improve in the current quarter 
with the three models, analysts 
said. 

“This should be the low mark for 
them.” said Nicholas Lobaccaro, 
an analyst with Merrill Lynch & 
Co. “They should start doing equal 
to or better than prior-year earn- 
ings.” 

Chrysler’s U.S. vehicle sales 


dropped 8 percent in the quarter 
from a year ago. The automaker's 
share of the U.S. anto market 
slipped to 14 percent from IS per- 
cent last year. 

Hie increased incentives helped 
lower profit per vehicle by 45 per- 
cent, to $545 from $985. Reduced 
production of Chrysler Concorde 
and Dodge Intrepid midsize cars 
during the rollout of the redesigned 
1998 models also cut earnings, as 
did reduced demand for Neon small 
cars. 

’’This was not one of Chrysler’s 
best performances,” said Maryann 
Keller, an analyst at Furman Selz 
Inc. “The troubling aspects of itfor 


investors have been the substantial 
rise in vehicle incentives.” 

Average incentive costs rose 66 
percent, to S 1,140 a vehicle from 
S685 in the year-ago period. The 
rebates reflect increasing compe- 
tition for minivans, one of its most 
important categories, and small 
cars. All automakers are relying on 
incentives to bolster demand, which 
declined 0.3 percent industrywide 
from a year ago to 11-5 million 

through September, 

Cheers chief financial officer, 
Gary Valade, said the company was 
optimistic about fourth -quarto* 
earnings and expected a gain in 
market share next year. 




“There’s a lot of factors on die 
tics sidft in the fourth quarter,” Mr. 
falade said “The biggest un- 
known is incentives.’* 

Mr. Valade said he expected 
Onysler's average incentives to 
fall m the range of $900 to $1,100. 
Dnran gq, Concorde and Intrepid 
should sell without incentives. 

The company’s confidence was 
reflected in plans to buy back an 
additional billion in stock next 
year, a move that came earlier than 
expected, analysts said Chrysler 
saio it bought $64 l million in shares 
in the quarter, bringing its total for 
the year to $1.64 billion. 

(AP, Bloomberg) 


DATA: Signs of Inflation Send a GiiU Through Wall Street 


Continued from Page 11 

While die Fed has left interest 
raxes unchanged since a small up- 
ward nudge in March, many econ- 
omists believe the central bank is 
poised to start tightening credit fur- 
ther at toe first whiff of inflation. 

Wholesale prices so far this year 
are still falling at an annnal rate of 
1.4 percent because toe August and 
September gains followed seven 
straight declines from January 
thr ough July, something that had 
never occurred since the govern- 
ment first began measuring whole- 
sale inflation in 1947. 

The small rise in food costs in 
September, which followed a 03 
percent August increase, reflected 
price declines fra beef, potk and 
poultry that helped offset a 2.7 per- 
cent rise in the cost of fish ana an 
even sharper 13.7 percent jump in 
fresh fruit prices. 


■The higher energy costs came 
from a 22 percent surge in gasoline 
costs and a 13 percent rise in res- 
idential natural gas at the wholesale 
leveL 

The 0.5 percent increase in over- 
all wholesale prices was toe biggest 

STOCKS 

since a similar 05 percent rise last 
December. 

Some analysts said investor re- 
action to Mr. Greenspan’s remarks 
and toe inflation report relaxes pres- 
sure on toe Fed to act Mr. Green- 
“ threw needed cold water on 
markets,” said Diane Swonk, 
deputy chief economist at First 
Chicago, NBD. 

“Will toe bond market deliver the 
Fed from tightening? They probably 
will. They overshot their mark.” 

Whether by design or not, after 
Mr. Greenspan’s remarks, “toe 


Tnaikpfs will see all kinds of DTOb- 

everywhere, 1 


f prot 

Jaxne 


, lames 

Classman, chief domestic econo- 
mist at Chase Securities in New 
Yorfc, and *har is just what toe Fed 
chairman wants. “Fed officials 
think fee marke ts got way ahead of 
them.” 

Inflation-sensitive bank stocks 
were the hardest hit Friday, with 
Chase Manhattan closingdown 335 
at 121 11/16 and Wells Fargo end- 
ing down 3 at 294 7/16. 

Among other issues, Jabii Circuit 
dropped 7 17/32 to 59 7/32 on con- 
cern feat the circuit-board maker 
would see slower revenue and earn- 
ings growth. 

Waste Management lost 2>V& to 
30% after wanting that its third- 
quarter timings would fell below 
es timates and that it may take a 
charge in toe fourth- quarter as it 
feces further restructuring. 

(AP, Bloomberg) 


Westinghouse to Slash 2,000 Industrial Jobs 


CauqHtAbyOmSiugFtimiDtipa&a 

PITTSBURGH — Westinghouse 
Electric Corp. said Friday tha t it 
would cut about 2,000 industrial 
jobs, most of them in Florida, as part 
of a planned division of toe com- 
pany into separate industrial and 
broadcast businesses. 

The proposed cuts represent 5.7 
percent of Westinghouse’s indus- 
trial work force. 

The company said It would elim- 
inate about 1300 jobs in its power- 
generation -business, most of them 
from that unit’s headquarters in Or- 
lando. Florida. About350 more jobs 
would be slashed from Westing- 
house operations in toe Pittsburgh 


area and 250 more from its 
headquarters in downtown Pitts- 
burgh. The remaining 100 cuts, 
would come from various units 
across toe United States. 

Westinghouse said it would 
maintain a presence in its black, 
battery-shaped building in down- 
town Pittsburgh. About 150 people 
would continue to work there after 
the cuts, said a Westinghouse 
spokesman, Kevin Ramnndo. 

The restructuring -is likely to be 
completed by the end of toe year, 
and the company expects to take a 
charge of $125 mil lin n against 
fourth-quarter earnings. 

On me New York Stock Ex- 

. ...I • M ■ 


change, Westinghouse shares 
closed down 75 cents at $26,875. 

The company still must secure a 
bank loan to capitalize toe power- 
generation and defense businesses 
that will remain, to be called Welco, 
an acronym for Westinehouse Elec- 
tric Corp., Mr. Ramundo said. . 

Westmghouse’s broadcast busi- 
nesses. to be based in New York, 
will be known as CBS Corp. 

The Internal Revenue Service has 
ruled that Westinghouse’s industrial 
business will be a tax-free spin-off to 
the company and its shareholders. 
The ruling paves the way for the 
company's chairman and chief ex- 
ecutive, Michael Jordan, to take toe 


helm of toe media company. CBS 
Crap., currently called CBS Inc., 
will control toe No. 2-rated tele- 
vision network and the largest radio 
network in toe United States. 

Westinghouse’s power-generation 
and energy units are expected to 
show poor third quartos. In addition 
to unusual charges, toe power gen- 
eration division expects its naming* 
to be about $50 million lower than a 
year ago, and the energy-systems unit 
expects an earnings decline of about 

$10 million, toe co mpany said 

“This is viewed as a pure broad- 
cast play,” said Rick Barry, an ana- 
lyst with Argent Securities in At- 
lanta. (AP, Bloomberg) 


Dollar Is 



VS. Raie~ 
Outlook 


CaopiiabftkrSKffFamObivdta 

NEW YORK — The dollar 
rose against most European 
currencies Friday on expecta- 
tions for rates on toe Continent 
to remain stable while U.S. 
rates trend higher. 

The outlook for higher U.S. 
rates was fueled by government 
data showing a larger increase 
in wholesale prices than ana- 
lysts had expected. 

“This is going to put pres- 
sure on the Fed to raise interest 
rates,” said Roger Chapin, 



FOREIGN EXCHANGE 

manager of foreign exchange at 
Banc One Corp. in Columbus. 
Ohio. “That’s good fra toe dol- 
lar.” 

Prospects for stable rates in 
Europe brightened after 
Bundesbank council members 
indicated that this week's in- 
crease in German interest rates 
was not the beginning of a 
longer upward trend. 

“I think it’s wrong to assume 
that toe move is the start of a 
further push, upwards in toe 
rate,” said Ernst Weiteke, a 
member of toe German central 
bank’s policy-making council. 

The Bundesbank raised bor- 
rowing costs for the first time in 
five years on Thursday when it 
added 30 basis points to the 
repurchase rate, its target 
money market rate, in a move it 
characterized as a preemptive 
strike against inflation. 

The dollar rose to close in 
New York at 1.7495 Deutsche 
marks, up from 1.7433 DM on 
Thursday, and to 5.8725 Bench 
francs from 5.8569 francs. It 
slipped to 1.4555 Swiss francs 
from 1.4563 francs. The pound 
fell to close at $1.6218. down 
from $1.6240. 

But the dollar fell to 119.850 
yen from 121.135 yen Thursday 
on concents that trade tensions 
between toe U.S. and Japan 
were rising. U-S. officials said • 
Friday that talks with Japan on 
opening that country’s auto mar- 
kets gave them “little cause fra 
optimism. ’ ’ ( Bloomberg , AP) 



AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


r 


Friday's 4 P.M. Close 

The 300 most traded stocks of the day, 
up to the dosing on Wnfl Street 
RetwnW Press. 


kp u< uu aqe Indexes 



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Omb MW Um UH a, 

S5S MASSES! -as 

25*485 3S&B 13 
Standard & Poors 

ftutau 7 **r 

M* lam Oau 4PA 
Industrials 113X98112586113168 113086 
TfOAp- 69*8? 68151 693.25 691.24 

U1»tes 20503 20199 20422 20X57 

finance 11680 11482 116412 11*72 

SP 500 99472 96334 970.62 96608 

SP100 94025 92988 93533 93069 


Most Actives 

NYSE 

PeriMers 
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vm. mm in lot a, 


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53351 77Vk 
5CJ6J SS 
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46055 359| 


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■numnah 

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508.1* 50447 50415 
63755 fXktu 636.70 
'4*521 4*7 JB 
30491 30 IX 304« 

4I5JB *U5 48156 


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174188 173450 173920 

1417.97 14M.II 1411 
174157 193217 1945. 
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230U.M 229700 73021. 
1151-77 1144.18 lUMI 



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37840 lOOfi 45 UK) +Ufi 


Oct. 10, 1997 

High Urn Latest Chge Opt* 

Grains 

coRNcaon 

5*00 bumfnbnum- cents perbushd 
D*C97 293% 281 MT4 +6V9 20M21 

302W 290 297 +4% 7*838 

307 295 303 +5*6 1*710 

310 303 305« +4*6 31,907 

297 291 293V, +3 1363 

2939, 28715 290W *2* 19.912 

303 300 302 +3 179 

BtsebsllOMO Thu* sdes 63.109 
TWs open M 25*039. up 1.920 

SOYBEAN MEAL (CBOT) 

100 tans- Man per ion 
00 97 232.10 22230 231*0 +&70 6436 
Doc 97 227.40 21*40 227*0+1000 *1280 
Jon 98 22540 21540 225*0 +1OJ0 17,442 
M0T98 222 JO 21120 22120 +1O00 14825 
Mai 98 22070 21*50 22010 +9.40 16,171 


MOT 99 

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All 99 


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1 SCOT b».-csHt» per 8x 
No* 97 S7M 6400 66J0 -5J0 17J26 

Jon 90 7090 6995 09.95 -500 1US54 

«6ar9t 7*00 73J0 73.10 -500 7J20 

6*ar90 7670 7500 7510 -500 1477 

Eat iotas N A TWs ides *073 
TIM'S qai tat 39477. up *S 


GOLDWCMJ0 


Metals 


9441 


AMEX 

w# ini US a, 

71737 715^4 717J7 +015 

Dow Jones Bond 


AMEX 


30 Bonds 
lOUtflBies 
lOindasMats 


10*15 

10193 

10648 



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NYSE 


{ess 4 


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TotaittMts 
NeaMgns 
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AMEX 


ftws Nasdaq 

IS 

Marfcet Sales 


MM Pisv. 



Jd 98 22200 212*0 221 JO ,8.90 

Est. ides 35000 Ttxrs iotas 32.913 
TIM* Open tall 1*161 up *75 

SOYBEAN OIL (OtOTl 
60000 b»- cents per Bi 

Od 97 2*60 2346 2*39 +033 1151 

Dec 97 2*95 2*20 2*66 +029 5*692 

Ja>98 25.16 2*60 2493 +044 20379 

Morn 2SJ8 2447 25.12 +040 1LOS7 

MBT98 25*0 VM 2533 vOM 7410 

J499 2580 25.15 25*0 +040 7495 

EsL Mtai 2*000 TtaTS sales 1*047 
Tha* open Id 1 0*409. up 192 

SOYBEANS CC80T) 

5000 bo idrlDMD- cads per besOd 
No* 97 793 67016 700U +27 95099 

Jon 9* 19714 67S6 704V +2 6V 3*621 

Mar 90 71* mn 7mt 1 7,1 46 

90 719 40* 71616 ,36*1 1*096 

72314 <94 721H +27*6 12460 

Est iotas 95000 Thmoatas 65852 
TIM* open tat 17*745 OR 495 

WHEAT tOOT) 

5000 bu rdnbnan. CMta per bushd 
Dec 97 374 364 365* JW 65732 

Mor98 38*Vi 37M* 370 -3V1 2*631 

391 3S4 385 -2«t 5179 

393 386 3871*. -3* 11493 

Est Mtas 27400 Tho* satai 25543 
Tlsu* open M U05S5 OR 17 


Od 97 328.90 32fiJ0 32890 +240 1*7 

DSC 97 33140 32840 331 JO +240 97477 

Fd>90 333.10 31240 +240 21420 

Apr 98 33*50 23240 33*00 +240 5959 

Jon 98 33640 31440 33540 +240 9,963 

W 98 377.70 +240 *301 

0 3J9J0 +2.10 *84 

Dee 91 34240 33990 341J0 +5)0 *698 

E<J. ides 25000 TWr* sales 7*253 
TIM* open brtl85fl* 0(11497 


HI GRADE COPPER (NCMX) 

25400 Bfe- oats per tb. 

Qd 97 9*60 9520 9125 

NO* 97 9510 9540 93J5 

Dec 97 9540 9445 9*25 

Jen 98 9540 9*65 9*65 

Feb 98 9550 9*75 9*75 

M«r98 96.10 9*70 9*90 

X 9B 95*0 94*5 9*65 
9* 9540 9*60 7*60 
Jon *8 9445 

ESL seta N4. TIM* ides *473 
Tho* open bit 52,702. up 889 


«0h Low Loteri Chge Opbri 

10-YE AR FRENCH GOV. BONDS CMAT1F] 
FFSOO.OOO -nta d 100 pd 
Dee 97 9946 9844 9846—046 132416 

Mar 98 98J8 9030 9014-046 *811 

JW19B 9034 9034 97 JO— 0*6 0 

Est. safes 2SM82. 

Open blL- 13&027 dfl&325 

ITALIAN GOVERNMENT BOND OJFRD 
ITL 200 idllan ■ pta d 100 pd 
Deew 111*9 110*0 liaVO -043 12U61 

Mar 90 11060 11060 11085 -0*3 1*49 

Jon 98 N.T. N.T. 11045 -0*3 0 

Est. sda: 107,785. Pnv.sdee: 1*2445 
PJtV.aponlnL; 125210 oft 2X1 

UBOR 1-MONTH (CMER) 


-080 1*50 

-080 2438 

•080 28449 
■075 1466 

070 1,127 

045 5522 

-065 UMS 

065 15W 

045 966 


Noe 97 9*33 9*29 9*31 -042 31*55 

Dec97 9*18 9*TI 9*12 045 9460 

J«98 9*27 9*23 9*23 044 2736 

ids* &890 Thu* spies 10319 
Thu* open bit 7249S up *19Q 

EURODOLLARS (CMER) 

SI alBon-pb of loo pd 
Nor 97 9*22 9*17 9*10 043 I23B3 

Dec 97 9*20 9*12 9*14 044 6111 88 

W-B SJS’ SJ* 4 -0-06 *5*356 
An»90 9445 93M 9197 OJ» 320070 

SS2 S-2 9190 

S 81 -w* *30310 

9388 9176 9180 047 13*527 
AMg 9384 9172 9176 -007 12*403 

SS »» »» 4M 99*48 

Dec ?9 WJ1 9342 9166 046 8*377 


High lorn Lded Chge OpM 

Ain 98 94*1 9447 9*7* -0.15 91J03 

Sep 98 9*95 9*67 9443 -016 60917 

Dec 90 9*93 9446 9480 -O.T7 *0753 

Mar 99 94*2 9*48 9*71 -014 26215 

Est. sales; 16*295. Prew.sdes; 141,9*2 
Pmr.apen bdj *50767 . up 1,368 


Industrials 

COTTON 2 QKTN) 

50000816' Otaris per Ol 
D ec 97- 7175 71.15 7144 +032 50928 

Mor 98 7125 7240 7103 +025 15767 

Atoir90 7*00 7340 7196 +020 7.9S5 

-M9B 7*80 7437 7*68 +013 7867 

Oct 98 7583 Z5J0 7585 +030 762 

■ Ed. sdes N*. TIM* iotas 0175 
ThM open tat 91A up 1*61 

HEATING OIL (NMEIO 
*2400 got cents per gal 
Nov 97 6025 5940 5945 0.13 4*309 

Dec 97 6130 6045 61.14 043 30249 

Jan98 6170 6135 6174 043 Zl*74 

Ah» 6240 61 JO 6149 +042 It, Ml 

MerW 6094 6070 609* +007 7,937 

AprM 39.10 5880 5944 +0.12 *306 

Mo»9B 57*9 4735 57*9 +012 1280 

Est (das 20065 Thus taries 2846* 

Thus open tat 1*1971, off 1*4 








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49949 65*23 

23*7 3978 

62347 78059 


Dtvfdands 

Company 


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ApexManIFd 
BcaSankmderSA 
contonritMiYW 
CorpfleBsWrWH 
Debt Strut Fd 
DkneConaunBp 
EqaBylnc 


Por Ant Btc Pay 
IRREGULAR 


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Bft 774 mv 
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Si V* \ » W* 

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% Di i* 

777 4ft 4ft Jft 

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419 Ml IN n 
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TowwModCA 
Town Mini NY 
Wortdwttf DoBr 

CPB [oc2terl 


- 45271030 10-30 
ft 701 10-30 11-7 
» .121510-20 1U1 
-.113910-20 1M1 

- 4791 10-20 1031 

- 46 1029 11-17 

- 33310-15 11-1 

- 42 10-2* 11-20 
. 4763 1020 1031 

- .0633 1030 1030 

- JJ462 10-?] 10-3Q 
.48841040 1031 

STOCX SPLIT 


ccnpmy 
Peoples Sid n ey 


Par Amt R«c Pay 

- 47 10-26 11-7 


SPECIAL 

London FndCp _ 540 1IM3 11* 


Cenfed Fnd 
CEN n Bancorp 
‘ ICo-QnSt 


5 CPB Ioc2farliaBL 
J* Hortton R3SwS2forl spltt. 
fi Pep* ResouroTfor 1 spa/ 
. USOfRe»Pdds3far2spit. 


si Office Pdds 3 fcr2sp8t. 

INITIAL 

HortwnFdSvc . JUS 12-4 li29 

W wario G roup . .02 1017 1031 

RcftadorFnd _ .15 1027 11-14 

INCREASED 

NaffComnace Q .13 12-5 1-2 



^ Livestock 

CATTLE (CMERJ 
*0400 lh&^ eenls eer ta. 

Oct 97 67.55 6 740 67*0 +4*7 9770 

OeeW 6730 6640 6*85 +442 41086 

Feb» 6942 694D 69 JK +047 19.106 

Aw 93 7130 72*5 7247 +007 11J76 

Jwffl 7022 6926 69.95 +022 8,202 

Aog98 6945 69J7 69*2 +0.10 22S9 

&t «tas 1 0022 Thus sdes U7H 
Thin open kd 9&132, up *86 

PtEDER CATTLE (CME90 
50000 tak- os mm ts. 

WW 2-“ 2A7 *US 1333 

Ho+97 7140 7740 7735 -037 *954 

Jon* 78JS 7725 78.17 327 4436 

MW* *20 7740 7140 420 2.168 

».7S 7740 7820 3J0 . |U 
Moytt 79*5 7US 7920 -025 728 

Ed. sdes 1176 Thus sdes 3484 
Thw open tat 1&207, dllBZ 

HOCWjUiCCMKo 
40000 ItaL- Beta perb. 

Od 97 6*15 6*37 undL 


SILVER WCM» 

iOOOi troy cads per hm oe. 

OcfW 51*00 51*00 51440 +7.10 M 

N«97 31720 +7.00 1 

Dee 97 52040 511 JO 51 9 JO +740 73236 

Jo»98 52090 51540 53050 +740 72 

Mar 98 52740 51150 525X1 +720 1*571 

MW90 52940 53540 52*50 +7.10 1199 

Add 531*0 +7.00 2*92 

Sep 98 52420 +640 640 

Ed. sdes NA. Thu* sdes 20*78 
Tlsrs open tat 10&004. on t*W 

PLATINUM (NMEIO 
50 Roy oc- daflas per 8ar os. 

Od 97 429*0 42850 429*0 +&90 182 

Jan 98 43340 42740 432*0 +190 12238 

Apf98 42550 42440 «S9Q +190 BW 

1*498 *2050 41840 42*90 +350 14 

Est sates 653 Tiers eatat 1*33 
TW» OP* b6 11330. off 310 


LONDON METAL5 OAU) 
OdtanperinBMctaa 

iDMGMdo) 

163740 163840 163140 
164440 1*4340 163740 
dbodes CHMbcra#*} 
206940-310040 200040 
209840 209940 209740 


?171 93*2 93*6 -046 6A692 
57.117 


Jun 00 



60540 

61940 


60740 

62040 


99540 


663040 *44040. 639040 
*53040 654040 665040 

558040 557040 565040 

--SUMO 5&2SM 559040 

T3o3o *130540 120440 
raid 131*00 131540 131340 


163240 

163840 


207140 

209840 


59740 

61040 


656040 


573040 

570100 


130540 

131340 


Central Co-Qpai 
EastmnTKooak 


Fort Motor 

FandAitierEidoip 

LQ-Z-aot . 

lltaa 

PMbaP M b 
TB vBode 


itNnMDft mtetaiB coucoi MdB 

1 8 w urth l B g yuini ty j i mbI wrnmt 


Stock Tttoles Explained 

Mm Sfitira* on wofSdoL Yeariy hgn and km idtadlte pnvtaus 52 wife pbi«*eunaid 
week, butaMitlatasttafimg day. VVlMca3pflarita(kdMd«ndamourdbuto25(Mcntonncn 
habwn poll IteyaanhfBMew range and iMdendairinwn for On new Mods adyL Unks 
Gfaiwbo noted, inks of (Mdemb ate annual dtaboawwrii tart on the kdcstdadondon. 
a • dMdnd ate otfro (i)- b * annual rote of dhrktatd plus stock dMdend. c- BqofdoflriQ 
dMriead. cc- PE cxmds9y.cU-collad d -new yraly tow. dd . low In Hit lost 12 month*, 
t • dhrtdend dectared or pakt in prseeAtg 12 raattn. f - anraml iota bicocjed on kat 
dedannaaa-dMdwdin Canodanhnidi, subject to mnorwosHmcofn 1- Oridend 
dadomd Mtarspthipar stock rtvWemJ. | - dMdtaid paid ttita ywa omfftnl, defend or no 
action taken at total dMdend mealing, k - Ohfdond dadoed or paid this yeat on 

aocumutaffw tonw wffii dMdatids to onean. a • oraiual retw reduced an tail dactoMfloa. 

n - new bsue to the past 32 weekt. The Mgh-low renge with the slot of IwAib. 

nd - nod dnyfia®iery.p-in8WiSliMett4aianjrtnria unknown. P/E -prtce-eoinlaBsrtflto. 
q- ctoMd-and mutual fund r-dMdmd declared or pold to precetfing 12 monttii. ptotteck 
dMdafld. i - dock sglB. OMdand baglQs wKh dale of spfiL Ms - eales. t - dMdend pidd la 
do* to pnadlng 12mortln estfmsfed cash value on et-dMdend oratdutifeufiofi date. 
B'mwyeaityhfBtLV'trodfnghiilM.d-toi>ankiup9cyariecB|KnMiiorbeliigiean)anlzed 
!BidetineBaRkni9tcyActi>r5aoiriltaa9MiMdliy$udiCDRtoanles.wd-wlwifi5Mbut8d. 
wi - mrtten (Huetf mv - wBft wanaita. x - w-tftrfdend or ex-rigms. Mi - a-O&ftottoi. 
nr- without wannrtv f e*-dhMend and sales in fua ytd - yield, z - sales to ftriL 




Dec 2 037 -020 19465 

F*« 6140 6145 6141 andL 7J22 

APT98 9940 3BJ0 AM *UQ 1495 

JW1« 644$ 6*52 4422 +042 1*64 

Ed. sdes *464 Thw eatas 6*34 
Thus open W3M90, up 8S3 

BBIituBiapi 
AWI&. cento per to. 

6143 40-2 4045 +042 4*33 

M»78 61.15 60JO 4040 4.15 735 

May 98 6160 6240 63*0 imd. 137 

Est ides U» Thrt sdes 11 #4 
TIM open H 7*49, Up 261 


FdOft 

COCOA (NC5EJ 
lOntatctone-tperM 
Dec 97 1710 16»7 1671 -30 *174 

1740 1KB 1707 -1* 3&8B8 

1757 1723 1726 -15 1UC 

17*4 17*4 -|J 3*59 

1770 1761 1741 -13 4734 

1790 1777 1777 -13 9486 

MO_Tb(ftHtai4<82 


Mar 91 
MO 
Jill 98 
5RS98 
Dec 98 

EsLsat 

Thtfl open kd 11241 A aft 375 

CQFftE C04CSEJ 

37400 C&-Ctads per St. 

Doc 97 16740 162J5 166.10 +345. IL989 
MOT98 15140 14940 15146 +1.73 7,199 
Moy98 1*640 1*450 14&79 +1J3 2,124 

Jut 98 140J5 13950 1RL75 +140 3414 

Sep 98 12545 13*50 T3S45 *lS - MS 
EsL sdes 3.168 TtanstaSA53 - 
TIM open tat 2*634 up 345 

5UGARW0RLD11 CNC5E] * 

11X000 ta-«rii per B. 

Mar 96 1243 TI42 1144 443 9X727 

M*y9fl 1L« 11.91 11.93 undL ZX2S 

MM 1148 1140 1143 +X» 17,786 

Od98 1143 11 J* 1140 +443 1*837 

Est sows 1X521 ThqnifdH 17*96 
ThuftOpenU 15X03X op 58 


High Lew Oase Qigi OpM 


Brim™®™" 

MarW 9504 9540 9543 444 *100 
Jwitt 5*96 9*96 9*56 -006 194 
E£.ides915 TVs Mtao 1480 

ThWOpWtnlMJOijpao 

MSTJEWURytCNdTJ 

SaWMp*+rt»« l 64ft»ofl«pd 

Dee 97 10743 105-M W74* - 13 229.171 

Jim* -1* -i* .1* mch. . 

Est satai *X900 TIM (dot 7644 

tim cpin nimoa #xoi« 

JjraTireAswrraon 

gOWW Rta- Pb 4 3*nds ofHB pd 

«»1S 109-11 10M9 -13 380170 

M»98 109-18 109-13 109-18 -13 17488 

JtaiW ■ 109-10 -13 3 

EjhsaJes 94*96 Thus sgtanStfW 
TIM open tat 397.96a oa 11*83 

JfTMJBURY BONDS (CBOT) 

agTOrAysar-iwa 

,,tn 114-10 114-33 -24 67485 

I!*-” M® 7 

“PW 11*41 -34 LW1 

&L sdes *3&ooo ThvsadM 7SX0ST 
Theft open bit 729427, 00 1X211 • 

LONG «LT OJPPEJ 

g*98 ^MJvSw’luS -443 15*005 
Mo-W 118-39 118-26 118-2* HJ44 1*37 

"MtaUP *65 

Pnv.opontaL: 197*42 op 922 

GERMANGOV.WNDCUFPD 

DM23MOO - pta of 100 Od 
D«9T IttLiM 102.10 10X25 —021 31*61* 
Mor« 101 JO 101*1 tinji IS X1H 
Ed. grim aa*d. Pm. sate*: 841.135 
Pm, op« tab 32X7*1 off 869 


93*7 9158 93*2 4J56 

E*t tados 77L792 Thus sale* 79*891 
Thus open tat 2A90J29, up 11*52 

MUTISM POUND (CMER) 

6X500 pMUta. S o* pawn 
DKj 1 -* Z7< 1417644083 30093 

W98 1*11*4.0022 25* 

1*05244023 27 

EsL sdes *570 Thus safes 9.148 
Thus open lnt3U7* op 883 

CANADIAN DOLLAR (ONES) 

1OM0O doflars, S per COn. dr 
Dec 97 J311 7773 J27S44027 5*523 

-S 24 - 7305 T30G 4JMZ7 Tfiut 

JOT 98 -7345 J3X) J3324JB27 506 

sdes 7X9 ThOTsdes Mrt* 

Thus open w 59J8& d» LS22 

CEMUH MARK OCMER) 

I2&000 marta. s par mM 

™ -SS -g® 44018 71,173 

- S783 -5756 -5769 4JKtlt 2*45 

■ h8 ' 9 * *79544018 2*17 

SONS 19JS2 Thjft KNs 42J9S 
Thus open 10176*37, up &091 

sra #sa "B*« 

Mar n *531 AMS *5 37 +4L003T 833 

46*6+44089 163 

^-jatas 1X1*9 Thus eatas 11,920 
TIM open tat 87*8& dt«74 

tataraANCtCMEIQ 
J2W0O boon, s par *anc 

-5916+44002 an 

7044 undL 250 
Bd. «des 10*00 Thus Mdet 21,173 
TIM open tat 4X051, OB 1J69 

MEXICAN PESO <CM sm 


LIGHT SWEET CRUDE (NMER) 
lJtoOMLr datans per bM. 

NovW 2233 21*8 2XW 442 87*02 
Dee 97 22.17 21*6 2X14 +004 97*12 

Jen 98 2X04 2140 2X80 +0.04 4*856 

2181 21*6 2181 +405 3*669 

WrW 21*3 21*7 21*3 +405 14*27 

AprW 21*3 2182 21*7 +085 11,757 

ESL Sdes 8X65S Thus soles 1 HL271 
TIM open Id 4*2,97* Off 5467 

NATURAL GAS (NMER) 

10800 mm Min. spvmnbtu j 

Nov 97 Xioo i860 1032 +4156 *&*91 ' 

1190 X99C 1136+0.159 3*019 
1153 X990 1153 +4150 2*643 

X81S 2*95 2805+4105 18.711 

Z5S5 2*70 25*5 +400 11959 

1330 2-265 2330+0865 *166 
E£. sdes 5X917 Thus sdes 46*70 
TIM open M 230021 off 1,166 

UNLEADED GASOLINE CNMER) 
puds per pd 

ttorff 61*0 60*0 61.15 481 3*799 

Dec97 6185 60*0 61.15 485 18836 

JonM 61 JO 6045 a JO 410 1437* 

RAW 61*5 6185 £1*5 430 £212 

MOT 96 6280 6X00 C80 419 iOSS 

Apf98 6 *55 6480 64*5 410 167T- 

Mor « 6*25 unde. 2*46 

JOT 98 6150 undL LM1 

Bri-eetae 21817 tim sdn 27,919 
TIM Open tat 92*81 off 1*1* 

SASOJLdPE} 

Odw 18*25 18485 13580 UndL 7,146 


Dec 97 
Jan 98 
ft* 98 
Mar 98 
Apr 98 


2? 2 jun+am 

«er» -JJWf .12130 .17)65+80085 9J04 

Jwi98 .11810 .11780 .11790 oadL Xiao 

EjAsotat X667 Tim setae 1U68 
Thu* open krt 44322, up ]*& 

yjw™ jnwii nc aiprej 

0*=2 hi* 9234 92*4 UbcJl 12UC0 

• tt® 91*8 9X49 -081 1™ 

nfS UlldL lUQ 

24? ^2-57 9258 —401 70171 

2*2 52 ru/i nji —401 iMj| 

'PS 5-2 9184 -0J» aS 

9X03 9X95 9X97 -005 


Nev97 
D«S7 
Jon9B 
FeWB 
Mar 98 
Apr 98 




Jin 99 

Esf.stri 

; *»247 up 1X772 

VM ONTH E URO MARK OJFPE) 

DM1 BriBon - ad d 100 pd 
OdW vJa 9*59 9*39 -402 sij* 
No* 97 N.T. N.T. 963J ISS 11 '2! 
DsC 97 9*23 9*14 9651 -flji 

MsrW 9X95 9583 KSl Iq 03 i*p2 

MCn 7&19 9&2t — r AC juM. 

Mar 99 9X15 9XV 9*12 IfljS 

JOT 99 9583 9*94 9489 WS 

8«p99 9*91 9*83 M87 IftS 

gA-wtas? 5W07O. Pnv.sdss: 58X185 
Pier, open hL L704.141 up n,7Tl 

MWONTH PtlOR CMATIF) 

ss ^Hfhs=ia as 

Jan 98 99L72 9SLSS 95*2 —nil 

Sep 98 9584 9*38 9X44-XT2 17^ 

Dec 98 9X34 9124 9*27 -ill 24*5 

EsL sdes; 17*827. 

Open taL; 23X90200 7*33. 


~ '"++1 iuui UIIOI. «,iaa 

No*97 T06J5 1M05 135J0 -OJO 3*564. 

9*12 JS- 50 TMJ >° 166J5-0J3 17,729 

1*80 187X3 188.50 +080 16*34 
IS- 00 WJI 18X25 +W0 7,087 

“2^98 3^00 1>*» 1BSJ» +X50 SOT* 

Apt98 181XS 13180 131 JS +430 2*21 

gX (dee: 2X300. Pm sdes : 3X941 
Pm. open InU 10*707 OH 3*27 

MEWTOILOPE) 

UAdtarsMTOmd-ktoarunowmll 

».90 2062 2073—006 37.974 
M84 2*60 2*74— (LOS S7J72 
»82 2066 +002 29*34 , 

3089 20*4 2080 +002 11755 

2040 2006 2031 +001 *577 

.2Q8B 2087 J0.12 +001 1227 

ftSSSMMf ■— „ 

oooxndw 

2*2 S-S M4 3 B 97190 -i« 18MS4 

X5 25^3 98380 4.10 X668 
Jua» 98900 9»0O 99900 -TUB 921 
BOlidet N A. Thus sdes 64.103 
TIM open lid 19*370 up 440 

FTSE TOenJFFB 

530*0 +4X0 7X523 ‘ 
*«9» ILT fi.T 33540 +6XD 1,956 
EAsrfu 1075X Ptw.ldH; 1*341 - 

Pm Open tat^ 74*79 off 1S9 

CAC48 (MATTP] 

^toapwtodtatpabd 

S££ ** 39530—900 33*66 
»4M 29610 -900 7*44 

SEE ”2^ 29390 29690 -900 17J0I ■ 
"»» H-T. N.T. 299*0 ml 10973 

DpsnWj 82031 up 1*08. 


w 


1,7 C^ 


Commofety Indexes 


3-MONTH EURO LIRA OJFFE7 

IJLInWOT-.ftaanoOpd 

Dee 97 9X7H 9381 93*0 
Mar 04 94*5 04.19 9*32 


gtadlT 


—006 10*480 
—0.15 10A342 


!nt 7 


1*3500 1837*0 

1*45*0 1*8500 

147.16 14*40 

24*76 34*17 

A s tadafn/PrwxL Landau 

Exchange ton 





INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 11-12, 1997 


EUROPE 


PAGE 13 




Gold Giantl ^‘ as * no to Take Stake in Supermarket Chain 


Is Created 
By African 
Companies 

<W*toOwSefF,mDtip<Ktn 

JOHANNESBURG — Gold 

Fields of South Africa Ltd and 
Gencor Ltd. agreed Friday to 
combine their gold minin g units 
and mineral rights in a new $3.6 
billion company, creating the 
world’s largest gold producer. 

Gold Fields and Gencor said 
they would give the new com- 
pany, to be known as Goldco, 
all of their mines, mineral rights 
and m anage m ent agreements. 
In exchange, they will receive 
shares in Goldco. 

Gencor will then use its 
Goldco shares to buy Asteroid 
Ltd, a bolding company that 
owns 40 percent of Gold Fields 
of South Africa Holdings Ltd, 
which in tum owns 43 percent of 
Gold Fields. It also will receive 
shares in Gold Reids itself. 

“The transaction will create 
a world leader in the global gold 
mining industry by combining 
three of South Africa’s premier 
gold mines — Driefontein, 
Kloof and Beatrix,'* the 
companies said Goldco’s an- 
nual production will be about 4 
million ounces (113,600 kilo- 
grams), and it will have avail- 
able reserves of about 120 mil- 
lion ounces. 

The companies said they 
might sell a 5 to 10 percent stake 
in Goldco to New Africa In- 
vestments Ltd, a black-con- 
trolled investment company. 
Gold Reids said that it had ended 
its talks on cooperation with 
New Africa Investments be- 
cause of its deal with Gencor. 

Gencor shares closed at 
11.30 rand ($2.42). up 30 
cents. (Bloomberg. Reuters) 


Ctatkkribf OurS^FnwDhpMeha 

PARIS — - Casino SA, struggling 
to fend off a hostile takeover bid, 
said Friday that it would spend 900 
million francs ($153.7 million) fora 
stake in a group formed by the pur- 
chase of flie Prisunic supermarket 
chain by Monoprix. . 

The three-way deal represents 
Casino’s latest defensive effort 
against its predatory rival Promodes 
SA, but also underscores the far- 
reaching restructuring taking place 
in France's food-retailing industry. 

Monoprix, a subsidiary of Celer- 
ies Lafayette SA. a department-store 
company, said ir had bought the 
smaller Prisunic chain from the retail 
conglomerate Pinau It-Printemps- 
Redoute SA for 1.61 billion francs. 


Casino said it would acquire a 
21.4 percent stake in the 360-store 
group by subscribing to 900 million 
francs of a 950-million-franc capital 
increase set by Monoprix to help 
pay for the acquisition. Galeries La- 
fayette also said it would sell assets 
to finance the purchase. 

Casino has been scrambling to 
conclude deals with other food re- 
tailers 'since Promodes initiated an 
unsolicited 28 billion-franc bid on 
Sept 1. 

Casino's decision to forge closer 
ties with Monoprix and a separate 
announcement that it bought 58.5 
percent of Sofigep, another French 
supermarket operator, make it a big- 
ger target for Promodes. It also 
strips Promodes of one of its cus- 


tomers. Prisunic, which said it 
would now buy from Casino instead 
of Promodes. 

“They are taking from Pro- 
modes's buying power and tacking 
it onto Casino,” said Simon Rag- 
gett, an analyst at Williams de Broe 
in London. He added that it made 
sense for Monoprix and Prisunic to 
join together “because their busi- 
nesses are quite similar.'’ 

Prisunic buys 220 million francs of 
Promodes products a year, account- 
ing for 0.2 percent of Promodes’s 
annual sales of 103.5 billion. 

Sofigep owns 41 supermarkets in 
Paris that are expected to generate 
sales of about 1 billion francs this 


for die stake m Sofigep. 


A Sour Week for Europe’s Stocks 

Troubles in Italy and Central Bank Activities Raise Anxiety 


Cr^HnJ by Oar Sorff fnm Dupaarha 

Most European stocks and bonds 
fell Friday, following U.S. markets, 
at the end of a volatile week. 

The losses capped a week that saw 
the collapse of die Italian govern- 
ment, a rise in interest rates in six 
European countries and a warning 
from the chairman of the U.S. Federal 
Reserve Board. Alan Greenspan, that 
with more people employed wages 
could rise, possibly triggering higher 
U.S. interest rales. 

All top European stock measures 
fell for the week week, dropping 5.7 
percent in Spain, 4.5 percent in 
France, 5.8 percent in the Nether- 
lands, 2 percent in Germany and 1.9 
percent in Britain. 

Early Friday, economic data that 
showed German consumer prices 
falling in September for the first 
time in four months did not much 
rattle German markets. 

And remarks by a Bundesbank 
council member helped reinforce the 
view that inflation and interest rates 
in Germany will stay low in the near 
term, traders said. The council mem- 


ber, Franz-Christoph Zeitler, said 
die central bank can “once again 
follow a steady-hand interest rate 
policy for the foreseeable future. * ’ 

But European markets slid into 
the minus column in afternoon trad- 
ing on U.S. statistics that showed 
rising wholesale inflation. Prices 
paid to U.S. factories, farmers and 
other producers rose a larger-than- 
expected 0.5 percent in September. 

Stocks and bonds slumped as in- 
vestors grappled with the possibility 
that the rise in producer prices 
signaled the start of an inflationary 
surge that could prompt the U.S. gov- 
ernment to push up borrowing costs. 

While higher U.S. rates would hurt 
stocks and bonds, the prospect of Fed 
tightening could offset European rate 
increases Thursday, dealers said. 

"Any numbers that are worse- 
than-expected are going to push the 
markets lower,” said Phylhs Reed, 
a bond strategist at BZW. 

“There's a lot of sensitivity to 
these reports. The market had gotten 
complacent about inflation.” 

Among the region’s benchmark 


stock measures, the FT-SE 100 In- 
dex in London rose 0.18 percent, 
Germany’s Dax Ibis fell 1.28 per- 
cent and the French CAC 40 fell 
0.19 percent. 

German and French bonds- also 
declined in Europe, with the yield on 
the benchmark 10-year bund rising 
6 basis points to 5.62 percent and the 
yield on the 10-year OAT climbing 
4 basis points to 5.62 percent. 

Germany’s Federal Statistics Of- 
fice said Friday that consumer price 
inflation was 1.9 percent year-on- 
year in September, down from 2.1 
percent the previous month. 

Seasonal factors contributed to 
the more relaxed infla tion picture in 
September, as consumer prices de- 
clined 03 percent from die previous 
month, compared with a 0. 1 percent 
increase in August. 

In West Germany, September 
prices were up 1.8 percent from the 
year-earlier month and down 0.3 
percent from August In East Ger- 
many prices rose 23 percent from 
September 1996 and fell 0.1 percent 
from August, f Bloomberg , Reuters) 


Promodes shares fell 12 francs, or 
037 percent to 2.088 francs. Casino 
shares fell 1.77 percent to 353.70 
francs, partly on concern that debt 
from die acquisition would negat- 
ively affect profit. 

Shares in Rahye, a holding com- 
pany that owns a third of Casmo and 
is bidding to buy the shares it does 
not own, fell 19 francs, or 5.4 per- 
cent to 330. Shares in Galeries La- 
fayette rose 4.9 percent or 140 
francs, to 2,990. Trading in Mono- 
prix shares was suspended Friday 
and will resume Monday. 

Casino said the acquisitions are 
being financed through bank loans 
and the company said they would 
improve 1998 earnings by about 5 
percent. (Reuters, Bloomberg ) 


German Firms 
Ignore Code 
On Takeovers 

Reuters 

FRANKFURT — Six of 
Germany’s 30 blue-chip cor- 
porations are still not comply- 
ing with a takeover code de- 
signed to protect investors and 
Frankfurt's reputation, data is- 
sued Friday by the German 
stock exchange showed. 

The exchange, which in Au- 
gust vowed to oust from its blue 
chip DAX index and MDAX 
mid-cap index any company 
that snubbed the code, also said 
33 of the 70 leading medium- 
sized firms were not complying 
with its demands. 

The exchange said Volks- 
wagen AG , Hoechst AG ,RWE 
AG, BMW AG. VTAG AG and 
Bayerische Hypotheken- und 
Wechsel-Bank AG had not 
signed up for the code. The six 
are the tip of an iceberg, it said; 
latest available figures suggest 
that only about 270 of more 
than 650 listed companies have 
adopted the takeover code. 


TRADE: Germany Makes the First EU Move Toward Broadening Economic Relations With Mexico 


Continued from Page 11 

production of a car,’’ Mr. Blanco 
said. 

Much of the driving force behind 
the initiatives comes from Mexico, 
which is eager to loosen the tight 
grip on its economy by the United 
States, which accounts for 80 per- 
cent of Mexican trade. 

“Certainly we feel that we need 
more foreign direct investment, and 
we need to diversify, and that is the 
reason why we reached an agreement 
with Germany/' Mr. Blanco said. 

For Europeans, investment con- 
ditions have improved since the 
December 1994 peso devaluation. 


which required an emergency bail- 
out of Mexico's depleted reserves. 

The Geneva-based World Trade 
Organization lauded Mexico for 
avoiding protectionist impulses 
after the financial crisis, the orga- 
nization said in a Mexico trade 
policy review this week. 

Throughout the 1990s, Germany's 
overall exports have expanded year 
after year, with total export growth 
this year set to outstrip the expansion 
rate of world trade. But Bonn’s stat- 
istics show that German exports last 
year to Mexico, its second-biggest 
export market after Brazil, had fallen 
from levels attained in 1992-94. 
Bonn reckoned that Mexico had been 


too preoccupied with its northern 
neighbors to cultivate Hade ties 
across the Atlantic. 

That is now changing because of 
the new initiati ves, German and 
Mexican business leaders say. 
Much of the appeal for Europe lies 
in Mexico's free-trade pact with 
Canada and the United States under 
the North American Free Trade 
Agreement, known as NAFTA, and 
through Mexico’s new trade ties to 
Central and South America. Mexico 
has liberalized trade agreements 
with Costa Rica, Colombia, 
Venezuela, Bolivia, Chile, and, in 
December, with Nicaragua. 

“Besides having a market that is 


93 millio n people, you have access 
to tiie great U.S. and Canadian mar- 
ket, and you also have access to the 
markets of Central and some of the 
countries of South America,” Mr. 
Blanco said. 

“There is new momentum in eco- 
nomic relations between Mexico 
and Germany.” said Oliver Wreck, 
regional director for North and Latin 
America for the Federation of Ger- 
man Industries in Cologne, Ger- 
many’s main business lobby and a 
fervent supporter of the EU pact 

In the wake of the German-Mex- 
ican investment treaty, the Feder- 
ation of German Industries expects 
small and medium-sized companies 


to think about moving production to 
Mexico. Allaying fears of some for- 
eign entrepreneurs, the treaty pre- 
vents state interference in opera- 
tions set up by foreigners. 

The treaty took more than three 
years to negotiate but was hurriedly 
concluded to allow for a signing dur- 
ing Mir. Zedillo's visit to Bonn. 

Mexicans had balked at German 
insistence on freedom to transfer 
profits from Mexican operations 
back to Germany without any stip- 
ulations to be reinvested locally. 

The result is a set of “most- 
favored’ ’ trade terms that go beyond 
most agreements that Mexico has 
signed elsewhere. 




• fV 1 !-* <*>••••» •• # .*• 1 ■ fc.-t 1 : r, . : i; 

mm 


Very brief y: 

• WorldCom Inc^ a U.S. telecommunications group, bought 
tire 70 percent of Ireland's TCL Telecom that it did not 
already own. No purchase price was disclosed. 

• Rhone-Poulenc SA launched a 6.7 billion franc ($1.14 
billion) share issue to .help finance its recent buy-out of 
minority stakes in its U.S. unit, Rhone-Poulenc Rorer Inc. 

• Spain’s unemployment rate rose to 1 2.69 percent in Septem- 
ber from 1238 percent in the previous month, the Labor 
Ministry said. The total, number of Spaniards registering for 
unemployment benefits rose by 5 1 ,050, or 237 percent, bring- 
ing the number of unemployed to 2.04 milli on- The Labor 
Ministry’s statistics tend to be far lower than the numbers 
published by the nations! statistics institute, whose rate was 21 
percental the end of the second quarter. 

• SAP AG, tiie world’s largest maker of business software, 
said it was reorganizing its product-development operations 
by creating 15 development teams, each responsible for 
tailoring the company’s software to a specific industry, in a bid 
to maintain rapid growth. 

• Dresdner Bank AG said 13.8 billion Deutsche marks 
($7.87 billion) was invested in the funds of the seven sub- 
sidiaries which form Dresdner Bank Investmentgnippe in 
tiie year to September. That amount is almost three times the 
amount invested in the first three quartos of 1996. 

Philips Electronics NV said it agreed to sell a minority stake 
in Origin BY, its computer-consulting unit, to Price Wa- 
terhouse & Co. for an undisclosed amount. Bloomberg, Reuters 


EU Rejects a Fiscal Plea 


Ageitee France-Pnase 

BRUSSELS— The Eu- 
ropean Commission on Fri- 
day rebuked Germany and 
the Netherlands for their 
demands that they be per- 
mitted to cut their contri- 
butions to the EU budget. 

The commission agreed 
that some countries con- 
tribute far more titan they 
get back from big spending 
programs- like agriculture 
and regional aid. But it said 


that the discrepancies were 
the result of political de- 
cisions to which all EU 
member states were party. 

In 1996, Germany con- 
tributed 29.2 percent of the 
EU’s budget, far more than 
any other member, and re- 
ceived 14.8 percent of total 
spending. France, in con- 
trast, contributed 173 per- 
cent and received 17.7, 
while the Netherlands paid 
6.2 and received 3.0. 






m 


BSD 

135 

150 

135 

ID 

9.9S 

9.95 

9.95 

17 JO 

1*80 

17 

1*90 

*30 

*20 

*30 

*30 

1030 

10 

1020 

10 

940 

ISO 

9*5 

9 

2 A 

2*3 

2*5 

2*5 

3.22 

110 

120 

110 

7 JO 

7 

7.10 

7 

2*30 

24-50 

2*50 

2*50 

7JB 

*75 

*95 

*80 

10-50 

1CU0 

10*0 

1030 

M0 

9.15 

9-30 

9.15 

11J0 

11*0 

11*0 

11*0 

**2. 

*30 

*58 

*41 


FT-SE 100: 5227 JO 


PraifGBsmrJO 

9M 

15* 

9W 

934 

*.97 

*80 

*96 

484 

MB 

125 

138 


&M 

*53 

*54 

{f/jy 

1-59 

15* 

1*8 

140 

£37 

£32 

534 

53 7 

£92 

583 

£87 

534 

16JC 

1*05 

1*25 

1*15 

137 

127 

834 

832 

151 

£37 

5*1 

5*2 

£30 

£14 

£28 

£17 

in 

184 

388 

388 

11.17 

I1-M 

11.15 

11 

9.15 

197 

9.10 

VJS3 

152 

3*8 

1*9 


17.17 

1*83 

1*99 

1732 

*15 

423 

*27 

636 

7JJ 

158 

2*3 

2*3 

7.11 

*B7 

*83 

7M 

9.2* 

9.13 

9.17 

9.16 

*53 

*40 

*45 

4*3 

181 

199 

181 

1J9 

**B 

*35 

*44 

*41 

2M 

U5 

2*2 

2*0 

1095 

1081 

1195 

HOJ7 

1.37 

1J5 

135 


£70 

£57 

£66 


*15 

*04 

*U 

6-13 

£37 

532 

538 

5J9 

aw 

7* 

107 

798 

*88 

*10 

*80 

*91 

134 

128 

333 

334 

*8* 

*72 

*84 

*70 

*£04 

*97 

*99 

5 

£84 

5*8 

£73 

580 

*58 

5*4 


*45 

*99 

*90 

*94 

182 

111 

181 

182 

10.93 

1083 

1083 

UL74 

4 

188 

198 

392 

1*03 

13*8 

1395 

1*15 

1177 

13*0 

1344 

13*9 

177 

187 

195 

882 

£8* 

£73 

5W 

£80 

jU7 

113 

337 

332 

193 

380 

387 

388 

£79 

I/O 

£75 

£77 

7.10 

*99 

788 

782 

7.2* 

7.12 

7.13 

7.14 

IMS 

1933 


15 

P3u 

982 

9Jb 

3173 

158 

172 

14B 

138 

125 

i'll 

133 

3 

190 

194 

299 

10*2 

HL27 

10*0 

10*0 

283 

*93 

13* 

2.75 

*80 

7.72 

98 

230 

*38 

121 

*27 

3 

3 

5*5 

£38 

539 

5X1 

1150 


13*6 

1349 

£99 

190 

2.96 

287 

5*7 

533 

£4 

£37 

9*7 

9 JO 

930 

9*4 

7*1 

7J9 

739 

7*2 

153 

3*5 

IS 

3*0 

2*9 

2J4 

2*2 

23* 

733 

103 

7.10 

782 

m 

7.15 

105 


190 

189 

599 

4 

9*8 

933 

*73 

4.90 

*66 

*63 

138 

no 

*60 

*40 

*49 

*64 

8*7 

161 

SM 

£07 

*78 

*70 

338 

335 

1184 

1884 

*77 

484 

784 

788 

738 

7*3 

435 

*42 

339 

136 

789 

789 

3J0 

348 

£04 

533 

ZJ8 

280 

2183 

2130 


■nut SI 


^ H 


SOT 28!5 
7930 7*20 


17*5 1590 
2*20 2500 
«M MSB 
M 


m 


The Trib Index 

Prices at of 3:00PM. New Yak time. 

Jon. 1. 1982 n 100. 

World Index 
Region*! Indame 

level 

178.57 

Cheng* 

- -0.59 

% change 

-0.33 

year la data 
%.chmge 
+18.73 

Asia/Padfk: 

118-46 

+0.79 

+0.67 

-3.22 

Europe 

194.8? 

-0.71 

-0.36 

+20.92 

N. America 

211.24 

-1.70 

-0.80 

+30.47 

S. America 

kidustrial Indents 

177.02 

■0.21 

-0.12 

+54.70 

Capital goods 

227.83 

-1.92 

-0.84 

+3330 

Consumer goods 

187.65 

-0.31 

-0.16 

+22.44 

Bwgy 

207.18 

-1.64 

-0.79 

+21.36 

Finance 

131.72 

-0.60 

-0.45 

+13.10 1 

MeceRaneous 

189.60 

+041 ' 

+0.22 

+1720 

Raw Materials . 

186.63 

+0.06 

+0.03 

+6.41 

Service 

170.02 

+0.21 

+0.12 

+2321 

UBBties 

172.60 

+0.90 

+0.52 

+2031 

The knemetiorml Hmti Tribune Wood Stock MuOMb the ILS. doBar values of 
280 toammlona/ly inveswbta stocks (row 26 countries. For mom MotmnTion. a free 
booklet bavatabb by writing to The Tib tottoKlBI Avenue Charles ota Qoutia, 

82521 Neuby Codex. France. CompBed by Bloomberg Nows. 



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2§S 

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5116 

2795 

5116 

27* 

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34.73 

34 

3*65 

34*5 

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4W* 

4840 

4885 

4980 

Timrib ■ 

1145 

1835 

1816 

1165 i 

TtamCda Pipe 

2*90 

2*65 


268Q 

TrtmmkRnl 

78V 

77.55 

77_S5 

7140 

Time Hahn 

3&90 

34W 

3&.40 

3*80 

TV* Gold 

ms 

113 

QL2D 

120 

wtstaxatEnv 

28195 

2840 


2U5 

Weston 

104 

100 

102 

102 


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I 


PAGE 15 


INTERNATIONAL HERALD TRIBUNE, SATURDAYS UNDAY, OCTOBER 11-12, 1997 


ASIA/PACIFIC 


Nomura Takes a Chance on British Betting Shojps 


Cfcr Staff Fma Ofcparte 

TOKYO Nomura Internation- 
al PLC, which two weeks ago be- 
came Britain’s biggest independent 
pub owner with the purchase of 
Inmrepreneur PLC, said Friday it 
would also buy William Hill, Bri- 
tain’s second-bi gg est chain of bet- 
ting shops. 

The Grand Bookmaking Com- 
pany Ltd., a Nomura-financed in- 
vestment company, will pay Brent 
Walker PLC £700 million ($1.14 
billion) for the 1,600-outlet c hain 

Nomura has already said it would 
“almost certainly” use the rental 
income from the public house c hain 
to create asset-backed securities. It 
said Friday that it may use cash flow 
from the William Hill chain to cre- 


ate similar securities. 

The deal marks the aid of the line 
for Brent Walker, as the William Hill 
chain was the debt-crippled com- 
pany’s last remaining major asset 
William Hill reported operating 
profit of £503 million on revenue of 
£1.65 billion in 1996. 

Led by Guy Hands, Nomura In- 
ternational’s Principal Finance 
group has created more than $11 
billion in asset-backed securities 
since 1995. When it sells the asset- 
backed bonds, Nomura frees up cap- 
ital for further acquisitions. 

Stephen Jolly, a Nomura spokes- 
man, said Friday that the company 
was considering a number or op- 
tions for William Hill, including the 
process of pooling the assets into a 


A Call for IMF Help 
Eases Asian Turmoil 

Rupiah Rises on Move by Jakarta 


Om^nibfOtrSugFtemDapatrba 

JAKARTA — Southeast Asian 
currencies benefited on Friday from 
Indonesia’s move to pre-empt a 
severe economic crisis by calling in 
/ t foe International Monetary Fund 
' •. and other agencies. 

The Indonesian rupiah was the 
day’s star performer, with the dollar 
slipping to 3,44730 rupiah from 

3.475.00, after starting the week at 

3.705.00. The Philippine peso and die 
Singapore dollar also strengthened, 
while the Malaysian ringgit and the 
Thai baht were stable. 

“With the news that the Indone- 
sians have invited the IMF in before 
things got too dour, people are just 
starting to get a more positive feel 
about Southeast Asia,” a dealer at a 
U.S. bank In Singapore said. 

Optimism about Malaysia's 
budget, which will be released next 
week, and Thailand’s fmancial-sec- 
( tor reform package also supported 
the region’s currencies, dealers said. 

Malaysia’s finance minister, An- 
war Ibrahim, has said the budget for 
1998 will be tough. A reduction in 
state spending would help cool the 
economy, slowing demand for im- 
ports and narrowing the current-ac- 
count deficit That,m turn, will help 
lift the currency, analysts said. 

The Thai government also will 
release an austerity budget next 
week. The country’s Budget Bureau 
said Friday it would- propose cuts of 
100 billion baht ($2.80 billion) for 
-the year to September 1998 to meet 
conditions imposed by Thailand’s 
IMF aid package. 

Seri Susathapom, director of the 
Budget Bureau, said die cuts would 
slow gross domestic product growth. 
Thailand had average annual GDP 
growth of 8 percent in the decade to 
1995, but overbuilding and misal- 
located lending during the boom 
years have come back to haunt the 
country’s ailing financial institutions. 
The country let its currency float on 


July 2, which sparked currency tur- 
moil across the region. Thailand must 
cut its budget to meet conditions im- 

Il72 billion bailout plan. 38 ”*** 

Indonesia held initial talks with 
an IMF team on Friday, and Finance 
Minister Mar'ie Muhammad said fas 
was optimistic consensus could be 
reached on a financing package. 

‘Mr. Mar'ie described Indonesia's 
economy as being similar to the 
Clint Eastwood film “The Good, the 
Bad and The Ugly," saying there 
were elements of each of those ad- 
jectives. He said the government’s 
challenge now is to encourage in- 
vestors to look on the bright side. 

“There has been a big change in 
the behavior, in the sentiment of the 
market players,” be said. “They 
don’t look on the good anymore. 
The good's taken for granted. They 
just look on the bad and the ugly.” 

He said the rupiah's decline was 
“completely overshot," but ac- 
knowledged that the country needed 
more economic “deregulation” to 
pull itself out of the economic prob- 
lems it faces. 

Despite the gains across the re- 
gion Friday, analysts were not ready 
to say the currency crisis in South- 
east Asia was over. 

' ‘Asian countries tend to keep the 
bad news as long as possible,” said 
Tan Kee Wee, an economist with 
United Overseas Bank Ltd. in 
Singapore. “I think there are a lot of 
companies that should be reporting 
bad news in Thailand but they have 
resorted to creative accounting for 
the time being.'The worst is not out 
in the open yet." 

He said it was difficult to predict 
how markets would behave in the 
near term but added, “I’U be more 
inclined to believe that next week 
will be a quiet and steady week for 
the currency market until the Malay- 
sian budget” 

(Reuters, AFP, Bloomberg ) 


tradable security. 

“We saw that die business had 
great potential for growth,” he said. 
“We think that we can make a sig- 
nificant investment in the business 
and make it more effective, efficient 
and mainstream.” 

Tradable securities created by 
Nomura's Principal Finance group 
have included £944 million for An- 
gel Trains, which the British gov- 
ernment sold as part of its rail pri- 
vatization, £904 million for a 
military housing group and £249 mil- 
lion for the Phoenix Inns pub chain. 

Built up by the former boxer 
George Walker, Brent Walker once 
owned marinas, more than 1,000 
pubs and had its own film subsi- 
diary. But it suffered problems dur- 


Thailand 
Gears Up 
To Rescue 
Tourism 


By Thomas Crampton 

. International Herald Tribune 

BANGKOK — As the govern- 
ment kicks off its “Amazing Thai- 
land” promotional campaign, the 
Thai tourism industry is praying it 
will work a miracle. 

We most support the country ’ s 
economy with more foreign tour- 
ists,” said Seree Wangpaichitr, 
governor of the Tourism Authority 
of Thailand. 

Tonrism has long been a major 
foreign currency earner for Thai- 
land. In 1995, die country’s 6.95 
million visitors spent 190.8 billion 
baht ($5.3 billion). 

The “A mazing Thailand” cam- 
paign, to begin officially in 
December, is intended to recreate 
the success of a campaign in the 
mid- 1980s that raised the country's 
tourist arrivals by more than 20 
percent in two consecutive years. 

Lately, however, the combin- 
ation of the haze covering South- 
east Asia, a series of deadly hotel 
fires and a collapsing economy 
that has made headlines world- 
wide. has set the once-booming 
sector reeling. 

Hotel operators say not even the 
positive fallout from the plunging 
currency — cheaper holidays for 
foreign visitors — has lured more 
guests. 

“We are now the same price as 
an airport motel in Milwaukee, but 
still nobody comes,” said Kurt 
Wachtveiti, general manager of 
the Oriental Hotel in Bangkok. 
“We hope things will be more 
amazing next year.” 

The 7,200 baht price of a room 
at the 121-year-old luxury river- 
side hotel has fallen almost 40 
percent this year along with the 


ing the 1991 recession and has since 
been effectively controlled by a syn- 
dicate of 30 banks led by Lloyds 
PLC and Standard Chartered PLC. 

Since the departure of George 
Walker in 1991, Brent Walker has 
been selling off assets to reduce its 
massive debt Now the company 
says it will delist its shares and con- 
sider liquidation. 

“The ultimate goal has been to 
get the maximum value for the 
stakeholders, which essentially are 
the banks," said Bob Gregory, a 
spokesman for Brent Walker. “The 
board and the banks made a good 
decision: instead of liquidating the 
company in 1991, they traded on 
and achieved much greater value.” 

' Brent Walker’s debt totals more 




than £1.3 billion. The company’s 
shares will be delisted OcL 31, and 
the transaction is expected to be com- 
pleted in mid-November, subject to 
clearance from the European Union. 

William Hill, like other British 
betting shops, has been hurt by the 
1994 debut of the National Lottery. 
Since the introduction of the Na- 
tional Lottery , William Hill has tried 
to woo back customers with new 
products like betting on the Irish 
Lottery and its “49s” numbers 
game. 

Nomura’s Grand Bookmaking 
Company has pledged to work with 
the existing management team. It 
said that it did not expect cats in the 
work force, which totals 9,000 
people. (Bloomberg, Reuters) 




&^x**^«* ' 


Very briefly: 


• Mahanagar Telephone Nigara Ltd. of India plans to sell 
100 million shares in a public offering, which is expected to 
generate $730 milli on and will ait the government’s share of 
(he company to 52 percent from 66 percent. 

•China's retail prices in September were unchanged from the 
same mouth a year ago, the first time the country has recorded 
zero inflatio n since it began economic reforms two decades 
ago. But in the first three-quarters of J997, China posted a 1.3 
percent year-on-year increase in retail prices. 

•Ssang Bang Wool Group is considering filing for court 
mediation to reschedule debt payments in a bid to avert 
bankruptcy. The crisis at the South Korean underclothing and 
real-estate group is expected to compound problems at Korean 
investment banks, already struggling because of bad loans. 

•Qantas Airways Ltd. said its agreement to give terminal space 
to the fledgling Aussie Airlines bad lapsed after Aussie Airlines 
faded to give u a security deposit or a bank guarantee. 

•Vietnam plans to introduce forward and swap trading on its 
foreign-currency market to meet high demand for dollars 
among local and foreign commercial banks. 


• frdLjLtfWAp-nr-FniKW-lVnir 

A Bangkok tour boat operator using his time to make repairs. 


•Daily Mail & General Trust PLC of Britain has expanded 
into the Aust ralian radio market by acquiring Regional Broad- 
casters Australia Pty. far £393 million ($64.3 million). 


baht, so that its dollar value is 
about $200. 

Already suffering from low oc- 
cupancy this year, the Oriental has 
been struck with m a s s cancella- 
tions over the past three weeks fol- 
lowing a German Foreign Minis try 
warning of baze in Southeast Asia, 
Mr. Wachtveiti said. “We don’t 
even get any money for the can- 
cellations, since haze is considered 
a natural disaster," he said. 

While the haze affected only the 
lower reaches of Thailand, pack- 
age tours usually include several 
destinations, “if they can’t take 
the group to Indonesia and Malay- 
sia also, they call off the whole 
trip,” Mr. Seree said. 

On Khao San road, a favored 
haunt of budget travelers, the 
baht's decline was enthusiastically 
welcomed by visitors. 

Khaim Azar, 23, said the decline 
in the currency would allow him to 
leave the country, with some 


money in his pocket “It was a very 
nice surprise. I spent less than $700 
for a mouth of holiday,” he said. 

While glad for such business, 
Mr. Seree said be hoped die weak 
currency would not draw too many 
travelers on tight budgets. 

“We don’t think the backpack- 
ers are bad for tourism, but we 
want to steer Thailand away from 
mass tourism and into a niche mar- 
ket,” he said. 

Another damper on the industry 
was a recent spate of hotel fires that 
highlighted safety problems in 
some high-rise buildings. In July, 
more than 95 people were killed in 
a fire at die Royal Jomtien Hotel in 
the beach resort of Pattaya. Inves- 
tigations found that emergency 
exits bad been chained shut and that 
the hotel staff was inadequately 
trained in safety procedures; 

Since the fire, Mr. Seree said, a 
safety training seminar had been 
conducted for Bangkok hoteliers. 


casters Australia Pty. for £393 million ($64.3 million). 

• Burns, Philp & Co. has sought a two-month debt mor- 
atorium with its banks while the Australian food-ingredients 
company finalizes a plan to reduce debt by up to 500 million 
Australian dollars ($369.3 million). AFP. Bloomberg. Reuters 


Seoul Bans California Fruit 


Bloomberg News 

SEOUL — : The govern- 
ment on Friday temporarily 
banned fruit imports from 
two areas of California after 
the U.S. government said 
harmful insects were found in 
fruir grown in die region. 

“It's a follow-up measure 
after the U.S. kept fruit pro- 
duced in the areas from trading 
to prevent die transfer ofhann- 
ful insects to other areas,” said 
Chang Young Kook, a South 
Korea’s Ministry of Agricul- 
ture and Fishery official. 

The import ban covers nine 
fruits, including oranges, 
lemons, melons, kiwi and 


limes grown in Walnut Park, 
Los Angeles County, and 
Mitipas, Santa Clara County. 
Hie U.S. government is ex- 
terminating the medfly in 
those regions, an insect that 
gives birth inside fruit. . 

The ban is the second one 
this year after a similar case in 
July that affected fruit from 
Florida. Last week South 
Korea suspended beef im- 
ports from Nebraska after say- 
ing it found E. coli bacteria on 
meat bought from IBP Inc. 

Most of Soulh Korea's $23 
million in lemon and orange 
imports last year came from 
the United States. 


SCENE: Is US. Labor Market Tight Enough to Spark Inflation? GLITTER: Engineers Seek Their Fortunes in the Movie Industry 


Continued from Page 11 

than 10 percent from a year ago.” 

Still, with about 67 million people not 
participating in the work force, many 
analysts expect the participation rate to 
keep ou rising, particularly when em- 
ployers are beating the bushes for more 
workers in many parts of the country. 

Phillip Rones, a labor market spe- 
cialist at the Bureau of Labor Statistics, 
said the pool of potential workers still 
v could be very large. “It’s not just dis- 
^couraged workers.” those who looked 
for work but gave up because they think 
no job is available for them, “or those 
we call marginally attached,” another 


group who say they might take a job but 
aren't looking for some reason, be said. 
“As conditions change, people respond 
by coming into the labor force and .by 
leaving the labor force." 

Back in the late 1980s, Mr. Rones 
recalled, "the most expensive one- 
minute ad on a Super Bowl show was a 
McDonald's ad to attract older workers, 
people who might not otherwise have 
considered working. That was a long 
economic expansion, and it’s the same 
now. People are responding. Maybe they 
are retired, or sitting at home. But if there 
is a job right down the street, or otherwise 
available to them, they may take it. 

“You could make a case that there are 


millions and millions of people who 
under some circumstances would 
work," Mr. Rones said. "People come 
out of the woodwork, and it’s not just 
hundreds of thousands, but millions.” 

Since the end of last year there has 
been relatively little growth in the labor 
force. At the same time, the growth of 
employment has slowed, so that last 
month’s 4.9 percent unemployment rate 
was no lower than April's. 

One way out of this overall problem, 
Mr. Greenspan said, would be for de- 
mand for labor to rise no faster than the 
labor force. It is possible, though far 
from certain, that might be starting to 
happen. 


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Mr. O’Neal, for instance, is one of 
four engineers from the Jet Propulsion 
Laboratory who have joined Digital Do- 
main in Los Angeles in the last two 
years, frustrated by the shrinking budget 
and the slow bureaucracy at NASA- 

Much of the technology being ex- 
ploited by the entertainment industry — 
from the Internet to the computer graph- 
ics used to make “Toy Story” — began 
as university research sponsored by the 
Pentagon. 

Now the flow of people and tech- 
nology is becoming more direct, al- 
though it is still far from a mass mi- 
gration. “I think there is a limited 
number of people, but the aerospace 
infrastructure is beginning to serve the 
entertainment people,” said Joel Kotku, 
an expert on the Southern California 
economy at Pepperdine University. 


Making the transition is difficult, and 
some aerospace companies and engi- 
neers have found the grass is not always 
greener in entertainment. For instance, 
the Hughes Electronics unit of General 
Motors Carp, and Lucas film Ltd. aban- 
doned a venture to make theme park 
attractions based on military simulators 
when costs became too high. 

Some of the areas to winch aerospace 
people are flocking, like virtual-reality 
entertainment and special effects, are not 
growing as fast as expected and are ex- 
periencing business failures. Indeed, two 
of the four people from the Jet Propul- 
sion Lab who joined Digital Domain lost 
their jobs last week in a big layoff. 

But a larger problem than economics 
is culture. Military contractors have had 
a hard enough time moving from makin g 
widgets for tanks to making widgets for 
trucks, let alone to making movies. It is 
hard to imagine two industries more 


different in culture and business prac- 
tice, although projects in both do have a 
tendency to be late and over budget 

1 ‘Even though the technology may be 
the same, foe way the technology is used 
is so different, ’ ’ said Eric Haseltine, who 
worked at Hughes Electronics and is 
now at Disney heading projects devel- 
oping virtual reality attractions such as 
the Aladdin Magic Carpet Ride. "One is 
about storytelling and emotion, and foe 
other is about killing people.” 

Most of foe successful transitions so* 


broadcasting service. Gems tar Interna- 
tional. whose VCR Plus system makes 
video recorders easy to progr am , was 
started by engineers who left TRW Inc. 
Image-generating circuitry developed 
by Lockheed Martin Coip. is used in the 
Sega Saturn video-game machine. 



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THE FUND PERFORMANCE FOCUS 


The IH.T.wotdd like to remind its readeis that past perfernianceisno guarantee of future results and that the value <£ an investmentandlhe tacome from It am jetsam as w* is up. 




ABNAMRO ALRENTA 


550 



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We offer yon: 

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years: 9.2%); 

• ABN AMRO Global Bond Fund (USD-based); 

• And other funds from rite ABN AMRO family of funds. 

Advantages to yon: 

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GLOBAL ASSET MANAGEMENT 
HAVE YOUR JAPAN INVESTMENTS GROWN 
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GAM Tokyo is the top performing of all 112 “Offshore Japan 
Equity” funds since launch in March 1992*, having provided investors 
with a total return of 108% in Deutsche marks. Over the same 
period the Tokyo Stock Exchange Index (in DM) rase by 13.14%t. 





w 4 

WV 

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■/V 

f 

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— Ou 


ro.v— i 

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ra »• 

The key to the FuDd^mooen hat bam 
a highly selective approadi to stack 
picking. The manager has avoided 
poorly pe r flamin g sectors (La the 
banks), bas hedged the yen during 
periods of curacy weakness and has 
recently concentr a ted op comp ani es 
which have been benefiting from yen 
weakness and deregulation. 


•b m jrr 
With the Japanese market down more 
than 40% from its peak m 1989 and 
many Japanese shares now attractively 
valued, we believe that GAM- Tokyo 
offers nceOent prospects for investors 
over the medium cun, enhanced by a 
broadening economic recovery. 
Selectivity will, however, cont inu e to 
be the key to success. 


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MAGNUM FUNDS 
The Proof is in The Results 


Magnum designs funds of funds - combinations of hedge 
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Consider these recent results: 

Magnum Capital Growth Fund 
Ranked fft Offshore Global 
EawityBmd.ln-the.WQfM by the 
Wall Street Journal Europe and 
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59.7% for year.) 


+101% 



r iniiiimninnii 


msm 


Magnum U.S. Equity Fund 
Ranked jjJ_M.Hj.tlfuadJn-th.e 
)tej^wiMija-U..So-Qegflraptite 


gQHM.nlrjli.Qji_tq r. .Calendar I*** 


Year, .1996 . and again for 12 
fnQPths .endlnq Julv1997. by 



Upper Analytics! Services. (Up 
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500 Index.) 

For more information, fax Dion Fried! and at 
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web site at wwwjnagnumfund.com 


JL 

Per p e tu al 


Fund 

Latnch 

Data 

ih Change 

StandsdA 

Sfoce 

Launch 

5 Yaars 

Resaaich 

Ratngt 

International Growth 

25.1.03 

*7240 

4110.8 

AA 

Emerging Companies 

8.405 

400*0 

41430 

AA 

Amencan Growth 

21.404 

414184 ■ 

+1S2.7 

AA 

Latin American Growth 

31.1.95 

457.4 

- 

- 

Far Easfsm Growth 

& 11 .86 

43980 

♦114.8 

AAA 

Japanese Growth 

3aii.9i 

47.7 

4 80 

- 

Asian Smaller Markets 

03.93 

4881 

— 

AA 

UK Growth 

24.1007 

443*0 

*167.6 

AAA 

European Growth 

8 - 11.86 

4289.0 

4l35.« 

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Are Phased to Introduce 
Two Open End Offshore Investment Companies: 


ICATU BRAZIL MULTI-ADVISOR FUND, LDC 


illy 


The Iota Bnril MnttAffifeor had, LDC offers three dbtinri profes'ooi „ 
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ICATU ALPHA GLOBAL FUND, LDC 


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Tkb BOBOUKcaiieitl a neither an tffer 16 sell nor a salicizatloa of a offer to bta any 
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Copier of the Pmpocaa may he obtained from Mr. DmM Footer 
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In the 26 monfiis smee Momentun created AlfWeattier 
the performance to 31 July 1997 is : 



D . ;/ ! n P p f A p i f ;r f-N n, \ r n r 
jUll vjrt DCi“A, V. : J'J.\ ; J +. Kn 


10 


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14 



TRENDLOGIC DIVERSIFIED PROGRAM 

Value of S 1,000 Invested since October 1 st. 1994 



* ■& tr s w 

The Fund, managed by TRENDLOGIC 
associates inc in Greenwich. Con- 
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let. 1W end has appreciated over m 
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TRENDLOGIC INTERNATIONAL FUND. 
LTD charges a management lee of 9% 
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profits The Fund M quoted in US dol- 
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Ftotbar t ri u raHea era 
from the Mmlahuam t 


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4^- International 


II 


WO ODROW PARTNERS, Ltd 

Value of S 1 million invested since August 1st iw& 



Woodrow Partners, Ltd. started 
trading August 1st. 1996 and Is 
founded on the long and success- 
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manager. Mr. Many Daftaiy. Far 
needy fifteen years, Mr. Daftary 
has been responsible for size- 
able US equity portfolios orien- 
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The Fund seeks consistent and 
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through a portfolio of long and 
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the basis oi fundamental analysts 
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Since Its inception the Fund 
appreciated over 5T&, 

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redemption at the end of cacti 
month 

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□ICO FUND SERVICES [CURACAO! N.V. 
Wfc pVMt 732 1222 ft* IWM1 752 2223 
■taken Writer 


J.B. Japanese Equity Fund 


Invest in Japanese equities 
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1 Low Japanese Interest 
rales; this is usually 
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have never been lower 
meas ur ed by levy indicators, and 
the Japanese share index -the 
Nikkei Index -to Currently at Ih* 
1987 level. 



In addition, the yen is K*w 
compared with US-*lollors 
end the European 
currencies 


Jyske Invest 

• a a mutual fund group 
which IS My owned by 
Its investors 

• was established in 1198 
at the initiative of Jyske 
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• offers i writ ratty? of 
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designed tommour 
mvesBors” different 
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II you wish ro know more 
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Invest, please write or phone direct to. 




■ Japanese company earnings are 
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m»ptediDSteHJDHalte u » «te tei«i»ramiSimre«teci>te W ra rart<w re>mteniomra. 


TOP PERFORMING FUNDS 
ADMINISTERED BY OLYMPIA CAPITAL 
INTERNATIONAL LIMITED 


Olympia Capital Internationa], an independent third- 
party offshore administrator, values more than 100 off- 
shore entities, across a broad array of investment disci- 
plines. A selection of funds is outlined below. 



Investment RQR 

% Positive 
Months/ 

Fund/Manager 

Category to 9/30/97 

Scd. Dev. 

Firabury Group Limited 

US High Yield lb.33% 

83.96% 

Shenkraan Capital MgiDL 

Debt (from Um/90) 

6.30 

Forest Fukrura Limited 4 

USCoitwraUe 16.16% 

94.y»% 

Forest MgmL 

Debt ( from 07/01/94) 

4.24 

The Merger Fund Lid.** 

US Equity/ 14.94% 

100.00% 

Green & Smith 

Merger (from 01/01/96/ 


Capital MgmL 

Arbitrage 


P1MC0 Stocks" 15, Series** 

S&P500 index 43.18% 

77.78% 

Forest MgmL 

"Racking (from 1X1/96) 

18.15 

Winchester Conwtibte FlosUS Cbntfertibte 20.1344 

8705% 

Oak tree Capital MgmL 

Debt (from 12/31/90) 

6.67 


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The managers of these funds have UA entities employing 
substantially the same investment policies since 1990 (Green & 
Smith) and 1987 (PTMCO), respectively. 


'-** TT 




For further information contact Anne-Marie da SiJva at 
Olympia Capital International's Bermuda office, 
at 01 (441 ) 298-5007 or via fax at 01 (441 ) 295-2305. 


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12 



SOGELUX FUND 

EQUITIES INTERNATIONAL GROWTH 


NMAsMtVhlue per Stare evolution 

(Ban 100 Starting PMoQ Satriante 30, 1992 to Stotambv 30, 1987 (Cuneney: US0) 


SGLUX EQUITIES OTTER GROWTH 


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200 





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100 




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160 





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140 




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Mail this coupon or send fax to: 

Julian Staples, International Herald Tribune 
63, Long Acre 

London WC2E 9JH, United Kingdom 
Fax: (44-1 71) 240-341 7 

or e-mail your request to: JSTAPLES@IHT.COM 

Please send me information on the funds 
circled at no cost or obligation. 

1 


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pie Social GSnfirale Group launched Ihe first French SfCAV in 1964 
d manages today approximately USD 95 billion in over thirty 1 financial 
market places worldwide, on behalf of private investora and iradtutkms. 

Since 1987/ foe fooM Gfa^ nle Group has been offering 8 
Luxembourg based mutual fond, SOGELUX FUND, today ro 
33 compartments with a total NAV of about USD 990 mnfi™ 


I 


of 


SOGELUX FUND indudes 

- 18 equfty .compartments specialized, in North America, Europe, 
Japan, International Growth, Gold Mines. France. Gcsmany, Italy 
Spain, Switzerland, Pacific UK, China, Emerging Asia, Lato 
America, Wforid, Indian Subcontinau, Eastern Europe. 

—10 bond compailmeiib s pecializ ed in countries or geographic areas 
(USA. Japan, Europe Germany, France, UK, Switzerland, Spain, 
Italy, wod) denominated in foe correspemding cumndes. 

- 5 money market compartments: USA, Europe, Germany, Stance, 

SOGe£uX FUND - EQUITIES INTERNATIONAL GROWTH 
OUTFERIORMED ITS BENCHMARK OVER A PERIOD OF FIVE 
YEARS ICF. GRAPH). 


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SATUIU>AY-SUNDA£ 
OCTOBER 11-12, 1997 
PAGE 17 



A Roundtable: Good Times or Bad, the Best Stocks in the World 


T he Algonquin Hotel in Hew York 
has been the setting through the 
years for some celebrated 
roundtable discussions. On Oct . 
2, five professional investors met there 
with Mitchell Martin, editor of The 
Money Report, and a reporter. Aline Sul- 
livan, for drinks, hors a oeuvres and de- 
bate about what constitute, in good times 
and bad, the best stocks in the world. 

/« The investors, who dll are based in 
' few York, are: 

’ •Peter Canelo, US. investment 
strategist at Morgan Stanley Dean Wit- 
ter Discovery Co.: 

• Jean-Marie Eveillard, president 
and portfolio manager of the $4.4 bil- 
lion SoGen International Fund; ■. 

• Henry Grass, managing director 
of private client administration at 
Chase Manhattan Bank: 

• Michael Levy, managing director 
and head of international equities at 
Bankers Trust and manager of the $570 
million BT Investment International 
Equity Fund; 

• Thomas McManus, senior vice 
president, investment strategy, at N at- 
test Securities Corp. 

Mr. Grass: In m aking my choices for 
this evening, I asked myself two ques- 
tions. First, what are some of the most 
dynamic and attractive areas in the glob- 
al economy, and what are some of the 
broadest and most interesting markets? 
Second, what are some of die best 
companies in these markets? 

Yon have to have financial sendees. 
Their capital is critical to the growth of 
the global economy. My first choice, 
because I think their strategy is brilliant 
and will probably succeed, is Citicorp. 
Most people are aware of its strategy to 
become a global consumer hank The 
management seems to be very successful 
in executing it, particularly in the emerg- 
ing markets, where the profitability, the 
<’ margins and the growth are all well 
above average. It has a mature market 
domestically, but I think Citibank has a 
terrific future around the world. 

Behind Citibank are sane of the great 
giants. I think Deutsche Bank is going 
to be very competitive long term.- ABN 
Amro is another first-rate organization. 
It is hard to pick among some of the 
great investment b anks in New York, 
but I think J. P. Morgan is probably a 
survivor long term and Morgan Stan- 
ley and Travelers Corp. will also do 
well. . 

Mr. Canelo: I think Citibank is going 
to be a beneficiary of the development 
that is ongoing in China. Indeed, die 
migration out of the farms and villages 
to the coastal cities is really acceler- 
ating. The Chinese need to build as 
much housing in the next two years as 
they built in the past 20 years. If I spoke 
Chinese, I would become a contractor 
and get really rich. Instead, I think a lot 
of American and European companies 
will benefit Citibank is already in 
Shanghai and will certainly help to fi- 
nance investment there. 

£«.; Mr, Levy: In tenns of stock op- 
portunities and value-creation oppor- 
tunities that haven’t necessarily been 
fully recognized or maybe are in an 
early stage, I think the European arena is 
certainly one of the most fertile. There 
are a host of countries that are still 
overbanked. Then there are those banks 
who are beginning to pave the way to 
consolidate the sector. 

One of our favorites is CredBto Itali- 
an o, a major Italian retail bank that was 
considered for so many years to be 
terribly inefficient. It just didn't seem to 
have a coherent strategy. However, we 
think they were rather perceptive in 
arranging to acquire the controlling in- 
l'*erest in Rolio Bank, which had a com- 
plimentary position. Rolio was essen- 
tially a private bank with a very affluent 
client base. The stock has been stellar, 
however. Italians, in common with 
many other Europeans, are just begin- 
ning to discover equities as an asset 
class. 

Elsewhere in Europe, AXA/UAP is 
also one of the world's greats. Banco 
Santander is a very aggressive bank. 


very successful with its Latin American 
strategy. 

MrTEveillard: From at least the the- 
oretical point of view it is interesting to 
look at disaster areas. The Tokyo stock 
market certainly has been a disaster area 
far the past six or seven years and the 
size of the domestic mutual-fund in- 
dustry in Japan today is only one-tenth 
the size of what it was seven years 
ago. 

We own Nisbedo, the Japanese prop- 
erty-casualty insurance company, with 
the idea that it is a disguised investment 
company and that, in essence, we there- 
fore own a portfolio of depressed Jap- 



Ifl spoke Chinese. I would 
become a contractor and get 
really rich. Instead, I think U.S. and 

European companies will benefit. 

Peter Canelo, Morgan Stanley 
Dean Witter Discover. 

anese securities at a big discount In 
essence it is a double discount 

Mr. McManus: We like Bank One. 
I think acquirers still have a long way to 
go to reap the benefits of the acqui- 
sitions that they have made in some 
cases several years ago. Bank One 
bought First USA There is going to be a 
tremendous technology transfer there, 
which will really help Bank One 
achieve significant efficiencies in its 
hanking business. 

Mr. Gooss: Won’t it [Bank One] be 
taken out at some point? 

Mr. McManus: That is a great point. 
We are going to see continued con- 
solidation and this could be a target at 
some point 

Ms. Sullivan: That must make it all 
die more attractive. 

Mr. McManus: Yes, but a company 
doesn't necessarily need to be the target 
to reap the benefits of consolidations. It 
can be die acquirer and still have a real 
economic benefit 

* Ms. Sullivan: Telecommunications 
stocks are also topical following the 
WorldCom bid for MCLDid anyone 
have a telecom stock on their list? 

Mr. Canelo: Ericsson. I think it is a 
very profitable, very forward-looking 
company. It is a beneficiary of what is 
going to go on in Asia. People are right 
now worried about Thailand and Malay- 
sia, but I think the real story in Asia is 
that China is growing at 8 percent of 
annual gross domestic product, India is 
growing at 7 and Russia is one of the 
fastest-growing countries in the world 
right now as it comes out of a de- 
pression. These are half the people on 
earth and communications are just one 
of the things that they require. 

There is some debate as to whether 
Motorola might be a backer in India, 
but 1 think Ericsson will be important in 
China. So will some of the suppliers to 
the telecoms, such as Lucent But right 
□ow I would say that Ericsson is best 
positioned. 

Mr. Gooss: Or maybe Nokia. 

Mr. Canelo: They had a strong vi- 
sion in Southeast Asia and right now I 
don’t know what is going on there. 

Mr. Levy: Oddly enough, we own 
WorldCom in our global portfolio. Even 
before the MCI announcement, we had 
been very impressed with the com- 


pany^ vision. It came from virtually 
nowhere to consolidate a tremendous 
leadership position in the Internet, In- 
ternet backbone, international services, 
business services and local routes. It 
was the number four long-distance car- 
rier by volume. Now it trill very clearly 
be number one. 

Ms. Sullivan: What do you think of 
the bid for MCI? 

Mr. Levy: We chink it’s a fantastic 
deal: It has been very well thought-out 
It makes sense from an earnings per- 
spective and from a synergistic per- 
spective: They will easily afford the $30 
billion to $35 billion and will achieve 
[annual] savings of $3 billion to $5 
billion. 

WorldCom is clearly a growth stock. 
We were expecting earnings growth of 
50 percent plus and cash-flow growth of 
30 to 40 percent prior to the MCI an- 
nouncement The stock has done ex- 
tremely well and is a fabulous currency 
Grom WorldCom’ s perspective. Hope- 
fully it will hold up. 

Our other telecom stock — Portugal 
Telecom — is a very exciting stoiy. 
Other economies, like Ireland, have 
been growing at a higher rate, but Por- 
tugal has done it without having any 
inflationary pressures. At the same time, 
its income levels are rising. This is 
going to benefit Portugal Telecom. 

Mr. McManus: Privatizations are 
the beginning of forming an equity cul- 
ture in Europe. If you own one ten- 
millionth of France Telecom by virtue 
of your citizenship, things could go well 
there or badly, and it is really none of 
your interest But if you own one ten- 
millionth of the company as a share- 
holder and things aren’t going so well, it 
is a different stoiy. You see this stock in 
your portfolio that has underperformed 
this market and you can see the op- 
portunity cost Management is now ac- 
countable to you. 

My point is that this is part of the 
virtuous circle that is going to help 
transform the entire European econo- 
my. The social objections to restruc- 
turing Europe are die biggest obstacles. 
What better way to vault that obstacle 
than to co-opt the opposition by putting 
stock in their account? 

Mr. Eveillard: What you are talking 
about here works both ways. Yes, it can 
encourage an equity culture, but if 
people then get disappointed because 
they bought into a privatization at 200 
francs and then 10 years later it is at 125 
francs, you have a big problem. 

Mr. Martin: That’s right The 
Money Report had a section in die sum- 
mer of 1996 on the European privat- 



You have to have an energy 
stock . My first choice is 
Royal Dutch/Shell. Consumption is 
growing and we need new sources. 

Henry Gooss, Chase 
Manhattan Bank 

izations, which showed that most de- 
clined afterward, except for a few 
British ones. None performed well. 

Mr. Eveillard: I have no interest in 
France Telecom. Because we are on the 
value side, we tend to own very little, if 
anything, in the technology areas, par- 
ticularly in an area that changes as fast 


as communications. But we try in in- 
direct ways. In the U.S., we own the 
stock of Zero Corp-, which is in the 
business of protecting electronic equip- 
ment through packaging. That makes it 
an indirect way to benefit from the in- 
crease in volume without taking die 
technology risk. It is also a cash-gen- 
erating business: The management 
wanted to make acquisitions but they 
couldn’t find any, at least not at a price 
they were willing to pay. so they bought 
back a great deal of their stock and 
pushed the return on equity op. 

Ms. Sullivan: Let's move on to the 
transport and aerospace sector. Who has 
a contender in this category? 

Mr. Gooss: The only name I used is 
Boeing. Boeing is going to prosper in 
the next 1 0 years. It has made a couple of 
substantial acquisitions and it will main- 
tain the leadership in commercial air- 
craft It is also going to be very big in 
other space and defense aircraft. Long 
term, it’s terrific. 

Mr. McManus: You don’t have to 
buy into the big airplanes. One of the 
best companies in the world is Bom- 
bardier in Canada. They [acquired] 
Lear Jets, Canada ir. Shorts Brothers and 
also have De Haviliand. all at pretty 
good prices. The company is also into 
high-speed train transport, which is 
growing [in North America]. In addition 
to the long-haul aircraft regional jets 
and the commuter jets are really where 
the opportunities are. 

Mr. Canelo: Boeing is going to do 
pretty welL The suppliers to this entire 
theme of aircraft replacement and 
growth of demand' fa aircraft will do 
even better. Companies like Goodrich 
that make landing gear and Gulfstream 
Aerospace are good examples. 

Mr. Levy: One of my favorites is 
British Aerospace, by far the best 
wing-technology in the world. Yes, they 
are part of the Airbus consortium, but 
you have to be crazy to drink that the 
world will tolerate just one supplier of 
commercial jets, it is not going to hap- 
pen. Airbus is going to be a very strong 
number two. They have some excellent 
products and they fit a number of dif- 
ferent niches. 

Mr. Canelo: But the wages [are so 
high]. Also, they arc losing their sub- 
sidies. 

• Mr. Levy: Look, the lack of flex- 
ibility in the European labor face is 
legion. It’s going to change. 

Ms. Sullivan: Moving to another 
sector, is Coca-Cola on anyone’s list? 

Mr. McManus: Isn’t it amazing how 
a stock can outperform the market for 
three or four years and then it goes down 
20 percent and everyone hates it? If you 
look at the company's long-term ability 
to deliver value and you ignore the 
weakness in the earnings, which is gen- 
erated by the translation of profit be- 
cause of the falling dollar, tbe stock is 
very reasonable. 

Mr. Canelo: Frankly, if I had to buy 
a consumer-growth company, I would 
lean more toward the pharmaceuticals. 
They're cheaper and their prospects are 
probably better. Baity boomers repre- 
sent the biggest proportion of the pop- 
ulation in the United States and Europe 
and Japan. They are 35 to 50 years old. 
Righr now they are young and they are 
never going to die. In a few years, they 
are going to need drugs. 

Mr. Levy: They are going to need 
drugs again. [Laughter all around] 

Mr. Canelo: Heart disease, asthma, 
diabetes. As you get older you need 
more prescriptions. 

Ms. Sullivan: Who will be the be- 
neficiaries of this cheery trend? 

- Mr. Canelo: Eli Lilly, maybe. 
American Home Products, possibly.' 

Mr. McManus: I’ll second Lilly. 
That is the one with the positive inflows 
and the positive near-term news. The 
stock is expensive: It is up about 80 
percent this year. But this company has 
a drug designed for osteoporosis tailed 
E vista that is going in front of the FDA 
advisory committee in November. We 
are expecting that the drug will dear and 
start raing marketed in December. 

Mr. Levy: I have a Japanese phar- 


maceutical company. Taka da Chem- 
ical in Osaka is the ' largest phanna- 
ceutical company in Japan. The family 
still owns a small piece and it is now run 
by the second generation, Mr. Takada 
Jr., who is in his 50s and has a Harvard 
MBA The company has a tremendous 
product line: it is a real powerhouse! 
These guys have die best treatment for 



Seven years ago, people wrote that 
Japan would conquer the world. 
Well, it didn't ffs the same with 
the U.S. and technology today. 

Jean-Marie Eveillard, SoGen 
International Fund 


prospecis in markets and economies ihat 
are going down the tube. 

Mr. McManus: You need to take 
inm account -the qualitative aspects of 
the company you are dealing with. 'I am 
certainly not an expert on accounting 
standards around the world, but it is my 
view »hnt in two areas at least the U.S. 
probably enjoys an advantage: the trans- 
parency of company results and cor- 
porate governance. The institutional in- 
vestors in the U.S. who have become 
active in tenns of having an impact, 
voting the shares, having an impact on 
management, have been positive for 
valuations in the U.S. overall. 

Ms. Sullivan: Bat isn’t that happen- 
ing elsewhere as well? 

Mr. Levy: That is certainly the case 
intheUJK. 

Mr. Eveillard: It is also true that 
accounting tends to be more opaque in 
continental Europe and Japan, but at the 
same time it is also more conservative. 
For example, a good Chunk of the earn- 
ings growth of Bayer is simply due to the 
fact that their accounting for depreci- 
ation has become less conservative over 
the past five years because they have 
adjusted to the American standard. 

Mr. McManus: Starting in the fourth 
quarter, U.S. companies are going to 
adopt an accounting change — the FAS 
128 — which is actually going to in- 


Type 

onlyn 


2 diabetes, an oral treatment that 
[y needs to be taken once daily. They 
are also leaders in anti-hypertensive 
treatment forprostate cancer. It was also 
die first Japanese company to actually 
step outside the Japanese market to form 
global alliances. 

Mr. Gooss: Are their drugs really 
innovations? 

Mr. Levy: Absolutely. 

Mr. Eveillard. Are they cheaper than 
Americans or the Swiss? 

Mr. Levy: About the same. 

Ms. Sullivan: Now might be a good 
time to talk about the concept of com- 
pany- or sector-specific investing 
versus country-specific. When allocat- 
ing your assets, do you consider only the 
companies, or do you first weigh the 
attractiveness of their home country? 

Mr. Gooss: Increasingly, we are 
looking at Europe for tbe best and lead- 
ing companies in a market or sector 
before we bother looking at what cam- 
try they are in. Sweden is a classic 
example. I have -two Swedish 
nies in my Top 10 list, not because i 
are Swedish but because they are great 
companies in great markets. 

Ms. Sullivan: Ericsson was one of 
those. What was the other? 

Mr. Gooss: ABB A sea Brown 
Boveri, which is really an infrastnic- 
ture-devclopmem-maintenaDCe play. 

Ms. Sullivan. You consider western 
Europe, the European Union, as a single 
entity. But in other regions do yon still 
think in terms of the country first, rather 
than the- company? 

Mr. Gooss: Yes, we still do. In other 
parts of the world, you still have to look 
at local political and economic issues, 
which are much more of an influence in 
the markets. But we have stopped doing 
a lot of the country-weighting we used 
to do on the Continent 

Mr. Canelo: Let’s face it we don’t 
even know what our own GDP is going 
to be or even where our own interest 
rates are going. Forget it you can’t 

f redict a lot of this stuff. More and more, 
think, “Why don’t we just buy great 
companies at reasonable prices?’’ 

Ms. Sullivan: Everyone seems to 
agree with that But Mr. Levy, you 
seemed to be enthusiastic about Takada 
in large part because it is Japanese. 

Mr. Levy: Typically, the most in- 
teresting companies are the ones that are 
the most competiingly valued, the best- 
positioned. and tbe best growth oppor- 
tunities also tend to be in countries 
where it makes sense to invest It is 
rarely the case that you wiQ find compa- 
nies with fabulous earnings and growth 


nies with alot of diluted options. One of 
the reasons Oral the FAS is adopting this 
change is because they say that they are 
falling .in line with international con- 
ventions. So in effect what is going to 
happen is the number of outstanding 
shares is going to decline and therefore 
earnings are going to go up. 

Ms. Sullivan: Let's return to the sec- 
tors. How about technology? 

Mr. Canelo: American technology is 
on the verge of a global export boom. 
The key here is that we have been very 
productive in the United States by sub- 
stituting technology capital for labor. 
And I don’t care what me government 
says, I know we are far more productive 
then we were six or seven years ago. 



It is rare to find companies 
with fabulous growth prospects 
in markets and economies that 
are going down the tube. 

Michael Levy, Bankers 
Trust 

I look around the world. In Europe, 
they can’t quite bring those wages 
down. I think tbe corporations in Europe 
really have to do what* we have done 
over tbe last six or seven or eight years: 
Just increase technology and substitute 
it for Labor. 

A second, important part of this story - 
is that local area networks, or LANs, 
which are so expensive to maintain, are 
going to' get cheaper, inevitably. 
Everything in technology gets cheaper. 
If Larry Ellison at Oracle is right, we 
may be able to substitute network com- 
puters for very expensive high-end 
computers. 

The implication is that companies 
like Oracle, possibly Sun Microsys- 
tems, are very important in this rev- 


Continued on Page 19 


For Investors Feaiful of a Coming Crash, a Buy-and-Hold Lesson 


(■ 


I F YOU'RE OLD ENOUGH, you certainly 
remember where you were when John F. 
Kennedy was killed But do you remember 
where you were on Oct 19, 1987? That 
/I was the day — almost exactly 10 years ago — 
when the Dow Jones industrial average fell 508 
points, or 22.6 percent 
Suffering a debacle of the same proportion 
today, the Dow would plunge 1,829 points in a 
single trading session. But that’s not alL From 
die Dow’s peak on Aug. 25, 1 987, to its trough 
eight weeks later, it fell 36.1 percent Today, 
that would mean a decline of 2,922 points. 

I remember clearly where I was on the day of 
the 1987 crash: driving around with a real estate 
agent looking for office space for a newly 
acquired weekly newspaper with my partner, 
Arthur Levitt Jr„ who, six years later, would 
become chairman of the Securities and Ex- 
change Commission. 

But enough nostalgia. The question on many 
maiming investment minds as the dreaded an- 
niversary approaches is: Are we on the verge of 

another crash? _ . . . , 

Eugene Peroni Jr., director of technical re- 
search at Janney Montgomery Scott Inc., the 
Philadelphia brokerage firm, gives a dm 
answer “Investor concern that a crash could 
happen again is a good reason why it probably 
jVot happen." In other words, bad things 
ocau-iu^eOT^ market when you least expea 


them. Tbe corollary is the famous dictum that 
“stocks climb a wall of worry.” 

Claude Amadeo and Jeff Gardner at Bridge- 
water Associates, a research firm in Connecti- 
cut last week offered their clients a detailed 
analysis of 1987 vs. 1997. 

One chart they present is chilling. They 
graph tfiepercentage increase in the Standard & 
Poor’s 500 Index, a measure of the largest 
stocks, over the three years leading up to 
the 1987 crash and the one year af- 
terward. Then, over this graph, they su- 
perimpose the performance of the S&P 
for the three years ending this week. 

Tbe squiggly lines from 1984 to 1987 and 
from 1994 to 1997 are disturbingly similar. 
There’s only one difference: The current line 
ends at a slightly higher point than the line from 
a decade ago. Today’s market is up more than 
100 percent in three years; the market preceding 
die 1987 crash was up a little less than 100 
percent in three years. 

There’s a second worrisome parallel. The 
price-to-eamings ratio for the S&P is currently 
24; that is, investors have to pay $24 to buy S 1 
worth of profits in the average stock. By com- 
parison, the P/E for the S&P in 1987 peaked at 
23 during die market high in August and was 2 1 
on the Friday before the Monday crash. 

Another concern is that “the long-term ex- 
pectations for earnings growth have risen sub- 


stantially to some of their highest levels ever.* 


many 

the analysts said. The experts who advise in- 
vestors think that companies will increase their 
earnings at a rate of more than 13 percent a year. 
In 1987, earnings projections were 1 1 percent a 
year and had been dropping. The current en- 
thusiasm — like the P/E ratios — may be over- 
done, and “this poses a risk to the market.” 

But not all of the news is bad. Look at interest 


JAMES GLASSMAN ON INVESTING 


rates. “Bear markets." write Mr. Amadeo and 
Mr. Gardner, “rarely result from overvalu- 
ations or slowing earnings growth (in fact we 
can’t remember any). They are triggered by 
higher rates, almost always driven by central 
balk tigh tenin g .’’ 

Rom 1986 to 1987, interest rates, both (ong- 
and short-term, were rising sharply as the market 
top approached. In September, just before the 
crash, die 10-year Treasury bona was yielding 
9.6 percent, up from 7.1 percent in February, 
: to Bloom! 


berg News. By contrast, 10- 
bonds today yield it 


t, down 


according! 

. . "just 6.1 

jm 6.6 percent in February 199' 

As for sentiment, the Bridgewater analysts 
see a lot of op timis m in the markets. It’s true 
that only 37 percent of investors are bullish and 
that die 1 ’larger psychology of asset inflation," 


which seems to trouble Alan Greenspan, the 
Federal Reserve Board chairman, is less-pro- 
nounced than it was a decade ago. 

But real estate prices have shot up in the past 
year, and consumer confidence is setting records. 
The problem with this sort of enthusiasm is that it 
can indicate that shares are vastly overvalued and 
that in vestas are so giddy that they’ve com- 
mitted nearly all their money to stocks and, 
therefore don’t have additional funds to 
keep bidding up prices. (When investors 

are pessimistic, by contrast, they tend to 

have cash reserves that can be used to 
boost the market over the “wall of worry.”) 

In die end, Mr. Amadeo and Mr. Gardner 
aren’t excessively nervous — which, to Mr. 
Peroni 's way of thinking, may be nervous- 
making in itself. ‘ ‘As always,’* say tbe Bridge- 
water analysts, 1 ‘watch interest rates for clues.” 
Those rates have been remarkably stable. Mr. 
Greenspan, however, warned on Wednesday 
that imbalances between- the -supply and de- 
mand of labor “must eventually erode die 
current state of inflation quiescence." Rates 
aren’t up yet, but they may be soon. 

My guess is (hat we’re not on the brink of a 
crash. But it doesn't really matter whether we are 
or not. If you're investing in stocks for the long 
term (that is. at least five years or, better, seven or 
more), then you can lute out a 1987-style crash 
and, with some nerve, even profit from it 


The biggest lesson of the 1987 crash was 
what happened afterward. Tbe Oct 19 close for 
the Dow — at 1,738 — was the very bottom. 
Stocks have never been lower. In the two days 
after the crash, the market rallied nearly 300 
points, or 17 percent By July 1989, the Dow 
had returned to its pre-crash peak of 2,722. 

That recovery took 23 months. But investors 
' who kept their cool, refused to sell and con- 
tinued to put money into the market reg ular ly 
ova those two years, ended up ahead. 

Consider an investor who pot $10,000 into die 
S&P index stocks on Sept 30, 1987, less than 
three weeks before the crash. Despite this timing, 
he would have $41,050 ten yearslater, assuming 
that all dividends are reinvested and that there's 
no tax lute. T he average annual return over this 
period was an incredible 153 percent 

Using the Bloomberg database, I tested some 
well-known stocks over the same 10-yearperiod* 

again figuring that om fictional investor had the 

misfortune to invest all his money on tbe brink of 
the 1987 crash and didn’t put in a p enny more. 

A stake of $10,000 in General Electric Co. 
rose to’ $58,696. The same amount in Boeing 
Q> became $59,489; in Microsoft Cora^ 
$359,49 1 (no, that’s not a misprint); in PepsiCo 
Inc., $66,058, and in Exxon Corp., $41,268. 

If there's a better lesson of the value of abuy- 
andrhold investment strategy, I haven't.seen iL 

Washington Pan Sendee 







PAGE 18 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAV. OCTOBER 11-12, 1997 













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PAGE 19 


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®rom 5 Top Investors, a Sector-by-Sector List of the World’s Best Stocks 


Continued from Page 17 

lolutioiL If you have more LANs being 
^exported around die world, the export 
.companies that put than together with 
•their rubber and switches and all these 
'things that I don't understand, that will 
‘be tremendous benefit to the Ciscos, to 
;the 3Coms perhaps, someday even Ad- 
vent Software may make a lot. 



Social objection to testnxXuring 
Europe are toe biggest obstacles. 
[What better way to coopt the oppo- 

■ sition than by giving them stock? 

Thomas McManus, 
/ NatWest Securities 

n. Mr. McManus: But wouldn't the net- 
work computer be very bearish for Mi- 
crosoft and for Intel? 

; Mr. Can do: It could be bearish for 
'.the disk-drive companies, no question. 
■These network computers don't have 
;disk drives and they have fewer mi- 
croprocessors. You don't have to replace 
your computer every 18 months, be- 
[ cause it doesn't get obsolete, because 
; there is nothing in it It isn’t going to 
[happen for everybody, but in a large 
■corpora tioa with a huge local-area net- 
[work, network computers could be very 
-successful. 

; What excites me about this is that 
-Wall Street analysts pretty m’lchpooh- 
pooh the whole idea. Bill Guies [chair- 
man of Microsoft] was very skeptical 
about this, saying that this is the old IBM 
k [architecture of 20 years ago. But Bill has 
-made a few mistakes. He said the In- 
ternet will never fly. Well, he changed 
his mind. And now [Microsoft has] to 
come up with an alternative — network 
PCs, which really aren't much cheaper. 
'IBM gave up on them. Hewlett probably 
[will soon. They can't make diem cheap- 
er. But ultimately they will get cheaper. 
[We are going to export American tech- 
nology. We are on the verge of a multi- 
[ year boom. 

■ Ms. Sullivan: How about the big boys 
of the technology sector, including those 
•you just mentioned — Microsoft, IBM. 

- Mr. McManus: I want to ask a ques- 
[titra. Why are the Americans the leaders 
in technology? How come there are only 
[two European technology stocks? 

Mr. Gooss: It is (he most innovative 


economy in the world- 

Mr. Eveillard: There are a few more 
than that. SAP AG isa great company. 

Mr. Levy: Dassault Systemes is me 
world No. 1 technology company. 

Mr. Canelo: The Dutch are a little 
further ahead than the rest. ASM, for 
example. But it is true, I guess we have 
created an environment for entrepre- 
neurs where you can take risks. In 
Europe, it is very difficult to take risks, 
to hire people. 

Mr. Eveillard: Things change over 
time. Seven years ago. people wrote 
books even in this country about the fact 
that the Japanese were about to conquer 
the world. Well, they didn't It may be 
the same with America today. The ap- 
parent — and maybe true — dominance 
of the U.S. today may last a while and 
then be gone. Even in technoh 

Ms. Sullivan: Are there any i 
oology stocks we should be looking at? 

Mr. Eveillard: It is not on my list but, 
hey, Fuji Photo has been eating 
Kodak’s lunch. And we are not talking 
about peanuts here. 

Ms. Sullivan: Let's take a shot at the 
industrials. 

Mr. Levy: One of the industrial sto- 
ries dial we have been enthused about is, 
as many of them are, management-led. 
That is Electrolux, the world’s No. 1 
player in white goods and major ap- 
pliances. This company, which is in toe 
Wallenberg complex, basically did noth- 
ing. They did not take any appropriate 
action and certainly did not do what was 
needed and that was to revolutionize the 
business. The Wallenbergs finally got 
disgusted and they tappedme then chief 
executive of Atlas Copco. In a very short 
period of time, he basically announced 
that they were going to lay off 12,000 
>Ie, shut down 25 plants and close 
of warehouses. They were going 
to rationalize their brands and use tech- 
nology aggressively. If you value Elec- 
trolux on a one- or two-year expectation 
just from where we stand now — the 
way Whirlpool is valued — this stock is 
worth upward of 800 kronor, maybe 850 
or 900. It is selling for 600 kronor. 

Mr. Canelo: It strikes me that chem- 
ical companies are changing. DuPont is 
focusing on more on life sciences, 
Monsanto is stripping away chemicals 
and placing an emphasis on fertilizers, 
designer seeds. I read that Monsanto 
executives are learning Chinese. The 
Chinese need to increase their yields in 
agriculture to feed die people, as there 
will be fewer people in the farms and 
more in the cities. Monsanto is giving 
them fertilizers, giving them seeds. 

Deere is the same story. The Chinese 
want to grow their own grain, not buy it 
from the Midwest If you like s maller 
companies, and I do, maybe buy Case, 
which is also in the fann-equipmenr 
area. As the Asian countries become 
industrialized and the standard of living 
rises, the people are going to want to eat 
better, dress a little wanner. 

Mr. Gooss: 1 was looking for a play 
on the rising disposable incomes in the 
emerging economies of the world and 
ended up with an auto stock, Toyota. 
This is the third-largest auto company in 
the world, after General Motors and 


Ford- It is extremely well-managed, very 
successful at die lower end, and I think 
that is where a lot of money is going to be 
m nHe over the next 10 years. Ford is also 
a possibility. So is Daimler Benz, an 
extremely well-managed company, 
which is going down-market 

Mr. Eveillard: Isn't there big over- 
capacity worldwide in car manufactur- 
ing? 

Mr. Levy: Yes, do we need three 
Korean automakers? 

Mr. McManus: Do we need three 
American automakers? Who is going to 
lose out? 

Mr. Gooss: Yes, but that will not 
preclude die leaders from prospering. 

Mr. Levy: I hod VW on my list In 
many ways I regard it as probably the 
most exciting automotive company in 
the world. The management has done 
phenomena] things innovati vely, such as 
taking 16 platforms down to four plat- 
forms, which is just staggering. They 
have lived through thick and thin ana 
they have obviously generated enor- 
mous added value for their shareholder. 

This company is expanding its op- 
erating margins and they are finding 
growth opportunities. It is eating Ford’s 
lunch in Latin America. It is the No. 1> 
player in China. It has done incredible 
things with Skoda. It is unbelievable 


what they have done. The stock is up 100 
percent even after taking a nimble this 
year but is still not expensive. 

Ms. Sullivan: Are there any others 
automotive or industrial stocks yon 
would like to talk about? 

Mr. Lew: How about KCI 
Konecranes International in Helsinki, 
the world’s largest overhead eigne com- 
pany? It used to part of Kone Elevator 
and was solidly stuck in a mstbelt in- 
dustry. losing a third of their business in 
Che early 1990$ following economic 
problems in Finland and Russia. But die 
management knew they had the best 
technology in the crane business and 
engineered a management buyout before 
taking it public a couple of years ago. 
They turned the company freon being a 
manufacturer of industrial equipment 
mosdy for Eastern Europe into a global 
leader after making a lot of strategic 
acquisitions. 

Mr. Eveillard: I have two industrials. 
Buderus in Germany is in the mundane 
business of residential boilers. It is one 
of the few German companies with a 
high return on equity, in excess of 20 
percent 

The other one is Carter Holt in New 
Zealand. It is one of die few forest- 
products companies with a wood harvest 
that will grow substantially over die next 


few years. 

I am intrigued by the paper and forest 
products business. Until recently, 
companies were always starting new 
mills in Asia but given what is happening 
in Indonesia today, I think that not too 
many lenders will finance new mills. So 
I dunk the industry may be changing. 

Mr. Gooss: I was trying to play some 
of the important trends in me global 
economy, including the emerging af- 
fluent around the world, but at die high 
cod. Tiffany is a durable name for the 
long term for the high end. I looked at 
LVMH but I can’t figure out what it is 
doing. It has such a complex corporate 
structure now and there have been prob- 
lems. 

I think yon also have to have an en- 
ergy stock in your portfolio. My first 
choice was Royal Dutch/Shefl, with a 
dose second of Schliimberger. Con- 
sumption is growing and we need new 
sources. Schlumberger is going to have a 
prosperous decade, but to me Royal 
Dutch looks tire best play, a very well- 
managed global oil company. 

Mr. Levy: In the infrastructure area, 
one of my favorites has been French 
water utility Snez Lyonnaise des Eaux. 
The company is the world leader in 
water-treatment and distribution sys- 
tems. This is an area 'that is in tre- 


mendous demand overseas. 

Tbe other is die consumer coral 
Adidas. Robert Louis Dreyfus has c 
a b rillian t job of refocusing the com- 
pany, 1997 was the first year they ac- 
tually sold more clothing than shoes. He 
has succeeded in keeping their iden- 
tification as die Rolls Royce or Cad i llac 
of the industry — they are not a fashion 
statement. Fashion is a disaster. 

Mr. Levy: I have one other and that 
was a services company, Adecco SA, the 
outgrowth of Ecco of Jrancc and Adia of 
Swit zer land, These are both temporary 
service companies, temporary employr 
menu They just bought TAD Resources 
In ternati onal in the U.S., which is a little 
bit more of the white-collar temp ser- 
vices. These people are aggressively 
growing and it is an interesting business, 
especially in the European arena. They 
vie with Manpower as the dominant in 
rhic area. It is not a high-barrier entry 
area and yet very few players, really only 
two, have the cash flow to acquire the ma 
and pa shops that will give them tbe 
presence to supply employees to mul- 
tinational companies, in Europe, par- 
ticularly as we see a recovery taking 
place and especially given the inflex- 
ibility that we were talking about, it is 
becoming clear that temporary employ- 
ment has to be more acceptable. 


BRIEFCASE 


Cautious ‘Vulture’ Turns 
To Privatizations for Buys 

The mood was cautious at a briefing 
last week in New York, where a panel Of 
die U.S. fond industry's star portfolio 
managers held forth on the state of tbe 
high-flying stock market 

Significantly, all have fairly large 
cash positions in their funds: 30 percent 
for Robert Rodriguez of FPA Capital 
Fund; 19 percent to 20 percent for Mi- 
chael Price, manager of the Mutual Dis- 
covery and Mutual Beacon funds; 16 
percent for Donald Y acktman, who runs 
the Yacktman Fund, and 12 J percent 
for Christopher Davis, who has taken 
over management of New York Venture 
Fund from his lather. Shelby Davis. 

By comparison, the Investment Com- 
pany Institute said the average Amer- 
ican equity fund had only 5.6 percent of 
its assets in cash at the end of August. 

The elevated cash levels of the man- 
agers on the panel, assembled by Mi- 
chael Hirach, who runs funds of mutual 
funds for Freedom Capital Management 
Coro., reflect unease about tbe stock 
market Tbe managers agreed that it also 
illustrated the difficulty of finding 
companies that are reasonably priced. 

One possibility is to buy stocks from 
sellers who are “stupid, dumb and ill- 
informed.” Mr. Price said, quoting 
from a quip by Mr. Rodriguez. Mr. Price 
had at least one set of vendors in mind : 
“governments.” 

Mr. Price, who is known as a vulture 
investor, has found some of his best 
buys in privatizations of government- 
owned companies. Among them is 
Rail track Group PLC. which operates 


Looking Abroad From U.S.? Start at Home 

^jFor Investors Seeking Out Foreign Securities, SEC Provides a Wealth of Information 


By Holly Hubbard Preston 

F OR MANY investors, 
the decision to invest 
in the stock of a com- 
pany outside one’s 
own country can feel like a 
■blind leap of faith. Globally 
oriented financial-news 
sources only cover so many 
■foreign companies and often 
in limited detail, and hunting 
down credible local sources 


! < 



do to shore up his knowledge 
about a foreign security? The 
U.S. Securities and Exchange 
Commission is a good place 
to start 

More than 950 companies 
from around the world sell or 
trade securities in the United 
States. By law they are an- 
nually required to file a form 
called a 20-F with the SEC. 
[The 20-F is analogous to the 
■ 10-K form that must be filed 
with the commission by any 
■U.S. company with more than 
-500 shareholders. 

The 20-F form, which is 
more like a multipage report, 
.'contains a detailed break- 
down of a company’s most 
'recent year-end financial 
/^3ata, its organizational make- 


up and revenue generation by 
division, as well as property 
ownership, legal actio os and 
near-term product- and mar- 
ker-development plans, in- 
cluding competitive position- 
ing. 

Think of a 20-F as a non- 
glossy, meatier version of a 
company's annual report, one 
that can provide valuable in- 
sight and key tidbits of little- 
known information. 

Take the multinational 
electronics giant Matsushita 
Electric Industrial Co. While 
tbe Japan-based company is 
perhaps best known for the 
household electronics it mar- 
kets under its Panasonic 
brand name, the 20-F it filed 
with the SEC on Aug. 11, 
1997, reveals that it is now 
actively pursuing the poten- 
tially lucrative global market 
for car-navigation equip- 
ment. 

According to the report, 
Matsushita's audio equip- 
ment division is already 
selling navigational models 
in Japan that offer visual and 
text-based access to real-time 
communication services, in- 
cluding traffic information. 

An investor seeking infor- 
matiOL on Sony Com also 
would be well served by a 
look at the 20-F that the com- 


pany filed in September. A 
detailed breakdown of the 
company’s divisions is 
provided, including revenue 
reports for each. 

A non-Japanese investor 
might be surprised to find that 
wedged among Sony's enter- 
tainment and consumer-elec- 
tronics divisions is an insur- 
ance and financing division 
that, according to the report, 
operates primarily in Japan. 
Comprising Sony Life Insur- 
ance Co. and Sony Finance 
International Inc., the divi- 
sion generated 251,930 mil- 
lion yen ($21 million) for the 
year ended March 31, 1997, 
accounting for 4.4 percent of 
the company's total sales and 
operating revenue. 

In a 20-F filing, an investor 
may find acknowledgments 
that companies might not oth- 
erwise make publicly. 

For instance, in SGS 
Thomson Microelectronics 
NV's June 27 filing, it is re- 
ported that two customers — 
who were not named — each 
accounted for slightly more 
than 5 percent of the French 
semiconductor maker’s net 
revenue in 1996, and sales to 
the company’s top 10 cus- 
tomers accounted for approx- 
imately 38 percent of the 
company's net revenue in 


1996. In addition, approxi- 
mately 2 1 percent of the com- 
pany’s net sales in 1996 were 
made through distributors. 

“The loss of one or more of 
the company's customers or 
distributors,” it acknowl- 
edged, “could adversely af- 
fect the company's operating 
results." 


For more information: 

• THK SECURITIES AND EXCHANGE 
COMMISSION 1 . Public Reference Room will 
Mil 2D-P. and other report, thnwjb ibt rami. 
bMMi May call a> k*m what fern* fluff for 
a company, but onim hum be placed by rami. 
The atruce. (rtm'h rat. 24 can pm page, 
take* at lean itace week* bmeuan will be 
notified if the com of ibetr leaned eicoedi S 10. 

Write nttofaju- Re farmer Roar. Sec nribuul 

Ptrlmnag Commfeffoo. W ariuagfc o. DC 
2QM9. Can i an 942 am 
■ THE OFFICE OF DISCLOSURE U an in- 
dependent grant that hae a cooraet wdh the 
SAtmtlae and Exthangc Crtnafeoioa to aaa- 
afe m foctn filing.. mdadlng 20- Ffc The office 
*111 tell laveMon *twber a foreign company 
has (Uni 1 20- F mul when. If n. > copy can be 
ordered by phone (ot a S30 fee. plus .Imping 
«*! handbag, and will be rent (mmoJUidy. 
Some report, can be ordered on-fine. through 
(be office*. Web dte at wwwjUscliBurB.com. 
Call 1 301 9S1 1350. 

• EDGAR. THE SEC WEB SITE, can rearch 
fee and Onto? 20-F form* that hare been filed 
ete eb ora w fly. They caa then be downloaded 
fee bee. The conmifcMa bat yet u mand a te 
dul foreign anapunei file their 20-F* dec. 
hun t cel N, a* is the cm Cm U.S. -bared 10-K 
Net* Therefore, the nomher of 20 -F report, 
available on-line b landed. EDGAR can be 
coaretedM wwwaec.gov. 


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nxwt of Britain’s railroad infrastructure. 
The company came to market in May 
1996 at £2 ($3.20) — below bode value, 
according to Mr. Price’s valuation. . 

Even better, under the terms of the 
mirial public offering, investors had to 
ante up only half the offering price at the 
outset and the other half a year later. 

Mr. Price noted that the company 
owns the real estate of its railroad sta- 
tions, such as Loudon’s Waterloo Sta- 
tion, with commercial possibilities such 
as shopping arcades. 

Railtrack: shares closed in London on 
Friday at£10.19. “Andit’s still cheap,” 
Mr. Price added. (IHT) 

A Portfolio With a Boot 
For European Transport 

Another U.S. portfolio manager with 
an international bent is John Boich of 
Montgomery Asset Management in San 
Francisco. He said Montgomery, which 
has about half of its investments outside 
the United States, also owns Railtrack 
and he likes the theme of transportation 
in Europe. 

Outside of Britain, rail privatization 
has not yet happened, but if you believe 
that it is coming — and Mr. Boich does 
— there are several ways to play it. 


including some small-cap stocks. He 
Vossloh AG, a German 
of rail fasteners and lighting 
products. On die rail side, he said he 
expected fastener demand. to pick up as 
faster and heavier trains are added by 
privatized rail lines seeking to upgrade 
their services. 

Vossloh, which operates internation- 
ally, also provides services to railroads 
such as wheel g rinding . It has a market 
capitalization of just 691 million 
Deutsche marks ($396.4 million), and it 
was trading Friday at 97.5 DM, about 1 6 
times estimated annual e arnings . 

A similar story is the Austrian VAE 
Eiseobahnsystem AG, which is the 
world market leader in turnouts, tbe 
equipment that lets trains switch tracks. 
Its profit rose 15.5 percent in the first 
half, but Bloomberg News reported that 
die results were weighed down by 
weakness in Europe, where deficit- wary 
governments are unwilling to invest in 
infrastructure. 

Mr. Botch's view is that these kinds 
of companies are well-positioned no 
matter what happens in Europe, where 
he expects growth to pick up and the 
planned currency union to be imple- 
mented. “If we get the momentum of 
rail renaissance, these companies will 


do exceptionally well,” he said. * ‘If we 
continue with business as usual, they 
will do well.” VAC has a market cap- 
italization of 1 .8 billion schillings ($147 
million) and trades at about 16 times 
estimated earnings, with a price of 1300 
schillings on Friday. 

In Britain, Mr. Boisch Likes Henlys 
Group PLC, a bus maker that is ex- 
panding into Continental Europe. It also 
is a small-cap, with a market value of 
£191.3 millio n ($3 10.7 million), and an 
enticing dividend yield of 5.4 percent. 
Despite that, it trades at just nine times 
estimated earnings. 

Other suggestions were Avis Europe 
PLC, which operates the car-rental 
agency in Europe, Africa and the 
Middle East. It went public in February 
and shares the reservation system with 
Avis Inc. of die United States, but the 
companies are otherwise separate. At 
147.5 pence. Avis Europe trades at 
about 17 times estimated earnings. 

For investors looking at larger stocks, 
Mr. Boich suggested National Express 
Group PLC, the British bus company 
that is brandling into railroads and air- 
port ownership.Its mark et cap is £6123 
million, and it trades at 550-5 pence, or 
about 14 times estimated earnings, and 
it Offers a 2.75 percent yield. (IHT) 


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PAGE 20 


'Yt’ t k i.vrcttmmbM • 4 

Itcraio^^foenbtmc 

Sports 


World Roundup 


Els Is on Course 

golf Ernie Els of South Africa 
moved a step nearer a fourth suc- 
cessive World Match Play title on 
Friday after crashing Ian Woosnam . 
7 and 6, to set up a semifinal show- 
down with Nick Price of Zimb- 
abwe, who scored an equally im- 
pressive 6-and-5 victory over Frank 
Nobilo of New Zealand. 

Last year’s runner-up, Vijay 
Singh of Fiji, beat the Australian 
Steve Elkin gt on by 5 and 4 and will 
play the American Brad Faxon, 
who overcame Scotland's Colin 
Montgomerie. 2 and 1. (Reuters) 

A Share of the Packers 

football The Green Bay Pack- 
ers have called a special sharehold- 
ers meeting to vote on issuing new 
stock for the first time since 1950. 
The team’s 1.915 shareholders wUJ 
be asked on Nov. 13 to approve the 
sale of 400,000 new shares at $200 
each. If approved by stockholders 
and the league, the new stock would 
have watered-down voting rights. 

(AP) 

Pakistan Is Saved 

cricket Half-centuries by In- 
zamam ul-Haq and Azhor Mob- 
mood saved Pakistan from embar- 
rassment as the first test against 
South Africa ended in a predictable 
draw Friday in Rawalpindi. 

Pakistan, leading by 53 after the 
first innings, collapsed to 80 for 
five when they batled again. But 
lnzamam and Azhar calmed any 
Pakistani fears with a sixth-wicket 
partnership of 68 in 69 minutes, and 
when bad light forced an early clo- 
sure with 12.2 overs remaining the 
home team was 182 for six. 

Earlier, South Africa was dis- 
missed for 403 in reply to 
Pakistan’s first innings 456. 

( Reuters 1 

Appeal by Swiss Denied 

soccer Sion's appeal against 
UEFA’s decision ordering a re- 
match against Spartak Moscow 
was rejected on Friday. The Swiss 
champions had lodged an appeal 
after UEFA's Disciplinary Com- 
mittee ordered a replay of their 
SepL 30 UEFA Cup match, because 
the goals were too small. (AP) 


Italian Cyclist Dropped 
After Failing Drug Test 

Chiappucci Had Hoped to Revive Career 


By Samuel Abt 

liuenutioniil Herald Tribune ■ 


SAN SEBASTIAN, Spain — Clau- 
dio Chiappucci, an Italian bicycle racer 
who was hoping to revive his career in 
the world championship road race on 
Sunday, was instead dropped from the 

national team Friday after he failed a 
drug test 

Officials of the Italian Cycling Fed- 
eration announced that the 34-year-old 
rider had exceeded in blood tests their 
limit for the hematocrit level — the 
number of red cells, expressed as a 
percentage. Under testing rules en- 
forced for the first time this year, an 
elevated hematocrit level is 

CV CLIMB 

prima facie evidence of the use of the 
drug EPO, which produces an abnormal 
number of red blood cells to carry oxy- 
gen to the muscles. 

Chiappucci’s count was between 50 
and 51 percent, an official said, and the 
Italian maximum is 50 percent. Under 
rules of the International Cycling Un- 
ion, which governs the sport awl the 
world championships, a level below 51 
percent, even 50.9 percent, is accept- 
able. This was the second time this 
season that Chiappucci has been pen- 
alized for doping. 

He first failed the test cm May 8, 
during the Tour of Romandie, when his 
level was 51.8 percent He was sus- 
pended from the sport for two weeks, 
which forced him to miss the Giro 
d'ltalia, his homeland’s biggest race. 
On May 25, his license was restored 
when a follow-up lest showed a reduced 
hematocrit level. 

"A scandal,' * he said in an interview 
late Thursday, referring to the drug test 
and the missed Giro. “I lost half my 
season because of that. The mentality of 
the sport has changed." 

About a dozen riders have been sus- 
pended so far this season after the EPO 
test but Chiappucci was the first man at 
these world championships, which 
began in San Sebastian on Tuesday and 
end Sunday. 

The International Cycling Union said 
Thursday that 22 tests had been ad- 
ministered and that no rider had failed. 

The 12-man Italian squad was 


checked Thursday and. when only 
Chiappucci showed an elevated count, 
he was retested Friday morning. 

Each test, Italian officials said, was 
done twice and then checked twice, fora 
total of eight tests. Chiappucci's level 
was said to have been higher Friday than 
Thursday, but it was uncertain when he 
was first cold that be had failed. 

He even attended the ceremony Fri- 
day afternoon to honor Crescenzo 
D’Amore of Italy, who minutes earlier 
had won the junior men’s road race. 
After the ceremony, he returned to his 
hotel with Italian officials and met with 
them in his room for half an hour before 
they made the announcement that he 
was out of the race. 

Chiappucci was not available to an- 
swer questions afterward. His replace- 
ment cm the 12-man team will be An- 
drea FerrigaCo. 

For a man who may have known that 
he was in big trouble, Chiappocci was 
chipper and obliging during an inter- 
view Thursday mghL He is no stranger 
to world championships, having fin- 
ished second on the road in 1994. 

Was he the leader of the team or just 
one of several leaders? he was asked. 

.His dark eyes darted around the cor- 
ridor in search of a teammate w bo might 
be listening. Perhaps it would be Maur- 



izio Fondriest, world champion in 1988. 
when he was 23 years old. Or G ianni 
Bagno, world champion in both 1991 
ana 1992. Or Michele Baitoli, ranked 
fifth in the world now. Or Andrea Tafi. 
ranked eighth and in grand form at the 
moment Or Francesco Casagrande, 
ranked 10th. Or Davide Rebellin. who, 
two months ago, won the Clasica San 
Sebastian over the same course that the 
world championship road race will cov- 
er Sunday. 

In short the Italians are loaded with 
leaders. Team workers, the humble fel- 
lows who labor to set up the leaders, are 
in shorter supply. 

"I’m not exactly a leader," Chiap- 
pocci admitted. “A joker,' * he decided. 
*Tm the joker,” 

And how. He used the terra in its 
racing sense, that of a rider who is 
neither a protected leader nor a worker 
bat is free to take his chances inde- 
pendent of overall team strategy, 

A joker in the usual sense is what 
Chiappucci has always been. Brash. 


iRna/lP 

The Italian team training on Friday. 

fun-loving, flamboyant and noisy, he 
burst from team worker to star in the 
1990 Tour de France, where be un- 
expectedly finished second. 

That was as high as he was ever to get 
in a major stage race. He was third in (he 
Tour in 1992 and second again the next 
year. In the Giro, be was second in 1991 
and 1992 and third in 1993. The years 
since have been bleak. Despite his ag- 
gressive riding style — attack, attack, 
attack again — * and his strength as a 
climber, his major victory, in the Milan- 
San Remo one-day classic, was in 1991. 

This year life mined g rimm er for 
Chiappucci. First, he was barfed from 
the Giro and then his Asics team was not 
selected for the Tour de France. "It 
wasn’t normal to keep os out,” be said. 
*Tt wasn’t right to bypass us for two 
minor French teams. Unbelievable. The 
politics in this sport are unbelievable,” 

Now (he final blow: the Asics team 
has hired Bartoli to be its leader next 
year, replacing Chiappucci, who. it sug- 
gested a few weeks ago, should retire as 
a rider and become its public relations 
spokesman. “The team wants me to 
slay,” he said, not mentioning in what 
capacity, “but I have other offers. Many 
other offers, not only in Italy but pretty 
much everywhere, 

‘Tve got a lot of racing left in ray 
legs, yes 1 do. Maybe two years' worth. 
But I’ll be satisfied just to start next 
season and to see about the one after 
that." 


[It 

SATVRDAX-SVNDAV, OCTOBER 11-12, tjjgr ijl * 

.. . Iji - 

ia c 1 


Weekend of Weekends 
For World Cup Soccer 


troys n 
This 


By Rob Hughes 

Special Ip the Herald Tribune 

ROME — In soccer, the eternal 
waiting draws towards it end. After 
two years in World Cup qualifying 
limbo, this is a decisive weekend. 

In Rome, the government has 
fallen. In Umbria, die people mourn 
those killed by earthquake. S radio 
Otimpico becomes the cradle of Itali- 
an passion Saturday mghL Fleet- 
jnjzfy, perhaps, soccer lifts or dcs- 
15 national morale. 

s is rarely mote intense than in 
Route is in mellow autumn 
it now, but the night brings fever 

Van tabu Poimt 

to tire brow. The crux might depend rat 
Gianfranco Zola, a Sardinian of small 
size but quick opportunism, bringing 
down David Seaman, an England 
goalie of immense, studied calm. 

“Zola has such tiny feet,” Seaman 
said, "but be can do a lot of things.” 
Zola, a man who makes his fortune 
playing for the London team Chelsea, 
says:* T Sorry in advance if I score the 
goal that defeats England. It is not the 
end of the world, but it might make 
me unpopular for a while.” 

Italy needs to win to clinch a place 
at World Cup '98 in France. 

If Italy succeeds Saturday, England 


on OcL 29 and Nov. 11 against a yet* 
to-be-determined country to obtain 
the “best loser's” back-door permit 

Though Rome is the big one, the 
contests rage far and wide across the 
continents. Thus far, 13 of soccer's 
almost 200 countries have qualified: 
France (host); Brazil (champion): Ni- 
geria. Morocco. Tunisia. Cameroon 
and South Africa; Argentina, Colom- 
bia and Paraguay, Romania, Norway, 
and Bulgaria. 

Spain would have to fall into a black 
hole Saturday not to job the party. It 
needs just a home draw against the 
fishermen of the Faeroe Blands to 
qualify. Germany has Klaxon horns 
ready: If it doesn't lose at home to 
Albania, it is bound for France. 

Holland is sinnlariy strongly 
based. A point at home against Tur- 
key will justify all those hours of 


Dutch mercenaries signing up to 
1998 marketing deals. 

If Austria beats Belarus in Vienna, 
it will waltz to France* 

But in Athens, the heal is on. 
Greece versus Denmark is delicately 
poised* Coming to the final game, the 
Greeks trail tw three points, but with 
similar goal differences, the slightest 
of victories would prompt the second 
massive sporting hangover in Athens 
inside a couple of months. 




I, rake the strain? 
America, throe countries 
the fourth and final 


place after a 72-match qualifying tour- 
nament could be determined in Chile. 
If Chile loses to Pern, then no one can 
catch the Peruvians; but if Chile wins, 
then Ecuador, Bolivia, even the lapsed 
Uruguay rekindle hope. 

The battle of the Americas is clear- 
ing up— the North American group 
suggests Mexico, Jamaica ana the 
United States will qualify — but the 
mysteries of the Orient have yet to be 
solved. Iran leads group A. ahead of 
Kuwait and Saudi Arabia. Sooth 
Korea -—played four, won four — 
could on Saturday stretch an already 
impressive lead in Group B if it wins 
b Kazakstan. 

The Koreans have already 
conquered Japan in Bering, yet the 
son could still rise for Japan. It needs 
to wb in Uzbekistan on Saturday, and 
then to keep winning through to mid- 
November to earn another of those 
playoff chances. The loser of the 
Asian playoff gets a final home and 
away opportunity against Australia. 

So while Europe reaches a cres- 
cendo this weekend* the ripples of 
excitement have barely begun across 
soccer's wide frontiers. The formulas 
for qualifying are sent to try us, and 
the Aussies, coached by Terry Ven- 
ables, are made to wait until (he last 
week b November before knowing if 
this could be the year Australia turns 
the world upside down by reaching 
toe same level, or better, than Ven- 
ables’ old team, England. 


Os 




Rob Hughes is on the staff of The 
Times of London. 


International Herald Tribune and Johnnie Walker 
are delighted to announce the winners of the recent 

Johnnie Walker Ryder Cup 
Competition 



1997 - VICTORY FOR KI ROPK 

■nfln, mah tt .Ww Ifeyml J Omun^hUmr fw ' iMnwtn, W UmU TnUm, i SpiTfi Ra&rniq* IM. 


First Prize, 

an exclusive travel package to the Ryder Cup 
in Valderrama. was awarded to 
Mr. Robert W. Aitken from Thyside in Scotland. 

Second Prize, 

a complete set of six Memorable Moments 
limited edition framed prints, was awarded to 
Mr. Thos C. Shuler from Beirut in the Lebanon. 

Third Prize, 

selected Johnnie Walker Ryder Cup 
merchandise, was awarded to 
Mr. Tam Jago horn Surrey in England. 

Our thanks go to all those who entered the competition. 


INTERNATIONAL 


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Teredo 0 110—2 

Vanocmr lit 0—2 

Hrrf Period: V-OMmd I (LHftanOSdcMO 
parted: T-Bcreflf! 1 (Stffleart Karotee) X V- 
Naanan 1 (Lcdyant OtHond) Third 
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13-10-1-39. Corttate T-PaMn. V-MOm. 


CRICKET 


HUa*MMV«.M«fllAMI0l 


PRKMY, MWALdUOl. PAKISTAN 
PttdsfOR 456 and 182-6 
Sooth Africa 483 

Tost anted In dm*. 

MUMMrcW 

KEMVM Vfc MMLAtaSH 

ntaDMr.Miuown 
Konyrti 347*3 ht» arm 
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Kenya wwi by 150 rvns. 


World Cup 


Kuwaiti, anno 2 

OTANMnO: hon I prints China 7; 
KawoR* Saudi Antto 4 Bator 1. 

ndNUfmner 


Boa* Z Morocco 0 


TENNIS 


WUMWX 

rmm. m noamrAar,m/WMir 
OARTOWIMji 

irtno SWtea t8) Romania. M. Anmbn 
5arKflax Vkarfa Spam Z* i-4. 

AaMdaCooUer (5), South Africn, del Poi- 
lyScmyder. Sufl U erfand, 6*2, 7-5. 

MflrftrteHtojtsnj.Swteorianadrt.Moo- 
driaaa MUemlr Brioartib 646-3. 
Usfljtdywortd UJudef. Noriw Sawonri- 

twJaporv 6 * 2 , 6 -X 

FnMr.Mwasuwom 

awwrEnRMLb 

Mttari Thtm Sswdm dst Martin 

Oamm tt), Czech fttoabOc* 7-6 0,6-1. 

Magitw Gustofnan C7), Steetten art. 
Jonoffiart Stork, U A6-7 (Ml 6-Z 44. 

IBOriw 1 Ktefdr (8), Germany, dtf. Materia 
Was ChOe, 6-1, 7-5, 

Thamao JaunMn (S). Sweden. tleC Jim 
CoofW C3LUA. M6-X 64. 


OWmBPI — BI 
WOMinstSR I 0 1-0 

KWh 0 2 3-5 

AM Parted: W*TInonfl 2 (KomwricfnL 
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P«ted: B-Omred (Mdiaa ShoffnorO.S, B- 
Sato 3 (Bamaby, Gmak) tpp). 4 W v 
-tehonswn £ 7, B-UmUgt 1 ( Barretter) 
Shm m goal: W- 11-8*12-31. B* 9-12- 


BASKETBALL 


HBkPiiKJukM 

IMMUP* MOteUW 

Pbaodelptta W* Now VarfclOl 
LA. Lahore 13& Dew 102 

Ewhhjiow 

amuPA 

Rori Madrid 77. Oltntttafta&Swice 78 
Un»gM7aCSKAMoaaMr66 
Eta nm, Turkey, 8) Moccobi TriAvtetf 
aeoibl 

PACK Satonta tS, Bonrifan flMhota 
Portadl, Turk Triricom 76 
MODOC 

Utenpat, Tarter, 67, BatakmaM 
Kinter Briogna 77, Portbrii Brionwo J2 
QMUpO * 

A6K Afhem 7£ Obono item 35 
Otenpka Dobqana 73, Alba (krin Jj 


nm*/, nvttMu, auotmo 

Ttoi KanMki Brttobv del. KfflM Kscna, 
StonoWa, 6*4 6-1. 

Bonn hnnfMVK C3), Croatia, del Soudan 
UiraftCWftMpOtofc 7-6 (7-2) 3^ 60 . 

Gnr(l RnadaU (47, Bmafat, dot. Todd Mar- 
tov U5y 6-1 6-7 (5-7) 6-3. 

fOdeml Kitrioeft. NeAertondw Ott. Moo- 
run Lamm, Snmieft 64 6*4. 


PtoriMTemde Grand PflAte OcL 12. ‘ 
Man: Vienna, Aorirto— CATembTrophy, 
to an. Ms Shfoapan— Hebwken open, id 
O ct 12» PdMRvlWy— SoriarToorttChain- 
ptom, to Od. 13. 

8mDMr,Oor,1g 

40T0 OACHtA SWufca Japan — Fomfuto 
Ota JapaneMrGnmd Prtx. 

cmcntT, M al ta* Kenya — heno-n u il w i 
1oH moment Kmydn-ZMHODiw. 

Iioaoy OMMMEunooon Cap. wriow rite* 
MMon, IWy, *». Letenta, England. Wflsp% 
Engtan* n. a wn n —a Wata. Gtaanow, 
Scritand, w. Utetec Northern Ireland. Staf- 
Mi Berdan, ScoftamV vs. Brim Franca. 
MeiMer, ItaanA ** Kaitequlnta Engtond). 

MCCM. Wflrid Cup Qoafifrinft vortom 
rite* Canada re. Mttdw ChOe re. Pa*j . 
ECMadorm. BriMar Poropooy re. VcnenaA 1 
Argonllna re. Urvoody* 

Mowpay, Oct, 13 

AUToUMaatO.S<M Rama Holy — San Rmn 
RaObteOcIL 

SOCCER, ZuiKteSwHzammO — World Cua 
draw tor flw Eerepean play-affs. 

Sat) ash. Sydney, AiteMSa - Women's 
World Open, mOd 18. 

TflHMa men: Ostrava, Creai RepvMc - 
CMcta InAWn to Oct. 191 Lyon Frame - 
nm Grand Pita do Lyon to OCT. 19. Women: 
Zorich, Swfe o rtond — European Indoor, to 
OcL 19. 

TUEtOAY, OCT. 14 

anatoT, Nriraw, Kenya - fhtmmfldn 
tevnmtiml Bangtotfeeh vs. Ztenbatnue. 

soccer. Sooth Artwricon Super Cup, wr- 
teas sfle* Sod Pdofa, Graft re. Ftomeflta 
Grata. Vetez SarttehL AigerrSna, re. 
OHrapto Paraguay. Afleflco NactenaL < 

Ma vs.EsMdteidee, Argentina. 

runrn Nona Kang -Martban < 
omtops,to0d.19. 

WcurecriDAY, Oct. 1 s 

pwwu snrma Vienna Austria — 
OtympteijuoWyto, uoa ia. 

Ntttobl Konya— cricket ftvmnaflonfetir- 
namerri, Kenya vs. Banriodaste 
SOCCER, CONMEBOL Cop, various rite* 
America Cotom too, re. AffeffoO Mineta, 
8«ttft Unteerrifarta Pen, re. Toteia, Colam* 
Wa. Lames, Argmfliu, u. Vfcr to. Braffl. 
Dartubla Urepaay, re. Gotorv ArpteiBna. 
Sooth Anwricari Sap# Cup, vtftcws sites: 
Croistra, Brazil re. Cato Cobs Chle. Rodnp. 
Write* re. four Plato, Aspmttoa. P#- 
mhm Uruguay, W- Gremfa Brad, (ntema- 
fionri trtoiKKy: Francere. Croatia. UEFA Cap 
iri mind return left raptoft Spartak Moscow 

Porta re am sw m enaid. 

Thumday, Oct. ie 


mw, re. 

ACatof» 

1 chairt^*' 


The Week Ahead 


lATwropy, Oct- 11 



FEDERATION 
FRAN^AISE 
DE RUGBY 


The French Rugby Union has made avail** 
able to professional agencies (travel agencies, 
communication agencies and public relation 
agencies)- a number of seats for die gamaa 
organised at die Stade de France in 1998. 

The agencies interested are invited to contact 
the French Rugby Union, Communication and 
Mattering Department, 9 rue de Liege, '75009 
Paris (by mail only) before October 24. 

An application form tmU be sent immediately. 


r C ** a ^*i Z~ ^’rifrooHon 

tounMOKin, Banotodash re. ZlMitota. 

World 

^ssr ssaafL-^ 

AabmGawas.teOcs.i9. 

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sasjgaaaassa 

asssBaav— 

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MteEft Wflrtd Cup OMBHlM. HMtan 

stoStafflAfUbtoreoStoKSttSm 
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re Uamto SfausMa re Craato ftrtT? 

lMSTSSSSS’s 

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tcttoM re UMHenhito Ireland re S 

Mb MoCMHU re UboanW GanoZ 
ARMAS Pwtotfa! re JMhran tetarat IJ: 
mMU re UNMna. hrtemaflDiHintaMte 

Lorre Fraoc- Franc, re SotoAfST^' 
T*m*otoa« Ffldmtodi Gammy - 


MUtrrMu* Paris— aMbaon. McDan- 
otfs OMnptaMNtt la OcL 18, 

OKKGT, Ntotol Konya - itoBSwUon 
tonmmsnt Konya re. ZJmMfawa. 
aotP. mritv Sf. Andrews, Scakand — Mftad 

Dmh»cintoOd.l9f UMBwmVMr, 

Rtoto - w«f Dtarwy World Oldimobla 
Ctosric, « Od. Wj Svsotito Japtet - Oaa 
DWstfaOd.19, 

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tenriteElmtaptndlaniteArgftdlmniBoto \ 

MriorkAttmmnus States, Bra» re vafti ' 

riaGamoiBnan. 

Fmm^Oct.IT 
HMHABtoiinia)— WuildanMloordum* 

pteraMps.faOcf.27. 

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re Swfh Africa, second left to Od 71 . 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SBISDAX, OCTOBER 11-12, 1997 


PACE 21 


SPORTS 


% f)ean Hears the Buzzer 

A New Life Begins for Coaching Legend 



By George Vecsey 

_ drk Times Serviff 

^pta?«s were listed in alphabet- 

icsUorder. If you wanted to find the total 
points sewed by that precocious fresh- 

' man, yon had to work through the walk- 

: oos and the substitutes and the role 
; players until you found the name 
1 Jordan m the middle of the pack. 

Vamtaoi Pqiht 

“Waaaal, ’ Dean Smith would drawl 
'‘Michael’s coming along fine — for a 
freshman.” 

iillil He was easy to caricature, this 
■■ Ifl km>bby coach wnh the beaked nose who 
^ tried to hunker himself down to a nrin- 
Vmal stature but could never hide his 

. - i< nassion and ournose nnw inforrrtfvi 


U **,* 










hmmm*- 


f y 


-a 


'■ 

tP 










a J uu «« nau neia ror 3o 
seaso ns . It was an unusual step for a 



BoM’aJftaJRnnrim 

Dean Smith, who said he couldn’t 
handle “the out-of-season things.” 


£5? , a ( wedc before practice 

b^gan, but Smith’s best fnenas (they 
ought call themselves his protfigfis, but 
he would have none of that) were frol- 
icking around summer camps, and he 
told himself, “I used to be like that” 

I always believe Dean Smith, bnr I bet 
there is a double or even triple layer of 
truth to his retirement. My -guess is that 
Smtih also stayed on long enough to 
help recruit players for one more class, 
providing the disclaimer that he would 

j around for their senior seasons. 
And iiKist important, he inade it possible 

to hand the job over to his longtime 
associate, Bill Guthridge, who had 
nuuftd down major college jobs because ' 
‘I realized there was no better program 
than what we had, mainly because of 
Dean.” Guthridge said recently.. 

The second week in October is no 
time for somebody at the university to 
get grandiose and go oat searching ror a 
Lany Brown or a George Karl, loyal 
Carolina people with jobs elsewhere. 
Smith has nude sure Guthridge will 
have the job for a while. 

Smith always has a subtext He could 
look you in the eye and wag his band, 
extending the index finger and the 
pinkie, saying. 1 ‘WaaaaJ, we have some 
tall people but we’re really not a tall 
team,” but that was just jabberwocky, 
and you both knew it 

In the things that really matter. Dean 
Smith approaches John Wooden of 
UCLA as a man of ideas and beliefs. 
Wooden won the most national titles, 
12, and Smith wen the most games, 879, 
but it would be missing the point to 
truncate their careers Into statistics. 
More important were the lessons they 
taught Kaxeem Abdul- Jabbar still 
quotes Wooden. Michael Jordan still 
quotes Smith. 

Dean Smith comes from the historic 
hear tlan d of American basketball, hav- 
ing played at Kansas for the immo rtal 
Phog Allen, who had in turn learned the 
game from James Naismife, who had 
merely invented the sport. There is a 



Grissom, Off His Sickbed, 
Homers to Catch Orioles 



if . tvy-f i vV':': : - islpl M i 


Sn— a Wifafc/The A uttii M uJ Plea 

Marquis Grissom of the Indians cheering Jils three-nm homer Thursday. 


classic photo from Kansas’s champi- 
onship game, with Allen lecturing in me 
locker room, and a blade-faced sub 
named Dean Smith staring intensely at 
his coach, taking in every nuance. 

Besides ranking his players alpha- - 
betically. Smith encouraged his players 
to point to the man who had made die 
assist, a practice now followed by even 
die most self-centered gunners. His 
four-comers stall was so good that col- 
lege basketball installed a shot clock. 

The graduation rate for his players 
was 85 percent, even in recent years 
when many players tamed professional 
after a year or two. It was always in- 
structive to read the occupations of his 
former players, listed in die press guide. 


For every professional player in Chica- 
go or Europe or South America, there 
was a thoracic surgeon or a tax lawyer. 

Many coaches suck the air out of you 
with their limitations, but Dean S mith 
knows there is a world om there. He 
speke up for integration on Sunday mean- 
ings in church as well as Friday nights in 
the arena, which did not make him overly 


blade assistants but he prepared them to 
be head coaches elsewhere 
“I enjoy basketball,” be said. “It’s 
the out-of-season things I can't handle,” 
meaning he wanted more time for his 
family. The change may be rough on 


die real world. So : 


I Dean Smith. 


By Jack Cony 

New York Tunes Service 

BALTIMORE — - Marquis Grissom 
was so weakened by influenza on 
Wednesday night that the Indians 
pumped fluids into him intravenously 
and wondered if he would be strong 
enough to play. Grissom played on 
Wednesday and even crashed into the 
center-field fence trying to make a 
catch. His teammates were impressed. 

Grissom felt a little stronger so he 
played again on Thursday night and 
crushed a ball over the center-field 

fence off Annando Benitez that may well 
be remembered as the three-run homer 
that saved die Indians and subdued the 
Orioles, 5-4. This time, the Orioles were 
impressed with Grissom and depressed 
by what his huge hit did to them. 

The Orioles were four outs away 
from putting the Indians in a precarious 
2-0 hole in the American League Cham- 
pionship Series, but Benitez walked two 
m the eighth before Grissom pummeled 
a 1-1 slider 418 feet to catapult Clev- 
eland to the surprising 5-4 victory in 
Game 2. The In dians have a pulse, the 
Orioles have serious regrets and now the 
series is tied, 1- 1 , with Game 3 at Jacobs 
Field in Cleveland on Saturday after- 
noon. 

“He was on an LV. yesterday, and he 
went out there and ran into the wall, and 
he came back today and played hard,” 
Bip Roberts said of Grissom. “1 think 
this is just justice right now. He came up 
with the biggest hit of the season. Right 
now, he’s my hero.” 

Roberts was not joking. He sprinted 
into die runway between the dugout and 
the.visiting clubhoose at Camden Yards 
to hug Grissom, who had enough 
strength to lift his 165-pound tenmmatr; 
over his head after the nearly 4-hour 
thriller. 

“He throws so hard that I wasn't 


trying to hit a homer, I was just hying to 
hit the ball hard,” Grissom said. “I 
thjnir being sick actually helped me. I 
was relaxed for every at-bat today. I was 
a lot worse yesterday.” 

The Orioles were a lot worse on 
Thursday night. In a contrasting tale of 
two former Yankees, Jimmy Key 
sputtered and lasted four sloppy innings 
in which he gave up two runs on five 
hits, two walks ana three hit batters; 
Scott Kamienjedri replaced him and 
retired 9 of 10 to seemingly provide the 
perfect bridge to Benitez in the eighth 
and Randy Myers in the ninth. It would 
have been sweet revenge for Kami- 
eniecki, who has lasted longer in the 
post-season than the 1996 world cham- 
pions who did not want him. 

Even though it is a bridge the Orioles 
traversed all season by going 79-4 in 
gflmftg in which they led after seven 
innings, they flopped cm Thursday 
night. Benitez walked Sandy Alomar 
between two strikeouts and then walked 
pinch-hitter Jim Thome, who is 0 for 19 
career at Camden Yards, after he 
checked his swing on a 2-2 pitch. 

Marlins in Trouble 

New York Times Sern'ce 

MIAMI — Tim Ley land, man- 
ager of the Florida Marlins, ad- 
mitted to being blindsided by the 
results of Alex Fernandez’s shoul- 
der examination Thursday; the star 
pitcher has a complete tear of his 
right rotator cuff. 

Fernandez will not pitch again in 
die postseason, of course, and after 
he has major shoulder surgery, he 
said, he might not pitch for “a year, 
a year and a half. 

The Marlins must now face the 
Atlanta Braves in the National 
League Championship Series with- 
out their No. 2 starter. 


Eastern-Division Battles: Buffalo vs. New England; Cowboys vs. Skins 


l>\: 


By Mike Freeman 

New )tf rfc Times Service 

Buffalo <3-*)af N*w England (4-1) The 
future is now for the AFC East. The Jets 
have a great coach. Miami has a great 
coach. The Patriots have a young coach 
but talented. This may be the toughest 
division in football for the next five 
years. It says a lot about another great 
coach, Marv Levy, that his Bills, written 
off this season even by some of their 
fens, are in contention. But this is a 
tough spot for Buffalo. The Patriots are 
mad about their embarrassing loss to 
Denver on Monday night- It will be 
close but give die edge to fee home 
team. Prediction; Patriots , 24-20. 

Mroft (30) at Itenpa Bar After 
they tost to Green Bay last week, the 
Buccaneers players were ta l k ing about 
how they should have won fee game. 
This week Tony Dungy, the clear fa- 
vorite for coach of the year, basically said 

one th in g to his players: Shut up. He 
made sure his players forgot about what 
happened last week and focused on this 
game. Buccaneers, 17-9. 

P Wh fI f nil fl-fr 1 -*— (SO) at JaofcaonvHIo (4- 

i) Tltis is one of the more interesting 
matchups of the week. 


It will feature two explosive offenses 
and two explosive coaches in Ray 
Rhodes and Tom Coughlin. It is safe to 
say feat both men’s longs worked over- 
time this week. Most of their attention 
probably went toward die offensive and 
defensive lines. The Jaguars have fee 
largest line in league history, averaging 
320.8 pounds while the defensive line 


of the Eagles helped hold Washington 
last week to just 30 yards rushing. In fee 
end, the quarterback who gets the most 
protection and production from fee nm~ 
ning game will win. So the edge, though 
only slightly, goes to fee Eagles. 
Eaglesj9-2h 

Miami [3-21 at N.Y. Jmtm {4-2? Parcclls, 

Purcells, Parcells. That’s been the focus 
of fee Jets this year, as well it should be. 
He is fee biggest reason the franchise 
has gone from its Sony state last year to 
a playoff contender. Somewhat lost in 
fee fens and media's zest to praise Par- 
cells has been the incredible year run- 
ning back Adrian Morrell has had. Just 
six games into the season, Morrell has 
591 yards rushing. Right now, there 
may be no better back in fee NFL. He 
should tear up an average Miami de- 
fense. Jets, 14-13 

Cincinnati { 1 - 4 } at ft i WWM H-*> 


Home field advantage means nothing in 
this contest since there are, weD, almost 
no home fens. Defense means little as 
these two teams have averaged 55.8 
total points in their past five meetings. 
So there should be a lot of scoring. 'Hie 
ground game, though, will be the de- 
ciding factor. That’s where Tennessee 
r unning back Eddie George comes in. 
Against fee Bengals in two games last 
year he rushed for 228 yards. He has 
three 100-yard games tins season and 

NFL Matchups 

Iras scored at least one touchdown in 6 
of his last 9 games. Oilers, 31-28. 

Qraon Bay (4-2} at Chicago (04] 

About die only good thing going far 
Chicago is running back Raymont Har- 
ris. In Week 1 against Grom Bay, he 
had a 68-yard touchdown run. His five 
rushing touchdowns lead the confer- 
ence, and wife 537 yards, he is on pace 
to rush for 1,432, which would be fee 
most by a Bears running back since 
Walter Payton’s 1,551 in 1985. 

That's about the only positive thing 
far a Bears team that continues to sink 
deeper into fee abyss. Packers 28-20. 

Atlanta (0-5) at Maw Ortoans (2-4) Fal- 


con coach Can Reeves and Saints coach 
Mike Ditka are close friends — reunited 
and it feels so good. Let’s see how close 
they are after fee game. The loser will 
be just another ex-Dallas assistant This 
is the battle of fee predictable offense 
against a defense that isn’t too bad. The 
Saints have held 8 of their last 12 ex- 
ponents to 20 paints or less, and their 24 
sacks lead the league. Saints, 16-10. 

Carofina (M) at Humasota (4-2) The 
Panthers are one of fee most veteran 
teams in the NFL. 

Those veterans will have to rally the 
team big-time because if they lose this 
game and fell to 2-4, it will be difficult 
just to make Lbe playoffc and practically 

S ~>le to defend their division title, 
will get a boost from tire bench- 
eny Collins as Steve Bcuerlein 
gets fee start It is difficult to go against 
such great veterans as Sam Mills in 
desperate situations despite Min- 
nesota's offense, which leads the 
league, and fee Vikings' often impres- 
sive play at home. Panthers, 21-17. 

St Louis (2-3) at San Francisco (4-1) 

This is fee soft part of fee 49ers* sched- 
ule, soft as in a tub full of marsh- 
mallows. The Rams at home followed 
by road games at Atlanta and New 


Orleans. The Rams are putting up a 
good fight this season, but they are no 
match for fee 49ers right now. This is a 
team that knows it must win these next 
three games — and wjlL 49ers, 35-17 

N.Y. Giants (3-3) at Arisons (1-4) So is 
this fee beginning of the Danny Kanell 
era? Not yet 

But all Kanell has to do to keep fee 
job is win. It’s that simple. And he 
probably will win this week against the 
league leader in broken hearts. The Car- 
dinals' last six games have been de- 
cided by 8 points or less. They have lost 
in the fourth quarter in almost every 
way imaginable. A missed field goal 
here, a fumble there. It is to fee point 
where it seems Arizona expects to lose 
if the game is close. 

This will not be an easy victory for the 
Giants — but it will be a victory. One 
more thing: Don't underestimate the 
feet feat Giants coach Jim Fassd was fee 
former offensive coordinator for Ari- 
zona. He knows their strengths and 
weaknesses. Giants, 16-13. 

Imfianapolis (0-5) at Pittsbwgh (3-2) 

One would have to think that at some 
point this season, the Colts will win. 
This won’t be the week. The Steelers 
think that quarterback Kordell Stew- 


art’s three touchdown explosion last 
week was his coming out party. It may 
have been but that’s not why the Colts 
will lose this week. The Steelers under 
Coach Bill Cowher have never lost to 
the Colts at Three Rivers Stadium in 
seven regular-season games and three 
playoff games, and Cowher is 8-0 
against the AFC EasL Steelers, 30-10. 

Drflas (3-2) at Washington (3-2) While 
co-coaches Barry Switzer and Jerry 
Jones figure out how to boost fee of- 
fense, they don’t have to worry about 
one aspect of the team — special teams. 
Richie Cunningham leads the league 
wife, 62 points and 18 field goals, Deaon 
Sanders leads fee NFC wife a 1 3.7 pimt- 
retnm average, including a career-high 
83-yard punt return in Week 5, and kick 
returner Herschel Walker is second in 
the conference wife a 28-yard average. 
Throw into fee mix that rookie punter 
Toby Gowin is third in fee conference 
wife a 46.2 yard average — including a 
72 yarder — and you can see just how 
good this unit has been. The Redskins’ 
defense is excellent this season bat when 
a game is close the edge goes to the 
Cowboys because of their special teams 
— no matter how much trouble they’re 
having on offense. Cowboys, 21-14 


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PAGE 22 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 11-12, 1997 


DAVE BARRY 


Ifte How ( and Why) ofSATs 


By Dave Barry 


0J C high school stu- 
J want y° u SC <>P piercing 
your noses for a moment and list en to 
me. because I’m going to talk to you 
wout a topic that is more important to 

your, future than anything else except 
flossing — your SATs. 

■ ft is very unfortunate that these tests 
some of you to experience great 
stress — or, as you say in your own 
teenage lingo, “make a 
cpw.’ You believe that 
a you get a low SAT 
score, you’re a dope, 
and you ’ll have to attend 
some third-rate college 
where the classrooms 
have wheels and the ath- 
letic teams have a nick- 
name like “The Fighting Tarpaulins,” 
and you 'll wind up in some bonng dead- 
end loser job such as ragpicker or leech 
monger or Whitewater investigator. 

This is incorrect, young people! A 
low SAT score does NOT automatically 
mean failure! Remember that Charles 
Lindbergh got only 240 on his verbal, 
and be went on to invent tbe phono- 
graph. And if that's not inspirational 
enough, let me tell you a little story 
about a young man who took his first 
SAT and did very poorly. His parents 
were disappointed: his friends laughed 
at him. But that young man did not give 
up. He signed up to turn the SAT again, 
and be prepared by getting up every day 
at 3:30 AM. to study, and when the time 
came to take the second SAT, he walked 
into that testing room and set an Amer- 
ican record — which will probably nev- 
er be broken — for falling asleep. 

□ 

The point, young people, is that there 
is a right way and a wrong way to 
prepare for your S ATs, and unless you 
are even stupider than you look, you 
want to do it the right way. To help you, 
I would like to present the following list 
of “Common Questions and Answers 
About the SAT,” which was prepared 
by the American Association of High 
School Educational Professionals Hid- 
ing Out in the Lounge. 

Q. What is the SAT? 

A. The term “SAT” is a set of ini- 
tials, or “antonym,” standing for 
“Scholastic Attitude Treaty Organiza- 
tion.” This is a series of tests that pre- 
dict your ability to perform in die col- 
lege environment by measuring the 
degree to which you possess knowledge 
that nobody would ever in a million 
years actually need. 

Q. What is the origin of the SAT? 

A. The SAT was developed by die 
prestigious Educational Testing Service,' 
which is located in Princeton, New Jer- 
sey, home of Harvard University. The 
original idea behind the SATs, as stated 


There is a right 
way and a wrong 
way to prepare 
for your tests. 


in the ET.S.'s Official Historical State- 
mem of Goals and Purposes, was “to sell 
a huge quantity of No. 2 pencils that we 
ordered by mistake. " So the E.T.S. in- 
vented a standardized test wherein stu- 
dents were required to fill in circles on an 
answer sheet. The first SATs had no 
questions: Your seme was based on how 
many circles yoa filled in, and you could 
get extra credit by writing on your desk. 

When colleges complained that too 
many students were getting high scores, 
the E.T.S. Introduced questions, mostly 
on topics of interest to 
E.T.S. personnel, such 
as “Where can you get 
decent Chinese food in 
the Princeton. New Jer- 
sey, area?” Today, the 
questions are devel- 
oped by a prestigious 
team of world- 
renowned academic experts, who get 
them from “Jeopardy.” 

Q. Does the SAT ever contain er- 
rors? 

A. Yes. Just last year, for example, an 
alert Michigan youngster named 
Jeremy Winklehopper received national 
attention when he noticed that, contrary 
to what he bad learned in physics class, 
the SAT defined “gravity” as “a type 
of snake.” 

Q. Was the SAT definition of “grav- 
ity” changed? 

A. Yes. It is now defined as “a heavy 
type of snake.” 

Q. What should I do if I don’t know 
the answer to a multiple-choice SAT 
question? 

A. Experts suggest that you start by 
“weeding out” the answers that are 
obviously false. Some of the telltale 
signs to look, for are: 

The answer contains swear words. 

The answer is followed by a little 
sarcastic note in parenthesis such as, 
“Oh, sure, THAT makes sense.” 

The answer contains the phrase “ac- 
cording to a White House spokesper- 
son.” 

Q. I have heard that I can increase my 
SAT score by attaching a $20 bill to the 
answer sheet. Is this true? 

A. “Absolutely not,” stated an Edu- 
cational Testing Service spokesperson 
who identified himself as Bob. “You're 
going to have to do way better than that, 
with the price of decent Chinese food 
being what it is in Princeton.” Bob 
noted that the record for highest SAT 
score ever is still held by Donald Trump, 
who, while only in sixth grade, got 1 17 
billion points. 

Q. Can you give me the Answers to 
this year’s SAT test? 

A. Weil, 1 suppose if you sent me a 
large sum of casn money, I could. But 
that would be wrong, and I would never 
do such a thing, according to a White 
House spokesperson. 

© 1997 The Miami Herald 

Distributed by Tribune Media Services Inc. 


Joys of Housework: The Way We Clean 


Unernarionai Herald Tribune 

P ARIS — There are three things 
that each of us knows about her 
or himself: that we are good judges 
of people, that we have a sense of 
humor, and that we have a better 
system for washing the dishes than 
anyone else. 

We are of coarse wrong about 
all three, but only the last one 
conies up daily, either personally 
or from watching others perform 
the task. Does it matter? Yes, says 
the sociologist Jean-Claude Kauf- 
mann in his study of household 

MARYBLUME 

t ables which, he maintains , may be 

unconsidered but arc not unim- 
portant. 

“They may seem trivial," he 
says, “but nothing is more im- 
portant because they are the base of 
the pyramid of human existence 
and you cannot reach the heights if 
the base is not solid. ” 

As we read about more and more 
super-successful woman execu- 
tives leaving the workplace for the 
home, we can only shiver after 
reading Kaufmann’s book, “Le 
Coe ura louvrage: theorie deT ac- 
tion menagere (published by 
Nathan), for these women are leav- 
ing one sort of stress for another of 
infinite complexity and private an- . 
guish. A new broom may sweep 
clean but Kauftnann writes, “We 
must beware the broom. It pos- 
sesses us as much as we possess it 
It conceals secrets, hidden treasures of 
intelligence.” 

The intelligence involved, he says, 
is not one of Cartesian rationality (it is 
perhaps not surprising that the French 
housewife who is excessively house- 
proud is popularly called maniaque, 
but something more visceral dating 
back to tbe period when Neanderthal 
man first put his rubbish out instead of 
living with it Household tasks are un- 
ending — when they’re over they’re 
not over since they must be repeated 
the next day or the next week — and 
they call up highly individual re- 
sponses. 

No two people iron the ■mma way. he 
says, and each person has a different 
relation to, say, the pile of dirty clothes 
on the floor and the same clothes as 
they are picked up and placed in the 
washing machine. How many domes- 
tic squabbles revolve around loading 
the dishwasher and is there something 
admirable or ridiculous about trou- 
bling to iron socks? Hiring someone to 
clean is not necessarily a solution, of- 
ten arousing sentiments of intrusion or 
shame. 

Our basic habits are so deeply in- 
scribe d that we are unaware of them; as 
systems they are more fragile than they 



seem. We may think we are Napoleons 
in the household, Kauftnann says, but 
we are only Stendhal's Fabrice seeing 
baffling parts of tbe battle and never 
die whole. 

Having begun by studying life in 
housing projects, Kaafrnann has be- 
come an expect in daily travails, start- 
ing with a study of the couple's re- 
lationship to its dirty laundry, . "La 
Trame conjugate , " which became a 
surprising best-seller from Germany to 
Japan, moving on to the complexities 
or topless bathing in Brittany, and now 
to simple housework. All the books are 
with melancholy, Kaafrnann 



".This one is less terrifying than the 
topless bathing but it shows how com- 
plicated life is. how each person fights 
each moment to do the simplest things, 
to what extent one cries to keep up 
appearances, the illusions we have. It's 
the sociologist’s job to open boxes dial 
would more happily be left shut.” 

Still, housework is a subject on 
which everyone has an opinion. These 
days when he gives lectures, Kauf- 
mann says, about 10 minutes into the 
talk everyone interrupts with stories of 
their own experiences. 

“These are important questions and 


RomMSwtr 

■given the chance to discuss than 
people cannot hold back.” 

Visiting houses for interviews, he 
and his helpers found that sometimes, 
even early in the morning, die house 
would be spodess and the housewife 
eager to show every inch, including die 
bed and neatly stacked linen in the 
cupboards, (linen stacking gets several 
pages in his book). Others would close 
off a room, and two people who had 
agreed to the visit at the last minute 
chickened out and barred their doors. 

Kauftnann likens housework to a 
dance in which the figures are always 
die same but the steps may vary. “The 
dance of cleanliness is unending, be- 
gun again each monring and following 
a choreography that becomes ever 
more ample and complex.” 

As dances go it is hardly a pas de 
deux (90 percent of housework in 
France is done by women). The house- 
wife is a private dancer Locked in her 
solitude, reeling both resentment and 
solace, resorting to private ruses to get 
through her tasks. 

Is there a difference between the 
fox-trot and hip-hop generations? Not 
much, Kauftnann says, although older 
women have been trained to think there 
is a right and wrong way of doing 


things while the young are more 
interested in their decor “which 
can end up requiring as much or 
more work,” 

Labor saving devices, he sur- 
prisingly finds, don’t make that 
much difference especially as in 
their eagerness to plug them m 
most people never bother to finish 
reading the instructions. Or, as 
Kauftnann puts it, “The body 
seeks to engulf the object into its 
daily routine via a minima] cog- 
nitive detour.” 

There can be sensuous pleasure 
in housework, especially in iron- 
ing, Kauftnann learned from older 
interviewees who disclosed the 
rituals of starching, damping and 
the right way to fold a shirt. 
Routine itself can provide an es- 
cape and inanimate objects can 
seem alive. One interviewee told 
Kauftnann (hat if her broom ac- 
cidentally glanced a commode she 
felt she had hurt the commode w ith 
the blow. And then there is the 
quiet despair of washing the win- 
dows and helplessly ''watching 
them be stained by rain. 

More than in his other books, 
Kauftnann feels that in studying 
housework he has taken on a truly 
delicate subject. 

“I ask myself is this book dan- 
gerous for people? In opening this 
box am I not causing problems? In 
my own case I continue to function 
without too many problems, so in 
effect one closes the box. But on 
the other hand, 1 notice more, l 
deconstruct my system and pay more 
attention to what I do and wonder if I 
couldn’t change.” 

And has he changed? Well, no. 
“While some people in the book have a 

'good - relationship with their lawn 
mowers, I don’t I mow badly, I count 
the minutes, I get cross, my lawn is 
deplorable. I haven’t found a solution, 
it’s a total failure. I wonder if I shouldn't 

The thesis of tftebook is that there is 
no right or wrong way: Domestic sci- 
ence has been democratized. Eveiyone 
may seek' a better way but relief comes 
in being content with one’s own rites. 
Du the essential issue of dish-washing 
Kauftnann has reached that point 

“1 have a dishwasher but I wash 
everything by hand before putting in 
the machine. I thought I should choose 
between putting everything straight in- 
to the machine or continuing as 1 do.” 
Kauftnann says he chose to continue 
die latter solution which he describes 
as " tres cool * because he knows tbe 
machine will clean up after him. 
“ ‘ Also, the truth is that I like the feeling 
of putting my hands in the soapy water. 
Anid so although I know it makes no 
sense, I continue because of the pleas- 
ure it gives.” 


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PEOPLE 


H IS mix of dance music was on the 
sound track and Boy George, in full 
diva makeup, was in the celebrity line- 
up, as rock movers and frock makers 
turned out to support Donatella Versace 
at her first solo show since her brother 
Gianni’s murder in Miami Beach in 
July. Fellow designers Giorgio Ar- 
mani, Kart Lagerfeld and Donna 
Karan watched supermodels Naomi 
Campbell and Linda Evangelista walk 
the runway illuminated with snaking 
neon lights- An electronic message 
spelled out a dedication to the “love and 
devotion” of the backroom staff. From 
the world of showbiz came Cher, Demi 
Moore, Rupert Everett, star of (he 
movie “My Best Friend’s Wedding,” 
and Trudi Styler, wife of the rock star 
Sting. Two famous faces were missing: 
Elizabeth Hurley, who was rocketed to 
fame by Versace’s barely-there safety 
pin dress, and Madonna, although a 
preview of her unreleased new album 
“Candy Perfume Girl” played in the 
background. 

□ 

Henry Kissinger once secretly flew 
to Beijing during the Nixon adminis- 
tration to help reopen China to the 
United States. Now he’s gone Holly- 
wood — to keep China open to Walt 
Disney Co. Quietly and discreetly, Mi- 
chael Eisner, the chairman of Disney, 
has hired Kissinger as an adviser in the 
company’s dealings with China. And it's 
not coincidental that Kissinger came 
aboard as Disney was planning the re- 
lease of the Martin Scorsese film 
“Kundun. ” The film, to open on Christ- 
mas Day, deals with the early years of 
the Dalai Lama, Tibet’s spiritual leader, 
who fled the Chinese Communists in 
1959 after Beijing invaded. 

'□ 

Michael Kelly, who was dismissed 
last month as the editor of The New 
Republic magazin e, will be back in print 
again soon. Kelly has been hired by die 
National Journal to write a weekly 
column and will also be writing a weekly 
column for The Washington Post Kelly 
was fired by the New Republic’s owner, 
Martin Peretz, for being too tough on 
President Bill Clinton and Vice Pres- 
ident A1 Gore, of whom Peretz is a close 
friend. 



Ian Brano/Tli r towniiril ftm 

Boy George, left, and Rupert Everett at the Versace show. 


A French appeals court has fined Bri- 
Bardot 51,600 for inciting racial 
ured and ordered her to pay a symbolic 
1 franc to human rights groups (hat sued 
her for criticizing the Muslim slaughter 
of sheep. The court overturned an earlier 
ruling m favor of die 63-year-old fonner 
screen star and animal rights campaigner 
on charges of defaming Muslims. Bardot 
was sued for her commentary in the con- 
servative daily Le Figaro in April 1996, 
in which she blasted the ritual Killing of 
sheep, which Bardot called “torture” 
and an “atrocious pagan sacrifice.’ ’ 

□ 

Princess Caroline of Monaco has lost 
a libel suit against a German tabloid that 
published pictures of her, some of them 
with Prince Ernst August de Hanover. 
The princess had sought a court ruling 
banning Bunte magazine from publish- 
ing pictures of her while on vacation or 
on the tennis court, saying they invaded 
her privacy. But the court in Hamburg 
said that since she is a public figure the 


princess must accept being the center of 
interest while in public. 


□ 

The former British prime minister 
left no o 


7 


Margaret Thatcher left no one in an 
doubt what she thought of the new m„ 
ticolor livery that British Airways has 
chosen to adorn the tails of its jets. “It's 
absolutely ghastly,” saidLady Thatcher 
before producing a handkerchief and 
covering the tail of a model plane on the 
airline’s stand at the Conservative Party 
conference in Blackpool. England. 

□ . 

■ When John Lennon and Yoko Ono 
staged their weeklong “bod-in” in an 
Amsterdam hotel nearly 30 years ago, 
love was free and peace had a chance. J 
Tunes change. Ring up $425 for love 
and peace and a night of Beatlesomnia in 
the new John Lennon Suite at the Alexis 
Hotel in Seattle, in which actors play a 
guitar-strumming John and a rumpled 
Yoke encamped among the pillows. 


Damaged Portrait Returned to Royal Academy 


Reuters 

L ONDON — A portrait of the in- 
famous “Moors Murderess,” Myra 
Hindley, ' went back on public display 
Friday after restorers repaired damage 
caused by protesters splattering it with 
ink and eggs. 

The painting is now under a clear 
plastic cover “to give it the protection it 
needs,” a spokeswoman at the Royal 
Academy in London said. 

The portrait of Hindley, jailed for life 
in 1966 for the minders of five children, 
was created by the artist Marcus Harvey 


out of hundreds of imprints of children’s 
hands. It caused an uproar when it was 
first dirolayed three weeks ago as part of 
an exhibition called “Sensation.” There 
were pleas for its removal from the 
mother of one of Hindley ’s victims. One 
man lobbed ink at the painting and an- 
other threw an egg. forcing the 
to take the picture down 
Restoration work was difficult but 
successful, the Academy spokeswoman 
said. Asked whether security at the show 
had been stepped up now that the paint- 
ing was-back, she would say only that 



“appropriate” security had b* 
provided. 

The “Moore Minders,” a series 
child killings carried out by Hindley j 
Ian Brady horrified Britain in the 196 
The children, were tortured and ta 
recorded by the couple, and some of 
bodies .were, found buried on a Ion 
moor in northern England. 

The current show of controvert 
works owned by the advertising moi 
Charles S a atchi h a s proven to be one 
the most divisive in the Academ 
history. 


j