Skip to main content

Full text of "International Herald Tribune , 1997, France, English"

See other formats




tor's 



Herald 


INTERNATIONAL 



^tribune! 


The World’s Daily Newspaper 


2. . -Vi . : 




rr 1 - 





PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Saturday-Sunday, October 18-19, 1997 



No. 35,655 


10 Years On, Lessons 
Of a ‘One-Day Sale’ 

Wall Street Sees Only Upside of ’87 Plunge 


By Floyd Norris 
AViy York Times Service 


NEW YORK — As trading moved 
toward a close on the woretday in stock 
market history, a crowd of young in- 
vestment bankers gathered around the 
mngta of die trading floor at one of 
Wall Street s premier firms. 

They did not work on the trading 
floor and arguably had no business 
being on iL But there they stood, in 

Can the market collapse erf October 
1987 happen again? Page 15. 

stunned silence, watching the electron- 
ic ticker tape march across the walL 
The bankers were watchin g what 
was obviously an epochal event, won- 
dering if it meant the end of then- 
careers and of the comfortable, even 
extravagant, way of life that had mart#. 
Wall Street an oasis of wealth. 

The chief stock trader, who had 
spent the day desperately trying to pre- 


serve the firm's capital while witness- 
ing selling on a scale neither he nor 
anyone else had ever seen, looked up a 
little before 4 P.M. and saw the as- 
sembled bankers. “I’m sure,” he said, 
a bit testily, “that you have other 
things to do.” 

They didn't, of course. But they 
rapidly dispersed. 

When the tape finally caught up with 

all the trading, die Dow Jones industrial 
average ended that day — Oct 19, 1987 
— down 508 points, or 23 percent, at 
1,738.74. Even in the 1929 stock-mar- 
ket crash, there had never been a single 
day when prices had fallen so far. 

A decade later, the 1987 plunge 
seems increasingly like a footnote in 
the great bull market that began in 
1982 and continues today. For many, 
perhaps most, investors, the great les- 
son was not any of those most com- 
monly offered at the time 

Instead, die lesson came in the mar- 
ket's revival, which showed that de- 
clines were a buying opportunity. 

“The No. 1 lesson was that you 


Ten Years After 


250%- 


200 


Percentage changes In the Dow Jones industrial 
average in the 1980s through December 1987 
and in the 1 990s through Oct 16, 1997. 



Source: Bloomberg 


bxetMUiml Herald Triha* 


should buy when Wall Street has aone- 
day sale,” said David Shubnan, the 
chief equity strategist of Salomon 
Brothers. “That lesson may be over- ' 
learned by now.” 

It certainly has been widely learned. 
Barton Brags, Morgan Stanley’s chief 
strategist for global equities, tells of 
trying to find a plumber in Ketchum, 
Idaho, where he has a home, over Labor 
Day weekend this year. Most were on 
vacation themselves. The one he finally 
found knew quite well who Mr. 

See 1987, Page 16 


j The Dollar | 

N«m Yak 

Frfetay ft * P.U. 

previous dose 

DM 

1.7725 

1.7465 

Pound 

1.618 

1.6177 

Yen 

120.70 

119.47 

FF 

5J338 

58556 


The Dow 

1 

X|1P 

Friday dose 

previous ctosa 

-91.85 

7847.03 

7938.88 

S&P 500 | 

change 

Friday • 4 PJrt 

previous dose 

-11.08 

944.17 

955.25 


U.S.- Japan Port Feud 
Is Near a Settlement 

‘ Breakthrough 9 Will Avert Risk 
Of a Trade War Over Shipping 


Papon Trial Pushes France to Open Algeria Files 


By Roger Cohen 

New York Times Service 


Y J «»H i 



PARIS — The French government 
announced Friday that it would open its 
secret archives relating to the killing of 
dozens of Algerians in Paris on Ocl 17, 
1961, after Maurice Papon, a senior 
functionary under both the Vichy gov- 
ernment of World War II and the post- 
war Republic, denied that the police he 
then commanded were responsible. 

Mr. Papon is on trial in Bordeaux for 
crimes against humanity, accused of or- 
ganizing the deportation from the city of 
1,690 Jews, including 223 children, to 
Nazi death camps from 1942 to 1944. 

The slaying of the Algerians during a 
night of savage repression in Paris has 
nothing to do with those charges, bid has 
become the themeQf a land of trial within 
the trial because Mr. Papal was then the 
police chief in the French capital. 

Through this extraordinary coinrid- 


ence the two most painful events in re- 
cent French history — the collabora- 
tionist Vichy government and the war in 
Algeria — have been woven together. 

France is being asked to lift the veils 
that have shrouded memory of ti ae de- 
portation of Jews under Vichy and the 
death of more than a million . people in 
the eight-year war that led to Algeria's 
independence in 1962. 

This process, which has plunged the 
country into a period of collective ret- 
rospection, has been greeted with wide- 
spread relief, but also strong resistance. 
Testifying at Mr. Papon's trial Friday, 
Pierre Messnxx, a former Ganllist 
prime minister, protested vehemently at 
President Jacques Chirac's identifica- 
tion of the Bench state with the crimes 
of Vichy. 

‘ 'An illegitimate government does not 
represent France,” be said, speaking of 
the Vichy reginae set up after the German 
defeat in 1940. “It cannot engage 


France. It engages only its own respon- 
sibility and those of the functionaries and 
soldiers who have decided to obey it” 

That view — officially upheld for a 
half-century after the war until Mr. 
Chirac broke with it in 1995 — has now 
been rejected, and France seems com- 
mitted to throwing light on the painful 
aspects of its past. 

Announcing the decision to open state 
archives on the slaying of the Algerians 
in 1961, the minister of culture, Cath- 
. erine Trantmann, said Friday that it re- 
flected “tire desire of the government to 
clarify the tragic repression of that day. ” 
Under Bench law, official archives are 
normally sealed for 60 years. 

The number of people killed during 
tire police-repression of a demonstration 
called by the National Liberation Front 
of Algeria, then in the seventh year of a 
brutal war to overthrow French rule, 
remains a matter of dispute. 

.The official total is still three dead 


and 64 wounded, but Mr. Papon has 
spoken during the trial of 15 to 20 dead, 
and most historians put the total at about 
200. For weeks after the demonstration, 
bodies were fished from the Seine and 
Paris canals , The question has arisen 
repeatedly during the trial of Mr. Papon, 
87, because of the light it may shed on 
his character. 

To his accusers, he was a professional 
of cold rnthlessness. a bureaucrat with no 
conscience and a streak of cruelty, traits 
shown both as Vichy’s secretary-general 
of the Gironde department surrounding 
Bordeaux and later as the Fifth Repub- 
lic’s police chief in Paris confronted by 
the unrest of the Algerian war. 

To bis defenders. Mr. Papon was 
merely a dedicated public servant, a 
man struggling with circumstances un- 
imaginable to those now ready to judge 
him, a servant of what be saw as the best 

See PAPON, Page 4 


s’- • 

<&**■• 1 ' 




is.,- 

m — 

m f 9 

LUaFv 3 *- 
r i-. 


'■ • 




I 






ja .-j 

P'a-" - 


AGENDA 



WAaoawlRc* 

James Mtchener, the grand- 
scale novelist, is dead. Page 3. 

Currency Turmoil 
Shows No Letup 

Malaysia unveiled a budget Fri- 
day that staked the country's future 
on information technology and a 
lamer services sector. 

But investors interpreted tne 
budget as a failure by Malaysia to 
take firm steps to avoid a deepening 
financial crisis. The country’s cur- 
rency extended its recent losses, 
felling 2 percent against the dollar. 

Separately, the Taiwan dollar 
sank to its lowest close in a decade 
after the central bank gave up jte 
defense of the currency and lo- 
cated it might be allowed to ran 
further. Page 15. 


. 

p > ; .-c • . - • . 

ri’Y -r >*. • • •_ 

* 

- s " " 

LgJoZ. ..:.. . • 





PageB- 

Crossword 

Page 22 - 

Paget 

Sports 

Pages 22-23. 

■ Thmtatmmsrk»t 

ggBZ3a 

| The iHT on-line 

vj '.vc.iht.com i 



Newsstand Prices 


Twin Boys From Long-Frozen Eggs 


By Rick Weiss 

Washington Post Serf tee 


WASHINGTON — A Georgian has become the first 
woman in tire United States to become pregnant and give birth 
using eggs that had been frozen for years and then thawed and 
fertilized. 

The procedure is a long-sought feat that could revo- 
lutionize reproductive options, doctors said Thursday. 

If die method proves reliable, it would allow women to 
store their own eggs for fertilization later in life by the man of 
their choice. 

Older women with eggs in the freezer, for example, could 
become pregnant with a genetically related child instead of 
relying cm a donor egg. Single women about to undergo 
ovary-destroying cancer treatments could save their eggs 
until they find an appropriate mate. 

Even older married women concerned about the possibility 
of divorce could keep a few eggs in the cooler, reserving the 
option of additional ciukfaeu by a donor. 


“It does for the female what frozen sperm does for the 
male,” said George Seidel, a reproductive physiologist at 
Colorado State University. “This enables a woman to freeze 
an egg before choosing the father.” 

The Georgia mother, who lives near Atlanta and has asked 
that her name not be divulged, gave bird} in late August, at the 
age of 39, to healthy, nomdentical twin boys, after suffering 
from infertility since her early 30s. 

Although the eggs she used were not her own, her case 
proves the possibility of using long-frozen eggs. 

Meanwhile, another woman being treated at the same clinic 
— Reproductive Biology Associates in Atlanta is 12 
weeks pregnant with a fetus made from her own frozen egg, 
doctors there said. 

And Italian researchers report in the October issue of 
Fertility and Sterility that a 28-year-old woman in their care 
has given birth to a healthy girl using her own stored eggs, 
which had been frozen for four months. 

See EGGS, Page 4 


Coaled bf Ov StffFum Dopadtes 

WASHINGTON — U.S. and Jap- 
anese negotiators reported Friday that 
they were close to an agreement to re- 
solve a trade dispute that has led the 
United States to threaten to bar its ports 
to Japanese cargo ships. 

“We have achieved a breakthrough 
which we hope will lead to an agree- 
ment,” said Stuart Eizenstat, undersec- 
retary of state for economic affairs. 

The Japanese ambassador, Kunihiko 
Saito. said, “I think we have succeeded 
in resolving most of our outstanding 
problems. There are still a few details to 
be worked out." 

Both sides urged the Federal Mari- 
time Commission to lift its ban, which 
had been scheduled to take effect at 
midnight 

Officials at the Maritime Commis- 
sion had no immediate comment, but it 
was considered highly likely that they 
would go along with the deal reached by 
top negotiators from the Clinton ad- 
ministration. 

The announcement came after a 
morning of high-level talks between of- 
ficials from both countries eager to avert 
a disruption of billions of dollars in 
trade between the world’s two largest 
economies. 

Mr. Eizenstat said he believed the 
tentative deal could lead to “meaning- 
ful reform” in Japanese port practices, 
which U.S. and other foreign shippers 
have long complained discriminate 
against than. 

Officials at the commission said a 
meeting was under way to determine 
what should be done. 

However, they said that the letters 
directing the Coast Guard to bar Jap- 
anese cargo ships had not yet been 
sent. 

Mr. Eizenstat explained that the com- 
mission was independent, but added, 
“We have expressed our hope that until 
these agreements are concluded no or- 
der will be issued.” 

He added that the United Stales 
hoped to achieve a final agreement with 
the Japanese “within hours.” 

The threatened trade war involved a 
long-simmering dispute over a U.S. de- 
mand that Japan ease its port operations 
to allow U.S. shippers the same rights 
on cargo handling on Japanese docks as 
Japanese shippers enjoy at American 
ports. 

A ban on Japanese ships entering 
U.S. harbors would have affected bil- 
lions of dollars worth of products be- 
cause Japanese ships also transport U.S. 
goods on their return voyages. 

The three shipping lines involved in 
the dispute — Mitsui O.SJC Lines. 
Ltd., Kawasaki Kisen Kaisba Ltd., and 
Nippon Yusen KJC. — typically cany 
containers of boxes that can be loaded 
onto railroad cars. 

The most immediate impact if the ban 
had taken effect would nave been on 
U.S. retail stores trying to stock their 
shelves for the coming holiday season. 

Japanese televisions, radios and other 
electronic goods could become harder 
to find if Japanese ships were banned, 
trade analysts said. 

“ft could take a lot of joy out of the 
Christmas holidays,” said Jack Kyser, 
chief economist for the Economic De- 
velopment Corp. of Los Angeles 
County. 



kpy &mhm /nit AiwuaAinni 

Noboru Sakata, chairman of the 
Japanese Shipowners Association, 
leaving a Tokyo meeting on Friday. 

The commission, a small independ- 
ent regulatory body that oversees U.S. 
ports, voted to deny entry to the three 
Japanese shipping lines after they failed 
to pay an estimated $4 million in fines 
that came due at midnight Wednesday. 

Those fines — amounting to 
$100,000 for each ship entering a U.S. 
port — were imposed starting in 
September after the United States said 
the Japanese government failed to live 
up to commitments to liberalize the port 
practices. 

“This is obviously a serious concern 
to the United States.” said the National 
Security Council director, Samuel Ber- 
ger, who was traveling with President 
Bill Clinton in Argentina. 

“The question of equitable access to 
shipping facilities in Japan is a very 
important matter to us.” 

Another White House spokesman, 
PJ. Crowley, said that the Japanese 
carriers “should pay their overdue fines 
immediately,” but added that the ad- 
ministration was more interested in 
resolving the dispute than imposing 
sanctions. 

The Japanese Shipowners Associ- 
ation called the U.S. move “one-sided 
and unfair.” 

“We feel it will cause a large blot on 
friendly relations between Japan and the 
United States,” the association said. 

For months, the United States warned 
that the battle would escalate if Japan 
refused to loosen its regulations. 

Foreign shipping companies long 
have com plain ed that Japan requires afi 
shippers to receive approval for even the 
most minor operational changes in han- 
dling cargo at Japanese prats. 

News of the order shocked members 
of the U.S. shipping industry. 

“Thai’s the sort of thing you do when 
you go to war with a country,” said Jay 

See SHIPS, Page 4 


Food Outlook in North Korea 
Remains Grim After Harvest 


By Keith Richburg 

Washington Post Service 


PYONGYANG, North Korea — 
North Korea is facing another bleak 
harvest season of disappointing crop 
yields and will need continued outside 
food aid to avert widespread starvation, 
according to North Korean government 
officials and foreign relief workers 
based here. . ... . 

At the same time, officials of North 
Korea’s Foreign Ministry asked a vis- 
iting U.S. congressman for guarantees 
that food will not be used as a political 
weapon, before strongly suggesting that 
Pyongyang would soon be ready to re- 
enter preliminary talks with Sooth Korea 
and the United States aimed at reducing 
tensions on the Korean Peninsula. 

An official assessment of North 


Korea’s food needs will not come until 
later tins month, after a World Food 
Program ream completes an on-site in- 
spection scheduled to begin next week. 

But the preliminary estimate, from 
government officials and relief workers, 
is that North Korea may produce only 
about half of what it needs to feed itself 
this year, and in some hard-hit areas of 
the mountainous north, as much as 70 
percent of the corn crop may be lost 
“I think when we finally finish the 
* harvest, we can come rail with a sub- 
stantive estimate,” said Kim Gye 
Gwan, the deputy foreign minister. But 
be said the initial projection made him 
conclude that Norm Korea would have 
to ask for assistance again. 

John Prout the deputy director of the 

See KOREA, Page 4 



Vania Hjuaag/n*AaactMfe*5 

DMZ ABDUCTION — Photographers at a South Korean guard post trained their cameras on the North on 
Friday after troops from there crossed the Demilitarized Zone and abducted two Southern farmers. Page 4. 


□ana lo w rr- — 

12.90 ff M3f0CC0 --^MOT 

Cam«ttxv..i.K»CFA Qatar- 

Egypt xe^jso 

5=?- 7™SS 


Franco- -10.00 FF 

Gabon i.rOOCFA Senegal — 

-- MOOU.**- JgX 

i^^SSSSSST^S; 

Kuwait -..TOP ^ US. WL (Eur.)-~gj0 


Y 


§£V: 




How to Put a Ruler in the Driver’s Seat: A National Carmaker 


By David E. Sanger 

New York Times Service 


The best way to see Malaysia’s natural treas- 

ures Malaysians always tell visitors, is from the 

front seat of the national car. the Proton. 

If it lodes a bit like a Mitsubishi, that s because 
it was designed in the Malaysian prime ministers 
office, wifi Mitsubishi officials leaning over the 
leader’s desk, tweaking the design totranslate a 
politician’s vision into something workers coold 


churn out of a factory in Kuala Lnmpur. The final 
result was a peppy if somewhat clunky sedan. 

On ajannt through the Malaysian hill country a 
few years ago, the clatter of the engine brought 
villagers out to check out the racket But the 
Proton isn't about creating a nation of roadster 
lovers; it's about creating a national industry. 

The last thing the world needs these days is 
more carmakers. By 2002, car factories around 


the world, especially the new ones popping up 
throughout Asia and l^tin America, will X 


to produce about 20 million more cars than any- 
one will be ready to buy. 

You would dunk that this statistic would give 
pause to the countries around the world that look 
at the Proton, which the Malaysians are trying to 
export, and decide that they should replicate the 
strategy. But the lure of joining the ranks of car- 
producing nations is a lot stronger than the dis- 
cipline of economic logic. 

Producing care has become a matter of national 
be able ego and nationalistic politics. It’s not simply that 


evray president and prime minister wants 
out the palace window and see cars wit] 
ornaments bearing his country's flag (wl 

Malaysia, is the surest way to pick out the 

on the highway) They are convinced thru 
mg cars, like 1 budding computers, is a prere 
to entering the 21 st century. 

In sranp wave — — i 



See CARS, Page 4 












A. 


PA( 

C 


te- 

as 

Jr 

S* 

in 


i * 
i Ii 

! »• 
tw 
E 
s 

w 

G 

u; 

b: 

ir 

t\ 

h 

IT 

ei 

a 

! ? 

i - 

I u 


! r 


! i 


Es 


PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 13-19, 1997 


Queen’s Gaffe-Filled India Tour Spar 



BRIEFLY 


By DanBalz 

Washington PosrScftice 


LONDON — Queen Elizabeth II’s 
tour of India and Pakistan has turned 
into a royal mess back home. 

Designed to celebrate 30 years of 
independence for both countries, the 
visit was intended to be a triumph for a 
monarchy grappling with pressures to 
modernize, instead it has produced a 
series of gaffes, snubs, misunderstand- 
ings and. inevitably, finger-pointing 
over why things have gone wrong. 

The queen has been spared much of 
the criticism. It has been aimed instead 
at the British foreign secretary. Robin 
Cook. With the situation deteriorating. 
Prime Minister Tony Blair on Thursday 
ordered his cabinet to initia te a full- 
scale damage-control mission to high- 
light the successes of die queen's visit, 
which the government complained had 
been largely ignored by the media. 

After reports of tension between the 
government and the royal family over 


Bosnian Serbs 
;in Secret 
Broadcasting 


the handling of the tour, an official at 
Buckingham Palace issued an unusual 
statement Friday stressing that the queen 
was happy with the advice she has re- 
ceived from the Foreign Office and that 
she believed the trip was going welL 

Meanwhile. Mr. Cook hit the tele- 
vision and radio studios in a furious 
effort to stamp out the stories of an 
error-plagued trip. He even suggested 
that the Conservatives were to blame 
and that he had merely inherited the visit 
from the previous government. 

It was the Conservatives, when they 
were in power, who made the decision 
to schedule the visit to coincide with the 
50tii anniversary of the British Empire’s 
granting of independence to India and 
Pakistan, he said. That mistaken de- 
cision guaranteed that the trip would be 
spent looking back at the region's im- 
perial past rather than on the glorious 
future that Mr. Cook said lay ahead. 

Mr. Cook’s assertions brought our Mi- 
chael Howard, the Conservative MP who 
serves as the party’s shadow foreign sec- 


retary, to c laim that it was Mr. Cook’s 
ineptitude that had caused many of the 
problems.' ''Never in recent British his- 
tory has afordgn secretary npsei so many 
people ittso short a time,” he said. 

That was not the official view of the 
palace Friday. “We have seen media 
reports from London suggesting that the 
queen is\ unhappy with the govern- 
ment’s handling of arrangements for the 
state visit to Tudi'^ which was at the 
invitation of die government of India,” 
said a statement issued by an official in 
die queen's parly. 

“That is not die case. The queen has 
been entirely satisfied with the advice 
from the foreign secretary and his of- 
ficials in die preparations leading up to 
the visit and during the visit itself.’ 

Buckingham Palace usually ignores 
the kind of press coverage the queen’s 
trip has generated, but in the weeks since 
the death of Diana. Princess of Wales, 
the royal family has been much more 
sensitive to criticism and eager to deny 
suggestions of differences between the 


monarchy and the government. 

The palace’s statement came a day * 
after the latest embarrassment of the 
queen’s trip. She had intended to deliver 
a speech at a banquet Thursday in 
Madras, but at die last minute was in- 
formed by the Indian government that 
she already had given one speech and 
that protocol prevented her from de- 
livering a second. 

British govemmenrioffidals quickly' 
tried to explain away tire misunderstand- 
ing by saying she was only going to give 
a roast and that if the Indian government 
did not drink that was appropriate, that 
was fine with die queen. Mr. Cook dis- 
missed the press coverage of the snub as 
“a tempest in a toast cup.” 

The trip started innocently enough. 
The queen tried to show off her com- 
passionate side, praised Diana's work 
with the poor and was photographed 
wearing thick, blue socks as she entered 
the Faisal Mosque in Islamabad, 
Pakistan. She even got sympathetic cov- 
erage when she declared that die world 


was “changing almost too fast for its 
inhabitants, at least for us older ones. 

But in Islamabad she gently urged 
Trvfifl and Pakistan to settle their long- 
standing differences over the border 
state of Kashmir and was quickly ac- 
cused of med dling in issues mat did not 
concern her; Mr. Cook compounded *!: 
problem when, in a private meeting with 
die Pakistani prime minister, Nawaz 
Sharif, he suggested he was ready to 
help mediate a solution. 

That bro ught a reaction from India, 
with Prime Minister Ioder Kumar Gujral 

reportedly dismissing Britain as a’ ‘third 

rate power” that should know better 

than to interfere in a bilateral dispute. 

Mr. Blair’s office said the account 
bad “no foundation,” and soon after 

both governments said all was well. But 

rh , ^r sgfiift day, a British Royal Marine 
band was told not to attend die opening 
of an exhibition at die . Indian National 
Museum, and British diplomats were 
told they were not welcome at a banquet 
for the queen. 


Begi 


By Mike O’Connor 

.Vrir Kiri Times Service 


SARAJEVO, Bosaia-Herzegovina 
— In a slap at the international officials 
who had declared their broadcasts a 
danger to peace, hard-line Bosnian Serbs 
have returned to the airwaves, managing 
to circumvent the NATO troops who had 
seized their transmitters. 

The hard-liners went on the air Thurs- 
day night and continued broadcasting 
Friday. Political sources at their 
headquarters in Pale, quoted by Reuters, 
said the television signal could be seen 
over a wide area in eastern towns of 
Bosnia’s Serb republic. 

NATO spokesmen said they did not 
know how the Bosnian Serb authorities 
were broadcasting, or how much of the 
country they were reaching. A spokes- 
man said NATO was trying to find what 
officials assumed to be at least two 
clandestine transminers. 

On Oct. I. the North Atlantic Treaty 
Organization seized four television and 
radio transmitters controlled by hard- 
liners and turned them over to the Bos- 
nian Serb president, Biljana Plavsic, 
who is being supported by the West. 

U.S. and European diplomats said they 
asked NATO to seize the transmitters 
because of inflammatory broadcasts that 
were undermining the peace agreement 

On Thursday night spokesmen said 
NATO troops were still holding the 
transmitters. But at 7:30 P.M., on tele- 
vision screens in Sarajevo, the broad- 
cast from the studio controlled by Mrs. 
Plavsic in Banja Luka was replaced by a 
transmission from Pale. 

The first program was a news show 
fairly typical of those broadcast by the 
faction, although its attacks on Mrs. 
Plavsic were toned down slightly. It was 
followed by a panel discussion in which 
the United States was described as an 
evil empire that has occupied a formerly 
independent state of ethnic Serbs. 



f*i int SntnlnirJrlfnir flu 

C BACKUP — A. driver involved in a 35-vehicle accident on the Warsaw-Gdansk highway in Poland on 
Friday emerging from his car. One person died in the pile-up during a morning fog, and four were injured. 

Mandela to Visit Libya, Going by Car to Avoid Ban 


TRAVEL UPDATE 


Greek Air Controllers 
Plan Work Stoppage 

ATHENS (AFP) — Disruptions were 
expected in flights to and from Greece 


on 


By Lynne Duke 

Washington Post Service 


JOHANNESBURG — Although 
United Nations sanctions prohibit air 
navel to Libya, President Nelson Man- 
dela of South Africa plans to visit the 
Libyan leader. Colonel Maammar 
Gadhafi, next week by traveling over- 
land to Tripoli from neighboring Tunisia, 
a foreign affairs official here said. 

In traveling by car. President Man- 
dela will technically avoid violating the 
UN sanctions while making a state visit 
to thank Colonel Gadhafi for his support 
during the years of South Africa's black 
struggle against white minority mle. 

But as has happened before in his 
relations with nations dial the U.S. State 


Department categorizes as sponsors of 
terrorism, Mr. Mandela will be walking 
a fine line between loyalty to old friends 
like Libya and to new friends like the 
United States. 

The UN sanctions were put in place in 
1992 in response to Libya’s refusal to 
hand over two of its intelligence agents 
indicted in the U.S. in absentia for the 
destruction by a bomb of Pan Am flight 
103 over Lockerbie, Scotland, in which 
270people w ere killed. 

The Libyan visit by Mr. Mandela, 
part of a recent pattern of progressively 
strengthened ties between the two coun- 
tries, may include an effort to broker a 
solution to the Lockerbie dispute, a 
South Africa official said. 

The U.S. and Britain have tried un- 



Swiss National Bank to Give to Holocaust Fund 

UNIVERSITY DEGREE 

BADCLOR'S • WASTER'S • DOCTORATE 
nv ttiXk. Life jnJ.Ac*te7K Zxpenence 
Ttvou^h Comment Home Sfuty 
(808) 597-1909 EXT. 23 
iSSSti Fax:( 310)471-6456 
y, .><3 h(tp:/<'www,pwu-bl.edu 

vtpSf r.i* oi smd *t3*?d resume hr 

EHEE EVflWVflTIQfl 

Pacific Western University 

jrjOAu.ihi Street. D*wt. 23 
Hiiimluhi. HI 96S 1 44922 

Reuters said the decision was an in- 

ZUR1CH — The Swiss rerim step and that a final de- 
National Bank said Friday cision would be made by the 
that its banking committee bank's 40-member council, 
had decided to allow the cen- which will consider the issue 
tral bank to contribute 100 Oct 31. 
million Swiss francs to a The bank called the con- 
Swiss Holocaust Fund. tribution, equivalent to about 

A spokesman for the bank $69 million, a “gesture of hu- 

eluding tire central bank’s 
contribution, would total 
about 280 million Swiss 
francs. That figure also in- 
cludes contributions from the 
Swiss private sector. 

The Holocaust Fund is sep- 
arate from the Solidarity 
Fund, which the Swiss gov- 


successfully to coerce Libya to relin- 
quish the Lockerbie suspects. But Libya 
and the Organization of African Unity, 
of which it is a member, say the bomb- 
ing suspects should be tried by Scottish 
judges in a neutral country. 

With South Africa in full support, the . 
OAU earlier this year called on the 
United Nations to lift the sanctions 
against Libya. 

Whether a Mandela mediation at- 
tempt could produce results is unclear, 
but the State Department made a point 
this week of discouraging Mr. Man- 
dela’s trip. 

A State Department spokesman, 
James Foley, said Thursday that the 
planned trip would violate the sanc- 
tions. . 

Mr. Mandela ’s chief spokesman. Joel 
Netshitenzhe, responded Friday by say- 
ing: ‘ ‘We do understand the strength of 
feeling of the U.S. government, but we 
hope, too. that they understand our po- 
sition in South Africa.” 


by 500 Greek air traffic control! 
protest of a government decision to 
freeze some of their bonuses. 

The controllers were to stage a four- 
hour walkout, which was expected to 
flfftyi about 49 flights run by foreign 
companies and 60 by Olympic Airways, 
including 25 domestic flights, accord- 
ing to a spokesman for the controllers 
association. 

Runway Confusion 
At Cleveland’s Airport 

CLEVELAND (AP) — Pilots are 
having trouble staying on the right run- 
way at Cleveland’s airport, and the Fed- 
eral Aviation Administration is trying to 
find ont why. 

A spokeswoman, Tanya Wagner, 
said that die agency was investigating at 
least three runway incursions this month 
at Cleveland Hopkins International Air- 
port No collisions resulted. She said 
most of the problems involved planes’ 
failing to crake a proper stop before 
crossing a runway. The airport led the 
United States with nine runway errors 
last year. 

Richard Rogers, who designed the 
Pompidou Center in Paris and Lloyd’s 
headquarters in London, and Antonio 
Lamela, a leading Spanish architect, 
have been chosen to design a new ter- 
minal at Madrid-Barajas Airport, air- 
jjort authorities said Friday. (AFP) 

Virgin Atlantic Airways is awaiting 
approval to start a nonstop service from 
London to Las Vegas. The Civil Avi- 
ation Authority is expected to role on the 
request in December. If approved, 
flights could start early in 1998. (AFX) 


Correction 

An item in the People column Friday 
erroneously identified the operator of a 
Three Stooges Web site. The site is 
operated by Bruce Laliberte; Comedy 
IH Productions is a company owned by 
the heirs of the Stooges. 



Bilbao Hit by B, 

On Eve of Opening* i].**, 

. 0 , Spain— Security^* I* 
in BUbao an Friday Jut I t - 


BILBAO 

tightened in Bilbao on Friday.^ 
Basque separatists 
plosives outside an office buiifini 

a day before- Spain's: kir^3 

queen were due in the northern ci# 
to open the modernistic Gn^^. 
beim museum. - •• j 

No one was injured in the hW 
which did little damage to 
parent target, an eraplqyniGa ofs* 
in the city center. Guerrillas of ETA,: 
(Basque Homeland and 
warned of the aback in a call to i%‘ 

radicalnationatistEgmxadiostatiood 

which in turned contacted p obc^ Ty] 
On Monday this week, goernifc^ 
shot and family wounded ajxflfe. 
man as he tried to question twpiuarrj 
unloading flower pots from a sfc^ 
picious van parked near fire ‘ *" 
profile museum. The 
tained remote-coatrollc 
The Guggenheim plahnedvfr^ 
open on schedule. (Reuteea u 

UJL Seeks to Cu$j 
Protestant Marches t 


BELFAST — Britain’s govent J 
meat outlined plans on Friday 
defuse one of the most potoara 
sources of conflict in Northern fcei 1 
land's divided society, the tafrj 
dreds of uniformed parades staged 
every year, mainly by Protestant 
groups. . i-V-Vs 

Northern Ireland Secretary;}**; 
Mowlam said she was asking tits? • 
Parades Commission to plan hewss 
prevent a repetition of ugly scene*/ 
that have occurred annually during 
the “marching season," which; htf, 
its c limax in.mid-July. . _■# 

Under a bill to be introdocefe 
shortly in Parliament, the oommfch 
sioti would take powers at presoif- 
exercised by the mainly Protestants 
Royal Ulster Constabulary poli&t 
force to re-route parades or im pn^ 
restrictions on them. • .•••. r-.s 

Organizers would have to gjye 
28 days' notice of marches, radar’: 
than 2 1 as at present (Reutatfi 

Moderate ** ^ 







Vi 23 


h Mt 



Takes Over in Oslo 


OSLO — A three-party mod- 
erate coalition government 
power in Norway on Friday 
tire leadership of a Lutheran 
ister with a dream of restoring' fte 
“traditional values” of modest; 
and personal thrift. 

Kjell Magire Bondevik, a fanner 
leader of the Christian Demoaa&H 
succeeded Prime Minister Ttadv 
joem Jagtaod of the LabatPasty 
whose minority government-’] 
resigned when it failed to winthtyj 
mandate it demanded in Septan^ 
ber’s national elections. ? 

“I ask for the support of . the* 
people and God’s help in the i * 
X) risibility we are assuming,” Mrrf 
ondevik said in presenting his 1 9C 
member cabinet on Thursday. • • * 
The coalition of the C hristian* 
Democrats, the Center Party and 
the Liberals will attempt to' rale' 
Norway with a total of just 42 rep-* 


fiMirliriier 




*■" 3 1 


resentatives 
Lament. 


in die 


-seat Par-1 


WEATHER 


x - 



Have Stocks Topped ? 

Stocks Will Have a Bear Market. 

If you shar? Ihe opinion it's time to look a! 
alternative investments call tor my tree 
currency trading information package today. 


SUPEfUOR Sehc ttanot UmgmtAc counts 

OUTSTANDING Gtofiof Currency Analysts 
EXCEPTIONAL Exacutkm Fonut or Futuna 
BUN DUIHS SlO.OOa to SSMO.OOO (USD) 

COMMISSION 2-5 FX Spends Futurms JT2-U8 


For My Complimentary Services Guide, latest Research Reports. 
Opinion* and Performance Records Call (24 hours' Toit-Frw 


hatrslm 


Belgium MM13H0 Bnpt QOM118213513f 
Denmark 8001613= FM «U MOQ 1110004 

Crtete 0800118213013 Gtwmmtf 0130820888 

ttrm* 1771000102 Imfy 187875 0 2 0 

Kim 0038110243 Luxe mtawij B80045S2 

Mrvcm 058008784178 SeMamdi 080220857 .V2MM 08004 4 1800 

runnel 050112832 Sbmpwr 0001202501 SLf/rk* 0800098537 

Srmn 000931007 SnCem 020793150 “ - * 


1800125944 

980120837 

Frame 0800902248 
Hoof Keng 800067209 
' 0031 128009 


001 M0 1 1 03 1 1X4 


8009945757 VK 


US-Toll Voice Line *714-376-3020 US-Tcll Fax Line *714-376-302 


Haw you been to 


THE INTERMARKET 


today? 


Don’t miss it. A lot happens there. 


manity” in the context of a 
debate on Switzerland's eco- 
nomic and financial relations 
during World War II. 

The Holocaust Fund, in- 


enament has proposed. The 
Solidarity Fund would be set 
up with money gained by re- 
valuing Swiss gold reserves 
held at the central bank. 



The Firing Line 

BBC Wbrid presenter Nik Gowmg pays tribute to 
the cameramen and woman who risk their lives in 
the world's war zones to bring us the news. 


WATCH ON SUNDAY AT 19:05 CET 


WORLD’ 


d telnAfifoixtMgCapHadA 


Europe 


Tod*y 

Tat 

nufToty 


w* 

LowW 

M)Bh 

LowW 


OF 

Of 


OF 

AfeWOT 

24*75 


22*71 

1094 Mi 

Am*4oKtaro 

1W6€ 

12*53 pc 

i*Bt lira pc 

Arfara 

14157 

2/35 r 

13*S5 

4*38* 

Mara 

14/57 

1052c 

15® 

1080 Ml 

Bareobno 

22*71 

14/57 pc 

2*75 

1081 pc 

B*W9 

1*55 

2351 


0486 

Bwtn 

1064 

11/82 c 


048 PC 

8/UBMil 

2088 1*33 pc 

10*66 11 ® pc 


lira 

*37 pe 


048c 

Capanfaapri 

1*59 

1080 e 

1*86 

041 PC 

Com 0*1301 2062 

18*64 pc 

27/80 18*8* pe 

DUOBn 

17782 

13*56 C 

1B«4 

1*55 pe 

EdMKB^i 

ts-sa 


14/57 

7744 c 

Ftoranca 

1V86 

11 ® pc 

21*70 12 rape 

FtanldiBl 


iirac 


9*48 pc 

Qcn&a 

17/82 

»46 pc 

18*84 

9*48 pc 

KaWnkJ 

7M4 

04301 



iwrW 

13W 

046 01 

1*85 

8*46 Ml 

Wav 

5M1 




LBBPB/mM 

23*73 

3088 pc 

2879 31/70 pc 


21*70 

16*81 r 

1086 

1068 r 

London 

21*70 

i*8E pe 



IttM 

2679 

lira pe 

25*77 

12*53 c 

M Mores 

2*79 

14/57 ■ 



fcWan 

1U86 

9*40 pe 



IMcov 

aofi 

■2*30 pe 



LbnWi 

1881 

7W4pe 



NKX 

2088 

14/57 pc 

21*70 


two 

1*86 

7/44* 



Pam • 

19*08 

lira pe 

19*66 11 ® pc 

Pragua 


*48 pa 

17® 

7/44 pC 



■4*28 e 

1/34 

1/34 pc 



7/44 r 

lira 

6/43 Ml 


21*70 

1*85 pc 

22*71 

■3/56 pe 


5/41 . 



Sux*Mn 

12/53 

7*44 r 



SOMbOOTB 

israa 

*48 pc 

1084 




7/44 BI 



TOW 

2373 

16 *B 1 ah 

2*71 

1081 r 



i traps 

2O*0B 

12 ® pc 

Voma 

1*53 

7*44 pc 

17783 


Warasw 

*48 

7/44 C 

1051 

B/46C 

ZurfOi 

1*81 

048 pc 

16/81 

6*48 C 

Middle East 

AtwCtub 

37*99 

2271 s 



34*76 

1084 1 

2170 


con 

2879 

1081 0 



Onnascua 

3*79 

l*3Sr 



■kroaiem 

22/71 

2*53 r 

21/70 


Uo*» 

3M1 

7*63 pc 

3*91 

8*64 pc 

"J** 


3088* 

34/93 

*»r 

Africa 


Forecast for Sunday through Tuesday, as provided by AccuWeather. Asia" 




Wgb la** : 

OF OF • . 

2OT WM, .•“••• ’ 
saw • ... 
si/a» sstnft ■ 

21 no warr- 
ant W7DI ■ 
nw-iMtri- 
2*w am £* 

2a* 

384 


NavDetu 


North America Europe Asia 

A co astal storm w* spread Most of France and poutfi- Cod vrfm showers paas&ta 
WKWwan atonfl the ern England will be mild In 8 eijing SunoS/and 
EKg a ®“ ndas '* , but an Atlantic Monday, but partly sunny 

Monday tom the Cerofinss storm will spread clouds and nice Monditv it m*! A -% 

Er !P*l ntf ’ Mo3,| r ro»n over the area, shower tn’sooupMonda/ startm 
wL2?a£5LJ" ^ head aou*H otherwlse psril^S £255! 
Southwest Sunday, but east, bringing colder and pleasant Ouminh th2> 

J*® Mwars weather to London and oeriod. !!m 

Monday and Tuesday. Paris Monde 

Breezy and cool In 8i* had- ' 


Parts Monday and Tues- have soaking toina. but 
soaking rtdn from Tokyo wtt be eomlon&bie 


aa» 23173 pc at* am 

27180 22171 C BV 78 2*71 
3301 IWBi pc 31/88 1955 
81/88 22/71 pc 3 U 88 «W[ . 

33/91 1*881 3*81 19 * 9 ! 

31/88 22 m r 31/88 amt, 

30/88 2*73 r 28/84 SW 1 *; 

31/88 sons t somupst 

_ 31/88 17782 pc 31 «B ttjjjpg. 

HwewPanh 31/88 2*73 pe 89 / 8 * 297318 " 

PhuW 32/88 23 / 73 pc 31 / 80 . WHP 61 

^■nooon 31/88 2*71 pc 30 <M am (*■ 

20/88 a> 46 s 22/71 11 ® P*. 

2*79 18*81 S 28178 18*1 • , 

_ 88*84 21/70 pc 30*8 21 / 70 * 

Ttapa 2*79 IMS pc 2*79 

T «*JO 2*71 14 * 87 * 1*88 Mil 1 ". 

» BBOBc 2*04 2088.SX' 


ini 

'rial 




west and the SmithaasL ttZZESESl ^ ° rt ^ AmCfic a 


Co northern Italy. 


Legend; mm popaily doodr, otJoudy, t 

snwxm, Hea. Wwaetiar. 


Anchone* 

AUait* 


and dMe pwrided by Aocuweether. Inc. e «B7 


CSpSTowi 


Hawn 
L ua 

KflKtt 

Tirta 


31/88 1401a 
2*34 1*84 c 
27180 16/59 B 
21/70 6*41 pe 
31/88 24/75 pc 
27780 14/57 pc 
2079 14/57 S 


3lOB 17/823 
2 * S 16 O 1 * 
2*79 1M4pe 
23/73 *43 pe 
31/88 23/73 pe 
2*8? 14/57 pc 
2809 14/57 £ 


One of the few predictable 
elements of travel. 

Over 300 of the Worlds finest hotels 
in <58 countries. 

Your Host Today 

HOTEL LORD BYRON, ROME, ITALY 


CHautt 

Dane 

Denver 

□emx 

Hcnotiiu 

Houston 

Lae Anga/es 

Mkrat 

lAnSKSi 


NswYortf 

Orisndo 


SmFran. 

SMB8 

Toronto 

VsncDisnr 

W e *ag ran 


- 4 * 25 -nnas 
1*86 1018 O pe 
14/57 6f(3pc 
17/82 043 ■>. 
3478 11/S2 1 
&tn 4/39 » 
1*81 4/39 S 

29/84 2 1/70 pc 
2079 13/55 a 

3*88 14/57 B 

3*80 204881 
1*84 7/44 pc 

12/63 2/35 S 
81*8 23/73 pc 
14*87 I 1 /E 2 C 
27780 17/62 1 

34/93 17/62 s 

23/73 13155 pc 
1*88 am pe 

12/63 335s 
*4/57 *41 pc 
1061 10*60 01 


aa 4Wi \- , 
1*88 WF 
12189 7/44 r 
16*1 5**1 ^ • . 
2*73 12/51I ■ ' . 

22/71 s/srn:. 

1081 SW^L. 
2*84 22ff1.Pt; 
2*73 10/EDS 
27790 13SSPF. - ; 

2»«lW0g\, 

13S6 ■ 

31188 23/73 f*.- 
1457 ia«r ■ _ 

28/79 1S®pp . • 
33/91 1081s: 

ivob awpf 
1&B9 7WJ»i 
Iasi tmpt 
1*57 Wl 
1*81 1001 


IP®. 1 


Latin America t 

AianMAMs 17762 11/32 c 1906 *48pe‘' 
29*84 2*88 pc 2*84 

Lire 23/73 16/61 ■ 2071 17*821 f 

MMCCCay 1006 *43 pe 1908 9M9C1 
n>daJanah>. 21/70 17/62/ 21/70 1884*, 

14/57 408 r 17182 6141^ 

Oceania ■ 


AlEUHd 

S»*iev 


18/84 1(850* 
1064 BMSS 


13SS 11/92*1 
17* lOODpe 


A two-month trial 
subscription. 
Save up to 60 % 

Try a special, lov/ cost 2-montH trial subscription to the 
International Herald Tribune to enjoy delivery to your 
home or office every morning AND save up to 60% off 
the newsstand price. 


COUNTRY/' CURRENCY 
AUSTRIA 

&CLGJUM/LUXSMB. 
DENMARK t 

FINLAND 
TRANCE 

GERMANY C 

GREAT BRITAIN 

HONG KONG f 

ITALY 

JAPAN 

MALAYS/ A 

NETHERLANDS f 

NORWAY N 

SINGAPORE 

SPAJN f 

SWEDEN 

SWITZERLAND i 

USA 


2 MONTHS 
NEWSSTAND! 
PRICE 

1.456 , 
3.330 ■ 
780 ; 
624 ! 
520 : 
182 j 
47 ! 
676 1 
145,600 i 
26,000 
132 ! 
195 : 
332 
146 j 
11.700 , 
832 ! 
166 • 


2 MONTHS , 
OFFER 

PRICE 

650 ; 
1.350 
360 I 
310 
210 , 
72 1 

22 ; 

2 £4 I 

S8.C00 i 
12,150 ! 
101 j 
72 ! 
390 ! 
22 j 
5,000 
350 1 
66 
43 ; 


DISCOUNT I 
I OFF 

! COVER P RICE! 

j 

54 4 

50’, ; 

I st: : 

I 57 : ; : 

i 6C-0 I 

! 52*, 

***■■ 

60 ; c ; . 
i S3’-. 1 

43'.. 

S7-, 

53-- 

60 '5 I 

45', ! 


f fa, IvoMttetoskrlrTxxivinglhc tey T ^ 

| □ % <h9di b «ndowd {payable to <fie IHT) 

2^2f/S’L/ C l IW - D tP.R'Sl n toaoGml □ Eureasd 

I Fa-«-USondA^pn^ C r^^walbedx^roF n ^F Tanao i ajn ^ fe ^ 

I CbndNa Exp. Dcde: 


Ccranliy:___ 
Heme la] No:. 


~i 


. Busmen lei No: „ 


_F_Oy_OTn i y_COLJNTR [ E S _PL £ ASC CO NTACT TO UH NEAREST IHT OETICE 


I For buBfiBS erdsn. indionlavo.B-VATNn - 

URIvWfWrorFR74732d2n261 

I Bnmfy ISlnniw 

| First Name; JtiTife 

| Moiling AcUresK 

| Qy/Cak 


Entail Addrea 

Doirtne Dob* 

□ do no. w«h lo recare h*. <*er ca^ ween*] oompeni* 
M ^{oefax to: Irdamatianal Herald Zibune 
... . EUKOPE, MiDDi£ EAST & AFRICA 
® Coufc, 1 92521 Neuifly ffif. 

Fw: -*33 1 81 A3W10. W: 83 9 


1WW 


Imprvnt par Offprint* ?3 rue dp rBvangile, 75018 Paris. 


^Fionc* 

TW-flMng ““ ^ 93 61 

*abe»luhkSShlUcxam 
= afcwjtdfcrne^wbieribareon^. 











• \ 

. 1 . 






J.W'-. -*•-* I* 13 . 

■ iW '— '""'"Hiii 

rpT :r 


vrre !'-• -'•<*• 


-I... 

'-J- -.r 


'.C-r .% 


^«1> -■'•«■. I - 




»FA>- t, 




«'4t -» _Tf 


r. , 

«i if... ' . 


ra'.?J. - - 


(IttlUcf 


r* 


' K M«* 

' ’" Us t»nt 


*' j • : . --- - . 


l -v.-..'* -j 1'. . . 


#. *ju. » t .-v. 


■* Au jntt t 


i •=>: ■ 


■K-.T'. Jk-: i- - 


/* • ; . 4 ‘ • ■' 


****--‘ V T> - 

ft* +- T ~ 


iW*'K 


fir 7 s 






■*»=*- ■ 


1 ' - ■ ' 


fcW-* 8 * 




— 

‘Fast Track’ 
Is a Reality, 
Clinton Says 

He Ends Latin Visit 
With Pitch For Trade 


HVTERNA3T0NAL JERALD TRIBUNK, SATUKDAY-SUNDAY, OCTOBER 18-19, 1997 


PAGE 3 


G'WfxW h On, Sk$Frv*if)uj\achn 

! tt BUENOS AIRES — Declaring that a 

■ ?J change' * is sweeping the 

■world. President Bill Clinton on Friday 
.said usolauorust voices must be ignored 
■as efforts proceed to fully integrate the 
political and economic future of the 

Americas. 

; "We live in a time of extraordinary 
.opportunity — revolutions in technol- 
ogy, information, communications 
nnng our people and our nations closer 
Jian ever before — opening new pos- 
Vibfeties, Mr. Clinton said in a speech 
■to business leaders attended by Pres- 
ident Carlos Saul Menera. 

: “The promise before us is bright but 
;it is not inevitable." Mr. Clinton said 
.** Wc must seize the opportunity and we 
■must meet the challenges and we most 
;do it together." 

American companies are the- leading 
investors in Argentina, with $12 billion ’ 
:in investments that are incr easing at 
more than $2 billion per year. The 
.United States, Mr. Clinton said, cannot 
afford to react to such growth by taking 
a protectionist stance. 

‘ ‘The world economy — whether any 
•government likes it or not — is already 

a fast track,” he said. 

■; His speech, the last of his official 
.business on a weeklong tour of South 
■America, was a final long-distance sales 
[pitch to U.S. lawmakers, who can with- 
hold the “fast-track” negotiating au- 
thority Mr. Clinton wants for negoti- 
ating a free-trade zone in the Western 
Hemisphere. 

• In a country where more than 800 
rases of violence, threats or intimida- 
ition against journalists were docu- 
mented this year, Mr. Clinton also met 
Friday with four Argentine reporters. 

• After a stop at the U.S. Embassy, Mr. 
[Clinton left for San Carlos de Bariloche, 

-a tourist town on the eastern slopes of 
.‘the Andes. He and his wife, Hillary 
J Rodham Clinton, will unwind there 
•with Mr. Menem and depart for Wash- 
ington on Saturday night. {Reuters, AP} 



POLITICAL NOTES 


Million Man March: 
Quiet Anniversary 


NEW YORK — On the second 
anniversary of the Million Man 
March, black men and women marked 
the occasion at scattered rallies 
around the country with some of the 
spirit but nowhere near the swaiming 
multitudes of the original gathering. 

Louis Farrakhan, the minister of 
the Nation of Islam, which organized 
the' march in 1995, had called for a 


Washington Monument. 

Then, the scaffolding will be 
sheathed in blue-gridded transparent 
fabric designed by the postmodern 
architect Michael Graves. 

Though the monument will close 


for up to four months early next year 
for elevator and climate-control re- 
pairs, it will remain open for exterior 
work that will go on at least until 
2000. The public will be able to watch 
the repair work through the fabric and 
scaffolding. 

Construction scaffolding . has 
rarely, if ever, been designed by an 
architect, much less a world-famous 
one — usually it is an engineering job 
that creates a necessary eyesore. 

“We are excited by the design. 
Instead of camouflaging the monu- 
ment, we have interest and beauty to 
complement the monument,'* said 
Vikki Keys, deputy superintendent of 
the National Park Service. (WP) 


“holy day of atonement” Thursday, 
urging African-Americans to abstain 


urging African-Americans to abstain 
from food, work and school. 

It was impossible to tell just how 
many heeded the call. Rallies during 
the day in Chicago, New York, Den- 
ver, Atlanta and Philadelphia were 
sparsely attended. There were no 
throngs of black men on the Mall in 
Washington, where hundreds of thou- 
sands took part in the orderly demon- 
stration two years ago. 

The U.S. Postal Service, the na- 
tion’s largest employer after the mil- 
itary, reported no significant absences 
among its 800,000 employees, nearly 
a fourth of whom are black. (NYT) 


Quote /Unquote 


An Artistic Sheath 
For Capital Obelisk 


1'J.l.willlrr/n-r Wi>-ij|iil IV-» 


A federal agent removing munitions from the house in Miliis, Massachusetts, of one of the arrested Marines. 


6 Marines Seized in Explosives Theft 


WASHINGTON — The National 
Park Service has announced that next 
June, repair scaffolding will rise 
around all 555 feet (142 meters) of the 


Senator Fred Thompson of Ten- 
nessee, a Republican and chairman of 
the Senate panel investigating cam- 
paign finance abuses, rebutting the 
notion that alleged misdeeds by Pres- 
ident Bill Clinton and his aides are no 
worse than those of the Reagan and 
Bush administrations: “Anybody 
who makes a comparison with that to 
the White House of the l9S0s ought to 
be ashamed of themselves. We have a 
scandal going on in Washington. 
D.C., now that is not like anything 
we’ve seen before.” (AP J 


By David Johnston 

New York Tines Service 


WASHINGTON — Six Marines 
based in North Caro lina , including a 
captain, have been arrested on federal 
charges of trying to sell machine guns, 
anti-personnel mines, rocket grenades, 
plastic explosives and other weaponry 
stolen from military stocks, law-en- 
forcement officials said. 

In a search conducted as part of the 
investigation at a house in rural Mas- 
sachusetts, authorities found detonating 
cord and 40 pounds of C-4 explosive, an 
amount that officials said was sufficient 
to set off an immense blasL 
Within hours of the arrests. Defense 


Secretary William Cohen ordered a 30- 
day review of security procedures for 
weapons at all U.S. military bases. Hie 
Marines were assigned to various units 
at Camp Lejeune, the sprawling base in 
North Carolina. 

“It's very worrisome that such an 
event was able to take place, that ex- 
plosives and weaponry were able to be 
stolen,” said . Kenneth Bacon, the 
Pentagon spokesman. 

The type and amount of material 
stolen was “troubling,' ’ Mr. Bacon said. 
“C-4 was taken, winch is highly dan- 
gerous and used by terrorists. Machine 
guns were taken, hand grenades. Clay- 
more mines, anti-tank weapons, a mor- 
tar. This is a lot more than handguns.” 


Seven civilians, including two gun 
dealers in North Carolina, were also 
arrested on weapons charges in the case, 
code-named “Operation Longfuse.” 
The arrests were made after federal 
agents posing as weapons buyers pur- 
chased guns and explosives, law-en- 
forcement officials said. 

It is not dear whether any of the 
suspects conspired, officials said. 

The investigation began more than a 
year ago when a Marine at Camp Le- 
jeune alerted authorities to what he said 
were almost routine thefts of weapons 
parts and explosives that were then sold 
at area gun shows. 

‘ ‘Greed appears to be the motive,’ ’ an 
official said. 


Away From 
Politics 


• Alarmed by research showing that 
sport utility vehicles and pickup 
trucks are inflicting unusually cosily 
harm to cars and their occupants in 
collisions, some big insurers are rais- 
ing liability rates on the oversize 
vehicles. It could amount to the 
largest overhaul of liability coverage 
since the rise of no-fault laws a 
quarter-century ago. (jVYTJ 


of the word “nigger.” The Merriam- 
Webster dictionary's 9th and 10th 
editions define the word as "a block 
person...usuaIly taken to be offen- 
sive." The NAACP president, 
Kweisi Mfume, said that definition 
“doesn't say, ‘Once used to describe 
a black person, a slur.* It says, 'A 
black person.’ ’* (AP) 


• The National Association for the 
Advancement of Colored People is 
supporting calls for Merriam-Web- 
ster to revise its dictionary definition 


• A federal jury in Newark, New 
Jersey, has ordered Continental .Air- 
lines ro pay $875 ,000 to a female pilot 
who filed a sexual harassment lawsuit 
over pornographic pictures stashed 
by male colleagues in jet cockpits. 
The jury agreed with Captain Tammy 
Blakey's assertion that the photo- 
graphs of naked women created a 
hostile work environment ( AP) 


James Michener,, Author of ‘Hawaii 9 and Other Monumental Sagas, Dies 


By Albin Krebs 

New tin* Times Service 


James A. Michcner, who survived a Dick- 
ensian childhood to win the Pulitzer Prize wife his 
■veiy fins! book, published when he was about 40, 
and then became one of America’s favorite story- 
tellers with grand-scale novels like “Hawaii," 
•"The Source” and "Texas,” died in his home in 
Austin, Texas, on Thursday. He was about 90. 

• Mr. Michener chose to discontinue life-saving 
kidney dialysis treatment early this month and 
died of complications following renal failure, 
[said John Kings, a longtime friend and assistant 
of Mr. Michener's. 

; Mr. Michener’s entiy in “Who’s Who in 
America" says he was bom on Feb. 3, 1907. But 
be said in his 1992 memoirs that fee cireum- 
funces of his birth remained cloudy and that he 
aid not know just when he was bom or who his 
■parents were. 

“Tales of the South Pacific," a collection of 
stories he began while he was in the U.S. Navy 
during World War n, was his first published 
fiction and woo fee Pulitzer Prize in 1948. Al- 
though it later became a classic Broadway musical 
by Richard Rodgers and Oscar Hammerstein and 
q successful film, it was not a best seller at first. 

]t was not until Mr. Michener moved from his 
brief tales of people to his monumental sagas of 
places — beginning with "Hawaii” in 1959 — 


that he became one of those rare writers whose 
books are snarched up by fee book clubs and 
become almost automatic best sellers even before 
they hit the book stores. As of late 1992, he was 
one of only eight authors who had written six or 
more No. 1 bestsellers in tbc balf-centmy history 
of the weekly New York Times best-seller list 

And just fee mention of his name was enough 
to gain movie or television interest. 

In the years, after "Hawaii," Mr. Michener 
was often scorned by critics even as he achieved 
a huge and appreciative following. 


the company's history. Mr. Michener was about 
78 when "Texas" came out, and his health was 
becoming precarious, but he immediately took 
on another huge subject for his next book. 

He and his wife, Mari, had decided to settle 
near Austin, where the University of Texas had 


in New York City, according to his entry in 
“Who's Who." But in a 1985 interview with 


named him a professor emeritus, but they spent 
part of 1985 in Sitka, Alaska, to do research for 


Expertly applying his tried-and-true formula, 
he wove big, old-fashioned narratives involving 
generations of fictional families as they moved 
through expertly documented events in history. 
As a writer, he liked to celebrate the all-Amer- 
ican virtues of patriotism, frugality, common 
sense and courage, and to enrich his episodic, 
educational fiction wife such details as me geo- 
logical origins and prehistory of the territory he 
staked out as his subject. 

To gathe r information for his books, Mr. 
Michener often moved to the place he wanted to 
write about, soaking up atmosphere and collecting 
detailed information; he moved to Austin, Texas, 
for example, in 1981 to research his next book. 


When “Texas” appeared in 1985, its 1,096 
ees made it heftier than any previous Michener 


pages made it heftier than any previous Michener 
work, and its publisher. Random House, said the 
first printing of 750,000 copes was fee largest in 


part of 1985 in Sitka, Alaska, to do research for 
his panoramic 1 988 historical novel, “Alaska," 
which swept from the mastodon era to modern 
times. He followed ‘ ‘Alaska" the next year with 
“Journey," a novel abour four men on a trip 
from England to the Klondike during the 1897 
gold rush. 

“Sro/ytelling came naturally to me," he said. 
It was a gift that made him a multimillionaire, for 
in addition to fee phenomenal total sales of 
hardcover and paperback editions of his 40-odd 
books, a number were sold to fee movies and' 
television — including “Centennial" (1974), 
encompassing Colorado's history; “Space" 
(1982), about the space program, and "Texas." 

Typical of the critics' response to most of Mr. 
Michener's work was that of Orville Prescott of 
The New York Times, who wrote of "Hawaii” 
when it was published in 1959: “It may never 
make literary history, but for some time it has 
been making publishing history." 

James Altert Michener, a mild-mannered, 
spectacled man who could have been mistaken 
for fee small-town teacher he once was, was bora 


"Who’s Who.” But In a 1985 interview with 
Caryn James of The New York Times, he in- 
dicated that he had no definite information about 
his birth. * ‘I have no idea who I am," he said. “I 
know what I was told, that 1 was a foundling.” 

According to his 1992 autobiography, “The 
World Is My Home; A Memoir,” be was taken in 


by Mabel Haddock Michener, a poor yonng 
widow, and raised alongside other children who 


widow, and raised alongside other children who 
came and went from her home in Doyles town, 
Pennsylvania. “My mother made her living by 
taking in orphaned children and doing other 
families’ laundry,” he wrote. “The family I was 
reared in usually had four or five and sometimes 
as many as six other children.” 

Despite his childhood poverty, he said he felt 
loved and inspired by Mrs. Michener, a Quaker 
who read aloud to him from 19th-century novels, 
especially Dickens. Mr. Michener wrote mov- 
ingly about the experiences of his childhood in 
his second, highly autobiographical novel, “The 
Fires of Spring” (1949). 

He was a footloose youth. “As a kid of 14, 1 
bummed across the country on nickels and 
dimes,” he recalled. “Before I was 20, I had 


seen all the states but Washington. Oregon and 
Florida. I had an insatiable love of hearing 


Florida. I had an insatiable love of hearing 
people tell stories', and what they didn't tell I 
made up.” 

At Swarthraore College, on a scholarship, he 


majored in English and history, receiving a bach- 
elor’s degree with highest honors in 1929. 

Soon after he joined Macmillan Publishing 
Co. in New York as a textbook editor in 1941, the 
Japanese attacked Pearl Harbor and. he said, “I 
waived ray Quaker principles and volunteered 
for service.” He began as a navy enlisted man. 
but soon became an officer and was made a 
' ‘super-secretary io an aviation maintenance 
unit in fee Solomon Islands. 

At night, he turned fee outlines into the short 
stories that became “Tales of the South Pa- 
cific,” published in 1947. 

By then, Mr. Michener was back at his job at 
Macmillan, but not for long. The hardcover 
edition of “Tales of fee South Pacific" had only 
modest sales — 25.000 copies, despite the 
Pulitzer Prize — but fee wildly popular 1949 
musical “South Pacific," based on fee Michener 
stories, turned fee paperback version of the book 
into a runaway best seller of more than 2 million 
copies. 

The musical, starring Mary Martin and Ezio 
Pinza, won another Pulitzer Prize, ran for 1,925 
performances and was made into a popular movie 
in 1958. Mr. Michener liked to advise struggling 
writers on fee key to success: "Make sure Rodgers 
and Hammerstein read your first book." 

After his initial success, his name reappeared 
on best-seller lists again and again, decade after 
decade, on into the 1990s. 


Relatives Manila Seises 2 Guerrilla Leaders 


v 

( Shift Stand on 


Pan Am Trial 




■ The Asm n ulled Press 

NEW YORK — Re- 
_ versing a long-held po- 
" sition. American relatives 
k of victims of Pan Am 
"Flight 103 are now will- 
ing to have two Libyans 
j accused of bombing fee 
- jetliner tried in a third 
country, a spokesman for 
the group said Friday. 

' The move is aimed at 
*" forcing Libya’s leader, 
-Colonel Moammar 
Gadhafi. to act on his 
-pledge to turn over fee 


The Associated Press 

MANILA — Two leaders 
of a Communist rebel faction 
that the government asserts 
was responsible for killing a 
U.S. Army colonel and other 
assassinations in fee Philip- 
pines have been arrested, the 
military said Friday. 

Nilo dela Cruz, alleged 
chief of fee Revolutionary 
Proletarian Army, and Arturo 
Tabara, said to be the secretary 
of its political wing, fee Rev- 
olutionary Workers’ Party, 
were arrested late Thursday in 
Marilao town in Bulacan 
Province north of Manila. 

They were captured after 
their driver crashed into a 
lamppost while trying to 


.1 y*3 pair for trial somewhere 
f other than the United 






rt r* * , , J 

' other than fee United 
-Slates, where he insists 
"'they could not receive a 
- fair ixial. 

:• “We’re calling 
"Gadhafi’s bluff.” s 314 * 
Bert Ammerman. a 


•nr-Tv 
, . . . 


'school principal in River 

Vale. New Jersey, one or 
the principal advocates 
for victims of fee 
21, 1988. crash over 
Lockerbie, Scotland. 

"We're also asking 
fee president to show 
some backbone, to bnng 
this matter to a resolu- 
tion" by agreeing to fee 
trial in 'a third country, 
Mr. Ammerman said. 

He said the relatives 
also believed feat a U.S.- 
led oil blockade of Libya 
could force Colonel 
. Gadhaft to turn oyer fee 
- two Libyans For trial out- 
side the’United States. 


■Xft-r, v -'- ’ 










evade military 
agents trailing their vehicle, 
said Colonel Pedro Cabuay, 
chief of the army's Intelli- 
gence Security Group. 

Following the crash; Mr.- 
dela Cruz and Mr, Tabara tried 
to shoot their way free, but tte 
militaiy agents and police of- 
ficers apprehended the pair 
unharmed. The driver, J(»e 
Christopher Belmonte, who 
was wounded in the shoot-out. 
and a woman. Cecilia Leano, 
were also arrested. 

The military contends that 
Mr. dela Cruz uses fee alias 
Sergio Romero as bead of fee 
Alex Boncayao Brigade, an 
urban guerrilla group feat 
broke wife fee Manila branch 
0 f fee Communist Party and 
feat has claimed responsibil- 
ity for several assassmanons. 

The police assert that the 
brigade has carried out more 
than 100 assassinations since 
1987 , mostly of police and 
military officers. 


They say the brigade was 
responsible for fee k illin g in 
April 1989 of Colonel James 
Rowe, a U.S. Army officer 
.advising the Philippines on 
counterinsurgency tactics. 

The group also claimed re- 
sponsibility for fee killing last 
year of Rolando Ahadllla. a 
former colonel of intelligence 
accused of human rights abus- 
es during fee -rule of fee dic- 
tator Ferdinand Marcos. 

In 1993, fee Manila branch 
of the Communist Party and 
fee Alex Boncayao Brigade 

named for a labor leader 

allegedly killed by fee army 
— broke away from fee party 
after a dispute over fee Maoist 
leanings of fee party founder, 
Jose Maria Sison. 

Mr. Tabara is said to have 
created an anti-Sison faction 
in the central Philippines, and 
he and the Manila branch 
leaders, including Mr. dela 
Cruz, joined forces to form 


the Revolutionary Workers' 
Party and its armed wing. 

The mainstream party is 
engaged in on-and-off talks 
wife fee government on end- 
ing its 28-year insurgency. 


AMSTERDAM 


SWITZERLAND 


CROSSROADS INTERNATIONAL 
CHURCH interdenominational & 
Evangelical Sunday Service 10:00 
am. & 11-J0 RjnJ Kids Welcome. De 
Cu&erslraal 3. S. Amsterdam info. 
020641 8812 or 020-6451 653. 
FRANKFURT 


BASEL CHRISTIAN FELLOWSHIP 
Engfisn-Speateig nofHfefwmftafionaL 
TeL+41 61 302 1874, Sundays 1020 
MBUere Sbasse ia OH056 BaseL 


ZURJCH-5WIIZER1AND 


DEATH NOTICE 


English Speaking International 
Catholic Parish. St Leonhard, Ate 
Mainzer Gasse 8, 60311 Frankfurt 
Germany. Tel/Fax 069-283177. Mess 
schedule: Saturday 5 pm. Sunday: 10 
am Corfeseione: 1/2 hour betas Mass. 

9t Mary's Church for Engteb-BpeafcJng 
Catholics Am Aten Bach 2, 
ObeiurseVOberstedten (Church of Sl 
P eCiis Casa-xus) Holy Mass, Sun. 1100 
Pastor Ft. Britans. 068-7191 1430 (home) 
or 06171 -25983 (Office). 

FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
(Evangelical). 4, bd da Pt&rac, Golo- 
mter Sunday service 6:30 p.m. Tel.: 
0562741155. 

FRENCH RMERA/CdTE D’AZUR 

NICE: Holy Trinity (Anglican), 11 rue 
BA, Sun 11; VENC& Sr 22. av. 
ftdewmee. 9am. Tet 33 W 9387 1883. 

PARIS and SUBURBS 
EMMANUEL BAPTIST CHURCH - 56. 
rue des Bans- Raisins. 92500 RueiT- 
Malmaieon. Worship: 9:45 - 11:00 
a.m.Sunday School, For more Info 
call 01 47 51 29 63 or check: 

HOPE INTERNATIONAL CHURCH 
HctdOrionatPaiWft4Mfense.8bd.de 
Neu*y. Worship Sundays. 920 am. Rev. 
DQugbsMfer, Paste, t: 01 43330406 
Mftro i to la Defense Esplanade. 

SAINT JOSEPH'S CHURCH (Roman 
Cafcofc) MASS IN ENGLJSrt SaL 630 pm; 


We have been asked to announce 
the call of god for her 
Royal Highnfss the Princess 
Olga of Greece and 
of Demnarfc Princess Piaul 
ofYugoslavxa 
who passed away in Paris the 

16 October 1997 aged 94. 

The religious ceremony wiU 
lake place on Thursday 
fee 23 October 1997 & 1 1 am in 
the grade orthodox cathedral 
SL-Etiemic 7, rue Georges Bizet 
in Paris 16th, from thdr Royal 
Highnesses fee prince arid princes, 
Alexandre of Yugoslavia her Royal 

Highness Sisahcjh of Yugoslavia 
and their children. 

53. avenue Montaigne. 75008 fans 


Do you live in Austria, 
Belgium, Luxembourg 
or Sweden? 


ENGLISH-SPEAKING CATHOLIC 
MISSION; SL Anion . Church. 
MlnervastraBe 63 Sunday Mess: 830 
am A 1130 am Services held In the 
oypt of SL Anton Church. 


BRUSSELS/WATERLOO 
ALL SANTS' CHURCH, 1st Sun. 9 & 
11:15 am. Holy Eucharist mtfr ChDdterfr 
Chapel at 1 1riS A1 odwr Sindays: lid 5 
am Holy Eucharist aid Sunday School. 
563 Chauss£e de Louvain. Ohain, 
Be^um-TeL 32/2 384-3556- 
WtESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY. Sun. 10 a.m. 
Famty Eucharist. Frankfurter Strasse 3, 
Wiesbaden, Germany. TcL 4961 18086.74. 


HOLLAND 


TRNTY NTERNATIONAL invites you to 
a Christ centered feltowship. Services 
9£0 and 1030 am E9oemcam0aan 54. 
Wassena a r 070-517-8024 nursery prtv. 

NICE - FRANCE 

LB.C. 13 rue Vernier, English service, 
Sunday wa ning 1830, pastor RoyMfcr- 
TeL (04 83) 32 05 96. 

ST. PAUL DE VENCE - FRANCE 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


EUROPEAN 

BAPTIST CONVENTION 


St Paid da \fence - Ranee LBJC, Espace Sl 
Claire. Level XT. Bible Study Sun. 9:30. 
VfasNp Sui 10:45. Tet (W93)3E049£ 

PRAGUE 


PARIS and SUBURBS 


THE AMERICAN CATH33RALQFTHE 
HOLY TTW6TY. Sun. 9 & 11 am, 1<M6 
a.m. Sunday School tor chfldren and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23, avenue George V, 
Paris 75008. TeL: 3341 53 23 §4 00. 
MetrcGscrgeVrrAttBMaroBau. 


FLORENCE 


ST, JAMBS’ CHWBi Sin. 9 am Rite l 
All am Fffie 1 Via Bemado Rueelai 9. 
50123, Horence. Italy. TeL 3965 2S 44 17. 


FRANKFURT 


CHURCH OF CHRIST THE KING 
(EpIscopaUAngllcan) Sun. Holy 
Catenurion 9 & 11 am Sunday School 
and Nursery 10:46 am Sebastian Hhz 
SL 22. 60323 FtanJdut Gemeriy, Ul. 2, 
3 McpjeMiae. TSt 481305501 84. 


IJB.C^ BERLIN. Rothanburg Sir. 13, 
(Stsglltz). Sunday, Bible study 10.45, 
worship Service 12.00 no on. Charles 
Warfcad, pastor. TeL 030-774-4670. 

BRATISLAVA - SLOVAKIA 
LB.C., fee luventa, Kartovaska 64, 
Audtorium 1048. Worship Sun. lOftO. 
TflL- (07) 715367 . 

BREMEN 

LaC, Hohenbhesir. Hetmann-Boae-Str. 
worship Sun. 17:00, Pastor telephone: 
0421-78648. 

' BUCHAREST 


LB. FELLOWSHIP. VtoOhradSka 9 66, 
Prague 3. Sun. n«J. TeL (02) 311 7974. 

WATERLOO 


WATERLOO BAPTIST FELLOWSHIP 
Sun. 19:00 at Swedish Church, across 
from MadDmaldS. TeL (02) 3S3 1585. 

ZURICH - SWITZERLAND 

LB.C of Zurich, Ghaisirasse 31, 8803 
Rusctltikon, Worship Services Sunday 
morrings 1030. TeL 1-481 001 & 


ASSOC OF INTI 
CHUR0ES 


3 MkfieMlae. Tlat 48/69 55 01 1 
GENEVA 


Sim. io am. 12 midday. 6:30 p.m. 
50, avenue Hocha, Pans Bth. Tat: 


EMMANUEL CHURCH, Itt & 3 kJ Sun. 
10am EucharW;2nd&4ih Sun. Morning 
PifiMsr. 3 rue dft Mortftoux 1201 Geneva, 
SwbBitand. TeL 41ffl2 732 80 7a 


for information about subscribing call: 
Austiia 01 891 363 830 
Belgium 0800 17538 (toll-free) 
Luxembourg 0800 2703 (tofl-free) 
Sweden 020 797039 {uMw). ! 


01 422728S6.l«RXC3iabsdBSaJb- Bofe. 
RELIGIOUS SOCIETY OF FRIENDS 


MUNICH 


(OUAKERS). Un programmed (silent) 
meelina for worshc. Sirtdays 11 am 


ItcralbSSribunf 


THEMXtur&miUXETTSRVPEa 


meeting for worship- Buidays ll am 
Cente Ouster totemaHonal, 114 Wane 
do Vaflferd, 75006 Parts. AD Wbfconw. 
+3301 45487423. 

TOKYO . 

ST. PAUL INTERNATIONAL LUTHBfAN 
CHURCH, nsa- WabasH Sn. Tel: 3261- 
3740: Worship Service: R90 am. Sundry*. 

TOKYO UMOK CHURCH, neflrOrwaaando 

Siiwey S& Ttf_ 3tfKK£W7, VfcfShp Services 
SuKfay - B30 4 11-00 am. SS a 9:45 am. 


THE CHURCH OF THE ASCENSION, 
Sun. 11:45 a.m. hfoly Eucharist. and 


ST. PAUL’S wnHOtTHEWALLS. Sin 
830 am holy Eucharist Rtai; 1030 am 
Choral Eucharist Rte ll; 10:30 a.m. 
Church School tar chDdran & Mjsen care 
profited! i pm Saanteh Eucharist Via 
Napol 58. 001B4 feme. Teu 396488 
3339or 38/6 474 3560. 


LB A, Strada Pops Rusu 22. 3.-00 pm 
Crrtad Paste Mte Kemper, Tet 3123860 

BUDAPEST 

meets at Modes Zsigmond 
GirnnazJum. Torotoresz ut 48-54, Sun. 
1CHXL TeL 2503932. 

BULGARIA 

LBXX, Worid Trade Center. 38, Dratan 
Tzanfcov Bti/d, Worship ii : oo. James 
Duhe. Paste. TeL 971 -2192. 

DARMSTADT - GERMANY 
LB.C., Wfthelm-Leuschner Str. 104. 
Da^wadFGriesheirn, B*te StudySun 
16£&TeL (0611)941-0505. 
FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
Ew. ReMchkiiB Getneinde. 
Sodarw*. 11.15, B3150 Bad ftertem 

1 “drweek muiistrtes, Pastor 

Mlevey.Od^Bc 06173^2728. 


AMERICAN CHURCH M BERLIN, COT. 
oi Cfey Alfee & Pwsdamer Sir, S3. &3Q 
am,Wbtthfcll am TeL 03081 32021. 

GENEVA 


EV. LUTHERAN CHURCH 20 rue 
Vertttne. Sunday worship gao. in Garrw, 
11D0 in EngSsh. Tet (023310^039. 

JERUSALEM 


LUTHERAN CHURCH of the Redeerrer 
OWCly, MuriflafiBae^lsh nenifttoSuL 
9 am Al are natooma. TeL (02) 6281-048. 

PARIS 


AMERICAN CHURCH IN PARIS 
Worship 11*0 a.m. 65. Qua] cfOrsav 
Paris 7- Bos 63 at door. Metro a£ 
Moreau or irvakias. 


Am Dachsbarg 92 
gxjSsh), Worship Suv 1 iaoo am and 


ZURICH 

INTERNATIONAL PRO 
CHURCH English ape&Mn 
service, Sunday School l 
Sundays 1130 am, Sctana 
TfiL (01)2625525. 












P A 


E 


! r 

1 


Es 


PACE 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, foClOBER 18-19,1997 



Crossing DMZ, North Korean Troops Abduct 2 From South 



By Kevin Sullivan 

Washington Post Service 


TOKYO — A dozen North Korean 
soldiers penetrated the South Korean- 
controlled half of the Demilitarized 
Zone between the two countries Friday 
and abducted a 66-year-old mother 'and 
her son gathering acorns near a rice 
field. 

The North Korean troops took the two 
fanners back into the northern half of the 
DMZ and were holding them there 
Friday night, said Jim Coles 3d, 
a spokesman for the UN command 


that oversees the Demilitarized Zone. 

The incident, the first abduction of 
South Korean civ ilians at the DMZ since 
1975, followed several other aggressive 
acts by North Korean border guards in 
recent months along theheavily fortifVd 
DMZ. 

Although the democratic South and 
the Stalinist North have been showing 
some signs of closer relations recently, 
the abduction is a reminder that military 
tensions between foe two Koreas con- 
tinue to run high. 

South Korea demanded that die North 
return the two farmers immediately. A 


spokesman for President Kim Young 
Sam told Renters that there would be 
“no problem” if the captives were re- 
turned quickly but that it could develop 
into a more serious matter if they were 
not. 

Top-ranlting officials from the UN 
and the North Korean military met to 
discuss the matter Friday afternoon in a 
neutral meeting room at die border vil- 
lage of Panmunjorn. Mr. Coles said the 
results of that meeting had not been 
made public, but he said that he was 
hopeful that the North Koreans would 
release the captives “quickly,” although 


he did not say when that -would be. 

“It should be over quickly — but 
that’s a relative term,” Mr. Coles said. 

The abducted fejgmers — identified as 
Hong Sung Soon r -- arid her son, Kim 
Young Bok — woe captured as they 
foraged for acorns, which are used in 
making a Korean tea. They are residents 
ofTaesoogdong, die so-called Freedom 
Village in the southern half of the 4- 
lrilometer-wide (3-mile- wide) DMZ. 

In the past, the 237 residents of 
Taesongdong were somewhat, used to 
such incidents. Fran the time the 
Korean War ended in 1953 until the mid- 


1970s, North Korean soldiers attacked' 
Or kidnapped many village residents. 

The residents 'of Taesongdong are the 
Sooth Koreans who live closest to North 
Korea. . : 

They almost always tend their crops 
under die guard of UN soldiers. 

The last abduction of a South Korean 
in the DMZ was. in August 1975 in 
Taesongdong. That person was never 
retnmedL 

South Korean officials said Friday 
that 10 Sooth Koreans living abroad had 
been abducted by North Korean agents 
since 1971. 



Congo Victor, 
In an Address, 
Delays Fixing 
Date for Vote 


Reuters 

OYO, Congo Republic — The Congo 
Republic’s victor in the civil war, Dems 
Sassou-Nguesso, said Friday that the 
duration of a transition to democratic 
elections would be decided after the 
formation of his government. 

Speaking at his first news conference 
since his Cobra rebels routed govern- 
ment forces this week. General Sassou- 
Nguesso said his priority was to start 
consultations with political groups “on 
forming a broad national unity govern- 
ment.” 

“It is after the formation of such a 
government that a decision will be made 
on the period of transition to organize 
free and democratic elections,” General 
Sassou-Nguesso said at his hometown of 
Oyo in northern Congo. 

He said Congo's problems, which led 
to four months of war between his Co- 
bras and forces backing President Pascal 
Lissouba, “are rooted in tribalism, re- 
gionalism, intolerance and political vi- 
olence.” 

“We ought to attack the problem at its 
root,” he sajri, “and henceforth work for 
national reconciliation and unity to fi- 
nally give birth to an indivisible and 
happy democratic Congo.” 

His rebels proclaimed victory in 
Brazzavilk after seizing the presidential 
palace on Tuesday, putting Mr. Lissouba 
to flight. 

Separately. France said Friday it had 
evacuated 59 foreign nationals. 

It said die foreigners had been taken 
by helicopter from the Dolisie and Loud- 
ima regions of southern Congo to neigh- 
boring Gabon. A foreign businessman 
said earlier Friday that at least nine 
French citizens, some of diem children, 
were trapped in a town near Dolisie by 
fighting mere. 

The French Foreign Ministry said the 
foreigners had been evacuated because 
they were “in a situation of great in- 
security." 

It said most of those evacuated were 
French nationals though others were 
from Germany, Portugal, Italy, Switzer- 
land, Burkina Faso and Mauritius. 

The victorious rebels celebrated Fri- 
day in Brazzaville, the gutted capital, as 
' waited for General Sassou-Nguesso 
term a government. 

Despite the reports of fighting in 
southern Congo, commanders of Gen- 
eral Sassou-Nguesso' s Cobra militia in- 
sisted that their forces were in control of 
the whole of the country. 

Chanting market women joined the 
partying in Brazzaville as Cobras 
danced around pots of palm wine. Other 
rebels pushed stolen cars through 
battered streets strewn with corpses. 

The commander of the victorious in- 
surgents, General Jean-Marie Tassoua, 
pledged to halt looting in Brazzaville, 
notably in southern districts where Co- 
bras had routed government forces. 

“Within 48 hours they will have 
slopped looting and brought everything 
under control,'' General Tassoua said at 
his command post in northern Brazza- 
ville. a stronghold of the Cobras in their 
four-month war against forces of Mr. 
Lissouba. 

He said General Sassou-Nguesso 
would arrive in Brazzaville shortly after 
his address to the nation. 

“From Oyo he is doing an important 
diplomatic job and is in contact with the 
outside world.” the commander said. 

“We control all of Congo now. There 
are no more movements of resistance,” 
General Tassoua added. 

General Tassoua, a former banker, 
scoffed at Mr. Lissouba 's declaration in 
a BBC radio interview Friday that he 
was willing to meet General Sassou- 
Nguesso for talks. 

“It makes me laugh when Ussouba 
says he’ll talk now.” General Tassoua, 
SO, said “1 think he should be pursued 
for crimes against humanity. 



PAPON: France Will Open Secret Archives 


Raymond Barre, a former prime minister, leaving the Papon trial Friday. 


Continued from Page 1 

interests of France. Mr. Papon stud this 
week that the killings in Paris were the 
result of factional disputes within the 
National Liberation Front and denied 
that the police were responsible for any 
of the deaths. But in an interview pub- 
lished Friday in . the weekly L 'Express, 
Rene Letard, a participant in the re- 
pression, said Mr. Papon had assured the 
police that he would cover any abuses. 

“We wentto the upper floors ofbuild- 
ings and we fired on anything that 
moved,” Mr. Letard was quoted as say- 
ing. “It was horrible, but Papon bad said 
he would cover us.” 

In court in Bordeaux, Jean-Luc Ein- 
andi, author erf “The Battle of Paris,” 
which examined the events of Oct 17, 
1961, said that Mr. Papon clearly bore 
personal responsibility for acts that 
“dishonored the police.” 

Bat Mr. Messmer, the former prime 
minis ter, sought to draw a moral dis- 
tinction between Mr. Papon's acts under 
Vichy and those under the Republic. In 
the former case, he said at the trial, Mr. 
Papon should have resigned when faced 
by orders from an aiegitimate govern- 
ment to round up Jews. 

But, speaking later in a radio inter- 
view, he said that Mr. Papon could not be 
blamed for following the orders of the 
interior minister of the Fifth Republic at 
the time of the demonstration in Paris. 

“Whether you like it or not, we woe 
at war with Algeria at die time,” said Mr. 
Messmer, who was minister of die army 


in 1961. “Allowing the National Lib- 
eratioa Front to demonstrate in Paris was 
like a knife in the back of the 500,000 
French boys.in Algeria. We, the gov- 
ernment, were responsible for the orders 
riven, even for the unfortunate mistakes, 
out not for crimes, if there*were any.” 

■ A Truth of the de Gaulle ‘Myth’ 

Hie reputation of de Gaulle took a 
slap Friday when a close aide testified in 
the trial of Mr. Papon that “all the gen- 
eral’s prime ministers held public office 
under Vichy, and yet it’s like they never 
did,” Agence France-Presse reported. 

Olivier Guichazd, a former minister 
and longtime adviser to de Gaulle, who 
was president from 1958 to 1969, said, 
* The Ganllist myth started by sayingfee 
Vichy regime didn't exist.” This 
“myth,” he added, was supported by 
another “The French won the war.” 

Mr. G uichar d's testimony followed 
that of Raymond Barre, a former prime 
minister who had made Mr. Papon his 
budget minister in 1978, eight years after 
de Gaulle’s death. 

Mr. Barre said he had not known then 
what Mr. Papon’s exact duties woe dur- 
ing the war. didn't ask myself a lot of 
questions,” Mr. Bane said. “I had 
known him since 1976. His reputation 
was excellent” He said press reports in 
1981 had made him aware of Mr. Papon’s 
background, but that during his term in 
the Barre government, Mr. Papon had 
been very loyal and had “helped to save 
France’s finances” after the second big 
oil price increase of the 1970s. 


Japanese Killer, 15, Gets Maximum Sentence: 11 Years 


By Nicholas D. Kristof 

New Tort Ti me s Service 

TOKYO — A family court Handed 
down the toughest sentence possible Fri- 
day to a 15-year-old boy who had con- 
fessed to the murders of two children, 
including the beheading of a neighbor 
boy that transfixed the nation. 

The court sent him for medical treat- 
ment to a special juvenile reformatory 
where he can be held until the age of 
26. 

The judgment concluded a series of 
hearings in family court and ended a 
legal process resulting from the most 
grisly crime in years in Japan. The head 
of the dead boy, who was 11, was left at 


a school gate one morning wife a threat- 
ening note stuffed in the mouth. 

Thearrest of a teenager for the murder 
led to widespread debate about whether 
Japan’s society and school system 
should bear part of fee blame for having 
turned out such a person. The case also 
led to discussion of whether Japan was 
tough enough on young offenders; chil- 
dren under the age of 16 cannot be 
charged wife a c riminal offense. 

As a result, the decision Friday was 
not a formal conviction and sentencing. 
Instead, it was a closed hearing in which 
.fee judge established that the boy had 
committed the murders and concluded 
that he should be seat indefinitely far 
medical treatment. 


The boy, who was 14 when he at- 
tacked the other children, will be trans- 
ferred to a special juvenile detention 
home near Tokyo where he will receive 
psychiatric treatment. 

. He will be regularly evaluated there 
and unde^present law can be held until 
his 26th birthday, when he most be re- 
leased- ” * 

The judge could have sent him to a 
regular juvenile reformatory, where he 
would normally have been kept for a 
maximum of three years. 

As a result of this case, however, the 
laws have been toughened so that even 
an ordinary reformatory now can keep 
offenders until they turn 23. 

The boy’s name has not been made 


public because of his age, bathe is one of 
the most discussed figures in Japan. 

The boy’s parents, whose names have 
also been kept secret, partly to avoid 
identifying fee boy, issued a statement 
apologizing for their son’s actions. 

“We are so sorry feat we cannot even 
offer an excuse,” fee statement said. 
“We fed not realize how serious his 
problems were.” 

In addition to killing and beheading 
tire neighbor, fee youth beat a 10-year- 
old gill to death and injured two other 
children. In a letter he made public after 
the beheading and before he was caught, 
he taunted the police and warned feat he 
would continue to kill people at his 
pleasure. 


they 1 

tofoi 


Netanyahu Endorses 
Control by Orthodox, 
Risking U.S. Criticism 

The Associated Press 

JERUSALEM — Prime Minister 
Benjamin Netanyahu affirmed Fri- 
day that he would bade legislation 
cementing Orthodox control over 
fee Jewish religion in Israel — a' 
move likely to anger U.S. Jews. 

Most American Jews belong 
either to the Reform or the Con- 
servative movements, which have 
been seeking a foothold in Israel 
through court recognition of con- 
versions by their rabbis. 

Orthodox legislators thre ate ned 
to bring down the Netanyahu gov- 
ernment unless he pushed their bills 
through Parliament by the end of 
November. Mr. Netanyahu prom- 
ised to back the bills, aides said. 

Commenting publicly on the con- 
frontation, Mr. Netanyahu stressed 
that he hoped for a compromise. 

But if such efforts fail, he said 
that he would back the Orthodox, 
who dominate religious affairs in 
Israel. Referring to the conn battles 
of the Reform and Conservative 
movements. Mr. Netanyahu said. 
“There is this attempt to change the 
status quo, and this calls upon us to 
support the legislation.” 

Rabbi Uri Regev, the leader of 
fee Reform movement in Israel, 
warned of an angry backlash from 
American Jews. 


SHIPS: ‘Breakthrough’ Will Avert a Trade War Over Shipping 


Continued from Page 1 

Winter, executive secretary of the 
Steamship Association of Southern 
California. 

Any prolonged halt in fee billions of 
dollars in trade between the two coun- 
tries — everything from consumer elec- 
tronics to computers, wine, and auto- 
mobile components — could quickly 
ripple through the world’s two largest 
economies. 

It could also upend the final stages of 
negotiations over a civil aviation accord, 
an agreement that is significantly higher 


on Washington’s agenda than the ship- 
ping dispute. 

“I think the Japanese are a bit shocked 
at fee severity of the commission’s ac- 
tion,” said an administration official 
who spoke on condition of anonymity. 
“We were taken aback a bit 
ourselves.” 

The order could be lifted immediately 
if the Japanese shipping companies 
agree to pay the fines or reach a set- 
tlement. 

The dispute involve rules set by fee 
Japan Harbor Transportation Associ- 
ation, a politically powerful, private 


group that represents stevedores and ter- 
minal operators. The association has a 
strong interest in resisting reforms, which 
it fears couJkl threaten its workers. 

But die issue is complicated by the 
fact feat the association is also a major 
contributor to Japanese politicians and 
by fee widespread belief in Japan that 
harbor operations have close links to 
organized crime groups. 

Perhaps one reason that this dispute 
intensified so quickly this week is that 
the initial negotiations took place out- 
side the ordinary trade apparatus in both 
countries. (AP.NYT) 


EGGS: ‘It Does for the Female What Frozen Sperm Does for the Male ' 


Continued from Page 1 

“It’s not a fluke,” said Michael Tuck- 
er, the Atlanta clinic's scientific direc- 
tor, referring to their recent success. 
“This field is moving fast.” 

Although human embryos freeze well 
and can be (hawed later to make babies, 
unfertilized human eggs have generally 


and thawing. Countless efforts 
to make babies from thawed eggs have 
ended in failure, and the three or four 
reports of successful births — mostly 
sketchily documented cases in Europe 
and Australia — have never been re- 
pealed in efforts by the same doctors. 

That meant the only way a woman 
could {Reserve her genes for later use 


was in fee form of a fertilized embryo — 
an option unacceptable to women who 
don’t know who they want to be the 
father. 

Younger women, in particular those 
who know they want to delay child- 
bearing until they are older, may benefit. 
Eggs from a woman when she is older 
are .more prone to produce children with 
Down's syndrome and other disorders. 
But animal experiments suggest thar 
young eggs stay young as long as they 
are frozen. 

“It really is a state of suspended an- 
imation,” Mr. Seidel said. 

Egg freezing could also relieve a 
growing number of medical and ethical 
problems in the egg donation business, ' 
m which fertile young women sell their 


eggs to infertile women. For example, 
egg donation is medically compli cated 
now because a recipient’s hormone 
cycle must be coordinated wife that of 
fee donor, said Mark Sauer, chief of 
reproductive endocrinology at New 
York’s Columbia-Presbyterian Medical 
Center. 

Moreover, donors often produce more 
eggs than can be used by the few re- 
cipients who have been primed to re- 
ceive them; a freezing option would 

Iroon fti/ico octiw A i 


creation of embryos from 
donated eggs is also ethically contro- 
versial because many embryos are never 
used, raising questions of ownership and 
disposal By contrast frozen egg cells 
stir littie debate. 


CARS: A National Manufacturer, Governments Around, the World Fed , Helps Put the Ruler in the Driver’s Seat 


Continued from Page 1 

a lot easier to enter. Assembling cars 
absorbs a lot more labor than screwing 
together personal computers and, along 
the way, it forces countries to develop a 
wide range of other industrial skills, like 
bending steel, producing glass, extrud- 
ing rubber tires and making high-tech 
plastics. 

As engineers from Kuala Lumpur to 
Prague are sure to tell you, even a simple 
car these days contains a lot more chips 
than a simple personal computer. 

That is why national cars are so in- 
toxicating for political leaders: They 
create a local demand for all these 
products. To bring those industries along 
in a world of intense competition, gov- 
ernments around fee world are still pre- 
pared, even in fee face of international 
protests, to subsidize and protect their 
pet projects. 

And who can blame them? The Jap- 


anese did it. while America was diverted 
wife keeping the Soviet Union ar bay, and 
fee result was the world’s second-largest 
economy. The South Koreans did it — 
chiefly by keeping out fee Japanese and 
the Americans — and the wealth they 
spun off from feat effort humiliated their 
deepest enemy. North Korea. Even the 
Brazilians are producing 2 million cars a 
year, which is nothing to sneeze at. 

But there are warning signs all over 
that this strategy is hearted for disaster. 

The Cold War may be gone, bat the 
car wars are just starting. Nations feat 
have made cars for decades and have run 
out of new customers at home are grow- 
ing increasingly testy about fee huge 
tariffs and legal restrictions that are de- 
signed to keep them from going head-to- 
head with local carmakers. 

For car buyers in the United States, 
that may mean a short-term bonanza. 
With Detroit turning out more than it can 
use at home or export abroad, there is 


already evidence of a deflationary cycle 
under way in the auto industry, depress- 
ing prices. 

But for the world’s car industry, the 
long-term result may be instability. 
Already fee protectionist walls that 
many countries have built to proteettheir 
fledgling carmakers are beginning to 
crack. And many are dearly not going to 
survive. 

Nowhere is the bartie being fought 
harder than in the clogged streets of 
Beijmg and Shanghai, in fee world's 
largest potential car market. 

For years, U.S. and Japanese car- 
makers have been pouring resources into 
China — remember fee Beijing Jeep, 
Chrysler’s first, somewhat hapless, for- 
ay into teaching Chinese workers how to 
assemble a car feat could endure fee 
ngois of China's roads — and yet today 
feeze is still only one car in fee country 
for every 1 00 Chinese. (By comparison, 
in fee United States there are 75 cars for 


every 100 
dozen or so 


and in Thailand a 
every 100.) 

China’s approach to developing a car 
dustry has been to let 100 joint ven- 
tures bloom. There are 120 automotive 


are 


Foreign carmakers 
to enter joint ventures wife 
Chinese partners as long as they hold no 
more than a 50 percent stake in any 

manufacturers in China today, many pro- Font for example, now has five joint 
ducing parts instead of foil cars, and all ventures making such components as 

climate controls and plastic trim, glass, 
electronics and aluminum radiators. But 
it still cannot distribute Ford cars di- 


wife different abilities, different partners 
and widely varying levels of expertise. 

“I don’t think there is a unanimity of 
opinion on how the industry should de- 
velop here,” Vaughn Koshkarian, fee 
president of Ford Motor (China) Ltd., 
said recently in Beijing. 

“There are dearly some who really 
want a national capability,” he ex- 
plained. “Some officials say they really 
want a national, indigenous capability. 
Others say. they are happy to let for- 
eigners come in as partners and feat they 
should be treated as locals. But they aU 
want the ability to design cars through 
and through.” 

The result is a crazy quilt of alliances 



duties can run to more 
cent 

Moreover, China’s leaders cannot de- 
cide how quickly they want the industry 
to grow. 

“Right now,, the debate in China is 
bouses versus autos, and houses are win- 
ning," Mr. Koshkarian said. 

But American automakers are telling 
Chinese officials that cars are the even- 
tual solution to the country’s housing 
crisis: How else would you get to the 
suburbs-to-be? 


I 


KOREA: 

Food Outlook Is 

Continued from Page i 

World Food Program, said, “Eyi 

riiinitft there’s going to be a sta 

“No one expects a particuhsiy 
picture," he raid, butbesaidretieftmrk- 
ers in Pyongyang did not want to make 
'1c estimates until the World Food 
team completed its inspection, 
relief workers here Wcrc 
ly even more pessimistic in fejj,. 
its. 

The coming harvest will be as bad, if 
not worse- than last year’s, said one. 

Another said, “There’s a very slow 
starvation going on here. From - fee 
counties we’ve seen, they haven’t had a- 
regular food distribution in two years.” . 

This rather bleak assessment bf con - 
ditions hare contrasts sharply wife fee - 
more optimistic view recently nut for- * 
ward by a few aid workers who have 
passed through on brief visits, including ' 
Namanga Ngongi, the World FoodftuL 
gram’s deputy executive director. tyjfe 
told reporters in Tokyo last week thar - 
reiief aid had already alleviated fee 
worst of North Korea’s suffering. 

But fee more pessi m is t ic view was 
largely confirmed during a visit fife 
week to fee normally closed and se- 
cretive country by- Representative Tony 
Hall, Democrat of Ohio. Mr. Hall spent . 
three days in North Korea, traveling by - 
vehicle and aboard an old Soviet-btmt 
helicopter to towns and villages fa fee 
remote and mountainous north, and a 
Washington Post reporter was allowed 
to accompany his team to areas feat 
officials said had never before been seen i 
by an American journalist. , 

Some of fee scenes of hunger and*j 
deprivation were stark, sadly famiifartoW 
parts of sub-Saharan Africa but surpris-lj 
mg in a heavily industrialized Asian '• ' 
country. There were hospitals without 
medicine, where surgery was performed ' 
with little or tw anesthesia, the electricity 
didn’t work, and fee only heat fa fee cold 
mountain air came from blankets. 

In one orphanage, most of the children 
appeared badly malnourished, too small 
for their ages and wife the telltale si gns 
of maln utrition — patches of hair rruss- 
tn g , sores on their scalps, and in the case 
of some infants, a lifeless, listless look. 

There was also a food distribution 
center that was completely empty fa one 
town, and officials said they had not had. 
any food to distribute since April. 


(P 


new ' 

rgC « 


BRIEFLY 


i 


Singapore Assails 
Amnesty’s Report 

SINGAPORE — Singapore on 
Friday denounced an Amnesty In- 
ternational report that said it was 
concerned feat leaders of fee wealthy 
island state were using defamation 
suits to silence the opposition. 

A statement by the Law Ministry 
called the report by the human rights 
group totally unfounded, dishonest 
and disingenuous. 

It said the Amnesty repot re- 
sembled another one by the Inter- 
national Commission of Jurists, 
also commenting on a suit brought 
by Prime Minister Goh Chok Tong 
against Joshua Jeyaretnam, leader 
of the Worfcds’ Party. 

“They have engaged in a co-‘ 
ordinated, partisan propaganda Ik. 
campaign to pressure fee Singapore m 
government,” fee ministry's state- 
mem said. (Reuters) 

Singapore Battles 
Oil Spill Off Coast 

SINGAPORE — Nearly three 
dozens boars battled Friday to con- 
tain a 7 -million -gallon oil spill, 
caused by the collision of two sups 
off Singapore. 

The boats sprayed chemicals on 
the water, ana crews placed oil 
booms off several beaches to mfa- .In 
imize the amount of oil reaching the V 
shoreline, the Maritime and Port 
Authority said. 

The authorities said the spill was 
under control. There was no im- 
mediate word on the extent of dam- 
age caused by the spilL (AP) 

Indonesian Cities 
Hit by More Smog 

JAKARTA — Choking smog 
caused by forest fires in Indonesia 
blanketed several cities in the coun- 
ny again Friday, with one Sumatran 
town reporting zero visibility. 

Government officials said visib- 
ility in several cities on Sumatra 
Island and Kalimantan, the Indone- 
sian side of Borneo Is land, was be- 
tween 100 and 500 meters. They . 
said more fires were reported on the fe 
two islands. IV 

“We have received reports 
which say visibility in cities such as 
Palembang, Bengkulu,. Jambi and 
Padang on Sumatra is between 100 
and 500 meters,” a "meteorological 
official said Friday. {Reuters) 

China Launches 
A U.S. Satellite 

BEUING — China launched a 
U.S.-made telecommunications 
satellite aboard a Long March 3B 
rocket on Friday. 

The launching from fee Xichang 
Space Center in southwestern 
Sichuan Province, ‘ ‘pierced the sky 
“ke a fiery dragon, ’ the state-run 

A P* 5 * 5 a £ rac y reported- 
•ihe ApStar-2R telecommunica- 
tions satellite, belonging to Hong 
Kong s Asia-Pacific Satellite Tele- 
communications, entered orbit 30 
tiunutes later, it said. lAP) 


5 - 


tW 


eert 


c 


£ 








•T" 

wra V i i • < r 

'• r. 

?K*V ^vr";.-. • 



The new 3-cylinder 
ECOTEC engine goes 800 km 
between drinks. 


'.3 


I 

I 


rtoiir* 


i‘M* T*:3. t ..-. : 

V* 

h<£l=t*. i- 

MwTw fc* *. v • 

an wto . 

rjiJw*-. 

.V.,:-. 

•W ►»*%«» r- •• i 

mh ' ■*<** ■ ■ ; , - 

■*:’ * ‘ 

6^ ** ■ r 1 - -* 

- • •• 



Mh >.'*•->:■ 


r r.rtJ'jl • '. •" • ... : 

Vlr: fv’»' '- 

^|dh ; _ 

I***': -sir- 7 



v- • '* ' 

•— •■’ 

Mu r^-- 

-• — 

.#?. •* •- 


Years 

fcjfc* v- - • 
m* **• 



mint [’ 


I". : 




•tffc -■• 

*****“■■ 
ft «►■»•'■ 


PfNMf *i 

, .1 • ! 

-■ *.•••:;■ ' r * 

i i‘ > 1 

mr-*.** ' if. V- : - : ; 

• ; , 

9&f L " f "' ! 





Exceptional fuel economy 
(5.8 1/100 km) is one reason why 
the Opel Corsa with its new 
3-cylinder ECOTEC engine won 
top honors among the more 
than 200 cars recently compared 
by the VCD (Transport & Envi- 
ronment Association, Germany). 

The other important reason: 
low emissions, the 3-cylinder 
ECOTEC is one of Europe’s 
cleanest running engines. 

This gratifying news reflects our 
engineers’ ongoing efforts to 
combine maximum performance 
with minimum environmental 
impact - in every Opel. 

Resulting in cars that drink as 
sparingly as camels, but 
are much more fun to. drive. 




1 1? 1 


PAGE 6 


SATURDAY-SUNDAX, OCTOBER IB-19, 1997 



& 


l 


EDITORIALS/OPINION 


Jteralb 


INTERNATIONAL 



tribune 


nJSLiSHEO WITH THE NEW YORK TIMES AND THE WASHINGTON TOST 


Cloak and Budget 


5 


The tenacity of Washington’s secrecy 
keepers has never been doubted, but this 
past week they recorded another mile- 
stone in minimal disclosure. Cornered 
a lawsuit brought by the Federation 
American Scientists and President 
Bill Clinton’s own words allowing for 
disclosure of Washington's annual bill 
for intelligence activities, the Central 
Intelligence Agency announced that last 
year's spy budget was $25.6 billion. It 
was a bit like calendar makers declaring 
with great solemnity that Christmas this 
year will fall on Da:. 25. 

Informal budget estimates have cir- 
culated publicly for years. The most 
recent, at least, turns out to have been 
close to the mark at S28 billion. The 
niggardly CIA announcement served 
mainl y to confirm tiiat the agency and 
its fellow spy organizations still have 
much to learn about die public's right 
to information in a democracy. 

If there was ever a convincing case 
for keeping everything about the in- 
telligence budget secret, it ended with 
the disintegration of the Soviet Union. 
Even during the Cold War, the primary 
consequence of the blackout was to keep 
Americans ignorant about spy expendit- 
ures that Soviet leaders no doubt knew 
from their own espionage operations. 

The spy budget covers 13 agencies, 
including the CLA, the National Security 
Agency, which monitors worldwide 
communications, and the National Re- 
connaissance Office, which manages 
spy satellites. Funding for them is buried 
in the Defense Deportment budget in 
innocuous accounts like those for air 
force space programs. Members of Con- 
gress get to see die real books, but the 
public has little way of knowing where 
the money is going. 


The government need not make pub- 
lic a detailed ledger of intelligence 
activities. Knowing what Washington 
Spends on efforts to combat terrorism, 
for instance, might help terrorist 
groups understand whether their ac- 
tivities are being closely monitored or 
largely ignored. Nor should the United 
States tell potentially hostile foreign 
governments how much effort it is 
devoting to espionage in those nations. 
Bnt short of such damaging disclosures 
there is considerable latitude. 

A breakdown of spending by agency 
and comparative information about 
earlier years would be helpful to Amer- 
icans wondering whether Washington's 
spy agenda fils the times. The National 
Reconnaissance Office now spends 
about $6 billion a year, according to 
outside estimates. Americans ought to 
know whether that budget is increasing 
or decreasing and whether satellite sys- 
tems designed primarily to track Soviet 
military forces and communications 
should be replaced by smaller, less 
costly and more specialized satellites. 
S imilar calculations need to be made 
about other agencies. 

Unfortunately, the Clinton admin- 
istration does not seem inclined to go 
beyond this most recent disclosure. 
George Tenet, the new director of cen- 
tral intelligence, has slowed efforts to 
declassify additional bndget informa- 
tion and to lift' the secrecy from in- 
telligence archives. Now that he has 
satisfied Mr. Clinton on the overall 
budget figure. Mr. Tenet is under no 
pressure from the White House to 
provide more information. That may 
suit the spies, but it does not suit demo- 
cratic governance. 

—THE NEW YORK TIMES. 


Reno’s Burden 


The U.S. attorney general, Janet 
Reno, did a creditable job the other day 
of defending her position with regard 
to the naming of an independent coun- 
sel to investigate campaign fund-rais- 
ing. Republicans on the House Judi- 
ciary Committee kept asking: Did she 
not think this or that circumstance re-, 
quired her to seek appointment of an 
independent counsel under the terms of 
the act? No, she consistently replied. 

Chairman Hemy Hyde pointed out that 
polls show the public thinks the inves- 
tigation and prosecution of this case 
should be taken out of the Justice De- 
partment and put in mriepaiHent hands. 
His point was mat oneof die objects of the 
statute is to preserve the confidence in (he 
administration of justice that the polls 
would suggest the public lacks. 

There is a case that can be made on 
these grounds. But her response was 
also a strong one. And it could itself 
influence (he polls. It was that law en- 
forcement ought to be based on 
something other than shifts in public 
opinion. “1 don’t think you want polls 
involved in the construction of the law,” 
she said. “And I don't think the Amer- 
ican people want polls involved.” 

Another member asked if a given 
transaction didn't create “an appear- 
ance of wrongdoing.” “I am not ad- 
dressing the issue of appearance,” was 
her reply. “What I am addressing is 
whether (here is specific and credible 
information” that a “person covered by 
the counsel statute may have committed 
a violation of federal criminal law.” 

What about a case in which a con- 


tributor may have benefited from ad- 
ministration policy, she was asked. 
“When somebody contributes to a con- 
gressional campaign and (ben the con- 
gressman votes in favor of the interest 
that was making the contribution, I do 
not automatically assume that die con- 
gressman tins done something wrong,” 
she answered, to which her questioner 
replied, “Well, and nor do any of us.” 
The interlocutors, however, did not ex- 
haust the subject with that formulation. 

She said the government had the 
double obligation in this case of en- 
forcing tite few vigorously without re- 
gard to party, but without allowing 
itself to be “caught up in mere spec- 
ulation and innuendo,” either. The se- 
nior Democrat on the committee, 
Barney Frank, drew a second distinc- 
tion. “People can find actions of the 
president and the vice president, in the 
course of fund-raising, unattractive. I 
do. There are things they did that I 
don’t think they should have done.” 
But that's not the same as saying they 
broke the law. 

Ms. Reno left open, as she has be- 
fore, the possibility that she may yet 
decide to seek an independent counsel. 
In an effort to reassure die committee, 
she said the FBI director, Louis Freeh, 
would have to sign off on the aban- 
donment of any line of investigation. 
The investigation has had an ineffect- 
ive stan. She has at last moved to 
strengthen it We’U see. She bears an 
extra burden of proof if she decides not 
to seek an independent counsel. 

— the Washington post. 


Patently Shortsighted 


The Senate is considering a bill to 
recast the patent laws in ways iharwould 
threaten small inventors and dampen the 
innovative spirit that helps sustain the 
economy. The bill is so mischievous 
that it has attracted an unusual coalition 
of opponents, including the icon of lib- 
eral economists, Paul Samuelson. the 
icon of conservative economists. Milton 
Friedman, and 26 other Nobel Prize- 
winning scientists and economists. 

Patent laws currently require invent- 
ors to disclose their secrets in return fra 1 
the exclusive right to market their 
product for up to 20 years. Early dis- 
closure helps the economy by putting 
new ideas immediately into the hands 
of people who, for a fee to the patent 
holder, find novel and commercially 
applicable uses for these ideas. 

The Senate bill would weaken pat- 
ent protection for small inventors by 
requiring inventors who file for both 
American and foreign patents to pub- 
lish their secrets 18 months after filing 
rather than when the patent is issued. 


Small inventors say that premature 
publication gives away their secret if 
their application fails. It would also 
allow large corporations to fend off 
legal challenges to maneuver around 
the patent even if it is later issued. 

Worse, the bills would encourage 
corporations to avoid the parent pro- 
cess altogether. Under current law, 
companies that rely on unpatented 
trade secrets run the risk that someone 
else will patent their invention and 
charge them royalties. The Senate bill 
would permit companies whose trade 
secrets are later patented by someone 
else to continue to market their 
products without raying royalties. 

The House of Representatives and 
the Senate Judiciary Committee ap- 
proved the patent bill without hearing 
the country s leading economists and 
scientists make their case. Senate 
sponsors now say they will try. Con- 
gress needs to hear the critics out be- 
fore proceeding to any more votes. 

— THE NEW YORK TIMES. 


Mcralb^gSribimc 

ESTABLISHED 1887 

KATHARINE GRAHAM, ARTHUR OCHS SULZBERGER 

C&Ckairmcn 

KATHARINE P. D ARROW, l*rr Chairman 

RICHARD McCLEAN. Publisher <t Chief Executive 
MICHAEL GETLER, Eseaane Editor 

• WALTER WELLS. Managing Educe • PAUL HORVita Depart Mmaging Edacr 
• KATHERINE KNORR and CHARLES MUCHELMOSE. Depun Edtors * SAMUEL ABT and 
CARL GEWIKTZ. Assvciute Editcrs * ROBERT J. DONAHUE. EJaar cf the Edaond Pages 
• JONATHAN GAGE, Rumrss and Finmce Edtur 
• REN& BQtlDY, Deputy Publisher 

• JAMES McLEQD. Adsorbing Director * DIDIER BRUN. Cimdaban Dmccur. 

Directeur dt h PubticatbJn: Richard McCtexm 


iueimDoaalHaaklTrftaK, 181 Avmac Onrio-dKtinlle, 92321 Neuilly-sur-Seine. France. 
TcL (1)414*801 feSatartaB. (l)4W5S21ft AdwJfaog (1)41.4192 C; News, (lUUBfcB. 
Internet address: taptfwwwihuom E-Mai Bu@ihLcocn 

I EiSurkvAsu: Michael Rkhadsm,! CiMotvy Rd. Sagopcrt I19W0. Td (65^/72-7768. far |65l 
JAql Du. Am. RdfD AmpR 50 Oamser RJ, Hung Td. ff2-292-ll&. FacS2-2S2-IW 




{.■A. /umnuuijei/niir. *«*<»«* .. 

\SJ\S. aucupmi del 200.000 F. RCSNamem B 732021126. CotmuaaiPMre \e. 61337 
QI997, /mtnmflawf Hertid Tr&une. AH rights reserved. ISSN. Q2MSD32 . 


Saddam’s Germ Wa 



N EW YORK — This is a mystery- 
story without a mystery. Every- 
body involved knows the key — ter- 
rorists, anti-terrorists, U.S. officials, 
America’s allies, enemies and sunshine 
friends. But they do not want to utter iL 
Before this column ends you will know 
it too, and be afraid. 

On April 1. 1991, one month and a 
day after Saddam Hussein was defeated 
in the Gulf War, the United Nations 
Security Council ordered Iraq to destroy 
all its genu warfare weapons, all stocks 
of germ war material, and all “related 
subsystems and components and all re- 
search. development, support and man- 
ufacturing systems.” 

The order was top priority for the 
United States and its allies because 
they knew drat Mr. Saddam had 
amassed a huge supply of biological 
weapons. They knew Iraq already bad a 
large supply of suitable warheads and 
that germ warfare weapons are easy to 
deliver — by crop-duster or other small 
planes. Iraq has plenty. 

They knew that one dusting of a city 
could kill as many people as did tite 
Hiroshima bomb. They call it “the 
poor man’s nuclear bomb.” 

They also knew that if Mr. Saddam 


By A.M. Rosenthal 


did not want to do the job himself, then 
he had a full address book of terrorists 
who would. 

- Until July 1995, Iraq totally denied it 
had any bacteriological program. Since 
then, it has presented three versions and 
four drafts about the pr o g r am s itdenied 
existed. The UN special investigation 
commission on Iraq found them roll of 
lies and evasions, and rejected alL . 

On SepL 17, 1997, Iraq turned in a 
new report On Oct 7, the commission, 
now headed by Robert Butter, an Aus- 
tralian with a clear mind and tongue, 
repeated on the last accounting. The 
commission, backed up by an inter- 
national panel of experts, sand it “failed 
to give a remotely credible account of 
Iraq’s biological weapons program.” 

ingraarf the commission report tells 
of the same old Iraqi techniques to 
block the investigators: delays, eva- 
sions, falsehoods, locking inspectors 
out of key sites, shuffling weapons and 
materials around the country. 

The production in Iraq of materials 
used in biological warfare appears 
vastly understated, says the report And 


in i mp orts, material unaccounted for. 

was enough to triple the simply just of 
anthrax rhar Iraq did concede. 

. Summed up, the adherence by sup- 
posedly defeated Iraq to foe orders of 
the victors to destroy germ warfare 
weapons is “unredeemed by progress 
OT a ppm T j maHnn of known facts 
about tite Iraqi program. 

Then the “mystery” is presented: . 

• ‘ : There is incomprehension of why 

Iraq is persisting so strongly with both 
refnsing to make the facts known about 
its biological weapons program and 
why it is so insistent on blocking tite 
commission’s own efforts to reach 
t ho se facts.” 

Now anybody who has spent any time 
at the United Nations understands that 
sentence to mean we most certainly do 
p- n mpyrfi«vl and don’t like iL 

What everybody “comprehends” is 
that easy manufacture and easy de- 
livery over enemy cities or soldiers 
maW* biological weaponry so impor- 
tant to Mr. Saddam that he is perfectly 
w ining to risk continued or even 
stronger sanctions against him. 

Buthis decision is not all that daring. 
He knows the West believes, as I re- 
ported on SepL 6, 1996, that he already 


had his warheads loaded with bactot. ", 
ological and chemical weappat- J^ J 
United Nations did nothing: ' T 

He knows that while the United 
States and Britain would support 
stronger sanctions, they are opposed in 
the council by Russia, China, France, 
Egypt and other countries lining up for" 
future contracts with Iraq. He wains 
Tb«t if any further sanctions, are im- 
posed he will bar all UNinspectpn^T". 

T hat gall comes from knowing that 
when the United States talks about car- 
lying out its. laws a gainst foreign' 
companies building up terrorist states 
liirft Iraq and Iran, some official- in 
Washington usually puts out dour sto- 
ries about “backlash.” 

Translation: U.S. companies 1i>» 
Goldman Sachs, foraxx home of TVeaa- 4 
dry Secretary Robert Rubin, might fese : 1 
business. That is supposed to frighten £ 
Americans so that they will continue to 7 
acceptthe cash box as the one deposited [ 
of American foreign policy. 

Now you know. Mr. Saddam wanted H 
it and he has it germ warfare power,; 1 
the nuclear bomb of terrorist gangs and 
of terrorist dictators who were not de- 
feated after alL Be afraid. 

The New York Times. 



v< .-Sj,’ fl 
iv-s-J 

• .. ■ *‘Y 

V. „*,***»& 

" " _ . - -w X 

"--tv i * 

. . . 


Good News for Northern Ireland: Yes, a Handshake Is a Start 


W ASHINGTON— It takes 
something — courage? 
— for a political leader to risk a 
public demonstration in which 
those assembled shout that he is 
“scum,” a “traitor,” and has 
his hands “covered in blood.” 

That is what happened this 
past week to Prime Minister 
Tony Blair when he visited a 
shopping center in predomin- 
antly Protestant East Belfast 
minutes after aHalrmg hands 
with Gerry Adams. Mr. Adams 
is president of Sinn Fein, the 
political party in Northern Ire- 
land with close ties to the Irish 
Republican Army. 

It is not as if Mr. Blair was not 
aware of the political con- 
sequences of that handshake A 
few days earlier, Andrew 
Mackay, the Northern Ireland 
spokesman for tite opposition 
Conservative Party, said shak- 
ing hands with Mr. Adams was 
“somewhat premature.” 

Mr. Blair decided otherwise, 
and the negotiations happening 
now in Northern Ireland are one 
piece of genuinely hopeful news 


By E. J. Dionne 


in the world. Yes, it is tentative 
good news, hi the North, as in 
Israel, a bomb can go off at any 
moment and wreck the oppor- 
tunity for peace. But by becom- 
ing tiie first British prime min- 
ister to shake hands aririi a Sinn 

Fein leader since 1921, Mr. Blair 
has signaled how historic this 
op port uni ty is. 

A handshake, of course, is 
nothing but a gesture. As an 
Irish ’ diplomat in Was hington 
noted, “There have, alas, been 
historic handshakes — includ- 
ing handshakes on the South 
Lawn of the White House — 
that have not proved to be the 
closing statements on an is- 
sue.” Mr. Blair met Mr. Adams 
privately as he .met with all 
parties to the talks, including 
leaders of Northern Ireland’s 
Protestant majority. 

Thft handshake had tn ha p pen 
to legitimize Mr. Adams’s de- 
cision to let the talks go for- 
ward. The Sinn Fein leader has 
been courageous in his own 


way, given the violent resis- 
tance to negotiations among his 
violent colleagues. 

He thus becomes peculiarly 
representative of the ambival- 
ence of so many Northern Irish 
Catholics. Most hate IRA ter- 
rorism.. Yet many have voted 
for Sinn Fein/IRA candidates to 
signal their own discontent. 

Mo Mowlam, tite British 
rah* 1 ** 1 * minister in rharg r of 
Northern Ireland, explained 
how current conditions stoke 
okl hatreds. “It is indefens- 
ible,” she told this month’s 
Labor Parly conference, “that 
unemployment is still twice as 
High among Catholics as Prot- 
estants in Northern Ireland. 
This fmhalanra must be ad- 
dressed. It is unacceptable in 
any civilized society.” 

The outlines of a settlement 
to the problems of the North 
were laid out in the 1995 
“framework” document be- 
tween the British and Irish gov- 
ernments. Northern Ireland is 


destined to remain part of Bri- 
tain for some time at least, 
which reassures Protestants 
committed to union. 

Northern Ireland needs its 
own government, much as Mr. 
Blair has devolved power to 
Scotland and Wales. An accord 
must not only enshrine equal 
rights for both Protestants and 
Catholics. It must also include 
power sharing to guarantee the 
f!«rhnltc minority decision- 
making authority. 

What, will test Mr. -Blair’s 
political; and diplomatic s kills is 
the next requirement: the cre- 
ation of “all Ireland” institu- 
tions to encourage cooperation 
between the North and the 
South on matter s such as ag- 
riculture, economic develop- 
ment, the environment and 
transportation. 

The cross-border bodies 
would seem to be practicality 
itself! The Irish Republic is ex- 
periencing an economic boom 
that makes it a more attractive 
partner to the North than ever. 

But if Sinn Fein and the IRA 


agree to a deal, it will be b£ T‘ 
cause they view these cross- m. 
border institutions as “a united !- 
Ireland in embryo,” as titelrish .-j 
diplomat here put it 
That is the greatest fear <rf the. 
Protestants. They will want to 
hem in the “alHrish” insti&F- 
tions and limit the hopes that t 
Catholics will invest in thenL,v ,»H ^ L 
Politics and diplomacy ratal ^ . 
finding ways for comp eting' 
parties to read agreements ^ t . 4 
ferendy so tbey can compete in >'f"“ 
peace and resolve their differ j 
ences, over tune, through 
com p romise. If a united 
happens gradually, it will be 1 
cause Protestants have come i 
terms with it If pressure for i 
united Ireland 
be because Catholic 
North have found an ; 
way of life within Britain.” 

In the meantime, Mr. Blair 
has found a simple bnt .com- 
pelling argument “Talking is 
no treachery," he says. 
“Agreeing is no betrayaL” The 
handshake was a start 
Washington Post Writers Groty. 




iu^ei 




•-.v • - . 

-• •: ~jz 









For Bosnia, Too, Cautious Optimism and Newly Rising Hopes 


S ARAJEVO, Bosnia-Hcrze- 
govina — “"The situation is 
belter,” President Alija Izetbe- 
govic said. “There is hope for 
the future in Bosnia.” 

Craning from Mr. Izetbegov- 
ic, who has often taken a somber 
view of his country’s p rospects, 
the comment was notable. And it 
was echoed by many others I met 
here — editors, politicians, in- 
ternational experts. 

Why the optimism? Presi- 
dent Izetbegovic and others 
gave several reasons. 

First they mentioned pro- 
gress in dealing with indicted 
war criminals. President Franjo 
Tudjman of Croatia has just 


By Anthony Lewis 


sent to the International War 
Crimes Tribunal in The Hague 
10 accused Croats who he said 
had “voluntarily” tamed them- 
selves in. It was a powerful sig- 
nal of international commit- 
ment to the Dayton agreement 
Far Mr. Tudjman acted, after 
long delay, under heavy Amer- 
ican pressure. 

That is a second fundamental 
reason for the optimism: The 
more decisive, vigorous Amer- 
ican policy since Secretary of 
State Madeleine Albright vis- 
ited here in May. 

The most important indicted 


figure still at large is Radovan 
Karadzic, who led the Serbs in 
their genocidal war. But his in- 
fluence in foe Serbian half of 
Bosnia has been gready reduced 
by his conflict with its prerideat, 
Biljana Plavsic. 

Another reason is the recent 
seizure by foe international force 
here, SFOR, of four transmission 
towers used by Serbian televi- 
sion in Pale. SFOR acted at foe 
request of foe international ci- 
vilian high representative. Car- 
los Westendorp, who the 
decision because Pale television 
broadcast ethnic hate and called 


Try the Ethos of Self- Control 


W ASHINGTON — Vir- 
tuocracy — which may 
be defined as the bureaucrat- 
ization of personal morality 
— is on foe move again. 

America has just seen pub- 
lic haired of tobacco compa- 
nies whipped to a fever pitch 
with some dubious argu- 
ments. Now it is the turn of foe 
liquor industry. Before the na- 
tion succumbs once more, it 
would be well to examine the 
social science and raise some 
questions that social science 
cannot answer. 

William Bennett recently 
noted that a high density of 
liquor stores and a high rate of 
crime often coincide. For that 
reason, he argues, foe number 
of liquor stores and the 
amount of liquor advertising 
in poor neighborhoods should 
be limited by law. 

Moreover, “if foe liquor in- 
dustry does not start acting in a 
more socially responsible 
way.” he wrote, “it may soon 
find itself held in foe same kind 
of esteem in which foe tobacco 
companies are now held.” 

There are, it is said, rally 
three or four arguments in foe 

world. Two of them are, “It’s a 
slippery slope” and, “No, it’s 
noL” In this case, foe slope is 
indeed quite slide After to- 
bacco, alcohol fe nen co foe hit 
list of the morally superior and 
foe trial lawyers (two groups 
that are not to be confused). 

Already, we are hearing foal 
Absolut Vodka advertisements 
are foe Joe Camels of drinking 
and that, since larger automo- 
biles tend to Cnmch Smarter 
ones in accidents, sports- util ity 
vehicles are foe Joe Camels of 
automobiles. So what will be 
next? Only foe plaintiffs’ trial 
lawyers know far certain. 


By Robert H. Bork 


Taken one ata time, a good 
case exists for banning any 
number of products and ser- 
vices. And surely there is a 
link between alcohol and vi- 
olence. Bat there is also a lintc, 
as Mr. Bennett and his col- 
leagues note, between strong 
community norms and the de- 
cline of both violence and 
dr inicing 

There is also a connection 
between police presence and 
the of drinking and 

violence. 

Alcohol can be a serious 
problem. But taking away what 
people want because it is bad 
for them lets loose a principle 
that is hard to contain. Such a 

virtucratic answer is possible to 
aqy social problem. Though 
Mr. Bennett is an astute com- 
mentator, not a virt n erat, be is 
providing foe virtucrao a so- 
cial-science cover. 

This is not to say, however, 
that nothing can be done. IVe 
noted that strong community 
norms a °d traditional institu- 
tions can be effective in curb- 
alcohol-related disorders, 
these influences, the re- 
ligious institutions of a com- 
munity ate probably the most 
important propagators of real 
virtue — virtue that leads to 
personal responsibilify rather 
than social manipulation. 

John Dflhlio Jr., a professor 
of politics and public affairs at 
Princeton who studied the link 
between alcohol and crime 
with Mr. Bennett, has an- 
nounced that he wfll now 
spend foe majority of his time 
working with inner-city min- 
isters to restore to their com- 
munities the values that are 


now too frequently absent 

New York City, monrover, 
has demonstrated that effec- 
tive policing can "reduce 
crime, perhaps by almost half. 
These sorts of efforts are far 
more likely to be productive 
titan simply beating up on li- 
quor companies. 

The United States achieved 
greatness by relying on indi- 
viduals to take personal re- 
sponsibility for foeir behavior, 
a reliance usually botiressed 
or inspired by religion. 

As James Wilson, one of 
foe country’s premier social 
scientists, has observed, “In 
the mid- 19th century England 
and America reacted to the. 
consequences of industrializr- 
ation, urbanization, immigra- 
tion, and affluence to assert- 
ing an ethos of serf-control, 
whereas in the fete 20th cen- 
tury they reacted to many of 
tiie same forces by asserting 
an ethos of self-expression.” 

The ethos of self-control 
was inculcated by churches 
and by other institu tions re- 
lated to religion. That is why 
efforts to revitalize inner-city 
churches are so important. 

To accept the virtucratic an- 
swer to A meri ca's problems is 
to accept the ethos of self- 
expression as inevitable and 
beyond the people’s capacity 
to alter, except by legal com- 


pulsion. Perhaps” that is the 
case. But it would be better to 
try to inculcate morality, per- 
sonal responsibility and self- 
control before adopting the 
strategy of treating adults as 
recalcitrant children. 

Mr. Bork is the author of 
“Slouching Towards Gomor- 
rah." He contributed this to 
The Hew York Times. 


thepeacekeeping troops Nazis. 

The clampdow n on Pale tele- 
vision. Mr. Karadzic’s mouth- 
piece, is seen by many as a cru- 
cial step because of tiie way 
television was used by Serbian 
leaders to rouse the uhranatioa- 
alism that led to the war. The TV 
broadcasts depicted Muslims 
and Croats as killers of Serbs. 
Haris Sifejdzic, cochairman of 
the Bosnian government, said 
there was “a collective paranoia 
created by the media.” 

On Thursday, the Bosnian 
Serb television station suddenly 
resumed broadcasting, using foie 
same inflammatory tone, but it 
was not clear how foe Pale TV 
signal was being transmitted or 
whether it would Continue. 

The four seized towers have 
been transmitting broadcasts 
from Banja r jiira Mrs. 
Plavsic's headquarters. They 
are far less hateful, though news 
programs ignore foe other half 
of Bosnia or cover events there 
as part of foreign news. 

Matty say that democracy 
cannot grow in Bosnia without 
independent and professional 
broadcasting. Mr. Westendorp 
is proposing a transitional mea- 
sure to assure nonpar tisan tele- 
vision. He has askrai the contact 
group of countries sponso ring 
the international effort to ap- 
prove creation of a board of 
judges and journalists — part 
interoatianaLpart local — to set 
editorial standards and enforce 
them until Bosnia creates a sim- 
ilar system of its own. 

President Izetbegovic volun- 
teered, in our conversation, that 



mild on ethnic matters but 
boosts Mr. Izetbegovic ’s party. 
A Croatian-run station broad- 
i- casting from Mostar is more 



biased: its weather map colon 
the Croatian-dominated area of 
Bosnia as part of Croatia. .. 

Sarajevo itself is a concrete 
sign of progress. There are sti 
shattered buildings everywhere 
But the electric trains arc running 
aga i n, and new shops open dty 
after day, giving the city a bit erf 
the cosmopolitan lode it cure 
had. For most people, “ 
economic 

tough. Seventy percent 
remittances from abroad or 
ily members who have jobs 
international organizations, 
the mood is not dejected. 

One foin g seems dear N 
part of this modest-sized 
can attract investment — 
prosper — as a 
Thai is one reason a recent 
of opinion columns in Wi 
paper s urging partition of 
puzzles Bosnians. They 
also that any attempt at 
would mean more war. 

But the talk of partition is iri 
responsible for a larger reason. S 
would mean yielding to the mo» 
vicious racism in Europe sinc| 
the Nazis, and destroying acouD* 
try that is a multiethnic ^mbot 
why do that just when Dayton 
shows signs of woridng? ‘ 1 

"The plan was to kill Bos- 
nia,” Mr. Sifejdzic said. “That’s 
not possible anymore.” -i 

Tfte New York Times. 


" . 

r s 

■ 

*" Ti : - f 



L'OI 


KHi, I.Vfc'l 


- - * W 

‘•‘i 



IN OUR PAGES; 100. 75 AND 50 YEARS AGO ^ 


PARIS — With foe death of 
Charles Anderson Dana a great 
man has passed out of Amer- 
ican journalism. He was foe last 
exponent of the essentially per- 


* 


1897: Newsman Dies Afghan, roamed him, and has k 

found life in his Moslem harem *5 
ntteriy impossible. Worst of all 
is her knowledge font by her 
foolhardy marriag e she has \ “ 
placed herself outside the pro* 

32M5S3M fe-:. 

band refuses to renounce her, by 
Mohammedan law she is hid* 
den captive for life. 


r - - j ~i 

■" •»; * 


, * . — cted his per- 
sonal character. The Sun was 
Mr. Dana. Mr. Dana was the 
Sun. He was not a man to 

change with the times or to cater 

to tire people. He was always 


V. 






luc pcupis. tie was always 1A1 _ 
proud in his belief that the Sun 1947: Sovereign forma k 



polished journalism. He 
would not alter a headline to 
double his circulation. • 

1922: Harem Life 

LONDON- — A strange and tra- 
gic story comes from Quetta, in 

British Beluchistan, of a beau- 
tiful American girl who suc- 
cumbed to foe charm of an ar- 
istocratic and culti vated 

V " 




mal departure from the British \ 
Emp ire and Commonwealth of 
Nations today [Oct. 18] with the V 
signing of an Anglo-Bunnese . 
treaty granting foe country j, * 
complete - independence and jA : 
sovereignty. Burma's histrayss yaj- 
a self-governing nation begins * v > 
— or rather b egins again. The ' i /i ■ ■ 
country was an independent 
monarchy until its conquest and 

annexation by Britain in 1886 , L 

V-»v 
_ ik 




- • __.T- • t 













^ MSP 

■ - a -— * 


h To llr 




INTERNATIONAL HERALD TRIBUNE, SATORDAY-SUNDAY, OCTOBER 18-19* 1997 


PAGET 


THE INTERMARKET 


S +44 171 420 0348 


* 


' •« fr± **-■ : 

•'L.-f 'L .«*■«-•—■ 
•T- - '• ' 
.=• =' 
v.’ -2s. 1 


*ir K‘. ■ t- 
v ri_r 






•ifei ,-r-A; . 
in i - ■ 
ik. 3*? 1 


lamlsliukr U; 


a>tai 


n.'-t'v. 

l»tr: . 

*&/*■ • 

to:- 


Jf 

V - . •! 

-- 

< +>:- ■ 


r l . 

•i-. V+t-.-r ■+* *- ■ 

sir «• • ■ 

RS. ■> 

.-’•it- • • 


tv+ 

jMv .** ' 


-an. 


i‘uU Km nil Hi 








tUe*--' 


foiifc **#£*'. >-: 


iftfendshfps 


ATTMCWE GERMAN LADY, imng 
^ Munii^ oDe*Hivi^ Aries, 5?, 


young a heart, sin, 1.68M, Mra,' ^ 
ayw, iw+smto. seeks hm (52 ■ 68 
pas) *th lunou, (eating and lender 
Wne»\ **f secue.ior rare®: 
npnwnce mdutled Serious repftrs only. 

Wrce to. Bex 436, IKT Fttodndiar 15 

(KG3E Rartdut Attn, 355* 


LOVELY AUSTRALIAN WOMAN, early 
a/s. Genera based affix ataman 
m*s land hearted, gentle man (toa> 
oatoseorej, «to tonga far He partner 
tor snendship, romance aid to create the 

«w manwe and fendy fife. (to* Fra 
*41 22 788 9212 fetoertand E4tat 
pemyftprittuft 


4 


PHYSICIAN, practicing in the Middle 
East, widow ol an American seats a 
Caucssan Amencan Mate, aged 55 ph*. 
tor posstrte long tern reteilonshto 
Ptea» reply to The Physooi. PO Bn 
4819, Fujairah. UAE Tet 971-9-222441 


ASIAN LAMES seek 
ICE BREAKERS. 545 


Far Easl Stopping" Cir. Sm 
5-732 8745, 


.Delate: 

Rd. 1003 


238882 Tel- 65-732 ‘'8745, Fa*: &'235 
370a IWMlJAllWlir.fl»xcni^|flMl)Mal»» 


YOUNG LAMES WORLDWIDE seek 
Wends/Bemfles Mate and 400 ptoas 
free! HERMES. Box 610188/E D- 10922 
BERLIN. FAX *49^3023399775 


AMERICAN SINGLES DESIRE YOU! 
Frwnds-marriage. a free profile! Teh 
1-610-293-7367. wwwtaokii^ortoveJVL 




OAMSN LADY.44.narc to fleet watey 
Gertkxnan Tet\IKl7l 7307688 w Bra 
2B8.WT.fi3 Long Acre.Unfcn WC2SUH 


MEET GIRLS FROM SCANDWAWA A 
worldwide. Free daaite, photos. WWC. 
Box 420ft, S-42404 Angered. Sweden 



Ofat Kfla PuscMCnies. The favorite 
the most distinguished clientele; educate 


AmuUn^nd, successful renowned, European ireiistriAf/entneprenw 
wax' (vitti vouS - wtih er+srrfirta both a! vouakxy [tom flfl a aeflrrexteman he is a man ri 



A bneathtokhigir beautiful, chifdtess, modicul doctor in her 50s, l.7fim tan 


(dart, madterran^n wn). wit Vie drearnBa figure 2 nd natural elegance typical of a 
■ 1 she fas such a whining and tindtearted nay nitft people, the 


rarfertl the nwmdi and tenderness which comos straigrt Itoti her heart Shi- s ray 

wealthy (has sold her pracece) and Is hdspsreten and free: «ah a merwiois residence at 
the Laka ol Zurich and an sparimenl In New York, a splendid plot on a small 
Madfenaman island right on lte tech wtaacofrar-dd pine tes She® independent 


cb and b detide rirgs on her own, who 
of Ba raher then a vounepr man wMiw 


HsTrBecurites,' a l 

jflfindtohlmtanM 

« to al up to you now Do caff us 1 


jna iLta ^ir^igi BTt&n m ,nm 


.wMiatotalt , . 
lae^ureyBtdowvto- 
.aSiBwridaherteefl 

■ your Sretcfass tfttetfo 


and tree to dauota al Iwr attention to a irm She*® tand of god. wMbt and ureter spent 

» nw&opoles. 


nature and the ojHural and soctof fite ol the woritfs meoopdles. but she also ... 
bang with “hinT. to pamper htoc a cidtured man glatfiy up to ms 70s! An itossi , 
chroming woman wim such a flwertul way about her, radaSng harmony and brmgmg ksre. 
arshine and happiness back Into your Wei 


Adhnfuryau 

^^onawortoiwtoscaje 


Do you fBeffmpres^Plwscc^ us: You can ree«^ us daUyhwn3to7p^a^Sat^ on Fax (0049^1-975113 - 

Head offices - Biropen Germany, RanMurt-Us. Hoffmann. T(0049) Bam 7715*+ Gawtany, Pussefttarf, Us. Zknmermmn. T (00*9)211029357/ 


WORLDWIDE ELITE go bride thiers-bense 


...16 the best in international society 


Residing at the COTE D'AZUR... 

- inspired by BEAUTY, LOVE and LUXURY - 

SHARfND A HVWE UFE-STV1E WITHM A MAWBHCBNT ENVIRONMENT, a 


^ ■ * v * ■* --r — itmcaanofxsEkaa with a mafit cc^itivc^g 

aid perfed coofrafniwdf -She k one of our 
maijr aesrrabfc yTOnen vrho sanply know howto keep the magic of lenre 
wtfm.a successful mamage.. Repres en ting A FSST-OASS NAME, being 
fluent n four languages md member of Ifae badlional bnpe« Society 
she seeks to conhnue whrt has been hw fayoarite task over the post 30 
: at awKsifaet modi loo occupied and always v cixny* 



— MARRIAGE MEDIATION 

the sophisticated introduction ... 


Young WIDOW & HEIRESS - 38/5'9" 

- of an in t er nat i onal MULTI-FORTUNE - 
DEHN/rar a SKATHMKWG BEAUTY and THE ABSOLUTELY WORLD 
EXHERENCED SERBS RBVESBEAIM of die conservative itoemadonal 
society - a d w i nirtering fwr possessions in (be SOUTH of EUROPE, m 
ENGLAND, bi NEW YORK andlhelffi WEST-COAST - she is at home in 
SWnZBttAM) ( h ITALY, b MONTI CASIO and her rni'wrsjtycieyeesare 
‘ (BbiglH^ and ocrtsfcwfag as she is herseR- Being fluwitm four 
ages she "rules every scene 0 and yet her behaviour remains 


Exclusively for you.., . 

Fenonafly since 1975 

TWj + 4 S - 89 - 649-2205 
Fas 449 - 89 - 64*2224 

DctRy 11-19 hrs. • Germany ■ 81031 Murach-Griinwald • Olt u^loilm ann ■ Str. 5 * By app o i ntm e n t 

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


modest, presenting a tendrr-aliraing warm-heartedness of the most 
inT-sk? ;-- - This womrei consists of HARMONY & ENERGY, she 

involves KwseJf passionately or not atafl knowiig predsdy how to 
manene Be in general aid at eafioig privacy in speaid - A RAWlfSS 
DiAJMML. andOtlYFOfcMAJffilAGtt 


GO 


Edith Brigitta 

FAHRENKROG 

The bnw*twiAL Pumaasw Atawar i> Eiwm 


Frankfurt 


Paris 


New York 


Sound 

lMfllWtL 

CoNFntfNTiu. 


Matthwo TVs Right Parwhs Is My Busipks 
Puuuvaj. jt®i\7KWL Assbtawe Is My Skvee. 
CtojFBjp «2 Is My HlGHBST ftUCSITY. 

Head Office; Frankfurt, om 3-tpjl 

Utf)6RlANUWT/MAH. ELHNB4CHSlvSt,GBMW1 
Tel +49 ■ tS-43 |979 - Fax; +49-fi«-4.'»6c> 

Paris Office: Men- fjus** - a«i 

Pass 7500&. 72 mre nu F«mouKrST-HoM*s 
Ta; + 35.1. 40 07 «« 87 . Fax; + 53-1- 40OT SI-IP 

\JSJl Office: New’ York. Mm f»i9a.m-4.m 

\w Yowl NY 10019. 730 Ftfnt Avenue. *rin FUn# ' 
- FAx-in:i2-.w-s72u 

POSONAL ArroofiMorre Ark Also PibshuiLn: 

SOME - GENEVA - LONDON 
IX>S ANGEL8S - SINGAPORE - HONG-RONG 


HEAUTTRL BUTE EYES SHE IS A SOPHISTICATED LADY . SWTESSR'L W* 
BUSINESS CAREER. GIVING GREAT SIW1 HCANCE TO HARMONYAND 
AESTHETICS A VOJY SPORTY WOMAN - ^*7™ 

SKIING. ETC SHE ALSO UKES ONE ARTS. CULTTgAL tVE^S lANDOCraWR 
ACTIVITIES. A YOUNG FASCINATING LADY . , ™ 

WITH A GOOD SENSE OP HUMOR SHE FEELS AT HOME EVERYWHERE YTOJI THE 
RIGHT PARTNER 

O ITALIAN MAN WITH GREAT CHARM AtVD CHAWSMA ... 
COTE D AZLH. FLORENCE AND THE FAR JAST lfE S5 (Ora 
AND PRESIDENT OF HIS WORLDWTI* EN ’l R ™® l iri l JSrSrtuL:M ^ ^ 
LEVEL UNIVERSm* nEGREESANDjUVEXCELLENTBACKGROUNUA 1 

WONFERFUL CHARMING AND FASCINATING ^ >WY AT^tTK. 

AND HANDSOME. A STRONG PERSONALITY . VERY GENEROUS- CUtSDOtATJL 
WARM AND WITH A GOOD SENSE OF Hl’MOR HE UttS WORTC ACnYTTlEB 
(RXJ7BAU. TENNIS WATH1SPORTSX CULYI«AL "^JUE^FWre ^_.\RT^ 
TRAVEUJNG AND H E IS VERY ENGAGED IN HL'M ANirARJ.VN PROJECTS A 
THOLTGHTFL^ CHARACTER WHO WISHES TO OFFER THE BEST OF EVERYTHING 
TO THE WOMAN ATH1S SIM 

O A YOUNG SMART AND GLASSY FRENCH BEAUTY ... 

rmSsTSie ™y ok a cosmotoutav LAW RH arAM 1 -VTS 
CHEERRIU VIVACIOUS. WITH A BRIGHT miPtRAKtOoTA STL NMYC 
HEALTY WHU UIA’ES LIFE SHE IS VERY SUCCESSFUL IN HER PKOFESSON >L‘M\ 
CiRAPUATEi - WITH A REMARKABLE CAREER AN ADM1RABU PEKSUN^JIV 
FULL OF VITALITY . LNTHUSJ ASnC AND WITH A LOT OF CHARM SHE HAS 
WONDERFUL LONG DARK HAIR. A BEAIITTH'L F^TYOMNE APPtARVV.lAN D A 
GRACEFUL. MODEL- LIKE FIGURE- AN ENCHANTING LADY WITH AN EXITLLEVT 
FAMILY' BACKGROUND i UPPER CLASS) WHO LOVES CULTt'RF. \NU sTORTN 
ACTIVITIES - GOLF. TENNIS. SAILING. ETC. A CHARMING PERSONALITY 
GENEROUS. TENDER AND WARM HEARTED WHO IS LOOKING FOR THE RIGHT 
PARTNER TO SHARE GREAT ASPECTS OF LIFE. 


PLEASE CAUL I 


GENERAL 


♦ 


Sec MondarN hslmnarkrt 


for RrmutmenV Edunlim, 
SrarurioL tnimurl Srvir**. 

7b a drtrtur ronlact Sarah Wmhiif 
on +1-1 171 ISO 0326 
or fax +44 171 120 0338 
A GREAT DEAL RAPPSLUS 
XT THE IVTERH.ARKET 


Announcements 


UrnUitSSribunc 

on mi wnnswm wwi 

SUBSCRIBER CUSTOMER SERVICE: 
For questore at queues atauthe (fcfc- 

a ut you nmspqier. 9* status ol you 
xrphcn or atsd ontong a atiscip- 
ion, please cal the tttowro nuntos 
EUROPE, UK3DLE EAST A® AFRICA: 
TCNJ. FREE - Austro 0660 B120 Bel 

S OaOO 17538 France 0800 437437 
Wf 0130 848585 Roly 167 7800)0 
Linentourg 0800 2703 Nesirertamts « 
0225158 Swdm 020 797039 Swttw- 
tanj 156 5757 UK 0800 895965 Else- 
where (+33) 1 41438361 THE AIISB- 
CAS: USA (WWree] 1-800-8822884 
Elsewhere 1*1) 213 752M0 ASIA: 
Horn Kong 2922 1171 Indonesia 809 
1338 Japan (9Mee) 0120 464 037 


Korea 3672 0044 tiaiajaa 221 7055 
4946 SireyOTOfe 325 


PMpphtes B95 4946 

0635 Taman 7753*56 Thailand 277 
4486 Elsewhere (+8521 29221171 


BHOML The finest hand-matt sufl 
Largest seteewn m Switzerland at 
WEWBERG the leading men's store 
Bahnhofcv. is; Zurich 0i-2ii 23 50 


1 - teirng preHe 

HELP cnstt-Sne in Sigiish. 3 pm 
Itpm Trt Fte (Oil 47 23 80 BO 


Auto Rentals 


REXTAUTODSKil FRANCE: Waakand 
FF500 7 days FF.15O0 Tet Paris *33 
10)1 4368 5555. Fax (0)1 4353 9529. 


Auto Shipping 


SAVE ON CAR SHIPPING. AIIESCO, 
Krfctear 2. Antwerp Betofeta TdFrom 
US. Altica. Regular Ro-Ro sadng. Free 
)Uri Tet 320231-4239 Rax 232-8363 


Autos Tax Rise 


raw TAX-FREE used 
Ail LEADMG MAKES 
Saw day regsDSMn possWe 
renewable up to 5 years 
vve also renter cars wft 
(expired; toragn (tax-free) piatas 


ICZKDVTTS 

Aired Escttr Street 10. CH6027 Zurich 
Tet 01*202 76 10 Fait 01/202 76 30 


25 YHS OCEANWIDE M0T0FB 
mfctHle supply ol oc-tree cars AUDI 
Mercedes. BMW. fasefe Cal G 
44BC1 1-4490930. Sax 49^11-44 1 


ATK WORLDWIDE TAX FREE CARS. 


Export + . 
used cam. A 
Brasscnaai 

6455002. Fax 
since 1959 


+ regHBfcncI new fc 
7, TemncUei 40 2930 
Phone- *32 3 
3 5457109 A7X. 


PINING OUT 


IA 1 


PARIS 6th 

PABf5 9tf> 

IE B&BOQUET 

TY-COZ 

*hmlwnpli«rwW7 

faarmwqrqrtnnk. .. . 

,St5TSSa^sra*B3L 

lrofeabwriSwiteyjfljtatdixyawdng- 

PARIS inh 

@ KIRANE'S 

•-ttssss.ysap- 

l5,av.d£nraS - WOT 4574 4031 

® yu£ aTa i 

13fcBs2ESrssa« 

“ PAHS 7th 

VIENNA 

thoumieux 

kervansaray 


NW»J pjo. sS5v- 


Legal Services 


DIVORCE 1-DAY CERRFED 
Cal or Rb (714) 9686695. Wife: 167B7 
Beach Bhrel n37, HoOnston Beech, CA 
92648 USA- ftreM - wstamfljutocom 


TELECOMMUNICATIONS 


New Lower 
International 
Rates! 


Germany.... 31 1 
Japan... — 380 
France. — 33c 
UK. 19 c 


■ NO Set Up Fees 

• NO Miftimums 

• Six-Second Billing 

• AT&T Quality 

• 24-hour MuitMingual 
Customer Service 

Thi Origin* 

/callback 

Wbwr SWutants are Set, nstMttl 


Tel: 1^06^99.1991 
Fax; 1.206.599.1981 
Email: rnfodka/Ibactcom 
wwwJkalUsack.com 


417 Second Avenue West 
Seattle, WA 86119 USA 


DIVORCE m 1 DAY. No fcmL Wrte 
Bor 377. Suitaxy. MA 07778 USA. Tet 
876/4436387, Fac 97BH430183. 


Arts 


HENRY MOORE SCULPTURES • 
DRAWINGS SRAPtte WW®(Plte» 
CttBCtnto. From iah Qd to 2«h Nw. 
1997 at BANK PABBAS Uaataog, 
10 Bd RoyaL 2093 Lswantaug. Ccntxt 
Stove Soafflv.Fiw Ari.31 ne Atolls, 
1117 InxoitiCUto. Tet *352 C 67 18. 
Ru: 45 67 19 KM: *352 021 149 34R 


Colleges & Universities 


GET A COLLEGE DEGREE to 2? DAYS 
BSMSMMWL, et tnctofcg mitoa- 
fai ring, BansaipL dUoflia. Yes rs 
raai teqaL ouaiataed and ateedaaL 
cSuMOA STATE UMVBBITY 
1-804455-1409 24 bQ« 


MEETING POINT 


Meeting Point 


'GUIDE, PHILOSOPHER & FRIEND*.. 
DisfingtAstnd Scantfinavian gentleman, 
ctoinren ol ttemdnnBl compare ( Lm- 
don based and wifi htxne treo in SouWi 
ol Ranee), seeks skton^ ataeffie la- 
dy, 39-53, nth zest tor W, wfxi enjoys 
traveling, very styfsh. eieaant, refined. 
aAured and wih an anttai tor treay 
and relnemert ■ as trawang carpaXon 
and hostess In connection wftfi Weme- 
tianak nagotlations and cuftural exetv- 
stons.- A certain arrisxic flair and 
inU e c t ual interests wodd be anpmeWed 
togetfier wito a good knowfedgs of far- 
etgo languages. A sense of lumr, 
warm sawuasy, Ifraflgence and inatf- 
nefion would in no way repesert an db- 
stocto to ttNE mealr rewntig relMbn- 
sNp in every respect Box No 427 
HT, 63 tun AM. London WC2E ftJH 


NATURAL BEAUTY, TALL, ATHLETIC, 
mid thirties, mutrfacatod peisonotey. 
tnteimttonady educated, fluem In many 
languages. Enjoys ads. outdoors and 
travel Merestod In meeting thoughtful, 
caring gentleman to share sanlbr 
interests. Please reply with photo 
to- P-21 No. 0937269, Farm tale 
CoatoBio, Ifflano. Uy. 


FS. AT EASE M STUTTGART' tUh 
Sngual tody, 40, unique conversation 
partner in arts, music and computing. 
Excellent listener, emphatic. Tel: 
*49-172418 9324. 


WAHTBD « 2+ AFRICAN! AMERICAN 
BusrnessfcportsmarL stocky buid, goal 
sense of humor for gbmuuus English 
bkm Cel moMe. UK 0370 430 141. 


StATRY VENE7UN BLOW sssks gsn- 
Ueman for a nmBl rewarding Bateon. 
Cal Brussels: 02646 6522 


GENERAL 


EARN UNIVERSTTY degrees rattling 
wok. Be & academe experience. For 
evatsnxm & Hbmofen forward resume 
to Padl: Southern Lftweraty, 9581 WL 
Pico Bhd., OepL izt Los Aretes, CA 
90035 USA 


REGISTERED ACCREDITED COLLEGE 
DEGREES. All subjects. Home Study. 
FAX: 319-354-6335 Tel31M5M820. 
B® 2804. kwra C*y. 1A 52244. USA 
E-Uati 


BACHELOR'S, MASTER'S, PHD. Hs*- 
gtous Strafes. Authorized. Accretted 
Tet 8164266850 Fra: 8166426046. 


Business Opportunities 


RESORT VUAGE. SALE / LEASE 

» coaa Tukay. in opeadtn since 
DOm sea from. KQ be*. Tat 
*22i646J2.05, Fare +32^64437^1. 
EflBt aspendosewttre 


A GIVE-AWAY Export Surplus, IaSsS* 
cocktail slits, short S tong sleeves, 
band-beaded & enfcroMered: USS2-5QI 
FOB. GSP-FORU-A available. Enquiries 
to lax **(632) B17-6693. 


OFFSHORE COUPANES. Fa toe too- 
One oraflvlcs T* London 44 181 741 
1224 Fax: 44 1S1 748 6558/6338 
vm.apftauaa.iJ! . 


*HSH OFFSHORE COMPAHJES £145 
Contact: Irish tocorporations LhL Far 
*35351-386921 E4tet HshincaioUe 


Bus iness Services 


YOUR OFFICE ffl L0MJ0N 
Bond Stre« - Uafl. Phone. Fax, Telex 
Tet 44 171 290 9000 Ftt 771 4S9 7517 


Escorts & Guides 


BELGRAVIA 


i ORCHIDS 

LONDON -WRE 


ss twsaas** 

* uraai + AVAtAaEAS 
Etoon Agwey ctedl Cards HWww 

TEL LONDON ++ « (0} 


0171 589 5237 


INTERNATIONAL escohts 




USA A WORLDWK 


«aJ- 


S*fn2EBAIBWiDttlAJrFBBLGMI 

-H31-2M27 28 27 

ZuricfrGeomaasdBaBt- 

FranUuiHtaliBWtodatottCttaj^ 

BrassetoAltawp * A: Vtena ■ 

COSMOS EjccrtAgeccy - Ca«* 

tBDTS HIGH SOCETWIEMIAWaS 
COTEiyAZlJR'ZimrGEHF'WMTI 

Kroncna? Escort £ Irtvaf 

Vtema +*43111535 41 04 * era* carts 

eurocontact orn ******" 

Tot) local & travel service vntonde 

. RIVERAmiS5S510ND0N1/E^ 
tAAATROMFal tiBUIW DRY. 

Escort Sevres \fieona **43-1-212 0G1 

. EXCLUSIVE AGENCY 

PARIS LONDON BRUSSELS 

TEL LOMJON 0044(0) 

467 497 873 

lM4m 

|flLA« # flOfflE'rOFKCOffr 

FV 08b. Jbfe 03SS8D3D953 AS Cards 

HIGH SOCIETY 

WMttrida 

Lortooti Paw Zuirt ™«“ 

"isissa 

ntoaMgfMtodtty-nd 

« HARMONY - SPAM *** ■ 

TOP OASS Beat Sevta EncNsfi 

Tat 34-+380SLBB or 8&81&E4 

BARCELONA - Tet *3632968608 

GENEVA PRETTY WOMAN 

Cal 022/ 346 00 88 EseatAgancy 
UVUSANNE44CWTRSJX- BASEL 

ZURICH -CREDn CARDS - 

FAR EASTERN 0850 Sit B74 
Japanese, Aston. Korean. Cartoon. 

That Chnese. Uatoydan S 
tiudeo Escort Agucy 

PARIS 

APOLLO ESCORTS 

sencfijapcttKffliattaras am 

-di-e-WS-ttl 

AMSTERDAM BSWAI^TTE 
&Kfl Serna & Dtaw Dates 

T4 6ai6336«631W43. 

BEAUTFlJL BRISfETTE 22 yeas Sa»- 
ten flnn, Psntrtaa & Clamg Rhtad 
escort Sffldoa LffiXfco KB6 139 996 

OUMXIR MIBMnQUL 

L0M3ON ESCORT SEWCE 

0171 724 0171 

•88UH- FRANKRffiT -ZURICH" 
"CARfiMA ESC0HT A6BNCY** 

Tet don-848 30 70 77 - Ow 8 Catos 


■ EXECUTIVE CLUB** 
LOfCON ESCOTT SBWICE 
TEL: 0171 722 SOOB OkB Cants 


EMNANLELFS ESCORT SEfWCE 
- FRENCH SPEAKING ** 

LONDON 0171 262 2888 Al Cants 


FRANKFURT 

Aflracftw, Tall bnatflitt Escort Service. 

TaL 0171 ■ 625 92 95 


FRANKFURT A AREA 
Marts Escort Agency 
Hesse cal 069 ■ 597 66 68 


HIGH UFE ' VtBMA ' 24 hra. 

MOST EXCLUSIVE ESCORT SERVICE 
VIEMA +443-1-3675690 al emit canto 


JULIA BEAUTIFUL YOKING Burnette 
Rtaiy and wy Shapely. Pm® Earn 
Sawe London Tet D410 772 816 


MA 10URE ENJERPftSEB 
TBl 212-688-1741 
Nw Ynk Escort S«W» 


‘“■NEW YOUNG ESCORTS”” 
Londons Number One Bead Service 
Tet 0171 834 3339 - 24ln 


»C0L£ VERY PRETTY AND SHAPaY 
Young Btofld. Priwra Escon Service 
London Tet 0410 789 SS3 


ROBERT EDROPEANYangAHanOsoiBa 
1 Dteowet PAhe Eacrat Senice For 
i Only. London Tet 0658 496 340 


’ZURtCN * GAROUNE * 
Escort Service 
Tet 077 790672 


Business Travel 


IsbButaess Ctaas Frerasra Tavalers 
Wbddtade. Up to 50% oft No ooqsns, 
no rastrtdions. hrpotal Canada Teh 
1-514-S41-7227 Far 1-514-341-7988. 
e-mail address: frnperialUlogm.nel 
hOpd/wwaJogfruidliirerorial 


Banking 


PRIVATE PORTFOLIO MANAGEMENT 
for Irwesiaa since 1958 
HHETCO SJL 
Geneva. Swtowtand. 

Fax: *41 22 700 it « 


Real Estate 
for Sale 


Paris and Suburbs 


NE lilLLY ROULE, 50 sqrt. 2-room 
apartmenL wttrbey wxfcw on ganlen, 
4th floor, 80 sq.m, tenaces, modem 
fcuUtog FB^SftDOO. T* 06 6049 5852 


Real Estate 
for Rent 


London 


SPACIOUS strata, South Kensington, 
cenfcaiy focatod. cfose to sutmay. stnps. 
Uy tirnahed, private entrance, — ' 
separae bedroom area, fuly equ 
ifchea accee* to private earttens. 
per week. AkUsUb in November. Tet 
+33 (0)1 43 29 15 96. 


Paris Area Furnished 


PARS Bth, apanmert. 4th floor, svtif, 
condenge. Doubfe thing. 2 bedrooms, 
Mh, tachensta Tel: mommg +33 KQ1 
4307 0758 or evening (0)5 sosotn. 


Switzerland 


GEICVAi LUXURY FURNISHED apart- 
nBXs. From studios to 4 bedrooms. Tet 

*41 22735B320Fax+41 227362S71 


Next Special Headings 


Real Estate 
in and around Paris 
on October 24 

French Country 
Properties 
on October 31 

Mountain Chalets & 
Ski apartments 
on October 31 


For more details pfaa» coniicfc 


in Pans 

Ttel.: +33 (0) 1 41 43 93 85 
Fa*- 1 +33 (0) 1 41 43 93 70 
E-mail: dassified@£hLcom 


As an International Marriage Institute, located in Switzerland, you can 
find with us a very distinguished clientele. We are operating in German, French 
and English. Since we are dealing only on a high-class level, we can successfully 
ascertain our clients to find partners of sophisticated background, in top 
positions, academical or of well to do families. The world is but a global village 
and we can offer all the assistance you need to find your partner of your dreams. 


AN UNUSUAL MAN, 43/175, a very 
successful doctor, strikingly handsome, dark 
hair with captivating eyes has a youthful smile 
and natural easy-going behaviour, combined 
with engagement and ambition make him an 
exceptional man who has reached his goal and 
now wishes to find the right woman to share a 
future of leisure whh. She should be romantic, 
tender and nature-loving. 


HER, 46/172, a BARONESS of German 
descent, a real beauty with long blond hair. 

She represents die positivity and femininity 
of good origjn, which has been sec through a 
distinguished and international life-style She 
not only understands how to present herself 
exquisitively but also knows how c o organise 
private or business matters perfectly well. 
Her philosophy is to constructively assist the 
man of her choice 


Contact German: TeL 0041-61-601 37 30 
French: Tel. 0041-61-601 37 38 
English: Tel. 0041-61-601 37 35 or 0041-79-218 67 49 
every day 2 to 8 pm. 

Institute Ursula Girod 9 Hoehenstrasse 22,4125 Richer. Switzerland. 




- -=i-i iJ ■■= ■=-=-= 


NANNIES/DOMESTICS 



Imperial Nannies^ 


BBITISB NANNIES GOVERNESSES 
BABY NURSES 

famial; ucHtd, ogmletuad and 
pro tew to Ml »*h ctccfloit ntertcc*. 
AVAXLABLE NOW 

Tot +44 17l 589 6133 
Fa ta +44 171 589 0092 

7S 1W* soft IflMKffl SW3 XLH IACYIJJ 


i@ 



Top agency esL 1982 
Nanmes, Mother’s H aps, Baby 
Nurses, Au Pairs, Governesses 


Afl staff fritervtswBO Quantofflons 
raid references verified. 

44 171 499 3034 Fine 44 171 499 : 


Domestic Positions Available 


BUSMESSMAH seeks butter I pasonal 
assistant to marenge private homes 
based hi Pais. Experienced In stater 
poedton required. Perfectly bilingual 
Engfish French, dynamic, amubus. nan] 
mriring. Prepared to trawl to afferent 
countries. French ncitdng papers neces- 
sary. Only top references considered. 
Send hi resume & recent photo: Box 
430. LKT., 82521 1)10% Caw. France. 


Monroe Nannies 

BmaiBmomiRifiiKimiBr | 

HANNESNATBMfTY NURSES 

aoveweBSESiMonffirt helps 


AO (toil an fully experienced in the care 
ra Wants Spang cMdren in pnrcsfi 


l mrents A pang ooraen a m prowo 
a ver y pn ta awWS rar i ng senrtca 


TEL: (44 171) 409 0910 FAX: (44 171) 89 4165 
M BROOK SIEEEI, HAYYABLIOMUILWI 


Nannies & Nurses 

bitcrzuUoml «ulTkKcn.> 

VreSPtOAUSE IN THE PLACEMENT 
OF EXPERIENCED Jt QUALIFIED 

* NANNIES * GOVERNESSES 

* BABY MATERNITY' NURSES 
EXCELLENT CARE ASSURED 
PLEASE TEL: 44 171 58? 5789 

OR PAX: 4A J7I 88S 0740 
20 BEAIQLVMP PUCE LONDON. SW3 


EOKSTK STAFF-H^iea cafcre exp* 
rienced Couples. BudedHouse Manawrs, 
Names, diets, Housetaoem, & PA's- 
afl scrupulously wStwL HUTCHNStWs 
Emptoymeni Agency 44 © 171 581 0010 


PRIVATE HOUSE, SOUTH OF FRANCE 
seeks house MaWSeanwress, 5 years 
nrinanun in the sans house Said CV. 
, references & salary reoutrsd n: 
: 415, IHT, 92521 Neufly Ok Fiance 


PRIVATE HOUSE. SOUTH OF FRANCE 
seeks Head WaaerfB utter. 5 yearn 
nHmun in toe same hosa Sent CV. 

r >. reteroces & salary requirad to 
414, IKT, 32S1 Hedy Cat, France 


STAFF/?/ DISTINCTION 


QnaWy wtud ctaH immedlaiclv 
avaibfite. Ottr aperienced Cousuftanrs 


are twre to solve yoor auRtoo needs. 

or rroufreDi 


CaU now to discuss poor muriremems. 
COUPLES ■ HOUSEKEEPERS 
HJLWANNES ■ CHEFS COOKS 
BUTTERS/VALETS • ESTATE MANAGERS 
No Rtgtanirton Fer. Q pen Hawfay-Solimfos 
Tel: +44 17 L 589 5494/5 
Fax: +44 171 589 0095 
tt Thjrtoc Sew:, UWDON SMI gUI IjgYTii 


THE LONDON NANNY COMPANY 


Trained British Nannies, Goremess 
Sc Materatrc Nurses 
•^.5 -Uiourra B mpmtuOi mter- 

e ~ - «*rod Uhl rdtfencc duxkevi. 

' ■ A&KnJh , poto3onil«mci- 




Tds + 44 171 838 M33 
Fax *44 171 5591188 
37 Tliwrtoe Strew. London SWT 3LQ 


PRIVATE HOUSE, SOUTH OF FRANCE 
seeks Chef / Caofc. 5 years 
mfemun in toe same house. Send CV. 
photo, references & salary required a 
Bra 416. WT. 92521 Neuiy Cdx. France 


DOflCETK SOLUTIONS AGENCT 
The spaoafias hi Butters, Ctewieurc. 
Coraparans, CoaUHotsekBepas, 
Couples S Secunty stall 
Tel 44-171 589 3388 Fax 171 5B9 4966 


UK A OVERSEAS AU PAIR AGEHCY 
NAWflES. MOTHERS HELPS, al bwHC 
stall. 87 Regent Sl London VfiR 7HF 
Tet 171 494 2929 F0x 171 494 2922 


HcralhSleribunc 


THE 90RUTS tMIU NEWSfiAPEB 


PLANNING TO RUN A CLASSIFIED AD? 

easily, contact your nearest IHT office or refsresenfative with 


Pfaoe your Ad cjuicHy ana easily, contocr your nearest rni omoe or representative wrm your 
testf. You will be informed of the cost irnmedofefy, and once payment is made your ad will 
appear within 48 hours. All major Credit Cards Accepted. 


EUKOPE 


AW06RA: Andorra In Ifcflo 

T»h 


EUROPE 

(MIB) KN3XHA: landbn, 

TeL: 0171 8364802. 
TTaaW.ftfc 2400338 

MDMEEAST 


UOTM AMBBCA 


BBAaUSootaJo, 

Td. 1551 11 853 4133. 
Foe (5511) 852 8485. 


'.AlfiDSAAQNIRALBJROnE:, 



ISRAEL Tdteriv. 

Id, H 5121 120. 
Foe pi 6815859 


AStAPAOFK 


Tfcl 
Foc( 

ftw30l/ - 
ENANDet 

er 

Fck.0 583 20938. 


MUWA0T; Cmkxt London, 
Td. 071 8364002 
fix Q71 24)2254 


HONGKONG: 

Td: 185212922-1 1B8. 
7krdll70IHIHX. 
Ftx (852)2922-1190 


IBANOKSniA: 


SAUH ARABIA: Cdwei London, 
Td.71 8364KJ2 
fee 71 2402254 


NXJFiSAi Jakarta fear, 

Td: 62-21 -25) lWl445 
Fex 62-21-251 2501 


UNIS ARAB MtAIE: Shariah. 
Td (00351133. 
fe.Pffl7488fl. 

Tic 68484 TONGIF. 


JAPAhfcl 

Td.- 32 0l Q2 10 
TV 133673. fee 3201 02 W 


MALAYSIA: Knob Imar, 
)?812BU 


Till 206841080 
fee 31.206881374. 
NQBWAY&ceMAGK: 


>55913 

"WBi. 

Foe 351-1, - 

"BS 



fee Sell 7§' 

TURKEY: teribui, 

IdiTX 5946/7X7150. 
fee 247 9315 


SOUTH AFMCA 

JOHANNE9URG: 

NORTH AMHKA 
new rest 
UCI 21752-3890. 

fe= 281-496994 
TalFrta 800-526-7857. 

LATOV AAIBBCA 


Td , 
feci 


I5B2775I. 


mURNS:fe«Cto. 
2)S7-m 


Td 1632)1.. 

Fac 1632)6330751. 


®*AP08E,BH»ft Smaxcn. 
Td- 223 6478 
fee 325 0842. 

TLc 28749 MSN. 


WAMND LfiURMA: BonoU. 


AUSTRALIA 


fee (591-3)539990. 


MBBOUM6 

Td.: 9650 1100. 
fee. 9650 6611. 


*1 




ART 


INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDAY, OCTOBER 18-19, 1997 
PAGES 


Tracking the Ups and Downs of the ‘Islamic Art’ Market 


L 


international Herald Tribune collection was published in book form. The 

ONDON — Every sector of the ait peevish woman would have beamed at the 
market is fundamentally unpredict- mind-boggling £45,500 that greeted her ap- 
able because personal reactions to pe&rance. 

works of an are an essential factor in Why commensurate enthusiasm did not 
ling prices, and emotion cannot be beip another dish from the same workshop. 


■ able because personal reactions to 
1 A works of an are an essential factor in 
determining prices, and emotion cannot be 


quantified. But nowhere do attempts at an- decorated with a charming bird and riverside 
ticipating events seem as futile as in the plants stylized with a calligraphic flow, re- 


various categories horn vastly differing cul- 
tures described as “Islamic art." 

The difficulty in making forecasts was il- 


mains uncertain. The colors are paler, but, 
properly cleaned, the dish should recover 
much of its original eclaL It went to the same 




lustrated this week with unprecedented ex- buyer for a more reasonable £3,450. The yo- 




travagance. 


yo game went on through much of the sale 


It started on Tuesday with Christie's sale in with early ceramics from the 10th to the 13th 
which the star piece illustrated on the cats- century the principal victims — they were 


- practically unsalable. 

SOUREN MELIKJAN But diis was nothing compared with the 

contrasts observed during the auction held at 

logue cover was to be a revetment frieze of Sotheby's on Thursday. Like the other ses- 
turquoise glazed tiles ascribed to 12th-century sions. this sale of so-called “Islamic art" was, 
Iran. Yet. in a sale that certainly registered again, very largely a sale of Iranian ait. Not 


some astonishing scores — £47,700 
(576,300) for a wine mug from the Eastern 
Iranian province of Khorason dating from the 
early 13th century, and £54.300 for a rose- 
water sprinkler of similar provenance and 
period — the star piece never got off the 
ground. It was bought in at £58,000. 

Were potential buyers turned off by the fact 
that a lending Arab collector had recently 
thought it best to pari with it? Did they perhaps 


surprisingly so: The most remarkable pieces 
were acquired by one of ban's leading col- 
lectors in the 1970s. Hashem KhosrovanL 
While far from restricting his choice to Iran as 
such, Khosrovani aimed for top-level objects 
from Islamic lands and that led him ro focus 
on the Iranian world 

Never before had a small group of nearly 
intact silver- inlaid bronze vessels of the late 
12th and early 13th century come up for sale 


wonder about the curiously even glaze that together. The impact was overwhelming. Two 
has none of the depth one associates with early caskets, which can be shown to have royal 
revetment friezes? Or were they worried by associations on the basis of their iconography 
some strange letter forms with stalks bending and the echo it receives in Persian poetry (the 
incomprehensibly? We shall never know. catalogue does not mention this), triggered 
On Wednesday afternoon at Bonhams, sur- bidding contests on a scale rarely marched on 
prises of another kind followed Here too the "Islamic” objects. Both went to the same 


catalogue does not mention this), triggered 
bidding contests on a scale rarely marched on 
"Islamic" objects. Both went to the same 


star piece illustrated on the cover carried an telephone bidder who paid £177.500 and 
Iranian label. The dish ascribed to "North £166,500 — extravagant figures. 

Western Iran" was crudely painted with the His appetite whetted, the mystery buyer 
bust of a woman looking peevish but the apparently eager to acquire rarities posthaste, 
provenance made up for any aesthetic 'short- set his sights on a late 13th-century money 

comings. It once belonged to the late Alan box from Western Iran in the shape of a vase. . Satact 

Barlow, a well-known amateur scholar whose Originally, each of its vertical facets was Portrait of a court dignitary, Georgia, 17th century. 



* * * ' / ', *** '* •* 


decorated with a mace bearer, the details of £44 

the features and costume li ghtly incised over been expected to oitnO tt) _ ■ f 

!Suv£. The inlay, al^is gone, and that 

makes the price, £37,500, astronomical. whalSqtheby s mepom^otaj 

Western Iran ofTtySc designed as a sym- 1976 when a group of four pamhngs went onj 
bolical wine boat used by Sufi dervishes, as I vjw at Coina^ s. _ . Geormn! 

have shown in die journal Islamic Art on the matched inGeorl 

basis of the poems inscribed on some objects, through details of costume 
is among thevery finest known. But at gian manuscript jaumng wrtwMbg* 
£18s!*» th=pri£?which would have been be® halted 


high atone terthof *al amount, teemed to CbahryarAdle. 
bear little connection to reality. .. that the fea ^ 

Minutes later the same hurried buyer sur- painting are notebly European . 

nassed himself in ravine £ 199 .500 fora pillar- *“bis eyes are blue and his mustaches fair isfe. 

famSl patterns ami mystical Persian in Georgia, or elsewhere in 

verses mcSigraphy that is not vtay good. But may be, no one could hav e fore cast theontx 
executed for mauwlerans fetched by the Gec^ian portrait. 
dTnSISS^ble onto the market At rar^y prone to undue timidity, hoped for 
£199,500, it too exceeded the wildest expec- £100.000 to £150,000. 

radons JEf metalwork caused excitement, there . 

was no hurrah far eady glass vessels. The lack A LL this suggests that newcomers in 

?s^™ deraa ^ HmUyanyof 

Objects were not the only category that / A. enthusiasm be susuin^DealOTsI 
revealed such extreme whimsy. Two exfiraor- spoke to app^ed skeptical, and d^reare to- 
efinary outbursts could be observed at Sothe- &r 

by’s on Wednesday morning in the sale of bronzes of the 12 di and l3di cornel were aU 
‘ ‘Oriental Manuscripts and Miniatures.” These dug up and exported without licenses — they 
included one oftbepages that were tom from always are. All come from countries where! 
the manuscript of the Shab-Nameh or * ‘Book of laws passed many years ago ban commereuM 
Kings" raiiicrrap hwt and illominated for the excavations that cause huge havoc — objects A 
Iramaa ndaShahTahmasp (1524- 1576) in the are destroyed, the archaeoloscal context isif 
royal atelier at Tabriz. Intact nntfl 1968, the lost, wasting priceless historical mformanoa. 
book was dismembered after it passed into the Western opinion is becoming more hostile 
hnnris of the late Arthur Houghton Jr., a one- to such practices rightly equated in the public 
time president of the Metropolitan Museum of mind with the wanton plunder of the world s 
Art and noted bibliophile. While the heritage. As new buyers become aware oi 
manuscript is easily the most beautiful, ever these im plications, they too will take a step 
produced nnrfw the Safavid dynasty, this par- back. And the yo-yo movement of prices wiL 
ticular page is among die very few that qualify resume — downward. 


simplistic — such features are not uncommon 
in Georgia, or elsewhere in the area. Rare as ii 
may be, no one could have forecast the prict 
fetched by the Georgian portrait. Sotheby's 
rarely prone to undue timidity, hoped fca 
£100.000 to £150,000. 


LL this suggests that newcomers ini 
search of die rare or unique have 
entered the field. Can this level of 
enthusiasm be sustained? Dealers 1 
appeared skeptical, and there are furj 
ids far sharing their doubts. The inlaid 


A 


Stanley Spencer’s Mystic English Vision 


By Holland Cotter 

ton- York Times Service 


W ASHINGTON 
— The English 
painter Stanley 
Spencer <1891- 
1959) is best known to many 
people through Pam Gems's 
play “Stanley,” which had a 
well-received mn on Broad- 
way last season and was based 
on the batty, seriocomic saga 
of spiritual yearnings and 
sexual preoccupations that 
constituted the artist's life. 

Now the Htrshhom Mu- 
seum, in collaboration with the 
British Council in London, is 
offering "Stanley Spencer: An 
English Vision" here, the first 
retrospective of the artist's 
work in the United States. 

It’s a walk-don't-mn ex- 
perience, too offbeat and con- 
trary to be greeted with a 


ARTS 




wide-armed embrace. But 
there is no question that it is 
an experience. And one as 
distinctively English as the 
taste of Marini te on toast: pi- 
quant, off-putting, slowly (if 
ever) acquired, but certain to 
make an impression. 

Spencer's life and art are 
intertwined. He was bom in 
the idyllic village of Cook- 
ham in Berkshire, 30 miles 
from London, die son of a 
church organist Emotionally 
fixated on his childhood, he 
seldom left home willingly, 
and but for the Intrusion of a 
marital misadventure and two 
world wars, might never have 
done so at alL 

He appears to have regarded 
CookhamasaltindofTharnes : 
side nursery, comfy and snu& 

a domesticated version of u^vtacwmicakna 

Paradise. Here, in his mind, the Detail from Spencer’s 
dock forever chimed teatime; "Hilda. Unity and Do 


’Hilda. Unity and Dolls. 


archangels and shopkeepers 
rubbed shoulders in die mar- 
ketplace; apocalyptic occur- 
rences came and went with the 
inconsequential delight of hol- 
iday pantomimes. 

But infancy is a selfish con- 
dition, and Spencer was 
rough on die people around 
him. He divorced his first 
wife to many his second, all 
the while wondering why, 
why, why he couldn't just 
have both at once. In thrall to 
the erotic as a visionary ideal, 
he planned to build a 
."Church House” in which 
painted portraits of all the 
women he fancied would 
hang like cult icons in a shrine 
resembling Giotto's chapel in 
Padua. 

This peculiar brand of hor- 
monal mysticism informs 
much of Spencer's figurative 
art, and at the center of the 


nMA 55 AD-fmilCE 



•£>c,<fisifrncd' By ITE 

*■ 

110, rue du Faubourg-Saint-Honore - 75005 PARIS 
Tel: 01 42 66 27 95 - Fax: 0143 73 7812 


VICHY 

ANTIQUE FAIR 

presented by 

KIWANIS CLUB DE VICHY 

October 1 8-20 

Opdra Palace, Vichy TeI:+33 (0)4 70 32 30 93 


auction sales 

IN FRANCE 


DROUOT RICHELIEU 

9, roe Droud 75009 Paris -Tel: 01 48002020 


— — Monday, October 27, 1997 

Room 5 Jt -14 p in Nth Lcotuiy PAINTINGS. DRAWINGS 
and SCULPTURE. Etude TAJ AN, 3“ rue des Ma- 
ihurins, ■*4008 Paris, tel : 33 *0) 1 53 30 30 30 - fax: 
33 U 0 1 53 3 '» 30 31 . Internet: hnp: www.tafan.com - 
Email: ujan&wwidneLlr 

Wednesday, October 29, 1997 

Rooms 1 & 7 at 2:13 p m. From M. Jean-Louis Scherrer 
collections and others, rth. 18th- and 19th century 
Fl/KNITUKE - WORKS OF AR T - COLLECTABLES. Etude 
TAJ AN. 3", rue des Math wins, 73008 Paris, tel.: 
33 (0) l 33 JO JO JO - fax: 33(01 l 53 30 30 31. Internee 
hup:/ www.ujan.cnm - Email, tajani@hvoridnet.fr 


In NEW YORK please contact Retry Maisonrouge & Co. 
Inc 16 East 63tn Street, fifth floor, N.Y. 10021. Phone 
1212) “3 7 35 97 / 7 37 3# 13 - Fax: (212) 861 14 34> 


Manolo VALDES 

Recent "orks 
Until November 13 . Ib ‘>7 

GALKRIi; MARWAN HOSS 

1 rue dWfacr - 75001 Paris - Tel: *33 tOl.i 42 % 37 % 

V\l <vlitl-r!i"ii l)vu-i|.!i< r -i - Ul.is.llii'iWK/ 


REMBRANDT AND HIS SCHOOL 

drawings from the Frits Lugt Collection from ectobre 2 
to ROVembre 30 diilp except on Mondays, from i pm- to 7 p m 
121 rue de Lille. Paris 75007 . . 

metro Assemble* Diiitnulr ins ti tilt neerlandais 



KAIKODO & LUEN CHAI 
The Flowering Field 

Contemporary Chinese Pain tint! 

4 SALES EXHIBITION OF 
PAINTINGS 

BY FIFTY-EIGHT CHINESE 
ARTISTS 

New York 

15-31 October 1997 

10 am - 6 pm 
(including Sunday) 

Ka:kodo 

164 East 64th Si. 

New York. NY 10021 
Tel: 212-223-0121 
Fax: 2 12-223-01 22 

Hong Kong 
11-14 November 1997 
9 am - S pm 
Hong Kong City Halt 
Upper Tower 7/FI., 

Edinburgh Place. Hong Kong 

c-o Luen Chai 
142 Hollywood Road G/Fl.. 

Hong Kong 
Tel: (852i 2540-4772/ 

2559-0411 
Fax. 2559-3551 

catalogue available 



picture, naturally, stands the 
artist himself: a priapic Peter 
Pan (he was 5-foot-2) in a 
Dutch-boy haircut and under- 
graduate tweeds. - 

One of the earliest paint- 
ings at die Hirshhom, in fact, 
is a self-portrait, painted in 
1914 when Spencer, 23, had 
just graduated from the pres- 
tigious, conservative Slade 
School in London. He peers 
out from a shadowy back- 
ground. chin slightly up, eyes 
wide, hair brushed over his 
brow, his face wearing an ex- 
pression of confident but im- 
passive guileless ness. It's a 
striking image, one that 
vaguely recalls die 1827 self- 
portrait of another English 
artist, die 22-year-old Samuel 
Palmer. Palmer and other 
painters of visionary bent 
from William Blake to the 
Pre-Raphaelite William Hol- 
man Hunt, influenced Spen- 
cer profoundly, and it is with 
diem that he must, in some 
way, be grouped. 

Like Palmer, he painted 
pantheist! cally vibrant land- 
scapes. (Spencer's “May 
Tree” is a descendant of 
Palmer's refulgent "Shore- 
ham Garden.”) And like 
Blake and Hunt, he painted 
New Testament scenes and 
religious allegories rooted in 
the everyday. 

Such narratives are among 
the 64 paintings in the Hirsh- 
hom snow, which has been 
organized by James T. De- 
metrion, curator at the mu- 
seum, and Andrea Rose, cur- 
ator for the British Council. 

The show will travel to 
Mexico City, and San Fran- 
cisco. 


Exploring Italian Design 
WithAchille Castiglioni 


By Herbert Mnschamp 

New York Tones Sendee 

N ew york — 

The Museum of 
Modem Art is 
han ging out the 
red, white and green with a 
wonderful arrival . from 
Italy: “Achille Castiglioni: 
Design!” 

One of the great Italian 
explorers, a tireless dis- 1 
coverer of beauty in the 
commonplace, Cas tiglioni, 
along with his brothers, Li- 
vio and Pier Giacomo, 
helped pioneer the 20th 
century’s most vibrant 
movement in design. This 
beautiful retrospective of 
his work should stimulate 
fresh thinking about a time 
and a place and the artists 
who captured them in 
designs for living. 

Organized by Paola An- 
tonelU, an associate curator 
in the museum's Depart- 
ment of Architecture and 
Design, “Design!” isapro- 
foundly inspiring homage 
to a meat living artist At 
age 79, Castiglioni remains 
as active as he was in the 
years before Italy had be- 



if.' 

^hfWy^r- 


Sn KmhrtdVnie New Ywk Tones 

Castiglioni s floor lamp, 
hanging lamp and stooL 


first display you encounter 
on w alking into the gallery 
is a vitrine filled with odds 
and ends: old shoes, a fish- 
erman's knife, a metal mesh 

glove, a frightening pair of 
plastic goggles. 

Castiglioni designed 
none of these objects. His 
eye picked them out. Cas- 
tiglioni *s work, that is to 
say, is based as much on 
perception as on creation. 
Or, rather, it points toward 
perception as a continu- 
ously creative act 

Tom die comer, and you 
encounter an object that 
brightly illuminates the 
Castiglioni point of view: 
the Toio lamp, designed in 
1962. It features a car head- 
light, mounted on a tall, 
slim, chrome-plated pole. 
The wire leading to tiie bulb 
runs alongside it, through a 
series of metal fishing pole 
loops. It’s a slender. Pro- 
methean statement: Fire 
had to be caught The base 
of the lamp is weighted 
with an exposed electrical 
transformer It took a while 
for civilization to transform 
fire into the kind of light 
that those of us with less 


gun to tickle the design world’s erogenous than Promethean stature can activate with a 
zones. Though the great days of the Milan switch. 

Trienalle are long past, Castiglioni, Marco The Toio illustrates Castiglioni 's delight 
Zanuso and Enore Sottsass continue to pro- in the beautv of found ohienrs in rh« 


Auiopu itcmjju mis mow, wnicn mvnes ouster termed purism: the idea that the artist 
the viewer into major living-maestro time, has much to learn from objects that have 
And the show delivers jolts as electrifying as attained a level of aesthetic simplicity 
the transformers Castiglioni has often in- through methods of industrial production 
corporated into his lighting fixtures. The and generations of use. 


ROAD KILL 

By Kinky Friedman. 252 pages. S23. 
Simon & Schuster. 

Reviewed by Jonathan Yardley 

T HIS funny if somewhat sopfaomoric 
novel may be of greatest interest to 
admirers of Willie Nelson, among whom. 
I count myself. Readers of Kinky Fried- 
man ’s previous books will be aware fltar 
they center on a “country singer turned 
private investigator” named Kinky 
Friedman; in actuality as in fiction, 
Friedman once led a band called the 
Texas Jewboys. This time around, he 
finds himself on the scent of what ap- 
pears to be a threat upon the life of his 
friend and soul mate, Nelson. 

Whether the manuscript of this book 
was read and approved by Nelson — the 
real Nelson, that is, as opposed to the 
invented one who appears in these pages 
— is not clear, but he cannot have any 
reason to disapprove of anything here. 


BOOKS 


mitm ent to the music thar is, "quite 
simply, the language of his life.” As 
Friedman describes Nelson in perfor- 
mance: 

“The main thing, the only thing , was 
that Willie was playing his music. Ac- 
cording m Willie, he’d been on auto- 
matic pilot for about thirty years now, 
yet, as far as I could see, in a trivialized, 
homogenized, sanitized world of chain 
stores, chain restaurants, and chain 
people, he was one of the few indi- 
viduals who was still in tune and in 
touch. Willie was a life spirit and his 
guitar was strong with rusty heartstrings 

fftQV AttOf fftik lUflf* hiul aTm_ 11 


_r !■ ■ j 


brought love into people’s lives/ 1 
Treacly, perhaps, bat true. Willie Nel- 
son is a national treasure, and he gets his 

full measure of tribute at Friedman’s 
hands. As to the rest of the book, it 
begins with Friedman, in New York, 
gazing into his minor of a moraingand 
fin di ng not his own reflection but a 
Gypsy who says, “Come 


ate and seems, to one who knows Nelson 
only from his music and his public per- 
sona, to be accurate. 

Thus we have him warts and all: hit 
notorious taste for cannabis and his run- 
ins with the Internal Revenue Service, 
but also his geniality, his laid-back, half- 
baked Zen and, above all, his utter com- 




mti 


- 


NEW AUTHORS 

PUBLISH YOUR WORK 

ALL SUBJECTS C0NS1DERB3 
Authors worW-wide invited 
Write Of send yoir manuscript to 
MINBRVA PRESS 

2 OLD BflOMPTON RD. UMJM&MTSOO 



Friedman interprets this as a sign that 
something out there is beckoning him. 
That something turns out to be Nelson. 
So Friedman flies to Texas and climbs 
aboard Nelson's tour bns, the Honey- 
suckleRose, which “becomes a floating 
city unto itself.” Nelson actually has 
three buses, but “there is no troth to the 
' widely held befitf that he needs the other 
two buses to cany all the weed he. 
smokes on the first bus.” 

Off they go, on the road, which “had 
a way ofkfllrng yon so slowly and subtly 
that after a while you didn’t even know 
you were dead.” 

Literally dead, as Frie dman soon 
learns, in the case of a hapless Indian 
whom the bus hit and killed a while back 


in the Arizona desert. Nelson does 
talk much about this unhappy event, i 
ft clearly has spooked him and it Jea - 
his sister, Bobbie, with the apprehensi 
that “something terrible’s going to hi 
pen. ’ ’ Then, just like that. Nelson v; 
ishes. "Obviously,” Friedman ct 
eludes, "he was either laying low 
taking things into his own handi 
Friedman decides he’d better get on 1 
case. 

TTieQries abound. A cabal of Nclsoi 
many ex-wives? An "Indian curse 
With all the “dark spaces in Wills 
cness-and-checkered career,” it co ul d 
anything: “Maybe a jealous boyfriend 
husband was involved. Maybe anoti 
long-ago songwriter who was down 
his luck and felt Willie had stolen 1 
materiaL That happened a lot in Nasbvi 
back in die symbiotic old song-swappi 
days. Maybe a disgruntled postal wod 
had gotten his zip codes mixed up. May 
some fan had just overidentified with I 

nelfl of ctlirtn 1 ■ r 


too many birds on his television antent 
Maybe the whole situation was like W 
be s song. Crazy.” 

Precisely how crazy is, at this poii 
bo longer the proper 'business of a 1 
Vl ^ w ' “Road Kill” for yourst 
and find out what happens. It seer 
rather fanciful and foolish to me, b 
men serious business isn't Friedman 
stock m trade. His business, rattier, 
^““toinmeut, and al that he can 1 
skilled, if a trifle broad. He managed 
make me laugh out loud a couple < 
umes, and after more than three decad» 
of reviewing books, some of which pu 
port to be fenny, my level of resistance 

cXCCmmolu hint, a , 


Washington Post Service 














































































































Partlll 


International Herald Tribune 


A Special Report 


SATURDAY-SUXDAY. 
OCTOBER 18-19. 1997 
PACE 11 


Fashion 


Harnessing the Headhunters 

Need a New Designer? First, Call a Talent Scout 


By Suzy Menkes 


P ARIS — When Lanvin announced its new designer, 
Chris tin a Orriz, on Friday, and when applause rang 
? Ul u i ^^ >er Elbaz and the renaissance of Guy 
f „- Lar R c “ e ' ? ne powerful woman deserved the credit 
°Wh 9 strin S s: ^°riane de Saint Pierre, 

' ^ ou , o?t have heard of her, but if you were Bernard 
Arnault, Gucci’s Tom Ford, Calvin Klein or Valentino, the 
name would trip lightly off your tongue. For De Saint Pierre 
® leader in a profession that is defining fashion in the 
; 1990s: headhunter. 

With old established houses needing a transfusion of fresh 
talent and corporate brands eager to expand, the headhunter 
is a speedy way to access potential candidates. 

De Saint Pierre is a former executive of Dior who now 
nins a business as exclusive as the luxury products her clients 
sell. She was also behind the appointment of Peter Speli- 
opoulos, who shows his first collection for Cerruti on 
Saturday (after Narciso Rodriguez, a previous protdgd, 
bowed out). 

More significant even than her rising stars are the myriad 
talents that De Saint Pierre places anonymously in the 
studios of major houses in Milan or on Seventh Avenue. 

“Today, for any brand, the most important thing is 
creativity in its most noble sense — who the designer is 
becomes a crucial choice.” says De Saint Pierre, who bad 
tracked Ortiz through her career at Prada, just as she had 
truffled out Rodriguez at Calvin Klein. 

Head-hunting starts with the client — maybe a fading 
couture house needing pep or an established designer start- 
ing a junior line. Fashion headhunters claim dial clients can 
rarely articulate their real needs and that is where an intuitive 
skill is required. Or as De Saint Pierre puts it “I don’t work 
with partners — it’s my eye that counts. That’s how I know 


if a designer is ready, or whether they want to come to Paris 
or live in New York.” 

Another Paris headhunter is Marie-Laure Tine, who heads 
the fashion division at the management consultancy Heid- 
rick & Struggles. She has worked on recruitment for Pierre 
Berge ai Yves Saint Laurent, for Chloe and for the LVMH 
Moet Hennessy Louis Vuitton group. Tine says that fashion 
headhunters have emerged since the corporate takeovers in 
the 1980s, and the expansion of newly public companies. 

“The idea is to match a product portfolio to the image of 
the creator,” explains Tine. “But finding the designer is not 
a one-step process, like recruiting a finan ce director — you 
don’t ask for a degree in three languages.” 

In order to find a good fit for clients like Genny in Italy, or 
Escada, Rene Lange and Jil Sander in Germany, Tine will 
immerse herself in the culture of the company, and then 
assess the prospective candidates. 

“But tiie choice is our clients' responsibility,” she says. 
“I introduce the best and they make die decision.” 

The Brit/fash takeover at Paris houses has drawn attention 
to Anglo-Saxon creativity. But in London, Joanna Neicho 
and Julius Schofield, partners in Indesign, have been work- 
ing as a recruitment agency for 20 years. TTieir current client 
list spans from Marks & Spencer in Britain to Donna Karan 
in the United States. But their focus is on the appointees. 

Neicho shows 4,500 files on designers, some of whom 
have been placed three or four times over 20 years. “We 
never solicit business,” says Neicho. “We try to find out 
what the company is about and who the players are.” 

Schofield calls the role of headhunter in fashion “a 
completely new profession,” but he has been talent spotting 
at British fashion colleges from the outset. Indesign a s il- 
lustrated report on the art school shows — the 26th issue — 
is a fascinating document assessing the upcoming talents. 

“The idea is to harness design to companies,” says 

Continued on Page 13 


Floriane de Saint Pierre, a former Dior executh'e and now d leading fashion headhunter, in her Paris office. 


Lang vs. Chanel Played Out in Black and White 




Front left. Chanel's slouchy meed pantsuit 


with sparkle bangles and beret; Helmut Lang's tailored blouse and airy layered skirt with hip sash, and John Galliano’s I kat-weave jacket and patterned flirty-hem 1930s ' 


By Suzy Menkes 


ariC — Karl Lagerfeld lost the waist at 

\ Chanel The question is: did he also lose 

SX** 1 A pretty, confident show from 
- K ’l^ng and confusion at Chanel 
■ itade a fiisctaatingswdy in contrasts at Friday , 
^m^nimershows; similar thanes in 

“ ° n 

' ® . itwnsdtffienli - 
i it Chanel. Like ?, btack 

grains °"J, c ^S)nnl dw of bright 
. “d w h lte swinging open over 

shoe. Here a jaeitf SJXbucVy seen- 
, fcefltth. there a pbgB**® °Sh berets. 

TOBi-on-other-ninways paop- r Jjj vw> chains 

1114 ^ 

i^vleaunghaiJIj-yS'^Sfdreses or the 
. «r name, woven into go “ . worn W1 th 

double Cs at ^ brt ^?L,fararechic outfit in 

< fight ruffled skirt. That bracelets or 

the strange show, wh^rc ^ els and 

chunky silver Medusa dreadlocks, 

hair looked like unraveling M chloe and 
Now that Lagerfeld has given 


his own line, everyone expected a new dis- 
tillation of his magical potion at ChaneL But 
instead of cleansing his design mind, the show, 
divided into six separate scenes, seemed to have 
vacuumed up every spare idea. 

At the heart of the show was a clear message: 

Ug ”Loose and skinny is better than not skinny 
and squeezed — and everything is so light,’ said 
Lagerfeld backstage, to explain the bantam- 
wriEht dresses in boxy shapes with the waist 
either raised or dropped 1920s style at the hips. 
Sometimes T-bar tap shoes added to the flapper 
ail impression. Chemise dresses in the textnre 
and color of porridge looked like sad jacks- 
The oversize tweed pantsuits may have been 
bie enough to house fiom-row guest Gerard 
Depardieu, but they Mowed the theme of July s 
Chanel couture and had a sporty dash. Para- 
doxically. evening wear stole the shew, with 
Alpcant linear shapes, even though Lagerfeld did 
Ss^tTo Mdeto light under a bushel of a 

whote show suggested that the designer 
wasmrS? too hard to be “different,” or “mai- 
“•> although in his mastery of technique that 
Skes a bUiAdress a whispe&of light layers, he 
haTa chance to score over fashion s new ar- 

nV Tfie end of the show — tweeds as light as 

thistledown in bright color maes—wpmred±e 
Sanel spirit and looked like it should have been 
the show's jumping off pomt 


Why did Lang’s show seem by contrast so 
assured, sophisticated and comprehensible? 
Here was a designer mixing elements of mas- 
culine and feminine with ease and grace. Fresh- 
ness was the key, as white cotton tops or simple 
shirts were balanced with strong, modem pants, 
or lightened with featherweight skirts, made 
from airy ribbed nylon, or even cobweb knit But 
like all genuinely avaot garde designers, Lang 
has now abandoned sheer clothes for light layers 
that suggest the female body shape without 
revealing it in a vulgar way. 

Eroding the line between male and female 
clothes, Lang showed both. He started with short 
cotton coats over pants. In white, they could have 
been lab coats. But a garland of fabric flowers at 
neck and hips might hint at a modem femininity. 
A hanow knitted strip or a designer's take on the 
Japanese obi sash were other hip belts. And 
below them, the meringue light skirts and mille- 
feaille layers were folded into unpressed pleats, 
their volume artfully balanced by the lightness. 

All this was shown in an easy way with canvas 
kfl rflfft shoes (black with white sole). They went 
even with fairy-like evening dresses, which wee 
either a loose A-line shape or made out of lattice 
of ribbons. Some were reminiscent of Comrne 
des Garcoas (an influence on many runways). 
But Lang made original effects, like the pretty 
skirt caged under a long cardigan. The feather 
crown that came out near the end should have 
been the designer’s victory wreath. 

John Galliano's show was the usual high camp 


romp — a 1930s upper-crust tea party, where the 
models twittered among the audience, passing 
cookies, perching on the antique furniture and 
acting like the Earl Grey was laced with gin. 

And what a place the designer-dreamer had 
found to camp m! The chandeliered Chateau de 
Vincennes, dolled up with needlepoint couches, 
velvet drapes and a harp. Among them, the 
soaring white feather hats and slinky dresses 
looked right at home. 

So no change at Galliano then? It seems mean- 
spirited to complain that such a delicious decor 
arid such magical clothes have become com- 
monplace. For the clothes were beautiful, and 
new in execution, if not in spirit. The designer 
had taken a Southern Baptist theme of two yeans 
ago and reworked snowy broderie anglaise 
dresses in lacy white stitches. They s linked down 
the body, some with an insert of sheer fabric 
across the thighs, which is a Galliano staple, 
another with a flutter of embroidered butterflies 
and rosebuds on a gauzy bodice. 

New was a colorful ethnic theme, as though 
the merry band had returned from the colonies 
with piles of beads and bales of Dtat fabric, made 
into cute 1930s dresses flipping out to a so- 
phisticated length below the knees. The flame- 
stitch patterns in purples, blues and yellows also 
came on tiny jackets and even patterned kni fe or 
dainty shoes. 

_ How one longed to see them not as period 
pieces — without the Marcel- waved hair, the 
long cigarette holder or the swooshing doge 


coats that inevitably came out over Galliano's 
signature bias-cut dresses, as though he can't 
keep his hands out of die trunks in the attic. Foi 
at the heart of the show was a sharp, sexy, 
modernity. And La Vie du Chateau has nothing 
to do with that — nor with women's real lives. 

SUZY MENKES is fashion editor of the In- 
ternational Herald Tribune. 


Peter Keppler 

presents 

Gala Evening Dresses 
Cocktail Extravagance 
Couture 
and 

Pr£t-a-porter 
on October 18-21, 1997 

at the Hotel Geoige-V 
Avenue George-V - Paris 
Salon 155 

TeLs (1)47.23-54.00 


I 








PACE 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX OCTOBER 18-19, 1997 


FASHION / A SPECIAL REPORT 


Young Upstarts Reinvent French Style 

In Melting Pot of Parisian Art World, Designers Gain Inspiration 


By Rebecca Voight 

P ARIS — Thanks more to a kick 
in the pants than a monetary 
upturn, the Paris fashion scene is 
pulling out of its sleeping beauty 
mode at last 

Creative upstarts are reinventing 
French style in new stores and 
magazines through design competitions 
and, of course, clothes. 

What unites these fresh enterprises is 
the classic Paris combo of style and art. 
with a focus on exceptional fashion. 

Colette, on the Rue Saint Honore, got 
the ball rolling when it opened last 
spring. The 7 00- square-meter (7,500- 
square-foot) multi level complex billed 
as “ Styled esignanfood ’ ' is a retail hy- 





,\ ufll 


. t! o 

' - • 


brid. The downstairs cafe, combining 
delicacies culled from the best caterers 
in Paris and a worldwide selection of 
mineral waters is packed, and arriving 
early with an invitation is the best 
strategy for the in-house photo gallery ’s 
monthly private viewings. 

Although the ground floor is filled 
with personal high-tech gadgets, pricey 
sneakers, beauty and design, Colette's 
main occupation is fashion for men and 
women. 

The lineup is international and in- 
cludes both old guard, and new: Fendi 
and Pucci. Antonio fierardi, Alexander 
McQueen, and the American designer 
Todd Oldham. 

From France there are hand-knit 
cashmeres by Lucien Pellar-Finet. sleek 
Parisian tailoring by Jerome 1'Huiilier, 
little black dresses by the Paris-based 
Belgian Josephus Thimister, limitpH 
edition accessories by Bless sold in 
plastic packets at the store's bookshop 
and eerie chic from Jeremy Scott, an 
American in Paris. 

With a few deft cuts, and an extra 
sleeve, Scott, 24, transforms the classic 
hooded sweatshirt into something oth- 
erworldly. 

His first collection of intricate draped 
and patched dresses and tunics in in- 
dustrial materials, fishnet and raccoon 
tails won him a French fashion Venus 
award, a prestigious spread in French 
•ELie and a London Sunday Times cov- 
er. 

20/20 Vision, a recent show at 
Colette, featured Scon's clothes viewed 
by photographers who caught his un- 
easy mood. 

After rigorous construction t rainin g 
in the fashion department at the Pratt 
Institute in New York, Scott says he was 
drawn to the cultural atmosphere of 
Paris. ■ 

“This city is a melting pot, and I'm a 
mix of many things. I don't think my 
clothes would be understood as well az 
home as they are here." 

Nearby, the style mecca Maria Luisa 
on the Rue Cambon is full of big names 
and more news than ever. 

At the end of the year. Maria Luisa 
Pbumailiou will open two new shops on 
the same block for menswear ana ac- 
cessories designed by Laurent But- 
tazzoni, who is responsible for the decor 


in John Galliano’s Paris showroom. 

“France is always the first to un- 
derstand fashion talent," says Poumail- 
lou, who freely mixes big names like 
Jean Paul Gaultier and Martine Sitbon 
with upstarts. 

Young Parisians here include Eric 
Bergere and Christophe Charon, who 
designs sharp-edged evening dresses. 
There are leather jackets as supple as 
shirts by Laanna Haseltine. and the den- 
im and sequin concoctions of Gaspard 
Yuridevich, winner of this year’s Fes- 
tival International des Arts ae la Mode 
design competition, held in the southern 
French town of Hyeres. which has 
launched talents like XuiyBet.' 

Poumaillou’s latest discovery is 
Massimo Mattetti, an I talian based in 
Paris, who fashions slinky evening tank 
dresses and cardigans oat of stocking- 
fine Lurex and has invented a fringe 
stripe in cashmere for next spring's 
most snobby threadbare look. 


A lthough Mattettrs 
designs are produced at an 
Italian factory, he works 
here. 

“Milan is too serious and Rome isn’t 
serious enough. I began my career in 
couture with Balenciaga and Lanvin, 
but my passion is ready-to-wear," Mat- 
tetti explains 

"Paris is beautiful, but it’s also 
real.’’ 

For young French designers like 
Jerome Dreyfuss, 22, enrrenriy working 
only on special orders in the Bastille 
before he presents his first formal col- 
lection next March, Paris is a cross- 
roads. 

“I ran away from French fashion 
school to work for Galliano, where I 
finally learned something," he says. 

The young designer whose sexy.jack- 
ets are a zigzag of delicate seams and 
jeans, mixing a curvy toreador cut and 
whimsy, has been adopted by the British 
fashion stylist and Pygmalion, Isabella 
Blow, and his financial partner is Indian 
and based in London. 

Young French fashion is alive and 
kicking particularly in print 
Two new Paris-based magazines. 
Purple Fashion and Self Service — both 
printed in French and English — feature 
the intimate work of top young pho- 


tographers like Terry Richardson, Nath- 
aniel Goldberg and Mark Borthwick. 

Sized like a pocket agenda, the bi- 
annual Purple Fashion is part of a group - 
of Purple magazines including Prose. 
Fiction and a new title., Purple Sexe, 
which contains erotic writings and pho- 
tos. 

Parole Fashion's itinerant curators, 
Eledn Fleiss and Olvier Zahm, put de- 
signer clothes, photographers ana artists 
together and encourage them to work 
beyond seasonal fashion trends. 

Clothes by Hussein Chalayan, 
Helmut Lang and Martin Margieia are 
featured currently with a series on pub- 
lic housing high-rises in Helsinki ahd^ 
Marcelo Rrasilcic fashion spread star- 
ring Barbara, a 73-year-old aerobics in- 
structor immortalized in her own ward- 
robe. 

Self Service also leaves its pages 
open to photographers although "it's 
not carte blanche," stresses 29 -year-old. 
EzraPetronio, the editor in chief, who is 
an American raised in Paris. 

He started the magazine, which pub- 
lishes every three months, two years ago 
with Suzanne Roller, a fashion stylist 

“It’s a selective netwodc," says Pet- 
ronio, of Self Service, Work In Pro- 
gress, the related art direction studio, 
and new Self press office. 

"We’re defending what we like and 
experimenting. It's by and for a new 
generation in Paris and beyond.” 

REBECCA VOIGHT is a journalist 
based in Paris who specializes in fash- 
ion. 


r * vXv. •• ■ 

.■■is • 


.. • i, :.i 




kag:-: 




liifiB 


It’s Official: Shopping 
Can Be Good for You I 



A.#'-'' 


i*S* 




m 



Mho. AmMd Bani. Inez V«o LnMtod: sad Vueadb Miudla 

Top left. Dreyfuss creation ; bottom left, dress by Scott; center, a Mattetti design. Right from top. Jeremy Scott, Jerome Dreyfuss and Self Service cover. 


By Roger Tredre 

L ONDON — Whoever said 
money can't buy happiness 
didn’t know where to shop — a 
sentiment close to the heart of 
every fashi on professional. 

Shopping is fun. Sometimes (and 
here's an heretical thought), it's more 
fan than watching the collections on the 
Paris runways. See that fashion editor 
slumbering behind her dark glasses in 
the front row? Watch her come alive in 
20 minutes time when she high-heels it 
down the Roe Etienne Marcel, credit 
cards held aloft, in the headlong rush to 
spend, spend, spend. 

When we shop, we lode at die clothes 
we want to look at And runways? Well, 
let’s be frank: there’s no escape once die 
lights go up. 

That shopping is a pleasurable ac- 
tivity bringing comfort to women the 
world over sounds like-common senses- . 
But it’s only relatively recently that 
academics have begun to take this at 
face value and explore the individual 
experiences of shoppers. 

Researchers on both sides of the At- 
lantic are approaching the study of 
shopping with a new sympathy. Out 
goes cold analysis with its emphasis on 
number-crunching and marketing jar- 
gon. hi conies a new “people-friendly” 
tack, with academics trying to under- 
stand.consnmers as individuals. 

Helen Woodruffs, lecturer in con- 
sumer behavior at Britain’s Lancaster 
University, spends ho - time interview- 
ing * ‘real’ ’ women about their shopping 
habits. Her long-term goal is a national 
study of comfort shopping — that phe- 
nomenon where women go out to buy a 
new outfit after a bad day at work or a 
dispute with their husbands or just when 
they Ye feeling down. 

“Shopping can be a very positive 
force in women’s lives, and it’s im- 
portant we recognize that,” she says. 
"Whenever I lecture on the subject and 
ask if anyone has shaped to make them- 
selves feel better, virtually every woman 
in the audience puts her hand up.” 

Woodrnffe should blow. She began 
her research in 1993 after years of in- 
dulging herself in both comfort shop- 
ping and comfort eating. “I still do 
comfort shop. Let’s face it, life wouldn't 
be worth living without it/’ 

Her biggest ambition? To write a case 
study on the Duchess of York, who once 
memorably described herself as “the 
impulse buyer incarnate.’’ “Feigie 
wonld be fascinating,” Woodraffe says. 
“She’s a textbook case.” 

Woodraffe claims a key element of 
comfort shopping is spending more than 
you ought to. "It’s a bigger thrill when 
you can’t really afford to buy something 
— the thrill of forbidden fraiL * ’ 


The British designers Suzanne Qe- , 
meets and Inacio Ribeiro, who are selling : - 
their collection this week in Paris from &* . :’y 
suite at the Hotel Costes, agree. 41 Tt has to y ; 
be expensive,” Ribeiro says. “It’s like- 
rewarding yourself for all the bard work,, 
all those missed weekends." 

The couple, who are married, pop out 
for a spot of comfort shopping along the 
Rue Saint-Honore whenever they can ; ' 
squeeze a moment between buyer ap-. y- 
pointments. “I bought another pair of . - 
shoes yesterday/’ Dements admits. “.I 
don’t oe«l them. I’ve got 30 already.” _•:* 
For Clements, the thrill is in the pur- 
chase. "Buying can be more fun- than ; 
owning. A pair of shoes is never more 
perfect than when it’s in the shop/’ 

Shopping is also social. The giant - 
tum-of- the -century department stores 
opened in Paris, London and New York • 
were places where women could meet 
without suggestions of impropriety. The 
spate of modem retailers opening coffee 
bars or restaurants within their stores is. 
a reaffirmation of a century-old phe- 
nomenon. 

Academics make a distinction be- 
tween the majority of women, who rec- 
ognize comfcat shopping as a regular or 
occasional emotional need in their lives, 
and a minority who are seriously ad- 
dicted "It’s like foe difference between 
enjoying the occasional chocolate bar . j 
and binge eating/ ’ Woodraffe notes. j 
Shopaholics need help and counsel- 1 
mg, although even here academics are 1 
revising thefr opinions.-Self-help groups 
established on both sides of the Atianuc ! 

in the ’80s tended to see the lure of the ‘ i 
designer fashion store as an evil, urging {Jf 
members to cut up their credit cards. T* 
The modem view is that shopping 
addiction is symptomatic of deeper 
problems. The buzz of buying may 
provide temporary relief from depres- 
sion, although it is followed by feelings 
of guilt and regret. 

There is also a physical thrill to shop- 
ping. As many as 45 percent of shopping 
addicts interviewed by researchers at 
Oxford University’s School of Man- 
agement Studies admitted that they 
were unhappy with the sex side of their 
personal Lives, compared with 14 per- 
cent of “nonnal" shoppers. 

This research confirms what popular 
novelists such as Judith Krantz have I 
been writing since the ’80s — that shop- 
ping and sex are inextricably linked, 
with the former serving as a substitute 
for the latter. 

The problem in the late ’90s is this; 
with runway shows running from 9 in the 
morning through to 1 1 at night, no one in 
the fashion biz has much time for either 
shopping or sex when in Paris. Now 
that’s what we call a real fashion crisis. 

ROGER TREDRE is fashion-features 
writer on The Observer. 


Paris Breaks Out in Fin-de-Recession Burst of New Clubs and Shops 


By Alicia Drake 

P ARIS — Jusl over a year ago, 
Frank Bescgher was working as 
an undertaker at the Pere 
Lachaise cemetery. Now he 
owns a tiny and kooky cafe, Le Denich- 
eur, where you can buy not only a goat's 
cheese and* basil omelette, but the chair 
you're sitting on or the plate you’re 
eating off. 

Besegher’s radical career change 
came about because he was sick of his 
job, adored flea markets, and. as he 
explains, “There were so many things I 
wanted to do with mv life that one day 
mv head just exploded. I broke my piggy 


bank and scraped together my cash.” 
With 50,000 francs (58.500), he trans- 
formed a former tatoo parlor himself tty 
laying a mosaic floor, painting the walls 
scarlet, building a kitchen and equipping 
the place with nis flea market finds. Now 
on a Saturday afternoon, the caf£. at 4 
Rue Tiquetonne. is hopping with rap- 
pers and Nike-shod shoppers. 

It’s offbeat a little raw and a good 
example of the first green shoots of fin- 
de-recession happening in Paris. For so 
long this city has been mired in eco- 
nomic despondency, while its social life 
has been through a bout of grim de- 
pression. In addition, ever since the 
Eurotunnel opened in 1994 and Parisi- 
ans have been able to dash to London 


raoul et curly 

Coming to Paris? Visit the best duty free in town. 

All major brand perfumes AND COSMETICS. 

Designer gifts: Handbags by Lagerfeld, C. Lacroix. Nina Ricci. 
Jewelry by Y.S.L.. C Lacroix, Lagerfeld. Ties by Lanvin. Cerruti,.. 
Silk scarves. Watches by Baume & Mercier, Ebel. Breitling, Rado 

47 avenue de I’Op&ra 75002 PARIS 
Tel: 01 47 42 50 10 - Metro Opdra 


and witness firsthand a city hell- 
bent on consumption, they have 
been suffering from chronic envy, 

Now at last a few Parisians are 
turning entrepreneur a gallery 
opening here, a boutique there, a 
sleek hotel health club and a tra- 
ditional restaurant saved from being 
turned into a sandwich shop, it’s not 
that the economic situation has 
eased, probably more a case of the 
only way is up. 

Next week's opening erf 213, a 
contemporary photographic gallery, 
bookshop and eclectic boutique will 
bring a frisson of excitement to 
Montparnasse, a neighborhood long 
bubble- wrapped in nostalgia. It is the 
idea of Marion de Beaupre, a major 

fashio n photographic agent who has putoRmm 

Marion de Beaupre. the vision behind 213. 



After some 20 years as an agent, she 
is pairing her stable down to one pho- 
tographer, Paolo Roversi. in order to 
concentrate on 213, “I think it’s hard for 
young photographers to find some- 
where to show in this city. I want to use 
213 to discuss, discover and nurture the 
new young talent,'* said De Beaupre. 
The gallery, at 213 Boulevard Raspail, 


opens Tuesday with an exhibition of 
Mario Sonenti’s personal work on the 
theme of sexuality. 

On the ground floor is. the library/ 
bookshop, once the dining room erf die 
1920s artist hangout, Le Due Boubet, 
which still has me curving, swerving 
Belle Epoqoe wood paneling. The fash- 
ion hairstylist Julien d'Ys has been let 


loose with a paintbrush to create a 
fantasy ocean work! of mermaids, 
sirens and cornucopias. 

Also on the daring side, the shoe 
designer Christian Louboutin last 
week flung the doors open to his 
second Parisian boutique, 38-40 
Rue de Crenelle. Louboutin chose 
the location on the “North African 
sonk principal,” that is he wanted a 
shop on the shoe street of Paris. 

Aid his choice of timing? “I’ve 
always believed in die inverse cal- 
culation of recession," saida cryptic 
Louboutin, “By that I mean to ben- 
efit from die end of the recession, 
you’ve got to be there and se lling 
before the recession ends.” 

_ Six months ago when Mark Wii- 
* liamson discovered that the 19th cen- 
1. tstyv one-star Mkhdin Manure 
Galantwas about tofall into tire hands 
of a fast-food sandwich chain, be decided 
to buy the restaurant himself. “I would 
never have dene it in this economic situ- 
ation had I not been tenacious and a little 
foolish.” admitted Williamson. 

The restaurant, located just behind 
th e Palai s Royal, closed its doors as the 
Mercure Galant at tire beginning of Au- . 
gust Williamson kept tire original staff, 


took the menu 20th century, reduced 
prices and reopened only three weeks 
Maceo, at 15 Rue des Petits 
wamps. The scene is now bistro and 
otizay with the chef Jean-Paul Devries 
»rvmg an 185-franc lunch menu and 
zzu-tranc dinner. 

True, the decor is still a quirky mix? 
tine of dusty leather banquettes, grand 
chandeliers and fresh paint, but Wil- 
lson points out that the place is far 
gom finished. "I’ve only done about a 
fifth of what I want to do, ” he said, “but 
s no point me staying closed and . 
t I haven’t got my bar stools. 

I don t even feel embarrassed about it. 
xou certautiy couldn’t do that in New 

i?uL 0r r^ n<k ? 1 ’ 131,1 ***** J u « 

reality of life today in France.” 

a* Parian social life, . 

«« ^ rolllers « have jnst opened 
cIub w their Hotel 

P 9 Rue Saint-Honore. The 
^orator Jacques Garcia’s health club 

aveSL*™ 101 more exotic than- your 
the^ar/w is- sullen... 

^^£dY i p%° ! lashion md 





















-Jr, 



PAGE 13 



The Hands That Mold the Hair 

With a Snip of Scissors, Stylists Make Their Mark 


Massato, inset, who tries to create a hairdo that emphasizes a client's personality, and his Nancy style. 


By Michele Loyer ' 

P ARIS — As every designer 
knows, it’s not just the clothes 
that make or break a show. The 
hairdos are just as much a part of 
the fashion message, and their creators 
— the little known hairstylists working 
behind the scenes — are increasingly 
gaining recognition. 

“I expect complicity from a hair- 
stylist,** said Christian Lacroix, who for 
more than 10 years has worked with the 
hairstylist Daniel Frenna. “With his 
te chniq ue, he should be able to project 
my ideas.” 

The most creative hairstylists can’t be 
found in the telephone book, and only a 
handful .of movie stars, top models, 
fashion photographers and couturiers 
know them. 

What distinguishes them from the 
run-of-the-mill variety? Technique, 
techni que, technique. 

“A good hairstylist must be able to 
do anything on any type of hair and 
work very fast,” said Marie-France 
Thavonekham, who operates Marie- 
France, (me of the handful of Parisian 
agencies that supplies hairdressers and 
makeup artists for fashion shoots and 
runway shows. 

In a male-dominated world, one of 
the rare female stylists to make it big is 
Odile Gilbert, a Briton who created 
spectacular hairdos for Karl Lagerfeld 
for Chanel and John Galliano for Dior 
couture shows in July. She stands out as 
a rising star, combining flawless tech- 
nique with great creativity. 

Gilbert, 39, started in Paris with the 
hairdresser Bruno Pittini, then went to 
New York for seven years as a studio 
hairstylist, becoming a favorite with top- 
notch fashion magazines. Today, she 
keeps her base and her studio in Paris but 
commutes regularly to New York. 

Although she had a six-page spread in 
a recent issue of the beauty magazine 
Allure, Gilbert acts like anything but a 
star. Wearing no makeup and with her 
hair casually tousled, she calls herself a 
'‘craftsman” with a passion for hair. 

“I need to touch the hair before I 
know what I am going to do with it,” 
she said. “For me, it’s a kind of ritual. 
Everything is in the posture and the 


Makeup : Now It’s for Show, Not Just for Shows 


Runway Colors 
Jump Onto the 
Store Shelves 


By Rebecca Voight 

P ARIS — A lightening bolt of 
blue across the eyes at JU 
Sander’s spring show in Milan 
last week was one more sign that 
i ? the pale face that has dominated run- 
ways lately is on its way out. 

Sander, whose elegant, minimalist 
fashion has become synonymous with 
low-key makeup, look an about-face this 
season along with the British makeup 
artist Linda Caniello, who has worked 
with her for the last seven years. 

"jil knows how to lake risks, Lan- 
ielk> said. “There was no makeup, at all 
on the face, or ihe lips, no mascara 
which would have cheapened the look 
— jusi this beautiful, primary shade of 

b *The blue eyes gave Sander's sleek 
image a more youthful aura and one 
i Wmore hot idea for color that the world s 
* » makeup companies will snap up. 

Runways have become a gold mine 
for makeup creativity. Always extreme, 
but often right on target, dtow^okrap 
is having an incr^ismg mfluMM on the 
product lines of Shiseido, the tauter m 
the Japanese market, the French com- 
pany Christian Dior, and ^ profe^iM- 
ally styled newcomer from Canada, 

M '"Hvc yean ago makeup was about 

ssKgiHSS 

the chance in October 1995, when tne 
teir stvlis. OddeGilhertbe gao'^ t 
strands of hair with bnghl mascara^r 
the Christian Dior runway show. This 
provokcda'Snal! style revolution. 



C ANADA’S MAC, which 
counts 140 -makeup shops and 
counters around the world, has 
tapped into the consumer’s at- 
traction to professional makeup. 

It is 'running a flamboyant ad cam- 
paign featuring the American cross- 
dresser and entertainer RuPaul; its 
st cues are staffed with makeup artists 
rather than sales help; and its products 
are available in pigment form, which 

allow users to mix their own shades. All 

these give MAC a beauty-insiders 
edge that has helped turn the company 
into an overnight success since its in- 
ception in 1986. Since 1995, die Amer- 
ican giant Estee Lauder has been dis- 
tributing MAC. products outside 
Canada and the United States. 

MAC. is doing five shows in Paris 
and plans to increase its activity in the 
future. Sleeve Marino, a Canadian 
makeup artist, comes to Paris for the 
shows to wade with MAC. and says it’s 
the one-on-one with the designer that 
malci-s doing runway makeup important 
to him. 

“When you do photos for ma gazin es 
or ads, it’s really up to you, the stylist 
and the photographer, but at the shows, 
the makeup is part of the design pro- 
cess.” he said. '‘Thieny Mugler works 
with every makeup artist backsta g e in- 
dividually to design the face of each 
model in the show.” _ 

“We’re involved,” said MAC.’s 
Gordon Espinet, “because its so in- 

is part of fashion,” said 
Espinet, who is on the company’s color 
fwiTrt, which is defining the coming col- 
lection. “It shouldn't be designed by" a 
bunch of suits and ties in a board- 
room.” 


wrists. To become a good hairdresser, 
one needs fingers and wrists as supple as 
a pianist's.” 

“It's a type of work where nothing 
can be taken for granted,” she con- 
tinued. “There’s always a new tech- 
nique or a new trick to be mastered.” 

Charlie’s is a veiy different story. 
Known as a society hairdresser with on 
impressive list of clients, including the 
actresses Catherine Deneuve and Isa- 
belle Adjani, Charlie operates a private 
salon at Alexandre de Paris. This month, 
she opens her own salon, called Charlie 
en particulier, where she will nor only 
cut hair but also help her clients find 
their own style. At 2,000 francs ($340) a 
cut, there is a six-mouth waiting list 

Charlie's debut in hairdressing was 
modest Now 41, she worked as an 
unpaid apprentice ferr the Carita sisters, 
who sent her to magazine studios to help 
with fashion shoots. Luck came when 
the fashion photographer Sarah Moon 
asked her to style the models’ hair for 
her Cacharel campaign. Charlie left 
Carita, and for the next 20 years worked 
only in the studios. Her major career 
break came in 1992, when EUe 
magazine asked her to cut Deneuve's 
hair for a cover. Within a week, the 
magazine was flooded with readers’ re- 
quests for the same hairdo. 

“I love to bring out women’s po- 
tentialities,” Charlie said. “All faces 
can be made to look beautiful. A new 
hairstyle can change a woman’s life.” 

O NE of the most creative hair- 
stylists in Paris these days is 
Massato, 43. He arrived in 
Paris at 19, fresh from a 
hairdresser school in northern Japan. 
After training with the Parisian 
hairdresser Maniatis, he started working 
as a studio hairstylist. Four years ago, he 
opened a little salon on the Left Bank. 
His first clients were magazine editors 
and young “Boulevard Sl Germain 
matrons” and their children. 

Massato is a master of the inventive 
cut, and abhors the blow-dry technique. 
With speed and precision, and using 
only scissors, he shapes hair like a 
sculptor would clay, giving volume and 
body to the finest and flattest hair. 

“Before touching a client’s hair, I 
always take time to observe the way she 


talks, dresses and carries herself,” he 
said. “A hairdo should emphasize her 
personality.” 

It sometimes accomplishes a lot 
more. Before she operates on her facelift 
patients, one plastic surgeon in Paris 
suggests a visit to Massato’ s^ salon. A 
new hairdo can often minimize sur- 
gery,” she said. 

Christophe Rohm is said to be the 
genius of nair coloring. Only 25, he has 
a faithful clientele of top models and 
movie stars. It is Christophe who “as- 
sists'* Deneuve’s blond mane. For the 
movie ‘ ‘The English Patient,” the dark- 
haired actress Kristin Scott Thomas let 
him lighten her hair into a glamorous 
platinum shade. 

F OR Christophe. coloring a 
woman’s hair should be a very 
private operation. He never 
takes more than two clients at 
the same time, charging 1,000 francs a 
session. Once a month, he takes his 
expertise to a salon in New York’s Up- 
per East Side. . 

Like most of his colleagues, Chns- 
tophe avoids trends. "A good hair color 
should go with a woman’s complexion 
and eye color,” he said. He insists that 
not all his clients are society women; 
some women save up for months to treat 
themselves to a color session with him. 

After working for years in the rar- 
efied atmosphere of the studios and 
fashion shows, some hairstylists need to 
go back to the real world. 

Valentin has been Yves Saint 
Laurent's exclusive hairdresser for many 
years. For the couturier's last show, he 
designed the models’ small-bunned hair- 
dos. He also works for the designers 
Romeo Gigli and Herve Leger. 

Although he talks with reverence of 
couture’s regal perfectionism, he finds 
it essential to touch base with what's 
happening in the streets. 

For Benetton's latest ad, the pho- 
tographer Olivier Toscani asked him to 
style the hair of multiracial suburban 
teenagers. 

“It was great fun," Valentin said. 
“The kids loved it and they were a lot 
more daring than many top models.” 

MICHELE LOVER is a freelance jour- 
nalist based in Paris. 


effect was very young.” 

Shiseido has been one of the pioneers 
in translating show makeup trends into 
consumer products. It's creative devel- 
opment is intimately linked with Jajran's 
fascination for all things French, par- 
ticularly Paris. 

The company founder, Yushin 
Fukuhara, the grandfather of Shiseido’s 
current president, Yoshiharu Fukuhara, 
visited r axis's Exposition Univexselle 
in 1900, where he discovered Ait Nou- 
veau, then unknown in Japan. 

T HIS was the start of what the 
Fukuharas affectionately call 
“the French sickness" that 
continues to inspire the cos- 
metics family today. 

Shiseido, whose business spans more 
than 100 years, is being celebrated in an 
■exhibit through Oct. 22 in Paris at the 
Musee des Arts Decoratifs. 

Twenty years ago, Shiseido was one 
of the first companies to do show 
makeup in Paris, and now it coordi n ates 
the makeup artists for several of the 
roost innovative shows in Paris, includ- 
ing those of Jean Paul Gaultier, Martin 
Margiela and John Galliano. 

“Fashion leaders pick up on show 
makeup trends right away, said Shi- 
seido’s Nobuhiro Hirasawa. “But it 
takes most women one or two years to 
catch on.” 

Hirasawa defines show makeup as * *a 
suggestion of new beauty. " A new Shi- 
seido foundation that leaves a shine on 
the face, for example, was directly in- 
spired by recent runway trends, he 
said. 



Chmlo|tEt Mmc 

Julius Schofield and Joanna Neicho. partners in Indesign for 20 years . 

Headhunters Lead 
Chase for New Blood 


a small style revoiunuu. — — luk* $»»» 

nown for classic products. Serge Lutens has fashioned Shiseido s international image for 1-7 years. *£**£& 
Lj. i. npvt me from the ... ,, ~ hAfwfwi designers and makeuo ceotion in 1986. Si 


S ulso been 

shirts®*..*™ 

cyclical. , ^ anI 5 - ° hour two years ago. 

»’^w 0V f S^ Sl “ st 

exact shade in its g^g ^jig an extra 
But it found the cos n . ^wided against 
color prohibitive and decide 

Top show ^^L^mlomconsult- 
wUo were just Now 

ants for cosmetics Pressure is on. 
they’re up frf ; ^^iaspns 

fc?Kn f0 c&- “ NCW 


Tesrimo,” by Kanebo, Cantello must 
make final selections for her winter 98 
colors by the end of the month. Mean- 
time she and her team have to plow 
through about a dozen runway makeup 
assignments from London to New 

Y< Vance said it takes Christian Dior 
“about a year and a half for us to get 
something we’ve seen into the collec- 

b °That time gap means that a beauty 
mrnnanv can’t wait to see what comes 
upafafesbion show to 
for the season — it must anticipate the 

trends. 

W hen the French makeup 
artist Stepbane Marais put 
ruby red blush on the 
cheeks of John Galliano s 
pinup girls for tteChriflhm 
■<& coUecoon, heusedral- 
“ “that cosmetics comp any te d 

decided to go with six mo nths be fore^ 
T^oinbp face figures pramnently 
inSSWscunnn.n*^ 

canpaign photographed by Nice 

KbiJk and *a grew cample of the 


osmosis between designers and makeup 
artists. 

Traveling in Asia before the show, 
Marais found a collection of cigarette 
advertisement posters from the early 
1900s to the 1950s in a dusty Hong 
Kong bookshop featuring glamorous 
Asian beauties- 

H E brought them bock to Gal- 
liano, who was toying with a 
Chinese look mixed with Var- 
gas pinup style. The posters 
became the inspiration for the collec- 
tions’ makeup. 

Designers tend to be categorized, but 
makeup can put their style in a new 
context. 

When he had his first meetings with 
Christian Lacroix last season for the 
ready-to-wear collection, Marais dis- 
covered a new, naive quality from 
Lacroix, particularly in the jeans. This 
inspired blue and purple lips and eye- 
brows on the runway, 

“We decided to let the models 
choose die colors they liked best, and I 
supervised,” Marais stud, “It was like a 
kindergarten art class backstage. The 


Con tin ued from Page 11 

Schofield. “From very modest begin- 
nings. we have become a professional 
recruitment service and we work in the 
same way as any employment agency 
for junior staff.” 

At Denza International, Vanessa 
Penza has also built up a London-based 
fashion recruitment and consultancy 
service for clients who include Calvin 
Klein and Nike in New York and in- 
ternational companies from Dusseldorf 
through Hong Kong. 

Her expertise includes a precise fol- 
low-through, advising on contracts and 
helping her protdgfis to settle in and 
“grow with the job.” Denza tries to 
screen the 200 British students who 
graduate each year and to persuade cli- 
ents that taking on fledgling talents 
means training for the future. 

Head-hunting may sound like God's 
gift to fashion, but aren't there any 
snags? What about Rodriguez's abrupt 
departure from Cerruti? And Marc Jac- 
obs public revelations that he is con- 
fused about his role in Louis Vuittou’s 
corporate structure? 

One freelance designs', speaking off 
the record, says that he has had it with 
headhunters. He dismisses their so- 
called expertise, claiming that they nev- 
er see fashion shows, except on tape; 
that they cannot distinguish genuine 
creativity from publicity gimmi cky tha t 
they are in thrafl to American magazine 
editorials; and that they are obsessed 
with the “Gncci solution” of making 
newsworthy clothes as an engine to sell 
accessories. 

If that is partially true, it is probably 
the clients’ fault Head-hunting seems 


to work fine when the client is savvy. 
Ralph Toledano, president of Guy 
Laroche, used De Saint Pierre to look 
for a designer, but gave her a clear 
brief. 

“There were 20 dossiers, and we 
whittled it down to three," says 
Toledano. “The relationship between 
the manager and the creator is 
something fundamental and the person- 
al note is very important'’ 

Gerald Asaria of Lanvin also says 
that working with a headhunter meant 
analyzing the company 's needs — in his 
case the desire to have a woman de- 
signer to take up Jeanne Lanvin’s 
flame.' 

There is something discomforting 
about the idea that the brightest and best 
of fashion's new generation will be used 
to revitalize old bouses, rather than be 
backed to build their own brands. 

And perhaps the major problem for 
the future is that head-hunting of its 
nature discourages loyalty. A designer 
who is a successful mercenary might be 
approached by another house. The 
headhunter would certainly favor the 
change, because the going annual rate 
for a strong designer is now around 
$800,000 — and a top headhunter gets 
at least one third as a fee. 

And what happens when today’s 
fresh new talents hit 45 years old? They 
get traded in for a newer, or more news- 
worthy model, after 10. years of being 
squeezed of their creative juices. 

The message for a young designer 
generation is the same as for sports 
stars: get it while you can. Aging fash- 
ion labels desperately need new blood 
— and are prepared to pay a premium 
for it And for both sides, the headhunter 
is a useful weapon in ruthless times. 


























































































*>*> jil 


ivror*vn<nvAL 



BUSINESS/FINANCE 


SATURDAY-SUNDAY, OCTOBER 18-19, 1997 


PAGE 15 



V 




& T S: 

ti. 


3v 

5*v ■ J 

l'T" r ‘ '. 

^ j'c : r . 

ijf V 1 ;- ; 

>■• *- 
-a - 


* 


Headlines in the Oct 20, 1987, New York papers sum up the carnage on Wall Street as stocks fell 508 points. 

Can October ’87 Happen Again? 

Danger Signs Exist, but Today’s Market Is a Different Place 


By Jill Dun 

Washington Past Service 


NEW YORK — From a distance of 
10 years, the Oct. 19, 1987, stock- 
market collapse looks like a s mall blip 
on a far-off horizon. 

Sure, it was the single worst day in 
the stock market’s history, with the 
Dow Jones industrial average lo sing 
508 points, or 22.6 percent of its value. 
An equivalent event today would bash 
about 1 ,800 points out of the average. 

But the market rebounded quickly. 
The Dow climbed out of its hole, pos- 
ted a small gain for that year and kept 
going, rising nearly fivefold in the 
ensuing decade with relatively minor 
hiccups along die way. 

Not that the bumps are not scary. On 
Friday, for example, a skittish market 
plummeied on disappointing corporate 
earnings reports and Japanese trade 
tensions. The Dow. which was down 
more than 180 points at one point, 
finished at 7,847.03, down 91 .85. 

Before 1987, die nation's main pre- 
vious experience with a huge sudden 
plunge in the market was in 1929, 
when a market crash ushered in die 
Depression and wiped out a significant 
chunk of a generation's wealth. What 


arosefrom the 1987 collapse was anew 
conventional wisdom about equity in- 
vesting: Stock prices rise as companies 
grow; the prices eventually reach ex- 
cess levels, and then they correct them- 
selves. Investors who buy and hold for 
die long term will be rewarded. 

Today's investors seem convinced 
that the best strategy in rimes of tur- 
moil is simply to bold on. This con- 
viction is one of die biggest reasons 
many say the next sell-off, whenever it 
comes, will not repeat 1987. These 
analysts also note that the underlying 
structure of the markets today is much 
stronger than it was 10 years ago and 
better able to handle any mass stam- 
pede to die exits. 

‘There’s a much broader base of 
constituents in Che market, so although 
we could have a drop of similar mag- 
nitude, it probably won't happen so 
fast,” said Samuel Hunter, senior vice 
president at OpdMark Technologies, 
which is offering a new trade -match- 
ing system for institutional investors. 

Still, die surging bull market of the 
past three years looks similar by some 
measures to the run-up that occurred 
before die 1987 debacle. 

Few dispute that stock prices are 
awfully high relative to corporate 


earnings, with the Dow stocks trading 
at more than 21 times projected earn- 
ings for the full year. But there are 
several key differences between the 
two periods, as noted in a recent report 
by Bruce Steinberg, Merrill Lynch & 
Co.’s chief economist 

Inflation, which erodes the value of 
financial assets, is at only 2.2 percent 
and falling these days, while core in- 
flation as measured by the consumer 
price index in 1987- was at 4 percent and 
rising Similarly, interest rates were 
rising sharply in 1987, as die Federal 
Reserve Board tried to temper that in- 
flation. 

The bellwether U.S. Treasury bond 
was yiel ding more than 10 percent at 
the time of the market collapse, up 
from about 7_5 percent the year before. 
Today, rates generally are falling The 
30-year bond is yielding 6.4 percent, 
down from more than 7 percent earlier 
this year. 

In addition, the federal budget def- 
icit now is shrinking, the dollar is 
strengthening, and corporations are far 
less debt-burdened than they were 10 
years ago. 

So. even though the markets may 
look the same on paper, they are in fact 
very different 


ECONOMIC SCENE 


* Brazilian Firms. Wary of U.S. Trade Pact 


By Anthony Faiola 

Washington PuU Service 


ife 

Sery* 

v 





wm 


S AO PAULO — His companies 
mav make stuffed teddy bears 
and baby dolls, but Synesio 
Batista da Costa is anything but 
warm and fuzzy on the idea of rushing 
into a free-trade agreement with the 
United States. Trade barriers, Mr. 
Barista insists, are not something to be 
lifted apart like so many Lego blocks. 
Take, for example, the Brazilian toy 
. industry. In 1994. American companies 
«r almost did it in. as import taxes on 
* Barbies and Barneys from tbe United 
States fell to an all-time tow. More than 
520 domestic toy factories closed within 
24 months, and 15,000 workers lost 

lh TbSay/ with tariffs back up to a whop- 
ping 63 percent on toy imports, em- 
ployment in toy factories across Brazil 

has gone back up by 5.000. 

*'We don't want 3 U.S. economic 
invasion, at least not until we are m a 
position to compete, Mr. ^nstj pres- 
ident of the Brazilian Association- ot 
Toy Makers, said after Jistenuftto Pres- 
ident Bill Clinton give a speech here this 


week to business leaders. 

In Sao Paulo, a pivotal stop on Mr. 
Clinton’s weeklong South American 
tour, tbe U.S. president messed bis pro- 
posal to expand hemispheric free trade 
from Canada, the United States and 
Mexico into the rest of the region. But 
here, in the industrial heart of Latin 


Heavy taxes make it 
difficult for Brazilian 
companies to compete in 
a free-trade environment. 

America, Mr. Clinton’s dream of a Free 
Trade Area of the Americas is now more 
feared than anticipated, especially 
among the politically powerful Brazili- 
an business sector. 

Even as U.S. lawmakers and labor 
unions wrangle over the idea, saying it 
would cost thousands of U.S. jobs. 
South Americans also are arguing about 
it Many say thai rushing ahead with free 
trade could destroy the significant but 
still fragile gains achieved under eco- 
nomic reforms made throughout the re- 


gion in the 1990s. Brazil in particular, as 
the powerhouse of Latin America, with 
halt its economic output — and without 
whose cooperation a hemispheric trad- 
ing bloc would be impossible — is in no 
hurry to tie the trade knot with the Giant 
of the North. As a result, Mr. Clinton is 
discovering that the difficulty of con- 
vincing skeptics back home may pale in 
comparison with the task of selling his 
idea here, where many are viewing the 
U.S. position as a throwback to the days 
of Yankee bullying. 

“We’re not ready yet for it. and we 
don’t want it forced upon us.” said 
Roberto Macedo, president of the Elec- 
tronics Manufacturing Association of 
B razil, which represents makers of tele- 
visions, stereos, photocopiers and other 
electronic goods. “Tbe U.S. is trying to 
herd us into this thing like the buffaloes 
in the Wild West, and just like those 
buffaloes, if we allow it, we will be 
beading for extinction.” 

At the Summit of the Americas in 
Miami in 1994, leaders from throughout 
die hemisphere, including Mr. Clinton 
and President Fernando Henriqoe Car- 

See TRADE, Page 19 


gUPPENCY & INTEREST RATES 


Cross Rates 


•V Awl"*" 
© hvuats 
? FronHWI 
UfltoW 
MkM 


t - 




Oct 17 

* 1 “ft .Si Sr - S- £ 5r A 

isns am nw SSj-iuos — uo 

** *7a ions 4*w-,ao« ur w i"’ 

iw» ?*» wS am sas vmwm urn ms 

I tiff — TS. jm 4919 HUB mra*w» — 

u&» MW 52 _ HUS a* imn UM 

LWO 27BB0 IMS 3U7 >*5 1S» HUB 

_ isu t7« aw '-i?®. 125 lwa usa tsar *»e wra* 
i«n 9i« ass — “2 iS oa -mw® 

1*15 AS? 1M Mjj M 09M* OS* 1-1* * " — MS" 

35 un w«a H- SS* - imi- ikh ■«' 

14,-i JOT 05D? m A5J9* US VW» IS* 

ECU Ml* JS1 m3 2JBW MUM »«■ Ml 

SDR '» ““ *•******" 


MnrYKktU 

Parti 

Ittro 

Hfwrf* 
Zurich 
i ecu 
I SDR 


Other Dollar Values 

***** p«* 

ihsMLOT* ZaZSSis 

gs-ig S* 

SSS5«5S g-s* 

S mm*.** 


pars 

27652 

7J39S 

194J8 

34195 

3455-0 

35235 

03015 

1256 


NWLP» 

K-lKkWJS 

Non*, taw* 

PW-P» 

PoWnWJ 

PwttwAa 

KustntW* 

Son*** 

Sin*.* 


Forward Rates 

aw *M*r Canwqr 

IMW — i 


Pot* 

7-736 

\S56H 

7.063$ 

sun 

139 

mxa 

5878-5 

175 

1.5555 


Ohiwcr 

lAfr.iwd 

S-Kot.otm 

swwLkrwm 


Thrift*? 

IMEArtw 

VOTOTthe*?- 


POTS 

16965 

91180 

7M27 

2931 

37.10 

177710. 

16720 

STUB 


MV 

119J7 1193« 11170 
{ jSUk 1JS14 1J4S3 


Libid-Llbor Rates °cl 17 

Swiss French 

tMtor D-Mm* Prone smew Franc Yen ECU 

1. month 5^-51* » IVk-JWl* 7V.-7VW Mh-36 a H-M 

j^morth SV»-» 3Vii. 354 IM-Thk 7W-71* 1V».9W i9^.491» 

tmpnlh 5W.59I 3WV-3WW 1>»-2V» PW‘7V5 «-4H 

l-veor 4!fr-4V» W-Hs 4 ¥b^W» 

Somes Rpufers. Uojrth Bank . . . 

Bates mpSabiB to Matnirt tkffuOs of Si nuOon mtrmvm lor «pWrtenO. 


Key Money Rates 

United SMM 
DtKsootrate 
Print rate 
federal fares 
9B-dnrCDsdeolen 
188 -doyCPaeriOTs 
3HnMthTn«my&a 
l^eOTTiMWiybfll 
2^r*srTmioiyh91 
sartor Treoswy note 
7-year Tnoaivintr 
TO-yaorTrettiiirr note 
3* ww Uwaiy head 
MmtB LynOi 30-doy R 

Jnp— 

HecoantrAe 
Cad nancy 

s-menm WedKinti 

4-month hritrtMOk 
in-yeor Gort bond 


4-- 





mnbnrdrat* 

Cril money 
1-nonlh hderbonfc 
3-aamtt ioterhsrii 
(■nenrii Meitnnk 
re-yeor Bond 


Ok* 

Pm 

5J» 

5.00 

BVi 

tri 

sn 

5% 

546 

LA6 

5.52 

5.52 

4.92 

4.91 

5J6 

5.21 

5X9 

5JJ1 

6j07 

640 

6.11 

604 

6.16 

6j09 

644 

us 

509 

SJ19 

050 

050 

0^5 

042 

046 

046 

047 

047 

QS0 

050 

ise 

zm 

450 

450 

545 

345 

353 

353 

170 

170 

092 

175 

557 

541 


BrtMO 

Book bm* raw 

7.00 

730 

CoBouacy 

714 

7ft 

j. Santa jotartoak 

7¥n 

7ft 

2-OMntti lutwiw* 

7V4 

7ft 

6-wmtb tatefemk 

7tt 

7ft 

16-year OUt 

650 

651 

Franco 



lotepMONirati 

120 

130 

Ctf OTMM9 


2ft 

1-mnrti fflJ*rtwnk 

29W 

394 

3-aanfh ioteftank 

391* 

3T. 

twHfli atwfcuk 

3* 

3ft 

l Hear OAT 

669 

558 

5MKW Rarffifx SJooOTftm Mania 

Lrncib Bank of Totro-MifsatustiL 

0 tmutaUMlnw* 


Gold 



AM. 

PM. 


Zurich ruL 

32400 

-100 

LoadM 32420 

32430 

-105 

NnYwk 32660 

32620 ■ 

-060 


US. drites per ounce. Landau atonal 
tMngs; Zorich and New Yort opeRtog 
and dosing prices New Yorit Cemex 
(DtO 

Source Aestm. 


By Thomas Fuller 

Special to the Herald Tribune 


KUALA LUMPUR — Malaysia un- 
veiled a budget Friday that states the 
country's future on information tech- 
nology and a larger services sector, 
while discouraging investment in con- 
struction and other industries that rely 
on heavy imports. 

However, tbe budget, which had been 
awaited by investors for signs that 
Malaysia was taking firm steps to avoid 
a deepening financial crisis, disappoint- 
ed the markets. The country’s currency, 
die ringgit, extended its recent losses, 
falling 2 percent against the dollar. Tbe 
U.S. currency rose to 3.2660 ringgit, 
from 3.1727 Thursday. 

Most analysts dismissed the budget 
as insufficient to deal with Malaysia’s 
economic and financial difficulties. 

In a speech that was closely mon- 
itored by investors looking for positive 

Bangkok cancels tax increases and 
delays finance reform. Page 19. 

signals. Finance Minister Anwar 
Ibrahim called for a modest increase of 
1.9 percent in federal spending. By 
comparison, tbe government expects 
output to expand by 7 percent next 
year. 

Addressing concerns about tbe coun- 
try ’s cmren t-account deficit, Mr. Anwar 
confirmed the deferment of nearly a 
dozen large-scale infrastructure proj- 
ects, including the Bakun hydroelectric 
dam and a bridge across the Strait of 
Malacca linking peninsular Malaysia, 
with Indonesia. The cost of Ihe post- 
poned projects is estimated at $20 bil- 
lion. 

“The cut in government spending is 
not deep enough to bring a sharp shrink- 
age in the current-account deficit,” 
Daniel Lian. head of Asian markets 
research at ANZ Investment Bank in 
Singapore, told Bloomberg. “There’s 
no relief for the ringgit” 

Tbe ringgit has fallen nearly 30 per- 
cent since July, when the region’s cur- 
rency crisis erupted. 

Jomo K. S., an economics professor 
at the University of Malaya, said that 
‘ ‘one of tbe problems this year with the 
budget — and this partly explains die 
market response this evening — has 
been that there were all these unrealistic 
expectations.” 


What the country Deeded, he said, was 
a comprehensive package of investment 
incentives similar to the Promotions of 
Investments Act passed in 1986, which 
was followed by nearly a decade of 8 
percent growth. 

“The kind of upturn later in the decade 
would not have been possible without 
it,” Mr. Jomo said. “Given that we’re 
talking about going from manufacturing 
into information technology, you're go- 
ing to need a major new statement of 
policy priorities and incentives.” 

Mr. Anwar, who is also the deputy 
prime minister and is considered Prime 
Minister Mahathir bin Mohamad’s heir 
apparent, also announced higher tariffs 
on imports of cars and construction 
. equipment and unveiled tax incentives 
for exporters. Mr. Anwar referred to 
parts of the budget as bitter medicine, 
but sweetened die package with a cut in 
corporate taxes to 28 percent, from 30 
percent. 

Beyond immediate concerns about 
die current-account deficit, however, are 
deeper worries about the country’s over- 
all competitiveness. The budget comes 
at a pivotal time for Malaysia, which, 
like its neighbors, is being challenged by 
low-wage competitors. 

“We must compete aggressively 
with low-cost producers in countries 
like China and Vietnam,” Mr*. Anwar 
said in. his speech Biday. 

The push into knowledge-based in- 
dustries is see a as a way to move up the 
value chain and find a new niche in the 
regional economy. The budget con- 
tained help to develop government in- 
formation-technology programs and al- 
lots 1 19 million ringgit ($37 J million) 
for special schools that will teach com- 
puter skill s to young students. Nearly 20 
percent of the entire budget is ear- 
marked for education. 

“It is imperative that every Malay- 
sian should be knowledgeable in the 
field of multimedia and be able to use a 
computer,” Mr. Anwar said, adding 
that families would be provided a tax 
rebate of 400 ringgit for the purchase of 
a computer. 

Following the speech, Mr. Mahathir 
called the shift to information technol- 
ogy industries imperative. “We have no 
choice. Already we have a shortage of 
woriters. And in order to grow the econ- 
omy, in order to increase the income of 
our people we have to switch into IT,” 
tbe prime minister said, using die ac- 
ronym for information technology. 


New Clouds for Asian Currencies 

Investors Jittery Over Malaysia Budget 

Taiwan Lets 
Its Dollar Hit 
Lowest Point 
In a Decade 


C.BV^rV *S Our SLtfFnei PU/ufc An 

TAIPEI — The Taiwan dollar 
sank to its lowest close in nearly a 
decade Friday after the central bank 
eased what for two weeks had been 
an airtight defense aimed at fending 
off the currency woes plaguing 
Southeast Asia. 

The U.S. cutrency ended at 
29.70 Taiwan dollars, compared 
with 28.52 dollars Thursday. The 
last time the U.S. currency bought 
more than 29 Taiwan dollars was in 
November 1987. 

The central bank said the surprise 
depreciation in the currency was in 
line with its plans, an explicit in- 
dication that the exchange rate 
would be allowed to remain at that 
low level and perhaps to fall still 
further. 

“Friday's depreciation was part 
of the central bank's plan,” the 
bank's deputy governor, Liang 
Cheng-chin, said after the close of 
trading. 

The bank's withdrawal from 
backing the Taiwan dollar came 
after it had spent S5 billion to prop 
up the local unit since the outbreak 
of the Southeast Asian currency 
crisis in July. 

“The central bank's let-go at- 
titude triggered crazy U.S. "dollar 
buying,” a dealer at a foreign bank 
said. Another dealer said, “To most 
people's surprise, the central bank 
was willing to allow such a drastic 
depreciation. 

“The problem now is, we don’t 
know where the bank stands.” 

Mr. Liang sought to spell out the 
central bank’s new stance, explain- 
ing that “abnormal expectations” 
no longer existed in the foreign 
exchange market and that ' 'there is 
no need for die central bank to 
intervene.” (Rearers, AFP) 





Why your next dress shirt should come 
all the way from a lithe town in America, 


TV /f aybe you’ve heard of us 
1VJ. already, maybe not 

We’re Lands’ End Direct 
Merchants. And if the term 
Direct Merchants" is unfamiliar, 
it simply means that we do our 
business directly — by catalog. 

Like die merchants of old, we 
shop the world over, searching 
for toe best fabrics, the finest 
clothing makers. Then, we bring 
our discoveries home to rural 
Wisconsin — in America’s heart- 
land — where we give every- 
thing a good, final inspection 
before snipping it out to cus- 
tomers like you. 

The payoff is in our pages. 

Flip through our catalog, and 
youTr see that shopping our way 
has all sorts of advantages — 
starting with the products. 

Take our Pinpoint Dress Shirt 
for example. It has features that 
are tough to find anywhere — 
especially, at our price. The fab- 
ric is silky and smooth, the 
result of a tight 
weave and wbat 
shirtmakers call 
“80s 2-ply yarns." 

Our shirtmakers 
tailor in such clas- 
sic, Old World fea- 
tures as a genuine 
split-back yoke and 


a roomy, full box pleat in back. 
Even the buttons are a cut above 
— they’re classified as “super 
durable.” (Only 62 buttons in the 
world are.) 

How can we offer such a shirt, 
so reasonably? It gets back to die 
way we sell — directly. We have 
no fancy stores to keep up, no 
middlemen taking a cut Nothing 
to artificially inflate our prices. 

Ocean? What ocean? 

Of course, none of this would 
matter if shopping with us were 
troublesome. Fortunately, it's 
anything but In tact we think 
you’ll find if s a pleasure doing 
business with us — even across 
any ocean. 

Our catalogs give you detailed, 
factual descriptions of our cloth- 
ing. You know what you’ll get 
before you get it. Have questions 
about something? Talk to our 


friendly operators. They’ re here 24 
hours a day. waiting to help you. 

As an international customer, 
you even have a choice of three 
lands of shipping. So you can 
choose just the combination of 
speed and cost that’s right for you. 

You don’t have to worry about 
ordering the wrong thing, either. 
Simply return it any time for any 
reason, for a full refiind. If s 
unconditionally guaranteed. 

Sound interesting? Welt we’d 
’ be happy to send you a copy of 
our catalog. If s free and it’s really 
the best way to get to know us. 




Here are four ways to receive your FREE Lands' End catalog: 

■ Fax (his coupon: 1-608-935-4000 

■ Call us 1-608-935-6170. Please mention ad |W| 

■ Mail this coupon to: 1 Lands’ End Lane, Dodgevine, WI 53595 U.SJL 

■ Vimt us at wwwJaadsend.com/ind-xr 

Name _ 


Addons. 


Post Code 


Phone/Fax ( ) 


_ Couniiy . 


S3 


Wy 


INN bruit' Kui, Inc. 






RAGE 16 


EVTERWATIOPiAL HERALD TRIBUNE, SATURDAY-SUNDAX, OCTOBER 18-19, 1997 


R 


THE AMERICAS 


Investor’s America 


[The Dow 


3£TYear T-Bond Yiefd 1 

“ A/ 

/ 

“A ^ 



MO 



iOQ 


s ■ i 
1 -i 



1.65 

1.75 

1j65 



M J J A S O 


130 

120 

110 


M J J A S O 


1997 


1997 

Exchange 

fixlex - 

Friday ‘ Prev. % 

A Close Charge 

NYSE 

The Dow 

mrio - 7938,8a ' 

NYSE 

8&rsoor 

94417 9S.3 >1-16 

NYSE 

S&P100 ■ 

9G4JS3 914.24 -1JJ2 

NYSE 

.Qomposto:. . 

mJS$ - : 50^.30 . ■■ 

its. 

Nascteq Compo^te . : 1699^6 . ] 

AMEX 

Market Value 

70OS8 /.ftaaS; 's?,0a 

Toronto ■ 

TSE index 

7032.90 7090.30 -0.81 

SSoPsufo 

Boveapa 

. 1^7,76 125^18 -0.72 

Mexico City 

Bofea 

■ SKOjK S34K87 -1.87 

Buenos Aires Mervai 

- 820.75 828.34 -092 

Samtego 

IPSAOanorat 

5215^8 SS7.14- -0.79 

Caracas 

CapaatGawraf 

10613.6 10620.90 -0-07 

Source: Bloomberg, Reuters 

Inmruin+ul HcraMTnhtme 

Very briefly: 


Rate Fears and Computer Shares Drag Down Stocks 


• McDonald's Corp-’s third-quarter earnings rose 2 percent, 
to S44S.9 million, as gains from overseas expansion were 
limited by the dollar’ s'strength. Revenue rose 8 percent, to 
S3.0 billion. Systemwide sales, which include franchised 
restaurants, rose 6 percent, to $8.79 billion. 

• Standard & Poor’s Corp. cut its credit rating on Apple 
Computer lac. from B to B-minus to reflect declines in 
revenue and on expectation that the computer maker will 
continue to post operating losses. 

• Hicks, Musk. Tate & Furst Inc and Mandeviile Partners 
LLC agreed to sell their Argentine cable television operations to 
the Argentine company Cablevision SA for $535 million. The 
cable system has 430,000 subscribers in about SO cities and has 
been put together through 60 acquisitions since December. 

• Dow Jones & Co. said its plan to overhaul its struggling Dow 
Jones Markets financial- information service was under review, 
leading to speculation that the business might be up for sale. 

• Kvaemer PLC, a Briri sh-Norwegian shipbuilder, plans to 
make a deal with authorities to turn the former US Navy yard 
in Philadelphia into a shipbuilding facility. Biuombtr ?. ap. afx 

Kellogg to Close 3 European Plants 

Blvombcrg News 

BATHE CREEK, Michigan — Kellogg Co. said Friday it 
would take a pretax charge of as much as $150 million to close 
three European factories and dismiss 400 employees as the 
cereal company look advantage of lower trade barriers in 
Europe. 

Factories in Riga, Latvia; Svendboig, Denmark, and Verola, 
Italy, will close by year-end. and Kellogg will shift production to 
its four other European factories. The moves will result in annual 
pretax savings of 560 million to $70 million, the company said. 
John Renwick, an analyst for Morgan Stanley, said the reduction 
of trade harriers in Europe had made it easier for Kellogg to use 
fewer factories to make cereals and ship them across borders- 


OnpJnlbfOal Staff Fna Dufuwhn 

NEW YORK — Stocks tumbled 
Friday as bond prices fell after a big 
jump in industrial production and 
bousing starts raised fears that Fed- 
eral Reserve Board policymakers 
could soon raise interest rates to 
slow the economy. 

Stocks were also palled down by 
Sun Microsystems and Seagate 
Technology, the latest computer-re- 
lated companies to report disap- 
pointing earnings. 

The drop came on the last trading 

U.S. STOCKS . 

day before the anniversary of the 
Ocl 19, 1987. market collapse, 
when the Dow Jones industrial av- 
erage fell 22.6 percent in one day. 
While analysts do not predict a sim- 
ilar collapse now, the anniversary 
led some investors to look again at 
whether share prices accurately re- 
flect the prospects for earnings. 

The unsettling earnings reports 
from computer industry leaders “are 
giving investors reasons to be jit- 
tery.” said Elizabeth Miller, a money 
manager at Trevor Stewart Burton & 
Jacobsen Inc. in New York. 

The industrial average closed 
91.85 points lower, at 7,847.03, 
after recouping about half of a loss 
of more than 180 points. 

The Standard & Poor's 500 Index 
was down 11.07 at 944.18. 


Stocks sank after the Federal Re- 
serve reported a fasrer-than -expec- 
ted jump in industrial production in 
September. Output at U.S, factories, 
mines and utilities rose 0.7 percent 
last month, pushing the U.S. indus- 
trial operating rate to 84.4 percent of 
capacity, the highest since February 

The government said housing 
stans jumped an unexpected 7 .9 per- 
cent to an annual rate of 1.5 million, 
after drops in August and July. 

The data aggravated worries that 
the economic pace is not moderate 
enough to keep inflation tame with- 
out a lift in Fed interest rates. 

Bond prices fell on the reports, 
with thebenchmark 30-year Treasury 
bond price down 21/32 at 99 4/32, 
pishing (he yield up to 6-44 percent 
from 6.39 percent Thursday. 

Also weighing on stocks woe 
trade tensions with Japan, which 
could also pull down company 
profits. Late in the day. (J.S. and 
Japanese officials seemed close to an 
agreement in a dispute that had led 
Washington to threaten to bar Jap- 
anese cargo ships from U.S. ports. 

"The trade crisis on top of the 
negative psychology from the crash 
of 1987 are buiting stocks,” said 
John Cleland, chief investment 
strategist at Security Benefit Group 
Inc. in Topeka. Kansas. 

Shares in International Business 
Machines dropped 4% to 9514 after 


the company said it was offering a 
voluntary buyout plan to most of its 
241,000 employees worldwide in a 
cost-cutting move that could ehro- 
inale several thousand jobs. 

IBM helped drag down the sector, 
as computer shares dominated trad- 
ing. The 15 most active issues were 
all computer-related or telecommu- 
nications shares. The Nasdaq com- 
posite index, filled with computer 
and telecommunications issues. 


dropped 32.78, or nearly 2 percent, 
to 1,666.88. It rose to a record 
1.745.85 last week. 

The heaviest trading was m Sim 
Microsystems, which tumbled 3 15/ 
16 to 38% after reporting first- 
quarter profit below forecast s. T he 
c o mpany cited the effects of a strong 
dollar on overseas sales. Seagate 
Technology dropped 5 5/16 to >32 
after die maker of computer disk 
drives said currency losses had sent 


gamings below expectations. 

“Earnings fright continues, to 
trouble the stock market,” said 
Joseph DeMarco, managing direc- 
tor in equity trading at HSBC Asset 
Management, a unit of Hongkong & 
Shanghai Bank. 

Compaq Computer dropped 314 
to 70, and Dell Computer fell 3 % to 
95 7/16. Intel fell 1 9/16 to 83 13/16, 
and Microsoft dropped I 1/32 to 
132%. (Bloomberg, A?) 


Economic Data Bolster the Dollar 


CMfMbjOvStogFnmDaipafra 

NEW YORK — The dollar rose 
against most other major curre n cies 
Friday as U.S. reports suggested the 
economy was growing strongly 
enough to trigger an interest-rate 
increase. 

Reports indicating stronger-than- 
expected U.S. factory production 
and housing starts overshadowed 
speculation, triggered by recent 
comments from Bundesbank offi- 
cials. that German interest rates 
were likely to rise again soon. 

• The dollar . rose to 1.7725 
Deatscbe marks from 1.7465 DM 
the day before and to 120.70 yen 
from 1 19.47 yen. The U^. currency 
also climbed to 1.4750 Swiss francs 


from 1.4555 francs and to 5.9380 
French francs from 5.8556 francs. 
. But the pound edged up to $1.6180 
’from $1.6177. 

A Bundesbank council member, 
Reimot Jochfansen, said Germany’s 
central frank was watching for any 
sign that inflation was on the rise, 

FOREIGN EXCHANGE 

although he said the bank was not 
likely to raise rates soon. 

- Separately, in the text of a speech 
to be delivered- on European mon- 
etary inte gration, Hans Heaneyer. 
the Bundesbank president, said, 
“The dollar is a strong currency and 
— despite a current-account deficit 


and growing external debt — U.S. 
fundamentals do not point to a 
Mwnop in that situation. ' Europe’s 
p fonn fri common currency, toe euro, 
is unlikely to replace tbe dollar as the 
world’s main reserve currency, Mr. 
TSetxnsyer said, although he said it 
would be an attractive alternative. 

The dollar rose against tiie yen as 
te>pe faded that tax cuts would stim- 
ulate growth in Japan. Finance Min- 
ister Hiroshi Mhsuzuka ruled out 
proposals to cut 2 trillion yen in 
income taxes and provide 300 bil- 
lion yen in tax relief -for housing, 
welfare and education. 

He said die government could not 
- afford the package while it tried to 
slash its deficit (Bloomberg, AFXj 


1987: For Wall Street, Stock Market Collapse 10 tears Ago JUls Only the Forerunner of a Bull Run 


Continued from Page I 

Biggs was and was scornful of his 
recent bearishness. 

“You’re lucky to get me, because 
I'm doing less plumbing these, 
days.” the plumber told Mr. Biggs. 
“I’ve got $300,000 in the market on 
margin. I’m making three times as 
much money this year from trading 
stocks as I am from plumbing, and I 
don't have to stick my hands down 
other people's drains. For years now. 
I’ve bought stocks on dips when you 
Wall Street guys were beating your 
breasts and crying bear.” 

In 1987, the market seemed to 
offer quite different lessons. One 
that might be the most relevant today 
was that sophisticated derivative se- 
curities were highly destabilizing to 
the market, even though they were 
being used in what investors thought 
were conservative ways. 

Now there are new techniques — 
being used in different ways — that 
could have a similar impact, by lead- 
ing to heavy selling after prices fall. 
If the market ever does break 
sharply again, those strategies will 


come under intense scrutiny. 

Another lesson of 1987, one that 
seems less clear now, concerned 
valuation. Stock prices by many 
measures were very highly valued at 
tiie 1987 peak, and their fall seemed 
to vindicate those who had been 
warning of severe overvaluation. 

Now, by many of those same 
yardsticks, stock prices are much 
more overvalued. Yet Wall Street, 
for the most part, seems to not care. 
It is being said, instead, that prices 
are quite reasonable, given falling 
interest rates, the outlook for low 
inflation and continued growth. 

Even if stocks are overvalued, 
those who spoke of excessive valu- 
ations a year or two ago have been 
Jaigely discredited by the market’s 
rapid advance since then. 

In toe immediate aftermath of Oc- 
tober 1987, one certainty, to many 
on and off Wall Street, was that the 
slide in stock prices must have con- 
tained an economic warning. Stock 
prices have long been part of the 
index of leading economic indica- 
tors, and while not every downturn 
in prices has been followed by a 


recession. It was hard to imagine that 
such a big fall could mean anything 
bat a recession, at the veiy least 

In fact, tiie economic effect of the 
market’s slide was minimal, and tiie 
analysts spent toe latter half of 1988 
raising their forecasts. It was the 
only time since 1980 that analysts as 
a group had underestimated 
rale profits for a year at toe 

ginning of that year. 

The incident did have a depress- 
ing effect on Wall Street firms them- 
selves, and on the New York econ- 
omy, for a number of years. But for 
most of America, there, was tittle 
impact 

In fact, it is possible that business' 
was a little stronger in 1988 than it 
would have been if tiie 1987 plunge 
had never happened. The Federal Re- 
serve Board, which had been pushing 
interest rates up, changed course ab- 
ruptly when toe market plunged. 
That helped to stimulate an economy 
that in fact was doing fine anyway. 

It took some time to realize just 
how much of toe selling on Oct 19 
and the days around it had come as a 
result of an investment strategy 


known as portfolio insurance. 

Details varied, but tbe basic idea 
‘ was that institutions cook) lock in 
profits, at minimal cost, by-planning 
to sell stock-index futures contracts 
as prices fell. Then, every future 
sold would lock in previously made 
profits on the stocks. Or so toe the- 
ory went 

What actually happened was that 
such selling overwhelmed tbe mar- 
ket, driving prices in toe futures 
market down much further than they 
otherwise would have fallen. It did 
not start toe market’s fell, but it 
made it much worse than it oth- 
erwise would have been. 

Portfolio investing strategy has 
died, bur related strategies have 
made strong comebacks in recent 
years. Those strategies depend on 
options of one sort or another and 
come in various shapes and sizes. 
Most are based on so-called over- 
the-counter options, which are usu- 
ally sold to institutions by invest- 
ment hanks and commercial banks. 

Such an option might {noted an 
investor with a lot of technology 
stocks by giving him or htt the right 


to sell a basket of those stocks at a 
c ertain price by a certain date. In 

return for an upfront payment for that 
kind of option — a put option — toe 
investment bank would guarantee 
that the technology-stock investor 
would lose no more than a cenain 
amount. That, to keep the insurance 
analo gy going, ’is equivalent to buy- 
inginsurance before a fire begins. 

The investment bulk that issued 
that option probably does not want 
to bet on technology stocks, so it can 
hedge its exposure in a variety of 
ways. One way, called dynamic 
he dging , bears a suspicions resemb- 
lance to tiie portfolio insurance of 
old: If prices fall, tire bank will 
hedge by selling short toe under- 
lying stocks. It they rise, it will buy 
back stocks. Either way, it amounts 
to going with the market’s flow and 
thus adding to its volatility, which 
has been high lately. 

How much of that volatility is due 
to dynamic hedging, no one knows, 
because there is no way to know 
how much such hedging is being 
done. No figures are made public on 
trading in over-the-counter options. 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday’s 4 P.RI. Close 

The 300 most traded stales of the day, 
up to the dosing on WaH Sheet. 
TivAssoaaea Press. 



•Mi 

Msk 

Low 

IBM 

Oot 

MW 

.-r 

21'. 

»« 

Tin 


**C 

2J 


»■« 


_ 

MOn 

a»W«s 

X 

1 T 1 

IM, 

>P» 

1ST 

■IU 

IV. 

W* 

W*B 

• e 

Mvta 

IS4T 

I>. 

Ita 

i> 

•‘l 

Mtassn 

U* 

11 

II? 

If. 

ir, 


ire 

» 

ll’i 

>■ 

14-J 

J 4 


itas 

I*»» 

It 

IB. 

•1*1 

IT 

3’. 

73 1 

S'. 

-1 

tarry, o 

TV 

S'» 

1 

S 

'i 

HVC 

Hi 

r. 

r. 

J'l 

'■ 

i«fc 

rr 

ir. 

ii 

ll 1 . 

* m 

l irX 

7U 

i»s 

18- 

18 ■ 

X m 

iw 

:*) 

i , 

V-» 

S'. 


-ta+i 

rc 

4 • 

J'l 

!>■ 

■ 

iota ■ 

•j+ 


Ti 


•'1 

iia+J , 

U5T 

U m 


ri'. 

•T 1 ! 

i-wr* 

IT 

13;, 

ir, 

ii*. 


inv* 

ir:n]i 

W 

» 

li"« 

w- 

r- 

i*°. 



-•'■•elf 

£iraf i 


WUM 

■gaw 

nr** tX! 
'V30 7I 

■ toll A 


.1 

:i*Mf 

.CldUff 

la** 

.or* ■••■r 


.-freiMr n 


'TwwC® 

i-ST 


.•M 

: r>v“ m 


n cipari 

iv-iF-** 

-■w-i 

.^0dP» 

raqfin 

S-wwiisi 

LTM+V 
r .ivftu 
i.-i* ■ 
€»>CWL 

: n*rf 

Ua>W 

Infill 

Eicjfr 

tjpu.JI 

[uiT< 

ismiTe* 

rwi 

fetk 

: ortlA 

Fwfi 

5ST T(* 

vWC* 

r«u<i 

urfno 

o*rn 


M'&o 
W5 «« 
GBfO 
GofanCp 

5WK* 

OtfwJt 

turn 

HAiW 

rurmCua 

HsmDs 

renm 

Katoi 

HBWm 

Mean 

RKB 

MSP 


*M5MB 

HonWA 

HOBS 


urn cm** 

HcmEn 

KugTii 

lb 

1VMCM 


i« IV. II I 


I*' I 
111 
V ■ 


13' ■ 
fell 

ll»» 


410 

HI 

411 

IU 

Id 

IV* 

38 
4 M 
DC 

n 

in 

m 

in 

HI 
414 
I.T3 
!P 
IW 
41? 
I HR 
VI 
ISt 
JW 
*3 
1714 
311 
«4 
2R 

10771 

m 
14 4 
414 

m 

w 

«j 

441 

111 

334 

241 


4» 

m 


id 


at 

:■* 

Us 

i:i 

u> 
30 
lb. 
4 i 


41" 

«N 

ID 


15 

SH 

I*!. 


J*. 

W 

tl 

u* 

in 

It-: 

171* 

*•» 

r-* 

JO' l 
T- 


S> 


SIm 

r* 


J 1 


»• 

«*» 

in 

r> 


»>. 
i(n 
is 
#■*» 

»’i :»• 

4 r 4*1 

i"» ri 

3*i 


ir« 


77=1 

U 


M*« 14', 
S', I. 
H», l»i 

11'* IPi 
7»i hi 
17 ■ TTi 
Hi 4, 
ir* 17. 


»< 

4>* 

J*. 


It, 

«*, 

3' i 


Mv ». » 


in >4, 

n» <: . n. ii - 
m it i im n , 


2f4 


4** 

J* 

;>4 

ui 

m 

1-4 

1*, 

«* 

3Z.I 

a 1 ' 

;u 

r- 

5>4 

'» 

£><• 
1*. 
4 
111 
51 ll 
C. 
Ill 
l«* 
»n* 
J*V. 
« 




an 

ir, 

Mi 

13U 

in 

r* 

i?n 


m*» Mg* im lm 0194 Indexes 


inOMi 

i «*» 


I HAMS n 


Mla» 
Iw*Cb 
J 15 COP 
•-iltn 




*VPI*A 

Mtngn 

kwi 

Mrtcn 

wot* 

UAft&CI 

UBm 

lOWRT 

urns 

»CSnp 

MSB 

W*M 

MOUvEM 


MMOnn 


WanP*« 

«MKn 

JvraSed 

/two* 

IBM 

auvolbj 

U«Oni 

BikMi 

MIBnbn 

I’uEuCo 


»«*■ 

Wanrt 
MwrwM 
if Korn 
MoDcn 

Nf«M 


OswUur 

OmXIWi 


mM 

PWK 


|»!J»U| 

HtBcm 

RacCdJ 


MMinPn 

Bdonc 

iarfrfi 

'JrCCCt 

Sfcmcnx 

VHhffr 

SfeMPtlD 

vwe» 

Sant 

VOR 

5PIK 

•JVIK* 

M9BC 

'JWrlA 

SBMM 

unco* 

5*fcVf 

Supraitno 

WiC 

SL 


(Koda 

nmn 

IMS 

DM 

IJraT«f 

Ttnami 

row 

lOCSKf 

rw* 

TnMfd 

II4HM 

uwep 
on Eng i 
Urns 
(MB) 
Unto, 
iwma 
US tad 
US CM 

v»rfc 

vm» 

Vocm 

sto 

mgg&B 

WRIT 

MCM 

wiftEr 

NMEUT 
WEB UK 
WEB Bn 
WEBiH 
HEBIU 
WEB Mo 
WEB M 

■a us 


iut? iin 

hm isn ta 

U'.-» 11 13* 

% r f 

I'. I « u 


21V, 3», 

V* 4* 

Sm 

W: llr i 


2'T 

im :i 

«'i r, 


ts-u tru 

II k I III 


ir t um 
JM V . 


4*» 4 • 

IX u 

lix* ll'i 

s w- 

II ID., 
S'. S' 

i» i nx 


jtx 

7X 



l - 


2?v. 


w, im* r 


18 

UH 


4, 

6 - 

» m 

14 

14 


t. 

I'l 

_ 

Bts 

8, 


1JW 

13 V. 


IM. 

IIS. 

■ 1 

17H 

Tr 

12- 

M 

■ k l 

1*1 

16V 

- ' m 

8'1 

I'l 



Daw Jones 


Most Actives 

NYSE 


InDin 7MU3 793MB 77SSM TfUTJB -91 JS 
Tnn 339*54 3BRZ7 37WJI 3254-43 -S3.C 
UW 241*3 243 90 739m 24234 
(top 2561*4 2571179 2S15S» 25*7.0 -11-74 


Cnwpoq i 


Standard & Poors 


4fJL 

Industrials 1134771107^1111187 T0WJ4 


Transp- 

uriDfes 

Finance 

SP5G0 

SPttO 


NYSE 

CampcsA 

tonmeh 

Tfaraa 

UW 

FflCXC* 


Nasdaq 

Canocute 

IPK^C-TCP 


710^9 «4ZT <8687 68X55 
20189 J06S9 207X3 207.15 
11492 11416 11475 11X11 
973J8 95077 95573 94417 
93186 909.15 91424 90493 


50230 49MI 494g -SJ3 

*2431 <llfi *2499 -7J3 

471 « 4*047 *mJ4 -SM 

30*77 29MB 30170 -1J7 

4BIJ7 47U4 47509 441 


V*L Htfl 
220304 73X 
1 IBISO 377* 
I054»I7V| 
•997* 47H 
84006 7#V« 
fiffi 45H 
70299 WX 
DO® Mh 
59395 MIX 
55741 5M 
S3478 31 
SMU 4*14* 
SI 923 529* 
51829 iiv% 
50435 34 


*M 1 4X* 

31X 32 

2S<4 3*1* 
46V* 46M 

23J* 24*4 
4345, 45V* 

9*V 95 

67 60*. 
57V* 

44^^ 

SI 51*1 


32V4 


ft 


Nasdaq 

SwUWCS 

&?*' 

uapCnfln 


IS9IJ7 164*0* 1*4401 
13H2* 1I336& 1350.19 
1942.73 J9J3.I2 IK05S 
IA40.1A 1K944 1I2596 


AMEX 

iqp l*» IM 

7MJ8 Min 7W08 

Dow Janes Bond 


X Bonds 

iourait.es 

t01nd««nch 


IC3.94 

T01-53 

106-35 


ft 

ft 


•ai? 

-020 

■0.14 


p-cans 

Matos 

UtadDn 

MO 

□rad** 

NtoCT 


AMEX 

span 

p 

SL 

I tew 
vtocB 
EetuBay 


4058*5 39 

mm 

ias«3 3*>4 
102475 3891 
I M1I5 Ilf* 
8*119 411* 
75571 1*7. 
729*8 lVo 


79478 4S*» 9394**< 

3054 *9 Vf Vj 

inn *v 

14144 m* I9H 19*9 
11038 OV 4M 42 
W7> 46* to 
832* 7H 8V* 

7371 15* IV* 19* 

7260 an* 29W 79’, 
6964 S’/* 4>. »* 


Trading Activity 

NYSE 


Nasdaq 


invert 

IVc'rfwfl 

yxnerwe 


AMEX 

Oechraa 
linasnqK 
raeiuun 
Ne* H-sns 
inien 


Ml 1073 

nr TB25 DecUoflfl 

<7* s jo un e n un gw 

3417 3477 ToHisun 

SI 116 Itovita 

44 30 NftvLPWS 


Market Sales 


S S ss 

73< 753 IrgL, 

73 S3 

8 5 laoOSons. 


1147 1503 

2*35 7764 

1821 1377 

W3 s m 

a 2*6 

*7 49 


T4to Pw*. 

400 cob. 

63180 71481 

3587 4225 

86486 833.83 


Dividends 

CoB^my Per Amt Rec Pay 

STOCK SPLIT 
Bancsra CT 2 to 1 ssliT. 

CiiFed anqi J br2 SOW. 

Tech 2 fc»t sob!. 

MoryJond fedl 2 6or T so8L 
PecpM Bcp Auburn 3 for 2 split. 

STOCK 

U7.13RRcnMl . S 6 * 12-11 1-2 


CoapoRr Per Amt Roc Pay 

LIQUIDATING 

Resargance Props - 1.15 10-27 11-4 

SPECIAL 

ComeatmePraps - .14 102111-26 
Premium Income g!J014 10-31 10-31 


REGULAR 


INCREASED 


Capstone CttAd 
Evergreen Bncp 
F km era lnC«s 
HoS, Tecti 
PtMCO ActvLPA 
PXRE Core 
People* BKCT 
PipmrientBksIm 


jA im II 17 
.1510-31 11-10 
.1125 T 0-3 1 11-14 
.42 113-30 11-13 
8812-3! IMS 
JA 11*14 121 
19 11-1 IMS 
Jt 10-27 tt»7 


OiFedBmpn 
Compaq Cctrn 
FstNtfimCcor 
FtretSiS* 
FirelScarton Fnd 
KJn*S«EngPla 
. 1*0 ry lend Feal n 
NomKAmTortier 
Vermont FndSvcs 


INITIAL 


SB 11-14 
.03 12-31 
08 10-30 
.« IMS 
.15 10-27 
JO 10-31 
.1125 12-5 
30TM7 
.15 10-24 


12-1 
1-20 
11-14 
11-26 
11-10 
1 1-14 

1219 

11-10 

11-25 


ArepCBemiaal 
BwkfeNodJ Props 
CnWWrtwSw 

CTxiSendenCorp 
EguScfcteResoor 
GStefteCo 
Mogna Group 
OcwnFnd 
Omeaa HAtiln* 
OneAlnc 
Peoples FsfC p 
PtmnCrkTimbLP. 
Prime RetuB 
RWBMeKYCfl 
UMBFfcwndd 
Urwn Planter; 
Weyerhaeuser Co 
Wtoninglon Tresl 


o j»o 
a ji 
Q J273 
Q 22 

q 39A 

Q J?15 
Q 2S 
Q JO 
0 <645 

O JO 

0 S 
§ "2 
3 x 

a jso 
a Mi 

0 M 


11-7 13-5 
10-31 11-14 
11-1 11-15 

10- 31 11-14 

11- M IM 
11-3 12-5 
1M5 12-10 
10-27 11-3 

10- 31 11-14 
1M1 11-14 

11-3 11-17 

11- 14 11-26 

11- 3 11-15 

12- 15 M 

12 - 11 1-2 
10-31 11-17 
10-31 13-1 
11-3 11-17 


Mppramfc anuat per 
Wjto ii Cawfian lanris: 
n-awrtAtaQ-qwRttrfyfHeutaroifly. 


Stock Tables Explained 

SafcsfipflH are urartod. Yeortr Nghsand km toed me previous O neeia nk& Dm arari 
weefctW*mel^ta^dDpVWtoaspn«»5l«ai«enriamouiCfwto35p«rtMnwe 

has been pofctlhc pears hgh-fcw range ml Mdend are shorn tor 8e new stoda aty. Urito 
dberaise nafed retes d dnnNiids »p annuri <8s8uwrw* based an he latest ttedOrataL 

a - dividend ctso edia <sl. b - armwil rale of ttadend pta slDCii dividend, e - GauirMtaa 

dredend. rr - PE enxeds 99.dd - amed. t - tor yeaily tow. dd - las bi the iasJ 1 2 montlra 
9 • dividend declared or paid » preceding (2 (norths. I -annual raJe. iioeased ai ust 
dcdarenoR. *- iftndend in Cmwfiw hmh. suOjed to ISfe naMWtoBce lax. i ■ dividend 
OKJnred after spOMip orstock <*ri«fend } -dividend paid this year, oo^ SrtoreOorM 
action taken at totest ftmdend meeting, k - dvMand dedared or paid tab w an 

occwmriotivo issue wilTl dividend* ai aireara. o - annual nitft reduced on Iasi dectoatton. 

n - new issue in tae Pd* S2 weeks. The tagh-iaii range begins wHh start nthadirta. 
nd - next day defivery. p - Intial dnridemt ormurt rote unknoim. P/E - priaH»min«fcrat£ 
q-dosed-endnwtaoltond.r-d*id»BJdednredo7poidintaeoe*ig 1 2 mantas, rttBitadi 

dividend, s- stack ipB. Dividend bqpnswtai date at spfir. sb -sales. (.(Svidend pnidta 

stack in preensng 1 2 mantas, estanatad cosir Wtae an *x-dhridatid ore»-«isfrfciiffcvrctata. 
u- new tTOtflMBh-e-tioding balled, vl-ei bwkrtptcrorrro-hrefsfiipor being reanamud 
uodertheBartmptayAawsKWihiBosw^ 

«i - when asuedi 1 W - wflnwb. *■ - «-**idMd or eMigius. u * - e*-tfolr*>ufion. 

*» - wiftiouf rrammts. f- oc-dnndend and sales ei hiX i« - petd. i - sale* in Fua 


•39* 

■K 

♦ 1V» 

■ts* 

-Jta 


+ii» 

-A 

-V* 

-16* 


„3» m .3** 
3f«* 4ii* -2*vy 
*|7» 83 -79V 

U ur* 

«5 3 ^ 
ft® "X 

vr» i7 T v, j* 
TV's Bfl -in* 
S»* . 58 -4U 

JB, 34V. 4* 

■a. Ii6i ‘Vc 


Oct. 17, 1997 ' 

Kfl ti Law Latast enge OpM 
Grams 

CORN KBOTJ 

iOQO b» nMoifr arts pw tnntai 
Dec 77 94 9116 782 -S206303 

Mot OB 19514 2911* 391 M -4W 90791 

May 98 3BN 296M 257 -M 26483 

JulW 304M 300W 30115 A 36493 

tot* 291 287.237M -Hi 1556 

Dec 98 2885V OtollWl -IU 21.934 

■A490 30019 -1 192 

E (L salK I74XU Urn Mbs 5X782 
Hurs open bit 38X3711 up X77D 

SOYBEAN MEAL K80T) 

100 MS- doaare pv M 

0clV7 23930 222.30 22130 5.90 XS40 

Dec 97 234» 22030 22190 -3.98 47^27 

Jon 90 234J30 71930 72040 -050 7&104 

Mot 98 221.50 21 6 JO 71 7 JO -150 1&832 

May 96 32050 21580 31630 -140 1M09 

Jul to moo 31630 217.50 -X90 10690 

EsL ton NX Tlur* rate* 3&18T 
Thus open bit 121^77. aft L172 

SOYBEAN OlLtCBOTl 
40000 IBs- anti perk 

Oct 97 2435 3*47 2433 -014 814 

Doc 97 2SM 2475 2431 -0.17 54,997 

Jan 98 1S.17 2697 3iB3 -018 2L824 

Mot 98 3843 2530 3539 -C.J4 11^84 

May 08 3530 2540 2547 3.10 7376 

Jul 98 3 560 2530 2558 -013 U79 

EtL ndes 26000 Tliin M(es 2X818 
ThasapM M 108L05X apZ064 

SOYBEANS ICSOT) 

5000 Ml w W ww - e*nt» pot btoal 


Not«7 

704W 

691 

6*2 

■10U 

Junto 

70® 

695 

696 

-top* 

MOTto 

714'S 

703 


•9N 

MoyM 

720 

708 

TOSH 


Jul to 

725V) 

71315 

714b 

-9S5 


cocoa (Ncsa 


Food 


1 0 metric lore - 1 per tan 



Decto 

1659 

1630 

1646 

+ 18 

Worto 

1690 

1665 

1687 

+ 19 

Nteyto 

1710 

1WS 

1193 

+18 

Jtato 

1727 

1711 

177? 

+17 

Sep 98 

1738 

i ns 

\m 

+ M 

Decto 

1762 

1730 

17H 

+14 


Est uies 7.937 Thus to* 1 0143 
Thus open WtlUlBi up 792 

COFFEE C UtaS 
37^00 IBL-MN par lb. 

Dec 97 15850 14930 15030 -4.95 !V*fi 

MarM 14630 139 JK) 14000 3.U 8887 

May $8 14230 13635 13640 •ISO 2437 

Jul 98 137.75 13X90 13X90 -3.10 X353 

Sap98 1342S 138.90 128.90 3.15 539 

EsitosIWJOTTWsxStoUflW 

Thin open lot 26652. up 377 

suGAiNfMLomiicsa' 

1 1X000 lb*.- certs per lb. 

Mar 98 11.77 1138 1138 4110 9X965 

May 98 1139 11-73 1 1.74 «06 2S22S 

M«8 11 At 11-64 4UB lHg 

MM 1148 1139 1140 -039 16795- 

E«L to* HOI « Thu* toil U60 
Thus open M 156,171 off 139 


Mrfi Law Uried Oise OpM 

OUNCE JUKE CNCno 
TXC 00 ta.-cenNpOTBk 
NOV 97 6930 68.10 6835 rOJH 1X429 

Jan 98 7X15 71 JO 7135 +035 7-6721 

Mar 98 7630 7480 7489 andL 9366 

May 98 7830 7838 7830 +420 2189 

EsL «Se» HA Thus sain 4942 
Thus open W4Q37X oe7<so 



Metals 



SOLD (NCM30 



100 boy at- (Wots per troy «. 
Odto 32430 32100 334J0 

-1J0 

135 

Not»7 

32450 

-060 

1 

DeeW 

32730 32450 33420 

•060 

85473 

Feb 9b 

32960 32400 32760 

-050 

2X407 

hprto 

33050 32X00 379 JO 

■060 

599* 

Junto 

33150 32950 33L20 

-0L30 

10439 

Aug 98 

ywy 

-OJO 

4343 

odra 

33420 

-OJO 

486 

Decto 

337 JO 3X550 337 JO 

■0.10 

9662 

EOT srtea 4XO00 Ttars ootas 3X044 


Ttan open M 17463X up 1.2Z7 



HI SHADE COPPER tNCMX] 



2 U 00 Ita.- certs per fc. 



Odto 

9450 9425 9470 

+OJS 

783 

No* to 

9S50 9470 95.15 

+0JS 

Z 536 

DecW 

9420 9500 9575 

+035 

27,121 

Am *8 

9660 9S5S 9S5S 

+045 

1363 

Feb 98 

9420 9535 9535 

♦OJS 

US* 

Marto 

9650 9555 9410 

+0J5 

43*5 

AprW 

9420 9550 9SJS 

+CL35 

ion 

Marto 

9SJ0 9520 9570 

+4UJ 

2788 

Junto 

9400 9530 9530 

+060 

1304 


HV Low Latest Chge OpM 
10-YEA R FRENCH BOV. BONDS CMAT1F) 

frooqoc -jib ai ioo act 

Dec 97 9426 97 Ji 9824 —03612X133 

Mot 98 97.74 9750 97-72 — 0-8* 6865 

Juatft 97.14 97.14 97J8 — 036 0 

EsLaotoaOMOI. 

Open M-: lawe oft 14019. 

ITALIAN GOVERNMENT BOND DJPFB 


Esl seta 6(1000 Thus sales 5X353 
Tim Open M 181.227. up 1,945 

WHEAT CEBOn 

5000 bu mu iravn- cenls per bushel 
Dec 97 366 3*3V>| 363U -1 615(0 

Morn 3781 i 374 377H -IN 27594 

May98 386 383 384 -IN 5277 

-M98 387V, 385 386 -IN 1X739 

Esttos 1X000 Thus* 

Thin open M 110230 eft 393 


Livestock 

CATTLE (CMC FO 

4L000lbl- cents per IO 

M97 (US OM 6747 -035 64S 

Dec 97 4695 4612 4647 -0-37 41467 

Feb 98 49 JO *845 4855 -0.63 30,993 

AOT90 7X82 7X20 7X47 -0JD 14QS1 

Juate 70-15 4957 *947 -435 8.W3 

Aug98 4983 4951 *952 -607 1782 

». seta 1 L070 Thirs eoM 14442 

Thus open M «4t«eL effll 4 

FEEDER CATTLE (CMEBJ 
SLOaa Bn. - onb per ta. 

Oct97 77.95 7750 7750 +030 1272 

Nw9J 7615 77-40 7772 +0.17 7531 

JonW 78.70 7805 7832 +815 6507 

Mot98 7*65 7745 7810 +020 12W 

Apr98 7350 7810 78J0 +0.10 ISO 

MoyW 79J5 7875 7940 *047 700 

Est sales X349 Thus sales 1344 
Thus open tad 18386, up 200 

HOCS-Lto (CMEJO 
40400 US- Cents per fe. 

0097 17.43 uneh. X700 

OK 97 4230 4080 (0.93 >1.13 2X333 

Feb 98 4X15 +0.75 40,92 6L77 8/85 

AortS 994S 5875 5850 -055 X587 

Jen 96 4457 4545 45.95 -022 TJ37 

EsL sOTes 4950 Thus to* 8413 
Then open inr 39J7& up 963 

PORK BELLIES HMER] 

40000 ibs.- cents per lb. 

Feb 98 6140 5955 6065 +042 4945 

Mar 98 60.90 5960 6060 -007 851 

May 98 6125 60.90 6135 -065 IU 

Ed. saies2J4S Thus idee 2.168 
Thus «nai M 81 40 ap 1 87 


Est srtee 7400 Thas srfes LXS97 
Thue open M 5X980 up 937 

SILVER OKAOO 

8000 bar ax- cents per to ee. 

0097 49260 +680 4 

N»97 41440 +440 I 

Dk97 497 JO 48800 49540 +440 AST 

to 91 497.10 +640 30 

Mar9l 50340 «6J0 501 JO +640 20054 

May 98 50100 5X100 50460 +640 3432 

JM»8 50840 507 JO 507 JO +640 X743 

Sep 98 509.90 +440 441 

E«. salee 1 7400 Thus eaM 32J69 
Ttars epea MT0UM7, aft 1433 

PLATINUM (HMER) 

S) troy Ob- doikxx per bay az. 

0097 GXOO 41940 41940 -7X0 T4B 

Janta 42440 42050 4U40 -7J0 1X365 

ta-ta 6I7J0 -7J0 9*a 

■An 98 41140. -730 21 

gri. tos NA. Tlnto L748 
Thus open M 16477, up 201 


LONDON METALS QA1B 
Datas per metac tan 

ff^asr InciM 140340 
f orward 16Z740 162800 143440 
Mean (Htab 6raM 
208640 200740 209040 
210440 210740 271000 


59840 59940 40140 

40940 61000 4121b 


445540 it-HYPTI 448540 
4ML00 455000 657000 


140600 

142540 


209240 

211140 


40240 

61340 


649800 

458009 


510040 

566540 


timi 

131 640 


Ik 

. B3ttoa 554040 561540 
Ftahrt 5BB040 S5SS4E 564040 
Zfcc OvedolHtoi Ottoe) 

1286X0 128740 129816 
««tod 138140 130140 T3M40 

man Low oose awe OpM 

— . Rnandat 
BILLS (CMTR) 

STrottav pte of TOD pet. 
to97 «04 9541 9545 +442 6270 

Mre W 9S45 9540 9545 +041 4209 

J»»9S 9698 opSL 363 

Mes NA-Ttars sdH 412 
Here open W9J<X off 50 

5 YR TREASURT (CMT> 

StOQJOOQaMre-DM e-LOhsortaOpd 

DK97 W7-2S 106-59 107-42 -20 Z3A799 

JnVB -14 me*. 

BAaM 40000 rmraste ajx* 
TtarsopoolM 228187, off 471 

ifVRTWwsuwrecBOT) 
siouna atadsrt NBpa 

SiS 'Uf! 1°M4 -14 377J62 

MOTtJ 109-19 109-13 109-13 -U 18846 

Junto 109-05 .14 2 

EsLsrtas 128000 Thw gates 106415 
Ttara epaa M 3981KL off vto3 

“P | J? , «*»Pta A 3fad* sf 100 pd) 

0*9 97 115-21 116-14 11447 -21 639.501 

1JM4 11647 IM.17 -Z1 48ffl5 

to! to ltw 11*04 114-06 .21 8275 

Sep* 113-28 .31 2406 

Ed. setae 40000 Itata iotas SOBS 

Thin open H 7Z3J57.UP 7J49 
LfltWOlLT OJFFft 

{3AOOO-B»43XWsafiaOpa 

Oec97 119-06 118-10 U9« *447 188306 

tolto RT. M.T. 116-26 Unde 0 

Wales 117J8L Plav.9alH! 156514 
POT«- boot, tali 19805 Bp 7J89 
BERMAN BOV. BUND QJF9S 
DMauw-gtoatldOpa ^ 

5*5 W-W 101-SJ 10134 -4.1629X108 
Mot 98 101-05 10140 10144 —81a 8213 

Sst tot 23142X Prev.aatac SiATW 
Pre+.cpeaWJ 300331 off Z448 


'6wn »■ 

5ep9B 
Dec to 
Mot 99 
Jim 99 
Sep 9 9 
Oecto 
Mar 00 


m.200 mtoaa - pi* atlOD pd 
Dec 97 11X01 11168 111A2 -0^5 11X886 
Mar 98 RT. RT. RT. -<U5 1637 

Junto RT. RT. 111J7 -0JS 0 
Bit scries: 5XZ38 Pmv.snieK 6X744 
Pmv.openH4 11X323 up 416 

UbORl-MONTH CCIMIO 


Not 97 94J1 94X5 94X7 -043 38788 

Dec 97 94.13 9447 9408 4LD3 10821 

Jan 98 94X2 94.18 94X0 -043 X777 

EH. ertesRA. Thus tos 10039 
Ttaraopen tat 58124, up 8590 

EURODOLLARS (CMEBJ 
SI aAtaa-pb of 100 pd. 

NOT 97 94.18 til l 94.14 -004 18765 

D*C 97 94.74 9407 9410 -003 608894 

MOT 98 9407 9198 9401 -005 448617 

to* 98 9X99 9X89 9191 -007 34X345 

Sep 98 9191 93JS3 9X83 4508 36X389 

Dec 98 93JD 9X70 93X3 4L09 22X502 

Mar 99 9382 93A9 9172 -009 161X84 

Junto 93X8 9X66 9X48 -009 7JL477 

5*p99 9X73 9X62 9165 45J19 104581 

Decto 9X66 9X56 9158 -009 B5092 

Mot 00 9X66 9X57 9308 -009 70635 

JunOO 9X62 9153 9155 -009 50979 

Ert. Mat NA Thus inks 474728 
Thu* open M X84&25Z up 10092 

nm sWPqif WMPAEW 

^to p0 Lfl«‘?3)eo l, m4o -oooio 29221 
Mar 98 1-6050 16020 16084-00008 256 

Junto 160044004 27 

ER sales 6486 Ttars srtes &S07 
Thus epen tat 30004 op U3 

CANADIAN DOLLAR (CMEJO 
looooa (Marx S per can. Mr 

-2S - 7231 JP**4J0001 4fkUt 

**2* Jm -7767-H10001 2J15 

Junto -7298 7291 J29I+04001 5)8 

Est sales 4X82 Thus sales 7682 
Ttars open M 5X170 off 394 

CARMAN MARK [CM ElO 

ISOM maria, s per mark 

D«c 97 5754 -5652 -5665-00087 68024 

MOTto -5740 6680 6693-00087 

to>to 6719-00087 X617 

^>01*92X364 Ttars saiee 1X170 
TTws open M 7X599. up MM) 

JAPANESE YEN tCMER} 

1X5 MBmi ton S per 100 pan 
D*c97 -843B 8350 JtalAgQK 86211 

MOT98 ASK 8468 84684L0O64 B75 

Jm98 -8620 AS84 JU844UI063 U6 

SI- s ales 14599 Tb 08 solas 2X402 
TTws epen tat 87.251 ap 3A29 

SWISS FRANC (CMEHJ 

lKOOOMocfcS per bone 

D«97 -6916 4806 A8274U084 32.1* 

Marto A92S ^873 A891 4)0OB4 \J « 

Jun98 -6954-00084 267 

BArtnHA TTWS soles W68 

Ttars opw W 4SL329. up 634 

MEXICAN P6S0 (CMER} 

»aa» pesos, s per peso 

Mor to .12255 .12222 .17240 imct oau 
J unto .11905 .1.895 -11895 2S Soto 

EstsatosRA. Ttars sdeiiajQU 

TWs«8«eoM6Un.ijpi3l 

tWSHB 1 " 

«5« Su ^0?jS 
SS IStL «* C Sa 

cS£» 979? wan UnCft - 441750 

SSS S2 88 S3 -$! SSI 

2:2 SJ1 tvuloaa 

K5S!«aSr-*“ 

WovW 9424 9424 9434 u** , m 

JSS SS SS 

ss 1 as Kdffisjl 

9183 9478 94JM InS 

9472 9*47 9466 iJS 7x2 

9459 94S5 9*54 -ojb 

9150 9447 9447 ^003 IJiS 

Estsrtex; 349474 Prs*. wm- 47a,aM 
Prer-toeainL: L72&457CH soa 

J-MONTH mOR (MAT1F) 

FF5 adOon , pis at 100 pa 

DecW 96.16 %_js u«l ■»«, 

to-to W71 9SJ7 UmT S'S 

Junto f&SI 9S43 9548 — am WM 

Sap to 9X32 9X21 toS-aS 

Deeto 95.1* KM 9X14 -SS 

EOT. tofu 104031. 

Open tat: 34X304 up A6IT 


Mgb Low Latest Chga OpM 

XMOffTH EUROURA OJFFB 
ITL1 nBlan-pls oMOOpd 
Dee 97 9X95 9X90 9X94 -002 UU71 

Mor 98 9465 9459 9461 -004 10X154 

Junto 9 SjW 9493 9497 -004 94151 
Septo 9499 9493 9496 -006 6X159 
Due to 9481 9484 9487 -006 54694 
Mot to 9481 9472 9476 -006 28.145 
Junto 9458 9462 9461 -088 1X137 
Sqito 9458 9452 9452 -087 X790 
EOTsrteK 39,207. Prev. setae; 9X304 
Prev.cpentaL 47X561 ap 1,745 

Industrials 

COTTON 2 CNCTN) 

5QXQ0 Ai- cants dotIl 
D oc 97 7175 7136 7163 +025 30317 

Mot9S 7110 7285 7X04 +OX2 166W 

May to 7350 7X70 7X90 +015 8279 

MM 7485 7450 7465 +018 7J32 

0(598 7445 7400 7430 +020 794 

&l Bales ra. Ttars sales 4301 
Ttars open M9X42X off 55 

HEATtNC OIL (NMER) 

42800 p*. cents per gal 
Ho»97 5960 5430 5490 -1.11 30617 

Decto 60 JO 57.90 5750 -1.08 42,977 

Jan» 4080 5850 59J5 -081 21916 

Feb 98 6180 59 JO 59J0 -048 11609 

Marto 4010 5080 59 JO +022 XI 77 

Apr 98 5750 5760 5750 +057 £146 

May 98 5465 5430 5665 +077 X4D3 

&t ante* RA. Ttaneatas 29813 
Ttare open H 14X209, qplr401 

UWT SWEET CRUDE (NMER) 

18(0 bbL- ddias per bU. 

Not 07 71.55 3050 2065 -032 54222 

Decto 21 J 5 2030 2075 -034 104445 

Ml 9* 2165 2055 2060 -048 4X449 

FJb98 21.50 2050 ZtJO +051 27.773 

Mot« 21J5 2080 3055 +085 1S511 

Apr 98 21 JO '20*7 21 JO +029 11901 

§j*L soles HA. Ttars nriaS 100074 
Tlw* open tat 42A23& up 1679 

NATURAL CAS (NMER) 

10800 nun Mn.Saer nm btu 
E&E 3JW+0JX1 4X420 

Decto 3890 1275 S TS' +08 34 4X144 

X3B> “14 +0850 2X111 
Ftoto 2-980 1510 2564+0024 3X950 

Mtrto 2685 2620 2665 +0825 1*598 

Apr* SMS 2JS5 2J83+080B X9SB 

&L sales RA. Ttars sates 7X356 
Ttars open M 249664 up 11 Jto 

U*£8AOED GASOUHE (NMER) 

AooQoiA certs per gal 
S22 2-1° 99 JO -038 

DkW 6050 3BJ0 58.7D 865 

StJ0 ■ a « 

Febto 6070 39.90 6060 +1-00 

MOTto 41.25 6060 61J5 +1.15 

**3 S 6X75 6175 +8.15 

Mayto *1 v; unctv 

*"«» <173 

solas NA. Ttars sates 2X192 
Ttars open M9X4CL up XU4 

GASOIL OPE) 

Ui dallan permeMc tea - tali of WO tan 
I84J5 181 jo 18X30 + 150 3 

5?W 1KJ5 18X80 18473 +X50 l 1 

18425 18425 18480 +XJ5 V 

F* to 18400 104JD 1B&80 +380 

Marto 18150 I82J5 18X50 +380 

a^ftissta : 
BSSSBlMRa8 , “ 

BRENT OIL (JPE) 

SwS^nifSBarirt. lota ol 1800 twrefc 
»» 19 JO 1R75-804 R 

5*2 S* 19JB-RW V 

Marto 20.17 1980 19 J 6 — Ojn i 

Aprto 1989 T9J3 1962 -OB 1 

May 98 1961 1989 19JB-aS : 

EOT BMK 3X500. Prev. sates: 29629 
Pm. qwnMj 154606 aft 1A271. 


2X913 

21886 

1X319 

400 

5896 

3693 

XMO 

2JD7 


BsaJSsaar"- 

ri 5S U 

Jwito 97300 97£00 97380 4JB 
EOT iri* na Ttare sales 7X5« 

Thus nw,M 19X4*7. «p J88S 
FTSEIHOJITO 
asm Index point 

Decto SHOO 53318 53508 -3U 1 
M-T RT 539X0 -MJ 
ER- Mere 9670. Pito. sales: T0892 
Pre*. open tat; 7X939 up |«s 
CAdtoONATin 
^mpwtadKpaM 

2»8 29710 —370 ! 
S2M ? 97fl J J9800-370 1 

**«98 sniB 30120 *1M -8X5 1 
totes: 24697. 

Open lot: 84671 up 747. 


Commodity Indaxas 


Owe pyrriam 
1.52S8B 182760 

1866J0 . 188235 

14X35 14427 

24265 34X92 

fMtaK4MC4iiaMteAea London 
tnt7 


PtaSK* 

□J Fufvrta 
OtB 


irm 


4 


t J* 



* 'A 

<v 

V. 

; ~'--r Str'-.-'-'s 
M *'■ _ ^ 

•.■fc.'-rt ^n-V ; 

««■>>,# -i* - ; 

?W; ■■jif.-Jj.-ii ^.. . . 


vn S H s 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 18-19, 1997 


^France Telecom Offer 
Is a Ilit 'With Investors 

4 * 7.2 Billion in Stock to Trade Monday 


EUROPE 


$tt*r th 


"MW « sT *■ A 




*+. • - 

i^iuv.v 

<& Vu- *-«. - - 


% 


vWr 2" .’*■» - : 

Hfe rtrtv.7.- ? : 


ke h*t* f unnt j , 3 ; 


f J HllHll: ‘ 


lM.IL >W'V . 

?4- V - ••'•'i ■- 
jNSwj»-- =.- -■ 

j^r. 

£*v-- i 

«*-+,* \ *. a 

■ « 

•off* •;. . . 

-V ; 

Jhi**-/ "V- ^ ■ ■ 

jfc.fr Vi : i •'• * 

.. . 

th Wy*;--* ’•• 

'.W'' "C 

C^W’- : ‘v ••" • • • ••• 

•• •• 

■■ 

<*,.■*** ' : 

‘-rtsL r - - • - 

UfiM*. y, • . 

fQt : rT' 4 -" ' • 

** : s> •• ■ 

* Jr.Vv ■■ 

’ -* •=• • ” 


KwiilnltnOv C^Kfn 

PARIS — France Telecom SA's 
imuajpubhc offering drew more 
flpn 3.9 million individual investors 
> on Fnday and was hailed by the 
government as a great success. 
j> The sale of almost a fourth of 
L Europe * second-biggest telephone 
Mfr company, after Deutsche Telekom 
AG, wiU raise 42 billion fames 
{$7.17 billion), making it France’s 
biggest initial public offering ever. 

Demand from individual in- 
vestors outstripped the govern- 
^ment’s allocation of 105.5 million 
. shares, worth 19.2 billion francs, by 
; * 2.9 times, the Finance Ministry said. 
The 103.5 million share allocation 

Boeing Hits 
Airbus Turf 
With Job Ads 

CttnpMljrOiirSuffFivmDtiiKtcitn 

TOULOUSE, France — 
Boeing Co. is advertising en- 
. gineenng vacancies in La De- 
‘ . peche du Midi, the regional pa- 

fx per in the Toulouse area where 

f Airbus Industrie has its 

headquarters, and in other 
‘ - : French publications. 

“World’s biggest aerospace 
Company seeks engineers, the 
• advertisement says. “Jobs 

offered on the spot in 
Toulouse.” 

!r invited candidates with 
two to five years’ experience in 
the aerospace industry to come 
to interviews at a Toulouse 
hotel this weekend. 

On Oct. 3, Boeing said it 
would freeze production starts 
on its 747 and 737 jetliners be- 
cause of labor and parts short- 
ages that had pushed the com- 
F, pany behind schedule. 

. a 1 Airbus and the French state- 
owned company Aerospatiale, 
which is a member of the Air- 
bus consortium, said a similar 
attempt by Boeing a year ago to 
lure away some of their highly 
qualified employees bad ended 
in failure. (AFP. AFX ) 


for institutional investors, worth 
19.4 billion francs, was oversub- 
scribed by close to 20 times, 

France Telecom shares start trad- 
ing Monday in Paris and New York. 

The government Intends to keep a 
■ stake of 62 percent to 63 percent in 
France Telecom, Finance Minister 
Dominique Strauss-Kahn said. In 
addition to this public offering, the 
government plans a 7 5 percent 
stake swap with Deutsche Telekom 
and a capital increase of about 5 
percent in the second half of 1998. 

_ Mr. Strauss-Kahn said of the in- 
stitutional investors seeking shares: 
“Two-thirds of them were from 
abroad and 20 percent from the 
United Stares.” More than half of 
France Telecom’s' employees have 
also signed up to buy shares, and 
bidding for them has not yet closed. 

The France Telecom sale comes 
amid a plethora of telecommunica- 
tions offerings worth about $40 bil- 
lion worldwide as governments 
move to sell state monopolies, and as 


pare tot the opening of national mar- 
kets next year. In Europe, govern- 
ments in Italy, Portugal and Hungary 
have plans to further reduce stakes in 
their national operators this yean 

Having publicly traded shares is 
intended to help France Telecom 
better compete abroad by allowing it 
to raise capital on die markets and 
swap shares with key partners. 

“France Telecom is hot,” said 
Eileen OhnelL an analyst at Renais- 
sance Capital Corp. * ‘With the glob- 
alization of telecommunications, 
there's a perception that these are 
going to be important players.” 

The success of France Telecom's 
offering sets the stage for Italy's 
biggest privatization, with investors 
showing enormous interest before 
the side of stock in Telecom Italia 
SpA next week, government and 
banking sources said. The Treasury 
is placing a minimum 1.5 billion 
Telecom Italia shares on the market, 
representing 28.5 percent of the 
company's capital. 

Meanwhile, in Finland, the co- 
operative that owns the telephone 
operator Helsingin Puhelin Oyj, 
Helsingin Puhelin Yhdistys, is is- 
suing 6 million shares and listing 
diem on the stock exchange. 

(Bloomberg. AFP. AP. Reuters) 



Chit HrifiKo/Rcoiai 

TELE-BANKER — Richard Branson doffing his bowler 
Friday as his Virgin Group Ltd. and Royal Bank of Scotland 
began a telephone banking service aimed at homeowners. 

German Skepticism on Euro 


Caopllrd t? Ota- Sv@ From Dofxechc 

GRAINAU. Germany — A 
Bundesbank council member said 
Friday that political momentum was 
driving Europe toward monetary 
union before the economic foun- 
dation had been sufficiently built. 

Reimut Jochimsen, known as one 
of the bank's council members most 
skeptical about the planned common 
currency, also attacked what he said 
was. a “fanciful trick” by Italy to 
qualify for participation, and chided 
Bonn for straying from strict inter- 
pretation of die membership rules. 

The political readiness to push 
through economic and monetary un- 
ion “in an unhealthy, blindfolded 
manner” appears hardly stoppable, 
Mr. Jochimsen said. 

He criticized the “euro tax” 
levied by the Italian government to 
help reduce its budget deficit, calling 
it a “fanciful accounting trick." 


Mr. Jochimsen. president of the 
Bundesbank’s regional branch in 
North Rhine- W es tphalia, Ger- 
many’s most populous state, is 
among the nation's leaders who fear 
the economic consequences of re- 
placing the Deutsche mark with an 
untested euro. 

They are wary of linking the Ger- 
man economy more closely to coun- 
tries they regard as unstable, such as 
Italy. 

The governor of the Bank of 
France, Jean-ClaudeTrichet, mean- 
while. said that interest rates in the 
euro zone would be aligned on the 
lowest rates at the moment and not 
on an arithmetical average. 

“Part of the market is making a 
mistake,” he said. “It is reasoning 
incorrectly in foreseeing that the euro 
zone will have interest rales aligned 
on the average of current European 
rales.” (Bloomberg. AFP) 


WORLD STOCK MARKETS 


It M it HI - 


Friday, Oct. 17 

Prices in tacd currencies. 
7ck*urs 

High Low do» Pnw. 


Low Oom Pro*. 



ft - — * — 

"ni* 


te, jWv' rt-: 


Amsterdam 

A3N-AMRO 39- 

a 

AkroNoM 
Scan Css. 

Dob Wen no 
CSMcw _ -- 

DofdSdwPrt JllJ 

DSM 182- 

Eberier 32J 

Forth Aim* §L 

.v Gehooks 72. 

r G-Broccwa 

7 KT si.: 

Hoognem.am m: 

HwrfDooBte 
ING Group 
KIM 
KNPBT 
KPN 

NnOaydGp 
NuMdo -- 

OceGdnten MS. 

PtnHpcElee |«- 


' ■ 





mn- 


* ... 




•-)£' -f... 


t'Tr :: : ■ 

FT ,',T* - 


fioyol Dutch 
UmverCW 
Vends Ml 
VNU 

Wohen Klcw 

Bangkok 

»V*d»WoS*e 
> A Bundok BkF 
T KnxwTIust Bfc 
PTTEwtof 
Siam Cctnrnl F 
Stow Com 8k F 
T<*coowsto 
ThaiMrwow 
Thai From Bk F 


Bombay 

BoMADio 
HhNUl LB*cr 

Htoduto Potbn 

IndDevBk 

,TC 

MabomqprTGl 
RsBomlnd 
Stale BklmUo 
&M Authority 
TUB Eng Loo* 

Brussels 

*£& 

HIUMno 

BEL 

CBR 

Cotnqfl 

OeMKlJon 

ElectnM 

Etaemnaa 

Forth AG 

Gnacri 

GBL 

i GMBmgue 

K«Setton» 


AEXM«em» 

PmkKfiui 

I 3&B0 3* -SO 30J0 
I 162J0 1050 K&a 
I J9J0 51 AO 5IJ0 
3® 3SO50 353 

! I3&70 MIJO 14150 
I 33JJ0 34 3AIW 

I P1J0 «-* 

I 110.10 11050 11LM 
I 18020 101.10 1B2J0 
I 3230 HM S 
I 8030 01 8ZJB 

I 71 7100 7Z50 

1 5K41 5750 5020 
I 9550 W 
I 33050 34050 3jQ 
I 11450 115.10 US» 
I BSJO 0550 H 
1 8750 8850 B9.W 
1 M.BO 48 JO Jffl-40 
) 49.10 4950 50 

1 7J 7128 7*30 
1 49 7OJ0 71-30 

I k 57.90 S3 59 
I 340 74050 246 

5 m,w 140 15958 
1 11150 115 119J3 


192 B0 193 1W» 193 

80 59JO WOO 80 
191 19Q50 19050 I91J0 
lioio 117.90 11750 11&30 
no 10140 109S0 11O40 
106 103.10 30550 10K70 

in io9JO no jo in 

MJO 4350 4430 45 

34070 257 260 36150 

S ET Mm: 
PfwhuwSllJi 

s & is S 
is ^ ^ n S 
« « Si 

2075 28 38 2?-S 

S5 54 54 5450 

131 IW 117 in 
100 9050 99 101 

S — MIMNC dMOj* 

PrtftooK 4077-OS 

6S0 60950 41958.40555 

1439360775142025140175 

SM50 4M2S SO 499 -S 
ira.75 10750 imjs TOT 
4SS50 fitn 60525 
2743 27050 273-35 


□auhdwBa* 12140 
DeutTUrinn 3340 
Diesdner flank 01 
FmaalUi , 299 

FhankaMml 13550 

hSSpW - loll 

HEW . 474 

Hocbfld 83 

HoedHt 7AK 

Kantodl 603 

Lahneyer ..?2 
Unde 1165 

LiKTOvaaR 3765 
MAH 5» 

Moinesnam B01^ 
Metafl**dbcJKtf3SJ‘i 
Mefro _ 8050 
MundiRueckR 573 

SST" 

|APp« 4BfLa 

sGuSfcm 

Siemen* J3 

tsasr e 

a” 

VEW 57450 

Vtaa 854 

VmnNDgen 115250 


12250 122J5 lg.70 
3250 33 33.45 

B0J0 8045 B1 
296 299 293 

133 133 135.10 

m 362 35650 
8120 89.10 8040 
154 154 159 

10158 105 10430 

474 474 475 

81 JO 8150 8750 
7490 7SJ5 7555 
592 SW 605 

9150 92 9150 

1130 1140 1175 
nm 33 j n 32.95 
524 53850 53C 

793 79550 812 

3850 3855 3820 
7952 8020 7970 
556 557 3W 

496 499 504 

8110 US 86 

479 484 499 J® 

17110 173 17S20 

252 258 253 

11945 11950 12150 
N.T. H.T. 1560 

880 BIO. 880 

40650 407 41250 

9540 9640 9940 
565 57150 572 

84350 85350 849 

1148114850 1165 


Sarooncar 

Sasal 

S8IC 

Tiger OMs 


High 

Law 

daw 

Pl»*. 

134* 

133 134* 

136 

36J0 

36 

36 

36X5 

63/0 

62* 

a 

64 

217* 

216 

216 

220 

77 

75X0 

75* 

76* 


Higti LOW CkM Pro*. 


Kuala Lumpur cww«Bta7«g 


AMMBHdg* 

Genflog 

MMBanktag 

Motto! Ship F 

PetronuGos 

Prntan 

PebfcBk 


ResortaMald 
ftmuwnPM 
SfeoeDartw 
Tele ton HIM 


10 

9X5 

W 

9X5 

16X0 

15X0 

15.90 

16 

6* 

5X5 

6X0 

6 

9X5 

9/5 

9XS 

9-90 

9X0 

8* 

9X0 

9 

2X5 

2/2 

2* 

2/3 

3X0 

116 

3X0 

3X0 

7 

4.75 

6.75 

6* 

25 

2450 

25 

2SJ0 

6/5 

6X5 

438 

6X0 

mio 

9X5 

9X5 

10 

9X5 

B* 

8X0 

8.95 


tatafone 

WhUneod 

vnNansHdg 

Wohetey 

WPP Group 

Zmaco 


Madrid 


7J0 

7/4 

7* 

7/6 

445 

4* 

445 

435 

170 

155 

164 

155 

7J91 

7* 

7.86 

7* 

3X7 

3X2 

IK 

188 

5X5 

5X7 

5X0 

5X8 

2X8 

2X5 

2X5 

177 


X^ 10 


1050 10-60 
128 13} 


1 Helsinki 


Enso A 

HuManaMI 

Kemlm 

Kesko 

Merita A 

MsnB 

MdnSeriaB 

Ncsie 

ftoUaA 

Orioo-VWimno 

Outokumpu A 

UPMKyvmene 

vobnet 


« , B 1 8 

5770 g 2-50 5750 
7340 73 7340 74 

2640 7SM 2630 2650 
149JD 1« !«■» 

49.70 49 49 JO 5UD 

134 132 132 135 

SH5B 49750 5015 512 

19250 189.10 191 193 

9050 89 89 W50 

149 147-80 141 1&B0 

95.90 9450 9150 9S50 


Rar«lcfic4ge 
50c Generis 
Sriaav . 
TneMM 
VCB 


■15 !Sf; m M 

mm 9260 9350 

19625 18725 l»ffl 

1750 TWO vm 

5SS ^ ® 

ms 7080 7120 H40 

>540 U70 1630 

«8Q0 5630 5640 JJJJ 

14575 14400 14475 1450 
ijrajj 14350 14600 1AD0 
14100 14125 14475 
5l0 MOO 5010 SfO 
«« 9*0 WO W” 
-300 3320 3I» 

nU W 

«n 3000 3015 

inSo 127200 1«6S0l»» 


Hong Kong 

ms, s 

CdJwyPodfc 9-® 

ssssa ns 
sk* || 
saw? « 

Mans Long Dw 1345 

BSSSSu ojs 

HKOdnpGax 15.10 

sagg. 1 

bt ** 
Sh-b ::i 


Copenhagen “ftSSua/S 

... . 460 44645 



1015 ID* 

Codon Fun 'S J jaO.96 384 

HSWB m B» ■! 

S ■ J ,SSS 

MSSa 466 457 46119 465 

Frankfurt m&Slwuz 

ID* Ifli 


DrtwitdPrcM 
Pcori oriMkri. 


. 

SlhOuna Post 
SwMPoeA 
WlKtriHdg* 
Whcetock 


Jakarta 

AitmM . 
BktnHlAdrii 
BkHemo 
Godong Garni 

Woctojent 

tndolood 

tndaiDt 

SS? 

TtiftoBun tfeari 


Hang 13601 Jl 
ProrioE 13567 J6 

745 790 7.90 

2550 2i5» 2540 
9 JO 9.90 945 

7175 7625 76 

WJ5 21 2^ 
3810 39.10 » 

38.10 4SJ0 3840 
2845 2850 2845 
(45 (55 7 

1U0 1X55 1340 
B5J5 89 8675 
735 IAS 745 
5*85 57 JO 57.75 
1170 14X5 1490 
2790 2RM 2U0 
1625 1655 1675 
3M 340 X52 

229 233 234 

6115 66J0 6650 

21 21JS 71 JO 

mao 20 ^ 2 i.io 
17^} 17J0 17 JO 
JM 41 4140 

iS « 

0J5 08! 177 

D 85-25 86 

lS- 465 463 
&60 6J8S 675 
630 645 660 

ffl S5JS S6JS 
2440 2195 2505 
1360 1630 14 


Pnrtooas 517/19 


26K 2475 25» »“ 

82S 775 TO 8W 

800 775 775 7M 

9100 8800 9100 8&M 

MM 2000 2000 MM 

3975 3900 3K0 »» 

!£§ S 1 

& S S 


Johannesburg 

ABSA GJiWP 31^g ^ ^ 
AMnloAnCfiri 390 559 JO 


, ■ " 


ambb vnm 

Adldn 24050 

S" 9H| 

MSF** 

7 BBrVtaeMilnrik lOfM 

Wmv 6540 

• Ktorf »» 
Btirog J* 

BMW 1MJ 

CKAGOstaM M 

PttMnBM I34» 

Qeguna D 188 


IK 183 184 

issHs 

’sss « a 
wt 3 JS 
■ss'ss'si 

..J ^ 

Jg tss 

63J5 

® 


AngtaAro 

SSST 

B«toW _ 
CASri* 
De Beers 
Ddrioritti 
FftWaflBk 


MaMKB 
NORM* 
Hedtw ___ 


31 JO 3115 31J0 31^ 

mS si 

270 262-60 76265 27160 
17640 176 1» lg 

'Sjo 8520 8490 ..H 

1165 H- 5 ® Uw 

S2JO 5260 ag 
3X90 3166 32^ 33J0 

fj f2 Vti 1 J 

10.60 gg »» 

10060 W6D 99 JO 100^ 
17 jA I7i0 17.45 

81JD MJO 


London 

Abbey Natl 137 

AtoedDomeai 5J2 

Angflnt Wrier 82 

McGrow 1-56 

AssacBrrarie 529 

BAA 592 

Batidap. li« 

Bass 642 

BAT tad 591 

Bank Scotland 528 

BiaeCkde 4 

BOC Group 11J7 

Bools 9.03 

BPS tad ,3^ 

W Aenap 17.OT 

Brit Load 67B 

Bril Petal 9JB 

% % 

£3 

BuramtiCastrol IJJf 

Burton Gp 1J5 

GnbteWimfeu 559 

CadbavSdna 6^ 

CnrttonConun 527 

Carond Union 8.79 

Qjaunaai 6JJ 

Dtaens 680 

Etodrocoroponents 503 
EMI Group 6.14 

» | 

Gori Accident 1169 

GEC *2 

GKK 11M 

Gtaxa WeflCHae 13J0 

r^raurfoGp 

Grand Md 4^ 

GRE 333 

GreenahGp X79 

ffi" » 

l&Htags l|| 

impl Taboos 3^ 

ffito IS 

Lcrano 2J7 

Legal GrfCjP &1| 

UordsTSBGp 

. LucosVirty JB 

Marks Spencer 6M 

ME PC 535 

SteawAssd 11« 

NttfauiGM 

Na! Power 5^ 

. NriWest 

Ityd 7J1 

NenricbUriSD 
Onuw Lae 

P60 M4 

Pemon 640 

8S » 

pJSStoT" 8 694 

RaBnxkGp 1WB 

Rank Grow 
Rec«a Cairo 9.90 

Rnflaad M 

RnedtaB 643 

&MU ^0 

SSm i 

I SSSrr 666 

SAakn 20-25 

SrfNMlle 7.U 

So* Power 1W 

CfQiriCQr Zje 

?69 

ShelTWHpR 173 

CMM • 1295 

SSofteaww i-S 

smOtiKtow 

smBteW J-3 

ss« » 

TS* 1 *'* S 

TltamesVlfater 9J0 

31 Grata 5" 

T1 Grotto 6H 

to»5« 

UoBewr 

UMAssunence 5» 

UtdHew* 8® 


FT-5E 100:5271.10 
Picrinos: 528790 


esa?* 

FECSA 

GoeNatorri 

tbentiata 

Pryai 

Rapsol 

Scvfltona Elec 
Taboadaro 
TeMonica 
Union Fenosa 
VateflcCeroanl 


Manila 

AyataB 
AndaLand 
Bk Phlto W 
OSiP Homed 
Mania Bee A 

Metro Bank 

Mm 
PCI Bank 
pm Long DW 
5aaJVUgDriB 
5M Prime Hdg 


20.67 ZU3 TOM 20J6 


Brieatod M! 50 6. 7 0 
Prewos: 99492 

5680 25710 36000 
1815 1815 1865 
SCO WOO 5880 
8200 8200 8450 
4235 4250 4345 

1395 1400 1410 
7790 7840 8080 

2750 2748 2830 

SOW 8300 8390 
43® 4370 4440 
4450 4500 4510 

2900 2835 7770 

7400 7560 7630 

Z750 2760 2800 

1160 1170 1195 

7060 7060 7170 

1730 1735 ■ 1770 

2420 2450 2535 
6570 6590 6660 
1315 13* 1345 

9820 99* 10100 
4275 4295 43* 
1335 1365 1365 
2805 2835 2870 


PSEtodBb2UU8 
Previous: 203*48 

14 1425 14 

16 1650 16 

100 104 101 

140 X50 X45 

75 76 75J0 

275 285 27750 

440 AM 445 
1* 142 144 

920 Wffi 935 
4850 49 50 

690 680 690 


Air Uq owe 

AkaMAMt 

Ajoj-UAP 

.Banorire 

BK 

BNP 

CanotPhn 

Conetaor 

Casino 

CCF 

Cetdeia 

Christian Dkr 

CLF-DadaFran 

Cierit Agrksle 

Danone 

EB-Aouttalne 

EridantaBS 

Eimxflsnev 

Eurotunnel 

Gen-Eoux 

Hovas 

Imetal 

Lsfej^ 

Lagrond 

LtSeri 

LVMH 

MkhefinB 

PmftmsA 

Pvrood IScnrd 

Peugeot at 

PtowtLPrint 

Pronodes 

RenauH 

Read 

Rb-PtokneA 

SanoG 

Schneider 

SEB 

SGS Thomson 

SteGonesoSe- 

Sodedu 

StGobaia 

SuezCOe) 

Suez Lyon Enin 


High Law aose Pnw. 


CAG-to: 295M2 
Pnrioas: 299297 

1078 1092 1135 
Susa. Suvl 23990 
9* M3 

798 808 

*1 «I15S 40590 
784 797 796 

410 41190 425 

30630 38890 311 

1052 1052 1080 
3477 3483 3538 

3* 35X50 354 

365 357J# 37430 

651 654 669 

738 TM 742 

587 587 - 603 

iji/ 13T7 1317 1311 

928 913 922 926 

753 742 744 75* 

884 851 867 884 

895 7.95 8 8.15 

6-10 5.95 6 6.10 

■TO7 «3 700 710 

399.10 404 407-80 

706 718 725 

48S3B *8 40730 

1163 1178 1192 

2265 2265 2379 

1153 1161 1172 

342 34690 353 

46360 46X60 470 

286.10 209 JO 290 

757 757 772 

2715 2779 27* 

2036 2062 2084 

164 167 JO 168-1® 

1620 1634 1651 

257 JO 268 269 

526 539 534 

355JQ 36690 36830 
752 763 788 

460.60 466 463 

933 91B 913 

2990 2990 3041 

888 894 903 

iAIS 1435 S&ffl 
612 623 631 

672 683 7m 

i 174 17590 17790 
6* 649 659 

11590 116 119 JO 

I 377 JO 38050 3BSJ0 


EtedroiraB 

Ericsson B 

HennesB 

kxenflw A 

bmestorB 

MoOoB 

Nofdbanken 

PhanWU^otin 

Santa B 
SCAB 

S-EBenkenA 

StondtaFhn 

SkmukaB 

SKFB 

Spmhanioai A 
SfcroA 
SvHandebA 
Volvo B 


Sydney 

/mas 
ANZ Bring 
BHP 
Bant 

BroaiMes tod. 


668 662 
36490 3S4JD 
315 309 

698 692 

387 376J0 
281 276 

2S5 251 JO 
257 251 

253J0 25050 
226 220 
183 177 JO 
91 89 JO 
365 353 

305 297 JO 
230J0 228 

175 170 

128.58 126J0 
254 248J0 
22150 221 


CCAouri 
Cries Myer 
Comcrim 
CSR 

Fosters Brew 
GoacknaiHd 
ICI AustraSn 
Lend Lease 
MIMHdn 
Nat Ausl Ba* 
NWMifturi Hdg 
News Corp 
Pacific Dunlop 
FionowUrJI 
Pi* Broadens! 
Rio Unto 
57 Georg* Bank 
WMC 


Mexico 

Ada A 
Banned B 
CemesCPO 
QhnC 

Erop Modena 

Goo Carso A1 

GpoF Banner 

GpoFtabitarca 

jdatoCtokMex 

TetevtsoCPO 

TeUtaxL 


ABeanzaAssc 

BcaCamatM 

BcnRdeutoftt 

Bcadi Roma 

Benetton 

CiedBottaflano 

ErSsm 

6Nt 

Flat , . 

GependAsic 

Ull 

INA 

Itrigps 

Medfcset 

Medobanco 

Moaterfisoa 

Otw-lti 

Punuukri 

Pfc* 

RAS 

Roto Banco 
SPario Torino 
Triecorn [tain 
TIM 


Baba tad«c 522991 
Pnvkws:5341J6 

7X30 72^0 7390 
22J0 22J0 2145 
38J0 38J0 393 
1694 Idiffl 
3898 3890 39.3® 
61 JO 6190 -6X00 
3J0 3J0 3J6 

3X80 34.EB 3150 
39 JO 39JS *.15 
14390 14390 14990 
19.92 19.92 20X5 


MIB Ta f aB co a 1572790 
PmtOBB 15981 JO 

16400 14Q50 16100 16480 
5305 5155 5160 5315 

rae 7200 7230 7320 
1729- 1690 1695 1735 

28500 28150 28150 28550 
4700 4400 4630 4710 

8950 8820 B835 8965 

105* 10300 10350 10660 
6110 SW) 6QQ0 6170 
3OT8 38650 39100 39850 
179* 17490 17490 17W5 
2660 - 2575 2995 2630 
6180 6050 6050 6195 

8650 B4I0 B450 8710 

13750 13450 13475 138* 
MB 1364 1376 1398 
1004 959 987 966 

2790 2730 27* 2760 
5165 5005 5025 5175 
5450 15245 15300 155* 
25400 24800 24800 25200 
1*00 13770 13845 13950 
11285 11120 11190 11240 
7055 6930 6945 7070 


Sao Paulo K-gg-jgg 


Bradescn Pfd 
Butrina PM 

— -PM 

.... PM 

Cope! 
Ettratafis 
UaubancoPfd 
UriitSanrfdas 

^SKspm 

TOwto rlB 
Pairttela Lie 
SMNactonri 
Sauza Cniz 
TetebrwPM 
Teterrig 
Tefal 
Tales? PM 
UnBxmB 
UsWnwPM 
CVRD PM 


Doom 

Daewoo Heavy 
Hyundai Eng. 
Kta Staton 
Korea El Pwr 
Korea Etch Bk 
LGSemicon 
Pahang Ii»a51 
Samsung Dbtoy 
Elec 


I 11J6 11.75 
I 7B0JHJ 78100 
I 59 JO 6000 
I 9SJ0 95.90 
I 16J5 16J5 
i aS'fil 638.81 
l 680 JO 680.1® 
I 468.00 490.® 
I 401.99 MOM 
I »J2 311.99 
I 187.00 leS-ffl) 
I 41.00 41X5 
! 10.11 10J5 

I 153.01 154.00 
I 184.00 189.90 
I 17X00 177.00 
t 397 JO 401.00 

I 43JU MM 
I 1095 UJH 
\ 26X0 26J0 


CoaposleiiKt«c58&« 

Pievto«KS79JS 

70000 66100 68100 67200 
5850 53* Sm 5620 

saf® 15400 16500 16000 
6910 6350 6910 6400 

18200 17400 171 Kl 17700 
4530 4170 4350 4300 

27300 24800 26700 26600 
51000 48100 50 700 49000 
*500 38100 39500 39100 
57500 5*00 57700 56200 
7110 6800 6950 M00 

420000 398000 410000 407500 


Woodside Pet 
Woarialrii 


Taipei 

CrrihoyLKelm 
Chmq Hn Bk 





Tatum 

Utd Micro Elec 
UMWtaridCrin 


Tokyo 


Montreal tadasIriatEtadaeslSWJS 
monucai Pwvlwfc 34S7J7 


Bee Mob Coat 

CCtoTmA 

CttoUBA 

CTFWSvc 

G« Metro 

GMVatLHecs 

Unascn _ 

tmestooGip 

LaUawCbs 

NaflBkCtodda 

Power top 

Power Fan 

QuebomrB 

RajnsCoBzn B 

RrifotBkCdo 


45 45 

29 29.15 
39.65 TP* 
45H 45» 
18X0 18X0 
32J0 37to 
46XS 46* 
43 C2D 
2020 XL* 
18X0 1885 
43.10 4316 
41.15 41D 

sin an 
8/S 8/0 
69K 69to 


□BXkuie£73L71 
PmtatK! 745X8 


141 

139 

1* 

1* 

219* 

217 

217 

219 

3810 

27* 

27* 

28* 

3110 

32X0 

32.90 

33* 

126* 

123 123* 126* 

43X0 

42 

43 

43* 

446 

422 

444 

446 

41450 

4M 

415 

417 

250 

246 

747 

252 

179 173* 176* 

176 

664 

645 

654 

655 

487 

482 

482 

485 

151* 

149 

150 151* 

135* 

132 

133 

133 

400 

390 

390 

390 

55* 

SS 

55* 

56 


Singapore 

Asto PocBrew 
CenbasPoc 
CHy Devtts 
CideCmiage 
Dairy Fom tat 
DBS tars wi 
DBS Lund 
Riser k Meow 
Hit Land* 
JanlMdfMSfl 
Jrid Strategic 

Bk 

OSUrion-r- 

PartwoyHdgs 
Strobe™ 

Stag Air j 

StagLmd 

SlngPrwiF 

SngTodilnd 
StagTeiMH 
Ttolae Bn* 
UMtaduriM 
UMDBaaBkF 1 
Mug Tpl trip 
-in US Mart. 


StnBlTtaUC 1827X9 
Ptevlen: 1884X4 

5X0 5X0 5X0 

478 4X0 4/2 

8/6 8/5 890 
7* 7.70 7/0 

0.94 1X1 0X4 

15X0 15* 15/0 
3X4 3X6 3X8 

8 8.1 C 735 

310 116 Ilf 

7X5 7* 7X0 

3X6 194 1M 

SXS 5X5 5.95 
3X6 3X6 3-10 
4JD 182 4/0 

3X0 3X8 132 

9X5 1050 10 

6.15 445 6X5 

5X5 5X5 5X5 

5/5 5J0 5/0 

11X0 11* 11* 
6.10 6.10 6.15 
223} 22X0 ■0X0 
i 2* 2J0 2* 

US 2X3 2/5 

ZJB 2X8 2X1 
i 0.97 0.90 0.98 

i 10.90 11X0 11X0 
199 3 3 


Asa hi Bank 
AmhlChwn 

Atari GIB! 

Bk Tokyo Mitcu 

BkYbtohama 

Bridgestone 

Canon 

ChubuBec 
OtusnluiEtac 
ulto Print 

QgjgJ 

Dri-lcMKmg 
Dana Bank 
Dahva Haase 
DakHSec 
DDI 
Dang 

Easl Japan Ry 

Ffiri 


Fup Bank 
Fuji Photo 


Stockholm ȣ3E3S8 


AGAB 

ABBA 

AsaDtaan 

AttoA 

Ate Copco A 

Auwritar 


118 1U 117 119.50 
105J0 18250 104 10650 

241 235 23850 244 

128 123* I2A50 129 

2* 24150 247 250 

■HicB 319 J0 321 324JO 


HKMunlBk 
Hflochl 
Honda Malar 

rsj 

(HI 

Rachu 

Bo-Yakada 

JAL 

japan Tobacco 

Juko 

Kajhaa 

KamolElec 

Kao 

KawanlaHvy 
Kawa Steel 
KinU tfippRy 
KrinBrewety 
Kobe Steel 
KOtoteu 
Kubota 

^SuEJec 

Marubeni 

Mari 

Matsu Cacsr 
Matsu Etae tad 
Matsu Elec Wk 
Nutsuuuii 
MBsufaUiiOi 
MfisobtahlEi 
Mbiubtotll Est 
Mitsubishi Hw 
Mitsubishi Mat 
MOsuWshiTr 
MOsri 


PAGE IT. 


EU Official 
Ridicules 
Plan to Cut 
Workweek 

Gwy*W Ire Oar $Kg}-rrm Dufvr+rs 

BRUSSELS — The European 
Union's industiy commissioner, 
Martin Bangemann, lashed out Fri- 
day at plans in France and Italy to 
cut the workweek, saying that such 
action was poisonous for jobs and 
bad for economic growth. 

“It is the opposite of what we 
should do,” Mr. Bangemann said. 
“Of course it would slow down to a 
certain extent economic growth be- 
cause it is slowing down employ- 
ment” 

Prime Minister Lionel Jospin of 
France announced plans last week 
for a law that would cut the work- 
week from 39 boms to 35 in January 
2000 . 

In Italy, Prime Minister Romano 
Prodi has engineered the survival of 
his center-left government, which 
was in jeopardy last week, by prom- 
ising to bring in a 35-hour week by 
2001 . 

France's finance minister, Domi- 
nique Strauss-Kahn, said Friday that 
he believed the Jospin plan would 
create tens, if not hundreds, of thou- 
sands of jobs. 

“Employer organizations would 
be wrong to sulk over this,” Mr. 
Strauss-Kahn said. “This will all be 
negotiated company by company, 
the system will take effect, and I'm 
convinced it will result in the cre- 
ation of tens of thousands if nor 
hundreds of thousands of jobs in this 
country.” 

But Mr. Bangemann said that ex- 
perience showed such plans would 
only increase unemployment 

* ‘All experience in the past shows 
lowering working hours does the 
opposite of cutting unemploy- 
ment” he said at die annual EU/ 
Japan Industrialists Round Table. 

“I cannot stand these politicians 
or other people who are trying to do 
something and they are doing ex- 
actly the opposite of what could 
bring them success,” he said. 

He spoke just over a month before 
European Union leaders are sched- 
uled to meet to discuss action to 
reduce unemployment, which stood 
at 10.6 percent in August in the 15- 
country bloc. (Reuters. AFX) 


:dax : 

4500 -• 

: 4300 

- 4100 • - 

; 3900- - J 
/ 3700 i jr 


jj aso 


: Amate^leyv 
Brussels • : 


:‘." s FTSEtOO 


7 ■ Paris 

ihdSx GAC40 . 

• 3250 

-—ft 3100 -- . jr 

- • - 2650 ly* 

I ASO . j J ASO 

1997 

Friday ■ V prev. 

etoseV " Ctoss ChantM 


Oslo 

{Condor 

Madrid 


. **V 

rdi w * •*. / , 

,'s tocMio^=T 

Z» H#?: :> s 

Source; Tetetarrs 


$£% :C' 

-"'T 

.••Stode.Maitkflt 
.-HEX Seierai 
v <xU,[ •' r 
■FTSSIOO - 
; stoctc ! b<cto^ 
»MfflfF8L .. 

GAG 40 

‘gx.ie : , 

•' ATx" 

iqif f l— 

• spr-.;. • 


■ 904,89 :• 91&Ot. -0 81 

■ asaaasi 2 . 43 &H '-*..67 
■■WfJ80f."'.M1ft2E -1.38 
-figago 6SL47 -029 

JfflW 5,825^6 -1.4S 

‘ . 738.fi 745.78 -0:95 

.. . 5^71.13 5^87.90 -0.32 
S86.70 -1.38 

~15727 15881 -1.59 

2&S&8Z Z99ZST -1.18 
3.433.34 3,506.82 -3.10 

1,406j68 1,423.42 -1.18 

3^72.95 3,708.94 -0.81 

ImmuiMul HcraU Trihuiw 


High Low dose Pnrv. 


663 670 

360 367 JO 
311 3I4J0 
694 702 

381 389 

276 mss 
252JO 257 

256J0 256J0 
253 2S5J0 
221 226 
178 183J0 
90 9&50 
357 JO 365 

29B 307 JO 
230 231 JO 
172 177 JO 
127 JO 128J0 
250 256 

222 226J0 


AlOnfeUteK 2645/0 
Pravtan: 3653X8 

) 7X6 7.96 BX9 

i 10X5 11.19 1092 
14X5 15X8 1X19 
4* 416 416 

25J7 25J2 26X2 
16/4 16X9 16X7 
12X6 112B 13 

6X0 6X8 6X8 

6X0 6X4 6* 

408 410 5X2 

2X6 2X7 2X1 

2.19 123 2X2 

12J0 12J2 12J2 
28X8 29/0 29X9 
1J3 1J6 1J5 

Ml 20X0 2033 
2X6 2X2 2/6 

6X4 6X5 6X0 

154 156 1M 

4X7 427 437 

8X0 8X7 8* 

19/0 19/1 19X4 
8.T9 BX0 aa 
5X0 5X8 171 

8J9 8/6 8/6 

12/5 12X2 72JB 
4* 450 457 


Stock Msrkrf itotet: 7S32.15 
PmkMB; 7997X1 

12450 I13J0 17840 120JD 
S3J0 89 92 19 

JOJO 6X50 66 68 

9X50 83J0 86 B9J0 

24/0 22/0 24* 23X0 
9450 89 JO 93 B9J0 

53 48J0 S2J0 51 

97 92 9440 92 

54 5040 S3 50SQ 

5640 51.50 5450 55 

78 71 JO 76 75 

144 135 139 145 

30.90 30 30/0 3030 

7X50 JOJO 70.50 7450 

55 51 52-50 52-50 


mM 225: 17471* 
Pmtan: 17707X9 

1060 10* 1060 1060 
SB7 580 584 576 

3590 3560 3560 3SK 
700 684 700 696 

5* 525 “ -” 

® W - 

1910 IS* 1880 1900 
533 512 531 511 

SBfiO 29* 30® 3000 

3290 3160 3243 3390 

2010 1990 2fl®0 2010 
1870 185® 1870 1880 
2600 200 26* 
600 596 <04 609 

11* 1080 1130 1110 
490 475 475 500 

1150 112Q 1120 1170 
733 7* 738 

5180a 5000a 5050a 5180a 
3000 2860 2940 2328 

5790a 5740a 5740a 5800a 
20* 1980 20* 2120 
SW mu 5010 4980 
1278 1230 1260 1260 
5220 5J10 5200 5250 
1530 1510 1510 1530 
1180 1170 1180 1170 
iMi MM 1070 ISM 
4520 4650 4*0 4530 
1370 1300 1370 133) 

— — 273 262 

*6 410 420 

6510 «4M /am 4«n 
425 *3 425 *4 

SSWb 9910a 9920a 9980a 
2760 2690 2690 27* 
545 532 532 550 

2050 MM 2Q50 20* 
1770 1720 1760 17* 

— 342 352 

200 199 

675 671 

1020 MOO 1000 1020 

— — 133 135 

7(0 693 

XI 42B 

7660 7390 7590 7450 
1923 1098 1900 1910 
507 483 498 493 

358 

2200 2M0 2170 2190 
.43* 4250 4250 4310 
2270 22* 2270 2280 
1320 1190 1200 1200 
1170 1130 1150 11* 
269 260 265 264 

471 45S 458 460 

17* 1710 1730 17* 
655 641 647 662 

*4 573 573 595 

1770 17* 1750 1810 
986 977 980 993 


Very brief ys 

• Allianz AG indicated it could be interested in acquiring 
Assurances Generates de France S A, after a hostile takeover 
bid by Italy’s Assicurazioni Generali SpA for the French 
insurer was rejected this week. 

• Koninklijke PTT Nederland NV will spin off its postal 
services next year as part of a split intended to allow its mail 
and telecommunications units to make alliances and expand. 
The postal unit's shares will be listed in Amsterdam and New 
York. 

• Russia's International Co. for Finance & Investment is suing 
RAO Gazprom for refusing to pay 37 billion rubles ($6.29 
million) of maturing promissory notes, known as vcksels. 

• Union Bank of Switzerland said a Zurich appeals court had 
backed its plan to introduce a single bearer snare, rejecting a 
lawsuit by Martin Ebner's BK Vision AG opposing the share 
issue ou the grounds that it would dilute the rights of existing 
shareholders. 

• AO Avtovaz, the debt-burdened maker of Russia's Lada 
cars, won a reprieve from bankruptcy with a 10-year deal with 
the government to reschedule its $800 million tax debt. 

• Troika Dialog’s chairman, Peter Derby, resigned from the 
Russian investment bank. The reasons for his departure were 
not disclosed. 

• Renault said it had developed an electric vehicle, called the 
Fever, that was powered by a battery and had a range of as 
much as 500 kilometers (300 miles). 

• Liechtenstein said it would begin selling its stake in Liecht- 
ensteinische Landesbank AG next year but would still hold 
a majority of the bank's stock. 

• Volkswagen AG said the number of employees at its factory 
in Mosel, Germany, would rise by 1 ,000, to 3,800. by year-end 
to help meet the strong demand for its cars. 

Reuters. Bloomberg, AFP. AFX 


The Trib Index ***** **00*31.*.™**. 

Jan. 1,1902= 100. Lewi enwige % change yty tpdria 

% cnangv 

World Index 174.43 -3.4Z -1.92 +16.96 

Regional indexes 

Asia/Pacffic 11643 -1.02 -0.87 -6.67 

Europe 192.65 -4.33 -250 +19.51 

N. America ZXL9& -4.49 -2.16 +25.37 

a America 175.61 -2.65 -1.49 +53.47 

biducMri indoNM 

Capital goods 216.63 -5.73 -2.50 +26.74 

Consumer goods 194.15 -4.50 -Z27 +2027 

Energy 205.06 -3-43 -1-65 *20.12 

Finance 128.78 -2.00 -1.53 +10.58 

Miscellaneous 186.45 -2.08 -1.10 +1525 

Raw Materials 178.00 -325 -2.11 +1.84 

Service 16825 -2.48 -1.45 +22.52 

Utmes 167.53 -3.68 -215 +16.78 

The tawmaltonalHaraU Tribune Worm Stock Index CtracbnheUS daBar vatues ol 
380 mumutonato m mstabte Stocta tom 25 cwrtriw. For row mtormaum. a taw 
Mdalisa>^BbhiwwnangloWTn)biOex.lBl Avenue Cftnrtes ate GatOo. 

92521 NevUy Cade*. France. CompSed by Btoamtawp Atew* 


HigJi Law Qase Pie*. 


MtsriFvdwn 1610 
MftuiTnsf 
MtnriaMlg 
NEC 
NHckoSec 

Niton 

Ntafcnda 11800 

itefsr 

Nippon Steel 
Nissan Molar 
NKK 

NomuroSec 
NTT 11® 

NTT Data 6370b 

O? Paper 
QsakaGas • 

Ricoh -ii- 

Rohra 1*00 

SricuuBli 
San taro 
Soma Bank 
Santa Elec 
Sooom 
SetooRwy 
SefcbuJ Chem 
Sekfsri Hanse 1020 

5even-Etoven 9380 

Shu ip 10* 

SlftritnBPw 1880 

Sirin Ou 

ShhM&uCh 
ShtaeMo 
Shizuoka Bk 
Soflhonk 
Sony 17000 

SmnOorn B89 

StndaniaBk 1650 

SutnhChefn 447 

Saraltoroa Ete; 1000 

Sunl Metal 275 

Somit Trust 1150 

Tahha Pharm 3190 

TakedoOien 3J&B 

TDK 11500 

TofiOtolElPW 1910 

Tahal Bank 
Tatoa Marine 
Tokyo El Pwr 2210 

TufcVD Electron 8530 

Totem Gas 
TokfroCOcp. 

Tonen vrc 

Toppan Print 1660 

Tonylnd <65 

Toshiba 611 

Tuteai 
Toyo Trust 
Toyota Motor 3950 

Yaroanoudri 3190 

tlttniKxMOO 


Newbridge Net 

Neeandalne 

Nan/nEiwipy 

NthemTOtaoxn 

Nava 

Onex 

PancdnPettm 

Retro Ota 

Placer Dome 

Poco Pete 

Pota sh Sesk 

RasUssance 

RioAJponi 

RagereCaiMB 

5eogiaaiCb 

ShefCdaA 

Suncar 

Tatisroan Eny 

TeckB 

Teteqtabe 

Tebn 

Thomson 

TorOom Bank 

Ttxmsafla 

TronsCdaPtpr 

TrimorlFinl 

TitrecHahn 

TVXGotd 

WestcoastEnv 

Weston 


High Low Close Pro*. 

11X5 11 to It. 70 11.70 

Tic 15 25L 25X5 26.10 

87 82.90 8330 87L 

•MSti 25X0 25** 26 

3410 31X0 3190 3C20 
148** 145L 145X5 149X5 
11/5 11 J5 11/0 11/0 
15*6 35/5 35*1 35.15 

25L 25<.i 

77.15 26** 36.95 26.90 
25 2455 24** 25.15 

1115 12.95 13 1115 

115*ft 115 IlSi 115to 

341* 3190 3190 34 

27Vj 27 
23X5 24 24 

47 4455 45.10 48.10 
27* 2&to 27 264 

52X0 51to Slto 52*1 
5» SS Sft 
26 26.10 26X5 
5lto 511+ 51X0 Slto 
29/0 28to 28to 29.10 
34to 33>+ 34to 3165 
47/5 46/5 47X5 48.05 
16.90 18/0 18.90 IS 1 * 
27X0 76.90 V T7.70 
77 75*5 75*. 76X5 

3619 36.10 36.18 341to 

B.05 7.30 8 7.95 

2195 2830 28/0 28XS 
101 98 99to 102 


Vienna 

BaeMer-Uddeh 

CredlanstPH 

EA-Genadl 

EVN 

FtoatafenWIefi 

OMV 

DestEtakhtr 
VA Stahl 
V A Tech 
WtemborgBau 


ATX Mm 1406/0 
Previaast 1423/2 
1052 10361043X0 1053 

738 730X5 735 JO 742J0 
3164 3121 3163 3l» 
1495 1475 1490 1494 

523 516.60- 522 525 

1850 1832 1844 1852 

939 93415 938 «0J 

581 56105 564 5HU5 

24642441 JO 2450.10247490 
2580253405 25382588* 


Wellington use/omktssui 

Pimns:Ztti,i4 


Toronto 

AbBUCan. 
Alberta Energy 
Alan Aim 
AnteRon E*pl 
Bk Montreal 
Bk Non Sofia 
Barak GaU 
BCE 

BCTeteanai 
Biochero Pham 
BoabanBerB 
Cfflusss 
obc 

CdnNanRal 

Cdn Not Roc 

CdnOcddPet 

Cdn Pacific 

Coranco 

DoIibcd 

Damtor 

DanohuaA 

DuPcntCdaA 

Edperfirarexm 

EuroNevMng 

Fairfax FW 

FaVantritkje 

Matcher OM A 

Pnsnat Hondo 
Gulf Cdo Ret 
hn portal Oi 

mat 

'IPL Energy 
Loldkm B 
LOewenGiwra 
MaaMIBMI 
Magna inttA 


TSEtadBStiUK6»9111 
PntkwK 7092.12 

22X5 2130 22X5 23.15 
34 33to 3190 

45.10 44.10 44X0 44.95 
16X0 1190 16.10 16.15 
57J5 57 571* 57X5 

6165 62% 63 64 

3TX0 31 H 31* 32 

42-65 41.90 41.95 47*6 
36.95 36J5 36X5 36X0 
41X0 4TX0 41X0 4155 
2U0 27H 27.90 28* 
5TM 51X5 511* 53 

39* 38X0 39J0 39J5 
7430 7495 75 76.70 

OVl 41 ill* 42T* 

San 23 3755 

42.51- 42X0 42X5 42** 

32X0 32* XU£ M/5 

3190 2 514 25X0 25* 

’IS Vb? ,,i5 ,1JB 

» »i Mi # 
34 Mto 33ft 33V9 
26 2170 25X0 25X0 
26X0 2t3S 25/5 26’* 

3S8 3* 358 33S 

2« MX0 34 2170 
2JS 22to 22to 22to 
35/0 35 35K 3SH 

12/5 12X0 12X5 12/5 
8SM 84X0 85.15 B495 
3115 31J5 31X0 31X5 
5445 5415 54X0 5430 
n 20LB 20/5 20X0 
S 3165 36.15 37** 

)£* 19.10 19X0 1916 

WJO 98 98 99U 


AXNZealdB 

4X7 

4X5 

4X7 

407 

Briefly tavl 

1X5 

1X3 

1X4 

1X6 

Carter Hattari 

a* 

3* 

1* 

156 

FletttCftBMg 

£3 

5X6 

5* 

5X2 

FktChChEity 

jm 

7X2 

7X5 

7.93 

FMdi Ch Font 

1X7 

1X5 

1X5 

1X7 

Flekti Oi Paper 

3.12 

110 

111 

116 

Lion Natan 

195 

190 

195 

192 

T decora N7 

8X5 

818 

820 

825 

Wason Horton 

11* 

11* 

11* 

11X5 


Zurich 

ABBB 
Adecco B 
AIuhjIsmR 
AiHXeroaoB 

AWR 

Baer Hdg B 

BdoheHdaR 

BKVUoa 

QboSpecCbem 

□orient R 

CniSutaeGpR 

EMdrovnttB 

Ems-Cherole 

ESECHdg 

Hoidortianii B 
UecWenst LB 8 
HariteR 
Moroitb R 

OerOnBuehR 
PageseHMB 
PtaraiVSn B 
Rtchemml A 
PMBPC 

5GSB toPC 
SMHB 
Sutter R 
SwfstRdwH 
SAir Group R 
UBSB 
WMerihurR 
Zuridi AsmitR 


SPI Mac 3672.95 

Pravians: 370194 

!150 2182 2188 
H2 522 528 

402 1402 1437 
!SOO 2510 2585 
865 865 061 

G40 2350 2380 

050 2300 2340 

1270 1298 1298 
1* 145X5 145X5 
1157 1172 1181 
215 219.75 218 

534 S35 536 

>900 6»40 6975 
1300 4200 4390 
>358 1367 1383 
570 570 566 

MM 2109 2123 
D36 2249 2290 
1-50 19475 195 

1780 1790 1800 
868 075 890 

1910 1910 1915 
334 337 334 

1400 125X 12680 
&50 390-50 394 

1735 1 760 1 750 
w» 3W0 2905 
885 897 90S 

1174 1142 1160 

21» 

51 ini 1948 
1TO 1724 1735 
1548 1604 1582 
SB7 W 612 



































































































PAGE 19 


K- -il 

it l 


& sr. 


F Jt «*•’ 

p| | 

fc i- ? 


t a f 

f k ■ ■ 


r }?.- r. 

I r - 

V Ifc -2L. 

Ce ^ - i- 
**' ^ 
r- / f =-'-■ 

i’-.s > 


?■ 

ij. 


#:* £ 
fr-r •••■’ 


> ? V 


ft- : 




■#■ •••V v 

f ; f 




|..V 


eh 




Gun Gala 

Frustrates 

Asians 

New Arms on Show 
But No Cash to Buy 

By Thomas Crampton 

Sprc-ia/ fti / Af Herald Tribune 

BANGKOK — Welcome to 
Southeast Asia’s weapons super- 
market. 

Down Aisle I is the Giat In- 
dustries’ Leclerc tank that can 
cross rough terrain while firing 10 
rounds a minute at moving targets. 
Price: $9 million. 

In Aisle Two, STN Atlas 
Elektronik offers a short-range air- 
defense system that can be moun- 
ted on almost any vehicle. 

Price: 300 million Deutsche 
marks ($175 million) for a set of 
three launch batteries. 

Missiles are not included, and 
some assembly is required. 

Nearby, SNC Industrial Tech- 
nologies sells the 105-mm mortar 
shells favored by the armies of 
Southeast Asia. 

With a maximum range of 11 
kilometers (7 miles), the fragment- 
ation round is designed to kill at up 
to 30 meters from the point of 
detonation. 

Price: About $500 each. Min- 
imum order, 100. 

This year, the only thing miss- 
ing from the Asian Defense Con- 
ference is the customer. 

“Normally, sales aren’t made 
inside the show but you get lots of 
generals asking for' details about 
equipment," said Steve Bruhn, 
manager of international opera- 
tions at United Defense, an ar- 
mored vehicle manufacturer. 

* ‘This year, only a few of the most 
senior generals came around, and 
that was just a courtesy call." 

Despite simmering dispates in 
the region, and some hot ones, too, 
the recent economic downturn and 
the plunge in currency values has 
left die generals virtually penni- 
less. 

The one potential winner during 
the current cash shortage could be 
Russia, said Derek da Cnnha, se- 
nior feUow at the Singapore-based 
Institute of Southeast Asian Stud- 
ies. 

Less expensive weapons and a 
willingness to accept payment in 
the region’s bountiful basic com- 
modities could quickly increase 
their share of the weapons mar- 
ket. 



Thailand Rescinds 
Fuel-Tax Increase, 
Imperiling Bailout 


* 

■ -<• . v ? 

r - 

V.,. 


Special io the Herald Tribune 

BANGKOK— Thai 
officials, responding 
Friday to domestic 
political pressure, can- 
celed tax increases put 
in place jnst two days 


lUkua Unftjew/Tbr AandMfd Prt* 


General Ismail Hassan of Malaysia checking an Israeli weapon. 


The move, analysts 
said, raised concerns 
that Thailand would not 
meet the requirements 


“Their equipment is cheaper, 
sod I don’t see McDonnell 
Douglas accepting payment for 
aircraft in palm or coconut ofl, so 
Russians will have a real advan- 
tage," Mr. da Cunha said. 

Next week. Russia plans 1 to 
bring several MiG fighter aircraft 
and a submarine to another arms 
show outside Bangkok. 

The conference has long been a 
forum for smooth- talking arms 
salesmen to show off their wares. 

Anns spending has marched in 
step with the region’s fast-paced 
economic growth. 

East Asia was second only to the 
Middle East for the import of arms 
last year, according to a study re- 
leased this week by the London- 
based International Institute for 
Strategic Studies. 

The study found East Asia im- 
ported $10.2 billion worth of 
weapons, or 26.6 percent of world 
imports. 

A good deal of that spending 
took place in Southeast Asia, 
where Indonesia, Thailand, Singa- 
pore and Malaysia rank among the 
top 1 1 arms importers worldwide. 

The region has its share of con- 
flicts. 

Reporters pursued the Cambod- 
ian co-minister of defease around 
the show to see if he would inspect 
weapons that could be used to 
smash the final stronghold of sup- 
porters of deposed first prime min- 
ister, Prince Norodom Rannaridh. 

Several submarine makers 
proffered their craft as handy tools 
for intervention among the dis- 
puted Spratly Islands in the South 
China Sea. 

China, Taiwan and four mem- 
bers of the Association of South 
East Asian Nations have overlap- 
ping claims for the potentially oil- 
rich islands. 

In the best years. United De- 
fense sold about $150 million 
worth of equipment in' Southeast 


Asia. This year, Mr. Bruhn said he 
- hoped the company would break 
the $10 million mar k 

“Last year, it took six people to 
man the booth at this show, and we 
were busy the whole time," said 
the representative of a French de- 
fense contractor. 

“This year, there are three of us 
and we may just all leave at 4 P.M. 
We only showed up because we 
knew the competition would be 
here." 

The empty aisles brought out a 
pensive mdod in some salesmen. 

“Yes. it is slow, but 1 am not 
pessimistic," A. Bandyopadyay 
said at the India Defense Industries 
stand 

“With the economy coming 
down, the fighting goes up.- The 
Indian philosophers tell us conflict 
is inevitable, so the sales of arms is 
inevitable. 

“I am not worried in the long 
term." 

For the men in uniform, this 
year’s showcase has turned into a 
window shopping expedition. 
“Many of us in the region face 
budget cuts across the board, so we 
are just collecting leaflets for fu- 
ture purchases," said the deputy 
Malaysian Air Force chief, Dato 
Sulaiman bin Mahmud 

“We are not looking to' buy 
tilings right now.” 

“A lot of people want to buy 
things they see but they cannot 
afford them," Colonel Boony 
Vinich of the Thai Army said 
* ’They crane to see what they may 
bay in three or four years.” 

Thai-made weapons on display 
at tiie show included a dummy 
missile and an explosive-powered 
water gun. 

Used for shooting at suspected 
bombs, the Thai water gun costs 
just 15,000 baht ($400), fifty times 
cheaper than the U.S.-built equiv- 
alent, according to Thai military 
officials. 


for a huge international 


bailout it has received 


to help it overcome its 

KvJ 

financial crisis. 


The reversal on the 


policy came just hours 


after it was announced 

that a crucial package 

V- 

of finance-sector re- 

<- 

forms would be 
delayed. 




“There is no policy 
consistency,” said Ar- 
pom Chewakrengkrai, 
chief economist at 


from 37 baht Thursday. 


. . i , • ■ : • xuuiu liv uviuy^Ai imui uvai wwiv 

A one baht per btertax on gas and wh ii e thejuridibalcouncilrephrased 
diesel was imposed Tuesday to al- passages of the executive 


“ . , « m r* 1 WIUpiVUUtTV CWUU UiV u 

temanonal Monetary Fund. to tte juridical counsel to sor 

KUI . lncr “S md a The decrees should pass q 
100 bdhon.baht cut m spending an- tow, * e cabinet newTtuS 
pounced ttus week, the government gove £ment spokesman said. 

'» “ 10 , ElUlon The measures include the cre- 

short of the IMF target aIjoB of a Fmancia i Restructuring 

The reversal on &e tat tn apase Agency to revive, merge or liquidate 
came afters lackluate trip by.Prime EnancefumTand of 

Mini si e rChao val 1 1 Yongchaiyut to an Asset Management Corp. to man- 
his political base in northeastern ag e and auction off their assets. 
Thailand. Television footage of the ^ 

trip showed thin crowds of support- — THOMAS CRAMPTON 


TRADE: Brazilians Fear Agreement With u.s. Motorola Steps Up Its China Plans 

Continued from Page 15 ButB^n^om^, m Investments to Reach $2.5 Billion by 2000 to Match Sales Rise 


Continued from Page 15 

doso of Brazil, agreed to work 
toward forming a Free Trade 
Area of the Americas by 
2005. dropping many of the 
protectionist taxes that raise 
prices of imports. In meetings 
in Brasilia this week, Mr. 
Clinton and Mr. Cardoso 
agreed to develop a frame- 
work for negotiations during 
the second Americas summit, 
in Santiago, Chile, next year. 

Bui lawmakers and busi- 
ness leaders here are growing 
cautious, saying such a deal is 
possible only if they are con- 
vinced that the Brazilian econ- 
omy can unquestionably ben- 
efit! More pointedly, officials 
here have been stridently op- 
posed to the U.S. push to drop 
'.some trade barriers much 
earlier, perhaps by 2001. 

The simple argument is that 
Brazil is not ready, especially 
as it is coping with a growing 
trade deficit and an evolving 
economy. This is a sensitive 
period for Brazil, which, 
thanks to Mr. Cardoso’s 1994 
"Real Plan," finds itself on a 
major but fragile upswing 
after more than a decade of 
economic stagnation and 

hyperinflation. 

Mr. Cardoso’s plan, which 
pegged the local currency, the 
real, to the dollar and opened 
Brazil to foreign investment, 
has ended hyperinflation and 
stimulated consumer spend- 
ing. Durable-goods sales are 
soaring, mostly as a result of 
increased buying by the poor. 


But Brazilian companies, in 
many cases, are still not as 
lean as their American coun- 
terparts. It may take several 
years before they finish mod- 
ernizing to a point of global 
competitiveness. 

Even companies that are 
now ready for competition 
are heavily taxed by the 
Brazilian state, making it im- 
possible, they say, for them to 
compete in a free-trade en- 
vironment. 

Although tax reforms are in 
the works, the concept has 
languished in congressional 
debate, and there is little con- 
sensus on how quickly those 
reforms will be implemented. 

“Look, I’m ready to go 
head-to-head with die U.S.," 
Mr. Batista said. “We’re just 
as competitive as the Amer- 
icans, on the factory floor. But 
with the kind of taxes we have 
to pay — 35 percent on eveiy 
toy — the U.S. would still 
have too unfair an advantage 
again st us. No one would ever 
buy a Braalian toy.” 

There are others who argue 
the Darwin theory of business 
— if they cannot compete, let 
them die. Or at least adapt 
Julio Francisco Semeghini 
Neto, president of Prodesp, a 
Sao Paulo-based computer 
company, says his company 
did tiie latter — adapt. 

Once a maker of computer i 
hardware, Prodesp could not 
compete with American com- 
puter manufacturers when 
tariffs initially dropped in 
1991. In response, the com- 


pany closed a factory with 
400 employees and focused 
on high-technology services, 
including installing and man- 
aging computer systems. 

“We’ve been able to make 
up for most of the lost po- 
sitions," said Mr. Neto, 
whose company employs 
1,700 people, “and we are 
still a strong, competitive 
company.” 

Some of the opposition in 
Brazil is based on trade pos- 
turing. If and when serious 
negotiations start on a Free 
Trade Area of the Americas, 
the Brazilians want to be sure 
the United States does not 
think they are overly eager to 
strike an agreement. 

But, according to special- 
ists in the field, it also is based 
on fears that new competition 
from the United States may 
disrupt the Brazilian econo- ■ 
my and come between region- 
al partners in Mercosur, a re- 
gional South American trade 
group that Brazil dominates, 
in recent years, it has blos- 
somed into one of the world’s 
largest trading blocs in terms 
of trade volume. 


Bloomberg News 

BEIJING — Motorola Inc. 
plans to doable its investments 
in China to $2.5 billion over 
the next three years to match 
rapidly rising sales, a com- 
pany executive said Friday. 

The markei that Motorola 
calls Greater China, which in- 
cludes Taiwan as well as 
Hong Kong, is now Mo- 
torola’s biggest market out- 
side the United States, ac- 
counting for about one-eighth 
of the company’s sales, said 
the executive, Shelagh Lester- 
Smith, Motorola’s director of 
communications in Asia. 

Motorola previously said 
its China investments would 
reach about $1.2 billion by 
2000 . 

“Over the next two to three 
years, we will see invest- 
ments to increase our man- 
ufacturing capacity in 
China," Ms. Lester- Smith 
said. She declined to give de- 
tails of any of the company's 
investment plans, but she did 
say that some new projects 


would be announced over the 
next few months. 

Motorola is the biggest 
U.S. investor in China. 
Among all foreign investors 
here, it ranks second, after 
Germany's Volkswagen AG. 

Motorola’s operations in 
China range from making 
pagers and mobile phones to 
satellite communications and 
auto parts. Work is still under 
way on the company’s $750 
million semiconductor plant. 

Ms. Lester-Smith said the 
company was not likely to 
announce any new contracts 
or projects daring the visit to 
the United States this month 
by President Jiang Zemin, 
who will be the first Chinese 
head of state to visit America 
in 12 years. 

■ Major Sales Forecast 

Mr. Jiang's visit to the 
United States is likely to re- 
sult in U.S. sales to China 
worth “billions’’ of dollars, 
China's deputy trade minis- 
ter, Sun Zhenyu. said, accord- 


ing to an Agence France- 
Presse report. 

Purchases will be made in 
the auto, power, energy, 
chemical-fertilizer and avi- 
ation sectors, he said. 

China aims to reduce its 
$44 billion trade deficit with 
the United States and bolster 
U.S. exports, he added. 


ADVERTISEMENT 


Schlumberger 


The undersigned announces (tat u from 
28 October, 1997 at Kas-Anodaije N.V, 
Spuietrail 172, Amsterdam. the 
Certificate* Scbhimbererr Limited rrpr. 
5 aharca of common Block of USS OH! per 
nbe, «9I be payable with Ms. 1,85 nd 
per Certificate repr. 5 shares and with 
Dili. 37,00 net pier Certificate repr. 
100 shares (tfir. per rcc-datc 03.09.97; 
USS 0,1875 per ihare). The dividend 
distribution is not subject lo Uu with 
holding at aourte. 

P ARIBA S 

ADMINISTRATUERAINTOOR B.V. 
Amsterdam, 16 October, 1997 


ITC 

INTERNATIONAL TELEPHONE COMPANY 

WoRldwidE CaII BAck System 


notice 

tsasKsstsssr 

settlement date . , , ... „ * „„ 

rifreoxe dale a changctothe settlement date 

1997 idtall be date, pay*** J* 

of rabwriptkwa Mid -jg be required to he made, 



Experience the ITC Difference! 

- International Fax and Cellular 

- Clearest line Quality 

- Prompt Customer Service 

- 30/6 Billing Increments 

- Monthly Call Detail 

- No Minimums 


.Low Costs 
Per Minute! 
France... $0.21 
Spain... $0.38 
Belgium... $0.26 
Denmaik... $052 
Geimany... $0.20 
U.K... $0.14 


WHOLESALERS WELCOME! 

- Low Wholesale Rates 

- High Commissions paid Monthly 

- Tr ainin g Provided 

- Multi-port Hotel Dialers Available 

- No Special Equipment Needed 

- START EARNING MORE WITH ITC! 


DISTRIBUTORS NEEDED WORLDWIDE! 

Call Today.,, Limited Countries Available! 


CALL 203-238-9794 or FAX: 203-929-490 6 
visit our website: www.itcphone.com 


290 Pratt Street, Meriden, CT 06450 USA 


. 18000 2800 21000 ~ 

■i7Mn 2100 -fr- 20200 


.18000 

"17000 

16000 

-15000- -xW" 
14000-r^-f— 
■ISOOOtrrT-r- 


2000^ — 
1300 — 
1800— ■ 


17800 — 


M ' J J A SO 
•1W7 


17W lurTiTTs’d". 17000 m j j A S o' 


.'Scchange • ..'Index-. 


:HengKong HanqSeng: 
Smgapoto StraUsSes* 
Sydney . • AftQttfinar 
Tokyo f^ck«225 

Koala Lurapur Composite 
Bangkok S EX. 

Seoul' Composite 

Taipei ' Stock Mart 
Manila “ PSlf“ 
Jakarta"' (^xnposita 
Woffington NZSE-40 
Bombay SerwflfivB Ir 

Source: Telekurs 


Haig Song; - A 13^07^6 

Stn&sTfees 1,827.39 1.804JM »i5 
A^cWnartes : &£4&6P . ZfiSSt M A)5a 

Nikkei 225 ’• 17.478.42 17.707.49 -1.29 

’ 794JKL : -Mo2 43.90 

S ET. r V 525.64 • 531.58 -fl2 

Composha kxtex 53549 S7&25 +1.08 

Stock MaiketJncteX 7,832.15 7,997.81 -2.07. 

PSEf“ %0SQja &036.4S +0.71 

CotnpositQ Index .52039 517.08 +0.70 

NZSE-40 2^88,78 Z.606.14 -086 

Semfove bSnT 4,106^6 4,047.05 +1.46 


InKrruiMHul HffjU Tnhoar 


S»krh« LWnTThc AnKuanJ Pm. 

Finance Minister Thanong Bidaya leaving 
Government House in Bangkok on Friday. 

, _ era. Fishermen from southern Thai- 


Dcutsche Morgan Grenfell. “The 

govi^ment is thinking in torms of gff STS2TS 

^ Val “EJA? £ protest the tax increase next week. 

Jf Local television also reported that 

SSB’- JSBFMSt&ft 

"The laas* 

market and undermine the good ef- gainst the dollar this year and the 
ferts of the package, virtual shutdown of the finance sec- 

Rating to the delayed reforms, t or,poncems have been raised about 
but before the pohey reversal was ao 


uul Dciorc LUC policy rcvci^ derailing an economic res- 

announced, the Thai stock exchange 

indcx s , Ud , 117 °T 6 .- 2 , 4 The government also announced 

poutls, to close at 525.64. In late tha, p^e of a key set of finance- 

3 ' taht ’ sector reforms promised for Friday 


would be delayed until next week 


, — . iv itX certam passages or the executive 

low the government to raise the 170 

billion baht ($459 billion), or a - Afew ministers were noth 

budwt surplus of 1 percent, required ^ of ' wording," Itod 

this fisca! year to contmue receiving , w.bnlsawadi, & Bank 

aSaSt “£ efi ™l a i 1 !3 b ^ b ¥ 1 ' Thailand’s governor. "So the 
out package structured by the In- compromise walto send the decrees 
temabonal Moratory .Fund to thi iundical counsel to sort out " 

,Ju e S W1 ?.! le tax . lnCTea ^ md a The decrees should pass quickly 
“2^£*2 t £. l ESSS: duough die cabinet next Tuesday, a 


Very briefly: 

• Nomura Securities LttL’s president, Junichi Uiije, said any 
further scandal would destroy the public’s trust in the Japanese 
brokerage giant. Nomura was rocked by scandals in 1991 and 
again this year, both of them related to illegal payments to 
sokaiya, or corporate racketeers. 

• South Korea’s president, Kim Young Sam, ordered mea- 
sures to help South Korea’s battered stock market, but details 
of what be had ordered were not disclosed, and an adviser 
conceded that there was nothing that could be done im- 
mediately. 

• The Philippines’ export growth continued to outpace im- 
ports in August, resulting in a nan-ower trade deficit for the 
first eight months of the year despite the country's economic 
problems. The trade deficit narrowed to $7.76 billion months 
from $8.22 billion a year earlier, according to the National 
Statistics Office. 

• Germany has withdrawn its export credit cover to Vietnam’s 
state-owned bank Vietcombank because of delays in debt 
payments, an official at the Hermes export credit agency said. 

• In Vietnam, Marx and Lenin are fading from university . 
lecture halls because a lack of educational funding has led to a 
shortage of teachers qualified to teach Marxist theory, the 
Communist Party's newspaper reported. 

• Toyota Motor (Thailand) Co. said new vehicle sales in 
Thailand tumbled 73 percent from a year earlier in September, 
to 14,136 units from 52,092. 

• China will cut tariffs on capital-goods imports from high- 
technology companies before July 1998, the deputy trade 
minister. Sun Zhenyu, said. 

• Singapore asked Malaysia to act to ease traffic congestion 
on the causeway linking the two nations resulting from 
intensified checks on trucks entering Malaysia, saying the 
problem was affecting trade, investment and tourism. 

AFP, AP. Reuters 


India Eases Importing of Gold 

Agence France-Presse 

BOMBAY — India has cut restrictions on gold imports in 
a move to reduce smuggling and black market foreign cur-' 
rency trading, analysts said here Friday. 

Late Thursday, the Finance Ministry allowed a group of 
state-run agencies and banks to make unlimited imports of 
gold for the first time. 

Gold previously could enter the country only under special 
license or if it was to be used in the manufacture of jewelry for 
export. 

The authorities hope the move will stop the illegal smug- 
gling of around 125 tons of gold each year. That is about a 
quarter of all gold brought into the country. 

India, the world’s largest consumer of the metal, imports 
nearly all its gold since domestic production is negligible. 


NOTICE 

MERRILL LYNCH EQUITY/ 
CONVERTIBLE SERIES (the "Fund") 

Sociefe d'lnvestissement a Capital Variable 
registered office: 69, route d'Esch, L-147D Luxembourg 
R.C. Luxembourg B-26272 


L PORTFOLIO MERGER 

Shareholders of the Merrill Lynch Equity /Convertible Series - 
Global Equity Portfolio (the “Global Equity Portlofio" are hereby 
informed that the Board of Directors of the Fuad has on 
13th October, 1997 resolved to merge (be Global Equity Portfolio 
with effect ns of 17th November, 1997 (the “Effective Dale") on 
(be reasons of its small size (being less than 15 nriHtoa dollars for 
a period of more than 30 consecutive davs) into the Merrill Lvnch 
Equity/ Convertible Series - Global Value Portfolio (the “Global 
Value Portfolio"). 

Shares of any Class of the Globa] Equity Portfolio may be, during 
a period of one month foDovring Inis notice, redeemed without 
charge or exchanged without charge into shares of the same Class 
of another Portfolio of the Fund or of Merrill Lynch Global 


of another Portfolio of the Fund or of Merrill Lynch Global 
Currency Bond Series, a Luxembourg umbrella UCTTS based on 
its current Prospectus dated January, 1997 (the “Prospectus"). 

The Global Valne Portfolio’s investment objective is broadly 
analogue lo that of the merged Portfolio, and it seeks long term 
capital appreciation by mvesting primarily in transferable equity 
securities of issuers located world-wide that the Investment 
Adviser (Merrill Lynch Asset Management L.P.) believes represent 
investment value. *Ihe charging structure of both Portfolios is the 
same. The merger will occur at the Net Asset Value of the 
respective Shares on the Valuation Dale next following the 
Effective Dale and will be binding on the holders of Shares of the 
Global Equity Portfolio upon such dale. Class B Shares of the 

Global Value Portfolio or of such other Portfolio of the Fund or 
of the Merrill Lynch Clobal Currency Bond Series obtained by a 
shareholder pursuant to the merger or exchange of his former 
Shares shall benefit of their seniority of issue in the former Global 
Equity Portfolio as regards the contingent deferred sales charge 
(if any) upon tbrir subsequent redemption by such holders. 

The Prospectus and most recent financial report of the Merrill 
Lynch Global Currency Bond Series may be obtained free of 









litralb 


INTERNATIONAL 


0? ♦ 





SATURDAY-SUNDAK, 
OCTOBER 18-19,1997 

PAGE 20 



Leading Equity Mutual Funds in the 3d Quarter Total percent return in u.s. dollars. June so-sept. so. 1997 


'Munder Micro-cap eq.; Class Y 40.76 
FkteJtty Select Energy Service 3£as. 
Delaware Aggr. Groth; Class A35.B7 
DomkiJon: trslght Growth • 3ZM 
Bjurman: Micro-Cap Growth 34 ,62 
■Bridgeway: Uttra-SmaS Co 32J44 
FMI: Focus Fund 32.1 6 

Munder: NelNet 31.&2 


GT Global Nat Resources; B 31 .68 

jmAMtia&e GWWh v- . 3 i'& 
Transam. Sm. Comp. Inv. Class30.30 
Rd^§8J^tCdrapetar- ■' ! ' 3023 
R, Stephens: Information Age; A 30.19 
tJFjtavjjSruaS Cap ....... aoat: 

Berger New Generation Fund 29.81 
{%oenlxS8t^.CBKR-Q868 A ■ ; 2&Bf. 


Source- Upper Anatyncal Stmnces. EitrVpertomanGB (Franca). HSW (Britain). 


GAM Science 
Hermitage Fund 
Signet New Cap Mds ' 
Hendren HF-GIbl Tech 



mm 


37.72 


31.63 

30.48 


27.62 


* dU jh uuu . >»ww«v .*iws sinwoBHraBraswera 1 .. - - ■ . A , ■ iQU 

Henderson Global Technology 21.88 UFF Crofesance Am6rique 22.23 QWS US TechnoaktienO w ^40 gjgr^ rff „;..- ^ .... >:rjg 

waaswe 

mom 

Save & Pros. Amer Small Co's 2034 IT Technology International 14.71 OVG Fds-BaHa . - ■ IVJt 

1T1? 

Framilngton American Growth 19.12 State Street Act Etats-Unls 13.02 .DUItafien x - - J6.TO *njKNUar^^_~ - 

— »*- - -••-•■iiBBff.wnw iwiiew i , » , n ,, nw- tttn*'«wi4c, vik^rm 



A Stock Picker’s Quarter: Small-Caps Are Beautiful, Asia Is Not 


* 


By Conrad de Aenlie 


T HE ARGUMENT for investing 
through mutual funds is per- 
suasive: They provide diversi- 
fication and management by ra- 
tional, informed professionals who can 

E rotect against losses when stock mar- 
els fall, it is convincing enough, any- 
way, to lure billions of dollars of new 
money from the public every month. 

It is a difficult argumeur for managers 
of Asia funds to make with a straight 
face, however, after their performance 
in the third quarter, when nearly every 
stock market and currency in the region 
— and nearly every fund — lost value. 

Fortunately for most investors, few 
other markets lost ground. Many ended 
the quarter near all-time peaks, and 
equity funds domiciled in the United 
States and the main European cenrere 
posted strong returns by historical stan- 
dards, although not as strong as in the 


percent, and Asia 
i fell 14.8 percent. 


second quarter. 

How bad a quarter was it in Asia? 
Among 1SS U.S. mutual funds special- 
izing in Asian equities, only one managed 
to leave investors with more money at the 
end of the period than they had going in. 
according to Upper Analytical Services 
Inc., which compiles the data for The 
Money Report's global fund review. 

It was the same for British unit trusts: 
just one fund out of 121. And of 498 
Asia funds domiciled in the main off- 
shore territories, 10 made money. 

Among three dozen varieties of U.S.- 
domiciled equity funds tracked by Up- 
per. an independent research firm, the 
three representing Asia were the worst by 
far. The average pan-regional fund lost 
122 percent in the quarter, funds tar- 


geting Japan lost 1 1.7 . 
funds excluding Japan 

Managers of Asia funds sold offshore 
fared little better. The average offshore 
fund specializing in the region lost 14.8 
percent. (For the sake of international 
comparisons, all returns are expressed 
in dollars.) 

Several of the successful Asia funds 
specialize in the Indian subcontinent, 
where markets performed better than 
those in Southeast Asia. One of the few 
funds targeting the broader region to 
squeeze out a g ain was Jardine Fleming 
Eastern Smaller Companies Trust, which 
was up 1.9 percent in the quarter. 

As the name suggests, the fund avoids 
large banks, trading companies, telecom- 
munications companies and other util- 
ities — the first stocks to get dumped 
when selling swept the Southeast Asian 
stock markets. 

“The first thing to get hit are large- 
cap stocks because they're the most 
liquid,” Edward Morse, who is in 
charge of offshore marketing for Robert 
Fleming, one of the two partners in 
Jardine Fleming, said. 

He noted that Hong Kong fell in 
sympathy with the Southeast Asian 
markets in part because of the restric- 
tions some countries imposed on share 
trading. Institutional investors did not 
want to sell Hong Kong per se: they did 
so because it was one of the markets 
where unfettered selling was allowed. 

While the Jardine Fleming fund is 
billed as a stock-picking fund, its relative 
success was due also to its country al- 
location. At the end of August, the last 
date for which information was avail- 
able, 68 percent was in Hong Kong, with 
10 percent in Singapore, 6 percent in 
Korea, 5.5 percent in Taiwan and 2 


percent in Indonesia. Except for the 
small investment in Indonesia, the fund 
had no positions in die worst markets — 
Malaysia, the Philippines and Thailand. 

“It was very much in the safety-first 
markets,” Mr. Morse said. 

At the end of August, its largest po- 
sitions were in GPL International Hold- 
ings Inc., ASM Pacific Technology 
Ltd., Tai Fook Ltd., Ka Wah Bank Ltd. 
and Ryoden Development Ltd. 

Beating the Indexes 

Small-capitalization issues were the 
saviors of many managers of American 
funds too. Based on the most widely 
cited indexes, which measure 
the fortunes of large, blue-chip 
companies, it was a so-so 
quarter, at least when' stacked 
up against other periods in the 
last three years. The Dow Jones 
industrial average rose 3.6 per- 
cent and the Standard & Poor’s 
500 was up 7 percent, with 
meager dividend payments making the 
total remrn for each about half a per- 
centage point higher. 

Those gains were easily surpassed by 
indexes of long-shunned smaller 
companies. The Russell 2000 index 
gained 14.5 percent, for instance, and 
die American Stock Exchange index 
rose 12J percent. 

That provided a big lift to fund man- 
agers, whose holdings typically are 
skewed toward small-caps. For several 
quarters they had been embarrassed as 
S&P 500 index funds, in which the goal 
is to replicate the index's performance 
by buying a sample of its components 
without any judgment of their invest- 
ment men tv handily beat tbe-retumsof- 







■ : 1 

from the Strength of the West' 
...to the Promise of the Eas 


s % 
W 

<P 



most actively managed funds. 

Not this time. With an average total 
return of 7.3 percent, index funds were 
the worst category of domestic general- 
equity funds, which gained 1 1.8 percent 
on average and were up 26.2 percent in 
the year through September. 

Instead of selling an overpriced mar- 
ket, investors seemed to be selling over 1 
priced stocks and buying others that, if 
not chew, were certainly cheaper. 

Peter Canelo, a strategist, at Morgan 
Stanley, Dean Witter, Discover & Co., 
said he expected the shift in attention to 
second-tier stocks to continue, leaving 
the larger issues that had led the market 
to languish. 

“The market can move to 
new high ground in the period 
ahead, but we remain skeptical 
about the ability of the blue- 
chip averages to move signif- 
icantly above their third- 
quarter highs,” he told the in- 
vestment bank’s clients. “The 
valuation and performance dif- 
ficulties of the market appear to be 
- concentrated in the 50 largest multina- 
tionals. Apart from these faltering gi- 
ants, the broad mass of stocks appears in 
be reasonably priced. ” 

When blue chips are weak, the largest 
funds suffer. Because of their size, they 
are forced to concentrate on the biggest, 
most liquid stocks. Taking a position big 
enough to matter in a small thinly 
traded company can materially affect 
the company's share price, forcing the 
fund to pay more than is prudent 
Of the 20 largest American etjuity 

500 — : not outstanding, considering 
how low the bar was set for them to 
hurdle- Only one JEdelityXcmlrafund^ 
beat the performance of the average 
domestic general-equity fund. Just 
barely. Had the return been only a 
couple of tenths of a point below the 
11.93 percent it recorded, there would 
have teen a shutout 
The best category of stock funds not 
targeting a single industry was. no sur- 
prise, micro-cap funds, which invest in 
.companies with market capitalizations 
of less than $300 million. The average 
one rose 24.3 percent Next came small- 
cap funds at 16.6 percent. 

One quarter does not make a trend 
arid it will take several more like the Last - 
for small-cap funds to catch up with 
blue-chip funds. In the year through 


June, before small-caps made their 
move, S&JP index funds rose 34 percent 
while small-cap funds could achieve 
only 13.9 percent 

Among industry specialists, science 
and technology funds rose 19.2 percent' 
and energy funds gained 14.9 percent 
Of the top 20 funds last quarter, seven 
invested m small or very small compa- 
nies, three were technology funds and 
three specialized in natural resources. 

Munder Capital Management which, 
runs public and private portfolios in 
Birmingham, Michigan, far from the 
, money, power and greed of Wall Street 
had the No. 1 and 8 performers in the 
period Munder Micro-Cap had a total 
return of 40.8 percent; NetNet an odd 
fund that invests in Internet-related 
businesses and is marketed solely on the 
computer super-network, returned 31.8 
percent. 

Those flashy numbers conceal a con- 
servative management approach that 
stresses consistency above all else, said 
Carl Wilk. one of four managers of 
Munder Micro-Cap. 

’‘We try to get names with a con- 
sistency of earnings growth,” he ex- 
plained “We have no startups or turn- 
arounds, and we avoid companies drat 
are very cyclical or that geta majority.of 
their business from one company.” 
Such a strategy means that “if we have 
a good quarter, we typically don’t fall 
apart in the next quarter.” 

The 109 stocks in the $21 million 
portfolio are not cheap; they trade on 
average at 19 times estimated 1998 
earnings per share, compared to 16 
times for the Wtishire Associates micro- 
cap index, the benchmark against which 
the managers judge their performance. 
Rut. while .earnings .for. fhe._WjJshire__ 
components are projected to grow by 12 
percent next year, corresponding 
growth for stocks the Munder fund 
owns is forecast at 32 percent 

Technology stocks, so strong lately, 
are not the fund’s largest holdings, but 
they woe the most successful ones in 
the third quarter. Amerilink Corp., a 
maker of communications equipment 
tripled in price during the penod, and a 
pair of electronics companies called Or- 
bit Semiconductor Inc. and Alpha In- 
dustries Inc. doubted. 

The biggest industry represented in 
the portfolio was consumer cyclicals, at 
18 percent followed tty services and 
technology, at 15 percent each. 


“We don’t make big sector or in- 
dividual bets, and we never have more. 
than 3 percent of the portfolio in any one . 
name," Mr. Wilk said. “There are 
4,000 names in the micro-cap universe 
that nobody follows; there are a lot of : 
stocks to choose from.’’ 

With such strength in the small-cap 
issues that American managers prefer, 
equity funds continued to overshadow 
bond funds. The average domestic bond > 

fund rose 32 percent in the quarter. That" ft 
works out to an annualized return of. ^ 
13.4 percent, which would please most, 
bondholders if it could be achieved year: 
in and year out, but it was barely more. 
than one-fourth the return of domestic, 
equity funds. . 

Fourteen of the top 20 bond funds! 
specialize in U.S. high-yield issues, . 
which thrive on a strong economy and. 
have posted solid returns for months. 

The average U.S.-dotniciled fund tar-' 
geting foreign bonds rose 25 percent. 

U.S.-domiciled equity funds with for- ' 
eign investment objectives also trailed 
their domestic counterparts, and by a 
wide margin. The average world equity 
fund gained 0.03 percent, as modest, 
strength in Europe and Latin America' 
offset the awful quarter in Asia. 

Techs Shine in Europe 

Funds domiciled in the four main on- 
shore European centers — Britain,' 
France, Germany and Switzerland — had 
lackluster returns in a quarter character- . 
ized by volatile churning' with a slightly 
upward tilt. In each market the average 
domestically invested equity fund beat the 
average of all equity funds but, except in 
Switzerland, failed to match its country’s 
beodunatkjsoskinrtex^ 

As in the United States, funds spe-, 
cializmg in technology, energy and' 
American small-caps did well Other 
objectives prominent among the best 
performers were the stock markets of. 
Britain, Italyand Scandinavia. ' 

Looking at all stock funds, whether' 
invested domestically or abroad, the av- 
erage British-domiciled unit trust rose 
2.8 percent, compared with 4.7 percent 
for German funds, 1.7 percent for 
French funds and 1.6 percent for Swiss 
ftmds- 

One curiosity in Germany and’ 
Switzerland is that each country's A" 


>.W 

A 

. m • 2 -^3 

in-*; 


. r f 

: ... if I; •; 

v -r . , 


. . 

... ?.*•*£ 
. . .■..-‘k'j* 

r. ■%# 

i .ilS! .^*3 
-.. ’ — i *■ « 

: : WirS* 

- .jr-Wi 

. fc 

.•. '.••’■*4 i* 
.' :,.*i 
4v- 

.... 

t: _S 

- .. f;.+n 

■ 

— * 
: '&M 

- 

.4 flip 

r 

r.-vW 

•• frm 



CASE 

lulobal Mjkrfcjpt* 
?:IVa!u« Stocks 


writh a minimum mum of from the stock markets of Japan and the 

up to 4.5% a year Hong Kong Special Administrative Region 

Midland Offshore Guaranteed Capital Investment Bonds limited (GCIB) 
allow you to unlock the potential of the pick of the international stock markets, 
without risk to your capital. There are two options: 


ANGLO-AMERICAN SecuritvPlus 


This links your return to the performance of the 
leading slock markets of the West, the UK and USA. 
over three or five years. For example, the five year 
sterling option provides the security of a minimum 
flat rate return of 4.5*.i p.a.. with the opportunity to 
earn a flat rate return of up to 15% a year. 

Invest from £5 .000 or US$5,000 
Available in sterling and US dollars 


EASTERN Growth 


Recognising the potential of the Japanese and 
Hong Kong Special Administrative Region stock 
markets, this option offers you the potential of 
unlimited returns with the promise of your money 
back even if the stock markets go down. The 
investment period is three and a half years. 

lim ited period offer 

Bonus paid for early investment 


For full information please return the coupon or contact us on our 24 hour helpline. 

But hurry, this offer must dose on the 16 January 1998. 

<2» 

Midland Offshore 

Member HSBC Group 

Making your money work harder 

Midland Offshore Guaranteed Capital Investment Bonds Limited 


Call 44 1534 616333 Khoursaday To: Midland Bank Fund Uafu^(jm^)Lmlted, 

P0 fin 26. 28/34 HA Street. SL HeKtr. Jersey JH 8NH, dated Muds. 

jjg Fax 44 1534 6162 22 24 hours, da, 


Or cut this coupon 


NJOoojtoy. 


MoSbud * ft, ivww «hldv SbdUni 5*^ JUSSI*!'.' * town 

ttattmt CHMinn*<jiuiaiw>rt CjpUl ftiuanwnr Bank l«mirt (GOBI r. j (ompinv HKorpoaKd v KM* unto. Hr 
l»ir.iur*nol ttWompjnw ;|mnl u* i<ni n» MamOTCr tofCifB r. U8HIJ. 1 . unto ihetpmr.d r*» vemera 
hrowen ttdlinl Jrt GLH, udjnl lutjgKal to Rule imn irtuiin toCOB U cnaacUif iwum outtreri can be 
nw»J'il» , <!ndi'lilwiri«Umrt>lpe»)d gruhH-B mw 

mu mx m.mt w hkpbI mwanwit tod m Ml «t irme 1 » itfs to wtaw Jpft* am er to wiMra* 

iufn ufjn, pjiiol MvrrffK.il VKKuirJlJrvtm pncrUi*waHnr hwns>la«aMl.|#iiurv I9W. TOkutfumdas 
r«f umiiiuirun mwUmi h sahaMHn to m^mvBBnenH m jdvpBNMan nr launypnw le ■tom Biute&i. 
Q3E don m* PJV jny intuw. all ittunr, |i*d 31 Sk o* ttv? nMianl tent) IQ/ViWOT 


xdtom. 


tel 


1/XTW 


Continued on Page 21 


Getting a Biteat the Telecom Feast 

Small Investors May Be Best Off Seeking Out Mundane Niche Plays 


P ANDEMONIUM reigns in telecommunications. 
Offers are flying. Stocks are soaring. So it’s only 
natural for the small investor to wonder, 4 ‘Can I get 
in on this?” 

The short answer is, “No and yes." But, first, a rundown 
of the action. 

First, British Telecommunications PLC, which controls 


once the high-tech arm of AT&T Com., to 
AT&T itself, which is especially vulnerable to Internet 
telephony. 

Or, don’t try to guess the effects of wild new tech- 
nologies; simply concentrate on simple service businesses 
within existing technologies. 

Take, for instance, bi ll i ng . Before the break-up of the 


— — « * wamvu vuuuuia laws, ror instance, b illing Before 

90 percent of the market m its home country, decided to buy Bell System and the telecom exDlnsion hilling , 
the 80 percent it didn’t already own in MCI Comma- relatively simple fo?AT*Y 
nicotians Coro., the U.S. lone-distance esniftr Thwi torn Innl I—. jsL. ^ w ^ offered both 


ideations Coro., the U.S. long-distance carrier. Then two 
weeks ago, WorldCom Inc., the Jackson, Mississippi-based 
upstart that provides Intranet services land much else) 
around the world, bid $30 billion for MO, 50 percent more 
than BT. Then, last week, GTE Corp., which owns local 
phone companies around the country, bid $28 billion in 
cash for MCI. 

MCI is an attractive prize. As the second-largest U.S. 
long-distance service, MCI runs a magnificent marketing 
machine, but it also owns a huge fiber-optic network, the 
backbone of high-tech phone, 
data and Internet systems. ■■■“•— 

BT, WorldCom and GTE all _JAMES 0 LASS MAH 
figure that MCI gives them ter- 


rific synergy. Maybe. But is there a way that you can scope 
out the frenetic telecom market and make lots of money? 

Douglas Ashton, who analyzes telecom stocks at Jeffries 
& Co. in Boston, doubts iL “There’s coo much uncer- 
tainty," he says. “There’s strategic uncertainty.” (In other 
words, these companies really don’t know where they’re 
headed.) There s too much technological uncertainty. 

fWhat’s eoina in he invmitml * 1 a „ a 


local and long-distance service and could handle 
evemhmg m-house. Now, it has become horrendously 
complicated, and smart telecom firms are outsourcing — 
letting other companies collect the data off switches, send it 

SJJJJSS °S 5 “* coUaIe . c^ges from different carriers 
(even &x>m cable companies) and then send out the state- 
collect the money and distribute iL 
_Wiat makes ana lyzing these companies easier is that 

Sit make money. Billing Information 

Concepts Inc, based in San Antonio, Texas, should earn 
about $20 million this year on 
$ 125 million in revenues. CSG 
Systems International Inc., in 

omipany whose stock trades in the United States, spe 
ciaiizes m 'ennwremt kai:— ,. vrr°' 3 f A ‘ 

comers 


■ f “convert billing systeBs7’ m3vidho E 

CShaOgoiiT^ 

uncertainty of demand." (Will people really want 500 sfrrate bilL LHS -““J t** 1 chai S es on a 

channels of cable?) ' ^ ^ m Atlanta, does billinc 


If Mr. Ashton, who advises clients like mutual fund 
houses and the Harvard University endowment, views the 
vast telecom industry — which includes local and lon<r- 


dis^ce phones, ceduiar. ^riTusCS ; faSSt?"," 01 ’“stoci^e 

cast TV, plus equipment and services worldwide (and, to AugTl 1 after lorinSTSSmSf'iP j3 percent on 
add further fuel to the bonfire, all the European countries Swtict . S COnCract CSG ) wi* «s biggest 


add further fuel to the bonfire, all the European countries customer. WTI »“ uiggcoi 

pick *e best companies within ft. An example is Internet at 45 percent a yeaTbur who^ m growing 

telephony - making super-cheap phone calls (especially modest multiple of 24^ timpTSiS? al a relatively 

mteraanonal) using your computer’s Intranet hook-up. StilL the best advice Saif ^ 

Such systems already exist, although the quality is low and - stock-picking for vou * e e, ?«ts do the 

die connections hirdted^ But Internet telephony c 

Wo. w e 



hen phoning ftom foreign count 

- profit, h y JJetSpeak Corp., a ^. — - — wwnnanv 

veloper (also profitiiss), to such grants as ^Lucent Tech- ■ . 


■■ *i v# 


■!*> 

" vV- 

• 1 :■ 4 

' •< .*v 

■ -• ‘ -r.^gfi 

• 

■ 

1 ' ‘ 


iz. 


- ,.r. 




J'-- 


]***** 


'S ' 




V : ; 









BVTERNATIONAJL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 18-19, 1997 


PAGE 21* 



THE MONEY REPORT 





Tricky Tango in Emerging Markets 

Russia and Brazil Lurch Forward, Southeast Asia Steps Back 


By Iain Jenkins 


, Asia ls\ 


->ot 


.*•* i»:- , ■ 
**J*it? & ’ 


I nx^stors who ignored 

premcnons of an Asian renaissance 
m .ibc third quarter following toe 
summer s currency turmoil were 
weu rewarded for their skepticism, 
while those who set their sights on Rus- 
sia and La tin America did even 
better. The average general off- 
shore emerging market fund was 
up 15.66 percent as of Sept. 30, 
according to figures compiled 
for The Money Report by Upper 
Analytical Services Inc. 

^ The best -performing fund was 
Wthe Hermitage Russia fund, which rose a 
staggering 274.53 percent The best-per- 
forming Latin American fund was the 
Opportunity Asset Management Ltd. 
Brazil Value fund, up I<S1.22 percent 
Honors for the worst-perfor ming 
fund over die period go to the Indosuez 
AP-Philippines fund, which plunged 
62.06 percent because of the currency 
turmoil in Southeast Asia. 

But fund managers said their main 
source of uncertainty was not Manila or 
Bangkok or even Mexico City, but Wall 
Street With a rise in U.S. interest rates 
looking more likely, many investors are 
bracing for a stock-market correction 
that could ripple into the exchanges of 
emerging economies. 

“We don't think this is the timp to 
make fi n a n c i al investments in emerging 
markets,' ’ said Bob McKee, economist 
at Independent Global Strategies in 
London. “We expect global growth to 
be stronger than anticipated and we 
think that U.S. interest rates have a lot 
further to rise.” 

But Amab Baneiji, chief investment 
officer at Foreign & Colonial in Lon- 
don, said that while Wall Street might 
crash, there was an equal probability 
that it could just stagnate. If it did, he 
said, there could a 1993-style boom in 
emerging markets if U.S. capital is re- 
channeled overseas. 



‘Here is-no doubt that Wall Street is 
expensive but it is likely to-remain ex- 
pensive for a little while longer because 
Japan keeps pumping money overseas 
and shows no signs of stopping," he 
sard. As a result, U.S. institutions may 
start shifting money to emerging mar- 
kets. 

Michael Howell, who runs Cross- 
Border Capital, a spe cialis t in- 
vestment adviser in London, 
agreed, saying that the disaster 
scenario will probably be 
avoided. “Valuations do look 
rich on Wall Street but we don ’t 
Slink it will collapse. It may 
■ come down slightly, which 
would mean that capital would be re- 
cycled out of the U.S. economy to some 
emerging markets. The question is 
where die money will go." 

Tristan Clnbe at Martin Curie In- 
vestment Management in Edinburgh 
said that it was still too soon to go back 
into Asia. He prefers to focus on Latin 
American and some of the African and 
Middle East markets. 

Matthew Merritt, emerging market 
strategist at ING Baring Securities in 
London, agreed. “ Thailand looks cheap 
on 10 times 1998 earnings. However, 
there is sufficient uncertainty about the 
growth outlook to suggest that earnings 
could collapse which would mean that 
Thailand won’t be that c h ea p after 
all." 

Mr. Baneiji, at Foreign & Colonial, 
said: “Southeast Asia could easily fall a 
further 20 percent, although there may 
be a technical bounce in the short term. 
However, these markets will recover. 
They won’t become another Ja pan. " 

For die time being, he feds more 
comfortable with the markets of Brazil 
and Mexico and still likes much of East- 
ern Europe. 

His other preferred market is the In- 
dian sabcontinent He still has a high 
holding of 8 percent of Russia in his 
funds but has reduced it from 10 percent 
on the grounds that it is getting difficult 


to value Russian stocks. However, Rus- 
sian fund specialists are still optimistic 
even though the market has risen more 
than 260 percent in the past two years. 

‘The situation in Russia is improving 
daily,” said Bill Browder, manager of 
the top-performing Hermitage Fund. 
“There is still a lot more to go for, 
particularly as the economy is expected 
to grow next year.” ’ 

For anyone looking for a Latin Amer- 
ican fund, Rupert Bruce, editor of Glob- 
al Fund Analysis in London, points to 
the Latinvest fund, which, he says, is 
one of the region’s most impressive 
funds and is largely invested in Brazil. 
He aisr* recommends global funds with 
weightings in high-growth regions such 
as Latin America and Eastern Europe; 
two examples are Capital International 
Emerging Markets or Genesis Emerg- 
ing Markets. 

For further information: 

■ CAPITAL INTERNATIONAL EMERGING MARKETS 
FUND. Luxembourg: 352 4S 1 23 1. 

•GENESIS EMERGING MARKETS FUND. London 44 171 
239-7022 

• LATINVEST FUND (Babanin). S» Fnocuco: 14 15 380 
1118. 


► HERMITAGE RUSSIA FUND. 


7501 2583160. 


1 Leading Emerging- 1 

I Market Funds in 19971 

Total % return in U.S. dollars 


Jan. 1 • Sept 30, 1997. 


Diversified Emerging-Market 



47 & 

Han&berger Global 

37.71 


:...S4i» 

F&C Gl £merg Met Inu 

33.81 



Emerg Mkts Brewery 

27.53 


272? 

Mercury SehEmtg Mkts 1 

25.73 


2533 

Baring Chrysalis 

24.82 

Eastern Europe 


' 

.27453 

Russian Prosperity A 

196.80 

Cteridari Set&ussfc*. • .. 

1674)4 

Latin America 



18122 

SRI Pegasus-Brazil Eq. 

70 33 


6&30 

Asia 



:13&96 

China Find 

124.58 


97+73 

Africa/Mtdeast 


tmimem:. ;~r. 

6&65 

Turkish Growth IX 

40.08 


. 31-33. 

Source: Upper Analytical Services 

IHT 


Small-Cap Mutual Funds 
Take Star Turn in Quarter 


poor 

funds 


The Difference a Crash Makes 


R IGHT NOW, as you read this, 
10-year returns are skyrock- 
eting on almost every U.S. 
stock fund that has existed that long. 

When fund managers went home 
Friday, their 10-year returns included 
Ocl 19, 1987, the day the Dow Jones 
industrial average fell 50832 points. 
When they return Monday, the last 
decade of performance will have be- 
gun Ocl 20, 1987, the day the recovery 
started from much lower prices. 

Managers of funds domiciled in 
Europe and Asia will have to wait 
until the dose of business on Monday 
to see their 10-year returns perk up 


because bourses there did not plunge 
until the following business day. 

How big a difference can a day 
make? From Oct. 16. 1987, through 
Thursday, the Dow Jones industrial 
average rose from 2,246.74 to 
7,938.88, or 253 percent. If the start 
date is Oct. 20, 1987, the day after the 
crash sent the Dow plummeting to 
1,738.41, the return is 357 percent 
Any period used to measure per- 
formance is arbitrary, but investors 
should not be surprised to see ads soon 
boasting of spectacular 10-year results. 

C. de A. 


Continued from Page 20 

largest fund provider dominated the 
overall list of top stock funds but was 
noticeably weak among the funds in- 
vested solely in domestic securities. 

DW$, the fund-management arm of 
Deutsche Bank AG. swept the top four 
spots on tiie list of best German equity 
funds, with two technology funds and 
others investing in Italy and energy. It 
had six of the top 20 binds over- 
all. Union Bank of Switzerland 
had nine of the top 21 Swiss 
funds (there was a tie for 20th 
place). Of the 20 best domestic 
funds in each market, however, 
the two banking juggernauts had 
only two binds and one fund, 
respectively. 

Executives at DWS dismissed the 
quarter for domestically targeted 
nds as an anomaly, noting that they 
had outperformed benchmark indexes 
over tiie last year. The success of the 
internationally oriented funds was at- 
tributed by Klaus Kaldemorgen, head of 
international equity funds at DWS. to a 
management approach that stresses spe- 
cialist knowledge of industries rather 
than coumries or regions. 

“We have had expertise in technol- 
ogy for 10 years," he said. “That gives 
us an edge; if you focus on a special 
sector, you get a chance to stay ahead of 
competitor” He said the technology 
fund managers also help select stocks in 
those industries for general-equity 
funds. 

The top fund, DWS U.S. Technoak- 
tien, specializes in American compa- 
nies. The other fund is geographically 
broader but was heavily invested in the 
United States as well. Other countries 
represented in the portfolio include Ger- 
many, where Mr. Kaldemorgen said the 
fund haspositions in the software maker 
SAP AG and “some of the new hot 
issues in the German market," and Ja- 
pan, where its half-dozen holdings in- 
clude Canon Inc. and Sony Corp. 


ject 

fun 



Technology was also a prominent ob- 
ective among the best offshore equity __ 
ds, but a heavy concentration on Asia ~ 
dragged down overall performance* 
with the average fund losing 1.1 percent ; 
in the quarter. In addition to being in the 
wrong place at the wrong time, they . 
charged too much, curtailing returns. 

“Many offshore bind managers have • 
high expenses, and they try to overcome 
that with quite aggressive portfolios." 

Michael Lipper, chief executive - 
of Lipper Analytical, said. “Ag- 
gressive portfolios in the quarter 
got bun relative to the in- 
dices." 

There was no refuge in plain- 
vanilla indexing strategies * 
either, thanks to die sell-off in 
Asia and the phoenix-like resurgence of 
American small-caps. 

“The majority of offshores tend toe 
invest in more brand-name or index- 
component securities, which had 
worked reasonably well for them until 
the third quarter," Mr. Lipper said. "It 
wasn't tough to avoid losing money 
globally, but it was tough to make it if r 
you were index-oriented." 

Rising above the mediocrity were the 
six technology funds among the top 20 
and four investing in Russia, a market ' 
that has more than doubled this year and l 
risen sixfold since the start of 1996. 

Foreign & Colonial Emerging Mar— 
kets, whose Russian Investment Co. “ 
rose 26 percent in the quarter, recently 
told shareholders that it had reduced the 
Russian holdings in its global portfolios “ 
from 9.6 percent to 8.2 percent. - 
The managers told clients, how-even' 
that "Russia remains our favorite mar- 
ket" in Europe and that they had been 
merely taking profits. Despite over- 
whelming evidence to the contrary, some 1 
fund managers apparently believe that 
there can be too much of a good thing. ' 
Offshore bond fund managers did? 
better on average in the quarter than 1 - 
their counterparts at stock funds, gain- ' 
ing 1.1 percent. 


I * * L- 


Leading Bond Mutual Funds in the 3d Quarter Total percent return in u.s. dollars. June 30-sept. 30. 1997 


Iks,--.. - ;-.v Vfr-fcfetf 



GMO: Emerging Country Debt; 1529 

Amer.Cty: Bertram Tgt Mat 2020 11.72 
:4$S‘ 

Dreylus Income: High Yield &99 

Wanes HfehYrffcCtess B 
Northstar Total Return 11; B 839 

Loomfet Saytee High Rate# ' -.%S0 


State Street Research; High Income 8.32 


John Hancock High Yield; B 732 

Sunamerica: tfgh Income; B 7.75 

Rdefiy Advisors High YIbW; T 7.58 


Vista Fund-High Yield 14.60 

Emerg Mkts Uq Invest 738 

Efr&a&tm few** 

Baring GUF-Hi Yld Bd 730 

Fidel AWF-GL Hi Ind 7.00 


Edinburgh Preferred High Inc ' 6.11 

CUPPT Monthly Income Pfcs 4.65 

Proific Convertible & Gfi 4.59 

Aberdeen Fixed Interest 4.31 


UFF Haut Rendement 

txt&wm 

Assurrtx-huit 


5.74 


3.40 


Tilifll 

PVF Spatial AlHonds 




3.90 


MDM Obflfl-lnter 3.16 

France Long Terme 2.99 


aw* 

Thesaurant 3.05 

DWS Inti Rent TypO 239 

mm 

Inti Rentefonds 2J24 


Bond Valor-USD 

IWBSFfcadkcAUSJj. 

DoterBondSelection 


CS Foods- Bonds 
UBSBdttV^USD 
Unigest-High Yield 
8$S1rtrtbond ' 


4.82 

3*58 

3.30 

2235 

3.08 

3.08 

2.67 

250' 


5cw» Lpper Analytical S&vices; EumeorionnwcQ (Frm/Km). HSW (Britain). 


BRIEFCASE 


***** 



|| Tt'h'rt 

it* M * j 



... V 


-JLt *'-• 



i..- : ." * r ' 

-V ■ -raffi E r ' — 








jfc =+-- efS ‘ ! 



Scanning Global Markets 
In Search of Value Stocks 

Scott Black likes to visit France, but 
he isn't investing there these days. Ask 
the portfolio manager for a tip on Paris 
and he is likely to steer you toward 
V ivarois, a restaurant in the well-heeled 
16th arrondissemenL 

a Mr . B lack said last week that stocks in 
2 France and the rest of Continental 

* Europe were overpriced. In fact, he said 
markets almost everywhere were get- 
ting out of hand, with stock prices far 
higher than the values justified by their 
issuere’ earnings. 

Yet Mr. Black, of Delphi Manage- 
ment Inc., said be still found reasonably 
triced shares in places like the United 
Jtates, Britain and Israel. Although he 
said he was uncomfortable writh overall 
market levels on Wall Street, he has 95 
percent of his assets under management 
invested in stocks. He said the fond had 
returned more than 40 percent so far this 
year to its 20 or so clients, 
i , For the very long term, he said tiie 
w growth prospects of China and India 

• would provide enough worldwide earn- 
ings -to overcome the deflationary ef- 
fects of the collapsing Southeast Asian 
markets and the stagnant European and 
Japanese economies. 

One pick is LSI Logic Carp., a maker 

of application-specific integrated cir- 
cuits. These semiconductors are not as 
powerful or complex as the processors 
in computers, but they have excellent 
growth prospects in an increasingly 
wired world. LSI, he said, wm a joke 
at its. current mice near $24 per snare 
and was undervalued by investors who 
were not taking into account tiie earn- 
ings that will be generated by a factory it 
is building that will double its revenue. 
He added that tiie company has the 

KSpoSrX* 

'They are the only ones who can do 
it.** 

h Other connectivity pto?. he ra^are 

T the hardware makers Cisco Sjgro 
Inc., Bay Networks Inc. and 3Com 
Corp., while another chipmaker to look 
at is Integrated Silicon Sohmwc toe 

quent rewriting of their data. 

Outside of the United Sato Mr- 
Black likes Tower Semiconductor Lto, 
an Israeli company that in co ™°“ 
many of its competitors trad* i on*e 
U.S Nasdaq system- 
chips and has *e 

chicT factory in the Middle East, he 

Anotber electronics play » he said, was 

SjTC 

that hak a contract with the U.5. 

Force to make helmets tha ^ M 
ators to choose targets by lootong 

them. It also has a system thaiproj^ts 

3 pSggg*;S 

media proP^f ' Bla JsSdhe liked 
broadcasters. Mr. Blacx y? c 
Central Newspapers he. Gannett Lo.. 


Knight-Ridder Inc., Lee Enterprises 
Inc., McQatchy Newspapers Inc. and 
Washington Post Co., the last of which 
owns half of the International Herald 
Tribune. (FHT) 

Shock for Expat Parents: 
International School Fees 

The new school year has started for 
expatriate families around the globe, 
and many are sending their offspring off 
to the local international school Not 
surprisingly, fees are rising, according 
to EGA Windham, a New York com- 
pany that specializes in cost-of-living 
information and relocation for multina- 
tional companies. 

T ^Hing the list is Japan, where the 
average tuition of $15,636, plus a whop- 
ping $8,127 in “other costs," makes it 
as expensive as a top American uni- 
versity. At the low end is the Phil- 
ippines, with $6,450 in tuition and 
$2,600 in extra fees. “Other costs,” 
which cover items such as meals and 
transportation, can be as steep as tuition 
fees because they often include an ob- 
ligatory contribution to the school’s 
building or development fund. 

Fortunately, companies tend to pick 
up the tab as part of their expatriate 
benefit package, but as more multina- 
tionals send employees abroad, the 
biggest problem in some countries is 
just getting.a place for your child, said 
Dene Dolins of £CA Wind h a m . Singa- 
pore, a problem city afew years ago, has 
relieved the pressure by building a new 
international school. Bui schools are 
currently fall to capacity in Taiwan, 
Bombay, and Sao Paulo, where Amer- 
ican b anks and financial services 


companies are v . . 

“American families prefer the in- 
ternational schools, and so do some na- 
tionals of other countries, who like the 
international mix, rather than a German 
or French school,” saidMs. Dolins. “In 
some cases, tiie expatriate’s company 
Tpa |yji a big contribution to the b ui l ding 
or development fund to get a place for a 
child,” she said; (IHT) 

London Stock Exchange 
Goes Electronic, At Last 

Small investors in the most heavily 
traded issues on the London Stock Ex- 
change could see their transaction costs 
drop beginning Monday, when the ex- 
change is due to put its long-awaited 
electronic trading system into action. 

Thr Stock Exchange Electronic Trad- 
ing S^will use altomput^toma^ 
buy and sell orders in share; of the 100 
largest British companies- That sounds 
simple enough, and it is how shares are 
naded in most Continental European 
markets, but such an mder-dnven sys- 
tem has never been used in London. 
Plans to introduce one met for years 
with stiff resistance ' from majet 
makers, the exchange members that 
agree to provide continually bids and 
offers on minimum amonn g of stock. 
Under tiie present qnote-driven sys- 


other. Instead, a buyer pays the lowest 
price at which shares arc offered for sale 
by a market maker, and a seller accepts 
the market makers’ highest bid — even 
if a member of the public is willing to 
pay more or seQ for less. 

Market makers profii from tiie spreads 
between bids and offers. The new system 
will eliminate the middlemen and their 
cut and, the exchange says, tighten 
spreads becanse all participants will be 
setting them, not just a few. 

Mantel makers will still handle very 
large orders. Without their capital a big 
trade might be hard ro fill and might 
cause an unbalance in the order book. 

Chris Broad, head of trading services 
at the exchange, said it was essential to 
maintain ‘ ‘the London culture of risking 
capitaL” 

The change in trading is being billed 
in the British financial community as 
Big Bang II, the sequel to the ex- 
change’s reform of 1986. when restric- 
tions were relaxed to open trading to 
greater competition. 

Since then, though, mach of the fire- 
works at European stock exchanges has 
occurred on the Continent, as electronic 
order- matching has become the norm. 

The London exchange was slow to 
implement such a system becanse of 
com plain ts from market makers that it 
would cut into their profits. An effort by 
toe previous head of toe exchange to 
impose toe system led to his resigna- 
tion. (IHT) 

Correction 

In the Oct 1 1, 1997 edition of The 
Money Report, toe photographer's cred- 
it was omitted on pictures accompa- 
nying toe fund managers' roundtable. 
The photographer was Arnold Browne 
of New York. 


tenr. public buyers and sellers of a par- 
ticular stock do not trade with each 



THE WORLD'S 
LEADING OFFSHORE 
COMPANY SPECIALISTS 



ISLE OF UAH - B MONK MogGA 
OVERSEAS COMPANY 
REGISTRATION AQBttS LTD 
Goqista Horn* Tow Sncr Runs*, 
lab ti Urn. Britt Ha. MS 4AN 
EotUSooum 
TEL:* 44 1624 815544 
FiOfc+ 44 1624 817076 
MAUtmUS - UZA JAHGEEKHAN lift, ma 
Happy World House, & WHtam 

Ncwtwi Street Port tMab Mauritus 
TEL +230 211 5100 FAX +3M 211 5400 
SEYCHELLES - D3RA AXA7SA 
303 Aafd Oanban, Mont fleurl 
PO Boa 983> Mate Smheiles 
TEL +248 225555 FAX: +248 225*99 
KONG KONG - BART DBCKE& LLM 
2402, Bank of America ^ Tower, 
12HamurtR4 Hong Kona 
TEL -*852 2522 0172 FAX: +§52221 1190 



Managing Money In 
%/J Climates 




C* I 

jr 



REX 97 


THE PREMIER OFFSHORE EXHIBITION 

2-4 DECEMBER 1997 
BUSINESS DESIGN CENTRE 
LONDON 

SHDREX 97 is the ultimate networking event for offshore 
professionals. During the three days of the exhibition and 
conference, S borax 97 brings together offshore service 
providers, intermediaries and clients to share the best in 
offshore professional services and offshore finance. If you 
are a lawyer, accountant, private banker, trust manager 
or intermediary involved in the offshore industry, or 
simply an investor, and would like to know more about 
the event, either detach this slip and send it to: 

SHOREX Ud., 4 Heathgafe Place, Agincourt Road, 
London NW3 2NU, UK QR tel: +44 171 482 1000 OR 
fax: +44 171 482 1100 OR enraihinfoOsho rex.com 
(http://wwwjhorax.com). 

(Please tick) I am interested in: 

attending the conference Q visiting the exhibition Q 
exhibiting O 

please, send me more information. 

Contact Name: - 

Company: 

Job Title: 

Tel: Fax: 

Address: 


PR Sponsor 


Logoi Sponsor 

ST 

NABARKO NATHAN SON 


Mscfia Sponsor 

3ctal&3££ffibmic 


Introducina 


Andrew Peck Online 


A better, faster, more affordable 
way for you to trade stock. 

Andrew Beck Associates, a leader in international 
discount brokerage since 1979, is pleased to introduce 
a revolutionary new way for you to access market 
information and execute trades wherever you are 
24 hours a day. Andrew Peck Online is the easy and 
affordable way to access information including reports 
on any listed stocks, Nasdaq securities and options. 
Seal-time quotes and tick-by-tick updates are available 
via PC, and the Web. And Andrew Peck Online gives 
you a quick efficient way to trade over the Internet. 
Andrew Peck Online is the kind of added value 
service you expect from one of the world's leading 
discount brokers. 

Call today and you can try Andrew Peck Online 
risk-free for the first month. If you're not completely 
satisfied, your monthly fee will be refunded. 

The International Investor's Choice 


Andrew Peck Associates, Inc. 

Newport Financial Center 
111 Ruronia Avenue, 

Jersey City, M3 07310 

caQ uk 

( 201 ) 217-9500 
or fax us: 

( 201 ) 217-1919 

or visit our web site: 
www.andxewpeck.com 



^■ An ^ PBdc0na "° 

KC^H&fcooftBnuar semce prior to snrqemenL 

toomte pmtKifld up to 550 mOan. Mantes NAS) a ss»c 








p 



$AGE 22 


Hcralb^SlSribune 

Sports 


SATURDAY-SUNDAY, OCTOBER 18-19, 1997 


World Roundup 


[■American Surprises Hingis 

tennis The American Lisa Raymond upset Martina 
> Hingis, ranked No. 1 in die world, on Friday night and 
j.' advanced to the semifinals of die WTA Tour event in 
'.'Zurich. Raymond won by 4-6, 6-2 , 7-5. Hingis had lost 
l- only three previous matches this year — to Iva Majoli, 
Lindsay Davenport and Amanda Coetzer. 

After Hingis easily took die first set, Raymond, brake 
. for a 4-2 lead in the second set, held for 5-2 by punishing 
fe anything Hingis hit short and then broke her again for the 
set Afte the American edged ahead by 6-5 in the final set, 
Hingis, trailing 0-40, saved the first match point with a 
steady volley but then netted a backhand. 

For the American, ranked 1 9th in the world, it was her 

■ fourth victory over a top 10 player in the last two weeks. 
; She will next meet Nathalie Tauziat of France, who took 

a 4-6, 6-1, 7-5 victory over Sabine Appelmans of Bel- 

1 gium. 

In the other semifinal, Jana Novotna of the Czech 
Republic will face Davenport, who woo crushed against 
the American prodigy Venus Williams, 6-0, 6-4. (AFP) 

• The Newest $100 Million Man 

basketball Shawn Kemp got a contract extension 
with the Cleveland Cavaliers, and with it became the fifth 
; member of the NBA’s $100 million club. Reports said the 
" deal was for seven years and about $107 million. It would 

■ reportedly pay the All-Star forward $83 million in the first 
season, with 20 percent raises in each of die next six years. 
Kemp would not disclose numbers, but admitted: “It’s a 

' whole lot of money. We're talking big numbers.” f AP) 

Iranians Within Sight of France ’98 

soccer Alireza Mansourian scored three minutes 
after the opening kickoff, and Iran rode the support its 
1 00.000 fans to an easy 4- 1 victory over China on Friday, 
moving it well within sight of France and next year's 
World Cup finals. 

The victory gave Iran a 3-2-0 record and 1 1 points atop 
Asia's second-round Group A, four points ahead of 
Kuwait, Saudi Arabia and China (all 2-1-2) with three 
games remaining. Kuwait beat Saudi Arabia by 2-1 later 
Friday. Only the two group winners are assured of 
qualifying, while the runners-up face off for a third spot 
and the loser of the playoff taking on Oceania winner 
Australia for a possible fourth berth. (AP) 

Test Match in Pakistan Rained Oat 

cricket Heavy rain washed out die first day of the 
second cricket test between Pakistan and South Africa on 
Friday in Sbeikbupura. Pakistan. A downpour had saturated 
the field and left pools of water on the ground. (Reuters) 

Forgive and Forget? 

basketball Reggie Miller, the In diana Pacer star, 
says he has had to make a big adjustment playing for the 
team's new coach Larry Bird: “Back in those playoff 
series 1991 and 1992 when I played against him, l called 
him a lot of names. So that’s been hard" (LAT) 


The IHT Pocket Diary 
Puts 1998 

Right Into Your Pocket 

Year after year - even al a period' when diaries 
abound - the International Herald Tribune flat, silk-gram 
leather diary is the hit of the season. 

Ingeniously designed to be thbuier-than-thin, it still 
brings you everything. ..including a built-in note pad with 
idways-availablc '“jotting paper". Plus there are 
conversion tables of weights, measures and distances, a 
list nf national holidays by country, a wine vuuagc chart 
and many other usefid facts. All in this incredibly flat little 
l\K*k that slips easily into a pocket. 

The perfect gift for 
almost anyone... 
including yourself. 

- Please allow three 
weeks for delivery. 

•Measures l.i \ 8cm <5 Wi<n.i 

• Black leather ecus 
u.nh pit mcUl comers. 

• ftrondiraii with cili unsafe. 

• VVvvk-ut-j-abnce fiTrrcd. pruned 
in French Hue piper nidi prided 
page edge*. 

• i*W notable dam and 0301*101 
holiday in over Wcuuntrics; 
world tunc- zone table. 
mteraShwi! tck-pivjnc ikdm» 
axis aid count) prefixes 

• Blue ribton pafe muter 

• Include* reran aNc addrcss tank 
that fib snugly nBo its own *.-111. 
picket 

« &kh tfiarv packed in j Hu: 
pkbov 

■CWpxale p.Ta*uh.'jlmQ and dfecewts arc enUtk. 

Fur deoils, tax Pad Baker a (44-1811 *44 X243 
or E-mail pauUnker^htmtcroeuam 



r 

1 

1 

1 
1 
1 
1 
1 
1 
1 
1 
1 

1 

■ Gty/CoJc. 
| Cnunny. 


Please send me 1998 IHT Pocket Diaries. 

Price includes initials, packing and postage in Europe: 

I -4 diaries UK £22 ( U.SJS35) each INITIALS 

5-9 diaries UK £20.50 1 U.S.S32I each India n, 
10-19 diaries UK £ 1 8 I U S $28) each Mil 

□ Additional postage > nitride Europe £4.50 iU.S57). 

D Check here for delivery ouLside Europe by rcgisicred or 
certified mail: £5.75 <U S.59.20) per pack^e plus postage. 

Payment is by credit card only. AD major cards accepted. 
Please charge to my credit earth 

O Act c*s □ An** 0 Diner* Q Enrocanl O MioeCvd O Visa 

Card N° 


Exp._ 

Name. 


Signature. 


Address. 


j Company EU VAT ID N“. 

I 
I 


JicraUQteSribunc 

igTOmMgjggaffl 

Mail or fax this order form to: 
International Herald Tribune Offers 
37 Lambton Rood. London SW20 OLW U.K. 
Fax: (44 181)9448243 

E-mail: pauIhakcr@btimcmcLaim 


18-10-97 


I 1 


For Paris, the King ‘Basketteur’ 

Jordan Gets a Stately Reception 


By Ian Thomsen 

leamumonaf Herald Tribune 

P ARIS — “Jordan 
Awaited Like a King,” 
read the cover of the 
French sports daily L’Equipe, 
with a full-page photograph 
of His Aimess rising 
statuesquely. “Bercy will be 
packed to the gills this even- 
ing to pay homage to Michael 
Jordan, the greatest bas- 
ketteur in history.” 

Jordan's Parisian debut 
Friday night in the McDon- 
ald's Championship, in which 
his Chicago Bulls were to 
meet the local team PSG Ra- 
cing, was being anticipated 
like a concert 
It was preceded by a semi- 
final between the European 
champion Olympiakos Pir- 
aeus of Greece and die South 
American champion, Atenas 
de Cordoba of Argentina. 
PSG Racing made it to the 
semifinal with a first-round 
upset of the Spanish cham- 
pion PC Barcelona. 97-84, on 
Thursday. 

Six years ago. Magic John- 
son and the Los Angeles 
Lakers came here for die 
same tournament and hardly 
caused a sensation. Jordan's 
arrival is probably better 
compared with the appear- 
ances Charlie Chaplin used to 
make in Paris to publicize his 
movies and promote Holly- 
wood in general. Which is not 
to say that a basketball player 
who appeals mainly to young 
people is the equal of Chap- 
lin. 

But the comparison fils in 
with the NB A’ s promotion of 
itself as a kind ofinteraational 
entertainment, as opposed to 
a typical sports competition. 

Jordan, now 34, has been 
its pioneering star. His per- 
formances in the Bercy Arena 


on Friday and Saturday were 
to be skirted by at leak four 
acrobatic mascots, a team of 
modem aerobic showgirls 
dressed vaguely like cheer- 
leaders, enormous video 
screens showing highlights 
and the NBA’s entertaining 
commercials, other sideshow 
acts, T-shirts sling-shotted in- 
to the crowd, pop music 
played thumping from a high- 
quality sound system and so 
on. 

All this will help camou- 
flage the fact that a game seen 
in person is much more ped- 
estrian (han (he typi cal 
French teenager might imag- 
ine from watching the high- 
light shows of nonstop fast- 
breaking dunks and other ac- 
robatics* that the NBA so ef- 
fectively transmits around the 
world. 

In France, especially, 
Jordan is beheld like an artist 
American, fans are compelled 
by his eimiosive physical tal- 
ents; the French, if they aren't 
reminded of ballet, will at the 
very least discuss him in 
terms of grace and beauty. 
Americans know Jordan to be 
a ruthless competitive ‘mon- 
ster. 

The French might view this 
in the inspirational context of 
all the great artists. To this 
day they speak of their own 
greatest soccer player, Michel 
Platini, in much the same 
way. 

Their favorite games, soc- 
cer and rugby, are unstruc- 
tured fas opposed to the 
American sports that abide by 
24-second shot clocks or four 
downs with 10 yards to go); 
the French sports writers and 
their colleagues across 
Europe, while technically ex- 
pert, describe matches as a 
critic would review a night at 
die theater. 



l y anJinna - IW 

Michael Jordan: Athlete, artist and money machine. 


American game stories 
stick more to a technical 
breakdown of what happened 
and why. with the athletes 
providing eyewitness testi- 
mony and statistics cited as 
evidence. 

L’Equipe has provided 
Jordan with bead-of-state 
coverage, including a report 
Friday that he has left his 
fourth-floor hotel suite just 
once on unofficial business, 
departing with his wife for 
dinner on Wednesday night. 

This has probably been the 
most stately reception the 
NBA has experienced. That is 
an achievement for a league 
whose finals are less popular 
in the United States man the 
baseball World Series or the 
NFL Snper Bowl, and yet has 
expanded to help position 
basketball as the world’s 
second most-popular sport 
The NBA also admits that the 
end of its fast growth will 
coincide with Jordan’s retire- 


ment perhaps next summer. 

“When he retires there is 
going to be a void that no one 
player can fill,” David Stem, 
the NBA commissioner, said 
Friday. He predicted that oth- 
er players will become stars, 
“but never quite again in 
these circumstances.” 

“Michael Jordan came 
along at the same time that 
sports marketing de- 
veloped,” he said, “at the 
same time that global tele- 
vision was experiencing out- 
standing growth. The rela- 
tionship of the McDonald’s 
and the Coca-Colas to sport 
was not as big as it became. 
Most of all in TV cable and 
jotenif* hadn’t begun to de- 
velop. There will never be a 
g rowt h spurt like that a gain. 
The growth is going to be 
smaller.” 

Whether he has been an 
athlete or an artist is an in- 
cidental argument. Most im- 
portant. Jordan sells. 


U.S. Team Poised 
To Win 4th Tide 


Reuters 

■ ST. ANDREWS, Scot- 
land — The defending U.S. 
team swept Japan aside, 3- 
0, on Friday for a second) 
round-robin group victory 
as ti>e team continued its 

bid for a record fourth tri- 

PU HHILt CUP 

pmph in the Alfred DunhiU 
Cup tou rnament on toe Old 
Course at St. Andrews. 

But second-seeded Zim- 
babwe suffered a major 
blow when Nick Price was 
forced to pull out because 
of a muscle injury. The 
ream still beat Spain, 2-1, 
bat under the rules will not 
be allowed a replacement. . 

En gland, toe Americans’ 
opponents in toe final 
Group One match Satur- 
day, slumped to a 2-1 de- 


t when Lee 
Westwood* one ahead of 
Angel Cabrera at toe time, 
double bogeyed the 17th to 
go one behind. Despite’* 
birdie 3. on the.. 18th- for 
Westwood, the Argentine 
marched hxm to complete a 
1- under-par 71 to win by 
one shot ■ . 

With the wind beginning 
to blow in late morning, 
scores were much higher 
than on opening day when 
28 players bettered par. On 
Friday, only 11 players 
gained that distinction. 

France, 2-1 winners over 
Australia, the No. 4 seed, in 
Group TWo on the first day , 
were beaten by toe Swedish 
team for its second straight 
3-0 victory. 

. Australia still struggled, 
managing only a 2-1 vic- 
tory over Taiwan. 



Ba*e CUtoUfThc And bed ftwo 


CoKn Montgomerie peering out of a bunker as 
Scotland beat Ireland, 2-1, Friday at St Andrews. 


*■ ■*. 




‘ 






W'4 


iV *' 


« 5 


■*•<•***■* i 


. . 




Scoreboard 


BASEBALL 


World Series 


TENNIS 


neaMYLomuiiD 

WORLD SOUS SCHEDULE 
Oct T 8*1 Miami cfr&QSpjm. 

Oct 19 in Miami aI72S pjn. • 

Oct 21 n Cleveland ot&20pjn. 

Oct 22 in Oavatand al fc20 pan. 

Ocf. 23 in Oewfemf at 820 p jn. if necessary 
Otf. 25 in Miani at Bpjn, 8 necessary 
Oct 36 in Miami af 705 tun. 9 neeeteny 
Al times EST. 


BASKETBALL 


NBA Preseason 


imiSMrmnui 

Atlanta MU Toronto 102 
Charlotte 97. Gotten State 91 ‘ 
New York 8& PMkxMpNo83 
Cleveland 117. New Jersey 109k OT 
San Antonio 9i Washington 76 
Milwaukee 1®. LA. Oppen 97 
Portland 9Z Seattle 90 


ICE HOCKEY 


NHL Standi nos 


LYOH< 

TODAY M LYON, NUHCC 
OWAHTERWMAL8 

Fabric® Santarcv Franca def. Fetor Man- 
OtoMbSpahvA-i. 6-1, 

Tommy Haas, Germany, dot. Thomas En- 
qvht (5). Sweden, 6-1 6-1 

MONUI MDOOBf 

FRONT M ZURICH. SWIT28UAND 
OUARTENTOALS 

Lba Raymond, ILS. dot. Martina Hingis 
0}. Switzerland 6-4 6-2, 7-5. 

Jan Novotna CD. Clad) Reputicdet San- 
dra Kksnava, Czedi RepvUfa M. 7-6 (7-1). 

Ltodsay Davenport (4L U.S. def. Venus 
WBftnos.ua. MM 

NnthoBa Tauzied Frame, def. Sabine Ap- 
pebnons, Befcjbia 4-4 6-1, 7-5. 

CZXCHKDOOCS 
TODAY M 06TRAVA. CZECH REPUBLIC 
aUARTBmALS 

Magma Norman (7), Sweden, del. Senji 
Brugoera (2), Spain 6-4 6-7 WTh 7-5. 

Goran Ivanisevic (31 Croatia def. Bohdan 
URirodt, Czech Republic. 7-6 (7-4J 6-2. 

Karo) Kucero (H), Slovakia def. Jiff Novak. 
Czech Republic 6-1 6-2. 

Thomas Muster (41- Austria def. Diego 
Nargtsa Italy, 7-6 (7-4). 6-1. 


TRANSITIONS 


ATLANTIC DIVISION 


WtoKngton 
PhUadetpfea 
New Jersey 
N.Y. Rangers 
N.Y. Islanders 
Flsnda 
Tampa Bay 


Bcrtfon 

OttCWQ 

PHSbmgfc 

Montreal 

Buffc'o 

CercLns 


Detrod 
St Lewis 
Data 
FtiocnK 
Tar; nto 
Chicago 


w 

L 

T 

Pts 

GF 

GA 

6 

1 

0 

12 

27 

13 

5 

2 

1 

11 

74 

17 

3 

2 

0 

6 

13 

12 

1 

2 

4 

6 

15 

17 

2 

2 

2 

6 

16 

15 

2 

3 

1 

5 

13 

18 

7 

3 

T 

5 

13 

13 

NEASTtXVBION 



W 

L 

T 

Pts 

CF 

GA 

4 

3 

0 

a 

22 

22 

3 

2 

7 

s 

19 

18 

3 

3 

2 

B 

17 

T9 

2 

1 

*> 

6 

12 

10 


3 

7 

6 

18 

20 

I 

S 

2 

4 

17 

25 


CENTRAL DtVRBON 

W L T Pts GF 


AH ERiCAN LEAGUE 

anaheim— A nnounced RHP Shad 
Wiliams refused outright assignment to V0i>- 
coovee PCL to become free agent. Assigned 
RHP Fousto Mocey and C Brent Hemphill 
oofrightto Vancouver. 

Boston— A ssigned OF Cart* Pride. LHP 
Rafael Oreflano and RHP Carios Vnfcta to 
Pawtucket IL. RecaBed OF Pat Bryart from 
Powtodcet. 

MILWAUKEE— Announced RHP Ben Me- 

Oanakt has exeidsed hb contract apttea for 
nest season. 

NEW tons— S igned INF Gvs OmsMn. 

OAK t AN D — SentOF Damon Mashoreb RHP 
Dove Tefahedec RHP Cartes Reyes. LHP 
Andrew Lorraine and LHP Steve Wai- 
OectiawsM to Edmonton. PCL. Claimed LHP 
Vbagtm Eshetman o& waivers from Boston. 


The Week Ahead 


Saturday, Oct. 18 

BASEBALL Miami — WorM SwtoE Florida 
vs. Oeveten d . Tokyo — (tart of Japan Se- 
ries. 

basketball PoriB-RhMfcnMeDon- 
□W1* CtanptaasMpi to Octl 8. 

boxing. Budapest — Wortearoateurcham- 
ptenstepa, to Od 27. 

CEKKET. Shekhuperei Pakistan — Pak- 
istan «l South Africa second test to Oct 21. 
Nairobt Krajo— lltMQlMQllDVsnieflt 
ftottaaL 

c mjHAB agoma Italy— WtoridCugGIra 
di LomtnnSa. 

FIELD Koacsr. Adetatdfc Ausbda — 
men. 19th Champions Trapby, to Oct. 19. 

figure Skating, Vtama Austria — 
Olympic quaWffng. to Oct 18. 

Games. Jakarta, Indonesto- South East 
Aston Garnet to Od. 19. 

golf, merest Andrew* Sarttand— ARM 
DunhB Cun. to Od. 1% Lake Bueno Vista, 
Ftondo - WO# Disney WOrid OtdsmoMe 
Classic to Od 19; Sosona Japan — GoK 
Digest to Od 1ft Lohatno. Hawidl — Moot 
KflORapal Ctaasfa.MntaCft.loOd 19. Wom- 
en Hareana Japan— FufasuLmSes, to Od 

19. 

HORSE Racks. Newmarket England — 
Dubai Champion Stokes. 

nutter league. Auddond New Zealand 
New Zeakmd vs. Austmfla. 

RUOBVONNML ADtkbFnm— LMta Cup: 
Argentina vs. Romanis Fnmcevs. ttaly. 

mccsr. World Cup qucAfylng, various 
sites Uzbekistan vt. Sooth Korea; Kazrdston 
vs. United Arab Emirates. 


mu ash. Sydney, Ausfn £a — Women 's 
World Opea to Od 18. 

tennis, men: Ostrava, Qadi Repsbfic— 
Czech Inriooid to Od 1ft Lyon, France — 
mere Grand Pits de Lyoiw to Oct 1ft Hong 
Kang — Mcri h oro dramptonWpM to Odl9. 
Women Z o rictw Swftzertond — E oropea n. I n- 
door. kiod. 19. 

Sumpay, Oct, 1 9 

No motor entries:' ' 

Mow pat, Oct. 20 

tennis, women; Luxembourg — Seed 
Open, to Oct. 2fic Quebec CBy. Cimoda — Ball 
Quaenge. to Oct. 25. Mere Stattgoit, Ger- 
many — Euraarri Opea to Od 2d- Mexico 
CBy. Mexico — Mexican Open, to Od 2d 

Tuesday, Oct. 21 

soccer, various sites — UEFA Cod 2nd 
round 1st te|p A|cn vs. Urilnese Braga vs. 
Dinoma TbiEsIr Metz vs. Kroisnitie Stras- 
bourg vs. LFvepook Inter Milan W 
Otypl^mie Lpoanafa- Rapid Vtoran vs. I860 
Munfete MTK FC Budapest vs. Croatia Zn- 
gretr Spartak Moscow vs- VbBadoSd 
Schofte 04**. Aoderiecht Aarhus vs. Tvrerfte 
Enschede; Athletic BSno vs. Aston VSre 
Auxene vs. OFI Crete Steaoa Bucharest vs. 
BaNta; Rotor Volgograd vs. Lazto Rorare 
AttehcD Madrid vs. PAOK SotoMcre Club 
Brogge vs. VfL Bodum. South American Su- 
per Cure various sites, 1st Round Ftaraenga 
Brad vs. OBrapla, Paraguay; Rodng Ctob, 
AigaAia «. Vasa daGmna Brad: AIMSco 
Nacionid Cotontoia vs. PeaaroL Uroguay. 
Weohesday, Oct. 22 

ATHUTTKd Betgrocfa Yugoetovia — Bel- 
grade 6Jdoroeter race. 


CYMNASm. Berlin — World Chamri- 
omMps, rhythrafa, to Od2d 
golf, mere Las Vegas— Tour, Los Vegas 
InvfclkWKri, to Od 25. 

soccer, vafaus sites — Earopeai Cham- 
pions League: 3d Roun± Pannre Haft. vs. 
Bonissto Dortmund, Germany; Sparta 
Prague* Czudv vs. Gototosmuy, Turkey; 
Manchester Uidted, EflgkraA vs. Fayenoont 
Nettieftonds; Kosice. StovoMre vs. Juvenbn, 

I tatyc Dtaamo Kiev, Ukraine vs. FC 
Barcelona Spdre PSV Efadhovsre Nether- 
lands. vs. Nu wc asBa England; Rescnboig, 
Norway, vs. FC Porta Portegat Red Modrkt 
Spain, vs. (Nymptohoi, Greece Po sl dn e 
Spain, vs. JFK Gcfeborg, Sweden; Baywn 
MnnicfL Germany, vs. PSG, France Monaca 
Froooe vs. Ueise Belglunu spartldg Lfcbotv 
Portugal vs. BaysrCM Leverkujwv Germwiy. 

. various rites — CONMEBOL CPA Semf- 
fawfa 1st Leg: Amerla or Athtetko Minora 
vs. Universltorfo, Pens Lanus. Argentina vs. 
Colon de Santa F& ArgenBna, . Various sites 
— Sooth American Soper Cop. 1st Round: 
Santee Brad. s. River Plate Argentina 
Grom to, Braza vs. EstorBantBS, Argentina'. 

Thphspay, Oct. 23 

golf, mere Mod rW Spate— Old- Pro- Am. 
to Od 26c Chiba Japan — Bridgestone Open, 
toOd 26. Women: YOmobs, Japan— Hbafco 
Higi icM-K lfarmCtasric.taOd2iw 
soccer, various rites — European Cup 
Whiners' Cup, 2d Round, 1st Leg; Tromso, 
Norway, vs. Chelsea Engkmd; Germinal Ek- 
erea Betgtora vs. VTB Stuttgoa GAtmany; 
Lokoanttv Moscow Russia vs. KoboeBspoc 
Ttorkey; SlKriddyor Donetsk, Ukraine, vs. VL 
oeaza Italy; Red Betts. Spare vs. Copen- 
hogwv Denmark; AEK Athens. Groecre vs. 
Sturm Graz. Austria: Nic& France, vs. Slavic 


Prague, Czech RepufaRc NK Prtnxsrfa Skrve- 
nfa vs. Rada JC Ndherlands . South Amer- 
ica rr Soper Cup, 1st ran neb I n depon dter rie, 
Argerttea vt Cota Cola ChBs Cnariro, 
Brazil vt Boca Juniors AipenHnar Votes 
Sarefiohl Argeritna vt Sao Paeto, BnrzB. 

•• fWtPAY, Oct.‘24 

eNKXET.Rrfsctabad PaksBan— Pakbtai 
vt South Africa ttM test la Od 2IL 
golf, man; El Dorado HBk. California — ’ 
Raky^s Gold Rerir (sentors), to Od 26. 

srawA Tlgna France — mere womare 
Alpine World Cun giant staloire paraBel 
Stotom,to0d26. 

■ soccer World Cup quafifiera. various sBos 

— KowritntOuatoc Saudi Arofatavt Iron. ; 

Saturday, Oct. 25 

■oxing, Mexico CRy— Jufla Cesar Chavez. • 
Mridoo, vs. Miguel Angel Goranlez, Mridcre 
12-round bout far toe vacant WBC super 
nghtweigW tffle Rkarrio Lopez, Merica vs. . 
Rnsendo Alvarez, Nicaragua 12-round bout i 
for Lopez's W8C-W&0 and Alvarez WBA 
s t ra w* ri g ht ttttes; Krith Hotmes, Urtffed 
Statot vs. Paul Vodea UrUted States. 12- 
nxmd bout tor Holmes' WBC middlew ei ght 
fflte. 

SOCCER Tashkent- World Cup quaHiec ii 
Uzbekistan vs. KazakstoL 

Suhpay; Oct. 26 !; 

AUTO RAONC. Jerez 0e to Frantora. Spate !‘ 

— Formula One, European Grand Prtx. 
soczea Tokyo - World Cup guaMer:- 1 

Japan vs. United Arab Emirates. Washington r, 

— Motor League Soccar Cup Y7, WasWn^on 
DC United vs. Colorado Rapids. 


e U I*: 


ru» * *m *n 

- ■■■■**..* 

•Ate*' 

■ .‘-X 1 
■ ■■' r- 

.. -* 

! -J: 'I JT.U 
i ' .- J* 




Mil'll'* 




STRING QUINTET By David J. Kahn 


PMancomsKM 

W L T Pts GF 


GA 

14 

12 

15 

17 

18 
24 

GA 


ACROSS 
1 Red-raced 
8 Metal found in 
meteors 

14 Defiled 

Seattle— S eteased LHP Greg HBRhrL 20 • Ifcpbum- 
Sent LHP Mork HoBonwr to Tacoma PO_ L, rani, him 

national league 21 Social instability 

cNtcAeo-Ociimed 2B Jason HanMe «R due to a break- 

wohrerafram N.Y.«ets. down in values 

FiarnoA-Scnt RHP Rob Stomfer and 22 Mandarin, e^. 


88 "Sleeping Gypsy," 48 Switch tags 


"The Snake 
Charmer," etc. 

93 "At Random" 
aurobiograpber 

95 Ponwitha 
natural harbor 

96 Crabwise 

93 Ws political inns. 
98 Land 


42 incomparable 
ending 

43 Montgomery's 
field; Abbr 

44 Code word for 
• "S" 

46 Seaplane 
inventor Geon 

49 Grape yields 


RHP Antonfo AKonseoo to teams Instruc- 23 Like someGreek 5** 001 ° r shales SO F^rty influence 


CpfrmuTc 

s 

0 

2 

12 

24 

12 

Vcrxo«.rer 

2 

2 

1 

S 

13 

13 

Edmonton 

7 

4 

1 

5 

14 

27 

Lcs Angeles 

1 

3 

3 

5 

2S 

26 

Analawn 

i 

2 

2 

4 

8 

11 

Son Jew 

2 

5 

0 

4 

17 

21 

Crtgar 

0 

4 

2 

2 

12 

19 


nnmArsinuin 

a 


FW ItoW O-Lflngmbnmner 2. (ppj. 
SMoea Pwtod: None. Thud Period: D- 
Moaaro 6 iLrftmenJ. X 0-. Harney 2 
lACcms, NKNiwendyW *. D-Mohrkbuk 1 
rLohbnere Madaao) Shots oa goal: F- 5-2- 
5—12. O- 8-W-»-29. Goo ta; F- 
VanbiesbrDueJb necks. D-fleffuor. 

N.T. Htteriws 1 2 2-5 

Sm Jose 0 T 1—2 

finl Perio d: New York. P ar ity 2 (RefcAeL 
Vaskcl Stored Parted: SJ.-Reztov 4 
(McSoriev. Houtoer) X New York, Palfty 3 
(RekhoL BerarT, (ppl. 4, New York. 
SmoSnaU I (Green Patty) (ppl. TUN 
Potted: Sj.-Gronoto 1 (Frieoen Zyuzin) 6. 
New York. Rachel X 7, New Ywta Ppfflyi 
(Jcnssonl Shots oa goafe N.Y.- 12-7-6-35. 
SJ.- 10-14-10-31 GobBrs: fLY.-Sota 2-2-1. 
SJ.-Vemcn. 


ttend league. Sant LHP IGrtOtoto and INF odes 

Russ Mormon outrlgM to Chartolto. IL An- 24 Standun 
rwoncedRHPBm Hurst was reiostaterf ban comedun who 

emergency Aabled Rri and doteied oft anwS-Krl^f 
waivers by Detrwt and that LHP Bryan Want 
uros claimed off vroriers by Chicago. FrismanAdull 

NT MCTS-Asrigrred LHP RiconJo Jordon ChiirT 

INF Eddtegg^" 1 ^' 
WMoms. Sod LHP Mott Roebri and RHP iL . 

‘■■"■weswB. sssajs, 

assssssss^srssr. S £-* 

cordraa edension. Wared G Jerome Alere ? &br ' w . 
F-CAditonCotawea and FSAonril Ford. ±2 Ml ° 

MRMSSOTA-WaivedG Jimmy King and G ?? Before, once 

Victor Page. 41 Jrnns.as 

Seattle— W aived C Ed Stokes. long-lost friends 

FOOTIAii 45 Shoe with a 

MArmuL football league puckered seam 

“aouha— R erigned OB Show 47 Consiruciion 

Matthews. Waived FBKwi&oy BaAer. piece 

iw<nif 48 Sumn^rizcs 

HAneriu.HOCXEr league conciserv 

NHL-Snpended Edmonton D Kevin Lowe — - 


102 Sci. course 

103 Arles waicr 
tOS Mine railway 
109 Quartet for first 

graders 

111 or mer 

114 Treesury^on. 
maybe 

118 Odds and ends 
120 Hardened 
12] Theater area 

122 Unusual house 
shape - 

123 Ticks off 

124 Clerk 


on Baryshnikov 
51 Car weigh! with- 
out fuel or load 
56 Traveled 

panted 


58 Asphalt 

59 'Animal House’ 
fra! man 

60 Urdu is spoken 
here 

62 Muzzle 

65 OW French 
headdress 

66 Peg with a 

concave lop 

125 Kind of sandwich 5? Stars 
TO Directs 


CRICKET 


SAY 

HODAT IN SX8KHUPURA. PAKSTAH 

Heavy rote wosbed eui toe ton day «( OR 

second cricket 


MmseiBe 1 Metz 0 
Guiagsmp a Bontoan 1 

World Cup 


GROUP A SECOW HOUND 
I ran A QMo l 
Kuwait 2 5aud< Arabia I 
nxNWNOT: (ran II po in t s Kuwait * 
Samfl Arabia 7; Cbtaa 7i Qatar 1; 


RUGBY LEAGUE 


World Club Cbhihwe 


FWDAT W AUCKLAND, NEW2ULAIO 


Brisbane Biancas StaHncerMarmen 12 


te3 gamer and fined trim 31.000 tor htotv 52 
sft*teoteOcll3gomeago*»» Vancouver, s 

AiuiieiM— Sent LW Jeremy Stevenson to 2®^^. 

CtedmattLAHL ^hOOsepy 

GDUUAOO-Asrignml G David Acbiscbar arvineeieetion 
to ChnapriAe, ECHL 54 Ik suitable (tori 

oncAGO-Asstgoed C Todd WWte to ire eg 
dfanapoGs.lML ® SS? WOrtm . 

pauas Asrigned LW PaMc* Cote to 
Midiigare IHL 58 ***" 

ESMOHtoH-Acquaed F Jason Bowen 51 Football 
bom PhBoddpfato far FBnmttMyfm. positions: Abbr. 

Fureau-RecnOed G Kevin Weekes from 63 Siaiimaster pari 
FofiWOyn&lHL. 64 Give out 

IMAKELRS- Assigned D Jon Vopatto 65 “Oh. 

WWt IHL. Recoiled LW Dan Byfema bom pu, 

Long Beach, IHL and LW Steve McKeona ” ' 
tram Fredericton. AHL- 68 vu 

UONTREAL-Sert D Francos Groieog to 69 U.S. foreren Bid, 
Fredericton, AHL. mostly 

risw Jersey— L oaned LW Patrto Elias to 7l 70 s TV detective 
AJacn T- AHI - 74 Lump luscther 

OTTAWA— Sent F Marion Hmsa » Port- w 
toodWHL. 15 Heads up 

San JRSS— Assigned RW Todd Ewen to ” r5‘™ emrra,s 

Kentucky. AHL. 78 Noi miss 

VANCouvsre-Re^igned D Bret HedkaL 79 Superlative 
fanpmded G Corey Hindi far refusing to 80 Appreciates 
mxjrt to Syracuse, AHL 81 Stares 

& NUiil" BriOtu absent-mmdedty 
rant LW Todd Krygier to Portend. AHL g2 One or (he 

Robbsey twins 

of fiction 

84 Object of 

cal stats noothkdoc descended G decoreTion 
Trentao Cross. FMfteOQuirmondF Jeffrey 86 R « Clfw 
Pons for breaking teom roles. 87 OrR Foradviicam 


DOWN 

1 Nephzsutrra 

2 likeplowhorses 
Z Try to get 

mystical 

messages 

4 Was menrionet} 

5 MagB7ine since 
1952 

6 Bowdlerae, with 

. "out" ' 

7 Pnlitessr 


72 Three-lime A.L 
MVJ*. 

73 Review, aa 
damage 

75 Cut 

78 Harry’s Veep 

80 Edam relative 

81 Riverat Liege 

82 Veneer 

83 Poser 
85 Former French 

8 Reports by phone M !???**£. . 

9 "Double M Mrdrngbi Lace 



. FLQB I&A- Snmotarsi OB Doog Johnson 
lot Saturdays game at Auborn for vjoktong 
team rates. 


Fantasy' art is 

10 Spell 

11 Flandre friend 

12 Bank rights 

13 Lateallcrnoon. 
usuallv 

14 Kindoftis 

15 “There — • 
takers ..." 

16 Most collectible 

17 irospitalVJLP.’s 

18 Something that 
con get in the way 107 -a. 

19 Place fur ’a VCR 3 
25 Lfeeless 
28 She was Jennifer 

on-WKRP“ 

3! Fictional 

dete ctive Philip 
S3 Room m the 
game Clue 
36 Papular fetoure 
in poetry 


actress. I960 

89 Ltons 

90 Bill collector? 

91 Med lab specimen 

92 Admit a mistake, 
so to speak 

94 Old Ford model 
99 Intro 
Wl Daring 
104 Setsighison 
106 Roosts . 


VNew York Tunes/ Edited by tlflSfcorto. 


to Puzzle of Oct I M2 


>88 Big name in 
computers 
110 Chief, in Italian 
• 12 Sikurskyor 
Stravinsky 

H3 Where DoHywoud 
Abbr. 

1 14 Familial moniker 


37 Fjnutoed a siren Tolkien creature 

38 Coflege founded 1,8 — horaesr - 

byakmg. . 117 Panofanirin. 

39 Pleased as punch 119 Aim nf Colo 




4 




v- : . . 






\&p 


* 


//j. f 


ft : 

W' tv l 
■ 

j#i?w * \ 

T'» ;! 

IkflMtbU'. 

Sf-K J :4-- 

&*’**£-. _ 3 

i ■' ' 

iv ■ ■ ■ 

lrt*\TV- 

rfS****-; 

•i* • -. 


!****■ 


J; K v ' t*i..c, 






M i. 






INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 18-19, 1997 


PAGE 25 


SPORTS 


\GE3 


A Cowboy Revival ; 
An Upset for Oakland 


Cleveland as Cinderella 

‘ Team of Destiny’ Goes for the Prize 




By Thomas George 

New York Times Service 

Jacksonville (5-1) n. g^bu ( 3 . 3 , 

Boy, the Cowboys sore are pitiful 
huh? Don’t buy it. Expect a breakout! 
It won't be easy against a fresh, young 
and exciting team looking to add toils 
success with a victory against a 
powerhouse franchise. For many, this 
is ft battle of youth (Jacksonville) vs. 
age (Dallas). Like most games, it wili 
boil down to line play. Jacksonville’s 
offensive line is huge, the largest in 
die league, and reminds many of what 
the Cowboys’ line used to be. Dallas 
1 should win this game because of 
turnovers (its seven committed are the 
fewest in the NFC) and because of 
pass defense (its 139.2 yards allowed 
per game is best in the league). 
Backed into a corner with two con- 
secutive road divisional losses, the 
Cowboys can lick their wounds at 
home. And excite their fans once 
again. Prediction: Cowboys 23-17 . 

Arizona (1-5) at Philadelphia ( 2 - 4 ) 

These are two birds that flock to- 
gether. But it has been brutal for the 
Cardinals. They have seen five of 

wVtM AT CHOPS 

their six games decided in the final 
minute or in overtime. They have 
outgained their last three opponents in 
yardage by 984 to 936. They have 
little, however, to show for it Rodney 
Peete returns at quarterback for Phil- 
adelphia. Eagles 17-3. 

Carolina (2-4) at Now Orioans (2-6) 

Well, the Saints can't do a- lot of 
things, but they can rush the passer. 
The>' axe on pace to gain 66 sacks, 
which would surpass the team record 
of 57 set in 1992. Thus far, that is 
about all the Saints have done well. 
Panthers 2 3-10. 

Now England (5-1) at Jots (4-3) It is 

the 75th meeting between these teams, 
and the Jets lead, 39-34-1. New Eng- 
land won the teams' first meeting this 
season at home — in overtime — but 
were surprised by the Jets* pass rush, 
big-play secondary and big passing 
plays. This time the Patriots should be 
more prepared. Patriots 19-14. 

Sn Francisco (5*1) at Atlanta (1-5) 

The 49ers have won six of the last 
seven in this series and have won 1 1 of 
their last 13 divisional games. They 
are over the loss of Jeny Rice. They 
are rolling toward the season's second 
half and the playoffs. The Falcons 
showed life last week in beating New 
Orleans, and they have won 13 of their 
last 14. games when they have held 


their opponent to 15 or fewer points. 
Atlanta isn’t likely to do that, though, 
against the 49ers. 49ers 28-10. 

Seattle (3-3) at St. Louis (24) 

Seattle should win this game because 
it averages 5.2 yards per cany, best in 
the league. It is the only NFL team 
with three backs who have gained at 
least 200 rushing yards (Lamar 
Smith, Chris Warren and Steve 
Broussard). That is enough to run 
over the Rams. Seahawks 16-10. 

Washington (4-2) at Tennessee (2-4) 

Steve McNair rushed for 65 yards, 
threw for three touchdowns and 199 
yards in Tennessee’s 30-7 victory 
over the Ben gals last week. It was 
McNair’s best pro game, and it was 
the first time that he ran wild with the 
football, adding the scrambling di- 


mension to his pro game. He will need 
Jat again against a solid Re dskin* 
defense. Redskins receiver Michael 
Westbrook is injured, bnt Leslie 
Shepherd will be there. He is a game- 
breaker. Redskins 17-10. 

_ Denver { 6 -OJ « Oakland ( 2 - 4 ) Mike 
Sha n a h an, who was fired by the Raid- 
ers after less than a season and a half 
at their helm in the early ’90s. has 
moved on to good things at Denver. 
The Raiders are history for Shanahan 
“7 until he sees them right in front of 
him. Then, bet the house, he wants to 
whip them more than any other op- 
ponent And he has: He is 4-0 vs. the 
Raiders. Certainly, S hanaha n has the 
weapons to do the job, and Denver 
can reach 7-0 for its best start ever. 
Bat trouble lurks. Both teams are 
coming off bye weeks, and expect the 
Raiders to have solved some of their 
woes on defense. On offense, there 
are few hindrances. The Raiders can 
run it (Napolean Kaufman), and they 
can pass it (Jeff George). Watch Raid- 
ers tight end Rickey Dudley, who 
leads all NFL receivers with a 20.3 
average yards per catch. Dudley will 
be difference in one of the weekend’s 
biggest upsets. Raiders 26-24. 

Kami (4-2) at BaWmam (3-3) Did 
you know dial Ravens quarterback 
Vinny Testaverde has thrown 46 
touchdown passes since 1996, second- 
most in the league after Brett Favre’s 
54? Did you know that Testaverde has 
thrown three touchdown passes in 10 
of his last 18 games? Miami’s Dan 
Marino gets die hype, but Testaverde 
wants to show in this matchup that in 
this season, at least he ranks right up 
there with Marino. And the best way to 
do that is to beat Marino and the 
Dolphins. Ravens 28-24. 

Giants (4-3J at Detroit (4-3) Barry 

Sanders looks for more rushing gold 
against a defense capable of shutting 
him down. But if the defenders put all 
their effort on Sanders, receivers Her- 
man Moore and Johnny Morton are 
cajiable of busting the game open. 
This is what the Giants* defense must 
watch — balance in the Detroit de- 
fensive attack. The Silverdome is an 
awfully noisy place to play. It and the 
Lions will cause the Giants too many 
problems. Lions 27-14. 

Pittsburgh (4-2) 4t Cincinnati (1*5) 
The Bengals are on the plus side of 
turnovers but are languishing with an 
awful record. Hie seams have fallen 
apart Big plays have disappeared, 
especially in the passing game. Con- 
fidence is eroding. This is a. talented 
team, one that finished with a 7-2 
push late last season. Now they en- 
tertain the Steel ers and certainly own 
the ability to upset them. It could 
mean die season for die Bengals. 

That notion and Jeff BLake-io-Carl 
Pickens couldpush them over the top. 
Bengals 20-19. _ 

Buffalo (3-3) at ImlianapoGa (0-8) It 

has been a difficult season for die 
tough-luck Colts. But this Monday- 
night affair is just whal they need. 
With the nation watching, they will 
not be embarrassed. Tim Haibaugh 
has never been intercepted by the 
Bills in 142 career passing attempts. 
His error-free play and a spirited, 
emotional game by the Colts should 
make the difference. Colts 13-10. 

Bye week: Chicago, Green Bay, 
Minnesota. Tampa Bay. 


By Jack Curry 

New York Times Service 

The Cleveland Indians were sputter- 
ing after losing to Pat Hentgen and 
Roger Clemens in Toronto in early Au- 
gust Their confidence was dissipating 
because they wondered if they were 
worthy of the postseason, and their lead 
over die ravaged Chicago White Sox 
was crumbling to three and a half 
games. It was definitely time to discuss 
the deteriorating season. 

So the Indians held a team meeting, 
and the veterans talked about staying 
relaxed and not feeling obligated to 

World Skriis 

chase the ghosts of the 1996 Indians. 
These Indians reminded themselves that 
they did not need to have the best record 
in the American League, as their pre- 
decessors had, to win the Central Di- 
vision. 

“The gist of the meeting was we dial 
didn't have to win 100 games,” the al- 
' ways calm and cool Man Williams said. 
“AQ we had to do was be in first place at 
the end of The season. In the playoffs, 
anything can happen. Any team can beat 
any other t eam on any given day.” 

Two months later , W illiam* recalled 
die meeting as he stood in a drenched 
clubhouse at Camden Yards in Baltimore 
with pieces of champagne bottles near 
his cleats and some of the alcohol still 
dripping down the back of his neck. 

The words that had been spoken in a 
depressed clubhouse at Toronto’s Sky- 
dome proved prophetic as Tony Fernan- 
dez smashed a homer off Armando Ben- 
itez in the 11th inning to push the 
Indians to a 1-0 decision over the Ori- 
oles in Game 6 to clinch the American 
League championship Tuesday night 

“We might not be the best team in 
baseball,” Sandy Alomar Jr. said, “but 
we’re a team of destiny.” 

Did the Indians really believe what 
they uttered during that meeting in Au- 
gust when they were a tepid 57-52 ? 
Apparently so. 

“Well, it’s the truth,” Williams said 
“It doesn’t matter bow many wins you 


get in the regular season as long as you 
finish in first place.” 

Even after winning their division, the 
Indians were not favored to beat the New 
York Yankees in the division series, but 
they did; and they were not favored to 
beat the Orioles, but they did. Both series 
were filled with bizarre bounces, pe- 
culiar plays and ftn Hi railing en Hinge and 
spotlight©! Cleveland’s brilliant bull- 
pen. The Indians gleefully played the 
role of Cinderella and hope to keep 
doing so when they journey to Miami to 
meet the Florida Marlins in Game 1 of 
the World Series on Saturday night 
Start where the series ended, with 
Fernandez, who was not even supposed 
to start until he drilled second baseman 
Bip Roberts with a line drive in batting 
practice, and who then ripped his first 
homer in 133 postseason at-bats. 

The Indians* four victories against 
the Orioles all came by one run. 

For the Indians to win their first World 
Series since 1948, their bullpen might 
have be as dominant as it was while going, 
4-0 with a 2.25 earned ran average and 
two saves against the Orioles. William* 
said the relievers proved to be more 
valuable than Baltimore's or New York's 
buUpens, which did not surprise the man 
who had assembled the pitching crew. 

John Hart, Cleveland's general man- 
ager, said: “I always felt that the bull- 
pen would come through. We built this 
bullpen with the idea that we were going 
to be very good.” 

W.ohlp Series Oh TV 

71m Work) Serre* can to Man on NBC Supar- 
Ch ann al atffllataa in Europa, ESPN i m a ma tionai In 
Lathi America, tha Mddla Earn, Africa and Acta, and 
tha Armed Forces Radio and IMavMan NatooHi « 
American mllllary (nataUadons around the world 
The fodowkig station* wH aim to broadcasting die 
'games. Consult local Bsdngs tar actual times and 
■tad on man tors. 

Belgium: Supenport Netherlands Costa RJca: 
ChanneJ 7: E) Salvador Canal Ouofto TV; Guatemala: 
Chaanel 7; Honduras: Channel 5r Ireland: Sky Spars 
UJC. and Channel & Italy: Teteplu; Japan: FUJI TV, 
Tokyo Broadcasting System NHK; Luxembourg: Su- 
penport Netherlands Metdcoc Televisor Netherlands: 
Supenport Netherlands; Nicaragua: Channel I- Nor- 
way: Supersport ScomSnovts Panama: Channel 2 
Philippines: Channel 4; Puerto Rico: Teteonce South 
Africa: South Africa Broadcasting Corpj Spain: Canal 
Plus Sweden: Supenport Scandinavia Taiwan: 
TVISf United Kingdom: Channel & Sky Sports 
Venezuela: TELEVEN, CharnelS. 


F?— : 









UiLrMdU-'liriili-nx 


Stadium employees putting the World Series logo on the field in Miami. ■ 

Bonilla Doubtful Starter 


By Buster Olney 

New York Times Sen-ice 

MIAMI — That Bobby Bonilla is 
using words like "hope" and “wish” 
about his chances of playing the first 
game of the World Series against Clev- 
eland on Saturday does not bode well 
for Florida. But then, the Marlins are 
becoming experts at hurdling obstacles 
like the hamstring pull that is troubling 
their cleanup hitter. 

The Marlins beat Atlanta in the Na- 
tional League Championship Series 
even though they lost their No. 2 starter, 
Alex Fernandez, to a significant 
shoulder injury and their ace, Kevin 
Brown, to the flu for nearly a week. 

Those ailments have scrambled the 
Florida pitching rotation, with rookies 
scheduled to start Games 1 . 4 and 5 in 
the four-of-seven World Series. “But 
we're here.” said Jim Ley land, Flor- 
ida’s manager. “We’ll work it out." 


“1 really don't know if I’ll play," said: 
Bonilla, 54. referring to the first game.! 
Baaing behind the No. 3 hitter, Gary! 
Sheffield, Bonilla has to make opposing: 
pitchers pay for constantly pitching; 
around Sheffield, who drew 121 walks: 
during the regular season and 1 2 walks in | 
the first nine" games of the postseason. } 
Ley land doesn't like discussing con-i 
tingency plans, but he has a couple of! 
options if Bonilla can’t play. I 

Alex Arias could start in Bonilla's- 
place. Arias is a better defensive player; 
but drove in only 1 1 runs in 93 at-bats ■ 
during the regular season. • 

Ley land did announce his pitching ro-j 
tation: Li van Hernandez, the 22-y ear-old: 

g itcher who shut down the Atlanta; 

raves last Sunday, will start Game 1: ■ 
against Cleveland, as well as Game S, if- 
necessary. Brown starts Games 2 and 6, : 
the veteran left-hander A1 Leiteris sched-j 
uled in Games 3 and 7 and Tony Saun-j 
ders, another rookie, will start Game 4. : 


Kansas City Roars Chiefs 
To a Rout of the Chargers 


The Associated Press 

KANSAS CITY, Missouri — It was 
not a football game. It was a rock con- 
ceit with helmets and shoulder pads. 

The San Diego Chargers, deafened 
by the roar of nearly 79,000 Kansas City 
fens, committed a team-record 19 pen- 
alties Thursday night, including eight 
felse starts and one delay of game, and 
virtually handed die Chiefs and their 
full-throated followers a 31-3 victory. 

“They were deaf,” the Kansas City 
linebacker Anthony Davis said. "They 
couldn’t hear their quarterback, so they 
were looking at us. When we moved, they 
would move, and they’d be offsides." 

“It was pandemonium,” 1 said the 
Chiefs' coach, Marty Schottenhe inter. 
“You couldn’t hear a thing out there." 

The confused, distressed Chargers (3- 
4) were three penalties short of the 53- 
year-old NFL record for a game — 
shared by the Chicago Bears and the old 
Brooklyn team. The Chargers’ previous 
record for penalties was 15 against In- 


dianapolis last year. They came within 
three yards of matching the team record 
of 149 penalty yards, set while playing 
the New York Jets in 1963. 

“it caused a lot of our penalties,’ ’ the 
Chargers quarterback Jim Everett, who 
had to replace the injured Stan 
Humphries, said of the crowd. “We 
never adjusted to it.” 

Andre Rison caught two touchdown 
passes of 10 and five yards from Elvis 
Grbac in a 17-point second quarter, as 
the Chiefs (5-2) romped to a 24-0 half- 
time lead. Grbac, who hurt the Chargers 
all game with his scrambling, got the 
first touchdown in the first quarter on a 
one-yard run. 

The Chiefs beat San Diego for the 
10th time in the Chargers' last 13 trips to 
Kansas City. 

San Diego lost the battle on both sides 
of the line all night and lost Humphries 
late in the first quarter when two tack- 
lers hit him almost simultaneously and 
put him out with a mild concussion. 



hjujJ'Ap-oi^ frjiv-rW ■ 

Hie Chiefs’ quarterback Elvis Grbac searching for an open receiver. 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 



f Here, you > 
(SOT a 
POST CARP 
PROM ANDY., 


‘'DEAR 5N00PY, WE | 
HAP A LITTLE 
TROUBLE, BUT NOW 
EVEJWTHIN6 15 RNE* 


’‘WILL WRITE 
MORE LATER" 


*?.S. OLAF SMS 
; TO TELL YOU THE 
5 EARTH 15 ROUND! ” 


BEDTIME, 1 

Twheres 

i v WORSES? 


I SUPPOSE HES WEBEVER WHAT HME I TOLD NOU ABOUT 
'WO lift UWV. , UENilNB 'IQUR BEU2NSWGS? 


snu. VHTUE i 
vwods?; irc 

, NWOTQUIY . 




HC££ESR\£ 6 t. r 
I1LCETA 
FLASMJ®nv 
WEVEGOTto 
FIND HIM/ 


llncgcc/ / CALVIN. ITS 

SSSSSv hOJRBBWE: 

HOBBES: \ Douft «u ml 

liM, ^ XW& STUNT 

now/ 



GARFIELD 

/ I WONPS* IF THIS 
( COFFEE IS ANVfiOOP? 


WIZARD of ID 


nx&iVE rr 
THE "PUNK TEST" 


.SMS WftE JUST HPMN61TOER5 
u&esn; its already been ressed. 


TmscMmxojnmvm 


"ot to m an tor Art** /Twinnavto Ml-". 
“ to* »»ldl »#•*»*«■ toAtod 


SHQAC 




x see you AKe l£ApiMs A 
on iHe 



CITOXE 


UPDELD 


msMSSS 

flWaaiftnwantow- 


BEETLE BAILEY 

how pip hft) cm 
BEETLE W 

SET YOU W(A Y4 

0FfTHi y^m M 


NON SEQUITUR 


/ WHY \ 
f WOUL0 I 

tHAf&e m r 

om _ 

iK) 


DOONESBURY 


( dh ftnONTT 
-reurYov?-- 

You're NOT K1N£ 

. anYmoPb J 



xsajpitwas ? 
sajU why i 

WASNT HE UP? i 

Ir-r" I 


AND HE SAID HE THOUGHT 
THE INVITATION WAS FOR 
AROUND SEVENTH 


MY WdCE QUKTlore. . 
W£T0? 

To-TWSKff-MYHJPToP- 

olHNfEoFTUNMJMWK? 1 


I® 


(MnmUmM 








Education 

AppnirN ewry Monday 
in Thf Intemiarkrt. 

To advrrtitt* nmiart Sa”»h w rrsnor 
in our London tdficr: 

Trf.: + 4417142<><«26 
Rnc +44 1 71 420 0338 
or your nramd IHT ufficr 
' or rmnwratotiw. 


blondde 

m se rrwej^ 
BETTER 
EVERY 
TIME I 


!l 

:-Z% 




THAflS ) 
MORE 

uke rr. 




K— 

IN APRV&iT PROTEST 
OFNJKE TAGfORY 
GONPmONSf 

/ ANP/TSEEMS 
■BmwEtSSUSHr 

frasEfroarwR 

VNGA J3& 

as mr jm 


BV&eNR 
L scofees / 7 — 

WfaxvsMsu.^\ 
jX arpapGGoaBn 
L3 TmrnsoMs et 
p* ApmyauNs-JZ 

Y-\S7ER j eCBf s J& 


vm 

taut tffcr ubr/ **. mr WmNnw ' 







PAGE 24 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 18-19, 1997 


i - 


DAVE BARRY 


‘Shocked and Saddened 9 


M 


IAMJ — ANCHORPERSON: If 


you’re just joining our broadcast, 
” from my somber expression 


you can tell 

and the sad music 'that there has been 
another shocking celebrity tragedy. 
We'll be covering it in our standard 
Celebrity Tragedy Format, during which 
we look sad and constantly remind you 
how tragic this situation is and repeat the 
only three actual pieces of news we have 
over and over far into the night. 

Also you will be seeing a great deal of 
the special logo that our graphics people 
have created for this tragedy, which will 
appear on the screen as a tasteful buffer 
between our somber coverage and, for 
example, the Depends commercials. 
But right now, let’s go 
to our field reporter to 
sec how shocked and 
saddened the public is. 

FIELD REPORTER: 

As you can see, mem- 
bers of the public have 
spontaneously gathered 
on the street directly in 
front of our camera .to 
express tbeir grief. (The people wave at 
ihe camera. Several make "rabbit ears' * 
behind each other's heads.) 

FIELD REPORTER: Here's a hus- 
band and wife who came a long way to 
be here. How do you feel? Shocked and 
saddened? 

HUSBAND: Definitely. 

WIFE: We came as soon as we saw 
the tragic logo on TV. We dropped 
everything and drove all night with 
nothing to eat except loose candy com 
that we found under the seat. 

HUSBAND: We drove 700 miles. We 
only live 450 miles away, but when we 
got here we circled the parking structure 
for several hours because we couldn’t 
figure out bow to get inside because we 
were so upset about this tragedy. 

WIFE: Wc just knew we had to be 
here. When this celebrity died, it was 
like we lost our best friend. 

HUSBAND: Actually, our best 
friend did die yesterday, but we skipped 
his funeral so we could drive here and 


You can tell from 
the sad music that 
there has been a 
celebrity tragedy 


launched nuclear missiles at the United 
States, and Vice President AJ Gore has 
admitted that he robbed four conveni- 
ence stores, but he contends that this 

.finance laws." On a brigbterrSteTlIis 
network has already been awarded two 
prestigious Emmy awards for its cov- 
erage of this ongoing celebrity tragedy, 
one for best tragedy logo, and one for 
most uses of the phrase "shocked and 
saddened." 

ANCHORPERSON: That is cer- 
tainly a ray of sunshine in an otherwise 
gloomy time. And now we resume our 
ongoing coverage of tins tragedy, with 
die help of Barbara Walters, who never 

talks to anybody below 

the celebrity rank of 
Julio Iglesias. She's 
going to tiy to help us 
gain a better under- 
standing of what, ex- 
actly, it feels like to be 
famous at a time like 
this. 

BARBARA WAL- 
TERS: With me to discuss this is an 
extremely well-known celebrity. (She 
turns toward the celebrity and displays a 
thoughtful frown of conc ern.) 

BARBARA WALTERS: Is it hard to 
be a celebrity? i am sensitive to this issue 
because of course I personally am very 
famous. I am more famous than many of 
the people I interview, including, no 
offense, you. My producer has to bold 


up a sign to remind me which specific 
anally have 


show our feelings about this celebrity. 

: PORTER (turning to die 


celebrity you are. And I persor 
found that existing ai this level of fame is 
very difficult, which is why I often dis- 
play this Little frown of concern. Have 
you found this to be a problem? 

CELEBRITY: Being famous? 

BARBARA WALTERS: No. my 
little frown of concern. I'm thinking of 
having it fixed. 

CELEBRITY: What's a “fwown?” 

BARBARA WALTERS: Thank you. 
We’ll be back in a little while to talk 
more about my feelings about this ter- 
rible tragedy with the U.S. Supreme 


FIELD REPORTER (turning to die 
camera): So there you have iL A shocked 
and saddened public, grieving openly 
about this tragic loss in their lives. We 
.uv now going to move our camera to the 
bottom of an abandoned, water-filled 
mine shaft, to see if we can get a spon- 
taneously grieving crowd to gather 
then.*. 1 am betting die cameraperson $50 
that we can. Back to you in the studio. 

ANCHORPERSON: We'll resume 
our coverage of this tragedy in a moment, 
but fust we'll pause for these headlines. 

. NEWSREADER: In the noncelebrity 
news, the stock market has crashed; war 
has broken out in the Middle East; a 
volcano has erupted in Seattle; militants 
in (he rebellious Russian province of 
Brzkszckrzkzistan, angry over the 
chronic shortage of vowels, have 


Court and Whoopi Goldberg. 

?ERSON: We go now to 


ANCHORPI 
the bottom of an abandoned, water- 
filled mine shaft, where we understand 
that grief-stricken members of the pub- 
lic have spontaneously gathered in re- 
sponse to this tragedy. (In the murky 
water, we see die field reporter, wearing 
full scuba gear and holding a S50 bill. 
Behind him is a crowd of people holding 
their breath and waving. Some are mak- 
ing “rabbit ears.") 

FIELD REPORTER: Glub glob glub. 

ANCHORPERSON: I believe be's 
saying “shocked and saddened." 

FIELD REPORTER: GLUB! GLUB 
GLUB GLUB! 

ANCHORPERSON: My mistake. 
He's saying “out of air." 

€> 1997 The Miami Herald 

Distributed by Tribune Media Services Inc. 


Looking for a Plumber With a 1743 Tokay 



International Herald Tribune 

P ARIS — The area around the 
Eiffel Tower is more modem 
since only those willing to face the 
certainty that die tower would one 
day topple into iheir dessert plates 
were brave enough to move there, 
but in genera] die seventh arron- 
disseroentof Paris is the sanctuary 
of old money, with its noble 18th- 
century buddings, private gar- 
dens, discreet swells and costly 
anlitfuaires. 

Near the Eiffel Tower end there 
is the Village Suisse for antiques 
and, more recently on the very 




MARYBLUME 


short Rue Malar, a new kind of 


antique store called l'Antiquaire 


du Vin, which trades in old wines, 
"from 1780 to today," says a sign 
in its window. Its owner, Roland 
Marzari, is not the only one to 
trade in antique bottles, but be is 
surely the happiest Until last 
December when he opened his 
shop he was an engineer. 

‘"This is my passion, it’s what 
made me change my life." he 
said. “If two people have the 
same passion for wine it is like an 
electric current that passes be- 
tween them. A company director 


and a street sweeper become equal 
e of wine." 


through a love 

In all. honesty, Marzari hasn't 
had any truck with sheet sweepers 
so far but he did meet a plumber 
who collects old bottles of Na- . 
poleoQ brandy and would be 
happy even to have an empty. In 
return, he will give Marzari a full bottle of 1743 

Tokay. 

By chance. Marzari acquired from a wine mer- 
chant a fine 1811 cognac which didn’t cost too much 
as die merchant’s assistant had brought it from the 
cellar by mistake and compounded his error by 
opening it and breaking the cork. Marzari has the 
bottle, down to about half level by now, and when it 
is empty he will track down, the plumber. 

When Marzari pours out a finger or two to taste, 
the visitor understands that, even though it is 11 
A_M_, this is not only a treat but a means of helping 



sales guide, sold, for 
francs, 

A shopkeeper cannot live on 
grand crus alone and Marzari ' 
is also happy to choose an or- , 
dinary wine to go with a house- 
wife's rod de veatt (who knows '■■■■ 
' she may have arecently deceased - 
cousin with an'Ali Baba cave of 
wines) and while he is sniffy : 
about : Beaujolais nouveau; 
(“though as a marketingexetcise -■ 

I applaud it") he .does #pck : 

" ‘ “■ “ «Tr 



rv. ' ' 


RnuM&aii* 


to effect the acquisition of the ancient Tokay. The 

address. 


only trouble is that the plumber left no 
“How will I find him?’ Marzari asked, looking 
briefly more cloudy than limpid. 

A large, beaming man with a short dark beard and 
eyeglasses half way down his nose, Marzari dresses 
with an antique dealer's tasteful discretion — tweed 
jacket and gray trousers — except for a band-painted 
necktie featuring lurid bunches of grapes. He is 54. 
or 1943 vintage as he prefers to say. 

Austrian-bom, with a taste for his native country’s 
sweet white wines, be is an Italian tiarirmai although 
he has never lived in Italy, and spent 30 years working 
on turbines in Switzerland, where he lived next to the 
vineyards of Lake Geneva and picked grapes each 
summer. A grape picker's heavy basket, an Oriental 


While traditional antique dealers hope to get into 
people’s attics, Marzari aims for their cellars. 
“That’s my main interest, to see the inventory and 
buy up the ToL Yes, it’s risky but yqu can tell a lot 
about the state of a wine froiin the bottle's seal, its 
limpidity, its leveL" And if he has misjudged? 
"Some people just Eke to taste an old wine to see 
what it's like, luckily/ ' 

In his short career he has found six cellars, three of 
which he says are really very good. The frequent 
problem is the cellars are part of inheritances and 
heirs, of course, never agree. On die other hand, in 
the bar across the street form his shop he heard of an 
elderly Mexican who.wants to sell a cellar full of 
'45s and ’47s. “1 thought it sounded good and from 
further chat it sounded even better. It is obviously a 

*m 



as 


along with bottles bom familiar and rare. 


One superb Romanee- 
Conti would pay for the trip." 

The day before someone bad telephoned to offer 
him a oot-superb bottle of 1992 Romanee-Conti at 
4,000 francs. "Areally good one would be double." 
Big-name wines have become status symbols, and 
fashion has its role. The most modish wine, at the 
moment, he says, is . a- Saint Emilion, Chateau 
Valandraud, which has only been made since 1990 
and whose owner has the ambition of equaling the 
costly Chateau Petrus. A bottle of the '93 
Valandraud, according to Marzari "s well-thumbed 


oddities such as the wine 
Montmartre which, with ! 
honoring the late pop 
ida, setts for a 
francs. His oldest, bottle . 
moment is - an 1869 G 
Larose, found in the hold 
Marie-Tberese, a cai w 
sank off Indonesia m l 872. 

Obviously; given, the 
va.ti.vc neighborhood he is in/the ! 
biggest demand is for Bordeaux./ 
There is no point in sweking Nwt jj 
World wines or even Italian; V 
though he does have the Sp anish 
Vega-Sicttia Unico, "foe 
Mouton-Rothschild of Spain and 
just as costly." In the interests of 4 
education and general jolliness & -/ 
has tried holding blind tasting"-- 
for clients but they often end wkh ' 
the tasters feeling foolish -ar./I 
gulled and this is not bis aim" • 

He wants them to feel comp"' 
fortable, the checkbook' always 
being more easily reached when 
the muscles are relaxed. People 
should not, for example, be- ihr 
timidated by such wines peak as 
"flowery” or "meaty" or, mi 
quote a recent description, “a nose of cassis, myrtle,'’ 
violet, cedar and learner." ’ 

"You can sot whai you like because every-. ; 
one's nose is different One person may say chocol- 
ate, another banana but bom are tight Toe impor- 
tant thing is that they And the chocolate or banana ‘ 
again." Offering a glass of his beloved sweet ? 
Austrian Trockeubeerenauslese, considerately 
called TBA for short he suggests, "You. can say.-Uj 
anything you want and almost anything will do. ' u|v 
B anana, however, didn’t seem apt and chocolate / 
surely not Marzari likes his TBA with Roquefort ‘ 
cheese. " V 

i.ilrn the antique dealer who dreams of a perfect * 
Boulle, Marzari has his private bubbles: "Com- i 1 
merciaily, I would like to find 10 cases of Petrus '82. 

In fact I know where to find them but the person _ 
doesn’t want to let them go. Personally, I dream of i ' 
’45,. ’47, or ’48. Yquem." He has a *67 because it is - 
the year of his daughter’s birth and he recently tasted 
an older friend's birthday bottle of Chateau 
d’Yquem,a 1919. 

In the realm of golden oldies, there was that very 
golden glass of 1811 cognac which, after some 
solemn sniffin g, Marzari said could now be tasted. 

And was. Not a trace of banana or chocolate, just 
sheer bliss. And, foe level of the bottle having been 
reduced by just a jot, Marzari is acentimeter closer to 
going on his- hunt for foe plumber with the 1743 
Tokay. 



. . £ XKf.S' * 

,» >.** 





* 


ano 

III lift 111") Mini 


4 


-:c>‘Sr 

• t. -M 





DO YOU LIVE IN 




FRANCE? 


.. •. v, - 


4 


Subscribe and SAVE up to 60% 
off the cover price. 


* Also available: PAY MONTHLY 
_ r . jjggi; by easy, low cost, 

direct debit. 


EARLY MORNING DELIVERY TO YOUR HOME OR OFFICE. 


A cosmopolitan, comprehensive and concise newspaper delivered every day to your home or office. 

In and around most of Paris the International Herald Tribune offers early morning hand delivery on the day 
of publication, Monday through Saturday. And, because it is printed in Paris, Toulouse and Marseille, it con be 
sent by post to arrive on the same day in most of France at no extra cost 
The result? 

Unique coverage of the world you five in, brought to you as it changes — daily. 


For more Information about easy ordering and availability of hand delivery 
CALL our Subscriber Customer Sendee Unit; 

TOLL FREE: 0800 437 437 

or Fax: Of 41 43 92 10 E-maiksubs@iht.com Internet: httpd7wwwJht.com 


PAYMENT BY MONTHLY DIRECT DEBIT 


YOUR DETAILS 


□ YES, I’d like to subscribe and have my bank account 
debited months by FFI62. 

Please start my subscription and send me a bank 
form to arrange my payment 


Family NameL 

first Name: 

job Title: 


Mailing Address: □ Home □ Business 


PAYMENT BY CHECK OR CREDIT CARO 


J YES. I’d like to subscribe and pay for the following 
term: 

□ 12 months (+ 2 months free): FF 1 ,950 
(Saving off cover price: 46%) 

D Special, 2-month trial subscription: FF2I0 
(Soring off caver price: 60%) 


Postal Code:. 
City; 

Tel: 


.Fax:. 


E-Mail Address:. 


- i 


i - 


□ My check is enclosed (payable to the !HT) 

CJ Please charge my: 

□Access QAmex O Diners 

Q Eurocard Q MasterCard QVtsa 

Credit card charges will be made In French Francs at 
current exchange rates. 


YourVAT N° (Business orders only) 


(WTVAT N* 747 320 211 26) 

) got this copy of the IHT acD kiosk O hotel □ airline □ other 
□ 1 do not wish to receive information from other carefully 
screened companies. I&.I 0-97 

77re offer expires on December 3 /, / 997 
and is AVAILABLE FOR NEW SUBSCRIBERS ONLY. 


Card 


.Exp-. 


Signature:. 


□ Please start delivery and send invoice. 


Return your completed coupon co: 
Subscriptions Director, International Herald Tribune, 
181, Avenue Charies-de-GaulIe, 9252 1 Neuilly Cedex. 
Fax: 01 41 43 92 10 E-Maibsubs@iht.com 


c-.« 

■ ; >-41 

-Jt* 

» 


PEOPLE 


T HE British artist Tai- 
ShflD Schierenberg has 
unveiled a portrait of Queen 
Elizabeth II and Prince 
Philip, which was commis- 
sioned by Reader's Digest to 
mark foe couple’s 50th wed- 
ding anniversary on Nov. 20/ 
Schierenbeig, an expression- 
ist known for his vigorous use 
of paint, said he tried to por- 
tray the couple as they really 
are. "There is a solidity” in 
the queen’s expression, he 
said, -"but there is also a wit 
showing through, Ifeel" The 
35-year-old artist said the 
portrait was also "about the 


relationship of the queen and 
"The duke. 


FRI4 


READERS IN OTHER COUNTRIES CAN SUBSCRIBE BY CALLING: 
EUROPE, MIDDLE EAST & AFRICA THE AMERICAS ASIA 

Tel: + 33 MM3 93 61 Tel: (USA toll free) l -800-882-2884 Tel: +852 29 22 II 71 

Fax: +33 Ml 43 92 10 Fax: + 1 2 1 2 755 8785 Fax: +852 29 22 M 99 


duke as a couple. 

76, who usually walks a 
couple of paces behind his 
wife at public events, in the 
portrait sits slightly behind 
the queen and to her left 

□ 

AI Padno dipped his 
hands and feet in wet cement 
at Mann's Chinese Theatre in 
Los Angeles, and joked about 
his gangster characters. "I 
had a thought that some of the 
roles I’ve played might have 
predestined me to be in cement," he 
said. "But this is a different kind of day, 
so I thank you.” Pacino was accom- 
panied by his father, Sal, and Keanu 
Reeves, with whom he had just attended 
foe opening of their new film, "The 
Devil's Advocate." 



that foe officer had been' ’ 

-granted vacation time, and v 

the trial W3S pushed back lei 

Feb. 3. Sade is charged with 
leading police on a higb-j 
speed chase in the west coast..] 
resort of Montego Bay, aitdi 
then letting loose a hail of 

sletives when police fT' • * 

ly caught up. MdlUS lit 

□ 


•v-V* 

4*.- 

• 

... .« 


Sv Affair : 

r » tV 


First Elton John, and now-Atijrf J I . 

m Morrison. The reclusivdi'UUU rf fit ? 

] orLoir 


!*ru 

IlfS 


Van Morrison 
Irish singer-songwriter ap- 
parently has had a change of. 
heart and is seeking a putH 
lisher for his autobiography at 
foe Frankfurt Book Fair. Mor- 
rison, the 52-year-old son of 
Belfast shipyard worker, has. 
rarely granted interviews ancK-M. 
once said, ‘ ‘An artist does not-- 
belong to the public but to'-..’, 
himself." John announce^ 
this week that he was writing ^ / 
his memoirs. ; • 


□ 




Schierenberg’s portrait of Elizabeth and Philip 


Kenneth^ 


□ 


The former Chancellor 
foe Exchequer 
Clarice offered the British'. 1 :'* ! 
public a sample of his record^ . ~ 

^ airwaves as disk jockey in a two-hour ';, •• 

BBG jazz program broadcast across thef-y. • - 
East Midlands. Clarke, who has recor-: 2 
ded a second show, said: “Jazz radio r 
makes a very welcome change from 
political radio — it’s the only type ofv ; - < 
music I take seriously. ;..A 


Tbe "Peanuts" cartoonist, Charles 


of the invasion and two more died later 
fhaf day. 

a 

It was aclose vote, but city offiH qic jq 
G allop, New Mexico, have agreed to 
accept a sculpture depicting foe guitar of 
foe l ate Jerry Garcia. There had been 
protests over the artwork by citizens who 


I Hi* 

^ «*ri 


ford, Virginia, to commemorate the Al- 
lied invasion of Normandy, France, on 
June 6, 1944. He called it the most 
significant day for mankind in modem 
history. "It is an event we should male* 
sure we never forget,’ ' Schulz said. Bed- 
ford was chosen as the memorial site 


‘Rosebud," which was offered for a 
city paik by foe Jerry Garcia Memorial 
Foundation. 


□ 


Sade won a four-month stay on her 
reckless driving trial in Jamaica after a 

.L L. >. 


pair ui ouxer snorts covered with me .; 
playwright’s greatest quotes. Fry undid ■ V“- 
ms trousers at the London premiere of .• 
‘Wilde” to show off the underwear^, , 
inscribed with quotes such as: "We arei ! ■* : 


— — — — — — i i nwu m uu auv iwv 

beranse it suffered soch bswy casualties policeman faiild to' sho'^TuTto 
On D-Day. Of the 35 soldiers from the Po" — ” 


Police officials said they had forgotten 


all in the gutter but some of us arCi -• 
looking at the stars." "Wilde" covers!! 

15 years of the playwright’s troubled:"-:.; 
life, moving through his marriage and .>> ■ 

his scandalous affair with Lord Alfred >.;V ' 
Douglas. “It’s very important that '*-": 


:1 *f*»* 


Portrait Called a Rembrandt 


Reuters 


A MSTERDAM — Art historians said on Friday they had discovered a 
previously unknown self-portrait by. the 17th-century Dutch master 
Rembrandt in a private collection. 

Details of foe find will be revealed on Nov. 4 in the book “Rembrandt — 

The Painter at Work" Ernst van de WeteringJ To coincide with publication the 

pamtmg will go on display for one week in Amsterdam’s Rijksmnseum. 

,4 Tt S true — rhft Rfr m hrarwir _ __ 


It s true — the Rembrandt Research Project has discovered a new self- 
trait hv Rembrandt" said a spokeswoman for foe book’s publisher. 


portrait by Rembrandt,’ 

Amsterdam University Press. 

She did not know the current whereabouts of the painting, believed to date 
from 1632 and portray a 26-year-old Rembrandt as a well-to-do gen tleman. 

Van de Wetering, a member of the Rembrandt Research Project and 
respected art historian, was not available for comment. 

Rembrandt van Rijn, bom in Leiden in 1606, died in poverty in 1669. He is 
buried in an unmarked grave in an Amsterdam church. 


a different side to Oscat M^ 


filde,” Fry said. "He was a gentle; J' : 
compassionate, humane man rp the f M 
than just an acerbic wir or brittle, camp %.• ... 
queen, which is whai people often per- , 
ceivehimas.” ( 

□ • ; v ' !VVi: 

Tipper," a creamy-white Stas' 

of Bethlehem lily, has been unveiled a( * 4 

foe National Arboretum in Washing^-/ •• 
ton. -South .Africa's Agricultural R© 1 !- 
search Council named the hybrid bios* ;• > : 
f 011 ' fo f Tipper Gore to thank her 
husband, vice President AI Gorei 
for his focus on the environment. This ;>■* ‘ *. 
is something of a coup for a vice pres-’ , I? 
meat's wife, although flowers are -V . 
routinely named, for first ladles: foe 
orange-red Nancy Reagan, for bn 


II 


stance, and the magenta-and- white HiH 1 1 
lary Rodham Clinton tulip. I f 


F.iar 

v.yv- 

i: ■ I r-