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Hcralb 


INTERNATIONAL 



Snbunl 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


The World’s Daily Newspaper 


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Paris, 1 Saturday-Sunday, October 25-26, 1997 



No. 35,661 





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Traders placing orders with hand signals Friday on the stock fatures 
. exchan 8 e “» Pans, while on a Hong Kong street people 

watched the market on a bank monitor. Despite a rebound in Hong 
Kong stocks, brokerages slashed their economic growth outlooks. 



iyiSSKS. 4 
‘ jimalhMi l U/ \p-nt*- Fn».--1V~ 


A Rebound in Hong Kong, but Is It Real? 


Brokerages Slash Growth Outlook 
As Insiders Seem to Lead Recovery 


Asian Quake Could Test a Maxim: 
Shared Riches Bring Shared Risks 


By Philip Segal 

Special to the Herald Tribune 

HONG KONG — The Hong Kong 
stock market staged a rebound on Fri- 
day after one of the worst weeks in its 
history, but it was a modest recovery 
led by local government institutions 
and by companies purchasing their 
own shares in a desperate bid to prop 
up collapsing share prices. 

Brokerages, ignoring the rebound 
for a longer-term view, slashed their 
economic growth outlooks for Hong 
Kong. Meanwhile, Standard & Poor’s 
downgraded its foreign-currency debt 
ratings for Thailand and South Korea, 
causing markets there to tremble. . 

Analysts forecast that in the weeks 
ahead there would be more pressure on 
share prices and currencies across 
Asia, and many said Hong Kong’s 
battle to protect its currency's peg- to 
the U.S. dollar was far from over. 

* 'In every currency crisis, it’s not the 
first punch that knocks you out,” said 
Michael Taylor, an economist at In- 
dosuez WI Can - . “We’re in day two. 
Everything else dial’s preceded this is 
phony." 

The benchmark Hang Seng Index 
rose 6.9 percent, or 718.04 points, to 
1 1,144.34. The index is still down 17 
percent so far this year, and is down 33 
percent from its Aug. 7 peak of 
16.673.27. 

"Buying today has come from listed 
companies buying back their own 
shares and also the government Land 


Fund and Jockey Club," said Antony 
Mak. director at Vickers Balias Hong 
Kong Ltd. Other traders said there had 
been some foreign and retail buying 
later in the day. 

Analysts seemed to agree that the 
governments in Hong Kong and 
Beijing were willing to keep interest 

Thai leader names new cabinet. 

Page 4. • Seoul markets plunge as 

Korea debt rating falls. Page 13. 

rates high for as long as necessary to 
deter further attacks on the Hong Kong 
dollar. That would mean uncertain 
times ahead for Hong Kong’s stock 
andproperty markets. 

Those high rates lie at the heart of 
the forecasts for slower economic- 
growth here. While much lower than 
on Thursday, when the Hong- Kong 
Monetary Anthority drove the rales 
banks charge each other to 200 percent 
and beyond, interbank rales were still 
unusually high at about 25 percent, 
signaling high consumer and mortgage 
rates for die immediate term. 

Lehman Brothers has cutits forecast 
for Hong Kong’s real economic 
growth to 53 percent from 5.8 percent 
for this year, and to 4.4 percent for 
1998 from 6.1 percent 

A major Hong Kong brokerage, 
which asked not to be identified, is 
forecasting an average prime lending 

See STOCKS, Page 5 


By David E. Sanger 

New York Times Service 


index falling 1 86 points Thursday and 


.36 points on Friday to 


WASHINGTON — Since taking 
office. President Bill Clinton has re- 
peated time and again that America’s 
economic fortunes are tied to the spec- 
tacular growth of the powerhouses of 
the Pacific Rim. And the business 
world was far ahead of him, already 
building ventures from Kuala Lumpur 
to Hong Kong to New York. 

But shared prosperity brings with it 
shared risk, and the question now is 
whether the financial earthquake that 
started somewhere under Thailand 
early this summer and then spread to 
Indonesia, Malaysia and Hong Kong 
will end up in the United States. 

The U.S. stock market has already 
been rattled, with its bine-chip stock 


New Yoifc Friday O 4 P.M. previous dote 


DU 


1.777 


1.7673 


Pound 


1.6335 


1.6327 


Yen 


121.945 


121.93 


5.9545 


5.9208 



-13SL36 


change 


7715.41 


S&P 500 


7847.77 


Fnday 0 4 P.M. previous dose 


-9.05 


941.64 


950.69 


falling 
another 132. 

7,715.41. 

Some of the many possibilities be- 
ing discussed ou Wall Street and at the 
Treasury Department are that the 
United States could become a haven 
for investors who believe there is no 
longer any safe harbor in Asia — not 
even Hong Kong, which Thursday saw 
its biggest one-day market drop since 
the killing s of pro-democracy dem- 
onstrators in Beijing in 1989, although 
it recovered more than half of that lost 
ground Friday. 

But there is little question that the 
United States is at risk. 

Consider that in 1995, when Mexico 
plunged into a crisis after a currency 
devaluation late the previous year, the 
United States did about $100 billion in 
business across its southern border. That 
was a big figure, big enough to spur Mr. 
Clinton to bail out the Mexican econ- 
omy. But it is dwarfed by U.S. trade with 
Asia, which last year came in just shy of 
$300 billion, even without Japan. 

Yet in Washington, there is no talk 
of a Mexico- style rescue for Southeast 
Asia, because the problems there vary 
greatly from country to country — and 
in some places are barely understood at 
all. 

‘‘Mexico was relatively clean, one 
country with a diagnosable set of prob- 
lems," a senior official in Mr. Clin- 
ton’s administration said recently.- 

See RISK, Page 5 


Clinton Makes Plea 
For Policy on China 

Summit With Jiang Will Focus 
On Coaxing Beijing to Change 


By John F. Harris 
and Thomas W. Lippman 

W'jshinttim Pon Service 

WASHINGTON — Declaring that 
China “stands at a crossroads," Pres- 
ident Bill Clinton on Friday appealed to 
the American public to support his 
policy of engagement with Beijing, 
which he predicted would coax China's 
leadership toward an “open and non- 
aggressive" stance to the rest of world. 

In a speech designed to set the tone 
for next week’s visit of President Jiang 
Zemin to Washington, Mr. Clinton as- 
serted that his approach of cooperating 
with Beijing on mutual goals, rather 
than confronting it oyer remaining dif- 
ferences. is more likely to encourage the 
changes the United States desires in the 
world's most populous nation. 

“At the dawn of a new century. China 
stands at a crossroads," Mr. Clinton told 
an audience at the Voice of America 


Brash Houston, a Bit Humbled, Rises From the Dead 


By Sue Anne Pressley 

WtishingivH Post Service 


HOUSTON — In the darkest days of this city’s oil 
bust in the mid-1980s, Steve Zimmerman offered a 
deal called the Oil Barrel Special— a five-course meal 
For the going price of a barrel of oiL 
As the price sank to nearly $9, from a boom high of 
the hurting oilmen delighted in Mr. Zimmer- 
juoa's bargain, even as they were losing their private 
jets, their several homes, their swiftly built fortunes. It 
was about the only break in town. .... „ 

Now Houston is back from those dismal times, all 
the way back and seemingly stronger than ever, more 
diversified and better protected against the vagaries of 
the oil industry. Once-empty office buildings have 


filled, the port is bustling and new businesses are 
sprouting at a phenomenal rate. 

“About 10 or 15 years ago, everybody thought 
Houston was dead and buried," said Joel Kotkin of the 
Pepperdine Institute for Public Policy. “And sort of 
like the Terminator, it’s baaack. Basically, it’s the 
great recovery t hat no one noticed. Right now the two 
smart-money places are Houston and Southern Cali- 
fornia, two places dissed in the last 15 years, but that 
have actually come back strong." 

But no one here is about to forget bow quickly and 
decisively this city that so delighted in displaying its 
wealth could be brought down. 

“The town’s booming again — with a caveat," said 
Mr. 7immmnan. who has charted the city’s ups and 
downs through the effects oh his restaurant. 4 ‘They *re 


not spending like they used to. They’re still running 
businesses lean. They’re much more skeptical now. 
Before, it was reckless abandon." 

Urban and financial analysts agree that Houston, the 
fourth- large st city in the United States, with 1.6 mil- 
lion residents, is one of the best examples of “urban 
turnaround." as Mr. Kotkin calls it 
Much attention has been paid to more limited 
comebacks in Geveland, Detroit and St. Louis, Mis- 
souri, Mr. Kotkin said. And be derided as “unbe- 
lievable hype" the praise for New York City’s recent 
strides, while arguing that such full-fledged urban 
comebacks as Houston's have hardly won notice. 
There is no question that Houston’s revival has been 

See HOUSTON, Page 5 . 


See SUMMIT, Page 5 


Closing the Books on a Literary Shrine 

Round Reading Room at the British Museum Goes Out of Circulation 


By Sarah Lyall 

.V 4 ' h York Times Service 


LONDON — To Virginia Woolf, it 
was like a domed brain- that loomed 
(^overhead “as if one was a thought in the 
{huge bald forehead." _ 

To the writer Malcolm Bradbury, it 
■: was the place where he once fell m tow, 
passing risqu£ notes back and form 
across the desk of an indulgent elderly 

scholar. . . . . 

And to Karl Marx, destitute but 
.aflame with radical ideas, it was the 
refuge that enabled him to produce his 


iif 




Newsstand Prices, 


Andorra. ..10.00 FF 

Antilles 1250 FF 

Cameroon.- 1.600 CFA 

Egypt EE 550 

France ioooff 

Gabon 1.100 CFA 

Italy 5.800 Lire 

hory Coast 1-250 CFA 

Jordan 1250 JD 

Kuwait -700 FBs 


Lebanon — -OLS.OOa 

Morocco 16 Dh 

Qatar 10.00 OH 

Rfcrton 12.50 FF 

Saudi Arabia — 10 SB 
Senegal — 1.100 CFA 

Spain ,—...225 Ptas 

Tunisia —— -1-250 Din 

U.A.E. 10.00 D*i 

U.S.Mk<gur.l--ST-2° 



fin ping denunciation, “Das Kaphal." 

For 140 years, the Round Reading 
Room at the British Library has been 
both a gateway to knowledge and a 
singular retreat for die tens of thousands 
of people who have sat at its leather- 
covered desks and worked under its 
great Victorian dome, in the center of 
the British Museum. Bui on Saturday it 
is closing for good, crowded out of its 
premises, and its books and readers are 
moving across town to a sparklingly 
efficient new library that will have 
every modem convenience but won t, it 

seems, be the same at alL 

“It was breathtaking,” said MichMl 
Drolet, who teaches the history of polit- 
ical ideas at the Royal Holloway Col- 
lege, University of London, describing 
how it felt to walk into the Reading 
Room for the first time as a graduate 
student, some 10 years a§o. 

His work has taken him around the 
world — to the Library of Congress, foe 
Bibliotheque National in Pans, foe 
Staatbibliotheque in Frankfurt and foe 
National Library in Ottawa — and none, 
he said, can begin to compare. 

“I just find it so inspiring, said Mr. 
Drolet. who is planning a sad, final 
dinner with a group of reading-room 
friends at the pub across the street Sat- 
urday night. “The architecture, the. 


dome, the atmosphere, the way foe 
building breathes." 

The move also seems to wipe out in 
one heavy stroke foe long and eccentric 
history of a place that has been the 
research home of everyone from Pyotr 
Kropotkin, the anarchist, to Mahatma 
Gandhi, foe pacifist 

It is here where foe Victorian poet 
A. C. Swinburne, overwhelmed by foe 
s tiflin g air or perhaps -by foe raciness of 
his own poetiy, fainted dead away one 
day in 1868. 

It is here that W. B. Yeats compiled 
his anthologies of Irish fairy tales, that 
the novelist Angus Wilson worked as 
deputy superintendent and foal George 
Bernard Snaw was spotted studying an 
orchestral score of Wagner’s “Tristan 
und Isolde.” 

It is here that Lenin, wanting to re- 
trace foe footsteps of his hero Marx, got 
his own reader’s pass in 1902 by using a 
fake name: Jacob Richter. 

And it is here that foe narrator of 
“Three Men in a Boat,” Jerome K. 
Jerome’s classic 19th-century comic 
novel, decided lo look up the treatment 
fora minor ailment and ended op nearly 
having a nervous breakdown. “I had 
walked into that Reading Room a happy. 

See MUSEUM, Page 5 


AGENDA 


U.S.- Japan Port Accord Hits a Snag 


WASHINGTON (Reuters) — A 
U.S.-Japanese agreement to change 
Japanese port practices has been 
blocked by a dispute over whether the 
U.S. Federal Maritime Commission 
will retain authority to enforce foe 
agreement with sanctions, sources in- 
volved in the talks said Friday. 

“The key issue here, is ensuring 
that the Japanese live up to the agree- 
ment," a source said. 

“The dispute is over potential fu- 
ture sanctions against the Japanese 


should foe reforms not be implemen- 
ted." 

A tentative agreement in the long- 
standing dispute over foreign access 
to Japanese pons was reached on Oct. 
17 after foe Federal Maritime Com- 
mission threatened to ban Japanese 
cargo ships from entering U.S. ports 
and ordered fines. 

Japanese negotiators maintained 
that their concessions were driven by 
a growing internal consensus in favor 
of drastic change at foe ports. 


U.S. Bets on Tradable Pollution Permits 


THE AMERICAS 

Page 3. 

Aids Researchers Abandon Placebos 

EUROPE 

Page 2. 

Balkan Good News: Aims Control 

INTERNATIONAL 

Page 4. 

Voting With Anger in Algeria 


Pages. 


Page 4. 


Page 6. 

Sports — 

Pages 22-23. 

The tntermarfat 

Pago 7. 

| The IHT on-line 

v. n . vtv.iht.com f 


If President Bill Clinton has his 
way, rights to spew carbon dioxide 
into the atmosphere will eventually be 
traded by energy producers, utilities 
and even investors on exchanges the 
way pork bellies and interest-rate fu- 
tures are today. 

The administration's plan for cur- 
tailing greenhouse gases demands no 
immediate action by businesses, but it 
shows that a system of trading emis- 
sions' permits is Mr. Clinton’s pre- 
ferred strategy for curbing pollutants 
in the long-term. 

Although energy specialists like 
the idea, many economists say it 
would not be a panacea. Page 3. 


Time to Fall Back 

\ 12 / 


— 9 




Europe, the U.S. and Caroda will return 
to standard time early Sunday when 
docks wff be sat back by one luir. 


Beijing has maneuvered to defuse 
the human rights issue. Page 3. 

auditorium in Washington. “The di- 
rection China takes, toward cooperation 
or conflict, will profoundly affect Asia, 
America, and the world for decades. 

“The emergence of China as a power 
that is stable, open and nonaggressive, 
that embraces free markets, political 
pluralism and foe rule of law. that works 
with us to build a secure international 
order, rather than a China turned inward 
and confrontational, is deeply in Amer- 
ica's interest," Mr. Clinton said. 

Mr. Clinton acknowledged in his 
speech that sharp differences with C hina 
remain, and pledged that he would raise 
U.S. objections to China’s repression of 
dissidents and other human-rights issues 
with Mr. Jiang in their talks on Wed- 
nesday. But he urged U.S. citizens and 
foe Congress to judge foe U.S. rela- 
tionship with China on broad terms, not 
on any single point of conflict. 

The president outlined the summit 
agenda, which includes talks on the 
status of Taiwan, possible nuclear ac- 
cords with Beijing, lowering trade bar- 
riers, improving foe global environment 
and cooperating on drug trafficking. 

Though he took pains to explain 
China's desire to retain civil order, Mr. 
Clinton warned Beijing that it will be 
difficult to maintain a closed political 
system in an increasingly open society. 

“As China has opened economically, 
political reform has lagged behind," 
Mr. Clinton said. "They have stifled 
political dissent to a degree and in ways 
that we feel are fundamentally wrong. 

“The United States must and will 
stand up for human rights," foe pres- 
ident said. 

But he cautioned that foe isolation of 
China “is potentially dangerous." 

China will, be said, "for good or ill, 
play a very large role in shaping foe 2] st 
century." 

It was foe first time Mr. Clinton has 
given a speech devoted solely to China, 
and administration aides acknowledge 
that he is in some measure playing de- 
fense. After mostly avoiding the subject 
before domestic audiences, he now 
needs to ensure that his voice, not 
those attacking Beijing on subjects 
as diverse as human rights, environ- 
mental policy and military proliferation, 
carries mostly clearly during foe sum- 
mit 

At one time, Mr. Clinton was in sym- 


Firebrand 
For Hamas 
Holds Court 

Sheikh Freed by Israel 
Feels His Way, Cagily 

By Serge Schmemann 

New York 71 nu t Sen-ice 

GAZA — In Gaza, the walls are still 
foe major distributor of news, and the 
dominant message now is Sheikh Ahmad 
Yassin. His stenciled visage looks down 
from every plastered wall, alongside slo- 
gans like “Fatah Greets Yassin!" 

Whenever he is -brought before a 
crowd, a chant rises: "With spirit and 
blood we will sacrifice for you. 
Yassin!" At his house in the shabby 
Zeitun section of Gaza, callers wait for 
hours to be summoned into foe presence 
of the spiritual leader of Hamas, the 
strongest Islamic movement among the 
Palestinians. 

Still, it is difficult at first to appreciate 
the magnetism of this man. Wrapped in 
a thick blanket, in a wheelchair, his arms 
and legs are lifeless, his eyes roam with 
only dun vision, he can barely hear, and 
when be speaks, it is in a thin falsetto. 

The setting is far from regal. Barefoot 
children scamper in and out. and there 
are none of the legions of bodyguards 
and aides so favored by Yasser Arafat of 
the Palestinian Authority, whose A1 Fa- 
tah movement has been the core of the 
Palestine Liberation Organization. 

Yet, from that broken body the mes- 
sages come clear and sharp. Sheikh 
Yassin misses nothing in a question, and 
he answers rapidly, and even in that 
squeaky voice he ranges between foe 
practiced cadences of the preacher and 
foe subtle innuendoes of foe politician. 

When he speaks of Israel, it is an 
almost rhythmic recitation of griev- 
ances, foe voice rising ever higher in 
controlled Jury: 

“The Israelis are killing our children, 
our women and our elders. Why are the 
Israelis killing us? Why are they de- 
stroying our homes? Why are they kick- 
ing us out to live in the streets? Why i* 
Israel confiscating our land? Why are 
they arresting hundreds of people \v ithoul 
any reason? The Israelis are choking ihe 
Palestinian people and preventing them 
from living. This is slow murder." 

Hamas will not abandon iis “military 
operations," Sheikh Yassin declared, 
though be indicated the artacks could be 
called off if such a move was expedient. 
“If the movement concludes that foe 
atmosphere is ready, then the movement 
moves," he said. “If not, it stays quiet. 
If they find that it is in the interest of the 
Palestinian people to stay quiet, they 
keep quiet If they find it is for the 
benefit of the Palestinian people to 
strike, we strike." 

But when guestions shift to relations 
with Mr. Ararat and the Palestinian Au- 
thority. the tone becomes practical, al- 
beit with a slight edge of irony. Since his 
return to Ga 2 a on Oct 7, Sheikh Yassin 
has repeatedly insisted that he is not in 
conflict with Mr. Arafat. But it is un- 
clear whether this is sincere or reflects 
the fact that 80 senior members of 
Hamas are sitting in Mr. Arafat’s pris- 
ons, under pressure from Israel and the 
United States. 

"We are in one trench against one 
enemy;’’ the sheikh said. ‘‘Wehavenot- 
weakened the Authority because we are 
not fighting the Authority. 

“We do not want the government. 
We want this land. We want to remove 
foe occupier from the land. We have 
different views on how to liberate our 
land, but this is the only difference 
between us. We are brothers, in one 
trench, against one enemy.” 

At other times he can be witty, charm- 
u«. He smtied broadly when asked 
whether he might not at times long io be 
back m prison, where he spent" eight 

See YASSIN, Page 5 


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Balkans Bright Spot: 
Slashing of Weapons 


By Raymond Bonner 

New York Times Service 


VIENNA — In the political gloom 
that hangs over the tenuous peace in the 
Balkans, with war criminals at large and 
refugees unable to return home, there is 
a glimmer of good news: The enemies 
who were at war two years ago have 
been destroying their weapons in large 
numbers. 

In the past 16 months. 4,220 tanks, 
jets, helicopters and artillery pieces have 
been blown up, blow-torched or oth- 
erwise demolished, according to clas- 
sified data from the Organization for 
Security and Cooperation in Europe that 
was provided to The New York Tunes. 

“It’s a great success story,” said Sam 
Brown Jr., Washington’s representative 

to the security organization, which mon- 


Hope for End 
Of Key Dispute 
In the Caspian 

Reuters 

WASHINGTON — Tbe United 
States believes that a Hist toward an 
agreement in a territorial dispute be- 
tween Armenia and Azerbaijan that is 
impeding Caspian Sea oil and gas deals 
may be possible this year, a senior of- 
ficial said. 

“We think there is a chance for a 
first-phase agreement as early as the end 
of this year,” the official, Stuart Eizen- 
siat. undersecretary of state for eco- 
nomic affairs, told the Senate Foreign 
Relations Committee on Thursday. 

He also said that the United States, 
which is focusing more attention on the 
Caspian Sea region and its potential, 
would open energy talks this fall with 
Azerbaijan and Turkmenistan, and that 
the U.S. government had to do much 
more to help American companies com- 
pete for energy deals in the region. 

But Senator Sam Brown back said he 
did not believe enough was being done to 
take advantage of what he called a narrow 
window of opportunity to influence 
events in the region. The Kansas Re- 
publican plans to introduce legislation 
that would set a policy for the region, 
provide aid and seek to ensure that Iran 
and Russia do not play too strong a role. 

In his testimony, Mr. Eizenstai noted 
the Caspian's potential as one of the most 
important new energy producing regions 
and said its rapid development was * 'crit- 
ical to Ae independence, prosperity, de- 
mocracy and stability of all die countries 
of Central Asia and the Caucuses.' ’ 

The United States is involved in a 
major initiative to encourage countries in 
the region to end conflicts, the most 
important of which is over the Nagorno- 
Karabakh autonomous region in 
Azerbaijan, which is populated by ethnic 
Armenians. Nagorno-Karabakh de- 
clared its independence from Azerbaijan 
in 1991. but Azerbaijan did not recognize 
the move. 

A cease-fire in 1 994 brought fighting 
over the region to an end. 

Speaking of efforts to resolve the 
conflict. Mr. Eizenstat said: “We be- 
lieve we are making real progress, and 
our task now is to organize serious ne- 
gotiations on the basis of our propos- 
al.” 

.As a first step, the United States, 
France and Russia proposed in May that 
Armenia recognize the rerrilorial integ- 
rity of Azerbaijan and that Azerbaijan 
grant Nagorno-Karabakh an extraordi- 
narily high degree of autonomy. 

President Levon Ter-Petrosyan of 
Armenia said last month that neither 
independence for the enclave nor union 
with Armenia would be realistic. This 
raised hopes for a settlement. 


itors an aims control treaty that Balkan 
governments signed in June 1996. He and 
other officials mere would talk about die 
weapons reductions only in general terms 
and would not discuss specific numbers, 
which the group has not made public. 

The demolition has been carried out 
by Yugoslavia, Croatia and the two en- 
tities that make up Bosnia and Her- 
zegovina — the federation of Muslims 
and Croats, and the Bosnian Serbs — all 
of which signed the treaty. . 

The security poop's most recent re- 
port, dated Oct. 3, shows, for example, 
that Yugoslavia has destroyed 1SI 
battle tanks and 477 big guns, while the 
Bosnian Serbs have demolished 242 
battle tanks and 433 artillery pieces. 

What diplomats describe as the suc- 
cessful carrying outof the treaty follows 
a shaky start, when all sides, but primar- 
ily die Bosnian Serb Republic, under- 
reported the weapons in their arsenals. 

A senior arms control expert at the 
European security organization, Donna 
Phelan, said the group was now satisfied 
■ that all parties had provided reasonably 
accurate reports on their holdings. 

“They have been very good on mov- 
ing forward on arras control,” Ms. 
Phelan, a retired U.S. Army major and 
arms control specialist, said of the Bos- 
nian Serb Republic. 

The 19% treaty sets limits on the 
number of tanks, armored vehicles, 
combat aircraft and artillery pieces each 
party may possess, and it requires the 
governments to destroy weapons to get 
down to those levels. The deadline for 
the demolition is OcL 31. 

While Bosnia and Herzegovina and 
the Bosnian Serb Republic still have 
several hundred artillery pieces to de- 
stroy, according to the security group’s 
classified data, Ms. Phelan said the 
group expected the deadline to be met 

But while the treaty limi ts the 
weapons that all sides can have, the 
Muslim-Croat federation army will be 
left with shiny, modem ones,' while the 
Bosnian Serbs are being left with 
largely outdated goods. This is because 
of the U.S. administration's $400' mil- 
lion “equip and train” program, which 
is designed to modernize the Bosnian 
Groats and Muslims. Thus, the Muslim- 
Croat federation is getting relatively' 
modem. American-made M-60 tanks, 
while the Serbs are left with Russian- 
made. Korean-war vintage T-55s. 

The Bosnian government has not de- 
clared what ir has received under tbe 
program, and it has been slow in re- 
porting its inventory to other parties as 
die treaty requires, officials at the se- 
curity organization said. 

Bosnia also has not succeeded in get- 
ting everything it wants from Washing- 
ton. It has, for example, requested an anti- 
artillery radar system known as the Fire- 
finder. according to Arms Trade News, 
which is published by a nongovernment- 
al organization in Washington. 

But the Pentagon has been opposed to 
this, in part. American officials say. 
because while Washington wants a 
more powerful. Bosnian Army, it does 
not want one that is too powerful. 

Some NATO officers in Bosnia have 
expressed die fear that, with their new 
prowess, die Bosnian Muslims will not 
wait long before seeking revenge on • 
Bosnian Serbs for their ethnic cleansing 
campaign during the war and their later 
refusal to become part of Bosnia. But 
tile recent American intelligence assess- 
ment concludes that for political and 
economic reasons, the federation is un- 
likely to start a war any time soon. 





Vte.kmocdiciPira* 

The body of Zoran Todorvic lying in a pool of blood Friday in Belgrade; inset, Mr. Todoryic last month. 

Another Milosevic Associate Is Assassinated 


The Associated Press 

BELGRADE — In a bold, gang- 
land-style attack, a top political as- 
sociate of President Slobodan Milo- 
sevic and his powerful wife was killed 
Friday on a Belgrade street 

Zoran Todorovic, 38, is the third 
and highest-ranking member of Mr. 
Milosevic’s circle to be shot fatally 
this year. His violent demise is certain 
to send tremors through the ruling 
Yugoslav coalition led by Mr. Mi- 
losevic and his neo-Communist wife, 
Mirjana Markovic. 

Opposition politicians were quick 
to seize on the killing as a sign of the 


links between political power and 
crime in Yugoslavia. 

The opposition Democratic Party 
called the lolling **a logical con- 
sequence” of the crime, corruption 
ana lawlessness that have surged since 
Mr. Milosevic came to power. 

Vuk Draskovic, the leader of an- 
other opposition party, said that “in 
this country, we have gangland laws,’ * 
adding, “We are heading" for chaos if 
this rule is not changed.” 

Mr. Todorovic was shot and killed 
about 8 A.M. near the offices of Beo- 
petrol, one of the biggest oil compa- 
nies in Yugoslavia. He was the top 


manager at the firm, which has a vir- 
tual monopoly on oil imports by 
Yugoslavia, now consisting of Serbia 
and tiny Montenegro. 

Belgrade's independent Radio B-92 
reported that Mr. Todorovic, who also 
served as general secretary of Mrs. 
Markovic ’s Yugoslav United Left 
party, was shot in tbe head near his 
parted Mercedes. The police said his 
bodyguard, Sinisa Mdenkovic. 32, 
was mot and seriously wounded. 

The assassin, reportedly young and 
wearing a blue cap, fled after two 
close-range rounds from his machine 
gun, witnesses said. 


BRIEFLY 


K 




Czech Leader Rejects .4) 
Deputy’s Coil for Vote ' 

PRAGUE— Fresh strife broke out in 
the governing Czech coalition on Friday 
as Prime Minister Yadav Klaus rejec- 
ted calls from his deputy for a new . 
government program and a vote of con- 
fidence in Parliament . 1 . - • 

Deputy Prime Minister Josef Ua 
said that the unexpected resignation 
Thursday of Foreign Minister Josef 
Zieleniec, combined with economic 
problems, had fundamentally changed 
the political situation. 

Mr. Lux said his Christian Demo^ 
crane Party ‘ ; therefore considers itto be 
necessary for the government, with a 
new program statement, to ask the 
chamber of deputies of the Partuunem to 
express its confidence. 1 ' 

Mr. Klans, head of the Civic Demo- 
crats, accused Mr. Lux of issuing a 
“ diktat, ” and said there was no need to 
reopen the government program. _ 

- T must consider today's satanenrw J- 
be a diktat, or at least an attempt at a w 
diktat." the prime minister said, de- 
scribing the Christian Democrats’ call 
as “weird.” (Reuters) 

Greece Asks Turkey 
To End Provocations 

ATHENS — Greece stud Friday that 
any clash with Turkey in the Aegean 
Sea would be madness, and. called on . 
Ankara to halt what it sees as acts of 
provocation. 

‘Whoever deliberately provokes a 




01 


Minister 


Blair Urges Commonwealth 
‘To Advance the Future 5 


TRAVEL UPDATE 


openingi 

a madhouse,” Foreign 
Theodores Pangalos said. 

* ’I believe it is inconceivable for abig 
country like Turkey to open that door,” 
he said. 

His comments came a day after 
Athens and Ankara accused each other 
of being at fault over a near-collision 
' ‘ in the Aegean. Thai 
was one of several incidents that raised 
tensions between the two NATO allies 
in a 10-day period. (Reuters) 


Reuters 

. EDINBURGH — Prime Minister 
Tony Blair of Britain opened a four-day 
Commonwealth summit meeting Friday 
by calling on its members to raise the 
banners of democracy and economic 
freedom around the world. 

As the 54-nation grouping faced crit- 
icism for its reluctance to punisb Ni- 
geria on human rights charges, Mr. B lair 
told leaders representing a quarter of the 
globe that tiie Commonwealth was 
needed more today than ever. 

“I am a passionate believer in toe 
Commonwealth.” be told tbe first sum- 
mit meeting of the group to be held in 
Britain in 20 years. “It is a global com- 
munity of nations. 

“Our task is to be bridge-builders 
between the developed and developing 
world, to advance the future — the time 
when there is one world, a developed 
one in which all nations share." 

Mr. Blair says he wants the Com- 
monwealth, which mainly groups Bri- 
tain and its former colonies, to make 
better use of its common language and 
customs to forge closer economic ties. 
The 54 members account for 20 percent 
of global trade. 

“We should challenge the rest of the 
world to meet tbe dual objectives :of 
democratic and economic freedom to- 
gether — because we unite all the con- ’ 
tinents of the globe, we can set an ex- 
ample for others to follow,” he said. 


But the difficulty in steering by what 
Mr. Blair called toe Commonwealth’s 
“strong moral, compass” was under- 
lined wnen diplomats said Ghana would 
refuse to impose all the sanctions being 
considered against Nigeria if it failed to 
meet an ultimatum to restore democracy 
within a year. 

Nigeria was suspended from toe 
Commonwealth during its 1995 summit 
meeting in New Zealand' for executing 
nine minority rights activists. The Ed- 
inburgh meeting is likely to threaten 
further punishment if toe military gov- 
ernment continues to delay long-prom- 
ised political reforms. 

In a break with tradition, the opening 
session was also addressed by the head 
of the Commonwealth, Queen Elizabeth 
II, who recalled that in tbe year of her 
coronation, 1953, only eight prime min- 
isters attended its meeting. 

The queen was embroiled in con- 
troversy during a visit to India and 
Pakistan this month that was Jittered 
with diplomatic blunders. 

India, in particular, criticized the 
British foreign secretary, Robin Cook, 
for reportedly offering to mediate in its 
dispute with Pakistan over Kashmir. 

• But, to warm applause. Prime Min- 
ister Inder Kumar Gujral of India went 
out of his way Friday to lavish praise on 
toe queen ana congratulated her and her 
husband. Prince Philip, on their 50th 
wedding anniversary. 


Advisory in Cambodia 

PHNOM PENH CAP) ■ — The U.S. „ T C l 

Embassy on Friday warned Americans (tOM TlQJl 1 TOODS opOTlt 
n s in Cambodia to be especially cautious A a » , 

ler- during a gathering this weekend of Hun (jUtcrY OH liQZl odlUro 
old Sen’s political party. •' 


While tensions have subsided since 
. Hun Sen took power in a coup in July, 
the 2,000 Americans in Cam bodia were 
told to “r emain vigilant about their per- 
sonal security.* - • 

Lauda Air of Austria will begin 
services between Vienna and the Baltic 
capitals of Riga, Vilnius and Tallinn 
starting Sunday. (AP) 

The new carrier Swiss World Air- 
ways said Friday that it had sufficient 
capital to begin operations and would 
send off its first Geneva-New York 
flight in mid-December. . ... (AFP) 


BONN — A videotape of eight Ger- 
man soldiers giving the outlawed Hitler 
salute and making anti-Semitic remarks jr; 
prompted calls Friday for stifier mon- 
itoring and political training for re- 
cruits. 

. The video, obtained by the German 
television network SAT- 1 , was made by 
two officers and six other soldiers dur- 
ing a t raining session three years ago in 
the eastern state of Saxony while pre- 
paring for a peacekeeping mission in 
former Yugoslavia. 

Its veracity was confirmed by fob / , . 

Gqnnan Defense Ministry. (Reuters) fo FfOfTl Pol 1 1 He 1 


French truck drivers' unions and PupOn Trial in Doubt. 
management were to begin talks Friday ■* 

aimed at averting a strike threatened for 


Nov. 2. but the unions have already 
rejected as “unacceptable” toe latest 
wage offer. . (AFP) 


Correction 

A review of Pedro Almodovar's 
‘‘Live Flesh” in the Leisure pages Fri- 
day misidentified one of toe actors. The 
article should have mentioned Javier 
Bardem. 


BORDEAUX — Doctors said Friday' 
that Maurice Papon must stay in too 
hospital through toe weekend to treat 
serious bronchitis, casting doubt on 
whether his trial for crimes against hu- 
manity in Nazi-occupied France could 
resume Monday. 

The Haut-Leveque hospital near Bor-; 
deaux. where the former French cabinet 
minister was taken early Thursday, said 
Mr. Papon, 87, had left the intensively 
care unit and was being treated in theT* 
cardiology unit. (Reuters] 


For U.S. Army , ICs 53 Sit-Ups 9 Man or Wbman 

growing influence in toe army. 


WEATHER 


The Associated Press 

WASHINGTON — The U.S. Army, 
announcing new fitness standards, says 
that women will have to do as many sit- 
ups as men. It is the first time the army 
has set an equal marker for the sexes in 
physical fitness, and it reflects women’s 


In the other two measures of fitness, 
push-ups and running, men still will be 
required to do more. Starting next Oc- 
tober, it will take 53 sit-ups in two 
minutes for a recruit to make the cut — 
male or female. 


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Forecast tor Sunday through Tuesday, as provided by AocuWeather. 


Asia 



OF Of 

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38*9 21/701 
32/89 22/71 r 
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31/88 21/70 a 
29*4 lOUepc 
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[wm IWnob to Permsyh/B- Tuesday with periods ol Seoul through itw period 


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wi ndy an d cool In the Europe will be cool with dui ramy In the southeast America 

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31/88 19/86 1 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 25-26, 1997 


PAGE 3 


Beijing Maneuvers to Defuse Rights Issue Ahead of Jiang’s U.S. Visit 


By Steven Mufson 

-jnnlttiWaHPm Service 


U^uSedStatM^S w g Z f n L i .?‘ £ visi, 10 

likely to ”?■ 


sources here saT ~' 000 P° 1,tical Pnsoners, 




dining Mr. bang’s trip is unlikely. Mr. Jiang- 
does not want to look as though he is bending 
under U.S. pressure and does not want his mes- 
sage drowned out by a newly released dissi- 
dent. 

Moreover, China has turned Western argu- 
ments about the importance of die “rule of law." 
into an argument against prisoner releases. 
Rather than free people for diplomatic or polit- 
ical reasons, Chinese officials now argue, pris- 
oners must obey the “rule of law" and go 


UI UXIAJS anout Dnson rrmAW.X , uwcjr uie IU1C Ui iaw out 

prisoners with foreign fln ? Ugh f ? mal . medicaI pa*° le procedures, 

zadons. includino “ or . or 8 am_ Some American sources say some rele 


zadons, including UmLri or . OT 83“- Some American sources say some releases 

_ TOle China often is said mESSES 


select 30 Chines: inmates for private interviews 
in a rare look inside China’s prisons, jails and 
labor camps, a UN spokesman said this week. In 
Lhasa. Tibet, however, Chinese authorities al- 
lowed the UN workers to speak to only fair or 
five of the several detainees die investigators had 
asked to see there. 

On another front, John Kamm. an American 
business consultant who has a long history of 
lobbying China about human rights, has been 
pressing Chinese officials to release information 
about prisoners as a means of making the 
Chinese system more transparent In 1995, 
China's Justice Ministry had agreed to provide 


mocracy in 1979, and he was sentenced to a new demonstrations who is serving his second jail 
14-year term last year for plotting to overthrow sentence, and Liu Xiaobo, a literary critic and 
the government. Beijing intellectual who was arrested in 1995 

“Jiang Zemin, this No. 1 figure in the Chinese after he sent an open letter to Kir. Jiang. 
Communist dictatorship group, will inevitably Despite China’s revised criminal code, which 
make his October trip to the United StaTes and eliminated conntenevolutionary crimes as a cat- 
will soon step on : e white House’s red carpet,' ’ egory and limited the amount of time people can 
said a letter sent to President Bill Clinton by the be detained without trial Mr. Liu fell through 
New York-based exile group Human Rights in one of the loopholes in the law. Under a clause 
China, a copy of which was released Thursday, granting wide power to police, security forces 
“But Wei Jingsheng in prison endures the were able to send him to a “reform through 


tv uiib onen is cam tA oil ■, . . ~ — » — ~ -—***15 » “Y' r* ” ^ ™ — “ — — j w 

greater day-to-dav Ik 3110 115 c ? t32ens fo e time of the planned November visit to the Mr. Kamm with information about 25 people 

tk> .... * CCuOm man at anv time in Tlnitwi hv niino’o inetiM mmictAT «>wrv mnnfhc Tint hmtp rvfF <+!*» ummnn- 


torment of many sicknesses and the harassment 
of his fellow prisoners. He is insulted and beaten, 
and his life is threatened." 


the past century Deonie rv 31 W tlme “* United Stales by China’s justice minister. 

still face un- The recent talks about noliticsl nrisoner 


release of several prominent political prisoners 
sources in Beijing say a nrnjon 5KEEE5 


The recent talks about political prisoners have 
been held with groups or individuals because 
China long has argued that foreign governments 
should not interfere with C hina ’s internal af- 
fairs. 

China allowed two senior UN investigators to 


every three months but broke off the arrange- 
ment after one list 

The most prominent prisoner is Wei Jingsheng, 
47, who has spent all but six months of the past 1 8 
years in jail for challenging Communist role and 
calling for democratic elections. 

A. former Red Guard, he first called for de- 


A Foreign Ministry spokesman dismissed the 
report about Mr. Wei's health as a “rumor’’ and 


said Human Rights in China “either doesn't 
understand his basic situation or has ulterior 
motives." 

Among the other most prpminent political 
prisoners in China are Wang Dan, a student 
leader during the 1989 Tiananmen Square 


education" camp for a three-year term without 
bringing him to trial. 

The Chinese government's position on re- 
ligion also will be subject to scrutiny during Mr. 
Jiang's visit to the United States. 

In recent months, the government has waged a 
campaign to disrupt the underground, or un- 
official, Roman Catholic Church in what Cath- 
olic leaders see as an effort to force them into 
accommodation with the government-sponsored 
church. 


■U.S. Bets on Tradable Permits to Control Pollution 


POLITICAL NO 


By Peter Passell 

Nm York Times Service 


NEW YORK — If President Bill 
Clinton has his way, rights to spew 
carbon dioxide into the atmosphere wfll 
eventually be traded by energy pro- 
ducers, utilities and even investors on 
exchanges the way pork bellies, 
Deutsche marks and interest-rate fu- 
tures are today. 

While the administration's plan for 
curtailing greenhouse gases, annoimrayd 
Wednesday in preparation for the world 
r I talks on climate change in Kyoto, Japan, 
in December, demands no immediate 
action by businesses, h shows that a 
system of tradable emissions permits 
will figure prominently in any long- 
term U.S. plan to control pollutants. 

Such a system, already being used 
under the Clean Air Act of 1990 to cut 
sulfur emissions, would allow compa- 
nies that voluntarily reduced emissions 
below a certain level to sell the dif- 
ference between their actual emissions 
and the limits as unused “rights" to 
pollute. 

The reliance on free markets in re- 
ducing carbon emissions to 1990 levels 
has been greeted with enthusiasm by 
specialists who have long argued that 
managing the task with traditional reg- 
v ulation would be hugely wasteful. 

* “An approach that promises to re- 
duce the cost of containment by 90 
percent is certainly worth a try," said 
Richard Richels of the Electric Power 
Research Institute in California. 

But many economists caution that 
emissions trading is no panacea. They 
emphasize the desirability of bringing 
developing countries into the trading 
program as soon as possible and die 


Meeting the Goal on Greenhouse Gases 


Black Women Plan 
March of a Million 


Souljah, the rap activist made famous 
when she was criticized by Bill Clin- 
ton during his 1992 presidential cam- 
paign. f WP) 


A Clinton administration plan to reduce the amount of heat-trapping gases in the atmosphere to 1990 levels would 
allow companies several options to meet that goal. Here is how it would work. 





A factory could try to 
reduce its emissions by 
upgrading its equipment 
or using cleaner fuel 
sources, if It did not 
succeed, it could... 


OPTION 1 

. . . Buy the right to emit 
more heat-trapping gases 
from a company, that has 
reduced its emissions 
below its target level. 


OPTION 2 

... Pay to preserve forests. 
Because plants absorb carbon 
dioxide, the most prevalent heat- 
trapping gas, preservation of trees 
increases the amount of carbon 
dioxide the planet can handle. 


OPTION 3 

. . . Pay to modernize a 
plant in a developing 
country and reduce its 
heat-trapping gas 
emissions: 


The New York Times 


need for care in designing the control 
mechanisms that will redirect billions or 
even trillions of dollars in pollution- 
control investments worldwide. 

“At this point, the learning is more 
important than the doing,” said Robert 


intmmse In- 
stitute, a research group in Washing- 
ton. 

The Clinton administration's plan 
has been criticized by governments of 
many other countries dial will attend the 
Kyoto conference, at which the par- 
ticipants will tty to agree on a global 
climate treaty. The critics say the Amer- 
ican plan is not aggressive enough be- 
cause! t would not roll back emissions to 
1990 levels until sometime between 
2008 and 2012. Whatever happens in 


Kyoto, however, Mr. Clinton seems 
committed to emis sions t radin g. 

It is no secret why: It costs less and 
keeps government intervention in the 
background. 

To date, die most ambitious U.S. use 
of tradable permits has been in con- 
taining the sulfur emissions from power 
plants that contribute to acid rain. 

Under the Clean Air Act, total sulfur 
emissions were capped by giving elec- 
tric utilities “rights" to emit sulfur 
roughly in proportion to their 1 980 emis- 
sions levels. Companies that reduce 
emissions below their allowance, wheth- 
er by closing plants, switching fuels or 
attaching chemical scrubbers to their 
smokestacks, are free to sell their surplus 
pollution rights, and others can exceed 


their limits by buying those rights. 

The market for sulfur-emission per- 
mits has flourished as utilities with low- 
cost sources of clean fuel have found it 
profitable to operate within the gov- 
ernment standards and sell pan of their 
allotments to pollute. Last year, the mar- 
ket price of sulfur allowances averaged 
a little more than $100 a ton. 

“Emissions have been reduced at a 
cost far lower than the most optimistic 
forecasts,” said Richard Sandor, the 
chief executive of Center Financial 
Products and deputy chairman of the 
Chicago Board of Trade. 

Some economists are confident that 
similar serendipities await a trading sys- 
tem for carbon dioxide and perhaps oth- 
er greenhouse gases. 


WASHINGTON — The idea was 
little more than a dream when it* was 
hatched just over a year ago by two 
Philadelphia activists: Bring a million 
black women together in a show of 
solidarity similar to the Million Mon 
March held in 1995. But the fantasy is 
rapidly becoming real, as city officials 
. in Philadelphia prepare for as many as 
a half-million women to assemble 
there Saturday. 

Organizers' of the Million Woman 
March are hoping the event will serve 
as a galvanizing force for women of 
African descent. 

‘ The march is a declaration of in- 
dependence against ignorance, in- 
justice, poverty and abuse, and ail the 
negative things that tend to separate us 
as black women and deteriorate us as a 
people." said Phile Chionesu. a co- 
founder of the march. 

Wessita McKinley, public relations 
director for the Washington regional 
chapter of the march, said the event is 
taking hold among black women — 
from middle-class professionals to 
public-housing tenants — who sense a 
common destiny. 

"It’s taking off like wildfire,*’ she 
said. “It is having a snowball effect. It 
started small, but as we continue to 
ran, it is building." 

Organizers say they expect Rep- 
resentative Maxine Waters, Democrat 
of California; Winnie Madikizela- 
Mandela. the former wife of President 
Nelson Mandela of South Africa; and 
Representative John Conyers Jr., 
Democrat of Michigan, to speak. Oth- 
ers on the program include Sister 


Albright Assails 
Religion Legislation 


WASHINGTON — Secretary of 
State Madeleine Albright has attacked 
a religious freedom bill pending in 
Congress as damaging to U.S. foreign 
policy interests. 

Mrs. Albright took aim at a bill 
seeking to punish other countries that 
persecute religious groups, in a 
speech Thursday at Washington's 
Catholic University. 

“Although well-intentioned," she 
said, “this bill would create an ar- 
tificial hierarchy among human rights 
with the right to be free from torture 
and murder shoved along with others 
into second place." 

She added, “It would also establish 
a new and unneeded bureaucracy and 
deprive U.S. officials of the flexibility 
required to protect the overall foreign 
policy interests of the United 
Sates." ( Reuters) 


Quote/ Unquote 


Charles Rosso tt. a management 
consultant poised to head the Internal 
Revenue Service, testifying before the 
Senate Finance Committee, which is 
considering his nomination: “I be- 
lieve the long-term goal should be to 
provide service to taxpayers that is 
consistently as good as they receive 
from leading companies in the private 
sector. (NYT) 


Away From Politics 


• The San Francisco police and the FBI are looking into 
the possibility that sabotage caused a widespread power 
outage that frustrated commuters and disrupted busi-. 
nesses. A bank of transformers failed, blacking out elec- 
tricity to 1 26.000 customers in mid-city. (AP) 


- * ’*■ »• 

AIDS Study in Africa Drops Placebos 


By S beryl Stolbeig 

New York lanes Service 


• With half of the 147 schools in the nation's capital 
facing heating problems, the city government is urging 
parents to dress their children in layers to cope with 
classroom temperatures. Fire inspectors closed one 
school because of lack of healing. (AP) 


• Parents may fear poisoned candy oir razors in apples 
on Halloween, but the government says that cars are the 
biggest killers of children that night From 1975 to 1996, 
an average of four children ages 5 to 14 were struck and 
killed by care on Halloween night, the Centers for Disease 
Control and Prevention said in Atlanta. On every other 
night of the year, an average of one child nationwide is 
killed by a car. (AP) 


Missing Gulf War Logs 
‘Probably Destroyed’ 


WASHINGTON — A team of re- 
searchers at Johns Hopkins University 
has abandoned plans to use dummy pills 
in an experiment on Ethiopian women 
who are pregnant and infected with foe 
■ AIDS virus. 

• The use of the dummy pills as a 
placebo has renewed foe intense debate 
over foe ethics of a series of federally 
financed studies in developing coun- 
tries. 

The study, which is to begin in late 
February or early March and will be 
paid for by foe National Institutes of 
Health, was initially designed to see 
whether a short course of the anti-AIDS 
drug, AZT, is more effective than a 
placebo in reducing transmission of the 
AIDS virus, HTV, from a pregnant wom- 
an to her baby. 


In the United States, tests comparing 
foe effects of an intensive treatment of 
AZT with those of placebos ended in 
1994 once it was shown that foe drug 


sharply reduced transmission of the vi- 
rus from mothers to their babies. 


But foe drug’s high cost makes it 
prohibitive for many women in foe de- 


veloping countries to take it 
Nevertheless, since it is nc 


Nevertheless, since it is now routine 
for pregnant women with AIDS in foe 
United States to receive AZT, there has 
been a bitter controversy about the use 
of dummy pills in foe foreign studies. 

A spokeswoman at foe Johns Hop- 
kins School of Public Health said Thurs- 
day that foe researchers did not change 
foe design of foe Ethiopian study in 
response to the controversy. 

Rather, said Liz Pettengill, foe 
spokeswoman for the researchers, foe 
scientists are expecting that a study un- 
do' way in Thailand will prove that a 


shot course of AZT is more effective 
than a placebo. 

If foal is foe case, she said, there is no 
need for foe Johns Hopkins researchers 
to employ foe dummy pills in then- 
study. 

According to Jack Killen, who directs 
foe Division of AIDS at foe National 
Institute on Allergy and Infectious Dis- 
eases, preliminary results from the Thai- 
land study are expected in January. 

At that point, be said, all foe studies 
will be re-evaluated, including current 
tests in the Ivory Coast and Tanzania 
and one planned for Uganda. 

If foe short course of AZT is proved 
effective, none of the studies will con- 
tinue to use a placebo, he said. 

“This has been part of a plan from the 
very beginning," Mr. Killen said.. 

“It’s not like a light bulb just went 
off: ‘Oh, my goodness, we’ve got to 
look at foe Thai study.’ " 


The IHT Pocket Diary 
Puts 1998 


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By Dana Priest 

WaJiinglon rust Service 


WASHINGTON — The 
Pentagon inspector general 
has determined that a set of 
missing chemical weapons 

Ipgs from foe Gulf War, which 

veterans' groups say could 
provide valuable information 
about possible chemical ex- 
posures, was wrongfully de- 
stroyed by U.S. Army offi- 
cials during an office move 
after foe war. A second set, foe 
repeat said, is still missing. 

But the inspector general 
said there was no evidence * ‘to 


office that kept foe chemical 
weapons-rel ated logs far the 
Central Command, which was* 
in charge of U.S. forces during 
the war. Another computer 
dink copy of foe logs, which an ; 
officer sent to his office after 
the war, is missing. 

The report also said an of- i 
ficer who helped keep foe logs ! 
during foe war was under 
rriminal investigation for 
having taken and kept a clas- 
sified “log extract” of foe 
documents at a storage facility 
where she kept personal be- 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 


SWITZERLAND 


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English Speaking International 
Catholic Parish, St Leonhard, Alts 
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schedule: Saturday S p JTL Swday: 10 


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MISSION; SL Anton Church, 
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crypt of St Anton Chuch. 


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Belgium. Tel. 322 384-3856- 
W1ESBADEN 

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TRRtfTY INTERNATIONAL invfiBS you to 
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NICE - FRANCE 

LB.C. 13 rue Vernier, English service, 
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ST. PAUL DE VENCE - FRANCE 


» . The extract contains 
motion that investi- 
gators believe directly relates 
to possible chemical releases. 

Among the missing doc- 
uments are those from March 
4 and March 10, 1991, when 
U.S. troops blew up Iraqi 
chemical weapons at a stor- 
age depot in southern Iraq. 


support foe theory that any 
individuals or organization 
participated in a conspiracy to 
destroy or conceal foe logs. 

Rather, one set of logs at 
MacDill Air Force Base m 


IVAitWIH - - . 

'l Florida was “probably cfe- 
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St Itayte Church far EngfehepmUrn 
Catholics Am Alien Bach. 2. 


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PARIS and SUBURBS 


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celt 01 47 51 29 63 or check: 


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Rebels Hold 3 Monitors 
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The Associated Press 

■ BOGOTA - ^J^CoSi^cSvo'Sg 

national elections Snnday for 

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• Raul Martinez of Ctoie mo. _ ^ a mountainous 

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Hotel Orion a! ParWa-Wtense, 8 bd. de 
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PAGE 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 25-26, 1997 



Thai Leader 
Reshuffles 
His Cabinet 

Aide Calls IMF Rides 
For Bailout Too Strict 


By Thomas Crampton 

International Herald Tribune 

BANGKOK — After a week of in- 
tense political negotiations. Prime Min- 
ister Chaovalit Yongchaiyut appointed 
a new cabinet Friday and made clear his 
intention to call elections in Thailand as 
early as passible. 

The main focus of the reshuffle was 
the economic portfolios. Following Mr. 
Chaovalit 's audience with King Bhu- 
mibol Adulyadej on Friday evening, the 
government announced a cabinet lineup 
that includes the country’s fourth fi- 
nance minis ter in 12 months. 

The economic portfolios were dom- 
inated by senior bankers, with the ex- 
ecutive director of Bangkok Bank PLC, 
Kosit Papiemrat, appointed finance 
minister and the president of Siam City 
Bank PLC, Som Jatusipitak, taking over 
as commerce minister. 

Mr. Kosit will face die same political 
pressure that caused his two 
- cessors to resign. Two other 
bankers, Thanong Bhidaya and Am- 
nuay Viravan, each left the cabinet post 
following disputes with other cabinet 
. members over raising taxes to meet aus- 
terity measures. 

Ibe markets will judge the new cab- 
inet when they reopen Monday, but eco- 
nomic analysts said Friday that they 
were not confident the new cabinet could 
do much to revive the country’s econ- 
omy. Their unease was increased after a 
top finance official appointed Friday 
said that conditions laid out to comply 
with a $17.2 billion International Mon- 
etary Fund-led bailout were too strict. 

Deputy Finance Minister Surasak 
Nananukool, whose comments have set 
off controversy in the past, said the 
conditions for reviving finance compa- 
nies shnt by the authorities were too 
strict 

Since June, the government has shut 
almost two-thirds of the country's 91 
finance companies. 

“They want die companies con- 
signed to the Bank of Thailand to be 
healthier than those still operating," 
said Mr. Surasak, a former adviser to 
Mr. Chaovalit "You don’t ask a patient 
to run faster than people outside the 
hospital.” He said the World Bank's 
demands for diligence were too tough 
and the capital-adequacy ratio of IS 
percent was too high. 

Mr. Surasak added that the shortage 
of cash facing the country's companies 
was a keen concern that might require 
further assistance from the IMF. 

“We have a unique situation with 
foreign commercial banks calling back 
loans on a massive scale,'' he said. “I 
don't know if the money we have will be 
enough; perhaps the IMF can provide a 
solution." 

The IMF has already complained of 
political interference in the implemen- 
tation of the package, and Australia, a 
$1 billion contributor to the rescue, has 
said it would withdraw its portion if the 
Thais failed to follow austerity mea- 
sures. 

“There are so many important groups 
to wony about with an election on the 
horizon,*' said an analyst who asked not 
to be named. “The IMF will be the most 
expendable." He added, “It has not 
happened yet, butChaovaiit might try to 
turn the external situation to political 
advantage by blaming things on the 
IMF." 

While the passing of constitutional 
laws to allow elections was expected to 
cake about six months, the government 
spokesman said the laws for new polls 
would be in place by die end of the 
year. 

“The parliamentary debate and ap- 
proval of (he drafts, with cooperation of 
both the House of Representatives and 
the Senate, should be completed within 
a few weeks" and the government 
would "return the mandate to the 
people," the spokesman said. 

As Thailand's currency and stock 
market plunged, political wrangling has 
halted (he implementation of the finan- 
cial reforms required by the IMF rescue 
plan and put in place in August.' 

The baht has lost more than 35 per- 
cent of its value since it was knocked off 
its doilar-linked peg in July. 

Newspaper editorials throughout die 
region have chided Thailand’s politi- 
cians as “shameful," and several thou- 
sand protesters took to die streets of 
Bangkok this past week to prod Mr. 
Chaovalit to leave. 

Even the army, still an important 
factor in Thai politics, has begun urging 
the prime minister to move quickly to 
save the economy. 

But analysts said Friday they doubted 
the reshuffle would change die coun- 
try's economic prospects. 

“The only thing that could change 
the economy and market sentiment is if 
the new cabinet can implement the res- 
cue package," said Therapong Vachira- 
pong, assistant vice president of Phatra 
Thankit Securities, referring to die bail- 
out. “And there, the new cabinet faces 
the same old problems.” 



Innr Vu^nOTUtaP!* 

Protesters forming a human-chain in P akistani Kashmir on Friday over Indian rule of part of Kashmir. 


BRIEFLY 


t» i • . • t • tt i • ¥1 j a The unpredictabl 

Pakistanis Join Hands m Protest water temperatures 

worse. El Nino ihii 

MUZAFFARABAD, Pakistan — Thousands of 
Pakistanis joined hands for nearly 600 kilometers along 
their country's border with India on Friday to protest 
India's rule over part of Kashmir. 

The lines of slogan-chanting people stretched through 
the congested streets of die Punjab capital of Lahore, 

eastward to the border town ofWagah and north through the 

part of Kashmir held by Pakistan. The territory was divided 
after independence from Britain in 1947. 

The Indian part of Kashmir is the only majority M uslim 
state in the predominately Hindu country. P akistan wants 
Kashmiri s in India to be allowed to vote on whether to stay 
with India or join Is lami c P akistan. 

The Pakistani government fully backed the protest, with 
representatives from die Pakistan Muslim League, thejparty 
of Prime Minister Nawaz Sharif, and most other political 
groups joining in. 

Firing across the border has been common. Pakistani 
shells smashed into an Indian village earli er this month, 
killing 39 people. (AP) 

No Relief in Sight From El Nino 

GENEVA — Experts of the World Meteorological Or- 
ganization said Friday it was “hard to see rain patterns 
being normal'’ in Southeast Asia in the next two to three 
months. 

As forest fires have raged out of control in the region, the 
area has been covered by a blanket of smog, with extensive 
health and economic consequences. 


The unpredictable El Nino effect, resulting from a shift in 
water temperatures in the Pacific Ocean, has made matters 
worse. El Nino this year is likely to be one of the “most 
severe of its kind on record,” said Mike Conghlan, director 
of the organization’s world Hi mare program. 

“The general tendency is for these sort of patterns to 
persist for the next two or three mouths," Mr. Coughlan 
said. 

“These things just don’t go away overnight." 

The phenomenon causes wide-ranging climatic changes 
worldwide and even reverses normal patterns, cansing 
floods in some areas, droughts in others, including South- 
east Asia. (AP) 

Solomons Want a War Cleanup ' 

BRISBANE, Australia — The Solomon Blands want the 
United States and Japan to clean up some of the mess they 
left behind after World War II battles in the Pacific. 

Prime Minister Bartholomew Ulnfa’alu said Friday that 
at least 50 battleships and aircraft camera were rotting on 
the seabed near the historic battle site of Guadalcanal, 
harming fish, coral and other marine life. 

The 1943 Allied landing at Guadalcanal was the start of 
an island-hopping strategy, that brought a strike force to 
Japan’s doorstep at Iwo Jima and Okinawa by 1945. 

Mr. Ulufe'alu said the government raised the issue with 
the Japanese and U.S. governments at recent United Na- 
tions meetings. * 

Solomon Islands, an archipelago northeast of Australia 
in the Coral Sea,* has a population of nearly 400,000. It 
gained independence from Britain in 1978 tut retains the 
British monarch as the titular head of state. (AP) 


Ballot in the Hand, 
Mind on the Terror 

Mood Is Sullen as Algerians Vote 


By Youssef M. Ibrahim 

New York Times Sr nice ■ • 


BIN TALHA, Algeria — Twelve- 



Mobutu Generals Plot Coup, Congo Says 


Reuters 

JOHANNESBURG — Lament Kab- 
ila’s new Congo government is accus- 
ing generals from the former Mobutu 
regime ofplomng a coup to return to 
power in Kinshasa, from the comfort of 
exile in South Africa. 

A South African military official said 
Friday that former Zairian generals had 
met at a British mercenary recruitment 
agency near Johannesburg six days 
earlier to seek help in setting up a “re- 
sistance group” in Mr. Kabila's re- 
named Democratic Republic of Congo. 

The South African said the group of 
five generals was led by a General Nri- 
mbi and included one of the sons of the 
late president, Mobutu Sese Seko, 
whom Mr. Kabila deposed in May. 

“This action is linked to the present 
regrouping ofMobutn’s former soldiers 
and supporters of Mobutu," the official 
said. He said Mobutu loyalists were in 
northwestern Congo. 

"Effective resistance in the Congo 


would be difficult on a wide front," the 
official added, “but with the help of 
foreign military advisers the general se- 
curity situation could be seriously af- 
fected." 

Emmanuel Dungia, Congo's ambas- 
sador, told South African television on 
Thursday feat the generals were plotting 

a GOTO. 

“Tney are preparing here in South 
Africa to overthrow our government," 
he said. 

The South African deputy foreign 
minister, Aziz Pahad, said the presence 
of several of Marshal Mobutu's former 
generals was an issue his government 
had discussed several times wife Kin- 
shasa. 

“We will never tolerate South Af- 
rican territory being used as a base for 
the subversion of other governments," 
Mr. Pahad said in a television inter- 
view. 

Foreign Minister Bizima Karaha of 
Congo made an appeal on a visit to 


South Africa this year for fee generals to 
be deported, saying they were criminals 
who had plundered fee country’s 
wealth. 

Mr. Pahad said he was awaiting the 
results of an investigation into the mat- 
ter, but added: “You can’t deport a 
person simply on a request from another 
government. There has to be the whole 
extradition process." 

Mr. Dungia said feat fee generals 
.were running businesses wife ill-gotten 
money and feat some had been granted 
permanent residence in South Africa. 

In Kinshasa, meanwhile. Bill 
Richardson, fee American envoy to the 
United Nations, arrived on Friday for 
talks with Mr. Kabila on a blocked UN 
investigation into alleged massacres of 
Rwandan Hutu refugees (here. Mr. 
Richardson, who will shuttle around 
Central and East Africa, said before 
leaving for Africa that this was a final 
bid to broker an agreement that would 
enable fee team to start its work. 


watching 

awkward smile sent one message, while 
his pleading eyes sent another. 

“first they shot him here," he said, 
pointing to his own; tiny waist. “Then 
they opened here with a large dagger,” 
the child went on haltingly, drawing his 
hand over his skinny chest- “That’s 
alL” 

But fea t was not alL The killers went 
i nto the house and killed 12 other 
people, including his sister and several 
other children. 

Mohammed Khoujou. lost a brother in 
the massacre in this village 25 kilo- 
meters (15 miles) south of Algiers. He, 
too, remains shaken a month after fee 
killings He said he had voted Thursday 
in the municipal elections being held 
across fee nation, but adHad that he did 
not know why he bothered. 

“I vote, I vote, because it is the thing 
to do," he but his mind was clearly 

not on fee electoral process but on his 
anger. 

“Let everyone know we shall defend 
our honor and our families against these 
animals. They are not militants. They 
are not Muslims. They are not even wild 
boars. They are worse. They should be 

< » rtgrminatftd ” 

The frightened child and fee sullen 
voter are two voices from a traumatized 
Algeria locked into a cycle of attacks by 
militant* and rep risals by government 
soldiers fear have taken an estimated 
60,000 lives over fee last five years. 

On Sept 22, fee night that left its 
mark on both their lives, dozens of 
members of fee Armed Islamic Group 
descended on this village of 8,000, 
armed wife bombs, hunting guns, 
swords and long knives. 

Houses, cars and even trees were 
incinerated, and when tire mayhem 
ended at dawn, at least 400 people were 
dead. 

Massacres like this one began in 
1992, when fee military-led govern- 
ment canceled elections after Muslim 
fundamentalists appeared poised to win. 
The election on Thursday, the fourth in 
Algeria in two years, promised to do 
little to stem fee tenor. 

[In results announced Friday, fee 
party of fee president’s supporters took 
most seats on town councils and. in 
provincial assemblies, Rentas report- 
ed Several legal opposition parties pro- 
tested, asserting feat the results declared 
by the interior minister were fraudu- 
lent 

-[Butfee outcome of feetelections had 
been widely expected, ft reflected fee 
dominance of the National Democratic 
Rally in parliamentary elections in June, 
just two months after fee parly was 
formed by President Liamine Zeroual’s 
main political backers.] 

When Algeria held its first multiparty 
elections in 1992, voters in Bin Talha 
and in nearby Rais arid Sidi Moossaall 
— like those in much of Algeria — gave 
their backing to the Islamic Salvation 
Front, fee umbrella organization of fun- 
damentalist groups. Their votes then 
reflected an impatience with decades of 
military rule. ' 

Security officials concede feat people 
in Bin Talha also gave money and lo- 
gistical support to the militants, who had 
promised to distribute wealth more 
fairly than the government. 

But as fee killings increased 
maritally in cruelty and scale, espe- 
cially in fee last two years, the people of 


♦ 


these three towns experienced some of 
fee worst massacres, earning this area 
south of the capital fee name “Triangle 
of Death." 

' The violence increased as the fun- 
riamentalist movement fractured; The ■ 
Islamic Salvation Front disintegrated, 
reducing fee Armed Islamic Grom) to a 
loose organization of roving bands feat 
diplomats say include a substantial 
number of outlaws with little or no 
commitment to Islam. ' 

In reaction to fee killings, people 
began to refuse to pay taxes to the 
muitants hiding in the mountain Tanges 
around these towns. 

Now, although villagers say they are 
disillusioned with the government, fee. 
massacres have shattered any enthu- 
siasm they had for fee fundamentalists. ■ 

In these villages and across the coun- 
try, a fatigue of referendums also has set 
in. 

“ft is difficult to call these elec- 
tions," said Samir Boualrir,. national 
secretary for fee Front of Socialist 
Forces, an opposition party feat was 
expected to get about 5 percent of the 
vote. 

“We live between two t e no r s : one of 
the armed groups and the other the vi- 
olent response of fee state." 

It is a fact of life feat every day and 
every night, somewhere in Algeria, 
there are killings, conducted openly. 

And every night teenage girls are 
abducted. People in Bin Talha believe 
they are used as sex slaves and then 
killed. 

In fee neighboring village of Rais, 35 
girls are missing after a massacre Aug. 
28, according to several villagers. 

Belcacem Sheikh. 62, a reared mech- ■ 
anic, said the attack in Bin Thalha had 
changed the village indelibly. 

“Now we have formed our self-de- - 
fense group. These people came in the 
middle of the night. They sneaked into 
this town. They took my 17-year-old' 
niece. They will never be able to do that " 
again." 


Mugabe Advances 
Plan to Seize Farms ^ 

Reuters 

EDINBURGH — President Robert 
Mugabe of Zimbabwe said Friday feat ' 
he expected negotiations wife Britain 
“to be all finished by the end of the 
year" on his plan to seize white-owned 
commercial farms to resettle landless | 
peasants. j 

Mr. Mugabe said at the CommoiK 
wealth summit meeting that he would 
not pay fdr the land, which was seized 
by British settlers more than 100 years 
ago, and he has instead urged the white 
fanners to approach Britain for com- 
pensation. 

“The settlers did not buy this land; 
they forcibly acquired it," he said. 

“We want 5 million hectares, which 
is just ova half fee land occupied by the 
farms. Everyone who has been to Zim- 
babwe knows these farmers have too 
much land." 

Mr. Mugabe has in the past 
threatened to seize white-owned com- 
mercial farms forcibly but has so far ^ 
desisted from doing so. flf 

His government has earmarked vast 
tracts of property under a 1992 law that ' 
gives it die power to expropriate the 
land. 

The government says it has only 
settled around 60,000 families out of an ’ * 
initial target of more than 152,000 be- 
cause it has no money to buy land. 


«K: <■ 


Iwo 


W M: * 


U. 


John Whitney Hall, Historian 
Of Pre-Modern Japan, Dies 


SOUND LOGIC By wai shorn 


By Janny Scott 

New York Tunes Service 


John Whitney Hall, 81, a pioneer in 
fee field of Japanese studies and one of 
the most respected historians of Japan of 
his generation, feed Tuesday at his 
home in Tucson, Arizona, or Parkin- 
son’s disease, his wife Robin said. 

An authority on pre-modem Japan, 
Mr. Hail helped transform fee 'way 
Western scholars viewed the period im- 
mediately preceding Japan’s modern- 
ization as well as the thousand years 
before that. 

He also was something of an aca- 
demic entrepreneur, building up die 
fledgling field of Japanese studies m the 
years after World War n and serving as 
a bridge between historians in Japan and 
those in fee West. 

As a professor at fee University of 
Michigan and later at Yale University, 
he trained many of fee top scholars in 
Japanese histtxy now wonting in aca- 
demic programs across the country that 
Mr. Hall helped make posable. 

“What I think guys like Hall tried to 
do was de-exotic ize fee study of Ja- 
pan," said Harry Haroo toman, a pro- 
fessor of history and director of East 


Asian studies at New York University 
and a forma student of Mr. Hall. 

The only son of two Congregational 
missionaries. Mr. Hall was bom in 
Kyoto in 1916 and lived in Japan until 
be was a teenager. He then attended 
Phillips Andover Academy and Am- 
herst College, where he majored in 
American studies. 

Mr. Hall was awarded the Order of 
the Sacred Treasure, one of Japan’s 
highest decorations. 

Bert Haanstra, Fflm Maker 
Who Won Oscar, Dies at 81 
AMSTERDAM, Netherlands (AP) 
— Bert Haanstra, 81, the first Dutch 
film director to win an Oscar, died 
Thursday after a long illness, Dutch 
media repotted Friday. 

His affectionate and amusing docu- 
mentaries and feature films about post- 
World War II Dutch society won him 
critical acclaim around the world, in- 
cluding fee 1960 Academy Award far 
best smut film for his 10-minute docu- 
mentary “Glas.” • 

He also won a prestigious Grand Prix 
award at fee Cannes film festival for his 
1950 work “Spiegel van Holland” 
(Mirror of Holland). 


Acaoss 
1 Split 
7 Skiing type 

13 Pressing 
machines 

20 Closer to base? 

21 See 60- Across 

22 Impale 

23 Start ofavem 

26 Azerbaijani 
neighbor 

27 Missouri feeder 

28 Sail, perhaps 

29 Fa xe d 

36 Land in Generis 

32 European fruit 
tree 

34 Leases 

36 River inlet 

36 Jack in caters 

41 AflLsucbas 
Ness 

43 &C. Judean 
king 

47 Pan of AD. 

48 Soumfing 
startled 

52 Po w er proMm 

55 Old record label 

56 Part 2 of the 


88 Part 3 of the 


64 Afore 

95 It's often 
underfoot 

96 Stopped lying- 

97 Ait Deco 
notable 

1 queen 


24 Expre ssi o n of 
respect 

25 Coward 

31 KmeHaraJd’s 


100 Dickers giri 
102 Kedicaze- 
eiigible, maybe 
104 Draft org. 

16S Nehthborof 


S3 Student body 
pres, eg. 

35 LLKojak 

36 Grower . 

37 Private 

38 Like some of fee 
early English 

46 Pater Weiss 
dr&im 


ANTIQUE FAIR 

From October 29 to November 2. 1997 

FAYENCE - VAR 

Prove I ICC 

Exit Ilia’ll'' ;t> AS. Los Ad rets V '39 
Tel: + ;.? (0)~i )~t ~0 H U 


Move to End Whaling Deadlock 

Reuters 

MONACO — The International Whaling Commission 
gave Ireland its approval Friday to draft a plan to break years 
of deadlock between whalers and their opponents in fee 
organization. 

The commission's member states underscored their 
guarded support for an initiative by Michael Canny, fee Irish 
Whaling Commissioner and fee international body's deputy 
chairman, by electing him chairman at fee annual meeting 

Mr. Canny’s proposal would lift a 1982 moratorium on 
commercial whaling, but limit the hunting to coastal areas and 
only fa local consumption or aboriginal subsistence nrrd s. it 
would also ban whaling on the high seas,, which is hard to 
monitor, and the killing of whales for research. 


60 Wkh2t-Across, 
ui 1861 Btenry 
hero 

61 Kind of sax 

62 Route 
63- — ft 

Romantic?’ 

64 Changes a Life 
sentence? 
65&A.B*rKK > « 
group 
66 Tag 
66 Soddeniy 
shrinks ■ 

76 Costa dd Sol 
seeboo 

73 Launch of 
7/10162 

77 Faber'S "Gant* 
ranch 

7B Caravan maker 

81 BassoTaja 

82 Yours, in Yoone 
8S Mrs, David 

Copper Add 
87 Mooth after 
?6san 

58 What options 
hart 


108 

11! Burden of proof 
113 Stand in 
ceremon y ? 

116 Verdant 
118 Head lock 
120 Gearing 
124 End of the verse 

128 Kind of counter 

129 Dogear mark 

130 Cnstodhm. 
colloquially 

131 Custody 

132 Impaired 

133 NeverencBng, 
once 

DOWN ■ 

.1 pW (ballet 

mov emen t ) 

2 Actor- 
songwriter 
NtmOo 

3 Start ofa cheer 

4 Kristen on 
“Ryan’s Hope' 

5 Mock 

6 Goof 

7 LoweD andTan 

8 Malayans 
monks 

9 Rigti rival 

16 Book extra 

11 Fiash 

12 Lasse creator 
Knight 

13 Slalom damp 
PhB 

14 Cinereous 
16 -^- Point 

MdL 

17 In play 

18 Badiellert 

. •^—Holden” 

15 Spanish 
unualist 


42 ‘The Clan of the 
Cave Bear- 
author 

44 R otati on s, in 


45 Awaited sign 

4fl Tabloid talk 

48 Handel's 
’Messiah,' e* 

50 Drag 

51 Artar source 

53 Related on the 
fefeer'ffgide 

54 Diving bird 

57 Actor Davis 

58 Wandering 

58 OkMasbioned 
cooker 

65 fantert 
Tandy 

67 Name me aniiMi 
*% Cod is he* 

69 Burdened 

71 Smwswod 
instability 

72 'Battleetar 
Gafacdca- 
command er 

w Somedbureh 
figKtag* 

75 Advisories 

76 Media executive 
Steven and 
others 

78 Incendiary 
Sinaer 

80 Actress Scacdri 

82 Yememcqntal 

83 Geometric sofids 

84 Muffin topper 

86 Equipped 

90 One in a heat 

91 LBteeiven 

62 1931 Dracida 

portrayer 

93 Receptive 



k555? 




Sotatton to Puzzle of Oct 18-19 


H7 Mg* gw. 


99 Miter 

SSL**,* 

a park 121 Say if* so 

106 SogearaYoric 122 "After Dvk,lty 

107 The Caine 
Mutiny" captain • 

109 Father of Paris 123 Highland tongue 

110 Brains “5 Christina's 

112 Iodine tattler 

113 Gumshoe 128 

114 Avis p«r sytiaUe 

115 Latin pronoun 127 Literary iaks. 



4 





! **s 


v ^ 

'.'.in ... . 

*?-: i - ;. 

' ‘ V-. - • 


Sirsi 


*'V- - 


«Va. 


r rr ■• 


■'V - lf 

■f. :••<• 


rj: 


.Tj- 

'l , * • 






Js >? 




PAGES 


STOCKS; Hong Kong’s Rebound Real? 


Continued from Page 1 

'A Tate of 12 percent n™, have 2 lot to 8*“ &> m China’s tougl 

7 months, up from 9.5-nwv-L,* ne5tl L SK defense of the currency. Although they 
The Question unrestrained by capital controls, de- 


The ordinary people of_Hong Konj 
have a lot to gain from 


The question . . 

Hong Kong and on^ ^ P 031 * 01 * have been keeping nearly 60 

currenev hnm K ;i mainland is. If the percent of their cash holdings in local 


currency turmoil petC£at 0 

will Hong Kong’s lo “ g CmT “py- 

fluential citizens 4 W Z 80 far ’ lhere ^ bee* 1 n0 ™° on *e 

punishing high rates banks **** “ reaction to specnlative 

and break the nearly totaf 0ft * e Hon 8 Koo S dollar . but any 

* “wny total solidaniv «n n»^n« 


and break the nearly treat “ on “ c non « "-“S aouai 

support of the cS c ^ a f Udan!y “ ™j" reacoonmsy be delayed 
There is a ln» « . * e “ajonty of local .currency rests m 


because 


There is a lot at V B ' _ the majority of local .currency rests m 
world’s richest tvJS? °I tfac time deposits,and some banks on Thurs- 

104 percent maK? ^ Thor sday’s day canceled the policy of allowing early 
wne5^^. p, ^ e ’ a ^ ldi “i withdrawals .upon payment of a pen- 

millioa ^ C00n ^ Ka-shing lost $775 in the meantime, with interest rates 

• The three kwh j. . far deposits having risen, too, “the 

trol the giant who c 5 >n ~ h 31 ^ wc ’ re talking to tell us that there is 

Hung Kaflost fiS^S[|- < * eve * 0 P 8r $ Un 3 change taking place” out of call ac- 
X dS, L ^ counte and into Hong Kong dollar time 

named bv^^^n!^ 011 - ^bau-kee, deposits, said Clive McDonnel, econ- 

worid’s ninth rirhS 321 * 16 *5 ^ ^ omisl 31 SocGea-Crosby Securities, 
place in iust six to 35th Tbose fi S ures wfl «* be confirmed 

P Michael Tavln? ^ ®f^ding. until official deposit figures are released 

^ or » 30 economist at In- by the government at die 'end of die 


dosuezWICanr.said the main difference 

4 between the way China views Hong 
| Kong and the way Britain did was that 
Britain s main concern was the stability 
of the property market 
Now ; analysts say property prices 
could drop by as much as. 30 percent 
because of the increase in interest rates 


month. 

■ Can Recovery Come Quickly? 

Whether Asia experiences die V- 
shaped decline and recovery that in- 
vestors saw in Mexico two years ago, or 
longer, drawn-out recovery like that 


a . 

pu- — : — . — -*-««ww«wi. experienced in Japan in recent years, 

•Sc f«r a uJ? P ?° nXy ' ^ TayIor ****** depends on who steps forward to help the 
-JfJ ’,? r Kong to act as the in- Asian countries ana how willing the trou- 

J!f^ lcta } 03 center for bled countries are to make often-painful 


— iur 

China, and for this they need a plausible 
and convertible currency.” 

“If to get this you have to do it over 
the dead body of the property sector, 
then if you ’reZhu Rongji, you ’re willing 
to pay the price,” he said. Mr. Zhu is 
China’s deputy prime minister in charge 
of economic policy. 

But what if someone, such as Mr. Li, . 
objects to further millions of dollars of 
his wealth being wiped out? 

“China has got plenty of ways to 
reward Li Ka-shmg 10 years down the 
road,” Mr. Taylor said. 


economic adjustments. The New York 


Times reported, quoting economists. 
Not all Asian: ' — 


Asian markets fell apart Thurs- 
day, and some managers foresee that the 
long-lasting effect of the currency prob- 
lems there will be to make products from 
Asian countries more competitive. 

Stock prices rose in Taiwan, for ex- 
ample, and one lug industry there — 
makers of semiconductor manufacturing 
equipment — could find that Asian cur- 
rency declines have made their products 
more attractively priced relative to those 
of American and Japanese competitors. 



YASSIN: Hamas Firebrand Tastes Freedom 


Continued from Page 1 


years. “Ho. ho. ho. a very good ques- 
tion,” he said. “In prison, 1 was com- 
fortable and at peace, reading, mem- 
orizing the Koran. It was a very 
spiritual life, praying and worshipping 
God without any disturbances, and 
reading any book I wanted to. Now 1 
have no time to pray. I make a great 
effort every day. 1 sit 1 2 hours like this, 
until my feet become swollen. Yes. you 
can say I miss it. even though I was 
there unjustly.” 

Sheikh Yassin was released from 
prison on Oct. 1 in exchange for two 
Israeli agents who were caught in Jordan 
Dying io assassinate 
a Hamas official 
Since his return to 
Gaza, the sheikh’s 
ambivalent combin- 
ation of strident calls 
for “holy war” and 
conciliatory signals 

to Mr. Arafat and 

even to Israel have so far given no clear 
indication of his intentions. 

The sheikh said early this month that 
Hamas was prepared to call a truce if 
Israel withdrew from the West Bank 
and removed settlements there, and he 
said that “Islam allows a truce but not a 
permanent reconciliation.” 

Though the conditions were com- 
pletely unacceptable to Israel, the talk 
of a truce, and the signals to Mr. Arafat, 
have raised hopes that Sheikh Yassin 


The Israelis are 
choking the Palestin- 
ian people. This is 
slow murder.’ 


“aggression.” are viewed as the boil- 
erplate of his movement. What he has 
made dear, through his audiences and 
appearances, is that despite his frailty, 
he has no intention of being relegated to 
the role of a revered icon, and that if his 
health holds, he could prove a for- 
midable and cagey political force. 

Thai has focused the sharpest at- 
tention among Palestinians, at feast, on 
the sheikh's cautious maneuvering 
with tiie Palestinian Authority. It is 
there that Sheikh Yassin could do the 
greatest damage, if be openly chal- 
lenged Mr. Arafat, and there that he 
could play a moderating role by al- 
lowing Mr. Arafat to negotiate with 
Israel without oppo- 
sition from Hamas, 
and above all with- 
out further suicide 
bombings. 

In the interview, 
Sheikh Yassin de- 
clared that he had 
not altered his cat- 
egorical rejection of the Oslo agree- 
ments that Mr. Arafat signed, and that 
he was demanding the release of Hamas 
prisoners held by the Authority. But he 
also disclosed a keen appreciation of 
Mr. Arafat’s dependence on Hamas, 
not only for internal support, but also as 
a potential card to play against Israel. 

“The presence of Hamas is a pres- 
sure card in the hands of the Palestinian 
Authority against Israel,” he said. 


’What else does the Authority have? 
might put his weight behind leaders of -What other paper does the Palestinian 


si.'. 

tend Sitvmui/Rcaa. 


Hundreds of Israelis protested Friday in Jerusalem, angered by Prime 
Minister Benjamin Netanyahu's comment to a leading rabbi, which was 
picked up by an open microphone, that leftist Jews were not good Jews. 


Hamas who are believed to prefer a 
working relationship with the Pales- 
tinian Authority to a conflict in which 
Hamas’s elaborate social network 
would be destroyed. 

In Gaza, many of Sheikh Yassin's 
militant anti-Israeli statements, includ- 
ing a defense of suicide bombings 
(“martyr operations” in the parlance of 
Hamas) as self-defense against Israeli 


Authority hold to pul pressure on Israel 
to get any concessions? 

“The Palestinian Authority lost all 
the cards and has not found any new 
ones, and now the Authority is unable 
to achieve any progress. The presence 
of Hamas is a card in the Authority's 
hand. Hamas as a pressure card is not 
against the Authority, but with it I pray 
to God they understand this.” 


RISK: As the Financial Quake in Asia Rattles Tea Cups in the West, a Maxim of Shared Prosperity Will Be Tested SUMMIT: 

Appeal by Clinton 


Continued from Page 1 


IllVlJU'A 

\ j;i |j™ 


4 


But in Asia there is no such simplicity. 
Thailand suffers from a banking system 
built on a house of cards and a properly 
market gone wild; Malaysia from trade 
and investment deficits; Indonesia from 
corruption and dubious accounting. 

And none of the quick fixes and aus- 
terity measures attempted over a long, 
hot summer of currency runs has suc- 
ceeded in re-establishing confidence. 

Now the turbulence has hit Hong 
Kong, the well-regulated, British-de- 
signed center of commerce that the rest 
of Asia had been told to emulate. 

It is Hong Kong’s crisis that has 
alarmed the Clinton administration as it. 
finds itself struggling to douse the few 
flames that jumped the Pacific on Thurs- 
day, sending Wall Street stocks down 


more than 2 percent, and that drove 
declines in many European markets of 3 
percent or more. But U.S. officials 
seemed to deride that anything they 
might say would only malm a bad situ- 
ation worse. 

Nonetheless, these officials are trying 
to think through a range of short- and 
long-term implications of the Asian 
markets’ plunge. 

The most obvious is the effect on 
exports. The first casualties of the Asian 
crisis were, the scores of canceled or 
delayed major public works projects, 
from dams and bridges in Ind onesia to a 
desperately needed light-rail project in 
Bangkok to many elements of Prime 

Minis ter Mahathir bin Moh amad ’s am- 


bitious plan to turn Malaysia into the 
Vall< 


Silicon Valley of Southeast Asia. 

U.S. technology underlies many of 


those projects, and over the next few 
months, major companies could be scal- 
ing back their profit estimates as some 
major sales linked to these projects evap- 
orate. That alone would not be so wor- 
risome. But with Japan still in recession 
and Europe crawling its way out of 
double-digit unemployment, those proj- 
ects were among the hottest prospects in 
the world’s economy. 

Perhaps the bigger political risk in 
Washington is that the U.S. trade deficit 
with Asian countries is almost certain to 
rise sharply. Not only are Asian con- 
sumers becoming more frugal but the 
currency devaluations in the region are 
making Asian goods a lot cheaper. That is 
bound to cause a revival of trade-related 
political tensions in America, especially 
tf the widening trade gap is combined 
with a slowing U.S. economy. 


Thus, the biggest probable impact of 
Asia's problems ou the United States 
seems to be the political one. Underlying 
the Clinton administration's drive to in- 
crease economic engagement with Asia 
was a sense that U.S. influence through 
the region had been in decline. Wash- 
ington’s reaction so far has done nothing 
to reverse that view. 

“There were a lot of Asians won- 
dering why the Americans sat out during 
the emergency package for Thailand,” 
said Fred Bergsten, president of the In- 
stitute for International Economics in 
Washington and a central figure in the 
first meetings that brought together heads 
of state from the nations that make up the 
Asia Pacific Economic Cooperation for- 
um, or APEC. ‘ ‘In their view, it is another 
test of Washington’s commitment.” 

Thursday, the U.S. representative to 


APEC. John Wolf, seemingly took note of 
Asians’ ambivalent feelings when he told 
reporters: “Some are saying the United 
Sates and developed countries actually 
welcome the financ ial crisis now hap- 
pening. Nothing could be more wrong.” 

But whether they are suspicious of the 
U.S. reaction or not, Asians are bound to 
be more cautious about opening their 
markets. 

Many leaders in the region say it was 
the moves they had already made toward 
openness, and the pressures to allow in 
even more foreign competition, that in- 
creased the volatility of their currencies. 

While few subscribe to Mr. Ma- 
hathir’s assertions about a conspiracy of 
Jews or evil currency speculators, many 
say they share his suspicion that the 
West is perfectly happy to see the 
Asians, tigers and others, declawed. 


Continued from Page 1 


MUSEUM: Closing the Bifo'ks dh a’Shririe 


Continued from Page 1 


healthy man,” he says, describing how 
the reference books he consulted con- 
vinced him that he was suffering, for a 


start, from cholera, diphtheria, St Vz- 
' lioid. “I 


tus’s Dance and typhoid. ”1 crawled out 
a decrepit wreck.” 

The Round Reading Room was built 
in. 1857 when space in the existing li- 
brary looked sure to run out. 

Sir Anthony Panizzi, the library’s 
^Keeper of Primed Books, and Sydney 
■ - Smirke, the British Museum's architect, 
decided to solve die problem by building 
a soaring dome, 160 feet (49 meters) 
high at die apex, over the museum's 
central courtyard, at a final cost of 
$240,000. 

The dome is supported by 20 cast-non 
girders enclosed m concrete; the girders 
are traced in gold leaf on the sky-blue 
ceiling. . . , 

As much as the architecture, it is the 
readers — the 60,000 or so people who 
possess the coveted passes to the Round 
Reading Room and the library’s other 
reading rooms across London — who 
give the room its well-worn and rather 



«v greater than 

Passes are hard to come by and jeal- 
ously held. Readers must prove that they 
are working on legitimate research proj- 
ects and that they cannot get the ma- 
terials they need anywhere else. 

“Everyone is so sad at its closing, 
said Helene Roberts, the former curator 
of visual collections at the Fogg Mu- 
seum in Boston, who was visiting the 

library. . , 

Like many longtime readers, ms. 
Roberts has mixed feelings about the 
new library, a huge red-brick structure 


near Sl Pancras Station. The new li- 
brary, which is to open next month, 10 
years late and wildly over budget, has 
already met its fair share of disapproval 

— Prince Charles, no lover of modem 
architecture, called it a “dim collection 
of brick sheds groping for significance” 

— and Ms. Roberts worries that it will 
not begin to replicate the musty appeal of 
the current spot. ... 

“I realize die necessity of getting new 
Locations and new stack areas, but 
there’s something sad and nostalgic 
about all this,” she said. 

Many library - officials are thrilled 
with die new building, in which the 
ament card catalogue — a series of 
heavy, dusty volumes in which pasted -in 
slips of paper give details of each book 

— will be replaced by a computerized 
System. 

It will have electricity outlets at each 
rtesfr, fix' people to plug in their com- 
puters, and telephone jacks. The library 
plans to connect to the Internet. 

Instead of die old pneumatic-tube sys- 
tem, books will be retrieved using an 
automatic system run by computer. 

‘The new humanities reading room, 
which soars up two stories, is inspir- 
ational, too.” said Mike Crump, director 
of the reader services and collection 
development fix die library. “And as a 
provider of services, it’s fabulous.” 

For many longtime readers, and long- 
time employees, the last week has been a 
time for reminiscence. 

Even as the shelves are being stripped 
of the 12 million books the library holds, 
readers who have not visited in years 
have been flocking to see the re a d in g 
room one last time, sharing stories of the 
old days. 

Mr. Bradbury, the critic and novelist, 
began working m the reading room in the 



pathy with many of these critics. But 
after accusing President George Bush in 
the 1992 campaign of "coddling" 
Beijing, he reversed course after dis- 
covering that the Chinese did not re- 
spond to confrontational tactics. While 
Mr. Clinton’s policy has strong support 
among big business and elite" foreign- 
policy circles, administration officials 
say he must now make the same case to a 
broader public. 

If he does not succeed, officials said, a 
summit meeting that Mr. Clinton hopes 
will officially end the eight-year chill in 
relations that began after the massacre of 
student opposition forces near Tianan- 
men Square could end up instead in- 
creasing the suspicion many Americans 
hold toward a nation that contains one- 
quarter of Earth ’s population. 

Mr. Clinton's goal in the meeting, 
according to the White House national 
security adviser. Samuel Berger, is a 
“better sense among the American 
people as to why engagement with China 
is a pragmatic way of proceeding.” 

“It doesn’t mean we embrace China, 
doesn’t mean that we agree with 
everything that they do — in tact, to the 
contrary.” Mr. Berger said. "But we 
cannot isolate China; we can only isolate 
ourselves from China." 


In briefings this past week, admin- 


istration officials stressed, and inde- 


pendent analysts largely agreed, that the 
fact the state visit is taking place 


1950s, when he was researching T.S. Eli- 
ot. Mr. Eliot himself sponsored his ap- 
plication. “That was rather grand," Mr. 
Bradbury said proudly in an interview. 

Soon, he began exchanging books in a 
not-so- innocent way with a youthful 
journalist named Jean Rook (their re- 
lationship ended when she got a job on a 
newspaper and he got a Fulbright 
grant). 

Mr. Drolet, the professor, described in 


an interview how the reading room was a 
kind of subculture, with its own bizarre- 
ly dressed eccentrics in strange dress 
who did things like shave and chase 
interlopers away from their desks. 

One would-be Lothario, inspired by 
the room's reputation as an academic 
singles bar, constantly tried his pick-up 
lines on new researchers, preferably 
young and Italian ones. 

“He would say, ‘Can I show you how 


to use the catalogue?’ ” Mr. Drolet said. 
And Scon Lewis, who has been using the. 
library to edit the letters of Robert and 
Elizabeth Barrett Browning for the last 
1 1 years (14 volumes completed; 26 to 
go), described how, feeling wistful on 
Thursday evening, he stayed at the li- 
brary until it closed at 9 PJvL 


“I made a point of staying until the 
very end,” he said, rather sadly. “In ii 


ly. "in its 
nightclothes, it was really beautiful.” 


HOUSTON: A Bit Chastened, It Declares Victory Over the Debacle of the ’80s Oil Bust 



K luses across me anmuj. . 

ut much as Southern California 

began to prosper again by 

rifffi»nsf»-related industries, 


began to prosper again oy “ 

Stance on defense-related 


Houston's revival has oren » 

saWMSHs 


f. 




■» 


abandoning, me on 

given it its rough-and-mmbte. Wild 
West character. It a!s° embrace a ptal 
sophy seldom associated with thus city s 
financial doings; careful and a little con- 


But it was die discovery of oil in 1901 
ai Spindletop, the legendary gusher near 
Beaumont, that shaped the modem 
Houston. By the 1920s, 40oil companies 
were doing business in -die city. After 
that, except for. a blip during the energy 
crisis of 1973, the good times roiled, 
peaking in the late 1970s. 

Houston today has an economy the 
size of Hong Kong in a metropolitan area 
the size of Massachusetts. Five hundred 
thousand new jobs, or double die num- 
ber that vanished during the oil crisis, 
have been created in little more than a 

decade. . . . . 

About 53,000 new businesses started 




1WJ1WMU 

TnU^e oil crisis H^^never 

ally t*« *“2un. b H5. /£ 


really been aown. « ^ “7S« Au _ 

ofHous<on"-teuaed.ft S n*«« inr 



5“ 


1 4 


ii?**’ 


tain, to become ™ » did be- 

the Texas countryside. 


eludes the Chamber of Commerce. And 
the number of millionaires, that handy 
symbol of wealth, has doubled here in 
the last two - years to 81,141 house- 
Jim Kollaer, president of the part- 
nership, attributes the rapid comeback to 
several factors. Costs were dirt-cheap 
here after the bust, making Houston an 
attractive place to locate a business; it is 


still among the least expensive of major 
American cities. The oil industry, forced 
to pare down, became more efficient, 
increasing productivity by 25 percent, 
and Houston still reigns as the world's 
energy capital (although oil, selling at 
about $22 a barrel now, makes up 62 
percent of the economy rather than the 
82 percent of 1982). 

At the same time, other long-term 
staples, the medical and aerospace in- 
dustries, have flourished, the computer 
business has come on strong and the city 
has come into its own as an international 
trade center. 

Its port is the nation's second largest 
in foreign tonnage, and one of three jobs 
is now tied to international business. 
Home to 100 nationalities, Houston is 
ethnically diverse — 27 percent His- 
panic. 27 percent black, 4 percent Asian 
and other, and die remainder, white. But, 
unlike Dallas, it has so far managed to 
evolve without much racial strife. 

Mayra* Bob Lanier, in office for six 
years, is credited by many here with 
creating a business-friendly environ- 
ment and treating the city as if it were 
one of his real-estate developments. 


That means be has paid dose attention 
to what be calls “infrastructure,” meth- 
odically cleaning up and refurbishing 85 
neighborhoods and a third of the city's 
parks, repaving 615 miles of road a year 
and adhering to a policy that every 
pothole in the city must be repaired and 
every bit of graffiti erased within 48 
hours. 

In the once-seedy downtown area 
alone, $1 billion worth of construction is 
under way. Involving a mix of private 
and public funds, on a new performing 
aits center, a hotel and convention cen- 
ter, a ballpark and a county jail. 

During Mr. Lanier’s tenure. 1,300 
new police officers have been hired, and 
major crime has gone down, with the 
murder rate cut in half. 

, Is it all too good to be mie? Probably 
not. many economists say. Unlike pre- 
vious oil-dominated times, when Hous- 
ton and Texas did well but the national 
economy suffered, or vice versa, all 
three are now pretty much in sync. 

But to survive, Texas and Houston 
had to do something many here lament: 
become more like the rest of the coun- 


try. 


Kennedy Jr. in Cuba 
In a Historic Week 


Reuters 

HAVANA — John F. Kennedy 
Jr. was visiting Cuba on Friday on a 
private trip that coincided with the 
35th anniversary of the Cuban mis- 
sile crisis, a dramatic period in his 
father’s presidency. 

Sources at a hotel in Havana said 
that Mr. Kennedy was staying there 
but declined to give details of his 
visiL 

He left the hotel by a back en- 
trance Friday, apparently wanting to 
avoid foreign journalists waiting at 
the front entrance, the sources 
said. 

There was speculation in Havana 
that Mr. Kennedy, editor of the 

g jlitical magazine George, was in 
uba to seek an interview with Pres- 
ident Fidel Castro. 

Thirty-five years ago this week, 
the world feared nuclear war as the 
Cold War flared over the deploy- 
ment of Soviet nuclear missiles in 
Cuba. 


taking place may be 
more important than any substantive 
agreements that emerge from it. 

Mr. Clinton and Mr. Jiang will meet 
once in a working session for only 90 
minutes. Despiie the White House effort 
to lower expectations, administration of- 
ficials are in the midst of frenetic, last- 
minute negotiations in Beijing to assure 
that some concrete gains emerge. The 
most likely prospect. U.S. officials said, 
is a pledge by Beijing to limit expons of 
nuclear equipment 'and technology to 
* states such as Iran, enabling Mr. Clinton 
to authorize sales of U.S.-made nuclear 
reactors to China. 

Also in the works is an agreement to 
expand U.S. -China military coopera- 
tion. 

The Chinese have refused a U.S. pro- 
posal for joint field exercises, officials 
said, but seem close to accepting a plan 
for smaller-scale cooperation, such as 
“table-top” war games not involving 
actual troops or equipment. 

But administration officials this week 
have said they did not expea any gains 
on human rights, although they re- 
mained hopeful that Mr. Jiang would 
order the release of prominent dissi- 
dents. While they once hoped to make 
some incremental gains in negotiations 
for China's accession to the World Trade 
Organization, the issue is now mostly off 
the table. 

“It’s agonizing dealing with these 
people,” said one administration offi- 
cial frustrated by the glacial pace of 
presummit negotiations with Beijing. 

Although Mr. Clinton hopes to develop 
a personal bond with Mr. Jiang, the White 
House is more concerned about how the 
Chinese leader reveals himself in public 
than in his private sessions with Mr. Clin- 
ton. Mr. Jiang's visit has prompted crit- 
icism of China from right and left. 

In Congress, there are more than four 
dozen pieces of legislation that would 
denounce China or impose sanctions. 

And when Mr. Clinton and Mr. Jiang 
meet on Wednesday, there will be hu- 
man-rights protesters gathered on La- 
fayette Square. Similar protests are ex- 
pected at virtually every stop he makes. 
White House officials are hoping Mr. 
Jiang will nor encourage protesters with 
an impolitic statement at a joint news 
conference with Mr. Clinton or at other 
appearances. 

But some aides said they were nor 
encouraged by a briefing given Wed- 
nesday by the Chinese Embassy spokes- 
man. Yu Shuning. Asked about China’s 
repression of Tibet and political dis- 
senrera, Mr. Yu said crisply that these 
were * internal matters.” 


If 








t *.-. . 


' r 







Heralb 


INTERNATIONAL 



tribune. 


PUBLISHED wmi TUE MEW VOML TIMES AND THE WASHINGTON POST 


Jiang’s Chance 


As Jiang Zemin navels across the 
United States this coming week, be 
cannot expect the enthusiastic recep- 
tion that greeted the last Chinese leader 
to make such a public passage through 
America. When Deng Xiaoping barn- 
stormed through Washington, Hous- 
ton, Atlanta and Seattle in early 1979, 
it was just months after Washington 
had established full diplomatic rela- 
tions with Beijing for the first time 
since 1949, and the mood was one of 
almost euphoric cariosity. Mr. Dent’s 
easy spontaneity, identification with 
market reform and pithy comments 
charmed American audiences. 

But Beijing’s 1989 military assault 
on democracy demonstrators in 
Tiananmen Square reopened Ameri- 
can eyes to the dark side of Chinese 
Communist rule. Memories of Tianan- 
men and Beijing's continued suppres- 
sion of political dissent guarantee that 
Mr. Jiang will face more critical scru- 
tiny, as he should. But the near-cer- 
tainty of human rights protests when he 
. visits Washington, Philadelphia’s In- 
dependence Hall, Harvard University. 
New York and Los Angeles does not 
preclude a useful visit. 

If Mr. Jiang achieves the kind of 
rapport with President Bill Clinton that 
has so for eluded him, makes com- 
mitments to end China's nuclear and 
missile cooperation with Iran and 
leaves with a better understanding of 
how strongly Americans feel about 
human rights and religious freedom, 
the summit meeting will have achieved 
a minimal success. 

Mr. Clinton should also try to re- 
assure Mr. Jiang that recent moves by 
* Washington and Japan to strengthen 
. their security ties are not aimed at 
China. Completing a new agreement 
■ on closer coordination between U.S. 
and Chinese naval forces in the West- 
ern Pacific could reinforce this point 


Mr. Clinton should urge Beijing to 
avoid threats of force against Taiwan. 

The two men will have a chance to 
narrow their differences over terms for 
China’s entry into the World Trade 
Organization. Washington lightly in- 
sists on lower Chinese tariffs, while 
Beijing wants protection for inefficient 
state industries it has already an- 
nounced plans to sell off. 

Mr. Jiang is unaccustomed to a con- 
tentious environment. His public per- 
sons is stiff and formal, in contrast to 
the unpredictable and sometimes 
earthy Mr. Deng. Mir. Deng was a first- 
gene ration revolutionary fighter who 
spoke his mind in the thick regional 
accent of his native Sichuan. Mr. Jiang, 
who was 23 years old when Mao 
marched into Beijing, was trained in 
the technical and administrative skills 
needed by the new regime. 

During the 1980s he was a cautious 
reformer as mayor and Communist 
Party leader in Shanghai. In June 1989 
he turned shaiply agains t pro-democ- 
racy demonstrations and publications 
there, but without bloodshed. Mr. Deng 
and other senior leaden then summoned 
him to Beijing to become Communist 
Party leader and preside over a relent- 
less crackdown oa advocates of greater 
democracy. He succeeded so thor- 
oughly that the U.S. State Department 
this year concluded that open dissent in 
China has been crushed. 

Now, after consolidating his rule at' 
last month’s Communist Party con- 
gress, Mr. Jiang has a- chance to make 
policy decisions without nervously 
glancing over his shoulders. He would 
be smart to use this trip, which will be 
closely watched back home, to show 
off his ability to work constructively 
with the United States on international 
issues and to lead China into a new era 
of reform. 

— THE NEW YORK TIMES. 


Tackling Climate Change 


With 4 percent of the world’s pop- 
ulation, the United States produces 
more than a quarter of the greenhouse 
gases that threaten to disrupt the globe’s 

- climate in coming decades. If the 
" United Stales does nothing to change 

- the pattern of enagy use that produces 
“ those gases, no othercotmoy is likely to 
“ take steps, either. And if no one alters 
’ the rising trajectory of greenhouse-gas 
' emissions, the consequences — global 

- warming, coastal flooding, more in- 

* tense storms — could be disastrous. 

That, in brief, is the logic behind the 
. proposal President Bill Canton put for- 

* ward Wednesday to reduce U.S. green- 

* house-gas emissions. His proposal 
' arouses skepticism in important re- 
“ spec ts and leaves many big questions 
i ' unanswered. It was immediately at- 

* tacked by some environmentalists, who 
1 said it does not go far enough, and by 

some industrialists and Republican 
leaders, who said it would nave dire 
economic consequences. In fact, it rep- 
resents a fair stan on what is certain to 
be a long-term and complex challenge. 

The legitimate skepticism arises in 
the first instance from a promise Mr. 
Clinton made in a 1993 plan — that the 
United States would get its green- 
house-gas emissions down to 1990 
levels, despite a decade of economic 
„ growth, by the year 2000. In fact, the 
latest projections suggest that U.S. 
emissions will be about 13 percent 

- above that target; they surged by 3.4 
percent last year alone, thanks to cheap 

* fuel and relatively rapid economic 
; growth. Now Mr. Clinton proposes to 

* get the United States back to that 1990 

- level by sometime between 2008 and 
! 2012, with further reductions to fol- 
low. Moreover, he proposes todo so by 
relying initially on voluntary measures 
of the son that proved inadequate dur- 
ing this decade, and on tax cuts and 
federal research grams of the sort that 


Congress has thus far been reluctant 
to support. 

What’s new, though, is his proposal 
that reductions would become manda- 
tory beginning in the year 2008 — and 
that industries would receive credit then, 
for any efficiencies they achieve in the 
meantime, beginning now. In 2008, in 
other words, companies would be lim- 
ited in how much greenhouse gas they 
could emiL Those too inefficient to meet 
the targets would have to buy ‘ ‘emission 
rights” from die virtuous ones who 
could produce their widgets while pol- 
luting less than allowed. This kind of 
trading system, which has proven suc- 
cessful in controlling arid rain, would 
create a powerful market incentive to 
reward innovation and efficiency. If in- 
dustry is sure the system will go into 
effect in 2008 — a big if — it will want 
to begin making changes now. 

Wednesday’s announcement em- 
erged out of a typically tortuous Clin- 
ton White House process, with much of 
die content uncertain until the last 
minute. But forming die proposal was 
the easy part; now Mr. Clinton has to 
sell it to two diametrically opposed 
audiences. In Kyoto in December, the 
world’s nations will gather to try to 
hammer out a climate-change treaty. 
Europe and Japan will argue for more 
drastic reductions than Mr. Clinton has 
proposed, and developing nations will 
resist his demand that they, too, assume 
some obligations for greenhouse-gas 
reduction. If a treaty nonetheless 
emerges from that negotiation, he will 
then have to sell it to a Congress that is, 
in large part, skeptical about the sci- 
ence of climate change and unwilling 
for the United States to pay any price at 
all to avert disaster. So this is only the 
beginning. But insofar as it represents a 
serious commitment to deal with cli- 
mate change, it's an important step. 

— THE WASHINGTON POST. 


Other Comment 


The Problem for Mahathir 

Prime Minister Mahathir bin Mo- 
hamad has a problem, and it has little to 
do with the Jews. Around Kuala Lum- 
pur one might find badges stating. 
f ‘Mahathir, continue to be the leader of 
the Third World.” Bnt the danger 
today is precisely this: That investors 
will conclude that the Third World is 
just where Malaysia belongs. 

The thought is prompted by Malay- 
sia’s just-released budget for 1998, 
which comes on the heels of currency 


speculation that has lopped about 25 
percent off the value of the Malaysian, 
ringgit and the stock market and Mr. 
Mahathir's suggestion that there might 
be a Jewish connection here. A nig- 
gling 2-percentage-point cut in cor- 
porate taxes, a handful of new incen- 
tives for export industries, new levies 
on foreign travel and the postponement 
of a few large infrastructure projects 
does not suggest a nation coming to 
grips with its problems. 

— Far Eastern Economic Review 
(Hong Kong). 


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To Help Chino, Clinton Must Mince No Words 

finine” for current U.S. F 


ASHINGTON — Conventional 
W wisdom holds that success or fail- 
ure in this coming week's U.S.-China 
summit meeting rides on concessions 
that President Bill Clinton can obtain 
from the Chinese leader Jiang Zemin. 
So the White House is slavishly dress- 
ing up two or three hillocks the two men 
will climb to look like mountains. 


By Jim Hoagland 


Mr. Liang told Post interviewers 
who delicately asked him about 
“the 1989 incident,” without further 
identification. 

But Mr. Jit 


fit China, Tiananmen is not a distant, 
bygone “incident.” It is still a central 
event that requites Mr. Jiang and his 
Politburo to Ire about China’s past and 
future to stay in power. It requires them 
to keep Mr. Zhao under arrest without 
charges even today. Organized lying, 
as George Orwell wrote, is the very 
nature of totalitarianism. 

For a variety of political, commercial 

• i a * riintm this 


w srrably false. The demonstrators were 

Butthe measurement and goals the in the square denouncing anexccss of - 

White House have adopted are mis- corruption and a shortage of political and historical motjv^, Mr. Limtw _ 
taken. It is what Mr. Clinton will give freedom in China. They were right by cranmgweek will break the Juatns 

- - - - ~ - any measure: The economy would . posed by Tiananm en on U.b.-cmnese 

havebeen strongs: wnh less corruption summit meetings. He^must convm- 
and more openness during this decade, ringly explain why he has chosen -nu* 

And Beijing would not have endured moment to do so, to Mr. Jiang as yen as 

the economic sanctions the unneces- 


Mr. Jiang that counts most for China's 
future. 

If the president limi ts himself to of- 
fering Mr. Jiang Boeings and sympathy 
in return for concessions Beijing can 
easily reverse later, he will set back the 
chances for democracy and stability in 
the world's most populous nation. 

Mr. Jiang signaled in an interview 
published in The Washington Post (IHT, 
Oct. 20) that he will make this argument 
to Mr. Clinton: The Tiananmen Square 
massacre of pro-democracy demonstra- 
tors in 1989 was necessary for China to 
achieve its impressive economic growth 
in the 1990s. uyou enjoy eating tire font 
of that growth, Mr. Jiang says, you most 
accept the irrigation of tire tree by 

‘ ‘The Chinese government took res- 
olute measures ... to ensure that China 
enjoys stability and see that our reform 
and opening up proceed smoothly,” 


was a peaceful alternative in 
June 1989. The Chinese leadership was 
begged to take it by Zhao Ziyang, the 
former premier and party chairman, 
whore virion and skills xnake him more 
responsible for China’s post-Mao 
economic resurgence than any other 
single individual. 

But the others in the leadership feared 
for their own power and privileges. They 
pot Mr. Zhao, their best political econ- 
omist and best-known figure to Western 
investors, under house arrest and killed 
hnnd nMjfl of the demonstrators. 

T iananme n was about power, not 
about economic reform and opening up 
to the outside world. 


to tire American people. 

At a White House briefing last week, 

I aslfftd Sandy Berger, -Mr. Clinton s 
point man on China and his national 
security adviser, if the president would 
raise Tiananmen with Mr. Jiang. Mr. 
Berger would not commit to his boss s 
doing that, and he refused to say- if he 
bad raised the subject himself with Mr. 
Jiang in a preparatory meeting this 
g limme r- 1 believe he did not. 

Mr. Berger revealed tire mind-set of 
the White House by relegating Tianan- 
men to history: “We cannot forget 
Tiananmen, but we cannot be frozen in 
1989,” he responded, citing ^ “the 
Turkish massacres in Armenia” and 
“lots of other horrible ’events” of the 
past “that cannot be completely de- 


fining” for current U.S. policy. 
Tiananmen, he added, is “not a reason 

not to have this meeting.” . 

We can ail agree on mat last point. A 
summit meeting that sees Mr. Clinton 
dealing forthrightly «nth Amends 
continuing distrust of China s blood- 
stained leadership — and rejecting Mr. 

Jiang's spurious linkage between polit- 
ical slaughter and economic retonn 
is worth having. ' 

But don’t bet on it Mr. Bens used 
tire briefing to point the assembled jour- 
nalists toward bailing a new and dubious 
set of Chinese promises not to export 
missile technology as breakthrough ma- 
terial whoa it is unveiled at the summit. 

He also hinted broadly that Mr. Clin- 
ton will soon be basking in the release 
of one or more major political dis- 
sidents. Diplomatic sources tell me 
Wei Jingsheng and Wang Dan have 
requested medical release from prison 
and China will agree, as Foreign Min- 
ister Qian Qichen suggested to Sec- 
retary of State Madeleine Albright in 
New York in September. 

Mr. Wei and Mr. Wang are heroic 
figures, dedicated to truth-telling. 

Their release will be wonderful 
news, even though they may face quick 
rearrest. But it will not relieve Mr. 
Clinton from his obligation of telling 
truth to Chinese power. 

The Washingnm Post. 


It’s Time to Quit Helping Beijing Avoid Economic Reality 


A rlington, Virginia — 

Thailand, Malaysia, the 
Philippines, Indonesia — all 
these strong economies 
suffered si gnifican t currency 
devaluations and bear markets 
in tire last six months. 

With the collapse of Hong 
Kong’s stock market Thursday, 
have the last economic dom- 
inoes fallen in Asia? Maybe 
not In fact, what might be the 
biggest devaluation domino of 
all — China — has managed to 
forestall the consequences for 
reasons that are partly econom- 
ic, and partly political. 

It has been four years since 
the Chinese currency was last 
adjusted against die dollar. 
Yet, purchasing power of tire 
yuan is down significantly. 
Since 1993, producer prices 
have risen more than 50 per- 
cent, consumer prices have 
doubled and real wages, ad- 
justed for productivity, are up 
about 45 percent since 1993. 


By Gregory Fossedai 


That means China ’s currency 
should have fallen. 

Attire same time, its exports 
are gradually becoming less 
competitive as the goods of its 
Aslan neighbors become 
cheaper. The government has 
responded by restricting im- 
ports, delaying payment of 
workers* wages and using 
bookkeeping chicanery. 

One measure of official 
Chinese corruption is the “stat- 
istical discrepancy” of as much 
as 3 percent of GDP, according 
to a conservative estimate by 
the International Monetary 
Fund. These factors can delay a 
reckoning, but they can’t do so 
forever. While China has built 
up substantial reserves of for- 
eign c ur re n cies, these often 
provide little defense against a 
currency ran. 

The IMF and other institu- 
tions have been fighting the 


tentacles of the Asian currency 
crisis since last summer, when 
tire fund sent an urgent mission 
to T hailand. IMF reviews also 
warned that currencies in 
Malaysia, the Philippines and 
Indonesia were vulnerable. By 
last foil, the IMF was urging a 
new, $28 billion fund to sta- 
bilize tire Thai baht and other 
currencies. 

But the IMF strategy simply 
attracted the attention of ra- 
ves tors to tire weakness of the 
Asian tigers. The traders sold 
the currencies to buy them back 
later at a cheaper price after the 
inevitable devaluation. 

• Why don’t the speculators 
force a similar prompt adjust- 
ment in tire overvalued 
Chlneseyuan? And why has 
the IMF focused most of 
its effort outride of China? 

Western countries generally, 
and tire IMF and tire World 


Bank in particular, have great 
difficulty moving the Chinese 
government. It’s undemocra- 
tic, hence unresponsive. It’s se- 
cretive, and it tells lies. 

And at the same time, China 
is powerful commercially, and 
foreign investors and multilat- 
eral institutions are leveraged 
to its fate. 

That means there’s a crossed- 
fin gw silence on tire part of 
many investors and officials. 
Many of the largest loans from 
tire United States Export-Import 
Bank in recent years have gone 
to subsidize exports to China. 
The largest borrower from the 
World Bank in each of the last 
five years? China. (From 1988 
to 1992, it was Mexico.) 

We Americans can cut our 
losses by stopping export sub- 
sidies to China, as called for in 
legislation sponsored by Sen- 
ator Spencer Abraham, a 
Michigan Republican. 

“De-funding” the IMF, as 


former Secretary of State 
George Shultz and former 
Treasury Secretary William 
Simon have recommended, 
and e nding support for World 
Bank loans to China wou Id de- 
prive nations and investors of a 
bailout fond and a bandy 
scapegoat. 

Such a policy involves the 
risk that China would reverse 
its steps toward economic re- 
form. But it has already re- 
treated, halting the overhaul of 
state enterprises, among other 
steps. Ultimately, we can’t 
choose what China's leaders 
do. Our choice involves incen- 
tives — whether or not we sub- 
sidize these unhappy trends. 

The writer is president of 
Emerging Markets Group, an 
investment consulting firm, 
and author of "The Democrat- 
ic Imperative. " He conaibuted 
this comment to The New York 
Times. 




G 


f ■ • * 


The World According to Milosevic; 6 You Don’t Understand’ 



E—y? 


u 




B elgrade — “We Serbs 

have a nation^ ) character- 
istic,” Slobodan Milosevic said 
“We resent being pushed” 

His point, which he made re- 
peatedly during a two-hour dis- 
cussion, was that U.S. pressure 
on him and on the Serbs in 
Bosnia was counterproductive. 

As an example, he cited the 
strong showing of Vojislav Ses- 
elj in the recent Serbian pres- 
idential election, in which he led 
but which was voided because 
the turnout was too low. Mr. 
Seselj was involved in atrocities 
as a paramilitary leader in the 
Croatian and Bosnian wars and 


By Anthony Lewis 


now campaigns for a Greater 
Serbia. Robert Gelbard the spe- 
cial U.S. envoy to the Balkans, 
has called him a fascist 

“It was a great mistake to 
keep sanctions on us,” Mr. Mi- 
losevic said 4 ‘I told Gelbard it 
would only build up Seselj, and 
it did” • 

As for Bosnia, Mr. Milosevic 
emphasized that he supported 
the Dayton agreement and a 
single Bosnian state. Asked 
about tire idea of partitioning 
Bosnia, he said: ‘‘Partitions are 
a bad idea.” 


He has tried to bring the two 
factions of Bosnian Serbs to- 

f ether,hesaid — one headed by 
iiljana Plavsic, president of the 
Bosnian Serb entity, and tire 
other by the forces around 
Radovan Karadzic, tire indicted 
war criminal — “to make them 
more civilized; time and elec- 
tions will change things” and 
marginalize the opponents of 
Dayton, he said “But you 
Americans don’t understand 
that, with your black-and-white 
view of life.” 

He made clear that be was 


She Made the White House Shiver 


W ASHINGTON — We at 
The Washington Post 
first knew Ann Devroy as that 
Gannett News Service report- 
er who gave us our toughest 
competition on the White 
House and political beats. But 
we did not gauge the true fe- 
rocity of her journalistic pas- 
sion until she came to this 
newsroom in 198S. 

She started as political ed- 
itor on the national news desk, 
believing (mistakenly) that 
the hours would allow her 
more time with her daughter, 
Sarah, than the constant travel 
and deadline pressures of the 
White House beat. 

From my desk, a good dis- 
tance away, I would often hear 
her bellow, “Would you get 
the (bleep) out of my face and 
let me do this job?” I’d glance 
up and see an abashed national 
news editor, or executive 
editor, slink away. 

When Sarah was ready for 
ail-day school Ann returned to 
tire White House beat she was 
bom to cover — and to dom- 
inate for years, until cancer 
struck. Ann, who died Thurs- 
day at age 49, was the most 
dogged, determined, complete 
reporter any of us ever saw. 

The conscientiousness of 
her reporting won the admir- 
ation even of politicians and 
public officials who haftyf 
how much she was able to 
learn. As James A. Baker 3d, 
die former everything in the 
Reagan-Bush years, said 
Thursday, “I never knew an 
instance where she would 
write first and check later.” 

Marlin Fttzwarer, press sec- 
retary to tire two Republican 
presidents Ann covered, wrote 
in his memoirs: “Devroy was 
always honest with me, and I 


By David S. Broder 

worked very hard to always be 
honest with her. She would get 
madder than hell when I 
avoided her, but ... often I 
would have to say: ‘Ann, I 
simply can’t and won’t talk 
about this. ’ She would change 
the subject and come at me 
from a different direction.” 

Her competitors on the beat 
shared that admiration. Andrea 

Ann Devroy teas 
the most complete 
reporter any of us 
ever sate. 

Mitchell of NBC News said 
that in the early Reagan days, 
“when USA Today was just 
beginning and Tiad no news 
hole, Ann [then wadring for 
its publisher, Gannett] was the 
most relentless, detailed re- 
porter of all of os. She forced 
tire White House to take her 
seriously* even when her pa- 
per was a joke.” 

Ms. Mitchell calls Aim — 


fidal said when Ann returned 
from more than a year's ab- 
sence fighting cancer that he 
had missed her. “She was our 
best b.s. detector,” he said. 
“We’d work oat a line at the 
morning staff meeting and try 
it on Devroy . If it wraked with 
her, we were fine. But most of 
tire time it didn't.” 

Others were relieved by her 
absence from tire 1996 cam - 
paign. Ken Aulena wrote in 
The New Yorker “It no doubt 
helped Clinton, White House 
aides say, that .Ann Devroy of 
the Washington Post — the 
most aggressive, the most 
feared and possibly the best 
White House reporter — was 
seriously ill and on the side- 
lines throughout the cam- 


nalistic tool — ‘the nuclear 
weapon of reporters,” but 
noted that her laughter was 
frequent and disarming. 

Those sitting nearby in the ' 
newsroom would often hear 
Ann say to the While House 
spokesman. “Come on, 
Geoige” (or Marlin or 
whomever),- “you can’t .tell 
me that” Ho- comment to 
Dee Dee Myers, BUI Clinton’s 
former press secretary, was, 
“Don’t try to out-bitch me, 
Dee Dee.” 

Another White House of- 


_ Bush, who knew 
firsthand how relentless her 
scrutiny could be, wrote Ann 
when she was at tire M.D. 
Anderson Cancer Center in 
Houston last year; 

“I want you to win this 
battle. I want the same tough- 

ne^ tfaar angered me and frus- 
trated lire to a fare- thee- well at 
times to see you through your 
fight. I want you to walk out of 
Anderson victorious ... And 
then when you come back and 
write some stray that I don't 
agree wrth,ril moan and com- 
plain; bat I ’ll understand with 
crystal clarity why so many of 
your friends, so many of yonr 
colleagues, respect you — 
love you.” 

Washington Post staff 
writers Dan Bali. Peter Baker, 
Bob Barnes, Lou Cannon, 
Karen DeYoung, John Harris, . 
David Hoffman and Bob 
Woodward contributed to this 
report. 


actively engaged in Bosnian 
Serb affairs. 

Although he has been thought 
to favor die Karadzic faction, be 
gave some examples of arm- 
twisting it For one, he said he 
had persuaded Momcilo Krajis- 
nik, a Karadzic ally who is the 
Serbian member of the collec- 
tive Bosnian presidency, to co- 
operate with the international 
task force on retraining police. 

“Krajisnik should go,” Mr. 
Milosevic smprisingly added. 
But he said that should happen 
in an election, as the result of 
gradual changes in attitude 
rather than outside pressure. 

He reiterated his opposition 
to the International War Crimes 
Tribunal in The Hague. “Let us 
try war criminals ourselves,” 
he said — Sorbs resented a court 
that they saw as aimed at them 
when “all sides were guilty in 
Bosnia.” 

The American view of these 
matters is altogether different. 
In Bosnia, real progress in im- 
plementing the Dayton agree- 
ment has come only with in- 
creased energy and pressure by 
the United States and its allies 
in recent months. 

Vojislav Seselj is seen by 
most analysts as a product of 
Mr. Milosevic’s policies, not of 
Ameri ca’s. Mr. Milosevic 
stirred up extreme nationalism 
among the Serbs when the polit- 
ical appeal of communism 
waned, and started the wars that 
nurtured Mr. Seselj. 

Mr. Milosevic’s economic 
policies have also produced a 


P° 

fal 


desperation that ~an turn to ex- 
tremism. During his 10 years in 
wer the median income has 
alien by more than half. Vi- 
olence of a fascist nature is 
showing up in such tilings as 
brutal attacks on Gypsies. 

The U.S. experience is that 
Mr. Milosevic cooperates, on 
Bosnia and other matters, only 
when pressure is applied. That 
is why the United States main- 
tains what it calls the outer wall*'"* 
of sanctions, limiting Serbia’s ' 
access to international finance. 

Europeans have not ostra- 
cized Serbia economically. In 
June, Italian and Greek compa- 
nies paid $900 million for a 49 
percent share of Serbia Telecom. 
Mr. Milosevic used the money to 
pay overdue salaries and pen- 
sions before the elections. 

Mr. Milosevic is in trouble 
now. In July he moved to the 
presidency of rump Yugoslavia, 
made up of Serbia and 
Montenegro: a ceremonial post 
that he planned to make power- 
ful by constitutional change. S t 
But Montenegro has just elect- * 
ed an anti-Milosevic president 
who could block those plans — 
if Mr. Milosevic lets the elec- 
tion result be honored 

In the former royal palace 
where he now has his office, be 
projects a calm, cherubic charm. 

He still has control of Serbia's 
army and police and most of the 
press. He has thrived on chaos in 
the past, surviving by guile and 
force. No one should count 
Slobodan Milosevic out. 

The New York Tima. 


7 _ 




- * »• 


•1 ir*-* 
’t-V 





•••--A..; 


IN OUR PAGES: 100, 75 AND 50 YE ARS Ar.n 




1897; N.L Rail Wreck 


to appear again on any stage in 
Boston. The famous dancer 


that she would not let x J 
an 


NEW YORK — The New York 
and Boston express, which left 
Chicago at 8.45 last night [Oa 
23], met with a frightful accident 
at 4.47 this morning at Oncfaairi 
Station, forty-eight miles north 
ra New York. The tracks ran 
dose to the bank of an inlet from 

The. tracks col- T , 

lapsedand tile engine, baggage s.y^T\ London Crash 
and express car, two coaches and 
two sleepers went into the river. 

Two sleepers remained on the 
trade. The fatalities are estimated 

at fern thirty to fifty fives Iosl 


liVk Id 

be tamed by making an 
ajfock on Boston and Bostonians 
before leaving the city. “Bo- 
stonians,” she declared, “are 

afraid of the truth. All Puritanical 

vulgarity centres in Boston.” 






-•4j: 


1922: Mayor Sees Red 

BOSTON — Following Isadora 
Duncan's demonstrations on 
Saturday [Oct 21] and Sunday 
nights at Symphony Hall, when 

she waved a red scarf at the close 

of heir dance program and an- 
nounced that she was just as 
herself. Mayor ciiey ^ 
ordered that she not be permitted 


LONDON — Thirty-one per- 
sons were killed and sixty in- 
jured today [Oct 24] when two 
boutbern Railway electric trains 
collided in thick fog near South 
Croydon, a London suburb. The 
crash occurred when the 8.04 
train from Tottenham 
comer ran into the back of die 
/.33 a,m. slow train from Hay- 
ward s Heath, 400 yards ft™ 
Sou* Croydon station. Both 
Jains were crowded with rush- 
boor passengers, many of whom s v 

were standing in the compart- 
ments, It was the Southern Rail- 
way s worst disaster. 


,./"N , . - 

ft, ' "* a , 




"i . ■’* 

' i , ' •• ■*. 



■'*■*** 





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ART 


.INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDAY, OCTOBER 25-26, 1997 
PAGE 8 


Rediscovery of a Portuguese Painter’s 



leces 


International Herald Tribune 

L ONDON — Few would have been 
able to spell the name until die Lisbon 
show of 1992, “Josefa de Obidos and 
the Baroque Age.” Even today, after 
the retrospective held at the National Gallery 
in Washington, recast here as “Josefa de 
Obidos of Portugal” at the European 
Academy for the Arts and Accademia I talians 
until Nov. 16, the 17th century painter re- 
mains almost unknown outside the Iberian 
peninsula. 

Much about ber life and work has yet to be 
uncovered and as one leaves this show, en- 
chanting for its novelty and for the simple 


SOUREN MELIKIAN 


elegance of its han g in g done on a shoestring 
budget, one keeps marveling about the 
sources that inspired such a thoroughly per- 
"sonal artistic vision. 

“Josephs de Ayalla," as she signed herself 
-in the early stages of her career, was born in 
* Seville in 1630, the daughter of a Portuguese 
-painter, Baltazar Gomes Figueira (1604- 
' 1674), who initiated her to the craft 

She is believed to have stayed on in Seville 
; with a grandfather when her parents left a- 
bmptly in 1634 following a legal dispute. Ten 
; years later, she was in Portugal as a boarder 
! pupil at the Augustine Convent of Santa Ana. 

- Precisely how her father took her under his 
. wing io initiate her to painting is not known, but 

- she must have been remarkably responsive. 

; In 1646, Josefa cut an engraving of SL 
Catherine, inspired by a Dutch print that she 
radically modified, and in 1647 she painted 
her first signed and dated picture, “The Mys- 

- tical Marriage of Saint Catherine. ’ ’ A work of 
great charm if not striking genius, it is 
stamped with her hallmark — a mixture of 


delightful innocence and disregard for es- 
tablished iconography. 

An atmosphere of mystery surrounds this 
period of her career. Josefa left the convent, 
having decided not to take die vows, but never 
married and was later extolled for her chaste 
celibacy. The family had ample means and 
painting was clearly not a livelihood. 

Art seems to have met a personal need 
linked to her strong religious beliefs — she 
constantly accepted commissions from 
churches and convents. Angela Delaforce, the 
British an historian who wrote the preface to 
the catalogue, said in a telephone interview that ■ 
the artist must have had patrons in the nobility, 
but these remain an unknown quantity. 

One of the most curious aspects of her 
painting is Josefa ’s highly personal approach 
to religious subjects. In an early woik, “Saint 
Mary Magdalene,” the repentant woman is 
seen as a young girl leaning forward in the 
intensity or her distress. Her hands are spread 
out in a gesture of tormented entreaty and her 
eyebrows tearfully knit. The hues are ex- 


quisite — rusty pinks and soft browns seen 
of later 


under the light of late north era Caravaggism. 

Josefa could be sentimental and technically 
clumsy, but a poetic feeling redeems much of 
her work. One of her “Salvator Mundi” im- 
ages has a fairytale touch to it. Jesus, clad in 
pale purple robe, walks in a landscape, lost in 
sad reverie as darkness is about to settle. In the 
distance, faint light comes through dark trees. 
Shreds of clouds hover over the scene, 
touched with pink. 

Josefa ’s softness comes through in almost 
every religious subject In one “Agnus Dei,’ ’ 
a lamb with its legs tied as the intended 
sacrificial victim lies on a table in helpless 
innocence, framed by a wreath. The wreath, 
the catalogue says, is “a patent symbol of 
paraHicignai realm restored by the Risen 



Lord.” But the instant suggestion is that of a 
world lovely in appearance and ferocious to 
the most innocent At the top. a boyish face 
peers out of the shadow with a pusled ex- 
pression. . _• 

As Josefa grew older, her interpretation at 
religious subjects became ever more uncon- 
ventional- 4 ‘Christ Child as a Pilgrim” shows 
a very feminine-losing figure holding a 
wide-brimmed plumed hat in one hand and 
steadying a staff with the other. A tiny sun- 
burst hovers over the head of the figure, 
clearly identifying it as Jesus. The landscape 
is plunged in semidarkness, but in the fore- 
ground giriflH camomiles and daisies gleam. 
Some of .the religious scenes .exude an. 
of i 


stalks virtually invisible. Other blossoms 
Sra on the ledge like visual punctuation 
Sarics, giving the composition a rare lyncism. 
?SmSng s till life of lemons and qumces 
anjtoaiow wicker baste* terser With 
its harmony of yellows and reds emphasized 
by white flowers and the shadow surrounding 


falB^aw Ukudrt of Culture 

The painter’s “Christ Child as a Pilgrim” (detail). 


extraordinary sense of intimacy. In tire “Holy 
Family,” signed “Josepba em [“in’l 
Obidos” — as she did after settling in the 
Portuguese town — Joseph and Mary are 
flepfwi , hands joined in prayer, at a dinner 
table laden with food. Jesus stands as a rosy- 
cheeked boy in a long robe looking in wonder 
at the flame of a candle, his right hand raised 
in the teaching gesture under his mother's 
tender gaze — ..the ascetic painter, it would 
seem, had a soft spot for children. Three 
pewter plates on the table, one with a fish, the 

second with two carrots and tbe third with half 

a melon, are handled with the care of a still- 
life painter. . _ 

And an extraordinary still-life painter Josefa 
undoubtedly was. Her religious paintings may 
be moving for what they tell us about bar, but 
they remain provincial. In her still lifes, tbe 
painter sometimes equaled the greatest 
Two are of spartan simplicity, each detail 
rendered with exquisite perfection. In one, a 
beautiful polylobed fruit bowl set on a ledge 
has a metallic sharpness although the medium 
is probably porcelain. Five blossoms seem to 
hover above the cakes that fill the bowl, their 


I 


^Thf pblmMe is probably a still life with 
boxes and vessels painted with a rare feel for 
contrasting materials. The transparency of a 
crystal bowl containing a slightlygowen U- 
qttid — fruit juice? — is set off by the dark 
silvery sheen of tbe footed stand. On the nghi, 
a vermilion earthenware jar and cover glows, 
while on the left two round boxes made m 

bark, one a soft brown, the other a toned ochre, 

compose a harmony in mat colors. 

N a large still life, white Iace-lik» blossoms ji 
contrast with tire solid roundness of some 
fruits just as the Chinese porcelain tureen 
_ ic set off by a metallic dish. The author of 
the catalogue entry sees a precise symbol in 
every detail, a tendency that other scholars 
condemn. The overriding impression is that of a 
carefully contrived construction, lyrical in its 
handling of color and luminosity, and so rig- 
orous that not one iota could be removed 
We are still in the early stages of dis- 
covering the oeuvre of tins astonishing paint- 
er. New works will slowly be added to the 150 
or so paintings accepted by Vitor Serrao, the 
an historian who put her on the map in the 
1992 show. More information regarding her 
life will emerge from archives. But whatever 
new facts may be unearthed, they are unlikely 
to shed .light on the unique combination of A 
burning faith and a passion for painting that 
every now and then gave Josefa de Ayala, alias 
de Obidos, the spiritual strength to create a few 
stunning if barely known masterpieces. 



•v 



In Venice, an Expressionist Mirror of German Society 


llllH 1 


By Roderick Conway Morris 

International Herald Tribune 


Bratm Sale CoUrrDoa 

Max Beckmann’s “Dance in Baden-Baden” of 1923. 


V ENICE — The end of the last cen- 
tury and tbe beginning of the current 
one was a time of unprecedented 
ferment in tbe visual arts in the 
German-speaking world and the period in 
which some of its most talented painters and 
sculptors finally broke free from Paris’s all- 
pervasive influence, establishing themselves 
as a independent force in tire overall de- 
velopment of 20th-century art 
It is not tire least of foe achievements of 
“German Expressionism: Ait and Society,” at 
Palazzo Grassi on the Grand Canal (until Jan. 
11), that it succeeds in conveying some of the 
optimism and vibrancy of the era, as well as the 
disillusionment and bitterness, f amiliar from 
the works of Otto Dix and George Grosz, that 
came In foe wake of war, failed revolution and 
dashed hopes. With about 250 works by 24 
artists from 50 museums and collections in 
seven countries, foe show provides as com- 
prehensive an overview as one is likely to see. 

Nineteenth-century Germany and Austria 
witnessed a proliferation of art societies and 
clubs, and during foe last years of foe century, 
foe phenomenon of the Secessions, when 
groups of like-minded artists in Berlin, Mu- 
nich, Vienna and elsewhere abandoned ex- 


isting academies and societies to set up al- 
ternative ones (sometimes in due course to 
secede from foe Secessions). This was foe 
culture in which the Expressionists came into 
being, where even avant-garde movements 
formed themselves into recognizable clubs. 

The two most notable to emerge were Die 
Bruecke (The Bridge) in Dresden in 1905, 
established tty Ernst Ludwig Kirchner, Karl 
Schmidt-Rottinff, Erich Heckel and Fritz 
Bley I, and Der Blanc Reiter (The Blue Rider), 
founded in Munich in 1 91 1 by Wassily Kand- 
insky and Franz Marc. 

The artists of both coteries, which attracted 
further members, originally took an intense in- 
terest in nature and landscape. Though com- 
mitted to reforming art and society, in their early 
days they seemed more Arcadian dreamers than 
angry young men. As Max Pechstein, an early 
recruit to Die Bruecke, recalled their half boy- 
scouh half bohemian ethos: “We painter folk set 
out early every morning heavily laden with our 
gear, foe models trailing behind with pockets full 
of eatables and drinkables. We lived in absolute 
harmony, working and bathing.” 

Van Gogh, Gauguin and the Fauvists ex- 


Kandinsky veered toward abstraction, 
however, tire Bruecke group remained res- 
olutely figurative. 

The core members of Die Bruecke migrated 
between 1908 and 191 l to Berlin, a move that 
not only won titan a wider public but also 
radically affected die kind of work they pro- 
duced. The city’s bright .lights, teeming 
streets, stark juxtaposition of wealth and 
poverty, cafes, cabarets, prostitutes, and cos- 
mopolitan ebb and flow, for Kirchner marked 
a high point in his experience of “the ecstasy 
of seeing things for the first time.” His method 
of sketching on the spot, to capture foe essence 
of foe composition and discover innovative 
modes of expression to be transferred later 
onto canvas, was ideally suited to foe restless, 
sexually charged spectacle he encountered. 


ercised a powerful grip on foe minds and 
>r tin 


palettes of tire young artists, as did African 
and Oceanic arts, but it was the path indicated 
by Edvard Munch, more than any other single 
painter, that many of them followed. While 


B ERLIN life also proved a 'fruitful 
subject for Kirchner’s lithographs 
and woodcuts, the latter forming a 
traditional German medium that he 
and his fellow Expressionists did much to 
revive. 

Most of foe Expressionists were caught up 
in foe nationalistic fever that preceded World 
fa mass delusion 
So most of-them 
willingly enlisted for military or medical du- , 
ties (while foe Russians, Kandinsky and 


War L perhaps the victims 


Alexei von Jawlensky, as enemy aliens were 
forced to leave the country). August Macke 
was killed during foe first weeks of the con- 
flict, Franz Marc died at Verdun in 1916, and 
others were wounded, 

Tbe ghastliness of foe war was unflinchingly 
recorded in engravings by Max Beckmann and 
Dix.- Much later, Dix said: “The war was a 
horrible thing, but there was something tre- 
mendous about it, too. I didn't want to miss it at 
any price.” Beckmann and Kirchner suffered 
mental and physical breakdowns while serving 
in the army. Kirtfoner retired to Switzerland in 
1917, where, despite chronic ill health, he 
painted some bold, strangely tranquil mountain 
landscapes (represented in foe show) before his 
suicide in 1938. 

By 1920, critics were cheerfully pronoun- 
cing Expressionism dead, not least because of 
the eager adoption of its striking use of line and 
color by graphic designers and advertisers. 
The would-be painter Adolf Hitler nurtured a 
strong aversion to Expressionism, along with 
everything else that did not conform to his 
taste for tire literal and kitsch, and many works 
were confiscated and destroyed by foe Nazis. 

Fortunately, enough of tire best has survived 
to stand alone — foe products, to paraphrase 
the words of a German critic, Paul Wesfoeim, 
writing in the ’20s, of much more than a mere 
school, more than a mere tendency. 


More Clues to Mathew Brady’s Quest 


BOOKS 




By Frank Van Riper 

Post Service 


W ASHINGTON — "He was 
boro into a world without 
photographs," the Nation- 
al Portrait Gallery’s Mary 
Panzer says of Mathew Brady, the com- 


PARIS 


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plicated 19th -century artist/entrepre- 
neur who helped give the fledgling craft 
of photography a vision based, schizo- 
phrenically, on both fancy and fact “By 
foe time he died” in 1896, Panzer con- 
tinues, “photography had entered every 
crevice of American life.” 

Brady remains a cipher, even to his- 
torians, since he left almost no written 
record of himself in the form of letters or 
diaries. 

But from the recollections of col- 
leagues — and the occasional news- 
paper interview — Brady, known to 
most as the camera man who recorded 
the Civil War, emerges as a promoter 
with an overwhelming desire to cozy up 
to and photograph the rich and famous of 
his age. Viewed or 


I only in this unflattering 


light, Brady — whose work now com- 
prises a large and fascinating exhibition 
at foe National Portrait Gallery — seems 
little more than the forebear of a 
mundane studio photographer, caring 
more about selling portraits to unsoph- 
isticated clients than about creating any- 
thing beyond foe saccharine or elicited. 

But for all'his commercialism, Brady 
also bad visual genius. His “views,” as 
many of his photographs, daguerreotypes 
and ambro types- were called, carry tire 
indefinable aura of fine art 

“Mathew Brady: Images as History, 
Photography as Ait” depicts Brady’s 
huge range of work for tire first time in 
more than a century and outlines his 
ambitious quest to create a kind of visual 
history of America. 


THE JOURNEY IS THE 
DESTINATION: 

The Journals of Dan 
Eldon 


AUCTIONS 


auction sales 


IN FRANCE. 


PARIS 


DROUOT RICHELIEU 

9, njaDrouot 75009 Paris -TelJ 01 48002020 


■ Monday 3, Tuesday 4, November, 1997- 


Room 14 :il 2:1=5 p.m. FAR EASTERN ART. Elude T/\JAN, 

37. me dt> Maihurins. 75008 Paris, teL: 33 10) 1 53 30 30 50 - 
fax: 53 i0) 1 33 30 3u 31- Internet: hup:.?' www.uiian.com 
- Email: ujandwivkirtetfr 


-Wednesday, November 5, 1997- 


Rooms 5 & 6 at 2; 15 p.m. 17th, 18th and 19th century 
FURNITURE AND WORKS OF ART - MINIATURES. Etude 
TAJAN, 37. rue dee Maihurins. 7500S Paris, tel.: 
33 f0) l 53 30 30 30 - fax 55(0.) I 53 30 30 51 Internee 
hnp:. www.tajan.cnni - Email; tajan^’oridnet. fr 


•Thursday, November 6, 1997- 


Room 1 at 2:15 p.m. HAUTE EPOQUE, MEDIEVAL 
CHAMPLEVE-WORKS - MIDDLE AGES, RENAISSANCE 
and 17th century WORKS OF ART AND COLLECTABLES. 
Etude TAJAN, 37. rue des Maihurins. 7500S Paris, teL; 
33 (oi 1 53 30 30 30 - fax: 33(0) l 53 30 30 31. Internet: 
Imp: ,■ www.tajan.com - Email: tajan®woridneifr 


Friday, November 7, 1997- 


Room 11 at 2.15 pm OLD AND MODERN BOOKS. Etude 
TAJAN, 37, rue des Maihurins, 75008 Paris, tel-? 
33 (01 1 53 30 30 30 - fax: 33(0) I 53 30 30 31. Internet 
httpL'Vwww.ta jan.com - Email: ujan@woridnet.fr 



Edited by Kathy Eldon. 

$27 JO. Chronicle. 

Reviewed by 
Liesl Schillinger 

J UST as a botanist presses 
flowers in abook to trap the 
color they held when they still 
lived, “The Journey Is foe 
Destination” holds a life com- 
pressed in its pages. That life 
is a collage of dewy, girlfriends 
and Masai tribesmen, of wil- 
debeest and decrepit Land 
Rovers, of photos, ironic news 
clippings and journal entries, 
all of them transformed by 
paint, ink, hair, beads, coins 
and blood into a talismanic 
journal of an artist’s youth. 

That artist is Dan Eldon, a 
dashing young Reuters pho- 
tographer who was bom in 


London, raised in Kenya and 
killed in Somalia at foe age of 
22, when an angry crowd 
stoned him to death after a UN 
bombing raid. The book has 
been drawn from the 17 visual 
journals Eldon, made between 
1984, tire year he turned 14. 
and 1993, the year he died. Its 
pages were selected by his 
mother, Kathy* not to mourn 
his death bat to celebrate his 
exuberant, concentrated life. 

At 22, an age when most of 
his contemporaries were frol- 
icking in their last summer of 
freedom, foe pause between 
college graduation and foe 
ybkeof foe first job, Eldon had 
been drawn by his conscience 
to go to So malia, to document 
tire famine, war and lawless- 
ness that prevailed there in 
1992 and 1993. He was hardly 
a hardened newsman; he was a 
free-spirited boy with a 
hungry eye for beamy. . 

The depravity of imperson- 
al deaths came as a shock to 


. him. “This was my first ex- 
perience with war,” he wrote 
m a book he published. “Be- 
fore Somalia, I had only seen 
two dead bodies in my life. I 
have now seen hundreds, 
tossed into ditches like sacks. 
The worst things I could not 
photograph." Only the last 
tew pages of his journals ac- 
knowledge tire stark brutality 
of Somalia; tire others preserve 
a rare adolescence in which 
imaginative horseplay jostled 
with exuberant kteabsm. 

For young people who 
doubt that a life grander than 
MTV and the man can be 
achieved in this age, Eldon’s 
journals prove otherwise. 

The “Journals” focus a 
spyglass on Eldon’s life, 
showing him exploring the 
Great Rift Valley with his 
Kenyan friend Lsngai Croze, 


International star 
in Stockholm 



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and her friends in absurdist 
scenarios and raising money 
to pay for a heart operation for 
a Kenyan girL They chronicle 
his trips to Japan, Russia, 
America and Europe and his 
stints at a few colleges. 

They also highlight foe re- 
lief expedition he initiated to 
help Mozambiquan refugees 
twi, an adventure ft>r 


magazine called “True 
Love," and on top of these he 
lays a tom sheet of cream- 
colored paper. On foe bottom 
half of the paper, he has pasted 
a passage torn from Ma- 
chiavelli’8 scheming master- 
work, “The Prince.” Black 
ink bleeds out foe edges of tire 
passage, and Eldon has un- 
derlined one sentence: “A 
man who wants to act vir- 
tuously in every way neces- 
sarily comes to grief among so 
many who are not virtuous.” 

Ironically, in July 1993, foe 
grief- and rage-stricken mob 
that killed him did not un- 
derstand how well he meant 
by them, as he attempted to 

§ holograph for Western eyes 
re bloodshed that he, like foe 
Somalian crowd, regarded as 
unjust “The Journals of Dan 
Eldon” guarantee that the 
rest of us will understand, and 
show us that, even if we don’t 
know who our heroes are until 
they die, we can still draw 
inspiration and direction from 
a life well lived, after that life 
has ended. 


1 \ovi 

:j p.ra. 






1- . 


in 


— — --'WllMiS JVJl 

which he raised $17,000 and 
mobilized an international 
team of 12 dazzlingly attract- 
ive young people, turning foe 

j fission mto an orgy of youfo- 

fel philanthropy. They em- 


liesl Schillinger, a colum- 
nist for the London Independ- 
ent on Sunday , wrote this for 
The Washington Post. 


. — — ujukmuu oineip- 

mg refugees while recording 
m detail with foe eyes' of a 
child, any beauty (of foe flesh 
or otherwise), horror, irony 
traces of utopia or tielL” It 
ws, he writes,- “the search 
for clean water in a swamp.” 

But another multilayered 
page of this color-drenched 

tSEgtassEs 

on a bloodrspattered page of a 


TOUR BOOK PUBUShST 




vtoiur 



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PUBLISH YOUR WORK 
ALL subjects considcred 

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T35I 




PAGE 9 


International Herald Tribune 



A Special Report 


SAJURDAl r -SUNDA\; 
OCTOBER 25-26, 1997 



ues 


Mirror Into Heart 
Of Medieval Prayer 

Manuscripts of ‘Book of Hours ’ $ 
Shown in Rare New York Exhibit 


By Souren Melikian 


An imperial blue and white dragon jar, left, sold for $250,000 at a Christie's auction in New York; at right, a bronze musical bell fetched $134500. 

Chinese Aesthetic Taking Hold in U.S. 


By Souren Melikian 


N EW YORK — Like a rising 
tide, Chinese taste is refash- 
ioning the art scene in New 
York and more importantly, 
coloring the whole American percep- 
tion of Chinese art 
Two decades ago, there was little com- 
mon ground between American and 
Chinese connoisseurship in matters re- 
lating to the art of China. In museums as 
in the higher spheres of collecting, Amer- 
icans gave pride of place to die early 
periods. The bronzes of ancient China 
from the Shang to the Han dynasty, 
roughly from, the I2th .century toJhp -1st 
century B.C., Tang pottery of the 7th and 
8th centuries. Song ceramics (1 l-13th 
centuries), early blue and white porcelain 
of the 14(h and 15th centuries and, not 
least, Buddhist sculpture starting around 
the Gtfa century down to the 1 1th century. 


werethe areas most admir ed and granted 
precedence in public collections. 

A day at the Metropolitan Museum of 
Ait, which has been turning into one of 
the nation’s leading museums of 
Chinese art in the last 1 2 years, reveals a 
ISO-degree tumabout. Not that the old 
loves have been discarded The famous 
6th century, larger-than-life-size stand- 
ing Bodhisattva towers above a whole 
room and the collection of archaic 
bronzes has been dramatically expan- 
ded Steered by James Watt, senior re- 
search curator in the Chinese art de- 
partment, Charlotte and John Webber 
acquired a number of beautiful pieces in 
the 1980s and donated them to be dis- 
played iftjhegajleiy flamed after theou 

But ‘ ‘James Watt” is a nomde plume. 
Qu Zhiren, as he is really .called, was 
educated in Hong Kong. The imprint of 
the Chinese appjwach in the new ‘'Jiving 
Galleries for Chinese Decorative Art” 
owes a great deal to Qu alias Wan. A 


whole wall is reserved for the display of 
rhinoceros horn objects from wine beak- 
ers to horns carved in openwork Ink- 
stones, once a rare sight in Western 
museums, are much in evidence — no 
scholar’s studio could do without them. 

- Bamboo objects are also given their 
due. Eventually, Qu-Watt’s mark will 
probably extend to the display of the 
paintings. . 

Add that the consultative c hairman of 
Asian Art is Wen Fong, thanks to whom 
a fabulous donation of Song and Ming 
masterpieces was made six years ago, 
and it is hardly surprising that the Met 
houses die most Chinese of Chinese art 
departments. 

^ A Rowing Chinese presence is sim- 
ilarly transforming tire auction scene. 
On Sept 18, Part HI of the *‘Jing- 
guantang Collection” filled the rooms 
at Christie’s. This denomination de- 
scribes a small section of the largest 
Chinese ait collection assembled in this 


century. It was formed in (he 1980s by 
an immensely powerful businessman, 
T. T. Tsui, who became fascinated with 
art to the point of setting up the T. T. 
Tsui Museum of Art 
No one quite knows what induced 
Tsui to sell off chunks of his collection. 
Some extraordinary pieces have been 
negotiated in hitherto unpublicized 
transactions. Such is the admirable 6lh 
century or 5th century B.C. bronze 
rhinoceros that was on view at the Vic- 
toria and Albert Museum before finding 
its way into a U.S. collection through the 

Continued on Page 11 


N EW YORK — In the most 
patrician of New York mu- 
seums, a rare an show should 
be seen by anyone chancing to 
pass through this city until Jan. 4. 
“Painted Prayers,” put together at the 
Pierponr Morgan Library by Roger S. 
Wreck, curator of Medieval and Renais- 
sance Manuscripts, introduces the 
“Book of Hours,” the most widely 
read, most frequently illuminated book 
from the mid-13th to the mid- 16th cen- 
tury in Western Europe. 

Presented with understated elegance, 
it is difficult to look at. Only the most 
trained eye can sustain the two hours of 
careful peering that a visit at a single 
stretch requires. By the end, the viewer 
sees enough to make mental notes, but 
not to take in the ait. Indeed, such books 
were never meant to be seen en masse. 

Each “Book of Hours” was gazed at 
solely on its own Ira whoever com- 
missioned or inherited what was in ef- 
fect the handbook of the living Christian 
faith in Western Europe — the Church 
did not encourage the faithful to read the 
Bible. 

The “Book of Hours” was thus 
called because prayers addressed to 
Mary were to be recited, ideally, every 
hour through the day. They included the 
37 Psalms that made up the “Hours of 
the Virgin,” a “C alendar " naming 
each day of theyear after a sainthonored 
on that date, the “Office of the Dead," 
and other texts for religious use. 

For 300 years, the “Books of Hours’ ’ 
mirrored, or served as a counterpoint, to 
die intimate convictions of believers. 
Their d ramati c transfo rmati on in that 
of time matches the metamor- 


phosis of European society from one 
driven by religion into (me concerned 
about worldly matters only. 

A striking vision of medieval de- 
votion in the privacy of home appears 


on a page from the “Psalter-Hours of 
Yolande,” vicomtesse de Scissor* 
painted in Amiens around 1 280- 1 290. 
noblewoman kneels hands joined 
prayer, like some three-dimensional ef- 
figy under the pinnacles of a Gothjc 
structure. She stares at a sculptural 
group of the Virgin and Child set upon 1 ® 
draped altar, as if hypnotized by the 
youthful smile of Mary — the statue i? 
as much of flesh and blood as the pray.- 
ing woman. 

Doily life intrudes. A tiny iapdog wipf 
an ornate collar seated on its hind leg} 
looks up at Mary, in unison with hi) 
mistress. Along the frame, animals, 
birds and mythical creatures make up a 
surreal pageant full of irony. An irate 
white bud turns its head to look in- 
dignantly at the praying woman. Further 
up, a well-fed white dog with flapping 
ears looks up as if he would dearly li k$ 
to bite a hare standing on its hind leg} 
one rung up. 

An animal world full of tongue-in- 
cheek derision thus frames the scene of 
devotion in a typical medieval mix of 
the sublime and the pithy. 

That medieval world was still unj 
changed in the first quarter of the 14tff 
century when a “Book of Hours” for 
the use of Samm in England was com : 
missioned by the DuBois family in ah 
unusually large size, 12V& by 8 VS inches. 
In one miniat ure, Mary enthroned und^f 
an arch holds up a red pomegranate at 
she gazes at a tiny robed Jesus standing 
on her lap. Family members half the sup 
of Mary stand on the sides of the throne; 
hands raised to implore Mary to in- 
tercede with Jesus on their behalf. The 
only background is the solid gold of 
divine light 

It took less than 100 years for rae^ 
dieval society to step down from thf 
contemplation of transcendental reality 
to become wrapped up in the mundane 
matters of ordinary life. In a small “An- 

Continued on Page XI : 


M= MARC-ARTHUR KOHN 

Auctioneer - Graduate of Ecole du Louvre 

DROUOT RICHELIEU 
TUESDAY, 4 th NOVEMBER, 
at 3 pan. 

OLD MASTERS. MODERN PAINTINGS, 
SCULPTURES 




PARIS - FRANCE - AUTUMN 1997 

AUCTIONS 



FRANS DE MONPER - Antwerp 1M3-1G60 
Village scene in winter. Oak paneL 53 x 72 on 



AttnfeuwUo JACOPO MAMESCHI - tun mum 
View of Saint Mark’s. Canras. 58x100 on 



CLEVE - Antwerp 1527-1581 
. Set of four paneh.3/ x46 on 

.«NNSon«Hiies*W . . 

mberl997,Hini.to6FMn. 

TTber 1997, 11 am. toi pm 


DROUOT MONTAIGNE 
TUESDAY, 18* NOVEMBER, at 8.30 p.m. 

OLD MASTERS PAINTINGS, SCULPTURES, 

16*. 17*, tffand J9* ONTURY.OBJEIS D’ART AND FINE FURNITURE 
for sale due to rowing and multiple ownership 

COMMODE 

AboufeXVIredangLihr 
commode in tulipwood veneer 


lacquer w&h tauHwarited 

comers it has two large 
drawn in /rant with no rail, 
topped by three frieze drawers. 
Stamped CMaoter, 
QraadMautErreceiwdas 
master the 1(P September 
1777. . - - 

H87JmW.127mD.e3cm ; 




ARMCHAIRS 

Set of four natural wood. 


ARMCHAIRS 

Pair of caved gilded wooden armchairs. 


Stamped KCourfia 
Mid^Gounfin, received 
as master the 3 d May 1752. 

UmXV period. H. 95 cm V£ 
73 an D. 55 an 


HU9JanW.69JanD.e2an 


COMMODE 



and.bouqudsoffiowen 
“aunatureT. 
lam IN period, * 
area 1690-1700 
H76mW.mmD.69m 

EXIWOONi Drooot Monhd^ « IS.awMorrialgneiTSOOBIhib 
Td. : 33 1 48.00 2080 tteafcj 

Saturday ISVSunday 16“, Monday 17*. November 1997, 11 am. to 9 pm.' 
Tuesday Iff 1 NoMentfer 1997, 1 1 aim. to 3 pm 


ATION AND CATALOGUES M MARC-ARTHUR KOHN - Tel.: 13 1 42 46 46 08 





fDeskjtigned by J7.£ WlMUMSVfi&L 

♦ 

110, rue du Faubaurg-Saint-Honori - 75008 PARIS 
Telia 42 66 27 95 -Fax: 01 43 73 78 12 


EMMANUEL MOATTI 


New address: 



20, RUE DE L*ELY5£e 7S008 PARIS 
TEL: + 33 (OJ I 44 51 67 67 FAX: + 33 10) 1 44 5 1 67 68 

E-MAIL: EMOATTI&S I U-AGE.COM 



THE VICTOR AND SALLY 


CANZ COLLECTION 


Featuring Important 
Works by 
Picasso 
Johns 

Rauschenberg 

Stella 

Hesse 

Exhibition 
25 October - 
g November 1997 


Auction 

10 November 1997 
(tickets 212 546 nz8) 

In conjunction with the- 
sale, Christie's Is publishing 
A lijfir efCoBactinff Meter 
and SoBy con To order 

either the book or the 
catalogue: (718) 784 1480 


Enquiries 

New York: Franck Ciraud, Modem Art, 212 546 1172 
Neal Mehzer, Contemporary Art, 212 546 1169 
Jonathan Rendetl, Prints, 212 546 1024 
London: Jussi Pyfkkfinen.' 44171 389 2452 


the nwse oi on camm. 4tT> * 5771 *. 

hkwd on 1* fcfaiuuy mkj: Eabnuc Sw^tao-ta^oivQoo 


CHRISTIE’S 

502 Park Avenye. New York, New Y«k 10022 


f 





' ' ' ■ • 1 * * «•- • * 


PAGE 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAT-SUNDAY, OCTOBER 25-26, 1997 


ARTS & Amoves / A SPECIAL REPOST 


Futurism Returns but Its Bad Image Lingers 


By Roderick Conway Morris 


V ENICE — Filippo Tommaso 
Marinetti, poet, publicist, 
rabble-rouser and founder of 
Futurism, glorified speed, ma- 
chines, mass culture, modern warfare 
and Benito Mussolini, to whom Ma- 
rinetti remained faithful until the dic- 
tator's death in December 1944. 

Futurism, a home-grown Italian 
product but launched by Marinetti's Fu- 
turist Manifesto published in Le Figaro 
in 1909, was the paradigm of all sub- 
sequent sensationalist 2&h-century av- 
ant-garde movements, but is distin- 
guished by having become associated 
with the right rather than the left in 
politics. The negative aura that still 
clings to it has made Futurism the least 
consistently studied of avant-garde 
trends and, at times, a phenomenon 
simply not to be discussed in polite bien- 
pensant company. 

However, a series of simultaneous 
independent initiatives may in the com- 
ing months give Futurism more con- 
centrated public exposure and critical 
anemion than it has received since the 
strident, posturing and tumultuous era of 
its inception, ironically thanks in large 
part to the efforts of a self-made busi- 
nessman and art enthusiast, Gianni Mat- 
tioli (who in the 1940s helped Italian 
Jews escape to Switzerland), and the 
Brooklyn-born son of Russian Jewish 
emigrants, Eric Estorick. 


Milan was the epicenter of Futurism 
but, in what has been seen in some 
quarters as a slap in the face to its birth- 
place, Luisa Mattioli Rossi, the daughter 
of the most prominent Italian private 
collector of Futurist art, G ianni Mattioli 
(1903-1977), has lent 26 key pictures to 
the Guggenheim in Venice for a fiver 
year, renewable period. They are 
presently displayed in a separate wing of 
the building, but the terms of the loan 
allow the Foundation to intermingle 
Martioli’s canvases with the rest of die 
collection and to show them in its other 

museums abroad. 

Mattioli was obliged to leave school at 
IS to work as an errand boy for a raw 
cotton importer, bnt got to know For- 
tunate) Depero arid through him the rest 
of the Futurist circle. Mattioli eventually 
became a cotton magnate and between 
1946 and 1953 was able to build a sub- 
stantial collection of his friends' and 
other Italian works. This is the first time 


they are on continuous public show. 
Umberto Boccioni, Giacomo Ba 


Umberto Bocdoni, Giacomo Balia, 
Carlo Caira, Luigi Russolo and Gino 
Severini, who signed the “Manifesto of 
Futurist Painting'’ in 1910, are repre- 
sented by key pictures familiar from the 
textbooks, as are the other main figures 
who identified themselves with the 
movement: Depero, Ottone Rosai, Mario 


Sironi and Ardeogo Soffid. Giorgio 
Morandi only briefly flirted with Fu- 


Morandi only briefly flirted with Fu- 
turism, but half a dozen of his oils from 
1913-1917 are also here, as well as 
Modigliani's 19 14 “Portrait of the Paint- 


er Rank Havtiand," which makes up for 
the lack until now of the artist’s work in 
Peggy Guggenheim's collection. 

A sociologist turned art collector and 
dealer, Estorick (1913-1993), also de- 
veloped a passion for early 20fo-cemnry 
Italian art in the ’40s and '50s and, 
having adopted England as his home 
after the war, bought a series. of classic 
Futurist pieces by Boccioni, Balia, Rus- 
solo, Severini and Soffid as well as 
canvases by Giorgio de Chirico and 
Modigliani. Some of these were on loan 
to the Tate Gallery from 1966-1975, but 
the sale of a Kandinsky and a Chagall 
and money from the National Lottery 
have now financed foe creation of a' 
permanent home for foe Estorick Col- 
lection of Modem Italian Art at 
Northampton Lodge in London. It will 
open to foe public foam Jan. 28. 

Marinetti and his followers prided 
themselves on concocting a Futurist 
version of everything from architecture, 
musical movement and flower arran- 
ging to clothing, sex and gastronomy. It 
is foe ambition of a large-scale forth- 
coming show, “Futurism; 1909-1944,” 
to cackle not only the visual arts but also 
Futurist literature, theater, film, fashion, 
advertising, building, interior decora- 
tion and other areas where the ideology 
had an impact. 

The exhibition will be at foe Palazzo 
Ducale in Genoa (Dec. 18-March 8), 
then at foe Fondazione Marzotta, Milan 
(March 27-June 28). 

The dancer Giannina Censi (1913- 


1995) became a leading exponent of 
Futurist expression on stage. Her per- 
formances included an interpretation of 
lyrics by Depero who had designed bal- 
let sets while working in New York. 
Depero ’s house-museum in Rovereto is 
now the setting for “Giannina Censi: 
Futurism in Dance” (until Nov. 30). 

Full-blown Futurism lasted only a few 
years and most of its adherents soon 
turned to other styles and mare traditional 
values. Many erf its most characteristic art 
works already form part of collections 
sndi as those of Mattioli, Estorick and 
J acker (which was sold by tbehefrstothe 
Milan municipality in 1992, and is now 
on show with the city’s other Futurist 
holdings at foe Palazzo Reale). Yet, there 
are still a number of significant works 
that could yet come onto the market, 
according to Claudia Gian Ferrari, who 
regards herself primarily as an art his- 
torian with a special interest in Futurism, 
but also deals through her eponymous 
gallery in Milan. 

“In Italy, Futurism was considered ' 
synonymous with Fascism after the war 
and the authorities positively encouraged 
the sale of works to foreign buyers — the 
reason why so many of the major ones 
are no longer here,” she said. “But the 
attitude.has been changing and Futurism 
is now findin g its place m the general 
overview of modem Italian art” 

The movement’s unfeshiouability 
have kept pices low in comparison with 
other contemporary schools of avant- 
garde art, she added. Boccioni died in a 



utm MmnB cvnua* 


Marinetti and Depero sporting Futurist vests in Turin in 1 922. Between 
them is Mattioli, aged 18. Far right , is playwright Francesco Cangiullo. 


rfding accident in 1916, and many of his 
pieces are already in museums, so are 


two works from Severini ’a Futurisr peri- 
od will figure at Christie’s Nov. 24 Mi- 


pieces are aireauy in museums, ov <us w P , ■ 

rare. But it now seems Kkely that one of lan sale, both estimated at 38 million to 
his paintings will soot be available for 42 million lire. 


_ , «• i 


i ; » i 


sale, and Gian Ferrari said she would 
expect it to fetch 4 billion to 6 billion lire 


U IW IWWl UUUVU iv v vuuwm — w — , - 

($2.3 million-$3.5 milli on)- Meanwhile, based in Venice 


RODERICK CONWAY MORRIS 


Ij, •! i : ' 


\ ; i f 


Great Substitution Game Generates High Stakes and Huge Profits 


By Souren Melikian 


longer available to others that 


longer a 
still are. 


L ondon — siowiy 
but irresistibly, a gi- 
gantic substitution 
game is being played 
on the an market. As the total 
of available paintings from 
foe Renaissance to foe out- 
break of World War II 
dwindles by the year, interest 
shifts from categories no 


This jolts foe entire price 
structure, opening phenom- 
enal profit opportunities but, 
equally, transforming art buy- 
ing into a high-risk perfor- 
mance. The latest case of a 
whole category being hiked 
to a new level could be ob- 
served this month, on Oct. 9, 
when Christie 7 s sale of ‘ ‘Ger- 
man and Austrian Art” car- 


CHRISTIE’S 


lied even further foe boom 
which started at Sotheby's on 
May 13 in New York. 

Gustav Klim t’s landscape 
"Schloss Kamm cr am Ai- 
tersee IL” painted in 1909, 
struck imaginations because 
at £14.5 million ($23.5 mil- 
lion) it raised almost by half 

foe 19th and 20^'teufory 
Germanic schools. The pre- 
vious record for Klimt was set 
oo May 13, at Sotheby’s New 
York, when “Litzlberger 
Keller am Attersee” painted 
around 1915-1916, climbed 
to $14.7 million. 

One could argue intermin- 
ably about foe respective 
merits of foe two pictures. 
The 1909 landscape displays ' 
the Pointillist brushwork de- 


vised by Georges Seurat and 
Paul Signac more than two 
decades earlier. But foe jux- 
taposed color dots are not 
used for a chromatic analysis 
of light They merely served 
to tone colored surfaces. In- 
deed, the 1909 landscape, rig- 
orously composed and pre- 
cise in its figural rendition of 
foe chateau, is conservative in 
its conception compared with 
foe avant-garde of its time. 

The 1915-16 picture is dif- 
ferent in mood. A slightly na- 
ive touch is introduced by 
trees with clearly defined leafy 
masses. At foe same time, foie 
crisscross Impressionistic 
brushwork and a nascent trend 
toward abstraction make it 
more modernist in spirit. The 
difference in foe financial out- 


% W 

-v- r 


Galerie Daniel Malingue 


come of foe two Klimts owes 
little to aesthetics and a great 
deal to a heightened aware- 
ness that foe b^t of early 20th- 
century German and Austrian 
painting still toms up, when 
the best of Impressionism and 
other avant-garde movements 
(Pont Avert, foe Nabis) have 
virtually deserted the auction 
market. 

Indeed, foe shift of focus to 
the Germanic schools was not 
confined to any given trend 
Expressionism so different 
from Klimt in its brutality and 
stridency climbed even high- 
er than on June 24, when sev- 
eral record prices for Expres- 
sionist artists were paid at 
Sotheby's in London. 

August Macke was repre- 
sented by one of his most ac- 
complished works, “The 
Couple at a Garden Table," 
charged with the emotional 
symbolism attached to its late 


date, July 1914, just before 
the beginning of foe 1914- 
1918 Armageddon that put an 
end to the more vigorous and 
inventive strain of Expres- 
sionism. It associates foe col- 
ons tic violence of Expres- 
sionism with a new tendency 
toward abstract stylization 
that could have heralded new 
developments had foe young 
painter not died on foe Front 
All that helped in sending foe 
picture to an all-time high £2 
millio n. • • 

S imilar considerations sent 
Franz ■ Marc’s “Leaping 
House' ’ soaring to £936,500, 
a record price for a work on 
paper by foe artist 
Most revealing of the 
.search far substitutes is the 
record achieved for Otto 
Mueller with a late post- 
World War I pictureprobably 
done around 1927. Two dark- 
haired young women are 


wishes to acquire 


ARCHIPENKO 


19 novembne 1997 - 10 jaovier 1998 


26, Avenue Matignon - 75008 PARIS 
Tel: (33) I 42 66 60 33 Fax: (33) 1 42 66 03 80 


GALERIE MAEGHT 
42, rue du Bac - 75007 Paris 
TeL : +33(0)1 0L454&45 J5 - Fax : +33(0)1 QL4Z.22.Z83 


A i ijrljnJ 't\k- dunum J and yellow diamond nei'kliitr. 
F.Muiutc: USS4ty HH» - «n.in m i 


The Property of a Private Collector 


AUCTIONS IN GERMANY 


mm 


Geneva, 17 November 1997 

at the Hotel Richemond 


New York. 23-27 October at Christies 
Paris. 2S-3<) October at Christie's 
Hong Kong, 1-3 November at the JW. iVlamot Hotel 


ENkJUIKlES 

Geneva. Eric Valdieu (4122) 3 14 17 30 
or Raymond Sancroft-Baker (4122) 319 17 33 
New York, Simon Teakle (1212) 546 1133 
Paris, Anne Giscard JEstuing (331) 40 7f> 85 63 
Hong Kong, Vickie Sek (852) 2978 9922 



PARIS 


PHOTO 


Eiqtene Bowlin- Kerhor. Lea Kchcuses. 1870. oil on cuves 
82 X 1 18 cm. Signed and dated. X Setup! c, 1973, $26 
Estimate; S 170.000.- ■ 220,000 - 


Not. 8c PHOTOGRAPHY 

Not. 2ls CONTEMPORARY ART, Not. 22: MODERN ART 
Nor. 28/29: OBEENTAI ART 

Dee. 4/5: DECORATIVE ARTS, Dec. 6s OLD MASTER PAINTINGS 


CATALOGUES 
(44171) 389 2820 


Preview one week prior to the anedmw. Catalogues on request. 


Europe's International Photography Fair 
19th Century, Modern & Contemporary 


8 Place de la Tacounenc, 12n4 Geneva, Switzerland 
Tel: (4122) 319 1732 Fax: (4123) 319 1731 
Internet: http: H www.ch risries.com 


LEMPERTZ 

gegrundet 1845 


2lst>24th of November 1997 From I l am to 8pm 
Lc Carrousel du Louvre, 99 rue de Rivoli, Paris 


KUNSTHAUS LEMPERTZ ' NEUMARKT 3 ' D-50667 COLOGNE 
TEL. ++49/221/ 92 57 29-0 -FAX 92 57 29 6 
TeL DSAi Gndrno Frady - ++1/212 / 966 94 80 


Information : 1PM 46 ntc de Sevigne, 75003 Paris. 




September 19-January 4 


On view at 3 locations 


107! 5th Ave at 89th St 


k Retrospective 


G u r g e n he i m So h o 

575 Broadway at Prince St 


G upc en h eim ? A. ce Ga liery 

275 Hudson at Spring St 
through tiov 9 


information 2\2 4 23 3500 
www.gnoo enhsini.com 


Sponsored by 

HUGO BOSS 

Philip Morris Companies tnc. 


seated in foe grass, one turned 
toward the viewer, exposing 
her bare breast Apart from 
dtis attempt at titillating the 


this attempt at titillating the 
bourgeois, there is not much 
about foe picture that qualifies 
as bold. The record it set for 


as bold. The record it set for 
the artist at £1,101 ,500 was 
perhaps the most unexpected 
of alL Itpoints to a large-scale, 
none too discriminating trans- 
fer of interest to early 20th- 
century Germanic painting. 

A whole string erf high 
prices says even more about 
this massive transfer than just 
a few records. They affected 
every aspect of German paint- 
ing. A £925,500 was paid for 
Karl Schrrridl-RottlufPs 
“Dangaster Park” dated 
2910. hi this strange land- 
scape which flirts with ab- 
stractionism, color spreads 
like leaping flames. 

For auction houses con- 
cerned with levying their per- 
centage on sales, no matter 
what is sold, the ascension of 
the substitution products is. 
good news. For buyers, it is 
making the art market more 
fraught with danger than ever 
before. . The outcome of sales 
is becoming increasingly un- 
predictable. As prices rise, so 
do reserves (foe unprinted 
minimum below which a con- 
signer does not authorize foe 
sale of his goods) and as these 
do, so does buyer resistance. 
Failures to sell are common. 
In foe £32.6 milli on sale of 


German and Austrian art in 
October, which was a tremen- 
dous financial success for 
Christie’s, 32 percent of foe 
lots found no takers. 

The dangers inherent in foe 
substitution game are perhaps 
greatest when foe .. lesser 
works of famous artists are 
promoted for commercial ad- 
vantage. There is a tendency 
to declare -sublime the early 
work of artists who later be- 
came famous when working j 
in a different manner. Last- " 
. May in New York, a portrait 
of his uncle done around 1 866 
by Cezanne under foe influ- 
ence of Edouard Manet, went 
up to $2,917300. The com- 
bined impact of Cezanne's 
exalted name and of the re- 
lentless marketing organized 
around foe John and Frances 
Loeb collection resulted in 
this “miraculous" price. 

In a nutshell, by blurring 
foe boundaries between cat- 
egories the new substitution 
game spreads the impression 
among outsiders that when 
item A is not available, all 
they need to do is move down 
foe tine to item B. Sometimes 
it works and sometimes it 
does not Behind its facade of 
ever-rising prices, foe art 
market is increasingly look- 
ing tike a' lottery with crazy 
stakes. When the upward 
movement stops, the awaken- 
ing might be even ruder titan 
at foe time of the 1990 crash. ' 


= ADT of VANUATU **= 

EXHIBITION and CATALOGUE 
4 Dec 1997 to 17 Jan 1998 

GALCQ1E MEYEP - OCEANIC AQT 

17 RUEDE5 BEAUX ARTS, PARIS 75006 PARIS 
s= TEL; 03-U 43 54 85 74 FA* G3-D 45 54 U 12 


REAOl Ac POYET 


•mil Gll ll! t 

r'linuni nr, 'I limnin'"*. 


101. SiunMIoimrr. 7500ft |* \U1N * 

L i.: + (0) i ;ts «>.-» I "a v: + (<>> \ va z<> 21 29 


galerie piltzer 


Jean Helion 


"A perte de vue M 

From November 5 to December p. 1 997 


T 1 ^ Matignon, 75008 Paris 

Tel. + 33CQ)i 43.59-90.07 Fax: + 33(0)1 43.59-90.08 




Credit Municipal, de F 


ARTS 






OBJECTS AUCTION SALE 
Thursday, November, 6th, at 1 JO p.m. 

d ovem £*- Ahfixin 9.30 a.m, to 4 pm 
Thntoy. November 6* from 9.30 ,o IU0 e iC' 

QuatogW 50 F on request 






Moddi officers. 


« rawematreAn XU. Stated ATrnErSr 1 u V ,ccrs - 

Uemfrg' i 

Estvnaied ot 150 000/250 000 

^«)7^fe 8 ^ 3 7=004 Paris 

MBraw«oa»Br.^I- 1 ^ 65 32 


i 



9c> 


EVTERNATIOXAL HERALD TRIBUNE, SAJVRDAY-SUNDAX, OCTOBER 25-26, 1997 


ARTS & ANTIQUES / ^ SPECIAL REPORT 


PAGE 11 


Meier: U.S. Architect With a Feel for Europe 



By Dana Micncri 

N EW YORK — Richard Meier,, one 
of today's foremost architects, is as 
weQ known for tus sleek, white 
modernist museums as for his 
private residences, civic com missions and 
corporate headquarters throughout Europe 

and America, . 

His most recent acc omp lisiimeg is the 
Getty Center — a $1 .billion, six-bmldmg arts 
and cultural complex overlooking Los 
Angeles that is scheduled to open Dec. 16. 
The center has been bailed as the architectural 
commission of die century and thopiftce de 
resistance of Meier's career. 

Among his other landmarks are the Frank- 
furt Museum for Decorative Arts in Ger- 
many, Atlanta's High Museum, the Museum 
of Contemporary Art m Barcelona, The Hag- 
ue’s City Hall and Central Library, Carol 
Plus television headquarters in Paris, and die 
Smith House in Darien, Connecticut winch 
made him famous in 1965 at the age of 31. 
Meier’s creations arrfmatf! the landscape 


with a classical elegance rooted firmly in the 
modernist tradition of Le Corbusier and Mies 
van derRohe, and expressed in his trademark 
grid-based designs, bold geometries, light- 
infused spaces and glass and white metal- 
paneled exteriors. 

For Meier, 63, die Getty Center reflects a 
new dire ctio n. “My work has become more 
flmrf, dynamic and curvilinear, mane related 
to place than context,” he says. “One of the 
most important features of the Getty is its 
integration with the landscape. By working 
with the natural topography of this vast, open 
site, the architecture forms a dialogue be- 
tweea theintifiop’s curvilinear forms and the 
mrban grid below; it evokes a sense of both 
c oomuplario a and urbanity.” 

The use of rough cut travertine from a 


Meier's, signature glass walls and metal pan- 
els,* endows die complex with a materiality 
thatM* other buildings lack, while evoking a 
sense of permanence and a link with the past. 
Designed on an intimate scale as a series of 
interconnecting buildings with alternating 
enclosed and open spaces offering panoramic 


vistas, the Getty Center has been described by 
some critics as a contemporary version of 
Hadrian's Villa in Tivoli. 

Meier, who sees architecture as pan of an 
historical continuum, concedes his affinity for 
classical architecture, particularly the artic- 
ulation of structure and quality of light cap- 
tured in the weak of Bernini and Borromini. 
“The important thing in a museum is the 
relationship between the viewer and the work 
of art,” Meier says. “The best way to enhance 
that experience is by using diffused natural 
light, which focuses your perception.” 

The changing light of nature, Meier says, is 
best reflected by the color white, which stresses 
the underiying principles of his architecture — 
the relationships between horizontal and ver- 
tical. rough and smooth, opaque and trans- 
parent, man-made and n a t ura l. 

Most of Meier’s gleaming white buildings 
reconcile the past and present with a mod- 
ernist sensibility that particularly appeals to 
Europeans. 

“I think Europeans respond to the open- 
ness and transparency of my work, the con- 
cern with light, quality and the essence of 


things that seem to reflect our values now,” 
says Meier, who has won more architectural 
commissions in Europe than any other UJS. 
architect, “Until recently. European build- 
ings tended to be more enclosed. The open- 
ness is related to the freedom and wide open 
spaces associated with America.” 

Meier began altering Europe’s skyline in 
• 1979 with tiie Museum for Decorative Arts in 
Frankfurt, one of the first postwar buildings 
by a U.S. architect in Germany. 

He is now working on two other museums. 

The Arp Museum in Rolandseck, Germany, 
set to open in 2000 on a site overlooking the 
Rhine River, will bouse the world’s largest 
collection of art by the Alsatian sculptor Jean 
Arp and his wife, Sophie Taeuber-Arp. 

Meier’s Ara Paris Museum Complex in 
Rome, a new home for the 13 B.C. sacrificial 
ahar Ara Paris and its related sculptural rebels, 
will also open that year, along with his Church 
of the Year 2000, a parish church commis- 
sioned by the Vatican in a suburb of Rome. 

D. 4 NA M 1 CUCC 1 is a freelance journalist 
based in New York. 




Richard Meier in front of the $1 billion tefyOtzaen* A Chinese Aesthetic Begins to Take Hold in U.S. 


Mirror Into Heart 
Of Medieval Prayer 


Continued from Page 9 


Continued from Page 9 

mmcration” by die Bedford 
master who panned it in Paris 
mound 1430-35, the architec- 
tural setting of a Gothic 
chapel is meticulously 
rendered. In the small nxmd- 


good offices of Giuseppe Eskenazi. 

1 "|3 « Others released by Tsui at auctioc, such as 

THVfir those he let go on Sept- 18, tell a lot about a 
J 20th-century Chin ese collector’s taste in ob- 

jects from the distant past of his own culture, 
serpent, reminiscent of the The unique bronze ritual vessel of fee so- 
me nster stayed by H er c ules called Spring and Autumn period, probably 
in ancieau Greek mythology, casi around the 7th century B.CL, is probably 
Here too. the precise meaning not the kind of object that most Westerners or, 
has yet to be explained. But, far that matter, Japanese collectors, might 
clearly, literature was over- choose first. The extreme complexity of its 
taking piety. design, in particular the rebus-tike patterns on 

For a while, “Books of the sides, combined with the snarling fantasy 
Hours” were punt ed. Even- of mythical beings, makes ft well ip mue wife 


ds. inserted in the seething tnafly, these too disappeared, a present-day Chinese taste. Sold for $387,500 


__ I*-* 



lean 


Helio n 




. St * 




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*-• .. 


formal pattern decorating the 
m a rgins , scenes related to 
Mary’s life look like vignettes 
sketched on the streets. In 
one, Mary's parents, Joachim 
and AmK. dressed like French 
burghers, are dropping coins 
into a beggar’s purse. 

. By the end or the 15th cen- 
mry, the Renaissance in full 
1 bloom took things one step 
further. A “Nativity” by the 
French flluminator Jean 
Bonrdkhon shows Mary and 
Joseph in a close-up view 
through an ornate Italianaie 
window. They gaze at the cot 
as does the bull in this strange 
“cowshed.” In the back- 
ground. an ancient Roman 
type arched doorway opens 
onto a townscape in the dis- 
tance. 

On the facing page, thistles 
painted in trompe Foeil high 
relief with a butterfly and a 
ladybird are loaded with sym- 
bolism. but theft naturalistic 
rendition worthy of a botanist 
and entomologist points to an 
interest in nature rekindled by 
ancient writers. 

This finds its strangest ex- 
pression in a “Coronation of 
the Virgin” bv Simon Marrai- 
ool Maxy sits hands clasped in 
prayer react to Jesus as the 
^ -Lord of the universe. Below, a 
choir of angels seems to be 
singing some hallelujah. Un- 
derneath this mystical vision, 
a red rose, a cherry, acorn- 
flower and a minutely 
rendered fly compose a rebus 
spelling out a message that 
r emains to be explained. But 
the naturalism of the det ail 
could not be clearer. 

The full-blown Renais- 
sance touched the art of il- 
luminated manuscripts a gen- 
eration later. In ‘ 'John on 
Patinos” Minted around 
4*1520 in a Paris “Book of 
'Tf'l fojsra,” the Italianaie taste 
colors everything. The 
Florentine style marble 
columns framing the scene 
have gold (or gilded bronze?) 
mounts. Mary and the Infant 
Jesus stand riding in the aft on 
the back of a seven-headed 


HARRY FANE I 
wishes to purcha se old 

CARTIER 

objects: 

dock*, uguettes saao, 

Please contact: 

OBSIDIAN, London 
T«k K7WM m Etti MM* 5834 


; GALERDE ’ 

MARCO POLO 

ffrt from China 
& Japan 

.... 


casualty of Ref ormation and to Eskenazi, this, too, is now ensconced in a 
Counter-Refbnnation which ■ U.S. collection, thus surreptitiously bringing 
did away with the more intense American connoissemship closer to the cur- 
forms of the cult of Mary. rent Chinese aesthetic approach to the past. 

Intercession was no longer But mother bronze, a 9th century B.C 
required in a society smugly musical bel^ was nxHe than the Chinese them- 
absorbed in its own concerns, selves could resist, with its inscription that ties 


it in wife one set ofbeDs already in the National 
Palace Miiseum in Taipei. The bell wear up to 
$134^00, paid by a Taiwanese bidder. 

AH tins might not have happened were it 
not for the presence of another key Chinese 
figure an the New York scene, Theow-Huang 
Tow, director of fee Chinese department at 
Christie's. Bom in Singapore of Fujianese 
parentage, educated in the British tradition 
before getting a degree in art history and 
Eastern studies at Columbia University. 
Iheow lived fee life of a Western avant-garde 
pai nter for two years and then turned to the 
auction world. He is one of a growing number 
of Orientals straddling the two -worlds. 

ft was through the vice chairman of 
Christie's Asia, Anthony Lin. also a Singa- 
porean Chinese molded in the British tradition, 
and through Theow that Tsui was brought 
around to fee idea of selling at Christie's after 
yeas of fransnrtinns Wife Sotheby’s. 

In them he found congenial partners. But 
there must have been more to itfer the shrewd 
busmessman than hist feeling at home. 


like “James 


so just feeling al home. 
Watt” at the Met, Theow has 


been leaving an increasingly visible Chinese 
imprint on his surroundings. On fee cover of 
the catalogue describing fee “Fine Chinese 
Ceramics and Works of An” from various 
owners sold on SepL 18, immediately after 
the auction of Tsui’s objects, Theow ran the 
detail of an imperial blue dragon painted on a 
jar of the Jiajing period (1522-1566) qu un- 
essentially suited to Chinese taste. It went to a 
Canadian collector from Toronto but the un- 
derbidder was C.C. Lai of Hong Kong who 
desisted as fee jar climbed to $250,000. 

The whole catalogue had a higher pro- 
portion of Chinese taste pieces than is usuaL 
There were desirable scholar's objects, such as 
a soapstone seal with an inscription by Gao 
Qipei, an official who had connections to the 
court of Kangri ( 1662-1722). That was bought 
by a Chinese collector based in Los Angeles. 

Later, a large pale jade container in the 
form of a duck, probably carved in the early 
19th century, was fought over by Hong Kong 
dealers. Lai paid $101,500 for it. 

Not every Chinese taste piece goes to 
Chinese buyers. Western buyers are increas- 


ingly looking at certain pieces in the Chinese 
way. At Sotheby’s ou Sept 23. 12 “month 
cups” of the Kangri period wife dainty floral 
decoration on one side and vertical bands of 
calligraphic ideograms on fee other, had all 
that Chinese connoisseurs rave about Yet, it 
was bought for a gigantic $706,500 by 
Eskenazi on behalf of a U.S. client 
The influence of Chinese taste is likely to 
spread. In October 1995. a Briton, Marcus 
Flacks and his wife Deborah, opened a gal- 
lery at 38 East 57th Street where they display 
Chinese furniture, scholar’s objects and 
Buddhist sculpture. Flacks notes feat 90 per- 
cent of theft clients are American. Many, he 
adds, are collectors of modem and contem- 
porary art attracted to the linear quality of 
Chinese furniture as they are to fee abstract, 
sometimes surreal shapes of the scholar’s 
natural rocks. Yet another area of fee U.S. art 
world, and one wife a highly visible profile, is 
being infiltrated by Chinese aesthetics. 

SOUREN MELSKIAN is art editor of the 
International Herald Tribune. 


Teletype that ended WWII 

' TbtHsAiy October 30 , 1997, 4200 EM. 

The Algonquin Hood, $9 West 44th Street, New York, NY 

Rrsrancrion cverof an historic teletype from General 
JBsenhower announcing Germany s surrender. Auction also 
rodndes Napoleon L Lord. Horatio Nelson, Sgmnnd Rend, 
Mahatma Gandhi, wrkm. nwsirians, royalty, and more. 

Licensed Anaianeriv Norman Scrivener (# 0695072 ) 
Lavishly iQnstxated catalogue szo 

ZK.-94J-I880, EMC 212 - 908-4047 
wvntraa-smyfeexom 1 


K>is>miiE 


Where- hhmx paper mOedim if dx world 
tucraeaxhed maimed, hooghtani add 

Eaab&sbed 1SS0 

26 Broadway, Store 271 , New York. NY 70004-1701 


THF SAN FRANCISCO 

FALL ANTIQUES SHOW 

t-<r .Hizh Sch: «i! y.-.ui-.-.i' 

A- October 30 - November 2 

Fore M:i.soii Center 

. Festit n! Pavilion 

cull 

141 5) 5 46-6661 


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RADIO CITY MUSIC HALL® 

SOGKEITOS POSTER PAINTINGS 




will Getsge inn’s m^^cent3-U 6 , x4 , aiibnished 
RpdceflespaHrtu^s. These 75 cg^al mate were 
created fee gay days ofRadioGt^ New York 

fas 1948 to 1977— miy be pradBiKdindhidn8ny 

mmEjMxsmwttMimRShm&umsnm 
RS&C97D 369-9888 • HI (978)369-1718 
w«q»stawddjOffli 


The international art fair of leading galleries 


SI oct 


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to 4 nov 


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lifeline: 43 - (0)20 - 32 55 '.5 45 


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CHRISTIE’S 

A HIGHLY IMPORTANT 
EARLY MING UNDERGLAZE- 
COPPER-RED VASE 
FROM A PRIVATE COLLECTION 

Hongwn (L368-OTO) 

12 JSm. 1325 cuO high 

£snDusr on Bequest 

Hong Kong 5 November 1997 

at the JW Manoa Hoed A 

VIEWING Jn 

1-4 November 1997 attber A3j> 

JWManocHoaiHoog'KM^ 

ENQUIRIES 

Ho^Kong. Amboay iin Mgtm/A. 

(832) 2521 5396 

London. Cx^n S3ierf 
(44173) 389 S72 

New York, ' H I 




- - : ■ 
K+w-*-- . 

• - -:v. 


(1212)5461158 W 

CATALOGUES X 

(44I7I) 399 2820 '■ 

22t3i6 ASoaodia Honse 

Mr20 Oarer Stood, Ceoccd, ffca^Kong 


ART 

COLOGNE 

Internationaler 

Kunstmarkt 



Estimates 

S ate 

Porches* 

^ 67, avenue Mozart 

W Paris 16 th 

M 33 Of « 88 ** 44 



j. j. Lally & Co. 

ORIENTAL ART 


East 57 street -New Ycak. NY 10022 T&cpbaae 0*2} 371-3380 Tftx (212) 593-4699 


v. 












PA 


E 


PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, OCTOBER 25*26, 1997 


R 


NYSE 


Friday’s 4 P.M. Close 

The 7M most traded stacks of today. 
Noflonwtts prices noi receding tots trades eJsevrtwa 
The Associated Press. 


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163. Bft BkAMS .13 .9 13 96 144. 14* 14* -V. 

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26v, 74li BatBpf 200 77 - 86 25ft 25* 2SV»rW 

39 2Slk Ban) J2T 2 A 23 569) 31 39* 29ft -11A 

32. 12ft BamNblS - 37 4516 28* 27ft ZTW+’V. 

30* 18* BsmaeCs .67 24 14 271 27* 27 27* ,1k 

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14* 9ft BenyRG - 17 144 13 12. I2ft -W 

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60. 39 li Baktar 1.13 2J 5030198 53ft 49W 499. -3ft 

40* 29ft BagAOt 140 43 33„916 39k. 38ft »W _ 

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30ft 25ft BaySG* 1J8 54 .15 89 39ft 29 29W ,« 


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19 605 29*9.29. 29ft 


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29 13U Bilge* _ 30 419 25ft 25 25W +W 

45ft 20ft BargSrs AS IJ 26 1814 4IW 40ft 41ft ,ft 

460032200 BerkHaA - 47 £100014460044600 ,100 
12W 9ft Urn*®! -93 73 ~ 516 12ft lift 11% -W 


30 7* BastBuy 


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55* 24* 84HMA 


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27V, 21 ft BoxtEd 1J8 59 17 03 2! 3t%31%,W 

34ft 26W BastPip n - - 2022 31* 31* 31* ,% 

7SW4I BastSc - 442TO16 50ft 47% Aft -ft 

35ft 14* BaktTedi - 34 691 32ft 31% 31ft -1% 

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57 33ft Bancor JO IJ 52 707 50V, 48W 48W-1V. 

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28* 15* Bwhtad .14 51826026 25*36 -W 

41* 30ft BuCtHWB J6f IA 12 118 34* 34* 34* 4ft 
49* 22* CSDTdT .11 1 17 291 48 46ft 5ft 4% 
49* 24* CANTVn.Wp 6541 43* 41 41 ft 

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44%2S CN&Bab J2f 22 18 729 41% 41* 41* 4* 
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33% 24* CattaR 1J5 58 30 246 30 29* 30 -»* 

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19ft 11* Carfftkd .16 IP 28 1934 14* 16* 16* -% 

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A 87 3* 3 3 

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48* 2a COER - 58 30 45* «%«*+% 

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33ft 739,5*3*8, AO VA 19 3646 38* 28% 2f* 4% 

29* 17* OnMJ Atf L7 M 430 38% 28% S* -ft 

2% lft CtatOd _ _ 1256 1* 1* 1* -W 

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27 25 CKpptE 2P0 23 - » 35ft 26% 2AW _ 

27% 25* CBqjpOC 134 7.1 _ O 27% 27* 27* +* 

319.20* OTtadg JB J 11 283 30 29* 29* ■* 

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31V* 20 StoW All 23 17 KO 29% 28% 28. ♦% 

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10% 7* OtaCb Jta *0 - 94 IM !?* W* -y. 


47* 29* Overt 13129 9 366 46ft -5% 457, _ 

75% 18* fiSfcbrs _ 30 2761 74* 71* 72ft +ft 
75%48*Qn» 1 JB I J 3 M£D 10% «%®ft +ft 


35% 24* CaaMIS _ 28 190 34* 33% 33%-% 
S* IS* ffinw JO LO 14 762 21 30% 20 ft •* 
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76* 56 QbanGmlPO 1 J 16 107 76% 74* 76* +1* 
44* 26% CDINCA PI J 1220B46 29* 28% 28% -% 
24ft 19* CotaOtaT 1 JBO 6J S 219 » 23* 21% -W 

33* 18U Coradbea JDf A 22 UTOtZM 32* 32* +% 
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21W15* ConrfrtSn - _ 640 18 17 17% -WM 

41V. 26* CradSNJ JO 10 17 342 40* 39%40%4% 
36 21* CflKPGa 1J4 3J 13 ~ 

51* 27* CfflcFdf* JB A 17 
19ft 916 OntTek J4 12 12 
32* 27* QoeMU J2 IA 13 
16* 13* CmdNL 1J0 7J 14 
27* 18* GbES 1 JB 6.1 13 
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25* it* Caneta JOn J 
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14* 6* OwAb 
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76 I7H 14* 14* -% 
153 32W 31ft 32 
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35 4483 35% 34% 35* 4% 

- 244 291. S* 29% -% 
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BUSINESS /FINANCE 


SA3UKDAY-SUNDAY, OCTOBER 25-26, 1997 


PAGE 13 



William Esrey Wft aring a plK ffletra| bd and answering calls from dwriwg a promotion rampign. 

Stable Sprint Keeps Ringing the Bell 

Its Stocky Up 40% This Sear, Outperforms Those of Most of Its Rivals 


m 

t*.r. 


t 1 


By Seth Scfaiesd 

Ne w York H mes Service 

NEW YORK — As jbis oamperaocs 
anoint new chieftains a net ap pyiarh ^ 
deal-making frenzy , Wil I ia m fafy is 
smiling 

Mr.jEsrey’s.com p ary, S print 4~V»rp t 
does not seem to-fit the imagp-^if a-hia- 
time telec ommumcatio ns cairier fhesp. 
days. Sprint "haft .not attempted any 
blockbuster -acqiwgirinnK .Terenti y Its 
management, led by Mr. fraey, the 
-chai rman seeing stable. The company 
has not announced any hig unexpected 
losses of late. 

lust about all sprint hap -done this 
year is have its -stock mitpgrfnmn al- 
most every other large, tefecammuni- 

carinnft f-Rrrier, increasing by mrme than 

40 percent since lan. 1 . Tl-dosed Friday 
at 3156.125, np 25 .cents, .on die New 
York Stock FxchangP: 

Note -of the Bell .c ompanies has 
come close. AT&T Crap., which ^ p- 

pointed r. Michael Arrns tMmg nrrkn - 

tect of <tbe Hughnu Bkdxsaks renais- 
sance, to its lop jobs das week, has 
posted an 18 .9 percent gain. Shares erf 
MO Commumcationstkap^ aiggi-qf 
three suitors, have increased by 15 rt 
percent. WoridCom toe., datifag of. 

Wall Stmer anal ysts and thp.<atoek Aat 
stirred die MC3 cocktail, has posted a 
30 .5 percent gain. 

A reason for Spout’s shcccsb, and a 
reason investment bankers would love 
to get the -company sold, is that U may 
now come closest to offering that 


vaunted bundle of teJecommuoica- While Sprint is well known as the 
hpns sendees that has become the goal No. 3 long-distance company, few av- 
of almost every large communications (sage investors realize that Sprint is 
company: local and long-distance tele- also the nation’s seventh- largest local 
phone service, Internet access, wire- telephone company, serving about 7.4 
less communications and a respectable million lines, 
international presence. And while S pint’s profile around 

What we have done over the past die country is built on its long-distance 
five years is tty to position our com- franchise, its balance sheet is built on 
pany for what we thought you need to its underappreciated local business, 
be successful in die future/’ Mr. Esrey which operates in 19 states, 
snic^in an interview this week. 1 ‘If you Through the first nine mouths of 

lookat the deal excitement, it seems to this year. Sprint’s local operations, a 
be people trying to assemble cape- legacy of the company's days as 
Mines similar to what we already United Telecom, generated 36.2 per- 
have^ cent of its revenue but 58.9 percent of 

‘‘And we obviously think they are operating income, 
doing! the right thing. They are spend- Sprint’s l ong-distance business man- 

ing tens of billions of dollars to get aged only an 1 1.8 percent operating 
assembled what we have done more margin through the third quarter of this 
medtqdically over the last several year as the company spent $1.5 billion, 
years./ or 22 percent of revenue, on selling, 

Since the passage of the Telecom- general and administrative costs. By 
mtmic 4 tions Act of 1996, regulators, contrast. Sprint’s local operations had a 
consumer advocates and executives 27.1 percent operating margin, 
have been looking forward to a day The profits have helped Sprint in- 
wiiea average Americans can receive vest billions in an t extensive national 
aH the Sorts of communications they wireless communications network, us- 
dwanp from a single company. The ing a new technology called personal 
theory ftas been that baying such a communications services. 

would serve consumers and The steady earnings from local op- 
bat saSng it would become -a com- erations have also helped Sprint ab- 
pctilBve Necessity for the providers. sorb losses involved in ramping up its 

Less -obvious ha^ been the financial internatio nal allianc e with Deutsche 
advantage that accrues to a telecom- Telekom and France Telecom, 
rauoicatiflps company with a broad Perhaps most important. Sprint's 
product line even when it does not local business has allowed the com- 
o£Ssx every service in every geograph- pany to defer attempts to invade mar- 
ie area. \ kets controlled by the regional Bells. 


may for what we thought you need to 
be successful in die future,” Mr. Esrey 
sai^in an interview this week. 4 ’If you 
look, at the deal excitement, it seems to 
be people trying to assemble capa- 
Mmes similar to what we already 
have} 

4 ‘And we obviously think they are 
dated the right thing. They are spend- 
ing tens of billions of dollars to get 
assembled what we have done more 
rae&ojdically over the last several 
years./ 

Since the passage of the Tdecom- 
nuahcifiions Act of 1996. regulators, 
-consumer advocates and executives 
have been looking forward to a day 
when average Americans can receive 
aH the Sorts of communications they 
desire from a single company. The 
theory has been that buying such a 
hnteBe. would serve consumers and 
that sd£ng it would become .-a com- 
periliw Necessity for the providers. 

Less -obvious has been the financial 
advantage that accrues to a tdecom- 
iBuokaaiops company with a broad 
product fine even when it does not 
c&er every service in every geograph- 
ic areal \ 


ECONOMIC SCENE 


^Monetary Union Removes Policy Tools 


£> i-V -i 

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By Paul Lewis 

Afw York Tines Scn-ice 

L ess than 15 from the 

planned creation of a single 
European currency, die Con- 
tinent’s central bankers have 
sent a sobering message to its politi- 
cians: You can no longer ose monetary 
policy to cushion economic shocks that 
are of your own making. Whether the 
politicians will take the hint, however, is 

another question altogether. 

The point the Bundesbank was mak- 
XJing two weeks ago in leading a round of 
"^interest-rate increases in the core coun- 
tries of the planned European monetary 

muon was that governments cannot 
pnwni on reduced rates to help spar 

growth and cut unemployment. 

With reduced influence on credit 
pofiev. politicians will have to undertake 
changes if they want to cre- 
ate the flexible labor markets that would 
allow their nations to better compete m- 
temationaily, the central bankets seemed 
10 be saving. That will require *e cour- 
age to instate unpopular moves as 
makin g it easier for employers to lay on 


i 

wadies, keeping a nailing 00 TTrinfrniim 
wages and reanoving obstacles to part- 
time wnric and flexible working horns. 

The interest -tate increases “showed 
rite pofitidass mere are no easy ways 
oat anymore/* paid Robert Hormats, 
depnxy chairman of Goldman Sachs In- 
ternational. ~TVcy can’t bet on lower 
interest rates, fbey can't devalue, and 
riiey can’t raise impending.” * 

The Bundesbank’s increase in the se- 
^tritifts -rfyiirrhafic rate, a key m oney- 
maxket rate, lo 33 percent from 3 per- 
cent was small rad symbolic. France, 
Belgium, the Netherlands, Austria and 
JV-nmark quickly followed soil 
TV concer ted action was a stark re- 
minder so politicians that once the euro 


The Bundesbank’s increase in the se- 
^iritifts -rppnrrbMR rate, a key money- 
market rate, lo 33 percent from 3 per- 
cent was small ran symbolic. France, 
Belgium, the Netherlands, Austria and 
JV-nmark quickly followed suit. 

The conceited action was a staxk re- 
minder So politicians that once the euro 
is bom ob Jan. 3 , 1909, they win have to 
liwe wiiira'‘<rae-si«j-fti5-air ’ monetary 
policy set by an independent European 
ranted hwAc m Eranlrfhtt- 

TVy wifi no be able to use 
interest ****** to influence the perfor- 
mances of titter national economies. 
Nor will they be able to do much to 
srinsdatejobgrowtiiby cutting taxes or 


increasing speadteg-lThai is because, 
with few exceptions, they wfll have had 


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Chip Jitters Halt Wall Street Rally 

US. and European Rebound From Hong Kong Rout Falters 


Canpdrd >n Urn- Ftan Dopkjrhn 

NEW YORK — U.S. stocks fell for a 
second day Friday amid concern dial 
slowing economies in Asia would hurt 
semiconductor companies’ earnings. 
Texas Instruments, Applied Materials 
and KLA-Tencor paced the retreat. 

The Dow Jones Industrial- Average 
closed down 13236 points at 7,715.41 
after having shown a gain of as much as 
88.84 points early in the day. 

The Nasdaq composite index, which 
is filled with computer-related shares, 
closed with a loss of 2033 points at 

1,650.92. 

Investors said they were worried 
about plunging Asian stocks and cur- 
rencies as well as Intel’s decision to 
postpone opening its $1 3 billion Texas 
semiconductor plant by one year be- 
cause of flagging demand for some of its 
chips. 

“Intel’s announcement today adds to 
concern that business is a lizzie slower 
than expected,” said Graham Tanaka, 


chief executive of Tanaka Capital Man- 
agement 

The drop came a day after a 10.4 
percent decline in Hong Kong’s bench- 
mark index set off convulsions 
throughout global stock markets. The 
decline in what bad beat considered 
-Asia’s safest market fed speculation that 
a slowdown in Asian economies would 
damp demand for U.S. products abroad. 

Major European exchanges were able 
to claw back some of their Thursday 
losses in early trading, but the French 
and British markets faltered later in the 
day. 

The FT-SE 100 index in London 
closed 21.30 points lower at 4,970.20, 
and the CAC 40 index in Paris eased 
7.84 points to 2,849.03. The DAX index 
in Frankfurt rose 73.61 points tocloseai 
4,050.87. 

While Hong Kong stocks rebounded 
from a sharp decline, investors remained 
concerned that rising interest rates in the 
region would dampen growth and erode 


sales of U.5. products there. 

“We’U see a little slower growth 
overall worldwide as demand cools in 
the Pacific Rim.” said John Dale, a 
money manager at Peregrine Capital 
Management. ’’That could hurt earn- 
ings here for some companies.” 

The chop in computer shares on Wall 
Street was accelerated by a downgrade on 
Applied Materials* stock after a change in 
investment recommendation by UBS Se- 
curities . The company fell 4 to 33. 

“UBS pulled the plug on them.” said 
Robert Kahan, senior managing director 
of equity trading at Nationsbanc Mont- 
gomery Securities Inc. in San Fran- 
cisco. 

Among the biggest gainers on the day 
was Avon Products, which surged after 
the cosmetics company said it would 
offer fewer discounts and reduce the 
number of products it made and the num- 
ber of suppliers it used. The moves are in- 

See MARKETS, Page 14 


Panic Sends South Korea Reeling 

Standard & Poor’s Cuts Rating in Response to Kia Bailout 


By Velisarios Kattoulas 

ImernatiiMud Herald Tribune 

SEOUL — The slow collapse into 
bankruptcy of one of South ICorea’s 
leading conglomerates claimed new 
casualties Friday as the nation's cur- 
rency plunged and share prices took 
their biggest single-day drop in history 
following a downgrading by Standard & 
Poor’s Corp. 

The downgrading of South Korea’s 
foreign-currency debt by Standard & 
Poor’s followed Seoul’s decision this 
week to bail out a unit of the Kia Group. 
Sooth Korea’s eighth-largest chaebol , 
or conglomerate. 

Citing the heavy cost of government 
support for the country’s troubled fi- 
nance and corporate sectors, the Amer- 
ican credit-rating agency lowered South 
Korea’s long- and short-term foreign- 
currency ratings. 

A foreign exodus from the stock mar- 
ket after the downgrading led to panic 
selling, analysts and traders said, push- 


ing the won, the country’s currency, 
down to its lowest-ever level against the 
U.S. dollar. 

The Kia Group effectively went 
bankrupt this summer with debts of $10 
billion, and it had been in limbo ever 
since. 

To end an impasse over its future, the 
government this week announced the 
biggest corporate bail-out in Korean 
history, saying it would nationalize 
Kia’s flagship company, Kia Motors 
Corp., to save it from collapse. 

Ine Kia Group is but one of many 
symbols of South Korea's current fi- 
nancial plight, economists and analysts 
said. Yet the nation’s dilemma actually 
runs deeper than such visible symbols, 
or others such as faltering financial mar- 
kets, battered banks, and moribund 
manufacturing companies. 

At the heart of a nation once viewed 
as Asia’s most dynamic economy, they 
said, is the dogged refusal of large por- 
tions of South Korean society to accept 
the death of state capitalism and face up 


to the uncertainties of the free market 

Kia management and workers and a 
major labor union were outraged by the 
bailout, but for far different reasons than 
Standard & Poor's gave. Afraid it was 
the prelude to a hostile takeover. Kia 
managers refused to resign. Some 

30.000 Kia employees went on strike, 
and a militant trade union representing 

550.000 workers threatened nationwide 
strikes next month. 

Why the hostility to takeovers of 
weak, badly-run companies on the brink 
of closure? Because workers here refuse 
to accept that strong companies prosper 
and survive, while weak ones shrink, 
merge, or disappear. In short, individual 
workers expect the government to keep 
companies afloat, no matter how many 
jobs are pm at risk resisting market 
forces. 

What happens next at Kia is far from 
clear. But local press reports suggest the 
government would like the Samsung 

See WON, Page 15 


to straggle to meet the strict economic 
criteria fra joining the currency union 
and will have to continue such efforts to 
keep their budget deficits at 3 percent or 
less of gross national product. 

ft is still uncertain whether Italy will 
qualify to join, even though it has come 
tiutmgh its recent budget and govern- 
ment crisis. But at this stage, only 
Greece has been ruled out as a candidate 
because it will miss fiscal benchmarks 
by too wide a margin. 

Among the rest of the 15 European 
Union countries, Denmark and Sweden 
are exjsected to opt out of the euro ai 
least initially, and British officials have 
signaled that they are unlikely to seek 
entry until at least 2002. 

The* German central bankers defen- 
ded their interest-rate move this month 
on economic grounds, citing fear of 
rising inflation. But many economists 
suspect they also wanted to stiffen the 
wifl of the future European central bonk 
to uphold a strong euro. 

Usa Kaess of Geoffrey Bell & Co., a 
New York financial advisory firm, said 

See RATES, Page 15 


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Fear of Swiss Sale 
Batters Gold Price 

CoBvUtdtmOmSt&Fmm Dqaacha 

BERN — Gold prices plunged Friday to a 12-year low after 
a committee set up by the Swiss government said Switzerland 
could do without as much as 1 ,400 tons of its gold reserves. 

The report heightened concerns among gold traders and 
investors that central banks around the world could unleash a 
further wave of gold sales. The Australian central bank’s 
announcement in July of sales of two- thirds of its gold 
reserves, which was just 167 tons, drove gold as low as 
$315.15 an ounce. 

In New York, gold for December delivery plunged 5 per- 
cent, or$16. 1 0, to $308.60 an ounce on the Comex division of 
the New York Mercantile Exchange, the lowest since 1985. 

But the Swiss government’s reaffirmation that it planned 
only to revalue about 400 tons of the central bank’s 2p90 tons 
of gold, mainly to finance a planned 7 billion-Swiss franc ($4.8 
billion) Solidarity Foundation, failed to calm investors. 

Analysts said die committee’s recom mendatio n was enough 
to undermine sentiment toward gold even though changes in me 
Swiss Constitution, discussion at government level and a ref- 
erendum would be needed before sales could begin in 1999. 

“What this could do now is serve to keep the market in the 
doldrums for the next 18 months,” one analyst said of the 
Swiss proposal. “It will also spark the other central banks to 
thinking. 4 Well, if the Swiss are going to do this in 1999, we’d 
better get moving now.’ ” 

Dennis Woolley, an analyst at the Johannesburg-based 
securities house Huysamer Stals Inc., said: “Comments like 
this will absolutely kill the gold price. There is no feeling for 
gold at the moment, and this is all that it needed.” 

Gold prices have also been hit by sagging demand for the 
precious metal in Southeast Asia because of die recent de- 
clines in the region’s currencies and stock markets. 

A slide in currencies such as the Thai baht, the Malaysian 
ringgit and the Indonesian rupiah has made gold, priced in 
U.S. dollars, more expensive for consumers in those coun- 
tries. Lower stock prices have also forced some investors to 
sell other assets, such as gold, to cover their losses. 

The Swiss National Bank’s gold reserves by law have been 
valued at 4,595 francs a kilogram — currently around $90 an 
ounce — for decides, effectively making it impossible for die 
national bank to sell any of die reserves. 

The Swiss government’s committee also said the country 
should do away with the gold standard, which is still part of its 
1 848 constitution but no longer is adhered to. 

The committee, which included die head of the Swiss 
Treasury, suggested the central bank transfer some of its gold 
holdings to the government and to Switzerland’s 26 cantons 
— the Swiss National Bank’s main shareholders — who could 
then “gradually” sell the gold oa the market. 

(Bloomberg. Renters) 

Loral Space’s Bid Leads 

Bloomberg Nm 

MEXICO CITY — Loral Space & Communications Ltd., 
in partnership with the Mexican telecommunications com- 
pany Telefonica Autrey SA. offered 4.29 billion pesos 
($555.9 million) to buy a 60 percent stake in the satellite 
company Salelites Mexican os SA. 

Loral Space, a New York-based satellite service company, 
and Telefonica Autrey have not been declared the official 
winners, but they are expected to win the auction because they 
bid higher than the government’s minimum price of 3 billion 
pesos. Their two rivals, ConrrolSat and PanAmSat Corp.. 
dropped out of the Mdrimg . the government said Friday. 

The three parties submitted sealed bids Oct. 14. 

The winning bidder has an option to increase its stake in 
Satmex to 75 percent. 

If h does so, the government estimates, the sale would 
generate $692 million. 



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PAGE 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SCNDAY, OCTOBER 25-26, 1997 


THE AMERICAS 


30-Year T-Scnd Yield 




Dollar In Deulschs marks • 


M J J A S O 
1997 

Nso • index.'...":'.’.' 


The Dow 


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Toronto •• • TSElndexi 


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g__ •••: ' 

C$rmem ' _ -Triapifei General • ' 

Source: Bloomberg, Reulers UacraxBorcd Herald Tnbune 

Very briefly: 

• Pioneer Hi-Bred International Inc agreed to buy back 
16.4 million shares, or 20 percent of its total outstanding, for 
$9230 to $94 a share in a Dutch auction. The sale was part of 
a transaction announced in August under which DuPont Co. 
agreed to acquire a 20 percent stake of the supplier of seeds 
and genetically engineered agricultural products for $1.7 
billion, or $ 104 a share. 

•Robert Citron, the former Orange County, California, treas- 
urer at the center of the county's $1.64 billion bankruptcy in 
December 1994, the biggest in the United Stales, has earned an 
early exit from his work-release program because of good 
behavior. He served two-thirds of a year’s sentence for fraud. 
•FelCor Suite Hotels Inc., which owns 71 hotels, including 
Embassy Suites and Doubletree Guest Suites, expects to buy 
up to $400 million of high-end hotel properties in 1998. 

• Crompton & Knowles Corp. said it took a third-quarter 

charge of $6.9 million to eliminate 100 jobs, or about i.8 
percent of its work force, as part of ongoing cuts by the 
chemical and additive company. ap. Bloomberg 


Intel Delays New Plant in Texas 

Bloomberg News 

SANTA CLARA, California — Intel Corp. said Friday that 
it was postponing the opening of a $1.3 billion semiconductor 
plant in Texas by a year because of lagging demand for 
memory chips. 

Intel now plans to open die plant in 2000, not 1999, said 
Howard High, a spokesman. 

Mr. High attributed the delay to slack demand for flash- 
memory chips. Intel disclosed the problem in its third-quarter 
earnings announcement this week. Intel will shift production, 
at an Israeli plant from memory to logic chips, which are in 
higher demand. That means it will not need the Fort Worth 
logic-chip plant as soon as planned, he said. 


Boeing Confirms Its Loss: $696 Million 




Cuef&dM Otr 5k# Fmm ft****" 

SEATTLE — Boeing Co., the 
world’s biggest aircraft maker, said 
Friday it had a loss of $696 million 
in the third quarter after ic took a $1 
billion charge to cover assembly- 
line problems as it tries to build 
record numbers of planes. 

The company warned Wall Street 
earlier in the week that it expected 
the. loss, which was only its third 
quarterly loss in the last 25 years, 
because of production problems. 

The loss amounted to 72 cents a 
share for the July-September period. 
Boeing earned $466 million, or 48 
cents a share, in the same period a 
year ago. 

“They’re operating ineffi- 
ciently," said Bill Whitlow, a port- 
folio manager with Safeco North- 
west Fund. 

“Costs are higher. Overtime is 
higher. They’re not getting the man- 
ufacturing efficiencies people 


thought they would get" Boeing’s 
shares fell 623 cents to close at 
$48.4375 in New York trading. 

Despite the loss, revenue m the 
third quarter rose to $11,4 billion 
from $9 billion a year earlier. 

The results reflected combined 
operations from the merger of Boe- 
ing and McDonnell Douglas, which 
took effect Aug. 1. 

Boeing Mamed late aircraft do- 


liveries. snarled assembly lines and 
shortages of parts and stalled labor 
for lie shortfall. 

The company's chairman, Phil 
Coudit, said two days ago that prob- 
lems resulting from the production 
increases required to meet booming 
demand from airlines would cost 
Boeing $2.6 billion .over the next 
year. Of that total $1.6 billion was 
written off in the third quarter. 


Starwood Profit Soars on New Hotels 


Bloomberg News 

PHOENIX — Starwood Lodging 
Trust said Friday that third -quarter 
earnings almost doubled on hotel 
acquisitions and high room rates. 

The hotel real-estate investment 
trust said hinds from operations, 
defined as net income plus amort- 
ization and depreciation, rose 93 per- 


cent, to $48.8 million. The company, 
which agreed this week io buy ITT 
Corp. for $133 billion, said revenue 
rose 91 percent to $236.9 million. 

The company said it bought in- 
terests in 2ti properties fix about 
$720 minion, m the quarter, the av- 
erage daily rate for a room arnong its 
hotels rose 93 percent to $10136. 


: Mr. Condit said he knew what was 

ahead a year ago when Boeing began 
raising productioir rates and that the 
company would have made the 
“same fundamental decision 7 ’ be- 
cause of strong enstorher demand ®°r 
. new planes.” . . . . 

Two weeks ago. Boeing an- 
nounced that production of its 747- 
400 jumbo jets would be halted fora 
month and production of its 737 
airliner would be slowed to tty to 
eliminate problems caused by trying 
to more than double the overall air- 
craft production rate. 

It said decisions regarding re- 
structuring, production and market- 
ing plans for the division’s com- 
mercial aircraft programs were 
expected to be made before the end 
of the year. 

- For the first nine months, profit 
fell to $320 million from $1.4 bil- 
lion, while sales rose to $34. 1 billion 
from $253 billion-MP. Bloomberg} . 


Brokers Rebel and Bolt American Express Unit 


The Associated Press 

DETROIT — Eighty top man- 
agers and brokers at the office here of 
American Express Financial Ad- 
visors Inc. have quit and framed their 
own investment firm after a disagree- 
ment with corporate executives. 

The workers who revolted Thurs- 
day included John Hantz, the group 
vice president in charge of the local 
office. They said corporate exec- 
utives had balked at giving the unit 
more control over what investment 


products to offer clients. 

“We need a loosening of con- 
straints,” Mr. Hantz, an 1 1-year 
American Express veteran, told The 
Detroit News in a report published 
Friday. “The market is changing, 
and we need to change faster." 

Except for mutual funds, the 
company’s financial planners may 
sell only American Express invest- 
ment products, such as insurance 
and annuities. 

Mr. Hantz and his camp wanted to 


offer other brand-name investment 
products. 

Hantz & Associates, the company 
framed by the rebellious workers, 

has set up business in seven of the 15 

Detroit-area American Express of- 
fices because those leases were per- 
sonal rather than corporate. 

Am erican Express Financial ex- 
ecutives refused to comment Friday 
ou the substance of the dispute. But 
a spokeswoman, Lynn Closway, 
said the company would not aban- 


don the operation. 

“We’re taking all the necessary 
steps to keep the confidence of oir 
clients and assuring them there will 
be a seamless transition.” Mfe- 
Closway said from the company's 
headquarters in Minneapolis. J 

The division generates $1.2 bil- 
lion in annual revenue, the mostiof 
American Express’s 45 groups] in 
, the country. Its 350 employees 
served clients in the Detroit area fend 
Toledo, Ohio. f 


MARKETS: Concern Over Asia’s Effect on Chipmakers ’ Earnings Halts Rail 


Continued from Page 13 

tended to save as much as $400 
milli on a year by 2000. 

Among the major losses in the 
computer sector, KLA-Tencor fell 
5% to 82%, and Texas Instruments 
nimhleri 9% to 11116, while Intel 
was 1 15/16 lower at 80. 

Banks gained amid opti mism that 
demand for loans will accelerate, 
and lending money will become 
more profitable. Citicorp, Chase 
Manhattan and NationsBank were 
all firmer . 

And while investors showed 
some disdain for stocks, they took a 
likin g to a couple of the newest ones 
on sale. ITC DeltaCom Inc. rallied 
after the provider of retail long dis- 
tance services to businesses sold 5 
milium shares in an initial public 
offering. 


Fresh Del Monte Produce rallied 
1 5/16 to 50% in its first day of 
trading on growing optimism about 
the produce distributor’s turnaround 
potential 

More mergers and acquisitions 
also buoyed share prices. Universal 
Outdoor Holdings rose after Clear 
Channel Communications agreed to 
buy the company for about $1.7 
billion in stock and debt. 

Bond prices rallied for a second 
day, helping to keep stocks from 
falling further. The yield on. the 
benchmark 30-year Treasury bond 
foil to 6.28 percent from 631 per- 
cent as tiie price rose 14/32 to 101 
10/32. 

A silver lining to Asia’s woes is 
foe increasing likelihood that slug- 
gish economies in the region will 
prevent inflation from seeping into 
foe United States. If U.S. companies 


are not booming as a result of tepid 
demand for their products, short- 
ages of goods and services probably 
will not occur to fan inflation. 

The Dow Jones Utilities Average, 
seen as an indicator of investors’ 
expectations for interest rates, rose 
0.99, or 0.4 percent, to 246.07. Util- 
ities’ big dividends are more at- 
tractive when interest rates are low. 

With bond market yields hover- 
ing at two-week lows, . speculation 
continued that the turmoil in Asian 
markets may keep the Federal Re- 
serve from raising interest rates 
.soon, and as U-S. stocks fell. 

“The events in the Far East this 
week seem to create a very wide- 
spread feeling that the Fed is out of 
the picture now,” said Ben Mayer, 
who manages fixed-income assets at 
AMR Investments in Fort Worth, 
Texas. 


Slower growth in Asia mdy re- 
duce demand for U.S. exportsjilow- 
ing U.S. growth from what Fed 
Chairman Alan Greenspan recently 
described as an ” unsustainable” 

^At the same time, the devaluation 
of Asian currencies will Restrain 
U.S. inflation by making fmports 


That may be enough to tip the 
balance and keep the Fed from 
boosting rates, traders saidj 
Bonds posted their biggest gains 
in five weeks Thursdayhiter the 
plunge in Hong Kong stoqc&- 
Even so, “we’ve beeri running 
into . overseas buyers who aren't 
convinced this is over,”] said Jim 
Madelmayer, a government bond, 
trader at Dresdner Kleinlvort Ben- 
son NA. “There is still same flight 
to quality.” (Bloomberg. AP) 


Mark Falls 
As Fears of 
RaieRise 
Subside 


j .^lir cw StoFFowOfirw** ' 

l . NEW YORK — T&ed bU&g 
[rose against the Deutsche marifc 
I Friday as &Ibngpri£tB-^cba»- 
■ merits from Bttgfeftan ft 
j rin k su gge sted Gegam* imesegs 
f rates would not rise: again seem - 

In [ate trading,- tfet ubflhr rose 
id 1.7770 DW6»IJW3 DM 
on Thursday,, and it edged up tO’ 
.121345 yen frost 1ZL930 1 
yen. 

Fnmz-ChrisGopfr Zatikc-.a 
Bundesbank council meatti flL 
damped expectation that Ge* 
man rates would 1 be raised to 
ymg diem closer in line- wiJfe 
higher - cues elsewhere » 
Europe. 

Meanwhile, tbe central hank S 
L-hivf economist,. Onapr faring ; 
said he saw no inflation; “sur- 
prises” tn the next fow nuntfrsk. 

Falling consumer ami import 
prices also reinforced the - view 
that Germany’s economy was- 

FOREIGN EXCHANGE 

not growing - rapidly- enoughs? 
warrant further interest-rate in- 
creases after rates, were lifted 
this month farther first care in > 
five vears. 

“What's holding the mask 
down is the fact that foe rate 
move by the Bundesbank i$J»- 
explicable when you took at 
economic data,” sakfc Ned 
Parker, economist at Royal 
Bank of Sco tland. . “The mar- 
kets are now scaling back tfteir 
views of whether tales are go- 
ing up in the next few mqbHis> 
On a purely fundamental basis, 
there shouldn’t be any more 
rate hikes.” 

A rebound in Bang Kong 
shares Friday, after a pfiaoge 
Thursday, eased concern that 
Japan's economy would stefcr 
from turmoil in tbe res* of Asia 
and lifted the yen. 

Against other m^ur curren- 
cies. the dollar rose to 5.9545 
French francs from 5.9208 
francs and. to 1 .4650' Swiss 
francs from 1.4640 francs. The 
pound was quoted at $1.6335. 
up from $1.6327. 

(Bloomberg. AP) 


,+ T.Ih-' 


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AMEX 


U. S. STOCK MAKKET DIARY 


INTERNATIONAL 


Friday’s 4 P.RA. Close 

The 300 roast traded stocks of the day, 
up to the dosing on Wal Street. 

The Associated Press. 

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a J1 125 1231 


Hm^b-appradaatainDaanlper 
*l» toWft g - iiti || rifW lnCimndtaii«Bswa5! 
OH7W8lW|f7Wommi;<l IrtaertieiJ^ 


Stock Tables Expkrined 

SidBfl||i»ORipidScUYetoMOlisiBidIiiOBRiMfle[iinton5S2HBtepluslteaRad 
w^bmntfllwfBtotoflngdgoWhOTaaaortloc A iWdaidmi tM flln^topiiMypiitHTiw 
to been paU. BnyaaniiigMoiii longeaid toclend aeshaiMiliirflieiiMstodaoidy. Unless 
ofcenftse noted Rdm of iMdendsam nauoUfistMsauBrts based on Bis Umi doiaofaa 
a - diftdend alsa (S). 6 - owwal rote a* Civtdend p(V5 stock {fivktend. c - Ifauidartng 

c&sidfllid «- PE BBed>99.iM-coMd d - nw yeaity low. «-tam in the hnt 12 monltK. 

e - dhridmd dedfised or pad m pmGec&nB 12 mMltltt. f - annual rafc. increased on ksl 
dedamflen f-tSmtaad In CaaaOaa toads, sufapefte 15% im-reshlence foe I- lAMend 

dedared c flersp a -up ly s fad i JrMendl-t&rkteod paid thhyeroaraned. deterred, or so 

adkn token at latest d Md end meetop. k - dMdend declared or paid H» wa& on 
ocanniiiottw fesoe wffli dlvklends in u more, m - onrtinl njiev redocwl on hsl cfcdjnr 
i« - new issue intte past 52 weeks. The higb-loff range bogtas w?m ttn stmt oftaiftn. 

Bd-n«lday* ,e * w »y.p-&iaSdliBsW«Wl. animal rate unknown. p/E-prtCMominmiSo] 
8-dosed-end«wti»alfond.r-iftrtdwdded«edDrpaldiftprtSBiftigl2moriiiiiprwsto(* 

rflsidend * - stack apB. Dmdend begins wati dote ct ipfit ab- sales. I - ifividend paid m 
stock h pr«»*«B 18 morrlhi esHmatad cash value an a-dMdend orffiMSstrflHittadrte. 
B-neftyagtTtegLr-dodnghotfe^si-Inbantagalcymrrecpkienlaoorb o lng r perTy,^ ^ 
imdertfae BartwipttT Ad. anmcuil fie* osswned bfsuch moipaiaes. rrt - wfcai : 

wi - wt»n HsuerV we - wik 1 m-tSmemt or awlgOts. jobs - ex-dsHhutioA. 

«w - wStiout wananh. r tsi-rSirtdend and sdes In fu8L ytd- field. * . sale* m fui. 


Oct. 24, 1997 

W9» Low Latest CUge opint 

Grains 

CORN (CBOT7 

£000 bo oMnuBt-eenb per basM 
Dee 97 291 384 2®P* +\\t 207.966 

Mar 98 300ft 396 298ft 4lft 101 J22 

May 93 306ft 302ft 304ft 47 30474 

JulW 311 30Sft 30BU +1 30918 

Sep 78 298 295ft 296ft -ft 1593 

□ee98 296ft 294 295 -ft 24.159 

J0I99 308 meb. 202 

Est «*» 65000 Hors sales 7SS» 

Tlsn open bd 407j7t 516 

SOYSEAN MEAL KBOTJ 

TO0 tons' duBusMTlon 

Dee 97 23480 OT JO 72440 4080 41186 

Jan 78 Z22JO 71 9 JO mss 4050 22-046 

Mar 98 22050 217J0 21930 +050 19L230 

MOTTO 71950 214J0 318.10 +060 1A411 

JdTO 221 AO 21100 219-60 -OJO 1L534 

Aus 98 22100 21850 21850 -080 2590 

EA sates 24800 Thrs sales 2S.7S7 

TbW open W 1 19J68 up UB9 

SOYBEAN OIL (C80T1 
40000 1»- certs per lb 

Dec 97 25J7 Z5J4 ZSJ3 4854 5&907 

JaaTO 25J79 2548 25.95 +056 24777 

AtarTB 26.16 25 JO 26.12 +0-47 12567 

MOTTO 2UD 25J5 26-17 *4U3 8118 

■MW ‘ 2825 24.90 26-21 +044 8076 

AnflTO ‘ 25.75 2890 25-95 +033 630 

&L mtm zuaa nars udes WJ44 
Hilt Open Mil 1.788 up 972 

SOYBEANS tCJJOn 
KODOtwraMmun-carti per bushel 
Has 97 702 692 599 +5 617B7 

Jan 98 708 698ft 705 +5 48199 

JH* 2* 71 ^ ♦*» »»» 

'Hi?* SIS 23 m '* + 5ft 14653 

-MW 727ft 719 725H +5 11534 

EsL sales 44000 Tlsrs tabs 47459 
Thn open HI 68607, off UN 

WHEAT (CBOT) 

SOOObwMmem- cits p e r buin el 

Dec 97 371ft 366 369 42ft 57483 

MorTS 378 383ft +2ft 27JQ6 

MW« 391 386ft 389ft *2 OH 

■M7I 373 388 391U 4l 18858 

&L «<*ee 1 7JX» Uws softs 14J01 

Tiros open H 107,207. all 977 

Livestock 

CATTLE CCMER) 

40000 As.- aents per b. 

Dec 97 S795 67-00 67.10 -862 suru 
6877 -037 21.620 

Apr 99 73.00 7232 7242 8.15 18422 

A*1 98 7045 70-07 7815 4L27 18122 

» « 7040 78115 7805 8uOS 1147 

» 7295 7265 7265 830' LUO 

EsL sedee 14660 That tales 14794 
Uws open M 78982, up 253 

FEEDER CATTLE (CMER) 

58000 Ibev cent! par fe. 

Od 97 7125 77.90 78.10 +830 Ijn* 

MOV 97 79.15 78JO . 7E65 8.15 7,054 

Jan 98 7935 78-70 7837 8JB7 Sim 

Mar 98 7937 7855 7865 8.10 UU 

K 7B 7940 78J5 7860 84Q 999 

'TO 8805 7935 7967 8L02 689 

EsL soles £919 Tlnn Hdai 4528 
Ihnepea kd 1AAM, all 570 

MCS-Ltn (CHER) 

Dec 97 63.15 6135 6257 +132 WIW14 
Feb w 5115 6200 4272 +1.17 4931 

Apr 9« 6030 5930 5937 +870 09*5 

Jon 98 67-55 6465 6732 +8.9 0 1962 

M98 66M 6420 4SJ0 +830 948 

Est sales U.Z91 Thurs sales 4548 
ThrAapeoM 37-254 off 73 

FORK BELUE5 (CMER) 

«U>ao «*l- anti par R- 
PrtTO 6685 6475 6545 +027 4574 

MOTTO 6630 6430 65.17 +837 1J01B 

MofTO 66.15 65-00 45-00 835 245 

EsL nlet%475 Run soles 2391 
Tbutopea H Root up 97 

_ Frod 

COCOA 0TC5EJ 

10 metric kns-sperM 

Use 97 1610 1577 15H -20 3UU 

MOTTO 1646 1615' 16» -20 3.191 

MoyTO 1666 1640 1640 -19 LOTS 

MM 1685 1460 1668 89 3865 

Sep 98 1«82 1681 1681 -V 4316 

Dm SB 1700 1699 MW -19 BAH 

&Lsdks7,930TbnsaiBl2«r- 

Tbmi openM 110804 up 3^V, - 

COFFEE CWCSEJ 

27300 8a.- rants peril. . * 

Dec 97 15430 WA75 13290 4flJ5 1L6K 

MartS U3JQ HUB USAS OUS ■ UUP 

Morn 129-50 13730 139JB +830 £568 

MW 13630 m.25 13515 8.W £131 

Sop 98 135.15 13L00 131-6 8JB 961 

E*t SOfct&l 59 ThtfMOki 9-683 
llwt epefl U 25WA off 78 

SDGAKVORLD 11 0K5EJ 
112300 Kb.- cents perla, _ 

MorSB 1132 U71 1141 +038 89JT9 

MOTTO HAS IL72 1140 +006 2S4TO 
M 98 11-69 11-62 1138 +002 HUM 

OdW 1)39 H34 1139 +0WWW 

Eftnln 12171 Uais unft4» 

Thun open tatlSUM up 1864 


HHd> Lm Latest COge oplnt Han 

0RAN6E JUICE (NCnO lO-YEAAFREt 

liOOOIbs.- cents per ft. FFSoaoiX) - ph 

Nor 97 69.95 6730 6935 +0.75 £270 Dec 97 9t3fii 

Jan 98 7X20 7045 7245 +065 17454 Mm 98 97JO 

Mats 7X40 7445 76.15 +880 1A226 EsL sides; 120* 

Mur 98 7925 7740 7925 +035 2326 OpenWL:12t® 

Est stiles HA. TlWSSOles XB94 j 

TIiVSapenM4L59Sofl96 ITALIAN GOyE 


um Lafent Cbae. Optnl 

at sav. bonds cmatifi 

noa pa 

saw 9835 *022 04572 
9738 9742 + 024. &052 


BOND CUFFH 


COLD WCM70 W- ".T. 11137 + 

IDO Boyce.- (kttm p*r rreraz. EsL soles; 38,138. Piw sotesr 59 

M97 31730 30720 30720 -15.70 105 Open at. 112440 off L723 

* 30730 -16.10 


ITL 200 mOoe - pb M 100 pd 
Dec 97 1I1J2 11138 11147 +020 IT L409 
Mar TO N/T. N.T. 11147 +023 1331 
EsL sales; 34138. Pra*. sates? 59.984 


Dec 97 32540 30830 30830 -16.10 8X977 LIBOR 14 

Fab 98 32630 30930 3HL1B -1830 27391 OirtBtaV 

AprTO 32550 31140 31140 -1640 6465 
JunTO 32740 31230 31320 -1630 10686 D**97 

MJW 31520 -1630 +415 J"* 

00 98 33000 31720 31720 -1660 487 EsL sol 

Dec 90 33330 31940 31940 -1660 1A602 "Pars a 

EsL sdes 130000 Tlws sdes 3M03 
Unit openWI706a up 1239 EURO I 

41 mU 

HI GRADE COPPER {NCMX7 Nw97 

25000 ■».. cents per ft. Dec97 

Od 97 9335 9030 9040 -100 446 Mgr 93 


LIBOR 1 -MONTH (CM HO 
*3 mHcn- ph at TOO pd. 

Na*97 9kJ2 9426 9421 +0.02 40,970 

Dec 97 94.16 94.10 9614 undL 11527 

JOB 98 9627 9424 9426 +0JE 3325 

Est sales MI6 Thin sales 11437 
Thus aped Inf 6L0TO. oW 1.792 

EURODOLLARS (CMZEK} 

61 mTOflWpb of KM pd. 

Noe 97 j 9619 9615 9618 +0.01 24305 

Dec 97 1 9617 9611 9617 +043 557491 

Mar 93 9614 9445 9613 +003 423488 


93.75 9165 9322 +042 »>4l4 

93.75 9165 9173 +0(0 Z3491 

9322 9162 9320 +043 SA129 

587591 TlHrs sales 895449 


Od 97 9155 9030 9040 460 446 *W9B 9674 9405 9613 +#.03 -03488 

NO* 97 9360 9055 9070 -2.70 2463 -fun 98 I 9447 9347 9606 +003 347230 

Dec 97 9650 9095 91.10 .240 27,126 Sep TO.' 9440 9320 9197 +042 255489 

Jan 98 9650 9150 9150 .in MOB Dec 98 ! 9190 9179 9346 +4.02 227,954 

MTO 9640 9140 9140 -260 1216 Mar99> 9188- 9179 9185 -*4102161382 

MarTO 9680 9100 9120 -240 6904 Jun99f 9345 9176 9342 +4U72 143533 

Apr TO 9450 9110 9110 .110 1444 Sep?5y 9182 9173 9321 +001 109.5+Q 

May 98 9650 9110 9110 -220 1058 DeeVM 93.75 91*5 9173 +042 00414 

JunTO 9620 9140 9140 -170 141 3 Mar OB .9175 91*5 93.73 +001 71091 

EsL sates 71000 Tims sales *544 MlOd 9172 9162 9170 +043 591 29 

That open W 56601 up 716 Est. 9Um 507491 Tmrs Biles 895449 

Tbusipen tat 2406346 ofM 1,233 

SILVER OKADQ i 

5400 barm- cents pertMa. BRT11SH POUND (CMER) 

Od 97 475.90 -15.10 m *ZS®poundfc t per pound 

NwTO 47670 -1530 1 Dec 97 16336 16256 16384+04010 3t463 

1SS2 ^1-92 -fSJM 6SJ82 MarJJ 16250+0.0010 258 

Jan 98 49000 47940 47940 -1530 21 JunTO 14192+aooiO 71 

MarTO 50000 48640 48640 -1530 19697 Estiates 6452 Thut sates 17S1 

Sop 98 49190 -1530 638 CANADIAN DOLLAR (CMER) 

Est setfes 35400 Thu* tales 19496 1 OiCKaJ daBarv S par Cdn. * 

Ttsra openM 98466 up 178 l%97 .7216 . 7197 .7199-00011 56456 

MATIHO M QIM Eia JuSTO JMS-OKEW 

J*« 42100 411 JO 41200 -1190 12661 '5™*“-'™' OP 

Apr* 41160 40*00 41940 -9.90 954 QERWAN MARK CCMB» 

M« 40900 40600 40600 -9.90 21 

Mes NJL Ttsra sales LKD Dec 97 5678 6616 4640-0003) tin, 

Flan -pen M 13J34 off 600 . 1 Wft 6448 6648 6*68 0.0033 

6693-00033 1618 

ssrsis ." 35 tesasaaras 0 " 

Spo> rl " " ^<£» n T565J10 1572ft 1573ft 

Sp-iswraw" 1 " js?TS § Si “is 

■ 204800 20*09 205800 205900 5368 «2 

Z™* 206700 20*800 200800 207900 T EstSto 19.132 Tb« sa^2^ " 

Spot 59940 60000 60000 61000 J Tlanapen W9S23I, up 9.209 

Fg-rt 61100 6I20Q 62100 «M0, SMBS FRANC (CMER, 

Sped 611000 612040 621540 6225001 S P«£?* : 

««i» dooaiia ana, 53,000 "J ^ «oo 

. 542000 543000 538500 539500/ *'* 9B 4980-00007 j£ 

fawgd 544500 545000 541000 541 SJK- E«. sales 11165 TTars sales 21264 


'2^2 fSf Jax -83*5 undt 94008 


Rnnril 5*4500 545000 541000 541100' 
Zhc (Special Mg* Cradt) ] 

1256ft 1257ft ,25700 125300 

Faneard 127700 127500 127700 1277ft 

Wgb Law Oose Chge OfUst 


Thor open in, 44537,06 1.257 

MIEJOCAM PESO (CMER) 
swap pesos. 5 per peso 

II™ 27,932 

S5 :RS:!ia:fflS3SS 'B 

fal. totes I8J56 TTts sites 17438 

Uw*op«,oi4Sn<»upL83a 


Financial ‘ i mW ■ ,,wo 11400 tt«o- 

WTBILLStanaD sides I7J 

STmgon-rtsoMDOpcL 1 Unrsropen nl 4S1T4 up L838 

Dee 97 9508 4502 9505 inch. *** . 

Mor« BS.I0 9504 95.10 +002 4453 ^MJipiSTERUNC CUFK) 

9507 +R04 jo* CT0ffl»-0teo(l00Bd 

**998 9406 44LB3 112 RjSS SSi & 41 <n * } 

BO! Btes 1012 Tiers safes 1-463 5£re JZ” 

nen« V TOM9JMup271 ^ 92^7 

5 VR TREASURY (CBOT) f gSSS S'?. 

51(F'.®?3 prte- ob A 64a»» □, 100 pa ^ 92-94 

Doc 97 TOT-sTlW-M 107^5 + W 236.795 9102 9107 

&0 64400 Thus | P™L8penM.- SuST 

» ra TREASURY <awn °* 1 o ! rH1 ^'N’^100pa 

:1MSB SB nu If 

Uwsapeo M 389460 QflUH Sep TO TO44 Kx kS 


S5« «« SS ~ <ua 

SIS S5S -<un nazs 

sSto wil SS ~ a03 

™ a 

*nw 9107 SS no? loS Sl^ 


US TREASURY BONDS ICBCT) 
®P®Jt°M | £ flh43in,tso, l«Jpd) Jan 99 

IJJS Hf -28 1,4-25 * U 651835 Sep 99 

'J"” Ilf’S 3“-l§ +TS 0«W 


E* mta S9I7. Pre» 99,99+ 

UL- 630764 aft *87 

jro pwra e uro mark oiffei 

DM1 Btnon-p|ig!iaQiKi 

NWOT 94* wlSIUl +003 im* 

BEEF S 1 ^ 
B piS 

o£w ta>! TM97 


man ll»U 115-31 11&-15 + -S™ . ewu 1^? 1*1 1 7ZS97 

£ TO 11WJ2 115-30 lltffl ^« 4U,fl 

TtM6 *15 2006 rai l — *<pes: 3TO.720 

EM. S flte60aooOTtKrsS4teB6M.I22r ««-0pealaL 1.7SU66 up iSJS 


TVS 6PM M HMBi* 2*677 3-MONTH P1SOR (MATIF) 

LMMSStLTflLU’FE) D, „?! ,oe * 

raw»-ptBft32nhon00pa S£E ^ +002 3903* 

Dec 97 n8-26.Ug.10 HS-25 +0Jo< I82J3& «SI offi *004 52AM 

Morn 118-16 mu UM4 m ££« Sa 2H? * W7 Sus 

&LMSS.- A927. P» ste* 150*0 SSm toS mi 

Pte.*»taL: 312.144 up *M, Maf99 m 2 fl^TO «2 +009 SS 

GERMAN GOV. BOND OIFFQ 

DM2JUK0 -pt»o* lOOpd Op»M..- 250760 ap 309. 


DM230000 -pte Ml 00 pd OpaiM: 250760 ap 309. 

Dec 77 10200 101 6S 102.13 +4L36 28&S91 + 

motto 10100 10102 in-40 TaS S SWS2J U "? U,UI njnee 

EsL sates: 159-568. Piw.kSct *83078™ Si 
PiH.epeHlnL.- 290541 up f*533 ^ 910 a>B ' 


Hkpi Law Lahrt Cltpo Oplnt 

JunTO 0409 9408 9408 +4L07 9000 

Sep 98 9500 9407 9*98 +ttJtt 63.135 

EsL sales: 5105* Prav.sote: 67075 
Pra*. open WL: 47*406 aft £291 

Industrials 
cotton 2 menu 

50.000 tbs.- cont3 per Bl 
D ec 97 7230 D.6S &13 +027 470X3 

MarTO 7305 7300 7X46 +028 17, IB 

MarTO 7*40 7302 7*11 -009 9J21 

MTO 7520 7*70 7117 *025 8096 

OdTO 7SJ0 75-40 7S4Q -038 806 

EsL sates NA Tha* sates IX51» 
nun open Id 91337, up 497 

HEATING 01 LOiMEW 


I4i*97 5060 5600 57.03 -U61 2U09 

Dec 97 5960 5700 5709 -103 SLITS 

AmTO 6015 5065 3069 -093 7?.OT 

Feb TO 6040 58.99 5809 -083 0238 

MarTO 5095 58-44 5044 -1.06 07W 

Apr « 57-40 56.94 5604 053 &2M 

MarTO 5625 5509 55^ -043 1382 

EsL sales NJL Tim sates 2BL528 
Tlnrs open M 140962, 19 564 

U«HT SWEET am DE MMBQ 
1000 MO- dolors per bbl 

F 146 201,1 2097 412116638 

Jan 98 21-48 2100 2106 -006 5X456 

Feb TO 21-44 2098 2U27 -004 30000- 

MarTO 2107 20.95 2005 -002 1&N3 

AprW 21.18 2088 2089 undL 1192R 

MarTO SOTO 2082 2082 +OOt 1X161 

Est site N A Thu* antes 6*900 
71aR opaa Ini 379,989 OB lim 

NATURAL GAS OU8ER) 

laoqo BWI MVS. s per mm bbt 

1548 +0J19 32956 
Dec97 1690 1475 1642+0115 540K 

JmTO 1590 3-410 3539 +0090 3H5H 

Feb TO 1125 3020 1080 +OM0 21437 

MW® 1750 2860 2680 undt. 1*241 

Apr 98 2.410 22380 209S +O(H0 9,636 

Est sates NJL Tbrs sates 7USS 
Uars open tar 260751 up 1884 

UNLEADED GASQUNRCMMERt 

5040 4846 

Eg SS ^ SS 33S ss 

Feb TO 60.70 sum 59-88 -031 Z368 

MarTO 6130 6032 &03J -*» ySS 

AprTO 63-70 6207 6207 4224 *776 

MarTO Mm aw X484 

Jim TO 4207 4L24 SUM 

EstsmesNA Ttsn sates ZLS79 
Iters open hit 97,110 141 258 

cuQiLnen 

U S. doHarsper oMblc ton - lots o( TOO tow 
NOU97 ia£m 17075 1I03S -L75 2UO 
Dee W 18150 18)50 18200 —1.7s am 
Jan 98 18*25 18250 18350 —158 MOW 
FMlTO 18*00 raiao ua.75 — loo 7JJ3 
Mmro 1D35 18135 18158 -075 UM 
Af«B 1702S 17833 179.00 -075 IS* 
MOTTO N.T. N.T. 13650 —075 i,m 
EA sates; 9500. Pter. sides ; 12534 
Pm. open tot: 90, 57 off 1015 

BREHTMLOPE) 

U5. daffars pec bant - tote of 1080 basete 

SHI 1KT1U 

ftSre so* 2-2 25 -an »S 

™aTO 3029 19.90 19.94 —007 1*334 

J9.TO 1903 1902 —a 04 4 S 

fprTO W06 1945 VtM- -003 SS 

May TO 1933 1940 I95B -003 *£g 

EW SOtes; 20164 . Prev. 80te(32J74 

PBW-dpmi ftt, 15033 oR 468 

Stock Indexes 

SPCOMFM INDEX KMED^ 

WiWb 

OkTO 96805 94200 9035 Jog nan 

*JTO 97550 9S4QQ t to ^ 

. * 97805 aactL 150 

|4L sate na Tteresdei 6*124 

Tteft opr* WI 94076 op LW 

FTSt Wfl(UFFE) 

Cspwwtoepoin, 

n S 2«0 1077.0 49950 -90 TiAflS 

M-M 51915 51160 S«5 -J& i»S 

Pte. sate 17.988 
Pmr. open tot: 7*871 up 758 

aCTOIMATTF) 

FraoperhdmpaW 

nSw stj! SS2 J«27 

si as 

s» ^r""??32Jz«s ^ 

M-Mtei 3*296 , 

Open InL: 93*930 op 4 a 43^ i 


l/„, i, 



--mt 


Coramorfity tndsxfis 


ITL 1 mfiffon- ptsof lOOnrf 

KS sfas S3 -3»*g 


£122*£ S 153230 152500 

SP- IB ® 
t£E&&atsxr- 


' 1,! ii jV 



USo 


t0f 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 25-26, 1997 


PAGE 15 







♦Germany and EU End VW Feud 


.*■**4 fe 

• ■i v m mr '.m 
******* ' 


R«.Uk 


*■** «*•«* 





OvSfFvm Divwt** 

BONN — Germany and the 
European Commission reached a 
pretonaiy. accord on Friday tiu£ 
would requrre Volkswagen AG to. 

l ?? ii0n Deutsche marks 
($5 1 million) in government aid to a 
plant in the state of Hesse, ending a 
yearlong dispute. 6 

The EU competition commission- 
er, Karel Ivan Mien, has agreed to the 
pact and will seek approval from 
commission colleagues, gaij 
Stephanie Kage, aspokeswoman for 
the Economics Ministry of Ger- 
many. 

The. commission had previously 
asked for a repayment of the suj£ 
sidy. 

“We still need to study a legally 
acceptable version of the plan, but 
the Germans have now shown good- 
... will/* said Willy Helin, spokesman 
^tfor Mr. van Mien. 
v A formal agreement would end a 
dispute between Europe’s largest 
carmaker and the EU that began 
more than a year ago, when the 
commission Hocked a state-aid 
package to VW, saying it violated 
EU competition rules. 

In June 1996, the commission au- 
thorized the East German state of 




Saxony to grant 540 million DM in 
subsidies to VW’s car-engine plant 
at Chemnitz and an assembly plan t in 
MoseL But it did not authorize an- 
other 240.7 million DM- Saxony 
gave VW 90.7 million DM more 
than die commission had agreed. 

The disputed subsidy wm now be 
diverted for the expansion of VW’s 

Renault to Create 
Separate Bus Unit 

&/ovmbcrg New- 

PARIS — Renault Vehicoles In- 
dustnds, Renault’s truck and bus 
division, said it would set up a sep- 
arate bus division and reorganize its 
management structure in a move to 
return to profit 

The Renault division’s chairman 
Shemaya Levy, said he expected the 
unit to reduce its losses this year 
return to operating profit in 1998. 
The company posted an operating 
loss of 70S milli on francs (SI 18.7 
million) last year, compared with an 
operating profit of 978 million 
francs in 1995. Renault’s shares fell 
1.50 francs, to close at 170.50. 


car-parts factory in Kassel in Hesse, 
offsetting funds already approved by 
die EU. VW will also reduce ca- 
pacity at its Saxcm plants to the levels 
agreed by the commission in June 
1996, a commission spokesman 
said. And,, it will cancel plans for a 
new paint shop in the same plants, . 

“This is a good solution, ” Mrs. 
Kagcsaid. “We’re expecting it to be 
approved.” 

VW refused to comment on the 
settlement (Bloomberg, Reuters ) 

■ EU to Keep Eye on Toyota 

The European Commission 
warned that it would scrutinize any 
subsidies offered to Toyota Motor 
Carp, to attract the Japanese car- 
maker’s second assembly plant in 


sembly pi 
Europe, Reuters reported from 
Brussels. ' 

4 There are rales to examine state 
aid, which are well known and ac- 
cepted; we don’t always accept 
everything,” a spokesman said. 

The commission spokesman was 
referring to comments by Louis 
Schwehzer.'head of Renault S A, who 
said that Toyota should not receive 
subsidies from the French state if the 
company chose to invest in the north- 
ern town of Valenciennes. 


EUROPE 


Promodes Turns Sights 
To Purchases Abroad 

Bloomberg News 

PARIS — Promodes SA announced its second acquisition in just 
over a week Friday as it expanded outside France amid talk the 
company might have conceded defeat in its battle to buy Casino 
Guichard-Perracbon SA, a French supermarket chain. 

Promodes, France’s second-largest publicly traded supermarket 
company, said it had agreed to buy Portuguese de Lojas de Desconro, 
a Portuguese discount retailer, from Auchan SA, a French supermarket 
chain. The price was not disclosed. Last Friday, Promodes announced 
its purchase of Simago. a Spanish supermarket operator. 

Some analysts said the purchases might signal Promodes was with- 
drawing from its fight against Rallye SA fear Casino. Ptomodes* bid is 
contingent cm getting more than 50 percent of Casino’s voting rights. 

Rallye, which owns a third of Casino, could so on have almost 50 
percent of the company’s voting rights if it exercises its warrants for 
Casino shares. 

Casino’s shares rose 2 francs on the Bourse to close at 337 ($56.72); 
Rallye’ s shares rose 7 to 3 14, while Promodes’ shares fell 2 to 1,934. 

■ Air France Chairman Says 49% of Airline Could Be Sold 

The French government might sell as much as 49 percent of Groirpe 
Air France in its initial offering, but the state will remain a majority 
shareholder, the group’s new chairman, Jean-Cyril Spinetta, said, 
AFX News reported from Lyon. 


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Very briefly; 


A*. 


France Telecom Funds for Thomson 




A fiance Frmce-Presse 

PARIS — France will use part of 
the proceeds from selling a stake in 
France Telecom to subsidize Thom- 
son Multimedia SA, the Economics 
Ministry said Friday. 

Thomson, the consumer-elec- 
tronics unit of Thomson SA, will 
receive 11 billion French francs 
($ 1 .85 billion) of new capital before 
the end of the year, the ministry said. 
The money will be taken from the 42 
billion francs raised from the sale of 


232 percent of France Telecom. 

Thomson SA will hold a special 
shareholders’ meeting Dec. 10 to 
approve the capital increase. 

The European Commission ap- 
proved the aid at the beginning of 
October but.imposed several con- 
ditions, including requiring Thom- 
son Multimedia to find partners by 
2000 to improve its performance 
and ensure it is viable. 

most maintain ft^share of (h«VImrj> 


peso cokr television market at 10 
percent 

Paris applied to the commission 
for permission to provide aid after 
the collapse of a move under the 
previous center-right government to 
let Daewoo Cozp. of South Korea 
take over Thomson Multimedia. 

The current Socialist government 
of Prime Minister Lionel Jospin has 
said Thomson Multimedia will re- 
main in state bands but has not ruled 
out the formation of partnerships. 


• Mercedes-Benz AG’s former chief of operations in Eastern 
Europe, Hans Dieter Fink, was convicted of embezzling about 5 
million Deutsche marks ($2.8 million) over his three-year tenure in 
the post Mr. Fink was sentenced to five years and three months in 
prison for embezzlement, fraud and extortion. 

• The European Commission agreed to raise the quotas set on 
Japanese car exports to Europe by 2 percent in 1997, to 1,1 14,000 
anils, because of higher demand. 

• Philips Electronics NV invested 80 million guilders ($39.9 mil- 
lion) in its semiconductor business as part of its plan to double 
production of transistors and diodes in the coming years. 

• Pinauh-Printemps-Redoute SA, France’s largest specialty re- 
tailer, said third-quarter sales rose 16 percent, to 22.03 button francs 
.($3.72 billion), thanks to recent acquisitions and foreign growth. 

• France’s trade surplus fell to 1 1.01 billion francs from a revised 
22.47 billion francs in July, as exports fell and imports of goods and 
equipment rose, reflecting a budding recovery in domestic demand, 
economists said. 


• Trygg-Hansa AB, a Swedish insurer, said its net profit rose 54.5 
percent in the first nine months of the year, to 256 billion kronor 
($335.5 million), because of a slurp increase in volume in its life- 
and savings- insurance operations and increased sales in the private- 
insurance division. 

• Wienerberger Baustofflndustrie AG, Austria's largest building- 
materials maker and Europe's largest maker of bricks, said third- 
quarter operating profit rose 22 percent, to 591 million schillings 
($47.1 million), lined by cost-cutting. 

• Skandinaviska Enskilda Banken AB reported a 25 percent drop 
in third-quarter profit, to 976 million Swedish kronor, as costs rose 
and trading revenue fell 

• Scania AB, a Swedish truckmaker, said third-quarter profit surged 
to 349 milli on kronor from 18 million kronor in the year-earlier 
quarter, as orders improved and the company took fewer reor- 
ganization charges. 

• Britain’s gross domestic product growth accelerated to an annual 
rate of 3.9percent in the third quarter from 3.5 percent in the previous 
three months, according to preliminary data. ap. Bhwmher$. afp 


WON: Report Sows Panic in Seoul’s Markets 


Mr* WK M - 
tmi- 

■. W *M r 

..***#*■**• 




rje t-st » 



Continued from Page 13 

. -V Group to takeover Kia Motors, and a spokes- 
* man for Daewoo Group said it might be 
interested in buying Asia Motors Corp., Kia’s 
commercial-vehicle arm. 

“We're trying to send South Korean busi- 
nesses a message that the days when they 
could rely on the government to help them out 
are over,” said Kim Jun H. a senior counselor 
to Kang Kyong Shik, the deputy prime min- 
ister and finance minister. * ‘We’re constantly 
trying to put across this message, but human 
'• behavior changes slowly so this is going to 
take time.” 

In tiie meantime, whoever succeeds Pres- 
ident Kim Young Sam after elections on Dec. 
1 8 will have other problems to face as well. To 
Inspire confidence in South Korea's econ- 
omy, he must ease the mounting turmoil in 
financial markets and the industrial sector, 
and go head-to-head with the formidable bu- 
reaucracy, analysts said. 

Following the downgrade. South Korean 
stocks, which were also hurt by turmoil else- 
where in East Asia, plummeted 6.5 parent. 
The composite index fell 33.15 points to 
570.91. 

With the won plunging as low as 930 to the 
dollar Friday — it closed at 925.8 — - and the 
, Y& stock market falling a record 5. 5 percent. 
South Korea’s next leader must first tackle the 
fragility of the financial system because of its 
broader impact on the corporate sector and, by 
extension, the economy at large. 


f rom the fiwmrial sector.” 

At the end of last year, the nation’s fi- 
nancial institutions had 1 1 trillion won worth 
of loans on which interest had not been paid 
for six months — the standard definition of a 
bad loan. Bnt bad debts could leap as high as 
20 trillion won by the end of this year, ac- 
cording to Credit Suisse first Boston in 
Seoul. 

Most of those stem from lax lending 
policies over the past four decades and the 
steady decline in South Korean economic 
growth, which -has fallen to about 6 percent 
this year from nearly 10 percent early in the 
decade. 

Moreover, the leverage of South Korea's 
corporate sector has reached nearly 200 per- 
cent of GDP, Standard &Poor'salso said. The 
debt was concentrated among large industrial 
conglomerates, it said. And despite signs of a 
moderate pickup in the economy, the prob- 
lems of the banks and of the conglomerates 
bad “dearly worsened” in recent months, it 
added. 

“That creates a great dilemma,” Mr. Yun 
at CSFB said. “And the ultimate, and only, 
solution is' for the government to use public 


to take over its bad loans.” That is unlikely to 
please South Koreans because it would prob- 
ably mean tax increases. 

■ Protesters Clash With Riot Police 

South Korean protesters clashed with riot 
police during a rally to protest the govern 






' * I ^ ' 'S jjB 

Mr *•-* '*** 

»;* .R* 


cannot lend to the corporate sector,” Seok ailing Kia Motors, Reuters repented 

Yun, the Head of Research at CSFB in Seoul, Seoul _ . . 

said. “But South Korea’s corporate sector is Witnesses said two protesting workers 
extremely highly leveraged, and cannot con- were injured in a skir m ish with not pol ice and 




» ■» *■ — 


t -1 



tinue operating without lending more money immediaiely taken ID a nearby hospital. 

RATES: Monetary Union Removes Policy Tools 




ft ti 


Continued from Page 13 

the Bundesbank’s president, Hans Tietmeyer, 
“has been saying for ages that monetary 
policy can’t solve unemployment that is struc- 
tural.” Now, she said, “he is teUmg the 
politicians and the private sector that they are 

✓ on their own.” . 

The problem is that European politicians 
are finding it difficult to create the sorts of 
flexible, low-cost labor ma^etsthathave 
allowed the United States, Britain and tire 
Netherlands to create jobs in re^myears. 

This was spectacularly lUustrared in Italy 
when Prime Minister Romano Prodi sl7- 
month-old coalition govGumentbr^c do^ 

the day Germany rased 

neo-Communist partners first rejected plans 
to cut welfare spending but then 
some new austerity *** 

workweek to 35 hours from 40 by 2001 . 

In Germany, though, cha J ceU ^'- t ^®JS? 

✓ Kohl’s fiscal plans appearto 
. block, and in France, 

y k Jospin’s Socialist cabinet rqectsthe Ango* 
® Saxon” model of labor markets and is instead 


trying to reduce unemployment by hiring imae 
civil servants and cutting the workweek. . 

“There is enormous resistance to liber- 
alizing labor markets,” said Kathleen 
Ste phansea, an economist in New York for 
Donaldson, Lufkin & Jenrette. 

The seriousness of what is at stake in Europe 
u nderline d by the International Monetary 
Fond in its latest Wodd Economic Outlook 
report. Assuming that members of monetary 
union press on with budget-cutting and make 
labor markets more flexible, it forecasts that 
Europe’s so-called structural unemployment 
fate — the rate at which inflation starts to rise 
— will fall from 9 percent now to 7 percent by 
2010, with output nsing 3 percent more than it 
Otherwise would, ^governments do not make 
those changes, the report predicted, the struc- 
tural jobless rate wOHiit 11 percent. 

(The current unemployment rale in the EU 
as a whole is 11.2 percent) 

With the schedule for monetary onion now 
set, analy sis are asking whether the difficulties 
of fighting unezn^oymeotia a single-currency 
region will torn this grand design for ce- 
menting European unity into a colossal flop. 


Panels Scheduled 
For The Two-Day 
Conference Include: 

♦ Corporate Strategies: The 
Quest for Reserve 
Replacement 

4 Vanishing Downstream 
Surpluses: Mirage or 
Real in'? 

A Vanishing Surpluses: 

Supph and 
Transportation 

4( )il Companies vs. Wall 
Street and vs. Main Street 

4 Russia: Will the Promise be 
Fulfilled? 

A Central Asia: The ‘Great 
Game' in the 21st 
Century 

^ The Middle Past: Prospects 
for Stability 

4 China and India: Energy 
Outlook vs. Investment 
Strategy 

4 The Future of Oil: 
Commoditization or 
Managed Supply? 

4 Climate Change: The 
Environment and Oil 


The 18th Annual 


OIL & 
CONEY 


# CONFERENCE 

1 Hjjlf November 18 - 19, 1997 

V "/ Inter-Continental Hotel, London 

TOWARDS THE YEAR 2000: 

THE END OF SURPLUS CAPACITIES? 

This two-day executive conference will provide a platform 
for open debate — among both speakers and attendees — 
over issues of politics, geopolitics, and finance. Discussions 
by high-level company and government officials will focus 
on the Caspian region, Russia, and the Middle East 

Confirmed Speakers Include: 




i ifl* 


ITC 


.An Executive Conference 

Hosted by 


rt- 

; 




jnternationaltelephon^co^y 

WORLDWIDE CALL RACK SYSTEM 

SAVEOPT080%^ 


“■S— - j-t-sissy 

A203W97W Pax: 203-9 29-4906 
1800-638-5558 ext-* Awi i,hi«f-J 



Imcrnational Htrald Tribune 

Energy 
Intelligence 
Group 

ti!!!/)'!] ! I - 1 '■ Hi {.(* iVU /’? 'iCiilFtfifi 


Terry Adams, President, Azer- 
baijan Inti Operating Co. 
Issam A.R. ATCbalabi, Former 
Minister of Petroleum of Iraq 
FrancoBemabe, Managing 
Director and CEO, ENI 
John Browne, Group Chief 
Executive, BP 
Kathleen Cooper, Chief 
Economist, Exxon Corp. 

James Crump, Qiairman, World 
Eneigy Group, Price Tfaterbouse 
LuisR Giusti, President, 
Fetroleos de Venezuela, S. A. 
Dato’ Mohamad Idris Mansor, 
Senior VP of E&P Business, 
Fetronas 

Dr. M. H. Nejadbossemian, 
Deputy Minister for inti 
Affairs, Ministry of Petroleum, 
Islamic Rep. of Iran 


Harold Narvik, President and 
CEO, Statoil 

Yukio Okada, Director General, 
E&P, Japan National Oil 
Corporation 

Ambassador Robert Pelletreau, 
Partner, Afridi & Angell 
Victor V. Possouvalyuk, Deputy 
Minister for Foreign A&irs, 
Russian Federation 
Robert PruUUe, Executive Director 
International Eneigy Agency 
William Ramsay, Deputy 
Assistant Secretary of State, US 
Department of State 
R. Patrick Thompson, Pres- 
ident, New York Mercantile 
Exchange 

HE Sheikh Ahmad ZakiYamard, 
Chairman, Centre for Global 
. Energy Studies 



for more information, contact: 

Brenda Hagerty, Conference Office, International Herald Tribune 
63 Long Acte, London WC2E 9JH, England 
TfeL (44 171) 836-4802 • Fax: (44 171) 836-0717 


V ‘ ' 




**&r?** ik' 




PAGE 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 25-26, 1997 



ASIA'S FINANCIAL CRISIS / Contagion Hits Other Emerging Markets 




Jitters Spread to Emerging Markets Outside Asia 


BRIEFLY 




By Edward Wyatt 

New York Times Sen in- 


What had been an Asian problem looks 
more and more like an emerging markets 
problem, as even the most buoyant of these 
markets, like those in Russia and Brazil, have 
succumbed to a tidal wave of selling. 

The biggest repercussions were in the 
countries perceived to have the weakest cur- 
rencies, and investors were reminded that 
a diverse portfolio representing many regions 
of the world does not necessarily provide 
protection against a global downdraft. 

Mutual funds specializing in Larin Amer- 
ican stocks have been, among the best per- 
formers this year, and Russian funds have 
been even hotter. 

But on Thursday the major stock market 
indexes fell by about 8 percent in Brazil, 4.5 
percent in Mexico and 5 percent in Russia — 
two to four limes worse than the 2 percent 
decline suffered by American stocks. 

The Russian market stabilized on Friday, 
with the index rising .75 percent. But Brazil 
was down 4.6 percent in mid-day trading, and 
Mexico was down 3.3 percent. 

"There really didn’t seem to be a place to 
hide.” Rajeev Bhaman, co-manager of the 
Oppenheimer Developing Markets fund, said 
Friday. 

"When the sentiment goes against a class 
of assets like the emerging markets, 
everything goes together.” 

The widespread fallout from the Asian 
currency crisis, which caused the Hong Kong 
market to plunge Thursday, started to take a 
small loll on American mutual fund investors. 


who previously this year have shown some 
skittishness at volatility in the American 
stock market. 

At T. Rowe Price in Baltimore, investors 
generally appeared to be moving money out 
of international funds Thursday and into 
either U.S. stock funds or' money market 
funds, said Steven Norwitz, a spokesman. 

Similarly, at Fidelity Investments in Bos- 
ton, investors made slight redemptions in 
international funds Thursday while moving 
money into domestic growth-stock funds or 
money market accounts, said Ten Kilduff, a 
spokeswoman. 

What happens next in 
emerging markets around 
the world could depend 
as much on the reactions 
of American mutual fund 
investors as on the plans 
of central bankers around 
the globe. 


What happens next will 
depend on mutual fund 
investors as much as on 
central bankers. 


people end up 
withdrawing capital from these emerging 
markets, they could all be in trouble,” Mr. 
Bhaman said 

'‘People may end up saying that because 
things are bad in China, they don't want to 
lend money in Brazil.” 

So far. however, the problems have been 
contained in Asia, and nearly all of the with- 
drawals from emerging market mutual funds 
in recent weeks have been from funds that 
specialize in the Asian and Pacific markets, 
said Robert Adler, president of AMG Data 
Services, which tracks mutual fund cash 
flows. 

In the week ended Wednesday, Asian 


funds suffered net outflows of $53 million, 
while emerging market funds overall took in 
$149 million, Mr. Adler said. 

Funds investing in the Pacific region had 
already fallen 10 percent to 20 percent this 
year, before the sharp declines this week. And 
while most fund managers say they are at- 
tracted by the greatly depressed prices in 
Asian markets, they nave been reluctant to 
plunge in and buy in the middle of the down- 
turn. 

"The question is do you want to get in the 
way of a falling safe, even though you know 
there's lots of money in 
it,” said Robert Swift, a 
senior portfolio manager 
at Putnam Investments. 
“Right now, people are 
stepping aside.” 

And when they do par- 
ticipate, they are as 
likely ro raise cash in or- 
der to brace themselves 
for possible redemptions by shareholders. 
"Depending on how fast we see stability 


returning, 1 think we could see investors make 


a high level of redemptions in emerging mar- 


ket funds in the next few weeks,” said An- 
geline Ee, co-manager of the Montgomery 
Emerging Markets fund. 

That could spread the weakness in Asia to 
other regions. The markets outside of Asia 
that most worry fund managers include 
Brazil which suffers from several of the same 
negative economic factors that have led to 
currency declines in Asia. 

"We have concerns about the real" the 
Brazilian currency unit, Ms. Ee said. 1 ‘Brazil 


has a current account deficit, a fiscal deficit, 
and the real is currently overvalued. I think 
that is why it was hit so bard” Thursday 

Brazil is also one of the largest, most liquid 
Latin American markets, which means that it 
is one of the first emerging markets that 
mutual fund managers turn to when they need 
to sell stocks quickly. 

Other, smaller South American markets, 
however, appear to be less vulnerable. 

Certainly, Latin American stock funds still 
have big gains for the year, as do Russian 
funds. In Eastern Europe on Thursday, Rus- 
. sian blue-chip stocks were hit the hardest, but 
stocks of smaller companies fell much less 
sharply. 

Christian Stronger, chief executive of 
Deutsche Bank's mutual fund- unit, said be 
believed that because much of Russia's eco- 
nomic growth is internally generated, rather 
than dependent on exports, it does not face 
many of the dangers that have recently af- 
flicted Asian markets. 

For investors in emerging market mutual 
funds, the least effective way to grapple with 
crisis is likely to be withdrawing money from 
emerging markets now, only to pour it back in 
when the stock markets appear on the up- 
swing. 

"Emerging markets have gained 15 per- 
cent annually over the long term, but that can 
vary by 40 percent each year," said David 
Bugeo, a financial adviser in Chatham, New 
Jersey. 

‘ ‘That means you could make 65 percent in 
two out of three years, but on the other hand 
it’s not unusual to lose 25 percent in a single 
year.” 



One Country, Two Central Banks 

In First Test of Sovereignty, Beijing Vows to Let Hong Kong Handle Crisis 


By Seth Faison 

New York Tunes Sen-ice 


Thun* Cbcnp/Afcnu: Am-ftnc 

Hong Kong's chief executive, Tung Chee-hwa. at a 
news briefing upon his return from Europe on Friday. 


BEIJING — Facing their first major 
crisis since resuming sovereignty over 
Hong Kong, Chinese officials respond- 
ed calmly to the stock market's plunge 
this week with promises not to intervene 
or ovenule the territory's authorities. 

Displaying a sophisticated under- 
standing of market pressure, and pointing 
to the "one-country, two-systems” for- 
mula that Beijing has pledged to enforce 
in Hong Kong. China's top central bank 
official employed caution and expressed 
confidence that Hong Kong’s finan cial 
authorities would handle the situation. 

"The Hong Kong Monetary Author- 
ity has the competence and capability to 
maintain the stability of the Hong Kong 


dollar,” Dai Xianglong, governor of the 
People’s Bank of China, told a Hong 
Kong newspaper. 

At the same time, Mr. Dai sent a clear 
signal to speculators by declaring that 
China was prepared to support the Hong 
Kong currency, if asked 

One of the main concerns in Hong 
Kong about Beijing’s new rule has been 
that Chinese officials unfamiliar with 
modem financial markets migh t panic 
. or interfere in a crisis. 

Technically, the Hong Kong Monetary 
Authority has sole authority over die 
territory's fiscal matters. 

But if a serious disagreement arose 
between Hong Kong and Beijing during 
a financial crisis, it is anyone’s guess 
who would prevail In a sense, Thursday 
was the first test. 


Acting calmly, Mr. Dai and other 
bank officials indicated that even before 
they took control of Hong Kong on July 
1, they had anticipated just such a market 
meltdown. “We are frilly prepared fra: 
this kind of situation,” Mr. Dai said. 

Economists have been watching with 
growing bemusement over the last year 
as China’s foreign-exchange reserves 
grew ever higher, reaching $134 billion 
by the end of September. Mr. Dai ac- 
knowledged Thursday that one of the 
reasons was to protect the Hong Kong 
and Chinese currencies in a crisis. 


Hong Kong's reserves total $80 bii- 
omcials’at the Hong Kong 


lion, and 

Monetary Authority have pledged use 
what is necessary to defend the Hong 
Kong dollar’s peg to the U.S. dollar of 
7.75 to 1. 


Australian Exports 
Face Increasing Risk 


SYDNEY — Commodity exports, which account fra. 
three-fifths of Australia's income, are at risk because 
slowing Asian economies threaten to. throttle demand .m 

some of the country’s biggest markets. 

In die year that ended June 30. about j 6 percent of 
Australia’s commodity exports, including wheat, beef, 
coal and gold, went to Japan,, South Korea. Chma and 
Taiwan. But Japan’s economy is in a long slump. China s 
growth is slowing, and. currencies in Taiwan and South 
Korea recently slid as the countries tried to keep pace with 
rivals in Southeast Asia. 

‘Now that we've seen Taiwan and Korea jut. we re 


ivuw UUI *»»- u— ... - — — — „ . . 

starting to see it’s going to be a bit 
Aiisfrauan commodities exporters, said Rob Henocr- 


AUMiauuu . : ■ 

son, chief economist at Dresdner Australia Ltd., an in- 
vestment bank. (Bloomberg) 


Taiwan's Reserves Decline 


TAIPEI — Taiwan’s foreign-exchange reserves 
dropped $2.05 billion in September from the previous 
month amid efforts to shore up the local currency, the 
central bank said Friday. 

The drop brought the island's foreign-exchange re- 
serves down to $85.75 billion, the bank said. Meanwhile, 
annual growth in Taiwan’s M2 money supply, which 
includes cash in circulation, deposits and treasury buls. 
slowed to 6.5 percent. (AFP) 


U.S. Rates May Hold Steady 


WASHINGTON — The escalating economic crisis in 
Asia may be just the news the Federal Reserve needs to 
hold interest rates steady in die United States for the near 
future, analysts said Friday. 

Slower growth in Asia should reduce demand for U.S. 
exports, they said, slowing U.S. growth from what the Fed 
chairman, Alan Greenspan, this month characterized as 
an “ unsustaina ble” pace. At the same time, the de- 
valuation of Asian currencies will restrain U.S. inflation 
by making imports cheaper. (Bloomberg) 


American Companies to Stay 


NEW YORK — U.S. companies, undeterred by the 
Asian financial crisis, say they will keep investing in the 
region because it is the fastest-growing consumer market 
in the world. 

United Technologies Corp., Procter & Gamble Co.. 
Dow Chemical Co. and General Motors Corp. are among 
dozens of companies that say they plan to keep pouring 
money into the region. 


China Rate Cut Bolsters Firms 


BEIJING — China's cut in interest rates will allow its 
debt-laden state enterprises to make savings of about $6 
billion, the central bank said Friday. (AFP) 






J|u*» 


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WORLD STOCK MARKETS 


Hlflh Lew Close Prev. 


High Low dote Prev. 


High Law dose Prev. 


High Low dose Prev. 


Friday, Oct. 24 

Prices in local currencies. 
Tdekurs 

High Law Chun Prev. 


Amsterdam 

AEX IndeE B91JS 



Previous: 88248 

ABN-AMRO 

3900 

38.60 

39 JO 

38 JO 


161.10 

157 JO 

158 JO 

15/ 

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54 

57.20 

53.10 

5150 

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349 

341 

346 JO 

339 

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145J0 

142J0 

14250 

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33.90 

3120 

33411 

3130 

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92J0 

91 

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10750 

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18470 

182-50 

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31.10 

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3840 

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8060 

79 

79.20 

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71 

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71 

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55 JO 

54.70 

5470 

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91 

88.50 

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8750 

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332 40 

325 

327 JO 

326.90 

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115-50 

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89 

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70JQ 

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4880 

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47.90 

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7480 

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73.60 

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138 

140 

►roiw IhotB* 

18 75 

1825 

IB50 

19.75 

PIT Ltplor 

408 

384 

196 

410 

Siam OrownSF 

470 

418 

440 

490 

Saam Com Bk F 

94 

90 

93 JO 

94 

IrtcawnaMa 

26.75 

2475 

74.75 

2750 

Thai Always 
Thai Farm Bk F 

52 

SO 

50 SO 

S4 

103 

99.50 

102 

HU 

Utd Conan 

9550 

93J0 

94 



High 

CKAG Catania in 
Cam me raw* 64.10 
Daimler Benz 131.30 
Degussa 89X0 
Deutsche Bank 120.70 
Deut Telekom 32.05 
Dresdner Bank 7?JD 
Frtwnws mSD 
Faun** Med 137.50 
Fried. Knipp 364 
Gehe 

HeMefcgZmt 
Henkel pM 


Law dose Prev. 


HEW 
Hodfflef 
Hoectat 
Karstadt 
Lohmeyer 
Unde 

Lufthansa R 
MAN 

MaiKsnvni 
MdaUgescflsdiafl 38 70 
Metro 7930 

Munch RueckR 580 
Pimnsag 47730 

RWE 
SAP pM 


95 
15140 
10120 
47150 
SI 30 
75JQ 
595 
9140 
1135 
3180 
54130 
830 


5GLC 
Sterne m 
Springe, (Arefl 
Sued nicker 


Thywcn 

Veba 

VEW 

SLv 


84 
510 
175X0 
2« 
11530 
1510 
885 
42230 
9830 
fee 
060 
1164 


162 171 

6320 6X40 
12880 130.40 
87.40 87.40 
118.75 119.15 
31 S5 32 

7880 79 JO 
290 29130 
13430 13430 
36130 36130 
93 95 

153 153X0 
10130 10230 
47330 47330 
8130 8130 
75 7138 
585 593 

9130 92.40 
1123 1127 

32X5 3230 
335 5AL50 
81430 81430 
3830 3845 
78 78 

562 580 

49150 49530 

82.10 8230 

492 SOfiJO 
173 17410 
258 258 

11410 11460 
1510 1510 

870 BED 
417 417 

97.10 9740 
556 feQ 

85250 856 

1156 1158 


161 

62 

12810 
8530 
117.90 
3135 
77 JO 
290 
133 
355 
9430 
150 
102.70 
47330 
8030 
7490 
571 
91 
1105 
3130 
530 
819 
38.40 
7620 
54830 
43730 
nyn 
478 
170 
264 
11460 
1530 
860 
414 
9620 
555 
B41 
1147 


SA Breweries 

139 

13SJD 

135 

135 

t/kumttei 

7J5 

7JD 

Smm»«.uf • 

■34 

3190 

•• 34 v 

• 34 

Vendamelzuls 

.4.12 

403 

Sasal 


6250 

62 

<2 

VOdatone 

151 

143 

SB1C 

230 

227 

225 

225 

Whitbread 

7.70 

747 

Tiger Oats 

76 

7450 

75 

75 

WWams Hdgs 

186 

175 






Wbfsdey 

542 

5J3Z 






WPP Group 

ZB4 

240 


733 


Kuala Lumpur c«mw«cm39 

P ranees: 706X5 


146 
736 
326 
504 
231 

19.95 1938 1939 1937 


Paris 


-CAM*: 2849 JET 
PrHtaOB 285437 


AMMBHdgs 

Gening 

Mol Bonking 

Mai ni l Strip F 

PetronasGcs 

Proton 

PutdcBk 

Renang 

Resorts Wortd 

RoibmretsPM 


Stare Dortnr 
" lum Mol 


Telekom I 
Tenaoa 
U to Engineers 
YTL 


645 

585 

6 

6J0 

9J0 

985 

9.15 

940 

080 

12.90 

1140 

1380 

580 

555 

555 

585 

9.15 

860 

9 

955 

875 

850 

880 

875 

2J3 

2.13 

2.14 

120 

120 

388 

120 

116 

870 

6.10 

6.10 

7 

26.75 

2480 

7575 

2490 

825 

890 

490 

850 


“1 

7.70 

7.15 

7J0 

750 

9J0 

845 

845 

9 JO 

406 

178 

402 

384 


London 


Bombay 


Santa 30 Mu 395734 
Prmm: 400877 


Batai Auto 
Hindus! Lever 
HtnthrJ Prilm 
bid Dev Bk 

1TC 

MahonagarTd 
Rriloncr Ind 

State Bk mdtt 
Steel Authority 
Tata Eng Loco 


611 585 40975 59430 

1404751371.25 137430 1«1 30 
503 49275 495 50525 

10425 10130 10225 10425 
620.50 577 587 6232Q 

26275 255.75 241 250 

403 38825 395 

2/3 75 267.50 27130 
1535 IS 15 
336 32825 33475 


404 

774 

15 

331 


Brussels 


BEL-29 M«c 2305.13 
Prrrtaau 232836 


Ainu no 

1605 

1570 

1570 

Barca bid 

71 40 

7000 

7020 

BBL 

9040 

8860 

8860 

CBK 

3190 

3050 

3060 

Coiniyt 

IW0 

180SO 

18U0 

Ddluiic Lun 

1705 

1650 

1650 

Ekrtrabcl 

7670 

7570 

7670 

Eiedrafina 

3459 

3320 

34S0 

FartnAG 

7050 

6860 

6920 

Gevaert 

IS*0 

1520 

1530 

G8L 

SS50 

eim 

5390 

GunBanque 

14100 

13700 

13950 

KrcAettank 

14275 

14025 

14150 

Pefrafna 

14000 

13675 

lino 

Rovrertn 

5030 

5000 

sox 

Roynlc Betge 

9400 

9200 

9240 

SocGcn Btag 

3250 

3180 

3180 

Sohray 

2150 

2080 

2095 

TrocWwi 

30 JK 

3005 

X10 

UCB 

1731001 

117600 118150 


Copenhagen 


BO Bat* 
CartthcniB 
Codon Fan 
Domra 
Den Danske Bk 
03 Svendbrg B 
0‘S 19126 
FLSfndB 
Hob Luflnovne 
KvaNardsk B 
SophusBcr B 
TcfcDannAB 
Tiyq Bothre 
UatOanrakA 


461 440 452 450 
373 364 372 370 
12001007301047311 1000 
3/9 371 378 373 
758 747 757 748.02 

452000 450000 453000 444500 
320480 310000 318000 313000 


Helsinki 

NEXGaend Mbl- 3796.91 


Pimm: 3777.13 

EnsoA 

55 60 

5540 

SSJO 

55 

HuMamaki 1 

223 

216 

223 

715 

KmnUo 

s.-jo 

55l50 

57 JO 

55 

IscsWJ 

7750 

7850 

77 JO 

76 

AtottA 

27 

76.10 

26J0 

26.10 

Metro B 

147 

14450 

145 

146 

Metia-Scria B 

51 

49 JO 

4980 

49 JO 

Ncsle 

IX 

135 

138 

136 

Nokia A 

5M 

508 

511 

511 

OnorvYhlymoc 

2M 

196 

20490 

197 

CuloUWIEU A 

« 

86 

BUtO 

89 

UPMKymincnc 

147 

14150 

144 

145 

tfahnet 

9S 

93 

93 90 

9450 

Hong Kong 

HngSaa*; 1114434 
. Provkanu 1D426J0 

Amoy Praps 

645 

590 


6.70 

BkEasl Asia 

21J5 

19x41 

20.90 

2QJ5 

Caduy PaoAc 

850 

7.90 

8J0 

810 

Cheunq Kang 
CKIntrostrud 

5825 

49 

55 

.V0.25 

1680 

1490 

16J0 

1830 

ChmaUghf 

36 

3J 

36 

3470 

Cd« Poufic 

3490 

29 JO 

3490 

30J0 

DaaHcnq Bk 

1820 

16 

17.90 

17.15 

First FacA: 

495 

4J0 

490 

433 

Hang Lung Dev 

1185 

10 

nos 

1030 

Maim Song Bk 

75 

66.75 

7450 

7050 


6J0 

560 

430 


Henderson Ld 

■ax 

41 

4470 

42 JO 

HkCJianaGas 

1170 

1225 

1360 

12.75 

Hk. Electric 

2645 

2U1) 

2630 

7820 

HK Tcfecraiun 

I4J0 

1320 

1460 

lira 

HawweUHdcs 
HSBC Hdgs 

750 

202 

215 

T83 

2.45 

199 

?J5 

188 

HosOUwnvTh 

3J.75 

41 

52.75 

4960 

Hyson Dev 
Johnson El Hdg 

1?W 

15 JO 

irm 

M 

1890 

17.70 

1890 

I7aQ 

Kerry Props 

1475 

14 

1470 

UJtl 

Now World Dev 

3T.W) 

u.n 

3180 

2850 

Oriental Press 

1.94 

1.75 

1 94 

1 W 

PwirlOnentaJ 

060 

048 

0JB 

0.90 

SHK Props. 


57 JO 

65 

59.75 

Shun Tak Hdgs 

4?5 

3 73 

4.25 

130 

Sana Land Co. 

sm 

SJ0 

580 

6 

smOwoPosl 

us 

Mb 


5K0 

SKWeRocA 

45 

.SViUJ 

a 

41.50 

Wharf Hdgs 

17 

1560 

14 30 

1610 

Wheetock 

I0J5 

9J0 

I0J0 

93(0 

Jakarta 

CanpasBa lads: <9040 



Pnvtoas: 490.14 

Astra inB 

7375 

nco 

73M 

2325 

Bkirrtiindon 

775 

m 

xa 

775 


775 

750 

775 

750 



mi 

un5 

WOO 


2000 

mi 

mi 

mi 

Indataod 

39G0 

3VM 

3900 

3900 

Indosat 

8725 

8675 

8700 

8700 

SampnemaHV. 

WOO 

sau 

5300 

6000 

Semen Gresi 

.UW 

3ise 


LU5 

Tctetomunftasi 

3375 

3275 

5375 

3325 


Abbey NlM 
ABedDomecq 
Angfin Water 
Aigos 
Asda Croup 
AssncBr Foods 
BAA 
Barclays 
Bass 
BAT ind 
Bank SatBartd 
BlueClide 
BOC Group 
Boob 
BPBtad 
Brit Aerosp 
Btfl Airways 


BG 

Bril Load 
Bid Pefcn 
BSkvfi 
BntStrd 
BtflTrteami 
BTR 

Butman Central IQL59 
Burton Go 
Coale Wbeten 


Cadbury Scbw 
iBoaConsm 


cretnaL.. . 
Canad union 
Compass Go 
C mirtqrt ds 
Drams 


EMI Group 
Ene^y Group 
EnfcnxheOa 
Fern Colonial 
Gent Accident 
GEC 
GKN 


Granada Gp 
Grand Met 

GRE 

GreenabGp 
Cutaies 
GU5 


Hap 
HSBCWdgs 
1CI 

Impt Tobacco 
Ktanfisher 
Lodsrolu? 
lend Sec 
Uktoo 

Legal Geni Geo 
UoydsTSBGp 

LiKosVariiy 
.Marks Spencer 

ME PC 

Mercury Asset 
NananaiGnd 
Natt Rower 
KafWesl 
Mat 

NawMiUfliM 

OlUlwfT 

P&0 

Peanan 


Rentier Famefl 

Prudential 

RoatreefcGp 


Rank Group 
mourn 


Johannesburg 


180 

170 

179 

in 

815 

809 

810 

810 

760 JO 

752 

755 749J6 

1070 

1050 

1050 

1050 

352.75 

344 

351 

345 

443 

435 

443 

433 

4/6 

465 

485 

471 


ABSAGroup 
AngtoAm Cool 


Frankfurt 


DA* 4058X7 
PrevtCOS! 397774 


AMBB 
Adi 405 
AJBaiuHdg 
Allona 
BL Berlin 

BaferHypoBk 7880 
Bay.Vmtnsbank 10825 
BiSee UX 

Befcttdoif 8855 

Bovng XL90 


182 
251 
429 
• 126 
46.90 
6245 


BMW 


1395 


ISO 
247 JO 
421 
121 

46.40 

61.40 
7760 

106 

6530 

8020 

4880 

1380 


181 180 
250J0 247 JO 
427 410 

125 12150 
4630 46J0 
6IJ0 60.70 
7760 17X0 
107 106 

6545 65-05 
80J0 98S5 
4081 4170 
1390 1350 


AngtoAm I 
AngtoAm bw 
AiiataAM Rat 
AVfl/UN 
Bortov* 

CG Smith 

DeBoers 

DnctanWn 

FsiNatiBk 

Genoa' 

GFSA 

Imperial Hdgs 

IngweCaal 

Iscnr 

JohnesJntS 

Liberty Hdgs 
Liberty Life 
LfcUteSImt 
Minora 
Nampak 
Nedcor 
Rembrandt Gp 
Rkhemanl 


32 

TED 

241 

257-3) 

163 

8770 

1070 

5170 

2490 

13180 

31-45 

43 

1270 

97 

6370 

2170 

3 

60 

354 

13540 

16.70 

10040 

17 JO 
112 
4480 
6240 


11.15 
279 
23278 
245 
156 
8450 
1075 
52 JO 
2410 
12970 
3070 

41 

1180 

94 

6270 

2175 

282 

5860 

350 

13340 

1650 

99 
17 TS 
109.40. 
4175 
5950 


30 75 38.75 
27940 27940 
23S40 23540 
257 357 

157 157 

87 87 

1070 1850 
5270 5270 
2425 2475 
12460 12440 
31.70 3170 
40.75 4075 
11.90 11.90 
96J0 9670 
6270 6270 
21-25 2175 


RrcUtIC 
Rttflcnd 
Reed bill 
RentaHhaW 
Raters Hdgs 
Ftern m 
KTZreg 
ftMCGraug 
Rota Raven 
Royal Bk Sal 
~ Ifc San AS 


287 287 

5850 5850 


345 

133 

16 

101 


345 

133 

16 

101 


17.10 17.10 
105 105 


4375 43 75 
61 61 


Satasbory • 
Schroden 
Sad NewQBfle 
Scat Power 
Securtw 
Severn Trent 
Shell Tramp R 
State 

S««» Nephew 
SmttKSne 
SraBKlnd 
SowmEJec 
Stagecoach 
Stand Owner 
Total Lyle 
Tesco 

Thanes Wafer 
31 Group 
Tl Group 
Tankas 

UWtever 
UU Assurance 
UtdNffH 



FT-5E 100:497679 


PnvWKi49>1jg 

9.75 

BJ3 

9J5 

979 

823 

sits 

816 

805 

815 

8 

807 

Hib 

6J8 

6J0 

835 

838 

1J6 

1 JO 

1J5 

1J4 

5JJ 

4W 

5 

499 

SJB 

5.45 

858 

541 

16.90 

1831 

1575 

I6JU 

844 

809 

832 

870 

873 

848 

549 

541 

845 

812 

830 

5J6 

lffl 

162 

349 

172 


10J5 

1040 

10.45 

Mia 

8J6 

8J9 

BJO 

146 

134 

134 

136 

1885 

1641 

164/ 

1846 

836 

61/ 

672 

677 

3.75 

3J7 

2-57 

2.7S 

6J0 

660 

674 


9J(V 

840 

8J7 

885 

447 

426 

433 

431 

173 

168 

170 

148 

475 

463 

473 

448 

2J7 

119 

777 

275 

IU.W 

10.15 

1853 

10J9 

U3 

1J) 

IJ2 

IJ2 

492 

455 

484 

475 

6X 

6.17 

8X 

615 

830 

809 

819 

610 

875 

845 

845 

855 

4JV 

6.85 

6JB 

693 

112 

3 

3 

113 

7.15 

6.96 

7.07 

7sn 

1487 

475 

475 

4X5 

885 

563 

874 

549 

6-37 

473 

833 

479 

7 

670 

885 

EM 

178 

175 

176 


11.X 

10J0 

I0J3 

10J7 

404 

L/6 

3.9/ 

19/ 

1405 

1168 

1387 

1345 

1344 

1247 

12JS 

1248 

864 

B4J 

8J4 

843 

6.10 

576 

883 

889 

131 

117 

119 

3.19 

150 

140 

143 

XSS 

890 

880 

544 

SX9 

7Jn 

7.11 

7.19 

7.19 

7J5 

777 

777 

745 

17.17 

157? 

1860 

15J06 

9J2 

9 JO 

946 

977 

1W 

387 

187 

188 

849 

8.10 

841 

8.12 

7.9/ 

2J9 

295 

7-W 

10JD 

10 

1072 

HUM 

in 

2JI 

271 

2.AS 

812 

490 

494 

496 

7.59 

7.14 

7.3) 

739 

J.l< 

709 

2.14 

7.10 

638 

670 

437 

678 

814 

SOS 

810 

5M 

11X1 

17.90 

1.107 

1120 

3.90 

3 TK 

74/ 

2.78 

8111 


498 

4X9 

974 

941 

9 JO 

940 

7JS 

/J1 

740 

735 

160 

1X1 

3« 

344 

2JJ 

145 

246 

2J5 

rat 

tm 

7.14 

7X4 

N 

7J1 

7.B8 

7X2 

1.45 

160 

145 

142 

694 

6.66 

682 

687 

5 

490 

494 

498 

7 JO 

6J4 

<47 

<40 

9J5 

9J0 

VJ3 

948 

lid 

329 

141 

13R 

9JD 

9JD 

9J3 

945 

:ls 2 

115 

145 

116 

598 

572 

878 

8X6 

7.51 

941 

7M 

748 

U 5 

6JMI 

897 

699 

J.7V 

131 

122 

173 

V 

K.W1 

HW 

842 

945 

9JM 

920 

904 

2J3 

2.10 

2-28 

2JI7 

7 

667 

670 

867 

tsu 

885 

594 

5X7 

190 

3.72 

3X7 

3X1 

5 

47? 

478 

47? 

1895 

1A.25 

18.54 

18.19 

m 

iff? 

690 

889 

415 

430 

440 

440 

2.86 

181 

JB4 

2X6 

?:« 

9 

906 

918 

441 

4.71 

43d 

435 

\m 

11.90 

1113 

12J6 

UK 

UI6 

1X6 

1X6 

895 

576 

5H7 

877 

9 2(1 

860 

9.10 

877 

506 

445 

469 

468 

7J3 

775 

7.33 

7.75 

7.15 

865 

6/5 

895 

47D 

466 

468 

470 

490 

448 

483 

471 

908 

8.70 

8.98 

880 

810 

492 

5X5 

492 

621 

891 

698 

891 

1.1S 

:» 

110 

119 

478 

465 

473 

446 

4VH 

690 

490 

4W 

7.92 

770 

7X7 

7X7 


Madrid 


Bobo index: 581X9 


Prevtaos: 584X3 

ACErim 

25490 

24460 

24460 


ACHSA 

1840 

1785 

1790 

1795 

A guns Borceton 

/nan 

JWO 

5940 

5920 

Araerrtoria 

BBV 

8370 

8200 

8730 

8370 

4405 

4225 

425U 

4315 

Banesta 

14T5 

rjwi 

1380 

1380 

takinter 

7950 

/5UU 

7500 

7700 

Bco Centro Hkp 

2920 

2800 

Ttttb 

2845 

BcaPoputnr 

8700 

8290 

HMD 

8610 

BCD Santander 

4515 

4JU0 

4350 

4425 

CEPSA 

4440 

4375 

4375 

4390 

Continent 

2985 

2970 

2950 

2920 

CffljWUiptre 

7720 

2725 

rm 

2685 

7300 

2700 

7560 

2700 

FECSA 

1185 

1155 

1155 

1160 

Gas Natural 

6940 

<740 

6740 

6900 

Iberdrola 

178S 

1/50 

1/60 

1760 

Piyra 

2435 

2325 

2370 

2400 

Repaol 

<550 

6440 

6460 

6490 

Sevfflana Elec 

1330 

1310 

1310 

1310 


10690 

10IUI 

10540 

10500 

Tetetonkn 

4290 

4170 

4205 

4220 

Union Fenosa 

1395 

1345 

I3AI 

1380 

Valenc Camri 

2810 

2790 

2805 

2805 

Manila 


P5E Mac 184778 


Prevtarie 1832X1 

Aynkr B 

1375 

12 JO 

1175 

1275 

Aytio Land 
BkPhSpIst 

1450 

13 

1425 

1150 

97 JO 

93 

97 

95 

CAP Homes 

195 

2JU 

2.95 

3X5 

JtoHaEtecA 

69 

65 

67 JO 

<9 JO 

Metro BorA 

270 232J0 

270 

• 265 

Petran 

410 

2J5 

405 

425 

paere* 

141 

138 

141 

140 

PM Lang Dist 

820 

140 

BOS 

845 

Saxi MlguailB 

41 JO 

39 

41 

42 

SM Prime Hdg 

840 

6 

6J0 

6.10 

Mexico 


Batan index: 495444 


Previous: 595873 

Alta A 

69.90 

66 JO 

<7 JO 

68X0 

Banned B 

2270 

19.96 

21 H> 

21,65 

CemnCPO 

3875 

3450 

36.00 

17.95 

prrac 

1574 

14J8 

1812 

15X0 

Emp Modema 

40.10 

38F3I 

39X0 

39X0 

GpoCaisoAi 

99.40 

fiLSO 

5470 

58J0 

GpoF Bcomer 

375 

3X0 

120 

118 

Gpo Rq Ifitxmo 
KSttb QvfcMac 

32X0 

3845 

31X0 

wim 

32X0 

3490 

3U0 

37.90 

TetaahnCPO 

150.00 

14840 

140J0 

147 JO 

TeUtexL 

19X0 

1840 

1872 

19J0 

Milan 

MIB Tefcoratte 15698X0 



Prevtanuisnuaa 

ABaanai Assto 

15950 

1S5S0 

15790 

15710 

BcaCamunlkd 

5200 

5070 

5110 

5100 

Bca Rdeatm 

7190 

m> 

/Wl 

7020 

BcadiRoiwi 

1723 

1690 

1700 

1708 

Benetton 

28150 

27150 

27150 

27500 

Cimttotlalano 

4710 

4590 

4590 

4570 

Etfcson 

9370 

9150 

9150 

9215 

ENI 

10465 

10/75 

iinoo 

10290 

Bat 

6230 

<100 

<198 

<170 

GrewraS Asslc 

39500 

38900 

38*00 

38800 

iMi 

17480 

16700 

16700 

17110 

INA 

2595 

2545 

2550 

2565 

itataas 

MeStad 

«n*s 

51940 

5W 

5925 

8500 

8255 

8255 

«3W 

Medtabanai 

13375 

13105 

13105 

13150 

AAantcfbsxi 

1440 

1415 

1418 

1419 

□BnM 

1077 

IDS? 

1057 

1040 

PaimaW 

775D 

2660 

Z6W 

2680 

PWS 

5120 

4995 

5035 

5070 

RA5 

15470 

15280 

15JBS 

15220 


24700 

24100 

24100 

24000 

SPockjTortjo 

139W 

13560 

1370U 

13900 

TetaorailtaBa 

11440 

I USD 

II ISO 

11300 

TIM 

6940 

6800 

Mflb 

6790 

Montreal 

Industrials tadR:34U75 



Pnviaac 344270 

Ba: Mob Can 

4890 

45 

4890 

4595 

Cdn The A 

.HW 

30 

KHt 

29U 

CduUBA 

39 JO 

39 J5 

39 J5 

39 JS 

CTFtalSK 

47 

44 

47 

45ft 

Goz/Jfetro 

1BX0 

18!* 

1840 

18ft 

GLWest LXeco 

32 Sa 

32W 

37W 

32ft 

Imasco 

4855 

46.15 

4640 

4570 

InvpstoreGrp 

Of, 

43.15 

419) 

43 

LoUawCas 

20.70 

7015 

20X0 

20ft 

NaSBkCisrada 

19.95 

19X5 

1900 

I9J0 

Power Carp 
PremrFmt 

4440 

43k, 

■m 

43.90 

4410 

4110 

4110 

4214 

QuebccotB 

30X5 

79J« 


2970 

RognComB 

9V, 

9.15 

9.15 


Royal BkCda 

7830 

7420 

75U 

7440 


Accor 

AGP 

AirLiquide 

AfcoMAMi 

An-UAP 

Boocoire 

BK 

BNP 

CandPlu s 

Candour 

Cason 

CCF 

Cdtetem 

ChrisfianDiar 

CLF-DntaFran 

Credit A grtcote 

Donne 

BTAqnOatae 

EitdantaBS 

Ewudteney 

Euntanna 

France refcam 

Gen. Earn 

Havas 

InieM 

Lataige 

Loqnmd 

LOrool 


L 1 

LVMH 
MidieSnB 
PartbaA 
Pernod FBcort 
PeuBoatOt 
Ftoouff-Prtnt 
Ptomodes 
Raroutt 
Read 

Rh- Poulenc A 
Satiofi 
Scbadder 
SEB 

SGSThantun 
SteGenende 
Sodexho 
SIGobafa 
Sue; (do) 

Sum Lyon Eaux 
Syanieltaa 
Thomson CSF 
Total B 
Ujtaor 
Valeo 


1100 1038 
81770 314 

939 905 

75® 734 

407 39870 
773 742 

404 381 

305.90 29150 
1075 1055 
3382 3302 

338 33190 
352 34M 
642 635 

668 623 

597 576 

1311 1311 
898 887 

768 • 746 
845 834 

8 7-90 

5M S50 

209.90 20670 

680 664 

419 402 

668 658 

409 388 

1129 1099 

2127 2850 
1068 1023 
347 337 

45860 445L5B 
179 770 

759 741 

2640 2521 

1995 1930 

171-80 16610 
1592 1555 
2<M8 24420 
502 496 

352 331 

720 690 

489 461 

B92 863 

7846 2812 

885 863 

1470 1470 
613 600 

459 643. 

17370 167 

658 639 

11170 107 

401.90 397.30 


1050 1070 
31670 314J0 
909 920 

736 763 

402-90 398JO 
742 752 

38X10 397.10 

295.90 301.70 

1065 1045 
3324 3284 

337 335 

347 JO 35170 
640 635 

626 6SB 
58S 581 

1311 1311 

890 887 

749 ; 750 
835 840 

770 775 

575 575 

20770 20640 
673 679 

410 396 

662 668 
388 39270 
1111 1091 
2069 2082 

1033 1034 
345 34170 
44770 451 

270 276 JW 
752 750 

2584 2600 

1934 1936 

17030 169 

1590 1560 

245.90 246 

590 493 

337 34640 
693 698 

461 467 

865 830 

2858 2810 

865 876 

1470 1475 
602 600 
650 664 

168.90 173x3 

648 637 

11170 110-S8 
400 40340 


Astro A 
-AtoXtaxpft 
AufaHv 
BectataxB 
EttcssonB 
Horens B 

taaenttveA 

inveskirB 

MoOoB 

Nardbankea 


Phorm/Upiobn 
SamMfcB ■ 


Santa B 
SCAB 

S-E Banfcen A 
SkamBaPan 
SkanshaB 
SKFB 

Sfwrtwikrei A 
Sfcro A 
SvHonddsA 
VotwB 


12470 12070 
■-1.J37- 731 
1500 297 

653 615 

368 3SB 
308J0 295 

m 670 
378 36570 
262 252 

25170 244 

26170 250 

250 342 

218 19470 
178 170 

89 86 

367 351 

302 297 

217 205 
17770 17470 

119 114 

24270 237 

218 211 


123 

- 231 
300 
<15 

350 
296 
678 

36770 

253 

244 

25970 

24770 

19470 

170 

87 

351 
29770 

207 

17670 

115 

238 

211 


12270 
: 23470- 
30170 
<50 
352 
302 
STS 
37170 
2S9 
252 
256 
245 
213 
174 
8870 
36070 
299 
21270 
17470 
11770 
235 
216 


Sydney 


Amcor 

ANZBMng 

BHP 

Bred 

Brambles Ind. 
CBA 

cc Anna 

Cotes Myer 

COmakn 

CSR 

Fosters Brew 
Goodman Fid 
KIAudraH 
Lend Lease 


MIMHdra 
tin) Bank' 


Nat Ain) _ . 

Mat Mutual Hdg 
News Corp 
Podfe Dunlap 
Ptooewtatl 
Pub Broadcast 
RtaTkito 
St George Bank 
WMC 


Westaac Bking 
Woods**? Pet 


AflMharfes.-2561.38 
Pmrtm:2<l470 
770 770 770 770 

10.15 970 9.96 1141 

1474 1X47 Mil 14 
4D8 X93 X99 4.12 

Z7-90 2670 2771 2771 
1421 15.77 1484 1444 
1170 1170 1170 1175 
776 675 492 7 

6 575 570 6 

505 470 5.03 415 

2.80 277 2.75 Z82 

127 US 227 U7 
11-00 1170 1170 1155 

XM 2975 30.10 31.19 
170 T72 179 178 

2135 1972 2070 2175 
279 2.16 275 275 

679 473 i£S 490 

375 370 160 3JO 

412 3.90 476 407 

U0 754 835 875 

1870 1870 1871 19.15 

870 8.13 &39 842 

570 418 570 S71 

865 875 873 B78 

1272 I3L18 12.17 1270 
477 437 471 477 


The Trib Index 

Prices as of 300 PM. New York Hm. 

1 

Jen. t, 1932*100. 

Lnd 

Change 

%dwnge 

yaarto data 


... — ... .. . 

— ■ ■ ■■■ 


- ■ - ■■ 

% change 

1 

World Indue 

169.45 

■0.91 

-0.53 

+13.62 


RoQtarmi Indaxn 





t 

As/a/Pacrfic 

• 105.45 

■0.19 

-0.18 

-14.57 


Europe 

187.13 

-038 

-030 

+16.09 

1 

At America 

204.80 

-1.71 

-0.83 

+26.49 

l 

& America 

165.11 

■4.11 

-2.43 

+4439 

1 

industrial Indexns 





f 

Capital goods 

213.47 

-2.83 

-1.31 

+24.89 

1 

Consumer goods 

191.99 

-0.73 

-0.38 

+18.93 

1 

Energy 

199.77 

-2.23 

- 1.10 

+17.02 


Finance 

121.31 

-0.31 

-035 

+4.16 

I 

Uisceianeotjs 

170.68 

+2.82 

+1.68 

+5.50 

1 

Raw Materials 

174.84 

-1.88 

-1.06 

-0.31 


Sendee 

164.46 

■0.18 

-0.11 

+19.76 

1 

UtSt/as 

164.19 

-1.61 

-0.97 

+14.45 

i. 

TTte Iroamaoonal Heratt Tnturw WotkJ Stock Index & tracks the US aettar values of 


2BO rternaoonally twestabto stocks ftxxn 2S cauntnea. For more mtarmauoo. a tree 

■ 

booklet a available by writing to The Frft Index. Wl Avenue Charles de GauBe. 


92521 NeuHy cedBx. France 


CompHgd by Bloomberg News. 


. Mgb 

Low Oose Prev. 


High Low 

Owe Prev. 

i 



H; Vsvu:.: r 


AB\ AVB 




i 'K . A-t 




SSo Paulo 


Bovo spa ladec 1 157678 

Prahte: 1 


: 1119938 


BrodHcaPM 

BratanoPM 

Ceoiig Pfd 

CE5PPM 

Capet 

HrttaSras 


1171 1070 1182 1130 
77704 77100 77250 76400 
5870 5Z01 5470 5633 

1CBU® 95Sti 10071 10130 
1770 1670 1450 1779 
62400 555 JW 575J30 S90J1 
Bretanroo PM 661.00 62400 632.® 63400 
UgWSerrioos 50000 45070 dSStflO 49030 
38531 365.00 380.00 

PW 311-00 277-00 29OJD0 2993)1 
19000 17SJD0 17401 18230 
4230 3970 41J0 4170 
lois 975 970 9.90 

15270 137.00 14170 14670 
10570 1693)0 172.00 17771 
172.00 155.00 15400 16400 
41400 377310 301.00 38770 
423» 3870 39 JO *8.70 
11.10 1075 1051 10.95 
3630 2450 2400 2571 


Taipei 


5lod[ Moikef tatan 771904 
Pmioosi 782501 


PouSstaLuz 

SMNodared 

Scum Cn»r" 

TddmoPM 

Telea il g 

Tetarj 

TdespPM 

UhSjcdcd 

UstaiinasPM 

CVRD PH 


Catfny Lite Ins 
Onnq Hm Bk 
QnooTungBk 
Chtaa Davdpmt 
China Sled 
First Bank 
Ftmnaia Hostlc 
HuaNonBk 
Ink Comm Bk 
NanYoPtasacs 
Stan Kang Lite 
TahrattSenri 
Tataag 

Wd Micro Bee 
utd World Chin 


130 123 127 131 

10070 95 9870 10(158 

7170 68 70 7070 

93 8770 91 9173 

7440 2180 2430 2480 
103 97 101 103 

52 50 52 5270 

108 101 105 106 

58 56 5650 58 

54 52 5370 S4» 

88 82 8670 87 

123 11450 12070 125 

3170 38J90 31 JO 31 .80 
g n 7\ 
5970 55 SI 57 


-Tokyo 


Seoul 


HMai 225: T734374 
PmiBOl: 1715175 


COerairUtatada: 57071 
PlHtabK M43K 


Nippon Air 


Onoom 

Daewoo Henry 

S 

KoraaBPwr 

Korea Excb Bk 

LG5etaoan 
Pahang Iron SI 
Samsung Dtatay 

aSSSfe 

aramon ocvk 

SKTefoean 


<6900 67700 61700 <7000 
5780 5410 5410 5880 

'6700 15700 15700 17000 
8® WHO WHS 8040 
17900 16900 1655® 18200 
4800 4470 4470 4850 

25000 23000 23900 24800 
54000 51100 51100 55500 
42000 39700 40300 43000 
38700 5M00 SWM <1500 
80®) J51S 7510 8160 
410000 397000 400000 415000 


Astai 
AsahiCftem 
Astad Glass 
Bk Tokyo MSsti 
Bk Yokohama 
BrtdffKtono 
Cdnan 
CbubuElec 


□ropoku E lec 
Dai N® pi 


Singapore stn^naeKuijJi 

3 r . Pnvtoat: 164977 



490 


770 

iQmtoae 770 
l Fatm mf * 0.92 
--/foreign 1150 
DBS Land .174 
FreurANeave 770 
HKLand' 
JardMaDwtn' 


272 

595 


Jotd Strategic* 146 


KeppeiA 
KeppdBarA 
KeppdFel* 
“ I Land 


SK. 

OSUdanBkF 

ranMUf hobs 


Oslo 


OBX Mac 73427 
Pnvtoas 73276 


Aker A 


peinorskeBk 

EBtem 

HofstandA 

KvoemwAsa 

Norsk tfedra 

NarakeSjagA 

NyaataedA 

Ortdo AsaA 

PWtaGetfWe 

SagaPdtmA 

5cm Med 

TrannceanOfi 

Storebrand Asa 


141 

138 

14(1 

216 

212 

713 

27.70 

36J0 

27 JO 

37 JO 

ano 

37 

170 

115 

115 

4140 

4370 

43.70 

415 

40/ 

49 

417 

4I0J0 

414 

257 

750 

252 

184 

182 

187 

65! 

640 

Ml 

531 

573 

575 

151 

147 JO 

148 

136 

134 

13450 

*15 

405 



SdJO 

55 


118 

43 

40? 

410 

250 

183 

642 


Slog Ate foreign 
SfnglJHKl 
Stag Press F 
SmgTech Ind 

UW Muslrfta 
UM&SoaflkF 
Wing Tat Hdgs 


5.15 
278 
436 
345 
9 JO 
575 
4L U 
545 
1040 
490 
2090 
US 
276 
247 
074 
970 
242 


488 490 

436 438 
460. 480 
6J0 455 

0.85 078 
1220 1110 
254 170 
460 735 

231 140 
530 570 
334 340 
4J4 490 
243 270 
394 422 

7 238 260 

870 , 9.15 
540 575 
440 446 
496 £15 

970 1030 
448 *M 
1970 2030. 

2 214 

239 232 
135 • 245 
070 070 
875 940 

232 232 


490 

438 

730 

495 

094 

1150 

2J9 

730 

145 

£70 

ISO 

£15 

274 
430 

275 
950 
575 
454 
530 
10.10 
494 

21 

209 

232 

245 

072 

955 

240 


Dai-khIKtaig 

□ah* Bank 

Dajwa House 

DatamSec 

Do: 

Denso 

EadJcwmRy 
6M 
Fanuc 
R*?Bank 
i Photo 


1070 

598 

3600 

<74 

575 

875 

ira 

s» 

2850 

32B8 

2010 

1960 

2590 

580 

1080 

467 

1198 

724 

4750a 

2870 


‘■■mUSMhn. 


Stockholm 


152 

135 

410 

ss 


SXUtadnc 331233 
PmfeWC 334438 


AGAB 113 11050 111 IHJB 

ABBA 9450 9290 9J50‘ «a. 

AssDoman 23? 230 23258 23751! 


HoctawitiBk 
HBtadii 
■Hondo Malar 
IBI 
Wl 

Uodiu 

ItoYokado 

JAL 

Japan Tobacco 

JUSCD 

Katana 

KreaafBec 

Kpo 

KmasaUHfy 

KawaStad 

KUdKppRy 

Kbta Brewery 

Kobe Steel 

Komatsu 

Kubota 

Kyacera 

KmahoElec 

LTCB 

Marubeni 

Moral 

Matsu Coann 

Matsu Elec Ind 

Mateo EtaeWk 

MIButasta 

MHsubistaOt 

MUsubtsHEI 

MtaUsblEst 


1900 

5060 

1210 

4900 

1440 

1180 

1050 

4210 

1270 

270 

42S 

6350 

417 

9W0o 

2850 

we 

2080 

IBM 

336 

224 

<70 

ion 

148 

<75 

450 

7600 

1940 

4« 

371 

2070 

4300 

2190 

1200 

1120 

263 

467 

MOO 


901 1060 1010 

583 593 585 

3500 3500 3S30 

645 665 675 

SO 542 565 

B» 852 890 

I <70 1700 1730 
501 539 534 

2760 2830 W® 

3080 3140 3230 
1970 »I0 1990 

1900 1930 1910 

2SW 2SU 
MO 573 587 

1000 1 079 1030 
445 450 482 

1120 1170 1110 
70S 728 7.88 

4fe0a 4700b 4720a 
2780 285fl 2800 
5730b 5790a 5850a 
1830 1900 1890 
4860 4980 4970 
USD 1190 1190 
47» 4359 4858 
1400 1428 !« 
1140 1160 1150 
1020 1030 1050 ■ 
4110 4200 4210 
1220 1270 1290 
299 2<5 2« 

405 418 417 

<200 <300 <400 
4W 412 ‘ 411 
9510a 9950a 956a 
2720 2820 2720 
556 59B 578 

2030 2060 2080 
1760 1 760 1790 
315 321 


MBspbisM Hw 667 648 648 

MJhuMsMMot £30 511 S25 

Mitsubishi Tr 1650 1620 1650 

MOsul 996 961 973 

AUtid Fudasa 1420 1350 1400 

Mitsui Trust 459 435 450 

Murota Mfg 4940 4940 «M» 

NEC 1440 1410 1420 

tffldwSec 1760 160 1740 

Wkon 480 470 472 

Nmlenda 11200 11000 11100 

N ipp Barest 699 650 <90 

HtapreiOfl 515 492 510 

WppoaSled 266 256 260 

Mteaa Motor 619 600 607 

KMC 185 168 181 

Nomura Sac 1550 MSB 1540 

NTT __ 1090b 1050b 1080b 

imoota 60 ou smu 6oaut 

OpPdPjr 403 590 592 

Osaka Gos 282 258 268 

gicoh 16S0 7610 1670 

ajm 13000 12700 12900 

5akuraBk 526 510 511 

Swrtyo 4230 mu 4210 

SanwaBtn* 1340 1240 1330 

SanyaEtac m 396 394 

Seg ra„ B430 8250 S390 

4450 4830 

Stataddiem 910 B91 980 

S^siiHoiKc 1040 1010 1040 

Seuw-Beven 9100 8990 9090 

522- nn. 10,0 595 998 

SMtaaiEIPw 1938 1896 1920 
Sffl ,570 
3730 3070 3170 

1490 It® 1680 

W®» 1240 

4090 3850 4000 

10600 1 0200 10600 
* 905 m 894 
ISM 1480 1500 

4* 41 1 435 

1680 1650 1660 

271 -258 261 

]£» 995 1010 

3330 3070 3270 
3560 3410 3520 

104M 10100 10300 
1940 1910 1930 

807 79S 796 

1350 1290 1340 

2260 3230 2250 

7m 7080 M00 
283 267 277 

SI? 495 514 

991 Wl 97i 
'530 I WO 

no 681 697 

580 SS2 5S5 

B B « 
^8 %% 


Shlmfaju 
Sbfcwteuai 
Shhekta 
5biziiokaBk 
Sonbreta 
Sony 

S u m i tomo 

SumBanwBk 

SuadOwni 

SwuSonw Etac 

Sumfl Metal 

SwATrait 

TtartoPhpnn 

Tote&u El Per 

Takrafiank 

ToldoMretae 

Tokyo El Pwr 

Tokyo Bedroa 
Tokyo Gas 
Tokyo Crap. 
Tonen 

Tappan Print 
Toro* tad 
Tashdw 
Toslem 
Taya Tim 
Toyota Motor 
VaaniRKM 


aKlMkxiMo 


667 

534 

1700 

973 

151B 

469 

5540 

1440 

1740 

480 

11500 

671 

497 

259 

616 

173 

1560 

1080b 

5980b 

606 

263 

1670 

13200 

530 

4110 

1300 

413 

8350 

4700 

900 

1030 

9258 

5®2fl 

1910 

555 

3140 

1730 

1270 

3900 

10700 

881 

1550 

422 

1480 

273 
1060 
3140 
3500 

10400 

1950 

BK 

1340 

2250 

7560 

274 
501 
942 

1508 

709 

577 

1830 

964 

3660 

3160 


MaaidlBldl 


19.85 1930 
99Ji 


191* 1930 1 


Moore 
Newbridge Net 
NorondaTnc 
Noroen Energy 
Ntaem Tefecom 
Nova 
Onex 

Pancdn Peflm 
PelroCda 
Place* Dome 
Poco Pettm 
Potash Sask 
Renaissance 
RtoAJgam 
Rogers Cartel B 
Sea ream Ca 
SheflCda A 
Suncw 
ToHsmanEny 

TedtB 

Tde^tabe 

Telus 

Thomson 

TarDanBank 

TransaBn 

TramCdaPIpe 

Trimark Rnl 

TricecHatin 

TVX Gold 

us^r ,Env 

wesson 


25.90 


120 

3410 

28W 

23V» 


27V: 

50 

51 


50 

3835 


7.10 


103 


1230 

1Z4Q 

12la! 

W4 

24X5 

25ft! 

75 JO 

77X5 

79ft 1 

76.15 

26J0 

26X01 

3115 

33JO 

33ft 4 

1281* 12970 

132 j 

1145 

11.70 

Hi 

3115 

35ft 

36| 

74~U 

2430 

24ft> 

2/J5 

27ft 

27X51 

23.70 

23JO 

2630 1 

13.10 

1345 

1130a 

118 

118ft 119451 

33ft 

33.95 

33X0 : 

2/ft 

27X0 

27X0 1 

23ft 

73*6 

22X5 1 

Sit 10 

50ft 

50ft 1 v 

27 

27 JO 

Z7J3&U? 

49 

49ft 

49 m 

SO 

S0JU 

50ft, 

2130 

24ft 

26.90’ 

49 

49 

JO* 

28 


28ft 1 

JAM) 

35 

34X0 j 

50X0 

40X0 

50.95, 

19.14 

1VJ5 

19X5 1 


27X5 

36ft 1 . 

IS 

74ft 

75? 

36X0 

37 

36X5* 

6X0 

6ft 

7 JO 1 

78.90 

29.10 

291 

102 

im 

102X5 j 





•*. 


l 


Vienna 


,, "V- • 


Apt tadOC 138657* 
PreMnu 1374594 
B^jgrUrgeh 1012 98510 988.90 10«i 

uwmowpw 741 778 737 734 • 

EA-Genertf TIM 3070 2085 3050 i 
EvN 146150 1440 1446 1440 < 

Ftatawlen Wien 507 501.78 50530 503 • 

§& "B.H V“ l 

VA Stahl 58630 OT ™ M 
wienerben) Btta 2528 2470 2490 2470 < 


9201 

565! 


Wellington nzse«m mr 245975 * 

PnvtoW: 260936: 


FU 

ePr oof iSlii;1 

■ ■. ' - r 


AJtNZboWB 
Bdartytavt 
Gofer Hrril am 
FkrtchChBWg 
Ftekaichlny 
Ffefdi Ch Ford 


198 i 

1J5; 


?8S 3.W 375 

]30 137 1 38 IJ3 . 

3JS 3.15 in L47J . 

534 4.98 510 SjitX 

t£A‘W 

S^ttSSr 3.13 190 in! 

t^ts? h » » Ml 

WlhonHretas lljo 11^ 




Toronto 


212 

<66 


340 

224 

679 


666 ... 

1010 1060 1010 
136 144 139 

611 <49 696 

420 442 424 

7280 7550 7480 
1900 1910 1920 
450 460 465 

359 360 379 

2090 2078 2090 
4140 4250 4140 
2160 2170 2230 

1180 1180 1220 
1070 ion 1120 
149 S6 255 
432 441 437 

1520 1570 1670 


AbMUQm. 
Albert a Energy 
Alcan Alum 
Anderson Expt 
BkMaAtreoT 
Bk Nova Sofia 
Barriil Gold 
BCE 

BCTetamun 

BtadwmHiann 

BambantarB 

Caaeco 

DAT 

Cdn Matt Rat 
CdnHatRe* 
CdaOeddPet 

Cdn Pacific 
Crerrinco 

Daram. 

DemhueA 

DuPonICdaA 

EdpeiBnacan 

EanNevMng 

FrertaxFW 

FoicBrtbiUga 

HefebaranA 

Franco Nevada 

GtflCdaRfe 

InperWOB 

laca 

Laewen Group 


|| taadrjBta:7m« 

Pmfomjntn 

OJ0 2330 2235 
31W ms JUS 3045 
45M 4430 4430 44.90 

iHS J 4 WO ILK 
61-60 6050 <U5 M 
66 M 6480 6580 6580 
31H 3H* 32«5 Men 

4U5 4U0 

3614 lm |S 

so! m 2 m 2 ^38 

4TJ5 2-2 ^ 55515 

N *n niS 

vjo ^ 4t.io 
“i® — 37 J7 jo 3630 
4160 4L85 4S« 
31W 3135 3|* 
27 2LB5 26 W 26u 

3 % 

3M0 26* 

a ^ & 

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PAGE 17 



INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 25-26, 1997 


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Cuts Into 
Softbank 

Slow Japan Growth 
Hits Operating Profit 

CnafiM Oar Bug Fnwn Oc^wrAe; 

TOKYO — Softbank Corn, said 
Friday that a slump in the sales of 
personal computers in Japan cut into 
earnings of the owner of Ziff Davis 
Publishing Co., the world’s largest 
computer magazine publisher. 

As a result, operating profit at the 
sottware developer and publisher feli 
IS percent, to 2 billion yen t$17 mil- 
i ^onj^in the six months to SepL 30. 

“The results were not the best," 

■said Masayoshi Son, president of 
Softbank. "The growth in the com- 
puter market slowed on the year for 
the first time since PCs went on sale 
in Japan 17 years ago." 

Pretax profit rose 38.7 percent, to 
1 1.7 billion yen, Mr. Son said, fhanw 
to an increase in revenue from interest 
payments on Joans made to Soft- 
bank’s overseas affiliates. Sales rose 
13 -5 percent, to 98.6 billion yen. 

The figures were parent results 
and did not include the earnings of 
U.S. subsidiaries like Ziff Davis: 
Comdex, operator of the world's 
largest computer show, and the 
^memory maker Kingston Technol- 
ogy Co. Softbank will report group 
‘ results later this month. 

Persona] -computer sales in Japan 
grew just 4 percem in the three months 
to June. That was down from the 51 
percent growth posted a year earlier, 
according to the Japan Electronic In- 
dustry Development Association. 

Softbank said h expected 
profit for the full year through 
’1998 to rise 6.8 percent, to25 billion 
yen. It forecast that net profit would 
rise 14 percent, to 12 billion yen. 

Softbank also said that it arid News 
Coip. were "smoothly proceeding 
with preparations for the launch of 
Japanese satellite television services 
next spring." The companies set up 
Japan Sky Broadcasting Co. in 
\ December to deliver a maximum 1 50 
i channels of digital satellite broadcast- 
ing to Japan starting in April 1998. 

Softbank shares, traded on the 
over-the-counter market, rose 100 
yen, to 4,000. The results were re- 
leased after the close of trading in 
Japan. (Bloomberg. AFP) 


Carmaker’s Goals: 10% of Global Market and Parity With U.S. Big 3 


By Andrew Pollack 

New York Tima Service 


TOKYO — Hiroshi Okuda is talking “Glob- 
al 10". again, which means trouble for the 
world’s auto manufacturers. 

"Global 10" was the 1980s battle cry of 
Toyota Motor Corp_, which aimed for a 10 
percent share of the global market. But' in the 
early '90s, as nude tensions with the United 
States flared and Toyota floundered, the slogan 
was quietly abandoned. 

Now, however, Japan’s largest and most 
powerful anto company is out to gain market 
share again. I .fading the drive is Mr. Okuda, the 
blunt- talking judo black belt who became pres- 
ident of the company two years ago. 

Mr. Okuda, who took over in 1995, isthefiret 
leader in nearly three decades who is not a 
member of the founding Toyoda family. He has 
been shaking up the conservative company, 
where many managers go to work in regulation 
blue blazers with red company insignia on the 
lapels. 

"He’s asking us to move the company at a 
faster pace,” Toshiaki Taguchi, a director, said. 

In the United Stales, Toyota's sales are up 5.4 
percent for the 1997 model year. The Canary, 
whose redesign last year was supplemented by a 
pice cut of nearly $1,000, became the best- 
selling car of 1997, surpassing the Ford Taurus 
and Honda Accord. 

Not bad for a plain vanilla car. But then 
dependability, not pizzazz, has always been 
Toyota's trademark, though there are excep- 
tions. The stubby but cute RAV4. for e xamp le, 
helped to define the new category of s mall 
sport-utility vehicles. 

The luxury Lexus doesn't scream “look at 


me," either. But its sophisticated, trouble-free 
technology and its quiet, floating-on-air ride 
have attracted attention. 

Not surprisingly, it is the car of choice among 
Mkrosofrs newly minted milKonaires. 

Toyota, the world ’s third-largest automaker, 
already has, by its own count, nearly 9.5 percent 
of the' .world market, behind 17 percent for 
General Motors Coro. and 13 percem for Ford 
Motor Co- Thus, although Mr. Okuda said in a 
recent interview he hoped to achieve “Global 
10" soon, he also made it clear he did not want 
to stop at 10 percent 

“In the near, future, we want to be parallel 
with the Big Three, especially GM and Ford," 
he said 

Toyota is growing around the world In the 
United States, it has enlarged its Kentucky plant, 
which has begun producing a new minivan, the 
Sienna. It is 
and an 

with a _ _ 

Toyota will be able to make 1.1 minion vehicles 
a year in North America within two years, 
compared with some 870,000 cars now. 

The company also has become more ag- 
gressive with alternative vehicles. It has de- 
veloped the first hybrid car for mass production, 
combining a battery-powered electric motor 
with a small gasoline engine for low emissions 
and greatly increased fuel economy. Called the 
Piths, the $18,000 car goes on sale in Japan in 
December. 

In Japan, Mr. Okuda is crusading to recapture 
the 40 percent market share it lost a few years 
ago. It has engaged in such aggressive sales 
tactics — including increasing sales figures by 
pressuring dealers to buy their own cars — that 
smaller competitors are crying fouL ' 



Despite his gung-ho approach to cars, Mr. 
Okuda also is accelerating Toyota's diversi- 
fication into telecommunications, pleasure 
boats, aviation and other businesses. 

So far, too, profit is soaring under his lead- 
ership, although that is hugely a result of the 
yen’s decline in the past two years. 

■ Situation of Other Japan Automakers 

Japan’s other leading automakers are also in 
(he midst of transformations. Here is a look at 
their prospects : 

■ Nissan Motor Co.: In its last financial year, 
Japan’s No. 2 automaker finally became prof- 
itable after five years of losses, thanks largely to 
cost-cutting and gains from currency exchange 
rates. It still has to prove it can consistently 
design vehicles that consumers want 

• Honda Motor Co.: Long more successful 
in the United States than at home, Honda has 
seen its sales grow sharply in Japan after in- 
troducing successful minivans ana sport-utility 
vehicles. In the United States, the hot-selling 
GR-V sport utility and the new, roomier Accord 
are expected to contribute to its success. 

• Mazda Motor Corp.: After years of heavy 
losses and shrinking sales. Henry Wallace was 
installed as president last year when Fond raised 
its stake in the company to 33.4 percent, giving it 
management control Mazda's market share in 
Japan has grown this year, but the company is still 
weak in the United States, and its debt is high. 

• Mitsubishi Motors Corp.: This company 
was the first to commercialize a gasoline- 
powered direct-injection engine, which cuts 
fuel consumption significantly. It is introducing 
the engine into many of its products in Japan 
and Europe, and sales are encouraging. But 
these engines have high emission levels. (NYT) 


Toshiba and NEC Report Surviving a Tough 6 Months 


Cmptled tw Our S*# Firm DupisriJO 

‘ TOKYO — Two major computer companies 
said Friday they were battling sluggish sales as 
NEC Corp. struggled to posr an increase in 
earnings and Toshiba Corp. succumbed to the 
tough market with a profit slump. 

NEC complained of tough markets, but it 
reported a 7 percent increase in pretax profit from 
a year earlier, to 65.2 billion yen ($534.7 mil- 
lion), in the six months ended Sept. 30. 

Toshiba, however, said its six-month pretax 
profit at the parent company slumped 47 percent, 
to 25.4 billion yen. 

"NEC's personal-computer business is better 
than Toshiba's;" said Naoki Sato, senior analyst 
at Deutsche Morgan Grenfell in Tokyo, citing 
problems with sales of Toshiba’s notebook com- 


puters. NEC’s telecomraunications-infrastruc- 
ture business was also fairly strong and probably 
helped the profit result, he added. 

NEC said weak domestic consumer demand 
had hurt private-sector capital investment, cre- 
ating “a strong sense of stagnation through the 
economy." 

It said growth in sales of communications 
equipment and computers had slowed. 

Mr. Sato said NEC’s pretax profit forecast of 
140 billion yen for the full year looked a "bit 
optimistic, * ’ and be predicted the result would be 
closer to 126 billion yen for the period. Last year, 
NEC had pretax profit of 121 .2 billion yen. 
Toshiba said its pretax profit had been hurt by 


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3^7.46 

4,009,77 

-1.30 

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lovnuuiNlil KnAkl Tnhuue 

Very briefly: 


• Japanese department-stores sales fell 3.9 percent in Septem- 
ber from a year earlier, the sixth monthly drop in a row, as 
demand for items such as electronic goods and furniture 
continued to slide in the aftermath of tax increases in April 

• Hitachi Ltd. and affiliated companies have put money into 
the bank account of an alleged racketeer suspected of having 
been paid off by Mitsubishi group companies, a report carried 
by Jiji Press said. Hitachi said it was checking into the report. 



■of personal computers, especially to the United 


States. Toshiba said it had lost market share in 
laptop personal computers in the United States to 
Compaq Computer Corp- and International Busi- 
ness Machines Corp. 

The company also cut its forecast for parent- 
level pretax profit for the full ending in March 
1 998 to 80 billion yen from 100 billion yen. 

"Sales of personal computers ran short of 
initial projections due to increased price com- 
petition in both the Japanese and U.S. markets," 
the company said. 

Satoru Oyama, an industrial electronics ana- 
lyst at Barclays deZoete Wedd, said Toshiba also 
had been hurt by a sharper- than-expccted slump 
in the Japanese consumer market, especially in 
sales of air conditioners. (AFP. Reuters) 


news agency, he also said China would sign contracts to buy as 
much as $3 billion of Boeing Co. aircraft during the visit. 

• National Westminster Bank PLC shut its 20-person 
branch in Seoul: the bank said the move was part of a shift to 
focus business on “major markets" and was not related to the 
economic tnimoil that has gripped Asia in recent months. 

• Metro Pacific Corp-, the Philippine hub of Hong Kong's 
First Pacific Co., postponed the initial share sale of its 
mobile-phone unit. Smart Communications Inc., citing the 
volatility in Asia’s markets. 

• Singapore Airlines Ltd's group net profit rose 10 percent, 
to 615.9 million Singapore dollars ($389.7 million), in the six 
months ended Sept 30 as revenue rose 1 1 percent, to 3.9 
billion dollars. 

• Vietnam's trade deficit fell 41 percent in the 10 months 
ended Friday, to $2.07 billion. Imports fell 2.4 percent, to 
$9.14 billion, while exports rose 20 percent, to $7.06 billion. 

•Taiwan International Mercantile Exchange Corp.’s pres- 
ident, Richard Chen, said the long-delayed futures exchange 
would not open as planned this month; he cited bureaucratic 
delays and said he was not sure when die exchange would open. 

Bloomberg. AFP. Reulen 


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— — * — ' EHT 25/1Q//97 









































































'Tit' i INTERNfflONAL M 

iterala ^^enbune 



IMlH 



SATORDASf-SONDAy, ^ 
OCTOBER 25-26, 1997 
PAGE 19 


YA 


Amid a Stormy Pacific, Australia Is an Island of Opportunity 


By Michael Richardson 


A MID THE convulsions that 
have rocked Asian stock mar- 
kets and currencies, analysts 
say Australian equities s till 

look attractive. The value of&hares on the 

Australian Stock Exchange has timihui 
nearly 8 percent this month, mainly on 
concerns that Wall Street is overvalued 
. and on Asia’s economic woes. 
i But the All Ordinaries Index, a broad 
measure of the market's performance, is 
up about 6 percent since the the start of 
the year and the fall of nearly 4 percent 
on Thursday and Friday was much less 
than the routs in Hong Kong and other 
East Asian markets that precipitated it 
“A ustralia is perceived as a safe haven 
Atom the volatility of markets elsewhere 
in the Asia-Pacific region,” said Greg 
Barnes, Investment Director ai Jardine 
Fleming Australia Management T td 
With the risks of investing in many 
regional markets increasing as their cur- 
rencies plummet and high-growth eco- 
nomic forecasts are downgraded, ana- 
lysts and fund managers say the 
advantages of investing in a mature, 
well-managed country such as Australia 
— - the fourth-largest economy in the 
Western Pacific after Japan, China and 
South Korea — are obvious. 

At the same time, there is a growing 
awareness amongintemational investors 
that corporate Australia is not the laid- 
back entity of popular perception. “For- 
eign investors are now recognizing that 
they have got to change their prejudices 
about Australia,’' said David Rickards, 
research director at Macquarie Equities 
Ltd. “Australia is no longer a highly 
protected, high-inflation economy.” 

Australia endured a severe recession 
in the early 1990s. Before that, annual 
inflation averaged 10 percent; sub- 
sequently, it has been less than 2 percent, 
while annual wage increases have av- 
eraged 3 percent 

Economic and financial reforms 


| Expected Earnings Growth in Australia 

^<1 



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57 

5 

68 

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since 1980 have opened Australia to 
international competition, forcing films 
to restructure and become more effi- 
cient “Companies are now keeping a 
lid on their wage costs and profit growth 
will pick up as a result’’ said Shane 
Oliver, Chief Economist at AMP 
Investments Australia Ltd. & , 

He predicted that Minings fflP* 
would nse 10 to 15 percent in the If 
year to June, and lOpercent more 
inl998-99,followingameagerl 
percent increase in 1996-97 and 
a 5 percent fall in 1995-96. If he 
is right, the All Ordinaries Index should 
be trading above 2.850 by mid-1998, up 
from the current 2^61 at the close of 
trading Friday. 

Michael By, Head of Equities at SBC 
Brinson, an institutional asset manage- 
ment unit of Swiss Bank Corp., also 
forecast solid gamings growth for the 


ia to next two years, but noted that corporate- 
ixros earnings surprises had tended to be on 
effi- the negative side, 
ng a Still, SBC Brinson, like many other 
ywtb fund managers, is overweight on Aus- 
hane tralia.* ‘It’s not a very bullish scenario,” 

□ Mr. Fry said. “But in a global 
context, where many markets, 
including the United States, are 
' looking expensive, we can see 
value in Australia.” 

The government has pre- 
DoWn Under dieted Australia’s gross domes- 
tic product will expand 3.75 
ould percent in the budget year to June 30, 
8, up 1998. Prime Minister John Howard has 
■& of said the economy has the capacity to 
grow at an annual rate of 4 percent With 
SBC a federal election due next year, be 
age- would like to quickly reach that target 
also quickly and cut unemployment now 
- the mare than 8 percent of die workforce. 


Q & A / Edward Shann 

Two Decades of Reform 
Squeeze Out Inflation 

force. So we don’t tbrok that the bar 

W ITH WE latest shocks to needs to cut rattsagain,aldiongh it coni 
the Southeast Asian finan - do so if the growth doesn’t materialize 
dal systems, slaw growth Q. What inroad is the economic slov 
in Europe and Japan, and down in Southeast Asia likely to haw 



W ITH WE latest shocks to 
the Southeast Asian finan- 
cial systems, slow growth 
in Europe and Japan, and 
high valuations of US. stocks, investors 
are casting about for stock markets that 
offer growth prospects without the risk 
of double-digit declines. A series of 
market-opening reforms that began 
about two decades ago and helped it 
diversify away from a minerals-depend- 
era economy has drawn interest to Aus- 
** tralia, which has so far weathered the 
crises that are buffeting Asian markets. 
Edward Shann, director of the con- 
sultancy ^Access Economics Pry., dis- 
cussed the country's outlook with Mi- 
chael Richardson. 

Q. Australia is a large country with a 
rich natural-resource base. Should its 
economy be growing faster than the 
current annual rate of 3.2 percent? 

A. That’s about the historic average. 
It’s faster than the growth rate of most 
developed countries. But most econom- 
ic commentators in Australia feel that we 
ought to be able to do better. It depends 
. . on getting the right policies in place. 

Q. Is there room for die Reserve 
=* Bank, Australia’s central bank, to cut 
interest rates again? 

A. I don’t think the bank is con- 
strained by inflation or inflationary ex- 
pectations, both of which are below the 
bank’s target band of between 2 percent’ 
and 3 percent The question, is whether 
they have already cut rates enough so 
ihat after a lag, the economy will rather 


percent to 5 percent in calendar two, 
helping to bnng unemployment down 
firm its level of 8.5 percent of the work- 


force. So we don’t dunk that the bank 
needs to cut rates again, although it could 
do so if the growth doesn’t materialize. 

Q. What impact is the economic slow- 
down in Southeast Asia likely to have, . 
folio wing the currency and stock market 
falls in Hong Kong, Thailand, Indone- 
sia, Malaysia and the Philippines? 

A. Ultimately, it will depend on bow 
severe the slowdown toms out to be and 
how long it lasts. Australia would be die 
worst-affected of the developed coun- 
tries, closely followed by Japan. Aus- 
tralia sends about 15 percent of its ex- 
ports to member states of the 
Association of South East Asian Na- 
tions. A number of Australian Anns 
have reasonably substantial invest- 
ments in ASEAN. We also get a lot of 
tourists from the region. 

A rule of thumb would be that a 25 
percent reduction in ASEAN economic 
growth would cut Australia's GDP 
.growth by 0.25 percent IfNonheast Asia 
is affected by Southeast Asia's down- 
turn, then it becomes more serious for' 
Australia because Northeast Asia takes 
about 40 percent of Australia's experts. 

Q. Australia used to have high growth 
rates in both wages and inflation. Has 
that changed permanently? 

A. Financial markets are assuming 
that Australia’s inflation rate will av- 
erage unde; 2 percent for die next 10 
, years. I think that’s probably on the op- 
timistic side; it is more likely to average 
closer to 3 percent Bat unless some nasty 
shock occurs, we will have much lower 
i nflatio n than we had in the 1980s. 

Q. What have been Australia’s key 
economic and financial reforms since 

1980? 

A. The first was deregulation of fi- 
nancial markets and removal of ex- 



The Reserve Bank, Australia’s cen- 
tral bank, has cut its benchmark short- 
term interest rate five times since mid- 
1 996, most recently by half a percentage- 
point, to 5 percent, on July 31. 

Mr. Rickards said that in the current 
low-inflation environment, there was 
room for die bank to make a cut of 50 
basis points in the benchmark rate, to 
4.5pcrcent, before the end of 1997. 

Greg Chapman, portfolio manager of 
Australian equities at County Invest- 
ment Management Ltd in Melbourne, a 
unit of National Australia Bank Ltd., 
said Southeast Asia’s economic trou- 
bles and drought in Australia could 
shave up to half a percentage point off 
GDP growth in the year to June. 

Many analysts said they did not think 
Southeast Asia’s slowdown would have a 
major impact on Australia’s economy. 
Most of the country’s merchandise ex- 
ports go to other parts of Asia, and Aus- 
tralian companies have limited investment 
exposure to the region. About 15 percent 
of Australia 's exports go ioSoutbeast Asia 
and 40 percent to Northeast Asia. 

“If the Southeast Asian economies 
bounce back by 1998-99, as we think 
they will, the region’s slowdown will 
have only a dampening effect on Aus- 
tralian growth,” Mr. Oliver said. “The 
really bad scenario for us would occur if 
the economic crisis spread to South 
Korea, China and Japan, because a 
much larger proportion of our exports 
would then be affected, including major 
earners like energy and food.” 

In the last decade, deregulation and 
privatization have greatly diversified 
Australia’s stock market, as a range of 
large and small companies have listed. 

The next such listing involves the 
partial privatization of die government- 
owned telecommunications company, 
Telstra Corp. The government hopes the 
sale of its stake will fetch 14.2 billion 
Australian dollars ($10.14 billion). Tel- 
stra shares are to start trading Nov. 17. 

As a result of such market expansion, 
the resources sector — once foe main 



attraction for foreign investors — has seen 
its weighting on foe AO Ordinaries Index 
shrink from about 50 percent in 1987 to 20 
percent today. The industrials sector, 
which includes manufacturing, media, in- 
surance and transport companies as well 
as h anks and property trusts — has in- 
creased to 80 percent in the same period. 

“Australia now has a much larger 
and better-balanced stock market, 
which makes it more attractive for for- 
eign investors,” said Richard A. 
Beaurepaire, joint head of Asia Pacific 
Research at Deutsche Morgan Grenfell 
Securities Australia Ltd. “Banks now 
account for about 22 percent of the 
index, while teleco mmuni cations, tour- 
ism and leisure and health care and 
biotechnology are all becoming more 
strongly represented.” 

Mr. Oliver said resource stocks now 
looked cheap as did some cyclicals, such 


as building materials, that could benefit 
as housing construction picked up. 

Outside of foe banks, Macquarie 
Equities recommended Brambles Indus- 
tries Ltd., an international transportation- 
services concern. It also likes the tum- 

and-pack^ing^ompany that is shedebng 
assets in response to significant inter- 
national competition, in its industry. 

For further information, contact: 

• AMP INVESTMENTS. 6 1 29257500a 

-COUNTY INVESTMENT MANAGEMENT. 6! 3 

96207227. 

• DEUTSCHE MORGAN GRENFELL SECURITIES. Ol 2 
92511234. 

• JOHN FAIRFAX HOLDINGS LTD. Iuj a »cl> me »iih 
print, ntnpaay background and Other mfonoaooa at 
www.ndinjpMBLConJii 

•JARIMNE FLEMING AUSTRALIA. 61 2925StU8S.ee fax. 
61 2 92513656 

-MACQUARIE EQUITIES Id An, 61 2 92773151; m 
Ewepe. 44 17] 776 7D33: m Nonh Anenca. 1 212 60S 9796. 

• SBC BRINSON. 61 293243041. 


New Zealand: Nowhere to Go But Up 


Mr. Shann of Access Economics. 

change-rate controls in 1983. A floating 
exchange rate made monetary policy 
much more effective. The removal of 
exchange controls allowed Australian 
companies to invest overseas. The other 
big change was in the reduction of tar- 
iffs after 1983. That opened the man- 
ufacturing sector to competition and 
made it start thinking internationally. 

Q. Which arras of the economy still 
need to be reformed? 

A. The public sector still has con- 
siderable progress to make. Australia is 
more complicated than some other 
countries because it has a federal system 
of government and most of the poblic 
enterprises are owned by state, not fed- 
eral, governments. Most states haven’t 
privatized on any scale. 

Australia is still in foe process of 
opening up sectors of the economy in- 
ternally. Deregulating foe labor market 
is part of that. We have moved from a 
system where wages were fixed by a 
central authority with equal increases in 
all companies and industries. 

ACCESS ECONOMICS oflea advice » carp watt mdgov- 
maaefltdMU. It can be readied by telephone al 61 3 960606 
32 or by fax ta 61 3 96 06 06 73. 


By Judith Rehak 

T HE WAVES of selling sweep- 
ing through foe Pacific Rim's 
stock markets finally spilled 
over into New Zealand on Fri- 
day. Previously unscathed by Southeast 
Asia’s, currency turmoil, its benchmark 
Top 40 index had been hitting highs, but 
it closed the day down 5.35 percent, its 
biggest one-day drop in four years. 

Nevertheless, this island nation of 
only 3_5 million people is one of the few 
places where equity strategists are still 
resolutely looking to better times. 

Their attitudes are understandable. 
After two years of .painfully high in- 
terest rates, anemic consumer 
spending and an ultra-strong 
currency. New Zealand's eco- 
nomic growth, expected to be a 
feeble 2 percent this year, is be- 
ginning to show signs of life. 
Benchmark 90-day bank rates xstiotn 
stood at 8.235 percent on Friday, 
down from 10 percent a year ago, foe 
currency has fallen, and foe central bank 
has said it is unlikely to raise rates 
before foe end of 1998. Impending in- 
come-tax cuts are expected to get con- 
sumers shopping again, and govern- 
ment-financed infrastructure projects 
will inject cash into the economy. 

“The economy has been in a trough, 
but we’re revising our forecast upwards, 
probably ro3_5 percent for calendar year 
1998,” said Stephen Toplis an econ- 
omist at Doyle Paterson Brown, a Wel- 
lington brokerage owned by Bankers 
Trust New York Crap. Worries that New 
Zealand’s recovery will be dampened by 
Southeast Asia’s problems have been 
exaggerated, in Mr. Toplis 's view. He 
pointed out that only 7 percent of its 
exports go to countries that are expe- 
riencing foe most turmoil, such as Thai- 
land and Malaysia. Talk of increased 
competition from Southeast Asia be- 
cause its products will be less expensive 
is * ‘nonsense,” he argued, since they are 


/ 


steady significantly cheaper. 

Still, the biggest consumer of New 
Zealand’s exports, roughly 203 percent 
for foe year to last August, is Australia, 
and if its economy, which is mare de- 
pendent on Southeast Asia, slows, it is 
bound to impact its neighbor. 

That said, many New Zealand 
strategists are sticking close to home, 
betting on reasonably priced companies 
that they see as benefiting from a 
stronger domestic economy, or target- 
ing turnaround plays in companies that 
hadpoar showings last year. 

Clark Perkins, head of equity research 
for JJJ. Were & Son in Auckland, is 
recommending New Zealand’s two ma- 
jor newspaper publishers. Independent 
Newspapers Ltd. and Wilson & 
Horton Ltd. Between them, they 
control neariy all foe country’s 
newspapers, and stand to benefit 
from a rising volume of adver- 
tising, said Mr. Perkins. With 
tax cuts putting more cash in the 
buying public’s pockets, he also 
likes Warehouse Group, the first general 
merchandise retailer in New Zealand to 
open foe popular no-frills superstores. 
“They’ve been taking market share, and 
there are more opportunities as they 
open new stores over foe next two 
years,” he said. Warehouse posted earn- 
ings of 35 million New Zealand dollars 
(521.8 million) in the year ending July 
1997, and J3. Were is forecasting 41 
million dollars for 1998. 

Retailers also are on foe buy list at 
Doyle Paterson. HaUeastedn Glasson 
Holdings LkL, a clothing store group, 
was described by Doyle’s Roger Arm- 
strong as “extremely well run.” and 
poised to take advantage of economic 
recovery. HaUenstein is adding stores and 
Mr. Armstrong said be expects sales — 
161 million dollars for Hallenstein’s year 
ending Aug. 1 — to rise a moderate 7 
percent next year. But most important, be 
said, were its margins, already improving 
in foe second half of this year. 

hi foe turnaround category, Kevin 


Bennett, Doyle Paterson’s equity re- 
search chief, is looking for a rebound at 
Air New Zealand Ltd. The airline's 


omy, and strong currency, which made 
it costly for tourists. Not only are ex- 
change rales favorable now, but Mr. 
Bennett said ANZ’s prospects are en- 
hanced by new alliances with Singapore 
Airlines Ltd. and United Airlines. 

ANZ has also bought half of Ausett 
Australia Ltd., the domestic Australian 
airline, and Mr. Bennett expects it to whip 
foe unprofitable company into shape. 

ANZ’s B shares, which are available 
to foreign investors, closed at 3.75 dollars 
on Friday. Mr. Bennett forecast a price of 
5.00 dollars in a year's time, in addition 
to a healthy 5 percent dividend yield. 

Another candidate for recovety is 
Fletcher Challenge Paper, which is on 
foe buy list at both brokerages. The 
company lost 385 million dollars last 
year, but that was mostly because of 
restructuring costs, said Mr. Perkins of 
J3. Were. He approves of Fletcher’s 
strategy of getting out of commodities 
with poor pricing dynamics, namely 
pulp and fine papers, and its consol- 
idation into more profitable newsprint 
by buying foe half of Australian News- 
print Mills it did not already own. 

A favorite of international investors is 
Telecom Corp., which represents a quarter 
of New Zealand’s stock-market valuation 
and is 49 J9 percent owned by Bell Atlantic 
Coro, and Ameritech Crap. Before the 
market’s fall on Friday, Andrew White of 
JJB. Were had a “reduce” rating on the 
stock because be considered foe shares to 
be roughly 6 percent overvalued. While he 
likes the company longer-term, be warned 
that its shares were volatile because of 
heavy institutional buying and selling. 

For further information, call: 

• DOYLE PATTERSON * BROWN. 64 4 471 0470 

• JJ. WERE* SDN. 64 9 357 3200 

R*t g eMtap Paper and Telecom Corp. w traded in the 
United Stole* bs America depwlmy tec qpu and .Air New 
Ze ala n d B ifamm traded m Anemia 



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PAGE 21 




EVTERNATIO^JAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 25-26, 1997 


THE MONEY REPORT 


The Little Investor That Can: Strategies That Work 


' y *i -.r 

“•Jt ! 1 

: ir- *. 


Farther Offshore: 
^outh Sea Havens 

Vanuatu and the Cook Islands 
Exploit the Australasian Niche 


By Conrad de AenUe 


U! 


Dowa 


■NTIL banks 
open in Antarctica, 
the Cook Islands 
will probably be the 
world’s most remote finan- 
cial center. The email ar- 
chipelago lies 2,200 miles 
^northeast of New Z ealand, 

* farther from any major land 
f mass than even Vanuatu, the 

other important offshore cen- 
ter in the Pacific. 

The two countries are 
to get their slices of the w 
aerated over the last two 
in Australasia, offer- 
ing the usual lineup of tax- 
advantaged, offshore financial 
services: banking, fund in- 
vestment and trust services. 

Vanuatu, held jointly by 
France and Britain 
nnti] 1980, has 80 is- 
lands and 175,000 
inhabitants, com- 
pared with 15 islands 
and 19,000 people in 
the Cooks, which 

• was held by New 
Zealand from 1901 to 1965. 

Vanuatu is the larger bank- 
ing center. Its major banks 
handling offshore business 
are affiliates of two Australi- 
an banks, Westpac Banking 
Carp, and Australia & New 
Zealand Banking Group Ltd., 
and Bank of Hawaii. An af- 
filiate of Bank of Bermuda 
does business in the Cooks. 

•. Interest Tates' on foreign- 
currency savings accounts in 
Vanuarn are generally within 
half a percentage- point of 
world-market rates, said a 
spokesman for ANZ in Vila, 
the capital. 

Vanuatu has offices of the 
international accountancies 
KPMG Peat Marwick, which 
is also in the Cooks, and Price 
Waterhouse, and local fi rm s to 
handle trust and company for- 
mation and administration. 

The Cooks’ financial cen- 
l&»ter on Rarotonga, the main 
island, is larger than 
Vanuatu’s in terms of fund 
management. Nine retail 
funds, with assets totaling 
$100 million, are domiciled 
there, according to Lipper 
Analytical Services, the rand 
research company. Vanuatu 
has $40 million in 17 funds. 

Most Cooks funds are run 
by ED&F Man Group PLC, 
which specializes in funds that 
atee the return of a share- 


its own currency, die vatu. 

‘‘Time-zone considerations 
are far and away the major 
reason why somebody would 
use a Pacific center instead of 
a European or Caribbean cen- 
ter,” raid Thomas Bayer, ex- 
ecutive chairman of Pa cific 
Fund Managers, which does 
trust and fanrl - TTiaTratrpynCTf 
business in Vanuatu. lT If you 
live in Asia and need to talk to 
people, you need someone in 
the same time zone. It is for 
this reason that there are very 
few European or East Coast 
America clients using die Pa- 
cific jurisdictions.” 

One advantage of the Pa- 
cific islands is that costs are 
lower than in other offshore 
centers because office rents 
and salaries are modest, Mr. 
Bayer said. One disadvantage, 
he acknowledged, is 
that regulation may 
not be as strong as in 
lamer jurisdictions. 

. Small, remote 
centers have a repu- 
tation for being less 
safe and less well- 
regulated,” he sa id “On bal- 
ance, it is probably true in that 
because of their s malln ess, 
the governments involved do 
not have sufficient infrastruc- 
ture to properly regulate their 
industries.” 

Vanuatu is anexceptioo, he 
added. The offshore markets 
have reached “critical mass” 
sufficient for the government 
to enhance fraud regulations. 

The reputation of the Cooks 
was tarnished several years 
ago, he said, by “the wine- 
box affair,” in which docu- 
ments found in a wine box 
implicated New Zealand 


* 


companies m questionable 
practices using Cook Islands 
legal structures. It also raised 
doubts about how well client 
confidentiality is safeguarded, 
he said. An investigation by 
New Zealand police found no 
wrongdoing, however. 

James . Hughes, a New 
York trust lawyer, said that 
from New Zealand, 
Islands’ one-time 
colonial master, helped keep 
the regulatory regime solid. 
“New Zealand banking 
careful 


parts or as . 
the Cooks’ largest natural 
constituency, there is little to 
avoid. Also, Japan restricts 
the use of offshore centers. 
For further information: 

• AUSTRALIA * NEW ZEALAND BANK- 
ING) CORP- Vanin t 45oc tefcp b c ne: 678 
22936; fn: 678 22814. 

• ED&F MAN. fcr mfcanaftao an hi Qx* 
hind font*, cal) teSwrtaerlmd office ai 41 55 
4153636. 

• PACIFIC FUND MANAGERS. For infcr- 
nufaa about Opening a tank or I nv e rt ao or 

or artfat a BOM, eooact the 6m m 
Vacum at CTIZMJD ty phono or 67 8 23405 
by te™or in Loo** ■< -filTl 223 5090b* 
ZwTor4* 171 934 Sen byI4*.-n>ee-nafl 
Lffrrrr. timed by wmalompuhnasln- 
teneceoDoecticw b Vheuria are expmt*.* 
Soogtyf Vaumi nohi.ou . 




- v-w 

r \ >;/ 


»• /*, 


authorities have been 
to see to it that theif depend- 
encies are in compliance with 
their regulatory require- 
ments,” he said. 

The Pacific centers seem 

guarantee me reruniui a aiuuo- consigned to remain at the 
holder’s capital, typically after m ar gi ns of offshore finance, 
five or seven years. Hanne Offshore centers exist mainly 
Dyo a company spokeswom- to help people avoid lax. Be- 
raid thatmost of its Cook cause taxation is low in roost 
^Elands funds were marketed parts of Asia, Vanuatu s and 
to wealthy Australians 
through a partnership with Ord 
Minnett Securities,, a Sydney 
company recently acquired by 
Robert Fleming Group. 

Mrs. Dyg said it was dif- 
ficult for new investors to buy 
into the funds because of the 
guarantee structure, which 
can involve complicated 
strategies that must be lmple* 
men ted at the start of a fond s 
lifeand left in place until it is 
wound up- After an initial 
subscription period of several 
weeks, no hither investment 
is accepted, although there 
sometimes is a secondary 

market in which shares can be 

bought from an owner wish- 
ing to cosh out early- 
lie Cooks is a center for 
asset-protection trusts, which 
are vehicles designed to keep 
creditors and judges away 
from one’s wealth- They are 
shunned by many lawyer 
and trust companies, emjer 
for ethical reasons — ; 
irons' claims are often just 
or practical reasons .TTjSS 
often do not hold up m court. 

Business in both centers 
comes mainly from the region- 
But in the Cooks, 5? 
trust clientele comes from tne 
western United States- 

“There’s an Australia- 
New Zealand connection to 
these places/’ 

EriksenTeditorof&eOffshtffe 

Fund Industry Directcuy^' 

lished by Upp** Analytical 
"They’re seen as having^ 
potential to S^.S-Sze*- 

forAustralian- and New Zea 
hud-based companies. 

The Cooks use the New 
Zealand dollar. Vanuatu uses 


♦ 


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N MONDAY afternoon at 12;40, a 
bulletin flashed across my 
Bloomberg Business News com- 
uier terminal: Banc One Corp„ 
die Ohio holding company that owns 1,502 
banking offices in 12 states, had agreed to 
buy First Commerce Corp. of New Orleans 

into the ma- 
trading at 

$6650, up $8.50 from Friday’s closed had 
' made a lot of money. But 1 could have made 
a lot more, and therein lies a tale with three- 
lessons for small investors. 

First Commerce was die only stockl owned 
since starting to write for The Washington 

Post four years ago. As there was a potential 
far terrible conflicts when financial writers 
own individual stocks, : 
only of equity mntml funds and 
bonds, but First Commerce, my editor and! 
agreed, would be an exception. I would not 
writs about it nor <wrtfiar regional banks. 

The reason Hist Commerce was grand- 
fathered: I could not write about the company 
anyway since its chief executive, lan Arnof, 
was one of my best friends. My own roots 
with foe company went back to 1972, when 
foe bank lent me (a 25-year-old newcomer to 
New Orleans with no track record and no 
assets) $20,000 to start a weekly newspaper. 

I few years later, after selling the paper, I 


went to work part-time far foe bank's bril- 
liant chief executive, a high-principled law- 
yer named Tom Rapier, who ran the com- 
pany his own way, not wearying about 
quarter-ttMjuartex earnings, weeding out bad 
credit, keeping his eyes on a larger prize. 

In 1983, Mr. Rapier died suddenly of a 
heart attack at 50 and was followed by Mr. 
Arnof, 43, whose family owned a small bank 
in Arkansas. Mr. Arnof was as principled as 
Mr. Rapier had been but he knew more about 


not hesitate to take losses in foe bank’s 
securities portfolio when interest raies rose. 
There was a distinct tax advantage in selling 
bonds whose prices had fallen and replacing 
them with higher-yielding ones. 

“Why didn't other banks do this?” I once 
asked Mr. Rapier. Because, he said, s elling 
these bonds meant reducing earnings in the 
short term, even though it meant raising them 
by more in the long term. Mr. Rapier and Mr. 
Arnof also aggressively wrote off bad loans. 



JAMES OLASSMAN ON INVESTING 


credit, marketing, technology and finance in 
general. It was clear to me that, whatever 
happened to the New Orleans economy (and 
it soon fell on hard times), Ian Arnof knew 
how to run a bank and, by means that I could 
not possibly guess at foe time, would make it 
work. That’s when I started buying stock; it 
was an act of faith, but informed faith. 

Thus, Lesson 1: The best possible reason 
to own shares in a company is that you respect 
its management. It’s a bonus if you actually 
know the management, as I knew Tan. But it’s 
not difficult to learn about the people who run 
companies and, if you are impressed, to place 
your confidence in them. 

As foe years passed, a pattern developed. 
Mr. Arnof, like Mr. Rapier before him, did 


again reducing their profits in the short term 
to make foe balance sheet more solid. 

As I watched this process unfold, I saw, to 
my surprise, that many professional analysts 
and fund managers did not understand it. The 
latter would sell when First Commerce’s 
profits took a temporary decline. The stock 
would drop, so I would add to my holdings. 

Lesson 2: Load up. If you like a stock, 
keep buying, especially at attractive prices. 
By 1993, First Commerce stock repre- 
percent of my financial 
j bet for a single stock, and 
it would become bigger as foe mice rose. 

Deregulation was creating a favorable en- 
vironment for regional banks, which became 
takeover targets. First Commerce, mean- 


seated about 15 
assets. Thar is a big* 


best ATM network in the region and a strong 
credit-card division. 

The only problem was that foe stock was 
not doing much. While it doubled in 1991, it 
lang uished over foe next few years. Still, as a 
long-term holder. I was not bothered. 1 used 
foe generous dividends to buy more. 

In 1993, First Commerce was stuck be- 
tween $25 and $30 a share. When interestrates 
rose in 1994, it fell, eventually to $22. 1 bought 
more, content to wait — not neces sarily for a 
buyout, but for the market to comprehend 
whar a strong performer this bonk was. 

Then, in eany 1995, (be stock began to rise. 
Late last year, it nit $40, and I was sorely tempted 
to selL At 15 times earnings and two times bock 
value , Hist Commerce priced far above any 
level in its history. 1 resisted the urge. 

First Commerce burst through $40 and 
$45 and then, in late July 1997, through $50, 
a price that was truly absurd. After much 
hesitation, in September I sold half my hold- 
ings at $56. That was a price- to-eamings 
ratio of 18 for a company which, not long 
ago, was trading at a P/E of about 9. 

Lesson 3: 1 never should have sold. On Oct. 
20, Banc One bought the company far 568.64 
share in its own stock, an incomprehensible 
of 21. about triple its book value. 

Washington Post Service 


Sizzling Sydney Keeps Drawing Residents brufcase 


By Aline Sullivan 


I TS SPRINGTIME IN Sydney, but the 
property market is already hot. .Real es- 
tate agents say that residential prices in 
the city and some of its suburbs are 
expected to rise by at least the 20 percent 
recorded in foe past 12 months, while values 
in foe newly fashionable inner-city neigh- 
borhoods could jump 40 percent. 

Record-low interest rates and a shift away 
from the suburbs are fueling this enormous 
demand for Sydney apartments. 

"The image of Sydney with its vast, sprawl- 
ing neighborhoods of detached houses each 
on one quarter of an acre of land is changing,” 
said Jeremy Alpe, managing director of 
Richard Ellis Residential Property Ltd. in 
Sydney. “People are tired of traveling and 
they want to enjoy dty life." 

• At foe same time, increasing numbers of 
Australians are either single, because they 
marry late, or are so-called empty-nesters, 
whose children have left home. These people, 
too, want to be in the city. Mr. Alpe said. 

Newtown, a city neighborhood next to the 
University of Sydney, where a 40- square-meter 
(430-square-foot) studio currently costs about 


180,000 Australian dollars ($128,000) and a 
two-bedroom apartment about 290,000 dollars, 
could be the next area to boom, Mr. Alpe said. 
The success stories of foe past year, the neigh- 
borhoods of Balmain and Glebe, should record 
further substantial price rises, he said 

Apart from Melbourne, where residential 
values have climbed on average 10 percent in 
the past 12 months, agents were less en- 
thusiastic about Australia’s other cities. 
Plenty of people are eager to take advantage of 
mortgage rates as low as 6 percent for first- 
time buyers — the cheapest since foe 1960s — 
but most want to be in Sydney. 

“The rest of Australia is like a different 
country,” said Richard Har court, general man- 
ager of residential real estate at Jones Lang 
Wootton. “Sales are sluggish in many cities. 
But in Sydney, foe number of new apartments 
has doubled to 5.000 since 1992. and con- 
sumption is matching supply. I certainly expect 
at least foe same level of mice rise this year.” 

A hefty part of demand comes from foreign 
buyers. A surprisingly high proportion of vis- 
itors to Australia decide to stay put. despite 
restrictions on foreign ownership that effec- 
tively limit them to buying apartments in the 
planning stage. EgAbiigfaed b uildings and most 
houses are reserved for Australian residents. 


A recent analysis by Jones Lang Wootton 
demonstrated that a quarter of residential sales 
in Australia were made to foreigners, more 
than half of whom flock to Sydney, mainly 
from Hong Kong, Indonesia and Singapore. 

European buyers yearning for a more laid- 
back lifestyle and a respite from harsh winters 
have not been in evidence tins year. Mr. 
Harcourt said he was confident that the recent 
currency crisises in Asia would have little 
impact on foreign interest 
In New Zealand, foe outlook is quite dif- 
ferent Gains of as much as 100 percent for 
some properties this decade have proved too 
much of a good thing. 

“Auckland is overpriced now so sales are 
slow,” said Marlene Drummond, an agent at 
Barry Gillespie Real Estate in Auckland. 
“Christchurch properties are moving faster 
because prices there are still reasonable. But I 
don’t expect any big price rise soon.** 

For more information, contact: 

• BARRY GILLESPIE REAL ESTATE in AodcUad; rteptanc 64 9 
423 7889. 

• RICHARD ELLIS RESIDENTIAL PROPERTY LTD- in Sydney, 
lelrybonc: bl 292409301; Du: 61 2924793 62. 

•JONES LANG WOOTTON in Sydney telephone: 6) 2 9323 38 88: 
fuc 61 92 32 81 2ft Web trie: www^wxonLmA e-mail: jJwffcxnuai 

• SOTHEBY’S INTERNATIONAL REALTY In Sydney; telephone: 61 
293 62 10 Ofc [MX 61 2 93 62 1 1 00. 


Guide Offers Aid to Investors 
Looking at French Equities 

Investors who have a special interest in 
French companies may want to investigate foe 
Paris Stock Guide. Published in English by 
COF1SEM, a French company based in Paris, 
foe directory covers 726 companies listed on 
the Paris Bourse, from foe members of foe 
CAC 40, foe blue-chip index, to smaller 
companies listed on foe second board and the 
New Market, and the over-the-counter mar- 
ket 

An interesting feature is foe in-depth listing 
of major shareholders for many of foe compa- 
nies, often indicating that the founding family 
or a single investor have control. The guide 
also lists stock and financial data for recent 
years. 

Other useful information includes an ex- 
planation of stock indexes, such as foe CAC 
and SBF 120. and an index of companies 
by industry. It also indexes both companies 
that are newly listed and those that have been 
delisted since foe previous edition of the hand- 
book. 

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Sports 


SAXURDAY-SllNDAY, OCTOBER 25-26, 




m 





Albert Avoids Jail 

basketball Marv Albeit, the 
former NBC sportscaster, was 
spared jail time Friday and told his 
conviction for biting a longtime 
lover will be dropped if he stays out 
of trouble for a year. 

In the court, in Arlington, Vir- 
ginia, Albert apologized to Vanessa 
Perhach, who accused him of sexu- 
al assault in a hotel room encounter 
in February. 

“I’ve known Ms. Perhacb for 10 
years," Albert said. “We’ve had 
this relationship. I’m Sony if she 
felt she was harmed.” 

State Judge Benjamin NA 
Kendrick rejected prosecutors’ re- 
quest that Albert serve a short jail 
term. Albert, 56, faced up to one 
year in jail and a S2.500 fine. He 
pleaded guilty last month to assault 
and baoery, abruptly ending two 
days of lurid and humiliating testi- 
mony about his sex life. Prosecu- 
tors dropped a felony sodomy 
charge in return. 

"He said he's sorry she was 
hurt,’’ Kendrick said. "What else 
can an individual say?” He said he 
was convinced Albert understood 
the gravity of what he did. 

"This has been a most difficult 
time for myself, my fiancee, my 
family," Albert said. 

Perhach ’s lawyer, Dan Moris- 
ette, said his client was satisfied 
with the sentence and with the apo- 
logy. (AP) 

Kirsten Bats Through 

cricket Gary Kirsten, an open- 
ing batsman, bat throagh the whole 
of South Africa’s first innings Fri- 
day on the first day of the third test 
against Pakistan in Faisalabad. 
Kirsten made 100 not out as South 
Africa battled to 239 after losing its 
first six wickets for 64 runs. 
Pakistan reached 41 for two wick- 
ets in its first innings. ( Reuters ) 

Rodman Finally Signs 

Basketball Dennis Rodman, 
the NBA’s rebounding leader the 
past six seasons, signed a one-year 
contract with the Chicago Bulls. 
His agent said Rodman had con- 
sidered retiring from the two-time 
NBA champions. 

Rodman reportedly agreed to a 
contract worth $4.5 million plus 
incentives two weeks ago but then 
said he was dissatisfied with it. 
Dwight Manley, Rodman’s agent, 
said the 36-year-old forward 
simply was trying to decide if he 
wanted to return or retire. (AP) 

Veterans Advance 

tennis Veterans Petr Korda and 
Jonas Bjorkman slipped into the 
semifinals of the Stuttgart Open on 
Friday with victories over two of 
the sport’s rising stars. Bjorkman. 
the 13th seed, crushed German 
hopes, breaking Nicolas Kiefer's 
opening serve in each set on the 
way to a 6-4, 6-2 victory. 

The 15th seeded Korda, looking 
for his first title in almost two years, 
upset Marcelo Rios, seeded No. 9, 
6-3, 6-4. to move into the semi- 
finals for the third rime in his last 
four tournaments. ( Reuters ) 























m 


mm isp 


The Associated Press 

TIGNES, France — Josef Strobl and 
Leila Piccard picked up victories Friday 
as the World Cup skiing season opened 
its season in unfamiliar style. 

Stobl and Piccard won the parallel 
races which counted for individual 
World Cup points for the first time in 
nearly 23 years. 

The men’s and women’s parallel 
races, which feature slalom gates and 
giant slalom gates, alternately, were the 
first to count for World Cup points since 
1975. 

Skiers raced against in each other in 
pairs in a series of knockout rounds. 
Total time for the two runs co unte d with 
the winner advancing to the next round 


on a glacier more than 3,000 meters 
(10,000 feet) above sea level. 

It was a short course which took 
barely 30 seconds to ski and was made 

World Cur Skiino ■ 

up of a combination of slalom and giant 
slalom gates with a vertical drop of less 
than 100 meters. 

“The races were only 30 seconds but 
you have to gp through 10 races,” 
Strobl said. 

“It was hard for the heart and the 
head to be 100 percent motivated for the 
next round." 

Strobl, an Austrian more noted as a 
downhill er, beat Kjetil- Andre Aamodt of 


Where Kerrigan Fell , 
Kwan Seeks Skating Joy 


Sewn 

Jonas Bjorkman hitting a re- 
turn Friday to Nikolas Kiefer. 


By Jere Longman 

Ncu- York Tones Service 

DETROIT — - Michelle Kwan trailed 
a few steps behind as Nancy Kerrigan 
left a practice rink in Detroit on Jan. 6, 
1994, disappeared through a curtain and 
was clubbed on the knee by an associate 
of Tonya Harding’s. In that instant — 
with Kerrigan screaming. "Why?” — 
figure skating changed forever. While 
its ice queen image reached a tawdry 
low, its popularity soared to an un- 
precedented high. 

Nearly four years later, figure skating 
draws better U.S. television ratings than 
any sport but the National Football 
League. Amateurism has gone the way 
of compulsory figures. No one has ben- 
efited from fee exposure and financial 
opportunities more than the American 
teenagers, Kwan and Tara Lipinski. 
Both have risen to world titles and have 
annual incomes of hundreds of thou- 
sands of dollars. 

Thursday. Lipinski let on feat at 15 
she has a credit card. 

These days. Kerrigan is a mother and a 
professional skater, while Harding grants 
interviews only to those who pay, reports 
odd kidnap attempts and contemplates a 
comeback representing such skating 
powers as Austria and Bolivia. That 
leaves the next generation of U.S. skaters. 
Lipinski and Kwan. as front-runners for 
medals in February at fee 1998 Winter 
Olympics in Nagano, Japan. 

Their first meeting of the season 
began Friday and will continue Sat- 
urday at Skate America. Unlike fee 
Olympic trials in 1994, this is not ex- 
pected to be a full-contact event; fee 


weapons of choice shoald be axels and 
lutzes, not a collapsible baton. 

The men’s competition began Thurs- 
day night wife the short program, which 
finished wife Todd Eldridge, fee 1996 
World Champion, in fee lead. But it is 
women’s skating feat brings pennies 
from heaven. 

Lipinski and Kwan, 17, are not close 
friends, but neither are they bellicose 
adversaries. They are bright, gregari- 
ous, respectful rivals chasing the same 
Olympic dream. In these days of mega- 
hype, fee Skate America winner will 
earn $30,000 and become the early 
Olympic favorite. 

"We’re not enemies,” Kwan, said of 
Lipinski. “It’s a good rivalry. If I don’t 
skate well, anybody can win.” 

“I want to be as famous as Michael 
Jordan,’ ’ she said. Speaking of Li pinski , 
she added, * ’I want to kick everybody ’s 
butt, not just hers." But she added that 
“kicking butt" was too "brutal” a term 
and that she only wanted to win. not 
extract vengeance. 

Skate America is probably more ur- 
gent for Kwan than Lipinski. Kwan is the 
more complete and sophisticated skater, 
but she has lost three times in succession 
to Lipinski, including the 1997 national 
and world championships. Is Kwan back 
to fee form feat won fee 1 996 world title? 
Or is she still thinking too much and 
suffering paralysis by analysis? 

After playing such dramatic roles as 
Salome and Desdemona in her routines, 
Kwan has opted for a light, airy per- 
formance this season to stress fee pleas- 
ure in her skating. By last year, she had 
begun to collect titles by rote and with- 
out joy. “I didn't stop and think about 


Norway in fee men’s final by more than 
a second. He won on shorter women’s 
skis. “We practiced it last week and I 
found the women’s giant slalom sltis are 
shorter than the regular slalom skis and 
they were much better," Strobl said. 

The final was between fee second and 
third of last year’s overall standings. 
Luc Alphand, last year's champion has 
retired. 

Piccard of France, fee sister of 1988 
Olympic super-G champion Franck Pic- 
card, beat Ylva Nowen of Sweden in fee 
women’s final by .868 second. 

It was the first World Cup victory for 
Piccard, who was fee bronze medalist in 
fee giant slalom at this year’s world 
championships. 


: m 

r. 



Tara Lipinski practicing for Skate 
America at the Joe Louis Arena. 

what I had won and enjoy everything," 
Kwan said. “It's like having a billion 
dollars and spending a dollar a day.’’ 

When she was the age feat Lipinski is 
now, Kwan said. “I didn’t think as 
much, I just skated.” Last year, she 
began to contemplate defeat for fee first 
time. “What if I trip on a spin?” she 
asked herself. “What if I miss a jump?” 
She skated defensively, and as she 
began to fall, so did her confidence. 

My main theme is fee joy of skat- 
ing,” Kwan said. "If I'm not out there 
loving it and appreciating it and giving 
my whole heart, I’m doing something 
wrong. Why am I here if I don’t love if? 
Why am I torturing myself?" 

Can it already be four years ago that 
Kwan, then 13, saw Kerrigan step 
through a curtain into fee Twilight Zoae? 
“It seems like yesterday,’ ' she said. 


The Grass Is Greener^ 
Down at the Roots ■ 


By Peter Berlin 

International Herald Tribune ■ 

EKEREN, Belgium — Like every 
team in fee big European competitions 
these days, Germinal Ekeren has a band 
of foreign imports. In fee case of Ger- 
minal, a team from the neat town of 
Ekeren just north of Antwerp, it*s an 
oompah band called the Oxheads after 
their home village, Ossendrecht, 20 ki- 
lometers down the road, and just across 
the Dutch border. 

As Ekeren lost, 4-0. at home to VrB 
Stuttgart in fee first leg of the second 
round of the. Cup Winners* Cup on 
Thursday ni gh t before a packed stadium 


IWul V 01 * 

Tom S tians en of Norway, left, and Werner Franz of Austria racing in a heat of the parallel slalom Friday. 

Strobl and Piccard Win Ski Opener 

World, Cup Starts With Parallel Races on French Glacier 


of about 6,000, the brass band provided 
steady, jovial support. 

The Veitwijckstadion is not one of 
fee great superstadiums of European 
soccer, and fee Oxheads know it The 
high point of their repertoire was a lan- 
guorous, full-length version of Queen’s 
tiadium rock favorite “We Are the 
Champions,** Normally it is used as a 
vainglorious, overamplified slice of 
self-congratulation at sport’s more 
grandiose homes. Here it became a 
gentle self-parody. 

Ekeren provides a reminder of wbat 
soccer-can be when it escapes fee grasp 
of fee big money. 

European’s soccer rulers should pay a 
visit and smell the game’s grass roots 
growing. At Ekeren this is not difficult. 
The stands are so small and so close to 
the playing field that fee cool, rich aroma 
of fee soccer turf is hard to escape. 

But then fee club’s very name, Ger- 
minal, suggests the seeds from which 
even soccer’s tallest, proudest poppies 
spring. 

At how many clubs will an official, 
asked to explain fee origin of fee name, 
refer to a novel by Emile Zola? Zola's 
“Germinal” is a tale of class struggle. 
Germinal Ekeren started as a workers' 
club. “But fee name is not political,” 
insists fee officiaL 

Nevertheless, fee match Thursday 
was a confrontation between a relatively 
poor club, Germinal, and a relatively 
rich one, Stuttgart. 

Germinal had one international play- 
er on fee field: Tomasz RadzinskL a 
Pole who jias played for Canada. Stut- 
tgart fielded Fredi Bobic, a member of 
the German national team; Franz Wohl- 
fahrt, Austria's national team goalkeep- 
er. Krassamir B alako , a member of Bul- 
garia’s successful team, and Swiss, 
Dutch and Nigerian stars. 

Stuttgart approached Germinal like 
an adult placing an outstretched palm 


against an excited child's forehead. It. 
waited for fee Belgians to punch them- 
selves out with enthusiastic attacking.. -- 
and then administered a sharp black 
seconds before half time when Bobic 

scored from dose range. . ■ - . , : 

Jonathan Akpoborie, a Nigenan 
Stuttgart, scored a second goal from 
close range after 62 minute- Then, as - - 
Germinal pressed desperately forward, 
first Bobic, then Akpoborie added goals. - 
on the breakaway. J 

Nevertheless, Germinal would not£j; 
have been here at all if it had not been- r_ 
capable of giving bigger clubs a nasty. . 
kick in fee shins. It beat Anderlecht. . 
traditionally Belgium^ biggest club, 4--- - 
2, in last season’s national cup final — 
Ekeren’s first national trophy. 

Ekeren stands fourth in the Belgian 
league, and it knocked out Red Star 
Belgrade, the fomier European Cham- 
pions Cup winner, in fee first round of 
this competition. 

Also on Thursday night, Tromsoe, a 
Norwegian team from inside the Arctic 
Circle, tripped up Chelsea’s star-stud- 
ded team, 3-2, in a first-leg match. No 
doubt its fans spent fee evening pointing 
ont Gianlucca Vialli, Chelsea's Italian « 
star, to each other just as Ekeren’s fans 9^ 
pointed out Balakov and Wohlfahrt 

More often than not, a big, rich, well- 
run dub will beat a small, poor, well-run 
club. However, it is astonishing how 
many badly run rich clubs there are, 
incapable of both signing good players 
and balancing fee books. 

Clubs like Ekeren or, at a different 
level, Auxerre in France or Wimbledon 
in England deservedly thrive because 
they are better run than many clubs that 
look down their noses at them. Wife 
time, clubs tike these can grow into 
relatively high-spending contenders. 

As UEFA, fee governing body of 
European soccer, places more and more 
emphasis on catering to the needs of the 
richest leagues and teams, clubs like 
Ekeren are being pushed to fee side of J.. 
the stage. - 

But Germinal provides a reminder of 
soccer’s roots: a local team, anchored in 
its community where grown men can 
take their children or, to judge from fee 
stands at Ekeren, their mothers for a 
good-humored evening’s entertain- 
ment. These fans and their local teams 
are not just soccer’s past but its future, 
too. 

Where will the Oxheads go when 
Anderlecht has been elevated to a Euro- 
pean Superteague and clubs tike Ekeren 
have been left to wither? They’ll prob- 
ably take their trombones and their 
drums home to Ossendrecht and stow 
them in the attic along with their love of 
the game. 


Blues Batter Canucks 
To Go 6-1 on Home Ice 


The Associated Press 

The St. Louis Blues, who struggled 
at home the past two years, took their 
record at the Kiel Center to 6-1 at 
home this season with a 4-1 victory 
over the Vancouver Canucks. 

The Blues’ early-season surge had 
also included an eight-game unbeaten 

screak. But that ended when they 
played Wednesday against Carolina. 

“Everyone was so mad," said 
Steve Duchesne, a Blues defenseman, 
“We hate losing.” 

Duchesne ham two assists Thurs- 
day that tied Philadelphia’s Eric Lin- 
dros for the NHL lead wife 12. 

Duchesne had 28 assists ail last 
season wife Ottawa. 

Pavol Deraitra had a goal and an 
assist, and Brett Hull set up two goals 
for the Blues. 

Ftyur* 4, Flames 3 In Philadelp hia 
John LeClair scored wife 1:53 re- 
maining to give fee Flyers a victory 
over Calgary. LeClair scored his ninth 
goal of the season on a scramble in 
front of Calgary goal tender Dwayne 
Rolosoh, who had lost his stick. 


D*va« 2 , Canadians i Petr Sykora 
scored his second goal of fee game oa 
a disputed power play wife 16.9 
seconds left in overtime as New Jersey 
bear visiting MontreaL The goal came 
less than a minute after lines man Pat 
Dapuzzo gave fee Devils their sixth 
power play of fee game after finding 
sixCanadiens skaters on the ice. a call 
vigorously disputed by MontreaL 
Bnm 2, Lightning 2 In Boston, 
Corey Schwab stopped 24 shots and 
held off a Boston power play in over- 
time as Tampa Bay earned a tie. Bry- 
on Dafoe stopped 25 shots for Boston 
as Tampa Bay outshot an opponent 
for fee first time this season. 
*®natof» 2 , P anBwi i 2 In Ottawa, 

fee Senators battled back to tie Florida 

and set a franchise record by going a 
fifth consecutive game without a loss. 

Red Wmga4) Kings i Brendan Sha- 
nahan, Mathieu Dandenatrit and Mar- 
tin Lapointe scored goals in the third 
period as Detroit won in Los Angeles. 
The Red Wings have won all five road 
games this season. 

_ ®**? t ? 1 * Coyotes 3 In Phoenix. 
Calle Johansson scored a power-play 







i ure season on a scramble in Calle Johansson scored a power-Dlav 
'f goaltender Dwayne goal wife 16:53 to play to give wSsh- 
in. who had lost his sock. ington a tie wife the CoyJtes. 


Scoreboard 


NBAPrescasom 
nniHHrf Ksucn 

Orioii*?95,N4WJefMy74 
Houston llfl, Sot Antonio 104 

E trap League 

imnawnnsous 

GROUP* 

CSKA Moscow 17, Efts Plben 73 
UnwjjM 71, Red Madrid 85 
Maas* Tel Aviv 71 0lympk*w87 
OftOUPB 

Porto 69, Estadfcuite* Madrid 91 
Crsatiff SpRt 71 Benetton Travisa 77 
tttOUPC 

Kinder Bologna MUIkenpor 64 
Porttnn Belgrade 86 Pair 72 
Hosed Jerusalem St. BaCetoiw88 
a ROUP D 

□amp. Ljubljana 89. Team. Bologna 68 
dbona Z agree 61, Paris St Germain 73 


NHL Standi nos 


ATLANTIC DIVISION 



W 

L 

T 

Ms 

GF 

GA 

WosWngton 

7 

2 

1 

15 

36 

22 

PMotfelphla 

7 

3 

1 

IS 

36 

26 

New Jersey 

5 

3 

0 

10 

22 

17 

N.Y. tatonders 

3 

3 

2 

8 

23 

20 

N.Y. Rongen 

2 

4 

4 

B 

22 

25 

Florida 

2 

5 

2 

6 

16 

27 

Tampa Bay 

2 

6 

2 

6 

17 

31 


Boston 

Ottawa 

Ptftrfwnjh 

Montreal 

Buffalo 

Carolina 


NORTHEAST OrVISIOM 

W L T PS 6F CA 

7 3 1 15 31 25 

6 2 3 15 34 25 

I 6 3 2 14 30 23 

4 3 2 ID 23 16 

3 5 2 8 25 31 

2 7 2 6 25 36 


CENTRAL OtVBION- 

W L T K GF GA 

8 1 2 18 42 21 

5 2 1 17 38 23 

5 4 1 11 31 25 

4 3 7 ID 28 27 

2 6 1 5 18 29 

2 7D 4 12 28 

MonconraoN 

W L T PtS GF GA 

6 1 3 15 37 25 


Colorado 6 1 3 15 37 25 

UsAngoles 3 5 3 9 36 36 

Anaheim 3 4 2 8 17 24 

Vancouver 3 4 2 8 23 24 

Edmonton 3 6 1 7 19 33 

San Jose 2 7 0 4 22 31 

Calgary 1 7 3 4 22 35 

THUMB JIT'S mum 
Tampa Bay l 1 0 0-2 

Boston 110 0—2 

FW Period: T-Vujtek I CSeSvanw, Wtarusl 
z 8-Taytar 5 (Bourque. tHMak) Sec on d 
Period: T-Zamuner3 (Renbargl A B-Ateon 
4 (Carta-, DiMato) TOM Period: None. 
OKrttoK None. Shots oa gad: T- 10-10-5- 
2—27. B- 6-6-12-2—26. Goodes T-Sefiwab. 
8-Datoe. 

HerHo 1 l 0 0—2 

Ottawa 011 0—0 

First Parted: F-Morphy 2 BwMa Gognerl 
(ppj. Second Ported: F-Httgerald 1 
(Gogner). 1 Owe 1 (KnwcrwIO TWrd 
Parted O-Lomfceit 2 (Godnet Von Aten) 


ovtrtaafc None. Shots oe goofc F- 4-1-7- 
0-15. 0- 7-10-11-4—32 Godl**: F-Woetaa. 
O-Tugmrtt. 

Moofred 1 • 0 0-1 

HeWJensy 0 1 0 T— a 

FW Period M-Cooun 3 (Kohra, MdoMm) 
(up). Socmd Period KJ.-5yfeoto 2 (Gtonouo 
Rofston) 31*6 Period: Non. Orerita*: 1 
NJ.-SyXoro 3 (HoW, Nfedemayeri Cpp). 
Shots n got± M- 11-12-B-O— 31. KJ.- 11-8- 
UW— 33. GeaStt: M-Moog. NJ.-Bradew. 
Cofeanr 2 1 o-3 

Ptteadripfcta 2 1 1-4 

Hist Patod P-Brlrvt Amour 3 (Gratton. 
Thorton) 2 C-Ffewy 3 (Monta SOtonm) 3.C- 
Mdana3 (Hu be, Ftarty) (ppJ.4,P-Forbes 
1 (Gratton. Brfntf Amour) Second Patod P- 
Watt 2 (Postern) &. c-Mdrett 4 (StBmnn, 
Hewy) TOM Parted P-LeCtofe-y {Praspal 
Lindas) Site ea god: C- UW-8-23- P L 1 1- 
12-71—34. GMStte C-Rotoson, P-Snaur. 
Vaacoaw 1 0 6-1 

St. Louis B 2 2-4 

Ftnt Ported V-Walker 2 (Saonger. Hedtam) 
Sound Period SL^Morptiy 3 
(Duchesne. ttamBra) 4 LL-DeraBra 3 Wul 
DedMOTeJ (ppl-TOM Period SJ_-CeuftnaR 
5<HoJ0 LSI Louis, Hanger 1, tail. Shots oa 
toot V- 9-10-6— 2S. Si.- 5-12-10—27. 
GaoBts: WMcLiOT. S J_-Fuhr. 

Washington 0 2 10-3 

Pboudc 1 0 2 0—3 

Flat Period P-Mere l (Orate TfcwtwW 
(5h)- Second Period W- Benda 5 (Amite 
Stem) (pp).S>W'Huder2i TOM Period P- 
Jonney 3 (Drake). & Pslamson 1 (Lendeux, 
Shamon) 6, W-JDhanmnfi (Bcndra, Staton) 
(pp>.OwlimmNoae.5feotaeogoafcW-7-ll> 
4-2-26. P- 9-1 l-13-2-35LCodfcss W-KoWg. 
P-KbaUbath. 

Defeat! 1 0 3-4 

Lai Angeles < 9 9-1 

Hist Period D-Brawid (Dondena A Ward) 


Z LA,-Btata> 2 (Byfctte McKenna} Second 
Ported: None. TOM Ported D-ShanOTan 4 
4, D-» DantoneuB 3 (Brawn, Kruble) & D- 
mpotnle 4 (Larionov Shon o hcotf (en). Shell 
oa go* D- 9-7-16-31 LA- 8-7-9-24. 
Geafiel: D-H orison 24ML LA-Hset 2-5-2. 


PMOSniR W. SOOTH UHtt 
3RD AND HNAL TEST. 1ST BAY 
FtaDM. M MSALABAO. PNOSTAN 
Soolti Africa tarings 239 afl oat 
Pakistan kmtags 41-2 


Would Cup 

auk's paiaucl uaa 

FtaDAY. Himes. FRANCE 
SE1BUULS 

KjetB-AndmAjoitedt Noway, dot. Stogrled 
Voglreter, Aoriita, dbq; Josef Strom Aintria 
def. Hermann Mateo 482 

TWO® PLACE 

Motor deL VbgtreBer ja 

RHAL 

J. Slrabl deL Aamodt 1.149 

OVERALL STANDmOS! !, J. StTOfat 100 
potass Z Aamodt to 3, Maier, 6ft A Voglre- 
tter, 50t & Albedo Tomba Holy, 45; 6. Tim 
Sttonsn Norway. 4ft 7, Paul Accofa Swttzer- 
kmd. 3& B» Lane KJm Noway, 32 9, Von 
Craentoea 2Br id Andreas SddRoer, Aus- 
tria 26. 

VWWIMUUftUai 

SEHFHAU 

Ytw Nowea Sweden, def. Meritao ErtL 


Germany, dte« Letfa Picard, France, def. 
Aksmtera MefesnJtrar, Austria .145 
THRO PLACE 
MefcsnSzer def. Ertl JJ16 
FWAL 

Pfcard def. Nowen, .866 

OVERALL SnSDBKS! 1, PfccnnL 100 
petals l Nowen. 9 Or X ' M oii snaMi, 6Q < 
Eifl. 5ft & log*) SateHMSeC Austria *Sf 6. 
Sabine Effer. AasMa .dft 7, Ingebag 
Merten. Norway, 36e ft Isolde Kastnec Holy. 
3* 9, Roma Mesnoda Fmn» Tfs Tft Cw- 
ognMd.26. 


CupWdubisCup 

men moms, msr tie 

T ramo & Chelsea 2 . 

Gamlnol Etaen ft VfB Stuttgart 4 
stukhtyorDonesk l.Vleenm? 

Red Betts 2, Copenhagen 0 
NlceZSIavta Pogue 2 
NKPrimorfeftRado JC2' 


Ootori, Kuwait 0 


0UART8VWAL8 

Petr Kdnto 05L Czech RepuMc deL 
Marcoto Ktoo (91. CM* 6-1 64 Jones Bto*- 
mon (13). Swodea dof. Nkstos Kiefer, Ger- 
many. 6A 6-2. 


awunsniALS 

Katerina Studenttwa Steralda net. Joon- 
netie Knigor, Russia 6-3, 64; Aiuw4Suetts 


Stoat France del Hemtea Nagyava Sto- 

wtata.64,7-6. 

Barbara Padua, Austria (3, del. Sabme 
Appatarana Befetara (4L 3-6 *4 6 - 2 . 


nahohalleaque 

ATl Airr a— A nnounced IB Greg Cefbnmn 
. ha become free agent otter rebdog asEton- 
RHOtlD Rlctanond, !L 

SAM diego— N amed Dare Smfth pffehtag 
cooch ter Las Voges, PCL 


NAnOHAL BA8KETBAU. ASSOCIATION 
cmc ACo— R e-signoq F Derr* Rodman to 
1-yeor contract 

MUAS-Signod G Reggio Fnemsi and G 
JeratteADtelNUvM FMolcata Wlottey. 

n» vow-Stomd F Rortnta Grandlsan 
and G Rick Branson. 


Saturday, Oct. 25 

cRJCicrr. FateaUmd. PaksBan — Pnk- 
Isten w. Soutti Africa Wrt test taregglwOA 
28. 

oeu; Las Vega — US. PGA Tour, Los 
Vbgos Invitattonol, ttirooofi Oct 26 Modrtd, 
Spate — Eurapoan PGA Taar, OkLPraAm, 
mnugtiOd:26. 

THOM, LUMteourg— WTATottoSoof 
Opoatt80oghO<126r2tutf9u[tGermany— 
ATP Emocord Open flmogbOcL2fc Atadco 
Oty, Wesko — ATP Metocon Open, flwoagfe 
Oct 26c Guebec City, Canada — WTA BsB 
CMtenge, tteou^i Oct. 26; 


_ Franc » — Alptae Worid 

c^^Btant statora. punted sJctora, through 

TtaitaaUzlieMsInn— Worid 

Sunday, Oct. 26 

AUTO Moau, Jerez ^ u 

^nurnriiinn E . wppeon ^ 
w ucur rn uon. Tabes, France— Latte 

C^^ytAi^nttna Italy w. Romania 
. VQCCBN, Tokyo— World Cup auafifying, 

aasagjaagia'a 

K United vs. Cotoradc 

Monday, Oct. 27 


Tuesday; Oct, 28 


Ftanenga Santos vs. Raetag 

Wednesday. Oct, gg 


teneem, 'totoussues-WorldOmptav. 

Cl ^° **■ U!crn toa 

SiSSB*r5£££ 

LamnsA. Colon deSonta Fa -"•anna 

Thuraday, Oct. 30 

aout MentaeMRa Strain — European 


PGATouc Votoo Masters, through No*. 2; 

— U-S. PGA Tour, THE TOUR 
Chamidotada throagh Nov. 2; Koto, japan 

noon. VMoussfes -Sooth American 

“Uzefia Vasco da Gama vs. Phipw Din**. 
A0^Nacto«ilvs.Gre^ 

Friday, Oct. 31 

* **• v *teus sites _ Worid Coo 

MCWd rouruL «5wp A 
“teaw- Qatar, Iran »s. Kuwait 

Saturd ay. Nov. i 

CMoket. Lchora, Pahtsten — homh 

Cup, Sriuinka us. Wesflndles. 

bmbyuaous. Wembley, England-, 
novs - Aurtro dg feat tori Argentt. 

t&fssBzssz 

asSK 

- SlifelPAY, Mqv; 2 

dSSKP^9>.-^cm con. 


l^PjMoe 



9 















INTERNATIONAL HERALD TRIBUNE, SATUKDAY-SUNDAV, OCTOBER 25-26. 1997 


PAGE 25 



SPORTS 


Marlins a Game Away From Title 

They Hold Off Indians, 8-7, as Rookie, 22, Outlasts Hershiser 


By Murray Chass 

New York Tunes Service 


CLEVELAND — In a game dial was 
emblematic of the changing of the post- 
season guard, Livan Hernandez over- 
came bis early pitching problems, and 
Orel Hershiser self-destructed for die 
second time in this World Series. 

The combination catapulted the wild- 
card Florida Marlins to within one vic- 
tory of .the World Series championship. 


World Series 



The Marlins cat off a ninth-inning Clev- 
eland rally just in time, won the game 8- 
7 on Thursday night and took a three- 
games-to-rwo lead. 

The Marlins, having won two of the 
three games at Jacobs Field in Clev- 
eland, will try to win the Series in their 
own park Saturday night when they 
send Kevin Blown, the losing pitcher in 
Came 2, against Chad Ogea, the Game 2 
winner. 


The teams will play in warmer weath- 
theyhadii 


* • Ql dirF f tf t* 

v.fatt Williams of the Indians sliding hard into Craig Counsel! at 'second base to break up a double play. 

l v 


A Minnesota-Tampa Bay Barbecue 

Vikings Are Hot, but Bucs Hold Edge in Battle for Divisional Lead 


K-~ - 

• _ 


By Mike Freeman 

New Yvrk Times Scn it e 


y~- — 


llilT 

1 


OH 


(Lanutk 
llomt'b! 


v: 


Minnesota (5-2} at Tampa Bay (5-2) 

■. This is one of two key games in which 
the winner takes over the division lead. 
Pittsburgh-Jacksonvilie is the other. 
The Vikings’ quarterback. Brad 
' Johnson, is hot — second in die con- 
ference with 1,770 yards passing. But 
. the edge belongs to Tampa Bay, which 
is playing at home and whose head 
coach. Tony Dungy, a former assistant 
at Minnesota, will be able to exploit his 
knowledge of his old team. Prediction : 
Buccaneers. 24-20. 

Jacksonville (5-2) at Pfttsfawph (5-2) 

The Steeiers' defense rolls on. They 
have held teams to 90 rushing yards or 
(ess in 10 consecutive games. The team 
has regrouped well after Dallas 
plastered them in the opener. The Jag- 
uars are an excellent team, but the dif- 
ference here will be the raucous Three 
Rivers Stadium crowd. Steeiers, 28-27. 

Denvor (6-1) at Buffalo (40) Replacing 
Jim Kelly is tough, but the Bills have 
found a gem in their quarterback. Todd 
Collins. Collins is raw. but he.isjpugh 
and has one of the strongest arms in the 
league. The Bills also have an edge with 
the running back Antowain Smith, who 
leads AFC rookies. That’s where the 
Bills will try to exploit a Denver defense 
that is soft in the middle. This has upset 
written all over it. Bills. 17-/2. 

Dallas (4-3) at Philadelphia (3-4) Em- 

mitt Smith finally got his first rushing 
touchdown of the year, but the Dallas 
offense still has serious problems. 
However, Herschel Walker has 
emerged as a gamebreaking receiver 
and that could be crucial. Three of die 
last four games between these two 

teams have been decided by four points . 

or less. Cow hoy 5, 14- JO. 

Baltimore (»-*) at Washington (4-3) 

The Ravens average 357 yards a game 
on offense, but will be playing into the 


strength of Washington: its top-ranked 
pass defense. The Redskins will win 
because they can keep die Baltimore 
quarterback Vinny Testaverde under 
wraps. Redskins. 22-21. 

Kansas City (5-2) at SC. Louis (2-5) 

His nickname used to be “Bad Moon” 
Rison but now he’s more commonly 
called “Spiderman.” Andre Rison is 
catching everything that comes near 
his sticky ringers. No one on the Rams 
probably scares Rison, so look for the 
Kansas City quarterback, Elvis Gtbac, 
to keep going to his new favorite target 
Chiefs. 20-10. 

Cincinnati (1-6) at Giants (5-3) The 

Giants have finally begun to use all their 


Johnson should consider benching Dan 
.Marino more often! Ever since die 


questions began about whether or not 
Dan was still The 


weapons properly. One of those is the 
fullback Charles W 


rles Way, one of the best in 
the league. He has rushed for more 


NFL Matchups 


yards in his last two games { 1 8 1 ) than in 
his first 38 (160). The coaches are rind- 
ing creative ways to get him the ball and 
get him open. The Bengals are the best 


1-6 team in the league, but it is tough to 
beat thc.QiwtS at bjpnje. Giants, 17-3 . _ . 


Son Francisco- (6-1) at Now Orleans 
( 2 - 6 ) The 49ers have scored at least 30 
points in five straight games. One of the 
reasons is that their two wide receivers, 
Terrell Owens and JJ. Stokes, have 
stepped up since Jerry Rice went down 
with a knee injury. They won’t be 
tested against the Saints. 49ers, 35-JO. 

Oakland (3-4) at Soattie (4-3) One 
week the Raiders are die bumbling 
team that racks up dumb penalties. The 
next they put together an amazing dis- 
play of run Mocking. The good team 
better show up this week against the 
surging Seahawks, who have rallied 
around the veteran quarterback Warren 
Moon. This game is bard to predict 
because the Raiders are impossible to 
predict Raiders, 35-19. 

Chicago (0-7) at Miami (S-2) Jimmy 


ie Man, Marino and die 
Dolphins have been hoc He has thrown 
a dab-record 15 3 straight passes with- 
out an interception. This is a dangerous 
game for Miami: no one wants to be the 
first team to lose to die Bears, and 
Chicago has won seven of its last eight 
games against Florida teams. In this 
case, those are meaningless numbers. 
Dolphins. 28-0. 

TonnossM (3-4) at Arizona (1-6) In 

Arizona this week, there is full fledged 
“Jake mania.” Jake Plummer, the 
rookie quarterback from Arizona State, 
is making his first NFL start But the 
mania cannot hide some fundamental 
problems within the Cardinals. There is 
a hack of communication between of- 
fensive coaches and players, the team 
has no running game and the Oilers 
have won two straight Oilers. 21-14. 

Indianapolis (0-7) at San Diego (3-4) 

The Colts are a battered and bruised 
team. They will’be without Jim Har- 
baugh, their starting quarterback, but 
wil l still get their first victory of the 
year. One player to' watch is the Char- 
gers’ quarterback, Stan Humphries, 
whose number of concussions is in- 
creasing. Colts, 14-7. 

Atlanta (1-6) at Carafina (3-4) The 
Falcons have shown a surprising ability 
to score points, but the Panthers should 
get their second straight victory. Their 
quarterback, Kerry Collins, has settled 
down. But the main reason Carolina is 
scoring again is because it is finally 
finding ways to get die ball to the tight 
end Wesley Wall. Panthers, 10-6. 

Graon Boy (5>2) at Now England (5-2) 

Monday night's Super Bowl rematch is 
a test fra: New England, which was 
called “gutless” by local journalists 
after losing to the Jets last week. Also, 
New England has won three straight at 
home. Patriots. 35-28. ' 


er in Miami than they had in Cleveland. 
The game-time temperature Thursday 
night was 46 degrees Fahrenheit (8 de- 
grees Celsius), up from 38 the night 
before, when snow also fell. That 
prompted Em Ley land, the Marlins’ 
manager, to say, “I have to believe 
when you're taking batting practice and 
you feel like you ought to be downtown 
Christmas shopping, it’s not exactly 
good.” 

But his team delivered Leyland an 
early Christmas present after strug- 
gling. 

Hernandez, the impressive 22-year- 
old Cuban rookie, walked six batters in 
the first three innings, and in die second 
and third he threw two pitches to Sandy 
Alomar Jr. that produced four tuns. Yet 
he held on and became the first rookie 
and only the sixth pitcher overall to gain 
four victories in a single postseason. 

Hershiser,- 39, whose once-fabled 
postseason prowess has become just a 
memory, gave up a critical three-run 
home run to M crises Alou for die second 
time in die Series. AIou's three-run 
homer in the fourth inning of Game 1 
sent the Martins ahead to stay, and his 
three-run home run in die sixth inning 
Thursday night did the same. 

But die Marlins did not have their 
victory until Alomar’s long fly ball to 


right field was caught with Jim Thome 
at first base and two out in the ninth 
inning. The Indians had rallied for three 
runs in the final inning, finally knocking 
Hernandez out of the game after 142 
pitches. 

“With the groove be was in, I thought 
he bad the best chance of throwing 
strikes to those two guys at the top of the 
lineup,*' Leyland said, explaining his 
reason for letting Hernandez start the 
ninth. The manager easily could have 
removed Hernandez in the third after 
Alomar whacked a three-run home run 
and the next two batters reached base. 

“I really didn’t want to go to my 
bullpen that early,” Leyland said. “The 
only thing I was worried about was, he 
usually stays on an even keel, but one 
time this year he got frustrated and he 
didn't throw the ball well. So 1 had Larry 
Rothschild, our pitching coach, and 
every Spanish-speaking guy on the team 
talk to him when he came into the 
dugout and tell him not to lose his cool. 
I don’t know which one it was, but one 
of them hit the mark.” 

Alex Fernandez, the Marlins’ injured 
Cuban-American pitcher, was one who 
spoke with the right-hander- “He said to 
take it easy, to take it slow, calm down,” 

. Hernandez said through an interpreter. 

“He said there was still a lot of base- 
ball to be played and we were going to 
win the game.” It took another inning 
for the advice to sink in. Alomar hit his 
home run in the next inning, but from the 
fourth through the eighth, Hernandez 
gave up just two singles and two walks. 

Hershiser held the lead Alranar gave 
hfm until the sixth. In that inning, Gary 
Sheffield singled with one out and Her- 
shiser walked Bobby Bonilla. One out 
later, Alou crushed a slider over the cen- 
ter field wall more titan 400 feet away. 


| Marlins 8f Indians 7 

Florida 

AB 

R H 

Bl 

BB 

SO A*. 

DWWtecf 

4 

0 2 

2 

1 

0 -227 

Renteria si 

5 

0 1 

0 

a 

2 286 

SJMfteUtf 

5 

1 2 

0 

0 

0 JS3 

Bonita 3b 

4 

1 1 

0 

i 

0 .200 

l-AAriospr* 

0 

1 0 

0 

D 

0 JXW 


s 

1 2 

0 

0 

0 ASt 

Alou# 

s 

2 3 

4 

0 

i aso 

Co nine lb 

5 

1 1 

0 

0 

0 -300 


5 

1 3 

2 

0 

2 350 

Counsel 2b 

2 

0 0 

0 

2 

t 200 

Tab* 

49 

1 u 

9 

4 

6 

Oewtond 

AB 

R H 

81 

BB 

so Avg. 

Roberts a 

3 

1 D 

0 

2 

0 ' 343 

Vb min 

4 

1 1 

0 

0 

0 -230 

Ramirez if 

5 

0 1 

0 

0 

1 .182 

Justice db 

5 

0 1 

2 

0 

1 ZJi 

MaWtHiomSb 

3 

3 t 

0 

2 

0 .400 

Thome lb 

4 

2 2 

1 

1 

0 J33 

S Ala marc 

5 

1 2 

4 

0 

0 ASS 

Giles# 

1 

0 0 

0 

3 

l m 

Grissom cf 

4 

0 1 

0 

0 

0 Mi 

Totals 

34 

7 * 

7 

B 

i 

Florida 


020 

004 

011-4 IS 2 

demand 


013 

000 

■03—7 9 0 

[ 1 -ranfor BcnBa IntheTTh. 




E— Counsel 1 (1), LHemande* (t). UDB-florida 9, | 

I Ocve kind 9. 






5B — DWhtte 2 

(3). 

BonDlq (II. 

Daulton Q). 1 

| 3B — Thome (1). HR — AJou P) ofl HerahJsen SAtoraor 1 

(2) off LHemandez. RBIs— DtWhRe 2 Q). 

I 

| Alou 4 (93, CJohnson 2 0), Justice 2 (Oh Thumo M> 1 

SAtamar 4 HO). SB-Omtiton {IX 

Akw (1). I 

S— vurquei. gidp— B onflta. Jusflcb SAtamar. 

Renters leff In soutttg poaWon— FJorida5 (Renteria A 
CJalmsonlr demand 5 (Robert), Vlzqiwl ZJufttft 

1 Grissom). 






Riiwmk moved im— Canine 2 Grissom. 


I DP— Florida 2 (Renteria Counton and CanlneX CLH- | 

enwmfez. Renteria 

and ConlneX 

Ctewtond 1 f 

(Roberts, Vbqad and Thame) 




Benda 

IP 

H R ER BB SO NP ERA 

LHemondW. 2-0 B 

7 6 

5 B 

2 

142 527 

Hen 5.2 

1 

2 1 

0 0 

1 

18 1ZD0 

□eeetand 

IP 

H R ER BB SO NP ERA 1 

Hershiser L 0-2 

52/3 9 4 

6 2 

3 

N 11 JO 

Mormaa 

0 

0 0 

0 1 

0 

5 oat 

Plunk 

1/3 

0 0 

0 1 

1 

10 9.00 

Jorten 

li/3 2 1 

I 0 

0 

77 -LS0 

Assermwcher 

V3 

too 0 

1 

21 0J» 

Mesa 

1 

3 1 

i a 

1 

16 7.71 

LHemandez prtchud to 2 boOere In the 91h, Mormon I 

pitched to l batter in ttw Mh. 




' inherited nmnets-ficorert— Nen 2-2 

Mormon 241 1 

Phmk 3-1, Asscmwcher 1-0. 




WP— LHemandez. 





Umpires— Ham Manic First Kotaee Second. Mon- | 
tagwe Third. For& Loft. West; Right Kosc. 1 

T— 139.A-44BB8 (43JM3). 



1 


As the game turned out, it was Alou 
who drove in the deciding run, but not 
until the ninth inning. 

Bonilla rapped a double into the 
right-field comer, Darren Daulton 
singled the pinch-runner Alex Arias to 
third and Alou sent him home with a 
single to center, increasing the Marlins' 
lead to 8-4. But then the Indians 
struggled back in the bottom of the 
ninth. 


A Coach Makes a Pitch for the Series 


New York Tuner Sen/ire 

CLEVELAND — Here’s what’s 
really wrong with baseball: No game in 
this World Series has been as com- 
pelling as the taut' and pungent rage 
expressed by Jim Leyland before the 
latest marathon Thursday, an 8-7 victory 
by his Florida team over Cleveland. 

Leyland was the late Peter Finch in 
the movie “Network.” He was bel- 
lowing into microphones all over Amer- 
ica. He was mad as hell and he wasn’t 
going to take it anymore. 

The manager said he was stunned in 
the ninth when Ken Kaiser called a 
Cleveland batter safe at first after the 
right foot of Livan Hernandez appar- 
ently touched the side of the base. But a 
good bit of America had long been 
asleep at midnight Eastern time, which 
was when Kaiser flirted with notoriety. 

Leyland had heard grumbling about 
the low caliber of play in the first four 
tedious games. He had beard whining 
from television officials about the low- 


Vantage Point /Gkokge Vecsey 


scale identities of the two Series teams. 
“Basicallyl’m rick and firBcTof hear- 
New York and Atlanta and 


ing about 
Baltimore,” Leyland said. 

According to common wisdom, 
people around the Uniced States are in- 
terested in the World Series only if it 
involves glamour teams such as the Yan- 
kees, the Braves, the Orioles — because 
of the iconic Cal Ripken Jr. — and 
maybe the Dodgers, for old tune’s sake. 

The- first two games in Cleveland 
were so cold, so flawed, that you could 
hear sets clicking off all over the world. 
Leyland said in his rumbling bass: 
“Mike Hargrove said ir best. They had 
tiie same chance that we did. We woo iL 
We are the teams that are supposed to be 
here, and it makes me puke when I 
continue to hear people talking about 
the Marlins and the Indians.” 

Unfortunately, when there are great 


series — the Yanks and Mariners in 
1995, the' Indians and Orioles this year, 
the Pirates, and the Braves in 1992 — 
the Series can be anticlimactic. 

There should be national enthusiasm, 
but baseball makes it difficult by start- 
ing every Series game in prime time. 

“We contradict ourselves a lot in 
baseball,” Leyland said. “We’re trying 
to get the youth back involved. For 
God’s sakes. most youth are sleeping try' 
9 o’clock, and more importantly, so is 
the guy that works from 7 o'clock to 4 or . 
5 in the afternoon. The blue-collar guy is - 
tired. By the sixth inning, I think he’s in 
la-la land somewhere. ’ ’ 


Bud Selig, the acting commissioner, 
ayersto 


has blamed the players for dawdling and 
the umpires for not moving the games 
along. But Selig has not criticized the 
networks for their 150-second commer- 
cials shown every half-inning. 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 


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PAGE 24 






INTERNATIONAL HERALD TRIBUNE, SATURDAY-SLTNDAY, OCTOBER 25-26, 1997 


DAVE BARRY 


i 


The B-2: Singing in the Rain 


M IAMI — I have some news that is 
going to cause you taxpayers to 
want t6 throw down this newspaper and 
dance the Funky Chicken of Joy. 

Here it is: The B-2 Stealth Bomber 
can get wet! Hurrah! 

In case you're wondering why this is 
so exciting, let me give you some back- 
ground. The B-2 is . . . SECURITY 
ALERT: THE FOLLOWING IS TOP 
SECRET INFORMATION THAT 
MUST NOT FALL INTO THEHANDS 
OF FOREIGN AGENTS UNLESS 
THEY HAVE MADE LARGE ILLEG- 
AL CASH CONTRIBUTIONS TO A 
LEADING POLITICAL PARTY. 
THANK YOU ... a bomber that is 
invisible to enemy radar 
because it is made of “ 

high-tech “stealthy” ‘This aiTl 

materials such as (to , 

judge from the price) does not 

caviar. The original mis- water.’ si 

sion of the B-2 was to fly ' 

from overseas bases deep Air fOrC( 

into the Soviet Union and — : 

drop nuclear bombs. Of 
course there JS no Soviet Union any- 
more, which means that now the mission 
of the B-2 Bomber is . . . The mission is 
. . . Hang on. it'll come to me . . . 

O.K., never mind the pesky detail of 
what the military mission is. The im- 
portant thing is, die B-2 has demon- 
strated a breathtaking capability, un- 
matched in aviation history, to deliver, 
with pinpoint accuracy, extremely large 
payloads of taxpayer dollars into the 
districts of strategic members of Con- 
gress. So far the B-2 project has cost 
• taxpayers $45 billion, which has pur- 
chased us 21 bombers, which works out 
■ to around $2 billion per bomber (bear in 
mind, however, that it comes with floor 
'. mats). 

■ Now here ’s the problem: The General 
Accounting Office did a big study of the 
■ B-2 bomber, concluding that — I will 
■ try to put this in layperson’s terms — 
flying is bad for it. Yes. It turns out that 
_ the secret stealthy materials are sen- 
■ sitive to moisture, which as luck would 
; have it (who could have predicted this?) 
!is plentiful in the atmosphere, so ac- 
cording to the GAO. after the B-2 flies, 

! it tends to need lots of costly repairs. 

I can relate to this. I used to own a 
. boat, and whenever 1 made the stupid 
• mistake of putting it in the water, ex- 
; pensive pieces of it would immediately 
fall off. I wound up deploying my boat 
' permanently on a trailer. Using similar 
reasoning, die airforce has decided that, 

; instead of putting the B-2s at bases 
‘ around the world, it will deploy ALL of 
■ them in — get ready for a strategic 
location — Missouri. Really. That’s 
where the air force has special climate- 
controlled maintenance facilities. • So 
let's just recap the B-2 history: 

ORIGINAL IDEA: Station overseas; 
fly deep into Soviet Union; drop nuclear 
■ bombs. 


‘This airplane 
does not melt in 
water,’ stated an 
Air Force official. 


CURRENT ACTUAL USE: Station 
in Missouri; fly deep into Kansas; get 
repaired. 

So, O.K., things have not worked out 
exactly as planned. When the GAO re- 
port came out, there were a lot of snide 
remarks from the media about the B-2 
Bomber not being able to fly in the rain. 
So in September, the air force struck 
back with a bold strategic move: It flew 
several dozen reporters and photo- 
graphers from Washington to Missouri, 
where they witnessed as a team of air- 
men — I swear I am not maki ng this 
bold strategic move up — WASHED A 
B-2 BOMBER. 

'‘This airplane does not melt in wa- 
ter,” stated an air force 
' official in a quote that I 
plane 3111 also not making up. 

r . . “We do this all the 

melt m time. We just get out 

ated an here with the brushes 

and scrub away.*’ 

I official. Despite the fact that 

the B-2 has been shown 

to be capable, with 
proper maintenance, of withstanding 
moisture, the Pentagon has decided that 
it does not want to buy any more of these 
planes. In other words, even our top 
military experts believe that 21 is a 
sufficient number of extremely expens- 
ive bombers with no apparent function. 
So guess what a bunch of congressper- 
sons recently tried to do? Right! They 
tried to have die taxpayers buy nine 
more! For another $27 billion! Guess 
why they did this? Right! To enhance 
the National Security! By which I mean, 
get themselves re-elected! It doesn't 
even matter if the B-2 can fly! We could 
make it entirely out of a fragile type of 
cheese that spoils chi contact wim air 
and has to be completely replaced every 
45 minutes! As long as the money gets 
spent in these congresspersons' dis- 
tricts! 

Unfortunately for our National Se- 
curity, Congress decided to cancel , the 
new B-2s and spend die money on other 
things. (What, you thought they’d give • 
the money back to YOU?) Nevertheless 
we can ail take comfort in the fact that . 
for many years, we will be paying mil- 
lions and millio ns of dollars to maintain 
the original fleet of Stealth bombers 
stationed strategically in Missouri, 
scrubbed and ready to fly out and bomb 
enemy targets. Or maybe it will turn out 
to be more cost-effective to fly the en- 
emy targets to Missouri, so our B-2s can 
bomb them without getting too far from 
die climate-controlled maintenance fa- 
cilities. So as a taxpayer, I applaud all 
the congresspersons who helped make 
this amazing weapon possible. I hope 
they get rewarded for their efforts by 
being taken for lengthy VIP flights on 
die B-2. In die rain. Strapped to a 
wing. 

© 1 997 The Miami Herald 
Distributed by Tribune Media Services. Inc. 







pull* 








m 






The Friends of Mona Lisa — £ 

'La Gioconda is, in the truest sense, Leonardo's lecting anything concerning Chaplin, Coca-Cola or 


masterpiece, the revealing instance of his mode of 
thought and work. . . . Certainly Lady Lisa might 
stand as the embodiment of the old fancy, the symbol 


of the modem idea.' 


Walter' Pater, 1869 


International Herald Tribune 

P ARIS — In fact, the Mona Lisa, or La Joconde as 
the French call her, might stand for anything, and 
does. She can be found advertising everything from 
grapes to condoms, parodying politicians from Mao 
to John Major, decorating beaded curtains found in 
Vietnam and a cookie jar made in USA. 

She is the most famous art work in die world. The 
space surrounding her ballet-proof frame is the 
noisiest in the Louvre, withpeople jostling as they 
might to see a celebrity, which she is. “She has an 
enormous recognition factor, she is like a top model. 
A top model that costs nothing and thus expresses 
nothing, or anything,” said Jean Margot, a retired 
geologist and probably the world's leading Joc- 
ondophile. 

Margat is the president of Les Amis de Mona Lisa, 
a group of about 40 fans and collectors that held its 
annual meeting last Saturday with members seated 
around a U-shaped table and clutching wrapped 
items that they had found during the year for the 
show -and- tell that would follow the president's and 
treasurer’s reports. It was the group’s lOto an- 
niversary, feted by a Mona Lisa champagne and a 
reproduction in nougatine and marzipan that proved 
very tricky to cut 

Mona Lisa collectors aren’t daft and dull like 
people who collect Camembert labels or key rings; 
they cannot be greedy because so many new items 
constantly appear that all notions of value and in- 
vestment opportunities vanish. Unlike most col- 
lectors, they are having fun: one might — one must 
— say they are jocund. 

Among active members (Pierre Rosenberg, the 
Louvre’s director, is an honorary member) are a 
couple of engineers, painters, a bookbinder, a Dutch 
librarian, a postal employee also interested in col- 


aubergines, and Bruno Figueroa, the press attachd of 
the Mexican Embassy who presented the prize ex- 
hibit, a huge collage representing the theft of the 
Mona Lisa in 191 1 and its recovery two years later, 
after Picasso and Apollinaire had been falsely im- 
plicated in the foul need. 

The unv eiling of the collage was greeted by oohs 
and bravos while Figueroa, in his Mexican-made 
black Mona Lisa T-shirt, blushed. The work had its 
origins in his wife’s complaints about the clutter 
caused by his collection, solved by its being com- 
posed into the collage that he will hang in his 
embassy office. 

Other applauded offerings were coffee mugs dec- 
orated with a tnustached Mona Lisa in imitation 

MARY BLUME 

of Marcel Duchamp’s 1919 spoof (the mustache 
disappears when hot liquid is poured into the mug) 
and Russian matriochka dolls in which the outer one 
represents La Joconde while those nested inside are 
various representation of the Virgin Maty. ‘ ‘A good 
example of the frequent confusion of the Mona Lisa 
and the Madonna,’ ’ Margat observed. 

The painting has been analyzed by everyone from 
Freud to Camille Paglia (“I think that what Mona 
Lisa is ultimately saying is that males are -unne- 
cessary”). Her expression has best ascribed to 
pregnancy, syphilis and jaundice. Her popularity, 
Margat says, comes from the worldwide publicity 
surrounding die 1911 theft, was even covered in 
comic strips, followed by Duchamp’s celebrated 
outrage which opened the way to further trans- 
gressions, acceptable because there has always been 
so mething a bit transgressive about toe lady herself 
(is she, for example, Leonardo in drag as has been 
suggested?). 

Margat became interested in the 1950s when such 
friends as the writer-musician Boris Vian stuck pins 
in a Mona Lisa reproduction. As a variation on 
Raymond Queneau’s “Exercises de Style,’’ he 




an 


began collecting and in. 1959 produced a famous ' J 
issueof toe magazine Bizarre, devoted to the Moog 
Since then, her image has grown exponentially.- 
(The meetings of Les Aims de Mona Lisa must be 
only ones in the world in which the word ex- 
ponentially is on everyone’s lips-) 

There have been two Maigat-inspired Mona Uh. ; 
shcrws recently: one last summer in Geneva and one in 
Brittany in 1996 where the local prefect banned the ; 
show's poster on moral grounds because it showed 
Mona Lisa smoking a joint. 

Some members found themselves involved almost - 
by accident. Rene Royer, the retired bookbinder, 
became intrigued when he saw pictures of Mona Lisa - 
in profile;’ Sophie Bouvard, who is unemployed, saw 
an ad for chocolate bars imagining Mona Usa with ■ 
torso and legs. Then she started seeing her everywhere 
— on shoe boxes, tulip bulbs, chocolate in Greece, 
pantyhose in Brazil. 

There is a Paris bookstore whose business has 
soared since it called itself Mona Lisait. A favorite 
Jocondopbile anagram is On m a soli (I've been .. 
defiled). At Saturday's meeting, from 9:30 in toe _ 
morning to 5 P.M. the club’s members traded, ad- 
mired and were unusually uncompetitive. A couple - 
of heavy leather scrapbooks circulated showing ref- 
erences to toe Mona Lisa, including: An article on- 
dental implants, news from an agriculture show in 
central France that a heifer named Joconde had won 
aprize.anda 1993 dispatch fronrLeProgresde Lyoo 
concerning a New Jersey family that owns a Mona 
Lisa given to one of their ancestors by Marie- 
Antoinette. The New Jersey version is 10 years . 
younger and more elegant than the one in the Louvre, 
the correspondent said. 

The actual history of the painting — “the mortal 
whose divine gaze triumphs over sightless gods.’’ as 
Andre Malraux typically put it — is of less interest to 
Jocondopbiles than what has been done with it. ' ‘The 
history of the woman is not nearly as fascinating,” 
says Rene Royer. And the painting itself? 

‘Tve seen it only once. It was a big disap- 
pointment,” Figueroa said. 


4# 

ilaM"' 

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T HE Eagles are going to 
make it. Hie band, along 
with Fleetwood Mac, The 
Mamas and the Papas, 
Lloyd Price, Santana and 
Gene Vincent will be induc- 
ted into toe Rock and Roll 
Hall of Fame, the hall’s foun- 
dation has announced. Jelly 
Roll Morton will be induc- 
ted as an early influence and 
Allen Toussaint will be in- 
ducted in the nonperformer 
category at ceremonies Jan. 
12 at the Waldorf-Astoria 
Hotel in New York. 


What do an American civil 
rights leader, a Salvadoran 
priest and a German anti- 
Nazi pastor have in common? 
Martin Luther King, Oscar 
Romero, and Dietrich Bon- 
hoeffer, all 20th-century 
martyrs for the Christian 
faith, will be commemorated, 
along with modem martyrs 
from seven other countries, 
by new statues above the 
main west door of Westmin- 
ster Abbey. The 10 statues 
will join kings, saints, angels, 






-- &-:•/ ' 

*54-^4 



to make the church one- of London's 
main tourist attractions, drawing 3 mil- 
lion visitors a year. 


LITERARY BASH — John Galliano, the British fashion designer, posing with 
Dior models Teresa Lourenco, left, and Suzanne AJchixiger at a party at Harrods 
m London for the launch of the book “Galliano” by Colin McDowelL 

igesheip *e 1 shower ’ ’ ” the 70-year-old actress After the incident, Kennedy left for India 
-ondon s said in Philadelphia at a screening of without wirino 
ig 3 mil- “Psycho.” "You can’t hear becauslthe 

water’s running. You can't see. You're t*>thenng him and he underwent 

there and you’re easy picking. ’ ’ iiish’s 11111101 Derve sar 8 ei Y when he got home. 


oldest daughter, Kelly Curtis, refuses to 1 , 

The film director Carlos Saura said watch the scene. Her youngest daughter „ 

. he wanted to make a major film about the Jamie Lee Curtis, apparently got over . Hu Sh Hefner, the founder of Playboy, 
Spanish Civil War in order to free him- it; she starred in “Halloween' ' and other 033 8* v en $500,000 to the university’s 
self of images that haunt him from his horror movies. Department of Journalism at the Uni- 
childhood in Madrid. Saura, who was _ versity of Illinois, his alma mater The 

four years old when the war broke out in U gift will establish toe Hush M. Heftier 

fflECffiKSs* 1 * assr's' morc 

oftoe capital «> enforce the blackout as a tabloid reports the friend said Heftier said. Of all the ere- 

— ...asLKsasssa 

„ ■ 0 r ~ l “ 1949 with a degree in psy- 

Of Cahors Wines and Violins 

tucky, hometown to wed her New York Times Service . humor magazine Shaft, 

tongtane companion Date AJEWYORK - Appreciation of the Cahors wines of haft. 

Di Paolo next month. Bob IV somhwratem France is said to gp back toS □ 

Hope, Tony Bennett, Linda years, and the line was continued wHmi , 

Ronstadt and Debbie Boone of toe country l**™* Anlta HMI 

are expected, although toe » w « toe Okh- 

singer s nephew, George for toe first time in the United Statesto intoict into is raSw S? * ^ fp ° rt was Sen ' 

Clooney, wifinot attend, her 35 new chevaliers or knights, including the vfolinS f * A f£ n Specter - Re P ub ’ 

publicist said. Clooney, 69, Stem, the TV perronahtyCfaariie Rost toe destenerRin ? f penns y lv ®nia. It was 

and Di Paolo, 72, have lived Blass, the novelist Jay Mclnemey a5 toe < SrfD^^2 S eir first encou “ier since his 

together since 1973. It will be Bouhif y ^ and the chef Daniel blistering assertion in 1991 

toe second marriage for each. . Alain-Dominiqoe Perrin, the chairman of Cartier In- ^ committed "flat-out 

f-i ternational and grandmaster of the Cahors brotherhood" Peti^y" m her Senate Judi- 

- . . . presided, distributing ribbons, medals, kisa«on cheek ciaTy Committee testimony 

The ; shower curtain paws. and taps on the shoufder with pieces of vinCto toe wfaeD ** aUeged she had 

S? , draca S*? e 5™P ets - fcaac Stem was | ven aspS S been seaualiy * 

blood swirls down toe drain. of Cahors wine from Russia, vintage 1933 ^ Clarence Thorns „ 

That scary scene in toe Al- “No one else is getting this,” Perrin skid battle f nr the 

fred Hitchcock film “Psy- that Peter toe Great, who loved th~t f oomma,,on t0 

cho” left its leading lady, Frencfr vintners to Azerbaijan to plant vSe^Wh^l “snS? 6 CoU ^; ?***“£ 

Janet Leigh, a bath entou- come from, you can’t drink and pbv at the ^ as ‘ bad 

eiaotfnrUfe “TaidflMilvsnirf . rtie vinlinief csU u h*. . C Same time, thing that huDDened nr his 


Jamie Lee Curtis, apparently got over . Hugh Heftier, the founder of Playboy, 
it; she starred in “Halloween "and other zf 3 8* vea 5500,000 to the university’s 
horror movies. Department of Journalism at the Uni- 

versity of Illinois, his alma mater. The 


Rosemary Clooney will 
return to her Maysville, Ken- 
tucky, hometown to wed her 
longtime companion Dante 
Di Paolo next month. Bob 
Hope, Tony Bennett, Linda 
Ronstadt and Debbie Boone 
are expected, although toe 
singer’s nephew, George 


-- - ill poj- 

chology from the university, 
where he edited the campus 
humor magazine, Shaft. 

■ □ 

The last person Anita Hill 
expected to see at the Okla- 
homa City , airport was Sen- 
ator Alien Specter, Repub- 


The shower curtain parts. 
The knife descends. The 
blood swirls down the drain. 
That scary scene in toe AI- 


“njs-'r , , r — r. ~ — . ,.”***’ 1 mm#, auu piay at tt 

siast for life. ‘I suddenly sard ■ toe violinist said as he took a sip of wine, 
to myself, 'My God, we’re so “Tonight, you drink,” Perrin said, 

vulnerable and defenseless in. 


blistering assertion in 1991 
that Hill committed "flat-out 
pequry" in her Senate Judi- 
ciary Committee testimony 
when she alleged she had 
been sexually harassed by 
Clarence Thomas during toe 
battle for his nomination to 
the Supreme Court. Specter 
“spoke 10 me as if. toe bad 
thing that happened at his 


hiuid didn’t really happen.” 
Hill said. “It was sort of 
chitchat It was bizarre.” 


Ill » 


Orjk O' U