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INTERNATIONAL 





PUBLISHED WITH THE NEW YORK TIMES AND THE WA 


The World's Dally Newspapei 



une 


POST 



R 


Paris, Wednesday, October 29, 1997 


No. 35.664 


vrv 


Wall Street Claws Its Way Back 




Crisis Ahead 
In East Asia 
Over Prices 
Of Property 

By Michael Richardson 

International Herald Trihane 

. SINGAPORE — East Asia’s prop- 
erty values will be the next victim of the 
region’s financial turmoil and slowing 
growth, economists predicted Tuesday. 
Inflated property prices are headed 
. for big falls that will bankrupt some 
P developers and leave the banks that lent 
f them money with large losses, they said. 
The economists added that they expec- 
ted falls in property prices of up to 50 
percent in some cities over the next 12 
months. 

Since the property sector is a major 
component .of many East Asian stock 
markets and has been helping to fuel the 
regional construction boom of recent 
years, this will further depress share 
prices and economic growth. 

“Southeast Asia's stock price de- 
clines are the early messengers of what 
lies ahead," said Bernhard Eschweiler, 
Asia-Pacific economist in the Singa- 
pore office of J. P. Morgan. “But the 
major deflation in the property sector is 
yet to come.” 

i The cities considered most vulner- 
' able to a price collapse are Bangkok. 
■— Hong Kong, Shanghai, Beijing, Jakarta, 
Manila and Kuala Lumpur. 

Across East Asia, the property story 
is similar Overbuilding and rising prop- 
erty-related debt have been exacerbated 
by higher interest rates, which were 
imposed to defend weak currencies, and 
by falling demand as consumers start to 
feel the pinch. 

The overbuilding is in offices, hotels, 
shops, apartments and housing, al- 
though the extent breach sector varies 
from city to city. 

As a result, vacancy rates are rising 
and rents falling. 

- The lower rents will be welcomed by 
businessmen and foreign investors, 
while home buyers may benefit from 
lower prices — if they can afford to pay 
their mortgages. 

Some property consultants said that 
the -looming property crunch in East 
Asia might not turn out to be as severe as 
feared because many planned projects 
would be canceled or postponed for lack 
of funds. 

| “If you look at the figures for what is 
coming into the commercial and res- 
idential property sector in the Philip- 
pines, there appears to be a huge over- 
supply,” said Christopher Brown, 
chairman of Jones Lang Wootton in 

See PROPERTY, Page 7 



The Elay's Toll 

How major stock markets performed on Tuesday. 

Percentage change since previous dose. 

Tokyo Hong Kong Frankfurt London 

The Domino Effect 

A Hong Kong sell-off last Thursday touched off a global equity downturn. 
Percentage loss in major markets Oct. 22 through Tuesday. 

Japan 
Hong Kong 
South Korea 
Australia 
Malaysia 
Singapore 
Germany 
France 
Britain 

United States 
Canada 
Mexico 

Brazil 

Sourcs: Bloomberg Imcnmional Herald Tribune 



~10.S5& 


Trading Hits a Record Billion Shares; 
Asia and Europe Indexes Take Blows 


By Mitchell Martin and Paul Horvitz 

international Herald Tribune 

NEW YORK — Trading volume on Wall Street soared to 
record levels as the stock market roared back Tuesday and New 
York reasserted its leadership over world equity markets. 

Wall Street reclaimed more than half of its heavy losses of 
Monday during a roller-coaster global trading day that began 
- with a contagious wave of selling across Asia and Europe that 
pulled many of the major stock indexes into sharp declines. 

The Dow Jones industrial average closed with a record point 
gain of 337.17 points, or 4.71 penrent. at 7.49832, regaining 
more than half of the 12 percent in value it lost in Monday’s 
plunge and substantially erasing the notion thar a global panic 
in equities was inevitable. New York Stock Exchange trading 
volume exceeded 1 billion shares for the first time. (Page 7) 

The prospect of fresh capital, some soothing words and 
upbeat economic data seemed to buoy the U.S. market. 

A few U.S. corporations simply moved to buy back some of 
their own shares on Wall Street — notably International 
Business Machines, which announced a S3 3 billion buyback 
program early in the U.S. trading day. At about the same rime. 
President Bill Clinton outlined in a speech in Chicago why he 
believed the American economy was “as strong and as 
vibrant as it has been in a generation.'' And traders received 
encouraging labor data. 

Some experts also found solace in the view that shares that 
had plummeted were now ripe for buying. But others saw 
further volatility ahead, particularly in Asia, where the de- 


valuation of the Thai baht in July set off a cascading senes ol' 
similar devaluations among Asian “tiger" currencies and 
subsequent equity collapses in the region. 

“People are starting to realize this is not 1987," Scott 
Schermerhom, a senior money manager at Federated In- 
vestors in Pittsburgh, told Bloomberg News after the blue- 
chip Dow Jones industrial index began its early comeback. 
“It's not a market crash. This is a different animal." 

The markets’ gyrations over the last several days have 
underscored the increasingly powerful links among financial 
markets and multinational corporations that transcend polit- 
ical boundaries. 

Investors worldwide started their day with anxious concern 
as the selling wave — apparently driven by a broad loss of 
confidence following the Dow's 554-point drop Monday — 
washed over European and Asian exchanges and hammered 
fragile emerging markets, particularly "those in Eastern 
Europe. 

As trading opened in Asia on Tuesday, markets suffered a 
heavy body blow. Asian equities plunged, led by a 13.7 
percent drop in Hong Kong’s Hang Seng index. No major 
trading center in Asia or Europe was spared, as investors 
headed for cover; most indexes lost another 4 percent to 10 
percent of their value. 

Tokyo's benchmark Nikkei average declined 4.3 percent 
after stock exchange officials tightened trading rules. Russian 
and Chinese equities fell steeply, with the Russian Trading 

See MARKETS. Page 7 


4 T 


: 

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■ Mr. 


Chnb DtnnpCTbc Aaucntfed Pie» 

A trader taking a moment's repose 
Tuesday during a heavy trading 
day on the Jakarta stock exchange. 


Across the Globe, 
Markets Wobble 

• Markets across Asia plunged 
Tuesday in response to the precipitous 
drop Monday on Wall Street. Page 6. 

• Whfle shares in Tokyo hit the low- 
est level in two years, curbs on stock 
sales prevented investor panic. Page 6. 

• The tumbling Asian markets cre- 
ated the risk of a credit crunch for 
companies, as banks freeze country 
credit levels. Page 7. 

• Singapore pledged $10 billion to 
Indonesia to help prop up the sagging 
rupiah. Page 13. 

• European markets were also 
hammered, but many observers con- 
tended the decline would be brief, if 
brutaL Page 13. 


The Panic’s Self -Fulfilling Impact 

Global Sell-Off Will Add to Asia’s Fain but Only Dent U.S. Growth 


By Alan Friedman 

International Herald Tribune 


Clouds Over Jiang Visit 

Markets and Protests Deflect Some Attention 


j The Dollar 1 

NMYCHk 

Tuesday • 4 P.I4. 

previous cUus 

DM 

1.7413 

1.7515 

Pound 

1.6658 

1.6635 

Yen 

120.475 

121.775 

FF 

5.832 

5.8915 

IP 



up 

Tuesday doss 

previous doss 

+337.17 

7498.32 

7161.15 

S&P 500 

dungs 

Tuesday • 4 PAL 

previous doss 

+39.19 

916.18 

8764© 


PARIS — The rolling slump in world equity markets 
represents a major threar to the economies of East Asia and 
could cause a temporary loss of consumer confidence and 
even a cooling of me economy in toe United States. But in 
Europe it is likely to have only a slight effect on corporate 
profits and economic growth, economists said Tuesday. 

The international stock market crisis also offers a graphic 
illustration of the increasingly interlinked nature of the world 
economy that goes by toe name of globalization — a global 
financial system so interwoven that toe retirement security of 
California schoolteachers can beshaken by a financial crisis 
that begins in Bangkok and affects their investments in places 
as far-flung as Wall Street, Frankfurt and Buenos Aires. 

While toe overall plunge in stock prices can be traced back 
to the East Asian currency crisis that emerged in Thailand in 
July, and while nearly every expert argues that toe turmoil on 
Wall Street and across Europe is a classic market panic that 
has nothing to do with fundamental economic factors, toe 
reality is that investor stampedes can have an impact on toe 
real economy. 

On Tuesday, Merrill Lynch & Co., the world’s biggest 
stockbroker, announced that in light of market events this 
week, it had “sharply reduced" its expectations for economic 
growth in Asia and was now forecasting “moderate but 
reduced” growth in toe United States- and Europe. 

The noted U.S. economist John Kenneth Galbraith said in a 
radio interview Tuesday that Wall Street’s gyrations would 
have an impact on consumer sentiment. 

“We should not be in doubt this will have some adverse 
effect on toe economy, because somewhere between a quarter 


and a third of the American population have some foothold or 
other in the stock market," he said. 

“The effect of that on purchases of automobiles and 
television sets, homes and other things is certainly quite a 
plausible prospect,” he added. 

European economists, meanwhile, said that consumer con- 
fidence in Europe would be less affected precisely because a 
much smaller portion of toe population owns equities. 

Yet several economists, noting the way Wall Street re- 
bounded Tuesday, said that toe economic impact in the United 

NEWS ANALYSIS 

States and Europe would very much depend on how long the 
market rout continues and toe degree to which stock prices 
recover in toe next few days and weeks. 

In broad terms, Asia's market crash means there could soon 
be less cash liquidity available for corporate investment in toe 
United States. 

“The destruction of wealth caused by falling equity prices 
means there is less wealth available to buy company shares or 
make new business investments,” said David Roche, pres- 
ident of Independent Strategy, a London-based investment 
research firm. 

Another effect is that the U.S. economy's growth for 1997 
could be a quarter of a percentage point lower than the 
expected rate of about 3 percent. This is mainly because 
equity prices on Wall Street are a mainstream barometer of 
consumer confidence, and when people feel less rich they 
spend less. Ir is also because U.S. exports to Easr Asia are 
likely to be hit by the crisis there. 

See ECONOMY, Page 7 




By Brian Knowlton 

International Herald Tribune 


.-C f 

■:-y 


WASHINGTON — President Jiang 
Z emi n, re laxing before his plunge into 
the intricacies of Washington diploma- 
cy, immersed himself Tuesday in Amer- 
ica’s colonial history with a visit to 
Williamsburg, Virginia, one of the 
'finest U.S. historical restorations. 

But on toe second day of a trip aimed 
largely at raising Americans ’ awareness 
of China, he was partly overshadowed 
by the news from Wall Street — * 
doubly distressing coincidence for Mr. 
Jiang because it highlighted stock mar- 
ket troubles in Hong Kong, whose re- 
turn from British sovereignty be had 
proudly overseen only months before. 

Television pictures of Mr. Jiang be- 
ing presented with a three-cornered, co- 
, lonial -style hat in Williamsburg were 
“soften pushed aside by 
fried traders on toe floor of toe Chicago 
Commodity Exchange and gran wan 

ST Tte ririvwhich both sides ho^wUl 
help transform the relationship frozen 
by toe 1989 massacre around Tianan- 
men Square, got a symbolic boo«, 

however, with the announcement mat 

Mr. Jiang would meet privately Tues- 


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day ev ening with President Bill Clinton 
at the White House. 

White House spokesmen said toe pre- 
viously unscheduled meeting would 
give the leaders, who have met before 
but never at this level, a chance to speak 
more candidly, and possibly more 
warmly, than they might be able to in the 
more scripted Oval Office session set 
for Wednesday. 

One official said that Mr. Clinton 
wanted to “establish a personal touch” 
with Mr. Jiang. 

The Wednesday meeting, scheduled 
to last only 90 minutes, will leave little 
time for substantive discussion. Mr. Ji- 
ang speaks halting English, and both 
men’s comments will be interpreted. 

Barry Toiv, a White House spokes- 
man, declined to say what subjects 
might be discussed Tuesday. 

Secretary of State Madeleine Al- 
bright, who was to greet Mr. Jiang when 
he arrived at Blair House, where the 
highest-ranking White House visitors 
stay, said that the Chinese delegation 
would be welcomed with "seriousness, 
respect and close engagement. 

In a special State Department brief- 
ing, she said that history showed toe 

See JIANG, Page 10 


aoenpa 

INTERNATIONAL Pmamitk 

Showdown in Israel Delayed 



Business Leads Diplomacy 
In Relations With Beijing 


By David E. Sanger 

Netr York Times Service 


Dwig MUWTtac Amatcd Pkm 

Mr. Jiang, center, and his wife, left, wearing colonial-style hats as they 
arrived Tuesday at the Governor's Palace in Williamsburg, Virginia. 


mer, toe president of Intel Coxp., Craig 
Barren, went to see toe former mech- 
anical engineer who now runs China, 
Jiang Zemin. 

Behind toe high, walls of the Zhong 
Nan Hai compound, where China’s 1 
leaders live, the two men talked for an 
hour about toe power of the Pentium II, 
Intel's newest chip. 

They talked about the potential of 
“Webcasting” — or broadcasting via 
toe World Wide Web. It was a tech- 
nology that Mr. Jiang said he welcomed 
in China, somewhat to his guest’s 
surprise, and Mr. Barrett said the talk 
left him with new insights about 
toe pragmatic mind-set of the former 






Pace 11. 


Pa«es 8-9. 

Sports — .■■■ 

... Pages 20-21. 

The tntermarket 

Pages 4, 17. 

| fhe IHT on-line wvvvv.hm com g 

i 

L ■ 

. • -- 


Stuck in Arctic Ice: A Climate Study 


By Malcolm W: Browne 

New York Times Service 

ICE STATION SHEBA, in the Arc- 
tic Ocean— Hoping to eliminate some 

major uncertainties in global climate 
forecasting, scientists from five nations 

have aUowed an icebreaker to be frozen 
into a floe drifting in the Arctic Ocean, 
where they will gather a gigantic treas- 
ury of data during toe coming year. 

With luck, their measurements, 
many made at toe cost of acute dis- 
comfort, frostbitten fingers and other 
injuries, will settle some disagree- 
ments among Theorists about the in- 
teraction of toe Arctic climate with 
that of the rest of the world. 

The yearlong program is called 
SHEBA, an acronym for Surface Heat 


Budget of toe Arctic Ocean. It is a web 
of interrelated measurements that will 
put climate theories to practical tests, 
perhaps ruling out some theories and 
confirming others. 

Some theorists believe, for example, 
that adoubling of toe amount of carbon 
dioxide in the atmosphere in toe next 
century could warm it enough to melt 
all of the Arctic sea ice, which covers 
an area the size of toe United Stales. 
Such a change would have profound 
consequences for toe global climate. 

But otherclimatologists believe that 
the effect of increased carbon dioxide 
would be less severe. Only by meas- 
uring fine details of toe complex cli- 
mate engine will rt be possible to as- 
sess ana perhaps resolve such broad 
questions, said Richard Moritz of the 


University of Washington, director of 
the SHEBA project 
An understanding of toe dynamics 
of the Arctic climate, moreover, will 
allow analysts to make much better use 
of satellite pictures of toe polar ocean. 
Scientists using such pictures cannot 
now reliably distinguish between 
cloud cover and surface ice. Clouds 
and sea ice have very different roles in 
shaping climate, and an improvement 
in the interpretation of satellite pictures 
— made possible by comparing them 
with actual ground observations — 
would be an important achievement 
SHEBA, costing $19.5 million, is 
by far the most expensive and complex 
research program ever financed by the 

See ICE, Page 10 


factory engineers who now run China. 

It was, in a way. a presummit summit 
meeting, and toe fact thai such talks 
have become more commonplace il- 
lustrates a central truth about the Amer- 
ican- Chinese relationship: While the 
two governments have kept each other 
at bay during most of toe 1990s. toe 
American business community has de- 

Mr. Jiang’s visit unites a broad 
coalition of protesters. Page 2. 

veloped a web of relationships — in- 
cluding some with the Chinese gov- 
ernment's top officials — that is far 
richer and deeper than anything diplo- 
macy has yet accomplished. 

So this week, Mr. Jiang will be spend- 
ing considerably more time with Amer- 
ican businesses — from International 
Business Machines ro AT&T to Hughes 
and even the New York Stock Exchange 
— than he will with President Bill Clin- 
ton and official Washington. 

As a result, one subtext of the summit 
conference that begins Wednesday is an 
effort to find a way for American for- 
eign policy to catch up to the corporate 
foreign policies of Intel and Microsoft. 
Westinghouse and Boeing. 

"In many senses,” Treasury Sec- 
retary Robert Rubin told American ex- 
ecutives in Beijing last month, “you 
have invested in this relationship more 
fully than we have in Washington.” 

But much like Washington’s inter- 
actions with Beijing, those of corporate 
America have been a mix of success 
stories and daunting setbacks. 

To talk to American executives in 
China is to hear tales of executives in hot 
water for crossing swords with the 
wrong provincial governor while others 
were feted on yachts sailing through the 
Three Gorges. And in Washington. 

1 See CHINA, Page 10 






E 

I 




THEAMERICAS 


Jiang Visit Helps Unite 
A Diverse Group of Foes 

Protest Rally Spans Political Spectrum 


By Lena H. Sun 

Washintum Post Service 


WASHINGTON — When President 
Jiang Zemin of China is welcomed on 
the White House South Lawn with a 21- 
salute Wednesday, thousands of 
i plan to greet him outside 
the executive mansion with a towering 
replica of the Goddess of Democracy, 
the symbol of the Tiananmen Square 
opposition movement. 

The demonstrators will include 
people who under normal circum- 
stances might be pro testing against each 
other. But the Chinese leader's visit has 
pulled together an unusually broad co- 
alition of groups and individuals to 
make points against it 
Conservative religious organizations 
such as the Family Research Council are 
mobilizing alongside organized labor 
unions. Liberal Democrats, human- 
rights organizations and such unlikely 
allies as the conservative talk-show host 
and former Reagan aide Oliver North 
and the actor Richard Gere, a practicing 
Buddhist, to focus attention on human- 
rights abuses in China and Tibet 
The protests scheduled in Washing- 
ton ana other cities during Mr. Jiang’s 
eight-day U.S. tour are among the 
largest and loudest to meet a foreign 
head of state in recent years, according 
to organizers. And while many of the 
groups disagree bitterly on issues such 
as abortion, opposition to China has 
(woven a powerful incentive to overlook 
disputes in other areas. 

Everyone involved has agreed to * ‘fo- 
cus on China's restrictions on freedom 
of expression, association and reli- 


gion,'* said. Abigail Abrash of the 
Robert F. Kennedy Memorial Center for 
Human Rights. The center is one of five 
human-rights groups organizing the 
rally Wednesday at Lafayette Square, 
across from the White House, that lead- 
ers predict will draw at least 2,000 par- 
ticipants. 

Gary Bauer, president of the Family 
Research Council, one of nearly 30 
groups taking part in the rally, said: 
“Every once in a while, there is a great 
issue that causes coalitions to fall apart 
and re-form, and 1 think this is one of 
those issues." 

Religions conservatives are due to 
participate in the rally here along with 
the AFL-CIO labor federation, the 
Committee to Protect Journalists, the 
National Consumers League and the 
Sierra Club. 

■ Meanwhile, although the rally may 
draw the largest crowd, groups with 
chapters around the country, such as the 

International Campaign for Tibet and 
Amnesty International USA, have been 
wotting for weeks to organize events 
other than the standard protest “so that 
the effect is varied.” Christine Haenn of 
Amnesty said. 

The day after the Chinese leader vis- 
its the Liberty Bell in Philadelphia on 
Thursday, for example, Tibetan monks 
in cinnamon-colored robes plan to chant 
Buddhist prayers to “cleanse” the site. 
In Boston, before Mr. Jiang speaks at 
Harvard University on Saturday, pro- 
testers are planning to begin a 48 -hour 
hunger strike to commemorate those 
killed in the crackdown on pro-democ- 
racy demonstrators near Tiananmen 
Square eight years ago. 




Predator Ls Said to Infect 11 Women 


By Blaine Harden 


UgypB— fag/n—w 

Protesters carrying a model of the Goddess of Democracy in Washington. 


Protest organizers say they do not 
want to isolate China over its human- 
rights abuses. Like President Bill Clin- 
ton's administration, they say their goal 
is to encourage the United States to 
deepen its relationship with the world's 
most populous nation. But, organizers 
say, they want the administration to do 


so by pursuing a- vigorous commitment 
to h uman rights and democracy. 

“We support Jiang coming here, and 
we also support the president going over 
there — so long as he stops being so 
wimpy,” said John Ackerly, president 
of the International Campaign for 
Tibet. 


Oregon Debates Assisted Suicide 


MAYVILLE, New York— Until this 
m orning , residents of this village in the 
wine and dairy country had die luxury of 
worrying only about die predictable 
woes of life in rural upstate New Yonc. 

So they were stunned and disbeliev- 
ing when Chautauqua County health au- 
thorities announced Monday that a 20- 
year-old sexual predator from outside 
the co mmunity had in the past two years 
infected at least 11 local young women 
with the virus that causes AIDS. 

“Are you sure it is not Mayville, 
Wisconsin?” said Mayor Dave Cran- 
dall, when asked whether he knew that 
someone bad been wreading the virus in 
this village of 1,900 people. 

It was here amid the cornfields ana 
blazing ' autumn foliage of the rural 
Northeast that law enforcement officials 
say Nushawn W illiams — also known as 
Shoe Williams, Headteck Williams and 

Face Johnson — had sexual contact with 
at least 28 young people, the youngest of 
whom was a 13 -year-old’ girl Author- 
ities said they are investigating whether 
Mr. Williams traded drags for sex. 

Mr. Williams, who Is now in jail in 

New Yoric City on drag charges, al- 
legedly met his sexual partners by 
hanging around parks and playgrounds, 
according to law enforcement officials. 
He continued to have unprotected sex 
with young people after a diagnosis in 
September 1996 that he had the human 
immunodeficiency virus that causes 
AIDS, according to Robert Brake, the 
county health commissioner. 

“What makes this cluster so unique is 
the fact that although all of the new 
cases of HIV infection stem from, het- 
erosexual contact with this one indi- 
vidual, at least half have occurred after. 


POLITICAL NOTES 


and I emphasize after, the-date that he 

was (esied and counseled as to both his 
HIV status and modes of disease tran*. 
mission," Mr. Berko said. “Furiha. 

more, it appears that he did not wam his 
contacts about his seropositive status,” 
New York confidentiality laws bar 
identifying HIV-positive people. But 
Mr. Williams’s identity was released, 
alon g with a photograph, after pose-, 
cutors persuaded a judge Monday thathis 
threat to the community was. more tm- 


i f 


The Chautauqua Comity , omnet at- 
torney, Jim Subjack, said that hi&’ office 
was bringing statutory rape chants 
against Mr. Williams for allegedly hn. 
ing sex with a 1 3-year-old ginfrom . 
nearby Jamestown. Mr Subjack said the 
girl lad consensual sex with Mr. Wli-A. 
Gams four months after Mr. WiHianyP 
was told he was infected with the AIDS 
virus. The girl ffledacoxnpIaijQtOcti6. 

The prosecutor said that authorities • 
had begun investigating' last summer 
after six young peope went to the health 
department for AIDS tests and. all of 
them identified Mr. Williamsas asexual 
partner. Ail six. the oldest of whom is 
28, tested positive for the AIDS virus, - 

The county health commissioner said 
his staff had so far rested 28 peopte.wfa 
had had sex with Mr. Williams plus 53 
other people who had had contact with 
his sexual partners. Eleven'people have 
tested positive so far, Mr. Berke said. 

While Chautauqua County is a rural .. 
area, Mr. Berke said, its teenage preg-:'’ 
nancy rate in 1992 ranked third in tfaeV. 
state. Sex education courses in public 
schools brought the rate down to about 
the state average, he said, but “in spite of 
all that progress, now we have this.” 

“We have been getting complacent, , 
too comfortable with our programs. We 
have got to street-proof our lads.'’ O' 


By Timothy Egan 

New York Timex Service 

PORTLAND, Oregon — 
When the Supreme Court 
ruled in June that there was no 
constitutional protection for 
“the right to die,” that was 
not the last word on assisted 
suicide. The stales were free 
to pursue “the earnest and 
profound debate about the 
morality, legality and prac- 
ticality” of the issue, the 
court wrote. 

With that, an issue that 
could be to the next century 
what abortion has been to this 
one was returned to Oregon, 
.where it all began with a 
voter-approved assisted sui- 
cide law in 1994. 

But as Oregonians now are 
voting again, this time on a 
measure that would repeal 
their original act, which was 
blocked by a court challenge. 



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the debate has rarely been as 
“earnest and profound” as 
the justices might have 
hoped. 

Millions of dollars, much 
of it from the Roman Catholic 
Church on one side and the 
philanthropist George Soros 
on the other, has fueled a 
caustic campaign over out- 
side influences and morality. 

StilL. after being defeated 
by voters in two other states 
and mined down by legisla- 
tures in more than 20 others, 
assisted suicide may be close 
to establishing its first United 
States' beachhead here, polls 
indicate. Results will not be 
known until a three-week 
period of mail-in balloting 
ends Nov. 4. 

The Oregon initiative, 
passed three years ago by 51 
percent to 49 percent, allows 
doctors to prescribe a Lethal 
dose of medications to ter- 
minally ill patients who are of 
sound mind and have made a 
written request to die. Even as 
the law was snagged in court, 
the Oregon state legislature 
worked to stall its implemen- 
tation, sending the act back to 
the people for repeal. 

A poll taken last month for 


The Oregonian, the state's 
largest newspaper, suggested 
that the repeal would fail by a 
nearly 2-to-l margin. But 
since then, nearly $2 million 
— more than half of it raised 
by Catholic dioceses around 
the country — has been spent 
trying to defeat the assisted 
suicide law. Advocates of the 
law have raised more than 
$600,000 to fight repeal. 

“I expect the gap will nar- 
row considerably, but ulti- 
mately I think the repeal will 
fail,” said Tim HiWntts, an 
independent pollster in Port- 
land who conducted the sur- 
vey. Past elections in Oregon 
have shown thatneariy halfthe 
voters wait until the last few 
days to make up their minds. 

The repeal effort, which 
has angered many voters in a 
state known for its independ- 
ent electorate, may have 
helped turn the tide in favor of 
those who support assisted 
suicide. 

“There has been tremen- 
dous anger at the legislature 
for taking people's vote 
away,” said Groff Suger- 
man, a spokesman for Oregon 
Death With Dignity, the 
group leading the campaign 


for assisted suicide. 

The main argument against 
the assisted suicide act is that 
it is “dangerously flawed,” 
in the words of Mark Hat- 
field, the former U.S. senator 
from Oregon. Also, senior- 
citizen groups complain that 
the law is more likely to be 
used by poor patients whose 
illness has caused a financial 
crisis in a family. 

Opponents of assisted sui- 
cide have the support this time 
of major groups of Oregon’s 
medical professionals, which 
were neutral in the last vote. 
Doctors, however, are split 

Under tire Oregon act, a 
patient who is judged by two 
doctors to have six months or 
less to live would be eligible 
to receive a prescription for a 
lethal dose of drugs, most 
likely barbiturates, after wait- 
ing 15 days. 

Some patients who have 
been given a maximum of six 
months to live have gone on 
to live years longer, the doc- 
tor groups point out. ' 

But since many doctors 
already help their terminally 
ill patients, the act would 
simply legalize an existing 
practice, its supporters say. 


7 rrJm * y, n .. n t looking over their shoulders as they bend their elbows. 

C lock 1 1 CKS for Donations ranel This month, Boston has witnessed the cautionary tale of 

w the hontecoming of Ray Flynn, most recent U.S. ambassador 

to the Vatican, longtime mayor here and, by the account of 
an article in The Boston Globe that appeared just five days 
after his return from Rome, a sub-par performer as am- 
bassador to the Vatican and long a problem drinker. 

Mr. Flynn, who is all but officially running for governor 


WASHINGTON — Senator Fred Thompson likes to use 
a football metaphor to describe what he thinks has happened 
to his Governmental Affairs Committee’s investigation of 
campaign financ e abuses. The opposition, the Tennessee 
Republican says repeatedly,is “trymgto run outthe clock" 
on the committee, which faces a Dec 
complete its investigation. 

Mr. Thompson directs this criticism at the White House, 
which he has accused of engaging in a deliberate partem of 
delay and obstruction in producing subpoenaed material, 
most recently videotapes of President Bill Clinton greeting 
wealthy supporters at White House coffees. 

But if White House officials are guilty of delaying the. 
gam s, they are not alone. From the AFL-CIO and various 
liberal activist groups on the left to the Christian Coalition 
and die Republican National Committee on the right, this 
Senate investigation has encountered an unusual — some 
say unprecedented — amount of resistance to its demands 
for information. 

The committee’s response, according to lawyers for 
several groups and individuals who have raised objections 
to subpoenas seeking documents and testimony from wit- 
nesses, has been to walk away from any potential con- 
frontation, leaving many of its demands unmet (WP) 




31 deadline to of Massachusetts next year; vehemently denies virtually 
every one of the points in the article, published Oct 3. He 
accuses the newspaper of savaging him because, he says, it 
opposes his bid for governor and has contempt for his 
‘xlass, religion and ethnic background." (Read: blue col- 
lar, Roman Catholic and Irish.) 

“You see, people at the top of-The Boston Globe don’t 
understand or respect working-class families," he said. 
“And they really don’t approve of someone like me who has 
refused to abandon my working-class ‘lifestyle.’ ” 

The Globe, owned by The New York Times Co. but 
independent in its news operation, stands by its account Its 
news executives say Mr. Flynn’s accusing the paper of 
ethnic and religious bias is absurd, when it has many Irish 
Catholics on its staff, right on up to its editor, Matthew 
Storm, and has endorsed Mr. Flynn in the past. (NYTf 


Quote /Unquote 


■wp d A 1/ rjn » /-yj i Robert Squier, a longtime political consultant who 

nx-noston jjmXYOT lOn&S on LrlOOG vises A1 Gore, after the vice president unveiled new fef 
^ guidelines for dealing with domestic violence: “Often ’ 

die federal government can do for families seems 
than NATO or the Cold War. But to families, if you 
provide a cop on (he beat in the neighborhood and d 
down crime, that's a big deal to a family.” fl 


BOSTON — It used to be that this was the kind of town 
where all good pols were expected to take a few drinks, 
mayhap even more than a few, with the beys. 

From here on in, though, all good pols will most likely be 


weather 


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Away From Politics 


• Power was still out Tuesday for more than 140,000 
homes and businesses from Nebraska to Michigan, two days 
after a blustery snowstorm rolled east from the Rockies.f AP ) 

• Americans donated $25.9 billion last year to the country’s 

400 largest charities, the Chronicle of Philanthropy reported. 
The Salvation Army, which raised $1 billion, was the biggest 
recipient for the fifth straight year. (AP) 

• The peace activist Philip Berrigan has been sentenced to 
two years in prison and ordered to pay $4,703 in damages for 
vandalizing a U.S. Navy guided-missile destroyer during a 

‘ l Iron Works in Maine. 


protest Feb. 12 at the Bath i 


(AP) ZZ 


TRAVEL UPDATE 


Romans and Parisians Get a Lift jg 

PARIS (AFP) — One week a year Romans will be allowed 
to travel through Paris free and vice versa, Paris’s mayor 'Jean 
Tiberi, and Rome’s mayor, Francesco Rutelli, announced here 
Tuesday. 

Starting next week, the agreement between the two capitals 
allows all those with a yearly transport subscription in their 
home city to travel freely one week a year in the other city. 

Romans will have a free ticket to all Paris's RATP transport 
facilities in the central zones I and 2. while Rome’s ATAC- - 
COTRAL facilities in Zone A will be open to Parisians. 


The Brotherhood of Maintenance of Way Employees 
agreed to extend its strike deadline against Amtrak to Nov. 6, 
at least temporarily averting a- walkout that threatened to 
strand hundreds of thousands of commuters along the North- 
east corridor of the United States from Boston to the Wash- 
ington area, the Transportation Department announced Mon- 
day night (WP) 


Europe 


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Forecast for Thursday through.Saturday, as provided by AccyWeather. 


North America 
Plenty of sonafiinor across 
he eastern U.S. Thursday, 
but soma rain -wiH move 
Into the Northeast and mfci- 
AVamJc Friday Mo Satur- 
day. Chilly across the 
nation's mid section with 
some shawm, but sunny 
end warm across the 
Southwest through the 
period. 


Europe 

Milder in northern Europe 
Thursday, but turning cold- 
er with some snow moving 
across northern Scandi- 
navia Friday Into Saturday. 
Dry end m Elder In western 
Russia Thursday and Fri- 
day. but becoming colder 
again Saturday. Cloudy 
and rainy from Greece to 
southern Italy. 


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Very windy end cold 
ecross Manchuria with 
some snow or hurries 
Thursday through Satur- 
day. The cold air wffl funnel 
Into northeastern China 
and Korea, but 8 should be 
dry with some sunshine. 
Turning colder in Tokyo 
wWi a cpiarie el ehowers h 
.spete, Dry ki Shanghai, but 
turning cooler. 

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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, OCTOBER 29, 1997 


PAGE 3 


ASIA/PACIFIC 


< Indian Leader Orders 
Election Preparations 

Move Follows Setback in Key State 


;■ By John F. Bums 

New York Times Service 

NEW DELHI — After a week of 
.. turmoil ther was remarkable even by the 
■turbulent standards of Indian democ- 
, racy, the coalition government headed 
by Prime Minister Older Kumar Gujral 
has ordered party leaders to prepare for 
. a possible general 'election, one many 
• m Indians believe could be wqn by Hindu 
, nationalists with a history of exacer- 
bating Hindu-Muslim tensions. 
i Mr. Gujral’s government hopes to 

- hang on at least until the middle of next 

• year, when the coalition will maik two 
-y years in office. The common fear of 
: facing an election could yet prolong the 
■ government's life, although recent events 
b have fostered new animosities among the 

• regional and leftist parties in the co- 
alition, and between those parties and the 

'i Congress (I) Party, whose parliamentary 
f. votes keep the coalition in office. 
f Most Indian politicians say they think 
it unlikely that a new election can be 
i delayed for more than a few months. In 
r.any case, when the vote comes, it is 
_ expected to center on the Hindu na- 
r donalist group, the Bharatiya Janata 
. Party, and whether it can benefit from 
the disarray that has afflicted its main 

■ rivals, including the Congress Party. 

j- The Congress Party's decline has 

• been matched by a progressive rise in 
. - the power of the nationalists, especially 
t in the populous northern states. 

: In the May 1996 elections, the Hindu 

nationalists won the largest bloc of 
; members in the 545-seat lower house of 

- Parliament. The minority government 
they formed collapsed after 13 days for 
lack of support from other parties. 

T But the complex calculus of Indian 
l national politics may have changed as a 

• result of events last week in Uttar Pra- 
: ' desh, the most populous state. There, a 
! Hindu nationalist government survived 
: despite violent efforts by other parties to 
i unseat it, and did so in circumstances 

■ that may have bolstered the Hindu na- 
; tionalisls' standing in the country. 

: As milli ons saw in televised replays, 

1 legislators opposed to the Hindu na- 
i rionalists staged a melee bn the floor of- 
i the state assembly, throwing punches at 

• political opponents, hurling chairs, rip- 

• ping out microphones and throwing 

• them at die podium. Several legislators 
: were led away bleeding. 

The nationalists had been in power 
5 only briefly in Lucknow, the capital of 
; Uttar Pradesh, when a power-sharing 
: deal with the Bahujan Samaj Party col- 


lapsed. The party represents the so- 
called untouchables who are at the bot- 
tom of Hinduism’s ancient serial and 
religious hierarchy. After heading the 
state government for six months, the 
untouchables reneged on a pledge to 
return the favor by backing the nation- 
alists' leader, Kalyan Singh, as the 
state's chief minister. 

According to Indian newspaper ac- 
counts, Mr. Singh’s group used entice- 
ments, including ministerial posts, to 
attract defectors from the untouchables’ 
parliamentary group, and from the Con- 
gress Party. 

The opposition groups conducted 
their violent protest, then steamed from 
the legislature, allowing the Singh gov- 
ernment to win the confidence vote and 
confirm its control of a state with 140 
million people that has traditionally 
been crucial in national elections. 

What troubled many Indians almost 
as much as the violence was the reaction 
of tiie Gujral government. Within hours 
of the Lucknow melee, Mr. Gujral re- 
commended- that India’s president, 
Kircheril Narayanan, 75, use his con- 
stitutional power to dismiss the Singh 
government 

But Mr. Narayanan, a lawyer, refused, 
contending that die circumstances in Ut- 
tar Pradesh did not amount to a breach of 
constitutional order, the legal basis for 
dismissing a state government 

As the Gujral cabinet wrangled over 
the issue, it became clear that the reason 
Mr. Gujral had sought the Singh gov- 
ernment’s dismissal was because of 
pressure from the Congress Party, 
which threatened to bring down the 
Gujral govemmentif itfailed to comply. 
The party’s leader, Sitaram Kesri, 78, 
ambitious to become prime minister 
himself, is said to have concluded that 
the Congress Party's only hope of re- 
turning to power in New Delhi is to halt 
the Hindu nationalists’ rise. 

Indian newspapers described the out- 
come as a personal debacle for Mr. 
Gujral, but opponents of the Hindu na- 
tionalists said they may have sown die 
seeds of their own demise by breaking 
so dramatically with the untouchables in 
Uttar Pradesh, apparently damaging 
their chances of forging similar alli- 
ances in key states for the national elec- 
tion. 

The Bharatiya Janata Party, “has 
convinced itself that it needs a gov- 
ernment in Lucknow to reach Demi,*’ 
M. J. Akbar, editor of The Asian Age, 
wrote in Tuesday's editions. “But it has 
probably shot itself in the foot” 



Police Gash 
With Students 
In Indonesia 

The Associated Pits* 

JAKARTA — Police officers and 
soldiers used sticks to break up anti- 
government protests Tuesday by sni- 
dents in two Indonesian cities. 

Some students said they were 
protesting the planned renomination 
of President Suharto, who is likely to 
be re-elected to a seventh consecutive 
term in March. Mr. Suharto. 76, has 
governed Indonesia for three decides 
and is Asia's longest-serving leader. 

In Jakarta, about 100 protesters, 
clashed with the police when they 
were denied access to a monument 
commemorating Indonesia's indepen- 
dence from Dutch colonial rule. 

The gathering was dispersed, and 
about 30 protesters, some badly 
beaten, were taken away in police 
vehicles, witnesses said. 

Earlier, in Bandung, about 175 ki- 
lometers (110 miles) southeast of 
Jakarta, dozens of police officers and 
soldiers blocked 200 students from 
marching on a government building, 
protesters said. Three -students w-ere 
hospitalized, witnesses said. 

Audi Triana, a student, said the 
demonstration began peacefully as a 
protest against the government's re- 
sponse to drought-induced famine in 
the remote province of Irian Jaya. 

He said the students also wanted 
more action from the government to 
save the life of an Indonesian maid 
now facing the death penalty for 
murder in Saudi Arabia. 


Police Block Supporters of Burmese Dissident 


The Associated Press 

RANGOON — Riot policemen 
scuffled with supporters of Daw Aung 
San Suu Kyi on Tuesday while trying to 
prevent (he opposition leader from meet- 
ing with members of her political party. 

The incident undermined hopes that 
tensions were easing between the mil- 
itary government and Burma's oppo- 
sition movement 

The scuffle broke out when about a 
dozen party members rushed past police 
barricades as Daw Aung San Suu Kyi's 
motorcade approached the office of tire 
National League for Democracy, or 
NLD, in northern Rangoon. 

Daw Aung San Suu Kyi’s motorcade 
refused to retreat, and her car was sur- 
rounded by riot policemen at tire en- 


trance to the road near the office. Re- 
porters, other party members and local 
residents were pushed away from the 
scene by riot policemen and were un- 
able to see the result of the incident. 

A government spokesman called the 
attempted meeting a “rally" and said 
authorities had advised Daw Aung San 
Suu Kyi to hold it inside her compound 
for “security and stability reasons.’’ 

The military government has placed 
strict limitations on Daw Aung San Suu 
Kyi's ability to leave her home for more 
than a year. But recently, the govern- 
ment has softened the restrictions. 

Last week, she was permitted to visit s 

National League for Democracy office in 
Thaketa township, a northern suburb of 
Rangoon, where she metabout 100 mem- 


bers of the youth wing of her party. 

She pledged that she would begin 
making visits to all the National League 
for Democracy offices to reorganize the 
yonth wing of the party. 

Diplomats in Rangoon hailed the de- 
cision by the military government to 
allow Daw Aung San Suu Kyi to travel 
outside her home and conduct peaceful 
political activities as a step forward. 

An official of the Mayangon branch 
of the NLD said the party had followed 
government regulations and asked -local 
officials for permission to hold the meet- 
ing. But on Monday, government of- 
ficials denied the party’s request, telling 
them that “any subversive group could 
take advantage of this meeting to cause 
problems,” said die NLD member. 


BRIEFLY 


Korean Opposition 
Takes a Partner 

SEOUL — South Korea’s main op- 
position party said Tuesday that it had 
agreed in principle to join forces with a 
smaller party to field a joint candidate 
for the presidential elections Dec. 18. 

An official of the National Congress 
for New Politics said iis leader, Kim 
Dae Jung, who has held a commanding 
lead in all major opinion polls for 
weeks, would become the joint oppo- 
sition candidate for the elections. 

Kim Jong Pil, leader of the smaller 
United Liberal Democrats, will become 
the prime minister in the next govern- 
ment if the joint candidate wins the 
elections, the official said. 

Further details will be disclosed when 
the two parties announce their agree- 
ment Friday. {Reuters) 

Smog Closes Airports 

JAKARTA — Smoke from forest 
and bush fires thickened over Indone- 
sia's Sumatra and Kalimantan regions 
on Tuesday, forcing several airports to 
close, officials said. 

They said that the Jambi, Padang and 
Palembang airports on Sumatra island 
and the Pontianak and Palangkaraya air- 
ports in Kalimantan had been closed. 

Rampant forest and bush fires on 
Sumatra and in Kalimantan — the In- 
donesian half of Borneo island — have 
been blamed for a smog that is blanket- 
ing parts of Southeast Asia, especially 
Malaysia and Singapore. (Reuters) 

Pill Gains in Japan 

TOKYO — Japan took a step Tues- 
day toward approving the low-dose birth 
control pill after a key committee gave 
the oral contraceptive' its blessing. 

The decision means that Japanese 
women may gain access to the pill next 
year, some three decades after if was 
Introduced in the West. 

The pill cleared a critical hurdle after 
a Health Ministry committee gave ap- 
proval for it to be discussed by the 
ministry’s Central Pharmaceutical Af- 
fairs Council. 

The council, which convenes every 
three months, will next meet in Decem- 
ber and will ask for input from the public 
before making a decision. {Reuters) 

For the Record 

The nomination of Thomas Foley, 
the former House speaker, to be U.S. 
ambassador to Japan has cleared the 
Senate. Mr. Foley, who was approved, 
91 to 0. replaces Walter Mondale. (AP) 



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PAGE 4 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, OCTOBER 29, 




1997 


z'"' 


-I - — w ji it THE INTERMARKET 




KSSHSSWBBk^ m'i'StfS 






‘•*1 ~ ;#r*" 


BUSINESS OPPORTUNITIES 


LEGAL NOTICE 


NOTICE OF SEIZURE 

NOTICE IS HEREBY GIVEN 
that by virtue of Warrant for 
.Arrest in Rem. issued by the U.S. 
District Court for the District of 
Maryland, in an action entitled 
United States of America v. 


Si .01 9-000.40 In II.fi. 


Currency. I, Eddie L. Colter, Jr, 
Special Agent, United Stales 
Secret Service, arrested on June 
4. 1997, said property described 
under Civil Docket No. JFM 
97-1779 and Died with the Cleric 
of ihe Court for the District of 
Maryland for violation of 18 
l/.S.C. Sections 1343, 1956 and 
1957. and which action request 
that the said monies be seized for 
condemnation and confiscation 
and requests such costs and 
disbursements as decreed by the 
Court Any person who is 
entitled to possession, or claiming 
an interest m or to said property, 
pursuant to Supplemental Rule C 
(6) of the Certain Admiralty and 
Maritime Rules, Federal Rules of 
Civil Procedure, and within 10 
days after publication must file a 
claim with the Cleric of the Court, 
US. District Court for the 
District of Maryland and make 
service upon the attorney for the 
plaintiff and most serve their 
answers within 20 days after the 
filing of their riaim* All 
interested persons should file 
claims and answers within the 
time so fixed, or bo defaulted and 
said pr o perty be condemned and 
forfeited to the use of the United 
States of America. DAVID L 
SALEM, Assist. U. S. Attorney. 
4th Floor, US. Courthouse 6500 
Chenywood Lane, Greenbeb, 
Maryland 20770, attorney for the 
plaintiff 

U.S. DEPARTMENT OF THE 
TREASURY, UNTIED STATES 
SECRET SERVICE. 


LEGAL SERVICES 


WANT TO LIVE 
IN AMERICA? 


Let American Vila Lottery 
Associate! he/p you apply far a 
green card in the nra tottery. 
Professional advice for ssKtessfu! 
app&canto. 

No job or prafy in the US. needed 
Otrrecdpt ifeMfogNov. II 


TeL: + 44 (0) 171 499 5702 
Fax; +44 (0)171 236 2533 


Offshore 
Company 
& Trust 
Formation 


■ Fat Efficient fa&BMiul 
i Management. Nominee & Admin. 
Services* Bank introductions. 


Bahamas 

$500 

BVI 

$500 

Delaware 

$295 

frdand (Non- Rest 

J235 

Isle of Man 

£250 

Jersey 

£495 

Niue 

$500 

Othen on request 


Credit Card payment! accepted. 
CaQ now Jar more information. 




Tel: +44 1624 8T7494 
Fax: +44 1624 817604 
E-mail: 

ccsgroupserviccs@enterprise.net 


BUSINESS 

APARTMENTS 


W 

nii’9i«ci 

BUSINESS IN 
BRUSSELS? 

For a week, a month 
or longer, 

business apartments 

with every facility. 

Contact Jacques at: 
Brussels Hilton 
Residence 

Square Axnbiorix, 28 
B-1000 Brussels 
Tel: (32 2)743 51 11 
Fax: (32 2) 743 51 12 

“...your home for 
business” 

Minutes from the European 
Cnmmilauon and Parliament 



S*mluA iFnmz 


Sports themed Restaurant, Bar 
to be seated in the new 
'STADEDE FRANCE 11 -PARIS 
is seeking FUairial Partners 


Tris + 33149770306 Fu : 33 1 43 78 74 ZS< 
CAS& uBifl;hqaWoe<teb4itaranft 


PORTFOLIO \l \\ \<.l MI N T 


I.tri , «;il h>\ ofrimitl A<>. IliiiiilisIntvM.- << 

( I1-NI177 /.i ir icl>. +4 I I 2X1. (>5 1)0 


INCORPORATE 


Protact Your Personal Assets 

< inaxporan tn any 8«a, mduOnfl 

Dsiamia, Nevada £ Wyoming 

LLCa (Urwod UsMiry Componlw) 
• in as ntUe as 48 Iwura 

Corporate Agents, Inc. 

Fax. PCZ) 996-7P78 
ContpuSww GO INC 

hnpfiWwiLCoraoraMxam 


302 - 998-0598 


COMMERCIAL 
REAL ESTATE 


CANADA IMMIGRATION 

0w 15 years asance ii assidiK 

Fi% second mripmt jnretaor finds deed 
by a major Canadao finandi istiMnn. 

For contdential & prefesayd Wo matioc 
HUM ttna SML 47 ne tan 
75017 HtRS.MiL: *33 (02 47 £3 4620 
DL-Cawk+1 514 SK99W -ta :(N95 


MAWHAHM 


BEAL ESTATE 


LLWViJJJXi 


1WTY 


EBB TORHiawms 


Rsr sale two important office bnfld- 
inss in (he heart of Manhattan, for 
$35 million each. Loaded on Fifth 
Are and 45th Street, fuSj rented, 
recently renovated. Owner is lor 
dgner, wants transfer of ownenhip 
by transfer of the shares of his for- 
ogn corporation. 

No taxes. 

Bub 213-570-0608 
Phone:212-734-5181 


NEW YORK CITY 

(mh atrial W*nr£rant an Saten I«hwt 
lOJXXhqm Land; 2J00mn Bultfinw 
100m frontage an IQr von Kul. am of *» 

worlds buried waterways. 100m frontage 
D on major rafic ortery. 

$34 WBon. Omar Bax 0406. HI, 
850 Hud Aw., NY, N7, 10022, USA. 


INT ERNA TIONAL 
MARKETING AGENT ' 

Progressive wefl established 
sales promotion and 
incentive marketing 
company Requires a "go 
getter* to generate business 
throughout Europe. Profit 
- sharing deal offered. 

Atoms successful track 
record essential. 
DnBmtted earning potential. 

NO INVESTMENT REQUIRED 
Contact ABke Taylor in loodoe 
Tct + 44 (0)181 952 0007 
Fax; *44 (0) 191 952 0000 
THE LEtSUXE GROUP 


FiiR >.\Li: i.TNTA'.X 


Neotr hull aabame Mrid Sport 
and Ha h* Out. 

■ lOh and outdoor t cnnU courts 

- Ffcneu, #maah, aerobics, gvm 
. pm, nrimsami pool 

- Siam, antith, bret rcataonm and bar, 
betntr xalon and tmps. 

■ h muniu t mamidooMdieMtte. 

Please write PO h» 22-1 1 5226 u 
PitMictau. CH-I002 Launmne 


We sell 

the following products 

Lenox, Uadro, Waterford, 
d, Christofle, Baccarat, 
Swarovski, Royal Doulton. 
International supplies: 

Rax: + 31 (0)20 6330394 in 
The Netherlands 


BMPUS STATE BUILDING 
ADMES5 

Gain Intent cmdtofltty. 
Estafaffah a NY presence In 
ihe world's beat-known 
buMH 


room. fumWied mM-oNus. 
■ wro n g oa w c ea mcw 
1B:2B4IMB* RNt21MH-na5 


TELECOMMUNICATIONS 


Announcing a Special Offer for Tribune Readers.., 

LOWEST RATES! 

PRICE • QUALITY - SERVICE 
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Any Phone, Fax or Cellular • Call for All Our New Rates 
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Works Great: Travelers, Offices & Hotels 

Special Introductory Rates — Kail To USA From: 

Germany 20c Hong Kong 32c 

Switzerland 22c Netherlands 24c 

Korea 66c Singapore 32c 

Indonesia 90c 

Italy 29c 

Malaysia 
France., 

United Kingdom 16c 

Australia 22c _____ 

89C PHICt - ooalitv - ogrvic 

►Tel: 1-407-676-1717 

Fox: 1-407-674-52*9 ‘rr 

I Up to 25% Cemmlssioall E-mail: S«des@kdblKBt^oni 
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Free International Calls 


Sign Up bdore October 31. 1987 and receive 525 worth ot tee cafe. 
Sorry, but our prices am too aimpel^ to be advertised 
Fbrworidwide prices and avafebity 
Please CaH. fax. Mai or e-mail and menBonthe BjgiSaite 


NAD Telecommunications Int'l. Inc. 

180 East Main Street, Suite 203, Smithtown. NY 11737 USA 


Phone +1(516)724-1977 FAX: +1(516) 7247916 

e^adfginc1@i(m 

TTisgflsr is nolwSdwWnlheUhted Sates and certain parts of the vrodd. 

Certtorestefiansapiily. 


Save £ 85% On 
International Calls! 

T7w Original 

kail back 


Calf To The U.S. From: 

Germany 

$0.31 

U.K. 

$0.19 

Japan 

$0.38 

Hong Kong 

$0^6 



AT1T FBw Optic Networks • 24-Hour Customar Service 
Rainbad B Second BBBng • Idaal lor Horn, Ofltca, 
Hoiahand Cal Phanea 


I Ttedara gal dapandaUa, MgtH|Mflty aarvica"] 
-nm 


Agants wanted 
t^n 1-206-378-2861 


Tel: 1.206.599.1991 • Fax: 1206^99.1981 

417 Sacond Atanua WM > SoatHa,WA 98119 USA 
www.Mlbacfc.coni • Email: IntoOkallbadLcoin 


Save up to 80% 

O N A [.. I. 

International Calls 


CpCCi Remote Programmable Sendee, Speed C&sfine, 
l^RAfafca and Personalized Voice Prompt s 

. No Startup Fees • MuKHJnguai Operators Available 
Perfect for Horae, Offlcxt, Hotel, Fax. or Ceflular Phones 

sbe gee wamini wb to the has 

UJC $009 SWITZERLAND $OJ29 

FRANCE $030 mUY I SO.38 

GERMANY — $024 EGYPT— 


-$1.08 


Call: 201^87^400 Fax: 201.287.8437 

frmad: tribeBo 3 (> na wiw u ri«1 t»U . eoni hBp^/onara e a—o rtd te*BdBoi 


Ka mos to maims 
MEKrewEume axatMwo 


tSMjmu trPHBOHHHj MPmOMLW 

tesconrr fiob skm apwnHH bo ntrs 


|g|JgH@RLD 


MIIIIIIIIIEilllll 



ITC 


INTERNATIONAL TELEPHONE COMPANY 

WORLDWIDE CALL BACK SYSTEM 

SAVE UP* TO 80% 


Distributors Needed Worldwide 

For Call Back Internationa 1 Domestic & CeJJulai’ 


International Telephone Company 
290 Pratt Street, Meriden, CT 06450^2 118 
1800-638-5558 ext. .9 1 / 203-238-9794 Fax: 203-929-4906 


READERS ARE ADVISED 

that the International 
Herald Tribune cannot bo 
hold respon&do for loss or 

damages incurred as a 

resvk of transactions stmw 
mina from advertisement* 
which appear in our 
paper. It is ther ef ore rec- 
ommended that readers 
make appropriate inquir- 
ies before sending any 
money or entering into 
any texflhg cwiiniAimiic. ■ 


Import/Expart 


WE EXPORT WORLDWIDE 

At! AND ANY 
CONSUMER PRODUCTS 
NO HATCH CHAT 
YfflJB HEEDS ARE 
Phase cooed 
"USA EXPOHT CO." 

Tfit fflMBMHO. Rk 201-696^1661 
Boat KB7312X89canf)iBa*exan 


NO AMEX INC. 

LARGE GRADER OF USED CUTTHNO 
For men - men - driUran 
PfiBAJM & DOMESTIC QUALITY 
DSW JEWS A imi JACKETS 
Bpgfl Mg bates, saal M as, bows. 
AHUCaTaSIA, EUROPE, UMAST, 
CSfTRAL A SOUTH AU5WX 
T«t 71^342^278 Fax:71M42-2258 US 


Trade Ctamal Grins k he interna ste 
utm knpoctBS & oher large rakme 
buns can source praduds & (M ap- 
ples vortMde. Trade Chaim Onlna b 
a tavica d Trade Chamal, he art! 
tasorte U 1 trade jouraltar «a 50 ys 


BA&ARMACNAC, GRAND CRU. Lain 
qwrfijy rf top quaBy Frend) bandy fo- 
sab. Seta* om pnduce, yaare 1972 la 
1980 hdusbe. Td -(33 KM SWO 5881. 


ROBUSTA COFFEE BEANS, Afrtai 
lowest prices. Telefax 
i + 954 474-3866 


Business Opportunities 


■ OFFSHORE BANKS 
COMPANIES & TRUSTS 
BMGRARON/PASSPOmS 


Aston Corponta Trustees 
Aston Hooaa, Doarira, bJa of Han 
Tat +44 BB 1WB26ES1 
Fas *44 16M 625126 

London 

Tat -*44 01 171 233 1302 
Fac +44 (lq 171 233 1519 

E Itefl: aStonUartarpriseM 

wwwjstooJosudeoBTixaik 


GLOBAL >€ALTHCAfl£ 
COUHMCATION GTOUP 
FUI tkns adwibfcig sales repraseoadre 
nouahad Ewope ( and other mafeefe^, 
10 tel aUvwBtng space and matfcedng 
carTfBignB. to companies whose 
products an) ssntoss can be rnorksoed 
n our European o r fflobti Keabhcare 
node program 

Previous profenkm sales a pariBnce 
is requkad and a Mstoiy wkhtn the 
HeaUicsro feH k a dene assaL 
Ftae send CVs ta 
David C—nbs fl, Managing Director 
GkW Hamcara Cten w faBoni ' 
Gn» Ltd, 16 Banras Sbiat, Lmdoo 
BP 3DE. Fib -#44 (0)171 6ES 2285 


OFFSHORE COMPANIES 

READY MADE CCtz, RAJ. ADMH 
TRADE DOCUMBOS AND UC 
BANKING A ACCCUNTiffi 
CHHA BUSINESS SERVICES 

Cora Strife Ho tor knmedae 
santoes S compay broefue 
NAGS LID, Rocni 11®, AUon Ptoza 
2-6 Gtanvte Road, 1ST, Kowloon, 

. wnat iBEseNuupera 
I Fax 27224373 


CHINA 

, business? Expanding? Need an 
liming proUaros? Excess RUB? 
— w ath OBton deannee, acblra- 
ton arforceme nb ? Any other proWem? 
• Cafix wcantetoTfeL44122 
707402a Fac +41 22 7074021 or 
Td «BS2 25406211 Fax +4G2 25406272 


CASH WHEY 

We pwkte tor exchange of oirendas 
into he curan ofyour choke, 
wrtWdB. uiSmiM and dscmL 
Ptoase wte you proposals ta 
ftc 4320233 1 648 
: 10 bus 5 
l Aitarap, Balgun 


CtKESBMAllON of Sendee dTnfbmra- 
don Code DtotamadquB & Conndrire 
ttopte to a pasgxxp tottntin mateer- 
1 yavlSm I 5 n S2500 1 
Bettne ttooa Senator Ttte + «ooa 
Vftte tar appfcaiton ftc COC, POB 224, 
CH-8056 Zurich Rk +41 1 371 71 08 


2nd PASSPORTS / Driving Ucances / 

ROtor'nm! 
Men 16610, Own. Fax 8862152, 
Wp^wwwgUahnoneyim 


BREAKTHROUGH IN FUEUWATER 

R^^am^^l^^T?iTtt«tes 
mBatrie. Vfcfi wwwjnamdzerjcoo; or 
Tat 215-766-9900 FaxfttS-7667320 US 


NEED US5 3 raro far jfobM venture to 
G««». tor ne* lectnokxfe Ml ' 
wih U8SW nfa Cortactl 
♦301^*3378. 


USED LEWS 
AmbfE 
used Lnfs is 
YHWwstera. Deaton 
Fax Anarlcan 
51M3M 


PROJECT FIIANCE CONSULTANTS - 
Ws ban soikh .wten m can obtain 
project finance. For appOcadon taros 
' lax DF Project Frora Gonad- 

: on 61-7-55-71 1650 


MTOOOUCStS REUSED: iilh I 
exchange, totua, options find : , 
cBsntt, wafee an excefeni wiuwrafcn 
padap. Teflto 44 171 236 3328 


DBKT ACCESS bu^i SWISS facB- 
Ues for sacond Ngh yWd towstroert 
prouzn. For prime andtor company If 
Oily. FTC 441 71 4551479 


FRENCH HANAGSBIT COMPANY - 
Ranch pastry A Ranch cooks seating 
artads for d o w to p rxrt ot hetefe. tt. 
Ptflp, Fax +33 (0)1 47 S 67 33 (Paris). 


OFFSHORE COWANES. ftr bee mo- 
Chora or «Mce Tat London 44 131 741 
1224 Fax: 44' 161 748 65566338 
MnrrapiMonmiA 


DUHDNDS FOR MLB Sm nr BOD- 
In (Samonds. Cel now Beurtun Tel 
I Fax: + 32-321 34657 


VOUD YOU LKE to work h Irebnd? 
See the Irish Jobs Page:- 
MtBMmr.oipJa 


Partnerships 


FRENCH CfTTZBI PARTNER WANTB) 
tor smal artarprise In Mca wflh strong 
passi)®^ fix mutjpfe enlerprfsas. No 
money raqufcad. OiW good baahaa rap- 
utatton and abttv to work woti me. 
East RLTHOa?fTONOwfciJ«^MS 
Rax: 910452-3812 USA 


Telecommunications 


FROM ANY COUNTRY - Fanny - 
A new tuskuss opporai* tor 
M tarnnuta tona comparies or 
stad tor tamstora to any country. 

- FAXWAY; 

Tin New Way of Sandtog Fax to Fax. 
We pnxride inHsy system, haRMra A 
sfirara tee. Under a fcsnaed partner- 
ship - Vary high marten. Fax Inqutaas 
to: BBT DATA UttTELEGOfii 
Fax : USA +1 305 782 08B2 


Business Services 


GENEVA 

SWITZERLAND 

fij Service 
is our Busviess 

* Hamaflonal law and taw 

* Mribac, te le phone, tetar ard 
Wecopier sonicaB 

* TnaMon and noahofel unices 

* famrihn, dcrid M on and 
afrnh su aton d Safes atofaelgn 


i oScts and carisrana 
roams (or dely or monthly rental 

Fii cortdence and dscrodon assured.. 

BUSINESS ADVISORY 

SERVICES SA 
7 Rub Muzy, 1207 GENEVA 
Tal 736 05 40, Tlx 413222, F« 786 06 44 


GROW YOUR EUROPEAN BASE 
Wttai heavy soda! doges, 
Rartabasad orkuBw irih sbong 
tatty of safes growti notable . 
tor rod matty rr quarterly 
consriancy tarougboil Europe. 
Tria|itinw+»#44 57 81 86. 


LOOKING AT EXPANDfftQ orcufilvailng 

K riant bass h Garnery? We offer 

ding, Trade Show, Promotional 
Meedng and Evert Services. Contact C. 
Lylfl Maristing 8 Evert Services. 
TaWFax ++48 m 524725 or e+naib 
106061 2663taoonpaav«4xxn 


2ND PASSPORTS.’ Visa tree travel S 
banktog back door to §prin & EU. 
Agents are welcome. Tet 572 50883135, 
Fax 872 4 0643236 


Exmitlw Assistant: Professional with 
hfl enertariu 8 certral London office 
arriaUe far asrignmanls 0171 895 0151 


HABJNG LISTS ty Barger A Company 
European business and oonsuner data 
Tel: 44 1312262890 Fax 44 1312267801 


YOUR OFFICE H LONDON 

Bond Street ■ Hall, PTxme, Fax, Telex 

Tet 44171 290 9000 Fra 171 483 7517 


BJROPEAN BANKS Issue tor you UCs, 
SBLCa Payirert/Rnanclal Guarantees 
Proof rt Raids 8 Btactoad Funds. Fx 
+46-1011832856 Tt +©-1720075517 


EUROPEAN BANKS fesn to you IAS, 

Sacs Papenffirraocbl Guarantees 

Prod of Finds & Furring Cnftnedon. 

ft 448-1611832858 Tfc 4J&-T72B075517. 


Capital Warded 


HIDEAST ANGEL REQUIRED 
Aoranries designer vtt strong Jortart- 
an^raaa comcttans seeks risfanan 
badness parow to back statin trafth 
rotated des^sranteairtB in new free 
eade 2 os near Amman, Jordan. OiaNy 
produds, outstanding imarnaJlonal 


SWISS / EU START-UP COUPANT 
MaiWtg and 

.Sqtea e tough toe haemal 
totfiqj torjafiond Inmott 
Far *41 22 310 48 62 . 


INTERNATIONAL FRANCHISES 


A Franchise Svstein That Works! 


” It » way easy go understand the reasons why I chose 
BMS Tcchndo^es ftirtny professional career os a. 
Master Franchise owner. BMS Teetfc highly developed 
technology alknrs snperior quality of service in'tbe areas 
of deaning ud reetomroL* 

' But, it is not possible to do such a job as an individual, 
a support team is needed. This is where BMS makes the 
diffe r ence: a phone call, an e-mail and aD the franchises 
around the world are at my disposal. It’s wonderful 
when we can keep our indrviduaiity and. ar the same 

time, be part of this wgiuii/alkHL 

The best of two workW jfll 

iBSim 7-3^ 

FAX: 817-33^-5349 USA ^ 



CO-NTH 01 

AM ENT! FIE COUNTRY WITH 


Master Rights Opportunity 

TnivtilMM^TtaNftf^agenq 


^■trayneUxjm/Tranchise 

Meet our Execs In Burma Fal W 
Stephanie Abrams, Exec V. P. 
Tol: (201) 567-B600 ext 23 
Roc (201 ) 567-4405 1 OSA 


Xntematioiial 
Herald Tribune 
ads work 


7? +44 171 420 0348 






% 




Capital Available 


ANGLO AMUICAN CaOUf 
-FLC * 


PROJECT FBWJCfi 
VBITUflE CAPITAL 
GLOBAL COVERAGE 
NO MAXIMUM 
BROKBTSWaiXM 
Fhr CofBsafe firaefare ana 


Tot +44 1824 201 S65 
Fac +44 1824 201 377 
You are wdcoroa to vfet u& 


kitemaBonri Men jart. 

CorpauialPitsita Rraocwi 

A» commeroa pretads 
No teuti contract 


CHRISTON & C0.-USA 

TELD1-fi0248fr9715 
FAX: D1-602-48M663 
E4M CHRSCO457OA0LG0M 


CAPITAL CORP. 

M & A 


. (Vtatfedda) 

Tel: 001-407-248-0360 

Far 001-407-24WB37 USA 


PROJECT FINANCING 

Ventore Captaaf - Jute Ventres - 
No ttaxknum - Bnhars Protected. 

RJi. WTERNA710NAL 
Tet 001-242-363-1649 
Rue 001-716-779-8200 


FUNDS AVAILABLE 
Rr tovaamert Programs 
Pmof of Funds Amto 
Tfiroogh AccourS HoUera at 
Seven 0^. & Biopaan Baris 
(212) 75B4242 Froe (212) 758*1221 
wwMtohntemeyjDom 
Attornmfa A Brahara taied 
375 Part Ava, NY, NY 10162 USA 


GLOBAL PROJECT FUWHG 


iNTItntTIDNtl YMTUall 

For Corponta Brodwe 
Fax: «44 113 2727 580 
Tab 444 1132727550 


COMMERCIAL FUNDING AVAILABLE 
Butanes Ftanee " VWure CapU 
WortNde • Brotaro welcome 


ETOiC HYESTieWTS LTD 
FAX 444 (0)115 842 7846 


"■■BNATE & IMLHTED 1 
CspU waUte far 
ALL budness rrofec&i 
HN LLS. 31 nLtoo max. 
feifT Business < 

(717) 307-7480 [ 
Hlp A wiiw . lrl b u M un.com (Mamet) 


EQUTTY FWANCMG 
Construction or hydro projects. 
USA or rtamabo na l remonh. 

310 mfcn fa 31 biba 
Send 2 page brief (to Enrich) to: 

74 


ARABIAN GULF Foodara AvaUabto fa 
hind vtabte projects of minimum 
US8L5M+. Fax your bfarest and a brief 
snma^hr tee hU appraisal 

Canautarta, TO Bra i^.'^^UAE 
(Dtrixri Ecom DepL Ucensed ConauF 


ASSETS AS LOAN COLLATERAL 
US$765,000,000 to verifiable assets. 
Ekcriort coBatad hr fern ban. Must 
«fl now. H luriffi, sacrnce. Cad 806- 
6795379816322-8688 USA. 


INT’L PROJECT FINANCING LOANS 
wlh cash flow in vatoaUa currancy, no 
grarentoes, no in from fee, _ 

Grown tosL re. - Fax: + , 

9637 (USA). 


CAPITAL FUNDING AVAILABLE 
Mhtaun SIM USD. Charges no rasataar 
fees, Interest 4% & n». Contact Ms 
Herikn: Fax 604^24-1470 Canada. 


VON RICHTHOFEN FAHLY TRUST 
Funds watette SSU to S125M tor toust- 
nass^rofects bached try guarentoes. 
Print*** Fte Wy +39 SO 551416. 


COMHERCtAUBUStNESS FINANCE 
araBafa le tor any vfeble pra|ectt vnrid- 
tafle. Fax brief synopsis In Englsh to 
(+J44-12 


Ffmmclal Services 


FUNDING PROBLEMS? 

tor 

SOLUnONS 

Cmact 

BANCOR 

OF ASIA 


to secure 
Habto projects 

VBVTURE CAPITAL 
EQUITY LOANS 
REAL ESTATE 


Stapottad Guarartees 

Fie {6333 6103284 
Tel: 8844358 

ftw aWan wmed.on» tponfinari 


RHANCIAL GUARANTEES 
tosuonce / ReinsuBnce backed 


itasei-i _ 
Faro 581-9KK&2B USA 
rtvBKapOearittaaUILnei 


WUMnW. DISCOUNT: We buy f 

5?. ffss® 8 - 


WORLD WOE RNANONCr 

TMfftro™ 
a VMbn Cferita 
"Slock t"*"* 


P l . 


•Lattanoti 
'Accounts flecriwbli Ftandng 
*PrhraN PtaeranoB 
■Pubic Strife : 


Tel: (212) 75M242 
Fas (212) 758*1221 

ftotart Wrinms 

37S Part AW. NY, NY 1WR USA 
wwwjbttobamvnm 

Rriuxtabto Retainer 
Sometanas Raquiad.- 


. LLS. DOLLARS AVALABLE 
'TradiwProyaira/YflrtuaCipw 

" Eqdty barafttoge Lon 


Diamonds 


ROUGH OUHOU». Wa «d pay IstM 
cash tor geo qufey, Africao oririn. 
Whneoi* Rue 85* 474-3866 USA 


Serviced Offices 


START YOUR 
BUSINESS TODAY! 

Busness addresses, tomfehad oSces, 
meeing tadfees h: Atraafe, BWgtam, 
Brazil. Ftotand, Rnmca, Gnaioy. 
Greet Britain. Itriy, Tte Whrkxk, 
Portugal, Sartzartmd. USA 

Phase contact. Seles Office in Zuridi 

Tel. +41-1 214 62 62 
Fax 441-1 214 65 19 

e-mato wwbcn-zafcMbluetrtuh 
WBtxwrowribcnetwoikiOBi 




mm 


WORLWMDE 
business cermss 
NETWORK 


Your Office in Germany 

ws are -al your savtoe* 

* Ctwpteto rifce sh vicbs a two 
preswe addresses. 

’ Fuly aquiRMd eflen tor riot 
term or long (am. 

* tatanolarHr tadnad clice 
and pntosatonal riaff at your 
rfepnnU 

' Can be togtiy used as your 
caporrie aoavde tor GemBnyr 
Europe. 

* Your fiusiiess eperafton can staff 
hmaUtely. 

* Shea 197Z. 

Lrirco BusIkm Serrtce* GmbH 
Lascotiaus are Hobtausanpaik 

JujHnianrtBSse 22, 

60322 Ranhftxl am Main 


Tet (69) 9561M 
Fax: (691 595770 


YOUR OFFICE IN PARIS 

la ready whan you need It, 
wan bra conk of Ikmb. 

* fyty tanctori modem offices 

and contorenoes rooms to ran by ihe 
har, day. morti etc — 

■ You tactical or pennanart base 

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v 









INTERNATIONAL HERALD TRIBUNE. WEDNESDAY. OCTOBER 29, 199 


y \r EUROPE . ■■ 



»* *i. _ _ *. 

|^ :i In Italy, Secessionists 
Go to the Mock Polls 


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k ^ By Cel estine Bohlen 

’ N ™ Tints Sen-ice 

“■ .-> MONTECCHIO MAGGIORE, Iialv 

- ' ! _ i?5 a V nj f in v'J'. ith much P° m P and a 

2“** Paucity, the secessionist 

Northern Leagae staged an “indepen- 
dence day party for Padania, a country 
that does not exist. ' ' 3 

"•??<*. ^ we ^end. it staged its own par- 

■ L : liaraentary elections, complete whh 

t.- . printed ballots, voting booths and 1 176 
. !, •• ... candidates representing 63 parties each 
* ° ne a creature of rhe Northern League's 

■v ;i imagination. 

n Th* Northern League, headed by the 
flamboyant and abrasive Umberto Bossi. 
2 * > has again and again proved itself the 

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For several months, the national press 
and national politicians have done their 
best to turn down the volume on Mr. 
Bossi and bis followers by simply not 
reporting — or reacting to — their at- 
tacks on Rome and the Italian south. 

“Before, they used to bad-moath us. 
but that only gave ns positive public- 
ity.” said Giuseppe Ceccatto. the mayor 


viV ^i Exam Finds Papon 
Fit for Trial Shortly 

The Associated Press 

. -4V w BORDEAUX, France — Maurice 
< Papon will be well enough to appear at 
I *iV ’ll- war cr * mes trial by Friday, but a 
. , "• *'*!' judge has yet to set a new date for the 
' .‘.V:- next session, lawyers said Tuesday. 

Amo KJarsfeld. a lawyer represen t- 
p. ing victims and their families, said he 

■ ijg: was “relatively optimistic” that the tri- 

5 aJ would resume shortly. 

• ' Mr. Papon, 87, has been hospitalized 
— — with severe bronchitis. His illness has 

thrown the trial into disarray. He is 
accused of ordering the arrests of 1 ,560 
Jews from the Bordeaux region during 

• World War U, when he was a senior 
civil servant in the pro-Nazi Vichy re- 
gime. 

• An independent medical analysis 
found that Mr. Papon could return to 

. V court by Friday, Mr. KJarsfeld said. A 
date for resumption of the trial is to be 
announced Wednesday. 

Alain Jabukovtcz. another lawyer for 
the families of Holocaust victims, as- 
serted Monday that the defense was 
stalling. Mr. Papon'slawyer, Jean-Marc 

■ tjnen- Varaut, said he was "scandalized” by 

. the charge, adding that Mr. Papon was 
■ <-■-> . "spitting blood.” 


of Montecchio Maggiore, referring to 
critics. “Now they are dying- to ignore 
us, which is itself anti-danocratic.” 

Here in this town of 20.000 in the 
heart of the Veueto, a Northern League 
stronghold, the elections Sunday were 
real, if not entirely convincing. A white 
plastic tent was in the town’s main 
square. It contained a table, a pile of 
brown cardboard boxes with holes cut in 
the top and men dressed in green, the 
league’s color." • - 

Few voters were here Sunday room- 
ing, in part, many said, because of some 
li ngering embarrassment at open asso- 
ciation with the Northern League, 
which is regarded by many as the rogue 
elephant in Italian politics. . 

But by evening in Verona, 55 ki- 
lometers (35 miles) away, lines were 
' forming at a downtown voting booth. 
Many people, including some who had 
never before voted for the league, said 
their decision to cast ballots had less to 
do with Padania than with the Italian: 
government’s failure to deal with griev- 
ances over high taxes and a lack oflocal 
control over nuances and other issues. 

The elections Sunday were for 200 
members of a constituent assembly 
whose mission will be to draw up a 
. constitution by next spring that will rail 
for either secession from Italy or a new 
national confederation agreement that 
would provide more local controL In the 
meantime, league officials are continu- 
ing to press Rome for an official ref- 
erendum that would formally, and 
maybe finally, test the will for secession 
in northern Italy. 

In the Veneto. several voters said they 
still supported the league, even as they 
balked at its secessions! tactics.' They 
said they saw it as a protest movement 
against the waste, corruption and inef- 
ficiency of the central government. 

“Even though we have asked and 
asked for greater federalism for the re- 
gions, the Italian government really 
isn't doing anything.” said Livio, an 
engineer from Verona who declined to 
give his last name. “This really isn’t 
acceptable. It doesn't matter today what 
you vote for, the important thing is to 
raise your voice.” 

With this election, league officials 
say, their goal is another show of force 
and a reminder to the political elite that 
the frustrations of their voters have not 
disappeared. 

“Everyone in Rome is talking fed- 
eralism. but nothing is happening, so 
our alternative has to be secessionist,” 
Mr. Ceccatto said. “The system has to 
understand that we are serious and that it 
is up to than. If the state gives us what 
we want, then we can stop. ’ ’ 




Sim Kalm 4>-.n 'Tie V' 


CHILLY STANDOFF — An Italian soldier warding off the Bosnian 
cold Tuesday while on a peacekeeping patrol in centra! Sarajevo. 


8 Convicted in Spain 
Over Socialist funds 

~ MADRID — The Spanish Supreme 
Court has convicted two senior officials 
. of the Socialist Party in a high-profile 
case involving illegal political financ- 
ing that helped bring down the previous 
government, court sources said Tues- 
f day. . 

; Senator Jdscp Maria Sala was sen- 
tenced to three years in prison, and a 
■former lawmaker, Carlos Navarro, re- 
ceived a nine-year term, both for illegal 
association and falsifying documents. 
Mr. Navarro was given an additional 
two years iu jail for tax fraud. 

Four former Socialist officials — 
including Aida Alvarez. the former 
party accounts director — and two 
business executives, were also con- 
victed in. the so-called Filesa case, 
named for the front company that was 
alleged to have been set up to funnel 
funds to the party. An appeal to the 
Constitutional Court is pending. Three 
businessmen were acquitted .! Renters l 

Yeltsin Cabinet Backs 
Revised "98 Budget 

MOSCOW — President Boris 
Yeltsin's cabinet approved a compro- 
mise 1998 draft budget Tuesday, but 
Parliament ignored the government's 
pica for its 'early consideration and 
scheduled a debate for Nov. 12-14. 

The lower house, nr State Duma, 
which is dominated by Communists 
and their allies, rejected the govern- 
ment's original plan. The State Duma 
is to vote on revised budget no laler 
than Nov. 14. It satisfies lawmakers' 


demands for higher funding for the 
military, agriculture and social pro- 
grams. It also sets revenue at 367.5 
billion rubles ($63.3 billion), 6 percent 
higher than originally projected, f APJ 

NATO Near Accord 
With 3 Candidates 

BRUSSELS — The business end of 
expanding NATO to include Poland, 
Hungary and the Czech Republic 
should be cleared up this week with 
final agreement on sharing costs and 
acceptance of alliance obligations, a 
NATO spokesman said Tuesday. 

A Hungarian delegation will hold a 
final round of accession talks at NATO 
headquarters Wednesday and is expec- 
ted to confirm Budapest 's agreement to 
pay 0.65 percent of NATO's SI . 8 bil- 
lion common budget and accept the 
draft ol' a letter outlining the conditions 
and obligations of membership. 

The Poles and the Czechs are also 
expected lo complete the two steps this 
week. t API 

French Town Protests 
Over Wave of Arson 

MELUN, France — Several hun- 
dred people worried about a rise in 
juvenile crime protested here Tuesday 
after youths set fire to seven cars on 
Sunday and Monday. 

Representatives of the demonstra- 
tors delivered a letter to police 
headquarters demanding arrests for a 
scries of fires in ibis city of 36,000 
people, about 50 kilometers southwest 
of Paris. In one or the blazes, a kinder- 
garten was damaged. f AP) 


It’s Like Cold War, Moscow Says of Computer Inquiry 


The Associated Press 

MOSCOW Russian nuclear offi- 
cials rejected accusations Tuesday that 
they had illegally dodged U.S. export 
controls to buy advanced computers, say- 
ing a dispute with Washington smacked 
of Cold war-style confrontation. 

Russian officials have acknowledged 
buying U.S. superc o mputers to assist 
with nuclear weapons research, though 
they have declined to comment on reports 
that they purchased 26 IBM computers 
without U.S. government permission. ■ 

A spokesman for Prime Minister 
Viktor Chernomyrdin said that Mr. 
Chernomyrdin and Vice President A1 
Gore had discussed the issue last month 
during a visit to Russia by Mr. Gore. The 


two leaders “found way s to overcome 
the situation if it is established that this 
deal violates Russian or U.S. legisla- 
tion," the spokesman. Igor Shabdur- 
asulov. said. 

'‘Such problems should be settled 
without political demarches” and not 
allowed to spoil bilateral relations. Mr. 
Shabdurasulov said. 

Georgi Kaurov, a spokesman for the 
Russian Nuclear Power Ministry, was 
adamant that the Russians had not 
broken any laws or agreements. 

“We haven't violated anything." he 
said in a telephone interview. 

Mr. Kaurov criticized U.S. officials 
for what he described as a violation of an 
unwritten promise to provide Russia 


with high-performance computers to 
help simulate nuclear explosions. 

He said the U.S. side had made the 
promise in a bid to persuade Moscow to 
join the global nuclear lest ban last year, 
which it did. Americans “don't know 
how to work in new conditions, in a new 
spirit of cooperation.” Mr. Kaurov said 

U.S. government officials have 
denied that Washington promised to sell 
high-performance computers to assist 
Russia’s nuclear weapons program. The 
U.S. government is investigating wheth- 
er advanced computers manufactured 
by International Business Machines 
Corp. were put lo such use in Russia. 

In the United States, an IBM spokes- 
man, Fred McNeese. said the company 


had cooperated with the investigation 
from the outset and was trying to locate 
and recover any computers improperly - 
shipped to Russia. 

Under U.S. policy, the high-perfor- ■ 
mance computers require validated li- 
censes for export to military and nuclear 
installations. Without identifying any 
company, the State Department said li- 
censes were sought in 1996 by American 
companies to export the computers to 
two nuclear-weapons laboratories. 

The applications were rejected be- ! 
cause of a risk of diversion to nuclear 
weapons programs and because a Rus- ; 
sian minister said they were to be used to • 
keep Russia's nuclear stockpile safe and ; 
reliable, the State Department said. 


i-M* 


'-vy-v : 1 







PAGE 6 


Pi 

1 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, OCTOBER 29, 1997 


Global Market Turmoil /The Turhble in Asia Continues 


Asia Stocks Follow Suit 
After Wall Street Rout 

Hong Kong Banks and Property Firms 
Could Bear the Brunt, Analysts Say 


By Philip Segal 

Special la the Herald Tribune 


HONG KONG — Markets across 
Asia plunged Tuesday in response to 
Monday's precipitous decline on the 
New York Stock Exchange, with Hong 
Kong stocks tumbling to their lowest 
level in more than two years amid wor- 
ries about the Hong Kong dollar. 

The Hang Seng Index fell 1.438.31 
{joints, or 13.7 percent, to 9,059.89. It is 
now down 32.7 percent since the be- 
ginning of the year, almost all of its 
decline coming in the past month. 

The index tracking so-called red-chip 
stocks, shares in China-backed compa- 
nies that were the darlings of investors 
in Asia for most of 1997, plummeted 
l‘5.1 percent. 

The Hong Kong dollar was little 
changed at 7.7330 to the U.S. dollar as 
overnight interbank rates fell but three - 
month rates rose. 

- After the 554-point drop on Wall 
Street on Monday caused trading to halt 
before the market's normal closing 
time, the carnage in Asia's stock mar- 
kets extended right across the region. 
New Zealand’s market plunged 12.4 
percent, Australia's fell 7.2 percent, and 
Singapore shares fell 7.6 percent. 

Foreign investors were stampeding 
not only out of the region's stocks but 
out of its currencies as well: The Phil- 
ippine peso was marginally stronger 
against the U.S. dollar, but the Malay- 
sian ringgit fell to an all-time low. The 
Indonesian rupiah and Taiwan’s dollar 
also fell sharply. 

In Hong Kong, it was the future of the 
former British colony's dollar that 
weighed heavily on investors’ minds. 
Investors worry that the Hong Kong dol- 
lar, pegged since 1983 to the U.S. dollar, 
will eventually be devalued as many oth- 
er Asian currencies have been since Thai- 
land allowed the baht to float July 2. 

“If you’re a seller today, you’re bet- 
ting that the peg goes,” one fund man- 
ager said. 

Many investors expressed wony 
about the economic consequences of 
defending the peg to the U.S. dollar with 
high interest rates. In raising rates. Hong 
Kong's government is tiying to make it 
expensive for speculators to borrow 
Hong Kong dollars with the aim of 
selling them and driving down their 
value. But the high interest rates are 


taking a toll on local banks and property 
markets, the same sectors that ending 
ihe peg would hit the hardest. 

One analyst said local bankers had 
told him that Hong Kong would be better 
off gening rid of the peg sooner rather 
than later because of the damage being 
done in defending it. But conserving the 
peg has become as much a matter of 
saving face in Beijing and Hong Kong as 
an economic imperative. 

The sensitivity over the peg's future 
means that few otherwise volnble ana- 
lysts will come anywhere near the sub- 
ject. “We were warned against talking 
about the peg.' ' said Robert Zielinsky, a 
regional banking analyst at Jardine 
Fleming in Singapore. 

Part of the sensitivity over the peg has 
to do with China, the authority in Hong 
Kong since the former British colony 
was handed back to Beijing on July 1. 

The end of the Hong Kong dollar peg 
might force a premature devaluation of 
China's currency, the yuan. Because the 
largest pool of investors in China is Hong 
Kong residents, a weaker Hong Kong 
dollar would make China seem more 
expensive, especially compared with 
countries such as Indonesia or Thailand, 
which have seen their currencies fall as 
much as 40 percent since July. 

If exports from China and direct in- 
vestment there were to slow, the yuan, 
which has been strong until now, could 
quickly come under pressure. 

More immediately, the downturn in 
the Hong Kong market is taking its toil on 
the privatization plans of mainlan d 
Chinese companies. The official China 
Daily reported Tuesday that several 
mainland companies, including China 
National Aviation Corp., were postpon- 
ing public offerings in Hong Kong be- 
cause of poor market sentiment. 

In the meantime, the market in Hong 
Kong recovered from intraday lows as 
some investors began picking up stocks 
they found to be reasonably valued. 

Eric Sandlund of Prudential Portfolio 
Managers Asia was one such investor. 
He said he had bought shares Tuesday 
and would be back at it Wednesday. 

“If someone’s going to panic, maybe 
they should think about panicking in 
markets like New York, which are still 
near their record highs," he said. 

James Mitchell, Salomon Brothers’ 
Singapore-based strategist, said: “In 
Hong Kong, as long as the peg holds and 



Tokyo Sell - Off Limited 

Exchange’s Intervention Blocks a Plunge 


By Velisarios Kattoulas 

iniemmiuiuil Herald Tribune 


UdN'StilhmH-to 


A broker in Taipei wiping away a tear Tuesday as stocks plummeted. 


interest rates hold. we*d be buyers of 
everything in the property sector and 
utilities. ' * However, he said, “in the rest 
of the region, the volatility is too high 
for major investments." 

“I find it difficult to believe that 
people who loved the Hong Kong mar- 
ket at 16,000 can’t find anything to buy 
at 8,000," said Abhijit Chakrabortti, a 
strategist at HSBC James Capel. “This 
is supposed to be about value.'’ He 
recommended buying utilities such as 
Hong Kong & China Gas and China 
Light & Power. 

But for many sellers Tuesday, it was 
not about value at all, butaboutfean that 
facing a prolonged battle over defend- 
ing its currency. Hong Kong is looking 
at crippling interest rates that could 
wipe out all increases in profits for most 
of the territory's banks. 

“Banks are operating at negative 
spreads right now," said Tom Monaco, 
an analyst with Bear Steams. He was 


referring to the fact that it costs banks 
more to acquire money than they can 
make lending iL As a result, “they aren't 
lend ing,” Mr. Monaco said. Because of 
that, “nobody’s buying property. 

Raymond Lee, a banking analyst with 
Salomon Brothers, added: “Banks in 
Hong Kong have never seen more dif- 
ficult operating conditions than this year 
as far as I know." 

As an example of die problems facing 
banks, Mr. Lee said Wing Lung Bank’s 
650 million Hong Kong dollar ($84 
million) floating-rate certificate of de- 
posit us^ to cost it interest payznents in 
the range of &S percent. 

But with the recent sharp rise in in- 
terest rates, its latest fixing is an an- 
nualized rate of 37.6 percent, said Mr. 
Lee. That single certificate of deposit, 
one of many, will cost Wing Long and 
extra 42 million dollars, wiping out 
more than 4.5 percent of next year’s 
forecast profit, he estimated. 


TOKYO — Japanese stocks slid to 
their lowest level m two years Tuesday 
but were spared the panic selling that hit 
other Asian markets after the Tokyo 
Stock Exchange made h more difficult 
for investors to sell shares. 

The intervention underscored offi- 
cials’ determination to shield Japan's 
fragile economy from the worldwide 
sell-off that was sec off Thursday by a 
rout in the Hong Kong stock market 

It .also illustrated how skillful they 
become ax calming investors since 
the .collapse of Japan’s share-price 
bubble in the early 1990s. 

The benchmark Nikkei 225-stock av- 
erage finished with a loss of 725.67 
points, or 4.26 percent, at 163 12-69, its 
first close below 16,500 since August 
1995. 

After the Dow Jones industrial av- 
erage posted its biggest percentage drop 
in TO -yeans Monday, Tokyo stocks 
opened sharply lower Tuesday, prompt- 
ing the exchange to tighten trading con- 
trols. Its actions cut in half the length of 
time a stock is offered -for sale when 
offers to sell outnumber buying orders, 
and it delayed displaying new prices for 
sell offers. 

“We ask investors to watch move- 
ments calmly and to invest with cau- 
tion," a statement from the exchange 
said. 

Finance Minister Hiroshi Mitsuzuka 
and other top officials also appealed to 
investors to stay calm. 

“Japan's economic fundamentals are 
stable," Mr. Mitsuzuka said, adding 
that he was watching share-price move- 
ments with great concern. 

Some analysts lamented the Tokyo 
exchange’s decision to meddle, as they 
saw it, with trading. 

“The market’s rail was misleadingly 
small,” one analyst who asked uot to be 
identified said -T dunk 15,000 for fee 
Nikkei would be an appropriate level. ’ * 

- Although Tokyo stocks were ostens- 
ibly reacting to the weakness of U.S. 
markets, worries about sluggish con- 
sumer spending in Japan and fee impact 
of slowing economic growth in fee rest 
of Asia also weighed on the market 

Japanese consumers have stayed away 
from stores far longer than fee govern- 
ment and most private economists had 
expected in the aftermath of some sharp 
tax increases imposed in April. Car sales, 
department-store sales and housing starts 
all have remained weak, causin g compa- 
nies to cut their earnings forecasts. 

Moreover, some economists fear feat 
slowing growth in Asia triggered by the 


financial crisis feat started with fee de- 
valuation of fee Thai baht in July coukf 
hit Japanese exporters and other c&npa- 
nies active in Asia. 

Southeast Asia is bofe one of fee 
biggest markets for Japanese expats 
and the home of scores of factories 
owned by Japanese companies.' . " 

••Be it fee Japanese stock market or 
Southeast Asian stock markets, they all 
have indigenous and exogenous reasons . 
for their falls," said Mineko Sasaki- . 
Smith, chief economist at Credit Suisse 
First Boston Securities in Tokyo; , 

“In Japan, we are suffering from a 
cyclical deceleration of the- economy 
from too-rapid tax increases and from 
fears about fee impact on fee economy 
of the asset-price bubble in Southeast 
Asia.” 

Worse, some economists warned feat 
weakness in American fi n an c ial mar- 
kets could dent consumption in the 
United States as well, dealing Japanese 
exports a second blow and further slow- 
ing economic recovery. 

Among individual Tokyo issues, 
banks were hit the hardest. Stocks in the 
sector fell an average of. 5.49 percent 
because of worries about fee compa- 
nies’ exposure to dropping real-estate 
prices elsewhere in Asia, where many 
have lent aggressively. 

Banks would find it even more of a 
struggle to write off their estimated 28 
trillion yen ($229 billion) in had loans if 
the Nikkei average were to sink aid 
remain below 16,000. Many Japanese 
banks use unrealized gains- on their 
equity portfolios to write off bad debts, 
but analysts say those gains disappear if 
the Nikkei is below 16,000. 

■ Dollar Loans Lose Appeal 

Japanese companies based in South- 
east Asia are moving to nondollar cap- 
ital to try to avert foreign-exchange 
losses in fee region's currency crisis, 
Japan's leading economic daily repott- 
ed Tuesday, according to Agence. 
France-Presse. 

In procuring funds, they are switch- 
ing from the dollar to the yen as .well as 
local currencies, despite the high in- 
terest rates on loans in Southeast Asian 
currencies, the Nihon Keizai Shimbun 
said. 

Before the crisis, the Japanese 
companies’ Southeast Asian subsidiar- 
ies borrowed dollars and exchanged 
them for local currencies, the news- 
paper said. Companies that have made 
the switch, it said, include the semi- 
conductor unit of Fujitsu Ltd. in Malay- 
sia and the Malaysian, Thai and In- 
donesian operations of Toray Industries 
Inc., Japan 'S top synthetic-fiber maker. 


<nJ* * 


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ftOMY: a 







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RAGE 7 


Global Market Turmoil / U.S. 


.S. Stocks Cla/w Their Way Stick 


* Asian Troubles Spark 



Banks Facing a Cash Sq ueeze 


By Thomas Crampton 

International Herald Tribune 


«v 


S) 


c\ 


BANGKOK — Asia’s tumbling cur- 
rencies and markets risk creating a cap- 
tud crench for companies across toe 
region as banks freeze country, credit- 
^jKday 311 ^ 675 aDC * econ °mists warned 

Bankers said the recent market tur- 
moil would make them and other lenders 
limit loans to debt-dependent econo- 

on falling stock markets. 8 • 

Additionally, a prolonged plunge of 
Tokyo stocks would fence Japanese, 
banks, the region’s largest lenders, to 
cling to spare cash in order to meet 
capital requirements. 

‘‘You are going to have a lot of head 
offices of banks asking what is hap- 
pening in Asia,” Chan Chia Lin, beadof 
economic research at ABN AMRO 
Bank in Singapore said. “The speed of 
the crisis has been too fast to assess the 
economic impact, so banks will hold off 
on increasing credit levels, for countries 
until the dust settles.’ 4 

Miss Chan said this reassessment by 
banks could put pressure on fragile econ- 
omies. 

“The risk that this could lead to fi- 
nancial meltdown outside Thailand is 
not severe," she said, “but countries 
with weaker currencies, like Indonesia, 
will face the big problems." • 

A significant portion of foreign com- 
mercial loans in Asia — perhaps as 
much as half — were made by banks 
with no active presence in the countries 
where they have extended loans, said 
Douglas Asper, managing director and 
senior country officer of Chase Man- 
hattan. Bank. 

“Long-term banks like us will not 
make hasty decisions," Mr. Asper said, 
“but smaller creditors will be more eas- 
ily influenced by recent ted news. They 
mil be studying risk a lot more 
clbsely." 

In Thailand, about 40 percent of the 
country’s $91 billion in foreign debt .has 
come from banks with small represen- 
tative units or no offices at all, said 


David Proctar,Bank of America country 
manager and president of the Thai For- 
eign Banker's Association. 

“Most of these banks have made 
loans totaling $50 znilhon or SI00 mit 
Hon each, softey have the least to lose if 
they decide to-leave," Mr. Proctor said. 

' Larger creditors would be less likely 
to hah Tending, Mr. Proctor added^as 
this would only worsen economic cent 
ditions and make payment less likely. 

Kazuo" Nakamura, die Tokyo-based 
managing director and chief economist 
of Dai-lchi Raqgyo Bank’s research 
unit, said Japanese banks that had loaned 
$119 billion to Asia by the end of 1996 
were already cutting baclc on lending 
portfolios and could face pressure on 
their ability to make new loans if Tokyo 
shares keep dropping. 

“Economies, particularly in South- 
east Asia, have exceeded common sense 
for far too long," -Mr. Nakamura said 
“Now we are laying a reality check that 
will make bankers reduce exposure." 

At the end of 1996,- Japanese banks 
had extended more than $70 billion in 
loans to Southeast Asia, well over half of 
Japan’s $119 billion of loans to all of 
Asia. 

A plunge of Tokyo stocks would have 
a grave impact on the ability of Japanese 
banks to make overseas loans, Mr. Na- 
kamura said, as it would require them to 
keep spare cash to meet capital require- 
ments. Japanese banks, which tradition- 
ally have large equity holdings, are per- 
mitted to count the par value of stocks 
when calculating capital adequacy ra- 
tios. * ^ 

“If the capital market deteriorates, I 
am worried Japanese lending may 
■shrink," Mr. Nakamura said, adding: 
“A wholesale pullout from Asia will not 
lumpen became this would canse polit- 
ical problems and make the situation 
worse for existing debtors, but Japanese 
banks realize duty' have committed too 
much to Southeast Asia. ’ ’ 

Lower markets will also hurt repay- 
ment prospects for many loans, Miss 
Chan of ABN AMRO Bank said. 

“An unfortunate amount of loans in 
Asia are linke d to the markets,” she 
said. 



Bloomberg News ■ 

SAO PAULO — A rebound on Wall 
Street heh^ed Latin American stock mar- 
kets climb into positive territory Tues- 
day, as investors put more weight on local 
economic fundamentals and returned to 
markets where share prices phmged as 
much as 25 percent in tour days. 

Prices were becoming “comically 
low," said Brian Barish, a fund manager 
at Cambiar Investments in Denver. 

Mexico City’s Bolsa index rose 9.87 
percent in late trading, to 4,684.67 
points, after falling as much as 7.6 per- 
cent earlier in the day. That was on top of 
a 13.31 percent fall on Monday. 

Sao Paulo’s Bovespa index rose 6.42 
percent, to 10,44732 points, reversing a 
10 percent early loss. The index fell 
14.97 percent Monday. 

“There are really no fundamental rea- 
sons for Brazil and other Latin American 
stocks to fall,” said Manuel Maceira, an 
equity manager at Banco Tendencia S A 


in Sao Paulo. ‘ ‘With large privatizations 
coming in Brazil, many stocks are likely 
to go up." 

A recovery in the Dow Jones indus- 
trial average and other American mar- 
kets and a belief that the region's eco- 
nomic growth prospects remained solid 
also lifted markets. 

‘ The Dow Jones is back up, that means 
capital is moving worldwide,” said 
Christina Hintz, a fund manager at Banco 
de la Pro vincia de Buenos Ames SA. 

Bond prices also recovered. Yield 
spreads on Latin American bonds nar- 
rowed, after the plunge caused the av- 
erage yield differences between emerg- 
ing market debt and U.S. Treasury bonds 
with the same maturities to widen to as 
muqh as 815 basis points from a record 
low of 330 earlier this month. 

“Bonds got crazily oversold," said 
Peter Urbancyzk, a fixed income debt 
trader with Credit Ly onnais in New 
York. “Especially in Brazil, where so 



CawpNtd bypcrSieff FmmDtspm&a ■*' Rirf amrty sfet said the dollar wag still vnl- ' 

NEW YORK — The dollar fell nerabte. . ^ 

against most major curre n cies Tuesday, - “Ihe-<k»Har is"foe most at ride from 

but a rebound in U.S., stocks rescued it coaxfamodrasssure on asset markets be- 
from the sharpest losses. 7 ^ of^U:S.‘ reliance on Hiflows cif':' 

The dollar, hit a ' four-ntenih!' Ipw e ^ra®i i^pit^; , ’' said Paid Meggyrsi, 
against the Deutsdwmaik after theDow senior cmrency economist at Deutsche 
Jones industrial average opened lower, MmjgatfOiwiftffli ^ • 
following through frqorfee biggesrrqut 
of the decade on Monday! ' , ' 

. But the blue-chip index quickly re- 
gained positive territory, ahathe dollar 1 
went with it - 

"All eyes have really, been glued on — — . , . .... . 

the domestic market add the foreign , peering Gemaj^ates to <£a0>,paxtio - . 
bourses,” said Robert Katz, a trader at olarlyaftCTBuaaefoank<*^ 

‘“The dollar is just piggy- Otraar Issmg indicated ;feHing stocks 


WVIffllll \JIMIIVU. 

TheDow f s,wlatfflty has quashed ex- 

^..fetercstrates. 




FOREIGIV EXCHANGE 


MIS Bank, 
h acking: " 

| - The dollar was at 1.7413. Deutsche 
marks in late trading, down from 1.7515 
PM Monday; at 5.8320 French francs; 
down' from 5.8915 francs; at 1.4235 
francs, down from 1.4445 francs; 
.;$ijpd at 129.475 yen from 121.775 yen. 
The pound rose to $ 1.6658 from $ 1 .6635. 


would have nobaring onrate derisions. 

Traders wfll-lpok to Afan Greenspan, 
chairman of fe£!Federal Reserve Board, 
for clues for direction on interest rates 
when be testifies before Congress on 
Wednesday: 

“There’s a widespread agreement 
now there is no way Greenspan is going 


to be pushing interest rates np in the U.S. 
near term because he’s got to cons liter 
die impact of die equity fallout,” said 
Glenn Davies, chief economist at Credit 
‘Lyonnais. “We’ve already seen Mr. Iss- 
ing saying he doesn’t see any reason to 
change the interest rate ontloric far Ger- 
many just because we’ve had a frill in 
equities." 

Some analysts see die dollar suppor- 
ted against the yen by sluggishness in 
Japan’s economy and concern problems 
elsewhere in Asia will spill over into 
Japan, farther weakening die economy. 

Tlfayea has been kept from falling, 
hdwever, by concern U.S. and Japanese 
officials will not tolerate it bring weak- 
er. That’s because a weak yen would 
stretch die. wide trade gap with the 
United States by making Japanese good 
in America. 

still seems to me the Japanese 
economy is the most vulnerable,” Mr. 
Davies said. 

(Bloomberg News , Marlcet News) 



ECONOMY: Globed Stock Sell- Off Will Only Dent U.S. Growth PROPERTY: Next Crisis inEastAsia 


[ . Continued from Page 1 

But the situation is only truly bad 
lews for those U.S. and European 

[mpfanimt that eXpOlt.tO the mOSt tTOU- 
)led5unlries of Asia — such as Thai- 
fljb£, r Malaysia, Indonesia, the Fhilip- 
rihqs and South Korea. In Germany, for 
atattple, exports to East Asia represent 
arfyti percent of total exports, while m 
France the proportion is 5 perce nt. M r. 
fcoche said the effect on those Fortune 
>00 companies hi the United States mat 

rave interests in East Asia wou ld very 
ikdy be to knock 5 percent off profits 
growth, while in Europe the impact 
xmld be just 2 percent to 3 
J This is a genuine cradim die Fa r feast 
rar reaHy only a correction in Western 
sock markets," said- Alison CottrdL an 
sconomist at PaineWebber in London 
■ "While .econopiists agree that: Last 
Asia's economic woes^fcetwOTserand 
hat economic recovery m d«/?gianwilJ 

akcmuchlraigerasaresulioftoecujTeol 

ituation, opinions vary on wl grw nl 
lappea in SwKSted States and Europe.,: 

There is a. consensus among econ- 

mibni aat *e W«U Sneer caawbp« 

ntorest in light of the dpwndraft m the 

^^J^fhe said, fee 
toric maricet could turn out 
helper in stowing 

t^fyWednesday on Capitol HiU; 

^einbrig smd, 
"promise tobe tbemost-^*^^ 
wit since Nixon s resignation- 
r Mr Greenspan, who scolded 

tsjssz asgfk-j 

that “inmany gtobal 


above the level at the start of the year.” 

“Unless you see’shstamed declines in 
global equity maiifafo sufficient to dam- 
age private sector confidence,” he said, 
'■/' *fee outlook remains for solid growth in 
the U.S. and Europe over the next 
year.” . ■ 'V 

The rebound Tuesday on Wall Street 
appeared to confirm Mr, SchoenhoJtz’s 
view, although ncany analysts said stock 
prices around die world could remain 
volatile in days to come. 

- The wcrsteconomre impact wifi be fish 
m East Aria. Ms. Cotifril said, where the 

market crash fulfilled the textbook defin- 

itiott- Forconsumeis and businesses in the 

troubled countries of Asia, she said, tine 
wfflW“ animrnediatelbss at confidence, 
winch is compounded by die effect of' 
ddfalued ctnrenries itfdat some export- 

era might benefit from weaker currenci^ 

may fed poena*.” 


especially as governments in die region 
“have not had to cope with slower 
growth until now.” 

The indisc riminate nature of the glob- 
al sell-off was also underscored by Her- 
minio Blanco, Mexico 's trade minister. 
In a' telephone interview Tuesday, as 
Mexican stocks rebounded, he insisted 
that “(he fundamentals of the Mexican 
economy are very good.” 

“Growth this year will be 6 percent, 
exports are strong, and we wifi generate 
one nuDion new jobs, and yet our market 
went down by 13 percent on Monday,” 

be said. This, he contended, “was a clas- 

sic case of market panic and speculation 

- without looking at the fundamentals.” 

* Although careful to avoid comment- 
itig directly on Wall Street's behavior, 

1 the samepoint was made implicitly by 
tbe~-U;S. Treasury secretary, Robert Ro- 
bin! arid by President Bin Clinton, both 
of ^hdm stresscd that the U.S. economy 


lem in some Asian nari^ets, she added; re®trimed strong. 

MARKETS: Wall Street Claws Back 


■ Gontinaed from Page 1 

Systemiridex losing i9 percent 
Tfatas.WanSm^ydri^starti^ 
plunge of neady 200 points, began snr- 
* '-'iiesemarfcasmade 


N--;- 

the abifity of big ccoporatipns to carry 
oqt ' planned mergers and 'acquisitions 
and uast a cloud over some planned 
paavatizations of state-run industries. 

; Small investors continued to wonder 
why fee market volatility was happen- 
sFTSE index fefi as ing, wfaai it would stop and how much 


mfflchasTpricemwriyT^iesday.briafler damage would be done. ^ 

Wafl 3treri*s ‘mranfaig advance, London ' The answers were neither easy nor 
managed to dose down just L8perceoL uhifomi across market boundaries. 

The. Brazilian index, which lost 143 In the United States, one school of 
percent Monday, opened sharply lower thought argued that investors had con- 
but sutged back along with New York, as eluded Monday that the tumble in Aslan 
did many other Latin American markets. 7 financial markets would mean slower 
• “All lcoulddowaspray,” atraderin economic growth in that region and thus 
Sao Paolo told Bloomberg News, “life 1 lower sales and profits for the American 
was die most nervous day I’ve seen far' companies that did business there, 
three years-” - v Wien feat became clear this week, it 

•Cuaenci^m Aria continued fodi^ n^ only reduced what investors were 
oreciDitoasly against the U.S. doflat'and ' wiUing to pay for shares of stocks in 
Se^wiss franc, a traditioiial.curiiaicy ■ these global firms, it also altered the 
haven, strengthened. But after Wall psychology of toe markets airi shook the 
Street' moved up; European currfencfes, confidence investors had in other 
*fcich had fafiriv early in the day, rosef • companies. *. __ _ 

- TheTtiarket events Monday and Tues- 1 • Several analysts said fee short-tom 
tlav anowrCd to exert subsfantial jxes- fate of Wall Sheet fay in the hands of fee 
rare OTdoSticalfaaders and fund man- faany small investorswhose savings 
acers to^fihd ways of avoiding farther have helped sustain one of fee longest 
Slfapse- They sis® called intoquestion ..U.S Jjull markets on record. 


Continued from Page 1 

Singapore. “But a large percentage 
won’t, go ahead, so the Manila market 
might be a lot stronger that we realize." 

Still, Mr. Brown said, in markets such 
as Thailand and Indonesia, office prices 
are likely to fall significantly, possibly 
by up to 30 percent 

China has avoided any serious reper- 
cussions from fee firmnewil turmoil else- 
where in East Asia, but overbuilding in 
Shanghai and Beijing “brings to mind 
the construction programs that have 

triggered banking troubles in Thailand 

and other parts of Asia,” said Peter 
Churchouse, an analyst in fee Hong Kong 
office of Morgan Stanley Dean Witter. 

He said that the vacancy rate for office 
space in Podong, Shanghai’s designated 
financial district, reportedly exceeded 
70 percent, while new office supply in 
Beijing by 2000 could total 14 million 
square feet (13 million square meters) 
— well over 14 times the normal annual 
addition of new office space in the city 
until 1996. 

“We believe that China’s banking 
system, already very shaky, faces some 
substantial property-lending risks,” Mr. 
Churchouse added. . 

As securities houses and fund man- 
agers downgrade their earnings fore- 
casts for fisted property firms, construc- 
tion companies arm tire hanks that have 
lent them money, their share prices are 
plunging. 

Ken Chan, an analyst at Nikko Re- 
search Center in Hong Kong, said that 
the Japanese securities firm had revised 
down its forecast of the tecriEory’s 1998 
growth in gross domestic product to 43 
percent, from 5.4 percent, “in response 
to the recent interest rate increases and 
their likely impact on the property mar- 
ket and the economy as a whole." 


die Hong Kong dollar, which me au- 
thorities have vowed to keep pegged at a 
rate of 7.80 to the U.S. dollar. 

The move has helped throw the dizzy- 
ing rise in the earnings of property firms 
and banks into rapid reverse. 

“The earnings picture for 1 998 Is shot 
down completely,” said Andrew 
Fentow, research director at Vickers 
Balias securities in Hong Kong, Reuters 


reported. “I would be surprised if you 
could even make a case for any kind of 
earnings growth in fee banking and 
' property sectors, which are the lead sec- 
tors in fee market right now.” 

Analysts said that banks in Hong 
Kong and other East Asian countries 
were also being hit by a slowdown in 
loan growth and reduced mortgage busi- 
ness, as well as by fears about their 
exposure to risky property loans. 

In Hong Kong, property-related loans 
amount to about 50 percent of fee banks’ 
total loans. About half are held by prop- 
erty developers and half in residential 
mortgage loans. 

“As interest rates rise, fee servicing 
of these loans will become more bur- 
densome,” said Joan Zheng, an econ- 
omist in the Hong Kong office of J. P. 
Morgan. “Assuming feat property val- 
ues decline, fee underlying equity sup- 
porting these loans will shrink,' raising 
the issue of whether they can continue to 
be serviced.” 

In Thailand, where the economic 
downturn is farther advanced than in 
other East Asian countries, property 
consultants report that rents and sale 
prices in Bangkok have dropped about 
10 percent since fee baht started its fall 
against die dollar oa July 2, triggering 
fee turmoil that has now engulfed much 
of the Asia-Pacific region. 

Khrinanth Sumruatruamphol, an ana- 
it in the Bangkok office of Salomon 
Irothers who recently made a survey of 
die city's glutted property market, said 
that the results “show a potentially pre- 
carious situation, which may result in 
large-scale reduction in property prices, 
loan defaults and bankruptcies for some 
financially distressed developers." 

He estimated that property prices 
might drop 30 percent to 50 percent 

The residential, office and retail sec- 
tors in Kuala Lumpur all suffer from 
oversupply feat is likely' to last two or 
three years, according to property con- 
sultants and equity analysts. 

“Interest rates have trended higher 
and are expected to remain high, bur- 
dening home buyers wife heavier fi- 
nancing costs,” said Gerry Lim, an ana- 
lyst in fee Kuala Lumpur office of 
OCBC Investment Research, a unit of 
Singapore's OCBC bank group. 


Blue Chips 
Power a 
Rebound 

Shares Retain Most 
Of Year’s Advances 


By Mitchell Martin 

Iiueriunonul Herald Tribune 


JrlKhMimlBmlm 

Traders on the New York Stock Exchange on Tuesday, their smiles reflecting the day's improved news. 

Latin American Markets Erase Losses 


many of the traders were leveraged.” 

But emerging markets that closed be- 
fore getting a chance to react to the U.S. 
action suffered. 

Russian and Hungarian markets led 
others in Eastern Europe lower. The 
benchmark Russian Trading System In- 
dex plunged 19 percent, while the Hun- 
garian BUX index tumbled 163 percent 
— both the worst one-day declines in 
feeir history. 

The benchmark Polish WIG index 
posted its worst loss since June 1994. 
“It’s a sympathy fall.” said David Curl, 
a fund manager at Regent Fund Man- 
agement in London. “There’s not a fun- 
damental justification for it.” 

On die Bucharest Exchange, which 
opened in January, fee BET index of the 
10 most active stocks fell 9 percent, to 
834.7. “Romania's young market reacts 
promptly to changes in international 
markets,” said Dan Barbulescu at Van- 
guard Securities in Bucharest 


NEW YORK — Blue-chip stocks 
knotched up their biggest one-day point 
gain ever on Tuesday, clawing back 
about half of the heavy losses sustained 
Monday. 

Prices fluctuated widely and the Dow 
Jones industrial average swung in a 540- 
point range before finishing up 337.17 
points at 7,498.32. That followed its toss 
of 554.26 on Monday, the largest point 
loss on record. 

Amid the rush back to equities. Treas- 
ury bond prices fell. In recent sessions, 
the bond market had been gator ' 
funds from investors seeking a 
haven from toe turmoil in stocks. 

The market's bellwether, the 30-year 
Treasury bond, fell 2 points, to 101 9/32, 
raising its yield to 6.29 percent from 6.16 

US. STOCKS 

percent Monday. Interest rates in the 
U.S. bond market remain far below 
where they were at the start of the sum- 
mer, when the currency turmoil began 
and the 30-year Treasury yielded 6.81 
percent on the last day or the second 
quarter. 

The fall and subsequent recovery in 
the stock market were superficially re- 
miniscent of fee action 10 years ago, 
when the Dow dropped 508 points on 
Black Monday, OcL 19. 1987. But there 
were significant differences between the 
two, and there was little sense on Wall 
Street that the falls of (he past week were 
as serious as those of the 1987 collapse. 

“I was very aware of living through 
history in 1987," said Trade Latimer, a 
market analyst in Charlottesville, Vir- 
ginia. “Yesterday was business as usual, 
only more so." 

One key difference is that the 1987 
slide, a 22.6 percent drop, erased all of 
the market's gains for the year. Because 
fee Dow is now far higher, the decline on 
Monday was only 7.2 percent, not even 
among fee top 10 drops, and with the 
rally on Tuesday, prices are up about 16 
percent for the year. 

But a worrisome factor on Tuesday 
was that fee high volume was preventing 
investors from getting accurate infor- 
mation and access to their brokers. New 
York Stock Exchange volume exceeded 
1 billion shares for fee first time, and the 
Nasdaq system crossed nearly 2 billion 
shares. The previous NYSE record was 
685 million shares, set Jan. 23. 

There were anecdotal reports that in- 
vestors were having trouble getting 
through to feeir brokers and equipment 
malfunctions on stock monitors. 

New York traders were encouraged 
by rising prices in Latin America, which 
had recorded the sharpest fails in the 
world on Monday. In turn, the recovery 
in New York helped bring European 
equity prices up from their sharpest 
tosses of the day. 

World stock markets have been reel- 
ing from problems in Hong Kong, which 
erupted last week and in pan reflected 
economic turmoil elsewhere in South- 
east Asia over the summer. Unlike other 
countries, Hong Kong has managed to 
maintain a peg between its currency and 
the U.S. (foliar, but the link has been 
pressured in recent days. 

Those regional problems do not have 
much direct effect on the United States, 
where the economy has been growing at 
a moderate pace without significant in- 
flation. President Bill Clinton on Tues- 
day reminded investors that the Amer- 
ican economy is ‘ ‘as strong and vibrant 
today as it has been in a generation.” 

Michael Gerding, portfolio manager 
for fee Denver-based Founders World- 
wide Growth and Passport mutual funds, 
said he thought the U.S. market had been 
“incredibly oversold” on Monday and 
feat after having thought about it, in- 
vestors reckoned that the Asian prob- 
lems were mainly local and should not 
have had so dramatic an effect on Amer- 
ican and European stocks. 

Wall Street is now leading other world 
markets, Mr. Gerding said, rather than 
following their developments, and he 
predicted feat European stocks would 
register strong gains on Wednesday. 
Latin American stocks have already be- 
gun to rebound. 

Ms. Latimer said, in fact, that she had 
noted that after die end of fee European 
trading day there were significant order 
inflows for American depositary re- 
ceipts of such companies as Nokia and 
Glaxo. 

She said there was “a whoosh of 
orders from outside the country” that 
forced trading halts in some of those 
shares for 15 to 20 minutes. 

Another ADR feat rose was Telebras, 
fee Brazilian telephone company that 
was one of the biggest losers on Mon- 
day. Its ADRs rose 18, to 1 14V*, on 
Tuesday. It ended last week at 125% and 
.had recently traded about 147. 

Many of fee big winners on Wall 
Street Tuesday were among the most 
devastated issues on Monday. 

Intel, notably, rose 10W to 85 after 
ailing 5\A on Monday. Ms. Latin s ^ 
she thought feat fee lows set Monday 
and Tuesday for semiconductor-related 
stocks were likely to “hold for the fore- 
seeable future." 

Computer issues were also prominent 
gainers, and IBM helped matters by say- 
ing it would expand an existing stock 
buyback plan by up to $33 billion, 
companies seeking to reassure investors 
tfanng a market slide can buy feeir own 
snares, illustrating that they think marker 
pnees are too low. 

9 tjfq? 1056 t0 M jumped 




PAGE 8 


Iterate 


INTERNATIONAL 



Srtbune 


PUBLISHED WITH THE NEW VO*K TTOKi AND THE WASHINGTON fOST 


Jiang and Wei 


While President Jiang Zemin is be- 
ing feted in Washington, his coun- 
tryman Wei Jingsheng will be follow- 
ing his usual routine in Jidoog No. 1 


prison. He will be harassed and per- 
haps beaten by criminals chosen by 
authorities for that task; he will live 
night and day in a cell where the light is 
□ever extinguished; he will not be per- 
mitted to write; he will continue to 
suffer from serious ailments for which 
Mr. Jiang and his Jailers refuse to 
provide suitable medicines. 

Mr. Wei, according to President Ji- 
ang, is a common criminal. Now aged 
47, he has spent all but seven months 
of the past IS years in prison. His crime 
consists of being a Chinese patriot who 
believes that his country should be- 
come more democratic; more than that, 
he has dared to say so publicly, be- 
ginning at the Democracy Wall move- 
ment in 1978. For that he became one 
of China's thousands of prisoners of 
conscience. 

By virtue of his eloquence and his 
courage — when he was briefly re- 
leased in 1993, he immediately re- 
sumed speaking out for democracy — 
Mr. Wei has become China’s most 
celebrated dissident But enough news 
trickles out of -China for Americans to 
know that Mr. Wei is hardly an ab- 
erration. There is Li Hai, a former 
philosophy student sentenced to nine 
years in prison for compiling a list of 
names of pro-democracy activists 
jailed since the 1989 demonstrations. 
There is Gao Feng, a Christian activist 
whose jail term was extended this year 
because he refused to write a con- 
fession. There is the Tibetan abbot 


one tiling; demonstrations whose pur- 
pose is to drown out the voice to which 


Chadrel Rinpoche, living in terrible 
solitary confinement. There is torture 


solitary confinement There is torture 
by beating, by electric shock, by 
deprivation of water. 

It has been said that Mr. Jiang's visit 
to America for the first presidential 
summit in a dozen years represents a 


pose is drown out the voice to which 
they object are another. They are, in 
their own way, anti-democratic, too — 
hardly a fitting protest on this occasion. 


Mr. Jiang should be given every op- 
portunity to present his views and to be 


portunity to present his views and to be 
heard. The refusal to accept that prin- 
ciple, after all is at the heart of what the 
demonstrators' own protest is about. 

— THE WASHINGTON POST. 


Medical Caprice 


In medicine as in real estate, location 
turns out to be everything. That dis- 
turbing message enrages from an ex- 
tensive survey by Dr. John Wennbeig 
and colleagues at the Dartmouth Med- 
ical School, which shows that hos- 
pitalization rates, surgical choices and 
other medical practices vary across re- 
gions of America for reasons that ap- 
pear unrelated to patients' desires or 
medical needs. 

The Dartmouth study shows that 
Medicare enrollees in Miami receive 
about twice as many surgical proce- 
dures and tests as enrollees in Min- 
neapolis, even after adjusting for dif- 
ferences in tiie incidence of illness 
between the two cities. People are five 
times more likely to use hospital in- 
tensive care during the last few months 
of life in some regions than in others. 

There are more than 330 physicians 


using less costly but equally effective 
treatment, cut specific types of surgery 
by perhaps 40 percent. 

The more profound implication is 
that millions of patients are routinely 
subjected to risky surgery and invasive 
procedures without medical justific- 
ation. Indeed, the study shows that the 
tern “medically necessary” — the 
standard that health plans use to define 
coverage — is largely meaningless. 
What is deemed necessary in Miami is 
deemed unnecessary in Minneapolis, 
and no one seems to suffer. 

Dr. Wennberg's favorite process for 
finding the best medical decisions is to 


give patients more say in making them. 
In a Colorado smdy, patients informed 
of the benefits and risks were less keen 
on surgery to eliminate mildly uncom- 
fortable prostate symptoms than were 
surgeons. More medical research and 
dissemination of the results would help 
patients make sensible decisions. 

Managed care was supposed to be, 
and may yet prove to be, another solu- 
tion, provided that consumer com- 
plaints about ease of access and choice 
of physicians in managed care plans 
can be satisfied. 

Under fee-for-service coverage, 
doctors are largely unsapervised and 
tend to hold on to bad habits. Managed 
care was supposed to study medical 
outcomes from different treatment 
practices and replicate the best prac- 
tices for all patients. That happens at 


per 100,000 residents in White Plains, 
New York, but fewer than 90 in Mc- 


New York, but fewer than 90 in Mc- 
Allen, Texas. Surgeons in some re- 
gions perform three times as many 
coronary bypass grafts or nonemer- 
gency prostate operations as their col- 
leagues in other regions. 

The shocking fact is that Dr. Wenn- 
berg finds no medical necessity for 
these disparities. The elderly who live 
in Minneapolis, where Medicare costs 
are low, live as long and as well as the 
elderly in Miami and other regions 
where surgery and end-of-life intens- 
ive care are more prevalent. Hospit- 
alization for illnesses like asthma is 
three times more frequent in Boston 
than in New Haven, with no evidence 
that Bostonians are healthier. 


some managed care plans. But, judging 
from the Dartmouth study, there is 
little evidence that managed care has 
yet turned idiosyncratic medical prac- 
tices into a more reliable science. 

— THE NEW YORK TIMES. 


One implication of such “idiosyn- 
cratic” care is that the nation could, by 


Other Comment 


A More Democratic Europe 


If the European Union is to tolerate 
the single currency, with all the strains 
and pain that that will sometimes in- 
volve, it will need more political le- 
gitimacy than our Union of the Elites 
currently enjoys. It will need fully open 
institutions, which meet in public, and 


It will, in short, need to grow into a 
living democratic system. 

No one much wants to hear this 


argument yet But it is coming, in- 
exorably. The single currency will 
bring better European democracy, or it 
will self-destruct as those who lose out 
blame the central bank and die rich 
resent the higher taxes necessary to 
help the losers. 

Who better than Tony Blair, a young 
reformer beginning to reshape his own 
country's democracy, to articulate the 
next big shift in European thinking? 
That would be leadership. That would 
answer, conclusively, the question that 
haunts our sister states on die Con- 
tinent: What is Britain for? 

— The Independent (London). 


clear legal boundaries between what is 
rightfully the preserve of the Unionand 
what belongs to the states that com- 


what belongs to the states that com- 
prise it. It will need the Commission to 
be shackled and subservient, reduced 
to the adminis trative arm of a dominant 
council of elected ministers. It will 
need referenda on important issues, 
systemic dissent, parliamentary revolts 
and leaders of a European opposition. 




ESTABLISHED ISS7 

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WEDNESDAY, OCTOBER 29, 1997 


EDITORIALS/OPINION 


A 


|)ii 


W ASHINGTON — What can be 
expected from the Chinese- 


new beginning for U.S.-Chinese re- 
lations, an effort to leash the suspicions 
and recriminations that took wing fol- 
lowing the Chinese regime’s 1989 
massacre of pro-democracy Tianan- 
men demonstrators in Beijing. And it is 
true that many Americans, including 
President Bill Clinton,' have come to 
the conclusion that China is too big to 
isolate and too important to ignore. 
Other Americans, including those who 
will demonstrate against Mr. Jiang’s 
visit in Lafayette Square this Wed- 
nesday, may feel differendy. 

Whar the Chinese president should 
understand, however, is that for most 
Americans, even for proponents of a 
policy of engagement — among whom 
we include ourselves — this summit is 
not an occasion to declare Tiananmen 
history, or to forget Mr. Wei 'and his 
compatriots. 

Chinese officials have expressed 
considerable concern about the de- 
monstrations likely to greet their lead- 
er on this trip; they should understand 
that permitting such protests is a na- 
tional tradition with a strong basis in 
constitutional law. Their reported sus- 
picions that such demonstrations can 
occur only as a result of official Amer- 
ican government encouragement or in- 
citement are to misunderstand wholly 
what is going on. 

We would hope dial the demon- 
strators would use their presence, not 
their vocal cords, to make their point 
Large, peaceful demonstrations are 


VY expected from the Chinese- 
American summit meeting between 
Presidents Jiang Zemin and Bill Clin- 
ton at the White House this Wednes- 
day? What is each side looking fort Is 
there common ground to be found be- 
tween the two leaders* agendas? 

The summit is unlikely to remove the 
many contentious issues that divide the 
two countries. Only modest progress in 
certain areas can be expected, as the 
summit is likely to be more symbolic 
Qian substantive. But it will symbolize 
the willingness of both countries to 
arrest the downward spiral in their re- 
lations, work to resolve disagreements, 
and identify areas of cooperation. 

Because they involve heads of gov- 
ernment, summits tend to energize bur- 
eaucracies to cany out p rog ram s that 
intensify official interaction and stim- 
ulate exchanges between numerous 
sectors of the two societies, thus having 
a multiplier effect. 

Even if the two leaders are unable to 
announce a package of noteworthy ac- 
complishments, the meeting will have 
been worthwhile in terms of improving 
their direct communication and in- 
tensifying working-level cooperation. 

It is far better for America and China 
to interact positively, with as much 
cooperation as possible, than for these 
two continental powers and nuclear- 
armed giants to slide into an adversial 
relationship and a second Cold War. 

Perhaps the most important outcome 
of the summit will be an agreement to 
regularize annual meetings between die 
presidents. Annual exchanges between 
foreign and defense ministers and other 
cabinet-level officials will also be 
agreed on. Both sides see the insti- 
tutionalization of such exchanges as 
important to establishing a “strategic 
partnership for the 21st century.” 

To enhan ce their “strategic dia- 
logue,” a new and expanded set of 
military-to- military exchanges will be 
mapped out Secretary of Defense Wil- 
liam Cohen wQl visit China in Novem- 


By David Shambaogh 


will increase its support for the further 
development of Ctuna’s legal system 


bear, and this will probably be recip- 
rocated next year by Central Military 
Commission Vice-Osainnan Zhang 
Wannian- Working-level exchanges are 
likely to concentrate oh regional se- 
curity issues, joint humanitarian relief, 
international peacekeeping, and con- 
fidence-building measures in the com- 
mand and control of nuclear weapons. 

A militar y maritime agreement will 
be signed. It will establish clear lines of 
communication and procedures should 
ships encounter each other ar sea. 

A “f- orrcrTTn n icatiocs link” (which 
the Chinese government refuses to call 


by starting a program to tram Chinese 
lawyers and judges. 

There will probably be agreements 
on fighting organized crime and nar- 
cotics trafficking. research in space 
t echno logy, and enviro nm e nt al protec- ■ 
tion. Academic and cultural exchanges 
will be expanded. 

Some ox the remaining sanctions that 
restrict U.S. government support for 
American companies doing business in 

.-n - . t _ a Tmnnrt 


China such as curbs on Export-Import 
Bank and Overseas Private Investment 
Corp. financing , may be lifted. But 
sanctions that ban sales of defense tech- 
nologies and weapons to die Chinese 
military are expected to remain. 

This modest list of agreements 
would skirt many of the more trouble- 
some issues, but it would be a good 
beginning. Co m mo n ground can be 
reached in such areas. 

But the presidents do bring very dif- 
ferent agendas to die table. 

Mr. Bang has several key areas of 
concern in which he can expect little in 
return from Mr. Clinton. 

Bei jing would like all' r emainin g 
post- Tiananmen sanctions lifted (es- 
pecially since they block China from 
buying U.S. weapons and defense tech- 
nologies), and export ’controls over 
“dual use” technology transfers re- 
laxed. It seeks permanent most- 
favored-nation trading status and the 

easing of strict conditions for accession 
to the World Trade Organization. 

Mr. Jiang wants Washington to drop 
its attempt to condemn China at 

die UN Human Rights Commission. 

It seeks curtailment of advanced arms 
sales to Taiwan, and U.S. press ore cm 
the island not to pursue independence or 
a heigh tened internatio nal profile. It 
wants clarification that the new U.S.- 
Japan Defense Guidelines do not apply 
to potential conflicts over Taiwan, and 
agreements with Washington on no first 
use of nuclear weapons and not tar- 
geting them on each other. 


On human rights, the 
two sides are likely to 
establish a joint 
commission to 
regularise dialogue . 


a hot line) will be established between 
the two presidents^ 

In the commercial realm, the sale of 
30 Boeing aircraft to China and other 
trade deals will be concluded. 

It is likely that the 1985 U.S. -China 
Nuclear Cooperation Accord will fi- 
nally be implemented, permitting 
American companies like General 
Electric and Westinghouse to compete 
in die lucrative unclear power gen- 
eration market in Ch»na_ This would 
have to be preceded by Mr. Clinton’s 
expected certification to Congress that 
China now adheres frilly to Interna- 
tional Atomic Energy Agency safe- 
guards in its sales and transfers of nu- 
clear technology abroad. 

On human rights, die two sides are 
likely to establish a joint commission to 
regularize governmental and nongov- 
ernmental dialogue. The United States 


Finally. Mr. Jiang would like a hair 
to U S congressional and public crit- 
icism of China over human rights and 
Tibet, which Beijing considers to be 
interference in its internal affairs. 

Above all, the Chinese leader will be 
seeking clarification of long-term in- 
tentions toward China. Is Washington a. 
friend or foe? Does it seek to contain 
China strategically and militarily? 
Does it’ welcome China s economic 
emergence as a global power? Can the 
two sides coexist politically, despite 
differing political and social systems? 

China seeks reassurance. It is re- - 
luctant to meet U.S. demands or co- 
operate on matters of substance until it 
is assured of benign intentions. 

The United States seems to have 
more modest expectations for the sum- 
mit. ideally, it would like progress, on 
reducing its trade deficit with China; 
more concessions from Beijing on. 
WTO accession; cooperation over 
Korea; improved three-way dialogue 
between China, the United States and 
Japan; progress in human rights. 

Washington’s highest priority ap- 
pears to be securing Chinese agreement 
not to transfer nuclear technology or 
missiles to Iran, Iraq and other states in 
the Middle East or South Asia. 

These differing agendas and in- 
terests reflect the complexity of the 
relationship. If the two presidents can 
establish a degree of trust and a spirit of 
cooperation, marginal progress con be 
tnartft in many of these areas. But major 
breakthroughs should not be expected. 

The summit is more about beginning 
a process of high-level engagement 
that, over time, can enhance cooper- 
ation and reduce confrontation. To the 
extent that it achieves this goal, it 
should be considered a success. 


The writer is director of the Sigur 
Center for Asian Studies, and professor 
of political science and international 
affairs, at George Washington Uni- 
versity. He contributed this continent to 
the International Herald Tribune. 


When Globalization Means Shutting Out the Working World 


C AMBRIDGE, Massachu- 
setts — Without warning. 


By David Friedman 


American thinking about thmgs 
global has turned bizarre. 

The Sierra Club announces a 
vote on whether immigrants 
should be viewed as a form of 
toxic waste. Vice President Al 
Gore, father of four, blames El 
Nino and other weather disturb- 
ances on Third World over- 
breeding. A Democratic White 
House, re-elected with labor 
support, abandons the working 
class in favor of radical free 
trade and air quality. 

Washington bureaucrats and 
economists, steadfastly main- 
taining that foreign commerce 
never could be used to police 
overseas labor, human rights or 
fair market behavior, invoke 
import controls to enforce U.S. 
health standards when a “bad” 
batch of berries from Mexico 
makes Americans sick. 

Liberal environmentalists 
castigate union activists for op- 
posing a global warming treaty 
targeting U.S. industry. 

Two decades ago, as Euro- 
peans confidently planned then- 
unification, globalization had 
an unanticipated political con- 
sequence. Ethnic fervor was re- 
ignited in Scotland and Cata- 
lonia, and neo fascism in 
Finance, Germany and Bosnia. 

In America, globalization is 
having an equally unexpected 
effect, reawakening class con- 
flict in ways that scramble old 
alliances and long-cherished 
political certainties. 

More than liberals versus 


conservatives, the nation’s pol- 
itics are evolving toward a fu- 
ture first imagined in the 1950s 
by the late Isaac Asimov. He 
wrote of two increasingly po- 
larized societies battling to con- 
trol space exploration. 

.One was a technologically 
sophisticated, rabidly isolation- 
ist, sparsely populated commu- 
nity whose most refined cit- 
izens, the Solarians, abhorred 
“filthy” human contact and 


Anti-human elitism 
in upper-crust 
environmentalism 
smacks of 
hypocrisy . 


lived alone on vast, ecologic- 
ally balanced estates main- 
tained by thousands of robots. 

The other was a decidedly 
low-brow, overcrowded, urb- 
anized Earth populated by 
short-lived, disease-ridden but 
far more dynamic people than 
the pampered So l ana ns . 

Suburban, no-growth, anti- 
immigration advocates who, 

tike So larians , thinlc that the 

country should be a giant Idaho 
increasingly do battle with 
poor, urbanized, entrepreneur- 
ial, immigrant classes whose 
rocial ideal is industrial Los 
Angeles or Houston. 


The global warming contro- 
versy is incomprehensible ex- 
cept as a struggle between 
America’s new Solarians and 
the country’s poorer classes. 

It is an open secret that the 
proposed treaty will not reduce 
greenhouse emissions. By ex- 
empting 130 “developing’ ’ 
countries, including China, all 
l-fttin America, India and In- 
donesia from any proposed con- 
trols, it will shift polluting in- 
dustries from me heavily 
regulated First World to the ut- 
terly unregulated Third World. 

But if poor countries deserve 
an environmental break, why 
not exempt impoverished, 
work-hungry Americans from 
the same restrictions? 

How can environmentalists 
champion a treaty that would 
shift the world's dirtiest indus- 
tries to the most disadvantaged 
nations? Why transfer the most 
dangerous environmental prob- 
lems to countries that have the 
least ability to solve them? 

The explanation is NIMBY- 
ism, the international expres- 
sion of the not-in-my-backyard 
elitism that masquerades as pro- 
gressive politics in upscale, 
neo-Solanan enclaves. 

The sophisticated denizens 
of such communities care little 
if ugly factories and brutish 
manufacturing migrate over- 
seas. They can, after ail, import 
what they need. 

These same sensibilities ex- 
plain why environmentalists are 


joining forces with nativist 
ideologues and infusing a le- 
gitimate debate about immigra- 
tion with increasingly repug- 
nant overtones. 

Just as Mr. Asimov’s Sol- 
arians feared that uncultured 
Eartfaers would overrun their 
pristine world, America’s priv- 
ileged prefer its poor to be per- 
manent supplicants rather than 
hustling entrepreneurs who 
might one day buy the mansion 
next door. Hence the neoliberal 


whispers that immigrants strain 
“our” resources or foster “in- 


• w -*-% ' narveial services el 

An Imperial Burden for India -SEs 

A. «/ by the del i berate < 


N EW YORK — The nov- 
elist Paul Scott described 


elist Paul Scott described 
TnHia and Britain in the last 
days of the raj as “ locked in an 
imperial embrace of such long 
standing and subtlety it was no 
longer possible for them to 
know whether they hated or 
loved one another.” 

Earlier this month, those 
ambivalent emotions flared 
again as Queen Elizabeth tried 
her best to celebrate the 50th 
anniversary of Indian inde- 
pendence. There was die 
Queen venturing to the north- 
ern Indian city of Amritsar, 
where she reflected sorrow- 
fully on one of the great atroc- 
ities of British rule, kicking up 
clouds of nostalgia, resent- 
ment and hurt feelings. 

Her visit to the walled 
garden of Jalhanwala Bagh. 
where thousands of unarmed 
civilians were mowed down by 
British troops in 1919, was not 
seamless. Even as she placed a 
wreath at the garden and wore 
a saffron dress, the sacred col- 
or for Sikhs and Hindus, Prince 
Philip could be heard on the 
sidelines belittling the d«nh 
toll claimed by India 
Prime Minister L K. Gujral 
dismissed the need for a royal 
apology in a tone of let-by- 
gones-be-bygones, then called 
Britain a “thnd-rate country” 
after it was reported that Lon- 
don had offered to mediate 
between India and Pakistan. 


By Steven R. Weisnaan 


dim Gandhi, Nehru’s daugh- 
ter, directed the army that year 


In an era when political 
leaders are apologizing for 
historical misdeeds, India is 
surely a distinctive case. 
Many of its citizens retain a 
benign attitude toward their 
former oppressor, symbolized 
best by a pervasive feeling 

among the intelligentsia that 

the old imperial institutions 
have declined since the “tryst 
with destiny” proclaimed in 
1947 by the founding prime 
minister, Jawaharial Nehru. 
Implicit is the idea that India 
has failed to preserve the gifts 
Britain left behind. 

But of course the army, the 
culture of ruling elites, die 
civil service and other cre- 
ations of the raj woe designed 
not to instill democracy but 
to bring India to heeL Small 
wonder that they have been 
corrupted over time as New 
Delhi sought to lift India out 
of poverty and tame what 
Nehru. called its “fissiparous 
tendencies.” 

Amritsar is a symbol of In- 
dian as well as British blun- 
ders. While there, the Queen 
also visited the Sikh religion's 
Golden Temple, which by 
1984 had become an arms de- 
pot fra Sikh terrorists, whose 
secessionist campaign posed a 
grave threat. Acting in imper- 
ial style. Prime Minister In- 


to seize tbe temple in a blexxfy 
raid that’ left more than 700 
dead and led to Mrs. Gandhi's 
assassination several months 
later by Sikh security guards. 

India's rolling crises have 
now shifted to Muslim-dom- 
inated Kashmir, where at least 
100.000 troops are stationed 


appropriate” jobs that, as one 
university professor recently 
said of the garment industry, 
properly belong in Sri Lanka. 

What possible moral logic 
justifies fracing jobs from Los 
Angeles to Guatemala, where 
the same woric pays a fraction of 
the U.S. minimtim wage? 

The answer is that aspiring 
immigrant classes upset the ar- 
istocratic lifestyles that Amer- 
ica's 40-something neo-Solari- 
ans think are their due. It is 
more tasteful to isolate the poor 
and upwardly mobile, and the 
pollution they cause, in some 
other country. 

. Amid the growing conviction 
that blue-collar work is an un- 
seemly vestige of a bygone in- 
dustrial era. urban NIMBY ac- 
tivists, backed by Washington’s 
astoundingly ideological envi- 
ronmental agencies, pursued 
zoning and environmental 
policies that transferred all but a 
tew white-collar occupations 
from cities into the less reg- 
ulated hinterland. The result has 
been stratified communities 
such as New York, where a fi- 
nancial services e lit e trumpets 
its “comeback” amid a 10 per- 
cent unemployment rate caused 
by the del ib erate deindustrial- 
ization of foe outer boroughs. 

Globalization takes this pro- 
cess one step farther. As elitist 
liberals and conservatives press 
for environmental restrictions at 
home, and foe ’‘free” flow of 
goods and capital abroad, 
“backward” manufacturing 
and allied industries move out 
into lower-wage and less envir- 


onmentally protected countries. K 

The federal government is 
expected to restrict the flow of 4 
human capital, and to insist on 
uncompromising health and 
safety standards for imports, but 
to do little about the use of near- 
slave labor or lack of political 
freedoms in countries that profit 
handsomely from the American 
maikeL 

What can possibly explain 
this agenda? 

Assuring the quality of im- 
ported food and products is im- 
portant to America’s neo-Sol- 
arians because they actually cat 
and buy such goods. Abuses of 
foreign labor or human rights 
do not directly affect them. 

“Liberal” activists in well- 
heeled communities willingly 
trade away working-class jobs 
for cheap, plentiful imports, es- 
pecially if they can slow or stop 
foe kinds of manufacturing 
growth and lower-class expan- 
sion that impinges on foe sanc- 
tity of their own lives. L 

The stark class conflicts that ir 


Financ 


globalization is producing will 
probably affect Democrats and 
progressives for more than con- 
servatives, because they 
sharply pit two bedrock liberal 
interests — environmentalism 
and bread-and-butter econom- 
ics — against each other. 

To a traditional left primarily 
concerned with improving the 
lot of wage earners and the 
poor, the anti-human eli tism 
latent in upper-crust environ- 
mentalism smacks of hypo- 
crisy. That is one reason why 
leftwing journalists are pillory^ 
ing once sacrosanct liberal™ ' - , 
icons such as the Sierra Club. 

It may be foal Ameri cans do 
value clean lettuce above work- 
ing-class wages. As globaliz- 
ation progresses, however, it is 
virtually certain that. once un- 
thinkable class conflicts will in- 
tensify in foe United Stares. 


ir 

How 

Will 


The writer, an international 
consultant and a fellow in the 


Japan Program at the Mas- 
sachusetts Institute of Techno- 
logy. contributed this comment 
to the Las Angeles Times. 


to quell a rebellion. 

The fact is, India was a 
more impoverished country 
■ after British rule than before. 
The raj exploited its divisions 
and educated only foe elite. At 
foe end, Britain left in such 
haste diat no one was prepared 
for the Hindn-Mashm con- 
flagration triggered by foe 
partition of India and Paki- 
stan. Paul Scott's “Raj Quar- 
tet” closes with its British 
protagonists labeling those ri- 
ots “our crowning failure.” 

India’s struggle to remain 
free, secular and united «rill 
Stirs tire emotion* But rate 
most admit that there is an 
imperial dimension to this vi- 
.sion, and an anxiety over 
whether it will be imposed by 
force on India's sprawling 
landscape of ethnic, religious 
and linguistic entities. The 
drama of India’s next 50 years 
will no doubt be its struggle to 
follow a democratic path, 
transcending the iron fist, in- 
herited from the raj. 

The New York Tones. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: No to ‘Bos aism ’ 


NEW YORK — (The Herald 
s*ys in an Editorial:] The un- 
precedented campaign in which 


... nun nusuiucu 15 as 

umque as it is unprecedented. 
Though there are four leading 
mayoralty candidates in foe 
field and four parties struggling 
desperately for victory, there is 
but one issue. That issue is pop- 
ular government against boss- 
lsm. It is foe government “of 
the people by the people and for 
foepeople’ ' against foe rule of a 
boss by a boss and for a boss 


magistrate said font as the mnn 
had not spoken to her, he could 
not be convicted of annoyance 
or disorderly conduct This in- 
dicated “a weakness in the 
law, but, he remarked in tol- 
erant spent, 4 ‘an attractive young 

woman mim a..... - 


woman rmist expect indeed, to 
be stared at in public places." 


1947: Kashmir Calm 


1922: Public Star ing 


PARIS — The question as to 
how far staring at a person in a 
public conveyance may go with- 
out becoming “insulting beha- 
vior” has bora discussed before 
a London magistrate. A young 
woman caused foe arrest of a 
man who bad been sitting op- 
posite her in a subway train. The 


SWN^SAR — The predomin- 
Moslem population of 
oimqgar received news of Kash- 
nnr s accession to Hindu India 
rn? Throughout the day 
Lyct. 28] it became increasingly 
evident that Sheik Mohammed 
Abdullah, leader of foe pro-India 
Kashmir national conference, 
ana his group of volunteers had 
yjTOially taken control of the city- 
He confirmed foe fact that the . 
nrcharaja had asked him for a 
democratic interim government 
® co-operation with Medr 
Cnand Mahajan, newly-appoin- 
ted Hindu Prune Minister. 


- v* 
■ -• 


it... , 


liS2> 




i 

/ 









»4t*3P' 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, OCTOBER 29, 1997 

OPINION/LETTERS 


PAGE 9 


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Political Assassinations: 
Wliat Do They (Change? 

% Gideon Rafael 

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larger place in the public discus- 
sion than the question of whether 
the operation was necessary Even 
if ithad succeeded, what would its 
usefulness have been in the fight 
against terrorism? Moreover, isit 
permissible for a democratic state 
v founded on the rule of law to re- 
3 sort to planned acts of assassi- 
nation, even of terrorist outlaws? 

King Abdullah of Jordan was 
assassinated on the steps of the 
■ Dome of the Rock mosque in Je- 
rusalem; President Anwar Sadat 
of Egypt was slain while saluting 
a military parade in Cairo; Prime 
Minister Yitzhak Rabin was killed 
at a peace rally in Tel Aviv. 
A Jewish fanatic massacred 
Muslims at prayer in the mosque 
of Hebron. Hamas suicide 
bombers blew up Israelis in buses, 
malls and markets. Terrorists in 
Algeria are butchering with -un- 
surpassed savagery whole fam- 
} dies in their villages. 

Terrorism has become an in- 
ternational challenge. E ach gov- 
ernment tries to cope with it ac- 
cording to the gravity and 
frequency of the outrages, fee 
emotional reaction of the people, 
its sensitivity, to fee rule of law 
and moral standards. 

Israel has accumulated ample 
experience of the scourge. It uses a 
wide range of defensive and ag- 
gressive techniques, from patient 
penetration into the ranks of ter- 
rorist organizations to daring raids 
against individual targets. Many 
have succeeded, scone have failed. 

One of fee failures was fee re- 
cent operation against fee Hamas 
leader Khaled Meshal in Amman. 

} Its ‘"lame and impotent conclu- 
sion,” to borrow a line from 
Shakespeare, alarmed Israel and 
the world. Internationally, the op- 
eration exposed Israel's secret ser- 
vices to derision and doubts about 
their invincibility. In Israel, it 
caused deep apprehensions about 
Prime Minis ter Benjamin Netan- 
yahu’s soundness of judgment 


■ government to investigate fee op- 
eration, h can be assumed that its 
report will skip fee questions of 
legality and morality. 

Crown Prince Hassan of 
Jordan, a statesman of renowned 
moderation and foresight, said in 
an interview with The Washing- 
ton Post (IHT. Oct. /ij.thai the 
Jewish stare’s tradition of glor- 
ifying covert killing ‘‘is a part of 
Israel's not wanting to become a 
country that is part of fee region-”. 
Wife all due respect, feat state- 
ment is wrong. 

Israel’s acts of bravado result 
from fee decades-old refusal of 
fee countries of fee region to let 
Israel become apart of it. 

Prince Hassan was right, 
however, when he said: “If you 
expect transparent, legally bind- 
ing peace treaties with countries 
in fee region, then clearly you 
can't move into your neighbor’s 
turf, a country that entertains open, 
relations wife you, and destroy fee 
credibility of feat country by us- 
ing strong-arm methods.” 

What is surprising is fee fact 
feat, whether successful or 
botched, operations like fee one in 
Amman have never prompted an 
internal Israeli debate about their 
usefulness. The question is: Have 
acts of terror or countermeasures 
in fee same currency ever resulted 
in significant historical change? 

.The murder of King Abdullah 
didnot end the Hashemite dynasty 
in Jordan. The assassination of 
President Sadat did not topple the 
regime in Egypt. The kuurig of 
Yehiya Ayash. fee Pales tinian 
bomb-maker, has not reduced the 
number of bombings in Israel. 

The only act of terror in recent 
Mideast history that has caused a 
change of political direction oc- 
curred in Israel. The assassination 
two years ago of Prime Minister 
Rabin by a Jewish terrorist de- 
railed fee peace process and paved 
Mr. Netanyahu is way to power. 

The writer is a former ambas- 
sador of Israel to the UN and 



Don’t Let Conservatives 
Appropriate Spirituality 

By William Raspberry 

W ASHINGTON — “We tian right takeover could become a 
cannot allow souitualitv to self-fulfilling prophecy. 


LETTERS TO THE EDITOR 


yahu 's soundness of judgment former director general of its For- 

Decisi on-makers . considering eign Ministry. He contributed this 
an act of political assassination, comment to the Herald Tribune. - 


On Chile 

Regarding “ Chile Prepares for 
Pinochets Departure" (Sept. 29): 

Having lived in Chile from 1971 
to 1974. 1 was astonished to read 
feat, at the moment of tire' 1973 
coup, fhite was “a backwater. ba- 
nana republic.” This is absolutely 
untrue.- Equally b izarre is the 
phrase “Genial Pinochet is 
widely respected in Cbfle.” He 
does have followers, but happily 
they are a definite minority, which 
explains why Chile re gained its 
f rariififMifl] rienw mfic institu tions. 

Chile deserves better than to be 
considered a country where de- 
mocracy is welcome but optional, 
and where military dictatorship 
under Augusto Pinochet- was a 
nasty but inevitable passage to a 
sound economy. 

GTUUO BTNOCCHL 
Geneva. 

Land Mine Debate 

Regarding “Debate on Mines 
Has Two Sides " ( Opinion , Oct. 
21) by Stephen S. Rosenfeld : 

Mr. Rosenfeld asks: “Do we 
really need a spat over the civic 
and political maturity of fee ban- 
fee-mincs gang and . the moral 
worthiness and courage of the 
Clinton administration?’ * 

The world does not need an 
argument on this issue. Either one 


has the maturity to see that land 
mines as instruments of violence 
are intrinsically immoral or one is 
stuck in ethical confusion. 

JOHN OTRANTO. 

Munich. 

VS. and the Kurds 

Regarding “Turkev and the 
Kurds ” (Editorial. Oct . 27): 

While fee last three American 
presidents may have agreed with 
Turkey that the Kurdish Workers 
Party is a terrorist organization, it 
is not likely the fust three Amer- 
ican presidents would have done 
so! Not unless you consider 
Gefcige Washington himself to 
have been a terrorist. 

PANAY0T1S DRACOS. 

Paris. 

Ramos’s Achievement 

Regarding "Brawling Demo- 
cracy vs. the Totalitarian State" 
( Opinion, Sept. 19) by Jonathan 
Mirsky: 

President Fidel V. Ramos is a 
Filipino de Gaulle who has 
walked very hard to modernize 
and transform fee Philippines into 
an Asian economic tiger. As was 
fee case wife de Gaulle, some find 
it difficult to accept the Ramos 
“cohabitation” wife military 
rightists, Muslim, secessionists 
and Communist ideologues. 


In fee end, however, we are 
now a solid partner in the dynamic 
world economies represented by 
the Asia-Pacific Economic Co- 
operation forum, or APEC, and 
the Asia-Europe Meeting, known 
as ASEM. We are all in the same 
boat for prosperity through free 
enterprise ana democracy. 

PACIFICO A. CASTRO. 

Brussels. 

The writer is the Philippines’ 
ambassador in Brussels. 

Europe Sfs^ Out 

Regarding "How Europe 
Could Help Out in the Near 
East" (Opinion. Oct. 24) by Otto 
vop Lambsdorff : 

The only way Europe could help 
in fee Middle East is by staying 
out. Why? Just look at its abysmal 
record in the former Yugoslavia. 
What chutzpah! 

MLADEN ANDRDASEVIC. 

Beeisheba, Israel. 


Letters intended for publica- 
tion should be addressed " Letters 
to the Editor " and contain the 
writer's signature, name and full 
address. Letters should be brief 
and are subject to editing. We can- 
not be responsible for the return of 
unsolicited manuscripts. 


yy cannot allow spirituality to 
be the exclusive preserve of fee 
politically conservative,” Jeffrey 
Klein cautions in a lead editorial 
that is almost as striking for where 
it appears as for what it says. 

Mr, Klein is president and ed- 
itor in chief of Mother Jones, and 
my first thought, on seeing his 
piece in fee November/December 

MEANWHILE 

edition, was: What is an inves- 
tigative magazine land a liberal 
magazine to boot) doing devoting 
nearly an entire issue to religion? 

In truth, much of the content of 
fee issue is a lot nearer the usual 
Mother Jones treatment: articles 
on sexually unfaithful priests, 
phony faith healing and religion as 
a virus, for instance. But it is Mr. 
Klein’s lead essay that grabs. 

“For too long,” be says, “pro- 
gressives and fee establishment 
have ceded public discussion about 
morality to fee religious right 

“That’s a major reason Mother 
Jones has dared to set foot on this 
sacred ground. Still, we do this not 
just to counter the religious right. 
Spirituality, if approached with 
integrity' and intelligence, is an 
effective force for the public 
good. Brave mainstream people 
of faith have made common cause 
with reformers at key moments in 
America’s past — from abolition- 
ism to fee Progressive era, from 
the New Deal to fee civil rights 
movement' 1 

It is strange and marvelous stuff 
to hear from a liberal muckraker. 

Maybe it strikes me as mar- 
velous only because it expresses so 
much of what I've been trying to 
articulate. Mr. Klein even echoes 
my political fear that American 
liberals and progressives, already 
having yielded patriotism and mor- 
ality, are in danger of ceding yet 
another significant piece of ground 
— spirituality — to the right 

I find almost painful, for ex- 
ample, the dismissive treatment 
by so many liberals of fee Promise 
Keepers, on grounds hardly more 
substantial than thatPai Robertson 
finds the movement attractive. 

Let the effort to address the 
spiritual hunger that I believe 
much of America is feeling be- 
come exclusive turf of fee reli- 
gious right, 1 keep warning my 
friends, and your fear of a Chris- 


tian right takeover could become a 
self-fulfilling prophecy. 

“But,” says Mr. Klein, "I’m 
much less waned about a theo- 
cratic takeover than about fee lop- 
sidedness of the American spintJ 
After all, fee realm of the soul — 
real or imagined — is where most 
of us make our most important 
moral decisions. " , 

The great difficulty is in finding 

a proper place in public life for 
this “realm of fee soul.” As-, 
suredly I do not want theologians 
— Bible-thumping or not — run- 
ning the government. Nor do I 
want to see fee government treat 
citizens as though they are merely 
physical beings. 

Mavbe all one can reasonably 
hope for is some acknowledgment^ 
in policies and in attitudes, that 
what people believe is important. 

Isn't it of some account that 96 
percent of us Americans profess a 
belief in some universal spirit that 
transcends our physically? Mr. 
Klein believes there Is. 

“Balanced spirituality can 
provide vision in times of crisis by 
placating fee ego and pulling for 
both strength and humility — As 
we enter fee 2 1st century, it be- 
comes harder not to recognize the 
commonality of the human con- 
dition. Our societies are fragment- 
ing as we continue to hyper-focus 
on personal consumption. 

'‘Lip service has replaced real 
service. How much longer can we 
afford to ignore the mutual re- 
sponsibilities we bear for fee 
health of our symbiotic web?” 

Nothing in what he has written 
offers a clue os to how ' ‘religious’* 
Mr. Klein is — nor should iL That 
would only invite arguments 
about the specifics of his religion, 
when his point is the importance of 
recognizing fee near-universal be- 
lief in our common spirituality and 
of honoring fee validity of one 
another's search for truth. 

Mr. Klein believes feat, 
whatever our doctrinal particulars, 
our desire to connect wife some 
transcendent power or idea — with 
something bigger than ourselves 
— is deeper even than our drive for 
economic satisfaction. 

I believe it, too — and I believe, 
moreover, that it is our societal 
failure to address that longing 
that tempts us into fee nonspiritual 
excesses that threaten to bring 
us rain. 

The Washington Post. 


Financial Turmoil 
in Asia. 

How Serious? 
Will It Spread? 

A Special Section on Monday, November 3rd. 








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daily coverage of thjs gyigfek^- 

important and dramatic Jaka rta 

story, the International £ 3 ^ ^aqjT : iS& 

Herald Tribune wiH provide syd^y 

a special section on 
Monday, November 3, Tokyo 

bringing together thebest * — 

upto-date assessments or. 

■ How serious is the decline in Asian economies? 

■ What are the likely .consequences in Asia, Europe and America? 

■ What will it take to bounce back? 

■ What is the longer term outlook? 

. , . A in *+.:«. cnecial section are overview pieces from IHT .corre- 
included m .this spec™ . ncMual 



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[Sinnamerald Tni^e and it has stayed on the front page con- 

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PAGE 10 


INTERNATIONAL 


Poland Taps Resource to Combat Dirty Air : Hot Water 


briefly 


m) 


By Christine Spofar 

Washington Post Service 


ZAKOPANE, Poland — Heavy 
breathing comes with the territory in this 
popular mountain resort. As tempera- 
tures drop, ribbons of throat-choking 
coal smoke, as familiar as fir-covered 
peaks or red-brick chimneys, rise and 
melt into the wintry mist 

But eight miles (13 kilometers) down 
the road, Antoni Porebski is resting easy. 
Hie garage he once filled to die rafters 
with coal is now empty. When Mr. 
Porebski, like 202 other residents of the 
town of Banska Nizna, feels a chill, he 
simply pushes a button on a small, gov- 
ernment-supplied beating unit Warm 
air, heated by waters boiling deep under 
the Tatra Mountains, seeps into his 
home. 

“I see the biggest difference when I 
look outside my window,” said Mr. 
Porebski, whose bed-and-breakfast 


business is booming. “We have white 
snow. The other villages have gray.” ■ 

The heat is on in Eastern Europe to 
dean the air and water — partly to 
prepare for talks in February on ac- 
cession to the European Union, and, in 
Poland's case, partly in hopes of be- 
coming die first formerly Communist 
country to play host for an Olympics. 

Poland has emerged as a leader, along 
with the Czech Republic, in improving 
air quality in a region that was dev- 
astated during the communist era by 
pollutant-belching industries. Part of the 
effort here in southern Poland — a mnlti- 
tnilUoo-dollar geothermal project to 
sweep this valuable tourist area clean of 
sulphur dioxide — has turned into a 
sportsman’s challenge. 

In February, this country of 38 million 
people will apply to be host of the 2006 
winter Olympics. If .the Games go to 
Poland, athletes in every major ski event 
would be speeding down foe slopes of 


Non-Orthodox Groups 
Delay Israel Showdown 
On Issue of Conversions 


By Joel Greenberg 

New York Tunes Service 


JERUSALEM — Retracting a pledge 
to renew legal challenges to the Or- 
thodox rabbinate, leaders of foe Con- 
servative and Reform Jewish move- 
ments agreed Tuesday to a grace period 
to mediate a dispute over the right to 
perform conversions in Israel. 

The reversal breathed new life into 
efforts to resolve foe conversion issue, 
which has become foe focus of a struggle 
by Conservative and Reform Jews for 
recognition in Israel 

The debate has strongly echoed in 
Jewish communities around the world. 
Which are predominantly non-Orfoodox, 
threatening to divide Jews in Israel from 
those abroad. 

The turnaround in the Conservative 
and Reform position came after they 
encountered a barrage of criticism from 
across foe Israeli political spectrum for 
what was seen as a disruption of efforts 
to reach a compromise. 

At a meeting with President Ezer 
Weizman on Tuesday morning that was 
also attended by a representative of foe 
Chief Rabbinate. Conservative and Re- 
form leaden backed off from their dec- 
laration on Monday that they would 
press ahead with court cases to gain 
recognition of their conversions and then- 
right to serve on religious councils. 

They agreed to postpone litigation for 
three months to allow a government com- 
mittee on conversion headed by Finance 
Minister Yaacov Neeman to find a com- 
5. The committee, which includes 
>x, Conservative and Reform rep- 
resentatives, was formed in June, and had 
been working with the agreement of all 
parties to suspend legal and legislative 
; action during its deliberations. 

The Conservative and Reform re- 
versal halted countermoves by religious 
parties to speed up legislation that would 
confirm foe sole right of Orthodox rabbis 
to perform conversions in Israel and 
limit membership on religious councils 
to Orthodox Jews. 

Emerging from the meeting with Mr. 


isaid. 

Rabbi Ehud BandcL president of the 
Conservative Movement in Israel, ac- 
knowledged that he and his colleagues 
had underestimated foe response to their 
decision to renew legal action against the 
rabbinate. Conservative and Reform 
lobbyists discovered that their move was 
eroding opposition in Parliament to a 
proposed Orthodox conversion bill. 

‘we wanted to find a way to climb 
down from the tree,” Rabbi Bandel said. 


3 Nations Warn Iraq Not to Halt 
Cooperation on UN Inspections 


The Associated Press 

■ UNITED NATIONS, New York — 
The United States, Russia and France 
warned Iraq on Tuesday against ceasing 
cooperation with united Nations 
weapons inspectors and the U.S. am- 
bassador spoke of “grave con- 
sequences" for Baghdad if it did. 

in Baghdad, President Saddam Hus- 
sein summoned the entire Iraqi leader- 
ship Tuesday to discuss a recomraen- 
1 dauon by the legislature that all contacts 
wifo UN weapons inspectors be frozen. 

The Iraqi threat followed a Security 
Council warning last Friday that it would 
impose further sanctions unless Iraq co- 
operates with inspectors seeking to veri- 
fy whether Baghdad has complied with 
UN orders to destroy weapons of mass 
destruction. 

Iraq had threatened to cease cooper- 
ation if new measures were approved, but 
five council members — Russia, France, 
China. Egypt and Kenya — abstained, 
claiming that Iraq had not been credited 
with some progress in disarming. 

Apparently concerned that their ac- 
tion had served only to embolden Iraq, 


Russia and France issued separate state- 
ments in their capitals Tuesday advising 
Baghdad that it must fulfill its oblig- 
ations to permit the inspections. 

As a condition for ending the 1991 
Gulf War, Iraq accepted a UN order 
requiring it to dismantle all long-range 
missiles and scrap its nuclear, biological 
and chemical weapons programs. 

The inspectors most verify compliance 
before the council will lift the oil em- 
bargo and other sanctions imposed when 
Mr. Saddam invaded Kuwait in 1990. 

In Paris, the French Foreign Ministry 
reminded Iraq that it must cooperate 
with the inspectors if foe sanctions and 
embargo are to be lifted. The statement, 
read at a daily press briefing, said France 

had warned Iraq on Ocl 26 of the risks it 
would face by ending cooperation. 

The spokesman for Russia's Foreign 
Ministry. Valery Nesterushkin, repeated 
that point Tuesday in Moscow. 

In Nairobi, die chief U.S. delegate to 
foe United Nations, Bill Richardson, 
said, “I think there would be grave con- 
sequences if they took those steps,” 
referring to a halt in inspections. 


foe Tairas and the Gubalowka Ridge. 

The Tatras, a national treasure teem- 
ing with 3,000 species of plant life and 
rare wildlife, are in a national park that 
environmentalists say has long suffered 
abuse. Park jstudies estimate that as 
much as SO percent of the toxins that 
have shriveled acres of sjpruce and pine 
here are spewed by burning coal 

“The idea is for our 30,000 inhab- 
itants to live decently,” Mayor Adam 
Bacheda-Curus said about foe project to 
switch from coal to geothermal heat. 
“But we also know to hold foe Olympic 
Games, and to keep foe 4 5 million tour- 
ists who already come here every year, 
Poland has clean up its act.” 

After the fall of communism in 1989 
and foe emergence of democracy and 
free markets, authorities around Eastern 

Europe focused their environmental ef- 
forts on factory towns where people 
suffered foe greatest health risk. Some 
industrial dinosaurs were closed cotn- 


and particulates in foe air. 

In addition, the market reforms that 
swept Poland created a competitive mar- 
ketplace in which many factories saw 
foeir workloads folk 
As the East European country most 
dependent on coal tor home heating, 
Poland's need for a clean, cheap al- 
ternate fuel was obvious. Natural gas 
might have been the most likely choice. 
Bur Zakopane and its neighbors, sitting 
atop a powerful natural reservoir more 
than a mile underground, were deemed 
ripe for an experiment. * 

With foe rail of communism, a re- 
search group found financial backing—, 
notably from state-run ecological funds 
and the European Union ■ — to plumb foe 
possibilities. 

Drilling through layers of limestone 
and dolomite, round an underground 
reservoir that flowed upward at a power- 


ful rate and at 190 degrees Fahrenheit 
(88 degrees Celsius), far hotter than they 
had imagined. The water was also nearly 
fresh, with salt levels so low that the 
engineers could forgo using expensive 
stainless steel for pipes. The geothermal 
project took form. 

Today, four years after foe first homes 
in the valley, were connected to the en- 
ergy plant, ‘Piotr Dlugosz, ais director of 
Geounma Podhalaoska, is counting 
down to an expansion of foe project. 

This year, 30 more tomes in the 
nearby village of Bialy Dunajec will be 
connected to foe. plant In. a few more 
months, 1,000 apartments inZakopane 


will be added, within a couple of years, 
l total costof $60 million. 


foe plant, at a v 

will replace 35 coal-fired boilers. 

“Forty years of communism turned. 
-Poland into Swiss cheese,” Mr. Dlugosz 
said. “The Soviets would come and drill 
— for oil, for gas — and never come up . 
with anything, except hot water.”. 


Weizman, Rabbi Richard Hirsch, ex- 
ecutive director of the Reform move- 
ment’s umbrella body, tire World Union 
for Progressive Judaism, said, “We all 

cooperate in order to solve th^mblem 
and in wrier to bring real peace among 
the Jewish people.’ ’ 

Rabbi Hirsch said the non-Orthodox 
movements had changed their position 
after receiving a commitment from the 
rabbinate representative to consider a 
compromise drafted by foe Neeman com- 
mittee. It would include Conservative and 
Reform rabbis in foe conversion process 
and allow them to officiate at weddings, 
witnessed by Orthodox representatives. 

“For the first tune we have an official 
statement from the Chief Rabbi saying 
that tentative pmprealg nf the mnmittwi 
are a bans for discussion,” Rabbi Hirsch 
said. 

Rabbi Yisrael Rosen, who represent- 
ed foe Chief Rabbinate and heads its 
conversion department, said after foe 
meeting: “On foe face of it, there is 
something to talk about” 

But the Conservative and Reform 
leaders were also smarting from harsh 
criticism leveled at them by political 
allies who saw the resumption of lit- 
igation as an attempt to sabotage com- 
promise efforts. 

A key critic was the industry and trade 
minister, Natan Sharansky, who said that 
foe non-Orfoodox movements were 
harming a historic effort at reconciliation 
between the three branches of Judaism. 

“We will not lend a hand to those who 
are trying to destroy a process of ne- 



IMPAIRMENT TO LEARNING — Students navigating over rubble Tuesday after an overnight explosion 
at the American University in Beirut knocked down a wall and blew out windows but caused noinjuries. 

Comic-Opera Coup in Zambia Quickly Foiled 


By Lynne' Duke 

Washington Post Service 


JOHANNESBURG —President Fre- 
derick Chiluba of Zambia put down an 
anemic coup attempt in Lusaka on Tues- 
day when his armed forces stormed foe 
national radio station, which was seized 
before dawn by junior officers. 

Calling himself “Captain Solo,” foe 
coup leader greeted early morning radio 
listeners with news that a previously un- 
known group calling itself foe National 
Redemption Council had taken over. 

“I saw an angel, and the message was 
foe government had to be overthrown," 
Captain Solo reportedly said, speaking of 
Mr. Chiluba ’s six-year-old government. 

This turned out to be wishful thinking. 


Despite broad disaffection with Mr. 
Chiluba’s political tactics, his crack- 
downs on opponents and his economic 
austerity measures, none of Lusaka’s 12 
million people rose up in support of foe 
coup, nor was it joined by foe armed 
forces. 

In what was described in Zambian 
circles as a rather comical attempt at a 
coup, “The rest of the anny showed no 
interest whatsoever,” a senior source 
said from the U.S. Embassy in Lusaka. 

After foe plotters — numbering no 
more than two dozen, according to the 
U.S. source — deployed a pair of ar- 
mored vehicles around the Zambian 
Broadcasting Corporation, small-arms 
fire was heard in the vicinity. 

But a few hours after foe coup began. 


the army stormed foe broadcast 
headquarters and captured several of the 
perpetrators, according to Lusaka 
sources and news reports. 

The troops found “Solo,” whose real 
name is Captain SteveLungu, hiding in a 
trash bin, Zambian news reports said. 

There were nd reports of fatalities and 
no other fighting in foe city. ' 

Five hours after foe drama began, Mr. 
Chiluba broadcast a message to the na- 
tion that die coup attempt had been 
crushed and the plotters arrested, with 
more arrests to come. 

“Then plans have failed and my gov- 
ernment' is still firmly in control,” the 
president said, according to Reuters. “I 
want to warn those wbo want to rise by the 
sword that they will fall by the sword.” 


U.S. Offends Angola 

LUANDA, Angola — Tto Luanda 

1 

Savimbi without passing ttaough Lu- 
anda. Angolan diplomats said Tuesday. 

The UJ5. ambassador to Angola, Don- 
ald Steinberg, was to be summoned 
Tuesday to foe Foreign Ministry over foe 
matter, die sources said. ' 

The Angolan foreign minister, veu- 
ancio de Moura, reportedly expressed 
imitation to Mr. Richardson, who went 
directly from Kinshasa to Boilund© for 
his with Mr. Savimbi, who leads 
foe National Union for foe Total In- 
dependence of Angola. 

A U.S. Embassy spokesman dis- 
missed as “ridiculous” me idea that Mr, 
Richardson, the chief U.S. delegate to 
foe United Nations, would go to the area 
without authorization from die Angolan 
government. (AFP) 

Russia Backs Iran Tie 

MOSCOW — Russia accused Israel 
and foe United States on Tuesday of 
ganging up on it to tty toreduce its trade 
with Iran, and again dis m issed accu- 
sations that it was helping Tehran ac- 
quire ballistic missiles. 

“There is no such cooperation, never 
was and never will be,” the presidential 
spokesman, Sergei Yastrzhembsky, said 
at a news conference. 

Israel says Russian assistance could 
help Iran complete development within 
one or two years of long-range missiles 
capa ble of dropping nonconventional 
warheads on Israel. (Reuters) 

Ontario Teachers Out 

TORONTO — Ontario's 126,000 
tehchers shut down schools with a wide- 
spread walkout aimed at blocking foe 
provincial government’s plans to reor- 
ganize Canada's largest school -system 
by shifting authority over schools from 
more than 160 local boards to his edu- 
cation minister. 

In what could be the most telling in a 
series of labor actions against the con- * 
servative government of Premier Mike ft 
Harris, foe teachers’ strike promises to 
test whether Ontarians support his ag- 
gressive attack on foe province's budget 
deficit or feel be has moved too auickly . \ 

and cut too deeply into social, health and j { 

education programs. (WP) 

Copters for Colombia 

WASHINGTON — The U.S. gov- 
ernment says that military helicopters 
provided to Colombia to fight foe drug 
war could be used against foe country’s j 
leftist guerrillas if they were helping 
traffickers. 

The State Department said there was 
evidence of guerrilla involvement in 
guarding plantations and laboratories 
and transporting drugs in Colombia, the 
world’s largest cocaine producer. 

“We are prepared to see our equip- 
ment used, provided its purpose is foe 
fighting of drugs and to foe extent that 
there are direct links between guerrillas 
assisting drug traffickers,” foe State De- 
partment spokesman, James Rubin, is 
said. ir 

“But any suggestion that we are 
providing helicopters to foe Colombian 
government in its broad-based civil con- 
flict with guerrillas is incorrect,” he 
said- ( Reuters ) 


Miracle Spares 
‘Blind’ Italian 

Reuters ' 

ROME — An Italian judge has 
dismissed fraud charges against a 
registered blind man who holds a 
driver's license after he claimed he 
had been miraculously cured at the 
Roman Catholic shrine at Lourdes 
in southwest France. 

The 29-year-old man, whose 
name was withheld, was freed by a 
court in the central town of Perugia, 
after he said he had regained his 
sight during a visit to Lourdes, the 
Unita newspaper reported Tues- 
day. 

The man, who was employed as 
a telephone operator under a state 
program to help foe blind, said he 
had made a special trip to Lourdes 
on Dec. 13, the feast day of Saint 
Lucia, the patron saint of the 
blind. 

“I recovered my sight,” foe man 
was quoted telling foe court. 

Hie police discovered the case 
during a crackdown on welfare 
fraud when they found the man was 
registered as blind while holding a 
driver’s license. 


CHINA: It’s Business Ahead of Diplomacy in Dealing With Bejing 


ICE: On Ship Frozen in the Arctic, Scientists Study Climate Change 


Continued from Page 1 

[ational Science Foundation in foe Arc- 
e. (The agency spends much more than 
iis every year for research in Antarc- 
ca.) The work is also supported by foe 
iffice of Naval Research, the Japanese 
ivernmem and other organizations. 
The project’s 50 scientists, most of 
cm Americans, are gathering data with 
e help of the icebound icebreaker, an 
con icebreaker and two auxiliary ves- 
:1s. as well as research aircraft and 
lunding balloons. Another contributor 
i foe project is foe nuclear submarine 
rchemsh, which periodically cruises 
fneafo foe floe supporting foe SHEBA 
imp, measuring the underside and con- 
urs of foe ice. • 

The center of this activity is foe Des 
roseilliers. a heavy icebreaker of the 
in ad i an . Coast Guard that has been 


chartered by- the scientists for one year. 
The ship rammed its prow into a floe 
about 320 miles (512 kflometers) north 
of the Alaskan coast and shut down its 
powerful engines on Ocl 2. It will re- 
main here for one year. 

Solidly hemmed in by thick ice cov- 
ering water some 11,000 feet deep, foe 
Des Groseilliers is foe first research ship 
to be deliberately frozen into Arctic pack 
ice since foe great Norwegian explorer 
and scientist FridtjofNansen allowed his 
wooden ship, the Fram, to freeze into foe 
ice in 1893 so he could make scientific 
observations. 

The strategy adopted by foe SHEBA 
team was to mark out a roughly cyl- 
indrical column with a radius of about 30 
miles, extending from foe upper ocean 
through foe ice-covered surface and on 
up through foe clouds to the top of the 
atmosphere. 


At foe center of this column is foe 
icebreaker. Its position was chosen so. 
the column would include representative 
lies of thick pack ice, melted surface 
Is, open water in cracks (known as 
;), many types of snow cover and all 
possible cloud conditions. The idea is to 
study intensively a region that typifies 
the entire Arctic Ocean. 

Teams of scientists have deployed 
thousands of sensors within foe column: 
in the water, in the surface ice and in the 
air, on towers and balloons. Upward- 
looking radar and laser beams penetrate 
and chart foe upper atmosphere. 

In foe water, sensors continuously 
measure temperature, salinity and cur- 
rent speeds and directions at various 
depths. Sensors embedded in holes 
drilled into the pack ice measure ice 
temperature and composition and ice 
stress. 


Continued from Page 1 

companies with big stakes in China have 
often been on foe opposite sides of major 
battles. 

Just last year, Boeing pressed for per- 
manent renewal of C hina ’s trading priv- 
ileges at the same time that Microsoft 
successfully pressed the administration, 
to threaten to impose $1 billion in sanc- 
tions against Chinese goods if Beijing 
failed to stop the piracy of software, 
videotapes and music, hi that battle, Mr. 
Jiang barked down, finally convinced 
that a reputation for piracy could chill 
foreign investment. 

With increasing frequency. American 
companies are in a tug-of-war with 
Beijing over its insistence that invest- 
ments are tied to extensive transfers of 
technology — often to develop local 
industries that will compete with foreign 
firms. Chrysler.Corp. backed out ofa 
major car deal several years ago rather 
than turn over too much technology to 
Chinese automakers. 

American companies also must steer 
clear of the human -righ ts practices that 
often tar China's reputation in foe United 
States — - for example, makin g sure not 
to use foe products of prison labor and 
not to deal with subcontractors who do. 

Such confrontations will not be men- 
tioned dining Mr. Jiang’s visit But even 
the U.S.-CMna Business Council, foe 
chief lobbying group for smoother re- 
lations with Washington, notes that in 
the past two years Chinese leaders have 
tilted laws and new regulations “to foe 
advantage of domestic firms” and to foe 
disadvantage of foreigners. 

So to foe many crosscurrents of Wed- 
nesday’s summit meeting, add one 
more: Just as foe diplomatic relationship 
between Washington and Beijing is fi- 
nally speeding up. the corporate rela- 
tionship shows signs of chiliin& 

American investment in China ac- 
tually declined last year by 7 percent, 
and the number of contracts signed — 
foe rough equivalent of looking at the 
numbers of shares traded on a stock 
exchange — fell by 28 percent 

If Washington and corporate America 
seem once again out or sync, foe ex- 
planation may be that they are focused 
on two. very different Chinas. Wash- 
ington still focuses on managing China’s 

i/ 


interactions with the rest of the world — 
as an arms proliferator, a potential threat 
to Taiwan, a growing diplomatic force in 
Asia. But the American business com- 
munity is focused on China’s internal 
changes — foe pace at which it privat- 
izes its state-run enterprises and its will- 
ingness to lift foe many restrictions that 
keep foreigners from competing directly 
for foe hearts of Chinese consumers. 

But foe’ real lesson that American 
business brings back to Washington is 
this one: Goverament-to-govenunent 
agreements are nice, bat what works on 
foe back streets of Shanghai and Xian is 
a conspicuous display of political 
power. 


Procter & Gamble, for example, has 
flourished where other foreign con- 
sumer-product companies failed, its 
competitors say, in part because its chief 
business partner in Hong Kong happens 
to be one of foe city's most powerful 
billionaires, a man with excellent con- { 
sections in Beijing. 

In China, a diplomat told Mr. Rubin 
about a lawyer who had a string of 
victories in the Chinese courts, even 
against local companies. 

I . asked him, ‘How do you do 
that?’ " foe diplomat said. 

He said it’s easy: He just invites 
some very powerful people in Beijing to 
come sit in the front row.” 


JTANG: Turmoil Overshadows U.S. Visit 


Continued from Page 1 

wisdom of inviting an emerging power 
like China “into the mainstream as a 
responsible participant in foe interna- 
tional system rather than consi gning it to 
a divergent path.” ■ 

Mis. Albright promised that the talks 

in Washington would be “candid and 
comprehensive.” 

(( The Uni ted States, she added, wants to 
“encourage foe emergence of a China 
that is stable, open and oonaggressive; 
that embraces free markets, political 
pluralism and foe rule of law; and that 
works with us to build a secure inter- 
national order.” 

Mrs. Albright said that human rights 
would be an issue in the talks, but that 
she was encouraged by China’s invi- 
tation to three American religious lead- 
ers for a fact-finding mission. 

In addition to that, she said font the 
Chinese had freed Bishop Sn Zhemin 
the underground Roman Catholic bishop ' 
of Baoding. His arrest Oct. 8 had drawn 
sharp protests from rights groups. 

Bur Sidney Jones, executive director 
of Human Rights Watch-Asia, in Wash- 
ington, said foe group had seen no con- 
firmation that Bishop Su had been re- 
leased. 

A panoply of disputes — on human 
rights, trade, Taiwan and arms sales, 
among other issues — has brought the 
Chinese under fire from a range of 
American groups. 


Mr. Jiang, 71, got a small taste of th 
oincism Tuesday as he was driven to th 
Governor's Palace in Williamsburg on ; 
day of astonishingly clear skies. His ca 
passed a few protesters bolding sign 
M “ Fr ^ Tibet" and ”Huma 
Rights Now." 

But an area reserved and roped off f< 

demonstrators was two blocks awa 
The protests, which drew perhaps 2? 
people, were peaceful, . 

In Washington, fliers pasted on utili 
poles advertised a large protest ral 
being planned by several groups Wo 
°?sday- TJe posters included a likene 

Fr^S..? eU “ d "» » "L 

Human rights groups and other o 
ganizatioiw held demonstrations ai 
IK? COt ^ crenccs Tuesday. A candl 

^^n^ y plSmned OUBide 11 
Members of Congress also made 
known that they would receive Mr. J 
ang though with some reserve, when 1 
vtsited Capitol Hill on Thursday 
Jesse Helms of North CaroluS. chai 

CoSuSL* 6 S ? ate Forci S n Reiatioi 
S™ mee ’ said that he would attend 

Jiano d K ner ^ ednesday k honor of M 

HelrL^i kj” to understand,” M 
*ai the American peep 

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From Rap ’s Old Guard, a Lesson in Survival Tactics 


By Jon Pareles 

Nn ‘Yw*runea Service 

Meusssmb 

tfial activity reflects hard-nosed strategy be- 
caoserappers face the fastest obsolescSice of 
any performers m pop. 

_ In a variant on the Beat axiom of “first 
faought.besttfiouriit.’* the basic expectetiJn^ 
hip-hop is first album, best album, 'Sid some- 
ames "only album.” 

iitSn^L P fi Us ra ? pe [ s awa y ^ streets, 

■“5* “f 1 figuratively, -where the music finite 

vitality and realism. Yet once rappers have a stake 
m the music business, they can boost fri»n dp and 


become moguls. More than in other pop genres, 
each hip-hop album becomes an overt business 
move, laying groundwork for expansion^ 

New releases by New York hip-hoppers are 
compilations of survival tactics as well as songs. 
L. L. Cool J, who released his first hit in 1984, 
and Salt-n-Pepa, who arrived in 1986, have 
outlasted hip-nop's reign of youth, while young- 
er performers are building coalitions. 

Busta Rhymes shares his al b um with his own 
Flipmode Squad and others; the Gravediggaz 
unite (be multimilli o n- selling, innovative pro- 
ducers of De La Soul (Prince Paul) and the Wu- 
Tang Clan (RZA). 

There's still a distinctive New York approach 
to rap: fast-talking, free- associating wrvt willing 
to use sonic irritants, as opposed to the smoother, 
screenplay-ready narratives of West Coast rap. 


But there's a gap between older and younger 
acts. 

New material by L JL Cod J. and Salt-n-Pepa 
is streamlined, catchy and has one agenda per 
song. But Busta Rhymes and the Gravediggaz 
choose density and multiplicity, with stray 
voices, odd noises and off-the-wall asides. 

As they reach their ripe old late 20s and mid- 
30s, both L. L Cool J (bom James Todd Smith in 
1968) and Salt-n-Pepa are more businesslike than 
brash They, have endured by treating hip-hop as a 
pop variant, mixing spoken verses with melodic 
choruses. Meanwhile, they brandish current slang 
and designer names as a link with the street. 

“Phenomenon” (Def Jam/Polygram) marks 
L. L. Cool J’s multimedia triumph; as the star of 
a TV sitcom (“In the House”), an author and an 
active hit maker. “Phenomenon” doesn't bother 


with consistency; L. L. Cool J raps plush, glim- 
mering, sweet-tailring ballads and sparse, 
choppy, aggressive boasts. 

Salt-n-Pepa’s “Brand New" (Red Ant/Lon- 
don) gets its title from its new songwriters; the 
two rappers, Cheryl (Salt) James and Saudi 
(Pepa) Denton, and their disk jockey, Spinder- 
ella (Dee Dee Roper), have taken over from their 
longtime Svengali, Hurby Azor. 

Salt-n-Pepa still juxtapose caicby come-ons 
and determinedly positive messages: an ana- 
racism song with Sheryl Craw singing the chorus 
and a rock-hacked rap urging women to break 
away from domestic violence. 

Younger rappers care less about reaching the 
broad pop market. They treat the music as a 
playground of sonic collages. They are also more 
pessimistic, envisioning destruction and chaos. 


The Gravediggaz are part of the Wu- 
Tang Clan’s ever-expanding domain; iis ^ 
material revolves around RZA’s penchant for 
mournful minor-key samples and the Clan's 
rhetorical ambitions, minus their nihilism . The 
Gravediggaz* raps leap from Affocentric history 
to mystical mumbo jumbo, from apocalyptic rech- 
nobabble to an elegy for a girlfriend. 

Busta Rhymes is one of the most striking 
rappers to emerge in the 1990s, with a fast- 
talking, gruffly syncopated delivery that can seem 
comic or dangerous. His backup tracks bounce 
with an amalgam of dancehall reggae and hip- 
bra. But too much of his second album, “When 
Disaster Strikes” (Elektra), is a showcase for his 
friends in the Flipmode Squad. It starts our as a 
good time with glints of ghetto realism, then veers 
mto standard male bonding, crime and gunplay. 



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. ->j Maggie Smith as the hard-drinking, concertina-playing Claire in Edward Albee’ s A Delicate Balance 

An Albee Family’s Balancing Act 




i By Sheridan Moriey 

' International Herald Tribune • 

L ONDON —When Edward Al- 
bee’s “A Delicate Balance” 
first opened here, in a some- 
what austere staging .with 
Peggy Ashcroft atthe Aldwych aflof 30 
years ago, I took its cross-references to 
be toward Samuel Beckett: the nameless 
dread that forces a married couple to 
billet themselves indefinitely on then- 
best friends, and above all die 
bleakness of die vision of Agnes, fyff 
their hostess, certainly seemed the a t 
to point in that direction. PVI 

It wasn’t until! came across a RV 
brilliant preface written by Al- Uj 
bee to the plays of Not?) Coward 
f ; that I realized we might in fact be 
f a great deal closer to home. What, for 
instance, is the game of Get the Guests 
in his * ‘Virginia Woolf” if not a vari ant 
on the agonies inflicted by Coward on 
his weekenders in “Hayfever”? 
Moreover, in “A Delicate Balance,” 
once again we are sharply reminded of 
Sir Noel: an elegant house in the coun- 
try, unwelcome guests, an alcoholic sis- 
ter, a recalcitrant daughter, an all-know- 
ing mother and a father who has 
effectively retreated from even his own 
existence — all are Cowardly stereo- 
types from the 1920s given sharp and 
sinister makeovers by Albee. 
t It is the triumph of the new pn> 

V duction at the Haymarket to have realr 
* ized these connections still considerably 
ahead of most Albee scholars. Anthony 

Page the director, and his brilliantly 
elegant designer Carl Toms, have come 
up with a hugely rich staging in which 
Eileen Atkins and John Standing hold 
the fort against their own self-destruc- 
tion while Maggie Smith (as the haTO- 
drinking, concertina-playing sister), Si- 


an Thomas (as the four-time divorcee 
daughter) and James Laureason and An- 
nette Crosbie (as the petrified neighbors 
demanding jefqgg) fill put the be§t a$t 
in London this season, maybe foe best 
ever seen in any. Albee over here. 

On Broadway last season, it was 
Elaine Striteh who walked away with 
this revival as the sister. But at the 
Haymarket, Maggie Smith faces vastly 
tougher competition, and at the end of 
.the evening it is the world-weary, in- 
finitely ' elegant, carefully 
b W «l i l wasted husband who in John 
[ter Standing’s mesmerizing perfbr- 
mance best captures the spirit of 
oj7o familial and personal setf-de- 
J stniction that ties at the heart of 
S — ' this great play. 

“A Delicate Balance” can 
now be seen as the time-bombed bridge 
that gets as from “Virginia Woolf” to 
“Three Tall Women.” Where once 
only maniages imploded in Albee, now 
it is entire families passing from gen- 
eration unto generation the destructive 
art of the dinner party gone poisonous, 
the family that only stays together to 
slay together, even if the victims do turn 
out to be themselves. There are no 
nearest or dearest in Albee. 

At the Comedy, Hugh. Whitemore’s 
“A Letter of Resignation” takes us 
back to the Profomo scandal of 1963, 
though it is arguable here. that the resig- 
nation of the title is also that of Harold 
Macmillan whose prime ministership 
was fast drawing to a close, speeded on 
its way by the aftermath of the affair. 

Whitemore’s interest is really only in 
the character of SuperMac, as played by 
Edward Fox in another of his startlingly 
look-alike impressions. Fox’s Macmil- 
lan is a miin in retreat from any kind of 
reality, holed up in a Scottish castle as 
the news from Westminster gets worse 


by the hour and by the messenger. Two 
of the latter arrive to break the news to 
the old man that his beloved John Pro- 
. fame has finally admitted lying to the 
House of Commons over his relation- 
ship with the model Christine Keeler, 
ana virtually all of act one is taken up 
with an unusually plodding recapitu- 
lation of then: story. 

Only then does it become clear that 
Whiteman has another interest: the af- 
fair, starting back in the 1920s, between 
Macmillan’s wife Lady Dorothy and 
another wayward Conservative member 
of Parliament, Bob Boothby. This, in an 
uncomfortable flashback, emerges as 
die prime reason for the prime min- 
isters sexual and maybe even social 
withdrawal from the reality of love and 
Iusl, and therefore far his inability to 
understand or maneuver the Profumo 
affair to any real advantage. 

There are some ^characteristically 
clumsy moments in “A Letter of Resig- 
nation, ” not least a scene in Act 2 where 
Lady Dorothy reads aloud to her hus- 
band the letter of resignation, which be 
read to himself on stage an hour earlier. 

. But at the heart of this docu drama is 
Fox’s ravaged, retreating prime min- 
ister already aware that with Profumo 
goes not only his own career, but also a 
• whole way of British life. 

By the end of a somewhat static even- 
ing, Fox’s Macmillan is lamenting 
golden days when God and an Oxford 
education were all that really mattered 
That those days never were like that, 
especially for Lady Dorothy, is just one 
of the ironies of a bitterly elegiac and 
nostalgic timepiece. All that is left is a 
staff dance in foe nearby bam; a dance to 
tire music of time in which only the band 
is still willing to play on as the '60s 
crash into being and the cap tains and. the 
kings depart forever. 


CROSSWORD 


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Wanted in Hollywood: Books 

Studios Spend Millions to Buy Novels-for-Movies 


By Bernard Weinraub 

New York Tunes Service 


L OS ANGELES — Books are 
back in Hollywood. Quite sud- 
denly, studios and production 
companies are spending mil- 
lions of dollars purchasing novels to be 
made into films, an investment rhar is 
both risky and a measure of Holly- 
wood’s hunger for new materiaL 
“Studios are, let’s face it, desperate,” 
said Robert Bookman, a top liieraiy 
agent at Creative Artists Agency, which 
has brokered some of the biggest deals in 
recent weeks. “Desperate to take audi- 
ences places they haven’t been before, 
desperate to find complex and interesting 
characters for one of the handful of stars 
that eve^one wants in a film. For a while, 
it was a fallow period. Not anymore.” 

The bodes in demand by Hollywood 
are science fiction, medical thrillers and 
love stories and sometimes a combin- 
ation of all three. 

They have strong male leads and are 
viewed as vehicles for the half-dozen or 
so stars who are heavily in demand* 
Tom Cruise, Harrison Ford, Tom 
Hanks, Mel Gibson, Brad Pitt 
“A lot of authors have gotten smart: 
They’re laying ont their books like 
movies; they’re delivering what you 
need for amovie,” said Denise Di Novi, 
a Warner Brothers producer who will 
develop several ot (he books-for- 
movies that have been purchased by the 
studio for lavish sums. 

“What- you need is a strong pro- 
tagonist, usually male,” she said, “and 
an exciting and interesting concept that 


Joko Haynes 


makes you feel this could be a movie. 
All these books have star possibilities 
and a big canvas that will hopefully 
attract a top director.” ‘ 

Two of Hollywood’s top producers. 
Scon Rudin and Art Linson, said it was 
perhaps only natural that a handful of 
novels sell to the movies for $2 million 
or even S3 million. (On another level, 
potboilers that read like movies, by 
celebrity authors like Michael Crichton 
and John Grisham, have been sold for at 
least S8 million.) 

“Book prices have gone up like 
movie budgets, and a good book is a 
great way to attract talent.” said Rudin, 
who has optioned best-sellers such as 
“Angela’s Ashes," by Frank McCourt, 
and “Underworld,” by Don DeUilo. 
Already, stars and top directors have 
sought out Rudin, asking to work on the 
films being planned. 

“What’s scary is you're spending a 
lot of money, ana you still don't have a 
movie. ’ ’ Rudin said. “A book is really a 
development. A lot of people have been 
badly burned by . buying expensive 
books.” 

Linson put it another way. “The un- 
der! yingma rerial is now as much of a star 
as the people who are in it," he said. 
* ‘What a book provides is the center of an 
idea that is extremely strong and one that, 
hopefully, we haven't seen before.” 

He is producing the film based on one 
of the hjgh-priced books, “The Cobra 
Event,” a medical thriller by Richard 
Preston, the author of 4 The Hot Zone. ’ ’ 
Tbe book was sold last month to Fox 
2000, a division of 20th Century Fox, 
for $3 million. The story involves a 


deadly virus let loose in Manhattan by a 
killer and the female pathologist who 
leads the effort to thwart the virus and 
catch the killer. Virtually every studio 
and many top producers bid on the book, 
which will be published next year. 

Laura Ziskin, president of Fox 2000, 
said: “We read this book and said, 'This 
is a movie.’ Wc didn't say, “How do we 
do this?’ We said: ‘Who'll be in it? 
Who'll direct it?’ ” 

Last week two book deals especially 
stunned Hollywood. One of them in- 
volved a $2.75 million purchase by New 
Line and Tribeca of a novel, “Father 
Figure.” by Nick Hornby. 

At foe some time Warner Brothers 
paid $2.5 million for a still unpublished 
Philip Kerr novel. “The Second An- 
gel.’ * a Futuristic saga involving a slow- 
acting but fatal flu that infects most of 
the earth 's occupants. 


B est-sellers have been 

prime sources of Hollywood 
films since the 1930s. But the 
current boom probably began 
in 1975 wife the huge success of 
“Jaws." based on the Peter Benchley 
novel. Benchley was later paid what was 
considered an astonishing figure, $2.1 
million, for the movie rights to “The 
Island, ’ ’ which failed. 

Similarly, United Artists paid $2.5 
million for the rights to Gay Talese’s 
"Thy Neighbor’s Wife,” a nonfiction 
chronicle of American sexual behavior. 
A film was never made. Even now. foe 
project is cited as an example of how 
lavish sums can be spent on a book that 
never turns into a film. 


BOOKS 


JACKIE ROBINSON: 

A Biography 

By Arnold Rampersad. 516 
pages. $27 SO. Alfred A. 

Knopf. 

Reviewed by 
Richard Bernstein 

I T is a small matter bat a 
telling one about foe unpre- 
dictability of American life: 
When Jackie Robinson was 
finishing elementary school in 
Pasadena, California, in 1931, 
bis transcript included a note 
by a school official about his 
likely future occupation 
Gardener, the note said — lo- 
gically, given what most black 
men were allowed to do at that 
time in Tun Crow Pasadena. 

Robinson, as is well 
known, passed op the chance 
to spruce up the grounds of 
wealthy whites and became 
an authentic American hero 
instead, a man whose talent 
and courage made breaking 
the color barrier in what was 
called the national pastime a 
moral and practical success. 

On the 50di anniversary of 
Robinson’s exploit, Arnold 
Rampersad, a professor of lit- 
erature and black studies at 
Princeton University, has 


written a workmanlike book, 
admiring but not worshipful. 
His “Jackie Robinson: A Bi- 
ography” avoids the tempta- 
tion to rhapsodize over a fig- 
ure whose life reads almost 
like a religious allegory, so 
fell is it of redemptive power. 

Rampersad unobtrusively 
lays out the facts, including 
foe facts of Robinson's edgy 
and sometimes irritating 
oombativeness, allowing the 
reader to make out the mean- 
ing of tbe story. 

In many respects, Robin- 
son’s was a very American 
story, one in which the nation 
itself succeeds. Jack Roose- 
velt Robinson was bom in rur- 
al Georgia in 1919, to a family 
that, on his mother’s side, had 
carved out a degree of 
prosperity from land that it 
farmed. Indeed, it is tempting 
to attribute some of his cour- 
age to foe example shown by 
his mother, Mallie Robinson, 
who, with five young children, 
left her philandering husband 
in Georgia and went to Cali- 
fornia to build a new life. 

In Pasadena, Mallie Robin- 
son worked as a maid; she 
accumulated enough money 
to buy a bouse on an oth- 
erwise all-white street and to 


BEST SELLERS 


The New York Ttmei 
TMi list is based on report* Gran mote 
than 2,000 bookstores througbcul be 
United States. Weeks on Hu are aw' 
Dccc na rily consecutive. 

FICTION 


1 FLOOD TIDE, by Cfive 

Coaler 

Z COLD MOUNTAIN, fay 

Chariot Faaer 

3 THE BEST LAID PLAhS. 


4 THE MAN WHO 

LISTENS TO HORSES, 
by Mousy Roberts 3 

5 DIANA. PRINCESS OF 

WALES, edfed by Michad 
O-Men 12 

6 THE PERFECT STORM. 


by Sebastian ii _ 

7 INTO THIN ACL. by Jon 

Kreksner 6 25 

S MIDNIGHT IN THE 

garden of good 

AND EVIL, by John 

Boendi 5 171 

9 CONVERSATIONS 
WITH GOD; Bade 1, by 
Nuk Donald Walsch 7 45 

10 DDtnr JOKES ANDBEBL 

tar Dew Carey — 8 3 

11 ROCK THIS!, by Chris 

Rock 14 2 

12 TUESDAYS WITH 

MORRIE. by Milch 
Alban 1 

13 THE MILLIONAIRE 

NEXT DOOR, by Thams 
J. Stanley and William D. 

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make sure that her children 
took advantage of the 
schools.' Jack, who was the 
youngest of Mrs. Robinson’s 
four boys, was a splendid ath- 
lete almost from the begin- 
ning. a basketball legend at 
the John Muir Technical High 
School in Pasadena and a 
football legend at UCLA. 

Robinson's first major test 
of courage in racial matters 
came in Texas when he was in 
tbe army during World War 
II. Hammered by the racial 
insults that were common at 
that time, Robinson one even- 
ing refused a bus driver’s or- 
der to move to the back of a 
civilian bus. The incident led 
to an altercation with some 
white officers, a court-martial 
and, when Robinson fought 
the charges, an acquittal Dis- 
charged in 1944, Robinson 
joined the -Kansas City Mon- 
arc hs baseball ream in the 
Negro National League. 

The rest is one of die great 
triumphs of American history, 
with Rampersad laying out 
the familiar story of Branch 
Rickey, the general manager 
of foe fabled Brooklyn 
Dodgers, who “saw a chance 
to intervene in tbe moral his- 
tory of the nation” by inviting 
Robinson to play for him. 

The triumph was dne in 
part to Robinson’s ballplay- 
mg. But it was due also to foe 
ordinary decency of many 
others, including a large por- 
tion of the American people. 

When Robinson began 
playing, there was plenty of 
racist expression, including 
threatened protest strikes by 
other players and in some cit- 
ies death threats against 
Robinson himself. But Robin- 
son became an instant 
celebrity, drawing huge 
crowds, black and white, to the 
ballparks where he played. 

In response to the principal 
strike threat by white players. 


the National League presi- 
dent, Ford Frick, sent this 
warning to anybody who was 
leaning toward a strike: “All 
will be suspended, and I don’t 
care if it wrecks foe National 
League for five years. This is 
the United Stales of America 
and one citizen has as much 
right to play as another.” 

Those lookirm for thrilling 
descriptions of Robinson's 
playing career wifi be disap- 
pointed by this biography; 
Rampersad is at best only an 
adequate sports writer. But he 
does recount the main points 
of Robinson’s triumphs as a 
player and then, upon his re- 
tirement, as a civil-rights ad- 
vocate who parlayed his 
renown into a considerable 
degree of influence with 
American presidents and 
presidential candidates as 
well as with ordinary people. 

Robinson, who was a Re- 
publican and a supporter of 
Richard Nixon,. came in for 
powerful criticism from many 
blacks, especially as the move- 
ment for civil rights pushed 
more youthful groups into na- 
tionalism and separatism. 

Robinson’s final years 
were marked by personal 
tragedy, including the death 
of the oldest of his three chil- 
dren, Jackie Jr., who went 
astray into drugs and crime. 

Afflicted with diabetes and 
heart disease, Robinson died 
in 1972. at 53, having proved 
that he was not just a talented 
ballplayer but a devoted hus- 
band and a figure of great 
moral conviction as well 

He clearly justified the 
tribute that Rampersad, in one 
of his few editorial state- 
ments, gives him. Robinson, 
he writes, “revolutionized 
the image of black Americans 
in the eyes of many whites.” 

Richard Bernstein is on the 
staff of The New York Times. 


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tCDSnmUHMTUfS-1700 


WEDNESDAY, OCTOBER 29, 1997 


PAGE 13 


Singapore, Bypassing IMF, Pledges $10 Billion to Indonesia 


By Thomas Fuller 

«■ iMfTMUwuil Herald Tribune 

KUALA LUMPUR — pJZ 
■; Suharto of Indonesia announced Tues- 
, Singapore had pledged $10 

. billion io prop up the infaSL cur- 
1 m a «sc.ue program ihat would 
. • not impose strict, IMF-style financial 
conditions on its beneficiary. 

The announcement came a day after 
Malaysia pledged $1 billion to hdp res- 
cue Indonesia’s beleagaerad economy. 
Malaysia s deputy prime minister 
AMWBMMiua, said: “It is a Malaysian 
*" Tf offer. The Indonesians did not ask, but 
*we thought the region should practice 


the -spirit of regionalism.'* Singapore's 
oner was unveiled, as stock markets 
around die region ended one of their 
worer trading cays in years: 

Both pledges axe separate from a res- 
cue package from the International 
Monetary Rind that is in the final stages 
of negotiation. Some analysts said they • 
feared that the offers of assistance could 
dilute the effectiveness of the IMF pack- 
age if the terras set by Indonesia’s 
neighbors were not as strict as those 
imposed by the Fond. 

“ Indonesia may need some other fi- 
nancial package just to cushion the strict 
IMF imposition on them. 1 ’ a close aide 
to Mr. Anwar said. “It gives them some 


flexibility in terms of how to use the 
money and where to use it” 

“We don’t need to worry now,” Mr. 
Suharto said Tuesday after the Singa- 
pore assistance package was announced. 
“What we need is to restore confi- 
dence.” Addressing the issue of the 
compatibility between Singapore's aid 
and the IMF package, a spokesman for 
the IMF said the Fund had been briefed, 
beforehand about Singapore’s move. 

“Singapore fully supports the goals 
of Indonesia’s IMF-supported program 
under discussion,” the spokesman said, 
adding that negotiations on Indonesia's 
IMF program were expected to be com- 
pleted “in the next few-days.” The total 


pledges by Malaysia and Singapore 
equal about one-third of Indonesia’s an- 
nua] budget. The Singapore package 
gives Indonesia $5 billion in soft loans 
to help shore up its foreign-exchange 
reserves and a pledge to spend $5 billion 
buying Indonesian rupiah on the for- 
eign-exchange market. 

“If this money helps Indonesia avoid 
reform, it'll be a case of postponing the 
inevitable,” said David O’Neil, the head 
of research at Lippo Securities in Jakarta, 
Still, be said, if me money from Singa- 
pore helps to facilitate exchange-rate sta- 
bility and calm the region’s markets, 
“that’s better. than nothing.” 

But that may still mean that .“In- 


donesia’s not going to change as rad- 
ically as it should,” said Christopher 
Reiter, a salesman at Paribas Asia 
Equity Securities in Jakarta. 

Mr. Anwar said Monday after meeting 
wirti Mr. Suhano in Jakarta that details of 
Malaysia's contribution could be 
hammered otu in the next few weeks. 

Indonesia's stock market has plunged 
nearly 30 percent since the beginning of 
die year, and the rupiah has plummeted 
more than 34 percent since Southeast 
Asia's currency crisis began July 2. The 
rupiah’s plunge has been particularly 
painful for Indonesian companies that 
had taken out overseas loans. 

Indonesian companies are estimated 


to have borrowed around $60 billion 
from abroad, although the actual figure 
may be much higher. 

“Indonesia is really in bad shape,” 
the aide to Mr. Anwar said. “If they 
weren’t in bad shape, they ^ wouldn’t 
have surrendered to the IMF.” 

Soon after Jakarta announced Ocl 8 
that it was requesting IMF assistance. 
Standard & Poor's Corp. warned that 
debts in Indonesia’s private sector 
’'could pressure the government to 
provide financial assistance, given the 
linkages between public and private-sec- 
tor leaders.'* But analysts said they were 
confident Singapore would not allow its 
assistance to be used unproductively. 



A: 


-fi ,- • 


A Bonanza 
For Exports 
TV Series 

fjf Adventure Travels 
Well, but Sitcoms 
Rarely Leave Home 


By Richard Covington 

International Herald Tribune 


C ANNES — A quartet of cuddly 
dolls, with television screens in 
their stomachs and antennae 
sprouting from their heads, has 
rapidly upstaged “Wallace and Gro-‘ 
nut” in Britain and is set to invade the 
United States, Portugal, South Africa 
and New Zealand. ■ 

Aimed at preschool couch potatoes, 
“Teletubbies” reaches some 2 million 
■>K; television viewers daily in Britain and is a 
> prime example of a hit prog ram intended 
to work as well overseas as at home. 

With exports now accounting for half 
the total income of arising proportion of 
television films and series, producers 
are scrambling to identify program 
genres that translate seamlessly-into lu- 
crative foreign markets. 

The stakes are huge. In Europe alone, 
television advertising revenue is pro- 
jected to double by 2006 to $62 billion, 
according to the entertainment trade 
magazine Variety. Producers in Britain 
and the United States stand to gain the 
most from successful exports, although 
a number of French, German and Aus- 
tralian programs are also catching -a 
growing stare of global audiences. 

In vying for tins fundamentally dis- 
parate market, broadcasters have dis- 
covered some elementary, but crucial 
rules about television genres. Soap op- 
eras travel tolerably well, but action 
series and films move with the speed of 
light, proving no-brainer hits in nearly 
every country. Animation^ documenta- 
. ries, game shows and science fiction 
f v cross borders with relative ease. Com- 
’ iJ ' edy does not 

Situation comedies, especially, are 
saddled with culturally specific humor 
that may have audiences roaring in At- 
lanta, tat falls totally flat in Rome. 
Enormously popular series like “East- 
Enders” in me Britain and “Seinfeld” 
in the United States sink without a trace 
overseas. . 

A handful of family sitcoms like 
“Cosby” and “Moesba,” a series that is 
broadcast in 60 ‘countries and backs the 
singer Brandy Norwood craning of age 
in an Afro-American family, are rare 
exceptions of laughter without frontiers, 
a “The success of Moesha illustrates 
Yhow global the television marketplace 
,* frnft become and also how eth n icity is no 
longer a barrier in foreign program- 
ming," said Bert Cohen, a producer of 
series and president of Worldvision En- 
terprises. Inc., the New Yoifc-tased 
company that turned * Beverly Mils 
90210” and “Seventh Heaven aato 
ubiquitous international franchises. 

Despite the success of senes such as 
“Dallas” and “Dynasty,” some tele- 
vision executives contend that televi- 
sion soap operas fall short in foreign 

markets. , . t 

“They don’trepeat well,’ raid James 
McNamara, president of Universal 



BBCWodJuUr 

The stars of “Telctabbies,” a British chQdren’s TV program that 
readies 2 million viewers daily and will soon be exported worldwide. 


Television Enterprises. Action series 
like ‘‘The A-Team” and detective pro- 
grams Eke “Colombo” stick around 
much longer, repeating episode cycles 
up to eight times, he said. 

“If it T s a choice between promoting a 
prime-time soap opera like ‘Touched by 
an Angel’ and an action series with three 
ex-convicts, we have far greater success 
with action in foreign markets,” Mr. 
McNamara said. 

If soap operas are a gamble, game 
shows have proven a surer export bet 
With Pearson PLC’s recent $509 mil- 
lion acquisition of All American Com- 

MEDIA MARKETS 

muni cations Inc., producers of “The 
Price is Right’ ’ and other game shows in 
29 countries, the game-show gold mine 
promises to became more crowded as 
competitors prospect for hit formulas. 

Columbia Tristar International Tele- 
vision, for instance, is busily churning 
out local versions of “The Dating 
Game” and “Tbs Newlywed Game 
from production studios in Germany. 
Spain. France and Australia, and has 


territories, according to Michael Grin- 
don, the television studio’s president 
Spurred by the surprise popularity of 
“Oprah” from China to Nigeria; several 
producers are banking on talk shows as 
tee next hit formula. Modeling overseas . 
series on the American program “Sally 
Jesse Raphael,' ’ Universal Television is 
spinning out similar formats in Britain, 
Germany and Holland. In Belgium, the 
game-show producer King World In- 
ternational, which adapts local versions 
of “Wheel of Fortune” and “Jeop- 
ardy!” from Turkey ToMalaysia, is con- 


cocting a talk-show format that it aims to 
replicate in other markets. 

Children’s programming, both anim- 
ated and live-action, continues to enjoy 
unprecedented growth, with entire 
channels devoted exclusively to chil- 
dren’s fare vigorously competing with 
kids' programming on local networks. 

Fox Kids, a global partnership be- 
tween Rupert Murdoch’s News Corp. 
and Satan International Services Inc., 
recently announced the launch of a 
French channel, the third children’s 
channel in the country after Tamer's 
Cartoon Network and the Disney Chan- 
nel Britain has five children’s channels, 
and Germany has two. 

Occasionally, genres that .work in for- 
eign markets tack the tread at home. 

. While thnft slots for made-for-tdevi- 
sion movies are shrinking in the United 
States, broadcasters elsewhere are snap- 
ping them up as a means to economize 
on programming budgets. 

“For a fraction of what a feature film i 
costs to produce in foreign markets, 
broadcasters can license made-for-tele- 
visiou American films.” said Mr. Me- I 
Namara of Universal. A locally pro- , 
duced film in Germany, where 16,000 
films and telefilms are broadcast each 
year, could easily cost $3 million, he 
said. By contrast, first-time rights to air 
a made-for-television film run from 
$50,000 to $150,000. 

“Maybe you won’t get a Schwar- 
zenegger for that price, tat it will be a 
well constructed film with a top tele- 
vision star,” be said. By selling the 
rights into various countries, a single 
telefilm generates $700,000 in foreign 
revenue for the studio, “double to triple 
to what it earned a decade ago,” Sir. 
McNamara said. 


CURRENCY & INTEREST RATES 


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untf dosing prices Ne» rbrS ormw 
(Da cJ 

Source ftrafcn; 


Sharp Pain in European Markets 

But Plunge Is Not Expected to Derail Economic Recovery 


international Herald Tribune fundamentals anywhere,” said Michael Although the recent market turmoil 

Fora, executive director for finan cial had its roots in Southeast Asia and was 

LONDON — European stock mar- supervision at the Bank of England. spread by the United Slates, the stakes of 
kets were hammered Tuesday by the “What you're dealing with here is contagion are high in Europe. Thai is 
global rout in equities, bur many ana- psychology, not economics,” because most European governments are 

lysts and fund managen icontMded that ^ Tnhn Llewelyn, chief international counting on a strong recovery to reduce 

wo,!!^or S&fJSSS economist at Letan Brothers. defic ^ unemployment and carry 

^ economic ^ were ^ vulnerable a single currency m 1999. 


“I don't see anything wrong with the Bank AG in Frankfurt. 


Although the recent market turmoil 


would not bring the region’s economic 
recovery to a halt. 

Trading screens turned 
red from the outset across 
Europe as stock prices The fin; 

plummeted in reaction to 

the 7.2 percent sell-off in 6601 

New York late Monday low, am 

that slashed a record 554 

points off tire Dow Jones 
industrial average. 


to a setback as Wall Street because ror 

The financial carnage bore little relation to 
the economy, analysts said. Inflation remains 
low, and growth has been accelerating steadily. 


For the moment, however, the re- 
_______ co very appears intacL 

. Mr. Becker said Ger- 

10 many's improvement had 

ains been fueled by double -di- 

... git growth in exports to the 

adily. United States and Eastern 

Europe, not to Asia. 

Deutsche Bank may re- 


lndustrial averaee prices had risen 30 percent to 50 percent Deutsche Bank may re- 

i« RWrfirr* tho a y etsu.ir in«fsw f»n this year and measures of valuation such duce its growth forecast for the United 
utSSttSgg&SS ^—ng.mdo.^a.ornear SBg, a ta tffi. stock 

evJkbefcn* m aSiLlaE record highs, amlystssaid. _ _ market plunge, but it still predicts the 


with a loss of 8.04 iScent after Nei The economy should be able to nde 
York opened on the rebound. ourthestonn. th«,gh,jnstasit jd wh«t 

StoSTdimbled 43.1 percent in Paris, ma * ets “liaised in Oc- 


The economy should be able to ride German economy will rise 15 percent 
onr die stonn, though, just as it did when this year and 3 percent next 


Stocks tumbled 4.27 percent in Paris WOTld stock markets collapsed in Oc- Nick Mustoe. head of British equities 
while the London market dropped 9 tober 1987, analysts said. Continental at Prudential Portfolio Managers, said 
percent before recovering late intheday Eoropc’s recovery is much younger and the huge decline had provided an op- 
to end 1.76 percent lower. In Milan, the interest rates much lower than in the portunhy to buy high-quality stocks at 
Nfibtel index fell a record 6.03 percent United States, and European companies low prices. But he cautioned that the 
But as shocking as the finann'ai are not highly dependent on sales to the dnration of the market slump ’would be 
carnage was, it bore little relation to slumping economies of Southeast critical to the economy, 
recent developments in the economy, Asia. “It has to be short and sharp for it to 

analysts Inflation remains low, “We have the phenomenon of a gen- have a negligible effect on die real 

growth has been, accelerating steadily, eral overvaluation and a general over- world,” he said. “If it becomes more 
and corporate profits and productivity reaction of the markets,” said Werner sustained and bloody, that's a 1929 see- 


are rising. 


Becker, senior economist at Deutsche nano.' 


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'UnpJifc. .Vjlmu/ Itint.J V, Y.L. Iwr, 






V l» itft Ilinii. iiuUi.l H I f a S -fs 




THE AMERICAS 


I Investor’s America 






30-Year T-Bond Yield 


h aioo 

7500 


/ ^V^j"* A V T L n i 

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Dollar in Deutsche marks IS Dollar in Yen 


<i IJU 

5’ a Vw^ wvn 



Source: Bloomberg. Reuters \ iiuoroduBai HenU fribuc 

' Dow Jones to Quit America Online 

1 Bloomberg Newt 

DULLES, Virginia — Dow Jones & Co. said Tuesday it 
, would stop providing its business news to' America Online 
i Inc.'s subscribers after Dec. 31 because of the on-line ser- 
vice’s policy of reducing payment to information providers. 

1 ‘Given the s ignificant editorial resources required to produce 
Dow Jones Business Center each day, this strategy makes it 
, impossible for us to coadnae," Timothy Andrews, editor of on- 
; line services for Dow Jones, said in a letter posted to America 
"Online's subscribers. Last December, American Online started 
charging customers $19.95 a month for unlimited use. Before 
1 that, most major publications were paid a percentage based on 
■ the amount of time customers spent in their areas. The Dow 
* Jones Business Center on America Online includes general 
: business news as well as news indexed by the company. 


Very briefly: 


*; *UJS. labor costs increased 0.8 percent in the third quarter, in 
line with analysts' expectations and by die same rate as in the 
v second quarter. Meanwhile, the Conference Board's con- 
* sumer confidence index signaled slower growth ahead, falling 
to a lower-than-expected reading of 1233 in October from 
130.2 in September. 

■ • UAL' Corp. and Trans World Airlines Inc. posted better- 
than-expected third-quarter earnings, capping a robust quarter 
' for the airline industry as more people (raveled paying higher 
fares. Profit at UAL rose 5.1 percent to $499 million, while 
Trans World Airlines reported profit of $13.3 million in its 
first profitable quarter since the crash of Flight 800 in July. 

• Zenith Electronics Corpus loss widened to $69.2 million 
in die third quarter from $403 million a year ago because of 
lower sales and one-time charges. 

• Motorola Inc. will make pagers that allow users to receive 
news about contests and programming on Viacom Inc.’s 
Music Television cable network, an effort to boost lagg in g 
sales by targeting young adults and teenagers. Bloomberg, ap 


Small Investors in U.S. Are ‘Just Ho 



By David Barboza 

New York Times Service 


NEW YORK — When the great 
bull market teetered Monday, Es- 
ther Curtis was out shopping for 
groceries. 

Ms. Curtis, who is retired and 
lives in Columbus, Ohio, is an avid 
investor, but not a frightened one. 
She remembers Oct 19, 1987, and 
that strengthened her resolve to ig- 
nore any wild swings. 

"I’m just holding tight here,'* 
Ms. Curtis said in a telephone in- 
terview. “I've been in it long 
enough not to panic. The economy 's 
doing well and the companies are 
doing welL so I just have the 
faith." 

Ms. Curtis is not alone. Traders 
and investors across the country 
may well be worried that one of the 
mightiest bull markets of all time 
may be stumbling, but almost no one 
admitted feeling panic. 

“It wasn’t that bad,’.’ said Steve 
Simmons, a floor trader at the New 
York Stock Exchange. “The only 
time it got a little edgy was when it 
was down 500. All in all. people are 
kind of laughing it off. It's been a 
fantastic year. It's kind of like we 
got in today, got beat by the better 
team, but tomorrow is another 
day." 

Outside the exchange, a curious 
crowd had gathered. Harold and 
Nicola Schficht, honeymooners 
from Germany, were on a boat to 
Ellis Island when a message on the 
sound system suggested that tourists 
head for Wall Street. 


“They said it could be an in- 
teresting spot to go today,” Mr. 
Schlicht said. “They said it might be 
historic.” 

The Schlichts got to Wall Street, 
though, only to find that the market 
had closed early. “We’re going to 
go back tomorrow,” he said. “And 
we’ll have to line up." 

Many pros were nnfazed by the 
plunge. “It was long overdue,' ’ said 
Blane Barbour, an investment 
banker in Manhattan. “I’m not a 
pessimist. The market has to sta- 
bilize.” 

And Jerry Hill, an account man- 
ager for Tandem Computers taking 
a cigarette break on Wall Street, 
said: “I'm not thinking it's the same 
thing as '87. The market is always 
subject to the fear factor, the psy- 
chology thing. But the truth is it’s 
die only game in town. The last time, 
in '87, 1 hit the panic button and I 
sold. This nme I jusr don’t see 
enough indicators to make me panic. 


I personally think this is an over- 
reaction to wbax is happening in 
Hong Kong.” 

By all accounts, trading was or- 
derly. In fact, even though a whole 
lot of shares were sold Monday, no 
one was admitting to doing _ the 
selling. Few people were surprised, 
though, given die market’s long 
bout- of exuberance. And almost 
everyone interviewed said the sell- 
off presented a "buying opportu- 
nity.” 

People talked of a market rocked 
by events oceans away, in Hong 
Kong, Japan, Europe and Thailand, 
.and many investors, large and small, 
phoned their brokers and dialed up 
various Internet sites to check their 
holdings. But smaller investors are 
not yet fleeing the market. 

4 -It's foolish to sell at this point,” 
said Sue Zane Williams, a retired 
public school teac h er in Hon- 
olulu. 44 Why take a loss? It’ll prob- 
ably come back up.” 


Ms. Williams said th c sell-off did i"8 A ^^^ phom TOlumcs 

ran heavier than normal Friday and 
Monday, with investors making 


not rake her by surprise, and she is 
already shopping for a good tech- 
nology company, one of the h axdest- 
hitsectors. 

Mutual fund investors, mean- 
while, made tentative steps to hedge 
their bets. At fund companies, call- 
ing volume was up modestly, but 
few reported large redemptions. 

At Fidelity Investments, where 
phone traffic was heavy over the 
weekend, investors made 4 ‘slight re- 
demptions’ ’ from stock funds, said 
Andy Trincia, a spokesman. Much 
of the money, he said* was moved 
into taxable fixed-income funds or 
money market accounts. 

The Vanguard Group, in 
Pennsylvania, saw. die year’s first 
large exodus from equity funds. 

“People want to move to a safe 
haven,’ ^said Brian Mattes, a vice 
president. But he added, ‘ ‘For every 
one of those, there appears to be 
someone who’s saying mis is a buy- 


Bullish U.S. Strategist Says It Again: It’ s Time to Buy 


Bloomberg News 

NEW YORK — Abby Joseph Cohen, a Goldman, 
Sachs & Co. strategist and long one of the market’s 
most bullish analysts, recommended Tuesday that in- 
vestors increase their exposure to U.S. stocks in the 
wake of the 7.2 percent plunge in the Dow Jones 
industrial average Monday. 

Ms. Cohen, co-chairman of the firm's investment 
policy committee, raised her recommended weighting 
for stocks in her model portfolio to 65 percent from 60 
percent and cut the recommended cash position to 5 
percent from 10 percent She left unchanged bee rec- 


ommendation that investors put 25 percent of their, 
holdings in bonds and 5 percent in commodities. 

“Recent stock price declines have been more of a 
market event than an economic event,' ' Ms. Cohen said. 
“Weakness in Asia will likely impede U.S. growth only 
modestly. At the same time, the inflation and interest- 
rate backdrop has become more favorable.” 

Ms. Cohen has also been one of the market’s most 
accurate strategists recently. On July 2, 1996, when the 
Dow industrials stood at 5,720.38, Ms. Cohen told 
clients .the index would rise to 6,000 by the end of the 
year. The average ended the year at 6,448.27. 


“modest redemptions’’ from inter- 
national stock funds, -said Steven 
Norwitz, a spokesman. 

Cash flows to domestic stock 
funds were fiat, however, as in- 
vestors switched roughly equal 
amounts in and out “There’s lots of 
trading going on. but it’s going both 
ways,” Mr- Norwitz said. :• 

Many investor simply wanted to 
know what was going on. * ’Tpie two 
most popular questions we're get- 
ting are. ‘What is going on inter- 
nationally?’; and ‘How will it affect 
my . portfolio?’”, said Ivy 
McLemorc, a spokesman at Aim 
Management in Houston, where 
phone traffic was running 20 per- 
cent higher than normal 

If there were any jitters about an-. 

other crash, there was no shortage of 
Nobel Prize-winners and "analysts of- 
fering this message: relax — this, is 
not the beginning of a bear market. 

* “I don’t see this as a sign that the 
American economy us going to 
shrivel up,” said Merton Miller, 
who received the Nobel Prize in 
Economics in 1990. “I imagine it's 
unpleasant if you were counting cm' 
that wealth, but in some ways, it's 
like a bank ran: if everyone tries to 
be the first in line, you're not going 
to get anywhere.” 

Mr. Miller, a professor at the Uni- 
versity of Chicago, said he was tak- 
ing ms own advice. “1 don't do 
many transactions,” he said. “All 
that does is enrich the brokers. ” 


Markets Making Stock-Based Mergers Look Shaky 


By Reed Abelson 

New York Tunes Service 


NEW YORK — Much of the 
recent rash among companies to 
merge, acquire and combine has 
been fueled by the enormous buying 
power of stock as the overall market 
soared Companies whose names 
were barely recognizable a few 
months ago — like WorldCom Inc. 
and Starwood Lodging Trust — 
have been able to bid billions of 
dollars to buy such huge corpora- 
tions as MCI Communications 
Corp. and ITT Corp. 

But the dip in the stock market 
this week may cause a lot of these 
deals to come apart at die seams. 

“Everything becomes unglued,” 
said Tom Burnett, the founder of 
Merger Insight, an institutional re- 


search service, said Monday. . 

About half the roughly $750 bil- 
lion in mergers announced so far 
this year involve stock, reaching a 
record $350.8 billion, according to 
Securities Data Co. 

Now, transactions that seemed 
close to being done deals are sud- 
denly open to question. Buyers, 
worried about the value of their own 
stock, have become concerned 
about paying too much. Sellers are 
looking askance at being paid in 
stocks whose value is declining. 

Take WorldCom 's audacious bid 
for MCL The offer, originally val- 
ued at $4130 a share in WorldCom 
stock, which has had a blistering 
performance since 1989, looked 
quite ‘ impressive compared with 
GTE Corp.’s competing all-cash of- 
fer of $40. But when WorldCom 


made its offer, its shares were trad- 
ing at $34375; after Monday’s 
sharp drop on Wall Street; World- 
Com shares were worth just $31, 
ICI at ii 


valuing the offer for M( 
7.85. In 


just 

$37.8£ In late trading on Tuesday, 
stock in WorldCom slipped 6.25 
cents, to $30.9375. 

Cash takes on greater buying 
power once die perception grows 
dm the stocks bang used to make 
these purchases can lose value, cre- 
ating the need fra: more stock or 
other kinds of financial wizardry. 
“The hanks will finance GTE,” said 
Guy Wyser-Prane, an arbrilrager in 
New York. “The market may not 
necessarily finance WorldCom.” 

“We don't focus on the day-to- 
day change in die stock price,” said 
Josh Howell, a senior vice president 
for WorldCom. “In a storm, every- 


body gets a little weL” But, he said, 
the company believes that it is still on 
course in its discussions with MCI. 

What about Starwood Lodging’s 
proposed embrace of ITT, which had 
shunned the overtures of Hilton Ho- 
tels Coro.? Starwood is offering $82 
a share for ITT, $67 of which would 
be in newly issued Starwood stock. 
Hilton’s offer of $70, half of which is 
cash, was dismissed by some as be- 
ing clearly less attractive, but itcould 
start to look good to ITT investors. 
After all, fTTs shares, which fell 
18.75 cents, to $71.75 in late trading 
Tuesday, are now trading at less than 
$2 above Hilton’s bid. 

“Our cash and stock offerfor ITT 
is still on the table,” a Hilton 
spokesman said. 

Other deals that could come under 
pressure am : thq bank mergers, in- 


cluding the combination of Nations- 
Bank Corp. and Barnett Baltics Inc. 
Some of the deals have provisions 
that allow a company in a deal to drop 
out under certain circumstances, in- 
cluding a sharp drop in a stock. 

“The market drop will have no 
effect on our acquisition of Barnett," 
said Lynn Drury, a spokeswoman for 
NationsBank, who said such a walk- 
away provision was nowhere hear 
being set off. 

To Our Readers 

Because of technical problems, 
the investor chans for stock markets 
in Asia, Europe and the Americas 
were trussing from some editions 
Tuesday. We apologize for the in- 
-convemence. . 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Tuesday’s 4 P.M. dose 

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Dow Jones 


9rans 

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Oap 


Lew ■— * an 

7WBJ1 7SU.02 mil 749802 +337.17 

TMAJ 310245 2MUS 309623 +92.05 

23X43 14004 J3LM 24033 +209 

011.14 344747 230445 244439 *15.18 


Most Actives 
NYSE ^ 


Standard & Poore 


Taft* 
4 ML 

Industrials 1095.36101809101909 107423 
Transp. 593-80 643.90 64190 666.10 

U«ttes 209-38 20206 202.07 204.38 

Finance 11341 10543 I0S44 naiO 

SP508 94144 87673 87659 916.18 

SP100 89629 835338 83570 B8307 


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Cocoa 

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143337 MU 
125964 3m 
125B14 57’V. 
124744 99*1, 
117D50 48k 
114193 lit 
108140 90 
100057 31 
3601 A 41k 
11631 62k 
11455 5116 

H I 35 

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43Vk 47k 
59 66k +49W 
36*a 39W — 

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LaduAUl 604.47 561.74 6043B 


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11-14 12-1 
11-10 11-24 

12- 5 12-29 
11-4 11-14 
11*1 11*17 
11-7 11-21 

1141 12-5 

11- 5 11-19 
1-14 12-1 
11-10 11-25 

10- 31 13-31 

12- 5 12-12 

11 - 10 11-20 


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Apartment uw 
Armstrong World 

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IBM 

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Lrandefl Prind 
Moore Carp LM 
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Niagara Mohw ad 
Panie Century 
Stfiertno Pkwaft 
Sear Cap Atlantic 
USX US Steel 
United ||Rm 
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Q 44 11-7 12-2 
Q J125 11-1* 12-15 
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•* (S«dend deaarea or pan n preceding 12 monltra. I - annual rate, increased an imet 

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Oct- 28, 1997 

Hteh taw Latest Cbge Optai 

Grains 

CORHCCBOT) 

MOD ba inkilmi o- corfa r»r lltnftei - 
Dec 97 
Morse 
MoySB 
JulSB 
SepSB 
DOC 93 
JUl 99 

Ed. Kites 774700 Men Mtal 74400 
Atan open bd 409,147, up 1 1 

SOYBEAN MEAL KBOTj 
100 nos- doBan per tan 
Dec 97 224J00 219JJ0 22140 -340 40505 
Jan 93 22080 21740 21940 -1-50 224794 
Mar9B 218S0 216J» 217.10 -1-3D 19^83 
-1J0 17480 
-120 11472 
1-00 2473 


186 

281k 

284k 

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295k 

291 

293k 

-3k 104035 

301(6 

296k 

299k 

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299k 

30234 

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290 

291k 

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297 

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CATTLE CCMER3 
40000 Is.- coats parte. 

Dec 97 67-80 6740 67 JS 447 

FMj9B 6095 6025 68J0 4U2 

Apr* 7242 7145 724)0 4L4S 

Jtn93 70.10 6946 69.77 4L35 

Aug 98 mss 6940 6940 -025 

Oa 98 7X20 72470 7205 -0.17 

Est sates 7&T95 Mammas 164BD 
Man opan M 90414 off 1 24 


394R9 

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5X000 bA- cam par Bl 
O ct 97 7733 77.10 77.10 -440 

No* 97 7X50 77 JO 7742 455 

Jon 98 HUSO 78.15 78.17 440 

Mte-98 7845 7730 TIM -037 

Apr 98 7V JX) 78J0 7E33 420 

MofSS 7945 794)0 794)0 -050 

EsL sates 1323 Mon rates 7/SP 
Mon* open M 17J4X a« 153 


H0CS4JMB (CMER1 
4000 fes.- cants pvh. * 

Dae 97 6220 6092 6140 4L85 19433 

FebM 61 .95 6075 fljj . -lJ»r fljlfi 

Aprw 99» 5800 S857 47S 1830 

JW19B <622 6530 6S35 48S 1173 

JulSB 6495 6290 6452 482 946 

EsL rates 9469 MOM Hits 8^M 

ManvapeRM3fc3fA.aff425. 

PORKBELUBS(CMER) 

40,000 Oil- cants nsr lb. 

Fab 98 6133 61J7 6115- 497 4152 

Marffl AU0 61 JO 6U5 495 - 974 

Ma798 6US 41J0 6X00 -060 284 

EsL sates 2444 Monrs rates XI 24 
Man open W7J87, off 264 

Food 

cocoa racss 

Wtertrte tons- sp#r tor 
Dec 97 1611 1585 19* +19 31773 

Mar 98 1649 1621 4-20 2M15 

Ma»« 1570 16S7 1658 +2# U1W 

Jd98 1609 1672 1678 +20 1870 

Sep 98 1704 1699 1699 +20 -4821 

Doc 98 1 717 1717 1717 +20 M84 

EsL salat Alii MOM fates M44 

Mam open B8W1J0S. 1*777 

COFFEE C OtCSE) 

37J00b&- cants po- tb. 

Dec 97 15100 147 JO 150JD -190 11^45 

Mar 93 142 JO 137 JO 140J5 440 U17 

May 93 13800 TOJD 136 .JO -2J0 1594 

*498 134J0 131 JO 13105 460 1497 

SftH 1ST M 127 JO 129J5 -200 948 

EsL sties 1769 Man sates 5,199 
Man open bd 21784 off 36 

SUCARWOIIU) IT WCSE) ' 

11 2400 Bo.- ends par lb. 

Mar 93 1194 1195 1UV 410 9040 

Mot 98 n.w 11J5 n.w 410 34172 

*390 1197. 1T65 1166 400 IMS4 

0398 1167 1155 1IJI -056 20014 

EsL rates I092S Mon nks I U67 
Mon Open M MUSLiip 1675 • 


High Law Latest Chga Optet 

ORANOE JUICE (NCnO 
ISLOOO tew cants oar te. 

N«W 77 69 J)0 fflJO 6U5 -150 0,906 

Jen 98 7250 7160 7160 -15S 1X699 

Mar 98 7550 7450 7463 -150 10421 

Mar 98 7850 77 JO 77 JO -150 Z344 

EsL rates XA. Man* totes 3596 
Mon apa M 41574 off 689 


COLDOKMX) 


Metals 


M» 98 21750 21550 71650 
JllTn 21950 217.00 31860 
Aog9t mOO 21*50 31850 
EsL Idas 2X000 Mon inks 20826 
Mon apra Id 11X900 off 404 


SOYBEAN (HLtCBOD 
60400 3»- cents oer lb 

Dec 97 2183 2131 2543 415 30028 

Jan 98 2193 1568 2177 418 2US8 

Mar98 26.10 2563 2592 -0.13 11469 

Marn 26.10 2520 2592 156 0723 

JM« 2415 2575 2598 427 0521 

Augm 2595 2370 2SJ2 42S 631 

EsL sates 14000 Mom sates 10483 
Man opm Id 1 1X994 off 246 

SOYBEANS OCBOT) 

5000 ba mMHUB-cMb oer busted 
No* 97 698 Ml 691k -S» 5X259 

Joan 705 605 69816 -6U 51616 

Morn 712k TOOT* 706k -5k 2 U59 

718 710 71314 -5V, 14MM 

7ZS 714 77911 -Jk 73772 

EsL Idas 57JH0 MM rates 57,271 
Mon open bit 16430& up 1,996 

WHEAT CCBOT) 

3000 bo ntabnum- ends pra basted 

D9C 97 361W 355k 361 -M 555W 

Morn 376 370 375* unctl. 24634 

Mar 98 383k 373 382M +14 0999 

Juia 335 330 33414 -ft 14375 

EM. iotas 2U00 Men sates 21589 

Man open M 100294 aft 1,764 


LONDON METALS OME) 
Dottxi par metric Ian 


Prariaus 


Spot 

Forrad 


OMCraM 

link ■■ 


i .ISIS 1SJ500 153600 
158200 153300 1567k 156000 

CHIgn Crate) 

JSHf 1WW| 1970k. 

198200 inOOO 1989k 1990k 


53100 

59500 


53200 

59600 


snoo 

59500 


Sod 

Eon ra nl 

Tin 


O50J0 615500 600500 
604500 625000. 610000 


.539000 541000 536000 
.541000 5 0000 538500 


Hoc Ppadol Waft Crada) 


58200 

59600. 


601500 

610400 


537000 

S395O0 


fEnrart 


131100 121200 lZBOO 
123200 lmOO 125100 


123100 
125X00 

mgb Lon Oaso Cbge Optet 

Financial 
« T BILLS (CMEB 
fl melon- ph of lot) p<3, 

DocW 9131 9505 .9505 413 45N 
MorlJ 9537 9113 9113 412 4500 
9117 andL 452 
SfW «12 DBA. 12 

Ert. setn NA. Mon sotes X444 
Mom open fait X470t up 35 

SYR TREASURY CCBOT) 

ssf"e,p,ss“,gs , *. sra ^ 

Jun98 *14 OKh. 

Sri, ra tes 121000 Mon sates 93^8 
Mom qran Inf 237054 up X161 

W YR TREASURY CCBOT) 

MO-98 TU-30 110-22 1KM2 .12 2030 
Xnn 110-29 odA 127 

Est ra te s 2 46002 Mam sates 12X599 
Mom open U33&577,oH b908 

US TREASURY BONDS (CBST1 

Doc 97 1 IMS lld-20 11641 *22 634038 

MO-W 118-34 116-11 1141T. -a 71881 
Jon « 11842 116-21 116-22 wiA 1TLW5 
Sepn 114-11 116-18 116.13 +06 2 JOU 
EsL sdes975J3)0 Mens rates 69L976 
Mon open tal 7245*1 off 51.185 • - 

LONG C1LT CUFFS) 

E5aooo - pts 1 32nos of ion pet 
Dec 97 11940 11843 1184B -0-10 177.134 
Msn 113-27 118-25 11844 —0-10 3X138 
Est safes 152,961 Piev. sates 54029 
PmopaAtet: 20X272 off US6 

BORMAN 60V. BUND (UFFE) 

DM25VMO - pt* of 11)0 pd 
Dec ¥7 102.98 10X02 10X15 — ttfll 264,999 
Marti .10X10 101 Jk 10141 —0103 HUMS 
ESL rates: 34440. Pin. salaam 178.176 
RIOT, open bO.- 277,947 <81 13479 


HB0h Low LoM O«oo Optet 

18-YEAR FRENCH 60V. BONDS (MATIF) ' 

FFWUm-pteoflOBpd 

Doc 97 9X50 98J4 9X58 +00610X351 

Morn 9844 9032 9804 +006 91131 

EsL rates; 3006OT. 

Open taU 110382 off U6X 

IT* UAH GOVERNMENT BONO QJFFE) 


WO boy atr doVon par Hot «. 

•97 31570 +430 1 


NOT 

Doc 97' 317-10 30970 31650 +430 109,129 
Fob 98 31880 31150 317.90 +420 20660 
Apr 99 33050 31400 31950 +420 6474 

Am 98 32200 31750 32140 +420 10776 
Aogn 32350 32050 32X30 +410 4465 

Oan 32550 +410 487 

Dec 98 3Z750 32450 32750 +400 10658 
Fab 99 32920 32450 32920 +340 1465 

EsL odn 5X000 Mam optes 5X222 

Mom open bit 21 X72& up M41 

HI GRADE COPPER tNCHUO 
2&OOQ Rhj- cento mt Ri. 

Not 97 9070 AH) 9040 +050 

Doc 97 9125 87 JO 90 JO +005 

Join 9120 8880 9000 -Q05 

Feb 98 9090 8950 9090 4L2 

Mtr98 7) JO 0900 9100 -Q50 

Apr 98 9100 9000 W.W +163 

MOT 98 9100 8990 9100 -053 

Juan 9100 9000 9100 -045 

Jut 98 9100 9000 9100 -045 

EsL sates 17000 Mam ndra 1574 
. Mam apai tet 40434.op X057 

SILVER OtCJMO 


X992 

29487 

1.137 

1239 

7,170 

1077 

3015 

1088 

2521 


Oct 97 42850 +170 

NW 97 47150 +1JS 1 

DKW 48X00 46300 48000 +190 66567 

Jan 98 48170 47800 48170 +140 27 

Mar 98 48900 46*50 48600 +120 20446 

Mmr98 49200 47100 OT80O +12D Z7TI 

JbIW 49200 48100 49140 +120 2280 

Sepn 49440 47900 49440 +120 638 

Era rates 35000 Mom rates 17,961 
Mam open tat 101089k up 847 

PLATINUM WMER) 

50 bur °z.- dolors per troy ca. 

Jra » • 405J0 3fe00 4M0O +300 10719 

fell 1 S- 30 3099 

Join 39820 39500 39320 +300 23 

EsL rates MA. Mam rates 5542 
Mom open WT104X off T.14] 


ITLlOOmBon-pteotlOOpd 
Dec 97 11200 ITl-IO 11154 -030 113403 
Mark 11125 11125 11154 -050 1422 

EsLsateK 37043. Pwv.kOTk 35,904 
Pra«. open ML: 11X825 Off 267 
UBOR 1-MONTH (CMER) 

13 mmon- pfs of 100 pet 

NOT 97 9441 9454 9454 4101 39077 

Dec 97 9455 9418 9418 4UB 14336 

Jain 9441 9429 9429 004 41677 

EsL rates NA. Me n ra ta l 7427 

Mom open bd 61091. up 594 

EURODOLLARS (CMER) 

SI mffltaiHrteoflOOpd. 

Not 97 9433 9421 *421 4U» 24155 

X 420 -ojnssxan 

Mot 98 9436 9415 9415 400 43X997 

Jon 98 9454 9409 9409 008 350090 

Sop 98 9450 9402 9402 -009 248012 

Dacn 9416 9191 9304 007 224641 

Mot 99 9412 9190 9191 4109 161,713 

Jon 99 9407 9187 930# -O0« 139,182 

Sep 99 . 9404 9183 930* -008 11*12) 

Dec 99 9X9* 9177 9177 4UM 8X320 

fe r «> «•« 9X77 9377 -008 71510 

JunOO 9192 9173 9174 4107 5*932 

Est. sates NA-Mars sotes 690348 
Mom open bit 20OX63U up 4751 

BRITISH POUND (CMER) 

&ZSDQDonKhr$D6rDoaid 

D«:?7 wra U50U464 +J0103 5X409 

Morn 12750 12400 12420+0124 319 

JWI*« 10430 UPA 71 

Esl ratal NA Mam saJes 31,109 

Mom open tat SX999L up 145*2 

CANADIAN DOLLAR (CMER) 
i oaooa riollak s pa- ora. * 

2?.S -22 - ? 1 274)0027 64973 

•*]“ -224X1*130 X791 

Jun98 5215 .7138 21934)0018 532 

EsL rates NJL Mom sates 3X207 
Mam open M 6X611 ap 10502 

GERMAN MARK (CMER) 

125000 raorl». S par modi 

2*2 -2S -S2 -^7*7+00060 6X751 

Mot 90 2894 2793 2798+00063 X561 

jimn JW5 2905 2905 +0145 2217 

EsL wtea.NJL Mom aalai 25598 
Mom open In! 66037. up X104 

JAPANESE YEN (CMER) 

1 15 niRtaa yM t par 100 wa 

Dac97 0480 0250 0371 +0127 ML24S 

Mar« 0589 0410 tvi +0119 9W 

*u>n 04*8 one*. 2X 

EsLBteaNA. Mon rates 1X9S7 
Mom open bit 99274, up X709 

SWISS FRANC (CMER) 

] wap hmi sparnmc 

D«Ct7 J235 Jufl +0135 30731 

M«n 5286 JUS- jHSSSS 1415 

J* 98 J058 uadL 266 

EsL rates NA. Mam sates 2X624 
Mon open W 41J31, off X5OT 

MEXKAH PESO (CME 1 U 

JpMop paam S per prao 

Dec 97 .12010 .1(000 .11890+03475 rm 

MarSfl .11500 09700 .IiS^Sm M 77 

Jon 93 .11000 09200 .10850+03546 2258 

Esl sotet NA Mom sates awn 

Mon tSpm bd 4103X off 689 

srejUJNC (UPFE) 

ESDOOOO - gl Of KJ: jo 

+005 13X308 

asm gg gg gs 

&S SP Sw %5u MW 

JES 8 ^ S 35 

wfomu euromark oiffej 

DM1 IBflRon ■ otx Dl lOD nri 
Not 97 
Dec 97 
JonH 
Mot 98 
Am 98 
Sep 98 
Doc 98 
Mot 99 
0m 99 


^ m 

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it tg H 

gaira. ft n.5Se S5i“ 

no*, open mt: 102X933 up 24107 
*~*0WT H P1BOR (MATIF) 

a 8S 88 

9166 9524 
DOC 98 9521 RUt 

Mor99. 95JB 9S03 

Jon99 95.22 9X10 

EsL tolas: 144784: 

Open tet; 25X063 up \73S- 

^S2m E . u JSli%"ro 
S£« 8£ SS 552 

Jmin 9498 9480 9407 l£o ? 


*®-°9 

9522 + 008 

*0.10 

«.10 *0.11 


4X812 

SUM 

31.973 

1 X 406 

24063 

«U14 

11083 


Mgii Lpw Latest Cbge Optei 

Sap 98 9508 94.93 94» UnA 64022 

EsL rates; 108005. Piw. rates; 46.625 
Picv.apenbiL- 48X747 up 543 


Industrials 

COTTON 2 (NCTN) 

50,000 Vm- fprito ner Hr 

Dec 97 7105 ^.11 71.91 +009 

Star 98 7125 7220 7117 +031 

Movn 7400 7 X 30 7 X 98 +002 

JN 98 7480 7405 7473 +003 

Oa 98 7538 7489 7538 +023 

Est. soles NA Mem sates 9,178 
Mom apmi btf 9 M 1 . up 1016 


47X72 

17017 

9 X 11 

9016 

843 


Aar 91 

May! 


HEATING OIL (NMER) 

42000 gaL conta per gal 
NOT 97 57.70 5600 5645 -109 2X115 

Dec 97 5065 5680 5740 -t0I 52.(34 

Jang »05 5740 58.10 -101 22082 

FebW 5935 5805 5845 - 10 * 1X182 

Morn 5868 5700 53.00 *1.16 3004 

rn 5700 5660 5600 4L96 U41 

f 98 5848 5505 55.25 -1.06 3018 

Est sates NA. Mom sates 76,747 
Mom open tetl 37025k off X94S 

UCHT SWEET CRUDE (NMER) 

1000 bbL-daOan per bbL 

215 2^3 -044 115407 

Jim 98 21.14 2030 2060 . -025 54159 

Fob 98 21.10 2035 20JB -022 3X534 

Mar 98 2103 2045 2024 -<U 6 1&I18 

Apr 98 20.98 2005 2044 447 14X29 

MofW 2X91 2040 2040 4L43 I47B 

Esl sates NA Mom sates 49044 
Mom open lot 404359, up L590 

NATURAL CA5 (NMER) 

.TUnOaim Mint Baer mm Mu 

S ■° 19S 31137 

Doc 97 3034 1550 3230 ; 006 58467 » 

2-?f2 J 51 * ■ aiw 

SS ” JUS 5-592 3 - aro - 0 - 119 2X563 1 

MOT 98 X78Q 2620 2670 4LOT3 14,301 

Apr VS 2X50 2330 2360 4)000 9463 

Esl sates N A Mom rates 81X31 
Mam Opan H 262067. off U 4 S 

UNLEADED GASOLINE (NMER) 

4X000 goL cants per aal 
NOV97 5M5 5Bjo 58.90 -10S 

Dec 97 5925 5B0O 5865 -lS 

J»U 3900 58.10 -109 

»■* =*-90 -1J2 

Mar 98 5900 5900 5900 4L« 

fe9fi 6245 6200 625 o Sffl 

Morn 6205 61.90 «J05 4L92 

Jtein 6242 unA 

Ete. sates N A Mom sates 2A76S 
Mam open hit 9&64L off 4 Q 5 

GASWL0PE) 

I "* 07 100 •»» 

!wn I2f m JJJ 00 -4» 31-364 

IE -3 ® 17 «0 1773B —405 2X392 

Jen 98 18X00 177.75 17900 —400 1337 a 

fj* W ]W0O 1)805 1790S —4.00 7.7S3 

Mot ® 8 iP-Z 5 17605 177 JO —150 5.970 

*•"* 176.35 17500 —ISO 1041 

Ed- rate* 20415. Prev. boIm : llZ5< 

Pisv. open teLi 99006 up 131 


/ 


17243 

31.037 

17,799 

7 X 29 

5666 

*348 

X 952 

1289 


Stock indexes 

SP COMP INDEX (CMER) 

£803 Mas • • - 

MOTM £52* *^00 194029 

'*■55 8 W 40 9380 C 4872 

JU 098 WOO 36425 879.25 -1500 

Eft sates NA Mm satei 89331 
Mam opan tet 20101 & up X154 

FTSEHOOJPFa 

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"WW N.T. N.T. NT.— 129 J 2043 

>*» 

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CACOO (MATIF) 

PF300 POT intei Bobu 

0097 2715.0 S «0 24300 

2S£2 WU ««L0 

Morn 2S39J }53»2 2669 n 
JW|M N.T. N.T. 26415 

N.T. N.T. 26600 . 

Est. rate* 7 X 241 
Open InL: 93098 up 1.799. - 


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M&S . 1.51860 

t’VOM - 104300 
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INTERNA3102VAL HERAUJ TRIBUNE, WEDNESDAY OCTOBER 29, 1997 


PAGE 15 


EUROPE 


French Recovery Faces a Pair of Threats 

We<ik Consumer Spending Combines With Market Turmoil to Raise Risk 


fomm 

Weak consumer- 
spending data coupled with global 
stock-market turmoil provided a 
harsh reminder Tuesday of the 
dangers facing France’s economic 
recoveiy, which has so far been 
largely export-driven. 

Economists said a 1 5 percent de- 
cune in consumer spending on man- 
ufactured goods in September was a 
disappointment even if the latest fig- 
ures did not discredit a longer- lad- 
ing trend of rising spending. 

Consumer spending on manufac- 
tured goods in September was down 
2.7 percent year-on-year, the IN SEE 
statistics office said. 


"i 

The latest figures came just days 
after the statistics office said in- 
dustrial output had surged 2.8 per- 
cent in July and August. 

But recent Asian market turmoil, 
the tumble Monday in the U.S. stock 
market and subsequent slides in 
equity markets in Asia and Europe 
on Tuesday posed even bigger ques- 
tions about France’s economic out- 
look, economists said. 

Erick Muller, economist at UBS, 
said the most serious threat was in- 
direct If market turmoil persisted 
and affected the U.S. economy, 
France could also be hurt, he said 

“Is there any risk to the eco- 
nomic-growth forecast?” Mr. 


Muller said. “It’s a bit premature to 
say. For now we can say that the 
impact will be limited if there’s a 
stabilization. 

“The danger is what happens in 
the United States.” 

France’s stock market plunged 
Tuesday in the wake of the 7 percent 
decline Monday of the Dow Jones 
industrial index, with the Paris 
CAC-40 index falling 4.46 percent, 
to close at 2,65133. 

Joanne Perez, economist at Mer- 
rill. Lynch. said the crisis in Asian 
markets, which has now spilled over 
into world stock markets, could af- 
fect French exports. If consumption 
did not take off, all growth hopes 


would have to come from business 
investment, she said. 

The government is predicting 
economic growth of 2.3 percent this 
year and of 3 percent in 1998. 

It is counting on a pick-up in 
consumer spending and business in- 
vestment to bolster a recovery, 
which has so far been largely driven 
by a rise in exports linked to the 
strength of the dollar relative to the 
French Currency- 
Finance Minister Dominique 
Strauss- Kahn tried fo reassure mar- 
kets on Tuesday, saying in an in- 
terview in Le Monde that the world 
economy was solid, with strong 
growth in Europe. 


Glaxo Rewrites Script for Changing of the Guard 


<^^tvOurSefFirmDaiwt4a 

LONDON — Glaxo Wellcome 
PLC, Britain's largest drug com- 
pany, surprised investors Tuesday 
by tearing up its carefully worked 
out succession plans, appointing 
Richard Ingram as chief executive 
to replace Richard Sykes, who will 
remain chairman. 

Only 10 months ago the company 
announced it intended to nameSean 
Lance, then managing director, as 


chief executive. The company said 
Mr. Lance would leave the company 
' ‘as a result of this decision.” 


Glaxo said that the decision had 
been made unanimously by its 
board, whose members it said all 
had been contacted in person or by 
telephone in the previous 24 hours. 

“Being chief executive of Glaxo 
Wellcome is a tough and complex 
job, and the board needed to be 
absolutely sore they had the right 


Two-Speed Germany Is Seen 


Rentiers 

BONN — Germany’s six lead- 
ing economic research institutes 
predicted Tuesday that the econ- 
omy would expand at an improved 
rate in the next year but gave a grim 
forecast for die labor market. 

The report forecast that gross 
domestic product would grow 2.4 


percent this year and 2.8 percent 
next year, an improvement from a 
survey in April. 

But the institutes stud the num- 
ber of unemployed Germans 
would rise to 438 million this 
year from 3.97 million in 1996 
and could reach 4.42 million next 
year. 


man for the job,” a spokesman for 
the company said. 

Analysts said that the decision 
was a surprise and that they could 
only speculate on the reasons. 

“It was quite clear from the be- 
ginning that the two bad different 
personas and styles,” said James 
Culverweli, an analyst at Merrill 
Lynch. 

Until Tuesday, Mr. Ingram was 
executive director in charge of 
North and South America, reporting 
to Mr. Lance. He was appointed 
president and chief executive of the 
U.S. division in May 1995. 

Mr. Lance, a South African, had 
been carefully presented as the man 
to take Glaxo Wellcome into the 
next century, beyond the expiration 
of the patent on the former best- 
selling ulcer drug Zantac. He fea- 
tured prominently in the June edi- 
tion of Glaxo Wellcome ’s in-house 
magazine, praising Mr. Sykes's 
“collegiate” management- style, 
and the September issue of the jour- 


nal suggested that the planned suc- 
cession was still firmly in place. 

There had been some concern that 
Mr. Lance lacked experience in the 
U.S. market, seen as crucial to suc- 
cess by all international drug 
groups. In contrast, Mr. Ingram, 
who was bom in the United States, 
worked for Merck & Co. before 
joining Glaxo in 1990 and is re- 
garded as having cemented the com- 
pany’s strong presence in the re- 
gion. 

“Lance must have had something 
he was digging his heels in about” 
said Paul Diggle, an analyst with 
SGST Securities. “If he did any- 
thing wrong, we won’t be finding 
oat about it anytime soon.” 

Glaxo shares closed at £1139 
($18.86), down 1 1 1, or 8.9 percent 

Some analysts said turmoil in the 
world stock markets had overshad- 
owed what would ordinarily be seen 
as a major announcement in the 
British market 

(Bloomberg, Reuters) 


Mitsubishi 
And Volvo 
Set Deal 
On Trucks 


CtmrdrdtnChrSsnH'FmniPiniKin 


TOKYO — Volvo AB of 
Sweden will sell Mitsubishi 
Motors Corp.'s light trucks in 
Europe, the two companies said 
Tuesday, adding that they were 
considering building trucks to- 
gether as part of an effort to cut 
exists through cooperation. 

Volvo Truck Corp. will start 
selling Mitsubishi's Canter 
light trucks through Volvo deal- 
erships in Britain, France and 
Italy, Mitsubishi said. The Jap- 
anese company produces the 
trucks at a plant in Portugal 

The companies said Mit- 
subishi ana Volvo Trucks 
would also examine the fea- 
sibility of developing and man- 
ufacturing medium-duty 
trucks, while retaining their 
own distinctive brand profiles. 
A study was also underway to 


explore the possibility of sup- 
for 


plying Volvo components foi 
installation in Mitsubishi's 
heavy truck range, Volvo said. 

VoWo, which shares produc- 
tion with Mitsubishi at their 
Nedcar factory in the Nether- 
lands, said the companies had 
ruled ou la major alliance. Volvo 
had planned to merge with 
Renault of France, but the deal 
fell through three years ago. 

The Mitsubishi Carisma and 
the Volvo S40 and V40 already 
share a common platform — 
the car's chassis, transmission, 
engine and suspension — de- 
signed by the Japanese auto- 
maker. (Bloomberg, Reuters ) 


Investor’s Europe 



’ M J J A 
1997 


S O 


M J J A S 0 
1987 


M J J A S O. 
1997 


Exchange 


■index 


Amsterdam 


Prev. 

Close 

881.16" 


% 
Change) 

-2.94 


Brussels 

- BEL-20 

2^1424 

imn 

-1.15 

P— ML „> 

rfmwrun 

DA y 

W67J22 

wra.12 

-8.04 

Copentmgen Stock MsttaS 

SML31 

mao 

-6J2S 

Heisirtid 

HEXQenaral 

SJSMJSS 

3L581.72 

-7.74 

Osk> 

OBX 

«at« 

721 .SO 

-S.48 

_ ... . t 

London 

FTSE100 

4.7SUO 

4,840.70 

-1.76 

Madrid 

Stock Exchange ■ 

401.25 

557.88 

-1tJ4 

man 

Meta. • 

1 4W3 

15284 

-6.03 

Hmila 

rWS 

CAC40 

2,651-33 

2,76^64 

427 

Stockholm 

SX 18 

3,&f«2 

3,144.15 -4.12} 

Vienna 

ATX 

1,237.42 

1^49-88 

-8.33 

Zurich 

SPI 

3^36420 

3,638.70 

-453 

Source: Tetekurs 

bwnuumul IVraU Tnhw 

Very briefly: 


• Daimler-Benz AG’s sales for the first nine months of the 
year rose 15 percent, to 87.6 billion Deutsche marks $49.63 
billion), helped by new products and a strong dollar. 


Volkswagen AG postponed plans to raise about 7 billion 
omillk 


DM through the sale of 6 million new shares in the aftermath 
of the global equity slump. 

• Colt Telecom Group PLC of Britain has started building a 
fiber-optic telephone network for business customers in Ber- 
lin. The company, which operates networks in Frankfurt. 
Hamburg, Munich, London and Paris, said it would spend 
about TOO million DM over three years to build the network 

• The European Commission opened an investigation into 
whether Asian producers of laser optical reading systems, 
which are a component of compact disk players, are dumping 
their products on the European Union market. The com- 
mission started the inquiry following a complaint from Euro- 
pean companies, including Philips NV. 


• American Express Co. agreed to allow Histour-EKiv to 
>ffic 


operate travel offices in Israel under the American Express 
name Histour-Eltiv is owned by the Israeli holding company 
Koor Industries Ltd. Bloomberg, Reuters 


WORLD STOCK MARKETS 


Tuesday, Oct. 28 

Prices In tocal cwimdes. 
Telekvrs 

High Low dost Pm. 


Amsterdam 


AEXMBHOSJl 

PravMKU1.lt 


ABN-AMRO 
Aegon 
Ahold 
AkaNobd 
Boon Co. 

Bah weasevo 

CSMon 

DonttschePeJ 

OSM 

EkHter 

Forth Aran 

Gcttonte* 

G-Brtccw 


Hoogavcnf 
Hunt Dooale 


ten 
fDougta 
ING Group 
KLM 
KNPBT 
KPN 

NedtaydGp 
Nutrido 
OceGrWen 
Pham 9 k 


Robeco 

RadoncD 


Hdg 


Rcrento 

Rond Dutch 
Unbewr 
VrmdcxMI 
VNU 

Wafers Klcw 


38 3440 
15&50 13450 
5050 4440 
323 294 

135 120.10 
31 19 

88-98 84 

102 ms© 

in im 

29 J0 2450 
H WM 
47 42 

5250 49 JO 
88 74 

307 283 

99 87 

7950 72 

7950 75.10 
4430 5850 
4450 4080 
7080 4450 
5850 55.10 
5550 4010 
231 19040 
144 131 

10750 95 

77.40 4040 
178 173 

£30 S3 
1 73-70 M9-5C 
118 11750 
10050 92 

101 92.10 
10350 99 

4240 34M 
231 210.10 


X 3050 
15450 15150 
4950 5180 
323 32050 
13350 13730 
3050 3110 
89 91 

100JO 10480 
178 17430 
29 JO a) 

74 78 

4450 49 

5150 SUO 
8750 84 

304 32150 

105 

78 85J8 ' 
7850.8350 
6430 67.40 
4490 4650 
7010 72 

5750 4340 
5550 55 

220 22180 
14250 15250 
10750 108 

7450 7850 
173 185 

5530 57 

16950 181.3 
11740 118.10 
99 JO 1S3.G9 
101 103.10 
10240 10590 
41 4240 
230 23758 


RWE 
SAPpM 
Steering 
SGL Gotten 
Siemens 

Springer (A»0 

5tndzucter 

Thymol 

Vtta 

VEW 

Vtog 

Vu to mpen 


fflgh 

76 
47930 
15440 
252 
101 JO 
1450 
840 
373 
8950 
570 
775 
7013 


tM ChM 

69 JO 73 

450 47250 
148 152 

239 239 

99 9950 
1448 1448 
830 840 

343 373 

87 JO 8845 
560 580 

_ im 746 
94950 995 


7840 

MO 

14730 

348 

11178 

1490 

m 

402 

94.10 

560 

826 

7086 


Bd 157 

BrnTaMM 445 

BTR 2J0 

Bum* Cash* 10.10 

Burton Gp 1J8 

Cable Wiraiesi 
CmflwySdHv 
Calksi Comm 
Conn) Union 


Mg> Law don Pm. 

358 4.15 


High Low Ooso Pm. 


High Low Chan Pm. 


345 


Dtans 


Ids 


Helsinki 


HEX Gnneinl lira, miff 
PravtancEtlJl 


EnaA 

HuNoncftlt 

Kanin 

Kesko 

Merita A 

Metraff - 

Mcto&rtlB 


NoktaA 
Orion- VWyrooe 
OuMoompaA 
UPMKynHiwne 
Vttnri 


5030 4550 
218 197 

51 JO 50 

2 S 

■ .140 ■ 12H 

46 .mo 
130. 121 


% 


180 
79 74 

12630 no 
84 82 


4550 5150 
210 217 

51 JD 54 
71 .7490 
34 25.10 
-140- -145 
46 4850 
125 .134 
422 . 461 
18S -194 
75 82.10 
119 13850 
86 9030 


Hong Kong 


Hag 5M£ 905839 
PrwiMKlMMJO 


Amoy Props 
BA Brat J 


_ I Asia 

britarPocUe 


OCfL 

Duo Han Bk 

RistPorSfc 


Hong Seng Bk 
Henderson ln» 




Bangkok 


AdvWofec 
Bangkok BkF 
Krona TbalBk 
PTT Ewilor „ 
Stan Oemertf F 

tggsst* 


ThalAhwap 
That Form Bkl 


Ufa) Comm 


208 

138 

17 

392 

400 

85 

2125 

5050 

99 

85 


SET Indue 4408* 
PtcvtaCK 49131 

216 
141 
IB 
410 
458 
90 


198 2® 

127 13S 

16JS 1635 

374 380 

320 334 

81 KUO 

2250 2250 24.75 

48J5 49 53 

90 97 1W 

83 83 92 


Henderson Ld 
HK China Gas 

HsScHdg* 

HuttHsaiWi 
1 Dev 

.aaBNdg 

OiteflMPraa 
Peart Oriental 


?HK »& 


Market Closed 


Sfaun'L 

Stoo Land Cta. 
Stti China Post 
Swire PacA 
WtaafHdgs 
Wtactadk 


6.10 

£60 

6 

420 

19 

1680 

1725 

1925 

8.10 

£95 

7 JO 

8 

49AQ 

4420 

4620 

52 

14AS 

me 


1525 

33JQ 
29 JO 

31 

2825 

iJ8 

3620 

3220 

1720 

14®J 

190 

1480 

AM 

380 

455 

10.18 

940 

10 

1020 

62 

55 

350 

70 

£50 

5 

SM 

. 630 

3880 

35 

37 

42 

12 

1120 

1145 

1185 

MJU 

20.10 

22 

2540 

l£80 

1145 

1740 

was 

£08 

122 

123 

135 

170 

149 

155 

185 

46 

4L50 

4430 

4920 

1£SB 

1150 

14.10 

17JB 

78 

1£7D 

17.E® 

UL55 

14.10 

11J9 

1340 

1470 

2£80 

ZIM 

2330 

28JO 

1J5 

1J0 

123 

189 

0l56 

045 

1147 

&55 

5425 

50 

S3 

9975 

£05 

22 0 

£31 

3 AS 

5 

425 

447 

540 

£80 

485 

£20 

6 

40 

35Jffl 

36.10 

4ZJB 

1450 

1150 

1£70 

1585 

? 

7.90 

a 

920 


The stock market in Bom- 
bay was closed Tuesday for a 
holiday. • 


Jakarta «**«**£«» 


Brussels 


fflSfL 


“■aSSSKf 
S8 i£S 18 H 


BBC. 

CBR 
Coiruyt 
DeflwiieUar 

cleetraM 


7 £5 2S? 

2900 2620 W0 MB5 


ArtnWl 

BklnHIndoa 

BkHooara 

GudangGwm 

Wocemeot 

Indafcwd 

[nctart 

SranpoemaHM 
Semen G raft 
TefekomunBasi 


2275 2100 2125 TBS 
725 575 675 775 

725 475 W8 750 

8400 7J00 7700 BfflB 

192S 1775 1925 2®M 
3B00 3525 3800 3900 

SWS 7900 7900 8475 

5350 4900 SIS! 5600 

3350 3000 3200 3«0 

3075 2800 2950 3425 


flW AW ,,rir 

17200 16500 17200 17725 
1595 1420 1590 ] r " 


Johannesburg «>££*«£» 


Fastis AG 

Gewerf 

GBL 

GenBonque 


7*50 7250 M50 75^ 

3150 3050 3140 OTO 


jiw sPHj 

*900 4300 

1460 1400 1900 

5200 4725 5200 52«9 




12750 llffi 1^ 13^ 
14800 12000 14000 13M 


fHm rBn 

RoinleBa 

SocGenBi 

Sdmy . 

Trodebd 

UCB 


13175 1»» TO T__ 

os « ^ 


am So 8M0 woo 

3130 2*50 3100 3070 


T9» 1875 197S MS 

3025 5S 3000 3®3 

115000 101000 1T33M USXtt 


Copenhagen 


Bar* 


^ J 1 11 

tlFisafsKf 

FUMB J5o m 

KSSiiSfl 727J7tfS ^ ™ 

sSSSTtafii wtajo w 1000 10M 

,ss 

So So 440 450 



200 169 

221 209 


74 


WJSO 1650 
120 107 

31 JO 2&30 

36 32 

10.10 850 11 n 

74 67.10 79 JO 7?^ 
55 ‘ 

1950 


27540 Z/5M 

?w 

210 

326 

142 

142 

79 

79 

NT. 

9.25 

5120 

51.90 

22 

22 

12840 12840 

30J5 

3025 

3JL50 

3850 


477 
408 
493 
8J5 
48t 
2X7 

493 

P ednocnmponenls 452 
EMI Group 5L3S 

EttergrGmup 42 9 

EnleroriseOS 658 

RenOdonW 145 

GariAcddert 10J0 

GEC 185 

GKN 13.85 

Stem WWknme 13J5 

GmwdoGo 430 

GianriBAer 6J0 

GRE. 

GreadsUp- ■ 3.17 

GntaMBS 571 

GUS 7 

H§CHIdgi 1^ 

O 9 JO 

Imp! Tobacco 3L84 

K mflftriier 8 

Lanrote 
Land Sec 
Lasmo 

Legal Gad Gip 
LtardiTSBGp 
UmsVarity 
Marfas Spencer 408 

MEPC S14 

Moony Asset 12J8 

NaHonoGrid . Z90 

Hart Power 498 

ffcrtWc*) 9.18 

Had 7.w 

Norwich Uitai X53 

Orange 2J2 

P40 4ffi 

Pearson 731 

ass us 

RafflradcGp 9 

RedkOtCokn 490 

Raftnd 3J8 

US 

^mHd, Ag 

RMCGrmp US 

WES* US 

uS 

Sotastnny 
Sdeodaa 
Scot MawcmSc 
ScotPonar 
Securiotr 
Sevan Trod 
SMTianpR 
sieiw 

Safe Nephew 
SmfeKBne 
Snttislnd 
Shram Elec 
Stagearodi 
Stand Ormtcf 
Tale & Lyle 
Tesco 

Thanes Water 
31 Group 
Tl Group 
ToaUn 
Unfever 
UMAssuBBce 
UUMews 

mums j . 

Vondomelxute 358 

Vodafone LM 

VKWtiread 7J8 

WHamsHdgt 355 

Zeneca 1850 


143 

184 

141 

BcnCbnm ifcd 

4660 

42S0 

<635 

430 

441 

445 

Bca FHeurom 

6320 

5800 

6245 

182 

1.96 

£16 

Ben «fl Roma 

1515 

1390 

1489 

OS 

10.10 

1068 

Benetton 

MMO 

22650 

24050 

123 

125 

120 

Oedlta Ifcdana 

4400 

4000 

4400 

426 

477 

427 

ErSsad 

0710 

8250 

8590 

£52 

£95 

417 

ENI 

9440 

8630 

9200 

445 

448 

495 

Bat 

5590 

5200 

5*00 

627 

745 

825 

General Aodc 

36350 

34300 

36350 

622 

428 

6J9 

UM 

15400 

14500 

15150 

173 

282 

£96 

INA 

2375 

2265 

2370 

440 

621 

493 

ttataas 

ItaWtl 

5758 

5230 

5600 

422 

4-50 

448 

7780 

7240 

75G3 

451 

5 

£36 

MedMmai 

11850 

11000 

11615 

£85 

41® 

628 

Alantadlsott 

1XU 

1250 

1311 

6JH 

642 

441 

ONwtfl 

1000 

941 

993 

1-5* 

186 

1JO 

Pumidtot 

2450 

2215 

2370 

787 

989 

1030 

Pta® 

4595 

4115 

4495 

zw 

£47 

383 

RAS 

14700 

13620 

14590 

1225 

1321 

UM 

Roto Banco 

22950 

20650 

22350 

1080 

1U9 

1250 

S Panto Torino 

12480 

11120 

17100 

448 

£12 

838 

Mucnm bate 

10450 

9915 

10*10 

52B 

£33 

£73 

TIM 

4450 

5980 

62*5 


4865 

6750 

1630 

26500 

4445 

9050 

9970 

5890 

38000 

16305 

2495 

sm 

8050 

12610 

7380 

1039 

2580 

4765 

14940 

23600 

12990 

11000 



684 

2500 

1840 

145 

1490 

229 

490 

311 

477 

418 

BHO 

2860 


615 473 711 

2191 2500 2S20 

1721 1800 1875 

14470 164J0 165 

1405 1445 1544 

20940 229 

450 479 

28038 310 

619 477 

378 404 

753 781 

2600 2859 2879 
742 801 848 

M 1240 1345 
500 .567 584 

542 SB 617 
143 158 147 JO 

550 614 433 

90J5 9840 10540 


234 

5TO 

326 

687 

427 

836 


246 2.95 3JJ3 
X05 117 140 

4J2 540 5L7I 

6JJ2 648 7J01 

5J9 645 7J3 

12J4 1240 1441 
8.10 &41 9J3 

342 344 344 

740 740 8.19 

2J80 237 2J1 2J9 

945 855 9.13 957 
244 240 251 245 

545 341 4J3 476 

7 JO 655 7.11 7.16 

110 177 210 254 

4B3 483 6.19 

£16 488 S54 5.14 

1150 1235 1353 
2.17 288 256 

427 «§ -4® 

679 835 9J4 

550 7.10 678 

3 323 342 

2-10 251 234 

4.15 6JB 4.90 
645 759 747 

US 143 146 

&M 474 441 

4-ei 445 454 

J 657 644 

7 JO 873 9 JO 

ITS 
7J0 
118 
5J0 
118 
£90 
250 
44S 
821 
170 
547 
471 
336 
439 
1370 
546 
340 

244 
815 
375 

1140 
1419 
425 
MS 

4 

428 
575 

429 
4J0 
820 

4 
£47 
283 
£90 
445 
625 
6 
£48 
354 
420 
328 
427 

245 
1445 


Montreal irdHtMunoim 

PlMtawt: 311448 


Bee Mob Can 
CdaTeeA 
CdnlltB A 
CTRdSvc 
Gaz Metro 

Gt-WedUfeco 
banca 
hnesloraGq) 
LoMctwCn 
Nad BkGnada 


Power grp 
[FW 


Power! 
QuebetnrB 


Royal BkCda 


45 

44 

*4.10 

45 

29% 

2BW 

mo 

29 

39M 

3716 

3860 

39 

46 

45 

45 

46M 

1820 

16M 

18 

18.15 

32 

314 

32 

32 

*S 

43 

4180 

4511 

43 

3£ 

43 

39.60 

IBM 

18J0 

ISM 

20.10 

19 

1735 

IBM 

IBM 

*330 

38 

«ito 

*no 

45 

37V5 

41M 

4014 

28 

26 

28 

28j05 

£95 

825 

£95 

9.10 

74 

6816 

72 

72 


Sydney 


Oslo 


OBXM0CUM3 
Pmfanai 72176 


Aker A 


130 117 IX 135 




HigO 

Law 

QbM 

Pnw. 

i ABBA 

B5J0 

78 

83 

8950 


210 

180 

701 

274 


UO 

100 

11650 

117 

[ jtflasCopco A 

230 

20220 

215 

224 

1 Airtoflv 

284 

761 

783 

294 

l ElednhnB 

5SS 

48S 

930 

562 


326 

785 

370 

333 

1 HeanesB 

286 

75& 

780 

286 

r tocmtlvcA 

639 

6111 

635 

664 

' knestarfi 

355 

311 

3*4 

35S 

1 MoDoB 

217 

190 

305 

234 

1 Nanflmiwn 

225 

195 

770 

233 

1 plum/Up|ohn 

I SanMcB 

Z35 

233 

215 

210 

233 

22850 

24S 

238 

1 Santo B 

187 JO 

1A7 

183 

1B8J0 

’ SCAB 

166 

150 

15fl£0 

16650 

1 S-E Banken A 

8050 

75 

7950 

84 


324 

790 

317 

339 

1 SkaoskaB 

282 

761 

275 

287 

I SKFB 

186 

175 

1U3 

200 

SjatbankMi A 

175 

1HLS0 

148 

90 

170 

104 

16950 1 
10950 


271 £0 

710 

21150 

230 ! 

WbB 

1 

199 

175 

193 

203 


AlOnfeuries 229928 
Pravtaus 247758 


1» 5S 

131 £35 

£40 440 

238 238 

623 646 

£94 £08 

740 857 

956 9.16 

253 £19 

425 436 





The Trib Index 

Prices as of 3-OOPM New for* rims 

Jon. 1, 1802=100. 

Level 

Changa 

% changa 

yaartndnta 

%chang« 

World Index 

1B1J24 

-3.77 

-1.09 

+8.31 

Rogkmai bidnxw 

Asla/Pacffic 

97.53 

-4.48 

-439 

-20.98 

Europe 

177.69 

-5.77 

-3.15 

+1023 

N. America 

199.49 

+4.67 

+2.40 

+2321 

S. America 
Industrial Indents 

146.64 

+5.11 

+3.61 

+28.15 

Capital goods 

20732 

+2.99 

+1.46 

+21.30 

Consumer goods 

184.64 

-0.45 

-024 

+1428 

Energy 

190.44 

-2.30 

-1.19 

+1126 

Finance 

11168 

-3.56 

-3.04 

-229 

MbXBttaneous 

149.89 

-11.36 

-7.04 

-7.35 

Raw Materials 

161.03 

-7.79 

-4.61 

-8.18 

Service 

156J57 

-1.00 

-0.63 

+14.02 

UMios 

156.49 

+0.93 

+0.80 

+9.08 

The International HomtiTrSoune Work! Stock MtueC tracks the U.S. doJhr values of 
280 kxematanatiy imritatrla stocks from 25 courmigs. Far mare intcumaoon. a Abw 
booklet UmmiUbletywiaing to TlmTrtblndBKiai Avenue CTiartas de GauBe, 

92521 Newly Codex. Franco. Compiled by Btoamborg News. 

Wgh 

Lew Oosa 

Pm. 

Mgb Low 

Oosa ' Pm. 


690 

4410a 


480 

4340a 


2430 2570 
5750a 5440 b 


1870 7790 
N.T. ItT. 
1060 1030 
4570 4510 
1310 1280 
1140 11» 
958 945 

4060 3980 
1170 1140 
277 265 

415 *0S 

6130 6000 

•SB? MR 


682 7TQ 
.4/4*1 4670a 
2570 2800 
5460a 5770a 
1870 7970 


N.T. 4970 
I860 1140 


4570 4818 
1310 1380 


1130 1150 

954 995 


4000 4150 
1170 1238 


277 

413 


277 

414 


4130 6250 
402 m 


CdnOcddPd 
Cda PndBc 
CorWtaco 
Doitraca 
Domter 
DooohueA 
Du Pont Cda A 
EdpeBraxar 
EuntNevMns 
FohtatFW 
Fatanbridge 
FMcherOtalA 
Franco Nevada 
GuHCdaRes 
bnperUOa 
taco 
ipl r 


38 34K 3535 

40.90 39W 39.70 

28» 26V, 27M 

26.15 25-1 fl 251* 
71 9M 10S5 
29M 27M 29 

33U D 33U 
2550 23 2435 

21 1955 20Pr 

343 310 340 

2025 I860 

22 19M 2195 

34.95 29 3080 

HAS l®u 11.15 

85 78 83 

29» 27K 28W 


HOLDING A CONFERENCE AT A | 


480 

1425 

£74 

427 

283 

9-10 

421 

586 


i r-** 


CONRAD INTERNATIONAL HOTEL | 


7 

6u50 


449 

9.17 

485 

6 

3M 

<S0 

448 

785 

7.78 


170 £77 

440 476 

1625 1780 
£73 6.70 

422 422 

282 280 
989 985 

487 4.19 

1085 Ilg 
1.72 182 

525 £64 

MS M0 
451 442 

486 724 

688 652 

4.45 441 

445 448 

£98 9 

448 AS3 

£65 £89 
2J97 £12 


IS IMMEDIATELY REWARDING. 


\i: * ..HIM 
V. ■■■)■. \ 


\\ is uKl l 


. . . : : i :■ •’ 


447 495 

7J9 782 

7J5 7J8 

352 £97 

£17 139 

685 743 

142 3J9 

487 £10 

£62 £78 

1850 19.15 








Japan Taboos 

97700 

9500o 

9770a 

9890 

LcddtowB 

20 

17.70 

19ft 

Jusco 

2790 

2650 

2/50 

2750 

Loewi Group 

34 

32. 

33M 

Knimo 

563 

535 

560 

551 

MacmflBUi 

17.55 

IM* 

1705 

KansalElec 

2W0 

2020 

2090 

2070 

Mown toll A 
Menanex 

94 

9015 

9125 

Kao 

1690 

1640 

1640 

1750 

12.15 

11-60 

12.15 

KowiKiUHvy 

328 

305 

310 

335 


24 

2LUS 

B.7Q 

Komi Steel 

218 

211 

215 

720 

HurawiiM. nci 

Horandatac 

77 

6720 

74 

KinUMppRy 

670 

658 

660 

664 

2A40 

22ta 

2340 

KUn Brewery 

1050 

WM 

1030 

1050 

Naroen Energy 

32.45 

31 

321. 

Kobe Steel 

I4T 

13/ 

140 

I** 


12SJ0 11160 

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PAGE 17 



E 7 


» 


Defying Seoul, Hyundai Will Build Steel Mill 


C< *^*° ar *>BFmDufia'ha 

^ Sovenunent 
Young Sam, instead ob- 
^ ** Present’* home 

province of Kyungnam to build the mill 

Last N^ember the central government 
«*** Hy^dai’s plans robuUdwta 
!™? d ’ff VC Korea’s second-biggest 
“ wo «>d cause a glut “the 
industry and damage the environment 

Smce then, Hanbo Steel Co., the No. 2 
steelmaker, collapsed under $6.2 billion of 
debt 

Hyundai" the largest carmaker and ship, 
buuder in Korea, uses 3 million metric tons 
of steel every year. The conglomerate says 
Pohang^ a state-nin company also known as 
™rirr’ °° longer meet its needs. 

This is our long-cherished dream,” 
Chung Mong Koo, the chairman of Hyundai. 


said after sig 


an agreement with tee products than Hyundai itself, thanks the gov- 
governor of Kyungnam Province. “South eminent price controls. 

Korea!s steel industry must be restructured "It’s ndiculous,” ™ 


because of Hanbo's insolvency.” 

Hyundai said its plant, which will reach 
animal production capacity of 6 million met- 
ric tons by 2003, would en- 
sure low-cost supplies for its 
carmaking, shipbuilding and 
consumer electronics busi- 
nesses. 

. Analysts were skeptical, 
saying the price of the proj- 
ect, compounded by Korean 
companies' rising boxrowing 
costs and a government- 
forecast sted glut, cast doubt on whether it 
will be completed. 

“It doesn’t hurt Hyundai just to announce 
tee plan even if it doesn’t go through,” said 
Lee Seung Kuk. head of research at ABN- 
AMRO Hoare Govett Asia Securities Co. 

He said POSCO, which supplies most 
steel sheets used by Hyundai Motor Co. — 


Mr. 


The automaker 
says state-run 
POSCO can’t meet 
its needs for sted. 


and controls more than half the market — 
would be able to provide cheaper steel as the stock market touches a five-year low. 


Mr. Lee said- “I won- 
der if Hyundai has thoroughly reviewed the 
profitability." 

' uta 

sible industry glut, _ 
ing South Korea's annual 
steel shortfall would increase 
to 33 million tons in 2005. 

“The situation has 
changed,'’ Mr. Chung said 
“There is no more worry 
about an industry glut.” 

— : Ahn Young Min, a Hy- 

undai Group official, said 
raising tee $5.8 billion won't be a problem. 
He said 60 percent of the money will be 
raised from among Hyundai’s 57 affiliates, 
while 40 percent will be borrowed. 

“There are many financial institutions 
willing to lend us money on the cheap under 
tee name of Hyundai," Mr. Ahn said. 

. Analysts were not convinced, pointing out 
teat corporate profits were being pummel ed 


interest rates are heading higher and tee won 
lower. 

Last week. South Korea's credit ratings 
were cut by Standard &. Poor’s Carp., which 
criticized the government's decision to bail 
out tee Kia Group. The downgrade could 
raise borrowing costs for the government 
and industry. 

Potential competitors are also unim- 
pressed. 

- “It’s the riskiest strategy I’ve ever heard 
of,” said Yu Han Soo, chief executive and 
president at POSCO Economic Research In- 
stitute, a unit of Pohang Iron & Steel. **lf 1 
were a shareholder of Hyundai. I wouldn't 
like the idea of the group expanding on 
billions of dollars of debts. ’ * 

Lim Chae Min, an official at the Ministry 
and Trade, Industry and Energy, declined to 
comment, adding that tee government could 
only “advise” Hyundai about its sieel busi- 
ness and teat its plan was not subject to 
government approval. 

A spokesman for Hyundai said tee com- 
pany would try to “open talks with the next 
government." ( Bloomberg. Reuters. AFP ) 


Investor’s Asia 


Tokyo 
Nikkei 225 



9500 


UJJ AS 
1997 


M J J A S O 
1997 


M J J A S O 
1997 


Stock Plunge Threatens China’s Effort to Reshape Economy 


Exchange 

index • 

Tuesday 

Oase 

Prev. % 

does Change 

Hong Kong 

Hang Sang 

&Q5&K 

10.49020 -ia7D 

Singaporo 

Straits Times 

1,497.03 

1.618.90 -7.59 

Sydney ■ 


9 

2.477.00 ■ -7.18 

Tokyo 

Nikkei 225 

IMtZSS 17.038.36 * 2fl] 

Kuala Lumpur Composite 

647.32 

693.39 -6,64 

Bangkok . 

SET 

46088 

481.01 -6.16 

Seoul 

Composite Index. 

405.28 

530.47 • -6*3 

Taipei 

Stock Market Index 7,210.01 

7.663L53 -5JH 

Manila . 

PSE 

1,74018 

1.857,34 -6J31 

Jakarta 

Composite Index 

448.00 

490.12 -8-S9 

Wellington 

NZSE-40 

2,162,01 

2,469.75 -12.46 

Bombay 

Sensitive Index 

tarried 

3£34£3 

Source ■ Teiekurs 


iMrnwniaul IlmU TntaK 

Very briefly: 


By Edward A. Gargan 

New York Times Service 


.*% HONG KONG — In China's la- 
borious effort to privatize its state- 
owned industries, Hong Kong has 
. - been emerging as tee principal 
...^source of capital for these mainland 
•’ * companies. 

V Now, not quite four months after 
China regained control of Hong 
Kong, the instability of tee former 
** British colony’s stock marker is 
casting a shadow over China’s effort 
to remold its economy. 

: With investors jumpy and the 


market plunging through a second 
week of uncertainty, two of China's 
large companies that had been plan- 
ning to make their first public stock 
offerings in Hong Kang have de- 
cided to back off. China National 
Aviation Co. and Yanzhou Coal 
Mining Co. bote postponed their of- . 
ferings indefinitely, citing the volat- 
ility and weakness of tee market. 

Among tee complex of factors 
underlying the market's sharp de- 
cline over the past week has been tee 
continuing uncertainty over tee 
value of Hong Kong’s currency, 
which is pegged at 7.80 to the U.S. 


dollar. The Hong* Kong dollar is 
allowed to trade only wi thin a nar- 
row band around that central rate, 
and many economists say teat for 
that reason it has become overval- 
ued in relation to the rest of the 
region’s currencies. 

“The key thing is, foreigners 
don’t believe it will hold,” Russell 
Napier, the regional strategist here 
for Credit Lyonnais, said. “They’re 
still setting. And with the weak 
American market, we get hit with it 
This is a panic situation. There are 
nologicalactivities here.” 

The Hong Kong government has 


expressed determination to retain tee 
local currency’s link to tee U.S. dol- 
lar. insisting teat tee peg is vital to 
tee territory’s economic stability. 

Currency speculators have made 
several forays against the Hong 
Kong dollar, but so far tee territory 
has easily fended teem off through a 
combination of stratospheric in- 
terest rates and an ocean of foreign 
exchange teat amounted to $88 bil- 
lion at tee end of September. 

An immediate consequence of tee 
government's resolute defense of 
tee currency, analysts say, has been 
the widespread belief that many lo- 


cal assets, primarily real estate, are 
substantially overvalued, and this 
has led to the stock-market slump. 
Real estate in Hong Kong is among 
tee most expensive in the world, and 
property companies make up a sig- 
nificant portion of the Hang Seng 
Index; the collapse of property 
prices has seen the stocks of many of 
these companies decline. 

“It will remain volatile.” said 
Ajay Kumar, the regional equity 
strategist at UBS Securities. “We 
can expect more of tee same in the 
next few days. The market will go 
down for a while." 


• Maruti Udvog Ltd- India's joint- venture carmaker with 
Suzuki Motor Corp., plans to cut tec cost of an expansion plan 
by 20 percent to 30 percent by overhauling tee company's 
tendering rules, T.R. Prasad, India's industry secretary, said. 

• Mitsubishi Electric Corp. will cut executive salaries by 
between i 0 percent and 20 percent after reporting teat first-half 
pretax profit fell 79 percent, to 5.01 billion yen t$4I million). 

• Matsushita Electric Industrial Co. said first-half net profit 
rose 24 percent, to 36.7 billion yen, on growth in exports of 
digital video cameras, mobile telephones and fax machines. 

• Oriental Land Co- the operator of Tokyo Disneyland, said 
half-year operating profit fell 1S.6 percent, to 15.16 billion 
yen. because of bad weather and the cost of refurbishing a 
roller coaster. 

• Itochu Corp. set up a 1.7 billion baht ($44 million) joint 

venture with Thailand’s Siam Cement Co. to make naphtha 
and other petrochemical materials. AFP. Bloomberg 


A 


Payoff Scandal 
Trips Up Daiwa 

4 From Brokerage Are Arrested 

CjMfnlrd hy Oar Stiff From Dopmba 

TOKYO — Prosecutors arrested one current and three 
former executives of Daiwa Securities Co. on Tuesday in 
a growing scandal over payoffs to a corporate racketeer. 

Daiwa, Japan's second-largest brokerage concern, was 
the last of Japan's “Big Four" brokers to be accused of 
paying off Ryuichi Koike, tee sofczrya racketeer who is at 
"tee center of a scandal teal has rocked the financial sector. 
Sokaiya traditionally extort money by purchasing shares 
in companies and then threatening to disrupt annual 
shareholder meetings or reveal damaging information. 

Prosecutors arrested the four executives on suspicion 
of compensating Mr. Koike for trading losses after the 
country’s securities regulators filed a cnminal complaint, 
a Daiwa official said. 

The Finance Ministry suspended Daiwa from under- 

effect irhrnsdiaiely, will last 
istrative action has been taken,’’ a ministry official said, 
indicating that Daiwa, like Nomura Securities Co., could be 
suspended from some of its business for several months. 

The aipests also prompted Moody’s Investors Service 
Inc. to place Daiwa Bank Ltd’s long-term deposit rating 
as well as its senior debt on review for a possible 
downgrading. . . 

Those arrested were Nobuhiro Kaneda, 54, a manager 
at the company’s equities headquarters; Yasuo Terasbi- 
ma, 61, a retired chief of tee general affairs division; 
Soichi Tada, 51, also a former chief of tee general affairs 
division, and Naoyoshi Kito, 60, a former acting chief of 
tee same division. ’ 

Media reports said the four bad been accused at 
involv eme nt in illegal reimbursements for losses incurr ed 
by Mr. Koike In 1995 and 1996. Japan Broadcasting 
Corp, and Jiji Press said the reimbursements had ex- 
ceeded 200 million yen ($1.6 million). 

• The action brought tee number of arrests m tee scandal 
10 28 executives from Nomura, Daiwa, Yamaichi Se- 
curities Co., Nikko Securities Co. and Dai-Ichi Kangyo 
Bank for "alleged payments to Mr. Koike. _ 

•: The criminal complaint by the Securities and Exchange 

f SurvejJ lance Commission apparently resulted m part 
from raids on Daiwa offices fast month that were jointly 
carried out by the commission and by special raves- 

tigaX"* ProSeCT,0ra ' °%>. AFX. Bloomberg) 


The Asian Strategy and Leadership Institute (ASLl), 
the Institute of Strategic and International Studies 
(Malaysia), and Global Panel (the Nether/amis) present: 


• Global Panel • . 
•Kuala Lumpur! 

; Meeting 1997 1 

November 10 & 11, Hilton International, 
Kuala Lumpur, Malaysia 

European Business meets ASEAN. Business... 
The Global Panel Kuala lumpur Mating is a high-level 
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...to Meet— 

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Thailand and Vietnam 
...and to Hear 
Among others: 

H.E. Dr MahatHir bin Mohamad, Prime Minister, 
Malaysia * HJE. Anwar Ibrahim, Deputy Prime Minister 
Sr Minister of Finance, Malaysia * Dato Ajit Singh, 
Secretary-General, ASEAN * Mr A Baan, CEO, Philips 
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Member of the Board, ABN AMRO Bank 

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imimiL 


PAGE 20 


Sports 


WEDNESDAY OCTOBER : 


World Roundup 


Schumacher Says 
He Made a Mistake 

FORMULA ONE Michael Schu- 
macher said Tuesday that his col- 
lision with Jacques Vilieneuve at 
the European Grand Prix on Sun- 
day was a result of a mistake. 

“I made a mistake," Schumach- 
er said of the maneuver that gave 
the world title to Vilieneuve. "It’s 
part of the game. ButI didn't try to 
foul I see no reason to apolo- 
»* 

giZC. 

Schumacher, needing only to 
finish ahead of Vilieneuve to clinch 
the drivers' tide, rolled off the track 
after the collision. Vilieneuve 
stayed on the track and finished 
third. 

“I was very convinced Villen- 
euve would not attack there/’ said 
Schumacher. ‘ *1 did not expect him 
to try to overtake there, and I was 
caught by surprise. It was my mis- 
take not to close the door before. In 
Formula One you take decisions in 
a thousandth of a second. 

“I tried to defend my position. I 
did not expect to have mm so close, 
so much inside, and perhaps I over- 
reacted. My reaction for sure would 
not be the same if I had time to 
rethink." 

About Vilieneuve, Schumacher 
said: "He proved a good fighter, a 
good contender. We had some 
beers together Sunday night, and I 
congratulated him. I see no prob- 
lem in our relations for die next 
season," (AP) 

NBA To Hire Women Refe 

basketball The NBA is ex- 
pected to announce this week that it 
has hired Dee Kantner and Violet 
Palmer as referees. They will be die 
first women to officiate in a North 
American all-male major league. 

Kantner and Palmer nave worked 
as referees the last three preseasons. 
They would be among five new 
members of the 58-member NBA 
crew. The season starts Friday. 

Kantner. 36, was the supervisor 
of officials for the WNBA, die 
NBA’s women’s league, this sum- 
mer and has worked games in major 
college games. 

Palmer, 33, was a referee in die 
WNBA and has officiated games in 
college games. 

Four referee jobs became avail- 
able when George Toliver, Jess 
Kersey, Hank Armstrong and Mike 
Mathis resigned after being in- 
volved in a tax fraud scheme. (AP) 

Can He Hit His Receivers? 

football Jim Harbaugh, the 
Indianapolis quarterback, chipped 
a bone in his right hand when he 
punched Jim Kelly, the former Buf- 
falo Bills quarterback. Kelly is now 
a television commentator and has 
been critical of Haibaugh. 

"I consider this something per- 
sonal between Jim Kelly ami L," 
Harbaugh said. "We settled things. 

1 felt I had to do something since my 
toughness was being questioned.’ ' 

The incident took place Saturday 
in San Diego. Kelly was there to 
broadcast Sunday’s game between 
the Colts and the Chargers for 
NBC. Paul Justin replaced Har- 
baugh for the game. 

Bill Tobin, the Colts' director of 
football operations, said the inci- 
dent came after comments Kelly 
made on television, describing Har- 
baugh as a "baby" who lacked 
courage and ' ‘overdramatized" his 
injuries. 

"It is one of his peers saying 
something that he took very per- 
sonal, and Jim wanted to visit with 
him in a professional manner,” To- 
bin said. Tobin said Harbaugh 
wanted Kelly to apologize for the 
remarks or explain them. "It didn’t 
work that way.” (AP) 


Scoreboard 


Italy Awaits Heroes 
In Russia Campaign 


By Rob Hughes 

International Herald Tribune 

L ONDON — In the cold reality of 
Moscow on Wednesday night, we 
might see what Italy’s soccer 
team is really of. 

The country craves sporting success. 
On Sunday, foe near-hysterical emotion 
invested in Ferrari winning back the For- 
mula One motor-racing title was betrayed 
when joy seemed just a comer away. 

Sum, it was a German, Michael Schu- 
macher, who crashed the car in an at- 
tempt to edge out Jacques Vilieneuve. 

Imo bran Soccer 

Italians who went to praise Schumacher 
instead scorned his foreignness in dis- 
honoring their beloved marque, then- 
sporting sensibility. 

Any man who puts the ball into Rus-. 
sia’s net Wednesday will be raised to 
extraordinaty recognition. Italy’s crav- 
ing for self-esteem is so palpable it 
cannot be otherwise. 

Romano Prodi, Italy’s prime min- 
ister, left the gathering of 40,000 Ferrari 
fans in die central square of Maranello, 
the Italian town where the company has 
its headquarters, the instant Schumach- 
er's carleft the' track. He will doubt- 
lessly move hesitantly to embrace any 
hero of Moscow; the people will believe 
only if and when World Cup quali- 
fication becomes a fact 
The match in the Russian capital — 
foe first of a two-game playoff between 
Russia, and Italy — will not be won by 
men who freeze either figuratively or 
physically. The Russians are good, but 
are they committed? Are those on the 
team who are Ukrainians, Uzbeks and 
others just Russians by expedience? 

Last month in Rome, Italy sur- 
rendered to foe English. Now it must 
give foe ball to one who missed that 
barren match. 

Even in thepits of Ferrari last weekend 
in Jerez, Spain, the talk turned to soccer. 
There Fabrizio Ravanelli was described 
as la ragazzo di strada, a street boy. 

Ravanelli has been called worse. This 
goal -getter, dubbed the White Feather, 
has raw muscle where other Italians 
boast refinement His touch is possibly 
less polished; his desire to lead, to score, 
to be acclaimed, is infinitely stronger. 

It would hurt Ravanelli to be a part of 
foe first Italian Asuri, foe national 
squad, in his lifetime to foil to reach the 
World Cup’s final stage. Indeed, Italy has 
been at every tournament since 1958. 

"What counts is winning, foe rest is 
zero/’ he said after training Monday. 
"We have foe best strikers in the world, 
so we must not sit back and wait for the 
Russians to come forward and try to hit 
them on the counter.” 

The best strikers in the world? Brazili- 
ans and Africans and even Croatia n.s 
might have something to say about that. 

The best strikers do not go meekly to 
defeat The best would bag more than 
seven goals in six mat c h e s, as Italy has 
since Cesare Maldini assumed die coach- 
ing job. The truth is that six players who 
have been rotated in and out of the team 
— Gianfranco Zola, Pierluigi Casiraghi, 
Christian Vieri, Alessandro Del Piero, 


Enrico Chiesa and Filippo Inzaghi ' — 
have come up largely hollow. 

Their market value might be .a hun- 
dred million dollars; their national 
achievement of late brings up only the 
zeroes. In teams other than Italy’s, they 
are sometimes hypnotic, sometimes 
prolific, sometimes indispensable. In 
pairs, they let the Aazuri down. 

Ravanelli is exonerated in pan be- 
cause it took so long for Italy to rec- 
ognize his worth, in pan because injury 
and a costly detour into English club 
soccer took away his edge. When Italy 
needed a goal scorer — and more, a man 
blessed with a belief that Italians are best 
— Ravanelli was holding out for a ca- 
reer move and had not been playing for 
his club, Middlesbrough. Now he has 
joined Olympique Marseille, and at the 
first sign that the desire and the finish are 
still strong, Maldini recalled him. 

Ravanelli is expected to lead the 
charge in partnership with young Vieri, 
whose effort never flags. The implication 
is' that the Zolas, Inzaghis and Del Pieros 
are not made for icy Moscow fields. 
Smaller men, lightweight and balanced 
and lower to the ground, may have an 
advantage on slippery surfaces, but if the 
coach is going for foe heavy brigade, it is 
perhaps because of the size of their hearts 
not their boost. 

"We have to dominate them mentally 
as well as physically/' Ravanelli said. 

If he becomes foe catalyst to that 
domination, he would be filling-a role 
the Italians have traditionally given to 
goal scorers. When Luigi Riva, the 
Sar dinian who struck 35 goals in 42 
appearances in the Italian shirt, was in 
his prime, people would swear that, 
even if he was not on the field, other 
players would still try to pass to him. 

Giuseppe Meazza, with 33 goals in 53 
internationals, had Milan’s San Siro Sta- 
dium, the biggest and best in Italy, re- 
named in his honor. Paolo Rossi and 
Toto SchUlachi, one a frail but instinct- 
ive striker from Tuscany , the other a one- 
World Cup wonder with piercing eyes 
from Sicily, made names and fortunes as 
foe right assassin at the right time. 

More than a personal fortune rides on 
Ravanelli Italians calculate that 380 
billion lire ($220 million) would be lost 
in ticket sales, betting and merchan- 
dising if their team foils to Russia. But 
things could be foiling into place for the 
Azzuxi 

Midfielder Roberto di Matteo is back 
from suspension. Paolo Maldini, a wing 
back, is likely to return after injuring an 
ankle in the first half against England. 
Ravanelli returns against a Russian de- 
fense weakened by injuries to Yuri Ni- 
fiforov and Omari Tetxadze, and foe 
home team lacks forwards Igor 
Simutenkov and Dmitri Cherishev. An- 
drei Kanchelskis, the flying Ukraine- 
bom winger, will start, but he is only 
running in fits and starts after injury 
with his Italian club Fiorentina. 

The Italians hit Moscow in a 
snowstorm and got but new boots with 
special soles for the job. They have the 
chance to leave Russia broken, even 
before foe other boot is on foe foot in foe 
second game in Naples on Nov. 15. 

Rob Hughes is on the staff of The 
Times of London 


Rangers 9 Manager to Step Down 


Reuters 

Walter Smith said Tuesday that he 
would step down as manager of Glas- 
gow. Rangers. tiie Scottish soccer cham- 
pion, at the end of the season. 

The decision, which was widely ex- 
pected, was announced at the club’s 

Soccer 

annual general meeting. Smith has been 
in charge of Rangers since the 1990-91 
season, leading the club to seven suc- 
cessive Scottish league titles. 

There was no official word on his 
successor but Richard Moller-Nielsen, 
who led Denmark to the 1992 European ■ 


championship, is a strong candidate. 
Moller-Nielsen is now in-charge of Fin- 
land. 

• Feyenoord, the Dutch First Divi- 
sion team, fired its manager, Arie Haan, 
on Tuesday after foe team lost three 
times in a week. Feyernoord lost, 2-1, to 
Manchester United in the European 
Champions’ League last week. In the 
Dutch league it lost, 2-0, to Willem n 
Tilburg the previous weekend and 4-0 to 
Ajax, its major rival, on Sunday. 

• Ian Marshall ended a four-match 
losing sequence by Leicester when he 
scored an 82d- minute winner against 
West Ham in Monday’s English Premi- 
er League match. 


BASKETBALL 


MBA PWKMEAI 

MONDAVI MSC 

Ntw Yorti 93, Data 74 
. Mew Jeney 127. Toronto 104 
UtaliHl Phoenix 89 


FOOTBALL 


NFL Stanmnob 


Greet) Boy 2ft New England 10 
□dago 36. Miami 33, OT 


HOCKEY 


NHL Standinos 


Miami 

New England 
'H.Y. Jett 
'Buffalo 
IndfanapoOi 

PHttMigh 

Jadaomtile 

BatiimoN 

TffMXHHC* 

GnctonaN 

Denver 

KamaCity 

seam* 

San 01*00 
Oakland 


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S 3 0 425 176 160 
5 3 0 j05 205 m 

5 3 0 JOS 201 156 

4 4 0 JOO 151 IBB 

0 8 0 mo 113 199 

CENTRAL 

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5 3 0 J 25 208 168 

4 4 0 JOG 194 175 
■4 A 0 J 00 183 161 

1 7 0 .IS 125 219 
WIT 

7 1 0 AW 238 133 

6 2 0 JSO 181 133 

5 3 0 ^25 169 177 
4 4 Q .500 140 176 
3 5 0 375 213 Z 1 B 


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Philadelphia 

NewJeney 

N.Y. Ranges 

Florida 

tVf. liksidira 

Tampa Bay 


AIUMIW DMSttN 
W L T Ptt 
7 3 1 15 

I 7 4 1 15 


6 4 a 12 
3 4 5 11 


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DaOoi 4 4 0 J/BO 178 131 

PModalphla 4 4 0 J00 137 159 

'WoeWngton 4 4 0 JOO 142 137 

Arizona T 7 0 .125 133 IBS 

owtral 

Green Bar 6 2 0 >750 196 159 

.Mbmaata 6 2 0 .750 186 161 

Tama Bar s 3 o JSO 146 134 

■gSroB 4 4 0 500 1M 155 

Chicago I 7 0 .125 137 232 

WIST 

5aaFmu5ua 7 1 0 .873 210 98 

rrnnJJna .4 4 0 AN 128 139 

w Louts 2 6 0 JSO 133 187 

.New (Means 2 7 0 >222 118 198 

ANaflta 1 7 0 .125 145 209 


Pittsburgh 

Boston 

Ottawa 

Mantled 

Camlna 

Buffalo 


cwmw. wvwon 

W L T Ptt GF CA 
DetraB 9 1 2 » 47 22 

St. Louts 9 2 1 * 19 43 25 

Danas ‘ 7 4 1 15 36 26 

Ptaentx 5 3 2 12 34 38 

Toronto 3 6 1 7 22 32 

Chicago 2 10 0 4 16 37 

PAQRC DtVBBOH 

W L T Ptt CF GA 
Colorado 6 2 4 16 41 3T 

Anaheim 4 4 3 11 24 29 

Lot Angela 4 5 3 11 39 37 

Edmonton -4 6 1 9 23 36 

Sdrt Jose 4 7 0 8 28 35 

Vancouver 3 6 2 8 26 32 

Calgary I 8 2 4 25 39 

iiemAraHMm 

GUcaga 8 0 2-2 

Moatnal 2 0 2—4 

PM Period: M-Rfcber 3 (Bartfeteau. 
QuMaf) 2, M-MaJaWrar 3 (pawin' HacdiO 
Second Peris* None. TOrt Perie* c- 
Johnson 2 (Kifwfonm. Amurfe) 4, C- 
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goal: C- &4L20— 34. M- 1 0-7-4—23. Goaflcs: 
C-TemiL M-TWbault. 

Sen Jese 10 1-2 

N.Y. bhmdm s t o—l 

FM Period! SJ^GwUa 1 (McSariey, 
Kozlov] Second Period: N.Y.-BeronJ 5 
(Janssan. RricheO (ppft Third Period: SJ^ 
Sturm 3 (Frieses Graaata) State on geek 
SJr 8*8-22 New Yorti 3-11-4-11 
Cedes: SJ.-Vemwi. N.Y.-Solo. 

New Jersey 3 0 2-5 

Pfataetpttia . 0 0 0-8 

FMPertahNJ..EM2 (MrxLean. HeflklZ 

NJL -Carpenter 2 (MacUarv ZOapoMn) X 
NJ.- Garaour 2 (Ntedennayev SrfcortO <pp>. 
5eand Period: None. TUN Period: NJ.- 
EOas 3 (McKay, Haflt) 5, New Jersey Dean 1 
(MacLeanO (pp). Shots on goat NJ*- 1X3- 
6—21. P- J-7-70— 20. Caries: NJ.-Brodeur. 
WtaUL 


SOCCER 


LefctdarZ WMHam l 
nANMfM*Mancte6teUn3ed2S panda 
Arsenal 24 Blackburn 73t Leicester 21; 
Chetsea 19: Liverpool life Derby 17, Leeds 1 It 
WEaibledag 16. Ngweasfe l & West Ham 1 6i 
CiMid Paha 11 Aston VWa 14 Tottenham 
U Coventry IS Everton It Ballon It 
Southampton 1ft Sheffield Wednesday ft 
Barnsley 9. 

JMMffi KMT MVWOH 

Ma Boron 0, Real Madrid 0 
A T AWCew on i P C Bcradonb 22 points Real 
Madrid ift Espanyol 14 Red Sodadad 14 
Muttra 1 ft Cotta 1L Afletten Madrid 14' 
Beta It AftMeSHbao II, Tenerife ll;Ra& 
ing ill Zaragoza 1ft Ovtoda Ift DeporflwS; 
Compostela 7i Vttenda % Merida & Saio- 
manca 4 vwtadafid 4 Sparifog 1 . 

Annum cop 

EtatmehfTrierZ Borussio Dortmund 1 


X Greg Rusedski, Britain. 2513 
4 Yevgeny Kafebtav, Russia. 2480 
7, Caries Moyu Spain, 1451 
& Petr Korda. Czech RepubJfc Z369 
ft Sag( Brugeenk Spain, Z36J 

10, Jonas BManan Sweden. Z343 

11, UebaniKR«aik. Netherlands, 2J14 
1Z Thomas MHhft SudheftamL 2311 
12 Mmato Rios, Chfe 2302 

14 Gustavo Kuerten BmzL 2261 

IX Alec Corwlta Spata2251 

VttUNKMH 

I, Martino Htogb. Swttnrriand XA30 points 
2 Jana Novotna. Czert RapubOc. 3L590 
2 Monica Seles. U-L3429 
4 Amaoda CoetnK South Alriaj 2317 
-& Limtsar Davenport U&2LW 

X hro Mojoa CrooEo, 2955 

7. Irina SpMea. Romania 2427 
& Mary Pierce. France. 2400 
9,Areflhta$anetebSpata215? ' 
lft Canddta Marflim, Spflta 2135 
II. Mary Joe Fernandez, UA, 1,971 
12 Ante Huber, Germany, 1,808 
12 SomMne Testa d. France, 1^93 
14. BKrida SdurUz'McCorttiy, Neftu 14572 
15, 5tefll Grot Germany, 1463. 


transitions 


TENNIS 


L Pets Sampras, UX. 3.998 points 
2 MkhaelOKinfl.ua. 2211 
2 Patrick Rflflv. Aushala. 2017 
4 Gom Ivonisevkr CnaNa ZSW 


AMERICAN LEAGUE 

BALUMOKE-Exerdsed 1998 option on OF 
EjrfcDavtaAdfwitadRHPRacfcyCoppinger 
bom dftdoy dhaUed M end added Mm to • 
40-man raster. 

new VOBK-Emrdsed 1998 op Ban on OF 
ChodCartis. 

tckas— A ureal to tame wBh OF Atadaz 

on rrtnwJeogoo contract. Announced that 
RHP T«ry Ckvfc, LHP Bryan Evwsoad, C 
and OF Mike Shuns have 
wused outright minor-league asrigntimris 
aid bean granted ftee agenqr. 
TOAOKTO-Stcned RHP Christopher M«»- 

*' NATIONAL LEAGUE ' 

^DiEdO-ttomta Daw Stewart pMdng 

ISKDIMi 

HATHHAL OMKETBAU. ASSOauaiCM 
ootftaisTATB-wwwdC issacBuriotvG 

Ddl De mos, F Antonia Lang mid F Larry 
Stewart. 



m 






Italy’s national team preparing Tuesday in snowy Moscow for Wednesday’s World Cup qualifying match. . . 

■ 1 ' • ' i 

‘Guga’ Back Where He Made a Name 


By Christopher Clarey 

international Herald Tribune • 

PARIS — The last time Gustavo 
Kuerten arrived in the French capital for 
a tennis tournament, he checked into a 
two-star hotel near foe Porte de Ver- 
sailles. He was ranked 66fo in foe world, 
and theonlyplacehe tumedheadswasin 
his sun-baked island hometown ofFlori- 

an fwe months later, Kuerten's hotel 
has a couple more stars. Parisians he has 
never met shout his nickname "Guga" 
as he makes his loose-limbed way from 
ornate lobby to courtesy car to court 
“I know things are much different 
now, but for me it hasn't been a big 
problem,’* he said. *Tm still doing the 
same things I was doing before. Maybe 
now more people want to watch." 

There were tens of thousands of 
people watching and cheering from foe 
roadside when Kuerten returned to 
Florianopolis after pounding his way 
joyfully and, above all, nervelessly to 
tire French Open tide. : - 

It was Kuerten's first victory on the 
mam circuit. He achieved it, not by 


capitalizing on some serendipitous twist 
or the draw but by systematically and. 
improbably eliminating anyone who 

previous four years, including Thomas 
Muster in five sets in the thud round, 
Yevgeiw Kafelnikov in five sets in die 
quarterfinals and Sergi Bruguera in 
straight sets in foe final 

Kuerten has yet to win again on tour, 
but he has come dose enough — ■ reach- 
ing the final in Bologna on aclaycourt in 
June and in Montreal on a hardcourt in 
August — to prove foal he is more than 
a one-hit wonder. 

"I never thought I could win the 
French Open, butl did think I could get 
some of the tiro players this year and 
maybe get into the high 30s in the rank- 
ings/’ Kuerten said. “If I hadn't won 
the French* that’s probably about what 
ranking I would have had. That might 
have been a more normal path, but I won 
the Slam and thatchanged foe-situation 
a little bit." 

Kuerten was ranked 14th as he todc foe 


not a pure claycourter, his big grip change 
between forehand and backhand and rd- 
atively lengthy backswings mean that las j 
return is a weakness on foster surfaces. 
The sborter rallies indoors also eliminate . 
one of his strengths: hi* endurance. \ 

"Sometimes, you're just walking., 
from side to side, taking aces and just 
waiting for that one opportunity," 
Kuerten said. "But I need to play tiiese 
tournaments on the foster surfaces so I , 
can leam to return these bombs." I. 

He has struck a chord withthe Brazili- r% 
an pubhe. He has had to hire bodyguards, 
change his telephone number and install 
a security gate at home. He has even been 
asked to sign autographs while on foe 
beach with his surfboard. But he knows 
where to draw a line in foe sand, and 
when a Brazilian press group announced 
{dans to install a statue of Kuerten on one 
of Flarianopolis's-main thoroughfares, 
the local hero politely declined. 

"Tbey sent me a small model to show | 

me what it looked like,” he said. "But 
that’s definitely too much." 


siMiel tit 


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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, OCTOBER 29, 1997 


PAGE 21 


SPORTS 


Turbulence Ahead for Baseball 

In Era of Change, Even Sale oflfbrld Series Champ Is Possible 


By Ross Newban 

Los Angeles Times Service 


The Dolphins’ Charles Jordan making a diving catch in front of Walt Harris on the Bears’ 1-yard line. 

Pack Gets Back to Super Bowl For] 


*.*■- » 




CaaptlaitnOivS&FrPmDupalrttn 

. The Green Bay Packers, who beat 
New England in January in Super Bowl 
XXXI in New Orleans, used a new 
hurry-up offense concocted over a bye 
week to beat the Patriots again. 

The Packers ran their new offense to 
perfection Monday night in a 28-10 
victory in Foxboro, Massachusetts, that 
turned on a goal-line defensive stand 
early in the third quarter, followed by a 
stunning 99-yard touchdown drive. 

Faced with first and goal at the Pack- 
ers 1 and trailing by four points early in 
the third quarter, the Patriots tried one 
unsuccessful, no-gain run by Curtis 
Martin on first down, then inexplicably 
turned to their passing game. 

Three straight throws by quarterback 
Drew Bledsoe called by his coaches, 
including one on fourth and one that will 
be second-guessed for weeks, also re- 
sulted in three straight incompletions 
and Green Bay took over on downs. 

The Packers then drove 99 yards from 
there, converting four third downs and 
scoring on a 20-yard pass from Brett 
Havre to Robert Brooks to take a 21-10 
lead. 

New England never recovered, mak- 
ing one first down on its first two pos- 
sessions of the fourth quarter before die 
Packers clinched victory with a 15-play, 
85-yard drive that ended with Dorsey 
Levens’s three-yard touchdown run. 


Mike Holmgren, the Green Bay 
coach, had gave his players six days’ off 
before they returned to practice last 
Monday. Holmgren and his staff also 
decided to use a hurry-up, no-huddle 

offense throughout much of the gam**, a 
_ tactic he said was designed to prevent 
the Patriots from getting their blitz 
packages onto the field or signaled to 
their players from the sideline. 

Favre completed 23 of 34 throws for 
239 yards and three touchdowns and 
also gained 32 yards on nine runs out of 
the pocket 

Bears 36, Dolphins 22 Chicago earned 
its first victory of the season Monday, 
overcoming a 15-point deficit in the 
final 5:48 of regulation to beat the Dol- 
phins in overtime. 

The game in Miami was postponed 
Sunday so Game 7 of the World Series 
could be played at Pro Player Stadium. 
For the Bears, the victory was worth die 
wait 

“I can’t tell yon what a relief it is,” 
said Erik Kramer, the Chicago quar- 
terback. He completed 32 of 50 passes 
for 343 yards and threw for 150 yards 
and two touchdowns in the final IVi 
minutes of regulation. 

Jeff Jaeger won die game with his 
fourth field goal, a 35-yarder, with 5:35 


left in overtime. As the Bears averted the 
first 0-8 start in their 78-year history. 

Barry Minter set up the winning score 
when he sacked Dan Marino to force a 
fumble that Carl Reeves recovered at 
the Miami 17-yard line. 

Jimmy Johnson, the Miami coach, 
blamed the defeat on 13 penalties, four 
sacks and three turnovers. 

With six minutes left, the Bears ap- 
' to be beaten. But they rallied 
i a 33-1 8 deficit to tie the game. 

Kramer hit Bobby Engram with an 8- 
yard touchdown pass to cap an 80-yard 
drive, making die score 33-25. Twice 
Miami failed and had to punt, and Chica- 
go drove 59 yards to score again with 
1:25 left cm Kramer’s 25-yard pass to a 
wide-open Chris Feun. 

EngramV sprawling reception near 
the sideline for the two-point conver- 
sion tied the score. 

The crowd was announced as a sell- 
out of 73,156. but with many fans re- 
covering from the Florida Marlins* 
World Series victory the night before, 
there were perhaps 20,000 empty seats. 

In the fourth quarter the stadium was 
. only half full. Fans made the mistake of 
thinking the game was over, and so did 
the Dolphins. 

“We thought we had it in the bag,” 
the receiver O. J. McDuffie said. “We 
relaxed. The Bears are not a typical 0-7 
team.” (WP.AP) 


The lasting image of manager Jim 
Ley land's victory lap after his Marlins 
beat the Cleveland Indians will fit nicely 
in any World Series scrapbook. 

It could quickly become an image 
from a bygone age. 

Ley land and the Marlins face im- 
portant changes in what promises to be a 
turbulent winter for baseball with re- 
alignment, the expansion draft, the pos- 
sible selection of a commissioner, a vote 
on the sale of the Dodgers, the possible 
sale of (he Marlins and the usual array of 
trades and free-agent signings headed 
by the Montreal Expos' anticipated 
trade of Pedro Martinez. 

Wayne Huizenga, the Marlins’ own- 
er, expects to know in the next two to 
three weeks whether he can generate 
public financing for a stadium with a 
retractable roof. 

If not, claiming losses of S34 million 
after his $89 million signing spree last 
winter helped produce baseball's 
fourth- largest payroll of $53 milli on, 
Huizenga said be would be forced to sell 
despite the glow of the World Series and 
South Florida's enthusiastic response. 

Of course, there is no guarantee Huiz- 
enga can find a buyer at his asking price 
of $165 million. He has said that if he 
retained the team in 1998 with no sta- 
dium commitment, he would be forced 
to shed payroll, leading to a significant 
falloff in the team’s ability to compete. 

Ley land, who concedes he misses the 
environment of hometown Pittsburgh 
and who slept many nights in die sta- 
dium clubhouse as his family spent most 
of the summer in Pennsylvania, has an 
escape clause if the team is sold. But he 
might opt out of die five-year, $7.5 
milli on contract even if Huizenga stays 
as owner of a stripped-down modeL 

“I don’t know who the new owners 
will be or if there will be a new owner," 
Leyland said. "‘I do know that I don't 
want to be sitting next to some actor or 
Bing Crosby’s son telling me how to 
manage the team." 

Crosby was a former owner of the 
Pirates in the 1940s. 

The Marlins already have a $47 mil- 
lion payroll commitment for next year, 
and it’s not clear bow and where they can 


cut back if it comes to that since most of 
their players with high-priced multiyear 
contracts would be difficult to trade* 

This is certain: If the Marlins 
emerged as die best team money can 
buy, the landscape is littered with teams 
that have failed in the anempt to buy a 

champ io nship 

Huizenga said he was forced to spend 
to revitalize fan interest in southern 
Florida and try to gain support for a new 
stadium. But he has been widely crit- 
icized in baseball. 

Jerzy McMonis, the Colorado Rock- 
ies’ owner, said recently: “I don't see 
the benefits of spending S89 million on 
free agents and then putting the team up 
for sale. It would be hard to say that this 
is the beginning of a dynasty. " 

The next two expansion teams might 
be prepared to follow the Marlins' lead. 
Bom the Arizona Diamondbacks and 
the Tampa Bay Devil Rays have im- 
pressive advance ticket sales. They 
could try to strike quickly, spending big 
on free agents and high-salaried vet- 
erans in the Nov. 18 draft. 

The existing 28 clubs must submit 
their lists of 15 protected players Nov. 
11, at which time trades become pro- 
hibited until the draft is over. 

Buz several trades can be expected to 
evolve (Hi the day of the draft, with the 
groundwork already being laid. 

The Montreal Expos are likely to con- 
duct another payroll purge. The club is 
expected to unload Martinez, its Cy 
Young Award candidate, and its second 
baseman, Mike Lansing, among others. 

The Los Angeles Dodgers, who also 
have interest in Lansing, would love to 
reunite Martinez with his brothers, Ra- 
mon and Jesus, and are probably willing 
to package Dennis Reyes. Todd Hol- 
lands worth and Wilton Guerrero — 
whose brother Vladimir plays for the 
Expos — but Montreal continues to talk 
about Adrian Beltre, the Dodgers' un- 
touchable third-base prospect. 

Several other clubs are in the Martinez 
derby, including the Indians, who lost 
their ace. Jack McDowell, to injury in 
May. They also face contract decisions 
on Orel Hershiser and Charles Nagy, and 
seem in need of a No. 1 aim. 

Cleveland’s nucleus will be back, but 
die second basemen Bip Roberts and 
Tony Fernandez are eligible for free 


agency, and John Hart, Cleveland’s gen- 
eral manager, said he had to decide 
whether to invest heavily in a high- 
caliber pitcher like Martinez or a second 
baseman like Chuck Knoblauch, who 
has asked the Minnesota Twins to trade 
him and has said that he wants to go to 
the Indians. 

The Kansas City Royals are expected 
to reject baseball’s offer to move from 
the American League Central to the 
National League Central, and so the 
Milwaukee Brewers will make the 
move — giving the National League 16 
teams and the American League 14, 
which eliminates the necessity of an 
interleague game every day. 

The acting commissioner, Bud Selig. 
who also owns the Brewers, insists that a 
broader realignment will come in 1999. 
As pan of this first phase, the Detroit 
Tigers will mow from the AL East to 
replace the Brewers in the Central, and 
Tampa Bay. originally in the West, wifl 
replace the Tigers in the East. Arizona 
will join the NL West. 

Dodgers* officials remain confident 
that the sale to Rupert Murdoch will be 
approved, but the vote may not transpire 
until the next regularly scheduled own- 
ers meeting in January. 

It is possible that baseball may even 
get a commissioner this w inter. Many 
believe his name will be Selig. 

■ 36 Plov ers File for Free Agency 

Andres Galarraga, Brady Anderson 
and John Olenid head 36 players who 
filed for free agency on the day after the 
World Series, The Associated Press re- 
ported from New York. 

Cecil Fielder. Randy Myers. Bobby 
Win and Rod Beck also filed Monday, 
the first day of the 15-day window. 

Baltimore prevented Eric Davis from 
filing by exercising the team's $2.5 mil- 
lion option, and the New York Yankees 
slopped Chad Curtis from going free by 
exercising a $900,000 option. San Fran- 
cisco passed on its $400,000 option on 
Damon Berryhjll, a catcher. 

Among other players who filed were 
Rickey Henderson,’ Willie Blair. Walt 
Weiss and Gary Gactii. 

Players have until Nov. 10 to file. 
Once they file, they can talk with any 
team, but they cannot discuss money 
untilNov.il. 


Florida Basks in World Series Triumph 


Devils Get the Puck Railing to Rout Flyers, 5-0 


By Mireya Navarro 

New York Times Service 


AftKET 


The Associated Press 

. In a battle of Eastern Conference 
heavyweights, the New Jersey Devils 
knocked out the Philadelphia Flyers. 

“This has got to be our best game this 
year," the New Jersey coach, Jacques 

NHL Roundup 



Lemaire, said after the Devils routed the 
Flyers, 5-0, on Monday night. “We 
_ played great as a hockey team, and the 
. J^-'| r puck was rolling for us.” 

.- r The Devils, who edged the Flyers by 
1 ' v - one point for the Atlantic Division title 
i i last year, scored three goals in a 69- 
secoad span of the first period. 

“We lost our composure, and they 
w- capitalized on it." said Wayne Cash- 


man, Philadelphia's coach. 

The Devils have dominated the Fly- 
ers in their two me et i ng s this season. 
New Jersey outshot Philadelphia, 40- 
19, in an earlier 4-1 victory. 

Patrik Elias scored twice for the Dev- 
ils, who won on the road for the first 
time since beating Tampa Bay in their 
season opener. 

Bob Carpenter, Doug Gihnour and 
Kevin Dean each added a goal for the 
Devils. John MacLean had three assists 
and Bobby Holik two. 

The Flyers’ goaltender, Ron HextaU, 
drew a penalty for unsportsmanlike con- 
duct after protesting two goals in the 
first period The penalty led to a power- 
play goal by Doug Gihnoar at 8:40. 

“It was a dumb penalty," Hextall 


said after his first loss of the season. “I 
regret it. It cost os a goal” 

Martin Brodeur, the Devils’ goalie, 
blanked the Flyers on five power plays. 

Statics 2, lafandan 1 MflTCO Sturm 

scored with 54 seconds remaining in 
regulation time to give San Jose a vic- 
tory on Long Island. Sturm knocked the 
pock into the open left side of the'goal 
after goalie Tommy Salo went down. 

Canadians 4, Blackhawkx 2 In 

Montreal Vince Damphousse scored 
the tie-breaking goal late in die third 
period as the Canadiens beat the slump- 
ing Chicago Blackhawks. Damphousse 
scored off a deflection with 1:21 re- 
maining to snap a 2-2 tie, and Turner 
Stevenson put the puck into an empty 
net for Montreal with 46 seconds left. 


MIAMI — The home of the new 
World Series champions has woken up 
giddy from celebrations, its euphoria 
tempered neither by the arrival of a new 
workday nor the uncertainty over the 
possible sale of its team. 

Nowhere in Sou til Florida was the 
Marlins’ llth-inning victory over the 
Cleveland Indians early Monday 
sweeter than in the city of Homestead, 
which built a $12 million spring-train- . 
ing stadium for the Indians for the 1993 
season only to be abandoned by the 
team after a hurricane devastated the 
city in 1992. 

The Indians, citing “an act of God,” 
got out of a two-year contract with 
Homestead and went on to train in 
Winter Haven, in central Florida. The 
Homestead stadium was repaired but 
has yet to attract a tenant 

“ We got a double victory out of this 
— we got to see the Marlins win, and we 
got to see the Indians lose,’ * Mayor Tad 


DeMilly of Homestead said Monday. 

After tiie destruction caused by the 
hurricane,' Mr. DeMilly said, “for these 
guys to come in and kick us in the shins 
created a long-lasting negative impres- 
sion." He added, “I don’t care if they’d 
played Little Leaguers, we would have 
supported the little Leaguers.” 

Emotions seemed to ran as deep else- 
where in South Florida, where thou- 
sands of fans poured out in the streets 
from sports bars and homes shortly after 
midnight Sunday to dance on top of cars 
and honk horns, to yell “MAAAR- 
LJNS!" until they were hoarse and slap 
each other silly. 

At Pro Player Stadium, where the 
Marlins gave South Florida its first pro- 
fessional sports championship since the 
Miami Dolphins won the Super Bowl in 
1974, Eddie Russo, 27, remained in his 
seat for half an hour after the game, 
letting the tears flow. 

“With all the ebb and flow of the 
game, my body and mind just couldn't 
handle it anymore," said Russo, a res- 
ident of Parkland, a suburb of Fort 


Lauderdale. “This is big." 

In the Coconut Grove section of 
Miami South Beach in Miami Beach 
and the Las Olas Boulevard area in Fort 
Lauderdale, fans wearing fish-shaped 
hats and Halloween masks protruded 
from windows and sun roofs in car 
caravans going nowhere as traffic 
jammed within minutes after the game. 
In the Liitle Havana section of Miami 
revelers came with conga drums and 
pots and pans, creating an impromptu 
carnival. 

Xavier Conada, 33. a painter, said he 
had not seen such spontaneous euphoria 
since 1980. when 125,000 Cuban 
refugees arrived at Florida's shores in 
the Mariel boatlift and Cubans here 
thought that the fall of Fidel Castro's 
government was imminent. 

Paint on cars read “Go Fish" or, in 
one case, “Go Pescados." 

The Convention and Visitors Bureau 
of Greater Miami and Greater Fort 
Lauderdale estimated that the World 
Series had generated more than 550 
million for the local economy. 


DENNIS THE MENACE PEANUTS 


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PAGE 22 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, OCTOBER 29, 1997 


OBSERVER 


Awash in Insincerity 


By Ru ssell Baker 

N EW YORK — - Have so- 
ciologists lately noted 
the growing lust for insincer- 
ity that is DOW ramp ant in the' 

English-speaking world? We 
are at this very moment, all 
over the United States, awash 
in political advertising, those 
floods of insincerity tbat-pass 
for political discourse in 
America. 

The broadcast air teems 
with actors pretending to be 
real people in shock about the 
foul behavior and bestial pro- 
clivities of this or that office- 
seeker. 

Everybody down to the 
dimmest three-year-old rec- 
ognizes these commercials as 
brazen nonsense. Still, polit- 
ical technicians know it is 
nonsense that works. 

This is why they seldom let 
a genuine candidate appear in 
the commercials. When 
shooting for insincerity, lure 
somebody schooled to weep 
with equal conviction for 
Hecuba, Mien Achilles or the 
suffering American taxpayer. 

Hunger for insincerity put 
the final comic touch on the 
Marv Albert case last week. 
Having pleaded guilty to 
charges involving unortho- 
dox sexual conduct, the cel- 
ebrated TV personality faced 
the sentencing judge with all 
New York holding its breath. 

There were minute-by- 
minute television bulletins 
from the sentencing site in 
Virginia. Would there be jail 
time for this famous describer 
of basketball games? Would 
he appear at court in sackcloth 
and ashes and full of con- 
fessions of self-loathing? 

The answer to both ques- 
tions was “No.” The tabloids 
were disgusted. In the opinion 
of courthouse connoisseurs, he 
had refused to show true pen- 
itence and didn't deserve to be 


let off with a mere “slap on the 
wrist"; to wit, a suspended 
sentence. In other words. Al- 
beit had failed his obligation to 
gratify public appetite for a 
show of insincerity. 

Hie public demand for in- 
sincerity is not to be' lightly 
refused, however, as the 
Queen of England discovered 
after Princess Diana’s death. 
Royals mourning privately at 
Balmoral Castle offended 
many Britishers. They in- 
sisted on a public display of 
sorrow, and the queen bowed 
by giving one. 

Hus amounted to a royal 
apology for having treated the 
princess badly, as many 
thought. Never mind that the 
apology was extracted by 
brute force. Never mind that 
there are sound reasons to be- 
lieve the queen may have felt 
badly treated by Diana. 

The queen was not asked 
for sincerity, but only for pre- 
tense. After she acceded to 
demand, public passion about 
Her Majesty was said to have 
blown swiftly from cold to 
warm. 

□ 

Paula Jones, accusing Bill 
Clinton of making an inde- 
cent proposal when he was 
governor of Arkansas, now 
demands he apologize. He 
denies everything and de- 
clines. 

But if he agreed, would 
anyone, including Jones, be- 
lieve he meant it? Her story 
has made him the butt of a 
thousand toilet jokes. A man 
subjected to this type of ri- 
dicule is unlikely to find him- 
self in the apologizing vein. 
An apology would be ab- 
surdly insincere. 

That doesn't matter. The 
rule now is: Always be in- 
sincere, and you’ 11 never have 
to mean it when you say 
you’re sony. 

New York Times Scniie 


Monks Open the Vaults of Mount Athos 


By Marlise Simons 

New York Times Service 

S ALONIKA, Greece — The 
Western world has no other 
realm quite like Mount Athos, a 
ragged tongue of land in northern 
Greece where 20 Orthodox mon- 
asteries rise in crescendo from the 
rocks and the forests. For the past 
millennium, the whole peninsula 
has been a site for monastic set- 
tlements. a secret chain of sprawl- 
ing compounds and hundreds of 
smaller houses and hermits’ hide- 
aways. 

The oldest buildings are virtual 
fortresses, with arsenals and de- 
fensive towers, the telltale marks of 
a tune when die monks had to fight 
off pirates, Christian crusaders, Ot- 
toman Turks. But the monks of the 
holy mountain have not only held 
on to their refuge, but also kept 
alive an unbroken tradition of study 
and liturgy. Today, their abode sur- 
vives as die spiritual focus for all of 
the Eastern Orthodox world. 

Over the centuries, the monks 
have gathered a trove of priceless 
objects, including an estimated 
20,000 icons ana about 15,000 
manuscripts, that rank among the 
world’s most outstanding collec- 
tions. Yet while Mount Athos has 
long sent out its men as theolo- 
gians, bishops and patriarchs, h has 
always kept its extraordinary art- 
wok to itself. Much is still un- 
catalogued. Even scholars have not 
seen many of the pieces; women 
have always been barred from the 
peninsula, and men need- special 
permits from the community' to 
enter the 3 60- square-kilometer 

(140-square-mile) theocracy. 

This year, for the first time in 
their history, the monks have 
opened their vaults, churches and 
libraries and allowed pan of their 
treasures to be displayed at the Mu- 
seum of Byzantine Culture in 
Salonika, Greece’s second-largest 
city. The exhibition presents, far 
from their full collection, and four 
of the 20 monasteries, while giving 
their blessing, declined to take 
pan. 


But what was brought from 
the mountain is amazing: more 
than 1.500 objects that offer a 
mesmerizing glimpse of 
Athos’s hidden sphere. The 
exhibit sweeps from the 10th 
to the 19th century and in- 
cludes exquisitely illustrated 
manuscripts, silver chalices 
and crosses, embroideries and 
vestments sparkling with gold. 
There are also the bumbler 
srnalia of the monks, 

! candlesticks, belt buckles, 
and aged jugs and dishes that 
they still use for meals. 

But pride of place goes to 
the icons, the most revered of 
Orthodox an forms. They are 
omnipresent and compelling, 

110 in all, made by monks, 
commissioned by them or re- 
ceived as gifts. Some tell sto- 
ries from the Bibleor the lives 
of saints. Most are meant for 
prayer — these are the classic, 
flattened figures, suspended 
on a gold background, yet 
vivid, direct and possessed al- 
most with a magnetic force. 

Preparations for the 
Salonika exhibition were far 
from easy. T alks began more 
than 10 years ago and heated 
up when it became known that 
Salonika would be designated 
this year's cultural capital of 
Europe. “The monks did not 
see the point," said Dimitra 
Gouryioti, one of the show's 
designers. 

In the end, historians, theo- 
logians and even politicians 
persuaded the monks that 
showing their way of life and 
spirituality was valuable for 
the Orthodox faith. Moreover, 
the monks are responding to a 
renewed interest in Orthodoxy in 
Greece that is drawing visitors, 
seeking cultural roots or spiritual 
guidance, to monasteries all over 
the country. 

In its heyday. Mount Athos had 
up to 40,000 monks. By 1970, that 
number' had dwindled to 1,145 
aging men. Today, the monastic 
community appears to be reviving 


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with an influx of young, university- 
educated people. Just in the last 
decade. 600 new candidates arrived 
at Athos, and today the community 
has about 2,000 members. 

The exhibition has already 
drawn about 350,000 visitors form 
across the Balkans and other coun- 
tries with Orthodox Christians, far 
more people than the small, new 


museum can comfortably handle. 
Organizers are now lobbying the 
monks to allow the show, due to 
close Dec. 31, to remain open till 
March 31. 

What differentiates “Treasures 
of Mount Athos” from other 
trophy shows of this decade is that, 
for all its scale, die exhibition con- 
veys a sense of intimacy and even 


mysticism. The goal, as re- 
quested by the monks, was 
not to display the objects for 
their own sate, but as woven 
into the life of Atbos. 

Designers therefore have 
built a museum within the mu- 
seum: ramps to suggest the 
rising terrain, passages, arch- 
ways and a chapel to suggest 
die close quarters of an ancient 
monastery. Objects are shown 
-not. as single precious items 
with a lot of air and ^jace, but 
tightly packed, evoking some 
of die sacred clutter of an Or- 
thodox church. 

One section of the exhibit 
includes objects from daily 
life. GockS are a reminder 
♦b«t the monks s till follow the 
Julian calendar, yrhich is 13 
days -behind foe Gregorian 
one; foe day begins at sun- 
set 

Women may not set foot on 
foe holy mo untain, but some 
of their craft is present in su- 
perb embroidery work. There 
are robes, stoles, chasubles, 
miters and tapestries that 
would seem to come from foe 
bands of goldsmiths. 

For foe monks, it was hard- 
est to lend the icons and the 
sacred books, the organizers 
said. But these are foe higfa- 

S i of foe show. There is a 
ora of scrolls, leaves and 
intact books of Gospels and 
hymns with ornate headings, 
many made by foe monas- 
teries’ own scribes. 

At (he heart of foe exhibit is 
a room that feels like a chapel, 
lined with 14th-century icons 
and a carved altar screen foe 
size of the whole walL Vis- 
itors seemed spellbound before foe 
large luminous images of Jesus, foe 
Apostles and archangels. None 
were shielded by glass or in cases. 

“There were big discussions 
about protecting them,’’ Gouryioti 
said. ‘*The monks decided npt to, 
because they would lose much of 
forir strength, because in glass cases 
they would become art objects. ” 


A 


' 


MUSIC 


PEOPLE 


A Sensitive Songwriter Who Ran Away From Stardom 


•i 


By Deborah Sontag 

New York Tunes Service 

N EW YORK — It was so often 
repeated that it became pop 
music legend: Laura Nyro, early in 
her precocious career, bombed at 
foe 1967 Monterey Pop Festival, 
booed off foe stage by a stoned 
audience that couldn’t follow her 
.meandering lyricism. 

But it wasn’t true, this supposed 
fact that appeared in nearly every 
obituary of the singer and song- 
writer who died last spring at 49 of 
ovarian cancer. 

Footage of foe concert by foe 
filmmaker D. A. Pennebaker 
shows instead a mesmerizing per- 
formance by Nvro, who casts foe 
occasional glare at a lousy backup 
bond. And when she finishes, foe 
crowd applauds heartily. There is 
nary a boo. 

“She just imagined foe whole 
thing.' ’ Pennebaker said. 

Nyro’s oversensitive misreading 
of tins performance, which no one 
challenged, helps explain the central 
enigma of her career why she ran 
way from stardom. Although 
many rock historians consider her an equal to the best 
1960s musicians. Nyro vanished at her professional 
apex and. while eventually re-emerging, never 
claimed foe overarching fame that was nearly hers. 

She never had a hit single or a gold record, 
although her songs — “And When 1 Die,” 
“Stoned Soul Picnic" and “Wedding Beil Blues,” 
among others — earned them for other artists. 

Immediately after her death, in April, Nyro’s 
family and close friends declined to talk about her 
publicly, zealously guarding her lifelong desire for 
utmost privacy. 

Now, though, on foe eve of a Nyro tribute concert 
at the Beacon Theatre in New York City, they were 
more forthcoming, offering a quite simple, if seem- 
ingly clicked, explanation for her retreat from the 
limelight: Nyro opted out of the music business 
because its crassness and commercialism increas- 
ingly and unbearably offended her artistic soul. 

“She should have had as least as many gold 
records on her walls as Neil Sedate” said Nyro’s 
father, Louis Nigro, 81, a piano tuner. “But Laura 
was always very sensitive. She didn’t like col- 
laboration. She didn't like compromise. She was an 



Laura Nyro in 1970; the music business offended her artistic soul. 


artist, and she didn’t like — hated — foe showbiz 
part.” 

In her last 25 years, according to music-industry 
lore. Laura Nyro was a recluse who had meta- 
morphosed from a sultry teenager into a* plump 
earth mother who issued sporadic, fringe albums 
dotted with songs about animal, maternal and 
American Indian rights. 

But she was reclusive only in the industry’s 
view: She didn't play arenas or go on major tours or 
make music videos. Instead, flush with the money 
of her early success, she cobbled a quieter life fra: 
herself, in which she wrote whai she wanted when 
she wanted, put out an album when it felt ready and 
performed in places where she felt accommodated, 
like foe Bottom Line in New York. 

The heart of Nyro’s existence was domestic but 
not hermetic. She lived for 17 years with Maria 
Desiderio. 43, a painter. On a bucolic property in 
Connecticut, they raised Nyro’s son, Gil B ianchini, 
who is now 19. They cooked and hiked and traveled 
the country in a camper. 

A close friend, Zoe Nicholson, portrayed foe 
relationship between Desiderio and Nyro as a pro- 


found peponai and artistic bond, 
“like Stein and Toklas, or Dali and 
his wife, or Kahlo and Diego 
Rivera.” 

A genuine New Yorker, Nyro 
grew up in a middle-class Italian- 
Jewish home in the Bronx. At 16, she 
sang doo-wop in subway stations. 
And at 17. she sold her first song, 
“And When I Die,” for a $5,000 
advance, to Peter, Paul and Mary. 

A first album, “More Than a 
New Discovery” (1966), quickly 
followed, introducing foe pattern of 
her career Songs that she did not 
want to tailor for release as singles 
were scooped up by other per- 
formers — foe Fifth Dimension; 
Barbra Streisand; Blood, Sweat and 
Tears — who made them hits. 

With a three-octave range of 
emotions and a confessional style, 
Nyro turned her insides out in mu- 
sic that defied easy categorization 
because it was so many things at 
once: bubbly and soul-searching; 
commercial and experimental; 
jazzy and bluesy, with a touch of 
soul and doo-wop. 

In 1968, David Geffen, then an 
aspiring agent, spotted all this in a 
performance at Monterey and signed 
her up. She got a $4 million contract with Columbia 
Records. With her next albums, she made her mark 
on a generation of future songwriters, from Ricki 
Lee Jones and Suzanne Vega to Barry Manilow and 
Todd Rundgren. 

But at 24, Nyro retired, repulsed by foe business 
end of foe music business. She left foe stage for 
love, marrying a carpenter, David Bianchini, and 
moving from her Manhattan penthouse to a cottage 
in a Massachusetts fishing town. 

The 1970s were a decade of major life events for 
Nyro. She married arid divorced. She had a child. Her 
mother, Gilda Nigro, in a sad foreshadowing, died of 
ovarian cancer at 49. And she quietly moved into a 
lesbian social world, meeting Desiderio in 1977. 

As she was undergoing treatment for cancer, Nyro 
oversaw the compilation of a greatest-hits album, 
“The Best of Laura Nyro: Stoned Soul Picnic,” 
released just before her death. This involved arguing 
with Columbia Records over foe tracks they chose, 
but it also allowed her to review foe totality of her 
work in her final days. “By the end,” Desiderio said, 
“she felt very full circle with her work. ' ’ 


tape of Nyro’s 
her up. She go 


T HE cellist Mstislav Rostropovich, who 
celebrated his 70th birthday this year, 
received a lifetime achievement prize at the 
annual Gramophone Awards in London. The 
ceremony was also foe setting for an award 
seated by Kiri Te Kanawa to Luciano 
ivarotti for raising $8.2 milli on for foe 
children of Bosnia. Paul McCartney, one of 
foe presenters, said he would help Pavarotti 
open a music school in foe war-ravaged Bos- 
nian city of Mostar in December. “Luciano is 
a great singer and talent and I would be very 
happy to collaborate,” he said. McCartney 
gave foe young artist of the year award to the 
violinist Isabelle Faust. The award for the 
record of foe year went to Angela Gheorghiu 
and Roberto Alagna for a production of 
Puccini's “Rondine. ” The cellist Yo-Yo Ma 
was selected as artist of the year and was given 
his award by Isaac Stern. The awards are 
sponsored by Gramophone magazine, a lead- 
ing classical music publication. 

□ 

The country singer Johnny Cash, 65, has 
canceled concert and book promotion tours 
through December because he is ailing from 
Parkinson's disease. “He’s been sick for a 
while, but it’s not been to foe point where he's 
needed medication,” a spokeswoman for his 
recording company said. “It's now gotten to 
that point.” 

□ 

The eldest daughter of Boris Yeltsin, 
Elena Okutova, gave birth to a‘ baby boy, a 
spokesman said. A name has nor yet been 
chosen for foe newest member of the Yeltsin 
family and the Russian president’s fifth 
grandchild. 

□ 

It's official: The marriage of Ralph 
Fiennes to foe actress Alex Kingston has 
been ended by a divorce judge. The Academy 
Award-nominated star of “The English Pa- 
tient” wed Kingston, who joined the cast of 
foe U.S. television hit series “ER” this sea- 
son, in 1993. Fiennes, 34, left. Kingston, also 
34, two years ago for foe actress Francesca 
Annis, who is 18 years his senior and played 
his mother in a stage production of “Ham- 
let.” 

□ 

A $100 million slander suit by Michael 
Jackson has been delayed by a Los Angeles 
judge because foe defendant, a free-lance 
writer, filed for bankruptcy protection. The 



SMILE! — Whitney Houston and her.ff 
husband Bobby Brown at New York ' 
premiere of TV version of “Cinderella.”. 

lawsuit alleges foal Victor Gutierrez lied 
when he told a “Hard Copy” reporter that he 
had seen a videotape of Jackson having sex 
with a 13-year-old boy. 

□ 

Robin Williams and Alan Arkin are in 
Budapest to shoot “Jacob the liar,” a film 
about life in a concentration camp in 1944. 
They arrived after wrapping up work in 
Warsaw, the primary location. Directed by 
Peter Kassovitz, foe movie is an adaptation 
of a novel by foe German writer Jurek Beck-1 
er. In foe main role, Williams plays as a Polish f? 
risoner who makes up stories to give himself 
ope. 

□ 

Gwyneth Paltrow, expecting great accol- 
ades for her upcoming “Cheat Expectations,’ ’ 
has moved on from her former fianed Brad 
Pitt The man-of-the-moment is one of Pal- 
trow’s (and Pitt’s) co-stars in “Seven.” 
“Everyone is making alfthis fuss about Brad 
Pitt,” Paltrow said: “Well, I’m sorry. I’m 
telling you that Morgan Freeman is foe 
sexiest man alive.” When asked about Pal- 
trow’s admiration, an embarrassed Freeman 
could only croak oat, “Um, that’s nice.” 


E 





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