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The Dollar 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHI^g^J^^T 


The World's Daily Newspaper 


Paris, Saturday-Sunday, September 6-7, 1997 


Deal With Mandela 


obvious pollution and traffic problems — the kind found 
commonly throughout much of the urban world. 

It will be Athens's responsibility to solve those problems 
LAUSANNE, Switzerland — After fretting and doubting and stage, by ils own unique standards, a spectacular Games 
itself for seven years, which is not a long time by Greek that will eventually help steer the Olympics to Africa and 
standards, the International Olympic Committee reversed an South America for the first time. To that end, the IOC can take 
earlier decision and awarded the 2004 Summer Olympic some credit for having given Athens a kick in the pants seven 
Games to Athens by a huge margin. years ago. 

Many experts within die Olympic movement had expected It was in 1990 that the Greeks, having given birth to the 
that these dames would go to Rome. But Athens won every ancient and modern Olympics, took it for granted that they 
round of voting as Buenos Aires, followed by Stockholm, and would be invited to hold the Centennial Olympic Games, 
then Cape Town, were eliminated from the election. On the Instead those Games took place last summer, somewhat 
final ballot, with just the two ancient rivals left standing, disastrously, in Atlanta, a decision that has forever since been 
Athens won, 66 votes to 4 1 for Rome — the result of a deal the second-guessed within the Olympic movement. At first the 
Greeks worked out with the South African president. Nelson Greeks reacted with outrage to that decision. By the time they 
Mandela. had regathered for a final presentation before the IOC Friday 

Not only have the IOC delegates completed an Olympic morning, that outrage had been distilled to a single reasoned, 
ring of a kind by returning the world's richest sporting prize to determined and feminine voice. 

its original home, they have also opened doors that would As Roman officials had feared, the most dynamic figure in 
have remained shut if Rome or Stockholm had been chosen, this two-year-long election turned out to be Gianna An- 
With this election the IOC decidedly moved away from the gelopouIos-Daskalaki, the chief executive of the new Atheni- 
almosr perfect setting that Rome would have provided and 

taken its heavily-sponsored treasure to a city with some rather See GAMES, Page 18 


By Ian Thomsen 


Israel Freezes Troop Withdrawals 


llnkl Ilnurhli/TW UunilrJ I'm* 

a sea of flowers for Diana at Kensington Palace. 


Princes William, 


nain 

ssue 


By John Lancaster We can 1 tave a sltuauon ™ wtuch 

Washing Post Service we a*® 1 to hand over more land to 

the Palestinian Authority at a time when 

JERUSALEM — Israel announced a they are not fighting terror,*' Mr. Net- 
freeze Friday on further troop with- anyahu said after the meeting. Islamic 
drawals from the West Bank, a day after militants “have operated from areas” 
three Palestinians suicide bombers blew * * 

up themselves and four Israelis in a busy 
outdoor shopping mail here. 

After meeting with his cabinet. Prime 
Minister Benjamin Netanyahu said that 
Israel would not honor commitments to 
redeploy troops in the West Bank until 
thePaiestinian Authority, led by Yasser 
Arafat, cracked down on Islamic ex- 
tremists operating from areas under its 
control. 

The declaration added to a sense of 
crisis in Israel’s relations with its Arab 
neighbors, including Lebanon, where 
1 1 Israeli commandos were killed Fri- 
day mooning in a clash with Shiite 
Muslim guerrillas and Lebanese Army 
soldiers during a raid near the port city 

of Sidon. The incident was the worst of to a spokeswoman for the Missionaries 
its kind in more than a decade and came of Charity, her religious order. She was 
just hours after the bombing 87. 

Thursday, which killedlbrec school- ■■ Known as the “Saint of the Gutters,” 
girls and a 20-year-old man on busy she became a world byword for de- 
Ben-Yehuda Street as well as the three votion to the poor, destitute and dying, 
bombers . For 50 years. Mother Teresa cora- 

The flare-up on both the Palestinian forted the destitute dying in gutters, 
and Lebanese fronts could hardly have sheltered infants abandoned in trash 
come at a more sensitive time for the heaps, soothed the putrid ulcers of 
Clinton administration. Secretary of lepers and gave succor to the insane, 
state Madeleine Albright is to arrive She received the Nobel Peace Prize in 

here next week in an effort to revive the 1 979 for bringing hope and dignity to 
stalled Middle East peace process. millions of unwanted people. "The 
In particular. Mis. Albright is ex- poor must know that we love them,” 
peered to focus on security cooperation was her simple message, 
between the Palestinians and Israelis, She was a powerful voice for con- 
which has undergone a marked deteri- servative values, arguing passionately 
oration since Mr. Netanyahu's decision against abortion, contraception and di- 
to proceed with a huge Jewish housing vorce. Her fame gave her a platform, foundations, private donors, arid scores 
development on a hilltop in traditionally and she traveled as an envoy of Pope of prizes, including the 1979 Nobel 
Arab East Jerusalem. John Paul II to preach devotion to life. Peace Prize of $1 92,000. 

The cabinet statement also warned A tiny, frail woman bent almost She had been in frail health for some 
that Israel was prepared to send com- double in her later years. Mother Teresa years. She was hospitalized in August 
mando teams into Palestinian territory was as renowned for her humility as her and September 1996 for bean trouble, 
to catch wanted terrorists, according to a charity. She created a global network of and again in November 1996. Surgery to 
statement issued after the meeting. The homes for the poor, from the hovels of unblock two coronary arteries fol- 
prospect of such raids has raised fears of Calcutta to the ghettos of New York, lowed. (AP Reuters) 

aimed dashes between Israeli troops including one of the first homes for 

and Palestinian security forces. AIDS victims. Obituary, Page 2. 


Queen Pays Tribute to Diana 
In TV Message of Mourning 


By Tom Buerkle 

International Herald Tribune 

LONDON — Moving dramatically Friday to reconcile 
the royal family and a nation in mourning, Queen Elizabeth 
II paid tribute to Diana, the Princess of Wales, as "an 
exceptional and gifted human being ” 

4 'we have all been ‘ * 


Mother Teresa Dies at 87 


juat- 
isn’t 
non. 
man 
nos- 
tthe 
;k to 


, 0 in our different ways to cope," fm . f \ ‘ \ * 1 

she said in an unusual live broadcast. iM fS? ' sll|ltiB - 

"It is not easy to express a sense of loss, since the initial H aafT ‘ ■ ' i .• *1 L’*/- ) 

shock is often succeeded by a mixture of other feelings: ,/* *- ^ - "'/‘'y 

disbelief, incomprehension, anger — and concern for those r \‘*L l ^ ... y? 

who remain.” Brail iBBl H B ^ - 

Hcr address came shortly after people in the streets had 

reached out directly to Diana ’s sons, Prince William -and ?- ^ IP'-Jt' \' I 

Prince Harry, and to herself and Prince Charles outside die |H9 k *• 
palaces that have been a focus for an immense public M p r':' 

tribute. . *- yw*?.:. • '.'fwS|||^K 

Unlike the formal interiors from which the queen usually ||Or v * '.*./• *:• 

speaks, she made this address from the Chinese Dining -T ^ 

Room on the second floor of Buckingham Palace, over- / _ *««* 

looking the Queen Victoria Memorial and the MalL The Diana, held by Dodi al Fayed, and their driver on a 
flowers and the people milling about could be seen in the security video at the Rite. At left is a hotel employee, 
background as she spoke. 

“In good times and bad, she never lost her capacity to 
smile and laugh, nor to inspire others with her warmth and 
kindness,'’ the queen said. 

‘‘I admired and respected her — for her energy and 
commitment to others, and especially for her devotion to 
her two boys.” 

The sons, William, 15, and Harry, 12, returned here 
earlier Friday from Balmoral, Scotland, with their father, 

Charles, to pay their respects before Diana's coffin and 

thank some of the thousands of mourners lining up outside gy Swardson 

royal palaces. Washington Post Scnire 

The two boys appeared composed but deeply moved by ; 

the public outpounng of emotion as they went first to PARIS — Mohaxned al Fayed, owner of the Ritz Hotel 
Kensington Palace, their home until the 1992 separation of from which Diana, Princess of Wales, and his son Dodi took 
Charles and Diana. The princes stood in awe for a few their last drive, went on the offensive Friday, releasing a 
mpywfpfa; before the sea of flowers in front of the palace security videotape that a spokesman said supported the 
gates, leading some of the countless tributes to their mother, contention that the driver of the car was sober. 
tb#»n greeted people and accepted bouquets as many in the The hotel also provided details of the last hours of Diana 

crowd wept and her Egyptian companion, saying that paparazzi had 

“I told Prince William that his mother was loved by ihe harassed the couple in Paris from the time their jet landed 
world and hie looked at me and gave me an amazing some,' ’ here at 3:30 P.M. until their deaths about nine hours later. 
Use by Hobson, 32, a social worker from Devizes, Wilt- The account could nor be independently confirmed, 
shire, told the Press Association. “This was an incredible although it appeared to be consistent with other reports of 
gesture they made today.” the couple’s movements. 

Diana's family, meanwhile, announced that her body The video and details provided by the hotel appeared 
would be buried Saturday on an island in a lake on the designed to support Mr. al Fayed ’s contention that it was 
Spencer famil y estate at Al thorp, Northamptonshire, rather paparazzi on znoforcjdes who caused the car to slam into a 
than at the family chapel at the Church of Sl Maiy the concrete pillar in a highway tunnel along the Seine River 
Virgin in nearby Great Brington. early Sunday morning, killing Diana, his son and the driver 

Diana’s brother, Earl Charles Spencer, said the change and leaving a bodyguard hospitalized with severe injuries. 

See LONDON, Page 4 See PARIS, Page 4 


Diana’s Last Day 
A Fayed Account 


kdiul khJimWH.m-i. 


Air France ’s Head Resigns in Protest 


in the savagely competitive battle of Bloomberg News. Mr. Wolf had oc- 
intematiouai air travel. ” casionaliy advised Mr. Blanc on how to 

In a two-hour meeting Thursday reshape the airline. 

PARIS — The man credited with night. Mr. Jospin urged him to remain. In four years, Mr. Blanc took Air 
turning around France's flagship air- promising gradual changes in the com- France from a strike-ridden and cash- 
line, Christian Blanc, said Friday mat he pany even though "privatization is not hemorrhaging symbol of weak stare 
was stepping down as head of Air on the agenda,” a government state- management and made it a profitable 
France, making good on his threat to mem said. But Mr. Blanc, who forced and competitive business, 
resign if the leftist government blocked policy changes on previous govern- A Havana-smoking loner with a mil- 
plans to privatize the company. meets by threatening to resign, said that irary bearing. Mr. Blanc, 55, a Socialist 

It was the most tangible setback yet he had exacted sacrifices from Air from his student days, has had a career 
for French privatization under the new France personnel with the promise of as a troubleshooter in government and 
government of Prime Minister Lionel privatization — a goal that now seems in business. He has won bipartisan ad- 
Jospin. More broadly, many here saw to be shared by many of the company's miration for his dedicated independence 
Mr. Blanc's departure as damaging the employees and non-Communist unions to the job and ability to forge consensus 
s- independents, and the final member is prospects for economic renewal under but rejected by leftist politicians. — qualities often cited as those des- 

tile speaker, whose loyalties are with the the Socialist-led coalition government “Christian Blanc set the direction perarely needed to make changes in 
10 Liberal Democrats and who can vote to In a resignation statement rejecting a and made the difference in Air France's France. Doubts about broader privat- 
es break a tie. government request that he stay on, Mr. remarkable resurgence,’] Stephen 

te The Liberal Democrats will maintain Blanc warned that "time is running out Wolf, chairman of US Airways, told See FRANCE, Page 4 

their alliance with two other smaller 
oi parties, in part because they need the 
a- smaller parties to have a working ma- 
xi jority in the upper house of Parliament. 

[d Koichi Kato, the Liberal Democratic 
> Party secretary-general, expressed 
iO doubt Friday that many more opposition 
members in the lower house would join 


By Joseph Fircbett 

International Herald Tribune 


By Sheiyl WuDunn 


New York Tunes Sem ite. 


•*j opposition New Frontier Party gave ihe 
’■ Liberal Democrats a bare majority, and 
many analysts say they believe the Lib- 
eral Democrats will regain their tra- 


in a major announcement likely to All paintings from the 1830s to 1900 on 
rock the art market, the Christie’s auc- will be sold under the denomination 
tion house will effectively declare on ”19th Century Pictures.” In a parallel 
Monday the end of an era in which move, "20th Century Pictures' ’ will 
Impressionist art led the market The merge modem masters — die Fauves, 
reason is simple enough: The supply of Cubism, Matisse, Picasso in each of his 
major Impressionist paintings baa dried incarnations —with post- World Warn 
up. As of Jan. 1, "Impressionist and schools to 1970. Henceforth, "Con- 
Modem Painting" sales, as they were temporary An" ai Christie’s will not 
called until June 23, will be no more, predate 1970. Page 8. 

Cuba Blames U.S. for Bombings at Hotels 

Cuba says that bomb attacks at three An official statement stopped short 
Havana hotels and the city’s best- of directly accusing the U.S. govem- 
knowo bar were part of a campaign of ment, but it said the attacks “matched 
“tetTorisixi" organized from the the interest of our enemies to strangle 
United States to damage the Cuban the economy by any means as a way of 
tourist business. . destroying the revolution." Page 3. 


See JAPAN, Page 4 


Governments Act, 
Asian Markets Rally 

Southeast Asian stock markets 
and currencies rebounded Friday, 
with the Kuala Lumpur exchange 
soaring 12 percent and the TTiai 
baht stabilizing after two months of 
decline. The recoveries came after 
Bangkok persuaded some compa- 
nies to delay foreign-debt payments 
and Malaysia halted several costly 
infrastructure projects. Page 9. 


Newsstand Prices 


Andorra-.. 10.00 FF Lebanon — .„U 3,000 

AnSes .M.125DFF Morocco...... 16Dhi 

Cameroon.., 1.60QCFA Qatar -10.00 OR 

Egypt £E 550 Fteurton 12.50 FF 

France 10.00 FF Saudi Aatta..... -1C I SR 

Gabon 1.100 CFA Senegal. .—-1-100 CFA 

Italy 2300 lire Spain 

Ivwy Coast. 1.250 CFA Tunisia - 1 *® 

•Ionian „125Q JD U AE - 10 * 00 

Kuwait «700 Ffe U.S. MIL (Eur.).-S12Q 


hlewVttk 


1.8157 


Pound 

Yen 


121X175 


previous deM 
766724 


PnflavC*PM. pnw«s 


EUROPE 

Page 2. 

Moscow Celebrates a 

Birthday 

THE AMERICAS 

Pages. 

Miami Jfi/w Vote of Confidence 

ASIA/PACIFIC 

Pages. 

Seoul Frets Over a List of Spies 

BUSINESS/FINANCE 

Pages. 

West Fails to Strike Oil in Rama 

Books 




Opinion 


Sports 

Pages 18-19. 

The Intermarket 

Page 7. 

| The !HT on-line v 

vvviv.iht.com ] 










PAGE 2 


EVTERNATIOINAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 6-7, 1997 


Mother Teresa, a Life Devoted to the Poor Around the World 


By Eric Pace 

New York Times Sen-let 

Mother Teresa, the Roman Catholic 
oun who died Friday, had lived and 

Calcutta and rther^and^ince 1928. 

Long revered in India, she came to be 
honored around the world for the com- 
passionate, effective way she set up and 
oversaw projects for providing care and 
comfort to the very poor and the af- 
flicted, including oipbans, lepers and 
the dying. 

Her work was considered by some a 
rebuke to widespread feelings of per- 
sonal powerlessness in middle-class 
and wealthy societies. In 1968, Pope 
Paul VI praised her as an 4 intrepid 
messenger of the love of Christ 

The Nobel Committee, awardmgher 
its 1979 Peace Prize, stud the award to 
her was “for work undertaken in die 
struggle to overcome poverty and dis- 


tress in the world, which also constitute 

at IoSrmed e rf the honor, she said 
simply. **I am unworthy." 

But she came in for criticism, too. A 
British television documentary in 1994 
contended that perceptions of her were 
colored by “hyperbole and credulity.” 

Mother Teresa, who bad been a 
school administrator in Calcutta, began 
living in the slums of that impoverished 
and densely populated city in 1948. 

She had received what she described 
as a divine “call within a call” two 
years earlier while riding on a train. « 

In 1950, she established a religious 
order, the Society of the Missionaries of 
Charity, becoming its Superior General. 
She went on to organize diverse and far- 
flung programs for the impoverished, 
traveling widely even in her later 
years. 

Her chief task, as she defined it, was 
to provide “free service to the poor and 


the unwanted, irrespective of caste, 
creed, nationality or race.” 

For the living. Mother Teresa set up 
orphanages, schools in slum areas ana 
what were known as Pure Heart Homes 
for sick and dying homeless people. 
Over the years, she also set up such 
institutions as mobile health clinics, 
centers for the care of the malnourished, 
rehabilitation centers for lepers, homes 
for alcoholics and drug addicts, and 
places for homeless to spend the night. 

Facilities that she set up in the United 
States included the Gift of Love Hos- 
pice, for 15 men with AIDS, in Green- 
wich Village. 

The number of sisters in the Mis- 
sionaries of Charity, only 62 in 1957, 
grew enormously. By the time Mother 
Teresa won die NobelPrize, it had 1.800 
nuns and 120,000 lay workers. 

In addition to setting up more than 80 
centers in India, die order had estab- 
lished 65 branches, running more than 


1 00 centers — largely children 's homes 
— in other areas of the world, in lo- 
cations "including Rome, Papua New 
Guinea, Yemen and the Bronx. It was 
also running schools, hospitals and 
youth centers on a large scale, and its 
patients included 53,000 lepers. 

In 1988, her order was operating 600 
mobile clinics where almost 4 million 
people received treatment And in that 
year. Mother Teresa visited South 
Africa, where apartheid still prevailed, 
to set up a hostel in a black township. By 
early 1992, experts reported, members 
of the order were stationed at 450 sites in 
more than 90 countries. 

At that time her order reportedly had 
4,000 nuns and 400 priests and brothers, 
helped by hundreds of thousands of lay 
volunteer workers. 

By August 1996 the order’s activities 
included looking after almost 7,000 
children. 

Through "her travels. Mother Teresa 


Moscow Goes All Out 
To Celebrate 850 Years 

3-Day Fete Showcases City’s Past and Future 


By Daniel Williams 

Washington Post Service 

MOSCOW — No rain on this 
parade. 

Moscow began to celebrate its 850th 
anniversary Friday with a gigantic, 
three-day bash that will showcase the 
capital's role as Russia's economic 
powerhouse. 

And jus! in case nature has ideas of 
spoiling the festival, the city govern- 
ment arranged for cloud seeding to 
make sure any rain drifting in would fall 
before it got to Moscow. 

That may seem extravagant, but the 
whole affair is over the top: huge 
parades, giant public works and na- 
tionalist symbolism. 

If it all seems a little Soviet, one 
shouldn't be surprised. 

Organizers researched Moscow's 
800th anniversary celebration, ordered 
by Stalin, said Alexei K lush in, exec- 
utive director of the festival. “It was the 
closest mode) we had,” he said. 

A historian, Sigourd Schmidt, who 
was a student during the 1947 jubilee, 
remarked: “The present jubilee could 


Comoran Rebels 
Defeat the Army 

Cnrgdn/ by Om Stiff firm Dupatchrs 

NAIROBI — The Comoran 
Army has been defeated by se- 
cessionist rebels, and fighting on 
the breakaway island of Nzwani, 
also known as Anjouan, has 
ceased, according to Pierre Yere, 
the Organization of African Unity 
special envoy. 

“The term debacle would be ap- 
propriate to describe the sitnation,’ ’ 
Mr. Yere told Radio France In- 
ternationale from die Comoran cap- 
ital, Moroni. 

According to Mr. Yere, the 300 
government soldiers who landed oq 
the island Wednesday met “stiff 
resistance'* from the separatists 
“who also took the offensive in the 
fighting.” 

A spokesman For the French For- 
eign Ministry said there were heavy 
casualties but did not confirm earli- 
er reports that two French citizens 
had been killed. [AFP, AP) 


have been held 50 years ago. without 
problems, except that instead of model 
workers on the street there are now 
model cars. 

“In Stalin’s case,” be continued, 
“Moscow was asserting itself as an 
important capital after World War II, a 
capital of empire. In 1997, Moscow is 
asserting itself after the Cold War, not as 
a capital of empire, but at least a world- 
class capital.” 

The 850th anniversary is the handi- 
work of Yuri Luzhkov, the city's en- 
ergetic and controversial mayor. His 
passion for public works and creating 
businesses has won him vast popularity 
in toe capital. 

Critics say his meddling in business 
breeds corruption. No matter. He is 
widely regarded as one of the aspiring 
candidates to succeed President Boris 
Yeltsin at century's end. and Moscow’s 
anniversary is his showcase. 

The celebration hardly goes against 
the traditional inclinations of Muscov- 
ites. Apart from New York City, with its 
Big Apple, “I-Love-NY” hardsell, few 
cities in the world are as unabashedly, 
unbearably dedicated to self-promotion 
as Moscow. 

The city's current masters never tire 
of proclaiming Moscow “the Golden,’ ’ 
“the Beloved,” "the Best City on 
Earth." They are true heirs to past oc- 
cupants of the city who projected civic 
glory through grandiose architectural 
monuments, from the Kremlin’s antique 
gilt domes to toe ghoulish Gothic towers 
of the Stalin era. 

Early czarist rulers proclaimed the 
city a spiritual and temporal “Third 
Rome.” after toe original Rome and 
Constantinople. Pretty good company, 
in terms of grandeur. 

In pushing Moscow, Mr. Luzhkov is 
doing what comes naturally. “The Big 
Potato," he could call iL 

Some of toe festival sloganeering 
seems right out of Communist-era Cen- 
tral Committee: A televised concert car- 
ries the theme * The Slavic World Wel- 
comes Moscow,” a military pageant is 
called “Long Live Russia, Long Live 
Moscow" and another concert is en- 
titled “The Inextinguishable Light in 
the Windows of Moscow.” 

There’s an "I Love Moscow Like a 
Son’ ' ait exhibit from Russia's regional 
minorities and a grand finale stadium 
spectacle called “Moscow for All 
Time.” 

Giant posters depicting World War J3 



Mate A Rtw 

Russian troops marching Friday past a new monument in Moscow to 
Peter the Great, the reformer being honored on Moscow's anniversary. 


medals and soldiers adorn New Arbat 
Street and soldiers are going to march in 
costumes from some of Russia's major 
battle victories. Scores of buildings 
have been scrubbed down or painted, 
parks refurbished, new fountains turned 
on, a new plaza and underground shop- 
ping mall built, potholes filled, banners 
hung and new statues erected. 

' The police have been trying to sweep 
prostitutes, drunks and the homeless on 
the streets. The prostitutes have resisted, 
although there are reports they may take 
a compromise holiday during toe fes- 
tival. 

Two monuments have been added to 
the Moscow skyline that are emblems of 
the anniversary, and indicate where 


Mayor Luzhkov breaks with Stalin's 
view of history. 

One is a 15-stoiy maritime-motif of 
Peter toe Great, which represents a 
Western-looking approach to Mos- 
cow's future. The other is a rebuilt 
Christ the Savior Cathedral, which Stal- 
in ordered destroyed in 1931. Mr. 
Luzhkov has resurrected toe cathedral. 

. “We must show that Russia has 
something to be proud of, that it has 
Moscow,” Mr. Luzhkov said in a news- 
paper interview last week. “In this re- 
spect. Moscow, with its 850*year his- 
tory has been and will be toe bearer of an 
idea of the state. The 850th anniversary 
is a national holiday. It is also an in- 
ternational holiday.” 



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became known to millions in many 
countries as a slight, brown-eyed figure 
— she was only 5 feet tall — smiling 
and dressed in the plain white sari with 
blue trim that she had adopted for toe 
Missionaries of Charity. 

Mother Teresa put particular empha- 
sis on giving toe deprived and toe sick a 
sensation of dignity through personal 
contact with them. 

In addition to piety, humility ana 
warmth, she displayed strength of will, 
practicality and organizational talent 
Mother Teresa was bom Agnes Gonxa 
Bojaxhiu on Aug. 27, 19 10, to Albanian 
parents — her father was a grocer — in 
Skopje, an old city in what is now 
Macedonia. 

Studded with churches and mosques, 
it lies about 200 miles south of Belgrade 
and was then ruled by toe Turks. 

While a schoolgirl, she belonged to a 
Catholic lay women’s organization. At 
its meetings, letters were read from Bal- 
kan Jesuits who had gone to missions in 
Bengal, in eastern India. 

At the age of 12 she decided to be- 
come a nun, and toe organization pur her 
in touch with the Sisters of Loreto, an 
Irish Catholic order with missions in 
Bengal. But she joined toe order in 
Rathfarnham, a suburb of Dublin, in 
1928. 

.After English lessons there, she spent 
a year at Darjeeling, north of Calcutta, 
where toe Sisters of Loreto operated a 
girls' school. 

Then she became a geography teach- 
er at Sl Mary's High School, an in- 
stitution for relatively well-off girls in 
Calcutta. In time, she learned Bengali 
and Hindi and became headmistress. 

Before long — in 1950 — she won 
canonical recognition for her new order, 
the Missionaries of Charity, and the 
sisters who joined it took vows of 
chastity, obedience, poverty and ser- 
vice. 

Mother Teresa set about establishing 
a home for toe dying destitute. She 
persuaded Calcutta’s municipal author- 
ities to give her a shabby one-story 
building, which happened to stand next 
to a complex of Hindu shrines. 

In that humble structure, she suc- 
ceeded in creating a place where those 
who died would do so with dignity in a 
clean and compassionate environment. 
The establishment was called Nirmal 
Hriday, the place for toe pure of heart. 

In 1971 Mother Teresa's order 
opened its first house in the United 
States. It was in Harlem, but soon 
moved to the Bronx. 

On a visit to toe United States in 
1 9 80, Mother Teresa helped open a soup 
kitchen in that borough and declared her 
thanks to toe poor people of New York 
"for allowing themselves to be taken 
care oF' by her order. In 1981. she 
opened a mission in Newark. 

Then in 1982. when she was 72, she 
worked for a number of days in Beirut, 
Lebanon, crisscrossing toe Green Line 
that divided Christian East Beirut from 
Muslim West Beirut. 

After suffering heart problems. 
Mother Teresa sent her resignation as 
head of her order to Pope John Paul n 
early in 1990. She said toe time had 
come for ' 'younger hands.” A new head 
was to be chosen in September 1990. 

But in that month she told reporters in 
Calcutta that God's will had kept her 
from stepping down. 

In addition to all her good works. 
Mother Teresa found time to compose 
prayers, including this one: 

Make us worthy. Lord. 

To serve our fellow men 

Throughout the world who live and 
die 

In poverty or hunger. 

Give them, through our hands 

This day their daily bread. 

And by our understanding love. 

Give peace and joy. 

She could also be briskly prosaic. In 
an interview in 1994 she said. “I work 
all day, that is the best way." 


WEATHER 


Opposition Blocks , : 
Kohl Tax Package 

BONN — The' upper house'of ; 
Parliament, which is controlled by : 
the opposition, again rejected Fri- 
day toe government’s tax reform' 
plans, throwing Chancellor Helmut 
Kohl’s grand tax-cutting plans - 
back to mediarors. 

The Bundesrat, dominated by toe 
opposition Social Democratic^ 
party, formally voted down the tax;} 
reform plans that Mr. Kohl had ■ 
hoped to use as a cornerstone in his ,, 
program to cut unemployment and 
promote economic growth. 

“This is a slap in the face for - 
everyone without a job and every 
taxpayer,” said Friedrich Bold, Mr. , 
Kohl’s chief of staff adding,-: 
‘ ‘Voters will make the SPD.pay Bor 
their destructive behavior.” 

The Social Democrats contend 
that Mr. Kohl’s proposed tax cuts 
would benefit the wealthy rather 
than low- income workers. 

The Bundestag, toe lower house ; 
of Parliament, passed toe tax-cut- 
ting proposals in June but toe upper 
house rejected them in a first vote in 
July. Attempts by mediators to 
bridge toe gap between the two 
houses failed. 

The Hamburg mayor, Henning 
Voscherau of the Social Dernch 
crats, said toe party was still willing 
to restart mediation talks SepL 11. 
The offer was accepted by Finance 
Minister Theo WaigeL ( Reuters ) 

U.S. Rejects Threat 
Of Serbian Boycott 

BRUSSELS — The United States 
warned hard-line Bosnian Serbs on . 
Friday that municipal elections 
would be held next week regardless 
of whether they went through with . 
their threat of a boycott 

“If they do not want to partic- 
ipate, toe elections will go ahead 
without them,'’ said Robert Gel- 
bard, toe U.S envoy to Bosnia-Her- 
zegovina. The U.S. stance was 
backed by the international contact 
group on Bosnia, which said toe 
elections would be held as scheduled 
■SepL 13 and 14 under toe super- 
vision of toe Organization for Se- 
curity and Cooperation in Europe. 

The group, made up of Britain, 
France, Germany, Rnssia and toe 
United States, also warned that any 
attacks on international personnel 
in Bosnia would be met with force 
and that inflammatory broadcasts ' 
by the Bosnian Serbian media 
would not be tolerated. (AFP) 

Russia Offers Plan . 
On Baltic Security 

VILNIUS, Lithuania — Prime 
Minister Viktor Cbemomytdin of 
Russia offered toe Baltic countries 
security guarantees Friday if they - 
stayed unaligned, saying he was 
"alarmed” at toe prospect of ’ 
NATO expansion into former So- 
viet territory. 

At a 12-country meeting in Vil- 
nius on security and stability in 
Central and Eastern Europe, he said 
Moscow was offering a hot tine 
between toe military command of 
Russia’s Kaliningrad region and 
the Baltics, notification of large- 
scale military exercises, mutual 
visits by warships, limits on naval 
exercises and a pledge to hold only, 
defense exercises in toe Kalinin- 
grad enclave. (AP) 


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Europe Airlines Plagued 
By Delays This Summer 

BRUSSELS (Reuters) — Severe delays 
plagued airlines and passengers in Europe this 
summer with almost one in four of all intra- 
European departures delayed by more than 15 
minutes in June, figures showed on Friday. 

The Association of European Airlines said 
toe latest figures for member airlines* * ‘punc- 
tuality performance’ ’ on routes within Europe 


Po tor Catranis 


SUPERIOR 

OUTSTANDING 

EXCEPTIONAL 

FREE 

COMMISSION 

COUUSStON 


SetacMvi ot uwgod Accounts 
Analysis for AS Uayor Uarkeis 
ExmiMur Forex or Futures 
Trading Software S Pnce Data 
Sikh Ft s-s Pip Puce Sprouts 
Futures S 17-536 Per Romt-Tvm 


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pointed ro the summer of 1997 turning out to 
be much worse than in recent years. 

Bidding on Lima Airport 

LIMA (Bloomberg) — Peru will open bid- 
ding next year for a private concession to 
expand and operate Lima's international air- 
port, toe country's largest. President Alberto 
Fujimori said. Among the projects proposed 
will be toe modernization of the airport and the 
construction of a second runway, he said. 

" Crash Is Blow 
SffijgS To Cambodia 

MB PHNOM PENH (Reuters) 
■DlfiMHi — A filial plane crash at 
r uan'u' 3 Phnom Penh’s imemational 

Futtfrw airport this week has further 

Pm oau blackened the dreary outlook 

for tourism. 

Tourism, once one of toe 
country's fastest-growing 
sectors, virtually dissolved 
ftwA snwc after factional fighting in 

( i‘ r * a7 i Phnom Penh broke out in 

to* . , , 

JHMnfe 0KOW7 JU Jy 

i tfra ppwj.>? But the crash Wednesday 
BjPBPjgMM l of a Vietnam Airlines flight 
that killed 64 people may 
delay any recovery, analysis 
said. 


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iheti b/wsy and nice Mon- pifasani with sunshine 
day ana Tuesday Hoaiwi Sunday 10 Tuesday Warm 
rains will rea.ii from Mane horn Romania and Belarus 
ro Newfoundland The io western Russia bui 
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soul hern Japan, white Sei- 
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dry 


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PAGE 3' 


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Cuba Links 
Bombs to 
Foes in U.S. 

It Says Terrorists Aim 

To Damage Tourism 

r-wyilh/ OnrajffF,,*, Dnpwcln 

.HAVANA — Cuba says that bomb 
attacks at three Havana hotels and the 
City s best-known bar, killing an Ttni jan 
businessman, were pan of a campaign 
?? ■ t FJ7 or ’ sm organized from the 
United States to damage the Cuban tour- 
ist business. 

A carefully worded statement from 
uie interior Ministry stopped short of 
directly accusing ihe U.S. government 
of being behind the blasts at the three 
seafront hotels and the bar, which are 
frequented by foreign tourists and busi- 
ness travelers. 

■ ® ut * l the artacks, part of a series 
ot mysterious bombings of Cuban tour- 
ist targets in recent months, “matched 
the interest of our enemies to strangle 
the economy by any means as a way of 
destroying the Revolution. ’ ’ 

Cuba s Communist government 
counts the U.S. government as its main 
political enemy and frequently accuses 
Washington of crying to squeeze it into 
submission through the 35-year-old 
US. economic embargo imposed 
against the Caribbean island. 

; Witnesses said that at least three 
people appeared to have been injured in 
a small explosion late Thursday at 
Havana’s best-known bar, the Bode- 
guita del Medio, a haunt of Ernest Hem- 
ingway ‘s. 

. The blast rattled the second floor of 
the landmark bar about 10 P.M. It was 
the fourth in Havana on Thursday, and 
the seventh since July 12. 

, Earlier in the day, an Italian tourist 
became the first fatality in the wave of 
bomb attacks. 


fyt bo \ i 


INTERNATIONAL HERALD TRIBUNE, SATURDAl-SUNDAY. SEPTEMBER 6-7, 1997 


POLITICAL NOTES 


PAGE 3 





J-- I! jnfum- TV Wi.utnl IV.- 

Buddhist nuns testifying at the Senate hearing on campaign finance. 


Diffusive Senators 
Daunt Buddhist Nuns 

WASHINGTON — For three 
Buddhist nuns testifying before a Sen- 
ate hearing on campaign finance, some 
of the questions simply got lost in the 
translation from English to Chinese 
and back again. But other questions 
became mired in a language foreign to 
nearly everyone outside Congress: the 
headspiomng idioms of senators preen- 
“ ingfor the camera. 

•fc The nuns, who speak little or no 
“ English, came to the Han Senate Office 
Building armed with an interpreter. law- 
yers and the unusual gram of immunity 
from prosecution and tried to answer 
questions about a purported fund-raiser 
at their temple in California. 

But they often had trouble unearth- 
ing the question from the long, rovins 
statements that tend io precede sen~ 
atonal queries. 

"I’m sorry; say again,” said Ven- 
erable Man-Ho. the Hsi Lai Temple 
administrator, in a common refrain 
?■» throughout Thursday, as she responded 
to a drawn-out question from Senator 
Arlen Specter. Republican of 
Pennsylvania. ”1 don't think I could 
repeat it,” the senator said, poking fun 
at nis own verbal wind-up. 

In April 1996. Vice President Al 
^ Gore visited the California temple for 
an event that Republicans say was a 
fund-raiser orchestrated bv John 
Huang, one of the White House’s chief 
money raisers. They also contend that a 
number of monastics ai the temple 
wrote out checks to the Democratic 


National Committee . at the prodding of President B ill Clinton 's first targets. 
Mr. Huang, and were later reimbursed The amendment — sponsored by 
for the contributions by the temple Representative Christopher Smith, Re- 
checking accounr. publican of New Jersey, who is one of 

The highlight of the day came when the leading abortion opponents in Con- 
two of the nuns spoke about getting rid gress — was pan of the SI 2.3 billion 
of temple documents they held in con- spending bill for foreign operations 
nection with the event. When one was that the House passed Thursday, 375 io 
asked why she did away with doc- 49. 

uments related to the luncheon, she Mr. Smith's amendment was passed 
responded succinctly. 234 to 191, with 192 Republicans and 

”1 really got nervous,” said Ven- 42 Democrats voting for it. Twenty- 
erable YvChu. the temple treasurer, nine Republicans, 161 Democrats and 
“I’m the bookkeeper of temple, but one independent voted against it. 

I'm not a professional accountant.” The Senate has already approved its 

The nuns both said they got rid of the version of the foreign aid bill, which 
paperwork for fear it would embarrass does not include the anti-abortion pro- 
the temple, not because they were cov- visions. Twice in the last two years, in 
eriug up for the Democratic National the face of threatened filibusters from 
Committee and Mr. Gore. supporters of abortion rights, the Sen- 

By midday, it became clear to every- ate has defeated efforts io reinstate the 
one in the room, especially the Re- Reagan-Bush policy, 
publicans who called the witnesses. Gloria Feldt, president of the 
that the nuns knew little about how the Planned Parenthood Federation of 
money was funneled to the Demo- America, called the House vote an out- 
crats. (NTT) rage. “Family planning should not be 

held hostage 'to anti-abortion politics. 
TT IT7 ij D Chris Smith’s prohibition will cause 

JtlOllSC fVOUlu Jtl&tWW more abortions and more deaths of 
rr j. • jj i . t women. I think if is shameful that Con- 

JtlCllt 111 T±UOrtlOfl Alu gress would go along with this.7N>T) 

WASHINGTON — Renewing what r\ 4 . ITT 4 

has become a perennial fight, the l^rUOtG / %jTlQUOt(Z 
House has approved an amendment 1 

that would prohibit the flow of federal Michael McCuny. spoke. 1 

money to international programs that the White House, which, after 
provide abortions or promote them as a behind-the-scenes diplomacy 
method of family planning. en William Weld the go-ahe 

The measure would reinstate a ignite his public campaign t< 
policy that was started by President job as ambassador to Mexico 
Ronald Reagan and continued by Pres- end of the day, we think that 5 
idem Georse Bush, but became’one of will triumph over politics. ’ ' 


Michael McCuny. spokesman for 
the White H ouse, which, after failing at 
behind-the-scenes diplomacy, has giv- 
en William Weld the go-ahead to re- 
ignite his public campaign to win the 
job as ambassador to Mexico: “In the 
end of die day, we think that substance 
will triumph over politics.” (AP) 


The blast rattled the second floor of Away From Politics 

■ landmark bar about 10 P.M. It was — 

' fourth in Havana on Thursday, and • Despite tougher federal laws to 
i seventh since July 12. make education available to homeless 

Earlier in the day, an Italian tourist young children, more than 180,000 of 
came the first fatality in the wave of them around the United States have 
mb attacks. been unable 10 enroll in public 

Fabio Di Celmo, 32. a Genoa-born . preschool programs, according to a re- 


Despite Woes 9 Miami Gets Big Vote of Confidence 


Italian national living in Montreal, was 
identified by the Italian Foreign Min- 
istry as the tourist who died in the blast 
near the ground floor bar at the Co- 
pacabana at midday Thursday. 

It was the first fatal casualty in a 
series of bomb attacks in Cuba that have 
focused on tourist hotels. 

The explosions in the lobbies of the 
nearby Chateau and Triton hotels blew 
out windows and caused other dam- 
age. 

. “These acts form part of terrorist 
activities organized, supplied and pro- 
moted from the Unireo States against 
Cuban tourist installations, with die aim 
of damaging our international tourism 
and affecting one of the country’s main 
economic sectors," the Cuban state- 
ment said. 

With this wording, the Cuban au- 
thorities again appeared to be pointing 
the finger of blame at rightist, anti- 
communist Cuban exile groups based 
in the United States. 

Before the Cuban statement, the U.S. 
State Department had distanced itself 
from the bombings in Havana, saying it 
did not condone the use of violence to 
achieve a transition to democracy or to 
demonstrate opposition. 

Cuba’s tourist industry has become 
its fastest growing economic sector and 
a magnet for foreign investment, over- 
taking sugar exports as the main hard 
currency income earner J Reuters, AFP) 


• The Supreme Court refused an 

emergency request to block California 
from enforcing its new law against af- 
firmative action, which took effect a 
week ago. The court’s action, which 
was made public without comment, 
does not foreclose a further review of 
the controversial law later this fall. An 
appeal is expected. (NYT) 

• The Treasury Department says it is 

expanding a crackdown on the laun- 
dering of drug money from the New 
York region to focus on electronic cash 
transfers to the Dominican Republic. 
The move follows a Treasury order last 
year that focused on money transfers 
from New York to Colombia. The latest 
order will require money transfer 
companies to report to the government 
on transfers of S750 or more to the 
Dominican Republic. t\YT) 

• Awakened by gunfire ouiside his 

building, Nester Medero. a 46-year-old 
maintenance man at an apartment com- 
plex in Brooklyn, arose and looked out 
from his window'. As the shots con- 
tinued to ring out, one of them struck his 
neck, killing him. The police said that 
they had no suspects in the case. The 
shots appeared to be the result of ill-will 
at a dice game across the street, the 
police said. (NYT) 


iiWfuMh Our Sufi froui Dtsjkil. tyy 

MIAMI — Miami ’s city government 
may be tarnished by corruption and 
struggling' with debt and poverty, but 
voters overwhelmingly think that it is 
worth keeping. 

In an election seen as a test of Cuban- 
American solidarity, voters, by a nearly 
6-to-l margin, rejected arguments that 
the city was too poor and mismanaged 
to thrive alone and should be merged 
with surrounding Dade County. 

With 100 percent of the precincts 
reporting, the vote was 26,095, or 85.1 
percent, in favor of retaining the city, 
and 4,570, or 14.9 percent, voting to 
abolish iL 

Those who favored abolishing the 
city' cited a series of municipal cor- 
ruption scandals and fiscal troubles. 
They envisioned a cut in property taxes, 
the highest in the region, if the county 
took over duties now handled by the 
city, like police protection, firefighting 
and garbage coUecrion. 

But many voters emerging from the 
polls seemed reluctant to take a step as 
extreme as abolishing their 101-vear- 
old city. 

"Every city has gone through cor- 
ruption and crooked politicians, but you 
have a lot of folks that mean well,’ ’ said 
Thomas Wilkerson. 41, a concert pro- 
moter. “We need to give it a chance.” 

A jubilant Mayor Joe Carollo said: 
“We’ve been through some of the worst 
times in the city’s history in the months 
just past, probably the worst times any 
major city has ever faced. Miami’s got 
that magic, and Miami keeps coming 
back.” 


Those favoring abolition argued that 
because of Miami’s limited tax base — 
Miami is America’s fourth-poorest big 
city based on per-capita income — it 
would make more sense to erase the city' 
boundaries and let the county provide 
services like police and fire protection. 

The debate quickly evolved into a test 
of ethnic solidarity' among Miami's 
375,000 residents, of whom' two- thirds 


TREASURE HUNT 

Bv William H. Honan. 289 pages. 
Illustrated. $ 24.95. Fromm International. 
Reviewed by Teresa Carpenter 
TN the spring of 1945. as U.S. troops 


are Hispanic! one-fourth black and the 
rest non-Hispanic white. 

Cuban-Americans consider Miami 
their city, and some viewed the abolition 
effort as a move by whites to shed them- 
selves of the city’s Hispanic leadership. 

The referendum was forced by a cit- 
izens' petition in January. Ar the time, 
Miami was hieing a $68 million deficit 
and a bribery scandal that snared several 


BOOKS 


city officials. After the vote, the main 
proponent of abolition stud the issue 
would not go away. 

"Eventually, people are going ro 
realize that their pocketbook and quality 
of life will be more important than eth- 
nic politics.” said Gene Steams, an at- 
torney. “Over the long term, the merger 
of these regional governments is in- 
evitable.” (AP.NYT) 


reporter for The New York Times, re- line, claiming that they enjoyed “squat- 
ceived a tip that put him hot on the trail of ter’s rights” to the treasure: It wasn’t 

tat.. _ . 1 * 1 *^ T_ * Ukm# * ' iihhI LJ/xn'lrt 1 r» 


the stolen relics. In “Treasure Hunt,” 
Honan tells how he helped locate and 
return the “Quedlinbeig hoard.” 

Honan follows a handful of cold leads 
from New York to Texas, where, in the 


pushed through the Harz Mountains of obituary columns 0 f a smali-towi^ news- 


central Germany rounding up stragglers 
from Hitler’s defeated army, they stopped 
in their tracks at Quedlinberg. The me- 
dieval town, a stronghold of Germany’s 
earliest kings, had escaped die ravages of 
Allied bombing and to the war-weary GIs 
appeared an exquisite mirage suspended 
in space and time. The burgomaster of 
Quedlinberg confided to U.S. officers that 
certain sacred objects normally housed in 
die cathedral had been moved 10 a mush- 
room cave on the outskirts of town. 

The Americans posted a military 
guard to safeguard the valuables, but 
several days later when a team of in- 
spectors appeared to take inventory, they 


E , he toms up his thief, a former army 
ciant named Joe Tom Meador. 
Meador, it turns out. was a rural hardware 
salesman who appears to have been living 
a flamboyant double life as a gay man in 
Dallas. Over die next five years or so. 
Honan sifts through birth and death cer- 
tificates, military archives, old letters and 
depositions for bits of information about 
his quarry. 

During the last days of World War n. 
Meador apparently strolled blithely 
through Europe lifting lace altar cloths 
and cutting paintings out of their frames. 
The Quedlinburg hoard, which he spir- 
ited out under the noses of the guards and 


found crates ripped open and a dozen of mailed home in plain brown wrapping 


FAMILY TIES By Randolph Ross 


ACROSS 45 Pad. so u» speak 

.] Cty of relief 46 Zip 

7 Actress 47 Partridge 

Campbell of locales? 

“Martin" 49 Skfe-channet, in 

12 Greenery Canada 

19 Stainless 50 Mel's daughters 

20 Bony 54 Farm females 

2! Mammals like 55 Tentativeness 

camels . 

22 Minnie's mama 57 Synthetic fiber 


24 Amount of fun 

25 James 
Whitcomb 

Riley's- 1 

Went M ad" 


58 Mawkish 

59 Life'sstrange 
rums 

60 Throws off 

Ot Nor esio areso 


26 Make waves, for 62 Univ. grant 


short? 

27 Request for 
permission 
29 A sttalloneis 
white 


source 

63 Member of 
Glenn's family 
67 Elemental 
ending 


30 Jodie's mom or 70 Competitor of 
a dad Bloonries 

1 34 Unmannered 72 Part of a 

■ y 38 Changing places candlelight 

41 Tops 

42 Lmjm mower ^ 

44 Where area code ^fdfes 

813 is: Abbr. S 132 * 


75 They travel on 1 2 3 * * 

foot — 

77 Subatomic 19 

particle 5 

78 Unruffled 

80 Soprano in as 

“Louise" 

81 Michael J.’s kids 

83 Understand ■ ■ ■ 

84 Gym equipment 

86 One for Juan « — 

87 Kind of alphabet 

88 Hurricane 9 |B 

heading: Abbr. B 

89 50*s-60's teen I 

kfat 5 j— 

90 French bench I 

92 Hoarder ® 

94 Side in a Euro _ — — W— 

conflict MWo Ti 

96 Jasmine's family ■ ■■ j— 

member | 

99 Uranians.ej;. * ■ 

101 Kind of exhaust ■ 

102 Provide, as with m I* 

legal authority — 

103 Lizard, okl-style “ 

106 Hitched 5 fe — 

110 Member of 1 

Joyce's family 

114 Southed fish IBB 

dish "" 117 1M 

115 Lots of potatoes 

116 Designer Pucci 

117 Follows a iiT 

sidewalk J — — I— 

preacher 

118 Fust name in 
cosmetics 

119 Holds off 
DOWN 

1 Tip . « 

2 God wilh iron 30 Certain camera 

3 Midrightor 31 Unton demand 

beyond 32 Charles s game 

4 Hair color 33"... . * ... 

5 Initial insmiction good- nigh . 

6 Cherished name 35 Anita. BoiW'£ 

bnCakutta Ruth and June 


the most important objects missing. 
Among these were two jeweled and ex- 
ceedingly rare biblical manuscripts 
more than 1,000 years old. The siolen 
items were later valued at $200 million. 
It would go on record as one of the 
largest an thefts in history. 

Incredibly, the U.S. authorities never 
bothered to investigate. They were busy 
winding down the war and most likely 
wrote off the missing goods as Nazi loot. 
Forty-five years passed with no sign of 
the thief or treasures. 

Then in 1989. William H. Honan, a 


paper, appears to have been an extension 
of a broader pattern of pilfering. 

Did Joe Tom Meador ever grasp the 
enormity of his crime? Probably noL He 
would later tell friends and relatives that 
he had “liberated” the artworks from 
the Nazis so that they wouldn’t fall into 
the hands of the Communists. ( Honan 
points out that the Quedlinburg treasures 
were not Nazi loot, but the patrimony of 
the German people.) 

After Meador’s death in 1980, his 
brother. Jack, and his sister, Jane Meador 
Cook, held to the same morally obtuse 


RELIGIOUS SERVICES 


until Honan's journalistic investigation, 
a civil lawsuit brought by the German 
church and the threat of cri minal pros- 
ecution by the State Department that the 
heirs agreed to sell the objects back to 
their rightful owners for $1 million. 

“Treasure Hum” is a first-rate de- 
tective story that moves along briskly 
until the final chapters, when it tends to 
bog down in the legal blow by blow. 

Curiously, the author is not as well 
developed as the rest of the characters in 
his story. Perhaps this is a newsman's 
natural reluctance to turn the spotlight 
on himself. Honan confides in the read- 
er early on thaT he needs to impress his 
superiors with a “home run.” He does 
nor folly explain why. We are left ro 
guess how much of his quest is fiieled 
by personal ambition ana how much by 
an obsession that he himself cannot 
define. 

Teresa Carpenter, the author of 
"Missing Beauty ” and a co-author with 
Marcia Clark of " Without a Doubt , ” an 
account of the OJ. Simpson murder tri- 
al. wrote this for The New York Times. 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors world-wide Invited 
Write, or send your manuscript to 
MINERVA PRESS 
20 UJBR 0 MPIDNRD.L 0 ND 0 NSW 73 DQ 


AMSTERDAM 


SWITZERLAND 


BRUSSELS/WATERLOO 


NICE - FRANCE 


Evangelical Sunday service io;uu Tel. +41 61 302 1674, Sundays 
a.m. S 11:30 am/ Kids Welcome, pe Mtttae Slrasse 13. CH4056 BasaL 

Cuserstraat 3. S. Amsterdam Info, 

020-641 6612 or 020-6451 653. ZURICH-SWITZERLANC 


FRANKFURT 


ZURICH-SWITZERLAND 

ENGLISH-SPEAKING CATHOUC 
MISSION; St. Anton Church, 


am Hdy Eucharist and Sunday School « PAUL DE VENCE - FRANCE 
563 Chaussde de Louvain, Ohatn. ’ ’ 

aeOkinTeL 302 384^556 SLPaulito Ven»-Rawm£-Espec8 ; 


WIESBADEN 


English Speaking International Minervastrafte 63 Sunday Mass: 8:30 ^CANTCRBUR^Suri^l^a'm 

Catholic Parish, St Leonhard, Atte am & 1 1 :30 am Services held in the rmniiti nirr LB, FELLOWSHIP, Vlnohradska # SB, 


SL Pad tN Venn - France LBX. Espece Sl 
C laire. Level "C. Bible Study Sun. 9:30. 
VttnflfcSWi 10:45. Tet W&l&D&e. 

PRAGUE 


Mainzer Gassa 6. 60311 Frankfurt. 
Germany, Tel/Fax 069-283177. Mass 
schedule: Saturday 5 p.m„ Sunday: 10 
am Contes^ons: IS hour beftxe Mass. 

FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
(EvangeicaO. Sunday 650 pm Ls Grand 
Nobis Hotel. 90 av. de Comebarrteu. 



I I Htarawc Tfil- D5 62 74 1 1 55. THE AHERCAN CATHEDRAL OF THE 

LJ aagnaC TaLret21 r‘- , _ HOLY TRWTY, Sun 9 8 11 am, 1045 1.E 
W7 ' 97 FRENCH RIVIERA/COTE D'AZUR a .m. Sunday School for children and (Si 

rt- NICE: Holy Trinity (Anglican), 11 rue Nursery ' care. T ^*“ n i a y £_£■ '"J- 
nSm R»rffo Sun. 1 1 ■ VENC& S Huqha, 22. av. Evensong. 23, avenue George V, wt 
nSm. 9 B StSSo* 19 83. Paris 75008- Tel.: 3301 53 23 & 00. 

MONTE CARLO Meta* Garage V or AkreMameau. LE 

MONACO CHRISTIAN FELLOWSHIP FLORENCE Te 

* Worship Service. Sundays: 1 1 am. church, Sun. 9am Rhe 1 . _ 


<§New York TimeslEdiied by Will Shorts. 


HOLY TRWTY, Sun. 9 & 11 am. 1045 J.B.C./ BERLIN. Rothenburg Str. 13. 
am. Sunday School for children and (Steglitz). Sunday. Bible study 10.45. 


Contact 
Marco Recchia 
COGEMAD 
Tel: 33 4-93 633-633 
Fax 33 4-93 633-634_ 


7 Kitchen mess. 

8 Suffix wrth 
Manhattan 

9 “Able' one 

10 Capita] once 
known as 
Salisbury 

11 Masefield’s 

- Thai Pass 

By" 

12 Testing sue 

13 Ben-Gurion ’ 
carrier 

14 Liqueur flavor 
J5 Traveler 

16 Close friend, in 
slang 

17 Hoedowadaie 

18 Squiggly shape. 
20 -What's to 

become — 

23 Dog bowl bits 
28 Investor's 

concern 


36 Sore labour's 

bath, to 

Shakespeare 

37 Rip. in a wa. v 


58 Allen or Martin 

60 He played Robin 
and Don Juan 

81 Tracks 

64 “Braveheart* 
setting 

65 Bridge positions 

(SO Tropical spor 

68 Nervousness 

69 Climbing plant 
with a dye- 
yielding root 


92 Stress, tor one 105 Terrible time 

93 Tousled 106 Vandalize 

95 Old Texaco star 107 Honest name 

97 Broadway salute 108 Grammy 

to Blake category 

98 Times to call, in 109 Paris's Part- 


Evansong. 23, avenue George V, 
Paris 75(08. Tel.: 3301 53 23 84 00. 
Metro: Gectge V or Abna Marceaa 

FLORENCE 

ST. JAMES' CHURCH. Sun. 9 am Rhe 1 


S ). Sunday, Bible study 10.45. 
Service 12.00 noon. Charles 
pastor. TeL 030-7744670. 
BRATISLAVA - SLOVAKIA 
I.B.C.. The luventa, Karioveska 64. 
Auditorium 104B. Worship Sun. 10D0. 
Tetr (07) 715367 

BREMEN 


WATERLOO 

WATERLOO BAPTIST FELLOWSHP 
Sun. 19D0 at Swedish Church, across 
from MaCDonalds, Tel- (02) 353 1585. 

ZURICH - SWITZERLAND 

LB.C of ZQrich, Ghetetrasse 31, 8303 
Rtochlfcon. Worship Services Sunday 
mornings 1030. Tet: 1481001a 

ASSOC OF INTL 
CHURCHES 


AMERICAN CHURCH IN BERLIN, cor. 
of Ctav Alee & Roradamer Sir.. S.S. 930 


a. rue Louis Notary. Monte Carlo, r Bamardo Rucate 9. LBjC Hohenloheslr. Hermann-Bo8*Str. of Clay Afeeft Fttsdamer Sir., aa 93C 

TeL: 377 92 16 56 47. 5}1 ZL Hcrarce. T^L 3^55 29 44 17^ Worshp Sun. 17tf0. Pastor telephone: am. Wttst^p 11 am TeL 0306132021. 

PARIS and SUBURBS 0421-78640. aemeva 


~Z FRANKFURT BUCHAREST 

ES4MAWJ6L BAPTIST CHIWCH ■ 56, i p r Stradfl PODa RU5U 22, 3:00 ojn. 

rue des Bons-Rateins. 92500 Ruell- CHURCH OF CHRIST THE KING coriwPaSaMteWw. Tet 312 S0Q. 
Malmaison. Worship: 9:45 * 11:00 (Episcopal/Angllcan) Sun. Holy BUDAPEST 

a.m. Sunday School. For more Info Conirr a rion 9 8 11 am Sunday School , _ _ 

call 01 47 51 29 63 or check: »nd Nursaty 10:45 am. Sebastian Rkc LB.G.. meet s at Mort cs ZsIgmona 

h^Wwgeoc luiAMM SjfS nSS^SSSw. 2. 


classifieds 
100 Elated 

103 Vogue rival 

104 5050 


38 Return, as chips Burnoose wearer 
38 Doubleday eraJ. 74 5tra ddling 

40 Deliveries to a 

43 penn Sta. traffic bu|cher 

occupant 77 SiNere role 

47 Ship wMbv 78 SheJf 
commanded by 79 Tic-tac-toe 

Martin Pmzon failure 

« Cahoot gj FooIba)] 

50 Highlanders Hall-of-Famer 

51 —many words Ford 

52 ‘Give me an g2 Allen 

examp»- M portifcaik*, 

87 Spring part 

53 Bar s partner ^ SAT/S 

56 sounds of lime Solvent 

passmg 


Solution to Puzzle of Aug. 30-31 


Princes Malmaieoit. Worship: 9:45 • 11:00 (Episcopal/Angllcan) Sun. 

in Not his any a.m.Sunday School. For more Into fco^rrmrion 9 8 11 am Sunday 

its Ground breaker ca,l „ 01 £1 29 63 or check and Nursery 1045 am. Sebaste 

SI’ h^WgeocfesWWtetrty135Z a. 22, 603& Frankfurt Germany, 

llo liny carp. HOPE INTERNATIONAL CHURCH 3MiqueFA*».Tet4»E95501 64, 

- Hotel Orion ai ParfeHa-Delense, 8 bAde 

Neutty. Worship Sundays. MO am Rev. GENEVA 

ie or Aug. 30-3’ 3KK52KJSM 


SLoe. OM63 i-reeouun. uemwiiy, ifHX) Tri. 250-3832. 

3 MiqueFAIee. Tet 4859550164. BULGARIA 

GENEVA LB.C., World Trade Center, 36. Drahan 

. „ Tzankov B*vd. Worship 11:00. James 
EMMANUEL CHURCH. 1st & 3rd Sun. OJ®, Pastor. Tel: 669 666. 


onnnn nannon □□□□□□ 
^Finnani nnnnilno annangl 
nationn nnafjnnn nonnt 
oaaonrj nan onn i 
rraacKaanRDnnaanunuMLiBD 
aana aaaaraan nQQn 
□□ana nnnn Dnunnona 
□nnanaanngaonnnaBOGDa 
nnn nan cibh ddo 
annnn rgnonn DonBiin 
nnnoanannnonnnnnnnr 
nnnaaci nannn n nnn n 
^□3 ana j nrm nrm 
innrinnriOBnnnraTacnHinnnnn 
aaaonnnn nnao rmnnn 

nnnn nnnnnnn naon 

nnnnngnannnriocinnngiiBD 
□nnnn nna osnonn 
□nnnnn nnnnsfin Bnnnno 
nnnnnn tunnnnnn nnnnnnj 
nnanan nnnrrnn nm 


SAINT JOSEPH’S CHURCH iRoman 
Cahcfc). M4SS W ENSLJStt Sat 630pm: 
Sun. 10 a.m.. 12 midday. 6:30 g.m. 
50, avenue Hoehe. Pans ®h. Tel.: 
01 42 27 38% Meta Ctrales de 6a* - Eufe. 


10 am. Eucharist; 2nd & 4th Sun. Momhg DARMSTADT - GERMANY Worship 11:00 a.m. 65, Quai tTOrsay. 

Wilhelm-Leuschner Str. 1 04. Paris?- Bus 63at door, Metre Alma- 
Swteerfand. Tel.- 41/22 732 8078. Oantebdi-affastatoi. Bible Study Sun. Marcaau or lroafctes. 

MUNICH IftOO. TeU (0611)941-0505. ZURICH 

MUNKH FRANKFURT nnrttrCT* ki“r 


GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verdalne. Smday worahe 930. b German 
1 1 DO In En0*tTet (0^ 3105036. 

JERUSALEM 

LUTHERAN CHURCH of Ihe Redeemer, 
Ob C*y. Written Rd. Engteh worship Sir. 
9 am Ala* welcome. TeL (02) 6281-049. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11:00 a.m. 65, Quai tfOrsay. 


MameeuorlnwaBdes. 

ZURICH 


oenmn.ieenr-iBTvnFPRiPNDR THE CHURCH OF THE ASCENSION, INTERNATIONAL CHRISTIAN FEL- cH^CH E 

wSiu-mSStoflSSSK: gjjjjg 

gs&Ss ss»flsasfflar ^ 

4.33014548 7423. 


luyBBMATUiNai PHRlVrtAM FPL- INTERNATIONAL PROTESTANT 

CHURCH English speaking, worship 
eervlce, Sunday School & Nursery. 

KSS3 exiar—— 1 


TOKYO 


ROME 

ST. PAUL'S WrTHN-THE-WALLS, Sun. 


ST. PAUL INTERNATIONAL LUTHERAN 830am Holy Eucharist Ptet 1033am. 
CHURCH, n sas Mabashi Sin. TeL: 3261- Choral Eucharist Rite II: 10:30 a.m. 


Mlewry. Crtffwc 061736Z738. 
BETHEL I.B.C. Am Dachsberg 92 
(EngSsh). Worship Sun. 11 DO am and 
600pm Tel.: 06&-548559. 

HOLLAND 


| SYNAGOGUES \ 

THE CONSERVATIVE JEWISH COM- 
MUNITY in PARIS "Adath Shalom" 
Invites you to lorn them for Rosh 


374aWbS'ipS8fVca , 930am Siixfeja. Church SdwHorchftJen&Mfsay care iraNriY NTERNATIONAL invites you to Hastamah and YomKippur sennas, fbr 
TOKYO UM0N CW1RCH, naa Omoteemto provided; i p.m. Spanish Eucharist. Via a Christ centered fellowship. Juiy-Aw. detafcareJ seas, phone 01. 

Subway Sta Tel: 340O0M7. Wcrsho Savioee Napoi 58, 00184 Rome. TeL: 398 488 Service 9:30 am Bloemcamplaan 54, orwtteAd^i lSJJJJwv 22 iw rira des 


Subway StaTd:3«0-CW7,Wcr5hpSavicee: Napoi 58, 00184 Horn 
Suviay ■ 930 & 1190 am. SSat 945 am. 3339 or 3964743569- 


Wassenaar 070617-6024 nareeryprev. BetesFeufcs, ^016 Paris. 







BVTERNATIOIVAL HERALD TRIBUNE, SATURDAY-SUNDAT, SEPTEMBER 6-7, 1997 


l PAGE 4 


Diana’s Angry Brother Gets His Chance to Take Revenge on Press 

O J _ - nine* tr» the rovaJ family. His soi 


By Christine Spolar 

Washington Past Service 


* \ t the rovaJ family. His son viewed the , ‘ 

saw “blood on (the) bands’* of every newspaper show, has long hated the press that his sister no one knows where it willlead,” said one mood godmother. One of his older daugh- ^ 

.. j .i id for intrusive photos of generated and which splashed over on him. He from Northamptonshire, home of the family es- q ju. au een’s private secretary. Sir * 

drew a line that set the. has taken, his own legal action, winning un- tale- “It looks like it's been a long tune corn- Fellowes 

disclosed libel damages from tabloids, to keep his mg.” Rm! rhp Snencer family was never far from the 

vspapere had invitations private life out of the papers. The Spencer family hails from country norm before Diana’s marriage into roy- 

al withdrawn on Lord In 1994. he blamed the newspapers for the of London, on an estate established m the ioth tune gn of Diana’s parents, the end of a 

and. It would have been breakup of the marriage of Dim and Prince century. Althoip House was part of the wool any. i . was a binerly contested and - 

: <**«■*** m. 


her. Late this week. 


LONDON — For The ^Mitoreof Sid newspapers had invitations 

dy has stood on one ^belief. God^^ i ^ ^ funeral withdrawn on Lord 


Uy has stood on one bet^t: troo ^ princess’s funeral withdrawn on Lord 

eta', have been pursuing the farm y Fridav. on the eve of Diana’s funeral, another 


Tiiai ^ - 


cer; have been pursuing the family mono wud a funeral another jSTZSm ^ uRn fohTs^icer was the original owner. His faSer later 

vengeance- uaje-cheeked sign of the Spencer ire surfaced. The family filed riage. Events of this week indicate he is turning great-great-great grandson, Sff Robert Spencer. pzpm ^ daughter of the 

Earl Charles ofS^h *be£TavSTf a lawsuit in Paris, according to Reutera, that idTsorrow to carefully calculated use. was reputed to be one of the wealthiest men m the m*™* nwefetBarbara Cartland, the former 


R °But Sspenc'er family was never far ftwntoe 
limelight even before Diana s marriage intoroy- 

^ Ue divorce of Diana’s parent, JeMd ofa 

1 3 vear-marriage, was a bitterly contested and - 
„SS case recounted by Wy m** 
xuuwupw , iO70s Diana s father later . 
papers in the eariy 19 /us. vm* . 


Earl SSSnfBSS'hstfbem* voice of a lawsuit in Paris, according to Reuters, that his sorrow to carefully calculated use. was reputed to be one of the wealthiest men in the novelist Barbara Cartland, the former 

younger br °therof in mourning, and allows their lawyers access to the file dealing Lord Spencer and other relatives’ emotional kingdom in the 17th century. f^Snarmondi known as Raine. 

righteousness from a f Y h ^ e pe^ps with six photographers and photographic agency approach to Diana’s death, a strong contrast to The family split rathe ewly 18th antury. One Laty Damn bedding in 1981, the Spencera ■ 

s^arewOTde^ghowhewuinanoi pc placed under investigation fw li restraint of the royal family, has played out in branch became the Dukes of Marlborough. The Sn fSd«r for the tabloids. 

L ro cive tribute to Diana at manslaughter. The action allows them to sue for the daily press. Her mother, Frances Shand Kydd, other became the Earis Spencer, beginning m Snencer, a graduate of Eton and 

aIi^v iffhis week lends any clue, damages if there is a trial spoke Wednesday to reporters about the “gift” 1765. Diana was one of three daughters and a son T^ctmcn a favorite for gossip 

the final resting place The Spencers are as aristocratic as you can get of her daughter. Red-eyed and wan, she said she bom to the 8th Earl Spencer . The family home married Victoria Lockwood, a 

the lord of Althoip , , mini Ini, £»m !„ 4mm fiv k 'a)l hpr Invini, an/) minn/, TnivA a nntablft Fjlplish estate. “3 tVDlCal COlUHUUStS. He marn rimdc 


lid' ■ v ’ 

Ch- 51 ’' . 

'S^‘ 

'•'V; 


Saturday. “ e If this week lends any clue, damages if there is a trial spoke Wednesday to reporters about the 

A i5i iroEstate the final resting place The Speacens are as aristocratic as you can get of her daughter. Red-eyed and wan, she : 
the Jora or fymoip > . history without being royal, but few in their extended thanked God for “all her loving and givin 


rci Ho^sEdtorherdea£h Lord Spencer pointed their gnef. miration. Lord Spencer, seen driving to and really, as CWles Kidrlco-editor of Debrett s ^r thfcMatyea J theearl moved to South Africa 

the disastrous car crash in Paris. Diana Lord Spencer, three years younger than Diana from the Spencer estate, has been grim-faced. Peerage, said tins past week. brush off ouhlic scrutiny. 

djetUscaping paparazzi, he said, and he clearly and who tor a time worked for NBC’s “Today” “Earl Spencer’s anger is understandable but Diana’s father was not involved in politics but in an attempt to o pu 


Diana Said She Doubted 


Chances for Remarriage 


Reiners 

NEW YORK — Diana, Princess of 
Wales, did not expect to remarry be- 
cause she doubted that anyone “would 
take me on ” and felt safer alone, she said 
in an interview given before her death 
and published Friday. 

Diana also said she would have made 
a good queen of England and would have 
been the “best team in the world” with 
Prince Charles, according to the inter- 
view with the New Yorker that was 
conducted by the magazine’s editor. 


' Saturday's Funeral Service 


Fotiowin if are Du Itighlijihts of the funeral 
procession and service Saturday far Diana. Prin- 
cess of Wales 


Procession lo Westminster! 


■ The princess's body will leave her former 
heme. Kensington Paioce, on a gun carriage at 
0808 G MT (9:08 A.M. London lime) after being 
moved there from the royal chapel ai Sl James's 
Palace die previous night. 

Each minute of the procession, which is expected 
to last almost two hours, will tv marled by tbe 
part -muffled chime or a single hell at West- 
minster Abbey. 

• Arriving at The Mall, which stretches from 
Buckingham Palace io Trafalgar Square, the pro- 
cession will he joined by 533 people representing 
the 106 chanties and organizations with which 
the princess woriaed 

It will be here that, if they so decide. Diana’s 
former husband. Prince Charles, and the couple's 
two sons. Princes William. 1 5. and Harry. 1 2, will 
join the cortege and follow it to Westminster 
Abbey. 

The fending pallbearer will be Captain Richard 
Williams. 29, a Welsh guardsman who won the 
Military Cross Tor distinguished acts of bravely, 
saving 100 civilians from Khmer Rouge guer- 
rillas while on assignment in 1994 for the Untied 
Nations in Cambodia. 

• The cortege is scheduled io amve at West- 
minster Abbev at #955 GMT. 


Tina Brown, in New York on June 23. 

Asked by Ms. Brown if she would 
ever marry again, she said, * * Who would 
take me on? 

“I have so much baggage. Anyone 
who takes me out to dinner has to accept 
the fact that their business will be raked 
over in the papers. Photographers will go 
through their dustbins. 

“I thuds: t am safer alone.” 

Dodi al Fayed, who died with the 
princess in an auto accident in Paris early 
Sunday, was quoted by a relative early 
this week as having asserted that he and 
Diana were planning to marry. 

In [he interview in a special issue of 
the New Yorker, which broke a 72-year 
tradition by publishing early, Diana said 
that Prince Charles was not a leader and 
that she was investing all her hopes for 
the future of the British monarchy in her 
elder son. Prince William. 

“All my hopes are on William now,” 
she said. 

“1 think it is too late for the rest of the 
family. But William — I think he has it. 
I think he understands. 


“I’m hoping he’ll grow up to be as 
nan about it as John Kennedy Jr. I want 


The Funeral Service 


•Tbe funeral service, lasting about 50 minutes. 
will begin Jt 1000 GMT. 

The service will be sung b> the choir of West- 
minster Abbey. 

• Musk before the service will include works by 
Mendelssohn. Badt. Dvorak and Pachelbel. 

• The members of the Spencer family will he 
received at the Great West Door by the dean and 
chapter of Westminster. 

The queen and members of the royal family will 
be received at tbe Great West Door by tbe dean 
and chapter of Westminster and conducted to 
(heir places. 

• Tbe cortege will enter the Great Wesr Door. 
Tbe National Anthem will be sung. 

The cortege will move to the choir and sacristy as 
the choir sings. 

The Very Reverend Dr. Wesley Carr, dean of 
Westminster, will say the Bidding. 

A hymn will be sung, 

A reading will follow by Lady Sarah McCor- 
quodafc. the sister of the Princess of Wales. 

The BBC Singers, together with Lynne Dawson, 
soprano, will sing from Verdi's Requiem. 

Then a reading by Lady Jane Fellowes. the sister 
of the Princess of Wales. 

All will sing Psalm 23. 

• Prime Minister Tony Blair will read i Cor- 
inthians 13. 

• Elton John will sing. 

• The Tribute will be by die Earl Spcncvr. brother 
Of the Princess or Wales. 

A hymn will be sung. 

•The Archbishop of Canterbury, die Reverend 
George Carey, will lead prayers for the Princess 
of Wales, for her family, for the royal family and 
for others who mourn." 

■ Tbe choristers will sing: 

Air from County Deny in G Petrie: The Ancient 
Music of Ireland 1 1853) Howard Arnold Waller. 

• The Archbishop continues with a Binring. 

A hymn will be sung before the Commendation. 


‘‘With Love From Diana 7 


A Minute s Silenco 


• The cortege will leave the church, during which 
dvr choir sings. At the west end nf i he church the 
cortege will halt for ihe minute's silence, ob- 
served by the nation. The fulf-muftled bells of (Ik 
abbey church will I* rung. 

• Musk after tbe service: Bach and Saini-Sacns. 

• Following the funeral. Diana's cortege will 
proceed northward toward her final resting place 
among her ancestors. 

From Westminster Abbey the cortege will pass: 
Buckingham Palace. Wellington Arch. Hyde 
Park Canxr. Park Lane. Marble Arch. Oxlord 
Street. Regent's Park and Lord's Cricket 
Ground. 

• The cars will proceed io Ahhorp. 80 miles north 
of London, rbr esraic o! Diana's SfwnccT family 
in Northamptonshire. The cortege will leave pub- 
lic view at the gates of the estate. Diana is ra tx 
buried an an island in a lake on ifc estate 


JAPAN: Liberal Democrats Gain Majority 


Continued from Page 1 


his party. Still, four years after iheir 
humiliating election loss, the Liberal 
Democrats are growing stronger every 
day. 

Prime Minister Ryutaro Hashimoto. 
who heads the party, is enjoying enor- 
mous popularity. He is almost certain to 
be re-elected this month as party leader, 
meaning that he would stay on as prime 
minister, probably for two more years. In 
a poll last month, Mr. Hashimoto ’s sup- 
port rose to 44 percent, the highest level 
since he^ook office in January- 1996. 

In recent months, ihe Liberal Demo- 
crats haye been vigorously lobbying 
members of ihe New Frontier Party, the 
main opposition group, offering them 
attractive posts and party positions to 
encourage them to defect and rejoin the 
Liberal Democrats. More than 
30 New Frontier legislators have left the 
party, including two farmer prime min- 
isters. Morihiro Hotokawa and Tsuiomu 
Hata. 



w r? -W ■* - T .. 
Ifc./S-s' ' * .v 







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. .. «•*. - 



PARIS: Fayed Account Blames Paparazzi 


Continued from Page 1 




y :■ 


I V* * . 4 

I:-*--.'' . ^ 


smart about it as John Kennedy Jr. I want 
William to handle things as well as John 
does." 

She said Prince Charles was “a fol- 
lower." 

“He was bom to the wrong job. He'd 
have been so happy with a house in 
Tuscany, being a host to artists," she 
said. 

Diana also expressed regret thai she 
would not become queen if Prince 
Charles were to assume the throne. 

“We would have been the best team 
in the world,” she said. 

“i could shake hands till the cows 
come home. And Charles could make 
serious speeches.” 

She also expressed optimism about 
the Labour government under Prime 
Minister Tony Blair. 

“I think at last I will have someone 
who will know how to use me,” Diana 
said. “He’s told me he wants me to go on 
some missions.’’ 

When asked what sort of missions, the 
princess replied that sbe would like to go 
to China. 

The princess extolled the virtues of 
Prince Charles's younger brother An- 
drew and his sister Princess Anne. 

In response to a remark by Ms. Brown 
that Sarah Ferguson, the Duchess of 
York and Prince Andrew's estranged 
wife, had not helped the royal family's 
image, Diana said: 

“No. And it’s a shame for Andrew, 
because he really is the best of the 
bunch. 

“I mean, people don’t really know 
this, but he works really, really hard for 
the country. He does so much and no one 
pays any attention at all. 

“It’s the same with Princess Anne." 



Mr, al Fayed told a meeting of all Ritz 
employees Thursday that the driver, 
Henri' Paul, had not been drunk and that 
reports saying he had been were “scan- 

Mr. Paul's funeral, originally planned 
for Saturday in his home town ofLarient 
in western France, was postponed Fri- 
day, reportedly because blood -al cob o) 
tests requested by his family have not 
been completed. 

Judicial sources have said that the 
inirial tests showed that he had blood- 
alcohol level more than three times the 
legal limit. 

On Friday, sources in the prosecutor’s 
office stood by the blood tests and said 
they were conducted by two independ- 
ent experts . 

According to officials at the Ritz, Di- 
ana and Dodi al Fayed touched down 
from Sardinia at Le Bourget airport 
north of tile city about 3:30 PM. last 
Saturday. 

They were met by Mr. PauL assistant 
security director of the hotel, in a Mer- 
cedes S-600 leased by the hoteL There 
was a follow-up car, a Range Rover. 

Photographers were waiting at the air- 
port, according to this account, and fol- 
lowed the convoy into Paris. 

After an unspecified stop, the two cars 
headed to the Hotel Ritz on tbe Place 
Vendotne in the center of the city. 

The photographers were still behind, 
and tried to take pictures of Diana as the 
two entered the hotel about 4:30 P.M. the 
sources said. They spent just over two 
hours there. 

Some time during the day, perhaps 
from the Ritz, Dodi al Fayed went to a 
neighboring jewelry store and picked up 
a diamond ring, reportedly valued at 


ing through some photographers as they 
head toward the hotel, although the pho- 
tographers do not appear to be blocking 
their movements. And it clearfy shows 
Diana, followed by a security officer, 
Mr. al Fayed, then tbe bodyguard. Tre- 
vor Rees-Jones, entering the hotel. 

The video also shows them leaving 
through the back entrance about 12:20 
A.M. Despite the photographers’ con- 
tentions that Mr. Paul taunted them that 
they could not catch him. the couple, the 
driver and the bodyguard are shown 
entering the waiting Mercedes alone. 
The car then drives away. 

Mr. Paul, who had left work for the 
day, was called back to duty. 

He arrived at the Ritz about 10 P.M. 
According to a Ritz official, be did not 
appear to be drunk while he was at die 
hotel, waiting for the couple to finish 
their dinner. 

Other sources, most notably a private 
chauffeur who was at the hotel that even- 
ing, have said it was known that Mr. Paul 
drank when he was off-duty and that it 
was clear he had been drinking that 
night- 


ISRAEL: 

Freeze on Pullbacks 


Continued from Page 1 


more than 5200,000, that he planned to 
give Diana. 


On Friday, an employee at the store 
confirmed that the ring had been picked 
up Saturday afternoon. 

Diana and Dodi al Fayed left the Ritz 
about7 P.M. and drove, still followed by 
the paparazzi, to Mr. al Fayed’s apart- 


nyollWa, 

Queen Elizabeth K meeting mourners outside St James's Palace on 
Friday after visiting tbe Chapel Royal where the coffin of Diana was lying. 


LONDON: Queen Addresses Her Subjects 


ment near the Champs-EIysee in western 
Paris, Ritz officials said. They said pho- 
tographers were waiting for them at the 
apartment and that there was a scuffle 
there between the paparazzi and the se- 
curity officials. 

Although this allegation could not be 
confirmed, the manager of a nearby res- 
taurant said a group of photographers 
had been in the street Saturday evening. 

The couple had planned to eai at a 
fashionable restaurant called Benoit in 
central Paris, but abandoned their plans 
when they realized that the trailing 
paparazzi had grown in numbers and that 
they would not have any privacy at the 
restaurant. 

Diana and Dodi al Fayed decided to 
return to the Ritz, where they knew they 
could eat undisturbed, and arrived at the 
hotel, photographers still following, 
without notifying the staff first. 

The security video shows them mov- 


C on turned from Page 1 


had been made “so her grave can be 


the public would be allowed to visit the 
grave for a number of weeks each year 
after “appropriate public safety and se- 
curity measures” were taken. 

The huge crowds that have gathered 
outside the royal palaces all week had set 
off fears among Great Brington resi- 


off fears among ureal Bnngton resi- 
dents that the hamlet of 200 people, 
which has no public parking, would be 


LONDON — Diana, Princess of 
Wales, gave Dodi al Fayed a pair of 
cufflinks that belonged to her late father 
and a gold cigar clipper with a tag in- 
scribed “With love from Diana," the 
Fayed family said Friday. 

He gave her in return, the family con- 
firmed. a 5205,400 diamond solitaire 
ring shortly before they were both killed 
in a Paris car crash early Sunday. 

* ‘ What that ring meant, we shall prob- 
ably never know," said Michael Cole, 
spokesman for Mobamed al Fayed, the 
Egyptian -bom billionaire whose eldest 
son was Diana's new beau. 

Mr. Cole said Mr. al Fayed found the 
cigar clipper with the inscribed tag in 
Dodi's Paris apartment. He also said Mr. 
al Fayed had received “a most kind, 
generous and warm" condolence letter 
from Queen Elizabeth 0. (AP) 


overrun by mourners and onlookers. 

In the capital, hundreds of people 
camped out overnight outside Westmin- 
ster Abbey to get a front-row view of the 
funeral procession. 

“She gave so much love and we want 
to give some of that love back even if it is 
too late," Scott Simpson, a 17-year-old 
student from Chichester in southern 
England, told Reuters. 

The police braced for crowds of more 
than a million and perhaps several mil- 
lion and urged people to stay off the 
roads around London and to use public 
transportation. The authorities also erec- 
ted a third giant screen in Regent's Park, 
in addition to two in Hyde Park, to 
accommodate up to 70,000 viewers in 
another attempt to relieve crowd pres- 
sure along the funeral procession route. 

The re-emergence of the royal family 
from the seclusion of Balmoral , and their 
public demonstration of emotion, 
however restrained, silenced much of 
the harsh criticism leveled at the family 
earlier this week. 


the aloof, uncaring attitude that Diana 
had rebelled against, and a government 


minister, who spoke on condition of 
anonymity, spoke of a “very great 
clanger" that the sympathy for Diana 
would turn into a backlash against the 
House of Windsor. 

Tbe queen and her husband. Prince 
Phillip, dressed in black, met mourners 
outside Buckingham Palace and nearby 
Sl James’s Palace, where Diana's body 
has rested before the altar of the Chapel 
Royal. It was taken during the evening to 
Kensington Palace, where the funeral 
procession will start on Saturday morn- 
ing. 

Queen Elizabeth's speech marked 
only the second time in her 45-year reign 
that she had addressed the nation outside 
of the traditional Christmas greeting and 
ihe queen's speech to open sessions of 
ParliamenL 

The queen implicitly acknowledged 
the recent criticisms with her reference 
to “our different ways” of coping. 

Saying that "no one who knew Diana 
will ever forget her," the queen added 
that there were “lessons to be drawn 
from her life and from the extraordinary 
and moving reaction to her death. I share 
in your determination to cherish her 
memory." 

Terry McDowell, who came from 
central England to join the crowd outside 
Buckingham Palace, told the BBC the 
queen had struck the right note. 

“I think she touched on everything 
that people an? feeling at the momenL" 
he said. 

The crowds of people waiting outside 
Sl James’s Palace to sign books ot con- 
dolence were such that the authorities 
closed the line six hours earlier ihan 
planned, at midday, to ensure that every- 
one already in line would be able to sign 
before the end of the day. 


Union Jack at Half-Staff 


LONDON — The Union Jack was 
ordered to be flown at half-staff over 
Buckingham Palace on Saturday for the 
first rime in history, as a mark of respect 
for Diana, the Princess of Wales. 

The red-and-gold Royal Standard is 
usually flown at Buckingham Palace but 
only when the queen is in residence. 
Otherwise, the flagpole is bare. 

"This is the first time it will ever have 
happened,” a palace spokeswoman said 
of the decision on the Union Jack. "The 
half-masting of the Union flag is at the 
queen's request. It will be flying all day 
until midnight." 

The Royal Standard, symbolic of the 
continuity of the monarchy, is never 
flown at half-staff, even for tile death of 
the sovereign. The standard was draped 
over Diana's coffin because she was a 
member of the royal family. (API 


Bank and Gaza in exchange for Pal- 
estinian commitments to fight terror. 

The toughest issues, on Palestinian ^ 
statehood and the future of Jerusalem, ™ 
were reserved for so-called final status 
tMkc that are supposed to begin once the 
troop withdrawals and other interim 
measures have been completed. 

"From the beginning, Netanyahu ~ 
wanted to stop the peace process,’ ' Mr. 
Arafat's spokesman, Marwan Kanifani. 
said in a telephone interview. “All the 
countries who took part in signing this 
peace agreement should take a position 
against tins.” 

In some respects, the cabinet decision 
Friday merely formalized what Mr. Net- 
anyahu and other senior officials have 
been saying for weeks. 

Among other things, the ministers re- 
iterated their view that the step-by-step 
approach favored by the Palestinians 
and the United States should be scrapped 
in favor of an immediate leap to final 
status issues. 

But the overall message from the 
meeting Friday, in effect, is that Israel is 
suspending its participation in the Oslo 
process, at least until it determines that 
the Palestinians are holding up their end 
of the bargain by fighting terror. 

Israel responded to the bombing with . 
on immediate ban on travel by Pales- y 
tiniam into Israel from the West Bank 
and Gaza, between Palestinian-con- 
trolled cities in the West Bank and across 
land borders into Jordan and Egypt- 

After the July 30 bombing, U.S. of- 
ficials discerned a slight improvement in 
the situation when Palestinian security 
officials agreed to regular meetings with 
their Israeli counterparts in the presence 
of the CIA station chief in Tel Aviv. 
After the attack Thursday, however, Mr. 
Netanyahu canceled the meeting sched- 
uled for the same night ‘‘as a way of 
punctuating their unhappiness” with (he 
arrangement, according to a source fa- 
miliar with the decision. 


Commandos Carried Explosives 


Israel said 10 marine commandos on 
the undercover raid in Lebanon were 
killed along with a military medical of- 
ficer on a rescue. mission, Reuters re- 
ported from An sari yah, Lebanon. A 12th 
commando was missing and four were 
wounded. The Israeli chief of staff. Gen- 
eral Amnon Shahak, said the commando 
force had landed on the Lebanese coast 
north of the city of Tyre, near Sidon. He 
said explosives they were carrying blew 
up when they were ambushed. 


■ Beijing Voices Concerns 

President Jiang Zemin of China told 
Prime Minister Hashimoto on Friday 
that Tokyo’s closer military ties with 
Washington were causing anxiety in 
Beijing, Reuters reported. 

In a meeting in Beijing, Mr. Jiang 
voiced China’s concerns about moves by 
Tokyo and Washington to expand their 
security alliance, a Japanese official 
said. “I'm quite sure you understand 
why China is sensitive about this issue, ' ’ 
3 Hashimoto aidequoted the president as 
having iold the prime minister on the 
second day of his four-day visiL 

Mr. Hashimoto stressed that Japan 
was peaceful. “I’d like the president to 
understand that nearly all Japanese have 
for more than 50 years been peace-loving 
and have renounced militarism.” the 
aide quoted Mr. Hashimoto as having 
said in reference to World War II. 

"Speaking as a neighbor, my hope is 
for a peaceful resolution of the Taiwan 
issue.** he added. 


Murder Allegations 
Dog Winnie Mandela 


FRANCE: Head of Airline Quits to Protest Refusal to Privatize 


Continued from Page 1 


Agencr France-Prexse 
JOHANNESBURG — President 
Nelson Mandela’s former wife, 
Winnie, faced new allegations Fri- 
day thai'She helped to kill the teen- 
age activist Stompie Seipei and 
ordered the 1989 murder of a 
Soweto doctor. Abu-Baker AsvaL 
The British newspaper The 
Guardian said it had obtained a copy 
of an affidavit by a key witness who 
disappeared before Mrs. Mandela’s 
1991 kidnapping and assault trial. 

The witness, Kaiiza Cebekhulu, 
claimed in the affadavit that on the 
instruction of Mrs. Mandela, he 
showed two men Dr. Asvat’s offices 
before the doctor was murdered. 

Nicholas Dlamini, one of two 
gunmen convicted of the killing, 
told the Guardian: “Mrs. Mandela 
promised us 20,000 rand to murder 
Dr. Asval." 


ization in France deepened further Fri- 
day when it was reported that outside 
investors would be offered only a third 
Of France Telecom, the government- 
owned telephone monopoly. 

That is too small a share for the com- 
pany to become a nimble operator in 
international competition, analysts said. 

Privatization is the prime instrument, 
many executives say. for shifting France 
away from an economy centered on the 
State toward a more entrepreneurial so- 
ciety. Although privatization is opposed 
by the government, especially iis Com- 
munist members, Mr. Jospin has prom- 
ised exceptions for companies that are 
exposed to international competition. 

Air France and France Telecom have 
been seen as fesr cases of the govern- 
ment’s willingness to turn over compa- 
nies to private management, and the de- 
cisions about both companies sparked 
criticism from conservatives and even 
from moderate Socialists, including 


Michel Rocard, a former prime minister. 
He pointed out in a radio interview that 
France had committed itself to the pri- 
vatization of Air France. "The problem is 
to determine whether the French Repub- 
lic respects the engagements it signed in 
Brussels." he said. 

Francois Leotard, a conservative lead- 
er. said it showed how the "ideological 
and political weight of the French Com- 
munjsis threatens to handicap France in 
international competition." 

The French stock market took the Air 
France news calmly, apparently inter- 
preting Mr. Jospin's willingness to sac- 
rifice Mr. Blanc as a sop to the Com- 
munists in his coalition. Their support 
could be useful in negotiations next 
month with the trade unions on greater 
flexibility in France’s labor market. 

Even if privatization is only slowed and 
diluted. Mr. Jospin's move shook hopes 
among investors that his coalition had 
embraced the market-oriented economic 
policies oi other Western countries. 

The baitlc over Air France blew up 


ahead of a board meeting on Wednesday 
that hod been expected to produce com- 
promise language about privatization. 
Both Mr. Blanc and key cabinet min- ■ 
isters were said to be hoping to allow the Sp . 
process to advance, leaving the door 
open to possible privatization next year. 

By then. Mr. Jospin, if his popularity 
continues, might be ready to see the 
Communists leave the government. In his 
resignation note. Mr. Blanc hinted that 
the dispute centered on timing, not on the 
ultimate principle of privatization. 

"it is precisely on the speed of de- 
velopment that there was a disagree- 
ment," he said. 

Transport Minister Jean-Claudft 
Gayssor, one of the cabinet's three Com- 
munists. told Humanite, the party news- 
paper, this week that the state must keep 
control of the management of Air France. 

That question, operational autonomy;, 
had been the heart of a compromise "• 
package under discussion between Mr. 
Blanc and Mr. Jospin, according, to 
sources familiar with their talks. ~ 



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INTERNATIONAL HERALD TRIBUNE, SATURDA>-St1NDA\, SEPTEMBER 6-7, 1997 


PAGES 


Under Attack, 
Thai Leader 
Backs Charter 

CimpilrJ tn Our lu? fr,.,., Pwi. Hrt 

~ Facin « revolt in his 
*'? ■ milnar y Qver h‘ R opposition to 

. a reformist con^itution. Prime Minister 
.Lhaovaln Vongehaiyut announced Fri- 
? a L hls ° 0Ve rnmem would suppon 

'‘later ^ Chafler bUI ** 10 amend n 

- maneuver effectively postponed 
afl attempt to kill articles in the draft 

. considered crucial to cleaning up wide- 
spread corruption in Thai politics that is 
partly held responsible for an economic 
.crisis that has spread throughout South- 
east Asia. 

* The prune minister had run into op- 
position from the army and factions of 
nis party for proposing Thursday that a 
committee be formed to change anti- 
corruption articles before Parliament 
votes on the charter. 

By now agreeing to pass it first then 
, amend later. Mr. Chaovaiit would be 
staving off public disapproval while 
. fighting another day to bury the mea- 
sures attacking the current political sys- 
_ te m that brought him to power. 

Mr. Chaovaiit said that leaders of the 
S J X paries in his coalition had met Fri- 
r .day. 

- ‘ ‘We reached a consensus that all the 
six coalition parties will pass the draft 

.constitution." Mr. Chaovaiit said. 

Mr. Chaovaiit later confirmed his po- 
sition in a statement to Parliament, 
which is debating the draft. After a 
weekend break, the debate was to con- 
tinue Monday. 

Support by the six-member coalition, 
.which has 222 seals in Parliament, will 
..help ensure passage of the charter. 
^ which must be approved by a majority 
of the joint session of die 393-seat 
“House and the 262-seat unelected Sen- 
ate. 

' Political analysts said support by the 
. coalition would ease political tension 
and support efforts to resolve the coun- 
I’try's economic crisis. (AP. Reuters) 


Hun Sen’s Forces Executed 40 Elite Opponents , UN Reports 

d.. rT” , v;; r — — u„ n Can’? victorious forces, an area roughly associates and subordinates.” states the 24-naee the killings were on the orders nf senior 


Bvlr c™: T u Mr. Hun Sen’s victorious forces, an area roughly associates and subordinates,” states the 24-page 

r ™ 100 kilometers southwest of the capital that mul- report, which was prepared by the Cambodia 

— ; “ — — '"irwSenive t jple un sources cited “as a location where many office of the United Nations Center for Human 

WASHINGTON — Soldiers loyal to the Cam* loyalists were executed and their bodies secretly Rights in response to a public demand by Mr. Hun 
bodian leader. Hun Sen. have methodically buried." * . Sen for proof of human rights abuses associated 

tracked down and executed at least 40 military Some of the victims described in the UN report with his coup. 

officers or offiri.-j* .l.. ^ died after being shot in the temple, the mouth, or Thomas HsmmwKaro a enwisi iin ranw. 

the chest while others were beheaded or strangled. 

Some had their throats slit Many ot their bodies 


ZZ at icasi -hj mmtary 

officers, or officials from the opposing royalist 
political party thai he deposed in a July coup, 
according to a United Nations report. 

The report, presented to Mr. Hun Sen in Phnom 
Penn by a senior UN official, links some of the 
deaths to an elite, special forces unit that figured 
prominently m the coup and allegedly tortured 
more than .^0 military personnel, 
ir further identifies an apparent killing field for 


the k i ll in gs were on the orders of senior com- 
manders. 

[Mr. Hammarberg said he wanted to see ev- 

loyalists were CACVUIGU i»uu u«wu • -• -—p-.*-.. * * 1 iuupui;iiv uviibuiu ujf t*Ji . ilUU idence of an improvement in human rights and 

buried." * S® 11 f° r proof of human rights abuses associated action taken against what he called “the phe- 

Sonie of the victims described in the UN report with his coup. oomenon of immunity, ' ’ whereby those respon- 

ded after bemg shot in the lemple. the mouth, or Thomas Hammarberg. a special UN repre- sible for rights abuses were rarely, if ever, brought 
the chest while others were beheaded or strangled, sentative. turned the report over Thursday to King to justice.] 

Some had their throats slit. Many of their bodies Norodom Sihanouk in Siem Riep and discussed Hie UN office said it was still investigating 
were hurriedly incineraied in pagodas, under mil- the report later in the day with Mr. Hun Sen in allegations of 55 additional killings, 16 disap- 
itary orders, while others were buried in shallow Phnom Penh. pearances, and two dozen politically motivated 

graves or dumped next to highways leadi ng from [“No doubt the situation is serious." Mr. Ham- arrests, including some that occurred in August- It 

the capital, according to the report. mar berg said at a news conference Friday in described the number of executions listed in the 

"There appears to be a pattern of the deliberate Phnom Penh. Reuters reported. report — at least 41 and as many as 60 — as a 


"There 
targeting < 


II, accorulilg W U1C suiu ill d UCWS l UUi 1 

e appears to be a pattern of the deliberate Phnom Penh. Reuters reported, 
of certain senior officers and their key [Mr. Hammarberg said it was 


was not clear if all of 


report — at least 41 and as many as 60 — as a 
"conservative estimate" of the likely totaL 


Seoul Frets Over ‘Hwang’s List’ 

Defectors Spy Allegations Pose Dilemma for Government 


By Nicholas D. Kristof 

AVn' Ytrrk Ti mes Servin' 

p SEOUL — Some of the most nervous people in South 
Korea these days are probably North Korean spies. 

Several leading North Korean officials have defected 
-.o far this year, most recently an ambassador who fled to 
the United States in late August. These defectors are 
widely believed to have taken with them some tips about 
the large number of Nonh Korean agents, informants, 
and sympathizers who have presumably burrowed into 
South Korean government and politics. 

In particular. Seoul is buzzing about “Hwang's List." 
which is supposedly an account of North Korean agents 
and collaborators supplied by Hwang Jang Yon, the 
highest-level North Korean official ever to have detected. 
He sought asylum in the South Korean Consulate in 
Beijing in February and arrived in South Korea in April. 

"From talking with those in the North in charge of 
subversive operations. I learned the fact that North Korean 
agents frequent the South as if entering their own homes,” 
Mr Hwang said at a news conference. He added that it 
was imperative for the South "to ferret out subversives 
within.” Mr. Hwang had been North Korea's top ideo- 
logue. and he was accompanied in his defection by Kim 
Dok Hong, who had worked as deputy head of documents 
for the Central Committee of the Communist Party. The 
word in Seoul is that Mr. Kim was also very helpful -in 


providing information about collaborators in the South. 

The Agency for National Security Planning, the 
South's intelligence service, quoted Mr. Hwang as say- 
ing “a considerable number of- North Korean under- 
ground organizations have infiltrated South Korean so- 
ciety. "Also. the North Korean ambassador to Egypt. 
Chans Sun Gil. may have brought information about 
intelligence-gathering in the South with him when he 
defected to the United States recently. He is expected to 
face debriefings by South Korean intelligence experts. 

All the buzz about Hwang's List has made opposition 
politicians alarmed. The Agency for National Security 
Planning is widely regarded as supportive of the governing 
New Korea Party, and some commentators have warned 
that the agency might pursue genuine or- imagined spies in 
the opposition camp as a way of helping the party 's 
prospects in the presidential election in December. 

Senior government officials say they are in a delicate 
position. If they do not aggressively pursue leads from the 
defectors, theywiil be blamed for any intelligence failures. 
Bui if they investigate an> one close to the opposition, they 
will be accused of abusing their positions. “This is a real 
burden for the government.” a senior official said. "We 
can easily be accused of playing politics, so we will have 
to act very cautiously.” Another senior official. Ban Ki 
Moon, was quoted m The Korea Herald as saying the 
government would conduct public investigations on the 
basis of Mr. Hwang's statements only after the election. 


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Ramos Keeping ‘ Options Open ’ 

MANILA — President Fidel Ramos, who has said 
many times he has no intention of running for a second 
term, gave the strongest indication to date on Friday that 
he might run if permitted. 

"I must keep my options open because it's not my 
personal fiiture that is at stake here,” Mr. Ramos said at a 
meeting with businessmen, when asked if he would run 
for re-election if the constitution were changed. 

“It’s the national interest and the people's well-being 
and if I must remain that wav and cet all kinds of flak, I am 


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10 Pakistanis Killed, India Says 

JAMMU. India — At least 10 Pakistani soldiers were 
killed and 20 others injured in renewed fighting on the 
disputed Kashmir border on Friday, an Indian defense 
source said. . _ 

“Pakistani hoots opened fire in the Tangdhar sector, 
425 kilometers (260 miles) from Jammu, the official said. 

• ‘We had to fire back. We destroyed 15 bunkers in the 
Pakistani village of Yadori," he said, adding: "We saw- 
three ambulances carrying the dead and the wounded. 
Heavy exchange of fire is still continuing. ” 

Earlier Friday, Indian defense officials said m the 
Kashmir summer capital of Srinagar that two Indian 
soldiers were killed and two injured on the Kashmir 
frontier in overnight border clashes. “It was unprovoked 
firing by the Pakistanis,' ’ a spokesman said. f AFP) 

30 Die in Paraguay Stadium 

ASUNCION. Paraguay — At least 30 people were 
killed early Friday and 500 injured when a storm leveled 
a rickety stadium in a Paraguayan bonier town, gov- 
ernment officials said. _ iq( . 

"This is the worst case ever of its kind in Paraguay, 
Public Health Minister Andres Vidovich sard in Asun- 
cion, briefing reporters on the number of victims. Not 
even the floods have brought this toll of dead and m- 

^ UI Local media said strong winds had rippedoff the roof 
and wall of the stadium in Ciudad del Este.300 kdometere 
(18S miles) east of Asuncion while 3.000 people were 

early rescue efforts, but electricity has since been re- 

Sr Xws reports said the damaged roof and wall L° f ' 
stadium were makeshift structures that went «*P 
a week ago and had no foundations. t Reuters i 


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Athenee Palace Bucharest Hilton, October 29-30, 1 997 

Romania is increasingly attracting the attention of the international investment 
community. To assess future investment potential and to highlight the reforms Romania 
is putting in place in a bid to position itself as one of the more exciting investment 
opportunities in the world, the International Herald Tribune will convene a major 
investment summit in Bucharest on October 29-30, 1997. 

President Emil Constantinescu will give the opening keynote address of the Romania 
Investment Summit. He will also host a special dinner for speakers, delegates and guests 
on the evening of October 29 at Cotroceni Palace. 

The fact that President Constantinescu has agreed to support this summit as an integral 
part of the Romanian government’s efforts to attract foreign investment is a measure 

of the importance of the summit. 


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PAGE 6 


SATURDAY-SUNDAY, SEPTEMBER 6-7, 1997 


EDITORIALS /OPINION 


Hcralb 


INTERNATIONAL 



PI WISHED WITH THE NEW VOBS TIMES \>n TIK WASHINGTON POST 


tribune U.S. Imperium Is Impotentin the Middle East 

T ,„; .„ h ,,ctok kst i _ _ A . , a-ili be iniHKB ^hose.fiMn<:.al sappo r 


Jerusalem Bombings 


Breaking the Cycle 


■ Terrorist bombers strike. Israel re- 
sponds by confining Palestinians to die 
-Gaza Strip and West Bank, recrim- 
inations fly from both sides, and me 
-Middle East peace effort sinks deeper 
'into paralysis. TTiis now -familiar^ se- 
quence played out again on Tnursday. 
-which is why it is so essential mat me 
latest suicide bombings in Jerusalem 
-not deter U.S. Secretary of State 
Madeleine Albright from going to the 
-region this coming week. PreMdem 
Bill Clinton wisely reaffirmed Mrs. 
Albright's travel plans when he 
learned of the new attack. 

American assistance may not revive 
the peace talks, but without a hand 
from Mrs. Albright there seems lirtle 
chance that Israeli and Palestinian 


cnaxu.c uum !»>»•“ •***'■ • . 

leaders wiJl be able to see past the cycle 
'of violence that has disabled the peace 
effort. Mrs. Albright initially hoped to 
use her visit as a springboard to the 
final and most difficult phase of peace 
talks that would deal with issues like 
the slams of a Palestinian state and the 
future of Jerusalem. 

That goal now seems unrealistically 
ambitious, and Mrs. Albright will be 
lucky if she can nudge Prime Minister 


Israelis' Ordeal 


Palestinian terrorists are inflicting a 
terrible punishment on Israelis whose 
only offense is to be citizens of their 
stare. Israelis cannot go out in the street 
without wondering if they or their chil- 
dren will return. It is an incredible 
ordeal. 

Yet the wonder of it is the personal 
and collective steadiness the Israelis 
have shown in encountering this at- 
rocious conduct. Despair as they must, 
they have not surrendered in policy or 
in spirit. People do go out in the street 
The law has nor been suspended in 
misplaced zeal. Vigilantes have not 
flourished. 

On political issues, even those af- 
fecting the Palestinians, a conservative 
.tendency holds, and was holding well 
before the summer's successive suicide 
bombings, but fear and revenge-taking 
have not unbalanced the society. Few 
other countries could have responded 
with like valor and balance. This is 
Israel’s triumph over terrorism. 

Again, after Thursday's Jerusalem 


bombings, Benjamin Netanyahu called 
on Yasser Arafat to police Hamas and 


other terrorist groups, which profit 
from sanctuary beyond Israel ’s borders. 
The Palestinian Authority said that full 
security' cooperation had been ordered. 
The .Arafat record is erratic and will 
have to be continually checked. 

Meanwhile, the United States has 
offered a useful summary of what is 
required beyond security cooperation. 
Secretary of State Madeleine Albright 
says it must be accompanied by “uni- 
lateral Palestinian action" to preempt 
terror and destroy the terrorist infra- 
structure as well as to “create a polit- 
ical climate where there is no tolerance 
for terrorists.” 

These terms, enforced, would tax the 
Arafat regime severely but would also 
transform it from off-and-on coddler of 
terrorism to upholder of the normal in- 
ternational standard for good neighbor- 
liness. Why should Israel expect less? 

President Bill Clinton said Thursday 
that Secretary- Albright's scheduled 
trip to the Middle East this coming 
week was still on. Naturally, the 
agenda must center on security. That is 
the foundation on which the search for 
a negotiated political settlement can 
best resume. 

— THE WASHINGTON POET 


Special Counsel Needed 


For months. Attorney General Janet 
Reno has cited a loophole in federal 
election laws as the reason she would 
not seek a special counsel to inves- 
tigate campaign fund-raising abuses in 
the 1996 election. That loophole has 
now disappeared. It turns out that funds 
raised by Vice President Al Gore at the 
White House were indeed the kind of 
money that federal law says must not 
be solicited from federal property. De- 
-spite Mr. Gore's famous comment that 
“no controlling legal authority" re- 
stricted his actions, he appears to have 
broken the law. 

Surely Ms. Reno will now see 
that only an independent counsel can 
guarantee a thorough and objective 
investigation. 

Ms. Reno has at least acknowledged 
that the latest disclosures, which ap- 
peared first in The Washington Post 
tIHT. Sept. 41. require a preliminary 
inquiry and raise the possibility of a 
special counsel. President Bill Clintoa 
1 defended his vice president on Thurs- 
. day, but there were more embarrassing 

■ disclosures about Mr. Gore’s activities 
. as the Senate fund-raising hearings re- 

■ sumed. Three Buddhist nuns gave fur- 
ther details about a lunch at their Cali- 
fomiatemple in 1996atwhich illegally 
laundered money was raised for the 
Democratic National Comminee. 

Mr. Gore says he did not know the 
event was a fund-raiser, though the 
comminee has disclosed plenty of 
documents showing that his staff 
knew. 

More damaging to Mr. Gore was the 
report that some of the “soft money" 
he had raised in his telephone soli- 
citations had been directed to indi- 
vidual candidates in federal elections. 
It is illegal for corporations or labor 
unions to contribute to federal cam- 


ais to donate more than SI, 000 per 
election to a federal candidate or for a 
political action committee to contrib- 
ute more than S5.000 per candidate. 
These are known as limits' on “hard 


paigns or spend money to directly in- 
fluence federal elections, for individu- 


money. 

The Democratic and Republican 
parties have raised separate sums of 
money outside these limits, so-called 
“soft’money,” for party-building ac- 
tivities like voter registration and get- 
out-the-vote drives. 

Last year, both President Clinton 
and Senator Bob Dole went further 
and used some of this so-called “soft 
money” for campaign advertise- 
ments. The Democrats now say they 
assigned a fair amount of the funds 
Mr. Gore said he raised in the White 
House to the "hard money” accounts 
of contributors who had not reached 
their limits. 

These technicalities are significant 
because Ms. Reno has maintained that 
laws barring the solicitation of funds 
on federal property do not apply to 
“soft money" — her main reason for 
not naming* a special prosecutor. But 
the laws surely apply to hard money. 
Mr. Gore's lawyers now maintain that 
it was his intention that counted, but 
that is obviously one of the many ques- 
tions that ought to be decided by a 
special prosecutor. 

The point here is not to catch the 
Clinton administration in a trifling 
technicality. The history' of last year's 
activities is filled with abuses of 
longstanding restrictions on law and 
decorum. The best way to clean up 
the system is to ban the “soft money” 
dodge altogether. But only a special 
counsel can determine exactly what 
happened, when it happened and to 
what extent top people like Mr. 
Gore were involved personally in the 
abuses. 

— THE MEM ’ YORK TIMES 


<7* i k imermummi m* • t 

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i 1 ^ ... interests whose financial support has; 

pARIS -- Terrorism has delivered By William Pfaff tews* hctmii^peiisabteioAe^^g^ 

JL what probably is the mortal blow to ^SSLIIe/nf Hamas what Mr. Net- identiai campaign*. the J?^- c . 

what already had ceased to be a Middle Because of Hams, wnat - fof ership of fte black and Hispanu, elec . 

Eastern pace process. U.S, Secretaryof wUhee to see a serdement be™*. -£*»» “ ffines were ftr- torass and mounm^eMent otto. ; 


By William Pfaff 


Benjamin Netanyahu and Yasser Ara- 
fat, the Palestinian leader, back into 
direct negotiations about narrower 
matters like security cooperation. 

This summer's bombings have 
hardened positions on both sides. 

Mr. Netanyahu is understandably 
reluctant to resume talks until he is sure 
Mr. Arafat is doing whatever he can to 
combat terrorism. Mr. Arafat’s con- 
duct since the last bombing, in July, has 
been anything but reassuring, includ- 
ing his very public embrace of fellow 
Palestinians associated with Hamas, 
the group most likely responsible for 
this summer’s attacks. But Israel’s 
confiscation of Palestinian tax reven- 
ues and its punitive closure of Gaza and 
the West Bank after the July attack 
have crippled the Palestinian economy 
and added to the climate of enmity. 

Mrs. Albright cannot pick up all the 
pieces in one visit, her first as secretary 
of state. But she can help Mr. Net- 
anyahu and Mr. Arafat see tbar the 
terrorists will prevail if Israel and the 
Palestinian Authority become locked 
in their own destructive spiral of hos- 
tility and punishment. Mr. Netanyahu 
and Mr. Arafat must climb above the 
violence that is engulfing them. Mrs. 
Albright can lead the way. 

— THE NEW YORK TIMES. 


Eastern neace Drocess US Secretary ot wisnes to see a settlement oetween anyauu » w fhr- tonnes and to a muunuug , 

State Madeleine Albright goes to the Israel and the PLO on the terms set Israel. Thursday s bowbgg rare | ^c ethnic lobbies. And of course the 

Middle East this comingweek at a rao- forth in the 1993 White House agree- tier dei ^^ 0D *^ nt fomhey effable and ignorant gwrofaw I 

mem when the United States has all but mem. The former wants no settlement secure imderhisgovemmen m > chairman of the Senate Foreign 

lost its ability to influence events there, at all The Utter wants a nonsoveretgn were underthe go\ Relations Committee, continues to : 

The peactT process has become a war Palestinian political entity totally un- Peres 0 £ blockany .American policy. dec, sion he - 

process. The peace process was estab- der Israeli domination. In these cir- foreseeable, indeed > foreseen, fiflds uncongenial, 

tished by Israels agreement at Oslo to cumstances Mr. Arafat has become an rae ^ yoterei^de the^ctLota. Democracy at work, one might say... 

trade land to the Palestine Liberation irrelevance. Israel and Hamas are allied President *tas tei J ^ money aIwor t This is plutocrahc . 

Organization in exchange for a halt to against him. that he is unwilling P 0 *- vj t _ po^er. not popular power, and veryfar- 

the PLO’s terrorist campaign against Mrs. Albright will confront accom- economic pressure to ^ Wj r^r power of informed reflection ‘ 

Israel- But now it is Hamasthat conducts plished facts that preclude useful ne- anyahu s program, and Sh Madeleine Albright, former urn- ■ 

the terrorist campaign, and Hamas is not gotiation. She plans to visit Syria, but do will change Hamas^Mrs ^ fessor foreign pohey ■ 

a party to the peaceprocess. Its purpose Mr. Netanyahu has already preempt- can thus only pronounce usuaj P nrofessiorial, might wish to exercise. . 

is to destroy it, and to destroy Israel. ively blocked territorial concessions to nudes and issue Ae usual e mi is beforehas American foreign 

aa.. .v ; . t i i—du:....,. r«n nv in fl rh^ rvccihiUtv nf nf inHicmation. eoodv.'iU ana trust m a ricv» ■ . . 


Middle East this coming week at a mo- 
ment when the United States has all but 
lost its ability to influence events there. 

The peace process has become a war 
process. The peace process was estab- 
lished by Israel’s agreement at Oslo to 
trade land to the Palestine Liberation 
Organization in exchange for a halt to 
the PLO’s terrorist campaign against 
Israel- But now it is Hamas that conducts 
the terrorist campaign, and Hamas is not 


After the Jerusalem bombings six 
weeks ago, Israel’s prime minister, 
Benjamin Netanyahu, made further ne- 
gotiations with the PLO contingent 
upon the delivery to him of what, even 
before Thursday's new bombings, had 
become a list of 1,500 Palestinians 
suspected of terrorist associations. 

Y asser Arafat, however, is incapable 
of suppressing Hamas on Israel's be- 
half, as Mr. Netanyahu knows. For Mr. 
Netanyahu — and President Bill Clin- 
ton — to demand that Mr. Arafat do so 
is simply to provide a further ration- 
alization to Mr. Netanyahu for termin- 
ating the peace process. 

Neither Hamas nor Mr. Netanyahu 


Damascus, removing the possibility of 
change on that front 

Mr. Netanyahu is doing exactly what 
he promised in bis electoral campaign, 
in all but one respect. He campaigned 
to maintain or expand Jewish settle- 
ments on the West Bank, maintain an 
undivided Jerusalem as Israel’s capital 
and keep the Golan Heights. 

He is doing this single-mindedly, 
even brutally, and in defiance of the 
advice and policy interests of the 
United States; but he is executing the 
mandate voters gave him. Whether 
those voters will be pleased by an even- 
tual return to the relations that existed 
between them and the Palestinians be- 


of indignation, goodwill and trust in a 
better future — which assuredly will 
not arrive. 

She is incapable of doing more be- 
cause the United States has itself no 
serious policy in this matter — as in too 
many others. Control of American 
policy has in the last quarter-century 
been yielded to special interests, each 
of them capable of blocking initiatives 
it finds unacceptable. 

These interests obviously include or- 
ganized Israeli and Cuban lobbies in the 
United States, not because of the elec- 
toral force they represent but because of 
the campaign money they control. 

Tliey include the international trade 


lude the international trade 


Keiauons v,uiuu»“-i - . , •• • 

blockany .American policy decision he . 
finds personally uncongenial. 

Democracy at work, one might say... 
Alas, money at work. This is plutocratic . 
power, not popular pmver, and veryfer- 
frram that power of informed reflection 
which Madeleine Albright- former tun-- • 
versirv professor and foreign poacy ■ 
professional, might wish to exercise. - 
Never before has American foretp.. 
poiicv been so subordinated to the 
forces of factional or privare tmeresr . 

and political demagogy. 

This arrives, ironically, at a moment - 
when sane commentators rejoice in 
what they see as the United Stales ac- 
cession to international “‘imperium.” 

As the neoconservative intellectual 
Irving Kristol concedes, “it is an im-_ 
perium with a minimum of moral sub- 
stance." It is also without sustaining 
political substance, and in the circimv.: 
stances that now prevail, it will find 
none. 

International Herald Tribune. 

© Los Angeles Times Syndiatte 




--- 


These Days, You Don’t Have to Be Churchill to Become Myth 


EE- ''- "* 


W ASHINGTON — The 
death of a celebrity, par- 


VV death of a celebrity, par- 
ticularly a death as terrible and 
tragic as Diana’s, creates a 
puzzle: Millions of ordinary 
people — people who never in 
real life, come wi thin miles of 
their icon’s orbit — feel in- 
expressible grief, as if someone 
close to them had died. 

The conjunction is crazy, bur 
the grief is genuine. And that is 
what makes it so puzzling. How 
many of those who left that 
ocean of bouquets at Bucking- 
ham Palace had ever exchange 
a word with Diana, or even a 
glance? In fact, they knew her 
only through her image in the 
tabloids and television, which 
are now despised and reviled by 
the very people whose every' 
connection with Diana was cre- 
ated and sustained by the same 
tabloids and television. 

How to account for this out- 
pouring of grief? At one level, 
she seems the ultimate example 
— a pure laboratory culture — 


By Charles Krauthammer 


of the empty celebrity, famous 
for being famous. After all. 


for being famous. After all, 
John Kennedy, to whose death 
Diana's has all too often been 
compared, led the Free World 


(and very nearly blew it up). 
John Lennon, another celebrity 
martyr, created a new music. 
Diana did ... what? 

She bad beauty and grace and 
elegance. She was a stunning 
fashion plate with a few char- 
itable causes and 43 covers of 
People magazine. But what did 
she do? 

Historians of the future, not- 
ing that her funeral was the 
grandest in Britain since Win- 
ston Churchill’s in 1965. will 
wonder. Churchill saved West- 
ern civilization, at times almost 
single-handedly. And when he 
wasn’t doing that, he wrote two 
of the greatest historical works 
in the English language. How 
did Diana, beautiful and charm- 
ing and little else, rise in pop- 
ular consciousness to Churchil- 
lian proportions? 

One answer is that in a media 
age you do not have to be 
Churchill to become myth. 
Beauty, charm, presence and 
shrewdness — the stuff of 
celebrity — will do. Hence 
Evita Per6n. Hence Marilyn 
Monroe. Hence Elvis, who, 20 


years after his death, is a quarter 
b iiiion-doilar-a-year industry 
and the object of a reverence 
that approaches the religious. 
(Recent tabloid headline: 
“Elvis Tomb Found Empty.”) 

The movies have trained us in 
the extraordinary and historic- 
ally unprecedented human ex- 
perience of sharing a dream with 
a company of strangers. The 
worship of celebrity (more often 
than not, film stars) takes this 
communal mind-meld to the 
waking hours, to the level of 
mass daydream. In its most ex- 
treme manifestation — the feel- 
ing of a personal connection 
with public figures in fact utterly 
remote — celebrity worship is a 
kind of mass psychosis. 

The enormous (and, in the 
media, ai times monstrous > pub- 
lic display of grief over Diana is 
in part attributable to die usual 
confusions of celebrity worship. 
But only in part Because Diana 
did actually do something — 
two things, in fact — without 
ever having set out to do them. 

First, she stood op to the roy- 
als. They recruited her as a pli- 


able ingenue,, and she ended up 
besting them. She defied their 
rigidities and cruelties and, in 
the end. transcended the very 
royalty that had tried to dispose 
of her. 

This is not, min d you, Natan 
Sharansky standing up to the 
KGB. But it is something- And it 
creates an identification with a 
reality — a mixture of fortitude 
and pluck — that is more titan 
just infatuation with image. She 
stuck it to them. We admire those 
who stand up to the establish- 
ment, particularly those who' do 
so against the odds and win. 

Second, she suffered. Not ex- 
traordinarily. but paradigmatic- 
ally. She was “‘the paradigm 
unhappy woman of today,' ’ ob- 
serves Simon Jenkins of The 
Times of London. “She was a 
spokeswoman for those with 
impossible husbands, worried 
about their appearance, wres- 
tling with divorce, careers, chil- 
dren. trying to match im- 
possible expectations. ' ’ 

Which helps explain this oth- 
erwise curious phenomenon: 
The full flowering of her fame 
came not with her wedding but 
with her divorce. It was as the 


woman wronged, but who ul- 
timately finds her way . that she 
made her mark. For ail the shal- 
lowness of her tastes and com- 
panions, suffering gave her a 
depth and a seriousness. Her- 
confusions and sorrows and 
successes gave a generation of 
women, also struggling with the 
burdens of liberation, a kind of 
standard-bearer. 

Again, this is not the stuff of 
Marlborough or Wellington. 
But a media age tends nbt'to 
produce a Wellington. It tends 
to produce a Travolta, who. in 
one priceless post-crash TV 
moment, offered his fullest ser- 
vices — “T want to be there for 
them if they need me^.ahcLI 
mean that literally, 24 hours a. 
day" — to the grieving Princes 
Charles, William and Hany. ’ 

At a time when media and 
celebrity turn a riot of self-re- 
flecting” mirrors on public 
events and public people, it is 
consoling to think that all is not 
insubstantiality. Diana was 
kindly and tough and vulner- 
able. These simple attributes 
merir genuine sorrow for a life 
cut short. 

Washington Past Writers Group 


meeJnc ft 
POINT — ~ 


fSE 1 .:- -•> 


GENERAL 


Perse-*: 


A Few Things That Sinn Fein Should Know About America 


W ASHINGTON — Chris- 
tine Black of The Boston 


By Stephen S. Rosenfeld 


Globe, the only American daily 
with a bureau in Ireland, put it 


with a bureau in Ireland, put it day mgnt 
fair and square to Gerry Adams, He prei 

leader of Sinn Fein — the polit- other thin; 


ical wing or arm or from or 
whatever of the Irish Repub- 
lican Army. Everyone is hold- 
ing his breath to see whether, if 
talks disappoint the IRA, it will 
shoot more policemen, said Ms, 
Black. This is the overwhelm- 
ing attitude of Americans, said 
the columnist Mark Shields. 

This was news that Mr. 
Adams was not happy to hear. 
With his Sinn Fein leadership 
colleagues, he was mi an Amer- 
ican tour this past week, mean- 
ing to reap the political harvest 
of the British decision, following 
a new IRA cease-fire, to invite 
Sinn Fein into talks on the future 
of Northern Ireland. Mr. Adams 
was not pleased to be nagged, 
even by fnends, on the terrorism 


issue, and at a dinner Wednes- 
day night he strayed from u. 

He preferred to talk about two 
other things, related. The first is 
the British history' in Ireland 
that, by his telling, is not only 


long but irredeemably violent 
and anti-democratic. The second 


and anti-democratic. The second 
is tiie uphill banle be is waging 
against what he sees as British 
brainwashing of the American 
press, a matter of special con- 
cern at a moment when all-party 
negotiations are drawing near. 

Somebody else’ s ancient du- 
plicity and America's own in- 
nocence: These are the familiar 
contents of many a brief that 
foreigners seeking understand- 
ing and support for their cause 


regularly bring to these Amer- 
ican shores. There is always 


ican shores. There is always 
some degree of substance to 
those appeals, too. In this in- 
stance. Britain's close ties to 


America have unquestionably 
won London the benefit of 
many unexamined doubts on 
the Irish issue. In any complex 
foreign quarrel, the American 
press, which is npt an instru- 
ment of magic, is fair game. 

But to Americans, anyway, 
this is not the heart of the mat- 
ter, as the queries of my press 
colleagues at the Adams dinner 
indicated. The heart of the mat- 
ter is that terrorism has no place 
in a democratic context. A situ- 
ation in which one party has a 
secret illegal army and, at least 
implicitly, threatens to use it if 
negotiations do not go its way is 
fundamentally objectionable. 
This is the burden that Sinn 
Fein’s association with tire IRA 


places on it. Sinn Fein must cut 
the cord. 


the cord. 

Everyone has his points to 
draw from history. Mr. Adams 


Prima Donnas of the Senate 


W ASHINGTON — As 
Congress returns to 


VV Congress returns to 
work, the battle over William 
Weld's nomination as ambas- 
sador to Mexico is one of the 
few stories quickening any 
pulses in the Capitol. 

It has all the makings of a 
political drama: a moderate 
former governor fights the 
longtime nemesis of moder- 
ates. Senator Jesse Helms of 
North Carolina, accompanied 
by hot rhetoric about the soul 
of their party. 

This wrangle has generally 
been viewed as simply a 


By Norman J. Ornstein 


comes naturally in a Senate that 
has been increasingly willing 
to tolerate capricious actions.” 

And for all of Senator 
Lugar’s determination, most 
senators, including those who 
support the Weld nomination, 
are loath to join him at the 
barricades. It is not that they 
fear Mr. Helms; it is that they 
like a culture in which each 


matchup of personalities. Be- 
sides Mr. Weld and Senator 


sides Mr. Weld and Senator 
Helms, there are two other Re- 
publicans. Senator Richard 
Lugar of Indiana, who has 
stepped forward to challenge 
Mr. Helms, and Senator Trent 
Lon of Mississippi the ma- 
jority leader. 

Bui that description is in- 
complete. The battle here rep- 
resents an important change in 
the Senate itself: the triumph 
of rampant individualism. 

When Mr. Helms, chairman 
of the Foreign Relations Com- 
mittee, decided he would use 
his powere ' to prevent Mr. 
Weld's nomination from being 
debated, he was doing what 


senator can act as a prima 
donna, unilaterally blocking a 
nomination or a bill. 

The seeds for Mr. Helms's 
actions were sown in the use of 
the “hold” in the Senate in 
recent years. The hold is a 
procedure that allows any sen- 
ator to block consideration of a 
nomination or bill temporar- 
ily. It is nowhere in the Senate 
rules but evolved as a courtesy 
for senators who could not be 
present when a vote was 
scheduled or who needed time 
to bone up on a subject before 
the floor debate began. 

In the past decade, the hold 
has been distorted into a reg- 
ular, often anonymous prac- 
tice that senators use to kill 
nominations or bills or to bold 
them hostage for extraneous 


considerations. Instead of be- 
ing limited to two weeks, holds 
now extend indefinitely. 

Another traditional tool, the 
filibuster, has changed as well. 
Now the mere threat of one. 
even by a lone senator, auto- 
matically raises the bar for the 
legislation in question, so that it 
needs 60 votes for passage in- 
stead of the bare-majority 51. 

To his credit. Senator Lott 
has been trying to hall this 
transformation of traditional 
concerns for minority rights 
into a rule of prima donnas. 

Bur he has been unwilling 
to challenge Mr. Helms on the 
Weld case, and he is not find- 
ing many of his colleagues 
enthusiastic about his efforts 
to rein in their caprices. 

Mr. Weld has nor helped 
himsell with his noisy cam- 
paign. But if his nomination 
goes down without a hearing, 
floor debate or vote, the cas- 
ualties will extend beyond 
him. ro the Senate itself. Even 
the small moves toward dis- 
cipline in the body will be 
washed aside. 


and his colleagues drew theirs 
the other night. They' depict 
themselves as inheritors of the 
American civil rights move- 
ment and the South African 
anti-apartheid struggle, not to 
speak of the Palestinian nation- 
al movement and the reunifi- 
cation of Germany, among oth- 
er great historical sweeps. 

But the American civil rights 
heroes were apostles of non- 
violence, not sowers of Semtex. 
The freedom fighters in South 
Africa won a measure of respect 
for the integrity and essentiality 
of their struggle that Sinn Fein 
and the IRA can only envy. 
Yasser Arafat, a famous wob- 
bler, js a risky figure for anyone 
to emulate. The reunification of 
Germany was peaceful and 
unique. And so forth. 

As to how poorly or well 
.Americans grasp the subtleties 
of the Irish -British conflict, 
what I find more pertinent than 
what Americans may not know 
about Ireland is what some Irish 
may not know about the United 
Srates. In this regard, it was 
good to see that during our 
evening with him, Mr. Adams 
evidently took a reading and 
indicated that he realized his 
people were coming on too 
strong. Yes. he finally' acknowl- 
edged under questioning, some 
of the responsibility for its 


difficulties is Sinn Fein’s too. - 
In fact, Sinn Fein is at a his-, 
torical crossroads. It must turn 
from being the compromised at- 
tachment of a terrorist group to a' 
legitimate and credible political - 
party prepared to let the people, 
not the men with the guns, de- 
cide its fete. At the moment, 
Sinn Fein conceals its hand be- 
hind slogans and vagueness. It ,, 

* 1 — ■> m 


An.nc.r'Cir-. : --t 


does not define the “compro- 1 ■ 
mise” it pledges. It puts off the' « 
hard decisions by citing the par- 
allel conversions thai must be ■ ■ 
undertaken by political fronts of 
the Protestant paramilitaries in 
Northern Ireland. 

There is much speculation 
about the delicate intellectual 
and political balancing game 
supposedly being played out by 
Gerry Adams. He is trying to 
keep old connections to Irish 
nationalists — among them his 
own terrorists — who seek a 
united Ireland and to build new 
connections to unionist forces 
that are determined, to keep 
Northern Ireland British. 

For a small country, a world- jjjj. 
sized dilemma Mr Adams’* w 1 


Esc;r;« j 


BELGR: 


1 CHE 




.-7 ; : ■; .. 




sized dilemma. Mr. Adams's 
model in addressing it is evi- 
dently Nelson Mandela, but he 
is a Jong way from filling the 
role. Many people, in the United 
States and perhaps in Ireland, 
too. are holding their breath. 

The Washington Post. 




0171 js; 


ISTss*:-.,, 


IN OUR PAGES; 100, 75 AND 50 YEARS \m 


<Sk\ 5s : . . 


1897: French Sons 


PARIS — A movement is on 
foot to organize a branch society 
of the “Sons of the American 
Revolution" in Paris. The ob- 
jects of the society are to per- 
petuate the memory of the men 
who served in the war of the 
American Revolution and to 
promote fellowship among their 
descendants. There are in 
France many descendants of 
those Frenchmen who so un- 
selfishly. nobly and bravely par- 
ticipated in the dangers of our 
early struggle for independence; 
it is most fitting and proper that 
there should be a branch of this 
society in our sister republic. 


so were not able to enter the 
United States under the new im- 
migration quota law. Secretary 
Davis has stated Itis 
peiiet inat this law has outlived 
ns usefulness. ‘“The restrictive 
act. he says, "served very well . 
as a temporary measure in con- J 
dmons responsible for its en- f / 
actment, but a permanent im- 
migration policy should be upon 
an entirely different basis." 


r :“-j . 


tin 


194/: War Pilgrimage 

n * run 


1922: Restrictive Act 


The writer, a resident schol- 
ar at the American Enterprise 
institute, i ‘tmtribuied this com - 
mem to The New York Times. 


WASHINGTON — Following 
many cases of real hardship in 
which families were broket up 
because children were bom in a 
country which was not the na- 
tive home of their parents, and 


PARIS — American Legion- 
naires arriving in Paris on a pil- 

uropean battlefields 
'wll be the first to receive a brand 
new mter-Allied medal, that the 
rrench government is unwrap- 
ping for the occasion. Francois 
Mitterrand, French Minister for 
Veterans and War Victims, said. 

He dso emphasized the impor- j 


o 


. , - wum-iici to me ar- 

nval of the 150 Legion™^ 

Fra^-n?? of v *ew of 

Franco- American friendship. 


via tlfc, y 






ft if. 4 ^ 1 .4 



PAGE 3 






INTERNATIONAL HERALD TRIBUNE. SATURDAV-SUNDAA . SEPTEMBER 6-7. 1997 


PAGE 7 


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ART 


INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDM, SEPTEMBER 6-7, 1997 


PAGE 8 


| After Impressionism: 

The End of an Era 

Christie s Redefines Art 

ONDON w J on of impressionist and Modem picture 
Twrently were also those that bid over the othe 


6 Wings of the Dove 
Soars at Venice Fest 


fmentunondl Herald Tribune 

L ONDON — In a major an- 
nouncement to be made on 
Monday. Christie’s, currently 
the leading international auc- 
tion house, will effectively be declaring 
the end of an era during which im- 
pressionism led the market Tnis mo- 
mentous change of direction is likely to 
be followed by dramatic alterations in 
the shape and structure of the auction- 

world. _ . . 

As of Jan. 1. 1998, “Impressionist 

and Modem Pai firing" sales, as they 
were called until June 23 this year, will 
be no more. All paintings from the 

SOUREN MELHOAN 

1830s to 1900 on will be sold under the 
denomination “I9ih Century Pic- 
tures." It will cover anything from an 
early Italian landscape by Corot to 
Toulouse-Lautrec, the Nabis and the 
Symbolists, including “Orientalist' ’ 
and "Salon" paintings, many of which 
equare with Academic when not even 
outright kiisch. 

In a parallel move. “20th Century 
Pictures" will merge modem masters 
ithe Fauves, Cubism. Matisse. Picasso 
in each one of his incarnations; with 
post-World War II schools down to 
1970. which were hitherto labeled 
“Contemporary." Henceforth. “Con- 
temporary An" ar Christie's will not 
predate 1970. 

This is a watershed, the most im- 
portant since the Jakob Goldschmidt 
sale of seven Impressionist paintings 
held at Sotheby’s, London, in 1958, 
when Impressionism became the art- 
market locomotive. 

The readjustment was inevitable. In 
the last few years, it became increas- 
ingly evident to professionals lhat Im- 
pressionism was fading away from the 
auction scene. There are hardly any 
pictures left in that rarefied category 
that justify using the word “master- 
piece." nor is there much available in 
the middle range. 

The John and Frances Loeb auction 
held at Christie's. New York, last May 
seems to have brought the awful truth 
abruptly home to Christie’s top exec- 
utives. It was a mixed bag even if it 
netted a phenomenal S92.78 million 
thanks to the power of auction house 
sloganeering. The sale had another ef- 
fect. John Lumley, head of the 19th and 
20th Century Picture Department at 
Christie’s International, says that he and 


his colleagues were “struck by the fact 
that several buyers in the middle range 
of Impressionist and Modem pictures 
were also those that bid over the other 
paintings. "These "other’ ’ paintings in- 
cluded, for example, Boldini’s portrait 
of "Madame Rejane," an actress with 
plenty of dark curls and heavy makeup 
cuddling a beribboned poodle. Why not 
offer more of that mix in the future? 

Similar developments account for the 
creation of the "20th Century Pictures" 
category. Fauves, Early Cubists and Ab- 
stractionists are also making their exit 
from the auction scene. Adding post- 
World War H pictures on top will help in 
Filling up the catalogues. Lumley 
prefers to cite semantic accuracy: “We 
could hardly go on calling ‘Contem- 
porary’ works of art created 40 or 50 
years ago. We are getting back to where 
we stood in 1972 when ■Contemporary’ 
described pictures painted 20 or 25 
years earlier.” 

More convincingly. Hugues Joffre, 
the driving force behind the London 
Contemporary Art Department before 
taking up his present post as director of 
Christie s France, observes that many 
major collectors of early 20th century 
masters have moved down the line chro- 
nologically as they found less and less to 
satisfy them in pre-World War II art. 

The truth is that collectors have no 
choice but to pull our or follow the 
market, and the market it is that made 
the decision for Christie's, rather than 
their fine sense of an historical logic. 

C HRISTIE'S decision goes for 
beyond rearranging categor- 
ies. It will change the art mar- 
ket structure. Sotheby's is 
bound to foil in line — the dwindling of 
an supplies poses the same problem for 
all. Bui the greater impact will be on the 
world’s an market centers. London 
could conceivably sink. 

As Lumley notes, there has been a 
massive shift at auction from dealer to 
private-collector buying over the Iasi 
three decades. On Dec. 1. 1967. in the 
historic sale where Monet's "La Ter- 
rasse a Sainte Adresse" sold at 
Christie’s for £588,000 IS 1.4 million at 
the timet, dealers accounted for more 
than 80 percent of the turnover. In 
Christie’s June 23 sale this year of “Im- 
pressionist and Modem Pictures," the 
respective positions were virtually re- 
versed — 75 percent of the works, in 
terms of value, went to private buyers. 
The consequence is that there is 




mtm 


Roderick Conway Morris 

intenia’ianul Herald Tribune _ _ 

XENICE — Physical passion 




S 



“ LeReve ” by Picasso wifi now be grouped with works by Jasper Johns. 


hardly any future for London in 19th- 
and 20th-century pictures, because in the 
$8 million-plus league half the private 
buyers are American and in the middle 
range Americans account for two- thirds 
of the buying. Vendors know this. In the 
last two years, they have been clamoring 
in droves for their wares to be sold in 
New York. London is now in danger of 
becoming irrelevant in this area. That 
may also happen in die more traditional 
sectors of 19th-century painting. Wheth- 
er the talk is about the Barbizon school 
or the Nabis, there are far more private 
buyers in France and the rest of Con- 
tinental Europe than in Britain. 

Already auction professionals have 
their sights firmly set on Paris. Sothe- 
by’s, running well ahead of Christie’s, 
has all but completed the refurbishing of 
what will be their prestigious Paris sale 
room in the Galerie Cbarpentier. a famed 
art space where old Parisians remember 
seeing some of the most remarkable art 
shows of the 1950s. Christie's, one hears, 
is currently negotiating the acquisition of 
a vast location. 

But more important than the locations 


are the people running the show . Joffre 
is. with Martha Baer and Christopher 
Burge in America, one of the auction 
houses’ three leading connoisseurs of 
the 20th century. Under Joffre ‘s stew- 
ardship. Paris doubled its turnover from 
1995 to 1996. He should be the natural 
choice as Christie's premier auctioneer 
of 20th-cenrury an on this side of the 
Atlantic. This is likely to make Christie’s 
an increasingly attractive beacon to 
European vendors once the English auc- 
tion houses can conduct sales in Paris in 
complete freedom, as European Union 
regulations demand. That day might be 
some time in the fall next year. 

In the shorter lerm. the sale of the 
Sally and Victor Ganz collection of 
20th-century paintings and sculpture, 
very conservative!} estimated to be 
worth SI 25 million, will be held ai 
Christie’s in New York on Nov. 10. 
With Picasso. Jasper Johns and others 
among its 1 1 5 works or so. it is sure to be 
the biggest sale ever of 20th-century art- 
Thar should go some way toward put- 
ting Christie's new category “20th- 
Century Pictures" firmly on the map. 


ard for contemporary filmmakers who 
might be tempted to overemphasize that 
the author, generally associated with 
more cerebral investigations of human 
relations, not only knew about sex but 
even wrote about iL 

Rather than focusing on this, however, 
the film's director, Iain Softley, and 
scriptwriter, Hossein Amini, have tend- 
ed. by modem standards at least, toward 
an almost Jamesian restraint. The result 
is an outstanding adaptation of the novel, 
one that remains faithful to the principal 
themes and moral issues without crying 
to address all the book's complexities — 
something that would be impossible on 
the screen in any case. 

Easily one of the best films that 
premiered at the festival. “The Wings 
of the Dove" appeared out of com- 
petition, in the British Renaissance-sec- 
tion. since one member of the cast, 
Charlotte Rampling, had already been 
appointed a member of the jury. 

Kate (Helena Bonham Carter) has 
become die ward of her wealthy Aunt 
Maude (Rampling! after the death of her 
mother and the descent of her degen- 
erate father (Michael Gambon) into the 
lower depths of London's seedy pubs 
and opium dens. Kate has a secret and 
unsuitably impecunious admirer, Mer- 
ton Densher i Linus Roache). whom she 
cannot marry without being cut off by 
Aunt Maude (who is also subsidizing 
her father's addictions). Into this im- 
passe comes Millv (Alison Elliot), a 
young and immensely rich American 
heiress, who is passing through London 
on her w ay to Venice. 

Milly. it emerges, has not long to live, 
but falls in love" with Merton (unaware 
that Kate and be are more than friends). 
Kate and Merton follow her to Venice, 
seeing in the possibility of a legacy from 
her the solution to all their problems. 

The darkening tale of the fortune 
hunters and their" prey is set in the novel 
in a more crowded social scene, but has 
been stripped down in the film to con- 
centrate on the central triangle. Bonham 
Carter’s rendering of a complicated and 
ambiguous character is excellent. And 
Elliot" s portrayal of Milly. a good and 
emotional ly generous person who is 
doomed bur painfull}’ in love with life, is 
highly accomplished. 

The visual imagery is skillfully- 
handled. while the suspense is main- 


tained to the last frames -and Eduardo j 
Serra's cinematography, especially in , 
Venice, is superb. .. i 

The expatriate Hong Kong journalist £ _ 
John (Jeremy Irons), like Mifly, « dying j 
of arare blooddisease in Wayne Wang s J 
in-competition ‘ ‘ Chinese Box- John Sf , 
miserv is compounded by the prospect { 
of expiring without making love writh j. 
"the onlv woman I can’t have," Vivian 
(Gon* Li). a former prostitute who to 
been set up in semi-respectability with 
her own bar by a rich local businessman, ] 
Chang (Michael Hui)' r 

Slick. brash, frenetic, but at the same j 
time majestic in panorama, the gin- i 
tering water-girded anthill of Hong j 
Kong is stunningly captured. Indeed, in } 
the end, Hong Kong itself becomes the . 
main character of the film, overshad- , 
owing the privaie drama and creating t 
the sensation that only the city is palp- J 
ably real, while John and Vivian’s story i 
remains what it is — pure fiction. J . 

A more integrated blend of fact and k 
fiction is “Ovosodo" by the promising j 
young director Paolo Viizi. Set mainly j 
in Ovosodo (which means literally i 
“boiled egg"), a working-class district { 
in the port city of Livorno, the title is t . 
also the nickname of the young hero j 
tenaagingly played by Edoardo Gaby t 
rieUini). whose growing pains from ■ 
childhood to early manhood we follow ] 
in this acute, enjoyable, often funny, ( • 
picture of the realities of Italian life. J 

T akeshi kitano’S “Haust L 

Bi" (Fireworks) marks the Jap- j 
anese writer-director’s teturnj _ 
to the screen as the main pro- T 
tagonist, playing Nishi, a legendary cop)--- 
who leaves the force to take care of his j 
dying wife after his long-term partner J 
ends up in a wheelchair, having teen j. - 
shot in a stake-out, and after another f - 
policeman is killed while Nishi and his L- 
colleagues are trying to arrest the gun - 1 
man. Nishi robs a bank to pay for a last I 
holiday for his wife and help out his Jt 
crippled friend and the deaa police^ » i 
man’s widow, and is soon being pursued ]- - 
bv both the law and a group of gang- » 
sters. “Hana-Bi" is often puzzling— 
there is virtually no dialogue — ax times I 
violent, at others touching, but achieves. | ■ 
some haunting cumulative effects. . - - j ' 
Harold Pinter makes a rare appear- i 
ance in “Mojo" (directed by Jez But- j 
terworth). set in a Soho rock’n'roll club j 
in London in 1958. Pinter is mesmer- ‘ 
izingly creepy as the aging, liver-com- , 
plexioned. sexually predatory, old-style » 
Cockney gangster Sam Ross in a film ‘ 
that is o’tberwise full of sound and fury • 
but adds up to very little. - - — * 


... ,pt . •- 

• ----- 


To S«' ike 0 

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SALON DES BEAUX-ARTS 


□ ARTS 


^\ntu re 


f/ 

■& 


Salon 
des ■ 



de Paris 

r/tr 6/ 

9-14 

& septembre A* 

1997 


29 a 55, quai Branly - Paris VII e 

Daily from 12.00 - 8.00 pm 

Saturday from 10.00 - 8.00 pm - Sunday from 10.00 - 6.00 pm 
Late opening thursday September 11 until 1 1.00 pm 

Sod<?r£ d'Oreanisarion CultureUe 51. me Cmambwi .“51 id Pari* - T <?1 ot J5 03 J4 m 



Pie’er Brueghel Ihc Y.muccr i 

L'liiifvnit- Si 1 //. b. 1 

Signed and dau-d l Wo. Panel. 2n t. ,'nin . in x \ 76.5 cm 


Exhibiting at The Salon des Beaux Arts 
Espace EiffeJ Branly. Paris 
9-14 September. Stand 42 

53 New Bond Street. Lnndon WIY 1HD 
Telephone: 44 171 49« 5553 • Fjv 44 171 49Q S5iW 


SALON DES BEAL X ARTS 

Sc<!< - let It 

GALERIE 

A RI AN E D AN DOIS 

Suithi A' 


i>l. ruo ties SniiUs Pvrvs 
75000 iNtris 


li-l: I 42 72 14 43 

E:i\: I 45 4-S S2 <i4 


FABIU<S Fqe QC6 

Avnoi.Muns 

PAINTINGS - DRAWINGS 
SCULPTURES 


1 52. BOULEVARD HAUSSHANN 
75008 PARIS 


TfiL. 01 45 62 39 IB 
FAX 01 45 62 53 07 


B££KQ 

Ptru-KnoMw-U Zovte'SnKelfej 



Salon des Beaux Arts 


Td-U0 32 H5 Oil 61 
le Ltna-re da Antitjiiuirts 
i Place du PiLn> RinaJ 
9 Alice Malum 1** Nneau 
f ■ Bins Cede* 01 
Id 01 i2£*l IV 40 
Trkrbx HI 19 41 




Rare Pain 


Jean-Etienne Liotard 

(170- - Geneve - 17S9j 






canvas 30 x 64 cm ( 11 .8 b>’ 23.2 in. j Signed: JE Liotard 

Michel k Fabric e Far^. LA HE SJLEXCIEUSE £N' FRANCE, 
LA NATURE MORTE AU .Xl'HI SfECLE. ill. p. 205, no. 31? 
Ken& Loche & Marvel Roethlitfben’cr. L i^vm cm^eta Ji 
Uatard.p. 120, no. 352 / Marcel Roethlisbcis in The J. Piinl 
Getty Museum faunal. Vol. 13/19S5, pp. 109-120. ill. no 22 


Pros.: Swiss Private Collection 

GALERIE 

IMEliER 


FRG - 40477 OuSSELDORF.' 
Schwennstr. 3S 
Tel. 21 1-194 202 

Fax I49» 2114M 212 
e-mail: Lingenauber^l-onlinede 
French Mobile 0(j W o2 uO 70 


GALERIE 

BERES 

25. Quai Voltaire 
75007 PARIS 
Tel +33 (0)142 ol 27 0 J 
Fax +33 101 l 40 27 05 88 


19th -20th 
Century 
Masterworks 

Paintings, 
drawings 
& sculptures 

Salon des BEAUX-ARTS 
Paris 
Stand 40 


ARTS □ 


FI AC 

1-6 

October 97 

Espace Eiffel Branly 

Paris. 


Every doy from 12 p.m. to S p.m. 
Ute evening Thursday ? October 
12 p.m. to 10 p.m. 

Saturday and Sunday 
from 10 o.m. to 3 p.m. 

Monday 7 October 
from 12 p.m. to 6 p.m. 

Internet : 

http: tffiac.rcreif-Gip.fr 
Minitel : 

3616 Salons (1.29 F/mnj 


**y3b* 

I' b 

[fyi ■: • • 


IMERXATIOXAL EXHIBITION 
THE PRINCrPALITY 
OF MONACO 
700 A'EARS OF HISTORY 



Recounruig the Grimaldis of Monaco’s 
long History Through an exhibition where man) 
testimonies, documents, paintings, ob/ets d'art 
or simply souvenirs are gathered logetiier. 

This is wliat this retrospective is all about 


A 



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PAGES’ 





I ') 







You Miss A Day This Week? 

foTv^iZ^n t/ h 3 ,u^ aStS WV av{iil *Uc 

Wide m g be HTsiie on ** World ' 

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PAGE 9 


West Fails 
To Strike Oil 
In Russia 

Frustration Sets In 

As Projects Stall 


Mites 


1 fir*. 




A 








7 • Moscow 


a. . y 1 •' c-: 
0:A 


By Michael R. Gordon 

A'fH' York Tines Sen-ice 



MOSCOW — When Boris Yeltsin 
was re-elected president last year, it 
looked as if Russia was finally about 
to roU out the red carpet for Western 
oil companies. 

TJ 1 ® Russian economy had a crying 
need for new investment, frs oil pro- 
duction was lagging. The West was 
touting multi billion -dollar projects to 
tap Russia's vast oil deposits. With 

ECONOMIC SCENE 

Mr. Yeltsin's free-marketeers in 
charge, the opportunity to turn the 
economy around was supposed to 
supplant endless ideological debate. 

But instead of moving smartly 
ahead, several major new oil projects 
have been pul on hold. 

Even some old deals are coming 
unstuck. 

Frustrated Western oil companies 
have begun to cut their Moscow- 
based staff and redirect their attention 
from Russia to the oil deposits in 
Kazakstan, the Caspian Sea region, 
Venezuela, and even Equatorial 
Guinea, one of the poorest countries in 
Africa. 

Among die reasons for the setbacks 
are objections raised by die-hard 

Taxes diminish profit at top 
Russian oil producer. Page 11. 

Communists suspicious of the West 
and local leaders anxious to increase 
each region’s take. 

But in the strangest twist of all, 
Russia’s swashbuckling new capital- 
ists have created some of the biggest 
roadblocks. Calculating dial die econ- 
omy will imprpve on its own, some 
Russian financiers want ro keep more 
of the black gold for themselves, even 
if it means forgoing foreign money' 
and technology and letting the crude 


V-" 


Allies or Antagonists? 

As capitalism continues to take root in Russia, Western oil companies 
have become frustrated in their attempts to go forward with multi-billion 
dollar projects to lap the country's vast oil deposits. Sensing an improving 
economy, some Russian companies are trying to get out of existing deals 
with Western partners or seeking to renegotiate better terms. Here is the 
status of some major oil projects in Russia. 


j STALLED PROJECTS . | 


Western 

Estimated 


Project 

partners 

reserves 

Investment 

PRIOBSKOYE (1) 

Amoco 

4.7 billion 

SI 00 million so far. 



barrels 

Projected $57 billion 

NORTHERN 

Conoco 

500 million 

About $95 million so far; 

TERRITORIES (2J 


banels 

Projected $1.5 billion 

SAKHALIN 3 (3 1 

Mobil. Exxon, 

Nothing 

Projected $150 million 


Texaco 

determined 

on exploration 

TlMAN 

Texaco. 

2.4 billion 

Projected $50 billion; 

PECHORA (4) 

Amoco. Exxon. 

banels 

millions already spent 

Sources: Petroleum Intelligence Weekly; Conoco 

NYT 


oil simply sil in the ground for now. 

To be sure, some older oil drilling 
ventures are still moving forward. But 
the list of stalled projects includes 
some of the most highly touted raulti- 
billion-dollar investments: 

• Amoco Corp.'s huge project to 
develop the North Priobskoye oilfield 
in Western Siberia has been sidelined 
by problems with Menatep. its Rus- 
sian partner and one of Russia's most 
powerful banks. 

• The Tim an Pechora project in the 
frigid Nenets region in Russia's far 
north has been thwarted by local au- 
thorities, who insist they may no 
longer need American help ro unlock 
dip territory's oil riches. 

• Conoco Inc.'s Northern Territo- 
ries Project has been stalled by similar 

blems with Nenets authorities, 
onoco is a unit of Du Pont Co. 


K 


Three companies that have been 
extracting oil for years under joint 
ventures with the Russians recently 
protested that Moscow had changed 
the terms of their deals by ending their 
privileged access to Russia's clogged 
oil pipeline and raising excise taxes. 

The companies. Conoco; Phibro 
Energy Production, a unit of Salomon 
Brothers Inc., and Anderman/Sraith 
Overseas Inc., insist the new arrange- 
ments make it harder to recover costs. 
But with newly privatized Russian oil 
companies now lobbying heavily for 
pipeline access, Moscow has yet to 
heed the Western complaints. 

The sheer vastness of Russia, its 
harsh climate, its limited network of' 

g ipelines, and the burden of outdared 
oviet-era technology have made oil 

See OIL, Page 13 


Mannesmann Joins Up With Olivetti 

Mobile Phone Venture to Cost German Company $1.3 Billion 


QmyOcd t* OnrS*tfFn>m Ou/wm a 

DUSSELDORF — Mannesmann AG 
lid Friday that it would pay 2.4 billion 
eutsche marks ($1.32 billion) to join 
trees with Olivetti SpA and challenge 
ate-run Telecom Italia SpA in Italy's 
st-growing mobile phone market. 
Mannesmann. a German machinery 
id telecommunications company, said 
was buying a 49.9 percent stake in a 
:w venture with OGvetti that includes 
mnitel Pronto Italia SpA, the largest 
ivate mobile phone company in Italy, 
id Infostrada SpA. Olivetti's ground- 
ised voice, data and Internet company. 
Mannesmann “really needed to ex- 
ind abroad, especially in Southern 
urope, so this was a good move,” said 
hornas Schiessle, an analyst ar Del- 
ueck & Co. “Italy is an interesting 
Larket because it is already ripe. So the 
■turns will be high, whereas Germany 
a developing market 
‘•This looks like a deal that can 
>lve Olivetti’s main problem at the 
loment, which is the high level of its 
sbt,” said Marco Nascimbeni, at 
lerrill Lynch Capital Markets in Mi- 
in. “But it will also lead to a dilution 
f Olivetti’s involvement in telecom- 
i unications.” < 

Besides linking Italy s and Uer- 
Lany’s two largest private mobile 
bone companies, the venture will 
>eed Olivetti's long-planned transfor- 
ation from an unprofitable office 
roducts and computer maker to a tele- 
--nmunications company. 

Olivetti, which posted a loss for iwo 


of 915 billion lire (S516.5 million), has - 
been looking for partners and buyers for 
its various units, including part of its 
information and services division. 

Olivetti is also hoping the venture 
will resolve conflicts berween its cur- 
rent Omnitel telecommunications part- 
ners, which include France Telecom SA 
and Bell Atlantic Coip., and bring it 
much-needed cash as it takes on Tele- 
com Italia Mobile SpA. the mobile 
phone subsidiary' of Telecom Italia. 

Omnitel. with more than 1.5 million 
customers, has about 17 percent of the 
Italian mobile phone market. 

“Mannesmann and Olivetti have an 
excellent synergy between them." said 
Giulio Raresani, a funds manager at 
Prudential Fondi in Milan. “The Man- 
nesmann accord is more than enough to 
transform Olivetti shares from ‘stay 
away' to ‘definite buy.' " 

Mannesmann shares gained 21.50 
DM. or 2.4 percent, to 910.50 in Frank- 
furt, Olivetti shares, which gained 2 
percent Thursday to close at 771 lire, 
were suspended Friday in Milan. 

The Olivetti-Mannesmann venture 
values Omnitel at 14.5 trillion lire. Oliv- 
etti said, and Infostrada at 300 billion 
lire. 

Mannesmann. which has long sought 
a way to enter the Italian market, said it 
initially would pay I -1 billion DM for a 
25 percent stake in the venture with 
Olivetti by the end of this year. The 
German company said it will pay an 
additional 1.3 billion DM by 2000 to 
raise its stake to 4 9.9 percent. 


Mannesmann said it would buy 25 
percent of Olivetti’s planned capital in- 
crease as well as during a sale of con- 
vertible bonds. Olivetti's bond sale and 
capital increase, Mannesmann said, are 
each expected to raise up to 335 billion 
lira. 

' ‘Mannesmann would nor have much 
problem raising money,” said Andreas 
Thielen, an analyst at Enskiida Secu- 
rities in London, before the announce- 
ment 

“They would probably do it,” he 
added, “via a bond issue or straight 
credit as financing in Germany is so 
cheap at the moment ’ ’ 

Magdalena Moll, Mannesmann 's in- 
vestor relations manager, said the com- 
pany had enough capital to pay for the 
first stage of the joint venture this year 
and had not yet decided how it would 
finance the second stage. 

Olivetti is also in talks now to sell part 
of OLSY, its information systems and 
services division, to Wang Laboratories 
Inc. Last year, Olivetti sold its Olivetti 
personal computer division to a group 
led by a London lawyer, Edward Gottes- 
man. 

The further move by Mannesmann 
into Italy ends speculation that France 
Telecom or Deutsche Telekom AG 
would buy a stake in Infostrada or Oliv- 
etti. Mannesmann already owns an 8 
percent stake in Olivetti’s Omnitel. Oth- 
er partners, besides Bell Atlantic and 
France Telecom, include AiiTouch 
Communications Inc. and Telia 
AB. { Bloomberg . Reuters ) 


CURRENCY & INTEREST RATES 


Stfpf- 5 

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ua nas uw UW ^w-m-ns ^ S e* me Iui* 

”“SSa'S. 1 S'SJS"SJ» 
S » g S "»■ £ S 5S S-3S -= 

S S S' i= £. I £ ,«• “ «■ 

sssss-x,: ar :s a 

■ DUS 0482 l.«? *£155 M flUM2 ZJH? MH MS 30i5 ' 4 


Libld-Ubor Rates Sfi P t 5 

Swiss From* 

Dolor D-Mark franc Storting Franc Van ECU 

1 -month 5V>-5*» 3ft-3ft lft- IV* 7Vi-7V« 3l&-3ft ft-ft 4H-4IA 
3-montfl 5ft -S'?* 3W-3ft fft - 1ft 7V* - 7ft Jft - 34* ft - ft «. - 4ft 
Wnonttl.5'ft.5‘ft3ft-3ft lB-lH 7ft- 7ft 3W-3I* 

1-year 5Tk-6 M-fck lft-Vft 7Va*7<Vki ft->ft4ft-4ft 

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Rates applicable to Interbank departs of SI mSOon minimum (aretpdvalenO. 


Key Money Rates 


mom. Lwwwft 


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Greek arae. »■ 
HWMttoM* 

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lAtion rupee 35Sw 

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Irish £ QA7ol 

iSlISMk- U191 

KUW dinar 0*** 

Malar- ring- 


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wans IJ m 

Man ten. 1 znA 
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dtp Croat 48M8 
ptpeand 3J98 
-mmda s^i53 


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PW.P«* 

Polish u»iy 
Port, escudo 
Rots ruble 
Somflrtyd 

Sing-S 


Pwt 

7 SO 
1J733 

31 SO 
3.d8 
18345 

5837.0 

3.75 

ISIS 


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S. Air. fart 
l Kor. *»° 
Swtd, IfftrtW 
Taiwan S 

■mm twhi 
Tints ktin 
UAEdirtxnn 
Vwwtbelw. 


Pars 

j«»5 

906.70 

7 

36.05 

118875. 

3X71 

495.50 


UnflmtSlute 
Discount ret* 

Prime rata 
Fedaralfand* 

«Wa» CDtilealen 
180-day CP dwter* 
3-mwth Treasury bfll 
t-fNT'nwdfarrUI 
3-ywr Treasury NS 
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7-yeor Treasury note 
10-year Traainy note 
SOyeer Treasury hood 

MtffTffl Lyw* 3<MaY RA 

JnPW 

pbcoMtrate 
Caiewnay 


30 ^ 

japanwytn J 3 S i 2 n 

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5JM 5.00 
SVi 8(5 
5ft 5<4 
539 561 

5J51 SSI 
SM 5.01 
SSB 52? 
5.95 5.96 

&23 6J2 

us ua 
435 6J3 

6M L6) 
5.10 5.10 


050 050 

043 044 

054 054 

055 055 

054 054 
127 128 

4.50 4J0 

3.13 3.13 

121 121 
3.33 131 

145 145 

589 547 


Brttnm 

BanklMftraR 

7J0 

7.00 

CoS OHM? 

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1-amrtfa Intnfaaak 

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7Vt 

3*awotti interbank 

7t4 

714 

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495 

4.99 

Franca 



Intorvanfiaa rate 

3.10 

3.10 

CaHiweqr 

3ft 

3ft 

iHMAOl tatartenh 


3W 

>mtn) Merteak 

3ft 

3ft 

6-mwlti Mofftaik 

3ft 

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10-tear OAT 

5J8 

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Sovran: ffeirfers 8/wfnbwa Mem 

Lynch. Book at Tokyo-Mlnublsiil. 
GbmnMntonfc Cwff LyomaU. 

ML 

pjyu 


Zurich 32140 

32140 

—0.70 

Lndon 32JJ0 

32U5 

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Now Tort 324.80 

32540 

+1.10 


US. falkm perm/**. Lorntan oflWof 
firings Zurfctt aw Ntw Kort onmlng 
one dosing arias; New York Coiikx 
IDtcJ 

Sauce: ansma. 


Malaysia Leads an Asian Rally 

Buying Frenzy Sends the Kuala Lumpur Market Soaring 12 % 


By Thomas Fuller 

Special tv r he Herald Tribune 


KUALA LUMPUR — Stock mar- 
kets and currencies across Southeast 
Asia rallied Friday, a day after Prune 
Minister Mahathir bin Mohamad of 
Malaysia backed down on stock-trading 
curbs and put large-scale infrastructure 
projects on bold. 

weeks of recrimination over the han- 
dling of the Malaysian economy gave 
way to a buying frenzy Friday that saw 
the stock market soar 12.37 percent, 
stopping a slide that had dragged down 
the main index more than 40 percent 
since the beginning of the year. 

Indonesian stocks ended the day 
11.28 percent higher and both Singa- 
pore and Thailand registered rises of 
more than 3 percent. 

The Malaysian ringgit and Indonesian 
rupiah rebounded strongly against the 
dollar, while the Thai baht and the Phil- 
ippine peso stabilized. 

Investors in Malaysia cheered the an- 
nouncement by Mr. Mahathir late Thurs- 
day that certain projects — including the 
construction of a $6 billion hydroelectric 
dam on the island of Borneo — would be 
postponed A rash of construction proj- 
ects undertaken by Kuala Lumpur in the 
past few years, among them ports, high- 
ways and the world’s tallest buildings, 
helped contribute to the country's bal- 
looning import bilL 

“This change of heart over the con- 
struction projects has been a water- 
shed," said David Shairp. Asia 
strategist at Caspian Securities Lrd. in 
London. “For some of the foreign in- 
stitutions there is clearly every danger 
of being too aggressively underweight 
in this market.” 

Other analysts and fund managers 
were more cautious in their assessments 


of the srock market surge and said if 
foreign funds returned to the market 
they would trickle, not rush, back into 
the country. 

“Obviously what's happened today 
is a bit of an overreaction, said Patrick 
Tan, investment director at Rothschild 
Asset Management (Singapore) Private 
Ltd. “The buying was very euphoric.” 

It was. nonetheless, a day of recon- 
ciliation between Mr. Mahathir and for- 
eign market players, whom the prime 
minister in recent weeks had blamed for 
the fall in the market. 

Mr. Mahathir chose not to mention 
economic issues in an address to his 
political party Friday, and a source in 
the Finance Ministry said government 
economic advisers had been directed to 
meet with foreign fund managers 
“soon," presumably to hear the man- 
agers' concerns about the direction of 
the economy. 

But Mr. Mahathir did express skep- 



Miki FUla/Tbr Amowiinl Picm 


A picture of Mr. Mahathir adorn- 
ing a watch for sale Friday at a 
meeting of his party in the capital. 


ticism about a press report that funds run 
by the financier George Soros had 
bought ringgit during its recent slide. 

‘ T will believe it when I see pigs fly / * 
Mr. Mahathir said of the report. 

The prime minister eliminated a ma- 
jor point of contention with fund man- 
agers Friday when be lifted restrictions 
on the short-selling of blue chip stocks. 
The rule had stranded many traders’ 
positions because of its hasty imple- 
mentation last week. 

Also Friday, the government released 
trade figures for July showing a 900 
million ringgit (S296J million) deficit 
The release of the data had been delayed 
and followed the huge 2.8 billion ringgit 
deficit for June. 

Analysts took comfort that the spate of 
bad trade news was being addressed by the 
government Deputy Prime Minister An- 
war Ibrahim saia Thursday that the cabinet 
would announce measures to combat the 
deficit over the next few weeks. 

But analysts said there were challenges 
ahead for Malaysia's economic planners. 
“A lor of things haven ’r quite changed,” 
Mr. Tan said. “One, we’re going to see a 
slowdown in economic growth. Two, 
we’re going to see a further deterioration 
in corporate earnings. Three, corporate 
and personal leverage is still very high. 
Red lights are still flashing.” 

Among other projects postponed 
Thursday were the construction of an 
airport to service the north of peninsular 
Malaysia and a central highway. 

But Mr. Mahathir said Friday that 
some projects now deferred could be put 
on a fast track if the economy re- 
covered. 

He also said that a 60 billion ringgit 
rescue plan be announced two days ago 
to suppomhe stock market would be put 
on “standby” because the market was 
already recovering. 


Thais Get Some Help on Currency Plea 


By Thomas Crampton 

Special 10 the Herqtd Tribune 

BANGKOK — Yielding to pressure 
from the Thai government after closed- 
door meetings here, some major indus- 
trial companies agreed Friday to delay 
sending payments for foreign-currency 
debts in an effort to stabilize the be- 
leaguered baht, company sources said. 

It was unclear how much money the 
government's persuasion managed to 
keep from being transferred out of the 
country. However, one Japanese affil- 
iate said later that it had agreed to delay 
payments totaling $100 million. 

Other companies said they had re- 
fused the request, or they declined to 
discuss their decisions. 

“The question is, who will be re- 
sponsible if oil companies suffer a loss 
by a continued fall of the baht,” said an 
executive of a U.S.-based oil company. 
He said his company was unlikely to 
participate because the parent company 
would not approve. 

In a further effort to bolster its cur- 
rency, the government is also attempt- 
ing ro induce companies to move more 
quickly to repatriate foreign-currency 
earnings on exports. 

The stakes are high. The combination 
of faster forced repatriation of these 
earnings and delayed foreign-debt pay- 


ment would be an enormous help for the 
baht, said Arporn Chewakrengkrai, 
chief economist at Deutsche Morgan 
Grenfell. 

Ms. Arporn estimated that delayed 
debt repayments for the remainder of 
the year from the dominant oil and auto- 
motive sectors alone would be worth S3 
billion, which would almost wipe out 
the current-account deficit. 

Faced with the rapid fall of a currency 
that had held an almost constant value 
for more than a decade, Thai companies 
have taken to hoarding finds abroad. 
These holdings have turned into a self- 
fulfilling bet against the baht. 

The currency, floated on July 2, has 
depreciated more than 40 percent since 
the beginning of the year as the coun- 
try’s economic crisis deepened. On Fri- 
day the dollar rose against the baht, 
along with other Southeast Asian cur- 
rencies, to 37.05 baht from 35.65. 

The baht's descent has badly burned 
much of corporate Thailand by raising 
the cost of repayment on unhedged dol- 
lar-deuominated debts. Now, exporters 
keep their foreign earnings in dollars as 
long as legally allowed, while those 
selling, foreign goods in Thailand ex- 
change baht earnings into dollars as 
soon as possible. 

Thai companies reluctant to bold baht 
helped bring the currency to all-time 


lows Wednesday and Thursday, cur- 
rency dealers said. “No corporates want 
to keep baht until it steadies out," a 
dealer at one bank said. 

By pressing domestic and foreign 
companies, including in the oil and 
automotive indusmes, to delay repay- 
ment of foreign debt, the government 
has begun battling this local undertow 
on the currency. The finance minister 
also said he might shorten the 180-day 
deadline for repatriation of currency 
earned from exports. 

“Oil companies do not warn to delay 
repayment," said Piyasavasti Am- 
maraiiandha, secretary-general of the 
National Energy Policy Office. “They 
are concerned the baht will devalue fur- 
ther.” 

In one of the meetings Friday, the 
Thai Automotive Industry Association 
gathered to consider a Ministry of In- 
dustry request to delay foreign currency 
payments. 

“Eveiyone will decide by them- 
selves.” said Masao Kuraraoto, exec- 
utive vice president of Tri Perch Isuzu 
Sales Co., a joint venture of the Japanese • 
companies Mitsubishi Motors Carp, 
and Isuzu Motors Ltd., “but we chose to 
delay the planned repayment of offshore 
debts from September to December.” 

Mr. Kuramato said the delayed re- 
payment was worth about $100 million. 


ARTS 


□ 


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Tel 41 61 272 54 12 
Fax 41 6l 271 96 91 


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IN FRANCE 


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PAGE 10 


INTERNATIONAL ITF.H ATT) TRI BUNE, SATURDAY-SU7VPAY, SEPTEMBER6-7^1997^ 

THE AMERICAS 



■<* ■x’.. 




Consumer Blue Chips Sag in Mixed Market 


The Dow 


30-Year T-Bond Yield 


* 

*« X/i 


Dollar 1 in'Peirtsche- marks H Dollar irt Yen_ 


« W __ 


CtwyriW in' Oar Sa&From Dtipaxha 

NEW YORK — U.S. stocks 
were mixed as investors shied from 
Procter & Gamble and Gillette and 
other consumer goods companies 
amid signs of slowing earnings 
growth, buying those that profit 


“They probably had puts and 
they sold,” said David Slaine 1 , head 
trader for Nasdaq stocks at Morgan 
Stanley, Dean Witter, Discover & 
Co Pats are contracts that gain in 


more in an expanding economy. 
The trend buoyed some cyclieals 
and computer companies. 

The Dow Jones industrial aver- 
age closed down 44.83 points, at 
7,822.41, after giving up an early 
74-point gain. P&G led die decline 
after it was downgraded by Smith 
Barney on concerns dial the 
strengthening dollar would crimp 
p-ftiryngg for major exporters. 

The profit jitters quickly can- 
celed out the initial enthusiasm over 
an employment report suggesting 
that upward pressure on wages re- 
mained fairly tame in August. 

The Nasdaq composite index 
rose 11.14 points to a record 
1,635.77 after gaining as much as 
15.09. The rise came as a push into 
smaller shares continued. 

The Standard & Pom’s 500 Index 
fell 1.82 points, to 929.05. Boston 
Scientific helped lead the decline, 
closing down 13 7/16 to 62 7/16 
after saying that third-quarto: and 
foil-year profit would not meet ana- 
lysis’ forecasts. 

Traders said activity in individu- 
al stocks was quiet, with the big 
early surge mostly due to investors 
who reeled in foiled bearish bets in 
foe options and futures market 


US. STOCKS 


1 - e ° ' A M ' J J A S 
1897 


s I® A M J J A S 

: 1997 : 




llsfte 








Source: Bloomberg, Reuters 


bucmaiKHttl Herald Tribune 


Very briefly: 

IDT Plans Internet Phone Service 


WASHINGTON (Bloomberg) — IDT Corp, plans to offer 
Internet phone service next week that lets customers make 
calls over the global computer network from their own 


value as stocks falL Selling puts 
raises the value of fufiires and op- 
tions contracts, bringing up com- 
mon stocks in tow. 

4 ‘It has been very quiet m the cash 


markets,” said Mr. Slaine, referring 
to common stocks. “1 didn't see the 
panic to buy. I thinkpeople have 
been short futures. They’ve been 
going in to cover their futures.” 

A retreat in bonds polled stocks 
from their highs. 

Even though foe government's 
report on jobs showed unexpectedly 
weak growth in employment and 
wages, some investors remained 
concerned that inflation might be- 
come enough of a problem to force 


UPS Strike Affects U.S. Jobless Rate 


CixqjUntb? Our StaSFnm Ddpadta 

WASHINGTON — The U.S. un- 
employment rate crept up to 4.9 
percent in August as new jobs were 
created at the slowest pace in nearly 
a year, in part reflecting the impact 
of foe United Parcel Service strike, 
statistics released Friday showed. 

The increase in the seasonally ad- 
justed unemployment rate, from a 
near 24-year low of 4.8 percent in 
July, wasn’t statistically very, sig- 
nificant, according to Katharine Ab- 
raham, the Bureau of Labor Stat- 
istics commissioner. The rate has 
fluctuated between 4.8 percent and 5 
percent since April. 

But the UPS strike had a big im- 


pact on job growth. It temporarily 
subtracted 185.000 jobs from foe 
economy, although foe U.S. Postal 
Service and other competitors in- 


creased hiring by 32,000 to pick up 
some of the stack. The return of 
striking auto and steel workers ad- 
ded 10,000 jobs. 

The crosscurrents left net job 
growth at a paltry 49,000 in August, 
foe worst showing since September 
1996. But foot followed an ex- 
tremely strong gain of 365,000 jobs 
in July, and foe biggest gain in 17 
months. 

For the first eight months of foe 
year, monthly job growth averaged 
226,000, higher than last year's 
monthly average of about 216,000 
new jobs. Because the striking UPS 
workers were off foe job during foe 
week of Aug. 12, when foe em- 
ployment survey was conducted, the 
Labor Department counted their 
jobs essentiall y as having disap- 
peared. (AP, Bloomberg) 


interest rates higher at some 

The benchmark 30-year 
my bond fell 1 1/32 to 96 19/32 as 
foe yield rose to 6.64 percent from 
6.61 percent on Thursday. 

“People take foe number ana 
foe first reaction is positive, then 

they come up with excuses for way 

there are problems,” said Rje 
Meyer, head trader at J.W. Charles 

in New York. , 

Mr. Slaine said he expected mar- 
kets to pick up steam when foe thira 
quarter comes to a close at the ena 
of this month- Until then, he said, a 
host of companies will typically in- 
dicate that they cannot live up w 
anal yst earnin gs forecasts. 

Dell Computer, rose 1 7/16 to 
88 Vfe after its chairman told in- 
vestors and analysts that foe stock 
was inexpensive given the com- 
pany’s growth prospects. 

Tupperware. a plastic containers 
maker, dropped 7 5/16 to 27 13/16 
after warning that third-quarter 
farp in g fi would be “down signif- 
icantly” because of lower Latin 
American sales. 

American Standard, an air-con- 
ditioner and household-equipment 
maker, fell after it said it expected 
third-quarter earnings will be below 
analysts' expectations. 

Tech Data, a distributor of per- 


Armstrong 
Scrutinized 
Once More 




iSeete 


Slot Cu» 

~ n i mid 


By BA 

America 


By Ma* Landfor 5 

flew fyrkTmes Service 


•m M ie *" -cs 


sonal computer products, jumped 
after it said earnings for foe quarter 
ended July beat the average esti- 
mate of 40 cents a share by 7 
cents. (Bloomberg, AP) 


phones. Net2Phone Direct is one of about 60 companies with 
Internet phone service, which is much cheaper than con- 
ventional phone service, though most require personal com- 
puters rather than regular phones. 

IDT customers can call a toll-free number to get into lDT’s 
network and pay 13 cents a minute for calls in foe United 
States; calls are 8 cents a minute from a Chicago number. IDT 
p lans to add large U.S. markets every few weeks. 

The U.S. government, meanwhile, is resisting pleas by 
small long-distance companies to regulate Internet telephone 
calls. “Washington at this point has no need to regulate,” an 
assistant commerce secretary, Larry Irving, said Thursday. 


U.S. Data Undercut Dollar as Fear of Fed Eases 


Chilean-Led Group 'Wins Brazil Bid 


SAO PAULO (Bloomberg) — A group led by Empress 
Nacional de Eletricidad S A of Chile won control of Ceutrais 
Eletricas Cachoeira Dourada SA in foe first sale of a state- 
controlled power generator in Brazil, foe Joroal do Brasil and 
Invest News reported. 

The Endesa-led group agreed to pay 779.6 million reais 
($714 million) for an 81 percent stake in Cachoeira Dourada. 
The 656-megawatt dam provides 60 percent of the energy 
needs of Goais, a fast-growing state in Brazil’s center-west 
region. 

Brazil's federal and state governments plan to raise 540 
billion through foe sale of about 20 more energy companies 
over foe next two years. 


• The New York Times Co, an owner of the International 
Berald Tribune, has applied to list its class A shares on foe New 
York Stock Exchange, moving them from foe American Stock 
Exchange. It expects the shares to begin trading Sept 25 on foe 
Big Board. Its class B shares are not publicly traded. NYT 


CmqMkdbyOvSsjffFnmttopaxi™ 

NEW YORK — The dollar fell 
against most currencies Friday after 
a U.S. employment report convinced 
traders that the Federal Reserve 
Board was unlikely to raise interest 
rates soon and on speculation that 
German rates might head higher. 

The dollar was also dragged down 
by weakness in U.S. asset markets. 

The jobs report showed a smaller- 
th an -expected gain in employment 
last month, suggesting that the econ- 
omy may be growing moderately 
with little inflation. 

“The data wasn’t strong enough 
to lead the market to believe foe Fed 
will raise interest rates in foe near 
teim,” said Elliott Dix, chief cur- 
rency trader at Signet Bank. “Jux- 
taposed with the prospect of a Ger- 
man tightening sooner rather than 
later and softness in the stock mar- 
ket, that's fairly negative for the 
dollar.’' 

In 4 P.M. trading in New York, 


the dollar fell to 1.8035 Deutsche 
marks from 1.8175 DM on Thurs- 
day. It was quoted at 121.075 yen, 
up slightly from 121.050 yen. 

Analysts noted that foe new jobs 
report suggested modest growth but 
that other recent reports had shown 
robust expansion. The government 


FOREIGN EXCHANGE 


said last week that the economy 
grew 3.6 percent in the second 
quarter, faster than it originally re- 
ported. 

While many traders are not ex- 
pecting Fed policymakers to raise 
rates when they meet this month, 
others have not ruled out an increase 
later in foe year. 

Some dealers doubted that die 
Friday figures made much of an 
impression. 

"The dollar was hit by profit- 
taking because of technical factors 
on a low-volume market,” said Paul 


Lambert, an analyst at Union Bank 
of Switzerland, “and U.S. job fig- 
ures had only a limited impact” 

The dollar was also hurt by sag- 
ging U.S. stocks and bonds. Cur- 
rency traders were concerned that 
foreign investors selling U.S. assets 
might convert their dollar profits 
into their home currencies. 

The president of the Swiss Na- 
tional Bank kindled speculation that 
German interest rates might rise be- 
fore long when he suggested that 
Swiss interest rates might head 
higher. 

He said foe central bank was 
“aware that we can’t continue our 
expansive monetary policy for 
much longer if we are to avoid the 
building up of new inflationary 
pressure.” 

“If the Swiss are saying loose 
monetary policy is over,” said 
Varick Martin, manager for foreign 
exchange at Manufacturers & 
Traders Trust, “then foe Germans 


can’t be far behind. That should 
make foe mark stronger and serve as 
an indication foe dollar’s probably 
not going to skyrocket.” 

To be sure, there is little evidence 
that Swiss inflation is on the rise. 
Consumer [nice inflation is expec- 
ted to stay below 1 percent this year 
and recent reports showing slow 
growth in the economy left some 
traders doubting that Swiss rates 
would actually rise any time soon. 

Nevertheless, Mr. Meyer’s com- 
ments, coupled with recent signs 
that Germany's economy is improv- 
ing, were enough to keep alive talk 
that the Bundesbank may lift rates. 

Mr. Meyer’s remarks helped lift 
foe Swiss franc against both the dol- 
lar and foe mark. The dollar fell to 
1 .4780 francs from 1 .4980 francs. 

The dollar dropped to 6.0635 
French francs from 6.1130 French 
francs. 

The pound rose to SI .5940 from 
S1.5S35. (Bloomberg. AFP) 


MEW. YORK— Seven weds , 
after embarking on yet another : 
search for a chief executive, 
AT&T Corp. is once agup 
closely scrutinizing Michael ^ 
Armstrong, chief executive of ' 
Hughes Electronics Corp., a &■* 
cording to several executives •• 
close to foe deliberations. 

Mr. Armstrong, who was a ^ 
candidate during AT&T’s last 1 
executive search, has enraged- ; 
as one of foe top outside con- 
tenders to succeed Chairman -j 
Robert Allen, several exec* i 
lives close to AT&T said 
Thursday. But he still feces , 
strong competition from John . 
Zeglis, foe vice chairman who 
is a popular internal c a n d i d a te , t 

Indeed, as AT&T's board ' 
members prepare for a crucial ) 
round of meetings this month at \ 
a resort in West Vngmut,the^ 
debate over succession has spfe ‘ 
the directors into two factions: \ 
one that favors giving- the- 
homegrown Mr. Zeglis a shot at j 
r unnin g the company and. one 
that favors bringing in an out- *; 
sider like Mr. Armstrong. 

Mr. Armstrong turned down 
an overture from AT&T inis; 
last search because Mr. Altai j 
would not immediately step : 
aside as chief executive, ac- 
cording to people who were in- ; 
volved in foe process. The coim- 


-gv-r..- ; 

pj D u^;" ...» 

Lib**;.- 


volved m the process, the com- 
pany eventually selected John 
W alter, former chief executive 


Walter, former chief executive 
of R.R. Donnelley & Sons Co. \ 

But after Mr. Walter resigned 
abruptly last July, the company 
initiated another search wits foe 
understanding that Mr. Allen 
would step aside as soon as a 
successor was found. v, "' : 

Executives close to the com- 
pany cautioned that Mr. .Anfe. . 
strong was not the only outssler . 
being considered. But one per- 
son said foe list ofprospectshad 
been culled to a handfoi 'jbf 
names, including Richard 
Brown, chief executive of Cable 
& Wireless PLC of Britain. 

An AT&T spokesman de- 
clined to discuss the search. 


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WORLD STOCK 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday, Sept. 5 


Friday's 4 P.M. Close 

The tap 300 most adive shores 
up to the dating on Wafl Sheet 
UteAssodaledPnssz 


hi* uv lam a* Indexes 


mb H* m IM ar» 


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Tnr* 2 ZS 2 M 29 MAS WfliC 2959.01 +8-56 

UH 23JJJ3 TQX- 23522 23iS5 -1JJ1 

Comp 26701 24B&J0 M50J7 24MLS1 -705 


Most Actives 

NYSE 


Sept. 5, 1997 

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41050 589b 
29709 3SH 
tens ov» 

38634 13STb 
38618 sva* 
37S23 Oh 


68H 69 Vi 
a OFk 
27W 287b 

418B 41 H 
*ii Va 
26*3 27% 
449b 44Vj 
33Vt 
69ft 66*6 
56*1 56*1 
34*B UM 
40*1 411* 
1324 1341* 
2BH 29Tm 
BOH I1VB 


Grains 

CORN LCBOTj 

iOOO bu mini mum- cent* perbusM 
Srp77 371 266 2&6W -Jh 

Dec 77 270 'ft 264 264*6 -Sift 1 

MarTfl 277 2721* 273 -SVi 

«a»78 283*+ 777V. ZflT- J 

JUW 3611 31 31fe -5 

5ep98 273 270*1 27W b -4*1 

Dec W 27311 2681* 268** ^*1 

Ed. uies 69/xxi Tmrs miss 524)06 
Ttw* open M 3022)64 OR 1.326 


ORA NOE JUICE (NCTO 
15LOOO - cents pee & 

Sep 97 6930 6006 tfiSD -0.75 7» 

No»97 6*30 67.90 69.43 -0.10 17.506 

Jan 98 7265 71JM 72J0 -025 8.176 

Mar«fl 7530 7400 7525 -0.13 i2® 

Est sates NjL Ttare sates 1510 
Thin open M 34151. up 565 


18-YEA R FRENCH 60V- BONDS (MAT1F) 
FFSKUU - pte of )(D pet 
S*p97 130.14 129J4 12930—012 151.238 
Dee 97 9096 9834 9042 - 0.16 31*1* 
War 98 9018 9018 9002 -OT6 3 
ESL sates T6LI56. 

Open htt: IBSMOamm. 


Mar 98 9403 9399 9400 +OQ2 6U51 

Jun 9B 9436 9129 9133 +005 49,746 

Sep 98 9156 9450 9153 +005 37347 

Dec98 9466 9438 9463 +005 31,946 

Est k*»; 60664 Pro*, sates: 40057 
Piev. open InL: 391620 up 1740 


Nasdaq 


II*. 11*6 
IV* 17*ft 
W» V* 
7% 7te 


116b 

2 BU *1 


489J6 482J2 48464 047 

<1961 609.91 61365 004 

44131 43731 +012 

jss 2?S SB 


55 % 

m I7M 


u» a 

22S 9ft 
fll A 


J167 5 

168 29»» 

M 12V. 
114 16ft 
111 IP* 
M9 14*6 
at 5*1 
195 1*^ 

K? 30 
IM 21*1 

21 J 8 L 

in s 
H5D 52 
34$ 2T6 

354 ft 

19D 49ft 

n» lift 
1413 21, 


lft 2 

14*6 If* 
lift lift 
(ft 9*6 
1«W TV. 
1*6 1VB 
1IV* I7ft 
M 1*6 
51+ 55V, 

9>* 9*1 

41* 4*ft 
17ft lift 
3*H Ms 
■ft in 
SV. 5ft 
4ft* ft* 

5* 5" 

15ft 15ft 
12 ** 121 * 
1 JV* Uh 
5ft 5ft 


«v> 6ft 
5ft 5ft 
IB* 15V1 
lift lift 
3 2ft 
129k 17ft 
MV* IB* 

38 37V, 

2IVb 19ft 


119k 

3 rft 
lift 


Nasdaq 


1639J2 leases I63SJ7 +11,14 
131932 13*260 *31962 +1139 
178050 177173 177882 +457 

17SS20 1742.10 174457 -1B7 


IP* 19ft 
40*6 40ft 
94ft 949k 
B7 >b 87V* 
136*41 37 Vb 
35ft 37ft 
337* fl’k 
25 M«k 
19 70ft 
175* 19V* 


SOYBEAN MEAL KB077 
100 fans- dooms per ton 
Sep 97 284.00 273.70 282.10 +960 964J 

Od97 24100 23360 23760 +130 73J31 
Dec 97 22160 71700 21070 ,1.40 41502 
Jan 99 274LS0 21170 J»X» +170 10250 
Mar 98 209.00 205.00 20700 +150 9603 

May 98 207A0 20130 20420 +1.40 7.794 

Est stBea 3SJHQ Uni's sates 3BJB2 

THUS eper W 109,730. up 329 


Metals 

cold incmto 

IOO Boy so-- dobors par (rur a*. 

Sep 97 322.90 +1J0 46 

0cf97 32400 3Z2JO BB +1J0 (41 16 
Nav 97 32460 -1.10 

Dec 97 32X60 32180 32540 +1.70110516 

Feb 98 327.10 32SJ0 337W +1.00 I5J5I 

Apr 98 32860 32730 328JD +090 &39S 

Jun 98 330.70 33000 330./0 +0.90 0JIO 

Aug 98 33260 +0.90 4049 

Od 98 33490 +020 US 

EsL sates 17JM0TMn stfes I&839 
Thus open Ini ZDQ6H. up 3.297 


ITALIAN GOVERNMENT BOND (UFFE) 
ITL 200 metal - pts anw pd 
Dbc 97 109.72 I09J3 109J2 +006 101658 
Mar 98 W»J7 109J7 10912 -<LSB 0 
Ed. iotas: 41735. PlM. sates: 134839 
Prer. open ttt.- 134423 up 1693 


LIBOR 1-MONTH tCMERJ 
S3 nriHon- pts at 100 pd. 

Sep 97 9435 9433 9434 unch. HI 49 

Od97 9433 «4JI 9432 and*. 10951 

Noe 97 9429 *42* 9427 UIKh- 11250 

Est. sales HA. Thus sates 7610 
Thus Opm M 44151. up 14K 


Industrials 

COTTON 2 OtCTN) 

500X1 lbs.- cents perk. 

0*297 73J0 7130 7154 4139 4908 

Dec97 7133 72J0 7X61 4L49 «,U5 

Mar 98 7470 7X66 7X92 445 US57 - 

May 98 7530 7435 7465 -025 4003 

-M98 7S6C ZS20 7518 -039 MM 

Est srtes NJL Thirs soles S993 
T)W» open M 884174 off 137 


97ft « 8 Vk 
49ft SO 
28ft 29ft, 
77ft 78Vk 
II** 1 +ft 


2 «*k ft 

2 ii: 21 r* 

J } 4 

20 ft Wb 

7% TSk 

R ® 

*k ft 


T T 

3ft M 

Jlft 11 ^ 
ft V* 


lift lift 
IW* 17ft 
r*» 7ft» 


14V* 14 
2 ft TV* 
36*k Uft 
12ft 12 
M 34 
m an 

25 23ft. 

*H «'* 
23ft W*B 

si* » 

lVk 1ft 
4ft 4V* 
Ikk 7*6 
20ft 19ft 
36ft 3416 
Hft ISft 

IM Tjft 
14ft. 14 
2 IV* 

5ft 9* 

6 ft (ft 

12ft lift 

6*B 49k 

J*k 71* 

lft lk 

1ft 1*6 

17k 119* 

12ft Ilk 

2 k lft 

5 4*i 

lift IB. 
2S>k 24*. 
lft *ft 

6ft 6ft 

6ft 6ft 


310JJ1 109459 2166.71 +1140 

1040.9$ 103U1 *040.95 +IIJ6 


Si ' +*k 


mob !*■ imt a, 
46762 662.15 66756 +130 


Vo*. Hftfa IM> Left Cftf. 


SOYBEAN OIL(CBOT) 

6R0W IPs- certs par » 

Sep 97 2X80 22-38 2X39 -0-33 3.040 

Od 97 2198 22X7 72J2 -0.35 20072 

Dec 97 23J9 22.80 22J7 <041 41,236 

Jffl>98 2155 2103 7103 41X6 11,226 

Mor9$ XJXJ XUS 2X30 4147 7.303 

May9g 7190 23x$ 2360 4U6 1883 

Est. sate 2X000 nnn sales 24740 
TIW5 open M 90151, up UQS 


HI GRADE COPPER (NCMX) 

2 WOO ms.- oerts per (0 
Sep 97 91*0 966S 97J5 +0 80 

Od 97 98.10 97.10 98.10 +A5D 

Nan 97 9860 98-4Q 9X60 +045 

Dec 97 99.20 97J0 9M5 +060 

Jon 98 9X60 MOO 9865 +060 

Feb 98 98J0 +060 

Mar 90 98.90 9760 98.25 +0.70 

Apr 98 98.10 +060 

Ma»9B 98.10 97J0 97.95' +03J 

Est. sates &000 TMrs sates 7,924 
thus Open W 441 91 up 683 


Dow Jones Bond 


6147 Wh <n+a 93kt -nt* 

7138 34 31ft 34 +7 


116 .k 

4'6 ft 

7ftk 

19k -ft 

MW .16 

28ft -ft 

lift -ft 

14ft -'ft 


20 Bonds 
lOUffiSes 
10 Industriab 


xai //+* 77+ft 27 t>b +kft 

4926 *6 kft ft 

«« 3**k Jiftft 36 

4868 lft 19ft l»ft 

4451 77*9 27*i +kft 

4428 12Vb 11% 12ft +Vb 

4258 5ft Sft Sft 

4007 18ft !9*ft 18ft *Ym 


SOYBEANS (CBOV 

5M00 bu nMmun- cents per bushel 

Sep 97 717 0« 709ft +16 7J11 

Mo* 97 652 637H 640ft 3 891974 

Jan 98 653 640 642W -3 20,909 

Mcr98 iS9 447 648*4 -4k &S8I 

May 98 665*4 654 654ft -4*4 6624 

Ed- sales 50.000 unrs sates 41956 

imrsapenM 141158. up 721 


SILVER (NCMX] 

SOOT hoy oc.- cents per in at 
Sep 97 44860 44200 467.10 + 2 JO 


EURODOLLARS (CMERJ 
SI nBta>-pts of 100 pet. 

Sep 97 9438 94.25 94J6 UKtl 4420Q 

Od97 9420 9417 9418 undl M90 

Oec»7 9415 *407 9408 unch. 530476 

1«ar M 9406 9X98 9400 until. 3S5J06 

Jun 98 9195 9187 9189 und*. 2724)61 

SepW 9186 9177 9179 undL 214299 

Dec98 9172 9165 *167 unch. 187X90 

Mar9* 9169 *362 9365 unch. 130580 

Jun 9J 9164 9158 9X60 unch. 104377 

5tep» 2^0 93J3 9XS5 -0.01 84988 

D«c 9* 93X7 93X8 -0.01 7S807 

MarOO 9153 93X6 93X8 -061 65X71 

Est. sales N A Thus sales 292,941 
Thus open int 1797,274 off 1238 


HEATIN6 OIL (NMER) 

4000 gaL cents pur gal 
Od*7 5480 52X5 5178 +1-24 4W1». 

No*J>7 5560 53L65 5188 +1.15 2M»- 

Dec97 5660 5490 5553 +1JJ0 21542 

J*»« 5765 55.70 5643 +0.90 20634 

fah« W60 56.10 56.93 +085 1L7» 

S-fi 5S - W 56x3 +075 14®. 

Apr® 5400 5490 55.18 +06ff« 3X94 

EsL «4es NA Thus sates 34198 
Thus open M 14a«S ur 3637 


Trading Activity 


Nasdaq 


Advanced 
Oeahwd 
Unoanged 
loSousso+s 
New Highs 
New um 


1657 *507 

117S 1331 

Sis SB 

3M0 3383 

743 227 

6 17 


Minced 
Dedned 
Unampee 
Total issues 
NcBHife 
New Laws 


9 ^ 
SS 08. 
J 2 


WHEAT iCBOIl 

SOOObu B*Btewm- cents per bushel 
5cp97 376 369 37T- +ft 2,761 

Dec 97 391 383 387 + ft 68.734 

Mar® 402 395 3«t unch 22670 

Mar® 403ft 398 400 -ft 1628 

Est sales 24000 Tlwrs sides 27,1® 

Thus open m 107 an, oh US 


Da 97 460.70 +2.00 

Nov 97 47110 +100 

Dec 97 47860 40660 47100 +260 

Jon® 47450 +100 

Mar® 48100 477.00 47960 *2)0 

May® 48180 +110 

Jul® 48860 47.® 487.® +130 

EsL sates 1 7600 TThm sales 117*4 
Thus open ml 7L85B. all 1J75 


BRITISH POUM0 (CMEKt 
42600 pminitb S per pound 

'*2 ,JB1i ‘JW+OJ*® 42X47 

0« 97 16890 15740 158*0+00096 4786 

Mar® 1 579* +00096 209 

Esf. sates MA Thus sates 7X78 
Tmrs apcsi bit 49641 an 483 


UCHT SWEET CRUDE (NMER) 

LOOT fcbL-dolais par bbL 
2 ^^ I 2 S 19JJ +033 
2 07 19M 19J3 

Dec97 ».13 1956 1951 +020 

2- 15 w -“ was + 0.19 

1MI -HXW 

M»« 20.10 1953 1956 +0.18 . 

BAtctesNA. 7hm sates 711® 

nws opm Im 404531, up 997 


Market Sates 


144 lft 
124 l*Jft 
15*4 17k 


7ft 7ft 

f» ft 


6k 5H 
ft *1 
2Pft 29ft 
lift 116* 
41ft 39H 


29ft 

12 ft -ft 

41 Vs -IV* 


Adsencea 
D eanec 
UnjjBjngaJ 
TcM Issues 
New HUM 
New Lairs 


pi 3 ® 

243 274 

165 158 

733 no 

•l 1 


NYSE 

Amex 

Nasdaq 

InmdSom. 


53659 66968 
23.18 3223 
594X5 669.77 


Livestock 

CATTLE (CMER) 

4L0Q0 lbs.- cents per lb. 

Ocf 97 6805 6725 6745 +tt*J 

Dec 77 69 30 68.75 6947 +035 

Feb® 7217 71X2 77.87 +A43 

Apr® 7432 7165 7X17 +050 

Jun ® 7085 7U2 70*5 +040 

Aug® 7035 7810 70.25 +<177 

Est sates 11605 Thirs sate 17.7*9 
Thus open W 9S582 off 1,797 


PLATINUM (NMER) 

50 tray at- dattors ptr auy 01 . 

Od 97 420.00 4)5-50 41740 +1.20 

Jan® 41150 4050 40940 +030 

Apr® 405X0 4Q&00 405 . 49 *0.70 

Est. sates NA Thus sales 2388 
Thus open Inf IJ. 11 S, aft 77 


CANADIAN DOLLAR (CMER) 

1 oacoo dolors, s por Cdn. Mr 
SepW .72® 7276 .7237+0401 1 41963 

”85 7262 -7273+04X111 16733 

Mar® .7318 .7305 .7305+041014 770 

Est solas NA Thirs sates&746 
Thus open mi 59.742. ofl 1257 


JWTJJRW- 6 AS 0 IMER} 

80000 Rim burs. Sper tetm btti 

l 740 1620 w«+ 0 jns 
tfilS 1750 Mao +ojo» 

DocW 2.9OT I860 2910 -CUW! 

*"2 l** 2-910 -04)03 

5*® J-670 2410 2451 +04)07 

Mar® 2XIS 1345 1395 -OJMJ 

EsL smbs NX. Thus series 4S322 
Thus open M 21R26), off 194 


Cto» 

LONDON METALS AMEJ 
DoUtes per metrtc tan 


1 (High Grade) 

Spot 1403.0D 1*054)0 15874X1 1 58800 

Fonwl 1*22.00 1*2X00 1612 00 1*134)0 

Capper CotMdes (H)gb Grade) 
ipol 21*4’* 21*6ft 2142ft 2144 ft 

Faraord 2I724D 217100 215100 71 S 200 


GERMAN MARK (CMER) 

12SOWmorks. Spermodi 

Stfp 97 +S575 .549b +S552+0.Q044 E7.MA 

Dk91 .5606 ,553V 3585^00044 

Mar 99 -562 2 H57t -5617+04)044 1 X 41 

Est. soles MA. Thirs soles 22133 
Tlnrs open on 70^241 2 xw 


217200 217300 21514)0 215100 


M 27k 
M k 
217 7ft 
aft 5ft 

S ^ 

M W 

^ ,51 

B 2 ft 


TV. 4 
9ft 9ft 
21 71ft 


7ft Th 
5*11 

24ft 24ft 
29k lft 
6*i 6*4 

lift lift 


1 4ft .k 

lift -ft 
12ft -ft 
2k ■■* 
lft 

*ft +'* 

4ft -'.k 


13 46k 

IU !Tft 


166 10ft 
IS 3W 
33U .Jft 


IS 8ft 
1722 IV* 


Ik 8*1 

13ft 17ft 
Xh 3ft 
43*1 41ft 
9ft 18ft 
12V T7n 
11*1 10 ft 
7*1 lft 
4*k i 
Mft 
6M 4ft 
Ilk lift 
Ik ft 
2 Jft 
9 9*. 

41k 4ft 
Uft 15V 
4 4V 


utk 9m 

43ft Of* 
It 73ft 
It* |i+ 
21 Vk 300 

isn uu 


2k ,ft 

m* -**(. 

m* +*K 

24 .4 

IVb -ft 


Dividends 

Company Per Amt Rbc Pay 

IRREGULAR 

New South Africa _ .02 10-10 10-24 
Toyota Motor b .147 9-29 — 

STOCK spur 


Company 

BkAHanHcanB. 
BenyPetralA. 
Brifflance China 
Commd 9k NY, 
Hawkins Own 


C-Tec Carp 1 share at RCN Cora for each 
share of C-Tec held phis lsharc of Cable 
Michigan for eoct> 4 shares afC-Tec held.' 


Hetinerich Pome 
IDEX StratgcTot 
Natisca HokSngs 


a2 for 3 revetse spa 
Meyer, Fred 2 for 1 split 
Nttienst In* Grar 3 for 1 sp&l. 


znt lift 

4Vft 40W 


INCREASED 

HaoovrtGen Q .19 10-14 1(V31 


at* tp* 

m im 


,7Vm 2 ft 
na ms 

4fr* IWk 


14% -I | 
lft ft 


ug sn 

7N 41ft 
115 1+4 

544 fft 
1077 9) 


STl 55ft 
O 42 Vb 


IVl f/B 

7ft 9ft 


in* ii 

1MB IM 
17N 16k 

26ft 25*4 
7U 2k 
I'b 1ft 


REGULAR 

Amcor LW ADR b .584 9-24 10-22 

Amwesf Insurance 0 ,11 9-30 10-15 

Bonk United 0 .14 9-15 9-26 

BkAftanflc Bn A, 0 .033 10-3 10-17 


Mqfl IncoRtty 
N IN PobSvc A 
OHBANCQRR 
PtnnacteBn 
Sony Corp ADR 
Thomoston Mffls 
c- payable on MB. 
WafbraCers 
WaslringtonNU 




Per Amt R»c Pay 

O .03 10-3 10-17 
0 .10 9-15 9-29 

S JU 10-9 10-31 
Q J385 9-12 9-30 
S J» 9-26 10-1 D 
Q .13 ri-M 12-1 
Q in 9-12 9-18 
0 -17S 9.15 10-1 
0 JO 9-15 9-30 
- J5 9.16 10-14 
0 -3J P-17 70-1 
a .235 9-19 10-1 
b 205 9-29 12-8 
c J)75 9-1 S 10-1 


FEEDER CATTLE (CMER) 

SUMO D>Sl- cents per Pl 
S ep 97 79JS 78.95 79.55 +140 
Od 97 79X0 7X55 79.4C +045 

New 97 80.70 79A5 E0X2 +0X7 

Jan® 81X5 8052 81-32 +0*0 

Mae® 81.10 »J5 81.10 +055 

Apt® 81 AS BOOS BIAS +0.47 

Est sates 2,756 raw sc®» 2X44 
Thus opan M 10.997, afM13 


Spo* 6*0*7 641*6 630411 6314)0 

Fonwil 6544M 65500 6444)0 64*00 

NfcM 

Spat *6104)0 «63aOD *58500 *s*S4X) 

Fonrant *71000 <7154)0 6*904)0 669500 


JAPANESE YEN (CMER) 

IZXmRtenveft s per loo yen 
Sep® X297 0231 X269 + Q0002 91X85 

Dec97 0402 8340 •8377+04X02 1R362 

Mor * 8490+0.0002 666 

Est. sales N A Thu's saws 41 JB3 

TTrts open Inf 1 1 1,542, off 572 


UNLEADED GASOLINE (NMER) 
jttOOO gal cents par gal 
22” “RS 58-70 604)5 +0.13 45710 

S6 - Se 57X0 +0X9 16X31 

S - 30 5605 56JD + 0 - 54 U - Tn 

£22 H-5 56 ' 10 57.10 +094 11247 

ttXO 57 so +1.04 3X90 

Mar® S7.71) 57 JO 57.® +0J4 4.951 

umiL mw 

May® SD-51 unch. 948 

EsL sates MA- Tlnn satai 3&2S9 
TWsopen M 104,12a up 1480 


Spal 5430410 54404)0 5385JOT 53904)0 

Forward 5470.00 548080 50000 S4354M 

ZMn (Sperad Wqk Crade) 

’Spa 16754D 168080 1637® I MOOT 

Forward 1488410 149100 14704X) 14714)0 


svnss FRANC (CMER) 

12VJ00 francs, S per hone 

S2! -*52 -6776 +04)093 47,228 

2*2 ■?££ 673 5847+0.0093 tJsT! 

Mar® X900 6880 X917+0OT93 14)61 

EsI. sales HA Tfc«ra sales 10007 
Thirs open tel 55.306 up 352 


GASOIL UPE) 

U- 5 - permeMc Ion - Ws oflOO Ions 
SepW T64J5 162-50 164,50 +1® TZ564 

2 S 2 144JU 14Si7S +a75 21,7® 

Jjow97 1050 166J5 16750 +0J5 12,221 

imu JS -21 UndL ,6 ^33 

Jan® 17U-S) 149 JO irajo Uk). 

ftb® 17035 1704)0 170.75 Undt 

Marts 1WJO 148.75 16950 Unde Uu 

Est-»*rias:l&340. Pre*. Siries: 11711 
Prw. open w_vQ7as off 4?y 


0 .10 9-30 10-37 

0 J7 9 -15 10-1 


HOGS-Leoa (CMER) 

AUMOIft- cents peril 

CO 97 70.90 7005 70.77 +056 

Dec 97 6750 6605 67 JO +010 

Feb® 46J5 65AS 664)0 -04)5 

Apr® 6255 45.05 63J3 +0217 

Jun® <7X2 04)0 <7 37 +0 60 

Est. sates & 1 36 Tim sales BJ36 
Thirs open int 31533. Up 275 


High Low Cknd Otge 


Financial 

US T BILLS (CMER) 


SI mwsn-prs at lOTpd 

S«i97 feOl 94.® 94.® -04JJ 5X06 


oranMRft b-appatiaute OBWWU par 
shore/ ADR; 9 p aya b le In Cunogoa funds; 
m-nteoffity; R-quortartr? s-s e ari-on ro m 


Stock Tables Explained 


ITS lift 
415 lft 
157 17 

im im 
15*2 Eft 
Jffi 21*9 
sr m 
.717 T-. 

m p- 


9ft 9ft 

TSi ^ 

ins ilk 


TP> uk 
n-> If* 


w* 1 ft 

ft* Jft 


r* n 

15ft Uft 
.71* ift 
JIN 18ft 
15k 14ft 
85 59k 

IN lft 
4k 4ft 
T Vft- 
18ft IW 
21 V* Sk 


Sales figures are unofficial. Yearty highs and lows retied the previous 53 weeks plus the 
current week, bur noMtie latest traefing day. Where aspfitor stuck tfiy Wend amounling toZS 


PORK BELLIES (CMER1 
40.000 fes- emis per Bl 
F eb® 68.60 6715 67X7 4.39 
Mar® *8.12 67.70 <7.® unefi. 
May® *7.75 +a» 

Est «ries l.ooo Thus van i.a« 

Thus open bri 4517, up 1 18 


2*2 w ' 43 urKft i ®0 

Mw« 9461 9482 9481 unOl. TJ82 
Esl sates N A Tmrs saws 544 
Then open *rl ?xlft off 1® 


MEXICAN PESO (CMER) 

5004)00 pesos, S per peso 
SNJW •J2*5 -177S) .12777+ «077 19/UO 
Dec 97 .13307 J2270 .12293+ U0071 ]4Jm 
Mor® 11850 .11820 .ll83S+Wt2] 

EsL sates NA. Thus sales 7X52 
Thus open ini 41.079. aH 1,143 


percent or more hos been paid, the years high-low range and dhridendare shown for the new 
sTocJaonty. Unless otherwise noted, rates of dividends are annual disbursements based on 
)he kites) dedortrtwn. 


15 

R -k 

lft -ft 


Wft +v. 

31k <U 


ffl r* 
m jn» 
» 12 ft 


*- *W 

J7H r-B 


1747 lft 
JHa 6ft 


T?i 12 ft 

lft Hi 


JJft Jlft 
36 n r i 
ft ft 


Ilk -It 
et -■+ 
U .1 .11 


8 - dhridsnd otoo extra (s). 

b - annuo! rale of dividend plus stock *Sv- 

tde«L 

c - houtdating dividend. 

cs- PE exceeds®. 

cM-adHd. 

d- near yeariy tow. 

dd - loss in the last 12 months. 


P - Ifrifiol tfividend annual rate unknown. 
p/E - price-earnings ratw- 


p/E - price-earnings ratw. 
q - dosed-end mulvol fund. 


r -dividend declared or paid in preceding 1 2 
months, plus slock ifividena. 
s - stock spW. Dividend begins with dote of 


Food 

COCOA (HCSE) 

10 neMc lam- spar tan 
Sep 97 1687 16SS 1*SS -3* 174 

0« 97 1730 1667 1674 06 4$543 

Man 1757 16® 1702 -3 9 77.009 

Mm® 1766 1 71S 1719 -31 12.391 

Jul® 1745 1736 1734 -* 2^73 

SepW 1797 1752 1755 XI *463 

Est. rates 9X30 Thus rales 7,130 
Thus coon tall 07X42. Of! 406 


m TREASURY (CB07T 
J 1 WJP° K»- P«S A 64111S BflOO pd 

,0fcJS ,0W7 -°l 81.297 

1^97 106-52 106-20 106-2* -02 MUMS 

EsL sates 94S0P T)nr» vta 49X15 
Thus open M 22Z34i up iggr 

Drc97 109-16 100-15 100.70 -05 267.335 

5* 1 **Aei 158-500 Thirs sates 76.146 
Thus own W 37&6T9. vtt 7,3)5 


WAD NTH STERLING (UFFE) 

£5aaooo -pts at loo pa 

S- 72 wn Unch. 

DeeW 0262 ois9 TO61 +8S5 

Mar® 92X2 9258 91S9 +J5i 

S* 1 9243 ** m 

92-48 9170 ,nm 

Dee® ns) 9278 91® n? 

Mart* 928/ 9134 

Eri soles 5*691. Prav. sates: fee® 
Prev apeniol.. 669 J® up 47 


BRENT OIL HPE) 

OTflors BWborrj*«s ol 1 ^» narrate 

N «97 !H5 12-15 IJ£ 41X72 

® its Its its ss KS 
B j» g g g 1 

W-satocaGIW. Prev.*£:^ 

P*« op« hiL- 160X76 up«6 


as-asap- . 

T* 9 **** 0 WS 9SL20 -2® aao 
flf , -? <naa N A Thus soles 60367 

Tftrs open Ini 207,731, off 2X18 




e-tfiridend declared or poid in preceding 13 t - fflwwend poM to s*x> in preceding 12 


1ST I*. 

n ip» 
u n . 
ire jn. 
n »■. 

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a $ . 

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months. months, estimated cash value on cxxSiv- 

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ration. u-newreartvhiati. 


24 5 Ml 
ll ft 


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16*1 «■+ 


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lift lift 
17*1 1*9. 

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12*4 17 k 

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mhon. ii- new wort* high, 

a -j dividend to Canadian funds, subject to 9 - Trading hotted 
in non- residence fax. vl - to bankruptcy or recenershtp or being 

!•■ anw sP'd-'m °r Sock reorgonliad under the Bankruptcy Ad. or 


Mcuriftos assumed by such armpantes. 


| -<Mdendpaid Ns yeor. amtoed deferred or Ml - when dsfributed. 


no oocn taken rtljtes tf wdendmttfirw. tef-wfienlssueer 
k - Svtdend (tedored or paid this yeot an ww - with wo minis. 
occunAriofricbsue wiBi dividends ■» aneoR. * - e*-dhndtsu5 Dr OT-rjghK 
m • annual rate, reduced on tost declare- tfs-ex-dlstrtiuhon. 
h™ 1 - _ w - wrttwut mnranls. 

11 - itew-ssue inflie past 5?wwks The Wgh- y- ex-drv Wend and sales to full 
lew range begins wilt* me Stoll at trading. yW- yield, 
nd- iwr) doy defirery. 2 - sates n ML 


COFFEE CIHCSE3 
37 JOT lbs- cents per to. 

Sep 97 21 TOT 70750 208.® -1OT Sto 

Dec 97 I94BQ I87OT 18BM -6.15 13.W 

Mof® 17550 17050 1®® -*25 *15® 

May® leffOT 1*4/5 nw.75 4# IXM 

JU® 16200 159OT 159 TO X.10 1,2® 

Est rates 4J04 Trnrt rakt 9X61 
Thin open hu 2 1X97. up 7® 


US TREASURY BONDS [CBOD 

re pd-siauwurts 4 33 rat omoo pat 

SVt iiucniS! ,MV ■“ , W 

I/ft: 97 II3v5 |?-|7 * f J 

Mjr® m« 1 , 1 ^ 

I . >l«-27 . |j 2jj9 

Esi rates 575.000 Thirs sates Z 540 Q& 

Thus open Ini 585X*1 at* 9.494 

LONG GILT (UFFE) 

C5O0OT - pis & jjnds utim pa 

rCS H 5 * 7 l»» -0-06 11 271 

D*C07 IlfrlJ 114-23 114-27 

£sf. rate* 8*257 Pro* stoes- *L4*i 
Pre. open Ini- 1581796 Wf 34.311 


^W PWTH E UBQMAbjc (UFFE) 

D*} 1 ">*ton - Pis of lOOpa 

B »v w g g-w 

*3 g § g g»S 

Doc® 95*7 9sS kS ISS S 1M 

MorW 9S4J IS9JB3 

*•" «» %% 

ElL rates: 134*00 Pmv «kr. r a* no 
PIW-OPWW vak 


FTSE in (UFFE) 

aspwiwtowref 

JfP’i 50*10 501X0 rnnn _.»» 

B«97 S1 174 906M SQUA JSs SlS 
N.T rtT 5106J) -IM liw 
J1442 Prev.sates.- 17J2S 
Prer.tswnki: 77A7 off 147 


«£5»MRTin 
£f?®P«hdex ( 
SepW 2971.0 • 


3-MOHTH PI BOB (M ATI FI 
FFS mftoon - pis of IM pa 

9+OT a* Cr. -.™r B 


i- sales in ML 


SUGARWORLD II (NCSE) 

112OTQ to*.- cents per to. 

Oct 97 U*7 1tJ4 1IJ4 4W 0479 

Mor® 12 03 II.® 11.99 -ClOl 75S» 

fiter® I2OT 11.® 11.95 41® 18130 

JU« 11 79 11/4 11 17 +0.M I1X® 

Ed rates 17.388 Tim siries 13.213 
Thus open hu 2IU7& up 75 


GERMAN GOV. BUND (UFFE) 

DM250 0OT- pts i)1 100 pa 

SepW («■» 102.® 107X7 .gin 

Dec 97 101.74 10123 101/4 -flM 2 X*m 

Mar® 10040 10040 10804 IoS 
EsI rates 21,604. Pros sales 774.157 
Prw open ml 7*1.512 on 145*0 


So/ 96% *001 

M Or® 962* 94S 25S 351® 


SiS^=iis« 

®iteq HlL; 6U85 off 107. 




ft- 


>s? 

41.: -V -Pf 


MOfW 9124 9^5 555 I ♦JJg 1^192 

Jem® 96. Ip vTw "nS 73.750 

5cp« 95 92 9S.W ^ 7(a 

£st.»kft.-aifit ’° 01 34331 

Open tot.: 242.756 oil sojg . 


Commodity indaxes 


7-MONTH EURO LIRA (linri 
J, "iNtol pISMIQQpa 

OC97 JM, ®XS0 


Moadv*. Prauhos 

pSSS? j®S '-5«X0 

*£: ^ 'B 






S& 

1 "tote--. 







PAGE 3' 




-u.i ui?ftAijxTBim!Me_ttXDNEm4ilSEPTEMBER5tLl997 



INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNDAY, SEP TEMBER 6-7, 1W 

EUROPE 


PAGE 11 


EU Seeks 
Slot Cuts 
By BA and 
American 


Bloomberg News 

v Italy — Karel 

Vaa.Miert, ^ European com- 
petition commissioner, said Fri- 
day that British Airways PLC 
and American Airlines Inc 
would have to give up about 350 
{ake-^ff slots at London’s 
Heathrow airport and modify 
frequent-flier programs and re- 
servation systems if their 
planned alliance is logo ahead. 

Earlier, the European Union 
said die airlines would have to 
cede to rivals 25 daily round- 
trip flights from Heathrow and 
cut the frequency of flights on 
key routes before it would al- 
low approve the alliance. 

The commission, the exec- 
utive agency of the 15-country 
Union, also rejected the two 
carriers’ request to unite their 
frequent-flier programs, ac- 
cording to a spokeswo man , 
Lizann Peppard, at American, a 
unit of AMR Corp. 

“Some competitors had 
called for 700-800 slots to be 
given up,” Mr. Van Miert said 
at an Italian business confer- 
ence. “Our figures are still 
about 350 slots at Heathrow. 
We also have other concerns 
about frequent-flier programs 
and reservation systems. 

The demands, which were 
set in a preliminary review that 
may still be substantially re- 
vised, underline die commis- 
sion's tough stance toward the 
alliance and raise concerns that 
it could seek such drastic con- 
cessions .that the carriers will 
not be able to complete the rev- 
enue-sharing plan to unite fares 
on trans-Atlantic flights. 

“It is looking increasingly 
uncertain,’ ’ said Peter Bergius. 
an airline analyst with ABN 
Amro Hoare Govett 

At a briefing in Brussels earli- 
er Friday, commission officials 
declined to say what concessions 
die body was seeking, adding 
that discussions with the two 
carriers were still under way. 


VW to Use Stock Sale to Fund Expansion 


Ccnpdctlbylhr SxgFnea [i,^ ^ 

\r ^^LFSBURG, Germany — 
Volkswagen AG said Friday that it 
would sell 6 million new shares 
raising an estimated 7.5 billion 
Deutsche marics ($4.12 billion) fora 
major expansion. 

Following the announcement, 

after-hours trading, amid concent 
that the new shares would dilute the 
value of existing shares. 

The automaker said 3 million of 
the new shares would be sold to 
existing shareholders and 3 million 
would be sold to the public “at a 
price that won’t significant^ un- 
dermine the market price at that 
tune.” 

“Announcements like this can 
bring uncertainty into the market,” 
said Juergen Vetter, a fund manager 
at Deka Deutsche Kapitalanlagege- 
sellschaftmbH. “On the other hand, 
it’s positive news because things are 
going well and they need money to 
expand.” 

The automaker did not say what it 


intended to do with the money, not- 
ing only that “growth of Volks- 
wagen will be guaranteed in the 
coming years by adequate capital.” 

The announcement of a capital in-, 
crease surprised some analysts, who 
speculated that Volkswagen might be 
planning a major acquisition. 

” VW has said over and over they 
did not need a capital increase, yet 
they are doing one anyway,” said 
Georg Stuerzer, auto analyst with 
Bayerische Vereinsbank AG. “They 
don’t need the money. Maybe they 
are planning an acquisition. ’ ’ 

Volkswagen shares had risen 111 
percent so far this year, more than 
any other issue in the DAX index. 

“Volkswagen will likely use the 
funds to expand overseas — Asia, 
Latin America, North America, 
Africa — anything you can think 
of,” said Juergen Pieper, an analyst 
at Deutsche Morgan Grenfell Equity 
Research, the research aim of 
Deutsche Bank AG. “I can’t imag- 
ine they would be interested in an 
acquisition, but definitely they are 
thinking about expansion.” 


Mr. Pieper said Asia would be the 
most lucrative market. 

“Asia offers the best growth pos- 
sibilities,” he said. “I can imagine 
Volkswagen could get in there and 
sell affordable, middle-class care.” 

Analysts generally piled out ru- 
mors that Volkswagen is planning to 
buy Porsche AG. Preferred shares of 
Porsche closed 130-50 DM higher, 
at 2,880.50. 

“1 cannot imagine that VW are 
planning a new acquisition,” said 
Christian Breitsprecher, an analyst 
at Trinkaus Capital Management 
“Buying Peugeot, for example, 
wouldn't make any sense. 

“It is simply that VW is an old 
German company with old German 
altitudes, ” be said “VW is relatively 
indifferent to the concept of share- 
holder value anti they are simply 
using high share prices as a chance to 
get hold of a laid of fresh funds.” 

Until the capital increase actually 
takes place, this will mean that the 
automaker will underperform die 
market. Mr. Breitsprecher forecast 
But long-term, be said, Volks- 


wagen’s status as a good investment 
is still intact. 

For its day-to-day business, the 
automaker has sufficient funds; its 
cash flow is high, Mr. Breitsprecher 
said, and after allowing for its leas- 
ing business, its capital-asset ratio is 
healthy. 

Bjoem Kirchner of Banque Na- 
tional de Paris also said that the 
capital increase appeared to show 
how VW does not attach great im- 
portance to shareholder value. 

Volkswagen is also devoting con- 
siderable resources ro its model line- 
up. At the Frankfurt car show next 
week, some analysts expect it to 
steal the limelight with die fourth 
generation of the Golf amid plans to 
increase annual output of the 
world's best-selling car to 2 million 
units from the current 700,000. 

“They certainly have the mo- 
mentum," said Sabine Bluemel, an 
analyst at IMI Siegeco. “But the 
VW story only holds if they keep 


increasing their sales volumes, an 
that must be driven by new mod- 
els.” ( Bloomberg . AFX. Reuters) Source: TS&f ura 


Investor’s Europe 


FnMut-. 

DAX vi-‘ 


3000 ,-17 


A M j J A S 

1997 


:'CFrSE-10O;i Index \ CAC 4 Q; 
t 5200 — - — -- • 4 3250 ' 

5000 i- At 7 3100 

— " 2950 

:: 4600 -W 

2800 

2650 

" 2500 








Intenuodaa] Herald Tribune 


Lukoil’s Net Falls as Its Taxes Rise 


Bloomberg News 

MOSCOW — AO Lukoil Hold- 
ing reported Friday that first-half net 
profit fell 2 percent as the top Rus- 
sian oil producer’s tax bill in- 
creased. 

Lukoil said it earned 1.74 trillion 
rubles ($298.4 million), or 2,600 
rubles per share, as the company 
increased crude oil and condensate 
production 6 percent, to 1 .2 million 
barrels per day in the half. Sales rose 
19 percent, to 28.16 trillion rubles, 
ana pretax profit rose 13 percent, to 
2.40 trillion rubles. 

The company's tax bill, however. 


nearly doubled, to 65 1 billion rubles 
from 334 billion rubles. 

“The net was a little worse than 
we expected,” said Stephen O’Sul- 
livan, oil and gas analyst at MC- 
BBL in London. “The tax bill rose a 
lot We're seeing an excellent com- 
pany being hit hard by taxes. The 
key thing is production is rising.” 

In dollar terms, Lukoil’ s net profit 
fell 19 percent 

Even with the drop in net income, 
Lukoil strengthened its predominant 
position in the Russian oil industry, 
where output rose just 0.5 percent 
between January and July. Its closest 


competitor, AO Yukos, reported a 
45 percent plunge in 1996 profit the 
most-recent figure available. 

Oil product exports more than 
doubled, to 3.3 million tons 
(446,000 barrels), Lukoil said, with- 
out providing comparative figures 
for last year. Processing at the com- 
pany's own refineries rose 25 per- 
cent. to 9.7 million tons of oil. It 
refined a further 1.8 million tons at 
refineries it does not own to raise its 
total refined output 20 percent. 

President Vagit Alekperov said 
Lukoil expected oil production to 
rise by another 2 million tons. 


Misys Acquires Medic for $923 Million 


CnofrieJ by Oir Sc# From Daparkes 

WORCESTER, England — Misys Ccop.. a British 
computer services and software provider, said Friday 
that it had agreed to acquire Medic Computer Systems 
Inc., an American maker of office-management soft- 
ware for physicians, for S922.8 million. 

Medic is one of the five largest information technology 
providers to the health-care industry, Misys said. 

Medic reported S38.9 milli on in pretax profit for 
1996 on sales of S19 1.8 million. Its management team 
will remain within Misys for at least three years. 


Misys supplies secure software packages — mainly 
to banks and insurers — and has become one of die 
world's largest software companies. 

Misys is offering $35 for each Medic share, a 7.7 

S ercem premium on Medic ’s closing price Thursday of 
32.50. 

It said that it would raise £321.5 million ($510 
million) toward the cost of the acquisition through a 2- 
for-7 offer of new shares to shareholders and that it 
would borrow the rest of the purchase price. 

{Bloomberg, Reuters ) 


French GDP 
Increases 1% 

In 2d Quarter 

Compiled by Oa Sxtf Fmn Dapaxhn 

PARIS — The French econ- 
omy expanded by 1 percent in 
the second quarter, the state stat- 
istical office announced Friday, 
slightly less than what many 
economists had expected. 

The increase in the gross do- 
mestic product, driven primar- 
ily by exports, compared with a 
0.2 percent rise in the first 

r rt et. It was the largest since 
economy grew 13 percent 
in foe first quarter of 1996. 


“It’s still a good number,” 
said Eric Chaney of Morgan 
Stanley & Co., “although a 
little disappointing.” 

The government and most 
economists expect tbe econo- 
my to grow 2.3 percent for all of 
1997, compared with a 1.3 per- 
cent rise in 1996. 

The Socialist government is 
banking on stronger growth to 
cut the deficit so France can 
qualify for European monetary 
union. (Reuters. Bloomberg) 


Very briefly: 


• Groupe Bull SA shares slumped 3.60 French francs, or 5.9 
percent, to 61.30 ($10) in reaction to the announcement that 
Guy de Panafieu, 54, who has no experience in the business, 
will become chairman of tbe computer maker. 

• Deutsche Telekom AG was threatened with legal action by 
the European competition commissioner, Karel Van Miert, 
unless it agreed to lower fees for competitors to use its phone 
lines. Companies that plan to offer telecommunications ser- 
vices when tbe market is deregulated as of Jan. 1 need to use 
Telekom’s network. 

• Guinness PLC and Grand Metropolitan PLC were 
warned by Mr. van Miert that taking a tough stand on possible 
concessions would not help them get approval for the merger 
of their beverage businesses. Guinness is reportedly planning 
to resist pressure from tbe European Commission to amend 
the terms of the planned £24 billion ($38.07 billion) merger. 

• Ceske Drahy, the Czech state railroad, whose head office 
had its power cut last week for unpaid bills, has installed a 
diesel generator behind its office to generate some power. 

• Tbe Swiss National Bank’s president. Hans Meyer, in his 
clearest hint yet that Swiss interest rates would have to rise 
soon, said die central bank would not be able to continue its 
low-rate monetary policy “for much longer.” 

•Hie Federal Cartel Office of Germany has approved the 
merger of Bayerische Vereinsbank AG and Bayerische Hy- 
potbeken-und WechseJ-Bank AG, and the merger of Victoria 
Holding AG, a German insurance company, with die primary 
insurance units of Munich Re, indudmgHanifcftirg-Mannheimer 
Versichenmgs-AG and Deutsche Krankenv ersiche rung AG. 

• Schraders PLC, the British independent investment bank- 

ing and fund management group, reported record first-half 
profit of £131 million, a 13 percent increase over the like 
period last year. Bloomberg . Reuters 


WORLD STOCK MARKETS 


Friday, Sept. 5 

Prices m local currencies. 

Tefekurs 

ffigb Law Om Pi* 


‘ SA Breweries 

_ Sancner 

ttigb Low dose Pirn, saw; 

ssjc 

Tiger Oats 


Amsterdam *«““*£* 


ABN-AMRO 
Aegon 
AbcJd 
Atari Nobel 
Boon Co. 

Bob Wesson 
CSMao 

Dented* Pel 

D5M 
Etaerier 
Fate Aim* 
Ge&odc; 
G-flTJCOn 

tsr 

HoognwHcw 

HunTOouotaa 

(NG Group 

KLM 

KNPBT 

KPN 

OceGrtntai 

PMpsEfcc 


IHdfl 

finlwra 
ftodrilDCD 
tofinen 
Reroute 
.Raw* Deleft 
Unilever ora 
Vends Inn 
VNU 

Woden Kl cm 


42*0 
1S9J0 
56 
329 JO 
127 JO 
3SJ0 
9160 
113 
19150 
32-50 
8950 

mo 

56 

10SJO 

324 

127 

VI 

9420 

7230 

45.10 

7430 

6170 

6490 

260 

16030 

10930 

8150 

195JD 

42J0 

19470 

11740 

11230 

44150 

10040 

4400 

253 


4130 42 42J0 

157 JO 15040 15930 

55.10 5530 5S*Q 

327 327.10 32740 
124 125.90 126 

1*40 3SJ0 35 
92.70 9340 9340 
no ni-90 hi 
19020 192 192J0 

31.90 32.20 32.10 

86*0 86B0 88 

42.10 SUO 63 

55.10 5170 5540 
105 10520 105-20 
322 32190 32240 

,Jal ° *5? 87*0 
93 9110 
7140 7240 
4440 4460 
74 7180 
&2J0 6130 
64 6150 
248 247.10 
157 15720 1594D 
10740 10940 10740 
B4 B540 M60 
19190 19£» 191£ 

61.90 6240 61.90 
19440 19470 19660 
11740 117-3} 11740 

no 11120 109.90 

63540 43950 437-» 
10640 106 107 JO 

44 6450 4410 
249.10 250 


Deutsche Bari 1,1045 10945 10955 11095 

Deul Tetetart 36.95 3635 3660 3670 

DresdnerBank 7430 7440 7465 TZffl 

FreKrtuS 312 305 310 312 

FraswfasMed 13440 13020 130J0 13140 

Fried- Kropp 
Gehe 

HddefcgZnrf 
tented pM 
HEW 


High Low dose Prev. 


38 37 35 

6640 6i 66J4 
212 20825 212 


High Low Cteso Piw. 


High Law Oom Pro*. 


High Low aua 


13925 

VenriameLxah 

455 

453 

4il 

3430 

Vodafone 

333 

176 

131 

66 

Whiteread 

829 

830 

829 

208 

Y/Xems Wdgs 

170 

3*5 

069 

8925 

WofcteT 

483 

479 

483 


WPP Group 
Zeneca 

187 

183 

183 


19 JO 

1920 

1903 


» Kuala Lumpur 

mio 109 J0 10960 10960 
150 147.40 150 M740 

1C2J0 10140 10145 >0120 

676.15 47615 47615 47615 
8750 8460 B6B0 84 

7450 7420 7470 7490 

655 648 6 H AT) 'J) 

9240 «L50 7140 8950 

1245 1230 1230 1235 

38 3740 3755 37.05 

513 498 512 J96 

718 90940 91050 889 

MrititgMftactaft 40.10 40 4LQ5 4005 

Metro 8480 8320 84B0 8350 

M«X* Ruse* R 60? 600 60* 607 

486 47620 485 483 

B2J0 82 8225 8220 — — 

42540 42340 42640 42450 London 

18450 18040 184 17940 U “ 


Ldnaeym 

LWe 

Lulthonsn 

MAN 


ssr 5 

SAPpM 


AMMBHrigi 

GenJing 

MajBmMng 

MoUntl Ship F 

Petnrat&os 

Proton 

PoMcBk 

Rwong 

Resorts Wedd 

ftc JUn ansPM 

She Dartre 

TckhnWl 

Tenants 

UtdEngiMen 

Y7L 


945 

11 

19 

560 

9 

9J0 
179 
136 
7.15 
2540 
TJ3S 
9 JO 
*40 
1260 
5100 


8-10 9.90 
10J0 1070 
1740 1680 
450 530 

8J5 B40 

8 920 
263 271 

3.16 334 

635 7.15 

23 2525 
625 670 

W0 925 
7.80 H40 

11J0 12 

460 525 


8A5 

1030 

1620 

418 

880 

8 

248 

110 

620 

23 

520 

680 

7*5 

1020 

436 


8610 

92.70 

71 

4420 

7240 

62J0 

6130 

246J5D 


SGL 


tassr 

ss” 

VEW 

tt*swj(jen 


240 

233 

243 

241 

11*90 

116 

11*75 HASS 

1515 

1515 

1515 

1535 

B63 

860 

860 

855 


FT-5E lift 489420 
PlWdon:49flJ8 


441 eitio m sn 4U to 
10160 10030 10125 101.10 
583 580 583 574 

772 770 77020 77840 

1350 >339 >349 1345 


Helsinki hex 


taw in 

PMMis&smJz 


Bangkok 

AdvInfoSK 

‘ Sara Com Ok F 

•Telecoimste 

UtdCairan 


214 

171 

390 

606 

96 

3175 

4725 

110 

127 


SETtB4hB54U9 

ftidtoKSUi 

195 2U 195 
164 170 165 

2475 2525 2425 
376 390 380 

566 608 566 

93 9540 VL3> 
29-50 3075 2925 
4340 4725 43 

KU 108 102 

123 127 123 



Bombay 

wx- 

isssr- 

MotenogarTd 
ReSance"md 
5tale Bkrxfio 
Steel Auteorty 
Tala Eng Loos 


847 

50450 

111 

54640 

266 

347 

297 

1975 

356 


SMS 38 Mtc 4032JS 
517 03925 819^ 

1396 M0S251«OK 

493 49440 SB 
106 11075 107^ 
538 542J0 544» 
Ml 265 36140 
342 34375 34425 
25225 29540 29450 
19 1925 1925 
348 35375 348 


Brussels 


Banal 
'BBL 
CBR 
Cdruyt 
DHhaizeUfln 
ElectrobtJ 
Elednrini 
Forts AG 
Gewert 
•GflL 

■ Gw] 


Pwwrite 


Sac Gen I 
Schrar 
TrodeUd 
DCS 


1720 

7620 

9B00 

3170 

I8M0 

1790 

7800 

3S35 

7530 

3480 

5940 

14650 

WOO 

14550 

4940 

107l» 

3490 

2230 

14900 

127100 


BEW0WK3O6* 

PmtaPK 24*535 
1475 1470 1710 

7510 7620 TOT 

9670 9670 9730 

3090 3140 3190 

17700 17700 180® 
175} 1780 1790 

7650 77 £ K8> 

3500 3520 3520 

7500 7440 

3W> 3430 3465 

3760 5860 5820 
143Z5 14500 14400 
4400 14850 14800 

mbs igg 

4905 4925 49» 

TffJSO 10550 10M0 
3S 3440 3450 

2^ 2200 tm 

14^00 14800 14850 
I241S0126000 1266SJ 


Hong Kong 

a 

Colhavftiefflc 1190 

Brae w 

Hang Urag Dev 1420 

83™ S <S 

SSaS aG oi ^60 

HK Electric 2845 
HKTelMcnoi >720 

%% 

Mmsan El Hdg 1920 

wTcwnaPo*! 6^ 

Swfre«KA » 

WharitetP M 
Wtwetodi 1^® 


HW) Sen* 145*355 
Protiew 14199.17 

740 7 JO 7 JO 

2620 2720 2A70 
1225 12JU 1225 
BJ ad-50 82 

22JS SS 2225 
3S 3920 38-10 
41-8Q 2 2 ” 

3420 3520 3520 
7J5 725 7.65 

14 14.10 1*20 

93 9525 94 

8.55 825 670 

6425 6675 6450 

15 ISAS 1520 
JB25 2820 28*0 
1610 1720 1605 

4JJ 428 442 

234 Z40 Z& 

67.75 71 

2280 1240 7190 
1695 19 19-® 

TRCO J825 18-50 

4660 4730 46W 

155 263 

ire 1.19 120 

8525 8850 8525 

428 445 440 

7 725 7JJ5 

6.15 6^5 

6250 64W 62^ 
38 2890 M 

16 T* 50 1 


AfalMvNan 88* 

Affleri Doraeeq 479 

Angtkn Vftder 820 

Argos 634 

AsdoGnw) 1X7 

Assoc &Rnds &X 

BAA 525 

Bodays 1478 

Bass 852 

BATInd 63J 

BciA 5<xtkind 440 

Btuedrde .4JB 

BOCGroog 1068 

Boob 805 

BPfl trd 157 

Aerosp 1548 

425 
227 

land 5.97 

922 
4M 
125 

„ Telecom 4*7 

VTR 121 

tCnM 1095 

Go 122 

CedrieWlritoi 5.61 

Co*wySchw 607 

Carttwi Coram 498 

Comm! Union 723 

CaBKas Go 602 

CourtaUs 320 

Dtans _ 6A 

EteTraaraporate 4® 

6W 

ForoDdocteJ 124 

GerilAcddeti 945 

GEC 197 

GKH 1290 

Gta* iWeOaqaw 1140 

GronodaGp S.U 

Grand fed 

GRE _ 
GroenoisGp 

j^HIdgs 
IroptTaboeCD 

Land Sec 

Lasmo . 

Legal GeriGfJ* 487 

LWdsTSBGp 740 

UwaVarify 
«aj»Spencer 
MEPC 


189 
20 
473 
159 
64* 
6« 
19JB 
iais 
197 
' 727 
260 
9.16 
167 


gen *£££38 

g S S I 

S 5 1 1 

% | H jg 

tn^ g S » 

3« S 390 400 

39S 


Jakarta 

AsftafnB 

BklnHIndon 

bkUegaro 

GudongGom 

(nddCBT wd 

hjd^od 

Sanpoema HM 

SSSSft 

TetetemiunSasj 


4325 3750 3^0 

IS jg J s 

10500 ^0 307s 

3775 3200 3775 

4100 ^0 "g 
8250 7600 77W 7»5 

S ra ■ Sg 

So 3575 37® 


210 
AM 
422 
1295 
272 
SJ0 
820 
7.77 
156 
222 
654 

^L. I 

pmaerFaraef S2B 
PnideadM 
RflOtroCHGc 
Ra* Group 
RedJBGOlm 
Rwiland 

Initial 

ReirferaHdgs 

Ramn 


sssr 

Nad 

Koiwlch Uidon 
arose 
PWJ 
Peowra 


Frankfurt 

AMBB 158 s 

Adidas 3)9 

MfaaHdn 435J0 

Al K 13150 

tar 

,fessa*”| 

;slr *s 

.ro 1321 

OCAGCatenn 1*3 

6560 

oEExdSa 130-20 

□«**« 9580 


annesburg 

ID Co id £2-2; ri? wrn 2*7 

msSjs S 

JOgoM 195 ^ 195 

f lnd 11I if® 2S 

» ^ 74M 

^ 9425 24 74^ 1 -Qj 

g* IS 149.50 

““ 326 XI* HS *i50 

-j- 

r »s ns s 

* o A 9435 , S !5 

[ Hm 45§ «S ^ 635 


RMCGreup 

ISjIjsqd 

ItoaU-r'* 

sow«y 

Sdnoden 
Saif Nt«d»5fle 
Sad Power 

Jecoricor 
S*ve»n Trent 
SheS Tnai9 " 
SUB 

SrofttiNcQfte* 

5radtiKEne 

snateiBd 

SltcnElec 

saae tocch 

SJcndChfflW 

TateS M6e 

Tcseo 

inomesHWef 
31 Group 
TlGraep 
TaadvAS 
Unflew 

IfldAaaRKE 
UW News 

UtdUHhK 


639 
729 
1S2 

fJ ! 
185 
231 
645 
3 

1007 
1053 
123 
620 

Sun A! 5^ 

199 
437 
1073 
741 
463 
16 7 
077 
456 
11.70 
1X3 
574 
057 
465 
7.16 
090 
418 
429 
063 
495 
607 
111 
1037 
443 
723 
7.05 


071 

471 

B 

6.15 
145 
529 
565 
1451 
B4I 

525 
431 
1W 
10-56 
755 
148 

15.18 

635 

271 

526 
920 
451 
122 
410 
215 
T0J2 
121 
542 
523 
427 
736 
529 

no 

473 

520 

621 

426 

122 

MS 

190 

12.78 

1323 

ec4 

180 

152 

448 

45? 

423 

627 

1924 

747 

us 

925 
244 
443 
745 
106 
609 
467 

1240 

247 

5-37 

no 

720 

1U 

2.16 
*45 
725 
140 
720 
£32 
629 
749 
147 
9J3 
190 
520 
226 
62* 
193 

926 
1042 

226 

601 

5.13 
190 
430 
17.90 
733 
456 
US 
846 
445 

1147 

tao 

546 

038 

455 

ua 

722 

407 

422 

B 

486 

S96 

105 

18.10 

438 

7.13 
6.92 


070 044 

427 472 

8JB 720 
617 621 

146 146 

532 532 

520 545 

1467 1437 
8.*8 845 

631 629 

460 433 

195 190 

10.** 1043 
032 727 

15* 340 

1531 160B 
643 *43 

175 173 

593 545 

926 9.17 

460 455 

122 .121 
418 408 

ne 117 

ia?4 KL78 
121 122 

540 553 

50* 524 

492 495 

7M 742 
5£Q 6 

115 no 

642 550 

476 47) 
528 545 

531 532 

590 591 

123 123 

94* 940 

194 197 
1246 1221 
1137 1116 

no 605 

542 525 

246 242 

473 623 

654 653 

53B 527 

541 *43 
19-55 1949 
10-17 1021 

349 194 

7-55 769 

246 2-S9 

9.12 9.14 

JM UA 
467 467 

7-56 759 

2JJ7 106 

413 6Jff 

471 468 

1157 1255 
168 170 

547 545 

OI6 014 

722 723 

IS 1S2 
2.18 2.18 
553 647 

737 736 

1 44 143 

720 721 

533 521 

636 537 

723 729 

3.50 151 

9,72 9-SS 
229 120 

581 548 

129 226 

539 533 

195 224 
9.96 90S 

1043 IMS 
137 221 

414 198 

524 523 

197 321 

42S 434 
1823 1069 

729 741 

461 427 

1ST 245 
849 073 

448 467 

1127 1140 

123 149 
546 059 
046 842 

461 461 

642 645 
008 021 
413 410 
427 423 

001 846 

491 4B5 

196 5J9 

100 346 

1825 >8.13 
430 443 
722 7,15 

497 624 


Madrid 

Acratm 

ACESA 

Ag uai iBoro eten 

Alrieritcrta 

BBV 

Baneslo 

BodUnter 

Bas Centre Her 

BcoPnpcdPf 

Ba)5ortandei 

CEPSA 

ConGnenie 

FECSA 

GasNotorel 

(benftoto 

Piyai 

Repsol 

Sevidana Elec 
Tobocnl»ri 
Tefefopica 
Union Fenasa 
VhtencCeroent 


Betas kd«e 59128 
Pimm: 58639 


25100 

24U0 

24400 

24960 

1880 

1850 

1865 

1840 

5640 

S50 

5580 

5600 

7820 

7750 

7770 

7750 

4205 

4120 

4175 

4IZ5 

1490 

1455 

1475 

1460 

8140 

7980 

8010 

7960 

5920 

5850 

5990 

5850 

35100 

34800 

34570 

34900 

4340 

4560 

4230 

4505 


4225 

4550 

3040 

2950 

2975 

2990 

8590 

8480 

8500 

BS50 

3250 

3100 

3215 

3180 

1235 

1190 

ITU 

1190 

7200 

6900 

7150 

6900 

1730 

1710 

1720 

1715 

2735 

2660 

2670 

2725 

6220 

6130 

6160 

61 30 

1370 

1335 

1350 

1340 

8200 

8070 

8150 

8000 

4290 

4205 

4275 

4305 

1230 

1210 

1230 

1220 

2850 

2B2D 

2830 

2830 


Paris 

Accor 

AGF, 

AirLkwlda 

AladtaAtelh 

Aw-UAP 

Boncnire 

BJC 

BNP 

C anri P lus 

CoTrofew 

Casino 

CCF 

CeHem 

Christian Dire 

CLF-DadaFmn 

CmfitAurta*: 

Dannie 

BtdoniaBS 

Ewtxttowv 
Ewntunoel 
Gen. Earn 

Htjvaj. 


CAC40: 391451 
Preview: 292499 


Lotorge 

LMrond 

LOrad 

LVMH 

MfchGinB 

PartoreA 

Prenod Bcari 

Peugeoia 

Pirenta-PiW 


Manila 

AyotaB 
Avota Land 
BaPtWBp fed 
OP Homes 
MnnOa ElecA 
Metro Bo 1* 
Perron 
POBani 
PM long D«l 
SanMlgueiB 
SM Prime Hdg 


PSEi»tacIlW2J 
Praetoes 207748 

15 1425 145D 1425 

17 JO 1575 17J0 17 

120 106 114 111 

■C-ffl 470 415 42$ 

71 -SO 69 JO 70 69 JO 

357 JO 350 355 355 

485 435 4J5 445 

167 151 151 150 

890 865 875 880 

53 51 JO 51 SI 

680 660 430 440 


Renault 


Rb- Poulenc A, 
SOTOfl 


SEB 

SGSThrenson 
Ste Generate 
Soriano 
SlGobaln 
Suez(Qe) 

Sou Lven Eaut 


C5F 


Total B 
LKbw 
VOteo 


975 956 

24150 23150 
942 922 

807 786 

40150 39620 
713 69S 

40 *1550 
20940 27720 
1069 1020 
3620 3515 

*35 470 

B6D 840 

584 574 

1306 1286 

9)7 896 

775 734 

851 830 

8-60 8JD 
60S 625 

720 707 

40480 396.10 
860 830 

436 42110 
1Z1S 1171 
2356 2290 
1347 1307 

361.90 353 

42930 437.70 
297 292 

778 751 

2*77 2582 

2200 3156 

171.80 168 

1735 17(77 

235 731 JO 
611 591 

33570 331 JO 
902 884 

562 HI 
792 770 

27X 2705 

914 891 

1525 15.70 
683 667 

725 712 

169 165 

662 633 

ni9o joaio 

371 366 


972 939 

238-50 235 

931 920 

796 792 

401 JO 39940 
710 693 

42* 44O70 
78530 282.70 
1827 1024 
3564 3675 

3§8o 225 

619 635 

BS3 860 
574 573 

13041285.10 
890 9)4 

755 760 

835 839 

aJO 8*0 

680 480 

714 706 
39410 400.90 

85* 83* 

42S.MJ 43550 
1196 1197 
2302 2340 

1310 1308 

357 35X30 
432*0 433 

29410 296 

773 746 

2620 2*6* 
7)56 2)90 

169 1»J0 
1715 1744 

231.90 23*20 
991 599 

332 334 

B89 904 

5SS 560 
775 768 

7728 2H5 

•91 868 

15.10 15.10 

6*7 66 7 

715 7)3 
14*20 166J0 

648 636 

U0J0 107 JO 
36690 368JB 


EkdrohaB 
Ericsson B 

Hennei B 

IncatfiveA 

Irwstor B 

M0D0B 

Horcflxmkeri 

PhnmUUjjjOtln 

SondvftB 

Sarnia B 

SCAB 

5-E BonhenA 
SkoncBaFors 
StemshaB 
SKFB 

lA 

... JA 

Cu I Inirtlrar A 
sv rufliujci r\ 

IMwB 


552 
331 
328 
732 
404 
276 
255JD 
27890 
2S1 
219 
187 
0790 
337 JD 
319 
222 
101 
732 
250 
207 


543 

32490 

320 

726 

393 

272 

29 

273 
24* 

21490 

ISO 

86 

229 

31290 

217 

17890 

129 

242 

20290 


544 544 

325 333 

327 322 

130 736 

393 39890 
27490 Z72 

254 25290 
274 277 JO 
746 249 

21 4J0 218 

185 185 

86 8790 
334 332-50 
31290 317 

TIB 220 
17990 180 

73050 730 

244 244J0 
20490 20490 


Sydney 

Ameer 

ANZBUrtg 

BHP 

Baal 

Bcnmbteslnd. 

CBA _ 

CC Arena 
Dries Myer 
Corwrico 
CSR 

Fosters Brew 
GomOBreiFM 
IO Ausfrafla 
Lead Loose 
MIMHtto 
Not AuslBar* 
Nat Mutual Hdg 
tews Corp 
PodOc Dunlop 
Ptaneerlrdl 
Pub Broadcast 
Rio Unto _ 
SGeregeBenk 
WMC 

WooMorita 


AIOrtknstes:2£2*M 


ItHo Trib Index 

Prices as at 3,-00 P M New York rune. 

Jan 1. 1992 - 100 

Leri 

Change 

% Change 

year to dm* 

Worfdlnttex 

172.36 

-0.38 

-022 

+15.57 

Hagireral Indexes 





AsraTPactfrc 

119.89 

-0.92 

-0.76 

-2.87 

Europe 

183.74 

■0.13 

-0.07 

+ 13.98 

N. America 

206.69 

■0-59 

-028 

+27.66 

S. America 

163.77 

+1.05 

*0.65 

+43.12 

Industrial Indexes 





Capital goods 

223.13 

-1.39 

-0.62 

+30.55 

Consumer goods 

189.07 

-0.45 

-024 

+17.72 

Energy 

202.26 

+0.11 

+0.05 

+18.48 

Finance 

127.38 

-0.42 

-0.33 

+9.38 

Miscellaneous 

178.53 

-1.47 

-0.82 

+1025 

Raw Materials 

183.84 

-025 

-0.14 

+4.82 

Service 

767.93 

4X74 

-0.09 

+17.92 

umies 

164.26 

+1.43 

+028 

+14.50 

The Intamaticnal Herald TrStuns ViorXl Stock index © trsdra Bv US. doBarvnlMsot 


booklet teavrOaUa by writing toTheTrtolndBX.1B1 Avenue ctwilos Ob Garte. 

| D2521 Noddy Codex. Franca 


Compded by Btoombaig News, j 

ragt 

Low Ctau 

PlW« 

High Law 

dose Pitv. 


Mitsui Fudosn 
Mitsui Trua 
MurataMfg 
NEC 

NRtoSec 

Niton 

Htnmda 


Mexico 


AMaA 
BrowalB 
Centex CPO 
OfraC 

EmpMofenx 

GpoCreseAl 

GpoF Basreer 

GpoFtainhorea 

KnbChrtMa 

Televisa CPO 

TeWtocL 


64 30 
24.15 
40J0 
1500 
41.70 
57*0 
3*0 
3395 
37*0 
14490 
1920 


Bataa late: 4891 95 
Previous: 4891 *6 

6290 64.10 6330 
2330 2X50 2170 
39*0 39*0 39.9S 
14*0 1470 UJ4 
4120 4120 41*0 
56*0 57.10 5690 
148 390 395 

3390 3130 3100 
3690 36.90 3700 
142*0 14320 14000 
1022 1828 1086 


Sao Paulo i^S^SSS 


is aw 

ODMf. 


Milan 


Afeonza Aisle 
BajCtnvnttaJ 
BcaHdeuim 
BcadRorea 


MIBTsfrraWrn H7f]Jt 
Praetaas: 1462AM 


CreriBo ItaBoflO 

Ecfisoti 

ENI 

Flat 

GenefsIAssIc 

IMI 

INA 


Alerfobanco 
MontedtaMl 
0MU 


RAS 

Roto Berea 
SPBtoToitre) 
Tetecnm Halo 
TIM 


15155 

4715 

4230 

1757 

27350 

3*70 

SS50 

10090 

5935 

38200 

77590 

2655 

5410 

7995 

>2370 

1178 

785 

2770 

4905 

15090 

23150 

13400 

11425 

6335 


14810 

*630 

60S 

1701 

2*600 

3600 

8250 

9925 

S8T0 

37700 

17300 

2*05 

SCO 

7800 

11910 

1116 

748 

2720 

4*90 

I48K 

22700 

13005 

HOTS 

6000 


14810 14970 
*670 4700 
6200 *145 
1730 1*87 

27050 2*950 
3*60 3*80 

8450 8345 
9935 9955 

37850 38200 
77380 77560 
1*15 2U0 

5595 5480 
7945 7940 

72285 12010 
1170 MOB 
775 775 

27X 2750 
4700 4750 

74885 14890 
22700 22650 
13000 13180 
11235 m» 
6265 6075 


ItaubancoPH 
Light Setvitta 

Periuftas Pfd 
PouOsta Ua 
SdNoaonot 
Sown Cm , 
Tetebras PM 
Tefearig 
Tctef, 
TetapPM 
Unftxrca 

UrimrasPfd 
CVRD PM 


1050 1030 
7854)1 77000 
54.70 SiOO 
8300 824)0 
7790 164*7 
oj-nn S40J70 
5943)0 58590 
50100 49590 
38499 3S90 
moo 29100 
19790 18990 
4390 4230 
709C HUB 
14790 14100 
17100168.990 
15890 15190 
335.00 32591 
3890 3790 
1292 1190 
28JP0 2790 


1030 

784.99 

5420 

8230 

1790 

56590 

59090 

50100 

34591 

29891 

1B990 

ran n 

10*0 

14691 

17090 

15190 

32993 

3790 

1199 

2899 


1 


1005 

14290 

16990 

154.97 


3890 

1138 

2690 


Seoul 

Dacota 

Daewoo Heavr 

HyreiddEng. 

Kn Motors 

KoteaBPw 

tana EodiBk 

LGSwricoa 

Pahang baa St 

Samsung Dtatey 

SaasuagEtac 

ShirihcnBcr* 

SKTetecren 


BE 78892 

PreMsOE 6»99 

88000 85400 87900 88000 
7450 7150 7410 7750 

17100 18200 19000 18200 
12000 11500 11900 12400 
23600 23100 Z33C0 23600 
5380 5200 5260 SI 1 0 

47000 *0300 42000 *0800 
99000 56000 59000 56200 
*6500 45000 46400 45500 
70000 69100 *9600 68300 
9000 8700 8950 873 

4BOOQO 472000 480000 473000 


Singapore 


Montreal 

Bee Mob Com 
CdnRreA 
CdnUfflA 
aphis* 

Gai Metro 
Gt-WesfLffeeo 

Ireauo 
Orestes Gip 
LoWowta 
Half Bt Canada 
PoawCoro 
Power Rm 
SartwefB 
tegere CoraaB 
RaiMBkCda 


MadiWiWtt:»S25 
Pieilsau 3595*1 


Asia Poc Brew 
CwSkbPoc 
CB yDevfts 


5080 3*0 
2 7» 2*5* 
37.90 3790 
43ft 43W. 

- 18ft 1035 
3330 3» 

39* 39 J5 
34.10 33.95 
2020 2095 
1720 m 
39.15 3080 
3720 3795 
25*5 2130 
920 9.90 
66ft 5120 


50*0 5080 

27ft 34ft 
3790 37*0 
Aft 43ft 
>035 10*0 
33U 3390 
3995 39*5 
34 34 

2020 2aio 

77.H 17J5 
3890 39 

3795 3795 
25ft 25ft 
9.90 990 
65.40 65.9S 


Oslo 

Alter A . 
Beraesen Gjy A 
dsfetaBiaflit 
DennonteBk 
EUem 
HaWundA 
Kuorener Asa 
Hoc4Hrtit> 

terak8»B0A 
HrcenedA 
OridaAuA 
PettnGeoSut 
' iRettnA 


OBXWac 782*3 
PWrtws:i9»J9 


Timsocoan OH 
Storebrand Asa 


20OJQ 

2590 

3190 

140 

46 

392 

434 

275 

161 

550 

464 

164 

ft 

50*0 


127 127 

200 200 
95 sn yssft 
3030 3090 
134 134 

4450 46 

3865D 38650 
426 • 434 

240 273 

146 160 

542 550 

456 460 


748 

123 


162 

123 


N.T. H.T. 
49 5050 


131 

199 

2530 

3090 

>36 

44 

393 

629 

275 

158 

543 

455 

16* 

12550 

690 

4950 


530 
690 
10*0 
955 

085 

DBS fatten 16.90 

DeSUted 194 

FmcrlNeoM 9*5 

HKLreid’ 
JurtMotea* 
JordSnrtegtc' 
KeppctA 
KemdBnk 
KcmdFdB 

seat 

OS Union BkF 
PwfororHdgs 
Swntowang 
Sire Air foreign 1290 
Sing Land 720 
S m Press F * 2420 

Sing Tech Ind 2*3 
SfawTeiecccTre 220 
Tot Lee Bonk * 229 

WdbidHMrf 192 
UMOSeoBkF 1U0 
WlngTal Hdgs ill 

’rmUSdalbn. - 


3.10 

7.95 

184 

5*5 

322 

442 

4.12 

1190 

750 

69S 

690 


Straits TbreKimW 

PWriOBS: 1826*1 

5.10 590 515 

590 5« 590 

920 1090 9*0 

925 9-55 925 

094 094 086 

1480 T6JB 1540 

170 392 3*6 

895 9*0 570 
2.97 197 250 

765 755 7 JO 

390 384 182 

595 5*0 595 

112 390 3JW 
198 4 396 

358 4.10 

10*0 11 w 

790 750 7 

59S 690 495 

6 695 555 

12.10 iijo run 

620 795 650 

23J0 71« 23 

2*5 2*0 2*2 

2.10 2.19 206 

237 278 225 

UB 1 m 

1090 1150 1020 
108 112 3 



Moore 2865 28*0 28*0 2Bft 

Newbridge Net 77*5 75 76.90 75*5 

27*0 27ft 27 JS 27AS 
35 34*5 3495 34ft 
142ft 139ft 13950 1399S 
1150 1190 1190 11.80 
31ft 3) JJ 31.15 
2590 15ft 25ft 2470 
25ft 2415 2Sft 25ft 
2295 22ft 22*0 2245 
13*5 13ft 13-55 13*5 
108.90 10840 108ft 10a90 
35*0 35 35*5 35ft 

3150 31.55 31*5 3190 
27ft 77*0 27*0 27*0 
49*0 49 4915 49 

22.15 21*0 22.10 22.05 
47ft 46ft 47*5 46*9 
47 46 46*5 45*0 

24.10 2590 86.ro 2535 
46ft 4190 46JZ0 4390 
28.05 2795 2895 27ft 
33*0 3130 32ft 32ft 
4230 4295 42ft 4290 
1755 17*0 17*5 17*0 
26*5 26*5 26*0 26V5 

69*5 68ft 69*0 69ft 
31*0 31 31.10 3155 

790 7.15 7.15 7.15 

27ft 27.15 27*5 27.10 
95ft 9430 94ft 95ft 


ABnooiato 
A» Nippon Air 

sssu 

AsobiChen 
Acrid Gtau 
8k Tokyo M0s» 
Bk Yokohama 


Stockholm 


sxuteteag* 


AGAB 
ABBA 
AssOonsM 
Astro A 


115 
112 
24450 

133 

Afl»CopCoA 254*0 
• - “ 31050 


AakriN 


113 11450 
109 no 
243 
128 
246 


114 

... 1>3 
244 24450 
131 129 
248 253*0 


307 307 JO 311 


KoohIEIk 

Kao 

KmiBaMKVy 

Korea Steel 

KbddWmRr 

KfkiBreweiy 

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MitwbtaHEl 

Mdwbijhi Est 

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1090 
162 
747 
488 
8070 
1990 
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432 
1940 
4000 
2230 
1330 
1120 
3 m 

540 

1630 

771 

699 

1690 

1010 


NMet 225:18660.17 
Pnriiar 11615*6 
1080 1100 1080 
706 710 715 

3510 3600 3630 

875 1 876 879 

617 621 633 

910 913 920 

214) 2170 2200 

517 520 517 

1730 2770 2780 

3520 3560 3550 

HOT 2040 2040 

I960 1970 1980 

2590 2640 2630 

765 787 005 

1390 1390 1410 

622 622 630 

1360 1390 1360 

732 735 754 

6110a 6170B 61903 
Z79C 2830 2790 

5560a 5600B 5580a 
2270 2360 MO 

5000 5100 4980 

1460 1480 1490 

4720 4780 4800 
1450 1478 1470 

1160 11W »» 
1070 1090 n» 
3810 3910 3830 

1600 1600 1630 
366 375 368 

Ml ® SW 
6320 6450 6360 
495 503 502 

930OB 9490a 9300a 
3010 JOT 3010 
606 617 632 

2250 2260 2270 
1690 1700 1710 
44? 

278 


ATX Mae 1481.89 
PreifcteUMtt 

BoeNet-Uddeh 1031.101006.101025.10 1013 

CiwHbkIPM 654.90 445.10 654 652 

EA-GeneroR 3115*0 30603093*0 30M 

EVN I565J0 1450 1560 1533 

FlughafenWlMl 495 *0 495 492.70 

OMV 1823 1777 18121800.90 

OestBleUrtZ 872 865 B6JJ0 868 

VA Stahl 551.90 540.10 549.40 544 

V A Tech 2525J0 2483 2512 209 

WienertMfgBau 2600 2550 2588 2570 


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127 125 1 25 127 

320 325 325 130 

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115 DO 115 HO 

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454 


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331 337 336 

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1600 1630 1640 
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aMMCob. 
Alberto Energy 
Atom Alum 
Anderson Espl 
Bk Montreal 
BkNanScaita 
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392 392 

2525 75ft 
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MriSwt 


1120 11*5 11*0 11*0 
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37ft 37.10 37.15 37.15 
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42ft 42.15 OM 42.15 
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9495 93ft 9480 9140 
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ABBB 
Adeem B 
AhisukseR 

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AMR 

Baer Hdg B _ 

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2199 2155 2188 2178 

567 560 565 554 

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BSD 846 846 850 

2150 2140 2150 2140 

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143*0 13825 14025 142 

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INTERNATIONAL HERALD TRIBUNE. SATURPAY-SUNPAY, SEPTEMBER 6-7, 199_ 


PAGE 12 


Friday's 4 P.M. Close 


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LIBERALIZATION. DEREGULATION. PRIVATIZATION. 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 6-7. 1997 


page 13 


Japan Calls on U.S. 
To Drop Port Fines 


ASIA/PACIFIC 


Cmp * w *• Om Wfm ^ 

S-SsSSSS 

53 F»me 

5?JL u f- *n an effort to force 

SiS ax i eslrictions on u.s. 

sasss 6 *— 

The sanctions are the first im- 
posed on Japan since the Rea«an 

H52? rM,on 561 100 P«wnt ?ar- 
.Ir^l5 pa f ese com Puter Chips and 
ultimately forced Japanese compa- 
nies to buy U.S.-made semicondua- 

In Brussels, the European Com- 
mission said it was expressing “its 
serious concern” to the Japanese 
government over its failure to re- 
mow obstacles for container ships 
unloading at Japanese ports. K 
The sanctions were proposed bv 
the independent Federal Maritime 
Commission, which complained 
about two restrictions on comoe- 
nnon. r 

One is a practice known as “'prior 
consultation,” in which any 
changes in shipping practices mus't 
„ l _ be J 1,SCUSSed w ith the Japan 

, H “5° r Transportation Association. 

' The other is the issue of Japanese 

•• harbors, which allegedly discrim- 
inate gainst U.S. carriers that have 
attempted to run their own oper- 
ations in Japanese ports. 

The EU and U.S..” the com- 
mission said in Brussels, ” share 
similar concerns about Japan’s prior 
consultation system, and for many 
months have applied separate but 
complementary pressure in favor of 
reform.” 

The EU recently held a fourth 
round of consultations with the Jap- 
anese over the dispute, but has yet to 
decide whether to ask for a hearing 
before the World Trade Organiza- 
tion, a source said. 

Japanese government leaders 
called the sanctions a violation of 
the Friendship, Commerce and Nav- 
igation Treaty between Japan and 
g- the United States. 

" The three companies that will be 
exposed to the fine are Nippon 
Yusen KK, Mitsui O.SJK. Lines LtcL 
and Kawasaki Kisen Kaisha Ltd. 

Nippon Yusen said its vessel, 
NYK Springtide, docked at Seattle 
early Friday, making it the first ship 


subject to the penalties. The Federal 
Mamme Commission had 
earlier, however, that the fiw f£« 
would n ° l ^ due um,) Oci 1 S 

Mr. hoga said that he believed the 
issue would be resolved ihroueh ne- 
gotiations. Talks continued Friday 

and , S’*** shl ^ 

pers. the Transport Ministry and 
stevedores unions. 

A ministry official, who spoke on 
condition of anonymity, said no 
agreements had been reached that 
would sans/y Washington enough 
to delay or end the sanctions. 

Chief Cabinet Secretary Seiroku 
Kajiyama said at a press conference 
that the maritime commission’s uni- 
lateral sanctions violated the treaty. 

’We will strongly call for their 
immediate withdrawal.” he said, 
adding that the Japanese govern- 
ment would “continue to make ef- 
forts to settle the issue.” 

Foreign Minister Yukihiko Ikeda 
warned that the sanctions could 
have a "serious, adverse impact on 
Japan-U.S. economic relations.” 

Japanese-flagged cargo liners 
make about 400 calls a year at 
American ports, docking at such 
major pons as Seattle; Long Beach. 
California; Los Angeles; Houston 
and New York. 

The commission initially set the 
deadline for April 14, but the United 
States held off imposing sanctions 
until Sept. 4, citing progress in bi- 
lateral talks. 

While this dispute focuses on a 
far narrower problem than the dis- 
pute over computer chips, the ad- 
ministration's decision to impose 
the fines suggests that the recent 
surge in the Japanese trade deficit — 
and an impending battle in Congress 
over the White House's authority' to 
negotiate new trade accords — is 
leading the White House to take a 
bard line. 

Since mid- 1995, after a major 
confrontation with Japan on auto- 
mobiles and auto parts, the admin- 
istration has soft-pedaled trade dis- 
putes with Tokyo and focused on 
repairing damaged political and mil- 
itary ties. 

The shipping dispute has been 
simmering for years, and the only 
surprise was that the negotiations 
appeared to have broken down. 

. Two of the affected Japanese 
shipping companies said that they 
would not divert cargo elsewhere, 
because the cost of doing so would 
exceed the costs of paying the 
fine. (AP. AFP. Reuters. ATT AFX i 


A Shakeout in 6 Red Chips 9 

Investors Become Selective in Face of Market Turmoil 


By Philip Segal 

/itfrnuriiHM/ Herald Tribime 


HONG KONG — A shakeout of Hong Kong’s 
“’red chip” shares has begun. 

As Hong Kong’s stock market continues to be 
plagued by extraordinary volatility — with daily 
price swings of 3 percent or more now becoming 


companies would use investors’ cash to buy cheap 
assets from their mainland parent companies. 

For now though, given the extraordinary volatility 
oi stock and currency markets across Asia, new stock 
issues for red chips as well as other stocks are 
probably on hold. 

Now is “not the right time’ ’ to come to market with 
new share offerings, said Alex Ko. director at Per- 


routine — some of the main losers may end up being egrine Investment Holdings Ltd., a regional invest- 
the smallest, most speculative companies in what has meat bank. 

— . ... /'■v .1 - ... 


been the marker’s best-performing sector this yean 
red chips, or shares in China-backed companies in- 
corporated and traded in Hong Kong. 

Many of the smaller red chips have fallen by as 
much as 65 percent in the last week. As a result, 
analysts say. there may be a flight to comparative 
quality in which only a handful of the best-known and 
best-connected red chips will be 
able to command the high prices " 
of past months. 

For some smaller red chips, 

“their cost of capital has been 
raised substantially,” said Jason 
Cheung, an analyst at UBS Securities. He said some 
of the companies affecred this week include Poly 


Many small er red chips 
have fallen up to 65%. 


Others see different factors driving down the prices 
that red chip issues will be able to command. 

“What s going to direct Chinese capital prices is 
the likelihood of more supply coming onto the market 
after the Communist Party Congress,” to be held later 
this month, said Gary Coull. chairman and chief 
executive of Credit Lyonnais Securities iAsia) Ltd. 

"As a general comment, the 

average company would probably 
have to offer its shares at a lower 
priee-io-e ax nines ratio than they 
would have.” he said. 

“There w ill be thousands and 
thousands of deals.” he added, as a result of what is 
expected to be an acceleration by President Jiang 


Investments Holdings, a property company con- Zemin of China's move to reorganize state-owned 
trolled by the Chinese Army, and Onfem Holdings, enterprises, 
which specializes in making industrial lubricants. 

"People will be more cautious toward these 
shares.” Mr. Cheung said. 


1 Taiwan Monitors Large Stock Sales 


“It could mean a bigger discount,” he said, re- 
ferring to ihe lower price-ro-eamings ratio rhe red 
chips may have to offer to entice investors to buy 
newly issued shares. 

An example is Poly Investments, which fell this 
week by as much as 63 percent from its all-time high, 
reached Aug. 26. At the end of the week it was 40 
percent off its high, but was still trading at 92 times 
last year's earnings. 

In many ways. Poly is a typical red chip; its high 
valuation comes despite the fact that its operating 
profit last year plunged by 87 percent. Earnings per 
share rose by 133 percent, helped by a one-time 
exceptional item. 

Until this week, almost all red chips had been a 
one-way bet. as investors sought to cash in on China's 
growing tendency to raise cash by selling parts of its 
srate-owned industries. Many red chips rose by four 
and five times in a few months, on hopes that the 


The Securities Exchange Commission of Taiwan 
said Friday it had begun monitoring large sales of 
stock, a move that some in ves to rs~ suggested was 
designed to intimidate them. Bloomberg News re- 
ported from Taipei. 

“We’re looking into if anybody sells stocks in 
connection with speculation.”' said Hsu Yung-pang, 
a deputy chairman of the commission. 

The monitoring underscored the government's 
desperation to shore up the marker after falling stock 
markets across the region lopped almost 10 percent 
off Taiwan’s main stock index in rhe post week. 

The benchmark Taiwan index rose 1 .56 percent 
Friday, to 9290.39. 

Fund management companies need the approval of 
the Securities Exchange Commission to set up' new 
funds. 

’’The SEC is coercing local institution's.” said 
Albert Ko of Investment Management Co. ’ 'They can 
do nothing but follow the SEC’s request.” 



Hong Kong 
Hang Seng 

. Singapore Tokyo 

Straits Times Nikkei 225 


17000 

j 2200 

22K0 


16000 - - 


21000 


15000 jM 

■ 14000 

\ z 

yu 20900 tfr 1 

n, wm \ 

\ 

130® J- - 

.•1325 ~ 

r iM] y 


12000 a mjTas 1700 a m j 

1997 1997 

J A S 17QM a'M J 

1997 

J A S 

Exchange 

Index. 

Friday Prev. 

Close Close . 

% 

Change 

Hong Kong 

Hang Seng 

14«563u55 14.199.17 +2.57: 

Singapore 

Straits Times 

1,884.96 1.826-61 

+3.15 

Sydney 

AJlQnfinarfes 

2,626.00 2.50S.5G 

+0.67 

Tokyo 

Nikkei 225 

18,650.17 18,616.06 +0.19 

j Kuala Lumpur Composite 

821.59 731.12 

+12.37 

Bangkok 

SET 

540.39 522.20 

+3.48 

Seoul 

Composite index 

7 0942 687.99 

+ 1.88 

Taipei 

Stock Market Index 9.290.39 9.147.65 

+1.56 

Manila 

PSE 

2,109.22 2,077.68 

+152 

Jakarta - 

Composite Index 

594.11 533.87 

+11.26 

Wellington 

NZSE-40 

2,472.67 2,471.06 

+0.07 

Bombay 

Sensitive index 

-MJ32.35 4.007.04 

+0.63 

Source' Telekurs 


H'.r-,U1 TriMuw 

Very briefly: 


• Hongkong Land Holdings Ltd., the property arm of Hong 
Kong’s oldest British conglomerate, Jardine Matheson 
Holdings Ltd., announced ft had formed a joint venture to 
expand its business in mainland China. 

• Hong Kong’s underground rail network operator. Mass 
Transit Railway Corp„ reported that net profit rose 99.7 
percent to 1 .5 1 billion Hong Kong dollars (S 194.9 million t in 
the six months to June. 

• India's car-finance companies, which provide loans for 75 
percent of all car sales, have seen a drop in demand despite 
tower interest rates, analysts said. 

• Nomura Securities Co.. Yamaichi Securities Co„ Dahra 
Securities Co. and Nikko Securities Co. — Japan's top four 
brokerages — lowered their forecasts for corporate earnings 
growth to 7.8 percent, down 2 percentage points from June. 

• Marui Co.'s first-half pretax profit fell 5 percent, to 15.6 

billion yen ($129.2 million i. against the like period last year, 
following the increase in the national sales tax in April. The 
retailer also said revenue from its lucrative credit-card di- 
vision fell 1 percent. iAFP. Biounihens t 


OIL: For Western Companies, Promise of a Russian Development Gusher Turns Into a Trickle 


Continued from Page 9 

development a herculean rask. 

Oil production has dropped to 
about 6 million barrels (8J 1.000 
metric tons) a day this year from 
12 million barrels a day in 1987, 
reflecting the shrinking domestic 
market and the growing technical 
problems in retrieving oil from 
marginal wells. Without an in- 
fusion of foreign capital, it is es- 
timated that production couldslip 


to 3.6 million barrels a day within 
five years. 

Initially, Russian leaders saw 
foreign oil companies as the an- 
swer to their prayers. The West 
would supply the capital and 
technology to develop the new 
fields, helping raise employment 
and increase rax revenue. 

The early projects took the 
form of joint ventures in which 
foreign companies owned at least 
30 percent But the Russians 


came up with new taxes and im- 
posed higher transportation costs 
once the joint ventures were un- 
der way, driving up costs and 
driving away new- foreigD in- 
vestors. 

Determined to avoid these 
sorts of problems. Western oil 
giants and other big investors 
have insisted on a different ar- 
rangement: production-sharing 
agreements. Under such deals, 
foreign companies received 


drilling rights and an assurance 
that taxes would remain stable. In 
return. Russia was to receive a 
share of the oil produced, royalty 
payments and iaxes on company 
profits. 

But gening almost anything 
new off the ground has proved 
difficult in Russia’s decentralized 
system of government. New pro- 
duction-sharing projects must be 
supported by local authorities, as 
well as the Yeltsin government. 


And having a Russian partner 
who is eager to develop the oil has 
become a political requirement. 

The final hurdle to overcome is 
approval from the Communist- 
dominated Parliament. 

The Yeltsin government orig- 
inally wanted Parliament to au- 
thorize 250 locations where re- 
sources could be extracted under 
production-sharing arrange- 
ments. So far, it has approved 
only seven. 



Hurry! Enter Now For Your Share 
of US$12 Billion in EH Gordo 

• A Tax-Free Jackpot Prize of U.S.$241,206,000 in Cash • Winning Odds are 1 in 6 
And... You’ve A Chance to Win 100 Bonus Tickets if You Enter Before December 8. 1997 


That's right! Over USS 1 .2 Billion in lump 
sum, tax free cash - with an astounding 
USS24 J ,206,000 in a single Jackpot Prize - 
are given away every year in the El Gordo 
Lottery - Spain's richest National Lottery. 

J* Imagine the things you could do when you 
\ win all those millions of dollars.-Buy a new 
home? Quit your job? Send your kids to col- 
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Now. here’s how you can realize your 
dreams. El Gordo, which means "The Fat 
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supervision of the Government of Spain. In 
each Draw, the Jackpot Prize is a huge 
ILS.5241,206,000 - or more - probably the 
biggest prize money to be paid to a single win- 
ner in lottery history. 

And you have the best chance in El Gordo 
of winning huge cash prizes. Your odds of 
winning are 1 in 6, that’s 800 times better than 
in any other National Lottery in the world! 

► Order Now and Get a Free Ticket for 

Every Book of 10 You Order...Using the 
Entry Confirmation Certificate below, order the 
ft number of tickets you wish to receive - from a 
■ minimum of USS75 for i ticket to USS1 350 for 
2 Books of 10 tickets so you increase your 
chances of winning a large cash prize. 

Remember, you'll get a FREE ticket for every 
Book of 10 you order. Or buy a Book of 20 and 


get 2 extra tickets FREESThsfs up to 2 ticketsdoser 
io winning your share of die huge Multi-Million 
Dollar Jackpot Draw in December. 

Then fill in your name and address dearly as 
wefl as your payment details and mail the Entry 
Registration Certificate to Overseas Subscribers 
Agents at the address shown below. 

As soon as your Enuy Certificate is received, 
you’ll be sent by return an Official Confirma- 
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the lucky El Gordo ticket numbers which have 
been entered for you in the December Draw. 
►Send Your Entry Now For a Chance to 
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completed Entry Certificate and Bonus Draw 
\foucter (at right) before December 8, 1997, you'll 
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The nexi El Gordo Draw wiB be on December 
22, 1997 but you really have to hurry to onto - your 
H Gordo tickets. Widi the biggest prizes and the 
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So send your completed Entry Ceniftcaie now 
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Playing is G uaranteed Safe and Secure 

El Gordo is under ihe control of the Spanish Gov- 
ernment. Your ticket* will be deposited in esentw 
at Banco Central Hispano Americano, one iff 
Spain 's largest federally-chartered banks. When you 
win. your prize money will be transferred to you m 
US. Dollars - awarded to you in dur full amount 
id completely five from Gavermurnr tax. 

il 


100 FKQ EL eOBBO U 


ADDRESS:. 


CITY: 

COUNTRY. 

PHONE L 


J. 


“Yon ansa reply by 4* Decanter 8.1097 
deadEneibas fora dance d win msdddant 
ICO RTBEB GonJoLcciejy feta. 


(Eufett TUs Voider WM Yo*r 
Efltnr CirflBcatt Boiowf 




US$241 -306.000.00 




I am enclosing payment or authorizing a credit card charge 
as follows; (Tick as Appropriate) 

Please charge my: □ Am erica n Express 

□ Visa ID MasterCard □ Diners 


Name:. 


Address; 


Card No: 

Exp. Date: /_ 


Signature: 


i ♦tefcot T^K e B ook ohOvon_order — 

PLEASE SEND ME: 

□ I ticket (decima) 

□ 2 TICKETS (derimas) 

□ 3 tickets (decimas) 

□ 4 tickets (decimas) 

□ 5 tickets (decimas) 

□ BOOK OF 10 DECIMAS 

□ 2 BOOKS OF 10 DECIMAS 

129 
for just $75 
for just $139 
for just $209 
for just $275 
for just 5365 
for just $695 
for hist $1350 


OR: Enclosed is my □ Cheque or □ Bank Draft 

for US| Payable to: 

“Overseas Subscribers Agents" 

fMajor convertible currency cheques accepted including South African 
Rand. Must be payable in currency of country in which drawn- Cash 


please provide 

Fh* I 1 

No. in case of 
a big win. 

TfeL: ( J 


O Dedmas of SAME ticket number 

™ DIFFERENT tlcktf numbers^ 


piai uiui 1 y i — 

OVERSEAS SUBSCRIBERS AGENTS 
PRIORITY CENTCRNfEUW&nOS VOORBURGWAL 86 
1012 SE AMSTERDAM, NETHERLANDS 
TEL* + (31)208383519 E-MAIL: (ntmallOskylnetnet 


fin tasftst senrics, chatqe your credit card and FIX to + J31 ) 2B383171 


Entries must be received by December 8, 1997. All entries received 
after f hw date will automatically be entered into the July 1998 Drew 





Why your next dress shirt should come 
all die way from a little town in America. 


M aybe you’ve heard of us 
already, maybe not ■ 

We’re Lands’ End Direct 
Merchants. And if the term 
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it simply means that we do our 
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Like the merchants of old, we 
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Our shirtmakers 
tailor in such clas- 
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tures as a genuine 
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friendly operators. They're here 24 
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As an international customer, 
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Sound interesting? WeB, we’d 
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our catalog. It’s free and it's really 
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a roomy, full box pleat in back. 

Even the buttons are a cut above 
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How can we offer such a shirt 
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Ocean? What ocean? 

Of course, none of this would 
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you’ll find it’s a pleasure doing 
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Our catalogs give you detailed, 
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ing. You know what you’ll get, 
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about something? Talk to our 

— * 

j Here are four ways to receive your FREE Lands* End catalog: 

■ Fax this coupon: 1-608-935-4000 

■ Call us: 1-608-935-6170. Please mention ad 4®; 

■ Mail this coupon to: 1 Lands’ End Lane, Dodgevilie, WI 53595 ILSA 

■ Visit us at: www.landsead.com/ind-xr 

Name 



.Address, 


Postcode. 


.Country. 


Phone/Fax ( ) , 


: Uunb Ctd It- 


international herald 


TRIBUNE, SATTIBDAy-SUNPAr. SEPTEMBER 6 - 7, 1997 


PAGE 14 


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PAGES 



Inicnuunnal Herald Tribune 


Tired of Blue Chips? Try European Small-Market Network’s Spicy Blend 


By Barbara Wall 




W 


Mmiit 


O NE-STOP VIRTUAL shop- 
ping could soon become a 
reality for investors seeking 
high-growth companies in 
Europe, as a network of secondary stock 
markets specializing in fast-growing 
companies is gradually spreading over a 
hungry continent. 

So far, the participants include the 
Nouveau Marche in Paris, Euro NM 
Belgium in Brussels. NMAX (short for 
Nieuwe Mark!) in Amsterdam and Ger- 
many’s Neuer Markt. The objective of 
Euro NM, the name for the new overall 
network, is to harmonize rules and reg- 
ulations for its members with a view to 
later electronic integration. 

“Each member of an ex- 
change belonging to Euro NM 
has access to die whole net- 
work," said Clive Pedder, a 
spokesman for Neuer Markt 
• The benefits of common mem- 
bership will be greatly enhanced 
when a common data feed is 
established, providing investors 
with one single point of access to the 
market conditions of any listed company 
on any of die four exchanges. " 

Mr. Pedder said that the common data 
feed, which is to be supplied by Reuters, 
should be in place later this year. By 
mid-1998, when electronic trading links 
between members will be established, 
investors will have access to a single 
virtual market- Stockbrokers will be 
able to consult one screen instead of 
four for price quotes and company in- 
formation, and after an investment de- 
cision has been made, brokers will be 
able to execute the trade immediately. 

For many private investors, Euro NM 
will mean lower dealing costs. Instead 
of paying two sets of dealing charges, 
private investors will only have to pay 
once. Moreover, investors who have 
access to the Internet may soon be able 
to dispense with business advice and do 



company research themselves. 

. The Neuer Markt has already set up a 
Web site that provides comprehensive 
details of 10 companies lisred on the 
national exchange. A spokesman said 
the site would soon offer dose«to-real- 
time price quotes. Similar sites are 
planned for the other exchanges. 

The Euro NM network is not. 
however, for the faint-heaned. The ma- 
jority of the listed companies are rel- 
atively unknown. Many have not been 
in business long and do not expect to 
show a profit for several years. 

Nevertheless, said Robert Thys. a 
spokesman for Euro NM Belgium, the 
small-companies nerworic appeals to 
both private and institutional investors. 

"The evidence available to us shows 
that a significant proportion of trades on 
the member exchanges are being 
made on behalf of ^private cli- 
encs." be said. "The general 
consensus of opinion is tbai in- 
vestors in Europe are tired of 
poor returns from deposit-based 
savings and are looking to spice 
up their portfolios with 
something different. Euro NM 
offers highly profitable and visible in- 
vestment opportunities with diversifiabie 
risks." 

One characteristic of this market, he 
added, was the transparency that listed 
companies offered investors. Ongoing 
requirements for issuers include the 
publication of annual and quarterly re- 
ports, he said. 

The vast majority of investors are 
expected to be in Europe. 

"We would like to see more interest 
from the United States, but U.S. in- 
vestors have an extensive smaller 
companies market in Nasdaq, which, 
incidentally, shares some stock listings 
with Euro NM." Mi. Thy 5 said. "As far 
as Asian investors are concerned, a 
number of Japanese banks and trading 
houses are members of exchanges be- 
longing to Euro NM, so it is possible 
that we will see an increase in interest 


from this quarter." 

Euro NM hopes to attract about 90 
new companies each year. There are 
now 47 companies listed on the four 
segments of the network. More than a 
third of them are listed on the Nouveau 
Marche, the first of the four Euro NM 
markets to be established, in January 
1 996. The overall performance of stocks 
on France's secondary market has been 
fairly volatile since trading began. 

"By and large the companies that 
have sought a fisting on the Nouveau 
Marche have been start-ups or small 
companies with a limited trading his- 
tory,' ' said Justin Thomson, a London- 
based fund manager with Lichtenstein 
Global Trust Asset Management. "The 
vast majority of companies have come 
to the market with high expectations, 
but have subsequently been dumped or 
ignored by analysts." 

Mr. Thomson said that only two 
companies. Belvedere, which designs 
and manufactures unusually shaped 
bottles for the distiUed-spirits industry-, 
and Genset, whicb carries out genetic 
research, had acquired a significant in- 
stitutional following. 

Of the 31 companies currently listed 
on the French small-companies market, 
17 have gained on their opening price. 
The two top-performing stocks have 
been Belvedere and Olitec, a developer 
and producer of modems and commu- 
nications software. Belvedere's share 
price has increased by a staggering 619 
percent since the stock began trading in 
January, while Olitec ’s has soared 294 
percent since Dec. 17, 1996. 

But there also have been several spec- 
tacular failures. Proxidis, a company 
that develops and operates hair salons, 
has seen its share price plummet 74 
percent since it went public in May 
1996. Guyanor Resources, a mining 
company in French Guyana, and High 
Co., an operational marketing company, 
have suffered similar fates. 

The 10 stocks listed on the Neuer 
Markt, which opened on March 10, have 


all gained on their opening prices. Mr. 
Thomson said the companies listed on the 
Neuer Markt were "generally more ma- 
ture ‘ ’ than those on the Nouveau Marche. 
This is "largely due to cultural factors," 
he said, adding that this "may, in part, 
explain their less volatile performance, 
although it is still early days." 

There are only two companies listed 
on Euro NM Belgium: International Bra- 
chytherapy, a biotechnology firm, and 
Synergia SA, a finance and manage- 
ment-restructuring enterprise that buys 
underperforming companies and tries to 
make them profitable. The performances 
of both have been unremarkable. 

In Amsterdam, NMAX started trading 
in May, but only four companies have are 
listed. They include two computer soft- 
ware companies, an engineering concern 
and an enterprise that manufactures cow- 
milking machines for the dairy industry. 


Euro NM faces stiffcompetition from 
Easdaq, a centralized small -company 
market in Brussels, and the Alternative 
Investment Market, or AIM, which is 
based in Britain. 

A Euro NM spokesman said that a 
decentralized approach was necessary 
to give the maximum benefit to both 
companies and investors. He said that 
most companies "would prefer to seek a 
listing in their domestic markets for 
legal tax and cultural reasons." 

Mr. Thomson called Euro NM “an 
ambitious project" and said its success 
would ultimately depend on the "ability 
of the member exchanges to find a com- 
mon ground in terms of listing require- 
ments and accountancy standards." 

“ This is by no means assured," he 
added. "The markets are also very dis- 
parate in terms of the type of companies 
they seek to attract," 


One analyst, who asked not to be 
identified, said he was concerned about 
the quality of some of the companies 
lisred on the Euro NM network.. 

“One would expect to find compa- 
nies in the high technology and bio- 
technology sectors listed on a smaller- 
companies market,” he said, “but the 
Nouveau Marche has a very peculiar 
assortment of stocks. As well as high- 
tech and biotech stocks, we see hair- 
dressing salons, mining companies and 
service enterprises." 

He added, “Concern has been voiced 
that many of these companies may view 
Euro NM as an easy route to a public 
listing, which defeats the whole purpose 
of a secondary market." 

For further information: 

•COSSLLT ihc Nfiict Mu la Web we ji fcrp.Vwwu neuer. 
suikt.de 


Beyond N. Y r Regional Rising Stars 

— ■ ■ M i - — — — . THpt/ 


By Aline Sullivan 


W 


HEN ONE THINKS of 

S investing in the 
l States, the New 
. . York Slock Exchange 

■ automatically conies to mind. Most in- 
vestors, of course, are also familiar with 
Nasdaq and with Arnex, the American 
Stock Exchange. 

But surprisingly few know that a 
growing proportion of equity trading is 
now done on one of the five regional 
American exchanges. 

Not being tuned in to the Boston, 
Chicago. Pacific and Philadelphia stock 
exchanges is understandable: their hey- 
days are long over. In the early part of 
this century, for example, trading 
volumes in Boston rivaled those in any 
stock market. But it now takes several 
months for Boston volume to reach 
what the NYSE can handle in just a 
single bullish day. 

Together, these four secondary 
, American exchanges account for just 
^ 12.4 percent of the average daily 
‘ ' volume of listed U.S. stocks, or slightly 
more than Nasdaq's 10.3 percent The 
Cincinnati Srock Exchange, which has 
no trading floor and has therefore never 
been well known, accounts for a further 


changes looking for the greatest spread 
(the difference between the bid and of- 
fer prices! on a single srock. 

But in recent years this process has 
become far more efficient. The Inter- 
market Trading Sysrem, or ITS, is an 
electronic linkage network that allows a 
broker to access current prices at all 
markets in the National Market System, 
which includes the NYSE and Nasdaq 
as well as the five regional exchanges. 
Stocks listed for trading on any 
of these exchanges can be 
traded on the others. 

“Securities firms, regardless 
of size or location, can compete 
effectively for the business- of 
the individual investor,” said 
the Boston Stock Exchange in a 
recent publication. 

''Enhanced competition w 

brokers, whether Mi-service or discount, 
adds up to better prices and better service 
for investors." the exchange added. 

It also allows the smaller stock ex- 
changes, which can often offer superior 
prices for certain stocks thanks to local 
trading by specialist brokers, io handle 
more of the business. 

I HE BOSTON exchange, or BSE. 
and the Philadelphia, Chicago 
and Pacific exchanges estab- 



among 






T_ „ . 

se.sss'.stts EszEgsgs? 

But Se small exchanges are fighting For example, Chicago, which claims 
back! than do® to offer the only automated pnce-im, 

their ttadine volumes since die early provement program, immediately 
1980s thanks in part to spillover from provides tie best price on spreads of a 

SsSSh&ss: KiysKsfrs 
SSbrissst ss fsasssresB 

SSKHSs 


ecution services available. They are ex- 
ploring links with electronic commu- 
nication networks such as Instinct 
Corp., which allow institutions to avoid 
middlemen by trading directly among 
themselves. 

What the exchanges can’t offer is 
much in the way of unusual issues. 
These seemingly regional exchanges 
are, in fact, national. Few of the compa- 
nies listed exclusively on any of them 
are based in the bourse’s geo- 
graphic region. 

“It used to work that way,” 
said Morrison Shafroth at the 
San Francisco office of the Pa- 
cific Exchange, which is the 
product of the 1956 merger of 
the Los Angeles and San Fran- 
cisco Stock Exchanges. 
“Clorox, Chevron, Bank of America 
and Wells Fargo went public here,” he 
said. “But electronic technology has 
changed all thai.** 

Today . only a fraction of the 200 or so 
stocks available exclusively on the Pa- 
cific and Boston exchanges are local 
products. Chicago and Philadelphia 
have even fewer. Instead, companies 
from all over the world apply to these 
exchanges because they want more than 
the bulletin board of Nasdaq bur are not 
ready to qualify for Amex and are cer- 
tainly not ready for the New Y oik Stock 
Exchange. 

AU told, exclusive listings account 
for just 5 percent of the business at the 
Boston and Pacific exchanges and are 
negligible at the others. 

For further information: 

• BOSTUN Swck ExcKinj# it nswiluhlc h* telephone ai 617 
723 9S00 or ff-msd <U ptfagtwx.iwn 

•CHICAGO ShkJ. Evfcange: 
mgtgxIiianMKiw^cQHL ^ 


312 Mn 5 222; aiaAei- 
hip./i**-*u.ehKsjMwek" 


• PACIFIC Swct &chsn£*. US 39? -MV* 213 977 4 J 0 I. 
ptetn?a(&aoi.po*n. 

• PHILADELPHIA Mod Exchange- 215 J*» ,'Otft 
Infotffphk com; hiqr.fowft.tfiluoai- 


Insights for investors from the worldwide research of Julius Baer 


U 


C8 

£ 

u 


EMU and your 
wealth - problem or 
opportunity? 


A large majority of investors believe that Euro- 
pean Monetary Union will start as planned in 
January 1999. Before, during, and after its 
implementation, the euro will have a profound 
impact on the investment marketplace world- 
wide. 

With a punctual launch of EMU. investors fere a number 
of uncertainties First, the number and identity of 
the countries that will be initially accepted for EMU 
membership. Although this will be unknown until 
spring 1998, we are of the opinion chat there will not 
be a small onion oFhard currencies, but a merger of 
a larger group of currencies which in the longer term 
could expand to countries not yet in the EU. 

Second, the determination of the fixed exchange 
rates between national currencies and the euro. 
In practice, setting these rates will be the task of 
the governments and the European Commission 
during the run-up to EMU. 

Third, the effect of EMU on international fores 
markecs. e.g. the US dollar, sterling, Swiss franc. 
The principal aim of the European Central Bank will 
be to ensure long-term price stability. We believe 
that the ECB will achieve this goal and that the euro 
will create a currency bloc rivaling that of the U.S. in 
size and providing a crucial counterweight to it. 
Moreover, after a transitional period, the euro will 
be used as a reserve currency to a far greater extent 
than the D-Mark now. 


“77/e euro can be 
a dynamic force for 
Europe's future." 

Fi'om cur Quarterly ''euro -monitor" 


Equities, Bonds, and the Euro 

EMU will accelerate deregulation, competition and 
emphasis on shareholder value that have supported 
srock market performance. Thus a greater exposure 
ro equities is likely to be implemented in the future. 
For fixed income investors, the absence of exchange 
rate risk and the expectation that interest rates should 
remain rather low in comparison to previous busi- 
ness cycles will reduce the typical opportunities of 
capital diversification. Resulting alternatives: take on 
more risk with euro bonds or expand investments 
into non-euro bonds. 

In view of the uncertainies surrounding EMU at 
present, there are obviously no parenr solutions 
for an optimal investment strategy. Since the 
objectives and rime horizons of each investor are 
different, an individually structured portfolio is a 
must to balance risk and opportunity. 


Want to know more about EMU and its impli- 
cations for investors? Or discuss an asset manage- 
ment relationship with the Julius Baer Group- 
just cal] Audrey W. Lo. Telephone (+852)2877 3328. 
Or visit us on Internet: http-7 / www. juliusbaer.com 


JBf°B 


JULIUS BAER GROUP 

Zurich Geneva London -New York Frankfurt 


PRIVATE BANKING - I N S T I T U T I O N A L ASSET MANAGEMENT - TRADING 


I 



PAGE 16 


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THE MONEY REPORT 


PAGE 17 


*pura:5 


f u * s a ^hill on This Boom, Be Ready for the End of the Run 

tc nbmic booms, tlnd wendX y ‘ 5 i° P"““- Writes Mr. Biggs: “let U loss of m Southeast Asu that has led to de- Still, if you find this icy rale even Big»s. "In the 1950s , 

1 J reasons we least expect For au ,^® e P rot11 pncing power and a world where prices valuations and stocks down i55 percent halfway convincing, you should: with a stable price let 

* ^ examnle inuivnu* i.X7 ', _ . noia .?. nt0 a ihai will be navi no are as likeiv to °o down as ud. Ice is an m Thailand, 30 percent m Malaysia. 35 • Mat* Clire unit ti'iira anititoVi nmnrih cnIH at .Ifl ttm. 


B ULL markets, and eco- 
nomic booms, tend to end for 
reasons we least expect. For 
example, investors lately have 
^non. But what 

^h P d hSn S ! nflatlon s °PPOsite— not 
nsmg. but flat or even fading, prices? 

DuS U< in PUShes up interesi fates. 
S S S 8 3 nT e H t0r5 ,m ° >"■* 

d dov>n Profits bv 

r ^ ? MDSUmers and Increasing 
w expenses - Bui deflation, or 
}u^rZf ° U5m disinflation, can be 
just as pernicious. It can lead to lower 
revenues. lower earnings, unemploy- 
ment and recession. 

Amid the euphoria of this bull mar- 

w a S sman People are worrying 
about deflation. Lately, evidence is be- 
ginning to show that they mav have a 
point. 

If you find the deflation scenario 
convincing, the best move, by far. is to 
buy long-term U.S. Treasury' securities. 
In deflation, interest rates fall since 
fears of higher prices vanish and the 
economy is so languid that hardly any- 
one wants to borrow money. Currently, 
the 30-year Treasury bond pays 6.6 
percent interest, up from 6.3 percent a 
month ago. If you own such a bond 


when rates drop to. say. 5.0 percent, 
then you can either sell at a huge profit 
or hoW onto a bond that will be paying 
what will seem a hefty yield. " 

Forbes magazine recently reported 
that 'a credible source" is saying that 
Warren Buffett is buying zero- 
coupon long-term Treasury bonds on a 
large scale. Mr. Buffett, of course, is 
one ot the best -known and most suc- 
cessful investors of our day. Zero- 
coupon bonds (which are sold at a big 
discount to their face value but pay no 
interest ) are what you buy if you thin k 
long-term rates will plummet. 

What about your stock portfolio? 
Stock prices, under this plot, will al- 
most certainly fall, but that doesn't 
mean you should cash in your chips. 

Barton Biggs, the chief of global 
strategy for Morgan Stanley Dean Wit- 
ter, has been talking about what he calls 
‘the ice scenario" for many months 
now. He's referring ro the Robert Frosr 
poem. "Fire and Ice." which begins, 

‘ Some say the world will end in fire/ 
Some say in ice." 

Mr. Biggs believes that while most 
people think that fire < inflation) is what 
destroys markets, ice, as Frost pm it, 
"Is also great/ And would suffice." 


Writes Mr. Biggs: "Ice is loss of 
pricing power and a world where prices 
are as likely to go down as up. Ice is an 
erosion of profits. Ice is excess ca- 
pacity. Ice is developing countries with 
low-cost factories and huge new labor 
forces. Ice is creative price destruc- 
tion." 

What he's saying, in less poetic lan- 
guage, is that the great danger that 
economies and markets face today is 
too much sniff — a supply shock, a 
glut. Companies, in their enthusiasm to 
invest in new factories and larger in- 


in Southeast Asia that has led to de- 
valuations and stocks down 55 percent 
in Thailand, 50 percent in Malaysia, 35 
percent in Indonesia. 

“One thing is for sure.” writes Mr. 
Biggs. “With Europe and Asia now 
depreciating their currencies versus the 
dollar, somewhere out there the United 
States is going to experience growth 
and unemployment problems." 

His conclusion: “I think stocks are 
dangerous here, and I still like U.S. 
Treasury bonds and bills best of all." 

What should small investors do? 


JAMES GLASSMAN ON INVESTING 


ventories (often at the encouragement 
of their governments), overexpand. 
They have to unload their goods, thus 
driving down prices. Their revenues 
stagnate or fall; their profits decline or 
turn to losses. 

The loss of pricing power is evident 
throughout the American economy, 
where producer prices have dropped 
for seven straight months. But the phe- 
nomenon is especially virulent in 
Asia. 

Moreover, we have a currency crisis 


First, despite Mr. Biggs, don't sell your 
stocks. You should own shares for the 
long haul only (seven years plus ), and, 
if there is a correction or even a tough 
bear market, history indicates that you 
should be able to ride it out and end up 
with more than you started. 

At any rate, even if the ice scenario 
sounds logical, it is only a guess — not 
a reason to abandon a long-term stra- 
tegic plan. Market timing (trying to 
determine exaedy when stocks wilfrise 
or fall) is a very risky pursuit. 


Still, if you Find this icy rale even 
halfway convincing, you should: 

• Make sure you have enough 
Treasury bonds in vour portfolio and 
enough cash (i.e.‘ money-market funds, 
bank CDs or T-bills). If you are going 
to retire in. say. Five years, you should 
be keeping about half your portfolio in 
financial assets other than stocks. 

Zero-coupon bonds, which you have 
to buy through a broker, are especially 
attractive. If you put up $3,000 today, 
you can buy bonds that are guaranteed 
to pay off at SI 0.000 in the year 2026. 
(Of course, you can sell them earlier, 
though the price is not guaranteed./ 
Beware, however, that phantom in- 
terest (6.7 percent in this case) on zer- 
oes is taxable each year. 

• Consider small -company stocks. 
They should suffer less — or perhaps 
nor at all — if export markets dry up. 
Bob Carlson's Retirement Watch re- 
commends these small-cap funds: 
Third Avenue Value. Acorn Fund and 
Baron Asset. Better yet, find your own 
and hold them. 

• Search for businesses that can 
survive troubled times. “Companies 
that can grow earnings and dividends in 
an ice age should be prized,” says Mr. 


Biggs. "In ibe 1950s and early 1960s, 
with a stable price level, slow steady 
growth sold at 40 times earnings." 

What are those businesses? Look for 
firms with unique products or fran- 
chises. The problem is that many of 
them — Microsoft Corp. and Gillette 
Co. come to mind — seem expensive 
already. 

• Buy value. The best way to protect 
against a decline in the stock market is 
to own stocks that aren't already in the 
stratosphere — that is. value stocks. 
Value has made a comeback in recent 
months, and some of the best-perform- 
ing mutual funds have bargain-hunting 
managers. 

One of those is Legg Mason Value 
Trust, which has finished in the top 20 
percenr of its peer group for the past 
three years. The fund, run by Bill 
Miller, has returned a remarkable 38.2 
percent so far this year (through Sept. 
3 ). compared with 23.7 percent for the 
average growth fund and 22.4 percent 
for the Dow Jones Industrial Average. 

What's appealing about this strategy 
— bonds, small-caps, value — is that it 
will work just fine even if the market 
keeps going up forever. 

Washmghm Post Ser ve 


Iii Montreal, the Politics of Being No. 2 BRIEFCASE 


By Ann Brockiehurst 


■ : • • hillbaih 

Jje ] 


T HE SURVIVAL of Montreal’s 
stock exchange seems assured 
by the fact that it is an important 
symbol for both sides in the 
■debate over Quebec's independence. 

.* When too much money leaves 
• Montreal for Canada's financial capital, 
Toronto, it is seen as giving ammunition 
.to the cause of Quebec separatism. Yet 
^separatists pushing for an independent 
.Quebec also want to see business done in 
'Montreal, since it gives the impression 
‘of a city capable of handling its own 
■financial transactions. 

* Montreal used to have a * ock ex- 
change on a par with Toronto s. but as 
‘financial power began to shift westward 
« in the 1950s. the Montreal Exchange was 
; forced to adjust to a secondary rolerCom- 
I pared to the Toronto Stock Exchange, 
•where the total value traded in 1996 was 
,301 billion Canadian dollars ($218 bil- 
lion). Montreal's stock market registered 
[trade of 50 billion dollars, up 30 percent 
• from a year earlier. 

* /^V Among the second- 

» f S |\ ary Canadian stock ex- 

’ 13/ changes, Montreal is 

■ V J somewhat lacking in 

■> ^ 1 distinguishing charac- 

J . hr leristics beyond being 

. No. 2 to Toronto. It is 

1 not a narrow-focus 

[market like Calgary, which specializes 
■in oil- and gas-company issues. And 
[unlike the Vancouver Stock Exchange, 

• whose reputation has been tainted some- 
[what by scandals involving mining 
■stocks, Montreal’s image is squeaky 
[clean. The worst that can be said of most 
.of the junior mining stocks listed in 
’Montreal is that they are illiquid and 
[trade only infrequently, 
i While 354 of the 576 companies listed 
[in Montreal are also available in 
Toronto, political considerations make it 
[necessary for many brokers and insti- 
llations to retain a presence in Montreal. 
'The Toronto-based investment house 
[Griffiths McBumey & Partners, for ex- 
• ample, opened its Montreal office in 
[February 1996, just a year and a half 
•after the people of the French-speaking 


.Vokrme, left scate; right -scale. ... 

■25 - 3 - — -s - 8 — — Ll^. 300 • 

1 Va/ue. mrt ora > 

v • ■] a \ olCanatfan ••• 

Lv"-i B 8 


io S 1 U i a 1 St tdg-J 

iTitynrrf f-u A 

..... 'w./ 

Source- Market information IHT 

province voted narrowly to keep Quebec 
a pan of Canada. If was a time when 
many investors were expressing uncer- 
tainty about the political situation. 

"There are about 25 large, sophis- 
ticated pools of money in (Quebec, and 
most of the investment community 
doesn't like to see money go down the 
highway to Toronto," said John Mac- 
Dougall. a partner in the firm. ' ‘We felt it 
was important to be in Montreal to rep-, 
resent this part of the market." 

Institutional investors buying in 
Montreal are primarily interested in Ca- 
nadian blue chips that are Montreal- 
based. but even shares in these compa- 
nies trade far more actively in Toronto. 
For example, the telephone and tele- 
communications giant BCE Inc. had a 
traded value of 1.7 billion dollars in 
Montreal in 1996, compared to 8.9 bil- 
lion dollars in Toronto, while the Bank 
of Montreal had a traded value of 1.1 
billion dollars in Montreal against 7.0 
billion dollars in Toronto. 

More regionally based stocks, such as 
the gold mining company Cambior Inc. 
and the Quebec supermarket chain 
Metro-Richelieu Inc., are the ones that 
tend to trade more heavily in Montreal 
than in Toronto. 

One of the biggest forces on the 
Montreal market is the Quebec gov- 
ernment's giant pension fund, the Caisse 
de Depot et Placement du Quebec, 
which has assets of 57.2 billion dollars. 

"Every time there’s' a big block 
traded, everyone speculates it’s the 


Caisse," said Mr. MacDougaU. 

The fund holds stakes of more than 10 
percent in 30 Canadian companies, more 
than half of which are based in Quebec. 

Among the Quebec-based stocks cur- 
rently being recommended by Christine 
Decarie, vice president of the Montreal 
money-management firm Montrusco 
and Associates Inc., is the coffee vendor 
and distributor A.L. Van Houtte Ltee. 

"It's always been an interesting story, 
and 1 think they have real potential in the 
growing office market for single-cup 
coffee." she said. Van Houtte ’s ma- 
chines, which are coin-operated, pro- 
duce brewed coffee by the cup, a concept 
that is becoming increasingly popular in 
the U.S. office market, Ms. Decarie said. 
She also recommended the long-dis- 
tance telephone provider Fonorola Inc., 
which she sees as a growing force in the 
North American market 

Montreal companies are well repre- 
sented in the top 10 holdings of the 
Fidelity Canadian Growth Company 
Fund, and include the packaged-vaca- 
tion provider Transat A.T. Inc.. Metro- 
Richelieu Inc. and the Quebec television 
chain Tele-Metropole Inc. 

The Montreal Exchange also deals in 
futures contracts, such as Ten-Year Gov- 
ernment of Canada Bond Futures and 
Three-Month Canadian Bankers Accept- 
ance futures. Despite the success of these 
two comracts in Canada, the relative level 
of trading activity remains substantially 
lower than that in similar comracts traded 
in many other industrialized countries. 

According to a study by Louis Gagnon, 
a market researcher at Queen's University 
in Kingston. Ontario, there is "strong 
counter evidence to the widely held view 
that the Montreal market is redundant 
given the accessibility of U.S. instru- 
ments and the high correlation between 
Canadian and U.S. bond markets.” 

He concluded that Montreal's deriv- 
atives market had the potential to reach 
10 times its current size if institutions 
wishing to control their exposure to Ca- 
nadian interest-rate risk used the 
Montreal Exchange’s instruments rather 
than the Chicago Mercantile Exchange ' s 
Eurodollar time -deposit futures and the 
Chicago Board of Trade’s U.S. Treasury 
Note and Treasury Bond futures. 


Treasury Investing 
Revamped by U.S. 

The U.S. Treasury Depart- 
ment has announced several 
measures to make it easier 
and less expensive for small 
investors to buy and sell gov- 
ernment securities. 

Most significantly, the 
Treasury said that its bills, 
bonds and notes could now be 
bought simply by debiting a 
bank account aiid could be 
sold without going through a 
bank or broker. 

In upgrading its 11 -year- 
old system called Treasury 
Direct, which holds the ac- 
counts of 825.000 investors, 
the department said it was 
adding to the appeal of the 
government ' s securities 

while paring costs of admin- 
istration. 

"It is a breakthrough." 
John Hawke, undersecretary 
of the Treasury - for domestic 
finance, said in an interview. 
The new measures, which 
took effect Thursday, imme- 
diately after the department’s 
announcement. "relieve 

some of the inconvenience 
and hassle in the present pro- 
gram.” Mr. Hawke said. He 
added that the measures 
avoided the need for those 
selling securities before they 
mature to maintain a broker- 
age account. 

Treasury Direct customers, 
85 percent of whom are 55 or 
older, now may pay for new 
securities by authorizing the 
department to debit their bank 
account for the exact amount 
on the day the security is is- 
sued. Until now. investors 
had to pay for their securities 
when ordering them several 
days before issue. 

The new system means 
they will nor lose interest and 
can eliminate a time-consum- 
ing trip to the bank for a cer- 


tified or cashier’s check. 

It also means the govern- 
ment will not have to provide 
refund checks for the many 
investors who must now. in 
advance of a sale of the se- 
curities, send in more money 
than proves necessary when 
the bidding for that issue 
ends. Investors can get more 
information about the Treas- 
ury Direct program on the 
Web site: www.pub- 

licdebt.treas.gov. (NYTi 

Romania T-Bills 
Near for Foreigners 

Even as a new decision in 
Romania takes effect this 
week allowing foreigners to 
buy government treasury 
bills, officials say more work 
is needed before such pur- 
chases actually can be final- 
ized. 

The government decree 
says foreigners will be al- 
lowed to buy Romanian gov- 
ernment bills as portfolio in- 
vestments under the nation's 
foreign investment law 
adopted in June. 

Still, additional rules must 
be adopted to establish The 
exact legal framework that 
will allow foreigners to invest 
in Romanian bills, trade them 
and repatriate profits, accord- 
ing to government officials 
and traders. 

"There are certain regula- 
tions that we're now working 
on. together with the central 
bank, in order ro quickly es- 
tablish the final framework to 
allow foreigners to invest in 
our state T-bill market,” said 
a senior Ministry of Finance 
official. 

The final regulations prob- 
ably "will be completed in 
about a month from now,” 
said a spokesman for the Na- 
tional Bank of Romania. 

(Bloomberg I 


Projects for 2005 Expo Fuel a Rally on Nagoya’s Exchange 


By Miki Tanikawa 


ESPITE its claim to 
TrV * I R be the third-largest 
J I M urban center in Ja- 

■ A pan, the city of 
[Nagoya has little of the luster 

• and dynamism for which 
... .r ^Tokyo, about 300 kilometers 

■ ' f V, ( 1 85 miles) to the northeast, is 
(known. Nor does Nagoya’s 
■ [stock exchange compare with 
V - • » its more illustrious big broth- 

' Jer in the Japanese capital. 

■ ’ . Nagoya accounts for only 4 

[percent of Japan's share trad- 

- ling, in value terms, while the 
[Tokyo Stock Exchange ac- 

- - [ counts for 80 percent. 

- -■ ( But ever since June 12. 

- : %ri' , ,w ben the Paris-based Bureau 

( Internationale des Exposi- 

■ "" . Jtions voted at its general as- 

* sembly in Monaco to organize 
, ja world exposition in neigh- 

• .t($ i boring Seto in 2005. speeu- 

jyjP 1 ‘lati’ve money anticipating the 
'possible impact on local 
-/ *;■ * equities has drifted into a 

- ’ ' ' " :v of Nagoya-listed 

■ yl j.™ 1 Stocks, ranging from general 

[contractors to railroad compa- 
' . v [.•' iQies. The stocks have become 
: [ r K »toown as "expo brands.” 
v „V* J Many construction-related 
i equities rose markedly in the 
- >yl ! sev ®ral Weeks following the 

’* . ilone 12 announcement. 

!;•>> y-’ [Shares in Tokura Construc- 
: , . .tira Co. and Yahagi Cou- 

'stniction Co., for example, 
-• shot up 36 percent. Dai 

(Nippon Construction gained 
pi'i percent, while Ibiden Co. 
l advanced 30 percent. 

. - y V' J Investors also picked up on 
• !-■ with land holdings 

■ ■; . ^ rf, 111 Seto and Tokoname. a 

. 5V; i jeaity coastal city. Shares in 

•' v « JanisLtd., a Tokoname-based 

'• ; of ceramic products, 

tod Kyoritsu Ceramic Mate- 



Traders at the Nagoya Stock Exchange, which is emerging from Tokyo's shadow. 


rials Co., based in Seto. rose 
52 percent and 23 percent. 

r6 ^^xf»sition. which will 

be funded by the. Japanese 
government, regional contri- 
butions and some privaie-sec- 
ror roonev, is expected to cost 
up to 150 billion yen ($1.2 j 
billion ) and bring an estimated 
3 trillion yen in revenue into 
the region, according to the 
Yamaichi Research Institute- 
In addition to the expo, the 
area is preparing itself for the 
beginning of construction on 
a new regional Chubu Inter- 
national Airport, which has a 
tentative completion dare or 
2005. Two new highways that 
will flow into Nagoya and a 
rail spur linking Japan s high- 
speed trains to the region are 
also in the planning.sia§ e - 


The Nagoya-based Tokai 
Bank estimates that total ex- 
penditures for the construc- 
tion projects in the region will 
exceed 17 trillion yen. 

-This is an extraordinary 
amount of investment,’’ said 
Natsuki Takagi, chief econ- 
omist at Tokai Bank. Mr. Tak- 
agi forecast that the exposition 
and related projects would 
boost the regional gross do- 
mestic product by 0.9 percent 
annually beginning in 1998, 
resulting in an annual GDP of 
95 trillion yen by the year 
2015. Without the projects, 
the GDP would have been an 
estimaied 77 trillion yen. 

While the slew of invest- 
ments should result in blue 
economic skies for the region 
as a whole, some equity ana- 
lysts are cautious ro give spe- 


cific recommendations on 
which shares look the most 
attractive. They say that few 
details, at this stage, are final, 
snch as the exact size and cost 
of each project, how much 
commitment will be made by 
the private sector, who wili be 
the administrator of each ini- 
tiative and how much of each 
project will be awarded to 
which companies. 

These questions, they add, 
must be answered before any 
meaningful equity picks can 
be made. 

Indeed, reflecting the spec- 
ulative nature of the money 
that poured into the Nagoya 
exchange - after the June 12 
announcement, the market's 
rally soon lost steam, sending 
most stocks down nearly to 
their previous levels. 


But Yukio Takekawa, a 
manager at Daiwa Securities 
in Nagoya, said that die expo 
brand stocks might rise again 
as details of the projects are 
released. 

The market will receive a 
fresh review in December, 
Mr. Takekawa added, when 
the federal government an- 
nounces the outline of its 
1998 budget. 

The Yamaichi Research In- 
stitute suggests taking a mid- 
to long-term approach on se- 
lected Nagoya stocks. It said 
that likely beneficiaries of the 
construction projects would 
be Yahagi Construction. 
Nagoya Railroad Co., Kawa- 
saki Setsubi Kogyo Co.. 
Meiko Construction Co., 
Takigami Steel Construction 
Co. and Tokura Construction. 

Of these Nagoya-listed 
stocks, liquidity-conscious 
investors are advised to con- 
sider Yahagi Construction 
and Nayoga Railroad, both of 
which are also listed on the 
Tokyo Stock Exchange, the 
research institute said. 

While most Chubu con- 
struction companies stand a 
chance of prospering under a 
building spree, many analysts 
assume that Tokura Construc- 
tion will win a major engi- 
neering contract for work on 
the international airport, which 
is to be built on reclaimed land 
near Tokoname. The mid- 
sized contractor, analysts said, 
was the only company in the 
region with credentials in har- , 
bor works, and the political 
dimare made it unlikely that 
the local corporation would 
not be invited to participate in i 
a major local project 

Tokura Construction, like 
many of its peers in Nagoya, 
has few problem assets of the ! 


sort that burden many large 
contractors, analysts said. It 
has also posted record profits 
for the past three years. 

Mr. Takagi of Tokai Bank 
said that most companies in 
Chubu had suffered relatively 
little from the collapse of Ja- 
pan’s bubble economy in the 
early 1990s because they had 
not gone along with the asset- 
inflation craze. Because of lo- 
cal cultural values, "Nagoy- 
ans have a very austere ap- 
proach to things,” Mr. 
Takagi said. 

Investment in companies 
listed on the Nagoya ex- 
change is available through 
international brokers. 


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For Salomon, Nike 
Still Just Does It 

Despite some negative 
publicity surrounding what 
some critics — notably the 
comic strip Doonesbujy — 
have suggested are less-than- 
ideai working conditions in 
its factories in Asia, Nike Inc. 
is not suffering in the minds 
of stock analysts. 

Shares in the footwear and 
apparel company got a 
“strong buy" recommenda- 
tion from Salomon Brothers 
in its latest publication on 
global equity research. 

Salomon says that Nike is 
"misvalued" as one of the 
world's premier consumer 
brands and that it has become 
a "global icon" by virtue of 
its growth -from a running- 
shoe company into major 
player in apparel, sports 
equipment and entertain- 
ment. Salomon sees the brand 
that Michael Jordan helped 
transform into a household 
name as a long-term outper- 


former of the U.S. markeL 

Nike shares were trading 
Friday at $55. down 37.5 
cents. (/NT) 

Mixed Outlook 
For French Stocks 

French stocks are expected 
to be mixed in coining days as 
investors reshuffle portfolios 
to favor companies expected 
to benefit from an economic 
recovery. 

"Growth stocks will be 
sold for cyclicals like Saint 
Gobain SA. Lafarge SA, 
Schneider SA and Legrand 
SA,” said Jerome Poirel, 
fund manager at the Credit du 
Nord unit Etoile Gestion, 
which manages $8 billion. 

On Friday. France’s bench- 
mark CAC 40 Index fell 2.48 
points, or 0.S percent, to 
2924.5 1 . For the week, it rose 
154.02 points, or 5.56 per- 
cent. The CAC has dropped 
4.9 percent since reaching a 
high of 3075.67 on July 31. 

(Bloomberg) 


Your Guide To 129 Top French Companies 

FRENCH COMPANY 
HANDBOOK 
1997 

Hcralo^i^enbunc 

rite worn jr- i»»m 

Published bv the International Herald Tribune, the 1^7 
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PAGE 18 


^ lfcralb3b$ributtc 

Sports 


Russian Strikes Gold 

GYMNASTICS Svedana Khoritina 
of Russia won the gold medal Friday 
in the women's all-around event a* 
the world gymnastics champion- 
ships in Lausanne, Switzerland. 

Khoridna scored 38.636 points, fin- 
ishing ahead of Simona Ainanar or 
Romania, who had 38.587 points. 
Elena Prodonova, a fellow Russian, 
was third with 38549 points.fArP ) 

Rookie Leads in Montreal 

GOLF Robert Damron, a rookie in 
search of his first PGA Tour vic- 
tory, fired a 5-under-par 65 to take a 
one-shot lead after the first round of 
the Canadian Open. Greg Norman. 
Payne Stewart Jim Furyk and Gab- 
riel Hjerstedt were tied at 4-under 
66 at the Royal Montreal Golf Club 
in De BizartL, Quebec. (AFP) 

• Scott Henderson took a one- 
stroke lead Friday over Gary Orr in 
the second round of the European 
Masters in Crans-sur-Sierre, 


Chang, Last U.S. Hope, 
And Rafter in Semifinal 

No. 13 Seed Cant Believe His Good Luck 



Switzerland. 


(Reuters) 


Auburn Beats Virginia 

football No. 16 Auburn 
opened the season Thursday night 
against Virginia in Charlottesville 
and won, 28-17. Auburn scored 
three TDs in the second half. fAPj 

Springboks Fire Coach 

rugby Carol du Plessis was 
fired Friday after just five months 
as coach of the South African rugby 
union team. The South African 
Rugby Football Union announced 
its decision shortly after du Plessis 
appeared before the group to an- 
swer for the Springbok team's dis- 
mal record this season. (AFP I 

Anderlecht Admits Bribe 

The Belgian club Anderlecht ad- 
mitted Friday having paid one mil- 
lion francs (527,000) to the referee 
of its 1984 UEFA Cup semifinal 
against England's Nottingham 
Forest. (Reuters) 

• Branco scored the tie-breaking 
goal in the 38th minute as die New 
York-New Jersey MetroS tars beat 
the Los Angeles Galaxy. 3-1, on 
Thursday night in Major League 
Soccer. (AP) 


By Robin Ron 

Nfw York Times Service 

NEW YORK — He had hardly 
figured out how to swing a racket before 
his father taught him that Roy Emerson, 
Rod Laver and John Newcombe were 
die only gods worth emulating. When he 
became old enough to put a halo around 
a role model of his own choosing, he 
opted for the slapdash Pat Cash. 

No wonder Patrick Rafter, the lucky 
13 fe-seeded player at the U.S. Open, has 
served and volleyed himself to within 
two victories of a Grand Slam title. 

Of course, it’s not the right Open — 
Rafter would rather be making his 
breakthrough back home in Melbourne 
at the Australian Open — bat the 24- 
year-old opportunist has nimbly adjus- 
ted to the novelty of finding himself in 
his first U.S. Open semifinal 

• 1 1 At this stage, it’s hard for me to do a 
lot wrong,” Rafter said Thursday after a 
7 -$ (7-4), 6-4, 6-2 quarterfinal victory 
against Magnus Larsson of Sweden that 
was almost as brisk as the wind that 
waxed and waned inside Arthur Ashe 
Stadium. “Everything seems to be fell- 
ing into place for no particular reason,” 
Rafter said 

The Australian will face Michael 
Chang, the second-seeded player and 
now this year's fevorire, in a semifinal 
Saturday. The American, who rallied in 
five sets in his previous match to get this 
far. defeated Marcelo Rios of Chile, the 
10th seed. 7-5, 6-2, 4-6. 4-6, 6-3, in a 
night match. 

“Oh, man, I was so stressed," Chang 
said. “Marcelo was such a talented 
player. I knew it would be a tough 
match. It was an unbelievable match. It 
could have gone either way.” 

This time, Chang did what his fourth- 
round opponent. Cedric Pioline of 
France, could not do Tuesday: the 
American saved two break points as he 
served for the match. Chang, still look- 
ing for another Grand Slam to go with 
his 1989 French Open title, was in the 
U.S. Open semifinal last year as well — 
bis third Grand Slam semifinal in his 
career. 

It took Rafter, whose classic serve- 
and-volley athleticism conjured up 
memories of Stefan Ed berg, an hour less 
than Chang — 1 hour 49 minutes — to 


advance to the second Grand Slam semi- 
final in his career. The outing would 
have been briefer had his apparent ace 
on his first match point not been called a 
fault 

The call made both players laugh, and 
an incredulous Rafter performed a spon- 
taneous sitdown strike on the baseline 
before getting back to business. Three 
match points later, a sure-fire service 
caromed off Larsson ’s racquet frame 
and blew out of bounds. 

“He was playing big points better the 
first two sets, and the final set. 1 had no 
chance at alL nothing more to do,” said 
Larsson, who’s ranked 30th. 

The Swede wasn’t effective enough 
with his passing shots to keep Rafter 
from looming up at the net — he showed 
up there 103 times — and controlling 
the direction of 'the match from close 
range. 

Though Rafter is six Grand Slam 
titles short of being in Ed berg’s class, 
Larsson said there were similarities be- 
. tween the retired Swede and the late- 
blooming Australian: "He’s really ath- 
letic, moves well at net; it's hard to pass 
him. He's picking up his baseline game 
a little better every year, and he's going 
to improve even more. He's going to be 
a real danger.” 

Perhaps at this Open, where Chang 
and Rafter were the only seeded players 
left Thursday night. Rafter already 
presents a real danger. 

Thoagh his record against Chang is 2- 
5, he won their most recent meeting two - 
weeks ago on hard courts at the Hamlet 
Cup quarterfinals on Long Island. 

“Irs a good matchup,” said Rafter, 
who prefers the underdog’s role. "His 
game is a retum-of-service sort of game, 
and mine is that I'm going to attack him 
at all opportunities. It makes for some 
fun tennis,” he added. 

Rafter is navigating this streak at the 
Open without the guidance of a coach or 
an agent, usually ubiquitous figures in 
the entourages of on-the-cusp top 10 
players like him. 

Rafter fired his coach, John Fitzger- 
ald, this summer and is relying on advice 
from his Davis Cup bosses — his fa- 
ther’s idol Newcombe, who won the 
Open in 1973, and Tony Roche, the 
runner-up to Laver in 1969. 

Since Rafter not only managed to 




SATURDA y-SWT)^ SEPTEMBER 6-7, 1997; 

Terms Set 
For the Sale i 

Of Dodgers ; 
To Murdoch; 


Vn LrttfAgtncc Fraotp^iwe 

Michael Chang after beating Marcelo Rios of Chile, 7-5, 6-2. 4-6, 4-6, 6-3. 


work his way into a semifinal this year at 
the French Open, a place where the clay 
courts were not as conducive to a net- 
hangers like him, but also he gave Sergi 
Bruguera, the two-time French Open 
champion, a ton of trouble in their four- 
set match, he regards this campaign as a 
chance io improve upon the progress he 
made in Paris. 

“It’s not a novelty like it was at the 
French Open to be in the semifinals,” 
said Rafter, who has reached five finals 
in 1997 and, much to his bewilderment, 
won none. What he needs to maintain, 
he feid, is “a bit more belief in myself 
that lean win instead of hanging in there 
and getting close.” 


■ Hingis Reaches Final 

Martina Hingis will play for her thud 
Grand Slam title of 1997 on Sunday 
after beating sixth-seeded Lindsay Dav- 
enport, 6-2, 6-4, on Friday in one hour 
and 1 ! minutes. Agence France -Presse 
reported. 

The 1 6-year-old reigning champion of 
Wimbledon and the Australian Open 
will face either Irina Sptrlea of Romania 
or Venus Williams of the United States. 

• In the final of the men's doubles 
Friday, Yevgeni Kafelnikov of Russia 
and Daniel Vacekof the Czech Republic 
beat Jonas Bjorkman and Nicklas Kulti 
of Sweden, 7-6 ( 10-8), 6-3. (AP) 


GAMES: Athens Gets the Nod 


Continued from Page 1 

an bid, the society wife of a 
millionaire and, more impor- 
tant, a trained lawyer herself. 
Yes, she admitted to the IOC, 
her city’s previous attempt at 
winning the Olympics had 
failed because of the mis- 
taken belief feat its Olympic 
heritage would magically 
solve its problems. 

The IOC had always sym- 
pathetically hoped feat 
Athens would take a more 
honest look in its own mir- 
ror. 

This issue of Greek stub- 
bornness gave Angelopoulos 
something to attack, point by 
point, giving her arguments a 
strong-willed coherence feat 
the other 55-minute present- 
ations lacked. If as many as 
half of the 107 IOC delegates 
were still undecided, as was 
suggested Friday morning. 



My Engine Is the Same , 9 Armstrong Insists 


Athens' booster: Gianna 
Angelopoulos- Daskalaki. 

fee end, he will support 
Athens." 

“The first winner was 
Athens, fee second winner was 
Mandela,” said Ottavio Cin- 


she clearly won them over by quanta, an IOC member from 
proving professionally and Italy. Mandela obviously be- 
wife minimal ballyhoo feat lieved his favor would be re- 
plans to build a new airport, turned. '‘I think the host of fee- 


metro and highway — among 
other projects — would per- 
mit Athens to stage a first- 
class Olympics. 

Running in fee backdrop of 
her speech were hints and 
memories of the Olympic 
heritage that might regenerate 
fee spiritual base feat fee IOC 
has tended to take for granted 
in this commercial era. 

Unknown to the IOC mem- 
bers. who were voting by 
secret ballot and didn't know 
which city was receiving the 
most support, Athens won 32 


2008 Olympics will be South 
Africa,” said Mario Pescante. 
head of the Italian National 
Olympic Committee. 

Not even Mandela’s short, 
noble speech could catch fee 
mood of the day. 

The IOC can pur up wife 
only so much talk about social 
truths and responsibilities. It 
also wants results. When fee 
envelope was tom open and 
the vote announced by fee 
IOC president. Juan Antonio 
Samaranch, at the end of a 
half-hour live TV special 


By Samuel Abt 

Intemanoml Herald Tribune 

PARIS — After a year away from bicycle 
racing while he recuperated from testicular 
cancer, Lance Armstrong has decided that he 
feds healthy and motivated enough to try to 
make his comeback next season. 

"My doctors are extremely optimistic and 
they expect a full recovery," said the star 
American rider, who will turn 26 this month 
and who underwent two major operations and 
four weekiong rounds of chemotherapy. 
"They're so optimistic, it kind of changed 
things for me. I'd never seen feat wife them. 
Before feat, they were very hesitant, very 
cautious whar they said to me. 

“Before, I thought there was a chance it 
would come back.’ ' he continued, referring to 
fee cancer that had spread to his lungs and 
brain. “I was scared. I had absolutely no 
security." 

But, he said late Thursday in a conference 
call from a bicycle show in Anaheim, Cali- 
fornia. in his most recent check-up, his doctor 
told him that “death is totally out of the 
question, out of fee scenario.” 


Scoreboard 


Major League Standings 


So, asked if he was ready to race again, he 
replied quickly, “Yes. I am. My engine is fee 
same, my endurance, my heart, ray lungs are 
the same. It’s just a question of how much I 
lost in a year off." 

A big problem, he admitted, is that he does 
not have a team for next season. “I have to be 
part of a team and right now I’m not. Cofidis 
has given up on me." 

A nominal leader of fee Cofidis team, 
based , in France, he had a two-year contract 
through 1998 but it was renegotiated when he 
became sick. 

“If I did not race this year, they had the 
option to drop me,” he said. "They think I'm 
finished. That’s great, I love that.” 

Does he think he is finished? “I think I'm 
finished wife my vacation," he said. 

In a conversation earlier this week. Arm- 
strong revealed that he had offered Cofidis 
this proposal for nexr year: He would train at 
□o pay and then compete at a minimum salary, 
wife bonuses for strong performances. "If I 
started winning again, they would have to pay 
me my value again. ' ’ he said. ’ ‘They turned it 
down.” 

His agenr is talking with other European 


teams, Armstrong said, admitting that most 
teams have already set their rosters for next 
year. He said he did not want to ride for a team 
with many leaders or a team fear competes 
only in the United Stales. 

An obvious choice is fee U.S. Postal Ser- 
vice team, which races a full European sched- 
ule and which includes riders and officials 
who have known him throughout his five- 
year professional career. Armstrong said be 
had talked wife fee team and doubted it was 
interested. “Probably not.” he said, "They 
think I'm damaged goods." 

They might, but does he? 

“I’m just not sure. I’m very’ curious abour 
whether I can compete at fee highest level 
again, ’ ' said Armstrong, who was world road- 
race champion at 2 1 and has won two stages in 
fee Tour de France in addition to a World Cup 
classic. 

“That’s part of fee reason I want to come 
back, to see if I can do it. 

“It also would be great for fee cancer 
community.” he continued. “The perception 
is that once you get cancer, you’re never fee 
same afterward. I'd like to prove feat 
wrong.” 


" By Richard Sandomir "V 

Nr* York Tunes Service 

Peter O'Malley has reached an agree-’ j 
ment in principle to sell die Los Angele| ; g r \ 

Dodgers to Fox Group, putting one of 

baseball’s most prestigious and success? 
ful franchises into Rupert Murdoch s 

global business empire- J 4 . . ' 

A price was not disclosed, Dottne 
O’Malley family business is expected to . 
sell for about $350 million. It features 
fee major-league team. Dodger Stadium 
and land, fee Dodgenown spring train- 
ing facility and minor-league team in 
Vero Beach, Florida, and a baseball 
complex in fee Dominican Republic. . 

The sale must be approved by three 
quarters of National League owners and 
a majority of American League own- 
ers. . _ ' 

The vote by the Atlanta Braves, . 
owned by Time Warner, may be in- 
teresting because Ted Turner, Time 
Warner’s vice chairman, has been a . 
business competitor and in a verbal war At 
with Mr. Murdoch for years. ■ WJ 

Some other National League owners 
are reportedly against Mr. Murdoch’s 
purchase of fee team, so fee possibility 
exists that he could have trouble getting 
fee required voces in fee league. 

Tribune Co., which owns fee Chicago 
Cubs, also competes with Mr. Murdoch 
in the communication industry. 

The Dodgers, fee last traditional fam- • 
ily-owned franchise, have belonged to 
fee O’Malleys for 47 years. The passing 
of fee team from old-line family own- 
ership to a corporate media giant is 
emblematic of the course that sports 
ownership has taken in recent years. 

For example, fee Dodger deal brings 
full-fledged corporatization to baseball : \- 
in Southern Califomia. The Walt Disney 
Co. controls fee Anaheim Angels 
through its 25 percent investment. « 

Peter O'Malley and his sister, Terry . ^ 
Seidler, put fee team up for sale in * . 
January, citing a need tor estate tax 
p lannin g- Mr. O’Malley was also dis- 
enchanted wife the city's rejection of his 
plan to build a football stadium next to 
Dodger Stadium to house a National 
Football League franchise. Mr. O’Mai-. 
ley also felt removed from the ruling 
center of baseball feat his father, Walter; . 
once dominated. i 

The Dodgers are a major strategic 
asset for Fox. The team already provides 
programming for Fox Sports West, fee. 
local cable sports channel half-owned 
by Fox. And owning fee team means 
never losing the crucial TV rights to the 
team's games to a competitor. . 

Fox also carries Dodger games 
through its national broadcast network 
deal. 

Although fee Dodgers have always 
tried to be a contender, often success^ 
fully, they have never spent out-; 
rageously on salaries. But Fox will want 
a superior product fra: its programming, 
so the team may venture into fee George 
Steinbrenner area of lavish spending. 

Mr. Murdoch has always believed 
that there are four types of successful & : 
global programming — sports, chiU 
dren’s programming, news and enter- ' 
tainment, specifically movies. 

In recent years, he has added sig- 
nificantly to his sports programming, - 
not only through fee national baseball 
contract but an expensive deal for Na- 
tional Football League games and a less 
costly deal wife the National Hockey 
League. 

The addition of the Dodgers signif- 
icantly enhances feat portfolio. 


Baltimore 
New York 
Boston 
Detroit 
Toronto 


EAST DIVISION 

w L Pet. 

86 51 .628 

79 39 573 

67 73 479 

66 73 475 

65 74 MS 

CENTRAL OMBIQM 


Pd. GB 
.628 - 
577 T6 

479 20h 


D.Weds. Nelson (7). Lloyd (81, Boehrtngcr 

Hiroshima 

57 

S2 

0 

573 

9 

(9) and GlrardL W-Krtvda 3-0. L-D. Weds 

Hanshln . 

51 

61 

1 

455 

16V, 

14-9. 5v— RaMyws (41). HR-€taflimore, 

Chunldii 

50 

64 

1 

439 

m 

Hammonds (19). 

Yomiuri 

49 

64 

a 

434 

19 

Saattte WO 821 110—9 17 1 

Manciuoai 



Mbuwwta 190 040 190-4 9 1 


W 

L 

T 

Pd 

.GB 

Claude. Ayala (6). Ttmtin (8), Chariton (B), 

Selbu 

64 

45 

7 

56} 


Sioaimb (93 and Da.Wltaon- Hawkins. 

Orix 

57 

46 

3 

-553 

4 

Svrindeti (6), Serafml (8), Guardado (8). 

Kintetsu 

54 

57 

3 

486 

11 

Ritchie (8) and Stein boch. w— Ooude 2-2. 

Nippon Ham 

53 

60 

1 

469 

13 

L— Hawkins 5-10. Sv-Stocumb (22). 

Daiei 

51 

S9 

1 

464 

13'A 

HRs— Seattle. Griffey Jr2 (48), Sonenfo (27). 

Lotte 

47 

59 

2 

443 

1S'6 


Cotes (3). Minnesota Moffo r H0>. 

OaUud 383 000 000 000-6 10 0 


votes in the first round com- beamed around the world, the 
pared with 23 for Rome. Greek organizers in the theat- 
Buenos Aires, which was bid- er audience realized wife 
ding for a fourth time, and screams of joy feat they,. like 
Cape Town, representing the their Olympics, had joined 
first formal African bid to the modem world. 

StSS ■Bomb Suspect Held 

break their tie Buenos Aires Swedish police arrested a 


break their tie Buenos Aires 
was knocked out by 62-44. 

The Argentine supporters 
Spread their votes fairly 
equally among Athens (38), 
Rome (28) and Cape Town 
122) as Stockholm fell out in 
the second round. The news 
feat Swedish police had cap- 
tured fee alleged Stockholm 
tenxwist, which the Stock- 
holm organizers announced 
dramatically during their 
presentation Friday morning, 
apparently had no effect on 
the IOC. 

After Cape Town went out 
with 20 votes in the third 
round, 14 of those votes went 
in support of Athens in fee 
final round. “Now l can 
speak about it,” Angelo- 
poulos said. “I met yesterday 
with President Mandela. He 
promised me that if Cape 


26-year-old suspect in two 
bomb blasts aimed against 
Stockholm’s bid for the 2004 
Olympics, The Associated 
Press reported. 

The police declined to name 
him. but Swedish tabloids Fri- 
day identified him as Macs 
Hinze, a member of an ex- 
treme right group. Frihetsfron- 
ten (Freedom Front). 

The suspect was arrested 
late Thursday as he tried to 
blow up a statue being used as 
fee symbol for Stockholm's 
candidacy. Last month, 
bombs destroyed large parts 
of fee Olympic Stadium in 
Stockholm and fee Ullevi 
Stadium in Gothenburg. 

The man was arrested with 
nine pounds of explosives in 
his knapsack, only 18 feet 
from the statue, the Expressen, 


Cleveland 

72 

63 

533 



Kansas Oty 000 Odd 402 001-7 11 i 

Mtiwaukee 

70 

68 

507 

3V, 

12 innings 

CWcogo 

69 

70 

496 

5 

Haynes. Taylor (7), M older (7). T. 

Kansas City 

57 

80 

416 

16 

J-Mothevn (B), Groom (9L Witostei 19). 

Minnesota 

57 

81 

413 

16'.j 

Wengert (121 and AAayne; Belcher. J. Walker 


WESTOnnaoN 



(7), Pkhreda (8). J. Montgomery (10), Olson 

Seattle 

77 

63 

-550 



(12) and Mocfarlane. W— Orson 2-1 

Anaheim 

74 

66 

-529 

3 

L-Wengert s-ll. HRs-Oaktand. Giambi 

Terns 

67 

73 

429 

10 

07). Kansas Dty. Cooper (3). 

Oakland 

54 

86 

.386 

23 

NATIONAL LEAGUE 

MAZtONAL UACHH 


Pittsburgh ooo on no-3 7 o 


EAST DIVISION 



Qndnarf 018 4n orr *— s 7 a 


W 

L 

Pet. 

GB 

Ueber. Fetors (5). Wattace (7). 

Atlanta 

87 

S3 

631 

— 

Christiansen (8) ond KendalL- Mnguv 

Florida 

83 

ss 

-601 

3 

BeTntda (7). Show (9) and j. Oliver. 

New York 

76 

62 

i51 

10 

W — Morgan. 6-11. L— Ueber. 9-13. 

Morttreoi 

n 

69 

sat 

Ittt 

Sv— Shaw (3l). HRs— Patsbmgh, Dunston 

PWtoddptua 

54 

82 

yn 

31 

(12). Ondimon. W. Greene (22). J. Other 

CENTRAL DmSKW 



(14), Numxdly (7). 

Houston 

72 

68 

5\i 

— 

Phfludetphki 010 103 901—6 8 0 

Pittsburgh 

69 

72 

489 

3ta 

Montreal 103 on 000-4 10 0 

5f. Loots 

65 

7i 

468 

i’A 

Beech. Gomes (6), Kara (7). Seradfin (7), 

Ondmwti 

62 

76 

449 

9 

Bottollco (9) and Estaieila: PJ Moitinez. 

CWcopo 

57 

83 

407 

15 

Tel fan! m end Fktdier. w— Beech 4-ft 


W6OT PWUBON 



L— P. J. Martinez 16-7. Sv— Bottollco (27). 

Los Angeles 

78 

63 

-S57 

— 

HRs-PMadelphla Bragna (17). EsiatoBa 3 

5anFrondsai 

i 76 

64 

-543 

1 

(3). Montreal Lansing (18), V. Guerrero (1 0). 

Colorado 

70 

70 

-500 

B 

Segul (17). 

SonDtego 

66 

75 

468 

I2V; 

Houston 502 001 338-1 4 17 Z 


Town was not in the draw to an evening newspaper, said. 


THUMB AY’S UN neons 
AMERICAN LEAMfE 

TVxrn 103 010 100-4 9 0 

Toronto 001 000 001-2 7 3 

HeBng. BoBw (9) ond l. Rodrigues 
Carpenter, Daol W, AUnomar (DaUB. 
Santiago. W— Netting 2-1- L— Carpenter (.7 
HR— Toronto, B. Santiago (11). 

Anatwfca 010 120 M0 00-4 5 2 

Detroit OH 010 030 01-5 9 1 

11 i n rin gs 

(CHiH Hold (81. James (81. Perawrf (10), 
P. Homs (11) and Kreuter, A. Encamaaon 
SMts, Dura/) (®, Bracoi) I9>. 
AvMyef! 00). ToJonM (ii) and Jeraerv 
Casanova U«. W-To-lones 3-3. L-P. 
Harris 24. HRs — Anohom. Salmon 2 (781. 
Oetrod, ToCtaik (30). 

BoBwwre 002 DM 201-5 14 9 

New Tort Oil OH 008-2 B 1 

Krtvda, TejwottmK (7). Rhodes (71. 
Orosco (8). RoJIAven (91 ond Webster 


Son Francisco 000 on 02»-2 j 2 
Hampton. J. Cabrera (En and Ausmuv 
Gardner. Rapp (1). C BaBey (6). Poole (Bl. D. 
Henry TO Ond B. Johnson, Berrytmi (8). 
W— Hampton 12 ■?. (.-Gardner 12 8. 
HRs— Houston, Biggin (21), Cuhcrez (3). 
JUHfflD 022 012 HO 01-8 17 2 

San Die go 300 300 1H 00-7 II 1 

11 tamings 

MffhmodL Clout? (51. C. Fox te), Embrw 
{«, Comer 171. Ligienbetg (91. Women (1 0) 
ond J. Lopes PSmtth, Bctqmcn 16). D.Vcrus 
(7), Hoffman (9), TlWorrefl (11) and 
Rn berry, C. Hernandez (ft). W— Wohlers 5-5. 
L— TlWonM 3-8. HRs— Atlanta. A. Jones 
(16), Klesko ail. San Diego, Gvvynn (17). 

Japanese Leagues 
drarnuuunaur 

W L T PCI DO 
Yqtcult 67 U 3 604 - 

Yokohama (0 « Q iW 4 


FRIDAY'S H SUITS 

CENTRAL LEAGUE 
Hanshln 4 Yokohama 3 

mane league 
Kintetsu 9. Nippon Ham 2 
Selbu 4, Lotte 2 


RBicn hmt (Hvnton 

Le Howe 1. Toulouse 1 
ManaiOc f, Lyon 0 

■UiOt LEAGUE SOCCU 

New Yurt-New Jersey 3, Lw Angdn 7 
STANDINGS: Easton Conference X-0.C. 
46 points.- Tampa Bur Columbus 32 New 
England 24 NY-NJ 28. Western Conference: 
vKansas City 43 points Cotorodo 3$ Dallas 
31 Los Angeles 2& Sal Jose 24. 
x-d inched playoff spat. 


U.S. Open . 

THURSDAYS RESULTS 

HUBl'f sworn 

QUARTERFINALS 

Patrick Ratter (13), Australia Set. Magnus 
Larsson, Sweden, 7-0 (7-41, 6-4. 6-2- 

Mfchoe* Chong 12). U-5„dd.M«tCto &«■ 
(Uft. Chile, 7-5. 6-Z 4-4 4-4. 6-3- 

MSH'SMHKUS 

SEMEWALS 

Joims Btorkman and NtMos Kirill. Sweden 
fill. del. Wayne Block. Zimbabwe, and Jim 
Grot*. U.S. 7-5, 1-6 (7-0). 

womuksdoohu 

SEMIFINALS 

Lindsay Davenport, U-5* and Jona Novot- 
na. Czech RepiiMc G7. del. Martina Hingis. 
Switgeriand, and Arantm Stmchal Vlcarkv 
Spain £21,4-4 6-3. 

FRIDAY'S RESULTS 
•riMin'fsnsLu 

SEMFMALS 

Martina Hlngfc, Swibedond «)• art. Lind- 
say Davenport U b (6). 6-2. 64. 


Mim PMM LEAME 

Baltimore— R ecalled RHP Nerto Ro- 
driguez from Rochester, JL. 

MINNESOTA- Acquired RHP Mick f-tekJ 


with D Scott Lachance and O Doug Hauda. 

Philadelphia— Signed D Chris Joseph to 
I -year contract. 

TAMPA BAY-Nomed Rkk Paterson assis- 
tant cooch. Announced on afflUaffofl agree- 
merit with Chesapeake, ECHL. 

TORONTO— Re-signed C Brandon Comrery 
(a 1 -year contract. 

VANCOUVER— Added RW Jamie Linden to 
hairing camp roster. 

WASHINGTON- Traded D Eric Charron to 
Calgary Flames (or feture considerations. 


wwm. i po>nus wm o soon wd a Hauda. tennis, men: Bournemouth, England - 

Giaf Pemnrato 1- J S S Sl *' ^ ° Bournemouth Open to Sept- I* Mortrefla 

wgi t-emandez, u.5, ana Natasha Zvereva l-year contract. Spain — Martieiio Onen. to SeoL u- 

Bekmw ji), del . Watte ArendL US. and tamp a bay -N amed Rkk Paterson assis- Tashkent. Uzbekistan — President's Cup, to 

Mo non JJptti MJ, 3^ 7-6 \7-4)„ 5-2 tonl CDoch, An/iiwnad on afflUoftai ogiw Sept. 74. 

MIN'S DOOMS ment uvHti Chesapeake, ECHL. MRettTUPKl. Wmcinw Pnl — mm Gm. 

Yevgeni KateftifkasTRus. and Oantet Vo- 

cek, Czech R. (4), def. Jonas Biortman and vANcouvEB-Added RW Jnmb> i m*>„ m TUESDAY, SEPT. 9 

Nkktas Kuril Sweden (11). 2-4 (10-fl), 6-1 hairing camp roster. ~ 

wash incton— T raded D Eric Charron to No ™^ enW «- 
Calgary F tames (or future cansklefarions. WEDNESDAY, SCPT. 1 Q 

sooccn, various sites— World cup quri- 

Kytafl: Denmark « Crwrtta; Basnto-Heize- 
ttevina vs. Slovenia; England «. Moldova: 
Baltimore— R ecalled RHP Nerto Ro- SATURDAY Sect G G^wvs.tto^ Himgary«.A^ft)a^arcN of . 

drigwu from Rochester, JL. JA njHUAY, SEPT. 6 way vs. SwflzeitomUBetaros vs. AusfrtsSwe- 

^ MINNESOTA- Agutred RHP MidcRekl- rcc HOCKEY. Turku, Finland — IIHF, 1 *• Lntvi ® Bulgaria vs. Russia; Slovakia 

nr to comp We Aug. European Super Cup, TPS Turku vs. Lada W5 ‘ Yugoslavia; San Marina vs. Turkey: Rp. 


Saturday, Sept. 6 

ice hockey. Turku, Finland --IIHF, 


X (rode tor OF Darrin Jackson. 

NEW TORk-Recalted RHP Danny Rkk 
from Columbus, IL 

Oakland — O ptioned RHP Dane Johnson 
to Edmonton Pd_ Recalled RHP Jay Wltn- 
sfc* from Edmonton. 

TEXAS— Announced the resignation at Ken 
Mol wy. general manager ot Charlotte. FSL. 

National league 

UN nwNcnco-ftecaBedCDtwg Mira bel- 
li from Salem Keizer, NL. 

BASKETBALL 

NATIONAL BASKETBALL ASSOCIATION 
Dallas— S igned C Hubert DavK to 6-yew 
contract. 

PWLAOEi^fuA-SIgrud F Terry Cum- 
romgs to 2-ywr contract. 

UTAH — Signed G Male Erdmann. 

FOOTBALL 

NATIONAL FOOTBALL LEAGUE 
NFL-fmwJ Chicago Lfl arywCwpnd DE 
John Thierry and Green Bay DL Earl Unison 
55,000 each far fighting, ana Bears DT Jim 
Fkliiiqarv DT Cart Simpson, LB Bony M Inter 
and DE Monro Spetiman and Packers OG 
AawTortor. TE Jeff Thomason and C Frank 
Winters 52,500 each lor altering HgM area 
and actively participating In nqnts. and Pock 
ers OB Brett Fovre aid FB Oorsey Lawns 
S 1,000 eodi (or unnecessarily entering fight 
area in Sept. I game Fined Tampa Bay LB 
Hardy N ichefson 55.000 1 w a hit on 5an Fran- 
cisco OB Jeff Brohm m Aug. 31 game. Fined 
New England LB Tcdv Bnnchl and Todd 
Colins S7.500 each for hits an San DtegaQB 
Stan Humphries in Aug. 31 game 
SAN fbANCKCO— S igned QB Mike McCoy. 
Waived C Stew Gorton. 

tampa bat— S igned S John Lynch to 4- 
ycar cattMKl cifcnsion. 

Tennessee— S igned S Rotdri Robinson. 
Released WK Makalm Floyd. 

HOCKEY 

NATIONAL HOC ATT LEAGUE 
new jERser-Signed G judd Lambert 
NEW YORK BUNDEK-Aarecd to terms 


TogBoffL 

cyouho, Madrid, Spain - Vuetta de 
Esparto to Sept. 28. 

OOL*. Men: Crans-Sur^ Wire, Switzerland 
— Canon European Masters, to Sept- Mon- 
treaL Canada — Beil CanwBcn Open to Sept 
1; Japan PGA Matdiptay. la Sept 7; Bar* 
One Classic (sonars), to Sept. 7; Women- 
Portend, Oregon — The Safeway LPGA 


mania vs. toetanrt Lithuania vs. Ireland Cee- 
meny vs. Armenia Albania vs. Northern Ire. 
te^dr Otie vs. Argentina]? mu vs. Urmrimu- 
Criombia vs. Venezuela Paraguay vs.Boih2f 

International ftfcndty. Bra^l^^' 

Thursday. Sect. 11 


One Classic (seniors), to Sept. 7; Women: men: Paris, France - 

portend, Oregon - The Safeway LPGA ****■' *5uttoa MlassachSST^ 

ChomptartsMft lo Sepl. 7; Mnamltsru. Japan CVS Chorily Classic to Sept jTjnhTl™-. 
- Fuifaonfcel Ladies Classic ta Sepl. 7. - Suntey Open, to Sent u wS.' 

cmuMASTKS, Lausanne, Swift. —men. Washington - SAFECO c inkvte fc!?-!^ 
women. World DiomptansWpA to S em. 7. Konl Joptw - Japan LPG at^^.- 

aoecai, Vonous sties — World Cup riSesIM. A Chompionshlp, 


oniNAsnes, Lausanna&witL— mca 
women Work) Chompjorsftrpi to Saw. 7. 

soccer, Vonous sties — Worid Cup «p»aL 

ifytoff Cmotio «. Bosnia H ancgovi na Slove- 
nia vs. Greece Swtoeriand vs. Ftmand: Azer- 
bi#on n. Norway: Auitrio vs. Sweden: Latvia 

n. Estonkv Faeroe islands vs. Caech RepubBc 

Netherlan ds vs. Belgium- Iceland vs. Ireland 
LLJ Uiaiate vi vs. Romania Ulhuonia vs. 
Macedonia Germany vs, Portogat Armenia 
vs. (UbankE south Korea vs. Karaksian Cara 
Egypt - Under- 17 Work! Cup. to Sept zt. 

rowing, AkmebeWfe France — World 
Championships. loSept.B. 

vnmt*. New York - U.S Open Tennfe 
ChampionsWos, to Scpi. 7, 
yolutyball, Ebidhuven, Den Bosch, 
Noriteftamls — men. European Chamois 
omb^Lio Sepl. u 

Sunday, $eft, 7; 

athletics. Gateshead, E upland BU 

PA Series Ftnat IAAF Grand Pn* (doss lit 
Womcbic, Mann. Italy — Formula 
OttotWtan Grand Pri*, Monterey. Californio 
- Indy-car. Grand Prta of Monterey. 

•»«**. wwus sites— World Cup quol- 
Wng: Lrutamhouirj vs. Cyprus Surtond vs. 
Betanrs. Urured states w _ cosm Ricm Jo- 
matcaw Canada- Japan vs Urbefcistan. 

Monday, Sect s 

T^^uXT2r rt " mn G,on0 Sura " 


Ffuday, Sept , f % 

Sept. 21. WDrtd ChotriMriships, * 

M Arob Emirale S ^oiSr ,an;Un ' rt ’ 

Saturday, Sept ■« n 

*TMLtnC3, Fukuoka. 

asr fSESisa 

- Wort, Cm 

— - SullD *y. s fpt . 1 


8 "™ wa 

El irivadm U ^ S r“ ' WteidCupqugi ' 


ftave f e 

y W iW 11 ' 






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coach 

lo-u^I-.rr."’ ■_ 

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Dem’ii ‘ - 

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lurek^a.o 
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Ra\ni.Vi- • 
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keen* 

bom ;h; - 

uke o : -i e r!. r • - 
and'-’a'CT-.:'. * 

awake?. ' • : 

Tampa Bay i * -Ir o*. 

Barr. Sari::- 
after re • 

Fakv-n- H: 
lantsdir--- -i - 1 * 

Dun^’i 

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Mo-ire ::.'rr • ■ . . 

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DENXISTHEMiA,. 










PAGE 3' 



SPORTS 


PAGE 19 


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Minus Rice, the 49ers 
Have Few Believers 


Divisional Battles Start With Ra 


By Thomas George 

.V t n Kiri TimtiScrwiv 


San Francisco |0-1) va. St. Louis (1. 

0) This is the first of seven consec- 
utive divisional games for the 49ere 
and their first without Jerry Rice, who 
is lost for the season with a knee 
injury. Terrell Owens replaces Rice, 
but can Owens and JJ. Stokes give the' 
49ers passing game punch that is any- 
where close to Rice's? Few think so. 

This gives the Rams hopes that 
they can hound a wounded team while 
still licking a few wounds of their own 
in a series where the 49ers have been 
brutal. Ranis 20. 49ers J 7 

Buffalo (1-0) at Now York Jots 

When Vikings’ back Roben Smith 
ran 78 yards for a touchdown through 

NFL Matchups 


the Buffalo defense, he might have 
signaled more holes in this team than 
can be plugged immediately. Predic- 
tion: Jers 2S. Bills IS 

Cincinnati (1-0) at Baltimore (0-1) 

Cincinnati Finished with a flourish in 
its victory over Arizona and now 
looks to improve to 9-2 under head 
coach Bruce Coslet. Ben gals 24. 
Ra\'ens 20 

New England (1-0) at Indianapolis 
( 0 - 1 ) Colts quarterback Jim Harbaugh 
gained flak for taking himself out of 
the Miami game due to exhaustion 
and soreness. Captain Comeback 
quirting? Hardly. Harbaugh and the 
Colts look to show they are in the 
AFC East race for the long haul, and 
there’s no better way to do so than 
against the favored Patriots. Colts 1 7. 
Pal riots 16 

Ibnnesseo (1-0) at Miami (1-0) 

Miami, still trying to build its running 
game, can look across the field and 
see how it's done. The Oilers’ Eddie 
George is off and running, fresh from 
a 216-yard rushing day vs. Oakland. 
Dolphins 21. Oilers 7 

Carolina (0-1) at Atlanta (0-1) Dan 
Reeves watched his Falcons wilt in 
Detroit last week, coinmitring stupid 
penalties and comical ones, ioo. 
Reeves has intensified practices this 
week and looks, first, to get his team 
ro execute minus the folly. Falcons 
16. Panthers 14 

Minnesota (f-O) at Chicago (0-1) 

Raymont Harris is, by far. the best of 
the Bears' running backs, but the team 
keeps trying to make Rashaam Sa- 
laam the featured guy. This is a mis- 
take. Give Harris more playing time 
and watch the Bears’ offense begin to 
awaken. Vikings 19. Bears 17 

Tampa Bey (1-0) at Detroit 11-0) 

Barry Sanders looks to get on track 
after rushing for only 33 yards vs. the 
Falcons. He will find the running 
lanes narrow against head coach Tony 
Dungy’s revamped defense. But, 
them who stops receiver Hetman 
Moore from wrecking the show? 
Lions 13. Buccaneers JO 

Washington (1 -O) at Pittsburgh (0-1) 

Washington opened with a win at 
Carolina and now hits the road again 
vs. the angry Steelers, who were em- 
barrassed by Dallas. The maturation 
at starting quarterback continues for 
Koidell Stewart, who will likely be 
much more effective later in the sea- 


ms 


son. Redskins 19. Steelers 17 

San Diego (0-1) vs. New Orleans (©. 

1 ) Rookie tight end Freddie Jones 
powerful but with soft hands, caught a 
44-yard touchdown pass in his debut 
vs. New England. That was the only 
bright spot for the Chargers, who 
were trounced, 41-7. The Saints do 
not own that son of explosive 
weapon, but they can still block and 
Tackle and make better plays than they 
did in their uninspiring loss at St. 
Louis. Saints 16. Chargers 13 

Denver (1-0) at Seattle (0-1) Every- 
one in Denver was up in arms after 
quarterback John El way was hit in the 
ribs by a Kansas City safety. Jerome 
Woods, after one of his throws in 
Denver's 19-3 victory. 

[Woods has been fined $7,500 for 
the late hit. The NFL announced the 
fine Thursday, but Woods and the 
Chiefs insisted that the hit was not 
illegal and planned to appeal, The 
Associated Press reported.] 

After their debacle against the Jets, 
Seattle has to be puzzled. Denver 
wants to jump on the Seahawks early 
and continue the confusion. Broncos 
30. Seahawks 17 

Groon Bay (1-0) at Philadelphia (0-1 ) 

The Eagles, stunned by the Giants last 
Sunday, face a ream that gives them 
severe matchup problems. Green Bay 
thrashed the Eagles last season, and 
fans can look for more of the same this 
year. Packers 28. Eagles 10 

New York Giants (1-0) vs. Jackson- 
ville (f-o) The Giants are flying high 
after their debut victory over the 
Eagles, and now they get reacquain- 
.ted with the team that toppled them in 
the preseason. But it was the Giants 
who shuffled the deck against the 
Jaguars when linebacker Jessie Arm- 
stead hit and injured quarterback 
Mark Brunell. At the rime, it looked 
like disaster for Jacksonville. 

But Rob Johnson has shown that he 
is a backup quarterback and more. 
Jaguars 20. Giants 17 

Dallas (1-0) at Arizona (0-1) “It’s 
too hard in this league to give away 
one like rbat ] don ’l have any magic 
words.” That was Cardinals' coach 
Vince Tobin after his team fumbled 
and then allowed a touchdown pass in 
the finals seconds ro Jose, 24-21. at 
Cincinnati. Tobin has no magic for- 
mula for Dallas, either, since quar- 
terback Troy Aikman’s 3.063 passing 
yards and 15 touchdown passes are 
his most versus any team. Cow boys 
23. Cardinals 7 
In tfic Monday night game: 

Kansas City (0-1) at Oakland (0-1) 

“I thought we were beyond this. If 
this had happened last year. I 
wouldn't have been surprised, but I 
thought things had definitely 
changed. We've got to throw the deep 
ball more and not be afraid to take 
chances. We’ve got to score points.” 
That was fullback Kimble Anders 
after he ran the ball up the middle 
midway through the fourth quarter on 
second-and-17 in a game the Chiefs 
were losing by 13 points to Denver. 

It was that kind of attack that made 
die Chiefs’ new offense look hor- 
rendous in plan and in execution. It 
will take rime for them to get into 
sync. Time means more than one 
week. Raiders 20, Chiefs 1 0 



Griffey Hits 2 More, 
13 Short of Maris 


The Associated Press 

Baseball is a loi of fun these 
days for Ken Griffey — except, of 
course, when everyone starts Talk- 
ing about Roger Maris. 

The Seattle star finds compar- 
isons with the former Yankees’ 
slugger odious, even though Grif- 
fey has an outside chance of break- 
ing Mans’s single-season home- 
run record. 

Griffey hit his 47th and 48th 
homers, and came close to hitting 


AL Roundup 


three more, as the Mariners beat 
the Minnesota Twins. 9-6, on 
Thursday night. 

“1 don’r even think about it,” 
Griffey said when asked abour sur- 
passing Mans’s home run record 
of 61, set in the 1961 season. “I 
just go out and swing the bar. ’ ’ 

Griffey had his sixth multi- 
homer game of the season and 
second in four nights. Griffey, 
who has 15 homers in his last 29 
games, is on a pace to hit 55 
homers and needs 1 4 in the final 22 
games to eclipse Mans’s mark. 

Griffey hit a two-run drive ro 
the right-field upper deck at the 
Metrodome in the fifth inning and 
a solo shot to center in the seventh. 
He also flied out to rhe warning 
track in left-center field, to deep 
righr-cemer and deep center. 

Paul Sorrento ana Brem Gates 
also hit two- run homers in a four- 
run second inning as Seattle won 
for just the third rime in eight 
games and opened a three-game 
lead over Anaheim in the” AL 
West 


Rookie Ken Cloude (2-21 won 
for the firsT time since Aug. 15. He 
gave up five runs and four hits in 
five innings. 

LaTroy Hawkins (5- 10) gave up 
three of Seattle's homers. 

Orioles 5, Yankees 2 Rick 
Krivda pitched six effective in- 
nings before Baltimore’s bullpen 
took over, and the visiting Orioles 
remained perfect against New 
York this year with a victory that 
increased their AL East edge over 
New York to lVi games. 

Jeffrey Hammonds hit a 
tiebreaking sacrifice fly in the sev- 
enth and a homer in the ninth as the 
Orioles, 5-0 against the Yankees, 
ended a five-game losing streak. 

New York has lost four in a row 
and seven of eight, but still leads 
Anaheim by six games for the 
wild-card spot, slight consolation 
for a team expected to compere 
with the Orioles for the pennant. 

Krivda (3-0), who started the 
night with a 7.77 ERA, held the 
Yankees ro two runs. Randy My- 
ers pitched a perfect ninth for ms 
major league-leading 41st save in 
42 chances.- 

David Wells (14-9), whom the 
Orioles dropped over the winter, 
took the loss. 

Tigers 5, Angels 4 In Detroit, 
Tony Clark hit a game-tying three- 
run homer in the eighth inning and 
Bobby Higginson singled in the 
winning run in the 11th as the 
Tigers beat Anaheim for their fifth 
victory in seven games. 

Todd Jones (3-3) pitched a hit- 
less 1 1th for the victoiy. Pep Har- 
ris (2-4) took the loss. 

Tim Salmon hit his 27th and 
28th homers to help stake the An- 
gels to a 4-0 lead in the fifth. 
Damion Easley and Higginson led 
off the eighth with singles off 
Mike Holtz before Clark hit his 
30th homer. 

Rangers 6, Blue Jays 2 In 

Toronto, Rick Helling struck out a 
career-high 12 in 8‘A innings as 
Texas sent Toronto to its seventh 
successive loss. 

Helling (2- 1) allowed seven hits 
and walked one in sending 
Toronto to its longest losing streak 
since an eight-game run in 1995. 

Benito Santiago chased Helling 
with a ninth-inning homer, and 
Scon Bailes finished up. 

Rusty Greer drove in three runs, 
and Tom Goodwin went 3 for 4 
with four runs scored as Texas 
won its third consecutive game. 

Cris Carpenter (1-7) took the 
loss. 

Royals 7, Athletics 6 Felix Mar- 
tinez, making his first major 
league scan, singled off the leg of 
pitcher Don Wengen to drive in 
the winning run in the 12th as 
Kansas City beat visiting Oak- 
land. 

The bail hit the lower leg of 
Wengert (5-11) and bounced to- 
ward second baseman Scott 
Spiezio. Pinch-runner Johnny Da- 
mon scored easily from third to 
complete the comeback from a 6-0 
deficit. 

Gregg Olson (2-2) pitched the 
12th for the victory in the matchup 
of last-place teams. 

Rod Myers hit an RBI double 
and Chili Davis a game-tying 
single in the Kansas City ninth to 
send the game into extra innings. 


Estalella Homers 3 Times for Phillies 


The Associated Press 

Bobby Estalella gave Montreal ace 
Pedro Martinez fits, and that made things 
even more difficult for the Philadelphia 
brass. 

The 23-year-old catcher gave the Phil- 
lies added reason to protect him in the 
expansion draft, hitting three homers — 
two off Martinez — in Philadelphia's 6-4 
victory over the Expos on Thursday 
night 

’‘I’ve never done that at any level. 
Legion ball, high school,” said Estalella, 
who was recalled from the minors Tues- 
day. *Tve hit two before. I can’t count 
how many rimes. I never thought I'd do ir 
here.” 

Estalella. who appeared in two games 
earlier this season, hit a solo homer in the 
second and a two-run shot in the sixth. He 
added a solo shot off Anthony Telford in 
the ninth to become the first rookie in 
Phillies history to homer three times in a 
game. 

“It’s one of the best days I’ve had in 
baseball, no doubt.” said Estalella. who 
hit two homers in seven games last season 
with Philadelphia and had 16 this season 
for Scranton in the International League. 

He is the first rookie to hit three homers 
in a game since Mickey Brantley did it for 
Seattle aaaiast Cleveland on Sept. 14, 
1987. 

“That’s as impressive as you can get,” 
die Phillies' manager, Teny Francona, 
said. “I mean, we were laughing in the 
dugouL It’s not supposed to happen that 
way. 

“I hit 16 homers in my career, three 


was the most in any one year,” Francona 
said. ”He did it in an hour and a half. And 
look who he did it against.” 

Martinez < 16-7) allowed seven hits and 
five earned runs in eight innings, pushing 
his major league-leading ERA from 1.63 
to 1.78 

”1 was trying, bur it wasn’t my best 
day.” said Martinez, who had 1 1 strike 


NL Roundup 


outs. “Estalella was at his best. I have to 
tip my cap ro him and give the guy some 
credit.” 

Rico Brogna also homered for Phil- 
adelphia. which has won four straight and 
nine of 11. Matt Beech (4-8) pitched 534 
innings for the victory, and Ricky Bor- 
talico worked the ninth for his 27th save. 

Montreal's Mike Lansing opened the 
scoring in the first with his 1 8th homer, 
and Vladimir Guerrero and David Segui 
hit back-to-back home runs in the third to 
give the Expos a 4-1 lead. 

Astras 14, Giants 2 Craig Biggio 
homered on the game’s first pitch and 
Mike Hampton pitched seven strong in- 
nings as Houston routed San Francisco. 

Hampton (12-9) allowed two runs and 
seven hits in seven-plus innings. He also 
singled, drove in a run with a sacrifice fly 
and scored a run in the Astros' highest 
scoring game since June 1996. 

The" Astros extended their lead over 
Pittsburgh in the NL Central to 3‘/5 games. 
The Giants fell two games behind NL 
West-leading Los Angeles. 

Biggio's 21st homer triggered a five- 


run first that included RBI doubles by Bill 
Spiers and Tim Bogar, who fractured the 
ulnar bone in his left forearm when he was 
hit by a pitch in the third inning. 

Ricky Gutierrez had a two-run homer in 
the third. 

The Giants’ starter, Mark Gardner ( 12- 
8), lasted just two-thirds of an inning, 
allowing five runs on five hits. 

Bnmu 8, Padres 7 Jeff Blauser went 4- 
for-5 and hit a sacrifice fly in the 1 1th 
inning as Atlanta won at San Diego to 
open a three-game lead over second-place 
Florida in the NL East. 

Tim Worrell (4-7) loaded the bases by 
walking Chipper Jones, who stole second 
and took thinl on a wild pitch. After walks 
to Fred McGriff and Javy Lopez, Blauser 
flied to left. 

Mark Wohlers (5-5) pirched mo in- 
nings for the victory. 

Tony Gwynn drove in four runs to raise 
his career-best RBI total to 110. hitting a 
three-run homer. Hirless in eight ar-bats 
coining in, Gwynn went 2-for-4 to raise 
his average ro J73. 

Ryan Klesko and Andrew Jones 
homered for the Braves. 

Reds 5, K«tes 2 In Cincinnati. Joe 
Oliver. Willie Greene and Jon Nunnally 
homered off Jon Ljeber (9-3) as the Reds 
overpowered Pittsburgh. 

Snawon Dunston hit a two-run homer, 
his third since coming to Pittsburgh in a 
trade with die Chicago Cubs, but the Pirates 
wasted three other scoring threats in six 
innings allowed by Mike Morgan (5-12). 

• The St. Louis Cardinals and the Col- 
orado Rockies were rained out in Denver. 


En. MiUccRcritn 

Griffey watching his first home run against the Twins on Thursday leave the 
park. The Mariners lead the majors in homers with 222 — 48 of them by Griffey. 


DENNIS THE MENACE 



•Usy JU dj CM i Mr GOif WTH you men 
WE G6T-R) BE THE SM\£ 


THAT SCUMBLED WORD GAME 
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Aomst wwi w»wowai»i*u(i ttu** - 
AWUHTCNT 



.1 


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Edic \tio\ 

Appears t-verv Monday 
in The Inlt-rmarkel. 

Tn advertise nmtart Sarah \iei>huf 
in ojzr L»nil«»n office; 
Tcl.:+44 1 71420 032b 
Fax; 4 44 1 71 4200338 
nr your nearest IHT nffirr 

nr representative. 


PEANUTS 



GARFIELD 



BEETLE BAILEY 




CALVIN AND HOBBES 



ail ■ | .>M l r mi -ju. 

WIZARD of ID 



PAGE 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 6-7. 1997 


DAVE BARRY 


Knowing What You Like 


M IAMI — Like many members of into office space, there was a large ugJy 
the uncultured, Cheez-It-consiun- wad of metal, set into the concrete. So 
in« public. I am not good at grasping the county sent construction workers 
raSdern art I'm the type of person who with heavy equipment to np out the 
will stand in from of a certified modem wad, which was then going to be de- 
masterpiece painting that looks, to the strayed. 

layperson, like a big black square, and But guess what? Correct! It tarns out 
quietly think: ‘ ‘Maybe the acrual paint- that dus was NOT an ugly wad It was 
ing is on the other side.” Specifically, « was Public Art, 

I especially have a problem with defined as an that is purchased by 
modernistic sculptures, the kind where experts who are not spending their own 
you. the layperson, cannot be sure personal money, 
whether you ‘re looking at a work of an The money of course comes from the 

or a crashed alien spacecraft taxpayers, who are not allowed to spend 

My definition of a good sculpture is this money themselves because ( 1 ) they 
“a sculpture that looks at least vaguely probably wouldn’t buy art, and (2) if 
like something.” I'm talking about a they did, there is no way they would buy 


sculpture like Michel- ^ ___ 

- angelo 's’* David.' ‘You . 

look at that, and there is It turns out that 
no doubt about what the i - 

artisr's message is. It is: 1108 was 

“Here's a naked man an nq rjy wad. 
the size of an oil der- T ° r 
rick.” « was art! 

I bring this topic up 

because of an interest- 
ing incident that occurred recently in 
Miami. When people ask me, “Dave, 
why do you choose voluntarily to live in 
Miami?" I answer, “Because interest- 
ing incidents are always occurring 
here.” For example, just recently (DI- 
GRESSION ALERT) federal agents 
here arrested two men on charges of 
attempting to illegally sell weapons. 

"Big deal!” you are saying. “Fed- 
eral agents in many cities regularly ar- 
rest people for illegally selling 
weapons!” 

Right. But these were NUCLEAR 
weapons. I swear I am not making this 
up. The two suspects are Lithuanian na- 
tionals; they were allegedly working on a 
deal to sell undercover agents some Rus- 
sian-made tactical nuclear weapons. 


Call me a Nervous Nellie, but I am 
concerned about the sale of nuclear 
aims in my general neighborhood. I say 
this because of the popular Miami tra- 
dition. which I am also not making up, 
of celebrating festive occasions by dis- 
charging weapons into the air. I am 
picturing a scenario wherein some 
Miami guy chugs one too many bottles 
of Cold Duck at his New Year’s party, 
and when the clock strikes midnight, he 
staggers over to the closet where he 
keeps his tactical nuclear weapon — 
which he told his wife he was buying 
strictly for personal protection — and he 
says to himself, “I wonder how THAT 
baby would sound?!!” 

But my point (END OF DIGRES- 
SION ALERT) is that Miami tends to 
have these interesting incidents, and one 
of them occurred a little while ago when 
Dade County purchased an office build- 
ing from the city of Miami. 

The problem was that, squatting in an 
area that the county wanted to convert 


the crashed-spaceship 
style of 3it that the ex- 
jut peris usually select for 

JVAT them. 

1 Die Miami wad is in 

fact a sculpture by the 
famous Italian sculptor 
t! Pomodoro. (Like most 

famous artists, he is not 

referred to by his first 
name, although I like to think it's 
"Bud.”) This sculpture cost the tax- 
payers $80,000, which makes it an im- 
portant work of art. 

In dollar terms, it is 3,200 times as 
important as a painting of dogs playing 
poker, and more than. 5,000 tunes as 
important as a velveteen Elvis. 

□ 

Fortunately, before the sculpture was 
destroyed, the error was discovered, and 
the Pomodoro was moved to another 
city office building, where it sits next to 
the parking garage, providing great 
pleasure to the many taxpayers who 
come to admire it 

I am kidding, of course. On the day I 
went to see it, the sculpture was, like so 
many pieces of modem taxpayer-pur- 
chased public ait. being totally ignored 
by the actual taxpaying public, possibly 
because it looks — anal say this with all 
due artistic respect for Bud — like an 
abandoned air compressor. 

So here's what 1 think : I think there 
1 should be a law requiring that all public 
art be marked with a large sign stating 
something like: “NOTICE! THIS IS A 
PIECE OF ART! THE PUBLIC 
SHOULD ENJOY IT TO THE TUNE 
OF 80,000 CLAMS! 

Also, if there happens to be an aban- 
doned air compressor nearby, it should 
have a sign that says: “NOTICE! THIS 
IS NOT ART!” so the public does not 
waste time enjoying the wrong thing. 
The public should enjoy what the ex- 
perts have decided the public should 
enjoy. 

That’s the system we use in this 
country, and we're going to stick with 
it. At least until the public acquires 
missiles. 

07997 The Miami Herald 

Distributed by Tribune Media Services Inc. 


Don’t Cry for Me, Onion Johnnie 


International Herald Tribune 

P ARIS — This week- 
end, a Breton fanner 
named Jean Leroux will 
once again leave his 
hometown of Samt-Pol- 
de-Leon in FInistere. take 
the ferry from neighboring 
Roscoff to Plymouth, and 
then head for London 
where, until Christmas, he 
will be an Onion Johnnie. 

After the holidays, he will 
return to London for three 
more months. 

An Onion Johnnie sells 
strings of tressed onions . 
and also shallots and gar- 
lic, a tradition that began 

MARY BLUME 

in 1828 when Brittany had 
a bumper crop and farmers 
first crossed over to Ply- c 

mouth to off-load the har- 
vest 

Many of them were, like _-g i 

Leroux, called Jean, and 
Jean became Johnnie, Ler- 
oux explained by tele- 
phone from Saint-Pol. ~ 

“We have many Jeans in 
the region,” he said. "^=^5' 

He is' the third gener- (A 

ation Leroux to be an <c£ 

Onion Johnnie: His grand- 
father began going to 
Wales early in this century 
and was buried there in 
1935. Jean, who is 65, 
started in 1948 and covers 
London. “Every bit of 
Loadon. I know it like my 
pocket.” 

He is an essential bit of 
London folklore with his 
bicycle and beret. He actually keeps a 
car in London, too, for restaurant de- 
liveries but knows that the bike is more 
picturesque. 

“Oh yes, people are always taking 
my picture,” he says. If eyes well in his 
presence, it is as much from pleasure as 
from his product. 

While in the old days, competition 
from other Onion Jo hnni es limited his 
beat to certain parts of towns, these 
days he has London to himself. Die few 
remaining Onion Johnnies — he thinks 
there are about 15 — go to places like 
Cardiff or even Scotland. None of 
them, he says, is young. 

What is special about his onions, he 
says, is that they are natural, growing 
on remarkably fertile seaweed-fed soil 
which gives them a pink tinge and a 
sweer taste. He supplies private cus- 
tomers, especially in Hampstead, 
Kensington and Chelsea, delicates- 
sens. ami many French restaurants, in- 
cluding the top-ranked Gavroche and 
Tante Claire. Since the restaurants al- 






7 /\\ 


'■s ■ 

Yr^. 


ways welcome him with a free meal, he 
says he eats very well in London. 

He also goes to the Portobello Road 
and Camden Lock antique markets and 
spends every Saturday around Pimlico 
•Green. Sundays, he resrs and goes to 
Mass and visits friends, many of them 
English. By now. instead of coffee he 
drinks tea. 

To call Leroux a fanner isn’t quite 
accurate since, spending six months a 
year abroad, he has no time to farm. He 
does have a small kitchen garden and 
he helps out the neighbors who supply 
his onions. 

The weeks before leaving for Lon- 
don he is picking and drying them (they 
will keep until June), thenhe rents the 
first truck that comes along, French or 
English, and fills it with what he de- 
scribes as tons of produce which is 
delivered to him in London. He travels 
separately and keeps a place in Cam- 
berwell where he leaves his clothes and 
bike. 

It would be a lot easier to sell his 


onions in Paris but he wouldn't dream 
of it. "Non. non. non." he says. "Just 
London.” 

This is partly because of tradition 
and mostly because he relishes being so 
much a part of the scenery. At home he 
is just another farmer, in London he 
automatically qualifies as a colorful 
character. 

It is important in French rural life to 
be connn or known, and in London be 
says he is very well known. "I am 
better known there than in Saint-Pol.” 
When he breaks his London stay by 
going home for the holidays, his reg- 
ular customers load him with Christ- 
mas presents. 

England may not have France's love 
of onions i the late Waverley Root even 
discovered a French religious sect with 
4.000 members who consider onions 
immortal, and thus divine but onions 
have been popular there since the 13th 
century and were, w irh leeks, the most 
popular vegetables in Elizabethan 
times. 


Today, the Onion Johnnie's appeal 
is probably more sentimental than gast- 
ronomic. For Londoners Leroux rep- 
resents the most attractive side of 
France — rural, ruddy, a memory of 
vacations and pleasures past. Most 
likely, his tressed onions are used as 
much to enhance kitchen decors as for 
the pot, but it doesn’t matter and both 
Leroux and his customers are happy. 

He gets on his bike mornings at 10 
and works until about four, no matter 
what the weather is. It isn’t a hard job. 
he savs — “not for me” — and if he 
catches cold in the British damp onions 
and garlic are. as everyone knows, a 
sovereign cure. 

Leroux never imagined being any- 
thing but an Onion Johnnie. “This ’is 
the tradition.” he says. 

He has no sons but his daughter, a 
trained nurse, has a boy. Leioox. 
doesn't know whether the lad will fol- 
low the family trade. “We'll see, " he 
says. "He n have to eat a lot of onion 
soup first.” 



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T HE renowned columnist and nov- 
elist Pete HamiU has been ousted as 
editor of the New Y ork Daily News after 
his insistence on slashing coverage of 
celebrities and pop culture produced 
repeated clashes with the paper s owner. 
Mortimer Zuckerman. Hamill. who 
had held the job less than eight months, 
quit after a meeting at which Hamill 
refused Zuckerman’s request that he 
continue with reduced authority. Iron- 
ically, in light of the media hand- 
wringing over the coverage of Diana, 
Zuckerman had chided Hamill for giv- 
ing short shrift to the princess's S3 mil- 
lion auction of her designer dresses in 
June. According ro a source familiar 
with the conversation. Zuckerman ob- 
served that People magazine had done 
quite well by putting the princess on the 
cover 43 times. Hamill replied that he 
didn't think the housewives of Ben- 
sonhursr would be interested in such 
fare. The move was widely panned in 
the newsroom, where more than 100 
staffers had signed a keep-Pete petition. 
"People were very, very proud to work 
with him," the columnist Jim Dwyer 
said of Hamill. "He had this huge gift 
for language and really knew New 
York. He was the most charismatic guy 
I've ever seen in the newsroom.” But 
some staffers say Hamill. 62, was wed- 
ded to an outdated vision of New York. 
One source said Zuckerman. whose pre- 
viouseditor. Martin Dunn, was British, 
had urged Hamill to meet with editors 
from the National Enquirer and Fleet 
Street for pointers. “Mon warns to have 
a sassy, irreverent, street-smart paper.” 
the source said. "The problem is Mort 
changes his mind eveiv 20 seconds.” 

□ 

Manhattan was the Island of Hip for 
the MTV Video Awards, the celebration 
where winning a trophy is far less im- 
portant than looking right. Madonna 



Jason Kay, lead singer of Jamiroquai. and band at the MTV awards. 


lectured gossipmongers. Sting croaked 
out a contribution to ’TU Be Missing 
You” and the host. Chris Rock, urged 
fans to "run to church right now" after 
watching a leather-corseted Marilyn 
Manson at the 1 4th annual show. The 
rocker Beck won five awards, the 
night's best haul. The British band 
Jamiroquai won four, including best 
video for ihe conveyor belt-aided "Vir- 
tual Insanity.” The death of Diana. 


Celebrities Turn Tables on Tabloid Editors 


W ACUTMrTnM P \ friends. She did not speculate on what 

ASHINGTON — Jumping m the celebrities would do with anv of 
on the tabloid backlash follow- this information, 
ing the death of Diana. Princess of Tabloid editors and celebrity pho- 


ing the death of Diana. Princess of 
Wales, a trio of Hollywood celebrities 
will hire private investigators to 
search for delicate information on the 
editors of leading scandal sheets, an 
American syndicated columnist says. 

Liz Smith said that the three ce- 
lebrities, whom she did not identify, 
planned to turn the tables on Die 
National Enquirer's Steve Coz, The 
Star's Phil Bunion and The Globe's 
Tony Frost. The three editors did not 
return calls. 

Smith said that the celebrities were 
also on the lookout for information 
about four paparazzi: Phil Ramey. 
Russell Turiak. Vinnie Zuffante and 
Alan Zanger. 

She said that the celebrities would 
spend “millions'* to uncover what- 
ever dirt may exist about these men’s 
wives, girlfriends, relatives and 


rographers are on the defensive this 
week after the car carrying Diana and 
her companion, the Egyptian film pro- 
ducer and playboy Dodi a I Fayed, 
tried to outdistance pursuing papa- 
razzi and crashed into a wall. 

The crash killed Diana, a I Fayed 
and the driver. Henri Paul. A body- 
guard. Trevor Rees-Jones. is hospit- 
alized in intensive care, unable to talk 
because of his injuries. 

Since the accidenL a number of 
celebrities have contacted the news 
media to vent anger at those who take 
intrusive pictures. Within hours of the 
crash. T om Cruise called CNN to S a\ : 
"Ive actually been in that same tun- 
nel being chased by paparazzi, and 
rney run lights and chase you and 
harass you ihe whole time. It 'happens 
all over the world.” 1 f 


while not casting a shadow on the even- 
ing. was noted: The Spice Girls ded- 
icated their award for "Wannabe' 1 to 
her and Elton John announced char 
MTV would donate S 100,000 to Di- 
ana's favorite AIDS charirv. 


Larry King and his fiancee. Shawn 
South wick, have postponed their wed- 
ding because the talk show host was 
scheduled to be hospitalized, his pub- 
licist said in Los .Angeles. The marriage 1 
was due to take place Saturday but. the 
publicist said that King. 63, would be 
entering hospital Friday and might un- 
dergo heart bypass surgery. “Doctors 
expect a lull and prompt recovery,” she 
added. King underwent coronary bypass 
surgery in December 1 987. No new wed- 
ding date has been announced. King has 
been married six rimes and Soulhwick, 
*' '■ a sul ger, has been married twice. 


Jodie Foster will receive the 1997 
Douglas Sirk Award at the Hamburg 
MJm Festival next week for her achieve- 
ment as an actress, film director and 
producer, organizers of the festival an- 
nounced. The award, named after the 
Danish -bom cult film director, will be 
presented at the European premiere of 
isooen Zemeckis’s film '■Contact,” in 
which Foster plays the lead role. The 
Douglas Sirk Award went to Clint 
Eastwood in 1995 and to the British 
director Stephen Frears last year. A 
Foster has won the best actress Oscar 4 
tw‘ce fo r me 1989 film "The Ac- 
cused and for "The Silence of the 

Lamb*. made ^ jq gi 




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