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Assisi Basilica Damaged 
In Double Earthquake 

Tremors From Rome to Venice; 

Casualties Include 10 Dead 


By Cdestine BohJen 

NnmTork Times Service 


?' PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 
The World’s Daily Newspap^-1\ . ^ R 


EMU Talk 
Lifts U.K. 
Stocks 3.2% 
To a Record 

Prospect of Joining 
Common Currency 
Sparks a Market Rally 

By Tom Buerkle 

International Herald Tribune 

LONDON — The swelling tide of 
belief that Britain will participate in a 
single European currency nnlea * hed a 
flood of money on London’s financial 
markets Friday that drove stock prices 
to record highs, sent bond prices soaring 
and caused the pound to plummet. 

The impetus was a newspaper article 
that quoted an unidentified cabinet min- 
ute' as saying that the govern mem of 
Prime Minister Tony Blair was prepa ring 
to signal its readiness to join Europe’s 
economic and moneary union shortly 
after the scheduled 1999 launch date. 

A spokeswoman for Mr. Blair called 
the article in the Financial Times “pure 
speculation. " She said the government 
continued to believe that Britain was 
unlikely to enter a single currency in 
1999, but needed to keep its options 
open thereafter. 

The market was ripe for a catalyst, 
however, because recent signs of a gov- 
ernment wanning toward die euro have 
raised expectations that Mr. Blair is 
about to signal a more positive stance. 
This has contributed to a sharp drop in 
the pound and British interest rates in 
recent weeks. 

Participation in monetary union 
would require British interest rates to fall 
sharply and approach the low levels pre- 
vailing in Germany, the standaidrsetter 
for countries entering the euro zone. 
Most analysts also say Britain will seek 
to enter monetary onion with the pound 
at a sharply lower rate to guarantee the 
country’s competitiveness. 

“What we do know is EMU is back 
' on the agenda; they want to do it,” said 
Steven Bell, chief economist, at 
Deutsche s’ Morgan OrenfelL ‘‘The big- - 
ger picture is., the pound’s going 
down.” .* ■ 

The biggest impact was felt in die 
stock-market; becanse a lower exchange 
rate and lower interest rates would omy 
add foci to Britain’s booming economy. 

The FTSE-LOQ index surged 160.8 
points, or 3.2 percent, to a record 
5,226.3.Itwas rhe biggest one-day point 
rise ever and, intrigiungly, the biggest in 
percentage terms since a 4.4 percent 
surge on Sept 17, 1992. 

See LONDON, Page 5 



No. 35,637 


Rbib< 


A rescuer removing a dog from a house destroyed Friday in Foligno, 
Italy. The bell tower of the the town’s Romanesque cathedral collapsed. 


ROME — Two eart hq uakes hit cen- 
tral Italy with a one-two punch on Fri- 
day, killing at least 10 people, toppling 
stone houses and medieval bell towers 
and sending parts of the vaulted inner 
roof of the renowned 13tb-cenmry ba- 
silica of St. Francis of Assisi crashing to 
the ground. 

The second earthquake, which reg- 
istered 5.7 on the open-ended Richter 
scale ai 11 :42 AJVf., sent shivers up and 
down the Italian peninsula, causing the 
destruction at Assisi, a hilltop town in 
the region of Umbria and one of die 
most visited of Italy's many Roman 
Catholic shrines. 

Two Franciscan friars and two sur- 
veyors from the Culture Ministry, who 
were inside the basilica to assess dam- 
age from the day’s first earthquake, 
were killed by die falling rubble, which 
piled up three meters high (10 feet). 

The first earthquake, which was 
slightly less powerful, struck at 2.33 
A.M_, c laiming several victims, includ- 
ing -an elderly couple in the tiny com- 
munity of Coilecurti who were killed in 
their beds. 

The first quake caused extensive 
damage and dozens of injuries in die 
villages and hamlets strung along the 
hills of the rugged Apennine range. The 
region — one of Italy’s most beautiful, 
both for its nature and its artistic her- 
itage — is a popular weekend retreat, 
and many vacation houses were empty. 

By* late Friday, rescue workers were 
still trying to determine the extent of die 


damage as Prime Minister Romano 
Prodi flew in for an inspection tour. 

Speaking in Foligno. be called the 
damage and the human suffering “very 
serious,” and said the government was 
setting aside an initial emergency fund 
of 50 bilHon lire (529 million). 

Some roads were closed, telephone 
service was interrupted in some areas, 
and schools, hospitals and offices were 
evacuated; tent cities and campers, with 
a total of 9,000 beds, were made avail- 
able for those forced out of their 
homes. 

The two quakes, and a series of minor 
tremors that came between them, were 
die most serious to hit Italy since the 
devastating earthquake of 1 980 that reg- 
istered 6.8 on the Richter scale and 
killed 2A70 people east of Naples. 

Assisi itself has experienced 22 
minor earthquakes since 1349. of which 
the last was in 1984 — a reminder of the 
extent to which the entire Apennine 
range, which runs down the middle of 
Italy, is subject to seismic activity. 

The first quake Friday, with an epi- 
center in the Marche region to the east of 
Umbria, caused damage in Assisi, a 
town of 5,000 inhabitants that receives 
millions of pilgrims each year. 

By midmoming, a team of about 20 
people, including journalists, town of- 
ficials, cultural experts and members of 
the local Franciscan congregation, were 
inspecting the upper basilica when a 
new tremor struck, and parts of the 
ceiling came crashing down on them. 

“We were examining the damage 

See ITALY, Page 5 



1HT 


Kohl Is Left Exposed as Rivals Bury Tax Plan 


. By John Schmid 

IruernatifHal Herald Tribune 


-FRANKFURT — Chancellor Helmut Kohl's final 
efforts to overhaul die German tax system collapsed 
Friday, opening the government to accusations that it 

Mwas^^^hq^for thenation's record 4 million 
unemployed. 

Ihe failure of tax reform, Mr. Kohl’s top domestic 
political priority, leaves him with little to show voters 
one year ahead of Germany’s national election. 

Five hours of negotiations in a parliamentary me- 
diation committee between Mr. Kohl’s allies and 
leaders ended in the early hours Friday 
compromise, bringing an end to Mr. Kohl's 


yearlong drive to cut 30 billion Deutsche marks ($16 . 
billion) in taxes as an incentive to kindle spending. ' 

The plan would have lowered the steep tax rates that 
have driven jobs abroad and eliminated a tangled array 
of loopholes that divert potentially productive capital 
into unproductive tax shelters. 

Mr. Kohl lashed out at the opposition Social Demo- 
crats, accusing them of blocking reforms that are vital 
for Germany to keep pace in the age of globalization. 

Politicians and economists warned that the gridlock 
has damaged Germany's international reputation. 
They concurred that Germany had no chance of car- 
rying out any serious tax or welfare reforms before 
2000 at foe earliest. 

“The big disadvantage is dial tax reforms will only 
be able to be addressed after the election,” Mr. Kohl 


said in Berlin. ‘ ‘That means we are looking at Jan. 1, 
2000. That is a big, big disadvantage.”' 

The frankfurter Allgemeine Zotung, in a front- 
page editorial, asked; ‘ ‘What is the winner with the 
Gomans? Have they lost their envied aptitude to bring 
about growth, prosperity and social peace?” 

Norbert Walter, chief economist at Deutsche Bank 
AG, said in a radio program, “Once again, a country 
with fonr-and-a-half million unemployed is wasting 
two years of precious time.” 

The demise of tax refo rm elevated political pa- 
ralysis into a dominant issue in foe election scheduled 
for Sept. 27 next year. Mr. Kohl, who diluted his plan 
for months in an effort to reach a compromise, will use 

See GERMANY, Page 5 


Despite Protests, Yeltsin 
Signs Curb on Religions 


By Daniel Williams 

Washington post Service 


- MOSCOW — Sweeping aside ob- 
jections from U.S. officials and human- 
rights critics. President Boris Yeltsin 
signed into law Friday a bill that re- 
stricts religious practices in Russia. - 

The law in effect overturns Russia’s 
constitutional guarantee that all reli- 
gions are equal 

Russian Orthodoxy is listed as first 
among “traditional” religions, includ- 
ing Buddhism, Islam, Judaism and 
Christianity. Despite foe inclusion of 
these groups, those branches that were 
not registered officially 15 years ago 
now; face complicated bureaucratic re- 
quirements to legalize themselves. 

The limitations will, affect use of 
property, tax relief, public assembly and 


The Dollar 


NwrYgfc Friday OtP-.M.. pnrriou»dcae 


DM 


1.7588 


7.7595 


PoU«t 


1.-6082 


1.6285 


120.825 



+74.17 


ebang* 

+t3T 


7822.18 


S&P 500 


7848.01 


Friday • 4 P.M. pwjtouadow 


945.20 


937.93 


foe ability of foreign missionaries to 
recruit converts. Mr. Yeltsinas action 
followed a last-minute appeal this week 
from Vice President Al Gore for him to 
reject the measure. Although the U.S. 
Senate has threatened to cut off aid over 
' the bill, Russian legislators urged Mr. 
Yeltsin to stand up to what was de- 
nounced as Washington’s meddling. 

The Kremlin issued only a terse an- 
nouncement of Mr. Yeltsin’s signing, 
which was no real surprise. Kremlin 
officials who helped draft the law, a 
version of a measure that Mr. Yeltsin 
vetoed in the summer, said it “did not 
contradict either foe constitution or in- 
ternational obligations. ’ * 

The law was supported not only by 
ardent nationalists ana Communist mem- 
bers of the legislature but also by most 
backers of the Yeltsin government. 

The Russian Orthodox Church threw 
its considerable weight behind foe mea- 
sure on the grounds that foreign re- 
ligions are dangerous for foe mental 
health of Russia. Patriarch Aiexi n com- 
pared the threat to NATO's expansion 
to Russia’s borders!. 

In most pronouheements in favor of 
foe hill, church officials focused on a 

See RUSSIA, Page 5 



AGENDA 


Bosnian Serb Gets 
Life for Massacres 

A Bosnian Serb was convicted Fri- 
day of war crimes in a German court 
and was sentenced to life in prison. 

Nikola Jorgic, 50, was found guilty 
in Duesseldcof of 11 counts of gen- 
ocide and 30 counts of murder. 

He had led a death squad that carried 
out “ethnic cleansing” of Bosnian 
Muslims in an attempt to create a 
“Greater Serbia” by storming 
through Muslim villages and machine- 
gunning the inhabitants. 

German prosecutors are investigat- 
ing 48 other people for war crimes in 
die former Yugoslavia. Page 2. 


Books. 


Crossword. 
Opinion — 
Sports 


Page 3. 

Page 4. 

Paged. 


..Pages 18-19. 


TIGHT FIGHT — Sweden’s Jesper Pamevic shaking a putt Friday at 
the Ryder Cup in Spain. Europe is even with the United States- Page 18. 


Thalntarmarleat 


Pages. 


.iht.com 


Burmese Junta Will Let Opposition Hold a Party Congress 


Burma's military rulers granted per- 
mission Friday to the political party of 
the opposition leader Daw Aung San 
Suu Kyi to hold a congress this week- 
end, easing fears of mass arrests like ' 


those that followed earlier rallies. 

About 300 people will be allowed to 
gather at her lakeside compound on 
the condition that they meet “in a 
peaceful and orderly manner,” die 


governing State Law and Order Res- 
toration Council said. Permission for 
the congress was the council’s second 
overture in a week, toward foe National 
League for Democracy. Page 4. 


IRS Issues Apology for Abuses by Tax Collectors 


Newsstand Prtcaa 


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Gabon 1.100 CFA Senegal...__1.100 CFA 

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Jordan 1.250 JD UAE. — 1.10.00 Dn 

KmvaftI_ZZ.70O Fits U.a M8- (Eur.) — T -20 


By John M. Broder 

New York Times Sen-ire 



WASHINGTON — The acting commissioner of 
foe Internal Revenue Service has issued an extraor- 
dinary public apology to four individual taxpayers — - 
and; by extension, to all American taxpayers — for 
severe mistreatment at the hands of agency officials. 

The official. Michael Dolan, also promised imme- 
diate changes to eliminate incentives for misconduct and 
make the IRS more responsive to public complaints. 

At foe conclusion of three days of hearings on LRS 
abuses before foe Senate Finance Committe, Mr. 
Dolan said Thursday that he was deeply troubled by 
foe charges leveled against foe tax agency this week by 
taxpayers, current and former RS officials and outside 

watchdogs. 


Thursday’s session featured testimony from five 
current IRS agents and one former agent, their iden- 
. tides concealed by fabric-covered screens and their 
voices electronically altered. Their testimony included 
the following allegations: 

• Agency workers browse through tax returns to 
snoop into foe finances of celebrities, relatives and 
prospective dates. 

• IRS agents are judged by their total tax col- 
lections, no matter how poorly documented. 

• Managers cover up abusive behavior by collection 

agents. - 

• Revenue officers consider all tax debtors crooks 
or flakes” who deserve no sympathy. 

Earlier in foe week, in emotional- testimony from 
four taxpayers, the panel heard from a retired priest 
who had wrongly been billed for $1 8.000 in taxes from 


his mother's estate and from a California woman who 
went through a 1 7-year nightmare with the agency that 
arose from a mix-up over her husband’s identity. . 

The hearings were the first formal oversight of the tax 
agency ever conducted by the Finance Committee, 
which has nominal supervisory authority over the IRS. 

Mr. Dolan said the agency had programs to prevent 
harassment of taxpayers and abusive collection ef- 
forts, but be acknowledged that in the cases presented 
to die Senate, and perhaps in many others, internal 
controls had broken down. 

“While each case was different, foe end result is 
indisputable,” Mr. Dolan said. “We were wrong in 
foe way that we handled many aspects of their cases. I 
fully appreciate foal an apology is little consolation 

See IRS, Page 5 


Airbus Crash 
On Sumatra 
Kills 234 

Smoke Around Airport 
Had Lowered Visibility 

By Seth Mydans 

New York Tones Service 

JAKARTA — An Indonesian Airbus 
on a domestic flight crashed Friday as it 
approached an airport in an area where 
thick smoke from forest fires has cot 
visibility. 

All 222 passengers and 12 crew 
members were killed, officials said. 

Witnesses at Medan in northern 
Sumatra, where foe accident occurred, 
said the Airbus A300 B-4 exploded into 
flames as it crashed. It was mdonesia’s 
worst air disaster. 

Hie official Antara press agency re- 
ported dial there were at least eight 
foreigners aboard flight GA-152 from 
Jakarta, including two Americans and 
six Japanese. 

There was no official word on the 
cause of the crash, but a thick blanket of 
smoke from- hundreds of forest fires in 
Indonesia has spread through foe region 
and caused foe closure of a number of 
airports. 

“Weather conditions were OJC for 
landing, but there was smoke and haze 
around Medan at the time,” said Com- 
munications Minister Haryanto Dha- 
nutiito. 

The airport was closed after foe crash 
because or poor visibility. 

Supandi, foe president of Garada, foe 
national airlines, said that visibility was 
about one-half of a kilometer at foe time 
of the crash, at 1:55 PM. 

Witnesses said the aircraft was flying 
low in the smoky haze in a fully area 20 
miles from Medan when it hit a tree and 
crashed into a ravine, shattering into 
pieces. 

Rescue helicopters were prevented 
by the thick smoke from flying to the 
crash site, the witnesses said. 

[Reuters quoted a local journalist 

See CRASH, Page 5 

On Borneo, 
Anger at Lack 
Of Haze Help 


By Thomas Fuller 

. Special w the Herald Tribune 

KUCHING, Malaysia — The island 
of Borneo, with its millions of acres of 
rain forest, has long been touted in pro- 
motional brochures and tourist guide- 
books as foe lungs of foe earth. 

But with Borneo now choking in haze 
— and thousands of residents sick from 
the pollution — officials on foe Malay- 
sian side of the island are increasingly 
angry and frustrated. The world is only 
watching, they say, as Borneo bums. 

‘ ‘The environmentalists talk so much 
when we cut down trees. Where are they 
now?” asked George Chan Hong Nam. 
deputy chief minister in foe state of 
Sarawak, charging Friday that envir- 
onmentalists did not seem concerned 
that forests were being destroyed. He 
spoke as officials struggled to under- 
stand foe dimensions of the environ- 
mental and health crisis they face from 
fires burning out of control in neigh- 
boring Indonesia. 

The frustration level among some 
Malaysian officials rose earlier this 
week when, they say, a reconnaissance 
team of fire experts sent by boat from 
the state of Sabah to try to pinpoint foe 
fires south of foe border was tamed 
back. 

“When there is ah earthq u& ke in bos 
Angeles or in Kobe, foe whole world 
comes to the rescue and most of foe 
people are already dead.” said Hamid 
Bugo, an undersecretary in Sarawak's 

See SMOG, Page 5 


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PACE 2 


INTERNATIONAL HERALD TRIBUNE, SAXURDAT-SUNDAT, SEPTEMBER 27-28, 1 99: 


PAG! 




For Ireland’s Presidential Election, No Men Need Apply 


By James F. Clarity 

New York Tones Sen-ice 


DUBLIN — Ireland, where women 
have traditionally been relegated to 
second-rate status, Gods itself in the 
middle of a presidential campaign in 
which all four candidates are women. 

A few weeks ago, the most likely 
candidates for the election, on Oct. 30, 
seemed to be prominent men. But John 
Hume, the moderate Roman Catholic 
political leader in Northern Ireland who 
had been offered the support of all major 
political parries in the Irish Republic, 
decided not to run. Then last week, a 
former prime minister. Albert Reyn- 
olds, was rejected by his own Ftanna 
Fail Party. 

The candidates are seeking to suc- 
ceed Mary Robinson, who decided not 
to run for a second seven-year term and 
became the United Nations' high com- 
missioner for refugees. 

Mrs. Robinson was the first woman 


elected to the presidency, a largely cer- 
emonial office. But her high-profile 
presidency, in which she traveled 
abroad frequently and gave Ireland a 
new and articulate image, helped en- 
courage women to enter politics. Her 
presidency also convinced leaders of the 
male-dominated establishment that 
nominating a woman was the way to 
win the presidency . 

In rapid succession, the largest party 
in the country, Fianna Fail, nominated 
Mary McAleese. 45, an educator; Fine 
Gael, the major opposition party, nom- 
inated Mary Banotti, 58, a member of 
foe European Parliament since 1984; the 
Labor Party nominated Adi Roche, 42, a 
prominent environmentalist, and Rose- 
mary Scallon. an entertainer known as 
Dana, who lives in Alabama, entered as 
an independent 

The country's surprise at the all- 
woman campaign was reflected in the 
words of Robert O’Donnell. 10, son of 
Deputy Foreign Minister Liz O'Don- 


nell. “Aren’t there any elections for 
daddies?” she quoted him as saying. 

Garret FitzGerald, a former prime 
minister, said: “Clearly, a lot of men are 
very shocked at the effective exclusion 
of their sex from this contest — ro the 
amusement of women, whose gender 
has unriJ recently been equally effective 
in excluding them from many positions 
of power and influence.” 

Fin tan O’Toole, a columnist for The 
Irish Times, wrote of the political 
parries: "They knew the public wanted 
something else, something that, almost 
by definition, they themselves could not 
supply: an articulation of the sense of 
social belonging that underlies bin often 
eludes the parliamentary system itself. 
They were like vegetarians dreaming up 
dishes for carnivores, forced to offer 
choices that they could not themselves 
consume." 

People c allin g radio talk shows have 
generally approved of the contest But 
some angry callers asked why the country- 


should have to consider two women boro 
in the British province of Northern Ire- 
land — Ms. McAleese and Ms. Scallon. 

A few men have called to say. in 
effect, that a woman’s situation in Ire- 
land should remain what it had been for 
centuries: barefoot, pregnant and in foe 
kitchen. 

The first national poll, published in 
The Sunday Independent this week, in- 
dicated that the front-runner was Ms. 
Roche, known for her work for victims 
of foe Chernobyl nuclear disaster, who 
received 38 percent of foe preferences 
cast in the poll 

The result is difficult to calculate 
because voters cast first and second 
preference ballots. The second prefer- 
ence ballots can provide the margin of 
victory, as they did in foe 1990 election 
for Mrs. Robinson, who finished second 
in foe first-bailor count. 

Ms. Roche also was foe target of foe 
first attack of the campaign. 

A report in The Sunday Tribune said 


13 of her former staff members in the 



she hoped foal a “personal vendetta." 
would not lead to a ’/slanging match." 

She added, in an interview on Irish 
national radio: “I can be tough. I wasn’t 
reallv foe angel of Chernobyl. Nobody 
is a living saint.” 

Ms. McAleese, a vice chancellor at 
Queens University in Belfast, is known 
for her devout Roman Catholicism and 
her opposition to divorce and to abor- 
tion. 

Ms. Scallon, who won the Eurovision 
singing contest in 1970 and who works 
on Christian radio program in 
Alabama, is also known for strong anti- 
abortion views. 

Ms. Banotti is known as a dedicated 
protector of foe environment. 

Her firsr campaign promise was that 
her posters would not be placed on light 
poles, because doing so produced post- 
election litter. 


BRIEFLY 


Missiles Dismantled, 
Chirac Tells Russia 

MOSCOW — President Jacques ^ 
Chirac of France said during a visit to 
■ Moscow on Friday that France no 
longer had any land-based strategic nu- 
clear missiles deployed. . 

Mr. Chirac said France’s 18 land- 
based missiles had been, dismantled 
since foe base was shut down last year 
due to defense cuts. The missiles had 
been targeted toward the East. 

In Paris in May, President Boris 
Yeltsin of Russia said at a meeting with 
NATO that Moscow would sop aiming 
nuclear missiles at states in the North 
Atlantic Treaty Organization. 

A source in the French detegatioa 
said it was the first rime France had 

That itc miccilpc h>u4 L— 


Bosnian Serb Gets Life 
In Massacre of Muslims 


By William Drozdiak 

Washi ngton Post Service 

BERLIN — A Bosnian Serb was 
convicted by a German court of war 
crimes on Friday and sentenced to life in 
prison for masterminding a death squad 
that earned out several massacres of 
Muslims living in Bosnia. 

The Bosnian Serb, Nikola Jorgic, 50. 
was found guilty by a Duesseldorf court 
on i I counts of genocide and 30 counts 
of murder. He became the first person 
convicted in Germany of genocidal acts 
since the postwar Nuremburg trials con- 
demned dozens of German Nazis for 
their complicity in the Holocaust. 

• "The accused killed and abused 
people of his own free will,” Judge 
Guenter Krantz said at foe conclusion of 
the nine-month trial. “It is beyond 
doubt for this cram foal the accused was 
most deeply involved in these terrible 
events.” 

German justice authorities had earlier 
sought to hand Mr. Jorgic over to foe 
United Nations war crimes tribunal for 
the former Yugoslavia, but the Hague 
court declared that its case burden was 
too overwhelming and pleaded for Ger- 
many to cry war crimes suspects who are 
captured there. 

German prosecutors are investigating 
48 other people on charges of genocide 
and other war crimes "in the former 
Yugoslavia and have issued arrest war- 
rants for five suspects believed to be 
living in Germany, which over the years 
has attracted hundreds of thousands of 
Yugoslav expatriates seeking better liv- 
ing standards or refuge from the war. 

Mr. Jorgic emigrated to the Ruhr re- 
gion of western Germany in 1969, join- 
ing the community of Yugoslav "guest 
workers" enticed by relatively high 
wages to work in the steel mills and coal 
mines there. He went back to Bosnia in 
1992 after the civil war broke out, and 
helped carry out mass killings against 
Muslims in a brutal campaign to carve 
out a "Greater Serbia.” 

- From May to September of that year, 
prosecutors said Mr. Jorgic conducted a 
wave of terror with a group of Serbian 
nationalists who stormed through 
Muslim villages, expelling or murdering 
the inhabitants. He became known as one 
of the more notorious perpetrators of the 
“ethnic cleansing" drive to consolidate 
control over territory held by Bosnian 
Serbs by purging Muslim residents. 

In one infamous incident described in 
grisly detail by the German prosecutors. 


Mr. Jorgic and an accomplice opened 
fire with machine guns on a group of 
Muslims in foe town of Grapska, killing 
22 people. After his rampage, Mr. Jorgic 
returned to Germany and was arrested 
there in 1995. 

Mr. Jorgic denied all of foe charges 
and insisted he was a victim of mistaken 
identity. 

German justice officials said ir was 
likely that foe pace of war crimes trials 
here may accelerate now that foe Hague 
tribunal is asking for national courts to 
assist in coping with its case load. An- 
other Bosnian Serb was convicted of 
complicity to murder earlier this year by 
a Munich’ court and sentenced to five 
years in prison. 

The Hague tribunal was established 
by foe United Nations in 1993 and has 
issued public indictments against 78 
suspects, mostly Serbs, although only 
nine are in custody. But to improve the 
chances of arrest." the chief UN pros- 
ecutor, Louise Arbour, declared that fu- 
ture indictments and arrest warrants 
would be kept under seal. 

In July. British peacekeeping troops 
shot and’ killed a former Bosnian Serb 
police chief. Simo Drljaca, after he 
opened fire on soldiers seeking ro arresr 
him. Another suspect, Milan Ko- 
vacevic. a hospital director in Prijedor. 
where some of the worst incidents of 
ethnic cleansing took place, was de- 
tained and flown to The Hague. 

Neither man was ever publicly 
charged with war crimes, but both of 
them were believed to be on foe Hague 
tribunal's list of sealed indictments. 

During a visit to Sarajevo on Friday. 
Judge Arbour urged the NATO-led 
peacekeeping force to become much 
more aggressive in the effort to arrest 
and extradite such leading war crimes 
suspects as foe Bosnian Serb leader 
Radovan Karadzic if the local author- 
ities failed to deliver him and others 
who have been indicted for trial. 

“I think it is scandalous that those 
who have the responsibility for his ar- 
rest at this point continue to fail to 
discharge that obligation,” the Cana- 
dian jurist said. 

The “primary responsibility” for 
Mr. Karadzic’s arrest. Judge Arbour 
said, "lies in his government. 

“But considering that failure,” he 
said, "I believe that no one is beyond 
the reach of foe whole world, and I 
believe it is pretty clear that nobody 
should be beyond foe reach of NATO 
and its allies.” 



24 Top Mafia Leaders 
Get Life Prison Terms 


CeiinOs-! 


Pietro Aglieri listening Friday in Caitanissetta, Sicily, 
as the sentences were pronounced. He received life in 
prison for the killing of the anti-Mafia prosecutor. 


CALTAMSSETTA, Sicily — A court here Friday 
convicted 24 mobsters — vinnally the entire ruling council 
of the Cosa Nostra — and sentenced them to life im- 
prisonment for foe 1992 Sicilian highway bombing that 
killed Italy’s top anti-Mafia prosecutor. 

Among" those receiving Italy's stiff est criminal penalty 
was Salvatore (Toco) Riina, foe Mafia's reputed “boss of 
bosses,” who allegedly plotted the assassination of the 
prosecutor, Giovanni Falcone. 

Killed along with Mr. Falcone was his wife, herself a 
magistrate, and three of his police bodyguards. The five 
died when about 500 kilograms of explosives planted on 
the autoroute near the Palermo airport blew up as their 
convoy went by. 

The bomb attack galvanized anti-Mafia sentiment and 
prompted an even strife." state crackdown. 

Among significant strikes in foe months after foe bomb- 
ing was foe arrest in 1993 of Mr. Riina. after 24 years as a 
fugitive, in Palermo. 

The capture of other longtime fugitives soon followed, 
and several of those who had long been on the inn were 
among those convicted by foe court in CaJtanissetta. 

Investigaiors contend that the imprisoned bosses still 
exercise much control from behind bars, but other long- 
time fugitives reputedly wield power, including Bernardo 
Provenzano. who was one of two bosses convicted in his 
absence Friday. 

Tne defendants in foe trial, which began Feb. 21, 1995, 
included men described by prosecutors as the most ruthless 
Mafia leaders in recent decades. 

Six defendants received lesser sentences of up to 26 
years. 

Of foe 41 original defendants, nine were acquitted. Two 
others died in prison after foe trial began. 

The life sentences were imposed on virtually the entire 
cupola, or ruling commission, of foe Cosa Nostra, in-, 
eluding former Benedetto (Nino) Santapaola, Leoluca 
BagareUa and Mr. Provenzano. Only one of foe bosses, 
Pietro Aglieri was present in foe heavily fortified 
courtroom to hear his sentence pronounced. Defense law- 
yers said they would appeal foe verdicts. MP. Reuters) 




TRAVEL UPDATE 


Germany Ends Lufthansa Probe 

FRANKFURT l AFP) — Germany's fair trade office an- 
nounced Friday that it had suspended an inquiry into foe 
frequent flyer program operated by foe national airline 
Lufthansa. 

It said the company had agreed to put into effect two 
measures proposed by the office “to eliminate the dis- 
criminatory nature" of foe program Miles and More." 

Frequent flyer programs offer free air miles for loyal 
customers. T aiding foe bonus into account can reduce foe price 
of a ticket to well below that offered by rival companies. 

Phnom Penh Embassies on Alert 

PHNOM PENH (Reuters) — The U.S. Embassy in Phnom 
Penh warned Americans on Friday to exercise caution and 
avoid places where military and security' units were based. 


The warning was issued as rumors swirled in foe Cambodian 
capital of nfts in foe Cambodian People’s Party of Prime 
Minister Hun Sen. diplomas said. Officials al foe British and 
Australian embassies said they were not issuing security 
warnings to their nationals but were advising embassy guards 
to be on alert. 

The vote on a S23 billion plan for federal transportation 
aid that New York City has threatened to veto was post- 
poned. The plan includes a request from the Port Authority of 
New York and New Jersey to begin work on a $1.5 billion 
Drain connection from foe New York City subway to Kennedy 
International Airport. The Giuliani administration opposes 
foe rail project because of its design and expense. 

A tropical storm, downgraded from a hurricane, blew 
through desert areas of foe southwest United States without 
foe damag e that was feared, spilling 2 J inches (6 centimeters) 
of rain on Yuma, Arizona. (AP) 


Algerian Guerrillas 
Vow to Attack France 

LONDON — The most radical Al- 
gerian Islamic group hailed foe latest 
massacres in foe North African state as 
God’s work and rejected all talk of a 
truce in a statement issued here Friday. 

It also vowed revenge against Fiance 
for its aid to Algeria's military-dom- 
inated rulers. 

A statement in the name of the Anned 
Islamic Group, said ‘ ‘We are that band, 
with God’s permission, who UR and 
slaughter and we will remain so until foe 
word of religion has prevailed and foe 
word of God is raised high.” • 

The statement’s authenticity could 
not be verified independently. 

The group has claimed responsibility 
for a wave of terrorist attacks in 'France 
in 1994 and 1995. (Reittersi 

Nurses to Be Spared? 

LONDON — A senior Saadi official 
said Friday that he expected foe con- 
troversy over the sentencing of two Brit- 
ish nurses charged with the murder of an 
Australian colleague last December to 
be resolved without imposing foe death 
penalty or Hogging. 

The sentencing of Deborah Parry . 38, 
to death and Lucille McLauchlan, 3 1 , to 
eight years in jail and 500 lashes has 
stirred a crisis in British- Saudi relations. 

The British foreign secretary; . Robin 
Cook, was due to meet his Saudi coun- 
terpart, Prince Saud al Faisal, at foe 
United Nations on Friday. (NYT) 

Cypriot Rivals Meet 

NICOSIA — Greek and Turkish 
Cypriot leaders pledged Friday to cany 
on their dialogue on security issues after 
holding talks here that were described . 

: byra. United Nations mediator as pos- 
itive and friendly. 

President Glafcos derides, a Greek 
Cypriot, and the Turidsh Cypriot leader. 
Rauf Denktash, met at the residence of 
the UN representative to Cyprus, Gust- 
ave FeisscL 

.The two leaders made no comment 
after the meeting. But Mr. Feissel said: 

“It was agreed that I would have sep- 
arate discussions with each of them with 
the objective of trying to come up with 
common views on the issue of security 
and the objective also of the two lead- 
ers' getting back together to consider 
these very shortly . ' ’ (AFP) 

Correction 

A New York Times article on Wil- A 
liam Faulkner published in the Friday r 
issue incorrectly referred to his wartime 
activities. He served in World War I. 



Peter G. entrants 

Ftjrwr ^Futures 

Specialist 


Are You Prepared ? 

1997 & 1998 Will Generate 
Major Currency Moves. 

These moves will directly affect the value of 
your Portfolio. Prepare yourself to take 
advantage of these moves by calling today. 


S UPER IOR Selection of Managed Accounts 

OU TSTAN DING Global Currency Analysis 
EXCEPTIONAL Execution Forex or Futures m 
MINIUUUS SIOjOOO to $5,000,000 (USD) I 

COMMISSION 2-5 FX Spreads Fvtunss 572-536 I 


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Have you been to 


THE INTERMARKET 


today? 

Don't miss it. A lot happens there. 


It was the day the pound crashed out of the 
ERM; the day the Bank of England spent 
billions propping up the pound; a day when 
4 billion pounds was lost to speculators; 
a day when, the British Government twice 
raised interest rates; a day of humiliation and 
surrender that changed the course 
of British history. 71m PigoftSmith narrates 
the behind-the-scenes story of Black 
Wednesday. 


WATCH SATURDAY 27 SEPTEMBER 
AT 23:30 CET 


WEATHER 


Europe 


Forecast for Sunday through Tuesday, as provided by AccuWeather Asia 


WORLD 


B8C vv*td to todarawt oi Bnh* fraodrara-p Cvponv 


For investment information 

Bead THE MONEY REPORT even Saturday in the 1HT. 


Mgeuva 

4msfenlan 

Ankara 

Altarc. 

Barakmo 

Belgrade 

Bcrir 

Bruraeto 

Budapest 

Copenhagen 

Costs CM Sol 

DuMn 

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Rorance 

Frankfort 
Got ram 

MartM 

Km* 

LaePaknas 

Labor 

London 

Madrid 

Malksta 

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Munch 

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Oslo 

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Prague 

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Vienna 

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Jewraam 

North America Europe 

Increasing clouds across Pleasant weather wiA con- 
Ihe Northeasi Sunday, tinue across nearly all of 
then windy and cool with Europe Sunday through 
snawers Monday and Tuesday. London and 
Tuesday Sunny ana nice Pari* will haw lots of sun- 
actoss ihe central and shine with comfortably 
southern Plans, but urtndy warm afternoons. Htjwev- 
and cool in the Midwest er. an Atlantic aiorm will 
and ihe northern Plains, bring gusty winds and ran 
Lots ol sun and vary warm to Scotland, while soaking 
io hoi n Bis West. rains wll continue in Pottu- 

gaL 


Asia 

Pleasant in Seoul Sunday 
through Tuesday with 
some sun and afternoon 
temperatures In the lower 
20 s. Tokyo and mast of 
Japan wll be parity sunny 
ana cool, but Hokkaido will 
haw showers and a chilly, 
gusty wind. Sunny and 
warm in Beijing, but ctouda 
and showers will move in 
Tuesday. 


Africa 


North America 


AtfoOtmh 43(1* 24/75 1 44/111 26/79* 

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Care* 34/93 20/66 29/94 l&ftl 

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Hijo* 4 1*108 7V73s 41/108 2373* 



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10>56 

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PAGE 3 


Looking South, Bewildered Canada Wonders: 6 What’s Going On Here?’ 


By Anthony DePalma 

livi 7?m-> Sirvj. r 


VANCOUVER. British Columbia — Ifs al- 
ways something, though rarely has it e\ F er 
threatened the peace along the world’s longest 
undefended border or amounted to much more 
than Canada and the United Slates getting on 
each other's nerves. 

These days, however, the list of peeves, slights 
and cross-border squabbles has grown unusually 
long. And that has left Canadians feeling bruised 
and bewildered by their closest ally. 

Tough new restrictions for crossing the border 
have Canadians hopping mad. Trade conflicts 
over milk and magazines have rattled Ottawa. 
Canadians are profoundly disappointed by the 
failure of the United States to sign the land mine 
treaty, a Canadian-led move viewed here as a 
national accomplishment all but spoiled by 
American stubbornness. 

And then there is the deepening conflict over 
Pacific salmon, which reached new lows in Ca- 
nadian eyes when President Bill Clinton recently 


threatened in a letter to use the might of the United 
Stat« to retaliate against protesting Canadians 
wnai s going on here?” asked The Globe 
and Matl or Toronto in a front-page analysis of 
ihe cross-border lack of bonhomie. Even the 
normally CLiuiious Canadian BroadcuMinij Cor- 
porauon scheduled a sober look at the deteri- 
orating state of relations between Canada and the 
United States. 

Of course, compared with past disagreements 
over the Vietnam War < Canada opposed iij. 
relations with Cuba (Canada pursues them) and 
foreign investment (Canada once tried to keep 
Americans out), current troubles seem like little 
more than another family feud. 

So why are people here so upset? 

Diplomats, whose job it is to ensure that small 
incidents do not grow into big ones, say a certain 
measure of irritation is inevitable in a long-stand- 
ing international relationship like that between the 
two former British colonies in North America. 

“When you have a long border like ours,” 
said Georges Rioux, a spokesman at the Ca- 
nadian Embassy in Washington, “fish cross it. 


lumber crosses it. people rub elbows and some- 
times disagreements happen.’’ 

But Stephen Blank, a professor who spe- 
cializes in Canada-Lf.S. relations at Pace Uni- 
versity in New York, says the current tensions 
run far deeper. 

“Canadians see the United States as a rough 
neighbor that is likely to get rougher,” he said. 
As the two countries are drawn ever closer by 
free trade agreements, the SI billion a day in 
commerce that crosses the border makes eggs, 
milk and almost every product or service a 
potential point of conflict 

And then there is Canada's habitual crisis of 
self-confidence, which Mr. Blank said is 
whipped by the “deep uncertainty of Canadia ns 
about what is happening to their own country.” 

Indeed, the recent conflicts ail seemed to 
deepen during the same week that Canada re- 
opened its long-running and ever-painful do- 
mestic debate about national unity and the sep- 
aratist movement in Quebec. 

As Quebec leaders were defiantly rejecting the 
latest peaceful overtures from English-speaking 


Canada, a surprisingly harsh letter from Pres- 
ident Clinton to a senator from Alaska over the 
salmon issue was made public in Washington. 

“I want to assure you that we have made dear 
to Canada how seriously we view the action 
against the M/V Malaspina.” he wrote, referring 
to the Alaskan passenger ferry that was block- 
aded for several days in July by angry Canadian 
salmon fishermen to protest what they contend is 
overfishing by .Alaskans. 

Mr. Clinton then warned that another incident 
like the blockade would “necessitate our taking 
appropriate countermeasures.” 

In some instances, the Canadians seem fired 
up by their own language. In July. Prime Minister 
Jean Chretien was caught by an open microphone 
boasting to European leaders: “I like to stand up 
to the Americans. It's popular. But you have to be 
very careful because they're our friends.” 

The premier of British Columbia, Glen Clark, 
regularly uses such words as ' 'piracy'” and “fish 
stealing” when referring ro the actions of U.S. 
fishermen who go after salmon that the Ca- 
nadians say belong to them. 


Canadians were deeply disappointed that the 
United Slates would not sign the treaty banning 
land mines. 

But that feeling, however strong, was nothing 
compared with the reaction to a new law that 
would force Canadians to fill out immigration 
documents or have a registered “smart card” 
every time they cross the border beginning next 
September. 

The focus of the new law was tracking non- 
citizens who cross the Mexican border. Bui 
Canadians, who have historically crossed into 
the United States by the millions without filling 
out forms, were nor specifically exempted. 

Congressional leaders assured Canadian of- 
ficials last year that the new law would not bother 
most Canadians. But a year has gone by withoui 
an amendment introduced. 

Last week, in his first official meeting with 
reporters since becoming the U.S. ambassador to 
Canada, Gordon Giffin tried to soothe Canadian 
nerves. “In virtually every instance, we have the 
same goal in mind,” be said. “Sometimes it just 
takes a little effort to get there. ’ ’ 


Saddened and Thwarted , 
Envoy Is Leaving Nigeria 


By Howard W. French 

.Nyw Vffj T.nits .Vn ii t - 

ABIDJAN, Ivory Coast — When 
Walter Carrington, a lifelong African 
specialist, became the American ambas- 
sador to Nigeria four years ago. he knew 
his assignment would not be easy. 

From the time of his arrival to his last 
weeks in the job. before heading to a 
Harvard University fellowship early 
next month, Mr. Carrington butted 
heads with Nigeria’s leaders on 
everything from democracy and human 
rights to international drug trafficking. 

But in “the most surrealistic expe- 
rience l have had here yeL” he said, 
heavily armed policemen burst into a 
reception in his honor in Lagos last 
week, threatened to shoot one speaker 
and ordered everyone to leave ar once. 

Washington filed a “strong protest,” 
calling the breakup of the reception 
1 ’scandalous. ’’But that won no apology 
from General Sam Abacha’s govern- 
ment, just more verbal abuse. 

Throughout his tenure, senior Nigeri- 
an officials have interpreted the deep 
chill of U.S.-Nigerian ties as the re- 
flection of Mr. Carrington’s efforts to 
poison relations. 

In interviews with local news orga- 
nizations, Nigerian officials have re- 
peatedly said that his outspokenness on 
human rights and democracy in a coun- 
try long ruled by the military did not 
reflect Washington’s official views of 
their country. 

Instead, in a string of blistering at- 
tacks, Nigerian officials have depicted 
Mr. Carrington, who is black, as part of a 


comipt African-American elite that pub- 
licly criticizes Nigeria in the secret hope 
that Abuja will offer to buy their silence 
with generous financial donations. 

For Mr. Carrington, there is no mys- 
tery why relations between the United 
States and Nigeria have been so rocky. 

“I came here in November 1 993.” he 
said, “a few months after the annulment 
of the elections of June *93. and I was 
here 12 days before Lhe military under 
Abacha staged its palace coup and look 
over ihe government. Our government 
put on sanctions in response to the an- 
nulment.” 

A few months after he arrived, he 
said. Washington added more sanctions 
because it said Nigeria was not co- 
operating on narcotics matters.” 

And relations deteriorated further 
after the execution in 1 995 of the minor- 
ity rights advocate Ken Saro-Wiwa. 

As he prepares to leave Nigeria for 
Harvard, his alma mater, Mr. Carring- 
ton responded to the attacks against him 
by voicing his regret over the state of 
Africa’s most populous and potentially 
mostpowerful nation. 

“Inis is a country that 1 have been 
coming to since 1959, so 1 have been 
able to see the years of boom and bust 
here,” he said, “this is a country richer 
in human resources than almost any- 
place I can think of, and it is rich in 
natural resources, too. And yet, Nigeria 
is a country ranked by the United, Na- 
tions as one of ihe poorest places in the 1 
world, and ranked by some as one of the 
most corrupt countries in the world. 

“As a black American, this deeply 
saddens me.” 



Trtn lirMulhc 

The space shuttle Atlantis lifting off from Cape Canaveral. It was to rendezvous with Mir on Saturday. 

Shuttle Propels New U.S. Crewman Toward Mir 


Francf-Prcsie 

CAPE CANAVERAL. Florida — The astronaut David 
Wolf was en route Friday for a four-month mission on the 
Russian space station Mir after the U.S. shuttle Atlantis 
blasted into space from Cape Canaveral. 

Atlantis was scheduled to rendezvous with Mir on 
Saturday. 

Dr. Wolf will remain behind as the U.S. astronaut 
Michael Foale returns home after bringing to 824 con- 
secutive days the U.S. presence on Mir since 1995. 

The rendezvous will be the seventh between Atlantis 
and Mir since June 1995 as part of cooperation that the 
United States hopes will lead to the construction of an 
international space station. 

There bad been pressure on the administrator of the 


National Aeronautics and Space Administration. Daniel 
Goldin, to scrap Dr. Wolfs flight due to the number of 
problems that have occurred aboard Mir in the last six 
months. Mr. Goldin announced his decision to continue 
with the mission Thursday. 

“We move forward not only because it is safe, but for 
the important scientific and human experience we can gain 
only from Mir,” Mr. Goldin said. 

After blastoff, the crew of Atlantis switched focus to its 
primary goal: docking with Mir. Steps have been taken to 
delay the docking should Mir's central computer go down 
again, Frank Culbertson of the U.S. space agency said in a 
briefing before the launching of the shuttle. 

Atlantis is carrying a new computer for Mir in its 2.5 
tons of equipment, food and supplies. 


Court Assails 
FBI Conduct 
At Ruby Ridge 

Loi AtiQtles Times Sen ice 

SAN FRANCISCO — A federal ap- 
peals coun here excoriated the FBI for 
the conduct of its agents during the 
deadly August 1992 siege at Ruby 
Ridge, Idaho, saying the agents* “shoot 
to kill” policy was “a gross deviation 
from constitutional principles and a 
wholly unwarranted return to a lawless 
and arbitrary wild- West school of law 
enforcement” 

In a unanimous decision written by 
Judge Stephen Reinhardt, the U.S. 9th 
Circuit Court of Appeals said Thursday 
that special rules adopted during the 
siege, which led to the death of the wife 
and 10-month-old daughter of the white 
separatist Randy Weaver and the severe 
wounding of their friend Kevin Harris, 
“violated clearly established law, and 
any reasonable law enforcement officer 
should have been aware of that fact.” 

The three-judge panel, in reaching its 
conclusions, rejected the contentions of 
13 FBI agents and U.S. marshals that 
they were entitled to qualified immunity 
for their conduct at Ruby Ridge. 

The judges’ decision will allow a S10 
million civil rights case filed by Mr, 
Harris against the agents to go to triaU 
unless the three judges are overruled by 
a larger panel of 9th Circuit appeals 
judges or by the U.S. Supreme Court. 

In October, E. Michael Kahoe. 
former head of the FBI's violent crime 
unit, pleaded guilty to obstructing 
justice by shredding an internal agency 
report on the incident Four other agents 
were suspended, including the FBI 
deputy director, Larry Potts. 


POLITICAL 


Senate Opens War . 
On Finance Reform 

WASHINGTON — Ending 
months of delay, the Senate began to 
debate campaign finance legislation 
Friday that is backed by President 
Bill Clinton. But the Senate majority 
leader, Trent Lott, immediately cast 
doubt on its prospects for passage. 

“Are we going to come together on 
a consensus?” asked Mr. Lott, Re- 
publican of Mississippi. “1 have my 
doubts we have reached that point 

Highlighting the partisan differ- 
ences over the issue, Mr. Lott crit- 
icized Mr. Clinton, who was sched- 
uled to attend a fund-raiser in 
Houston on Friday, saying the event 
was aimed at raising “exactly the 
kind of money he says we ought to 
stop. What is he saying, ’Stop me 
before I do it again?’ ” 

All 45 Democrats and 3 Repub- 
licans back the bill, which was 
sponsored by Senators John McCain, 
Republican of Arizona, and Russell 
Femgold, Democrat of Wisconsin. It 
would ban unlimited “soft money” 
contributions to the parties. (AP) 

Gore Phone ) Sheets 
Were Discarded 

WASHINGTON — The executive 
assistant to Vice President A1 Gore 


has testified that she or her assistants 
routinely discarded copies of the call 
sheets prepared for Mr. Gore’s tele- 
phone solicitations of potential con- 
tributors after he made the calls. 

Government officials said there 
was no suggestion that lhe sheets were 
discarded to conceal information from 
Justice Department investigators who 
are reviewing Mr. Gore’s solicita- 
tions. But any missing documents 
could be important if the investigators 
determine they cannot establish the 
lull extent of Mr. Gore’s calls at the 
end of a 30-day review ordered by 
Attorney General Janet Reno. 

Ms. Reno began the review to 
determine whether she should seek 
the appointment of an independent 
counsel to investigate Mr. Gore’s 
White House calls. Under the terms 
of the Independent Counsel Act, Ms. 
Reno could be required at the end of 
the 30 days to order a 90-day pre- 
liminary investigation if it is con- 
cluded that critical information is 
missing or might be obtained through 
further inquiry. (WP) 

Quote/Unquote 

Robert Bennett, Mr. Clinton ’s law- 
yer in die Paula Jones sexual har- 
assment case, criticizing Susan Car- 
penter McMillan. the public relations 
expert who is Ms. Jones's spokes- 
woman: “Her agenda, just plain and 
simple, is to get the president of the 
United States.” (Reuters) 


Away From Politics 

• A former Klansman was sentenced 

to 12 years in prison for his role in a 
racially motivated car bombing 22 years 
ago in Salem, Virginia, that killed a 
nearby toddler. Frank Helves tine, now 
76 and ailing, pleaded guilty to invol- 
untary manslaughter, arson and unlaw- 
ful wounding after a son-in-law turned 
him in last year. (AP) 

• A Southwest Airlines jetliner had to 

take evasive action when a business jet 
turned into its path 2,500 feet over 
downtown Dallas, setting off a collision 
warning on the commercial airliner. It 
was not known how many people were 
aboard the planes. (AP) 

• The incidence of gonorrhea 

among homosexual males has begun 
to rise sharply, a sign of spreading 
unsafe sexual practices that may pres- 
age a new explosion of AIDS cases, 
federal authorities said. (LAT) 

• A convicted murderer waived his 

appeals and was executed in Texas for 
raping and strangling his former wife 
and 12-year-old stepdaughter in 1995. 
Benjamin Stone, 45, had confessed to 
the murders. (Reuters) 

• A man accused of killing an infant 
and framing his 2-year-old daughter 
for the death 26 years ago has been 
found guilty of murder. Jan Barry Sand- 
lin, 47, was convicted in the 197 1 death 
of 4-month-old Matthew Golder. He 
was sentenced in Decatur, Georgia, to 
two life sentences. Prosecutors conten- 
ded that Mr. Sandlin beat Matthew to 
death and then placed his daughter, 
TYacy, in the boy ’s crib to make it appear 
as if she threw him to his death. (AP) 


BOOKS 


PERFTDLA 

By Judith Rossner, 308 pages. $23.95. 
Doubleday. 

Reviewed by Susan Dooley 

I WAS five in 1974, when my mother 
packed me and her other possessions 
into our station wagon, said goodbye to 
my father and drove me away from our 
■home,” writes Judith Rossner in die 
opening lines of her engrossing new 
novel, “Perfidia.” It is the child, 
Madeleine, who is telling the story of 
this journey that begins in New Hamp- 
shire and ends in violence in Santa Fe, 
New Mexico — a story, as Rossner puts 
it. of all the different ways not to care 
about wbat happens to children. 

Madeleine's mother. Anita, is a beau- 
tiful. promiscuous woman who focuses 
the force of her love on her small daugh- 
ter. She cuddles Madeleine, sings to her 
and tells her ever-changing stories of 
growing up on a farm in Canada. Then, 
nine months after arriving in Santa Fe, 
Anita gives birth to a son. Billy now gets 
Anita’s love. Madeleine ceases ro exist 
“I think at some point I stopped being 
able to do what she wanted me to do,” 
Madeleine writes, remembering how her 
attempts to win back her mother had 
failed; “it made me feel craven to obey 
someone who couldn’t stand to have me 
around.” Billy may get hugged, but he 
rarely gets fed or put to bed. It is 
Madeleine who takes care of her half 
brother, as Anita's interest shifts to a 
drug-taking hippie named Lion. After 
Lion, Anita, sometimes drugged, some- 
times drunk but always irrational, di- 


vides her time between the gallery she 
runs in Santa Fe and the men she picks up 
in bars. 

“I wanted to be in my own house 
when my mother became herself,” 
Madeleine says, explaining why she was 
so reluctant to spend the night at a 
friend’s. “When she did, I had to-be 
prepared. I’d need to know wbat was 
going on in her life. If she'd just met a 
man, borne would be safe because she'd 
be happy. If she'd just had a breakup, 
home was safe because she’d be low. In 
between, I never knew.” 

“Perfidia" is heart-breaking in its 
matter-of-fact recounting of what it’s 
like to live in a home that is a minefield, 
to become, at an early age, a sapper 
whose safety depends on learning how to 
sniff out the explosive spots and defuse 
them. Madeleine, the oldest the respon- 
sible one. writes admiringly of her little 
brother. “He didn’t get absorbed in her 
craziness the way I did. He stayed under 
her radar.” 

Anita has trained her children well, 
made them accomplices in her bad be- 
havior. They know that wbat goes on 
inside the walls of their house is not 
suitable for export. They are not to men- 
tion drags or the drinking or the times they 
are left alone. Their mother feels no guilt, 
but they do, silenced by secrets that set 
them apart from the rest of their world. 

People do see what’s going on and 
some offer comfort, though no one in- 
tervenes. The mother of Madeleine’s 
best friend encourages Madeleine to vis- 
it A psychiatrist, who becomes her 
mother’s lover, tries to offer counsel, but 
in Rossner’ s hands be comes across as 


the worst kind of practitioner, a man with 
all the words and none of the wisdom. 
Madeleine's boyfriend, the macho, un- 
faithful Geraldo, does what he can. wili T 
mg to help only because Madeleine asks 
so little. 

But perhaps there is no salvation for a 
child bom of parents who simply don't 
care. If two people have coupled and 
created you in their own image, and they 
can't love you, how can anyone else? 

Rossner has been so successful in 
creating the tight, terrifying world in 
which Madeleine lives that it takes a few 
minutes, at book's end, to realize that 
Madeleine is becoming her mother. She 
sets out to retrace that long-past journey 
that began years ago in Canada, paused 
for a marriage of convenience in New 
Hampshire and ended so disastrously iq 
Santa Fe. But Rossner is too wise to take 
us farther. She lets the reader decide 
whether Madeleine is winding up the 
thread that stretched across tire country 
so that, at its origin, she can begin again 
or instead become a mirror image of her 
mother’s madness. 


Susan Dooley, a free -lance writer whi) 
lives in Maine, wrote this for The Wash 
ington Post. 


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PAGE 4 





. rJg.-. 


NATO -Russian Council 
Holds Its First Meeting 


Both Sides Hail Steps Toward Cooperation 


Cj^eedbfOurSieffFtimDbiiarka 

UNITED NATIONS, New York — 
The foreign ministers of the NATO na- 
tions and Russia met Friday forthe first 
session of a joint council aimed at build- 
ing trust between Cold War enemies. 

The NATO secretary general, Javier 
Solaria Madariaga, said the ministers 
agreed to establish a panel to study 



practical steps toward military cooper- 


ation and ;to meet again Dec- 
Brussels, to further discuss the plan. 

The first meeting was “a great suc- 
cess,” Mr. Solans said. “It has been a 
great meeting, a successful meeting de- 
voted in a spirit of friendship and co- 
operation." 

Foreign Minister Yevgeni Primakov 
of Russia agreed, despite Moscow’s 
continuing unease over die expansion of 
the North Atlantic Treaty Organization 
to take in three former Soviet allies: the 
Czech Republic, then a part of Czech- 
oslovakia; Hungary, and Poland. Russia 
has said the alliance’s expansion would 
divide Europe and raise tensions. 

"Our first meeting at the ministerial 
level was very successful,” Mr. Pri- 
makov said. He added that the success 
of NATO-Russian cooperation would 
depend on "increased trust between all 
sides, full implementation of all agree- 
ments that nave been signed before, 
equality between parties and respect of 
mutual interests.’ 

Both sides should understand, he 
said, that "without joint efforts from 
Russia and NATO, a stable and strong 
Eastern Europe would be impossible.” 

Mr. Primakov also affirmed that Rus- 
sia would be ‘ ‘happy to continue talcing 
part” in joint peacekeeping operations 
and “bear an equal share to others in 
cooperation with these operations.” 

The U.S. secretary of stare, 
Madeleine Albright, and other officials 
said NATO's aim was to take a variety 
of steps by December, including cre- 
ating stronger military contacts, station- 
ing Russian military representatives at 
NATO and opening an alliance infor- 
mation center in Moscow. 

"We are ready to do these tilings. 


for the future,” she said in a speech. 

Mrs.' Albright said she understood 
that “many Russians express doubt that 
their country can build a relationship of 
trust with NATO." 

“Let me say rhat 1 do not expect these 
meetings to change that perception 
overnight. I do not expect Russia to 
suddenly fall in love with NATO.” 

She also praised Moscow for its co- 
operation in trying to cany out the 
Dayton peace accords in Bosnia-Her- 
zegovina. "History will record that when 
NATO first suited up for action, it did so 
with, not against, Russia,’ ’ she said. 

After the meeting, Mrs. Albright said 
the session was “very engaging and 
exciting.” She said both sides agreed 
“that we’re all engaged in a new era. 

The council was set up to allay Rus- 
sian fears that an expanded alliance 
would threaten Moscow’s security in- 
terests in Central and Eastern Europe. 

The experiment begun Friday under- 
scored once again the radical change rn 
international relations since the fall or 
communism. (AP, Reuters) 



WteDMiWAiBsiFmAcw 


Winnie Mandela Faces the Interrogators 


Winnie Madikizela-Mandela in Johannesburg on Friday, her 63d birthday, 
before the Truth and Reconciliation Commission convened a closed meeting. 
Three investigators asked President Nelson Mandela’s former wife about 
accusations that she ordered or took pan in killings and assaults in the late 
1980s. The panel said it would grant her request later for a public hearing. 


Burmese Foes 
Of Junta Given 
Permit to Hold 
Party Congress 


BRIEFIY 


Turks Invade Iraq 
In Pursuit of Kurds 


Shoichi Yokoi, Holdout Japanese Soldier, Dies 


N*h York Times Service 

TOKYO — Shoichi Yokoi. 82, a 
Japanese soldier who hid in the jungles 
of Guam for 27 years rather than sur- 
render to American forces at the end of 
World War n, died Monday of a bean 
attack- 

Mr. Yokoi returned in 1972 to Japan, 
where he stirred widespread soul- 
searching about whether he represented 
the best impulses of the national spirit or 
the silliest. 

“I am ashamed that I have returned 
alive.” Mr. Yokoi declared after his 
return, reflecting the traditional warrior 
spirit that it is better to die than to give 
oneself up to the enemy. 

Mr. Yokoi' s case highlighted the ex- 


traordinary transformation that Japan 
has undergone since the war. He was the 
epitome of prewar values of diligence, 
loyalty to the emperor and ganbaru, a 
Japanese word that roughly means to 
slog on tenaciously through difficult 
times. 

When American troops seized con- 
trol of Guam in 1944. Mr. Yokoi and 
more than 1,000 other Japanese soldiers 
hid in the jungle rather than surrender or 
commit suicide. 

The others were all captured or died 
of starvation ex' illness, but Mr. Yokoi 
stayed there, living in a cave. 

Raised in a farming village near the 
city of Nagoya in central Japan. Mr. 
Yokoi was a tailor before the war. 


Egon Seefehiner, 85 , 

Austrian Opera Director 

VIENNA (AP) — Egon Seefehiner, 
85, a former director of the Vienna State 
Opera and of Berlin's German Opera, 
died Friday, the Vienna State Opera said. 
It did not mention the cause of death. 

A law-school graduate. Mr. Seefehi- 
ner was secretary-geueral of the Vienna 
Concert Hall between 1946 and 1961; 
he also served as deputy director of the 
State Opera for seven years until 1961. 


Walid Aid, 52. a Lebanese pianist 
who recorded the entire piano repertoire 
of Haydn, died Friday in Paris after 
heart surgery. 


The Associated Press 

RANGOON — Burma's military’ 
rulers gave permission Friday to tire 
political party of the opposition leader 
Daw Aung San Sun Kyi to hold a con- 
gress this weekend, easing fears of mass 
arrests. 

About 300 people will be allowed to 
gather ar her lakeside compound on the 
condition that they meet “m a peaceful 
and orderly manner,” the governing 
State Law and OnferResroration Coun- 
cil said. 

It was tire council's second overture 
in a week toward Daw Aung San Suu 
Kyi’s National League for Democracy, 
following an attempt by General Khin 
Nyunt, one of the regime’s leading gen- 
erals, to meet tire league's chairman, U 
Aung Shwe. 

Daw Aung San Suu Kyi refused to 
allow that meeting unless she and other 
league officials were present. 

Though Daw Aung San Suu Kyi, who 
was awarded die Nobel Peace Prizein 
1991. has long called for political dia- 
logue, many in her party feared that the 
offer of limi ted talks was a government 
attempt to divide the opposition. 

It was unclear whether the govern- 
ment’s apparent softening represented a 
breakthrough in Burma’s political dead- 
lock or if the generals simply felt con- 
fident enough to allow a small number 
of opponents to meet without fear of 
being toppled. 

Major General Khin Maung Than, 
Rangoon mffimry region commander, 
summoned U Soe Mying, a member of 
tire opposition league s central executive 
committee, to inform him that the meet- 
ing could be held, the statement said. 

About 600 members have been in- 
vited to ananri the gatheri ng, which 
marks the ninth anniversary of the 
league's founding after an uprising 
against military rule in 1988 was vi- 


olently quelled. 

hundred people arrived in Ran- 

■ J~ - • .bl L U 


Foar! 


DEATH NOTICE 


TRAIN A, 

NICHOLAS JOHN STEEL 

In San Francisco. September 20. 
109 ~ after a long-time struggle with 
a lifetime illness and a valiant fight 
w the end. of an accidental 
overdose. Son of Danielle Steel 
Traina and John A Traina, Jr of San 
Francisco. Nicholas was 19 years 
old «t May 19"8). He graduated 
from Town School and the 
Woodsidc International School and 
for the past 2 1/2 years was the 
lead singer, lyricist and manager of 
the rock band. Link 80 which had 
gained considerable acclaim 
nationally and internationally, 
mosdv among teenagers. His CD.'s 
and video’s were being distributed 
internationally. A month ago he 
started a new band of his own. 
'Knowledge'- Nick Traina was the 
bright star of his family and will be 
greatly missed by alL He is survived 
by his parents, his eight siblings: 
Samantha. Victoria, Vanessa, Mast. 
Zara. Trevor and Todd Traina and 
Beatrix Seidenbcrg. 

Friends are invited for Visitation, 
Tuesday, September 23id from *>8 
pm at HALSTED N. GRAY-CAREW 
* ENGLISH, 1 123 Sutter St., San 
Francisco and to Blend the Funeral 
Service on Wednesday, September 
24th at 3:30 pm at Grace Cathedral 
Episcopal Church. 1100 California 
St., San Francisco, CA_ Interment 
private. Flowers or charity of your 
choice. 


Hong Kong Schools to Curtail English 


gooa from outlying districts, although it 
appeared some would be turned bade. 

Access to University Avenue, lead- 
ing to Daw Aung San Suu Kyi's home. 


has been restricted by the police for a 
1 rallies outside 


A$cnce Froncc-Prcsse 

HONG KONG — The Hong Kong gov- 
ernment announced Friday that it was end- 
ing the use of English as the main teaching 
language in schools. 

The Education Department said that 
schools would start teaching in Cantonese 
Chinese next year, despite tire opposition of 
many parents. 

English and Chinese are now’ the two 
official languages. English has been the 
main language in Hong Kong schools for 
decades, but its downfall had been expected 
once Britain returned the territory to China 
on July 1. 

Only schools with official approval will 
be allowed to continue in English. Helen 
Yu, director of education, said: “Schools 
not using the appropriate medium of in- 
struction will be subject to sanctions.” 

Several elite schools, including Queen’s 
College, Hong Kong’s oldest school, said 


they were planning to apply to teach in 
English. Exemptions will be granted only to 
schools where at least S5 percent of the 
students are capable of learning in Eng- 
lish. 

There are about 1.2 million young chil- 
dren and teenagers in around 2,400 edu- 
cational institutions, including universities, 
and the Education Department says its re- 
search shows that Chinese pupils respond 
better to mother-tongue teaching. 

Proposed special ordinances say that 
principals who refuse to stop teaching in 
English can be jailed or fined in extreme 
cases. There are other administrative sanc- 
tions for schools. 

Under the guidelines, all schools should 
begin teaching classes for 12 year olds in 
Cantonese next year. All-Chinese classes 
will be extended to older classes year by 
year. 

The switch to mother-tongue teaching 


Friendships 

Appears everv Saturday in The IntermarkeL To advertise contact Christ elle Foreslier] 
in our London office: Tel: -1- 44 1 71 420 0329 / Fax: + + 44 1 71 420 0338 
or your nearest 1HT office or representative. 

8ctalj ^3E 8ribnc. 


THE TOIOOS BUD' WEttSBWEB 


began in 1984 when the government started 
encouraging secondary schools to drop 
English "because studies showed that chil- 
dren could not master both languages and 
were speaking “Chinglisb.” 

But Chow Dick-yee, principal of Queen 
Elizabeth School, said parents would prefer 
English. 

“With our history of using English in 
teaching for the past*43 years. I believe the 
majority of parents would not welcome a 
switch to the mother tongue,” she said. 

Many parents also spoke oul 

One. Aileen Tsang. said she would seed 
her two sons to private schools. 

‘T still believe my sons will have a better 
future if they have proficiency in English.” 
she said, adding thai a person witfi good 
English could get a better job. 

There has been a general trend against the 
use of English in the administration, with a 
special language agency set up before the 
return to Beijing ' s rule to promote the use of 
Chinese in the civil service. Some Hong 
Kong courts have already removed restric- 
tions on the use of Cantonese and Chinese- 
language documents. 

By 2000, all srudents will have a chance 
to learn Mandarin Chinese, the most widely 
spoken dialect although one strange to most 
Hong Kong people, who speak Cantonese. 
Mandarin will be introduced into the ex- 
amination for the Certificate of Education, a 
basic requirement for university entrance. 


year to prevent weekend ; 

her house — once attended by more 
than 10.000 people — after her release 
in July 1995 from six years of house 
arrest 

During the past year, the government 
has discouraged Daw Aung San Sun 
Kyi from leaving her home to meet with 
suppor t e rs , though she is allowed to 
leave for prim to visits. 

This weekend’s congress would be 
Lie first one allowed since she was 
freed. 

Before a scheduled congress in May 
1996, the regime detained 262 party 
members. Party officials said that more 
than S00 were arrested in September last 
year. 

Although most were later released 
after a couple of weeks, a few dozen are 
serving long prison sentences. 

"I don’t think the authorities . will 
hinder this meeting from taking place,” 
said a party official who spoke cm con- 
dition of anonymity. 

Party officials said thai local military 
authorities in Irrawaddy Division, south 
of Rangoon, had intimidated members 
into staying away from the capitaL 

Otherwise, members were not 
stopped from traveling to Rangoon, 
pariy officials said. 

In his invitation to party members, U 
Aung Shwe said the congress would 
analyze the party’s work in its ninq-year 
existence and discuss ways to cany out 
its policies. 


DIYARBAKUL Turkey — 
Turkish troops, backcd by air 
power, pursued Kurdish guerrillas 
Seep into northern Iraq wi Friday m 
defiance of Iraqi warnings of pos- 
sible retaliation. The Anatolian 
News Agency quoted the ainw 
chief as saying that 
the mission would last long and ihR 
Turkey would withdraw when U : 
was completed. 

About 15,000 Turkish troops are; 

n Vi.rrli start 




pursuing guerrillas of ffie Kurdistan 
Workers Party. A Turkish nuhtary. 


official said 44 rebels**! ' 
Turkish soldiers had been kuM- : 
Turkish border officials said 
had entered the Iraqi PJ" \ 

- ofD hok, 50 kik>- 


HUM W— 

vincial capital — 

meters from ibe border. (Reiners) 


Pyongyan^Missile 


Not Seen, U.S. Says 


WASHINGTON — The United 
States has closely watched recent. ' 
small movements of North Korean- 
troops and micks capable of car- 
rying missiles and launching rails, 
but the North has not deployed its. 
new No Dong missile, a senior US,. 
mili tary commander said Friday. 

“We have seen the troop de- 
ployments,” said Admiral Joseph, 
Prueher, commander of CJ.S. forces ; - 
in the Pacific and Asia. “We have : 
not seen the deployment of the No 
Dong missile.” 

He said the missiles would be a 
threat to U.S. forces in South Korea 
and to other countries in the region . 
if they were deployed. (Reuters! 


Australian Scandal 
Claims 3d Minister 


CANBERRA — An ethics van- 
dal claimed another cabinet min- 
ister Friday as Science Munster ! 
Peter McGauran. a millionaire I 
farmer, resigned after admitting be t 


had wrongly claimed about 1,500 
Australian ao! 


>llars ($1,100) in travel 
allowances and charter flight fees. 

Transportation Minister John . 
Sharp arm Administrative Services 
Minister David Jull resigned 
Wednesday. ( Reuters / 


1 



1 BANGKOK -—..An opposition 
litician made a scathing attack 


politic 

Friday 


: riday on Prime Minister Chaoyalii 
Yongchaiyut’s leadership on tbe 
last day of a three-day erasure de- 
bate against him in Partiarteifc : 

Suthep T uaksuban of the Demo- 
crat Party asserted thai Mr. 
Chaovatit was untrustworthy and 
unqualified to deal witfi the eco- 
nomic crisis. Voting on die motion 
was to take place Saturday. Polit- 
ical analysts said they expected the 
motion to be defeated. - (Reuters) 


Taiwan Gift of Jets 


TAIPEI — Taipei said Friday it 
would give 12 aged F-5E fighter 
jets to Paraguay, one ofahandfui of 
countries that recognize Taiwan 
rather than C hina. 


The warplanes, acquired decades 
laced h 


ago, are to be replaced by advanced 
fighters bought from the United 
States and France. { Reuters ) 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangelical Sunday Service 10:00 
sun. £ u:30 a.mJ Kkb Welcome. De 
Cuserstiaal 3, S. Amsterdam Into. 
020-641 6812 or 020-6451 653. 
FRANKFURT 

English Speaking International 
Catholic Pariah, St Leonhard, Alte 
Mairuer Geese 8, 6031 1 Frankfurt, 
Germany, Tel/Fax 06S-283177. Mass 
schedule: Saturday 5 p.m„ Sunday: 10 
am Confessions: v2 hour before Mass. 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
^gflstv-Spealong non-denominatkxial. 
TuT+41 6! 302 1 674, Sundays 1030 
WMareSlrasse 13. CH-4056 Basel 
ZURICH -SWITZERLAND 
ENGLISH-SPEAKING CATHOLIC 
MISSION; St. -Anton Church. 
Mlneraastrafle 63 Sunday Mass: 8:30 
am *1130 ajn. Services held In the 
crypt of St. Anton Ciuch. 


BRUSSELS/WATERLOO 
ALL SAINTS' CHURCH, let Sun. 9 & 


11:15 am. Ho ly Eucharist wih CJ**nn's 
1.-15 Al otar Sundays: 1 1:15 


UNITARIAN UMVERSAU5T 


Chapel al 11.-1 
am Holy Eucharist and Sunday SchooL 
563 Chaussde de Louvain. Ohafn, 
Belgium. Tel 32/2 384-3556. 

W1ESBADB4 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY. Sun. 10 a.m. 
Family Eucharist. Frankfurter Strasse 3. 
VWestaden, Germany. TeL- 4951 1356574. 


THE UNITARIAN UNIVERSALIST 


Catholics AHenhdlefweg 7. 

Obersledten (Church ol St- Petrus 
Caseseus). Holy Mass. Sun. 11:00 Pastor 
Fr. Baiens. 069-7191 1430 (home) or 
061 7 1 -25983 (Office). 

FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
(Evangelical). 4. bd de Pfbrac, Coto- 
mier. Sunday service 6:30 p.m. Tel.: 
0582741155. 

FRENCH RMERA/CdlE D'AZUR 

rue 
i,22,bv. 
3 S7 1983. 

MONTE CARLO 

MONACO CHRISTIAN FELLOWSHP 
Worship Service, Sundays: 11 a.m. 
9, rue Louis Notary, Monte Carlo. 
Tet; 377 92 16 66 47. 

PARIS and SUBURBS 
EMMANUEL BAPTIST CHURCH - 56. 
rue des Bons-Ralslns. 92500 Ruefl> 
Malmalson. Worship: 9:45 '11:00 
a.m. Sunday School. For more into 
cal! 01 47 51 29 63 or check: 
rtiK0wiuw,geaate^^ 

HOPE INTERNATIONAL CHURCH 
Hotel Oron at Paris4frD6fense 8 bd. de 

Netily. Warship Sundays. 930 am Rev. 
Doughs Mler .Pastor. T- 01 43 33 04 06 
M£so 1 lo la Defense Esplanade. 

SAINT JOSEPH’S CHURCH /Reman 
CaftTOfic). MASS IN ENGLISH: Set 630 pm; 
Sun. 10 a.m., 12 midday. 6:30 p.m. 
50. avenue Hoche, Pare 81ft. Tel.: 
oi 42272856 Meanx Charles deGoie-Etofc. 
RELIGIOUS SOCIETY OF FRIENDS 
(QUAKERS) . Unp rogramrned (silent) 
meetlna for worship, ouidays 11 am, 
f IntemaSonal, 114 bis, rue 


FBLOWSHP tovta ynufa to 12 noon. 


. —■ Rev Johanna 

Bpcke will preach on 'Creating and 
Maintaining Community among Ex- 
patriates'. Foyw de rPrnm. 7 bis. rue du 
Pasteur Wagner, IT. Metro Bastte. Al 
welcome! Non -dog matte religious 
education tor cMd ren and teens. Child 


EUROPEAN 

BAPTIST CONVENTION 


care. Meditation and spiritual growth 
grougs^SraraJ activtues. INFO: 


THE EPISCOPAL CHURCHES 
OF EUROPE (AngBcon) 


PARIS and SUBURBS 
THE AMjftCAN XATHBJRAL OF THE 
HOLY 7RNTY, Sul 9 & 11 am., 10*5 
a.m. Sunday School tor children and 


BE RUN 

I.B.C., BERUN. Rothenburg Str. 13, 
(Steglitz). Sunday, Bftile 10.45, 
worship Service 12.00 noon. Charles 
Warfcrd, paster. TeL 030-7744670. 
BRATISLAVA - SLOVAKIA 
Tlie luvema. Karloueska 64, 
Auditorium 1040. Worship Sun. 10S0. 
TeLz (07) 715367 

BREMEN 

to-C, Hohertoheslr. Mamann-Boe»-Str. 
WCrahfc Sun. 17SM. Pastor telephone: 
0421-7B64& 

BUCHAREST 

LB.O, Strada Popa Rusu 22. 3:00 pm. 
Ccriaa Pastor Mhe Kemper, TeL 312! 

BUDAPEST 


ST. PAUL DE VENCE - FRANCE 
a. Rati de fence- Ranee LRC. Espace a 
Claire. Level 'O'. Bible Study Sun. 9:30. 
IfltasNpSUi. 1046 Tet (0493) 320®a 

PRAGUE 

IB. FELLOWSHP, Vmohradska H 68, 
Prague 3. Sun. 1 1:00. Tel.- {02) 31 1 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHP 
Sun. 19fl0 at Swecish Church, across 
from MacOonaMs. TeL (02) 3531585. 

ZURICH - SWITZERLAND 
I.B.C of Zurich, Ghefstrasse 31. 8803 
Riteehnkon, Worship Services Sunday 
mornings IQOOLTeL- 14810016. 


ASSOC OF NTT 
CHURCHES 


X MARKS THE SPOT By Robert H. Wolfe 


• IJWV. IPS. VWI JO CO I 

M»cc Geoiga V or Alma Marceau. 

FLORENCE 

9 am Rto I 
B. V? BemgTOo Ftocefeu 9. 


LB.G.. meets at Morles Zslgmond 
: ut 48-54, Sun. 


50123, Hcranca, Italy. TeL 3955 29 44 17. 

FRANK 


Gamazun. Torokvesz 
10330. Tel 2S0-3932. 

BULGARIA 
LBC, World Hade Center. 36. Drahan 


IKFURT 

CHURCH OF CHRIST THE KING 
(Eplscopal/Angilcan) Sun. Holy 
Cormufon 9 F11 am Sunday School 

GENEVA 

EMMANUEL CHURCH, 1st 4 3rd Sun. 
10am|uchEBttaid& 49i Sun. Morning 


Tzantev Bfvd. Worship 11:00. Janies 


ir. 3 rue da Morthouic, I20f Geneu£ 

L' 41/22 732 8078. 


+3301 


Vautpard. 75006 Baris, as wsfeoma 
0145487 " 


>4874 23k 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near bfafaasfc Stn TeL 3261- 
374Q. Worship Sente 630 am. Sinlays. 

TOKYO UNION CHURCH, nearOnc te sanda 
SiiteBy Ste-TcL 340MW7, Wosty Sevte£ 
Sumay - 8:30 8 rt.-OO am. SS at 9:45 un 


TeL 41/22 _ 

MUNICH 

THE CHURCH OF THE 

luTday^sScxiU'lu^fy 

4aW64 81 
ROME 

Bisaeniasaiisnass 

Choral -Euchari st Rjto ll; 10:30 a.m. 
Chur* School torchWw & Nunsaycaa 
1 am. Spanish Eucharist. Via 
.. Tel; 398 408 

i or 3S8 4743580- 


Duke. Paster. TeL 971 -2192. 

DARMSTADT - GERMANY 
I.B.C., WUhelm-Leuschnar Str. 104, 
Danretadt-Griesheim, BUe Study Sun. 
16.00. TeL (0611)941-0505. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHP, Ev.-ftetttftfche Gandnde. 
Sodenersfr. 11-ia 83150 Bad Homburg. 
Sunday Worship, Nursery & SS: 
1120 AM. Mld-woek mjr^rfes. Pastor 
COIFex 0617362728. 
BETHEL LB.C. Am Decftsberg 92 
(Engfch), worsfttoSun. 1 1 DO am and 
eoOpjm. TeL 069-5495®, 

HOLLAND 

TRMTY MTERNATIQNAL Imtes you to 
a Christ centered fellowship. Services 
M 0 andl0^ajn.Btoenieamplaen64, 
vwwenaar 0705178024 misery prov. 
NICE -FRANCE 
13 me Vernier, Engfish service, 


BERUN 

AMERICAN CHURCH IN BERLIN, cor. 
of Clay Afee& Pwsdamer str., S.S. 930 
0 J 1 L Worship 11 am. TeL: 0308132021. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 

affi8M®S8!Sr" 

JERUSALEM 

LUTHERAN CHURCH of tee Redeemer, 

Oto tty, Msistan Ri Bjgfeft worehip Sin 
9 am Al era welcome. TeL ( 02 ) 6281 -049. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worahlp 11 DO a.m. 65. Quai tfOreay, 
Paris 7. Bus 63 at door, Metro Alma- 
Martsauorlnvafttes. 

ZURICH 


INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service, Sunday School & Nursery, 
^^^Schan^goreeS, 


SYNAGOGUES 


THE CONSERVATIVE JEWISH COM. 
MUNITY IN PARIS ‘Adath Shalom’ 
Invites you to join (hem for Rash 
Hasnonroh and Ycm npput mvices. Far 
details and seats, phone 0i.45fia57.47 
or write Adatti Shalom, 22 bis rue des 
Befes Feuies. raoi6 Paris. 

COMMUNAUTE JUIVE UBERALE - 
TOULOUSE. Join us in our new 
Synagogue far weeWyseivices and tor Ihe 
upcoming High Holidays. Contact 
Bnmanud Kfls at 05. 5336.30. 79 (630- 
8S30 pm) or kasdfacgJMoU Ir. 


ACROSS 
I Old Turkish 
aristocracy 

6 Gailey of 

“Miracle on 34th 
.Street’ 

10 “He" and “she" 
follower 

14 Hold off 

19 Wasn't upright 

20 Actress 
Anderson 

21 Crown 

22 Mideasi sGuir 

or 

23 Heckles, say 

25 Rare book 
dealer's abbr. 

26 1989 Tom Hanks 
film, with The’ 

27 UXS 

29 Examines 
closely 

30 Temper 

31 Afr nation 

32 Obeyed a flasher 

33 Timely girl's 
name 

34 Deplorable 

35 Bleat 

3fi in — fuoryer 
moved) 

37 Down 

3fl ^ToEvening,' 

eg- 

40 OX 

44 Early American 
orator Fisher 


71 Pro side 

72 One of 13 Popes 

73 French count, 
maybe 

74 Flurries 


10 Indy occurrence 

11 Soft drink name 

12 ‘Who's there?" 

reply 


45 Jerusalem 
artichoke, e.g. 

48 Tabloid, maybe 

49 Pays what's 
expected 

51 Western tnbe 

52 Problem fora 
dentist 

54 ’ Baby’ 

rl lair" song) 

56 They lack 
refinement 

58 Town 

59 Razor-billed bird 

80 Cutty 

61 SomctheBter 

64 Mil. drop site 

65 THQ00X 

68 Grp. that 

conducts many 
tests 

| 69 Runner's jersey 


75 Not solid 

76 Old-fashioned 
lady 

77 " -agnus Dei" 

(Christian 

phrase) 

78 Former 

81 Roll 

82 Inevitable 

83 Spell 

85 IX 

90 Copy 

91 Bluejacket 

92 Before long 

93 Player's grp. 

94 Barbecue sound 

97 Tangs 

99 Tie again 

102 Stable nibble 

103 Shooter 

104 Temple 
architectural 
features 

105 bXw 

109 Jousting 

110 Morales of "La 
BambiT 

111 Free of criticism 

112 King protectors 

113 Regnum 

114 Ring foe 

115 Noted Civil War 
biography 

US Pickup 

11? Spawning fish 

118 Ending with 
hoop 

1 18 Chicago's — - 
Expresswey 

DOWN 

1 Common 
defenses 

2 F.quus and others 

3 Covered, in a 
way 

4 Over 

5 Decoration fora 
newlywed’s car 

6 Threw toward 

7 Fibrous 

8 Inner beginner 

9 Dropping, in a 
manner of 
speaking 


13 Figure in a 
murder 
mystery 

14 Lightly touches 

15 Accouter 

16 10 X 


17 It's on its way 
out 

18 Slruggtes wnh. 
as a varmint 

24 Let go 

28 Kind of horn 

36 Afternoon fane 

38 Gray 

40 Onetime 
Chicago V.I.p. 

41 Early wheels 

42 Eastern verse 

43 Suffix wnh 
glass 

44 A celebrity may 
have one 

45 Big brass 

46 More romance 

47 ? X 

50 Breaks down, in 
away 

52 Kind of society 

53 "StarWan,’ 
name 

54 Showed 
wonderment 

55 Warner 

57 Win over 

SO F.ye-opening 
problem 

61 Word in a 
billet-doux 

62 Pion s place 

63 Saddled 

65 What's more 

66 Film director 
Sam 





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©JVeie York Tunea/Edsted by Will Shorts. 


Solution to Puzzle of Sept 20-21 


67 S.C. Johnson 
spray 

70 Joint deposit? 

73 Kind of ears 

75 Announcement 
makers, for • 
short 

76 Tony-winning 
producer 
Theodore 


79 Some TNT 
sports coverage 

80 Backside 

81 Certain 
illusmntorts 

82 Utensils 

83 Church events 

84 Shoe style ■ 

86 Major news 

media 


81 Dangerous peal 


94 Nacht" 
(German 
Christmas 

carol) 


87 Sicilian resort 

88 Object of a 
charity search 

89 M ore than 
“Gosh!' 1 


95 Fine liner fabric 

96 Nobel and 
others 

98 Summits 

100 Succeed 

101 Hoops 

106 Cafs.paw.e_g 

107 Rhine feeder 

108 Sped 


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33999 ° oannnrc nnnnnon 
33 p*aaannnianran nnnnnno 
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pNpnn nrenn ncinnci „ 

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INTERNATIONAL HERALU TRIBUNE, SATURDAY-SUNDAT, SEPTEMBER 27-28. 1997 


RAGE 5 


Again, Yeltsin Denies Russia Sent Iran Nuclear or Missile Technology 


By David Hoffman 

frjjAirtft.’un parr S rrvit r 

MOSCOW — President Boris Yeltsin denied 
Friday that Russia had supplied nuclear weapons 
or ballistic missile technology to Iran. He was 
responding to allegations from the United Suites 
and Israel that Russian expens and know-how are 
helputg Iran build weapons of mass destruction. 

Vice President A1 Gore said on a visit to Russia 
this past week that a U.S.-Russian inquiry had 
turned up ‘ ‘new information* * that Iran was mak- 
ing a vigorous effort to procure such technology. 
Mr. Gore refused to say what the new infor- 
mation was. 


We are being accused of Supplying Iran with 
nuclear or ballistic missile technologies.* ‘ Mr. 
Yeltsin said at a news conference with President 
Jacques Chirac of France after a Kremlin meeting 
Friday, rhere is nothing further from ihe iruih. 
I again and again categorically refute -.uch ru- 
mors. 

Russia has repeatedly denied that it has 
provided missile or nuclear weapons technology 
to Iran, but some experts say that stale controls 
have been lax on quasi-govemmcntal and privaic 
businesses, especially those connected wuh the 
aumg military-industrial complex of the former 
Soviet Union. 

A recent independent siudy showed how Iraq 


had been able to purchase missile guidance sys- 
tems from a Russian warehouse through a 
middleman. 

In a related nuclear development, the senior 
Russian Defense Ministry official responsible for 
the nuclear weapons stockpile b as commented on 
allegations by Alexander Lebed, a retired general 
and former secretary of the Russian security 
council, that some small nuclear charges the size 
of a suitcase might be missing. 

Mr. Lebed, who gave differing estimates of the 
number of bombs missing, made the suggestion 
Iasi summer io visiting U.S. congressmen and 
again in a recent television interview. 

In a press conference at the Defense Ministry 


on Thursday, Lieutenant General Igor Volynkin, 
chief of Ihe 1 2th main directorate, which handles 
nuclear weapons, denied that any were missing. 

* ‘Asia the loss of 100 munitions, this is 
something that is practically impossible.” he 
said. ■‘The system of accounting is so sophis- 
ticated that it makes it impossible to lose even a 
single munition.” 

General Volynkin denied that miniature nu- 
clear devices existed. 

‘‘Nuclear suitcases, and I say this with full 
responsibility, were never produced and are not 
produced,” he said. He added that “technically” 
it was possible to produce such a small weapon 
but that it “will have a lifespan of only several 


Netanyahu Defies Critics 
On Settlement Expansion 




after Mr. Netanyahu announced Wednes- 
JERUSALEM — Brushing off re- day that his government would build 300 
newed U.S. demands for a settlement additional homes in the West Bank sei- 
rreeze. Prime Minister Benjamin Net- dement ofEfrat and was building in other 
any ah u said Friday that he would con- settlements in the occupied territories, 
linue building in die Jewish enclaves in During Mrs. Albright's trip to ihe 
the West Bank and Gaza Strip to ac- Middle East, she had asked Mr. Net- 
commodate natural population growth, anyahu to refrain from unilateral actions. 

Mr. Netanyahu’s stance raised ten- such as settlement buildings, and de- 
sions with the United States at a time manded that the Palestinians crack down 
when Secretary of Slate Madeleine AJ- on Islamic militants responsible for a 
bright is trying to restart peace talks. series of suicide attacks in Israel. 

At a news conference in Jerusalem, The Palestinian leader, Yasser Arafat. 
Mr. Netanyahu also said that if the Pal- appeared to be trying to keep his side of 
estinian Authority had truly begun a the bargain. Over the past three days, he 
systematic crackdown on militants op- has rounded up dozens of suspected 
posed lo peace deals, it would bode well members of the militant group Hamas 
for negotiations between the two sides, and dosed 16 Hamas institutions, in- 
Mrs. Albright on Thursday renewed eluding a kindergarten and a TV station, 
her call for a freeze on Jewish settlement Mr. Arafat was spurred into action 
building, saying Mr. Netanyahu ’s latest when Israel delivered proof this week that 
plans were unhelpful in the search for a four of five suicide bombers involved in 






Sv “ ■ ’ 






•-w**.' _ „■ f w . 


< = , : * f I ^ 

: : f -■ f f ri f ■ > 


final peace agreement. Her call came 

ITALY: 

Double Earthquake 

Continued from Page 1 

when we felt a bang,” said Constantino 
Centroni, superintendent for cultural 
heritage for the Umbrian region. “I 
looked up and saw that the vault was 
falling on us. I had enough time to jump 
to the safety of the walls, and then 
everything was covered with dust and 
you couldn’t see. I could hear the cries of 
other people coming from the nave, ask- 
ing for help.” 

According to one Franciscan monk, 
interviewed on television, the two friars, 
one 25 years old and the other 48, had 
been near the main altar of the basilica 
when they tried to run for cover. 

“Every death is horrific,” he said. 


two recent attacks in Jerusalem were 
Hamas activists from (he West Bank who 
had escaped from a loosely guarded Pal- 
estinian jail last year. (AP, Reuters ) 

■. Israeli Troop Prepare for Worst 

Israeli troops trained in the West Bank 
this week for a possible full-scale war 
with the Palestinians, including the pros- 
pect of fighters from the Palestinian Lib- 
eration Organization storming Jewish 
settlements. Reuters reported, quoting 
an Israel Radio report 

4 The Israel Defense Forces do not 
elaborate on exercises and preparations 
fora time of emergency,” the anny said in 
response to the radio report 

In the West Bank town of Jenin this 
week, a senior Palestinian security of- 


-7.J\ 


Ri-i Su^cWThr A«waol Plr« 

Awaiting the monsoon, Papua New Guineans are restricted in their activity along the Fly River, which has been 
left at low levels by continuing drought The Australian Air Force has been dropping food and other supplies. 

SMOG: On Borneo, Officials Grow Angry at Lack of Assistance 


Continued from Page 1 than 15 times normal. Plantations, fac- 

tories and timber-based industries were 
state government. “But after weeks of allowed to resume work by the 
haze — and people will die — where are guidelines issued Friday, provided the 
the United Nations? Are they so scared pollution index stays below the 500- 
of Indonesia?’ ’ mark, a level considered hazardous. 

As if in answer lo those complaints, a Quarries and industries involving 
UN agency said Friday in Geneva that it earthworks were ordered to remain 
was sending an emergency evaluation shut. 

team to Indonesia as well as 150,000 In Kuching, one of the cities hardest 
face masks for children affected by the hit by the haze blowing across the bor- 
stnog. The World Health Organization, der. doctors reported that the rush to 


same hospital, said that missed the point 
“We are talking about subjecting the 
entire population "to a health risk.” he 
1. “Not 


months” and would have to be dismantled, mak- 
ing it too costly to build and maintain. 

He acknowledged that the Soviet Union and 
Russia possessed nuclear mines. These were 
somewhat larger than a suitcase and could be 
carried by a truck, he said. 

The existence of such weapons was disclosed 
by Mikhail Gorbachev in October. 1991. when he 
was Soviet president He pledged they would all 
be dismantled by 1 998. 

General Volynkin said that all nuclear mines, 
as well as nuclear artillery shells and tactical 
nuclear warheads, bad now been removed from 
Russian ground forces and were in the storage 
units of his department 

RUSSIA: 

B Religions Restricted 

Continued from Page 1 

handful of cults outside the religious 
mainstream. Vsevolod Chaplin, an of- 
ficial from the church’s foreign relations 
department argued that without the new 

law, c harlatans “investing in 10 cans of 
beer” to give to followers “can get 
millions from taxpayers' purses.” 

But the Orthodox church is also grap- 
pling with unaccustomed competition 
from revitalized mainstream organiza- 
|ggi dons. With long roots in Russia, Luther- 
jSSijB ans. Baptists and Roman Catholics are 
BPS making comebacks. Other churches, 
particularly Protestant groups, are also 1 
trying to make converts. Meanwhile, the 
rush to Orthodoxy evideni in the waning 
years of the Soviet Union has slowed. 
Liberal dissidents in the church con- 
* tended that by backing limits on other 
religions, the Orthodox hierarchy was 
attempting to make up for waning in- 
fluence. “Whatever problems we face, 
looking to restrict the freedom of others is 
not the right approach,” said Alexander 
Borisov, a parish priest in Moscow. 

The law divides religions into tra- 

ToaipRm ditional and nontraditional, and even de- 
; been nominations that fall into die traditional 
tplies. category face laborious registration pro- 
cedures. Denominations designated as 
groups must wait 15 years before being 
* able lo qualify for an upgraded status of 
“organization.” 

: point “Government and society are in no 
ng the way obliged to grant a group of believers 
c.” he a special status automatically,” Mr. 


everyone is a smoker, but Chaplin said in the Moscow Times 


everyone has to breathe air. And yoo 
don’t live in a pub for 24 hours a day.” 
Especially vulnerable, he said, were 
children and the elderly. 

“What we are seeing are just the acme 
effects,” Dr. Teo continued- “What we 


newspaper. As for foreign missionaries, 
they are permitted to establish “rep- 
resentatives” in Russia. But Mr. Chap- 
lin wrote, “they cannot engage in direct 
religious activities, just as the Moscow 
office of Daimler-Benz does not sell 


“and I am devastated by the loss of our protests erupted over Mr. Netanyahu’s 


people in that church, so we have to give 
thanks that more weren’t killed.” - 


The details of the damage were still and 15 Israelis, 
fragmentary, even by late Friday, as The Israeli army has in die j 
rescue workers took the rubble out of die finned that it has contingency p 
basilica to sort through outside. But ac- major confrontation, 
cording to witnesses and a film taken by “There can be no doubt the Israel 
local fire brigade, two sections of the Defense Forces are preparing for the 


ficial said: “Israeli forces have been smog. The World Health Organization, der. doctors reported that the rush to 
training with helicopters, tanks and in its first substantial comment on the emergency rooms had slowed. The 
troops near 21 settlements in the Jenin fires, called for the international com- stale’s medical board said that it had 
area following the deterioration in Is- munity to support Asian countries that treated about 1 ,400 patients for haze- 
raeli -Palestinian relations.” are seeking to put out the blazes. related ailments Thursday, down from 

Israeli and Palestinian forces engaged In Sarawak, the state of emergency nearly 3,000 Monday. . 
in gunfights a year ago when Palestinian was partly lifted Friday, keeping schools The figures represent only patients 

protests erupted over Mr. Netanyahu’s shut but allowing many businesses to treated at siate-run hospitals; no estimates 
decision to punch a hole in a tourist reopen. The economic burden of closing for private hospitals were available, 
tunnel near a Moslem shrine in Jeru- was taking too great a toll on workers. ' Medical experts in Sarawak are di- 
»alem. The clashes killed 61 Palestinians officials said. vided on the health effects from the haze, 

and 15 Israelis. “If workers do not earn enough to buy One doctor at the Normah Specialist 


don't know are die long-term effects of cars, but carries out research and rep- 
breathing in smoke for two months, four res enta live functions.” 


area following the deterioration in Is- 
raeli -Palestinian relations.” 

Israeli and Palestinian forces engaged 
in gunfights a year ago when Palestinian 


munity to support Asian countries that 
are seeking to put out the blazes. 

In Sarawak, the state of emergency 
was partly lifted Friday, keeping schools 
shut but allowing many businesses to 


months or more.” 

He said that physical exertion would 


Foreign missionaries say that they 
have felt cold bureaucratic winds. “We 


greatly aggravate the effects of the haze, have already seen some indications that 


increasing by as much as five times the 
amount of air a person inhales. 


the bureaucracy was treating this law as 
fact before it was passed and signed,” 


two brothers. However, there were 20 decision to punch a hole in a tourist reopen. The economic burden of closing 


James Wan, public relations manager said George Law, an official of an ev an- 
al the Rihga Royal Hotel in Miri, a city gelical grouping called the Interdenom- 

O !.». I l n • 7__^= 1 


tunnel near a Moslem shrine in Jeru- 
salem. The clashes killed 61 Palestinians 


was taking too great a toll on workers, 
officials said. 

“If workers do not earn enough to buy 
food, what's the point of running away 
from the haze?” asked Mr. Hamid, the 
Sarawak undersecretary. 

Although the air pollution index was 
still four times normal levels, that was a 


near Sarawak's border with Brunei, 
earlier this week described breathing the 
haze like this: “It’s like being in die 
highlands during the dry season when 


Medical Center in Kuching said, “It’s a there's a lot of mist in the morning. The 


paradox that some people go around with 
a mask and then take a break to smoke a 
cigarette." He added that living in the 
haze was akin to being in a smoky bar. 


difference is that the haze never goes 
away. 

“With mist, it’s very refreshing if you 
breathe in. But with the haze, it's heavy 


manorial Russian Ministries. 

■ He said that Protestant groups had 
been blocked from renting space for wor- 
ship near Moscow. “They were told they 
simply weren't wanted,*’ Mr. Law said. 

He contended that the bill was aimed 
at restricting worship by Russians in 
non-Orthodox churches, not at foreign 
missionaries. “It will strengthen the po- 


ceiling collapsed — one over the bay of worst.” Israel Radio s military cone- dramatic improvement from earlier in But Gabriel Teo, a doctor who deals when you inhale. You feel your eyes sition of those who want to impose a 

tlvA Kociliro nAOVttCf tA fR*» AnfranAA I Hat SpOfldCDt Sflid. * fho TUOaIt nrhAft IaUaIc urArw mAfA notianfc tirifh racnmtMnr nmVilam^ nr motArinn A«^#4 UAH mm»I1 rmAbm ** La n .:j 


the basilica nearest to the entrance that 
was decorated with portraits of Doctors 
of the Latin Church, attributed to die 
13th-century master Cimabue. The 
second was over the altar and was dec- 
orated with frescoes of the four evan- 
gelists, also by Cimabue. 

“There’s your Cimabue,” said Mr. 
Centroni, speaking to a television crew, 
holding up a piece of crumbled fresco. 

The walls of the nave, decorated with 
a famous cycle of 28 frescoes long at- 
tributed to Giotto, the revolutionary 
I talian painter who served as an example 
for the later masters of the Italian 
Renaissance, were apparently not dam- 
aged, according to Mr. Centroni. 

Some art scholars dispute the attri- 
bution of tbe frescoes, which depict the 
life of the medieval saint beloved for his 
selfless generosity and gentle manner, 
noting that they pre-date Giotto, who 
bad been a student of Cimabue. 

The lower church, with its many 
chapels equally rich in artistic treasures, 
was reportedly untouched by the quake. 
But other churches and monuments in 
tbe region were damaged, including the 
church of Santa Chiara and the cathedral 
of San Rufino. the apostolic and papal 
palaces in Assist 


the week, when haze levels were more patients with respiratory problems at the watering. And you can smell smoke.” religious monopoly,” he said. 


> LUC 

to- IRS: Agency Apologizes for Past Abuses 


LONDON: Stocks Soar on EMU Hints 


Continued from Page 1 

when it comes at the end of the stress and 
obvious frustration these men and wom- 
en have experienced. Nevertheless, I do 
apologize to each of them. They de- 
served far better treatment from the IRS 
than they received.” 

He then spelled out actions he was 
taking to address the panel’s findings: 

The agency’s 33 district offices will no 
longer be ranked on the basis of the 
amount of tax collected; penalties will no 


“It’s just a numbers game now,” the 
witness said. “It really doesn’t matter 
how yon close a case.* 

On Wednesday, the panel heard from 
four taxpayers, including Tom Savage, a 
contractor in Lewes, Delaware, who said 
he had paid the agency$50.000 be did not 
owe just to get IRS agents off his back. 

Mr. Savage said fighting tbe IRS had 
cost him $51,000 in legal fees and 


the panel’s findings: cost him $51,000 in le 
3 district offices will no $600,000 in lost business. 


Father Lawrence BaUweg of New 
York testified that the IRS had chal- 


lenger be counted as tax collections, to lenged his signature on a tax document 


remove any incentive to inflate collection 
totals via penalty charges; each district 
office will conduct monthly meetings at 
which taxpayers can vrat ihe ir complaints 
against officers, and all top IRS officials 
will be summoned to Washington in die 
□ext 45 days to review the committee’s 
findings and answer taxpayer complaints 
thaz were raised at the hearing. 

Tbepanel’s chairman. Senator William 
Roth, Republican of Delaware, said his 


relating to the trust of his deceased moth- 
er, which was established to distribute 
funds to charity. 

The IRS insisted for months that the 
82-year-old priest owed more than 
$18,000 in taxes and penalties. Only 
after CNN publicized his case, he said, 
did he receive an IRS release. 



Continued from Page 1 

On that day, known as Black Wednes- 
‘day, the pound was driven ont of 
Europe's exchange-rate mechanism. The 
resulting devaluation was a national hu- 
miliation that turned the previous Con- 
servative government hostile toward a 


government bond surged, driving the 
yield down to 6.40 percent from 6.59 
percent on Thursday. The yield has 
fallen nearly a half-percentage point in 
the past 10 days. 

British bonds now yield roughly one 
percentage point more than comparable 
German bonds. That differential has nar- 


single currency. But it also was the be- rowed by more than a half-percentage 
ginning of a vibrant economic recovery point in the past month. 


that made Britain the envy of Europe. 

Whether Mr. BJair can reconcile 
strong growth with European monetary 


Belief in the success of monetary un- 
ion has gained momentum in recent 
weeks, helped by a European Union 


cooperation is now die biggest question decision earlier this month to accelerate 


facing the government 


tbe fixing of exchange rates within the 


The pound fell to 2.8337 Deutsche euro zone next year, and an economic 
marks in London on Friday, down from recovery that is aiding Continental gov- 
2.875 1 the day before. It has fallen nearly e rumen ts in their quest to meet the low- 


Cay Cvacnn/Reuttn 


Mr. Dolan, the IRS's acting com- 
missioner, during Senate hearings. 


8 percent against the mark in the past two 
months. The pound also slid to $1.6058 
from $1.6264. 

The price of the benchmark 10-year 


In nearby Foligno, tbe bell tower intent in calling tbe bearings had not been 
above the cathedral crumpled, as did the to bash tbe IRS but to expose die inner 


GERMANY: Kohl Is Left Exposed as Rivals Bury His TaxPlan 


one at Nocera Umbra, and structural 
damage was reported at other churches 


workings of one of the government’s 
most secretive bureaucracies. He denied 


Continued from Page 1 to bankroll the reconstruction of East counting him out This time, as he seeks 

Germany, will rip a 7.5 billion Deutsche a fifth term, Mr. Kohl 's center-right co- 
ils rejection as a cudgel to beat the Social mark bole in next year’s budget, a short- alition trails the likely leftist opposition 
Democrats, painting them as enemies of fall that remains unfinanced without the coalition by about 8 points, 
economic modernization. broader tax package. Tbe economic recovery that accom- 

For his political survival, the tax set- East German leaders in Mr. Kohl's panies the campaign will most likely not 
back is far more than a blemish on Mr. party have vowed to resist vehemently benefit the incumbent, commentators 
Kohl's 15-year stewardship of Europe’s any attempt to cut subsidies to (heir said. Unemployment continues to rise, 
biggest economy. The chancellor, who regions. Tbe East has seen its subsidy- nor fall, with the upswing, depriving Mr. 
has barely managed to heal splits in his fueled growth slow to a crawl this year. Kohl of any feel-good benefits, 
three- party coalition, now faces the Such resistance could force Mr. In the wake of the tax breakdown, 
prospect of a new round of infighting as Kohl’s finance minister. Theo Waigel, Germany will continue to lose jobs, pre- 
a result of the breakdown. to seek politically unpopular cuts in otib- dieted Martin Kohlhaussen. chairman of 


counting him out This time, as he seeks 


in the region, including the cathedral at that the hearings had been intended to 
Fabriano. The sculpted facade of the advance any partisan anti-tax agenda, 
great cathedral at Orvieto was also Other lawmakers, however, have used 

P:. _ . . ^.MlAftAnr to oo 1 1 for a 


slightly damaged. 

The second earthquake — reported by 
one seismic expert to have been two 
separate shocks in rapid succession — 
was felt as far as away as Rome to the 
south, and Venice to the north. An iron 
lamp in the Italian Senate crashed to the 


the bearings' revelations to call for a 
sweeping overhaul of the agency and the 
tax code. 

Thursday’s disguised witnesses, 
known only by numbers, insisted op 
anonymity to avoid retaliation from their 
superiors, they said. 

Witness No. 4 said senior IRS man- 


ground during the tremor, which could WittK*s No 4 said senior iKi , man- 
be felt throughout-tbe capital city. ageis judged the pofonnance of their 

Italy’s ccmural heritage, one of the subordinate on the basis of tax col- 


economic modernization. 

For his political survival, the tax set- 
back is far more than a blemish on Mr. 
Kohl's 15-year stewardship of Europe’s 
biggest economy. The chancellor, who 
has barely managed to heal splits in his 
three-party coalition, now faces the 
prospect of a new round of infighting as 
a result of the breakdown. 


coalition by about 8 points. the markets. 

Tbe economic recovery that accom- Influential figures inside Britain's La- 
panies the campaign will most likely not bour government, led by the chancellor 
benefit the incumbent, commentators of the Exchequer, Gordon Brown, are 


deficit requirements for entry. 

The Spanish government „ 
strengthened its credentials on Friday by - 
missing a tight budget for 1998, while 7 
Prime Minister Romano Prodi sought to - 
win backing for welfare cuts that would 
qualify Italy for entry. 

Support in Germany continues to be - 
tbe big question mark, but news Friday 1 
that talks on tax reform had broken - 
down, another potential political blow to ' 
Chancellor Helmut Kohl, failed to move ' 
the markets. 

Influential figures inside Britain's La- ' 
bour government, led by the chancellor 


said. Unemployment continues to rise, 
nor fall, with the upswing, depriving Mr. 
Kohl of any feel-good benefits. 

In the wake of die tax breakdown, 
Germany will continue to lose jobs, pre- 


believed to be eager to signal Britain’s 
intention to join in order to maximize the 
country’s bargaining power in the first 
half of next year, when Ell leaders under 
Mr. Blair’s chairmanship will decide 


The Free Democrats. Mr. Kohl’s pro- er subsidies and spending, measures that 


dieted Martin Kohlhaussen. chairman of which countries will launch the euro. 


Italy’s cultural heritage, one of me 
most remarkable in the world, spanning 
thousands, of years, has suffered catas- 


lections and property seizures. Such rat- 
ings are prohibited by law and IRS 


business junior coalition partners, uncom- 
promisingly insist on a 2 percentage point 
cut in Germany’s hated 7 5 percent “soli- 
darity” income tax effective on Jan. 1 . 

A cut in that tax, which was imposed 


are conspicuously unwelcome during an 
election year. 

In his record tenure as chancellor. Mr. 
Kohl has shown a knack for bouncing 
back just when his opponents start 


Commerzbank and head of the German 
banking association. And earlier this 


Mr. Brown called for a public debate on 
monetary union at an inaugural meeting 
with British business and financial lead- 


mcludfog policy, but several ageiicy officials said darity” income tax effective on Jan. 1 Kohl has shown a knack for bourn 
the rules were frequently violated. A cut in that tax, which was impose d back jus, tvto hts opponents 

century opera house in Venice and the — — 

Turin, and die collapse of a baroque CRASH: Airbus Goes Down in Indonesia's Worst Plane Disaster 

cathedral in Noto. Sicily. m.m.% 

Federico Zeri, one of Italy’s most _ . - Paee i If the crash did result from the smoke A milky gloom is settling over » 

noted art historians, said rndav that me LOflonueo irui»» & from the wildfires, if adds urgency to an cities in neoinn. and neoole are ( 


week, the German Federation of Labor with British business and financial lead- 
released a study that showed unemploy- ers two weeks ago. 


mem next year would outstrip the gov- 
ernment’s forecasts. 


noted an historians, said Friday that the 
damage to the Sl Francis basilica was at 
least in part a result of faulty restoration 
techniques used in the 1950s, when re- 
inforced concrete was used to replace 
wooden beams. 

“Follies, were commuted,” he said, 
noting that the concrete robbed the struc- 
ture of the flexibility that had allowed it 
to survive earlier earthquakes. Mr. Zen, 


who went to the crash site as say mg that 
the plane had broken in two when it 
smashed into the ravine. 


A milky gloom is settling over some 
cities in the region, and people are cov- 


unfolding disaster in which a blanket of ering their faces with surgical masks and 
haze is continuing to spread through towels when they venture out. 


Southeast Asia. 


* ‘What we are witnessing is ikm just an 


and urged rescue workers to treat the the Iem 
nibble inside the basilica with care. oxygen I 


T* The location is very difficult,” he ■ The pungent haze is spreaomg north- environmental oisaaer oiu a 
■ n]ane was totally destroyed ward from Indonesia through Singapore, health problem being imposed on nul- 

^ 'Th i woDi^es* Therewere Malaysia, Brunei, the Philippines and lions,” said Claude Mamnthedir«:tor- 
andburnedoul .n two pieces, merewere mingling wjIh of general of the World Wide Fund for 

n0 A^!imIexDeris while noting thatthe cities, daricemng beach resorts, hamper- Nature, in a statement released in 
Aviation «tpe , S n ing agriculture and sending tens of thou- Geneva, 

cause of J he c ™ h h p erndd saSds of people to hospitals with res- The smoke is coming from Fires 

- x , piratoryaSs. . , mostly on the elands of Sumatra and 

said the (fimabue frescoes on the vaults cause d |f fieulti« eithe; Dy ^ Airports are closing, shipping lanes Borneo. 

above thealtar were “very important” jbihty or by causing grDtoe - | ^ being disrupted and fish.ng boats are Many ofthem havet^mdeUberately 

— J • tU * the temperature OI tne au * _ _ to stay ashore. set by plantation owners to clear land. 



erature oi me 
ow to the engines. 


being forced to stay ashore. 


Most analysts say Mr. Blair will avoid 
tying himself down, perhaps signaling a 
desire to join monetary union when Bri- 
tain’s economy is more in sync with the 
Continent’s. Growth here is running at a 
rate of more than 3 percent, and short- 
term rates are likely to rise, if anything, 
from the current 7 percent level. An early 
move to join with the Continent, where 
recovery is more fragile and rates are 
four points lower, would risk fanning 
Britisn inflation. 

“The main stumbling block is the 
economic cycle,” said Gavyn Davies, 
chief economist at Goldman Sachs In- 
ternational. 

Many Britons also equate a single cur- 
rency with a huge surrender of national 
economic sovereignty. And analysis say 
last week’s close vote in favor of Welsh 
devolution raise doubts that Mr, Blair 
would win the- referendum he has prom- 
ised before joining monetary union. 


i 




I 


PAGE 6 


SATUKDAY-SUNDAY, SEPTEMBER 27-28, 199 

editorials/opinion 



Heralb 


INTERNATIONAL 



tribune. 


PUBLISHED WITH THE NEW YORK TIMES AND THE HASHWCTON FOST 


Taxman in the Spotlight 


Inue taxpayers and disgruntled cur- die agency someone whose expertise is 

rent and former agents of the Internal running large organizations- not in- 

n ...... U« .i ■■ i fctnO 


Revenue Service provided horrifying 
testimony in the U.S. i 


Senate this week 

depicting a callous, incompetent and 
abusive agency. A woman testified to a 
17-year battle with the IRS during 
which the agency mistook her husband 
for another taxpayer. A Delaware man 
testified that he had paid the IRS 
$50,000 that he did not owe, out of fear 
of financial ruin if he fought its false 
accusations. Other taxpayers told of 
IRS agents who wrongly seized bank 
accounts, fabricated evidence, ignored 
exonerating evidence and refused to 
acknowledge payments. 

Cnrrenr and former agents, some 
hidden behind screens, said the agency 
hounded low-income families and oth- 
ers it knew it could browbeat. The 
agents said IRS managers set revenue 
targets that compelled agents to go 
after innocent taxpayers even though 
the ageocy is prohibited by law from 
setting financial quotas. Agents who 
protested were punished. 

Other testimony pointed to the 
agency's well-known technological 
incompetence, best demonstrated by 
expenditures of billions of dollars on 
computer systems that do not work as 
promised. The abuses cry out for a 
remedy. But for many in Congress the 
anecdotes reflect a hostile, corrupt 
agency that cannot correct itself. 

The agency responded to the testi- 
mony by apologizing for its mistakes, 
as it should have, and promising a 
sweeping review. However, the Clin- 
ton administration insists that some 
mistakes are the unavoidable con- 
sequence of processing more than 200 
million tax forms a year. Besides, it 
points out. Treasury Secretary Robert 


the tax code. 

they have adopted or em- 
braced nearly every important recom- 
mendation made after a study by a com- 
mission beaded by Senator Robert 
Kerrey and Representative Rob Port- 
man. The commission found generally 
competent employees at the IRS who 
were caught in a mismanaged agency 
that needlessly angered taxpayers. 

The only Kerrey-Portman recom- 
mendation the administration rejected 
was a misguided idea to put the IRS 
under the administrative thumb of a 
part-time board controlled by private 
citizens. Such private oversight is a bad 
idea. It would separate the Treasury 
officials who control the formation of 
tax policy from the IRS officials who 
institute it, opening the way for 
policies that fail to take full account of 
the difficulties of implement rion. 

The bigger problem with private 
oversight, however, is that it creates 
unacceptable conflicts of interest. Few 
citizens would want corporate CEOs, 


for example, to help decide how much 
ana " ‘ Tr '*' J * 


time and effort the IRS devotes to 
auditing corporate tax submissions. 

These hearings may herald a cam- 
paign by the Republicans to ignhe a tax- 
cutting frenzy by bashing the easy-to- 
hate tax collector. The IRS. unfortu- 
nately. has only fueled this animus. Mr. 
Rubin must move to better train and 
equip agents, rewarding courtesy and 
punishing rudeness and incompetence. 

But there are limits to how lovable 
Mr. Rubin can make the agency'. Nearly 
20 percent of American taxpayers do not 
voluntarily submit what they owe to the 
IRS without prodding. That creates un- 
avoidable conflict Moreover, the tax 


Rubin and his deputy, Lawrence Sum- 
idv ‘ 


mers, have already begun trying to turn 
the agency around. Mr. Rubin and Mr. 
Summers hired an information-pro- 
cessing expen who quickly junked 
much of the agency’s misguided com- 
puter plan. They nominated as head of 


code is impossibly complex for many 
families whose income does not come 


entirely from wages. That breeds errors 
and distrust on both sides of the col- 
lection process. For solutions. Congress 
need look only at itself. 

— THE NEW YORK TIMES 


Religion in Russia 


A bill approved by the Russian Par- 
liament to restrict the activities of some 
minority religions has sparked criticism 
from the United States and threats to cut 
off U.S. aid. The criticism is well-foun- 
ded; the threats are not. 

The bill would give more rights to 
“traditional" Russian religions — 
defined as Russian Orthodoxy, Judaism, 
Islam. Buddhism and other Christian 
denominations — than to other faiths. 
Sects and groups that were not present in 
Russia 15 years ago would be restricted 
in their ability to proselytize, publish 
and congregate. These restrictions could 
affect Mormons and Jehovah's Wit- 
nesses, analysts said; some readings of 
the bill suggest that new congregations 
of religions that were present then might 
also be affected. 

The legislation stems partly from Rus- 
sia's desire io control dangerous culls, 
such as Aum Shinrikyo, which estab- 
lished a presence in Russia before its 
■ members staged their 1995 gas attack on 
a Tokyo subway. But the Orthodox 
Church, fearing competition from foreign 
missionaries, also has embraced and pro- 
moted he bill. 

The measure has struck a nationalist 
chord inside Russia, and Western op- 


position has only heightened nation- 
alist support of it. The Russian Fed- 
eration Council approved the bill 137 
to zero on Wednesday. On Friday, 
President Boris Yeltsin signed it 
Its passage is pan of a wider, con- 
tinuing debate inside Russia about civil 
liberties and the nature of the state now 
being shaped. Russia has adopted a 
constitution that guarantees all basic 
freedoms — including freedom of re- 
ligion — and Russians are freer now 
than ever before in their history. Yet 


certain practices of repression and con- 
still flourish, sometimes in clear 


trol stil 

violation of the constitution: the per- 
sistence of residency permits, for ex- 
ample, or police harassment of dark- 
skinned residents of Moscow, 

With President Yeltsin's signature 
now on the bill, Russia takes another 
step back in this debate: outsiders are 
right to criticize. But there still will be 
far more religious freedom in Russia 
than in, say. Saudi Arabia or China. 
The law was adopted democratically 
by an elected parliament For the U.S. 
Congress to cut off aid, even while the 
debate in Russia remains unresolved, 
would be shonsighred. 

— THE WASHINGTON POST. 


Aid and Human Rights 


American foreign policy has long 
been stained by the use of Washing- 
ton's military aid abroad against in- 
nocent civilians. American weapons 
have supplied death squads. Aid de- 
signed to fight drugs has instead often 
gone to fight guerrillas whose activ- 
ities concern foreign militaries more. 
Human rights groups even charge that 
American- suppled helicopters have 
been used to strafe villages. 

Now the U.S. Congress could help 
eliminate these blots through an 
amendment to this year's foreign aid 
bill. The legislation, offered by Senator 
Patrick Leahy of Vermont, would 
block American assistance from going 
to any unit of a foreign security force 
where there is credible evidence that 
the unit has committed gross violations 
of human rights. An exception can be 
made if the government is bringing 
those responsible to justice. 

A similar amendment was blocked 
earlier this year, mainly by Represen- 
tative Benjamin Gilman, chairman of 
the House International Relations Com- 


mittee. The continued opposition of Mr. 
Gilman, who has supported human 
rights in other contexts, is puzzling, as 
the amendment would not cut off aid to 
any police or military branch willin g 
assure that it mil be used properly. 

Such guarantees are not easy to 
monitor. In Colombia, which boasts 
the most brutal military in the hemi- 
sphere, U.S. Embassy officials have 
said they cannot always tell where all 
their military aid goes. Embassy of- 
ficials need to be dogged in their pur- 
suit of information on the recipients’ 
human rights records. They should not 
accept the assurances of their client 
militaries, but work with respected 
groups that track h uman rights. 

The amendment would be worth 
passing if it did nothing more than 
encourage the establishment of a track- 
ing system. But il could also put pres- 
sure on foreign soldiers to respect hu- 
man rights and could help crack the 
wall of impunity that shields abusive 
officers in many countries. 

— THE NEW YORK TIMES. 


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Q/9V7. /mnntawmd Herald Tribune. All rights reserved. ISSN 0294-8052. ~ ' 




Bosnia: Work Out a Partition , Then Stand Aside 


N EW YORK — The United States 
has no exit strategy from Bosnia 
— a failure almost as shocking as its 
entrance strategy. By sending its troops 
into Bosnia, America accepted and be- 
came the only prop of a West European 
policy that Ig ni ted the Bosnian war and 
helped keep it going for six years. 

Now the Clinton administration 
sends out unapologetic signals that for 
the thir d time it will break its promises 
of a deadline for removing U.S. troops. 
It talks in jargon of keeping troops in 
Bosnia indefinitely. Perhaps this will at 
last move the public and Congress to 
revulsion and revolt. 

The time has come, shamefully 
overdue, when Americans must look 
straight at the mess we entered, realize 
that Western policy has failed and that 
in mercy to Bosnians and responsibility 
to our troops, we most seize the work- 
able solution that stares at us. 

But no dear planning or thinking can 
take place until Americans are willing 
to understand how the tragedy came 


By A -M. Rosenthal 



about What happened six years ago 
has been Bosnia’s disaster ever since. 


In 1991 the West, prodded by Gct- 


many, pushed to mm Bosnia, part of the 
disintegrating Yugoslavia, into a single 
independent 
been. But the 
nian Croats had no intention of trusting 
their future to each other or to the third 
group in Bosnia, the Bosnian Muslims. 

Western arrogance and insensitivity 
about Bosnian reality resulted in a war 
among the three groups. Western 
Europe refused to end the slaughter and 
atrocities by sending enough troops 
and weapons to do the job until the 
United States committed itself milit- 
arily. Americans will ponder wha: that 
means about expanded U.S. commit- 
mens if NATO is enlarged. 

The Bosnia solution is as obvious 
now as in 1991: partition. But the West, 
including the United States, decided 
that was a shocking idea, to be pre- 
vented by force. The same attitude 
would mean that the West should use 
its troops to unite Greek and Turkish 
Cypriots, unite Ireland, create one 
Korea and block a Palestinian stare. 


By the time Bill Clinton ^^nrT^pra^B^^couId.' 

European pressure and broke ^jP*®*?* SJiftSi in |99Iwithoui carnage is 
jsenotcosendAmencansinKJwmtet™ nonexistenL Instead of facing reality at 
Sos^SosnjanSristadsii^dde- campaigns to k«P 

feaL They were trounced j. Boaia indefinitely. 


combined US - bombing of **- of "emmig and 

nian Serbs, brought* cease-fire —not a j^accusmg Munich, and 

peace bra ai least an end to the taDh^. r STtearn off the football fidd 

meeting summoned by Washington, harass Bosnians killed or mas- 

Croats got whaithfiywmted:a Bosmn war (Sneed not have bear 

Croatia, 25 percent of the land. It was everything, 

supposed to be part of a federation wrfo it is ~ I0 ’ agrett ro indefinifc- 

the Muslims. A bad joke; Croatia w- ForCon^ to agr« ^ ^ ^ 

tnailv absorbed Bosnian Croatia and . The .—-edy. Coo- 

drove out Muslims and Serbs. SSsvhould demand that tie time left 

The Bosnian Serbs got not only 49 S*®®® ^xoires next 

pomaofrfB land boia&an republic until to simply pSa ? 

within Bosnia- The Muslims wound up June s k° .^ r m50 p S fj U t io - 
Wid, 25 percent, Sarajevo as the capitS longer comnrnmMf “ 
of a nanfunctxoning unified stare and work out partition 
promises of heavy U-S. military aid. 



7 3 


As three nations 
separated by international borders, 
So~Bosnia got the worst fpostible Bosnians can dtengjt *%£&***. 


ft 


deal: three entities, boteadi crippled by ** west’s in- 

*= aggies breagra on bv-^ficn™ ^“ve^eftrf^rU^ ^ 


of unity, refugees who could not return 
to villages where ttey are considered 


The New York Tunes 


f , / i i 


\ 


In the American Heartland, Reaching Out to a Moving World 


N ORMAN, Oklahoma 
David Boren yielded the 
power and perks he amassed in 
the Seoate to become president 
of the academically quiescent 
University of Oklahoma three 
years ago. The Beltway Bunch 
scratched their heads in disbelief 
or wonderment at this descent 
from Parnassus to Fodunk. 

The 12 previous OU pres- 
idents labored to build a uni- 
versity that their football teams 
could be proud of, or spent their 
time fighting the state legisla- 
ture over such progressive is- 
sues as dancing and playing 
cards on campus. Political 
Washington assumed that Mr. 
Boren had in his early 50s bur- 
ied in tbe sands of Norman the 
presidential or cabinet ambi- 
tions that once seemed to dance 
in this Democrat's quick mind. 

That is less clear here on the 
ground at this school of 20,000 
newly energized souls. Mr. 
Boren's experience in turning 
the university into a center of 
international' outreach shows 
that there is life after Wash- 
ington. It also testifies to the 


By Jim Hoagland 


growing disconnect between 
American politics and the U.S. 
role in the world today. 

That disconnect surfaces most 
visibly in the penchant in Con- 
gress to impose American law, 
family values and religious faith, 
as denned by Congress, as the 
international norm. Increasingly, 
Congress uses a legislative blun- 
derbuss where a foreign policy 
scalpel is needed. The blunder- 
buss gets immediate attention 
and campaign contributions. 

Bat equally serious is tbe dis- 
connect between many politi- 
cians in Washington ana their 
constituents, particularly foe 
younger ones who will soon take 
over foe nation’s businesses, 
academic institutions and pol- 
itics. The constituents seem con- 
nected to a changing world in 
ways that rarely get reflected in 
Washington's daily battles for 
influence, prestige and money. 

Attending a conference on 
U.S. foreign policy and the 21 sr 
century organized’ here try Mr. 
Boren’ I found mvself more in- 


trigued by the questions that stu- 
dents, parents and faculty asked 
rhan foe answers given by Wash- 


: conference reflected Mr. 
Boren's tenure as chairman of 
foe Senate Select Cozmzuneeon 
Intelligence. One speaker was 
George Tenet, a former com- 
mittee staffer pushed to prom- 
inence by Mr. Boren and now 
director of the Central Intelli- 
gence Agency. Three former di- 
rectors, Richard Helms, Willi- 
am Webster and R. James 
Woolsey, also appeared on a 
panel They received a few 
questions on covert action 
abroad and other spook sub- 
jects. Bnt foe most engaged 
question came from a student 
wanting to know about privacy 
protection for American cit- 
izens from CLA. and FBI snoop- 
ing in the electronic eta. 

When Henry Kissinger spoke 
at dinner, stedems insisted be 
square his cotmbrsneni u> 
China's government with 
America's ethical standards and 


historic commitment to indi- 
vidual rights. A parent si t t in g 
beside me bad another concern: 
How could American tobacco 
companies be allowed to expat 
commercial death and disease 
to developing nations? What 
would Congress do about it? 

On another panel I men- 
tioned the low rate of e-mail 
usage in France as an indicator 
of a widening technological gap 
across the Atlantic. This topic, 
not weighty views on NATO 
expansion or European mone- 
tary onion, triggered follow-up 
questions from stndects. 

Being here has enabled Mr. 
Boren to be in touch more di- 
rectly with the new currents of 
globalization as they brash foe 
heartland. Nearly 2,000 stu- 
dents from 104 other countries 
study at foe Norman campus. 


Mr. Boren points out they are 
: 500.00C 


among foe 500.000 foreign stu- 
dents who annually bring S7 
billion into the U.S. economy. 

That street is not really two- 
way, this former Rhodes schol- 
ar frets. Of 80,000 American 
students abroad, only 5,000 go 


to countries other than EnglasuL 
France or Germany. That is one 
reason Mr. Boren has focused 
much of his fund-raising aad 
proselytizing on programs that 
encourage students to travel and 
study in China and the Pacific, 
or learn here about that region 
and the rest of foe world. . 

I wondered before I came 
whether Mr. Boren, a governor 
before spending 15 years in foe 
Senate, could hold legislative 
support for his ambitious for- 
eign-c entered programs in a 
state frequently stereotyped as 
insular and rural. My conver- 
sations Here Jed me to conclude 
that his clout is still strong 
enough to do that 

More surprising was my 
sense that he is pishing oh an 
open door. People here under- 
stand that tbe earth is moving 
beneath their feet as global tech- 
nology. trade and communica- 
tions reshape their lives^ 

Lei’s think of it as Berea's 
Law: By leaving Washington, 
leaders can catch tip wfth their 
followers. 

The Washingum Post 




.2 

=3 


These Reformers Would Enlarge a Speech-Rationing Machine 


-L 


W ASHINGTON — Almost 
nothing that preoccupies 
Washington is as important as 
Washington thinks almost all its 
preoccupations are. But soon 
Congress will consider some 
version of tbe McCain-Fein- 
gold campaign-financing bilL 
which raises ‘‘regime-lever’ 
questions. It would continue the 
change for the worse of Amer- 
ican governance. And Wash- 
ington's political class hopes 
the bill's real importance will 
be underestimated. 

With a moralism dispropor- 
tionate to the merits of their 
cause, members of that class — 
including the exhorting, collab- 
orative media — are mounting 
an unprecedentedly sweeping 
attack on freedom of expres- 
sion, Nothing in American his- 


By George F. Will 


tory — not foe left's recent cam- 
pus “speech codes.” not the 
right's depredations during 
1950s McCarthvism or the 


Today's campaign 
reformers leant a 
steadily thickening 
clot of laics . 


1920s “red scare," not the Ali- 
en and Sedition Acts of foe 
1790s — matches the menace to 
the First Amendment posed by 
campaign “reforms” advan- 
cing under the protective col- 
oration of political hygiene. 

Such earlier fevers were 


evanescent, leaving no institu- 
tional embodiments when par- 
ticular passions abated. And 
they targeted speech of partic- 
ular political content. What 
today's campaign reformers de- 
sire is a steadily thickening clot 
of laws and an enforcing bu- 
reaucracy ;o control both the 
quantity and foe comem of all 
discourse pertinent to politics. 

By the logic of foeir aims, 
reformers cannot stop short of 
that. This is so. regardless of foe 
supposed modesty of foe mea- 
sure that Congress will debate 
next month. 

Reformers first empowered 
government to regulate “hard” 
money: that given to particular 
candidates. But there re mains 


Beware the Corporate Behemoths 


N EW YORK— The recent 
consolidation of firms on 
Wall Street accelerated on 
Wednesday when foe Trav- 
elers Group announced its in- 
tention to pay $9 billion for 
Salomon Brothers. Now foe 
deal will be scrutinized from 
every angle: How will share- 
holders fare? How powerful 
will the new firm be? Who 
will be laid off? But one ques- 
tion should not be forgotten: 
Are these financial megamer- 
gers in the public interest? 

Jt is no mystery why these 
behemoths are evolv ing For 
the first tune in half a century, 

derc g u ^oa is permitting 
honks to operate nationally and 
banking and securities under- 
writing to be done under one 
roof. On top of this, a more 
open and competitive world 
market requires firms with 
deep pockets and global reach. 
Mergers also save money be- 
cause bade office operations 
and investments in new tech- 
nologycan be consolidated. 

But the rapid evolution of 
the financial system into a 
handful of conglomerates 
raises serious concerns. A few 
big banking supermarkets will 
simultaneously manage (Mir 
savings, underwrite and dis- 
tribute stock offerings, engi- 
neer and bankroll mergers and 
corporate restructurings, invest 
their own capital in big firms 
aad in startups, and engage in 
speculative trading in risky op- 
tions and futures contracts. 

The sheer size of these 
firms will lead to ever more 
impersonal service, particu- 
larly for foe average American 
with a checking account. Be- 


By -Jeffrey E. Garten 


eral Reserve, foe Comptroller 
of foe Currency, foe Federal 


cause their internal corporate 
cultures will be so hand to 
shape and manage, there will 
also be more opportunity for 
unsavory ethical practices — 
a recurrent problem in the fi- 
nancial industty anyway. 

But foe most worrisome 
problem is that these new Go- 
liaths will touch every Amer- 
ican citizen and corporation, 
and will be so intertwined 
with major financial firms 
around the world that they will 
never be allowed to fail. 
Knowing that they cannot go 
belly-up, these firms may take 
even more risks than they now 
do. On foe one hand, taxpay- 
ers may be called upon to 
shore them up when they get 
into big trouble. But even if 
that doesn't happen, financial 
firms that are not disciplined 
by real threats of fail ore could 
create economic havoc by fi- 
nancing too much or too little 
and by exaggerating the rising 
volatility in world stock mar- 
kets and currencies. 

None of foe giants that are 
emerging would deliberately 
take foolish risks. But several 
factors could lead them into 
dangerous territory. They will 
be ferociously competing with 
one another and with foeir 
European and Asian riv als 
The firms top managements 
will be increasingly reliant on 
computers lo assess invest- 
ments precisely when human 
judgments about risk have 
never been more critical. 


Deposit Insurance Corpora- 
tion, the Securities and Ex- 
change Commission, stock 
exchanges and numerous state 
authorities, may be too frag- 
mented to keep up with the 
new conglomerates. 

The changes deserve close 
public scrutiny.-’ At a minim um- , 
continuous oversight by Con- 
gress of the broader treads 
ought to be used to inform foe 
public. In addition, those who 
head up foe new finan cial gi- 
ants need to accept responsi- 
bility for much more than 
providing value to their own 
shareholders. Like it or not, 
these leaders, as well as foeir 
top lieutenants, also have a re- 
sponsibility to the public. The 
boards of these behemoths also 
need lo be vigilant, independ- 
ent and technically qualified, ft 

would not be a bad idea, in feet, 

to set aside a directorship in big 
firms for someone who is nom- 
inated by the Fed or foe SEC 

Mild as these measures may 
sound, it will be hard to per- 
suade politicians and business 
leaders to take even these steps. 
The objective should not be to 
Ignore market pressures but to 
recognize foe potential risks to 
foe public interest in foe chan- 
ging face of Wall Street 


In addition, our regulatory 
' * 'Fed- 


system, comprising foe Fe 


Vie writer, dean of the Yale 
School of Management, is a 
former undersecretary of 
commerce in the Clinton ad - 
ministration and a former 
managing director of Lehman 
Brothers and the Blackstone 
Group He contributed this to 
The New York Times. 


foe “problem” of “soft” 
money: that given to parties for 
general political organizing and 
advocacy. Reformers call this a 
“loophole.” Reformers use 
that word to stigmatize any si- 
lence of foe law that allows un- 
regulated political expression. 
So now reformers want to ban 
“soft" money. Bur the political 
class will not stop there. 

Its patience is sanely triedfry 
foe insufferable public, which 
persists in exercising its First 
Amendmeoi right of associ- 
ation to organize in groups as 
different as the Sierra Club and 
foe National Rifle Association. 
One reason people so organize 
is to collectively exercise foeir 
First Amendment right of free 
speech pertinent to politics. 

Therefore reformers want to 
arm foe speech police with ad- 
ditional powers to ration foe per- 
missible amount of * ‘express ad- 
vocacy," meaning speech by 
independent groups that advo- 
cates foe election or defeat of an 
identifiable candidate. 

But the political class will not 
stop there. Consider mere issue 
advocacy — say, a television 
commercial endorsing abortion 
rights, mentioning no candidate 
and not mentioning voting but 
broadcast in the context of a 
campaign in which two can- 
didates differ about abortion 
rights. Such communications 
can influence the thinking of 
voters. Can’t have that, (Shear 
than on a short leash held by the 
government's speech police. 

So restriction of hard money 
begets restriction of soft which 
begets restriction of express ad- 


vocacy, which begetsTtguIation 
of issue advocacy — effectively. 
of all civic discourse. . / 

The political class is not slid- 
ing reluctantly down a slippery 
slopcjt is eagerly skiing down it, 
exteodifig its ttgulatkMLtrf polit- 
ical speech in order to make its 
life less stressful and more se- 
cure. Thus is foe First Amend- 
ment nibbled away, like an ar- 
tichoke devoured leaf by leaf. 

This is ah example of whatbas 
been called the “Latin Amer- 
icanization” of U.S. law: foe 
proliferation of increasingly ro- 
coco laws in attempts to enforce 
fundamentally flawed laws.. Re- 
formers produce such laws from 
foe bleak premise that unfettered 
participation in politics by m 
means of financial support of- 
political speech is a “problem” 
that must be “solved.”. _ . 

One reason the media are 
complacent about such restric- 
tions on (others’) political 
speech is that restrictions en- 
hance foe power of foe media as 
die filters of political speech, and 
as unregulated participants in a 
shrunken national conversation. 

When Senator Mitch Mc- 
Connell the Kentucky Repub- 
lican, and others filibuster to 
block enlargement of foe fed- 
eral speech-rationing ma- 
chinery, theirs will be arguably 
the most important filibuster in 
American history. Its impor- £- 
tance will be attested by foe” 
obloquies they receive from foe 
herd of independent minds 
eager to empower foe political 
class to extend controls over 
speech about itself; . 

Washington Past Writers Group. 


i 






- . f jfc 





.v_ # 



IN OUR PAGES: 100. 75 AND 50 YEARS AGO 


1897: Women at Work 


LONDON — The way women 
are crowding foe sterner sex out 
of billets in commercial pur- 
suits is becoming more appar- 
ent. Mr. B. de Beare, of foe late 
Sir Isaac Pitman's commercial 
school, said: “The competition 
is certainly very keea and foe 
demand for girls as shorthand 
writers and typewriters is grow- 
ing. There was once a great deal 
of conservatism in regard to foe 
employment of women in Lon- 
don, but that has all been got rid 
of now, but lawyers die hard 
and we notice that foe legal pro- 
fession is somewhat conserva- 
tive still in foe matter.” 


will succeed bim on foe throne, 
but ir is stated that foe King 
■abdicated . in favot of Crown 
Prince George. The Cabinet of 
_M._Triantaphilacos tendered its 
resignation. The internal situ- 
ation is regarded as extremely 
serious, but the aspect of Athens 


has not altered much from whai 
it has been these last few days. ” 

1947: Indian Rebellion 


1922: King Abdicate 


ATHENS — King Constantine 

abdiratH rftic re 


abdicaiedjhis jnoming [Sept 

“ ivolu- 


28] on news of grave revol 
tionaiy outbreaks in various 
ancres in Greece and in the is. 
lands. It is not yet certain who 


BOMBAY — .Saraaidas Bilax- 
midas Gandhi, portly nephew of 
non-violence disciple Mohan- 
das K. Gandhi, was elected 
Premier of a revolutionary gov- 
ernment which then declared 
war against foe Nawab of Jun- 
agadh, a group of states in West- 
ern India. Samaldas Gandhi’s 
government was foe outcome of 
& mass meeting, of Junagadb’s 
predominantly .Hindu popula- 
tion, which- opposed foe# 
Moslem nawab’s decision to ac- * 
cede to Mohammed All Jin- 
°ah’s Dominion of Pakistan. 


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OP 


A Torqued Ellipse? 
Serra Brain-Teasers 


By Michaei Kimmelman 

New York Times Service 


N EW YORK — In Rome a can come to i 
few years ago, Richard off one ano 
Serra saw the oval volumes elaborate cei 
of Borromini’s Church of ety of angles 
San Carlo alle Quattro Fontane and the different 
wondered, what would it be like to Say what 
make a sculpture in the form of a Serra’s art a 
torqued ellipse? Imagine a wide belt assuming fo 
of steel standing on its edge to form an dreamed up 
oval enclosure but twisting so that its point along 
top and bottom are not aligned. Now settled for s< 
imagine a belt the size of a trailer. a material le 
If this seems tough to visualize, it is: But Serra 

You've got to see the sculpture to get it, that the eff« 
and even then it’s no simple matter, on steel plati 
But, after all. what makes Serra for- right. That 
midablc is now he reinvents basic architectural 
shapes, or space within shapes; they’re exactly in a 
hard to picture pre- 
cisely because we rave 

“"f.. The sculptor 

them this way before. . t 

And what c«iid be reinvents basic 

more basic to the task 

of th?1? shapes, or space 

works: suffice it to say within shapes. 
that even Serra a 

grasped the concept of ‘ ’ 

a torqued oval only after taking two stress in ber 
pieces of wood, shaping them into lost: By treat 
ellipses, nailing a dowel between elastic, whic 
them, twisting them and then using this tension that 
device to make a lead model of what itational pul 
the thing might look like in sreeL ring it is th 
With help from an engineer in the renting an 
architect Frank Gehiy ’s office, he got enveloping 
a computer program to calculate the wouldn’t wa 
forms, then searched for a fabricator 
until he found a shipyard and rolling f ■ ^HEI 
mill in Maryland with a machine from I tecti 

World War II designed for making I seen 

battleships. It was one of the few look 

equipped to bend 16-foot steel plates Borromini, I 
to his unprecedented requirements. suggest Ser 
It took nearly a year for Serra to ’ works from 
make just the first sculpture. He has by being, a 
produced four, in all, each with a enclosing, sp 
different degree of torque: One is 90 of die ’70s. 
degrees, another 55 degrees. “Double What con 
Torqued Ellipse” consists of two enclosing foi 
twisting ovals, one inside the other out to be sha 
(think distantly of Russian nesting resolve in th 
dolls); each of the double ellipses is except mayt 
bent 70 degrees on itself. ably not frorr 

Three of the sculptures are now to- an overall se 
gether at the Dia Outer for the Arts, in twisted ellip 
what formerly was the Amulf Rainer complicated, 
Museum, cleared out to make a single around the 
wide-open gallery of white walls and doesn’t reaih 
concrete floor below a skylit ceiling erf is like, nor 4 
interlaced and cross-braced wood that sends yo 
trusses. The sculptures, on display to reconcile j 


The sculptor 
reinvents basic 


through June 14, 1998, are slit so that 
they can be entered, making eccentric 
enclosures within the gallery. Bullrings 
can come to mind Combined, they play 
off one another, and also agains t the 
elaborate ceiling, multiplying the vari- 
ety of angles and relationships among 
the different fun-house forms. 

Say what you will about the scale of 
Serra’s art and ambition. Most of us, 
assuming for whatever reason that we 
dreamed up a torqued ellipse, at some 
point along the way might have 
settled for something smaller or used 
a material less recalcitrant than steeL 
But Serra does not settle. He knew 
that the effect of the spaces depended 
on steel plates of this sire, and he was 
right. That is, he wanted a kind of 
architectural space, yet not a form 
exactly in architecture, and when a 
few architects sug- 
gested that he use 
)tor concrete instead of 

i . steel, concrete being 
• basic easier to mold he 

said the results would 
r Space look too much like ar- 

T chitecture, not 

.apes. enough like sculp- 

tore. The difference 

clearly involves the 
stress in bent steel, which would be 
lost: By treating steel like rubber — as 
elastic, which it is not — there arises a 
tension that Serra has called grav- 
itational pull. A simpler way of put- 
ting it is that the sculptures, disor- 
ienting and agitated, are an 
enveloping experience, but you 
wouldn’t want to live in them. 


T HEY are still akin to archi- 
tecture, of course, and it 
seems clear that Serra has 
looked at Gehiy, besides 
Borromini, But mostly the sculptures 
suggest Serra’s own early rubber 
works from the 1960s. reconceived 
by being, as it were, melded with 
enclosing, space-defining steel pieces 
of toe '70s. 

What comes from this mix of big 
enclosing forms with bent ones turns 
out to be shapes oddly impossible to 
resolve in toe mind. From no place.' 
except maybe above, though prob- 
ably not from there either, can you get 
an overall sense of any one of these 
twisted ellipses because they’re too 
complicated, and undulating. To walk 
around the outside of a sculpture 
doesn 't really tell you what the inside 
is like, nor vice versa, a frustration 
that sends you back and forth, looking 
to reconcile inside with out. vainly. 


ART 

INTERNATIONAL HERALDTRTOW® 
SATURDAY-SUNDAX, SEPTEMBER 27-28^1997 


An Awakening Giant in the Market 


/nrermiiumai Herald Tribune 

N ew york — 

Slowly, but 
surely, a new gi- 
ant is growing in 
the world of collecting. It is 
called Chinese an and this 
month, in New York, now 
the hub of the Far Eastern an 
market, it displayed its ir- 
resistible strength. 

By a unique coincidence, 
two collections, one formed 
in the United States and the 
other in Hong Kong, 
happened to nimble onto the 

SOUREN MEIJQOAN 

market on the same day, 

SepL 18. The first one re- 
mains on view, beautifully 
displayed at JJ- Lally & 

Co.. 41 East 57th Street, un- 
til Oct. 18, even though its 
25 ceramic vessels, mostly 
of toe 12th and 13th cen- 
turies, had been sold from Yaozhou 
the catalogue, with one ex- 
ception, by toe time the show opened. 
The small collection sums up American 
connoisseurs hip at its most refined. It 
was built np over two decades by Robert 
Ferris, a painter who lives in Windsor, 
Vermont A group of his paintings in 
acrylic and Japanese ink on paper, also 
on view at Lilly's, yields some inter- 
esting clues to his perception. The land- 
scapes. evocative rather than descrip- 
tive, depict a world seen through a pale 
mist from which humans are conspicu- 
ously absent One surmises an inclin- 
ation toward meditation, silence, un- 
derstatement. 

It is no surprise to hear from Ferris 
that he became a practicing Buddhist in 
1982. The painter came to collecting 
Song pottery he says, under the in- 
fluence of his sister, Susan Hatch, who 
is a potter of the Bernard Leach school, 
and of his friend of many years. James 
J. Lally, now one of America’s leading 
dealers in Chinese objects. But. as 
Lally puts it, ‘‘You could talk him out 
of buying a piece, never into getting 
one." 



A GLANCE at the collection 
will persuade even a casual 
observer that each piece was 
bought with immense care by 
a man in pursuit of a clear-cut aesthetic 
vision. 

Much of Song pottery, his field of 
election, is about monochrome hues 
subtly graded, paling along the edges in 
a way mat both enhances and softens the 
shape. A $250,000 celadon censer from 
toeLungquan kilns, probably 12th cen- 
tury, is toe ultimate in that line. 

So is another censer, priced by Lally 
at $150,000. The cylindrical form has 


Yaozhou celadon bowl of the 13th century. 

i opened, toe merest curvature to its walls and 
\merican looks ethereal under the light-blue glaze 
efined It of junyao as the Nonhem Song ware of 
by Robert toe 1 1th to 12th century is called. Fenis 
Windsor, saw the censer in 1983 at Eskenazi’s of 
inrings in London. He was desperate to get toe 
iper, also piece, unique in that combined shape 
me inter- and glaze. The dealer, responding to toe 
rhe land- yearning of a collector whose means he 
i descrip- knew to be limited, charged him a very 
igh a pale moderate $30,000. 
ronspicu- An unusual set of circumstances ai- 
in inclin- lowed the painter to acquire one of the 
ince, un- most beautiful Song vessels in existence. 

The squat jar with wide round shoulders 
ira Ferris is covered in drapes of motley green and 
iddhistin mustard-yellow glaze. Three birds in 
ol lectin g flight are painted in bold rusty-brown 
r the in- strokes as if dashed off by some Zen 
itch, who artist 

h school. Hugh Moss had it in London in 1 979 at 

rs. James the time he was about to re- 

s leading locate in Hong Kong. Tbe Jap- 

But, as anese dealers who then dom- cy 1 

: him out inated the market were dying ^ / 

c> getting to buy it but kept questioning 
its authenticity simply be- 
cause, as a dealer who was a -y 

rollection witness to the event said later, i 

a casual tea-dust glaze bad never yet n 

liece was been sera oh a Song piece. 

;e care by Exasperated by their skepti- lishme 
aesthetic cisra and touched by toe col- I9th-a 
lector’s intense admiration, Henry 
s field of Moss let Ferris have the jar for De ; 
me hues $34,000. of Sod 

■ edges in The bird jar. which Lally on No 
rftenstoe now puls at $80,000, like toe will se 
user from Lungquan celadon censer and DePu 
12th era- the junyao cylindrical -vessel, • of inn 
5. became part of a package deal selling 

by Lally negotiated by Ferris at cat centur 

form has prices for toe benefit of toe 


Fogg AH Museum in Cam- Hong Kong businessman T.TY Tsui is 
Kr&w Massachusetts partin g with chunks of a gigantic col 
Robert Mowry^profesor of iSofChmeseartbetiev^^^ 
Chinese Art ai Harvard and 10.000 pieces- many of themof su- 
curator of Chinese collec- perianve museum quajW-Some of the 
don at the Fogg, with whom outstanding objects arereport^ vnthe 
Sre rist hi? sprat long trade to have been negonat^l private^ 
hoers learning about Song by Christie s on behalf of T ^»- Even 
pottery, was given the op- creamed, what comes up at auction can 

pnminity of picking out toe be impressive. u • « nr 

five pieces he wanted Part of tt returns to Hong Kong, ro 
££ P the moment, Chinese preference goes 

These also include a fab- mostly to the aits traditionally admired 
ulous celadon yaozhou by Chinese scholars — later porcelam 
bowl of the 13th century andjade, bamboo sculpture. At the Jmg- 
! with swirling blossoms guantang sale, toe Hong Kong dealer 
carved under the green Elegant Wong bought yellow porcelain 
glaze that has a vigor to it, pieces inscribed with imperial mala 
more akin to toe Japanese that multiply the value of a bowl tenfold 
than to toe Chinese ap- in Chinese eyes. He also acqinred a jade 
preach to Song art. marriage bowl incised with tire Jiaqing 

“I would have given it (1796-1801) mark for S 18,400. A fun-, 
all away, if I could,” the oos bidding match between Wong and 
painter told me with ob- his colleague C.C. Lai, also from Hong 
vioos sincerity. Why sell at Kong, sent an exceedingly rare jade box 
all? “I always saw myself of toe I8th or early 19th century carved 
j-i.Ldy&rp as the custodian of these in toe shape of a duck flying to 
objects, not the owner. And $101 ,500. Lai won. 

I am not a wealthy man.” 

The new custodians will largely be f HIS week the bidding matches 
American. A powerful vase with fluted I continued. On Tuesday at 

body covered in a black glaze that is set I Sotheby’s, Wong outbid Lai 

off by toe white filets to the vertical JL over a famille rose peach tosh 

edges of the flutes was bought by a New with toe Qianlong mark (1735-1796), 
Yorker for $120,000. Two of the most which ended up at a dizzying $189,500. 
ravishing pieces, however, a tea bowl At the same tune American bidding 
with toe outline of a leaf coming stepped up, accounting for 75 percent of 
through toe black glaze at the bottom toe sold total by value, $6.2 million, 
and a junyao bowl with purple splashes against only 47 percent in Cbnstie s 
su gg estive of bird heads, will go to three sales of objets d’art on Sept 18, 
Switzerland at a cost of $65,000 and which totaled $7.5 million. Not all of it 
$160,000, respectively. Europe loves was reflected in Sotheby’s statistics. 
Chinese pottery at least as much as Eskenazi, who paid $706,500 for a 
America does. Kangxi set of 12 famille verte month 

But already Chinese collecting is be- cups, was bidding on behalf of a U.S. 
g innin g to .overtake European and even collector. 

American collecting. The trend was il- New U.S. buyers keep turning up at 
lustrated on Sept. 18 by the sale of Part every sale. No dealer had ever seen toe 
in of “The Jingguan tang Collection” at New Orleans buyer who acquired, on 
Christie’s. No one is quite sure why the SepL 23. six large Tang figures vari- 


(1796-1801) mark for $18,400. A fun-, 
oos bidding match between Wong and 
his colleague C.C. Lai, also from Hong 
Kong, sent an exceedingly rare jade box 
of toe 1 8th or early 19th century carved 
in toe shape of a duck flying to 
$101,500. Lai won. 


T HIS week the bidding matches 
continued. On Tuesday at 
Sotheby’s, Wong outbid Lai 
over a famill e rose peach dish 
with toe Qianlong mark (1735-1796), 
which ended up at a dizzying $ 1 89,500. 
At the same time American bidding 
stepped up, accounting for 7 5 percent of 
toe sold total by value, $6.2 million, 
against only 47 percent in Christie's 
three sales of objets d’art on SepL 18, 
which totaled $7.5 milli on- Not all of it 
was reflected in Sotheby’s statistics. 
Eskenazi, who paid $706,500 for a 
Kangxi set of 12 famill e verte month 
cups, was bidding on behalf of a U.S. 
collector. 

New U.S. buyers keep turning up at 
every sale. No dealer had ever seen toe 
New Orleans buyer who acquired, on 
SepL 23. six large Tang figures vari- 
ously affected by restoration 
” “ for a hefty $222,500. Tbe 
heavy buy-in figures (40 per- 
i cent of toe lots remained un- 

sold at Sotheby's on SepL 
23) reflect an artificial at- 
tending tempt to push up prices 

tbeby's through excessive reserves, 

s in the not the weakness of the mar- 

i estab- ket, which is effervescent 

etrer in In toe short term, much will 

Nov. 1. depend On what happens next 

Europe. in Hong Kong. In the longer 

airman term, Chinese art can only go 

ieby’s up. bolstered by a simple real- 

5. They ity: 12 billion souls in con- 

equest, tmental China, and a soaring 

1 group affluent class thirsting for cui- 
ng and tnral respectability, which, in 

d 20 th- tire Chinese tradition, equates 

DOAN with porcelain, jade and the 

scholar’s objects. 


2 Leaving Sotheby’s 

International Herald Tribune 

L ONDON — Sotheby’s is losing one of its leading 
figures. Simon de Puiy, chairman of Sotheby's 
Europe, whose wide network of connections in tire 
art world on one hand and the European estab- 
lishment on the other, made him a prime business-getter in 
19th- and 20th-century paintings, will step down on Nov. 1. 
Henry Wyndham becomes c hairman of Sotheby’s Europe. 

De Pury and Daniella Luxembourg, deputy chairman 
of Sotheby’s Switzerland who is also leaving Sotheby’s 
on Nov. 1, will become partners in a joint venture. They 
will set up an aft fund as a private company on the request, 
De Pury said in a telephone interview, of “a small group 
- of international collectors, with a view to buying and 
selling art The emphasis will be on late 19th- and 20th- 
century paintings. —SOUREN MEUKIAN 



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Books out of publication, 

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Fnannuxsartgaflcrv SO sqjn„ 
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INTERNATIONAL HERALD TRIBL'NE, S.ATURD A Y-SUN DA Y, SEPTEMBER 27-28, 1997 


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THE UNDERSIGNED 

e HerasiRl m loubng 
Martms GaBwague and Jean 
Bneuc Dugart benzenes d me 
Estae of Marcefle Ftabenscn as «eB as 
her late husband Roben Robertson 
Weare also seeking to tecaie Jarane 
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rars +33 (0)1 42 97 45 45 


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mm as 24 

AU 27 SEPTEUBRE 1997 
Prtx Hors TVA en dense jps>k» 
(hattorten tfspnoite kj r teadt i 
Rsmplace les baremes stsnarai 

FRANCE (cine C) en Fnl - P.'A cl £*, 
GO: 3.73 FDD*: 1Z> 

SC97: 538 SCS 9 - 534 

UK |ane3}en £,1 - TJA 17,5 c - 5 ;£rJ r--; 
GO: 05E9 FOD": :3I7£ 

ALLEMAGNE lame I) DM7 - TVA !5- s 
ZONE I -C: 

GO- 1.1C 

ZCNEB-I: 

GO 1J6 5CSP 1.44 

ZONE Iff- F: 

GO. 1JD3 5CS> ‘.,43 

ZONE tV- F: 

GO. 1.05 SCSP: 1.43 

BELGIQUE en ral - 7>'A 2l : , 

GO 222 F0D ‘Oil 

sew 32=: scsp^ 

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SC97 1.574 SCSP. '5': 

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ESPAGNE fsr.a A, en P7A£7-7.'4 'V, 
GO 5110 

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New Lower 
International 
Rates! 


: Germany.... 31c 

; Japan 38c 

| France 33c 

! UK 19c 





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PAGE 9 








































































































FACE 10 




INTERNATIONAL herald TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 27-20, 1997 


Friday’s 4 PJA. Close 

Nafomrideprtas not reJtedfnglateinKlH 
The Associated Pm$$. 


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BUSINESS/FINANCE 


SATURDAY-SUNDAY, SEPTEMBER 27-28. 1997 


PAGE 11 


GM’s Stock 
Finally Gets 
Out of Idle 


+30% Since mid-July. investors in General 

Motors’ stock have begun to see returns “ 
+25 that mimic the bull market returns ol the 

. Standard & Poor's 500 Index. 


./A* ^ 




U.S. Sets Dumping Duty on NEC 


s&p 500 index I 


Cimf&dbjQaSisgrr.mbup^ttn 

Washington — The u.s. imer- 

narional Trade Commission voted Fri- 
day to impose duties on exports of su- 
percomputers made by NEC Corp. of 


was filed by the U.S.-based Cray Re- 
search Inc., which is owned by Silicon 


Gains in Market Share 
Help to Fuel Its Rise 


^A-aY v vt 


Graphics Inc. 
Crav filed tl 


General Motors ► 


Japan to the united States. 

The independent trade panel, in a 
unanimous ruling, upheld a decision last 


\}a£i 


By Robyn Meredith 

New York Times Service 


DETROIT — General Motors Corp., 
a sleeping giant on Wall Street, has 
reawakened. 

In the past two months, GM's shares 
have risen about 20 percent after tread- 
ing water over most of the previous 
three years. Some analysts predict that 
GM's stock will coatinue its climb. 

The turnabout has come as the com- 
pany’s market share in the United States 
has improved and its labor troubles 
seem to have receded. 


Jan. Feb. March April May June July Aug. Sept. 
Source: Bloomberg Financial Markets 


The New York Tunes 


Apparently, investors have decided 
that me stock, with a rock-bottom price- 
to-eamiags ratio, is a bargain after more 
than three years of poor performance. 

GM executives share the optimism. 

"My judgment is that with the high 
prices for growth stocks, the market is 
backing away from that and they're 
looking at cyclicaLs — and looking at 
cyclicals that have good value — and 
we happen to be there," John Smith Jr., 
GM's chairman and chief executive, 
said while speaking with reporters in 
Frankfurt this month. 

Wall Street auto analysts said the run- 
up in GM's stock, which began in July, 
partly reflected optimism that the com- 
pany’s long-promised turnaround could 
be materializing. 

"The sentiment has changed on 
GM," said David Bradley of J. P. Mor- 
gan Securities. "The cloud that hung 
over General Motors has lifted." 

Skies had been gray for a long time. 
After war broke out in the Gulf in 1990. 
GM’s shares fell to the S30 range after 
touching about $50. They rebounded 
briefly in 1992, only to slip back to 
$29,125 shortly before Mr. Smith re- 
placed Robert Stem pel as chief exec- 
utive. 

About 18 months later, the stock 
climbed as high as $64.75 a share before 
slipping back again into die mid-SSOs. 
Much of this year, it has traded between 
$54 and $58. It closed at $54.25 on July 
15 and began its run-up within days. 

Last Friday, GM’s stock ended the 


day ar a record $69.5625. Since then, it 
has faltered, but analysts blame (he de- 
cline on profit-taking. GM shares closed 
Friday at $65.9375. up 81.25 cents. 

Many Wall Street analysts say the 
stock has room to rise further in the next 
few months. Wendy Beale Needham of 
Donaldson, Lufkin & J rare tie predicts 
that GM shares will reach $81. Joseph 
Phillippi of Lehman Brothers said the 
slock could reach $75. 

GM’s Mr. Smith refused to specify a 
target but said that the company's price- 
to-eamings ratio of less than 9 was low. 
"We see that as being a number that 
could increase," he said. 

Sentiment has changed for the auto- 
maker, the world's largest, which has 


Standard & Poor’s index is nearly 24. 

"It is hard to find stocks with single- 
digit multiples whose earnings are de- 


aigit multiples whose earnings are de- 
cent,* ' said Maryann Keller, an auto ana- 


Many Wall Street analysts 
say that General Motors 9 
stock, with a P/E ratio of 
less than 9, has room to 
rise further in the next 
few months. 


been struggling to right itself since the 
boardroom coup that ousted Mr. Stem- 
pel in favor of Mr. Smith, 

"The ship is finally starling to turn," 
Mr. Phillippi said. He and other analysts 
point to a number of reasons Wall Street 
has gained confidence in GM’s stock. 

Perhaps most important, value in- 
vestors have begun looking to General 
Motors and some other auto stocks be- 
cause their price-earnings ratios make 
them seem like bargains compared with 
stocks that have risen significantly in 
the bull market. 

While GM's P/E ratio is below 9, the 
average far the 500 stocks in the main 


As Foreign Interest in Vietnam Cools, 
New Leaders Face Economic Reality 


By David Lamb 

Los Angeles Times 

H ANOI — After several years 
of heady growth and enthu- 
siastic support from interna- 
tional investors and donors, 
Vietnam finds itself facing a sobering 
reality: Those forecasts that it would 
soon join the elite fraternity of Asian 
nations known as economic "tigers” 
were wildly premature. 

Though Vietnam has made remark- 
able progress, the economy has slowed 
in recent months. Authorities from the 
World Bank to U.S. Secretary of State 
Madeleine Albright have criticized its 
slow pace of reform, and the eagerness 
of foreigners to get a toehold in Asia's 
newest emerging market has dimmed. 

At the heart of Vietnam’s slowdown 
is the inherent conflict of adopting a 
free-market economy while holding on 
to a Communist political structure. 

These problems now belong to a new 
national leadership, chosen in secret by 
the Communist Party and confirmed 
this week by the elected 450-member 


Replacing Mr. Kiel, 74, is Phan Van 
Khai, 63, a southerner and former 
deputy prime minister who is highly 
regarded by Western diplomats as a 


ership to be named, Vietnam has been 
reluctant — and sometimes unwilling 
— to privatize state-run enterprises, 
consider a currency devaluation, ac- 


s and donors, nlled by Iran Due Luong 
□g a sobering deputy prime minister. He 
that it would . for Le Due Anh, 76, an am 


ceremonial role of president will be 
filled by Tran Due Luong, 60, also a 
deputy prime minister. He takes over 
for Le Due Anh, 76, an army general. 

The new occupant of the country's 
most powerful political post, the sec- 
retary-general of die Communist Party 
— currently held by Do Muoi, 80 — will 
be chosen in the months ahead in secret 


cept capitalistic notions such as using 
unemployment as a tool of economic 


unemployment as a tool of economic 
management of adopt legislation to 
create an effective judicial system. 

"At least with a new leadership in 
place, an Obstacle has been removed to 


making decisions," a Western diplo- 
mat said. "Whether Vietnam will ac- 


ECONOMIC SCENE 


National Assembly. The people who 
will Vietnam into the 2 1st century 
and better-educated than 


by the Communist Party. Among those 
mentioned for the job is Le Kha Phieu, 
65, an army political commissar who is 
considered an orthodox Marxist 

Although only 2 percent of the coun- 
try’s 75 million people belong to the 
Communist Party, and membership is 
by invitation only, Vietnam remains 
one of the world’s few nations where 
communism still dictates the agenda. 

But the party has shed its Marxist 
rhetoric, permitted the rubber-stamp 
National Assembly to express some 
independence and restated its commit- 


mat said. "Whether Vietnam will ac- 
tually make the decisions that are so 
essential is another matter. But 1 imag- 
ine they took note of China's plan to 
liberalize its economy and sell shares 
of state-owned companies." 

At tiie National Assembly’s opening 
session last week. Communist .party 
leaden talked in blunt terms about cor- 
ruption, criticized a bureaucracy that is 
often unresponsive and voiced concern 
over demonstrations in Thai Binh, 
where former soldiers and retired gov- 
ernment workers joined fanners in 
protesting corruption and taxation. 

Almost everyone agrees that the her- 
alded doi moi. or economic revival, 
program that started in 1986 has 
sputtered to a crawl. Tbe United States, 
which quickly became Vietnam’s sixth- 


led ^ continuing — and probably step- 
trine ud — economic reform. 


ping up — economic reform. 

“We badly need young leaders," 
the outgoing prime minister, Vo Van 
Kiel, said this week. 


developing a free-market economy. 

StilL foreign investors are increas- 
ingly frustrated. With the decision- 
making process gridlocked for months 
as eveiyone waited for a new lead- 


ington lifted its trade embargo in 1994, 
has slipped to 1 0th place on the list. 
Some businesses have left Vietnam, 


See VIETNAM, Page 15 


CURRENCY & INTEREST RATES 


Cross Rates 


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l ECU 

1 SDR 


1 DJL 

uas i.WB 
SUI25 JOiflJ 
2JT86 — 

— 18237 

ram Bun 
IBMS 977 JB 

im* 1-791 
9 US USS2 

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12 £75 BJS7 
urn oust 
omo urn 

USOI 2M2 


FJ. Um OH 
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LM7 uw 
82977 aim* a »9 
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298.91 — WJ5 

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2QS2 1786 SIJ1 
BTur HOBOS* UB* 
0261 MMC IU3iB 

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U7S9 135115 2J0K 


5LF. Ym 

• 13637 I-641S' 
25.1575 UO 

• 121 W USB' 
2J3B9 19U16 
MU7 122686' 

USUS U2ZT 
MSB 121225 
19722 18882' 
8171 — 

• 0K<1 1.1422' 

• — 12016' 
1£19 04877 
19B0 165871 


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MW 1JM" 
1426 24J8' 

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1J« 09778* 
13461 16180 
12877 2B1B6 
■New Yarkand 


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1 year 59* -6 3W-3* 146-1W 7U-7W 3>Vi,-:FVU 0 *-Vb 


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hnrtHonsdL 11337 Hwg.hnrt 

final real IjOPSI , 

OuMMyaan 1315 Indo-rwpMi 

Cwftlwmi 33.12 Mtfijj 

nndikhmi , 1*727 tgwfl«m ,k - 

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Monfil Lynch 30doyRA 
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* nina*i Hilki iJglO U787 3J705 SwcBlfMC 

1.7490 TJ457 1.7422 


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NMYNt 32940 3 29.00 —0 .70 

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Source: Heulea. 


unanim ous ruling, upheld a decision last 
mouth by tbe Commerce Department, 
which imposed hefty anti-dumping tar- 
iffs on NEC supercomputers. 

Tbe commission found that the U.S. 
industry was being threatened by tbe 
Japanese imports. 

The finding of injury or threat of 
injury to the U.S. industry means the 
duties set by the department will go into 
effect. 

Hie Commerce Department began its 
investigation into Japanese supercom- 
puters in August 1996 after a petition 


Cray filed the complaint after it lost a 
$35 million contract to NBC to supply a 
supercomputer system to the University 
Corporation for Atmospheric Research, 
a research group that is funded by tbe 
National Science Foundation. 

The Commerce Department found 
that NEC and Fujitsu Ltd. were dump- 
ing, or selling at less than fair value, 
their supercomputers in the U.S. mar- 
ket. 

It set anti-dumping duties of 454 per- 
cent of their price against NEC, 173.08 
percent against Fujitsu and 313.54 per- 
cent on all other Japanese firms. 

Ai the time, the Commerce Depart- 
ment said the duties were set so nigh 
because NEC did nor participate in the 


U.S. anti-dumping investigation, while 
Fujitsu pulled out after a preliminary 
ruling in favor of Cray. 

As a result, the department relied on 
information provided by Cray. 

But the commission's decision can be 
appealed to tbe U.S. Court of Interna- 
tional Trade in New York, which has 
jurisdiction over civil action against U.S. 
interests involving U.S. trade laws. 

NEC said it would appeal the ruling. 

1 ‘This dumping case is the latest in a 
series of banners erected by the U.S. 
government to bar Japanese supercom- 
puters from the U.S. market," said 
Samuel Adams, vice president of 
NEC's U.S. subsidiary. 

Cray welcomed the decision, saying 
it would "prevent the Japanese vendors 
from continuing their unfair trade prac- 
tices in the U.S. " (AFP, Reuters ) 


lyst with Furman Selz, a New York 
investment banking and brokerage firm. 

Mr. Phillippi of Lehman Brothers 
said value investors were becoming in- 
terested in auto stocks and added, 
"People are basically saying these 
stocks are cheap." 

Perhaps the most obvious reason for 
the optimism about GM is the turnabout 
in the company's market share, which 
had steadily shrunk since the early 
1960s, when it was about 60 percent. 

All year long. General Motors has 
promised investors that if they would 
only be patient, they would see the 
company's market share rebound as 
buyers latched onto the 15 redesigned 
models it had begun selling in 1997. 

GM's share of the U.S. market fell to 
a low of 28.7 percent in June. But to the 
relief of Wall Street, it has steadily 
climbed since, to 3 1 percent in July and 
32 percent in August. 

Also, an end to its labor problems 
seems in sight. "I personally thinlc that 
GM has come to their senses," Stephen 
Yokich, president of the United Auto- 
mobile Workers union, said this month. 
GM has faced nine costly strikes in the 
past year and a half as it tiled to negotiate 
agreements with its 105 local union bar- 
gaining units. It has now reached agree- 
ments with all but four. 

Analysts expect GM's earnings to be 
strong, partly because auto sales have 
been healthy this summer after a rocky 
first half. 

While third-quarter earnings are ex- 
pected to be weaker than last year’s 
third quarter, analysts are forecasting a 
robust second half because of an ex- 
pected strong finish in the final three 
months of 1997. 


Can the World Bank Dent Corruption? 

Officials Say They Can’t Gauge Success of a Yearlong Campaign 


By Philip Segal 

Special to the Herald Tribune 


HONG KONG — A year into the 
World Bank's renewed anti -corruption 
drive, it has a considerable problem: 
Bank officials say they have little or no 
idea how well the effort is working. 

As the World Bank's annual meeting 
wrapped up here Thursday , its president, 
James Wotfensohn, hailed die progress 
his officers had made in communicating 
the bank's new message dial corruption 
in bank-funded projects would not be 
tolerated and that it would withdraw 
from countries that did not demonstrate 


seriousness about tackling corruption. 
But bank officials in charge of me anti- 


But bank officials in charge of the anti- 
corruption drive, asked this week wheth- 
er the corruption situation was actually 
getting better or worse in die developing 
world, shied away from firm answers. 

"The perception of corruption is as 
important as tbe reality," said Jean- 
Michel Severino, the bank's vice pres- 
ident for East Asia and the Pacific. 
"There are no objective statistics.” 

"I can't answer that," said Danny 


Leipziger, division chief for regulation 
in the bank's Economic Development 


in the bank's Economic Development 
Institute. 

Until a year ago. corruption was not 
even discussed at World Bank meet- 
ings, even though businesses routinely 
cite corruption among their top imped- 


iments to successful commerce. While 
corruption may rage on in both Indone- 
sia and China, for example, Mr. 
Wotfensohn gives all bank projects 
there a clean bill of health, saying they 
have passed internal bank audits. 

What, then, is different about the 
World Bank under the anti-comiption 
regime? 

To start with, the bank has tightened 
its own procurement practices, vowing 
not to buy anywhere that there is a whiff 
of corruption. It also has begun con- 
ducting surprise audits of its projects, 
said Masood Ahmed, head of the bank's 
Poverty Reduction and Economic Man- 
agement Network, and its most senior 
official dedicated solely to fighting cor- 
ruption. 

If a health-care clinic is found to be 
selling some of its supplies on die black 
market, for example, uie bank now will 
close that program immediately unless 
the government in the country con- 
cerned launches a satisfactory inves- 
tigation, he said. If the program is even- 
tually canceled, the bank will demand 
immediare payment of its loan in full, 
giving countries an added incentive to 
clean up wrongdoing themselves. 

The next stage is a withdrawal from 
the country concerned. The World Bank 
and the International Monetary Fund 
have already suspended operations in 
Kenya because of concerns over cor- 


ruption, and do little or no business in 
the Congo (formerly Zaire) and Nigeria, 
for the same reason. 

"The task of managing corruption is 
for tbe government itself," said Mr. 
Wotfensohn. "The bank is not a world 
government, it’s a financial institu- 
tion." 


To fight corruption "is realty to put 
no place liberalization," said Mr. 


into place liberalization," said Mr. 
Ahmed. The more regulations govern- 
ment officials have to enforce and the 
more discretion they have in doing so, 
the more chances they will have to de- 
mand payment in exchange for a fa- 
vorable folding. 

The anti-corruption drive has spread 
well beyond the World Bank. The Or- 
ganization for Economic Cooperation 
and Development has moved to make 
cross-border bribery illegal, and the 
European Commission said in March 
that all European Union trade and aid 
accords should include an anti-corrup- 
tion "good governance" clause. 

That is an important development, 
because unlike the United States, which 
forbids its companies from paying 
bribes abroad, several European coun- 
tries not only allow the practice, but let 
companies write those bribes off their 
taxes at home. 

In addition, it is no longer so often 
heard that corruption is simply part of 
tbe culture of some countries. 


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I 







PAGE 12 


ESTERNATIONAL herald TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 27-28, 1997 

THE AMERICAS 



Source: Bloomberg. Reuters 


In lenulioral Herald Tribune 


Very briefly: 


logo) Corp. offered to buy the British auto-parts 
PLC for about S2.4 billion in cash and assumed 


• Leona Helmsley tamed over control of Helmsley-Spear 
Inc., one of New York City's largest real-estate management 
companies, to the two closest business associates of her late 
husband, Harry Helmsley, ending all litigation from a bitter 
fend that had hampered her ability to sell off a $5 billion real- 
estate empire. Helmsley-Spear still manages 86 buildings, 
including the Empire State Building, that generate about $25 
million a year in revenue. 

• Nextlink Communications Inc. shares surged amid strong 
first-day demand for the phone company founded by Craig 
McCaw. Nextlink shares rose $6.25 to close at $23.25 in heavy 
volume. 

• Federal-M 
maker T&N 
debt. 

• Adobe Systems Inc/s chief operating officer, David Pratt, 
resigned and its president. Charles Geschke, was promoted to 
co-chairman in moves that analysts said might portend a push 
by the maker of PageMaker and other desktop-publishing and 
Internet programs to sell more software in the corporate 
market. 

• Coca-Cola Co. plans to open four more bottling plants in 
Russia costing a total of Si 16.5 million, a company spokes- 
man told Interfax news agency. The plants will be opened in 
Vladivostok, Krasnoyarsk. Nizhny Novgorod and Rostov. 
Coca-Cola currently controls about 20 percent of the Russian 
soft drinks market and has opened 13 plants in Russia since 
1991. 

• Banco Bilbao Vizcaya SA of Spain said it planned to invest 
about S800 million in a project to expand into the Brazilian 
market, according to a report filed with the stock exchange 
commission. The bank said that the Brazilian market was “a 
key objective within our general Latin American expansion 
policy.’* 

• Venezuela’s government said it expected die country's 
inflation rate to fall to 15 percent in 1998, its lowest level this 
decade, from 35 percent this year. Bloomberg, afp. afx. srr 


U.S. GDP Growth Slows to 3.3% 

Spending Data Ease Fears of Inflation and Fed Rate Increase 



The Associated Press 
WASHINGTON — American 
j shunned stores in the * 

June quarter, but businesses 
the economy advancing at a bet _ 
rate by building their inventories and 
investing in new equipment at the 
fastest rate in 14 years. 

The gross domestic product — the 
sum of all goods and services pro- 
duced within U.S. borders — grew at 
a 3.3 percent seasonally adjusted an- 
nua! rate in die second quarter, die 
Commerce Department said Friday. 
That figure is down from a totnd 4.9 
percent rate in the first quarter. 

The deceleration was much more 
abrupt in consumer spending, which 
accounts for about two-thirds of the 
economy. It slowed from a 53 per- 
cent growth rate in the first quarter, 
to just 0.9 percent in the second. 

However, bullish spending by 


businesses on capital 
salvaged the overall growth rate. 
Capital spending soared at a 23 per- 
cent annual rate, die fastest pace 
since die fourth quarter of 1983. 

“Business investment has been 
very vibrant. Lately this has been a 
business-driven expansion," said 
Robert De derrick, economist at 
Northern Trust Co. in Chicago. 

But inventory accumulation ac- 
counted for about one-fourth of the 
economy's growth in the second 
quarter, a level which analysts said 
was likely to restrain die expansion. 

“Inventories will be a big drag 
on growth in the second half,” said 
Bruce Steinberg, economist at Mer- 
rill Lynch in New York. 

The overall 33 percent growth 
rate represents a revision from the 
3.6 percent estimate a month ago. 
Smaller export growth than posted. 


last month was the primary source 
of the revision. 

Economists had originally 
tho ug ht second-quarter growth 
slowed more sharply, offering a wel- 
come respite from any bmidnp of 
inflationary pressure and postpon- 
ing any used for the Federal Ressarve 
Board to damp economic growth by 
increasing short-term interest cates. 

Indeed, a measure of inflation tied 
to the GDP rose al a mere 1.8 percent 
annual rate in the second quarter, the 
smallest increase in five years and 
down from 2.4 percent in die first 
quarter. Lower energy prices were 
die main reason for the slowdown. 

On average, economists are pre- 
dicting that growth in the second 
half of this year will slow to around 
a 2.5 percent rare. The preli m i n ary 
third-quarter estimate is exocaed to 
be released ar the end of ( 


Bank to Buy Axle Make, 


1 

NEW YORK — Blackstone 
Group, a privately held ® ves t 
meat bank, said Friday that 
would acquire American Axle & 
Manufacturing Inc., a major sup- 
plier of pansier General Motors 
Cffip. and other vehicle manu- 
facturers, for about S650 n tilfi 00 - 
The bank said its Blackstone 
Capital partners H MercbantBank- 
ing Fund IP agreed to acquire a 


from Jupiter Capital Corp^a sub- 
sidiary of Park Corp-, a holding 
company controlled by Raymond 
Park, a Cleveland iixiustriabst. 

Jupiter Capital will retain a 
minority equity position in Amer- 
ican Axle, which supplies nearly 
all the axles for light trucks and 
sport utility vehicles manufac- 
tured by GM in North Axnaica. 

Blackstone has made a spe- 


cialty of acquiring industrial units 
and combining them to form new 
companies. In June, it bought Inco 
LkTs Alloys Internationa] unit, 
which makes nickel and other al- 
loys for aerospace, chemical pro- 
cessing and other industries, and 
said it planned to combine the 
company with Haynes Interna- 
tional Inc., another producer of 

nickel and alloys, in which it has 

an 80 percent stake. y 

Qosely held American Axle, - 
which has 8,500 employees at 
four plants in Michigan and two in 
New York, also supplies axles to 

Ford Motor Co. It has amraal rev- 
enue in excess of S2 billion. 

Richard Dauch will continue in - 
his rale as president and chief 
executive of American Axle and 
will own a significant equity s take 
in the company. Blackstone s»d- 
( Reuters. Bloomberg ) 


Economic Outlook Helps Stocks and Bonds Extend Gams 


CanpeeibfOurSuffFnmiDiipauita 

NEW YORK — Stocks extended 
their gains Friday after the release of 
a government report that bolstered 
the outlook for steady, noninflation- 
ary growth. 

The Dow Jones industrial average 
rose 74.17 points to close at 
7.922.18, with advancing issues 
outnumbering decliners by a 7-to-4 
margin on the New York Stock Ex- 
change. 

Broader stock indicators also rose 
after interest rates fell in the bond 
market. The Standard & Poor’s 500- 
stock index closed at 945.22, up 
7.31. and the Nasdaq composite in- 
dex finished at 1.682.24, up 3 35. 

Bonds rose after the Commerce 
Department reported that the U.S. 
gross domestic product grew at a 3.3 
percent annual rate in the second 
quarter, below analysts* estimates 
and down from die s iblin g 4.9 per- 
cent rate seen in the first three 
months of the year. 

On Thursday, stocks fell after a 
series of robust economic readings 
aggravated worries that the Federal 
Reserve Board would try to contain 
inflationary pressures, easing the 
pace of borrowing and spending 
with a boost in interest rates. 

Fed officials are scheduled to 
meet Tuesday for one of their peri- 
odic strategy discussions, but few 
analysts expect the central bankers 
to take any action yet Higher in- 
terest rates raise consumer and com- 
pany borrowing costs, which in turn 
depress revenues and profits. 

The benchmark 30-year Treasury 


bond gained 20/32, or $6.25 per 
$1,000 bond, to 100 8/32, pushing 
its. yield down to 6 J5 percent from 
6.40 percent Thursday. 

Bonds got a further lift when the 
Fed bought $1.66 billion of Treas- 
ury securities maturing in two to 
five years to add money perman- 
ently to the banking system. 

The so-called coupon pass does 
not signal a change in interest-rate 


policy, economists said. 

Among active issues. Lattice 
Semiconductor led the decline m 
cbipmakers as weak orders were ex- 
pected to hurt third-quarter results. 
Xilinx and Altera also were lower. 

A batch of companies fell after 
reporting that the current quarter's 
earnings may be weaker than ex- 
pected. Benchrmrq Microelectron- 
ics, a maker of integrated circuits; 


Bridgeport Machines, a maker of 
metal-cutting tools; Consolidated 
Papers, and Kirby Corp., a marine- 
transport and diesel-repair com- 
pany, all were lower. 

On the Big Board, Eastman 
Kodak rose a day after announcing it 
would fire about 10 percent of its 
clerical staff and 20 percent of its 
manag ers ip a move to lift profit. 

3M was higher after an analyst at 


Pound Falls on Prospec 



Bloomberg \evs 

NEW YORK — The pound 
tumbled against the dollar and oth- 
er major currencies Friday on a 
report that Britain may join Euro- 
pean monetary union after it gets 
under way in 1999. 

“If the markets start to believe 
U.K. interest rates will come down 
to levels seen in Germany and 
France, sterling will come down 
relative to other currencies." said 
Chris Iggo, chief economist at 
BZW Securities Inc. 

While the pound tumbled to 
SI. 6092 in 4 P.M. trading from 
SI. 6285 on Thursday, the dollar 
was little changed against other 
currencies. The dollar was at 
1.7588 Deutsche marks, down 
slightly from 1.7595 DM. and rose 
to 121 .225 yen from I20.S25 yen. 

Traders continued to unload 
pounds even after the British 


Treasury dismissed the report as 
lation. A spokesman for 
! Minister Tony Blair said the 
government was reserving its op- 
tions on joining monetary union. 

It is typical of the British gov- 
ernment to "float an idea first to 
see how the public reacts,’* said 
Bob Savage, chief currency trader 

FOREIGN EXCHANGE 

at Lehman Brothers, so this could 
have been an “official leak." 

Mr. Savage said economises had 
predicted the pound would join the 
single currency at a rate as iow as 
2.50 DM. compared with hs cur- 
rent level of 2.K357 DM. Still, ana- 
lysts said British officials would 
riot want to let the pound fall too 
far. as a weak currency lends to fan 
inflation, and because interest 
rates in Britain are already high. 


the government may have little 
scope to raise them much further. 

The dollar recovered from early 
losses against the sunk after the 
Bundesbank’s chief economist, 
Otmar Issiug. suggested tint he 
was satisfied with the dollar’s 
level against the mark. 

Concern that the German cur- 
rency may be too weak “hasn’t 
disappeared, but it’s not as 
strong,' * Mr. Issing said. 

The dollar fell against the mark 
in European trading after com- 
ments by the Bundesbank vice 
president, Jo hann Wilhelm Gad- 
dam, kept alive expectations that 
the central bank was poised to raise 
its benchmark interest rate. 

Against other currencies, the 
do liar slipped to 5.9055 French 
francs from 5.9145 francs tax rose 
to 1.4505 Swiss francs from 
1.4490 francs. 


Cowea & Co. raised its invest rating 
to “strong buy” from “neutral.” 

(AP, Bloomberg) 

■ Dollar Is Key, Manager Says 

Perhaps more than profits and in- 
terest rates, the strength of the US. 
currency provides the best bint as to 
the path of stocks in coming weeks 
and months, Kenneth Fisher, pres- 
ident of Fisher Investments in 
Woodside, California, told 
Bloomberg News. 

U.S. stocks attracted foreign in- 
vestors in the past year as the dollar . 
rose 16 percent against the German 
mark, the benchmark currency for 
Europe. The Dow industrials 
climbed 35 percent in that period, 
and -the -dollar and -the -Paw rose n 
tandem 60 percent of the time. * 

A pickup in Burge's economy 
could weaken the dollar and signal 
the end of years of unprecedented 
gains in UB. stocks. The dollar and 
the Dow both peaked Aug. 6. Since 
then, the dollar has dropped 6.5 ^per- 
cent against die mark, and the Dow 
is down 4 3 percent. 

Mr. Fisher, who manages $2.7 
billion in assets, said he was sticking 

with the highest, most international 

U.S. companies such as DuPont and 
Merck. If he sees signs of growth 
overseas, he would expand his hold 
ings of non-U.S. superstars such as 
Siemens and Sony — his biggest 
portfolio change in three years, he 
said. • 

‘"the explanation in the weeks 
ahead will crane out of keeping an 
eye on the dollar,” Mr. Fisher said. 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday's 4 P.M. Close 

The top 300 most odfoe shares, 
up In lire dosing on Wol Street 
The Assoaeted Press. 


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Dow Jones 

Opu N9> Low tmt a* 

Wte 7712.85 7V7BJI 7845JI 7722.18 -74.17 

Tim 315061 3174.73 3137.40 3143.11 +2X51 

Ulfl a»2S 740J0 mB3 23938 tOJJO 
Cano 2577.73 2537.71 Z$1UB ZS3ZS2 +17.17 


Most Actives 

NYSE 


Standard & Poore 


la" dm 


Tarty 

4PJM. 


-ft 

-k 

-ft 

-ft 


Industrials 

Transp. 


inance 
5P500 
SP100 

NYSE 

Cornpastt 
WhaMata 
Tnreo. 
tfrty 
Finance 

Nasdaq 

n 

_ raiMHjb 

Ik lirtusMiS 
ft Banks 
ft insurance 
ft Fliaeice 
ft Transp. 
ft 

- AMEX 


■ft 

Jft 

■»• 


-4 

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1 108.021097-251097.79 110532 
690.82 Mias 68229 68114 
206.38 20482 20520 205.74 
111-52 109.98 11007 111.59 
94700 93728 937.91 94520 
914w03 905A1 905.94 913J9 


47173 491-53 47SJ0 -248 

623.77 417.10 40.14 +4J11 

45860 454 JS J5&41 -764 

294.01 27363 ^ 7 5- W +325 


Mansan 

Compaq s 

Pg&Co 

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WPsEi 

tltonT 

C4C00 0 

PIUMCrs 

Unisys 

WwreCppl 

Gen Elec s 

■iffllOffSol 

Trawnts 

BojCc 

Botinas 


Nasdaq 

DIMS 
Noil Kk n 
Ascma 


44963 44367 


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ffiffiA. 

PPTVafi 11 

a sea 


48763 645.10 40763 +467 


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Daw Jones Bond 

20 Bauch 
lOUtimies 
10 Industriab 


aw op. 

1043)6 +OJO 

10IJ8 +0.05 

10634 411)2 


vet mt 
40477 39 ift 
58547 75ft 
53407 40 'j 
52373 4T1 
50773 77-4 
47815 19| 
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39672 17ft 
38039 IS)-* 
34914 481+ 
33784 24ft 
33717 39ft 
32058 43ft 
31775 SS’l 


v*- Wrt 

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81213 37ft 
8Z»1 26+4 
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75858 51ft 
6751) 7ft 
65250 15ft 
43061 37ft 
42840 78 
40257 38Vi 
51240 12V| 
S0B8O 9 re, 
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48824 74H 


39091 Wft 
23549 ft 
230*7 N 
14731 Sft 
14830 1T6 

10712 ft 

!tTi flR 
as 25. 


Lw Lan 

74>. 37 

U 34- 
7ft 7ft 
41 61ft 

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lift 74ft 
37 37ft 
57ft 5Bi * 
54 Sift 


Till 93 
22ft 23ft 
3S^ 36ft 
7<W» 25ft 
J3N 24'* 
50 51N 
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14 14 

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25 2/n-. 
37ft 37ft 
10ft II 
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29ft 33ft 
72ft 73ft 


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31 N Jlft 


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Trading Activity 


ft 7*5 NYSE 


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NewHVa 
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Advanced 
Deemed 
Unchangad 
Trim asm 

ssts? 


1771 1377 

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544 529 

3404 3407 

213 716 

9 13 


346 324 

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Nasdaq 

Admud 

Deemed 

MS 

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Market Sales 


NYSE 

Amex 

Nasdaq 

inmSBons. 


1858 2007 

1524 2140 

20H 1534 

5417 5771 

157 301 

39 38 


S06.1S 62560 

39-58 40.37 

621.19 73266 


Dividends 

Canqumy 


Par Ant Roc Pay Canpmy 


Per Aort Rec Pay 


IRREGULAR 

AARP Bel SIX Bd _ ,\7 9-25 9-30 

AARPGwttilnca 9-2S 9-30' 

AARP US Sick in _ .07 9-25 9J0 

Crescent RE Eqtil . 38 10-16 iw 

STOCK SPLIT 
Cedar Fair Lo 2 lor infit 
M Mutt Sua 8k 3 farTwffl. 
Hodsonarartto 3 For2»B. 

Rhw.Btehre 3 te 2 spH. 

Squttiwast Ahfenes 3 lor 2 split. 

TeMronix Inc 3 for 2 spflt. 

West Coast Bflcp3far2spHt. 

rroac 

10-7 10-21 
INCREASED 

0 -T65 10-17 IM? 
Q A4 IMI 11-1/ 
Q .19 104 10-15 

9 -S32- 10 

Q .1810-10 ID-31 


INtTIAL 

Bwwme Bncshra _ .0425 10-3 IO-21 

Int er-Tel In c n_ . .01 12-31 l-is 

Sauttnwost Alrfineo _ J)i jj-12 11-26 

REGULAR 

□ JO 10-31 11-15 


Inter-Tel Inc 


CkHcorlne 
Cedar Fair LP 
Hudson Chart Bcp 
Stanwood Lodging 
Tdaronhinc 


LIQUIDATING 

Resaigenae Praps _ 225 10-7 IQ -16 


Aetna Inc 
Boston Edison 

Cqpt^Bcp Miami 
Century FndCp 
EquiteWe Iowa 
FutCKzeosCp 
Good mark Foods 
HdiKock Pat PM 
Holly Cp 

MawnovttiREiT, 

PR Cement 
Price TRaweBal 
Ralston Puring 
Reckson Assad 
Utd Mobil Home 
Wayne Bncn NJ 
WtartonHoiefc 

Zwetg Gut Fd A. 

ZwdgGutFdB. ... ... 

tHmnraL- b-apprsUmBte amoaot per 
stnrWApR; ffayatiie ip Cdnodtai fwdb 
BHaaalhtR iHFmtntr; s-somHemnid 


Q Al 10-10 114 
0 .13 10-4 1044 

O -0833 10-7 10-23 

Q .11 10-17 1041 
Q .165 10-10 10-23 
Q -11 9-30 10-10 
0 -06 10-15 114 
IAMOS 10-6 1041 
Q .15 10-10 10-24 
Q .13 11-17 12-15 
O .19 10-3 11-13 
M -13 7-25 7-27 

9 n 17 >2-5 

Q 4125 10-9 10-23 
0 .175 11-17 12-15 
0 05 10-15 10-24 

Q 47 10-7 10-16 
M .042 7-25 9-26 
■035 9-25 9-26 


Sept. 26, 1997 

Hijfc LE. Lsest OrjB cp-il 
Grains 

CORN (CBOT) 

WKJOOu minimum- cent per Piste: 


♦ ft 

-4 ■ 


J'/- 

+7 

♦ ft. 

♦ 'lb 


Dec 77 257 7 257. 25T r -2 

Stem Tot lot, - 1 ft 

wiayoe 271'. zr. -ift 

JulTB 775" 7 274 t 274 + .1 - 

247 24? -1 - 

248 249 

2S1 7 277 231 7 


-1 : 


17551! 

6i.:aa 

15318 

27-477 

1.793 

17.05? 

-.r 


See 98 2M’. 

DkTS 267 
Jul 97 

Est. solei 41000 Thus 5X7 
Thin open mi 314570. vp 6554 

SOYBEAN WEAL (CBOT1 
100 tons- doOorc per ton 

0*3 97 21 7 JO 214.50 71520 -4.40 22*38 

Dec 77 705 SQ 20250 207.60 -J.10 45.771 

Jon98 20180 20000 20020 -ilO 13J7B 

MorTS 197J0 194J0 177.10 -1.10 1X078 

MayTB 17»J0 19SJD 17620 -0.40 11487 

Jul 98 177.00 107JM 178.70 unch. 6130 

Bit sates 1&000 Thin sain 20CU 
Thin open hit 1 15,144 off 454 

SOYBEAN OIL (CBOT1 
60000 lbs- cents per lb 

Od77 2373 23JB 2X42 -0.02 10296 

Doc 77 24.11 2X77 2X77 «nav 54.125 

J«1 78 U3B 2195 74.17 *002 1S455 

MarPS 2447 2420 24J8 undL 0652 

May 98 24J3 2410 24.41 4JX> 5,977 

JulTB J4J7 24J5 24.42 -O10 £091 

EsL sate 1X000 Thin sates 21 146 
Thin open kit 100427. oft 813 

SOYBEANS (CBOT) 

X000 bu n4ntmum- certs per bushel 
No* 77 435ft 627V» 631ft 2ft 9&015 

Jon 98 638<n t33 635 -37, 17,135 

Mar 98 645 440ft Mlft -Ift IT 188 

May 98 653ft 649 tSlft -214 7,944 

Jut 98 440 454 458ft -2 10303 

Es». safes 33LOOO TT«n sales 40427 
Tliin open M 140434, up 2JI34 

WHEAT (CBOT) 

W»0 bu minimum- cents per bushel 

Dec 97 345ft 357 357W -8ft 61.745 

Mar 98 378 370ft 371 -8 24190 

Mgy98 384 377 377ft -7ft S4J30 

jmw 383 379 379ft -5ft 10470 

Est sales 1 xooo Thin sates 9 LSI 7 

Thin open W 10426ft up 274 

Livestock 

CATTLE <CMER> 

412000 Bn.- coils per to. 

OdW 6BJ0 67.90 48.42 *047 21151 

DocW 4840 4710 6807 +115 34119 

Fl*9B 71.15 717J 70.92 +110 IS 909 

ApiW 7172 7X65 7177 +0.12 11149 

JUOW 70 JO 7017 7047 +110 4678 

Aug 98 7010 7010 7010 *0.10 X032 

M. sales II J95 Thin sales 17 J37 
Tlun open ini 9X801. ofl U37 


Lpk Loast Stge OpM 

ORANGE JUICE (NCTHJ 

IWKty-aErspea. 

hto.9T 7X6C XSS TS3Z -055 78838 

Jsr.TJ 76+g 7 ASS TLIS -CIS 11029 

V-93 7715 TX9C -OA9 4784 

Meyre r.f. 8057 875C 4^4C 1505 

Esi 5«S N.A. 71*r» « 3U 

Thin sper, irt 31794 ip 1 ^30 

Metals 

GOLD (NCMX) 

I X cry c.- 5a3sn per tsy cz. 

5ep 97 E6JC -C40 46 

3G77 32750 SS37 S490 <L50 *382 

Scv«7 3+75C -050 

Dec 97 329JO 3=?50 JS7.00 -CJC l!tt931 

Feb 78 321. 1C 32950 33C.4C -070 14018 

Apr 93 33X20 3J1JJ 33120 -179 5568 

jun 98 X3433 33X30 3U20 -0JQ 8.704 

Aujj®8 3+429 -080 4587 

0cf98 33810 -080 350 

Est soles 37,000 Thin soles 7X804 
Tturs open int 202174 up 3.216 

HI MADE COPPER (NCMX) 

25100 Ebs.- ants per lb. 

OcJ97 94.10 7X35 7190 +015 3JB2 

Hay 77 7SJ0 74J0 74J0 +4U5 1547 

DK 77 7550 9430 7530 *045 

Jon 78 7570 9480 73J1 *050 

Feb 98 9X45 9500 9545 +010 

Mar 78 7550 7470 9i40 *015 

£ W 9550 9530 9515 *010 

98 75 JO 9500 95L30 undu 

JW19B 9510 95.10 9510 urxJv 

Est sales 9.000 Thm sates 1 1.720 
nun open to 51194 up 1 J42 


1/347 

1.075 

4745 

901 

X425 

866 


FEEDER CATTLE (CMERJ 
50000 Bn- cents per to. 

Oe197 7945 7880 7087 +005 4756 

9005 W-12 *0.10 4031 

Jpn» 8115 8090 81 JJ 0 *OS0 1347 

80.70 BOM 80 67 + 012 1,739 

Apf» 80.90 8045 8165 *110 623 

May 98 8160 8110 8160 *150 463 

EtL sales 13/2 Thu's sdes 1960 
Thin open ini 14501 off 673 

HOCS-Uoa {CMERJ 
40680 Ik- cento par to. 

Od97 49.75 6812 6915 4167 10073 

0X97 MM 65.15 6560 -117 18963 

6500 6425 6457 -105 4187 

Apr 78 61 JO 60.90 60.97 -060 1,709 

Jun98 46.75 6610 6461 -042 U48 

S3, sales 46S7 Th«n sate S0» 

Ttert open H 27^57. oH 386 

PORK BELLIES (CMEHI 
-safiOT lb»- cents per to. 

Feb^ 6407 6X00 6145 -022 5109 

Mar« 6310 6100 63J0 4.20 673 

MayTB 4470 6405 6417 -0.42 103 

EftL «fcs I AHUws sues 1 163 
Thus open to 4778 up 141 

Food 


SILVER (NCMX) 

5000 hoy ot- ants par tray or. 

0097 4f8/0 +sjg 

Nw97 4S0.70 +170 

Dec 9 7 48400 47550 48X30 *3J0 

Jan 98 403.70 +170 

Mar 98 490.00 481.50 OBM +X80 

May 78 472.10 48400 47110 *1£Q 

Jul 78 496.00 49580 47580 +390 

Sep 98 -49710 47X00 499 JO +190 

E5t. soles 174100 Thm sales 16187 
Tl«n men kit 77J11 up 828 

PLATINUM 04 MEW 

<*•- Uoams per tray at 
0097 431JJ0 42510 427-70 -170 

Jan 78 422.40 417.00 <2020 -XX0 

Apr 98 <7200 40900 411.70 -0.70 

Jul 78 407.70 -0.70 

EsL sales NA. Thus sales 4650 
Thm open ini 11757. ofl 234 

LONDON METALS UME) rw,o«s 

DoUars per rneblc tan 
AWrttaatn (HlgbCrade) 

Spot 162600 162700 162400 162500 

Fonwrt 1636.00 1636ft 163600 16I7J» 

Copper Cettodes 00^ Grade) 

SjW* 2057ft 2057ft 206400 204700 

wmw 70*5.00 20B7AO 209X00 209100 

Lsoa 

657-00 65X00 64700 64800 
65300 65400 64700 65000 


HkJh- Lew LataM Qige OptnL 

10-YEAR FRENCH C0V- BONDS (MATV) 

FrSDtLOOO-pbellOOpet 

Dec 77 97.76 7700 97-66-022 142,10(7 

Mar 98 99.10 9908 9904—022 1930 

Est sales: 10L4H. 

Open 311:146037 rtf 5S0. 

ITALIAN GOVERNMENT BOND (LUTE 
ITL 200 nBaa - pis of 700 pd 
Dec 97 1T2L4B8 11150 11239 +0.15 12X22T 
Mar 98 N.T. NX 11X27 +OJ5 124401 

EsLcdfes: 39006. Prw.sataE 4X8S2 
Pra*. open inL: 124401 «p 518 

LIBOR I -MONTH (CMERJ 
53 mflBon- pb of 100 pd. 

0097 9436 9435 9436 KKb. 29044 

No* 97 9432 9431 7632 tmdv 30697 

Dec 97 9416 9415 9415 unch. 5545 

Bl. sate 1851 Thin sales SU9 
Thin open bit 72J0X up 1,273 

EURODOLLARS (CMEEJ 

JI nflton-pls of 100 pcL 

OU77 9425 9424 9424 undi. 24212 

iHI J 416 S 417 Uncn - 592900 

M«98 9412 9408 74T1 +OJQ 4C047B 

JUU98 7403 9199 9401 -OjDI 3200Z7 

SepTS 7X94 9187 7192 *002 240566 

Dec 98 7X83 93J8 9381 +402 210781 

Mar 99 7381 9177 9XB0 *003 140271 

JUI197 93J7 9X73 9X75 +OXQ 1T&196 

SwW 9173 9370 9172 +003 7X162 

Dec99 9166 9X64 9X65 +003 8455S 

Mar 00 9X67 9164 9165 +003 71800 

JunOO 9X64 7161 9362 +003 57736 

E*L tales 304962 Thus sales 507022 
Tim open M 147L280 up 35537 


Hgh Law -Letut Chga OpU 

DecVB 9524 . 9519- 9SJI- UoA -41773 
Esl sorts 46^4 Pmr, sorts 80297 
PiKopwloL: 4MA26 op 1 XS« 

Industrials 

COTTON 2 weno 
50000 taft-omits per II _ . 

Ot*97 71 J5 6930 7054 -1J6 791 

Dec 97 7X48 72.90 7X24 05) 47495 

Mar 98 7420 74LS 7440 -045 14920 

K S 7520 7480 7509 -038 4589 

7585 75J0 7563 -047 4212 

Est sales NJL Thus sorts 7633 
Thm open to 84361, afl 187 . 

HEATING OIL tNMER) 


51977 

22 

11295 

1267 

X365 

647 


49B9 

4098 

667 

3 


FSvrard 

Nickel 

Tie 


664500 665540 636540 637500 
674040 6754140 644040 647040 


SR ” “00.“ 861040 563040 564040 

S665JM 565540 567540 568040 

Uto (Special Him Grade) 

S” L„, }«S» 168040 168540 

WB40 14)940 143840 143940 

Higti lh ook digs Optra 


Stock Tables Explained 

!rtnnHiBCttlie preukwa£3 weeks pha the cunad 
iweCT.Piitn488wtaleslfeodtafl day. Where g^StBratodt dMdend ranounSig1o25 percent or irure 
hmnow paid range nnddvtttand ore srtarri torltie new sMdanriV.Unlgg 

oflwiiw noted raits at dtridends are annual dis&uisementi based on trie WestdectoraUoa 
5 JflT" 1 °E£ od,ra (s) -^ ' “ nnutl1 ** 01 «W«nd PtW slock dhrldend e - Uquiaaltna 

• -dwlda nii dedtmd or paid In preceding 12 months. 1 * annual rata. Increased an last 
dedanitiaiLg - OMdend In Canadhmfvnd* subject to 15% nan-resktanaftne. I ■ dividend 
d^radofter spHt^ip or stock iMdemL | - dbidraid paid this year, ornftted, deferred, or no 
oawn ™"" P* dMitand meeting, k - dvldend declared or paid this year, an 
occwnwtmve Issue wtti dWMemta kiorrwm.ni -annum rate, reduced on last dedomhan, 
n - iwwbBue in the post 52 eraekt The Mgh-iow renga begins wflh the start of trading, 
rt-nodday ttanwry. p- inKat dividend annual rate unknown. P/E - price-earnings ratio. 
0* dased-ettd mutual Hind, r- dividend dedo red or paid In precedbtg 12 months, plus stock 
dhrtWfld. s • s»dc spflf. OMdend begins wbh date of spdt. sb - sales, t - dvlttond paid in 
stock in preceding 12 months, estimated cash wtue on ex-dMdend arejwfistrlbutlon data. 
u-mw^rtyMgh, v- traesng MDed id -In baiAraptororracehrenlilparbeing reatganlied 

underthe Bankruptcy Aavseirariftas assumed by such companies, std- wtiendWributed 
W - «fl»i louedl mr . with warrants, i . ex-AMend or ex-rights. Ms - e*dlsMbu«an, 
ni - without wwnmts. y- a-tUvidend and sales bi hriL ytd - vMd x - sales In tuQ. 


COCOA (NC3E3 




10 metric (BH- Sper ton 



Dec 97 

1599 

1560 

1558 

■35 

Mar9fl 

1723 

1594 

1700 

-31 

MayM 

1741 

1720 

1720 

-31 

Jul 98 

1757 

1739 

17J9 

-31 

Sep 98 

1773 

1756 

1756 

-21 

Dec M 

1788 

1771 

1771 

-32 


■n muum hum i Din wn vunu 

Ttar* open M 104496, oH 762 

COFFEE CfflCSE] 

37400 bs.- conk perlb. 

Dec 97 16740 16435 16560 -4L40 
Mar" 1 S&2 15*« Urth. 

MayM. 15040 14740 148.75 unch. 

JutM 16540 14340 14X50 unch. 

5*9 98 13945 13845 138.35 undi 

Ert. sates 1785 Tim tales 6^294 
Thus upon tat 13402. up 185 

SUSARWORLD II (NCSEJ 
1 1 2400 ta- am perm. 

Od97 10.91 1045 1049 *438 

Mor« 1146 1137 1145 +412 

May9B 1162 1IJ6 1162 +049 

Jul 78 1148 1143 1141 +047 

Ell. tarts 14460 Thus sake 48,947 

Thus open to 167319. mi 3305 


6459 


1X797 

6027 

1357 

1J92 

SB3 


18433 

89,111 

2X499 

W7I 


■ TmuBSS™" 

51mH loft- ptiot tog pd 

KE t*- 99 UBdl *' 900 

»'S 94.98 +032 L977 

JW19B 0430 9438 0489 unch. las 

Esi- sort* 427 thm sides 404 
Thus open H 7,952 up 207 

!.mJ 2 Easury < CB07 5 

V2W 0 MjvPta 1 M»b ol 100 pd 

Dec97 W-36 101-30 107-30 +13 237,558 

Mt#1 64,924 

Hurt open tat 231691, up 4 
1?V“T»WSMRY(CB0T1 

griwarwr-.*. 

*tar W HMD 11040 11040 + 10 1X166 
109-33 +10 1 

Mt-rtlei 8 ) 4 87 Thus sates 97335 

open |nj 391 J71 on 53X4 
OS TREASURY BONDS (CBOT) 

Thus open Ini 67X7tia oH 1448 

WRgWLTCUFrat 

Sf' 'IKflSa'SB u, 

Dee97 719-37 118-25 119-18 +1-H lBAOT 
Est. rttsy. 18X232. Pm uiles: 116592 
Piw. open m.: 186,212 up 8 , 67 + 

SSSftM'COV. BUND (UFTO 
“USWOO-ptyofloOpd 

NtoW mm IS?-** ,W -W ~«4 27X476 
Mlfe9B 10X00 101,94 10X01 —003 44M 

Sr 

Prt*. open tat; 282,940 on 7390 


BRITON POUND (CMER) 

TJ9^ji<)28 -3200 2X739 
Marw 16010 1J920 1J964 -.0200 238 

JW1T8 13904 -3198 27 

E*4. sales M77 Thirs nriet 1A565 
Thvs open to 394XMI up 293 

WNAD lANDOU-AR (CMER) 
lWWW doflarc, S pa- Cifct Or 
E**™ "SSi ■ n ** -725246012 44774 

-7297 .7277 3285460)2 1640 

Jun99 .7312 .7300 33U46012 422 

EM. sales 5384 Unrs nfn B.991 
Thus open tat 4X964101 342 

GERMAN MARK (CMER} 

1 2X000 nnikto Sper rask 
5 “S -S3 Jm -5711+46002 57,994 

MprW 3750 3732 J742+0600Z 2323 

6772+06002 2613 
sates a7B3 Tturs sales 20674 

Thire open fait 6X93X up 1681 

JAPANKE YEN (CMER) 

1X5 mOton m S per 100 yen 
2SS2 xxa -833946028 7X803 

M*» 6484 6450 64M4.0I6H 792 

656346028 165 

OP** ’I 1 ?? T7nrs «*» 20200 

Thirs open Int 74761, off 218 
XE^WWCtCMER) 

MMW J032 JOOO -7000 -00005 1,215 

Jur,g * 708746005 175 

T 5?S'n»W staes 10872 
Thin open tat 39.73X up 10380 

MgOCAH PESO (CMER) 

Dec 97 P 3XU5^|z^ 0 .l2<1 5+460035 23638 
?*£ -IIS? -llWO+60^ IUW 

Jun98 .11625 .11605 .11620+60071 UB2 

EM. sates 2413 ■ Ttsn sata U04 
Thus Open tat 35659, off 364 

SJERUNC (UFTO 
£50X000 - pts of 100 per 

S- 54 nJ * UnclL 127679 
MorM OUt W_53 9X54 -061 106744 

Jin' 98 9X74 9X61 9242 +4161 8X50 

52LE 25 ^ 44173 

Dec* WJ» not 9102 -f&M 6X905 

MarW «62 9116 9123 +0.19 64633 

Jun99 9360 9360 9360 +42S 4X1S* 

Est. sorts: mm Pwe. sales: 116739 
Pm. open toj 640732 up 1636 


Dd97 3830 56TC 57J92 +161 2160 

Nov 97 59 JO 5695 5X87 +V50 4L4X 

Dee 97 5960 5760 SfST +160 267E 

Jon 98 60 JS 5B35 6062 +1JS 2T6X 

Pee 98 60.15 sbjo ran +ijd 12 J# 

Mar 98 5965 5750 99.17 +160 &8K 

Apr 98 5X00 5650 57J7 +4LB0 4541 

Est sorts NA Thirs aata»6IJB6 
Ttars open tat 151609, Up 1,192 

U4SHT SWEET CRUDE 04 MEW 
UOObbL- ratal per bbi. 

Jfau97 70.92 20 JO 2067 +048 97611 

Dec97 2X92 2035 2068 +X42 65955 

Jpn 78 2X88 2X38 3064 +X38 3X801 

R*98 2079 7036 2078 +434 1X314 

Mw 98 2073 2035 2073 +461 10974 

Apr*8 2068. .2062 2068 +068 8921 

Est sales HA. Thus sata) 11X650 
Th« open Irt 382645 off 798 

NATURAL CAS (NMER) 

1X000 am HuY, Sper aw Mu 

No»97 3680 ±230 1270 4667 56957 

Dec 97 1500 1280 3310 4616 38983 

MSf 1250 3270 ■ Cax 

fthW 2.980 2620 1900 unch. 1X8M 

Mar 9* 2650 1530 2690 undL 12631 

Apr 98 2615 1300 2670 undL 7697 

Est sales NA Thus sates 124669 
Thm open EM 24890X off 426 

UNLEADED GASOLINE (NMER) 

4MOO gaLcwls per nol 
0097 6150 5890 57 J4 +2J» 13667 

N»W 5960 57641 5968 +163 3tM 

D«»7 5975 5775 59.15 +166 1X427 

JmM W.15 5760 59.15 +1-55 14619 

FehW 5965 5860 5965 +165 63 M 

Morn 6X10 +1J5 U17 

Apr 98 6X80 6X10 6X80 +175 4.349 

May 98 6265 +170 2615 

ESL sales HA Tim sorts 3X51 5 
Hurt apea M Ml, 77% off X200 

GASOIL OPE) 

UJL deOwsper meric tan - tab ef 100 tons 
OcJ97 17175 17X00 17X25 +073 2L«I 

NOV 97 175 JO 17375 I75JJ +1JM 16687 

Dec 97 177.00 17575 17740 *1-50 16 MH 

Jan 98 17875 17X75 178-50 +1J0 12614 

FeO 98 N.T. N.T. 17X75 +1J® 7J93 

MBT98 17X00 17640 77740 +175 4616 

A|»98 N.T. N-T. T7SJS +140 26X1 

Esi sales; 16618. Piw. arts : 11J88 
PICT, open tab 91600 off 1JW 

Stock Indexes 

Jff COMP INDEX (CMERJ 

DeC 97 95X40 947 J0 9SL70 +77018X175 

Mar 98 966^1 961 JO 964.10 +7 Ja 

Jon 98 96743 unS ^ 

EcL etaes HA Hws sorts 5X572 
Ybire open tat 1924BX up 1664 

PTSE lelCUFFE} 


j97 

Mar 98 


3-MONTH EUROMARX (UFTO 
DMirnffiton-otacMOOpd 

Oct 97 9860 9X60 9660 -X02 

Dec 97 - - - 

Mar 98 
Jun98 
Sop 99 
Dec 98 
Mar 99 

JunT? 

Sip 99 __ 

DrtW 9X99 9X97 9498 -X03 5X791 
U.salex WXM9, Pree-iortC 21X898 
Prev. open taL: 1691400 up 14665 

3-MOtJTH PI BOR (MATIF) 

n=$mnian-prtari00pcl 

D«w 9X41 9X38 *MQ- 
Mar99 9X19 9X15 9X17- 
AmW 95.97 95.93 «.«. 

98 9560 9576 9SJV- 

DecfS 9564 9U0 9&U- 
EsL sarth 51997. 

Open 213668 up X 149, 

sraKgaas" 

iitfSiiM 


X3B4 

9X43 9X40 9X12 -042 284659 
9X21 9X17 9X18 -4JB 297 JX 
9X97 9593 9595 -043 241421 
95J8 9575 9SJ6 -0JJ3 14*772 
9359 95.54 VS57 -002 155529 
9539 9560 -X03 15X283 
KJ7 9525 9SL2S -0J3 7X584 
VS.1S 9511 9512 -003 5X858 


•002 37.1 SI 
-003 3X89S 

■Mf 

-005 2X253 

■cub gsg 


».sartc 1X010. Prev. sata»: xoio 

Prev-apeataLi 6X550 up 552 

CAC49 (MAT1P5 

TOWpwMdttpota! 

rSSS 297151 299M— nj tv™, 
WU 29796 299X0 -11 j SjS 
Nov97 3012J3 2995 0 300X0 — lie '-S 

2*2 aMMwSo.MrS-BJ 

M»98 ai35JI 3027J0 303X0-1X0 
Est tdee: 59 J73 
DpentaL: 89^71 up X751. 

Commottity Indexes 
m-a. Piwto w 

H 

CRB 25X73 m2M 


Srr our 

EjxteHflinmmt 

every Wedneaday 
in Thr Intrmwrkn 


\ 






INTERNATIONAL HERALD TRIBUNE, SATURDAT-SUNDAS^ SEPTEMBER 27-28, 1997 


PAGE 13. 


EUROPE 


■88^# 


lleying Over Vodka 

sia and Georgia Duel on Trade 


5 s ? 

f SsSSfei : 


~ 


By Edmund L. Andrews 

.. : . Ne»‘ York Tones Service 

VEJfcKHNY LARS CHECK- 
POINT. Georgia — Eldar Poro- 
lasbvifi has been stranded here on 
the holder between Georgia and 
Russia since mid-July, sleeping in a 
{mck with several ions of raw al- 
cohol for making vodka. 

Russia will nor let him cross the 
border. The Georgian port where he 
pickuf ap his load will not let him 
lake it back. And Mr. Porolashvili, 
who will not be paid until be. de- 
livers, does not have enough money 
or gasoline to go back anyway. 

He is not alone. At least 100 other 
t/uckecs are stuck in this narrow 
canyon, caught in the middle of a 




~L- r laa jSfl 1 

:.V: V* 

; .Vi.?* ‘*K*»*ii 

y-iii: 

T ""n II 


feud between . Russia and Georgia 
over vodka and money. 

"We play cards, and sometimes 
dominoes,’ 1 Mr. Porolashvili said. "I 
just brought some bead and cheese 
from the store about two kilometers 
away. We don’t have the money to 
pay, but they give us credit.” 

Behind the gridlock is a political 
battle dial highlights the difficult 
relations between Russia and the 
other former Soviet republics. Geor- 
gia and other republics still depend 
on Russia for trade and military help. 
But the countries also view one an- 
other with mistrust and suspicion. 

In July. Russian border guards 


began to enforce a new law restrict- 
ing alcohol imports. Officials say 
they were alarmed by decli nin g 

sales of authorized vodka and by the 
death rale from alcohol poisoning. 

President Boris Yeltsin of R ussia. 
who is counting on Russian vodka to 
generate about 5 percent of his gov- 
ernment's revenue, has vowed to 
block imports of raw ethanol, which 
Russian bootleggers mix with water 
to make cheap vodka substitutes. 

But President Eduard Shevard- 
nadze of Georgia wants to re-es- 
tablish his country as the center of a 
new "Silk Route” for traders be- 
tween Europe and Asia, and alcohol 
has been a Dig source of traffic along 
the route. Until July, when the bar- 
riers went up. about 800 trucks a 
month were carrying spirits from 
Georgia's main port on the Black 
Sea to Russian distilleries. 

Russia's tax revenues have 
slumped 45 percent this year, to 
about $85 million, the government 
says. Russian distilleries that make 
raw alcohol are operating at about 
45 percent of capacity. But unau- 
thorized producers of moonshine 
have been thriving. 

“If people spend their money on 
vodka, the money should go to the 
Treasury and not to swindlers,’ ’ Mr. 
Yeltsin said. “Wc have resolutely 
determined to rum off the tap of 
spirits smuggling.” 




Ian Hfl/n* No* Tort TW» 

A truck driver playing backgammon to pass time as his vehicle 
remained stranded on the border between Russia and Georgia. 


Georgia does not itself produce 
alcohol. But it is the main entry 
point for alcohol that is exported to 
Russia from Europe, the United 
States and Canada. 

Mr. Shevardnadze, who was once 
the Soviet Union’s foreign minister, 
has set out to transform Georgia into 
an economic corridor to Asia. Ship- 
ping raw alcohol to Russia fits 
squarely within this plan, Georgian 
officials say. 

“We are a transit state, and as a 
transit state we are obligated to ac- 
cept goods that are shipped with 

K r documentation, said 

til Ukleba, Georgia's deputy 
foreign minister. “Alcohol is not a 
banned good, like munitions or 
weapons or narcotics.” 


Thus far, negotiations between 
the two countries have failed to pro- 
duce any c om pr o mise. In a show of 
pique, Mr. Shevardnadze refused to 
come to Moscow’s huge 850th an- 
niversary celebration this month. 

Because of treacherous mountain 
terrain and small-scale civil wars 
raging elsewhere, there are no al- 
ternative land roures from Georgia 
to Russia. When winter arrives, even 
this passage will be treacherous — 
and far too cold to live in trucks. 

However absurd it seems to simply 
camp out here, truckers who remain 
figure this is their best bet Faced with 
the choice between no-nay if they 
dump their loads and go home or the 




* Czech Beer Brawl Pits Bass Against Nomura 


' ? ea ' Estate 
■or Rent 


- : *'£2 rraisa 






By Peter S. Greek 

Iniemanonal Herald Tribune 

PRAGUE — Japanese financiers 
and British brewers are waging a 
battle over, the future of the Czech 
beer industry that could determine 
who controls one . of the country’s 
most important markets and <me of its 
most lucrative exports. 

Both Bass International Brewers 
Ltd. and the Japanese-controlled 
Czech bank Invesricni & Postovni 
Banka AS say they are bidding for 
one another’s stakes in Pivovar 
Radegast, one of the country 's most 
rapidly growing brewers. 

The outcome of die battle could 
radically reshape the Czech beer mar- 
ket The country ranks No. 1 in per- 

iS*niillionhe^^o® l ( j ^S , S? 


lion gallons) of beer a year, about 10 
percent of which is exported. 

Czech authorities have worked to 


market and to protect a weakened 
local industry that they call part of 
“the family silver.” They have 
fought to keep Anheuser Bosch Cos. 
of the United States, makers of Bud- 
weiser beer, from buying Bude- 
jovkke Budvar. 

Invesricni Bank, which is soon to 
be bought by the Japanese invest- 
ment bank Nomura International 
PLQ wants to merge Radegast with 
die .country’s largest brewer, 
Plzensky frazdroj AS, makers of the 
world-famous Pilsner Urquell beer. 

Bass warns Radegast for itself and 
argues that the Japanese-controlled 
bank’s plan to merge Radegast with 
Plzensky would create a giant whose 


40 percent market share would 
squeeze out Bass's own Czech brew- 
eries and most of the country’s small 
breweries. Analysts say it would also 
make a tempting target for sale to a 
major work! brewer. 

Bass’s director for Czech oper- 
ations, Graham Staley, says Plzensky 
and Radegast would have the mar- 
keting and financial muscle to grab as 
much as 70 percent of the market He 
has asked the Czech antitrust office to 
block the merger. Bass, meanwhile, 
will try to use its one- third stake in 
Radegast to block the transaction. 

Adding Radegast to Bass’s stakes 
in other Czech breweries would give 
the British company about 29 per- 
cent of the market, Mr. Staley said, 
and allow Invesricni to resume its 
now-discarded plan to buy another 
regional brewer, Jihoceske Pivovary , 


and hold a similar market share. 

Invesricni, Nomura and allied in- 
vestment hinds already control 
55-55 percent of Radegast and 65.83 
percent of Plzensky, and Mr. Staley 
said Invesricni was already running 
the two breweries as one. 

An Invesricni spokesman said the 
bank’s majority holders had no in- 
terest in expanding domestic maricet 
share above 40 percent. The company 
denies it plans to sell to a foreign 
company. But Bass executives and 
some analysts say Invesricni and 
Nomura are deariy plannmg to sell the 
merged company. Neither Nomura 
nor Investicm has any successful ex- 
perience as an industr ial manag er in 
the Czech Republic, and the combined 
comp&iy would command a signif- 
icant premium to the mark et value of 
the two separate companies. 


Russia to Let 
More Cash 
Leave Nation 


Bloomberg Sen s 

MOSCOW — The central bank 
said Friday it would increase the 
amount of foreign currency that cit- 
izens could take out of the country. 

The new provision gives Russian 
citizens the right to send as much as 
52,000 a day abroad. Previously, they 
were allowed to take just S500 when 
traveling. Still, limits on imp orting 
and exporting money re main, having 
Russia with some distance to go be- 
fore the ruble could be described as 
fully convertible, analysts said. 

* ’This is trying to convince those 
Russians who have spirited their 
money abroad that it’s safe to bring 
the money back because it should be 
easier to take it out again in future if 
necessary,” said Charlie Robertson, 
a Russia analyst at the London- 
based consulting company HSfe 
Ltd. ’*This is a far cry from capital- 
account convertibility, though.” 

Currencies are considered frilly 
convertible when citizens and busi- 
nesses are free to import and export 
as much money as they want Rus- 
sian businesses, for example, have 
to demonstrate that any funds they 
send abroad are to pay for an import 
or for a legitimate business expense, 
such as opening an office in another 
country. 

The new rules still restrict indi- 
viduals. Transfers abroad for invest- 
ment, business and buying real es- 
tate must still meet with the approval 
of the central bank. On Monday, 
Russia said it would ban the use of 
hard cun-ency in cash and credit-card 
transactions in the country as of Nov. 
1 to try to increase use of the ruble. 

K umiham Shigehara, the deputy 
secretary-general of the Organiza- 
tion far Economic Cooperation and 
Development, is due to arrive in 
Moscow early next month for two 
days of talks on Russia's plan to 
become a full member of the or- 
ganization. It is now an associate 
member of the group. 

Russia's central hank has been 
setting the official ruble exchange 
rate since May 1 996, based on a band 
called the “ruble corridor.” The 
ruble corridor for 1997 is between 
5,500 and 6,100 rubles to the dollar. 
On Jan. 1, the official band will 
become 5,750 to 6,350 currem rubles 
to the dollar for 1998, although die 
country plans to knock three zeros 
off the exchange rate then. 


F r ankf u rt 

DAX 

4500 ■ ■ 

4250 f 
4000 • / 

3750 - jjr 
3500 f* - - 

«<Vj j 

1997 

E xdwHjr 


London 
FTSE 100 Index 

5200 i 

5000 

4800 Af' 

4600 - W/V 
4400 / - 

4200 A M J J A S 
1997 


CAC40 

3250 

3100 

2950 

2800 . 
2500 V.. 


T*l i lift lie 

traoKEun 

Copenhagen 

HaJainJd 

Oak> 

London 

■-»- m * m 

inarm 


Parte 

Stockholm 

gWMl 

Zurich 

Source: Tefekues 


ASX ‘ 

8EL-2Q 

PAX 

~StpticMtaritei 
HEX General : 

Q8X • 

Vrseiw' ' 
Stock Exchange 
MJBTH. 

CAC40 ■ 

SX 16 

ATX 

SR 


JAS “™AMJJAS 
1997 

FWday Prev. ' % 

Ctoee Close Change 
mas . 904.51 +ai5 
2,416-66 2,390.29 +1.10 
4£8Q.78 . 4.148 58 -1 .63 
637J37. 627.77 +1.53 

3,641,38 '3301.44 +1.39 
704.19 .702.75 +0.20 

53263Q . 4065.50 +3.17 
S2SL35 623.36 -10-66 

16058 - 15859 +1-32 

2£85J63 Sv OO S.38 -0.68 

3£3&66. 3,479.19 +1.65 
jU«ja 1,419.17 >0.41 
SJBSIJZ 3,623.86 +0.77 

Uicncumml Herald Tnhunc 


Very briefly; . 

• Reed Elsevier PLC said it had uncovered errors in cir- 
culation statements at its Reed Travel Group and launched an* 
investigation. The British -Dutch publishing concern will take’ 
a charge against its 1997 profit to compensate advertisers of. 
the affected publications. 

• Lufthansa AG said the federal cartel office had ended an- 
examination of charges that the airline had tried to hinder 
competition with its Miles & More frequent-flyer program. • 

• Carlsberg AS wifi open a brewery in Croatia with an annual ' 
capacity of 50 million liters ( 1 3 million gallons) in cooperation' 
with its partly owned local brewer, Panonska Pivovara. 

•Spain’s cabinet approved a 1998 budget bill designed lo. 
narrow the country’s deficit to 2.4 percent of gross domestic 
prod net, increase growth and guarantee Spain a role in the' 
planned European single currency at its beginning. 

• British Airways PLC agreed to sell its aircraft wheels and 
brakes business to AlfiedSignal Aerospace, a unit of AI- 
liedSignal Inc. of die United States. Terms were not disclosed. 

• Scania AB, a Swedish bus and truck manufacturer, said it. 
would aim to play a leading role In the European bus market- 
after the opening of a bus production site in France. 

• Tanzania's president, Benjamin Mkapa. fired the general 
manager of die state-run Sugar Development Corp. after an. 
audit report held the manager accountable for wrongdoing that 
led to losses of 2.8 billion shillings ($4.6 million). 

• Worms & Cie-’s shares rose 8.89 percent to 427.90 French’ 
francs ($71.78), oa their first day of trading, surpassing the 
410 francs a share offered in an unsolicited $4.8 billion 
takeover bid by Artemis S A. 

• Solldere, Lebanon’s biggest company, which is leading a' 
multibillion-dollar reconstruction drive in Beirut decided to 
open up its shares to foreign investors. 

Reiners, AFX. AFP, Bloomberg 

































































































































INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDAV, SEPTEMBER 27-28, 1997 


PAGE 15 


ASIA/R4CIFIC 


Banks to Force Kia 
Into Receivership 

Court to Manage Failed Group 


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SEOUL — Creditors of Kia 
Group agreed Friday to put the auto- 
motive concern in court receiver- 
ship before trying to salvage part of 
it or selling it off. the head of a 
leading creditor bank said. 

Kirs creditors gave ihc conglom- 
erate's executives 10 days to hand 
over management of the company to 
a court in what would be the largest 
bankruptcy in South Korean history. 

Creditors said Kia would also 
have to lay off some of its 60.000 
workers, prompting unions to call 
for a walkout. 

About 15,000 workers from Kia 
Motors Co. are expected to strike 
Saturday, a union spokesman said. 
The decision lo walk out was made at 
an emergency meeting of union rep- 
resentatives, the spokesman said. 

“We will watch the situation be- 
fore deciding whether to continue 
the strike on Monday," he said. 

TheMunhwu Ubo newspaper said 
workers at* 17,000 Kia subcontract- 
ors would go on strike Monday to 
protest the move by the creditors. 

The decision, reached at a meet- 
ing of the heads of Kia's 15 main 
creditors, followed weeks of brink- 
manship between the country's 
eighth-jargest industrial group and 
its bankers, who are exposed to its 
S 10 billion of debt. 

"This is the best way to save 
Kia,” said Yoo Shi Yul, president of 
Korea First Back, Kia's main cred- 
itor. He said representatives of more 
than 140 of Kia’s creditors were 
expected to meet Monday to com- 
plete die agreement 

Mr. Yoo said court receivership 
would be more beneficial to Kia than 
rescheduling its debt because, under 
debt rescheduling, creditors could 
not provide additional funds, and die 
danger of Kia’s subcontractors go- 
ing bankrupt would be greater. 

“Should Kia be placed under 
court receivership, creditors could 
fhnnel lifeline loans on condition that 
the labor union submit a written 
agreement on downsizing,’' he said. 

A two-month grace period to 
freeze Kia's debts will expire Mon- 
day. Mr. Yoo said Kia would not go 
bankrupt immediately after that be- 
cause the courts would freeze its 
debts temporarily. On Friday, a pro- 
vincial courtfroze debts of Asia Mo- 
tors Co., Kia's truckmaking unit 

Mr. Yoo said major creditors had 


agreed to allow individual lenders to 
decide whether to support Kia Mo- 
tors if it opted not to .suck court 
receivership. The special court pro- 
tection requires endorsements from 
three-quarters of the creditors, who 
have recently asked top Kia exec- 
utives to step down. 

Mr. Yoo added that Kia's labor 
union would have to agree to major 
layoffs to put the group in court 
receivership. But he said thousands 
of Kia contractors would avoid 
bankruptcy if the company were 
placed in feceivership. 

Kia Motors alone has debt of 8.5 
trillion won (59.29 billion), includ- 
ing some it has guaranteed for other 
Kju subsidiaries. 

Kia. which also asked a court Fri- 
day to take over two subsidiaries it 
said it could not bail out, is (he latest 
in a string of South Korean industrial 
groups, or chaebol, to run into trou- 
ble because of mounting debt and 
the country's slowing economy. 

On Friday, Korea's benchmark 
*tock index tumbled 1 .35 percent, to 
close at 65S.8I points, ana the shares 
of Kia Motors, Asia Motors and Kia 
Motor Sales Co. all fell by their 8 
percent daily limit. Many investors 
are concerned that Kia’s troubles 
will spread to other companies. 

By putting the ball into Kia’s 
court, bankers aim to push the group 
into bankruptcy proceedings with- 
out being perceived as the villains, 
enabling them to recoup some of 
their money. 

{ Reuters . AFP. Bloomberg) 
■ Country's Growth to Be Cut 

Kia’s bankruptcy will reduce 
Korea's economic growth rate by 
about one percentage point, bring- 
ing it down to an estimated 5 percent 
this year, compared with 7 percent 
last year, Bloomberg News report- 
ed. quoting a Daewoo Economic 
Research Institute report. 

Lee Jang Young, economist at 
Korea Institute of Finance, said the 
initial impact of Kia's bankruptcy 
would be large. The group, he said, 
could not be saved in its present 
form. 

' ‘That seems to be the only way to 
save the banks as well as the coun- 
try's credibility." Mr. Lee said. If 
Kia’s creditors agree to freeze Kia's 
debt; that will raise South Korean 
banks' ratio of bad loans to 7 percent 
from 5.5 percent of their total loans. 


Financier Lifts Jardine Stake 

Li Ka-shing Now Holds 4% of Huge Hong Kong Firm 


C.-I l» I frf r top; f I.wa ill- iul n ■ 

HONG KONG — Li Ka-shing, the billionaire 
properly developer, raised his stake in Jardine Math- 
eson Holdings Lid. to 4 percent, increasing his lever- 
age over the company that symbolized British co- 
lonial rule in Hong Kong. 

The move was disclosed by Jardine on Friday. The 
company had asked shareholders to disclose their 
holdings after unusually heavy trading in Jardine 
shares. 

Mr. Li, an adviser to Beijing and a folk hero among 
Hong Kong Chinese, spent more than 550 million to 
raise his stake from 3 percent. 

A spokeswoman for Cheung Kong said the group 
had no plans to increase its stake in Jardine Maiheson. 
Jardine officials declined to comment on this. 

Neither Jardine nor Cheung Kong has made any 
statement on future cooperation between the two 
groups. Cheung Kong’s vice chairman. Victor Li, 
told reporters in early August that the share purchase 
was a friendly investment and should not he con- 
sidered a hostile move. 

Friendly or not. the latest move will give Mr. Li 
more sway over Jardine. whose origins date from 
Britain's arrival in Hong Kong in the 1840s. A decade 
ago, Mr. Li twice failed to take over Jardine's prop- 
erty arm. 

"K.S. Li may have .something up his sleeve." said 
Nam Park, an analyst at JNG Baring Securities | H.K. j 
Ltd. 

As it did in August, the disclosure of Mr. Li's 
interest sent Jardine Matheson stock higher. The 
shares, traded in Singapore, after rising as much as 7 
percent, closed Friday at 57.95, up 3 percent. 

In mid- August traders noticed “fairly heavy trad- 
ing in Jardine shares." which prompted a request to 
shareholders to report their holdings, a Jardine 
spokesman said. 

Volume in Jardine Strategic Holdings Ltd. rose 
sharply on Sept. 18. when 5.63 million shares were 
traded. The share price rose to a high of $3.92 before 
closing at $3.84. 

Mr. Li’s public backing may accelerate Jardine’s 
expansion on the mainland and pique other investors' 
interest. 

In the years leading up to Hong Kong's return to 
China. Jardine's support for democratic reform in 
Hong Kong drew fire from Beijing and impeded its 
business in China. 


Mr. Li is known as one of Hong Kong's most savvy 
traders, whose investment prowess has won him the 
nickname "Superman" in the Hone Kong press. 

But analysis have said that Mr. Li's interest in 
Jardine is more important symbolically than it is 
financially, .since if represents a break with the trad- 
ing company's colonial past. 

Mr. Li, 69. made the investments though hts main 
companies, Cheung Kong (Holdings)’ Ltd. and 
Hutchison Whampoa Ltd. 

Hutchison’s interests include property, retailing, 
ports and telecommunications. Cheung Kong is the 
territory's second-biggest developer. Jardine .Math- 
eson. which predates colonial rule, is the biggest 
trading company in Hong Kong. 

Hongkong Land is one of the biggest landlords 
and owner of 40 percent of the central business 
district. 

Those office towers — whose tenants include the 
territory 's stock exchange and stock exchange reg- 
ulators and such investment banks as SalomonBroth- 
ers and Morgan Stanley — may be the prizes Li 
wants. 

The Keswick family that controls Jardine may be 
willing to self them to finance a push into China, said 
Steven Thompson, a senior analyst with Nikko Re- 
search Center. 

■‘For the Keswick family, they probably think it’s 
now time to sell Hongkong Land's assets." Mr. 
Thompson said. 

"The only question is what price are they w tiling 
to do this?" 

Hutchison Whampoa's first-half net profit was 
virtually unchanged from the first half of 1996. at 
7.84 billion Hong Kong dollars (SI. 01 billion), 
even though operating profit doubled. Cheung 
Kong Holdings reported a 69 percent increase in 
first-half net profit, to 1 3.7S billion dollars, from a 
year earlier. 

Hongkong Land rose 2 cents to S3. 32 in Singapore. 
The companies moved their listings to Singapore 
from Hons Kong in 1995. citing a disagreement over 
takeover regulations. 

Jardine has been widely reported to be seeking 
to relist its shares in Hong Kong after getting 
assurances from Chinese officials that Beijing was 
willing to provide assistance to Jardine's busi- 
nesses’ in China. 

( Bloomberg . Reuters) 




1 Investor’s Asia l 

Hong Kong 
Hang Seng 

Singapore Tokyo 

Straits Times Nikkei 225 


17D0D- 

2200 

22000 — 

— 

"6030 - 

n 2100 r-jL- 

— 21000- -- 

— 


V 

- aooo-irt^ 

V" 

lira- -y/r 

-f 1 1900 

'-fW*- 19000 - l - 


13330--/ - 

1800 - 

— - ¥ IBOOO^- - 

¥ 

1997 

AS 1700 AM J 
1997 

J A S' 17000 A ''m“J ' J 
1997 

a” s" 

Exchange 

index 

Friday Prev. % 

dose Close Change 

Hong Kong 

Hang Seng 

14,7104)7 14,636.59 +0.51 

Singapore 

Straits Times 

t,922£5 1,921.09 

+0.09 

Sydney 

AHQncfinaries 

2,775.60 2,779.20 

-0.13 

Tokyo 

Nikkei 225 

17,994.71 18,841.96 

-1.89 

[ Kuala Lumpur Composite 

799.81 739.33 

+1.33 

Bangkok 

SET 

557.98 567.36 

-1.65 

Seoul 

Composite Index 

638-26 647.00 

-1.35 

Taipei 

Stock Market Index 8,719-00 8,791.81 . 

-0.83 

Manila 

PSE 

2,088.78 2.065.56 

+0,74 

•Jakarta 

Composite Index 

549,92 559.22 

-1.68 

Wellington 

NZSE-40 

24*56.65 2.565.58 

-0.35 

Bombay 

Sensitive index 

3.S2&24 3167.56 

+0.97 


Source: Telekuis 


Inifnuu.iiul IfcraU Tribune 


Very briefly: 


■ Evergreen Marine Corp., the world's biggest container- 
shipping concern, said revenue fell 21 percent. to 2.48 billion 
Taiwan dollars (SS6.7 million), in August amid declining 
prices on global routes. For the first eight months of the year, 
revenue was down 14 percent, to 18.5 billion dollars. 

• The Port of Singapore Authority became a corporate 
entity as a first step in a privatization program that will result 
in a' listing on the Singapore exchange. Singapore is the 
world's second-busiest container port, after Hong Kong. 

• Kokusai Den shin Denwa Co_ Japan's biggest international 
telephone company, has taken legal action in the United States 
to seek a reversal of the Federal Communications Com- 
mission's decision to cur rates that U.S. phone companies pay to 
companies in other countries to complete international call's. 

• Marubeni Corp_ a Japanese trading company, is launching a 
fund with Compagnie Generate des Eaux SA of France to start 
ventures such as water supply, garbage handling and hospital 
management in Asia. The two companies plan to invest more 
than 100 billion yen (S831.3 million) over the next two years. 

• The Philippines and Denmark signed an accord to promote 
i nvestment between the two countries. Bloomberg. afp. Reuters 


Japan’s Boss of the Year: (Genghis Khan 


The Asst* tilled Press 

TOKYO — When Japanese civil servants dream of 
the perfect boss, they don't envision some warm-and- 
fiizzy manager who forgives mistakes and gives work- 
ers an extra day off now and then. 

Their ideal is Genghis Khan, who combined brilliant 
military tactics with brute force lo conquer wide swaths 
of the world. 

The 13th -century Mongol warrior was named most 
frequently by new civil servants who were asked in a 
survey to identify the person they thought would make 
the best supervisor. 


Kaisushi Koizumi, a spokesman for the National 
Personnel Authority, said many young workers regarded 
Genghis Khan as “a man of organization who achieved 
a united Mongolia, rather than just a conqueror.” 

Of the 520~newly hired national civil servants who 
were questioned. 79 listed Genghis Khan. It was the 
first time since the survey began in 1991 that a non- 
Japanese had led the list 

Finishing second with 52 votes was Akira Ohgi, 
manager of the baseball team that won the 1995 Jap- 
anese championship. Prime Minister Ryu taro Hashi- 
molo finished in ninth place, with eight votes. 


Doubt on Japan Growth Goal 

Agencc Fronce-Presse 

TOKYO — Japan’s official target of 1.9 percent eco- 
nomic growth for the current fiscal year was called into 
doubt Friday by a leading bank, which cited the prolonged 
impact of a rise in the consumption tax in April. 

Long-Term Credit Bank of Japan Ltd. said it had cut to 
1 percent from 1.9 percent its forecast of growth in Japan's 
gross domestic product for the year ending in March 1 998. 
The bank gave its main reason as a slump in private 
consumption, which it now says will expand 0.9 percent, 
down from a forecast of 1 .9 percent 






S 

U.S. Treasury Chief Demands a * Real Opening’ of China’s Markets 


Bloomberg News 

BELJING — China has not committed 
itself to opening its markets sufficiently 
for the united States to back its entry 
into the World Trade Organization, U.S. 
Treasury Secretary Robert Rubin said 
Friday. 

“On WTO,. our position remains un- 
changed," Mr. Rubin said at a news 
conference after he met with Finance 
Minister Liu Zhongli of China. 

“We are a veiy, very strong advocale 
of China becoming a member of the 
I WTO. but we believe it must be on 
commercially viable terms, which 
means real opening of China's markets. 
In our judgment, that’s what the WTO is 
all about. 1 ' 

Mr. Liu said China wanted to become 
a member of the trade body, which me- 
diates disputes between nations, but 
would not join if terms were “too de- 
manding." China has been seeking, for 
years to enter the world trade body. 
Doing so would allow importers of its 
products, such as textiles and ma- 
chinery, to pay reduced tariffs and would 
give Beijing access to the WTO's meefa- 
■ anism for settling trade disputes. 


The United States said those benefits 
should be extended to China only if it 
provided its trading partners with greater 
access to its markets. 

The issue is pressing for the United 
States because China’s trade surplus 
with that country is surging. The U.S. 
trade gap with China rose to $4.71 bil- 
lion in July, its highest level since Oc- 
tober 1 996, and it was 32.5 percent high- 
er in the first seven months of this year 
than in the same period of 1996. 

For all of this year, the U.S. trade 
deficit with China could be as high as 
$50 billion, analysts say. “That large 
deficit creates problems, both econom- 
ically and politically, in the United 
Stales,” Mr. Rubin said. 

Asked about when China may be 
ready to join the WTO, Mr. Rubin said: 
“I can’t predict that.” He welcomed 
Beijing's recent moves to cut tariffs as 
“moving in the direction of opening 
markets in China” but added, “In terms 
of WTO membership, there are obvi- 
ously a lot of other issues that remain, 
and nontariff barriers.” 

U.S. negotiators were disappointed by 
offers that Beijing made in trade ialks 


this week, according to officials familiar 
with the talks. These include a proposal 
to cut tariffs by a single percentage point 
or less on about 290 items, while tariffs 
on 163 items would rise. 

■ EU Assails Korean liquor Tax 

The European Union asked the World 
Trade Organization to look into South 
Korea's tax on imported alcoholic 
beverages, Bloomberg reported from 
Tokyo. The request came just ahead of a 
conference this weekend in the Japanese, 
capital aimed at expanding trade be- 
tween Asia and Europe. 

The disputes over South Korea’s li- 
quor taxes and China's bid to join the 
WTO are expected to be high on the 
agenda- Seoul’s liquor tax is a "long- 
standing trade irritant” in an industry 
where the EU has "a major economic 
interest,” Roderick Abbott, the EU am- 
bassador in Geneva, said. Companies 
such as Guinness PLC, Grand Metro- 
politan PLC and Allied Domecq PLC 
stand to gain if South Korea's 100 per- 
cent tax on imported whiskey is cut. The 
comparable tax on soju. a South Korean 
spirit, is only 32.5 percent. 


The IHT Pocket Diary 
Puts 1998 

Right Into Your Pocket 


4 VIETNAM: Its New Leaders Face a Sobering Economic Reality 



Continued from Page 11 

and others have frozen investment and 
reconsidered future projects. 

Despite the rumblings among in- 
vestors, however, the Vietnamese them- 
selves, particularly in the cities, appear 
upbeat,- convinced that their lives have 
improved under doi moL The shops are 
full of consumer goods, the streets 
clogged with motor scooters. Opportu- 
nities abound, and young entrepreneurs 
are everywhere. More Vietnamese are 
going to college, and more are bringing 


home good paychecks than ever before. 

"There is no turning back," said a 
former soldier in die North Vietnamese 
Army who is now an English professor. 
“The young today have opportunities 
we never dreamed of. It is inconceivable 
that this whole process, however it gets 
there, can go anywhere but forward.” 

The National Assembly, elected in Ju- 
ly, includes 1 18 women, 61 independents 
who are not party members but whose 
candidacy had to be approved by the 
party, and a forma- captain in the South 
Vietnamese Army. The average age of the 


legislators is 49 — the youngest is 21 — 
and 80 percent have college educations, 
compared with 56 percent in the previous 
assembly elected five years ago. 

Since Ho Chi Mirth’s death in 1969, 
leadership in Vietnam has not been 
centered in any one office or individual. 
Decisions are made by consensus, and 
politicians strike a balance to take into 
consideration the interests of various 
groups: Communists and business ex- 
ecutives; reformists and conservatives; 
northerners, southerners and those from 
central Vietnam; and the military. 


jieb 


y -i 


Kazak Bank 
% Plans Bonds 

Reuters 

ALMATY, Kazakstan — 
Halyk Savings Bank, Kazak- 
stan’s largest bank, is racing to 
be the first in the former Soviet 
republic to issue a Eurobond, a 
bank official said Friday. 

“By the end of this month, 
we expect a preliminary de- 
cision on our bank’s credit rat- 
ing,” said Leonid Ivanov, the 
bank's deputy board chair- 
man. “I think Eurobonds of up 
to $100 million may be issued 
in October or November.’ ’ 
.KazkonmKrtsbank. the 
biggest privately owned 
Kazak hanlThlsn plans a Euro- 
bond by’ the end of the year. 



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A Pack of Puppies 


The Dogs of the Dow theory applied to blue-chip stock indexes in major world markets. The central theory is that investors would do well to buy the 10 highest-yielding stocks in the Dow Jones industrial 5. 

them for 12 months. We applied this theory to the 10 highest yielding stocks in other indexes as of Dec. 30, 1996, and measured their total return, which is the amount of money investors made or lost, inctuang 



Total 


Index/Stock 

return 

i*3 

End-1996 
yi ekt 

return 

for 
1997 on 
Sept. 5 

Britain 


+25.19 

FTSE100 



Hanson 

9M : 

4-18.71 

BG 

?j88‘ 

.+8330 

British Steel 

7.78 

; +taes 

National Grid 

6.89 

+4S.93 

Imperial Tobacco 

6.61 

.'+ 5.93 

Allied Domecq 

&47 

+ 6.81 

P&O 

6.47 

+13.62 

BAT Industries 

6.44 

+17.20 


United Utilities 


S-37 +16.18 


Severn Trent 


6.29 ♦28.41 



End-1996 

yield 


Total 
return 
for 
1997 on 
SfipL 5 


France 

CAC-40 

Index 


+29.31 


Eridania Beghin 
Say 

■ S.95 . 

; * 5.88 

Valeo 

. 5.6? 

+15-301 

PanbasA 

-522 • 

. +32.10 

Accor 

5*17 

■*57.50 

Dexia France 

5.15- 

+33-70 

Bouygues 

5456 

■+X79 

LaFarge 

4.82. 

+43A4 

Pernod- F6card 

4.53 

- ♦ 742 


Suez Lyonnaisa 
DesEaux 


4.44 


,+45.45 



Total 


tndex/Stock 

return 

End-1996 

yield 

for* 
1997 on 
Septs 

Germany 


simple 

DAX 


gain was 

Index 


4146% 

Thyssen 


■ 

Commerzbank 

•3.45. ' : 

v+rsa* 

Preussag 

■•'3*4 . ■’ 


Bayer.Hypbk 

' 3.TT 


Dresdner Bank 

: -2i3 : : 

■ >71.70 

MAN 

..255 .. 

. +40.4^ 

Deutsche Bank 

/2J5Q 


Karstadt 

•2*50''.. 

-•.*29SSft 


Bayer 


&3£ 


.*14.95 


Elf Aquitaine 


•4.42 +6432 Bayerische VBK '337 ■■ «S7&9 



Index/Stock 

return 


End-1996 


Total 
return 
for 
1997 on 
Sept 5 


Hong Kong 

Hang Seng 

Index 

+10.31 

Shun Tak Holdings 


Hong Kong Telecom v >&45;?.- 

South China 

Morning Post 

■<St- 

Hong Kong Electric 


Henderson Investm 


China Ught & Power 

'4.12..' 

Hang Lung 

J 4.i2 • /H4i78'. 


Cathay Pacific 


Amoy Properties 
Hang Seng Bank 






Index/Stock 

return 


Total 

return 

for 

End-1996 1997 on 

yMd Sept 5 


Japan 
Nikkei-225 
Stock Average 


-3.21% 


77?- 








Total 

return 

for 

End-1996 1997on 

yield Sept. 5 


Index/Stock 

return 

United States 

20.99 

Dow Jones 


industrial average 


•Philip Morris 

. 18J»: 

J.P. Morgan 


Texaco . 

#44. ■' 2&09. 

Chevron 

: *28JSZ. 

Exxon 

S&8 T 31.58 

AT&T 

&g&; ” • .4HS6 

GM 

■ fceaV--' 

International Paper 

3*36, 

DuPont 

j® 

3M 

"'.10.19 


# 


Sources: Datastream. Bloomberg 


liuenuuiiiul ffcaaltl Trihoiw 


With Some of the Worlds Top Dogs , Investors Find a New Trick 



By Andrew Blum 


HE HOUNDS are loose. The 
Dogs of the Dow, a popular 
American stock-picking 
strategy, is making its way 
around the world in various forms. 

It is a simple tactic: Take the blue-chip 
stocks in the Dow Jones industrial av- 
erage and. each New Year’s Eve, buy 
equal dollar amounts of the 10 shares with 
the highest dividend yields. 

Hold the stocks for a year and 
you should outperform the av- 
erage when the total return is 
calculated from die payouts and 
the securities’ appreciation. 

The idea is uni stocks with 
high yields are compensating 
investors for perceived risks 
that are not present in the rest of the 
index. The high -yielding stocks may be 
today's dogs, but since the components 
of the Dow industrials are supposed to 
be America's best corporations, the the- 
ory goes that they will eventually work 
out their problems. 

The strategy of buying these high- 
yielding blue Arhips is known as the 
Dogs of the Dow theory, and it is suf- 
ficiently popular to have its own World 
Wide Web site and several unit-invest- 
ment trusts and mutual funds that at- 
tempt to duplicate it or its numerous 
variants around the world. 

The strategy would have given a 17.7 
percent average annual return since 
1973, compared with 1 1.7 percent forthe 
Dow in the same period, according to the 
Dogs of the Dow Web site. Put another 
way, if you had invested S 1 .000 in the 
dogs in 1970. you would have earned 
S55.170 in 25 years, versus $17,229 for 
the entire Dow’, according to Hennessy 
Funds Inc., which runs the dog-tbeory- 
based Hennessy Balanced Fund. 

This year, however, the results are 
mixed, partly because the Dow indus- 
trials are well on their way to a third year 
of returns in excess of 20 percent. Five 
of this year’s Dow dogs were beating 
the average as of Sept. 5. when statistics 
for this article were compiled, with the 
other five lagging the index, although 
only AT&T Carp, was showing less 
than a double-digit total return. 

Does the theory travel? The Money 
Report applied the Dogs of the Dow 
criteria to the blue-chip stock averages 
m Frankfurt. Hong Kong. London, Paris 
and Tokyo, taking the 10 highest yield- 
era at the end of last year and comparing 
their total returns with the overall av- 
erages through Sept. 5. So far this year, 
the" theory works well in France and 
Germany, not so well in Britain and 
Hong Kong, and not at all in Japan, 
where the overall market is having a 
miserable year. 

For the longer term, opinions vary', but 
there is some" evidence that the dog the- 
ory can be a patienr investor's besr friend. 
According to Van Kampcn American 
Capital, which offers international unit- 


investment trusts for the dog stocks in 
Hong Kong, London and New York. 
$10,000 investments in die 10 highest 
yi elders of London's Financial Tiznes- 
Stock Exchange 100 Index and Hong 
Kong's Hang Seng index in January 
1978 would have increased more than 
222 percent and 386 percent respec- 
tively, through 1996. 

“This is a long-term strategy,” said 
Greg Brown, institutional marketing 
manager for Payden & Rygel, a Los 
Angeles mutual fund firm that 
on July 1 started a dog- 
strategy fund, the European 
Growth & Income Fund, en- 
compassing four countries. 

Sarah Ketterer, international 
equity portfolio manager of 
Hotchkis & Wiley, a unit of 
Merrill Lynch Capital Manage- 
ment Group, agreed. She said the psy- 
chology of investors who opted for high- 
yield stocks was that they were being 
“paid to wait' ’ 

Ms. Ketterer said Merrill Lynch, 
which offers several dog-related 
products, has back-tested the theory and 
found that it works. From 1977 to 1996. 
Merrill Lynch found that the Dow Jones 
industrials offered an annual total return 
of 14.3 percent, while a dogs approach 
returned 17.4 percent 

In other countries, the theory worked 
as well. During the same period, the 
Hang Seng index was up 2 1 .6 percent a 
year, but its dogs returned 22.7 percent 
the FT-SE 100 was up at a 16.5 percent 
rate, while its dogs gained 24. 1 percent, 
and in Tokyo, the Nikkei rose 13.4 
percent a year, as its dog contingent 
jumped 20. 1 percent. 

Using a slightly different approach, 
Merrill Lynch also said dogs outper- 
formed the DAX- 30 in Ger- 
many. Ms. Ketterer cited Mer- 
rilTs senior international 
quantitative analyst, Markus 
Bartb. who found that of 14 
investment styles tracked by 
the company in the foreign 
markets, dividend yield 
provided the greatest excess 
return for investors in Germany. 

From December 1988 to July 1996. a 
strategy of buying tbe 12 highest dividend- 
yielding stocks in the DAX returned an 
annual return of 12 percent, compared 
wiih 5.7 percent for the index. 

Michael O'Higgins, the Miami Beach- 
based author of the 1990 book “Beating 
the Dow.” is the self-styled originator of 
the dogs theory', although he started off 
using just five stocks. He said the strategy 
also worked outside of the United States, 
although not as welL This might be be- 
cause U.S. stocks tend to pay higher div- 
idends than those in many overseas mar- 
kets, be suggested, and because the New 
York Stock Exchange is one of the world’s 
oldest continuously trading markets. 

The Motley Fool, the irreverent per- 
sonal-finance forum in cyberspace, sug- 
gests several dog-like ways to beat the 
Financial Times 30. a subset of the FT- 


SE 100 index, in its service on America 
Online. In addition, the Fool has several 
variations on the U.S. dog theory, which 
h calls the Dow Dividend Approach, 
and these are available on its World 
Wide Web site. 

The Dogs of the Dow is not every- 
one's pet theory. In a recent issue of the 
Financial Analysts Journal, two finance 
professors at Brigham Young Uni- 
versity’s Marriott School of Manage- 
ment said the Dow dogs beat the overall 
average, but after adjusting for the port- 
folio's higher risk, extra transaction 
costs and unfavorable tax treatment, it 
did not beat the index by a wide enough 
margin to be a sensible investment. 

S TEPHEN THORLEY, one of the 
authors, said that although he had 
not tested the theory for foreign 
stocks, he did not see the strategy work- 
ing any better abroad. 

"Stephen Barnes, a financial planner 
in Phoenix, Arizona, said he had never 
seen a study on overseas use of the 
theory, but he added that he was skep- 
tical of the concept anywhere. 

“The Financial Analysts Journal 
piece emboldened it for me,” he said, 
adding that the big problem for in- 
vestors using the theory was that they 
were “investing without knowing a lot 
about the company.” 

He warned that buying a stock based 
exclusively on its yield was not a good 
approach. “I would not put my money 
in it. and 1 would not expect my clients 
to,” be added. 

Ms. Ketterer said that was not the 
case for Hotchkis & Wiley. 

”We do know the companies,” she 
said, adding, “You should not execute 
tite strategy blindly." 

Mr. Barnes suggested that 
investors who were deter- 
mined to pursue a dogs 
strategy outside the United 
States should get professional 
assistance rather than trying to 
go it alone. That is where 
companies like Payden & Ry- 
gel come in. 

It selected top-yielding companies 
from the country indexes kept by Mor- 
gan Stanley Capital International. From 
those lists, it took the companies with 
the largest capitalizations in Britain. 
France, Germany and the Netherlands, 
then picked the 10 highest-yielding 
stocks from each. 

"We wanted to create characteristics 
most similar to the Dow 30 in the United 
States.” Mr. Brown said. Part of this 
strategy, he added, “is to find compa- 
nies which can rebound from any tem- 
porary problems they might face.” 

This Euro Dogs fund is run in con- 
junction with Scottish Widows, one of 
Europe's largest money managers. 
Later this year, it is to open an offshore 
fund in Dublin to sell directly to Euro- 
pean investors. 

Before starting the Euro Dogs fund. 
Payden & Rygel ran a Dogs of the Dow 





fund in the United States and back- 
tested its use on foreign stocks. 

“It’s fairly mechanical,” said Chris 
Omdorff, vice president and portfolio 
manager. “You buy tbe 10 highest and 
hold them for a year and then sell them.” 

The company does not offer a fund 
for Asian dogs, however. 

“We found it does not work very well 
in Japan/’ Mr. Omdorff said, although 
he added that he did not know why. 

In Hong Kong, he said tbe theoiy had 
worked acceptably, but that Britain's 
handover of control to China in July had 
made the situation uncertain this year. 

The Euro Dogs fund began with $2 
million of employee money 
and has grown to $10 million, 
mostly in new outside money. 

Payden & Rygel' s U.S. dogs 
fund, now at $140 million, 
started with $2 million in em- 
ployee money. 

Guinness Flight Hambro As- 
set Management also uses a 
dogs -related strategy. It man-; 
ages a unit-investment trust of British 
stocks, which is simil ar to tbe Select Ten 
unit-investment trusts offered by such 
U.S. brokerage houses as PaineWebber 
Inc. and Merrill Lynch & Co. 

Unit trusts, using the American defin- 
ition, are portfolios of securities that are 
held by a trustee until a fixed maturity 
date, usually without any buying or 
selling of assets. Ar maturity, tbe se- 
curities are sold and the proceeds dis- 
tributed among the unit holders. (Con- 
fusingly , a British unit trust is similar to an 
American mutual fund, although tbe legal 
structures are different ) 

Chris Burvill of Guinness Right 
Hambro Asset Management said the 
firm's Temple Bar Investment Trust, a 
closed-end mutual fund, had £320 mil- 
lion ($515 million) in it. It has FT-SE 
100 stocks and other shares, and its 
managers look at yields as well as other 
factors in picking constituents, be said. 

“It’s down about 2 percent this 
year,” Mr. Burvill said, recalling that 
stocks were hit hard last year and are 
recovering. Of specific dogs, he said 
Hanson PLC, in the building sector, was 
doing poorly, but British Steel PLC was 
in demand and Severn Trent PLC. the 
water utility, was down but recovering. 

D AVID POTTS, of Guinness 
Right Hambro's European 
equities desk, said European 
stocks in general had been in a recession 
for the past several years but were turn- 
ing around. He said the recent downturn 
against the dollar by European curren- 
cies, including the Deutsche mark and 
French franc, had helped competitive- 
ness in industries such as steel and bank- 
ing. As these sectors typically offer high 
dividends, the dollar's strength this year 
is a dog-owner’s gain. 

The steel industry in Europe has some 
show dogs. Thyssen AG in Germany, 
for example, is having a wonderful 
year. 


* ’These stocks have had problems with 
steel pricing but their time has come,” 
Mr. Potts said. “The consolidation of the 
steel industry is good fix' them.” 

On die other hand, in Asia, some dogs 
are nothing but that Richard Farrell, 
manager of Guinness Flight Hambro's 
Asia equities desk, said that tbe Hang 
Song’s Shun Tak Holdings Ltd., for ex- 
ample, was “areal dog — a bad stock." 
The company, which is viewed in the 
investment community as not treating 
shareholders well, has operations in casi- 
nos, ferry boats and real estate. 

hi general, he said, the return of Hong 
Kong to China has raised questions for 
investors. Hong Kon§ Tele- 
com. whose share price has 
been buffeted, is subject to con- 
flicting measures: It is vulner- 
able to accounting rate changes 
while at die same time has good 
prospects for telecommunica- 
tions projects in mainlan d 
China. 

In Japan, according to Ham- 
bro. Totten Coip. is not a Dog of the 
Dow, it is just a dog. Tonen and all 
Japanese oil refiners are seeing pricing 
pressure as deregulation has increased 
competition in ihe gasoline retail mar- 
ket, and no easy escape is in sight 

On dividend yield, the company 
already reduced dividend per share 30 
percent over the last two years, and is 
expected to reduce by a further 15 per- 
cent this year. 

Hambro also is cautious about Jap- 
anese utilities such as Chubu Electric 
Power Co. and Osaka Gas Co. In Japan, 
stocks of these kinds of companies are 
. treated more as bonds than equity. Most 
electric utilities pay an annual per-share 
dividend of 50 yen (42 cents). But with 
current payouts averaging about 2.5 per- 
cent amid record-low yields in Japan, 
this is not an attractive time to move into 
the sector, even thongh it offers a much 
richer payout level than the paltry 0.8 
percent of die market as a whole. 

Hambro is a bit more optimistic about 
Osaka Gas than Chubu Electric. Osaka's 
management is relatively flexible and is 
trying to develop sources of revenue other 
than tbe heavily regulated gas-supply 
business. Osaka Gas is also one of the 
Japanese companies with the best record 
at disclosure; ir tries hard ro communicate 
bad and good news to investors. 

Although he does not like the theory, 
Mr. Barnes, tbe Phoenix-based adviser, 
was willing to look at die stocks that were 
this year's international dogs. Unsurpris- 
ingly for an adviser who prefers fun- 
damental company analysis, he found the 
offerings to be a mixed bag. 

While he did not like Chubu, he de- 
scribed Hong Kong Telecom as a “classic 
telecommunications company,” and 
good for investors. But among other Hong 
Kong dogs, he said Hang Seng Bank was 
the “ugly stepsister” of Hong Kong 
Shanghai Bank, and was struggling. 

“If I was going to invest in a Hong 
Kong bank, I would want to do so in one 



with connections to mainland China," 

Mr. Barnes said. ”1 would buy Hong 
Kong Shanghai Bank instead.” 

With the threar of an inrerest-rate in- 
crease by die Bundesbank in the coming, 
months, he said the German banks were 
questionable investments. But he said Bay- 
er AG was “tough to go wroog with.” 

M S. KETTERER of Merrill. 
Lynch explained the middling 
performance of the British 
dogs so far in 1997 as die result of an 
unusual year. She said a select group of 
stocks in banking, oil, pharmaceuticals 
and telecommunications were driving 
the FT-SE 10 0 index’s performance. . 
“Most of the high-yield stocks are not- 
in those categories,” she said. 

Among the dogs with specific prob- - 
Jems, she said the cigarette maker BAT 
Industries PLC had underperformed this ■ fy 
year because of uncertainty over the 
proposed multibillion-doUar global to- 
bacco settlement in the United States. 

Hanson PLC, which Ms. Ketterer 
said had “deconglo- 
merized itself." 
faces several prob- 
lems, including a 
government tax on 
its crushed-gravel 
product 

“Also, die loss of 
tax break on divi- 
dends in the U.K. will impact this com- 
pany particularly," she added. 

As his dogs theory spreads around the 
world. Mr. O'Higgins is working on a 
new strategy, which he hopes will offer 
even better returns. He calls it Beating . 
die Dow: Bonds. Mr. O’ Higgins said the 
question was whether investors should 
be in stocks at alL 

The new theory would have had an 
average annual return of 24 percent over . 

29 yeans. During that period, investors • 
would only have needed stocks for eight 
years, with toe rest of the time. spent- 
owning government debt of varying ma- 
turities. Mr. O’Higgins plans to start, 
offering the new investment product 
later this year and will include an off- 
shore fund in ihe Bahamas. 

For funher information: 

• DOGS OF THE DOW Web nle- dogu>fUicd>»*Mn] 

• GUINNESS FLIGHT HAMBRO ASSET MANAGEMENT 
LTD Temple Bar Imnwcol Trnsi. Call 44 171 522 -100. or ■ 
vieU (he company Web uic ji «.*» gffunJican 
• HENNESSY BALANCED FUND, oill I 415 IS55. or. 

WlMree lathe 1/niletJSujBi 1 8009064354: o< vufethc Web>ite • 

<a * , »^.ehwaLcmBAloEi<f-ihe-d<7». The fend oivnu boll ns 
anetL ni oor-yen US. Tmnrv hills and tbe ml m Dow dkjp. 

• THE MOTLEY FOOL. On Amend Online from omude 
Buraia, type In UK ® gel » the AOL Bntnh ate diet on ihe - 
finance button, then on the Motley Fool logo. Fee British AOL 
members. 07* FOOLUK. On the WV*fct Wide Web. go lo- 
a-wwJaoixom 

■ PAYDEN A RYGEL. European Growth & Income Fund, call 
J 213 625 >900. ix. tolMtee m the United Sum. i SOD 572 
9336: or vim tbe ersnpony's Web silo at »wu.j»yrietLcofli. 

Paries & RypH currently accepts only U.S alums u dure- ■ 
holders (ot its funds jf 

• SELECT TEN deflnenLisKi unit investment trusts are mot- 1 ^ ^ 
keml by several companies, including MemU Lvndi £ Co. and * 
PaineWebber Inc. 

• VAN KAMPEN AMERICAN CAPITAL often unit irous 
bath upon the dogs stately tot the BntiMi. Hong Kong and US. ■ 
slock markets mdrvidujly apd joatdy for Ihe dirre markets. Its 
funds are sold noly thrajgh investment advisers to investors in 
tbe Untied Suites and its 'em tones Far mate information ralL 
tolLTme. I 890 225 2222. or visit the company’s W«b sue it 
•wwvkacxom 



When That Pedigree Equity Proves to Be a U.S. Bondholder’s Best Friend, Too 


By Conrad de Aenile 


O WNERS of fixed-income 
portfolios anxious to extend 
the Dogs of the Dow theory 
from stocks to bonds — or 
anvone else searching for evidence of 
order in the universe — will be 
heartened to leant that the Dow Jones 
industrial average component with the 
best-performing bonds this year also has 
the best-performing stock of the 10 Dow 
dogs: International Paper Co. 

There is less to that distinction than 
meets the eye. however. The premium 
of the yield oft International Paper's 
long-dated bonds over those of U.S. 
Treasury issues of the same maturity — 
the way corporate bond performance is 
typically measured — has shrunk this 
year by’ all of five basis points, or five- 
hundredths of a percentage point. 

Treasury yields are not far from 
where they started the year. The resulr is 
that total returns for the various bond 
issues of International Paper range from 
4 percent to 6 percent year-to-date. 


which is pitiful in comparison to the 34 
percent rerum of tbe stock. 

While spreads have not tightened as 
much on bonds issued by the other 29 
Dow components, spreads of corporate 
bonds generally have tightened further, 
by about seven basis points, according 
to Peter Van Dyke, head of taxable fixed 
income at T. Rowe Price, an American 
fund-management company. 

One reason the returns have been 
relatively small is that the dogs of the 
Dow — actually almost all of the 30 — 
have high pedigrees- The average credit 
rating of the companies is Aa3 by 
Moody’s Investors Service and' AA- 
tninus by Standard & Poof’s Corp. They 
are the two principal bond nners. 

“The Dow 30 comoanies are, is gen- 
eral. high-quality’, high-profile issuers,” 
Mr. Van Dyke said. Their creditwor- 
thiness “is very high relative to the 
whole market, so you would not expect 
the yield-tightening to be as much” as for 
issues with higher yields to start with, and 
therefore have more room to shrink. 

4 ‘The fact that toe best tightening was 
less than toe market as a whole illus- 


trates toe point,” he added. 

Which is why it would be of little use 
to narrow the search for high bond re- 
turns to the Dow dogs— the 1 0 stocks in 
the benchmark index with toe highest 
dividend yields. These 10, chosen at the 
end of toe year, have been shown to 
outperform the index toe fol- 
lowing year. 

“Some things just don’t 
translate easily from stocks to 
bonds," said Kate Johnson, a 
fund manager at Janus Capital 
Corp. in Denver. “I do not 
believe toe comparison will 
have much relevance due to 
the historically tight level of invest- 
ment-grade spreads and the high quality 
of these particular names. ” 

She noted that over the last year, 
bonds of companies with AAA credit 
ratings, such as Procter & Gamble Co. 
and Minnesota Mining and Manufac- 
turing & Co., have experienced the 
smallest tightening of spreads. 

Of toe Dow companies with the six 
highest-yielding bonds — Philip Morris 
Cos.. United Technologies Corp., Trav- 


elers Group Inc., International Paper, 
Union Carbide Coip. and Goodyear 
Tire & Rubber Co. — two are among the 
Dow dogs identified at the end of last 
year, three are not and one. Travelers, 
was added to the index this year and so 
does not count. Had it been in the index 
then, however, it would not 
have been one of the dogs. 

One reason why the Dow 
components’ credit is so good 
is that most of them do not 
borrow much. When they do 
borrow, it is often in the short- 
term eurodollarraarket. where 
rates are low. 

• “The US- corporate sector is not so 
highly geared in general as it was in toe 
1970s and 1980s," said Jim Dunsford, 
head of global fixed income at HSBC 
Asset Management. “Because corporate 
cash flows are strong and earnings have 
been stronger than expected, it has meant 
a lower requirement of finance and less 
requirement to issue debt as well.” 

Over the last several years, Mr. Dun- 
sford noted, toe bonds that have shown 
the best returns are high-yield issues. 



which used to be called junk bonds. 

“Default rates have come down and 
credit spreads have contracted.*' he 
said. “Profits have risen, and there has 
been a rather stable macroeconomic en- 
vironment, where toe amplitude of fluc- 
tuation in growth rates and inflation is 
low. Highly leveraged companies are 
able to pr o sper in that environment.” 

Even without such an ideal backdrop, 
he said, “you’d expect higher-yielding 
bonds to have higher returns." . 

“In toe long run," Mr. Dunsford 
added, “you should be rewarded for the 
higher risk you ’re taking, although there 
will be greater volatility.” 

The Dow dogs strategy, by contrast, 
is 4 value strategy. Buying stocks with 
high dividend yields ensures paying rel- 
atively cheap prices for otherwise sound 
companies that are out of favor. It is a 
safe way to invest than toe polar op- 
posite — chasing high-flying compa- 
nies whose share prices are being pro- 
pelled higher by strong earnings 
growth. 

Six of the 10 Dow dogs are in cyclic 
industries — oil, chemicals, paper 


uutut ms viuici a, rump moms m; 
be the one case in which the logic behii 
the Dow dogs strategy can be applied 
bonds as well as stocks. The tobacco ai 
food company had the highesi divide! 
yield of toe 30 Dow components at tl 
end of last year, as the stock was he 
down by concerns over smokers’ h\ 
suits. For toe same reason, its bom 
now offer the highest yields • — as h,, 
points over Treasuries. 

05*J ofT - Rowe Pnce said. 

Spreads there are wide given ,< 
toe company, which is J 
ttemely strong with massive c -i, 
flow," he said. CJ 

Of toe other nine, he added, ‘ ’G tner 
Motors is probably a good ben 
prove as they continue futting ££ 
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INTERNATIONAL HERALD TRIBUNE. SATIIRDAV-SLISTIAJ:'. SEPTEMBER 27-28, 1997 

THE MONEY REPORT 


R4GE 17 




France Telecom Offer 
Receives Mixed Reviews 


By Dig by Lamer 


<x 



} 


MI 


j i 


ESS THAN a week after re- 
Lstrarion began for France 
'elecorn shares, ihe issue is re- 
portedly already oversubscribed 
at least one and a half times, even though 
the price range is above the level of 160 
French francs that analysts previously 
said would ensure a warm reception. 

In pure valuation terms, the hicher- 
than-expected price is still a fair re- 
flection of France Telecom's business 
strengths, analysts said. Its first half re- 
sults this year showed 43 percent profit 
growth, iu 8.9 billion francs (SI .5 bil- 
lion), and it is considered well-protected 
against future competition. 

• " But the lower price they had 
hoped for included a discount 
aimed at calming investor /Lars 
over the Socialist government's 
majority holding in tlx: com- 
pany following privatisation. 

1 n vesiors must wait until Oci. 6 
to find our exactly what the 
shares will cost, hue the gov- 
ernment said on Monday that it would 
price them between 170 and 190 franc >. 

“I would have preferred 160 French 
francs," said Jeremy Podger, a fund 
manager with Guiness Bight Asset 
Management Ltd. in London. ** At more 
than 170 French francs, it's not a tre- 
mendous giveaway. My main reserva- 
tion is ihaf the government has no plans 
to cede overall control and that share- 
holder intere>'.s may be secondary." 

Despite his misgivings, he said France 
Telecom was sti if worth buying. 

Although the 20 percent public offer 
U to be augmented by a share swap with 
Deutsche Telekom AC- some time next 
year, rhe state will hold at least 62 per- 
cent. As a result, 85 percent of the work 
force will have protected employment 
rights as civil servants, thereby making it 
hard for managers to promote efficiency 
by shedding jobs. Workers plan strike’s 
on SepL 30 to protest the privatization. 

"What investors need is some indi- 
cation that the business will be run for 
sharcholdersandthatmuchof' - inherent 
value will be released," Mr. K jgersaid. 
"The government has abandoned a 
stock -option plan for France Telecom 
managers that would have tied their in- 
terests to those of shareholders." 

Many of the investors already leaping 
into the market have probably done so 
because previous privatizations have 
been attractively priced to ensure a suc- 
cessful flotation. Bui even if they were to 
attempt a quantitative analysis of rhe 
business's market worth, investors would 
find that the standard valuation methods 
applied to share offers are inappropriate 



to big state-owned businesses. 

Popular ways for investors to esti- 
mate the relative value or share offers 
include comparing share yields or price/ 
earnings ratios. 

in each case, the calculations arc 
straightforward. A share’s yield is 
found by dividing its annual dividend 
into its market price. The P/E ratio is the 
ratio of a company's stock price to iis 
earnings per share* 

P/E ratios arc especially useful be- 
cause they indicate the stock market’s 
view of the company's growth poten- 
tial. The higher the figure, the more 
potential the stock is expected to have. 
This figure can then be compared to an 
average P/E ratio for the whole market. 
Based on ihe French govern- 
ment's estimate of France 
Telecom’s worth, its P/E ratio 
is 13.3. The average P/E ratio 
for European telecommunica- 
tions firms is more than 19, 
But one analyst, who asked 
not to be identified, said P/E 
ratios and yield figures were 
less useful internationally 
than domestically. Taxation and reg- 
ulatory differences between countries 
distorted the figures, he said. He sug- 
gested that a way around this was to 
compare the earnings ot businesses 
worldwide before interest, lax and de- 
preciation figures were deducted. This 
strips out variations between markets. 

Using ihis method, he said France 
Telecom was priced in line with' the 
market average. Deutsche Telekom, 
which was privatized last year, was 
slightly overpriced, using this model. 

Deborah McCutcheon, a telecommu- 
nications analyst with Robert Fleming 
Securities Ltd. in London, also believed 
the France Telecom price range was 
accurate. The valuation she used com- 
pared the predicted cash flow's of tele- 
com businesses over the next 10 years. 
Each yearly figure was discounted to 
include the likely changes in cash values 
over this period and to get an idea of the 
business's likely financial strength. 

‘'Efficiency may have to be looked at 
in a different iight," she said. “When we 
w ere looking at the proposed France Tele- 
com privatization under the former gov- 
ernment. we expected initial job cuts of 
5.000 for this year and a further 4,000 per 
year for several years to come. That may 
still happen. If it doesn’t, we still believe 
efficiency can be achieved elsewhere.*' 

For further information: 

INVESTORS IN FRANCE. *fco uc eligible fix venous Uv 
cmavci. can alt fiance Telecom lofl-Acc. v (0 10 or 080(1 OS 
lb IQL Investors ctiewhnc in the European Union can call 33 I 
40 4* 42 .1.1. irahviduaT tnvrflor allotments for other countries 
have not yet hem decided. F inner Telecom mainiaiiu b hdiagm] 
web ulr'ai w» » Jjanccfcfecom Jr and an Enghaft vcfcjie lor 
North America it unvw Osncnrlecom-arn 


Milken 's Nitty- Gritty on the Market of Stocks 9 


H ERE IN gorgeous Santa 
Monica, lour blocks from 
the Pacific, 1 am sipping a 
pink and frothy cancer-fight- 
ing breakfast drink with one of the 
great financial minds of the century. 
Michael Milken. 

Mr. Milken is a prostate-cancer sur- 
vivor, and he's devoted a good deal of 
what’s left of his fortune — which is 
considerable, even after paying $1 bil- 
lion in fines — to finding cures. "My 
goal." he says, "is to increase in- 
vestment in cancer, both nonprofit and 
profit." 

He sees biotechnology and com- 
puter power as the route to that goal, 
but he worries that, for biotech compa- 
nies, (he risk-reward ratio is out of 
whack, and it's hard to raise money. 

But we’ll get back to cancer 'and 
biotech in a little while. Let’s move to 
the nitty-gritty: What does Mike 
Milken think about ifie stock marker? 

First, he says. "I believe it's a mar- 
ket of slocks raiher than a stock mar- 
ket." Then, as background for his 
more complete answer, he launches 
into a discussion of value and valuation 
that all small investors should heed. 

Mr. Milken's background is account- 
ing. and he’s always been interested in 
the differences, among what a balance 
sheet says a company is worth, what the 
market says and what the truth is. 

Balance sheets aren't much use. he 
believes, since the assets of a company 
may reside where conventional ac- 
counting can't count titem. That idea 
was a major theme of Mr. Milken's in 
the 1980s, when, through his firm, 
Drcxel Burnham Lambert. Inc., he 
raised, among other sums, $26 billion 
in capital for communications compa- 
nies like MCI, McCaw. Viacom, TCI, 


Turner, Cablevision and many others. 

"At the time," writes the high-tech 
author George Gilder, "virtually none 
of these firms commanded substantial 
collateral acceptable to a bank, and 
thus they could have raised billions 
nowhere’ else." 

Mr. Milken’s chosen vehicles were 
nonin vestment-grade, or junk, bonds, 
which are I.O.U.s_ that, because of the 
credit standing of the companies that 
issue them, are given lower ratings by 
agencies such as Standard & Poor's (Bfc 
or worse ). They pay higher interest rates 
than bonds of more stable companies. 

Junk bonds crashed in 1990 as the 


name and the electronic infrastructure? 
"Those assets." says Mr. Milken, 
"were worth 40 billion or more.” 

The market today is filled with 
companies that, by conventional bal- 
ance-sheet measures, appear high- 
priced, but, by a more rational analysis 
of their in tangible assets, are not. 

"I actually believe that because of 
that, the overall market is not over- 
valued,” Mr. Milken says. 

Much of the value of a company like 
Microsoft or Oracle is in "collective 
intellectual human capital," he says. 
"One of the risks,” he adds, "is the 
movement of people." 


JAMES CLASSMAN ON INVESTING 


Milken empire came apart, but they 
have been exceptionally strong ever 
since. In fact, there are now 204 mutual 
funds specializing in high-yield bonds, 
with total assets of S84 billion. 

But bock to stocks. "Balance sheets 
don't mean much," says Mr. Milken, 
especially today, when the most valu- 
able assets can be intangible. "I don't 
know how software is carried on the 
balance sheet. What about manage- 
ment systems? Close to zero. What 
about relationships with customers? 
Close to zero." 

He cites the example of Citicorp in 
199 1 , when it was down in the dumps, 
trading at less than one-tenth of its 
price today. Its net worth on the bal- 
ance sheet, with all its loans and se- 
curities marked to their official market 
value, was "minus-10 billion or 
minus-20 biiiion." says Mr. Milken. 

But what about the decades' worth 
of relationships with clients? The ex- 
pertise of lending officers? The brand 


Your capital can walk out the door 
and go work for someone else. But 
today, as these companies have grown 
into huge institutions, the exodus even 
of key players won’t be so damaging, 
he believes, since knowledge is shared 
throughout companies through com- 
puters. 

“I grew up in accounting.’’ he says, 
"and the idea of exactness in account- 
ing. But it really didn't mean anything. 
We need to redefine the value of a 
company by looking to the future." 

Clearly, that’s going to mean some 
guesswork. What are Mr. Milken's 
broader guesses? One is that "the 
growth of education companies will 
exceed that of the marketplace." 

Any stock tips forthcoming? No. "I 
am currently in a Nike state —just do 
it," he says. "Which companies will 
be successful. J don’r know." 

He cites a 1967 Merrill Lynch report 
on the computer industry: "They said 
computers had a great future, ana they 


were 100 percent right. Then they lis- 
ted 25 companies that were leaders and 
potential leaders in the area. Only one 
of them is a dominant player todav: 
IBM." 

About one-quarter of these compa- 
nies went bankrupt, he says. So, today, 
"if you buy all the companies in edu- 
cation and biotech, you're not neces- 
sarily going to be successful* ' — - even if 
those fields boom in the next 20 years. 

Biotech is important to Mr. Milken 
not just as an investment but as a life- 
saver. He worries that these firms, 
which are finding the solutions to dis- 
eases. are undercapitalized. 

Merck & Co., the giant conventional 
pharmaceutical house, has a market 
cap (or value, according to its stock 
price) of $1 15 billion. Toe 180 leading 
biotech companies combined have a 
market cap of just $75 billion. But 
those smaller firms spend $7.5 billion 
on research and development (without 
which there will be no cancer cures) 
while Merck spends just $1.7 billion. 

The big pharmaceutical houses, 
spooked by the Clinton health care 
threat in 1994. when they believed they 
were painted as villains, have stopped 
taking risks, Mr. Milken says. They find 
that "it’s cheaper to buy each other and 
consolidate drugs than to make them." 

The bioiechs, on the other hand, 
“are the great destabilizing force,' ’ the 
engine of progress. Mr. Milken knows 
about destabilization; it was his great 
contribution to the American econo- 
my. Through junk bonds, he financed 
brave new businesses and terrified ihe 
corpocracy — the complacent corpo- 
rations that dominated the economy — 
into the restructuring that set the stage 
for the prosperity we enjoy today. 

Washington Post Sen icc 


BRIEFCASE 


2 German Giants Make 
U.S. Debut With ADRs 

Two giants of German industry are 
making their debut on the New York 
Stock Exchange. Hoechsl AG, the chem- 
icals and life-science company, began 
trading its American Depositary Re- 
ceipts on Wednesday, and is to be fol- 
lowed on Ocl 7 by Veba AG, the electric 
utility that is also in the chemicals, oil 
and telecommunications businesses. 

German companies have been late- 
comers to full listings in the United 
States, mostly because of a reluctance to 
meet accounting regulations that require 
more detailed financial disclosure. In 
1993, the automaker Daimler-Benz AG 
became the fijst company to do so. But 
the desire to access U.S. capital markets 


is encouraging more to take the plunge. 

Hoechsl and Veba merit the attention 
of global investors, according to analysts 
ivbo follow them. Peter Blair of Salomon 
Brothers Inc. in London is one of several 
who has Hoechst on his "buy" list 

"It's a company in transformation," 
be said, noting that it was moving out of 
the low-return commodity' chemicals 
business, and building its profitable 
pharmaceutical, agro-chemical and an- 
imal health divisions. "Hoechsl ’s phar- 
maceutical business was number five in 
the world last year, but it is still viewed 
as a chemicals company, so there’s hid- 
den valne there." 

The restructuring is holding back 
earnings right now, but the p3yoff is 
coming, Mr. Blair said. By the year 
2000, he sees Hoechst’s earnings per 


share at 6.20 Deutsche marks ($3.50), 
more than double last year’s 2.80 DM. 
The ADRs had been trading over-the- 
counter. where they' closed at $43.75 on 
Tuesday. After moving to the Big Board, 
they were quoted at S44.3 1 on Friday. 

Analysts are more cautious about 
Veba. Lueder Schumacher of NatWest 
Securities said he was positive on Veba's 
healthy electric-utility business, which 
accounted for more than half its profits 
last year, but was concerned about the 
firm's plans for its chemicals, transport 
a nd r-omro odities trading units. 

Ricardo Barcelona of ABN Amro 
Hoare Govetr agreed, noting that de- 
spite what be perceived as Veba's 
strategy to exit the chemicals business, 
it recently took a 36 percent stake in 
* Degussa, a chemical manufacturer. 


The company said "the chemical 
business represents an important pan of 
the Veba portfolio." Earlier this year. 
Ulrich Hartmann, the Veba chairman, 
said he was not unhappy with the idea of 
running a conglomerate. Only "poorly ■ 
managed conglomerates" need fear 
corporate raiders, he said. 

Veba’s telecommunications unit also 
needs a partner to help it compete in 
Germany’s opening market, Mr. Schu-. 
mac her said. Cable & Wireless PLC, the 
British telecom company, palled out its. 
22.5 percent stake last year. . 

Mr. Barcelona has a hold rating on. 
Veba, but Mr. Schumacher has an add 
recommendation, saying its longer-term 
story is good, and he has a target price of 
1 1 4 DM over the next six months, com- 
pared with 102.8 DM on Friday. (!HT) 


U.S. Funds Can’t Reap 
Economies of Scale 


By Edward Wyatt 

T HE U.S. MUTUAL 
fund industry, whose 
assets have doubled 
in the last four years 
and quadrupled in die last 
seven, does not enjoy the 
economies of scale that 
would allow fund companies 
•v ,ro lower the fees charged to 
^investors as assets grow, a 
' new study concluded . 

The study, by Upper Ana- 
lytical Services, die mutual- 
fund-tracking company, also 
found that fund fees in general 
ore at reasonable levels, given 
the returns investors have re- 
ceived and compared with fees 
charged for alternative invest- 
ments like hedge funds and 
some brokerage accounts. 

The mutual fund industry 
has been criticized by reg- 
ulators and shareholders who 
question why fees seem to 
rise as the industry grows. 
Last year. Mornings tar Inc., 
^ the Chicago-based fund track- 
■ ing company that competes 
7 with Upper, published data 
showing management fees 
collected by new funds have 
crept up steadily over the last 
70 years. Momingstar found 
that management fees, which 
are assessed as a percentage of 
a fund’s assets, averaged 
about 0.75 percent for funds 
that were started in the last 
two years.- That is about 40 
percent above the average fee 
50 years ago, the report said. 
Those statistics drew the at- 


tention of the Securities and 
Exchange Commission. Barry 
Barbash. director of die SEC 
division that oversees mutual 
funds, told an industiy trade 
group in December that recent 
increases in management fees 
seemed "hard to justify." 

The Upper study, however, 
concluded the aggregate ex- 
pense figures were skewed by 
the large number of relatively 
new funds. These, because of 
start-up charges, cost more to 
operate. In addition, funds are 
increasing their investments 
outside the United States, 
where costs are high, and 
many have substituted annual 
marketing charges for front- 
end sales charges, or loads, 
further increasing fees. 

A. Michael Upper, pres- 
ident of Upper Analytical, 
noted that the profit margins 
of fund management compa- 
nies were below their peak 
levels of a few years ago, sug- 
gesting the sponsors were not 
reaping undue benefits from 
the industry’s overall growth. 
Expenses "are actually de- 
clining for older, more suc- 
cessful funds,” he said. 

Those conclusions deserve 
a word of caution. Lipper de- 
rives most of its sales from 
mutual -fund companies, 
which pay it for its research. 

The Nc*’ York Times. 


* 




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PAGE 18 


Sports 


SATURDAY-SUNDAX, SEPTEMBER 27-28, 1997 



Sampras Defeats 
Bjorbman, 7-6, 6-4 


ILS. and Europe Even 
After Weather Delay 


TOMS Pete Sampras had the 
Davis Cup final on his mind when 
he beat Jonas Bjorkman of Sweden 
on Friday to reach die semifinals of 
the $6 million Grand Slam Cup in , 
Munich. 

Sampras and his U.S. teammate 
will face Sweden; whose top player 
is Bjorkman, at the end of Novem- 
ber for tennis's too team troohv. 


4 Matches Decided on 18th Green 


By Ian Thomsen 

International Herald Tribune 


his serve in the 7-6 (8-6), 6-4 vic- 
tory, but the match was decided by 
the way Bjorkman threw away both 
sets with double faults at key 
points. 

4 Tm going to play him again in 
six weeks in a big match, so I was 
definitely motivated,” Sampras 
said. “It's been on my mind since 
the I saw the draw for the tour- 
nament” (AP) 


SOTOGRANDE, Spain — The dom- 
inant personalities of the first day were 
mainly European — Nick Faldo, Jose 
Maria Olazabal. Colin Montgomerie 
and Bernhard Longer. They were the 
horses and Seve Ballesteros was atop 
the stagecoach, cracking them with the 
whip and urging more speed. 

But speed has never been the issue. 


As the stallions were keeping Europe 
level at 3-3 with the United States on me 


The bi ennial Ryder Cup has become 
perhaps the world's most dramatic tour- 
nament because of the larger sense of 
purpose it brings to golf, forcing in- 
dividuals to play as teammates for their 
country or continent. Each match is 
worth a point. Europe will need only 14 
points for a draw to retain possession of 
the cup it won at Oak Hill in New York; 
the United States must win a majority of 
14 Vi points to win it back outright 
The format of doubles play will con- 
tinue through Saturday with fourballs 


matches In the morning (in which each 
player is responsible for his own ball) 


Thi Rydkk Cup 


Huber Upsets Majoli 
At the Leipzig Open 


tennis Defending champion 
Anke Huber, fighting stomach 
pains, upset the French Open cham- 


pion Iva Majoli in three hard- 
fought sets Friday to reach the 


fought sets Friday to reach the 
semifinals of the $450,000 Leipzig 
Open. 

The German will face Jana No- 
votna of the Czech Republic, the 
world's second-ranked player. In 
the other semifinal, top-ranked 
Martina Hingis was to play Aman- 
da Coetzer of South Africa. 

Huber needed two hours, five 
minutes to beat Majoli, 4-6, 7-6 (7- 
2), 6-4 in a rematch of last year’s 
final. (AP) 


Land-Speed Record Set 


A British . fighter pilot. Andy 
Green, shattered the world land 
speed record on Thursday by av- 
eraging more than 714 miles per 
hoar (1 ,142 kilometers per hour) on 
two blazing runs in the Black Rock 
Desert in Nevada. 

The Thrust SSC team headed by 
Richard Noble shrugged off the 
threat of showers, then set a record 
that was nearly 81 miles per hour 
faster than the mark Noble set 14 
years ago. (AP) 


opening day of the 32d Ryder Cap, the 

3 uestion quickly became one of en- 
urance. will they have enough left to 
finish the race late Sunday afternoon? 

Two matches were suspended, the 
ultimate result of a 1 hour, 40 minute 
delay at the start of play after a terrific 
storm drenched Valdenrama early Fri- 
day morning. Faldo and his rookie part- 
ner, Lee Westwood, were 2-up and pre- 
paring to give Europe the early overall 
lead when their American opponents, 
Justin Leonard and Jeff Maggert, called 
for a suspension — to Faldo’s dismay 
— because of darkness on the 16th 
green. At the very least, they would like 
the 40-year-old Faldo to have another 
long day Saturday. “Personally I think 
it's great strategy. I'm glad the gays are 
doing it,** said the U.S. non-piaying 
captain, Tom Kite. 

That foursomes match was to be re- 
sumed Saturday morning, along with the 
foursomes of Jesper Pamevik and Ig- 
nacio Garrido against Tran Lehman and 
Phil Mickelson, which was all square 
when it was stopped on the 13th hole. 

It would be a mistake to read too 
much into an opening-day stalemate. If 
nothing else, the Americans might have 
made an error in allowing their most 
dangerous opponents to establish them- 
selves. While Faldo was strong all day. 
the host team seemed to draw even 
greater confidence from the afternoon 
victory of Montgomerie and Langer, 
who won a symbolically important re- 1 
match in 5 and 3 against Tiger Woods 
and Mark O’Meara, who had beaten 
them with surprising ease in die morn- 
ing fourballs. 


player is responsible ror his own ball) 
and foursomes in the afternoon (in 
foursomes, only two balls are in play, 
and partners alternate shots with a single 
ball). These doubles matches will be 
followed decisively by 12 singles 
matches Sunday involving every player 
from both teams. 

The obvious difference on the open- 
ing day was in the approach of the two 
captains. Ballesteros of Spain made one 
slight change in between the two rounds 
Friday when he paired up Pamevik with 
fellow Swede Per-Ulrik Johansson in 
die morning, and with Ignacio Garrido 
of Spain in the afternoon. Otherwise 
Europe’s seven most reliable players 
each played two rounds on Friday. Ian 
Woosnam was not among them. 

Kite, on the other hand, has many 
weapons, but it remains to be seen wheth- 
er this is a blessing. Kite felt the freedom 
to mix and match while employing all of 
his dozen players on the opening day. He 
has yet to establish any of his team’s star 
personalities, but then each man is what 
ne is — Ballesteros, the player who woo 
his first major dtle at 22 but is burnt out at 
40, and Kite the one who didn’t win the 
U.S. Open until be was 42 and is stfll 
now, at 47, going strong. Will each team 
lake on its captain’s personality over the 
crucial back nine Sunday? Kite will hope 
so. His strategy is intent on keeping all of 
his players fresh and involved. 

An important pairing for Europe 
turned out to be the hot-blooded mar- 
riage of Costantino Rocca of Italy and 
Olazabal, the 3 1-year-old Spaniard who 
is S eve’s second coming. They were 
sent out in the opening match of each 
session to lead the way and set the 
example as Ballesteros wished he him- 
self could still do. Trailing by 2 after II 



For Albert, * 
Now Jobless, 
What Next? 


He Might Be Able 
To Rebuild a Career, 
But Notary Soon 


By Marc Fisher 

Washbunon Post Service 


WASHINGTON — Marv Albeit has 

been silenced, but in a culture that relishes 

tales of redemption, the announcer’s 
trademark call of “Yesss!'* may return. . 


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day that even after Albert's decision to 
plead guilty to a misdemeanor and end 
his salac ious trial for sexual assault, the' 
broadcaster, a fixture on the U.S. moms 
scene for more than 25 years, still has a; 
chance to resurrect his career. 

NBC Sports fired Albert on Thurs- 
day; an hour later, he quit his job calling 
New Yarik Knicks’ games for a cable 
chann el. “If there’s the proper amount 
of contrition and some length of a sab- 
batical, there is the possibility of a return 1 
to spoitscasting,” said Jeffrey Pollack, 
publisher of SportsBusiness Daily. 
• ‘Mike Tyson was convicted of rape, did 
time and was welcomed back to the 
boxing world.” 

Albert had been accused of severely 
biting a longtime lover and forcing her 


to perform oral sex in a hotel room on 
Feb. 12. After testimony on Wednesday ‘ 
by a second woman, who described an. 
encounter with Albert during which he- 
had worn women's undergarments, the 
broadcaster decided Thursday to plead 
guilty to assault and battery, a mis- 
demeanor, in return for the dropping of a, 
forcible sodomy charge, a felony. He 
faces a sentence of a year in prison. 

Some in the industry believe the 56- 
year-old Albert is utterly finished. 
Sportscasters, they say, are different 
from athletes, politicians and entertainers] 
who have suffered through highly pub- 
licized scandals and gone on to .prosper. 

“If you're lik e Mike Tyson, the best 
in die world at a craft, you get a chance 
to mitigate the damage through superior 
performance,” said Tom George, senior 
vice president for Advantage Interna- 
tional, which represents many sports 
figures. “Marv Albert is who he is 
because of his platform with the Knicks. 
We don’t have to have this guy.” 

The nation’s record on forgiveness is 
contradictory. Some congressmen 
caught in extramarital affairs have left 
office; others have- been re-elected. 
Some Hollywood stars who show them- 
selves to be cads or worse shrug off the 
bad press; others are never seen again. ] 

Nonetheless, veterans of scandal say 
it is possible to persuade the public to 
give you a second chance — if yon 
admit your wrongdoing to yourself. 

“The first thing yon feel is intense 
sadness and depression and inna-dir- 
ected anger," said Dick Morris, the 
adviser to President Bill Clinton who- 
was disgraced last year after a prostitute, 
revealed be shared administration- 
secrets with her. "If you're lucky, you 1 
understand the need to change. If you’re, 
unlucky, you harden into a fortress of 
denial/' 

Politicians caught in sex scan dais- 
used to go away quietly, but as mores' 
have changed, elected officials increas- 
ingly seek to survive the storm. 

Representative Ken Calvert, Repub- 
lican of California, was caught with a 
prostitute, but was re-elected. Represen- 
tative Barney Frank's constituents for- 
gave the Massachusetts Democrat after 
be was found living with a male hustler. 

The list of famous people who have 
revived their careers alter scandals also 
includes Richard Berendzen, the former 
American University president who 
came back from making threatening 
calls to a day-care center, and Jerry 
Springer, the former mayor of Cinc innat i 
whose visits to a prostitute did not pre- 
clude his becoming a talk show host. 

Athletes and sportscasters are now 
being required to agree to morals 
clauses in their contracts. Some of the •’ 
clauses kick in only if the employee is *• 
convicted of a felony or a morals 
charge; others are far broader, permit- 
ting a company to jettison anyone who 
damages the corporate image. 

That may save the company, but the 
offender is sentenced to be the butt of 
jokes fra* years, if not the rest of his life. 


Tbmdty A. Quj/Apara ftmcg-rVo—c 

Tiger Woods cringing after missing a putt on the 2d hole at VaJderrama. 


boles in the morning, they drew level 
when Olazabal holed out a 133-yard’ 
wedge for eagle at the 14th. He reacted 
with a brief smile and a shrug. They took 
their first lead at No. 16ona short Rocca 
birdie, and won at die 18th as Davis 
Love and Phil Mickelson both missed 
birdie putts. 

The Americans earned an important 
victory in the afternoon when Lee Jan- 
zen drilled his approach nice and close 
and Scott Hoch converted die birdie at 
the 18th to win their foursomes against 
Olazabal and Rocca. 

Altogether, four matches were de- 
cided on the 18th green. In the morning 
Faldo missed a birdie putt of less than 6 
feet — virtually the same putt Mick- 
elson had missed a few minutes earlier 


— and the team of Fred Couples and 
Brad Faxon clinched the point when the 
latter sank his four-footer for par. It was 
an unfortunate conclusion for Faldo, 
who had carried Westwood for all bnt 
one of the concluding 15 holes. But then 
Faldo’s putting has been miserable for 

- much or the year. 

The most important putt of the first 
round might have been the match-win- 
ning 17-footer Pamevik made at the 
18th in his Ryder Cup debut He also 
birdied the par-5 17th, despite having to 
play out short from the rough- His vic- 
tory allowed Europe to finish level after 
the morning fourballs — a result no one 
would have guessed after the Swedes 
had nervously lost two of the first three 
holes to Tom Lehman and Jim Finyk. 



Gut Check for Jaguars 


By Mike Freeman 

New York Times Service 


Ja cfc aoi w Bo (3-0) at Washington (2-1) 

The Jaguars got lucky last week against a 
Pittsburgh team whose comertyacks 
couldn't cover their own shadows. Wash- 
ington’s defensive coordinator, Mike 
Nolan, always comes up big in important 
games. Prediction: Redskins. 12-9. 

Growi Bay (3-1) at Detroit (2-2) What IS 

scary about the Packers is they are a bad 
kick (in the Philadelphia game) away 
from being undefeated despite so many 


NFL Matchups 


injuries to so many of their key players. 
This one should be clean cut — expect a 
Green Bay blowout Packers . 30-10. 

TmwtSM (1-2) at Pittsburgh (1-2) 

The Steelers have the best wide receiver 
you have never heard of in Charles 
Johnson. In his lost two games against 
the Oilers, Johnson has caught eight 
passes for 242 yards and two touch- 
downs. Steelers. 17-13. 

Arizona (1-2) at Tampa Bay (4*0) Once 

upon a time, Trent Differ was the most 
abused quarterback in the NFL. Now, 
Differ leads the conference with a 1Q5-8 
passer rating. Buccaneers. 24-13. 

Doimr (4-0) at Atlanta (0-4) The 
Broncos are a scoring machine. It's 
scary, really. At times they look un- 
stoppable, and for now they may be. The 
Falcons, who may be the worst team in 
the league, should offer little resistance. 
Broncos. 45-10. 

NwOitoam (1-3) at Naw York Giants 

( 1 -a) This is one of those games that 
everyone thinks the Giants should win 
— and they should — but the way they 
have been playing it is hard to say. But 


the difference will be the Giants’ run- 
ning back. Tiki Barber. Giants. 17-7. 

Seattle ( 2 - 2 ) at Kansas City (3-1) The 
reason Marty Schottenheimer is one of 
the best coaches is because he gets his 
team to believe what be says. He told 
them at the end of last week that Car- 
olina wasn’t as good as they were, and 
the Chiefs went there and spanked the 
Panthers by three touchdowns. Chiefs, 
21 - 10 . 

Baltimaro (3-1 } at San INuga (1-G) This 
will be one of the hardest games the 
Ravens have all season. Not because the 
Chargers are good — right now they are 
an average team at best But because the 
rest of the league is beginning to take the 
Ravens seriously. Ravens. 30-21. 

Chicago (6-4) at DaUaa (2-1) Chica- 
go’s coach, Dave Wannstedt. was the 
Cowboys’ assistant head coach/defen- 
sive coordinator in 1992 and knows the 
Dallas personnel well. Still, the Cow- 
boys have too much firepower. Cow- 
boys. 28-17. 

Jota (2-2) at Cincinnati (1-41) Bill Par- 

cells may scream at his players, but his 
teams always plays incredibly hard and 
smart. His trademark is not to lose to 
teams he should beat. Jets. 21-14. 

St. Louis (2-2) at Oakland (1-3) In the 
end, foe Raiders will have an easier time 
scoring than the Rams. Raiders. 31-20. 

Ptuladatphia (1-2) at Ifimwsota (2-2) 

The Vikings have the conference’s best 
offense (384.5 yards a game), and foe 
Eagles have foe third best (346 yards a 
game). The edge goes to foe Eagles’ 
coach, Ray Rhodes. Eagles. 35-34. 

San Francisco (3-1) at Caroliim (2-2) 

Steve Young gets a concussion early in 
foe season, and everyone wonders if his 
head will ever clear. Well, it has. 49ers. 
28-17. 







PAGE 19 




,rrr Sr'V 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 27-28, 1997 


*5* 


SPORTS 


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Formula One’s New View 


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The Luxembourg Grand Prix on Sun- 
day will be one of the season’s biggest 
tests not only for the two remaining con- 
tenders for the drivers* tide, but also for 
the employees of Bakersville, Formula 
One's mobile digital television studio. 

While Jacques Villeneuve and Mi- 
chael Schumacher took a break between 
the Austrian Grand Prix last Sunday and 
their arrival Thursday at the Nurbur- 
gnng track, many of Formula One Tele- 
vision's 200 employees have been 
working double-time. 

Inside the squat, gray studio building, 
which can be moved from race to race, 
all is cool, dark, and sterile. Nicknamed 
after its director. Eddy Baker, its 2.000- 
sqnare meters are filled with broadcast 
studios and mixing rooms, floor-to-ceil- 
t jf? ing banks of televisions and kilometers 
of cable. It even has its own cafeteria. 

The schedule for transplanting the 
aluminutn-and-frberglass structure that 
has nearly completed its first season 
creating Formula One’s pay-per-view- 
digital television show — by which 
viewers can watch many different cam- 
era shots simultaneously — was cut in 
half this week. But the usual two- week 
interval between races already man- 
dates a stringent schedule for what is 
officially called the Formula One Com- 
munications Broadcast Center. 

The process goes like this: Techni- 
cians begin dismantling the building 
after each race, always run on a Sunday, 
and finish by midday on Tuesday. The 
structure is then driven to the next site in 
un t S- truck, 3-kilometcr {1. 9-mile 1 con- 
voy. h is reassembled between Friday 
^ and Sunday. 


From Sunday until Wednesday, 
about 36 kilometers of fiber-optic cable 
are installed to connect the cameras to 
the center. Thursday is test day, and the 
race weekend follows over die next 
three days. 

This week, the moving crew has 
worked in virtually round-the-clock 
shifts, according to Baker, who started 
out as a tire man on the Brabham team. 
But he says the effort pays off since the 
television spectator can now see a race 
through seven different screens offered 
by the digital coverage. 

Formula One Television is owned by 
the Formula One Administration, which 
in turn is owned by Bemie Ecclestone, 
who invested £50 million ($81.5 mil- 
lion) to create the studio. The admin- 
istration is also the proprietor of the 
sport's television rights. The teams 
signing a contract give it a percentage of 
their profits. 

Formula One Television's images 
come from 20 track cameras, 14 on-car 
cameras, and six pit-lane cameras, com- 
pared with 20 to 25 cameras for so- 
called Hertzian broadcasters such as 
TFJ.RTL, and JTV, 

The digital show hasn't changed life 
for those broadcasters, however, ac- 
cording to Jean-Claude Dassier, direc- 
tor of sports for TF 1 . Dassier. moreover, 
is skeptical about the whole multiscreen 
concept. 

Bur he says he is not worried about 
the future of his own kind of adver- 
tising-driven television that is free to the 
viewer but offers only one screen. 

The next stop for Bakersville is the 
Japanese Grand Prix. But the transport 
arrangements will be different this time: 
It will be packed into 40 containers and 
fitted into two 747 cargo jets. 



Astros Stumble to Top 

As Best of Worst, They Win Division Title 


K>ieuU,i.» Tt - lx 

Houston Astros celebrating their title after the final out against the Cubs. 


The Associate Press 

Someone had to win the National 
League Central title. 

Eleven years to the day after they 
clinched their last postseason berth, the 
Houston Astros finally won baseball's 
worst division, routing the visiting 
Chicago Cubs, 9- 1 , on Thursday night at 
home behind Brad Ausmus's three-run 
homer in a six-run seventh in ning. 

Houston, just 82-77, stumbled to the 
division title despite going 23-28 since 

Baseball Roundup 

Aug. 1. Mike Hampton (15-10) pitched 
a four-hitter for his seventh complete 
game. 

Dodgers 9, Rockies 5 Los Angeles 
moved to within two games of San Fran- 
cisco in the National League West as 
Todd Zeile homered twice. Hideo Nomo 
(14-12) limited the host Rockies to three 
runs and five hits in seven innings. 

Expos 3 , Mxriins 2 Montreal's Pedro 
Martinez became just the 14th pitcher 
since 1900 ro record 300 strikeouts in a 
season as the host Expos won in their 
final at-bat. 

Bravos 3 , Phiiitos 2 In Philadelphia, 
the Braves, who beat the Phillies for the 
10 th time in 12 games this season, im- 
proved to a major-league best 100-59. 
Andrew Jones drove in the go-ahead run 
with a single in the 10 th. 

Rods 4, ConSnais 3 Mark McGwire 
remained stuck at 55 homers, getting 
two singles in sixat-bats in the 14-inning 
contest. Hosr St. Louis used nine pinch- 
hitters, tying a National League record. 


In the American League: 

nod Sox 3, rigors i In Detroit, Mo 
Vaughn hit his 35th homer as Boston 
beat the Tig;ers. Scott Sanders (6-14), 
the losing pitcher, gave up three runs 
and eight" hits in 6 W innings. 

Royal* 2 . Brower* 1 1n Milwaukee, Jeff 
King and Rod Myers drove in runs and 
Glendon Rusch got his sixth victory. 

Blue Jays 4, Orioles 3 Wearing No. 43 
in honor of Cito Gaston, his former 
manager, who was fired Wednesday, 
Joe Carter became Toronto’s career 
leader with his 203d home run. He con- 
nected off Mike Mussina (15-8) in the 
sixth inning in Toronto. 

Yankees 5, Indians 4 David Cone tlO- 
hil Cleveland for five innings and Ivan 
Cruz hit a two-run single in the 10th as 
visiting New York beat the team that will 
be its first-round playoff opponent. The 
defending World Series champions won 
the season series from the Indians, 6-5. 

white sox io. Twin* 5 In Chicago, 
Frank Thomas wenr 3-for-4 with his 
35th homer, and Magglio Ordonez hit a 
two-run homer. 

Rangers 8, Angels 5 In Anaheim, Lee 
Stevens homered twice for the second 
time in three games, and Rusty Greer 
and Juan Gonzalez also connected. 

Stevens homered in the first off Jason 
Dickson ( 13-9) and in the ninth off Greg 
CadareL 

Bobby Win (12-12) won for the first 
time since Aug. 12. allowing five runs 
and eight hits in 5W innings. John 
Wcneland finished for his 31st save, 
striking out Jack Howell with the bases 
loaded and two out in the ninth. 


io Be $ 


Scoreboard 


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Major League Standings 


EACTOmSKM 

W L Pet GB 
x-Safliniore M 13 A - 

w-Netv York 93 H iK 3 

Detail 79 BO d07 }? 

Boston 78 B! »l 18 

Toronto 73 86 459 23 

CENTRAL DIVISION 

i -Cleveland 84 73 535 — 

Chicago 78 so ^ Uk 

Milwaukee 77 31 487 Tr. 

K visas City M 92 418 18V: 

Minnesota 66 92 .418 1BV 

WEST DIVISION 

x Seattle 89 70 560 — 

Anaheim 83 7a 523 6 

Tents 75 84 472 14 

Oakland 63 96 3% 26 

x-cfcndwd division title 
w -clinched wild card 


■*» Hu ob ilea 


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v.Gl 


NATIONAL LEAGUE 



east onnstON 




W 

L 

Pet. 

GB 

•■Atlanta 

100 

59 

4529 



w-Flortda 

92 

67 

579 

8 

New York 

86 

73 

-Ml 

14 

Montreal 

77 

82 

484 

23 

Pttitadetphlo 

65 

94 

MK 

35 

CENTRAL DrvtWOn 



x- Houston 

82 

77 

516 



Pittsburgh 

78 

SI 

.491 

4 

ClndnwrU 

74 

85 

MS 

8 

St-Uwra 

71 

88 

Ml 

11 

Ctikaga 

67 

92 

401 

15 


WEST DIVISION 



Son Francisco 

88 

71 

553 

— 

Los Angeles 

86 

73 

541 

2 

Colorado 

82 

77 

516 

6 

SanDtego 

75 

84 

.472 

13 

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THMMT'I UNUCCMUS 

MEXICAN LEAGUE 

Boston 000 DM 3*0—3 I 1 

Detail . 000 BOD MI— I 4 0 

Avery, Cheat (61, Wasdiri (7). Gorton (9} 
and Horabnan; SSondets. Mioefi (71. M. 
Myws RO and Wataeck. W— Checo, 11 . 
L— 5. Sondes, 6-14. Sv-Gardon nil. 
HR— Boston, M. Vaughn (35). 

Kansas CBy 000 002 000-2 7 • 

MRWOOkM 001 800 000-1 4 0 

Rusdv 5ewtae (8), Pichardo (9) and 
MLSwaenaj! Eld rad. VBane (9) and Stinnett 
W— Ruth, 6-9. L — Ekbed. 13-1S. 
Sr— Ptchordo (11J. HR— Milwaukee, Duim 
O). 

BaKhDoni 011 000 001-3 13 I 

Taranto. 110 011 D0»— 4 11 2 

,t. Mussina Orasao (B) and HoUbs, Webster 
'Carpenter. QuantriB (flj. Piesac (9). 


Escobar (91 and B. Santiago. W— Carpenter. 
3-7. L— Mussina 15-8. Sv— Escobar (1J). 
HRs— Baltimore. R. Alomar 113). Toronto, 
Carter (21), Samuel (3). 

New York 010 010 000 3-5 9 2 

Cleveland 000 1M 1M 2—4 6 2 

(10 hillings) Cane. Bonks (6), Uoyd (8), 
Mendoza (9), Slanton (101 and Girardi, 
Posada (8); Hemhise/. Assenmocfter (71, M. 
Jackson (B). Mesa (91, Shuey (10). Weathers 
(10) and Barden. Diaz (8). W— Mendoza. 8- 
*. L— Shuey. 4-2. Sv— Stanton (3). 
HRs— New York. Fielder n2). Ctevctand 
Mania £2). 

Minnesota 000 200 210-4 7 2 

Chicago 221 004 Olx-10 16 0 

Hawkins. Robertson |3). Nnulty [61 and D. 
Miller, Valentine (7)j Drabek, Fairlkc (7) and 
Fabregas W— Drabek. 12-11. L— Hawklm. 
6-17. HRs— Minnesota, Cannier 7 (131. M. 
Cordova (151. Chkoga F. Thomas (351. M. 
0td*rie7 141. 

Texas 420 000 101-8 n o 

Anaheim 320 000 000-5 II 1 

WW, Gunderson (6), Santana (7). 

WetMand (9> and I. Rodriguez.' Dtcksorv 
Chavez (7). Cadarel (B 1 and Tinner. W— Will 
12-1 2. L — Dickson. 13 9. Sv— Wettetand (31). 
HRs— Tesu& Greer (26). Ju. Gonzalez (41), L. 
Stevens 2 DOJ. Anaheim Sabncn (33). 

NATIONAL LEAGUE 

Altoata 002 000 000 1-2 » 1 

PhHndaJpblo OM Ml Ml 0-2 7 0 

(1 0mnkigs):G(avlne. Wohlers (BJ.Cahwr (9). 
Gontz (10) and J. Lopez; M LG race. SprarfiJn 
(9), Winston DO), Battolico (IQ) and 

Lieberthal E stadia (10). W— Cottier. 2-4. 
L— Spraafia 3-8. Sv— CtonS fll. 
HRs— Atkmta Lockhart (6). Philadelphia 
Hudler{4). 

Florida 010 MB 010-2 6 1 

Montreal OM 001 011-3 4 0 

A-Femandez, Cook (7). Pawdl (8), Nen (9) 
and Zaurs PJMarflnez. D. Veres (8), KDne 
(8) and Fletcher, Wldger (8). W— Wine. 1-3. 
L— Nea 9-3- HR— ManheaL Segei (21). 
dliciigo 0M 0M TOO — 1 4 2 

Houston 001 1M 6U-9 8 I 

-tefionzafez. D. Stevens (7), R. Tafts (7). 
Maid (7) and M-HubbortL Hafnptan and 
A a shuts. W — Hampton, 15-10. 
L— Je.Gonzaiez. 11-9. HR— Houston. 
Ausmus (4). 

LasAnptos >10 340 010-9 13 0 

Colorado 0M 010 220-5 7 0 

Noma Osuna (8). TaWotraB (9) and 
Piazza; Astoda Hutton (5), Mlncfwy (8), 
Leskanic (9) and Manwarlng. to- Reed (88. 
W— Noma 14-11 L-Aatocla 12-10. 
HRp-Los Angolas. Korns (30). Ze0o2 Oil, 
D. LawtoO). 

GadHUMl DM 200 0M 01—4 9 0 
SL Louts 001 1M 001 8 M 00-2 9 1 
14 in Dings 

Tomka Rem Unger (8), BeUndO (9), 
Sullivan (ID. G. White (14) and Fortyca J. 
OHver (9), Toubensee (10); Bertna Bautista 


<81. Pa beet [101. Eckenley (1 2). C King (12). 
Pdkavsek (14) and Dltolica Lampkin (B), 
Manera (10). W— SuNwn 5-3. 
L— Pcikavsek. 4-7. Sv-G. While (I). HR-SL 
Louis. Planner (S) 

Japanese Leagues 
CENTRAL Luon 


CRICKET 


ZUUMWI WL MW Z1ALAHD 

FRStAV. M BULAWAYO, ZIMBABWE 
2D AND FMAL TEBT, ZD DAY 
Zimbabwe; 441 al nut 
New Zealand: 234) 


PUNCH RUT DfVmOM 

Lyon 1. Lens 3 
BordeainZ Marseille 0 

DUTCH 9UBTMVMOH 
Sparta RodertamA Utrecht 2 


mefla Waived OL Casey Wlegmann. 

Philadelphia— W aived RB-KR Derrick 
Witherspoon. 

san Diego— S igned K Greg Dmns- 
SEATTLE— Re-signed DEAittonio Edwards. 



W 

L 

T 

Pd. 

GB 

Yakult 

77 

48 

2 

J616 

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Yokohama 

67 

56 



545 

9D 

Hiroshima 

63 

60 



512 

13.0 

Yontkjri 

58 

70 

— 

453 

205 

Honshln 

56 

70 

1 

444 

215 

CtKinicM 

55 

72 

1 

.433 

23.0 


ManCUAOUl 




w 

L 

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GB 

Setau 

71 

51 

3 

582 



Orta 

63 

56 

3 

529 

65 

Kintetsu 

63 

61 

4 

508 

9J> 

Dale! 

59 

65 

1 

C76 

118 

Nippon Ham 60 

68 

1 

AW 

14.0 

Lotte 

53 

68 

2 

438 

175 


rttaffriaunn 



CENTRAL LEAGUE 




CYCLING 


Tour of Spain 


Yakult 15, HansMn 3 
Yorniurt ia Churddil 4 

mcncLEAOUE 

OrtxA Lotto I 
Data) & Kintetsu 2 

Nippon Ham vs. selba postponed, rain 


BASKETBALL 


PleeJngs tnlMAkms 20di etoga from Lae 
Angelas <to Sun Hetael to Avila: 

1 . Lament Jalabeit Fr. ONCE 5 h. 17 m. 9 s. 

2. Sergei Ivanov. Russia TVM 

3 Laurent Dutaux, Switzerland. Lotus 

4. EnrtaiZDlnL tlaty. Asks all s.L 

5. Jase Maria Jimenez, Sp. BanesJa ot 2 s. 

6. Alex Zuela Swttzcrtand, ONCE 

7. Fernando Escnrtin. Spain. Kelme 

8. Posad Richard. Switzerland. Casino 

9. Lament Brachrad France. Lotas all s.L 

10. Roberto Hetai. Spain Keinie at7 s. 
ovnuii! 1. Zuelle, 86 h. 54 m. 38 sa 2. 

Escartin at 2Mt 3. Dutaux 3^3; 4. Zafad. 5d)5: 
5. Roberto Hems. Spain, Kelnie i39; 6. 
Danieiaavera Spain Estepona 6:37; 7. Mar- 
as Semina Spain, Kelme 7:04; B. Jatabert 
9:12; 9. Gtami Fareekv Italy, Mapel I (L56: 1 0. 
Yuan Ledonofe. France, GAN 1 137. 


Columbus 1, New York-New Jersey 0 
New England 2, Dallas 1 


RUGBY LEAGUE 


AUSTRALIA TOUR 

TEST HATCH 

FRIDAY. M AUCKLANC, NEW ZEALAND 
New Zealand 30. Austral lc 12 


Euro League 


Ryder Cur 


GROUP A 

0. Piraeus. Gra. 86, CSKA Moscow Res» 74 
M. Tel Aviv, is t. 87. Reed Madrid, Sp. 82 
Limoges. Fr. 62, Efes Pflsea Turkey. 77 
stand most: CSKA Moscow 5 points; 
Macnrirl Tel AvW fc CHymptakos 4 Eles 
Plisen Istanbul 3; Real Madrid Z Urooges 2. 
GROUP B 

Benetton, Italy, 76, Porta Portugal 67 
Croatia SpBl 74 PACK SafanBm. Greece, 76 
STANDanw PAOKSatanlka4paintsBe- 
nelton Trevfco4- Estodkwites Madrid 3; Croa- 
tia Split £ Turk Tetacom Ankara % Porta 2 l 
group c 

H. Jerusalem, Isr.BQ. Ullier Istanbul Tur. 74 
Bacctono87. Parttzan Belgrade, Yd. 71 
standukwc Barcelona 4 pointe; Kinder 
Bologna 3; Pau Ortbez 3 ; Hapoel Jerasalem 
1 Parttzan Belgrade 3; Utter Istanbul X 
GROUP D 

A8» Baffin, Ger.79, PSG Roctog. Fr.71, 0.T. 

raunMMOS.- Teomsystem Bologna 4 
pointer AE K Athens 4; Ctaona Zagreb % Alba 
Berlin 3i OUmpfia Lidbqana 7s Paris St Ger- 
main 2. 


FRIDAY. M VALDERRAIM, SPAM 
FOURBALLS 

Jose Marta OlazabrA SpahYEostantinn 
Racm Italy, def. Davte Lotn'PhB NUcketaoa 
UJ1. by 1 hale. 

TIgerWbads/Mark O’Meara u S. def. Col- 
in Morrtgamerta BrttainMemhard Longer, 
Germany. 3 and 2- 

Pnrd COupiesArod Faxmv US* daL Nick 
FokhVLae Westwood Britain, by I hale. 

Jesper Pamevtk/Per-Ulrtk Johansson, 
Sweden def. Tom LetimaVJIm Furyfc u J. 
by l hole. 

FOURSOMES 

Manfgomorta/LongN'CleLO'MeaiaiWoods 
5 and 3. 

Scott HodVUe Janzen def. OkaabaVRoc- 
cabyl hole. 

PameytkAgnodo Gantda Spain all square 
after 12 hales with LetitnorVMicketsnn 
match suspended, bad fight la ba completed 
on Saturday. 

FafataWesIwood 2 up on Justin Loonard- 
/Jdf Maggertanlfilh groan makh suspend- 
ed, bad Bgfil to be completed on Saturday. 

EUROPE *. UMTED STATES 1 


TENNIS 


MANPaAMCOP 

FRIDAY. MNUPOCH. GERMANY 
aUARTERRMALS 

Pete Sampras (l), U^. def. Jonas BJo- 
rrkman Sweden (8L 7-6 (8-6), 6-4. 

Greg RusedsJd 14), Britain, def. Yevgeny 
Kafelnikov, Ru&SkL 6-7 (5-7), 6-3. 6-1. 

KOHAMIAN OP1N 

FRIDAY. M BUCHAREST. ROMANIA 
QUARTER FMAL8 

Andrea Gaudenzl Italy, def. Nicolas 
LapenttL Ecuador, 6-2, 6-4. 

Kevin Goeilner (7). Germany, def. Carlos 
Coda Spain 6-& 7-6 (7-5). 

Francisco Gavel Spain def. Javier 
Sanchez, Spain 4-A 6-2. 6-3. 

Richard Fnmberg. Austrafin beat Albert 
Porios (4) 64.M 


TRANSITIONS 


NATIONAL BASKETBALL ASSOCIATION 

Seattle— T raded FShawnKeraptoCIeira- 
land CavaNets In 3-wry deal that sent G Ter- 
rell Brandon and F Tyrone Hill to Milwaukee, 
with SuperSonkx gening F Vbi Baker and 
Cavanars aha getting G Sherman Douglas. 

utah— Agreed to terras with C Greg Oa- 
tertag an multiyearamtract extension: 


NATIONAL FOOTBALL LEAGUE 

Chicago— Signed OL Casey Wtegmonn. 
Put WR Marcus Robinson on Into red re- 
serve. 

green bay— Waived TE Tyrone Davb. 
Claimed DB Bucky Brooks oft waivers from 
Jackson vtlle Jaguars. 

Jacksonville— R e>slgned RB Randy Jor- 
dan. 

N.Y. jets— Re-signed QT Ski pel Mala- 


cmcAca— Signed C Trent Yawney. 


The Week Ahead 


Saturday, Sept. 27 

AUSTRALIAN RULES FOOTBALL. 
Md-boome, Auslraia — AFL Grand Final 

cricket, Batawayn Zimbabwe — Zim- 
babwe vs. New Zeatand 1st test, to Sept 29. 

aoLF. men: Satagrande, Spain — Ryder 
Cuata Sept. 28; Endkolt New York — BC. 
Open to Sept. 2& Nosu, Japan — Gene 
Sarazen Jun Class Icto Sept 28; MBton. Flori- 
da— Emerald Coast Classic, seniore, to Sept- 
28. Women: Kurakawa, Japan — MlyaglTV 
Cop LaSesOperv to Sept.2& Chartotta North 
Carolina — FfeMcred Cannon Ckssk; to 
Sept 28. 

sacoER, Tashkent UzbeUstan— World 
Cup qualifytog. Uzbekistan vs. United Arab 
Emirates. 

TUNA men Munich. Germany — 
Grand Siam Cup. to Sept 2fc Bucharest Ro- 
mania — Romanian Open to Sept. 2& 
Toutausa France— Taatouse Grand Prta to 
Sept- 28. Women Surabaya Indonesia — 
women, Wlsmilolc I n ternational to Sept. 7& 

VOLLEYBALL. Brno, ZDn, Czech Repub- 
ic — women European Chrenpionshia to 
Oct X 

Sunday, Sept. 2 B 

athletics, Bertov Germany — Brsfln 
Marathon. 

AUTO RACENQ, Nurhortring, Germany 
— Formula One, Luxembourg Grand Pita; 
Fontana, California -—CART. Indycm Mat- 
bom 500. 

MOToncYCLEiueteMwSantul Indone- 
sia— Indonesian Grand Pita. 

ruoby league. Sydney, AusRoBa — 
ARL Grand FmaL 

•oocer. Tokyo— Wbrtd Cup qua Hying, 
Japan vs. South Korea 

Monday, Sept 29 

tehmim, men Basel Switzerland —Swiss 
Indoors, to Oct. S; Patema Sfcfly — Sfcfflan 
International to Oct. 5; BeiRng, China — Bd- 
|tag0peataDcL5 

Tuesday, Sept. 30 


EnroLeagua various 
sites — CSKA Moscow, Russia vs. Moocabi 
Tel AvM Israel Pmflzan Belgrade, Yu- 
goslavia va Hapoel Jerusalem Israel 
•occur. Various sites — UEFA Cup. 
1 round . rculuin log: Orebra Sweden vs. Ro- 


tor Volgograd, Russia: I860 Munich Ger- 
many vs. Jazz Pah Finland; Vfl Bocnum, 
Germany vs. Trabzonspar, Turkey. 
Grasshoppers, Switzerkmd vs. Croatia Za- 
greb, Croatia; Sporting Braga Portugal vs. 
Vitesse Amhem, Netherlands; Hapoel Petah- 
Tivka Israel vs. Rapid Vienna Austria 
Neudutet Xamax. Swttrertand vs. litter NU- 
km Italy; Liverpool England vs Cette. Scot- 
land; Metz, France vs Excelsior Mouscron 
Belgium; Ullestnm, Norway vs Twente En- 
schede. Netherlands Oub Bruges. Belgium 
vs Bettor Jerasalem, Israel Leicester City. 
England vs Aflefieo Madrid Spain Nantes 
France vs Aarhus Denmark; Anortftosn 
Famagusta. Cyprus vs Kartvuhe SC Ger- 
mary; Fereocvaras, Hungary vs OFI Irak- 
fioa Greece Auxerre, Fiance vs Departhra 
Coruna Spam Andertedd Belgium vs SV 
Satzbuig, Austria Arsenal England vs. 
PACK Salonika Greece; tidiness Italy vs. 
Wldzew Lodz, Potanrfc Aim Amsterdam. 
Netherlands vs Martbot Skwenks Brandby, 
Denmark vs. Otymplque Lyon France; Dy- 
namo TbBst Georgia vs MPKC Mozyr. Be- 
lanis-Skonki Riga, Latvia vs ReotVaBadoOd 
StMta; Lazla Italyvs Vltorta Gubnaraes Par- 
to gat Rangers, Scotland vs Strasbourg, 
Franau Akmta Vtadfiavkaz. Russia vs MTK 
Budapest Hungary HajdukSpBt Croatia vs 
Schalke 04. Germany; Benllca Portugal vs 
Bastta, France; Spartak Moscow Russia vs 
SJoa Switz e rland: Attdeflc BBbaa Spain vs 
Smnpdmta, Italy; Aston VEa England vs 
Gfeandhw Bordeoux. France; Fenerbahca 
Turkey vs Staouo Bucharest Romania 

Wednesday, Oct. 1 

■ASKKYBALL, Men's EuroLeague 
championshta, various rites — PAOK Saloni- 
ka Greece vs Eshidtantes Madrid Spain; 
Teomsystem Bologna Italy vs. AEK Athens, 
Greece; 

cricket, Bokwrayo — Zimbabwe vs 
New Zealand 1st ore-day International; 
Quetta Pakistan— Presldenita XI vs South 
Africa 

soccer. Champions Cup . 2d round 
various sSes — Borusmr Dortmund Ger- 
many vs Sparta Prague. Czech Repubfic 
Parma Italy vs Gokitasaray, Turkey; 
Feyenoord Netherlands vs FC Kosice, Slo- 
vakia; Manchester United England vs Ju- 
verdus Itahv Bracetana Spain vs PSV Eind- 
hoven Netherlands , 1845; Dynamo Kiev, 
Ukraine vs Newcastle United, England; Par-' 
to. Portugal vs Real Madrid Spain; Rosen- 
borg Trondheim, Norway vs Olympinkos Pi- 
raeus Greece IFK Gothenburg, Sweden vs 
Bayern Munich, Germany; Beriktas Turkey 
vs Part* St Germain Ltotsa Belgium vs 
Sporting Lisbon, Portugal Monaco, France 
vs Boyer Leverkusen. Germany. Friendly to- 
teii vi t ton ot Tunisia vs Australia. 
Thursday, Oct. 2 

■MtatlWUL EuroLeague various 


sites — Olympia kos Greece vs Limoges 
France; Real Madrid Spain vs Efes PBsen 
Istanbul Turkey; Porta Portugal vs. Croatia 
Spin, Croatia- Benetton Treviso, Italy vs 
Ankara Turkey; Barcelona, Spain vs Kinder 
Bologna Italy; Utter Istanbul Turkey vs 
Pau, France; Alba Berlin, Germany vs Ct- 
bona Zagreb, Croatia Paris St Germain, 
France vs SCT OSmpva Slovenia. 

ooLf> mere Berlin — German Masters, to 
Oct Si Pine Mountain Georgia— B nick Chat- 
tonga to Oct. & Kasuya Japan — Japan 
Oparu to Od. 5. Women: Kirtztown, Pemt- 
sytvanla — Core Slates Betsy King Classic, to 
Oct 5. 

SOCCER, Cup Winners Cup, 1st round 
return teg . various sds — National 
Bucharest Romania vs Kocoefispoo Turkey; 
Sturm Graz. Austria vs Apoel Nicosia 
Cyprus VtB Stuttgart Germany vs Vestm an- 
naeylat Iceland- Shakhtar Donetsk. Ukraine 
vs Baavlsta Portugal Dvena Zvezda Red 
Star Belgrada Yugoslavia vs Germinal Ek- 
enm, Belgium; Prtmotle AJdovsdna Slovenia 
AIK Stodchoktv Sweden; Dinabuig Dau- 
gavpils Latvia vs AEK Athens Greece; 
Lucerne. Switzerland vs Skrvta Progua 
Czech Repubfic Roda JC Kerkrode, Nether- 
lands vs Hapoel Seenhabs israet Tiwnsa 
Norway vs NK Zag red Croatia; Ararat Yere- 
van Armenia vs FC Copenhagen, Denmark; 
Lokomotiv Moscow. Russia vs Betehym Bo- 
bruisk, Belarus S Imran Srattslava Slovakia 
vs Chelsea, England- KBmamock, Scotland 
vs Nice, Fiance; BVSC Budapest Hungary 
vs Real Beds Spain; Leglo Warsaw, Poland 
vs Vicenza Italy. 

Friday, Oct. 3 

qolf, mere Ctemmons North Caroiino— 
Vantage Champianshia seniors, to Oct 5. 
Women: Icblhraa Japan — Kosaido Ladies 
to Oct. 5. 

soccer, Washington DC. — WortdCup 
quafifytna United States vs Jamaica. 

Saturday, Oct. 4 

athletics, Kosica StovoWd — world 
hatf-mprpthonchamptan s Wps 

TENNIS, Hemgenbosdv Netherlands — 
Federation Cup final Natharianrh vs 
France, to OcL 5. 

Sunday, Oct. 5 

ATHLETICS Istanbul Turkey Eura- 

sia Marathon; Mtaneopole — UJS. Masters 
Marathon. 

CYCLWO, Parts-Touis France — World 
Cua Ports- Tours Ckmlc 

HORSKRAcma Longchama France— 
— AredeTriamphe. 

■ocottR, Mexico City— WortdCup quat- 
tfytog. Mexico vs El Salvador. 


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PAGE 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAi’-SUNDAi, SEPTEMBER 27-28. 1997 


DAVE BARRY 


Covering the Stock Market 


Disney Conquers Another World: Design 




M iami ■— Perhaps you wonder how 
come we here in the news media 


IVlcome we here m the news media 
always make such a big deal about the 
Stock Market The answer is simple: We 
don’t understand it. We have an old say- 
ing in journalism: “If you don't under- 
stand something, it must be important, " 


We in the media believe that the Mars 
rocks are important because scientists 
tell us so. We will cheerfully print, 
without question, pretty much anything 
that scientists tell us about space 
(“STANFORD — Scientists here an- 
nounced today that, using a powerful 


Iruemarianal Herald Tribune 

P ARIS — Race and gender studies 
are old hat. The mighty oak in the 
groves of academe is now Disney stud- 
ies, which have grown from the schol- 
arly sapling “Inside the Mouse," pub- 
lished in 1 995. to a seminar last winter 




i * 


This is also why we media peopleget so new type of telescope that uses amperes 
excited about science. In our scientific connected to a ‘modem, they have |o- 
educations. we got as far as the part in cated set previously unknown galaxies 
biology class where they save us a razor shaped like all the major characters on 
nnH a dead hog, and told us to find the ‘Gilligan s Island except Ginger )■ 
pancreas. Right then we started thinking My poinr is that this same principle 
two words, and those words were: “Eng- applies to media coverage of the Stock 

lish major." So we quit Market. We in the me- 

studying science, which „ dia, as a rule, are not 

is why we do not begin to k If VOU don't go°d with financial 

understand — to pick one maners. Some veteran 

rtf mamr understand journalists have not vet 


MARY BLUME 




educations, we gw as far as the part in 
biology class where they gave us a razor 
and a dead frog, and told us to find the 
pancreas. Right then we started thinking 
two words, and those words were: “Eng- 
lish major." So we quit _ 

studying science, which _ 

is why we do not begin to *lf vou w 
understand — to pick one „ 

of many examples — iwdersta 

how electricity works. somethin 

We believe that elec- , . 

tricity exists, be- be nnpor 

cause the electric com- 

party keeps sending us bills for it, but we 
cannot figure out how it travels inside 
wires. We have looked long and hard at 
wires (some of us have tried blowing 
into them > and we cannot begin to figure 
out how the electrons, or amperes, or 
whatever, manage to squeeze through 
there into the TV set. nor how. once 
inside, they manage to form themselves 
into complex discernible images such as 
the PilLsbury Doughboy. 

We in the media write our stories on 
computers, but since computers contain 
both electricity and “modems." we 
have no idea how they work. If you 
observe us professional journalists cov- 
ering a news event, you'll see that we 
divide our time as follows: 

1 percent: Getting information. 

6 percent: Writing stories. 

93 percent: Trying to get the computer 
to send the story hack to the newspaper 
by pressing key's pretty much at random 
with growing panic until we have sent our 
stones to some destination — possibly 
the Kremlin; possibly the radio room of 
the Titanic — but not to our newspapers. 
Then we call our newspapers and beg for 
help from the Computer People, w’ho are 
technically competent people, the kind of 
people who always found the frog pan- 

imWaarctonrl 4 * wi/vftkrvic * inrl 


something, it must 
be important.’ 


1 journalists have not yet 

must turned in their expense 
’ accounts for the Civil 

mL’ War. So as a group, we 

don 'r really have a solid 

handle on ( 1 ) What the Stock Market is: 
(2) Why it goes up and down; (3) 
Which is good. “Bull" or “Bear": (4) 
Whether “points” means the same 
thing as “dollars," and if so, why the 
hell don't they just call them “dol- 
lars"?; (5) Who "Alan Greenspan" is; 
and (6) Whether he is the same as 
“Dow Jones.” 


Because we don't understand these 
things, we have naturally concluded that 
the Stock Market is extremely impor- 
tant. and whenever it does anything, we 
write front-page stories filled with 
quotes from financial experts. But I 
suspect that these experts sometimes 
tike to yank the media's chain. Consider 
the following quotation, which actually 
appeared in a Washington Post story 
back in August explaining why the 
Stock Market went down: 

“ ‘For Coke, an icon of the market, to 
■show feet of clay is upsetting,' said 


Barton Biggs, global equity strategist at 
Morgan Stanley. Dean Witter, Discover 
& Co.” 

I have read this sentence at least 35 
times, and every time I have more ques- 
tions, including: 

What kind of job is “global equity 
strategist"? 

What kind of name is “Barton 
Biggs”? 

Since when does Coke have feet? 

These are just some of the issues that 
lead me to believe that if we were to call 
“Morgan Stanley', Dean Witter, Dis- 
cover & Co..” we would find ourselves 
talking to die very same scientists who 
are always “discovering” new galaxies 
and showing us pictures of “Mars 
rocks. ” That’s right: I think that science 
AND the Stock Market could be part of 
some giant hoax, and I intend to transmit 
this information to the newspaper, just 
as soon as I can locate the Magic Bone. 

1997 Tke Miami Herald 

Distributed by Tribune Media Services. Inc. 


creas: they understand “modems/' and 


whatever they tell us to do to our com- 
puters. including wave a Magic Bone 
over the keyboard, we do it. 

We in the media are especially im- 
pressed with space. VVe cannot com- 
prehend how anybody could get a rocket 
to land on another planet: many of us 
cannot consistently parallel park." This is 
why we got so excited about the recent 
Pathfinder mission, which day after day- 
resulted in front-page headlines like: 

ROCK FOUND ON MARS.’ 

And: 

ANOTHER ROCK FOUND ON 
MARS! 

.And: 

MARS APPARENTLY COVERED 
WITH ROCKS! 


sponsored by the College Art .Asso- 
ciation which included papers on "The 
South as a Regional Sub-Text in Dis- 
ney's American Spectacle" and 
“Adam and Eve . . . and Goofy: Walt 
Disney World as the Garden of Eden." 

Jean Baudrillard has found that the 
world of Disney conceals the emptiness 
of the United States, Umberto Eco has 
said that his favorite Disneyland rides 
are the Pirates of the Caribbean and the 
Haunted Mansion, while the architect 
Charles Moore, in a 1984 version of 
political correctness, criticized the 
Haunted Mansion “for the smug and 
supercilious treatment it bestows on 
ghosts, just because they are dead." 

The latest contribution to the canon is a 
study of Disney architecture, “Designing 
Disney’s Theme Parks," edited by Karal 
Aron Marling, published by Flamrnarion 
and compiled to accompany a traveling 
exhibition which opened in June in 
Montreal and will move on to Minneapol- 
is, Los Angeles and New Yoric, where it 
will end in January 1999. 

In recent years corporate Disney has 
used such world-famous architects as 
Frank Gehrv. Michael Graves, Robert 
Venruri, Peter Eisenman and Philip 
Johnson but Walt himself never trusted 
blueprints, working from models, story- 
boards and drawings and favoring, in- 
stead of architects, the collaboration of 
animators and designers to whom in 
1952 be gave the enduring title of Ima- 
gineers. 

What he was doing in his theme 
parks was producing his cartoon im- 
ages in three dimensions. In addition to 
his films, his television show was an 
inspiration in providing both a nar- 
rative and in enabling visitors to swirch 
from one “land” to another, say from 
Fantasyland to Adventureland, as eas- 
ily as they hopped channels. The result 
was so internationally persuasive that 
in 1980 when Tokyo Disneyland was 
being planned, the Japanese refused a 
mini-Ginza for their shopping area. 
opting for Main Street instead. 

In planning his first theme park, in 
California, Disney used many motion 
picture techniques such as forced per- 
spective, long shots and close-ups and, 
above all. a technique from silent film 
comedies called the w'ienie. A wienie is 
the rail visual marker that promises to 
reward the visitor who walks toward it. 

Marling says that the Sleeping 
Beauty castle at Disneyland Paris is the 
ultimate wienie. Others are a paddle 
wheel steamer, or the clock tower in 










L 










Design for a Mickey Mouse display case in California. 


Mickey’s Toon town, or the 180-foot- 
tall (55-meier-rali) sphere, reminiscent 
of the 1939 World's Fair, at EPCOT in 
Florida- EPCOT itself, conceived by 
Disney as a utopian city (Experimental 
Prototype Community" of Tomorrow) 
but only a theme park in his lifetime, 
was according to a colleague, “Wait’s 
target. It was the real wienie." 

Only recently has Disney's Florida 
community, winch the writer Russ Rv- 
mer describes as an experiment in re- 
demptive urban design, come into being. 
Now called Celebration, it offers pre- 
designed houses in models labeled Kens- 
ington Classical or Ashland Coastal 
whose exterior clapboard is made of 
synthetic concrete, whose columns are 
fiberglass, and whose purchasers must 


conform to strict rules in order to return 
to what a sales film calls a time of 
innocence: “Big shady trees and front 
porches. You know, where {daytime 
doesn't end until mama calls you in.” 
Demand for tie first 470 dwellings out- 
stripped supply by nearly three to one. 

Walt went to the great wienie in the 
sky 31 years ago but Celebration is 
simply another version of the ideas that 
informed the creation of his theme 
parks. He was certainly the first person 
to realize what we all know today: that 
marif«ing and packaging are as im- 
portant as, or mere important than, 
invention, that fantasy has replaced 
imagination and that memory has been 
replaced by nostalgia. 

In 1952," when he was working on his 


first Disneyland, Walt was inspired by 
the miniature train on which he steamed 
through his backyard, vague childhood 
memories of Marceline, Missouri, vis- 
its to various fairs and fun parks, tutd to 
Henry Ford's Greenfield Village, pan 
utopian community and part trip down 
memory lane to a cozy neighborly 
world before the advent of factories, 
assembly lines aid Ford me.--. .. 

Later he would be ..i nfl ue nc ed by 
films other than his own: Doris Day 1 ! ' 
“Calamity Jane" inspired Frostier- 
land, ‘‘The African Queen’! helped 
with the Jungle Cruise. And there was * 
the city of Los Angeles itself* wife fa ' 
restaurant in the form of an epocyajo^ - 
brown derby, its. frankfrirter-shaped ' 
hot dog stands: a place that ia lSl 
Edmund Wilson had described as hay. - 
mg a “ mixture sque beauty /‘where ■ 
“every prospect appeases and fee 
goofs hang luce ripe mrits.^*’ . . • 

From all this Disney fashioned a co- 
herent and deeply profitable worfd . 
which functions on an unimagined &... 
temational scale. Whether in Tokyo.o( 
Anaheim, California, the old fiafometf 
storefronts of Main Street have jpoteat 
appeal. Marling explains: Hiey nay just 
be selling souvenir schlock or ftnuiiar 
products but “‘We’ve been aioriud a 
long time,’ whispered the gilded let- 
tering on the windows, the simulated 
cast-iron pediments above the door- 
way s. ... Main Street was a strip mall all 
dressed up in a scintillating Vict orian 
costume that made the products you 
shopped for at home ... seem-imriguing . 
all over again.” 

Whai Disney and his Imagineers suc- 
ceeded in building was a howdy-do, sa- - 
sapariUa-drinJring, white picket fence 
awfully nice world. Even, the Totncsv 
rowland of .1995 in Orlando, Florida," 
Marling says, harks back to a 1920s or 
1930s vision of the future when, “to- * 
morrow was better than today.” He 
yesterday was, of course, also better than- 
today. Today was always a problem. 

As architecture, one of the Imagineers . 
of Disneyland Paris says... what’s new: , 
about architecture Disricy-styie is that 
nobody' thinks about archtecture: They 
think about fantasies and dreams. In the 
theme paries, Marling writes, “You anr- 
emboldened and soothed by clean 
streets, s miling faces, happy colors and - 
the implicit promise that here, at least, ' 
everything will be OJL" As Disney 
himself said, “I want them, when they - 
leave, to have smiles on their faces.” : : 

Cities don't smile and neither does 
serious architecture, Marling says: ' 
“Great art never tells you to have a 
nice day. ’ ' Disney architecture has less 
to do with style than with concept His 
genius was to invent a feel-good world . 
of control and reassurance. The last . 
word sums up the worldwide impact of 
the Disney approach and gives Marling 
the satisfying subtide to her . boci: 
“The Architecture of Reassurance." . 


politic 


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A CELEBRITY guest list, 
led by President Nelson 








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zx led by President Nelson 
Mandela, departed Friday 
from Pretoria for an overnight 
trip on the newly revamped 
Blue Train, Sooth Africa’s 
luxury train. Joining Mandela 
and his companion. Graca 
Mach el. on the trip were the 
musician Quincy Jones, act- 
ress Mia Farrow, model Na- 
omi Campbell, the retired 
Archbishop Desmond Tutu 
and the Pakistani cricketer 
turned politician Imran 
Khan, accompanied by his 
wife, Jemima. They were ex- 
pected to arrive in Cape Town 
on Saturday afternoon. The 
train, refurbished at a cost of 
70 million rand ($15 million) 
has IS carriages and accom- 
modates 84 passengers with 
27 staff members to look after 
them. 



# 


baft of her husband, Ronald 
Reagan, who suffers frotnv 
-AlzheimerV disease and is- 
rarely seen in public. At 
about the same tune. Carter- • 
w as honored by the National 
Mental Health Association 
for her decades of woric on 
mental health. Commending 
Carter’s compassion for 
those with mental illnesses 
and their families, Tipper 
Gore, the vice president’s 
wife, presented her with the 
“Into the Light’* award. 


Japanese turned, cart ini 
oves at music stores on Fn-JP 


Mia Farrow and her children, with Naomi Campbell 
in the background, preparing to board the Blue Train. 


droves at music stores on Fn-j 
day as Elton John’s tribute 
to Diana, Princess of 
Wales, went bn sale. Music 
stores in Tokyo were inun- 
dated with presale orders for 
the “Candle-in . the . Wind 


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in the background, preparing to board the Blue Train. 1997” CD, and thousands of 
LJ . .. people went out in drizzling 

David Brinkley's 54-year career as a with bad timing, shrill horns and a hur- rain to get their copies. Meanwhile, in 
broadcast journalist, which he has been ried exit — all before he made it to London, music industry officials said 
winding down for a year, will come to a Symphony Hall. The conductor got to that counterfeit versions of the recording 
close on Sunday morning, Brinkley and the opening-night stage a half-hour late have been found in at least five countries 
ABC News have announced. Brinkley, after getting stuck behind an accident on as criminals milk the wave of public 
76, will give a final commentary for the Massachusetts Turnpike. The macs- sympathy after her death. Nic Garnett. 
“This Week," which had been called fro pulled some strings to get out of the director general of the International Fed- 
“This Week With David Brinkley” for jam: A cellular phone call got him a state eration of the Phonographic Industry, 
15 years until he retired as the program's police escort. * The lesson is, if you ’re in said the counterfeiter were ‘ ‘nothing 
anchor on Nov. 10. Since then he has a traffic jam, have Seiji Ozawa with more than parasites.!”’ Polygram and - 
appeared as a weekly commentator, you.’ ' said R. Willis Leith Jr., the chair- John had tried to ensure that aUproceedil 
Brinkley s career began in radio in 1943 man of the orchestra. went to the charity fund set iro in Diana's 


anchor on Nov. 10. Since then he has 


appeared as a weekly commentator. 
Brinkley's career began in radio in 1943 






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went to the charity fund set up in Diana's 

memory, he said 


Just blocks apart from each other, 
former first ladies Nancy Reagan and 


Linda Ronstadt has put her lavender 


Rosalynn Carter collected honors at San Francisco mansion on.. the market 
awards dinners in Washington organ- For $5.85 milli on, the- buyer will get 




Seiji Ozawa's 25th season with the 
Boston Symphony Orchestra started 




tzed by groups promoting global de- seven bedrooms, an an pair suite, an 
mocracy and mental health treatment office, stained glass windows and domb- 
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accepted the International Republican in 1987, haff remrikal to Tucson, Ari- 
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Masters of Arts: 20 to Receive National Medals 


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als, including the actors Angela Lans- 
bury and Jason Robards, the philan- 
thropist Paul Mellon and the authors 
Studs Terkel and Maxine Hong King- 
ston. as recipients of this year's National 
Medals in the arts and humanities. 

The medals, which are the highest 
citations in the United States for cultural 
achievement, are also being awarded to 
individuals who have bad long and in- 
fluential careers in varied music forms. 
Betty Carter, the jazz vocalist and ment- 
or, James Levine, the pianist, conductor 
and artistic director of the Metropolitan 
Opera; Tito Puente, the dean of Latin 
percussionists; Doc Watson, the guitar- 
ist and bluegrass virtuoso, and Don Hen- 
ley, a founder of the Eagles rock band, 
are among the honorees. Henley was 


cited for his environmental work and 
philanthropy. 

The presidential medals have a broad 
reach into artistic and scholarly areas, 
and the recipients come from varied 
fields, such as Daniel Urban Kiley, the 
landscape architect, and Luis Leal, a 
literary scholar and professor of Chicano 
studies in Santa Barbara, California. Hie 
award is quite different from the 
Kennedy Center Honors, a private, rev- 
enue-generating endeavor. Bat the 
White House is involved in both, and 
occasionally an artistic figure shows up 
on both lists. This year me dancer Ed- 
ward Villella, the artistic director of the 
Miami City Ballet, will be feted twice. 

"The individuals we honor today have 
enlightened us with their vision, uplifted 
us with their art, music, dance and theater, 
and strengthened America with their ex- 
traordinary contributions to our culture,” 
said Jane .Alexander, the chairman of the 
National Endowment for the Arts. 


Also named for the arts medal were 
sculptor Louise Bourgeois;' Agnes 
Guild, the president of the Museum of 
Modem Art in New York, and the MacJ 
Dowell Colony, an arts organization in 
New Hampshire. The humanities award 
is also going to Nina Archabal, a his- 
torian and director of the Minnesota 
Historical Society; David A. Berry, a 
national advocate for improved human- 
ities education in community colleges; 
Richard J. Ranke, a business executive, 
creator of the annual Chicago' Human- 
ities Festival and the chairman of Amer- 
icans United , to Save the Arts and Hu- 
manities; William Friday, president 
emeritus of the University of North Car- 
olina, and Martin E. Marty, a noted 
scholar of American religious history. 
Mellon, 90, is one of the country's, best^ 
known donors to the arts and humanities! 
as well, as a major art collector. The 
president and HUlaiy Ro dham Clinton 
will present the medals on Monday. 







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