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Voice of America, 97-11-18

Voice of America: Selected Articles Directory - Previous Article - Next Article

From: The Voice of America <gopher://gopher.voa.gov>


CONTENTS

  • [01] CONFLICT RESOLUTION: MUSLIM VIEW, KOSOVO MONUMENTS, PT BY JUDITH LATHAM (WASHINGTON)
  • [02] CONFLICT RESOLUTION: SERB VIEW OF KOSOVO BATTLE, PART BY JUDITH LATHAM (WASHINGTON)
  • [03] EURO STOCKS (S-ONLY) BY PAUL FRANCUCH (LONDON)
  • [04] NY ECON WRAP (L ONLY) BY JOE CHAPMAN (NEW YORK)
  • [05] TUESDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)
  • [06] TURKEY / ISLAMISTS (L ONLY) BY AMBERIN ZAMAN (ANKARA)
  • [07] WORLD STOCK MARKETS BY STEVE NORMAN (WASHINGTON)

  • [01] CONFLICT RESOLUTION: MUSLIM VIEW, KOSOVO MONUMENTS, PT BY JUDITH LATHAM (WASHINGTON)

    DATE=11/18/97
    TYPE=WORLDWIDE ENGLISH FEATURE
    NUMBER=7-17628
    2 OF 2 TELEPHONE=619-3464
    EDITOR=GARY EDQUIST
    CONTENT= (TAPE CUTS IN AUDIO SERVICES)

    INTRO: IN JUNE 1389, THE TURKISH ARMY OF SULTAN MURAD [SOOL-TAHN MUR-RAHD] I DEFEATED THE ARMIES OF THE SERBIAN DUKES LED BY PRINCE LAZAR [LAH-ZAHR] AT THE BATTLE OF KOSOVO POLJE, THE "FIELD OF BLACKBIRDS." BOTH LEADERS WERE KILLED DURING THE COURSE OF THE BATTLE, WHICH WAS DECISIVE IN SPREADING TURKISH AND ISLAMIC CULTURE AND RELIGION TO FORMERLY CHRISTIAN AREAS OF SOUTHEASTERN EUROPE. THE TURKS RULED THE AREA UNTIL THE FIRST BALKAN WAR IN 1912, WHEN KOSOVO BECAME PART OF SERBIA. AND TODAY, KOSOVO IS CLAIMED AS PART OF THEIR HISTORIC HOMELAND BY BOTH SERBS OF THE FORMER YUGOSLAVIA AND BY ALBANIAN KOSOVARS WHO REPRESENT 90 PERCENT OF THE POPULATION IN THE AREA. SERBS AND ALBANIANS NOT ONLY HAVE DIFFERING VIEWS OF THE LAND ITSELF BUT OF THEIR "SACRED MONUMENTS." TO SERBS, THE SITE OF THE BATTLEFIELD WHERE PRINCE LAZAR DIED IS HOLY GROUND. TO ALBANIANS AND TURKS, THE NEARBY TOMB OF SULTAN MURAD I REPRESENTS A DEEPLY MEANINGFUL PART OF THEIR HISTORY.

    VOA'S JUDITH LATHAM HAS VISITED THE TWO MAJOR SITES AND

    TALKED WITH PEOPLE ON BOTH SIDES ABOUT THE CONTEMPORARY MEANING OF THE BATTLE OF KOSOVO AND ITS MONUMENTS. HERE'S ____ WITH THE SECOND OF TWO REPORTS.

    TEXT: ABOUT FIVE MINUTES BY CAR DOWN THE DUSTY ROAD FROM THE SITE OF THE ANCIENT BATTLE ARE THE GROUNDS OF THE TOMB OF THE TURKISH SULTAN MURAD I. THE SULTAN'S ARMY WAS VICTORIOUS IN THE BATTLE WHICH CLAIMED HIS LIFE, AND OTTOMAN RULE WAS ESTABLISHED IN THE AREA FOR MORE THAN 500 YEARS. THE MAJORITY OF ALBANIANS IN THE REGION, WHO WERE ORIGINALLY CHRISTIANS AND HAD FOUGHT WITH THE SERBS AGAINST THE TURKISH INVADERS, GRADUALLY CONVERTED TO ISLAM. OVER TIME, AS THE ALBANIAN MUSLIM POPULATION IN THE REGION GREW, SERBS ABANDONNED THEIR HISTORIC HOMELAND IN A CONTINUOUS STREAM. EVEN AFTER TURKEY'S DEFEAT IN THE FIRST BALKAN WAR IN 1912, THE ALBANIAN MUSLIM POPULATION REMAINED THE MAJORITY IN KOSOVO. IN 1913, THE NEIGHBORING INDEPENDENT STATE OF ALBANIA WAS RECOGNIZED BY THE TREATY OF LONDON. DURING WORLD WAR II, KOSOVO WAS OCCUPIED BY ITALY AND GERMANY, AND THERE WERE ASSAULTS ON HISTORICAL MONUMENTS. AFTER THE WAR, DURING YUGOSLAVIA'S COMMUNIST PERIOD, MANY OF KOSOVO'S MONUMENTS, CONTINUED TO DETERIORATE. ACCORDING TO HARVARD UNIVERSITY'S ANDRAS RIEDLMAYER [REED-EL-MY-ER], WHO IS AN INTERNATIONAL AUTHORITY ON ISLAMIC ART AND ARCHITECTURE, SERBS IN THE REGION HAVE MADE LITTLE EFFORT TO PRESERVE MUSLIM CULTURAL SITES ASSOCIATED WITH THE OTTOMAN PERIOD. THEIR DETERIORATION HAS ACCELERATED IN RECENT YEARS, AND SERB NATIONALISTS HAVE ATTACKED RELIGIOUS SITES THROUGHOUT THE REGION. NONETHELESS, MR. RIEDLMAYER SAYS, THE "TURBE," [TOOR-BAH], OR SHRINE, MARKING THE PLACE WHERE SULTAN MURAD DIED HAS REMAINED A MAJOR PLACE OF PILGRAMMAGE. TAPE A: CUT ONE -- RIEDLMAYER (2:28) "JUST AS THE SERBS VENERATE THE SERBIAN PRINCE LAZAR WHO WAS ALSO KILLED IN BATTLE, SO MUSLIMS VENERATE SULTAN MURAD, WHO IS SEEN AS A MARTYR. THE OTTOMAN MONUMENTS WERE NOT DESTROYED, BUT THEY WERE LEFT TO NEGLECT, AND THERE WERE VARIOUS MEANS OF PREVENTING REPAIRS FROM HAPPENING. THE KEEPER OF THE TOMB WAS EVENTUALLY EVICTED, AND THE TOMB IS IN A VERY SAD STATE OF REPAIR. IN THE OTHER PARTS OF KOSOVO, THERE HAVE BEEN RECENT ATTACKS ON ISLAMIC MONUMENTS, INCLUDING A 'TURBE' AND A MOSQUE IN THE CITY OF PEC NEARBY. I THINK WHAT IS VERY IMPORTANT TO REALIZE IS THE CONTEXT IN WHICH THIS HAS HAPPENED. IN BOSNIA ITSELF, YOU HAVE JUST IN THE PAST FIVE YEARS WELL OVER 1,000 MOSQUES AND OTHER RELIGIOUS MONUMENTS OF NON-SERB ORIGIN -- MOSQUES, 'TURBES,' AND CATHOLIC CHURCHES -- DEMOLISHED BY SERBIAN NATIONALISTS. WITHIN SERBIA ITSELF, THE MUSLIM POPULATION IN KOSOVO AND IN THE SANDZAK HAS BEEN UNDER EXTREME PRESSURE, AND THERE HAVE BEEN TERRORIST ATTACKS ON MOSQUES AND ON OTHER COMMUNITY BUILDINGS. I THINK IT'S VERY IMPORTANT THAT THE INTERNATIONAL COMMUNITY PAY ATTENTION TO THESE AND THAT ALL OF THESE SITES, WHICH ARE PART OF THE WORLD'S HERITAGE, BE SAFEGUARDED."

    TEXT: ON JUNE 28, 1989, SLOBODAN MILOSEVIC LED THE 600TH ANNIVERSARY CELEBRATION OF THE BATTLE OF KOSOVO, WHICH WAS ATTENDED BY MORE THAN A MILLION SERBS FROM AROUND THE WORLD. DURING THE CEREMONY, A NEW MONUMENT CONSECRATING THE DEFEAT OF THE SERBIAN PRINCE LAZAR WAS DEDICATED. ACCORDING TO PUBLICATIONS OF THE SERBIAN MINISTRY OF INFORMATION IN BELGRADE, THE CULTURAL SITES AND "INSTITUTIONS" OF BOTH SERBS AND MUSLIMS IN KOSOVO ARE TO BE PROTECTED. MEDIEVAL SERBIAN ORTHODOX MONASTERIES IN KOSOVO HAVE ALSO RECEIVED MONIES FROM THE STATE FOR PRESERVATION AND RESTORATION. THE OTTOMAN MONUMENTS, AS MR. RIEDLMAYER EXPLAINS, HAVE BEEN ALLOWED TO FALL INTO DISREPAIR.

    TODAY, THE TOMB OF SULTAN MURAD, WHICH IS LOCKED INSIDE A MOSQUE-LIKE STRUCTURE CALLED THE "TURBE," IS GUARDED BY THE SAME TURKISH FAMILY THAT HAS DEVOTED ITSELF TO THIS EFFORT FOR THE PAST 580 YEARS. FAKRI TURBEDARI [FAH-KREE TOOR-BAH-DAH-REE], AN ELDERLY TURKISH GENTLEMAN WHO WEARS THE TRADITIONAL RED FELT MUSLIM "TARBOOSH" [HAT], SITS BESIDE THE TOMB OF THE SULTAN, WHICH IS CRUMBLING IN DISREPAIR. TAPE B: CUT ONE -- TURBEDARI (ESTABLISH ALBANIAN FOR 5 SECONDS AND FADE UNDER) TAPE A: CUT TWO -- ENGLISH TRANSLATION (0:24) "WE HAVE BEEN 'TURBEDAR,' OR CARETAKERS OF THE 'TURBE,' FOR CENTURIES. MY ANCESTORS CAME FROM TURKEY 580 YEARS AGO. IN 1950, THE COMMUNISTS TOOK THE KEYS, AND THE POLICE GUARDED IT. MY FATHER WAS STILL ALIVE. HE WAS BEATEN AND FORCED TO LEAVE. IN 1994, NADA PESIC POPOVIC OF THE SERBIAN MINISTRY OF CULTURE GAVE US BACK THE KEYS."

    TEXT: MR. TURBEDARI THEN LEADS A SMALL GROUP OF VISITORS TO THE GRAVES OF HIS FAMILY, ADJACENT TO THE DOMED, MOSQUE-LIKE STRUCTURE THAT SURROUNDS THE TOMB. TAPE B: CUT TWO -- TURBEDARI (ESTABLISH ALBANIAN FOR 5 SECONDS AND FADE UNDER) TAPE A: CUT THREE -- ENGLISH TRANSLATION (0:11) "ALL MY ANCESTORS HAD BEEN BURIED IN THIS 'TURBE,' BUT SINCE 1958 WE'VE NOT BEEN ALLOWED TO BE BURIED WITHIN THE WALLS. MY FATHER, MY UNCLES, AND MOTHER ARE BURIED OUTSIDE THIS SITE."

    TEXT: MR. TURBEDARI EXPLAINS THAT, AT THE END OF WORLD WAR II, SERB CHETNIKS POSING AS YUGOSLAV PARTISANS ROBBED THE "TURBE," OR SHRINE OF THE SULTAN, AND CARRIED AWAY VALUABLE HANDMADE PERSIAN CARPETS. AND, HE SAYS, THEY STOLE A GOLD AND DIAMOND CHANDELIER, AS WELL AS ONE OF LESSER VALUE THAT WAS EVENTUALLY RECOVERED FROM A NEARBY RIVER BED. BUT WORST OF ALL, HE SAYS, ALTHOUGH THE TOMB IS OFFICIALLY SUPPOSED TO BE THE CULTURAL PROPERTY OF THE REPUBLIC OF SERBIA, IT IS NOT REALLY PROTECTED.

    MR. TURBEDARI SAYS MANY PEOPLE VISIT THE "TURBE" IN EARLY MAY DURING THE RELIGIOUS FESTIVAL HONORING ST. GEORGE. THEY COOK LAMB OR CHICKEN, AND THEY SING TOGETHER. ROMA HAVE THEIR CELEBRATIONS ON MAY 5, AND OTHER WORSHIPPERS COME ON MAY 6 AND 7. TAPE B: CUT THREE -- TURBEDARI (ESTABLISH ALBANIAN 5 SECONDS AND FADE UNDER) TAPE A: CUT FOUR -- ENGLISH TRANSLATION (0:12) "DURING THOSE FOUR DAYS, THE MONEY, CLOTHING, AND CANDLES THAT PEOPLE LEAVE AS CHARITABLE CONTRIBUTIONS ARE STOLEN. NEMAD TRAJKOVIC, WHO DIRECTS OF THE INSTITUTION FOR CULTURAL PROPERTIES, TAKES EVERYTHING."

    TEXT: MR. TURBEDARI SAYS HIS FAMILY USED TO BE HAVE A SMALL HOUSE BESIDE THE "TURBE" ITSELF, BUT IT WAS TAKEN FROM THEM DURING THE COMMUNIST PERIOD. NOW THEY LIVE IN A FORMER INN OUTSIDE THE WALLS. THE INN, INTO WHICH HE INVITES A HANDFUL OF VISITORS, IS FALLING APART. ONE MUST STEP CAREFULLY NOT TO FALL THROUGH THE HOLES IN THE FLOORBOARDS OR TRIP OVER THE BADLY DAMAGED STAIRCASES. TAPE B: CUT FOUR -- TURBEDARI (ESTABLISH ALBANIAN 5 SECONDS AND FADE UNDER) TAPE A: CUT FIVE -- ENGLISH TRANSLATION (0:07) "WE DON'T HAVE A BATHROOM, DOORS, OR WINDOWS. AFTER 580 YEARS, THAT'S HOW WE HAVE TO LIVE IN THIS STATE OF SERBIA."

    TEXT: BUT, MR. TURBEDARI MAINTAINS, HOWEVER BAD LIVING CONDITIONS GET, HE AND HIS FAMILY WILL NEVER ABANDON THE TOMB OF SULTAN MURAD, WHICH HE REGARDS AS A SACRED TRUST. AS VISITORS LEAVE, HE AGAIN CHAINS THE DOOR OF THE "TURBE" THAT SURROUNDS THE ACTUAL TOMB, AND HE SITS DOWN BESIDE IT -- AS HIS ANCESTORS HAVE DONE FOR CENTURIES.
    18-Nov-97 3:10 PM EST (2010 UTC)
    NNNN
    Source: Voice of America


    [02] CONFLICT RESOLUTION: SERB VIEW OF KOSOVO BATTLE, PART BY JUDITH LATHAM (WASHINGTON)

    DATE=11/18/97
    TYPE=WORLDWIDE ENGLISH FEATURE
    NUMBER=7-17627
    1 OF 2 TELEPHONE=619-3464
    EDITOR=GARY EDQUIST
    CONTENT= (TAPE CUTS IN AUDIO SERVICES)

    INTRO: CENTRAL TO THE NATIONAL CONSCIOUSNESS OF BOTH SERBS AND ALBANIANS IN KOSOVO IS THE BATTLE OF KOSOVO POLJE [POHL-YAY], OR THE "FIELD OF BLACKBIRDS," WHERE IN JUNE 1389 THE ARMIES OF THE CHRISTIAN SERBS AND THE MUSLIM TURKS CLASHED. DURING THE BATTLE, WHICH WOULD PROFOUNDLY ALTER THE COURSE OF HISTORY IN THE BALKANS, BOTH THE SERBIAN PRINCE LAZAR AND THE TURKISH SULTAN MURAD I WERE SLAIN. NEVERTHELESS, THE TURKS WERE VICTORIOUS AND THE SERBIAN EMPIRE WAS CRUSHED. FOR MORE THAN FIVE CENTURIES THE OTTOMAN TURKS MAINTAINED CONTROL OVER SERBIA. IN JUNE 1989, SERBIAN PRESIDENT SLOBODAN MILOSEVIC WAS THE KEY FIGURE IN THE 600TH ANNIVERSARY CELEBRATION AND PASSION PLAY PUT ON BY SERBIAN CLERGY AT KOSOVO POLJE. MANY AMERICAN SCHOLARS BELIEVE THE INTENSE EMOTION GENERATED BY THIS EVENT WAS USED TO FOMENT HATRED OF ALL MUSLIMS IN SLAVIC SOCIETY AND WAS A MAJOR ELEMENT IN THE DISINTEGRATION OF THE FORMER

    YUGOSLAVIA. VOA'S JUDITH LATHAM HAS TALKED WITH SERBS

    AND MUSLIMS ABOUT THE ENDURING MEANING OF THE BATTLE AND HAS VISITED THE SITES WHERE BOTH PRINCE LAZAR AND SULTAN MURAD I WERE SLAIN MORE THAN 600 YEARS AGO. HERE'S _____ WITH THE FIRST OF TWO REPORTS. TAPE A: CUT ONE -- MUSIC (FROM THE 1989 TV REINACTMENT OF THE BATTLE OF KOSOVO) (ESTABLISH FOR 12 SECONDS, FADE, AND HOLD TO END OF GRAPH)

    TEXT: BOSKO DROBJNAJK [BOSH-KOH DROB-NEE-YAHK], SECRETARY OF INFORMATION OF KOSOVO AND METOHIJA [MEH-TOCH-EE-YAH] AND A SERB, SAYS THE SERBIAN PEOPLE'S EMOTIONS CONNECTED TO THIS REGION ARE "MORE ANCIENT THAN THE BATTLE OF KOSOVO" AND PREDATE IT BY AT LEAST TWO CENTURIES. TAPE B: CUT ONE -- DROBJNAJK (ESTABLISH SERBIAN FOR 5 SECONDS AND FADE UNDER) TAPE A: CUT TWO -- ENGLISH TRANSLATION (0:56) "EXACTLY IN THIS REGION THE STATE OF SERBIA WAS ESTABLISHED IN THE 12TH CENTURY, EXACTLY HERE IN KOSOVO AND METOHIA. THEREFORE, THIS REGION IS THE CRADLE OF THE SERBIAN STATE, OF THE SERBIAN CULTURE, AND SERBIAN SPIRITUAL LIFE. THE SERBIAN SACRED MONUMENTS IN THIS REGION ARE MUCH OLDER THAN CHRISTOPHER COLUMBUS. THEREFORE, I HAVE TO EMPHASIZE THAT KOSOVO AND METOHIA FOR THE SERBIA PEOPLE IS A STATE ISSUE, A CULTURAL ISSUE, A HISTORICAL ISSUE, AN ETHNIC ISSUE, AND AN ESSENTIAL ISSUE. AND JUST FOR YOUR INFORMATION, AT THE TIME OF THE ESTABLISHMENT OF THE SERBIAN STATE, SOME 98 PERCENT OF THE TOTAL POPULATION WERE SERBS."

    TEXT: MR. DROBJNAJK EXPLAINS THE OTTOMAN TURKS BEGAN THEIR INVASION OF EUROPE AT THAT SAME TIME. IN JUNE 1389, PRINCE LAZAR GATHERED THE SERBIAN DUKES TO RESIST THE TURKISH INVASION, WHICH MR. DROBJNAJK DESCRIBES AS EUROPE'S "GREATEST RESISTANCE" TO THE MUSLIM TURKS. TAPE B:CUT TWO -- DROBJNAJK (ESTABLISH SERBIAN FOR 5 SECONDS AND FADE UNDER) TAPE A: CUT THREE -- ENGLISH TRANSLATION (1:08) "AT THAT TIME THE FLOWER OF SERBIAN KNIGHTS GOT KILLED. AT THE BEGINNING OF THE BATTLE THE SERBS DOMINATED. THUS, THE FIRST NEWS THAT WENT ALL OVER EUROPE WAS THAT THE SERBS WON. AND EVEN A MONTH AFTER THE BATTLE TOOK PLACE, THE BELLS ON THE FAMOUS PARIS CHURCH, NOTRE DAME, RANG TO PROCLAIM THE SERBIAN VICTORY -- AND THE CHRISTIAN VICTORY -- AGAINST THE TURKS. APART FROM SERBS, THERE WERE A SIGNIFICANT NUMBER OF CROATS LED BY THE DUKE VLAD VUKOVIC. AND ALSO THERE WERE QUITE A NUMBER OF ALBANIANS WHO TOOK PART ON THE SIDE OF THE SERBS. SINCE THE ALBANIANS AT THAT TIME WERE CHRISTIANS, OF COURSE, THIS WAS CONSIDERED AS THE CHRISTIAN RESISTANCE TO THE OTTOMAN EMPIRE, TO THE ISLAMIC INVASION. KOSOVO REMAINS AN ESSENTIAL SPOT IN SERBIAN SPIRITUAL LIFE. THAT'S WHY SERBS ARE SO EMOTIONALLY CONNECTED TO KOSOVO."

    TEXT: MR. DROBJNAJK SAYS A MAJORITY OF SERBS MIGRATED WESTWARD AS A CONSEQUENCE OF THE OTTOMAN INVASION, BUT THE ALBANIANS IN THE REGION ACCEPTED ISLAM. THAT EXPLAINS WHY, HE SAYS, ALBANIANS CONSTITUTE A MAJORITY IN KOSOVO TODAY. NONETHELESS .... TAPE B: CUT THREE -- DROBJNAJK (ESTABLISH SERBIAN FOR 5 SECONDS AND FADE UNDER) TAPE A: CUT FOUR -- ENGLISH TRANSLATION (0:08) "IN THE SERBIAN PEOPLE'S EMOTIONS AND CONSCIOUSNESS, KOSOVO AND METOHIA IS THE MOST ESSENTIAL PART OF SERBIA."

    TEXT: AT THE SITE OF THE BATTLE OF KOSOVO, THE SERBIAN GOVERNMENT HAS ERECTED A HUGE STONE MONUMENT SURROUNDED BY FOUR PILLARS ON WHICH ARE INSCRIBED THE DATES, "1389 TO 1989." A LOCAL TOURIST READS IN MEDIEVAL SERBIAN THE WORDS INSCRIBED ON THE MONUMENT'S BRONZE PLAQUE. TAPE A: CUT FOUR -- SERBIAN (0:18) TAPE B: CUT FIVE -- ENGLISH TRANSLATION (0:21) "WHOEVER IS A SERB, OR IS OF SERBIAN DESCENT, AND DOES NOT COME TO THE BATTLEFIELD OF KOSOVO, MAY HE HAVE NO CHILDREN, NEITHER SONS NOR DAUGHTERS, MAY HIS VINEYARDS AND WHEAT FIELDS BE BARREN, AND MAY HIS FLESH ROT ALL THE DAYS OF HIS LIFE."

    TEXT: THIS SERBIAN BATTLE CRY, OR CURSE, EXPRESSES THE POWERFUL EMOTIONS OF THE SERBIAN PEOPLE. IT HAS BECOME PART OF THE MYTHOLOGY AND HISTORICAL CONSCIOUSNESS OF SERBS IN KOSOVO, IN THE FORMER YUGOSLAVIA, AND THROUGHOUT THE WORLD. AND, IT HELPS EXPLAIN WHY THE STRUGGLE BETWEEN SERBS AND ALBANIANS IN KOSOVO REMAINS SUCH AN INTRACTABLE PROBLEM IN THE SPHERE OF CONFLICT RESOLUTION. (OPT) IN THE NEXT FEATURE, WE WILL CONSIDER THE MEANING OF THE BATTLE FROM THE MUSLIM SIDE. (END OPT)
    18-Nov-97 3:09 PM EST (2009 UTC)
    NNNN
    Source: Voice of America


    [03] EURO STOCKS (S-ONLY) BY PAUL FRANCUCH (LONDON)

    DATE=11/18/97
    TYPE=CORRESPONDENT REPORT
    NUMBER=2-222871
    CONTENT=
    VOICED AT:

    INTRO: AFTER SHARP ADVANCES MONDAY, STOCK MARKETS OF EUROPE SEEMED IN SEARCH OF DIRECTION TUESDAY. PAUL FRANCUCH HAS THE CLOSING NUMBERS FROM OUR OFFICES IN LONDON.

    TEXT: THE MARKETS WERE MIXED, WITH PRICES CLOSING UP AND DOWN -- BUT NOT BY MUCH. GERMANY'S "DAX 30" INDEX IN FRANKFURT CLOSED WITH A FRACTIONAL GAIN, UP 39-POINTS AT THE CLOSE. THE "CAC 40" INDEX IN PARIS WAS UP AS WELL, ADDING JUST MORE THAN NINE-AND-ONE-HALF POINTS. BUT IN LONDON, THE "FINANCIAL TIMES" 100 STOCK INDEX DECLINED 21-AND-ONE-HALF POINTS WHEN TRADING ENDED.

    CURRENCIES WERE RELATIVELY STABLE, AS WELL. INDICATIONS OF STEADY INTEREST RATES IN THE UNITED STATES KEPT THE DOLLAR'S VALUE IN CHECK. IT SHOWED LITTLE FLUCTUATION AGAINST THE BRITISH POUND AND WAS DOWN A LITTLE MORE THAN A HALF PFENNIG AGAINST THE GERMAN MARK.

    GOLD CONTINUED TO REGAIN VALUE, BUT STILL REMAINS PRICED AT ITS LOWEST LEVEL IN YEARS. THE LONDON CLOSING FIX FOR GOLD WAS 306-DOLLARS-45 CENTS AN OUNCE -- A GAIN OF TWO-DOLLARS-60 CENTS. (SIGNED)
    NEB/PCF/RAE
    18-Nov-97 1:41 PM EST (1841 UTC)
    NNNN
    Source: Voice of America


    [04] NY ECON WRAP (L ONLY) BY JOE CHAPMAN (NEW YORK)

    DATE=11/18/97
    TYPE=CORRESPONDENT REPORT
    NUMBER=2-222879
    CONTENT=
    VOICED AT:

    INTRO: STOCK PRICES IN NEW YORK CLOSED DOWN TODAY (TUESDAY) IN WHAT ANALYST SAY WAS PROFIT-TAKING. VOA'S JOE CHAPMAN REPORTS FROM NEW YORK.

    TEXT: THE WIDELY-FOLLOWED DOW-JONES INDUSTRIAL AVERAGE CLOSED DOWN 47 POINTS AT 76-HUNDRED-51 WHILE THE MORE REPRESENTATIVE S-AND-P 500 CLOSED DOWN EIGHT POINTS AT 938.

    PRICES IN NEW YORK OPENED HIGHER AFTER STOCK PRICES ON THE TOKYO STOCK EXCHANGE MOVED UP, BUT THEN FELL ON WHAT ANALYSTS SAY WAS PROFIT-TAKING. ONE ANALYST, AL GOLDMAN, SAYS THERE IS STILL SOME CONCERN ABOUT ASIAN ECONOMIC PROBLEMS.

    ///GOLDMAN ACT///

    WE ARE NOT OUT OF THE WOODS (FINISHED WITH THE PROBLEMS). THERE ARE STILL PROBLEMS IN SOUTHEAST ASIA. THEY ARE NOT GOING TO GO AWAY OVERNIGHT. BUT THEY ARE CLASSIC PROBLEMS, GROWING PROBLEMS. PEOPLE, COUNTRIES GROW TOO RAPIDLY GET TOO SPECULATIVE. THEN YOU HAVE TO GO INTO THE WOODSHED, BEHIND THE WOODSHED FOR A YEAR. AND I THINK THAT'S GOING TO GO ON.

    ///END ACT///

    THERE IS SOME CONCERN ON WALL STREET ABOUT A GOVERNMENT REPORT THAT U-S BUSINESS INVENTORIES ROSE DURING SEPTEMBER BECAUSE OF UNSOLD RETAIL GOODS. THE GOVERNMENT ALSO REPORTED POINT TWO-TENTHS OF ONE PERCENT INFLATION DURING OCTOBER, WHICH IS LOW AND IN LINE WITH EXPECTATIONS.

    ///REST OPT///

    A NUMBER OF WALL STREET ANALYSTS EXPECT U-S STOCK PRICES TO RISE HIGHER IN THE FINAL WEEKS OF THE YEAR IN TRADING THAT IS USUALLY DRIVEN BY TAX CONCERNS AND OTHER END-OF-THE-YEAR PORTFOLIO SHIFTS.

    AL GOLDMAN, CHIEF MARKET ANALYST FOR THE A-G EDWARDS COMPANY, PREDICTS SOME BUMPS BUT TAKES A POSITIVE VIEW NOT ONLY OF THE NEXT FEW WEEKS, BUT FOR 1998. HE SEES THE SITUATION IN TROUBLED ASIAN ECONOMIES IMPROVING OVER TIME.

    ///GOLDMAN ACT///

    I THINK IT'S POSITIVE THAT APPARENTLY JAPAN AND MOST OF THE SOUTHEAST ASIAN NATIONS ARE STARTING TO RECOGNIZE THEIR PROBLEMS AND ARE STARTING TO LET THE FREE ENTERPRISE SYSTEM GO FREE.

    ///END ACT///

    ECONOMISTS ARE GENERALLY PLEASED WITH THE LATEST U-S CONSUMER PRICE INDEX FIGURES. SO FAR IN 1997, THE INDEX HAS RISEN AT AN ANNUAL RATE OF ONE-POINT-EIGHT PERCENT, MUCH LESS THAN THE THREE-POINT-THREE PERCENT FOR ALL OF 1996. AT THE SAME TIME, GROWTH IN THE UNITED STATES CONTINUES TO BE "ROBUST." (SIGNED) NEB/NY/JMC/LSF/EH
    18-Nov-97 4:41 PM EST (2141 UTC)
    NNNN
    Source: Voice of America


    [05] TUESDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

    DATE=11/18/97
    TYPE=U-S EDITORIAL DIGEST
    NUMBER=6-10447
    TELEPHONE=619-3335
    EDITOR=ASSIGNMENTS
    CONTENT=
    // EDITORS, PLEASE NOTE: THIS IS PERISHABLE MATERIAL AND BECOMES DATED AFTER 10 P-M E-S-T ON TUESDAY NOVEMBER 18TH //

    INTRO: THE RELEASE FROM PRISON OF ONE OF CHINA'S MOST FAMOUS DISSIDENTS, WEI JINGSHENG, IS FILLING THE EDITORIAL COLUMNS OF THE U-S PRESS WITH COMMENTS THIS TUESDAY MORNING IN MID NOVEMBER.

    OTHER TOPICS INCLUDE THE NOW POSSIBLY MODERATING CRISIS WITH IRAQ; THE TOURIST MASSACRE IN SOUTHERN EGYPT; THE FALL OF TEAMSTER UNION REFORMER RON CAREY; CONGRESS AND THE UNITED NATIONS, AND THE BALLOONING AIR BAG CONTROVERSY. NOW, HERE IS __________WITH A QUOTE OR TWO AND TODAY'S EDITORIAL DIGEST.

    TEXT: PAPER AFTER PAPER IS SIGHING RELIEF THAT ONE OF CHINA'S BEST KNOWN DEMOCRACY ADVOCATES HAS BEEN RELEASED FROM NEARLY TWO DECADES IN PRISON AND IS NOW IN A DETROIT HOSPITAL RECUPERATING FROM HIS TREATMENT. "THE LOS ANGELES TIMES" SAYS HE CAN REMAIN A FORCE FOR DEMOCRATIC CHANGE IN CHINA EVEN IN EXILE.

    VOICE: "[MR.] WEI CONSIDERS HIMSELF FIRST AND FOREMOST A CHINESE PATRIOT. WITH TODAY'S TECHNOLOGY, GEOGRAPHY NEED NOT LIMIT HIM AS AN AGENT OF POLITICAL REFORM. HIS WORDS CAN REACH HIS COUNTRY THROUGH RADIO FREE ASIA, MUCH AS THEY DID THROUGH HIS FAMOUS MURAL / POSTER, 'THE FIFTH MODERNIZATION: DEMOCRACY,' WHICH HE PUT ON A BEIJING WALL RESERVED FOR PUBLIC DEBATE 19 YEARS AGO. HE WAS NOT SILENCED THEN. HE WILL NOT BE SILENCED NOW."

    TEXT: TAKING A CUE FROM ONE OF MR. WEI'S METAPHORS, PENNED IN PRISON, "THE [MINNEAPOLIS] STAR TRIBUNE" WRITES, ALONG THE SAME LINES:

    VOICE: "IN ONE OF HIS LETTERS .....WEI JINGSHENG DESCRIBED HIMSELF AS THE CHICKEN THAT WAS KILLED TO FRIGHTEN THE MONKEYS. ..... [MEANING] ... THAT THE BITTER MISERY OF HIS LIFE - - HAS HAS SPENT MORE THAN A THIRD OF IT IN PRISON - - IN INTENDED TO SERVE AS AN EXAMPLE TO OTHERS WHO MIGHT CRITICIZE THE REGIME .....FOR NOW, CHINA'S LEADERS CAN CONTENT THEMSELVES WITH THE METAPHOR OF THE CHICKEN AND THE MONKEYS. BUT IN THE COUNTRY THAT IS [MR.] WEI'S NEW HOME, THE IMAGE OF A KILLED CHICKEN CONVEYS NOT FEAR BUT A BURST OF ENERGY. IF [MR.] WEI'S PAST IS ANY INDICATION, THIS CHICKEN WON'T STAY DEAD."

    [OPT]

    TEXT: "THE BOSTON GLOBE" IS PLEASED WITH THE RELEASE, BUT SEES A DARKER SIDE AS WELL.

    VOICE: "THE WORLD IS HAPPY TO SEE HIM FREE, BUT THERE IS SOMETHING REPULSIVE IN THE SPECTACLE OF BEIJING RELEASING A RENOWNED PRISONER OF CONSCIENCE TO PAY FOR PRESIDENT JIANG ZEMIN'S RED-CARPET TREATMENT AT THE WHITE HOUSE. ..... REPREHENSIBLE AS THE BESTOWING OF SUCH FAVORS MAY BE, BEIJING'S DECISION TO FREE AND DEPORT [MR.] WEI DEMONSTRATES THAT [PRESIDENT] JIANG AND HIS RULING CIRCLE DO RESPOND TO INTERNATIONAL PUBLIC OPINION AND TO PRESIDENT CLINTON'S POLICY OF ENGAGEMENT."

    TEXT: "THE PHILADELPHIA INQUIRER" FRAMES ITS RESPONSE THIS WAY.

    VOICE: "WEI JINGSHENG IS FREE. AND ALL OF US SHOULD BE GLAD. .... BUT HOW GLAD SHOULD WE BE? WAS THIS A GRAND COMPROMISE OR JUST CHINA PLUCKING OUT A THORN? "

    TEXT: WHILE IN MAINE, PORTLAND'S PRESS HERALD ADDS THAT [MR.] WEI WON'T BE SILENT, IN PRISON OR IN EXILE."

    VOICE: "CHINESE AUTHORITIES SHOULD NOT ASSUME THEY HAVE SENT HIM INTO AN EXILE OF SILENCE ..... WEI JINGSHENG IS TOO UNYIELDING, TOO DETERMINED, TOO IMPERTINENT FOR THAT. [OPT] THE MAN WHO PASTED THE 'BIG CHARACTER' POSTER ON BEIJING'S 'DEMOCRACY WALL' IN THE PREDAWN HOURS OF DECEMBER 5TH 1978, BEGINNING HIS YEARS OF PHYSICAL INCARCERATION AND INNER FREEDOM, IS NOT THE SILENT TYPE. [END OPT] ..... CHINESE AUTHORITIES ........ CAN BE ASSURED THEY HAVEN'T HEART THE LAST OF HIM YET."

    [END OPT]

    TEXT: YESTERDAY'S MASSACRE AT THE EGYPTIAN TEMPLES OF LUXOR OF AT LEAST 70 FOREIGN TOURISTS IS DRAWING A GOOD DEAL OF COMMENT. "USA TODAY" SAYS :

    VOICE: "APPARENTLY THE SLAYINGS HAD LITTLE TO DO WITH THE UNITED STATES' CURRENT SHOWDOWN WITH IRAQ. THEY WERE JUST PART OF AN INCREASING INCLINATION BY TERRORISTS TO TARGET MASSES OF CIVILIANS. IN EGYPT, AS IN OTHER VICTIMIZED NATIONS, ATTACKING TOURISTS DELIVERS A DOUBLE BENEFIT TO TERRORISTS. FIRST, WORLDWIDE ATTENTION IS CALLED TO THEIR CAUSE. IN THIS CASE, EGYPTIAN AUTHORITIES SUSPECT MUSLIM MILITANTS WHO HAVE BEEN TRYING TO TOPPLE PRESIDENT HOSNI MUBARAK SINCE 1992. ..... SECOND, SCARING OFF TOURISTS CAUSES ECONOMIC DAMAGE THAT EXTENDS THE IMPACT OF THE TERRORISTS' ATTACK."

    TEXT: "THE PORTLAND [MAINE] PRESS HERALD" SAYS "THE KILLINGS ... BETRAY THE TERRORISTS AS COWARDS," WHILE "THE BOSTON GLOBE ADDS:

    VOICE: "GOVERNMENTS MUST STAND UP TO TERRORISTS AND OFTEN DO, BUT TOURISTS WITH MAPS AND CAMERAS ARE NO MATCH FOR ZEALOTS WITH MACHINE GUNS. ..... THE BLOODY STRIKE WAS A SHOCK TO THE GOVERNMENT, WHICH JUST TWO MONTHS AGO WAS ON THE VERGE OF DECLARING .... IT HAD WON ITS BATTLE AGAINST THE MILITANT MOVEMENT. ....[PRESIDENT] MUBARAK WILL HAVE TO RETIGHTEN HIS GOVERNMENT'S EFFORTS TO CONTROL THE TERRORISTS. ..... THE HUMAN TOLL OVERSHADOWS THE TERRIBLE IRONY OF AN ATTACK COMING AT A PLACE THAT REPRESENTED THE PINNACLE OF CIVILIZATION 4-THOUSAND-500 YEARS AGO."

    TEXT: DEALING WITH SADDAM HUSSEIN CONTINUES TO BE A FAVORITE TOPIC, EVEN AS THE CONFLICT WITH IRAQ APPEARS TO BE MODERATING SLIGHTLY. "THE ORLANDO SENTINEL" REMINDS ALL THAT, "IN UNITY THERE IS STRENGTH."

    VOICE: "[OPT] THAT'S WHAT THE UNITED NATIONS DEMONSTRATED THURSDAY IN WITHDRAWING ITS WEAPONS INSPECTORS FROM IRAQ ALONG WITH AMERICANS ON THE INTERNATIONAL TEAM, WHOM IRAQI DICTATOR SADDAM HUSSEIN DEMANDED LEAVE HIS COUNTRY. MR. HUSSEIN IS IN NO POSITION TO DEMAND ANYTHING. [END OPT] ..... UNITY IS THE U-N COALITION'S STRENGTH. TOGETHER ITS MEMBERS PULVERIZED MR. HUSSEIN'S FORCES DURING THE GULF WAR. BY REMAINING UNITED .... THEY WILL SHOW MR. HUSSEIN THAT HIS PROVOCATIVE ACTIONS AND STATEMENTS WILL NOT BE TOLERATED."

    TEXT: TODAY'S "NEW YORK TIMES" IS SADDENED BY THE DECISION OF A COURT-APPOINTED MONITOR TO BAR THE PRESIDENT OF THE HUGE TEAMSTERS UNION, RON CAREY, FROM RUNNING IN A NEW ELECTION ORDERED BECAUSE OF GROSS IRREGULARITIES IN THE 1996 BALLOTING.

    VOICE: "MR. CAREY WAS ORIGINALLY ELECTED IN THE UNION'S FIRST DEMOCRATIC PRESIDENTIAL ELECTION IN 1991. SINCE THEN HE HAS BUILT A CREDIBLE RECORD OF CLEANING UP AND DEMOCRATIZING THE TEAMSTERS. ..... THE TEAMSTERS' ELECTION SCANDAL IS A DEMORALIZING STORY OF REFORMERS WHO SET ASIDE THEIR PRINCIPLES WHEN FACED WITH A TOUGH RE-ELECTION FIGHT. YESTERDAY'S RULING PROBABLY MARKS THE END OF MR. CAREY'S EFFECTIVENESS AS A CHAMPION OF REFORM."

    TEXT: SEVERAL MORE PAPERS ARE BLASTING CONGRESS FOR ADJOURNING WITHOUT PAYING THE AMERICAN DUES IN ARREARS TO THE UNITED NATIONS, BECAUSE OF A DISPUTE OVER INTERNATIONAL PAYMENTS TO PROGRAMS THAT SUPPORT ABORTIONS. ONE OF THEM IS PORTLAND'S "OREGONIAN."

    VOICE: ".....THE REASON WHY THE UNITED NATIONS ISN'T GOING TO GET IT [THE BACK DUES MONEY THIS TIME] HAS NOTHING TO DO WITH THE UNITED NATIONS. IT'S BECAUSE OF A DRIVE BY ANTI-ABORTION ACTIVISTS IN THE HOUSE TO BAN ASSISTANCE FOR ANY PROGRAM .... THAT [PROVIDES] ABORTIONS OR SUPPORTS ABORTION RIGHTS ANYWHERE IN THE WORLD. ....'IT IS BOTH UNREASONABLE AND REGRETTABLE THAT THE LEGISLATION WAS HELD HOSTAGE TO THE ENTIRELY UNRELATED DOMESTIC POLICIES OF ABORTION,' U-N SECRETARY GENERAL [KOFI] ANNAN SAID FRIDAY. 'I AM DISAPPOINTED AND CONCERNED.'"

    TEXT: LASTLY THE CONTROVERSY OVER AUTOMOBILE AIR BAGS AND WHETHER THE U-S GOVERNMENT SHOULD ALLOW MOTORISTS TO DISCONNECT THEM IF THEY MUST HAVE CHILDREN OR VERY SHORT ADULTS RIDING IN FRONT SEATS. SAYS "U-S-A TODAY" ABOUT THE LATEST DECISION, TO ALLOW CAR OWNERS TO DISCONNECT THE BAGS, AFTER SIGNING AN AGREEMENT WITH THE GOVERNMENT:

    VOICE: "LEAVE IT TO REGULATORS TO TAKE A SIMPLE PROBLEM AND PRODUCE AN ABSURDLY - - AND INTENTIONALLY - - COMPLICATED SOLUTION. ELEVEN MONTHS AFTER PRESIDENT CLINTON PROMISED DRIVERS THEY COULD DECIDE FOR THEMSELVES WHETHER TO HAVE THEIR AIR BAGS DEACTIVATED, THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION (NHTSA) TODAY WILL FINALLY GIVE THE GO-AHEAD. BUT NOTHING ABOUT THE PROCESS PROMISES TO BE EASY. ..... AIR BAGS WERE INVENTED TO SAVE LIVES AND PROTECT THE DRIVING PUBLIC. SO WAS NHTSA. THE AGENCY SEEMS BENT ON ASSURING THAT NEITHER ONE SUCCEEDS."

    TEXT: ON THAT INFLATIONARY NOTE, WE CONCLUDE THIS BRIEF SAMPLING OF EDITORIALS OPINIONS FROM TUESDAY'S U-S PRESS.
    NEB/ANG/EH
    18-Nov-97 10:31 AM EST (1531 UTC)
    NNNN
    Source: Voice of America


    [06] TURKEY / ISLAMISTS (L ONLY) BY AMBERIN ZAMAN (ANKARA)

    DATE=11/18/97
    TYPE=CORRESPONDENT REPORT
    NUMBER=2-222865
    CONTENT=
    VOICED AT:

    INTRO: TURKEY'S FORMER ISLAMIST PRIME MINISTER, NECMETTIN ERBAKAN, APPEARED BEFORE THE CONSTITUTIONAL COURT TUESDAY TO APPEAL AGAINST THE CLOSURE OF HIS PRO-ISLAMIC "WELFARE" PARTY. AMBERIN ZAMAN IN ANKARA REPORTS THE COURT IS CONSIDERING A CHARGE THE PARTY VIOLATED THE PRO-SECULAR TENETS OF THE TURKISH CONSTITUTION DURING ITS YEAR IN POWER.

    TEXT: APPEARING BEFORE A PANEL OF 11 JUDGES, MR. ERBAKAN SAID THE CASE VIOLATED INTERNATIONAL STANDARDS OF HUMAN RIGHTS. THE ISLAMIST LEADER ARGUED THE EVIDENCE COMPILED BY THE PROSECUTION HAD NO BASIS IN FACT AND THE CASE SHOULD BE DISMISSED.

    THE WELFARE PARTY WON PARLIAMENTARY ELECTIONS FOR THE FIRST TIME IN TURKEY'S MODERN HISTORY IN 1995. IT IS BEING ACCUSED OF CHALLENGING TURKEY'S SECULAR SYSTEM WHICH WAS INTRODUCED BY THE COUNTRY'S FOUNDER -- KEMAL ATATURK -- 73-YEARS AGO. A VERDICT IS EXPECTED BY THE END OF THIS YEAR.

    THE PROSECUTION'S CASE IS CENTERED ON SPEECHES MADE BY MR. ERBAKAN WHICH ALLEGEDLY INCLUDE CALLS FOR THE PARTY TO COME TO POWER THROUGH VIOLENCE IF NECESSARY. WELFARE OFFICIALS DENY THE CHARGES AND PARTY DEPUTY CHAIRMAN, ABDULLAH GUL, TOLD V-O-A HE BELIEVES THE CASE AGAINST WELFARE IS -- IN HIS WORDS -- A POLITICAL ONE AND NOT A LEGAL ONE. HE POINTED OUT WHILE IN POWER, HIS PARTY HAD NOT CHANGED ANY ARTICLES OF THE CONSTITUTION.

    MR. GUL ACCUSED THE GOVERNMENT OF WHAT HE TERMED MOUNTING A PSYCHOLOGICAL BATTLE AGAINST THE ISLAMIC MOVEMENT IN TURKEY. HE ADDED WHAT HE DESCRIBED AS THE GOVERNMENT'S ATTEMPTS TO WEAKEN POLITICAL ISLAM IN TURKEY WOULD BACKFIRE.

    SOME POLITICAL ANALYSTS AGREE CLOSING DOWN THE WELFARE PARTY COULD HELP STRENGTHEN THE ISLAMISTS, ESPECIALLY IF THE PRO-SECULAR COALITION GOVERNMENT LED BY CONSERVATIVE PRIME MINISTER MESUT YILMAZ FAILS TO DELIVER ON PROMISES TO REDUCE THREE-DIGIT INFLATION AND TO CRACK DOWN ON WIDESPREAD GOVERNMENT CORRUPTION.

    THEY SAY IT WAS DEEP DISILLUSIONMENT WITH THE MAINSTREAM POLITICAL PARTIES WHICH HELPED PROPEL THE ISLAMISTS TO POWER LAST YEAR IN A COALITION WITH THE CONSERVATIVE "TRUE PATH" PARTY LED BY TANSU CILLER.

    MR. ERBAKAN'S CAMPAIGN TO END BANS ON THE ISLAMIC HEADSCARF IN STATE INSTITUTIONS, AND HIS ATTEMPTS TO FORGE CLOSER TIES WITH IRAN, LIBYA, AND NIGERIA HELPED SPUR WIDESPREAD FEARS THE ISLAMISTS WERE TRYING TO ESTABLISH AN ISLAMIC-STYLE STATE.

    SECULAR POLITICIANS FAILED TO ACT AGAINST WHAT MANY TURKS VIEWED AS MR. ERBAKAN'S ATTEMPTS TO INTRODUCE ISLAMIC POLICIES. SO, MANY TURNED TO THE COUNTRY'S PRO-SECULAR ARMED FORCES TO USE ITS INFLUENCE TO CURB THE ISLAMISTS.

    MANY POLITICAL COMMENTATORS SAY IT WAS LARGELY UNDER PRESSURE FROM THE MILITARY MR. ERBAKAN WAS FINALLY FORCED TO RESIGN IN JUNE. THE COUNTRY'S TOP GENERALS CONTINUE TO SINGLE OUT POLITICAL ISLAM AS THE GREATEST THREAT TO TURKEY. AGAINST THIS BACKGROUND, SOME ANALYSTS PREDICT THE "WELFARE" PARTY'S DISSOLUTION IS INEVITABLE. (SIGNED)
    NEB/AZ/JWH/RAE
    18-Nov-97 12:41 PM EST (1741 UTC)
    NNNN
    Source: Voice of America


    [07] WORLD STOCK MARKETS BY STEVE NORMAN (WASHINGTON)

    DATE=11/18/9711/18/97
    TYPE=BACKGROUND REPORT
    NUMBER=5-38119
    CONTENT=
    VOICED AT:

    INTRO: FOR YEARS ANALYSTS HAVE ENCOURAGED INVESTORS TO DIVERSIFY THEIR INVESTMENT PORTFOLIOS BY INCLUDING INTERNATIONAL STOCKS. ANALYSTS PUSH THIS KIND OF PORTFOLIO DIVERSIFICATION BECAUSE THEY SAY AMERICAN STOCKS MAKE UP ONLY 46-PERCENT OF STOCKS TRADED ON WORLD MARKETS. WITH THE RECENT TURMOIL IN THESE INTERNATIONAL MARKETS, SOME INVESTORS MAY HAVE BEGUN TO DOUBT THE WISDOM OF BALANCING THEIR INVESTMENTS WITH WORLD STOCKS. BUT, AS STEVE NORMAN REPORTS, SOME ANALYSTS BELIEVE THE PRINCIPLES OF A DIVERSIFIED PORTFOLIO ARE AS VALID TODAY AS EVER.

    TEXT: THE HONG KONG MARKET TUMBLED ,THEN WALL STREET PLUNGED. NEXT CAME BRAZIL. ALL OF THIS HAPPENED DURING JUST ONE DAY IN OCTOBER. WORLD STOCK MARKETS MAY HAVE FALLEN VIRTUALLY AT THE SAME TIME, BUT SOME ANALYSTS, LIKE LEILA HECKMAN, SAY THAT DOES NOT MEAN STOCK MARKETS WORLDWIDE HAVE BECOME MORE INTER-CONNECTED.

    // HECKMAN ACTUALITY //

    IN 1990, WITH THE IRAQI WAR, A LOT OF (STOCK) MARKETS FELL TOGETHER (BECAME CLOSER RELATED), BUT OVER THE LAST 60 DAYS THERE HAS BEEN A SHOCK TO THE SYSTEM (INTERNATIONAL STOCK MARKETS) AS WELL WITH THE ASIAN SITUATION (STOCK MARKET DECLINE). BUT THESE ARE EPISODES (ONE TIME EVENTS). OVER THE LONG TERM, MARKETS DO NOT COMPLETELY MARCH TOGETHER (RELATE TO EACH OTHER).

    // END ACTUALITY //

    THERE IS RESEARCH TO BACK THIS UP. IN 1993, FOR EXAMPLE, BASED ON THE MORGAN STANLEY CAPITAL INTERNATIONAL INDEX, U-S STOCKS INCREASED IN VALUE 10-PERCENT WHILE GERMAN STOCKS ROSE 36-PERCENT. IN 1994, AMERICANS STOCKS WENT UP ONLY 2-PERCENT AND JAPANESE STOCKS GAINED 22-PERCENT.

    ANALYST ROBERT BALLENTINE SAYS THE IDEA THAT STOCK MARKETS MOVE IN CYCLES IS CENTRAL TO THE PRINCIPLE OF PORTFOLIO DIVERSIFICATION.

    // BALLENTINE ACTUALITY //

    I THINK THAT IT IS IMPORTANT TO DEVELOP ASSET CLASSES (DIVERSIFIED INVESTMENT PORTFOLIOS) THAT OPERATE LIKE PISTONS IN AN ENGINE WHERE ONE IS MOVING UP WHILE THE OTHER IS MOVING DOWN. THE WHOLE CONCEPT IS TO DIVERSIFY THE RISK AND INCREASE THE RETURN.

    // END ACTUALITY //

    AGAIN, STUDIES BEAR OUT THE PRUDENCE OF THIS APPROACH. A UNIVERSITY OF PENNSYLVANIA RESEARCH PROJECT, CONDUCTED FROM 1977 UNTIL 1997, COMPARED THREE TYPES OF INVESTMENT PORTFOLIOS. ONE CONTAINED ONLY U-S STOCKS, ANOTHER ONLY INTERNATIONAL STOCKS AND THE THIRD WAS A MIX OF U-S AND WORLD STOCKS.

    MS. HECKMAN SAYS THE RESEARCH SHOWED THE DIVERSIFIED PORTFOLIOS PERFORMED THE BEST BY OFFERING HIGH RETURNS WITH LOW RISK.

    // HECKMAN ACTUALITY //

    MY VIEW IN LOOKING AT THE DATA (FROM THE UNIVERSITY OF PENNSYLVANIA STUDY) OVER THE LAST TWENTY YEARS, IS THAT IF AN INVESTOR HAS HAD BETWEEN TEN AND THIRTY PERCENT OF THEIR PORTFOLIO OUTSIDE THE U-S (IN INTERNATIONAL STOCKS), IT HELPED AS A RISK REDUCTION.

    // END ACTUALITY //

    MS. HECKMAN WENT ON TO SAY, OF THE FUNDS AN INVESTOR ALLOTS TO INTERNATIONAL STOCKS, 57-PERCENT SHOULD BE IN WESTERN EUROPEAN MARKETS, 20-PERCENT IN JAPAN, 5-PERCENT IN OTHER ASIAN MARKETS, EXCLUDING JAPAN, 9-PERCENT IN LATIN AMERICAN STOCK EXCHANGES AND 9-PERCENT IN A MIX OF OTHER EMERGING STOCK MARKETS. (SIGNED)
    NEB/SRN/EH
    18-Nov-97 2:54 PM EST (1954 UTC)
    NNNN
    Source: Voice of America


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