The Boston Globe from Boston, Massachusetts • 73

NYSE 80 NYSE Bonds 81 Money Market 84 AMEX86 Mutual Funds 88 NASDAQ 89 i Deaths 90 I THE BOSTON SUNDAY GLOBE MARCH 24, 1991 I 1 JJ he Christian Science Monitor's LDO mJmtiUlm fa, 1 1 W3 biniMiiia OVBtXd.YEAnsivvi Economic Principals lifflpfiii The pope readies his new view of capitalism 1 OR EVERY PERSON who gets his or her 13 economics from a textbook, another hundred or so ml people around the world get theirs from the Roman Catholic Church. For a century that has meant a doctrine loosely called a "third way," a determined attempt to steer a huddle course between democratic capitalism and Marxist centralization, exemplified most recently by the 1986 letter from the American bishops-six years in the making -entitled "Economic Justice for AIL" Now there are signs that this is about to change in deep and interesting ways, that the Vatican itself may begin taking the textbooks more seriously. As John Paul II prepares to pronounce again on capitalism in an encyclical expected to be published in May, the challenge is to prove he is not another Alexander Solzhenitsyn. Ever since his 1987 encyclical, "Solicitudo res socialis," in which he railed against the "superdevelopment" of the West and the lack of spirtuality of the industrially advanced nations, the Polish pope has been privately accused in some quarters of being anticapitalist This isn't surprising. The pope is a technically trained philosopher who lived most of his life in Soviet-dominated Poland.

But the fact is that the pontiff is widely seen as having played a key role in the systematic dismantling of Soviet hegemony in Eastern Europe during the 1980s. John Paul His no sissy when it comes to talking about the bad points of totalitarian communism. On the other hand, the pope clearly treasures his credibility as a player on the global stage he has more than 100 cardinals arrayed around the world, after all too much to retreat into the call for a romantic return to traditional Christian values and rural ways that characterizes the pronouncements of the exiled Solzhenitsyn, now living in Cavendish, Vt Nor, after the genteel criticism that followed his 1987 effort, is he likely to be content with a pox-im-both-your-houses approach. Thus the encyclical, the centerpiece of what John Paul II has described as "the year of social doctrine," is expected to be his most carefully considered statement yet on what is widely trumpeted in other circles as the triumph of liberal capitalism. It is to be published on the 100th anniversary of "Rerum Novarum," a seminal pronouncement in which the Vatican set its stamp of GLOBE STAFF PHOTO WENDY MAEDA Media chairaan Hoagland: "We have to serve the people through the medium they're using." Church enters tough industry with missionary zeal Serious, primitive: A WQTV sampler mm onitor Television Inc.

executives say I people judging the viability of the Monitor Channel should look at its I I program offerings as well as its By Paul Hemp GLOBE STAFF financial prospects. And viewers can get a sneak preview here in Boston on the Monitor's WQJV, Channel 68. Some of the network's major upcoming offerings are still under wraps, including a documentary produced by Soviet television called ohn Hoagland works for a church but thinks like a Fortune 500 executive. He keeps a Bible on his desk but uses words like "synergy" and "market reach." For seven years, Hoagland has shaken up and restructured the Boston-based Christian Science Monitor, pushing it into radio and television, shedding many employees, hiring many more. "Rodina" and the acclaimed "Silk Road," produced by Japanese NHK television.

be a permanent public service, we have to serve people through the medium they're using," says Hoagland, chairman of Monitor Television a for-profit church affiliate. But Hoagland's sense of mission may be getting the better of his business sense, critics say. The ambitious launch, scheduled for May 1, takes place in a ferociously competitive cable market where there is almost no capacity for new programs. In fact, some dissident church members contend, the church's rapid emergence as a media conglomerate with a short-wave radio network and a monthly news magazine as well as the daily newspaper and several television ventures could ultimately bankrupt it Assessing that claim is difficult because, although Hoagland responds to skeptics by citing the venture's sound business plan, he won't disclose it even to church members being asked to fund the operation. He will say only that the news-oriented cable network, to be called the Monitor Channel, eventually should turn a profit, probably in the mid-1990s.

But rough estimates of the church's current media-related ex- MONITOR, Page 82 oJ) Now he is embarking on his grandest some would say But other programs produced by the Monitor are up and running. Most are designed to give another dimension to current events, an in-depth look at the news. The content can be enlightening. But the presentation is, by network standards, primitive. To keep costs down, most programs focus on studiointerviews with local "talking heads" or most grandiose venture: a 24-hour cable network that could become the Cable News Network of the North.

Hoagland believes the bold move is crucial if the Monitor is to keep up with the times and carry out the church's mission to deliver objective, thoughtful news to the world. "If we're to Inside Foreign banks on a buy-American spree And no one regrets the infusion of new, badly needed, capital IPL SYSTEMS learned it By Johe Solomon GLOBE STAFF couldn't beat IBM, so it began making peripheral products and watched its revenue grow. CEO Robert Foreign gains Total US bank assets held by overseas institutions have has the share of all assets here. In percent i In btlllons of dollars rzz Top fiv ovr bank In at Bank of 3 Ltd. National Westmin Sank London Mitsubishi Bank i.

i Sumitomr Jsn- Industrial 'kef Norton says IBM has created a large third-party market for vendors to thrive in. Page 76. 4ll 5.3 3C crippled by the industry's problems and the recession, opportunities abound. One of last week's smaller but more symbolic news items was the $220 million deal between a bank based in Newark and one based in Madrid. Banco Santander, one of the top-rated banks in the world, pumped those dollars into First Fidelity Bancorp, a troubled but recovering institution, in return for a 13 percent stake, with warrants for an additional 10 percent of the bank's jommon shares.

Just last month a Saudi prince invested (590 million in Citicorp stock. He will end jp with a stake of almost 10 percent, a deal iat inspired The Economist, the British newsweekly, to suggest that even the mighty Citicorp could someday be swallowed whole by foreigners. But the usual hostile chorus that greets juch overseas "invasions" is now supplanted by more dulcet notes. Listen to David Knapp, executive director of the Franklin (N.H.) Area Community Land Trust, which promotes development 23 52 NEW YORK Hungry for capital and searching for global connections, the United States is warming up to foreign banks. Granted, some in Washington have threatened to cool off that friendly welcome.

But most signs point to foreign banks building their US businesses, buying everything from bank loans and credit operations to the banks themselves. The capital shortage now squeezing Americans is one important reason. In fact, with capital in demand, foreign banks are not the problem some imagined, but a crucial source of supply. For example: The Toronto-based Canadian Imperial Bank of Commerce bought $750 million of Bank of New England Corp. media industry bans last year and is shopping for more US properties.

Says Gary Welsh, counsel for the Bankers Association for Foreign Trade: "A lot of foreign banks are With many bank stock prices 72 75 80 '66 o9 'U 75 '80' fca bd Based on business loans booked In 1989 SOURCES: Board of Governors. Federal Reserve System, Washington; American Banker, New tbrfc. GLOffi STMFCWWT Nor has Knapp seen any signs that the Irish parent has mfled strings" that have hurt the community. Only two years ago one of Knapp's predecessors at the Land Trust fed a consumer group effort to chal-. FOREIGN BANKS, Page 83 3f low-cost housing, on what has happened since an Irish bank bought First New Hampshire Bank in 1988.

"Frankly, had it not been for the Bank of Ireland's influx of capital, that bank probably wouldn't have survived," he says. KENNETH HOOKER says short-term investments may not always be exciting, but thfiv are safe. Paee 78. -41-.