For Leaders Only

"A friend of mine, the Chairman and Chief Executive Officer of one of the 500 largest multinational companies in the world, mentioned an interesting thought . . . he would like to acquire a major international, firm in the manufacturing area ... He is willing to offer up to $500 million cash . . . "

So begins an open letter from the editor in a recent issue of Leaders, a magazine now finding its way to 25,000 corporate chief executives, heads of nations or world religions and other titans who receive the quarterly free. Not available for purchase on newsstands or by mail. Leaders depends for revenue on elegant advertising for Tiffany jewelry, $675 sculptures and Cadillac convertibles.

Most readers command large corporations, many in the $500 million range, as offers to sell suet, companies in the current issue's letters column make clear. Each issue draws the bulk of its writers from the same cadre, allowing them to rub shoulders with a token scholar or two and a sprinkling of Third World Presidents-for-Life.

Leaders respects no persons and pulls no punches. January coverboy Harry Oppenheimer, the 73-year-old chairman of South Africa's Anglo-American duels with an interviewes who demands, "How do you say so young and healthy and not get sick" Do you exercise or eat health foods and things like that?" Chile's General Pinochet discloses "The Untold Story" of one soldier lonely battle to save his homeland from "the brink of destruction." and Ferdinand Marcos rips the curtains off Philippine democracy's searing journey through a sordid "social volcano" from which it emerged tempered but intact: "Gifted with vision and leadership, it could still rally the nation behind a democratic course to national development and stability. Thus was martial law proclaimed . . . "

Managing Editor John Stevens confesses he fancies himself a leader, too, noting that he leads "the most prestigious magazine in the world." Leaders does reach perhaps the most prestigious address in the world, according to the White House mail opener, who says he always tosses it right out because "No one here read it." --Mark Anspach